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, 2017

Date of reporting period: March 31, 2017

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.5%
Information Technology - 12.7%
Communications Equipment - 0.9%
Arista Networks, Inc. (a)		3,910	$	517,176
Cisco Systems, Inc.		19,039		643,518
Nokia Oyj		70,630		379,625
Nokia Oyj (Sponsored ADR) - Class A (b)		122,979		666,546
Palo Alto Networks, Inc. (a)		3,129		352,576
				2,559,441
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. - Class A		4,744		337,630
Corning, Inc.		5,906		159,462
Keyence Corp.		2,100		842,463
Largan Precision Co., Ltd.		1,000		157,500
				1,497,055
Internet Software & Services - 3.2%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		2,730		294,376
Alphabet, Inc. - Class A (a)		660		559,548
Alphabet, Inc. - Class C (a)		4,568		3,789,430
Criteo SA (Sponsored ADR) (a)(b)		9,472		473,505
Facebook, Inc. - Class A (a)		27,640		3,926,262
NetEase, Inc. (ADR)		450		127,800
Tencent Holdings Ltd.		12,600		363,000
Yahoo Japan Corp.		56,700		262,887
				9,796,808
IT Services - 2.0%
Automatic Data Processing, Inc.		3,840		393,178
Booz Allen Hamilton Holding Corp.		15,509		548,864
Cognizant Technology Solutions Corp. - Class A (a)		8,020		477,350
Fiserv, Inc. (a)		8,380		966,298
Fujitsu Ltd.		23,000		141,183
Vantiv, Inc. - Class A (a)		9,210		590,545
Visa, Inc. - Class A		33,720		2,996,696
				6,114,114
Semiconductors & Semiconductor Equipment - 2.1%
Applied Materials, Inc.		1,594		62,007
ASM International NV		4,160		233,266
ASML Holding NV		3,001		398,211
Infineon Technologies AG		8,970		183,592
Intel Corp.		38,891		1,402,798
NVIDIA Corp.		6,329		689,418
SCREEN Holdings Co., Ltd.		2,900		213,993
Siltronic AG (a)		3,040		202,652
SK Hynix, Inc.		1,720		77,687
Sumco Corp.		20,700		345,777
Taiwan Semiconductor Manufacturing Co., Ltd.		12,000		75,248
Texas Instruments, Inc.		9,920		799,155
Tokyo Electron Ltd.		1,300		142,319
Xilinx, Inc.		28,279		1,637,071
				6,463,194

Company	Shares		U.S. $ Value
Software - 2.3%
Adobe Systems, Inc. (a)		13,710	$	1,784,082
Constellation Software, Inc./Canada		1,789		879,130
Dassault Systemes SE		3,130		270,719
Electronic Arts, Inc. (a)		15,080		1,349,962
Nintendo Co., Ltd.		1,100		255,243
Oracle Corp.		34,046		1,518,792
salesforce.com, Inc. (a)		3,520		290,365
ServiceNow, Inc. (a)		5,135		449,158
				6,797,451
Technology Hardware, Storage & Peripherals - 1.7%
Apple, Inc.		19,390		2,785,567
Hewlett Packard Enterprise Co.		28,408		673,270
HP, Inc.		42,002		750,996
NCR Corp. (a)		4,817		220,040
Samsung Electronics Co., Ltd.		150		276,063
Samsung Electronics Co., Ltd. (Preference Shares)		40		57,295
Xerox Corp.		67,630		496,404
				5,259,635
				38,487,698
Real Estate - 10.0%
Diversified Real Estate Activities - 0.9%
City Developments Ltd.		25,500		185,833
LendLease Group		40,570		482,516
Mitsubishi Estate Co., Ltd.		11,000		200,493
Mitsui Fudosan Co., Ltd.		33,100		706,745
Sumitomo Realty & Development Co., Ltd.		18,000		467,503
Wharf Holdings Ltd. (The)		85,000		730,493
Wheelock & Co., Ltd.		12,000		94,924
				2,868,507
Diversified REITs - 1.3%
Armada Hoffler Properties, Inc.		21,690		301,274
Empire State Realty Trust, Inc. - Class A		18,980		391,747
Gecina SA		1,460		197,960
GPT Group (The)		78,470		308,830
Gramercy Property Trust		13,977		367,595
H&R Real Estate Investment Trust		11,960		207,480
Heiwa Real Estate REIT, Inc.		119		89,600
Hispania Activos Inmobiliarios SOCIMI SA		13,090		187,825
Hulic Reit, Inc.		92		152,548
ICADE		3,300		241,395
Kenedix Office Investment Corp. - Class A		37		218,212
Liberty Property Trust		8,660		333,843
Merlin Properties Socimi SA		28,804		321,802
Mirvac Group		139,340		233,118
Premier Investment Corp.		128		144,762
Washington Real Estate Investment Trust		11,260		352,213
				4,050,204
Health Care REITs - 0.6%
Healthcare Realty Trust, Inc.		12,410		403,325
Medical Properties Trust, Inc.		23,770		306,396
Sabra Health Care REIT, Inc.		9,300		259,749

Company	Shares		U.S. $ Value
Welltower, Inc.		11,210	$	793,892
				1,763,362
Hotel & Resort REITs - 0.2%
Park Hotels & Resorts, Inc.		10,270		263,631
Summit Hotel Properties, Inc.		19,210		306,976
				570,607
Industrial REITs - 0.7%
Goodman Group		57,360		339,134
LaSalle Logiport REIT		151		139,919
Mapletree Logistics Trust		228,300		178,710
Monmouth Real Estate Investment Corp. - Class A		16,190		231,031
Pure Industrial Real Estate Trust		37,490		171,684
Rexford Industrial Realty, Inc.		17,920		403,559
Segro PLC		45,840		262,084
STAG Industrial, Inc.		13,280		332,266
				2,058,387
Office REITs - 1.4%
Alexandria Real Estate Equities, Inc.		4,830		533,812
Allied Properties Real Estate Investment Trust		7,776		211,028
Axiare Patrimonio SOCIMI SA		11,090		165,513
Boston Properties, Inc.		5,664		749,970
Brandywine Realty Trust		13,030		211,477
Columbia Property Trust, Inc.		15,910		353,997
Concentradora Hipotecaria SAPI de CV		104,000		124,874
Corporate Office Properties Trust		9,600		317,760
Daiwa Office Investment Corp.		29		148,385
Derwent London PLC		8,800		310,000
Hudson Pacific Properties, Inc.		11,790		408,406
Investa Office Fund		53,120		192,854
MCUBS MidCity Investment Corp.		39		118,045
Parkway, Inc.		7,220		143,606
Workspace Group PLC		28,146		276,823
				4,266,550
Real Estate Development - 0.2%
Cheung Kong Property Holdings Ltd.		76,500		516,056
Kaisa Group Holdings Ltd. (a)		409,000		144,727
				660,783
Real Estate Management & Development - 0.4%
Daito Trust Construction Co., Ltd.		3,500		481,238
Global Logistic Properties Ltd.		43,200		85,846
Vonovia SE		18,302		644,814
				1,211,898
Real Estate Operating Companies - 0.7%
CA Immobilien Anlagen AG (a)		12,330		270,640
Entra ASA (c)		23,288		254,496
Fabege AB		16,590		263,754
Hongkong Land Holdings Ltd.		48,800		375,039
Inmobiliaria Colonial SA		20,777		155,317
LEG Immobilien AG (a)		3,260		267,222
Parque Arauco SA		48,150		128,424
TLG Immobilien AG		4,640		90,346

Company	Shares		U.S. $ Value
UNITE Group PLC (The)		33,640	$	268,269
				2,073,507
Residential REITs - 1.2%
AvalonBay Communities, Inc.		4,540		833,544
Education Realty Trust, Inc.		9,510		388,484
Independence Realty Trust, Inc.		33,090		310,053
Japan Rental Housing Investments, Inc.		236		173,409
Kenedix Residential Investment Corp.		44		123,821
Killam Apartment Real Estate Investment Trust		17,580		167,624
Mid-America Apartment Communities, Inc.		12,061		1,227,086
Sun Communities, Inc.		5,971		479,650
				3,703,671
Retail REITs - 1.7%
Brixmor Property Group, Inc.		19,140		410,744
Frontier Real Estate Investment Corp.		39		177,257
Fukuoka REIT Corp.		106		173,763
GGP, Inc.		24,740		573,473
Klepierre		9,583		372,305
Link REIT		115,268		807,885
Mercialys SA		13,820		257,784
Ramco-Gershenson Properties Trust		15,280		214,226
Realty Income Corp.		10,640		633,399
Retail Opportunity Investments Corp.		9,990		210,090
Simon Property Group, Inc.		5,276		907,630
Urban Edge Properties		12,980		341,374
				5,079,930
Specialized REITs - 0.7%
Digital Realty Trust, Inc.		5,580		593,656
EPR Properties		5,580		410,855
Equinix, Inc.		790		316,292
National Storage Affiliates Trust		20,140		481,346
Public Storage		1,360		297,718
				2,099,867
				30,407,273
Financials - 8.8%
Banks - 4.5%
ABN AMRO Group NV (GDR) (c)		7,110		172,407
Australia & New Zealand Banking Group Ltd.		19,390		470,802
Banco Santander SA		23,410		143,300
Bank of America Corp.		94,358		2,225,905
Bank of Queensland Ltd.		25,441		236,171
Barclays PLC		105,530		297,888
BNP Paribas SA		13,850		921,635
BOC Hong Kong Holdings Ltd.		75,000		306,549
Citigroup, Inc.		14,051		840,531
Citizens Financial Group, Inc.		1,635		56,489
Comerica, Inc.		7,529		516,339
Danske Bank A/S		8,565		292,031
DNB ASA		17,800		282,638
Erste Group Bank AG		8,740		284,591
Fifth Third Bancorp		5,234		132,944
HSBC Holdings PLC		14,630		119,335
ING Groep NV		26,970		407,362
Intesa Sanpaolo SpA		58,480		159,072

Company	Shares		U.S. $ Value
Itau Unibanco Holding SA (Preference Shares)		8,250	$	99,877
JPMorgan Chase & Co.		20,189		1,773,402
KB Financial Group, Inc.		2,450		107,375
KBC Group NV		1,713		113,560
Mitsubishi UFJ Financial Group, Inc.		61,000		384,249
PNC Financial Services Group, Inc. (The)		2,996		360,239
Royal Bank of Canada		1,710		124,587
Sberbank of Russia PJSC (Sponsored ADR)		15,598		179,845
SunTrust Banks, Inc.		2,924		161,697
US Bancorp		9,085		467,877
Wells Fargo & Co.		34,306		1,909,472
				13,548,169
Capital Markets - 1.1%
Amundi SA (c)		3,110		183,434
Credit Suisse Group AG (REG) (a)		26,240		390,415
Franklin Resources, Inc.		1,564		65,907
Goldman Sachs Group, Inc. (The)		2,677		614,961
MarketAxess Holdings, Inc.		1,180		221,238
Morgan Stanley		8,180		350,431
Partners Group Holding AG		1,070		575,032
Thomson Reuters Corp.		2,453		106,043
UBS Group AG		44,112		705,113
				3,212,574
Consumer Finance - 0.7%
Capital One Financial Corp.		7,473		647,610
Discover Financial Services		1,591		108,808
Hitachi Capital Corp.		7,200		174,522
OneMain Holdings, Inc. (a)		13,414		333,338
Synchrony Financial		29,534		1,013,016
				2,277,294
Diversified Financial Services - 0.4%
Berkshire Hathaway, Inc. - Class B (a)		4,127		687,888
GRENKE AG		1,382		243,906
ORIX Corp.		12,400		184,048
				1,115,842
Insurance - 1.9%
Admiral Group PLC		16,479		410,606
AIA Group Ltd.		135,200		853,376
Allstate Corp. (The)		7,525		613,212
American International Group, Inc.		18,683		1,166,380
Aviva PLC		22,950		153,147
Dongbu Insurance Co., Ltd.		2,080		119,064
First American Financial Corp.		11,689		459,144
FNF Group		16,512		642,977
Hartford Financial Services Group, Inc. (The)		2,784		133,827
Loews Corp.		1,598		74,738
Progressive Corp. (The)		2,039		79,888
Prudential Financial, Inc.		2,641		281,742
Prudential PLC		36,360		768,044
Suncorp Group Ltd.		15,210		153,492
				5,909,637

Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp., Ltd.		25,590	$	591,148
				26,654,664
Health Care - 7.7%
Biotechnology - 1.4%
Alexion Pharmaceuticals, Inc. (a)		5,845		708,648
Biogen, Inc. (a)		8,002		2,187,907
China Biologic Products, Inc. (a)		1,190		119,155
Gilead Sciences, Inc.		13,099		889,684
Grifols SA (ADR)		9,540		180,067
				4,085,461
Health Care Equipment & Supplies - 2.1%
Align Technology, Inc. (a)		3,985		457,119
Baxter International, Inc.		2,268		117,618
Danaher Corp.		14,609		1,249,508
Edwards Lifesciences Corp. (a)		21,065		1,981,585
Essilor International SA		6,970		846,235
Intuitive Surgical, Inc. (a)		2,074		1,589,659
Sartorius AG (Preference Shares)		2,536		222,421
				6,464,145
Health Care Providers & Services - 1.5%
Aetna, Inc.		4,428		564,791
Cigna Corp.		4,878		714,578
McKesson Corp.		3,979		589,927
Quest Diagnostics, Inc.		3,584		351,913
UnitedHealth Group, Inc.		13,101		2,148,695
VCA, Inc. (a)		3,160		289,140
				4,659,044
Health Care Technology - 0.2%
Cerner Corp. (a)		11,660		686,191
Life Sciences Tools & Services - 0.4%
Eurofins Scientific SE		1,896		824,530
Mettler-Toledo International, Inc. (a)		839		401,806
				1,226,336
Pharmaceuticals - 2.1%
Johnson & Johnson		12,637		1,573,938
Mallinckrodt PLC (a)		9,510		423,861
Merck & Co., Inc.		9,059		575,609
Novartis AG		5,590		415,099
Pfizer, Inc.		11,028		377,268
Roche Holding AG		3,290		841,364
Sanofi		6,350		574,009
Shire PLC		11,040		643,269
Teva Pharmaceutical Industries Ltd.		1,680		54,940
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		23,838		764,961
				6,244,318
				23,365,495

Company	Shares		U.S. $ Value
Consumer Discretionary - 6.8%
Auto Components - 0.8%
Bridgestone Corp.		3,100	$	125,839
Cie Generale des Etablissements Michelin - Class B		1,110		134,884
Hankook Tire Co., Ltd.		1,660		80,958
Lear Corp.		3,221		456,029
Magna International, Inc. - Class A		19,190		828,240
Sumitomo Electric Industries Ltd.		11,500		191,169
Valeo SA		7,250		482,283
				2,299,402
Automobiles - 0.5%
General Motors Co.		9,402		332,455
Honda Motor Co., Ltd.		15,000		452,835
Peugeot SA (a)		18,040		362,559
Toyota Motor Corp.		6,500		352,806
				1,500,655
Diversified Consumer Services - 0.0%
Tarena International, Inc. (ADR)		4,100		76,588
Hotels, Restaurants & Leisure - 0.6%
Merlin Entertainments PLC (c)		20,239		121,658
Sodexo SA		2,771		325,582
Starbucks Corp.		24,160		1,410,702
				1,857,942
Household Durables - 0.1%
Panasonic Corp.		25,400		287,457
Internet & Direct Marketing Retail - 0.3%
Priceline Group, Inc. (The) (a)		520		925,584
Media - 1.4%
CBS Corp. - Class B		4,904		340,141
Comcast Corp. - Class A		49,662		1,866,795
CTS Eventim AG & Co. KGaA		14,788		572,054
Regal Entertainment Group - Class A		14,456		326,416
Twenty-First Century Fox, Inc. - Class A		2,482		80,392
Walt Disney Co. (The)		8,318		943,178
				4,128,976
Multiline Retail - 0.6%
Dollar General Corp.		5,804		404,713
Dollar Tree, Inc. (a)		16,971		1,331,545
Target Corp.		3,136		173,076
				1,909,334
Specialty Retail - 1.6%
ABC-Mart, Inc.		8,500		498,197
Burlington Stores, Inc. (a)		3,662		356,276
Foot Locker, Inc.		4,122		308,367
Home Depot, Inc. (The)		15,021		2,205,533
O’Reilly Automotive, Inc. (a)		3,420		922,853
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,660		473,482

Company	Shares		U.S. $ Value
Yamada Denki Co., Ltd.		33,200	$	165,971
				4,930,679
Textiles, Apparel & Luxury Goods - 0.9%
HUGO BOSS AG		3,090		225,333
Kering		530		136,986
NIKE, Inc. - Class B		25,602		1,426,800
PVH Corp.		3,032		313,721
Samsonite International SA		119,400		434,194
				2,537,034
				20,453,651
Consumer Staples - 4.5%
Beverages - 0.9%
Asahi Group Holdings Ltd.		2,800		106,020
Constellation Brands, Inc. - Class A		2,920		473,245
Monster Beverage Corp. (a)		27,561		1,272,491
PepsiCo, Inc.		4,751		531,447
Pernod Ricard SA		1,790		211,615
				2,594,818
Food & Staples Retailing - 1.2%
Costco Wholesale Corp.		6,940		1,163,768
Koninklijke Ahold Delhaize NV		26,932		575,532
Kroger Co. (The)		27,886		822,358
Sugi Holdings Co., Ltd.		2,800		128,670
Tesco PLC (a)		66,160		153,978
Wal-Mart Stores, Inc.		8,246		594,372
Wesfarmers Ltd.		3,930		135,302
				3,573,980
Food Products - 0.3%
Archer-Daniels-Midland Co.		4,072		187,475
BRF SA		7,900		97,431
Orkla ASA		25,610		229,417
Tyson Foods, Inc. - Class A		5,154		318,053
WH Group Ltd. (c)		199,000		171,602
				1,003,978
Household Products - 0.4%
Henkel AG & Co. KGaA (Preference Shares)		2,290		293,521
Procter & Gamble Co. (The)		6,644		596,963
Reckitt Benckiser Group PLC		4,120		376,122
				1,266,606
Personal Products - 0.3%
LG Household & Health Care Ltd.		150		108,819
Unilever PLC		14,718		725,999
				834,818
Tobacco - 1.4%
Altria Group, Inc.		12,187		870,396
British American Tobacco PLC		25,539		1,694,411
Imperial Brands PLC		4,630		224,387
Japan Tobacco, Inc.		22,600		735,574

Company	Shares		U.S. $ Value
Philip Morris International, Inc.		7,736	$	873,394
				4,398,162
				13,672,362
Industrials - 4.5%
Aerospace & Defense - 0.8%
Airbus SE		5,610		427,828
BAE Systems PLC		24,690		198,710
Hexcel Corp.		6,231		339,901
L3 Technologies, Inc.		5,685		939,674
Saab AB - Class B		4,160		175,526
United Technologies Corp.		4,091		459,051
				2,540,690
Airlines - 0.6%
Delta Air Lines, Inc.		15,233		700,109
International Consolidated Airlines Group SA		41,440		274,637
Japan Airlines Co., Ltd.		9,700		307,974
Qantas Airways Ltd.		102,134		303,526
United Continental Holdings, Inc. (a)		2,002		141,421
				1,727,667
Building Products - 0.3%
Allegion PLC		3,061		231,718
AO Smith Corp.		11,230		574,527
				806,245
Commercial Services & Supplies - 0.2%
Babcock International Group PLC		25,642		283,333
IWG PLC		40,670		162,478
				445,811
Construction & Engineering - 0.1%
Quanta Services, Inc. (a)		5,685		210,970
Electrical Equipment - 0.3%
Eaton Corp. PLC		10,961		812,758
TKH Group NV		230		9,861
				822,619
Industrial Conglomerates - 0.5%
General Electric Co.		11,787		351,252
Roper Technologies, Inc.		5,285		1,091,300
				1,442,552
Machinery - 0.8%
Cummins, Inc.		942		142,431
Deere & Co.		1,406		153,057
IDEX Corp.		2,570		240,321
IHI Corp. (a)		86,000		272,034
Ingersoll-Rand PLC		4,317		351,059
Oshkosh Corp.		6,805		466,755
Parker-Hannifin Corp.		798		127,935
Snap-on, Inc.		2,660		448,662

