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, 2016

Date of reporting period: March 31, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.4%
Information Technology - 11.3%
Communications Equipment - 0.6%
Arista Networks, Inc. (a)(b)		9,690	$	611,439
Cisco Systems, Inc.		35,490		1,010,401
Palo Alto Networks, Inc. (b)		3,030		494,314
				2,116,154
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp.-Class A		12,691		733,794
Hitachi Ltd.		50,000		234,342
Keysight Technologies, Inc. (b)		23,698		657,383
Largan Precision Co., Ltd.		1,000		77,509
PAX Global Technology Ltd. (a)		55,000		55,017
				1,758,045
Internet Software & Services - 2.6%
Alphabet, Inc.-Class A (b)		990		755,271
Alphabet, Inc.-Class C (b)		4,781		3,561,606
Baidu, Inc. (Sponsored ADR) (a)(b)		1,771		338,048
Facebook, Inc.-Class A (b)		31,650		3,611,265
Twitter, Inc. (b)		18,400		304,520
				8,570,710
IT Services - 1.8%
Cap Gemini SA		1,380		129,450
Cognizant Technology Solutions Corp.-Class A (b)		16,540		1,037,058
Fujitsu Ltd.		27,000		99,840
HCL Technologies Ltd.		10,820		132,868
Tata Consultancy Services Ltd.		7,430		283,839
Vantiv, Inc.-Class A (b)		10,100		544,188
Visa, Inc.-Class A		33,060		2,528,429
Worldpay Group PLC (b)(c)		77,638		305,875
Xerox Corp.		60,874		679,354
				5,740,901
Semiconductors & Semiconductor Equipment - 2.1%
Applied Materials, Inc.		49,149		1,040,976
ARM Holdings PLC		13,900		202,402
ASM International NV		5,020		224,483
ASML Holding NV		7,630		767,840
Infineon Technologies AG		21,010		297,887
Intel Corp.		29,061		940,123
Novatek Microelectronics Corp.		41,000		165,043
NVIDIA Corp.		37,909		1,350,698
SCREEN Holdings Co., Ltd.		49,000		386,945
Sumco Corp.		33,600		210,962
Tokyo Electron Ltd.		2,000		130,259
Xilinx, Inc.		21,861		1,036,867
				6,754,485
Software - 2.2%
Adobe Systems, Inc. (b)		6,010		563,738
ANSYS, Inc. (b)		6,255		559,572

Company	Shares		U.S. $ Value
Aspen Technology, Inc. (b)		15,100		545,563
Constellation Software, Inc./Canada		2,442		999,908
Dassault Systemes		7,260		575,221
Microsoft Corp.		31,124		1,718,979
Mobileye NV (a)(b)		11,332		422,570
Nintendo Co., Ltd.		1,900		270,081
Oracle Corp.		25,483		1,042,510
ServiceNow, Inc. (b)		7,555		462,215
				7,160,357
Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc.		27,820		3,032,102
Hewlett Packard Enterprise Co.		43,000		762,390
HP, Inc.		52,849		651,099
NCR Corp. (b)		6,428		192,390
Samsung Electronics Co., Ltd.		130		149,189
				4,787,170
				36,887,822
Financials - 11.1%
Banks - 0.1%
Banco Macro SA (ADR)		1,345		86,712
OTP Bank PLC		4,400		110,385
				197,097
Banks - 3.2%
Bank Hapoalim BM		19,435		100,884
Bank of America Corp.		140,986		1,906,131
Bank of Baroda		44,250		98,124
Bank of Queensland Ltd.		52,520		486,954
Citizens Financial Group, Inc.		22,112		463,246
CYBG PLC (b)		48,967		146,636
Danske Bank A/S		19,710		556,225
Fifth Third Bancorp		5,234		87,355
ING Groep NV		45,220		541,139
Intesa Sanpaolo SpA		67,310		186,113
JPMorgan Chase & Co.		24,361		1,442,658
KB Financial Group, Inc.		4,800		133,283
Mitsubishi UFJ Financial Group, Inc.		171,400		794,200
National Australia Bank Ltd.		7,300		146,576
PNC Financial Services Group, Inc. (The)		6,861		580,235
SunTrust Banks, Inc.		2,924		105,498
UniCredit SpA		43,810		157,935
US Bancorp		10,871		441,254
Wells Fargo & Co.		42,587		2,059,507
				10,433,953
Capital Markets - 1.1%
Amundi SA (b)(c)		3,052		145,056
Azimut Holding SpA		7,960		183,057
Bank of New York Mellon Corp. (The)		8,000		294,640
BlackRock, Inc.-Class A		1,410		480,204
Credit Suisse Group AG (REG) (b)		19,650		277,496
E*TRADE Financial Corp. (b)		8,936		218,843
Goldman Sachs Group, Inc. (The)		3,077		483,027
Morgan Stanley		10,587		264,781

Company	Shares		U.S. $ Value
Partners Group Holding AG		1,070		429,871
UBS Group AG		49,762		800,473
				3,577,448
Consumer Finance - 1.0%
Capital One Financial Corp.		17,639		1,222,559
Discover Financial Services		12,685		645,920
OneMain Holdings, Inc. (b)		21,190		581,242
Synchrony Financial (b)		27,240		780,698
				3,230,419
Diversified Financial Services - 0.4%
Berkshire Hathaway, Inc.-Class B (b)		4,127		585,539
Challenger Ltd./Australia		31,500		202,145
GRENKELEASING AG		1,452		308,300
ORIX Corp.		15,100		215,072
				1,311,056
Insurance - 2.6%
Admiral Group PLC		18,830		534,981
Aflac, Inc.		2,804		177,045
AIA Group Ltd.		193,400		1,099,289
Allstate Corp. (The)		16,305		1,098,468
American Financial Group, Inc./OH		4,977		350,231
American International Group, Inc.		19,881		1,074,568
Aviva PLC		26,662		174,088
Direct Line Insurance Group PLC		24,707		131,051
Dongbu Insurance Co., Ltd.		1,880		125,035
First American Financial Corp.		12,923		492,495
FNF Group		16,107		546,027
Hartford Financial Services Group, Inc. (The)		2,784		128,287
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,240		251,651
NN Group NV		8,852		288,971
Progressive Corp. (The)		4,200		147,588
Prudential PLC		44,040		819,516
Reinsurance Group of America, Inc.-Class A		4,155		399,919
Suncorp Group Ltd.		19,210		175,265
Travelers Cos., Inc. (The)		1,944		226,884
Zurich Insurance Group AG (b)		850		197,125
				8,438,484
Real Estate Investment Trusts (REITs) - 2.2%
AvalonBay Communities, Inc.		5,820		1,106,964
Boston Properties, Inc.		6,454		820,174
Duke Realty Corp.		8,900		200,606
Equity Residential		4,670		350,390
Essex Property Trust, Inc.		1,465		342,605
General Growth Properties, Inc.		6,060		180,164
Prologis, Inc.		7,603		335,900
Public Storage		1,480		408,228
Realty Income Corp.		2,810		175,653
Simon Property Group, Inc.		9,556		1,984,686
Ventas, Inc.		13,580		854,997
Welltower, Inc.		7,840		543,626
				7,303,993

Company	Shares		U.S. $ Value
Real Estate Management & Development - 0.3%
CBRE Group, Inc.-Class A (b)		7,110		204,910
City Developments Ltd.		17,800		107,773
Global Logistic Properties Ltd.		423,000		603,308
LendLease Group		23,090		245,126
				1,161,117
Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp., Ltd.		27,550		460,312
LIC Housing Finance Ltd.		14,450		107,126
				567,438
				36,221,005
Consumer Discretionary - 9.3%
Auto Components - 1.2%
Bridgestone Corp.		5,400		201,543
Cie Generale des Etablissements Michelin-Class B		1,340		136,906
Continental AG		2,580		585,169
GKN PLC		34,750		143,877
Goodyear Tire & Rubber Co. (The)		16,667		549,678
Hankook Tire Co., Ltd.		4,750		225,939
Lear Corp.		5,846		649,900
Magna International, Inc.-Class A		23,317		1,001,699
Plastic Omnium SA		4,050		139,095
Sumitomo Electric Industries Ltd.		23,500		284,959
Valeo SA		1,300		202,148
				4,120,913
Automobiles - 0.5%
General Motors Co.		11,102		348,936
Honda Motor Co., Ltd.		15,000		410,116
Isuzu Motors Ltd.		17,500		180,512
Peugeot SA (b)		22,980		393,142
Tata Motors Ltd. (b)		23,176		135,805
Tata Motors Ltd.-Class A (b)		19,400		86,057
Toyota Motor Corp.		2,300		121,981
				1,676,549
Diversified Consumer Services - 0.1%
TAL Education Group (ADR) (b)		3,339		165,882
Hotels, Restaurants & Leisure - 0.7%
Melco International Development Ltd. (a)		113,000		157,594
Merlin Entertainments PLC (c)		20,239		134,558
Starbucks Corp.		25,350		1,513,395
Wyndham Worldwide Corp.		2,350		179,611
Yum! Brands, Inc.		2,960		242,276
				2,227,434
Internet & Catalog Retail - 0.6%
Ctrip.com International Ltd. (ADR) (b)		2,740		121,272
Priceline Group, Inc. (The) (b)		1,240		1,598,311

Company	Shares		U.S. $ Value
Vipshop Holdings Ltd. (ADR) (b)		9,140		117,723
				1,837,306
Leisure Products - 0.1%
Bandai Namco Holdings, Inc.		9,600		209,265
Mattel, Inc.		2,221		74,670
				283,935
Media - 2.3%
Altice NV-Class A (b)		10,740		190,777
AMC Networks, Inc.-Class A (b)		15,205		987,413
Comcast Corp.-Class A		41,146		2,513,198
CTS Eventim AG & Co. KGaA		14,914		528,830
Interpublic Group of Cos., Inc. (The)		8,963		205,701
Liberty Global PLC-Series C (b)		11,018		413,836
Naspers Ltd.-Class N		3,366		469,219
Thomson Reuters Corp.		2,453		99,297
Time Warner Cable, Inc.-Class A		1,734		354,811
Twenty-First Century Fox, Inc.-Class A		2,482		69,198
Vivendi SA		18,394		385,482
Walt Disney Co. (The)		15,188		1,508,320
				7,726,082
Multiline Retail - 1.0%
B&M European Value Retail SA		196,157		747,712
Dollar General Corp.		8,200		701,920
Dollar Tree, Inc. (b)		19,470		1,605,496
Poundland Group PLC		55,290		123,749
				3,178,877
Specialty Retail - 1.9%
Foot Locker, Inc.		7,443		480,073
Home Depot, Inc. (The)		19,171		2,557,987
Kingfisher PLC		31,270		168,658
L Brands, Inc.		6,210		545,300
L’Occitane International SA		3,500		6,258
O’Reilly Automotive, Inc. (b)		2,070		566,476
Ross Stores, Inc.		5,515		319,318
TJX Cos., Inc. (The)		4,331		339,334
Ulta Salon Cosmetics & Fragrance, Inc. (b)		5,980		1,158,565
Yamada Denki Co., Ltd.		31,100		147,009
				6,288,978
Textiles, Apparel & Luxury Goods - 0.9%
Cie Financiere Richemont SA		4,908		324,176
HUGO BOSS AG		3,146		205,667
Kering		590		105,340
NIKE, Inc.-Class B		31,013		1,906,369
Samsonite International SA		152,100		509,468
				3,051,020
				30,556,976
Health Care - 7.7%
Biotechnology - 1.8%
Alexion Pharmaceuticals, Inc. (b)		11,136		1,550,354

Company	Shares		U.S. $ Value
Biogen, Inc. (b)		10,952		2,851,025
Gilead Sciences, Inc.		17,671		1,623,258
				6,024,637
Health Care Equipment & Supplies - 1.4%
Align Technology, Inc. (b)		11,745		853,744
Edwards Lifesciences Corp. (b)		5,230		461,338
Essilor International SA		2,130		262,449
Intuitive Surgical, Inc. (b)		4,357		2,618,775
Sartorius AG (Preference Shares)		1,429		363,422
				4,559,728
Health Care Providers & Services - 1.7%
Aetna, Inc.		10,476		1,176,979
Premier, Inc.-Class A (b)		15,593		520,182
Quest Diagnostics, Inc.		5,934		423,984
Ramsay Health Care Ltd.		11,466		538,357
UnitedHealth Group, Inc.		23,187		2,988,804
				5,648,306
Life Sciences Tools & Services - 0.6%
Eurofins Scientific SE		2,656		972,414
Illumina, Inc. (b)		3,408		552,471
Mettler-Toledo International, Inc. (b)		1,409		485,767
				2,010,652
Pharmaceuticals - 2.2%
Aspen Pharmacare Holdings Ltd. (b)		2,540		54,999
GlaxoSmithKline PLC		20,420		413,367
Johnson & Johnson		18,000		1,947,600
Merck & Co., Inc.		13,055		690,740
Novartis AG (REG)		3,480		251,784
Novo Nordisk A/S-Class B		8,880		480,884
Pfizer, Inc.		59,423		1,761,298
Roche Holding AG		3,340		820,105
Shire PLC		9,530		543,541
Sun Pharmaceutical Industries Ltd.		13,220		164,858
				7,129,176
				25,372,499
Industrials - 5.8%
Aerospace & Defense - 0.7%
Airbus Group SE		4,770		316,048
L-3 Communications Holdings, Inc.		5,818		689,433
Northrop Grumman Corp.		894		176,923
Rockwell Collins, Inc.		6,430		592,910
United Technologies Corp.		3,565		356,856
Zodiac Aerospace		15,667		312,884
				2,445,054
Airlines - 0.8%
Alaska Air Group, Inc.		4,400		360,888
Delta Air Lines, Inc.		13,512		657,764
International Consolidated Airlines Group SA		45,840		363,509
Japan Airlines Co., Ltd.		10,200		373,932

Company	Shares		U.S. $ Value
JetBlue Airways Corp. (b)		29,026		613,029
Qantas Airways Ltd. (b)		83,704		261,270
				2,630,392
Building Products - 0.1%
AO Smith Corp.		4,770		363,999
Commercial Services & Supplies - 0.4%
Babcock International Group PLC		55,985		762,368
Regus PLC		111,898		507,896
Republic Services, Inc.-Class A		1,592		75,859
				1,346,123
Construction & Engineering - 0.1%
Quanta Services, Inc. (b)		7,485		168,862
Electrical Equipment - 0.5%
Acuity Brands, Inc.		2,818		614,719
Eaton Corp. PLC		14,795		925,575
				1,540,294
Industrial Conglomerates - 0.8%
Danaher Corp.		9,309		883,052
General Electric Co.		29,687		943,750
Rheinmetall AG		3,580		285,462
Roper Technologies, Inc.		1,980		361,884
				2,474,148
Industrial Warehouse Distribution - 0.6%
Daiwa House REIT Investment Corp. (a)		32		140,219
DCT Industrial Trust, Inc.		10,430		411,672
GLP J-Reit		173		197,070
Granite Real Estate Investment Trust		11,332		325,228
Macquarie Mexico Real Estate Management SA de CV (b)		59,400		80,279
PLA Administradora Industrial S de RL de CV (b)		71,170		132,312
Rexford Industrial Realty, Inc.		20,150		365,924
Warehouses De Pauw CVA		1,820		172,821
				1,825,525
Machinery - 0.5%
Hoshizaki Electric Co., Ltd.		8,300		692,309
IHI Corp.		101,000		213,786
ITT Corp.		13,600		501,704
JTEKT Corp.		28,300		367,232
				1,775,031
Marine - 0.0%
AP Moeller-Maersk A/S-Class B (b)		83		108,816
Mixed Office Industrial - 0.2%
Goodman Group		89,520		457,829
Kungsleden AB		27,140		191,937
				649,766

Company	Shares		U.S. $ Value
Professional Services - 0.7%
Adecco SA (REG)		2,650		172,386
Bureau Veritas SA		31,709		704,999
Capita PLC		41,990		626,893
Robert Half International, Inc.		8,100		377,298
Teleperformance		5,669		497,927
				2,379,503
Road & Rail - 0.1%
Central Japan Railway Co.		2,200		389,073
Trading Companies & Distributors - 0.3%
Brenntag AG		6,350		361,840
Bunzl PLC		5,290		153,446
WESCO International, Inc. (a)(b)		7,192		393,187
				908,473
				19,005,059
Consumer Staples - 3.6%
Beverages - 0.4%
Asahi Group Holdings Ltd.		3,200		99,599
Monster Beverage Corp. (b)		8,481		1,131,196
				1,230,795
Food & Staples Retailing - 1.1%
Costco Wholesale Corp.		5,360		844,629
CP ALL PCL		51,300		66,713
CVS Health Corp.		17,530		1,818,387
Delhaize Group		5,470		570,088
Lenta Ltd. (GDR) (b)(c)		6,510		40,952
Olam International Ltd.		179,412		229,025
				3,569,794
Food Products - 0.5%
Archer-Daniels-Midland Co.		4,072		147,854
Bunge Ltd.		1,020		57,804
ConAgra Foods, Inc.		2,447		109,185
Ingredion, Inc.		3,401		363,193
Mondelez International, Inc.-Class A		10,786		432,734
Tyson Foods, Inc.-Class A		7,535		502,283
WhiteWave Foods Co. (The) (b)		4,965		201,778
				1,814,831
Household Products - 0.3%
Kimberly-Clark Corp.		487		65,507
Procter & Gamble Co. (The)		8,091		665,970
Reckitt Benckiser Group PLC		2,160		208,346
				939,823
Personal Products - 0.4%
Estee Lauder Cos., Inc. (The)-Class A		11,660		1,099,655
Unilever PLC		3,518		158,636
				1,258,291
Tobacco - 0.9%
Altria Group, Inc.		12,683		794,717

Company	Shares		U.S. $ Value
British American Tobacco PLC		24,919		1,457,161
Imperial Brands PLC		4,220		233,649
Philip Morris International, Inc.		3,837		376,448
				2,861,975
				11,675,509
Energy - 3.1%
Energy Equipment & Services - 0.3%
Aker Solutions ASA (c)		14,840		47,537
Schlumberger Ltd.		14,074		1,037,958
				1,085,495
Oil, Gas & Consumable Fuels - 2.8%
California Resources Corp.		243		250
Chevron Corp.		3,617		345,062
EOG Resources, Inc.		11,973		869,000
Exxon Mobil Corp.		26,820		2,241,884
Hess Corp.		10,578		556,932
HollyFrontier Corp.		15,199		536,829
JX Holdings, Inc.		112,800		434,321
LUKOIL PJSC (Sponsored ADR)		2,310		88,739
Occidental Petroleum Corp.		2,592		177,371
Phillips 66		3,524		305,143
QEP Resources, Inc.		31,900		450,109
Royal Dutch Shell PLC-Class A		62,705		1,519,571
TOTAL SA		17,792		809,559
Tupras Turkiye Petrol Rafinerileri AS (b)		3,830		107,874
Valero Energy Corp.		10,265		658,397
				9,101,041
				10,186,536
Equity: Other - 2.5%
Diversified/Specialty - 2.2%
Activia Properties, Inc.		23		119,233
Armada Hoffler Properties, Inc.		15,060		169,425
Buzzi Unicem SpA		9,740		167,904
CA Immobilien Anlagen AG (b)		14,900		292,495
Cheung Kong Property Holdings Ltd.		94,000		605,156
Colony Starwood Homes		8,320		205,920
East Japan Railway Co.		1,800		155,267
Fonciere Des Regions		2,790		263,112
Frasers Centrepoint Ltd.		15,200		18,367
Fukuoka REIT Corp.		78		140,997
GPT Group (The)		92,160		352,814
Gramercy Property Trust		59,473		502,547
IMMOFINANZ AG (b)		128,320		272,397
Kaisa Group Holdings Ltd. (a)(b)(d)(e)		409,000		41,125
Kennedy Wilson Europe Real Estate PLC		17,684		296,762
Merlin Properties Socimi SA		44,814		519,406
Mitsubishi Estate Co., Ltd.		18,000		334,079
Mitsui Fudosan Co., Ltd.		20,100		500,644
New World Development Co., Ltd.		206,065		196,940
Premier Investment Corp.		146		180,349
STORE Capital Corp.		15,540		402,175
Sumitomo Realty & Development Co., Ltd.		16,000		467,700
Sun Hung Kai Properties Ltd.		31,600		386,266

Company	Shares		U.S. $ Value
TLG Immobilien AG		4,640		101,136
United Urban Investment Corp.		117		188,991
UOL Group Ltd. (a)		81,761		364,145
				7,245,352
Health Care - 0.2%
Assura PLC		125,490		95,705
LTC Properties, Inc.		7,300		330,252
				425,957
Triple Net - 0.1%
National Retail Properties, Inc.		8,980		414,876
				8,086,185
Utilities - 1.8%
Electric Utilities - 1.3%
American Electric Power Co., Inc.		10,800		717,120
Edison International		9,237		664,048
EDP-Energias de Portugal SA		114,580		406,810
Enel SpA		40,691		180,392
Eversource Energy		1,154		67,324
Exelon Corp.		16,177		580,107
FirstEnergy Corp.		2,857		102,766
Korea Electric Power Corp.		2,700		141,441
PPL Corp.		22,403		852,882
Westar Energy, Inc.		10,000		496,100
				4,208,990
Independent Power and Renewable Electricity Producers - 0.1%
Huadian Power International Corp., Ltd.-Class H		156,000		98,933
Huaneng Power International, Inc.-Class H		164,000		146,623
				245,556
Multi-Utilities - 0.4%
NiSource, Inc.		27,729		653,295
PG&E Corp.		10,091		602,635
Public Service Enterprise Group, Inc.		3,500		164,990
				1,420,920
				5,875,466
Residential - 1.7%
Multi-Family - 1.1%
Camden Property Trust		4,150		348,974
China Overseas Land & Investment Ltd.		106,000		335,720
China Resources Land Ltd.		80,000		204,835
CIFI Holdings Group Co., Ltd.		506,000		120,918
Comforia Residential REIT, Inc.		67		130,842
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		149,590		152,242
Independence Realty Trust, Inc.		51,610		367,463
Kenedix Residential Investment Corp. (a)		61		160,416
Mid-America Apartment Communities, Inc.		5,340		545,801
Mirvac Group		95,300		141,206
Sun Communities, Inc.		6,391		457,660
UNITE Group PLC (The)		16,570		151,190
Vonovia SE		7,212		258,917

Company	Shares		U.S. $ Value
Wing Tai Holdings Ltd.		260,900		340,333
				3,716,517
Self Storage - 0.6%
Big Yellow Group PLC		21,390		236,997
CubeSmart		7,940		264,402
Extra Space Storage, Inc.		5,540		517,768
National Storage Affiliates Trust		10,350		219,420
Safestore Holdings PLC		31,180		150,328
Sovran Self Storage, Inc.		3,080		363,286
				1,752,201
				5,468,718
Retail - 1.6%
Regional Mall - 0.2%
Pennsylvania Real Estate Investment Trust		9,370		204,734
Westfield Corp.		60,540		463,537
				668,271
Shopping Center/Other Retail - 1.4%
Aeon Mall Co., Ltd.		24,577		363,621
DDR Corp.		17,150		305,098
Fibra Shop Portafolios Inmobiliarios SAPI de CV		128,490		127,544
Kite Realty Group Trust		13,990		387,663
Klepierre		8,383		400,438
Link REIT		85,768		508,964
Mercialys SA		12,420		288,038
Ramco-Gershenson Properties Trust		20,490		369,435
Regency Centers Corp.		7,910		592,063
Retail Opportunity Investments Corp.		11,275		226,853
Scentre Group		132,919		452,458
Vastned Retail NV		6,014		268,676
Vicinity Centres		119,100		291,085
				4,581,936
				5,250,207
Materials - 1.4%
Chemicals - 1.3%
Arkema SA		4,286		321,096
CF Industries Holdings, Inc.		29,812		934,308
Covestro AG (b)(c)		4,195		156,709
Dow Chemical Co. (The)		9,497		483,017
Essentra PLC		78,276		929,326
JSR Corp.		13,200		189,807
Koninklijke DSM NV		4,938		271,496
LyondellBasell Industries NV-Class A		11,322		968,937
Nippon Shokubai Co., Ltd.		2,700		137,535
				4,392,231
Metals & Mining - 0.0%
Novolipetsk Steel (GDR) (c)		7,780		97,157
Paper & Forest Products - 0.1%
Mondi PLC		9,704		185,572
				4,674,960

Company	Shares		U.S. $ Value
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		3,674		143,911
BT Group PLC		106,890		674,919
Nippon Telegraph & Telephone Corp.		17,800		768,915
Telefonica Brasil SA (Preference Shares)		15,673		197,196
Telenor ASA		8,370		135,335
Verizon Communications, Inc.		15,465		836,347
				2,756,623
Wireless Telecommunication Services - 0.3%
SoftBank Group Corp.		2,800		133,924
Tower Bersama Infrastructure Tbk PT (b)		323,500		141,835
Turkcell Iletisim Hizmetleri AS		25,770		108,281
Vodafone Group PLC		167,263		531,504
				915,544
				3,672,167
Office - 0.8%
Office - 0.8%
Allied Properties Real Estate Investment Trust		7,776		209,376
alstria office REIT-AG (b)		31,758		457,541
Dream Office Real Estate Investment Trust		12,286		196,292
Highwoods Properties, Inc.		7,520		359,531
ICADE		3,550		271,294
Ichigo Office REIT Investment		17		13,122
Inmobiliaria Colonial SA (b)		228,130		168,665
Investa Office Fund		71,780		230,299
Japan Prime Realty Investment Corp.		34		138,471
Kenedix Office Investment Corp.-Class A		56		321,020
Mori Hills REIT Investment Corp.		112		165,700
Workspace Group PLC		17,076		191,810
				2,723,121
Lodging - 0.5%
Lodging - 0.5%
Chesapeake Lodging Trust		14,300		378,378
Pebblebrook Hotel Trust		7,330		213,083
RLJ Lodging Trust		24,569		562,139
Summit Hotel Properties, Inc.		28,920		346,172
				1,499,772
Mortgage - 0.1%
Mortgage - 0.1%
Blackstone Mortgage Trust, Inc.-Class A		5,980		160,623
Concentradora Hipotecaria SAPI de CV		104,000		148,561
				309,184
Real Estate - 0.0%
Developers - 0.0%
Daelim Industrial Co., Ltd.		1,420		112,930
Total Common Stocks (cost $180,663,137)				207,578,116

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 9.4%
Industrial - 6.3%
Basic - 0.3%
Barrick Gold Corp.
4.10%, 5/01/23	U.S.$	40		38,956
Dow Chemical Co. (The)
4.125%, 11/15/21		165		179,739
Eastman Chemical Co.
3.80%, 3/15/25		110		112,788
Glencore Funding LLC
4.125%, 5/30/23 (c)		126		103,005
LyondellBasell Industries NV
5.75%, 4/15/24		200		231,375
Minsur SA
6.25%, 2/07/24 (c)		168		158,599
Mosaic Co. (The)
5.625%, 11/15/43		96		100,260
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (c)		237		216,855
Vale Overseas Ltd.
6.875%, 11/21/36		65		51,331
				1,192,908
Capital Goods - 0.1%
General Electric Co.
Series D
5.00%, 1/21/21 (f)		68		70,040
Owens Corning
6.50%, 12/01/16 (g)		11		11,236
Republic Services, Inc.
3.80%, 5/15/18		17		17,726
Yamana Gold, Inc.
4.95%, 7/15/24		142		119,990
				218,992
Communications - Media - 1.2%
21st Century Fox America, Inc.
3.00%, 9/15/22		400		411,901
6.15%, 2/15/41		130		155,278
CBS Corp.
3.50%, 1/15/25		215		217,881
5.75%, 4/15/20		250		282,890
CCO Safari II LLC
4.908%, 7/23/25 (c)		165		174,045
Comcast Corp.
5.15%, 3/01/20		451		507,469
Cox Communications, Inc.
2.95%, 6/30/23 (c)		91		84,468
Discovery Communications LLC
3.45%, 3/15/25		176		166,141
McGraw Hill Financial, Inc.
4.40%, 2/15/26		226		246,994
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (c)(f)		233		239,990

	Principal Amount (000)		U.S. $ Value
RELX Capital, Inc.
8.625%, 1/15/19	U.S.$	435		505,417
Time Warner Cable, Inc.
4.125%, 2/15/21		165		174,337
4.50%, 9/15/42		85		75,455
Time Warner, Inc.
3.55%, 6/01/24		99		101,833
4.70%, 1/15/21		123		135,395
7.625%, 4/15/31		110		140,409
Viacom, Inc.
3.875%, 4/01/24		300		298,801
5.625%, 9/15/19		83		91,031
				4,009,735
Communications - Telecommunications - 0.7%
American Tower Corp.
5.05%, 9/01/20		380		412,700
AT&T, Inc.
3.40%, 5/15/25		475		476,113
3.80%, 3/15/22		75		79,034
4.45%, 4/01/24		292		316,060
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		38,509
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	185		210,170
Verizon Communications, Inc.
3.50%, 11/01/24		418		438,570
6.55%, 9/15/43		297		391,216
				2,362,372
Consumer Cyclical - Automotive - 0.4%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		915		1,048,719
General Motors Co.
3.50%, 10/02/18		130		133,073
General Motors Financial Co., Inc.
4.00%, 1/15/25		41		39,819
4.30%, 7/13/25		50		49,490
				1,271,101
Consumer Cyclical - Retailers - 0.3%
CVS Health Corp.
3.875%, 7/20/25		250		269,781
Kohl’s Corp.
4.25%, 7/17/25		320		316,158
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		320		329,281
				915,220
Consumer Non-Cyclical - 1.5%
AbbVie, Inc.
3.60%, 5/14/25		166		174,253
Actavis Funding SCS
3.80%, 3/15/25		282		293,490
3.85%, 6/15/24		89		93,284
Agilent Technologies, Inc.
5.00%, 7/15/20		71		78,708

	Principal Amount (000)		U.S. $ Value
Altria Group, Inc.
2.625%, 1/14/20	U.S.$	320		330,758
AstraZeneca PLC
6.45%, 9/15/37		90		119,646
Baxalta, Inc.
5.25%, 6/23/45 (c)		130		138,162
Bayer US Finance LLC
3.375%, 10/08/24 (c)		321		338,416
Becton Dickinson and Co.
3.734%, 12/15/24		141		150,109
Biogen, Inc.
4.05%, 9/15/25		251		268,239
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		155		180,048
Celgene Corp.
3.875%, 8/15/25		280		294,262
Gilead Sciences, Inc.
3.65%, 3/01/26		246		261,408
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (c)		339		340,621
Kraft Heinz Foods Co.
2.80%, 7/02/20 (c)		130		133,528
3.50%, 7/15/22 (c)		162		170,016
Laboratory Corp. of America Holdings
3.60%, 2/01/25		100		101,232
Medtronic, Inc.
3.50%, 3/15/25		320		341,549
Newell Rubbermaid, Inc.
3.15%, 4/01/21		280		287,621
3.85%, 4/01/23		50		51,856
Perrigo Finance Unlimited Co.
3.50%, 12/15/21		300		305,793
Reynolds American, Inc.
5.85%, 8/15/45		79		96,472
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		121		127,554
Tyson Foods, Inc.
2.65%, 8/15/19		64		65,636
3.95%, 8/15/24		206		219,608
				4,962,269
Energy - 1.2%
Encana Corp.
3.90%, 11/15/21		140		122,675
Energy Transfer Partners LP
7.50%, 7/01/38		248		239,871
EnLink Midstream Partners LP
5.05%, 4/01/45		215		144,645
Enterprise Products Operating LLC
3.70%, 2/15/26		278		272,672
5.20%, 9/01/20		185		201,984
Halliburton Co.
5.00%, 11/15/45		295		288,315
Husky Energy, Inc.
7.25%, 12/15/19		36		39,791
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		302		298,273

	Principal Amount (000)		U.S. $ Value
3.95%, 9/01/22	U.S.$	424		407,023
Kinder Morgan, Inc./DE
5.00%, 2/15/21 (c)		250		255,118
Marathon Petroleum Corp.
5.125%, 3/01/21		163		169,567
Noble Energy, Inc.
3.90%, 11/15/24		170		160,018
8.25%, 3/01/19		374		411,592
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		232		200,067
Schlumberger Holdings Corp.
3.625%, 12/21/22 (c)		295		303,436
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		81,300
Valero Energy Corp.
6.125%, 2/01/20		175		192,150
Williams Partners LP
4.125%, 11/15/20		155		140,779
				3,929,276
Other Industrial - 0.1%
Hutchison Whampoa International 14 Ltd.
1.625%, 10/31/17 (c)		320		319,871
Services - 0.0%
eBay, Inc.
3.80%, 3/09/22		75		77,211
Technology - 0.5%
Hewlett Packard Enterprise Co.
4.90%, 10/15/25 (c)		300		308,750
HP, Inc.
4.65%, 12/09/21		114		120,651
KLA-Tencor Corp.
4.65%, 11/01/24		225		226,792
Motorola Solutions, Inc.
3.50%, 3/01/23		150		137,788
7.50%, 5/15/25		33		37,127
Seagate HDD Cayman
4.75%, 1/01/25		127		99,194
Tencent Holdings Ltd.
3.375%, 5/02/19 (c)		335		346,997
Total System Services, Inc.
2.375%, 6/01/18		141		140,818
3.75%, 6/01/23		139		136,099
				1,554,216
				20,813,171
Financial Institutions - 2.7%
Banking - 1.8%
Barclays Bank PLC
6.625%, 3/30/22 (c)	EUR	84		112,937
Barclays PLC
3.65%, 3/16/25	U.S.$	270		253,167

	Principal Amount (000)		U.S. $ Value
Citigroup, Inc.
3.875%, 3/26/25	U.S.$	235		231,853
Compass Bank
5.50%, 4/01/20		314		334,022
Cooperatieve Rabobank UA
4.375%, 8/04/25		320		329,472
Countrywide Financial Corp.
6.25%, 5/15/16		92		92,522
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 3/26/25		390		372,569
Goldman Sachs Group, Inc. (The)
3.75%, 5/22/25		186		190,305
5.75%, 1/24/22		335		386,496
Series D
6.00%, 6/15/20		440		501,640
Morgan Stanley
5.625%, 9/23/19		168		186,945
Series G
5.50%, 7/24/20		189		212,494
Murray Street Investment Trust I
4.647%, 3/09/17		44		45,237
Nationwide Building Society
6.25%, 2/25/20 (c)		465		530,517
PNC Bank NA
3.80%, 7/25/23		685		721,907
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (c)(f)		190		188,813
Santander Issuances SAU
5.179%, 11/19/25		200		193,270
Santander UK PLC
5.00%, 11/07/23 (c)		200		202,981
Standard Chartered PLC
6.409%, 1/30/17 (c)(f)		200		190,916
UBS AG/Stamford CT
7.625%, 8/17/22		380		435,225
UBS Group Funding Jersey Ltd.
4.125%, 9/24/25 (c)		305		305,486
				6,018,774
Brokerage - 0.1%
Nomura Holdings, Inc.
2.00%, 9/13/16		468		469,400
Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (c)		173		196,254
Insurance - 0.5%
Allied World Assurance Co. Holdings Ltd.
7.50%, 8/01/16		160		163,067
American International Group, Inc.
4.875%, 6/01/22		155		170,444
Hartford Financial Services Group, Inc. (The)
5.125%, 4/15/22		180		201,371
5.50%, 3/30/20		242		268,551

	Principal Amount (000)		U.S. $ Value
Lincoln National Corp.
8.75%, 7/01/19	U.S.$	98		117,113
MetLife, Inc.
10.75%, 8/01/39		70		106,400
Series C
5.25%, 6/15/20 (f)		140		133,787
Prudential Financial, Inc.
5.625%, 6/15/43		161		163,978
XLIT Ltd.
6.375%, 11/15/24		157		182,867
				1,507,578
REITS - 0.2%
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		10		9,757
Trust F/1401
5.25%, 12/15/24 (c)		270		274,725
Welltower, Inc.
5.25%, 1/15/22		300		327,589
				612,071
				8,804,077
Utility - 0.4%
Electric - 0.2%
CMS Energy Corp.
5.05%, 3/15/22		155		173,405
Constellation Energy Group, Inc.
5.15%, 12/01/20		89		98,607
Entergy Corp.
4.00%, 7/15/22		223		236,475
Exelon Corp.
5.10%, 6/15/45 (c)		125		135,644
Exelon Generation Co. LLC
4.25%, 6/15/22		128		134,212
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		48,455
				826,798
Natural Gas - 0.2%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (c)		490		522,481
				1,349,279
Total Corporates - Investment Grade (cost $30,009,836)				30,966,527
MORTGAGE PASS-THROUGHS - 7.9%
Agency Fixed Rate 30-Year - 7.0%
Federal Home Loan Mortgage Corp. Gold
4.00%, 1/01/45		1,222		1,328,864
Series 2005
5.50%, 1/01/35		269		303,141
Series 2007
5.50%, 7/01/35		27		30,535

	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association
3.00%, 5/01/45	U.S.$	1,454		1,492,970
3.50%, 5/01/42-9/01/45		4,676		4,964,003
4.00%, 10/01/44-8/01/45		3,516		3,806,903
4.00%, 4/01/46, TBA		1,895		2,025,133
4.50%, 4/25/46, TBA		3,238		3,523,855
5.00%, 12/01/39		167		185,100
Series 2004
5.50%, 2/01/34-11/01/34		99		111,863
Series 2007
5.50%, 1/01/37-8/01/37		366		412,276
Series 2008
5.50%, 8/01/37		166		186,856
Series 2015
3.50%, 4/01/45		594		631,082
Series AS6516
4.00%, 1/01/46		1,152		1,233,998
Government National Mortgage Association
3.00%, 7/20/45		555		575,419
3.50%, 4/01/46, TBA		1,855		1,961,083
				22,773,081
Agency Fixed Rate 15-Year - 0.9%
Federal National Mortgage Association
2.50%, 4/01/31, TBA		1,835		1,883,742
3.50%, 10/01/25-1/12/30		1,039		1,100,389
				2,984,131
Total Mortgage Pass-Throughs (cost $25,434,782)				25,757,212
ASSET-BACKED SECURITIES - 3.7%
Autos - Fixed Rate - 2.2%
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		454		453,288
AmeriCredit Automobile Receivables Trust
Series 2013-3, Class A3
0.92%, 4/09/18		102		102,216
Series 2013-4, Class A3
0.96%, 4/09/18		54		54,091
Series 2014-1, Class A3
0.90%, 2/08/19		195		194,577
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (c)		53		52,781
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		203		203,144
Series 2015-2, Class A3
1.31%, 8/15/19		208		208,221
Capital Auto Receivables Asset Trust
Series 2014-1, Class B
2.22%, 1/22/19		80		80,056
Chrysler Capital Auto Receivables Trust
Series 2015-BA, Class A3
1.91%, 3/16/20 (c)		179		179,905

	Principal Amount (000)		U.S. $ Value
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (c)	U.S.$	101		101,217
Series 2014-B, Class A
1.11%, 11/15/18 (c)		64		63,660
Drive Auto Receivables Trust
Series 2015-BA, Class A2A
0.93%, 12/15/17 (c)		42		42,236
Series 2015-CA, Class A2A
1.03%, 2/15/18 (c)		41		40,665
Series 2015-DA, Class A2A
1.23%, 6/15/18 (c)		106		106,145
Series 2016-AA, Class A2A
1.50%, 3/15/18 (c)		134		134,023
Enterprise Fleet Financing LLC
Series 2014-1, Class A2
0.87%, 9/20/19 (c)		85		84,271
Series 2014-2, Class A2
1.05%, 3/20/20 (c)		171		169,951
Series 2015-1, Class A2
1.30%, 9/20/20 (c)		389		386,222
Exeter Automobile Receivables Trust
Series 2014-1A, Class A
1.29%, 5/15/18 (c)		7		7,063
Series 2014-2A, Class A
1.06%, 8/15/18 (c)		19		18,576
Series 2016-1A, Class D
7.91%, 2/15/23 (c)		140		139,093
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		268		268,394
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (c)		5		5,169
Ford Credit Auto Lease Trust
Series 2014-B, Class A3
0.89%, 9/15/17		226		226,061
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		155		154,525
Ford Credit Floorplan Master Owner Trust A
Series 2015-2, Class A1
1.98%, 1/15/22		322		322,612
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2
1.10%, 12/20/17		312		312,205
Series 2015-2, Class A3
1.68%, 12/20/18		412		412,768
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (c)		221		220,821
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		126		125,956

