AB Variable Products Series Fund, Inc.

N-CSRS 1 d390495dncsrs.htm AB VARIABLE PRODUCTS SERIES FUND, INC. AB Variable Products Series Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

Alliance Bernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2018

Date of reporting period: June 30, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

JUN^06.30.18

LOGO

SEMI-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
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,001.70	$	3.57		0.72	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.22	$	3.61		0.72	%

Class B
Actual	$	1,000	$	1,000.00	$	4.81		0.97	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.98	$	4.86		0.97	%

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


BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z	$	31,248,000		11.1	%
Federal National Mortgage Association		19,490,609		6.9
Sanford C. Bernstein Fund, Inc.—International Portfolio—Class Z		17,498,880		6.2
U.S. Treasury Bonds & Notes		11,571,587		4.1
Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z		9,374,400		3.3
Inflation-Linked Securities		4,983,092		1.8
Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z		4,374,720		1.6
Alphabet, Inc.—Class C		4,272,940		1.5
AB Discovery Growth Fund, Inc.—Class Z		3,749,760		1.3
AB Discovery Value Fund—Class Z		3,749,760		1.3

	$	110,313,748		39.1	%

SECURITY TYPE BREAKDOWN²

June 30, 2018 (unaudited)


SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	99,440,175		34.9	%
Investment Companies		73,745,280		25.9
Corporates—Investment Grade		26,550,310		9.3
Mortgage Pass-Throughs		20,942,859		7.4
Governments—Treasuries		12,083,084		4.2
Commercial Mortgage-Backed Securities		8,693,754		3.1
Asset-Backed Securities		7,000,323		2.5
Collateralized Mortgage Obligations		5,720,042		2.0
Inflation-Linked Securities		4,983,092		1.7
Corporates—Non-Investment Grade		3,920,897		1.4
Emerging Markets—Corporate Bonds		1,025,671		0.4
Governments—Sovereign Bonds		693,054		0.2
Emerging Markets—Treasuries		610,813		0.2
Local Governments—US Municipal Bonds		508,820		0.2
Quasi-Sovereigns		224,076		0.1
Other³		10,419		0.0
Short-Term Investments		18,486,611		6.5

Total Investments	$	284,639,280		100.0	%

Long-term investments.

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).

“Other” represents less than 0.0% weightings in the following security types: Options Purchased—Puts and Rights.


BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	239,596,617		84.1	%
United Kingdom		5,413,602		1.9
Japan		2,795,313		1.0
France		2,490,829		0.9
Brazil		2,228,482		0.8
Canada		2,079,347		0.7
Australia		1,492,893		0.5
Spain		946,085		0.3
Switzerland		809,482		0.3
Germany		784,832		0.3
Mexico		746,187		0.3
Hong Kong		682,927		0.2
Israel		682,700		0.2
Other		5,403,373		1.9
Short-Term Investments		18,486,611		6.6

Total Investments	$	284,639,280		100.0	%

All data are as of June 30, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.2% or less in the following countries: Argentina, Austria, Bermuda, Chile, China, Finland, Greece, India, Indonesia, Ireland, Italy, Luxembourg, Netherlands, New Zealand, Norway, Peru, Qatar, Russia, Saudi Arabia, Singapore, Sweden, Turkey and United Arab Emirates.


BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–35.3%

INFORMATION TECHNOLOGY–8.5%
COMMUNICATIONS EQUIPMENT–0.6%
Cisco Systems, Inc.		23,592	$	1,015,164
Nokia Oyj (Sponsored ADR)–Class A		92,644		532,703

				1,547,867

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.1%
CDW Corp./DE		4,828		390,054

INTERNET SOFTWARE & SERVICES–2.8%
Alphabet, Inc.–Class C(a)		3,830		4,272,940
eBay, Inc.(a)		13,374		484,941
Facebook, Inc.–Class A(a)		15,520		3,015,846

				7,773,727

IT SERVICES–1.2%
Cognizant Technology Solutions Corp.–Class A		10,059		794,560
Total System Services, Inc.		7,342		620,546
Visa, Inc.–Class A		15,550		2,059,598

				3,474,704

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.1%
Intel Corp.		26,635		1,324,026
Texas Instruments, Inc.		8,081		890,930
Xilinx, Inc.		13,000		848,380

				3,063,336

SOFTWARE–1.5%
Adobe Systems, Inc.(a)		3,300		804,573
Microsoft Corp.		23,403		2,307,770
Oracle Corp.		25,450		1,121,327

				4,233,670

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.2%
Apple, Inc.		14,006		2,592,651
HP, Inc.		24,179		548,621
Xerox Corp.		15,067		361,608

				3,502,880

				23,986,238

FINANCIALS–4.9%
BANKS–2.7%
Bank Hapoalim BM		33,800		229,138
Bank of America Corp.		80,975		2,282,685
Citigroup, Inc.		17,397		1,164,207
JPMorgan Chase & Co.		22,109		2,303,758
Wells Fargo & Co.		29,200		1,618,848

				7,598,636



CAPITAL MARKETS–0.9%
CME Group, Inc.–Class A		4,793	$	785,669
Goldman Sachs Group, Inc. (The)		4,418		974,478
S&P Global, Inc.		4,220		860,416

				2,620,563

CONSUMER FINANCE–0.3%
Synchrony Financial		20,730		691,967

INSURANCE–1.0%
Everest Re Group Ltd.		4,294		989,681
FNF Group		16,512		621,181
PICC Property & Casualty Co., Ltd.–Class H		34,000		36,568
Progressive Corp. (The)		18,350		1,085,403

				2,732,833

				13,643,999

REAL ESTATE–4.2%
DIVERSIFIED REAL ESTATE ACTIVITIES–0.2%
Kerry Properties Ltd.		25,000		119,473
Mitsubishi Estate Co., Ltd.		5,100		89,030
Mitsui Fudosan Co., Ltd.		8,300		199,933
Sumitomo Realty & Development Co., Ltd.		3,000		110,475
Sun Hung Kai Properties Ltd.		3,000		45,198
UOL Group Ltd.		14,800		82,649

				646,758

DIVERSIFIED REITS–0.3%
Activia Properties, Inc.		12		54,988
Armada Hoffler Properties, Inc.		4,360		64,964
Covivio		680		70,654
Dream Global Real Estate Investment Trust		3,800		41,508
Empire State Realty Trust, Inc.–Class A		4,050		69,255
GPT Group (The)		21,000		78,572
H&R Real Estate Investment Trust		3,500		53,566
Hulic Reit, Inc.		26		40,282
ICADE		885		82,897
Kenedix Office Investment Corp.–Class A		8		49,659
Land Securities Group PLC		5,890		74,204
Merlin Properties Socimi SA		5,704		82,811
Mirvac Group		51,790		83,123

				846,483

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.3%
Crown Castle International Corp.		9,178		989,572
CubeSmart		9,400		302,868
Mid-America Apartment Communities, Inc.		12,580		1,266,429


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Park Hotels & Resorts, Inc.		2,910	$	89,133
Sun Communities, Inc.		8,818		863,106

				3,511,108

HEALTH CARE REITS–0.1%
HCP, Inc.		4,210		108,702
Healthcare Realty Trust, Inc.		2,150		62,522
LTC Properties, Inc.		960		41,030
Medical Properties Trust, Inc.		7,360		103,335
Sabra Health Care REIT, Inc.		4,300		93,439

				409,028

HOTEL & RESORT REITS–0.1%
MGM Growth Properties LLC–Class A		1,980		60,311
RLJ Lodging Trust		4,590		101,210
Summit Hotel Properties, Inc.		3,040		43,502

				205,023

INDUSTRIAL REITS–0.3%
Duke Realty Corp.		4,540		131,796
Goodman Group		9,360		66,726
PLA Administradora Industrial S de RL de CV(a)		18,650		25,449
Prologis, Inc.		3,610		237,141
Rexford Industrial Realty, Inc.		2,350		73,766
Segro PLC		8,190		72,128
STAG Industrial, Inc.		3,460		94,216
Tritax Big Box REIT PLC		24,260		49,836

				751,058

OFFICE REITS–0.3%
Alexandria Real Estate Equities, Inc.		980		123,647
alstria office REIT-AG		2,750		41,317
Brandywine Realty Trust		3,450		58,236
CapitaLand Commercial Trust		44,600		54,310
Champion REIT		61,000		40,458
Columbia Property Trust, Inc.		3,364		76,396
Corporate Office Properties Trust		2,840		82,332
Hibernia REIT PLC		13,800		24,173
Highwoods Properties, Inc.		1,310		66,456
Investa Office Fund		13,440		51,997
Japan Real Estate Investment Corp.		15		79,350
JBG SMITH Properties		1,210		44,129
Kilroy Realty Corp.		1,070		80,935
Nippon Building Fund, Inc.		7		40,378
Workspace Group PLC		5,076		72,152

				936,266

REAL ESTATE DEVELOPMENT–0.1%
CK Asset Holdings Ltd.		27,000		213,740
Metrovacesa SA(a)(b)		1,440		25,225
Times China Holdings Ltd.		30,000		44,512

				283,477


REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Aroundtown SA		10,290	$	84,586
CBRE Group, Inc.–Class A(a)		16,954		809,384

				893,970

REAL ESTATE OPERATING COMPANIES–0.3%
Azrieli Group Ltd.		2,510		124,762
CA Immobilien Anlagen AG		2,120		70,657
Deutsche Wohnen SE		4,020		194,142
Entra ASA(b)		2,988		40,724
Fabege AB		5,260		62,562
Kungsleden AB		4,850		33,383
Swire Properties Ltd.		21,800		80,398
Vonovia SE		4,992		237,267
Wharf Real Estate Investment Co., Ltd.		15,000		106,511

				950,406

RESIDENTIAL REITS–0.3%
American Campus Communities, Inc.		1,330		57,030
American Homes 4 Rent–Class A		4,870		108,016
Camden Property Trust		1,490		135,784
Essex Property Trust, Inc.		710		169,740
Independence Realty Trust, Inc.		8,010		82,583
Japan Rental Housing Investments, Inc.		70		56,285
Killam Apartment Real Estate Investment Trust		7,660		87,283
UNITE Group PLC (The)		6,360		72,169

				768,890

RETAIL REITS–0.4%
Brixmor Property Group, Inc.		3,240		56,473
Charter Hall Retail REIT		13,190		40,890
Fukuoka REIT Corp.		30		47,562
Japan Retail Fund Investment Corp.		35		63,135
Kenedix Retail REIT Corp.		18		39,770
Link REIT		5,268		48,041
National Retail Properties, Inc.		2,610		114,736
Regency Centers Corp.		1,830		113,606
Retail Opportunity Investments Corp.		3,710		71,084
Simon Property Group, Inc.		2,156		366,930
Unibail-Rodamco-Westfield		450		99,085
Urban Edge Properties		2,860		65,408

				1,126,720

SPECIALIZED REITS–0.2%
American Tower Corp.		290		41,809
Digital Realty Trust, Inc.		1,480		165,138
EPR Properties		1,010		65,438
Equinix, Inc.		140		60,185


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


Company	Shares		U.S. $ Value

National Storage Affiliates Trust		2,160	$	66,571
Safestore Holdings PLC		2,860		20,680

				419,821

				11,749,008

ENERGY–3.8%
ENERGY EQUIPMENT & SERVICES–0.3%
C&J Energy Services, Inc.(a)		5,230		123,428
Petrofac Ltd.		3,430		26,350
Petroleum Geo-Services ASA(a)		8,960		41,859
Schlumberger Ltd.		8,343		559,231

				750,868

OIL, GAS & CONSUMABLE FUELS–3.5%
Aker BP ASA		2,260		83,130
Anadarko Petroleum Corp.		2,870		210,227
BP PLC		66,460		505,662
Chevron Corp.		14,892		1,882,796
CNOOC Ltd.		61,000		104,526
Concho Resources, Inc.(a)		620		85,777
Continental Resources, Inc./OK(a)		1,890		122,396
Cosan SA Industria e Comercio		4,600		41,754
EOG Resources, Inc.		10,280		1,279,140
Exxon Mobil Corp.		16,890		1,397,309
Gran Tierra Energy, Inc.(a)		12,450		43,089
Inpex Corp.		6,100		63,354
JXTG Holdings, Inc.		19,000		131,818
LUKOIL PJSC (Sponsored ADR)		2,160		148,889
Marathon Petroleum Corp.		14,822		1,039,912
Motor Oil Hellas Corinth Refineries SA		4,260		85,567
Origin Energy Ltd.(a)		14,220		105,472
PetroChina Co., Ltd.–Class H		264,000		201,119
Petroleo Brasileiro SA (Preference Shares)		14,700		65,198
Repsol SA		11,000		214,710
Royal Dutch Shell PLC–Class B		33,110		1,185,769
SM Energy Co.		3,960		101,732
TOTAL SA		8,390		509,489
Tupras Turkiye Petrol Rafinerileri AS		3,580		84,165
Whiting Petroleum Corp.(a)		1,190		62,737
YPF SA (Sponsored ADR)		5,353		72,694

				9,828,431

				10,579,299

CONSUMER DISCRETIONARY–3.6%
AUTO COMPONENTS–0.3%
Magna International, Inc. (New York)–Class A		13,220		768,479

HOTELS, RESTAURANTS & LEISURE–0.4%
Carnival Corp.		8,679		497,393

McDonald’s Corp.		4,639	$	726,885

				1,224,278

MEDIA–0.8%
Comcast Corp.–Class A		43,777		1,436,324
Walt Disney Co. (The)		7,614		798,023

				2,234,347

SPECIALTY RETAIL–1.7%
AutoZone, Inc.(a)		952		638,725
Home Depot, Inc. (The)		9,140		1,783,214
Ross Stores, Inc.		11,332		960,387
TJX Cos., Inc. (The)		13,208		1,257,138

				4,639,464

TEXTILES, APPAREL & LUXURY GOODS–0.4%
NIKE, Inc.–Class B		15,450		1,231,056

				10,097,624

HEALTH CARE–3.5%
BIOTECHNOLOGY–0.6%
Biogen, Inc.(a)		2,660		772,038
Gilead Sciences, Inc.		13,486		955,348

				1,727,386

HEALTH CARE EQUIPMENT & SUPPLIES–0.6%
Edwards Lifesciences Corp.(a)		5,290		770,065
Intuitive Surgical, Inc.(a)		850		406,708
Medtronic PLC		6,927		593,021

				1,769,794

HEALTH CARE PROVIDERS & SERVICES–1.4%
Aetna, Inc.		5,112		938,052
Anthem, Inc.		4,631		1,102,317
Cigna Corp.		1,485		252,376
UnitedHealth Group, Inc.		6,330		1,553,002

				3,845,747

PHARMACEUTICALS–0.9%
Merck & Co., Inc.		7,773		471,821
Pfizer, Inc.		33,820		1,226,990
Zoetis, Inc.		9,460		805,897

				2,504,708

				9,847,635

CONSUMER STAPLES–2.4%
BEVERAGES–0.7%
Constellation Brands, Inc.–Class A		3,590		785,744
PepsiCo, Inc.		9,976		1,086,087

				1,871,831

FOOD & STAPLES RETAILING–0.9%
Costco Wholesale Corp.		5,680		1,187,006
Walmart, Inc.		17,080		1,462,902

				2,649,908


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

FOOD PRODUCTS–0.3%
Tyson Foods, Inc.–Class A		12,627	$	869,369

HOUSEHOLD PRODUCTS–0.3%
Procter & Gamble Co. (The)		10,038		783,566

TOBACCO–0.2%
Altria Group, Inc.		7,722		438,532

				6,613,206

INDUSTRIALS–2.0%
AEROSPACE & DEFENSE–1.1%
Boeing Co. (The)		3,454		1,158,852
Northrop Grumman Corp.		3,199		984,332
Raytheon Co.		5,676		1,096,490

				3,239,674

AIRLINES–0.2%
Delta Air Lines, Inc.		10,767		533,397

INDUSTRIAL CONGLOMERATES–0.4%
Honeywell International, Inc.		7,418		1,068,563

ROAD & RAIL–0.3%
Norfolk Southern Corp.		5,777		871,576

				5,713,210

MATERIALS–1.1%
CHEMICALS–0.4%
DowDuPont, Inc.		11,036		727,493
Johnson Matthey PLC		1,330		63,330
Mosaic Co. (The)		6,050		169,703

				960,526

CONSTRUCTION MATERIALS–0.0%
Fletcher Building Ltd.		8,657		40,625
Grupo Cementos de Chihuahua SAB de CV(a)		8,340		53,982

				94,607

METALS & MINING–0.7%
Agnico Eagle Mines Ltd.		4,270		195,758
Alcoa Corp.(a)		4,600		215,648
Aluminum Corp. of China Ltd.–Class H(a)		200,000		87,656
Antofagasta PLC		6,400		83,150
APERAM SA		1,000		42,863
Boliden AB		4,460		143,940
Detour Gold Corp.(a)		4,710		42,347
First Quantum Minerals Ltd.		7,620		112,273
Glencore PLC(a)		62,940		298,826
Industrias Penoles SAB de CV		2,490		44,708
Lundin Mining Corp.		7,810		43,427
MMC Norilsk Nickel PJSC (ADR)		5,960		107,459
Northern Star Resources Ltd.		12,000		64,964
Orocobre Ltd.(a)		5,420		20,729
OZ Minerals Ltd.		6,050		42,187

Polyus PJSC (GDR)(b)		1,280	$	42,930
Rio Tinto PLC		1,850		101,969
Sumitomo Metal Mining Co., Ltd.		1,700		64,883
Syrah Resources Ltd.(a)		20,610		44,068
Vale SA (Sponsored ADR)–Class B		10,020		128,456
Vedanta Resources PLC		4,900		41,581
Yamato Kogyo Co., Ltd.		2,800		84,466

				2,054,288

				3,109,421

UTILITIES–0.8%
ELECTRIC UTILITIES–0.6%
American Electric Power Co., Inc.		20,615		1,427,589
Edison International		6,560		415,051

				1,842,640

MULTI-UTILITIES–0.2%
NiSource, Inc.		19,471		511,698

				2,354,338

TELECOMMUNICATION SERVICES–0.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.3%
Verizon Communications, Inc.		18,281		919,717

WIRELESS TELECOMMUNICATION SERVICES–0.2%
T-Mobile US, Inc.(a)		8,800		525,800

				1,445,517

TRANSPORTATION–0.0%
AIRPORT SERVICES–0.0%
Sydney Airport		14,460		76,550

HIGHWAYS & RAILTRACKS–0.0%
Transurban Group		2,283		20,217

				96,767

CAPITAL GOODS–0.0%
CONSTRUCTION & ENGINEERING–0.0%
Shimizu Corp.		4,400		45,540

INDUSTRIAL CONGLOMERATES–0.0%
Hopewell Holdings Ltd.		8,500		29,108

				74,648

HEALTH CARE EQUIPMENT & SERVICES–0.0%
HEALTH CARE FACILITIES–0.0%
Chartwell Retirement Residences		4,990		58,188


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


Company			Shares		U.S. $ Value

CONSUMER DURABLES & APPAREL–0.0%
HOMEBUILDING–0.0%
Construtora Tenda SA(a)				3,400	$	20,870
MRV Engenharia e Participacoes SA				6,700		20,813

						41,683

BANKS–0.0%
THRIFTS & MORTGAGE FINANCE–0.0%
Aareal Bank AG				670		29,394

Total Common Stocks (cost $77,975,890)						99,440,175

INVESTMENT COMPANIES–26.2%
FUNDS AND INVESTMENT TRUSTS–26.2%(c)(d)
AB Discovery Growth Fund, Inc.–Class Z(a)				284,720		3,749,760
AB Discovery Value Fund–Class Z				161,977		3,749,760
Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z				738,142		9,374,400
Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z				2,493,855		31,248,000
Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z				297,364		3,749,760
Sanford C. Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z				145,388		4,374,720
Sanford C. Bernstein Fund, Inc.–International Portfolio–Class Z				997,087		17,498,880

Total Investment Companies (cost $73,745,280)						73,745,280

	Principal Amount (000)
CORPORATES–INVESTMENT GRADE–9.5%
FINANCIAL INSTITUTIONS–5.1%
BANKING–4.6%
Banco Santander SA 3.25%, 4/04/26(b)		EUR		200		241,891
3.50%, 4/11/22	U.S.$			200		195,072
	Principal Amount (000)				U.S. $ Value

Bank of America Corp. 2.881%, 4/24/23	U.S.$			265	$	257,702
4.45%, 3/03/26				49		49,064
Series DD 6.30%, 3/10/26(e)				50		52,872
Series L 3.95%, 4/21/25				718		703,116
Series Z 6.50%, 10/23/24(e)				77		81,727
Bank of Nova Scotia (The) 2.50%, 1/08/21				51		50,073
Banque Federative du Credit Mutuel SA 2.75%, 10/15/20(b)				200		197,490
Barclays PLC 3.65%, 3/16/25				270		253,236
BB&T Corp. 2.625%, 6/29/20				86		85,101
BNP Paribas SA 2.375%, 5/21/20				200		197,034
3.80%, 1/10/24(b)				215		210,206
Capital One Financial Corp. 3.30%, 10/30/24				265		252,781
Citigroup, Inc. 3.875%, 3/26/25				235		227,919
4.044%, 6/01/24				293		294,784
Commonwealth Bank of Australia 2.25%, 3/10/20(b)				205		201,923
Commonwealth Bank of Australia/New York NY Series G 2.30%, 3/12/20				250		246,458
Compass Bank 2.875%, 6/29/22				265		256,003
5.50%, 4/01/20				314		323,342
Cooperatieve Rabobank UA 4.375%, 8/04/25				320		313,827
Cooperatieve Rabobank UA/NY 2.25%, 1/14/20				250		246,838
Credit Agricole SA/London 2.75%, 6/10/20(b)				250		247,210
3.375%, 1/10/22(b)				260		255,177
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23				385		380,711
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21				208		200,242
3.75%, 5/22/25				186		181,504
5.75%, 1/24/22				335		358,473
Series D 6.00%, 6/15/20				217		228,173
HSBC Bank USA NA 4.875%, 8/24/20				250		257,640
HSBC Holdings PLC 3.262%, 3/13/23				591		579,676
4.25%, 8/18/25				341		334,957


		AB Variable Products Series Fund


	Principal Amount (000)		U.S. $ Value

JPMorgan Chase & Co. 3.22%, 3/01/25	U.S.$	265	$	255,632
3.54%, 5/01/28		485		464,101
KeyBank NA/Cleveland OH 2.25%, 3/16/20		250		246,513
Lloyds Banking Group PLC 4.582%, 12/10/25		200		196,124
Manufacturers & Traders Trust Co. 2.625%, 1/25/21		250		246,015
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26		272		270,784
Morgan Stanley 5.00%, 11/24/25		175		181,193
Series G 4.35%, 9/08/26		520		513,079
MUFG Bank Ltd. 2.30%, 3/05/20(b)		200		196,980
National Australia Bank Ltd./New York Series G 2.625%, 7/23/20		250		247,048
Nationwide Building Society 4.00%, 9/14/26(b)		290		271,469
PNC Bank NA 2.60%, 7/21/20		250		246,993
3.80%, 7/25/23		685		688,980
Santander Holdings USA, Inc. 4.40%, 7/13/27		265		253,568
Santander UK PLC 5.00%, 11/07/23(b)		200		203,300
UBS Group Funding Switzerland AG 4.125%, 9/24/25(b)		305		303,075
US Bancorp Series J 5.30%, 4/15/27(e)		116		115,571
Wells Fargo & Co. 3.069%, 1/24/23		212		206,019

				13,068,666

FINANCE–0.1%
Synchrony Financial 3.95%, 12/01/27		265		244,693

INSURANCE–0.3%
American International Group, Inc. Series A-9 5.75%, 4/01/48		115		112,818
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20		38		39,477
MetLife, Inc. 10.75%, 8/01/39		70		108,325
	Principal Amount (000)		U.S. $ Value

New York Life Global Funding 1.95%, 2/11/20(b)	U.S.$	256	$	251,669
XLIT Ltd. 6.375%, 11/15/24		157		176,743

				689,032

REITS–0.1%
American Tower Corp. 3.40%, 2/15/19		70		70,206
Host Hotels & Resorts LP Series D 3.75%, 10/15/23		10		9,798
Welltower, Inc. 4.00%, 6/01/25		238		233,640

				313,644

				14,316,035

INDUSTRIAL–4.1%
BASIC–0.4%
Dow Chemical Co. (The) 4.125%, 11/15/21		165		168,162
Eastman Chemical Co. 3.80%, 3/15/25		84		83,155
Glencore Funding LLC 4.125%, 5/30/23(b)		126		125,696
Minsur SA 6.25%, 2/07/24(b)		168		175,770
Mosaic Co. (The) 5.625%, 11/15/43		75		75,458
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(b)		237		229,001
Vale Overseas Ltd. 6.25%, 8/10/26		265		287,534
Yamana Gold, Inc. 4.95%, 7/15/24		142		141,864

				1,286,640

CAPITAL GOODS–0.1%
Embraer Netherlands Finance BV 5.40%, 2/01/27		160		165,600
General Electric Co. Series D 5.00%, 1/21/21(e)		68		67,140

				232,740

COMMUNICATIONS–MEDIA–0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25		165		166,615
Comcast Corp. 5.15%, 3/01/20		451		465,229
Cox Communications, Inc. 2.95%, 6/30/23(b)		91		86,377
Time Warner Cable LLC 4.125%, 2/15/21		165		166,081
4.50%, 9/15/42		85		70,316


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


	Principal Amount (000)			U.S. $ Value

Warner Media LLC 4.875%, 3/15/20	U.S.$		105	$	107,725

					1,062,343

COMMUNICATIONS–TELECOMMUNICATIONS–0.5%
AT&T, Inc. 3.40%, 5/15/25			575		539,896
4.125%, 2/17/26			345		336,868
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	46		36,300
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 3/20/25(b)	U.S.$		200		198,608
Vodafone Group PLC 3.75%, 1/16/24			78		77,298
4.125%, 5/30/25			171		170,397

					1,359,367

CONSUMER CYCLICAL–AUTOMOTIVE–0.4%
Ford Motor Credit Co. LLC 5.875%, 8/02/21			915		969,845
General Motors Co. 3.50%, 10/02/18			130		130,244
General Motors Financial Co., Inc. 4.00%, 1/15/25			41		39,916
4.30%, 7/13/25			50		49,180

					1,189,185

CONSUMER NON-CYCLICAL–0.6%
Bayer US Finance LLC 2.375%, 10/08/19(b)			200		198,126
Becton Dickinson and Co. 3.734%, 12/15/24			66		64,452
Biogen, Inc. 4.05%, 9/15/25			251		252,127
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			155		162,765
CVS Health Corp. 4.10%, 3/25/25			120		119,398
4.30%, 3/25/28			120		118,351
Danone SA 1.691%, 10/30/19(b)			200		196,576
Reynolds American, Inc. 6.875%, 5/01/20			95		100,838
Tyson Foods, Inc. 2.65%, 8/15/19			64		63,747
3.95%, 8/15/24			206		205,604
Zimmer Biomet Holdings, Inc. 2.70%, 4/01/20			102		101,042
Zoetis, Inc. 3.45%, 11/13/20			90		90,264

					1,673,290

	Principal Amount (000)			U.S. $ Value

ENERGY–0.9%
Cenovus Energy, Inc. 3.00%, 8/15/22	U.S.$		17	$	16,273
5.70%, 10/15/19			59		60,521
Encana Corp. 3.90%, 11/15/21			140		140,980
Enterprise Products Operating LLC 3.70%, 2/15/26			278		272,660
5.20%, 9/01/20			185		192,583
Hess Corp. 4.30%, 4/01/27			199		191,985
Kinder Morgan Energy Partners LP 2.65%, 2/01/19			302		301,493
Kinder Morgan, Inc./DE 5.00%, 2/15/21(b)			250		258,405
Marathon Petroleum Corp. 5.125%, 3/01/21			163		169,841
Noble Energy, Inc. 3.90%, 11/15/24			170		167,611
4.15%, 12/15/21			78		79,249
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			232		220,006
Sabine Pass Liquefaction LLC 5.00%, 3/15/27			146		148,997
TransCanada PipeLines Ltd. 9.875%, 1/01/21			215		247,732
Williams Partners LP 4.125%, 11/15/20			155		157,027

					2,625,363

OTHER INDUSTRIAL–0.1%
Alfa SAB de CV 5.25%, 3/25/24(b)			200		200,750

SERVICES–0.2%
Expedia Group, Inc. 3.80%, 2/15/28			185		169,867
S&P Global, Inc. 4.40%, 2/15/26			226		231,989
Total System Services, Inc. 3.75%, 6/01/23			45		44,578
4.00%, 6/01/23			83		83,315

					529,749

TECHNOLOGY–0.4%
Agilent Technologies, Inc. 5.00%, 7/15/20			71		73,357
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 1/15/24			53		51,302
3.875%, 1/15/27			117		110,825
Dell International LLC/EMC Corp. 6.02%, 6/15/26(b)			96		100,879
Hewlett Packard Enterprise Co. 2.10%, 10/04/19(b)			183		180,663
KLA-Tencor Corp. 4.65%, 11/01/24			225		232,699


		AB Variable Products Series Fund


	Principal Amount (000)			U.S. $ Value

Lam Research Corp. 2.80%, 6/15/21	U.S.$		71	$	69,762
Motorola Solutions, Inc. 7.50%, 5/15/25			6		7,054
Seagate HDD Cayman 4.75%, 1/01/25			127		121,831
VMware, Inc. 2.95%, 8/21/22			85		81,526

					1,029,898

TRANSPORTATION–SERVICES–0.1%
Adani Ports & Special Economic Zone Ltd. 3.95%, 1/19/22(b)			200		196,250

					11,385,575

UTILITY–0.3%
ELECTRIC–0.3%
Abu Dhabi National Energy Co. PJSC 4.375%, 4/23/25(b)			250		247,547
Enel Chile SA 4.875%, 6/12/28			133		133,737
Exelon Generation Co. LLC 2.95%, 1/15/20			153		152,429
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/24(b)			320		328,800
Pacific Gas & Electric Co. 6.05%, 3/01/34			38		41,000

					903,513

Total Corporates–Investment Grade (cost $26,816,065)					26,605,123

MORTGAGE PASS-THROUGHS–7.4%
AGENCY FIXED RATE 30-YEAR–6.7%
Federal Home Loan Mortgage Corp. Gold
Series 2005 5.50%, 1/01/35			159		172,170
Series 2007 5.50%, 7/01/35			17		17,921
Series 2016 4.00%, 2/01/46			451		464,440
Series 2017 4.00%, 7/01/44			351		360,843
Federal National Mortgage Association
Series 2004 5.50%, 2/01/34-11/01/34			59		64,024
Series 2007 5.50%, 1/01/37-8/01/37			224		243,722
Series 2008 5.50%, 8/01/37			103		111,909
Series 2009 5.00%, 12/01/39			87		93,238
	Principal Amount (000)			U.S. $ Value

Series 2010 4.00%, 12/01/40	U.S.$		209	$	215,620
Series 2013
4.00%, 10/01/43			911		935,325
Series 2015 3.00%, 5/01/45			1,142		1,111,134
Series 2017 3.50%, 3/01/47-1/01/48			6,753		6,728,016
Series 2018 3.50%, 2/01/48-3/01/48			1,393		1,387,022
4.00%, 7/01/48, TBA			1,478		1,506,867
4.50%, 7/25/48, TBA			4,799		4,996,959
Government National Mortgage Association Series 2016 3.00%, 12/20/46			446		436,876

					18,846,086

AGENCY FIXED RATE 15-YEAR–0.7%
Federal National Mortgage Association
Series 2016 2.50%, 11/01/31-12/01/31			730		710,758
Series 2017 2.50%, 1/01/32			1,424		1,386,015

					2,096,773

Total Mortgage Pass-Throughs (cost $21,106,940)					20,942,859

GOVERNMENTS–TREASURIES–4.3%
SINGAPORE–0.2%
Singapore Government Bond 2.75%, 3/01/46		SGD	717		511,497

UNITED STATES–4.1%
U.S. Treasury Bonds 2.75%, 8/15/42-11/15/47	U.S.$		332		318,781
3.00%, 5/15/45			424		425,325
3.125%, 2/15/43-8/15/44			575		589,794
3.375%, 5/15/44			234		250,419
4.375%, 2/15/38			822		1,002,043
5.375%, 2/15/31			320		404,350
U.S. Treasury Notes 1.125%, 2/28/19			195		193,568
1.25%, 5/31/19			1,070		1,059,467
1.50%, 5/31/20			3,475		3,407,672
1.75%, 11/30/21			1,335		1,295,576
1.875%, 7/31/22			1,342		1,299,224
2.125%, 12/31/22			675		658,019
2.25%, 2/15/27			130		124,164
2.375%, 8/15/24			556		543,185

					11,571,587

Total Governments–Treasuries (cost $12,273,446)					12,083,084


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


	Principal Amount (000)			U.S. $ Value

COMMERCIAL MORTGAGE-BACKED SECURITIES–3.1%
NON-AGENCY FIXED RATE CMBS–2.5%
BHMS Commercial Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(b)		U.S.$	335	$	335,064
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/50			310		303,116
CFCRE Commercial Mortgage Trust Series 2016-C4, Class A4 3.283%, 5/10/58			115		111,312
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(b)			495		494,114
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 2/10/48			396		385,941
Series 2015-GC27, Class XA 1.39%, 2/10/48(f)			2,407		168,651
Series 2015-GC35, Class A4 3.818%, 11/10/48			100		101,181
Series 2016-GC36, Class A5 3.616%, 2/10/49			125		124,776
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(b)			131		127,155
Series 2014-UBS4, Class A5 3.694%, 8/10/47			200		201,489
Series 2015-CR24, Class A5 3.696%, 8/10/48			135		135,288
Series 2015-DC1, Class A5 3.35%, 2/10/48			250		247,129
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 3.504%, 6/15/57			155		153,585
Series 2015-C3, Class A4 3.718%, 8/15/48			315		314,810
Series 2015-C4, Class A4 3.808%, 11/15/48			370		372,974
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(b)			422		420,319
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 4/10/31(b)			276		274,601
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-LN2, Class A1A 4.838%, 7/15/41(b)			36		35,653
	Principal Amount (000)			U.S. $ Value

Series 2006-LDP9, Class AM 5.372%, 5/15/47(g)		U.S.$	45	$	44,796
Series 2012-C6, Class E 5.14%, 5/15/45(b)(g)			119		104,538
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class A5 3.822%, 7/15/48			125		126,552
Series 2015-C31, Class A3 3.801%, 8/15/48			355		358,673
Series 2015-C32, Class C 4.667%, 11/15/48(g)			195		193,098
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39(g)			68		51,388
LSTAR Commercial Mortgage Trust Series 2014-2, Class A2 2.767%, 1/20/41(b)			13		12,814
Series 2015-3, Class A2 2.729%, 4/20/48(b)			190		187,575
Series 2016-4, Class A2 2.579%, 3/10/49(b)			161		155,180
Morgan Stanley Capital I Trust Series 2005-IQ9, Class D 5.00%, 7/15/56(g)			112		110,085
Series 2016-UB12, Class A4 3.596%, 12/15/49			195		192,915
UBS Commercial Mortgage Trust Series 2018-C8, Class A4 3.983%, 2/15/51			195		197,587
Series 2018-C9, Class A4 4.117%, 3/15/51			300		306,982
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/45			168		164,384
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.469%, 9/15/48(g)			197		192,038
Series 2016-NXS6, Class C 4.311%, 11/15/49(g)			180		177,060
WF-RBS Commercial Mortgage Trust Series 2014-C20, Class A2 3.036%, 5/15/47			175		174,804

					7,057,627

NON-AGENCY FLOATING RATE CMBS–0.6%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 3.073% (LIBOR 1 Month + 1.00%), 11/15/33(b)(g)(h)			375		378,463


		AB Variable Products Series Fund


	Principal Amount (000)			U.S. $ Value

BX Trust Series 2017-IMC, Class A 3.123% (LIBOR 1 Month + 1.05%), 10/15/32(b)(h)		U.S.$	165	$	165,135
Credit Suisse Mortgage Trust Series 2016-MFF, Class D 6.673% (LIBOR 1 Month + 4.60%), 11/15/33(b)(g)(h)			110		111,099
Great Wolf Trust Series 2017-WOLF, Class A 3.073% (LIBOR 1 Month + 0.85%), 9/15/34(b)(h)			189		189,005
H/2 Asset Funding NRE Series 2015-1A, Class AFL 3.741% (LIBOR 1 Month + 1.65%), 6/24/49(g)(h)(i)			59		58,636
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 3.773% (LIBOR 1 Month + 1.70%), 7/15/36(b)(h)			180		181,144
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 4.028% (LIBOR 1 Month + 1.95%), 11/15/26(b)(h)			96		96,026
RETL Series 2018-RVP, Class A 3.173% (LIBOR 1 Month + 1.10%), 3/15/33(b)(h)			108		108,758
Starwood Retail Property Trust Series 2014-STAR, Class A 3.293% (LIBOR 1 Month + 1.22%), 11/15/27(b)(h)			348		347,861

					1,636,127

Total Commercial Mortgage-Backed Securities (cost $8,875,128)					8,693,754

ASSET-BACKED SECURITIES–2.5%
AUTOS–FIXED RATE–1.3%
Americredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20			21		21,072
AmeriCredit Automobile Receivables Trust Series 2017-3, Class A2A 1.69%, 12/18/20			87		86,230
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class A 3.70%, 9/20/24(b)			245		246,090
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19			10		10,274
	Principal Amount (000)			U.S. $ Value

CPS Auto Receivables Trust Series 2017-D, Class A 1.94%, 3/15/21(b)		U.S.$	192	$	190,668
CPS Auto Trust Series 2017-A, Class A 1.68%, 8/17/20(b)			37		37,386
DT Auto Owner Trust Series 2017-3A, Class A 1.73%, 8/17/20(b)			42		41,533
Series 2018-1A, Class A 2.59%, 5/17/21(b)			198		197,766
Exeter Automobile Receivables Trust Series 2016-1A, Class D 8.20%, 2/15/23(b)			140		148,927
Series 2016-3A, Class A 1.84%, 11/16/20(b)			18		18,094
Series 2017-2A, Class A 2.11%, 6/15/21(b)			60		60,132
Series 2018-1A, Class A 2.21%, 5/17/21(b)			203		202,779
Series 2018-2A, Class A 2.79%, 7/15/21(b)			262		262,213
First Investors Auto Owner Trust Series 2016-2A, Class A1 1.53%, 11/16/20(b)			28		27,582
Flagship Credit Auto Trust Series 2016-4, Class A2 1.96%, 2/16/21(b)			110		109,724
Series 2016-4, Class D 3.89%, 11/15/22(b)			100		99,976
Series 2017-2, Class A 1.85%, 7/15/21(b)			111		109,875
Series 2017-3, Class A 1.88%, 10/15/21(b)			111		110,352
Series 2017-4, Class A 2.07%, 4/15/22(b)			92		91,644
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22			322		317,625
GMF Floorplan Owner Revolving Trust Series 2016-1, Class A1 1.96%, 5/17/21(b)			280		278,111
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20			19		19,269
Hertz Vehicle Financing II LP Series 2015-1A, Class A 2.73%, 3/25/21(b)			215		212,658
Series 2015-2A, Class A 2.02%, 9/25/19(b)			180		179,706
Series 2015-3A, Class A 2.67%, 9/25/21(b)			265		260,487
Series 2017-1A, Class A 2.96%, 10/25/21(b)			250		246,904


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


	Principal Amount (000)			U.S. $ Value

Hertz Vehicle Financing LLC Series 2013-1A, Class B2 2.48%, 8/25/19(b)		U.S.$	64	$	63,966
Santander Drive Auto Receivables Trust Series 2017-3, Class A2 1.67%, 6/15/20			62		61,650
Westlake Automobile Receivables Trust Series 2018-1A, Class A1 1.75%, 2/15/19(b)			12		11,573

					3,724,266

OTHER ABS–FIXED RATE–0.7%
CLUB Credit Trust Series 2017-P1, Class A 2.42%, 9/15/23(b)(g)			156		155,216
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21			75		74,890
Series 2015-A, Class A4 1.85%, 4/15/21			227		225,696
Consumer Loan Underlying Bond Credit Trust Series 2018-P1, Class A 3.39%, 7/15/25(b)(g)			125		124,905
Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(b)(g)			4		4,424
Series 2017-1A, Class A 2.827%, 3/15/24(b)(g)			40		39,500
Series 2017-2A, Class A 2.39%, 7/15/24(b)(g)			56		56,156
Series 2017-3A, Class A 2.36%, 12/15/24(b)(g)			99		98,434
Series 2017-3A, Class B 3.01%, 12/15/24(b)(g)			100		99,333
Prosper Marketplace Issuance Trust Series 2017-2A, Class B 3.48%, 9/15/23(b)(g)			100		99,884
SBA Tower Trust Series 2015-1A,Class C 3.156%, 10/08/20(b)(g)			251		248,978
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(b)(g)			49		49,113
Series 2016-3, Class A 10.59%, 12/26/25(b)(g)			73		72,431
Series 2017-2, Class A 3.28%, 2/25/26(b)(g)			88		88,329
Series 2017-3, Class A 2.77%, 5/25/26(b)(g)			95		93,881
Series 2017-5, Class A2 2.78%, 9/25/26(b)(g)			180		177,128
Series 2017-6, Class A2 2.82%, 11/25/26(b)(g)			105		104,145

SoFi Consumer Loan Program Trust Series 2018-1, Class A1 2.55%, 2/25/27(b)(g)		U.S.$	207	$	205,977

					2,018,420

CREDIT CARDS–FIXED RATE–0.3%
Barclays Dryrock Issuance Trust Series 2014-3, Class A 2.41%, 7/15/22			326		324,250
World Financial Network Credit Card Master Trust Series 2017-B, Class A 1.98%, 6/15/23			205		203,007
Series 2018-A, Class A 3.07%, 12/16/24			305		303,664

					830,921

AUTOS–FLOATING RATE–0.2%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 2.573% (LIBOR 1 Month + 0.50%), 7/15/20(b)(h)			378		378,019

HOME EQUITY LOANS–FIXED RATE–0.0%
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33(g)			48		48,697

Total Asset-Backed Securities (cost $7,013,977)					7,000,323

COLLATERALIZED MORTGAGE OBLIGATIONS–2.0%
RISK SHARE FLOATING RATE–1.3%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 8.591% (LIBOR 1 Month + 6.50%), 4/25/26(h)(i)			54		54,899
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 6.091% (LIBOR 1 Month + 4.00%), 8/25/24(h)			285		311,592
Series 2014-DN4, Class M3 6.641% (LIBOR 1 Month + 4.55%), 10/25/24(h)			201		223,283
Series 2014-HQ3, Class M3 6.841% (LIBOR 1 Month + 4.75%), 10/25/24(h)			229		254,706
Series 2016-DNA1, Class M3 7.641% (LIBOR 1 Month + 5.55%), 7/25/28(h)			250		304,985


		AB Variable Products Series Fund


	Principal Amount (000)		U.S. $ Value

Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M2 5.091% (LIBOR 1 Month + 3.00%), 7/25/24(h)	U.S.$	88	$	94,646
Series 2014-C04, Class 2M2 7.091% (LIBOR 1 Month + 5.00%), 11/25/24(h)		54		60,501
Series 2015-C01, Class 1M2 6.391% (LIBOR 1 Month + 4.30%), 2/25/25(h)		108		118,932
Series 2015-C01, Class 2M2 6.641% (LIBOR 1 Month + 4.55%), 2/25/25(h)		95		102,875
Series 2015-C02, Class 1M2 6.091% (LIBOR 1 Month + 4.00%), 5/25/25(h)		144		157,262
Series 2015-C02, Class 2M2 6.091% (LIBOR 1 Month + 4.00%), 5/25/25(h)		129		139,333
Series 2015-C03, Class 1M2 7.091% (LIBOR 1 Month + 5.00%), 7/25/25(h)		70		80,016
Series 2015-C03, Class 2M2 7.091% (LIBOR 1 Month + 5.00%), 7/25/25(h)		191		211,894
Series 2015-C04, Class 1M2 7.791% (LIBOR 1 Month + 5.70%), 4/25/28(h)		64		74,434
Series 2015-C04, Class 2M2 7.641% (LIBOR 1 Month + 5.55%), 4/25/28(h)		97		109,980
Series 2016-C01, Class 1M2 8.841% (LIBOR 1 Month + 6.75%), 8/25/28(h)		204		248,059
Series 2016-C01, Class 2M2 9.041% (LIBOR 1 Month + 6.95%), 8/25/28(h)		159		190,565
Series 2016-C03, Class 2M2 7.991% (LIBOR 1 Month + 5.90%), 10/25/28(h)		300		349,823
Series 2016-C05, Class 2M2 6.541% (LIBOR 1 Month + 4.45%), 1/25/29(h)		200		222,600
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 6.341% (LIBOR 1 Month + 4.25%), 11/25/24(h)(i)		30		32,269
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 7.341% (LIBOR 1 Month + 5.25%), 11/25/25(h)(i)		139		156,724
Series 2015-WF1, Class 2M2 7.591% (LIBOR 1 Month + 5.50%), 11/25/25(h)(i)		40		47,130

				3,546,508


AGENCY FLOATING RATE–0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 4.027% (6.10%–LIBOR 1Month), 12/15/44(h)(j)	U.S.$	701	$	109,804
Series 4693, Class SL 4.077% (6.15%–LIBOR 1Month), 6/15/47(h)(j)		632		106,575
Series 4719, Class JS 4.077% (6.15%–LIBOR 1Month), 9/15/47(h)(j)		549		86,345
Series 4727, Class SA 4.127% (6.20%–LIBOR 1Month), 11/15/47(h)(j)		711		123,560
Federal National Mortgage Association REMICs Series 2011-131, Class ST 4.449% (6.54%–LIBOR 1Month), 12/25/41(h)(j)		328		58,315
Series 2012-70, Class SA 4.459% (6.55%–LIBOR 1Month), 7/25/42(h)(j)		601		107,958
Series 2016-106, Class ES 3.909% (6.00%–LIBOR 1Month), 1/25/47(h)(j)		655		107,224
Series 2017-16, Class SG 3.959% (6.05%–LIBOR 1Month), 3/25/47(h)(j)		644		106,163
Series 2017-81, Class SA 4.109% (6.20%–LIBOR 1Month), 10/25/47(h)(j)		647		108,419
Series 2017-97, Class LS 4.109% (6.20%–LIBOR 1Month), 12/25/47(h)(j)		507		92,728
Government National Mortgage Association Series 2017-134, Class SE 4.116% (6.20%–LIBOR 1Month), 9/20/47(h)(j)		474		77,118
Series 2017-65, Class ST 4.066% (6.15%–LIBOR 1Month), 4/20/47(h)(j)		634		112,675

				1,196,884

NON-AGENCY FIXED RATE–0.2%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35		29		27,394
Series 2005-57CB, Class 4A3 5.50%, 12/25/35		62		53,873
Series 2006-24CB, Class A16 5.75%, 6/25/36		123		104,272
Series 2006-28CB, Class A14 6.25%, 10/25/36		87		71,880


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


	Principal Amount (000)			U.S. $ Value

Series 2006-J1, Class 1A13 5.50%, 2/25/36		U.S.$	68	$	61,685
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37			41		34,696
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 3.853%, 5/25/35			12		12,113
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36			62		51,755
Series 2006-13, Class 1A19 6.25%, 9/25/36			34		28,589
Credit Suisse Mortgage Trust Series 2010-6R, Class 3A2 5.875%, 1/26/38(b)			127		103,655
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36			118		98,018
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37			55		45,051
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37			30		29,596

					722,577

NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 2.281% (LIBOR 1 Month + 0.19%), 12/25/36(h)			280		167,678
HomeBanc Mortgage Trust Series 2005-1, Class A1 2.341% (LIBOR 1 Month + 0.25%), 3/25/35(h)			98		86,395

					254,073

Total Collateralized Mortgage Obligations (cost $5,455,043)					5,720,042

INFLATION-LINKED SECURITIES–1.8%
JAPAN–0.4%
Japanese Government CPI Linked Bond Series 22 0.10%, 3/10/27		JPY	111,618		1,066,641


UNITED STATES–1.4%
U.S. Treasury Inflation Index 0.125%, 4/15/19-4/15/20 (TIPS)		U.S.$	2,303	$	2,287,002
0.375%, 7/15/25 (TIPS)			1,659		1,629,449

					3,916,451

Total Inflation-Linked Securities (cost $5,036,071)					4,983,092

CORPORATES–NON-INVESTMENT GRADE–1.4%
INDUSTRIAL–0.8%
BASIC–0.1%
NOVA Chemicals Corp. 5.25%, 8/01/23(b)			125		124,977
SPCM SA 4.875%, 9/15/25(b)			200		191,028

					316,005

COMMUNICATIONS–MEDIA–0.1%
Altice France SA/France 5.375%, 5/15/22(b)		EUR	195		233,983
CSC Holdings LLC 6.75%, 11/15/21		U.S.$	45		47,144

					281,127

COMMUNICATIONS–TELECOMMUNICATIONS–0.2%
Crown Castle Towers LLC 4.883%, 8/15/20(b)			78		79,785
Sprint Capital Corp. 6.90%, 5/01/19			370		377,252

					457,037

CONSUMER CYCLICAL–OTHER–0.1%
International Game Technology PLC 6.25%, 2/15/22(b)			200		204,902
KB Home 4.75%, 5/15/19			107		107,534

					312,436

CONSUMER NON-CYCLICAL–0.0%
Spectrum Brands, Inc. 5.75%, 7/15/25			135		133,338

ENERGY–0.2%
Antero Resources Corp. 5.125%, 12/01/22			29		29,048
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			111		78,782
Nabors Industries, Inc. 5.50%, 1/15/23			212		204,733
PDC Energy, Inc. 5.75%, 5/15/26(b)			137		136,211


		AB Variable Products Series Fund


	Principal Amount (000)		U.S. $ Value

SM Energy Co. 6.50%, 1/01/23	U.S.$	14	$	14,198
Sunoco LP/Sunoco Finance Corp. 4.875%, 1/15/23(b)		132		126,703

				589,675

TECHNOLOGY–0.1%
Western Digital Corp. 4.75%, 2/15/26		167		162,235

TRANSPORTATION–SERVICES–0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(b)		94		86,064

				2,337,917

FINANCIAL INSTITUTIONS–0.5%
BANKING–0.4%
Banco Bilbao Vizcaya Argentaria SA 6.125%, 11/16/27(e)		200		177,662
Barclays Bank PLC 6.86%, 6/15/32(b)(e)		44		49,414
CIT Group, Inc. 5.25%, 3/07/25		106		107,365
Citigroup, Inc. 5.95%, 1/30/23(e)		90		91,474
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22(e)		142		133,590
Royal Bank of Scotland Group PLC 2.006% (EURIBOR 3 Month + 2.33%), 9/30/18(b)(e)(h)	EUR	100		115,028
8.625%, 8/15/21(e)	U.S.$	200		212,630
Series U 4.654% (LIBOR 3 Month + 2.32%), 9/30/27(e)(h)		200		192,084
Standard Chartered PLC 3.869% (LIBOR 3 Month + 1.51%), 1/30/27(b)(e)(h)		200		174,464

				1,253,711

FINANCE–0.1%
Navient Corp. 6.625%, 7/26/21		170		175,821

				1,429,532

UTILITY–0.1%
ELECTRIC–0.1%
AES Corp./VA 4.00%, 3/15/21		99		98,635

Total Corporates–Non- Investment Grade (cost $4,009,725)				3,866,084


EMERGING MARKETS–CORPORATE BONDS–0.4%
INDUSTRIAL–0.3%
CAPITAL GOODS–0.1%
Cemex SAB de CV 5.70%, 1/11/25(b)	U.S.$	209	$	206,466
Odebrecht Finance Ltd. 5.25%, 6/27/29(b)		217		74,136

				280,602

CONSUMER NON-CYCLICAL–0.0%
Minerva Luxembourg SA 6.50%, 9/20/26(b)		200		182,810

ENERGY–0.1%
Petrobras Global Finance BV 5.75%, 2/01/29		158		138,710
6.125%, 1/17/22		2		2,037
6.25%, 3/17/24		124		122,791

				263,538

TRANSPORTATION–SERVICES–0.1%
Rumo Luxembourg SARL 5.875%, 1/18/25(b)		200		183,464

				910,414

UTILITY–0.1%
ELECTRIC–0.1%
Genneia SA 8.75%, 1/20/22(b)		76		73,625
Terraform Global Operating LLC 6.125%, 3/01/26(b)		42		41,632

				115,257

Total Emerging Markets– Corporate Bonds (cost $1,234,240)				1,025,671

GOVERNMENTS–SOVEREIGN BONDS–0.2%
MEXICO–0.0%
Mexico Government International Bond 3.60%, 1/30/25		200		193,250

QATAR–0.1%
Qatar Government International Bond 3.875%, 4/23/23(b)		250		249,818

SAUDI ARABIA–0.1%
Saudi Government International Bond 4.00%, 4/17/25(b)		251		249,986

Total Governments–Sovereign Bonds (cost $693,462)				693,054


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

Principal

Amount

(000)

U.S. $ Value

EMERGING MARKETS–TREASURIES–0.2%

BRAZIL–0.2%

Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/27
(cost $655,900)

BRL

2,590

610,813

LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.2%

CALIFORNIA–0.2%

State of California
Series 2010
7.625%, 3/01/40 (cost $350,257)

U.S.$

345

508,820

QUASI-SOVEREIGNS–0.1%

QUASI-SOVEREIGN BONDS–0.1%

INDONESIA–0.1%

Perusahaan Listrik Negara PT
5.45%, 5/21/28(b)

200

202,494

MEXICO–0.0%

Petroleos Mexicanos
4.625%, 9/21/23

21,582

Total Quasi-Sovereigns (cost $220,567)

224,076

Company

Shares

RIGHTS–0.0%

ENERGY–0.0%

OIL, GAS & CONSUMABLE FUELS–0.0%

Repsol SA, expiring 7/06/18(a)

15,350

8,714

FINANCIALS–0.0%

BANKS–0.0%

Intesa Sanpaolo SpA, expiring 7/17/18(a)(g)

46,990

Total Rights (cost $8,644)

8,714

OPTIONS PURCHASED– PUTS–0.0%

SWAPTIONS–0.0%

IRS Swaption Expiration: Jul 2018; Contracts: 5,215,000; Exercise Rate: 2.96%; Counterparty: Morgan Stanley Capital Services LLC(a)
(premiums paid $17,160)

USD

5,215,000

1,705

Principal
Amount
(000)

SHORT-TERM INVESTMENTS–6.6%

GOVERNMENTS–TREASURIES–4.5%

JAPAN–4.5%

Japan Treasury Discount Bill
Series 743
Zero Coupon, 9/10/18

JPY

311,650

2,815,721

Series 748
Zero Coupon, 7/02/18

539,950

4,876,936

Series 760
Zero Coupon, 8/27/18

536,500

4,846,866

Total Governments–Treasuries (cost $12,819,178)

12,539,523

Shares

INVESTMENT COMPANIES–1.8%

AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(k) (cost $5,169,816)

5,169,816


		AB Variable Products Series Fund


	Principal Amount (000)			U.S. $ Value

AGENCY DISCOUNT NOTE–0.3%
Federal Home Loan Bank Discount Notes Zero Coupon, 9/05/18 (cost $777,272)		U.S.$	780	$	777,272

Total Short-Term Investments (cost $18,766,266)					18,486,611



TOTAL INVESTMENTS–101.2% (cost $264,254,061)				$	284,639,280
Other assets less liabilities–(1.2)%					(3,249,914	)

NET ASSETS–100.0%				$	281,389,366

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Notional (000)		Original Value		Value at June 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		12		September 2018	USD	2,400	$	2,541,077	$	2,541,938	$	861
U.S. T-Note 5 Yr (CBT) Futures		43		September 2018	USD	4,300		4,876,218		4,885,539		9,321
U.S. T-Note 10 Yr (CBT) Futures		3		September 2018	USD	300		360,567		360,563		(4	)
U.S. Ultra Bond (CBT) Futures		42		September 2018	USD	4,200		6,443,717		6,701,625		257,908
Sold Contracts
10 Yr Mini Japan Government Bond Futures		38		September 2018	JPY	380,000		5,168,107		5,177,185		(9,078	)
Euro-BOBL Futures		7		September 2018	EUR	700		1,074,719		1,080,437		(5,718	)

											$	253,290

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	1,876		USD	510		7/03/18	$	25,533
Bank of America, NA		USD	489		BRL	1,876		7/03/18		(4,582	)
Bank of America, NA		PHP	13,968		USD	263		9/11/18		2,633
Barclays Bank PLC		BRL	2,662		USD	713		7/03/18		25,916
Barclays Bank PLC		USD	690		BRL	2,662		7/03/18		(3,553	)
Barclays Bank PLC		CNY	1,589		USD	246		7/19/18		6,615
Barclays Bank PLC		INR	4,338		USD	63		8/09/18		338
Barclays Bank PLC		USD	349		INR	24,108		8/09/18		1,863
Barclays Bank PLC		USD	34		PHP	1,834		9/11/18		21
Barclays Bank PLC		TWD	10,114		USD	342		9/13/18		8,218
Citibank, NA		EUR	782		USD	915		7/18/18		776
Citibank, NA		CNY	924		USD	144		7/19/18		4,574