Company	Shares		U.S. $ Value
WABCO Holdings, Inc. (a)		1,960	$	230,143
				2,432,397
Professional Services - 0.2%
Teleperformance		6,879		742,719
Road & Rail - 0.4%
Central Japan Railway Co.		1,800		294,012
Union Pacific Corp.		9,978		1,056,870
				1,350,882
Trading Companies & Distributors - 0.3%
BOC Aviation Ltd. (c)		37,400		199,536
Brenntag AG		6,870		385,040
United Rentals, Inc. (a)		3,291		411,540
				996,116
				13,518,668
Energy - 3.4%
Energy Equipment & Services - 0.4%
Petrofac Ltd.		15,330		177,082
Schlumberger Ltd.		14,372		1,122,453
				1,299,535
Oil, Gas & Consumable Fuels - 3.0%
Canadian Natural Resources Ltd.		19,975		654,980
Canadian Natural Resources Ltd. (Toronto)		5,290		173,197
Chevron Corp.		2,545		273,257
Devon Energy Corp.		15,035		627,260
EOG Resources, Inc.		11,256		1,098,023
Exxon Mobil Corp.		14,684		1,204,235
Hess Corp.		10,872		524,139
JX Holdings, Inc.		72,800		358,434
Marathon Oil Corp.		4,332		68,446
Marathon Petroleum Corp.		14,575		736,620
Novatek PJSC (Sponsored GDR) (c)		1,040		129,684
QEP Resources, Inc. (a)		26,098		331,706
Royal Dutch Shell PLC - Class A		65,625		1,727,801
SM Energy Co.		2,775		66,655
TOTAL SA		14,950		755,923
Valero Energy Corp.		2,806		186,010
YPF SA (Sponsored ADR)		5,353		129,971
				9,046,341
				10,345,876
Materials - 1.8%
Chemicals - 0.8%
Air Water, Inc.		9,800		181,199
Arkema SA		2,876		283,116
CF Industries Holdings, Inc.		18,961		556,505
Covestro AG (c)		2,435		187,589
Ecolab, Inc.		4,230		530,188
Incitec Pivot Ltd.		62,930		180,669
Johnson Matthey PLC		4,396		169,607
Koninklijke DSM NV		2,158		145,944

Company	Shares		U.S. $ Value
LyondellBasell Industries NV - Class A		1,149	$	104,777
Mosaic Co. (The)		1,842		53,750
Nippon Shokubai Co., Ltd.		2,600		177,422
				2,570,766
Construction Materials - 0.3%
Anhui Conch Cement Co., Ltd. - Class H		43,000		146,245
Buzzi Unicem SpA		6,060		154,902
Fletcher Building Ltd.		25,910		150,939
Grupo Cementos de Chihuahua SAB de CV		42,000		188,439
HeidelbergCement AG		1,720		161,075
				801,600
Metals & Mining - 0.6%
BHP Billiton PLC		56,110		865,436
BlueScope Steel Ltd.		11,896		111,522
Boliden AB		6,910		205,678
Gerdau SA (Preference Shares)		23,600		82,094
Glencore PLC (a)		99,090		388,785
MMC Norilsk Nickel PJSC (ADR)		7,526		118,125
Newmont Mining Corp.		3,210		105,802
				1,877,442
Paper & Forest Products - 0.1%
Mondi PLC		7,954		192,179
				5,441,987
Telecommunication Services - 1.7%
Diversified Telecommunication Services - 1.0%
AT&T, Inc.		28,812		1,197,139
BT Group PLC		154,820		618,215
China Unicom Hong Kong Ltd.		124,000		166,547
Com Hem Holding AB		12,630		144,755
Nippon Telegraph & Telephone Corp.		15,400		658,401
TDC A/S		35,040		180,465
Tower Bersama Infrastructure Tbk PT		257,000		105,131
				3,070,653
Wireless Telecommunication Services - 0.7%
SoftBank Group Corp.		12,100		858,073
T-Mobile US, Inc. (a)		9,989		645,190
Vodafone Group PLC		178,923		466,270
				1,969,533
				5,040,186
Utilities - 1.4%
Electric Utilities - 1.0%
American Electric Power Co., Inc.		9,684		650,087
Edison International		9,508		756,932
EDP - Energias de Portugal SA		50,730		171,526
Enel SpA		37,731		177,542
Eversource Energy		1,154		67,832
Exelon Corp.		12,619		454,031
PG&E Corp.		2,966		196,824
Portland General Electric Co.		11,183		496,749
				2,971,523

Company	Shares		U.S. $ Value
Multi-Utilities - 0.3%
CMS Energy Corp.		1,661	$	74,313
DTE Energy Co.		1,111		113,444
NiSource, Inc.		22,229		528,828
Public Service Enterprise Group, Inc.		3,500		155,225
WEC Energy Group, Inc.		1,887		114,409
				986,219
Water Utilities - 0.1%
American Water Works Co., Inc.		1,065		82,825
Pennon Group PLC		10,440		115,325
				198,150
				4,155,892
Transportation - 0.2%
Airport Services - 0.0%
Sydney Airport		29,160		150,779
Highways & Railtracks - 0.1%
Transurban Group		33,580		299,329
Railroads - 0.1%
East Japan Railway Co.		2,000		174,643
				624,751
Banks - 0.0%
Thrifts & Mortgage Finance - 0.0%
Aareal Bank AG		1,210		46,780
Total Common Stocks (cost $154,780,030)				192,215,283
	Principal Amount (000)
CORPORATES - INVESTMENT GRADE - 9.0%
Industrial - 5.7%
Basic - 0.4%
Barrick Gold Corp.
4.10%, 5/01/23	U.S.$	40		42,718
Dow Chemical Co. (The)
4.125%, 11/15/21		165		175,093
Eastman Chemical Co.
3.80%, 3/15/25		84		85,694
Glencore Funding LLC
4.125%, 5/30/23 (c)		126		128,388
Minsur SA
6.25%, 2/07/24 (c)		168		179,864
Mosaic Co. (The)
5.625%, 11/15/43		96		98,718
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (c)		237		230,127
Vale Overseas Ltd.
6.875%, 11/21/36		145		155,889
				1,096,491

Company	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.1%
Embraer Netherlands Finance BV
5.40%, 2/01/27	U.S.$	160	$	165,037
General Electric Co.
Series D
5.00%, 1/21/21 (d)		68		71,644
Yamana Gold, Inc.
4.95%, 7/15/24		142		142,710
				379,391
Communications - Media - 0.8%
CBS Corp.
5.75%, 4/15/20		250		274,275
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		165		174,281
Comcast Corp.
5.15%, 3/01/20		451		490,765
Cox Communications, Inc.
2.95%, 6/30/23 (c)		91		86,794
Discovery Communications LLC
3.45%, 3/15/25		104		98,491
RELX Capital, Inc.
8.625%, 1/15/19		435		482,528
S&P Global, Inc.
4.40%, 2/15/26		226		239,673
Time Warner Cable LLC
4.125%, 2/15/21		165		171,600
4.50%, 9/15/42		85		76,819
Time Warner, Inc.
4.70%, 1/15/21		123		131,792
Viacom, Inc.
4.375%, 3/15/43		23		19,928
5.625%, 9/15/19		83		89,045
				2,335,991
Communications - Telecommunications - 1.1%
American Tower Corp.
5.05%, 9/01/20		380		408,739
AT&T, Inc.
3.40%, 5/15/25		575		556,111
3.80%, 3/15/22		75		77,543
4.125%, 2/17/26		345		349,771
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		37,438
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.36%, 9/20/21 (c)	U.S.$	225		224,168
Telefonica Emisiones SAU
5.213%, 3/08/47		215		217,434
5.462%, 2/16/21		185		202,867

Company	Principal Amount (000)		U.S. $ Value
Verizon Communications, Inc.
2.625%, 8/15/26	U.S.$	295	$	269,409
3.50%, 11/01/24		1,048		1,040,088
				3,383,568
Consumer Cyclical - Automotive - 0.4%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		915		1,017,819
General Motors Co.
3.50%, 10/02/18		130		132,805
General Motors Financial Co., Inc.
4.00%, 1/15/25		41		41,158
4.30%, 7/13/25		50		50,692
				1,242,474
Consumer Cyclical - Retailers - 0.1%
CVS Health Corp.
3.875%, 7/20/25		222		228,649
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		211		215,117
				443,766
Consumer Non-Cyclical - 0.9%
AbbVie, Inc.
3.60%, 5/14/25		166		165,741
Agilent Technologies, Inc.
5.00%, 7/15/20		71		76,581
AstraZeneca PLC
6.45%, 9/15/37		90		117,370
Bayer US Finance LLC
3.375%, 10/08/24 (c)		321		322,615
Becton Dickinson and Co.
3.734%, 12/15/24		66		67,890
Biogen, Inc.
4.05%, 9/15/25		251		259,923
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		155		175,649
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (c)		339		340,239
Laboratory Corp. of America Holdings
3.60%, 2/01/25		100		98,895
Mylan NV
3.95%, 6/15/26		68		66,535
Reynolds American, Inc.
5.85%, 8/15/45		79		92,760
Sigma Alimentos SA de CV
4.125%, 5/02/26 (c)		200		195,500
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 7/21/23		211		200,410
3.15%, 10/01/26		146		134,541
Tyson Foods, Inc.
2.65%, 8/15/19		64		64,640
3.95%, 8/15/24		206		210,120
				2,589,409

Company	Principal Amount (000)		U.S. $ Value
Energy - 1.3%
Cenovus Energy, Inc.
3.00%, 8/15/22	U.S.$	17	$	16,745
5.70%, 10/15/19		59		63,573
Encana Corp.
3.90%, 11/15/21		140		142,975
Enterprise Products Operating LLC
3.70%, 2/15/26		278		278,103
5.20%, 9/01/20		185		201,446
Halliburton Co.
5.00%, 11/15/45		295		310,178
Hess Corp.
4.30%, 4/01/27		199		195,517
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		302		304,866
Kinder Morgan, Inc./DE
5.00%, 2/15/21 (c)		250		266,922
Marathon Petroleum Corp.
5.125%, 3/01/21		163		176,086
MPLX LP
4.125%, 3/01/27		106		105,495
4.50%, 7/15/23		189		196,437
Nabors Industries, Inc.
5.50%, 1/15/23 (c)		212		217,300
Noble Energy, Inc.
3.90%, 11/15/24		170		172,270
8.25%, 3/01/19		374		416,004
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		232		224,636
Sabine Pass Liquefaction LLC
5.00%, 3/15/27 (c)		146		152,205
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		111,751
Valero Energy Corp.
6.125%, 2/01/20		175		192,630
Williams Partners LP
4.125%, 11/15/20		155		161,997
				3,907,136
Services - 0.0%
eBay, Inc.
3.80%, 3/09/22		75		77,965
Technology - 0.5%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24 (c)		53		53,408
3.875%, 1/15/27 (c)		117		117,580
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
6.02%, 6/15/26 (c)		50		54,564
Fidelity National Information Services, Inc.
3.50%, 4/15/23		39		39,517
5.00%, 10/15/25		3		3,267
HP, Inc.
4.65%, 12/09/21		114		122,148

Company	Principal Amount (000)		U.S. $ Value
KLA-Tencor Corp.
4.65%, 11/01/24	U.S.$	225	$	239,081
Lam Research Corp.
2.80%, 6/15/21		71		71,110
Motorola Solutions, Inc.
7.50%, 5/15/25		33		39,030
Seagate HDD Cayman
4.75%, 1/01/25		127		124,461
Tencent Holdings Ltd.
3.375%, 5/02/19 (c)		335		342,479
Total System Services, Inc.
2.375%, 6/01/18		141		141,553
3.75%, 6/01/23		139		139,218
Western Digital Corp.
7.375%, 4/01/23 (c)		156		171,210
				1,658,626
Transportation - Services - 0.1%
Adani Ports & Special Economic Zone Ltd.
3.95%, 1/19/22 (c)		200		202,301
				17,317,118
Financial Institutions - 3.1%
Banking - 2.7%
Bank of America Corp.
3.824%, 1/20/28		270		270,097
Barclays Bank PLC
Series E
6.625%, 3/30/22 (c)	EUR	84		111,193
Barclays PLC
3.65%, 3/16/25	U.S.$	270		263,582
3.684%, 1/10/23		215		215,843
BNP Paribas SA
3.80%, 1/10/24(c)		215		214,405
Series E
2.25%, 1/11/27(c)	EUR	195		202,436
Citigroup, Inc.
3.875%, 3/26/25	U.S.$	235		233,108
Compass Bank
5.50%, 4/01/20		314		330,856
Cooperatieve Rabobank UA
4.375%, 8/04/25		320		327,667
Credit Agricole SA/London
4.125%, 1/10/27 (c)		250		247,943
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		385		386,609
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		208		203,784
3.75%, 5/22/25		186		188,340
5.75%, 1/24/22		335		376,925
Series D
6.00%, 6/15/20		217		240,004
ING Groep NV
3.95%, 3/29/27		265		265,289

Company	Principal Amount (000)		U.S. $ Value
JPMorgan Chase & Co.
3.782%, 2/01/28	U.S.$	177	$	178,720
Lloyds Banking Group PLC
4.65%, 3/24/26		200		204,356
Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/01/26		272		279,235
Morgan Stanley
5.625%, 9/23/19		168		181,484
Series G
5.50%, 7/24/20		189		206,450
Nationwide Building Society
4.00%, 9/14/26 (c)		290		280,891
6.25%, 2/25/20 (c)		465		514,318
PNC Bank NA
3.80%, 7/25/23		685		716,168
Santander Issuances SAU
3.25%, 4/04/26 (c)	EUR	200		222,266
Santander UK Group Holdings PLC
2.875%, 8/05/21	U.S.$	226		223,351
Santander UK PLC
5.00%, 11/07/23 (c)		200		209,028
Sumitomo Mitsui Banking Corp.
1.966%, 1/11/19		265		264,830
UBS Group Funding Jersey Ltd.
4.125%, 9/24/25 (c)		305		309,853
US Bancorp
Series J
5.30%, 4/15/27 (d)		116		118,067
Wells Fargo & Co.
3.069%, 1/24/23		212		213,049
				8,200,147
Finance - 0.1%
AerCap Aviation Solutions BV
6.375%, 5/30/17		200		201,444
International Lease Finance Corp.
5.875%, 4/01/19		93		99,101
				300,545
Insurance - 0.1%
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		38		41,284
Lincoln National Corp.
8.75%, 7/01/19		31		35,308
MetLife, Inc.
10.75%, 8/01/39		70		108,515
XLIT Ltd.
6.375%, 11/15/24		157		183,447
				368,554
REITS - 0.2%
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		10		10,058

Company	Principal Amount (000)		U.S. $ Value
Trust F/1401
5.25%, 1/30/26 (c)	U.S.$	200	$	201,000
Welltower, Inc.
4.00%, 6/01/25		238		241,292
				452,350
				9,321,596
Utility - 0.2%
Electric - 0.2%
CMS Energy Corp.
5.05%, 3/15/22		155		169,271
Constellation Energy Group, Inc.
5.15%, 12/01/20		89		96,536
Entergy Corp.
4.00%, 7/15/22		223		233,450
Exelon Corp.
5.10%, 6/15/45		125		134,526
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		47,611
				681,394
Total Corporates - Investment Grade (cost $26,709,863)				27,320,108
MORTGAGE PASS-THROUGHS - 7.5%
Agency Fixed Rate 30-Year - 6.7%
Federal Home Loan Mortgage Corp. Gold
4.00%, 2/01/46		543		572,939
Series 2005
5.50%, 1/01/35		208		232,856
Series 2007
5.50%, 7/01/35		22		24,012
Series 2017
4.00%, 7/01/44		436		460,343
Federal National Mortgage Association
3.00%, 5/01/45		1,286		1,278,037
3.50%, 1/01/46-6/01/46		4,134		4,231,861
3.50%, 4/01/47, TBA		1,935		1,979,445
4.00%, 12/01/40-11/01/46		1,389		1,466,711
4.00%, 4/01/47, TBA		1,300		1,363,680
4.50%, 4/25/47, TBA		4,643		4,979,255
5.00%, 12/01/39		121		132,716
Series 2004
5.50%, 2/01/34-11/01/34		77		86,424
Series 2007
5.50%, 1/01/37-8/01/37		287		319,989
Series 2008
5.50%, 8/01/37		135		151,014
Series AS6516
4.00%, 1/01/46		780		818,905
Government National Mortgage Association
3.00%, 12/20/46		507		512,407
3.50%, 4/01/47, TBA		1,635		1,695,418
				20,306,012

Company	Principal Amount (000)		U.S. $ Value
Agency Fixed Rate 15-Year - 0.8%
Federal National Mortgage Association
2.50%, 12/01/31-1/01/32	U.S.$	1,666	$	1,668,596
Series 2016
2.50%, 11/01/31		807		808,828
				2,477,424
Total Mortgage Pass-Throughs (cost $22,731,295)				22,783,436
GOVERNMENTS - TREASURIES - 3.7%
United States - 3.7%
U.S. Treasury Bonds
2.75%, 8/15/42		280		266,940
2.875%, 11/15/46		215		208,609
3.00%, 5/15/45		533		529,898
3.125%, 2/15/43-8/15/44		575		586,336
3.375%, 5/15/44		234		249,606
4.375%, 2/15/38		1,027		1,282,203
4.75%, 2/15/37		110		143,623
6.25%, 5/15/30		149		210,907
U.S. Treasury Notes
1.125%, 2/28/19		6,390		6,375,520
2.00%, 11/15/26		360		347,766
2.375%, 8/15/24		1,081		1,090,060
Total Governments - Treasuries (cost $11,351,267)				11,291,468
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		454,207
Americredit Automobile Receivables Trust
Series 2016-4, Class A2A
1.34%, 4/08/20		226		225,768
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (c)		2		1,798
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		150		150,251
Series 2015-2, Class A3
1.31%, 8/15/19		123		122,852
Capital Auto Receivables Asset Trust
Series 2014-1, Class B
2.22%, 1/22/19		80		80,229
Chrysler Capital Auto Receivables Trust
Series 2015-BA, Class A3
1.91%, 3/16/20 (c)		179		179,478
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20(c)		56		56,007
Series 2014-B, Class A
1.11%, 11/15/18(c)		7		7,462

Company	Principal Amount (000)		U.S. $ Value
CPS Auto Trust
Series 2017-A, Class A
1.68%, 8/17/20 (c)	U.S.$	121	$	120,341
Drive Auto Receivables Trust
Series 2016-CA, Class A3
1.67%, 11/15/19 (c)		161		161,050
Series 2017-AA, Class A3
1.77%, 1/15/20 (c)		235		234,736
Series 2017-BA, Class A1
1.20%, 4/16/18 (c)		340		340,000
Series 2017-BA, Class A3
1.74%, 6/17/19 (c)		215		214,989
Enterprise Fleet Financing LLC
Series 2014-2, Class A2
1.05%, 3/20/20 (c)		56		55,660
Series 2015-1, Class A2
1.30%, 9/20/20 (c)		174		174,210
Exeter Automobile Receivables Trust
Series 2016-1A, Class D
8.20%, 2/15/23 (c)		140		149,729
Series 2016-3A, Class A
1.84%, 11/16/20 (c)		91		90,766
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		268		267,920
First Investors Auto Owner Trust
Series 2016-2A, Class A1
1.53%, 11/16/20 (c)		150		149,954
Flagship Credit Auto Trust
Series 2016-3, Class A1
1.61%, 12/15/19 (c)		212		211,763
Series 2016-4, Class A2
1.96%, 2/16/21 (c)		110		109,640
Series 2016-4, Class D
3.89%, 11/15/22 (c)		100		98,218
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		322		322,094
GM Financial Automobile Leasing Trust
Series 2015-2, Class A3
1.68%, 12/20/18		412		412,661
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (c)		221		221,411
Series 2016-1, Class A1
1.96%, 5/17/21 (c)		280		280,466
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		122		122,076
Hertz Vehicle Financing II LP
Series 2015-1A, Class A
2.73%, 3/25/21 (c)		215		214,609
Series 2015-2A, Class A
2.02%, 9/25/19 (c)		180		178,987

Company	Principal Amount (000)		U.S. $ Value
Hertz Vehicle Financing LLC
Series 2013-1A, Class B2
2.48%, 8/25/19 (c)	U.S.$	192	$	191,663
Series 2016-1A, Class A
2.32%, 3/25/20 (c)		145		144,440
Hyundai Auto Lease Securitization Trust
Series 2015-B, Class A3
1.40%, 11/15/18 (c)		204		203,833
Mercedes Benz Auto Lease Trust
Series 2015-B, Class A3
1.34%, 7/16/18		223		222,998
Nissan Auto Lease Trust
Series 2015-A, Class A3
1.40%, 6/15/18		230		229,962
Westlake Automobile Receivables Trust
Series 2015-3A, Class A2A
1.42%, 5/17/21 (c)		41		40,560
Series 2016-2A, Class A2
1.57%, 6/17/19 (c)		130		129,940
				6,572,728
Other ABS - Fixed Rate - 0.5%
Ascentium Equipment Receivables Trust
Series 2016-1A, Class A2
1.75%, 11/13/18 (c)		61		60,720
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		210		210,434
Series 2015-A, Class A4
1.85%, 4/15/21		227		227,012
Dell Equipment Finance Trust
Series 2015-1, Class A3
1.30%, 3/23/20 (c)		84		84,034
Series 2015-2, Class A2A
1.42%, 12/22/17 (c)		34		34,297
Marlette Funding Trust
Series 2016-1A, Class A
3.06%, 1/17/23 (c)		65		64,908
Series 2017-1A, Class A
2.827%, 3/15/24 (c)		140		140,101
SBA Tower Trust
3.156%, 10/15/20 (c)		251		252,280
SoFi Consumer Loan Program LLC
Series 2016-2, Class A
3.09%, 10/27/25 (c)		103		102,607
Series 2016-3, Class A
3.05%, 12/26/25 (c)		147		147,176
Series 2017-2, Class A
3.28%, 2/25/26 (c)		170		169,981
Taco Bell Funding LLC
Series 2016-1A, Class A2I
3.832%, 5/25/46 (c)		154		156,340
				1,649,890