	Principal Amount (000)		U.S. $ Value
Hertz Vehicle Financing II LP
Series 2015-2A, Class A
2.02%, 9/25/19 (c)	U.S.$	180		179,864
Hertz Vehicle Financing LLC
Series 2013-1A, Class B2
2.48%, 8/25/19 (c)		192		186,599
Hyundai Auto Lease Securitization Trust
Series 2015-A, Class A2
1.00%, 10/16/17 (c)		217		217,216
Series 2015-B, Class A3
1.40%, 11/15/18 (c)		213		213,356
Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18		140		140,473
Mercedes Benz Auto Lease Trust
Series 2015-B, Class A3
1.34%, 7/16/18		223		223,238
Nissan Auto Lease Trust
Series 2015-A, Class A3
1.40%, 6/15/18		370		370,625
Santander Drive Auto Receivables Trust
Series 2014-2, Class A3
0.80%, 4/16/18		44		44,318
Series 2015-3, Class A2A
1.02%, 9/17/18		132		131,588
Series 2015-4, Class A2A
1.20%, 12/17/18		169		168,313
TCF Auto Receivables Owner Trust
Series 2015-1A, Class A2
1.02%, 8/15/18 (c)		188		187,127
Westlake Automobile Receivables Trust
Series 2015-3A, Class A2A
1.42%, 5/17/21 (c)		198		197,999
				7,130,628
Autos - Floating Rate - 0.5%
BMW Floorplan Master Owner Trust
Series 2015-1A, Class A
0.936% (LIBOR 1 Month + 0.50%), 7/15/20 (c)(h)		378		377,289
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.812% (LIBOR 1 Month + 0.38%), 7/20/19 (h)		203		202,125
Series 2015-1, Class A
0.932% (LIBOR 1 Month + 0.50%), 1/20/20 (h)		384		380,310
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.992% (LIBOR 1 Month + 0.55%), 12/10/27 (c)(h)		127		127,579

	Principal Amount (000)		U.S. $ Value
Navistar Financial Dealer Note Master Trust
Series 2014-1, Class A
1.183% (LIBOR 1 Month + 0.75%), 10/25/19 (c)(h)	U.S.$	207		206,134
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
1.932% (LIBOR 1 Month + 1.50%), 10/20/20 (c)(h)		320		320,000
Volkswagen Credit Auto Master Trust
Series 2014-1A, Class A1
0.782% (LIBOR 1 Month + 0.35%), 7/22/19 (c)(h)		120		118,278
				1,731,715
Credit Cards - Fixed Rate - 0.5%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		141		141,330
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		326		333,494
Series 2015-2, Class A
1.56%, 3/15/21		214		215,139
Chase Issuance Trust
Series 2014-A1, Class A1
1.15%, 1/15/19		270		270,235
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		310		311,316
Series 2013-A, Class A
1.61%, 12/15/21		246		246,428
				1,517,942
Other ABS - Fixed Rate - 0.4%
Ascentium Equipment Receivables LLC
Series 2015-2A, Class A1
1.00%, 11/10/16 (c)		181		180,748
CIT Equipment Collateral
Series 2014-VT1, Class A2
0.86%, 5/22/17 (c)		149		149,353
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		210		210,393
Series 2015-A, Class A4
1.85%, 4/15/21		227		227,890
Dell Equipment Finance Trust
Series 2015-1, Class A3
1.30%, 3/23/20 (c)		173		172,403
Series 2015-2, Class A2A
1.42%, 12/22/17 (c)		179		178,740

	Principal Amount (000)		U.S. $ Value
SBA Tower Trust
3.156%, 10/15/20 (c)	U.S.$	251		251,096
				1,370,623
Credit Cards - Floating Rate - 0.1%
Discover Card Execution Note Trust
Series 2015-A1, Class A1
0.886% (LIBOR 1 Month + 0.35%), 8/17/20 (h)		240		239,880
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
0.916% (LIBOR 1 Month + 0.48%), 2/15/22 (h)		256		255,379
				495,259
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		65		65,526
Home Equity Loans - Floating Rate - 0.0%
Residential Asset Securities Corp. Trust
Series 2003-KS3, Class A2
1.033% (LIBOR 1 Month + 0.60%), 5/25/33 (h)		1		680
Total Asset-Backed Securities (cost $12,302,136)				12,312,373
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.7%
Non-Agency Fixed Rate CMBS - 3.2%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		545		564,727
Series 2007-5, Class AM
5.772%, 2/10/51		150		154,405
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class AJ
5.611%, 9/11/41		184		183,117
BHMS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (c)		335		341,821
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (c)		495		515,297
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
6.085%, 3/15/49		30		29,909
Series 2015-GC27, Class A5
3.137%, 2/10/48		246		250,709
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.762%, 5/15/46		263		272,280

	Principal Amount (000)		U.S. $ Value
Commercial Mortgage Loan Trust
Series 2008-LS1, Class A1A
6.095%, 12/10/49	U.S.$	941		989,710
Commercial Mortgage Trust
Series 2006-C8, Class A1A
5.292%, 12/10/46		398		404,046
Series 2006-C8, Class A4
5.306%, 12/10/46		244		246,621
Series 2013-SFS, Class A1
1.873%, 4/12/35 (c)		186		183,577
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.699%, 6/15/39		155		157,695
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4
3.718%, 8/15/48		343		366,176
DBUBS Mortgage Trust
Series 2011-LC1A, Class E
5.699%, 11/10/46 (c)		130		135,118
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (c)		330		330,295
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (c)		468		477,564
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.794%, 8/10/45		195		200,703
Series 2013-G1, Class A2
3.557%, 4/10/31 (c)		276		283,030
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41 (c)		108		107,741
Series 2006-LDP9, Class AM
5.372%, 5/15/47		135		135,959
Series 2007-CB19, Class AM
5.699%, 2/12/49		175		178,699
Series 2007-LD12, Class AM
6.007%, 2/15/51		280		292,058
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		519		530,230
Series 2010-C2, Class A1
2.749%, 11/15/43 (c)		14		14,063
Series 2011-C5, Class D
5.323%, 8/15/46 (c)		100		104,384
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class A3
3.801%, 8/15/48		368		396,873
Series 2015-C32, Class C
4.669%, 11/15/48		195		166,241
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39		97		95,162
Series 2007-C1, Class AM
5.455%, 2/15/40		100		101,535

	Principal Amount (000)		U.S. $ Value
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (c)	U.S.$	170		170,808
Series 2015-3, Class A2
2.729%, 4/20/48 (c)		258		251,220
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		294		295,398
ML-CFC Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		250		254,019
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		86		88,908
Series 2012-C4, Class A5
2.85%, 12/10/45		168		171,760
UBS-Citigroup Commercial Mortgage Trust
Series 2011-C1, Class E
5.888%, 1/10/45 (c)		81		87,347
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class A1A
6.009%, 6/15/45		78		77,914
WF-RBS Commercial Mortgage Trust
Series 2012-C9, Class D
4.803%, 11/15/45 (c)		118		111,732
Series 2013-C14, Class A5
3.337%, 6/15/46		456		479,691
Series 2014-C20, Class A2
3.036%, 5/15/47		206		213,765
				10,412,307
Non-Agency Floating Rate CMBS - 0.5%
Carefree Portfolio Trust
Series 2014-CARE, Class A
1.756% (LIBOR 1 Month + 1.32%), 11/15/19 (c)(h)		169		168,317
Commercial Mortgage Trust
Series 2014-KYO, Class A
1.338% (LIBOR 1 Month + 0.90%), 6/11/27 (c)(h)		208		206,098
Series 2014-SAVA, Class A
1.587% (LIBOR 1 Month + 1.15%), 6/15/34 (c)(h)		104		102,665
H/2 Asset Funding NRE
Series 2015-1A
2.085%, 6/24/49 (c)(h)		252		250,499
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.356% (LIBOR 1 Month + 0.92%), 6/15/29 (c)(h)		339		330,913
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class AFSA
2.286% (LIBOR 1 Month + 1.87%), 8/15/26 (c)(h)		119		118,374

	Principal Amount (000)		U.S. $ Value
Series 2015-XLF2, Class SNMA
2.386% (LIBOR 1 Month + 1.95%), 11/15/26 (c)(h)	U.S.$	119		118,317
PFP III Ltd.
Series 2014-1, Class A
1.606% (LIBOR 1 Month + 1.17%), 6/14/31 (c)(h)		6		6,044
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.491% (LIBOR 1 Month + 1.05%), 4/15/32 (c)(h)		113		110,235
Starwood Retail Property Trust
Series 2014-STAR, Class A
1.656% (LIBOR 1 Month + 1.22%), 11/15/27 (c)(h)		183		178,666
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class C
4.471%, 12/15/47 (g)		197		182,136
				1,772,264
Total Commercial Mortgage-Backed Securities (cost $12,521,771)				12,184,571
GOVERNMENTS - TREASURIES - 2.2%
United States - 2.2%
U.S. Treasury Bonds
2.75%, 8/15/42		280		289,122
3.00%, 5/15/45		265		285,796
3.125%, 2/15/43-8/15/44		650		719,559
3.375%, 5/15/44		234		271,150
3.625%, 8/15/43		1,304		1,583,384
4.375%, 2/15/38		1,027		1,388,636
6.25%, 5/15/30		149		226,984
U.S. Treasury Notes
1.625%, 2/15/26		630		620,845
2.25%, 11/15/25		1,433		1,490,863
2.50%, 8/15/23		305		325,028
Total Governments - Treasuries (cost $6,662,308)				7,201,367
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.8%
Risk Share Floating Rate - 1.0%
Bellemeade Re Ltd.
Series 2015-1A, Class M1
2.933% (LIBOR 1 Month + 2.50%), 7/25/25 (h)(i)		131		129,605
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M3
4.433% (LIBOR 1 Month + 4.00%), 8/25/24 (h)		330		321,723
Series 2014-DN4, Class M3
4.983% (LIBOR 1 Month + 4.55%), 10/25/24 (h)		250		248,364

	Principal Amount (000)		U.S. $ Value
Series 2015-DNA3, Class M3
5.133% (LIBOR 1 Month + 4.70%), 4/25/28 (h)	U.S.$	250		238,204
Series 2015-HQA2, Class M3
5.233% (LIBOR 1 Month + 4.80%), 5/25/28 (h)		250		238,124
Series 2016-DNA1, Class M3
5.983% (LIBOR 1 Month + 5.55%), 7/25/28 (h)		250		250,758
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
1.633% (LIBOR 1 Month + 1.20%), 7/25/24 (h)		75		74,308
Series 2014-C04, Class 1M2
5.333% (LIBOR 1 Month + 4.90%), 11/25/24 (h)		180		180,892
Series 2014-C04, Class 2M2
5.433% (LIBOR 1 Month + 5.00%), 11/25/24 (h)		75		76,381
Series 2015-C01, Class 1M2
4.733% (LIBOR 1 Month + 4.30%), 2/25/25 (h)		155		153,823
Series 2015-C01, Class 2M2
4.983% (LIBOR 1 Month + 4.55%), 2/25/25 (h)		138		139,695
Series 2015-C02, Class 2M2
4.433% (LIBOR 1 Month + 4.00%), 5/25/25 (h)		185		179,993
Series 2015-C03, Class 1M1
1.933% (LIBOR 1 Month + 1.50%), 7/25/25 (h)		115		114,854
Series 2015-C03, Class 1M2
5.433% (LIBOR 1 Month + 5.00%), 7/25/25 (h)		90		90,000
Series 2015-C03, Class 2M2
5.433% (LIBOR 1 Month + 5.00%), 7/25/25 (h)		244		245,361
Series 2015-C04, Class 1M2
6.133% (LIBOR 1 Month + 5.70%), 4/25/28 (h)		74		74,955
Series 2015-C04, Class 2M2
5.983% (LIBOR 1 Month + 5.55%), 4/25/28 (h)		117		116,830
Series 2016-C01, Class 1M2
7.183% (LIBOR 1 Month + 6.75%), 8/25/28 (h)		149		159,631
Series 2016-C01, Class 2M2
7.383% (LIBOR 1 Month + 6.95%), 8/25/28 (h)		70		74,498
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
4.683% (LIBOR 1 Month + 4.25%), 11/25/24 (h)(i)		36		36,584

	Principal Amount (000)		U.S. $ Value
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
5.683% (LIBOR 1 Month + 5.25%), 11/25/25 (h)(i)	U.S.$	144		142,129
Series 2015-WF1, Class 2M2
5.933% (LIBOR 1 Month + 5.50%), 11/25/25 (h)(i)		41		39,940
				3,326,652
Non-Agency Fixed Rate - 0.5%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		43		40,283
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		104		93,151
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		73		70,001
Series 2006-24CB, Class A16
5.75%, 6/25/36		177		148,272
Series 2006-28CB, Class A14
6.25%, 10/25/36		120		100,396
Series 2006-J1, Class 1A13
5.50%, 2/25/36		108		95,580
Series 2007-2CB, Class 2A4
5.75%, 3/25/37		96		82,327
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		54		44,407
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.717%, 5/25/35		23		20,911
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		91		83,454
Series 2006-13, Class 1A18
6.25%, 9/25/36		136		121,824
Series 2006-13, Class 1A19
6.25%, 9/25/36		49		43,815
Series 2007-HYB2, Class 3A1
2.855%, 2/25/47		262		232,280
Credit Suisse Mortgage Trust
Series 2010-6R, Class 3A2
5.875%, 1/26/38 (c)		147		121,927
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		198		157,446
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		78		67,383
RBSSP Resecuritization Trust
Series 2009-7, Class 10A3
6.00%, 8/26/37 (c)		206		176,868

	Principal Amount (000)		U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37	U.S.$	68		65,668
				1,765,993
Non-Agency Floating Rate - 0.3%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.623% (LIBOR 1 Month + 0.19%), 12/25/36 (h)		372		224,565
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.683% (LIBOR 1 Month + 0.25%), 3/25/35 (h)		164		138,253
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-SGP, Class A
2.136% (LIBOR 1 Month + 1.70%), 7/15/36 (c)(h)		304		301,645
RBSSP Resecuritization Trust
Series 2010-9, Class 7A6
6.668%, 5/26/37 (c)(g)		181		152,411
				816,874
Total Collateralized Mortgage Obligations (cost $6,030,104)				5,909,519
INFLATION-LINKED SECURITIES - 1.7%
United States - 1.7%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)		4,131		4,220,200
0.375%, 7/15/25 (TIPS)		1,218		1,244,360
Total Inflation-Linked Securities (cost $5,399,125)				5,464,560
CORPORATES - NON-INVESTMENT GRADE - 1.5%
Financial Institutions - 0.8%
Banking - 0.7%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (f)		79		81,544
Barclays Bank PLC
6.86%, 6/15/32 (c)(f)		44		50,600
7.625%, 11/21/22		239		256,925
7.75%, 4/10/23		305		320,250
Credit Agricole SA
8.125%, 12/23/25 (c)(f)		205		206,240
HBOS Capital Funding LP
4.939%, 5/23/16 (f)	EUR	298		339,094
Intesa Sanpaolo SpA
5.017%, 6/26/24 (c)	U.S.$	339		317,454

	Principal Amount (000)		U.S. $ Value
Royal Bank of Scotland Group PLC
Series U
7.64%, 9/30/17 (f)	U.S.$	200		194,250
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (c)		61		64,514
Societe Generale SA
5.922%, 4/05/17 (c)(f)		100		99,000
8.00%, 9/29/25 (c)(f)		200		194,000
UniCredit Luxembourg Finance SA
6.00%, 10/31/17 (c)		230		237,310
				2,361,181
Finance - 0.1%
AerCap Aviation Solutions BV
6.375%, 5/30/17		200		206,250
International Lease Finance Corp.
5.875%, 4/01/19		93		98,231
				304,481
				2,665,662
Industrial - 0.6%
Basic - 0.0%
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc.
6.50%, 11/15/20		49		39,200
Novelis, Inc.
8.375%, 12/15/17		29		29,493
				68,693
Capital Goods - 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.75%, 10/15/20		115		118,019
Communications - Media - 0.0%
CSC Holdings LLC
8.625%, 2/15/19		44		48,400
Communications - Telecommunications - 0.2%
Numericable-SFR SA
5.375%, 5/15/22 (c)	EUR	195		225,774
Sprint Capital Corp.
6.90%, 5/01/19	U.S.$	370		320,975
Telecom Italia Capital SA
6.00%, 9/30/34		65		61,784
				608,533
Consumer Cyclical - Other - 0.2%
International Game Technology PLC
6.25%, 2/15/22 (c)		200		203,460
KB Home
4.75%, 5/15/19		107		106,599

	Principal Amount (000)		U.S. $ Value
MCE Finance Ltd.
5.00%, 2/15/21 (c)	U.S.$	210		201,075
				511,134
Consumer Non-Cyclical - 0.0%
Valeant Pharmaceuticals International, Inc.
6.125%, 4/15/25 (c)		135		103,950
Energy - 0.1%
Cenovus Energy, Inc.
3.00%, 8/15/22		17		15,115
5.70%, 10/15/19		59		59,207
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		111		73,081
SM Energy Co.
6.50%, 1/01/23		14		9,870
Transocean, Inc.
6.50%, 11/15/20		135		94,500
				251,773
Technology - 0.0%
Advanced Micro Devices, Inc.
6.75%, 3/01/19		104		83,200
				1,793,702
Utility - 0.1%
Electric - 0.1%
AES Corp./VA
7.375%, 7/01/21		119		133,280
NRG Energy, Inc.
Series WI
6.25%, 5/01/24		92		84,410
				217,690
Non Corporate Sectors - 0.0%
Agencies - Not Government Guaranteed - 0.0%
NOVA Chemicals Corp.
5.25%, 8/01/23 (c)		125		122,187
Total Corporates - Non-Investment Grade (cost $5,106,181)				4,799,241
QUASI-SOVEREIGNS - 0.3%
Quasi-Sovereign Bonds - 0.3%
Chile - 0.2%
Corp Nacional del Cobre de Chile
4.50%, 9/16/25 (c)		310		315,950
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (c)		340		355,716
				671,666

	Principal Amount (000)		U.S. $ Value
Mexico - 0.1%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23	U.S.$	217		210,813
Total Quasi-Sovereigns (cost $855,138)				882,479
GOVERNMENTS - SOVEREIGN AGENCIES - 0.2%
Brazil - 0.1%
Petrobras Global Finance BV
5.75%, 1/20/20		253		219,794
Colombia - 0.0%
Ecopetrol SA
5.875%, 5/28/45		94		73,672
Israel - 0.1%
Israel Electric Corp. Ltd.
Series 6
5.00%, 11/12/24 (c)		320		339,360
United Kingdom - 0.0%
Royal Bank of Scotland Group PLC
7.50%, 8/10/20 (f)		200		186,000
Total Governments - Sovereign Agencies (cost $865,928)				818,826
EMERGING MARKETS - TREASURIES - 0.2%
Brazil - 0.2%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17-1/01/27 (cost $942,954)	BRL	3,050		760,314
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.2%
United States - 0.2%
State of California
Series 2010
7.625% CAS, 3/01/40 (cost $350,462)	U.S.$	345		527,981
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Capital Goods - 0.0%
Odebrecht Finance Ltd.
5.25%, 6/27/29 (c)		217		93,039
Communications - Telecommunications - 0.1%
Comcel Trust via Comunicaciones Celulares SA
6.875%, 2/06/24 (c)		200		187,000
Total Emerging Markets - Corporate Bonds (cost $414,033)				280,039

Company	Shares		U.S. $ Value
PREFERRED STOCKS - 0.1%
Financials - 0.1%
Insurance - 0.1%
Allstate Corp. (The)
5.10% (cost $179,024)		6,700	$	174,669
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS - 0.0%
Mexico - 0.0%
Mexico Government International Bond
Series E
5.95%, 3/19/19 (cost $91,077)	U.S.$	82		91,430
SHORT-TERM INVESTMENTS - 4.5%
Time Deposit - 4.5%
State Street Time Deposit 0.01%, 4/01/16 (cost $14,679,757)		14,680		14,679,757
Total Investments Before Security Lending Collateral for Securities Loaned - 100.9% (cost $302,507,754)				330,388,981
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.7%
Investment Companies - 0.7%
AB Exchange Reserves - Class I, 0.40% (j)(k) (cost $2,291,151)		2,291,151		2,291,151
Total Investments - 101.6% (cost $304,798,905) (l)				332,680,132
Other assets less liabilities - (1.6)% (m)				(5,217,175	)
Net Assets - 100.0%			$	327,462,957

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		12		June 2016	$	1,311,126	$	1,303,530	$	(7,596	)
Euro STOXX 50 Futures		9		June 2016		307,615		300,167		(7,448	)
TOPIX Index Futures		3		June 2016		360,692		359,190		(1,502	)
U.S. T-Note 2 Yr (CBT) Futures		43		June 2016		9,409,255		9,406,250		(3,005	)
U.S. T-Note 5 Yr (CBT) Futures		143		June 2016		17,293,743		17,326,461		32,718
U.S. T-Note 10 Yr (CBT) Futures		29		June 2016		3,760,593		3,781,328		20,735
U.S. Ultra Bond (CBT) Futures		27		June 2016		4,680,710		4,658,344		(22,366	)
Sold Contracts
Euro-BOBL Futures		30		June 2016		4,490,510		4,475,360		15,150
									$	26,686

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	TWD	2,403	USD	72	5/18/16	$	(2,503	)
BNP Paribas SA	KRW	655,235	USD	538	5/18/16		(33,718	)
BNP Paribas SA	USD	473	GBP	328	5/18/16		(1,486	)
Citibank, NA	RUB	5,399	USD	69	4/07/16		(10,910	)
Citibank, NA	CHF	492	USD	494	5/18/16		(18,393	)
Citibank, NA	GBP	1,159	USD	1,672	5/18/16		7,538
Citibank, NA	USD	353	AUD	502	5/18/16		30,957
Credit Suisse International	JPY	42,199	USD	349	5/18/16		(26,168	)
Goldman Sachs Bank USA	BRL	851	USD	233	4/04/16		(3,331	)
Goldman Sachs Bank USA	USD	239	BRL	851	4/04/16		(2,444	)
Goldman Sachs Bank USA	USD	647	GBP	455	5/18/16		6,188
Goldman Sachs Bank USA	BRL	1,754	USD	381	1/04/17		(70,409	)
HSBC Bank USA	BRL	454	USD	114	4/04/16		(12,368	)
HSBC Bank USA	BRL	454	USD	128	4/04/16		1,304
HSBC Bank USA	USD	124	BRL	454	4/04/16		2,757
HSBC Bank USA	USD	128	BRL	454	4/04/16		(1,304	)
HSBC Bank USA	KRW	136,099	USD	111	5/18/16		(8,156	)
HSBC Bank USA	USD	436	JPY	49,595	5/18/16		4,998
HSBC Bank USA	USD	1,496	SEK	12,565	5/18/16		53,744
Morgan Stanley & Co., Inc.	CAD	659	USD	476	5/18/16		(31,007	)
Morgan Stanley & Co., Inc.	GBP	614	USD	882	5/18/16		(100	)
Standard Chartered Bank	BRL	1,083	USD	304	4/04/16		3,110
Standard Chartered Bank	USD	300	BRL	1,083	4/04/16		1,363
Standard Chartered Bank	JPY	220,000	USD	1,955	4/20/16		(326	)
Standard Chartered Bank	BRL	1,083	USD	298	5/03/16		(955	)
Standard Chartered Bank	CNY	1,146	USD	173	5/18/16		(3,545	)
Standard Chartered Bank	JPY	58,887	USD	514	5/18/16		(9,725	)
Standard Chartered Bank	TWD	8,658	USD	256	5/18/16		(12,912	)
Standard Chartered Bank	USD	3,237	JPY	370,735	5/18/16		61,229
Standard Chartered Bank	USD	132	TWD	4,301	5/18/16		1,617
Standard Chartered Bank	CNY	2,599	USD	395	6/17/16		(5,184	)
State Street Bank & Trust Co.	BRL	232	USD	61	4/04/16		(3,919	)
State Street Bank & Trust Co.	RUB	4,532	USD	66	4/07/16		(1,486	)
State Street Bank & Trust Co.	EUR	612	USD	666	5/13/16		(31,904	)
State Street Bank & Trust Co.	AUD	268	USD	200	5/18/16		(4,775	)
State Street Bank & Trust Co.	CAD	865	USD	622	5/18/16		(43,784	)
State Street Bank & Trust Co.	CHF	353	USD	363	5/18/16		(4,959	)
State Street Bank & Trust Co.	EUR	2,024	USD	2,285	5/18/16		(21,165	)
State Street Bank & Trust Co.	GBP	391	USD	553	5/18/16		(8,685	)
State Street Bank & Trust Co.	HKD	8,191	USD	1,050	5/18/16		(5,869	)
State Street Bank & Trust Co.	HKD	987	USD	127	5/18/16		20

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	JPY	56,293	USD	493	5/18/16	$	(8,124	)
State Street Bank & Trust Co.	NOK	2,160	USD	249	5/18/16		(12,210	)
State Street Bank & Trust Co.	USD	436	AUD	605	5/18/16		27,110
State Street Bank & Trust Co.	USD	1,594	CHF	1,571	5/18/16		42,503
State Street Bank & Trust Co.	USD	175	CNY	1,146	5/18/16		1,460
State Street Bank & Trust Co.	USD	2,260	EUR	2,039	5/18/16		63,375
State Street Bank & Trust Co.	USD	80	HKD	622	5/18/16		164
State Street Bank & Trust Co.	USD	122	JPY	13,716	5/18/16		(222	)
State Street Bank & Trust Co.	USD	124	JPY	13,947	5/18/16		330
State Street Bank & Trust Co.	USD	243	KRW	283,692	5/18/16		4,788
State Street Bank & Trust Co.	USD	449	NOK	3,846	5/18/16		15,956
State Street Bank & Trust Co.	AUD	285	USD	211	6/17/16		(6,358	)
State Street Bank & Trust Co.	CAD	407	USD	308	6/17/16		(5,062	)
State Street Bank & Trust Co.	EUR	431	USD	477	6/17/16		(14,143	)
State Street Bank & Trust Co.	JPY	11,534	USD	102	6/17/16		(1,036	)
State Street Bank & Trust Co.	MXN	5,807	USD	322	6/17/16		(11,557	)
State Street Bank & Trust Co.	USD	214	AUD	285	6/17/16		3,599
State Street Bank & Trust Co.	USD	191	CAD	256	6/17/16		5,857
State Street Bank & Trust Co.	USD	572	EUR	512	6/17/16		11,802
State Street Bank & Trust Co.	USD	440	GBP	311	6/17/16		6,696
State Street Bank & Trust Co.	USD	281	JPY	31,600	6/17/16		860
State Street Bank & Trust Co.	USD	203	SEK	1,670	6/17/16		3,599
UBS AG	EUR	377	USD	413	6/17/16		(17,015	)
						$	(94,293	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2016			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	)%		2.77	%	$	2,784	$	(164,701	)	$	(103,708	)
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)		0.74			4,100		(34,928	)		2,394
									$	(199,629	)	$	(101,314	)

* 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		$	(4,486	)
Morgan Stanley & Co., LLC/(CME Group)		AUD	8,060		3/11/17		2.140	%		3 Month BBSW			3,490
Morgan Stanley & Co., LLC/(CME Group)		CAD	5,740		6/05/17		1.054	%		3 Month CDOR			(11,991	)
Morgan Stanley & Co., LLC/(CME Group)		NZD	11,300		6/09/17		3.366	%		3 Month BKBM			(170,276	)
Morgan Stanley & Co., LLC/(CME Group)		AUD	7,220		6/09/17		2.218	%		3 Month BBSW			(3,090	)
Morgan Stanley & Co., LLC/(CME Group)			4,920		10/30/17		1.915	%		3 Month BBSW			14,453
Morgan Stanley & Co., LLC/(CME Group)		GBP	2,090		6/05/20		6 Month LIBOR			1.651	%		97,252
Morgan Stanley & Co., LLC/(CME Group)		AUD	1,230		3/11/25		6 Month BBSW			2.973	%		28,214
Morgan Stanley & Co., LLC/(CME Group)		NZD	1,320		6/09/25		3 Month BKBM			4.068	%		94,327
Morgan Stanley & Co., LLC/(CME Group)		AUD	780		6/09/25		6 Month BBSW			3.384	%		39,850
Morgan Stanley & Co., LLC/(CME Group)		USD	430		6/09/25		2.488	%		3 Month LIBOR			(36,985	)
Morgan Stanley & Co., LLC/(CME Group)			1,560		11/10/25		2.256	%		3 Month LIBOR			(102,876	)
Morgan Stanley & Co., LLC/(CME Group)		GBP	190		6/05/45		2.396	%		6 Month LIBOR			(50,905	)
												$	(103,023	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Advanced Micro Devices, Inc.,
7.75%, 8/01/20, 3/20/19*		(5.00	)%		9.62	%	$	104	$	12,091		$	5,521		$	6,570
Sprint Communications, Inc.,
8.375%, 8/15/17, 6/20/19*		(5.00	)%		10.06	%		198		25,832			(8,122	)		33,954
Sprint Communications, Inc.,
8.375%, 8/15/17, 6/20/19*		(5.00	)		10.06			172		22,439			(6,805	)		29,244
Sale Contracts
BNP Paribas SA
Anadarko Petroleum Corp.,
5.95%, 9/15/16, 9/20/17*		1.00			1.47			530		(4,836	)		(5,277	)		441
Credit Suisse International
Kohl’s Corp.,
6.25% 12/15/17, 6/20/19*		1.00			0.89			39		146			(338	)		484
									$	55,672		$	(15,021	)	$	70,693

* Termination date

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, NA	$	1,970		1/30/17		1.059	%		3 Month LIBOR	$	(6,811	)
JPMorgan Chase Bank, NA		2,200		2/07/22		2.043	%		3 Month LIBOR		(100,097	)
										$	(106,908	)

(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, 2016, the aggregate market value of these securities amounted to $21,009,659 or 6.4% of net assets.

(d) Illiquid security.

(e) Fair valued by the Adviser.

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

(g) Variable rate coupon, rate shown as of March 31, 2016.

(h) Floating Rate Security. Stated interest rate was in effect at March 31, 2016.

(i) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.10% of net assets as of March 31, 2016, are considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re Ltd. Series 2015-1A, Class M1
2.933%, 7/25/25		7/27/15	$	131,209	$	129,605		0.04	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2
4.683%, 11/25/24		11/06/15		35,623		36,584		0.01
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
5.683%, 11/25/25		9/28/15		144,029		142,129		0.04
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
5.933%, 11/25/25		9/28/15		40,811		39,940		0.01

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

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

(l) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $37,910,987 and gross unrealized depreciation of investments was $(10,029,760), resulting in net unrealized appreciation of $27,881,227.

(m) An amount of U.S. $430,159 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2016.

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
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
BBSW	-	Bank Bill Swap Reference Rate (Australia)
BKBM	-	Bank Bill Benchmark (New Zealand)
BOBL	-	Bundesobligationen
CBT	-	Chicago Board of Trade
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
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
GDR	-	Global Depositary Receipt
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates

PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security
TOPIX	-	Tokyo Price Index

AB Variable Products Series Fund

Balanced Wealth Strategy Portfolio

March 31, 2016 (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.

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.

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Information Technology	$	32,188,770		$	4,699,052		$	– 0	–	$	36,887,822
Financials		25,027,100			11,193,905			– 0	–		36,221,005
Consumer Discretionary		23,643,677			6,913,299			– 0	–		30,556,976
Health Care		20,506,319			4,866,180			– 0	–		25,372,499
Industrials		10,373,107			8,631,952			– 0	–		19,005,059
Consumer Staples		8,611,340			3,064,169			– 0	–		11,675,509
Energy		7,267,674			2,918,862			– 0	–		10,186,536
Equity: Other		2,120,900			5,924,160			41,125			8,086,185
Utilities		4,901,267			974,199			– 0	–		5,875,466
Residential		3,084,774			2,383,944			– 0	–		5,468,718
Retail		2,213,390			3,036,817			– 0	–		5,250,207
Materials		2,386,262			2,288,698			– 0	–		4,674,960
Telecommunication Services		1,177,454			2,494,713			– 0	–		3,672,167
Office		765,199			1,957,922			– 0	–		2,723,121
Lodging		1,499,772			– 0	–		– 0	–		1,499,772
Mortgage		309,184			– 0	–		– 0	–		309,184
Real Estate		– 0	–		112,930			– 0	–		112,930
Corporates - Investment Grade		– 0	–		30,966,527			– 0	–		30,966,527
Mortgage Pass-Throughs		– 0	–		25,757,212			– 0	–		25,757,212
Asset-Backed Securities		– 0	–		10,875,544			1,436,829			12,312,373
Commercial Mortgage-Backed Securities		– 0	–		8,908,570			3,276,001			12,184,571
Governments - Treasuries		– 0	–		7,201,367			– 0	–		7,201,367
Collateralized Mortgage Obligations		– 0	–		301,645			5,607,874			5,909,519
Inflation-Linked Securities		– 0	–		5,464,560			– 0	–		5,464,560
Corporates - Non-Investment Grade		– 0	–		4,799,241			– 0	–		4,799,241
Quasi-Sovereigns		– 0	–		882,479			– 0	–		882,479
Governments - Sovereign Agencies		– 0	–		818,826			– 0	–		818,826
Emerging Markets - Treasuries		– 0	–		760,314			– 0	–		760,314
Local Governments - Municipal Bonds		– 0	–		527,981			– 0	–		527,981
Emerging Markets - Corporate Bonds		– 0	–		280,039			– 0	–		280,039
Preferred Stocks		174,669			– 0	–		– 0	–		174,669
Governments - Sovereign Bonds		– 0	–		91,430			– 0	–		91,430
Short-Term Investments		– 0	–		14,679,757			– 0	–		14,679,757
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,291,151			– 0	–		– 0	–		2,291,151
Total Investments in Securities		148,542,009			173,776,294			10,361,829			332,680,132
Other Financial Instruments(a):
Assets:
Futures		68,603			– 0	–		– 0	–		68,603
Forward Currency Exchange Contracts		– 0	–		362,924			– 0	–		362,924
Centrally Cleared Credit Default Swaps		– 0	–		2,394			– 0	–		2,394
Centrally Cleared Interest Rate Swaps		– 0	–		277,586			– 0	–		277,586
Credit Default Swaps		– 0	–		70,693			– 0	–		70,693
Liabilities:
Futures		(41,917	)		– 0	–		– 0	–		(41,917	)
Forward Currency Exchange Contracts		– 0	–		(457,217	)		– 0	–		(457,217	)
Centrally Cleared Credit Default Swaps		– 0	–		(103,708	)		– 0	–		(103,708	)
Centrally Cleared Interest Rate Swaps		– 0	–		(380,609	)		– 0	–		(380,609	)
Interest Rate Swaps		– 0	–		(106,908	)		– 0	–		(106,908	)
Total(b)	$	148,568,695		$	173,441,449		$	10,361,829		$	332,371,973

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

(b) 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 12/31/15	$	303,923		$	1,940,567		$	3,597,541
Accrued discounts/(premiums)		– 0	–		151			(1,862	)
Realized gain (loss)		91,952			240			(27,642	)
Change in unrealized appreciation/depreciation		(145,419	)		8,879			6,945
Purchases		– 0	–		– 0	–		(861	)
Sales		(209,331	)		(243,011	)		(298,120	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(269,997	)		– 0	–
Balance as of 3/31/16	$	41,125		$	1,436,829		$	3,276,001
Net change in unrealized appreciation/depreciation from investments held as of 3/31/16	$	(20,621	)	$	8,879		$	(12,424	)
	Collateralized Mortgage  Obligation			Total
Balance as of 12/31/15	$	6,952,456			12,794,487
Accrued discounts/(premiums)		4,043			2,332
Realized gain (loss)		(20,797	)		43,753
Change in unrealized appreciation/depreciation		14,597			(114,998	)
Purchases		630,298			629,437
Sales		(1,972,723	)		(2,723,185	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(269,997	)
Balance as of 3/31/16	$	5,607,874		$	10,361,829	(a)
Net change in unrealized appreciation/depreciation from investments held as of 3/31/16	$	(14,679	)	$	(38,845	)

(a) 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, 2016. Securities priced by third party vendors are excluded from the following table.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value  at 3/31/16		Valuation Technique	Unobservable Input	Range/ Weighted  Average
Common Stock	$	41,125	Market Approach	Discount of Last Traded Price		50%/N/A

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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases  at Cost (000)

Sales Proceeds (000)

Realized Gain  (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Exchange Reserves - Class I

$

3,438

$

8,862

$

10,009

$

– 0

–

$

– 0

–

$

2,291

$

– 0

–

$

– 0

–

AB Variable Products Series Fund

Dynamic Asset Allocation Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 27.4%
Financials - 5.4%
Banks - 2.2%
Aozora Bank Ltd. (a)		6,000	$	20,943
Australia & New Zealand Banking Group Ltd.		16,735		299,999
Banco Bilbao Vizcaya Argentaria SA		38,399		253,559
Banco Comercial Portugues SA (a)(b)		230,718		9,359
Banco de Sabadell SA		29,722		53,376
Banco Espirito Santo SA (REG) (b)(c)(d)		10,016		0	^
Banco Popular Espanol SA		10,844		28,143
Banco Santander SA		87,371		383,723
Bank Hapoalim BM		4,812		24,978
Bank Leumi Le-Israel BM (b)		12,645		45,410
Bank of America Corp.		40,395		546,140
Bank of East Asia Ltd. (The) (a)		9,600		35,820
Bank of Ireland (b)		199,710		57,764
Bank of Kyoto Ltd. (The)		2,000		13,039
Bank of Queensland Ltd.		3,683		34,148
Bank of Yokohama Ltd. (The) (a)(b)(c)(d)		5,000		22,969
Bankia SA		22,531		21,211
Bankinter SA		4,951		34,883
Barclays PLC		99,698		214,012
BB&T Corp.		3,000		99,810
Bendigo & Adelaide Bank Ltd.		3,446		23,386
BNP Paribas SA		6,431		323,097
BOC Hong Kong Holdings Ltd.		22,500		67,213
CaixaBank SA		13,908		40,995
Chiba Bank Ltd. (The)		3,000		14,942
Citigroup, Inc.		11,629		485,511
Citizens Financial Group, Inc.		2,069		43,346
Comerica, Inc.		650		24,615
Commerzbank AG (b)		6,474		56,172
Commonwealth Bank of Australia		10,271		588,827
Credit Agricole SA		6,256		67,652
Danske Bank A/S		3,980		112,317
DBS Group Holdings Ltd.		10,000		113,920
DNB ASA		5,944		70,188
Erste Group Bank AG (b)		1,696		47,602
Fifth Third Bancorp		3,090		51,572
Fukuoka Financial Group, Inc.		4,000		13,030
Gunma Bank Ltd. (The) (a)		4,000		16,521
Hachijuni Bank Ltd. (The) (a)		4,000		17,232
Hang Seng Bank Ltd.		4,600		81,570
Hiroshima Bank Ltd. (The)		5,000		18,244
HSBC Holdings PLC		118,577		737,426
Huntington Bancshares, Inc./OH		3,065		29,240
ING Groep NV		22,105		264,526
Intesa Sanpaolo SpA		70,654		195,359
Iyo Bank Ltd. (The) (a)		2,000		13,076
Japan Post Bank Co., Ltd.		2,000		24,633
Joyo Bank Ltd. (The)		3,000		10,283
JPMorgan Chase & Co.		14,265		844,773
KBC Groep NV		1,520		78,276
KeyCorp		3,225		35,604
Lloyds Banking Group PLC		346,648		337,634
M&T Bank Corp.		515		57,165
Mitsubishi UFJ Financial Group, Inc.		77,400		358,641

