UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2015

Date of reporting period: March 31, 2015

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.6%
Financials - 12.1%
Banks - 0.0%
Bank of Baroda		32,100	$	83,710
Banks - 3.1%
Axis Bank Ltd.		7,860		70,217
Banco Macro SA (ADR) (a)		2,050		117,260
Bank Hapoalim BM		48,705		234,191
Bank of America Corp.		118,300		1,820,637
Bank of China Ltd.-Class H		334,000		192,646
Bank of Queensland Ltd.		35,050		367,281
Citigroup, Inc.		20,903		1,076,923
Citizens Financial Group, Inc.		22,861		551,636
Comerica, Inc.		9,600		433,248
Danske Bank A/S		18,460		486,664
Fifth Third Bancorp		13,200		248,820
ICICI Bank Ltd.		23,100		116,694
ING Groep NV (b)		35,870		525,423
Intesa Sanpaolo SpA		78,950		267,956
JPMorgan Chase & Co.		8,799		533,043
KeyCorp		5,836		82,638
Mitsubishi UFJ Financial Group, Inc.		126,400		782,847
PNC Financial Services Group, Inc. (The)		3,700		344,988
Shinhan Financial Group Co., Ltd.		2,130		80,024
Societe Generale SA		7,102		342,899
Sumitomo Mitsui Financial Group, Inc. (a)		4,200		160,879
SunTrust Banks, Inc.		3,675		151,006
UniCredit SpA		55,540		376,633
Wells Fargo & Co.		37,200		2,023,680
				11,388,233
Capital Markets - 1.2%
Affiliated Managers Group, Inc. (b)		2,938		631,024
Bank of New York Mellon Corp. (The)		8,000		321,920
BlackRock, Inc.-Class A		1,780		651,195
Goldman Sachs Group, Inc. (The)		3,077		578,384
Morgan Stanley		10,587		377,850
Partners Group Holding AG		1,000		298,127
State Street Corp.		4,100		301,473
UBS Group AG (b)		66,592		1,248,673
				4,408,646
Consumer Finance - 0.9%
Capital One Financial Corp.		17,736		1,397,952
Discover Financial Services		13,500		760,725
Muthoot Finance Ltd.		5,481		17,968
Shriram Transport Finance Co., Ltd.		2,305		40,915
SLM Corp. (b)		58,900		546,592
Springleaf Holdings, Inc. (b)		7,100		367,567
				3,131,719
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc.-Class B (b)		5,300		764,896
Challenger Ltd./Australia		38,980		211,601
Friends Life Group Ltd.		36,030		220,576
Intercontinental Exchange, Inc.		5,393		1,258,025

Company	Shares		U.S. $ Value
ORIX Corp.		47,100		661,808
Voya Financial, Inc.		9,000		387,990
				3,504,896
Insurance - 2.8%
ACE Ltd.		2,100		234,129
Admiral Group PLC		41,110		930,839
AIA Group Ltd.		259,600		1,628,224
Allstate Corp. (The)		19,600		1,394,932
American Financial Group, Inc./OH		11,700		750,555
American International Group, Inc.		20,200		1,106,758
Aon PLC		9,440		907,373
Assicurazioni Generali SpA		22,866		449,595
Chubb Corp. (The)		1,638		165,602
Direct Line Insurance Group PLC		32,790		154,736
Hanover Insurance Group, Inc. (The)		5,700		413,706
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		2,350		504,973
Progressive Corp. (The)		4,200		114,240
Prudential PLC		36,520		906,260
Suncorp Group Ltd.		15,340		157,305
Travelers Cos., Inc. (The)		3,700		400,081
Unum Group		2,300		77,579
XL Group PLC		3,000		110,400
				10,407,287
Real Estate Investment Trusts (REITs) - 2.3%
Ashford Hospitality Trust, Inc.		35,531		341,808
AvalonBay Communities, Inc.		2,750		479,187
Boston Properties, Inc.		1,764		247,807
Equity Residential		6,470		503,754
Essex Property Trust, Inc.		2,595		596,590
General Growth Properties, Inc.		14,630		432,317
Granite Real Estate Investment Trust		10,292		359,911
HCP, Inc.		14,520		627,409
Health Care REIT, Inc.		2,360		182,570
Host Hotels & Resorts, Inc.		5,370		108,367
Macerich Co. (The)		3,350		282,506
Mapletree Industrial Trust		159,000		182,900
Mapletree Logistics Trust		231,389		209,917
Mexico Real Estate Management SA de CV (b)		59,400		93,577
Prologis, Inc.		9,693		422,227
Public Storage		1,900		374,566
Simon Property Group, Inc.		7,746		1,515,427
Stockland		137,209		468,786
Vastned Retail NV		6,634		324,956
Ventas, Inc.		5,520		403,070
Vornado Realty Trust		1,960		219,520
				8,377,172
Real Estate Management & Development - 0.6%
Ayala Land, Inc.		21,100		18,137
CBRE Group, Inc.-Class A (b)		10,990		425,423
CK Hutchison Holdings Ltd.		19,500		398,646
Daito Trust Construction Co., Ltd. (a)		2,900		323,830
Global Logistic Properties Ltd.		439,000		847,311
IMMOFINANZ AG (b)		62,420		183,839

Company	Shares		U.S. $ Value
KWG Property Holding Ltd.		239,000		169,252
				2,366,438
Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp. Ltd.		26,340		553,929
LIC Housing Finance Ltd.		17,210		120,221
				674,150
				44,342,251
Consumer Discretionary - 10.5%
Auto Components - 0.9%
Aisin Seiki Co., Ltd. (a)		8,700		315,421
Bridgestone Corp.		5,400		216,216
Cie Generale des Etablissements Michelin-Class B		1,980		196,901
Continental AG		980		230,787
GKN PLC		35,560		188,623
Lear Corp.		5,200		576,264
Magna International, Inc. (New York)-Class A		9,200		493,672
Nokian Renkaat Oyj		7,200		214,573
Plastic Omnium SA		5,490		144,686
Sumitomo Electric Industries Ltd.		30,800		403,740
Valeo SA		2,090		311,734
				3,292,617
Automobiles - 1.2%
Bayerische Motoren Werke AG		1,790		222,918
Ford Motor Co.		70,248		1,133,803
General Motors Co.		11,102		416,325
Great Wall Motor Co., Ltd.-Class H		32,000		225,589
Honda Motor Co., Ltd. (a)		16,900		551,665
Isuzu Motors Ltd.		17,500		232,181
Tata Motors Ltd.		21,730		189,795
Toyota Motor Corp.		20,000		1,396,074
Volkswagen AG (Preference Shares)		690		182,990
				4,551,340
Diversified Consumer Services - 0.3%
Estacio Participacoes SA		37,100		215,517
H&R Block, Inc.		10,434		334,618
Kroton Educacional SA		43,600		140,573
TAL Education Group (ADR) (a)(b)		7,729		256,757
				947,465
Hotels, Restaurants & Leisure - 1.1%
Melco International Development Ltd. (a)		113,000		190,153
Merlin Entertainments PLC (c)		79,179		518,376
Sodexo SA		9,049		882,579
Starbucks Corp.		19,070		1,805,929
Wyndham Worldwide Corp.		6,040		546,439
Yum! Brands, Inc.		2,150		169,248
				4,112,724
Household Durables - 0.1%
GoPro, Inc.-Class A (a)(b)		5,119		222,216

Company	Shares		U.S. $ Value
PulteGroup, Inc.		8,350		185,620
				407,836
Internet & Catalog Retail - 0.4%
Just Eat PLC (b)		23,721		153,419
Priceline Group, Inc. (The) (b)		1,100		1,280,565
				1,433,984
Leisure Products - 0.2%
Polaris Industries, Inc.		5,775		814,852
Media - 1.8%
Comcast Corp.-Class A		20,400		1,151,988
CTS Eventim AG & Co. KGaA		5,189		163,479
Liberty Global PLC-Series C (b)		11,718		583,673
Naspers Ltd.-Class N		2,400		368,138
Regal Entertainment Group-Class A		15,910		363,384
Thomson Reuters Corp.		2,453		99,494
Time Warner, Inc.		14,665		1,238,313
Vivendi SA (b)		19,454		483,000
Walt Disney Co. (The)		21,238		2,227,654
				6,679,123
Multiline Retail - 1.2%
B&M European Value Retail SA		139,637		647,305
Dillard’s, Inc.-Class A		5,440		742,614
Dollar General Corp. (b)		9,972		751,689
Dollar Tree, Inc. (b)		8,010		649,972
Kohl’s Corp.		11,332		886,729
Poundland Group PLC		59,110		319,870
Target Corp.		3,929		322,453
				4,320,632
Specialty Retail - 2.2%
Foot Locker, Inc.		14,078		886,914
Foschini Group Ltd. (The)		8,050		119,687
GameStop Corp.-Class A (a)		17,900		679,484
Home Depot, Inc. (The)		20,921		2,376,835
Inditex SA		2,470		79,301
Kingfisher PLC		29,490		166,385
L Brands, Inc.		1,063		100,230
L’Occitane International SA		3,500		9,977
O’Reilly Automotive, Inc. (b)		3,370		728,729
Office Depot, Inc. (b)		55,194		507,785
Pier 1 Imports, Inc.		4,364		61,009
Ross Stores, Inc.		3,341		352,008
Shimamura Co., Ltd.		1,700		157,455
Sports Direct International PLC (b)		61,799		555,408
Staples, Inc.		26,142		425,722
Ulta Salon Cosmetics & Fragrance, Inc. (b)		3,950		595,857
Yamada Denki Co., Ltd. (a)		51,500		212,074
				8,014,860
Textiles, Apparel & Luxury Goods - 1.1%
Cie Financiere Richemont SA		11,730		942,516

Company	Shares		U.S. $ Value
Global Brands Group Holding Ltd. (b)		600,000		116,864
HUGO BOSS AG		3,586		435,669
Kering		590		115,179
NIKE, Inc.-Class B		17,521		1,757,882
Samsonite International SA		164,100		572,078
Titan Co., Ltd.		14,370		89,596
				4,029,784
				38,605,217
Information Technology - 9.5%
Communications Equipment - 0.5%
Brocade Communications Systems, Inc.		31,143		369,512
Cisco Systems, Inc.		32,740		901,169
F5 Networks, Inc. (b)		4,860		558,608
				1,829,289
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp.-Class A		16,231		956,493
Arrow Electronics, Inc. (b)		4,300		262,945
Keysight Technologies, Inc. (b)		15,180		563,937
				1,783,375
Internet Software & Services - 2.1%
Baidu, Inc. (Sponsored ADR) (b)		1,920		400,128
Facebook, Inc.-Class A (b)		34,060		2,800,243
Google, Inc.-Class A (b)		1,100		610,170
Google, Inc.-Class C (b)		3,220		1,764,560
LinkedIn Corp.-Class A (b)		2,130		532,202
Telecity Group PLC		50,683		656,099
Tencent Holdings Ltd.		4,500		85,513
Twitter, Inc. (b)		20,720		1,037,657
				7,886,572
IT Services - 1.2%
Booz Allen Hamilton Holding Corp.		8,600		248,884
Cap Gemini SA		1,900		155,879
HCL Technologies Ltd.		3,680		57,629
Tata Consultancy Services Ltd.		5,350		218,851
Visa, Inc.-Class A		41,000		2,681,810
Xerox Corp.		67,600		868,660
				4,231,713
Semiconductors & Semiconductor Equipment - 1.5%
Advanced Semiconductor Engineering, Inc.		86,000		116,456
Altera Corp.		17,410		747,063
Applied Materials, Inc.		23,664		533,860
ASM International NV		6,180		284,929
Infineon Technologies AG		22,340		265,777
Intel Corp.		37,190		1,162,931
Linear Technology Corp.		17,660		826,488
Novatek Microelectronics Corp.		41,000		211,598
NVIDIA Corp.		45,769		957,716
SCREEN Holdings Co., Ltd.		37,000		279,903

Company	Shares		U.S. $ Value
Sumco Corp.		18,500		309,812
				5,696,533
Software - 1.8%
ANSYS, Inc. (b)		13,475		1,188,360
Aspen Technology, Inc. (b)		10,880		418,771
Dassault Systemes		9,770		661,179
Electronic Arts, Inc. (b)		9,971		586,444
Microsoft Corp.		37,586		1,528,059
Mobileye NV (b)		29,233		1,228,663
Oracle Corp.		11,712		505,373
ServiceNow, Inc. (b)		7,065		556,581
				6,673,430
Technology Hardware, Storage & Peripherals - 1.9%
Apple, Inc.		38,660		4,810,464
Casetek Holdings Ltd.		21,000		113,186
Catcher Technology Co., Ltd.		20,000		209,164
Hewlett-Packard Co.		43,000		1,339,880
Samsung Electronics Co., Ltd.		180		233,415
				6,706,109
				34,807,021
Health Care - 7.5%
Biotechnology - 1.5%
Actelion Ltd. (REG) (b)		1,540		177,614
Biogen, Inc. (b)		6,612		2,791,851
Gilead Sciences, Inc. (b)		27,630		2,711,331
				5,680,796
Health Care Equipment & Supplies - 0.6%
Align Technology, Inc. (b)		7,204		387,467
Essilor International SA		1,350		155,001
Intuitive Surgical, Inc. (b)		3,672		1,854,470
				2,396,938
Health Care Providers & Services - 2.1%
Aetna, Inc.		11,500		1,225,095
Anthem, Inc.		10,500		1,621,305
Express Scripts Holding Co. (b)		4,157		360,703
Premier, Inc.-Class A (b)		13,714		515,372
Quest Diagnostics, Inc.		5,934		456,028
UnitedHealth Group, Inc.		29,921		3,539,355
				7,717,858
Life Sciences Tools & Services - 1.0%
Eurofins Scientific SE		5,059		1,361,620
Illumina, Inc. (b)		4,428		822,014
Mettler-Toledo International, Inc. (b)		1,699		558,376
Quintiles Transnational Holdings, Inc. (b)		12,473		835,317
				3,577,327

Company	Shares		U.S. $ Value
Pharmaceuticals - 2.3%
Astellas Pharma, Inc.		18,800		308,036
GlaxoSmithKline PLC		37,120		854,500
Johnson & Johnson		18,000		1,810,800
Merck & Co., Inc.		17,399		1,000,094
Novo Nordisk A/S-Class B		14,100		752,711
Pfizer, Inc.		59,423		2,067,326
Roche Holding AG		3,930		1,079,933
Sun Pharmaceutical Industries Ltd.		11,420		186,315
Teva Pharmaceutical Industries Ltd.		2,770		173,117
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		1,570		97,811
				8,330,643
				27,703,562
Industrials - 5.6%
Aerospace & Defense - 1.0%
Airbus Group NV		9,150		594,850
General Dynamics Corp.		2,100		285,033
L-3 Communications Holdings, Inc.		5,064		637,001
Rockwell Collins, Inc.		10,630		1,026,326
Safran SA		3,950		275,993
Zodiac Aerospace		30,277		1,001,761
				3,820,964
Air Freight & Logistics - 0.1%
FedEx Corp.		1,441		238,413
Airlines - 1.0%
Alaska Air Group, Inc.		9,550		632,019
Delta Air Lines, Inc.		28,808		1,295,208
International Consolidated Airlines Group SA (b)		58,500		521,423
Japan Airlines Co., Ltd.		4,000		124,429
JetBlue Airways Corp. (b)		31,864		613,382
Qantas Airways Ltd. (b)		127,940		303,461
				3,489,922
Building Products - 0.0%
Assa Abloy AB-Class B		2,880		171,548
Commercial Services & Supplies - 0.3%
APR Energy PLC		29,787		167,460
Babcock International Group PLC		45,125		658,277
Regus PLC		26,718		86,340
				912,077
Electrical Equipment - 0.3%
Acuity Brands, Inc.		3,420		575,107
AMETEK, Inc.		9,242		485,575
				1,060,682
Industrial Conglomerates - 0.7%
Danaher Corp.		13,789		1,170,686
General Electric Co.		30,300		751,743
Hutchison Whampoa Ltd.		18,000		249,263

Company	Shares		U.S. $ Value
Toshiba Corp.		74,000		310,065
				2,481,757
Industrial Warehouse Distribution - 0.2%
DCT Industrial Trust, Inc.		5,480		189,937
GLP J-Reit		104		107,674
Hansteen Holdings PLC (a)		68,120		123,583
Japan Logistics Fund, Inc. (a)		57		118,456
Nippon Prologis REIT, Inc.		48		105,666
PLA Administradora Industrial S de RL de CV (b)		71,170		144,174
				789,490
Machinery - 0.7%
ITT Corp.		13,651		544,812
JTEKT Corp.		21,600		336,775
Pall Corp.		8,180		821,190
Wabtec Corp./DE		8,800		836,088
				2,538,865
Marine - 0.1%
AP Moeller-Maersk A/S-Class B (a)		65		135,865
Nippon Yusen KK		128,000		368,221
				504,086
Mixed Office Industrial - 0.1%
Goodman Group		67,960		327,237
Professional Services - 0.7%
Bureau Veritas SA		37,429		803,030
Capita PLC		53,841		890,034
Teleperformance		12,403		849,999
				2,543,063
Road & Rail - 0.2%
Central Japan Railway Co.		2,200		397,583
JB Hunt Transport Services, Inc.		5,650		482,482
				880,065
Trading Companies & Distributors - 0.2%
Brenntag AG		6,350		379,378
Bunzl PLC		8,420		228,279
Rexel SA		8,477		159,840
				767,497
				20,525,666
Consumer Staples - 4.2%
Beverages - 0.6%
Asahi Group Holdings Ltd.		4,100		130,005
Molson Coors Brewing Co.-Class B		1,000		74,450
Monster Beverage Corp. (b)		14,871		2,058,072
				2,262,527
Food & Staples Retailing - 1.5%
Costco Wholesale Corp.		8,670		1,313,462
CVS Health Corp.		31,250		3,225,312

Company	Shares		U.S. $ Value
Delhaize Group SA		4,790		430,334
Lenta Ltd. (GDR) (b)(c)		6,510		50,127
Olam International Ltd.		179,412		258,930
Sugi Holdings Co., Ltd.		2,100		103,858
				5,382,023
Food Products - 0.6%
Archer-Daniels-Midland Co.		4,200		199,080
Bunge Ltd.		1,020		84,007
Ingredion, Inc.		6,874		534,935
Mead Johnson Nutrition Co.-Class A		11,160		1,121,915
Unilever PLC		3,518		146,783
				2,086,720
Household Products - 0.3%
Energizer Holdings, Inc.		3,113		429,750
Henkel AG & Co. KGaA		852		87,920
Procter & Gamble Co. (The)		6,101		499,916
Reckitt Benckiser Group PLC		2,780		238,817
				1,256,403
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The)-Class A		5,590		464,864
L’Oreal SA		1,770		326,018
				790,882
Tobacco - 1.0%
Altria Group, Inc.		10,291		514,756
British American Tobacco PLC		26,049		1,348,921
Imperial Tobacco Group PLC		11,940		523,763
Philip Morris International, Inc.		14,575		1,097,935
				3,485,375
				15,263,930
Energy - 2.8%
Energy Equipment & Services - 0.2%
Aker Solutions ASA (b)(c)		14,840		77,013
National Oilwell Varco, Inc.		2,700		134,973
Schlumberger Ltd.		7,304		609,446
				821,432
Oil, Gas & Consumable Fuels - 2.6%
BG Group PLC		37,120		455,601
Chevron Corp.		9,425		989,437
Exxon Mobil Corp.		24,000		2,040,000
Hess Corp.		16,359		1,110,285
JX Holdings, Inc.		112,800		434,015
Marathon Petroleum Corp.		5,851		599,084
Murphy Oil Corp.		12,167		566,982
Occidental Petroleum Corp.		15,000		1,095,000
Petroleo Brasileiro SA (Sponsored ADR)		16,210		98,719
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		10,595		316,141
TOTAL SA		11,080		550,754

Company	Shares		U.S. $ Value
Valero Energy Corp.		16,962		1,079,122
				9,335,140
				10,156,572
Equity: Other - 2.7%
Diversified/Specialty - 2.4%
Boral Ltd.		83,340		403,984
British Land Co. PLC (The)		42,753		526,926
Buzzi Unicem SpA (a)		12,990		194,508
CA Immobilien Anlagen AG (b)		15,980		299,157
ClubCorp Holdings, Inc.		19,904		385,341
Cofinimmo SA		2,140		250,914
CSR Ltd.		29,850		91,247
Duke Realty Corp.		13,570		295,419
East Japan Railway Co.		2,500		200,335
Fibra Uno Administracion SA de CV		13,620		36,073
Folkestone Education Trust		51,780		86,764
Fukuoka REIT Corp.		55		102,565
GPT Group (The)		86,260		299,611
Gramercy Property Trust, Inc.		13,167		369,598
Hemfosa Fastigheter AB (b)		12,010		273,881
Kennedy Wilson Europe Real Estate PLC		22,084		360,026
Lend Lease Group		31,346		395,918
Merlin Properties Socimi SA (b)		31,450		428,795
Mitsubishi Estate Co., Ltd.		22,000		510,223
Mitsui Fudosan Co., Ltd.		17,100		502,193
Nomura Real Estate Holdings, Inc.		6,400		115,259
Orix JREIT, Inc.		126		180,464
Royal Mail PLC		53,190		345,000
Spirit Realty Capital, Inc.		10,661		128,785
Sumitomo Realty & Development Co., Ltd.		16,000		576,022
Sun Hung Kai Properties Ltd.		51,600		796,311
Taiheiyo Cement Corp.		23,000		70,226
UOL Group Ltd.		30,100		167,518
Wharf Holdings Ltd. (The)		66,000		459,885
				8,852,948
Health Care - 0.2%
Chartwell Retirement Residences		20,060		195,761
LTC Properties, Inc.		8,940		411,240
				607,001
Triple Net - 0.1%
National Retail Properties, Inc.		4,480		183,546
Realty Income Corp. (a)		3,560		183,696
				367,242
				9,827,191
Retail - 1.7%
Regional Mall - 0.3%
Pennsylvania Real Estate Investment Trust		16,140		374,932
Taubman Centers, Inc.		1,240		95,641
Westfield Corp.		33,280		241,184
WP GLIMCHER, Inc.		25,568		425,196
				1,136,953

Company	Shares		U.S. $ Value
Shopping Center/Other Retail - 1.4%
Aeon Mall Co., Ltd.		12,500		247,539
American Realty Capital Properties, Inc.		16,300		160,555
DDR Corp.		18,030		335,718
Federation Centres		39,870		92,033
Fibra Shop Portafolios Inmobiliarios SAPI de CV		128,490		145,729
Hammerson PLC		22,530		221,879
Japan Retail Fund Investment Corp.		115		228,514
JB Hi-Fi Ltd. (a)		13,790		195,587
Klepierre		9,553		469,111
Link REIT (The)		34,768		213,817
Mercialys SA		12,420		315,448
Ramco-Gershenson Properties Trust		20,470		380,742
Regency Centers Corp.		2,630		178,945
Retail Opportunity Investments Corp.		22,800		417,240
RioCan Real Estate Investment Trust (Toronto)		4,973		113,748
Scentre Group		188,849		536,489
Unibail-Rodamco SE		1,769		477,694
Weingarten Realty Investors		8,570		308,349
				5,039,137
				6,176,090
Utilities - 1.5%
Electric Utilities - 0.9%
American Electric Power Co., Inc.		10,800		607,500
Edison International		16,900		1,055,743
EDP-Energias de Portugal SA		128,430		480,989
Electricite de France SA		11,420		273,832
Enel SpA		40,691		183,819
FirstEnergy Corp.		2,857		100,166
Great Plains Energy, Inc.		13,052		348,227
Westar Energy, Inc.		10,000		387,600
				3,437,876
Gas Utilities - 0.2%
Atmos Energy Corp.		1,800		99,540
UGI Corp.		20,700		674,613
				774,153
Independent Power and Renewable Electricity Producers - 0.2%
Calpine Corp. (b)		36,286		829,861
Multi-Utilities - 0.2%
DTE Energy Co.		1,200		96,828
PG&E Corp.		7,299		387,358
Public Service Enterprise Group, Inc.		3,500		146,720
				630,906
				5,672,796
Materials - 1.5%
Chemicals - 1.4%
Arkema SA		3,556		281,620
BASF SE		1,060		104,935
CF Industries Holdings, Inc.		2,783		789,481
Chr Hansen Holding A/S		7,710		353,996
Denki Kagaku Kogyo KK		45,000		177,286

Company	Shares		U.S. $ Value
Essentra PLC		92,674		1,362,283
IMCD Group NV (b)		2,670		89,946
Incitec Pivot Ltd.		51,516		159,120
JSR Corp.		22,300		386,173
Koninklijke DSM NV		5,238		291,937
LyondellBasell Industries NV-Class A		8,300		728,740
Monsanto Co.		4,149		466,929
				5,192,446
Metals & Mining - 0.0%
Alcoa, Inc.		8,700		112,404
Paper & Forest Products - 0.1%
Mondi PLC		13,260		254,818
				5,559,668
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		10,161		331,757
Bezeq The Israeli Telecommunication Corp., Ltd.		63,518		118,280
CenturyLink, Inc.		3,700		127,835
Level 3 Communications, Inc. (b)		18,160		977,734
Nippon Telegraph & Telephone Corp.		10,200		629,656
Telefonica Brasil SA (Preference Shares)		10,200		158,135
Telenor ASA		6,620		133,594
				2,476,991
Wireless Telecommunication Services - 0.7%
China Mobile Ltd.		17,000		221,113
SK Telecom Co., Ltd.		630		155,022
SoftBank Corp.		16,000		931,830
Sunrise Communications Group AG (b)(c)		1,338		115,929
Turkcell Iletisim Hizmetleri AS (b)		21,330		109,403
Vodafone Group PLC		180,923		592,038
Vodafone Group PLC (Sponsored ADR)		16,900		552,292
				2,677,627
				5,154,618
Residential - 1.3%
Multi-Family - 1.0%
Barratt Developments PLC		23,250		181,786
China Resources Land Ltd.		108,000		305,927
China Vanke Co., Ltd.-Class H (a)(b)		119,060		280,326
CIFI Holdings Group Co., Ltd.		640,000		145,459
Deutsche Annington Immobilien SE		8,811		296,910
Ichigo Real Estate Investment Corp.		183		147,833
Irish Residential Properties REIT PLC		135,000		145,884
Japan Rental Housing Investments, Inc.		138		100,707
Kaisa Group Holdings Ltd. (a)(d)(e)		409,000		82,300
Kenedix Residential Investment Corp. (a)		34		105,532
LEG Immobilien AG (b)		4,319		342,605
Meritage Homes Corp. (b)		4,340		211,098
Mid-America Apartment Communities, Inc.		6,880		531,618
Sun Communities, Inc.		5,101		340,339
UNITE Group PLC (The)		21,290		184,910

Company	Shares		U.S. $ Value
Wing Tai Holdings Ltd.		269,700		377,296
				3,780,530
Self Storage - 0.2%
Extra Space Storage, Inc.		8,660		585,156
Safestore Holdings PLC		46,690		202,509
				787,665
Single Family - 0.1%
Fortune Brands Home & Security, Inc.		4,220		200,366
				4,768,561
Office - 0.9%
Office - 0.9%
Allied Properties Real Estate Investment Trust		7,776		247,300
Alstria Office REIT-AG (b)		10,638		149,522
Cousins Properties, Inc.		8,040		85,224
Dream Office Real Estate Investment Trust		9,836		204,633
Entra ASA (b)(c)		18,146		188,652
Fabege AB		21,670		310,520
Hongkong Land Holdings Ltd.		57,000		430,350
Hudson Pacific Properties, Inc.		7,440		246,934
Investa Office Fund		50,000		148,159
Japan Real Estate Investment Corp.		58		272,808
Kenedix Office Investment Corp.-Class A		59		323,733
Kilroy Realty Corp.		1,320		100,544
NTT Urban Development Corp.		11,000		109,877
Parkway Properties, Inc./Md		12,928		224,301
Workspace Group PLC		17,530		221,669
				3,264,226
Lodging - 0.3%
Lodging - 0.3%
Ashford Hospitality Prime, Inc.		21,984		368,672
Ashford, Inc. (b)		408		48,454
Japan Hotel REIT Investment Corp.		215		152,941
Pebblebrook Hotel Trust		2,240		104,317
RLJ Lodging Trust		16,240		508,474
				1,182,858
Financial: Other - 0.1%
Financial: Other - 0.1%
HFF, Inc.-Class A		11,600		435,464
Mortgage - 0.0%
Mortgage - 0.0%
Concentradora Hipotecaria SAPI de CV		104,000		175,566
Total Common Stocks (cost $192,458,976)				233,621,257

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 8.5%
Industrial - 5.5%
Basic - 0.5%
Barrick Gold Corp.
4.10%, 5/01/23	U.S.$	45		44,393
Basell Finance Co. BV
8.10%, 3/15/27 (c)		145		199,675
Cia Minera Milpo SAA
4.625%, 3/28/23 (c)		240		239,462
Dow Chemical Co. (The)
4.125%, 11/15/21		165		179,303
Glencore Funding LLC
4.125%, 5/30/23 (c)		126		128,317
International Paper Co.
3.65%, 6/15/24		48		48,940
LyondellBasell Industries NV
5.75%, 4/15/24		435		512,764
Minsur SA
6.25%, 2/07/24 (c)		333		369,592
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (c)		237		215,670
Vale Overseas Ltd.
6.875%, 11/21/36		65		62,868
				2,000,984
Capital Goods - 0.1%
Odebrecht Finance Ltd.
5.25%, 6/27/29 (c)		217		175,227
Owens Corning
6.50%, 12/01/16 (f)		11		11,827
Republic Services, Inc.
3.80%, 5/15/18		17		18,024
Yamana Gold, Inc.
4.95%, 7/15/24		277		272,350
				477,428
Communications - Media - 1.1%
21st Century Fox America, Inc.
3.00%, 9/15/22		400		404,820
6.15%, 2/15/41		130		168,073
CBS Corp.
5.75%, 4/15/20		250		287,314
Comcast Corp.
5.15%, 3/01/20		451		518,347
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
3.80%, 3/15/22		75		77,737
4.45%, 4/01/24		107		114,275
5.00%, 3/01/21		290		322,784
Discovery Communications LLC
3.45%, 3/15/25		176		175,858
Globo Comunicacao e Participacoes SA
5.307%, 5/11/22 (c)(g)		221		229,011
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (c)(h)		233		247,027

	Principal Amount (000)		U.S. $ Value
Omnicom Group, Inc.
3.625%, 5/01/22	U.S.$	64		67,116
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		435		533,699
Time Warner Cable, Inc.
4.125%, 2/15/21		165		177,455
4.50%, 9/15/42		36		36,928
Time Warner, Inc.
3.55%, 6/01/24		35		36,248
4.70%, 1/15/21		123		136,938
7.625%, 4/15/31		110		153,804
Viacom, Inc.
3.875%, 4/01/24		110		113,175
5.625%, 9/15/19		83		93,748
WPP Finance
2010 4.75%, 11/21/21		77		86,741
				3,981,098
Communications - Telecommunications - 0.6%
American Tower Corp.
5.05%, 9/01/20		380		419,739
AT&T, Inc.
4.80%, 6/15/44		74		75,778
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (c)		490		552,547
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		39,843
SBA Tower Trust
2.898%, 10/15/19 (c)	U.S.$	251		254,051
Telefonica Emisiones SAU
5.462%, 2/16/21		185		211,424
Verizon Communications, Inc.
3.50%, 11/01/24		418		427,767
6.55%, 9/15/43		297		386,741
				2,367,890
Consumer Cyclical - Automotive - 0.3%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		915		1,077,140
Consumer Cyclical - Retailers - 0.2%
Macy’s Retail Holdings, Inc.
3.875%, 1/15/22		201		214,553
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		320		330,865
				545,418
Consumer Non-Cyclical - 0.9%
Actavis Funding SCS
3.80%, 3/15/25		282		291,032
3.85%, 6/15/24		89		91,932
Agilent Technologies, Inc.
5.00%, 7/15/20		71		77,424
Altria Group, Inc.
2.625%, 1/14/20		320		325,132

	Principal Amount (000)		U.S. $ Value
Bayer US Finance LLC
3.375%, 10/08/24 (c)	U.S.$	321		334,152
Becton Dickinson and Co.
3.734%, 12/15/24		141		147,571
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		69		69,805
8.50%, 6/15/19		153		188,533
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (c)		339		347,868
Medtronic, Inc.
3.50%, 3/15/25 (c)		320		334,525
Perrigo Finance PLC
3.50%, 12/15/21		300		310,439
Reynolds American, Inc.
3.25%, 11/01/22		220		218,912
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		121		130,645
Tyson Foods, Inc.
2.65%, 8/15/19		64		65,533
3.95%, 8/15/24		206		217,636
				3,151,139
Energy - 1.1%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		111		92,861
Encana Corp.
3.90%, 11/15/21		140		146,509
Energy Transfer Partners LP
7.50%, 7/01/38		248		313,420
Enterprise Products Operating LLC
5.20%, 9/01/20		185		208,450
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		302		302,466
3.95%, 9/01/22		424		430,632
6.85%, 2/15/20		330		385,170
Marathon Petroleum Corp.
5.125%, 3/01/21		163		183,341
Noble Energy, Inc.
3.90%, 11/15/24		170		172,949
8.25%, 3/01/19		374		447,426
Noble Holding International Ltd.
4.90%, 8/01/20		3		2,906
Reliance Holding USA, Inc.
5.40%, 2/14/22 (c)		315		345,479
Sunoco Logistics Partners Operations LP
5.30%, 4/01/44		295		304,336
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		116,400
Valero Energy Corp.
6.125%, 2/01/20		175		202,729
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		230		263,488
Williams Partners LP
4.125%, 11/15/20		155		161,480
				4,080,042

	Principal Amount (000)		U.S. $ Value
Other Industrial - 0.1%
Hutchison Whampoa International 14 Ltd.
1.625%, 10/31/17 (c)	U.S.$	320		318,687
Technology - 0.4%
Hewlett-Packard Co.
4.65%, 12/09/21		114		124,708
KLA-Tencor Corp.
4.65%, 11/01/24		225		236,302
Motorola Solutions, Inc.
3.50%, 3/01/23		156		156,540
7.50%, 5/15/25		35		43,247
Seagate HDD Cayman
4.75%, 1/01/25 (c)		127		131,508
Tencent Holdings Ltd.
3.375%, 5/02/19 (c)		335		347,103
Total System Services, Inc.
2.375%, 6/01/18		141		141,815
3.75%, 6/01/23		139		138,712
				1,319,935
Transportation - Airlines - 0.0%
Southwest Airlines Co.
5.75%, 12/15/16		155		166,197
Transportation - Services - 0.2%
Asciano Finance Ltd.
3.125%, 9/23/15 (c)		237		238,979
5.00%, 4/07/18 (c)		230		247,327
Ryder System, Inc.
5.85%, 11/01/16		127		135,744
7.20%, 9/01/15		127		130,191
				752,241
				20,238,199
Financial Institutions - 2.7%
Banking - 1.7%
Barclays Bank PLC
6.625%, 3/30/22 (c)	EUR	84		117,854
Citigroup, Inc.
3.875%, 3/26/25	U.S.$	235		235,799
Compass Bank
5.50%, 4/01/20		314		344,234
Countrywide Financial Corp.
6.25%, 5/15/16		92		96,785
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 3/26/25 (c)		390		394,561
Goldman Sachs Group, Inc. (The)
5.75%, 1/24/22		335		391,065
Series D
6.00%, 6/15/20		440		513,551
ING Bank NV
2.00%, 9/25/15 (c)		480		482,840
Morgan Stanley
5.625%, 9/23/19		168		191,230