Company	Principal Amount (000)		U.S. $ Value
Autos - Floating Rate - 0.5%
BMW Floorplan Master Owner Trust
Series 2015-1A, Class A
1.412% (LIBOR 1 Month + 0.50%), 7/15/20 (c)(e)	U.S.$	378	$	378,199
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
1.408% (LIBOR 1 Month + 0.55%), 12/10/27 (c)(e)		15		14,672
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
2.478% (LIBOR 1 Month + 1.50%), 10/20/20 (c)(e)		320		320,000
Volkswagen Credit Auto Master Trust
Series 2014-1A, Class A1
1.328% (LIBOR 1 Month + 0.35%), 7/22/19 (c)(e)		120		120,017
Wells Fargo Dealer Floorplan Master Note Trust
Series 2014-1, Class A
1.358% (LIBOR 1 Month + 0.38%), 7/20/19 (e)		203		203,319
Series 2015-1, Class A
1.478% (LIBOR 1 Month + 0.50%), 1/20/20 (e)		384		384,677
				1,420,884
Credit Cards - Fixed Rate - 0.3%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		141		141,017
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		326		330,228
Series 2015-2, Class A
1.56%, 3/15/21		214		213,662
World Financial Network Credit Card Master Trust
Series 2013-A, Class A
1.61%, 12/15/21		246		246,252
				931,159
Credit Cards - Floating Rate - 0.2%
Discover Card Execution Note Trust
Series 2015-A1, Class A1
1.262% (LIBOR 1 Month + 0.35%), 8/17/20 (e)		240		240,529
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
1.392% (LIBOR 1 Month + 0.48%), 2/15/22 (e)		256		256,741
				497,270

Company	Principal Amount (000)		U.S. $ Value
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33	U.S.$	58	$	58,911
Total Asset-Backed Securities (cost $11,099,801)				11,130,842
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.9%
Non-Agency Fixed Rate CMBS - 2.3%
Banc of America Commercial Mortgage Trust
Series 2007-5, Class AM
5.772%, 2/10/51		150		152,698
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class AJ
5.611%, 9/11/41		16		15,569
BHMS Commercial Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (c)		335		337,305
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (c)		495		507,992
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D
4.877%, 9/10/45 (c)		169		158,769
Series 2015-GC27, Class A5
3.137%, 2/10/48		246		245,287
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.88%, 5/15/46		163		163,783
Commercial Mortgage Loan Trust
Series 2008-LS1, Class A1A
6.101%, 12/10/49		922		934,705
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (c)		162		159,176
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.715%, 6/15/39		155		155,431
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4
3.718%, 8/15/48		214		220,764
Series 2015-C4, Class A4
3.808%, 11/15/48		260		269,155
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (c)		448		453,063
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.949%, 8/10/45		73		73,192
Series 2013-G1, Class A2
3.557%, 4/10/31 (c)		276		273,596

Company	Principal Amount (000)		U.S. $ Value
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41 (c)	U.S.$	107	$	106,800
Series 2006-LDP9, Class AM
5.372%, 5/15/47		83		83,310
Series 2007-CB19, Class AM
5.829%, 2/12/49		175		175,114
Series 2007-LD12, Class AM
6.066%, 2/15/51		280		284,045
Series 2012-C6, Class E
5.153%, 5/15/45 (c)		119		105,416
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class A3
3.801%, 8/15/48		235		243,817
Series 2015-C32, Class C
4.669%, 11/15/48		195		183,842
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39		77		67,721
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (c)		112		111,945
Series 2015-3, Class A2
2.729%, 4/20/48 (c)		246		247,133
Series 2016-4, Class A2
2.579%, 3/10/49 (c)		161		156,085
Morgan Stanley Capital I Trust
Series 2005-IQ9, Class D
5.00%, 7/15/56		112		112,594
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5
2.85%, 12/10/45		168		169,195
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class A1A
6.009%, 6/15/45		9		8,826
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class C
4.471%, 9/15/48		197		193,273
Series 2016-NXS6, Class C
4.309%, 11/15/49		180		176,199
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		260		266,882
Series 2014-C20, Class A2
3.036%, 5/15/47		206		210,291
				7,022,973
Non-Agency Floating Rate CMBS - 0.6%
CGBAM Commercial Mortgage Trust
Series 2016-IMC, Class A
2.843% (LIBOR 1 Month + 1.90%), 11/15/21 (c)(e)		112		112,613
Series 2016-IMC, Class C

Company	Principal Amount (000)		U.S. $ Value
4.893% (LIBOR 1 Month + 3.95%), 11/15/21 (c)(e)	U.S.$	113	$	113,091
CSMC Mortgage-Backed Trust
Series 2016-MFF, Class D
5.367% (LIBOR 1 Month + 4.60%), 11/15/33 (c)(e)		110		110,411
H/2 Asset Funding NRE
Series 2015-1A
2.633% (LIBOR 1 Month + 1.65%), 6/24/49 (e)(f)		231		229,394
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.832% (LIBOR 1 Month + 0.92%), 6/15/29 (c)(e)		339		339,422
Series 2015-SGP, Class A
2.612% (LIBOR 1 Month + 1.70%), 7/15/36 (c)(e)		304		305,706
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class AFSA
2.782% (LIBOR 1 Month + 1.87%), 8/15/26 (c)(e)		105		104,867
Series 2015-XLF2, Class SNMA
2.862% (LIBOR 1 Month + 1.95%), 11/15/26 (c)(e)		119		119,422
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.993% (LIBOR 1 Month + 1.05%), 4/15/32 (c)(e)		35		35,118
Starwood Retail Property Trust
Series 2014-STAR, Class A
2.132% (LIBOR 1 Month + 1.22%), 11/15/27 (c)(e)		378		374,796
				1,844,840
Total Commercial Mortgage-Backed Securities (cost $9,084,433)				8,867,813
INFLATION-LINKED SECURITIES - 2.6%
United States - 2.6%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)		5,307		5,384,632
0.25%, 1/15/25 (TIPS)		1,144		1,134,590
0.375%, 7/15/25 (TIPS)		1,248		1,251,593
Total Inflation-Linked Securities (cost $7,754,973)				7,770,815
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.1%
Risk Share Floating Rate - 1.5%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
7.482% (LIBOR 1 Month + 6.50%), 4/25/26 (e)(f)		170		172,188
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes

Company	Principal Amount (000)		U.S. $ Value
Series 2014-DN3, Class M3
4.982% (LIBOR 1 Month + 4.00%), 8/25/24 (e)	U.S.$	330	$	352,544
Series 2014-DN4, Class M3
5.532% (LIBOR 1 Month + 4.55%), 10/25/24 (e)		250		269,494
Series 2014-HQ3, Class M3
5.732% (LIBOR 1 Month + 4.75%), 10/25/24 (e)		250		273,847
Series 2015-DNA3, Class M3
5.682% (LIBOR 1 Month + 4.70%), 4/25/28 (e)		250		275,063
Series 2015-HQA2, Class M3
5.782% (LIBOR 1 Month + 4.80%), 5/25/28 (e)		250		275,799
Series 2016-DNA1, Class M3
6.532% (LIBOR 1 Month + 5.55%), 7/25/28 (e)		250		283,322
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
2.182% (LIBOR 1 Month + 1.20%), 7/25/24 (e)		25		24,591
Series 2014-C04, Class 1M2
5.882% (LIBOR 1 Month + 4.90%), 11/25/24 (e)		180		200,948
Series 2014-C04, Class 2M2
5.982% (LIBOR 1 Month + 5.00%), 11/25/24 (e)		70		77,743
Series 2015-C01, Class 1M2
5.282% (LIBOR 1 Month + 4.30%), 2/25/25 (e)		140		148,704
Series 2015-C01, Class 2M2
5.532% (LIBOR 1 Month + 4.55%), 2/25/25 (e)		142		151,214
Series 2015-C02, Class 1M2
4.982% (LIBOR 1 Month + 4.00%), 5/25/25 (e)		186		196,055
Series 2015-C02, Class 2M2
4.982% (LIBOR 1 Month + 4.00%), 5/25/25 (e)		184		193,825
Series 2015-C03, Class 1M1
2.482% (LIBOR 1 Month + 1.50%), 7/25/25 (e)		3		2,816
Series 2015-C03, Class 1M2
5.982% (LIBOR 1 Month + 5.00%), 7/25/25 (e)		90		98,995
Series 2015-C03, Class 2M2
5.982% (LIBOR 1 Month + 5.00%), 7/25/25 (e)		244		267,051
Series 2015-C04, Class 1M2
6.682% (LIBOR 1 Month + 5.70%), 4/25/28 (e)		74		83,790
Series 2015-C04, Class 2M2

Company	Principal Amount (000)		U.S. $ Value
6.532% (LIBOR 1 Month + 5.55%), 4/25/28 (e)	U.S.$	117	$	130,539
Series 2016-C01, Class 1M2
7.732% (LIBOR 1 Month + 6.75%), 8/25/28 (e)		204		241,304
Series 2016-C01, Class 2M2
7.932% (LIBOR 1 Month + 6.95%), 8/25/28 (e)		159		187,070
Series 2016-C03, Class 1M2
6.282% (LIBOR 1 Month + 5.30%), 10/25/28 (e)		46		51,650
Series 2016-C03, Class 2M2
6.882% (LIBOR 1 Month + 5.90%), 10/25/28 (e)		145		165,004
Series 2017-C02, Class 2M2
4.627% (LIBOR 1 Month + 3.65%), 9/25/29 (e)		68		68,507
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
5.232% (LIBOR 1 Month + 4.25%), 11/25/24 (e)(f)		36		37,119
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
6.232% (LIBOR 1 Month + 5.25%), 11/25/25 (e)(f)		144		151,632
Series 2015-WF1, Class 2M2
6.482% (LIBOR 1 Month + 5.50%), 11/25/25 (e)(f)		41		43,839
				4,424,653
Non-Agency Fixed Rate - 0.4%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		36		33,853
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		82		72,029
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		60		57,625
Series 2006-24CB, Class A16
5.75%, 6/25/36		147		122,665
Series 2006-28CB, Class A14
6.25%, 10/25/36		102		82,874
Series 2006-J1, Class 1A13
5.50%, 2/25/36		86		74,773
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		47		38,576
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.997%, 5/25/35		17		16,179
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		75		62,640
Series 2006-13, Class 1A19

Company	Principal Amount (000)		U.S. $ Value
6.25%, 9/25/36	U.S.$	42	$	35,193
Credit Suisse Mortgage Trust
Series 2010-6R, Class 3A2
5.875%, 1/26/38 (c)		154		125,793
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		153		124,868
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		66		58,432
RBSSP Resecuritization Trust
Series 2009-7, Class 10A3
6.00%, 8/26/37 (c)		204		174,571
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		47		46,236
				1,126,307
Non-Agency Floating Rate - 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
1.172% (LIBOR 1 Month + 0.19%), 12/25/36 (e)		331		203,635
HomeBanc Mortgage Trust
Series 2005-1, Class A1
1.232% (LIBOR 1 Month + 0.25%), 3/25/35 (e)		129		109,874
RBSSP Resecuritization Trust
Series 2010-9, Class 7A6
6.055%, 5/26/37 (c)(g)		189		142,015
				455,524
Agency Floating Rate - 0.1%
Federal National Mortgage Association REMICs
Series 2011-15, Class SA
6.078% (7.06% - LIBOR 1 Month), 3/25/41 (e)(h)		562		122,744
Series 2015-66, Class AS
5.268% (6.25% - LIBOR 1 Month), 9/25/45 (e)(h)		727		119,676
Series 2016-22, Class ST
5.118% (6.10% - LIBOR 1 Month), 4/25/46 (e)(h)		717		114,096
				356,516
Agency Fixed Rate - 0.0%
Federal National Mortgage Association REMICs
Series 2015-33, Class AI
5.00%, 6/25/45 (i)		740		149,271

Company	Principal Amount (000)		U.S. $ Value
Total Collateralized Mortgage Obligations (cost $6,259,814)			$	6,512,271
CORPORATES - NON-INVESTMENT GRADE - 1.1%
Industrial - 0.6%
Capital Goods - 0.0%
SPX FLOW, Inc.
5.875%, 8/15/26 (c)	U.S.$	7		7,026
Communications - Media - 0.0%
CSC Holdings LLC
6.75%, 11/15/21		45		48,881
Communications - Telecommunications - 0.3%
CenturyLink, Inc.
Series S
6.45%, 6/15/21		85		90,419
Series Y
7.50%, 4/01/24		75		79,406
SFR Group SA
5.375%, 5/15/22 (c)	EUR	195		217,127
Sprint Capital Corp.
6.90%, 5/01/19	U.S.$	370		394,050
				781,002
Consumer Cyclical - Automotive - 0.1%
Allison Transmission, Inc.
5.00%, 10/01/24 (c)		170		171,700
Consumer Cyclical - Other - 0.1%
International Game Technology PLC
6.25%, 2/15/22 (c)		200		214,000
KB Home
4.75%, 5/15/19		107		109,675
				323,675
Consumer Cyclical - Retailers - 0.0%
Hanesbrands, Inc.
4.625%, 5/15/24 (c)		70		69,125
Consumer Non-Cyclical - 0.1%
HCA, Inc.
4.50%, 2/15/27		19		18,976
5.25%, 6/15/26		32		33,720
Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (c)		29		29,508
4.875%, 11/01/26 (c)		29		29,399
Valeant Pharmaceuticals International, Inc.
6.125%, 4/15/25 (c)		135		103,950
				215,553
Energy - 0.0%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		111		80,059

Company	Principal Amount (000)		U.S. $ Value
SM Energy Co.
6.50%, 1/01/23	U.S.$	14	$	14,262
				94,321
Technology - 0.0%
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
7.125%, 6/15/24 (c)		61		67,329
Transportation - Services - 0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.25%, 3/15/25 (c)		94		87,420
				1,866,032
Financial Institutions - 0.5%
Banking - 0.4%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (d)		79		86,048
Barclays Bank PLC
6.86%, 6/15/32 (c)(d)		44		50,088
Credit Agricole SA
8.125%, 12/23/25 (c)(d)		205		218,758
Intesa Sanpaolo SpA
5.017%, 6/26/24 (c)		339		317,813
Royal Bank of Scotland Group PLC
8.625%, 8/15/21 (d)		200		208,454
Series U
7.64%, 9/30/17(d)		200		186,356
Societe Generale SA
5.922%, 4/05/17 (c)(d)		100		100,000
Standard Chartered PLC
2.549% (LIBOR 3 Month + 1.51%), 1/30/27 (c)(d)(e)		200		167,464
				1,334,981
Finance - 0.1%
Navient Corp.
6.625%, 7/26/21		170		175,525
				1,510,506
Non Corporate Sectors - 0.0%
Agencies - Not Government Guaranteed - 0.0%
NOVA Chemicals Corp.
5.25%, 8/01/23 (c)		125		127,969
Total Corporates - Non-Investment Grade (cost $3,592,704)				3,504,507

Company	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - TREASURIES - 0.3%
Brazil - 0.3%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/21-1/01/27 (cost $744,203)	BRL	2,875	$	919,872
QUASI-SOVEREIGNS - 0.2%
Quasi-Sovereign Bonds - 0.2%
Chile - 0.1%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (c)	U.S.$	340		367,600
Mexico - 0.1%
Petroleos Mexicanos
4.625%, 9/21/23		226		227,300
Total Quasi-Sovereigns (cost $564,119)				594,900
GOVERNMENTS - SOVEREIGN AGENCIES - 0.2%
Brazil - 0.1%
Petrobras Global Finance BV
6.125%, 1/17/22		123		129,088
Colombia - 0.0%
Ecopetrol SA
5.875%, 5/28/45		94		85,658
Israel - 0.1%
Israel Electric Corp., Ltd.
Series 6
5.00%, 11/12/24 (c)		320		336,160
Total Governments - Sovereign Agencies (cost $533,903)				550,906
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.2%
United States - 0.2%
State of California
Series 2010
7.625%, 3/01/40 (cost $350,375)		345		505,228
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Mexico - 0.0%
Mexico Government International Bond
Series G
5.95%, 3/19/19		82		88,355
Qatar - 0.1%
Qatar Government International Bond
2.375%, 6/02/21 (c)		280		276,850
Total Governments - Sovereign Bonds (cost $365,524)				365,205

Company	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Capital Goods - 0.0%
Odebrecht Finance Ltd.
5.25%, 6/27/29 (c)	U.S.$	217	$	73,237
Consumer Non-Cyclical - 0.1%
Minerva Luxembourg SA
6.50%, 9/20/26 (c)		200		194,676
Total Emerging Markets - Corporate Bonds (cost $415,262)				267,913
EMERGING MARKETS - SOVEREIGNS - 0.1%
Turkey - 0.1%
Turkey Government International Bond
6.00%, 3/25/27 (cost $197,748)		200		207,800
SHORT-TERM INVESTMENTS - 6.4%
Time Deposit - 3.8%
State Street Time Deposit
0.09%, 4/03/17 (cost $11,399,058)	U.S.$	11,399		11,399,058
Governments - Treasuries - 1.5%
Japan - 1.5%
Japan Treasury Discount Bill
Series 650
Zero Coupon, 6/12/17	JPY	180,000		1,617,590
Series 669
Zero Coupon, 6/12/17		340,000		3,055,975
Total Governments - Treasuries (cost $4,624,203)				4,673,565
Agency Discount Note - 1.1%
Federal Home Loan Bank Discount Notes Zero Coupon, 8/02/17 (cost $3,223,106)	U.S.$	3,230		3,223,106
Total Short-Term Investments (cost $19,246,367)				19,295,729
Total Investments Before Security Lending Collateral for Securities Loaned - 103.7% (cost $275,781,681)				314,104,096
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.4%
Investment Companies - 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.54% (j)(k) (cost $1,231,196)		1,231,196		1,231,196

Company	U.S. $ Value
Total Investments - 104.1% (cost $277,012,877) (l)	$	315,335,292
Other assets less liabilities - (4.1)% (m)		(12,547,304	)
Net Assets - 100.0%	$	302,787,988

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		30		June 2017	$	6,494,161	$	6,493,594	$	(567	)
U.S. T-Note 5 Yr (CBT) Futures		56		June 2017		6,586,296		6,592,687		6,391
U.S. T-Note 10 Yr (CBT) Futures		66		June 2017		8,192,165		8,221,125		28,960
U.S. Ultra Bond (CBT) Futures		46		June 2017		7,328,811		7,388,750		59,939
Sold Contracts
Euro-BOBL Futures		20		June 2017		2,806,297		2,812,084		(5,787	)
									$	88,936