Company	Shares		U.S. $ Value
Mizrahi Tefahot Bank Ltd.		973		11,415
Mizuho Financial Group, Inc.		140,100		208,789
National Australia Bank Ltd.		15,512		311,465
Natixis SA		9,006		44,275
Nordea Bank AB		18,440		176,875
Oversea-Chinese Banking Corp., Ltd.		18,000		117,966
People’s United Financial, Inc. (a)		1,165		18,558
PNC Financial Services Group, Inc. (The)		1,980		167,449
Raiffeisen Bank International AG (b)		718		10,851
Regions Financial Corp.		5,075		39,839
Resona Holdings, Inc.		13,400		47,778
Royal Bank of Scotland Group PLC (b)		21,047		67,113
Seven Bank Ltd. (a)		5,324		22,723
Shinsei Bank Ltd. (a)		12,000		15,661
Shizuoka Bank Ltd. (The)		4,000		28,841
Skandinaviska Enskilda Banken AB-Class A		9,222		87,943
Societe Generale SA		4,399		162,552
Standard Chartered PLC		20,008		135,314
Sumitomo Mitsui Financial Group, Inc.		7,700		233,754
Sumitomo Mitsui Trust Holdings, Inc.		20,000		58,550
SunTrust Banks, Inc.		1,990		71,799
Suruga Bank Ltd.		1,000		17,549
Svenska Handelsbanken AB-Class A		6,684		84,794
Swedbank AB-Class A		4,044		86,851
UniCredit SpA		26,697		96,242
Unione di Banche Italiane SpA		5,202		19,213
United Overseas Bank Ltd.		8,000		111,904
US Bancorp		6,365		258,355
Wells Fargo & Co.		18,025		871,689
Westpac Banking Corp.		19,696		457,481
Zions Bancorporation		780		18,884
				11,526,346
Capital Markets - 0.5%
3i Group PLC		7,720		50,479
Aberdeen Asset Management PLC		5,585		22,170
Affiliated Managers Group, Inc. (b)		207		33,617
Ameriprise Financial, Inc.		695		65,337
Bank of New York Mellon Corp. (The)		4,265		157,080
BlackRock, Inc.-Class A		527		179,480
Charles Schwab Corp. (The)		4,590		128,612
Credit Suisse Group AG (REG) (b)		10,695		151,034
Daiwa Securities Group, Inc.		10,000		61,464
Deutsche Bank AG (REG)		8,374		142,167
E*TRADE Financial Corp. (b)		1,120		27,429
Franklin Resources, Inc.		1,470		57,404
Goldman Sachs Group, Inc. (The)		1,588		249,284
Hargreaves Lansdown PLC		1,481		28,521
ICAP PLC		4,211		28,641
Invesco Ltd.		1,630		50,155
Investec PLC		2,464		18,075
Julius Baer Group Ltd. (b)		1,220		52,285
Legg Mason, Inc.		410		14,219
Macquarie Group Ltd.		1,755		88,828
Mediobanca SpA		12,965		93,239
Morgan Stanley		5,870		146,809
Nomura Holdings, Inc.		22,000		98,260
Northern Trust Corp.		860		56,046

Company	Shares		U.S. $ Value
Partners Group Holding AG		158		63,476
Schroders PLC		729		28,026
State Street Corp.		1,585		92,754
T Rowe Price Group, Inc.		975		71,623
UBS Group AG		22,171		356,643
				2,613,157
Consumer Finance - 0.1%
Acom Co., Ltd. (a)(b)		6,200		31,218
AEON Financial Service Co., Ltd. (a)		800		18,834
American Express Co.		3,310		203,234
Capital One Financial Corp.		2,113		146,452
Credit Saison Co., Ltd.		700		12,177
Discover Financial Services		1,660		84,527
Navient Corp.		1,400		16,758
Provident Financial PLC		891		37,868
Synchrony Financial (b)		3,218		92,228
				643,296
Diversified Financial Services - 0.5%
ASX Ltd.		1,453		46,091
Berkshire Hathaway, Inc.-Class B (b)		7,244		1,027,779
Challenger Ltd./Australia		4,156		26,670
CME Group, Inc./IL-Class A		1,300		124,865
Deutsche Boerse AG		1,511		128,653
Eurazeo SA		1,243		83,956
EXOR SpA		1,279		45,762
Groupe Bruxelles Lambert SA		360		29,661
Hong Kong Exchanges and Clearing Ltd.		6,700		161,272
Industrivarden AB-Class C		996		16,951
Intercontinental Exchange, Inc.		466		109,575
Investment AB Kinnevik-Class B		2,015		57,077
Investor AB-Class B		1,705		60,270
Japan Exchange Group, Inc.		3,100		47,424
Leucadia National Corp.		1,255		20,293
London Stock Exchange Group PLC		1,899		76,711
McGraw Hill Financial, Inc.		1,060		104,919
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,500		15,345
Moody’s Corp.		695		67,109
Nasdaq, Inc.		460		30,535
ORIX Corp.		8,040		114,515
Pargesa Holding SA		255		16,252
Singapore Exchange Ltd.		10,000		58,927
Wendel SA		398		43,280
				2,513,892
Insurance - 1.1%
Admiral Group PLC		819		23,269
Aegon NV		11,109		61,053
Aflac, Inc.		1,655		104,497
Ageas		1,646		65,143
AIA Group Ltd.		73,125		415,644
Allianz SE (REG)		2,771		450,024
Allstate Corp. (The)		1,550		104,424
American International Group, Inc.		5,002		270,358
AMP Ltd.		17,956		79,591
Aon PLC		1,065		111,239
Assicurazioni Generali SpA		5,214		77,183

Company	Shares		U.S. $ Value
Assurant, Inc.		260		20,059
Aviva PLC		24,265		158,437
Baloise Holding AG (REG)		277		35,160
Chubb Ltd.		1,782		212,325
Cincinnati Financial Corp.		560		36,602
CNP Assurances		4,544		70,762
Dai-ichi Life Insurance Co., Ltd. (The)		6,545		79,322
Direct Line Insurance Group PLC		9,978		52,925
Gjensidige Forsikring ASA		1,333		22,709
Hannover Rueck SE (REG)		377		43,816
Hartford Financial Services Group, Inc. (The)		1,575		72,576
Insurance Australia Group Ltd.		10,333		44,131
Japan Post Holdings Co., Ltd.		3,000		40,129
Legal & General Group PLC		36,049		121,465
Lincoln National Corp.		940		36,848
Loews Corp.		1,090		41,703
Mapfre SA		10,570		22,749
Marsh & McLennan Cos., Inc.		2,040		124,012
Medibank Pvt Ltd.		33,575		75,303
MetLife, Inc.		4,320		189,821
MS&AD Insurance Group Holdings, Inc.		3,100		86,401
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,050		213,091
Old Mutual PLC		29,782		82,262
Principal Financial Group, Inc.		1,040		41,028
Progressive Corp. (The)		2,245		78,889
Prudential Financial, Inc.		1,765		127,468
Prudential PLC		15,581		289,938
QBE Insurance Group Ltd.		8,147		68,082
RSA Insurance Group PLC		7,994		54,478
Sampo Oyj-Class A		2,714		128,547
SCOR SE		1,611		56,797
Sompo Japan Nipponkoa Holdings, Inc.		2,000		56,683
Sony Financial Holdings, Inc. (a)		875		11,188
St James’s Place PLC		3,195		42,009
Standard Life PLC		11,878		60,570
Suncorp Group Ltd.		7,811		71,265
Swiss Life Holding AG (b)		249		66,077
Swiss Re AG		2,138		197,422
T&D Holdings, Inc.		2,600		24,287
Tokio Marine Holdings, Inc.		4,200		141,909
Torchmark Corp.		452		24,480
Travelers Cos., Inc. (The)		1,230		143,553
Tryg A/S		795		15,397
UnipolSai SpA		4,035		9,319
Unum Group		920		28,446
Willis Towers Watson PLC		537		63,720
XL Group PLC		1,160		42,688
Zurich Insurance Group AG (b)		907		210,344
				5,699,617
Real Estate Investment Trusts (REITs) - 0.7%
American Tower Corp.		1,615		165,328
Apartment Investment & Management Co.-Class A		575		24,046
AvalonBay Communities, Inc.		545		103,659
Boston Properties, Inc.		600		76,248
British Land Co. PLC (The)		5,864		58,862
CapitaLand Mall Trust		14,000		21,696

Company	Shares		U.S. $ Value
Crown Castle International Corp.		1,270		109,855
Dexus Property Group		3,880		23,562
Equinix, Inc.		220		72,756
Equity Residential		1,390		104,292
Essex Property Trust, Inc.		278		65,013
Extra Space Storage, Inc.		483		45,141
Federal Realty Investment Trust		272		42,446
Fonciere Des Regions		933		87,987
Gecina SA		253		34,703
General Growth Properties, Inc.		2,244		66,714
Goodman Group		10,596		54,191
GPT Group (The)		6,698		25,642
Hammerson PLC		4,761		39,496
HCP, Inc.		1,780		57,992
Host Hotels & Resorts, Inc.		2,900		48,430
ICADE		449		34,313
Intu Properties PLC (a)		5,825		26,118
Iron Mountain, Inc.		708		24,008
Japan Prime Realty Investment Corp.		7		28,509
Japan Real Estate Investment Corp.		8		46,183
Japan Retail Fund Investment Corp.		15		36,014
Kimco Realty Corp.		1,580		45,472
Klepierre		1,311		62,624
Land Securities Group PLC		4,798		75,653
Link REIT		10,500		62,309
Macerich Co. (The)		510		40,412
Mirvac Group		40,488		59,991
Nippon Building Fund, Inc.		9		53,279
Nippon Prologis REIT, Inc.		5		11,180
Prologis, Inc.		2,020		89,244
Public Storage		580		159,981
Realty Income Corp.		908		56,759
Scentre Group		33,577		114,296
Segro PLC		3,337		19,629
Simon Property Group, Inc.		1,216		252,551
SL Green Realty Corp.		376		36,427
Stockland		14,259		46,650
UDR, Inc.		1,028		39,609
Unibail-Rodamco SE		613		168,118
United Urban Investment Corp.		12		19,384
Ventas, Inc.		1,291		81,281
Vicinity Centres		20,397		49,851
Vornado Realty Trust		685		64,685
Welltower, Inc.		1,375		95,342
Westfield Corp.		9,308		71,269
Weyerhaeuser Co.		2,948		91,329
				3,390,529
Real Estate Management & Development - 0.3%
Aeon Mall Co., Ltd.		1,700		25,152
CapitaLand Ltd.		35,000		79,601
CBRE Group, Inc.-Class A (b)		1,115		32,134
Cheung Kong Property Holdings Ltd.		14,840		95,537
City Developments Ltd.		3,000		18,164
Daito Trust Construction Co., Ltd.		400		56,734
Daiwa House Industry Co., Ltd.		4,000		112,433
Deutsche Wohnen AG		1,334		41,400
Global Logistic Properties Ltd.		30,422		43,390
Hang Lung Properties Ltd.		14,000		26,765
Henderson Land Development Co., Ltd.		5,324		32,670

Company	Shares		U.S. $ Value
Hulic Co., Ltd.		2,197		20,948
Kerry Properties Ltd.		8,500		23,447
LendLease Group		3,450		36,626
Mitsubishi Estate Co., Ltd.		8,000		148,480
Mitsui Fudosan Co., Ltd.		6,000		149,446
New World Development Co., Ltd.		22,000		21,026
Nomura Real Estate Holdings, Inc.		800		14,768
NTT Urban Development Corp.		1,600		15,659
Sino Land Co., Ltd.		16,000		25,498
Sumitomo Realty & Development Co., Ltd.		2,000		58,462
Sun Hung Kai Properties Ltd.		10,000		122,236
Swire Pacific Ltd.-Class A		2,000		21,585
Swire Properties Ltd.		25,389		69,051
Tokyo Tatemono Co., Ltd.		1,500		18,658
Tokyu Fudosan Holdings Corp.		2,000		13,575
Vonovia SE		2,725		97,830
Wharf Holdings Ltd. (The)		13,000		71,207
Wheelock & Co., Ltd.		6,000		26,811
				1,519,293
				27,906,130
Consumer Discretionary - 3.6%
Auto Components - 0.2%
Aisin Seiki Co., Ltd.		900		33,876
BorgWarner, Inc.		830		31,872
Bridgestone Corp.		3,900		145,559
Cie Generale des Etablissements Michelin-Class B		1,132		115,655
Continental AG		668		151,509
Delphi Automotive PLC		1,091		81,847
Denso Corp.		3,000		120,422
GKN PLC		9,965		41,258
Goodyear Tire & Rubber Co. (The)		1,010		33,310
Johnson Controls, Inc.		2,530		98,594
Koito Manufacturing Co., Ltd.		1,000		45,281
NGK Spark Plug Co., Ltd.		1,000		19,149
NOK Corp.		700		11,942
Nokian Renkaat Oyj (a)		694		24,485
Stanley Electric Co., Ltd. (a)		1,600		36,162
Sumitomo Electric Industries Ltd.		4,600		55,779
Sumitomo Rubber Industries Ltd.		1,200		18,541
Toyota Industries Corp.		1,000		44,910
Valeo SA		339		52,714
Yokohama Rubber Co., Ltd. (The)		1,000		16,439
				1,179,304
Automobiles - 0.6%
Bayerische Motoren Werke AG		2,010		184,530
Daihatsu Motor Co., Ltd. (a)		3,000		42,250
Daimler AG (REG)		5,845		447,333
Ferrari NV (b)		572		23,757
Fiat Chrysler Automobiles NV		5,720		46,159
Ford Motor Co.		15,020		202,770
Fuji Heavy Industries Ltd.		4,000		141,253
General Motors Co.		5,566		174,939
Harley-Davidson, Inc.		800		41,064
Honda Motor Co., Ltd.		9,900		270,677
Isuzu Motors Ltd.		3,500		36,102

Company	Shares		U.S. $ Value
Mazda Motor Corp.		3,200		49,670
Mitsubishi Motors Corp.		3,400		25,381
Nissan Motor Co., Ltd.		15,100		139,603
Peugeot SA (b)		2,295		39,263
Porsche Automobil Holding SE (Preference Shares)		684		35,352
Renault SA		1,169		116,172
Suzuki Motor Corp.		2,200		58,825
Toyota Motor Corp.		16,600		880,388
Volkswagen AG		140		20,339
Volkswagen AG (Preference Shares)		987		125,277
Yamaha Motor Co., Ltd.		1,200		19,945
				3,121,049
Distributors - 0.0%
Genuine Parts Co.		610		60,610
Jardine Cycle & Carriage Ltd.		2,000		59,387
				119,997
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc. (a)		300		8,638
H&R Block, Inc.		870		22,985
				31,623
Hotels, Restaurants & Leisure - 0.5%
Accor SA		750		31,726
Carnival Corp.		1,785		94,195
Carnival PLC		1,116		59,945
Chipotle Mexican Grill, Inc.-Class A (b)		144		67,820
Compass Group PLC		10,184		179,527
Crown Resorts Ltd.		2,537		24,205
Darden Restaurants, Inc.		420		27,846
Flight Centre Travel Group Ltd. (a)		471		15,600
Galaxy Entertainment Group Ltd.		20,155		75,536
Genting Singapore PLC		22,000		13,620
InterContinental Hotels Group PLC		1,433		58,963
Marriott International, Inc./MD-Class A (a)		745		53,029
McDonald’s Corp.		3,630		456,218
McDonald’s Holdings Co. Japan Ltd. (a)		500		11,846
Melco Crown Entertainment Ltd. (ADR) (a)		577		9,526
Merlin Entertainments PLC (e)		3,228		21,461
MGM China Holdings Ltd.		14,013		21,390
Oriental Land Co., Ltd./Japan (a)		1,200		84,960
Paddy Power Betfair PLC		497		69,321
Royal Caribbean Cruises Ltd.		677		55,616
Sands China Ltd.		10,875		44,326
SJM Holdings Ltd.		13,014		9,260
Sodexo SA		572		61,561
Starbucks Corp.		5,720		341,484
Starwood Hotels & Resorts Worldwide, Inc.		645		53,812
Tatts Group Ltd.		15,121		43,810
TUI AG		3,700		57,234
Whitbread PLC		1,102		62,556
William Hill PLC		3,391		15,865
Wyndham Worldwide Corp.		450		34,394
Wynn Macau Ltd. (b)		35,799		55,360

Company	Shares		U.S. $ Value
Wynn Resorts Ltd. (a)		310		28,963
Yum! Brands, Inc.		1,645		134,643
				2,375,618
Household Durables - 0.2%
Auto Trader Group PLC (e)		4,551		25,463
Barratt Developments PLC		6,033		48,433
Berkeley Group Holdings PLC		788		36,334
Casio Computer Co., Ltd. (a)		800		16,134
DR Horton, Inc.		1,255		37,939
Electrolux AB-Class B		2,430		63,811
Garmin Ltd.		420		16,783
Harman International Industries, Inc.		290		25,821
Iida Group Holdings Co., Ltd.		1,346		26,214
Leggett & Platt, Inc.		525		25,410
Lennar Corp.-Class A (a)		650		31,434
Mohawk Industries, Inc. (b)		250		47,725
Newell Rubbermaid, Inc. (a)		1,025		45,397
Nikon Corp. (a)		1,500		22,937
Panasonic Corp.		13,400		121,361
Persimmon PLC		1,857		55,489
PulteGroup, Inc.		1,235		23,107
Rinnai Corp. (a)		200		17,668
Sekisui Chemical Co., Ltd.		2,000		24,622
Sekisui House Ltd.		3,000		50,615
Sony Corp.		7,700		197,976
Taylor Wimpey PLC		19,787		53,927
Whirlpool Corp.		300		54,102
				1,068,702
Internet & Catalog Retail - 0.3%
Amazon.com, Inc. (b)		1,480		878,587
Expedia, Inc.		382		41,187
Netflix, Inc. (b)		1,632		166,840
Priceline Group, Inc. (The) (b)		197		253,925
Rakuten, Inc.		4,835		46,672
TripAdvisor, Inc. (b)		412		27,398
				1,414,609
Leisure Products - 0.1%
Bandai Namco Holdings, Inc.		900		19,618
Hasbro, Inc.		450		36,045
Mattel, Inc.		1,285		43,202
Sankyo Co., Ltd. (a)		300		11,171
Sega Sammy Holdings, Inc. (a)		2,500		27,238
Shimano, Inc.		400		62,731
Yamaha Corp.		500		15,041
				215,046
Media - 0.7%
Altice NV-Class A (b)		3,528		62,669
Altice NV-Class B (b)		1,176		21,126
Axel Springer SE		401		21,585
Cablevision Systems Corp.-Class A		830		27,390

Company	Shares		U.S. $ Value
CBS Corp.-Class B		1,690		93,102
Comcast Corp.-Class A		9,601		586,429
Dentsu, Inc.		1,300		65,216
Discovery Communications, Inc.-Class A (a)(b)		545		15,603
Discovery Communications, Inc.-Class C (b)		995		26,865
Eutelsat Communications SA		1,052		33,928
Hakuhodo DY Holdings, Inc.		2,490		28,191
Interpublic Group of Cos., Inc. (The)		1,545		35,458
ITV PLC		23,254		80,355
JCDecaux SA		1,374		60,136
Kabel Deutschland Holding AG		410		45,906
Lagardere SCA		2,184		57,929
News Corp.-Class A		1,458		18,619
News Corp.-Class B		367		4,863
Numericable-SFR SA		770		32,338
Omnicom Group, Inc.		910		75,739
Pearson PLC		4,977		62,375
ProSiebenSat.1 Media SE		1,328		68,173
Publicis Groupe SA		807		56,588
REA Group Ltd. (a)		1,002		41,473
RELX NV		7,786		135,745
RELX PLC		6,934		128,633
RTL Group SA (Germany)		312		26,378
Schibsted ASA-Class B (b)		1,020		28,231
Scripps Networks Interactive, Inc.-Class A		370		24,235
SES SA		1,845		53,975
Singapore Press Holdings Ltd.		6,000		17,796
Sky PLC		6,268		92,105
TEGNA, Inc.		850		19,941
Telenet Group Holding NV (b)		459		23,198
Time Warner Cable, Inc.-Class A		1,115		228,151
Time Warner, Inc.		3,145		228,170
Toho Co., Ltd./Tokyo		1,000		26,286
Twenty-First Century Fox, Inc.-Class A		4,671		130,228
Twenty-First Century Fox, Inc.-Class B		1,617		45,599
Viacom, Inc.-Class B		1,310		54,077
Vivendi SA		7,368		154,411
Walt Disney Co. (The)		6,014		597,250
WPP PLC		7,999		186,181
				3,822,646
Multiline Retail - 0.1%
Dollar General Corp.		1,120		95,872
Dollar Tree, Inc. (b)		888		73,225
Don Quijote Holdings Co., Ltd.		1,000		34,731
Isetan Mitsukoshi Holdings Ltd.		2,200		25,684
J Front Retailing Co., Ltd.		1,500		19,904
Kohl’s Corp.		730		34,025
Macy’s, Inc.		1,255		55,333
Marks & Spencer Group PLC		9,926		57,842
Next PLC		931		72,098
Nordstrom, Inc. (a)		520		29,749
Ryohin Keikaku Co., Ltd.		146		30,846
Target Corp.		2,425		199,529
				728,838
Specialty Retail - 0.5%
ABC-Mart, Inc.		500		32,000

Company	Shares		U.S. $ Value
Advance Auto Parts, Inc.		281		45,056
AutoNation, Inc. (b)		285		13,304
AutoZone, Inc. (b)		125		99,586
Bed Bath & Beyond, Inc. (b)		645		32,018
Best Buy Co., Inc.		1,150		37,306
CarMax, Inc. (b)		770		39,347
Dixons Carphone PLC		7,310		44,674
Dufry AG (REG) (b)		264		32,423
Fast Retailing Co., Ltd.		300		95,857
GameStop Corp.-Class A		415		13,168
Gap, Inc. (The)		905		26,607
Hennes & Mauritz AB-Class B		5,764		191,850
Hikari Tsushin, Inc. (a)		200		15,220
Home Depot, Inc. (The)		4,980		664,481
Industria de Diseno Textil SA		6,622		221,967
Kingfisher PLC		14,379		77,554
L Brands, Inc.		985		86,493
Lowe’s Cos., Inc.		3,590		271,942
Nitori Holdings Co., Ltd.		400		36,600
O’Reilly Automotive, Inc. (b)		390		106,727
Ross Stores, Inc.		1,600		92,640
Sanrio Co., Ltd. (a)		500		9,774
Shimamura Co., Ltd.		200		24,966
Signet Jewelers Ltd.		308		38,201
Staples, Inc.		2,465		27,189
Tiffany & Co.		455		33,388
TJX Cos., Inc. (The)		2,620		205,277
Tractor Supply Co.		515		46,587
Urban Outfitters, Inc. (b)		335		11,085
USS Co., Ltd.		1,310		20,904
Yamada Denki Co., Ltd.		2,700		12,763
				2,706,954
Textiles, Apparel & Luxury Goods - 0.4%
adidas AG		1,268		148,053
Asics Corp.		1,000		17,833
Burberry Group PLC		2,695		52,687
Christian Dior SE		331		59,936
Cie Financiere Richemont SA		3,169		209,314
Coach, Inc.		1,030		41,293
Hanesbrands, Inc.		1,527		43,275
Hermes International		156		54,853
HUGO BOSS AG		623		40,728
Kering		338		60,347
Li & Fung Ltd.		48,000		28,499
Luxottica Group SpA		1,559		85,882
LVMH Moet Hennessy Louis Vuitton SE		1,695		289,635
Michael Kors Holdings Ltd. (b)		709		40,385
NIKE, Inc.-Class B		5,220		320,873
Pandora A/S		700		91,516
PVH Corp.		345		34,176
Ralph Lauren Corp.		240		23,102
Swatch Group AG (The) (a)		137		47,266
Swatch Group AG (The) (REG)		522		35,125
Under Armour, Inc.-Class A (b)		697		59,127

Company	Shares		U.S. $ Value
VF Corp.		1,310		84,836
				1,868,741
				18,653,127
Information Technology - 3.6%
Communications Equipment - 0.2%
Cisco Systems, Inc.		19,640		559,151
F5 Networks, Inc. (b)		280		29,638
Harris Corp.		495		38,541
Juniper Networks, Inc.		1,340		34,183
Motorola Solutions, Inc.		595		45,041
Nokia Oyj		33,261		197,312
Telefonaktiebolaget LM Ericsson-Class B		18,476		184,995
				1,088,861
Electronic Equipment, Instruments & Components - 0.2%
Alps Electric Co., Ltd. (a)		1,053		18,374
Amphenol Corp.-Class A		1,200		69,384
Citizen Holdings Co., Ltd.		2,800		15,866
Corning, Inc.		4,705		98,287
FLIR Systems, Inc.		510		16,804
Hamamatsu Photonics KK		1,200		33,071
Hexagon AB-Class B		2,435		94,637
Hirose Electric Co., Ltd.		300		33,063
Hitachi High-Technologies Corp.		600		16,891
Hitachi Ltd.		29,000		135,919
Ingenico Group SA		335		38,402
Keyence Corp.		300		163,612
Kyocera Corp.		1,900		83,659
Murata Manufacturing Co., Ltd.		1,200		144,800
Omron Corp.		1,200		35,691
Shimadzu Corp.		2,000		31,377
TDK Corp.		600		33,291
TE Connectivity Ltd.		1,560		96,595
Yaskawa Electric Corp.		2,000		23,065
Yokogawa Electric Corp.		1,100		11,362
				1,194,150
Internet Software & Services - 0.6%
Akamai Technologies, Inc. (b)		705		39,177
Alphabet, Inc.-Class A (b)		1,139		868,943
Alphabet, Inc.-Class C (b)		1,144		852,223
eBay, Inc. (b)		4,285		102,240
Facebook, Inc.-Class A (b)		8,737		996,892
Kakaku.com, Inc. (a)		961		17,818
Mixi, Inc. (a)		409		15,169
United Internet AG		1,223		61,276
VeriSign, Inc. (a)(b)		375		33,202
Yahoo Japan Corp. (a)		6,408		27,274
Yahoo!, Inc. (b)		3,315		122,025
				3,136,239
IT Services – 0.6%
Accenture PLC-Class A		2,435		280,999
Alliance Data Systems Corp. (b)		280		61,600

Company	Shares		U.S. $ Value
Amadeus IT Holding SA-Class A		2,581		110,374
Atos SE		677		54,985
Automatic Data Processing, Inc.		1,820		163,272
Cap Gemini SA		854		80,109
Cognizant Technology Solutions Corp.-Class A (b)		2,330		146,091
Computershare Ltd.		3,663		27,416
CSRA, Inc.		540		14,526
Fidelity National Information Services, Inc.		1,070		67,742
Fiserv, Inc. (b)		900		92,322
Fujitsu Ltd.		11,000		40,675
International Business Machines Corp.		3,476		526,440
MasterCard, Inc.-Class A		3,860		364,770
Nomura Research Institute Ltd.		600		20,206
NTT Data Corp.		500		25,074
Otsuka Corp.		600		31,651
Paychex, Inc.		1,245		67,242
PayPal Holdings, Inc. (b)		4,235		163,471
Teradata Corp. (b)		545		14,301
Total System Services, Inc.		660		31,403
Visa, Inc.-Class A		7,550		577,424
Western Union Co. (The)-Class W		1,930		37,230
Worldpay Group PLC (b)(e)		6,677		26,306
Xerox Corp.		3,845		42,910
				3,068,539
Semiconductors & Semiconductor Equipment - 0.5%
Analog Devices, Inc.		1,180		69,844
Applied Materials, Inc.		4,635		98,169
ARM Holdings PLC		8,527		124,164
ASM Pacific Technology Ltd.		900		7,056
ASML Holding NV		1,801		181,243
Broadcom Ltd.		1,525		235,612
Infineon Technologies AG		6,845		97,051
Intel Corp.		18,340		593,299
KLA-Tencor Corp.		610		44,414
Lam Research Corp.		629		51,955
Linear Technology Corp.		890		39,658
Microchip Technology, Inc.		795		38,319
Micron Technology, Inc. (b)		4,120		43,136
NVIDIA Corp.		1,935		68,944
NXP Semiconductors NV (b)		725		58,776
Qorvo, Inc. (b)		568		28,633
QUALCOMM, Inc.		6,070		310,420
Rohm Co., Ltd.		400		16,823
Skyworks Solutions, Inc.		724		56,400
STMicroelectronics NV		4,174		23,234
Texas Instruments, Inc.		3,975		228,245
Tokyo Electron Ltd.		1,000		65,129
Xilinx, Inc.		985		46,719
				2,527,243
Software - 0.8%
Activision Blizzard, Inc.		1,930		65,311
Adobe Systems, Inc. (b)		1,910		179,158
Autodesk, Inc. (b)		875		51,021
CA, Inc.		1,185		36,486
Check Point Software Technologies Ltd. (a)(b)		823		71,988

Company	Shares		U.S. $ Value
Citrix Systems, Inc. (b)		630		49,505
Dassault Systemes		924		73,210
Electronic Arts, Inc. (b)		1,185		78,340
Gemalto NV		323		23,841
GungHo Online Entertainment, Inc. (a)		4,000		11,253
Intuit, Inc.		1,050		109,211
Konami Holdings Corp. (a)		1,300		38,420
Microsoft Corp.		30,870		1,704,950
Mobileye NV (a)(b)		493		18,384
Nexon Co., Ltd.		2,595		44,256
NICE-Systems Ltd.		596		38,736
Nintendo Co., Ltd.		600		85,289
Oracle Corp.		12,550		513,421
Oracle Corp. Japan		500		28,041
Red Hat, Inc. (b)		690		51,412
Sage Group PLC (The)		6,586		59,382
salesforce.com, Inc. (b)		2,384		176,011
SAP SE		5,977		480,959
Symantec Corp.		2,605		47,880
Trend Micro, Inc./Japan		500		18,300
				4,054,765
Technology Hardware, Storage & Peripherals - 0.7%
Apple, Inc.		21,805		2,376,527
Brother Industries Ltd.		800		9,188
Canon, Inc.		6,900		205,778
EMC Corp./MA		7,405		197,343
FUJIFILM Holdings Corp.		2,800		110,676
Hewlett Packard Enterprise Co.		6,960		123,401
HP, Inc.		6,960		85,747
Konica Minolta, Inc.		2,000		16,963
NEC Corp.		16,000		40,224
NetApp, Inc.		1,140		31,111
Ricoh Co., Ltd. (a)		4,000		40,713
SanDisk Corp.		770		58,582
Seagate Technology PLC (a)		1,150		39,617
Seiko Epson Corp.		1,200		19,300
Western Digital Corp.		880		41,571
				3,396,741
				18,466,538
Health Care - 3.5%
Biotechnology - 0.5%
AbbVie, Inc.		6,366		363,626
Actelion Ltd. (REG) (b)		608		90,738
Alexion Pharmaceuticals, Inc. (b)		880		122,514
Amgen, Inc.		2,953		442,743
Baxalta, Inc.		2,080		84,032
Biogen, Inc. (b)		915		238,193
Celgene Corp. (b)		3,080		308,277
CSL Ltd.		2,881		223,886
Genmab A/S (b)		325		44,973
Gilead Sciences, Inc.		5,365		492,829
Grifols SA		1,514		33,637
Regeneron Pharmaceuticals, Inc. (b)		340		122,550

Company	Shares		U.S. $ Value
Vertex Pharmaceuticals, Inc. (b)		957		76,072
				2,644,070
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories		5,715		239,058
Baxter International, Inc.		2,080		85,446
Becton Dickinson and Co.		837		127,073
Boston Scientific Corp. (b)		5,160		97,060
Coloplast A/S-Class B		496		37,534
CR Bard, Inc.		315		63,841
DENTSPLY SIRONA, Inc.		946		58,302
Edwards Lifesciences Corp. (b)		890		78,507
Essilor International SA		1,241		152,911
Getinge AB-Class B (a)		2,013		46,308
Hologic, Inc. (b)		970		33,465
Hoya Corp.		2,600		98,828
Intuitive Surgical, Inc. (b)		155		93,163
Medtronic PLC		5,459		409,425
Olympus Corp.		1,500		58,236
Smith & Nephew PLC		5,421		89,190
Sonova Holding AG (REG)		351		44,796
St Jude Medical, Inc.		1,065		58,575
Stryker Corp.		1,225		131,430
Sysmex Corp.		700		43,761
Terumo Corp.		1,800		64,417
Varian Medical Systems, Inc. (b)		395		31,608
William Demant Holding A/S (b)		81		8,136
Zimmer Biomet Holdings, Inc.		685		73,042
				2,224,112
Health Care Providers & Services - 0.5%
Aetna, Inc.		1,367		153,582
Alfresa Holdings Corp.		800		15,354
AmerisourceBergen Corp.-Class A		785		67,942
Anthem, Inc.		1,000		138,990
Cardinal Health, Inc.		1,245		102,028
Centene Corp. (b)		687		42,299
Cigna Corp.		1,015		139,299
DaVita HealthCare Partners, Inc. (b)		650		47,697
Express Scripts Holding Co. (b)		2,589		177,838
Fresenius Medical Care AG & Co. KGaA		1,318		116,282
Fresenius SE & Co. KGaA		2,298		167,507
HCA Holdings, Inc. (b)		1,250		97,562
Healthscope Ltd.		13,458		27,384
Henry Schein, Inc. (b)		320		55,242
Humana, Inc.		565		103,367
Laboratory Corp. of America Holdings (b)		375		43,924
McKesson Corp.		915		143,884
Mediclinic International PLC		2,447		31,421
Medipal Holdings Corp. (a)		1,500		23,726
Patterson Cos., Inc.		310		14,424
Quest Diagnostics, Inc.		550		39,297
Ramsay Health Care Ltd.		1,156		54,277
Ryman Healthcare Ltd.		3,027		17,467
Sonic Healthcare Ltd.		1,715		24,596
Suzuken Co., Ltd./Aichi Japan		600		20,365

Company	Shares		U.S. $ Value
Tenet Healthcare Corp. (b)		343		9,923
UnitedHealth Group, Inc.		3,685		474,996
Universal Health Services, Inc.-Class B		350		43,652
				2,394,325
Health Care Technology - 0.0%
Cerner Corp. (b)		1,180		62,493
M3, Inc.		1,200		30,178
				92,671
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		1,245		49,613
Illumina, Inc. (b)		561		90,944
Lonza Group AG (REG) (b)		385		65,081
PerkinElmer, Inc.		405		20,031
QIAGEN NV (b)		1,320		29,352
Thermo Fisher Scientific, Inc.		1,535		217,341
Waters Corp. (b)		345		45,512
				517,874
Pharmaceuticals - 2.0%
Allergan PLC (b)		1,546		414,374
Astellas Pharma, Inc.		13,000		172,763
AstraZeneca PLC		7,665		427,950
Bayer AG		5,020		588,245
Bristol-Myers Squibb Co.		6,415		409,790
Chugai Pharmaceutical Co., Ltd.		1,000		30,943
Daiichi Sankyo Co., Ltd. (a)		3,900		86,561
Eisai Co., Ltd.		1,500		90,183
Eli Lilly & Co.		3,765		271,118
Endo International PLC (b)		783		22,041
GlaxoSmithKline PLC		29,442		596,001
Hisamitsu Pharmaceutical Co., Inc.		300		13,407
Johnson & Johnson		10,705		1,158,281
Kyowa Hakko Kirin Co., Ltd.		1,000		15,957
Mallinckrodt PLC (b)		424		25,983
Merck & Co., Inc.		10,855		574,338
Merck KGaA		785		65,299
Mitsubishi Tanabe Pharma Corp. (a)		1,000		17,376
Mylan NV (b)		1,405		65,122
Novartis AG (REG)		13,965		1,010,394
Novo Nordisk A/S-Class B		12,184		659,807
Ono Pharmaceutical Co., Ltd.		2,500		105,757
Orion Oyj-Class B		465		15,349
Otsuka Holdings Co., Ltd.		2,371		86,119
Perrigo Co. PLC		522		66,779
Pfizer, Inc.		23,786		705,017
Roche Holding AG		4,265		1,047,229
Sanofi		7,220		580,457
Santen Pharmaceutical Co., Ltd. (a)		2,500		37,576
Shionogi & Co., Ltd.		1,800		84,602
Shire PLC		3,579		204,127
Sumitomo Dainippon Pharma Co., Ltd. (a)		1,400		16,106
Taisho Pharmaceutical Holdings Co., Ltd. (a)		567		44,938
Takeda Pharmaceutical Co., Ltd.		4,800		218,835

Company	Shares		U.S. $ Value
Taro Pharmaceutical Industries Ltd. (b)		45		6,446
Teva Pharmaceutical Industries Ltd.		5,202		279,784
UCB SA		769		58,702
Zoetis, Inc.		1,746		77,400
				10,351,156
				18,224,208
Industrials - 3.2%
Aerospace & Defense - 0.5%
Airbus Group SE		3,570		236,539
BAE Systems PLC		19,161		139,766
Boeing Co. (The)		2,460		312,272
Cobham PLC		7,675		23,900
General Dynamics Corp.		1,160		152,389
Honeywell International, Inc.		3,005		336,710
L-3 Communications Holdings, Inc.		325		38,512
Lockheed Martin Corp.		1,050		232,575
Meggitt PLC		4,891		28,513
Northrop Grumman Corp.		740		146,446
Raytheon Co.		1,200		147,156
Rockwell Collins, Inc.		500		46,105
Rolls-Royce Holdings PLC (b)		11,452		111,924
Safran SA		1,646		114,891
Singapore Technologies Engineering Ltd.		19,000		45,500
Textron, Inc.		1,055		38,465
Thales SA		694		60,645
United Technologies Corp.		3,225		322,822
Zodiac Aerospace		1,135		22,667
				2,557,797
Air Freight & Logistics - 0.2%
Bollore SA		11,606		44,993
CH Robinson Worldwide, Inc.		565		41,940
Deutsche Post AG (REG)		5,875		163,054
Expeditors International of Washington, Inc.		720		35,143
FedEx Corp.		1,015		165,161
Kuehne & Nagel International AG (REG)		432		61,394
Royal Mail PLC		5,456		37,622
United Parcel Service, Inc.-Class B		2,705		285,296
Yamato Holdings Co., Ltd. (a)		2,200		43,862
				878,465
Airlines - 0.1%
American Airlines Group, Inc.		2,582		105,888
ANA Holdings, Inc.		8,000		22,533
Cathay Pacific Airways Ltd.		20,000		34,692
Delta Air Lines, Inc.		3,052		148,571
Deutsche Lufthansa AG (REG) (b)		3,330		53,744
easyJet PLC		964		20,981
International Consolidated Airlines Group SA		6,202		49,349
Japan Airlines Co., Ltd.		900		32,994
Singapore Airlines Ltd.		3,000		25,420
Southwest Airlines Co.		2,505		112,224
United Continental Holdings, Inc. (b)		1,422		85,121
				691,517