	Principal Amount (000)		U.S. $ Value
Series G
5.50%, 7/24/20	U.S.$	189		216,776
Murray Street Investment Trust I
4.647%, 3/09/17		44		46,627
Nationwide Building Society
6.25%, 2/25/20 (c)		465		552,450
Nordea Bank AB
6.125%, 9/23/24 (c)(h)		200		206,376
PNC Bank NA
3.80%, 7/25/23		685		726,737
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (c)(h)		190		197,362
Santander UK PLC
5.00%, 11/07/23 (c)		200		215,373
Standard Chartered PLC
4.00%, 7/12/22 (c)		470		483,160
UBS AG/Stamford CT
7.625%, 8/17/22		380		460,893
Wells Fargo Bank NA
6.18%, 2/15/36		250		314,750
				6,188,423
Brokerage - 0.1%
Nomura Holdings, Inc.
2.00%, 9/13/16		468		472,396
Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (c)		173		201,782
Insurance - 0.6%
Allied World Assurance Co. Holdings Ltd.
7.50%, 8/01/16		160		172,700
American International Group, Inc.
4.875%, 6/01/22		155		176,150
6.40%, 12/15/20		300		363,395
Dai-ichi Life Insurance Co., Ltd. (The)
5.10%, 10/28/24 (c)(h)		320		345,600
Hartford Financial Services Group, Inc. (The)
5.125%, 4/15/22		180		205,113
5.50%, 3/30/20		242		277,841
Lincoln National Corp.
8.75%, 7/01/19		98		123,312
MetLife, Inc.
10.75%, 8/01/39		70		117,565
Prudential Financial, Inc.
5.625%, 6/15/43		200		212,000
XLIT Ltd.
6.375%, 11/15/24		157		193,422
				2,187,098
Other Finance - 0.1%
ORIX Corp.
4.71%, 4/27/15		336		336,773

	Principal Amount (000)		U.S. $ Value
REITS - 0.1%
Health Care REIT, Inc.
5.25%, 1/15/22	U.S.$	300		338,126
Trust F/1401
5.25%, 12/15/24 (c)		270		290,250
				628,376
				10,014,848
Utility - 0.3%
Electric - 0.1%
CMS Energy Corp.
5.05%, 3/15/22		155		177,288
Constellation Energy Group, Inc.
5.15%, 12/01/20		89		100,532
Exelon Generation Co. LLC
4.25%, 6/15/22		128		135,058
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		49,646
				462,524
Natural Gas - 0.2%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (c)		490		520,968
				983,492
Total Corporates - Investment Grade (cost $29,337,460)				31,236,539
MORTGAGE PASS-THROUGHS - 7.3%
Agency Fixed Rate 30-Year - 6.8%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		342		387,569
Series 2007
5.50%, 7/01/35		34		38,885
Federal National Mortgage Association
3.00%, 4/01/45, TBA		1,463		1,495,918
3.50%, 5/01/42-3/01/45		1,619		1,720,845
3.50%, 5/01/45, TBA		3,603		3,775,972
4.00%, 5/01/45, TBA		9,926		10,596,368
4.50%, 5/25/45, TBA		3,804		4,139,227
5.00%, 12/01/39		225		250,003
Series 2004
5.50%, 2/01/34-11/01/34		129		145,711
Series 2007
5.50%, 1/01/37-8/01/37		479		541,662
Series 2008
5.50%, 8/01/37		207		234,340
Government National Mortgage Association
3.00%, 4/01/45, TBA		1,740		1,792,336
				25,118,836

	Principal Amount (000)		U.S. $ Value
Agency Fixed Rate 15-Year - 0.5%
Federal National Mortgage Association
3.00%, 5/01/30, TBA	U.S.$	1,645		1,721,210
Total Mortgage Pass-Throughs (cost $26,519,766)				26,840,046
GOVERNMENTS - TREASURIES - 6.1%
Brazil - 0.1%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17	BRL	1,670		496,188
United States - 6.0%
U.S. Treasury Bonds
2.75%, 8/15/42	U.S.$	280		291,441
3.125%, 2/15/43-8/15/44		1,185		1,326,250
3.375%, 5/15/44		234		274,010
3.625%, 8/15/43-2/15/44		1,380		1,686,166
4.375%, 2/15/38		1,027		1,376,074
4.50%, 2/15/36		223		303,785
4.625%, 2/15/40		1,510		2,107,747
U.S. Treasury Notes
1.25%, 10/31/18		1,115		1,121,011
1.375%, 3/31/20		2,920		2,920,455
1.50%, 1/31/19		288		291,735
1.625%, 8/31/19		545		552,962
2.00%, 11/15/21-2/15/25		930		946,265
2.25%, 11/15/24		570		585,987
2.50%, 8/15/23-5/15/24		6,181		6,493,860
2.75%, 2/15/24		1,597		1,711,750
				21,989,498
Total Governments - Treasuries (cost $20,975,930)				22,485,686
ASSET-BACKED SECURITIES - 4.8%
Autos - Fixed Rate - 2.9%
Ally Master Owner Trust
Series 2013-1, Class A2
1.00%, 2/15/18		390		390,954
Series 2014-1, Class A2
1.29%, 1/15/19		336		337,543
AmeriCredit Automobile Receivables Trust
Series 2011-3, Class D
4.04%, 7/10/17		320		325,620
Series 2013-3, Class A3
0.92%, 4/09/18		654		655,002
Series 2013-4, Class A3
0.96%, 4/09/18		275		275,186
Series 2013-5, Class A2A
0.65%, 3/08/17		49		48,782
Series 2014-1, Class A3
0.90%, 2/08/19		310		309,524
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (c)		137		136,786

	Principal Amount (000)		U.S. $ Value
Avis Budget Rental Car Funding AESOP LLC
Series 2014-1A, Class A
2.46%, 7/20/20 (c)	U.S.$	705		711,959
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		203		203,887
Capital Auto Receivables Asset Trust
Series 2013-3, Class A2
1.04%, 11/21/16		480		480,396
Series 2014-1, Class B
2.22%, 1/22/19		80		80,968
Carfinance Capital Auto Trust
Series 2013-1A, Class A
1.65%, 7/17/17 (c)		37		37,153
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (c)		173		171,812
Series 2014-B, Class A
1.11%, 11/15/18 (c)		142		141,822
Enterprise Fleet Financing LLC
Series 2014-1, Class A2
0.87%, 9/20/19 (c)		189		188,886
Series 2014-2, Class A2
1.05%, 3/20/20 (c)		270		270,130
Series 2015-1, Class A2
1.30%, 9/20/20 (c)		446		446,586
Exeter Automobile Receivables Trust
Series 2012-2A, Class A
1.30%, 6/15/17 (c)		13		13,481
Series 2013-1A, Class A
1.29%, 10/16/17 (c)		47		47,365
Series 2014-1A, Class A
1.29%, 5/15/18 (c)		76		76,236
Series 2014-2A, Class A
1.06%, 8/15/18 (c)		77		76,380
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		268		268,538
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (c)		62		61,675
Ford Auto Securitization Trust
Series 2013-R1A, Class A2
1.676%, 9/15/16 (c)	CAD	103		81,651
Series 2014-R2A, Class A1
1.353%, 3/15/16 (c)		35		27,500
Ford Credit Auto Lease Trust
Series 2014-B, Class A3
0.89%, 9/15/17	U.S.$	244		243,993
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		155		154,413
Series 2014-2, Class A

	Principal Amount (000)		U.S. $ Value
2.31%, 4/15/26 (c)	U.S.$	440		446,572
Series 2014-B, Class A2
0.47%, 3/15/17		262		262,027
Ford Credit Floorplan Master Owner Trust
Series 2014-1, Class A1
1.20%, 2/15/19		322		322,805
Series 2015-2, Class A1
1.98%, 1/15/22		322		321,200
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2
1.10%, 12/20/17		449		449,019
Harley-Davidson Motorcycle Trust
Series 2014-1, Class A3
1.10%, 9/15/19		270		270,254
Series 2015-1, Class A3
1.41%, 6/15/20		126		126,092
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (c)		345		345,013
Hyundai Auto Lease Securitization Trust
Series 2015-A, Class A2
1.00%, 10/16/17 (c)		305		305,009
Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18		140		141,761
Santander Drive Auto Receivables Trust
Series 2013-4, Class A3
1.11%, 12/15/17		368		368,046
Series 2013-5, Class A2A
0.64%, 4/17/17		6		6,279
Series 2014-2, Class A3
0.80%, 4/16/18		335		334,841
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		634		633,608
				10,596,754
Autos - Floating Rate - 0.6%
Ally Master Owner Trust
Series 2014-2, Class A
0.545%, 1/16/18 (f)		630		630,396
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.556%, 7/20/19 (f)		407		406,622
Series 2015-1, Class A
0.676%, 1/20/20 (f)		429		429,000
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.725%, 12/10/27 (c)(f)		282		282,214
Navistar Financial Dealer Note Master Trust
Series 2014-1, Class A
0.921%, 10/25/19 (c)(f)		207		207,001

	Principal Amount (000)		U.S. $ Value
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
1.676%, 10/20/20 (c)(f)	U.S.$	320		320,013
				2,275,246
Credit Cards - Fixed Rate - 0.5%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		141		141,485
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		326		333,061
Chase Issuance Trust
Series 2014-A1, Class A1
1.15%, 1/15/19		270		270,906
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		379		382,451
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		310		312,768
Series 2013-A, Class A
1.61%, 12/15/21		246		246,464
				1,687,135
Credit Cards - Floating Rate - 0.4%
Barclays Dryrock Issuance Trust
Series 2014-2, Class A
0.515%, 3/16/20 (f)		337		336,613
Cabela’s Credit Card Master Note Trust
Series 2012-1A, Class A2
0.705%, 2/18/20 (c)(f)		325		325,951
Discover Card Execution Note Trust
Series 2015-A1, Class A1
0.525%, 8/17/20 (f)		240		240,139
First National Master Note Trust
Series 2013-2, Class A
0.705%, 10/15/19 (f)		346		346,884
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.555%, 12/15/19 (f)		295		295,544
				1,545,131
Other ABS - Fixed Rate - 0.3%
CIT Equipment Collateral
Series 2013-VT1, Class A3
1.13%, 7/20/20 (c)		466		466,747
Series 2014-VT1, Class A2
0.86%, 5/22/17 (c)		319		318,871
CNH Capital Canada Receivables Trust
Series 2014-1A, Class A1
1.388%, 3/15/17 (c)	CAD	61		48,072

	Principal Amount (000)		U.S. $ Value
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21	U.S.$	210		210,831
Series 2015-A, Class A4
1.85%, 4/15/21		227		227,536
				1,272,057
Home Equity Loans - Floating Rate - 0.1%
GSAA Trust
Series 2006-5, Class 2A3
0.444%, 3/25/36 (f)		375		255,312
Residential Asset Securities Corp. Trust
Series 2003-KS3, Class A2
0.774%, 5/25/33 (f)		1		827
				256,139
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		77		78,024
Total Asset-Backed Securities (cost $17,707,457)				17,710,486
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.5%
Non-Agency Fixed Rate CMBS - 3.0%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		551		598,256
Series 2007-5, Class AM
5.772%, 2/10/51		150		159,600
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class AJ
5.611%, 9/11/41		184		189,417
BHMS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (c)		335		348,461
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (c)		495		517,125
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.768%, 3/15/49		259		267,761
Series 2015-GC27, Class A5
3.137%, 2/10/48		246		252,061
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.761%, 5/15/46		274		296,610
Commercial Mortgage Loan Trust
Series 2008-LS1, Class A1A
6.028%, 12/10/49		1,010		1,098,915
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (c)		210		207,240

	Principal Amount (000)		U.S. $ Value
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.704%, 6/15/39	U.S.$	155		162,968
DBUBS Mortgage Trust
Series 2011-LC1A, Class E
5.558%, 11/10/46 (c)		130		142,999
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (c)		330		329,961
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (c)		487		496,026
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (c)(i)		276		281,378
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41 (c)		109		108,798
Series 2007-CB19, Class AM
5.694%, 2/12/49		175		185,039
Series 2007-LD12, Class AM
6.01%, 2/15/51		280		304,291
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		591		633,283
Series 2008-C2, Class A1A
5.998%, 2/12/51		270		295,394
Series 2010-C2, Class A1
2.749%, 11/15/43 (c)		261		263,331
Series 2011-C5, Class D
5.323%, 8/15/46 (c)		100		108,161
LB-UBS Commercial Mortgage Trust
Series 2006-C1, Class A4
5.156%, 2/15/31		598		606,316
Series 2007-C1, Class AM
5.455%, 2/15/40		100		106,822
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (c)		188		191,635
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		316		331,330
ML-CFC Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		593		620,248
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		86		88,999
Series 2012-C4, Class A5
2.85%, 12/10/45		168		171,423
Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class A5
5.416%, 1/15/45		616		632,487
Series 2006-C26, Class A1A
6.009%, 6/15/45		140		147,201

	Principal Amount (000)		U.S. $ Value
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46	U.S.$	456		480,391
Series 2014-C20, Class A2
3.036%, 5/15/47		206		215,774
				10,839,701
Non-Agency Floating Rate CMBS - 0.5%
Carefree Portfolio Trust
Series 2014-CARE, Class A
1.495%, 11/15/19 (c)(f)		169		169,425
Commercial Mortgage Pass Through Certificates
Series 2014-KYO, Class A
1.077%, 6/11/27 (c)(f)		208		207,607
Series 2014-SAVA, Class A
1.325%, 6/15/34 (c)(f)		191		190,950
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.873%, 12/05/31 (c)(f)		250		248,940
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.095%, 6/15/29 (c)(f)		339		337,984
PFP III Ltd.
Series 2014-1, Class A
1.345%, 6/14/31 (c)(f)		362		363,016
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.227%, 4/15/32 (c)(f)		157		155,811
Starwood Retail Property Trust
Series 2014-STAR, Class A
1.392%, 11/15/27 (c)(f)		183		183,008
				1,856,741
Total Commercial Mortgage-Backed Securities (cost $12,861,050)				12,696,442
INFLATION-LINKED SECURITIES - 1.5%
United States - 1.5%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)		4,076		4,151,419
0.50%, 4/15/15 (TIPS)		1,404		1,406,196
Total Inflation-Linked Securities (cost $5,566,360)				5,557,615
CORPORATES - NON-INVESTMENT GRADE - 1.4%
Financial Institutions - 0.9%
Banking - 0.8%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (h)		79		83,543
Bank of Ireland
1.781%, 9/22/15 (e)(f)	CAD	185		141,684

	Principal Amount (000)		U.S. $ Value
Barclays Bank PLC
6.86%, 6/15/32 (c)(h)	U.S.$	44		49,073
7.625%, 11/21/22		239		279,779
7.75%, 4/10/23		305		338,169
Barclays PLC
4.375%, 9/11/24		257		259,938
BNP Paribas SA
5.186%, 6/29/15 (c)(h)		128		128,675
Credit Agricole SA
7.875%, 1/23/24 (c)(h)		205		217,044
HBOS Capital Funding LP
4.939%, 5/23/16 (h)	EUR	298		319,318
Intesa Sanpaolo SpA
5.017%, 6/26/24 (c)	U.S.$	339		346,963
LBG Capital No.1 PLC
8.00%, 6/15/20 (c)(h)		94		101,990
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (c)		215		242,476
Societe Generale SA
5.922%, 4/05/17 (c)(h)		100		104,375
UniCredit Luxembourg Finance SA
6.00%, 10/31/17 (c)		230		245,864
				2,858,891
Finance - 0.1%
AerCap Aviation Solutions BV
6.375%, 5/30/17		200		212,000
International Lease Finance Corp.
5.875%, 4/01/19		93		100,905
				312,905
				3,171,796
Industrial - 0.4%
Basic - 0.0%
Novelis, Inc.
8.375%, 12/15/17		29		30,305
Communications - Media - 0.0%
CSC Holdings LLC
8.625%, 2/15/19		44		50,931
Communications - Telecommunications - 0.1%
Numericable-SFR SAS
5.375%, 5/15/22 (c)	EUR	195		219,130
Sprint Corp.
7.875%, 9/15/23	U.S.$	205		209,100
Telecom Italia Capital SA
6.00%, 9/30/34		65		67,113
				495,343
Consumer Cyclical - Automotive - 0.1%
General Motors Co.
3.50%, 10/02/18		130		133,193

	Principal Amount (000)		U.S. $ Value
Goodyear Tire & Rubber Co. (The)
8.25%, 8/15/20	U.S.$	60		63,450
				196,643
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19		107		104,592
MCE Finance Ltd.
5.00%, 2/15/21 (c)		210		196,350
				300,942
Consumer Non-Cyclical - 0.0%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18		56		57,750
Energy - 0.1%
Paragon Offshore PLC
6.75%, 7/15/22 (c)		18		5,940
7.25%, 8/15/24 (c)		116		38,570
SM Energy Co.
6.50%, 1/01/23		14		14,280
Transocean, Inc.
6.50%, 11/15/20		300		251,625
				310,415
Services - 0.0%
Sabre GLBL, Inc.
8.50%, 5/15/19 (c)		118		126,077
Transportation - Services - 0.0%
Hertz Corp. (The)
5.875%, 10/15/20		120		123,300
				1,691,706
Utility - 0.1%
Electric - 0.1%
AES Corp./VA
7.375%, 7/01/21		119		132,090
NRG Energy, Inc.
Series WI
6.25%, 5/01/24		92		92,690
				224,780
Total Corporates - Non-Investment Grade (cost $5,229,242)				5,088,282
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%
Non-Agency Fixed Rate - 0.5%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		52		49,077
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		136		125,194
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		90		86,875

	Principal Amount (000)		U.S. $ Value
Series 2006-24CB, Class A16
5.75%, 6/25/36	U.S.$	207		186,568
Series 2006-28CB, Class A14
6.25%, 10/25/36		141		120,405
Series 2006-J1, Class 1A13
5.50%, 2/25/36		130		116,897
Series 2007-2CB, Class 2A4
5.75%, 3/25/37		113		101,230
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		67		58,267
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.568%, 5/25/35		29		27,426
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		117		109,044
Series 2006-13, Class 1A18
6.25%, 9/25/36		175		161,258
Series 2006-13, Class 1A19
6.25%, 9/25/36		63		57,996
Series 2007-HYB2, Class 3A1
2.576%, 2/25/47		289		240,580
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		241		201,873
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		91		82,404
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		88		86,280
				1,811,374
GSE Risk Share Floating Rate - 0.4%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
4.424%, 11/25/23 (f)		340		349,856
Series 2014-DN3, Class M3
4.174%, 8/25/24 (f)		330		331,130
Series 2015-HQ1, Class M2
2.373%, 3/25/25 (f)		388		388,540
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
1.374%, 7/25/24 (f)		116		115,943
Series 2014-C04, Class 1M2
5.074%, 11/25/24 (f)		255		269,473
Series 2015-C01, Class 1M2
4.474%, 2/25/25 (f)		155		156,809
				1,611,751

	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate - 0.2%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.364%, 12/25/36 (f)	U.S.$	404		240,039
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.424%, 3/25/35 (f)		200		177,715
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.294%, 7/25/36 (f)		297		235,709
				653,463
Agency Fixed Rate - 0.0%
Federal National Mortgage Association REMICs
Series 2010-117, Class DI
4.50%, 5/25/25 (j)		969		102,851
Total Collateralized Mortgage Obligations (cost $4,181,358)				4,179,439
QUASI-SOVEREIGNS - 0.5%
Quasi-Sovereign Bonds - 0.5%
Chile - 0.1%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (c)		340		363,922
Malaysia - 0.2%
Petronas Capital Ltd.
5.25%, 8/12/19 (c)		460		516,021
Mexico - 0.1%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23		312		319,082
United Arab Emirates - 0.1%
IPIC GMTN Ltd.
3.75%, 3/01/17 (c)		465		484,762
Total Quasi-Sovereigns (cost $1,569,644)				1,683,787
GOVERNMENTS - SOVEREIGN AGENCIES - 0.4%
Brazil - 0.1%
Petrobras Global Finance BV
5.75%, 1/20/20		483		448,021
Morocco - 0.1%
OCP SA
5.625%, 4/25/24 (c)		335		364,313
Israel - 0.1%
Israel Electric Corp. Ltd.
5.00%, 11/12/24 (c)		320		331,200
Canada - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (c)		125		130,625

	Principal Amount (000)		U.S. $ Value
Colombia - 0.0%
Ecopetrol SA
5.875%, 5/28/45	U.S.$	94		87,420
Total Governments - Sovereign Agencies (cost $1,371,140)				1,361,579
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.1%
United States - 0.1%
State of California
Series 2010
7.625%, 3/01/40 (cost $350,543)		345		537,741
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Communications - Telecommunications - 0.1%
Comcel Trust via Comunicaciones Celulares SA
6.875%, 2/06/24 (c)		200		213,100
Consumer Non-Cyclical – 0.0%
Marfrig Overseas Ltd.
9.50%, 5/04/20 (c)		195		184,275
Total Emerging Markets - Corporate Bonds (cost $391,370)				397,375
	Shares
PREFERRED STOCKS - 0.1%
Financial Institutions - 0.1%
Insurance - 0.1%
Allstate Corp. (The)
5.10% (cost $179,024)		6,700		173,999
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.2%
Agency Discount Notes - 0.7%
Federal Home Loan Bank Discount Notes
Zero Coupon, 5/01/15	U.S.$	1,100		1,099,926
Zero Coupon, 5/01/15		1,474		1,473,902
Total Agency Discount Notes (cost $2,573,828)				2,573,828
Time Deposit - 5.8%
State Street Time Deposit
0.01%, 4/01/15 (cost $21,285,263)		21,285		21,285,263
Certificates of Deposit - 0.4%
Wells Fargo Bank NA
0.23%, 4/08/15 (cost $1,380,000)		1,380		1,380,000

	Principal Amount (000)			U.S. $ Value
Commercial Paper - 0.3%
Banque Caisse Depargne Letat C Zero Coupon, 9/01/15 (cost $1,180,493)	U.S.$	1,182			1,180,493
Total Short-Term Investments (cost $26,419,584)					26,419,584
Total Investments Before Security Lending Collateral for Securities Loaned - 106.2% (cost $345,118,904)					389,989,857
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.1%
Investment Companies - 1.1%
AB Exchange Reserves - Class I, 0.08% (k)(l) (cost $3,886,904)		3,886,904			3,886,904
Total Investments Before Securities Sold Short - 107.3% (cost $349,005,808)					393,876,761
	Principal Amount (000)
SECURITIES SOLD SHORT - (2.1)%
Mortgage Pass-Throughs - (2.1)%
Agency Fixed Rate 30-Year - (2.1)%
Government National Mortgage Association
4.00%, 3/01/45, TBA	U.S.$	(4,802	)		(5,125,947	)
4.00%, 4/01/45, TBA		(2,401	)		(2,557,815	)
Total Mortgage Pass-Throughs (proceeds $7,647,314)					(7,683,762	)
Total Securities Sold Short (proceeds $7,647,314)					(7,683,762	)
Total Investments, Net of Securities Sold Short - 105.2% (cost $341,358,494) (m)					386,192,999
Other assets less liabilities - (5.2)% (n)					(18,988,530	)
Net Assets - 100.0%				$	367,204,469

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Year Canadian Bond Futures		6		June 2015	$	667,974	$	676,199	$	8,225

Type	Number of Contracts		Expiration Month	Original Value		Value at March 31, 2015		Unrealized Appreciation/ (Depreciation)
U.S Ultra Bond Futures		18	June 2015	$	2,969,347	$	3,057,750	$	88,403
U.S. T-Note 2 Yr (CBT) Futures		35	June 2015		7,648,988		7,670,469		21,481
U.S. T-Note 5 Yr (CBT) Futures		92	June 2015		10,950,902		11,059,406		108,504
Sold Contracts
Euro-BOBL Futures		27	June 2015		3,753,524		3,757,580		(4,056	)
U.S. T-Note 10 Yr (CBT) Futures		42	June 2015		5,348,375		5,414,062		(65,687	)
								$	156,870

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	HKD	13,281	USD	1,713	5/13/15	$	(186	)
Barclays Bank PLC	JPY	41,635	USD	350	5/13/15		2,170
Barclays Bank PLC	USD	336	GBP	226	5/13/15		(1,052	)
BNP Paribas SA	AUD	1,300	USD	1,007	5/13/15		19,515
BNP Paribas SA	GBP	1,458	USD	2,164	5/13/15		1,884
BNP Paribas SA	USD	3,274	AUD	4,201	5/13/15		(81,571	)
BNP Paribas SA	USD	1,521	GBP	986	5/13/15		(58,721	)
Citibank	EUR	825	USD	935	5/13/15		47,158
Citibank	ILS	1,340	USD	336	5/13/15		(1,192	)
Citibank	USD	490	EUR	449	5/13/15		(7,283	)
Citibank	JPY	400,000	USD	3,355	5/15/15		17,830
Citibank	GBP	540	USD	802	6/18/15		1,674
Credit Suisse International	CHF	616	USD	643	5/13/15		8,093
Credit Suisse International	EUR	1,140	USD	1,318	5/13/15		91,181
Credit Suisse International	USD	430	CHF	383	5/13/15		(35,442	)
Credit Suisse International	USD	937	EUR	865	5/13/15		(6,408	)
Deutsche Bank AG	BRL	2,628	USD	909	4/02/15		85,667
Deutsche Bank AG	USD	819	BRL	2,628	4/02/15		4,223
Deutsche Bank AG	USD	475	JPY	55,873	5/13/15		(9,198	)
Deutsche Bank AG	SEK	3,436	USD	409	6/18/15		9,231
Goldman Sachs Bank USA	EUR	478	USD	543	5/13/15		28,359
Goldman Sachs Bank USA	JPY	183,492	USD	1,538	5/13/15		6,725
Goldman Sachs Bank USA	USD	741	SEK	6,171	5/13/15		(24,420	)
Goldman Sachs Bank USA	USD	634	SGD	861	5/13/15		(7,621	)
Goldman Sachs Bank USA	EUR	461	USD	511	6/18/15		15,005
Goldman Sachs Bank USA	USD	446	GBP	292	6/18/15		(12,886	)
HSBC Bank USA	CAD	582	USD	460	6/18/15		1,438
JPMorgan Chase Bank	CAD	454	USD	360	4/10/15		1,958
JPMorgan Chase Bank	USD	746	GBP	486	5/13/15		(25,317	)
Morgan Stanley & Co., Inc.	GBP	1,330	USD	2,025	5/13/15		52,177
Royal Bank of Scotland PLC	BRL	886	USD	289	4/02/15		11,553
Royal Bank of Scotland PLC	USD	276	BRL	886	4/02/15		1,423
Royal Bank of Scotland PLC	USD	76	BRL	249	5/05/15		1,636
Royal Bank of Scotland PLC	KRW	458,543	USD	416	5/13/15		2,961
Royal Bank of Scotland PLC	NZD	1,133	USD	833	5/13/15		(10,534	)
Royal Bank of Scotland PLC	USD	1,764	NZD	2,328	5/13/15		(30,446	)
Standard Chartered Bank	CNY	3,289	USD	530	5/13/15		(4,112	)
State Street Bank & Trust Co.	USD	35	CAD	45	4/10/15		(7	)
State Street Bank & Trust Co.	EUR	618	USD	675	4/30/15		10,536

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	AUD	186	USD	145	5/13/15	$	4,147
State Street Bank & Trust Co.	EUR	1,162	USD	1,301	5/13/15		50,529
State Street Bank & Trust Co.	GBP	368	USD	558	5/13/15		12,481
State Street Bank & Trust Co.	HKD	1,459	USD	188	5/13/15		(64	)
State Street Bank & Trust Co.	JPY	66,220	USD	553	5/13/15		887
State Street Bank & Trust Co.	NOK	1,546	USD	204	5/13/15		11,871
State Street Bank & Trust Co.	SEK	676	USD	79	5/13/15		953
State Street Bank & Trust Co.	USD	136	AUD	175	5/13/15		(3,326	)
State Street Bank & Trust Co.	USD	1,620	CHF	1,495	5/13/15		(79,142	)
State Street Bank & Trust Co.	USD	484	EUR	447	5/13/15		(3,370	)
State Street Bank & Trust Co.	USD	751	GBP	489	5/13/15		(25,834	)
State Street Bank & Trust Co.	USD	139	HKD	1,075	5/13/15		11
State Street Bank & Trust Co.	USD	990	JPY	118,394	5/13/15		(2,415	)
State Street Bank & Trust Co.	USD	222	NOK	1,686	5/13/15		(12,946	)
State Street Bank & Trust Co.	USD	236	SGD	320	5/13/15		(2,965	)
State Street Bank & Trust Co.	AUD	353	USD	274	6/18/15		6,643
State Street Bank & Trust Co.	EUR	1,114	USD	1,198	6/18/15		(769	)
State Street Bank & Trust Co.	GBP	213	USD	316	6/18/15		382
State Street Bank & Trust Co.	JPY	44,778	USD	372	6/18/15		(1,594	)
State Street Bank & Trust Co.	NOK	1,045	USD	129	6/18/15		(368	)
State Street Bank & Trust Co.	SEK	1,210	USD	142	6/18/15		979
State Street Bank & Trust Co.	USD	470	EUR	435	6/18/15		(2,239	)
UBS AG	BRL	3,514	USD	1,096	4/02/15		(5,647	)
UBS AG	USD	1,104	BRL	3,514	4/02/15		(3,305	)
UBS AG	BRL	3,514	USD	1,095	5/05/15		3,230
UBS AG	USD	458	EUR	402	5/13/15		(25,265	)
UBS AG	USD	358	CAD	449	6/18/15		(4,133	)
UBS AG	USD	493	NZD	662	6/18/15		(1,416	)
						$	23,316

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2015			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		(5.00	)%		2.48	%	$	2,813	$	(247,790	)	$	(163,447	)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2015			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)%		0.56	%	$	4,100	$	(75,372	)	$	(26,425	)
									$	(323,162	)	$	(189,872	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

					Rate Type
Clearing Broker /(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME Group)	CAD	6,090		3/10/17	0.973%	3 Month CDOR	$	(9,293	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	8,060		3/11/17	2.140%	3 Month BBSW		(31,298	)
Morgan Stanley & Co., LLC/(CME Group)	$	4,400		3/11/17	3 Month LIBOR	0.963%		16,312
Morgan Stanley & Co., LLC/(CME Group)	AUD	1,230		3/11/25	6 Month BBSW	2.973%		21,378
Morgan Stanley & Co., LLC/(CME Group)	$	630		3/11/25	2.306%	3 Month LIBOR		(17,017	)
							$	(19,918	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2015			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
BNP Paribas:
Anadarko Petroleum Corp., 5.95%, 9/15/16, 9/20/17*		1.00	%		0.47	%	$	530	$	6,887	$	(8,874	)	$	15,761
Credit Suisse International:
Kohl’s Corp., 6.250% 12/15/17, 6/20/19*		1.00			0.51			142		2,950		(1,619	)		4,569
									$	9,837	$	10,493		$	20,330

* Termination date

INFLATION (CPI) SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Unrealized Appreciation/ (Depreciation)

Barclays Bank PLC

$

1,920

3/04/16

CPI

#

1.170

%

$

9,530

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

INTEREST RATE SWAPS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank	$	1,970		1/30/17		1.059	%	3 Month LIBOR	$	(13,748	)
JPMorgan Chase Bank		2,200		2/07/22		2.043		3 Month LIBOR		(44,066	)
									$	(57,814	)

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the aggregate market value of these securities amounted to $25,232,366 or 6.9% of net assets.

(d) Fair valued by the Adviser.

(e) Illiquid security.

(f) Floating Rate Security. Stated interest rate was in effect at March 31, 2015.

(g) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2015.

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

(i) Variable rate coupon, rate shown as of March 31, 2015.

(j) IO - Interest Only

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

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

(m) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $51,069,478 and gross unrealized depreciation of investments was $(6,234,973), resulting in net unrealized appreciation of $44,834,505.

(n) An amount of U.S. $176,851 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2015.