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Bank of America, NA	GBP	1,506	USD	1,887	5/16/17	$	(1,631	)
Bank of America, NA	USD	1,079	GBP	861	5/16/17		932
Bank of America, NA	EUR	554	USD	589	6/15/17		(4,183	)
Barclays Bank PLC	USD	657	SEK	5,790	5/16/17		(9,786	)
BNP Paribas SA	CNY	1,914	USD	277	5/16/17		(253	)
BNP Paribas SA	USD	2,608	JPY	291,559	5/16/17		14,656
Citibank, NA	BRL	4,066	USD	1,270	4/04/17		(28,980	)
Citibank, NA	USD	1,286	BRL	4,066	4/04/17		12,958
Citibank, NA	JPY	470,177	USD	4,200	4/07/17		(23,177	)
Citibank, NA	RUB	8,624	USD	146	4/28/17		(6,881	)
Citibank, NA	USD	145	RUB	8,624	4/28/17		7,662
Citibank, NA	BRL	673	USD	214	5/03/17		126
Citibank, NA	USD	1,349	AUD	1,767	5/16/17		397
Citibank, NA	USD	761	EUR	706	5/16/17		(6,438	)
Citibank, NA	USD	249	INR	16,739	5/16/17		8,440
Citibank, NA	USD	92	KRW	101,935	5/16/17		(398	)
Credit Suisse International	EUR	834	USD	884	5/16/17		(7,724	)
Deutsche Bank AG	BRL	2,720	USD	859	4/04/17		(10,366	)
Deutsche Bank AG	USD	867	BRL	2,720	4/04/17		1,773
Deutsche Bank AG	BRL	2,720	USD	862	5/03/17		(1,133	)
Goldman Sachs Bank USA	CAD	1,065	USD	809	5/16/17		7,813
Goldman Sachs Bank USA	TWD	2,456	USD	80	5/16/17		(1,547	)
JPMorgan Chase Bank, NA	INR	8,197	USD	121	5/16/17		(5,042	)
JPMorgan Chase Bank, NA	SEK	1,610	USD	179	5/16/17		(874	)
Morgan Stanley & Co., Inc.	JPY	465,000	USD	4,108	4/26/17		(72,278	)
Morgan Stanley & Co., Inc.	CNY	1,364	USD	194	5/16/17		(3,870	)
Nomura Global Financial Products, Inc.	USD	121	INR	8,197	5/16/17		4,621
Royal Bank of Scotland PLC	KRW	879,969	USD	770	5/16/17		(17,716	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC	USD	570	CHF	573	5/16/17	$	3,869
State Street Bank & Trust Co.	EUR	751	USD	809	4/12/17		8,048
State Street Bank & Trust Co.	AUD	713	USD	545	5/16/17		890
State Street Bank & Trust Co.	AUD	176	USD	133	5/16/17		(942	)
State Street Bank & Trust Co.	CAD	562	USD	428	5/16/17		4,939
State Street Bank & Trust Co.	CAD	324	USD	242	5/16/17		(2,123	)
State Street Bank & Trust Co.	CHF	853	USD	860	5/16/17		6,526
State Street Bank & Trust Co.	CNY	4,108	USD	593	5/16/17		(1,036	)
State Street Bank & Trust Co.	EUR	1,184	USD	1,273	5/16/17		7,493
State Street Bank & Trust Co.	GBP	831	USD	1,033	5/16/17		(9,665	)
State Street Bank & Trust Co.	HKD	6,956	USD	897	5/16/17		1,381
State Street Bank & Trust Co.	ILS	585	USD	156	5/16/17		(5,322	)
State Street Bank & Trust Co.	JPY	39,403	USD	356	5/16/17		1,221
State Street Bank & Trust Co.	JPY	99,967	USD	889	5/16/17		(10,297	)
State Street Bank & Trust Co.	NOK	2,889	USD	345	5/16/17		8,519
State Street Bank & Trust Co.	SEK	1,630	USD	184	5/16/17		2,165
State Street Bank & Trust Co.	USD	496	AUD	654	5/16/17		3,285
State Street Bank & Trust Co.	USD	228	AUD	299	5/16/17		(11	)
State Street Bank & Trust Co.	USD	233	CAD	311	5/16/17		1,147
State Street Bank & Trust Co.	USD	127	CHF	128	5/16/17		681
State Street Bank & Trust Co.	USD	576	CHF	570	5/16/17		(5,593	)
State Street Bank & Trust Co.	USD	721	EUR	679	5/16/17		4,508
State Street Bank & Trust Co.	USD	612	EUR	572	5/16/17		(975	)
State Street Bank & Trust Co.	USD	588	GBP	472	5/16/17		4,201
State Street Bank & Trust Co.	USD	88	HKD	681	5/16/17		(87	)
State Street Bank & Trust Co.	USD	402	JPY	45,471	5/16/17		7,412
State Street Bank & Trust Co.	USD	175	NOK	1,459	5/16/17		(5,462	)
State Street Bank & Trust Co.	USD	366	SEK	3,240	5/16/17		(3,500	)
State Street Bank & Trust Co.	AUD	154	USD	118	6/15/17		266
State Street Bank & Trust Co.	AUD	197	USD	150	6/15/17		(66	)
State Street Bank & Trust Co.	CHF	153	USD	154	6/15/17		289
State Street Bank & Trust Co.	JPY	16,597	USD	145	6/15/17		(4,961	)
State Street Bank & Trust Co.	MXN	3,236	USD	160	6/15/17		(10,977	)
State Street Bank & Trust Co.	NOK	1,975	USD	233	6/15/17		2,664

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	NZD	167	USD	116	6/15/17	$	(1,322	)
State Street Bank & Trust Co.	USD	222	CAD	296	6/15/17		1,080
State Street Bank & Trust Co.	USD	274	CHF	276	6/15/17		2,583
State Street Bank & Trust Co.	USD	457	EUR	426	6/15/17		(926	)
State Street Bank & Trust Co.	USD	355	GBP	289	6/15/17		8,174
State Street Bank & Trust Co.	USD	211	JPY	23,501	6/15/17		266
State Street Bank & Trust Co.	USD	33	NZD	47	6/15/17		(160	)
State Street Bank & Trust Co.	USD	76	SEK	683	6/15/17		369
						$	(124,348	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		(5.00	)%		3.37	%	$	160	$	(11,905	)	$	(1,773	)

* 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)
Citigroup Global Markets, Inc./(LCH Group)		NOK	14,990		8/01/18		0.960	%		6 Month NIBOR		$	(3,797	)
Morgan Stanley & Co., LLC/(CME Group)			66,930		5/12/18		0.954	%		6 Month NIBOR			(14,374	)
Morgan Stanley & Co., LLC/(CME Group)		MXN	19,160		12/12/18		4 Week TIIE			6.840	%		(4,707	)
Morgan Stanley & Co., LLC/(CME Group)			12,770		12/13/18		4 Week TIIE			6.845	%		(3,088	)
Morgan Stanley & Co., LLC/(CME Group)			11,460		12/17/18		4 Week TIIE			7.035	%		(824	)
Morgan Stanley & Co., LLC/(CME Group)		GBP	6,650		2/23/19		0.606	%		6 Month LIBOR			1,079
Morgan Stanley & Co., LLC/(CME Group)		$	6,130		2/27/19		3 Month LIBOR			1.544	%		(4,113	)
Morgan Stanley & Co., LLC/(CME Group)			825		8/31/21		1.256	%		3 Month LIBOR			25,906

						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)		EUR	2,490		3/20/22		0.272	%		6 Month EURIBOR		$	(13,223	)
Morgan Stanley & Co., LLC/(CME Group)		JPY	522,170		3/31/22		0.099	%		6 Month LIBOR			2,151
Morgan Stanley & Co., LLC/(CME Group)		SEK	9,070		3/31/22		3 Month STIBOR			0.341	%		(721	)
Morgan Stanley & Co., LLC/(CME Group)		NZD	3,670		3/31/22		3 Month BKBM			2.936	%		1,940
Morgan Stanley & Co., LLC/(CME Group)		$	430		6/09/25		2.488	%		3 Month LIBOR			(8,759	)
Morgan Stanley & Co., LLC/(CME Group)			1,560		11/10/25		2.256	%		3 Month LIBOR			(1,476	)
Morgan Stanley & Co., LLC/(CME Group)			142		6/28/26		1.460	%		3 Month LIBOR			10,470
Morgan Stanley & Co., LLC/(CME Group)		NZD	1,560		7/28/26		3 Month BKBM			2.473	%		(80,804	)
Morgan Stanley & Co., LLC/(CME Group)			1,560		7/28/26		2.473	%		3 Month BKBM			(4,937	)
Morgan Stanley & Co., LLC/(CME Group)		MXN	4,730		12/02/26		7.762	%		4 Week TIIE			(6,607	)
Morgan Stanley & Co., LLC/(CME Group)			3,150		12/03/26		7.760	%		4 Week TIIE			(4,375	)
Morgan Stanley & Co., LLC/(CME Group)			2,880		12/07/26		7.830	%		4 Week TIIE			(4,747	)
Morgan Stanley & Co., LLC/(CME Group)		$	370		12/21/26		3 Month LIBOR			2.497	%		5,618
Morgan Stanley & Co., LLC/(LCH Group)		NOK	3,890		8/04/18		1.008	%		6 Month NIBOR			(1,538	)
Morgan Stanley & Co., LLC/(LCH Group)			16,650		8/11/18		1.076	%		6 Month NIBOR			(9,303	)
Morgan Stanley & Co., LLC/(LCH Group)		NZD	3,020		12/21/21		3 Month BKBM			3.059	%		34,050
Morgan Stanley & Co., LLC/(LCH Group)		$	490		11/07/26		3 Month LIBOR			1.675	%		1,722
Morgan Stanley & Co., LLC/(LCH Group)			490		11/07/26		1.675	%		3 Month LIBOR			27,330
Morgan Stanley & Co., LLC/(LCH Group)			370		11/08/26		1.657	%		3 Month LIBOR			21,259
Morgan Stanley & Co., LLC/(LCH Group)			75		11/08/26		3 Month LIBOR			1.657	%		257
Morgan Stanley & Co., LLC/(LCH Group)			370		11/09/26		1.672	%		3 Month LIBOR			20,772
												$	(14,839	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)%		1.29	%	$	172	$	(16,370	)	$	(4,679	)	$	(11,691	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		1.29			198		(18,844	)		(5,585	)		(13,259	)
Sale Contracts
BNP Paribas SA
Anadarko Petroleum Corp., 6.950%, 6/15/19, 9/20/17*		1.00			0.12			530		3,756			(1,671	)		5,427
Citigroup Global Markets Ltd.
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			55		(6,993	)		(7,936	)		943
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			60		(7,489	)		(8,457	)		968
Credit Suisse International
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			48		(5,991	)		(3,527	)		(2,464	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			165		(20,595	)		(11,344	)		(9,251	)
Deutsche Bank AG
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			48		(5,999	)		(6,428	)		429
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			8		(999	)		(997	)		(2	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			52		(6,491	)		(6,319	)		(172	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			53		(6,615	)		(6,443	)		(172	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			9		(1,144	)		(549	)		(595	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00	%		5.81	%	$	156	$	(19,471	)	$	(13,637	)	$	(5,834	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			232		(28,958	)		(17,281	)		(11,677	)
Goldman Sachs International
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			172		(21,898	)		(24,235	)		2,337
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			78		(9,736	)		(11,282	)		1,546
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			4		(499	)		(381	)		(118	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			8		(999	)		(840	)		(159	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			15		(1,872	)		(1,721	)		(151	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			8		(998	)		(776	)		(222	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			47		(5,976	)		(4,316	)		(1,660	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			64		(7,988	)		(4,509	)		(3,479	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			170		(21,219	)		(13,812	)		(7,407	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			230		(28,708	)		(19,460	)		(9,248	)
CDX-CMBX.NA.BBB - Series 6, 5/11/63*		3.00			5.81			272		(33,950	)		(14,137	)		(19,813	)
									$	(276,046	)	$	(190,322	)	$	(85,724	)

* 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	$	830		2/07/22		2.043	%		3 Month LIBOR	$	(1,252	)

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the aggregate market value of these securities amounted to $21,128,749 or 7.0% of net assets.

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

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

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.21% of net assets as of March 31, 2017, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd. Series 2016-1A, Class M2B
7.482%, 4/25/26		4/29/16	$	170,300	$	172,188		0.06	%
H/2 Asset Funding NRE Series 2015-1A
2.633%, 6/24/49		6/19/15		231,012		229,394		0.08	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2
5.232%, 11/25/24		11/06/15		35,427		37,119		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
6.232%, 11/25/25		9/28/15		143,919		151,632		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
6.482%, 11/25/25		9/28/15		40,583		43,839		0.01	%

(g) Variable rate coupon, rate shown as of March 31, 2017.

(h) Inverse interest only security.

(i) IO - Interest Only.

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

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

(l) As of March 31, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $42,651,456 and gross unrealized depreciation of investments was $(4,329,041), resulting in net unrealized appreciation of $38,322,415.

(m) An amount of U.S. $419,637 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2017.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar

CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
BKBM	-	Bank Bill Benchmark (New Zealand)
BOBL	-	Bundesobligationen
CBT	-	Chicago Board of Trade
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
EURIBOR	-	Euro Interbank Offered Rate
GDR	-	Global Depositary Receipt
INTRCONX	-	Inter-Continental Exchange
LCH	-	London Clearing House
LIBOR	-	London Interbank Offered Rates
NIBOR	-	Norwegian Interbank Offered Rate
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits
STIBOR	-	Stockholm Interbank Offered Rate
TBA	-	To Be Announced
TIIE	-	Banco de México Equilibrium Interbank Interest Rate
TIPS	-	Treasury Inflation Protected Security

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Information Technology	$	33,608,975	$	4,878,723	$	– 0	–	$	38,487,698
Real Estate		19,202,653		11,204,620		– 0	–		30,407,273
Financials		16,450,352		10,204,312		– 0	–		26,654,664
Health Care		18,943,628		4,421,867		– 0	–		23,365,495
Consumer Discretionary		15,502,886		4,950,765		– 0	–		20,453,651
Consumer Staples		7,801,393		5,870,969		– 0	–		13,672,362
Industrials		9,491,315		4,027,353		– 0	–		13,518,668

Investments in Securities:

Level 1

Level 2

Level 3

Total

Energy

$

7,196,952

$

3,148,924

$

– 0

–

$

10,345,876

Materials

1,645,231

3,796,756

– 0

–

5,441,987

Telecommunication Services

1,987,084

3,053,102

– 0

–

5,040,186

Utilities

3,691,499

464,393

– 0

–

4,155,892

Transportation

– 0

–

624,751

– 0

–

624,751

Banks

46,780

– 0

–

– 0

–

46,780

Corporates - Investment Grade

– 0

–

27,320,108

– 0

–

27,320,108

Mortgage Pass-Throughs

– 0

–

22,783,436

– 0

–

22,783,436

Governments - Treasuries

– 0

–

11,291,468

– 0

–

11,291,468

Asset-Backed Securities

– 0

–

10,038,538

1,092,304

11,130,842

Commercial Mortgage-Backed Securities

– 0

–

5,543,039

3,324,774

8,867,813

Inflation-Linked Securities

– 0

–

7,770,815

– 0

–

7,770,815

Collateralized Mortgage Obligations

– 0

–

6,512,271

– 0

–

6,512,271

Corporates - Non-Investment Grade

– 0

–

3,504,507

– 0

–

3,504,507

Emerging Markets - Treasuries

– 0

–

919,872

– 0

–

919,872

Quasi-Sovereigns

– 0

–

594,900

– 0

–

594,900

Governments - Sovereign Agencies

– 0

–

550,906

– 0

–

550,906

Local Governments - Municipal Bonds

– 0

–

505,228

– 0

–

505,228

Governments - Sovereign Bonds

– 0

–

365,205

– 0

–

365,205

Emerging Markets - Corporate Bonds

– 0

–

267,913

– 0

–

267,913

Emerging Markets - Sovereigns

– 0

–

207,800

– 0

–

207,800

Short-Term Investments:

Time Deposits

– 0

–

11,399,058

– 0

–

11,399,058

Governments - Treasuries

– 0

–

4,673,565

– 0

–

4,673,565

Agency Discount Notes

– 0

–

3,223,106

– 0

–

3,223,106

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

1,231,196

– 0

–

– 0

–

1,231,196

Total Investments in Securities

136,799,944

174,118,270

4,417,078

315,335,292

Other Financial Instruments(a):

Assets:

Futures

95,290

– 0

–

– 0

–

95,290

Forward Currency Exchange Contracts

– 0

–

141,354

– 0

–

141,354

Centrally Cleared Interest Rate Swaps

– 0

–

152,554

– 0

–

152,554

Credit Default Swaps

– 0

–

11,650

– 0

–

11,650

Liabilities:

Futures

(6,354

)

– 0

–

– 0

–

(6,354

)

Forward Currency Exchange Contracts

– 0

–

(265,702

)

– 0

–

(265,702

)

Centrally Cleared Credit Default Swaps

– 0

–

(1,773

)

– 0

–

(1,773

)

Centrally Cleared Interest Rate Swaps

– 0

–

(167,393

)

– 0

–

(167,393

)

Credit Default Swaps

– 0

–

(97,374

)

– 0

–

(97,374

)

Interest Rate Swaps

– 0

–

(1,252

)

– 0

–

(1,252

)

Total(b)

$

136,888,880

$

173,890,334

$

4,417,078

$

315,196,292

(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			Commercial Mortgage-Backed Securities			Asset-Backed Securities
Balance as of 12/31/16	$	9,230		$	4,024,522		$	828,021
Accrued discounts/(premiums)		– 0	–		(1,319	)		136
Realized gain (loss)		– 0	–		(40,782	)		149
Change in unrealized appreciation/depreciation		– 0	–		27,885			2,509

	Common Stocks			Commercial Mortgage-Backed Securities			Asset-Backed Securities
Purchases		– 0	–		– 0	–		309,715
Sales		– 0	–		(685,532	)		(48,226	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(9,230	)		– 0	–		– 0	–
Balance as of 3/31/17	$	– 0	–	$	3,324,774		$	1,092,304
Net change in unrealized appreciation/depreciation from investments held as of 3/31/17	$	– 0	–	$	3,074		$	2,509
	Total
Balance as of 12/31/16		4,861,773
Accrued discounts/(premiums)		(1,183	)
Realized gain (loss)		(40,633	)
Change in unrealized appreciation/depreciation		30,394
Purchases		309,715
Sales		(733,758	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		(9,230	)(a)
Balance as of 3/31/17	$	4,417,078
Net change in unrealized appreciation/depreciation from investments held as of 3/31/17	$	5,583

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

As of March 31, 2017, all Level 3 securities were priced by third party vendors, which approximates fair value.

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

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16       (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/17 (000)		Dividend Income (000)
$	655	$	4,818	$	4,242	$	1,231	$	1

AB Variable Products Series Fund, Inc.

AB Dynamic Asset Allocation Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 49.1%
Financials - 8.7%
Banks - 4.7%
Aozora Bank Ltd.		20,000	$	73,834
Australia & New Zealand Banking Group Ltd.		31,095		755,007
Banco Bilbao Vizcaya Argentaria SA		70,114		544,272
Banco de Sabadell SA		50,635		92,777
Banco Espirito Santo SA (REG) (a)(b)(c)		10,016		0
Banco Popular Espanol SA (a)		55,521		53,839
Banco Santander SA		155,611		952,543
Bank Hapoalim BM		14,749		89,883
Bank Leumi Le-Israel BM (a)		12,645		55,825
Bank of America Corp.		71,245		1,680,670
Bank of East Asia Ltd. (The)		21,000		86,884
Bank of Ireland (a)		348,125		87,084
Bank of Kyoto Ltd. (The)		2,000		14,598
Bank of Queensland Ltd.		7,933		73,643
Bankia SA		43,854		49,919
Bankinter SA		7,353		61,656
Barclays PLC		180,209		508,690
BB&T Corp.		5,650		252,555
Bendigo & Adelaide Bank Ltd.		8,603		79,706
BNP Paribas SA		13,908		925,494
BOC Hong Kong Holdings Ltd.		39,500		161,449
CaixaBank SA		34,645		148,956
Chiba Bank Ltd. (The)		11,000		70,781
Citigroup, Inc.		20,279		1,213,090
Citizens Financial Group, Inc.		3,619		125,036
Comerica, Inc.		1,200		82,296
Commerzbank AG		15,814		143,280
Commonwealth Bank of Australia		18,280		1,198,712
Concordia Financial Group Ltd.		11,221		52,022
Credit Agricole SA		10,706		144,709
Danske Bank A/S		6,721		229,159
DBS Group Holdings Ltd.		17,000		235,482
DNB ASA		9,303		147,718
Erste Group Bank AG		3,207		104,426
Fifth Third Bancorp		5,340		135,636
Fukuoka Financial Group, Inc.		9,000		39,094
Hachijuni Bank Ltd. (The)		4,000		22,571
Hang Seng Bank Ltd.		8,100		164,320
Hiroshima Bank Ltd. (The)		5,000		21,266
HSBC Holdings PLC		211,162		1,722,417
Huntington Bancshares, Inc./OH		7,565		101,295
ING Groep NV		36,740		554,931
Intesa Sanpaolo SpA		120,775		328,520
Japan Post Bank Co., Ltd.		3,855		47,863
JPMorgan Chase & Co.		25,215		2,214,886
KBC Group NV		3,064		203,122
KeyCorp		7,525		133,794
Kyushu Financial Group, Inc.		3,564		21,829
Lloyds Banking Group PLC		684,632		569,395
M&T Bank Corp.		1,115		172,524
Mebuki Financial Group, Inc.		16,800		67,133
Mediobanca SpA		12,965		116,896
Mitsubishi UFJ Financial Group, Inc.		135,900		856,057
Mizrahi Tefahot Bank Ltd.		1,057		17,916
Mizuho Financial Group, Inc.		253,500		465,319
National Australia Bank Ltd.		28,193		717,860