Company	Shares		U.S. $ Value
Building Products - 0.1%
Allegion PLC		385		24,528
Asahi Glass Co., Ltd.		4,000		21,887
Assa Abloy AB-Class B		6,096		120,015
Cie de Saint-Gobain		2,759		121,187
Daikin Industries Ltd.		1,400		104,559
Geberit AG (REG)		168		62,772
LIXIL Group Corp. (a)		1,200		24,477
Masco Corp.		1,305		41,042
TOTO Ltd.		1,000		31,127
				551,594
Commercial Services & Supplies - 0.1%
ADT Corp. (The)		647		26,695
Aggreko PLC		1,141		17,620
Babcock International Group PLC		1,139		15,510
Brambles Ltd.		9,492		87,936
Cintas Corp.		335		30,086
Dai Nippon Printing Co., Ltd. (a)		3,000		26,622
Edenred		818		15,859
G4S PLC		12,380		33,782
ISS A/S		954		38,262
Pitney Bowes, Inc.		755		16,263
Republic Services, Inc.-Class A		900		42,885
Secom Co., Ltd.		1,300		96,464
Societe BIC SA		221		33,206
Sohgo Security Services Co., Ltd.		300		16,243
Stericycle, Inc. (b)		360		45,428
Toppan Printing Co., Ltd.		2,000		16,768
Tyco International PLC		1,595		58,553
Waste Management, Inc.		1,595		94,105
				712,287
Construction & Engineering - 0.1%
ACS Actividades de Construccion y Servicios SA		1,064		31,644
Bouygues SA		1,739		70,689
CIMIC Group Ltd.		1,344		35,758
Ferrovial SA		2,713		58,223
Fluor Corp.		565		30,340
Jacobs Engineering Group, Inc. (b)		465		20,251
JGC Corp.		1,000		14,956
Kajima Corp.		7,000		43,850
Obayashi Corp.		3,000		29,570
Quanta Services, Inc. (b)		765		17,258
Shimizu Corp.		4,000		33,878
Skanska AB-Class B		3,301		75,299
Taisei Corp.		5,000		33,018
Vinci SA		2,970		220,445
				715,179
Electrical Equipment - 0.3%
ABB Ltd. (REG) (b)		13,350		260,075
AMETEK, Inc.		899		44,932
Eaton Corp. PLC		1,794		112,233
Emerson Electric Co.		2,500		135,950
First Solar, Inc. (b)		270		18,487
Fuji Electric Co., Ltd.		4,000		13,830

Company	Shares		U.S. $ Value
Legrand SA		1,194		66,737
Mitsubishi Electric Corp.		12,000		125,735
Nidec Corp.		1,300		88,949
OSRAM Licht AG		292		15,011
Prysmian SpA		1,074		24,300
Rockwell Automation, Inc.		530		60,288
Schneider Electric SE (Paris)		3,189		200,972
Vestas Wind Systems A/S		1,358		95,684
				1,263,183
Industrial Conglomerates - 0.6%
3M Co.		2,405		400,745
CK Hutchison Holdings Ltd.		14,840		192,419
Danaher Corp.		2,290		217,229
General Electric Co.		36,506		1,160,526
Jardine Matheson Holdings Ltd.		1,500		85,559
Keihan Electric Railway Co., Ltd.		5,000		35,224
Keppel Corp., Ltd. (a)		13,000		56,206
Koninklijke Philips NV		7,299		207,900
Roper Technologies, Inc.		425		77,677
Seibu Holdings, Inc.		955		20,194
Siemens AG (REG)		4,814		509,132
Smiths Group PLC		2,461		37,949
Toshiba Corp. (a)(b)		24,000		46,666
				3,047,426
Machinery - 0.5%
Alfa Laval AB		3,611		58,978
Alstom SA (b)		1,012		25,827
Amada Holdings Co., Ltd.		3,000		29,231
ANDRITZ AG (a)		485		26,570
Atlas Copco AB-Class A		3,037		76,221
Atlas Copco AB-Class B		3,579		84,225
Caterpillar, Inc.		2,335		178,721
CNH Industrial NV		8,194		55,631
Cummins, Inc.		650		71,461
Deere & Co.		1,185		91,233
Dover Corp.		585		37,633
FANUC Corp.		1,200		185,842
Flowserve Corp.		510		22,649
GEA Group AG		896		43,717
Hino Motors Ltd.		2,000		21,611
Hitachi Construction Machinery Co., Ltd. (a)		700		11,110
Hoshizaki Electric Co., Ltd.		400		33,364
IHI Corp.		8,000		16,934
Illinois Tool Works, Inc.		1,275		130,611
IMI PLC		1,648		22,510
Ingersoll-Rand PLC		1,005		62,320
JTEKT Corp.		1,400		18,167
Kawasaki Heavy Industries Ltd. (a)		9,000		25,965
Komatsu Ltd.		5,700		96,905
Kone Oyj-Class B		1,900		91,448
Kubota Corp.		7,000		95,548
Kurita Water Industries Ltd.		1,200		27,333
Makita Corp.		700		43,389
MAN SE		407		44,016
Metso Oyj		571		13,608
Minebea Co., Ltd. (a)		2,000		15,593

Company	Shares		U.S. $ Value
Mitsubishi Heavy Industries Ltd.		18,000		66,873
Nabtesco Corp.		1,000		22,430
NGK Insulators Ltd.		2,000		36,907
NSK Ltd.		3,000		27,459
PACCAR, Inc.		1,360		74,378
Parker-Hannifin Corp.		545		60,539
Pentair PLC		660		35,812
Sandvik AB		12,165		125,640
Schindler Holding AG		413		76,086
Schindler Holding AG (REG)		271		49,624
Sembcorp Marine Ltd. (a)		7,000		8,556
SMC Corp./Japan		300		69,518
Snap-on, Inc.		220		34,538
Stanley Black & Decker, Inc.		615		64,704
Sumitomo Heavy Industries Ltd.		6,000		24,766
THK Co., Ltd.		800		14,727
Volvo AB-Class B		6,759		74,029
Wartsila Oyj Abp		793		35,846
Weir Group PLC (The)		296		4,703
Xylem, Inc./NY		685		28,017
Zardoya Otis SA		2,136		24,793
				2,718,316
Marine - 0.0%
AP Moeller-Maersk A/S-Class A		15		19,140
AP Moeller-Maersk A/S-Class B		43		56,374
Mitsui OSK Lines Ltd. (a)		12,000		24,415
Nippon Yusen KK		10,000		19,283
				119,212
Professional Services - 0.1%
Adecco SA (REG)		1,033		67,198
Bureau Veritas SA		3,094		68,790
Capita PLC		4,013		59,912
Dun & Bradstreet Corp. (The)		165		17,008
Equifax, Inc.		455		52,002
Experian PLC		6,015		107,365
Intertek Group PLC		720		32,691
Nielsen Holdings PLC		1,416		74,567
Randstad Holding NV		1,613		89,218
Recruit Holdings Co., Ltd.		653		19,910
Robert Half International, Inc.		485		22,591
SGS SA (REG)		24		50,678
Verisk Analytics, Inc.-Class A (b)		600		47,952
				709,882
Road & Rail - 0.3%
Asciano Ltd.		827		5,683
Aurizon Holdings Ltd.		12,975		39,428
Central Japan Railway Co.		875		154,745
CSX Corp.		3,760		96,820
DSV A/S		1,630		67,799
East Japan Railway Co.		2,000		172,519
Hankyu Hanshin Holdings, Inc.		5,000		31,886
JB Hunt Transport Services, Inc.		353		29,737
Kansas City Southern		420		35,889
Keikyu Corp. (a)		2,000		17,591

Company	Shares		U.S. $ Value
Keio Corp. (a)		3,000		26,328
Keisei Electric Railway Co., Ltd.		2,000		28,137
Kintetsu Group Holdings Co., Ltd. (a)		8,000		32,421
MTR Corp., Ltd.		15,500		76,519
Nagoya Railroad Co., Ltd. (a)		4,000		18,677
Nippon Express Co., Ltd.		3,000		13,639
Norfolk Southern Corp.		1,140		94,905
Odakyu Electric Railway Co., Ltd. (a)		4,000		43,512
Ryder System, Inc.		215		13,928
Tobu Railway Co., Ltd. (a)		6,000		29,912
Tokyu Corp.		7,000		58,628
Union Pacific Corp.		3,350		266,492
West Japan Railway Co.		1,002		61,871
				1,417,066
Trading Companies & Distributors - 0.2%
AerCap Holdings NV (b)		539		20,892
Ashtead Group PLC		3,056		37,842
Brenntag AG		567		32,309
Bunzl PLC		2,030		58,884
Fastenal Co. (a)		1,080		52,920
ITOCHU Corp. (a)		9,000		110,599
Marubeni Corp. (a)		10,000		50,594
Mitsubishi Corp.		8,400		142,140
Mitsui & Co., Ltd.		10,400		119,584
Noble Group Ltd. (b)		24,000		7,821
Sumitomo Corp.		6,800		67,476
Toyota Tsusho Corp.		1,300		29,349
Travis Perkins PLC		1,926		50,453
United Rentals, Inc. (b)		350		21,767
Wolseley PLC		1,840		103,866
WW Grainger, Inc. (a)		230		53,689
				960,185
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		2,454		40,293
Aena SA (b)(e)		364		46,934
Aeroports de Paris		305		37,667
Atlantia SpA		2,911		80,656
Auckland International Airport Ltd.		6,289		27,944
Groupe Eurotunnel SE (REG)		2,068		23,152
Hutchison Port Holdings Trust-Class U		43,553		21,792
Kamigumi Co., Ltd.		3,000		28,222
Mitsubishi Logistics Corp.		1,000		13,118
Sydney Airport		15,829		81,085
Transurban Group		11,606		100,815
				501,678
				16,843,787
Consumer Staples - 3.2%
Beverages - 0.7%
Anheuser - Busch InBev SA/NV		4,882		606,524
Asahi Group Holdings Ltd.		2,300		71,587
Brown-Forman Corp.-Class B		402		39,585
Carlsberg A/S-Class B		695		66,084

Company	Shares		U.S. $ Value
Coca-Cola Amatil Ltd.		3,316		22,454
Coca-Cola Co. (The)		15,080		699,561
Coca-Cola Enterprises, Inc.		800		40,592
Coca-Cola HBC AG (b)		892		18,916
Constellation Brands, Inc.-Class A		670		101,230
Diageo PLC		15,252		411,256
Dr Pepper Snapple Group, Inc.		720		64,382
Heineken NV		1,401		126,759
Kirin Holdings Co., Ltd.		5,000		70,043
Molson Coors Brewing Co.-Class B		600		57,708
Monster Beverage Corp. (b)		610		81,362
PepsiCo, Inc.		5,675		581,574
Pernod Ricard SA		1,289		143,534
Remy Cointreau SA		195		14,788
SABMiller PLC (London)		5,871		358,588
Suntory Beverage & Food Ltd.		848		38,149
Treasury Wine Estates Ltd.		6,024		44,481
				3,659,157
Food & Staples Retailing - 0.6%
Aeon Co., Ltd.		4,000		57,784
Carrefour SA		3,792		104,178
Casino Guichard Perrachon SA (a)		482		27,585
Colruyt SA		393		22,855
Costco Wholesale Corp.		1,715		270,250
CVS Health Corp.		4,330		449,151
Delhaize Group		624		65,034
Distribuidora Internacional de Alimentacion SA		4,415		22,876
FamilyMart Co., Ltd.		400		20,774
J Sainsbury PLC (a)		5,506		21,818
Jeronimo Martins SGPS SA		1,190		19,453
Koninklijke Ahold NV		5,462		122,684
Kroger Co. (The)		3,730		142,672
Lawson, Inc.		600		50,226
METRO AG		1,551		47,978
Seven & i Holdings Co., Ltd.		4,600		195,995
Sysco Corp.		2,105		98,367
Tesco PLC (b)		49,315		135,443
Wal-Mart Stores, Inc.		6,113		418,679
Walgreens Boots Alliance, Inc.		3,395		285,995
Wesfarmers Ltd.		6,821		216,504
Whole Foods Market, Inc.		1,370		42,621
Wm Morrison Supermarkets PLC (a)		18,352		52,264
Woolworths Ltd.		7,649		129,458
				3,020,644
Food Products - 0.7%
Ajinomoto Co., Inc.		3,000		67,641
Archer-Daniels-Midland Co.		2,315		84,058
Associated British Foods PLC		2,163		103,776
Barry Callebaut AG (REG) (b)		25		27,105
Calbee, Inc. (a)		698		27,694
Campbell Soup Co.		675		43,058
Chocoladefabriken Lindt & Spruengli AG (REG)		1		74,800
ConAgra Foods, Inc.		1,635		72,954
Danone SA		3,518		249,610
General Mills, Inc.		2,285		144,755

Company	Shares		U.S. $ Value
Golden Agri-Resources Ltd.		48,000		14,603
Hershey Co. (The)		550		50,649
Hormel Foods Corp.		1,050		45,402
JM Smucker Co. (The)		445		57,779
Kellogg Co.		965		73,871
Kerry Group PLC-Class A		961		89,371
Kikkoman Corp.		1,000		32,826
Kraft Heinz Co. (The)		2,278		178,960
McCormick & Co., Inc./MD		425		42,279
Mead Johnson Nutrition Co.-Class A		760		64,577
MEIJI Holdings Co., Ltd.		600		48,215
Mondelez International, Inc.-Class A		6,185		248,142
Nestle SA (REG)		19,578		1,460,925
NH Foods Ltd.		1,000		22,011
Nisshin Seifun Group, Inc.		1,500		23,822
Nissin Foods Holdings Co., Ltd.		400		18,788
Orkla ASA		5,657		51,166
Tate & Lyle PLC		2,078		17,222
Toyo Suisan Kaisha Ltd.		1,000		35,896
Tyson Foods, Inc.-Class A		1,175		78,325
Wilmar International Ltd.		9,000		22,443
Yakult Honsha Co., Ltd. (a)		400		17,697
				3,590,420
Household Products - 0.4%
Church & Dwight Co., Inc.		513		47,288
Clorox Co. (The)		520		65,551
Colgate-Palmolive Co.		3,450		243,743
Henkel AG & Co. KGaA		579		56,775
Henkel AG & Co. KGaA (Preference Shares)		1,082		119,028
Kimberly-Clark Corp.		1,415		190,332
Procter & Gamble Co. (The)		10,465		861,374
Reckitt Benckiser Group PLC		3,945		380,521
Svenska Cellulosa AB SCA-Class B		4,979		155,299
Unicharm Corp.		2,300		50,060
				2,169,971
Personal Products - 0.3%
Beiersdorf AG		630		56,747
Estee Lauder Cos., Inc. (The)-Class A		890		83,936
Kao Corp.		3,100		165,298
L’Oreal SA		1,526		272,980
Shiseido Co., Ltd.		2,200		49,012
Unilever NV		9,903		445,226
Unilever PLC		7,792		351,362
				1,424,561
Tobacco - 0.5%
Altria Group, Inc.		7,560		473,710
British American Tobacco PLC		11,316		661,713
Imperial Brands PLC		5,811		321,739
Japan Tobacco, Inc.		6,678		277,956
Philip Morris International, Inc.		6,000		588,660
Reynolds American, Inc.		3,198		160,892
Swedish Match AB		831		28,169
				2,512,839
				16,377,592

Company	Shares		U.S. $ Value
Energy - 1.5%
Energy Equipment & Services - 0.1%
Baker Hughes, Inc.		1,660		72,758
Cameron International Corp. (b)		720		48,276
Diamond Offshore Drilling, Inc. (a)		240		5,215
FMC Technologies, Inc. (b)		860		23,530
Halliburton Co.		3,290		117,519
Helmerich & Payne, Inc.		385		22,607
National Oilwell Varco, Inc.		1,455		45,250
Petrofac Ltd.		1,098		14,491
Schlumberger Ltd.		4,885		360,269
Technip SA		568		31,478
Tenaris SA		4,173		51,777
Transocean Ltd. (a)		1,300		11,882
				805,052
Oil, Gas & Consumable Fuels - 1.4%
Anadarko Petroleum Corp.		1,945		90,579
Apache Corp.		1,445		70,530
BP PLC		111,844		559,596
Cabot Oil & Gas Corp.		1,590		36,109
Caltex Australia Ltd.		1,410		36,775
Chesapeake Energy Corp. (a)		1,995		8,219
Chevron Corp.		7,280		694,512
Cimarex Energy Co.		377		36,671
Columbia Pipeline Group, Inc.		1,205		30,246
Concho Resources, Inc. (b)		507		51,227
ConocoPhillips		4,770		192,088
Delek Group Ltd.		11		1,888
Devon Energy Corp.		1,470		40,337
Eni SpA		15,444		233,246
EOG Resources, Inc.		2,110		153,144
EQT Corp.		590		39,683
Exxon Mobil Corp.		16,087		1,344,712
Galp Energia SGPS SA		2,341		29,396
Hess Corp.		940		49,491
Idemitsu Kosan Co., Ltd. (a)		1,200		21,412
Inpex Corp.		5,327		40,341
JX Holdings, Inc.		14,000		53,905
Kinder Morgan, Inc./DE		6,939		123,931
Koninklijke Vopak NV		502		24,967
Lundin Petroleum AB (b)		856		14,469
Marathon Oil Corp.		2,605		29,020
Marathon Petroleum Corp.		2,074		77,111
Murphy Oil Corp.		605		15,240
Neste Oyj (a)		572		18,797
Newfield Exploration Co. (b)		620		20,615
Noble Energy, Inc.		1,600		50,256
Occidental Petroleum Corp.		2,950		201,869
Oil Search Ltd.		8,307		43,258
OMV AG		894		25,102
ONEOK, Inc. (a)		770		22,992
Origin Energy Ltd.		7,705		30,008
Phillips 66		1,860		161,057
Pioneer Natural Resources Co.		565		79,518
Range Resources Corp. (a)		650		21,047
Repsol SA		6,329		71,163

Company	Shares		U.S. $ Value
Royal Dutch Shell PLC-Class A		23,936		577,957
Royal Dutch Shell PLC-Class B		24,038		584,959
Santos Ltd.		18,468		57,223
Southwestern Energy Co. (a)(b)		1,445		11,661
Spectra Energy Corp.		2,585		79,101
Statoil ASA		6,775		105,814
Tesoro Corp.		475		40,855
TonenGeneral Sekiyu KK		2,000		18,090
TOTAL SA		12,995		591,289
Valero Energy Corp.		1,925		123,470
Williams Cos., Inc. (The)		2,605		41,862
Woodside Petroleum Ltd.		4,502		90,057
				7,166,865
				7,971,917
Materials - 1.3%
Chemicals - 0.8%
Air Liquide SA		2,092		234,703
Air Products & Chemicals, Inc.		770		110,919
Air Water, Inc.		1,000		14,824
Airgas, Inc.		240		33,994
Akzo Nobel NV		2,417		164,759
Arkema SA		450		33,713
Asahi Kasei Corp.		8,000		54,030
BASF SE		5,576		419,290
CF Industries Holdings, Inc.		900		28,206
Chr Hansen Holding A/S		509		34,134
Croda International PLC		1,144		49,813
Daicel Corp.		3,000		40,894
Dow Chemical Co. (The)		4,475		227,598
Eastman Chemical Co.		580		41,893
Ecolab, Inc.		1,040		115,981
EI du Pont de Nemours & Co.		3,495		221,303
EMS-Chemie Holding AG (REG)		109		56,443
FMC Corp.		480		19,378
Givaudan SA (REG)		56		109,749
Hitachi Chemical Co., Ltd.		900		16,173
Incitec Pivot Ltd.		7,611		18,575
International Flavors & Fragrances, Inc.		300		34,131
Israel Chemicals Ltd.		4,414		19,168
Johnson Matthey PLC		1,174		46,150
JSR Corp.		800		11,503
K&S AG (REG) (a)		1,472		34,333
Kansai Paint Co., Ltd.		1,000		16,051
Kuraray Co., Ltd.		3,000		36,663
LANXESS AG		1,319		63,215
Linde AG		1,128		163,896
LyondellBasell Industries NV-Class A		1,449		124,005
Mitsubishi Chemical Holdings Corp.		8,000		41,769
Mitsubishi Gas Chemical Co., Inc.		5,000		26,853
Mitsui Chemicals, Inc.		8,000		26,629
Monsanto Co.		1,790		157,055
Mosaic Co. (The)		1,280		34,560
Nippon Paint Holdings Co., Ltd.		1,000		22,119
Nitto Denko Corp. (a)		900		50,151
Novozymes A/S-Class B		1,531		68,752
Orica Ltd.		2,259		26,570
PPG Industries, Inc.		1,050		117,065
Praxair, Inc.		1,090		124,751

Company	Shares		U.S. $ Value
Sherwin-Williams Co. (The)		315		89,671
Shin-Etsu Chemical Co., Ltd.		2,500		129,120
Sika AG		6		23,752
Solvay SA		360		35,993
Sumitomo Chemical Co., Ltd.		7,000		31,685
Symrise AG		547		36,623
Syngenta AG (REG)		564		233,889
Taiyo Nippon Sanso Corp. (a)		2,000		19,004
Teijin Ltd.		5,000		17,411
Toray Industries, Inc.		9,000		76,807
Umicore SA		509		25,267
Yara International ASA		1,297		48,689
				4,059,672
Construction Materials - 0.1%
CRH PLC		5,004		141,327
Fletcher Building Ltd.		4,446		24,236
HeidelbergCement AG		856		73,150
Imerys SA		448		31,202
James Hardie Industries PLC		3,449		47,218
LafargeHolcim Ltd. (REG) (b)		2,244		105,377
Martin Marietta Materials, Inc.		277		44,184
Taiheiyo Cement Corp.		5,000		11,508
Vulcan Materials Co.		515		54,368
				532,570
Containers & Packaging - 0.1%
Amcor Ltd./Australia		7,326		80,447
Avery Dennison Corp.		335		24,157
Ball Corp.		510		36,358
International Paper Co.		1,565		64,228
Owens-Illinois, Inc. (b)		610		9,736
Rexam PLC		3,136		28,506
Sealed Air Corp.		790		37,928
Toyo Seikan Group Holdings Ltd. (a)		1,700		31,811
WestRock Co.		997		38,913
				352,084
Metals & Mining - 0.3%
Alcoa, Inc. (a)		5,020		48,092
Anglo American PLC		8,479		66,851
Antofagasta PLC (a)		1,773		11,915
ArcelorMittal (Euronext Amsterdam) (a)		6,075		27,407
BHP Billiton Ltd.		19,498		251,949
BHP Billiton PLC		12,822		143,585
Boliden AB		1,652		26,352
Fortescue Metals Group Ltd. (a)		18,067		35,147
Freeport-McMoRan, Inc.		4,375		45,237
Fresnillo PLC		1,459		19,925
Glencore PLC		67,642		152,090
Hitachi Metals Ltd.		1,000		10,312
Iluka Resources Ltd.		2,008		10,068
JFE Holdings, Inc.		3,000		40,291
Kobe Steel Ltd. (a)		12,000		10,547
Mitsubishi Materials Corp.		7,000		19,749
Newcrest Mining Ltd. (b)		7,017		90,807

Company	Shares		U.S. $ Value
Newmont Mining Corp.		1,995		53,027
Nippon Steel & Sumitomo Metal Corp.		4,600		88,190
Norsk Hydro ASA		6,514		26,763
Nucor Corp.		1,210		57,233
Randgold Resources Ltd.		576		52,406
Rio Tinto Ltd.		2,645		86,125
Rio Tinto PLC		7,725		216,537
South32 Ltd. (b)		32,320		36,268
Sumitomo Metal Mining Co., Ltd.		3,000		29,682
ThyssenKrupp AG		2,036		42,170
voestalpine AG		713		23,781
				1,722,506
Paper & Forest Products - 0.0%
Mondi PLC		2,233		42,702
Oji Holdings Corp.		4,000		16,066
Stora Enso Oyj-Class R		3,342		29,860
UPM-Kymmene Oyj		3,231		58,415
				147,043
				6,813,875
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		23,726		929,347
Bezeq The Israeli Telecommunication Corp., Ltd.		7,158		16,156
BT Group PLC		49,418		312,033
CenturyLink, Inc.		2,160		69,034
Deutsche Telekom AG (REG)		19,275		345,568
Elisa Oyj (a)		866		33,628
Frontier Communications Corp. (a)		4,510		25,211
HKT Trust & HKT Ltd.-Class SS		18,882		25,996
Iliad SA		163		41,879
Inmarsat PLC		2,586		36,478
Koninklijke KPN NV		28,755		120,413
Level 3 Communications, Inc. (b)		1,097		57,976
Nippon Telegraph & Telephone Corp.		4,600		198,708
Orange SA		11,257		196,580
Proximus SADP		795		27,129
Singapore Telecommunications Ltd.		48,000		135,321
Spark New Zealand Ltd.		9,734		24,539
Swisscom AG (REG)		154		83,585
TDC A/S		3,390		16,569
Telecom Italia SpA/Milano (ordinary shares) (b)		64,157		69,150
Telecom Italia SpA/Milano (savings shares)		16,898		14,788
Telefonica Deutschland Holding AG		3,756		20,304
Telefonica SA		27,175		303,724
Telenor ASA		3,853		62,299
TeliaSonera AB		10,613		54,992
Telstra Corp., Ltd.		26,440		107,901
TPG Telecom Ltd.		2,487		21,611
Verizon Communications, Inc.		15,695		848,786
Vocus Communications Ltd. (a)		2,752		17,556
				4,217,261
Wireless Telecommunication Services - 0.3%
KDDI Corp.		10,600		282,816
Millicom International Cellular SA		641		34,966

Company	Shares		U.S. $ Value
NTT DOCOMO, Inc.		9,275		210,834
SoftBank Group Corp.		5,800		277,414
StarHub Ltd.		4,000		9,946
Tele2 AB-Class B		3,826		35,412
Vodafone Group PLC		160,882		511,227
				1,362,615
				5,579,876
Utilities - 1.0%
Electric Utilities - 0.5%
American Electric Power Co., Inc.		1,875		124,500
AusNet Services		37,398		42,696
Cheung Kong Infrastructure Holdings Ltd.		7,000		68,500
Chubu Electric Power Co., Inc.		3,900		54,426
Chugoku Electric Power Co., Inc. (The) (a)		1,300		17,539
CLP Holdings Ltd.		12,500		113,304
Contact Energy Ltd.		4,696		16,228
Duke Energy Corp.		2,632		212,350
Edison International		1,265		90,941
EDP-Energias de Portugal SA		14,060		49,919
Electricite de France SA		2,239		25,067
Endesa SA		1,927		36,928
Enel SpA		39,961		177,156
Entergy Corp.		675		53,514
Eversource Energy		1,210		70,591
Exelon Corp.		3,297		118,230
FirstEnergy Corp.		1,585		57,013
Fortum Oyj (a)		2,697		40,788
Iberdrola SA		33,122		220,492
Kansai Electric Power Co., Inc. (The) (b)		4,300		38,046
Kyushu Electric Power Co., Inc. (a)(b)		1,900		18,055
Mighty River Power Ltd.		4,915		9,928
NextEra Energy, Inc.		1,795		212,420
Pinnacle West Capital Corp.		435		32,656
Power Assets Holdings Ltd.		8,500		87,049
PPL Corp.		2,545		96,888
Red Electrica Corp. SA		657		56,913
Shikoku Electric Power Co., Inc. (a)		2,700		36,183
Southern Co. (The)		3,510		181,572
SSE PLC		5,919		126,668
Terna Rete Elettrica Nazionale SpA		4,974		28,361
Tohoku Electric Power Co., Inc.		2,700		34,796
Tokyo Electric Power Co., Inc. (b)		8,800		48,344
Xcel Energy, Inc.		1,920		80,294
				2,678,355
Gas Utilities - 0.1%
AGL Resources, Inc.		448		29,183
APA Group		6,755		45,559
Enagas SA		1,276		38,299
Gas Natural SDG SA		2,126		42,921
Hong Kong & China Gas Co., Ltd.		35,574		66,592
Osaka Gas Co., Ltd. (a)		11,000		42,224
Snam SpA		14,719		92,112
Toho Gas Co., Ltd. (a)		6,000		42,587

Company	Shares		U.S. $ Value
Tokyo Gas Co., Ltd.		14,000		65,260
				464,737
Independent Power and Renewable Electricity Producers - 0.0%
AES Corp./VA		2,635		31,093
Electric Power Development Co., Ltd.		500		15,598
Enel Green Power SpA		25,579		54,920
Meridian Energy Ltd.		6,766		12,240
NRG Energy, Inc.		1,240		16,132
				129,983
Multi-Utilities - 0.4%
AGL Energy Ltd.		3,037		42,759
Ameren Corp.		910		45,591
CenterPoint Energy, Inc.		1,645		34,413
Centrica PLC		30,469		99,538
CMS Energy Corp.		1,020		43,289
Consolidated Edison, Inc.		1,130		86,581
Dominion Resources, Inc./VA		2,285		171,649
DTE Energy Co.		670		60,742
E.ON SE		12,148		116,159
Engie SA		8,789		136,173
National Grid PLC		22,895		323,949
NiSource, Inc.		1,205		28,390
PG&E Corp.		1,875		111,975
Public Service Enterprise Group, Inc.		1,955		92,159
RWE AG		3,008		38,696
SCANA Corp.		545		38,232
Sempra Energy		910		94,685
Suez Environnement Co.		2,665		48,786
TECO Energy, Inc.		875		24,089
United Utilities Group PLC		4,140		54,801
Veolia Environnement SA		2,727		65,636
WEC Energy Group, Inc.		1,188		71,363
				1,829,655
Water Utilities - 0.0%
American Water Works Co., Inc.		671		46,252
Severn Trent PLC		1,575		49,063
				95,315
				5,198,045
Total Common Stocks (cost $121,885,282)				142,035,095
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 19.0%
United States - 19.0%
U.S. Treasury Bonds
2.50%, 2/15/45	$	520		507,041
2.75%, 8/15/42		920		949,972
2.875%, 5/15/43-8/15/45		2,085		2,194,490
3.00%, 5/15/45		185		199,518
3.125%, 11/15/41-2/15/43		2,825		3,135,281
3.50%, 2/15/39		358		426,006

	Principal Amount (000)		U.S. $ Value
3.625%, 8/15/43	$	2,245		2,726,622
3.75%, 8/15/41		220		271,201
3.875%, 8/15/40		280		350,951
4.25%, 5/15/39		240		317,616
4.375%, 11/15/39-5/15/41		1,258		1,693,901
4.50%, 8/15/39		220		301,254
4.75%, 2/15/37-2/15/41		401		568,991
5.375%, 2/15/31		650		932,014
6.00%, 2/15/26		1,242		1,718,230
6.25%, 8/15/23-5/15/30		724		1,079,854
6.875%, 8/15/25		590		851,974
7.25%, 5/15/16-8/15/22		1,868		2,150,847
7.50%, 11/15/16		92		95,971
7.625%, 2/15/25		55		81,828
8.00%, 11/15/21		123		167,381
U.S. Treasury Notes
0.50%, 7/31/17 (f)		975		972,601
0.75%, 3/31/18		2,925		2,924,772
0.875%, 1/31/17-4/30/17		1,690		1,693,801
1.00%, 9/30/16-9/30/19		4,645		4,661,567
1.25%, 11/30/18-4/30/19		5,994		6,059,005
1.375%, 6/30/18-10/31/20		11,340		11,472,501
1.50%, 5/31/19-5/31/20		4,840		4,920,663
1.625%, 6/30/20-11/15/22		4,870		4,940,945
1.75%, 5/15/23		1,740		1,763,925
2.00%, 11/15/21-8/15/25		5,830		5,986,143
2.125%, 8/15/21-5/15/25		1,265		1,308,442
2.25%, 11/30/17-11/15/24		899		926,989
2.375%, 7/31/17-8/15/24		1,271		1,325,346
2.50%, 8/15/23-5/15/24		2,242		2,387,365
2.625%, 1/31/18-11/15/20		4,500		4,761,038
2.75%, 5/31/17-11/15/23		3,570		3,741,094
3.00%, 2/28/17		889		907,995
3.125%, 5/15/21		394		429,917
3.375%, 11/15/19		1,890		2,049,174
3.50%, 5/15/20		910		996,841
3.625%, 2/15/20-2/15/21		6,204		6,851,077
3.75%, 11/15/18		6,205		6,680,799
Total Governments - Treasuries (cost $95,499,814)				98,482,943
	Shares
INVESTMENT COMPANIES - 18.5%
Funds and Investment Trusts - 18.5%
iShares Core MSCI Emerging Markets ETF (a)		425,060		17,690,997
iShares iBoxx $ High Yield Corporate Bond ETF (a)		201,966		16,498,603
iShares International Developed Real Estate ETF (a)		182,201		5,323,913
SPDR S&P 500 ETF Trust (a)		142,814		29,356,846
Vanguard Mid-Cap ETF (a)		21,111		2,559,286
Vanguard REIT ETF		249,043		20,869,803
Vanguard Small-Cap ETF (a)		35,934		4,007,360
Total Investment Companies (cost $90,405,943)				96,306,808

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES - 8.7%
United States - 8.7%
U.S. Treasury Inflation Index
0.125%, 4/15/19-1/15/23	$	26,838		27,288,870
0.625%, 7/15/21		4,452		4,672,184
1.125%, 1/15/21		3,736		3,992,800
1.25%, 7/15/20		2,142		2,302,831
1.375%, 1/15/20		4,193		4,488,314
1.875%, 7/15/19		2,328		2,530,513
Total Inflation-Linked Securities (cost $44,334,957)				45,275,512
	Shares
SHORT-TERM INVESTMENTS - 27.0%
Investment Companies - 22.1%
AB Fixed Income Shares, Inc.-Government STIF Portfolio, 0.42% (g)(h) (cost $114,502,831)		114,502,831		114,502,831
	Principal Amount (000)
U.S. Treasury Bills - 4.9%
U.S. Treasury Bill Zero Coupon, 4/28/16 (cost $25,532,331)	$	25,538		25,532,331
Total Short-Term Investments (cost $140,035,162)				140,035,162
Total Investments Before Security Lending Collateral for Securities Loaned - 100.6% (cost $492,161,158)				522,135,520
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 7.8%
Investment Companies - 7.8%
AB Exchange Reserves-Class I, 0.40% (g)(h) (cost $40,143,324)		40,143,324		40,143,324
Total Investments - 108.4% (cost $532,304,482) (i)				562,278,844
Other assets less liabilities - (8.4)% (j)				(43,426,316	)
Net Assets - 100.0%			$	518,852,528

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
DAX Index Futures		11		June 2016	$	3,117,355	$	3,129,224	$	11,869
Euro STOXX 50 Futures		646		June 2016		21,988,902		21,545,291		(443,611	)
FTSE 100 Index Futures		150		June 2016		13,056,193		13,169,687		113,494
Mini MSCI EAFE Futures		5		June 2016		405,549		406,375		826
S&P 500 E Mini Futures		79		June 2016		7,865,053		8,103,425		238,372
TOPIX Index Futures		43		June 2016		5,097,934		5,148,385		50,451
U.S. T-Note 10 Yr (CBT) Futures		133		June 2016		17,210,622		17,341,953		131,331
U.S. T-Note 5 Yr (CBT) Futures		147		June 2016		17,797,418		17,811,117		13,699
U.S. Ultra Bond (CBT) Futures		43		June 2016		7,478,707		7,418,844		(59,863	)
									$	56,568

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	USD	1,244	SEK	10,502		6/17/16	$	53,405
Barclays Bank PLC	USD	2,746	JPY	314,025		6/17/16		50,584
BNP Paribas SA	AUD	1,700	USD	1,263		6/17/16		(36,033	)
BNP Paribas SA	USD	885	CHF	852		6/17/16		3,576
Citibank	EUR	800	USD	898		6/17/16		(14,163	)
Citibank	USD	2,863	AUD	3,872		6/17/16		95,562
Citibank	USD	1,310	JPY	148,354		6/17/16		10,504
Credit Suisse International	USD	7,368	EUR	6,566		6/17/16		120,492
HSBC Bank USA	EUR	874	USD	963		6/17/16		(34,652	)
JPMorgan Chase Bank	GBP	1,689	USD	2,377		6/17/16		(49,728	)
JPMorgan Chase Bank	USD	3,239	CHF	3,180		6/17/16		79,127
JPMorgan Chase Bank	USD	2,998	EUR	2,759		6/17/16		148,115
JPMorgan Chase Bank	USD	2,683	GBP	1,867		6/17/16		(1,314	)
Morgan Stanley Capital Services, Inc.	USD	506	AUD	700		6/17/16		28,552
Royal Bank of Scotland PLC	EUR	960	USD	1,068		6/17/16		(26,853	)
Royal Bank of Scotland PLC	USD	905	CAD	1,206		6/17/16		23,091
Royal Bank of Scotland PLC	USD	7,199	EUR	6,394		6/17/16		93,419
Societe Generale	USD	4,856	GBP	3,368		6/17/16		(17,324	)
Standard Chartered Bank	AUD	1,116	USD	852		6/17/16		(300	)
State Street Bank & Trust Co.	CAD	591	USD	441		6/17/16		(13,719	)
State Street Bank & Trust Co.	USD	1,497	JPY	166,669		6/17/16		(12,816	)
UBS AG	EUR	2,072	USD	2,318		6/17/16		(44,015	)
UBS AG	GBP	1,480	USD	2,094		6/17/16		(32,073	)
UBS AG	USD	2,412	EUR	2,115		6/17/16		(618	)
UBS AG	USD	3,165	GBP	2,195		6/17/16		(12,600	)
UBS AG	USD	1,546	JPY	175,539		6/17/16		16,588
							$	426,807

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
Citibank, NA
Standard and Poor’s Midcap 400 Index		5,069	LIBOR Minus 0.23%	$	9,433		2/15/17	$	1,102,966
Goldman Sachs International
MSCI Emerging Markets Index		44,715	LIBOR Minus 0.25%		13,644		10/17/16		2,494,281
Russell 2000 Total Return Index		627	LIBOR Minus 0.57%		3,022		4/15/16		330,831
Russell 2000 Total Return Index		30	LIBOR Minus 0.49%		145		4/15/16		15,806
Russell 2000 Total Return Index		441	LIBOR Minus 0.71%		2,256		3/15/17		102,916
UBS AG
Russell 2000 Total Return Index		599	LIBOR Minus 0.70%		2,887		10/17/16		316,797
								$	4,363,597

^ Less than $0.50.

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

(b) Non-income producing security.

(c) Illiquid security.

(d) Fair valued by the Adviser.

(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, 2016, the aggregate market value of these securities amounted to $120,164 or 0.0% of net assets.

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

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

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

(i) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $40,210,131 and gross unrealized depreciation of investments was $(10,235,769), resulting in net unrealized appreciation of $29,974,362.

(j) An amount of U.S. $4,389,951 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2016.

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:

ADR	-	American Depositary Receipt
ASX	-	Australian Stock Exchange
CBT	-	Chicago Board of Trade
DAX	-	Deutscher Aktien Index (German Stock Index)
EAFE	-	Europe, Australia, and Far East

ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
SPDR	-	Standard & Poor’s Depository Receipt
TOPIX	-	Tokyo Price Index

AB Variable Products Series Fund

Dynamic Asset Allocation Portfolio

March 31, 2016 (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.

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.