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
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
BBSW	-	Bank Bill Swap Reference Rate (Australia)
CBT	-	Chicago Board of Trade
CDOR	-	Canadian Dealer Offered Rate
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CDX-NAIG	-	North American Investment Grade Credit Default Swap Index
CFC	-	Customer Facility Charge
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
CPI	-	Consumer Price Index
GDR	-	Global Depositary Receipt
GMTN	-	Global Medium Term Note
GSE	-	Government-Sponsored Enterprise
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates
REG	-	Registered Shares
REMICs	-	Real Estate Mortgage Investment Conduits
TBA	-	To Be Announced

AB Variable Products Series Fund

Balanced Wealth Strategy Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Financials	$	29,230,780	$	15,111,471	$	– 0	–	$	44,342,251
Consumer Discretionary		27,493,730		11,111,487		– 0	–		38,605,217
Information Technology		31,166,482		3,640,539		– 0	–		34,807,021
Health Care		22,841,030		4,862,532		– 0	–		27,703,562
Industrials		10,852,759		9,672,907		– 0	–		20,525,666
Consumer Staples		11,668,581		3,595,349		– 0	–		15,263,930
Energy		8,323,048		1,833,524		– 0	–		10,156,572
Equity: Other		3,065,044		6,762,147		– 0	–		9,827,191
Retail		2,936,795		3,239,295		– 0	–		6,176,090
Utilities		4,734,156		938,640		– 0	–		5,672,796
Materials		2,187,500		3,372,168		– 0	–		5,559,668
Telecommunication Services		2,263,682		2,890,936		– 0	–		5,154,618

Investments in Securities:

Level 1

Level 2

Level 3

Total

Residential

$

2,199,371

$

2,486,890

$

82,300

$

4,768,561

Office

1,727,938

1,536,288

– 0

–

3,264,226

Lodging

1,029,917

152,941

– 0

–

1,182,858

Financial: Other

435,464

– 0

–

– 0

–

435,464

Mortgage

175,566

– 0

–

– 0

–

175,566

Corporates - Investment Grade

– 0

–

31,236,539

– 0

–

31,236,539

Mortgage Pass-Throughs

– 0

–

26,840,046

– 0

–

26,840,046

Governments - Treasuries

– 0

–

22,485,686

– 0

–

22,485,686

Asset-Backed Securities

– 0

–

15,833,360

1,877,126

17,710,486

Commercial Mortgage-Backed Securities

– 0

–

9,942,836

2,753,606

12,696,442

Inflation-Linked Securities

– 0

–

5,557,615

– 0

–

5,557,615

Corporates - Non-Investment Grade

– 0

–

5,088,282

– 0

–

5,088,282

Collateralized Mortgage Obligations

– 0

–

102,851

4,076,588

4,179,439

Quasi-Sovereigns

– 0

–

1,683,787

– 0

–

1,683,787

Governments - Sovereign Agencies

– 0

–

1,361,579

– 0

–

1,361,579

Local Governments - Municipal Bonds

– 0

–

537,741

– 0

–

537,741

Emerging Markets - Corporate Bonds

– 0

–

397,375

– 0

–

397,375

Preferred Stocks

173,999

– 0

–

– 0

–

173,999

Short-Term Investments:

Time Deposit

– 0

–

21,285,263

– 0

–

21,285,263

Agency Discount Notes

– 0

–

2,573,828

– 0

–

2,573,828

Certificates of Deposit

– 0

–

1,380,000

– 0

–

1,380,000

Commercial Paper

– 0

–

1,180,493

– 0

–

1,180,493

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

3,886,904

– 0

–

– 0

–

3,886,904

Liabilities:

Mortgage Pass-Throughs

– 0

–

(7,683,762

)

– 0

–

(7,683,762

)

Total Investments in Securities

166,392,746

211,010,633

8,789,620

386,192,999

Other Financial Instruments* :

Assets:

Futures

226,613

– 0

–

– 0

–

226,613

Forward Currency Exchange Contracts

– 0

–

514,510

– 0

–

514,510

Centrally Cleared Interest Rate Swaps

– 0

–

37,690

– 0

–

37,690

Credit Default Swaps

– 0

–

20,330

– 0

–

20,330

Inflation (CPI) Swaps

– 0

–

9,530

– 0

–

9,530

Liabilities:

Futures

(69,743

)

– 0

–

– 0

–

(69,743

)

Forward Currency Exchange Contracts

– 0

–

(491,194

)

– 0

–

(491,194

)

Centrally Cleared Credit Default Swaps

– 0

–

(189,872

)

– 0

–

(189,872

)

Centrally Cleared Interest Rate Swaps

– 0

–

(57,608

)

– 0

–

(57,608

)

Interest Rate Swaps

– 0

–

(57,814

)

– 0

–

(57,814

)

Total^

$

166,549,616

$

210,796,205

$

8,789,620

$

386,135,441

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

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

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

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

	Common Stocks			Asset-Backed Securities			Commercial Mortgage-Backed Securities
Balance as of 12/31/14	$	83,861		$	2,438,554		$	2,402,381
Accrued discounts/(premiums)		– 0	–		1,488			(1,779	)
Realized gain (loss)		– 0	–		(5,121	)		(514	)

	Common Stocks			Asset-Backed Securities			Commercial Mortgage-Backed Securities
Change in unrealized appreciation/depreciation	$	(1,561	)	$	(691	)	$	(2,851	)
Purchases/Payups		– 0	–		226,584			360,394
Sales/Paydowns		– 0	–		(377,081	)		(4,025	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(406,607	)		– 0	–
Balance as of 3/31/15	$	82,300		$	1,877,126		$	2,753,606
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/15	$	(1,561	)	$	(704	)	$	(2,851	)
	Collateralized Mortgage Obligation			Total
Balance as of 12/31/14	$	3,905,817		$	8,830,613
Accrued discounts/(premiums)		4,847			4,556
Realized gain (loss)		(11,186	)		(16,821	)
Change in unrealized appreciation/depreciation		54,505			49,402
Purchases/Payups		735,721			1,322,699
Sales/Paydowns		(613,116	)		(994,222	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(406,607	)
Balance as of 3/31/15	$	4,076,588		$	8,789,620	+
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/15	$	45,234		$	40,118

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

The following presents information about significant unobservable inputs related to the Portfolio’s Level 3 investments at March 31, 2015. Securities priced by third party vendors or using prior transaction are excluded from the following table.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 3/31/15		Valuation Technique	Unobservable Input	Range/ Weighted Average
Common Stocks	$	82,300	Market Approach	Last Traded Price		HKD 1.56/NA

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Dynamic Asset Allocation Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 28.8%
Financials - 6.1%
Banks - 2.8%
Aozora Bank Ltd.		6,000	$	21,267
Australia & New Zealand Banking Group Ltd.		16,735		465,571
Banco Bilbao Vizcaya Argentaria SA		36,403		367,653
Banco Comercial Portugues SA (a)(b)		159,486		16,397
Banco de Sabadell SA (a)		20,710		50,602
Banco Espirito Santo SA (b)(c)(d)		10,016		0
Banco Popular Espanol SA		10,844		53,040
Banco Santander SA		76,737		575,249
Bank Hapoalim BM		4,812		23,138
Bank Leumi Le-Israel BM (b)		12,645		46,891
Bank of America Corp.		39,445		607,059
Bank of East Asia Ltd.		9,600		38,241
Bank of Ireland (b)		199,710		76,199
Bank of Kyoto Ltd. (The)		2,000		20,962
Bank of Queensland Ltd.		3,683		38,593
Bank of Yokohama Ltd. (The)		5,000		29,283
Bankia SA (b)		22,531		31,400
Bankinter SA		3,048		23,239
Barclays PLC		99,698		359,862
BB&T Corp.		2,700		105,273
Bendigo & Adelaide Bank Ltd.		3,446		32,836
BNP Paribas SA		6,431		391,301
BOC Hong Kong Holdings Ltd.		22,500		79,955
CaixaBank SA		13,908		65,958
Chiba Bank Ltd. (The)		3,000		21,987
Citigroup, Inc.		11,379		586,246
Comerica, Inc.		650		29,335
Commerzbank AG (b)		4,351		59,788
Commonwealth Bank of Australia		9,843		698,170
Credit Agricole SA		6,256		91,932
Danske Bank A/S		3,980		104,925
DBS Group Holdings Ltd.		10,000		148,279
DnB ASA		4,364		70,041
Erste Group Bank AG		1,696		41,695
Fifth Third Bancorp		3,090		58,246
Fukuoka Financial Group, Inc.		4,000		20,570
Gunma Bank Ltd. (The)		4,000		27,022
Hachijuni Bank Ltd. (The)		4,000		28,204
Hang Seng Bank Ltd.		4,600		82,958
Hiroshima Bank Ltd. (The)		5,000		26,947
HSBC Holdings PLC		116,255		990,657
Huntington Bancshares, Inc./OH		3,015		33,316
ING Groep NV (b)		17,105		250,554
Intesa Sanpaolo SpA		70,654		239,800
Iyo Bank Ltd. (The)		2,000		23,719
Joyo Bank Ltd. (The)		3,000		15,417
JPMorgan Chase & Co.		14,115		855,087
KBC Groep NV (b)		1,520		93,940
KeyCorp		3,275		46,374
Lloyds Banking Group PLC (b)		346,648		401,812
M&T Bank Corp.		515		65,405
Mitsubishi UFJ Financial Group, Inc.		77,400		479,370
Mizrahi Tefahot Bank Ltd. (b)		973		9,874
Mizuho Financial Group, Inc.		140,100		246,222
National Australia Bank Ltd.		14,363		420,467

Company	Shares		U.S. $ Value
Natixis SA		9,006		67,460
Nordea Bank AB		18,440		224,608
Oversea-Chinese Banking Corp., Ltd.		18,000		138,607
PNC Financial Services Group, Inc. (The)		2,030		189,277
Raiffeisen Bank International AG		1,100		15,287
Regions Financial Corp.		5,025		47,486
Resona Holdings, Inc.		13,400		66,501
Royal Bank of Scotland Group PLC (b)		15,350		77,544
Seven Bank Ltd.		5,324		26,251
Shinsei Bank Ltd.		12,000		23,860
Shizuoka Bank Ltd. (The)		4,000		39,895
Skandinaviska Enskilda Banken AB-Class A (a)		9,222		107,637
Societe Generale SA		4,399		212,393
Standard Chartered PLC		14,996		242,886
Sumitomo Mitsui Financial Group, Inc. (a)		7,700		294,945
Sumitomo Mitsui Trust Holdings, Inc.		20,000		83,081
SunTrust Banks, Inc.		1,990		81,769
Suruga Bank Ltd.		1,000		20,767
Svenska Handelsbanken AB-Class A		2,228		100,341
Swedbank AB-Class A		4,044		96,545
UniCredit SpA		26,697		181,040
Unione di Banche Italiane SCpA		5,202		40,571
United Overseas Bank Ltd.		8,000		134,097
US Bancorp/MN		6,765		295,428
Wells Fargo & Co.		17,825		969,680
Westpac Banking Corp.		18,875		564,194
Zions Bancorporation		730		19,710
				14,150,188
Capital Markets - 0.6%
3i Group PLC		7,720		55,162
Aberdeen Asset Management PLC		5,585		37,996
Affiliated Managers Group, Inc. (b)		207		44,459
Ameriprise Financial, Inc.		695		90,934
Bank of New York Mellon Corp. (The)		4,215		169,612
BlackRock, Inc.-Class A		477		174,506
Charles Schwab Corp. (The)		4,290		130,588
Credit Suisse Group AG (b)		9,269		249,372
Daiwa Securities Group, Inc.		10,000		78,719
Deutsche Bank AG (REG)		8,374		290,224
E*TRADE Financial Corp. (b)		1,020		29,126
Franklin Resources, Inc.		1,470		75,440
Goldman Sachs Group, Inc. (The)		1,538		289,098
Hargreaves Lansdown PLC		1,481		25,262
ICAP PLC		4,211		32,844
Invesco Ltd.		1,580		62,710
Investec PLC		2,464		20,435
Julius Baer Group Ltd. (b)		1,220		60,980
Legg Mason, Inc.		360		19,872
Macquarie Group Ltd.		1,755		102,012
Mediobanca SpA		3,505		33,534
Morgan Stanley		5,720		204,147
Nomura Holdings, Inc.		22,000		129,220
Northern Trust Corp.		810		56,416
Partners Group Holding AG		158		47,104
Schroders PLC		729		34,534
State Street Corp.		1,585		116,545
T Rowe Price Group, Inc.		975		78,955
UBS Group AG (b)		22,171		415,731
				3,155,537

Company	Shares		U.S. $ Value
Consumer Finance - 0.1%
Acom Co., Ltd. (a)(b)		6,200		21,500
AEON Financial Service Co., Ltd. (a)		800		20,181
American Express Co.		3,360		262,483
Capital One Financial Corp.		2,113		166,547
Credit Saison Co., Ltd.		700		12,557
Discover Financial Services		1,710		96,358
Navient Corp.		1,500		30,495
				610,121
Diversified Financial Services - 0.5%
ASX Ltd.		1,453		45,713
Berkshire Hathaway, Inc.-Class B (b)		6,830		985,706
CME Group, Inc./IL-Class A		1,200		113,652
Deutsche Boerse AG		1,511		123,311
Eurazeo SA		1,184		81,143
Exor SpA		1,279		58,016
Friends Life Group Ltd.		8,609		52,704
Groupe Bruxelles Lambert SA		360		29,847
Hong Kong Exchanges and Clearing Ltd.		6,700		164,145
Industrivarden AB-Class C		996		18,688
Intercontinental Exchange, Inc.		466		108,704
Investment AB Kinnevik-Class B		2,015		67,265
Investor AB-Class B		1,705		67,871
Japan Exchange Group, Inc.		1,583		45,832
Leucadia National Corp.		1,105		24,630
London Stock Exchange Group PLC		1,369		49,791
McGraw Hill Financial, Inc.		1,010		104,434
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,500		17,296
Moody’s Corp.		695		72,141
NASDAQ OMX Group, Inc. (The)		410		20,885
ORIX Corp.		8,040		112,971
Pargesa Holding SA		255		17,896
Singapore Exchange Ltd.		10,000		59,294
Wendel SA		398		47,440
				2,489,375
Insurance - 1.2%
ACE Ltd.		1,285		143,265
Admiral Group PLC		819		18,544
Aegon NV		11,089		87,555
Aflac, Inc.		1,705		109,137
Ageas		1,646		59,112
AIA Group Ltd.		73,125		458,644
Allianz SE		2,771		481,092
Allstate Corp. (The)		1,600		113,872
American International Group, Inc.		5,352		293,236
AMP Ltd.		17,956		87,640
Aon PLC		1,115		107,174
Assicurazioni Generali SpA		5,214		102,518
Assurant, Inc.		260		15,967
Aviva PLC		17,895		143,211
Baloise Holding AG		277		36,607
Chubb Corp. (The)		910		92,001
Cincinnati Financial Corp.		560		29,837

Company	Shares		U.S. $ Value
CNP Assurances		4,544		79,641
Dai-ichi Life Insurance Co., Ltd. (The)		6,545		94,936
Direct Line Insurance Group PLC		6,949		32,792
Genworth Financial, Inc.-Class A (b)		1,785		13,048
Gjensidige Forsikring ASA		3,007		51,884
Hannover Rueck SE		377		38,957
Hartford Financial Services Group, Inc. (The)		1,675		70,048
Insurance Australia Group Ltd.		10,333		47,831
Legal & General Group PLC		36,049		148,462
Lincoln National Corp.		990		56,885
Loews Corp.		1,140		46,546
Mapfre SA		10,570		38,592
Marsh & McLennan Cos., Inc.		2,040		114,424
Medibank Pvt Ltd. (b)		12,501		22,047
MetLife, Inc.		4,220		213,321
MS&AD Insurance Group Holdings, Inc.		3,100		86,788
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,050		225,626
Old Mutual PLC		29,782		97,764
Principal Financial Group, Inc.		1,040		53,425
Progressive Corp. (The)		1,995		54,264
Prudential Financial, Inc.		1,715		137,732
Prudential PLC		15,581		386,649
QBE Insurance Group Ltd.		8,147		80,532
RSA Insurance Group PLC		7,994		49,827
Sampo Oyj-Class A		2,714		136,890
SCOR SE		1,611		54,335
Sompo Japan Nipponkoa Holdings, Inc.		2,000		62,177
Sony Financial Holdings, Inc.		875		14,075
Standard Life PLC		11,878		83,466
Suncorp Group Ltd.		7,811		80,099
Swiss Life Holding AG (b)		249		61,515
Swiss Re AG		2,138		206,227
T&D Holdings, Inc.		2,600		35,714
Tokio Marine Holdings, Inc.		4,200		158,537
Torchmark Corp.		502		27,570
Travelers Cos., Inc. (The)		1,280		138,406
Tryg A/S		159		18,700
UnipolSai SpA		4,035		11,741
Unum Group		920		31,032
Vienna Insurance Group AG Wiener Versicherung Gruppe		190		8,413
XL Group PLC		960		35,328
Zurich Insurance Group AG (b)		907		306,568
				6,092,226
Real Estate Investment Trusts (REITs) - 0.6%
American Tower Corp.		1,515		142,637
Apartment Investment & Management Co.-Class A		525		20,664
AvalonBay Communities, Inc.		495		86,254
Boston Properties, Inc.		600		84,288
British Land Co. PLC (The)		5,864		72,273
CapitaMall Trust		14,000		22,413
Crown Castle International Corp.		1,270		104,826
Dexus Property Group		3,880		22,337
Equity Residential		1,340		104,332
Essex Property Trust, Inc.		228		52,417
Fonciere Des Regions		329		32,579

Company	Shares		U.S. $ Value
Gecina SA		253		34,218
General Growth Properties, Inc.		2,344		69,265
Goodman Group		10,596		51,021
GPT Group (The)		6,698		23,265
Hammerson PLC		4,761		46,887
HCP, Inc.		1,680		72,593
Health Care REIT, Inc.		1,225		94,766
Host Hotels & Resorts, Inc.		2,750		55,495
ICADE		449		40,565
Intu Properties PLC		5,825		30,031
Iron Mountain, Inc.		658		24,004
Japan Prime Realty Investment Corp.		7		24,106
Japan Real Estate Investment Corp.		8		37,629
Japan Retail Fund Investment Corp.		15		29,806
Kimco Realty Corp.		1,480		39,738
Klepierre		1,311		64,378
Land Securities Group PLC		4,798		89,076
Link REIT (The)		10,500		64,573
Macerich Co. (The)		510		43,008
Mirvac Group		40,488		61,822
Nippon Building Fund, Inc.		9		44,213
Nippon Prologis REIT, Inc.		5		11,007
Novion Property Group		34,531		65,780
Plum Creek Timber Co., Inc.		630		27,374
Prologis, Inc.		1,870		81,457
Public Storage		580		114,341
Scentre Group		33,577		95,387
Segro PLC		3,337		20,607
Simon Property Group, Inc.		1,166		228,116
SL Green Realty Corp.		376		48,271
Stockland		14,259		48,717
Unibail-Rodamco SE		613		165,532
United Urban Investment Corp.		12		18,707
Ventas, Inc.		1,091		79,665
Vornado Realty Trust		685		76,720
Westfield Corp.		9,308		67,456
Weyerhaeuser Co.		1,940		64,311
				2,998,927
Real Estate Management & Development - 0.3%
Aeon Mall Co., Ltd.		700		13,862
CapitaLand Ltd.		35,000		91,230
CBRE Group, Inc.-Class A (b)		1,015		39,291
City Developments Ltd.		3,000		21,989
CK Hutchison Holdings Ltd.		8,000		163,547
Daito Trust Construction Co., Ltd. (a)		400		44,666
Daiwa House Industry Co., Ltd.		3,000		59,131
Deutsche Annington Immobilien SE		1,246		41,987
Deutsche Wohnen AG		1,334		34,119
Global Logistic Properties Ltd.		30,422		58,717
Hang Lung Properties Ltd.		14,000		39,153
Henderson Land Development Co., Ltd.		4,840		33,970
Hulic Co., Ltd.		2,197		24,686
IMMOFINANZ AG (b)		4,285		12,620
Kerry Properties Ltd.		8,500		29,506
Lend Lease Group		3,450		43,575
Mitsubishi Estate Co., Ltd.		8,000		185,536
Mitsui Fudosan Co., Ltd.		6,000		176,208
New World Development Co., Ltd.		22,000		25,534

Company	Shares		U.S. $ Value
Nomura Real Estate Holdings, Inc.		800		14,407
NTT Urban Development Corp.		1,600		15,982
Sino Land Co., Ltd.		16,000		26,008
Sumitomo Realty & Development Co., Ltd.		2,000		72,003
Sun Hung Kai Properties Ltd.		10,000		154,324
Swire Pacific Ltd.-Class A		2,000		27,122
Swire Properties Ltd.		25,389		82,459
Tokyo Tatemono Co., Ltd.		3,000		21,979
Tokyu Fudosan Holdings Corp.		2,000		13,641
Wharf Holdings Ltd. (The)		13,000		90,583
Wheelock & Co., Ltd.		6,000		30,699
				1,688,534
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.		1,730		18,130
People’s United Financial, Inc.		1,015		15,428
				33,558
				31,218,466
Health Care - 3.8%
Biotechnology - 0.5%
Actelion Ltd. (REG) (b)		608		70,123
Alexion Pharmaceuticals, Inc. (b)		780		135,174
Amgen, Inc.		2,853		456,052
Biogen, Inc. (b)		915		386,350
Celgene Corp. (b)		3,030		349,298
CSL Ltd.		2,881		201,561
Gilead Sciences, Inc. (b)		5,680		557,378
Grifols SA		757		32,437
Regeneron Pharmaceuticals, Inc. (b)		290		130,929
Vertex Pharmaceuticals, Inc. (b)		907		106,999
				2,426,301
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories		5,615		260,143
Baxter International, Inc.		2,030		139,055
Becton Dickinson and Co.		787		113,005
Boston Scientific Corp. (b)		4,860		86,265
Coloplast A/S-Class B		496		37,470
CR Bard, Inc.		315		52,715
DENTSPLY International, Inc.		530		26,972
Edwards Lifesciences Corp. (b)		395		56,272
Essilor International SA		1,241		142,486
Getinge AB-Class B (a)		2,013		49,739
Intuitive Surgical, Inc. (b)		155		78,280
Medtronic PLC		5,309		414,049
Olympus Corp. (b)		1,500		55,613
Smith & Nephew PLC		5,421		92,436
Sonova Holding AG		351		48,702
St Jude Medical, Inc.		1,065		69,651
Stryker Corp.		1,125		103,781
Sysmex Corp.		700		38,813
Terumo Corp.		1,400		36,880
Varian Medical Systems, Inc. (b)		395		37,166
William Demant Holding A/S (b)		329		27,935
Zimmer Holdings, Inc.		635		74,625
				2,042,053

Company	Shares		U.S. $ Value
Health Care Providers & Services - 0.5%
Aetna, Inc.		1,317		140,300
AmerisourceBergen Corp.-Class A		785		89,231
Anthem, Inc.		1,050		162,130
Cardinal Health, Inc.		1,245		112,386
Cigna Corp.		1,015		131,382
DaVita HealthCare Partners, Inc. (b)		650		52,832
Express Scripts Holding Co. (b)		2,789		242,002
Fresenius Medical Care AG & Co. KGaA		1,318		109,554
Fresenius SE & Co. KGaA		2,298		136,999
HCA Holdings, Inc. (b)		1,150		86,515
Healthscope Ltd.		13,458		31,288
Henry Schein, Inc. (b)		320		44,678
Humana, Inc.		565		100,581
Laboratory Corp. of America Holdings (b)		325		40,979
McKesson Corp.		865		195,663
Medipal Holdings Corp.		1,500		19,551
Patterson Cos., Inc.		310		15,125
Quest Diagnostics, Inc.		550		42,268
Ramsay Health Care Ltd.		1,156		59,020
Ryman Healthcare Ltd.		3,027		17,715
Sonic Healthcare Ltd.		1,715		26,644
Suzuken Co., Ltd./Aichi Japan		660		20,117
Tenet Healthcare Corp. (b)		343		16,982
UnitedHealth Group, Inc.		3,635		429,984
Universal Health Services, Inc.-Class B		350		41,199
				2,365,125
Health Care Technology - 0.0%
Cerner Corp. (b)		1,130		82,784
M3, Inc.		1,200		25,458
				108,242
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		1,245		51,730
Lonza Group AG (b)		182		22,658
PerkinElmer, Inc.		405		20,712
QIAGEN NV (b)		2,306		57,868
Thermo Fisher Scientific, Inc.		1,485		199,495
Waters Corp. (b)		345		42,890
				395,353
Pharmaceuticals - 2.3%
AbbVie, Inc.		5,945		348,020
Actavis PLC (b)		1,446		430,359
Astellas Pharma, Inc.		13,000		213,004
AstraZeneca PLC		7,665		525,960
Bayer AG		5,020		751,072
Bristol-Myers Squibb Co.		6,215		400,867
Chugai Pharmaceutical Co., Ltd.		1,000		31,561
Daiichi Sankyo Co., Ltd. (a)		3,900		61,974
Eisai Co., Ltd.		1,500		106,692
Eli Lilly & Co.		3,665		266,262

Company	Shares		U.S. $ Value
Endo International PLC (b)		583		52,295
GlaxoSmithKline PLC		29,442		677,753
Hisamitsu Pharmaceutical Co., Inc.		300		12,321
Hospira, Inc. (b)		630		55,339
Johnson & Johnson		10,605		1,066,863
Kyowa Hakko Kirin Co., Ltd.		4,000		52,139
Mallinckrodt PLC (b)		424		53,700
Merck & Co., Inc.		10,805		621,071
Merck KGaA		785		87,855
Mitsubishi Tanabe Pharma Corp.		1,000		17,155
Mylan NV (b)		1,405		83,387
Novartis AG (REG)		13,965		1,378,352
Novo Nordisk A/S-Class B		12,184		650,428
Ono Pharmaceutical Co., Ltd.		400		45,138
Orion Oyj-Class B		465		13,107
Otsuka Holdings Co., Ltd.		2,371		74,174
Perrigo Co. PLC		522		86,417
Pfizer, Inc.		23,786		827,515
Roche Holding AG		4,265		1,171,988
Sanofi		7,220		713,040
Santen Pharmaceutical Co., Ltd.		2,500		36,465
Shionogi & Co., Ltd.		1,800		59,923
Shire PLC		3,579		285,329
Sumitomo Dainippon Pharma Co., Ltd. (a)		1,400		16,582
Taisho Pharmaceutical Holdings Co., Ltd.		567		42,129
Takeda Pharmaceutical Co., Ltd.		4,800		239,606
Teva Pharmaceutical Industries Ltd.		5,202		325,111
UCB SA		769		55,553
Zoetis, Inc.		1,846		85,451
				12,021,957
				19,359,031
Consumer Discretionary - 3.7%
Auto Components - 0.2%
Aisin Seiki Co., Ltd. (a)		900		32,630
BorgWarner, Inc.		830		50,198
Bridgestone Corp.		3,900		156,156
Cie Generale des Etablissements Michelin-Class B		1,132		112,572
Continental AG		668		157,312
Delphi Automotive PLC		1,141		90,983
Denso Corp.		3,000		136,756
GKN PLC		9,965		52,858
Goodyear Tire & Rubber Co. (The)		1,010		27,351
Johnson Controls, Inc.		2,480		125,091
Koito Manufacturing Co., Ltd.		1,000		30,069
NGK Spark Plug Co., Ltd.		1,000		26,844
NOK Corp.		700		21,047
Nokian Renkaat Oyj		503		14,990
Stanley Electric Co., Ltd.		1,600		36,116
Sumitomo Electric Industries Ltd.		4,600		60,299
Sumitomo Rubber Industries Ltd.		1,200		22,120
Toyota Industries Corp.		1,000		57,197
Valeo SA		339		50,563
Yokohama Rubber Co., Ltd. (The)		2,000		20,616
				1,281,768

Company	Shares		U.S. $ Value
Automobiles - 0.8%
Bayerische Motoren Werke AG		2,010		250,316
Daihatsu Motor Co., Ltd. (a)		1,000		15,295
Daimler AG (a)		5,845		561,323
Fiat Chrysler Automobiles NV (b)		5,720		92,859
Ford Motor Co.		14,470		233,546
Fuji Heavy Industries Ltd.		4,000		132,785
General Motors Co.		5,016		188,100
Harley-Davidson, Inc.		800		48,592
Honda Motor Co., Ltd. (a)		9,900		323,165
Isuzu Motors Ltd.		3,500		46,436
Mazda Motor Corp.		3,200		64,838
Mitsubishi Motors Corp.		3,400		30,657
Nissan Motor Co., Ltd.		15,100		153,575
Peugeot SA (b)		2,295		38,362
Porsche Automobil Holding SE (Preference Shares)		684		66,983
Renault SA		857		77,841
Suzuki Motor Corp.		2,200		66,075
Toyota Motor Corp.		16,600		1,158,742
Volkswagen AG		140		35,997
Volkswagen AG (Preference Shares)		987		261,755
Yamaha Motor Co., Ltd.		1,200		28,909
				3,876,151
Distributors - 0.0%
Genuine Parts Co.		560		52,186
Jardine Cycle & Carriage Ltd.		1,000		29,869
				82,055
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc.		300		9,438
H&R Block, Inc.		1,020		32,711
				42,149
Hotels, Restaurants & Leisure - 0.4%
Accor SA		750		39,110
Carnival Corp.		1,685		80,610
Carnival PLC		1,116		54,573
Chipotle Mexican Grill, Inc.-Class A (b)		144		93,678
Compass Group PLC		10,184		176,787
Crown Resorts Ltd.		2,537		25,750
Darden Restaurants, Inc.		470		32,590
Flight Centre Travel Group Ltd. (a)		471		14,176
Galaxy Entertainment Group Ltd.		8,911		40,344
Genting Singapore PLC		22,000		14,710
InterContinental Hotels Group PLC		1,433		55,892
Marriott International, Inc./MD-Class A		795		63,854
McDonald’s Corp.		3,680		358,579
McDonald’s Holdings Co. Japan Ltd. (a)		500		11,081
Merlin Entertainments PLC (e)		3,228		21,133
MGM China Holdings Ltd.		14,013		26,436
Oriental Land Co., Ltd./Japan		1,200		90,862
Royal Caribbean Cruises Ltd.		627		51,320
Sands China Ltd.		10,875		45,041
SJM Holdings Ltd.		13,014		16,997
Sodexo SA		572		55,789

Company	Shares		U.S. $ Value
Starbucks Corp.		2,810		266,107
Starwood Hotels & Resorts Worldwide, Inc.		695		58,033
Tatts Group Ltd.		6,512		19,701
TUI AG		3,700		64,913
Whitbread PLC		1,102		85,570
William Hill PLC		3,391		18,621
Wyndham Worldwide Corp.		450		40,712
Wynn Macau Ltd.		35,799		77,550
Wynn Resorts Ltd.		310		39,023
Yum! Brands, Inc.		1,645		129,494
				2,169,036
Household Durables - 0.2%
Casio Computer Co., Ltd. (a)		800		15,153
DR Horton, Inc.		1,205		34,319
Electrolux AB-Class B (a)		2,430		69,421
Garmin Ltd. (a)		470		22,334
Harman International Industries, Inc.		240		32,071
Iida Group Holdings Co., Ltd.		2,879		35,816
Leggett & Platt, Inc.		475		21,893
Lennar Corp.-Class A		650		33,677
Mohawk Industries, Inc. (b)		250		46,438
Newell Rubbermaid, Inc.		1,025		40,047
Nikon Corp. (a)		1,500		20,113
Panasonic Corp.		13,400		175,969
Persimmon PLC (b)		1,857		45,763
PulteGroup, Inc.		1,235		27,454
Rinnai Corp.		200		14,822
Sekisui Chemical Co., Ltd.		2,000		25,950
Sekisui House Ltd.		3,000		43,560
Sharp Corp./Japan (a)		9,000		17,628
Sony Corp. (b)		6,400		171,159
Whirlpool Corp.		300		60,618
				954,205
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (b)		1,430		532,103
Expedia, Inc.		382		35,958
Netflix, Inc. (b)		226		94,172
Priceline Group, Inc. (The) (b)		197		229,338
Rakuten, Inc.		4,835		85,135
TripAdvisor, Inc. (b)		412		34,266
				1,010,972
Leisure Products - 0.0%
Bandai Namco Holdings, Inc.		900		17,517
Hasbro, Inc. (a)		400		25,296
Mattel, Inc.		1,235		28,220
Sankyo Co., Ltd.		300		10,655
Sega Sammy Holdings, Inc.		2,500		36,426
Shimano, Inc.		400		59,441
				177,555

Company	Shares		U.S. $ Value
Media - 0.8%
Altice SA (b)		239		25,917
Axel Springer SE		401		23,668
Cablevision Systems Corp.-Class A (a)		780		14,274
CBS Corp.-Class B		1,790		108,528
Comcast Corp.-Class A		9,720		548,888
Dentsu, Inc.		1,300		55,612
DIRECTV (b)		1,865		158,712
Discovery Communications, Inc.-Class A (b)		545		16,764
Discovery Communications, Inc.-Class C (b)		995		29,328
Eutelsat Communications SA		1,052		34,896
Gannett Co., Inc.		800		29,664
Hakuhodo DY Holdings, Inc.		2,490		26,472
Interpublic Group of Cos., Inc. (The)		1,495		33,069
ITV PLC		23,254		87,064
JCDecaux SA		1,374		46,268
Kabel Deutschland Holding AG (b)		201		26,091
Lagardere SCA		2,184		65,641
News Corp.-Class A (b)		1,808		28,946
Numericable-SFR SAS (b)		770		42,010
Omnicom Group, Inc.		960		74,861
Pearson PLC		4,977		107,123
ProSiebenSat.1 Media AG		1,328		64,956
Publicis Groupe SA		807		62,265
REA Group Ltd.		1,002		36,704
Reed Elsevier NV		5,063		126,158
Reed Elsevier PLC		6,934		119,250
RTL Group SA		312		30,012
Scripps Networks Interactive, Inc.-Class A		370		25,367
SES SA		1,845		65,406
Singapore Press Holdings Ltd. (a)		6,000		18,315
Sky PLC		6,268		92,215
Telenet Group Holding NV (b)		459		25,257
Time Warner Cable, Inc.-Class A		1,065		159,622
Time Warner, Inc.		3,195		269,786
Toho Co., Ltd./Tokyo		1,000		24,451
Twenty-First Century Fox, Inc.-Class A		7,035		238,064
Viacom, Inc.-Class B		1,410		96,303
Vivendi SA (b)		7,368		182,931
Walt Disney Co. (The)		5,914		620,320
WPP PLC		7,999		181,662
				4,022,840
Multiline Retail - 0.2%
Dollar General Corp. (b)		1,120		84,426
Dollar Tree, Inc. (b)		750		60,859
Don Quijote Holdings Co., Ltd.		500		40,644
Family Dollar Stores, Inc.		355		28,130
Isetan Mitsukoshi Holdings Ltd.		1,300		21,480
J Front Retailing Co., Ltd.		1,500		23,548
Kohl’s Corp.		780		61,035
Macy’s, Inc.		1,305		84,707
Marks & Spencer Group PLC		9,926		78,503
Next PLC		931		96,823
Nordstrom, Inc.		520		41,766
Target Corp.		2,375		194,916
				816,837

Company	Shares		U.S. $ Value
Specialty Retail - 0.5%
ABC-Mart, Inc. (a)		500		29,243
AutoNation, Inc. (b)		285		18,334
AutoZone, Inc. (b)		125		85,270
Bed Bath & Beyond, Inc. (b)		745		57,197
Best Buy Co., Inc.		1,050		39,680
CarMax, Inc. (b)		820		56,588
Dixons Carphone PLC		7,310		44,707
Fast Retailing Co., Ltd.		300		115,998
GameStop Corp.-Class A (a)		415		15,753
Gap, Inc. (The)		1,005		43,547
Hennes & Mauritz AB-Class B		5,764		233,544
Hikari Tsushin, Inc.		200		12,953
Home Depot, Inc. (The)		5,080		577,139
Inditex SA		6,622		212,604
Kingfisher PLC		14,379		81,127
L Brands, Inc.		935		88,161
Lowe’s Cos., Inc.		3,690		274,499
Nitori Holdings Co., Ltd.		400		27,077
O’Reilly Automotive, Inc. (b)		390		84,334
Ross Stores, Inc.		800		84,288
Sanrio Co., Ltd. (a)		500		13,356
Shimamura Co., Ltd.		200		18,524
Sports Direct International PLC (b)		1,618		14,542
Staples, Inc.		2,415		39,328
Tiffany & Co.		405		35,644
TJX Cos., Inc. (The)		2,570		180,029
Tractor Supply Co.		515		43,806
Urban Outfitters, Inc. (b)		335		15,293
USS Co., Ltd.		1,310		22,636
Yamada Denki Co., Ltd. (a)		2,700		11,118
				2,576,319
Textiles, Apparel & Luxury Goods - 0.4%
Adidas AG		932		73,594
Asics Corp.		1,000		27,213
Burberry Group PLC		2,695		69,209
Christian Dior SE		331		62,300
Cie Financiere Richemont SA		3,169		254,632
Coach, Inc.		1,030		42,673
Fossil Group, Inc. (b)		169		13,934
Hanesbrands, Inc.		1,527		51,170
Hermes International		156		55,081
HUGO BOSS AG		623		75,689
Kering		338		65,984
Li & Fung Ltd.		48,000		46,869
Luxottica Group SpA		1,559		98,740
LVMH Moet Hennessy Louis Vuitton SE		1,695		298,291
Michael Kors Holdings Ltd. (b)		759		49,904
NIKE, Inc.-Class B		2,660		266,878
Pandora A/S		700		63,732
PVH Corp.		295		31,435
Ralph Lauren Corp.		240		31,560
Swatch Group AG (The)		137		57,938
Swatch Group AG (The) (REG)		522		43,751
Under Armour, Inc.-Class A (b)		647		52,245

Company	Shares		U.S. $ Value
VF Corp.		1,310		98,656
				1,931,478
				18,941,365
Information Technology - 3.4%
Communications Equipment - 0.3%
Alcatel-Lucent (b)		12,407		46,644
Cisco Systems, Inc.		19,090		525,452
F5 Networks, Inc. (b)		280		32,183
Harris Corp.		395		31,110
Juniper Networks, Inc.		1,490		33,644
Motorola Solutions, Inc.		845		56,336
Nokia Oyj		22,736		173,357
QUALCOMM, Inc.		6,270		434,762
Telefonaktiebolaget LM Ericsson-Class B		18,476		231,965
				1,565,453
Electronic Equipment, Instruments & Components - 0.3%
Amphenol Corp.-Class A		1,150		67,770
Citizen Holdings Co., Ltd.		2,800		21,460
Corning, Inc.		4,805		108,977
FLIR Systems, Inc.		510		15,953
Hamamatsu Photonics KK		1,200		36,171
Hexagon AB-Class B		2,435		86,455
Hirose Electric Co., Ltd. (a)		315		40,556
Hitachi High-Technologies Corp.		600		18,259
Hitachi Ltd.		29,000		198,066
Hoya Corp.		2,600		104,089
Keyence Corp.		300		163,709
Kyocera Corp.		1,900		103,840
Murata Manufacturing Co., Ltd.		1,200		164,807
Omron Corp.		1,200		54,059
Shimadzu Corp.		2,000		22,274
TDK Corp.		600		42,485
TE Connectivity Ltd.		1,510		108,146
Yaskawa Electric Corp.		2,000		29,228
Yokogawa Electric Corp.		1,100		11,851
				1,398,155
Internet Software & Services - 0.5%
Akamai Technologies, Inc. (b)		655		46,535
eBay, Inc. (b)		4,235		244,275
Equinix, Inc.		215		50,063
Facebook, Inc.-Class A (b)		7,838		644,401
Google, Inc.-Class A (b)		1,089		604,068
Google, Inc.-Class C (b)		1,089		596,772
Kakaku.com, Inc. (a)		961		15,947
Mixi, Inc. (a)		409		16,533
United Internet AG		1,223		55,511
VeriSign, Inc. (a)(b)		425		28,462
Yahoo Japan Corp. (a)		6,408		26,431
Yahoo!, Inc. (b)		3,465		153,967
				2,482,965