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)
Citibank, NA		KRW	383,477		USD	361		7/26/18	$	16,134
Citibank, NA		USD	23		KRW	25,390		7/26/18		(646	)
Citibank, NA		INR	147,842		USD	2,176		8/09/18		27,233
Citibank, NA		INR	7,457		USD	108		8/09/18		(615	)
Citibank, NA		EUR	490		USD	577		8/16/18		3,223
JPMorgan Chase Bank, NA		SGD	691		USD	516		8/16/18		7,889
JPMorgan Chase Bank, NA		USD	1,800		AUD	2,391		8/16/18		(30,360	)
JPMorgan Chase Bank, NA		USD	2,859		GBP	2,104		8/16/18		(77,290	)
JPMorgan Chase Bank, NA		TWD	2,753		USD	93		9/13/18		2,435
Morgan Stanley & Co., Inc.		BRL	1,448		USD	376		7/03/18		1,933
Morgan Stanley & Co., Inc.		USD	384		BRL	1,448		7/03/18		(10,297	)
Morgan Stanley & Co., Inc.		PEN	1,399		USD	426		7/25/18		(45	)
Morgan Stanley & Co., Inc.		BRL	1,356		USD	358		8/02/18		9,568
Royal Bank of Scotland PLC		CNY	2,372		USD	370		7/19/18		12,031
Standard Chartered Bank		BRL	2,662		USD	690		7/03/18		3,553
Standard Chartered Bank		USD	693		BRL	2,662		7/03/18		(6,213	)
Standard Chartered Bank		CNY	13,636		USD	2,156		7/19/18		99,086
Standard Chartered Bank		USD	750		CNY	4,775		7/19/18		(29,951	)
Standard Chartered Bank		USD	39		KRW	41,646		7/26/18		(1,179	)
Standard Chartered Bank		BRL	2,590		USD	672		8/02/18		6,263
Standard Chartered Bank		INR	4,953		USD	72		8/09/18		58
Standard Chartered Bank		JPY	95,818		USD	881		8/16/18		13,412
Standard Chartered Bank		USD	2,769		JPY	301,049		8/16/18		(42,138	)
Standard Chartered Bank		USD	22		TWD	678		9/13/18		3
State Street Bank & Trust Co.		EUR	60		USD	71		7/18/18		383
State Street Bank & Trust Co.		JPY	976,352		USD	8,857		7/18/18		29,189
State Street Bank & Trust Co.		USD	232		EUR	199		7/18/18		30
State Street Bank & Trust Co.		USD	125		EUR	107		7/18/18		(168	)
State Street Bank & Trust Co.		USD	38		CNY	249		7/19/18		(732	)
State Street Bank & Trust Co.		USD	58		RUB	3,685		7/31/18		710
State Street Bank & Trust Co.		GBP	42		USD	56		8/03/18		914
State Street Bank & Trust Co.		USD	98		GBP	74		8/03/18		(452	)
State Street Bank & Trust Co.		AUD	86		USD	65		8/09/18		1,737
State Street Bank & Trust Co.		INR	3,553		USD	52		8/09/18		224
State Street Bank & Trust Co.		USD	65		AUD	86		8/09/18		(1,161	)
State Street Bank & Trust Co.		AUD	269		USD	204		8/16/18		5,224
State Street Bank & Trust Co.		CAD	802		USD	629		8/16/18		18,440
State Street Bank & Trust Co.		CHF	49		USD	50		8/16/18		360
State Street Bank & Trust Co.		CHF	56		USD	57		8/16/18		(61	)
State Street Bank & Trust Co.		EUR	644		USD	758		8/16/18		3,512
State Street Bank & Trust Co.		EUR	271		USD	316		8/16/18		(1,370	)
State Street Bank & Trust Co.		GBP	265		USD	355		8/16/18		4,335
State Street Bank & Trust Co.		HKD	5,395		USD	689		8/16/18		504
State Street Bank & Trust Co.		ILS	992		USD	279		8/16/18		6,900
State Street Bank & Trust Co.		JPY	131,919		USD	1,215		8/16/18		20,357
State Street Bank & Trust Co.		NOK	2,408		USD	302		8/16/18		5,665
State Street Bank & Trust Co.		NOK	1,050		USD	129		8/16/18		(294	)
State Street Bank & Trust Co.		SEK	2,737		USD	317		8/16/18		10,851
State Street Bank & Trust Co.		SGD	280		USD	208		8/16/18		2,497


		AB Variable Products Series Fund


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		TRY	298		USD	68		8/16/18	$	4,319
State Street Bank & Trust Co.		TRY	111		USD	22		8/16/18		(1,529	)
State Street Bank & Trust Co.		USD	450		AUD	594		8/16/18		(10,698	)
State Street Bank & Trust Co.		USD	25		CAD	33		8/16/18		(375	)
State Street Bank & Trust Co.		USD	1,166		CHF	1,157		8/16/18		6,958
State Street Bank & Trust Co.		USD	123		CHF	119		8/16/18		(2,263	)
State Street Bank & Trust Co.		USD	239		EUR	205		8/16/18		1,543
State Street Bank & Trust Co.		USD	2,203		EUR	1,824		8/16/18		(66,217	)
State Street Bank & Trust Co.		USD	1,015		GBP	747		8/16/18		(27,011	)
State Street Bank & Trust Co.		USD	285		HKD	2,230		8/16/18		(203	)
State Street Bank & Trust Co.		USD	1,172		JPY	127,723		8/16/18		(14,800	)
State Street Bank & Trust Co.		USD	77		NOK	615		8/16/18		(1,447	)
State Street Bank & Trust Co.		USD	43		NZD	61		8/16/18		(1,121	)
State Street Bank & Trust Co.		USD	322		SEK	2,764		8/16/18		(12,518	)
State Street Bank & Trust Co.		USD	329		SGD	442		8/16/18		(4,476	)
State Street Bank & Trust Co.		USD	23		TRY	112		8/16/18		816
State Street Bank & Trust Co.		USD	41		CAD	53		8/30/18		(517	)
State Street Bank & Trust Co.		AUD	331		USD	253		9/14/18		8,114
State Street Bank & Trust Co.		EUR	290		USD	342		9/14/18		1,939
State Street Bank & Trust Co.		EUR	163		USD	191		9/14/18		(362	)
State Street Bank & Trust Co.		JPY	22,757		USD	210		9/14/18		3,520
State Street Bank & Trust Co.		MXN	1,698		USD	85		9/14/18		231
State Street Bank & Trust Co.		MXN	3,514		USD	168		9/14/18		(6,563	)
State Street Bank & Trust Co.		NOK	496		USD	61		9/14/18		208
State Street Bank & Trust Co.		NZD	200		USD	140		9/14/18		4,950
State Street Bank & Trust Co.		SEK	717		USD	80		9/14/18		(25	)
State Street Bank & Trust Co.		SGD	356		USD	261		9/14/18		(258	)
State Street Bank & Trust Co.		USD	65		AUD	88		9/14/18		79
State Street Bank & Trust Co.		USD	154		AUD	204		9/14/18		(3,371	)
State Street Bank & Trust Co.		USD	289		CHF	284		9/14/18		(682	)
State Street Bank & Trust Co.		USD	322		EUR	274		9/14/18		53
State Street Bank & Trust Co.		USD	209		JPY	22,757		9/14/18		(2,266	)
State Street Bank & Trust Co.		USD	44		NOK	362		9/14/18		77
State Street Bank & Trust Co.		USD	100		NZD	148		9/14/18		27
State Street Bank & Trust Co.		USD	107		SEK	918		9/14/18		(4,227	)
State Street Bank & Trust Co.		USD	322		SGD	431		9/14/18		(5,761	)
State Street Bank & Trust Co.		USD	30		JPY	3,329		10/04/18		(96	)

									$	46,081

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description

Index

Counter-

Party

Strike

Rate

Expiration

Date

Notional

Amount
(000)

Premiums

Market

Value

Put

OTC-1 Year Interest Rate Swap

3 Month LIBOR

Morgan Stanley Capital Services LLC

2.82

7/06/18

12,525

13,455

(4,481)


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

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at June 30, 2018			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAIG Series 30, 5 Year Index, 6/20/23*		(1.00	)%	Quarterly		0.67	%	USD	1,500	$	(23,086)	$	(25,468)	$	2,382

Termination date

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)
EUR	5,510		4/10/20		(0.147)%		6 Month EURIBOR		Annual/Semi-Annual	$	(7,547	)	$	(110	)	$	(7,437	)
EUR	2,040		4/11/20		(0.148)%		6 Month EURIBOR		Annual/Semi-Annual		(2,772	)		(50	)		(2,722	)
EUR	6,660		6/11/20		(0.115)%		6 Month EURIBOR		Annual/Semi-Annual		(9,719	)		5			(9,724	)
AUD	7,620		6/21/20		2.118%		3 Month BBSW		Quarterly/Quarterly		(5,297	)		0			(5,297	)
NOK	86,880		6/22/20		6 Month NIBOR		1.378%		Semi-Annual/Annual		(11,160	)		0			(11,160	)
SEK	9,070		3/31/22		3 Month STIBOR		0.341%		Quarterly/Annual		7,792			4			7,788
NZD	1,865		3/31/22		3 Month BKBM		2.936%		Quarterly/Semi-Annual		29,278			0			29,278
USD	295		11/08/26		1.657%		3 Month LIBOR		Semi-Annual/Quarterly	$	27,942		$	0		$	27,942

										$	28,517		$	(151	)	$	28,668

CREDIT DEFAULT SWAPS (see Note D)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2018			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		0.64	%		USD	172	$	(7,538	)	$	(2,044	)	$	(5,494	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.64			USD	198		(8,678	)		(2,440	)		(6,238	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	17		5			215			(210	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	5		2			46			(44	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	620		188			7,781			(7,593	)
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	233		70			2,452			(2,382	)


		AB Variable Products Series Fund


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)%		Monthly		0.51	%		USD	207	$	63		$	2,801			$ (2,738	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	775		234			8,227			(7,993	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	51		15			485			(470	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	226		69			3,033			(2,964	)

Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	210		(21,654	)		(26,874	)		5,220
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	69		(7,126	)		(10,953	)		3,827
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	70		(7,224	)		(10,788	)		3,564
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	55		(5,672	)		(7,722	)		2,050
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	60		(6,187	)		(8,229	)		2,042
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	11		(1,136	)		(1,832	)		696
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	75		(7,740	)		(11,506	)		3,766
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	35		(3,609	)		(4,411	)		802
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	48		(4,950	)		(3,432	)		(1,518	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	165		(17,015	)		(11,038	)		(5,977	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	48		(4,950	)		(6,255	)		1,305
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	53		(5,465	)		(6,269	)		804
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	52		(5,362	)		(6,148	)		786
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	79		(8,147	)		(8,801	)		654
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	8		(825	)		(970	)		145
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	9		(928	)		(534	)		(394	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	156		(16,087	)		(13,269	)		(2,818	)


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 June 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		5.94	%		USD	232	$	(23,923	)	$	(16,814	)	$	(7,109	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	172		(17,736	)		(23,581	)		5,845
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	82		(8,469	)		(14,058	)		5,589
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	75		(7,746	)		(11,922	)		4,176
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	58		(5,991	)		(9,803	)		3,812
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	78		(8,043	)		(10,977	)		2,934
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	53		(5,465	)		(5,839	)		374
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	5		(516	)		(785	)		269
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	15		(1,547	)		(1,675	)		128
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	8		(825	)		(817	)		(8	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	4		(413	)		(371	)		(42	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	8		(825	)		(755	)		(70	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	47		(4,847	)		(4,200	)		(647	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	64		(6,600	)		(4,388	)		(2,212	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	170		(17,530	)		(13,439	)		(4,091	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	230		(23,717	)		(18,934	)		(4,783	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	272		(28,047	)		(13,755	)		(14,292	)

													$ (301,887	)		$ (270,588	)		$ (31,299	)

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 June 30, 2018, the aggregate market value of these securities amounted to $17,531,865 or 6.2% of net assets.

(c)

Affiliated investments.

(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)

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

(f)

IO—Interest Only.


		AB Variable Products Series Fund

(g)

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

(h)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2018.

(i)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.1% of net assets as of June 30, 2018, 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 8.591%, 4/25/26		4/29/16	$	54,197	$	54,899		0.02	%
H/2 Asset Funding NRE Series 2015-1A, Class AFL 3.741%, 6/24/49		6/19/15		58,636		58,636		0.02	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 6.341%, 11/25/24		11/06/15		29,334		32,269		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 7.341%, 11/25/25		9/28/15		139,271		156,724		0.06	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.591%, 11/25/25		9/28/15		40,174		47,130		0.02	%

(j)

Inverse interest only security.

(k)

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Sol

PHP—Philippine Peso

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

BBSW—Bank Bill Swap Reference Rate (Australia)

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

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


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

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

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

EURIBOR—Euro Interbank Offered Rate

GDR—Global Depositary Receipt

IRS—Interest Rate Swaption

LIBOR—London Interbank Offered Rates

NIBOR—Norwegian Interbank Offered Rate

PJSC—Public Joint Stock Company

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.


BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $185,338,965)	$	205,724,184
Affiliated issuers (cost $78,915,096)		78,915,096
Cash		2,268
Cash collateral due from broker		464,101
Foreign currencies, at value (cost $231,274)		236,702
Receivable for investment securities sold and foreign currency transactions		119,535,228
Unaffiliated interest and dividends receivable		968,520
Unrealized appreciation on forward currency exchange contracts		423,974
Unrealized appreciation on credit default swaps		48,788
Upfront premiums paid on credit default swaps		25,040
Affiliated dividends receivable		2,294

Total assets		406,346,195

LIABILITIES
Swaptions written, at value (premiums received $13,455)		4,481
Payable for investment securities purchased and foreign currency transactions		123,690,686
Unrealized depreciation on forward currency exchange contracts		377,893
Upfront premiums received on credit default swaps		295,628
Payable for capital stock redeemed		144,291
Advisory fee payable		133,061
Unrealized depreciation on credit default swaps		80,087
Distribution fee payable		54,605
Payable for variation margin on futures		11,719
Administrative fee payable		8,848
Payable for variation margin on centrally cleared swaps		5,714
Directors’ fees payable		437
Transfer Agent fee payable		87
Accrued expenses and other liabilities		149,292

Total liabilities		124,956,829

NET ASSETS	$	281,389,366

COMPOSITION OF NET ASSETS
Capital stock, at par	$	23,955
Additional paid-in capital		209,800,320
Undistributed net investment income		6,130,521
Accumulated net realized gain on investment and foreign currency transactions		44,737,359
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		20,697,211

	$	281,389,366

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	27,808,691		2,340,965	$	11.88
B	$	253,580,675		21,614,519	$	11.73

See notes to financial statements.


BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $132,635)	$	2,188,168
Affiliated issuers		4,766
Interest		1,478,085
Securities lending income		901

		3,671,920

EXPENSES
Advisory fee (see Note B)		802,415
Distribution fee—Class B		329,035
Transfer agency—Class A		272
Transfer agency—Class B		2,501
Custodian		111,473
Audit and tax		44,109
Administrative		27,017
Printing		22,741
Legal		18,964
Directors’ fees		12,793
Miscellaneous		8,722

Total expenses		1,380,042
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(544	)

Net expenses		1,379,498

Net investment income		2,292,422

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		25,270,369
Forward currency exchange contracts		(319,343	)
Futures		(854,235	)
Swaps		231,891
Foreign currency transactions		540,362
Net change in unrealized appreciation/depreciation of:
Investments(a)		(27,535,433	)
Forward currency exchange contracts		206,162
Futures		187,398
Swaps		85,579
Swaptions written		8,974
Foreign currency denominated assets and liabilities		(42,627	)


Net loss on investment and foreign currency transactions		(2,220,903	)


NET INCREASE IN NET ASSETS FROM OPERATIONS	$	71,519

(a)

Net of increase in accrued foreign capital gains taxes of $11,429.

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,292,422		$	3,892,691
Net realized gain on investment and foreign currency transactions		24,869,044			21,723,157
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(27,089,947	)		18,549,980
Contributions from Affiliates (see Note B)		–0	–		521

Net increase in net assets from operations		71,519			44,166,349
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(646,765	)
Class B		–0	–		(4,907,858	)
Net realized gain on investment transactions
Class A		–0	–		(256,844	)
Class B		–0	–		(2,233,659	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(22,080,165	)		(35,588,392	)

Total increase (decrease)		(22,008,646	)		532,831
NET ASSETS
Beginning of period		303,398,012			302,865,181

End of period (including undistributed net investment income of $6,130,521 and $3,838,099, respectively)	$	281,389,366		$	303,398,012

See notes to financial statements.


BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

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

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

1. Security Valuation

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

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


		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.


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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

23,986,238

–0

–

–0

–

23,986,238

Financials

13,378,293

265,706

–0

–

13,643,999

Real Estate

8,305,289

3,443,719

–0

–

11,749,008

Energy

7,321,876

3,257,423

–0

–

10,579,299

Consumer Discretionary

10,097,624

–0

–

–0

–

10,097,624

Health Care

9,847,635

–0

–

–0

–

9,847,635

Consumer Staples

6,613,206

–0

–

–0

–

6,613,206

Industrials

5,713,210

–0

–

–0

–

5,713,210

Materials

1,884,184

1,225,237

–0

–

3,109,421

Utilities

2,354,338

–0

–

–0

–

2,354,338

Telecommunication Services

1,445,517

–0

–

–0

–

1,445,517

Transportation

–0

–

96,767

–0

–

96,767

Capital Goods

–0

–

74,648

–0

–

74,648

Health Care Equipment & Services

58,188

–0

–

–0

–

58,188

Consumer Durables & Apparel

41,683

–0

–

–0

–

41,683

Banks

–0

–

29,394

–0

–

29,394

Investment Companies

73,745,280

–0

–

–0

–

73,745,280

Corporates—Investment Grade

–0

–

26,605,123

–0

–

26,605,123

Mortgage Pass-Throughs

–0

–

20,942,859

–0

–

20,942,859

Governments—Treasuries

–0

–

12,083,084

–0

–

12,083,084

Commercial Mortgage-Backed Securities

–0

–

7,272,553

1,421,201

8,693,754

Asset-Backed Securities

–0

–

5,233,792

1,766,531

7,000,323

Collateralized Mortgage Obligations

–0

–

5,720,042

–0

–

5,720,042

Inflation-Linked Securities

–0

–

4,983,092

–0

–

4,983,092

Corporates—Non-Investment Grade

–0

–

3,866,084

–0

–

3,866,084

Emerging Markets—Corporate Bonds

–0

–

1,025,671

–0

–

1,025,671

Governments—Sovereign Bonds

–0

–

693,054

–0

–

693,054

Emerging Markets—Treasuries

–0

–

610,813

–0

–

610,813

Local Governments—US Municipal Bonds

–0

–

508,820

–0

–

508,820

Quasi-Sovereigns

–0

–

224,076

–0

–

224,076

Rights

8,714

–0

–

(a)

8,714

Options Purchased—Puts

–0

–

1,705

–0

–

1,705


		AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Short-Term Investments:

Governments—Treasuries

–0

–

12,539,523

–0

–

12,539,523

Investment Companies

5,169,816

–0

–

–0

–

5,169,816

Agency Discount Notes

–0

–

777,272

–0

–

777,272

Total Investments in Securities

169,971,091

111,480,457

3,187,732

284,639,280

Other Financial Instruments(b):

Assets:

Futures

268,090

–0

–

–0

–

268,090

(c)

Forward Currency Exchange Contracts

–0

–

423,974

–0

–

423,974

Centrally Cleared Interest Rate Swaps

–0

–

65,012

–0

–

65,012

(c)

Credit Default Swaps

–0

–

646

–0

–

646

Liabilities:

Futures

(14,800

)

–0

–

–0

–

(14,800

)(c)

Forward Currency Exchange Contracts

–0

–

(377,893

)

–0

–

(377,893

)

Interest Rate Swaptions

–0

–

(4,481

)

–0

–

(4,481

)

Centrally Cleared Credit Default Swaps

–0

–

(23,086

)

(23,086

)(c)

Centrally Cleared Interest Rate Swaps

–0

–

(36,495

)

–0

–

(36,495

)(c)

Credit Default Swaps

–0

–

(302,533

)

–0

–

(302,533

)

Total(d)(e)

170,224,381

111,225,601

3,187,732

284,637,714

(a)

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

(b)

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

(c)

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

(d)

There were deminimis transfers under 1% of net assets from Level 1 to Level 2 during the reporting period.

(e)

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

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

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

Commercial
Mortgage
Backed
Securities

Asset-
Backed
Securities

Rights(a)

Balance as of 12/31/17

1,545,137

1,812,622

–0

–

Accrued discounts/(premiums)

342

224

–0

–

Realized gain (loss)

(1,901

)

137

–0

–

Change in unrealized appreciation/depreciation

(7,659

)

(10,971

)

–0

–

Purchases/Payups

–0

–

399,971

–0

–

Sales/Paydowns

(114,718

)

(435,452

)

–0

–

Transfers in to Level 3

–0

–

–0

–

–0

–

Transfers out of Level 3

–0

–

–0

–

–0

–

Balance as of 6/30/18

1,421,201

1,766,531

–0

–

Net change in unrealized appreciation/depreciation from investments held as of 6/30/18(b)

(8,882

)

(10,971

)

–0

–


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



	Total
Balance as of 12/31/17	$	3,357,759
Accrued discounts/(premiums)		566
Realized gain (loss)		(1,764	)
Change in unrealized appreciation/depreciation		(18,630	)
Purchases/Payups		399,971
Sales/Paydowns		(550,170	)
Transfers in to Level 3		–0	–
Transfers out of Level 3		–0	–

Balance as of 6/30/18	$	3,187,732

Net change in unrealized appreciation/depreciation from investments held as of 6/30/18(b)	$	(19,853	)

(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.

As of June 30, 2018, all Level 3 securities were priced (i) by third party vendors or (ii) 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.


		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 six months ended June 30, 2018, there were no expenses waived by the Adviser.

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $521 for trading losses incurred due to a trade entry error.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2018, the reimbursement for such services amounted to $27,017.

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 $600 for the six months ended June 30, 2018.

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 fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $270.


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

In connection with the Portfolio’s investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of AB mutual funds, as paid by the Portfolio as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until May 1, 2019. For the six months ended June 30, 2018, there were no such waivers and/or reimbursements.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


													Distributions
Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market Value 6/30/18 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	0	$	6,207	$	1,038	$	0	$	0	$	5,169	$	3	$	0
AB Discovery Growth Fund, Inc.		0		3,750		0		0		0		3,750		0		0
AB Discovery Value Fund, Inc.		0		3,750		0		0		0		3,750		0		0
Bernstein Fund, Inc. - International Small Cap Portfolio		0		9,374		0		0		0		9,374		0		0
International Strategic Equities Portfolio		0		31,248		0		0		0		31,248		0		0
Small Cap Core Portfolio		0		3,750		0		0		0		3,750		0		0
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio		0		4,375		0		0		0		4,375		0		0
International Portfolio		0		17,499		0		0		0		17,499		0		0
Government Money Market Portfolio*		1,220		5,436		6,656		0		0		0		2		0

Total							$	0	$	0	$	78,915	$	5	$	0

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $63,977, 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.


		AB Variable Products Series Fund

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	171,280,739	$	180,168,546
U.S. government securities		81,908,009		84,942,651

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


Gross unrealized appreciation	$	23,533,637
Gross unrealized depreciation		(2,840,322	)

Net unrealized appreciation	$	20,693,315

1. Derivative Financial Instruments

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

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

•

Futures

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

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

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

During the six months ended June 30, 2018, 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”.


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

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on 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 six months ended June 30, 2018, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

•

Option Transactions

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

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

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

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

During the six months ended June 30, 2018, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

During the six months ended June 30, 2018, the Portfolio held written swaptions for hedging and non-hedging purposes.

•

Swaps


		AB Variable Products Series Fund

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

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

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

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

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.


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

rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended June 30, 2018, 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 June 30, 2018, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligations and same counterparty for its Sale Contracts outstanding.

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

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

During the six months ended June 30, 2018, 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.


		AB Variable Products Series Fund

the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended June 30, 2018, 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

268,090

Receivable/Payable for variation margin on futures

14,800

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

2,382

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

65,008

Receivable/Payable for variation margin on centrally cleared swaps

36,340

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

423,974

Unrealized depreciation on forward currency exchange contracts

377,893

Interest rate contracts

Investments in securities, at value

1,705

Interest rate contracts

Swaptions written, at value

4,481

Credit contracts

Unrealized appreciation on credit default swaps

48,788

Unrealized depreciation on credit default swaps

80,087

Total

809,947

513,601

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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(853,155	)	$	187,398
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(1,080	)		–0	–
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(319,343	)		206,162
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		–0	–		(15,455	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		–0	–		8,974


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 swaps; Net change in unrealized appreciation/depreciation of swaps	$	203,453		$	(42,559	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		28,438			128,138

Total		$	(941,687	)	$	472,658

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2018:


Futures:
Average original value of buy contracts	$	18,971,972
Average original value of sale contracts	$	10,133,959
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	22,812,256
Average principal amount of sale contracts	$	34,112,203
Purchased Swaptions:
Average notional amount	$	5,215,000	(a)
Swaptions Written:
Average notional amount	$	12,525,000	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	21,992,734
Credit Default Swaps:
Average notional amount of buy contracts	$	2,504,000
Average notional amount of sale contracts	$	2,776,000
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	960,000	(b)
Average notional amount of sale contracts	$	360,000	(a)

(a)

Positions were open for one month during the period.

(b)

Positions were open for four months during the period.

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

All 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 June 30, 2018. Exchange-traded derivatives and centrally cleared swaps 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

Bank of America, NA

28,166

(4,582

)

–0

–

–0

–

23,584

Barclays Bank PLC

42,971

(3,553

)

–0

–

–0

–

39,418

Citibank, NA

51,940

(17,477

)

–0

–

–0

–

34,463

Citigroup Global Markets, Inc.

)

–0

–

–0

–

–0

–

Credit Suisse International

190

(190

)

–0

–

–0

–

–0

–

Deutsche Bank AG

367

(367

)

–0

–

–0

–

–0

–

Goldman Sachs International

(84

)

–0

–

–0

–

–0

–


		AB Variable Products Series Fund


Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivatives Assets
JPMorgan Chase Bank, NA	$	10,324	$	(10,324	)	$	–0	–	$	–0	–	$	–0	–
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		13,206		(13,206	)		–0	–		–0	–		–0	–
Royal Bank of Scotland PLC		12,031		–0	–		–0	–		–0	–		12,031
Standard Chartered Bank		122,375		(79,481	)		–0	–		–0	–		42,894
State Street Bank & Trust Co.		144,666		(144,666	)		–0	–		–0	–		–0	–

Total	$	426,325	$	(273,935	)	$	–0	–	$	–0	–	$	152,390	^


Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
Bank of America, NA	$	4,582	$	(4,582	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		3,553		(3,553	)		–0	–		–0	–		–0	–
Citibank, NA		17,477		(17,477	)		–0	–		–0	–		–0	–
Citigroup Global Markets, Inc.		48,999		(5	)		–0	–		–0	–		48,994
Credit Suisse International		33,314		(190	)		–0	–		–0	–		33,124
Deutsche Bank AG		65,687		(367	)		–0	–		–0	–		65,320
Goldman Sachs International		138,317		(84	)		–0	–		–0	–		138,233
JPMorgan Chase Bank, NA		107,650		(10,324	)		–0	–		–0	–		97,326
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		14,823		(13,206	)		–0	–		–0	–		1,617
Standard Chartered Bank		79,481		(79,481	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		171,024		(144,666	)		–0	–		–0	–		26,358

Total	$	684,907	$	(273,935	)	$	–0	–	$	–0	–	$	410,972	^

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).


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 six months ended June 30, 2018, the Portfolio earned drop income of $97,751 which is included in interest income in the accompanying statement of operations.

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, 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 $901 and $2,472 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $274. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		61,784			177,869		$	731,661		$	2,060,513
Shares issued in reinvestment of dividends and distributions		–0	–		80,751			–0	–		903,608
Shares redeemed		(192,719	)		(645,720	)		(2,295,219	)		(7,353,598	)

Net decrease		(130,935	)		(387,100	)	$	(1,563,558	)	$	(4,389,477	)


		AB Variable Products Series Fund


	SHARES						AMOUNT
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class B
Shares sold		516,773			1,027,911		$	6,091,540		$	11,533,980
Shares issued in reinvestment of dividends		–0	–		645,124			–0	–		7,141,518
Shares redeemed		(2,262,816	)		(4,477,191	)		(26,608,147	)		(49,874,413	)

Net decrease		(1,746,043	)		(2,804,156	)	$	(20,516,607	)	$	(31,198,915	)

At June 30, 2018, 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

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

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. These risks may be heightened with respect to investments in emerging market countries, where there may be an increased amount of economic, political and social instability.

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

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 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.

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.

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

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

Real Asset Risk—The Portfolio’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Portfolio to adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located. Changes in inflation rates or in the market’s inflation expectations may adversely affect the market value of inflation-sensitive equities.


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

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 tax laws.

Active Trading Risk—The Portfolio expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Portfolio’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Contractholders.

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2018. Effective July 3, 2018, the Facility will be increased to $325 million.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2018 will be determined at the end of the current fiscal year. 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	(b)

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.

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.


		AB Variable Products Series Fund

NOTE K: Subsequent Events

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



BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.86			$10.54			$10.99			$12.16			$13.77			$12.12


Income From Investment Operations
Net investment income (a)		.11	(b)		.17	(b)		.19	(b)†		.20			.26			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.09	)		1.48			.34			.02	‡		.71			1.74
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		.00			.00	(c)		–0	–

Net increase in net asset value from operations		.02			1.65			.53			.22			.97			1.97


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		(.24	)		(.27	)		(.39	)		(.32	)
Distributions from net realized gain on investment transactions		–0	–		(.09	)		(.74	)		(1.12	)		(2.19	)		–0	–

Total dividends and distributions		–0	–		(.33	)		(.98	)		(1.39	)		(2.58	)		(.32	)

Net asset value, end of period		$11.88			$11.86			$10.54			$10.99			$12.16			$13.77


Total Return
Total investment return based on net asset value (d)		.17	%		15.84	%*		4.69	%†		1.65	%*		7.37	%*		16.49	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$27,809			$29,328			$30,132			$33,409			$36,882			$41,222
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.72	%^		.73	%		.73	%		.70	%		.71	%		.65	%
Expenses, before waivers/reimbursements		.72	%^		.73	%		.73	%		.70	%		.71	%		.65	%
Net investment income		1.81	%(b)^		1.51	%(b)		1.74	%(b)†		1.71	%		1.96	%		1.76	%
Portfolio turnover rate**		90	%		108	%		106	%		132	%		114	%		117	%

See footnote summary on page 50.


		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.73			$10.42			$10.87			$12.05			$13.65			$12.01


Income From Investment Operations
Net investment income (a)		.09	(b)		.14	(b)		.16	(b)†		.17			.22			.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.09	)		1.47			.33			.01	‡		.71			1.74
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		.00			.00	(c)		–0	–

Net increase in net asset value from operations		–0	–		1.61			.49			.18			.93			1.93


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.21	)		(.20	)		(.24	)		(.34	)		(.29	)
Distributions from net realized gain on investment transactions		–0	–		(.09	)		(.74	)		(1.12	)		(2.19	)		–0	–

Total dividends and distributions		–0	–		(.30	)		(.94	)		(1.36	)		(2.53	)		(.29	)

Net asset value, end of period		$11.73			$11.73			$10.42			$10.87			$12.05			$13.65


Total Return
Total investment return based on net asset value (d)		0	%		15.62	%*		4.44	%†		1.29	%*		7.11	%*		16.27	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$253,580			$274,070			$272,733			$298,233			$328,363			$351,355
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.97	%^		.98	%		.98	%		.95	%		.96	%		.90	%
Expenses, before waivers/reimbursements		.97	%^		.98	%		.98	%		.95	%		.96	%		.90	%
Net investment income		1.55	%(b)^		1.26	%(b)		1.49	%(b)†		1.46	%		1.71	%		1.49	%
Portfolio turnover rate**		90	%		108	%		106	%		132	%		114	%		117	%

See footnote summary on page 50.


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

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.005.

(d)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total 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 accordance with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

Annualized.

Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2015, and December 31, 2014 by .02%, .03% and .01%, respectively.

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

See notes to financial statements.



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


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


		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.

VPS-BW-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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




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

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

Hypothetical Example for Comparison Purposes


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	984.70	$	3.84		0.78	%	$	3.99		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.93	$	3.91		0.78	%	$	4.06		0.81	%

Class B
Actual	$	1,000	$	983.10	$	5.06		1.03	%	$	5.21		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.69	$	5.16		1.03	%	$	5.31		1.06	%

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

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


DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Bonds & Notes	$	171,569,896		29.3	%
iShares Core MSCI Emerging Markets ETF		24,413,212		4.2
iShares JP Morgan USD Emerging Markets Bond ETF		17,582,777		3.0
Vanguard Real Estate ETF		10,891,901		1.9
Vanguard Global ex-U.S. Real Estate ETF		7,859,966		1.3
iShares International Developed Real Estate ETF		7,773,727		1.3
Apple, Inc.		6,701,167		1.2
Microsoft Corp.		5,514,271		0.9
Amazon.com, Inc.		4,949,818		0.9
Alphabet, Inc.—Class C		4,919,533		0.8

	$	262,176,268		44.8	%

PORTFOLIO BREAKDOWN²

June 30, 2018 (unaudited)


ASSET CLASSES	CURRENT ALLOCATION
Equities
U.S. Large Cap		15.6	%
International Large Cap		27.0
U.S. Mid-Cap		2.3
U.S. Small-Cap		2.4
Emerging Market Equities		5.1
Real Estate Equities		7.6

Sub-total		60.0

Fixed Income
U.S. Bonds		36.3
International Bonds		0.7

Sub-total		37.0

Opportunistic Assets
Emerging Market Debt		3.0

Sub-total		3.0

Total		100.0	%

SECURITY TYPE BREAKDOWN³

June 30, 2018 (unaudited)


SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	324,597,572		56.1	%
Governments—Treasuries		171,569,896		29.7
Investment Companies		68,521,583		11.8
Rights		11,168		0.0
Short-Term Investments		13,632,405		2.4

Total Investments	$	578,332,624		100.0	%

Long-term investments.

All data are as of June 30, 2018. The Portfolio breakdown is expressed as an approximate percentage of the Portfolio’s total investments inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

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


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–55.5%
FINANCIALS–9.3%
BANKS–4.8%
AIB Group PLC		5,844	$	31,648
Aozora Bank Ltd.		2,000		75,903
Australia & New Zealand Banking Group Ltd.		31,095		650,805
Banco Bilbao Vizcaya Argentaria SA		73,153		515,916
Banco de Sabadell SA		50,635		84,551
Banco Santander SA		177,334		947,755
Bank Hapoalim BM		14,749		99,987
Bank Leumi Le-Israel BM		12,645		74,822
Bank of America Corp.		70,245		1,980,207
Bank of East Asia Ltd. (The)		41,231		164,332
Bank of Ireland Group PLC		11,605		90,057
Bank of Kyoto Ltd. (The)		400		18,469
Bank of Queensland Ltd.		7,933		59,730
Bankia SA		10,832		40,393
Bankinter SA		7,353		71,346
Barclays PLC		188,978		467,103
BB&T Corp.		5,650		284,986
Bendigo & Adelaide Bank Ltd.		4,177		33,463
BNP Paribas SA		13,908		860,306
BOC Hong Kong Holdings Ltd.		39,500		185,647
CaixaBank SA		42,465		182,781
Chiba Bank Ltd. (The)		11,000		77,582
Citigroup, Inc.		19,179		1,283,459
Citizens Financial Group, Inc.		3,519		136,889
Comerica, Inc.		1,200		109,104
Commerzbank AG(a)		15,814		150,855
Commonwealth Bank of Australia		19,262		1,038,849
Concordia Financial Group Ltd.		11,221		57,023
Credit Agricole SA		14,327		190,155
Danske Bank A/S		7,940		247,362
DBS Group Holdings Ltd.		21,665		421,320
DNB ASA		9,303		181,158
Erste Group Bank AG(a)		3,207		133,700
Fifth Third Bancorp		5,040		144,648
Fukuoka Financial Group, Inc.		9,000		45,165
Hang Seng Bank Ltd.		8,100		202,260
HSBC Holdings PLC		219,920		2,055,009
Huntington Bancshares, Inc./OH		7,765		114,611
ING Groep NV		36,740		527,385
Intesa Sanpaolo SpA		120,775		349,435
Japan Post Bank Co., Ltd.		3,855		44,820
JPMorgan Chase & Co.		25,115		2,616,983
KBC Group NV		3,064		235,315
KeyCorp		7,725		150,947
Lloyds Banking Group PLC		769,079		638,118
M&T Bank Corp.		1,115		189,717
Mebuki Financial Group, Inc.		16,800		56,353


Company	Shares		U.S. $ Value

Mediobanca Banca di Credito Finanziario SpA		12,965	$	119,927
Mitsubishi UFJ Financial Group, Inc.		135,900		769,857
Mizrahi Tefahot Bank Ltd.		1,057		19,446
Mizuho Financial Group, Inc.		253,500		427,017
National Australia Bank Ltd.		28,193		572,448
Nordea Bank AB		28,914		277,360
Oversea-Chinese Banking Corp., Ltd.		29,000		247,015
People’s United Financial, Inc.		2,465		44,592
PNC Financial Services Group, Inc. (The)		3,430		463,393
Raiffeisen Bank International AG		1,307		40,046
Regions Financial Corp.		8,325		148,019
Resona Holdings, Inc.		21,000		111,925
Royal Bank of Scotland Group PLC(a)		42,208		142,095
Seven Bank Ltd.		16,218		49,523
Shinsei Bank Ltd.		3,700		56,770
Shizuoka Bank Ltd. (The)		4,000		35,965
Skandinaviska Enskilda Banken AB–Class A		16,190		153,228
Societe Generale SA		9,446		397,014
Standard Chartered PLC		34,982		317,756
Sumitomo Mitsui Financial Group, Inc.		14,300		557,786
Sumitomo Mitsui Trust Holdings, Inc.		3,200		126,252
SunTrust Banks, Inc.		3,390		223,808
Suruga Bank Ltd.		1,000		8,907
SVB Financial Group(a)		386		111,461
Svenska Handelsbanken AB–Class A		14,254		157,869
Swedbank AB–Class A		8,621		183,681
UniCredit SpA		17,422		288,759
United Overseas Bank Ltd.		12,000		235,185
US Bancorp		11,415		570,978
Wells Fargo & Co.		32,075		1,778,238
Westpac Banking Corp.		35,553		772,103
Zions Bancorporation		1,430		75,347

				27,802,199

CAPITAL MARKETS–1.5%
3i Group PLC		9,721		115,088
Affiliated Managers Group, Inc.		407		60,509
Ameriprise Financial, Inc.		1,045		146,175
Amundi SA(b)		1,517		104,862
ASX Ltd.		1,453		69,261
Bank of New York Mellon Corp. (The)		7,415		399,891
BlackRock, Inc.–Class A		977		487,562
Cboe Global Markets, Inc.		846		88,043
Charles Schwab Corp. (The)		8,590		438,949
CME Group, Inc.–Class A		2,450		401,604
Credit Suisse Group AG (REG)(a)		28,090		420,032


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


Company	Shares		U.S. $ Value

Daiwa Securities Group, Inc.		16,000	$	92,734
Deutsche Bank AG (REG)		19,693		210,685
Deutsche Boerse AG		2,077		276,146
E*TRADE Financial Corp.(a)		1,870		114,369
Franklin Resources, Inc.		2,320		74,356
Goldman Sachs Group, Inc. (The)		2,538		559,807
Hargreaves Lansdown PLC		2,483		64,364
Hong Kong Exchanges & Clearing Ltd.		10,900		326,210
Intercontinental Exchange, Inc.		4,230		311,116
Invesco Ltd.		2,930		77,821
Investec PLC		5,877		41,555
Japan Exchange Group, Inc.		4,965		92,091
Julius Baer Group Ltd.(a)		2,130		124,757
London Stock Exchange Group PLC		3,987		234,713
Macquarie Group Ltd.		3,705		337,660
Moody’s Corp.		1,245		212,347
Morgan Stanley		10,070		477,318
MSCI, Inc.–Class A		657		108,688
Nasdaq, Inc.		860		78,492
Natixis SA		21,759		153,957
Nomura Holdings, Inc.		38,855		188,022
Northern Trust Corp.		1,560		160,508
Partners Group Holding AG		158		115,505
Quilter PLC(a)(b)		20,384		38,987
Raymond James Financial, Inc.		909		81,219
S&P Global, Inc.		1,860		379,235
SBI Holdings, Inc./Japan		2,468		63,280
Schroders PLC		1,291		53,572
Singapore Exchange Ltd.		21,000		110,353
St. James’s Place PLC		4,994		75,350
State Street Corp.		2,635		245,292
T. Rowe Price Group, Inc.		1,725		200,255
UBS Group AG(a)		42,353		649,286

				9,062,026

CONSUMER FINANCE–0.2%
Acom Co., Ltd.		13,014		49,961
American Express Co.		5,210		510,580
Capital One Financial Corp.		3,513		322,845
Credit Saison Co., Ltd.		3,500		54,988
Discover Financial Services		2,610		183,770
Synchrony Financial		5,318		177,515

				1,299,659

DIVERSIFIED FINANCIAL SERVICES–0.7%
AMP Ltd.		28,155		74,053
Berkshire Hathaway, Inc.–Class B(a)		13,994		2,611,980
Challenger Ltd./Australia		12,809		112,095
EXOR NV		3,679		246,188
Groupe Bruxelles Lambert SA		768		80,794
IHS Markit Ltd.(a)		2,561		132,122


Company	Shares		U.S. $ Value

Industrivarden AB–Class C		4,979	$	96,045
Investor AB–Class B		4,336		175,637
Jefferies Financial Group, Inc.		2,255		51,279
Kinnevik AB		4,676		159,345
ORIX Corp.		14,110		222,403
Pargesa Holding SA		346		29,286
Standard Life Aberdeen PLC		28,554		122,273
Wendel SA		844		116,127

				4,229,627

INSURANCE–2.1%
Admiral Group PLC		2,010		50,516
Aegon NV		38,312		228,746
Aflac, Inc.		5,710		245,644
Ageas		1,646		82,865
AIA Group Ltd.		128,423		1,118,746
Allianz SE (REG)		4,871		1,003,692
Allstate Corp. (The)		2,600		237,302
American International Group, Inc.		6,493		344,259
Aon PLC		1,865		255,822
Arthur J Gallagher & Co.		1,302		84,994
Assicurazioni Generali SpA		11,115		185,820
Assurant, Inc.		410		42,431
Aviva PLC		43,251		286,974
Baloise Holding AG (REG)		926		134,323
Brighthouse Financial, Inc.(a)		697		27,929
Chubb Ltd.		3,332		423,231
Cincinnati Financial Corp.		1,060		70,872
CNP Assurances		4,544		103,237
Dai-ichi Life Holdings, Inc.		11,850		210,902
Direct Line Insurance Group PLC		13,089		59,066
Everest Re Group Ltd.		294		67,761
Gjensidige Forsikring ASA		3,690		60,411
Hannover Rueck SE (REG)		795		98,836
Hartford Financial Services Group, Inc. (The)		2,575		131,660
Insurance Australia Group Ltd.		23,145		146,015
Japan Post Holdings Co., Ltd.		16,700		182,761
Legal & General Group PLC		63,405		221,780
Lincoln National Corp.		1,590		98,977
Loews Corp.		1,990		96,077
Mapfre SA		17,737		53,313
Marsh & McLennan Cos., Inc.		3,690		302,469
Medibank Pvt Ltd.		39,307		84,873
MetLife, Inc.		7,570		330,052
MS&AD Insurance Group Holdings, Inc.		4,800		149,081
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588		333,866
NN Group NV		7,137		289,451
Old Mutual Ltd.(a)		61,153		120,897
Principal Financial Group, Inc.		1,940		102,723


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Progressive Corp. (The)		4,145	$	245,177
Prudential Financial, Inc.		3,065		286,608
Prudential PLC		28,434		648,191
QBE Insurance Group Ltd.		13,053		93,972
RSA Insurance Group PLC		10,859		97,115
Sampo Oyj–Class A		4,765		232,059
SCOR SE		3,333		123,258
Sompo Holdings, Inc.		4,000		161,400
Sony Financial Holdings, Inc.		4,130		78,689
Suncorp Group Ltd.		12,247		132,078
Swiss Life Holding AG(a)		342		118,589
Swiss Re AG		3,176		277,293
T&D Holdings, Inc.		5,500		82,489
Tokio Marine Holdings, Inc.		7,300		341,518
Torchmark Corp.		752		61,220
Travelers Cos., Inc. (The)		2,030		248,350
Tryg A/S		1,821		42,645
Unum Group		1,620		59,924
Willis Towers Watson PLC		987		149,629
XL Group Ltd.		1,810		101,269
Zurich Insurance Group AG		1,604		474,351

				12,124,198

				54,517,709

INFORMATION TECHNOLOGY–9.3%
COMMUNICATIONS EQUIPMENT–0.4%
Cisco Systems, Inc.		35,790		1,540,044
F5 Networks, Inc.(a)		480		82,776
Juniper Networks, Inc.		2,640		72,389
Motorola Solutions, Inc.		1,145		133,244
Nokia Oyj		62,192		356,725
Telefonaktiebolaget LM Ericsson–Class B		28,969		223,183

				2,408,361

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Alps Electric Co., Ltd.		2,053		52,726
Amphenol Corp.–Class A		2,150		187,372
Corning, Inc.		6,205		170,699
FLIR Systems, Inc.		910		47,293
Hamamatsu Photonics KK		1,600		68,684
Hexagon AB–Class B		4,263		236,883
Hirose Electric Co., Ltd.		315		38,957
Hitachi High-Technologies Corp.		1,881		76,519
Hitachi Ltd.		52,000		366,339
Ingenico Group SA		930		83,388
IPG Photonics Corp.(a)		273		60,232
Keyence Corp.		1,054		594,471
Kyocera Corp.		3,100		174,337
Murata Manufacturing Co., Ltd.		2,000		335,753
Nippon Electric Glass Co., Ltd.		929		25,752


Company	Shares		U.S. $ Value

Omron Corp.		1,800	$	83,851
Shimadzu Corp.		2,000		60,342
TDK Corp.		1,200		122,187
TE Connectivity Ltd.		2,560		230,554
Venture Corp. Ltd.		4,005		52,325
Yaskawa Electric Corp.		2,723		95,891
Yokogawa Electric Corp.		4,500		79,907

				3,244,462

INTERNET SOFTWARE & SERVICES–1.6%
Akamai Technologies, Inc.(a)		1,205		88,242
Alphabet, Inc.–Class A(a)		2,189		2,471,797
Alphabet, Inc.–Class C(a)		2,194		2,447,736
Delivery Hero AG(a)(b)		1,586		84,066
DeNA Co., Ltd.		1,663		31,141
eBay, Inc.(a)		7,035		255,089
Facebook, Inc.–Class A(a)		17,287		3,359,210
Kakaku.com, Inc.		3,799		85,546
REA Group Ltd.		1,002		67,245
Twitter, Inc.(a)		4,736		206,821
United Internet AG		2,321		132,510
VeriSign, Inc.(a)		625		85,888
Yahoo Japan Corp.		13,553		44,899

				9,360,190

IT SERVICES–1.5%
Accenture PLC–Class A		4,485		733,701
Alliance Data Systems Corp.		380		88,616
Amadeus IT Group SA– Class A		4,677		367,764
Atos SE		677		92,056
Automatic Data Processing, Inc.		3,220		431,931
Broadridge Financial Solutions, Inc.		869		100,022
Capgemini SE		1,557		208,653
Cognizant Technology Solutions Corp.–Class A		4,280		338,077
Computershare Ltd.		3,663		49,899
DXC Technology Co.		2,068		166,701
Fidelity National Information Services, Inc.		2,420		256,593
Fiserv, Inc.(a)		3,000		222,270
FleetCor Technologies, Inc.(a)		661		139,240
Fujitsu Ltd.		18,000		108,927
Gartner, Inc.(a)		640		85,056
Global Payments, Inc.		1,159		129,217
International Business Machines Corp.		6,226		869,772
Mastercard, Inc.–Class A		6,760		1,328,475
Nomura Research Institute Ltd.		1,300		62,896
NTT Data Corp.		6,010		69,133
Obic Co., Ltd.		730		60,310
Otsuka Corp.		1,200		46,977
Paychex, Inc.		2,295		156,863
PayPal Holdings, Inc.(a)		8,185		681,565


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


Company	Shares		U.S. $ Value

Total System Services, Inc.		1,210	$	102,269
Visa, Inc.–Class A		13,150		1,741,718
Western Union Co. (The)–Class W		3,280		66,682
Wirecard AG		1,262		201,946

				8,907,329

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.6%
Advanced Micro Devices, Inc.(a)		5,883		88,186
Analog Devices, Inc.		2,610		250,351
Applied Materials, Inc.		7,635		352,661
ASM Pacific Technology Ltd.		900		11,343
ASML Holding NV		3,784		748,796
Broadcom, Inc.		2,975		721,854
Disco Corp.		309		52,605
Infineon Technologies AG		10,766		273,470
Intel Corp.		33,840		1,682,186
KLA-Tencor Corp.		1,160		118,935
Lam Research Corp.		1,229		212,433
Microchip Technology, Inc.		1,695		154,160
Micron Technology, Inc.(a)		8,320		436,301
NVIDIA Corp.		4,435		1,050,651
NXP Semiconductors NV(a)		3,725		407,031
Qorvo, Inc.(a)		868		69,588
QUALCOMM, Inc.		10,670		598,800
Renesas Electronics Corp.(a)		9,161		89,556
Rohm Co., Ltd.		1,300		108,634
Skyworks Solutions, Inc.		1,324		127,965
STMicroelectronics NV		12,251		272,013
SUMCO Corp.		2,522		50,653
Texas Instruments, Inc.		7,175		791,044
Tokyo Electron Ltd.		1,689		289,922
Xilinx, Inc.		1,835		119,752

				9,078,890

SOFTWARE–2.2%
Activision Blizzard, Inc.		5,455		416,326
Adobe Systems, Inc.(a)		3,560		867,964
ANSYS, Inc.(a)		612		106,598
Autodesk, Inc.(a)		1,575		206,467
CA, Inc.		2,235		79,678
Cadence Design Systems, Inc.(a)		2,014		87,226
Check Point Software Technologies Ltd.(a)		1,437		140,366
Citrix Systems, Inc.(a)		1,030		107,985
Dassault Systemes SE		1,424		199,280
Electronic Arts, Inc.(a)		2,235		315,180
Intuit, Inc.		1,750		357,534
Konami Holdings Corp.		1,300		66,055
LINE Corp.(a)		33		1,362
Micro Focus International PLC		4,754		82,488
Microsoft Corp.		55,920		5,514,271
Nexon Co., Ltd.(a)		5,190		75,303
Nice Ltd.(a)		596		61,684


Company	Shares		U.S. $ Value

Nintendo Co., Ltd.		1,200	$	391,715
Oracle Corp.		22,050		971,523
Oracle Corp. Japan		500		40,752
Red Hat, Inc.(a)		1,290		173,337
Sage Group PLC (The)		12,240		101,092
salesforce.com, Inc.(a)		4,984		679,818
SAP SE		10,475		1,209,000
Symantec Corp.		4,455		91,996
Synopsys, Inc.(a)		1,072		91,731
Take-Two Interactive Software, Inc.(a)		835		98,831
Temenos AG(a)		662		99,556
Trend Micro, Inc./Japan		1,600		91,083
Ubisoft Entertainment SA(a)		804		87,884

				12,814,085

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.4%
Apple, Inc.		36,201		6,701,167
Brother Industries Ltd.		2,200		43,342
Canon, Inc.		11,400		373,823
FUJIFILM Holdings Corp.		4,200		163,811
Hewlett Packard Enterprise Co.		11,460		167,431
HP, Inc.		12,010		272,507
Konica Minolta, Inc.		6,000		55,646
NEC Corp.		2,500		68,510
NetApp, Inc.		1,940		152,348
Ricoh Co., Ltd.		6,000		54,946
Seagate Technology PLC		2,050		115,764
Seiko Epson Corp.		2,700		46,876
Western Digital Corp.		2,163		167,438
Xerox Corp.		1,486		35,664

				8,419,273

				54,232,590

CONSUMER DISCRETIONARY–7.1%
AUTO COMPONENTS–0.4%
Aisin Seiki Co., Ltd.		1,800		81,959
Aptiv PLC		1,891		173,272
BorgWarner, Inc.		1,380		59,561
Bridgestone Corp.		6,900		269,534
Cie Generale des Etablissements Michelin SCA–Class B		1,732		209,534
Continental AG		1,047		238,274
Denso Corp.		5,200		253,730
Faurecia SA		1,635		116,226
Goodyear Tire & Rubber Co. (The)		1,710		39,826
Koito Manufacturing Co., Ltd.		1,000		66,053
NGK Spark Plug Co., Ltd.		3,000		85,286
NOK Corp.		2,800		54,081
Nokian Renkaat Oyj		1,090		42,922
Stanley Electric Co., Ltd.		1,600		54,480
Sumitomo Electric Industries Ltd.		7,200		107,083


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Sumitomo Rubber Industries Ltd.		4,100	$	64,989
Toyota Industries Corp.		1,600		89,561
Valeo SA		2,277		124,150
Yokohama Rubber Co., Ltd. (The)		1,000		20,742

				2,151,263

AUTOMOBILES–1.0%
Bayerische Motoren Werke AG		3,152		284,917
Daimler AG (REG)		10,262		657,354
Ferrari NV		1,527		206,403
Fiat Chrysler Automobiles NV(a)		14,140		266,740
Ford Motor Co.		28,220		312,395
General Motors Co.		9,216		363,110
Harley-Davidson, Inc.		1,150		48,392
Honda Motor Co., Ltd.		18,521		543,054
Isuzu Motors Ltd.		5,500		72,914
Mazda Motor Corp.		5,200		63,786
Mitsubishi Motors Corp.		11,400		90,873
Nissan Motor Co., Ltd.		26,300		255,904
Peugeot SA		7,475		170,320
Porsche Automobil Holding SE (Preference Shares)		1,458		92,577
Renault SA		1,830		155,040
Subaru Corp.		6,000		174,510
Suzuki Motor Corp.		3,500		192,878
Toyota Motor Corp.		25,102		1,623,321
Volkswagen AG		630		103,568
Volkswagen AG (Preference Shares)		1,767		291,927
Yamaha Motor Co., Ltd.		2,700		67,780

				6,037,763

DISTRIBUTORS–0.0%
Genuine Parts Co.		1,060		97,297
Jardine Cycle & Carriage Ltd.		2,000		46,726
LKQ Corp.(a)		2,214		70,627

				214,650

DIVERSIFIED CONSUMER SERVICES–0.0%
Benesse Holdings, Inc.		300		10,639
H&R Block, Inc.		1,420		32,347

				42,986

HOTELS, RESTAURANTS & LEISURE–0.9%
Accor SA		2,705		132,480
Aristocrat Leisure Ltd.		4,876		111,355
Carnival Corp.		2,885		165,339
Carnival PLC		2,273		129,913
Chipotle Mexican Grill, Inc.–Class A(a)		244		105,254
Compass Group PLC		16,836		358,870
Crown Resorts Ltd.		9,430		94,091
Darden Restaurants, Inc.		870		93,142


Company	Shares		U.S. $ Value

Domino’s Pizza Enterprises Ltd.		823	$	31,785
Galaxy Entertainment Group Ltd.		20,155		155,364
Genting Singapore Ltd.		92,000		82,378
GVC Holdings PLC		5,872		81,198
Hilton Worldwide Holdings, Inc.		1,466		116,049
InterContinental Hotels Group PLC		2,053		127,625
Marriott International, Inc./MD–Class A		2,231		282,445
McDonald’s Corp.		5,780		905,668
McDonald’s Holdings Co. Japan Ltd.		2,200		112,186
Melco Resorts & Entertainment Ltd. (ADR)		2,651		74,228
Merlin Entertainments PLC(b)		11,141		56,805
MGM Resorts International		3,660		106,250
Norwegian Cruise Line Holdings Ltd.(a)		1,281		60,527
Oriental Land Co., Ltd./Japan		2,100		220,178
Paddy Power Betfair PLC		1,060		117,598
Royal Caribbean Cruises Ltd.		1,277		132,297
Sands China Ltd.		39,744		211,891
Sodexo SA		1,005		100,323
Starbucks Corp.		10,220		499,247
Tabcorp Holdings Ltd.		26,623		87,765
TUI AG		4,841		105,882
Whitbread PLC		1,737		90,545
Wynn Macau Ltd.		77,455		248,216
Wynn Resorts Ltd.		560		93,710
Yum! Brands, Inc.		2,445		191,248