Company	Shares		U.S. $ Value
Natixis SA		21,759		133,952
Nordea Bank AB		28,914		329,875
Oversea-Chinese Banking Corp., Ltd.		29,000		201,434
People’s United Financial, Inc.		2,165		39,403
PNC Financial Services Group, Inc. (The)		3,430		412,423
Raiffeisen Bank International AG (a)		1,307		29,475
Regions Financial Corp.		8,725		126,774
Resona Holdings, Inc.		21,000		112,893
Royal Bank of Scotland Group PLC (a)		47,824		145,014
Seven Bank Ltd.		16,218		53,111
Shinsei Bank Ltd.		37,000		68,177
Shizuoka Bank Ltd. (The)		4,000		32,620
Skandinaviska Enskilda Banken AB-Class A		16,190		179,905
Societe Generale SA		9,446		478,584
Standard Chartered PLC (a)		34,982		334,600
Sumitomo Mitsui Financial Group, Inc.		14,300		520,502
Sumitomo Mitsui Trust Holdings, Inc.		3,200		110,886
SunTrust Banks, Inc.		3,490		192,997
Suruga Bank Ltd.		1,000		21,107
Svenska Handelsbanken AB-Class A		14,254		195,338
Swedbank AB-Class A		8,621		199,477
UniCredit SpA		17,373		267,810
United Overseas Bank Ltd.		12,000		189,543
US Bancorp		11,215		577,572
Wells Fargo & Co.		31,675		1,763,030
Westpac Banking Corp.		35,553		950,414
Zions Bancorporation		1,430		60,060
				26,917,615
Capital Markets - 1.2%
3i Group PLC		9,721		91,271
Aberdeen Asset Management PLC		7,603		25,230
Affiliated Managers Group, Inc.		407		66,724
Ameriprise Financial, Inc.		1,145		148,484
ASX Ltd.		1,453		56,035
Bank of New York Mellon Corp. (The)		7,415		350,210
BlackRock, Inc.-Class A		877		336,338
CBOE Holdings, Inc.		646		52,371
Charles Schwab Corp. (The)		8,390		342,396
CME Group, Inc.-Class A		2,350		279,180
Credit Suisse Group AG (REG) (a)		21,154		314,742
Daiwa Securities Group, Inc.		16,000		97,624
Deutsche Bank AG (REG) (a)		13,129		225,701
Deutsche Boerse AG		1,511		138,828
E*TRADE Financial Corp. (a)		1,870		65,244
Franklin Resources, Inc.		2,420		101,979
Goldman Sachs Group, Inc. (The)		2,638		606,001
Hargreaves Lansdown PLC		2,483		40,446
Hong Kong Exchanges & Clearing Ltd.		10,900		275,050
Intercontinental Exchange, Inc.		4,330		259,237
Invesco Ltd.		2,830		86,683
Investec PLC		5,877		40,074
Japan Exchange Group, Inc.		4,965		70,822
Julius Baer Group Ltd. (a)		2,130		106,406
London Stock Exchange Group PLC		3,987		158,621
Macquarie Group Ltd.		2,915		200,834
Moody’s Corp.		1,145		128,286
Morgan Stanley		10,270		439,967

Company	Shares		U.S. $ Value
Nasdaq, Inc.		760		52,782
Nomura Holdings, Inc.		38,855		240,526
Northern Trust Corp.		1,460		126,407
Partners Group Holding AG		158		84,911
Raymond James Financial, Inc.		909		69,320
S&P Global, Inc.		1,860		243,176
Schroders PLC		1,291		48,996
Singapore Exchange Ltd.		21,000		115,592
State Street Corp.		2,535		201,811
T. Rowe Price Group, Inc.		1,725		117,559
UBS Group AG		38,983		623,128
				7,028,992
Consumer Finance - 0.2%
Acom Co., Ltd. (a)		6,200		24,817
AEON Financial Service Co., Ltd.		2,600		49,093
American Express Co.		5,410		427,985
Capital One Financial Corp.		3,513		304,437
Credit Saison Co., Ltd.		3,500		62,724
Discover Financial Services		2,810		192,176
Navient Corp.		2,200		32,472
Provident Financial PLC		1,401		52,641
Synchrony Financial		5,518		189,267
				1,335,612
Diversified Financial Services - 0.7%
AMP Ltd.		28,155		111,385
Berkshire Hathaway, Inc.-Class B (a)		13,294		2,215,844
Challenger Ltd./Australia		12,809		122,768
Eurazeo SA		1,305		85,855
EXOR NV		3,679		190,233
First Pacific Co., Ltd./Hong Kong		86,660		62,988
Groupe Bruxelles Lambert SA		768		69,698
Industrivarden AB-Class C		4,979		107,744
Investor AB-Class B		4,336		182,315
Kinnevik AB		4,676		124,645
Leucadia National Corp.		2,255		58,630
Mitsubishi UFJ Lease & Finance Co., Ltd.		10,370		51,823
ORIX Corp.		14,110		209,428
Pargesa Holding SA		346		24,455
Wendel SA		844		106,873
				3,724,684
Insurance - 1.9%
Admiral Group PLC		2,010		50,083
Aegon NV		11,109		56,588
Aflac, Inc.		2,855		206,759
Ageas		1,646		64,277
AIA Group Ltd.		128,423		810,600
Allianz SE (REG)		4,871		903,308
Allstate Corp. (The)		2,600		211,874
American International Group, Inc.		7,093		442,816
Aon PLC		1,865		221,357
Arthur J Gallagher & Co.		1,202		67,961
Assicurazioni Generali SpA		11,115		176,352
Assurant, Inc.		410		39,225
Aviva PLC		43,251		288,617
Baloise Holding AG (REG)		926		127,244
Chubb Ltd.		3,232		440,360

Company	Shares		U.S. $ Value
Cincinnati Financial Corp.		1,060		76,606
CNP Assurances		4,544		92,404
Dai-ichi Life Holdings, Inc.		10,264		183,719
Direct Line Insurance Group PLC		13,089		56,948
Gjensidige Forsikring ASA		3,690		56,214
Hannover Rueck SE (REG)		795		91,609
Hartford Financial Services Group, Inc. (The)		2,675		128,587
Insurance Australia Group Ltd.		23,145		106,945
Japan Post Holdings Co., Ltd.		3,000		37,725
Legal & General Group PLC		63,405		196,330
Lincoln National Corp.		1,590		104,066
Loews Corp.		1,890		88,395
Mapfre SA		16,735		57,319
Marsh & McLennan Cos., Inc.		3,590		265,265
Medibank Pvt Ltd.		39,307		84,663
MetLife, Inc.		7,670		405,129
MS&AD Insurance Group Holdings, Inc.		4,800		153,315
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588		310,855
NN Group NV		7,137		231,789
Old Mutual PLC		61,153		153,902
Principal Financial Group, Inc.		1,840		116,122
Progressive Corp. (The)		4,045		158,483
Prudential Financial, Inc.		3,065		326,974
Prudential PLC		27,421		579,222
QBE Insurance Group Ltd.		13,053		128,505
RSA Insurance Group PLC		10,859		79,747
Sampo Oyj-Class A		4,765		226,103
SCOR SE		3,333		125,964
Sompo Holdings, Inc.		4,000		146,954
Sony Financial Holdings, Inc.		4,130		66,326
St James’s Place PLC		4,994		66,475
Standard Life PLC		22,799		101,372
Suncorp Group Ltd.		12,247		123,591
Swiss Life Holding AG (a)		342		110,282
Swiss Re AG		3,176		285,256
T&D Holdings, Inc.		5,500		79,721
Tokio Marine Holdings, Inc.		7,300		308,530
Torchmark Corp.		752		57,934
Travelers Cos., Inc. (The)		2,030		244,696
Tryg A/S		2,469		44,766
UnipolSai Assicurazioni SpA		4,035		8,913
Unum Group		1,620		75,962
Willis Towers Watson PLC		887		116,099
XL Group Ltd.		1,910		76,133
Zurich Insurance Group AG		1,604		428,044
				11,071,380
				50,078,283
Information Technology - 6.9%
Communications Equipment - 0.4%
Cisco Systems, Inc.		35,090		1,186,042
F5 Networks, Inc. (a)		480		68,434
Harris Corp.		845		94,023
Juniper Networks, Inc.		2,640		73,471
Motorola Solutions, Inc.		1,145		98,722
Nokia Oyj		62,192		334,272

Company	Shares		U.S. $ Value
Telefonaktiebolaget LM Ericsson-Class B		28,969		193,408
				2,048,372
Electronic Equipment, Instruments & Components - 0.4%
Alps Electric Co., Ltd.		2,053		58,212
Amphenol Corp.-Class A		2,150		153,015
Corning, Inc.		7,205		194,535
FLIR Systems, Inc.		910		33,015
Hamamatsu Photonics KK		1,600		46,180
Hexagon AB-Class B		4,263		171,094
Hirose Electric Co., Ltd.		300		41,562
Hitachi High-Technologies Corp.		600		24,510
Hitachi Ltd.		52,000		282,347
Ingenico Group SA		930		87,714
Keyence Corp.		1,000		401,173
Kyocera Corp.		3,100		173,189
Murata Manufacturing Co., Ltd.		2,000		284,931
Omron Corp.		1,800		79,090
Shimadzu Corp.		2,000		31,829
TDK Corp.		1,200		76,194
TE Connectivity Ltd.		2,460		183,393
Yaskawa Electric Corp.		2,000		40,277
Yokogawa Electric Corp.		4,500		70,969
				2,433,229
Internet Software & Services - 1.2%
Akamai Technologies, Inc. (a)		1,205		71,938
Alphabet, Inc.-Class A (a)		2,089		1,771,054
Alphabet, Inc.-Class C (a)		2,094		1,737,099
eBay, Inc. (a)		7,285		244,557
Facebook, Inc.-Class A (a)		16,237		2,306,466
Kakaku.com, Inc.		3,799		51,862
Mixi, Inc.		1,747		84,505
United Internet AG		2,321		102,662
VeriSign, Inc. (a)(d)		625		54,444
Yahoo Japan Corp.		13,553		62,838
Yahoo!, Inc. (a)		6,115		283,797
				6,771,222
IT Services - 1.1%
Accenture PLC-Class A		4,335		519,680
Alliance Data Systems Corp.		430		107,070
Amadeus IT Group SA-Class A		4,677		236,977
Atos SE		677		83,664
Automatic Data Processing, Inc.		3,170		324,576
Capgemini SA		1,557		143,720
Cognizant Technology Solutions Corp.-Class A (a)		4,230		251,770
Computershare Ltd.		3,663		39,340
CSRA, Inc.		990		28,997
Fidelity National Information Services, Inc.		2,270		180,737
Fiserv, Inc. (a)		1,550		178,730
Fujitsu Ltd.		18,000		110,491
Global Payments, Inc.		1,059		85,440
International Business Machines Corp.		6,076		1,058,075
Mastercard, Inc.-Class A		6,710		754,674
Nomura Research Institute Ltd.		1,300		47,924
NTT Data Corp.		1,202		57,079

Company	Shares		U.S. $ Value
Obic Co., Ltd.		730		34,875
Otsuka Corp.		600		32,601
Paychex, Inc.		2,245		132,231
PayPal Holdings, Inc. (a)		7,835		337,062
Teradata Corp. (a)		895		27,852
Total System Services, Inc.		1,110		59,341
Visa, Inc.-Class A		13,150		1,168,640
Western Union Co. (The)-Class W		3,380		68,783
Worldpay Group PLC (e)		19,184		70,928
				6,141,257
Semiconductors & Semiconductor Equipment - 1.1%
Advanced Micro Devices, Inc. (a)		5,483		79,778
Analog Devices, Inc.		2,510		205,694
Applied Materials, Inc.		7,535		293,111
ASM Pacific Technology Ltd.		900		12,241
ASML Holding NV		3,784		502,109
Broadcom Ltd.		2,775		607,614
Infineon Technologies AG		10,766		220,351
Intel Corp.		33,040		1,191,753
KLA-Tencor Corp.		1,060		100,774
Lam Research Corp.		1,129		144,918
Microchip Technology, Inc.		1,495		110,301
Micron Technology, Inc. (a)		7,220		208,658
NVIDIA Corp.		3,735		406,854
NXP Semiconductors NV (a)		3,154		326,439
Qorvo, Inc. (a)		868		59,510
QUALCOMM, Inc.		10,270		588,882
Rohm Co., Ltd.		1,300		86,547
Skyworks Solutions, Inc.		1,324		129,726
STMicroelectronics NV		12,251		188,514
Texas Instruments, Inc.		6,975		561,906
Tokyo Electron Ltd.		1,500		164,215
Xilinx, Inc.		1,735		100,439
				6,290,334
Software - 1.5%
Activision Blizzard, Inc.		4,755		237,084
Adobe Systems, Inc. (a)		3,460		450,250
Autodesk, Inc. (a)		1,375		118,896
CA, Inc.		2,185		69,308
Check Point Software Technologies Ltd. (a)		1,404		144,135
Citrix Systems, Inc. (a)		1,080		90,061
Dassault Systemes SE		924		79,918
Electronic Arts, Inc. (a)		2,085		186,649
Gemalto NV		323		18,019
Intuit, Inc.		1,700		197,183
Konami Holdings Corp.		1,300		55,217
LINE Corp. (a)		873		33,649
Microsoft Corp.		54,420		3,584,101
Mobileye NV (a)		1,869		114,757
Nexon Co., Ltd.		2,595		41,266
Nice Ltd.		596		40,460
Nintendo Co., Ltd.		1,200		278,447
Oracle Corp.		21,000		936,810
Oracle Corp. Japan		500		28,665

Company	Shares		U.S. $ Value
Red Hat, Inc. (a)		1,240		107,260
Sage Group PLC (The)		12,240		96,689
salesforce.com, Inc. (a)		4,484		369,885
SAP SE		10,475		1,027,681
Symantec Corp.		4,255		130,543
Synopsys, Inc. (a)		1,072		77,323
Trend Micro, Inc./Japan		1,600		71,217
				8,585,473
Technology Hardware, Storage & Peripherals - 1.2%
Apple, Inc.		37,289		5,356,938
Brother Industries Ltd.		2,200		46,007
Canon, Inc.		11,400		356,007
FUJIFILM Holdings Corp.		4,200		164,631
Hewlett Packard Enterprise Co.		11,560		273,972
HP, Inc.		11,910		212,951
Konica Minolta, Inc.		6,000		53,817
NEC Corp.		25,000		60,352
NetApp, Inc.		1,940		81,189
Ricoh Co., Ltd.		6,000		49,494
Seagate Technology PLC		2,050		94,156
Seiko Epson Corp.		2,700		56,967
Western Digital Corp.		1,963		162,006
Xerox Corp.		5,945		43,636
				7,012,123
				39,282,010
Consumer Discretionary - 6.1%
Auto Components - 0.4%
Aisin Seiki Co., Ltd.		1,800		88,654
BorgWarner, Inc.		1,380		57,670
Bridgestone Corp.		6,900		280,093
Cie Generale des Etablissements Michelin-Class B		1,732		210,469
Continental AG		1,047		229,555
Delphi Automotive PLC		1,891		152,207
Denso Corp.		5,200		229,435
GKN PLC		16,316		74,315
Goodyear Tire & Rubber Co. (The)		1,810		65,160
Koito Manufacturing Co., Ltd.		1,000		52,118
NGK Spark Plug Co., Ltd.		3,000		68,794
NOK Corp.		2,800		65,401
Nokian Renkaat Oyj		1,090		45,494
Stanley Electric Co., Ltd.		1,600		45,743
Sumitomo Electric Industries Ltd.		7,200		119,688
Sumitomo Rubber Industries Ltd.		4,100		69,954
Toyota Industries Corp.		1,600		79,592
Valeo SA		2,277		151,470
Yokohama Rubber Co., Ltd. (The)		1,000		19,599
				2,105,411
Automobiles - 1.0%
Bayerische Motoren Werke AG		3,152		287,594
Daimler AG (REG)		10,262		757,331
Ferrari NV		572		42,632
Fiat Chrysler Automobiles NV (a)		14,140		154,484
Ford Motor Co.		27,220		316,841

Company	Shares		U.S. $ Value
Fuji Heavy Industries Ltd.		6,000		220,070
General Motors Co.		9,916		350,630
Harley-Davidson, Inc.		1,250		75,625
Honda Motor Co., Ltd.		17,400		525,289
Isuzu Motors Ltd.		5,500		72,843
Mazda Motor Corp.		5,200		75,061
Mitsubishi Motors Corp.		11,400		68,386
Nissan Motor Co., Ltd.		26,300		253,594
Peugeot SA (a)		7,475		150,229
Porsche Automobil Holding SE (Preference Shares)		1,458		79,444
Renault SA		1,830		158,976
Suzuki Motor Corp.		3,500		145,368
Toyota Motor Corp.		28,500		1,546,918
Volkswagen AG		630		94,128
Volkswagen AG (Preference Shares)		1,767		257,594
Yamaha Motor Co., Ltd.		2,700		65,007
				5,698,044
Distributors - 0.0%
Genuine Parts Co.		1,060		97,954
Jardine Cycle & Carriage Ltd.		2,000		62,644
LKQ Corp. (a)		2,114		61,877
				222,475
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc.		300		9,391
H&R Block, Inc. (d)		1,520		35,340
				44,731
Hotels, Restaurants & Leisure - 0.8%
Accor SA		2,705		112,512
Aristocrat Leisure Ltd.		4,876		66,931
Carnival Corp.		2,985		175,846
Carnival PLC		2,273		130,283
Chipotle Mexican Grill, Inc.-Class A (a)		244		108,707
Compass Group PLC		17,510		330,592
Crown Resorts Ltd.		9,430		85,069
Darden Restaurants, Inc.		870		72,793
Domino’s Pizza Enterprises Ltd.		823		36,537
Galaxy Entertainment Group Ltd.		20,155		110,392
Genting Singapore PLC		92,000		67,089
InterContinental Hotels Group PLC		1,779		87,134
Marriott International, Inc./MD-Class A		2,231		210,116
McDonald’s Corp.		5,980		775,068
McDonald’s Holdings Co. Japan Ltd.		2,200		64,248
Melco Crown Entertainment Ltd. (ADR)		2,027		37,581
Merlin Entertainments PLC (e)		6,755		40,605
Oriental Land Co., Ltd./Japan		2,100		120,718
Paddy Power Betfair PLC		746		80,221
Royal Caribbean Cruises Ltd.		1,177		115,475
Sands China Ltd.		39,744		184,237
Sodexo SA		1,005		118,084
Starbucks Corp.		10,220		596,746
Tatts Group Ltd.		15,121		51,166
TUI AG		6,938		96,079
Whitbread PLC		1,737		86,189
William Hill PLC		8,420		30,706

Company	Shares		U.S. $ Value
Wyndham Worldwide Corp.		750		63,218
Wynn Macau Ltd.		77,455		157,754
Wynn Resorts Ltd. (d)		560		64,182
Yum! Brands, Inc.		2,545		162,626
				4,438,904
Household Durables - 0.4%
Auto Trader Group PLC (e)		9,529		46,767
Barratt Developments PLC		9,541		65,356
Berkeley Group Holdings PLC		1,236		49,699
Casio Computer Co., Ltd.		2,100		29,278
DR Horton, Inc.		2,355		78,445
Electrolux AB-Class B		2,430		67,461
Garmin Ltd.		770		39,355
Husqvarna AB-Class B		8,194		71,843
Iida Group Holdings Co., Ltd.		1,346		20,713
Leggett & Platt, Inc.		925		46,546
Lennar Corp.-Class A		1,300		66,547
Mohawk Industries, Inc. (a)		450		103,270
Newell Brands, Inc.		3,355		158,255
Nikon Corp.		3,200		46,502
Panasonic Corp.		23,500		265,954
Persimmon PLC		2,928		76,821
PulteGroup, Inc.		2,135		50,279
Rinnai Corp.		700		55,763
SEB SA		241		33,662
Sekisui Chemical Co., Ltd.		4,000		67,432
Sekisui House Ltd.		6,000		98,933
Sharp Corp./Japan (a)		15,000		63,099
Sony Corp.		13,500		455,604
Taylor Wimpey PLC		31,025		75,043
Whirlpool Corp.		550		94,232
				2,226,859
Internet & Direct Marketing Retail - 0.7%
Amazon.com, Inc. (a)		2,762		2,448,624
Expedia, Inc.		832		104,973
Netflix, Inc. (a)		2,982		440,769
Priceline Group, Inc. (The) (a)		347		617,650
Rakuten, Inc.		8,852		88,942
Start Today Co., Ltd.		2,592		57,604
TripAdvisor, Inc. (a)(d)		762		32,888
Zalando SE (a)(e)		2,021		81,683
				3,873,133
Leisure Products - 0.1%
Bandai Namco Holdings, Inc.		1,900		56,954
Hasbro, Inc.		800		79,856
Mattel, Inc.		2,335		59,799
Sankyo Co., Ltd.		300		10,048
Sega Sammy Holdings, Inc.		2,500		33,625
Shimano, Inc.		700		102,528
Yamaha Corp.		1,600		44,264
				387,074

Company	Shares		U.S. $ Value
Media - 1.1%
Altice NV-Class A (a)		3,528		79,799
Altice NV-Class B (a)		1,176		26,563
Axel Springer SE		2,191		120,942
CBS Corp.-Class B		2,840		196,982
Charter Communications, Inc.-Class A (a)		1,523		498,508
Comcast Corp.-Class A		33,502		1,259,340
Dentsu, Inc.		2,100		114,370
Discovery Communications, Inc.-Class A (a)		1,045		30,399
Discovery Communications, Inc.-Class C (a)		1,545		43,739
DISH Network Corp.-Class A (a)		1,475		93,648
Eutelsat Communications SA		3,140		69,983
Hakuhodo DY Holdings, Inc.		2,490		29,619
Interpublic Group of Cos., Inc. (The)		2,795		68,673
ITV PLC		34,542		94,823
JCDecaux SA		189		6,638
Lagardere SCA		2,184		64,243
News Corp.-Class A		2,658		34,554
News Corp.-Class B		817		11,029
Omnicom Group, Inc.		1,660		143,109
Pearson PLC		7,821		66,689
ProSiebenSat.1 Media SE		1,328		58,805
Publicis Groupe SA		1,801		125,746
REA Group Ltd.		1,002		45,439
RTL Group SA (London)		1,166		93,743
Schibsted ASA-Class B		2,252		51,600
Scripps Networks Interactive, Inc.-Class A		670		52,508
SES SA		4,651		108,131
Singapore Press Holdings Ltd.		6,000		15,226
Sky PLC		13,314		162,828
TEGNA, Inc.		1,450		37,149
Telenet Group Holding NV (a)		459		27,285
Time Warner, Inc.		5,445		532,031
Toho Co., Ltd./Tokyo		1,000		26,542
Twenty-First Century Fox, Inc.-Class A		7,421		240,366
Twenty-First Century Fox, Inc.-Class B		3,367		107,003
Viacom, Inc.-Class B		2,410		112,354
Vivendi SA		11,072		214,782
Walt Disney Co. (The)		10,314		1,169,504
WPP PLC		13,761		301,628
				6,536,320
Multiline Retail - 0.2%
Dollar General Corp.		1,820		126,909
Dollar Tree, Inc. (a)		1,638		128,518
Don Quijote Holdings Co., Ltd.		1,000		34,806
Isetan Mitsukoshi Holdings Ltd.		2,200		24,181
J Front Retailing Co., Ltd.		3,500		51,989
Kohl’s Corp.		1,230		48,966
Macy’s, Inc.		2,105		62,392
Marks & Spencer Group PLC		15,442		65,225
Marui Group Co., Ltd.		3,300		44,966
Next PLC		1,363		73,734
Nordstrom, Inc. (d)		770		35,859
Ryohin Keikaku Co., Ltd.		146		32,095
Target Corp.		4,025		222,140
				951,780