Company	Shares		U.S. $ Value
IT Services - 0.5%
Accenture PLC-Class A		2,385		223,451
Alliance Data Systems Corp. (b)		230		68,138
Amadeus IT Holding SA-Class A		2,581		110,614
AtoS		677		46,602
Automatic Data Processing, Inc.		1,820		155,865
Cap Gemini SA		854		70,064
Cognizant Technology Solutions Corp.-Class A (b)		2,280		142,249
Computer Sciences Corp.		540		35,251
Computershare Ltd.		3,663		35,406
Fidelity National Information Services, Inc.		1,070		72,824
Fiserv, Inc. (b)		950		75,430
Fujitsu Ltd.		11,000		75,016
International Business Machines Corp.		3,476		557,898
MasterCard, Inc.-Class A		3,710		320,507
Nomura Research Institute Ltd.		600		22,542
NTT Data Corp.		500		21,716
Otsuka Corp.		600		25,569
Paychex, Inc.		1,195		59,290
Teradata Corp. (b)		545		24,056
Total System Services, Inc.		610		23,272
Visa, Inc.-Class A		7,500		490,575
Western Union Co. (The)-Class W		1,930		40,163
Xerox Corp.		4,045		51,978
				2,748,476
Semiconductors & Semiconductor Equipment - 0.4%
Altera Corp.		1,110		47,630
Analog Devices, Inc.		1,180		74,340
Applied Materials, Inc.		4,535		102,310
ARM Holdings PLC		8,527		138,489
ASM Pacific Technology Ltd.		900		9,385
ASML Holding NV		1,801		182,585
Avago Technologies Ltd.		926		117,583
Broadcom Corp.-Class A		2,020		87,456
Infineon Technologies AG		4,860		57,819
Intel Corp.		18,540		579,746
KLA-Tencor Corp.		610		35,557
Lam Research Corp.		629		44,178
Linear Technology Corp.		890		41,652
Microchip Technology, Inc. (a)		745		36,430
Micron Technology, Inc. (b)		3,970		107,706
NVIDIA Corp.		1,885		39,444
Rohm Co., Ltd.		400		27,333
Skyworks Solutions, Inc.		724		71,162
STMicroelectronics NV		4,174		38,898
Texas Instruments, Inc.		3,975		227,310
Tokyo Electron Ltd.		800		55,491
Xilinx, Inc.		985		41,665
				2,164,169
Software - 0.6%
Adobe Systems, Inc. (b)		1,760		130,134
Autodesk, Inc. (b)		825		48,378
CA, Inc.		1,185		38,643
Citrix Systems, Inc. (b)		630		40,238
COLOPL, Inc. (a)		1,046		22,548

Company	Shares		U.S. $ Value
Dassault Systemes		924		62,531
Electronic Arts, Inc. (b)		1,135		66,755
Gemalto NV (a)		323		25,736
GungHo Online Entertainment, Inc. (a)		4,000		15,626
Intuit, Inc.		1,050		101,808
Konami Corp.		1,300		24,321
Microsoft Corp.		30,920		1,257,053
Nexon Co., Ltd.		2,595		27,634
NICE-Systems Ltd.		208		12,696
Nintendo Co., Ltd.		600		88,035
Oracle Corp.		12,200		526,430
Oracle Corp. Japan		500		21,517
Red Hat, Inc. (b)		690		52,268
Sage Group PLC (The)		6,586		45,494
salesforce.com, Inc. (b)		2,134		142,573
SAP SE		5,594		404,319
Symantec Corp.		2,555		59,698
Trend Micro, Inc./Japan		500		16,475
				3,230,910
Technology Hardware, Storage & Peripherals - 0.8%
Apple, Inc.		22,202		2,762,595
Brother Industries Ltd.		800		12,710
Canon, Inc.		6,900		244,131
EMC Corp./MA		7,555		193,106
Fujifilm Holdings Corp.		2,800		99,614
Hewlett-Packard Co.		6,960		216,874
Konica Minolta, Inc.		2,000		20,269
NEC Corp.		16,000		46,999
NetApp, Inc.		1,190		42,197
Ricoh Co., Ltd.		4,000		43,494
SanDisk Corp.		870		55,349
Seagate Technology PLC (a)		1,200		62,436
Seiko Epson Corp.		1,200		21,254
Western Digital Corp.		830		75,538
				3,896,566
				17,486,694
Industrials - 3.4%
Aerospace & Defense - 0.6%
Airbus Group NV		3,570		232,089
BAE Systems PLC		19,161		148,489
Boeing Co. (The)		2,510		376,701
Cobham PLC		7,675		34,573
General Dynamics Corp.		1,210		164,233
Honeywell International, Inc.		2,955		308,236
L-3 Communications Holdings, Inc.		325		40,882
Lockheed Martin Corp.		1,050		213,108
Meggitt PLC		4,891		39,757
Northrop Grumman Corp.		790		127,158
Precision Castparts Corp.		540		113,400
Raytheon Co.		1,150		125,638
Rockwell Collins, Inc.		500		48,275
Rolls-Royce Holdings PLC (b)		11,452		161,518
Safran SA		1,646		115,009
Singapore Technologies Engineering Ltd.		19,000		48,182
Textron, Inc.		1,005		44,552

Company	Shares		U.S. $ Value
Thales SA		694		38,505
United Technologies Corp.		3,225		377,970
Zodiac Aerospace		1,135		37,553
				2,795,828
Air Freight & Logistics - 0.2%
Bollore SA		11,606		61,839
CH Robinson Worldwide, Inc. (a)		565		41,369
Deutsche Post AG		5,875		183,035
Expeditors International of Washington, Inc.		720		34,689
FedEx Corp.		1,015		167,932
Kuehne & Nagel International AG		432		64,140
Royal Mail PLC		2,926		18,979
United Parcel Service, Inc.-Class B		2,655		257,376
Yamato Holdings Co., Ltd.		2,200		50,707
				880,066
Airlines - 0.1%
American Airlines Group, Inc.		2,732		144,195
ANA Holdings, Inc.		8,000		21,417
Cathay Pacific Airways Ltd.		20,000		46,229
Delta Air Lines, Inc.		3,152		141,714
Deutsche Lufthansa AG (REG)		3,330		46,629
easyJet PLC		964		26,829
International Consolidated Airlines Group SA (b)		6,202		55,569
Japan Airlines Co., Ltd.		900		27,997
Singapore Airlines Ltd.		3,000		26,120
Southwest Airlines Co.		2,555		113,187
				649,886
Building Products - 0.1%
Allegion PLC		335		20,492
Asahi Glass Co., Ltd.		4,000		26,200
Assa Abloy AB-Class B		1,164		69,334
Cie de Saint-Gobain		2,759		121,140
Daikin Industries Ltd.		1,400		93,596
Geberit AG		168		62,868
LIXIL Group Corp.		1,200		28,399
Masco Corp.		1,305		34,843
TOTO Ltd.		2,000		29,698
				486,570
Commercial Services & Supplies - 0.2%
ADT Corp. (The)		647		26,863
Aggreko PLC		1,141		25,810
Babcock International Group PLC		1,139		16,616
Brambles Ltd.		9,492		83,009
Cintas Corp.		335		27,346
Dai Nippon Printing Co., Ltd. (a)		3,000		29,139
Edenred		818		20,409
G4S PLC		12,380		54,267
ISS A/S (b)		954		30,070
Pitney Bowes, Inc.		705		16,441
Republic Services, Inc.-Class A		950		38,532
Secom Co., Ltd.		1,300		86,710
Societe BIC SA		221		31,486
Stericycle, Inc. (b)		310		43,533

Company	Shares		U.S. $ Value
Toppan Printing Co., Ltd.		2,000		15,385
Tyco International PLC		1,645		70,834
Waste Management, Inc.		1,595		86,497
				702,947
Construction & Engineering - 0.1%
ACS Actividades de Construccion y Servicios SA		1,064		37,660
Bouygues SA		1,739		68,266
Chiyoda Corp. (a)		4,000		34,170
Ferrovial SA		1,957		41,610
Fluor Corp.		565		32,295
Jacobs Engineering Group, Inc. (b)		465		20,999
JGC Corp.		1,000		19,858
Kajima Corp.		7,000		32,454
Leighton Holdings Ltd.		1,344		21,536
Obayashi Corp.		3,000		19,446
Quanta Services, Inc. (b)		765		21,825
Shimizu Corp.		4,000		27,043
Skanska AB-Class B		3,301		74,006
Taisei Corp.		5,000		28,222
Vinci SA		2,970		169,687
				649,077
Electrical Equipment - 0.3%
ABB Ltd. (REG) (b)		13,350		283,207
Alstom SA (b)		1,012		31,140
AMETEK, Inc.		899		47,234
Eaton Corp. PLC		1,794		121,884
Emerson Electric Co.		2,600		147,212
First Solar, Inc. (b)		270		16,143
Fuji Electric Co., Ltd.		4,000		18,872
Legrand SA		1,194		64,676
Mitsubishi Electric Corp.		12,000		142,458
Nidec Corp.		1,300		86,296
Osram Licht AG		292		14,455
Prysmian SpA		1,074		22,135
Rockwell Automation, Inc.		530		61,475
Schneider Electric SE (Paris)		3,189		248,164
Vestas Wind Systems A/S		1,008		41,561
				1,346,912
Industrial Conglomerates - 0.5%
3M Co.		2,455		404,952
Danaher Corp.		2,290		194,421
General Electric Co.		37,620		933,352
Hutchison Whampoa Ltd.		10,000		138,480
Keihan Electric Railway Co., Ltd.		5,000		30,429
Keppel Corp., Ltd.		13,000		85,177
Koninklijke Philips NV		7,299		207,072
Roper Industries, Inc.		375		64,500
Seibu Holdings, Inc. (a)		955		24,670
Siemens AG		4,814		520,654
Smiths Group PLC		2,461		40,703
Toshiba Corp.		24,000		100,561
				2,744,971

Company	Shares		U.S. $ Value
Machinery - 0.6%
Alfa Laval AB		3,611		70,921
Amada Co., Ltd.		3,000		28,892
Andritz AG		485		28,958
Atlas Copco AB-Class A		3,037		98,319
Atlas Copco AB-Class B		3,579		105,686
Caterpillar, Inc.		2,385		190,872
CNH Industrial NV		8,194		67,152
Cummins, Inc.		650		90,116
Deere & Co.		1,335		117,066
Dover Corp.		635		43,891
FANUC Corp.		1,200		261,977
Flowserve Corp.		510		28,810
GEA Group AG		896		43,072
Hino Motors Ltd.		2,000		28,457
Hitachi Construction Machinery Co., Ltd. (a)		700		12,219
IHI Corp.		8,000		37,406
Illinois Tool Works, Inc.		1,375		133,568
IMI PLC		1,648		31,098
Ingersoll-Rand PLC		1,005		68,420
Joy Global, Inc.		385		15,084
JTEKT Corp.		1,400		21,828
Kawasaki Heavy Industries Ltd.		9,000		45,405
Komatsu Ltd.		5,700		111,735
Kone Oyj-Class B		1,900		84,247
Kubota Corp.		7,000		110,592
Kurita Water Industries Ltd.		1,200		28,991
Makita Corp. (a)		700		36,274
MAN SE		407		42,845
Melrose Industries PLC		4,594		18,868
Metso Oyj (a)		571		16,683
Minebea Co. Ltd.		2,000		31,457
Mitsubishi Heavy Industries Ltd.		18,000		99,041
Nabtesco Corp.		1,000		28,889
NGK Insulators Ltd.		2,000		42,613
NSK Ltd.		2,000		29,191
PACCAR, Inc.		1,310		82,713
Pall Corp.		395		39,654
Parker-Hannifin Corp.		545		64,735
Pentair PLC		710		44,652
Sandvik AB		12,165		136,224
Schindler Holding AG		413		68,542
Schindler Holding AG (REG)		271		44,283
SembCorp Marine Ltd. (a)		7,000		14,858
SKF AB-Class B		1,658		42,811
SMC Corp./Japan		300		89,329
Snap-on, Inc.		220		32,353
Stanley Black & Decker, Inc.		615		58,646
Sumitomo Heavy Industries Ltd.		6,000		39,266
THK Co., Ltd.		800		20,329
Vallourec SA		641		15,645
Volvo AB-Class B		6,759		81,799
Wartsila Oyj Abp		793		35,075
Weir Group PLC (The)		950		23,972
Xylem, Inc./NY		685		23,989
Zardoya Otis SA		2,136		27,568
				3,237,086

Company	Shares		U.S. $ Value
Marine - 0.0%
AP Moeller-Maersk A/S-Class A (a)		15		30,460
AP Moeller-Maersk A/S-Class B (a)		43		89,880
Mitsui OSK Lines Ltd.		12,000		40,700
Nippon Yusen KK		10,000		28,767
				189,807
Professional Services - 0.1%
Adecco SA (b)		1,033		85,867
Bureau Veritas SA		1,236		26,518
Capita PLC		4,013		66,338
Dun & Bradstreet Corp. (The)		165		21,179
Equifax, Inc.		455		42,315
Experian PLC		6,015		99,566
Intertek Group PLC		720		26,669
Nielsen NV		1,116		49,740
Randstad Holding NV		1,613		97,780
Recruit Holdings Co., Ltd.		653		20,375
Robert Half International, Inc.		485		29,352
SGS SA		24		45,759
				611,458
Road & Rail - 0.3%
Asciano Ltd.		8,374		40,271
Aurizon Holdings Ltd.		12,975		47,757
Central Japan Railway Co.		875		158,130
CSX Corp.		3,710		122,875
DSV A/S		1,630		50,659
East Japan Railway Co.		2,000		160,268
Hankyu Hanshin Holdings, Inc.		5,000		30,887
Kansas City Southern		420		42,874
Keikyu Corp.		2,000		15,986
Keio Corp.		3,000		23,496
Keisei Electric Railway Co., Ltd.		2,000		24,823
Kintetsu Corp. (a)		8,000		29,351
MTR Corp., Ltd.		15,500		73,523
Nagoya Railroad Co., Ltd. (a)		4,000		15,972
Nippon Express Co., Ltd.		3,000		16,762
Norfolk Southern Corp.		1,190		122,475
Odakyu Electric Railway Co., Ltd.		4,000		40,740
Ryder System, Inc.		215		20,401
Tobu Railway Co., Ltd.		6,000		28,426
Tokyu Corp.		5,000		30,934
Union Pacific Corp.		3,400		368,254
West Japan Railway Co.		751		39,375
				1,504,239
Trading Companies & Distributors - 0.2%
Ashtead Group PLC		3,056		49,011
Brenntag AG		567		33,875
Bunzl PLC		2,030		55,036
Fastenal Co.		1,030		42,678
ITOCHU Corp. (a)		9,000		97,397
Marubeni Corp. (a)		10,000		57,815
Mitsubishi Corp. (a)		8,400		168,788
Mitsui & Co., Ltd.		10,400		139,279
Noble Group Ltd.		24,000		16,076

Company	Shares		U.S. $ Value
Sumitomo Corp.		6,800		72,563
Toyota Tsusho Corp.		1,300		34,395
Travis Perkins PLC		1,926		55,610
United Rentals, Inc. (b)		350		31,906
Wolseley PLC		1,840		108,752
WW Grainger, Inc.		230		54,236
				1,017,417
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		2,454		44,355
Aena SA (b)(e)		364		36,599
Aeroports de Paris		305		36,455
Atlantia SpA		2,911		76,444
Auckland International Airport Ltd.		6,289		21,124
Groupe Eurotunnel SE		2,068		29,647
Hutchison Port Holdings Trust-Class U		43,553		30,233
Kamigumi Co., Ltd.		3,000		28,320
Mitsubishi Logistics Corp.		1,000		15,563
Sydney Airport		15,829		62,290
Transurban Group		10,995		79,613
				460,643
				17,276,907
Consumer Staples - 3.0%
Beverages - 0.7%
Anheuser-Busch InBev NV		4,882		596,411
Asahi Group Holdings Ltd.		2,300		72,929
Brown-Forman Corp.-Class B		602		54,391
Carlsberg A/S-Class B		695		57,307
Coca-Cola Amatil Ltd.		3,316		27,149
Coca-Cola Co. (The)		14,780		599,329
Coca-Cola Enterprises, Inc.		850		37,570
Coca-Cola HBC AG (b)		892		16,046
Constellation Brands, Inc.-Class A (b)		620		72,050
Diageo PLC		15,252		421,479
Dr Pepper Snapple Group, Inc.		720		56,506
Heineken NV		1,401		106,934
Kirin Holdings Co., Ltd.		5,000		65,581
Molson Coors Brewing Co.-Class B		600		44,670
Monster Beverage Corp. (b)		560		77,501
PepsiCo, Inc.		5,675		542,643
Pernod Ricard SA		1,289		152,414
Remy Cointreau SA		195		14,362
SABMiller PLC (London)		5,871		307,533
Suntory Beverage & Food Ltd.		848		36,311
Treasury Wine Estates Ltd.		5,315		20,651
				3,379,767
Food & Staples Retailing - 0.6%
Aeon Co., Ltd.		4,000		43,878
Carrefour SA		3,792		126,679
Casino Guichard Perrachon SA		482		42,679
Colruyt SA		393		17,104
Costco Wholesale Corp.		1,665		252,239
CVS Health Corp.		4,330		446,899
Delhaize Group SA		624		56,060
Distribuidora Internacional de Alimentacion SA		4,415		34,454

Company	Shares		U.S. $ Value
FamilyMart Co., Ltd.		400		16,759
J Sainsbury PLC		5,506		21,129
Jeronimo Martins SGPS SA		1,190		14,975
Koninklijke Ahold NV		5,462		107,633
Kroger Co. (The)		1,815		139,138
Lawson, Inc.		600		41,592
Metro AG		1,551		52,563
Seven & I Holdings Co., Ltd.		4,600		193,307
Sysco Corp.		2,155		81,308
Tesco PLC		49,315		176,033
Wal-Mart Stores, Inc.		5,913		486,344
Walgreens Boots Alliance, Inc.		3,295		279,021
Wesfarmers Ltd.		6,821		227,780
Whole Foods Market, Inc.		1,320		68,746
WM Morrison Supermarkets PLC		18,352		52,449
Woolworths Ltd.		7,649		171,292
				3,150,061
Food Products - 0.8%
Ajinomoto Co., Inc.		3,000		65,815
Archer-Daniels-Midland Co.		2,415		114,471
Aryzta AG (b)		470		28,812
Associated British Foods PLC		2,163		90,269
Barry Callebaut AG (b)		25		24,409
Calbee, Inc.		698		30,302
Campbell Soup Co.		675		31,421
Chocoladefabriken Lindt & Sprungli AG (REG)		1		63,261
ConAgra Foods, Inc.		1,585		57,900
Danone SA		3,518		237,141
General Mills, Inc.		2,285		129,331
Golden Agri-Resources Ltd.		48,000		14,854
Hershey Co. (The)		550		55,500
Hormel Foods Corp.		475		27,004
JM Smucker Co. (The)		395		45,713
Kellogg Co.		965		63,642
Kerry Group PLC-Class A		961		64,582
Keurig Green Mountain, Inc.		478		53,407
Kikkoman Corp.		1,000		31,709
Kraft Foods Group, Inc.		2,228		194,092
McCormick & Co., Inc./MD		475		36,627
Mead Johnson Nutrition Co.-Class A		760		76,403
MEIJI Holdings Co., Ltd.		300		36,543
Mondelez International, Inc.-Class A		6,285		226,826
Nestle SA (REG)		19,578		1,474,270
NH Foods Ltd		1,000		23,044
Nisshin Seifun Group, Inc.		1,500		17,655
Nissin Foods Holdings Co., Ltd.		400		19,658
Orkla ASA		5,657		42,695
Tate & Lyle PLC		2,078		18,418
Toyo Suisan Kaisha Ltd.		1,000		35,182
Tyson Foods, Inc.-Class A		1,075		41,173
Unilever NV		9,903		413,822
Unilever PLC		7,792		325,109
Wilmar International Ltd.		9,000		21,366
Yakult Honsha Co., Ltd.		400		27,865
				4,260,291

Company	Shares		U.S. $ Value
Household Products - 0.4%
Clorox Co. (The)		470		51,883
Colgate-Palmolive Co.		3,200		221,888
Henkel AG & Co. KGaA		579		59,749
Henkel AG & Co. KGaA (Preference Shares)		1,082		127,093
Kimberly-Clark Corp.		1,415		151,561
Procter & Gamble Co. (The)		10,165		832,920
Reckitt Benckiser Group PLC		3,945		338,897
Svenska Cellulosa AB SCA-Class B		4,979		114,412
Unicharm Corp.		2,300		60,214
				1,958,617
Personal Products - 0.1%
Beiersdorf AG		630		54,627
Estee Lauder Cos., Inc. (The)-Class A		840		69,855
Kao Corp.		3,100		154,795
L’Oreal SA		1,526		281,075
Shiseido Co., Ltd.		1,600		28,384
				588,736
Tobacco - 0.4%
Altria Group, Inc.		7,410		370,648
British American Tobacco PLC		11,316		585,988
Imperial Tobacco Group PLC		5,811		254,907
Japan Tobacco, Inc.		6,678		211,124
Lorillard, Inc.		1,340		87,569
Philip Morris International, Inc.		5,850		440,680
Reynolds American, Inc.		1,135		78,213
Swedish Match AB		831		24,434
				2,053,563
				15,391,035
Energy - 1.9%
Energy Equipment & Services - 0.2%
Amec Foster Wheeler PLC		1,606		21,483
Baker Hughes, Inc.		1,610		102,364
Cameron International Corp. (b)		770		34,742
Diamond Offshore Drilling, Inc.		240		6,430
Ensco PLC-Class A (a)		850		17,910
FMC Technologies, Inc. (b)		860		31,829
Halliburton Co.		3,190		139,977
Helmerich & Payne, Inc. (a)		435		29,610
National Oilwell Varco, Inc.		1,605		80,234
Noble Corp. PLC (a)		925		13,209
Petrofac Ltd. (a)		3,159		44,473
Saipem SpA (a)(b)		1,479		15,044
Schlumberger Ltd.		4,885		407,604
Seadrill Ltd. (a)		3,774		35,338
Subsea 7 SA		1,066		9,154
Technip SA		568		34,357
Tenaris SA		4,173		58,497
Transocean Ltd. (a)		1,250		18,338
Transocean Ltd. (Zurich) (a)		2,638		38,005
WorleyParsons Ltd.		2,661		19,258
				1,157,856

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 1.7%
Anadarko Petroleum Corp.		1,895		156,925
Apache Corp.		1,445		87,177
BG Group PLC		20,707		254,152
BP PLC		111,844		724,991
Cabot Oil & Gas Corp.		1,540		45,476
Caltex Australia Ltd.		1,410		37,421
Chesapeake Energy Corp. (a)		1,945		27,541
Chevron Corp.		7,130		748,507
Cimarex Energy Co.		327		37,634
ConocoPhillips		4,620		287,641
CONSOL Energy, Inc.		840		23,428
Delek Group Ltd.		11		2,831
Devon Energy Corp.		1,420		85,640
ENI SpA		15,444		267,307
EOG Resources, Inc.		2,060		188,881
EQT Corp.		590		48,893
Exxon Mobil Corp.		16,037		1,363,145
Galp Energia SGPS SA		2,341		25,316
Hess Corp.		990		67,191
Idemitsu Kosan Co., Ltd.		1,200		20,899
Inpex Corp.		5,327		58,697
JX Holdings, Inc.		14,000		53,867
Kinder Morgan, Inc./DE		6,389		268,721
Koninklijke Vopak NV		502		27,704
Lundin Petroleum AB (b)		856		11,713
Marathon Oil Corp.		2,505		65,406
Marathon Petroleum Corp.		1,062		108,738
Murphy Oil Corp.		605		28,193
Neste Oil Oyj (a)		572		15,009
Newfield Exploration Co. (b)		470		16,492
Noble Energy, Inc.		1,350		66,015
Occidental Petroleum Corp.		2,950		215,350
OMV AG		894		24,524
ONEOK, Inc.		770		37,145
Origin Energy Ltd.		4,903		42,027
Phillips 66		2,110		165,846
Pioneer Natural Resources Co.		565		92,383
QEP Resources, Inc.		575		11,989
Range Resources Corp.		650		33,826
Repsol SA		6,329		117,817
Royal Dutch Shell PLC-Class A		23,936		711,787
Royal Dutch Shell PLC-Class B		14,816		461,523
Santos Ltd.		4,317		23,352
Southwestern Energy Co. (b)		1,295		30,031
Spectra Energy Corp.		2,485		89,883
Statoil ASA		6,775		119,791
Tesoro Corp.		475		43,363
TonenGeneral Sekiyu KK		2,000		17,248
TOTAL SA		12,995		645,943
Tullow Oil PLC		4,387		18,391
Valero Energy Corp.		1,975		125,650
Williams Cos., Inc. (The)		2,505		126,728
Woodside Petroleum Ltd.		4,502		117,948
				8,494,096
				9,651,952

Company	Shares		U.S. $ Value
Materials - 1.5%
Chemicals - 0.8%
Air Liquide SA		2,092		269,323
Air Products & Chemicals, Inc.		720		108,922
Air Water, Inc.		1,000		17,858
Airgas, Inc.		240		25,466
Akzo Nobel NV		704		53,229
Arkema SA		450		35,638
Asahi Kasei Corp.		8,000		76,397
BASF SE		5,576		551,999
CF Industries Holdings, Inc.		190		53,899
Croda International PLC		1,144		46,398
Daicel Corp.		3,000		35,759
Dow Chemical Co. (The)		4,225		202,716
Eastman Chemical Co.		580		40,171
Ecolab, Inc.		1,040		118,955
EI du Pont de Nemours & Co.		3,445		246,214
EMS-Chemie Holding AG (REG)		109		44,324
FMC Corp.		480		27,480
Givaudan SA (REG) (b)		56		101,172
Hitachi Chemical Co., Ltd.		900		19,218
Incitec Pivot Ltd.		7,611		23,508
International Flavors & Fragrances, Inc.		300		35,220
Israel Chemicals Ltd.		4,414		31,349
Israel Corp., Ltd. (The)		16		5,573
Johnson Matthey PLC		1,244		62,328
JSR Corp.		800		13,854
K&S AG		1,472		47,961
Kansai Paint Co., Ltd.		1,000		18,200
Kuraray Co., Ltd.		3,000		40,619
LANXESS AG		1,319		70,151
Linde AG		1,128		229,378
LyondellBasell Industries NV-Class A		1,599		140,392
Mitsubishi Chemical Holdings Corp.		6,000		34,830
Mitsubishi Gas Chemical Co., Inc.		5,000		24,606
Mitsui Chemicals, Inc.		8,000		25,654
Monsanto Co.		1,990		223,955
Mosaic Co. (The)		1,180		54,351
Nippon Paint Holdings Co., Ltd.		1,000		36,557
Nitto Denko Corp.		900		60,097
Novozymes A/S-Class B		1,531		69,889
OCI NV (b)		320		9,903
Orica Ltd.		2,259		34,304
PPG Industries, Inc.		550		124,047
Praxair, Inc.		1,090		131,607
Sherwin-Williams Co. (The)		315		89,618
Shin-Etsu Chemical Co., Ltd.		2,500		163,220
Sigma-Aldrich Corp.		455		62,904
Sika AG		6		21,483
Solvay SA		360		52,038
Sumitomo Chemical Co., Ltd.		7,000		35,927
Symrise AG		547		34,490
Syngenta AG		564		191,607
Taiyo Nippon Sanso Corp. (a)		2,000		27,216
Teijin Ltd.		5,000		16,964
Toray Industries, Inc.		9,000		75,330
Umicore SA		509		21,258
Yara International ASA		1,297		65,852
				4,481,378

Company	Shares		U.S. $ Value
Construction Materials - 0.1%
CRH PLC		4,489		117,400
Fletcher Building Ltd.		4,446		27,924
HeidelbergCement AG		856		67,694
Holcim Ltd. (b)		1,390		103,558
Imerys SA		448		32,871
James Hardie Industries PLC		3,449		39,897
Lafarge SA		832		54,089
Martin Marietta Materials, Inc.		227		31,735
Taiheiyo Cement Corp.		5,000		15,267
Vulcan Materials Co.		465		39,200
				529,635
Containers & Packaging - 0.1%
Amcor Ltd./Australia		7,326		78,058
Avery Dennison Corp.		335		17,725
Ball Corp.		510		36,027
MeadWestvaco Corp.		620		30,919
Owens-Illinois, Inc. (b)		560		13,059
Rexam PLC		3,136		26,877
Sealed Air Corp.		790		35,992
Toyo Seikan Group Holdings Ltd. (a)		1,700		24,865
				263,522
Metals & Mining - 0.5%
Alcoa, Inc.		4,370		56,460
Allegheny Technologies, Inc.		385		11,554
Anglo American PLC		8,479		126,634
Antofagasta PLC		1,773		19,181
ArcelorMittal (Euronext Amsterdam)		6,075		56,999
BHP Billiton Ltd.		19,498		453,212
BHP Billiton PLC		12,822		281,383
Boliden AB		1,652		32,725
Fortescue Metals Group Ltd. (a)		18,067		26,744
Freeport-McMoRan, Inc.		3,875		73,431
Fresnillo PLC		1,459		14,734
Glencore PLC (b)		64,454		272,108
Hitachi Metals Ltd.		1,000		15,327
Iluka Resources Ltd.		2,008		12,943
JFE Holdings, Inc.		3,000		66,219
Kobe Steel Ltd.		12,000		22,133
Mitsubishi Materials Corp.		7,000		23,522
Newcrest Mining Ltd. (b)		7,017		70,770
Newmont Mining Corp.		1,795		38,969
Nippon Steel & Sumitomo Metal Corp.		46,000		115,663
Norsk Hydro ASA		6,514		34,240
Nucor Corp.		1,210		57,511
Randgold Resources Ltd.		576		39,930
Rio Tinto Ltd.		2,645		114,608
Rio Tinto PLC		7,725		318,554
Sumitomo Metal Mining Co., Ltd.		3,000		43,847
ThyssenKrupp AG		2,036		53,303
Voestalpine AG		713		26,082
				2,478,786

Company	Shares		U.S. $ Value
Paper & Forest Products - 0.0%
International Paper Co.		1,565		86,842
Oji Holdings Corp. (a)		4,000		16,366
Stora Enso Oyj-Class R		3,342		34,363
UPM-Kymmene Oyj		3,231		62,768
				200,339
				7,953,660
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		19,448		634,977
Belgacom SA		795		27,816
Bezeq The Israeli Telecommunication Corp., Ltd.		7,158		13,329
BT Group PLC		49,418		321,110
CenturyLink, Inc.		2,110		72,901
Deutsche Telekom AG		19,275		352,548
Elisa Oyj (a)		635		15,947
Frontier Communications Corp.		3,660		25,803
HKT Trust & HKT Ltd.		18,882		24,356
Iliad SA		163		38,085
Inmarsat PLC		2,586		35,414
Koninklijke KPN NV		28,755		97,469
Level 3 Communications, Inc. (b)		1,047		56,371
Nippon Telegraph & Telephone Corp.		2,300		141,981
Orange SA		11,257		180,783
Singapore Telecommunications Ltd.		48,000		152,924
Spark New Zealand Ltd		9,734		21,648
Swisscom AG (REG)		154		89,303
TDC A/S		3,390		24,289
Telecom Italia SpA (ordinary shares) (b)		64,157		75,122
Telecom Italia SpA (savings shares)		16,898		15,889
Telefonica Deutschland Holding AG (b)		3,756		21,599
Telefonica SA		25,577		363,948
Telenor ASA		3,853		77,755
TeliaSonera AB		10,613		67,442
Telstra Corp., Ltd.		26,440		126,924
Verizon Communications, Inc.		15,545		755,953
Windstream Holdings, Inc.		2,175		16,095
				3,847,781
Wireless Telecommunication Services - 0.3%
KDDI Corp.		10,620		239,933
Millicom International Cellular SA		641		46,350
NTT DoCoMo, Inc. (a)		9,275		162,090
SoftBank Corp.		5,800		337,788
StarHub Ltd.		4,000		12,681
Tele2 AB-Class B		3,826		45,762
Vodafone Group PLC		160,882		526,458
				1,371,062
				5,218,843
Utilities - 1.0%
Electric Utilities - 0.5%
American Electric Power Co., Inc.		1,825		102,656
AusNet Services		37,398		41,505
Cheung Kong Infrastructure Holdings Ltd.		7,000		60,257
Chubu Electric Power Co., Inc.		2,900		34,579
Chugoku Electric Power Co., Inc. (The)		1,300		16,946

Company	Shares		U.S. $ Value
CLP Holdings Ltd.		12,500		109,010
Contact Energy Ltd.		2,149		9,596
Duke Energy Corp.		2,632		202,085
Edison International		1,215		75,901
EDP-Energias de Portugal SA		14,060		52,657
Electricite de France SA		1,042		24,985
Endesa SA		1,927		37,200
Enel SpA		39,961		180,521
Entergy Corp.		675		52,306
Eversource Energy		1,160		58,603
Exelon Corp.		3,197		107,451
FirstEnergy Corp.		1,535		53,817
Fortum Oyj		2,697		56,503
Hokuriku Electric Power Co.		1,600		21,172
Iberdrola SA		31,314		201,930
Kansai Electric Power Co., Inc. (The) (b)		3,100		29,546
Kyushu Electric Power Co., Inc.		1,900		18,408
Mighty River Power Ltd.		4,915		11,381
NextEra Energy, Inc.		1,645		171,162
Pepco Holdings, Inc.		890		23,879
Pinnacle West Capital Corp.		385		24,544
Power Assets Holdings Ltd.		8,500		86,384
PPL Corp.		2,445		82,299
Red Electrica Corp. SA		657		53,423
Shikoku Electric Power Co., Inc. (b)		2,700		33,231
Southern Co. (The)		3,360		148,781
SSE PLC		5,919		131,360
Tohoku Electric Power Co., Inc.		2,700		30,668
Tokyo Electric Power Co., Inc. (b)		8,800		33,307
Xcel Energy, Inc.		1,870		65,095
				2,443,148
Gas Utilities - 0.1%
AGL Resources, Inc.		448		22,243
APA Group		3,771		25,937
Enagas SA		1,276		36,487
Gas Natural SDG SA		2,126		47,733
Hong Kong & China Gas Co., Ltd.		32,340		74,635
Osaka Gas Co., Ltd.		11,000		46,000
Snam SpA		14,719		71,448
Toho Gas Co., Ltd.		6,000		34,975
Tokyo Gas Co., Ltd.		14,000		88,014
				447,472
Independent Power and Renewable Electricity Producers - 0.0%
AES Corp./VA		2,385		30,647
Electric Power Development Co., Ltd.		500		16,844
Enel Green Power SpA		25,579		47,696
Meridian Energy Ltd.		6,766		10,228
NRG Energy, Inc.		1,240		31,236
				136,651
Multi-Utilities - 0.4%
AGL Energy Ltd.		3,037		35,160
Ameren Corp.		910		38,402
CenterPoint Energy, Inc.		1,545		31,533
Centrica PLC		30,469		113,963
CMS Energy Corp.		970		33,863