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	10,988,362		$	16,894,799		$	22,969		$	27,906,130
Consumer Discretionary		9,147,495			9,505,632			– 0	–		18,653,127
Information Technology		14,773,589			3,692,949			– 0	–		18,466,538
Health Care		10,009,400			8,214,808			– 0	–		18,224,208
Industrials		7,222,072			9,621,715			– 0	–		16,843,787
Consumer Staples		7,274,024			9,103,568			– 0	–		16,377,592
Energy		4,644,459			3,327,458			– 0	–		7,971,917
Materials		1,993,971			4,819,904			– 0	–		6,813,875
Telecommunication Services		1,956,350			3,623,526			– 0	–		5,579,876
Utilities		2,356,787			2,841,258			– 0	–		5,198,045
Governments - Treasuries		– 0	–		98,482,943			– 0	–		98,482,943
Investment Companies		96,306,808			– 0	–		– 0	–		96,306,808
Inflation-Linked Securities		– 0	–		45,275,512			– 0	–		45,275,512
Short-Term Investments:
Investment Companies		114,502,831			– 0	–		– 0	–		114,502,831
U.S. Treasury Bills		– 0	–		25,532,331			– 0	–		25,532,331
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		40,143,324			– 0	–		– 0	–		40,143,324
Total Investments in Securities		321,319,472			240,936,403			22,969			562,278,844
Other Financial Instruments(a):
Assets:
Futures		560,042			– 0	–		– 0	–		560,042
Forward Currency Exchange Contracts		– 0	–		723,015			– 0	–		723,015
Total Return Swaps		– 0	–		4,363,597			– 0	–		4,363,597
Liabilities:
Futures		(503,474	)		– 0	–		– 0	–		(503,474	)
Forward Currency Exchange Contracts		– 0	–		(296,208	)		– 0	–		(296,208	)
Total(b)	$	321,376,040		$	245,726,807		$	22,969		$	567,125,816

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

(b) 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			Rights			Total
Balance as of 12/31/15		– 0	–(a)		– 0	–(a)		– 0	–(a)
Accrued discounts/(premiums)		– 0	–		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(7,679	)		– 0	–(a)		(7,679	)
Purchases		– 0	–		– 0	–		– 0	–
Sales		– 0	–		– 0	–		– 0	–
Transfers in to Level 3		30,648			– 0	–		30,648
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/16	$	22,969		$	– 0	–	$	22,969	(b)
Net change in unrealized appreciation/depreciation from investments held as of 3/31/16	$	(7,679	)	$	– 0	–	$	(7,679	)

(a) Less than $0.50.

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

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases at Cost (000)

Sales Proceeds (000)

Realized Gain (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Fixed Income Shares, Inc. - Government STIF Portfolio

$

151,611

$

45,967

$

83,075

$

– 0

–

$

– 0

–

$

114,503

$

120

$

– 0

–

AB Exchange Reserves - Class I

22,314

291,603

273,774

– 0

–

– 0

–

40,143

– 0

–

– 0

–

AB Variable Products Series Fund

Global Bond Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 49.9%
Funds and Investment Trusts - 49.9%
AB Global Bond Fund, Inc. - Class Z (a) (cost $5,191,595)		614,234	$	5,128,853
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 34.9%
Australia – 2.9%
Australia Government Bond
Series 124
5.75%, 5/15/21 (b)	AUD	195		175,831
Series 142
4.25%, 4/21/26 (b)		110		97,448
Series 144
3.75%, 4/21/37 (b)		29		24,470
				297,749
Belgium - 0.5%
Belgium Government Bond
Series 71
3.75%, 6/22/45 (b)	EUR	27		48,122
Canada – 2.7%
Canadian Government Bond
1.25%, 8/01/17	CAD	360		279,778
France – 1.4%
France Government Bond OAT
0.50%, 5/25/25 (b)	EUR	10		11,552
2.50%, 5/25/30 (b)		12		16,676
3.50%, 4/25/20 (b)		86		112,877
				141,105
Germany – 1.8%
Bundesrepublik Deutschland
0.50%, 2/15/25 (b)		95		112,061
2.25%, 9/04/21 (b)		26		33,758
Series 00
6.25%, 1/04/30 (b)		3		6,112
Series 03
4.75%, 7/04/34 (b)		15		29,295
				181,226
Ireland – 0.8%
Ireland Government Bond
3.40%, 3/18/24 (b)		19		26,440
5.40%, 3/13/25		36		57,672
				84,112
Italy – 5.8%
Italy Buoni Poliennali Del Tesoro
1.35%, 4/15/22		75		89,199

Company	Principal Amount (000)		U.S. $ Value
3.25%, 9/01/46 (b)	EUR	20	$	27,151
3.75%, 5/01/21		262		348,462
5.50%, 11/01/22		65		96,722
6.00%, 5/01/31		21		37,280
				598,814
Portugal - 0.8%
Portugal Obrigacoes do Tesouro OT
2.875%, 10/15/25 (b)		35		40,602
4.80%, 6/15/20 (b)		30		38,636
				79,238
South Africa - 0.2%
South Africa Government Bond
Series R186
10.50%, 12/21/26	ZAR	248		18,353
Spain - 0.8%
Spain Government Bond
1.95%, 7/30/30 (b)	EUR	13		14,902
2.15%, 10/31/25 (b)		20		24,328
4.20%, 1/31/37 (b)		21		31,143
5.15%, 10/31/44 (b)		7		12,084
				82,457
United Kingdom - 5.3%
United Kingdom Gilt
1.75%, 7/22/19-9/07/22 (b)	GBP	135		201,803
2.00%, 9/07/25 (b)		45		67,998
2.25%, 9/07/23 (b)		78		120,502
3.25%, 1/22/44 (b)		65		111,774
5.00%, 3/07/25 (b)		25		47,085
				549,162
United States - 11.9%
U.S. Treasury Bonds
2.875%, 5/15/43	U.S.$	54		56,900
3.00%, 11/15/44-11/15/45		85		91,747
3.625%, 8/15/43		90		109,308
6.25%, 5/15/30		90		137,289
U.S. Treasury Notes
0.875%, 4/30/17		325		325,774
1.375%, 4/30/20		50		50,518
2.00%, 2/15/25-8/15/25		223		227,711
2.125%, 6/30/21		5		5,211
2.25%, 11/15/25		20		20,815
2.50%, 5/15/24		42		44,664
2.625%, 8/15/20		148		157,273
				1,227,210
Total Governments - Treasuries (cost $3,498,089)				3,587,326

Company	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 3.3%
Industrial - 2.6%
Basic - 0.2%
Glencore Funding LLC
4.00%, 4/16/25 (b)	U.S.$	5	$	3,922
Mosaic Co. (The)
5.625%, 11/15/43		5		5,222
Rio Tinto Finance USA Ltd.
3.75%, 6/15/25		10		9,745
				18,889
Capital Goods - 0.1%
General Electric Co.
Series D
5.00%, 1/21/21 (c)		5		5,150
Communications - Media - 0.4%
CCO Safari II LLC
3.579%, 7/23/20 (b)		5		5,109
4.908%, 7/23/25 (b)		5		5,274
Cox Communications, Inc.
2.95%, 6/30/23 (b)		8		7,426
McGraw Hill Financial, Inc.
4.40%, 2/15/26		15		16,394
Time Warner, Inc.
3.60%, 7/15/25		5		5,132
				39,335
Communications - Telecommunications - 0.1%
Deutsche Telekom International Finance BV
Series E
4.25%, 7/13/22 (b)	EUR	5		6,945
Consumer Cyclical - Automotive - 0.1%
General Motors Financial Co., Inc.
3.25%, 5/15/18	U.S.$	12		12,200
Consumer Non-Cyclical - 0.7%
AbbVie, Inc.
2.50%, 5/14/20		4		4,072
3.60%, 5/14/25		10		10,497
Baxalta, Inc.
5.25%, 6/23/45 (b)		5		5,314
Biogen, Inc.
2.90%, 9/15/20		4		4,117
Gilead Sciences, Inc.
3.65%, 3/01/26		6		6,376
Kraft Heinz Foods Co.
2.80%, 7/02/20 (b)		7		7,190
3.50%, 7/15/22 (b)		7		7,346
Newell Rubbermaid, Inc.
3.15%, 4/01/21		9		9,245
3.85%, 4/01/23		6		6,223
Reynolds American, Inc.
4.45%, 6/12/25		10		11,002
5.85%, 8/15/45		3		3,664
				75,046

Company	Principal Amount (000)		U.S. $ Value
Energy - 0.8%
ConocoPhillips
5.75%, 2/01/19	U.S.$	12	$	13,019
Devon Energy Corp.
5.00%, 6/15/45		7		5,225
Energy Transfer Partners LP
4.65%, 6/01/21		5		4,804
EnLink Midstream Partners LP
4.15%, 6/01/25		13		10,087
Enterprise Products Operating LLC
3.70%, 2/15/26		10		9,808
Halliburton Co.
3.375%, 11/15/22		6		6,106
5.00%, 11/15/45		6		5,864
Husky Energy, Inc.
7.25%, 12/15/19		6		6,632
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		12		10,348
Schlumberger Holdings Corp.
2.35%, 12/21/18 (b)		12		12,079
				83,972
Services - 0.0%
eBay, Inc.
3.80%, 3/09/22		4		4,118
Technology - 0.2%
Hewlett Packard Enterprise Co.
4.90%, 10/15/25 (b)		10		10,292
HP, Inc.
4.65%, 12/09/21		10		10,583
				20,875
				266,530
Financial Institutions - 0.5%
Banking - 0.4%
Bank of America Corp.
3.875%, 8/01/25		20		20,729
Goldman Sachs Group, Inc. (The)
3.85%, 7/08/24		10		10,333
5.15%, 5/22/45		3		3,045
Morgan Stanley
Series G
4.00%, 7/23/25		11		11,502
				45,609
Insurance - 0.1%
MetLife, Inc.
Series C
5.25%, 6/15/20 (c)		5		4,778
				50,387

Company	Principal Amount (000)		U.S. $ Value
Utility - 0.2%
Electric - 0.2%
Entergy Corp.
4.00%, 7/15/22	U.S.$	8	$	8,484
Exelon Corp.
3.95%, 6/15/25 (b)		12		12,437
				20,921
Total Corporates - Investment Grade (cost $334,847)				337,838
INFLATION-LINKED SECURITIES - 2.4%
United States - 2.4%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS) (cost $250,972)		247		252,014
GOVERNMENTS - SOVEREIGN AGENCIES - 1.3%
Governments - Sovereign Agencies - 1.3%
Canada Housing Trust No. 1
3.80%, 6/15/21 (b)	CAD	95		82,788
1.70%, 12/15/17 (b)		60		46,963
Total Governments - Sovereign Agencies (cost $133,519)				129,751
MORTGAGE PASS-THROUGHS - 0.8%
Agency Fixed Rate 30-Year - 0.7%
Federal National Mortgage Association
4.00%, 12/01/44	U.S.$	23		24,728
Government National Mortgage Association
3.50%, 4/01/46, TBA		48		50,216
				74,944
Other Agency Fixed Rate Programs - 0.1%
Canadian Mortgage Pools
6.125%, 12/01/24	CAD	13		12,589
Total Mortgage Pass-Throughs (cost $86,502)				87,533
EMERGING MARKETS - TREASURIES - 0.7%
Brazil - 0.7%
Brazil Notas do Tesouro Nacional
Series B
6.00%, 8/15/50-5/15/55	BRL	37		27,297
Series F
10.00%, 1/01/27		186		41,447
Total Emerging Markets - Treasuries (cost $71,597)				68,744

Company	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.5%
Risk Share Floating Rate - 0.5%
Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C03, Class 1M1
1.933% (LIBOR 1 Month + 1.50%), 7/25/25 (d)	U.S.$	12	$	12,398
Series 2016-C01, Class 1M2
7.183% (LIBOR 1 Month + 6.75%), 8/25/28 (d)		13		13,348
Series 2016-C01, Class 2M2
7.383% (LIBOR 1 Month + 6.95%), 8/25/28 (d)		13		13,319
Series 2016-C02, Class 1M2
6.435% (LIBOR 1 Month + 6.00%), 9/25/28 (d)		15		15,305
Total Collateralized Mortgage Obligations (cost $52,408)				54,370
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.4%
Non-Agency Fixed Rate CMBS - 0.4%
JPMBB Commercial Mortgage Securities Trust
Series 2015-C32, Class C
4.669%, 11/15/48		10		8,539
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39		30		29,396
Total Commercial Mortgage-Backed Securities (cost $40,365)				37,935
CORPORATES - NON-INVESTMENT GRADE - 0.2%
Industrial - 0.2%
Basic - 0.0%
Freeport-McMoRan, Inc.
2.30%, 11/14/17		5		4,612
Capital Goods - 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.75%, 10/15/20		5		5,131
Communications - Telecommunications - 0.0%
T-Mobile USA, Inc.
6.50%, 1/15/26		2		2,078
Consumer Cyclical - Retailers - 0.0%
Sally Holdings LLC/Sally Capital, Inc.
5.625%, 12/01/25		4		4,260
Energy - 0.1%
Cenovus Energy, Inc.
5.70%, 10/15/19		6		6,021
Total Corporates - Non-Investment Grade (cost $20,702)				22,102

Company	Principal Amount (000)		U.S. $ Value
LOCAL GOVERNMENTS - PROVINCIAL BONDS - 0.2%
Canada - 0.2%
Province of Ontario Canada
2.40%, 6/02/26	CAD	15	$	11,652
2.60%, 6/02/25		10		7,967
Total Local Governments - Provincial Bonds (cost $18,782)				19,619
	Shares
SHORT-TERM INVESTMENTS - 7.3%
Investment Companies - 7.3%
AB Fixed Income Shares, Inc. - Government STIF Portfolio, 0.42% (a)(e) (cost $752,741)		752,741		752,741
Total Investments - 101.9% (cost $10,452,119) (f)				10,478,826
Other assets less liabilities - (1.9)% (g)				(196,492	)
Net Assets – 100.0%			$	10,282,334

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		6		June 2016	$	805,835	$	807,624	$	1,789
Long Gilt Futures		1		June 2016		173,716		174,102		386
									$	2,175

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	BRL	161	USD	44		5/03/16	$	(640	)
BNP Paribas SA	GBP	389	USD	553		5/12/16		(5,410	)
BNP Paribas SA	AUD	387	USD	287		6/10/16		(9,129	)
BNP Paribas SA	USD	1	ARS	17		7/01/16		(15	)
BNP Paribas SA	USD	3	ARS	52		12/12/16		107
Standard Chartered Bank	BRL	50	USD	14		4/04/16		(63	)
Standard Chartered Bank	USD	14	BRL	50		4/04/16		(144	)
Standard Chartered Bank	USD	14	BRL	50		5/03/16		44
State Street Bank & Trust Co.	BRL	86	USD	22		4/04/16		(2,402	)
State Street Bank & Trust Co.	USD	35	BRL	137		4/04/16		3,237
State Street Bank & Trust Co.	NOK	442	SEK	440		4/06/16		788

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	51	NOK	442		4/06/16	$	2,052
State Street Bank & Trust Co.	USD	37	RUB	2,781		4/07/16		4,333
State Street Bank & Trust Co.	CAD	813	USD	596		4/08/16		(30,211	)
State Street Bank & Trust Co.	SGD	107	USD	76		4/08/16		(3,575	)
State Street Bank & Trust Co.	USD	26	MXN	468		4/14/16		1,476
State Street Bank & Trust Co.	ZAR	273	USD	17		5/11/16		(1,178	)
State Street Bank & Trust Co.	GBP	25	USD	36		5/12/16		(100	)
State Street Bank & Trust Co.	EUR	35	USD	39		5/13/16		26
State Street Bank & Trust Co.	EUR	1,113	USD	1,214		5/13/16		(54,280	)
State Street Bank & Trust Co.	SEK	426	EUR	46		5/13/16		(162	)
State Street Bank & Trust Co.	JPY	8,982	USD	81		5/20/16		864
State Street Bank & Trust Co.	TWD	1,815	USD	56		5/20/16		(929	)
State Street Bank & Trust Co.	USD	50	JPY	5,637		5/20/16		335
State Street Bank & Trust Co.	USD	38	TRY	112		5/25/16		634
State Street Bank & Trust Co.	AUD	71	USD	53		6/10/16		(1,125	)
State Street Bank & Trust Co.	TWD	3,283	USD	99		6/21/16		(2,738	)
							$	(98,205	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2016			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc./(INTRCONX)
CDX-NAIG Series 24, 5 Year Index, 6/20/20*		(1.00	)%		0.87	%	$	1,100	$	(6,323	)	$	(66	)
Sale Contracts
Citigroup Global Markets, Inc./(INTRCONX)
CDX-NAIG Series 24, 5 Year Index, 6/20/20*		1.00			0.87			1,100		6,323			(9,803	)
Morgan Stanley & Co. LLC/(INTRCONX)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			4.29			220		6,625			11,038
CDX-NAIG Series 26, 5 Year Index, 6/20/21*		1.00			0.79			1,100		12,089			(416	)
									$	18,714		$	753

* Termination date

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Bank of America, NA
CDX-EM Series 23, 5 Year Index 6/20/20*		1.00	%		2.87	%	$	147	$	(10,558	)	$	(10,639	)	$	81
Barclays Bank PLC
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			7.22			6		(665	)		(102	)		(563	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		3.00			4.45			100		(9,006	)		(618	)		(8,388	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			7.22			6		(664	)		(105	)		(559	)
Goldman Sachs International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			7.22			12		(1,330	)		(198	)		(1,132	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			7.22			11		(1,218	)		(205	)		(1,013	)
									$	(23,441	)	$	(11,867	)	$	(11,574	)

* Termination date

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, the aggregate market value of these securities amounted to $1,645,735 or 16.0% of net assets.

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

(d) Floating Rate Security. Stated interest rate was in effect at March 31, 2016.

(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, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $140,212 and gross unrealized depreciation of investments was $(113,505), resulting in net unrealized appreciation of $26,707.

(g) An amount of U.S. $8,605 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2016.

Currency Abbreviations:

ARS	-	Argentine Peso
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro

GBP	-	Great British Pound
JPY	-	Japanese Yen
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
RUB	-	Russian Ruble
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
TRY	-	Turkish Lira
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CDX-EM	-	Emerging Market Credit Default Swap Index
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CDX-NAIG	-	North American Investment Grade Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates
OAT	-	Obligations Assimilables du Trésor
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

COUNTRY BREAKDOWN*

March 31, 2016 (unaudited)

67.7%	United States
5.7%	Italy
5.3%	United Kingdom
4.3%	Canada
2.8%	Australia
1.8%	Germany
1.3%	France
0.8%	Ireland
0.8%	Spain
0.8%	Portugal
0.7%	Brazil
0.5%	Belgium
0.2%	South Africa
0.1%	Other
7.2%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.1% or less in the following countries: New Zealand and Switzerland.

AB Variable Products Series Fund

Global Bond Portfolio

March 31, 2016 (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.

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.

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Investment Companies	$	5,128,853		$	– 0	–	$	– 0	–	$	5,128,853
Governments - Treasuries		– 0	–		3,587,326			– 0	–		3,587,326
Corporates - Investment Grade		– 0	–		337,838			– 0	–		337,838
Inflation-Linked Securities		– 0	–		252,014			– 0	–		252,014
Governments - Sovereign Agencies		– 0	–		129,751			– 0	–		129,751
Mortgage Pass-Throughs		– 0	–		87,533			– 0	–		87,533
Emerging Markets - Treasuries		– 0	–		68,744			– 0	–		68,744

Investments in Securities:

Level 1

Level 2

Level 3

Total

Collateralized Mortgage Obligations

$

– 0

–

$

– 0

–

$

54,370

$

54,370

Commercial Mortgage-Backed Securities

– 0

–

– 0

–

37,935

37,935

Corporates - Non-Investment Grade

– 0

–

22,102

– 0

–

22,102

Local Governments - Provincial Bonds

– 0

–

19,619

– 0

–

19,619

Short-Term Investments

752,741

– 0

–

– 0

–

752,741

Total Investments in Securities

5,881,594

4,504,927

92,305

10,478,826

Other Financial Instruments (a):

Assets:

Futures

2,175

– 0

–

– 0

–

2,175

Forward Currency Exchange Contracts

– 0

–

13,896

– 0

–

13,896

Centrally Cleared Credit Default Swaps

– 0

–

11,038

– 0

–

11,038

Credit Default Swaps

– 0

–

81

– 0

–

81

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(112,101

)

– 0

–

(112,101

)

Centrally Cleared Credit Default Swaps

– 0

–

(10,285

)

– 0

–

(10,285

)

Credit Default Swaps

– 0

–

(11,655

)

– 0

–

(11,655

)

Total (b)

$

5,883,769

$

4,395,901

$

92,305

$

10,371,975

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

(b) There were no transfers between any levels during the reporting period.

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

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

	Collateralized Mortgage Obligations			Commercial Mortgage-Backed Securities			Total
Balance as of 12/31/15	$	– 0	–	$	38,998		$	38,998
Accrued discounts/(premiums)		– 0	–		(6	)		(6	)
Realized gain (loss)		– 0	–		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		1,961			(1,057	)		904
Purchases		52,559			– 0	–		52,559
Sales/Paydowns		(150	)		– 0	–		(150	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/16	$	54,370		$	37,935		$	92,305
Net change in unrealized appreciation/depreciation from investments held as of 3/31/16	$	1,961		$	(1,057	)	$	904

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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

													Distributions
Affiliated Issuer	Market  Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market  Value 03/31/16 (000)		Income (000)		Realized Gains (000)
AB Fixed Income Shares, Inc. - Government STIF Portfolio	$	909	$	445	$	601	$	0	$	0	$	753	$	1	$	0
AB Global Bond Fund, Inc.		4,977		30		0		0		122		5,129		30		0

AB Variable Products Series Fund

Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 43.3%
Funds and Investment Trusts - 43.3%
iShares Core S&P 500 ETF		23,730	$	4,903,805
iShares Core MSCI Emerging Markets ETF		79,210		3,296,720
iShares MSCI EAFE ETF		90,720		5,182,834
SPDR S&P 500 ETF Trust		20,500		4,213,980
Vanguard S&P 500 ETF		26,920		5,076,035
iShares Russell 2000 ETF		21,920		2,424,790
Total Investment Companies (cost $24,709,371)				25,098,164
	Contracts
OPTIONS PURCHASED - PUTS – 0.1%
Options on Equity Indices - 0.1%
Euro STOXX 50 Index Expiration: Apr 2016, Exercise Price: EUR 2,975.00 (a)(b)		89		37,927
FTSE 100 Index Expiration: Apr 2016, Exercise Price: GBP 6,100.00 (a)(b)		10		6,643
Nikkei 225 Index Expiration: Apr 2016, Exercise Price: JPY 16,500.00 (a)(c)		12		11,728
				56,298
Options on Funds and Investment Trusts - 0.0%
SPDR S&P 500 ETF Trust Expiration: Apr 2016, Exercise Price: $ 200.00 (a)(d)		322		16,100
Total Options Purchased - Puts (cost $125,275)				72,398
	Shares
SHORT-TERM INVESTMENTS - 55.3%
Investment Companies - 46.5%
AB Fixed Income Shares, Inc. - Government STIF Portfolio, 0.42% (e)(f) (cost $26,980,604)		26,980,604		26,980,604
	Principal Amount (000)
U.S. Treasury Bills - 8.8%
U.S. Treasury Bill
Zero Coupon, 4/21/16-5/26/16	$	4,134		4,132,903
Zero Coupon, 7/07/16		950		949,411
Total U.S. Treasury Bills (cost $5,082,314)				5,082,314

	U.S. $ Value
Total Investments – 98.7% (cost $56,897,564) (g)	$	57,233,480
Other assets less liabilities - 1.3% (h)		765,069
Net Assets - 100.0%	$	57,998,549

FUTURES

Type	Number of Contracts		Expiration Month	Original Value		Value at March 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		48	June 2016	$	4,759,110	$	4,818,372	$	59,262
Euro STOXX 50 Futures		73	June 2016		2,485,279		2,434,685		(50,594	)
FTSE 100 Index Futures		9	June 2016		782,925		790,181		7,256
Long Gilt Futures		30	June 2016		5,172,692		5,223,064		50,372
Mini MSCI EAFE Futures		50	June 2016		4,051,718		4,063,750		12,032
S&P 500 E Mini Futures		16	June 2016		1,577,223		1,641,200		63,977
S&P TSX 60 Index Futures		12	June 2016		1,431,781		1,454,321		22,540
TOPIX Index Futures		20	June 2016		2,380,332		2,394,598		14,266
U.S. T-Note 5 Yr (CBT) Futures		22	June 2016		2,661,689		2,665,609		3,920
U.S. T-Note 10 Yr (CBT) Futures		60	June 2016		7,798,051		7,823,438		25,387
U.S. Ultra Bond (CBT) Futures		12	June 2016		2,087,193		2,070,375		(16,818	)
Sold Contracts
Nikkei 225 (CME) Futures		5	June 2016		420,759		420,500		259
								$	191,859

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	JPY	20,311	USD	179		6/17/16	$	(1,488	)
BNP Paribas SA	CNY	1,673	USD	254		6/17/16		(3,530	)
BNP Paribas SA	INR	5,875	USD	86		6/17/16		(1,709	)
BNP Paribas SA	KRW	199,343	USD	164		6/17/16		(9,277	)
BNP Paribas SA	TWD	4,498	USD	137		6/17/16		(3,047	)
Royal Bank of Scotland PLC	AUD	933	USD	692		6/17/16		(21,164	)
Royal Bank of Scotland PLC	CNY	1,554	USD	239		6/17/16		(58	)
Royal Bank of Scotland PLC	INR	4,925	USD	74		6/17/16		(23	)
Royal Bank of Scotland PLC	KRW	176,657	USD	154		6/17/16		58
Standard Chartered Bank	GBP	1,148	USD	1,631		6/17/16		(17,956	)
Standard Chartered Bank	TWD	3,867	USD	120		6/17/16		(95	)
State Street Bank & Trust Co.	AUD	82	USD	62		6/17/16		(217	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	BRL	792	USD	212		6/17/16	$	(3,433	)
State Street Bank & Trust Co.	CAD	107	USD	78		6/17/16		(4,545	)
State Street Bank & Trust Co.	CHF	795	USD	806		6/17/16		(23,817	)
State Street Bank & Trust Co.	CNY	1,830	USD	279		6/17/16		(3,056	)
State Street Bank & Trust Co.	DKK	1,178	USD	175		6/17/16		(5,411	)
State Street Bank & Trust Co.	EUR	90	USD	103		6/17/16		35
State Street Bank & Trust Co.	EUR	3,005	USD	3,327		6/17/16		(100,619	)
State Street Bank & Trust Co.	GBP	48	USD	69		6/17/16		19
State Street Bank & Trust Co.	GBP	171	USD	244		6/17/16		(1,397	)
State Street Bank & Trust Co.	IDR	825,721	USD	61		6/17/16		(1,223	)
State Street Bank & Trust Co.	ILS	235	USD	60		6/17/16		(2,386	)
State Street Bank & Trust Co.	INR	6,730	USD	99		6/17/16		(1,055	)
State Street Bank & Trust Co.	JPY	199,440	USD	1,778		6/17/16		1,870
State Street Bank & Trust Co.	JPY	49,941	USD	441		6/17/16		(3,761	)
State Street Bank & Trust Co.	KRW	209,581	USD	179		6/17/16		(3,398	)
State Street Bank & Trust Co.	MXN	1,769	USD	101		6/17/16		(1,025	)
State Street Bank & Trust Co.	MYR	316	USD	79		6/17/16		(2,895	)
State Street Bank & Trust Co.	NOK	531	USD	62		6/17/16		(2,168	)
State Street Bank & Trust Co.	NZD	134	USD	90		6/17/16		(2,287	)
State Street Bank & Trust Co.	RUB	5,764	USD	82		6/17/16		(1,860	)
State Street Bank & Trust Co.	SEK	2,210	USD	262		6/17/16		(11,283	)
State Street Bank & Trust Co.	SGD	175	USD	126		6/17/16		(3,684	)
State Street Bank & Trust Co.	THB	2,617	USD	74		6/17/16		224
State Street Bank & Trust Co.	TWD	4,585	USD	141		6/17/16		(1,777	)
State Street Bank & Trust Co.	USD	73	EUR	65		6/17/16		1,162
State Street Bank & Trust Co.	USD	136	JPY	15,369		6/17/16		598
State Street Bank & Trust Co.	ZAR	926	USD	62		6/17/16		99
State Street Bank & Trust Co.	ZAR	2,307	USD	147		6/17/16		(6,645	)
UBS AG	HKD	2,363	USD	304		6/17/16		(376	)
							$	(242,600	)

CALL OPTIONS WRITTEN

Description	Contracts		Exercise Price			Expiration Month	Premiums Received		U.S. $ Value
Euro STOXX 50 Index (b)		106		EUR	3,250.00	April 2016	$	3,670	$	(784	)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
Nikkei 225 Index (c)		18	JPY	18,375.00		April 2016	$	10,224	$	(240	)
							$	13,894	$	(1,024	)

PUT OPTIONS WRITTEN

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
Euro STOXX 50 Index (b)		89	EUR	2,825.00		April 2016	$	14,418	$	(9,115	)
FTSE 100 Index (b)		10	GBP	5,700.00		April 2016		1,359		(934	)
Nikkei 225 Index (c)		12	JPY	15,625.00		April 2016		10,480		(1,919	)
SPDR S&P 500 ETF Trust (d)		322	$	192.00		April 2016		14,155		(3,542	)
							$	40,412	$	(15,510	)

(a) Non-income producing security.

(b) One contract relates to 10 shares.

(c) One contract relates to 1000 shares.

(d) One contract relates to 100 shares.

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

(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 AB at (800) 227-4618.

(g) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $835,622 and gross unrealized depreciation of investments was $(499,706), resulting in net unrealized appreciation of $335,916.

(h) An amount of U.S. $1,160,105 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2016.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
DKK	-	Danish Krone
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
IDR	-	Indonesian Rupiah
ILS	-	Israeli Shekel
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
THB	-	Thailand Baht
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

CBT	-	Chicago Board of Trade
CME	-	Chicago Mercantile Exchange
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
MSCI	-	Morgan Stanley Capital International
SPDR	-	Standard & Poor’s Depository Receipt
TOPIX	-	Tokyo Price Index
TSX	-	Toronto Stock Exchange

COUNTRY BREAKDOWN*

March 31, 2016 (unaudited)

43.9%	United States
0.1%	Switzerland
56.0%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2016. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time.

AB Variable Products Series Fund

Global Risk Allocation-Moderate Portfolio

March 31, 2016 (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)

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.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Investment Companies

$

25,098,164

$

– 0

–

$

– 0

–

$

25,098,164

Options Purchased - Puts

– 0

–

72,398

– 0

–

72,398

Short-Term Investments:

Investment Companies

26,980,604

– 0

–

– 0

–

26,980,604

U.S. Treasury Bills

– 0

–

5,082,314

– 0

–

5,082,314

Total Investments in Securities

52,078,768

5,154,712

– 0

–

57,233,480

Other Financial Instruments (a):

Assets:

Futures

259,271

– 0

–

– 0

–

259,271

Forward Currency Exchange Contracts

– 0

–

4,065

– 0

–

4,065

Liabilities:

Futures

(67,412

)

– 0

–

– 0

–

(67,412

)

Forward Currency Exchange Contracts

– 0

–

(246,665

)

– 0

–

(246,665

)

Call Options Written

– 0

–

(1,024

)

– 0

–

(1,024

)

Put Options Written

– 0

–

(15,510

)

– 0

–

(15,510

)

Total(b)

$

52,270,627

$

4,895,578

$

– 0

–

$

57,166,205

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

(b) 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

													Distributions
Affiliated Issuer	Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change  in Unrealized Appr./(Depr.) (000)		Market Value 03/31/16 (000)		Income (000)		Realized Gains (000)
AB Fixed Income Shares, Inc.	$	25,515	$	9,636	$	8,170	$	0	$	0	$	26,981	$	25	$	0

AB Variable Products Series Fund

Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Information Technology - 24.7%
Communications Equipment - 1.3%
Palo Alto Networks, Inc. (a)		9,300	$	1,517,202
Internet Software & Services - 7.7%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		26,270		2,076,118
Alphabet, Inc.-Class C (a)		3,297		2,456,100
Facebook, Inc.-Class A (a)		20,200		2,304,820
Tencent Holdings Ltd.		104,900		2,145,967
				8,983,005
IT Services - 1.8%
Visa, Inc.-Class A		27,270		2,085,610
Semiconductors & Semiconductor Equipment - 7.0%
ams AG		27,900		956,113
Broadcom Ltd.		15,500		2,394,750
NVIDIA Corp.		56,258		2,004,473
NXP Semiconductors NV (a)		20,009		1,622,130
Skyworks Solutions, Inc.		15,730		1,225,367
				8,202,833
Software - 4.9%
Fortinet, Inc. (a)		42,793		1,310,750
Imperva, Inc. (a)		24,805		1,252,652
Mobileye NV (a)(b)		44,010		1,641,133
salesforce.com, Inc. (a)		21,282		1,571,250
				5,775,785
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.		17,585		1,916,589
Thin Film Electronics ASA (a)(b)		1,183,690		484,694
				2,401,283
				28,965,718
Financials - 18.0%
Banks - 1.4%
Wells Fargo & Co.		33,140		1,602,650
Capital Markets - 8.0%
Affiliated Managers Group, Inc. (a)		6,980		1,133,552
Azimut Holding SpA		67,450		1,551,156
Charles Schwab Corp. (The)		59,710		1,673,074
Flow Traders (c)		21,445		994,100
Partners Group Holding AG		4,520		1,815,903
UBS Group AG (a)(b)		70,620		1,131,332
WisdomTree Investments, Inc. (b)		97,506		1,114,494
				9,413,611
Consumer Finance - 1.8%
Gentera SAB de CV		521,080		1,028,458

Company	Shares		U.S. $ Value
SKS Microfinance Ltd. (a)		134,370		1,112,250
				2,140,708
Diversified Financial Services - 2.2%
Intercontinental Exchange, Inc.		6,260		1,471,977
London Stock Exchange Group PLC		28,020		1,131,874
				2,603,851
Insurance - 3.0%
AIA Group Ltd.		396,000		2,250,872
St James’s Place PLC		96,790		1,272,626
				3,523,498
Thrifts & Mortgage Finance - 1.6%
Housing Development Finance Corp., Ltd.		109,380		1,827,546
				21,111,864
Health Care - 17.8%
Biotechnology - 2.5%
Cepheid (a)		37,377		1,246,897
Genus PLC		26,820		587,921
Regeneron Pharmaceuticals, Inc. (a)		3,080		1,110,155
				2,944,973
Health Care Equipment & Supplies - 5.9%
Abbott Laboratories		44,500		1,861,435
Align Technology, Inc. (a)		21,480		1,561,381
Cerus Corp. (a)(b)		204,350		1,211,796
Essilor International SA		18,607		2,292,674
				6,927,286
Health Care Providers & Services - 3.1%
HealthEquity, Inc. (a)		48,622		1,199,505
UnitedHealth Group, Inc.		19,060		2,456,834
				3,656,339
Life Sciences Tools & Services - 2.5%
Illumina, Inc. (a)		8,351		1,353,780
Quintiles Transnational Holdings, Inc. (a)		23,068		1,501,727
				2,855,507
Pharmaceuticals - 3.8%
Perrigo Co. PLC		7,350		940,286
Roche Holding AG		8,600		2,111,646
Sun Pharmaceutical Industries Ltd.		113,830		1,419,504
				4,471,436
				20,855,541
Consumer Discretionary - 13.6%
Auto Components - 2.0%
Delphi Automotive PLC		31,420		2,357,128

Company	Shares		U.S. $ Value
Diversified Consumer Services - 1.2%
TAL Education Group (ADR) (a)		27,320		1,357,258
Hotels, Restaurants & Leisure - 1.6%
Starbucks Corp.		30,470		1,819,059
Household Durables - 0.6%
Panasonic Corp.		71,700		649,370
Internet & Catalog Retail - 3.5%
Amazon.com, Inc. (a)		1,853		1,100,015
Ctrip.com International Ltd. (ADR) (a)		39,900		1,765,974
Netflix, Inc. (a)		12,650		1,293,209
				4,159,198
Multiline Retail - 1.0%
Matahari Department Store Tbk PT		823,500		1,139,530
Specialty Retail - 0.9%
Fast Retailing Co., Ltd.		3,400		1,086,382
Textiles, Apparel & Luxury Goods - 2.8%
Cie Financiere Richemont SA		20,670		1,365,263
NIKE, Inc.-Class B		32,060		1,970,728
				3,335,991
				15,903,916
Consumer Staples - 11.7%
Beverages - 1.9%
Anheuser-Busch InBev SA/NV		18,140		2,253,654
Food & Staples Retailing - 1.2%
CVS Health Corp.		13,620		1,412,803
Food Products - 5.3%
Danone SA		18,650		1,323,259
Mead Johnson Nutrition Co.-Class A		13,690		1,163,239
Nestle SA (REG)		28,560		2,131,168
Universal Robina Corp.		324,451		1,527,668
				6,145,334
Household Products - 3.3%
Reckitt Benckiser Group PLC		22,230		2,144,230
Unicharm Corp.		79,000		1,719,460
				3,863,690
				13,675,481
Industrials - 8.2%
Aerospace & Defense - 1.3%
Hexcel Corp.		35,099		1,534,177
Building Products - 1.0%
Kingspan Group PLC		43,175		1,147,158
Commercial Services & Supplies - 1.5%
China Everbright International Ltd.		571,000		639,862
Stericycle, Inc. (a)		9,290		1,172,305
				1,812,167

Company	Shares		U.S. $ Value
Electrical Equipment - 1.5%
Vestas Wind Systems A/S		25,020		1,762,902
Industrial Conglomerates - 1.6%
Danaher Corp.		19,720		1,870,639
Machinery - 1.3%
Xylem, Inc./NY		35,810		1,464,629
				9,591,672
Materials - 2.7%
Chemicals - 2.7%
Ecolab, Inc.		17,090		1,905,877
LG Chem Ltd.		4,600		1,320,158
				3,226,035
Utilities - 1.8%
Water Utilities - 1.8%
American Water Works Co., Inc.		16,529		1,139,345
Beijing Enterprises Water Group Ltd. (b)		1,562,000		980,032
				2,119,377
Total Common Stocks (cost $99,617,626)				115,449,604
WARRANTS - 0.0%
Information Technology - 0.0%
Technology Hardware, Storage & Peripherals - 0.0%
Thin Film Electronics ASA, , expiring 7/14/18 (a)(d)(e) (cost $0)		591,845		0	^
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.5%
Time Deposit - 1.5%
State Street Time Deposit 0.01%, 4/01/16 (cost $1,801,611)	U.S.$	1,802		1,801,611
Total Investments Before Security Lending Collateral for Securities Loaned - 100.0% (cost $101,419,237)				117,251,215
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.7%
Investment Companies - 4.7%
AB Exchange Reserves-Class I, 0.40% (f)(g) (cost $5,471,465)		5,471,465		5,471,465

	U.S. $ Value
Total Investments - 104.7% (cost $106,890,702) (h)		122,722,680
Other assets less liabilities - (4.7)%		(5,483,279	)
Net Assets - 100.0%	$	117,239,401

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts  to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	2,500	AUD	3,374		6/17/16	$	77,418
Royal Bank of Scotland PLC	CHF	405	USD	419		6/17/16		(3,633	)
Royal Bank of Scotland PLC	HKD	17,175	USD	2,215		6/17/16		(89	)
Standard Chartered Bank	CNY	21,046	USD	3,201		6/17/16		(42,391	)
State Street Bank & Trust Co.	CAD	431	USD	325		6/17/16		(7,085	)
State Street Bank & Trust Co.	GBP	154	USD	220		6/17/16		(955	)
State Street Bank & Trust Co.	JPY	35,222	USD	313		6/17/16		(546	)
State Street Bank & Trust Co.	SEK	1,971	USD	236		6/17/16		(7,747	)
State Street Bank & Trust Co.	USD	2,302	CAD	3,082		6/17/16		71,544
State Street Bank & Trust Co.	USD	1,322	EUR	1,172		6/17/16		14,799
State Street Bank & Trust Co.	USD	219	GBP	154		6/17/16		2,417
State Street Bank & Trust Co.	USD	1,185	HKD	9,196		6/17/16		901
State Street Bank & Trust Co.	USD	5,579	JPY	625,689		6/17/16		(7,472	)
State Street Bank & Trust Co.	USD	1,314	SEK	11,097		6/17/16		56,657
UBS AG	CHF	4,496	USD	4,550		6/17/16		(141,611	)
							$	12,207

^ Less than $0.50.