Company	Shares		U.S. $ Value
Specialty Retail - 0.8%
ABC-Mart, Inc.		500		29,306
Advance Auto Parts, Inc.		531		78,726
AutoNation, Inc. (a)		435		18,396
AutoZone, Inc. (a)		225		162,686
Bed Bath & Beyond, Inc.		1,045		41,236
Best Buy Co., Inc.		1,900		93,385
CarMax, Inc. (a)		1,320		78,170
Dixons Carphone PLC		16,194		64,499
Fast Retailing Co., Ltd.		500		157,342
Foot Locker, Inc.		942		70,471
Gap, Inc. (The)		1,505		36,556
Hennes & Mauritz AB-Class B		9,038		230,657
Hikari Tsushin, Inc.		500		48,821
Home Depot, Inc. (The)		8,630		1,267,143
Industria de Diseno Textil SA		11,626		409,428
Kingfisher PLC		29,522		120,792
L Brands, Inc. (d)		1,685		79,363
Lowe’s Cos., Inc.		6,090		500,659
Nitori Holdings Co., Ltd.		750		95,249
O’Reilly Automotive, Inc. (a)		690		186,190
Ross Stores, Inc.		2,750		181,142
Shimamura Co., Ltd.		200		26,513
Signet Jewelers Ltd.		508		35,189
Staples, Inc.		4,515		39,597
Tiffany & Co.		755		71,951
TJX Cos., Inc. (The)		4,570		361,396
Tractor Supply Co.		915		63,108
Ulta Salon Cosmetics & Fragrance, Inc. (a)		402		114,662
USS Co., Ltd.		4,120		69,004
Yamada Denki Co., Ltd.		10,990		54,940
				4,786,577
Textiles, Apparel & Luxury Goods - 0.6%
adidas AG		1,792		340,896
Asics Corp.		3,000		48,269
Burberry Group PLC		4,236		91,416
Christian Dior SE		581		134,866
Cie Financiere Richemont SA (REG)		5,585		441,562
Coach, Inc.		1,930		79,767
Hanesbrands, Inc.		2,627		54,536
Hermes International		281		133,021
HUGO BOSS AG		1,317		96,040
Kering		721		186,353
Li & Fung Ltd.		48,000		20,824
Luxottica Group SpA		1,559		86,036
LVMH Moet Hennessy Louis Vuitton SE		2,973		653,442
Michael Kors Holdings Ltd. (a)		1,159		44,169
NIKE, Inc.-Class B		9,420		524,977
Pandora A/S		1,106		122,410
PVH Corp.		545		56,391
Ralph Lauren Corp.		390		31,832
Swatch Group AG (The)		294		105,260
Swatch Group AG (The) (REG)		1,834		127,713
Under Armour, Inc.-Class A (a)(d)		1,247		24,666
Under Armour, Inc.-Class C (a)(d)		1,254		22,948

Company	Shares		U.S. $ Value
VF Corp.		2,310		126,981
				3,554,375
				34,825,683
Health Care - 6.0%
Biotechnology - 0.9%
AbbVie, Inc.		11,366		740,609
Actelion Ltd. (REG) (a)		978		275,940
Alexion Pharmaceuticals, Inc. (a)		1,580		191,559
Amgen, Inc.		5,253		861,860
Biogen, Inc. (a)		1,565		427,902
Celgene Corp. (a)		5,430		675,655
CSL Ltd.		4,876		466,856
Genmab A/S (a)		540		103,912
Gilead Sciences, Inc.		9,215		625,883
Grifols SA		2,839		69,655
Incyte Corp. (a)		1,240		165,751
Regeneron Pharmaceuticals, Inc. (a)		540		209,255
Vertex Pharmaceuticals, Inc. (a)		1,707		186,660
				5,001,497
Health Care Equipment & Supplies - 0.9%
Abbott Laboratories		11,976		531,854
Baxter International, Inc.		3,380		175,287
Becton Dickinson and Co.		1,487		272,775
Boston Scientific Corp. (a)		9,460		235,270
Cochlear Ltd.		405		41,838
Coloplast A/S-Class B		1,154		90,122
Cooper Cos., Inc. (The)		361		72,160
CR Bard, Inc.		515		127,998
CYBERDYNE, Inc. (a)		3,189		45,826
Danaher Corp.		4,240		362,647
DENTSPLY SIRONA, Inc.		1,596		99,654
Edwards Lifesciences Corp. (a)		1,490		140,164
Essilor International SA		2,369		287,623
Getinge AB-Class B		2,013		35,295
Hologic, Inc. (a)		1,920		81,696
Hoya Corp.		3,900		188,412
IDEXX Laboratories, Inc. (a)		633		97,868
Intuitive Surgical, Inc. (a)		305		233,774
Medtronic PLC		9,659		778,129
Olympus Corp.		2,800		108,070
Smith & Nephew PLC		9,779		148,893
Sonova Holding AG (REG)		666		92,384
Stryker Corp.		2,175		286,339
Sysmex Corp.		1,500		91,262
Terumo Corp.		3,300		114,718
Varian Medical Systems, Inc. (a)		645		58,779
William Demant Holding A/S (a)		2,050		42,839
Zimmer Biomet Holdings, Inc.		1,385		169,122
				5,010,798
Health Care Providers & Services - 0.8%
Aetna, Inc.		2,467		314,666

Company	Shares		U.S. $ Value
Alfresa Holdings Corp.		2,700		46,937
AmerisourceBergen Corp.-Class A		1,235		109,297
Anthem, Inc.		1,850		305,953
Cardinal Health, Inc.		2,195		179,002
Centene Corp. (a)		1,187		84,586
Cigna Corp.		1,815		265,879
DaVita, Inc. (a)		1,150		78,166
Envision Healthcare Corp. (a)		823		50,466
Express Scripts Holding Co. (a)		4,389		289,279
Fresenius Medical Care AG & Co. KGaA		2,085		175,810
Fresenius SE & Co. KGaA		4,696		377,351
HCA Holdings, Inc. (a)		2,050		182,429
Healthscope Ltd.		34,249		59,380
Henry Schein, Inc. (a)		570		96,883
Humana, Inc.		1,065		219,539
Laboratory Corp. of America Holdings (a)		725		104,016
McKesson Corp.		1,565		232,027
Mediclinic International PLC		3,929		35,093
Medipal Holdings Corp.		3,900		61,277
Miraca Holdings, Inc.		1,000		45,916
Patterson Cos., Inc.		560		25,329
Quest Diagnostics, Inc.		950		93,281
Ramsay Health Care Ltd.		1,156		61,710
Ryman Healthcare Ltd.		3,027		17,837
Sonic Healthcare Ltd.		5,598		94,575
Suzuken Co., Ltd./Aichi Japan		1,200		39,433
UnitedHealth Group, Inc.		6,635		1,088,206
Universal Health Services, Inc.-Class B		650		80,893
				4,815,216
Health Care Technology - 0.0%
Cerner Corp. (a)		2,080		122,408
M3, Inc.		2,070		51,590
				173,998
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.		2,245		118,693
Illumina, Inc. (a)		1,011		172,517
Lonza Group AG (REG) (a)		607		114,736
Mettler-Toledo International, Inc. (a)		220		105,360
PerkinElmer, Inc.		755		43,835
QIAGEN NV (a)		2,703		78,466
Thermo Fisher Scientific, Inc.		2,785		427,776
Waters Corp. (a)		545		85,189
				1,146,572
Pharmaceuticals - 3.2%
Allergan PLC		2,400		573,408
Astellas Pharma, Inc.		22,500		296,751
AstraZeneca PLC		13,478		828,723
Bayer AG (REG)		8,814		1,015,491
Bristol-Myers Squibb Co.		11,665		634,343
Chugai Pharmaceutical Co., Ltd.		2,100		72,289
Daiichi Sankyo Co., Ltd.		5,700		128,598
Eisai Co., Ltd.		2,400		124,637
Eli Lilly & Co.		6,765		569,004

Company	Shares		U.S. $ Value
Galenica AG (REG)		21		22,139
GlaxoSmithKline PLC		51,920		1,079,570
Hikma Pharmaceuticals PLC		1,367		33,955
Hisamitsu Pharmaceutical Co., Inc.		1,000		57,253
Johnson & Johnson		19,105		2,379,528
Kyowa Hakko Kirin Co., Ltd.		2,000		31,780
Mallinckrodt PLC (a)		724		32,269
Merck & Co., Inc.		19,305		1,226,640
Merck KGaA		1,230		140,162
Mitsubishi Tanabe Pharma Corp.		3,000		62,637
Mylan NV (a)		2,555		99,619
Novartis AG (REG)		23,800		1,767,329
Novo Nordisk A/S-Class B		20,377		699,725
Ono Pharmaceutical Co., Ltd.		3,900		80,877
Orion Oyj-Class B		974		50,808
Otsuka Holdings Co., Ltd.		3,717		168,233
Perrigo Co. PLC		1,022		67,851
Pfizer, Inc.		42,336		1,448,315
Roche Holding AG		7,488		1,914,933
Sanofi		12,344		1,115,838
Santen Pharmaceutical Co., Ltd.		2,500		36,313
Shionogi & Co., Ltd.		2,800		144,949
Shire PLC		9,881		575,737
Sumitomo Dainippon Pharma Co., Ltd.		2,900		47,987
Taisho Pharmaceutical Holdings Co., Ltd.		567		46,167
Takeda Pharmaceutical Co., Ltd.		7,600		357,786
Taro Pharmaceutical Industries Ltd. (a)(d)		163		19,009
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,726		312,107
UCB SA		1,203		93,315
Zoetis, Inc.		3,446		183,913
				18,539,988
				34,688,069
Industrials - 6.0%
Aerospace & Defense - 0.8%
Airbus SE		5,607		427,599
Arconic, Inc.		2,756		72,593
BAE Systems PLC		33,818		272,174
Boeing Co. (The)		4,060		718,052
Cobham PLC		16,316		27,202
Dassault Aviation SA		41		52,069
Elbit Systems Ltd.		250		28,596
General Dynamics Corp.		2,010		376,272
L3 Technologies, Inc.		525		86,777
Leonardo SpA (a)		5,271		74,745
Lockheed Martin Corp.		1,800		481,680
Meggitt PLC		10,854		60,579
Northrop Grumman Corp.		1,240		294,922
Raytheon Co.		2,050		312,625
Rockwell Collins, Inc.		900		87,444
Rolls-Royce Holdings PLC (a)		19,591		185,077
Safran SA		2,977		222,185
Singapore Technologies Engineering Ltd.		43,000		114,652
Textron, Inc.		1,855		88,279
Thales SA		694		67,038
TransDigm Group, Inc.		363		79,918
United Technologies Corp.		5,425		608,739

Company	Shares		U.S. $ Value
Zodiac Aerospace		4,945		123,608
				4,862,825
Air Freight & Logistics - 0.3%
Bollore SA		25,929		100,362
CH Robinson Worldwide, Inc.		965		74,585
Deutsche Post AG (REG)		9,235		316,054
Expeditors International of Washington, Inc.		1,220		68,918
FedEx Corp.		1,715		334,682
Kuehne & Nagel International AG (REG)		121		17,086
Royal Mail PLC		8,567		45,628
United Parcel Service, Inc.-Class B		4,855		520,942
Yamato Holdings Co., Ltd.		3,400		71,244
				1,549,501
Airlines - 0.2%
Alaska Air Group, Inc.		843		77,741
American Airlines Group, Inc.		3,682		155,748
Cathay Pacific Airways Ltd.		20,000		29,035
Delta Air Lines, Inc.		5,202		239,084
Deutsche Lufthansa AG (REG)		3,330		54,022
easyJet PLC		2,320		29,828
International Consolidated Airlines Group SA		10,420		68,827
Japan Airlines Co., Ltd.		900		28,575
Qantas Airways Ltd.		24,972		74,213
Singapore Airlines Ltd.		14,000		100,778
Southwest Airlines Co.		4,305		231,437
United Continental Holdings, Inc. (a)		2,022		142,834
				1,232,122
Building Products - 0.3%
Allegion PLC		635		48,069
Asahi Glass Co., Ltd.		10,000		81,136
Assa Abloy AB-Class B		9,541		196,141
Cie de Saint-Gobain		4,539		232,882
Daikin Industries Ltd.		2,500		252,096
Fortune Brands Home & Security, Inc.		1,071		65,170
Geberit AG (REG)		360		155,128
Johnson Controls International PLC		5,892		248,171
LIXIL Group Corp.		2,500		63,539
Masco Corp.		2,305		78,347
TOTO Ltd.		1,000		37,829
				1,458,508
Commercial Services & Supplies - 0.2%
Babcock International Group PLC		2,400		26,519
Brambles Ltd.		15,030		107,336
Cintas Corp.		585		74,026
Dai Nippon Printing Co., Ltd.		5,000		54,107
Edenred		818		19,307
G4S PLC		12,380		47,194
ISS A/S		1,785		67,481
Park24 Co., Ltd.		1,300		34,156
Republic Services, Inc.-Class A		1,600		100,496
Secom Co., Ltd.		2,000		143,715
Societe BIC SA		891		111,006
Sohgo Security Services Co., Ltd.		1,000		37,457
Stericycle, Inc. (a)		610		50,563

Company	Shares		U.S. $ Value
Toppan Printing Co., Ltd.		5,000		51,106
Waste Management, Inc.		2,845		207,457
				1,131,926
Construction & Engineering - 0.2%
ACS Actividades de Construccion y Servicios SA		1,829		62,173
Bouygues SA		1,739		70,681
CIMIC Group Ltd.		2,988		81,987
Eiffage SA		1,102		86,242
Ferrovial SA		4,609		92,122
Fluor Corp.		965		50,778
HOCHTIEF AG		422		69,739
Jacobs Engineering Group, Inc.		815		45,053
JGC Corp.		4,000		69,662
Kajima Corp.		7,000		45,787
Obayashi Corp.		6,000		56,261
Quanta Services, Inc. (a)		1,015		37,667
Shimizu Corp.		4,000		35,919
Skanska AB-Class B		8,587		202,098
Taisei Corp.		10,000		73,131
Vinci SA		4,768		378,620
				1,457,920
Electrical Equipment - 0.5%
ABB Ltd. (REG)		20,970		490,813
Acuity Brands, Inc.		323		65,892
AMETEK, Inc.		1,599		86,474
Eaton Corp. PLC		3,144		233,128
Emerson Electric Co.		4,450		266,377
Fuji Electric Co., Ltd.		14,000		83,372
Legrand SA		2,541		152,962
Mabuchi Motor Co., Ltd.		800		45,159
Mitsubishi Electric Corp.		21,000		302,574
Nidec Corp.		2,300		219,660
Prysmian SpA		1,074		28,394
Rockwell Automation, Inc.		930		144,810
Schneider Electric SE (Paris)		5,314		390,412
Vestas Wind Systems A/S		2,133		173,499
				2,683,526
Industrial Conglomerates - 1.0%
3M Co.		4,255		814,109
CK Hutchison Holdings Ltd.		25,840		318,140
DCC PLC		843		74,211
General Electric Co.		62,559		1,864,258
Honeywell International, Inc.		5,305		662,435
Jardine Matheson Holdings Ltd.		2,300		147,752
Jardine Strategic Holdings Ltd.		2,005		84,230
Keihan Holdings Co., Ltd.		5,000		30,630
Keppel Corp., Ltd.		13,000		64,483
Koninklijke Philips NV		7,299		234,475
NWS Holdings Ltd.		37,000		67,552
Roper Technologies, Inc.		725		149,705
Seibu Holdings, Inc.		3,142		51,974
Siemens AG (REG)		8,153		1,116,734
Smiths Group PLC		3,761		76,418
Toshiba Corp. (a)		38,000		81,910
				5,839,016

Company	Shares		U.S. $ Value
Machinery - 1.1%
Alfa Laval AB		3,611		68,059
Alstom SA (a)		3,502		104,548
Amada Holdings Co., Ltd.		3,000		34,341
ANDRITZ AG		693		34,659
Atlas Copco AB-Class A		6,392		225,312
Atlas Copco AB-Class B		3,579		113,690
Caterpillar, Inc.		4,085		378,925
CNH Industrial NV		22,634		217,854
Cummins, Inc.		1,100		166,320
Deere & Co.		2,035		221,530
Dover Corp.		1,085		87,180
FANUC Corp.		2,100		432,330
Flowserve Corp. (d)		910		44,062
Fortive Corp.		2,070		124,655
GEA Group AG		1,741		73,964
Hino Motors Ltd.		6,000		72,744
Hitachi Construction Machinery Co., Ltd.		3,000		75,067
Hoshizaki Corp.		400		31,617
IHI Corp. (a)		26,000		82,243
Illinois Tool Works, Inc.		2,225		294,746
IMI PLC		4,517		67,579
Ingersoll-Rand PLC		1,805		146,783
JTEKT Corp.		4,300		66,895
Kawasaki Heavy Industries Ltd.		9,000		27,341
Komatsu Ltd.		9,800		256,694
Kone Oyj-Class B		3,593		157,835
Kubota Corp.		10,000		150,735
Kurita Water Industries Ltd.		1,200		29,139
Makita Corp.		2,200		77,158
MAN SE		1,273		131,217
Metso Oyj		1,073		32,470
MINEBEA MITSUMI, Inc.		7,000		93,592
Mitsubishi Heavy Industries Ltd.		31,000		124,736
Nabtesco Corp.		1,000		26,610
NGK Insulators Ltd.		2,000		45,373
NSK Ltd.		4,719		67,601
PACCAR, Inc.		2,410		161,952
Parker-Hannifin Corp.		945		151,502
Pentair PLC		1,160		72,825
Sandvik AB		12,165		181,708
Schindler Holding AG		413		79,889
Schindler Holding AG (REG)		575		109,093
SKF AB-Class B		4,700		92,945
SMC Corp./Japan		600		177,879
Snap-on, Inc.		420		70,841
Stanley Black & Decker, Inc.		1,065		141,507
Sumitomo Heavy Industries Ltd.		6,000		41,948
THK Co., Ltd.		3,100		78,202
Volvo AB-Class B		14,676		216,500
Wartsila Oyj Abp		1,408		75,276
Weir Group PLC (The)		2,037		49,000
Xylem, Inc./NY		1,235		62,022
Zardoya Otis SA		4,352		40,187
				6,188,880
Marine - 0.1%
AP Moller-Maersk A/S-Class A		70		112,812
AP Moller-Maersk A/S-Class B		68		112,630

Company	Shares		U.S. $ Value
Mitsui OSK Lines Ltd.		12,000		37,712
Nippon Yusen KK (a)		31,000		65,448
				328,602
Professional Services - 0.3%
Adecco Group AG (REG)		1,673		118,790
Bureau Veritas SA		3,094		65,217
Capita PLC		6,326		44,741
Dun & Bradstreet Corp. (The)		265		28,604
Equifax, Inc.		855		116,913
Experian PLC		10,230		208,705
Intertek Group PLC		1,536		75,606
Nielsen Holdings PLC		2,316		95,674
Randstad Holding NV		1,613		92,986
Recruit Holdings Co., Ltd.		3,916		200,286
RELX NV		15,125		280,593
RELX PLC		11,663		228,340
Robert Half International, Inc.		885		43,215
SGS SA (REG)		52		110,896
Verisk Analytics, Inc.-Class A (a)		1,100		89,254
Wolters Kluwer NV		5,568		231,085
				2,030,905
Road & Rail - 0.5%
Aurizon Holdings Ltd.		12,975		52,029
Central Japan Railway Co.		1,537		251,053
CSX Corp.		6,560		305,368
DSV A/S		1,630		84,309
East Japan Railway Co.		3,600		314,357
Hankyu Hanshin Holdings, Inc.		2,200		71,788
JB Hunt Transport Services, Inc.		603		55,319
Kansas City Southern		770		66,035
Keikyu Corp.		4,000		44,003
Keio Corp.		6,000		47,667
Keisei Electric Railway Co., Ltd.		1,000		23,276
Kintetsu Group Holdings Co., Ltd.		17,000		61,461
MTR Corp., Ltd.		15,500		87,085
Nagoya Railroad Co., Ltd.		9,000		40,587
Nippon Express Co., Ltd.		12,000		61,767
Norfolk Southern Corp.		2,040		228,419
Odakyu Electric Railway Co., Ltd.		3,000		58,508
Ryder System, Inc.		365		27,536
Tobu Railway Co., Ltd.		6,000		30,474
Tokyu Corp.		10,000		71,051
Union Pacific Corp.		5,800		614,336
West Japan Railway Co.		1,568		102,255
				2,698,683
Trading Companies & Distributors - 0.4%
AerCap Holdings NV (a)		1,653		75,988
Ashtead Group PLC		4,791		99,170
Brenntag AG		1,471		82,445
Bunzl PLC		3,191		92,748
Fastenal Co.		1,980		101,970
ITOCHU Corp.		16,000		227,782
Marubeni Corp.		16,000		98,831
MISUMI Group, Inc.		2,900		52,647
Mitsubishi Corp.		16,100		348,928