				5,481,852

HOUSEHOLD DURABLES–0.5%
Auto Trader Group PLC(b)		9,529		53,404
Barratt Developments PLC		9,541		64,678
Berkeley Group Holdings PLC		1,236		61,569
Casio Computer Co., Ltd.		181		2,940
DR Horton, Inc.		2,455		100,655
Electrolux AB–Class B		2,430		55,145
Garmin Ltd.		770		46,970
Husqvarna AB–Class B		8,194		77,516
Iida Group Holdings Co., Ltd.		1,346		25,913
Leggett & Platt, Inc.		925		41,292
Lennar Corp.–Class A		1,300		68,250
Mohawk Industries, Inc.(a)		450		96,421
Newell Brands, Inc.		3,455		89,104
Nikon Corp.		3,200		50,856
Panasonic Corp.		23,500		316,884
Persimmon PLC		3,527		117,483
PulteGroup, Inc.		1,935		55,631
Rinnai Corp.		700		61,692
SEB SA		568		99,097


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


Company	Shares		U.S. $ Value

Sekisui Chemical Co., Ltd.		4,000	$	68,042
Sekisui House Ltd.		6,000		106,046
Sharp Corp./Japan		1,500		36,484
Sony Corp.		13,500		691,394
Taylor Wimpey PLC		31,025		73,034
Techtronic Industries Co., Ltd.		13,454		74,722
Whirlpool Corp.		550		80,427

				2,615,649

INTERNET & DIRECT MARKETING RETAIL–1.3%
Amazon.com, Inc.(a)		2,912		4,949,818
Booking Holdings, Inc.(a)		397		804,755
Expedia Group, Inc.		882		106,007
Netflix, Inc.(a)		3,132		1,225,959
Rakuten, Inc.		8,852		59,748
Start Today Co., Ltd.		2,592		93,780
TripAdvisor, Inc.(a)		762		42,451
Zalando SE(a)(b)		2,021		112,634

				7,395,152

LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,900		78,264
Hasbro, Inc.		800		73,848
Mattel, Inc.(c)		2,435		39,983
Sankyo Co., Ltd.		300		11,731
Shimano, Inc.		700		102,721
Yamaha Corp.		1,600		83,036

				389,583

MEDIA–1.0%
Axel Springer SE		2,191		158,333
CBS Corp.–Class B		2,540		142,799
Charter Communications, Inc.–Class A(a)		1,423		417,238
Comcast Corp.–Class A		33,702		1,105,763
CyberAgent, Inc.		1,112		66,690
Dentsu, Inc.		2,100		99,410
Discovery, Inc.–Class A(a)(c)		1,045		28,737
Discovery, Inc.–Class C(a)		2,154		54,927
DISH Network Corp.–Class A(a)		1,575		52,936
Eutelsat Communications SA		3,140		64,983
Hakuhodo DY Holdings, Inc.		2,490		39,924
Informa PLC		13,755		151,196
Interpublic Group of Cos., Inc. (The)		2,795		65,515
ITV PLC		34,542		78,971
JCDecaux SA		189		6,311
News Corp.–Class A		2,758		42,749
News Corp.–Class B		817		12,949
Omnicom Group, Inc.		1,660		126,608
Pearson PLC		7,821		91,081
Publicis Groupe SA		1,801		123,589
RTL Group SA (London)		1,166		79,095
Schibsted ASA–Class B		2,252		63,531
SES SA		4,651		85,019
Sky PLC		13,314		256,412


Company	Shares		U.S. $ Value

Telenet Group Holding NV(a)		454	$	21,137
Toho Co., Ltd./Tokyo		1,000		33,494
Twenty-First Century Fox, Inc.–Class A		7,621		378,687
Twenty-First Century Fox, Inc.–Class B		3,167		156,038
Viacom, Inc.–Class B		2,510		75,702
Vivendi SA		11,072		270,853
Walt Disney Co. (The)		10,894		1,141,800
WPP PLC		13,761		216,207

				5,708,684

MULTILINE RETAIL–0.2%
Dollar General Corp.		1,870		184,382
Dollar Tree, Inc.(a)		1,738		147,730
Don Quijote Holdings Co., Ltd.		1,000		47,999
Isetan Mitsukoshi Holdings Ltd.		2,200		27,447
J Front Retailing Co., Ltd.		3,500		53,168
Kohl’s Corp.		1,180		86,022
Macy’s, Inc.		2,205		82,533
Marks & Spencer Group PLC		15,442		59,984
Marui Group Co., Ltd.		3,300		69,416
Next PLC		1,643		130,781
Nordstrom, Inc.		820		42,459
Ryohin Keikaku Co., Ltd.		257		90,290
Target Corp.		3,925		298,771

				1,320,982

SPECIALTY RETAIL–0.9%
ABC-Mart, Inc.		500		27,329
Advance Auto Parts, Inc.		531		72,057
AutoZone, Inc.(a)		225		150,959
Best Buy Co., Inc.		1,850		137,973
CarMax, Inc.(a)		1,320		96,188
Fast Retailing Co., Ltd.		641		293,793
Foot Locker, Inc.		892		46,964
Gap, Inc. (The)		1,555		50,366
Hennes & Mauritz AB–Class B		9,038		134,531
Hikari Tsushin, Inc.		500		87,750
Home Depot, Inc. (The)		8,480		1,654,448
Industria de Diseno Textil SA		11,626		395,913
Kingfisher PLC		29,522		115,449
L Brands, Inc.		1,785		65,831
Lowe’s Cos., Inc.		6,040		577,243
Nitori Holdings Co., Ltd.		750		116,684
O’Reilly Automotive, Inc.(a)		640		175,085
Ross Stores, Inc.		2,800		237,300
Shimamura Co., Ltd.		200		17,583
Tiffany & Co.		755		99,358
TJX Cos., Inc. (The)		4,620		439,732
Tractor Supply Co.		915		69,988
Ulta Salon Cosmetics & Fragrance, Inc.(a)		452		105,524
USS Co., Ltd.		4,120		78,332
Yamada Denki Co., Ltd.		10,990		54,592

				5,300,972


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

TEXTILES, APPAREL & LUXURY GOODS–0.8%
adidas AG		2,040	$	444,144
Burberry Group PLC		4,236		120,390
Cie Financiere Richemont SA (REG)		5,585		472,125
Hanesbrands, Inc.		2,627		57,847
Hermes International		281		171,650
HUGO BOSS AG		1,317		119,437
Kering SA		721		406,139
Li & Fung Ltd.		48,000		17,582
Luxottica Group SpA		1,559		100,377
LVMH Moet Hennessy Louis Vuitton SE		2,973		987,092
Michael Kors Holdings Ltd.(a)		1,059		70,529
Moncler SpA		2,123		96,331
NIKE, Inc.–Class B		9,520		758,554
Pandora A/S		1,106		77,085
Puma SE		60		35,104
PVH Corp.		545		81,597
Ralph Lauren Corp.		390		49,031
Swatch Group AG (The)		294		139,174
Swatch Group AG (The) (REG)		1,834		158,360
Tapestry, Inc.		2,030		94,821
Under Armour, Inc.–Class A(a)		1,247		28,033
Under Armour, Inc.–Class C(a)(c)		1,254		26,434
VF Corp.		2,310		188,311

				4,700,147

				41,359,683

HEALTH CARE–6.9%
BIOTECHNOLOGY–0.9%
AbbVie, Inc.		11,162		1,034,159
Alexion Pharmaceuticals, Inc.(a)		1,580		196,157
Amgen, Inc.		4,878		900,430
Biogen, Inc.(a)		1,565		454,226
Celgene Corp.(a)		5,730		455,077
CSL Ltd.		4,876		694,064
Genmab A/S(a)		540		83,089
Gilead Sciences, Inc.		9,415		666,958
Grifols SA		3,644		109,221
Incyte Corp.(a)		1,240		83,080
Regeneron Pharmaceuticals, Inc.(a)		640		220,794
Vertex Pharmaceuticals, Inc.(a)		1,807		307,118

				5,204,373

HEALTH CARE EQUIPMENT & SUPPLIES–1.3%
Abbott Laboratories		12,576		767,010
ABIOMED, Inc.(a)		308		125,987
Align Technology, Inc.(a)		540		184,756


Company	Shares		U.S. $ Value

Baxter International, Inc.		3,580	$	264,347
Becton Dickinson and Co.		1,948		466,663
Boston Scientific Corp.(a)		9,860		322,422
Cochlear Ltd.		405		59,961
Coloplast A/S–Class B		1,154		115,218
ConvaTec Group PLC(b)		12,601		35,179
Cooper Cos., Inc. (The)		361		84,997
CYBERDYNE, Inc.(a)		3,189		37,284
Danaher Corp.		4,440		438,139
DENTSPLY SIRONA, Inc.		1,596		69,857
Edwards Lifesciences Corp.(a)		1,490		216,899
Essilor International Cie Generale d’Optique SA		2,369		334,020
Fisher & Paykel Healthcare Corp., Ltd.		6,133		61,803
Hologic, Inc.(a)		1,920		76,320
Hoya Corp.		3,900		221,243
IDEXX Laboratories, Inc.(a)		633		137,956
Intuitive Surgical, Inc.(a)		815		389,961
Koninklijke Philips NV		7,299		309,244
Medtronic PLC		9,759		835,468
Olympus Corp.		2,800		104,741
ResMed, Inc.		1,016		105,237
Sartorius AG (Preference Shares)		812		120,883
Siemens Healthineers AG(a)(b)		1,618		66,676
Smith & Nephew PLC		9,779		180,132
Sonova Holding AG (REG)		666		119,136
Straumann Holding AG		67		50,812
Stryker Corp.		2,375		401,043
Sysmex Corp.		1,836		171,069
Terumo Corp.		3,300		188,918
Varian Medical Systems, Inc.(a)		645		73,349
William Demant Holding A/S(a)		2,050		82,271
Zimmer Biomet Holdings, Inc.		1,485		165,488

				7,384,489

HEALTH CARE PROVIDERS & SERVICES–1.1%
Aetna, Inc.		2,367		434,345
Alfresa Holdings Corp.		2,700		63,402
AmerisourceBergen Corp.–Class A		1,135		96,781
Anthem, Inc.		1,850		440,356
Cardinal Health, Inc.		2,295		112,065
Centene Corp.(a)		1,287		158,571
Cigna Corp.		1,815		308,459
CVS Health Corp.		7,330		471,686
DaVita, Inc.(a)		1,050		72,912
Envision Healthcare Corp.(a)		823		36,220
Express Scripts Holding Co.(a)		4,089		315,712


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


Company	Shares		U.S. $ Value

Fresenius Medical Care AG & Co. KGaA		2,085	$	209,942
Fresenius SE & Co. KGaA		4,696		375,984
HCA Healthcare, Inc.		2,050		210,330
Healthscope Ltd.		34,249		55,884
Henry Schein, Inc.(a)		1,140		82,810
Humana, Inc.		1,065		316,976
Laboratory Corp. of America Holdings(a)		725		130,159
McKesson Corp.		1,565		208,771
Mediclinic International PLC		5,385		37,306
Medipal Holdings Corp.		3,900		78,340
NMC Health PLC		1,143		53,798
Quest Diagnostics, Inc.		950		104,443
Ramsay Health Care Ltd.		1,156		46,163
Ryman Healthcare Ltd.		5,937		48,090
Sonic Healthcare Ltd.		5,598		101,548
Suzuken Co., Ltd./Aichi Japan		1,200		50,747
UnitedHealth Group, Inc.		7,035		1,725,967
Universal Health Services, Inc.–Class B		650		72,436

				6,420,203

HEALTH CARE TECHNOLOGY–0.0%
Cerner Corp.(a)		2,280		136,321
M3, Inc.		2,070		82,320

				218,641

LIFE SCIENCES TOOLS & SERVICES–0.3%
Agilent Technologies, Inc.		2,345		145,015
Illumina, Inc.(a)		1,111		310,291
IQVIA Holdings, Inc.(a)		1,096		109,403
Lonza Group AG (REG)(a)		779		205,848
Mettler-Toledo International, Inc.(a)		220		127,299
PerkinElmer, Inc.		755		55,289
QIAGEN NV(a)		2,703		97,981
Thermo Fisher Scientific, Inc.		2,885		597,599
Waters Corp.(a)		645		124,865

				1,773,590

PHARMACEUTICALS–3.3%
Allergan PLC		2,400		400,128
Astellas Pharma, Inc.		22,500		342,418
AstraZeneca PLC		13,918		962,669
Bayer AG (REG)		9,580		1,052,109
Bristol-Myers Squibb Co.		11,865		656,609
Chugai Pharmaceutical Co., Ltd.		2,100		109,957
Daiichi Sankyo Co., Ltd.		5,700		217,760
Eisai Co., Ltd.		2,933		206,454
Eli Lilly & Co.		6,965		594,324
GlaxoSmithKline PLC		54,490		1,098,569
Hisamitsu Pharmaceutical Co., Inc.		1,000		84,260
Ipsen SA		880		137,640
Johnson & Johnson		19,505		2,366,737


Company	Shares		U.S. $ Value

Kyowa Hakko Kirin Co., Ltd.		2,152	$	43,316
Merck & Co., Inc.		19,805		1,202,164
Merck KGaA		1,230		119,737
Mitsubishi Tanabe Pharma Corp.		3,000		51,795
Mylan NV(a)		3,855		139,320
Nektar Therapeutics(a)		1,174		57,326
Novartis AG (REG)		24,445		1,851,731
Novo Nordisk A/S–Class B		20,377		941,225
Ono Pharmaceutical Co., Ltd.		3,900		91,302
Orion Oyj–Class B		974		26,196
Otsuka Holdings Co., Ltd.		3,717		179,801
Perrigo Co. PLC		922		67,223
Pfizer, Inc.		43,136		1,564,974
Recordati SpA(d)(e)		2,055		81,430
Roche Holding AG		7,721		1,712,966
Sanofi		12,344		990,723
Santen Pharmaceutical Co., Ltd.		2,500		43,491
Shionogi & Co., Ltd.		2,800		143,679
Shire PLC		9,881		556,684
Sumitomo Dainippon Pharma Co., Ltd.		2,900		61,294
Taisho Pharmaceutical Holdings Co., Ltd.		567		66,330
Takeda Pharmaceutical Co., Ltd.		7,600		319,717
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		10,616		258,181
UCB SA		1,519		119,075
Vifor Pharma AG		802		127,930
Zoetis, Inc.		3,546		302,084

				19,349,328

				40,350,624

INDUSTRIALS–6.6%
AEROSPACE & DEFENSE–1.2%
Airbus SE		6,243		728,526
Arconic, Inc.		3,056		51,983
BAE Systems PLC		33,818		287,700
Boeing Co. (The)		4,060		1,362,171
Dassault Aviation SA		41		77,960
Elbit Systems Ltd.		250		29,435
General Dynamics Corp.		2,010		374,684
Harris Corp.		845		122,136
Huntington Ingalls Industries, Inc.		329		71,324
L3 Technologies, Inc.		625		120,200
Leonardo SpA		5,271		51,879
Lockheed Martin Corp.		1,800		531,774
Meggitt PLC		10,854		70,434
Northrop Grumman Corp.		1,340		412,318
Raytheon Co.		2,150		415,337
Rockwell Collins, Inc.		1,200		161,616
Rolls-Royce Holdings PLC(a)		19,591		255,174
Safran SA		3,586		434,282
Singapore Technologies Engineering Ltd.		43,000		103,648


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Textron, Inc.		1,855	$	122,263
Thales SA		694		89,286
TransDigm Group, Inc.		363		125,286
United Technologies Corp.		5,425		678,288

				6,677,704

AIR FREIGHT & LOGISTICS–0.3%
Bollore SA		25,929		120,413
CH Robinson Worldwide, Inc.		965		80,732
Deutsche Post AG (REG)		10,803		350,993
Expeditors International of Washington, Inc.		1,220		89,182
FedEx Corp.		1,815		412,114
Kuehne & Nagel International AG (REG)		477		71,608
Royal Mail PLC		8,567		56,995
United Parcel Service, Inc.–Class B		4,955		526,370
Yamato Holdings Co., Ltd.		3,400		100,071

				1,808,478

AIRLINES–0.2%
Alaska Air Group, Inc.		843		50,909
American Airlines Group, Inc.		3,082		116,993
ANA Holdings, Inc.		1,007		36,949
Delta Air Lines, Inc.		4,702		232,937
Deutsche Lufthansa AG (REG)		3,330		79,779
easyJet PLC		2,320		51,040
International Consolidated Airlines Group SA		10,420		91,186
Japan Airlines Co., Ltd.		900		31,888
Singapore Airlines Ltd.		14,000		109,640
Southwest Airlines Co.		3,905		198,686
United Continental Holdings, Inc.(a)		1,822		127,048

				1,127,055

BUILDING PRODUCTS–0.3%
Allegion PLC		635		49,124
AO Smith Corp.		1,055		62,403
Asahi Glass Co., Ltd.		2,000		77,792
Assa Abloy AB–Class B		9,541		202,380
Cie de Saint-Gobain		4,539		202,189
Daikin Industries Ltd.		2,500		298,783
Fortune Brands Home & Security, Inc.		1,071		57,502
Geberit AG (REG)		360		154,139
Johnson Controls International PLC		6,692		223,847
LIXIL Group Corp.		2,500		49,964
Masco Corp.		2,205		82,511
TOTO Ltd.		1,522		70,447

				1,531,081


Company	Shares		U.S. $ Value

COMMERCIAL SERVICES & SUPPLIES–0.2%
Babcock International Group PLC		3,784	$	40,657
Brambles Ltd.		15,030		98,676
Cintas Corp.		685		126,773
Copart, Inc.(a)		1,491		84,331
Dai Nippon Printing Co., Ltd.		2,500		55,866
G4S PLC		17,154		60,424
ISS A/S		1,785		61,140
Park24 Co., Ltd.		1,300		35,354
Republic Services, Inc.–Class A		1,600		109,376
Secom Co., Ltd.		2,000		153,368
Societe BIC SA		891		82,616
Sohgo Security Services Co., Ltd.		1,000		47,048
Stericycle, Inc.(a)		610		39,827
Toppan Printing Co., Ltd.		5,000		39,115
Waste Management, Inc.		2,845		231,412

				1,265,983

CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		2,573		103,810
Bouygues SA		1,739		74,721
CIMIC Group Ltd.		2,988		93,406
Eiffage SA		1,102		119,725
Epiroc AB(a)		3,579		32,766
Epiroc AB–Class A(a)		6,392		67,076
Ferrovial SA		4,691		95,990
Fluor Corp.		965		47,073
HOCHTIEF AG		422		76,100
Jacobs Engineering Group, Inc.		815		51,744
JGC Corp.		4,000		80,460
Kajima Corp.		7,000		54,087
Obayashi Corp.		6,000		62,300
Quanta Services, Inc.(a)		1,115		37,241
Shimizu Corp.		4,000		41,400
Skanska AB–Class B		8,587		155,431
Taisei Corp.		2,000		110,139
Vinci SA		5,456		523,728

				1,827,197

ELECTRICAL EQUIPMENT–0.5%
ABB Ltd. (REG)		20,970		457,438
AMETEK, Inc.		1,599		115,384
Eaton Corp. PLC		3,144		234,983
Emerson Electric Co.		4,650		321,501
Fuji Electric Co., Ltd.		14,000		106,346
Legrand SA		2,541		186,121
Mabuchi Motor Co., Ltd.		800		37,970
Melrose Industries PLC		52,623		147,242
Mitsubishi Electric Corp.		21,000		278,626


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


Company	Shares		U.S. $ Value

Nidec Corp.		2,567	$	383,996
OSRAM Licht AG		678		27,611
Prysmian SpA		1,074		26,649
Rockwell Automation, Inc.		930		154,594
Schneider Electric SE (Paris)		6,098		507,151
Siemens Gamesa Renewable Energy SA		810		10,827
Vestas Wind Systems A/S		2,133		131,684

				3,128,123

INDUSTRIAL CONGLOMERATES–0.8%
3M Co.		4,355		856,716
CK Hutchison Holdings Ltd.		25,840		273,543
DCC PLC		843		76,443
General Electric Co.		62,759		854,150
Honeywell International, Inc.		5,505		792,995
Jardine Matheson Holdings Ltd.		2,300		144,930
Jardine Strategic Holdings Ltd.		2,005		73,039
Keihan Holdings Co., Ltd.		1,000		35,854
Keppel Corp., Ltd.		13,000		68,005
NWS Holdings Ltd.		37,000		63,852
Roper Technologies, Inc.		725		200,035
Seibu Holdings, Inc.		3,142		52,910
Siemens AG (REG)		8,153		1,074,205
Smiths Group PLC		3,761		84,011
Toshiba Corp.(a)		72,000		216,148

				4,866,836

MACHINERY–1.2%
Alfa Laval AB		3,778		89,190
Alstom SA		3,502		160,666
Amada Holdings Co., Ltd.		3,000		28,792
ANDRITZ AG		693		36,730
Atlas Copco AB–Class A		6,392		185,116
Atlas Copco AB–Class B		3,579		93,239
Caterpillar, Inc.		4,285		581,346
CNH Industrial NV		22,634		239,094
Cummins, Inc.		1,100		146,300
Daifuku Co., Ltd.		1,030		45,002
Deere & Co.		2,335		326,433
Dover Corp.		1,085		79,422
FANUC Corp.		2,100		416,245
Flowserve Corp.		910		36,764
Fortive Corp.		2,170		167,329
GEA Group AG		1,741		58,634
Hino Motors Ltd.		6,000		63,980
Hitachi Construction Machinery Co., Ltd.		3,000		97,260
Hoshizaki Corp.		400		40,425
IHI Corp.		2,600		90,438
Illinois Tool Works, Inc.		2,225		308,251
Ingersoll-Rand PLC		1,805		161,963
JTEKT Corp.		4,300		58,366
Kawasaki Heavy Industries Ltd.		900		26,469
KION Group AG		1,747		125,399


Company	Shares		U.S. $ Value

Komatsu Ltd.		9,800	$	278,992
Kone Oyj–Class B		3,593		182,688
Kubota Corp.		10,000		156,949
Kurita Water Industries Ltd.		1,200		34,179
Makita Corp.		2,200		98,413
MAN SE		1,273		144,051
Metso Oyj		1,073		35,790
MINEBEA MITSUMI, Inc.		4,131		69,615
MISUMI Group, Inc.		2,900		84,375
Mitsubishi Heavy Industries Ltd.		3,100		112,689
Nabtesco Corp.		1,000		30,725
NGK Insulators Ltd.		2,000		35,536
NSK Ltd.		4,719		48,572
PACCAR, Inc.		2,510		155,519
Parker-Hannifin Corp.		945		147,278
Pentair PLC		1,160		48,813
Sandvik AB		12,165		214,846
Schindler Holding AG		413		88,672
Schindler Holding AG (REG)		575		120,788
SKF AB–Class B		4,700		87,008
SMC Corp./Japan		600		219,654
Snap-on, Inc.		420		67,502
Stanley Black & Decker, Inc.		1,165		154,724
Sumitomo Heavy Industries Ltd.		1,200		40,432
THK Co., Ltd.		1,531		43,713
Volvo AB–Class B		14,676		233,247
Wartsila Oyj Abp		4,224		82,692
Weir Group PLC (The)		2,037		53,496
Xylem, Inc./NY		1,235		83,214
Yangzijiang Shipbuilding Holdings Ltd.		56,331		37,284

				6,854,309

MARINE–0.1%
AP Moller–Maersk A/S–Class A		70		82,724
AP Moller–Maersk A/S–Class B		68		84,123
Mitsui OSK Lines Ltd.		1,200		28,858
Nippon Yusen KK		3,100		61,416

				257,121

PROFESSIONAL SERVICES–0.4%
Adecco Group AG (REG)		1,673		98,731
Bureau Veritas SA		3,094		82,477
Equifax, Inc.		855		106,969
Experian PLC		10,230		252,360
Intertek Group PLC		1,536		115,493
Nielsen Holdings PLC		2,416		74,727
Randstad NV		1,613		94,675
Recruit Holdings Co., Ltd.		11,748		324,464
RELX NV		15,125		321,540
RELX PLC		11,663		249,063
Robert Half International, Inc.		885		57,613
SEEK Ltd.		4,101		66,088
SGS SA (REG)		52		138,174


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Verisk Analytics, Inc.–Class A(a)		1,100	$	118,404
Wolters Kluwer NV		5,568		312,792

				2,413,570

ROAD & RAIL–0.6%
Aurizon Holdings Ltd.		22,082		70,617
Central Japan Railway Co.		1,537		318,204
CSX Corp.		6,460		412,019
DSV A/S		1,630		131,218
East Japan Railway Co.		3,600		344,755
Hankyu Hanshin Holdings, Inc.		2,200		88,372
JB Hunt Transport Services, Inc.		603		73,295
Kansas City Southern		770		81,589
Keikyu Corp.		2,000		32,759
Keio Corp.		1,200		57,984
Keisei Electric Railway Co., Ltd.		2,945		101,020
Kintetsu Group Holdings Co., Ltd.		1,700		69,318
Kyushu Railway Co.		1,722		52,651
MTR Corp., Ltd.		15,500		85,616
Nagoya Railroad Co., Ltd.		1,800		46,430
Nippon Express Co., Ltd.		1,200		86,955
Norfolk Southern Corp.		2,040		307,775
Odakyu Electric Railway Co., Ltd.		3,000		64,338
Tobu Railway Co., Ltd.		1,200		36,675
Tokyu Corp.		5,000		86,041
Union Pacific Corp.		5,700		807,576
West Japan Railway Co.		1,568		115,443

				3,470,650

TRADING COMPANIES & DISTRIBUTORS–0.4%
AerCap Holdings NV(a)		1,493		80,846
Ashtead Group PLC		5,697		169,653
Brenntag AG		1,471		81,731
Bunzl PLC		3,191		96,372
Fastenal Co.		2,080		100,110
Ferguson PLC		2,936		237,545
ITOCHU Corp.		16,000		289,373
Marubeni Corp.		16,000		121,814
Mitsubishi Corp.		16,100		446,438
Mitsui & Co., Ltd.		18,200		303,072
Sumitomo Corp.		11,300		185,318
Toyota Tsusho Corp.		2,300		76,859
Travis Perkins PLC		2,972		55,691
United Rentals, Inc.(a)		600		88,572
WW Grainger, Inc.		380		117,192

				2,450,586

TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(b)		780		141,217
Aeroports de Paris		1,000		225,890
Atlantia SpA		176		5,189


Company	Shares		U.S. $ Value

Auckland International Airport Ltd.		10,521	$	48,273
Getlink (REG)		6,892		94,488
Kamigumi Co., Ltd.		1,500		31,134
Sydney Airport		8,828		46,735
Transurban Group		20,948		185,501

				778,427

				38,457,120

CONSUMER STAPLES–4.9%
BEVERAGES–1.1%
Anheuser-Busch InBev SA/NV		8,385		845,752
Asahi Group Holdings Ltd.		3,700		189,765
Brown-Forman Corp.–Class B		1,692		82,925
Carlsberg A/S–Class B		1,051		123,659
Coca-Cola Amatil Ltd.		14,439		98,209
Coca-Cola Bottlers Japan Holdings, Inc.		1,300		52,012
Coca-Cola Co. (The)		27,730		1,216,238
Coca-Cola European Partners PLC		2,396		97,373
Coca-Cola HBC AG(a)		1,928		64,173
Constellation Brands, Inc.–Class A		1,270		277,965
Diageo PLC		27,623		992,381
Heineken Holding NV		1,000		95,636
Heineken NV		2,500		250,471
Kirin Holdings Co., Ltd.		9,345		250,492
Molson Coors Brewing Co.–Class B		1,300		88,452
Monster Beverage Corp.(a)		2,980		170,754
PepsiCo, Inc.		10,275		1,118,639
Pernod Ricard SA		2,021		329,837
Remy Cointreau SA		195		25,245
Suntory Beverage & Food Ltd.		1,324		56,605
Treasury Wine Estates Ltd.		6,024		77,397

				6,503,980

FOOD & STAPLES RETAILING–0.9%
Aeon Co., Ltd.		6,200		132,632
Carrefour SA		5,903		95,221
Casino Guichard Perrachon SA		1,228		47,525
Colruyt SA		862		49,195
Costco Wholesale Corp.		3,165		661,422
FamilyMart UNY Holdings Co., Ltd.		800		84,243
ICA Gruppen AB		2,462		75,321
J Sainsbury PLC		18,022		76,265
Jeronimo Martins SGPS SA		2,405		34,643
Koninklijke Ahold Delhaize NV		9,852		235,242
Kroger Co. (The)		6,380		181,511
Lawson, Inc.		600		37,471


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


Company	Shares		U.S. $ Value

METRO AG		7,593	$	93,575
Seven & i Holdings Co., Ltd.		8,000		348,925
Sundrug Co., Ltd.		1,000		40,511
Sysco Corp.		3,455		235,942
Tesco PLC		106,921		361,777
Tsuruha Holdings, Inc.		600		75,152
Walgreens Boots Alliance, Inc.		6,245		374,794
Walmart, Inc.		10,563		904,721
Wesfarmers Ltd.		12,002		437,908
Wm Morrison Supermarkets PLC		31,098		103,152
Woolworths Group Ltd.		14,003		316,240

				5,003,388

FOOD PRODUCTS–1.1%
a2 Milk Co., Ltd.(a)		8,040		62,269
Ajinomoto Co., Inc.		5,000		94,645
Archer-Daniels-Midland Co.		4,015		184,007
Associated British Foods PLC		3,965		142,971
Barry Callebaut AG (REG)		91		163,064
Calbee, Inc.		1,315		49,467
Campbell Soup Co.(c)		1,325		53,716
Chocoladefabriken Lindt & Spruengli AG (REG)		1		75,968
Conagra Brands, Inc.		2,885		103,081
Danone SA		6,291		459,321
General Mills, Inc.		4,035		178,589
Hershey Co. (The)		1,000		93,060
Hormel Foods Corp.		1,950		72,559
JM Smucker Co. (The)		795		85,447
Kellogg Co.		1,765		123,321
Kerry Group PLC–Class A		1,906		199,434
Kikkoman Corp.		1,000		50,489
Kraft Heinz Co. (The)		4,278		268,744
Marine Harvest ASA		4,327		86,033
McCormick & Co., Inc./MD		825		95,774
MEIJI Holdings Co., Ltd.		1,100		92,900
Mondelez International, Inc.–Class A		10,735		440,135
Nestle SA (REG)		33,982		2,633,632
NH Foods Ltd.		933		37,718
Nisshin Seifun Group, Inc.		4,000		84,756
Nissin Foods Holdings Co., Ltd.		1,200		86,945
Orkla ASA		10,095		88,320
Toyo Suisan Kaisha Ltd.		1,000		35,679
Tyson Foods, Inc.–Class A		2,175		149,749
WH Group Ltd.(b)		67,807		54,869
Wilmar International Ltd.		26,000		58,303
Yakult Honsha Co., Ltd.		800		53,489
Yamazaki Baking Co., Ltd.		59		1,547

				6,460,001

HOUSEHOLD PRODUCTS–0.6%
Church & Dwight Co., Inc.		1,776		94,412
Clorox Co. (The)		920		124,430
Colgate-Palmolive Co.		6,300		408,303


Company	Shares		U.S. $ Value

Essity AB–Class B		4,979	$	122,491
Henkel AG & Co. KGaA		989		109,811
Henkel AG & Co. KGaA (Preference Shares)		1,696		216,407
Kimberly-Clark Corp.		2,515		264,930
Lion Corp.		2,000		36,597
Procter & Gamble Co. (The)		18,470		1,441,768
Reckitt Benckiser Group PLC		7,158		588,136
Unicharm Corp.		3,800		114,244

				3,521,529

PERSONAL PRODUCTS–0.6%
Beiersdorf AG		1,051		119,129
Coty, Inc.–Class A		3,362		47,404
Estee Lauder Cos., Inc. (The)–Class A		1,640		234,012
Kao Corp.		5,400		411,596
Kose Corp.		500		107,547
L’Oreal SA		2,700		665,622
Pola Orbis Holdings, Inc.		1,800		79,102
Shiseido Co., Ltd.		4,176		331,390
Unilever NV		15,507		864,003
Unilever PLC		13,679		755,634

				3,615,439

TOBACCO–0.6%
Altria Group, Inc.		13,760		781,430
British American Tobacco PLC		24,956		1,257,118
Imperial Brands PLC		10,218		379,477
Japan Tobacco, Inc.		11,724		327,644
Philip Morris International, Inc.		11,250		908,325
Swedish Match AB		2,884		142,532

				3,796,526

				28,900,863

ENERGY–3.5%
ENERGY EQUIPMENT & SERVICES–0.3%
Baker Hughes a GE Co.–Class A		3,060		101,072
Halliburton Co.		6,290		283,427
Helmerich & Payne, Inc.		735		46,864
John Wood Group PLC		7,316		60,416
National Oilwell Varco, Inc.		2,705		117,397
Schlumberger Ltd.		10,000		670,300
TechnipFMC PLC		3,118		98,965
Tenaris SA		10,900		198,925

				1,577,366

OIL, GAS & CONSUMABLE FUELS–3.2%
Aker BP ASA		1,570		57,750
Anadarko Petroleum Corp.		3,895		285,309
Andeavor		1,025		134,460
Apache Corp.		2,745		128,329
BP PLC		218,903		1,665,527
Cabot Oil & Gas Corp.		3,340		79,492


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Caltex Australia Ltd.		3,100	$	74,604
Chevron Corp.		13,780		1,742,205
Cimarex Energy Co.		677		68,878
Concho Resources, Inc.(a)		1,107		153,153
ConocoPhillips		8,620		600,124
Devon Energy Corp.		3,720		163,531
Enagas SA		2,159		62,970
Eni SpA		24,216		448,998
EOG Resources, Inc.		4,160		517,629
EQT Corp.		1,690		93,254
Equinor ASA		12,989		343,462
Exxon Mobil Corp.		30,710		2,540,638
Galp Energia SGPS SA		5,341		101,605
Hess Corp.		1,940		129,767
HollyFrontier Corp.		1,300		88,959
Idemitsu Kosan Co., Ltd.		1,200		42,674
Inpex Corp.		9,048		93,971
JXTG Holdings, Inc.		32,750		227,212
Kinder Morgan, Inc./DE		13,889		245,419
Koninklijke Vopak NV		502		23,138
Lundin Petroleum AB		3,430		108,868
Marathon Oil Corp.		6,105		127,350
Marathon Petroleum Corp.		3,474		243,736
Neste Oyj		1,220		95,451
Newfield Exploration Co.(a)		1,370		41,443
Noble Energy, Inc.		3,500		123,480
Occidental Petroleum Corp.		5,550		464,424
Oil Search Ltd.		18,278		120,086
OMV AG		1,402		79,294
ONEOK, Inc.		2,918		203,764
Origin Energy Ltd.(a)		16,658		123,555
Phillips 66		3,110		349,284
Pioneer Natural Resources Co.		1,215		229,927
Repsol SA		15,004		292,864
Royal Dutch Shell PLC–Class A		50,522		1,748,511
Royal Dutch Shell PLC–Class B		41,162		1,474,135
Santos Ltd.(a)		18,468		85,537
Showa Shell Sekiyu KK		4,285		63,842
Snam SpA		26,833		111,824
TOTAL SA		26,478		1,607,896
Valero Energy Corp.		3,125		346,344
Williams Cos., Inc. (The)		5,955		161,440
Woodside Petroleum Ltd.		10,061		263,663

				18,579,776

				20,157,142

MATERIALS–2.9%
CHEMICALS–1.6%
Air Liquide SA		4,557		571,198
Air Products & Chemicals, Inc.		1,620		252,283
Akzo Nobel NV		3,630		309,611
Albemarle Corp.(c)		761		71,785
Arkema SA		1,159		136,762
Asahi Kasei Corp.		12,000		152,177


Company	Shares		U.S. $ Value

BASF SE		9,789	$	934,542
CF Industries Holdings, Inc.		1,600		71,040
Chr Hansen Holding A/S		1,460		134,409
Clariant AG(a)		1,891		45,249
Covestro AG(b)		1,766		156,968
Croda International PLC		1,689		106,706
Daicel Corp.		3,000		33,141
DowDuPont, Inc.		16,970		1,118,662
Eastman Chemical Co.		1,030		102,959
Ecolab, Inc.		1,940		272,240
EMS-Chemie Holding AG (REG)		203		129,881
Evonik Industries AG		2,574		88,066
FMC Corp.		930		82,965
Frutarom Industries Ltd.		300		29,505
Givaudan SA (REG)		88		199,304
Hitachi Chemical Co., Ltd.		3,000		60,395
Incitec Pivot Ltd.		32,013		85,890
International Flavors & Fragrances, Inc.		550		68,178
Israel Chemicals Ltd.		9,886		45,294
Johnson Matthey PLC		1,842		87,710
JSR Corp.		800		13,595
K&S AG (REG)		4,309		105,997
Kansai Paint Co., Ltd.		3,000		62,257
Kuraray Co., Ltd.		3,000		41,260
LANXESS AG		1,767		137,377
Linde AG		1,768		368,235
LyondellBasell Industries NV–Class A		2,299		252,545
Mitsubishi Chemical Holdings Corp.		13,000		108,560
Mitsubishi Gas Chemical Co., Inc.		2,500		56,494
Mitsui Chemicals, Inc.		1,600		42,526
Mosaic Co. (The)		2,530		70,967
Nippon Paint Holdings Co., Ltd.		2,000		86,010
Nissan Chemical Industries Ltd.		1,000		46,582
Nitto Denko Corp.		1,600		120,796
Novozymes A/S–Class B		2,458		124,321
Orica Ltd.		7,662		100,590
PPG Industries, Inc.		1,850		191,901
Praxair, Inc.		2,090		330,534
Sherwin-Williams Co. (The)		665		271,034
Shin-Etsu Chemical Co., Ltd.		4,100		364,361
Sika AG		1,200		165,803
Solvay SA		927		116,745
Sumitomo Chemical Co., Ltd.		15,000		84,834
Symrise AG		1,178		103,045
Taiyo Nippon Sanso Corp.		7,000		100,207
Teijin Ltd.		3,000		54,953
Toray Industries, Inc.		14,000		110,500
Tosoh Corp.		3,149		48,690
Umicore SA		2,002		114,289
Yara International ASA		1,297		53,660

				9,195,588


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


Company	Shares		U.S. $ Value

CONSTRUCTION MATERIALS–0.2%
Boral Ltd.		17,642	$	85,114
CRH PLC		8,841		310,976
Fletcher Building Ltd.		8,637		40,531
HeidelbergCement AG		1,342		112,683
James Hardie Industries PLC		3,449		57,826
LafargeHolcim Ltd. (REG)(a)		5,336		259,449
Martin Marietta Materials, Inc.		477		106,528
Taiheiyo Cement Corp.		500		16,448
Vulcan Materials Co.		915		118,090

				1,107,645

CONTAINERS & PACKAGING–0.1%
Amcor Ltd./Australia		11,024		117,457
Avery Dennison Corp.		685		69,939
Ball Corp.		2,520		89,586
International Paper Co.		2,965		154,417
Packaging Corp. of America		675		75,458
Sealed Air Corp.		1,240		52,638
Smurfit Kappa Group PLC		2,476		99,959
Toyo Seikan Group Holdings Ltd.		1,700		29,835
WestRock Co.		1,847		105,316

				794,605

METALS & MINING–0.9%
Alumina Ltd.		28,452		58,878
Anglo American PLC		11,577		257,020
Antofagasta PLC		6,389		83,007
ArcelorMittal		12,535		365,718
BHP Billiton Ltd.		34,230		856,504
BHP Billiton PLC		22,510		505,179
BlueScope Steel Ltd.		6,941		88,585
Boliden AB		4,189		135,194
Fortescue Metals Group Ltd.		18,067		58,663
Freeport-McMoRan, Inc.		9,725		167,854
Fresnillo PLC		2,356		35,504
Glencore PLC(a)		130,406		619,140
Hitachi Metals Ltd.		5,000		51,844
JFE Holdings, Inc.		5,000		94,439
Kobe Steel Ltd.		1,199		10,957
Mitsubishi Materials Corp.		2,700		74,075
Newcrest Mining Ltd.		7,017		113,936
Newmont Mining Corp.		3,795		143,109
Nippon Steel & Sumitomo Metal Corp.		8,643		169,464
Norsk Hydro ASA		16,444		98,158
Nucor Corp.		2,310		144,375
Randgold Resources Ltd.		890		68,501
Rio Tinto Ltd.		4,038		249,489
Rio Tinto PLC		13,185		726,737
South32 Ltd.		56,741		151,517
Sumitomo Metal Mining Co., Ltd.		2,500		95,417
thyssenkrupp AG		3,919		94,996
voestalpine AG		1,082		49,754

				5,568,014


PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		3,496	$	94,315
Oji Holdings Corp.		14,000		86,758
Stora Enso Oyj–Class R		6,056		117,983
UPM-Kymmene Oyj		5,689		202,557

				501,613

				17,167,465

REAL ESTATE–1.8%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.2%
Alexandria Real Estate Equities, Inc.		732		92,356
American Tower Corp.		3,065		441,881
Apartment Investment & Management Co.–Class A		1,075		45,473
Ascendas Real Estate Investment Trust		58,294		112,889
AvalonBay Communities, Inc.		1,045		179,625
Boston Properties, Inc.		1,100		137,962
British Land Co. PLC (The)		9,308		82,348
Crown Castle International Corp.		2,970		320,225
Daiwa House REIT Investment Corp.		13		30,875
Dexus		13,420		96,460
Digital Realty Trust, Inc.		1,530		170,717
Duke Realty Corp.		2,548		73,968
Equinix, Inc.		620		266,532
Equity Residential		2,640		168,142
Essex Property Trust, Inc.		478		114,275
Extra Space Storage, Inc.		883		88,132
Federal Realty Investment Trust		522		66,059
GGP, Inc.		4,444		90,791
Goodman Group		16,928		120,677
GPT Group (The)		17,105		63,999
Hammerson PLC		7,467		51,316
HCP, Inc.		3,380		87,272
Host Hotels & Resorts, Inc.		5,350		112,725
ICADE		1,592		149,120
Iron Mountain, Inc.		2,008		70,300
Japan Prime Realty Investment Corp.		7		25,430
Japan Real Estate Investment Corp.		12		63,480
Japan Retail Fund Investment Corp.		24		43,292
Kimco Realty Corp.		3,030		51,480
Klepierre SA		2,231		83,826
Land Securities Group PLC		9,736		122,657
Link REIT		21,500		196,067
Macerich Co. (The)		710		40,349
Mid-America Apartment Communities, Inc.		796		80,133


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Mirvac Group		40,488	$	64,984
Nippon Building Fund, Inc.		13		74,988
Nippon Prologis REIT, Inc.		14		29,056
Nomura Real Estate Master Fund, Inc.		34		47,999
Prologis, Inc.		3,770		247,651
Public Storage		1,130		256,352
Realty Income Corp.		2,008		108,010
Regency Centers Corp.		1,033		64,129
SBA Communications Corp.(a)		870		143,654
Scentre Group		50,683		164,672
Segro PLC		11,022		97,069
Simon Property Group, Inc.		2,316		394,160
SL Green Realty Corp.		676		67,958
Stockland		23,010		67,608
UDR, Inc.		1,928		72,377
Unibail-Rodamco- Westfield(a)		1,707		375,864
United Urban Investment Corp.		26		40,402
Ventas, Inc.		2,541		144,710
Vicinity Centres		39,646		76,034
Vornado Realty Trust		1,185		87,595
Welltower, Inc.		2,675		167,696
Weyerhaeuser Co.		5,398		196,811

				6,930,612

REAL ESTATE MANAGEMENT & DEVELOPMENT–0.6%
Aeon Mall Co., Ltd.		1,700		30,496
Azrieli Group Ltd.		811		40,311
CapitaLand Ltd.		35,000		81,007
CBRE Group, Inc.–Class A(a)		2,165		103,357
City Developments Ltd.		11,000		88,109
CK Asset Holdings Ltd.		25,719		203,600
Daito Trust Construction Co., Ltd.		700		113,872
Daiwa House Industry Co., Ltd.		6,000		204,131
Deutsche Wohnen SE		3,212		155,120
Hang Lung Properties Ltd.		14,000		28,757
Henderson Land Development Co., Ltd.		27,655		145,832
Hongkong Land Holdings Ltd.		14,000		100,085
Hulic Co., Ltd.		6,591		70,346
Kerry Properties Ltd.		8,500		40,621
LendLease Group		10,380		151,980
Mitsubishi Estate Co., Ltd.		13,000		226,940
Mitsui Fudosan Co., Ltd.		10,000		240,883
New World Development Co., Ltd.		82,122		114,881
Nomura Real Estate Holdings, Inc.		3,600		79,707
Sino Land Co., Ltd.		63,328		102,906
Sumitomo Realty & Development Co., Ltd.		3,843		141,518


Company	Shares		U.S. $ Value

Sun Hung Kai Properties Ltd.		15,000	$	225,989
Swire Properties Ltd.		25,389		93,634
Swiss Prime Site AG (REG)(a)		976		89,675
Tokyu Fudosan Holdings Corp.		7,989		56,354
Vonovia SE		5,710		271,393
Wharf Holdings Ltd. (The)		13,000		41,630
Wharf Real Estate Investment Co., Ltd.		13,000		92,310
Wheelock & Co., Ltd.		17,000		118,142

				3,453,586

				10,384,198

UTILITIES–1.7%
ELECTRIC UTILITIES–1.0%
Alliant Energy Corp.		1,588		67,204
American Electric Power Co., Inc.		3,525		244,106
AusNet Services		37,398		44,418
Chubu Electric Power Co., Inc.		6,100		91,466
Chugoku Electric Power Co., Inc. (The)		4,000		51,672
CK Infrastructure Holdings Ltd.		15,000		111,041
CLP Holdings Ltd.		12,500		134,642
Duke Energy Corp.		5,082		401,885
Edison International		2,365		149,634
EDP–Energias de Portugal SA		25,431		100,796
Electricite de France SA		11,071		151,915
Endesa SA		3,024		66,503
Enel SpA		88,110		488,233
Entergy Corp.		1,325		107,047
Evergy, Inc.		1,985		111,458
Eversource Energy		2,210		129,528
Exelon Corp.		6,897		293,812
FirstEnergy Corp.		3,135		112,578
Fortum Oyj		4,228		100,707
HK Electric Investments & HK Electric Investments Ltd.–Class SS(b)		104,180		99,591
Iberdrola SA		62,572		482,540
Kansai Electric Power Co., Inc. (The)		8,491		123,833
Kyushu Electric Power Co., Inc.		4,100		45,779
NextEra Energy, Inc.		3,445		575,418
Orsted A/S(b)		2,499		150,992
PG&E Corp.		3,675		156,408
Pinnacle West Capital Corp.		785		63,240
Power Assets Holdings Ltd.		8,500		59,425
PPL Corp.		4,895		139,752
Red Electrica Corp. SA		5,707		115,943
Southern Co. (The)		7,210		333,895
SSE PLC		10,739		191,697


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


Company	Shares		U.S. $ Value

Terna Rete Elettrica Nazionale SpA		23,069	$	124,588
Tohoku Electric Power Co., Inc.		4,300		52,538
Tokyo Electric Power Co. Holdings, Inc.(a)		13,800		64,246
Xcel Energy, Inc.		3,620		165,362

				5,903,892

GAS UTILITIES–0.1%
APA Group		13,346		97,231
Gas Natural SDG SA		4,316		114,097
Hong Kong & China Gas Co., Ltd.		87,278		166,835
Osaka Gas Co., Ltd.		3,600		74,541
Toho Gas Co., Ltd.		2,017		69,873
Tokyo Gas Co., Ltd.		3,800		100,899

				623,476

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
AES Corp./VA		4,785		64,167
Electric Power Development Co., Ltd.		1,600		41,296
Meridian Energy Ltd.		18,542		39,166
NRG Energy, Inc.		2,090		64,163
Uniper SE		2,006		59,724

				268,516

MULTI-UTILITIES–0.6%
AGL Energy Ltd.		6,423		106,871
Ameren Corp.		1,660		101,011
CenterPoint Energy, Inc.		3,095		85,762
Centrica PLC		64,140		133,179
CMS Energy Corp.		2,020		95,506
Consolidated Edison, Inc.		2,230		173,895
Dominion Energy, Inc.		4,585		312,605
DTE Energy Co.		1,270		131,610
E.ON SE		23,845		254,056
Engie SA		18,347		280,645
Innogy SE(b)		1,395		59,600
National Grid PLC		36,605		404,524
NiSource, Inc.		2,405		63,203
Public Service Enterprise Group, Inc.		3,605		195,175
RWE AG		5,973		135,734
SCANA Corp.		995		38,327
Sempra Energy		1,860		215,965
Suez		5,769		74,628
United Utilities Group PLC		8,008		80,507
Veolia Environnement SA		5,882		125,693
WEC Energy Group, Inc.		2,288		147,919

				3,216,415

WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,221		104,249


Company	Shares		U.S. $ Value

Severn Trent PLC		2,239	$	58,379

				162,628

				10,174,927

TELECOMMUNICATION SERVICES–1.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.1%
AT&T, Inc.		52,537		1,686,963
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		28,220
BT Group PLC		89,935		258,000
CenturyLink, Inc.		6,962		129,772
Deutsche Telekom AG (REG)(a)		34,368		531,137
Elisa Oyj		1,354		62,551
Eurazeo SA		1,438		108,846
HKT Trust & HKT Ltd.–Class SS		55,098		70,564
Iliad SA		714		112,659
Koninklijke KPN NV		28,755		78,190
Nippon Telegraph & Telephone Corp.		7,400		336,167
Orange SA		18,911		315,665
Proximus SADP		1,568		35,268
Singapore Telecommunications Ltd.		76,000		171,662
Spark New Zealand Ltd.		17,417		43,956
Swisscom AG (REG)		247		110,244
Telecom Italia SpA/Milano (ordinary shares)(a)		150,129		111,228
Telefonica Deutschland Holding AG		17,113		67,322
Telefonica SA		52,707		447,347
Telenor ASA		7,146		146,354
Telia Co. AB		24,258		110,565
Telstra Corp., Ltd.		40,732		78,781
TPG Telecom Ltd.		8,880		33,944
Verizon Communications, Inc.		29,545		1,486,409

				6,561,814

WIRELESS TELECOMMUNICATION SERVICES–0.4%
KDDI Corp.		19,550		534,593
Millicom International Cellular SA		641		37,673
NTT DOCOMO, Inc.		14,767		376,298
SoftBank Group Corp.		8,822		629,962
Tele2 AB–Class B		3,826		44,812
Vodafone Group PLC		293,152		710,099

				2,333,437

				8,895,251

Total Common Stocks (cost $245,083,879)				324,597,572


		AB Variable Products Series Fund


	Principal Amount (000)		U.S. $ Value

GOVERNMENTS– TREASURIES–29.4%
UNITED STATES–29.4%
U.S. Treasury Bonds
2.25%, 8/15/46	$	5,033	$	4,331,870
2.50%, 2/15/45		520		473,769
2.75%, 8/15/42-11/15/47		2,505		2,396,049
2.875%, 5/15/43-11/15/46		5,936		5,814,997
3.00%, 5/15/45-2/15/48		1,897		1,901,780
3.125%, 11/15/41-2/15/43		2,825		2,898,773
3.50%, 2/15/39		414		450,743
3.625%, 8/15/43		3,658		4,073,526
3.75%, 8/15/41-11/15/43		309		349,987
3.875%, 8/15/40		280		322,000
4.25%, 5/15/39		240		289,388
4.375%, 11/15/39-5/15/41		1,258		1,546,204
4.50%, 8/15/39		220		274,175
4.75%, 2/15/37-2/15/41		2,136		2,714,581
5.375%, 2/15/31		650		821,336
5.50%, 8/15/28		1,028		1,265,404
6.00%, 2/15/26		2,846		3,464,116
6.125%, 11/15/27		326		413,409
6.25%, 8/15/23-5/15/30		724		947,568
6.875%, 8/15/25		849		1,070,801
7.25%, 8/15/22		775		912,320
7.625%, 2/15/25		55		70,941
8.00%, 11/15/21		9,123		10,682,463
U.S. Treasury Notes
0.875%, 4/15/19-5/15/19		3,129		3,089,887
1.125%, 2/28/21-9/30/21		2,905		2,784,749
1.25%, 4/30/19-10/31/21		16,947		16,599,153
1.375%, 2/28/19-5/31/21		7,424		7,220,822
1.50%, 5/31/19-8/15/26		6,098		5,858,389
1.625%, 6/30/20-2/15/26		14,732		13,972,363
1.75%, 3/31/22-5/15/23		11,862		11,385,623
1.875%, 11/30/21-10/31/22		7,977		7,736,472
2.00%, 11/15/21-11/15/26		19,868		19,187,572
2.125%, 8/15/21-5/15/25		7,444		7,205,400
2.25%, 11/15/24-11/15/27		5,088		4,848,503
2.375%, 8/15/24-5/15/27		1,829		1,772,144
2.50%, 8/15/23-5/15/24		4,139		4,079,598
2.625%, 8/15/20-11/15/20		3,700		3,703,723
2.75%, 11/15/23-2/15/28		3,575		3,570,398
3.125%, 5/15/21		394		399,113
3.50%, 5/15/20		910		925,783
3.625%, 2/15/21		9,502		9,744,004

Total Governments–Treasuries (cost $176,755,432)				171,569,896

	Shares
INVESTMENT COMPANIES–11.7%
FUNDS AND INVESTMENT TRUSTS–11.7%(f)
iShares Core MSCI Emerging Markets ETF		464,925		24,413,212
iShares International Developed Real Estate ETF		266,406		7,773,727


Company	Shares		U.S. $ Value

iShares JP Morgan USD Emerging Markets Bond ETF		164,679	$	17,582,777
Vanguard Global ex-U.S. Real Estate ETF		135,330		7,859,966
Vanguard Real Estate ETF(c)		133,725		10,891,901

Total Investment Companies (cost $68,893,123)				68,521,583

RIGHTS–0.0%
ENERGY–0.0%
OIL, GAS & CONSUMABLE FUELS–0.0%
Repsol SA, expiring 7/06/18(a)		15,004		8,518

INDUSTRIALS–0.0%
CONSTRUCTION & ENGINEERING–0.0%
ACS Actividades de Construccion y Servicios SA, expiring 7/09/18(a)		2,573		2,650

FINANCIALS–0.0%
BANKS–0.0%
Intesa Sanpaolo SpA, expiring 7/17/18(a)(g)		120,775		–0	–

Total Rights (cost $11,252)				11,168

SHORT-TERM INVESTMENTS–2.3%
INVESTMENT COMPANIES–2.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(f)(h)(i) (cost $13,632,405)		13,632,405		13,632,405

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.9% (cost $504,376,091)				578,332,624

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.6%
INVESTMENT COMPANIES–1.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(f)(h)(i) (cost $9,176,288)		9,176,288		9,176,288

TOTAL INVESTMENTS–100.5% (cost $513,552,379)				587,508,912
Other assets less liabilities–(0.5)%				(2,734,020	)

NET ASSETS–100.0%			$	584,774,892


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 June 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		42		September 2018		JPY	420,000		$	5,722,574	$	5,722,152	$	(422	)
Emini MSCI Emerging Market Future		185		September 2018		USD	9			10,405,059		9,835,525		(569,534	)
FTSE 100 Index Futures		71		September 2018		GBP	1			7,185,089		7,122,779		(62,310	)
Mini MSCI EAFE Futures		8		September 2018		USD	0	*		794,096		782,160		(11,936	)
Russel 2000 Index Futures		45		September 2018		USD	2			3,786,917		3,706,875		(80,042	)
S&P 500 E Mini Futures		2		September 2018		USD	0	*		278,429		272,160		(6,269	)
S&P Mid 400 E Mini Futures		70		September 2018		USD	7			13,954,674		13,692,700		(261,974	)
TOPIX Index Futures		144		September 2018		JPY	1,440			23,211,480		22,507,520		(703,960	)
U.S. T-Note 2 Yr (CBT) Futures		87		September 2018		USD	17,400			18,419,623		18,429,047		9,424
U.S. T-Note 5 Yr (CBT) Futures		72		September 2018		USD	7,200			8,150,436		8,180,438		30,002
U.S. Ultra Bond (CBT) Futures		60		September 2018		USD	6,000			9,205,339		9,573,750		368,411

Sold Contracts
Euro STOXX 50 Index Futures		70		September 2018		EUR	1			2,749,893		2,772,007		(22,114	)
Hang Seng Index Futures		34		July 2018		HKD	2			6,225,511		6,224,406		1,105
S&P 500 E Mini Futures		49		September 2018		USD	2			6,800,990		6,667,920		133,070
SPI 200 Futures		107		September 2018		AUD	3			12,055,748		12,170,789		(115,041	)

													$	(1,291,590	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		CHF	6,345		USD	6,472		9/14/18	$	24,669
Barclays Bank PLC		EUR	1,416		USD	1,660		9/14/18		(3,315	)
Barclays Bank PLC		GBP	10,741		USD	14,371		9/14/18		149,066
BNP Paribas SA		AUD	1,337		USD	1,015		9/14/18		25,105
BNP Paribas SA		USD	1,542		CAD	2,036		9/14/18		8,627
Credit Suisse International		EUR	3,775		USD	4,387		9/14/18		(45,415	)
Credit Suisse International		USD	3,520		GBP	2,591		9/14/18		(89,228	)
Credit Suisse International		USD	2,794		SEK	24,030		9/14/18		(96,066	)
Goldman Sachs Bank USA		JPY	636,980		USD	5,812		9/14/18		29,543
JPMorgan Chase Bank, NA		EUR	7,015		USD	8,321		9/14/18		84,225
JPMorgan Chase Bank, NA		EUR	2,950		USD	3,446		9/14/18		(18,121	)
Morgan Stanley Capital Services, Inc.		AUD	2,125		USD	1,576		9/14/18		3,310
Standard Chartered Bank		AUD	6,081		USD	4,590		9/14/18		88,141
State Street Bank & Trust Co.		NZD	526		USD	369		9/14/18		13,020
UBS AG		USD	4,376		CAD	5,797		9/14/18		38,963
UBS AG		USD	7,192		NOK	57,752		9/14/18		(80,929	)

									$	131,595


		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

Goldman Sachs International

GSABNATR

18,010,863

0.00%

Maturity

USD

6/17/19

122,683

UBS AG

Russell 2000 Total Return Index

1,256

LIBOR

Quarterly

USD

2/15/19

256,635

Pay Total Return on Reference Obligation

Citibank, NA

S&P 500 Total Return Index

11,414

LIBOR Plus 0.37%

Maturity

USD

7/16/18

1,359,841

1,739,159

Notional amount less than 500.