Company	Shares		U.S. $ Value
Consolidated Edison, Inc.		1,080		65,880
Dominion Resources, Inc./VA		2,185		154,851
DTE Energy Co.		670		54,062
E.ON SE		12,148		180,628
GDF Suez		8,789		173,521
Integrys Energy Group, Inc.		300		21,606
National Grid PLC		22,895		294,339
NiSource, Inc.		1,155		51,005
PG&E Corp.		1,775		94,199
Public Service Enterprise Group, Inc.		1,855		77,762
RWE AG		3,008		76,584
SCANA Corp.		545		29,970
Sempra Energy		860		93,757
Suez Environnement Co.		2,665		45,882
TECO Energy, Inc.		875		16,975
United Utilities Group PLC		4,140		57,245
Veolia Environnement SA		1,552		29,354
Wisconsin Energy Corp.		850		42,075
				1,812,616
Water Utilities - 0.0%
Severn Trent PLC		1,575		48,010
				4,887,897
Total Common Stocks (cost $118,329,727)				147,385,850
INVESTMENT COMPANIES - 19.7%
Funds and Investment Trusts - 19.7%
iShares Core MSCI Emerging Markets ETF (a)		428,964		20,731,830
iShares International Developed Real Estate ETF (a)		166,850		5,180,693
iShares MSCI All Country Asia ex Japan ETF (a)		273,650		17,513,600
iShares MSCI EAFE ETF		43,003		2,759,503
SPDR S&P 500 ETF Trust		198,833		41,045,096
Vanguard Mid-Cap ETF (a)		4,030		534,781
Vanguard REIT ETF (a)		122,391		10,289,411
Vanguard Small-Cap ETF (a)		23,840		2,921,830
Total Investment Companies (cost $97,349,484)				100,976,744
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 18.8%
United States - 18.8%
U.S. Treasury Bonds
2.75%, 8/15/42	$	920		957,590
2.875%, 5/15/43		580		617,972
3.125%, 11/15/41-2/15/43		2,825		3,156,217
3.50%, 2/15/39		358		423,894
3.625%, 8/15/43		2,245		2,743,460
3.75%, 8/15/41		220		273,419
3.875%, 8/15/40		280		352,472
4.25%, 5/15/39		240		316,913
4.375%, 11/15/39-5/15/41		1,258		1,698,787
4.50%, 8/15/39		220		301,142

	Principal Amount (000)		U.S. $ Value
4.75%, 2/15/37-2/15/41	$	401		571,963
5.375%, 2/15/31		650		923,610
6.00%, 2/15/26		762		1,061,502
6.25%, 8/15/23-5/15/30		724		1,079,235
6.875%, 8/15/25		325		476,074
7.25%, 5/15/16-8/15/22		3,223		3,714,174
7.50%, 11/15/16		92		102,465
7.625%, 2/15/25		55		83,613
8.00%, 11/15/21		123		171,902
U.S. Treasury Notes
0.375%, 1/31/16		882		883,102
0.50%, 7/31/17		3,520		3,506,525
0.75%, 2/28/18-3/31/18		5,625		5,603,116
0.875%, 11/30/16-4/30/17		2,315		2,329,787
1.00%, 9/30/16-9/30/19		8,595		8,625,773
1.25%, 11/30/18-4/30/19		5,994		6,006,560
1.375%, 11/30/15-2/28/19		9,772		9,858,331
1.50%, 5/31/19-11/30/19		3,845		3,878,001
1.625%, 8/15/22-11/15/22		2,090		2,071,363
1.75%, 5/15/23		1,740		1,730,620
1.875%, 10/31/17		1,100		1,131,539
2.00%, 4/30/16-2/15/23		3,760		3,831,015
2.125%, 8/15/21		410		422,012
2.25%, 11/30/17-11/15/24		899		930,419
2.375%, 7/31/17-8/15/24		1,271		1,320,932
2.50%, 8/15/23-5/15/24		2,242		2,357,881
2.625%, 1/31/18-11/15/20		3,140		3,319,287
2.75%, 5/31/17-11/15/23		3,570		3,774,600
3.00%, 2/28/17		889		930,603
3.125%, 10/31/16-5/15/21		1,111		1,177,594
3.25%, 7/31/16		1,147		1,190,819
3.375%, 11/15/19		1,890		2,063,791
3.50%, 5/15/20		910		1,004,057
3.625%, 2/15/20		2,210		2,448,784
3.75%, 11/15/18		6,205		6,791,565
Total Governments - Treasuries (cost $94,019,071)				96,214,480
INFLATION-LINKED SECURITIES - 3.0%
United States - 3.0%
U.S. Treasury Inflation Index
0.125%, 4/15/18-1/15/22		2,999		3,053,628
1.375%, 7/15/18-1/15/20		3,377		3,643,103
2.125%, 1/15/19		884		973,186
1.875%, 7/15/19		1,265		1,395,210
1.25%, 7/15/20		558		605,299
1.125%, 1/15/21		1,702		1,827,172
0.625%, 7/15/21		3,436		3,600,963
Total Inflation-Linked Securities (cost $14,888,726)				15,098,561

	Shares		U.S. $ Value
RIGHTS - 0.0%
Financials - 0.0%
Banks - 0.0%
Banco Bilbao Vizcaya Argentaria SA, expiring 4/14/15 (b)		36,403		5,245
Banco de Sabadell SA, expiring 4/17/15 (a)(b)		20,710		5,256
				10,501
Telecommunication Services - 0.0%
Diversified Telecommunication Services - 0.0%
Telefonica SA, expiring 4/12/15 (b)		25,577		4,125
Total Rights (cost $5,158)				14,626
SHORT-TERM INVESTMENTS - 28.1%
Investment Companies - 28.1%
AB Fixed Income Shares, Inc. - Government STIF Portfolio, 0.10% (f)(g) (Cost $143,626,695)		143,626,695		143,626,695
Total Investments Before Security Lending Collateral for Securities Loaned - 98.4% (cost $468,218,861)				503,316,956
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 7.6%
Investment Companies - 7.6%
AB Exchange Reserves - Class I, 0.08% (f)(g) (Cost $40,151,402)		40,151,402		38,627,686
Total Investments - 106.0% (cost $508,370,263) (h)				541,944,642
Other assets less liabilities - (6.0)% (i)				(30,658,316	)
Net Assets - 100.0%			$	511,286,326

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
DAX Index Futures		24		June 2015		7,885,046		7,748,576	$	(136,470	)
Euro STOXX 50 Futures		527		June 2015		20,453,035		20,575,313		122,278
FTSE 100 Index Futures		71		June 2015		7,109,372		7,084,971		(24,401	)
Hang Seng Index Futures		2		April 2015		315,155		321,813		6,658
MSCI EAFE Mini Futures		8		June 2015		725,685		731,960		6,275
S&P 500 E Mini Index Futures		29		June 2015		2,955,615		2,988,160		32,545
SPI 200 Futures		17		June 2015		1,890,452		1,905,306		14,854
TOPIX Index Futures		184		June 2015		23,459,806		23,679,827		220,021
U.S Ultra Bond Futures		107		June 2015		17,988,585		18,176,625		188,040
U.S. Long Bond (CBT) Futures		6		June 2015		962,572		983,250		20,678
U.S. T-Note 10 Yr (CBT) Futures		162		June 2015		20,704,254		20,882,812		178,558
									$	629,036

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	8,463		USD	9,609		6/18/15	$	499,464
Bank of America, NA		USD	3,430		EUR	3,206		6/18/15		20,754
Barclays Bank PLC		GBP	2,584		USD	3,811		6/18/15		(19,613	)
Barclays Bank PLC		JPY	601,991		USD	4,994		6/18/15		(30,534	)
Barclays Bank PLC		SEK	3,999		USD	479		6/18/15		14,179
Citibank		EUR	10,235		USD	11,679		6/18/15		662,731
Deutsche Bank AG		AUD	2,852		USD	2,177		6/18/15		14,060
HSBC Bank USA		CAD	591		USD	468		6/18/15		1,460
Royal Bank of Canada		USD	892		CHF	879		6/18/15		15,450
Royal Bank of Scotland PLC		USD	1,778		GBP	1,179		6/18/15		(29,736	)
Royal Bank of Scotland PLC		USD	6,647		JPY	804,759		6/18/15		70,057
State Street Bank & Trust Co.		USD	488		JPY	57,807		6/18/15		(5,926	)
State Street Bank & Trust Co.		USD	2,537		CHF	2,518		6/18/15		62,255
UBS AG		EUR	1,415		USD	1,522		6/18/15		(738	)
UBS AG		USD	14,707		EUR	12,909		6/18/15		(811,775	)
									$	462,088

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2015		Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanely & Co., LLC/(INTRCONX):
CDX-NAHY Series 22, 5 Year Index, 6/20/19*		(5.00	)		2.75	$	26,528	$	(2,316,408	)	$	(1,133,086	)
iTRAXX-Xover Series 21, 5 Year Index, 6/20/19*		(5.00	)		1.73	EUR	6,060		(867,619	)		(26,858	)
Sale Contracts
Citigroup Global Markets, Inc./(INTRCONX):
CDX-NAHY Series 22, 5 Year Index, 6/20/19*		5.00			2.75	$	26,528		2,316,408			752,851
iTRAXX-Xover Series 21, 5 Year Index, 6/20/19*		5.00			1.73	EUR	6,060		867,619			126,933
								$	– 0	–	$	(280,160	)

* Termination date.

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received			Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Bank of America, NA
SPDR S&P 500 ETF Trust		5,487		LIBOR Plus 0.27	%	$	1,145		6/15/15	$	(12,309	)
Citibank
Standard and Poor’s Midcap 400 Index		5,816		LIBOR Plus 0.07	%		12,046		2/8/16		493,071
Deutsche Bank AG
FTSE EPRA/NAREIT Developed xUS Net Total Return Index		1,246		LIBOR Plus 0.40	%		4,476		5/15/15		79,125
Goldman Sachs International
Russell 2000 Total Return Index		441		LIBOR Minus 0.55	%		2,581		3/18/16		33,418
Russell 2000 Total Return Index		627		LIBOR Minus 0.57	%		3,675		4/20/16		42,104
UBS AG
Russell 2000 Total Return Index		599		LIBOR Minus 0.60	%		3,511		10/15/15		40,298
Russell 2000 Total Return Index		30		LIBOR Minus 0.21	%		176		4/15/15		1,993
										$	677,700

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

(c) Fair valued by the Adviser.

(d) Illiquid security.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the aggregate market value of these securities amounted to $57,732 or 0.0% of net assets.

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

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

(h) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $39,358,090 and gross unrealized depreciation of investments was $(4,259,995), resulting in net unrealized appreciation of $35,098,095.

(i) An amount of U.S. $5,004,165 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2015.

Currency Abbreviation:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

CBT	-	Chicago Board of Trade
CME	-	Chicago Mercantile Exchange
DAX	-	Deutscher Aktien Index (German Stock Index)
EAFE	-	Europe, Australia, and Far East
EPRA	-	European Public Real Estate Association
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
NAREIT	-	National Association of Real Estate Investment Trusts
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

AB Variable Products Series Fund

Dynamic Asset Allocation Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	11,202,043		$	20,016,423		$	– 0	–^	$	31,218,466
Health Care		10,381,488			8,977,543			– 0	–		19,359,031
Consumer Discretionary		8,891,450			10,049,915			– 0	–		18,941,365
Information Technology		13,650,065			3,836,629			– 0	–		17,486,694
Industrials		7,369,456			9,907,451			– 0	–		17,276,907
Consumer Staples		6,780,082			8,610,953			– 0	–		15,391,035
Energy		5,576,085			4,075,867			– 0	–		9,651,952
Materials		2,215,341			5,738,319			– 0	–		7,953,660
Telecommunication Services		1,624,541			3,594,302			– 0	–		5,218,843
Utilities		2,093,805			2,794,092			– 0	–		4,887,897
Investment Companies		100,976,744			– 0	–		– 0	–		100,976,744
Governments - Treasuries		– 0	–		96,214,480			– 0	–		96,214,480
Inflation-Linked Securities		– 0	–		15,098,561			– 0	–		15,098,561
Rights		14,626			– 0	–		– 0	–		14,626
Short-Term Investments		143,626,695			– 0	–		– 0	–		143,626,695
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		38,627,686			– 0	–		– 0	–		38,627,686
Total Investments in Securities		353,030,107			188,914,535			– 0	–		541,944,642
Other Financial Instruments* :
Assets:
Futures		426,096			363,811			– 0	–		789,907
Forward Currency Exchange Contracts		– 0	–		1,360,410			– 0	–		1,360,410
Centrally Cleared Credit Default Swaps		– 0	–		879,784			– 0	–		879,784
Total Return Swaps		– 0	–		690,009			– 0	–		690,009

Liabilities:
Futures	$	– 0	–	$	(160,871	)	$	– 0	–	$	(160,871	)
Forward Currency Exchange Contracts		– 0	–		(898,322	)		– 0	–		(898,322	)
Centrally Cleared Credit Default Swaps		– 0	–		(1,159,944	)		– 0	–		(1,159,944	)
Total Return Swaps		– 0	–		(12,309	)		– 0	–		(12,309	)
Total+	$	353,456,203		$	189,977,103		$	– 0	–	$	543,433,306

^ Less than $0.50.

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

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

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

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

	Common Stocks			Total
Balance as of 12/31/14	$	– 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 03/31/15	$	– 0	–^	$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 03/31/15*	$	– 0	–	$	– 0	–

^ Less than $0.50.

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.5%
Information Technology - 26.6%
Communications Equipment - 1.1%
Palo Alto Networks, Inc. (a)		10,130	$	1,479,790
Electronic Equipment, Instruments & Components - 0.8%
InvenSense, Inc. (a)(b)		74,485		1,132,917
Internet Software & Services - 5.8%
Facebook, Inc.-Class A (a)		25,670		2,110,459
Google, Inc.-Class C (a)		4,346		2,381,608
LinkedIn Corp.-Class A (a)		7,897		1,973,145
Tencent Holdings Ltd.		76,800		1,459,415
				7,924,627
IT Services - 1.9%
Visa, Inc.-Class A		38,560		2,522,210
Semiconductors & Semiconductor Equipment - 8.3%
ams AG		28,890		1,379,376
Avago Technologies Ltd.		14,840		1,884,383
MediaTek, Inc.		95,000		1,283,046
NVIDIA Corp.		79,288		1,659,101
NXP Semiconductors NV (a)		14,600		1,465,256
Skyworks Solutions, Inc.		22,420		2,203,662
SunEdison, Inc. (a)(b)		59,250		1,422,000
				11,296,824
Software - 6.6%
Imperva, Inc. (a)		37,770		1,612,779
Mobileye NV (a)		57,910		2,433,957
salesforce.com, Inc. (a)		26,622		1,778,616
ServiceNow, Inc. (a)		16,580		1,306,173
Verint Systems, Inc. (a)		28,870		1,787,919
				8,919,444
Technology Hardware, Storage & Peripherals - 2.1%
Apple, Inc.		12,745		1,585,860
Cray, Inc. (a)		44,490		1,249,279
				2,835,139
				36,110,951
Consumer Discretionary - 20.0%
Auto Components - 1.9%
Delphi Automotive PLC		32,940		2,626,636
Automobiles - 3.9%
Harley-Davidson, Inc.		23,830		1,447,434
Nissan Motor Co., Ltd.		107,300		1,091,299
Tata Motors Ltd.-Class A		235,494		1,250,508
Volkswagen AG (Preference Shares)		5,556		1,473,465
				5,262,706

Company	Shares		U.S. $ Value
Diversified Consumer Services - 0.7%
Kroton Educacional SA		307,800		992,390
Hotels, Restaurants & Leisure - 2.8%
Alsea SAB de CV (a)(b)		263,205		770,625
Melco Crown Entertainment Ltd. (ADR) (b)		52,800		1,133,088
Yum! Brands, Inc.		23,840		1,876,685
				3,780,398
Internet & Catalog Retail - 3.6%
Amazon.com, Inc. (a)		3,973		1,478,353
JD.com, Inc. (ADR) (a)		55,090		1,618,544
Priceline Group, Inc. (The) (a)		1,550		1,804,433
				4,901,330
Media - 0.5%
Comcast Corp.-Class A		11,820		667,475
Multiline Retail - 1.7%
Lojas Renner SA		33,900		964,247
Matahari Department Store Tbk PT		884,500		1,330,124
				2,294,371
Specialty Retail - 1.6%
Chow Tai Fook Jewellery Group Ltd. (b)		740,800		794,949
Fast Retailing Co., Ltd.		3,500		1,353,303
				2,148,252
Textiles, Apparel & Luxury Goods - 3.3%
Cie Financiere Richemont SA		22,560		1,812,716
NIKE, Inc.-Class B		26,550		2,663,761
				4,476,477
				27,150,035
Health Care - 17.9%
Biotechnology - 1.4%
Cepheid (a)		34,917		1,986,777
Health Care Equipment & Supplies - 3.5%
Abbott Laboratories		52,020		2,410,086
Elekta AB-Class B (b)		70,410		633,205
Essilor International SA		14,590		1,675,153
				4,718,444
Health Care Providers & Services - 2.1%
UnitedHealth Group, Inc.		24,130		2,854,338
Life Sciences Tools & Services - 2.5%
Illumina, Inc. (a)		7,601		1,411,049
Quintiles Transnational Holdings, Inc. (a)		29,478		1,974,142
				3,385,191
Pharmaceuticals - 8.4%
Aspen Pharmacare Holdings Ltd. (a)		47,870		1,512,523
Bristol-Myers Squibb Co.		32,130		2,072,385

Company	Shares		U.S. $ Value
Kalbe Farma Tbk PT		7,626,500		1,088,145
Perrigo Co. PLC		13,310		2,203,470
Roche Holding AG		9,190		2,525,339
Sun Pharmaceutical Industries Ltd.		121,500		1,982,247
				11,384,109
				24,328,859
Financials - 12.9%
Banks - 3.6%
Credicorp Ltd.		7,630		1,073,007
HDFC Bank Ltd.		69,650		1,139,428
ING Groep NV (a)		108,350		1,587,109
UniCredit SpA		164,640		1,116,472
				4,916,016
Capital Markets - 1.2%
UBS Group AG (a)		88,860		1,667,902
Diversified Financial Services - 2.4%
Intercontinental Exchange, Inc.		7,700		1,796,179
London Stock Exchange Group PLC		38,830		1,412,247
				3,208,426
Insurance - 2.9%
AIA Group Ltd.		428,600		2,688,200
St James’s Place PLC		85,240		1,178,971
				3,867,171
Real Estate Management & Development - 1.0%
Global Logistic Properties Ltd.		731,000		1,410,899
Thrifts & Mortgage Finance - 1.8%
Housing Development Finance Corp. Ltd.		116,700		2,454,195
				17,524,609
Consumer Staples - 11.5%
Beverages - 1.7%
Anheuser-Busch InBev NV		19,360		2,365,122
Food Products - 5.2%
Danone SA		21,272		1,433,900
Mead Johnson Nutrition Co.-Class A		18,970		1,907,054
Nestle SA (REG)		19,930		1,500,776
Universal Robina Corp.		345,721		1,746,321
WH Group Ltd. (a)(c)		928,000		528,310
				7,116,361
Household Products - 3.4%
Colgate-Palmolive Co.		32,800		2,274,352
Unicharm Corp.		86,500		2,264,569
				4,538,921
Personal Products - 1.2%
Estee Lauder Cos., Inc. (The)-Class A		19,790		1,645,736
				15,666,140

Company	Shares		U.S. $ Value
Energy - 3.9%
Energy Equipment & Services - 1.5%
Schlumberger Ltd.		24,590		2,051,790
Oil, Gas & Consumable Fuels - 2.4%
Concho Resources, Inc. (a)		13,825		1,602,594
Noble Energy, Inc.		35,210		1,721,769
				3,324,363
				5,376,153
Materials - 1.6%
Chemicals - 1.6%
Monsanto Co.		19,190		2,159,643
Industrials - 1.2%
Aerospace & Defense - 1.2%
Hexcel Corp.		30,820		1,584,764
Telecommunication Services - 0.9%
Wireless Telecommunication Services - 0.9%
SoftBank Corp.		20,600		1,199,732
Total Common Stocks (cost $106,575,194)				131,100,886
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.5%
Time Deposit - 3.5%
State Street Time Deposit Zero Coupon, 4/01/15 (cost $4,755,807)	$	4,756		4,755,807
Total Investments Before Security Lending Collateral for Securities Loaned - 100.0% (cost $111,331,001)				135,856,693
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.3%
Investment Companies - 4.3%
AB Exchange Reserves-Class I, 0.08% (d)(e) (cost $5,817,184)		5,817,184		5,817,184

	U.S. $ Value
Total Investments - 104.3% (cost $117,148,185) (f)		141,673,877
Other assets less liabilities - (4.3)%		(5,831,159	)
Net Assets - 100.0%	$	135,842,718

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts  to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	GBP	2,852	USD	4,255	6/18/15	$	26,389
BNP Paribas SA	USD	1,593	CAD	1,991	6/18/15		(23,037	)
Deutsche Bank AG	BRL	3,306	USD	1,144	4/02/15		107,748
Deutsche Bank AG	USD	1,031	BRL	3,306	4/02/15		5,312
Deutsche Bank AG	USD	2,501	CAD	3,163	6/18/15		(5,824	)
Morgan Stanley & Co., Inc.	USD	4,675	JPY	557,662	6/18/15		(20,272	)
Royal Bank of Scotland PLC	USD	3,133	AUD	4,104	6/18/15		(20,913	)
Royal Bank of Scotland PLC	USD	6,819	GBP	4,496	6/18/15		(152,942	)
Standard Chartered Bank	HKD	26,691	USD	3,439	6/18/15		(3,042	)
State Street Bank & Trust Co.	CHF	3,248	USD	3,273	6/18/15		(80,303	)
State Street Bank & Trust Co.	USD	1,375	EUR	1,278	6/18/15		883
UBS AG	BRL	3,306	USD	1,031	4/02/15		(5,312	)
UBS AG	USD	1,039	BRL	3,306	4/02/15		(3,109	)
UBS AG	BRL	3,306	USD	1,030	5/05/15		3,038
						$	(171,384	)

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the market value of this security amounted to $528,310 or 0.4% of net assets.

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

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

(f) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $27,639,286 and gross unrealized depreciation of investments was $(3,113,594), resulting in net unrealized appreciation of $24,525,692.

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.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc

EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

March 31, 2015 (unaudited)

51.7 %	United States
5.5%	Switzerland
5.0%	India
4.4%	Japan
3.8%	United Kingdom
3.8%	Hong Kong
2.4%	Singapore
2.3%	France
2.3%	China
2.3%	Netherlands
1.8%	Indonesia
1.7%	Belgium
9.5%	Other
3.5%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2015. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.3% or less in the following countries: Austria, Germany, Italy, Mexico, Peru, Philippines, South Africa, Sweden and Taiwan.

AB Variable Products Series Fund

Global Thematic Growth Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

31,989,114

$

4,121,837

$

– 0

–

$

36,110,951

Consumer Discretionary

18,043,671

9,106,364

– 0

–

27,150,035

Health Care

17,527,699

6,801,160

– 0

–

24,328,859

Financials

4,537,088

12,987,521

– 0

–

17,524,609

Consumer Staples

5,827,142

9,838,998

– 0

–

15,666,140

Energy

5,376,153

– 0

–

– 0

–

5,376,153

Materials

2,159,643

– 0

–

– 0

–

2,159,643

Industrials

1,584,764

– 0

–

– 0

–

1,584,764

Telecommunication Services

– 0

–

1,199,732

– 0

–

1,199,732

Short-Term Investments

– 0

–

4,755,807

– 0

–

4,755,807

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

5,817,184

– 0

–

– 0

–

5,817,184

Total Investments in Securities

92,862,458

48,811,419

+

– 0

–

141,673,877

Other Financial Instruments* :

Assets:

Forward Currency Exchange Contracts

– 0

–

143,370

– 0

–

143,370

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(314,754

)

– 0

–

(314,754

)

Total^

$

92,862,458

$

48,640,035

$

– 0

–

$

141,502,493

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

+ 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.

^ An amount of $1,657,040 was transferred from Level 2 to Level 1due to increase in trading volume during the reporting period.

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Growth Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.1%
Information Technology - 32.0%
Communications Equipment - 1.4%
F5 Networks, Inc. (a)		5,189	$	596,423
Palo Alto Networks, Inc. (a)		3,110		454,309
				1,050,732
Electronic Equipment, Instruments & Components - 0.8%
Amphenol Corp.-Class A		9,834		579,518
Internet Software & Services - 9.0%
Facebook, Inc.-Class A (a)		37,337		3,069,662
Google, Inc.-Class A (a)		1,649		914,700
Google, Inc.-Class C (a)		3,137		1,719,076
HomeAway, Inc. (a)		10,630		320,707
Twitter, Inc. (a)		16,100		806,288
				6,830,433
IT Services - 3.1%
Visa, Inc.-Class A		36,320		2,375,691
Semiconductors & Semiconductor Equipment - 2.5%
Altera Corp.		12,040		516,636
Micron Technology, Inc. (a)		18,320		497,022
NVIDIA Corp.		44,630		933,883
				1,947,541
Software - 8.5%
ANSYS, Inc. (a)		7,026		619,623
Aspen Technology, Inc. (a)		14,780		568,882
FireEye, Inc. (a)(b)		10,540		413,695
Microsoft Corp.		39,566		1,608,556
Mobileye NV (a)(b)		15,350		645,160
NetSuite, Inc. (a)		6,650		616,854
ServiceNow, Inc. (a)		10,717		844,285
Tableau Software, Inc.-Class A (a)		5,676		525,144
Ultimate Software Group, Inc. (The) (a)		3,876		658,746
				6,500,945
Technology Hardware, Storage & Peripherals - 6.7%
Apple, Inc.		41,035		5,105,985
				24,390,845
Consumer Discretionary - 24.5%
Automobiles - 1.2%
Harley-Davidson, Inc.		14,870		903,204
Hotels, Restaurants & Leisure - 4.2%
Starbucks Corp.		23,920		2,265,224
Wyndham Worldwide Corp.		10,520		951,744
				3,216,968

Company	Shares		U.S. $ Value
Internet & Catalog Retail - 1.8%
Priceline Group, Inc. (The) (a)		1,207		1,405,129
Leisure Products - 0.3%
Polaris Industries, Inc.		1,806		254,826
Media - 6.2%
AMC Networks, Inc.-Class A (a)		10,407		797,592
Comcast Corp.-Class A		36,765		2,076,120
Walt Disney Co. (The)		17,858		1,873,126
				4,746,838
Multiline Retail - 1.0%
Dollar Tree, Inc. (a)		9,060		735,174
Specialty Retail - 7.6%
Five Below, Inc. (a)		11,779		418,979
Home Depot, Inc. (The)		19,069		2,166,429
Lowe’s Cos., Inc.		18,992		1,412,815
O’Reilly Automotive, Inc. (a)		3,326		719,214
Ulta Salon Cosmetics & Fragrance, Inc. (a)		7,122		1,074,354
				5,791,791
Textiles, Apparel & Luxury Goods - 2.2%
NIKE, Inc.-Class B		16,476		1,653,037
				18,706,967
Health Care - 14.7%
Biotechnology - 5.6%
Biogen, Inc. (a)		5,464		2,307,119
Gilead Sciences, Inc. (a)		20,280		1,990,077
				4,297,196
Health Care Equipment & Supplies - 2.9%
Align Technology, Inc. (a)		7,383		397,095
HeartWare International, Inc. (a)		4,925		432,267
Intuitive Surgical, Inc. (a)		2,780		1,403,983
				2,233,345
Health Care Providers & Services - 3.1%
Premier, Inc.-Class A (a)		18,027		677,455
UnitedHealth Group, Inc.		14,478		1,712,602
				2,390,057
Life Sciences Tools & Services - 2.0%
Illumina, Inc. (a)		5,330		989,461
Quintiles Transnational Holdings, Inc. (a)		7,273		487,073
				1,476,534
Pharmaceuticals - 1.1%
Bristol-Myers Squibb Co.		12,936		834,372
				11,231,504

Company	Shares		U.S. $ Value
Consumer Staples - 10.7%
Beverages - 3.4%
Monster Beverage Corp. (a)		19,003		2,629,920
Food & Staples Retailing - 4.9%
Costco Wholesale Corp.		11,485		1,739,920
CVS Health Corp.		19,030		1,964,086
				3,704,006
Food Products - 1.7%
Mead Johnson Nutrition Co.-Class A		12,882		1,295,028
Personal Products - 0.7%
Estee Lauder Cos., Inc. (The)-Class A		6,407		532,806
				8,161,760
Industrials - 7.9%
Aerospace & Defense - 0.8%
Rockwell Collins, Inc.		6,290		607,300
Airlines - 1.7%
Spirit Airlines, Inc. (a)		16,540		1,279,534
Industrial Conglomerates - 1.6%
Danaher Corp.		14,326		1,216,277
Machinery - 1.9%
Pall Corp.		8,741		877,509
Wabtec Corp./DE		6,320		600,463
				1,477,972
Professional Services - 1.2%
Robert Half International, Inc.		14,820		896,906
Road & Rail - 0.7%
JB Hunt Transport Services, Inc.		6,090		520,056
				5,998,045
Financials - 3.4%
Capital Markets - 1.2%
Affiliated Managers Group, Inc. (a)		1,851		397,558
BlackRock, Inc.-Class A		1,366		499,737
				897,295
Diversified Financial Services - 2.2%
Intercontinental Exchange, Inc.		7,427		1,732,497
				2,629,792
Energy - 1.8%
Energy Equipment & Services - 0.7%
Schlumberger Ltd.		6,486		541,192
Oil, Gas & Consumable Fuels - 1.1%
Antero Resources Corp. (a)(b)		6,597		233,006
Range Resources Corp.		11,223		584,045
				817,051
				1,358,243

Company	Shares		U.S. $ Value
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 1.1%
Level 3 Communications, Inc. (a)		15,290		823,214
Total Common Stocks (cost $54,394,118)				73,300,370
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.1%
Time Deposit - 4.1%
State Street Time Deposit 0.01%, 4/01/15 (cost $3,178,855)	$	3,179		3,178,855
Total Investments Before Security Lending Collateral for Securities Loaned - 100.2% (cost $57,572,973)				76,479,225
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.4%
Investment Companies - 1.4%
AB Exchange Reserves-Class I, 0.08% (c)(d) (cost $1,045,475)		1,045,475		1,045,475
Total Investments - 101.6% (cost $58,618,448) (e)				77,524,700
Other assets less liabilities - (1.6)%				(1,251,311	)
Net Assets - 100.0%			$	76,273,389

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

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

(e) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $19,793,218 and gross unrealized depreciation of investments was $(886,966), resulting in net unrealized appreciation of $18,906,252.

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.

AB Variable Products Series Fund

Growth Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

73,300,370

$

– 0

–

$

– 0

–

$

73,300,370

Short-Term Investments

– 0

–

3,178,855

– 0

–

3,178,855

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

1,045,475

– 0

–

– 0

–

1,045,475

Total Investments in Securities

74,345,845

3,178,855

– 0

–

77,524,700

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

74,345,845

$

3,178,855

$

– 0

–

$

77,524,700

* See Portfolio of Investments for sector classifications.

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

+ There were no transfers between any levels during the reporting period.

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

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Growth & Income Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 94.5%
Financials - 22.5%
Banks - 6.6%
JPMorgan Chase & Co.		478,060	$	28,960,875
Wells Fargo & Co.		508,850		27,681,440
				56,642,315
Capital Markets - 3.6%
BlackRock, Inc.-Class A		28,900		10,572,776
Goldman Sachs Group, Inc. (The)		77,350		14,539,480
State Street Corp.		79,927		5,877,032
				30,989,288
Consumer Finance - 0.9%
Capital One Financial Corp.		97,910		7,717,266
Diversified Financial Services - 4.6%
Berkshire Hathaway, Inc.-Class B (a)		276,402		39,890,337
Insurance - 6.8%
ACE Ltd.		169,560		18,904,244
Allstate Corp. (The)		134,360		9,562,401
Aon PLC		72,340		6,953,321
Hartford Financial Services Group, Inc. (The)		189,780		7,936,600
Validus Holdings Ltd.		240,949		10,143,953
WR Berkley Corp.		110,261		5,569,283
				59,069,802
				194,309,008
Health Care - 20.1%
Biotechnology - 1.8%
Gilead Sciences, Inc. (a)		162,410		15,937,293
Health Care Equipment & Supplies - 3.3%
Abbott Laboratories		144,876		6,712,105
Medtronic PLC		279,815		21,822,772
				28,534,877
Health Care Providers & Services - 4.5%
Cigna Corp.		40,950		5,300,568
UnitedHealth Group, Inc.		280,670		33,200,454
				38,501,022
Pharmaceuticals - 10.5%
Bristol-Myers Squibb Co.		97,778		6,306,681
Eli Lilly & Co.		194,900		14,159,485
Merck & Co., Inc.		179,989		10,345,768
Pfizer, Inc.		1,116,130		38,830,163
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		340,505		21,213,461
				90,855,558
				173,828,750
Information Technology - 13.2%
Electronic Equipment, Instruments & Components - 0.9%
TE Connectivity Ltd.		107,870		7,725,649

Company	Shares		U.S. $ Value
IT Services - 0.7%
Xerox Corp.		438,310		5,632,284
Semiconductors & Semiconductor Equipment - 4.2%
Intel Corp.		602,160		18,829,543
Micron Technology, Inc. (a)		198,674		5,390,026
NVIDIA Corp.		563,764		11,796,762
				36,016,331
Software - 4.0%
Activision Blizzard, Inc.		634,161		14,411,309
Check Point Software Technologies Ltd. (a)		104,801		8,590,538
Microsoft Corp.		289,710		11,778,160
				34,780,007
Technology Hardware, Storage & Peripherals - 3.4%
Apple, Inc.		191,405		23,816,524
EMC Corp./MA		115,530		2,952,947
NetApp, Inc.		84,040		2,980,058
				29,749,529
				113,903,800
Consumer Discretionary - 12.8%
Auto Components - 0.9%
Johnson Controls, Inc.		155,250		7,830,810
Automobiles - 1.6%
Harley-Davidson, Inc.		216,740		13,164,788
Internet & Catalog Retail - 0.9%
Liberty Interactive Corp.-Class A (a)		273,308		7,977,860
Media - 6.8%
Comcast Corp.-Class A		496,440		28,033,967
Interpublic Group of Cos., Inc. (The)		469,740		10,390,649
Time Warner, Inc.		243,210		20,536,652
				58,961,268
Specialty Retail - 2.2%
Bed Bath & Beyond, Inc. (a)		104,050		7,988,439
DSW, Inc.-Class A		158,610		5,849,537
GNC Holdings, Inc.-Class A		105,310		5,167,561
				19,005,537
Textiles, Apparel & Luxury Goods - 0.4%
Coach, Inc.		81,204		3,364,282
				110,304,545
Industrials - 11.5%
Aerospace & Defense - 3.8%
Boeing Co. (The)		78,120		11,724,249
Raytheon Co.		192,780		21,061,215
				32,785,464
Airlines - 4.3%
Copa Holdings SA-Class A (b)		164,136		16,572,812
Delta Air Lines, Inc.		468,070		21,044,427
				37,617,239

Company	Shares		U.S. $ Value
Electrical Equipment - 0.6%
Emerson Electric Co.		89,890		5,089,572
Industrial Conglomerates - 1.5%
General Electric Co.		538,075		13,349,641
Machinery - 1.3%
Parker-Hannifin Corp.		27,899		3,313,843
Snap-on, Inc.		52,840		7,770,651
				11,084,494
				99,926,410
Consumer Staples - 5.3%
Food & Staples Retailing - 5.3%
CVS Health Corp.		372,871		38,484,016
Wal-Mart Stores, Inc.		87,930		7,232,242
				45,716,258
Energy - 4.9%
Energy Equipment & Services - 0.8%
Cameron International Corp. (a)		77,180		3,482,361
FMC Technologies, Inc. (a)		91,660		3,392,337
				6,874,698
Oil, Gas & Consumable Fuels - 4.1%
Chevron Corp.		54,588		5,730,648
Exxon Mobil Corp.		242,660		20,626,100
Hess Corp.		69,500		4,716,965
Occidental Petroleum Corp.		63,262		4,618,126
				35,691,839
				42,566,537
Utilities - 1.7%
Electric Utilities - 0.8%
Great Plains Energy, Inc.		279,320		7,452,258
Multi-Utilities - 0.9%
Wisconsin Energy Corp.		153,150		7,580,925
				15,033,183
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 1.6%
Verizon Communications, Inc.		281,125		13,671,109
Materials - 0.9%
Chemicals - 0.9%
Mosaic Co. (The)		163,150		7,514,689
Total Common Stocks (cost $636,208,569)				816,774,289

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 5.6%
Time Deposit - 5.6%
State Street Time Deposit 0.01%, 4/01/15 (cost $48,675,254)	$	48,675		48,675,254
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $684,883,823)				865,449,543
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.9%
Investment Companies - 1.9%
AB Exchange Reserves-Class I, 0.08% (c)(d) (cost $16,247,363)		16,247,363		16,247,363
Total Investments - 102.0% (cost $701,131,186) (e)				881,696,906
Other assets less liabilities - (2.0)%				(17,376,887	)
Net Assets - 100.0%			$	864,320,019

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

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

(e) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $196,096,226 and gross unrealized depreciation of investments was $(15,530,506), resulting in net unrealized appreciation of $180,565,720.