Company	Shares		U.S. $ Value
Mitsui & Co., Ltd.		18,200		264,301
Sumitomo Corp.		11,300		152,447
Toyota Tsusho Corp.		2,300		69,811
Travis Perkins PLC		2,972		56,382
United Rentals, Inc. (a)		600		75,030
Wolseley PLC		3,100		195,181
WW Grainger, Inc.		380		88,449
				2,082,110
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		6,861		110,446
Aena SA (e)		643		101,632
Aeroports de Paris		1,000		123,546
Atlantia SpA		176		4,540
Auckland International Airport Ltd.		10,521		49,818
Groupe Eurotunnel SE (REG)		2,068		20,787
Hutchison Port Holdings Trust-Class U		43,553		18,077
Japan Airport Terminal Co., Ltd.		1,200		41,864
Kamigumi Co., Ltd.		3,000		25,999
Mitsubishi Logistics Corp.		1,000		13,805
Sydney Airport		15,829		81,848
Transurban Group		19,376		172,716
				765,078
				34,309,602
Consumer Staples - 5.1%
Beverages - 1.1%
Anheuser-Busch InBev SA/NV		8,118		889,532
Asahi Group Holdings Ltd.		3,700		140,098
Brown-Forman Corp.-Class B		1,254		57,910
Carlsberg A/S-Class B		1,051		97,052
Coca-Cola Amatil Ltd.		8,031		66,397
Coca-Cola Co. (The)		27,130		1,151,397
Coca-Cola European Partners PLC		2,055		76,758
Coca-Cola HBC AG (a)		1,928		49,773
Coca-Cola West Co., Ltd.		1,300		42,003
Constellation Brands, Inc.-Class A		1,270		205,829
Diageo PLC		26,828		768,225
Dr Pepper Snapple Group, Inc.		1,270		124,358
Heineken Holding NV		1,000		79,430
Heineken NV		4,780		406,770
Kirin Holdings Co., Ltd.		8,000		151,331
Molson Coors Brewing Co.-Class B		1,300		124,423
Monster Beverage Corp. (a)		2,880		132,969
PepsiCo, Inc.		10,075		1,126,989
Pernod Ricard SA		2,021		238,924
Remy Cointreau SA		195		19,077
Suntory Beverage & Food Ltd.		1,324		55,933
Treasury Wine Estates Ltd.		6,024		56,274
				6,061,452
Food & Staples Retailing - 0.9%
Aeon Co., Ltd.		6,200		90,784
Carrefour SA		5,903		139,081
Casino Guichard Perrachon SA		1,228		68,612
Colruyt SA		862		42,333
Costco Wholesale Corp.		3,065		513,970

Company	Shares		U.S. $ Value
CVS Health Corp.		7,430		583,255
Distribuidora Internacional de Alimentacion SA		8,219		47,507
FamilyMart UNY Holdings Co., Ltd.		800		47,734
ICA Gruppen AB		2,462		83,973
J Sainsbury PLC		18,022		59,692
Jeronimo Martins SGPS SA		2,405		42,976
Koninklijke Ahold Delhaize NV		9,852		210,535
Kroger Co. (The)		6,580		194,044
Lawson, Inc.		600		40,797
METRO AG		3,266		104,357
Seven & i Holdings Co., Ltd.		8,000		314,269
Sundrug Co., Ltd.		1,000		33,645
Sysco Corp.		3,555		184,576
Tesco PLC (a)		87,120		202,760
Tsuruha Holdings, Inc.		600		55,650
Wal-Mart Stores, Inc.		10,563		761,381
Walgreens Boots Alliance, Inc.		5,945		493,732
Wesfarmers Ltd.		12,002		413,204
Whole Foods Market, Inc.		2,220		65,978
Wm Morrison Supermarkets PLC		29,345		88,307
Woolworths Ltd.		14,003		283,505
				5,166,657
Food Products - 1.1%
Ajinomoto Co., Inc.		5,000		98,934
Archer-Daniels-Midland Co.		4,015		184,851
Associated British Foods PLC		3,965		129,519
Barry Callebaut AG (REG) (a)		91		118,984
Calbee, Inc.		1,315		44,915
Campbell Soup Co.		1,325		75,843
Chocoladefabriken Lindt & Spruengli AG (REG)		1		66,338
Conagra Brands, Inc.		2,885		116,381
Danone SA		6,291		427,945
General Mills, Inc.		4,135		244,006
Golden Agri-Resources Ltd.		48,000		13,219
Hershey Co. (The)		1,000		109,250
Hormel Foods Corp. (d)		1,850		64,065
JM Smucker Co. (The)		795		104,209
Kellogg Co.		1,765		128,157
Kerry Group PLC-Class A		1,906		149,856
Kikkoman Corp.		1,000		29,887
Kraft Heinz Co. (The)		4,178		379,404
Marine Harvest ASA (a)		4,327		66,006
McCormick & Co., Inc./MD		825		80,479
Mead Johnson Nutrition Co.-Class A		1,260		112,241
MEIJI Holdings Co., Ltd.		1,100		91,789
Mondelez International, Inc.-Class A		10,835		466,772
Nestle SA (REG)		33,982		2,608,177
NH Foods Ltd.		1,000		26,864
Nisshin Seifun Group, Inc.		4,000		59,800
Nissin Foods Holdings Co., Ltd.		1,200		66,665
Orkla ASA		10,095		90,432
Tate & Lyle PLC		4,440		42,547
Toyo Suisan Kaisha Ltd.		1,000		37,307
Tyson Foods, Inc.-Class A		2,075		128,048
WH Group Ltd. (e)		67,807		58,471
Wilmar International Ltd.		26,000		65,611
Yakult Honsha Co., Ltd.		800		44,524

Company	Shares		U.S. $ Value
Yamazaki Baking Co., Ltd.		2,000		41,179
				6,572,675
Household Products - 0.7%
Church & Dwight Co., Inc.		1,776		88,569
Clorox Co. (The)		920		124,044
Colgate-Palmolive Co.		6,200		453,778
Henkel AG & Co. KGaA		989		109,985
Henkel AG & Co. KGaA (Preference Shares)		1,696		217,385
Kimberly-Clark Corp.		2,515		331,049
Lion Corp.		2,000		36,044
Procter & Gamble Co. (The)		18,170		1,632,574
Reckitt Benckiser Group PLC		6,765		617,588
Svenska Cellulosa AB SCA-Class B		4,979		160,455
Unicharm Corp.		3,800		91,324
				3,862,795
Personal Products - 0.5%
Beiersdorf AG		1,051		99,455
Coty, Inc.-Class A		3,262		59,140
Estee Lauder Cos., Inc. (The)-Class A		1,540		130,577
Kao Corp.		5,400		296,549
Kose Corp.		500		45,440
L’Oreal SA		2,700		519,311
Pola Orbis Holdings, Inc.		1,800		43,493
Shiseido Co., Ltd.		3,600		94,755
Unilever NV		15,507		770,401
Unilever PLC		13,679		674,748
				2,733,869
Tobacco - 0.8%
Altria Group, Inc.		13,660		975,597
British American Tobacco PLC		19,869		1,318,229
Imperial Brands PLC		10,218		495,202
Japan Tobacco, Inc.		11,724		381,587
Philip Morris International, Inc.		10,850		1,224,965
Reynolds American, Inc.		5,748		362,239
Swedish Match AB		2,884		93,727
				4,851,546
				29,248,994
Energy - 2.8%
Energy Equipment & Services - 0.3%
Baker Hughes, Inc.		2,960		177,067
Halliburton Co.		5,990		294,768
Helmerich & Payne, Inc.		735		48,929
National Oilwell Varco, Inc.		2,605		104,434
Petrofac Ltd.		2,766		31,951
Saipem SpA (a)		184,213		83,669
Schlumberger Ltd.		9,700		757,570
TechnipFMC PLC (a)		3,318		107,835
Tenaris SA		4,501		77,833
Transocean Ltd. (a)		2,350		29,258
				1,713,314
Oil, Gas & Consumable Fuels - 2.5%
Anadarko Petroleum Corp.		3,795		235,290

Company	Shares		U.S. $ Value
Apache Corp.		2,645		135,927
BP PLC		202,459		1,165,377
Cabot Oil & Gas Corp.		3,240		77,468
Caltex Australia Ltd.		3,100		69,848
Chesapeake Energy Corp. (a)(d)		5,195		30,858
Chevron Corp.		13,180		1,415,137
Cimarex Energy Co.		677		80,895
Concho Resources, Inc. (a)		1,007		129,238
ConocoPhillips		8,620		429,879
Devon Energy Corp.		3,620		151,026
Enagas SA		2,159		56,012
Eni SpA		24,216		396,495
EOG Resources, Inc.		3,860		376,543
EQT Corp.		1,190		72,709
Exxon Mobil Corp.		28,937		2,373,123
Galp Energia SGPS SA		5,341		81,009
Hess Corp.		1,840		88,706
Idemitsu Kosan Co., Ltd.		1,200		41,771
Inpex Corp.		9,048		89,222
JX Holdings, Inc.		20,000		98,471
Kinder Morgan, Inc./DE		13,389		291,077
Koninklijke Vopak NV		502		21,863
Lundin Petroleum AB (a)		856		17,374
Marathon Oil Corp.		5,905		93,299
Marathon Petroleum Corp.		3,674		185,684
Murphy Oil Corp.		1,105		31,592
Neste Oyj		1,220		47,705
Newfield Exploration Co. (a)		1,370		50,567
Noble Energy, Inc.		3,000		103,020
Occidental Petroleum Corp.		5,350		338,976
Oil Search Ltd.		18,278		100,775
OMV AG		1,402		55,252
ONEOK, Inc.		1,420		78,725
Origin Energy Ltd. (a)		16,658		89,606
Phillips 66		3,110		246,374
Pioneer Natural Resources Co.		1,215		226,270
Range Resources Corp.		1,300		37,830
Repsol SA		11,820		183,126
Royal Dutch Shell PLC-Class A		47,104		1,241,580
Royal Dutch Shell PLC-Class B		39,919		1,097,350
Santos Ltd. (a)		18,468		53,593
Showa Shell Sekiyu KK		1,900		19,282
Snam SpA		26,833		115,971
Southwestern Energy Co. (a)		3,445		28,146
Statoil ASA		12,989		223,262
Tesoro Corp.		825		66,875
TonenGeneral Sekiyu KK		5,000		63,378
TOTAL SA		23,778		1,202,296
Valero Energy Corp.		3,225		213,785
Williams Cos., Inc. (The)		4,755		140,700
Woodside Petroleum Ltd.		7,059		172,934
				14,433,271
				16,146,585
Materials - 2.6%
Chemicals - 1.5%
Air Liquide SA		4,143		473,042
Air Products & Chemicals, Inc.		1,520		205,641

Company	Shares		U.S. $ Value
Akzo Nobel NV		2,351		194,625
Albemarle Corp.		761		80,392
Arkema SA		1,159		114,093
Asahi Kasei Corp.		12,000		116,597
BASF SE		9,789		969,244
CF Industries Holdings, Inc.		1,600		46,960
Chr Hansen Holding A/S		1,460		93,655
Covestro AG (e)		1,766		136,050
Croda International PLC		1,689		75,441
Daicel Corp.		3,000		36,226
Dow Chemical Co. (The)		7,825		497,200
Eastman Chemical Co.		1,030		83,224
Ecolab, Inc.		1,840		230,626
EI du Pont de Nemours & Co.		6,095		489,611
EMS-Chemie Holding AG (REG)		203		118,225
Evonik Industries AG		2,574		83,898
FMC Corp.		930		64,719
Frutarom Industries Ltd.		300		16,767
Givaudan SA (REG)		88		158,492
Hitachi Chemical Co., Ltd.		3,000		83,336
Incitec Pivot Ltd.		32,013		91,908
International Flavors & Fragrances, Inc.		550		72,891
Israel Chemicals Ltd.		4,414		18,719
Johnson Matthey PLC		1,842		71,068
JSR Corp.		800		13,536
Kansai Paint Co., Ltd.		3,000		64,024
Kuraray Co., Ltd.		3,000		45,638
LANXESS AG		1,767		118,535
Linde AG		1,768		294,586
LyondellBasell Industries NV-Class A		2,399		218,765
Mitsubishi Chemical Holdings Corp.		13,000		100,931
Mitsubishi Gas Chemical Co., Inc.		2,500		52,071
Mitsui Chemicals, Inc.		8,000		39,634
Monsanto Co.		3,040		344,128
Mosaic Co. (The)		2,430		70,907
Nippon Paint Holdings Co., Ltd.		2,000		69,853
Nissan Chemical Industries Ltd.		1,000		29,172
Nitto Denko Corp.		1,600		123,776
Novozymes A/S-Class B		2,458		97,385
Orica Ltd.		7,662		102,987
PPG Industries, Inc.		1,850		194,398
Praxair, Inc.		1,990		236,014
Sherwin-Williams Co. (The)		565		175,257
Shin-Etsu Chemical Co., Ltd.		4,100		356,369
Sika AG		20		119,954
Solvay SA		927		113,103
Sumitomo Chemical Co., Ltd.		15,000		84,017
Symrise AG		1,178		78,339
Syngenta AG (REG)		991		437,666
Taiyo Nippon Sanso Corp.		7,000		81,941
Teijin Ltd.		3,000		56,647
Toray Industries, Inc.		14,000		124,601
Umicore SA		1,001		57,006
Yara International ASA		1,297		49,958
				8,573,848
Construction Materials - 0.2%
Boral Ltd.		17,642		78,651
CRH PLC		8,841		311,549
Fletcher Building Ltd.		7,055		41,099

Company	Shares		U.S. $ Value
HeidelbergCement AG		1,342		125,676
Imerys SA		448		37,996
James Hardie Industries PLC		3,449		54,188
LafargeHolcim Ltd. (REG) (a)		4,333		255,645
Martin Marietta Materials, Inc.		477		104,105
Taiheiyo Cement Corp.		5,000		16,779
Vulcan Materials Co.		915		110,239
				1,135,927
Containers & Packaging - 0.1%
Amcor Ltd./Australia		11,024		126,802
Avery Dennison Corp.		585		47,151
Ball Corp.		1,210		89,855
International Paper Co.		2,865		145,485
Sealed Air Corp.		1,340		58,397
Toyo Seikan Group Holdings Ltd.		1,700		27,663
WestRock Co.		1,747		90,896
				586,249
Metals & Mining - 0.7%
Anglo American PLC (a)		14,945		228,345
Antofagasta PLC		6,389		66,705
ArcelorMittal (Euronext Amsterdam) (a)		37,606		314,615
BHP Billiton Ltd.		34,230		622,512
BHP Billiton PLC		22,510		347,192
Boliden AB		4,189		124,687
Fortescue Metals Group Ltd.		18,067		86,056
Freeport-McMoRan, Inc. (a)		8,525		113,894
Fresnillo PLC		2,356		45,905
Glencore PLC (a)		130,406		511,655
Hitachi Metals Ltd.		5,000		70,329
JFE Holdings, Inc.		5,000		85,998
Kobe Steel Ltd. (a)		1,199		10,971
Mitsubishi Materials Corp.		2,700		81,953
Newcrest Mining Ltd.		7,017		119,608
Newmont Mining Corp.		3,695		121,787
Nippon Steel & Sumitomo Metal Corp.		8,643		199,682
Norsk Hydro ASA		16,444		95,831
Nucor Corp.		2,210		131,981
Randgold Resources Ltd.		890		77,769
Rio Tinto Ltd.		4,038		186,444
Rio Tinto PLC		13,185		530,930
South32 Ltd.		56,741		119,619
Sumitomo Metal Mining Co., Ltd.		5,000		71,506
thyssenkrupp AG		3,919		96,007
voestalpine AG		1,082		42,553
				4,504,534
Paper & Forest Products - 0.1%
Mondi PLC		3,496		84,468
Oji Holdings Corp.		14,000		65,658
Stora Enso Oyj-Class R		5,244		62,006
UPM-Kymmene Oyj		5,689		133,572
				345,704
				15,146,262

Company	Shares		U.S. $ Value
Telecommunication Services - 1.7%
Diversified Telecommunication Services - 1.3%
AT&T, Inc.		42,926		1,783,575
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		44,970
BT Group PLC		89,935		359,121
CenturyLink, Inc. (d)		3,810		89,802
Deutsche Telekom AG (REG)		34,368		602,218
Elisa Oyj		1,354		47,865
HKT Trust & HKT Ltd.-Class SS		55,098		71,323
Iliad SA		332		74,146
Inmarsat PLC		6,433		68,535
Koninklijke KPN NV		28,755		86,450
Level 3 Communications, Inc. (a)		1,997		114,268
Nippon Telegraph & Telephone Corp.		7,400		316,375
Orange SA		18,911		293,604
Proximus SADP		1,568		49,136
SFR Group SA (a)		2,106		66,137
Singapore Telecommunications Ltd.		40,000		112,093
Singapore Telecommunications Ltd. (Foreign Shares)		36,000		100,596
Spark New Zealand Ltd.		17,417		42,695
Swisscom AG (REG)		247		113,857
TDC A/S		10,476		53,954
Telecom Italia SpA/Milano (ordinary shares) (a)		150,129		135,144
Telecom Italia SpA/Milano (savings shares)		96,487		70,443
Telefonica Deutschland Holding AG		17,113		84,843
Telefonica SA		50,008		559,756
Telenor ASA		7,146		118,877
Telia Co. AB		24,258		101,698
Telstra Corp., Ltd.		40,732		144,939
TPG Telecom Ltd.		8,880		47,276
Verizon Communications, Inc.		28,445		1,386,694
Vocus Group Ltd.		3,061		10,100
				7,150,490
Wireless Telecommunication Services - 0.4%
KDDI Corp.		19,550		514,180
Millicom International Cellular SA		641		35,743
NTT DOCOMO, Inc.		14,767		344,843
SoftBank Group Corp.		8,832		626,322
StarHub Ltd.		23,000		47,350
Tele2 AB-Class B		3,826		36,519
Vodafone Group PLC		283,081		737,705
				2,342,662
				9,493,152
Real Estate - 1.6%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Alexandria Real Estate Equities, Inc.		632		69,849
American Tower Corp.		2,965		360,366
Apartment Investment & Management Co.-Class A		1,075		47,676
AvalonBay Communities, Inc.		945		173,502
Boston Properties, Inc.		1,100		145,651
British Land Co. PLC (The)		9,308		71,151
CapitaLand Mall Trust		14,000		19,711
Crown Castle International Corp.		2,370		223,847
Daiwa House REIT Investment Corp.		13		33,854

Company	Shares		U.S. $ Value
Dexus Property Group		13,420		100,161
Digital Realty Trust, Inc.		1,030		109,582
Equinix, Inc.		520		208,192
Equity Residential		2,540		158,039
Essex Property Trust, Inc.		478		110,671
Extra Space Storage, Inc.		883		65,686
Federal Realty Investment Trust		522		69,687
GGP, Inc.		4,044		93,740
Goodman Group		16,928		100,085
GPT Group (The)		17,105		67,319
Hammerson PLC		7,467		53,392
HCP, Inc.		2,880		90,086
Host Hotels & Resorts, Inc.		5,150		96,099
ICADE		1,592		116,455
Intu Properties PLC		9,588		33,544
Iron Mountain, Inc.		1,708		60,924
Japan Prime Realty Investment Corp.		7		27,155
Japan Real Estate Investment Corp.		12		63,702
Japan Retail Fund Investment Corp.		24		47,106
Kimco Realty Corp.		2,930		64,724
Klepierre		2,231		86,676
Land Securities Group PLC		10,386		137,939
Link REIT		21,500		150,688
Macerich Co. (The)		810		52,164
Mid-America Apartment Communities, Inc.		796		80,985
Mirvac Group		40,488		67,737
Nippon Building Fund, Inc.		13		71,265
Nippon Prologis REIT, Inc.		14		30,348
Nomura Real Estate Master Fund, Inc.		34		52,880
Prologis, Inc.		3,670		190,400
Public Storage		1,030		225,477
Realty Income Corp.		1,808		107,630
Regency Centers Corp.		1,033		68,581
Scentre Group		50,683		166,156
Segro PLC		8,541		48,832
Simon Property Group, Inc.		2,216		381,219
SL Green Realty Corp.		676		72,075
Stockland		23,010		81,595
UDR, Inc.		1,828		66,283
Unibail-Rodamco SE		1,361		317,345
United Urban Investment Corp.		26		39,969
Ventas, Inc.		2,441		158,763
Vicinity Centres		20,397		44,119
Vornado Realty Trust		1,185		118,867
Welltower, Inc.		2,475		175,280
Westfield Corp.		18,793		127,483
Weyerhaeuser Co.		5,198		176,628
				6,179,340
Real Estate Management & Development - 0.5%
Aeon Mall Co., Ltd.		1,700		26,823
Azrieli Group Ltd.		811		43,096
CapitaLand Ltd.		35,000		90,847
CBRE Group, Inc.-Class A (a)		2,065		71,841
Cheung Kong Property Holdings Ltd.		25,719		173,496
City Developments Ltd.		11,000		80,163
Daito Trust Construction Co., Ltd.		700		96,248
Daiwa House Industry Co., Ltd.		6,000		172,464
Deutsche Wohnen AG		3,212		105,776
Global Logistic Properties Ltd.		80,329		159,628