(a)

Non-income producing security.

(b)

(c)

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

(d)

Fair valued by the Adviser.

(e)

Illiquid security.

(f)

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

(g)

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

(h)

Affiliated investments.

(i)

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

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

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

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.


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

The following table represents the 50 largest equity basket holdings underlying the total return swap with GSABNATR as of June 30, 2018.


Security Description	Shares		Market Value as of 6/30/2018		Percent of Basket’s Net Assets
Charoen Pokphand Indonesia Tbk PT		923	$	3,398,104		51.1	%
CJ CheilJedang Corp.		1		488,595		7.4	%
Sasol Ltd.		9		464,920		7.0	%
Korea Zinc Co Ltd.		1		284,306		4.3	%
Rio Tinto PLC		59		247,215		3.7	%
Glencore PLC		607		219,847		3.3	%
Royal Dutch Shell PLC		76		199,705		3.0	%
Marubeni Corp.		232		195,941		2.9	%
BP PLC		310		179,533		2.7	%
Anglo American PLC		72		121,802		1.8	%
Israel Chemicals Ltd.		69		115,590		1.7	%
Aguas Andinas SA		204		72,812		1.1	%
Sumitomo Metal Mining Co Ltd		16		68,164		1.0	%
Mitsui & Co Ltd.		30		55,227		0.8	%
MMC Norilsk Nickel PJSC		3		39,594		0.6	%
Mondi PLC		19		39,327		0.6	%
United Utilities Group PLC		45		34,179		0.5	%
UPL Ltd.		55		34,071		0.5	%
LUKOIL PJSC		8		32,658		0.5	%
Severn Trent PLC		16		32,169		0.5	%
Randgold Resources Ltd.		5		30,699		0.5	%
Gazprom PJSC		194		27,350		0.4	%
Vedanta Ltd.		114		26,828		0.4	%
Pennon Group PLC		26		20,704		0.3	%
Sirius Minerals PLC		583		19,298		0.3	%
Tatneft PJSC		25		17,213		0.3	%
Antofagasta PLC		17		16,557		0.2	%
Grupo Mexico SAB de CV		233		13,117		0.2	%
Charoen Pokphand Foods PCL		478		11,580		0.2	%
Marine Harvest ASA		63		10,243		0.2	%
Vale SA		185		9,189		0.1	%
Yara International ASA		25		8,451		0.1	%
Nutrien Ltd.		78		5,575		0.1	%
BHP Billiton Ltd.		164		5,545		0.1	%
Exxon Mobil Corp.		61		5,041		0.1	%
Boliden AB		15		4,257		0.1	%
Chevron Corp.		32		4,025		0.1	%
Metro Pacific Investments Corp.		846		3,892		0.1	%
Equinor ASA		17		3,749		0.1	%
Archer-Daniels-Midland Co.		81		3,693		0.1	%
Norsk Hydro ASA		72		3,518		0.1	%
CNOOC Ltd.		254		3,445		0.1	%
Svenska Cellulosa AB SCA		31		3,040		0.0	%
Tyson Foods Inc.		44		2,995		0.0	%
China Petroleum & Chemical Corp.		426		2,985		0.0	%


		AB Variable Products Series Fund


Security Description	Shares		Market Value as of 6/30/2018		Percent of Basket’s Net Assets
Salmar ASA		9	$	2,949		0.0	%
Guangdong Investment Ltd.		177		2,211		0.0	%
TOTAL SA		42		2,206		0.0	%
Sime Darby Plantation Bhd		396		2,112		0.0	%
IOI Corp Bhd		415		1,885		0.0	%
Other		4,139		47,981		0.8	%

Total			$	6,646,092		100.0	%


DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $490,743,686)	$	564,700,219	(a)
Affiliated issuers (cost $22,808,693—including investment of cash collateral for securities loaned of $9,176,288)		22,808,693
Cash collateral due from broker		3,644,768
Foreign currencies, at value (cost $1,154,326)		1,229,023
Receivable for investment securities sold		2,213,096
Unaffiliated interest and dividends receivable		1,958,133
Unrealized appreciation on total return swaps		1,739,159
Unrealized appreciation on forward currency exchange contracts		464,669
Receivable for variation margin on futures		138,803
Receivable for capital stock sold		81,652
Affiliated dividends receivable		18,958

Total assets		598,997,173

LIABILITIES
Due to custodian		423
Payable for collateral received on securities loaned		9,176,288
Payable for investment securities purchased		2,135,298
Cash collateral due to broker		1,760,000
Advisory fee payable		347,801
Unrealized depreciation on forward currency exchange contracts		333,074
Payable for capital stock redeemed		166,767
Distribution fee payable		125,281
Administrative fee payable		9,016
Directors’ fees payable		437
Transfer Agent fee payable		87
Accrued expenses		167,809

Total liabilities		14,222,281

NET ASSETS	$	584,774,892

COMPOSITION OF NET ASSETS
Capital stock, at par	$	45,817
Additional paid-in capital		493,272,912
Undistributed net investment income		13,204,676
Accumulated net realized gain on investment and foreign currency transactions		3,736,188
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		74,515,299

	$	584,774,892

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	372,122		28,919	$	12.87
B	$	584,402,770		45,788,180	$	12.76

(a)

Includes securities on loan with a value of $9,002,645 (see Note E).

See notes to financial statements.


DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $346,624)	$	5,552,923
Affiliated issuers		137,855
Interest		1,672,279

		7,363,057

EXPENSES
Advisory fee (see Note B)		2,086,915
Distribution fee—Class B		744,913
Transfer agency—Class B		1,672
Custodian		94,571
Audit and tax		49,240
Administrative		27,111
Legal		23,749
Printing		20,739
Directors’ fees		12,794
Miscellaneous		32,773

Total expenses		3,094,477
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(19,254	)

Net expenses		3,075,223

Net investment income		4,287,834

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		7,658,243
Forward currency exchange contracts		538,087
Futures		(2,731,167	)
Swaps		(586,463	)
Foreign currency transactions		(233,472	)
Net change in unrealized appreciation/depreciation of:
Investments		(19,179,367	)
Forward currency exchange contracts		847,964
Futures		(1,728,344	)
Swaps		1,252,311
Foreign currency denominated assets and liabilities		(37,920	)

Net loss on investment and foreign currency transactions		(14,200,128	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(9,912,294	)

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,287,834		$	6,717,858
Net realized gain on investment and foreign currency transactions		4,645,228			7,963,206
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(18,845,356	)		63,377,735
Contributions from Affiliates (see Note B)		–0	–		5,430

Net increase (decrease) in net assets from operations		(9,912,294	)		78,064,229
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(6,415	)
Class B		–0	–		(10,384,688	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(10,344,258	)		(21,670,358	)
CAPITAL CONTRIBUTIONS
Proceeds from regulatory settlement (see Note F)		–0	–		269

Total increase (decrease)		(20,256,552	)		46,003,037
NET ASSETS
Beginning of period		605,031,444			559,028,407

End of period (including undistributed net investment income of $13,204,676 and $8,916,842, respectively)	$	584,774,892		$	605,031,444

See notes to financial statements.


DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

1. Security Valuation


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

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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


		AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:


	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	23,574,401		$	30,943,308		$	–0	–	$	54,517,709
Information Technology		44,179,202			10,053,388			–0	–		54,232,590
Consumer Discretionary		22,057,400			19,302,283			–0	–		41,359,683
Health Care		23,958,049			16,392,575			–0	–		40,350,624
Industrials		16,191,876			22,265,244			–0	–		38,457,120
Consumer Staples		11,812,561			17,088,302			–0	–		28,900,863
Energy		10,580,364			9,576,778			–0	–		20,157,142
Materials		4,384,403			12,783,062			–0	–		17,167,465
Real Estate		5,176,720			5,207,478			–0	–		10,384,198
Utilities		5,003,900			5,171,027			–0	–		10,174,927
Telecommunication Services		3,303,144			5,592,107			–0	–		8,895,251
Governments—Treasuries		–0	–		171,569,896			–0	–		171,569,896
Investment Companies		68,521,583			–0	–		–0	–		68,521,583
Rights		11,168			–0	–		–0	–(a)		11,168
Short-Term Investments		13,632,405			–0	–		–0	–		13,632,405
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		9,176,288			–0	–		–0	–		9,176,288

Total Investments in Securities		261,563,464			325,945,448			–0	–		587,508,912
Other Financial Instruments(b):
Assets:
Futures		540,907			1,105			–0	–		542,012	(c)
Forward Currency Exchange Contracts		–0	–		464,669			–0	–		464,669
Total Return Swaps		–0	–		1,739,159			–0	–		1,739,159
Liabilities:
Futures		(930,177	)		(903,425	)		–0	–		(1,833,602	)(c)
Forward Currency Exchange Contracts		–0	–		(333,074	)		–0	–		(333,074	)

Total(d)	$	261,174,194		$	326,913,882		$	–0	–	$	588,088,076

(a)

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

(b)

(c)

(d)

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

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


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.


	Rights(a)			Total
Balance as of 12/31/17	$	–0	–	$	–0	–
Accrued discounts/(premiums)		–0	–		–0	–
Realized gain (loss)		–0	–		–0	–
Change in unrealized appreciation/depreciation		–0	–		–0	–
Purchases		–0	–		–0	–
Sales		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–

Balance as of 6/30/18	$	–0	–	$	–0	–

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/18(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 of investments in the accompanying statement of operations.

3. Currency Translation


		AB Variable Products Series Fund

4. Taxes

5. Investment Income and Investment Transactions

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

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, 2019 and then may be extended by the Adviser for additional one-year terms. For the six months ended June 30, 2018, there were no expenses waived by the Adviser.

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


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 six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	18,529	$	99,745	$	104,641	$	13,633	$	115
Government Money Market Portfolio*		1,877		77,955		70,656		9,176		23

Total							$	22,809	$	138

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $56,925, 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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	56,160,914	$	65,638,651
U.S. government securities		30,177,364		26,092,695


Gross unrealized appreciation	$	93,574,115
Gross unrealized depreciation		(19,038,418	)

Net unrealized appreciation	$	74,535,697

1. Derivative Financial Instruments

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

•

Futures


		AB Variable Products Series Fund

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”.

During the six months ended June 30, 2018, the Portfolio held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts

During the six months ended June 30, 2018, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

•

Option Transactions


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

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

During the six months ended June 30, 2018, 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.


		AB Variable Products Series Fund

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.

Total Return Swaps:

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

During the six months ended June 30, 2018, the Portfolio held total return swaps for hedging and non-hedging purposes.

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

During the six months ended June 30, 2018, 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

407,837

Receivable/Payable for variation margin on futures

422

Equity contracts

Receivable/Payable for variation margin on futures

134,175

Receivable/Payable for variation margin on futures

1,833,180

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

464,669

Unrealized depreciation on forward currency exchange contracts

333,074

Equity contracts

Unrealized appreciation on total return swaps

1,739,159

Total

2,745,840

2,166,676


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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(1,736,530	)	$	424,149
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(994,637	)		(2,152,493	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		538,087			847,964
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		7,085			53,026
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(586,463	)		1,252,311

Total		$	(2,772,458	)	$	424,957

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2018:


Futures:
Average original value of buy contracts	$	96,402,586
Average original value of sale contracts	$	31,654,398
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	27,154,596
Average principal amount of sale contracts	$	66,976,056
Purchased Swaptions:
Average notional amount	$	29,700,000	(a)
Total Return Swaps:
Average notional amount	$	60,197,164

(a)

Positions were open for less than one month during the period.

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

Counterparty

Derivative
Assets Subject
to a MA

Derivative
Available for
Offset

Cash Collateral
Received*

Security Collateral
Received*

Net Amount of
Derivatives
Assets

Barclays Bank PLC

173,735

(3,315

)

–0

–

–0

–

170,420

BNP Paribas SA

33,732

–0

–

–0

–

–0

–

33,732

Citibank, NA

1,359,841

–0

–

(1,359,841

)

–0

–

–0

–

Goldman Sachs Bank USA/Goldman Sachs International

152,226

–0

–

–0

–

–0

–

152,226

JPMorgan Chase Bank, NA

84,225

(18,121

)

–0

–

–0

–

66,104

Morgan Stanley Capital Services, Inc.

3,310

–0

–

–0

–

–0

–

3,310

Standard Chartered Bank

88,141

–0

–

–0

–

–0

–

88,141

State Street Bank & Trust Co.

13,020

–0

–

–0

–

–0

–

13,020

UBS AG

295,598

(80,929

)

(214,669

)

–0

–

–0

–

Total

2,203,828

(102,365

)

(1,574,510

)

–0

–

526,953


		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

Barclays Bank PLC

3,315

(3,315

)

–0

–

–0

–

–0

–

Credit Suisse International

230,709

–0

–

–0

–

–0

–

230,709

JPMorgan Chase Bank, NA

18,121

(18,121

)

–0

–

–0

–

–0

–

UBS AG

80,929

(80,929

)

–0

–

–0

–

–0

–

Total

333,074

(102,365

)

–0

–

–0

–

230,709

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

2. Currency Transactions

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, the Portfolio had securities on loan with a value of $9,002,645 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $9,176,288. 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 $23,287 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $2,316. 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.


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

NOTE F: Capital Stock

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


	SHARES						AMOUNT
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		4,541			23,756		$	58,743		$	304,287
Shares issued in reinvestment of dividends and distributions		–0	–		518			–0	–		6,414
Shares redeemed		(790	)		(25,158	)		(10,263	)		(321,633	)

Net increase (decrease)		3,751			(884	)	$	48,480		$	(10,932	)

Class B
Shares sold		1,969,298			3,671,000		$	25,480,954		$	45,294,974
Shares issued in reinvestment of dividends		–0	–		843,598			–0	–		10,384,688
Shares redeemed		(2,773,580	)		(6,270,646	)		(35,873,692	)		(77,339,088	)

Net decrease		(804,282	)		(1,756,048	)	$	(10,392,738	)	$	(21,659,426	)

For the year ended December 31, 2017, the Portfolio recorded $269 related to settlements 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 June 30, 2018, certain shareholders of the Portfolio owned 92% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

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

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

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

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


		AB Variable Products Series Fund

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

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

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

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

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

NOTE I: Distributions to Shareholders


	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 and passive foreign investment companies (PFICs), return of capital distributions received from underlying securities, the tax treatment of corporate restructurings, the tax treatment of Treasury inflation-protected securities, and the realization for tax purposes of gains/losses on certain derivative instruments.


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

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

NOTE J: Recent Accounting Pronouncements

NOTE K: Subsequent Events



DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$13.07			$11.63			$11.33			$11.74			$11.74			$10.53


Income From Investment Operations
Net investment income (a)		.11	(b)		.17	(b)		.13	(b)††		.08			.08	(b)		.03	(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.31	)		1.52			.27			(.19	)		.44			1.26
Contributions from Affiliates		–0	–		.00	(c)		.00			–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.20	)		1.69			.40			(.11	)		.52			1.29


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.25	)		(.10	)		(.10	)		(.07	)		(.04	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.00	)(c)		(.20	)		(.45	)		(.04	)

Total dividends and distributions		–0	–		(.25	)		(.10	)		(.30	)		(.52	)		(.08	)

Net asset value, end of period		$12.87			$13.07			$11.63			$11.33			$11.74			$11.74


Total Return
Total investment return based on net asset value (d)		(1.53	)%		14.67	%		3.59	%††		(1.09	)%		4.45	%		12.31	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$372			$328			$303			$400			$350			$269
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)†		.78	%^		.77	%		.79	%		.83	%		.85	%		.85	%
Expenses, before waivers/reimbursements (e)†		.79	%^		.78	%		.81	%		.83	%		.85	%		.89	%
Net investment income		1.69	%(b)^		1.39	%(b)		1.11	%(b)††		.67	%		.69	%(b)		.31	%(b)
Portfolio turnover rate		15	%		20	%		64	%		93	%		53	%		52	%
† Expense ratios exclude the acquired fund fees of affiliated/unaffiliated underlying
portfolios		.03	%		.04	%^^		.04	%^^		.03	%^^		.02	%^^		.02	%^^

See footnote summary on page 43.


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

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.98			$11.56			$11.26			$11.68			$11.68			$10.49


Income From Investment Operations
Net investment income (a)		.09	(b)		.14	(b)		.10	(b)††		.05			.05	(b)		.01	(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.31	)		1.50			.27			(.19	)		.45			1.25
Contributions from Affiliates		–0	–		.00	(c)		.00			–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.22	)		1.64			.37			(.14	)		.50			1.26


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.22	)		(.07	)		(.08	)		(.05	)		(.03	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.00	)(c)		(.20	)		(.45	)		(.04	)

Total dividends and distributions		–0	–		(.22	)		(.07	)		(.28	)		(.50	)		(.07	)

Net asset value, end of period		$12.76			$12.98			$11.56			$11.26			$11.68			$11.68


Total Return
Total investment return based on net asset value (d)		(1.69	)%		14.32	%		3.37	%††		(1.30	)%		4.21	%		12.04	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$584,403			$604,703			$558,725			$511,164			$481,600			$387,519
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)†		1.03	%^		1.03	%		1.05	%		1.08	%		1.10	%		1.10	%
Expenses, before waivers/reimbursements (e)†		1.04	%^		1.04	%		1.07	%		1.08	%		1.10	%		1.14	%
Net investment income		1.44	%(b)^		1.15	%(b)		.89	%(b)††		.43	%		.44	%(b)		.05	%(b)
Portfolio turnover rate		15	%		20	%		64	%		93	%		53	%		52	%
† Expense ratios exclude the acquired fund fees of affiliated/unaffiliated underlying
portfolios		.03	%		.04	%^^		.04	%^^		.03	%^^		.02	%^^		.02	%^^

See footnote summary on page 43.


		AB Variable Products Series Fund

(a)

Based on average shares outstanding.

(b)

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

(c)

Amount is less than $.005.

(d)

(e)

In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2018 and the years ended December 31, 2017 and December 31, 2016, such waiver amounted to .01% (annualized), .01% and .02%, 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%

Annualized.

Unaudited.

See notes to financial statements.



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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability


		AB Variable Products Series Fund

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

Fall-Out Benefits

Investment Results

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.


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

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.

VPS-DAA-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,006.50	$	3.28		0.66	%	$	3.73		0.75	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.52	$	3.31		0.66	%	$	3.76		0.75	%

Class B
Actual	$	1,000	$	1,005.60	$	4.53		0.91	%	$	4.97		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.28	$	4.56		0.91	%	$	5.01		1.00	%

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

In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the 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 181/365 (to reflect the one-half year period).


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	46,677,918		49.6	%
Inflation-Linked Securities		18,571,307		19.8
Options Purchased—Puts		261,554		0.3
Short-Term Investments		28,512,560		30.3

Total Investments	$	94,023,339		100.0	%

COUNTRY BREAKDOWN²

June 30, 2018 (unaudited)


COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	50,568,032		53.8	%
Japan		14,846,058		15.8
Germany		82,069		0.1
United Kingdom		14,620		0.0
Short-Term		28,512,560		30.3

Total Investments	$	94,023,339		100.0	%

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

All data are as of June 30, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company		Shares		U.S. $ Value

INVESTMENT COMPANIES–48.1%
FUNDS AND INVESTMENT TRUSTS–48.1%(a)
iShares Core MSCI EAFE ETF			76,670	$	4,858,578
iShares Core S&P 500 ETF			43,375		11,843,544
iShares MSCI EAFE ETF			90,720		6,075,518
iShares Russell 2000 ETF			11,040		1,808,021
SPDR S&P 500 ETF Trust			36,201		9,820,607
Vanguard S&P 500 ETF			49,183		12,271,650

Total Investment Companies (cost $41,284,779)					46,677,918

		Principal Amount (000)
INFLATION-LINKED SECURITIES–19.1%
JAPAN–15.3%
Japanese Government CPI Linked Bond Series 22 0.10%, 3/10/27	JPY		1,550,837		14,820,045

UNITED STATES–3.8%
U.S. Treasury Inflation Index 0.375%, 7/15/25 (TIPS)	$		3,819		3,751,262

Total Inflation-Linked Securities (cost $18,759,543)					18,571,307

		Notional Amount
OPTIONS PURCHASED—PUTS–0.3%
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.2%
SPDR S&P 500 ETF Trust Expiration: Jul 2018; Contracts: 406; Exercise Price: USD 272.00; Counterparty: Morgan Stanley & Co., Inc.(b)	USD		40,600		138,852

OPTIONS ON INDICES–0.1%
Euro STOXX 50 Index Expiration: Jul 2018; Contracts: 940; Exercise Price: EUR 3,450.00; Counterparty: Deutsche Bank AG(b)	EUR		940		82,069
FTSE 100 Index Expiration: Jul 2018; Contracts: 190; Exercise Price: GBP 7,550.00; Counterparty: Deutsche Bank AG(b)	GBP		190		14,620

Nikkei 225 Index Expiration: Jul 2018; Contracts: 12; Exercise Price: JPY 22,125.00; Counterparty: Morgan Stanley & Co., Inc.(b)	JPY		12,000	$	26,013

					122,702

Total Options Purchased–Puts (premiums paid $143,218)					261,554

		Shares
SHORT-TERM INVESTMENTS–29.4%
INVESTMENT COMPANIES–19.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(a)(c)(d) (cost $18,506,329)			18,506,329		18,506,329

		Principal Amount (000)
U.S. TREASURY BILLS–5.3%
U.S. Treasury Bill Zero Coupon, 7/05/18–8/23/18 (cost $5,126,608)	$		5,134		5,126,608

GOVERNMENTS— TREASURIES–5.0%
JAPAN–5.0%
Japan Treasury Discount Bill Series 764 Zero Coupon, 9/18/18 (cost $4,885,800)	JPY		540,100		4,879,623

Total Short-Term Investments (cost $28,518,737)					28,512,560

TOTAL INVESTMENTS–96.9% (cost $88,706,277)					94,023,339
Other assets less liabilities–3.1%					2,971,987

NET ASSETS–100.0%				$	96,995,326


GLOBAL RISK ALLOCATION—MODERATE 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 June 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		10		September 2018		JPY	100,000		$	1,362,453	$	1,362,417	$	(36	)
Euro STOXX 50 Index Futures		169		September 2018		EUR	2			6,846,454		6,692,417		(154,037	)
Euro-BTP Futures		13		September 2018		EUR	1,300			1,916,058		1,931,681		15,623
Euro-Bund Futures		10		September 2018		EUR	1,000			1,884,677		1,898,259		13,582
Euro-OAT Futures		16		September 2018		EUR	1,600			2,858,605		2,887,549		28,944
FTSE 100 Index Futures		36		September 2018		GBP	0	*		3,643,132		3,611,550		(31,582	)
Long Gilt Futures		21		September 2018		GBP	2,100			3,338,002		3,410,578		72,576
Nikkei 225 (CME) Futures		17		September 2018		USD	0	*		1,917,224		1,892,525		(24,699	)
S&P 500 E Mini Futures		6		September 2018		USD	0	*		832,797		816,480		(16,317	)
TOPIX Index Futures		21		September 2018		JPY	210			3,375,415		3,282,346		(93,069	)
U.S. T-Note 10 Yr (CBT) Futures		71		September 2018		USD	7,100			8,565,528		8,533,313		(32,215	)
U.S. Ultra Bond (CBT) Futures		2		September 2018		USD	200			306,847		319,125		12,278

Sold Contracts
10 Yr Mini Japan Government Bond Futures		66		September 2018		JPY	660,000			8,976,184		8,991,952		(15,768	)
Hang Seng Index Futures		4		July 2018		HKD	0	*		732,413		732,283		130
SPI 200 Futures		1		September 2018		AUD	0	*		112,671		113,746		(1,075	)

													$	(225,665	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		CHF	866		USD	883		9/14/18	$	3,367
Barclays Bank PLC		EUR	3,834		USD	4,493		9/14/18		(8,973	)
Standard Chartered Bank		AUD	1,080		USD	815		9/14/18		15,653
State Street Bank & Trust Co.		GBP	1,353		USD	1,787		9/14/18		(4,282	)
State Street Bank & Trust Co.		HKD	1,141		USD	146		9/14/18		(5	)
State Street Bank & Trust Co.		JPY	2,677,919		USD	24,453		9/14/18		144,537
State Street Bank & Trust Co.		SGD	190		USD	142		9/14/18		2,542

									$	152,839


		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		940		EUR	3,275.00		July 2018		EUR	1		$	9,190	$	(18,342	)
FTSE 100 Index	Deutsche Bank AG		190		GBP	7,200.00		July 2018		GBP	0	*		4,535		(3,726	)
iShares MSCI Emerging Markets ETF	Morgan Stanley & Co., Inc		1,391		USD	42.00		July 2018		USD	139			16,639		(50,772	)
Nikkei 225 Index	Morgan Stanley & Co., Inc.		12		JPY	21,000.00		July 2018		JPY	12			7,571		(7,316	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co., Inc.		406		USD	258.00		July 2018		USD	41			21,908		(31,262	)

													$	59,843	$	(111,418	)

Notional amount less than 500.

(a)

(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

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

CPI—Consumer Price Index

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

See notes to financial statements.


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $70,199,948)	$	75,517,010
Affiliated issuers (cost $18,506,329)		18,506,329
Cash collateral due from broker		1,271,586
Foreign currencies, at value (cost $1,687,976)		1,688,522
Unaffiliated dividends and interest receivable		168,653
Unrealized appreciation on forward currency exchange contracts		166,099
Receivable for variation margin on futures		96,720
Affiliated dividends receivable		26,262
Receivable for capital stock sold		14,822

Total assets		97,456,003

LIABILITIES
Options written, at value (premiums received $59,843)		111,418
Payable for capital stock redeemed		185,625
Advisory fee payable		30,454
Distribution fee payable		20,752
Unrealized depreciation on forward currency exchange contracts		13,260
Administrative fee payable		9,347
Directors’ fees payable		437
Transfer Agent fee payable		87
Accrued expenses		89,297

Total liabilities		460,677

NET ASSETS	$	96,995,326

COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,942
Additional paid-in capital		85,194,750
Undistributed net investment income		384,956
Accumulated net realized gain on investment transactions and foreign currency transactions		6,227,350
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		5,179,328

	$	96,995,326

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	11,997		1,100	$	10.91
B	$	96,983,329		8,940,556	$	10.85

See notes to financial statements.


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	493,768
Affiliated issuers		136,144
Interest		51,336

		681,248

EXPENSES
Advisory fee (see Note B)		292,831
Distribution fee—Class B		121,998
Transfer agency—Class B		1,257
Custodian		40,765
Administrative		27,808
Audit and tax		23,784
Legal		14,882
Directors’ fees		12,794
Printing		9,504
Miscellaneous		10,845

Total expenses		556,468
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(110,325	)

Net expenses		446,143

Net investment income		235,105

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(153,880	)
Forward currency exchange contracts		(1,577,032	)
Futures		(172,993	)
Options written		505,297
Swaptions written		26,970
Foreign currency transactions		2,295,691
Net change in unrealized appreciation/depreciation of:
Investments		(664,406	)
Forward currency exchange contracts		303,973
Futures		(87,841	)
Options written		(119,575	)
Foreign currency denominated assets and liabilities		(16,098	)

Net gain on investment and foreign currency transactions		340,106

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	575,211

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	235,105		$	273,952
Net realized gain on investment transactions and foreign currency transactions		924,053			6,621,134
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(583,947	)		2,846,976
Contributions from Affiliates (see Note B)		–0	–		146

Net increase in net assets from operations		575,211			9,742,208
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(59	)
Class B		–0	–		(310,219	)
Net realized gain on investment transactions
Class A		–0	–		(57	)
Class B		–0	–		(454,753	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(2,093,871	)		10,228,289

Total increase (decrease)		(1,518,660	)		19,205,409
NET ASSETS
Beginning of period		98,513,986			79,308,577

End of period (including undistributed net investment income of $384,956 and $149,851, respectively)	$	96,995,326		$	98,513,986

See notes to financial statements.


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is 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 fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation


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

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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


		AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

46,677,918

–0

–

–0

–

46,677,918

Inflation-Linked Securities

–0

–

18,571,307

–0

–

18,571,307

Options Purchased—Puts

–0

–

261,554

–0

–

261,554

Short-Term Investments:

Investment Companies

18,506,329

–0

–

–0

–

18,506,329

U.S. Treasury Bills

–0

–

5,126,608

–0

–

5,126,608

Governments—Treasuries

–0

–

4,879,623

–0

–

4,879,623

Total Investments in Securities

65,184,247

28,839,092

–0

–

94,023,339

Other Financial Instruments(a):

Assets:

Futures

143,003

130

–0

–

143,133

(b)

Forward Currency Exchange Contracts

–0

–

166,099

–0

–

166,099

Liabilities:

Futures

(89,035

)

(279,763

)

–0

–

(368,798

)(b)

Forward Currency Exchange Contracts

–0

–

(13,260

)

–0

–

(13,260

)

Put Options Written

–0

–

(111,418

)

–0

–

(111,418

)

Total(c)

65,238,215

28,600,880

–0

–

93,839,095

(a)

(b)

(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.


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

3. Currency Translation

4. Taxes

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

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

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


		AB Variable Products Series Fund

Class A and Class B, respectively. The Expense Caps may not be terminated by the Adviser before May 1, 2019. For the six months ended June 30, 2018, the reimbursements/waivers, exclusive of Acquired Fund Expenses, amounted to $68,269. 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 six months ended June 30, 2018, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $19,715 and $22,014, respectively.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,045	$	40,516	$	24,055	$	18,506	$	133
Government Money Market Portfolio*		0		23,233		23,233		0		3

Total							$	18,506	$	136

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

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $146 for trading losses incurred due to a trade entry error.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $54,760, 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.

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.


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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	31,205,136		$	16,837,096
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	5,824,937
Gross unrealized depreciation		(632,276	)

Net unrealized appreciation	$	5,192,661

1. Derivative Financial Instruments

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

•

Futures

During the six months ended June 30, 2018, the Portfolio held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts


		AB Variable Products Series Fund

During the six months ended June 30, 2018, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

•

Option Transactions

At June 30, 2018, the maximum payments for written put options amounted to $23,993,605. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the six months ended June 30, 2018, the Portfolio held purchased options for hedging and non-hedging purposes. During the six months ended June 30, 2018, the Portfolio held written options for hedging and non-hedging purposes.

During the six months ended June 30, 2018, the Portfolio held written swaptions for hedging and non-hedging purposes.


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

During the six months ended June 30, 2018, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

During the six months ended June 30, 2018, 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

143,003

Receivable/Payable for variation margin on futures

48,019

Equity contracts

Receivable/Payable for variation margin on futures

130

Receivable/Payable for variation margin on futures

320,779

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

166,099

Unrealized depreciation on forward currency exchange contracts

13,260

Equity contracts

Investments in securities, at value

261,554

Equity contracts

Options written, at value

111,418

Total

570,786

493,476


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	$	(381,386	)	$	236,452
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		208,393			(324,293	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(1,577,032	)		303,973
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(44,370	)		–0	–


		AB Variable Products Series Fund


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments	$	(562,569	)	$	147,639
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		505,297			(119,575	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		26,970			–0	–

Total		$	(1,824,697	)	$	244,196

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2018:


Futures:
Average original value of buy contracts	$	36,351,946
Average original value of sale contracts	$	8,394,178
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	2,195,528	(a)
Average principal amount of sale contracts	$	40,296,195
Purchased Options:
Average notional amount	$	94,925
Purchased Swaptions:
Average notional amount	$	11,600,000	(b)
Options Written:
Average notional amount	$	182,457
Swaptions Written:
Average notional amount	$	23,200,000	(b)

(a)

Positions were open for five months during the period.

(b)

Positions were open for one month during the period.

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


Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivatives Assets
Barclays Bank PLC	$	3,367	$	(3,367	)	$	–0	–	$	–0	–	$	–0	–
Deutsche Bank AG		96,689		(22,068	)		–0	–		–0	–		74,621
Standard Chartered Bank		15,653		–0	–		–0	–		–0	–		15,653
State Street Bank & Trust Co.		147,079		(4,287	)		–0	–		–0	–		142,792

Total	$	262,788	$	(29,722	)	$	–0	–	$	–0	–	$	233,066	^


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


Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
Barclays Bank PLC	$	8,973	$	(3,367	)	$	–0	–	$	–0	–	$	5,606
Deutsche Bank AG		22,068		(22,068	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		4,287		(4,287	)		–0	–		–0	–		–0	–

Total	$	35,328	$	(29,722	)	$	–0	–	$	–0	–	$	5,606	^

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

2. Currency Transactions

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, 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 $2,825 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $327. 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.


		AB Variable Products Series Fund

NOTE F: Capital Stock

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


	SHARES						AMOUNT
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class B
Shares sold		647,417			2,600,502		$	6,997,442		$	26,589,694
Shares issued in reinvestment of dividends and distributions		–0	–		74,915			–0	–		764,886
Shares redeemed		(841,042	)		(1,673,405	)		(9,091,313	)		(17,126,291	)

Net increase (decrease)		(193,625	)		1,002,012		$	(2,093,871	)	$	10,228,289

There were no transactions in capital shares for Class A for the six months ended June 30, 2018 and the year ended December 31, 2017.

At June 30, 2018, 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 the asset classes in which the Portfolio has invested more heavily perform worse than the asset classes invested in less heavily.

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.

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

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


GLOBAL RISK ALLOCATION—MODERATE 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.

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.

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	2017		2016
Distributions paid from:
Ordinary income	$	765,088	$	194,215

Total taxable distributions	$	765,088	$	194,215

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.


		AB Variable Products Series Fund

NOTE J: Recent Accounting Pronouncements

NOTE K: Subsequent Events



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

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,						April 28, 2015(a) to December 31, 2015
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			April 28, 2015(a) to December 31, 2015
Net asset value, beginning of period		$10.83			$9.78			$9.40			$10.00


Income From Investment Operations
Net investment income (b)(c)		.04			.06			.04			.05
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.04			1.09			.37			(.65	)
Contributions from Affiliates		–0	–		.00	(d)		–0	–		–0	–

Net increase (decrease) in net asset value from operations		.08			1.15			.41			(.60	)


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.05	)		(.03	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(.05	)		–0	–		–0	–

Total dividends and distributions		–0	–		(.10	)		(.03	)		–0	–

Net asset value, end of period		$10.91			$10.83			$9.78			$9.40


Total Return
Total investment return based on net asset value (e)		.65	%		11.87	%		4.39	%		(6.00	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$12			$12			$11			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)†		.66	%^		.63	%		.63	%		.69	%^
Expenses, before waivers/reimbursements (f)†		.92	%^		.94	%		1.08	%		3.21	%^
Net investment income (c)		.74	%^		.55	%		.46	%		.82	%^
Portfolio turnover rate		28	%		59	%		79	%		111	%
† Expense ratios exclude the acquired fund fees of affiliated/unaffiliatedunderlying
portfolios		.09	%		.11	%^^		.12	%^^		.06	%^^

See footnote summary on page 24.


		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,						April 28, 2015(a) to December 31, 2015
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			April 28, 2015(a) to December 31, 2015
Net asset value, beginning of period		$10.78			$9.75			$9.39			$10.00


Income From Investment Operations
Net investment income (b)(c)		.03			.03			.02			.01
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.04			1.09			.37			(.62	)
Contributions from Affiliates		–0	–		.00	(d)		–0	–		–0	–

Net increase (decrease) in net asset value from operations		.07			1.12			.39			(.61	)


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.04	)		(.03	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(.05	)		–0	–		–0	–

Total dividends and distributions		–0	–		(.09	)		(.03	)		–0	–

Net asset value, end of period		$10.85			$10.78			$9.75			$9.39


Total Return
Total investment return based on net asset value (e)		.56	%		11.50	%		4.24	%		(6.20	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$96,983			$98,502			$79,298			$51,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)†		.91	%^		.89	%		.88	%		.94	%^
Expenses, before waivers/reimbursements (f)†		1.14	%^		1.17	%		1.33	%		1.62	%^
Net investment income (c)		.48	%^		.31	%		.24	%		.19	%^
Portfolio turnover rate		28	%		59	%		79	%		111	%
† Expense ratios exclude the acquired fund fees of affiliated/unaffiliatedunderlying
portfolios		.09	%		.11	%^^		.12	%^^		.06	%^^

See footnote summary on page 24.


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

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

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

(d)

Amount is less than $.005.

(e)

(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 six months ended June 30, 2018 and the years ended December 31, 2017, December 31, 2016 and December 31, 2015, such waiver amounted to .09%, .11%, .12% and .06%, respectively.

Annualized.

Unaudited.

See notes to financial statements.



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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for 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


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)		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

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 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.


		AB Variable Products Series Fund

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.

VPS-GRA-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,002.00	$	4.86		0.98	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.93	$	4.91		0.98	%

Class B
Actual	$	1,000	$	1,001.00	$	6.10		1.23	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.70	$	6.16		1.23	%

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


GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Kingspan Group PLC	$	3,877,328		2.8	%
MSCI, Inc.—Class A		3,794,964		2.7
Hexcel Corp.		3,417,176		2.5
Housing Development Finance Corp. Ltd.		3,378,859		2.4
Visa, Inc.—Class A		3,301,979		2.4
Ecolab, Inc.		3,294,948		2.4
Xylem, Inc./NY		3,287,470		2.4
UnitedHealth Group, Inc.		3,263,022		2.4
American Water Works Co., Inc.		3,113,723		2.2
AIA Group Ltd.		3,052,479		2.2

	$	33,781,948		24.4	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Health Care	$	28,385,024		20.5	%
Financials		27,204,666		19.6
Information Technology		23,204,625		16.7
Industrials		21,699,539		15.7
Consumer Discretionary		10,073,961		7.3
Utilities		9,152,697		6.6
Consumer Staples		7,364,217		5.3
Real Estate		4,034,673		2.9
Materials		3,294,948		2.4
Telecommunication Services		1,375,340		1.0
Short-Term Investments		2,783,446		2.0

Total Investments	$	138,573,136		100.0	%

Long-term investments.

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

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


GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	69,500,643		50.1	%
India		9,235,726		6.7
France		9,173,936		6.6
Switzerland		6,927,275		5.0
China		6,384,599		4.6
Ireland		5,938,635		4.3
Germany		5,410,899		3.9
Hong Kong		3,052,479		2.2
Indonesia		2,935,971		2.1
Japan		2,777,934		2.0
Denmark		2,623,176		1.9
Peru		2,492,078		1.8
Sweden		2,437,923		1.8
Other		6,898,416		5.0
Short-Term Investments		2,783,446		2.0

Total Investments	$	138,573,136		100.0	%


GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–98.0%

HEALTH CARE–20.5%
BIOTECHNOLOGY–0.7%
Regeneron Pharmaceuticals, Inc.(a)		2,810	$	969,422

HEALTH CARE EQUIPMENT & SUPPLIES–7.5%
Abbott Laboratories		40,680		2,481,073
Danaher Corp.		27,170		2,681,135
Essilor International Cie Generale d’Optique SA		17,137		2,416,251
West Pharmaceutical Services, Inc.		28,000		2,780,120

				10,358,579

HEALTH CARE PROVIDERS & SERVICES–4.0%
Apollo Hospitals Enterprise Ltd.		151,580		2,335,585
UnitedHealth Group, Inc.		13,300		3,263,022

				5,598,607

HEALTH CARE TECHNOLOGY–1.1%
Medidata Solutions, Inc.(a)		19,430		1,565,281

LIFE SCIENCES TOOLS & SERVICES–5.4%
Bio-Rad Laboratories, Inc.–Class A(a)		8,610		2,484,330
Bruker Corp.		75,380		2,189,035
ICON PLC(a)		20,870		2,765,901

				7,439,266

PHARMACEUTICALS–1.8%
Roche Holding AG		8,310		1,843,640
Vectura Group PLC(a)		593,760		610,229

				2,453,869

				28,385,024

FINANCIALS–19.6%
BANKS–5.8%
Bank Mandiri Persero Tbk PT		3,262,000		1,560,631
Credicorp Ltd.		11,070		2,492,078
HDFC Bank Ltd.		49,700		1,552,332
Svenska Handelsbanken AB–Class A		111,390		1,233,694
Swedbank AB–Class A		56,520		1,204,229

				8,042,964

CAPITAL MARKETS–6.6%
Charles Schwab Corp. (The)		54,950		2,807,945
MSCI, Inc.–Class A		22,940		3,794,964
Partners Group Holding AG		3,500		2,558,659

				9,161,568

CONSUMER FINANCE–1.4%
Bharat Financial Inclusion Ltd.(a)		116,010		1,968,950


INSURANCE–3.4%
AIA Group Ltd.		350,400	$	3,052,479
Prudential PLC		70,180		1,599,846

				4,652,325

THRIFTS & MORTGAGE FINANCE–2.4%
Housing Development Finance Corp. Ltd.		121,260		3,378,859

				27,204,666

INFORMATION TECHNOLOGY–16.7%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.7%
Flex Ltd.(a)		173,160		2,443,288

INTERNET SOFTWARE & SERVICES–3.8%
Alphabet, Inc.–Class C(a)		2,427		2,707,683
Tencent Holdings Ltd.		52,400		2,631,285

				5,338,968

IT SERVICES–2.4%
Visa, Inc.–Class A		24,930		3,301,979

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.0%
ams AG(a)		24,820		1,840,654
Infineon Technologies AG		118,510		3,010,308
NVIDIA Corp.		8,638		2,046,342

				6,897,304

SOFTWARE–2.1%
Microsoft Corp.		29,230		2,882,370

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7%
Apple, Inc.		12,645		2,340,716

				23,204,625

INDUSTRIALS–15.7%
AEROSPACE & DEFENSE–2.5%
Hexcel Corp.		51,479		3,417,176

BUILDING PRODUCTS–4.0%
Cie de Saint-Gobain		37,300		1,661,526
Kingspan Group PLC		77,430		3,877,328

				5,538,854

COMMERCIAL SERVICES & SUPPLIES–1.4%
China Everbright International Ltd.		1,532,000		1,973,031

ELECTRICAL EQUIPMENT–3.7%
Schneider Electric SE (Paris)		29,570		2,459,241
Vestas Wind Systems A/S		42,490		2,623,176

				5,082,417


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

INDUSTRIAL CONGLOMERATES–1.7%
Siemens AG (REG)		18,220	$	2,400,591

MACHINERY–2.4%
Xylem, Inc./NY		48,790		3,287,470

				21,699,539

CONSUMER DISCRETIONARY–7.3%
AUTO COMPONENTS–4.1%
Aptiv PLC		30,660		2,809,376
Delphi Technologies PLC		38,183		1,735,799
Valeo SA		21,470		1,170,621

				5,715,796

DIVERSIFIED CONSUMER SERVICES–1.5%
Bright Horizons Family Solutions, Inc.(a)		19,580		2,007,342

INTERNET & DIRECT MARKETING RETAIL–1.7%
Amazon.com, Inc.(a)		1,383		2,350,823

				10,073,961

UTILITIES–6.6%
MULTI-UTILITIES–1.1%
Suez		113,350		1,466,297

WATER UTILITIES–5.5%
American Water Works Co., Inc.		36,469		3,113,723
Aqua America, Inc.		55,290		1,945,102
Beijing Enterprises Water Group Ltd.(a)		3,274,000		1,780,283
Cia de Saneamento Basico do Estado de Sao Paulo		141,000		847,292

				7,686,400

				9,152,697

CONSUMER STAPLES–5.3%
FOOD PRODUCTS–3.3%
Kerry Group PLC–Class A		19,700		2,061,307
Nestle SA (REG)		32,580		2,524,976

				4,586,283

HOUSEHOLD PRODUCTS–2.0%
Unicharm Corp.		92,400		2,777,934

				7,364,217


REAL ESTATE–2.9%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.5%
SBA Communications Corp.(a)		12,320	$	2,034,278

REAL ESTATE MANAGEMENT & DEVELOPMENT–1.4%
SM Prime Holdings, Inc.		2,969,600		2,000,395

				4,034,673

MATERIALS–2.4%
CHEMICAL–2.4%
Ecolab, Inc.		23,480		3,294,948

TELECOMMUNICATION SERVICES–1.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.0%
Telekomunikasi Indonesia Persero Tbk PT		5,251,500		1,375,340

Total Common Stocks (cost $104,008,789)				135,789,690

WARRANTS–0.0%

INFORMATION TECHNOLOGY–0.0%
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.0%
Thin Film Electronics ASA, expiring 7/14/18(a)(b)(c)(d) (cost $0)		591,845		–0	–

SHORT-TERM INVESTMENTS–2.0%
INVESTMENT COMPANIES–2.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(e)(f)(g) (cost $2,783,446)		2,783,446		2,783,446

TOTAL INVESTMENTS–100.0% (cost $106,792,235)				138,573,136
Other assets less liabilities–0.0%				(66,504	)

NET ASSETS–100.0%			$	138,506,632


GLOBAL THEMATIC 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		PHP	95,496		USD	1,797		9/11/18	$	18,005
Barclays Bank PLC		CNY	2,136		USD	333		7/19/18		11,250
Barclays Bank PLC		USD	421		INR	29,149		8/09/18		2,253
Barclays Bank PLC		PHP	8,011		USD	151		9/11/18		1,667
Barclays Bank PLC		USD	239		PHP	12,856		9/11/18		189
Barclays Bank PLC		USD	1,941		TWD	57,465		9/13/18		(46,693	)
Barclays Bank PLC		CHF	3,369		USD	3,436		9/14/18		13,099
Barclays Bank PLC		EUR	6,729		USD	7,885		9/14/18		(15,747	)
Barclays Bank PLC		SEK	10,362		USD	1,200		9/14/18		36,896
Barclays Bank PLC		USD	4,966		GBP	3,712		9/14/18		(51,446	)
Citibank, NA		USD	2,432		KRW	2,586,203		7/26/18		(108,808	)
Citibank, NA		USD	549		RUB	35,119		7/31/18		8,363
Citibank, NA		INR	568,365		USD	8,365		8/09/18		104,295
Citibank, NA		EUR	1,023		USD	1,225		9/14/18		23,457
Citibank, NA		USD	4,183		CAD	5,421		9/14/18		(54,616	)
Credit Suisse International		ZAR	14,161		USD	1,013		9/14/18		(9,798	)
Goldman Sachs Bank USA		USD	8,000		JPY	876,856		9/14/18		(40,668	)
Royal Bank of Scotland PLC		PEN	7,838		USD	2,394		7/25/18		9,071
Standard Chartered Bank		CNY	9,231		USD	1,459		7/19/18		67,077
Standard Chartered Bank		USD	719		CNY	4,604		7/19/18		(24,446	)
Standard Chartered Bank		USD	168		KRW	181,539		7/26/18		(4,866	)
Standard Chartered Bank		USD	362		INR	24,833		8/09/18		(1,058	)
Standard Chartered Bank		USD	3,093		AUD	4,098		9/14/18		(59,395	)
State Street Bank & Trust Co.		EUR	225		USD	265		9/14/18		1,184
State Street Bank & Trust Co.		EUR	593		USD	692		9/14/18		(4,168	)
State Street Bank & Trust Co.		JPY	40,726		USD	371		9/14/18		1,164
State Street Bank & Trust Co.		USD	201		CAD	258		9/14/18		(4,245	)
State Street Bank & Trust Co.		USD	214		CHF	211		9/14/18		686
State Street Bank & Trust Co.		USD	399		EUR	341		9/14/18		1,821
State Street Bank & Trust Co.		USD	413		GBP	308		9/14/18		(5,323	)
State Street Bank & Trust Co.		USD	140		JPY	15,266		9/14/18		(1,210	)
State Street Bank & Trust Co.		USD	453		MXN	9,452		9/14/18		17,654
State Street Bank & Trust Co.		USD	275		NOK	2,208		9/14/18		(3,019	)
UBS AG		USD	1,067		ZAR	14,161		9/14/18		(44,024	)

									$	(161,399	)


		AB Variable Products Series Fund

(a)

Non-income producing security.

(b)

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

(c)

Illiquid security.

(d)

Fair valued by the Adviser.

(e)

Affiliated investments.

(f)

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

(g)

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

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

PEN—Peruvian Sol

PHP—Philippine Peso

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

REG—Registered Shares

See notes to financial statements.


GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $104,008,789)	$	135,789,690
Affiliated issuers (cost $2,783,446)		2,783,446
Foreign currencies, at value (cost $281,632)		275,292
Unrealized appreciation on forward currency exchange contracts		318,131
Unaffiliated dividends and interest receivable		150,032
Receivable for capital stock sold		9,791
Affiliated dividends receivable		1,292
Receivable for investment securities sold and foreign currency transactions		104

Total assets		139,327,778

LIABILITIES
Unrealized depreciation on forward currency exchange contracts		479,530
Advisory fee payable		90,256
Payable for investment securities purchased		65,815
Payable for capital stock redeemed		61,169
Distribution fee payable		21,589
Administrative fee payable		8,967
Directors’ fees payable		437
Transfer Agent fee payable		87
Accrued expenses		93,296

Total liabilities		821,146

NET ASSETS	$	138,506,632

COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,681
Additional paid-in capital		99,618,833
Undistributed net investment income		524,308
Accumulated net realized gain on investment and foreign currency transactions		6,748,373
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		31,610,437

	$	138,506,632

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	39,937,980		1,314,449	$	30.38
B	$	98,568,652		3,366,692	$	29.28

See notes to financial statements.


GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $135,783)	$	1,402,221
Affiliated issuers		7,985
Interest		5,879
Securities lending income		15,658

		1,431,743

EXPENSES
Advisory fee (see Note B)		547,081
Distribution fee—Class B		131,020
Transfer agency—Class A		934
Transfer agency—Class B		2,383
Custodian		54,102
Audit and tax		28,788
Administrative		27,008
Printing		25,797
Legal		15,308
Directors’ fees		12,794
Miscellaneous		3,511

Total expenses		848,726
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(867	)

Net expenses		847,859

Net investment income		583,884

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		6,422,377
Forward currency exchange contracts		821,521
Foreign currency transactions		(367,037	)
Net change in unrealized appreciation/depreciation of:
Investments		(6,975,002	)
Forward currency exchange contracts		(250,357	)
Foreign currency denominated assets and liabilities		(10,676	)

Net loss on investment and foreign currency transactions		(359,174	)

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	224,710

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	583,884		$	(114,944	)
Net realized gain on investment and foreign currency transactions		6,876,861			13,647,303
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(7,236,035	)		25,382,741

Net increase in net assets from operations		224,710			38,915,100
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(159,360	)
Class B		–0	–		(274,046	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(8,169,887	)		886,757

Total increase (decrease)		(7,945,177	)		39,368,451
NET ASSETS
Beginning of period		146,451,809			107,083,358

End of period (including undistributed net investment income of $524,308 and distributions in excess of net investment income of ($59,576), respectively)	$	138,506,632		$	146,451,809

See notes to financial statements.


GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Thematic Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.


GLOBAL THEMATIC 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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Health Care

21,179,319

7,205,705

–0

–

28,385,024

Financials

9,094,987

18,109,679

–0

–

27,204,666

Information Technology

15,722,378

7,482,247

–0

–

23,204,625

Industrials

10,581,974

11,117,565

–0

–

21,699,539

Consumer Discretionary

8,903,340

1,170,621

–0

–

10,073,961

Utilities

5,906,117

3,246,580

–0

–

9,152,697

Consumer Staples

2,061,307

5,302,910

–0

–

7,364,217

Real Estate

2,034,278

2,000,395

–0

–

4,034,673

Materials

3,294,948

–0

–

–0

–

3,294,948

Telecommunication Services

–0

–

1,375,340

–0

–

1,375,340

Warrants

–0

–

–0

–

–0

–(a)

–0

–

Short-Term Investments

2,783,446

–0

–

–0

–

2,783,446

Total Investments in Securities

81,562,094

57,011,042

(b)

–0

–

138,573,136


		AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Other Financial Instruments(c):

Assets:

Forward Currency Exchange Contracts

–0

–

318,131

–0

–

318,131

Liabilities:

Forward Currency Exchange Contracts

–0

–

(479,530

)

–0

–

(479,530

)

Total(d)(e)

81,562,094

56,849,643

–0

–

138,411,737

(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)

(d)

An amount of $3,204,753 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)

An amount of $3,535,672 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.


	Warrants(a)			Total
Balance as of 12/31/17	$	–0	–	$	–0	–
Accrued discounts/(premiums)		–0	–		–0	–
Realized gain (loss)		–0	–		–0	–
Change in unrealized appreciation/depreciation		–0	–		–0	–
Purchases		–0	–		–0	–
Sales		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–

Balance as of 6/30/18	$	–0	–	$	–0	–

Net change in unrealized appreciation/depreciation from investments held as of 6/30/18(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.


GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		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.

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions


		AB Variable Products Series Fund

NOTE B: Advisory Fee and Other Transactions with Affiliates

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	3,799	$	1,016	$	2,783	$	1
Government Money Market Portfolio*		3,829		12,551		16,380		0		7

Total							$	2,783	$	8

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $13,816, 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

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.


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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	14,379,125		$	17,479,603
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	37,510,415
Gross unrealized depreciation		(5,890,913	)

Net unrealized appreciation	$	31,619,502

1. Derivative Financial Instruments

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

•

Forward Currency Exchange Contracts

During the six months ended June 30, 2018, the Portfolio held forward currency exchange contracts for hedging purposes.


		AB Variable Products Series Fund

During the six months ended June 30, 2018, 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	$	318,131	Unrealized depreciation on forward currency exchange contracts	$	479,530

Total		$	318,131		$	479,530


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	821,521	$	(250,357	)

Total		$	821,521	$	(250,357	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2018:


Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	32,172,803
Average principal amount of sale contracts	$	30,443,508

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

Counterparty

Derivative Assets
Subject to a MA

Derivative
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivatives Assets

Bank of America, NA

18,005

–0

–

–0

–

–0

–

18,005

Barclays Bank PLC

65,354

(65,354

)

–0

–

–0

–

–0

–

Citibank, NA

136,115

(136,115

)

–0

–

–0

–

–0

–

Royal Bank of Scotland PLC

9,071

–0

–

–0

–

–0

–

9,071

Standard Chartered Bank

67,077

(67,077

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

22,509

(17,965

)

–0

–

–0

–

4,544

Total

318,131

(286,511

)

–0

–

–0

–

31,620


GLOBAL THEMATIC GROWTH 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

Barclays Bank PLC

113,886

(65,354

)

–0

–

–0

–

48,532

Citibank, NA

163,424

(136,115

)

–0

–

–0

–

27,309

Credit Suisse International

9,798

–0

–

–0

–

–0

–

9,798

Goldman Sachs Bank USA

40,668

–0

–

–0

–

–0

–

40,668

Standard Chartered Bank

89,765

(67,077

)

–0

–

–0

–

22,688

State Street Bank & Trust Co.

17,965

(17,965

)

–0

–

–0

–

–0

–

UBS AG

44,024

–0

–

–0

–

–0

–

44,024

Total

479,530

(286,511

)

–0

–

–0

–

193,019

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

2. Currency Transactions

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, 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 $15,658 and $6,693 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $699. 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.


		AB Variable Products Series Fund

NOTE F: Capital Stock

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


	SHARES						AMOUNT
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		126,057			205,607		$	3,925,948		$	5,763,464
Shares issued in reinvestment of dividends and distributions		–0	–		5,799			–0	–		159,360
Shares redeemed		(134,865	)		(164,656	)		(4,116,934	)		(4,344,931	)

Net increase (decrease)		(8,808	)		46,750		$	(190,986	)	$	1,577,893

Class B
Shares sold		178,111			780,996		$	5,305,980		$	20,282,734
Shares issued in reinvestment of dividends		–0	–		10,330			–0	–		274,046
Shares redeemed		(446,400	)		(809,779	)		(13,284,881	)		(21,247,916	)

Net decrease		(268,289	)		(18,453	)	$	(7,978,901	)	$	(691,136	)

At June 30, 2018, 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

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

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV.


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

NOTE H: Joint Credit Facility

NOTE I: Components of Accumulated Earnings (Deficit)


	2017		2016
Distributions paid from:
Ordinary income	$	433,406	$	–0	–

Total taxable distributions paid	$	433,406	$	–0	–

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.