(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, 2016, the market value of this security amounted to $994,100 or 0.8% of net assets.

(d) Fair valued by the Adviser.

(e) Illiquid security.

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

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

(h) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $20,521,899 and gross unrealized depreciation of investments was $(4,689,921), resulting in net unrealized appreciation of $15,831,978.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

March 31, 2016 (unaudited)

50.0%	United States
7.7%	China
7.3%	Switzerland
6.4%	United Kingdom
3.7%	India
3.1%	France
2.9%	Japan
2.2%	Netherlands
2.1%	Singapore
1.9%	Belgium
1.9%	Hong Kong
1.5%	Denmark
1.3%	Italy
6.5%	Other
1.5%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2016. 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, Indonesia, Ireland, Mexico, Norway, Philippines and South Korea.

AB Variable Products Series Fund

Global Thematic Growth Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Information Technology	$	25,378,944		$	3,586,774		$	– 0	–	$	28,965,718
Financials		9,155,537			11,956,327			– 0	–		21,111,864
Health Care		14,443,796			6,411,745			– 0	–		20,855,541
Consumer Discretionary		11,663,371			4,240,545			– 0	–		15,903,916
Consumer Staples		2,576,042			11,099,439			– 0	–		13,675,481
Industrials		7,188,908			2,402,764			– 0	–		9,591,672
Materials		1,905,877			1,320,158			– 0	–		3,226,035
Utilities		1,139,345			980,032			– 0	–		2,119,377
Warrants		– 0	–		– 0	–		– 0	–^		– 0	–^
Short-Term Investments		– 0	–		1,801,611			– 0	–		1,801,611
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		5,471,465			– 0	–		– 0	–		5,471,465
Total Investments in Securities		78,923,285			43,799,395			– 0	–		122,722,680
Other Financial Instruments(a):
Assets:
Forward Currency Exchange Contracts		– 0	–		223,736			– 0	–		223,736
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(211,529	)		– 0	–		(211,529	)
Total(b)	$	78,923,285		$	43,811,602		$	– 0	–	$	122,734,887

^ Less than $0.50.

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

(b) There were no transfers between any levels during the reporting period.

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

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

	Warrants			Total
Balance as of 12/31/15	$	– 0	–	$	– 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 3/31/16	$	– 0	–^	$	– 0	–^
Net change in unrealized appreciation/depreciation from investments held as of 3/31/16	$	– 0	–^	$	– 0	–^

^ Amount 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases at Cost (000)

Sales Proceeds (000)

Realized Gain  (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Exchange Reserves - Class I

$

6,022

$

11,620

$

12,171

$

– 0

–

$

– 0

–

$

5,471

$

– 0

–

$

– 0

–

AB Variable Products Series Fund

Growth Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.3%
Information Technology - 33.2%
Communications Equipment - 1.5%
Arista Networks, Inc. (a)(b)		7,610	$	480,191
Palo Alto Networks, Inc. (a)		3,370		549,782
				1,029,973
Internet Software & Services - 11.9%
Alphabet, Inc. - Class A (a)		1,159		884,201
Alphabet, Inc. - Class C (a)		3,745		2,789,838
CoStar Group, Inc. (a)		2,130		400,802
Facebook, Inc. - Class A (a)		31,567		3,601,795
Twitter, Inc. (a)		26,870		444,698
				8,121,334
IT Services - 6.6%
Cognizant Technology Solutions Corp. - Class A (a)		15,230		954,921
Vantiv, Inc. - Class A (a)		11,670		628,779
Visa, Inc. - Class A		38,300		2,929,184
				4,512,884
Semiconductors & Semiconductor Equipment - 3.2%
NVIDIA Corp.		37,580		1,338,975
Xilinx, Inc.		17,420		826,231
				2,165,206
Software - 6.2%
Adobe Systems, Inc. (a)		10,830		1,015,854
ANSYS, Inc. (a)		4,026		360,166
Aspen Technology, Inc. (a)		10,360		374,307
HubSpot, Inc. (a)		10,730		468,043
Microsoft Corp.		15,736		869,099
ServiceNow, Inc. (a)		6,707		410,334
Ultimate Software Group, Inc. (The) (a)		3,616		699,696
				4,197,499
Technology Hardware, Storage & Peripherals - 3.8%
Apple, Inc.		23,815		2,595,597
				22,622,493
Consumer Discretionary - 26.6%
Hotels, Restaurants & Leisure - 3.6%
Planet Fitness, Inc. (a)(b)		22,420		364,101
Starbucks Corp.		35,080		2,094,276
				2,458,377
Internet & Catalog Retail - 2.0%
Priceline Group, Inc. (The) (a)		1,067		1,375,320
Media - 6.5%
AMC Networks, Inc. - Class A (a)		15,067		978,451
Comcast Corp. - Class A		31,105		1,899,893
Walt Disney Co. (The)		16,018		1,590,748
				4,469,092

Company	Shares		U.S. $ Value
Multiline Retail - 1.8%
Dollar Tree, Inc. (a)		14,610	$	1,204,741
Specialty Retail - 9.7%
Five Below, Inc. (a)		26,099		1,078,932
Home Depot, Inc. (The)		19,039		2,540,374
L Brands, Inc.		7,170		629,598
O’Reilly Automotive, Inc. (a)		2,006		548,962
Tractor Supply Co.		10,090		912,741
Ulta Salon Cosmetics & Fragrance, Inc. (a)		4,532		878,030
				6,588,637
Textiles, Apparel & Luxury Goods - 3.0%
NIKE, Inc. - Class B		32,952		2,025,559
				18,121,726
Health Care - 18.2%
Biotechnology - 6.8%
Alexion Pharmaceuticals, Inc. (a)		6,920		963,402
Biogen, Inc. (a)		8,994		2,341,318
Gilead Sciences, Inc.		14,090		1,294,308
				4,599,028
Health Care Equipment & Supplies - 5.5%
Align Technology, Inc. (a)		15,053		1,094,203
Edwards Lifesciences Corp. (a)		7,920		698,623
Intuitive Surgical, Inc. (a)		3,240		1,947,402
				3,740,228
Health Care Providers & Services - 4.9%
Premier, Inc. - Class A (a)		27,737		925,306
UnitedHealth Group, Inc.		18,978		2,446,264
				3,371,570
Life Sciences Tools & Services - 0.6%
Illumina, Inc. (a)		2,660		431,213
Pharmaceuticals - 0.4%
Intersect ENT, Inc. (a)		13,270		252,130
				12,394,169
Consumer Staples - 10.3%
Beverages - 1.9%
Monster Beverage Corp. (a)		9,693		1,292,852
Food & Staples Retailing - 5.7%
Costco Wholesale Corp.		9,035		1,423,735
CVS Health Corp.		23,520		2,439,730
				3,863,465

Company	Shares		U.S. $ Value
Food Products - 0.9%
WhiteWave Foods Co. (The) (a)		14,930	$	606,755
Personal Products - 1.8%
Estee Lauder Cos., Inc. (The) - Class A		13,067		1,232,349
				6,995,421
Industrials - 7.2%
Aerospace & Defense - 1.4%
Hexcel Corp.		5,940		259,638
Rockwell Collins, Inc.		7,200		663,912
				923,550
Airlines - 1.5%
Spirit Airlines, Inc. (a)		21,080		1,011,419
Electrical Equipment - 1.2%
Acuity Brands, Inc.		3,860		842,020
Industrial Conglomerates - 2.0%
Danaher Corp.		14,326		1,358,964
Professional Services - 1.1%
Robert Half International, Inc.		16,530		769,967
				4,905,920
Financials - 0.8%
Capital Markets - 0.8%
Virtu Financial, Inc. - Class A		23,903		528,496
Total Common Stocks (cost $48,764,536)				65,568,225
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.8%
Time Deposit - 3.8%
State Street Bank & Trust Co. 0.01%, 4/01/16 (cost $2,539,623)	$	2,540		2,539,623
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $51,304,159)				68,107,848

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.0%
Investment Companies - 1.0%
AB Exchange Reserves - Class I, 0.40% (c)(d) (cost $707,763)		707,763	$	707,763
Total Investments - 101.1% (cost $52,011,922) (e)			$	68,815,611
Other assets less liabilities - (1.1)%				(735,396	)
Net Assets - 100.0%			$	68,080,215

(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 AB at (800) 227-4618.

(e) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,883,638 and gross unrealized depreciation of investments was $(1,079,949), resulting in net unrealized appreciation of $16,803,689.

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, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

65,568,225

$

– 0

–

$

– 0

–

$

65,568,225

Short-Term Investments

– 0

–

2,539,623

– 0

–

2,539,623

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

707,763

– 0

–

– 0

–

707,763

Total Investments in Securities

66,275,988

2,539,623

– 0

–

68,815,611

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

66,275,988

$

2,539,623

$

– 0

–

$

68,815,611

(a) See Portfolio of Investments for sector classifications.

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

(c) There were no transfers between any levels during the reporting period.

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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

													Distributions
Affiliated Issuer	Market  Value 12/31/15 (000)		Purchases  at Cost (000)		Sales Proceeds (000)		Realized Gain  (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market  Value 03/31/16 (000)		Income (000)		Realized Gains (000)
AB Exchange Reserves	$	1,065	$	3,168	$	3,525	$	0	$	0	$	708	$	0	$	0

AB Variable Products Series Fund

Growth and Income Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.1%
Financials - 24.5%
Banks - 8.4%
JPMorgan Chase & Co.		589,280	$	34,897,161
Wells Fargo & Co.		627,560		30,348,802
				65,245,963
Capital Markets - 2.7%
Goldman Sachs Group, Inc. (The)		78,310		12,293,104
Virtu Financial, Inc. - Class A		390,048		8,623,961
				20,917,065
Consumer Finance - 2.6%
Capital One Financial Corp.		297,550		20,623,191
Diversified Financial Services - 2.0%
Berkshire Hathaway, Inc. - Class B (a)		111,202		15,777,340
Insurance - 8.8%
Allstate Corp. (The)		343,520		23,142,942
Chubb Ltd.		264,250		31,485,387
Hartford Financial Services Group, Inc. (The)		156,770		7,223,962
Validus Holdings Ltd.		143,599		6,776,437
				68,628,728
				191,192,287
Health Care - 17.5%
Biotechnology - 5.1%
Biogen, Inc. (a)		77,260		20,112,323
Gilead Sciences, Inc.		217,650		19,993,329
				40,105,652
Health Care Equipment & Supplies - 1.4%
Medtronic PLC		59,765		4,482,375
Stryker Corp.		58,970		6,326,891
				10,809,266
Health Care Providers & Services - 6.6%
Aetna, Inc.		108,470		12,186,605
Cigna Corp.		105,710		14,507,640
Express Scripts Holding Co. (a)		54,140		3,718,877
UnitedHealth Group, Inc.		160,550		20,694,895
				51,108,017
Pharmaceuticals - 4.4%
Pfizer, Inc.		1,007,590		29,864,968
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		82,095		4,392,903
				34,257,871
				136,280,806
Information Technology - 15.9%
Communications Equipment - 2.7%
Cisco Systems, Inc.		729,470		20,768,011

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components - 0.4%
Flextronics International Ltd. (a)		278,545	$	3,359,253
Semiconductors & Semiconductor Equipment - 6.2%
Intel Corp.		661,792		21,408,971
NVIDIA Corp.		437,204		15,577,578
Xilinx, Inc.		243,660		11,556,794
				48,543,343
Software - 4.5%
Activision Blizzard, Inc.		345,251		11,683,294
Check Point Software Technologies Ltd. (a)(b)		67,311		5,887,693
Microsoft Corp.		314,770		17,384,747
				34,955,734
Technology Hardware, Storage & Peripherals - 2.1%
Apple, Inc.		147,435		16,068,941
				123,695,282
Consumer Discretionary - 11.7%
Hotels, Restaurants & Leisure - 0.9%
Wyndham Worldwide Corp.		91,330		6,980,352
Internet & Catalog Retail - 2.5%
Liberty Interactive Corp. QVC Group - Class A (a)		772,288		19,500,272
Media - 6.5%
Comcast Corp. - Class A		305,480		18,658,718
Interpublic Group of Cos., Inc. (The)		760,780		17,459,901
Time Warner, Inc.		203,360		14,753,768
				50,872,387
Specialty Retail - 1.2%
Best Buy Co., Inc.		290,950		9,438,418
Textiles, Apparel & Luxury Goods - 0.6%
Ralph Lauren Corp.		47,900		4,610,854
				91,402,283
Industrials - 10.5%
Aerospace & Defense - 4.9%
Boeing Co. (The)		40,410		5,129,645
General Dynamics Corp.		110,890		14,567,619
Honeywell International, Inc.		45,710		5,121,806
Raytheon Co.		111,120		13,626,646
				38,445,716
Airlines - 1.2%
Delta Air Lines, Inc.		189,420		9,220,966
Construction & Engineering - 2.1%
Chicago Bridge & Iron Co. NV		121,075		4,430,134
Fluor Corp.		110,150		5,915,055
Jacobs Engineering Group, Inc. (a)		144,850		6,308,218
				16,653,407

Company	Shares		U.S. $ Value
Electrical Equipment - 0.6%
EnerSys		78,410	$	4,369,005
Industrial Conglomerates - 0.3%
Carlisle Cos., Inc.		21,016		2,091,092
Machinery - 1.4%
Dover Corp.		80,210		5,159,909
Parker-Hannifin Corp.		27,899		3,099,021
Xylem, Inc./NY		72,730		2,974,657
				11,233,587
				82,013,773
Energy - 6.9%
Energy Equipment & Services - 3.4%
Cameron International Corp. (a)		112,530		7,545,137
Dril-Quip, Inc. (a)		99,090		6,000,890
FMC Technologies, Inc. (a)		108,920		2,980,051
Oil States International, Inc. (a)		162,880		5,133,978
Schlumberger Ltd.		60,940		4,494,325
				26,154,381
Oil, Gas & Consumable Fuels - 3.5%
Exxon Mobil Corp.		166,340		13,904,360
Valero Energy Corp.		212,750		13,645,785
				27,550,145
				53,704,526
Consumer Staples - 3.8%
Beverages - 0.7%
PepsiCo, Inc.		50,450		5,170,116
Food & Staples Retailing - 3.1%
CVS Health Corp.		195,831		20,313,550
Wal-Mart Stores, Inc.		62,807		4,301,651
				24,615,201
				29,785,317
Telecommunication Services - 2.0%
Diversified Telecommunication Services - 2.0%
Verizon Communications, Inc.		289,175		15,638,584
Materials - 0.3%
Chemicals - 0.3%
Mosaic Co. (The)		98,430		2,657,610
Total Common Stocks (cost $607,444,956)				726,370,468

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 7.7%
Time Deposit - 7.7%
State Street Time Deposit 0.01%, 4/01/16 (cost $60,390,507)	$	60,391	$	60,390,507
Total Investments Before Security Lending Collateral for Securities Loaned - 100.8% (cost $667,835,463)				786,760,975
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.6%
Investment Companies - 0.6%
AB Exchange Reserves - Class I, 0.40% (c)(d) (cost $5,050,724)		5,050,724		5,050,724
Total Investments - 101.4% (cost $672,886,187) (e)				791,811,699
Other assets less liabilities - (1.4)%				(11,272,692	)
Net Assets - 100.0%			$	780,539,007

(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 AB at (800) 227-4618.

(e) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $131,234,742 and gross unrealized depreciation of investments was $(12,309,230), resulting in net unrealized appreciation of $118,925,512.

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund

AB Growth and Income Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

726,370,468

$

– 0

–

$

– 0

–

$

726,370,468

Short-Term Investments

– 0

–

60,390,507

– 0

–

60,390,507

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

5,050,724

– 0

–

– 0

–

5,050,724

Total Investments in Securities

731,421,192

60,390,507

– 0

–

791,811,699

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

731,421,192

$

60,390,507

$

– 0

–

$

791,811,699

(a) See Portfolio of Investments for sector classifications.

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

(c) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Fund’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

													Distributions
Affiliated Issuer	Market  Value 12/31/15 (000)		Purchases  at Cost (000)		Sales Proceeds (000)		Realized Gain  (Loss) (000)		Change  in Unrealized Appr./(Depr.) (000)		Market  Value 03/31/16 (000)		Income (000)		Realized Gains (000)
AB Exchange Reserves	$	5,671	$	13,568	$	14,188	$	0	$	0	$	5,051	$	0	$	0

AB Variable Products Series Fund

Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 26.5%
Industrial - 18.6%
Basic - 1.3%
Barrick Gold Corp.
4.10%, 5/01/23	U.S.$	15	$	14,608
Dow Chemical Co. (The)
8.55%, 5/15/19		86		102,298
Eastman Chemical Co.
3.80%, 3/15/25		65		66,648
Glencore Funding LLC
4.125%, 5/30/23 (a)		58		47,415
International Paper Co.
4.75%, 2/15/22		45		49,379
LyondellBasell Industries NV
5.75%, 4/15/24		200		231,375
Mosaic Co. (The)
5.625%, 11/15/43		53		55,352
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		237,900
Vale Overseas Ltd.
6.875%, 11/21/36		40		31,588
				836,563
Capital Goods - 0.2%
General Electric Co. Series D
5.00%, 1/21/21 (b)		40		41,200
Owens Corning
6.50%, 12/01/16 (c)		10		10,215
Yamana Gold, Inc.
4.95%, 7/15/24		81		68,445
				119,860
Communications - Media - 3.1%
21st Century Fox America, Inc.
4.00%, 10/01/23		64		68,939
4.50%, 2/15/21		300		330,729
CBS Corp.
3.50%, 1/15/25		190		192,546
CCO Safari II LLC
4.908%, 7/23/25 (a)		135		142,400
Cox Communications, Inc.
2.95%, 6/30/23 (a)		51		47,339
Discovery Communications LLC
3.45%, 3/15/25		105		99,118
McGraw Hill Financial, Inc.
4.40%, 2/15/26		127		138,797
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (a)(b)		128		131,840
TCI Communications, Inc.
7.875%, 2/15/26		115		157,544
Time Warner Cable, Inc.
4.125%, 2/15/21		200		211,318
Time Warner, Inc.
3.55%, 6/01/24		114		117,262
7.625%, 4/15/31		69		88,075

	Principal Amount (000)		U.S. $ Value
Viacom, Inc.
3.875%, 4/01/24	U.S$	178	$	177,289
5.625%, 9/15/19		60		65,806
				1,969,002
Communications - Telecommunications - 2.4%
American Tower Corp.
5.05%, 9/01/20		260		282,374
AT&T, Inc.
3.40%, 5/15/25		270		270,633
3.80%, 3/15/22		57		60,066
4.45%, 4/01/24		206		222,974
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		22,603
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	120		136,326
Verizon Communications, Inc.
3.50%, 11/01/24		258		270,696
3.85%, 11/01/42		89		80,822
6.55%, 9/15/43		165		217,342
				1,563,836
Consumer Cyclical - Automotive - 1.2%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		455		521,494
General Motors Co.
3.50%, 10/02/18		80		81,891
General Motors Financial Co., Inc.
3.10%, 1/15/19		110		111,315
3.25%, 5/15/18		9		9,150
4.00%, 1/15/25		23		22,338
4.30%, 7/13/25		30		29,694
				775,882
Consumer Cyclical - Retailers - 0.8%
CVS Health Corp.
3.875%, 7/20/25		140		151,077
Kohl’s Corp.
4.25%, 7/17/25		184		181,791
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		195		200,656
				533,524
Consumer Non-Cyclical - 4.4%
AbbVie, Inc.
3.60%, 5/14/25		97		101,823
Actavis Funding SCS
3.80%, 3/15/25		165		171,723
3.85%, 6/15/24		54		56,599
Altria Group, Inc.
2.625%, 1/14/20		195		201,556
AstraZeneca PLC
6.45%, 9/15/37		50		66,470
Baxalta, Inc.
5.25%, 6/23/45 (a)		75		79,709

	Principal Amount (000)		U.S. $ Value
Bayer US Finance LLC
3.375%, 10/08/24 (a)	U.S.$	200	$	210,851
Becton Dickinson and Co.
3.734%, 12/15/24		85		90,491
Biogen, Inc.
4.05%, 9/15/25		144		153,890
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		2		2,323
Celgene Corp.
3.875%, 8/15/25		155		162,895
Gilead Sciences, Inc.
3.65%, 3/01/26		138		146,643
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (a)		201		201,961
Kraft Heinz Foods Co.
2.80%, 7/02/20 (a)		70		71,900
3.50%, 7/15/22 (a)		94		98,652
Laboratory Corp. of America Holdings
3.60%, 2/01/25		60		60,739
Medtronic, Inc.
3.50%, 3/15/25		195		208,131
Newell Rubbermaid, Inc.
3.15%, 4/01/21		165		169,491
3.85%, 4/01/23		49		50,818
Perrigo Finance Unlimited Co.
3.50%, 12/15/21		200		203,862
Reynolds American, Inc.
5.85%, 8/15/45		44		53,731
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		78		82,225
Tyson Foods, Inc.
2.65%, 8/15/19		39		39,997
3.95%, 8/15/24		123		131,125
				2,817,605
Energy - 3.4%
Encana Corp.
3.90%, 11/15/21		45		39,431
Energy Transfer Partners LP
7.50%, 7/01/38		149		144,116
EnLink Midstream Partners LP
5.05%, 4/01/45		125		84,096
Enterprise Products Operating LLC
3.70%, 2/15/26		161		157,914
5.20%, 9/01/20		55		60,049
Halliburton Co.
5.00%, 11/15/45		170		166,148
Husky Energy, Inc.
7.25%, 12/15/19		23		25,422
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		321		308,148
4.15%, 3/01/22		89		86,293
Noble Energy, Inc.
3.90%, 11/15/24		107		100,717
8.25%, 3/01/19		238		261,922

	Principal Amount (000)		U.S. $ Value
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24	U.S.$	137	$	118,143
Schlumberger Holdings Corp.
3.625%, 12/21/22 (a)		165		169,719
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		159,213
Valero Energy Corp.
6.125%, 2/01/20		177		194,346
Williams Partners LP
4.125%, 11/15/20		97		88,100
				2,163,777
Other Industrial - 0.3%
Hutchison Whampoa International 14 Ltd.
1.625%, 10/31/17 (a)		200		199,920
Services - 0.1%
eBay, Inc.
3.80%, 3/09/22		45		46,326
Technology - 1.4%
Hewlett Packard Enterprise Co.
4.90%, 10/15/25 (a)		170		174,958
HP, Inc.
4.65%, 12/09/21		107		113,243
KLA-Tencor Corp.
4.65%, 11/01/24		134		135,068
Motorola Solutions, Inc.
3.50%, 3/01/23		82		75,324
7.50%, 5/15/25		23		25,877
Seagate HDD Cayman
4.75%, 1/01/25		75		58,579
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		205		212,341
Total System Services, Inc.
2.375%, 6/01/18		74		73,904
3.75%, 6/01/23		69		67,560
				936,854
				11,963,149
Financial Institutions - 6.5%
Banking - 4.4%
Compass Bank
5.50%, 4/01/20		250		265,941
Cooperatieve Rabobank UA
4.375%, 8/04/25		250		257,400
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 3/26/25		270		257,932
Goldman Sachs Group, Inc. (The)
3.75%, 5/22/25		53		54,227
3.85%, 7/08/24		210		216,985
Series D
6.00%, 6/15/20		395		450,336
Morgan Stanley
5.625%, 9/23/19		143		159,126

	Principal Amount (000)		U.S. $ Value
Murray Street Investment Trust I
4.64%, 3/09/17	U.S.$	27	$	27,759
Nationwide Building Society
6.25%, 2/25/20 (a)		230		262,406
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (a)(b)		90		89,438
Santander Issuances SAU
5.179%, 11/19/25		200		193,270
Standard Chartered PLC
6.409%, 1/30/17 (a)(b)		100		95,458
UBS AG/Stamford CT
7.625%, 8/17/22		250		286,332
UBS Group Funding Jersey Ltd.
4.125%, 9/24/25 (a)		200		200,319
				2,816,929
Finance - 0.3%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)		155		175,834
Insurance - 1.2%
American International Group, Inc.
4.875%, 6/01/22		75		82,473
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		200		221,943
Lincoln National Corp.
8.75%, 7/01/19		113		135,038
MetLife, Inc.
10.75%, 8/01/39		85		129,200
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		55		81,085
Prudential Financial, Inc.
5.625%, 6/15/43		149		151,757
				801,496
REITS - 0.6%
Host Hotels & Resorts LP Series D
3.75%, 10/15/23		6		5,854
Trust F/1401
5.25%, 12/15/24 (a)		200		203,500
Welltower, Inc.
5.25%, 1/15/22		183		199,829
				409,183
				4,203,442
Utility - 1.4%
Electric - 0.9%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		170		210,465
CMS Energy Corp.
5.05%, 3/15/22		37		41,394
Constellation Energy Group, Inc.
5.15%, 12/01/20		64		70,908

	Principal Amount (000)		U.S. $ Value
Entergy Corp.
4.00%, 7/15/22	U.S.$	125	$	132,553
Exelon Corp.
5.10%, 6/15/45 (a)		45		48,832
Exelon Generation Co. LLC
4.25%, 6/15/22		78		81,785
				585,937
Natural Gas - 0.5%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (a)		305		325,218
				911,155
Total Corporates - Investment Grade (cost $16,523,000)				17,077,746
MORTGAGE PASS-THROUGHS - 19.1%
Agency Fixed Rate 15-Year - 2.6%
Federal National Mortgage Association
2.50%, 4/01/31, TBA		1,038		1,065,572
3.50%, 1/12/30		563		596,091
				1,661,663
Agency Fixed Rate 30-Year - 16.5%
Federal Home Loan Mortgage Corp. Gold
4.00%, 1/01/45		688		747,731
Series 2007
5.50%, 7/01/35		36		40,987
Series 2005
5.50%, 1/01/35		134		151,107
Federal National Mortgage Association
Series 2004
5.50%, 4/01/34-11/01/34		110		124,016
Series 2005
5.50%, 2/01/35		134		150,875
4.50%, 4/25/46, TBA		1,533		1,668,335
3.50%, 5/01/42-9/01/45		2,956		3,138,047
4.00%, 10/01/44-1/01/46		2,060		2,225,284
Series AS6516
4.00%, 1/01/46		663		710,282
Series 2003
5.50%, 4/01/33-7/01/33		123		137,830
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		1		1,557
3.00%, 7/20/45		366		379,532
3.50%, 4/01/46, TBA		1,064		1,124,847
				10,600,430
Total Mortgage Pass-Throughs (cost $12,096,435)				12,262,093

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES - 15.3%
Autos - Fixed Rate - 8.5%
Ally Auto Receivables Trust
Series 2015-2, Class A3
1.49%, 11/15/19	U.S.$	174	$	174,548
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		259		258,594
AmeriCredit Automobile Receivables Trust
Series 2013-3, Class A3
0.92%, 4/09/18		51		51,108
Series 2013-4, Class A3
0.96%, 4/09/18		26		25,571
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (a)		33		33,088
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		288		292,543
Series 2016-1A, Class A
2.99%, 6/20/22 (a)		100		99,994
Bank of The West Auto Trust
Series 2015-1, Class A3
1.31%, 10/15/19 (a)		259		258,389
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		122		122,086
Series 2015-2, Class A3
1.31%, 8/15/19		118		118,125
Capital Auto Receivables Asset Trust
Series 2014-1, Class B
2.22%, 1/22/19		60		60,042
Chrysler Capital Auto Receivables Trust
Series 2015-BA, Class A3
1.91%, 3/16/20 (a)		168		168,850
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (a)		86		85,478
Series 2014-B, Class A
1.11%, 11/15/18 (a)		34		33,644
Drive Auto Receivables Trust
Series 2015-BA, Class A2A
0.93%, 12/15/17 (a)		24		24,247
Series 2015-CA, Class A2A
1.03%, 2/15/18 (a)		23		22,997
Series 2015-DA, Class A2A
1.23%, 6/15/18 (a)		60		60,403
Series 2016-AA, Class A2A
1.50%, 3/15/18 (a)		77		77,013
Enterprise Fleet Financing LLC
Series 2014-2, Class A2
1.05%, 3/20/20 (a)		126		125,889
Series 2015-1, Class A2
1.30%, 9/20/20 (a)		229		227,750

	Principal Amount (000)		U.S. $ Value
Exeter Automobile Receivables Trust
Series 2014-1A, Class A
1.29%, 5/15/18 (a)	U.S.$	4	$	4,316
Series 2014-2A, Class A
1.06%, 8/15/18 (a)		11		11,008
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		165		165,243
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (a)		3		2,757
Ford Credit Auto Lease Trust
Series 2014-B, Class A3
0.89%, 9/15/17		133		133,413
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		100		99,693
Series 2014-2, Class A
2.31%, 4/15/26 (a)		257		260,400
Ford Credit Floorplan Master Owner Trust A
Series 2015-2, Class A1
1.98%, 1/15/22		198		198,376
Series 2016-1, Class A1
1.76%, 2/15/21		131		130,729
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2
1.10%, 12/20/17		181		180,717
Series 2015-2, Class A3
1.68%, 12/20/18		232		232,432
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (a)		128		128,194
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		137		136,952
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		485		476,840
Hyundai Auto Lease Securitization Trust
Series 2015-A, Class A2
1.00%, 10/16/17 (a)		126		126,056
Series 2015-B, Class A3
1.40%, 11/15/18 (a)		126		126,211
Mercedes Benz Auto Lease Trust
Series 2015-B, Class A3
1.34%, 7/16/18		128		128,137
Nissan Auto Lease Trust
Series 2015-A, Class A3
1.40%, 6/15/18		202		202,341
Santander Drive Auto Receivables Trust
Series 2014-2, Class A3
0.80%, 4/16/18		27		27,120
Series 2015-3, Class A2A
1.02%, 9/17/18		74		74,168
Series 2015-4,Class A2A
1.20%, 12/17/18		91		90,811

	Principal Amount (000)		U.S. $ Value
TCF Auto Receivables Owner Trust
Series 2015-1A, Class A2
1.02%, 8/15/18 (a)	U.S.$	107	$	106,480
Westlake Automobile Receivables Trust
Series 2015-3A, Class A2A
1.42%, 5/17/21 (a)		110		109,999
				5,472,752
Credit Cards - Fixed Rate - 2.7%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		161		161,377
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		320		327,356
Series 2015-2, Class A
1.56%, 3/15/21		183		183,974
Credit Card Master Note Trust
Series 2016-1, Class A
2.04%, 3/15/22		130		131,030
Discover Card Execution Note Trust
Series 2015-A2, Class A
1.90%, 10/17/22		242		243,779
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		232		234,765
Series 2015-3, Class A
1.74%, 9/15/21		173		173,005
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		190		190,807
Series 2015-B,Class A
2.55%, 6/17/24		113		114,967
				1,761,060
Autos - Floating Rate - 1.7%
BMW Floorplan Master Owner Trust
Series 2015-1A, Class A
0.936% (LIBOR 1 Month + 0.50%), 7/15/20 (a)(d)		214		213,597
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.812% (LIBOR 1 Month + 0.38%), 7/20/19 (d)		120		119,483
Series 2015-1, Class A
0.932% (LIBOR 1 Month + 0.50%), 1/20/20 (d)		227		224,819
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.992% (LIBOR 1 Month + 0.55%), 12/10/27 (a)(d)		65		64,563

	Principal Amount (000)		U.S. $ Value
Navistar Financial Dealer Note Master Trust
Series 2014-1, Class A
1.183% (LIBOR 1 Month + 0.75%), 10/25/19 (a)(d)	U.S.$	197	$	196,176
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
1.932% (LIBOR 1 Month + 1.50%), 10/20/20 (a)(d)		197		197,000
Volkswagen Credit Auto Master Trust
Series 2014-1A, Class A1
0.782% (LIBOR 1 Month + 0.35%), 7/22/19 (a)(d)		70		68,995
				1,084,633
Other ABS - Fixed Rate - 1.2%
Ascentium Equipment Receivables LLC
Series 2015-2A, Class A1
1.00%, 11/10/16 (a)		104		103,966
CIT Equipment Collateral
Series 2014-VT1, Class A2
0.86%, 5/22/17 (a)		92		91,765
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		101		101,037
Series 2015-A, Class A4
1.85%, 4/15/21		134		134,365
Dell Equipment Finance Trust
Series 2015-1, Class A3
1.30%, 3/23/20 (a)		119		118,590
Series 2015-2, Class A2A
1.42%, 12/22/17 (a)		103		102,850
SBA Tower Trust 3.156%, 10/15/20 (a)		147		147,056
				799,629
Credit Cards - Floating Rate - 1.0%
Cabela’s Credit Card Master Note Trust
Series 2014-1, Class A
0.786% (LIBOR 1 Month + 0.35%), 3/16/20 (d)		205		204,731
Discover Card Execution Note Trust
Series 2015-A1, Class A1
0.886% (LIBOR 1 Month + 0.35%), 8/17/20 (d)		263		262,870
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
0.916% (LIBOR 1 Month + 0.48%), 2/15/22 (d)		150		149,636
				617,237

	Principal Amount (000)		U.S. $ Value
Home Equity Loans - Fixed Rate - 0.1%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33	U.S.$	75	$	75,361
Home Equity Loans - Floating Rate - 0.1%
Asset Backed Funding Certificates Trust
Series 2003-WF1, Class A2
1.558% (LIBOR 1 Month + 1.13%), 12/25/32 (d)		37		35,324
Total Asset-Backed Securities (cost $9,836,791)				9,845,996
COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.3%
Non-Agency Fixed Rate CMBS - 9.4%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		335		346,953
Series 2007-5, Class AM
5.772%, 2/10/51		78		80,037
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class AJ
5.611%, 9/11/41		108		107,613
BHMS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		200		204,072
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		260		270,661
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
6.085%, 3/15/49		15		14,805
Series 2015-GC27, Class A5
3.137%, 2/10/48		144		146,357
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.762%, 5/15/46		161		166,421
Commercial Mortgage Trust
Series 2006-C8, Class A1A
5.292%, 12/10/46		236		239,071
Series 2006-C8, Class A4
5.306%, 12/10/46		144		145,970
Series 2007-GG9, Class A4
5.444%, 3/10/39		427		435,341
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		97		95,708
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.699%, 6/15/39		95		96,278
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4
3.718%, 8/15/48		189		201,726

	Principal Amount (000)		U.S. $ Value
DBUBS Mortgage Trust
Series 2011-LC1A, Class E
5.699%, 11/10/46 (a)	U.S.$	100	$	103,857
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (a)		180		180,161
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		254		259,249
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.794%, 8/10/45		114		117,199
Series 2013-G1, Class A2
3.557%, 4/10/31(a)		136		139,980
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AM
5.372%, 5/15/47		76		75,912
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		114		116,724
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		9		9,112
Series 2011-C5, Class D
5.323%, 8/15/46 (a)		100		104,384
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class A3
3.801%, 8/15/48		206		222,162
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39		52		50,737
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		146		146,392
ML-CFC Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		248		251,741
Series 2007-9, Class A4
5.70%, 9/12/49		1,061		1,099,729
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		60		61,781
Series 2012-C4, Class A5
2.85%, 12/10/45		112		114,659
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class A1A
6.009%, 6/15/45		50		50,173
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		233		245,111
Series 2014-C20, Class A2
3.036%, 5/15/47		125		129,824
				6,029,900

	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate CMBS - 0.9%
Commercial Mortgage Trust
Series 2014-KYO, Class A
1.338% (LIBOR 1 Month + 0.90%), 6/11/27 (a)(d)	U.S.$	102	$	100,441
Series 2014-SAVA, Class A
1.587% (LIBOR 1 Month + 1.15%), 6/15/34 (a)(d)		54		53,684
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.356% (LIBOR 1 Month + 0.92%), 6/15/29 (a)(d)		201		196,205
PFP III Ltd.
Series 2014-1, Class A
1.606% (LIBOR 1 Month + 1.17%), 6/14/31 (a)(d)		4		3,665
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.491% (LIBOR 1 Month + 1.05%), 4/15/32 (a)(d)		72		70,214
Starwood Retail Property Trust
Series 2014-STAR, Class A
1.656% (LIBOR 1 Month + 1.22%), 11/15/27 (a)(d)		196		191,577
				615,786
Total Commercial Mortgage-Backed Securities (cost $6,723,235)				6,645,686
GOVERNMENTS - TREASURIES - 7.9%
Canada - 1.1%
Canadian Government Bond 2.25%, 6/01/25	CAD	870		728,891
United Kingdom - 0.8%
United Kingdom Gilt 3.75%, 9/07/21 (a)	GBP	320		529,903
United States - 6.0%
U.S. Treasury Bonds
2.875%, 8/15/45	U.S.$	230		241,931
3.00%, 11/15/45		65		69,740
3.625%, 8/15/43-2/15/44		845		1,026,246
6.25%, 5/15/30		386		588,206
U.S. Treasury Notes
1.50%, 8/31/18		115		116,945
1.625%, 2/15/26		285		280,859
2.25%, 11/15/24-11/15/25		1,246		1,296,975
2.50%, 8/15/23		215		229,118
				3,850,020
Total Governments - Treasuries (cost $4,918,792)				5,108,814

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4%
Risk Share Floating Rate – 4.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M2
2.833% (LIBOR 1 Month + 2.40%), 8/25/24 (d)	U.S.$	291	$	293,317
Series 2014-DN4, Class M3
4.983% (LIBOR 1 Month + 4.55%), 10/25/24 (d)		250		248,364
Series 2014-HQ3, Class M2
3.083% (LIBOR 1 Month + 2.65%), 10/25/24 (d)		250		251,945
Series 2015-DNA1, Class M3
3.733% (LIBOR 1 Month + 3.30%), 10/25/27 (d)		250		235,800
Series 2015-HQA1, Class M2
3.083% (LIBOR 1 Month + 2.65%), 3/25/28 (d)		250		249,362
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
1.633% (LIBOR 1 Month + 1.20%), 7/25/24 (d)		44		44,035
Series 2014-C04, Class 1M2
5.333% (LIBOR 1 Month + 4.90%), 11/25/24 (d)		169		169,837
Series 2014-C04, Class 2M2
5.433% (LIBOR 1 Month + 5.00%), 11/25/24 (d)		65		66,197
Series 2015-C01, Class 1M2
4.733% (LIBOR 1 Month + 4.30%), 2/25/25 (d)		95		94,279
Series 2015-C01, Class 2M2
4.983% (LIBOR 1 Month + 4.55%), 2/25/25 (d)		71		72,124
Series 2015-C02, Class 2M2
4.433% (LIBOR 1 Month + 4.00%), 5/25/25 (d)		130		126,482
Series 2015-C03, Class 1M1
1.933% (LIBOR 1 Month + 1.50%), 7/25/25 (d)		68		68,089
Series 2015-C03, Class 1M2
5.433% (LIBOR 1 Month + 5.00%), 7/25/25 (d)		130		130,000
Series 2015-C03, Class 2M2
5.433% (LIBOR 1 Month + 5.00%), 7/25/25 (d)		105		105,586
Series 2015-C04, Class 2M2
5.983% (LIBOR 1 Month + 5.55%), 4/25/28 (d)		138		137,104
Series 2016-C01, Class 1M2
7.183% (LIBOR 1 Month + 6.75%), 8/25/28 (d)		85		90,539