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.

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund

Growth & Income Portfolio

March 31, 2015 (unaudited)

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. The U.S. GAAP disclosure requirements establish 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. 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 is 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.

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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks*	$	816,774,289		$	– 0	–	$	– 0	–	$	816,774,289
Short-Term Investments		– 0	–		48,675,254			– 0	–		48,675,254
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		16,247,363			– 0	–		– 0	–		16,247,363
Total Investments in Securities		833,021,652			48,675,254			– 0	–		881,696,906
Other Financial Instruments**
Total^	$	833,021,652		$	48,675,254		$	– 0	–	$	881,696,906

* See Portfolio of Investments for sector classifications.

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

^ There were no transfers between any levels during the reporting period.

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

	Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THROUGHS - 22.7%
Agency Fixed Rate 15-Year - 1.7%
Federal National Mortgage Association
3.00%, 5/01/30, TBA	U.S.$	1,267	$	1,325,698
Agency Fixed Rate 30-Year - 21.0%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		171		193,192
Series 2007
5.50%, 7/01/35		46		52,196
Federal National Mortgage Association
3.00%, 4/01/45, TBA		371		379,347
3.50%, 5/01/42-3/01/45		878		933,690
3.50%, 5/01/45, TBA		3,113		3,262,553
4.00%, 5/01/45, TBA		6,759		7,215,880
4.50%, 5/25/45, TBA		2,188		2,380,817
Series 2003
5.50%, 4/01/33-7/01/33		157		177,543
Series 2004
5.50%, 4/01/34-11/01/34		142		160,389
Series 2005
5.50%, 2/01/35		173		195,722
Government National Mortgage Association
3.00%, 4/01/45, TBA		1,032		1,063,041
Series 1994
9.00%, 9/15/24		1		1,686
				16,016,056
Total Mortgage Pass-Throughs (cost $17,159,951)				17,341,754
GOVERNMENTS - TREASURIES - 21.7%
Brazil - 0.4%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17	BRL	1,030		306,032
Canada - 0.5%
Canadian Government Bond
2.25%, 6/01/25	CAD	440		377,173
United Kingdom - 0.7%
United Kingdom Gilt
3.75%, 9/07/21 (a)	GBP	320		547,646
United States - 20.1%
U.S. Treasury Bonds
2.50%, 2/15/45	U.S.$	105		104,032
3.125%, 8/15/44		329		368,385
3.625%, 8/15/43-2/15/44		564		688,941
4.50%, 2/15/36		654		891,467
4.625%, 2/15/40		2,560		3,573,399
U.S. Treasury Notes
0.375%, 3/31/16		943		943,885
1.375%, 3/31/20		470		470,073
1.50%, 8/31/18-11/30/19		1,147		1,157,448
1.625%, 6/30/19-12/31/19		962		976,042
1.75%, 9/30/19		1,632		1,663,007

	Principal Amount (000)		U.S. $ Value
2.00%, 2/15/25	U.S.$	335		337,120
2.25%, 11/15/24		171		175,693
2.375%, 8/15/24		583		606,462
2.50%, 8/15/23-5/15/24		2,190		2,300,842
2.75%, 11/15/23-2/15/24		1,014		1,087,502
				15,344,298
Total Governments - Treasuries (cost $15,340,248)				16,575,149
CORPORATES - INVESTMENT GRADE - 21.3%
Industrial - 14.4%
Basic - 1.8%
Basell Finance Co. BV
8.10%, 3/15/27 (a)		85		117,051
Cia Minera Milpo SAA
4.625%, 3/28/23 (a)		260		259,417
Dow Chemical Co. (The)
8.55%, 5/15/19		86		107,674
Glencore Funding LLC
4.125%, 5/30/23 (a)		58		59,067
International Paper Co.
3.65%, 6/15/24		49		49,959
4.75%, 2/15/22		65		71,858
LyondellBasell Industries NV
5.75%, 4/15/24		200		235,753
Minsur SA
6.25%, 2/07/24 (a)		210		233,076
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		236,600
Vale Overseas Ltd.
6.875%, 11/21/36		40		38,688
				1,409,143
Capital Goods - 0.2%
Owens Corning
6.50%, 12/01/16 (b)		10		10,752
Yamana Gold, Inc.
4.95%, 7/15/24		166		163,213
				173,965
Communications - Media - 2.3%
21st Century Fox America, Inc.
4.00%, 10/01/23		64		68,569
4.50%, 2/15/21		300		332,298
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
3.50%, 3/01/16		95		97,090
3.80%, 3/15/22		57		59,080
4.45%, 4/01/24		81		86,507
5.00%, 3/01/21		175		194,784
Discovery Communications LLC
3.45%, 3/15/25		105		104,915
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (a)(c)		128		135,705

	Principal Amount (000)		U.S. $ Value
Omnicom Group, Inc.
3.625%, 5/01/22	U.S.$	33		34,607
TCI Communications, Inc.
7.875%, 2/15/26		115		162,690
Time Warner Cable, Inc.
4.125%, 2/15/21		200		215,097
Time Warner, Inc.
3.55%, 6/01/24		40		41,426
7.625%, 4/15/31		69		96,477
Viacom, Inc.
3.875%, 4/01/24		68		69,963
5.625%, 9/15/19		60		67,770
				1,766,978
Communications - Telecommunications - 2.0%
American Tower Corp.
5.05%, 9/01/20		260		287,190
AT&T, Inc.
4.80%, 6/15/44		44		45,058
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (a)		320		360,847
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		23,386
SBA Tower Trust
2.898%, 10/15/19 (a)	U.S.$	147		148,787
Telefonica Emisiones SAU
5.462%, 2/16/21		120		137,140
Verizon Communications, Inc.
3.50%, 11/01/24		258		264,028
3.85%, 11/01/42		89		80,849
6.55%, 9/15/43		165		214,856
				1,562,141
Consumer Cyclical - Automotive - 0.7%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		455		535,627
Consumer Cyclical - Retailers - 0.3%
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		195		201,621
Consumer Non-Cyclical - 2.5%
Actavis Funding SCS
3.80%, 3/15/25		165		170,285
3.85%, 6/15/24		54		55,779
Altria Group, Inc.
2.625%, 1/14/20		195		198,128
Bayer US Finance LLC
3.375%, 10/08/24 (a)		200		208,194
Becton Dickinson and Co.
3.734%, 12/15/24		85		88,961
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (a)		201		206,258
Kroger Co. (The)
3.40%, 4/15/22		194		200,424

	Principal Amount (000)		U.S. $ Value
Medtronic, Inc.
3.50%, 3/15/25 (a)	U.S.$	195		203,851
Perrigo Finance PLC
3.50%, 12/15/21		200		206,959
Reynolds American, Inc.
3.25%, 11/01/22		127		126,372
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		78		84,217
Tyson Foods, Inc.
2.65%, 8/15/19		39		39,934
3.95%, 8/15/24		123		129,948
				1,919,310
Energy - 2.8%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		68		56,888
Encana Corp.
3.90%, 11/15/21		45		47,092
Energy Transfer Partners LP
7.50%, 7/01/38		244		308,364
Enterprise Products Operating LLC
5.20%, 9/01/20		55		61,972
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		321		326,021
4.15%, 3/01/22		89		91,641
Noble Energy, Inc.
3.90%, 11/15/24		107		108,856
8.25%, 3/01/19		238		284,726
Sunoco Logistics Partners Operations LP
5.30%, 4/01/44		145		149,589
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		227,950
Valero Energy Corp.
6.125%, 2/01/20		177		205,046
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		135		154,656
Williams Partners LP
4.125%, 11/15/20		97		101,055
				2,123,856
Other Industrial - 0.3%
Hutchison Whampoa International 14 Ltd.
1.625%, 10/31/17 (a)		200		199,179
Technology - 1.1%
Hewlett-Packard Co.
4.65%, 12/09/21		107		117,050
KLA-Tencor Corp.
4.65%, 11/01/24		134		140,731
Motorola Solutions, Inc.
3.50%, 3/01/23		86		86,298
7.50%, 5/15/25		25		30,891
Seagate HDD Cayman
4.75%, 1/01/25 (a)		75		77,662
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		205		212,406

	Principal Amount (000)		U.S. $ Value
Total System Services, Inc.
2.375%, 6/01/18	U.S.$	74		74,428
3.75%, 6/01/23		69		68,857
				808,323
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.75%, 12/15/16		75		80,418
Transportation - Services - 0.3%
Ryder System, Inc.
5.85%, 11/01/16		116		123,987
7.20%, 9/01/15		108		110,713
				234,700
				11,015,261
Financial Institutions - 5.9%
Banking - 3.1%
Compass Bank
5.50%, 4/01/20		250		274,072
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 3/26/25 (a)		270		273,157
Goldman Sachs Group, Inc. (The)
3.85%, 7/08/24		210		219,780
Series D
6.00%, 6/15/20		395		461,029
Morgan Stanley
5.625%, 9/23/19		143		162,773
Murray Street Investment Trust I
4.647%, 3/09/17		27		28,612
Nationwide Building Society
6.25%, 2/25/20 (a)		230		273,255
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (a)(c)		90		93,488
Standard Chartered PLC
4.00%, 7/12/22 (a)		265		272,420
UBS AG/Stamford CT
7.625%, 8/17/22		250		303,219
				2,361,805
Finance - 0.2%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)		155		180,787
Insurance - 1.8%
American International Group, Inc.
4.875%, 6/01/22		75		85,234
6.40%, 12/15/20		215		260,433
Dai-ichi Life Insurance Co., Ltd. (The)
5.10%, 10/28/24 (a)(c)		200		216,000
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		200		229,620
Lincoln National Corp.
8.75%, 7/01/19		113		142,186

	Principal Amount (000)		U.S. $ Value
MetLife, Inc.
10.75%, 8/01/39	U.S.$	85		142,758
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		55		88,743
Prudential Financial, Inc.
5.625%, 6/15/43		185		196,100
				1,361,074
REITS - 0.8%
HCP, Inc.
5.375%, 2/01/21		179		201,518
Health Care REIT, Inc.
5.25%, 1/15/22		183		206,257
Trust F/1401
5.25%, 12/15/24 (a)		200		215,000
				622,775
				4,526,441
Utility - 1.0%
Electric - 0.6%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		170		221,598
CMS Energy Corp.
5.05%, 3/15/22		37		42,320
Constellation Energy Group, Inc.
5.15%, 12/01/20		64		72,292
Exelon Generation Co. LLC
4.25%, 6/15/22		78		82,301
				418,511
Natural Gas - 0.4%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (a)		305		324,276
				742,787
Total Corporates - Investment Grade (cost $15,144,031)				16,284,489
ASSET-BACKED SECURITIES - 13.4%
Autos - Fixed Rate - 8.1%
Ally Master Owner Trust
Series 2013-1, Class A2
1.00%, 2/15/18		260		260,636
Series 2014-1, Class A2
1.29%, 1/15/19		252		253,157
AmeriCredit Automobile Receivables Trust
Series 2011-3, Class D
4.04%, 7/10/17		200		203,513
Series 2012-3, Class A3
0.96%, 1/09/17		6		6,378
Series 2013-3, Class A3
0.92%, 4/09/18		327		327,501
Series 2013-4, Class A3
0.96%, 4/09/18		130		130,088
Series 2013-5, Class A2A
0.65%, 3/08/17		22		22,293

	Principal Amount (000)		U.S. $ Value
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (a)	U.S.$	86		85,750
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		288		297,715
Series 2014-1A, Class A
2.46%, 7/20/20 (a)		149		150,471
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		122		122,533
Capital Auto Receivables Asset Trust
Series 2013-1, Class A2
0.62%, 7/20/16		17		16,563
Series 2013-3, Class A2
1.04%, 11/21/16		232		231,770
Series 2014-1, Class B
2.22%, 1/22/19		60		60,726
CarMax Auto Owner Trust
Series 2012-1, Class A3
0.89%, 9/15/16		14		13,651
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (a)		146		145,096
Series 2014-B, Class A
1.11%, 11/15/18 (a)		75		74,953
Enterprise Fleet Financing LLC
Series 2014-2, Class A2
1.05%, 3/20/20 (a)		200		200,096
Series 2015-1, Class A2
1.30%, 9/20/20 (a)		263		263,346
Exeter Automobile Receivables Trust
Series 2012-2A, Class A
1.30%, 6/15/17 (a)		8		7,913
Series 2013-1A, Class A
1.29%, 10/16/17 (a)		24		24,113
Series 2014-1A, Class A
1.29%, 5/15/18 (a)		46		46,589
Series 2014-2A, Class A
1.06%, 8/15/18 (a)		45		45,262
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		165		165,331
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (a)		33		32,893
Ford Auto Securitization Trust
Series 2013-R1A, Class A2
1.676%, 9/15/16 (a)	CAD	62		49,086
Series 2014-R2A, Class A1
1.353%, 3/15/16 (a)		17		13,130

	Principal Amount (000)		U.S. $ Value
Ford Credit Auto Lease Trust
Series 2014-B, Class A3
0.89%, 9/15/17	U.S.$	144		143,996
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		100		99,621
Series 2014-2, Class A
2.31%, 4/15/26 (a)		257		260,839
Ford Credit Floorplan Master Owner Trust
Series 2014-1, Class A1
1.20%, 2/15/19		201		201,502
Series 2015-2, Class A1
1.98%, 1/15/22		198		197,508
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2
1.10%, 12/20/17		260		259,911
Harley-Davidson Motorcycle Trust
Series 2012-1, Class A3
0.68%, 4/15/17		35		35,457
Series 2015-1, Class A3
1.41%, 6/15/20		137		137,100
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (a)		175		175,007
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		485		482,479
Hyundai Auto Lease Securitization Trust
Series 2015-A, Class A2
1.00%, 10/16/17 (a)		177		177,005
Mercedes-Benz Auto Lease Trust
Series 2013-A, Class A3
0.59%, 2/15/16		24		24,386
Series 2014-A, Class A2A
0.48%, 6/15/16		150		149,760
Santander Drive Auto Receivables Trust
Series 2013-4, Class A3
1.11%, 12/15/17		184		184,023
Series 2013-5, Class A2A
0.64%, 4/17/17		3		2,876
Series 2014-2, Class A3
0.80%, 4/16/18		205		204,902
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		232		231,856
				6,218,781
Credit Cards - Fixed Rate - 1.6%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		161		161,554
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		320		326,931
Discover Card Master Trust
Series 2012-A3, Class A3
0.86%, 11/15/17		300		300,157

	Principal Amount (000)		U.S. $ Value
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22	U.S.$	232		234,113
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		190		191,696
				1,214,451
Autos - Floating Rate - 1.4%
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.556%, 7/20/19 (b)		240		239,777
Series 2015-1, Class A
0.676%, 1/20/20 (b)		254		254,000
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.725%, 12/10/27 (a)(b)		143		142,818
Navistar Financial Dealer Note Master Trust
Series 2014-1, Class A
0.921%, 10/25/19 (a)(b)		197		197,001
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
1.676%, 10/20/20 (a)(b)		197		197,008
				1,030,604
Credit Cards - Floating Rate - 1.1%
Barclays Dryrock Issuance Trust
Series 2014-2, Class A
0.515%, 3/16/20 (b)		205		204,765
Cabela’s Credit Card Master Note Trust
Series 2014-1, Class A
0.525%, 3/16/20 (b)		205		205,011
Discover Card Execution Note Trust
Series 2015-A1, Class A1
0.525%, 8/17/20 (b)		263		263,152
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.555%, 12/15/19 (b)		185		185,341
				858,269
Other ABS - Fixed Rate - 0.9%
CIT Equipment Collateral
Series 2013-VT1, Class A3
1.13%, 7/20/20 (a)		213		213,412
Series 2014-VT1, Class A2
0.86%, 5/22/17 (a)		196		195,921
CNH Capital Canada Receivables Trust
Series 2014-1A, Class A1
1.388%, 3/15/17 (a)	CAD	38		29,868

	Principal Amount (000)		U.S. $ Value
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21	U.S.$	101		101,247
Series 2015-A, Class A4
1.85%, 4/15/21		134		134,157
				674,605
Home Equity Loans - Floating Rate - 0.2%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.299%, 12/25/32 (b)		47		45,010
GSAA Trust
Series 2006-5, Class 2A3
0.444%, 3/25/36 (b)		189		128,806
				173,816
Home Equity Loans - Fixed Rate - 0.1%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		89		89,735
Total Asset-Backed Securities (cost $10,260,922)				10,260,261
COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.5%
Non-Agency Fixed Rate CMBS - 8.1%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		339		367,553
Series 2007-5, Class AM
5.772%, 2/10/51		78		82,730
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class AJ
5.611%, 9/11/41		108		111,315
BHMS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		200		208,037
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		260		271,621
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.768%, 3/15/49		128		132,542
Series 2015-GC27, Class A5
3.137%, 2/10/48		144		147,146
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.761%, 5/15/46		168		181,293
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		109		108,045
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.704%, 6/15/39		95		99,497

	Principal Amount (000)		U.S. $ Value
DBUBS Mortgage Trust
Series 2011-LC1A, Class E
5.558%, 11/10/46 (a)	U.S.$	100		109,915
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (a)		180		179,979
Greenwich Capital Commercial Mortgage Trust
Series 2007-GG9, Class A4
5.444%, 3/10/39		506		534,405
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		264		269,271
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		136		139,162
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		169		170,624
Series 2011-C5, Class D
5.323%, 8/15/46 (a)		100		108,161
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		157		164,199
ML-CFC Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		588		614,685
Series 2007-9, Class A4
5.70%, 9/12/49		1,105		1,184,654
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		60		61,844
Series 2012-C4, Class A5
2.85%, 12/10/45		112		114,434
Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class A5
5.416%, 1/15/45		380		390,171
Series 2006-C26, Class A1A
6.009%, 6/15/45		90		94,791
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		233		245,469
Series 2014-C20, Class A2
3.036%, 5/15/47		125		131,044
				6,222,587
Non-Agency Floating Rate CMBS - 1.4%
Commercial Mortgage Pass Through Certificates
Series 2014-KYO, Class A
1.077%, 6/11/27 (a)(b)		102		101,176
Series 2014-SAVA, Class A
1.325%, 6/15/34 (a)(b)		100		99,849
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.873%, 12/05/31 (a)(b)		140		139,406

	Principal Amount (000)		U.S. $ Value
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.095%, 6/15/29 (a)(b)	U.S.$	201		200,398
PFP III Ltd.
Series 2014-1, Class A
1.345%, 6/14/31 (a)(b)		220		220,127
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.227%, 4/15/32 (a)(b)		100		99,243
Starwood Retail Property Trust
Series 2014-STAR, Class A
1.392%, 11/15/27 (a)(b)		196		196,232
				1,056,431
Total Commercial Mortgage-Backed Securities (cost $7,273,304)				7,279,018
CORPORATES - NON-INVESTMENT GRADE - 5.8%
Industrial - 2.9%
Basic - 0.2%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B
7.375%, 5/01/21 (a)		150		161,250
Novelis, Inc.
8.375%, 12/15/17		18		18,810
				180,060
Communications - Media - 0.6%
Arqiva Broadcast Finance PLC
9.50%, 3/31/20 (a)	GBP	100		163,886
CSC Holdings LLC
8.625%, 2/15/19	U.S.$	29		33,568
Quebecor Media, Inc.
5.75%, 1/15/23		75		77,250
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.50%, 1/15/23 (a)		200		209,260
				483,964
Communications - Telecommunications - 0.4%
Numericable-SFR SAS
5.375%, 5/15/22 (a)	EUR	120		134,849
Sprint Corp.
7.875%, 9/15/23	U.S.$	100		102,000
Windstream Corp.
6.375%, 8/01/23		80		71,800
				308,649
Consumer Cyclical - Automotive - 0.2%
General Motors Co.
3.50%, 10/02/18		80		81,965
Goodyear Tire & Rubber Co. (The)
8.25%, 8/15/20		36		38,070
				120,035

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19	U.S.$	63		61,583
Consumer Cyclical - Retailers - 0.1%
CST Brands, Inc.
5.00%, 5/01/23		75		76,500
Consumer Non-Cyclical - 0.3%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18		33		34,031
First Quality Finance Co., Inc.
4.625%, 5/15/21 (a)		85		80,113
Voyage Care Bondco PLC
6.50%, 8/01/18 (a)	GBP	100		152,790
				266,934
Energy - 0.5%
ONEOK, Inc.
4.25%, 2/01/22	U.S.$	203		192,219
Paragon Offshore PLC
7.25%, 8/15/24 (a)		81		26,932
SM Energy Co.
6.50%, 1/01/23		9		9,180
Transocean, Inc.
6.50%, 11/15/20		185		155,169
				383,500
Services - 0.1%
Sabre GLBL, Inc.
8.50%, 5/15/19 (a)		70		74,792
Technology - 0.1%
Audatex North America, Inc.
6.00%, 6/15/21 (a)		73		77,197
Transportation - Airlines - 0.1%
Air Canada
6.75%, 10/01/19 (a)		70		74,725
Transportation - Services - 0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.50%, 4/01/23		42		43,365
Hertz Corp. (The)
5.875%, 10/15/20		70		71,925
				115,290
				2,223,229

	Principal Amount (000)		U.S. $ Value
Financial Institutions - 2.6%
Banking - 2.2%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (c)	U.S.$	49		51,817
Bank of Ireland
1.781%, 9/22/15 (b)(d)	CAD	110		84,245
Barclays Bank PLC
6.86%, 6/15/32 (a)(c)	U.S.$	29		32,344
7.625%, 11/21/22		200		234,125
7.75%, 4/10/23		200		221,750
BNP Paribas SA
5.186%, 6/29/15 (a)(c)		62		62,327
Credit Suisse Group AG
7.50%, 12/11/23 (a)(c)		200		214,750
HBOS Capital Funding LP
4.939%, 5/23/16 (c)	EUR	82		87,866
Intesa Sanpaolo SpA
5.017%, 6/26/24 (a)	U.S.$	202		206,745
Lloyds Banking Group PLC
7.50%, 6/27/24 (c)		200		212,500
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (a)		39		43,984
UniCredit Luxembourg Finance SA
6.00%, 10/31/17 (a)		190		203,105
				1,655,558
Finance - 0.3%
AerCap Aviation Solutions BV
6.375%, 5/30/17		200		212,000
International Lease Finance Corp.
5.875%, 4/01/19		55		59,675
				271,675
Insurance - 0.1%
American Equity Investment Life Holding Co.
6.625%, 7/15/21		70		75,075
				2,002,308
Utility - 0.3%
Electric - 0.3%
AES Corp./VA
7.375%, 7/01/21		70		77,700
NRG Energy, Inc.
7.875%, 5/15/21		70		75,250
Series WI
6.25%, 5/01/24		54		54,405
				207,355
Total Corporates - Non-Investment Grade (cost $4,565,876)				4,432,892

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES - 4.3%
United States - 4.3%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)	U.S.$	2,414		2,458,745
0.50%, 4/15/15 (TIPS)		830		831,553
Total Inflation-Linked Securities (cost $3,295,778)				3,290,298
COLLATERALIZED MORTGAGE OBLIGATIONS - 4.2%
Non-Agency Fixed Rate - 1.8%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		34		32,718
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		84		77,088
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		46		43,987
Series 2006-24CB, Class A16
5.75%, 6/25/36		123		110,759
Series 2006-28CB, Class A14
6.25%, 10/25/36		83		71,148
Series 2006-9T1, Class A1
5.75%, 5/25/36		53		43,852
Series 2006-J1, Class 1A13
5.50%, 2/25/36		77		69,641
Series 2007-2CB, Class 2A4
5.75%, 3/25/37		68		60,738
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		41		35,726
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.568%, 5/25/35		102		97,950
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		70		65,427
Series 2006-13, Class 1A18
6.25%, 9/25/36		104		95,457
Series 2006-13, Class 1A19
6.25%, 9/25/36		37		34,421
Series 2007-HYB2, Class 3A1
2.576%, 2/25/47		146		121,028
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		122		102,071
JPMorgan Alternative Loan Trust
Series 2006-A3, Class 2A1
2.557%, 7/25/36		227		176,876
JPMorgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		56		50,426

	Principal Amount (000)		U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37	U.S.$	50		48,532
				1,337,845
GSE Risk Share Floating Rate - 1.6%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN2, Class M3
3.774%, 4/25/24 (b)		250		244,210
Series 2014-DN3, Class M2
2.574%, 8/25/24 (b)		335		339,776
Series 2014-HQ3, Class M2
2.824%, 10/25/24 (b)		250		253,018
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
1.374%, 7/25/24 (b)		69		68,707
Series 2014-C04, Class 1M2
5.074%, 11/25/24 (b)		234		247,282
Series 2015-C01, Class 1M2
4.474%, 2/25/25 (b)		95		96,109
				1,249,102
Non-Agency Floating Rate - 0.7%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.364%, 12/25/36 (b)		204		120,951
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.424%, 3/25/35 (b)		100		89,313
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.294%, 7/25/36 (b)		151		119,686
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-OA1, Class A1A
0.828%, 2/25/47 (b)		200		160,075
				490,025
Agency Fixed Rate - 0.1%
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
0.708%, 5/28/35		50		45,527

	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association REMICs
Series 2010-117, Class DI
4.50%, 5/25/25 (e)	U.S.$	565		59,997
				105,524
Total Collateralized Mortgage Obligations (cost $3,255,350)				3,182,496
AGENCIES - 2.8%
United States - 2.8%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,868,587)		2,292		2,089,360
QUASI-SOVEREIGNS - 1.3%
Quasi-Sovereign Bonds - 1.3%
Chile - 0.3%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (a)		210		224,775
Malaysia - 0.6%
Petronas Capital Ltd.
5.25%, 8/12/19 (a)		420		471,149
Mexico - 0.4%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23		272		272,403
Total Quasi-Sovereigns (cost $891,192)				968,327
GOVERNMENTS - SOVEREIGN AGENCIES - 1.2%
Brazil - 0.3%
Petrobras Global Finance BV
5.75%, 1/20/20		297		275,491
Canada - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		74		77,330
Colombia - 0.1%
Ecopetrol SA
5.875%, 5/28/45		57		53,010
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17		70		75,617
Israel - 0.3%
Israel Electric Corp., Ltd.
5.00%, 11/12/24 (a)		200		207,000
Morocco - 0.3%
OCP SA
5.625%, 4/25/24 (a)		205		222,938
Total Governments - Sovereign Agencies (cost $911,943)				911,386

Company	Shares		U.S. $ Value
PREFERRED STOCKS - 0.4%
Financials - 0.4%
Insurance - 0.3%
Allstate Corp. (The)
5.10%		7,925		205,812
Real Estate Investment Trusts (REITs) - 0.1%
Sovereign Real Estate Investment Trust
12.00% (a)		93		125,085
Total Preferred Stocks (cost $299,414)				330,897
	Principal Amount (000)
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.4%
United States - 0.4%
State of California
Series 2010
7.625%, 3/01/40 (cost $203,213)	U.S. $	200		311,734
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Consumer Non-Cyclical - 0.1%
Marfrig Overseas Ltd.
9.50%, 5/04/20 (a) (cost $99,801)		100		94,500
	Shares
WARRANTS - 0.0%
Talon Equity Co. NV, expiring 11/24/15 (d)(f)(g) (cost $0)		47		0
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 8.0%
Time Deposit - 7.1%
State Street Time Deposit Zero Coupon, 4/01/15 (cost $5,446,746)	U.S.$	5,447		5,446,746
Commercial Paper - 0.9%
Banque Caisse Depargne Letat C Zero Coupon, 9/01/15 (cost $691,118)		692		691,118
Total Short-Term Investments (cost $6,137,864)				6,137,864
Total Investments Before Securities Sold Short - 117.1% (cost $86,707,474)				89,490,425

	Principal Amount (000)		U.S. $ Value
SECURITIES SOLD SHORT - (2.0)%
Mortgage Pass-Throughs - (2.0)%
Agency Fixed Rate 30-Year - (2.0)%
Government National Mortgage Association
4.00%, 4/01/45, TBA (cost $(1,509,885))	U.S.$	(1,424)		(1,517,005	)
Total Investments, Net of Securities Sold Short - 115.1% (cost $85,197,589) (h)				87,973,420
Other assets less liabilities - (15.1)% (i)				(11,558,962	)
Net Assets - 100.0%			$	76,414,458

FUTURES

Type	Number of Contracts		Expiration Month	Original Value		Value at March 31, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		3	June 2015	$	656,302	$	657,469	$	1,167
U.S. T-Note 5 Yr (CBT) Futures		4	June 2015		477,131		480,844		3,713
Sold Contracts
Euro-BOBL Futures		15	June 2015		2,085,332		2,087,545		(2,213	)
U.S. T-Note 10 Yr (CBT) Futures		4	June 2015		509,369		515,625		(6,256	)
								$	(3,589	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	187	IDR	2,418,023	4/17/15	$	(2,461	)
BNP Paribas SA	GBP	252	USD	371	4/23/15		(2,589	)
Citibank	CAD	473	USD	377	4/10/15		3,741
Citibank	JPY	265,000	USD	2,223	5/15/15		11,812
Deutsche Bank AG	BRL	1,021	USD	353	4/02/15		33,277
Deutsche Bank AG	USD	318	BRL	1,021	4/02/15		1,640
HSBC Bank USA	USD	903	NZD	1,245	4/10/15		27,587
JPMorgan Chase Bank	CAD	705	USD	560	4/10/15		3,044
Morgan Stanley & Co., Inc.	AUD	1,201	USD	918	5/15/15		5,005
Royal Bank of Scotland PLC	NZD	1,239	USD	908	4/10/15		(17,990	)
Royal Bank of Scotland PLC	USD	188	IDR	2,465,929	4/17/15		(191	)
Royal Bank of Scotland PLC	GBP	256	USD	376	4/23/15		(4,149	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC	SGD	255	USD	187	4/24/15	$	1,136
Royal Bank of Scotland PLC	TWD	5,912	USD	190	4/28/15		351
Standard Chartered Bank	IDR	1,910,850	USD	144	4/17/15		(1,369	)
State Street Bank & Trust Co.	CAD	473	USD	372	4/10/15		(1,338	)
State Street Bank & Trust Co.	USD	9	GBP	6	4/23/15		(67	)
State Street Bank & Trust Co.	EUR	697	USD	761	4/30/15		11,702
UBS AG	BRL	1,021	USD	318	4/02/15		(1,640	)
UBS AG	USD	321	BRL	1,021	4/02/15		(960	)
UBS AG	GBP	588	USD	904	4/23/15		31,614
UBS AG	BRL	1,021	USD	318	5/05/15		938
						$	99,093

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2015		Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03	$	72	$	(5,961	)	$	(260	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		72		(5,962	)		(323	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		69		(5,716	)		(299	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		68		(5,635	)		(308	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		74		(6,125	)		(372	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		51		(4,246	)		(263	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		51		(4,246	)		(223	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		51		(4,246	)		(116	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		81		(6,778	)		(371	)
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		(5.00	)		3.03		68		(5,635	)		(332	)
Sale Contracts
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		5.00			3.03		1,548		129,024			57,501
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.40		66		4,807			225
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.40		69		5,025			288
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.40		66		4,806			262
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.40		66		4,807			292
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.40		65		4,734			320
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.40		79		5,754			393
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.40		72		5,244			394

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive		Implied Credit Spread at March 31, 2015		Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00		3.40	$	49	$	3,569	$	268
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00		3.40		49		3,568		233
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00		3.40		49		3,569		121
							$	120,357	$	57,430

* Termination date.

CENTRALLY CLEARED INTEREST RATE SWAPS

					Rate Type
Clearing Broker /(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME Group)	CAD	3,560		3/10/17	0.973%	3 Month CDOR	$	(5,432	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	4,720		3/11/17	2.140%	3 Month BBSW		(18,328	)
Morgan Stanley & Co., LLC/(CME Group)		2,580		3/11/17	3 Month LIBOR	0.963%		9,565
Morgan Stanley & Co., LLC/(CME Group)		380		6/25/21	2.243%	3 Month LIBOR		(14,467	)
Morgan Stanley & Co., LLC/(CME Group)		530		1/14/24	2.980%	3 Month LIBOR		(48,062	)
Morgan Stanley & Co., LLC/(CME Group)		460		2/14/24	2.889%	3 Month LIBOR		(37,100	)
Morgan Stanley & Co., LLC/(CME Group)		650		4/28/24	2.817%	3 Month LIBOR		(54,170	)
Morgan Stanley & Co., LLC/(CME Group)		450		5/29/24	3 Month LIBOR	2.628%		29,015
Morgan Stanley & Co., LLC/(CME Group)	AUD	720		3/11/25	6 Month BBSW	2.973%		12,514
Morgan Stanley & Co., LLC/(CME Group)		370		3/11/25	2.306%	3 Month LIBOR		(9,994	)
							$	(136,459	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive		Implied Credit Spread at March 31, 2015		Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Credit Suisse International:
Anadarko Petroleum Corp.,		1.00		0.47	$	270	$	3,509	$	(4,699	)	$	8,208
5.95%, 9/15/16, 9/20/17*
Kohl’s Corp.,		1.00		0.51		92		1,908		(1,048	)		2,956
6.25% 12/15/17, 6/20/19*
Kohl’s Corp.,		1.00		0.51		37		772		(423	)		1,195
6.25% 12/15/17, 6/20/19*
Kohl’s Corp.,		1.00		0.51		37		777		(427	)		1,204
6.25% 12/15/17, 6/20/19*
Kohl’s Corp.,		1.00		0.51		54		1,119		(551	)		1,670
6.25% 12/15/17, 6/20/19*
							$	8,085	$	(7,148	)	$	15,233

* Termination date.

INFLATION (CPI) SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by  the Fund

Payments received by the Fund

Unrealized Appreciation/ (Depreciation)

Barclays Bank PLC

$

1,120

3/04/16

CPI

#

1.170

%

$

5,559

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

INTEREST RATE SWAPS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by  the Fund			Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank	$	1,390		1/30/17		1.059	%		3 Month LIBOR	$	(9,701	)
JPMorgan Chase Bank		1,520		2/07/22		2.043	%		3 Month LIBOR		(30,446	)
										$	(40,147	)

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the aggregate market value of these securities amounted to $14,613,715 or 19.1% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at March 31, 2015.

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

(d) Illiquid security.

(e) IO - Interest Only

(f) Non-income producing security.

(g) Fair valued by the Adviser.

(h) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $3,468,339 and gross unrealized depreciation of investments was $(692,508), resulting in net unrealized appreciation of $2,775,831.