NOTE J: Subsequent Events



GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$30.32			$22.29			$22.43			$21.80			$20.75			$16.88


Income From Investment Operations
Net investment income (a)		.15	(b)		.03	(b)		.04	(b)†		.02			.06			.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.09	)		8.13			(.18	)		.60			.99			3.88
Contributions from Affiliates		–0	–		–0	–		–0	–		.01			–0	–		–0	–

Net increase (decrease) in net asset value from operations		.06			8.16			(.14	)		.63			1.05			3.92


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.13	)		–0	–		–0	–		–0	–		(.05	)
Tax return of capital		–0	–		–0	–		–0	–		–0	–		–0	–		(.00	)(c)

Total dividends and distributions		–0	–		(.13	)		–0	–		–0	–		–0	–		(.05	)

Net asset value, end of period		$30.38			$30.32			$22.29			$22.43			$21.80			$20.75


Total Return
Total investment return based on net asset value (d)		.20	%		36.66	%*		(.62	)%†*		2.89	%*		5.06	%*		23.26	%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,938			$40,121			$28,458			$31,534			$30,886			$32,195
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.98	%^		1.02	%		1.06	%		1.01	%		1.01	%		.98	%
Expenses, before waivers/reimbursements		.98	%^		1.02	%		1.06	%		1.01	%		1.01	%		.98	%
Net investment income		.99	%(b)^		.09	%(b)		.17	%(b)†		.07	%		.26	%		.22	%
Portfolio turnover rate		10	%		40	%		54	%		47	%		48	%		96	%

See footnote summary on page 22.


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

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$29.25			$21.52			$21.71			$21.15			$20.18			$16.42


Income From Investment Operations
Net investment income (loss) (a)		.11	(b)		(.04	)(b)		(.02	)(b)†		(.04	)		.00	(c)		(.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.08	)		7.84			(.17	)		.59			.97			3.77
Contributions from Affiliates		–0	–		–0	–		–0	–		.01			–0	–		–0	–

Net increase (decrease) in net asset value from operations		.03			7.80			(.19	)		.56			.97			3.76


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.07	)		–0	–		–0	–		–0	–		(.00	)(c)
Tax return of capital		–0	–		–0	–		–0	–		–0	–		–0	–		(.00	)(c)

Total dividends and distributions		–0	–		(.07	)		–0	–		–0	–		–0	–		(.00	)

Net asset value, end of period		$29.28			$29.25			$21.52			$21.71			$21.15			$20.18


Total Return
Total investment return based on net asset value (d)		.10	%		36.30	%*		(.87	)%†*		2.65	%*		4.81	%*		22.93	%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$98,569			$106,331			$78,625			$92,298			$96,728			$101,388
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.23	%^		1.26	%		1.31	%		1.26	%		1.26	%		1.23	%
Expenses, before waivers/reimbursements		1.23	%^		1.27	%		1.31	%		1.26	%		1.26	%		1.23	%
Net investment income (loss)		.73	%(b)^		(.15	)%(b)		(.07	)%(b)†		(.17	)%		.01	%		(.06	)%
Portfolio turnover rate		10	%		40	%		54	%		47	%		48	%		96	%

(a)

Based on average shares outstanding.

(b)

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

(c)

Amount is less than $.005.

(d)

†

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 .04%, .28%, .01%, .02% and .05%, respectively.

Annualized.

See notes to financial statements.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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 2016 and 2017 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s former Independent Compliance 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


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

profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

Investment Results

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 February 28, 2018. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and 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 materials from the Fund’s Senior Analyst 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 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 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; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.


		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 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

VPS-GTG-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,110.30	$	5.65		1.08	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.44	$	5.41		1.08	%

Class B
Actual	$	1,000	$	1,109.20	$	6.96		1.33	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.20	$	6.66		1.33	%

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


GROWTH PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class C	$	6,030,088		8.0	%
Facebook, Inc.—Class A		4,321,094		5.7
Visa, Inc.—Class A		3,294,032		4.3
Costco Wholesale Corp.		3,031,255		4.0
Biogen, Inc.		2,709,100		3.6
UnitedHealth Group, Inc.		2,651,635		3.5
Home Depot, Inc. (The)		2,413,192		3.2
NIKE, Inc.—Class B		2,409,682		3.2
Constellation Brands, Inc.—Class A		2,390,061		3.2
Monster Beverage Corp.		2,303,918		3.0

	$	31,554,057		41.7	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	25,265,688		33.3	%
Consumer Discretionary		13,279,776		17.5
Health Care		12,832,657		16.9
Industrials		8,146,849		10.8
Consumer Staples		7,725,234		10.2
Materials		2,539,852		3.4
Financials		1,824,774		2.4
Short-Term Investments		4,140,165		5.5

Total Investments	$	75,754,995		100.0	%

Long-term investments.

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


GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–94.7%
INFORMATION TECHNOLOGY–33.4%
COMMUNICATIONS EQUIPMENT–0.9%
Arista Networks, Inc.(a)		2,710	$	697,798

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.2%
Novanta, Inc.(a)		2,520		156,996

INTERNET SOFTWARE & SERVICES–14.4%
Alphabet, Inc.–Class C(a)		5,405		6,030,088
Facebook, Inc.–Class A(a)		22,237		4,321,094
Trade Desk, Inc. (The)–Class A(a)		5,520		517,776

				10,868,958

IT SERVICES–7.3%
Fiserv, Inc.(a)		9,860		730,527
PayPal Holdings, Inc.(a)		18,350		1,528,005
Visa, Inc.–Class A		24,870		3,294,032

				5,552,564

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.7%
Semtech Corp.(a)		11,630		547,192
Xilinx, Inc.		22,690		1,480,749

				2,027,941

SOFTWARE–7.0%
Activision Blizzard, Inc.		16,560		1,263,859
Adobe Systems, Inc.(a)		6,470		1,577,451
Electronic Arts, Inc.(a)		7,320		1,032,266
Fair Isaac Corp.(a)		2,050		396,306
HubSpot, Inc.(a)		3,180		398,772
Red Hat, Inc.(a)		3,070		412,516
Splunk, Inc.(a)		2,410		238,855

				5,320,025

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.9%
Apple, Inc.		3,465		641,406

				25,265,688

CONSUMER DISCRETIONARY–17.6%
DIVERSIFIED CONSUMER SERVICES–3.5%
Bright Horizons Family Solutions, Inc.(a)		12,480		1,279,450
Grand Canyon Education, Inc.(a)		11,930		1,331,507

				2,610,957

HOTELS, RESTAURANTS & LEISURE–2.0%
Planet Fitness, Inc.(a)		34,720		1,525,597


INTERNET & DIRECT MARKETING RETAIL–1.8%
Booking Holdings, Inc.(a)		657	$	1,331,798

MULTILINE RETAIL–2.0%
Dollar Tree, Inc.(a)		18,180		1,545,300

SPECIALTY RETAIL–5.1%
Home Depot, Inc. (The)		12,369		2,413,192
Ulta Salon Cosmetics & Fragrance, Inc.(a)		6,182		1,443,250

				3,856,442

TEXTILES, APPAREL & LUXURY GOODS–3.2%
NIKE, Inc.–Class B		30,242		2,409,682

				13,279,776

HEALTH CARE–17.0%
BIOTECHNOLOGY–4.9%
Biogen, Inc.(a)		9,334		2,709,100
Regeneron Pharmaceuticals, Inc.(a)		2,770		955,622

				3,664,722

HEALTH CARE EQUIPMENT & SUPPLIES–6.0%
Edwards Lifesciences Corp.(a)		11,310		1,646,397
Intuitive Surgical, Inc.(a)		4,292		2,053,636
Nevro Corp.(a)		10,710		855,193

				4,555,226

HEALTH CARE PROVIDERS & SERVICES–3.5%
UnitedHealth Group, Inc.		10,808		2,651,635

PHARMACEUTICALS–2.6%
Zoetis, Inc.		23,020		1,961,074

				12,832,657

INDUSTRIALS–10.8%
BUILDING PRODUCTS–4.3%
Allegion PLC		16,030		1,240,081
AO Smith Corp.		13,920		823,368
Lennox International, Inc.		4,620		924,693
Trex Co., Inc.(a)		4,890		306,065

				3,294,207

COMMERCIAL SERVICES & SUPPLIES–1.3%
Copart, Inc.(a)		18,030		1,019,777

INDUSTRIAL CONGLOMERATES–1.2%
Roper Technologies, Inc.		3,190		880,153

MACHINERY–2.1%
IDEX Corp.		5,680		775,207
WABCO Holdings, Inc.(a)		6,710		785,204

				1,560,411

ROAD & RAIL–0.8%
Saia, Inc.(a)		7,190		581,311


GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

TRADING COMPANIES & DISTRIBUTORS–1.1%
Fastenal Co.		16,850	$	810,990

				8,146,849

CONSUMER STAPLES–10.2%
BEVERAGES–6.2%
Constellation Brands, Inc.–Class A		10,920		2,390,061
Monster Beverage Corp.(a)		40,208		2,303,918

				4,693,979

FOOD & STAPLES RETAILING–4.0%
Costco Wholesale Corp.		14,505		3,031,255

				7,725,234

MATERIALS–3.3%
CHEMICALS–3.3%
PolyOne Corp.		24,440		1,056,297
Sherwin-Williams Co. (The)		3,640		1,483,555

				2,539,852

FINANCIALS–2.4%
CAPITAL MARKETS–2.4%
MarketAxess Holdings, Inc.		3,050		603,473
S&P Global, Inc.		5,990		1,221,301

				1,824,774

Total Common Stocks (cost $46,279,058)				71,614,830


SHORT-TERM INVESTMENTS–5.5%
INVESTMENT COMPANIES–5.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(b)(c)(d) (cost $4,140,165)		4,140,165	$	4,140,165

TOTAL INVESTMENTS–100.2% (cost $50,419,223)				75,754,995
Other assets less liabilities–(0.2)%				(165,057	)

NET ASSETS–100.0%			$	75,589,938

(a)

Non-income producing security.

(b)

Affiliated investments.

(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.

See notes to financial statements.


GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $46,279,058)	$	71,614,830
Affiliated issuers (cost $4,140,165)		4,140,165
Cash		3,366
Unaffiliated dividends and interest receivable		13,470
Affiliated dividends receivable		1,889
Receivable for capital stock sold		1,678

Total assets		75,775,398

LIABILITIES
Advisory fee payable		48,417
Payable for investment securities purchased		39,425
Payable for capital stock redeemed		21,958
Audit and tax fee payable		18,478
Printing fee payable		11,905
Custody fee payable		11,419
Legal fee payable		10,998
Distribution fee payable		8,853
Administrative fee payable		8,700
Directors’ fees payable		437
Transfer Agent fee payable		87
Accrued expenses		4,783

Total liabilities		185,460

NET ASSETS	$	75,589,938

COMPOSITION OF NET ASSETS
Capital stock, at par	$	1,969
Additional paid-in capital		33,305,431
Accumulated net investment loss		(245,755	)
Accumulated net realized gain on investment transactions		17,192,521
Net unrealized appreciation on investments		25,335,772

	$	75,589,938

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	34,556,853		871,135	$	39.67
B	$	41,033,085		1,097,805	$	37.38

See notes to financial statements.


GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	190,286
Affiliated issuers		8,458
Interest		3,308

		202,052

EXPENSES
Advisory fee (see Note B)		275,315
Distribution fee—Class B		50,986
Transfer agency—Class A		1,107
Transfer agency—Class B		1,387
Custodian		32,028
Administrative		26,579
Audit and tax		20,427
Legal		14,460
Directors’ fees		12,794
Printing		11,561
Miscellaneous		2,095

Total expenses		448,739
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(932	)

Net expenses		447,807

Net investment loss		(245,755	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		8,035,031
Net change in unrealized appreciation/depreciation of investments		(196,160	)

Net gain on investment transactions		7,838,871

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	7,593,116

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(245,755	)	$	(482,563	)
Net realized gain on investment transactions		8,035,031			9,474,239
Net change in unrealized appreciation/depreciation of investments		(196,160	)		10,610,044

Net increase in net assets from operations		7,593,116			19,601,720
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(1,334,624	)
Class B		–0	–		(2,084,488	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(2,179,468	)		(7,779,591	)
CAPITAL CONTRIBUTIONS
Proceeds from regulatory settlement (see Note F)		–0	–		102,075

Total increase		5,413,648			8,505,092
NET ASSETS
Beginning of period		70,176,290			61,671,198

End of period (including accumulated net investment loss of ($245,755) and undistributed net investment income of $0, respectively)	$	75,589,938		$	70,176,290

See notes to financial statements.


GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.


		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

71,614,830

–0

–

–0

–

71,614,830

Short-Term Investments

4,140,165

–0

–

–0

–

4,140,165

Total Investments in Securities

75,754,995

–0

–

–0

–

75,754,995

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

75,754,995

–0

–

–0

–

75,754,995

(a)

See Portfolio of Investments for sector classifications.

(b)

(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.


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

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions


		AB Variable Products Series Fund

6. Class Allocations

7. Dividends and Distributions

NOTE B: Advisory Fee and Other Transactions with Affiliates

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	4,549	$	409	$	4,140	$	2
Government Money Market Portfolio*		1,101		4,741		5,842		0		6

Total							$	4,140	$	8

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $4,786, 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


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

services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	13,875,432		$	19,885,169
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	25,369,136
Gross unrealized depreciation		(33,364	)

Net unrealized appreciation	$	25,335,772

1. Derivative Financial Instruments

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2018.

2. Currency Transactions

NOTE E: Securities Lending


		AB Variable Products Series Fund

by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, 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 $6,569 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $707. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		92,341			85,190		$	3,473,548		$	2,782,413
Shares issued in reinvestment of distributions		–0	–		42,142			–0	–		1,334,624
Shares redeemed		(67,389	)		(162,782	)		(2,535,718	)		(5,200,532	)

Net increase (decrease)		24,952			(35,450	)	$	937,830		$	(1,083,495	)

Class B
Shares sold		14,303			30,476		$	513,621		$	942,367
Shares issued in reinvestment of distributions		–0	–		69,692			–0	–		2,084,488
Shares redeemed		(101,705	)		(311,402	)		(3,630,919	)		(9,722,951	)

Net decrease		(87,402	)		(211,234	)	$	(3,117,298	)	$	(6,696,096	)

For the year ended December 31, 2017, the Portfolio recorded $102,075 related to settlements 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 June 30, 2018, certain shareholders of the Portfolio owned 75% 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


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

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	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.

NOTE J: Subsequent Event



GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	Class A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$35.73			$27.95			$31.05			$34.47			$31.03			$23.22


Income From Investment Operations
Net investment loss(a)		(.10	)(b)		(.18	)(b)		(.07	)(b)†		(.08	)		(.09	)		(.03	)
Net realized and unrealized gain on investment and foreign currency transactions		4.04			9.61			.54			3.18			4.15			7.92
Capital contributions		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase in net asset value from operations		3.94			9.43			.47			3.10			4.06			7.89


Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		–0	–		(.08	)
Distributions from net realized gain on investment transactions		–0	–		(1.65	)		(3.57	)		(6.52	)		(.62	)		–0	–

Total dividends and distributions		–0	–		(1.65	)		(3.57	)		(6.52	)		(.62	)		(.08	)

Net asset value, end of period		$39.67			$35.73			$27.95			$31.05			$34.47			$31.03


Total Return
Total investment return based on net asset value(d)*		11.03	%		34.51	%		1.12	%†		9.06	%		13.28	%		34.01	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$34,557			$30,230			$24,645			$27,060			$28,141			$28,650
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08	%^		1.12	%		1.15	%		1.09	%		1.08	%		1.06	%
Expenses, before waivers/reimbursements		1.08	%^		1.12	%		1.15	%		1.09	%		1.08	%		1.06	%
Net investment loss		(.53	)%(b)^		(.57	)%(b)		(.23	)%(b)†		(.24	)%		(.28	)%		(.10	)%
Portfolio turnover rate		20	%		42	%		57	%		51	%		66	%		63	%

See footnote summary on page 16.


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

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


	Class B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$33.70			$26.51			$29.70			$33.30			$30.08			$22.50


Income From Investment Operations
Net investment loss(a)		(.14	)(b)		(.25	)(b)		(.13	)(b)†		(.16	)		(.16	)		(.09	)
Net realized and unrealized gain on investment and foreign currency transactions		3.82			9.09			.51			3.08			4.00			7.68
Capital contributions		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase in net asset value from operations		3.68			8.84			.38			2.92			3.84			7.59


Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		–0	–		(.01	)
Distributions from net realized gain on investment transactions		–0	–		(1.65	)		(3.57	)		(6.52	)		(.62	)		–0	–

Total dividends and distributions		–0	–		(1.65	)		(3.57	)		(6.52	)		(.62	)		(.01	)

Net asset value, end of period		$37.38			$33.70			$26.51			$29.70			$33.30			$30.08


Total Return
Total investment return based on net asset value(d)*		10.92	%		34.15	%		.85	%†		8.82	%		12.96	%		33.72	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$41,033			$39,946			$37,026			$43,383			$46,330			$51,993
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.33	%^		1.37	%		1.40	%		1.34	%		1.33	%		1.31	%
Expenses, before waivers/reimbursements		1.33	%^		1.37	%		1.40	%		1.34	%		1.33	%		1.31	%
Net investment loss		(.78	)%(b)^		(.82	)%(b)		(.48	)%(b)†		(.49	)%		(.52	)%		(.35	)%
Portfolio turnover rate		20	%		42	%		57	%		51	%		66	%		63	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.0005.

(d)

†

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


Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.015		.05	%		.05	%

Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the six months ended June 30, 2018 and years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by .05%, .11%, .01%, .06%, .03% and .06%, respectively.

Includes the impact of proceeds recorded and credited to the Portfolio resulting from a regulatory settlement, which enhanced the Portfolio’s performance for the year ended December 31, 2017 by .14%.

Annualized.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


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

Fall-Out Benefits

Investment Results

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 February 28, 2018 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee 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 materials from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another 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 clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions; (iii) must prepare and distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.


		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

VPS-GTH-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



GROWTH & INCOME PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	993.40	$	2.92		0.59	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.87	$	2.96		0.59	%

Class B
Actual	$	1,000	$	992.10	$	4.15		0.84	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.63	$	4.21		0.84	%

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


GROWTH & INCOME PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
JPMorgan Chase & Co.	$	36,861,792		3.7	%
Walt Disney Co. (The)		36,115,430		3.6
Berkshire Hathaway, Inc.—Class B		35,706,518		3.6
Verizon Communications, Inc.		32,623,017		3.3
DR Horton, Inc.		31,501,120		3.1
Raytheon Co.		28,913,251		2.9
Citigroup, Inc.		27,422,478		2.7
Walgreens Boots Alliance, Inc.		25,890,471		2.6
Cigna Corp.		23,900,068		2.4
Southwest Airlines Co.		23,591,530		2.3

	$	302,525,675		30.2	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	213,256,435		21.2	%
Consumer Discretionary		144,926,632		14.4
Health Care		142,632,283		14.1
Industrials		102,237,794		10.1
Energy		75,824,870		7.5
Information Technology		64,245,847		6.4
Consumer Staples		61,432,553		6.1
Telecommunication Services		48,555,228		4.8
Real Estate		24,968,497		2.5
Materials		18,545,024		1.8
Short-Term Investments		112,227,826		11.1

Total Investments	$	1,008,852,989		100.0	%

Long-term investments.

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


GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–89.3%
FINANCIALS–21.3%
BANKS–7.0%
Citigroup, Inc.		409,780	$	27,422,478
JPMorgan Chase & Co.		353,760		36,861,792
Wells Fargo & Co.		108,510		6,015,794

				70,300,064

CAPITAL MARKETS–4.0%
Goldman Sachs Group, Inc. (The)		71,700		15,814,869
Northern Trust Corp.		151,659		15,604,195
State Street Corp.		92,600		8,620,134

				40,039,198

DIVERSIFIED FINANCIAL SERVICES–3.6%
Berkshire Hathaway, Inc.–Class B(a)		191,302		35,706,518

INSURANCE–6.7%
Aflac, Inc.		271,440		11,677,349
Allstate Corp. (The)		159,030		14,514,668
Chubb Ltd.		44,380		5,637,148
FNF Group		369,570		13,903,223
Reinsurance Group of America, Inc.–Class A		160,910		21,478,267

				67,210,655

				213,256,435

CONSUMER DISCRETIONARY–14.4%
AUTO COMPONENTS–0.4%
BorgWarner, Inc.		87,170		3,762,257

HOTELS, RESTAURANTS & LEISURE–0.8%
Royal Caribbean Cruises Ltd.		73,810		7,646,716

HOUSEHOLD DURABLES–3.9%
DR Horton, Inc.		768,320		31,501,120
Garmin Ltd.		134,940		8,231,340

				39,732,460

MEDIA–7.2%
Comcast Corp.–Class A		608,540		19,966,197
Discovery, Inc.–Class A(a)(b)		607,314		16,701,135
Walt Disney Co. (The)		344,580		36,115,430

				72,782,762

SPECIALTY RETAIL–1.3%
Ross Stores, Inc.		68,300		5,788,425
Tractor Supply Co.		96,184		7,357,114

				13,145,539

TEXTILES, APPAREL & LUXURY GOODS–0.8%
VF Corp.		96,380		7,856,898

				144,926,632

HEALTH CARE–14.2%
BIOTECHNOLOGY–4.0%
Biogen, Inc.(a)		81,105		23,539,915


Company	Shares		U.S. $ Value

Celgene Corp.(a)		88,980	$	7,066,792
Gilead Sciences, Inc.		137,460		9,737,666

				40,344,373

HEALTH CARE PROVIDERS & SERVICES–4.5%
Aetna, Inc.		40,210		7,378,535
Anthem, Inc.		57,850		13,770,036
Cigna Corp.		140,630		23,900,068

				45,048,639

PHARMACEUTICALS–5.7%
Eli Lilly & Co.		270,340		23,068,112
Pfizer, Inc.		614,380		22,289,706
Roche Holding AG (Sponsored ADR)		430,020		11,881,453

				57,239,271

				142,632,283

INDUSTRIALS–10.2%
AEROSPACE & DEFENSE–2.9%
Raytheon Co.		149,670		28,913,251

AIRLINES–3.7%
Copa Holdings SA–Class A		61,390		5,808,722
Delta Air Lines, Inc.		153,610		7,609,839
Southwest Airlines Co.		463,670		23,591,530

				37,010,091

CONSTRUCTION & ENGINEERING–0.4%
Jacobs Engineering Group, Inc.		59,593		3,783,559

MACHINERY–1.4%
Crane Co.		110,630		8,864,782
PACCAR, Inc.		93,220		5,775,911

				14,640,693

ROAD & RAIL–1.8%
Kansas City Southern		54,690		5,794,952
Norfolk Southern Corp.		80,170		12,095,248

				17,890,200

				102,237,794

ENERGY–7.6%
ENERGY EQUIPMENT & SERVICES–2.4%
Dril-Quip, Inc.(a)		115,645		5,944,153
National Oilwell Varco, Inc.		92,370		4,008,858
Oil States International, Inc.(a)		161,126		5,172,145
TechnipFMC PLC		282,930		8,980,198

				24,105,354

OIL, GAS & CONSUMABLE FUELS–5.2%
Apache Corp.		95,188		4,450,039
ConocoPhillips		204,250		14,219,885
Exxon Mobil Corp.		197,640		16,350,757


GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Noble Energy, Inc.		473,323	$	16,698,835

				51,719,516

				75,824,870

INFORMATION TECHNOLOGY–6.4%
COMMUNICATIONS EQUIPMENT–2.2%
Cisco Systems, Inc.		385,250		16,577,308
F5 Networks, Inc.(a)		32,720		5,642,564

				22,219,872

IT SERVICES–2.0%
Amdocs Ltd.		117,690		7,789,901
International Business Machines Corp.		83,500		11,664,950

				19,454,851

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.6%
Intel Corp.		254,632		12,657,757
QUALCOMM, Inc.		65,570		3,679,788

				16,337,545

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.6%
Apple, Inc.		33,675		6,233,579

				64,245,847

CONSUMER STAPLES–6.1%
FOOD & STAPLES RETAILING–4.7%
Walgreens Boots Alliance, Inc.		431,400		25,890,471
Walmart, Inc.		252,697		21,643,498

				47,533,969

TOBACCO–1.4%
Philip Morris International, Inc.		172,140		13,898,584

				61,432,553

TELECOMMUNICATION SERVICES–4.8%
DIVERSIFIED TELECOMMUNICATION SERVICES–4.8%
AT&T, Inc.		496,176		15,932,211
Verizon Communications, Inc.		648,440		32,623,017

				48,555,228

REAL ESTATE–2.5%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–0.9%
Liberty Property Trust		201,880		8,949,340

REAL ESTATE MANAGEMENT & DEVELOPMENT–1.6%
CBRE Group, Inc.-Class A(a)		335,550		16,019,157

				24,968,497


Company	Shares		U.S. $ Value

MATERIALS–1.8%
METALS & MINING–1.8%
Newmont Mining Corp.		491,780	$	18,545,024

Total Common Stocks (cost $794,448,619)				896,625,163

SHORT-TERM INVESTMENTS–11.2%
INVESTMENT COMPANIES–11.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $112,227,826)		112,227,826		112,227,826

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.5% (cost $906,676,445)				1,008,852,989

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.8%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $17,763,935)		17,763,935		17,763,935

TOTAL INVESTMENTS–102.3% (cost $924,440,380)				1,026,616,924
Other assets less liabilities–(2.3)%				(23,308,445	)

NET ASSETS–100.0%			$	1,003,308,479

(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.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.


GROWTH & INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $794,448,619)	$	896,625,163	(a)
Affiliated issuers (cost $129,991,761—including investment of cash collateral for securities loaned of $17,763,935)		129,991,761
Receivable for investment securities sold		5,897,675
Unaffiliated dividends and interest receivable		626,692
Receivable for capital stock sold		104,630
Affiliated dividends receivable		55,174

Total assets		1,033,301,095

LIABILITIES
Payable for collateral received on securities loaned		17,763,935
Payable for investment securities purchased		10,901,398
Payable for capital stock redeemed		505,666
Advisory fee payable		465,733
Distribution fee payable		184,052
Administrative fee payable		8,554
Directors’ fees payable		437
Transfer Agent fee payable		97
Accrued expenses		162,744

Total liabilities		29,992,616

NET ASSETS	$	1,003,308,479

COMPOSITION OF NET ASSETS
Capital stock, at par	$	30,687
Additional paid-in capital		704,455,455
Undistributed net investment income		12,651,568
Accumulated net realized gain on investment transactions		183,994,225
Net unrealized appreciation on investments		102,176,544

	$	1,003,308,479

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	147,475,109		4,451,750	$	33.13
B	$	855,833,370		26,235,032	$	32.62

(a)

Includes securities on loan with a value of $16,701,135 (see Note E).

See notes to financial statements.


GROWTH & INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $185,767)	$	8,475,890
Affiliated issuers		159,614
Interest		129,467

		8,764,971

EXPENSES
Advisory fee (see Note B)		2,849,433
Distribution fee—Class B		1,103,727
Transfer agency—Class A		673
Transfer agency—Class B		3,879
Custodian		81,451
Printing		55,568
Legal		32,772
Administrative		26,580
Audit and tax		21,053
Directors’ fees		12,794
Miscellaneous		15,014

Total expenses		4,202,944
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(17,405	)

Net expenses		4,185,539

Net investment income		4,579,432

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		71,872,144
Net change in unrealized appreciation/depreciation of investments		(83,742,009	)

Net loss on investment transactions		(11,869,865	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(7,290,433	)

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,579,432		$	8,001,538
Net realized gain on investment transactions		71,872,144			116,524,792
Net change in unrealized appreciation/depreciation of investments		(83,742,009	)		57,076,365

Net increase (decrease) in net assets from operations		(7,290,433	)		181,602,695
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(2,170,398	)
Class B		–0	–		(11,357,608	)
Net realized gain on investment transactions
Class A		–0	–		(12,844,972	)
Class B		–0	–		(78,677,989	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(55,515,233	)		(53,100,913	)
CAPITAL CONTRIBUTIONS
Proceeds from regulatory settlement (see Note F)		–0	–		73,379

Total increase (decrease)		(62,805,666	)		23,524,194
NET ASSETS
Beginning of period		1,066,114,145			1,042,589,951

End of period (including undistributed net investment income of $12,651,568 and $8,072,136, respectively)	$	1,003,308,479		$	1,066,114,145

See notes to financial statements.


GROWTH & INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth & Income Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation


		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

896,625,163

–0

–

–0

–

896,625,163

Short-Term Investments

112,227,826

–0

–

–0

–

112,227,826

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

17,763,935

–0

–

–0

–

17,763,935

Total Investments in Securities

1,026,616,924

–0

–

–0

–

1,026,616,924

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

1,026,616,924

–0

–

–0

–

1,026,616,924

(a)

See Portfolio of Investments for sector classifications.

(b)

(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.


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

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions


		AB Variable Products Series Fund

6. Class Allocations

7. Dividends and Distributions

NOTE B: Advisory Fee and Other Transactions with Affiliates

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	127,076	$	14,848	$	112,228	$	56
Government Money Market Portfolio*		20,366		96,267		98,869		17,764		104

Total							$	129,992	$	160

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $238,848, 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


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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	438,002,065		$	485,365,888
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	119,000,947
Gross unrealized depreciation		(16,824,403	)

Net unrealized appreciation	$	102,176,544

1. Derivative Financial Instruments

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2018.

2. Currency Transactions

NOTE E: Securities Lending


		AB Variable Products Series Fund

by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, the Portfolio had securities on loan with a value of $16,701,135 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $17,763,935. 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 $104,440 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $10,841. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		231,417			537,077		$	7,731,978		$	17,105,671
Shares issued in reinvestment of dividends and distributions		–0	–		502,186			–0	–		15,015,370
Shares redeemed		(556,803	)		(1,257,989	)		(18,625,055	)		(40,491,419	)

Net decrease		(325,386	)		(218,726	)	$	(10,893,077	)	$	(8,370,378	)

Class B
Shares sold		577,420			1,205,291		$	19,023,055		$	38,159,810
Shares issued in reinvestment of dividends and distributions		–0	–		3,051,020			–0	–		90,035,597
Shares redeemed		(1,918,499	)		(5,445,755	)		(63,645,211	)		(172,925,942	)

Net decrease		(1,341,079	)		(1,189,444	)	$	(44,622,156	)	$	(44,730,535	)

For the year ended December 31, 2017, the Portfolio recorded $73,379 related to settlements 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.

NOTE G: Risks Involved in Investing in the Portfolio

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


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

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.

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	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.

NOTE J: Subsequent Events



GROWTH & INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018			Year Ended December 31,



	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$33.35			$31.21			$30.12			$30.04			$27.80			$20.88


Income From Investment Operations
Net investment income (a)		.18	(b)		.31	(b)		.43	(b)†		.37			.40			.33
Net realized and unrealized gain (loss) on investment transactions		(.40	)		5.21			2.84			.14			2.23			6.92
Capital contributions		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.22	)		5.52			3.27			.51			2.63			7.25


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.49	)		(.32	)		(.43	)		(.39	)		(.33	)
Distributions from net realized gain on investment transactions		–0	–		(2.89	)		(1.86	)		–0	–		–0	–		–0	–

Total dividends and distributions		–0	–		(3.38	)		(2.18	)		(.43	)		(.39	)		(.33	)

Net asset value, end of period		$33.13			$33.35			$31.21			$30.12			$30.04			$27.80


Total Return
Total investment return based on net asset value (d)		(.66	)%		18.93	%*		11.30	%†*		1.70	%*		9.54	%*		34.96	%*


Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$147,475			$159,324			$155,924			$150,801			$168,135			$164,154
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.59	%^		.60	%		.61	%		.60	%		.60	%		.60	%
Expenses, before waivers/reimbursements		.60	%^		.60	%		.61	%		.60	%		.60	%		.60	%
Net investment income		1.10	%(b)^		.97	%(b)		1.46	%(b)†		1.21	%		1.39	%		1.35	%
Portfolio turnover rate		47	%		85	%		101	%		73	%		51	%		63	%

See footnote summary on page 16.


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

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


	CLASS B
	Six Months Ended June 30, 2018			Year Ended December 31,



	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$32.88			$30.82			$29.78			$29.71			$27.49			$20.66


Income From Investment Operations
Net investment income (a)		.14	(b)		.23	(b)		.36	(b)†		.29			.32			.27
Net realized and unrealized gain (loss) on investment transactions		(.40	)		5.14			2.79			.14			2.22			6.83
Capital contributions		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.26	)		5.37			3.15			.43			2.54			7.10


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.42	)		(.25	)		(.36	)		(.32	)		(.27	)
Distributions from net realized gain on investment transactions		–0	–		(2.89	)		(1.86	)		–0	–		–0	–		–0	–

Total dividends and distributions		–0	–		(3.31	)		(2.11	)		(.36	)		(.32	)		(.27	)

Net asset value, end of period		$32.62			$32.88			$30.82			$29.78			$29.71			$27.49


Total Return
Total investment return based on net asset value (d)		(.79	)%		18.59	%*		11.07	%†*		1.43	%*		9.29	%*		34.59	%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$855,833			$906,790			$886,666			$646,424			$701,442			$709,257
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.84	%^		.85	%		.86	%		.85	%		.85	%		.85	%
Expenses, before waivers/reimbursements		.85	%^		.85	%		.86	%		.85	%		.85	%		.85	%
Net investment income		.85	%(b)^		.72	%(b)		1.21	%(b)†		.96	%		1.14	%		1.11	%
Portfolio turnover rate		47	%		85	%		101	%		73	%		51	%		63	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.005.

(d)

†

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

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 .68%, .03%, .14%, .11% and .08%, respectively.

Includes the impact of proceeds recorded and credited to the Portfolio resulting from a regulatory settlement, which enhanced the Portfolio’s performance for the years ended December 31, 2017 by .01%.

Annualized.

See notes to financial statements.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


GROWTH & INCOME PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)		AB Variable Products Series Fund

profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in 2016. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund in 2017 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 recent profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

At the Meeting, the directors reviewed performance information prepared by an 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 February 28, 2018 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 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 materials from the Fund’s Senior Analyst 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; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.


		AB Variable Products Series Fund

Economies of Scale

VPS-GI-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



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

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.


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	986.70	$	5.57		1.13	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.19	$	5.66		1.13	%

Class B
Actual	$	1,000	$	985.60	$	6.79		1.38	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.95	$	6.90		1.38	%

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


INTERMEDIATE BOND PORTFOLIO
TOP TEN SECTORS (including derivatives)¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Corporates—Investment Grade²	24.5	%
Governments—Treasuries³	21.5
Mortgage Pass—Throughs	20.4
Commercial Mortgage-Backed Securities	12.9
Asset-Backed Securities	10.3
Collateralized Mortgage Obligations	7.2
Inflation-Linked Securities	5.4
Agencies	3.2
Investment Companies	2.1
Interest Rate Swaps⁴	(12.6	)

SECTOR BREAKDOWN (excluding derivatives)⁵

June 30, 2018 (unaudited)


Corporates—Investment Grade	22.5	%
Mortgage Pass-Throughs	18.8
Commercial Mortgage-Backed Securities	10.5
Asset-Backed Securities	9.4
Governments—Treasuries	7.6
Collateralized Mortgage Obligations	6.6
Inflation-Linked Securities	4.9
Corporates—Non-Investment Grade	3.5
Agencies	2.9
Emerging Markets—Treasuries	0.6
Local Governments— US Municipal Bonds	0.6
Emerging Markets—Corporate Bonds	0.5
Governments—Sovereign Bonds	0.4
Short-Term Investments	10.8
Other⁶	0.4

All data are as of June 30, 2018. 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.

Includes Credit Default Swaps

Includes Treasury Futures

Represents the exposure of the Portfolio’s fixed-rate payments on the Interest Rate Swaps. Interest Rate Swaps involve the exchange by a fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments).

All data are as of June 30, 2018. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

“Other” represents less than 0.2% weightings in the following security types: Options Purchased—Calls, Preferred Stocks and Quasi-Sovereigns.


INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


	Principal Amount (000)			U.S. $ Value

CORPORATES–INVESTMENT GRADE–24.5%
FINANCIAL INSTITUTIONS–13.5%
BANKING–12.3%
Banco Santander SA 3.25%, 4/04/26(a)		EUR	200	$	241,891
3.50%, 4/11/22		U.S.$	200		195,072
Bank of America Corp. 2.881%, 4/24/23			145		141,007
4.45%, 3/03/26			25		25,033
Series DD 6.30%, 3/10/26(b)			27		28,551
Series FF 5.875%, 3/15/28(b)			5		4,895
Series L 3.95%, 4/21/25			360		352,537
Series Z 6.50%, 10/23/24(b)			41		43,517
Bank of Nova Scotia (The) 2.50%, 1/08/21			26		25,528
Banque Federative du Credit Mutuel SA 2.75%, 10/15/20(a)			200		197,490
BB&T Corp. 2.625%, 6/29/20			45		44,530
BNP Paribas SA 3.80%, 1/10/24(a)			200		195,540
Capital One Financial Corp. 3.30%, 10/30/24			135		128,775
Citigroup, Inc. 4.044%, 6/01/24			299		300,821
Commonwealth Bank of Australia 2.25%, 3/10/20(a)			52		51,219
Compass Bank 5.50%, 4/01/20			250		257,437
Cooperatieve Rabobank UA 4.375%, 8/04/25			250		245,177
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23			265		262,048
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			118		113,599
3.75%, 5/22/25			53		51,719
3.85%, 7/08/24			210		208,207
Series D 6.00%, 6/15/20			195		205,041
HSBC Holdings PLC 4.25%, 8/18/25			203		199,403
JPMorgan Chase & Co. 3.22%, 3/01/25			140		135,051
3.54%, 5/01/28			255		244,012
Lloyds Banking Group PLC 4.582%, 12/10/25			200		196,124
Manufacturers & Traders Trust Co. 2.625%, 1/25/21			250		246,015


	Principal Amount (000)			U.S. $ Value

Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26		U.S.$	200	$	199,106
Morgan Stanley 3.737%, 4/24/24			75		74,678
5.00%, 11/24/25			60		62,123
Series G 4.35%, 9/08/26			186		183,524
MUFG Bank Ltd. 2.30%, 3/05/20(a)			200		196,980
PNC Bank NA 2.60%, 7/21/20			250		246,992
Santander Holdings USA, Inc. 4.40%, 7/13/27			140		133,960
UBS AG/Stamford CT 7.625%, 8/17/22			250		275,860
UBS Group Funding Switzerland AG 4.125%, 9/24/25(a)			200		198,738
US Bancorp Series J 5.30%, 4/15/27(b)			63		62,767
Wells Fargo & Co. 3.069%, 1/24/23			113		109,812

					6,084,779

FINANCE–0.3%
Synchrony Financial 3.95%, 12/01/27			135		124,655

INSURANCE–0.5%
American International Group, Inc. Series A-9 5.75%, 4/01/48			57		55,919
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20			31		32,205
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)			35		55,088
New York Life Global Funding 1.95%, 2/11/20(a)			129		126,818

					270,030

REITS–0.4%
American Tower Corp. 3.40%, 2/15/19			35		35,103
Host Hotels & Resorts LP Series D 3.75%, 10/15/23			6		5,879
Welltower, Inc. 4.00%, 6/01/25			146		143,325

					184,307

					6,663,771

INDUSTRIAL–10.1%
BASIC–1.3%
Eastman Chemical Co. 3.80%, 3/15/25			50		49,497


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


	Principal Amount (000)			U.S. $ Value

Glencore Funding LLC 4.125%, 5/30/23(a)		U.S.$	58	$	57,860
Mosaic Co. (The) 5.625%, 11/15/43			40		40,245
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(a)			260		251,225
Vale Overseas Ltd. 6.25%, 8/10/26			135		146,480
Yamana Gold, Inc. 4.95%, 7/15/24			81		80,922

					626,229

CAPITAL GOODS–0.3%
Embraer Netherlands Finance BV 5.40%, 2/01/27			85		87,975
General Electric Co. Series D 5.00%, 1/21/21(b)			40		39,494

					127,469

COMMUNICATIONS–MEDIA–0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			135		136,322
Cox Communications, Inc. 2.95%, 6/30/23(a)			51		48,409
Time Warner Cable LLC 4.125%, 2/15/21			200		201,310
Warner Media LLC 4.875%, 3/15/20			53		54,375

					440,416

COMMUNICATIONS–TELECOMMUNICATIONS–1.4%
AT&T, Inc. 3.40%, 5/15/25			310		291,074
4.125%, 2/17/26			147		143,535
Crown Castle Towers LLC 4.883%, 8/15/20(a)			39		39,893
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	27		21,307
Verizon Communications, Inc. 4.862%, 8/21/46		U.S.$	75		70,231
Vodafone Group PLC 3.75%, 1/16/24			40		39,640
4.125%, 5/30/25			88		87,689

					693,369

CONSUMER CYCLICAL–AUTOMOTIVE–0.3%
General Motors Financial Co., Inc. 3.10%, 1/15/19			110		110,114
4.00%, 1/15/25			23		22,392
4.30%, 7/13/25			30		29,508

					162,014


	Principal Amount (000)			U.S. $ Value

CONSUMER NON-CYCLICAL–2.0%
Becton Dickinson and Co. 3.734%, 12/15/24		U.S.$	40	$	39,062
Biogen, Inc. 4.05%, 9/15/25			144		144,646
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			2		2,100
CVS Health Corp. 4.10%, 3/25/25			60		59,699
4.30%, 3/25/28			60		59,176
Danone SA 1.691%, 10/30/19(a)			200		196,576
Medtronic, Inc. 3.50%, 3/15/25			195		192,713
Reynolds American, Inc. 6.875%, 5/01/20			50		53,072
Tyson Foods, Inc. 2.65%, 8/15/19			39		38,846
3.95%, 8/15/24			123		122,764
Zimmer Biomet Holdings, Inc. 2.70%, 4/01/20			51		50,521
Zoetis, Inc. 3.45%, 11/13/20			45		45,132

					1,004,307

ENERGY–2.0%
Cenovus Energy, Inc. 3.00%, 8/15/22			12		11,487
5.70%, 10/15/19			36		36,928
Encana Corp. 3.90%, 11/15/21			45		45,315
Enterprise Products Operating LLC 3.70%, 2/15/26			161		157,907
5.20%, 9/01/20			55		57,254
Hess Corp. 4.30%, 4/01/27			109		105,158
Noble Energy, Inc. 3.90%, 11/15/24			107		105,497
4.15%, 12/15/21			40		40,641
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			137		129,917
Sabine Pass Liquefaction LLC 5.00%, 3/15/27			80		81,642
TransCanada PipeLines Ltd. 9.875%, 1/01/21			108		124,442
Williams Partners LP 4.125%, 11/15/20			97		98,269

					994,457

SERVICES–0.6%
Expedia Group, Inc. 3.80%, 2/15/28			94		86,311
S&P Global, Inc. 4.40%, 2/15/26			127		130,365
Total System Services, Inc. 3.75%, 6/01/23			19		18,822


		AB Variable Products Series Fund


	Principal Amount (000)			U.S. $ Value

4.00%, 6/01/23		U.S.$	43	$	43,163

					278,661

TECHNOLOGY–1.3%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 1/15/24			28		27,103
3.875%, 1/15/27			62		58,728
Dell International LLC/EMC Corp. 5.45%, 6/15/23(a)			83		86,853
6.02%, 6/15/26(a)			78		81,964
KLA-Tencor Corp. 4.65%, 11/01/24			134		138,585
Lam Research Corp. 2.80%, 6/15/21			39		38,320
Motorola Solutions, Inc. 3.50%, 3/01/23			82		79,449
7.50%, 5/15/25			4		4,702
Seagate HDD Cayman 4.75%, 1/01/25			75		71,947
VMware, Inc. 2.95%, 8/21/22			45		43,161

					630,812

					4,957,734

UTILITY–0.9%
ELECTRIC–0.9%
Berkshire Hathaway Energy Co. 6.125%, 4/01/36			88		108,645
Enel Chile SA 4.875%, 6/12/28			68		68,376
Exelon Generation Co. LLC 2.95%, 1/15/20			81		80,698
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/24(a)			200		205,500

					463,219

Total Corporates–Investment Grade (cost $12,137,687)					12,084,724

MORTGAGE PASS-THROUGHS–20.4%
AGENCY FIXED RATE 15-YEAR–2.3%
Federal National Mortgage Association Series 2016 2.50%, 7/01/31–1/01/32			1,193		1,161,858

AGENCY FIXED RATE 30-YEAR–18.1%
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 1/01/35			79		85,822


	Principal Amount (000)		U.S. $ Value

Series 2007 5.50%, 7/01/35	U.S.$	22	$	24,056
Series 2016 4.00%, 2/01/46		237		243,831
Series 2017 4.00%, 7/01/44		187		192,723
Federal National Mortgage Association Series 2003 5.50%, 4/01/33–7/01/33		74		80,610
Series 2004 5.50%, 4/01/34–11/01/34		66		71,755
Series 2005 5.50%, 2/01/35		78		85,371
Series 2010 4.00%, 12/01/40		112		114,997
Series 2013 4.00%, 10/01/43		453		465,188
Series 2017 3.50%, 9/01/47–12/01/47		2,338		2,328,216
Series 2018 3.50%, 2/01/48–4/01/48		1,810		1,802,065
4.00%, 7/01/48, TBA		918		935,930
4.50%, 7/25/48, TBA		2,134		2,222,028
Government National Mortgage Association Series 1994 9.00%, 9/15/24		1		1,156
Series 2016 3.00%, 4/20/46		279		273,625

				8,927,373

Total Mortgage Pass-Throughs (cost $10,152,146)				10,089,231

COMMERCIAL MORTGAGE-BACKED SECURITIES–11.5%
NON-AGENCY FIXED RATE CMBS–9.1%
BHMS Commercial Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(a)		200		200,038
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/50		155		151,558
CFCRE Commercial Mortgage Trust Series 2016-C4, Class A4 3.283%, 5/10/58		115		111,312
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(a)		260		259,535


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


	Principal Amount (000)			U.S. $ Value

Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 2/10/48		U.S.$	144	$	139,990
Series 2015-GC35, Class A4 3.818%, 11/10/48			55		55,650
Series 2016-C1, Class A4 3.209%, 5/10/49			192		186,602
Series 2016-GC36, Class A5 3.616%, 2/10/49			65		64,884
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(a)			69		66,293
Series 2014-UBS3, Class A4 3.819%, 6/10/47			130		131,803
Series 2014-UBS5, Class A4 3.838%, 9/10/47			130		131,727
Series 2015-CR24, Class A5 3.696%, 8/10/48			65		65,139
Series 2015-DC1, Class A5 3.35%, 2/10/48			80		79,081
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 3.504%, 6/15/57			100		99,087
Series 2015-C3, Class A4 3.718%, 8/15/48			117		116,587
Series 2015-C4, Class A4 3.808%, 11/15/48			215		216,728
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(a)			229		228,173
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 4/10/31(a)			136		135,811
Series 2018-GS9, Class A4 3.992%, 3/10/51			75		76,244
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AM 5.372%, 5/15/47(c)			25		25,011
Series 2012-C6, Class D 5.312%, 5/15/45(c)			110		107,577
Series 2012-C6, Class E 5.312%, 5/15/45(a)(c)			132		115,814


	Principal Amount (000)			U.S. $ Value

JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class A5 3.775%, 8/15/47		U.S.$	100	$	101,386
Series 2014-C22, Class XA 1.046%, 9/15/47(d)			2,822		118,915
Series 2015-C30, Class A5 3.822%, 7/15/48			65		65,807
Series 2015-C31, Class A3 3.801%, 8/15/48			195		197,280
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39(c)			36		27,398
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 3/10/49(a)			159		153,688
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/49			100		98,931
UBS Commercial Mortgage Trust Series 2018-C10, Class A4 4.313%, 5/15/51			125		129,696
Series 2018-C8, Class A4 3.983%, 2/15/51			100		101,327
Series 2018-C9, Class A4 4.117%, 3/15/51			125		127,909
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/45			112		109,735
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.584%, 12/15/59(c)			85		82,063
Series 2016-NXS6, Class C 4.455%, 11/15/49(c)			100		98,367
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class XA 1.365%, 3/15/45(a)(d)			1,322		58,561
Series 2014-C20, Class A2 3.036%, 5/15/47			106		106,162
WFRBS Commercial Mortgage Trust Series 2014-C19, Class A5 4.101%, 3/15/47			130		134,269

					4,476,138


		AB Variable Products Series Fund


	Principal Amount (000)			U.S. $ Value

NON-AGENCY FLOATING RATE CMBS–2.4%
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 2.932% (LIBOR 1 Month + 0.95%), 6/15/35(a)(e)		U.S.$	100	$	99,935
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 3.073% (LIBOR 1 Month + 1.00%), 11/15/33(a)(c)(e)			185		186,708
BX Trust Series 2017-IMC, Class A 3.123% (LIBOR 1 Month + 1.05%), 10/15/32(a)(e)			135		135,111
Credit Suisse Mortgage Trust Series 2016-MFF, Class D 6.673% (LIBOR 1 Month + 4.60%), 11/15/33(a)(c)(e)			100		100,999
Great Wolf Trust Series 2017-WOLF, Class A 3.073% (LIBOR 1 Month + 0.85%), 9/15/34(a)(e)			93		93,003
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 3.773% (LIBOR 1 Month + 1.70%), 7/15/36(a)(e)			82		82,230
RETL Series 2018-RVP, Class A 3.173% (LIBOR 1 Month + 1.10%), 3/15/33(a)(e)			94		94,572
Starwood Retail Property Trust Series 2014-STAR, Class A 3.293% (LIBOR 1 Month + 1.22%), 11/15/27(a)(e)			180		180,472


	Principal Amount (000)		U.S. $ Value

Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class A 3.423% (LIBOR 1 Month + 1.35%), 6/15/29(a)(e)	U.S.$	211	$	211,063

				1,184,093

Total Commercial Mortgage-Backed Securities (cost $5,806,362)				5,660,231

ASSET-BACKED SECURITIES–10.3%
AUTOS–FIXED RATE–4.9%
Ally Auto Receivables Trust Series 2015-2, Class A3 1.49%, 11/15/19		19		18,808
AmeriCredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20		12		11,562
Series 2017-3, Class A2A 1.69%, 12/18/20		43		43,115
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A, Class A 2.97%, 2/20/20(a)		288		288,082
Series 2016-1A, Class A 2.99%, 6/20/22(a)		100		99,012
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19		6		6,174
DT Auto Owner Trust Series 2017-3A, Class A 1.73%, 8/17/20(a)		21		20,766
Series 2018-1A, Class A 2.59%, 5/17/21(a)		90		90,250
Exeter Automobile Receivables Trust Series 2016-3A, Class A 1.84%, 11/16/20(a)		9		9,047
Series 2016-3A, Class D 6.40%, 7/17/23(a)		100		103,533
Series 2017-1A, Class D 6.20%, 11/15/23(a)		100		102,821
Series 2017-2A, Class A 2.11%, 6/15/21(a)		30		30,066
Series 2017-3A, Class A 2.05%, 12/15/21(a)		75		74,892
Series 2017-3A, Class C 3.68%, 7/17/23(a)		60		60,016


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


	Principal Amount (000)		U.S. $ Value

Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/22(a)	U.S.$	125	$	124,970
Series 2017-3, Class A 1.88%, 10/15/21(a)		59		58,241
Ford Credit Auto Owner Trust Series 2014-2, Class A 2.31%, 4/15/26(a)		257		255,049
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22		198		195,310
Series 2016-1, Class A1 1.76%, 2/15/21		131		129,290
Series 2017-1, Class A1 2.07%, 5/15/22		115		112,971
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20		21		20,951
Hertz Vehicle Financing II LP Series 2015-1A, Class B 3.52%, 3/25/21(a)		115		114,460
Series 2017-1A, Class A 2.96%, 10/25/21(a)		125		123,452
Hertz Vehicle Financing LLC Series 2013-1A, Class A2 1.83%, 8/25/19(a)		162		161,522
Series 2018-2A, Class A Zero Coupon, 6/27/22(a)		125		124,987
Santander Drive Auto Receivables Trust Series 2017-3, Class A2 1.67%, 6/15/20		33		32,579
Westlake Automobile Receivables Trust Series 2018-1A, Class A1 1.75%, 2/15/19(a)		4		3,858

				2,415,784

OTHER ABS–FIXED RATE–2.9%
CLUB Credit Trust Series 2017-P1, Class B 3.56%, 9/15/23(a)(c)		100		99,570
Series 2017-P2, Class A 2.61%, 1/15/24(a)(c)		73		72,553
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21		36		35,964
Series 2015-A, Class A4 1.85%, 4/15/21		134		133,072
Consumer Loan Underlying Bond Credit Trust Series 2018-P1, Class A 3.39%, 7/15/25(a)(c)		100		99,924


	Principal Amount (000)		U.S. $ Value

Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(a)(c)	U.S.$	5	$	5,027
Series 2017-1A, Class A 2.827%, 3/15/24(a)(c)		28		28,215
Series 2017-2A, Class A 2.39%, 7/15/24(a)(c)		53		52,412
Series 2017-3A, Class A 2.36%, 12/15/24(a)(c)		62		61,521
Series 2017-3A, Class B 3.01%, 12/15/24(a)(c)		100		99,333
SBA Tower Trust Series 2015-1A,Class C 3.156%, 10/08/20(a)(c)		147		145,816
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(a)(c)		46		46,203
Series 2016-3, Class A 3.05%, 12/26/25(a)(c)		53		52,406
Series 2017-1, Class A 3.28%, 1/26/26(a)(c)		49		49,209
Series 2017-2, Class A 3.28%, 2/25/26(a)(c)		60		59,752
Series 2017-3, Class A 2.77%, 5/25/26(a)(c)		68		67,477
Series 2017-4, Class B 3.59%, 5/26/26(a)(c)		130		126,639
Series 2017-5, Class A2 2.78%, 9/25/26(a)(c)		110		108,245
SoFi Consumer Loan Program Trust Series 2018-1, Class A1 2.55%, 2/25/27(a)(c)		98		97,371

				1,440,709

CREDIT CARDS–FIXED RATE–1.9%
GE Capital Credit Card Master Note Trust Series 2012-2, Class A 2.22%, 1/15/22		232		231,637
Synchrony Credit Card Master Note Trust Series 2015-3, Class A 1.74%, 9/15/21		173		172,744
Series 2016-1, Class A 2.04%, 3/15/22		130		129,491
World Financial Network Credit Card Master Trust Series 2016-B, Class A 1.44%, 6/15/22		137		136,827
Series 2017-B, Class A 1.98%, 6/15/23		110		108,931
Series 2018-A, Class A 3.07%, 12/16/24		130		129,430

				909,060


		AB Variable Products Series Fund


	Principal Amount (000)			U.S. $ Value


AUTOS–FLOATING RATE–0.4%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 2.573% (LIBOR 1 Month + 0.50%), 7/15/20(a)(e)	U.S.$		214	$	214,011

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		56,006

HOME EQUITY LOANS–FLOATING RATE–0.1%
Asset Backed Funding Certificates Trust Series 2003-WF1, Class A2 3.216% (LIBOR 1 Month + 1.13%), 12/25/32(c)(e)			27		26,666

Total Asset-Backed Securities (cost $5,082,522)					5,062,236

GOVERNMENTS–TREASURIES–8.3%
SINGAPORE–0.5%
Singapore Government Bond 2.75%, 3/01/46		SGD	361		257,532

UNITED STATES–7.8%
U.S. Treasury Bonds
2.75%, 11/15/47		U.S.$	158		150,668
2.875%, 11/15/46			26		25,452
3.00%, 11/15/45			1,753		1,758,077
3.75%, 11/15/43			51		57,941
4.50%, 2/15/36			99		121,027
5.375%, 2/15/31			120		151,631
5.50%, 8/15/28			50		61,547
6.25%, 5/15/30			179		238,989
U.S. Treasury Notes
1.25%, 3/31/21			460		443,541
2.25%, 2/15/27			199		189,634
2.625%, 2/28/23			653		650,347

					3,848,854

Total Governments–Treasuries (cost $4,383,354)					4,106,386


	Principal Amount (000)		U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS–7.2%
RISK SHARE FLOATING RATE–4.6%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 8.591% (LIBOR 1 Month + 6.50%), 4/25/26(e)(f)	U.S.$	48	$	48,355
Bellemeade Re Ltd. Series 2017-1, Class M1 3.791% (LIBOR 1 Month + 1.70%), 10/25/27(a)(e)		120		120,086
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN4, Class M3 6.641% (LIBOR 1 Month + 4.55%), 10/25/24(e)		201		223,283
Series 2015-HQA1, Class M2 4.741% (LIBOR 1 Month + 2.65%), 3/25/28(e)		103		104,791
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M2 5.091% (LIBOR 1 Month + 3.00%), 7/25/24(e)		46		49,813
Series 2014-C04, Class 2M2 7.091% (LIBOR 1 Month + 5.00%), 11/25/24(e)		47		52,434
Series 2015-C01, Class 1M2 6.391% (LIBOR 1 Month + 4.30%), 2/25/25(e)		66		72,894
Series 2015-C01, Class 2M2 6.641% (LIBOR 1 Month + 4.55%), 2/25/25(e)		54		58,239
Series 2015-C02, Class 1M2 6.091% (LIBOR 1 Month + 4.00%), 5/25/25(e)		82		89,300