	Principal Amount (000)		U.S. $ Value
Series 2016-C01, Class 2M2
7.383% (LIBOR 1 Month + 6.95%), 8/25/28 (d)	U.S.$	42	$	44,885
Series 2016-C02, Class 1M2
6.435% (LIBOR 1 Month + 6.00%), 9/25/28 (d)		130		132,639
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
5.683% (LIBOR 1 Month + 5.25%), 11/25/25 (d)(e)		48		47,377
Series 2015-WF1, Class 2M2
5.933% (LIBOR 1 Month + 5.50%), 11/25/25 (d)(e)		21		20,115
				2,628,076
Non-Agency Fixed Rate - 1.7%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		29		26,855
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		64		57,357
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		37		35,444
Series 2006-24CB, Class A16
5.75%, 6/25/36		105		88,025
Series 2006-28CB, Class A14
6.25%, 10/25/36		71		59,325
Series 2006-9T1, Class A1
5.75%, 5/25/36		44		36,137
Series 2006-J1, Class 1A13
5.50%, 2/25/36		64		56,941
Series 2007-2CB, Class 2A4
5.75%, 3/25/37		57		49,396
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		33		27,228
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.717%, 5/25/35		80		74,682
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		55		50,073
Series 2006-13, Class 1A18
6.25%, 9/25/36		81		72,114
Series 2006-13, Class 1A19
6.25%, 9/25/36		29		26,004
Series 2007-HYB2, Class 3A1
2.855%, 2/25/47		132		116,853
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		100		79,607
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
2.755%, 7/25/36		202		166,957

	Principal Amount (000)		U.S. $ Value
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37	U.S.$	48	$	41,234
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		38		36,938
				1,101,170
Non-Agency Floating Rate - 0.5%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.623% (LIBOR 1 Month + 0.19%), 12/25/36 (d)		188		113,154
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.683% (LIBOR 1 Month + 0.25%), 3/25/35 (d)		82		69,481
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-SGP, Class A
2.136% (LIBOR 1 Month + 1.70%), 7/15/36 (a)(d)		138		136,931
				319,566
Agency Fixed Rate - 0.1%
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
0.999%, 5/28/35		50		42,000
Total Collateralized Mortgage Obligations (cost $4,209,815)				4,090,812
CORPORATES - NON-INVESTMENT GRADE - 5.2%
Industrial – 2.9%
Basic – 0.3%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B
7.375%, 5/01/21 (a)		150		159,000
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc.
6.50%, 11/15/20		31		24,800
Novelis, Inc.
8.375%, 12/15/17		18		18,306
				202,106
Capital Goods – 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.75%, 10/15/20		65		66,706

	Principal Amount (000)		U.S. $ Value
Communications - Media - 0.7%
Arqiva Broadcast Finance PLC
9.50%, 3/31/20 (a)	GBP	100	$	154,032
CSC Holdings LLC
8.625%, 2/15/19	U.S.$	29		31,900
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		205,000
				468,182
Communications - Telecommunications - 0.6%
Numericable-SFR SA
5.375%, 5/15/22 (a)	EUR	120		138,938
Sprint Capital Corp.
6.90%, 5/01/19	U.S.$	210		182,175
Windstream Services LLC
6.375%, 8/01/23		80		58,600
				379,713
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19		63		62,764
Consumer Cyclical - Retailers - 0.1%
CST Brands, Inc.
5.00%, 5/01/23		75		75,938
Consumer Non-Cyclical - 0.4%
First Quality Finance Co., Inc.
4.625%, 5/15/21 (a)		85		82,025
Voyage Care Bondco PLC
6.50%, 8/01/18 (a)	GBP	100		140,752
				222,777
Energy - 0.5%
Cenovus Energy, Inc.
3.00%, 8/15/22	U.S.$	12		10,669
5.70%, 10/15/19		36		36,127
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		68		44,770
ONEOK, Inc.
4.25%, 2/01/22		203		168,490
SM Energy Co.
6.50%, 1/01/23		9		6,345
Transocean, Inc.
6.50%, 11/15/20		75		52,500
				318,901
Technology - 0.1%
Advanced Micro Devices, Inc.
6.75%, 3/01/19		59		47,200
				1,844,287

	Principal Amount (000)		U.S. $ Value
Financial Institutions - 1.9%
Banking - 1.5%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (b)	U.S.$	49	$	50,578
Barclays Bank PLC
6.86%, 6/15/32 (a)(b)		29		33,350
7.75%, 4/10/23		200		210,000
HBOS Capital Funding LP
4.939%, 5/23/16 (b)	EUR	82		93,308
Intesa Sanpaolo SpA
5.017%, 6/26/24 (a)	U.S.$	202		189,161
Lloyds Banking Group PLC
7.50%, 6/27/24 (b)		200		197,980
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (a)		12		12,691
UniCredit Luxembourg Finance SA
6.00%, 10/31/17 (a)		190		196,038
				983,106
Finance - 0.4%
AerCap Aviation Solutions BV
6.375%, 5/30/17		200		206,250
International Lease Finance Corp.
5.875%, 4/01/19		55		58,094
				264,344
				1,247,450
Utility - 0.3%
Electric - 0.3%
AES Corp./VA
7.375%, 7/01/21		70		78,400
NRG Energy, Inc.
7.875%, 5/15/21		70		69,737
Series WI
6.25%, 5/01/24		54		49,545
				197,682
Non Corporate Sectors - 0.1%
Agencies - Not Government Guaranteed - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		74		72,335
Total Corporates - Non-Investment Grade (cost $3,616,519)				3,361,754
INFLATION-LINKED SECURITIES - 5.0%
United States - 5.0%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)		2,447		2,499,482
0.375%, 7/15/25 (TIPS)		705		720,688
Total Inflation-Linked Securities (cost $3,182,652)				3,220,170

	Principal Amount (000)		U.S. $ Value
AGENCIES - 3.3%
Agency Debentures - 3.3%
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20 (cost $1,942,278)	U.S.$	2,292	$	2,147,359
GOVERNMENTS - SOVEREIGN AGENCIES - 1.0%
Brazil - 0.2%
Petrobras Global Finance BV
5.75%, 1/20/20		147		127,706
Colombia - 0.1%
Ecopetrol SA
5.875%, 5/28/45		57		44,674
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17		70		72,453
Israel - 0.3%
Israel Electric Corp. Ltd.
Series 6
5.00%, 11/12/24 (a)		200		212,100
United Kingdom - 0.3%
Royal Bank of Scotland Group PLC
7.50%, 8/10/20 (b)		200		186,000
Total Governments - Sovereign Agencies (cost $673,445)				642,933
QUASI-SOVEREIGNS - 1.0%
Quasi-Sovereign Bonds - 1.0%
Chile - 0.7%
Corp Nacional del Cobre de Chile
4.50%, 9/16/25 (a)		200		203,838
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (a)		210		219,707
				423,545
Mexico - 0.3%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23		226		211,355
Total Quasi-Sovereigns (cost $622,111)				634,900
EMERGING MARKETS - TREASURIES - 0.8%
Brazil - 0.8%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17-1/01/27 (cost $642,340)	BRL	2,170		533,304

Company	Shares		U.S. $ Value
PREFERRED STOCKS - 0.5%
Financial Institutions - 0.5%
Insurance - 0.3%
Allstate Corp. (The)
5.10%		7,925	$	206,605
REITS - 0.2%
Sovereign Real Estate Investment Trust
12.00% (a)		93		116,250
Total Preferred Stocks (cost $299,415)				322,855
	Principal Amount (000)
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.5%
United States - 0.5%
State of California
Series 2010
7.625%, 3/01/40 (cost $203,167)	U.S.$	200		306,076
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Mexico - 0.1%
Mexico Government International Bond
Series E
5.95%, 3/19/19 (cost $46,649)		42		46,830
SHORT-TERM INVESTMENTS - 1.8%
Time Deposit - 1.8%
State Street Time Deposit
0.01%, 4/01/16 (cost $1,181,930)		1,182		1,181,930
Total Investments - 104.7% (cost $66,718,574)(f)				67,429,258
Other assets less liabilities - (4.7)% (g)				(3,011,436	)
Net Assets - 100.0%			$	64,417,822

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		22		June 2016	$	4,814,037	$	4,812,500	$	(1,537	)
U.S. T-Note 5 Yr (CBT) Futures		115		June 2016		13,901,889		13,933,867		31,978
U.S. Ultra Bond (CBT) Futures		20		June 2016		3,478,448		3,450,625		(27,823	)
Sold Contracts
Euro-BOBL Futures		17		June 2016		2,544,605		2,536,037		8,568
U.S. T-Note 10 Yr (CBT) Futures		27		June 2016		3,513,364		3,520,547		(7,183	)
									$	4,003

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	SEK	1,731	USD	211		4/06/16	$	(2,212	)
BNP Paribas SA	USD	456	NOK	3,941		4/06/16		20,147
BNP Paribas SA	GBP	571	USD	811		5/12/16		(9,846	)
BNP Paribas SA	USD	220	EUR	194		5/13/16		1,549
Goldman Sachs Bank USA	BRL	628	USD	176		4/04/16		1,804
Goldman Sachs Bank USA	BRL	1,352	USD	366		4/04/16		(10,314	)
Goldman Sachs Bank USA	USD	158	BRL	628		4/04/16		17,068
Goldman Sachs Bank USA	USD	380	BRL	1,352		4/04/16		(3,883	)
Goldman Sachs Bank USA	SEK	2,195	USD	267		4/06/16		(3,208	)
Goldman Sachs Bank USA	CAD	885	USD	646		4/08/16		(35,184	)
Goldman Sachs Bank USA	USD	278	EUR	246		5/13/16		2,831
Goldman Sachs Bank USA	BRL	1,082	USD	235		1/04/17		(43,426	)
HSBC Bank USA	USD	232	MXN	4,218		4/14/16		12,270
JPMorgan Chase Bank	NOK	3,940	SEK	3,923		4/06/16		7,117
JPMorgan Chase Bank	CAD	473	USD	353		4/08/16		(11,580	)
JPMorgan Chase Bank	GBP	277	USD	396		5/12/16		(1,630	)
JPMorgan Chase Bank	EUR	272	USD	302		5/13/16		(7,835	)
Royal Bank of Canada	EUR	154	USD	170		5/13/16		(5,479	)
Standard Chartered Bank	BRL	915	USD	257		4/04/16		2,628
Standard Chartered Bank	USD	253	BRL	915		4/04/16		1,152
Standard Chartered Bank	JPY	52,869	USD	470		4/20/16		(78	)
Standard Chartered Bank	BRL	915	USD	252		5/03/16		(807	)
Standard Chartered Bank	TWD	16,796	USD	516		5/20/16		(6,773	)
State Street Bank & Trust Co.	BRL	191	USD	50		4/04/16		(3,231	)
State Street Bank & Trust Co.	SGD	710	USD	503		4/08/16		(23,815	)
State Street Bank & Trust Co.	EUR	192	USD	209		5/13/16		(10,011	)
							$	(112,746	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2016			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00	%		4.29	%	$	858	$	25,838	$	23,668

* 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		$	(2,623	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	4,720		3/11/17		2.140	%		3 Month BBSW			2,044
Morgan Stanley & Co., LLC/(CME Group)	CAD	3,260		6/05/17		1.054	%		3 Month CDOR			(6,810	)
Morgan Stanley & Co., LLC/(CME Group)	NZD	6,420		6/09/17		3.366	%		3 Month BKBM			(96,741	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	4,100		6/09/17		2.218	%		3 Month BBSW			(1,755	)
Morgan Stanley & Co., LLC/(CME Group)		2,250		10/30/17		1.915	%		3 Month BBSW			6,609
Morgan Stanley & Co., LLC/(CME Group)	GBP	661		6/05/20		6 Month LIBOR			1.651	%		30,758
Morgan Stanley & Co., LLC/(CME Group)	$	380		6/25/21		2.243	%		3 Month LIBOR			(22,330	)
Morgan Stanley & Co., LLC/(CME Group)		530		1/14/24		2.980	%		3 Month LIBOR			(62,452	)
Morgan Stanley & Co., LLC/(CME Group)		650		4/28/24		2.817	%		3 Month LIBOR			(73,447	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	720		3/11/25		6 Month BBSW			2.973	%		16,515
Morgan Stanley & Co., LLC/(CME Group)	NZD	750		6/09/25		3 Month BKBM			4.068	%		53,595
Morgan Stanley & Co., LLC/(CME Group)	AUD	440		6/09/25		6 Month BBSW			3.384	%		22,480
Morgan Stanley & Co., LLC/(CME Group)	$	740		11/10/25		2.256	%		3 Month LIBOR			(48,800	)
Morgan Stanley & Co., LLC/(CME Group)	GBP	110		6/05/45		2.396	%		6 Month LIBOR			(29,471	)
											$	(212,428	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/19*		(5.00	)%		9.62	%	$	58	$	6,743		$	3,079		$	3,664
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		10.06			98		12,785			(3,877	)		16,662
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		10.06			112		14,611			(4,595	)		19,206
Sale Contracts
Credit Suisse International
Anadarko Petroleum Corp., 5.95%, 9/15/16, 9/20/17*		1.00			1.47			270		(2,463	)		(2,794	)		331
Kohl’s Corp., 6.25% 12/15/17, 6/20/19*		1.00			0.89			25		94			(215	)		309
Kohl’s Corp., 6.25% 12/15/17, 6/20/19*		1.00			0.89			10		38			(88	)		126
Kohl’s Corp., 6.25% 12/15/17, 6/20/19*		1.00			0.89			10		39			(90	)		129
Kohl’s Corp., 6.25% 12/15/17, 6/20/19*		1.00			0.89			15		56			(116	)		172
									$	31,903		$	(8,696	)	$	40,599

* Termination date

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, NA	$	1,390		1/30/17		1.059	%		3 Month LIBOR	$	(4,805	)
JPMorgan Chase Bank, NA		1,520		2/07/22		2.043	%		3 Month LIBOR		(69,158	)
										$	(73,963	)

(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, 2016, the aggregate market value of these securities amounted to $12,461,120 or 19.3% of net assets.

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

(c) Variable rate coupon, rate shown as of March 31, 2016.

(d) Floating Rate Security. Stated interest rate was in effect at March 31, 2016.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.10% of net assets as of March 31, 2016, are considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
5.683%, 11/25/25		9/28/15	$	48,010	$	47,377		0.07	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
5.933%, 11/25/25		9/28/15		20,554		20,115		0.03	%

(f) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,807,616 and gross unrealized depreciation of investments was $(1,096,932), resulting in net unrealized appreciation of $710,684.

(g) An amount of U.S. $210,574 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2016.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
BBSW	-	Bank Bill Swap Reference Rate (Australia)
BKBM	-	Bank Bill Benchmark (New Zealand)
BOBL	-	Bundesobligationen
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
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

AB Variable Products Series Fund

Intermediate Bond Portfolio

March 31, 2016 (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, 2016:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Corporates - Investment Grade	$	– 0	–	$	17,077,746	$	– 0	–	$	17,077,746
Mortgage Pass-Throughs		– 0	–		12,262,093		– 0	–		12,262,093
Asset-Backed Securities		– 0	–		8,935,682		910,314			9,845,996
Commercial Mortgage-Backed Securities		– 0	–		5,909,669		736,017			6,645,686
Governments - Treasuries		– 0	–		5,108,814		– 0	–		5,108,814
Collateralized Mortgage Obligations		– 0	–		178,931		3,911,881			4,090,812
Corporates - Non-Investment Grade		– 0	–		3,361,754		– 0	–		3,361,754

Investments in Securities:

Level 1

Level 2

Level 3

Total

Inflation-Linked Securities

– 0

–

3,220,170

– 0

–

3,220,170

Agencies

– 0

–

2,147,359

– 0

–

2,147,359

Governments - Sovereign Agencies

– 0

–

642,933

– 0

–

642,933

Quasi-Sovereigns

– 0

–

634,900

– 0

–

634,900

Emerging Markets - Treasuries

– 0

–

533,304

– 0

–

533,304

Preferred Stocks

206,605

116,250

– 0

–

322,855

Local Governments - Municipal Bonds

– 0

–

306,076

– 0

–

306,076

Governments - Sovereign Bonds

– 0

–

46,830

– 0

–

46,830

Short-Term Investments

– 0

–

1,181,930

– 0

–

1,181,930

Total Investments in Securities

206,605

61,664,441

5,558,212

67,429,258

Other Financial Instruments (a):

Assets:

Futures

40,546

– 0

–

– 0

–

40,546

Forward Currency Exchange Contracts

– 0

–

66,566

– 0

–

66,566

Centrally Cleared Credit Default Swaps

– 0

–

23,668

– 0

–

23,668

Centrally Cleared Interest Rate Swaps

– 0

–

132,001

– 0

–

132,001

Credit Default Swaps

– 0

–

40,599

– 0

–

40,599

Liabilities:

Futures

(36,543

)

– 0

–

– 0

–

(36,543

)

Forward Currency Exchange Contracts

– 0

–

(179,312

)

– 0

–

(179,312

)

Centrally Cleared Interest Rate Swaps

– 0

–

(344,429

)

– 0

–

(344,429

)

Interest Rate Swaps

– 0

–

(73,963

)

– 0

–

(73,963

)

Total (b)

$

210,608

$

61,329,571

$

5,558,212

$

67,098,391

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

(b) There were no transfers between any levels during the reporting period.

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

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

	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/15	$	1,050,365		$	742,820		$	3,618,583
Accrued discounts/(premiums)		14			(418	)		1,477
Realized gain (loss)		18			(161	)		(1,848	)
Change in unrealized appreciation/depreciation		5,157			(4,101	)		(3,140	)
Purchases/Payups		– 0	–		– 0	–		397,117
Sales/Paydowns		(145,240	)		(2,123	)		(100,308	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/16	$	910,314		$	736,017		$	3,911,881
Net change in unrealized appreciation/depreciation from investments held as of 3/31/16	$	5,157		$	(4,101	)	$	(3,140	)
	Total
Balance as of 12/31/15	$	5,411,768
Accrued discounts/(premiums)		1,073
Realized gain (loss)		(1,991	)
Change in unrealized appreciation/depreciation		(2,084	)
Purchases/Payups		397,117
Sales/Paydowns		(247,671	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 3/31/16	$	5,558,212
Net change in unrealized appreciation/depreciation from investments held as of 3/31/16	$	(2,084	)

As of March 31, 2016, all Level 3 securities were priced by third party vendors.

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, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.4%
Financials - 25.8%
Banks - 1.6%
HDFC Bank Ltd.		56,970	$	1,083,955
Capital Markets - 8.5%
Azimut Holding SpA		57,325		1,318,310
Flow Traders (a)		19,504		904,123
Partners Group Holding AG		5,600		2,249,792
UBS Group AG		88,588		1,425,030
				5,897,255
Consumer Finance - 2.6%
Gentera SAB de CV		477,070		941,595
SKS Microfinance Ltd. (b)		101,320		838,678
				1,780,273
Diversified Financial Services - 3.4%
IG Group Holdings PLC		95,380		1,094,081
London Stock Exchange Group PLC		32,080		1,295,879
				2,389,960
Insurance - 7.4%
AIA Group Ltd.		382,400		2,173,569
Prudential PLC		93,485		1,739,610
St James’s Place PLC		90,390		1,188,477
				5,101,656
Thrifts & Mortgage Finance - 2.3%
Housing Development Finance Corp., Ltd.		97,797		1,634,015
				17,887,114
Consumer Staples - 16.5%
Beverages - 2.6%
Anheuser-Busch InBev SA/NV		14,379		1,786,400
Food & Staples Retailing - 1.4%
Tsuruha Holdings, Inc.		9,800		963,871
Food Products - 6.5%
Danone SA		21,380		1,516,959
Nestle SA (REG)		26,218		1,956,406
Universal Robina Corp.		220,780		1,039,536
				4,512,901
Household Products - 5.3%
Pigeon Corp.		33,900		883,331
Reckitt Benckiser Group PLC		16,050		1,548,128
Unicharm Corp.		56,000		1,218,858
				3,650,317
Personal Products - 0.7%
Cosmax, Inc.		4,390		481,739
				11,395,228

Company	Shares		U.S. $ Value
Consumer Discretionary - 16.3%
Automobiles - 1.9%
Tata Motors Ltd.-Class A (b)		299,364		1,327,948
Diversified Consumer Services - 1.4%
TAL Education Group (ADR) (b)		19,160		951,869
Hotels, Restaurants & Leisure - 1.5%
Alsea SAB de CV		287,061		1,077,487
Household Durables - 1.7%
Panasonic Corp.		127,200		1,152,020
Internet & Catalog Retail - 3.3%
Ctrip.com International Ltd. (ADR) (b)		27,300		1,208,298
JD.com, Inc. (ADR) (b)		41,118		1,089,627
				2,297,925
Multiline Retail - 2.0%
Matahari Department Store Tbk PT		991,000		1,371,311
Specialty Retail - 2.1%
Ace Hardware Indonesia Tbk PT		4,260,000		287,536
Fast Retailing Co., Ltd.		3,700		1,182,240
				1,469,776
Textiles, Apparel & Luxury Goods - 2.4%
Cie Financiere Richemont SA		17,952		1,185,737
Titan Co., Ltd.		94,390		484,047
				1,669,784
				11,318,120
Information Technology - 13.0%
Internet Software & Services - 3.9%
Alibaba Group Holding Ltd. (Sponsored ADR) (b)		14,660		1,158,580
Tencent Holdings Ltd.		74,900		1,532,249
				2,690,829
IT Services - 1.5%
Tata Consultancy Services Ltd.		27,600		1,054,368
Semiconductors & Semiconductor Equipment - 5.6%
ams AG		28,910		990,726
Infineon Technologies AG		76,710		1,087,619
Taiwan Semiconductor Manufacturing Co., Ltd.		354,000		1,765,693
				3,844,038
Software - 2.0%
Mobileye NV (b)(c)		37,576		1,401,209
				8,990,444
Industrials - 12.4%
Aerospace & Defense - 2.4%
Safran SA		23,410		1,634,016
Building Products - 1.4%
Kingspan Group PLC		37,998		1,009,605

Company	Shares		U.S. $ Value
Electrical Equipment - 4.3%
Schneider Electric SE (Paris)		27,960		1,762,053
Vestas Wind Systems A/S		17,120		1,206,270
				2,968,323
Industrial Conglomerates - 2.4%
Siemens AG (REG)		15,670		1,657,270
Professional Services - 1.9%
Capita PLC		90,500		1,351,128
				8,620,342
Health Care - 9.0%
Biotechnology - 0.5%
Genus PLC		16,010		350,955
Health Care Equipment & Supplies - 2.3%
Essilor International SA		13,222		1,629,157
Health Care Providers & Services - 1.1%
Apollo Hospitals Enterprise Ltd.		36,970		747,906
Pharmaceuticals - 5.1%
Roche Holding AG		7,670		1,883,294
Sun Pharmaceutical Industries Ltd.		69,919		871,917
Vectura Group PLC (b)		330,840		772,624
				3,527,835
				6,255,853
Materials - 2.5%
Chemicals - 2.5%
Bloomage BioTechnology Corp., Ltd. (c)		252,500		554,304
LG Chem Ltd.		4,130		1,185,272
				1,739,576
Utilities - 0.9%
Water Utilities - 0.9%
Beijing Enterprises Water Group Ltd. (c)		1,020,000		639,969
Total Common Stocks (cost $50,508,389)				66,846,646
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.7%
Time Deposit - 2.7%
State Street Bank & Trust Co. 0.01%, 4/01/16 (cost $1,834,170)	U.S.$	1,834		1,834,170

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 99.1% (cost $52,342,559)				68,680,816
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.7%
Investment Companies - 1.7%
AB Exchange Reserves-Class I, 0.40% (d)(e) (cost $1,184,480)		1,184,480		1,184,480
Total Investments - 100.8% (cost $53,527,039) (f)				69,865,296
Other assets less liabilities - (0.8)%				(524,661	)
Net Assets - 100.0%			$	69,340,635

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Bank of America, NA	USD	383	NOK	3,284	5/18/16	$	13,366
Barclays Bank PLC	USD	645	SEK	5,414	5/18/16		22,517
BNP Paribas SA	USD	3,248	AUD	4,648	5/18/16		308,106
BNP Paribas SA	USD	342	JPY	38,541	5/18/16		431
Citibank	JPY	44,754	USD	395	5/18/16		(3,134	)
Citibank	USD	477	CHF	464	5/18/16		6,441
Citibank	USD	2,485	JPY	293,750	5/18/16		127,869
Morgan Stanley & Co., Inc.	CHF	402	USD	408	5/18/16		(11,270	)
Morgan Stanley & Co., Inc.	EUR	384	USD	433	5/18/16		(4,749	)
Morgan Stanley & Co., Inc.	USD	1,324	CAD	1,831	5/18/16		86,152
Royal Bank of Scotland PLC	CNY	9,526	USD	1,416	5/18/16		(54,650	)
Standard Chartered Bank	CNY	5,147	USD	768	5/18/16		(26,386	)
Standard Chartered Bank	USD	2,262	JPY	259,042	5/18/16		42,782
State Street Bank & Trust Co.	AUD	250	USD	177	5/18/16		(14,632	)
State Street Bank & Trust Co.	CHF	4,354	USD	4,504	5/18/16		(32,965	)
State Street Bank & Trust Co.	CNY	3,020	USD	461	5/18/16		(5,718	)
State Street Bank & Trust Co.	EUR	408	USD	457	5/18/16		(7,828	)
State Street Bank & Trust Co.	HKD	15,997	USD	2,052	5/18/16		(11,031	)
State Street Bank & Trust Co.	USD	187	CHF	182	5/18/16		2,859
State Street Bank & Trust Co.	USD	1,053	HKD	8,172	5/18/16		754
State Street Bank & Trust Co.	USD	590	JPY	66,918	5/18/16		5,784
UBS AG	CAD	696	USD	524	5/18/16		(12,209	)
						$	432,489

(a) 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, 2016, the market value of this security amounted to $904,123 or 1.3% of net assets.

(b) Non-income producing security.

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

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

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

(f) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,986,343 and gross unrealized depreciation of investments was $(648,086), resulting in net unrealized appreciation of $16,338,257.

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
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
NOK	-	Norwegian Krone
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

13.6%	United Kingdom
12.7%	Switzerland
11.7%	India
10.4%	China
9.5%	France
7.8%	Japan
4.0%	Germany
3.2%	Hong Kong
2.9%	Mexico
2.6%	Belgium
2.6%	Taiwan
2.4%	South Korea
13.9%	Other
2.7%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.4% or less in the following countries: Austria, Denmark, Indonesia, Ireland, Italy, Netherlands, Philippines and United States.

AB Variable Products Series Fund

International Growth Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	941,595		$	16,945,519		$	– 0	–	$	17,887,114
Consumer Staples		– 0	–		11,395,228			– 0	–		11,395,228
Consumer Discretionary		4,327,281			6,990,839			– 0	–		11,318,120
Information Technology		2,559,789			6,430,655			– 0	–		8,990,444
Industrials		1,009,605			7,610,737			– 0	–		8,620,342
Health Care		772,624			5,483,229			– 0	–		6,255,853
Materials		– 0	–		1,739,576			– 0	–		1,739,576
Utilities		– 0	–		639,969			– 0	–		639,969
Short-Term Investments		– 0	–		1,834,170			– 0	–		1,834,170
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,184,480			– 0	–		– 0	–		1,184,480
Total Investments in Securities		10,795,374			59,069,922	(a)		– 0	–		69,865,296
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		– 0	–		617,061			– 0	–		617,061
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(184,572	)		– 0	–		(184,572	)
Total(c)	$	10,795,374		$	59,502,411		$	– 0	–	$	70,297,785

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

(b) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

(c) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases  at Cost (000)

Sales Proceeds (000)

Realized Gain  (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Exchange Reserves - Class I

$

2,835

$

5,919

$

7,570

$

– 0

–

$

– 0

–

$

1,184

$

– 0

–

$

– 0

–

AB Variable Products Series Fund

International Value Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Financials - 22.0%
Banks - 15.1%
Bank Hapoalim BM		572,275	$	2,970,578
Bank of Queensland Ltd.		1,468,794		13,618,327
CYBG PLC (a)(b)		331,729		993,389
Danske Bank A/S		600,050		16,933,687
ING Groep NV		1,218,720		14,584,192
KB Financial Group, Inc.		157,240		4,366,115
Mitsubishi UFJ Financial Group, Inc.		4,989,400		23,118,908
OTP Bank PLC		174,494		4,377,628
UniCredit SpA		1,286,860		4,639,120
				85,601,944
Capital Markets - 1.7%
Amundi SA (a)(c)		91,535		4,350,480
Azimut Holding SpA		242,890		5,585,771
				9,936,251
Diversified Financial Services - 1.1%
Challenger Ltd./Australia		949,060		6,090,405
Insurance - 4.1%
Dongbu Insurance Co., Ltd.		37,840		2,516,670
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		34,420		6,985,339
NN Group NV		259,555		8,473,084
Zurich Insurance Group AG (a)		23,260		5,394,257
				23,369,350
				124,997,950
Consumer Discretionary - 17.0%
Auto Components - 5.7%
Hankook Tire Co., Ltd.		126,654		6,024,447
Magna International, Inc. (New York)-Class A		197,030		8,464,409
Plastic Omnium SA		122,590		4,210,295
Sumitomo Electric Industries Ltd.		661,200		8,017,662
Valeo SA		37,950		5,901,166
				32,617,979
Automobiles - 5.3%
Honda Motor Co., Ltd.		417,600		11,417,639
Peugeot SA (a)		677,700		11,594,102
Tata Motors Ltd.-Class A (a)		1,534,606		6,807,355
				29,819,096
Leisure Products - 1.0%
Bandai Namco Holdings, Inc.		256,900		5,600,008
Media - 5.0%
Altice NV-Class A (a)		317,780		5,644,790
Liberty Global PLC-Series C (a)		319,557		12,002,561

Company	Shares		U.S. $ Value
Vivendi SA		511,626		10,722,112
				28,369,463
				96,406,546
Industrials - 13.5%
Aerospace & Defense - 1.6%
Airbus Group SE		134,970		8,942,764
Airlines - 5.4%
International Consolidated Airlines Group SA		1,416,060		11,229,303
Japan Airlines Co., Ltd.		317,500		11,639,538
Qantas Airways Ltd. (a)		2,460,185		7,679,114
				30,547,955
Industrial Conglomerates - 1.6%
Rheinmetall AG		111,050		8,854,914
Machinery - 2.9%
IHI Corp. (b)		3,072,000		6,502,482
JTEKT Corp.		784,900		10,185,168
				16,687,650
Road & Rail - 2.0%
Central Japan Railway Co.		65,800		11,636,813
				76,670,096
Telecommunication Services - 10.9%
Diversified Telecommunication Services - 8.5%
BT Group PLC		3,149,270		19,884,966
Nippon Telegraph & Telephone Corp.		520,800		22,497,253
Telefonica Brasil SA (Preference Shares)		444,707		5,595,246
				47,977,465
Wireless Telecommunication Services - 2.4%
Vodafone Group PLC		4,322,324		13,734,844
				61,712,309
Information Technology - 7.9%
Semiconductors & Semiconductor Equipment - 5.9%
Infineon Technologies AG		600,590		8,515,360
Novatek Microelectronics Corp.		1,529,000		6,154,893
SCREEN Holdings Co., Ltd. (b)		1,528,000		12,066,379
Sumco Corp. (b)		1,052,800		6,610,137
				33,346,769
Software - 1.2%
Nintendo Co., Ltd.		49,300		7,007,904
Technology Hardware, Storage & Peripherals - 0.8%
Samsung Electronics Co., Ltd.		4,170		4,785,519
				45,140,192
Energy - 7.2%
Oil, Gas & Consumable Fuels - 7.2%
JX Holdings, Inc. (b)		3,493,900		13,452,776

Company	Shares		U.S. $ Value
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		164,720		3,991,768
Royal Dutch Shell PLC-Class A		437,924		10,574,090
TOTAL SA		178,634		8,128,080
Tupras Turkiye Petrol Rafinerileri AS (a)		163,570		4,607,059
				40,753,773
Consumer Staples - 6.4%
Food & Staples Retailing - 3.2%
Delhaize Group		173,330		18,064,582
Tobacco - 3.2%
British American Tobacco PLC		313,720		18,345,060
				36,409,642
Health Care - 5.7%
Pharmaceuticals - 5.7%
GlaxoSmithKline PLC		540,490		10,941,265
Roche Holding AG		87,110		21,389,014
				32,330,279
Utilities - 4.1%
Electric Utilities - 3.3%
EDP-Energias de Portugal SA		3,551,620		12,609,816
Korea Electric Power Corp.		115,870		6,069,899
				18,679,715
Independent Power and Renewable Electricity Producers - 0.8%
Huaneng Power International, Inc.-Class H		5,394,000		4,822,472
				23,502,187
Materials - 3.8%
Chemicals - 3.8%
Arkema SA		122,151		9,151,249
JSR Corp.		389,200		5,596,425
Koninklijke DSM NV		127,665		7,019,153
				21,766,827
Total Common Stocks (cost $565,254,049)				559,689,801
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.01%, 4/01/16 (cost $2,818,022)	$	2,818		2,818,022

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 99.0% (cost $568,072,071)				562,507,823
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.9%
Investment Companies - 3.9%
AB Exchange Reserves-Class I, 0.40% (d)(e) (cost $22,038,693)		22,038,693		22,038,693
Total Investments - 102.9% (cost $590,110,764) (f)				584,546,516
Other assets less liabilities - (2.9)% (g)				(16,413,044	)
Net Assets - 100.0%			$	568,133,472

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		16		June 2016	$	544,736	$	533,629	$	(11,107	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	4,921	GBP	3,496		4/18/16	$	100,159
Barclays Bank PLC	USD	11,145	SEK	95,861		4/18/16		669,087
BNP Paribas SA	AUD	4,834	USD	3,605		4/18/16		(97,711	)
BNP Paribas SA	USD	9,584	JPY	1,089,066		4/18/16		97,239
Citibank	CAD	8,429	USD	5,961		4/18/16		(529,782	)
Citibank	CHF	15,650	USD	15,698		4/18/16		(587,679	)
Citibank	ILS	14,074	USD	3,587		4/18/16		(160,130	)
Citibank	KRW	19,367,837	USD	15,989		4/18/16		(911,628	)
Citibank	SEK	48,462	USD	5,670		4/18/16		(302,270	)
Citibank	USD	14,966	AUD	21,051		4/18/16		1,159,920
Citibank	USD	3,151	GBP	2,235		4/18/16		59,276
Credit Suisse International	JPY	1,045,253	USD	8,644		4/18/16		(647,342	)
Credit Suisse International	NOK	93,092	USD	10,704		4/18/16		(545,779	)
Credit Suisse International	USD	8,380	EUR	7,533		4/18/16		195,361
Credit Suisse International	USD	3,938	NOK	34,433		4/18/16		222,888
Credit Suisse International	JPY	862,569	USD	7,678		7/15/16		(10,407	)
Credit Suisse International	USD	11,347	NOK	96,291		7/15/16		285,114
Deutsche Bank AG	USD	4,581	CHF	4,494		4/18/16		95,405
Goldman Sachs Bank USA	USD	1,965	TWD	63,944		4/18/16		23,670
Goldman Sachs Bank USA	CNY	25,389	USD	3,859		7/15/16		(46,451	)
HSBC Bank USA	BRL	10,667	USD	2,676		4/04/16		(290,591	)
HSBC Bank USA	USD	2,997	BRL	10,667		4/04/16		(30,634	)
HSBC Bank USA	USD	3,297	GBP	2,264		4/18/16		(45,326	)
HSBC Bank USA	USD	1,625	ILS	6,444		4/18/16		90,545
HSBC Bank USA	USD	3,875	CNY	25,389		7/15/16		30,548
Morgan Stanley & Co., Inc.	BRL	5,135	USD	1,379		4/04/16		(48,665	)
Morgan Stanley & Co., Inc.	USD	1,443	BRL	5,135		4/04/16		(14,747	)
Morgan Stanley & Co., Inc.	AUD	6,376	USD	4,427		4/18/16		(457,118	)
Morgan Stanley & Co., Inc.	CHF	1,579	USD	1,618		4/18/16		(24,727	)
Morgan Stanley & Co., Inc.	JPY	1,602,306	USD	14,013		4/18/16		(230,804	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., Inc.	SEK	55,992	USD	6,573		4/18/16	$	(327,504	)
Morgan Stanley & Co., Inc.	USD	24,002	EUR	21,350		4/18/16		302,288
Morgan Stanley & Co., Inc.	USD	9,585	NOK	85,674		4/18/16		768,447
Morgan Stanley & Co., Inc.	CAD	1,861	USD	1,436		7/15/16		3,295
Morgan Stanley & Co., Inc.	EUR	1,002	USD	1,122		7/15/16		(22,124	)
Morgan Stanley & Co., Inc.	USD	19,278	EUR	17,179		7/15/16		333,420
Nomura Global Financial Products, Inc.	KRW	6,308,154	USD	5,076		4/18/16		(428,711	)
Royal Bank of Scotland PLC	BRL	15,802	USD	4,440		4/04/16		45,381
Royal Bank of Scotland PLC	USD	4,337	BRL	15,802		4/04/16		57,716
Royal Bank of Scotland PLC	EUR	19,475	USD	21,906		4/18/16		(263,598	)
Royal Bank of Scotland PLC	GBP	1,563	USD	2,276		4/18/16		31,100
Royal Bank of Scotland PLC	TWD	297,572	USD	8,934		4/18/16		(322,301	)
Royal Bank of Scotland PLC	USD	17,577	CHF	17,068		4/18/16		184,411
Royal Bank of Scotland PLC	USD	1,376	CNY	9,279		4/18/16		59,805
Royal Bank of Scotland PLC	USD	1,382	KRW	1,669,485		4/18/16		74,416
Royal Bank of Scotland PLC	USD	22,355	SEK	189,831		4/18/16		1,039,908
Societe Generale	JPY	671,376	USD	5,839		4/18/16		(129,096	)
Standard Chartered Bank	CNY	23,203	USD	3,439		4/18/16		(150,568	)
Standard Chartered Bank	JPY	750,829	USD	6,402		4/18/16		(272,385	)
Standard Chartered Bank	USD	12,183	AUD	17,449		4/18/16		1,183,912
Standard Chartered Bank	USD	2,082	CNY	13,924		4/18/16		72,585
Standard Chartered Bank	USD	2,857	TWD	92,057		4/18/16		6,858
Standard Chartered Bank	JPY	173,749	USD	1,544		7/15/16		(4,870	)
State Street Bank & Trust Co.	JPY	869,014	USD	7,344		4/18/16		(380,952	)
State Street Bank & Trust Co.	USD	4,780	CHF	4,760		4/18/16		173,239
State Street Bank & Trust Co.	CHF	1,376	USD	1,418		7/15/16		(19,462	)
State Street Bank & Trust Co.	GBP	1,582	USD	2,242		7/15/16		(31,327	)
UBS AG	CHF	9,093	USD	9,333		4/18/16		(128,891	)
UBS AG	EUR	9,408	USD	10,288		4/18/16		(422,025	)
UBS AG	GBP	6,432	USD	9,174		4/18/16		(64,110	)
UBS AG	USD	20,888	JPY	2,383,227		4/18/16		297,608
UBS AG	USD	4,946	KRW	5,765,139		4/18/16		84,330
UBS AG	CHF	2,291	USD	2,361		7/15/16		(32,813	)
UBS AG	EUR	2,178	USD	2,468		7/15/16		(18,094	)
							$	(252,691	)

(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, 2016, the market value of this security amounted to $4,350,480 or 0.8% of net assets.