(i) An amount of U.S. $20,804 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2015.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
IDR	-	Indonesian Rupiah
JPY	-	Japanese Yen
NZD	-	New Zealand Dollar
SGD	-	Singapore Dollar
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
BBSW	-	Bank Bill Swap Reference Rate (Australia)
CBT	-	Chicago Board of Trade
CDOR	-	Canadian Dealer Offered Rate
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
CPI	-	Consumer Price Index
GSE	-	Government-Sponsored Enterprise
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

AB Variable Products Series Fund

Intermediate Bond Portfolio

March 31, 2015 (unaudited)

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. The U.S. GAAP disclosure requirements establish 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. 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Mortgage Pass-Throughs	$	– 0	–	$	17,341,754	$	– 0	–	$	17,341,754
Governments - Treasuries		– 0	–		16,575,149		– 0	–		16,575,149
Corporates - Investment Grade		– 0	–		16,284,489		– 0	–		16,284,489
Asset-Backed Securities		– 0	–		9,322,104		938,157			10,260,261
Commercial Mortgage-Backed Securities		– 0	–		6,767,400		511,618			7,279,018
Corporates - Non-Investment Grade		– 0	–		4,432,892		– 0	–		4,432,892
Inflation-Linked Securities		– 0	–		3,290,298		– 0	–		3,290,298
Collateralized Mortgage Obligations		– 0	–		105,524		3,076,972			3,182,496
Agencies		– 0	–		2,089,360		– 0	–		2,089,360
Quasi-Sovereigns		– 0	–		968,327		– 0	–		968,327
Governments - Sovereign Agencies		– 0	–		911,386		– 0	–		911,386
Preferred Stocks		205,812			125,085		– 0	–		330,897

Investments in Securities:

Level 1

Level 2

Level 3

Total

Local Governments - Municipal Bonds

$

– 0

–

$

311,734

$

– 0

–

$

311,734

Emerging Markets - Corporate Bonds

– 0

–

94,500

– 0

–

94,500

Warrants

– 0

–

– 0

–

– 0

–^

– 0

–

Short-Term Investments:

Time Deposit

– 0

–

5,446,746

– 0

–

5,446,746

Commercial Paper

– 0

–

691,118

– 0

–

691,118

Liabilities:

Mortgage Pass-Throughs

– 0

–

(1,517,005

)

– 0

–

(1,517,005

)

Total Investments in Securities

205,812

83,240,861

4,526,747

87,973,420

Other Financial Instruments* :

Assets:

Futures

4,880

– 0

–

– 0

–

4,880

Forward Currency Exchange Contracts

– 0

–

131,847

– 0

–

131,847

Centrally Cleared Credit Default Swaps

– 0

–

60,297

– 0

–

60,297

Centrally Cleared Interest Rate Swaps

– 0

–

51,094

– 0

–

51,094

Credit Default Swaps

– 0

–

15,233

– 0

–

15,233

Inflation (CPI) Swaps

– 0

–

5,559

– 0

–

5,559

Liabilities:

Futures

(8,469

)

– 0

–

– 0

–

(8,469

)

Forward Currency Exchange Contracts

– 0

–

(32,754

)

– 0

–

(32,754

)

Centrally Cleared Credit Default Swaps

– 0

–

(2,867

)

– 0

–

(2,867

)

Centrally Cleared Interest Rate Swaps

– 0

–

(187,553

)

– 0

–

(187,553

)

Interest Rate Swaps

– 0

–

(40,147

)

– 0

–

(40,147

)

Total**

$

202,223

$

83,241,570

$

4,526,747

$

87,970,540

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

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

** There were no transfers between Level 1 and Level 2 during the reporting period.

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

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

	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/14	$	1,289,761		$	292,194		$	3,033,170
Accrued discounts/(premiums)		676			(256	)		3,338
Realized gain (loss)		(3,694	)		– 0	–		(7,882	)
Change in unrealized appreciation/depreciation		(393	)		(398	)		41,324
Purchases/Payups		133,595			220,078			202,310
Sales/Paydowns		(242,020	)		– 0	–		(195,288	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(239,768	)		– 0	–		– 0	–
Balance as of 3/31/15	$	938,157		$	511,618		$	3,076,972
Net change in unrealized appreciation/depreciation from investments held as of 3/31/15	$	(400	)	$	(398	)	$	38,941

	Warrants^			Total
Balance as of 12/31/14	$	–0	–	$	4,615,125
Accrued discounts/(premiums)		– 0	–		3,758
Realized gain (loss)		– 0	–		(11,576	)
Change in unrealized appreciation/depreciation		– 0	–		40,533
Purchases/Payups		– 0	–		555,983
Sales/Paydowns		– 0	–		(437,308	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(239,768	)
Balance as of 3/31/15	$	– 0	–	$	4,526,747	+
Net change in unrealized appreciation/depreciation from investments held as of 3/31/15	$	– 0	–	$	38,143

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

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

As of March 31, 2015 all Level 3 securities were priced by third party vendors or using prior transaction, which approximates fair value.

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

International Growth Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.5%
Financials - 27.7%
Banks - 7.8%
Credicorp Ltd.		8,150	$	1,146,135
HDFC Bank Ltd.		64,150		1,049,452
ING Groep NV (a)		102,240		1,497,609
Kasikornbank PCL (NVDR)		115,300		810,724
Sumitomo Mitsui Financial Group, Inc. (b)		28,900		1,107,002
UniCredit SpA		191,819		1,300,781
				6,911,703
Capital Markets - 6.6%
Aberdeen Asset Management PLC		118,310		804,898
Azimut Holding SpA		45,785		1,305,064
Partners Group Holding AG		6,300		1,878,201
UBS Group AG (a)		100,518		1,884,823
				5,872,986
Diversified Financial Services - 2.4%
IG Group Holdings PLC		108,230		1,136,470
London Stock Exchange Group PLC		27,850		1,012,905
				2,149,375
Insurance - 7.2%
AIA Group Ltd.		434,000		2,722,070
Prudential PLC		106,075		2,632,298
St James’s Place PLC		77,650		1,073,992
				6,428,360
Real Estate Management & Development - 1.1%
Global Logistic Properties Ltd.		481,100		928,569
Thrifts & Mortgage Finance - 2.6%
Housing Development Finance Corp. Ltd.		110,977		2,333,840
				24,624,833
Consumer Discretionary - 17.5%
Automobiles - 5.2%
Great Wall Motor Co., Ltd.-Class H		119,500		842,432
Nissan Motor Co., Ltd.		148,400		1,509,308
Tata Motors Ltd.-Class A		196,441		1,043,131
Volkswagen AG (Preference Shares)		4,702		1,246,982
				4,641,853
Diversified Consumer Services - 0.4%
Kroton Educacional SA		107,100		345,305
Hotels, Restaurants & Leisure - 1.6%
Alsea SAB de CV (a)(b)		200,921		588,267
Melco Crown Entertainment Ltd. (ADR) (b)		37,567		806,188
				1,394,455
Household Durables - 1.5%
Panasonic Corp.		103,300		1,356,539

Company	Shares		U.S. $ Value
Internet & Catalog Retail - 1.3%
JD.com, Inc. (ADR) (a)		37,998		1,116,381
Media - 1.8%
Naspers Ltd.-Class N		10,600		1,625,943
Multiline Retail - 1.1%
Matahari Department Store Tbk PT		647,500		973,720
Specialty Retail - 2.2%
Chow Tai Fook Jewellery Group Ltd. (b)		554,600		595,139
Fast Retailing Co., Ltd.		3,500		1,353,303
				1,948,442
Textiles, Apparel & Luxury Goods - 2.4%
Brunello Cucinelli SpA (b)		26,623		468,614
Cie Financiere Richemont SA		20,222		1,624,856
				2,093,470
				15,496,108
Consumer Staples - 14.7%
Beverages - 2.2%
Anheuser-Busch InBev NV		16,309		1,992,395
Food & Staples Retailing - 1.1%
Tsuruha Holdings, Inc.		12,500		956,893
Food Products - 6.2%
Danone SA		21,340		1,438,484
Nestle SA (REG)		29,748		2,240,095
Universal Robina Corp.		250,530		1,265,487
WH Group Ltd. (a)(c)		964,000		548,805
				5,492,871
Household Products - 3.3%
Reckitt Benckiser Group PLC		19,890		1,708,662
Unicharm Corp.		46,800		1,225,223
				2,933,885
Tobacco - 1.9%
British American Tobacco PLC		32,967		1,707,164
				13,083,208
Health Care - 11.9%
Biotechnology - 0.6%
Actelion Ltd. (REG) (a)		4,740		546,681
Health Care Equipment & Supplies - 1.9%
Elekta AB-Class B (b)		64,150		576,908
Essilor International SA		9,282		1,065,714
				1,642,622
Pharmaceuticals - 9.4%
Aspen Pharmacare Holdings Ltd. (a)		31,211		986,157
Bayer AG		7,988		1,195,132
H Lundbeck A/S (a)		29,110		613,208
Novo Nordisk A/S-Class B		26,015		1,388,778

Company	Shares		U.S. $ Value
Roche Holding AG		10,620		2,918,291
Sun Pharmaceutical Industries Ltd.		78,409		1,279,226
				8,380,792
				10,570,095
Information Technology - 11.1%
Internet Software & Services - 3.5%
Baidu, Inc. (Sponsored ADR) (a)		7,310		1,523,404
Tencent Holdings Ltd.		84,400		1,603,837
				3,127,241
IT Services - 0.9%
Tata Consultancy Services Ltd.		19,140		782,956
Semiconductors & Semiconductor Equipment - 4.9%
ams AG		21,310		1,017,462
MediaTek, Inc.		110,000		1,485,633
Taiwan Semiconductor Manufacturing Co., Ltd.		401,000		1,863,672
				4,366,767
Software - 1.8%
Mobileye NV (a)		37,786		1,588,146
				9,865,110
Industrials - 8.0%
Aerospace & Defense - 2.1%
Safran SA		26,360		1,841,814
Commercial Services & Supplies - 1.2%
Aggreko PLC		45,366		1,026,201
Industrial Conglomerates - 1.5%
Toshiba Corp.		324,000		1,357,580
Machinery - 1.5%
Komatsu Ltd.		66,800		1,309,459
Professional Services - 1.7%
Capita PLC		91,850		1,518,353
				7,053,407
Energy - 4.0%
Energy Equipment & Services - 1.2%
Schlumberger Ltd.		12,420		1,036,325
Oil, Gas & Consumable Fuels - 2.8%
Canadian Natural Resources Ltd.		32,823		1,006,031
TOTAL SA		30,890		1,535,449
				2,541,480
				3,577,805
Materials - 2.6%
Chemicals - 1.7%
Linde AG		7,310		1,486,483
Metals & Mining - 0.9%
BHP Billiton PLC		36,400		798,809
				2,285,292
Total Common Stocks (cost $62,722,360)				86,555,858

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.9%
Time Deposit - 1.9%
State Street Time Deposit 0.01%, 4/01/15 (cost $1,659,049)	$	1,659		1,659,049
Total Investments Before Security Lending Collateral for Securities Loaned - 99.4% (cost $64,381,409)				88,214,907
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.5%
Investment Companies - 4.5%
AB Exchange Reserves-Class I, 0.08% (d)(e) (cost $4,009,222)		4,009,222		4,009,222
Total Investments - 103.9% (cost $68,390,631) (f)				92,224,129
Other assets less liabilities - (3.9)%				(3,440,359	)
Net Assets - 100.0%			$	88,783,770

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		HKD	18,090		USD	2,333	5/13/15	$	(253	)
Barclays Bank PLC		JPY	377,583		USD	3,144	5/13/15		(5,868	)
Barclays Bank PLC		USD	1,279		CAD	1,604	5/13/15		(13,554	)
BNP Paribas SA		CAD	1,207		USD	966	5/13/15		13,914
BNP Paribas SA		GBP	746		USD	1,113	5/13/15		6,902
BNP Paribas SA		USD	4,375		AUD	5,667	5/13/15		(69,183	)
Citibank		USD	354		AUD	458	5/13/15		(6,363	)
Citibank		USD	880		JPY	103,577	5/13/15		(15,490	)
Deutsche Bank AG		CHF	4,171		USD	4,527	5/13/15		227,436
Goldman Sachs Bank USA		USD	2,708		JPY	323,143	5/13/15		(11,843	)
Morgan Stanley & Co., Inc.		GBP	960		USD	1,461	5/13/15		37,662
Morgan Stanley & Co., Inc.		USD	2,642		JPY	315,246	5/13/15		(11,702	)
Royal Bank of Scotland PLC		USD	2,347		CAD	2,931	5/13/15		(33,938	)
Royal Bank of Scotland PLC		USD	1,461		GBP	960	5/13/15		(37,695	)
State Street Bank & Trust Co.		CHF	946		USD	949	5/13/15		(26,175	)
State Street Bank & Trust Co.		EUR	308		USD	338	5/13/15		6,696
State Street Bank & Trust Co.		USD	846		EUR	768	5/13/15		(20,060	)
								$	40,486

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the market value of this security amounted to $548,805 or 0.6% of net assets.

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

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

(f) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $27,060,231 and gross unrealized depreciation of investments was $(3,226,733), resulting in net unrealized appreciation of $23,833,498.

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.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
NVDR	-	Non Voting Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

March 31, 2015 (unaudited)

14.3%	United Kingdom
12.6%	Switzerland
11.5%	Japan
7.3%	India
6.7%	France
5.8%	China
5.3%	Hong Kong
4.4%	Germany
3.8%	Taiwan
3.5%	Italy
3.0%	United States
2.9%	South Africa
2.3%	Denmark
14.7%	Other
1.9%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2015. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.3% or less in the following countries: Australia, Austria, Belgium, Brazil, Canada, Indonesia, Mexico, Netherlands, Peru, Philippines, Singapore, Sweden and Thailand.

AB Variable Products Series Fund

International Growth Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	1,146,135		$	23,478,698		$	– 0	–	$	24,624,833
Consumer Discretionary		3,324,755			12,171,353			– 0	–		15,496,108
Consumer Staples		– 0	–		13,083,208			– 0	–		13,083,208
Health Care		1,856,134			8,713,961			– 0	–		10,570,095
Information Technology		3,894,506			5,970,604			– 0	–		9,865,110
Industrials		– 0	–		7,053,407			– 0	–		7,053,407
Energy		2,042,356			1,535,449			– 0	–		3,577,805
Materials		– 0	–		2,285,292			– 0	–		2,285,292
Short-Term Investments		– 0	–		1,659,049			– 0	–		1,659,049
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		4,009,222			– 0	–		– 0	–		4,009,222
Total Investments in Securities		16,273,108			75,951,021	+		– 0	–		92,224,129
Other Financial Instruments*:
Assets:
Forward Currency Exchange Contracts		– 0	–		292,609			– 0	–		292,609
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(252,123	)		– 0	–		(252,123	)
Total (a)(b)	$	16,273,108		$	75,991,507		$	– 0	–	$	92,264,615

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

+ 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.

(a) An amount of $1,767,789 was transferred from Level 1 to Level 2 due to increase in trading volume during the reporting period.

(b) An amount of $1,655,068 was transferred from Level 2 to Level 1 due to increase in trading volume during the reporting period.

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

International Value Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Financials - 24.2%
Banks - 13.7%
Banco Macro SA (ADR)		46,070	$	2,635,204
Bank Hapoalim BM		1,100,305		5,290,662
Bank of Baroda		770,900		2,010,342
Bank of China Ltd.-Class H		7,561,000		4,361,072
Bank of Queensland Ltd.		784,720		8,222,905
Danske Bank A/S		429,450		11,321,650
ICICI Bank Ltd.		531,850		2,686,730
ING Groep NV (a)		804,550		11,785,031
Intesa Sanpaolo SpA		1,815,080		6,160,385
Mitsubishi UFJ Financial Group, Inc.		2,844,000		17,614,063
Shinhan Financial Group Co., Ltd.		49,440		1,857,451
Societe Generale SA		159,912		7,720,872
Sumitomo Mitsui Financial Group, Inc.		95,000		3,638,935
UniCredit SpA		1,251,950		8,489,840
				93,795,142
Diversified Financial Services - 3.5%
Challenger Ltd./Australia		881,360		4,784,428
Friends Life Group Ltd.		813,170		4,978,244
ORIX Corp.		1,024,800		14,399,587
				24,162,259
Insurance - 5.1%
AIA Group Ltd.		1,074,400		6,738,690
Assicurazioni Generali SpA		508,417		9,996,576
Direct Line Insurance Group PLC		740,280		3,493,377
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		53,250		11,442,473
Suncorp Group Ltd.		347,170		3,560,091
				35,231,207
Real Estate Management & Development - 1.6%
Aeon Mall Co., Ltd. (b)		203,100		4,022,010
Lend Lease Group		355,270		4,487,269
Wharf Holdings Ltd. (The)		311,000		2,167,034
				10,676,313
Thrifts & Mortgage Finance - 0.3%
LIC Housing Finance Ltd.		294,260		2,055,563
				165,920,484
Consumer Discretionary - 18.2%
Auto Components - 6.6%
Aisin Seiki Co., Ltd. (b)		200,300		7,261,938
Bridgestone Corp.		122,100		4,888,874
Cie Generale des Etablissements Michelin-Class B		44,492		4,424,502
GKN PLC		719,020		3,813,948
Nokian Renkaat Oyj		159,620		4,756,963
Plastic Omnium SA		132,470		3,491,168
Sumitomo Electric Industries Ltd.		676,700		8,870,488
Valeo SA		50,790		7,575,591
				45,083,472

Company	Shares		U.S. $ Value
Automobiles - 5.7%
Bayerische Motoren Werke AG		42,820		5,332,594
Great Wall Motor Co., Ltd.-Class H		776,000		5,470,523
Honda Motor Co., Ltd. (b)		405,800		13,246,498
Isuzu Motors Ltd.		382,000		5,068,175
Peugeot SA (a)		64,330		1,075,315
Tata Motors Ltd.		342,320		2,989,912
Tata Motors Ltd.-Class A		251,540		1,335,715
Volkswagen AG (Preference Shares)		17,850		4,733,863
				39,252,595
Media - 3.5%
Liberty Global PLC-Series C (a)		270,597		13,478,437
Vivendi SA (a)		424,476		10,538,801
				24,017,238
Specialty Retail - 2.0%
Foschini Group Ltd. (The)		142,070		2,112,287
Kingfisher PLC		644,960		3,638,910
Shimamura Co., Ltd.		38,300		3,547,374
Yamada Denki Co., Ltd. (b)		1,153,700		4,750,859
				14,049,430
Textiles, Apparel & Luxury Goods - 0.4%
Kering		14,000		2,733,063
				125,135,798
Industrials - 13.2%
Aerospace & Defense - 3.0%
Airbus Group NV		208,090		13,528,113
Safran SA		98,190		6,860,689
				20,388,802
Air Freight & Logistics - 0.5%
Royal Mail PLC		574,550		3,726,642
Airlines - 3.2%
International Consolidated Airlines Group SA (a)		1,322,700		11,789,502
Japan Airlines Co., Ltd.		78,400		2,438,809
Qantas Airways Ltd. (a)		3,169,033		7,516,641
				21,744,952
Industrial Conglomerates - 1.9%
Hutchison Whampoa Ltd.		415,000		5,746,905
Toshiba Corp.		1,731,000		7,252,998
				12,999,903
Machinery - 1.1%
JTEKT Corp.		499,100		7,781,687
Marine - 1.7%
AP Moeller-Maersk A/S-Class B (b)		1,556		3,252,393
Nippon Yusen KK		2,952,000		8,492,112
				11,744,505

Company	Shares		U.S. $ Value
Road & Rail - 1.3%
Central Japan Railway Co.		49,100		8,873,326
Trading Companies & Distributors - 0.5%
Rexel SA		193,548		3,649,498
				90,909,315
Health Care - 8.4%
Biotechnology - 0.6%
Actelion Ltd. (REG) (a)		34,480		3,976,701
Pharmaceuticals - 7.8%
Astellas Pharma, Inc.		422,700		6,925,891
GlaxoSmithKline PLC		832,320		19,159,954
Roche Holding AG		76,310		20,969,379
Teva Pharmaceutical Industries Ltd.		99,990		6,249,097
				53,304,321
				57,281,022
Information Technology - 7.6%
IT Services - 0.6%
Cap Gemini SA		45,960		3,770,631
Semiconductors & Semiconductor Equipment - 5.2%
Advanced Semiconductor Engineering, Inc.		1,955,000		2,647,331
ASM International NV		163,900		7,556,612
Infineon Technologies AG		548,440		6,524,751
Novatek Microelectronics Corp.		881,000		4,546,779
SCREEN Holdings Co., Ltd.		918,000		6,944,607
Sumco Corp.		448,700		7,514,198
				35,734,278
Technology Hardware, Storage & Peripherals - 1.8%
Casetek Holdings Ltd.		469,000		2,527,821
Catcher Technology Co., Ltd.		453,000		4,737,569
Samsung Electronics Co., Ltd.		4,100		5,316,688
				12,582,078
				52,086,987
Telecommunication Services - 7.4%
Diversified Telecommunication Services - 3.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		1,378,693		2,567,322
Nippon Telegraph & Telephone Corp.		231,600		14,296,903
Telefonica Brasil SA (Preference Shares)		230,400		3,571,992
Telenor ASA		168,030		3,390,908
				23,827,125
Wireless Telecommunication Services - 3.9%
China Mobile Ltd.		394,000		5,124,614
SK Telecom Co., Ltd.		14,270		3,511,368
Sunrise Communications Group AG (a)(c)		32,838		2,845,194
Turkcell Iletisim Hizmetleri AS (a)		432,090		2,216,224
Vodafone Group PLC		4,063,124		13,295,852
				26,993,252
				50,820,377

Company	Shares		U.S. $ Value
Energy - 6.3%
Energy Equipment & Services - 0.3%
Aker Solutions ASA (a)(b)(c)		418,792		2,173,350
Oil, Gas & Consumable Fuels - 6.0%
BG Group PLC		839,106		10,298,967
JX Holdings, Inc. (b)		2,446,000		9,411,361
Petroleo Brasileiro SA (Sponsored ADR)		310,330		1,889,909
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		251,719		7,510,959
TOTAL SA		233,300		11,596,644
				40,707,840
				42,881,190
Materials - 6.0%
Chemicals - 4.5%
Arkema SA		82,521		6,535,319
BASF SE		22,660		2,243,239
Denki Kagaku Kogyo KK		970,000		3,821,497
Incitec Pivot Ltd.		987,100		3,048,904
JSR Corp.		480,100		8,313,980
Koninklijke DSM NV		118,995		6,632,116
				30,595,055
Construction Materials - 0.7%
Boral Ltd.		977,360		4,737,676
Paper & Forest Products - 0.8%
Mondi PLC		304,290		5,847,542
				41,180,273
Consumer Staples - 4.3%
Beverages - 0.4%
Asahi Group Holdings Ltd.		92,600		2,936,202
Food & Staples Retailing - 1.4%
Delhaize Group SA		107,930		9,696,442
Household Products - 0.8%
Reckitt Benckiser Group PLC		62,830		5,397,446
Tobacco - 1.7%
Imperial Tobacco Group PLC		267,220		11,721,938
				29,752,028
Utilities - 2.9%
Electric Utilities - 2.9%
EDP-Energias de Portugal SA		2,877,270		10,775,791
Electricite de France SA		211,860		5,080,040
Enel SpA		952,320		4,302,032
				20,157,863
Total Common Stocks (cost $633,176,925)				676,125,337

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.01%, 4/01/15 (cost $3,753,638)	$	3,754		3,753,638
Total Investments Before Security Lending Collateral for Securities Loaned - 99.0% (cost $636,930,563)				679,878,975
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.4%
Investment Companies - 4.4%
AB Exchange Reserves-Class I, 0.08% (d)(e) (cost $30,128,384)		30,128,384		30,128,384
Total Investments - 103.4% (cost $667,058,947) (f)				710,007,359
Other assets less liabilities - (3.4)% (g)				(23,623,738	)
Net Assets - 100.0%			$	686,383,621

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		63		June 2015	$	2,459,874	$	2,459,667	$	(207	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		KRW	9,889,411		USD	8,954		4/16/15	$	42,021
Barclays Bank PLC		USD	28,342		CHF	28,658		4/16/15		1,163,274
Barclays Bank PLC		USD	33,881		GBP	21,942		4/16/15		(1,335,331	)
BNP Paribas SA		AUD	39,462		USD	31,084		4/16/15		1,052,178
BNP Paribas SA		GBP	18,434		USD	27,465		4/16/15		122,474
BNP Paribas SA		GBP	11,239		USD	16,626		4/16/15		(44,362	)
BNP Paribas SA		USD	35,101		AUD	44,562		4/16/15		(1,188,553	)
BNP Paribas SA		GBP	3,818		USD	5,645		7/15/15		(15,208	)
Citibank		EUR	18,481		USD	21,863		4/16/15		1,987,256
Citibank		GBP	4,502		USD	6,795		4/16/15		117,558
Citibank		ILS	7,510		USD	1,942		4/16/15		54,631
Citibank		ILS	28,684		USD	7,182		4/16/15		(26,120	)
Citibank		USD	2,822		CHF	2,658		4/16/15		(85,166	)
Citibank		USD	5,580		EUR	4,983		4/16/15		(221,079	)
Citibank		USD	18,000		NZD	23,508		4/16/15		(448,952	)
Credit Suisse International		CHF	15,317		USD	15,972		4/16/15		201,839
Credit Suisse International		EUR	25,856		USD	29,875		4/16/15		2,067,981
Credit Suisse International		USD	8,043		CHF	7,169		4/16/15		(662,007	)
Credit Suisse International		USD	16,007		EUR	14,782		4/16/15		(109,442	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG		BRL	11,687		USD	4,043		4/02/15	$	380,898
Deutsche Bank AG		USD	3,643		BRL	11,687		4/02/15		18,777
Deutsche Bank AG		AUD	2,914		USD	2,274		4/16/15		56,616
Goldman Sachs Bank USA		CNY	13,887		USD	2,245		4/16/15		(14,319	)
Goldman Sachs Bank USA		JPY	980,867		USD	8,256		4/16/15		75,749
Goldman Sachs Bank USA		USD	1,765		CNY	10,939		4/16/15		13,848
HSBC Bank USA		HKD	83,274		USD	10,738		4/16/15		(3,033	)
JPMorgan Chase Bank		USD	18,782		GBP	12,233		4/16/15		(637,692	)
Morgan Stanley & Co., Inc.		SEK	49,728		USD	5,913		4/16/15		137,539
Morgan Stanley & Co., Inc.		USD	19,022		SEK	151,801		4/16/15		(1,392,697	)
Northern Trust Co.		JPY	6,464,389		USD	54,198		4/16/15		288,649
Northern Trust Co.		NOK	40,947		USD	5,285		4/16/15		203,297
Royal Bank of Scotland PLC		BRL	8,561		USD	2,678		4/02/15		(4,573	)
Royal Bank of Scotland PLC		USD	2,669		BRL	8,561		4/02/15		13,755
Royal Bank of Scotland PLC		JPY	458,350		USD	3,833		4/16/15		10,921
Royal Bank of Scotland PLC		NZD	49,208		USD	36,277		4/16/15		(460,446	)
Royal Bank of Scotland PLC		USD	38,481		NZD	50,621		4/16/15		(688,651	)
Royal Bank of Scotland PLC		USD	2,747		BRL	9,032		5/05/15		59,325
Standard Chartered Bank		CNY	75,325		USD	12,155		4/16/15		(97,315	)
Standard Chartered Bank		HKD	19,531		USD	2,519		4/16/15		0
Standard Chartered Bank		USD	20,007		JPY	2,332,071		4/16/15		(558,315	)
Standard Chartered Bank		USD	8,409		GBP	5,646		7/15/15		(39,250	)
State Street Bank & Trust Co.		USD	6,915		EUR	6,082		4/16/15		(373,901	)
State Street Bank & Trust Co.		USD	8,721		JPY	1,043,089		4/16/15		(22,541	)
State Street Bank & Trust Co.		USD	2,111		SEK	17,462		4/16/15		(82,938	)
UBS AG		BRL	20,248		USD	6,312		4/02/15		(32,532	)
UBS AG		USD	6,363		BRL	20,248		4/02/15		(19,041	)
UBS AG		USD	33,345		AUD	41,584		4/16/15		(1,698,286	)
UBS AG		USD	20,290		EUR	18,490		4/16/15		(404,988	)
UBS AG		BRL	20,248		USD	6,311		5/05/15		18,605
									$	(2,579,547	)

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the aggregate market value of these securities amounted to $5,018,544 or 0.7% of net assets.

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

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

(f) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $75,212,754 and gross unrealized depreciation of investments was $(32,264,342), resulting in net unrealized appreciation of $42,948,412.

(g) An amount of U.S.$243,258 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2015.

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.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
USD	-	United States Dollar
Glossary:
ADR	-	American Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

March 31, 2015 (unaudited)

26.8%	Japan
15.4%	United Kingdom
13.0%	France
5.3%	Australia
4.9%	Netherlands
4.5%	Germany
4.3%	Italy
4.1%	Switzerland
2.2%	China
2.2%	Hong Kong
2.1%	Denmark
2.1%	Taiwan
2.1%	Israel
10.4%	Other
0.6%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2015. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.6% or less in the following countries: Argentina, Belgium, Brazil, Finland, India, Norway, Portugal, South Africa, South Korea, and Turkey.

AB Variable Products Series Fund

International Value Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stock:

Financials

$

2,635,204

$

163,285,280

$

–0

–

$

165,920,484

Consumer Discretionary

13,478,437

111,657,361

– 0

–

125,135,798

Industrials

– 0

–

90,909,315

– 0

–

90,909,315

Health Care

– 0

–

57,281,022

– 0

–

57,281,022

Information Technology

– 0

–

52,086,987

– 0

–

52,086,987

Telecommunication Services

6,417,186

44,403,191

– 0

–

50,820,377

Energy

1,889,909

40,991,281

– 0

–

42,881,190

Materials

– 0

–

41,180,273

– 0

–

41,180,273

Consumer Staples

– 0

–

29,752,028

– 0

–

29,752,028

Utilities

– 0

–

20,157,863

– 0

–

20,157,863

Short-Term Investments

– 0

–

3,753,638

– 0

–

3,753,638

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

30,128,384

– 0

–

– 0

–

30,128,384

Total Investments in Securities

54,549,120

655,458,239

+

– 0

–

710,007,359

Other Financial Instruments* :

Assets:

Forward Currency Exchange Contracts

– 0

–

8,087,191

– 0

–

8,087,191

Liabilities:

Futures

– 0

–

(207

)

– 0

–

(207

)

Forward Currency Exchange Contracts

– 0

–

(10,666,738

)

– 0

–

(10,666,738

)

Total^

$

54,549,120

$

652,878,485

$

– 0

–

$

707,427,605

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

+ 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.

^ There were no transfers between any levels during the reporting period.

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.1%
Technology - 24.4%
Computer Services, Software & Systems - 12.9%
ANSYS, Inc. (a)		81,072	$	7,149,740
Aspen Technology, Inc. (a)		68,421		2,633,524
F5 Networks, Inc. (a)		29,200		3,356,248
Facebook, Inc.-Class A (a)		210,639		17,317,686
Google, Inc.-Class A (a)		7,080		3,927,276
Google, Inc.-Class C (a)		19,795		10,847,660
LinkedIn Corp.-Class A (a)		13,420		3,353,121
ServiceNow, Inc. (a)		45,401		3,576,691
Twitter, Inc. (a)		132,790		6,650,123
				58,812,069
Computer Technology - 6.7%
Apple, Inc.		243,464		30,294,226
Electronic Components - 1.3%
Amphenol Corp.-Class A		97,254		5,731,178
Semiconductors & Component - 3.5%
Altera Corp.		103,750		4,451,912
Linear Technology Corp.		114,066		5,338,289
NVIDIA Corp.		295,692		6,187,355
				15,977,556
				110,815,029
Consumer Discretionary - 23.1%
Auto Parts - 1.7%
Mobileye NV (a)		184,900		7,771,347
Cable Television Services - 1.6%
Comcast Corp.-Class A		129,040		7,286,889
Cosmetics - 0.6%
Estee Lauder Cos., Inc. (The)-Class A		33,490		2,785,028
Diversified Retail - 2.7%
Costco Wholesale Corp.		53,850		8,158,006
Dollar Tree, Inc. (a)		50,630		4,108,371
				12,266,377
Entertainment - 3.2%
Walt Disney Co. (The)		137,470		14,419,228
Leisure Time - 1.8%
Priceline Group, Inc. (The) (a)		7,010		8,160,692
Photography - 0.3%
GoPro, Inc.-Class A (a)(b)		32,896		1,428,015
Recreational Vehicles & Boats - 1.1%
Polaris Industries, Inc.		36,998		5,220,418
Restaurants - 2.4%
Starbucks Corp.		114,695		10,861,616

Company	Shares		U.S. $ Value
Specialty Retail - 5.2%
Home Depot, Inc. (The)		135,341		15,376,091
O’Reilly Automotive, Inc. (a)		20,290		4,387,510
Ulta Salon Cosmetics & Fragrance, Inc. (a)		24,970		3,766,724
				23,530,325
Textiles, Apparel & Shoes - 2.5%
NIKE, Inc.-Class B		112,390		11,276,089
				105,006,024
Health Care - 16.6%
Biotechnology - 4.0%
Biogen, Inc. (a)		42,775		18,061,316
Health Care Management Services - 3.7%
UnitedHealth Group, Inc.		144,341		17,074,097
Health Care Services - 0.7%
Premier, Inc.-Class A (a)		80,346		3,019,403
Health Care: Misc. - 1.2%
Quintiles Transnational Holdings, Inc. (a)		80,688		5,403,675
Medical & Dental Instruments & Supplies - 0.5%
Align Technology, Inc. (a)		43,214		2,324,265
Medical Equipment - 3.8%
Illumina, Inc. (a)		28,456		5,282,572
Intuitive Surgical, Inc. (a)		23,696		11,967,191
				17,249,763
Pharmaceuticals - 2.7%
Gilead Sciences, Inc. (a)		124,250		12,192,652
				75,325,171
Consumer Staples - 9.8%
Beverage: Soft Drinks - 2.9%
Monster Beverage Corp. (a)		96,196		13,313,045
Drug & Grocery Store Chains - 3.9%
CVS Health Corp.		172,014		17,753,565
Foods - 1.5%
Mead Johnson Nutrition Co.-Class A		68,620		6,898,369
Tobacco - 1.5%
Philip Morris International, Inc.		90,931		6,849,832
				44,814,811
Producer Durables - 8.5%
Aerospace - 1.4%
Rockwell Collins, Inc.		68,310		6,595,330
Air Transport - 0.9%
Alaska Air Group, Inc.		61,836		4,092,306
Diversified Manufacturing Operations - 1.6%
Danaher Corp.		88,602		7,522,310

Company	Shares		U.S. $ Value
Railroad Equipment - 1.2%
Wabtec Corp./DE		56,530		5,370,915
Scientific Instruments: Control & Filter - 1.2%
Pall Corp.		52,550		5,275,495
Scientific Instruments: Electrical - 0.7%
AMETEK, Inc.		58,701		3,084,151
Scientific Instruments: Gauges & Meters - 0.8%
Mettler-Toledo International, Inc. (a)		10,995		3,613,507
Truckers - 0.7%
JB Hunt Transport Services, Inc.		36,560		3,122,041
				38,676,055
Financial Services - 7.1%
Asset Management & Custodian - 1.8%
Affiliated Managers Group, Inc. (a)		18,687		4,013,594
BlackRock, Inc.-Class A		10,930		3,998,631
				8,012,225
Financial Data & Systems - 3.5%
Visa, Inc.-Class A		245,800		16,077,778
Securities Brokerage & Services - 1.8%
Intercontinental Exchange, Inc.		34,851		8,129,693
				32,219,696
Materials & Processing - 1.4%
Building Materials - 0.8%
Acuity Brands, Inc.		21,960		3,692,794
Fertilizers - 0.6%
Monsanto Co.		25,073		2,821,715
				6,514,509
Utilities - 1.4%
Utilities: Telecommunications - 1.4%
Level 3 Communications, Inc. (a)		116,420		6,268,053
Energy - 0.8%
Oil Well Equipment & Services - 0.8%
Schlumberger Ltd.		44,875		3,744,370
Total Common Stocks (cost $321,542,604)				423,383,718
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.3%
Time Deposit - 7.3%
State Street Time Deposit 0.01%, 4/01/15 (Cost $32,996,936)	$	32,997		32,996,936

			U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.4% (cost $354,539,540)				456,380,654
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.3%
Investment Companies - 0.3%
AB Exchange Reserves-Class I, 0.08% (c)(d) (cost $1,385,463)		1,385,463		1,385,463
Total Investments - 100.7% (cost $355,925,003) (e)				457,766,117
Other assets less liabilities - (0.7)%				(3,111,300	)
Net Assets - 100.0%			$	454,654,817

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

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

(e) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $103,659,472 and gross unrealized depreciation of investments was $(1,818,358), resulting in net unrealized appreciation of $101,841,114.