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


	Principal Amount (000)			U.S. $ Value

Series 2015-C02, Class 2M2 6.091% (LIBOR 1 Month + 4.00%), 5/25/25(e)		U.S.$	91	$	97,909
Series 2015-C03, Class 1M2 7.091% (LIBOR 1 Month + 5.00%), 7/25/25(e)			102		115,579
Series 2015-C03, Class 2M2 7.091% (LIBOR 1 Month + 5.00%), 7/25/25(e)			82		91,184
Series 2015-C04, Class 1M2 7.791% (LIBOR 1 Month + 5.70%), 4/25/28(e)			125		145,725
Series 2015-C04, Class 2M2 7.641% (LIBOR 1 Month + 5.55%), 4/25/28(e)			114		129,066
Series 2016-C01, Class 1M2 8.841% (LIBOR 1 Month + 6.75%), 8/25/28(e)			160		193,832
Series 2016-C01, Class 2M2 9.041% (LIBOR 1 Month + 6.95%), 8/25/28(e)			92		110,472
Series 2016-C02, Class 1M2 8.091% (LIBOR 1 Month + 6.00%), 9/25/28(e)			130		153,765
Series 2016-C03, Class 2M2 7.991% (LIBOR 1 Month + 5.90%), 10/25/28(e)			173		201,731
Series 2016-C05, Class 2M2 6.541% (LIBOR 1 Month + 4.45%), 1/25/29(e)			105		116,865
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 7.341% (LIBOR 1 Month + 5.25%), 11/25/25(e)(f)			46		52,242


	Principal Amount (000)		U.S. $ Value

Series 2015-WF1, Class 2M2 7.591% (LIBOR 1 Month + 5.50%), 11/25/25(e)(f)	U.S.$	20	$	23,737

				2,251,302

AGENCY FLOATING RATE–1.2%
Federal National Mortgage Association REMICs Series 2011-131, Class ST 4.449% (6.54%-LIBOR 1 Month), 12/25/41(e)(g)		173		30,777
Series 2012-70, Class SA 4.459% (6.55%-LIBOR 1 Month), 7/25/42(e)(g)		322		57,835
Series 2015-90, Class SL 4.059% (6.15%-LIBOR 1 Month), 12/25/45(e)(g)		350		53,062
Series 2016-77, Class DS 3.909% (6.00%-LIBOR 1 Month), 10/25/46(e)(g)		351		55,303
Series 2017-16, Class SG 3.959% (6.05%-LIBOR 1 Month), 3/25/47(e)(g)		344		56,621
Series 2017-26, Class TS 3.859% (6.95%-LIBOR 1 Month), 4/25/47(e)(g)		326		54,569
Series 2017-62, Class AS 4.059% (6.15%-LIBOR 1 Month), 8/25/47(e)(g)		341		56,107
Series 2017-81, Class SA 4.109% (6.20%-LIBOR 1 Month), 10/25/47(e)(g)		334		55,989
Series 2017-97, Class LS 4.109% (6.20%-LIBOR 1 Month), 12/25/47(e)(g)		341		62,380
Government National Mortgage Association Series 2017-134, Class SE 4.116% (6.20%-LIBOR 1 Month), 9/20/47(e)(g)		284		46,271
Series 2017-65, Class ST 4.066% (6.15%-LIBOR 1 Month), 4/20/47(e)(g)		330		58,653

				587,567

NON-AGENCY FIXED RATE–1.0%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35		19		18,263


		AB Variable Products Series Fund


	Principal Amount (000)		U.S. $ Value

Series 2005-57CB, Class 4A3 5.50%, 12/25/35	U.S.$	38	$	33,172
Series 2006-24CB, Class A16 5.75%, 6/25/36		73		61,903
Series 2006-28CB, Class A14 6.25%, 10/25/36		51		42,474
Series 2006-J1, Class 1A13 5.50%, 2/25/36		40		36,749
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37		25		21,273
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 3.853%, 5/25/35		43		43,260
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36		37		31,053
Series 2006-13, Class 1A19 6.25%, 9/25/36		20		16,968
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36		60		49,559
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.941%, 7/25/36		127		122,336
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37		34		27,569
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37		17		16,648

				521,227

NON-AGENCY FLOATING RATE–0.3%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 2.281% (LIBOR 1 Month + 0.19%), 12/25/36(e)		141		84,490


	Principal Amount (000)			U.S. $ Value

HomeBanc Mortgage Trust Series 2005-1, Class A1 2.341% (LIBOR 1 Month + 0.25%), 3/25/35(e)	U.S.$		49	$	43,419

					127,909

AGENCY FIXED RATE–0.1%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 2.583%, 5/28/35(c)			50		46,950

Total Collateralized Mortgage Obligations (cost $3,388,082)					3,534,955

INFLATION-LINKED SECURITIES–5.4%
JAPAN–1.2%
Japanese Government CPI Linked Bond Series 22 0.10%, 3/10/27		JPY	60,102		574,345

UNITED STATES–4.2%
U.S. Treasury Inflation Index 0.125%, 4/15/19-4/15/20 (TIPS)		U.S.$	1,229		1,220,132
0.375%, 7/15/25 (TIPS)			872		856,240

					2,076,372

Total Inflation-Linked Securities (cost $2,678,634)					2,650,717

CORPORATES–NON-INVESTMENT GRADE–3.8%
INDUSTRIAL–2.4%
BASIC–0.2%
NOVA Chemicals Corp. 5.25%, 8/01/23(a)			74		73,987

COMMUNICATIONS–MEDIA–0.4%
Altice France SA/France 5.375%, 5/15/22(a)		EUR	120		143,990
CSC Holdings LLC 6.75%, 11/15/21		U.S.$	30		31,429

					175,419

COMMUNICATIONS– TELECOMMUNICATIONS–0.5%
Sprint Capital Corp. 6.90%, 5/01/19			210		214,116
Windstream Services LLC/Windstream Finance Corp. 6.375%, 8/01/23			71		42,939

					257,055


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


	Principal Amount (000)		U.S. $ Value

CONSUMER CYCLICAL–OTHER–0.1%
KB Home 4.75%, 5/15/19	U.S.$	63	$	63,314

CONSUMER NON-CYCLICAL–0.3%
First Quality Finance Co., Inc. 4.625%, 5/15/21(a)		85		82,979
Spectrum Brands, Inc. 5.75%, 7/15/25		69		68,150

				151,129

ENERGY–0.6%
Antero Resources Corp. 5.125%, 12/01/22		16		16,026
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43		68		48,263
Nabors Industries, Inc. 5.50%, 1/15/23		113		109,126
PDC Energy, Inc. 5.75%, 5/15/26(a)		46		45,735
SM Energy Co. 6.50%, 1/01/23		9		9,128
Sunoco LP/Sunoco Finance Corp. 4.875%, 1/15/23(a)		69		66,231

				294,509

TECHNOLOGY–0.2%
Western Digital Corp. 4.75%, 2/15/26		98		95,204

TRANSPORTATION– SERVICES–0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(a)		52		47,610

				1,158,227

FINANCIAL INSTITUTIONS–1.3%
BANKING–1.1%
Barclays Bank PLC 6.86%, 6/15/32(a)(b)		29		32,569
CIT Group, Inc. 5.25%, 3/07/25		56		56,721
Citigroup, Inc. 5.95%, 1/30/23(b)		55		55,901
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22(b)		74		69,617
ING Groep NV 6.875%, 4/16/22(a)(b)		200		204,016


	Principal Amount (000)			U.S. $ Value

Royal Bank of Scotland Group PLC 2.006% (EURIBOR 3 Month + 2.33%), 9/30/18(a)(b)(e)		EUR	50	$	57,514
Standard Chartered PLC 3.869% (LIBOR 3 Month + 1.51%), 1/30/27(a)(b)(e)		U.S.$	100		87,232

					563,570

FINANCE–0.2%
Navient Corp. 6.625%, 7/26/21			95		98,253

					661,823

UTILITY–0.1%
ELECTRIC–0.1%
AES Corp./VA 4.00%, 3/15/21			49		48,819

Total Corporates–Non-Investment Grade (cost $1,966,060)					1,868,869

AGENCIES–3.2%
AGENCY DEBENTURES–3.2%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,550,221)			1,677		1,581,478

EMERGING MARKETS–TREASURIES–0.7%
ARGENTINA–0.1%
Argentina POM Politica Monetaria Series POM 32.223% (ARPP7DRR), 6/21/20(e)		ARS	900		31,774

BRAZIL–0.6%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/27		BRL	1,300		306,586

Total Emerging Markets–Treasuries (cost $377,263)					338,360

LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.6%
UNITED STATES–0.6%
State of California Series 2010 7.625%, 3/01/40 (cost $203,048)		U.S.$	200		294,968


		AB Variable Products Series Fund


	Principal Amount (000)		U.S. $ Value

EMERGING MARKETS–CORPORATE BONDS–0.5%
INDUSTRIAL–0.4%
CAPITAL GOODS–0.1%
Odebrecht Finance Ltd. 7.125%, 6/26/42(a)	U.S.$	200	$	70,822

ENERGY–0.3%
Petrobras Global Finance BV 5.75%, 2/01/29		78		68,477
6.125%, 1/17/22		2		2,037
6.25%, 3/17/24		63		62,386

				132,900

				203,722

UTILITY–0.1%
ELECTRIC–0.1%
Genneia SA 8.75%, 1/20/22(a)		35		33,907
Terraform Global Operating LLC 6.125%, 3/01/26(a)		21		20,816

				54,723

Total Emerging Markets–Corporate Bonds (cost $263,698)				258,445

GOVERNMENTS–SOVEREIGN BONDS–0.4%
QATAR–0.4%
Qatar Government International Bond 3.875%, 4/23/23(a) (cost $198,691)		200		199,854

QUASI-SOVEREIGNS–0.2%
QUASI-SOVEREIGN BONDS–0.2%
MEXICO–0.2%
Petroleos Mexicanos 4.625%, 9/21/23 (cost $120,000)		120		117,720

	Shares
PREFERRED STOCKS–0.2%
FINANCIAL INSTITUTIONS–0.2%
REITS–0.2%
Sovereign Real Estate Investment Trust 12.00%(a) (cost $87,658)		93		108,810


	Notional Amount			U.S. $ Value

OPTIONS PURCHASED–CALLS–0.0%
SWAPTIONS–0.0%
IRS Swaption Expiration: Jul 2018; Contracts: 2,650,000; Exercise Rate: 2.96%; Counterparty: Morgan Stanley Capital Services LLC(h) (cost $8,720)		USD	2,650,000	$	866

SHORT-TERM INVESTMENTS–11.7%
GOVERNMENTS–TREASURIES–8.4%
JAPAN–8.4%
Japan Treasury Discount Bill Series 743 Zero Coupon, 9/10/18		JPY	117,650		1,062,954
Series 748 Zero Coupon, 7/02/18			170,900		1,543,603
Series 760 Zero Coupon, 8/27/18			169,300		1,529,495

Total Governments–Treasuries (cost $4,232,098)					4,136,052

	Shares
INVESTMENT COMPANIES–2.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(i)(j)(k) (cost $1,048,730)			1,048,730		1,048,730

	Principal Amount (000)
U.S. TREASURY BILLS–1.2%
U.S. Treasury Bill Zero Coupon, 8/30/18 (cost $597,169)		U.S.$	599		597,169

Total Short-Term Investments (cost $5,877,997)					5,781,951

TOTAL INVESTMENTS–108.9% (cost $54,282,143)					53,739,801
Other assets less liabilities–(8.9)%					(4,389,976	)

NET ASSETS–100.0%				$	49,349,825


INTERMEDIATE 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 June 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		8		September 2018		USD	1,600	$	1,694,260	$	1,694,625	$	365
U.S. T-Note 5 Yr (CBT) Futures		24		September 2018		USD	2,400		2,718,429		2,726,813		8,384
U.S. Ultra Bond (CBT) Futures		11		September 2018		USD	1,100		1,687,649		1,755,188		67,539

Sold Contracts
10 Yr Mini Japan Government Bond Futures		19		September 2018		JPY	190,000		2,584,053		2,588,592		(4,539	)
Euro-BOBL Futures		4		September 2018		EUR	400		614,119		617,393		(3,274	)
U.S. T-Note 10 Yr (CBT) Futures		5		September 2018		USD	500		597,650		600,938		(3,288	)

												$	65,187

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	498		USD	130		7/03/18	$	1,354
Bank of America, NA		USD	129		BRL	498		7/03/18		(665	)
Barclays Bank PLC		BRL	772		USD	207		7/03/18		7,513
Barclays Bank PLC		USD	200		BRL	772		7/03/18		(1,030	)
Barclays Bank PLC		TWD	4,520		USD	153		9/13/18		3,673
BNP Paribas SA		ARS	1,173		USD	45		7/05/18		4,990
Citibank, NA		EUR	724		USD	847		7/18/18		719
Citibank, NA		KRW	94,378		USD	88		7/26/18		2,925
Citibank, NA		USD	158		KRW	168,191		7/26/18		(7,076	)
Citibank, NA		USD	98		INR	6,690		8/09/18		(1,232	)
Goldman Sachs Bank USA		USD	202		MYR	793		7/12/18		(5,711	)
HSBC Bank USA		JPY	354,066		USD	3,213		7/18/18		12,043
HSBC Bank USA		INR	6,637		USD	97		8/09/18		974
HSBC Bank USA		TWD	1,230		USD	42		9/13/18		1,075
Morgan Stanley & Co., Inc.		BRL	1,270		USD	329		7/03/18		1,695
Morgan Stanley & Co., Inc.		USD	336		BRL	1,270		7/03/18		(8,742	)
Morgan Stanley & Co., Inc.		BRL	1,270		USD	335		8/02/18		8,957
Standard Chartered Bank		KRW	74,154		USD	69		7/26/18		1,891
State Street Bank & Trust Co.		MYR	793		USD	198		7/12/18		1,093
State Street Bank & Trust Co.		EUR	69		USD	81		7/18/18		(101	)
State Street Bank & Trust Co.		USD	122		EUR	104		7/18/18		16
State Street Bank & Trust Co.		USD	282		EUR	238		7/18/18		(3,391	)
State Street Bank & Trust Co.		PLN	513		USD	141		7/19/18		3,919
State Street Bank & Trust Co.		USD	144		PLN	513		7/19/18		(7,163	)
State Street Bank & Trust Co.		GBP	249		USD	335		8/03/18		5,427
State Street Bank & Trust Co.		USD	139		GBP	106		8/03/18		624
State Street Bank & Trust Co.		USD	27		GBP	20		8/03/18		(125	)
State Street Bank & Trust Co.		USD	144		MXN	2,987		8/07/18		5,685
State Street Bank & Trust Co.		AUD	295		USD	224		8/09/18		5,959
State Street Bank & Trust Co.		NZD	415		USD	291		8/09/18		9,729


		AB Variable Products Series Fund


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	35		AUD	46		8/09/18	$	(621	)
State Street Bank & Trust Co.		SGD	452		USD	338		8/16/18		5,605
State Street Bank & Trust Co.		USD	25		CAD	33		8/30/18		(318	)
State Street Bank & Trust Co.		USD	197		MYR	793		11/29/18		(1,250	)

									$	48,441

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description

Index

Counter-

Party

Strike
Rate

Expiration
Date

Notional
Amount
(000)

Premiums

Market
Value

OTC—1 Year Interest Rate Swap

3 Month LIBOR

Morgan Stanley Capital
Services LLC

2.82

7/06/18

6,375

6,848

(2,281

)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2018			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAIG Series 30, 5 Year Index, 6/20/23*		(1.00	)%		Quarterly		0.67	%		USD	760	$	(11,697)	$	(12,904)	$	1,207

Termination date

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)
AUD	3,870		6/21/20	2.118%	3 Month BBR	Quarterly/ Quarterly	$	(2,690	)	$	–0–		$	(2,690	)
NOK	44,100		6/22/20	6 Month NIBOR	1.378%	Semi-Annual/ Annual		(5,665	)		–0–			(5,665	)
USD	105		4/26/27	2.287%	3 Month LIBOR	Semi-Annual/ Quarterly		5,401			–0–			5,401
EUR	3,380		6/11/20	(0.115%)	6 Month EURIBOR	Annual/ Semi-Annual		(4,932	)		–0–			(4,932	)
SEK	4,830		3/31/22	3 Month STIBOR	0.341%	Quarterly/ Annual		4,149			2			4,147
NZD	1,015		3/31/22	3 Month BKBM	2.936%	Quarterly/ Semi-Annual		15,934			–0	–		15,934
USD	740		11/10/25	2.256%	3 Month LIBOR	Semi-Annual/ Quarterly		33,066			–0	–		33,066
USD	80		6/28/26	1.460%	3 Month LIBOR	Semi-Annual/ Quarterly		8,475			–0	–		8,475
USD	260		7/12/27	2.355%	3 Month LIBOR	Semi-Annual/ Quarterly		10,862			–0	–		10,862


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


				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	180		3/28/28		2.920%		3 Month LIBOR	Semi-Annual/ Quarterly	$	(715	)	$	–0	–	$	(715	)
EUR	2,460		4/10/20		(0.149%)		6 Month EURIBOR	Annual/ Semi-Annual		(3,295	)		(3,001	)		(294	)
EUR	310		4/10/20		(0.150%)		6 Month EURIBOR	Annual/ Semi-Annual		(408	)		(378	)		(30	)
EUR	1,020		4/11/20		(0.148%)		6 Month EURIBOR	Annual/ Semi-Annual		(1,386	)		(26	)		(1,360	)
USD	175		11/08/26		1.657%		3 Month LIBOR	Semi-Annual/ Quarterly		16,576			–0	–		16,576
USD	200		11/09/26		1.672%		3 Month LIBOR	Semi-Annual/ Quarterly		18,637			–0	–		18,637

									$	94,009		$	(3,403	)	$	97,412

CREDIT DEFAULT SWAPS (see Note D)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2018			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		0.64	%		USD	98	$	(4,295	)	$	(1,165	)	$	(3,130	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.64			USD	112		(4,909	)		(1,380	)		(3,529	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	3		1			38			(37	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	4		2			37			(35	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	330		100			4,142			(4,042	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		(3.00	)		Monthly		4.60			USD	350		24,575			22,470			2,105
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	408		123			4,331			(4,208	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	122		37			1,284			(1,247	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	42		12			568			(556	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	27		8			257			(249	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	46		14			617			(603	)


		AB Variable Products Series Fund


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts (continued)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	) %		Monthly		0.51	%		USD	50	$	15		$	653		$	(638	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.51			USD	99		30			1,293			(1,263	)

Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	31		(3,202	)		(4,921	)		1,719
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	5		(517	)		(833	)		316
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	52		(5,367	)		(8,014	)		2,647
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	32		(3,300	)		(4,389	)		1,089
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	60		(6,187	)		(8,424	)		2,237
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	56		(5,779	)		(8,591	)		2,812
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	94		(9,693	)		(6,288	)		(3,405	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	28		(2,887	)		(2,002	)		(885	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	318		(32,810	)		(13,452	)		(19,358	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	350		(36,090	)		(20,945	)		(15,145	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 5/11/63*		2.00			Monthly		2.14			USD	135		(663	)		(2,731	)		2,068
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	132		(13,611	)		(9,566	)		(4,045	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	8		(825	)		(475	)		(350	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	85		(8,765	)		(7,230	)		(1,535	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	8		(825	)		(970	)		145
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	51		(5,258	)		(6,645	)		1,387
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	28		(2,887	)		(3,312	)		425
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	27		(2,784	)		(3,192	)		408
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	84		(8,662	)		(9,358	)		696


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 June 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		5.94	%		USD	34	$	(3,512	)	$	(5,405	)	$	1,893
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	28		(2,891	)		(4,732	)		1,841
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	39		(4,028	)		(6,686	)		2,658
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	4		(413	)		(628	)		215
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	246		(25,366	)		(12,440	)		(12,926	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	185		(19,077	)		(14,625	)		(4,452	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	49		(5,052	)		(4,378	)		(674	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	4		(413	)		(371	)		(42	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	8		(825	)		(755	)		(70	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	8		(825	)		(817	)		(8	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	16		(1,650	)		(1,786	)		136
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	41		(4,228	)		(5,770	)		1,542
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	92		(9,487	)		(12,613	)		3,126
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	57		(5,878	)		(6,280	)		402
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.94			USD	35		(3,609	)		(2,552	)		(1,057	)

												$	(221,653	)	$	(168,031	)	$	(53,622	)

Termination date


		AB Variable Products Series Fund

VARIANCE SWAPS


Swap Counterparty & Referenced Obligation	Volatility Strike Price			Payment Frequency		Notional Amount (000)			Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Deutsche Bank AG
AUD/JPY, 1/14/20*		11.12	%		Maturity		AUD	7	$	1,687		$	–0	–	$	1,687
AUD/JPY, 3/03/20*		12.80			Maturity		AUD	4		(263	)		–0	–		(263	)
Goldman Sachs Bank USA
AUD/JPY, 3/10/20*		12.75			Maturity		AUD	2		(597	)		–0	–		(597	)
AUD/JPY, 3/11/20*		12.90			Maturity		AUD	2		(417	)		–0	–		(417	)

									$	410		$	–0	–	$	410

Termination date

(a)

(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)

IO—Interest Only.

(e)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2018.

(f)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.26% of net assets as of June 30, 2018, 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 8.591%, 4/25/26		4/29/16	$	47,736	$	48,355		0.10	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 7.341%, 11/25/25		9/28/15		46,424		52,242		0.11	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.591%, 11/25/25		9/28/15		20,233		23,737		0.05	%

(g)

Inverse interest only security.

(h)

Non-income producing security.

(i)

Affiliated investments.

(j)

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.

(k)

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

Currency Abbreviations:

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

EUR—Euro

GBP—Great British Pound

INR—Indian Rupee


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

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARPP7DRR—Argentina Central Bank 7-Day Repo Reference Rate

BBR—Bank of England Base Rate

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

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

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

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

EURIBOR—Euro Interbank Offered Rate

IRS—Interest Rate Swaption

LIBOR—London Interbank Offered Rates

NIBOR—Norwegian Interbank Offered Rate

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.


INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $53,233,413)	$	52,691,071
Affiliated issuers (cost $1,048,730)		1,048,730
Cash collateral due from broker		165,583
Foreign currencies, at value (cost $0)		7,472
Receivable for investment securities sold and foreign currency transactions		869,546
Interest receivable		277,739
Unrealized appreciation on forward currency exchange contracts		85,866
Upfront premiums paid on credit default swaps		35,690
Unrealized appreciation on credit default swaps		29,867
Receivable for capital stock sold		7,319
Unrealized appreciation on variance swaps		1,687
Affiliated dividends receivable		301

Total assets		55,220,871

LIABILITIES
Due to custodian		3,452
Swaptions written, at value (premiums received $6,848)		2,281
Payable for investment securities purchased and foreign currency transactions		5,404,709
Upfront premiums received on credit default swaps		203,721
Unrealized depreciation on credit default swaps		83,489
Unrealized depreciation on forward currency exchange contracts		37,425
Advisory fee payable		18,826
Administrative fee payable		8,967
Payable for capital stock redeemed		4,160
Distribution fee payable		2,907
Payable for variation margin on futures		2,752
Unrealized depreciation on variance swaps		1,277
Payable for variation margin on centrally cleared swaps		1,038
Directors’ fees payable		437
Transfer Agent fee payable		87
Accrued expenses		95,518

Total liabilities		5,871,046

NET ASSETS	$	49,349,825

COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,750
Additional paid-in capital		48,168,783
Undistributed net investment income		1,289,223
Accumulated net realized gain on investment and foreign currency transactions		266,907
Net unrealized depreciation on investments and foreign currency denominated assets and liabilities		(379,838	)

	$	49,349,825

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	35,651,342		3,419,929	$	10.42
B	$	13,698,483		1,329,856	$	10.30

See notes to financial statements.


INTERMEDIATE BOND PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Interest	$	797,942
Dividends
Unaffiliated issuers		5,580
Affiliated issuers		301

		803,823

EXPENSES
Advisory fee (see Note B)		113,570
Distribution fee—Class B		17,549
Transfer agency—Class A		1,613
Transfer agency—Class B		621
Custodian		61,507
Audit and tax		39,484
Administrative		27,008
Legal		14,397
Directors’ fees		12,796
Printing		12,296
Miscellaneous		2,132

Total expenses		302,973
Less: expenses waived and reimbursed by the Adviser (see Note B)		(28	)

Net expenses		302,945

Net investment income		500,878

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(296,090	)
Forward currency exchange contracts		(24,250	)
Futures		(248,188	)
Swaps		56,522
Foreign currency transactions		137,123
Net change in unrealized appreciation/depreciation of:
Investments		(1,149,897	)
Forward currency exchange contracts		113,394
Futures		43,086
Swaps		190,195
Swaptions written		4,567
Foreign currency denominated assets and liabilities		(30,663	)

Net loss on investment and foreign currency transactions		(1,204,201	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(703,323	)

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	500,878		$	1,136,647
Net realized gain (loss) on investment and foreign currency transactions		(374,883	)		328,561
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(829,318	)		444,907
Contributions from Affiliates (see Note B)		–0	–		286

Net increase (decrease) in net assets from operations		(703,323	)		1,910,401
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,298,457	)
Class B		–0	–		(477,217	)
Net realized gain on investment transactions
Class A		–0	–		(377,042	)
Class B		–0	–		(150,631	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(2,905,134	)		(4,860,694	)

Total decrease		(3,608,457	)		(5,253,640	)
NET ASSETS
Beginning of period		52,958,282			58,211,922

End of period (including undistributed net investment income of $1,289,223 and $788,345, respectively)	$	49,349,825		$	52,958,282

See notes to financial statements.


INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

1. Security Valuation


		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

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


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

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Corporates—Investment Grade

–0

–

12,084,724

–0

–

12,084,724

Mortgage Pass-Throughs

–0

–

10,089,231

–0

–

10,089,231

Commercial Mortgage-Backed Securities

–0

–

4,916,294

743,937

5,660,231

Asset-Backed Securities

–0

–

3,707,891

1,354,345

5,062,236

Governments—Treasuries

–0

–

4,106,386

–0

–

4,106,386

Collateralized Mortgage Obligations

–0

–

3,488,005

46,950

3,534,955

Inflation-Linked Securities

–0

–

2,650,717

–0

–

2,650,717

Corporates—Non-Investment Grade

–0

–

1,868,869

–0

–

1,868,869

Agencies

–0

–

1,581,478

–0

–

1,581,478

Emerging Markets—Treasuries

–0

–

338,360

–0

–

338,360

Local Governments—US Municipal Bonds

–0

–

294,968

–0

–

294,968

Emerging Markets—Corporate Bonds

–0

–

258,445

–0

–

258,445

Governments—Sovereign Bonds

–0

–

199,854

–0

–

199,854

Quasi-Sovereigns

–0

–

117,720

–0

–

117,720

Preferred Stocks

–0

–

108,810

–0

–

108,810

Options Purchased—Calls

–0

–

866

–0

–

866

Short-Term Investments:

Governments—Treasuries

–0

–

4,136,052

–0

–

4,136,052

Investment Companies

1,048,730

–0

–

–0

–

1,048,730

U.S. Treasury Bills

–0

–

597,169

–0

–

597,169

Total Investments in Securities

1,048,730

50,545,839

2,145,232

53,739,801

Other Financial Instruments(a):

Assets:

Futures

76,288

–0

–

–0

–

76,288

(b)

Forward Currency Exchange Contracts

–0

–

85,866

–0

–

85,866

Centrally Cleared Interest Rate Swaps

–0

–

113,100

–0

–

113,100

(b)

Credit Default Swaps

–0

–

24,917

–0

–

24,917

Variance Swaps

–0

–

1,687

–0

–

1,687

Liabilities:

Futures

(11,101

)

–0

–

–0

–

(11,101

)(b)

Forward Currency Exchange Contracts

–0

–

(37,425

)

–0

–

(37,425

)

Interest Rate Swaptions

–0

–

(2,281

)

–0

–

(2,281

)

Centrally Cleared Credit Default Swaps

–0

–

(11,697

)

–0

–

(11,697

)(b)

Centrally Cleared Interest Rate Swaps

–0

–

(19,091

)

–0

–

(19,091

)(b)

Credit Default Swaps

–0

–

(246,570

)

–0

–

(246,570

)

Variance Swaps

–0

–

(1,277

)

–0

–

(1,277

)

Total(c)

1,113,917

50,453,068

2,145,232

53,712,217


		AB Variable Products Series Fund

(a)

(b)

(c)

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

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

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


	Commercial Mortgage- Backed Securities			Asset- Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/17	$	774,281		$	1,409,964		$	46,791
Accrued discounts/(premiums)		(60	)		33			–0	–
Realized gain (loss)		(1,009	)		41			–0	–
Change in unrealized appreciation/depreciation		(7,110	)		(10,740	)		159
Purchases/Payups		–0	–		229,983			–0	–
Sales/Paydowns		(22,165	)		(274,936	)		–0	–
Transfers in to Level 3		–0	–		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–		–0	–

Balance as of 6/30/18	$	743,937		$	1,354,345		$	46,950

Net change in unrealized appreciation/depreciation from investments held as of 6/30/18(a)	$	(7,744	)	$	(10,740	)	$	159


	Total
Balance as of 12/31/17	$	2,231,036
Accrued discounts/(premiums)		(27	)
Realized gain (loss)		(968	)
Change in unrealized appreciation/depreciation		(17,691	)
Purchases/Payups		229,983
Sales/Paydowns		(297,101	)
Transfers in to Level 3		–0	–
Transfers out of Level 3		–0	–

Balance as of 6/30/18	$	2,145,232

Net change in unrealized appreciation/depreciation from investments held as of 6/30/18(a)	$	(18,325	)

(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 June 30, 2018, all Level 3 securities were priced by third party vendors.


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

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions


		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 up to $5 billion, .35% of the excess over $5 billion up to $8 billion and .30% in excess of $8 billion, of the Portfolio’s average daily net assets. Effective January 30, 2018, the investment advisory agreement was amended to implement the final advisory fee breakpoint for assets in excess of $8 billion of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $286 for trading losses incurred due to a trade entry error.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	1,219	$	170	$	1,049	$	0	*

Amount is less than $500.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $22,371, 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

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.


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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	9,823,741	$	7,743,984
U.S. government securities		40,043,075		42,396,338


Gross unrealized appreciation	$	871,348
Gross unrealized depreciation		(1,250,088	)

Net unrealized depreciation	$	(378,740	)

1. Derivative Financial Instruments

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

•

Futures

During the six months ended June 30, 2018, the Portfolio held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts


		AB Variable Products Series Fund

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 six months ended June 30, 2018, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

•

Option Transactions

During the six months ended June 30, 2018, the Portfolio held purchased options for non-hedging purposes.

During the six months ended June 30, 2018, the Portfolio held written swaptions for 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


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

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.

Interest Rate Swaps:

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

During the six months ended June 30, 2018, the Portfolio held interest rate swaps for hedging and non-hedging purposes.


		AB Variable Products Series Fund

Credit Default Swaps:

During the six months ended June 30, 2018, the Portfolio held credit default swaps for hedging and non-hedging purposes.

Variance Swaps:

The Portfolio may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual “variance” as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its “volatility”) over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

During the six months ended June 30, 2018, the Portfolio held variance swaps for hedging purposes.


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

During the six months ended June 30, 2018, 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

76,288

Receivable/Payable for variation margin on futures

11,101

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

1,207

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

113,098

Receivable/Payable for variation margin on centrally cleared swaps

15,686

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

85,866

Unrealized depreciation on forward currency exchange contracts

37,425

Interest rate contracts

Investments in securities, at value

866

Interest rate contracts

Swaptions written, at value

2,281

Credit contracts

Unrealized appreciation on credit default swaps

29,867

Unrealized depreciation on credit default swaps

83,489

Equity contracts

Unrealized appreciation on variance swaps

1,687

Unrealized depreciation on variance swaps

1,277

Total

308,879

151,259


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		$(248,188	)	$	43,086
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(24,250	)		113,394
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		–0	–		(7,854	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		–0	–		4,567


		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 swaps; Net change in unrealized appreciation/depreciation of swaps		$37,029			$90,816
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		19,493			98,969
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		–0	–		410

Total		$	(215,916	)	$	343,388

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2018:


Futures:
Average original value of buy contracts	$	8,912,261
Average original value of sale contracts	$	8,027,772

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	2,157,129
Average principal amount of sale contracts	$	8,296,085

Purchased Swaptions:
Average notional amount	$	2,650,000	(a)

Swaptions Written:
Average notional amount	$	6,375,000	(a)

Centrally Cleared Interest Rate Swaps:
Average notional amount	$	12,519,510

Credit Default Swaps:
Average notional amount of buy contracts	$	1,691,000
Average notional amount of sale contracts	$	2,501,615

Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	760,000	(b)
Average notional amount of sale contracts	$	260,000	(a)

Variance Swaps:
Average notional amount	$	100,505

(a)

Positions were open for one month during the period.

(b)

Positions were open for three months during the period.

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


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

Counterparty

Derivative
Assets
Subject to a MA

Derivative
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivatives
Assets

Bank of America, NA

1,354

(665

)

–0

–

–0

–

689

Barclays Bank PLC

11,186

(1,030

)

–0

–

–0

–

10,156

BNP Paribas SA

4,990

–0

–

–0

–

–0

–

4,990

Citibank, NA

3,644

(3,644

)

–0

–

–0

–

–0

–

Citigroup Global Markets, Inc.

)

–0

–

–0

–

–0

–

Credit Suisse International

24,677

(24,677

)

–0

–

–0

–

–0

–

Deutsche Bank AG

1,859

(1,859

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA/Goldman Sachs International

(22

)

–0

–

–0

–

–0

–

HSBC Bank USA

14,092

–0

–

–0

–

–0

–

14,092

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

11,563

(11,563

)

–0

–

–0

–

–0

–

Standard Chartered Bank

1,891

–0

–

–0

–

–0

–

1,891

State Street Bank & Trust Co.

38,057

(12,969

)

–0

–

–0

–

25,088

Total

113,336

(56,430

)

–0

–

–0

–

56,906

Counterparty

Derivative
Liabilities
Subject to a MA

Derivative
Available
for Offset

Cash
Collateral
Pledged*

Security
Collateral
Pledged*

Net Amount of
Derivatives
Liabilities

Bank of America, NA

665

(665

)

–0

–

–0

–

–0

–

Barclays Bank PLC

1,030

(1,030

)

–0

–

–0

–

–0

–

Citibank, NA

17,512

(3,644

)

–0

–

–0

–

13,868

Citigroup Global Markets, Inc.

18,573

)

–0

–

–0

–

18,572

Credit Suisse International

87,259

(24,677

)

–0

–

–0

–

62,582

Deutsche Bank AG

44,543

(1,859

)

–0

–

–0

–

42,684

Goldman Sachs Bank USA/Goldman Sachs International

90,370

(22

)

–0

–

–0

–

90,348

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

14,632

(11,563

)

–0

–

–0

–

3,069

State Street Bank & Trust Co.

12,969

(12,969

)

–0

–

–0

–

–0

–

Total

287,553

(56,430

)

–0

–

–0

–

231,123

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

2. Currency Transactions


		AB Variable Products Series Fund

3. TBA and Dollar Rolls

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended June 30, 2018, the Portfolio earned drop income of $45,357 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		57,820			71,422		$	603,345		$	762,494
Shares issued in reinvestment of dividends and distributions		–0	–		159,268			–0	–		1,675,499
Shares redeemed		(252,451	)		(576,733	)		(2,629,650	)		(6,173,251	)

Net decrease		(194,631	)		(346,043	)	$	(2,026,305	)	$	(3,735,258	)

Class B
Shares sold		54,641			106,949		$	563,780		$	1,130,081
Shares issued in reinvestment of dividends and distributions		–0	–		60,254			–0	–		627,848
Shares redeemed		(139,974	)		(272,822	)		(1,442,609	)		(2,883,365	)

Net decrease		(85,333	)		(105,619	)	$	(878,829	)	$	(1,125,436	)

At June 30, 2018, 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

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.


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

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, generally 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.

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.

Mortgage-Related and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Portfolio to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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.


		AB Variable Products Series Fund

NOTE G : Joint Credit Facility

NOTE H : Distributions to Shareholders


	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)	$	1,889,928

(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.

NOTE I: Recent Accounting Pronouncements


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

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



INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.56			$10.65			$10.63			$11.37			$11.22			$12.30


Income From Investment Operations
Net investment income (a)		.11	(b)		.23			.28	†		.27			.28			.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.25	)		.14			.23			(.27	)		.44			(.59	)
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.14	)		.37			.51			–0	–		.72			(.27	)


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.36	)		(.35	)		(.40	)		(.41	)		(.45	)
Distributions from net realized gain on investment transactions		–0	–		(.10	)		(.14	)		(.34	)		(.16	)		(.36	)

Total dividends and distributions		–0	–		(.46	)		(.49	)		(.74	)		(.57	)		(.81	)

Net asset value, end of period		$10.42			$10.56			$10.65			$10.63			$11.37			$11.22


Total Return
Total investment return based on net asset value (d)		(1.33	)%		3.52	%*		4.71	%†*		.01	%*		6.48	%		(2.16	)%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$35,651			$38,172			$42,183			$47,554			$56,437			$61,848
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.13	%^		1.11	%		1.06	%		.96	%		.88	%		.77	%
Expenses, before waivers/reimbursements		1.13	%^		1.11	%		1.06	%		.96	%		.88	%		.77	%
Net investment income		2.05	%(b)^		2.11	%		2.60	%†		2.44	%		2.46	%		2.74	%
Portfolio turnover rate**		97	%		216	%		156	%		230	%		262	%		217	%

See footnote summary on page 43.


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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.45			$10.54			$10.53			$11.26			$11.11			$12.17


Income From Investment Operations
Net investment income (a)		.09	(b)		.20			.25	†		.24			.25			.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.24	)		.14			.22			(.26	)		.43			(.58	)
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.15	)		.34			.47			(.02	)		.68			(.29	)


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.33	)		(.32	)		(.37	)		(.37	)		(.41	)
Distributions from net realized gain on investment transactions		–0	–		(.10	)		(.14	)		(.34	)		(.16	)		(.36	)

Total dividends and distributions		–0	–		(.43	)		(.46	)		(.71	)		(.53	)		(.77	)

Net asset value, end of period		$10.30			$10.45			$10.54			$10.53			$11.26			$11.11


Total Return
Total investment return based on net asset value (d)		(1.44	)%		3.28	%*		4.36	%†*		(.18	)%*		6.22	%		(2.34	)%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$13,699			$14,786			$16,029			$17,681			$19,891			$22,450
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.38	%^		1.36	%		1.32	%		1.21	%		1.13	%		1.02	%
Expenses, before waivers/reimbursements		1.38	%^		1.36	%		1.32	%		1.21	%		1.13	%		1.02	%
Net investment income		1.80	%(b)^		1.87	%		2.36	%†		2.19	%		2.21	%		2.49	%
Portfolio turnover rate**		97	%		216	%		156	%		230	%		262	%		217	%

See footnote summary on page 43.


		AB Variable Products Series Fund

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.005.

(d)

†

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%	.28%

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 .03%, .03%, .03% and .02%, respectively.

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

Annualized.



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 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


		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.


INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)		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.

VPS-IB-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



INTERNATIONAL GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	954.20	$	5.91		1.22	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.74	$	6.11		1.22	%

Class B
Actual	$	1,000	$	953.10	$	7.12		1.47	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.50	$	7.35		1.47	%

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


INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Kingspan Group PLC	$	2,272,666		3.7	%
HDFC Bank Ltd.		2,124,445		3.5
Siemens AG (REG)		2,046,695		3.4
Aptiv PLC		1,826,003		3.0
AIA Group Ltd.		1,794,551		3.0
Partners Group Holding AG		1,783,019		2.9
Credicorp Ltd.		1,731,848		2.9
Apollo Hospitals Enterprise Ltd.		1,673,985		2.8
Housing Development Finance Corp. Ltd.		1,643,007		2.7
Schneider Electric SE (Paris)		1,631,565		2.7

	$	18,527,784		30.6	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	14,499,641		24.0	%
Industrials		9,354,573		15.5
Information Technology		8,104,488		13.4
Consumer Staples		6,739,842		11.1
Health Care		6,616,156		10.9
Consumer Discretionary		5,565,741		9.2
Utilities		2,447,319		4.0
Telecommunication Services		2,322,274		3.8
Materials		2,197,791		3.6
Real Estate		1,117,677		1.9
Short-Term Investments		1,581,616		2.6

Total Investments	$	60,547,118		100.0	%

Long-term investments.

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


INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
India	$	8,201,309		13.5	%
France		6,287,880		10.4
Germany		5,223,062		8.6
Japan		5,197,976		8.6
China		4,755,356		7.9
Switzerland		4,693,577		7.7
Ireland		3,631,873		6.0
United States		3,388,031		5.6
United Kingdom		2,728,456		4.5
Sweden		2,518,943		4.2
Denmark		2,178,664		3.6
Hong Kong		1,943,360		3.2
Peru		1,731,848		2.9
Other		6,485,167		10.7
Short-Term Investments		1,581,616		2.6

Total Investments	$	60,547,118		100.0	%


INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–97.4%
FINANCIALS–24.0%
BANKS–10.5%
Credicorp Ltd.		7,693	$	1,731,848
HDFC Bank Ltd.		68,017		2,124,445
Svenska Handelsbanken AB–Class A		102,240		1,132,354
Swedbank AB–Class A		65,079		1,386,589

				6,375,236

CAPITAL MARKETS–3.0%
Partners Group Holding AG		2,439		1,783,019

CONSUMER FINANCE–2.5%
Bharat Financial Inclusion Ltd.^(a)		88,560		1,503,062

INSURANCE–5.3%
AIA Group Ltd.		206,000		1,794,551
Prudential PLC		61,447		1,400,766

				3,195,317

THRIFTS & MORTGAGE FINANCE–2.7%
Housing Development Finance Corp. Ltd.		58,964		1,643,007

				14,499,641

INDUSTRIALS–15.5%
BUILDING PRODUCTS–5.6%
Cie de Saint-Gobain		24,770		1,103,378
Kingspan Group PLC		45,385		2,272,666

				3,376,044

COMMERCIAL SERVICES & SUPPLIES–1.8%
China Everbright International Ltd.		859,000		1,106,288

ELECTRICAL EQUIPMENT–4.7%
Schneider Electric SE (Paris)		19,618		1,631,565
Vestas Wind Systems A/S		19,340		1,193,981

				2,825,546

INDUSTRIAL CONGLOMERATES–3.4%
Siemens AG (REG)		15,534		2,046,695

				9,354,573

INFORMATION TECHNOLOGY–13.4%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS –2.8%
Halma PLC		53,678		966,543
Horiba Ltd.		10,800		754,932

				1,721,475

INTERNET SOFTWARE & SERVICES–2.4%
Tencent Holdings Ltd.		28,900		1,451,224

Company	Shares		U.S. $ Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.2%
ams AG^(a)		16,650	$	1,234,766
ASML Holding NV		3,931		777,885
Disco Corp.		3,200		544,777
Infineon Technologies AG		50,702		1,287,897
Taiwan Semiconductor Manufacturing Co., Ltd.		153,000		1,086,464

				4,931,789

				8,104,488

CONSUMER STAPLES–11.1%
FOOD & STAPLES RETAILING–2.0%
Tsuruha Holdings, Inc.		9,600		1,202,436

FOOD PRODUCTS–4.5%
Kerry Group PLC–Class A		12,990		1,359,207
Nestle SA (REG)		17,717		1,373,082

				2,732,289

HOUSEHOLD PRODUCTS–2.5%
Unicharm Corp.		51,500		1,548,307

PERSONAL PRODUCTS–2.1%
Godrej Consumer Products Ltd.		70,518		1,256,810

				6,739,842

HEALTH CARE–10.9%
HEALTH CARE EQUIPMENT & SUPPLIES –2.6%
Essilor International Cie Generale d’Optique SA		11,052		1,558,289

HEALTH CARE PROVIDERS & SERVICES–2.8%
Apollo Hospitals Enterprise Ltd.		108,642		1,673,985

LIFE SCIENCES TOOLS & SERVICES–2.4%
Gerresheimer AG		8,890		719,236
ICON PLC^(a)		5,780		766,023

				1,485,259

PHARMACEUTICALS–3.1%
Roche Holding AG		6,930		1,537,476
Vectura Group PLC^(a)		351,400		361,147

				1,898,623

				6,616,156

CONSUMER DISCRETIONARY–9.2%
AUTO COMPONENTS–6.0%
Aptiv PLC		19,928		1,826,003
Delphi Technologies PLC		17,510		796,005
Valeo SA		18,930		1,032,131

				3,654,139

HOUSEHOLD DURABLES–1.9%
Panasonic Corp.		85,100		1,147,524


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

TEXTILES, APPAREL & LUXURY GOODS–1.3%
Crystal International Group Ltd.^(b)		214,000	$	148,809
Shenzhou International Group Holdings Ltd.		50,000		615,269

				764,078

				5,565,741

UTILITIES–4.0%
MULTI-UTILITIES–1.6%
Suez		74,406		962,517

WATER UTILITIES–2.4%
Beijing Enterprises Water Group Ltd.^(a)		1,778,000		966,812
Cia de Saneamento Basico do Estado de Sao Paulo		86,200		517,990

				1,484,802

				2,447,319

TELECOMMUNICATION SERVICES–3.8%
DIVERSIFIED TELECOMMUNICATION SERVICES–3.8%
China Unicom Hong Kong Ltd.		494,000		615,763
Deutsche Telekom AG (REG)^(a)		75,657		1,169,234
Telekomunikasi Indonesia Persero Tbk PT		2,051,500		537,277

				2,322,274


MATERIALS–3.6%
CHEMICALS–3.6%
Chr Hansen Holding A/S		10,696		984,683
Umicore SA		21,250		1,213,108

				2,197,791

REAL ESTATE–1.9%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.9%
SM Prime Holdings, Inc.		1,659,200		1,117,678

Total Common Stocks (cost $46,690,222)				58,965,503

SHORT-TERM INVESTMENTS–2.6%
INVESTMENT COMPANIES–2.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%^(c)(d)(e) (cost $1,581,615)		1,581,615		1,581,615

TOTAL INVESTMENTS–100.0% (cost $48,271,837)				60,547,118
Other assets less liabilities–0.0%				9,933

NET ASSETS–100.0%			$	60,557,051


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		USD	1,184		GBP	845		8/16/18	$	(66,713	)
Barclays Bank PLC		BRL	1,521		USD	394		7/03/18		2,031
Barclays Bank PLC		USD	407		BRL	1,521		7/03/18		(14,811	)
Barclays Bank PLC		CNY	5,548		USD	845		7/19/18		8,473
Barclays Bank PLC		USD	669		CNY	4,288		7/19/18		(22,688	)
Barclays Bank PLC		INR	10,808		USD	159		8/09/18		1,631
Barclays Bank PLC		USD	199		INR	13,755		8/09/18		1,063
Barclays Bank PLC		EUR	3,534		USD	4,247		8/16/18		106,987
Barclays Bank PLC		PHP	54,202		USD	1,021		9/11/18		11,276
Barclays Bank PLC		USD	642		TWD	18,996		9/13/18		(15,435	)
BNP Paribas SA		USD	555		CNY	3,521		7/19/18		(24,428	)
BNP Paribas SA		USD	77		PHP	4,117		9/11/18		(25	)
BNP Paribas SA		USD	96		TWD	2,858		9/13/18		(1,991	)
Citibank, NA		USD	2,481		KRW	2,638,602		7/26/18		(111,013	)
Citibank, NA		USD	522		RUB	33,356		7/31/18		7,943
Citibank, NA		INR	446,573		USD	6,572		8/09/18		82,261
Citibank, NA		EUR	1,122		USD	1,341		8/16/18		26,114
Citibank, NA		HKD	6,641		USD	848		8/16/18		1,098
JPMorgan Chase Bank, NA		USD	2,825		AUD	3,752		8/16/18		(47,641	)
JPMorgan Chase Bank, NA		USD	3,486		GBP	2,565		8/16/18		(94,225	)
JPMorgan Chase Bank, NA		USD	1,041		ZAR	12,977		8/16/18		(99,788	)
Morgan Stanley & Co., Inc.		BRL	1,521		USD	403		7/03/18		10,474
Morgan Stanley & Co., Inc.		USD	394		BRL	1,521		7/03/18		(2,031	)
Morgan Stanley & Co., Inc.		USD	402		BRL	1,521		8/02/18		(10,732	)
Morgan Stanley & Co., Inc.		EUR	635		USD	780		8/16/18		35,835
Standard Chartered Bank		CNY	828		USD	130		7/19/18		5,500
Standard Chartered Bank		USD	261		CNY	1,666		7/19/18		(9,466	)
Standard Chartered Bank		KRW	170,726		USD	154		7/26/18		372
Standard Chartered Bank		BRL	232		USD	60		8/02/18		542
Standard Chartered Bank		INR	10,540		USD	154		8/09/18		560
Standard Chartered Bank		USD	3,936		CAD	5,018		8/16/18		(115,687	)
Standard Chartered Bank		USD	4,790		JPY	520,693		8/16/18		(72,882	)
State Street Bank & Trust Co.		CNY	830		USD	130		7/19/18		4,698
State Street Bank & Trust Co.		INR	6,461		USD	96		8/09/18		1,627
State Street Bank & Trust Co.		AUD	143		USD	108		8/16/18		1,929
State Street Bank & Trust Co.		CHF	433		USD	446		8/16/18		6,707
State Street Bank & Trust Co.		CHF	971		USD	977		8/16/18		(7,178	)
State Street Bank & Trust Co.		EUR	736		USD	894		8/16/18		31,727
State Street Bank & Trust Co.		EUR	363		USD	424		8/16/18		(792	)
State Street Bank & Trust Co.		GBP	162		USD	217		8/16/18		2,281
State Street Bank & Trust Co.		HKD	1,019		USD	130		8/16/18		89
State Street Bank & Trust Co.		JPY	61,924		USD	570		8/16/18		9,109
State Street Bank & Trust Co.		SEK	12,287		USD	1,432		8/16/18		55,885
State Street Bank & Trust Co.		USD	132		AUD	175		8/16/18		(2,071	)
State Street Bank & Trust Co.		USD	198		CAD	253		8/16/18		(5,605	)
State Street Bank & Trust Co.		USD	914		EUR	783		8/16/18		3,683
State Street Bank & Trust Co.		USD	132		GBP	97		8/16/18		(3,239	)


		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)

State Street Bank & Trust Co.		USD	158		HKD	1,238		8/16/18	$	23
State Street Bank & Trust Co.		USD	121		HKD	950		8/16/18		(8	)
State Street Bank & Trust Co.		USD	659		JPY	72,020		8/16/18		(6,235	)
State Street Bank & Trust Co.		USD	464		MXN	9,083		8/16/18		(9,292	)
State Street Bank & Trust Co.		USD	306		NOK	2,440		8/16/18		(6,377	)
State Street Bank & Trust Co.		USD	72		NZD	102		8/16/18		(2,964	)
State Street Bank & Trust Co.		ZAR	6,473		USD	465		8/16/18		(4,283	)

									$	(337,682	)

(a)

Non-income producing security.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, the market value of this security amounted to $148,809 or 0.2% of net assets.

(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.

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

NZD—New Zealand Dollar

PHP—Philippine Peso

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

REG—Registered Shares

See notes to financial statements.


INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $46,690,222)	$	58,965,503
Affiliated issuers (cost $1,581,615)		1,581,615
Foreign currencies, at value (cost $68,837)		68,315
Unrealized appreciation on forward currency exchange contracts		419,918
Receivable for investment securities sold		247,550
Unaffiliated dividends and interest receivable		236,906
Receivable for capital stock sold		16,236
Affiliated dividends receivable		735

Total assets		61,536,778

LIABILITIES
Unrealized depreciation on forward currency exchange contracts		757,600
Payable for capital stock redeemed		80,371
Advisory fee payable		39,714
Administrative fee payable		8,949
Distribution fee payable		7,560
Directors’ fees payable		435
Transfer Agent fee payable		87
Accrued expenses		85,011

Total liabilities		979,727

NET ASSETS	$	60,557,051

COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,767
Additional paid-in capital		45,958,176
Undistributed net investment income		836,308
Accumulated net realized gain on investment and foreign currency transactions		1,825,711
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		11,934,089

	$	60,557,051

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	26,260,535		1,188,844	$	22.09
B	$	34,296,516		1,577,954	$	21.73

See notes to financial statements.


INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $113,969)	$	987,298
Affiliated issuers		7,191
Interest		3,882
Securities lending income		26,096

		1,024,467

EXPENSES
Advisory fee (see Note B)		252,549
Distribution fee—Class B		47,754
Transfer agency—Class A		979
Transfer agency—Class B		1,281
Custodian		52,477
Audit and tax		29,388
Administrative		27,017
Printing		17,533
Legal		14,406
Directors’ fees		12,794
Miscellaneous		3,646

Total expenses		459,824
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(757	)

Net expenses		459,067

Net investment income		565,400

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		1,459,298
Forward currency exchange contracts		123,623
Foreign currency transactions		288,688
Net change in unrealized appreciation/depreciation of:
Investments(a)		(4,948,030	)
Forward currency exchange contracts		(395,356	)
Foreign currency denominated assets and liabilities		(5,859	)

Net loss on investment and foreign currency transactions		(3,477,636	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(2,912,236	)

(a)

Net of decrease in accrued foreign capital gains taxes of $434.

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	565,400		$	99,708
Net realized gain on investment and foreign currency transactions		1,871,609			11,762,934
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(5,349,245	)		7,503,715

Net increase (decrease) in net assets from operations		(2,912,236	)		19,366,357
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(329,359	)
Class B		–0	–		(356,101	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(7,855,600	)		(6,244,113	)

Total increase (decrease)		(10,767,836	)		12,436,784
NET ASSETS
Beginning of period		71,324,887			58,888,103

End of period (including undistributed net investment income of $836,308 and $270,908, respectively)	$	60,557,051		$	71,324,887

See notes to financial statements.


INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A : Significant Accounting Policies

The AB International Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.


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

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Financials

1,731,848

12,767,793

–0

–

14,499,641

Industrials

2,272,666

7,081,907

–0

–

9,354,573

Information Technology

–0

–

8,104,488

–0

–

8,104,488

Consumer Staples

1,359,207

5,380,635

–0

–

6,739,842

Health Care

766,023

5,850,133

–0

–

6,616,156

Consumer Discretionary

2,622,008

2,943,733

–0

–

5,565,741

Utilities

517,990

1,929,329

–0

–

2,447,319

Telecommunication Services

–0

–

2,322,274

–0

–

2,322,274

Materials

–0

–

2,197,791

–0

–

2,197,791

Real Estate

–0

–

1,117,678

–0

–

1,117,678

Short-Term Investments

1,581,615

–0

–

–0

–

1,581,615

Total Investments in Securities

10,851,357

49,695,761

(a)

–0

–

60,547,118


		AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

419,918

–0

–

419,918

Liabilities:

Forward Currency Exchange Contracts

–0

–

(757,600

)

–0

–

(757,600

)

Total(c)(d)

10,851,357

49,358,079

–0

–

60,209,436

(a)

(b)

(c)

An amount of $3,223,067 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(d)

An amount of $2,100,196 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.

3. Currency Translation


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

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

NOTE B : Advisory Fee and Other Transactions with Affiliates


		AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	1,808	$	226	$	1,582	$	1
Government Money Market Portfolio*		1,757		13,227		14,984		0		6

Total							$	1,582	$	7

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $9,651, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C : Distribution Plan

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

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

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	4,923,735		$	9,249,992
U.S. government securities		–0	–		0


Gross unrealized appreciation	$	16,339,321
Gross unrealized depreciation		(4,401,722	)

Net unrealized appreciation	$	11,937,599

1. Derivative Financial Instruments

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

•

Forward Currency Exchange Contracts


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

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

During the six months ended June 30, 2018, the Portfolio held forward currency exchange contracts for hedging purposes.