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

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

(f) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $36,600,864 and gross unrealized depreciation of investments was $(42,165,112), resulting in net unrealized depreciation of $(5,564,248).

(g) An amount of U.S. $54,792 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2016.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

REG - Registered Shares

Country Breakdown*

March 31, 2016 (unaudited)

27.6%	Japan
17.4%	United Kingdom
11.2%	France
7.1%	Netherlands
4.9%	Australia
4.8%	Switzerland
4.3%	Germany
4.2%	South Korea
3.2%	Belgium
3.0%	Denmark
2.2%	Portugal
1.8%	Italy
1.5%	Canada
6.3%	Other
0.5%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.2% or less in the following countries: Brazil, China, Hungary, India, Israel, Taiwan, and Turkey.

AB Variable Products Series Fund

International Value Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

993,389

$

124,004,561

$

– 0

–

$

124,997,950

Consumer Discretionary

20,466,970

75,939,576

– 0

–

96,406,546

Industrials

– 0

–

76,670,096

– 0

–

76,670,096

Telecommunication Services

5,595,246

56,117,063

– 0

–

61,712,309

Information Technology

– 0

–

45,140,192

– 0

–

45,140,192

Energy

– 0

–

40,753,773

– 0

–

40,753,773

Consumer Staples

– 0

–

36,409,642

– 0

–

36,409,642

Health Care

– 0

–

32,330,279

– 0

–

32,330,279

Utilities

– 0

–

23,502,187

– 0

–

23,502,187

Materials

– 0

–

21,766,827

– 0

–

21,766,827

Short-Term Investments

– 0

–

2,818,022

– 0

–

2,818,022

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

22,038,693

– 0

–

– 0

–

22,038,693

Total Investments in Securities

49,094,298

535,452,218

(a)

– 0

–

584,546,516

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

– 0

–

7,747,931

– 0

–

7,747,931

Liabilities:

Futures

(11,107

)

– 0

–

– 0

–

(11,107

)

Forward Currency Exchange Contracts

– 0

–

(8,000,622

)

– 0

–

(8,000,622

)

Total(c)(d)

$

49,083,191

$

535,199,527

$

– 0

–

$

584,282,718

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

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

(c) An amount of $20,217,503 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

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

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

The 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases at Cost (000)

Sales Proceeds (000)

Realized Gain (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Exchange Reserves - Class I

$

3,408

$

56,505

$

37,874

$

– 0

–

$

– 0

–

$

22,039

$

– 0

–

$

– 0

–

AB Variable Products Series Fund

Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.4%
Technology - 29.5%
Computer Services, Software & Systems - 18.7%
Adobe Systems, Inc. (a)		43,180	$	4,050,284
Alphabet, Inc.-Class A (a)		6,380		4,867,302
Alphabet, Inc.-Class C (a)		32,699		24,359,120
ANSYS, Inc. (a)		44,292		3,962,362
Aspen Technology, Inc. (a)		105,561		3,813,919
Cognizant Technology Solutions Corp.-Class A (a)		115,460		7,239,342
Facebook, Inc.-Class A (a)		222,319		25,366,598
Palo Alto Networks, Inc. (a)		21,260		3,468,356
ServiceNow, Inc. (a)		52,961		3,240,154
Twitter, Inc. (a)		128,370		2,124,524
				82,491,961
Computer Technology - 4.8%
Apple, Inc.		194,932		21,245,638
Electronic Components - 1.2%
Amphenol Corp.-Class A		88,724		5,130,022
Semiconductors & Component - 3.8%
NVIDIA Corp.		271,932		9,688,937
Xilinx, Inc.		144,090		6,834,189
				16,523,126
Telecommunications Equipment - 1.0%
Arista Networks, Inc. (a)(b)		67,899		4,284,427
				129,675,174
Consumer Discretionary - 28.4%
Auto Parts - 0.7%
Mobileye NV (a)(b)		79,224		2,954,263
Cable Television Services - 4.4%
AMC Networks, Inc.-Class A (a)		106,298		6,902,992
Comcast Corp.-Class A		204,760		12,506,741
				19,409,733
Cosmetics - 1.8%
Estee Lauder Cos., Inc. (The)-Class A		81,830		7,717,387
Diversified Retail - 3.9%
Costco Wholesale Corp.		37,730		5,945,494
Dollar Tree, Inc. (a)		136,400		11,247,544
				17,193,038
Entertainment - 2.4%
Walt Disney Co. (The)		106,030		10,529,839
Leisure Time - 2.5%
Priceline Group, Inc. (The) (a)		8,690		11,201,062
Restaurants - 2.4%
Starbucks Corp.		177,750		10,611,675

Company	Shares		U.S. $ Value
Specialty Retail - 7.7%
Home Depot, Inc. (The)		135,981		18,143,945
L Brands, Inc.		43,430		3,813,588
O’Reilly Automotive, Inc. (a)		14,470		3,959,860
Ulta Salon Cosmetics & Fragrance, Inc. (a)		41,700		8,078,958
				33,996,351
Textiles, Apparel & Shoes - 2.6%
NIKE, Inc.-Class B		183,250		11,264,378
				124,877,726
Health Care - 20.4%
Biotechnology - 7.0%
Alexion Pharmaceuticals, Inc. (a)		77,830		10,835,493
Biogen, Inc. (a)		76,585		19,936,607
				30,772,100
Health Care Management Services - 3.7%
UnitedHealth Group, Inc.		125,191		16,137,120
Health Care Services - 0.8%
Premier, Inc.-Class A (a)		105,824		3,530,289
Medical & Dental Instruments & Supplies - 2.1%
Align Technology, Inc. (a)		82,440		5,992,564
Edwards Lifesciences Corp. (a)		36,740		3,240,835
				9,233,399
Medical Equipment - 5.0%
Illumina, Inc. (a)		23,976		3,886,749
Intuitive Surgical, Inc. (a)		30,425		18,286,946
				22,173,695
Pharmaceuticals - 1.8%
Gilead Sciences, Inc.		88,360		8,116,749
				89,963,352
Financial Services - 5.7%
Asset Management & Custodian - 0.8%
BlackRock, Inc.-Class A		9,880		3,364,832
Financial Data & Systems - 4.9%
Vantiv, Inc.-Class A (a)		71,130		3,832,484
Visa, Inc.-Class A		231,570		17,710,474
				21,542,958
				24,907,790
Producer Durables - 5.4%
Aerospace - 0.9%
Rockwell Collins, Inc.		45,210		4,168,814
Air Transport - 0.6%
Alaska Air Group, Inc.		30,886		2,533,270

Company	Shares		U.S. $ Value
Back Office Support, HR & Consulting - 0.6%
Robert Half International, Inc.		56,610		2,636,894
Diversified Manufacturing Operations - 1.4%
Danaher Corp.		64,942		6,160,398
Scientific Instruments: Control & Filter - 0.5%
Roper Technologies, Inc.		13,810		2,524,054
Scientific Instruments: Electrical - 0.6%
AO Smith Corp.		33,360		2,545,702
Scientific Instruments: Gauges & Meters - 0.8%
Mettler-Toledo International, Inc. (a)		9,885		3,407,952
				23,977,084
Consumer Staples - 5.0%
Beverage: Soft Drinks - 1.8%
Monster Beverage Corp. (a)		59,736		7,967,588
Drug & Grocery Store Chains - 2.9%
CVS Health Corp.		122,529		12,709,933
Foods - 0.3%
WhiteWave Foods Co. (The) (a)		34,824		1,415,247
				22,092,768
Materials & Processing - 1.0%
Building Materials - 1.0%
Acuity Brands, Inc.		19,876		4,335,751
Total Common Stocks (cost $327,168,605)				419,829,645
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.1%
Time Deposit - 4.1%
State Street Time Deposit 0.01%, 4/01/16 (Cost $18,366,862)	U.S.$	18,367		18,366,862
Total Investments Before Security Lending Collateral for Securities Loaned - 99.5% (cost $345,535,467)				438,196,507
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.7%
Investment Companies - 1.7%
AB Exchange Reserves-Class I, 0.40% (c)(d) (cost $7,339,073)		7,339,073		7,339,073

	U.S. $ Value
Total Investments - 101.2% (cost $352,874,540) (e)		445,535,580
Other assets less liabilities - (1.2)%		(5,351,895	)
Net Assets - 100.0%	$	440,183,685

(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 AB at (800) 227-4618.

(e) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $97,354,857 and gross unrealized depreciation of investments was $(4,693,817), resulting in net unrealized appreciation of $92,661,040.

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.

AB Variable Products Series Fund

Large Cap Growth Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks(a)

$

419,829,645

$

– 0

–

$

– 0

–

$

419,829,645

Short-Term Investments

– 0

–

18,366,862

– 0

–

18,366,862

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

7,339,073

– 0

–

– 0

–

7,339,073

Total Investments in Securities

427,168,718

18,366,862

– 0

–

445,535,580

Other Financial Instruments(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total(c)

$

427,168,718

$

18,366,862

$

– 0

–

$

445,535,580

(a) See Portfolio of Investments for sector classifications.

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

(c) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases at Cost (000)

Sales Proceeds (000)

Realized Gain (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Exchange Reserves - Class I

$

3,763

$

22,624

$

19,048

$

– 0

–

$

– 0

–

$

7,339

$

– 0

–

$

– 0

–

AB Variable Products Series Fund

Multi-Manager Alternative Strategies Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
Investment Companies - 100.1%
Funds and Investment Trusts - 100.1% (a)
AB Long/Short Multi-Manager Portfolio-Class Z		14,745	$	145,973
AB Multi-Manager Alternative Strategies Fund-Class Z		50,403		492,440
AQR Long-Short Equity Fund-Class R6		4,085		51,107
DoubleLine Total Return Bond Fund-Class I		9,337		101,494
Gotham Absolute Return Fund-Institutional Class		8,032		101,036
Kellner Merger Fund-Institutional Class		9,634		102,408
Total Investments - 100.1% (cost $1,007,017) (b)				994,458
Other assets less liabilities - (0.1)%				(781	)
Net Assets - 100.0%			$	993,677

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

(b) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,965 and gross unrealized depreciation of investments was $(15,524), resulting in net unrealized depreciation of $(12,559).

AB Variable Products Series Fund

Multi-Manager Alternative Strategies Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:	Level 1		Level 2			Level 3			Total
Assets:
Investment Companies	$	994,458	$	– 0	–	$	– 0	–	$	994,458
Total(a)	$	994,458	$	– 0	–	$	– 0	–	$	994,458

(a) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases at Cost (000)

Sales Proceeds (000)

Realized Gain (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Multi-Manager Alternative Strategies Fund - Class Z

$

497

$

– 0

–

$

– 0

–

$

– 0

–

$

(5

)

$

492

$

– 0

–

$

– 0

–

AB Long/Short Multi-Manager Portfolio - Class Z

149

– 0

–

– 0

–

– 0

–

(3

)

146

– 0

–

– 0

–

AB Variable Products Series Fund

Real Estate Investment Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.3%
Equity: Other - 29.7%
Diversified/Specialty - 17.1%
American Tower Corp.		18,390	$	1,882,584
Armada Hoffler Properties, Inc.		48,790		548,888
CBRE Group, Inc. - Class A (a)		10,030		289,065
Colony Starwood Homes		24,290		601,177
Crown Castle International Corp.		31,600		2,733,400
Digital Realty Trust, Inc.		4,650		411,479
Equinix, Inc.		1,253		414,380
Gramercy Property Trust		138,993		1,174,491
STORE Capital Corp.		35,030		906,576
				8,962,040
Health Care - 8.4%
LTC Properties, Inc.		22,630		1,023,781
Ventas, Inc.		32,680		2,057,533
Welltower, Inc.		19,171		1,329,317
				4,410,631
Triple Net - 4.2%
National Retail Properties, Inc.		27,670		1,278,354
Realty Income Corp.		14,920		932,649
				2,211,003
				15,583,674
Residential - 26.1%
Multi-Family - 16.9%
Apartment Investment & Management Co. - Class A		8,030		335,815
AvalonBay Communities, Inc.		13,100		2,491,620
Camden Property Trust		11,470		964,512
Equity Residential		10,850		814,075
Essex Property Trust, Inc.		3,880		907,377
Independence Realty Trust, Inc.		117,720		838,166
Mid-America Apartment Communities, Inc.		11,900		1,216,299
Sun Communities, Inc.		18,165		1,300,796
				8,868,660
Self Storage - 9.2%
CubeSmart		22,440		747,252
Extra Space Storage, Inc.		14,220		1,329,001
National Storage Affiliates Trust		23,302		494,002
Public Storage		5,300		1,461,899
Sovran Self Storage, Inc.		6,550		772,573
				4,804,727
				13,673,387
Retail - 20.1%
Regional Mall - 11.6%
General Growth Properties, Inc.		14,260		423,950
Pennsylvania Real Estate Investment Trust		24,200		528,770
Simon Property Group, Inc.		24,780		5,146,558
				6,099,278

Company	Shares		U.S. $ Value
Shopping Center/Other Retail - 8.5%
DDR Corp.		47,603	$	846,858
Kite Realty Group Trust		31,696		878,296
Ramco-Gershenson Properties Trust		49,571		893,765
Regency Centers Corp.		15,640		1,170,654
Retail Opportunity Investments Corp.		32,060		645,047
				4,434,620
				10,533,898
Industrials - 7.8%
Industrial Warehouse Distribution - 7.8%
DCT Industrial Trust, Inc.		19,030		751,114
Duke Realty Corp.		14,770		332,916
Granite Real Estate Investment Trust		24,010		689,087
Prologis, Inc.		20,732		915,940
Rexford Industrial Realty, Inc.		45,700		829,912
STAG Industrial, Inc.		28,270		575,577
				4,094,546
Office - 7.3%
Office - 7.3%
Boston Properties, Inc.		16,369		2,080,172
Highwoods Properties, Inc.		24,040		1,149,352
Vornado Realty Trust		6,320		596,798
				3,826,322
Lodging - 5.8%
Lodging - 5.8%
Chesapeake Lodging Trust		26,560		702,778
Pebblebrook Hotel Trust		20,200		587,214
RLJ Lodging Trust		20,724		474,165
Summit Hotel Properties, Inc.		77,590		928,752
Wyndham Worldwide Corp.		4,790		366,100
				3,059,009
Mortgage - 1.5%
Mortgage - 1.5%
Blackstone Mortgage Trust, Inc. - Class A		17,080		458,769
First American Financial Corp.		9,050		344,895
				803,664
Total Common Stocks (cost $42,973,151)				51,574,500

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.4%
Time Deposit - 1.4%
State Street Time Deposit 0.01%, 4/01/16 (cost $749,001)	$	749	$	749,001
Total Investments - 99.7% (cost $43,722,152) (b)			$	52,323,501
Other assets less liabilities - 0.3%				166,484
Net Assets - 100.0%			$	52,489,985

(a) Non-income producing security.

(b) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,441,666 and gross unrealized depreciation of investments was $(840,317), resulting in net unrealized appreciation of $8,601,349.

AB Variable Products Series Fund

Real Estate Investment Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

51,574,500

$

– 0

–

$

– 0

–

$

51,574,500

Short-Term Investments

– 0

–

749,001

– 0

–

749,001

Total Investments in Securities

51,574,500

749,001

– 0

–

52,323,501

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

51,574,500

$

749,001

$

– 0

–

$

52,323,501

(a) See Portfolio of Investments for sector classifications.

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

(c) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

													Distributions
Affiliated Issuer	Market  Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market  Value 03/31/16 (000)		Income (000)		Realized Gains (000)
AB Exchange Reserves - Class I	$	0	$	5,526	$	5,526	$	0	$	0	$	0	$	0	$	0

AB Variable Products Series Fund

Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.8%
Information Technology - 27.9%
Communications Equipment - 2.2%
Ciena Corp. (a)		25,990	$	494,330
Oclaro, Inc. (a)(b)		71,450		385,830
				880,160
Electronic Equipment, Instruments & Components - 0.6%
VeriFone Systems, Inc. (a)		8,458		238,854
Internet Software & Services - 2.8%
Cimpress NV (a)(b)		5,356		485,736
CoStar Group, Inc. (a)		2,420		455,371
Pandora Media, Inc. (a)(b)		19,776		176,995
				1,118,102
IT Services - 1.1%
Heartland Payment Systems, Inc.		4,610		445,188
Semiconductors & Semiconductor Equipment - 7.6%
Cavium, Inc. (a)		5,814		355,584
Mellanox Technologies Ltd. (a)		8,043		436,976
Microsemi Corp. (a)		18,090		693,028
Monolithic Power Systems, Inc.		8,661		551,186
Silicon Laboratories, Inc. (a)		10,274		461,919
Synaptics, Inc. (a)		6,381		508,821
				3,007,514
Software - 13.6%
Aspen Technology, Inc. (a)		11,743		424,275
Atlassian Corp. PLC - Class A (a)(b)		12,725		320,034
Blackbaud, Inc.		7,108		447,022
Fortinet, Inc. (a)		10,910		334,173
Guidewire Software, Inc. (a)		10,473		570,569
HubSpot, Inc. (a)		10,340		451,031
Paylocity Holding Corp. (a)(b)		14,858		486,451
Proofpoint, Inc. (a)		7,576		407,437
Qlik Technologies, Inc. (a)		12,700		367,284
RingCentral, Inc. - Class A (a)		26,892		423,549
SS&C Technologies Holdings, Inc.		1,259		79,846
Take-Two Interactive Software, Inc. (a)		16,312		614,473
Ultimate Software Group, Inc. (The) (a)		2,425		469,237
				5,395,381
				11,085,199
Consumer Discretionary - 22.1%
Distributors - 1.8%
Pool Corp.		8,217		720,960
Diversified Consumer Services - 3.2%
2U, Inc. (a)(b)		23,449		529,948
Bright Horizons Family Solutions, Inc. (a)		11,181		724,305
				1,254,253

Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure - 8.1%
Buffalo Wild Wings, Inc. (a)		3,312	$	490,573
Dave & Buster’s Entertainment, Inc. (a)		13,827		536,211
Diamond Resorts International, Inc. (a)(b)		29,790		723,897
Planet Fitness, Inc. (a)(b)		32,658		530,366
Texas Roadhouse, Inc. - Class A		12,120		528,190
Zoe’s Kitchen, Inc. (a)(b)		10,715		417,778
				3,227,015
Household Durables - 1.4%
Tempur Sealy International, Inc. (a)		9,087		552,399
Media - 2.0%
IMAX Corp. (a)		7,700		239,393
National CineMedia, Inc.		35,940		546,647
				786,040
Multiline Retail - 1.2%
Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		20,322		476,144
Specialty Retail - 4.4%
Five Below, Inc. (a)(b)		17,705		731,925
Lithia Motors, Inc. - Class A		6,430		561,532
Tile Shop Holdings, Inc. (a)		31,260		466,086
				1,759,543
				8,776,354
Health Care - 21.4%
Biotechnology - 5.6%
Adamas Pharmaceuticals, Inc. (a)(b)		9,135		132,092
Aimmune Therapeutics, Inc. (a)(b)		8,783		119,098
Alder Biopharmaceuticals, Inc. (a)		8,073		197,708
Amicus Therapeutics, Inc. (a)(b)		20,309		171,611
Anacor Pharmaceuticals, Inc. (a)		3,640		194,558
Chiasma, Inc. (a)		3,033		27,782
DBV Technologies SA (Sponsored ADR) (a)		3,435		111,809
Otonomy, Inc. (a)		7,776		116,018
Prothena Corp. PLC (a)(b)		4,790		197,156
Radius Health, Inc. (a)(b)		4,950		155,628
Sage Therapeutics, Inc. (a)(b)		4,926		157,928
Seres Therapeutics, Inc. (a)(b)		5,830		154,845
TESARO, Inc. (a)(b)		4,700		206,941
Ultragenyx Pharmaceutical, Inc. (a)		4,123		261,027
				2,204,201
Health Care Equipment & Supplies - 7.4%
Align Technology, Inc. (a)		8,891		646,287
DENTSPLY SIRONA, Inc.		8,843		544,994

Company	Shares		U.S. $ Value
DexCom, Inc. (a)		7,511	$	510,072
Glaukos Corp. (a)		8,870		149,548
K2M Group Holdings, Inc. (a)		20,973		311,030
Neovasc, Inc. (a)		30,031		128,232
Nevro Corp. (a)		9,229		519,224
Penumbra, Inc. (a)		2,698		124,108
				2,933,495
Health Care Providers & Services - 5.1%
Acadia Healthcare Co., Inc. (a)		9,714		535,338
Amsurg Corp. (a)		8,900		663,940
Diplomat Pharmacy, Inc. (a)(b)		12,447		341,048
Premier, Inc. - Class A (a)		15,116		504,270
				2,044,596
Life Sciences Tools & Services - 1.4%
ICON PLC (a)		7,442		558,894
Pharmaceuticals - 1.9%
Aerie Pharmaceuticals, Inc. (a)(b)		7,450		90,592
Akorn, Inc. (a)		15,187		357,350
GW Pharmaceuticals PLC (ADR) (a)		1,868		134,776
Medicines Co. (The) (a)		5,530		175,688
				758,406
				8,499,592
Industrials - 13.5%
Aerospace & Defense - 1.5%
Hexcel Corp.		13,324		582,392
Construction & Engineering - 1.5%
Dycom Industries, Inc. (a)		9,463		611,972
Industrial Conglomerates - 1.5%
Carlisle Cos., Inc.		5,975		594,513
Machinery - 4.5%
IDEX Corp.		7,213		597,813
Lincoln Electric Holdings, Inc.		7,489		438,631
Middleby Corp. (The) (a)		2,866		306,003
RBC Bearings, Inc. (a)		6,121		448,424
				1,790,871
Marine - 1.6%
Kirby Corp. (a)		10,278		619,661
Road & Rail - 1.4%
Genesee & Wyoming, Inc. - Class A (a)		8,994		563,924
Trading Companies & Distributors - 1.5%
H&E Equipment Services, Inc.		28,124		493,014
United Rentals, Inc. (a)		1,881		116,979
				609,993
				5,373,326

Company	Shares		U.S. $ Value
Financials - 6.9%
Banks - 5.4%
IBERIABANK Corp.		3,562	$	182,624
PrivateBancorp, Inc.		10,813		417,382
Signature Bank/New York NY (a)		3,954		538,218
SVB Financial Group (a)		4,981		508,311
Western Alliance Bancorp (a)		14,952		499,098
				2,145,633
Capital Markets - 1.5%
Houlihan Lokey, Inc.		12,750		317,475
Stifel Financial Corp. (a)		8,997		266,311
				583,786
				2,729,419
Materials - 2.8%
Chemicals - 1.6%
PolyOne Corp.		21,002		635,311
Construction Materials - 1.2%
Summit Materials, Inc. - Class A (a)		24,778		481,932
				1,117,243
Energy - 2.4%
Energy Equipment & Services - 1.7%
Dril-Quip, Inc. (a)		5,177		313,519
Forum Energy Technologies, Inc. (a)(b)		1,230		16,236
Oil States International, Inc. (a)		10,881		342,969
				672,724
Oil, Gas & Consumable Fuels - 0.7%
Matador Resources Co. (a)(b)		15,325		290,562
				963,286
Consumer Staples - 1.8%
Food & Staples Retailing - 1.2%
Chefs’ Warehouse, Inc. (The) (a)		23,172		470,160
Food Products - 0.6%
Freshpet, Inc. (a)(b)		29,755		218,104
				688,264
Total Common Stocks (cost $38,441,447)				39,232,683

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.3%
Time Deposit - 1.3%
State Street Bank & Trust Co. 0.01%, 4/01/16 (cost $494,465)	$	494	$	494,465
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $38,935,912)				39,727,148
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 15.2%
Investment Companies - 15.2%
AB Exchange Reserves - Class I, 0.40% (c)(d) (cost $6,054,659)		6,054,659		6,054,659
Total Investments - 115.3% (cost $44,990,571) (e)				45,781,807
Other assets less liabilities - (15.3)%				(6,074,866	)
Net Assets - 100.0%			$	39,706,941

(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 AB at (800) 227-4618.

(e) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,147,866 and gross unrealized depreciation of investments was $(3,356,630), resulting in net unrealized appreciation of $791,236.

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund

Small Cap Growth Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

39,232,683

$

– 0

–

$

– 0

–

$

39,232,683

Short-Term Investments

– 0

–

494,465

– 0

–

494,465

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

6,054,659

– 0

–

– 0

–

6,054,659

Total Investments in Securities

45,287,342

494,465

– 0

–

45,781,807

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

45,287,342

$

494,465

$

– 0

–

$

45,781,807

(a) See Portfolio of Investments for sector classifications.

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

(c) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

													Distributions
Affiliated Issuer	Market  Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain  (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market  Value 03/31/16 (000)		Income (000)		Realized Gains (000)
AB Exchange Reserves - Class I	$	6,123	$	13,318	$	13,386	$	0	$	0	$	6,055	$	0	$	0

AB Variable Products Series Fund

Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.2%
Financials - 25.3%
Banks - 9.0%
Associated Banc-Corp.		241,060	$	4,324,616
Comerica, Inc.		193,510		7,328,224
First Niagara Financial Group, Inc.		498,250		4,823,060
Fulton Financial Corp.		450,590		6,028,894
Huntington Bancshares, Inc./OH		893,500		8,523,990
Synovus Financial Corp.		182,440		5,274,340
Texas Capital Bancshares, Inc. (a)		99,470		3,817,659
Webster Financial Corp.		165,079		5,926,336
Zions Bancorporation		299,900		7,260,579
				53,307,698
Capital Markets - 1.1%
E*TRADE Financial Corp. (a)		265,120		6,492,789
Consumer Finance - 0.6%
SLM Corp. (a)		589,480		3,749,093
Insurance - 8.8%
American Financial Group, Inc./OH		104,510		7,354,369
Aspen Insurance Holdings Ltd.		160,940		7,676,838
CNO Financial Group, Inc.		243,820		4,369,254
First American Financial Corp.		218,140		8,313,315
Hanover Insurance Group, Inc. (The)		88,790		8,010,634
Reinsurance Group of America, Inc.-Class A		77,660		7,474,775
Validus Holdings Ltd.		189,522		8,943,543
				52,142,728
Real Estate Investment Trusts (REITs) - 4.7%
DDR Corp.		321,430		5,718,240
Gramercy Property Trust		1,152,634		9,739,758
Mid-America Apartment Communities, Inc.		68,730		7,024,893
RLJ Lodging Trust		217,840		4,984,179
				27,467,070
Thrifts & Mortgage Finance - 1.1%
Essent Group Ltd. (a)		303,208		6,306,726
				149,466,104
Consumer Discretionary - 19.9%
Auto Components - 3.3%
Dana Holding Corp.		469,070		6,609,196
Lear Corp.		67,150		7,465,066
Tenneco, Inc. (a)		109,820		5,656,828
				19,731,090
Hotels, Restaurants & Leisure - 1.3%
Bloomin’ Brands, Inc.		462,999		7,810,793
Household Durables - 3.4%
Helen of Troy Ltd. (a)		49,980		5,182,426
Meritage Homes Corp. (a)		174,900		6,376,854
PulteGroup, Inc.		461,780		8,639,904
				20,199,184

Company	Shares		U.S. $ Value
Internet & Catalog Retail - 0.9%
Shutterfly, Inc. (a)		118,920		5,514,320
Media - 2.5%
Cable One, Inc.		12,617		5,515,269
Regal Entertainment Group-Class A (b)		163,840		3,463,578
Scholastic Corp.		150,930		5,640,254
				14,619,101
Multiline Retail - 1.5%
Big Lots, Inc.		188,900		8,555,281
Specialty Retail - 6.0%
Caleres, Inc.		199,390		5,640,743
Children’s Place, Inc. (The)		117,199		9,782,601
Michaels Cos., Inc. (The) (a)		288,020		8,055,919
Murphy USA, Inc. (a)		79,826		4,905,308
Office Depot, Inc. (a)		958,120		6,802,652
				35,187,223
Textiles, Apparel & Luxury Goods - 1.0%
Crocs, Inc. (a)		630,250		6,063,005
				117,679,997
Information Technology - 18.2%
Communications Equipment - 2.7%
Finisar Corp. (a)		493,240		8,996,697
Polycom, Inc. (a)		604,780		6,743,297
				15,739,994
Electronic Equipment, Instruments & Components - 6.2%
Anixter International, Inc. (a)		26,160		1,363,198
Avnet, Inc.		146,850		6,505,455
CDW Corp./DE		181,260		7,522,290
Celestica, Inc. (Toronto) (a)		300,000		3,294,000
Keysight Technologies, Inc. (a)		264,480		7,336,675
TTM Technologies, Inc. (a)		545,699		3,628,898
Vishay Intertechnology, Inc.		596,130		7,278,747
				36,929,263
IT Services - 3.3%
Amdocs Ltd.		125,380		7,575,460
Booz Allen Hamilton Holding Corp.		255,720		7,743,201
Genpact Ltd. (a)		150,430		4,090,192
				19,408,853
Semiconductors & Semiconductor Equipment - 3.0%
Advanced Micro Devices, Inc. (a)(b)		751,960		2,143,086
Cypress Semiconductor Corp. (b)		834,430		7,226,164
Lam Research Corp.		61,440		5,074,944
Qorvo, Inc. (a)		70,530		3,555,417
				17,999,611

Company	Shares		U.S. $ Value
Software - 1.1%
Verint Systems, Inc. (a)		199,420		6,656,640
Technology Hardware, Storage & Peripherals - 1.9%
NCR Corp. (a)		365,790		10,948,095
				107,682,456
Industrials - 13.8%
Commercial Services & Supplies - 0.9%
ABM Industries, Inc.		165,610		5,350,859
Construction & Engineering - 5.5%
AECOM (a)		298,175		9,180,808
EMCOR Group, Inc.		166,900		8,111,340
Granite Construction, Inc.		182,250		8,711,550
Quanta Services, Inc. (a)		279,400		6,303,264
				32,306,962
Electrical Equipment - 1.2%
Regal Beloit Corp.		111,610		7,041,475
Machinery - 2.6%
ITT Corp.		215,410		7,946,475
Oshkosh Corp.		190,130		7,770,613
				15,717,088
Road & Rail - 1.2%
Ryder System, Inc.		112,600		7,294,228
Trading Companies & Distributors - 2.4%
MRC Global, Inc. (a)		610,950		8,027,883
WESCO International, Inc. (a)(b)		113,100		6,183,177
				14,211,060
				81,921,672
Energy - 5.9%
Energy Equipment & Services - 1.8%
Oil States International, Inc. (a)		131,280		4,137,946
RPC, Inc. (b)		472,520		6,700,333
				10,838,279
Oil, Gas & Consumable Fuels - 4.1%
Gulfport Energy Corp. (a)		150,440		4,263,470
HollyFrontier Corp.		168,860		5,964,135
QEP Resources, Inc.		717,670		10,126,324
Synergy Resources Corp. (a)		496,310		3,856,329
				24,210,258
				35,048,537
Materials - 5.5%
Chemicals - 3.2%
A. Schulman, Inc.		190,870		5,195,481
Huntsman Corp.		465,780		6,194,874

Company	Shares		U.S. $ Value
Westlake Chemical Corp.		161,720		7,487,636
				18,877,991
Containers & Packaging - 1.3%
Graphic Packaging Holding Co.		584,320		7,508,512
Metals & Mining - 1.0%
Steel Dynamics, Inc.		267,450		6,020,300
				32,406,803
Utilities - 4.5%
Electric Utilities - 3.0%
PNM Resources, Inc.		253,290		8,540,939
Westar Energy, Inc.		184,525		9,154,285
				17,695,224
Gas Utilities - 1.5%
Southwest Gas Corp.		135,050		8,893,043
				26,588,267
Health Care - 3.7%
Health Care Providers & Services - 3.7%
LifePoint Health, Inc. (a)		115,505		7,998,721
Molina Healthcare, Inc. (a)		124,760		8,045,772
WellCare Health Plans, Inc. (a)		63,370		5,877,568
				21,922,061
Consumer Staples - 1.4%
Food Products - 1.4%
Ingredion, Inc.		78,900		8,425,731
Total Common Stocks (cost $515,766,266)				581,141,628
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.7%
Time Deposit - 1.7%
State Street Time Deposit 0.01%, 4/01/16 (cost $9,849,308)	$	9,849		9,849,308
Total Investments Before Security Lending Collateral for Securities Loaned - 99.9% (cost $525,615,574)				590,990,936
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.1%
Investment Companies - 4.1%
AB Exchange Reserves-Class I, 0.40% (c)(d) (cost $23,870,915)		23,870,915		23,870,915

	U.S. $ Value
Total Investments - 104.0% (cost $549,486,489) (e)		614,861,851
Other assets less liabilities - (4.0)%		(23,371,806	)
Net Assets - 100.0%	$	591,490,045

(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 AB at (800) 227-4618.

(e) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $98,324,932 and gross unrealized depreciation of investments was $(32,949,570), resulting in net unrealized appreciation of $65,375,362.

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, 2016 (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 Fund’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, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks(a)

$

581,141,628

$

– 0

–

$

– 0

–

$

581,141,628

Short-Term Investments

– 0

–

9,849,308

– 0

–

9,849,308

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

23,870,915

– 0

–

– 0

–

23,870,915

Total Investments in Securities

605,012,543

9,849,308

– 0

–

614,861,851

Other Financial Instruments(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total(c)

$

605,012,543

$

9,849,308

$

– 0

–

$

614,861,851

(a) See Portfolio of Investments for sector classifications.

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

(c) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Fund’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/15 (000)

Purchases  at Cost (000)

Sales Proceeds (000)

Realized Gain (Loss) (000)

Change in Unrealized Appr./(Depr.) (000)

Market Value 03/31/16 (000)

Income (000)

Realized Gains (000)

AB Exchange Reserves

$

29,810

$

49,200

$

55,139

$

– 0

–

$

– 0

–

$

23,871

$

– 0

–

$

– 0

–

AB Variable Products Series Fund

Value Portfolio

Portfolio of Investments

March 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 100.1%
Financials - 27.2%
Banks - 9.7%
Bank of America Corp.		270,641	$	3,659,066
Citizens Financial Group, Inc.		48,249		1,010,817
Wells Fargo & Co.		73,168		3,538,404
				8,208,287
Consumer Finance - 8.2%
Capital One Financial Corp.		35,383		2,452,396
Discover Financial Services		26,344		1,341,436
OneMain Holdings, Inc. (a)		33,807		927,326
Synchrony Financial (a)		77,480		2,220,577
				6,941,735
Insurance - 9.3%
Allstate Corp. (The)		44,906		3,025,317
American Financial Group, Inc./OH		9,605		675,904
American International Group, Inc.		39,284		2,123,300
First American Financial Corp.		17,990		685,599
FNF Group		37,721		1,278,742
				7,788,862
				22,938,884
Information Technology - 16.1%
Electronic Equipment, Instruments & Components - 1.5%
Keysight Technologies, Inc. (a)		43,951		1,219,201
IT Services - 1.8%
Xerox Corp.		135,444		1,511,555
Semiconductors & Semiconductor Equipment - 3.6%
Applied Materials, Inc.		112,332		2,379,192
Intel Corp.		20,861		674,853
				3,054,045
Software - 5.1%
Microsoft Corp.		46,269		2,555,437
Oracle Corp.		41,690		1,705,538
				4,260,975
Technology Hardware, Storage & Peripherals - 4.1%
Hewlett Packard Enterprise Co.		106,807		1,893,688
HP, Inc.		111,307		1,371,302
NCR Corp. (a)		7,301		218,519
				3,483,509
				13,529,285
Consumer Discretionary - 10.7%
Auto Components - 5.3%
Goodyear Tire & Rubber Co. (The)		39,453		1,301,160
Lear Corp.		11,410		1,268,450
Magna International, Inc. (New York) - Class A		43,690		1,876,922
				4,446,532

Company	Shares		U.S. $ Value
Media - 1.7%
Comcast Corp. - Class A		23,859	$	1,457,308
Multiline Retail - 2.2%
Dollar General Corp.		22,136		1,894,841
Specialty Retail - 1.5%
Foot Locker, Inc.		19,138		1,234,401
				9,033,082
Industrials - 9.3%
Aerospace & Defense - 2.4%
L-3 Communications Holdings, Inc.		17,365		2,057,752
Airlines - 3.5%
Delta Air Lines, Inc.		34,017		1,655,948
JetBlue Airways Corp. (a)		60,294		1,273,409
				2,929,357
Electrical Equipment - 2.1%
Eaton Corp. PLC		27,907		1,745,862
Machinery - 1.3%
ITT Corp.		29,447		1,086,300
				7,819,271
Health Care - 9.1%
Biotechnology - 1.2%
Gilead Sciences, Inc.		10,774		989,700
Health Care Providers & Services - 4.8%
Aetna, Inc.		22,635		2,543,042
UnitedHealth Group, Inc.		11,940		1,539,066
				4,082,108
Pharmaceuticals - 3.1%
Pfizer, Inc.		88,553		2,624,711
				7,696,519
Energy - 8.6%
Energy Equipment & Services - 2.0%
Schlumberger Ltd.		22,255		1,641,306
Oil, Gas & Consumable Fuels - 6.6%
EOG Resources, Inc.		22,841		1,657,800
Exxon Mobil Corp.		10,355		865,575
Hess Corp.		15,768		830,185
HollyFrontier Corp.		25,657		906,205
Valero Energy Corp.		20,534		1,317,051
				5,576,816
				7,218,122
Materials - 7.2%
Chemicals - 7.2%
CF Industries Holdings, Inc.		82,745		2,593,228
Dow Chemical Co. (The)		17,216		875,606
LyondellBasell Industries NV - Class A		30,726		2,629,531
				6,098,365

Company	Shares		U.S. $ Value
Utilities - 6.9%
Electric Utilities - 5.6%
American Electric Power Co., Inc.		19,788	$	1,313,923
Edison International		18,396		1,322,489
PPL Corp.		53,982		2,055,095
				4,691,507
Multi-Utilities - 1.3%
NiSource, Inc.		46,447		1,094,291
				5,785,798
Telecommunication Services - 2.7%
Diversified Telecommunication Services - 2.7%
Verizon Communications, Inc.		41,964		2,269,413
Consumer Staples - 2.3%
Tobacco - 2.3%
Altria Group, Inc.		31,428		1,969,279
Total Investments - 100.1% (cost $76,782,408) (b)				84,358,018
Other assets less liabilities - (0.1)%				(92,689	)
Net Assets - 100.0%			$	84,265,329

(a) Non-income producing security.

(b) As of March 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $10,410,312 and gross unrealized depreciation of investments was $(2,834,702), resulting in net unrealized appreciation of $7,575,610.

AB Variable Products Series Fund

Value Portfolio

March 31, 2016 (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)

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 following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2016:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

84,358,018

$

– 0

–

$

– 0

–

$

84,358,018

Total Investments in Securities

84,358,018

– 0

–

– 0

–

84,358,018

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

84,358,018

$

– 0

–

$

– 0

–

$

84,358,018

(a) See Portfolio of Investments for sector classifications.

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

(c) There were no transfers between any levels during the reporting period.

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

The Adviser established the 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).

A summary of the Portfolio’s transactions of investments in affiliated issuers for the quarter ended March 31, 2016 is as follows:

													Distributions
Affiliated Issuer	Market  Value 12/31/15 (000)		Purchases  at Cost (000)		Sales Proceeds (000)		Realized Gain  (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market  Value 03/31/16 (000)		Income (000)		Realized Gains (000)
AB Exchange Reserves - Class I	$	1,078	$	4,587	$	5,665	$	0	$	0	$	0	$	0	$	0

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 25, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/     Robert M. Keith
	Robert M. Keith
	President

Date: May 25, 2016

By:	/s/     Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: May 25, 2016