Please note: The sector classifications presented herein are based on the Russell sector classification scheme which was developed by Russell Investments. Russell classifies index members into industries that most closely describe the nature of its business and its primary economic orientation.

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

423,383,718

$

– 0

–

$

– 0

–

$

423,383,718

Short-Term Investments

– 0

–

32,996,936

– 0

–

32,996,936

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

1,385,463

– 0

–

– 0

–

1,385,463

Total Investments in Securities

424,769,181

32,996,936

– 0

–

457,766,117

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

424,769,181

$

32,996,936

$

– 0

–

$

457,766,117

* See Portfolio of Investments for sector classifications.

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

+ There were no transfers between any levels during the reporting period.

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

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Real Estate Investment Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Equity: Other - 33.1%
Diversified/Specialty - 19.9%
American Tower Corp.		20,660	$	1,945,139
BioMed Realty Trust, Inc.		15,250		345,565
CBRE Group, Inc.-Class A (a)		15,420		596,908
Chambers Street Properties		31,810		250,663
ClubCorp Holdings, Inc.		32,274		624,825
Crown Castle International Corp.		15,460		1,276,068
Digital Realty Trust, Inc.		5,030		331,779
Duke Realty Corp.		41,350		900,189
Gramercy Property Trust, Inc.		29,328		823,237
Kennedy-Wilson Holdings, Inc.		10,590		276,823
Lexington Realty Trust (b)		41,370		406,667
Rayonier, Inc.		9,310		250,998
Regal Entertainment Group-Class A		36,190		826,579
Spirit Realty Capital, Inc.		59,509		718,869
Vornado Realty Trust		6,100		683,200
Weyerhaeuser Co.		17,199		570,147
				10,827,656
Health Care - 11.0%
HCP, Inc.		35,990		1,555,128
Health Care REIT, Inc.		16,241		1,256,404
LTC Properties, Inc.		26,390		1,213,940
Senior Housing Properties Trust		19,620		435,368
Ventas, Inc.		20,430		1,491,798
				5,952,638
Triple Net - 2.2%
EPR Properties		3,970		238,319
National Retail Properties, Inc.		13,000		532,610
Realty Income Corp. (b)		8,050		415,380
				1,186,309
				17,966,603
Retail - 24.1%
Regional Mall - 14.4%
General Growth Properties, Inc.		33,490		989,630
Macerich Co. (The)		7,750		653,558
Pennsylvania Real Estate Investment Trust		39,080		907,828
Simon Property Group, Inc.		19,610		3,836,500
Taubman Centers, Inc.		1,580		121,865
WP GLIMCHER, Inc.		77,843		1,294,529
				7,803,910
Shopping Center/Other Retail - 9.7%
American Realty Capital Properties, Inc.		45,610		449,258
DDR Corp.		48,423		901,636
Federal Realty Investment Trust		1,790		263,506
Kite Realty Group Trust		15,386		433,424
Pier 1 Imports, Inc.		6,034		84,355
Ramco-Gershenson Properties Trust		47,481		883,147
Regency Centers Corp.		6,300		428,652
Retail Opportunity Investments Corp.		51,630		944,829
Retail Properties of America, Inc.-Class A		14,000		224,420

Company	Shares		U.S. $ Value
Weingarten Realty Investors		18,450		663,831
				5,277,058
				13,080,968
Residential - 21.4%
Multi-Family - 14.4%
Apartment Investment & Management Co.-Class A		8,970		353,059
AvalonBay Communities, Inc.		6,840		1,191,870
Camden Property Trust		2,010		157,041
Equity Residential		19,850		1,545,521
Essex Property Trust, Inc.		5,820		1,338,018
Meritage Homes Corp. (a)		11,200		544,768
Mid-America Apartment Communities, Inc.		15,190		1,173,731
PulteGroup, Inc.		18,370		408,365
Sun Communities, Inc.		13,205		881,038
TRI Pointe Homes, Inc. (a)		14,424		222,563
				7,815,974
Self Storage - 5.7%
CubeSmart		21,380		516,327
Extra Space Storage, Inc.		19,210		1,298,020
Public Storage		5,410		1,066,527
Sovran Self Storage, Inc.		2,450		230,153
				3,111,027
Single Family - 0.9%
Fortune Brands Home & Security, Inc.		10,420		494,742
Student Housing - 0.4%
American Campus Communities, Inc.		4,400		188,628
				11,610,371
Lodging - 9.1%
Lodging - 9.1%
Ashford Hospitality Prime, Inc.		49,132		823,944
Ashford Hospitality Trust, Inc.		87,319		840,009
Ashford, Inc. (a)		769		91,326
Chesapeake Lodging Trust		11,140		376,866
Host Hotels & Resorts, Inc.		10,170		205,230
Intrawest Resorts Holdings, Inc. (a)		30,740		268,053
Pebblebrook Hotel Trust		11,630		541,609
RLJ Lodging Trust		26,140		818,443
Strategic Hotels & Resorts, Inc. (a)		10,920		135,736
Wyndham Worldwide Corp.		9,010		815,135
				4,916,351
Industrials - 4.8%
Industrial Warehouse Distribution - 4.8%
DCT Industrial Trust, Inc.		17,230		597,192
Granite Real Estate Investment Trust		23,970		838,231
Prologis, Inc.		27,132		1,181,870
				2,617,293

Company	Shares		U.S. $ Value
Office - 4.7%
Office - 4.7%
Boston Properties, Inc.		6,189		869,431
Corporate Office Properties Trust		5,950		174,811
Cousins Properties, Inc.		14,420		152,852
Government Properties Income Trust		5,570		127,274
Hudson Pacific Properties, Inc.		13,580		450,720
Kilroy Realty Corp.		3,710		282,591
Parkway Properties, Inc./Md		28,336		491,630
				2,549,309
Financial: Other - 1.3%
Financial: Other - 1.3%
HFF, Inc.-Class A		18,350		688,859
Total Common Stocks (cost $44,069,855)				53,429,754
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.4%
Time Deposit - 1.4%
State Street Time Deposit 0.01%, 4/01/15 (cost $776,179)	$	776		776,179
Total Investments Before Security Lending Collateral for Securities Loaned 99.9% (cost $44,846,034)				54,205,933
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.5%
Investment Companies - 1.5%
AB Exchange Reserves-Class I, 0.08% (c)(d) (cost $848,680)		848,680		848,680
Total Investments - 101.4% (cost $45,694,714) (e)				55,054,613
Other assets less liabilities - (1.4)%				(784,137	)
Net Assets - 100.0%			$	54,270,476

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

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

(e) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,896,542 and gross unrealized depreciation of investments was $(536,643), resulting in net unrealized appreciation of $9,359,899.

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

Glossary:

REIT - Real Estate Investment Trust

AB Variable Products Series Fund

Real Estate Investment Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

53,429,754

$

– 0

–

$

– 0

–

$

53,429,754

Short-Term Investments

– 0

–

776,179

– 0

–

776,179

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

848,680

– 0

–

– 0

–

848,680

Total Investments in Securities

54,278,434

776,179

– 0

–

55,054,613

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

54,278,434

$

776,179

$

– 0

–

$

55,054,613

* See Portfolio of Investments for sector classifications.

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

+ There were no transfers between any levels during the reporting period.

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

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.8%
Information Technology - 30.4%
Electronic Equipment, Instruments & Components - 1.3%
Zebra Technologies Corp.-Class A (a)		12,386	$	1,123,596
Internet Software & Services - 7.1%
Cimpress NV (a)		11,697		986,993
CoStar Group, Inc. (a)		5,509		1,089,845
Dealertrack Technologies, Inc. (a)		26,073		1,004,332
Envestnet, Inc. (a)		20,068		1,125,413
HomeAway, Inc. (a)		22,600		681,842
Pandora Media, Inc. (a)(b)		29,370		476,088
Shutterstock, Inc. (a)(b)		13,300		913,311
				6,277,824
IT Services - 0.7%
VeriFone Systems, Inc. (a)		17,959		626,590
Semiconductors & Semiconductor Equipment - 6.5%
Cavium, Inc. (a)		17,485		1,238,288
Intersil Corp.-Class A		44,233		633,416
Mellanox Technologies Ltd. (a)		20,529		930,785
Monolithic Power Systems, Inc.		18,655		982,186
Silicon Laboratories, Inc. (a)		14,710		746,827
Synaptics, Inc. (a)(b)		14,713		1,196,240
				5,727,742
Software - 14.8%
Aspen Technology, Inc. (a)		17,186		661,489
Blackbaud, Inc.		24,828		1,176,351
Fortinet, Inc. (a)		39,639		1,385,383
Guidewire Software, Inc. (a)		22,779		1,198,403
Infoblox, Inc. (a)		48,796		1,164,761
Proofpoint, Inc. (a)(b)		25,806		1,528,231
SolarWinds, Inc. (a)		27,496		1,408,895
SS&C Technologies Holdings, Inc.		20,237		1,260,765
Tableau Software, Inc.-Class A (a)		12,458		1,152,614
Take-Two Interactive Software, Inc. (a)		27,107		690,009
Ultimate Software Group, Inc. (The) (a)		8,957		1,522,287
				13,149,188
				26,904,940
Health Care - 25.4%
Biotechnology - 7.5%
Achillion Pharmaceuticals, Inc. (a)		33,621		331,503
Agios Pharmaceuticals, Inc. (a)(b)		3,384		319,111
Alder Biopharmaceuticals, Inc. (a)		12,629		364,473
Isis Pharmaceuticals, Inc. (a)		11,368		723,801
Karyopharm Therapeutics, Inc. (a)(b)		8,250		252,532
KYTHERA Biopharmaceuticals, Inc. (a)(b)		7,065		354,310
Otonomy, Inc. (a)		10,936		386,697

Company	Shares		U.S. $ Value
PTC Therapeutics, Inc. (a)		2,080		126,568
Puma Biotechnology, Inc. (a)		4,494		1,061,078
Receptos, Inc. (a)		3,939		649,502
Sage Therapeutics, Inc. (a)(b)		6,490		325,993
Synageva BioPharma Corp. (a)(b)		4,632		451,759
TESARO, Inc. (a)		10,861		623,421
Ultragenyx Pharmaceutical, Inc. (a)		6,121		380,053
Xencor, Inc. (a)		16,801		257,391
				6,608,192
Health Care Equipment & Supplies - 7.9%
Align Technology, Inc. (a)		14,975		805,430
Cardiovascular Systems, Inc. (a)		21,523		840,258
DexCom, Inc. (a)		18,998		1,184,335
HeartWare International, Inc. (a)		11,522		1,011,286
K2M Group Holdings, Inc. (a)		29,066		640,905
LDR Holding Corp. (a)		26,412		967,736
Neovasc, Inc. (a)		30,135		271,215
Nevro Corp. (a)		8,192		392,643
Sirona Dental Systems, Inc. (a)		10,219		919,608
				7,033,416
Health Care Providers & Services - 5.0%
Acadia Healthcare Co., Inc. (a)		27,975		2,003,010
Premier, Inc.-Class A (a)		25,879		972,533
Team Health Holdings, Inc. (a)		24,590		1,438,761
				4,414,304
Life Sciences Tools & Services - 1.4%
ICON PLC (a)		13,218		932,265
PAREXEL International Corp. (a)		4,926		339,845
				1,272,110
Pharmaceuticals - 3.6%
Akorn, Inc. (a)		18,191		864,254
Aratana Therapeutics, Inc. (a)		23,166		370,888
GW Pharmaceuticals PLC (ADR) (a)(b)		4,269		389,034
Jazz Pharmaceuticals PLC (a)		4,407		761,486
Pacira Pharmaceuticals, Inc./DE (a)		4,309		382,855
Tetraphase Pharmaceuticals, Inc. (a)		10,357		379,480
				3,147,997
				22,476,019
Industrials - 15.9%
Aerospace & Defense - 1.7%
Hexcel Corp.		29,506		1,517,199
Construction & Engineering - 1.7%
Dycom Industries, Inc. (a)		31,473		1,537,141

Company	Shares		U.S. $ Value
Industrial Conglomerates - 1.6%
Carlisle Cos., Inc.		14,908		1,380,928
Machinery - 6.3%
Actuant Corp.-Class A		13,145		312,062
IDEX Corp.		14,188		1,075,876
Lincoln Electric Holdings, Inc.		16,861		1,102,541
Middleby Corp. (The) (a)		12,688		1,302,423
RBC Bearings, Inc.		10,870		831,990
Valmont Industries, Inc. (b)		7,999		982,917
				5,607,809
Marine - 1.2%
Kirby Corp. (a)		14,151		1,062,033
Road & Rail - 1.4%
Genesee & Wyoming, Inc.-Class A (a)		12,926		1,246,584
Trading Companies & Distributors - 2.0%
H&E Equipment Services, Inc.		40,403		1,009,671
United Rentals, Inc. (a)		8,396		765,379
				1,775,050
				14,126,744
Consumer Discretionary - 12.6%
Distributors - 1.7%
Pool Corp.		21,871		1,525,721
Diversified Consumer Services - 2.9%
Bright Horizons Family Solutions, Inc. (a)		22,885		1,173,314
Capella Education Co.		21,172		1,373,639
				2,546,953
Hotels, Restaurants & Leisure - 3.8%
Buffalo Wild Wings, Inc. (a)		7,802		1,414,035
Diamond Resorts International, Inc. (a)		30,089		1,005,875
Zoe’s Kitchen, Inc. (a)(b)		28,286		941,641
				3,361,551
Household Durables - 1.0%
Tempur Sealy International, Inc. (a)		15,027		867,659
Media - 0.9%
National CineMedia, Inc.		50,434		761,553
Multiline Retail - 1.0%
Tuesday Morning Corp. (a)		55,411		892,117
Specialty Retail - 1.3%
Cabela’s, Inc. (a)(b)		2,630		147,228
Five Below, Inc. (a)		29,144		1,036,652
				1,183,880
				11,139,434

Company	Shares		U.S. $ Value
Financials - 6.1%
Banks - 5.0%
City National Corp./CA		8,419		749,965
Iberiabank Corp.		14,556		917,465
PrivateBancorp, Inc.		9,238		324,900
Signature Bank/New York NY (a)		7,994		1,035,863
SVB Financial Group (a)		9,007		1,144,249
Western Alliance Bancorp (a)		8,385		248,531
				4,420,973
Capital Markets - 1.1%
Stifel Financial Corp. (a)		17,463		973,562
				5,394,535
Consumer Staples - 3.6%
Food & Staples Retailing - 2.7%
Chefs’ Warehouse, Inc. (The) (a)		31,073		696,967
Diplomat Pharmacy, Inc. (a)		16,146		558,329
Sprouts Farmers Market, Inc. (a)		32,942		1,160,547
				2,415,843
Food Products - 0.9%
Freshpet, Inc. (a)(b)		38,371		745,548
				3,161,391
Energy - 2.4%
Energy Equipment & Services - 1.4%
Dril-Quip, Inc. (a)		6,221		425,454
Oil States International, Inc. (a)		9,815		390,342
Superior Energy Services, Inc.		20,440		456,630
				1,272,426
Oil, Gas & Consumable Fuels - 1.0%
Laredo Petroleum, Inc. (a)(b)		40,653		530,115
Matador Resources Co. (a)		15,880		348,090
				878,205
				2,150,631
Materials - 2.3%
Chemicals - 1.6%
PolyOne Corp.		39,298		1,467,780
Construction Materials - 0.7%
Summit Materials, Inc.-Class A (a)		27,114		600,575
				2,068,355
Telecommunication Services - 1.1%
Wireless Telecommunication Services - 1.1%
RingCentral, Inc.-Class A (a)(b)		63,563		974,421
Total Common Stocks (cost $73,269,758)				88,396,470

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.6%
Time Deposit - 0.6%
State Street Time Deposit 0.01%, 4/01/15 (cost $584,461)	$	584		584,461
Total Investments Before Security Lending Collateral for Securities Loaned - 100.4% (cost $73,854,219)				88,980,931
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 8.7%
Investment Companies - 8.7%
AB Exchange Reserves-Class I, 0.08% (c)(d) (cost $7,682,376)		7,682,376		7,682,376
Total Investments - 109.1% (cost $81,536,595) (e)				96,663,307
Other assets less liabilities - (9.1)%				(8,079,204	)
Net Assets - 100.0%			$	88,584,103

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

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

(e) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,927,084 and gross unrealized depreciation of investments was $(1,800,372), resulting in net unrealized appreciation of $15,126,712.

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.

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund

Small Cap Growth Portfolio

March 31, 2015 (unaudited)

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). 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

88,396,470

$

– 0

–

$

– 0

–

$

88,396,470

Short-Term Investments

– 0

–

584,461

– 0

–

584,461

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

7,682,376

– 0

–

– 0

–

7,682,376

Total Investments in Securities

96,078,846

584,461

– 0

–

96,663,307

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

96,078,846

$

584,461

$

– 0

–

$

96,663,307

* See Portfolio of Investments for sector classifications.

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

+ There were no transfers between any levels during the reporting period.

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

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AB Variable Products Series Fund

Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.9%
Financials - 27.8%
Banks - 9.0%
Associated Banc-Corp		260,530	$	4,845,858
Comerica, Inc.		140,400		6,336,252
First Niagara Financial Group, Inc.		559,700		4,947,748
Huntington Bancshares, Inc./OH		809,730		8,947,516
Popular, Inc. (a)		230,950		7,942,371
Susquehanna Bancshares, Inc.		488,904		6,702,874
Synovus Financial Corp.		197,140		5,521,891
Webster Financial Corp.		162,850		6,033,593
Zions Bancorporation		334,340		9,027,180
				60,305,283
Capital Markets - 1.2%
E*TRADE Financial Corp. (a)		282,220		8,058,792
Consumer Finance - 1.2%
SLM Corp. (a)		878,690		8,154,243
Insurance - 8.3%
American Financial Group, Inc./OH		150,020		9,623,783
Aspen Insurance Holdings Ltd.		195,490		9,232,993
CNO Financial Group, Inc.		565,620		9,739,976
Hanover Insurance Group, Inc. (The)		125,260		9,091,371
StanCorp Financial Group, Inc.		140,180		9,616,348
Validus Holdings Ltd.		185,832		7,823,527
				55,127,998
Real Estate Investment Trusts (REITs) - 7.0%
DDR Corp.		337,710		6,288,160
DiamondRock Hospitality Co.		566,300		8,001,819
LTC Properties, Inc.		188,140		8,654,440
Medical Properties Trust, Inc.		527,900		7,781,246
Mid-America Apartment Communities, Inc.		72,240		5,581,985
Parkway Properties, Inc./Md		323,990		5,621,227
STAG Industrial, Inc.		193,370		4,548,062
				46,476,939
Thrifts & Mortgage Finance - 1.1%
Essent Group Ltd. (a)		303,468		7,255,920
				185,379,175
Information Technology - 20.7%
Communications Equipment - 2.8%
Brocade Communications Systems, Inc.		526,460		6,246,448
Finisar Corp. (a)(b)		229,590		4,899,451
Harris Corp.		98,350		7,746,046
				18,891,945
Electronic Equipment, Instruments & Components - 7.9%
Arrow Electronics, Inc. (a)		136,750		8,362,262
Avnet, Inc.		223,690		9,954,205
CDW Corp./DE		206,180		7,678,143
Insight Enterprises, Inc. (a)		257,364		7,340,021
Keysight Technologies, Inc. (a)		171,030		6,353,765

Company	Shares		U.S. $ Value
TTM Technologies, Inc. (a)		502,692		4,529,255
Vishay Intertechnology, Inc.		604,540		8,354,743
				52,572,394
IT Services - 3.7%
Amdocs Ltd.		161,700		8,796,480
Booz Allen Hamilton Holding Corp.		319,260		9,239,384
Genpact Ltd. (a)		275,310		6,400,958
				24,436,822
Semiconductors & Semiconductor Equipment - 3.8%
Advanced Micro Devices, Inc. (a)(b)		931,280		2,495,830
Fairchild Semiconductor International, Inc. (a)		532,960		9,689,213
Lam Research Corp.		110,430		7,756,051
Teradyne, Inc.		300,740		5,668,949
				25,610,043
Software - 1.1%
Electronic Arts, Inc. (a)		117,960		6,937,817
Technology Hardware, Storage & Peripherals - 1.4%
NCR Corp. (a)		322,040		9,503,401
				137,952,422
Consumer Discretionary - 18.4%
Auto Components - 3.4%
Dana Holding Corp.		261,460		5,532,494
Lear Corp.		73,480		8,143,053
Tenneco, Inc. (a)		153,340		8,804,783
				22,480,330
Automobiles - 1.3%
Thor Industries, Inc.		138,810		8,774,180
Hotels, Restaurants & Leisure - 1.4%
Bloomin’ Brands, Inc.		396,259		9,640,981
Household Durables - 3.0%
Helen of Troy Ltd. (a)		64,510		5,256,920
Meritage Homes Corp. (a)		198,380		9,649,203
PulteGroup, Inc.		242,890		5,399,445
				20,305,568
Multiline Retail - 2.7%
Big Lots, Inc.		207,040		9,944,131
Dillard’s, Inc.-Class A		58,030		7,921,676
				17,865,807
Specialty Retail - 5.8%
Brown Shoe Co., Inc.		199,830		6,554,424
Children’s Place, Inc. (The)		143,109		9,186,167
GameStop Corp.-Class A (b)		191,420		7,266,303
Office Depot, Inc. (a)		1,081,470		9,949,524
Pier 1 Imports, Inc.		409,580		5,725,928
				38,682,346

Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods - 0.8%
Crocs, Inc. (a)		430,180		5,080,426
				122,829,638
Industrials - 13.2%
Aerospace & Defense - 1.3%
Spirit Aerosystems Holdings, Inc.-Class A (a)		169,000		8,823,490
Construction & Engineering - 3.5%
AECOM (a)		195,535		6,026,389
EMCOR Group, Inc.		97,742		4,542,071
Granite Construction, Inc.		182,001		6,395,515
Tutor Perini Corp. (a)		275,090		6,423,351
				23,387,326
Electrical Equipment - 1.9%
General Cable Corp.		230,130		3,965,140
Regal-Beloit Corp.		107,820		8,616,974
				12,582,114
Machinery - 3.0%
ITT Corp.		164,110		6,549,630
Oshkosh Corp.		160,650		7,838,114
Terex Corp.		200,260		5,324,913
				19,712,657
Professional Services - 0.2%
Korn/Ferry International		40,095		1,317,923
Road & Rail - 2.1%
Con-way, Inc.		134,810		5,949,165
Ryder System, Inc.		82,930		7,869,228
				13,818,393
Trading Companies & Distributors - 1.2%
WESCO International, Inc. (a)		118,170		8,258,901
				87,900,804
Utilities - 5.2%
Electric Utilities - 2.7%
PNM Resources, Inc.		322,000		9,402,400
Westar Energy, Inc.		218,085		8,452,975
				17,855,375
Gas Utilities - 2.5%
Southwest Gas Corp.		146,280		8,509,107
UGI Corp.		260,440		8,487,740
				16,996,847
				34,852,222
Materials - 4.2%
Chemicals - 1.8%
A Schulman, Inc.		174,280		8,400,296

Company	Shares		U.S. $ Value
Huntsman Corp.		153,650		3,406,421
				11,806,717
Containers & Packaging - 1.6%
Avery Dennison Corp.		107,140		5,668,777
Graphic Packaging Holding Co.		369,220		5,368,459
				11,037,236
Metals & Mining - 0.8%
Steel Dynamics, Inc.		267,450		5,375,745
				28,219,698
Health Care - 3.5%
Health Care Providers & Services - 3.5%
LifePoint Hospitals, Inc. (a)		105,965		7,783,129
Molina Healthcare, Inc. (a)		90,050		6,059,465
WellCare Health Plans, Inc. (a)		104,790		9,584,093
				23,426,687
Energy - 2.5%
Oil, Gas & Consumable Fuels - 2.5%
Bill Barrett Corp. (a)(b)		380,720		3,159,976
Rosetta Resources, Inc. (a)		318,250		5,416,615
SM Energy Co.		157,180		8,123,062
				16,699,653
Consumer Staples - 2.4%
Food Products - 2.4%
Dean Foods Co.		563,720		9,318,291
Ingredion, Inc.		89,190		6,940,766
				16,259,057
Total Common Stocks (cost $534,570,589)				653,519,356
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.5%
Time Deposit - 2.5%
State Street Time Deposit 0.01%, 4/01/15 (cost $16,474,106)	$	16,474		16,474,106
Total Investments Before Security Lending Collateral for Securities Loaned - 100.4% (cost $551,044,695)				669,993,462
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.1%
Investment Companies - 2.1%
AB Exchange Reserves-Class I, 0.08% (c)(d) (cost $13,858,631)		13,858,631		13,858,631

	U.S. $ Value
Total Investments - 102.5% (cost $564,903,326) (e)	683,852,093
Other assets less liabilities - (2.5)%	(16,650,439)
Net Assets - 100.0%	$  667,201,654

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

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

(e) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $143,390,280 and gross unrealized depreciation of investments was $(24,441,513), resulting in net unrealized appreciation of $118,948,767.

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.

AB Variable Products Series Fund

Small/Mid Cap Value Portfolio

March 31, 2015 (unaudited)

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. The U.S. GAAP disclosure requirements establish 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. 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 is 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

653,519,356

$

– 0

–

$

– 0

–

$

653,519,356

Short-Term Investments

– 0

–

16,474,106

– 0

–

16,474,106

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

13,858,631

– 0

–

– 0

–

13,858,631

Total Investments in Securities

667,377,987

16,474,106

– 0

–

683,852,093

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

667,377,987

$

16,474,106

$

– 0

–

$

683,852,093

* See Portfolio of Investments for sector classifications.

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

^ There were no transfers between any levels during the reporting period.

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare 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).

AllianceBernstein Variable Products Series Fund

Value Portfolio

Portfolio of Investments

March 31, 2015 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.9%
Financials - 27.0%
Banks - 10.1%
Bank of America Corp.		185,232	$	2,850,720
Citigroup, Inc.		26,477		1,364,095
Citizens Financial Group, Inc.		34,749		838,493
Comerica, Inc.		16,000		722,080
Fifth Third Bancorp		19,800		373,230
JPMorgan Chase & Co.		12,191		738,531
KeyCorp		9,566		135,455
PNC Financial Services Group, Inc. (The)		4,845		451,748
Wells Fargo & Co.		61,300		3,334,720
				10,809,072
Capital Markets - 2.4%
Bank of New York Mellon Corp. (The)		13,500		543,240
Goldman Sachs Group, Inc. (The)		4,786		899,624
Morgan Stanley		15,717		560,940
State Street Corp.		7,300		536,769
				2,540,573
Consumer Finance - 4.7%
Capital One Financial Corp.		28,600		2,254,252
Discover Financial Services		23,800		1,341,130
SLM Corp. (a)		92,700		860,256
Springleaf Holdings, Inc. (a)(b)		10,210		528,572
				4,984,210
Diversified Financial Services - 1.3%
Berkshire Hathaway, Inc.-Class B (a)		8,100		1,168,992
Voya Financial, Inc.		5,319		229,302
				1,398,294
Insurance - 8.5%
ACE Ltd.		3,725		415,300
Allstate Corp. (The)		29,200		2,078,164
American Financial Group, Inc./OH		21,900		1,404,885
American International Group, Inc.		31,126		1,705,394
Aon PLC		12,533		1,204,672
Chubb Corp. (The)		2,632		266,095
Hanover Insurance Group, Inc. (The)		10,400		754,832
Progressive Corp. (The)		6,800		184,960
Travelers Cos., Inc. (The)		7,600		821,788
Unum Group		3,900		131,547
XL Group PLC		3,209		118,091
				9,085,728
				28,817,877
Health Care - 14.0%
Biotechnology - 1.0%
Gilead Sciences, Inc. (a)		10,606		1,040,767
Health Care Providers & Services - 5.9%
Aetna, Inc.		19,000		2,024,070
Anthem, Inc.		14,600		2,254,386
Quest Diagnostics, Inc.		8,926		685,963

Company	Shares		U.S. $ Value
UnitedHealth Group, Inc.		11,300		1,336,677
				6,301,096
Pharmaceuticals - 7.1%
Johnson & Johnson		28,300		2,846,980
Merck & Co., Inc.		26,806		1,540,809
Pfizer, Inc.		91,553		3,185,129
				7,572,918
				14,914,781
Consumer Discretionary - 14.0%
Auto Components - 1.7%
Lear Corp.		7,300		808,986
Magna International, Inc. (New York)-Class A		19,400		1,041,004
				1,849,990
Automobiles - 1.6%
Ford Motor Co.		107,119		1,728,901
Diversified Consumer Services - 0.5%
H&R Block, Inc.		16,493		528,930
Media - 1.9%
Time Warner, Inc.		23,852		2,014,063
Multiline Retail - 3.9%
Dillard’s, Inc.-Class A		8,403		1,147,094
Dollar General Corp. (a)		15,206		1,146,228
Kohl’s Corp.		17,643		1,380,565
Target Corp.		6,047		496,277
				4,170,164
Specialty Retail - 4.4%
Foot Locker, Inc.		22,636		1,426,068
GameStop Corp.-Class A (b)		27,651		1,049,632
L Brands, Inc.		1,693		159,633
Office Depot, Inc. (a)		87,215		802,378
Ross Stores, Inc.		5,083		535,545
Staples, Inc.		39,736		647,101
				4,620,357
				14,912,405
Information Technology - 12.6%
Communications Equipment - 1.7%
Brocade Communications Systems, Inc.		48,434		574,670
Cisco Systems, Inc.		46,475		1,279,224
				1,853,894
Electronic Equipment, Instruments & Components - 1.2%
Arrow Electronics, Inc. (a)		7,400		452,510
Keysight Technologies, Inc. (a)		22,621		840,370
				1,292,880
IT Services - 1.5%
Booz Allen Hamilton Holding Corp.		14,300		413,842

Company	Shares		U.S. $ Value
Xerox Corp.		93,951		1,207,270
				1,621,112
Semiconductors & Semiconductor Equipment - 2.5%
Applied Materials, Inc.		39,800		897,888
Intel Corp.		55,600		1,738,612
				2,636,500
Software - 3.8%
Electronic Arts, Inc. (a)		15,270		898,105
Microsoft Corp.		56,353		2,291,031
Oracle Corp.		18,907		815,837
				4,004,973
Technology Hardware, Storage & Peripherals - 1.9%
Hewlett-Packard Co.		65,947		2,054,909
				13,464,268
Energy - 10.9%
Energy Equipment & Services - 0.2%
National Oilwell Varco, Inc.		4,445		222,205
Oil, Gas & Consumable Fuels - 10.7%
Chevron Corp.		9,179		963,611
Exxon Mobil Corp.		42,903		3,646,755
Hess Corp.		25,838		1,753,625
Marathon Oil Corp.		8,200		214,102
Marathon Petroleum Corp.		8,262		845,946
Murphy Oil Corp.		19,071		888,709
Occidental Petroleum Corp.		22,200		1,620,600
Valero Energy Corp.		23,201		1,476,048
				11,409,396
				11,631,601
Utilities - 6.5%
Electric Utilities - 3.4%
American Electric Power Co., Inc.		16,600		933,750
Edison International		29,313		1,831,183
FirstEnergy Corp.		4,547		159,418
Westar Energy, Inc.		17,000		658,920
				3,583,271
Gas Utilities - 1.5%
Atmos Energy Corp.		10,700		591,710
UGI Corp.		31,650		1,031,474
				1,623,184
Independent Power and Renewable Electricity Producers - 1.2%
Calpine Corp. (a)		58,414		1,335,928
Multi-Utilities - 0.4%
DTE Energy Co.		2,000		161,380

Company	Shares		U.S. $ Value
Public Service Enterprise Group, Inc.		5,800		243,136
				404,516
				6,946,899
Industrials - 6.2%
Aerospace & Defense - 1.3%
General Dynamics Corp.		3,500		475,055
L-3 Communications Holdings, Inc.		7,295		917,638
				1,392,693
Air Freight & Logistics - 0.2%
FedEx Corp.		988		163,464
Airlines - 2.7%
Delta Air Lines, Inc.		42,980		1,932,381
JetBlue Airways Corp. (a)		50,024		962,962
				2,895,343
Industrial Conglomerates - 1.2%
General Electric Co.		52,700		1,307,487
Machinery - 0.8%
ITT Corp.		20,781		829,370
				6,588,357
Consumer Staples - 3.8%
Beverages - 0.1%
Molson Coors Brewing Co.-Class B		1,600		119,120
Food & Staples Retailing - 0.5%
CVS Health Corp.		5,019		518,011
Food Products - 1.1%
Archer-Daniels-Midland Co.		7,000		331,800
Ingredion, Inc.		11,077		862,012
				1,193,812
Household Products - 1.3%
Energizer Holdings, Inc.		4,915		678,516
Procter & Gamble Co. (The)		8,500		696,490
				1,375,006
Tobacco - 0.8%
Altria Group, Inc.		16,022		801,420
				4,007,369
Materials - 2.6%
Chemicals - 2.4%
CF Industries Holdings, Inc.		4,243		1,203,654
LyondellBasell Industries NV-Class A		15,400		1,352,120
				2,555,774
Metals & Mining - 0.2%
Alcoa, Inc.		14,100		182,172
				2,737,946

Company	Shares		U.S. $ Value
Telecommunication Services - 1.3%
Diversified Telecommunication Services - 0.4%
AT&T, Inc.		6,273		204,814
CenturyLink, Inc.		6,200		214,210
				419,024
Wireless Telecommunication Services - 0.9%
Vodafone Group PLC (Sponsored ADR)		29,500		964,060
				1,383,084
Total Common Stocks (cost $83,983,326)				105,404,587
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.2%
Time Deposit - 1.2%
State Street Time Deposit 0.01%, 4/01/15 (cost $1,222,980)	$	1,223		1,222,980
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $85,206,306)				106,627,567
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.2%
Investment Companies - 1.2%
AB Exchange Reserves-Class I, 0.08% (c)(d) (cost $1,292,361)		1,292,361		1,292,361
Total Investments - 101.3% (cost $86,498,667) (e)				107,919,928
Other assets less liabilities - (1.3)%				(1,366,435	)
Net Assets - 100.0%			$	106,553,493

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

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

(e) As of March 31, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $23,642,835 and gross unrealized depreciation of investments was $(2,221,574), resulting in net unrealized appreciation of $21,421,261.

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.

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund

Value Portfolio

March 31, 2015 (unaudited)

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. The U.S. GAAP disclosure requirements establish 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. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The 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 is 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.

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 March 31, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

105,404,587

$

– 0

–

$

– 0

–

$

105,404,587

Short-Term Investments

– 0

–

1,222,980

– 0

–

1,222,980

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

1,292,361

– 0

–

– 0

–

1,292,361

Total Investments in Securities

106,696,948

1,222,980

– 0

–

107,919,928

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

106,696,948

$

1,222,980

$

– 0

–

$

107,919,928

* See Portfolio of Investments for sector classifications.

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

+ There were no transfers between Level 1 and Level 2 during the reporting period.

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

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no 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 3. EXHIBITS.

The following exhibits are attached to this Form N-Q:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
3(a)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
3(a)(2)	Certification of Principal Financial Officer Pursuant to Section 302 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:	May 21, 2015

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:	May 21, 2015
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	May 21, 2015