During the six months ended June 30, 2018, 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	$	419,918	Unrealized depreciation on forward currency exchange contracts	$	757,600

Total		$	419,918		$	757,600


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	$	123,623	$	(395,356	)

Total			$123,623		$(395,356)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2018:


Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	27,938,551
Average principal amount of sale contracts	$	22,082,221

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


		AB Variable Products Series Fund


Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivatives Assets
Barclays Bank PLC	$	131,461	$	(52,934	)	$	–0	–	$	–0	–	$	78,527
Citibank, NA		117,416		(111,013	)		–0	–		–0	–		6,403
Morgan Stanley & Co., Inc.		46,309		(12,763	)		–0	–		–0	–		33,546
Standard Chartered Bank		6,974		(6,974	)		–0	–		–0	–		0
State Street Bank & Trust Co.		117,758		(48,044	)		–0	–		–0	–		69,714

Total	$	419,918	$	(231,728	)	$	–0	–	$	–0	–	$	188,190	^


Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
Bank of America, NA	$	66,713	$	–0	–	$	–0	–	$	–0	–	$	66,713
Barclays Bank PLC		52,934		(52,934	)		–0	–		–0	–		–0	–
BNP Paribas SA		26,444		–0	–		–0	–		–0	–		26,444
Citibank, NA		111,013		(111,013	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		241,654		–0	–		–0	–		–0	–		241,654
Morgan Stanley & Co., Inc.		12,763		(12,763	)		–0	–		–0	–		–0	–
Standard Chartered Bank		198,035		(6,974	)		–0	–		–0	–		191,061
State Street Bank & Trust Co.		48,044		(48,044	)		–0	–		–0	–		–0	–

Total	$	757,600	$	(231,728	)	$	–0	–	$	–0	–	$	525,872	^

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

2. Currency Transactions

NOTE E : Securities Lending


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

securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, 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 $26,096 and $6,456 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $666. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		39,917			97,457		$	934,274		$	2,078,227
Shares issued in reinvestment of dividends		–0	–		15,198			–0	–		329,359
Shares redeemed		(160,873	)		(304,481	)		(3,713,107	)		(6,242,518	)

Net decrease		(120,956	)		(191,826	)	$	(2,778,833	)	$	(3,834,932	)

Class B
Shares sold		134,995			523,356		$	3,100,605		$	10,934,597
Shares issued in reinvestment of dividends		–0	–		16,664			–0	–		356,101
Shares redeemed		(355,207	)		(663,245	)		(8,177,372	)		(13,699,879	)

Net decrease		(220,212	)		(123,225	)	$	(5,076,767	)	$	(2,409,181	)

NOTE G : Risks Involved in Investing in the Portfolio

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


		AB Variable Products Series Fund

significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

NOTE H : Joint Credit Facility

NOTE I : Distributions to Shareholders


	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)

NOTE J : Subsequent Events



INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


Class A	CLASS A
	Six Months Ended June 30, 2018 (unaudited)
				Year Ended December 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period		$23.15			$17.34			$18.62			$19.04			$19.27			$17.13


Income From Investment Operations
Net investment income(a)		.21	(b)		.06	(b)		.11	(b)†		.15			.24			.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.27	)		6.00			(1.39	)		(.50	)		(.47	)		2.11
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		–0	–(c)		–0	–

Net increase (decrease) in net asset value from operations		(1.06	)		6.06			(1.28	)		(.35	)		(.23	)		2.32


Less: Dividends
Dividends from net investment income		–0	–		(.25	)		–0	–		(.07	)		–0	–		(.18	)

Net asset value, end of period		$22.09			$23.15			$17.34			$18.62			$19.04			$19.27


Total Return
Total investment return based on net asset value(d)		(4.58	)%		35.02	%*		(6.87	)%†*		(1.87	)%		(1.19	)%		13.60	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$26,261			$30,318			$26,045			$33,090			$38,924			$102,467
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements		1.22	%^		1.24	%		1.27	%		1.11	%		1.07	%		.94	%
Expenses, before waivers/reimbursements		1.22	%^		1.24	%		1.27	%		1.11	%		1.07	%		.94	%
Net investment income		1.83	%(b)^		.30	%(b)		.60	%(b)†		.78	%		1.20	%		1.15	%
Portfolio turnover rate		8	%		52	%		52	%		17	%		29	%		31	%

See footnote summary on page 22.


		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$22.80			$17.09			$18.39			$18.81			$19.08			$16.96


Income From Investment Operations
Net investment income(a)		.18	(b)		.01	(b)		.07	(b)†		.10			.20			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.25	)		5.90			(1.37	)		(.51	)		(.47	)		2.09
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		–0	–(c)		–0	–

Net increase (decrease) in net asset value from operations		(1.07	)		5.91			(1.30	)		(.41	)		(.27	)		2.25


Less: Dividends
Dividends from net investment income		–0	–		(.20	)		–0	–		(.01	)		–0	–		(.13	)

Net asset value, end of period		$21.73			$22.80			$17.09			$18.39			$18.81			$19.08


Total Return
Total investment return based on net asset value(d)		(4.69	)%		34.63	%*		(7.07	)%†*		(2.17	)%		(1.41	)%		13.32	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$34,296			$41,007			$32,843			$40,566			$47,884			$54,643
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.47	%^		1.49	%		1.52	%		1.36	%		1.36	%		1.19	%
Expenses, before waivers/reimbursements		1.47	%^		1.49	%		1.52	%		1.36	%		1.36	%		1.19	%
Net investment income		1.56	%(b)^		.04	%(b)		.37	%(b)†		.52	%		1.02	%		.92	%
Portfolio turnover rate		8	%		52	%		52	%		17	%		29	%		31	%

See footnote summary on page 22.


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

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.005.

(d)

†

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 .01% and .09%, respectively.

Annualized.

See notes to financial statements.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


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

Fall-Out Benefits

Investment Results

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 February 28, 2018 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 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 materials from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.


		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

VPS-IG-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



INTERNATIONAL VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	936.80	$	4.13		0.86	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.53	$	4.31		0.86	%

Class B
Actual	$	1,000	$	935.60	$	5.33		1.11	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.29	$	5.56		1.11	%

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


INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Royal Dutch Shell PLC—Class A	$	20,681,633		4.6	%
Nippon Telegraph & Telephone Corp.		13,773,764		3.1
British American Tobacco PLC		13,607,862		3.0
Credit Suisse Group AG (REG)		11,322,714		2.5
Airbus SE		10,749,924		2.4
Erste Group Bank AG		10,496,266		2.3
JXTG Holdings, Inc.		10,417,764		2.3
Qantas Airways Ltd.		9,587,485		2.1
Panasonic Corp.		9,270,541		2.1
DNB ASA		9,109,887		2.0

	$	119,017,840		26.4	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Consumer Discretionary	$	80,037,950		17.8	%
Financials		77,306,010		17.1
Materials		55,176,236		12.2
Consumer Staples		49,063,002		10.9
Industrials		48,298,770		10.7
Information Technology		43,198,916		9.6
Energy		43,100,116		9.6
Telecommunication Services		21,010,854		4.7
Health Care		16,881,877		3.7
Utilities		4,612,735		1.0
Real Estate		4,491,949		1.0
Short-Term Investments		7,546,125		1.7

Total Investments	$	450,724,540		100.0	%

Long-term investments.

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


INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	144,815,506		32.1	%
United Kingdom		48,974,720		10.9
Germany		33,100,115		7.4
France		33,003,481		7.3
Norway		23,533,190		5.2
China		19,833,545		4.4
Canada		15,561,508		3.5
Australia		14,047,787		3.1
Hong Kong		13,261,745		2.9
Finland		13,073,398		2.9
South Korea		11,513,332		2.6
Switzerland		11,322,714		2.5
Austria		10,496,266		2.3
Other		50,641,108		11.2
Short-Term Investments		7,546,125		1.7

Total Investments	$	450,724,540		100.0	%


INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–98.1%
CONSUMER DISCRETIONARY–17.7%
AUTO COMPONENTS–5.9%
Hankook Tire Co., Ltd.		109,434	$	4,134,904
Magna International, Inc. (New York)–Class A		120,220		6,988,389
NGK Spark Plug Co., Ltd.		300,100		8,531,469
Valeo SA		125,830		6,860,702

				26,515,464

AUTOMOBILES–4.8%
Honda Motor Co., Ltd.		236,200		6,925,617
Peugeot SA		364,910		8,314,572
Subaru Corp.		226,600		6,590,662

				21,830,851

HOUSEHOLD DURABLES–3.3%
Nikon Corp.		355,800		5,654,521
Panasonic Corp.		687,500		9,270,541

				14,925,062

LEISURE PRODUCTS–1.0%
Amer Sports Oyj(a)		145,170		4,564,742

TEXTILES, APPAREL & LUXURY GOODS–2.7%
HUGO BOSS AG		68,260		6,190,431
Pandora A/S		86,250		6,011,400

				12,201,831

				80,037,950

FINANCIALS–17.1%
BANKS–10.5%
BNP Paribas SA		114,430		7,078,283
BOC Hong Kong Holdings Ltd.		1,494,000		7,021,703
DNB ASA		467,820		9,109,887
Erste Group Bank AG(a)		251,770		10,496,266
ICICI Bank Ltd.		808,790		3,244,794
Mitsubishi UFJ Financial Group, Inc.		1,448,800		8,207,278
Yes Bank Ltd.		466,822		2,316,580

				47,474,791

CAPITAL MARKETS–2.5%
Credit Suisse Group AG (REG)(a)		757,217		11,322,714

CONSUMER FINANCE–1.1%
Hitachi Capital Corp.		195,400		5,043,015

INSURANCE–3.0%
Allianz SE (REG)		43,740		9,012,828
PICC Property & Casualty Co., Ltd.–Class H		4,140,000		4,452,662

				13,465,490

				77,306,010

MATERIALS–12.2%
CHEMICALS–5.0%
Air Water, Inc.		232,800		4,269,421
Incitec Pivot Ltd.		1,662,440		4,460,302
Johnson Matthey PLC		157,200	$	7,485,318
Nippon Shokubai Co., Ltd.		86,900		6,275,944

				22,490,985

CONSTRUCTION MATERIALS–1.5%
Buzzi Unicem SpA(b)		285,270		6,970,015

CONTAINERS & PACKAGING–1.0%
BillerudKorsnas AB		321,910		4,537,664

METALS & MINING–4.7%
First Quantum Minerals Ltd.		320,090		4,716,193
Gerdau SA (Preference Shares)		1,109,200		3,980,900
Norsk Hydro ASA		1,251,890		7,472,838
Yamato Kogyo Co., Ltd.		166,000		5,007,641

				21,177,572

				55,176,236

CONSUMER STAPLES–10.9%
BEVERAGES–1.2%
Coca-Cola Bottlers Japan Holdings, Inc.		136,600		5,465,296

FOOD PRODUCTS–2.9%
Orkla ASA		794,440		6,950,465
WH Group Ltd.(c)		7,711,500		6,240,042

				13,190,507

HOUSEHOLD PRODUCTS–1.9%
Henkel AG & Co. KGaA (Preference Shares)		64,660		8,250,529

TOBACCO–4.9%
British American Tobacco PLC		270,140		13,607,862
Japan Tobacco, Inc.		305,900		8,548,808

				22,156,670

				49,063,002

INDUSTRIALS–10.7%
AEROSPACE & DEFENSE–5.1%
Airbus SE		92,120		10,749,924
BAE Systems PLC		846,320		7,199,907
MTU Aero Engines AG		26,910		5,154,378

				23,104,209

AIRLINES–4.0%
Japan Airlines Co., Ltd.		239,700		8,492,822
Qantas Airways Ltd.		2,105,475		9,587,485

				18,080,307

ELECTRICAL EQUIPMENT–0.7%
Signify NV(c)		123,570		3,196,946

MACHINERY–0.9%
Glory Ltd.		140,200		3,917,308

				48,298,770

INFORMATION TECHNOLOGY–9.6%
COMMUNICATIONS EQUIPMENT–1.9%
Nokia Oyj		1,483,410		8,508,656


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

INTERNET SOFTWARE & SERVICES–1.2%
Yahoo Japan Corp.(b)		1,554,800	$	5,150,841

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.4%
SCREEN Holdings Co., Ltd.		67,800		4,748,302
SUMCO Corp.(b)		222,800		4,474,810
Taiwan Semiconductor Manufacturing Co., Ltd.		875,000		6,213,440

				15,436,552

SOFTWARE–1.5%
Nintendo Co., Ltd.		20,600		6,724,439

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.6%
Samsung Electronics Co., Ltd.		176,140		7,378,428

				43,198,916

ENERGY–9.5%
OIL, GAS & CONSUMABLE FUELS–9.5%
Canadian Natural Resources Ltd. (Toronto)		106,860		3,856,926
JXTG Holdings, Inc.		1,501,600		10,417,764
PetroChina Co., Ltd.–Class H		10,690,000		8,143,793
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		408,410		14,173,635
Royal Dutch Shell PLC–Class A		188,044		6,507,998

				43,100,116

TELECOMMUNICATION SERVICES–4.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–4.7%
China Unicom Hong Kong Ltd.		5,806,000		7,237,090
Nippon Telegraph & Telephone Corp.		303,200		13,773,764

				21,010,854

HEALTH CARE–3.7%
BIOTECHNOLOGY–0.5%
Grifols SA (ADR)(b)		109,546		2,355,239

PHARMACEUTICALS–3.2%
Ono Pharmaceutical Co., Ltd.		312,900		7,325,243
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		296,110		7,201,395

				14,526,638

				16,881,877

UTILITIES–1.0%
ELECTRIC UTILITIES–1.0%
EDP–Energias de Portugal SA		1,163,800	$	4,612,735

REAL ESTATE–1.0%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.0%
Aroundtown SA		546,450		4,491,949

Total Common Stocks (cost $402,552,493)				443,178,415

SHORT-TERM INVESTMENTS–1.7%
INVESTMENT COMPANIES–1.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(d)(e)(f) (cost $7,546,125)		7,546,125	$	7,546,125

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.8% (cost $410,098,618)				450,724,540

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.4%
INVESTMENT COMPANIES–2.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(d)(e) (f) (cost $10,970,728)		10,970,728		10,970,728

TOTAL INVESTMENTS–102.2% (cost $421,069,346)				461,695,268
Other assets less liabilities–(2.2)%				(10,022,994	)

NET ASSETS–100.0%			$	451,672,274


INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)		AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	15,010		USD	4,101		7/03/18	$	228,013
Bank of America, NA		USD	3,893		BRL	15,010		7/03/18		(20,038	)
Bank of America, NA		GBP	862		USD	1,207		7/17/18		68,246
Bank of America, NA		USD	1,908		GBP	1,353		7/17/18		(121,735	)
Bank of America, NA		JPY	329,298		USD	3,010		10/16/18		12,909
Bank of America, NA		NOK	4,179		USD	524		10/16/18		8,700
Bank of America, NA		USD	1,223		GBP	932		10/16/18		12,688
Barclays Bank PLC		CAD	998		USD	780		7/17/18		20,674
Barclays Bank PLC		ILS	10,254		USD	2,934		7/17/18		128,154
Barclays Bank PLC		SEK	17,097		USD	1,956		7/17/18		45,592
Barclays Bank PLC		USD	6,482		GBP	4,566		7/17/18		(452,186	)
Barclays Bank PLC		CNY	11,204		USD	1,769		7/19/18		79,175
Barclays Bank PLC		USD	1,517		CNY	10,023		7/19/18		(5,893	)
Barclays Bank PLC		INR	235,260		USD	3,435		8/09/18		16,282
Barclays Bank PLC		TWD	178,753		USD	6,037		9/13/18		145,245
Barclays Bank PLC		USD	950		AUD	1,285		10/16/18		1,405
Barclays Bank PLC		USD	6,090		GBP	4,543		10/16/18		(65,795	)
BNP Paribas SA		AUD	4,461		USD	3,385		7/17/18		83,229
BNP Paribas SA		CHF	1,079		USD	1,092		7/17/18		1,219
BNP Paribas SA		USD	40,551		EUR	32,699		7/17/18		(2,326,314	)
BNP Paribas SA		CNY	7,044		USD	1,101		7/19/18		39,162
BNP Paribas SA		CAD	1,539		USD	1,187		10/16/18		14,397
BNP Paribas SA		USD	3,304		GBP	2,514		10/16/18		29,912
Citibank, NA		EUR	16,822		USD	19,773		7/17/18		109,089
Citibank, NA		EUR	10,604		USD	12,292		7/17/18		(103,367	)
Citibank, NA		JPY	464,387		USD	4,394		7/17/18		196,082
Citibank, NA		USD	940		CHF	897		7/17/18		(33,444	)
Citibank, NA		USD	7,699		EUR	6,279		7/17/18		(359,328	)
Citibank, NA		USD	9,080		GBP	6,738		7/17/18		(181,846	)
Citibank, NA		USD	1,795		HKD	14,077		7/17/18		(832	)
Citibank, NA		USD	16,435		JPY	1,794,374		7/17/18		(212,420	)
Citibank, NA		KRW	15,515,025		USD	14,591		7/26/18		652,758
Citibank, NA		USD	518		KRW	560,533		7/26/18		(14,272	)
Citibank, NA		USD	2,177		RUB	139,217		7/31/18		33,153
Citibank, NA		INR	108,470		USD	1,567		8/09/18		(8,949	)
Citibank, NA		HKD	10,750		USD	1,372		10/16/18		(872	)
Citibank, NA		USD	2,719		GBP	2,043		10/16/18		(10,032	)
Credit Suisse International		CHF	12,311		USD	12,604		7/17/18		158,404
Credit Suisse International		JPY	124,871		USD	1,182		7/17/18		53,500
Credit Suisse International		NOK	36,814		USD	4,500		7/17/18		(22,670	)
Credit Suisse International		SEK	7,934		USD	930		7/17/18		43,011
Credit Suisse International		SEK	21,952		USD	2,441		7/17/18		(12,104	)
Credit Suisse International		USD	1,481		CAD	1,951		7/17/18		3,044
Credit Suisse International		USD	6,818		CHF	6,735		7/17/18		(8,686	)
Credit Suisse International		USD	10,108		NOK	80,260		7/17/18		(247,432	)
Credit Suisse International		SEK	22,660		USD	2,538		10/16/18		(12,684	)
Credit Suisse International		USD	5,020		SEK	42,852		10/16/18		(196,133	)
Deutsche Bank AG		CAD	19,648		USD	15,620		7/17/18		670,748

AB Variable Products Series Fund


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG		EUR	961		USD	1,132		7/17/18	$	8,188
Deutsche Bank AG		JPY	181,019		USD	1,735		7/17/18		98,470
Deutsche Bank AG		USD	1,806		EUR	1,536		7/17/18		(10,572	)
Deutsche Bank AG		USD	674		JPY	74,000		7/17/18		(5,291	)
Deutsche Bank AG		USD	1,769		GBP	1,339		10/16/18		6,446
Deutsche Bank AG		USD	675		GBP	502		10/16/18		(9,696	)
Goldman Sachs Bank USA		CAD	1,178		USD	924		7/17/18		27,898
Goldman Sachs Bank USA		EUR	4,515		USD	5,281		7/17/18		2,924
Goldman Sachs Bank USA		USD	3,459		HKD	27,115		7/17/18		(2,926	)
JPMorgan Chase Bank, NA		AUD	1,016		USD	771		7/17/18		18,633
JPMorgan Chase Bank, NA		EUR	1,883		USD	2,194		7/17/18		(7,116	)
JPMorgan Chase Bank, NA		HKD	68,631		USD	8,767		7/17/18		18,564
JPMorgan Chase Bank, NA		JPY	1,449,829		USD	13,323		7/17/18		215,809
JPMorgan Chase Bank, NA		TRY	9,263		USD	1,875		7/17/18		(128,344	)
JPMorgan Chase Bank, NA		USD	1,472		GBP	1,096		7/17/18		(24,170	)
JPMorgan Chase Bank, NA		USD	1,317		JPY	140,407		7/17/18		(47,678	)
Morgan Stanley & Co., Inc.		BRL	15,010		USD	3,893		7/03/18		20,038
Morgan Stanley & Co., Inc.		USD	3,976		BRL	15,010		7/03/18		(103,360	)
Morgan Stanley & Co., Inc.		EUR	2,066		USD	2,416		7/17/18		1,023
Morgan Stanley & Co., Inc.		ILS	3,783		USD	1,057		7/17/18		22,134
Morgan Stanley & Co., Inc.		USD	17,933		AUD	23,311		7/17/18		(681,061	)
Morgan Stanley & Co., Inc.		USD	580		CAD	752		7/17/18		(8,171	)
Morgan Stanley & Co., Inc.		USD	1,263		EUR	1,040		7/17/18		(46,929	)
Morgan Stanley & Co., Inc.		USD	1,694		GBP	1,186		7/17/18		(127,595	)
Morgan Stanley & Co., Inc.		USD	2,603		HKD	20,393		7/17/18		(3,357	)
Morgan Stanley & Co., Inc.		USD	917		JPY	99,919		7/17/18		(13,852	)
Morgan Stanley & Co., Inc.		USD	813		NZD	1,124		7/17/18		(51,323	)
Morgan Stanley & Co., Inc.		BRL	15,010		USD	3,965		8/02/18		105,906
Morgan Stanley & Co., Inc.		USD	442		BRL	1,695		8/02/18		(6,602	)
Morgan Stanley & Co., Inc.		ILS	2,887		USD	812		10/16/18		17,000
Morgan Stanley & Co., Inc.		USD	2,055		CHF	2,007		10/16/18		(9,901	)
Northern Trust Co.		JPY	2,772,907		USD	26,014		7/17/18		945,644
Northern Trust Co.		USD	29,385		CHF	28,092		7/17/18		(985,022	)
Northern Trust Co.		USD	7,451		SEK	62,305		7/17/18		(487,887	)
Northern Trust Co.		USD	2,197		TRY	9,263		7/17/18		(193,214	)
Royal Bank of Scotland PLC		CAD	1,238		USD	966		7/17/18		23,874
Royal Bank of Scotland PLC		JPY	399,064		USD	3,799		7/17/18		190,861
Royal Bank of Scotland PLC		NOK	140,631		USD	18,116		7/17/18		838,941
Royal Bank of Scotland PLC		USD	3,275		AUD	4,248		7/17/18		(131,371	)
Royal Bank of Scotland PLC		USD	708		GBP	530		7/17/18		(7,735	)
Royal Bank of Scotland PLC		USD	1,918		KRW	2,070,201		7/26/18		(58,683	)
Royal Bank of Scotland PLC		USD	2,333		EUR	1,992		10/16/18		12,158
Royal Bank of Scotland PLC		USD	12,974		EUR	10,886		10/16/18		(159,009	)
Standard Chartered Bank		JPY	128,042		USD	1,207		7/17/18		49,662
Standard Chartered Bank		USD	1,557		GBP	1,128		7/17/18		(67,609	)
Standard Chartered Bank		CNY	110,698		USD	17,499		7/19/18		804,389
Standard Chartered Bank		CNY	10,353		USD	1,561		7/19/18		(59	)
Standard Chartered Bank		USD	590		CNY	3,833		7/19/18		(11,809	)
Standard Chartered Bank		USD	2,670		KRW	2,875,945		7/26/18		(86,180	)
Standard Chartered Bank		JPY	250,745		USD	2,278		10/16/18		(3,989	)


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)
State Street Bank & Trust Co.		CHF	1,030		USD	1,038		7/17/18	$	(3,492	)
State Street Bank & Trust Co.		EUR	1,538		USD	1,831		7/17/18		33,384
State Street Bank & Trust Co.		EUR	4,303		USD	4,992		7/17/18		(37,867	)
State Street Bank & Trust Co.		JPY	51,500		USD	489		7/17/18		23,354
State Street Bank & Trust Co.		NOK	3,301		USD	408		7/17/18		2,432
State Street Bank & Trust Co.		SEK	4,985		USD	572		7/17/18		14,952
State Street Bank & Trust Co.		USD	1,216		CAD	1,612		7/17/18		10,463
State Street Bank & Trust Co.		USD	468		CAD	594		7/17/18		(16,083	)
State Street Bank & Trust Co.		USD	4,951		EUR	3,976		7/17/18		(303,248	)
State Street Bank & Trust Co.		USD	878		GBP	639		7/17/18		(34,180	)
State Street Bank & Trust Co.		USD	8,729		JPY	960,235		7/17/18		(48,200	)
State Street Bank & Trust Co.		HKD	3,521		USD	449		10/16/18		(98	)
State Street Bank & Trust Co.		NOK	8,657		USD	1,069		10/16/18		1,128
State Street Bank & Trust Co.		NOK	13,260		USD	1,624		10/16/18		(10,919	)
State Street Bank & Trust Co.		USD	201		GBP	151		10/16/18		(972	)
UBS AG		EUR	1,059		USD	1,236		7/17/18		(2,292	)
UBS AG		SEK	10,337		USD	1,188		7/17/18		33,063
UBS AG		USD	1,138		GBP	842		7/17/18		(26,310	)

									$	(1,979,075	)

(a)

Non-income producing security.

(b)

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

(c)

(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

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

NZD—New Zealand Dollar

RUB—Russian Ruble

SEK—Swedish Krona

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.


INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $402,552,493)	$	443,178,415	(a)
Affiliated issuers (cost $18,516,853—including investment of cash collateral for securities loaned of $10,970,728)		18,516,853
Cash collateral due from broker		2,330,000
Foreign currencies, at value (cost $1,842,642)		1,820,328
Unrealized appreciation on forward currency exchange contracts		6,402,129
Receivable for investment securities sold and foreign currency transactions		2,299,611
Unaffiliated dividends and interest receivable		2,191,826
Receivable for capital stock sold		93,059
Affiliated dividends receivable		2,998

Total assets		476,835,219

LIABILITIES
Payable for collateral received on securities loaned		10,970,728
Unrealized depreciation on forward currency exchange contracts		8,381,204
Payable for investment securities purchased and foreign currency transactions		3,520,542
Cash collateral due to broker		1,620,000
Advisory fee payable		289,261
Payable for capital stock redeemed		108,703
Distribution fee payable		83,298
Administrative fee payable		9,298
Directors’ fees payable		435
Transfer Agent fee payable		87
Accrued expenses		179,389

Total liabilities		25,162,945

NET ASSETS	$	451,672,274

COMPOSITION OF NET ASSETS
Capital stock, at par	$	29,836
Additional paid-in capital		454,853,427
Undistributed net investment income		8,715,915
Accumulated net realized loss on investment and foreign currency transactions		(50,538,290	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		38,611,386

	$	451,672,274

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	70,695,563		4,628,836	$	15.27
B	$	380,976,711		25,207,084	$	15.11

(a)

Includes securities on loan with a value of $10,403,847 (see Note E).

See notes to financial statements.


INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,124,551)	$	7,894,956
Affiliated issuers		91,691
Interest		1,093
Securities lending income		101,695

		8,089,435

EXPENSES
Advisory fee (see Note B)		1,777,682
Distribution fee—Class B		523,684
Transfer agency—Class A		354
Transfer agency—Class B		2,683
Custodian		90,780
Printing		60,115
Audit and tax		28,937
Administrative		27,017
Legal		22,787
Directors’ fees		12,794
Miscellaneous		14,500

Total expenses		2,561,333
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(9,301	)

Net expenses		2,552,032

Net investment income		5,537,403

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		8,368,379
Forward currency exchange contracts		(2,785,038	)
Foreign currency transactions		(214,686	)
Net change in unrealized appreciation/depreciation of:
Investments		(39,649,655	)
Forward currency exchange contracts		(1,393,278	)
Foreign currency denominated assets and liabilities		(49,051	)

Net loss on investment and foreign currency transactions		(35,723,329	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(30,185,926	)

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,537,403		$	9,215,792
Net realized gain on investment and foreign currency transactions		5,368,655			39,896,634
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(41,091,984	)		62,373,737

Net increase (decrease) in net assets from operations		(30,185,926	)		111,486,163
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,129,445	)
Class B		–0	–		(8,153,923	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(4,040,694	)		(123,775,055	)

Total decrease		(34,226,620	)		(21,572,260	)
NET ASSETS
Beginning of period		485,898,894			507,471,154

End of period (including undistributed net investment income of $8,715,915 and $3,178,512, respectively)	$	451,672,274		$	485,898,894

See notes to financial statements.


INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A : Significant Accounting Policies

The AB International Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.


		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Consumer Discretionary

6,988,389

73,049,561

–0

–

80,037,950

Financials

–0

–

77,306,010

–0

–

77,306,010

Materials

8,697,093

46,479,143

–0

–

55,176,236

Consumer Staples

–0

–

49,063,002

–0

–

49,063,002

Industrials

–0

–

48,298,770

–0

–

48,298,770

Information Technology

–0

–

43,198,916

–0

–

43,198,916

Energy

3,856,926

39,243,190

–0

–

43,100,116

Telecommunication Services

–0

–

21,010,854

–0

–

21,010,854

Health Care

9,556,634

7,325,243

–0

–

16,881,877

Utilities

–0

–

4,612,735

–0

–

4,612,735

Real Estate

–0

–

4,491,949

–0

–

4,491,949

Short-Term Investments

7,546,125

–0

–

–0

–

7,546,125

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

10,970,728

–0

–

–0

–

10,970,728

Total Investments in Securities

47,615,895

414,079,373

(a)

–0

–

461,695,268


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

Level 1

Level 2

Level 3

Total

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

–0

–

6,402,129

–0

–

6,402,129

Liabilities:

Forward Currency Exchange Contracts

–0

–

(8,381,204

)

–0

–

(8,381,204

)

Total (c)(d)

47,615,895

412,100,298

–0

–

459,716,193

(a)

(b)

(c)

An amount of $11,022,378 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(d)

An amount of $5,739,368 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.

3. Currency Translation


		AB Variable Products Series Fund

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

NOTE B : Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2018, there were no expenses waived by the Adviser.


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

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	7,546	$	0	$	7,546	$	3
Government Money Market Portfolio*		15,541		145,434		150,004		10,971		89

Total							$	18,517	$	92

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $92,387, 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

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

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

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	117,979,394		$	126,305,843
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	69,901,879
Gross unrealized depreciation		(31,255,032	)

Net unrealized appreciation	$	38,646,847

1. Derivative Financial Instruments

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

•

Forward Currency Exchange Contracts


		AB Variable Products Series Fund

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

During the six months ended June 30, 2018, the Portfolio held forward currency exchange contracts for hedging purposes.

During the six months ended June 30, 2018, 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	$6,402,129	Unrealized depreciation on forward currency exchange contracts	$	8,381,204

Total		$6,402,129		$	8,381,204


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	$	(2,785,038	)	$	(1,393,278	)

Total		$	(2,785,038	)	$	(1,393,278	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2018:


Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	204,786,532
Average principal amount of sale contracts	$	212,989,021

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.


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


Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivatives Assets
Bank of America, NA	$	330,556	$	(141,773	)	$	–0	–	$	–0	–	$	188,783
Barclays Bank PLC		436,527		(436,527	)		–0	–		–0	–		–0	–
BNP Paribas SA		167,919		(167,919	)		–0	–		–0	–		–0	–
Citibank, NA		991,082		(925,362	)		(65,720	)		–0	–		–0	–
Credit Suisse International		257,959		(257,959	)		–0	–		–0	–		–0	–
Deutsche Bank AG		783,852		(25,559	)		–0	–		–0	–		758,293
Goldman Sachs Bank USA		30,822		(2,926	)		–0	–		–0	–		27,896
JPMorgan Chase Bank, NA		253,006		(207,308	)		–0	–		–0	–		45,698
Morgan Stanley & Co., Inc.		166,101		(166,101	)		–0	–		–0	–		–0	–
Northern Trust Co.		945,644		(945,644	)		–0	–		–0	–		–0	–
Royal Bank of Scotland PLC		1,065,834		(356,798	)		–0	–		–0	–		709,036
Standard Chartered Bank		854,051		(169,646	)		(650,000	)		–0	–		34,405
State Street Bank & Trust Co.		85,713		(85,713	)		–0	–		–0	–		–0	–
UBS AG		33,063		(28,602	)		–0	–		–0	–		4,461

Total	$	6,402,129	$	(3,917,837	)	$	(715,720	)	$	–0	–	$	1,768,572	^


Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
Bank of America, NA	$	141,773	$	(141,773	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		523,874		(436,527	)		–0	–		–0	–		87,347
BNP Paribas SA		2,326,314		(167,919	)		(2,158,395	)		–0	–		–0	–
Citibank, NA		925,362		(925,362	)		–0	–		–0	–		–0	–
Credit Suisse International		499,709		(257,959	)		–0	–		–0	–		241,750
Deutsche Bank AG		25,559		(25,559	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		2,926		(2,926	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		207,308		(207,308	)		–0	–		–0	–		–0	–
Morgan Stanley & Co., Inc.		1,052,151		(166,101	)		–0	–		–0	–		886,050
Northern Trust Co.		1,666,123		(945,644	)		–0	–		–0	–		720,479
Royal Bank of Scotland PLC		356,798		(356,798	)		–0	–		–0	–		–0	–
Standard Chartered Bank		169,646		(169,646	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		455,059		(85,713	)		–0	–		–0	–		369,346
UBS AG		28,602		(28,602	)		–0	–		–0	–		–0	–

Total	$	8,381,204	$	(3,917,837	)	$	(2,158,395	)	$	–0	–	$	2,304,972	^

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

2. Currency Transactions


		AB Variable Products Series Fund

direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E : Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, the Portfolio had securities on loan with a value of $10,403,847 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $10,970,728. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $101,695 and $88,693 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $8,959. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		1,696,033			256,719		$	27,356,083		$	3,886,362
Shares issued in reinvestment of dividends		–0	–		71,092			–0	–		1,129,445
Shares redeemed		(320,143	)		(642,841	)		(5,272,190	)		(9,555,629	)

Net increase (decrease)		1,375,890			(315,030	)	$	22,083,893		$	(4,539,822	)

Class B
Shares sold		482,000			862,955		$	7,784,688		$	13,009,333
Shares issued in reinvestment of dividends		–0	–		518,006			–0	–		8,153,923
Shares redeemed		(2,081,550	)		(9,534,251	)		(33,909,275	)		(140,398,489	)

Net decrease		(1,599,550	)		(8,153,290	)	$	(26,124,587	)	$	(119,235,233	)

At June 30, 2018, certain shareholders of the Portfolio owned 52% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.


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

NOTE G : Risks Involved in Investing in the Portfolio

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

NOTE H : Joint Credit Facility

NOTE I : Distributions to Shareholders


	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.


		AB Variable Products Series Fund

(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.

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.

NOTE J : Subsequent Events



INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.30			$13.28			$13.52			$13.53			$14.99			$12.96


Income From Investment Operations
Net investment income (a)		.21	(b)		.31	(b)		.30	(b)†		.30			.48			.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.24	)		3.06			(.37	)		.05			(1.40	)		2.59

Net increase (decrease) in net asset value from operations		(1.03	)		3.37			(.07	)		.35			(.92	)		2.92


Less: Dividends
Dividends from net investment income		–0	–		(.35	)		(.17	)		(.36	)		(.54	)		(.89	)

Net asset value, end of period		$15.27			$16.30			$13.28			$13.52			$13.53			$14.99


Total Return
Total investment return based on net asset value (c)		(6.32	)%		25.42	%*		(.50	)%†*		2.59	%		(6.21	)%		23.00	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$70,695			$53,014			$47,385			$48,665			$50,504			$58,723
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.86	%^		.85	%		.86	%		.85	%		.85	%		.82	%
Expenses, before waivers/reimbursements		.86	%^		.86	%		.86	%		.85	%		.85	%		.82	%
Net investment income		2.63	%(b)^		2.05	%(b)		2.27	%(b)†		2.09	%		3.25	%		2.33	%
Portfolio turnover rate		25	%		45	%		64	%		74	%		64	%		59	%

See footnote summary on page 23.


		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.15			$13.16			$13.41			$13.41			$14.86			$12.84


Income From Investment Operations
Net investment income (a)		.19	(b)		.27	(b)		.27	(b)†		.26			.45			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.23	)		3.02			(.38	)		.06			(1.40	)		2.56

Net increase (decrease) in net asset value from operations		(1.04	)		3.29			(.11	)		.32			(.95	)		2.86


Less: Dividends
Dividends from net investment income		–0	–		(.30	)		(.14	)		(.32	)		(.50	)		(.84	)

Net asset value, end of period		$15.11			$16.15			$13.16			$13.41			$13.41			$14.86


Total Return
Total investment return based on net asset value (c)		(6.44	)%		25.09	%*		(.80	)%†*		2.40	%		(6.46	)%		22.73	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$380,977			$432,885			$460,086			$550,746			$615,682			$743,517
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.11	%^		1.10	%		1.11	%		1.10	%		1.10	%%		1.07	%
Expenses, before waivers/reimbursements		1.11	%^		1.11	%		1.11	%		1.10	%		1.10	%		1.07	%
Net investment income		2.30	%(b)^		1.83	%(b)		2.04	%(b)†		1.85	%		3.06	%		2.20	%
Portfolio turnover rate		25	%		45	%		64	%		74	%		64	%		59	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

†

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 .01% and .07%, respectively.

Annualized.

See notes to financial statements.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


		AB Variable Products Series Fund

Fall-Out Benefits

Investment Results

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 February 28, 2018 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 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 materials from the Fund’s Senior Analyst 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; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.


INTERNATIONAL VALUE 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 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. 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.

Economies of Scale

VPS-IV-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,089.80	$	3.52		0.68	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.42	$	3.41		0.68	%

Class B
Actual	$	1,000	$	1,088.50	$	4.82		0.93	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.18	$	4.66		0.93	%

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


LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class C	$	36,447,170		8.1	%
Facebook, Inc.—Class A		32,618,361		7.3
Visa, Inc.—Class A		22,178,223		4.9
Home Depot, Inc. (The)		18,780,521		4.2
UnitedHealth Group, Inc.		18,319,783		4.1
Biogen, Inc.		17,300,045		3.8
Costco Wholesale Corp.		16,536,587		3.7
Apple, Inc.		14,144,625		3.1
NIKE, Inc.—Class B		13,144,810		2.9
Zoetis, Inc.		12,887,373		2.9

	$	202,357,498		45.0	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	161,565,225		35.9	%
Health Care		84,942,921		18.9
Consumer Discretionary		75,370,568		16.7
Consumer Staples		41,169,880		9.1
Industrials		32,843,608		7.3
Financials		11,763,779		2.6
Materials		8,872,391		2.0
Short-Term Investments		33,919,667		7.5

Total Investments	$	450,448,039		100.0	%

Long-term investments.

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


LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS– 92.6%

INFORMATION TECHNOLOGY–35.9%
COMMUNICATIONS EQUIPMENT–0.8%
Arista Networks, Inc.(a)		13,707	$	3,529,415

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		24,236		2,112,167

INTERNET SOFTWARE & SERVICES–15.3%
Alphabet, Inc.–Class C(a)		32,669		36,447,170
Facebook, Inc.–Class A(a)		167,859		32,618,361

				69,065,531

IT SERVICES–8.7%
Cognizant Technology Solutions Corp.–Class A		39,558		3,124,686
Fiserv, Inc.(a)		60,580		4,488,372
PayPal Holdings, Inc.(a)		113,102		9,418,004
Visa, Inc.–Class A		167,446		22,178,223

				39,209,285

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.7%
NVIDIA Corp.		6,512		1,542,693
Texas Instruments, Inc.		15,610		1,721,002
Xilinx, Inc.		134,956		8,807,229

				12,070,924

SOFTWARE–4.8%
Activision Blizzard, Inc.		64,417		4,916,305
Adobe Systems, Inc.(a)		37,400		9,118,494
Electronic Arts, Inc.(a)		28,330		3,995,097
Red Hat, Inc.(a)		12,264		1,647,914
salesforce.com, Inc.(a)		12,870		1,755,468

				21,433,278

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.1%
Apple, Inc.		76,412		14,144,625

				161,565,225

HEALTH CARE–18.9%
BIOTECHNOLOGY–4.8%
Biogen, Inc.(a)		59,606		17,300,046
Regeneron Pharmaceuticals, Inc.(a)		12,691		4,378,268

				21,678,314

HEALTH CARE EQUIPMENT & SUPPLIES–6.6%
Edwards Lifesciences Corp.(a)		87,562		12,746,400
Intuitive Surgical, Inc.(a)		26,912		12,876,854

Stryker Corp.		24,140	$	4,076,280

				29,699,534

HEALTH CARE PROVIDERS & SERVICES–4.1%
UnitedHealth Group, Inc.		74,671		18,319,783

LIFE SCIENCES TOOLS & SERVICES–0.5%
Mettler-Toledo International, Inc.(a)		4,075		2,357,917

PHARMACEUTICALS–2.9%
Zoetis, Inc.		151,278		12,887,373

				84,942,921

CONSUMER DISCRETIONARY–16.7%
HOTELS, RESTAURANTS & LEISURE–1.4%
Starbucks Corp.		128,930		6,298,231

INTERNET & DIRECT MARKETING RETAIL–2.4%
Booking Holdings, Inc.(a)		5,310		10,763,848

MEDIA–0.6%
Comcast Corp.–Class A		83,840		2,750,790

MULTILINE RETAIL–1.3%
Dollar Tree, Inc.(a)		69,751		5,928,835

SPECIALTY RETAIL–8.1%
Home Depot, Inc. (The)		96,261		18,780,521
TJX Cos., Inc. (The)		98,729		9,397,026
Ulta Salon Cosmetics & Fragrance, Inc.(a)		35,580		8,306,507

				36,484,054

TEXTILES, APPAREL & LUXURY GOODS–2.9%
NIKE, Inc.—Class B		164,970		13,144,810

				75,370,568

CONSUMER STAPLES–9.2%
BEVERAGES–5.5%
Constellation Brands, Inc.–Class A		58,030		12,701,026
Monster Beverage Corp.(a)		208,242		11,932,267

				24,633,293

FOOD & STAPLES RETAILING–3.7%
Costco Wholesale Corp.		79,130		16,536,587

				41,169,880

INDUSTRIALS–7.3%
BUILDING PRODUCTS–3.0%
Allegion PLC		85,019		6,577,070
AO Smith Corp.		90,660		5,362,539


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


Company	Shares		U.S. $ Value

Lennox International, Inc.		8,731	$	1,747,509

				13,687,118

COMMERCIAL SERVICES & SUPPLIES–1.4%
Copart, Inc.(a)		109,441		6,189,983

INDUSTRIAL CONGLOMERATES–1.5%
Roper Technologies, Inc.		24,514		6,763,658

MACHINERY–1.2%
IDEX Corp.		12,170		1,660,962
WABCO Holdings, Inc.(a)		32,372		3,788,171

				5,449,133

TRADING COMPANIES & DISTRIBUTORS–0.2%
Fastenal Co.		15,660		753,716

				32,843,608

FINANCIALS–2.6%
CAPITAL MARKETS–2.6%
MarketAxess Holdings, Inc.		16,680		3,300,305
S&P Global, Inc.		41,510		8,463,474

				11,763,779

MATERIALS–2.0%
CHEMICALS–2.0%
Sherwin-Williams Co. (The)		21,769		8,872,391

Total Common Stocks (cost $267,851,333)				416,528,372


SHORT-TERM INVESTMENTS–7.5%
INVESTMENT COMPANIES–7.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(b)(c)(d) (cost $33,919,667)		33,919,667	$	33,919,667

TOTAL INVESTMENTS–100.1% (cost $301,771,000)				450,448,039
Other assets less liabilities–(0.1)%				(347,162	)

NET ASSETS–100.0%			$	450,100,877

(a)

Non-income producing security.

(b)

Affiliated investments.

(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.

See notes to financial statements.


LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $267,851,333)	$	416,528,372
Affiliated issuers (cost $33,919,667)		33,919,667
Cash		17,854
Receivable for investment securities sold		696,539
Receivable for capital stock sold		135,273
Unaffiliated dividends receivable		55,502
Affiliated dividends receivable		15,864

Total assets		451,369,071

LIABILITIES
Payable for investment securities purchased		769,627
Advisory fee payable		230,205
Payable for capital stock redeemed		106,967
Distribution fee payable		50,837
Administrative fee payable		9,157
Directors’ fees payable		437
Transfer Agent fee payable		97
Accrued expenses		100,867

Total liabilities		1,268,194

NET ASSETS	$	450,100,877

COMPOSITION OF NET ASSETS
Capital stock, at par	$	7,526
Additional paid-in capital		212,650,078
Accumulated net investment loss		(377,152	)
Accumulated net realized gain on investment transactions		89,143,386
Net unrealized appreciation on investments		148,677,039

	$	450,100,877

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	213,187,541		3,472,336	$	61.40
B	$	236,913,336		4,053,412	$	58.45

See notes to financial statements.


LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	1,360,045
Affiliated issuers		15,864
Interest		34,508			1,410,417

EXPENSES
Advisory fee (see Note B)		1,326,289
Distribution fee—Class B		287,326
Transfer agency—Class A		2,067
Transfer agency—Class B		2,239
Custodian		51,152
Printing		33,599
Administrative		27,008
Audit and tax		20,462
Legal		20,372
Directors’ fees		12,794
Miscellaneous		6,125

Total expenses		1,789,433
Less: expenses waived and reimbursed by the Adviser (see Note B)		(1,864	)

Net expenses					1,787,569

Net investment loss					(377,152	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions					39,572,691
Net change in unrealized appreciation/depreciation of investments					(1,794,486	)

Net gain on investment transactions					37,778,205

NET INCREASE IN NET ASSETS FROM OPERATIONS				$	37,401,053

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(377,152	)	$	(419,892	)
Net realized gain on investment transactions		39,572,691			52,939,123
Net change in unrealized appreciation/depreciation of investments		(1,794,486	)		65,619,253

Net increase in net assets from operations		37,401,053			118,138,484
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(11,465,663	)
Class B		–0	–		(13,633,647	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(16,626,637	)		(44,751,279	)

Total increase		20,774,416			48,287,895
NET ASSETS
Beginning of period		429,326,461			381,038,566

End of period (including accumulated net investment loss of ($377,152) and undistributed net investment income of $0, respectively)	$	450,100,877		$	429,326,461

See notes to financial statements.


LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Large Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.


		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

416,528,372

–0

–

–0

–

416,528,372

Short-Term Investments

33,919,667

–0

–

–0

–

33,919,667

Total Investments in Securities

450,448,039

–0

–

–0

–

450,448,039

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

450,448,039

–0

–

–0

–

450,448,039

(a)

See Portfolio of Investments for sector classifications.

(b)

(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.


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

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions


		AB Variable Products Series Fund

6. Class Allocations

7. Dividends and Distributions

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.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	35,815	$	1,895	$	33,920	$	16

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $30,303, 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


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

expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

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

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

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	80,387,106		$	118,236,204
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	149,831,643
Gross unrealized depreciation		(1,154,604	)

Net unrealized appreciation	$	148,677,039

1. Derivative Financial Instruments

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2018.

2. Currency Transactions

NOTE E: Capital Stock

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


	Shares						Amount
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		61,706			307,126		$	3,658,410		$	15,850,176
Shares issued in reinvestment of distributions		–0	–		226,684			–0	–		11,465,663
Shares redeemed		(288,199	)		(774,660	)		(16,933,502	)		(40,887,713	)

Net decrease		(226,493	)		(240,850	)	$	(13,275,092	)	$	(13,571,874	)

Class B
Shares sold		211,685			484,079		$	11,995,768		$	24,170,743
Shares issued in reinvestment of distributions		–0	–		282,504			–0	–		13,633,647
Shares redeemed		(272,407	)		(1,336,010	)		(15,347,313	)		(68,983,795	)

Net decrease		(60,722	)		(569,427	)	$	(3,351,545	)	$	(31,179,405	)


		AB Variable Products Series Fund

NOTE F: Risks Involved in Investing in the Portfolio

NOTE G: Joint Credit Facility

NOTE H: Distributions to Shareholders


	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.

NOTE I: Subsequent Events



LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$56.34			$45.22			$49.50			$48.83			$42.78			$31.17

Income From Investment Operations
Net investment income (loss) (a)		(.01	)(b)		.02	(b)		(.03	)(b)†		.02			.02			(.04	)
Net realized and unrealized gain on investment transactions		5.07			14.10			1.44			5.33			6.03			11.68
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		–0	–		–0	–

Net increase in net asset value from operations		5.06			14.12			1.41			5.35			6.05			11.64


Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		–0	–		(.03	)
Distributions from net realized gain on investment transactions		–0	–		(3.00	)		(5.69	)		(4.68	)		–0	–		–0	–

Total dividends and distributions		–0	–		(3.00	)		(5.69	)		(4.68	)		–0	–		(.03	)

Net asset value, end of period		$61.40			$56.34			$45.22			$49.50			$48.83			$42.78


Total Return
Total investment return based on net asset value (d)		8.98	%		31.98	%*		2.63	%†*		11.11	%*		14.14	%*		37.35	%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$213,188			$208,392			$178,136			$191,568			$189,620			$190,488
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.68	%^		.70	%		.85	%		.82	%		.83	%		.85	%
Expenses, before waivers/reimbursements		.68	%^		.70	%		.85	%		.82	%		.83	%		.85	%
Net investment income (loss)		(.04	)%(b)^		.03	%(b)		(.07	)%(b)†		.04	%		.04	%		(.11	)%
Portfolio turnover rate		19	%		48	%		59	%		65	%		65	%		60	%

See footnote summary on page 15.


		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$53.70			$43.32			$47.77			$47.38			$41.62			$30.38


Income From Investment Operations
Net investment loss (a)		(.08	)(b)		(.11	)(b)		(.14	)(b)†		(.10	)		(.09	)		(.13	)
Net realized and unrealized gain on investment transactions		4.83			13.49			1.38			5.17			5.85			11.37
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		–0	–		–0	–

Net increase in net asset value from operations		4.75			13.38			1.24			5.07			5.76			11.24


Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(3.00	)		(5.69	)		(4.68	)		–0	–		–0	–

Net asset value, end of period		$58.45			$53.70			$43.32			$47.77			$47.38			$41.62


Total Return
Total investment return based on net asset value (d)		8.85	%		31.67	%*		2.36	%†*		10.86	%*		13.84	%*		37.00	%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$236,913			$220,934			$202,903			$267,171			$237,452			$230,350
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.93	%^		.95	%		1.10	%		1.07	%		1.08	%		1.10	%
Expenses, before waivers/reimbursements		.93	%^		.95	%		1.10	%		1.07	%		1.08	%		1.10	%
Net investment loss		(.29	)%(b)^		(.21	)%(b)		(.32	)%(b)†		(.21	)%		(.21	)%		(.36	)%
Portfolio turnover rate		19	%		48	%		59	%		65	%		65	%		60	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.005.

(d)

†

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%

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 .03%, .01%, .09%, .02% and .10%, respectively.

Annualized.

See notes to financial statements.



LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE		AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the “Fund”) at a meeting held on May 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


		AB Variable Products Series Fund

Fall-Out Benefits

Investment Results

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 February 28, 2018 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund 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 (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 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 materials from the Fund’s Senior Analyst 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 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 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; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves


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

scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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, when the advisory fee rate was reduced. 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 pro forma expense ratio was acceptable.

Economies of Scale

VPS-LCG-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



REAL ESTATE INVESTMENT PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,009.90	$	5.43		1.09	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.39	$	5.46		1.09	%

Class B
Actual	$	1,000	$	1,008.70	$	6.67		1.34	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.15	$	6.71		1.34	%

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


REAL ESTATE INVESTMENT PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
American Tower Corp.	$	3,785,904		7.6	%
Simon Property Group, Inc.		3,303,388		6.6
Prologis, Inc.		2,312,288		4.6
Equinix, Inc.		2,124,516		4.3
Crown Castle International Corp.		1,892,241		3.8
Digital Realty Trust, Inc.		1,660,311		3.3
Essex Property Trust, Inc.		1,503,750		3.0
Mid-America Apartment Communities, Inc.		1,321,797		2.6
Alexandria Real Estate Equities, Inc.		1,245,298		2.5
Camden Property Trust		1,144,593		2.3

	$	20,294,086		40.6	%

INDUSTRY BREAKDOWN²

June 30, 2018 (unaudited)


INDUSTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Specialized REITs	$	11,721,921		23.6	%
Residential REITs		8,370,052		16.8
Retail REITs		7,539,660		15.1
Industrial REITs		5,554,896		11.2
Office REITs		5,402,770		10.8
Health Care REITs		5,063,409		10.2
Hotel & Resort REITs		2,827,270		5.7
Diversified REITs		2,179,333		4.4
IT Consulting & Other Services		929,252		1.9
Short-Term Investments		152,964		0.3

Total Investments	$	49,741,527		100.0	%

Long-term investments.

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

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


REAL ESTATE INVESTMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–99.2%

REAL ESTATE–97.3%
DIVERSIFIED REITS–4.4%
Armada Hoffler Properties, Inc.		54,690	$	814,881
Empire State Realty Trust, Inc.–Class A		36,510		624,321
VEREIT, Inc.		99,480		740,131

				2,179,333

HEALTH CARE REITS–10.1%
HCP, Inc.		42,070		1,086,247
Healthcare Realty Trust, Inc.		24,030		698,792
LTC Properties, Inc.		13,670		584,256
Medical Properties Trust, Inc.		70,200		985,608
Sabra Health Care REIT, Inc.		43,060		935,694
Ventas, Inc.		13,570		772,812

				5,063,409

HOTEL & RESORT REITS–5.7%
Hersha Hospitality Trust		19,860		425,997
MGM Growth Properties LLC–Class A		16,380		498,935
Park Hotels & Resorts, Inc.		22,960		703,265
RLJ Lodging Trust		32,160		709,128
Summit Hotel Properties, Inc.		34,238		489,945

				2,827,270

INDUSTRIAL REITS–11.1%
Duke Realty Corp.		38,000		1,103,140
Monmouth Real Estate Investment Corp.–Class A		36,210		598,552
Prologis, Inc.		35,200		2,312,288
Rexford Industrial Realty, Inc.		21,790		683,988
STAG Industrial, Inc.		31,470		856,928

				5,554,896

OFFICE REITS–10.8%
Alexandria Real Estate Equities, Inc.		9,870		1,245,298
Brandywine Realty Trust		31,560		532,733
Columbia Property Trust, Inc.		39,426		895,364
Corporate Office Properties Trust		23,050		668,220
Highwoods Properties, Inc.		15,070		764,501
JBG SMITH Properties		13,030		475,204
Kilroy Realty Corp.		10,860		821,450

				5,402,770

RESIDENTIAL REITS–16.7%
American Campus Communities, Inc.		17,080		732,391
American Homes 4 Rent–Class A		45,450		1,008,081
Apartment Investment & Management Co.–Class A		19,160		810,468
Camden Property Trust		12,560		1,144,593
Essex Property Trust, Inc.		6,290		1,503,750
Independence Realty Trust, Inc.		74,290		765,930
Mid-America Apartment Communities, Inc.		13,130		1,321,797
Sun Communities, Inc.		11,065		1,083,042

				8,370,052


RETAIL REITS–15.1%
Agree Realty Corp.		9,190	$	484,956
Brixmor Property Group, Inc.		28,420		495,361
National Retail Properties, Inc.		21,950		964,922
Regency Centers Corp.		16,500		1,024,320
Retail Opportunity Investments Corp.		32,070		614,461
Simon Property Group, Inc.		19,410		3,303,388
Urban Edge Properties		28,520		652,252

				7,539,660

SPECIALIZED REITS–23.4%
American Tower Corp.		26,260		3,785,904
Crown Castle International Corp.		17,550		1,892,241
CubeSmart		27,320		880,250
Digital Realty Trust, Inc.		14,880		1,660,311
EPR Properties		9,020		584,406
Equinix, Inc.		4,942		2,124,516
National Storage Affiliates Trust		25,772		794,293

				11,721,921

				48,659,311

SOFTWARE & SERVICES–1.9%
IT CONSULTING & OTHER SERVICES–1.9%
InterXion Holding NV(a)		7,410		462,532
Switch, Inc.–Class A(b)		38,350		466,720

				929,252

Total Common Stocks (cost $43,276,197)				49,588,563

SHORT-TERM INVESTMENTS–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $152,964)		152,964		152,964

Total Investments Before Security Lending Collateral for Securities Loaned–99.5% (cost $43,429,161)				49,741,527

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.2%
INVESTMENT COMPANIES–0.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $115,375)		115,375		115,375

TOTAL INVESTMENTS–99.7% (cost $43,544,536)				49,856,902
Other assets less liabilities–0.3%				155,407

NET ASSETS–100.0%			$	50,012,309


REAL ESTATE INVESTMENT 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)

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.

Glossary:

REIT—Real Estate Investment Trust

See notes to financial statements.


REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $43,276,197)	$	49,588,563	(a)
Affiliated issuers (cost $268,339–including investment of cash collateral for securities loaned of $115,375)		268,339
Foreign currencies, at value (cost $8,329)		7,590
Unaffiliated dividends and interest receivable		192,264
Receivable for investment securities sold		176,885
Receivable for capital stock sold		1,644
Affiliated dividends receivable		97

Total assets		50,235,382

LIABILITIES
Payable for collateral received on securities loaned		115,375
Audit and tax fee payable		23,133
Advisory fee payable		22,933
Printing fee payable		17,454
Custody fee payable		12,129
Administrative fee payable		9,157
Distribution fee payable		3,905
Payable for capital stock redeemed		3,246
Directors’ fees payable		436
Transfer Agent fee payable		87
Accrued expenses		15,218

Total liabilities		223,073

NET ASSETS	$	50,012,309

COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,426
Additional paid-in capital		39,783,838
Undistributed net investment income		1,643,026
Accumulated net realized gain on investment and foreign currency transactions		2,268,392
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		6,311,627

	$	50,012,309

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	31,254,061		3,397,368	$	9.20
B	$	18,758,248		2,028,880	$	9.25

(a)

Includes securities on loan with a value of $112,329 (see Note E).

See notes to financial statements.


REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	954,957
Affiliated issuers		582
Interest		553

		956,092

EXPENSES
Advisory fee (see Note B)		131,193
Distribution fee—Class B		22,014
Transfer agency—Class A		1,444
Transfer agency—Class B		844
Custodian		30,908
Administrative		27,008
Audit and tax		26,301
Legal		14,292
Printing		14,021
Directors’ fees		12,795
Miscellaneous		979

Total expenses		281,799
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(58	)

Net expenses		281,741

Net investment income		674,351

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investment transactions		291,178
Net change in unrealized appreciation/depreciation of:
Investments		(636,281	)
Foreign currency denominated assets and liabilities		(268	)

Net loss on investment and foreign currency transactions		(345,371	)

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	328,980

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	674,351		$	760,056
Net realized gain on investment and foreign currency transactions		291,178			2,155,889
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(636,549	)		387,706

Net increase in net assets from operations		328,980			3,303,651
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(597,227	)
Class B		–0	–		(287,437	)
Net realized gain on investment transactions
Class A		–0	–		(1,785,451	)
Class B		–0	–		(978,421	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(2,121,292	)		(761,253	)

Total decrease		(1,792,312	)		(1,106,138	)
NET ASSETS
Beginning of period		51,804,621			52,910,759

End of period (including undistributed net investment income of $1,643,026 and $968,675, respectively)	$	50,012,309		$	51,804,621

See notes to financial statements.


REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Real Estate Investment Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is total return from long-term growth of capital and income. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.




		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

49,588,563

–0

–

–0

–

49,588,563

Short-Term Investments

152,964

–0

–

–0

–

152,964

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

115,375

–0

–

–0

–

115,375

Total Investments in Securities

49,856,902

–0

–

–0

–

49,856,902

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

49,856,902

–0

–

–0

–

49,856,902

(a)

See Portfolio of Investments for sector classifications.

(b)

(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.


REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		AB Variable Products Series Fund

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions




		AB Variable Products Series Fund

6. Class Allocations

7. Dividends and Distributions

NOTE B: Advisory Fee and Other Transactions with Affiliates

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	493	$	340	$	153	$	0	*
Government Money Market Portfolio**		0		1,087		972		115		1

Total							$	268	$	1

Amount is less than $500

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $19,607, 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


REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		AB Variable Products Series Fund

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	19,368,360		$	20,362,204
U.S. government securities......................		–0	–		–0	–


Gross unrealized appreciation	$	6,772,141
Gross unrealized depreciation		(459,775	)

Net unrealized appreciation	$	6,312,366

1. Derivative Financial Instruments

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2018.

2. Currency Transactions

NOTE E: Securities Lending




		AB Variable Products Series Fund

voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, the Portfolio had securities on loan with a value of $112,329 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $115,375. 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 $485 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $47. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		227,612			209,630		$	1,972,191		$	1,934,567
Shares issued in reinvestment of dividends and distributions		–0	–		270,759			–0	–		2,382,678
Shares redeemed		(439,459	)		(701,136	)		(3,789,480	)		(6,508,769	)

Net decrease		(211,847	)		(220,747	)	$	(1,817,289	)	$	(2,191,524	)

Class B
Shares sold		152,154			347,042		$	1,301,849		$	3,209,095
Shares issued in reinvestment of dividends and distributions		–0	–		142,873			–0	–		1,265,858
Shares redeemed		(187,092	)		(326,273	)		(1,605,852	)		(3,044,682	)

Net increase (decrease)		(34,938	)		163,642		$	(304,003	)	$	1,430,271

At June 30, 2018, 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

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 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.


REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		AB Variable Products Series Fund

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

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	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.




		AB Variable Products Series Fund

NOTE J: Subsequent Events



REAL ESTATE INVESTMENT PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.11			$9.22			$9.08			$10.00			$11.18			$12.25


Income From Investment Operations
Net investment income (a)		.12	(b)		.14	(b)		.18	(b)†		.18			.14			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.03	)		.44			.56			(.12	)		2.39			.24

Net increase in net asset value from operations		.09			.58			.74			.06			2.53			.48


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.17	)		(.15	)		(.15	)		(.37	)		(.20	)
Distributions from net realized gain on investment transactions		–0	–		(.52	)		(.45	)		(.83	)		(3.34	)		(1.35	)

Total dividends and distributions		–0	–		(.69	)		(.60	)		(.98	)		(3.71	)		(1.55	)

Net asset value, end of period		$9.20			$9.11			$9.22			$9.08			$10.00			$11.18


Total Return
Total investment return based on net asset value (c)		.99	%		6.53	%		7.76	%†		.80	%		25.35	%		4.20	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$31,254			$32,883			$35,294			$35,970			$38,003			$31,576
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.09	%^		1.05	%		1.08	%		1.07	%		1.08	%		.86	%
Expenses, before waivers/reimbursements		1.09	%^		1.05	%		1.08	%		1.07	%		1.08	%		.86	%
Net investment income		2.91	%(b)^		1.54	%(b)		1.90	%(b)†		1.91	%		1.26	%		1.92	%
Portfolio turnover rate		40	%		59	%		77	%		67	%		67	%		98	%

See footnote summary on page 17




		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.17			$9.27			$9.14			$10.05			$11.22			$12.28


Income From Investment Operations
Net investment income (a)		.12	(b)		.12	(b)		.15	(b)†		.16			.11			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.04	)		.45			.56			(.11	)		2.40			.18

Net increase in net asset value from operations		.08			.57			.71			.05			2.51			.45


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.15	)		(.13	)		(.13	)		(.34	)		(.16	)
Distributions from net realized gain on investment transactions		–0	–		(.52	)		(.45	)		(.83	)		(3.34	)		(1.35	)

Total dividends and distributions		–0	–		(.67	)		(.58	)		(.96	)		(3.68	)		(1.51	)

Net asset value, end of period		$9.25			$9.17			$9.27			$9.14			$10.05			$11.22


Total Return
Total investment return based on net asset value (c)		.87	%		6.37	%		7.38	%†		.66	%		24.96	%		3.97	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$18,758			$18,921			$17,617			$13,888			$13,301			$12,394
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.34	%^		1.30	%		1.34	%		1.33	%		1.33	%		1.15	%
Expenses, before waivers/reimbursements		1.34	%^		1.30	%		1.34	%		1.33	%		1.33	%		1.15	%
Net investment income		2.68	%(b)^		1.32	%(b)		1.56	%(b)†		1.67	%		1.03	%		2.13	%
Portfolio turnover rate		40	%		59	%		77	%		67	%		67	%		98	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

†

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		Net Investment			Total
Income Per Share		Income Ratio			Return
$	.002		.02	%		.02	%

Annualized.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


		AB Variable Products Series Fund

Fall-Out Benefits

Investment Results

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 February 28, 2018 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 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 materials from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.


REAL ESTATE INVESTMENT PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)		AB Variable Products Series Fund

Economies of Scale

VPS-REI-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,170.00	$	6.24		1.16	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.04	$	5.81		1.16	%

Class B
Actual	$	1,000	$	1,169.40	$	7.58		1.41	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.80	$	7.05		1.41	%

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


SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Five Below, Inc.	$	1,332,960		1.8	%
Teladoc, Inc.		1,257,885		1.7
Planet Fitness, Inc.		1,255,278		1.7
iRhythm Technologies, Inc.		1,180,685		1.6
Blackbaud, Inc.		1,096,010		1.5
Freshpet, Inc.		1,081,008		1.5
Tactile Systems Technology, Inc.		1,072,708		1.5
Pure Storage, Inc.—Class A		1,067,436		1.5
Trade Desk, Inc. (The)—Class A		1,033,958		1.4
Tetra Tech, Inc.		1,029,308		1.4

	$	11,407,236		15.6	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	18,407,777		25.4	%
Health Care		16,768,240		23.1
Industrials		13,370,087		18.5
Consumer Discretionary		10,404,826		14.4
Financials		5,126,424		7.1
Materials		2,313,341		3.2
Consumer Staples		1,982,491		2.7
Energy		1,444,068		2.0
Telecommunication Services		803,949		1.1
Short-Term Investments		1,796,823		2.5

Total Investments	$	72,418,026		100.0	%

Long-term investments.

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


SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–97.8%

INFORMATION TECHNOLOGY–25.5%
COMMUNICATIONS EQUIPMENT–0.8%
Ciena Corp.(a)		20,550	$	544,781

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.5%
Littelfuse, Inc.		1,350		308,043
National Instruments Corp.		16,250		682,175
Novanta, Inc.(a)		1,495		93,138

				1,083,356

INTERNET SOFTWARE & SERVICES–6.6%
2U, Inc.(a)		10,927		913,060
Etsy, Inc.(a)		12,270		517,671
GrubHub, Inc.(a)		9,440		990,350
New Relic, Inc.(a)		9,056		910,943
Q2 Holdings, Inc.(a)		7,463		425,764
Trade Desk, Inc. (The)–Class A(a)		11,023		1,033,958

				4,791,746

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.6%
Monolithic Power Systems, Inc.		6,871		918,447
Silicon Laboratories, Inc.(a)		9,784		974,486

				1,892,933

SOFTWARE–12.5%
Aspen Technology, Inc.(a)		8,403		779,294
Blackbaud, Inc.		10,698		1,096,010
Blackline, Inc.(a)		12,012		521,681
Bottomline Technologies de, Inc.(a)		19,110		952,252
Guidewire Software, Inc.(a)		8,113		720,272
HubSpot, Inc.(a)		7,470		936,738
Paylocity Holding Corp.(a)		16,829		990,555
Pivotal Software, Inc.–Class A(a)		14,402		349,537
Proofpoint, Inc.(a)		6,288		725,069
RingCentral, Inc.–Class A(a)		10,960		771,036
SailPoint Technologies Holding, Inc.(a)		26,578		652,224
Take-Two Interactive Software, Inc.(a)		4,502		532,857

				9,027,525

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
Pure Storage, Inc.–Class A(a)		44,700		1,067,436

				18,407,777

HEALTH CARE–23.2%
BIOTECHNOLOGY–11.2%
Adamas Pharmaceuticals, Inc.(a)(b)		12,815		331,011
Aimmune Therapeutics, Inc.(a)		11,513		309,585


Ascendis Pharma A/S (ADR)(a)		5,131	$	341,314
Audentes Therapeutics, Inc.(a)		6,419		245,270
BeiGene Ltd. (ADR)(a)		1,857		285,477
Biohaven Pharmaceutical Holding Co., Ltd.(a)		13,878		548,458
Blueprint Medicines Corp.(a)		5,982		379,737
Clovis Oncology, Inc.(a)		7,180		326,475
Deciphera Pharmaceuticals, Inc.(a)		7,971		313,659
Exact Sciences Corp.(a)		17,105		1,022,708
Loxo Oncology, Inc.(a)		3,655		634,069
Madrigal Pharmaceuticals, Inc.(a)		1,340		374,785
Neurocrine Biosciences, Inc.(a)		6,730		661,155
NuCana PLC (ADR)(a)(b)		8,972		170,468
Sage Therapeutics, Inc.(a)		3,286		514,358
Sarepta Therapeutics, Inc.(a)		5,120		676,762
Spark Therapeutics, Inc.(a)		5,340		441,938
Ultragenyx Pharmaceutical, Inc.(a)		7,213		554,463

				8,131,692

HEALTH CARE EQUIPMENT & SUPPLIES–4.9%
iRhythm Technologies, Inc.(a)		14,553		1,180,685
Nevro Corp.(a)		7,649		610,772
Penumbra, Inc.(a)		4,758		657,318
Tactile Systems Technology, Inc.(a)		20,629		1,072,708

				3,521,483

HEALTH CARE TECHNOLOGY–3.1%
Teladoc, Inc.(a)(b)		21,669		1,257,885
Vocera Communications, Inc.(a)		32,377		967,749

				2,225,634

LIFE SCIENCES TOOLS & SERVICES–1.3%
ICON PLC(a)		7,052		934,602

PHARMACEUTICALS–2.7%
Aerie Pharmaceuticals, Inc.(a)		7,000		472,850
GW Pharmaceuticals PLC (ADR)(a)		1,968		274,615
Intersect ENT, Inc.(a)		24,730		926,139
Revance Therapeutics, Inc.(a)		10,245		281,225

				1,954,829

				16,768,240

INDUSTRIALS–18.5%
AEROSPACE & DEFENSE–2.0%
Hexcel Corp.		11,934		792,179
Mercury Systems, Inc.(a)		17,460		664,528

				1,456,707

COMMERCIAL SERVICES & SUPPLIES–2.9%
Cimpress NV(a)		7,045		1,021,243
Tetra Tech, Inc.		17,595		1,029,308

				2,050,551

CONSTRUCTION & ENGINEERING–1.2%
Dycom Industries, Inc.(a)		9,083		858,434


SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

INDUSTRIAL CONGLOMERATES–0.7%
Carlisle Cos., Inc.		4,925	$	533,427

MACHINERY–6.8%
Gardner Denver Holdings, Inc.(a)		25,239		741,774
Gates Industrial Corp. PLC(a)		24,914		405,351
IDEX Corp.		5,542		756,372
John Bean Technologies Corp.		1,428		126,949
Kennametal, Inc.		20,510		736,309
Lincoln Electric Holdings, Inc.		8,709		764,302
Nordson Corp.		5,210		669,016
RBC Bearings, Inc.(a)		5,523		711,418

				4,911,491

ROAD & RAIL–2.6%
Knight-Swift Transportation Holdings, Inc.		24,540		937,673
Saia, Inc.(a)		11,560		934,626

				1,872,299

TRADING COMPANIES & DISTRIBUTORS–2.3%
H&E Equipment Services, Inc.		21,513		809,104
SiteOne Landscape Supply, Inc.(a)		10,457		878,074

				1,687,178

				13,370,087

CONSUMER DISCRETIONARY–14.4%
DISTRIBUTORS–1.2%
Pool Corp.		5,997		908,545

DIVERSIFIED CONSUMER SERVICES–2.7%
Bright Horizons Family Solutions, Inc.(a)		9,415		965,226
Grand Canyon Education, Inc.(a)		9,000		1,004,490

				1,969,716

HOTELS, RESTAURANTS & LEISURE–3.0%
Hilton Grand Vacations, Inc.(a)		25,491		884,538
Planet Fitness, Inc.(a)		28,568		1,255,278

				2,139,816

INTERNET & DIRECT MARKETING RETAIL–2.2%
Shutterfly, Inc.(a)		8,870		798,566
Wayfair, Inc.– Class A(a)		6,405		760,658

				1,559,224

MULTILINE RETAIL–1.3%
Ollie’s Bargain Outlet Holdings, Inc.(a)		13,082		948,445

SPECIALTY RETAIL–4.0%
Five Below, Inc.(a)		13,642		1,332,960
Floor & Decor Holdings, Inc.–Class A(a)		17,756		875,903
Sleep Number Corp.(a)		23,095		670,217

				2,879,080

				10,404,826


FINANCIALS–7.1%
BANKS–2.6%
Sterling Bancorp./DE		30,606	$	719,241
SVB Financial Group(a)		1,358		392,136
Western Alliance Bancorp(a)		13,782		780,199

				1,891,576

CAPITAL MARKETS–3.2%
Hamilton Lane, Inc.–Class A		16,242		779,129
Houlihan Lokey, Inc.		16,090		824,130
Stifel Financial Corp.		13,017		680,138

				2,283,397

INSURANCE–1.3%
Trupanion, Inc.(a)(b)		24,649		951,451

				5,126,424

MATERIALS–3.2%
CHEMICALS–2.1%
Ingevity Corp.(a)		8,040		650,114
PolyOne Corp.		20,802		899,063

				1,549,177

CONSTRUCTION MATERIALS–1.1%
Summit Materials, Inc.–Class A(a)		29,111		764,164

				2,313,341

CONSUMER STAPLES–2.8%
FOOD & STAPLES RETAILING–1.3%
Chefs’ Warehouse, Inc. (The)(a)		31,631		901,483

FOOD PRODUCTS–1.5%
Freshpet, Inc.(a)(b)		39,381		1,081,008

				1,982,491

ENERGY–2.0%
ENERGY EQUIPMENT & SERVICES–1.1%
Forum Energy Technologies, Inc.(a)		20,898		258,090
Oil States International, Inc.(a)		17,441		559,856

				817,946

OIL, GAS & CONSUMABLE FUELS–0.9%
Matador Resources Co.(a)		20,836		626,122

				1,444,068

TELECOMMUNICATION SERVICES–1.1%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.1%
Vonage Holdings Corp.(a)		62,370		803,949

Total Common Stocks (cost $52,494,243)				70,621,203


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS–2.5%
INVESTMENT COMPANIES–2.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $1,796,823)		1,796,823	$	1,796,823

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.3% (cost $54,291,066)				72,418,026

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–4.2%
INVESTMENT COMPANIES–4.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $3,022,523)		3,022,523		3,022,523

TOTAL INVESTMENTS–104.5% (cost $57,313,589)				75,440,549
Other assets less liabilities–(4.5)%				(3,264,465	)

NET ASSETS–100.0%			$	72,176,084

(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.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.


SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $52,494,243)	$	70,621,203	(a)
Affiliated issuers (cost $4,819,346—including investment of cash collateral for securities loaned of $3,022,523)		4,819,346
Receivable for investment securities sold		209,170
Receivable for capital stock sold		72,209
Unaffiliated dividends and interest receivable		21,307
Affiliated dividends receivable		1,077

Total assets		75,744,312

LIABILITIES
Payable for collateral received on securities loaned		3,022,523
Payable for investment securities purchased		369,754
Advisory fee payable		45,355
Payable for capital stock redeemed		41,928
Distribution fee payable		9,350
Administrative fee payable		8,353
Directors’ fees payable		437
Transfer Agent fee payable		87
Accrued expenses		70,441

Total liabilities		3,568,228

NET ASSETS	$	72,176,084

COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,728
Additional paid-in capital		45,797,948
Accumulated net investment loss		(379,389	)
Accumulated net realized gain on investment transactions		8,626,837
Net unrealized appreciation on investments		18,126,960

	$	72,176,084

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	27,751,637		1,352,916	$	20.51
B	$	44,424,447		2,374,979	$	18.71

(a)

Includes securities on loan with a value of $2,976,144 (see Note E).

See notes to financial statements.


SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	84,402
Affiliated issuers		29,003
Interest		1,510

		114,915

EXPENSES
Advisory fee (see Note B)		235,037
Distribution fee—Class B		44,923
Transfer agency—Class A		949
Transfer agency—Class B		1,258
Custodian		43,928
Administrative		26,577
Audit and tax		20,729
Legal		14,008
Directors’ fees		12,794
Printing		10,412
Miscellaneous		989

Total expenses		411,604
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(3,061	)

Net expenses		408,543

Net investment loss		(293,628	)

REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		5,735,622
Net change in unrealized appreciation/depreciation of investments		4,217,888

Net gain on investment transactions		9,953,510

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	9,659,882

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(293,628	)	$	(531,122	)
Net realized gain on investment transactions		5,735,622			5,252,652
Net change in unrealized appreciation/depreciation of investments		4,217,888			7,427,912

Net increase in net assets from operations		9,659,882			12,149,442
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		13,081,428			(213,569	)

Total increase		22,741,310			11,935,873
NET ASSETS
Beginning of period		49,434,774			37,498,901

End of period (including accumulated net investment loss of ($379,389) and ($85,761), respectively)	$	72,176,084		$	49,434,774

See notes to financial statements.


SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

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.

1. Security Valuation

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


SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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


		AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

70,621,203

–0

–

–0

–

70,621,203

Short-Term Investments

1,796,823

–0

–

–0

–

1,796,823

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

3,022,523

–0

–

–0

–

3,022,523

Total Investments in Securities

75,440,549

–0

–

–0

–

75,440,549

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

75,440,549

–0

–

–0

–

75,440,549

(a)

See Portfolio of Investments for sector classifications.

(b)

(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.

3. Currency Translation


SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		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

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

NOTE B: Advisory Fee and Other Transactions with Affiliates


		AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	2,894	$	1,098	$	1,796	$	1
Government Money Market Portfolio		4,718		15,238		16,933		3,023		28

Total							$	4,819	$	29

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $15,543, 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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	33,898,503		$	22,015,521
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	18,989,795
Gross unrealized depreciation		(862,835	)

Net unrealized appreciation	$	18,126,960

1. Derivative Financial Instruments

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2018.

2. Currency Transactions


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

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At June 30, 2018, the Portfolio had securities on loan with a value of $2,976,144 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $3,022,523. 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 $27,926 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $2,931. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		52,595			75,951		$	1,006,795		$	1,157,881
Shares redeemed		(185,306	)		(305,172	)		(3,464,780	)		(4,557,787	)

Net decrease		(132,711	)		(229,221	)	$	(2,457,985	)	$	(3,399,906	)

Class B
Shares sold		1,220,283			543,353		$	20,798,019		$	7,927,078
Shares redeemed		(307,314	)		(343,471	)		(5,258,606	)		(4,740,741	)

Net increase		912,969			199,882		$	15,539,413		$	3,186,337

At June 30, 2018, certain shareholders of the Portfolio owned 82% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.


		AB Variable Products Series Fund

NOTE G: Risks Involved in Investing in the Portfolio

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	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 gain	$	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).

NOTE J: Subsequent Events



SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$17.53			$13.07			$17.31			$20.97			$23.47			$18.96


Income From Investment Operations
Net investment loss (a)		(.08	)(b)		(.18	)(b)		(.12	)(b)†		(.19	)		(.15	)		(.21	)
Net realized and unrealized gain (loss) on investment transactions		3.06			4.64			1.05			.18			(.30	)		8.30

Net increase (decrease) in net asset value from operations		2.98			4.46			.93			(.01	)		(.45	)		8.09


Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		–0	–		(5.17	)		(3.65	)		(2.05	)		(3.58	)

Net asset value, end of period		$20.51			$17.53			$13.07			$17.31			$20.97			$23.47


Total Return
Total investment return based on net asset value (c)*		17.00	%		34.12	%		6.46	%†		(1.25	)%		(1.81	)%		45.66	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$27,752			$26,039			$22,405			$25,033			$28,055			$33,510
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.16	%^		1.38	%		1.48	%		1.31	%		1.11	%		1.17	%
Expenses, before waivers/reimbursements (d)		1.17	%^		1.38	%		1.49	%		1.31	%		1.11	%		1.17	%
Net investment loss		(.80	)%(b)^		(1.19	)%(b)		(.83	)%(b)†		(.92	)%		(.67	)%		(.96	)%
Portfolio turnover rate		36	%		69	%		60	%		72	%		84	%		81	%

See footnote summary on page 17.


		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.00			$11.96			$16.30			$20.00			$22.54			$18.36


Income From Investment Operations
Net investment loss (a)		(.09	)(b)		(.20	)(b)		(.15	)(b)†		(.22	)		(.19	)		(.25	)
Net realized and unrealized gain (loss) on investment transactions		2.80			4.24			.98			.17			(.30	)		8.01

Net increase (decrease) in net asset value from operations		2.71			4.04			.83			(.05	)		(.49	)		7.76


Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		–0	–		(5.17	)		(3.65	)		(2.05	)		(3.58	)

Net asset value, end of period		$18.71			$16.00			$11.96			$16.30			$20.00			$22.54


Total Return
Total investment return based on net asset value (c)*		16.94	%		33.78	%		6.22	%†		(1.53	)%		(2.08	)%		45.33	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$44,424			$23,396			$15,094			$19,857			$59,763			$38,128
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.41	%^		1.61	%		1.73	%		1.48	%		1.34	%		1.43	%
Expenses, before waivers/reimbursements (d)		1.42	%^		1.62	%		1.74	%		1.48	%		1.34	%		1.43	%
Net investment loss		(1.04	)%(b)^		(1.42	)%(b)		(1.08	)%(b)†		(1.10	)%		(.89	)%		(1.21	)%
Portfolio turnover rate		36	%		69	%		60	%		72	%		84	%		81	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

(d)

In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2018 and year ended December 31, 2017, such waiver amounted to .01% (annualized) and .01%, 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

$.004

.03%

Annualized.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


		AB Variable Products Series Fund

Fall-Out Benefits

Investment Results

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 February 28, 2018 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 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 materials from the Fund’s Senior Analyst 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; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.


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

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

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by 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

VPS-SCG-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



SMALL/MID CAP VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,025.80	$	4.07		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.78	$	4.06		0.81	%

Class B
Actual	$	1,000	$	1,024.20	$	5.32		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.54	$	5.31		1.06	%

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


SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Zions Bancorporation	$	11,427,934		1.7	%
Everest Re Group Ltd.		10,837,169		1.6
Reinsurance Group of America, Inc.—Class A		10,746,475		1.6
ICON PLC		10,018,605		1.4
QEP Resources, Inc.		9,893,697		1.4
Verint Systems, Inc.		9,805,785		1.4
Regal Beloit Corp.		9,273,666		1.3
American Financial Group, Inc./OH		9,243,260		1.3
Cooper-Standard Holdings, Inc.		9,137,623		1.3
Alcoa Corp.		8,782,968		1.3

	$	99,167,182		14.3	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	153,345,418		22.1	%
Industrials		113,025,708		16.3
Information Technology		100,822,562		14.6
Consumer Discretionary		89,221,610		12.9
Energy		64,067,065		9.2
Real Estate		51,539,133		7.4
Health Care		31,049,623		4.5
Utilities		29,278,023		4.2
Materials		28,225,827		4.1
Consumer Staples		23,091,034		3.3
Short-Term Investments		9,528,912		1.4

Total Investments	$	693,194,915		100.0	%

Long-term investments.

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


SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–98.9%

FINANCIALS–22.2%
BANKS–11.6%
Associated Banc-Corp.		311,800	$	8,512,140
Comerica, Inc.		95,770		8,707,409
Fulton Financial Corp.		310,660		5,125,890
Huntington Bancshares, Inc./OH		523,120		7,721,251
Sterling Bancorp./DE		346,120		8,133,820
Synovus Financial Corp.		149,070		7,875,368
Texas Capital Bancshares, Inc.(a)		73,240		6,701,460
Umpqua Holdings Corp.		338,410		7,644,682
Webster Financial Corp.		128,722		8,199,591
Zions Bancorporation		216,890		11,427,934

				80,049,545

CONSUMER FINANCE–0.8%
OneMain Holdings, Inc.(a)		159,700		5,316,413

INSURANCE–7.8%
American Financial Group, Inc./OH		86,120		9,243,260
Everest Re Group Ltd.		47,020		10,837,169
First American Financial Corp.		116,250		6,012,450
Hanover Insurance Group, Inc. (The)		40,240		4,811,094
Old Republic International Corp.		350,390		6,976,265
Reinsurance Group of America, Inc.–Class A		80,510		10,746,475
Selective Insurance Group, Inc.		104,170		5,729,350

				54,356,063

THRIFTS & MORTGAGE FINANCE–2.0%
BankUnited, Inc.		202,040		8,253,334
Essent Group Ltd.(a)		149,918		5,370,063

				13,623,397

				153,345,418

INDUSTRIALS–16.3%
AIR FREIGHT & LOGISTICS–1.2%
Atlas Air Worldwide Holdings, Inc.(a)		112,360		8,056,212

AIRLINES–2.9%
Alaska Air Group, Inc.		101,990		6,159,176
Hawaiian Holdings, Inc.		159,990		5,751,641
SkyWest, Inc.		164,760		8,551,044

				20,461,861

COMMERCIAL SERVICES & SUPPLIES–1.0%
Steelcase, Inc.–Class A		506,874		6,842,799

CONSTRUCTION & ENGINEERING–3.7%
AECOM(a)		197,245		6,515,002
Granite Construction, Inc.		118,260		6,582,352

Quanta Services, Inc.(a)		226,655	$	7,570,277
Tutor Perini Corp.(a)		285,350		5,264,707

				25,932,338

ELECTRICAL EQUIPMENT–2.4%
EnerSys		97,510		7,278,146
Regal Beloit Corp.		113,370		9,273,666

				16,551,812

MACHINERY–2.6%
Oshkosh Corp.		92,640		6,514,445
SPX FLOW, Inc.(a)		107,500		4,705,275
Terex Corp.		154,320		6,510,761

				17,730,481

ROAD & RAIL–1.0%
Werner Enterprises, Inc.		183,510		6,890,801

TRADING COMPANIES & DISTRIBUTORS–1.5%
BMC Stock Holdings, Inc.(a)		131,020		2,731,767
MRC Global, Inc.(a)		361,220		7,827,637

				10,559,404

				113,025,708

INFORMATION TECHNOLOGY–14.6%
COMMUNICATIONS EQUIPMENT–2.2%
Finisar Corp.(a)(b)		281,170		5,061,060
Infinera Corp.(a)		433,132		4,301,001
NetScout Systems, Inc.(a)		187,480		5,568,156

				14,930,217

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.5%
Anixter International, Inc.(a)		105,410		6,672,453
Avnet, Inc.		203,970		8,748,274
CDW Corp./DE		66,890		5,404,043
Sanmina Corp.(a)		205,050		6,007,965
VeriFone Systems, Inc.(a)		179,860		4,104,405

				30,937,140

IT SERVICES–3.2%
Amdocs Ltd.		103,130		6,826,175
Booz Allen Hamilton Holding Corp.		169,815		7,426,010
Genpact Ltd.		271,220		7,846,394

				22,098,579

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.1%
Cypress Semiconductor Corp.		379,080		5,906,067
Mellanox Technologies Ltd.(a)		48,510		4,089,393
Qorvo, Inc.(a)		57,190		4,584,922

				14,580,382


SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

SOFTWARE–1.4%
Verint Systems, Inc.(a)		221,100	$	9,805,785

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.2%
NCR Corp.(a)		282,537		8,470,459

				100,822,562

CONSUMER DISCRETIONARY–12.9%
AUTO COMPONENTS–2.8%
Cooper-Standard Holdings, Inc.(a)		69,929		9,137,623
Dana, Inc.		180,460		3,643,487
Lear Corp.		25,137		4,670,706
Tenneco, Inc.		35,242		1,549,238

				19,001,054

DIVERSIFIED CONSUMER SERVICES–1.6%
Houghton Mifflin Harcourt Co.(a)		446,125		3,412,856
Sotheby’s(a)		146,570		7,964,614

				11,377,470

HOTELS, RESTAURANTS & LEISURE–1.5%
Bloomin’ Brands, Inc.		348,139		6,997,594
Brinker International, Inc.(b)		66,072		3,145,027

				10,142,621

HOUSEHOLD DURABLES–1.9%
Lennar Corp.–Class A		152,333		7,997,482
Taylor Morrison Home Corp.–Class A(a)		256,500		5,330,070

				13,327,552

MEDIA–0.6%
Scholastic Corp.		94,320		4,179,319

SPECIALTY RETAIL–2.7%
Burlington Stores, Inc.(a)		35,787		5,387,017
Michaels Cos., Inc. (The)(a)		295,690		5,668,377
Signet Jewelers Ltd.		137,250		7,651,688

				18,707,082

TEXTILES, APPAREL & LUXURY GOODS–1.8%
Crocs, Inc.(a)		331,540		5,838,420
Deckers Outdoor Corp.(a)		58,890		6,648,092

				12,486,512

				89,221,610

ENERGY–9.3%
ENERGY EQUIPMENT & SERVICES–3.0%
Dril-Quip, Inc.(a)		88,230		4,535,022
Helix Energy Solutions Group, Inc.(a)		333,230		2,775,806

Oil States International, Inc.(a)		234,820	$	7,537,722
RPC, Inc.(b)		399,610		5,822,318

				20,670,868

OIL, GAS & CONSUMABLE FUELS–6.3%
HollyFrontier Corp.		127,260		8,708,402
Oasis Petroleum, Inc.(a)		654,630		8,490,551
QEP Resources, Inc.(a)		806,990		9,893,697
SM Energy Co.		333,410		8,565,303
SRC Energy, Inc.(a)		702,200		7,738,244

				43,396,197

				64,067,065

REAL ESTATE–7.5%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–7.5%
American Campus Communities, Inc.		157,710		6,762,605
Camden Property Trust		83,850		7,641,250
CubeSmart		35,368		1,139,557
Education Realty Trust, Inc.		177,530		7,367,495
Empire State Realty Trust, Inc.–Class A		325,971		5,574,104
Gramercy Property Trust		232,638		6,355,670
STAG Industrial, Inc.		320,460		8,726,126
Sun Communities, Inc.		81,450		7,972,326

				51,539,133

HEALTH CARE–4.5%
HEALTH CARE PROVIDERS & SERVICES–3.0%
LifePoint Health, Inc.(a)		136,995		6,685,356
Molina Healthcare, Inc.(a)		67,380		6,599,198
WellCare Health Plans, Inc.(a)		31,459		7,746,464

				21,031,018

LIFE SCIENCES TOOLS & SERVICES–1.5%
ICON PLC(a)		75,595		10,018,605

				31,049,623

UTILITIES–4.2%
ELECTRIC UTILITIES–2.8%
Alliant Energy Corp.		173,178		7,328,893
PNM Resources, Inc.		151,690		5,900,741
Portland General Electric Co.		140,420		6,004,359

				19,233,993

GAS UTILITIES–0.7%
Southwest Gas Holdings, Inc.		69,080		5,268,732

MULTI-UTILITIES–0.7%
Black Hills Corp.		78,015		4,775,298

				29,278,023


		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

MATERIALS–4.1%
CHEMICALS–1.7%
Orion Engineered Carbons SA		119,970	$	3,701,075
Stepan Co.		100		7,801
Trinseo SA		110,870		7,866,226

				11,575,102

CONTAINERS & PACKAGING–1.1%
Graphic Packaging Holding Co.		542,230		7,867,757

METALS & MINING–1.3%
Alcoa Corp.(a)		187,350		8,782,968

				28,225,827

CONSUMER STAPLES–3.3%
BEVERAGES–1.1%
Cott Corp.		462,629		7,656,510

FOOD & STAPLES RETAILING–0.6%
US Foods Holding Corp.(a)		109,330		4,134,860

FOOD PRODUCTS–1.6%
Ingredion, Inc.		36,345		4,023,392
Nomad Foods Ltd.(a)		379,170		7,276,272

				11,299,664

				23,091,034

Total Common Stocks (cost $531,881,195)				683,666,003

SHORT-TERM INVESTMENTS–1.4%
INVESTMENT COMPANIES–1.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $9,528,912)		9,528,912		9,528,912

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.3% (cost $541,410,107)				693,194,915


INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.5%
INVESTMENT COMPANIES–1.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.71%(c)(d)(e) (cost $10,441,633)		10,441,633	$	10,441,633

TOTAL INVESTMENTS–101.8% (cost $551,851,740)				703,636,548
Other assets less liabilities–(1.8)%				(12,177,543	)

NET ASSETS–100.0%			$	691,459,005

(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.


SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $531,881,195)	$	683,666,003	(a)
Affiliated issuers (cost $19,970,545—including investment of cash collateral for securities loaned of $10,441,633)		19,970,545
Receivable for investment securities sold		2,503,803
Unaffiliated dividends and interest receivable		831,742
Receivable for capital stock sold		28,032
Affiliated dividends receivable		4,360

Total assets		707,004,485

LIABILITIES
Payable for collateral received on securities loaned		10,441,633
Payable for investment securities purchased		4,082,653
Advisory fee payable		447,807
Payable for capital stock redeemed		343,907
Distribution fee payable		100,121
Administrative fee payable		9,316
Directors’ fees payable		473
Transfer Agent fee payable		87
Accrued expenses		119,483

Total liabilities		15,545,480

NET ASSETS	$	691,459,005

COMPOSITION OF NET ASSETS
Capital stock, at par	$	31,321
Additional paid-in capital		449,448,790
Undistributed net investment income		4,012,630
Accumulated net realized gain on investment transactions		86,181,456
Net unrealized appreciation on investments		151,784,808

	$	691,459,005

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	229,084,385		10,302,428	$	22.24
B	$	462,374,620		21,018,587	$	22.00

(a)

Includes securities on loan with a value of $10,062,985 (see Note E).

See notes to financial statements.


SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $14,695)	$	5,108,293
Affiliated issuers		83,846
Interest		9,360
Securities lending income		4,881

		5,206,380

EXPENSES
Advisory fee (see Note B)		2,597,790
Distribution fee—Class B		579,069
Transfer agency—Class A		1,098
Transfer agency—Class B		2,219
Custodian		62,649
Printing		48,335
Administrative		27,008
Legal		26,135
Audit and tax		22,571
Directors’ fees		12,772
Miscellaneous		12,279

Total expenses		3,391,925
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(9,182	)

Net expenses		3,382,743

Net investment income		1,823,637

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		33,253,037
Net change in unrealized appreciation/depreciation of investments		(18,108,296	)

Net gain on investment transactions		15,144,741

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	16,968,378

See notes to financial statements.



SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,823,637		$	2,068,051
Net realized gain on investment transactions		33,253,037			54,025,680
Net change in unrealized appreciation/depreciation of investments		(18,108,296	)		27,557,556

Net increase in net assets from operations		16,968,378			83,651,287
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,018,430	)
Class B		–0	–		(1,111,760	)
Net realized gain on investment transactions
Class A		–0	–		(10,952,926	)
Class B		–0	–		(22,632,252	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(28,662,498	)		(31,401,524	)

Total increase (decrease)		(11,694,120	)		16,534,395
NET ASSETS
Beginning of period		703,153,125			686,618,730

End of period (including undistributed net investment income of $4,012,630 and $2,188,993, respectively)	$	691,459,005		$	703,153,125

See notes to financial statements.


SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small/Mid Cap Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.


SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

683,666,003

–0

–

–0

–

683,666,003

Short-Term Investments

9,528,912

–0

–

–0

–

9,528,912

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

10,441,633

–0

–

–0

–

10,441,633

Total Investments in Securities

703,636,548

–0

–

–0

–

703,636,548

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

703,636,548

–0

–

–0

–

703,636,548

(a)

See Portfolio of Investments for sector classifications.

(b)

(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.


		AB Variable Products Series Fund

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions


SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		AB Variable Products Series Fund

6. Class Allocations

7. Dividends and Distributions

NOTE B: Advisory Fee and Other Transactions with Affiliates

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	11,811	$	2,282	$	9,529	$	4
Government Money Market Portfolio*		18,302		92,688		100,548		10,442		80

Total							$	19,971	$	84

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $129,702, 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


		AB Variable Products Series Fund

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	119,092,467		$	141,932,471
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	163,571,877
Gross unrealized depreciation		(11,787,069	)

Net unrealized appreciation	$	151,784,808

1. Derivative Financial Instruments

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2018.

2. Currency Transactions

NOTE E: Securities Lending


SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)		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 June 30, 2018, the Portfolio had securities on loan with a value of $10,062,985 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $10,441,633. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $4,881 and $79,486 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $8,652. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		386,447			1,291,766		$	8,426,788		$	26,552,466
Shares issued in reinvestment of dividends and distributions		–0	–		629,078			–0	–		11,971,356
Shares redeemed		(859,610	)		(2,537,276	)		(18,843,170	)		(51,958,746	)

Net decrease		(473,163	)		(616,432	)	$	(10,416,382	)	$	(13,434,924	)

Class B
Shares sold		640,168			2,296,542		$	13,884,781		$	46,650,675
Shares issued in reinvestment of dividends and distributions		–0	–		1,258,294			–0	–		23,744,012
Shares redeemed		(1,480,561	)		(4,333,856	)		(32,130,897	)		(88,361,287	)

Net decrease		(840,393	)		(779,020	)	$	(18,246,116	)	$	(17,966,600	)

At June 30, 2018, 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

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


		AB Variable Products Series Fund

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	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).

NOTE J: Subsequent Events



SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$21.68			$20.29			$17.29			$21.95			$22.89			$17.67


Income From Investment Operations
Net investment income (a)		.08	(b)		.10	(b)		.10	(b)†		.11			.17			.16
Net realized and unrealized gain (loss) on investment transactions		.48			2.41			4.09			(1.11	)		1.82			6.41

Net increase (decrease) in net asset value from operations		.56			2.51			4.19			(1.00	)		1.99			6.57


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.09	)		(.11	)		(.17	)		(.17	)		(.13	)
Distributions from net realized gain on investment transactions		–0	–		(1.03	)		(1.08	)		(3.49	)		(2.76	)		(1.22	)

Total dividends and distributions		–0	–		(1.12	)		(1.19	)		(3.66	)		(2.93	)		(1.35	)

Net asset value, end of period		$22.24			$21.68			$20.29			$17.29			$21.95			$22.89


Total Return
Total investment return based on net asset value (c)		2.58	%		13.15	%*		25.09	%†		(5.49	)%		9.20	%		38.06	%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$229,084			$233,652			$231,197			$191,388			$211,680			$217,146
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.81	%^		.81	%		.82	%		.82	%		.82	%		.81	%
Expenses, before waivers/reimbursements		.81	%^		.82	%		.83	%		.82	%		.82	%		.81	%
Net investment income		.69	%(b)^		.47	%(b)		.53	%(b)†		.56	%		.75	%		.77	%
Portfolio turnover rate		17	%		33	%		57	%		42	%		45	%		56	%

See footnote summary on page 17.


		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$21.48			$20.12			$17.15			$21.79			$22.74			$17.58


Income From Investment Operations
Net investment income (a)		.05	(b)		.05	(b)		.05	(b)†		.06			.11			.11
Net realized and unrealized gain (loss) on investment transactions		.47			2.39			4.06			(1.09	)		1.81			6.36

Net increase (decrease) in net asset value from operations		.52			2.44			4.11			(1.03	)		1.92			6.47


Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.05	)		(.06	)		(.12	)		(.11	)		(.09	)
Distributions from net realized gain on investment transactions		–0	–		(1.03	)		(1.08	)		(3.49	)		(2.76	)		(1.22	)

Total dividends and distributions		–0	–		(1.08	)		(1.14	)		(3.61	)		(2.87	)		(1.31	)

Net asset value, end of period		$22.00			$21.48			$20.12			$17.15			$21.79			$22.74


Total Return
Total investment return based on net asset value (c)		2.42	%		12.85	%*		24.79	%†		(5.69	)%		8.95	%		37.63	%*

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$462,375			$469,501			$455,422			$386,875			$447,378			$472,677
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%^		1.06	%		1.07	%		1.07	%		1.07	%		1.06	%
Expenses, before waivers/reimbursements		1.06	%^		1.07	%		1.08	%		1.07	%		1.07	%		1.06	%
Net investment income		.44	%(b)^		.22	%(b)		.28	%(b)†		.31	%		.49	%		.51	%
Portfolio turnover rate^.		17	%		33	%		57	%		42	%		45	%		56	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

†

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%

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 .11% and .01%, respectively.

Annualized.

See notes to financial statements.




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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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



		AB Variable Products Series Fund

Fall-Out Benefits

Investment Results

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 February 28, 2018 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 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 materials from the Fund’s Senior Analyst 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; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.



SMALL/MID CAP VALUE 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 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

VPS-SMCV-0152-0618

JUN^06.30.18

LOGO

SEMI-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.

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



VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)		AB Variable Products Series Fund

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	971.10	$	4.40		0.90	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.33	$	4.51		0.90	%

Class B
Actual	$	1,000	$	969.80	$	5.62		1.15	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.09	$	5.76		1.15	%

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


VALUE PORTFOLIO
TEN LARGEST HOLDINGS¹
June 30, 2018 (unaudited)		AB Variable Products Series Fund


COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Wells Fargo & Co.	$	3,177,599		4.9	%
Oracle Corp.		2,796,620		4.3
Bank of America Corp.		2,783,227		4.3
EOG Resources, Inc.		2,583,291		4.0
American International Group, Inc.		1,834,227		2.8
Raytheon Co.		1,762,961		2.7
T-Mobile US, Inc.		1,659,556		2.6
Synchrony Financial		1,649,873		2.6
Gilead Sciences, Inc.		1,633,641		2.5
Twenty-First Century Fox, Inc.—Class A		1,525,384		2.4

	$	21,406,379		33.1	%

SECTOR BREAKDOWN²

June 30, 2018 (unaudited)


SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	17,002,122		26.2	%
Information Technology		8,658,470		13.3
Energy		8,387,486		12.9
Health Care		7,098,943		10.9
Consumer Discretionary		7,038,972		10.9
Consumer Staples		4,693,803		7.2
Industrials		3,234,295		5.0
Utilities		3,099,810		4.8
Materials		2,433,353		3.8
Telecommunication Services		1,659,556		2.6
Real Estate		1,333,431		2.1
Short-Term Investments		207,348		0.3

Total Investments	$	64,847,589		100.0	%

Long-term investments.

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


VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–99.9%
FINANCIALS–26.3%
BANKS–12.2%
Bank of America Corp.		98,731	$	2,783,227
Comerica, Inc.		12,693		1,154,048
Wells Fargo & Co.		57,316		3,177,599
Zions Bancorporation		14,496		763,794

				7,878,668

CAPITAL MARKETS–1.6%
Goldman Sachs Group, Inc. (The)		4,829		1,065,132

CONSUMER FINANCE–5.2%
Capital One Financial Corp.		10,991		1,010,073
OneMain Holdings, Inc.(a)		20,895		695,595
Synchrony Financial		49,427		1,649,873

				3,355,541

INSURANCE–7.3%
American International Group, Inc.		34,595		1,834,227
Everest Re Group Ltd.		6,392		1,473,228
FNF Group		37,090		1,395,326

				4,702,781

				17,002,122

INFORMATION TECHNOLOGY–13.4%
COMMUNICATIONS EQUIPMENT–4.0%
Juniper Networks, Inc.		47,528		1,303,218
Nokia Oyj (Sponsored ADR)–Class A		220,141		1,265,811

				2,569,029

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.3%
Intel Corp.		17,275		858,740

SOFTWARE–4.3%
Oracle Corp.		63,473		2,796,620

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.8%
HP, Inc.		60,268		1,367,481
NCR Corp.(a)		17,192		515,416
Xerox Corp.		22,966		551,184

				2,434,081

				8,658,470

ENERGY–12.9%
ENERGY EQUIPMENT & SERVICES–1.7%
Dril-Quip, Inc.(a)		5,207		267,640
RPC, Inc.		58,084		846,284

				1,113,924

OIL, GAS & CONSUMABLE FUELS–11.2%
Canadian Natural Resources Ltd.		19,683		709,966


Company	Shares		U.S. $ Value

Devon Energy Corp.		25,864	$	1,136,981
EOG Resources, Inc.		20,761		2,583,291
Hess Corp.		22,501		1,505,092
Marathon Petroleum Corp.		19,074		1,338,232

				7,273,562

				8,387,486

HEALTH CARE–11.0%
BIOTECHNOLOGY–2.5%
Gilead Sciences, Inc.		23,061		1,633,641

HEALTH CARE PROVIDERS & SERVICES–5.5%
Aetna, Inc.		5,443		998,791
Cigna Corp.		8,133		1,382,203
McKesson Corp.		8,917		1,189,528

				3,570,522

PHARMACEUTICALS–3.0%
AstraZeneca PLC (Sponsored ADR)		28,450		998,880
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		36,838		895,900

				1,894,780

				7,098,943

CONSUMER DISCRETIONARY–10.9%
AUTO COMPONENTS–3.0%
Lear Corp.		3,665		680,994
Magna International, Inc. (New York)–Class A		21,583		1,254,620

				1,935,614

MEDIA–6.3%
Charter Communications, Inc.–Class A(a)		3,445		1,010,108
Comcast Corp.–Class A		46,330		1,520,087
Twenty-First Century Fox, Inc.–Class A		30,698		1,525,384

				4,055,579

SPECIALTY RETAIL–1.6%
Michaels Cos., Inc. (The)(a)		25,459		488,049
Signet Jewelers Ltd.		10,040		559,730

				1,047,779

				7,038,972

CONSUMER STAPLES–7.2%
BEVERAGES–1.7%
PepsiCo, Inc.		10,144		1,104,377

FOOD PRODUCTS–2.1%
Tyson Foods, Inc.–Class A		20,070		1,381,820

TOBACCO–3.4%
British American Tobacco PLC (Sponsored ADR)		14,295		721,183
Philip Morris International, Inc.		18,410		1,486,423

				2,207,606

				4,693,803


VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

INDUSTRIALS–5.0%
AEROSPACE & DEFENSE–2.7%
Raytheon Co.		9,126	$	1,762,961

AIRLINES–1.1%
JetBlue Airways Corp.(a)		38,496		730,654

MACHINERY–1.2%
Oshkosh Corp.		10,533		740,680

				3,234,295

UTILITIES–4.8%
ELECTRIC UTILITIES–3.3%
American Electric Power Co., Inc.		19,955		1,381,884
Edison International		12,252		775,184

				2,157,068

MULTI-UTILITIES–1.5%
NiSource, Inc.		35,873		942,742

				3,099,810

MATERIALS–3.7%
CHEMICALS–2.4%
CF Industries Holdings, Inc.		14,147		628,127
Mosaic Co. (The)		34,269		961,245

				1,589,372

METALS & MINING–1.3%
Alcoa Corp.(a)		18,003		843,981

				2,433,353

TELECOMMUNICATION SERVICES–2.6%
WIRELESS TELECOMMUNICATION SERVICES–2.6%
T-Mobile US, Inc.(a)		27,775		1,659,556

REAL ESTATE–2.1%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–2.1%
Mid-America Apartment Communities, Inc.		6,670		671,469
Sun Communities, Inc.		6,763		661,962

				1,333,431

Total Common Stocks (cost $54,859,106)				64,640,241


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio, 1.71%(b)(c)(d) (cost $207,348)		207,348	$	207,348

TOTAL INVESTMENTS–100.2% (cost $55,066,454)				64,847,589
Other assets less liabilities–(0.2)%				(127,151	)

NET ASSETS–100.0%			$	64,720,438

(a)

Non-income producing security.

(b)

Affiliated investments.

(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.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.


VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2018 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $54,859,106)	$	64,640,241
Affiliated issuers (cost $207,348)		207,348
Receivable for investment securities sold		98,379
Unaffiliated dividends and interest receivable		70,483
Receivable for capital stock sold		1,369
Affiliated dividends receivable		139
Other assets		29,597

Total assets		65,047,556

LIABILITIES
Payable for investment securities purchased		181,486
Advisory fee payable		30,539
Printing fee payable		28,419
Audit and tax fee payable		18,191
Payable for capital stock redeemed		17,797
Distribution fee payable		13,661
Administrative fee payable		8,543
Directors’ fees payable		436
Transfer Agent fee payable		87
Accrued expenses		27,959

Total liabilities		327,118

NET ASSETS	$	64,720,438

COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,879
Additional paid-in capital		52,305,851
Undistributed net investment income		925,580
Accumulated net realized gain on investment and foreign currency transactions		1,704,028
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		9,781,100

	$	64,720,438

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


Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	1,102,797		65,557	$	16.82
B	$	63,617,641		3,813,333	$	16.68

See notes to financial statements.


VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $11,541)	$	673,248
Affiliated issuers		6,077
Interest		258
Securities lending income		7,720

		687,303

EXPENSES
Advisory fee (see Note B)		187,888
Distribution fee—Class B		83,877
Transfer agency—Class A		38
Transfer agency—Class B		2,042
Custodian		31,809
Administrative		26,577
Audit and tax		20,695
Legal		14,827
Directors’ fees		12,795
Printing		8,331
Miscellaneous		1,376

Total expenses before interest expense		390,255
Interest expense(a)		2,487

Total expenses		392,742
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(667	)

Net expenses		392,075

Net investment income		295,228

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		2,140,318
Foreign currency transactions		229
Net change in unrealized appreciation/depreciation of:
Investments		(4,502,145	)
Foreign currency denominated assets and liabilities		(169	)

Net loss on investment and foreign currency transactions		(2,361,767	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(2,066,539	)

(a)

Non-financing expense.

See notes to financial statements.



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


	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	295,228		$	631,186
Net realized gain on investment and foreign currency transactions		2,140,547			4,813,959
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(4,502,314	)		3,965,651
Contributions from Affiliates (see Note B)		–0	–		16,161

Net increase (decrease) in net assets from operations		(2,066,539	)		9,426,957
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(15,850	)
Class B		–0	–		(838,398	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(6,525,671	)		(16,468,635	)

Total decrease		(8,592,210	)		(7,895,926	)
NET ASSETS
Beginning of period		73,312,648			81,208,574

End of period (including undistributed net investment income of $925,580 and $630,352, respectively)	$	64,720,438		$	73,312,648

See notes to financial statements.


VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2018 (unaudited)		AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

1. Security Valuation

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.


		AB Variable Products Series Fund

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2018:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

64,640,241

–0

–

–0

–

64,640,241

Short-Term Investments

207,348

–0

–

–0

–

207,348

Total Investments in Securities

64,847,589

–0

–

–0

–

64,847,589

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

64,847,589

–0

–

–0

–

64,847,589

(a)

See Portfolio of Investments for sector classifications.

(b)

(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.


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

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions


		AB Variable Products Series Fund

6. Class Allocations

7. Dividends and Distributions

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2018, there were no expenses waived by the Adviser.

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $16,161 for trading losses incurred due to a trade entry error.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2018 is as follows:


Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	853	$	646	$	207	$	0	*
Government Money Market Portfolio**		1,364		9,303		10,667		0		6

Total							$	207	$	6

Amount is less than $500.

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

Brokerage commissions paid on investment transactions for the six months ended June 30, 2018 amounted to $6,756, 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


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

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.

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2018 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	9,260,955		$	15,638,138
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	12,438,229
Gross unrealized depreciation		(2,657,094	)

Net unrealized appreciation	$	9,781,135

1. Derivative Financial Instruments

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2018.

2. Currency Transactions

NOTE E: Securities Lending


		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 June 30, 2018, 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 $7,720 and $5,938 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2018; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2018, such waiver amounted to $650. 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
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31, 2017
Class A
Shares sold		3,642			15,153		$	61,741		$	246,774
Shares issued in reinvestment of dividends		–0	–		1,012			–0	–		15,850
Shares redeemed		(16,806	)		(31,966	)		(285,633	)		(507,161	)

Net decrease		(13,164	)		(15,801	)	$	(223,892	)	$	(244,537	)

Class B
Shares sold		118,360			240,673		$	1,951,580		$	3,804,324
Shares issued in reinvestment of dividends		–0	–		53,882			–0	–		838,398
Shares redeemed		(488,238	)		(1,302,389	)		(8,253,359	)		(20,866,820	)

Net decrease		(369,878	)		(1,007,834	)	$	(6,301,779	)	$	(16,224,098	)

NOTE G: Risks Involved in Investing in the Portfolio

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


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

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	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.

NOTE J: Subsequent Events



VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$17.32			$15.47			$14.11			$15.50			$14.22			$10.63


Income From Investment Operations
Net investment income (a)		.09	(b)		.17	(b)		.19	(b)†		.21			.26			.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.59	)		1.91			1.42			(1.26	)		1.31			3.70
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.50	)		2.08			1.61			(1.05	)		1.57			3.89


Less: Dividends
Dividends from net investment income		–0	–		(.23	)		(.25	)		(.34	)		(.29	)		(.30	)

Net asset value, end of period		$16.82			$17.32			$15.47			$14.11			$15.50			$14.22


Total Return
Total investment return based on net asset value (d)*		(2.89	)%		13.57	%		11.55	%†		(6.95	)%		11.10	%		36.85	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,102			$1,364			$1,463			$1,373			$2,050			$2,205
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%^		.87	%		.88	%		.81	%		.79	%		.73	%
Expenses, before waivers/reimbursements		.90	%^		.87	%		.89	%		.81	%		.79	%		.73	%
Net investment income		1.10	%(b)^		1.08	%(b)		1.30	%(b)†		1.38	%		1.74	%		1.51	%
Portfolio turnover rate		14	%		36	%		68	%		83	%		42	%		44	%

See footnote summary on page 17.


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

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


	CLASS B
	Six Months Ended June 30, 2018 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2018 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period		$17.20			$15.36			$14.00			$15.37			$14.10			$10.54


Income From Investment Operations
Net investment income (a)		.07	(b)		.13	(b)		.15	(b)†		.17			.22			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.59	)		1.89			1.42			(1.25	)		1.29			3.66
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–

Net increase (decrease) in net asset value from operations		(.52	)		2.02			1.57			(1.08	)		1.51			3.82


Less: Dividends
Dividends from net investment income		–0	–		(.18	)		(.21	)		(.29	)		(.24	)		(.26	)

Net asset value, end of period		$16.68			$17.20			$15.36			$14.00			$15.37			$14.10


Total Return
Total investment return based on net asset value (d)*		(3.02	)%		13.29	%		11.29	%†		(7.17	)%		10.77	%		36.49	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$63,618			$71,949			$79,746			$85,064			$112,143			$132,271
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.15	%^		1.12	%		1.13	%		1.06	%		1.04	%		.98	%
Expenses, before waivers/reimbursements		1.15	%^		1.12	%		1.14	%		1.06	%		1.04	%		.98	%
Net investment income		.86	%(b)^		.83	%(b)		1.06	%(b)†		1.14	%		1.51	%		1.28	%
Portfolio turnover rate		14	%		36	%		68	%		83	%		42	%		44	%

See footnote summary on page 17.


		AB Variable Products Series Fund

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.0005.

(d)

†

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	%

Annualized.

See notes to financial statements.



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 1-3, 2018 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 former Independent Compliance 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


		AB Variable Products Series Fund

Fall-Out Benefits

Investment Results

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 February 28, 2018 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 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 materials from the Fund’s Senior Analyst 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; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and


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

sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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 (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. 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.

Economies of Scale

VPS-VAL-0152-0618

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

12 (b) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (b) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant): AB Variable Products Series Fund, Inc.

By:		/s/ Robert M. Keith
		Robert M. Keith President

Date:		August 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:		August 14, 2018


By:		/s/Joseph J. Mantineo
		Joseph J. Mantineo Treasurer and Chief Financial Officer

Date:		August 14, 2018