Company	Shares		U.S. $ Value
Hang Lung Properties Ltd.		14,000		36,395
Henderson Land Development Co., Ltd.		22,856		141,721
Hongkong Land Holdings Ltd.		14,000		107,593
Hulic Co., Ltd.		6,591		62,214
Kerry Properties Ltd.		8,500		29,483
LendLease Group		10,380		123,454
Mitsubishi Estate Co., Ltd.		13,000		236,947
Mitsui Fudosan Co., Ltd.		10,000		213,518
New World Development Co., Ltd.		82,122		101,189
Nomura Real Estate Holdings, Inc.		3,600		57,450
Sino Land Co., Ltd.		16,000		28,058
Sumitomo Realty & Development Co., Ltd.		3,000		77,917
Sun Hung Kai Properties Ltd.		15,000		220,504
Swire Pacific Ltd.-Class A		7,000		69,967
Swire Properties Ltd.		25,389		81,371
Swiss Prime Site AG (REG) (a)		976		85,935
Tokyu Fudosan Holdings Corp.		7,989		43,484
Vonovia SE		5,710		201,174
Wharf Holdings Ltd. (The)		13,000		111,722
Wheelock & Co., Ltd.		17,000		134,475
				3,184,953
				9,364,293
Utilities - 1.6%
Electric Utilities - 0.9%
Alliant Energy Corp.		1,588		62,901
American Electric Power Co., Inc.		3,425		229,920
AusNet Services		37,398		48,142
Cheung Kong Infrastructure Holdings Ltd.		15,000		117,799
Chubu Electric Power Co., Inc.		6,100		81,941
Chugoku Electric Power Co., Inc. (The)		4,000		44,379
CLP Holdings Ltd.		12,500		130,856
Contact Energy Ltd.		4,696		16,651
DONG Energy A/S (e)		923		35,543
Duke Energy Corp.		4,782		392,172
Edison International		2,265		180,317
EDP - Energias de Portugal SA		25,431		85,986
Electricite de France SA		5,592		46,986
Endesa SA		3,024		70,972
Enel SpA		72,583		341,537
Entergy Corp.		1,225		93,051
Eversource Energy		2,210		129,904
Exelon Corp.		6,397		230,164
FirstEnergy Corp.		2,935		93,392
Fortum Oyj		4,228		66,921
HK Electric Investments & HK Electric Investments Ltd.-Class SS (e)		104,180		96,150
Hokuriku Electric Power Co.		3,200		31,129
Iberdrola SA		57,786		412,875
Kansai Electric Power Co., Inc. (The)		6,700		82,442
Kyushu Electric Power Co., Inc.		4,100		43,813
Mercury NZ Ltd.		13,502		29,814
NextEra Energy, Inc.		3,245		416,561
PG&E Corp.		3,475		230,601
Pinnacle West Capital Corp.		785		65,453
Power Assets Holdings Ltd.		8,500		73,319
PPL Corp.		4,695		175,546
Red Electrica Corp. SA		5,707		109,428
Southern Co. (The)		6,810		339,002

Company	Shares		U.S. $ Value
SSE PLC		10,739		198,468
Terna Rete Elettrica Nazionale SpA		23,069		114,364
Tohoku Electric Power Co., Inc.		4,300		58,410
Tokyo Electric Power Co. Holdings, Inc. (a)		13,800		54,093
Xcel Energy, Inc.		3,520		156,464
				5,187,466
Gas Utilities - 0.1%
APA Group		12,605		86,272
Gas Natural SDG SA		3,334		72,927
Hong Kong & China Gas Co., Ltd.		72,131		144,313
Osaka Gas Co., Ltd.		18,000		68,634
Toho Gas Co., Ltd.		6,000		42,556
Tokyo Gas Co., Ltd.		19,000		86,775
				501,477
Independent Power and Renewable Electricity Producers - 0.0%
AES Corp./VA		4,585		51,260
Electric Power Development Co., Ltd.		1,600		37,598
Meridian Energy Ltd.		18,542		36,386
NRG Energy, Inc.		2,190		40,953
				166,197
Multi-Utilities - 0.6%
AGL Energy Ltd.		6,423		129,379
Ameren Corp.		1,660		90,619
CenterPoint Energy, Inc.		2,995		82,572
Centrica PLC		64,140		174,653
CMS Energy Corp.		1,920		85,901
Consolidated Edison, Inc.		2,130		165,416
Dominion Resources, Inc./VA		4,385		340,144
DTE Energy Co.		1,270		129,680
DUET Group		22,926		48,857
E.ON SE		19,048		151,434
Engie SA		13,909		196,557
Innogy SE (a)(e)		1,323		49,861
National Grid PLC		39,933		506,642
NiSource, Inc.		2,205		52,457
Public Service Enterprise Group, Inc.		3,505		155,447
RWE AG (a)		5,973		98,984
SCANA Corp.		995		65,023
Sempra Energy		1,760		194,480
Suez		5,769		91,047
United Utilities Group PLC		6,491		80,819
Veolia Environnement SA		2,727		51,136
WEC Energy Group, Inc.		2,188		132,658
				3,073,766
Water Utilities - 0.0%
American Water Works Co., Inc.		1,221		94,957
Severn Trent PLC		2,239		66,787
				161,744
				9,090,650
Total Common Stocks (cost $234,884,145)				281,673,583

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 29.6%
United States - 29.6%
U.S. Treasury Bonds
2.25%, 8/15/46	$	5,033		4,259,907
2.50%, 2/15/45		520		467,249
2.75%, 8/15/42		920		877,090
2.875%, 5/15/43-8/15/45		5,597		5,430,774
3.00%, 5/15/45		480		477,206
3.125%, 11/15/41-2/15/43		2,825		2,885,628
3.50%, 2/15/39		358		394,010
3.625%, 8/15/43		3,475		3,869,333
3.75%, 8/15/41		220		249,468
3.875%, 8/15/40		280		323,706
4.25%, 5/15/39		240		293,091
4.375%, 11/15/39-5/15/41		1,258		1,562,334
4.50%, 8/15/39		220		277,862
4.75%, 2/15/37-2/15/41		2,661		3,475,391
5.375%, 2/15/31		650		867,927
6.00%, 2/15/26		2,846		3,678,788
6.25%, 8/15/23-5/15/30		724		1,004,950
6.875%, 8/15/25		590		795,832
7.25%, 8/15/22		775		981,102
7.625%, 2/15/25		55		76,319
8.00%, 11/15/21		9,123		11,580,864
U.S. Treasury Notes
0.75%, 3/31/18		1,003		999,709
1.00%, 5/31/18-9/30/19		3,920		3,906,326
1.125%, 2/28/21-9/30/21		2,905		2,825,129
1.25%, 11/30/18-10/31/21		24,271		24,128,529
1.375%, 12/31/18-5/31/21		12,309		12,228,107
1.50%, 5/31/19-8/15/26		6,875		6,729,982
1.625%, 6/30/20-2/15/26		14,732		14,288,716
1.75%, 5/15/23		1,740		1,702,277
1.875%, 11/30/21		3,207		3,202,742
2.00%, 11/15/21-11/15/26		14,375		14,246,714
2.125%, 8/15/21-5/15/25		5,862		5,836,769
2.25%, 11/15/24-2/15/27		900		891,753
2.375%, 8/15/24		855		861,847
2.50%, 8/15/23-5/15/24		2,242		2,285,463
2.625%, 8/15/20-11/15/20		3,700		3,819,851
2.75%, 2/28/18-11/15/23		3,740		3,844,100
3.125%, 5/15/21		394		414,185
3.375%, 11/15/19		1,890		1,985,755
3.50%, 5/15/20		910		963,604
3.625%, 2/15/20		3,519		3,731,790
3.625%, 2/15/21 (f)		9,502		10,173,079
3.75%, 11/15/18		6,205		6,458,046
Total Governments - Treasuries (cost $171,768,657)				169,353,304
	Shares
INVESTMENT COMPANIES - 18.1%
Funds and Investment Trusts - 18.1% (g)
iShares Core MSCI Emerging Markets ETF		775,210		37,047,286
iShares International Developed Real Estate ETF		293,373		8,056,023

Company	Shares		U.S. $ Value
iShares JP Morgan USD Emerging Markets Bond ETF		101,101		11,495,184
SPDR S&P 500 ETF Trust		15,756		3,714,319
SPDR S&P MidCap 400 ETF Trust		40,670		12,706,121
Vanguard FTSE Emerging Markets ETF		74,440		2,956,757
Vanguard Global ex-U.S. Real Estate ETF (d)		150,903		8,037,094
Vanguard Mid-Cap ETF		10,372		1,444,197
Vanguard REIT ETF (d)		154,197		12,735,130
Vanguard Small-Cap ETF		42,631		5,681,860
Total Investment Companies (cost $99,543,014)				103,873,971
RIGHTS - 0.0%
Financials - 0.0%
Capital Markets - 0.0%
Deutsche Bank AG, expiring 4/06/17 (a)		13,129		31,373
SHORT-TERM INVESTMENTS - 2.8%
Investment Companies - 2.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (g)(h) (Cost $16,037,074)		16,037,074		16,037,074
Total Investments Before Security Lending Collateral for Securities Loaned - 99.6% (cost $522,232,890)				570,969,305
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.3%
Investment Companies - 0.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (g)(h) (Cost $1,857,983)		1,857,983		1,857,983
Total Investments - 99.9% (cost $524,090,873) (i)				572,827,288
Other assets less liabilities - 0.1% (j)				773,085
Net Assets - 100.0%			$	573,600,373

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		88		June 2017	$	8,469,801	$	8,635,805	$	166,004
Euro STOXX 50 Index Futures		241		June 2017		8,592,420		8,808,203		215,783

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2017		Unrealized Appreciation/ (Depreciation)
FTSE 100 Index Futures		67		June 2017	$	6,115,256	$	6,107,370	$	(7,886	)
Mini MSCI EAFE Futures		3		June 2017		265,976		267,300		1,324
S&P 500 E Mini Futures		12		June 2017		1,420,062		1,415,520		(4,542	)
U.S. T-Note 5 Yr (CBT) Futures		51		June 2017		5,994,968		6,004,055		9,087
U.S. T-Note 10 Yr (CBT) Futures		144		June 2017		17,929,465		17,937,000		7,535
U.S. Ultra Bond (CBT) Futures		8		June 2017		1,274,576		1,285,000		10,424
Sold Contracts
Hang Seng Index Futures		13		April 2017		2,038,819		2,018,291		20,528
SPI 200 Futures		114		June 2017		12,545,931		12,733,431		(187,500	)
TOPIX Index Futures		19		June 2017		2,580,269		2,581,290		(1,021	)
									$	229,736

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	2,968		USD	3,154		6/15/17	$	(22,406	)
Barclays Bank PLC		USD	1,206		CAD	1,628		6/15/17		18,775
Barclays Bank PLC		USD	2,083		JPY	238,144		6/15/17		62,127
BNP Paribas SA		AUD	7,917		USD	6,063		6/15/17		22,554
BNP Paribas SA		USD	5,880		AUD	7,661		6/15/17		(34,728	)
BNP Paribas SA		USD	584		CAD	784		6/15/17		6,141
BNP Paribas SA		CAD	3,767		USD	2,836		6/15/17		669
Citibank, NA		CHF	11,438		USD	11,361		6/15/17		(106,032	)
Credit Suisse International		EUR	1,277		USD	1,376		6/15/17		8,807
Credit Suisse International		NZD	1,264		USD	886		6/15/17		1,810
Credit Suisse International		SEK	67,548		USD	7,661		6/15/17		96,510
Credit Suisse International		USD	3,100		SEK	27,601		6/15/17		(9,363	)
JPMorgan Chase Bank, NA		USD	1,022		CAD	1,355		6/15/17		(2,107	)
JPMorgan Chase Bank, NA		NOK	7,781		USD	909		6/15/17		1,949
Morgan Stanley & Co., Inc.		USD	881		NZD	1,264		6/15/17		3,483
Nomura Global Financial Products, Inc.		USD	4,955		JPY	550,246		6/15/17		1,302
Royal Bank of Scotland PLC		AUD	9,658		USD	7,395		6/15/17		25,659
Standard Chartered Bank		JPY	238,144		USD	2,136		6/15/17		(9,122	)
State Street Bank & Trust Co.		CHF	877		USD	879		6/15/17		(133	)
UBS AG		USD	2,309		EUR	2,126		6/15/17		(33,464	)
UBS AG		USD	2,031		GBP	1,628		6/15/17		11,556
UBS AG		GBP	1,092		USD	1,338		6/15/17		(31,938	)
UBS AG		JPY	281,950		USD	2,498		6/15/17		(41,205	)
									$	(29,156	)

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)

Citigroup Global Markets, Inc./(CME Group)

NZD

6,320

12/28/26

3 Month BKBM

3.580

%

$

96,568

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 UBS AG
Russell 2000 Total Return Index		1,256		LIBOR Minus 0.40	%	$	8,572		2/15/18	$	(98,959	)
Pay Total Return on Reference Obligation Citibank, NA
Standard and Poor’s Midcap 500 Index		7,386		LIBOR Plus 0.45	%		33,748		4/21/17		261,883
										$	162,924

(a) Non-income producing security.

(b) Fair valued by the Adviser.

(c) Illiquid security.

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

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the aggregate market value of these securities amounted to $717,690 or 0.1% of net assets.

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

(g) To obtain a copy of the fund’s 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.

(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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $59,493,865 and gross unrealized depreciation of investments was $(10,757,450), resulting in net unrealized appreciation of $48,736,415.

(j) An amount of U.S. $2,314,108 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2017.

Currency Abbreviation:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona

USD - United States Dollar

Glossary:

ADR	-	American Depositary Receipt
BKBM	-	Bank Bill Benchmark (New Zealand)
CBOE	-	Chicago Board Options Exchange
CBT	-	Chicago Board of Trade
CME	-	Chicago Mercantile Exchange
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
HK	-	Hong Kong
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

AB Variable Products Series Fund, Inc.

AB Dynamic Asset Allocation Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	20,649,810		$	29,428,473		$	– 0	– (a)	$	50,078,283
Information Technology		32,005,354			7,276,656			– 0	–		39,282,010
Consumer Discretionary		17,744,153			17,081,530			– 0	–		34,825,683
Health Care		20,230,331			14,457,738			– 0	–		34,688,069
Industrials		14,527,958			19,781,644			– 0	–		34,309,602
Consumer Staples		14,217,306			15,031,688			– 0	–		29,248,994
Energy		9,249,580			6,833,627			63,378			16,146,585
Materials		4,024,523			11,121,739			– 0	–		15,146,262
Telecommunication Services		3,445,662			6,047,490			– 0	–		9,493,152
Real Estate		4,094,514			5,269,779			– 0	–		9,364,293
Utilities		4,506,829			4,583,821			– 0	–		9,090,650
Governments - Treasuries		– 0	–		169,353,304			– 0	–		169,353,304
Investment Companies		103,873,971			– 0	–		– 0	–		103,873,971
Rights		31,373			– 0	–		– 0	–		31,373
Short-Term Investments		16,037,074			– 0	–		– 0	–		16,037,074
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,857,983			– 0	–		– 0	–		1,857,983
Total Investments in Securities		266,496,421			306,267,489			63,378			572,827,288
Other Financial Instruments (b):

Assets:
Futures		194,374			236,311			– 0	–		430,685
Forward Currency Exchange Contracts		– 0	–		261,342			– 0	–		261,342
Centrally Cleared Interest Rate Swaps		– 0	–		96,568			– 0	–		96,568
Total Return Swaps		– 0	–		261,883			– 0	–		261,883
Liabilities:
Futures		(4,542	)		(196,407	)		– 0	–		(200,949	)
Forward Currency Exchange Contracts		– 0	–		(290,498	)		– 0	–		(290,498	)
Total Return Swaps		– 0	–		(98,959	)		– 0	–		(98,959	)
Total (c)	$	266,686,253		$	306,537,729		$	63,378		$	573,287,360

(a) The Portfolio held a security with zero market value at period end.

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

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

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

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

	Common Stocks (a)			Total
Balance as of 12/31/16	$	– 0	–	$	– 0	–
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		10,727			10,727
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		52,651			52,651
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 3/31/17	$	63,378		$	63,378	(b)
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/17	$	10,727		$	10,727

(a) The Portfolio held a security with zero market value at period end.

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

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

A summary of the Portfolio’s transactions in shares of the AB Fixed Income Shares, Inc.–Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:    

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    21,929	$    42,941	$    48,833	$    16,037	$    34

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    8,035	$    32,043	$    38,220	$    1,858	$    4

AB Variable Products Series Fund, Inc.

AB Global Bond Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES - 49.0%
Funds and Investment Trusts - 49.0%
AB Global Bond Fund, Inc.-Class Z (a) (cost $5,363,133)			634,607	$	5,318,003
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 33.0%
Australia - 1.0%
Australia Government Bond
Series 128
5.75%, 7/15/22 (b)		AUD	75		67,242
Series 142
4.25%, 4/21/26 (b)			45		38,802
					106,044
Belgium - 0.4%
Kingdom of Belgium Government Bond
Series 71
3.75%, 6/22/45 (b)		EUR	27		41,530
Canada - 3.4%
Canadian Government Bond
1.25%, 8/01/17		CAD	360		271,343
2.50%, 6/01/24			105		84,636
2.75%, 12/01/48			15		12,368
					368,347
Germany - 1.9%
Bundesrepublik Deutschland
0.50%, 2/15/25-2/15/26 (b)		EUR	25		27,994
1.00%, 8/15/25 (b)			80		91,958
2.50%, 7/04/44-8/15/46 (b)			58		82,935
Series 00
6.25%, 1/04/30 (b)			1		1,005
					203,892
Italy - 5.8%
Italy Buoni Poliennali Del Tesoro
1.25%, 12/01/26			55		54,191
1.35%, 4/15/22			75		81,099
2.70%, 3/01/47 (b)			15		14,330
3.75%, 5/01/21			262		314,143
4.50%, 8/01/18			45		50,937
5.50%, 11/01/22			65		85,048
6.00%, 5/01/31			21		31,360
					631,108
Mexico - 0.7%
Mexican Bonos
Series M
8.00%, 6/11/20		MXN	1,280		70,597

	Principal Amount (000)			U.S. $ Value
New Zealand - 0.6%
New Zealand Government Bond
Series 423
5.50%, 4/15/23 (b)		NZD	85		68,484
Russia - 0.3%
Russian Federal Bond - OFZ
Series 6214
6.40%, 5/27/20		RUB	1,850		31,394
South Africa - 0.5%
Republic of South Africa Government Bond
Series 2048
8.75%, 2/28/48		ZAR	520		35,057
Series R186
10.50%, 12/21/26			290		23,818
					58,875
Spain - 1.6%
Spain Government Bond
1.30%, 10/31/26 (b)		EUR	54		56,344
1.95%, 7/30/30 (b)			13		13,745
2.15%, 10/31/25 (b)			20		22,590
2.90%, 10/31/46 (b)			4		4,266
4.10%, 7/30/18 (b)			45		50,774
4.20%, 1/31/37 (b)			21		28,374
5.15%, 10/31/44 (b)			1		1,536
					177,629
United Kingdom - 4.3%
United Kingdom Gilt
1.50%, 7/22/26 (b)		GBP	45		58,510
1.75%, 9/07/22 (b)			20		26,705
2.00%, 7/22/20-9/07/25 (b)			115		155,116
2.25%, 9/07/23 (b)			78		107,511
2.50%, 7/22/65 (b)			20		32,780
3.25%, 1/22/44 (b)			55		90,324
					470,946
United States - 12.5%
U.S. Treasury Bonds
2.875%, 5/15/43		U.S.$	54		52,576
3.00%, 11/15/44-11/15/45			95		94,470
3.625%, 8/15/43			90		100,213
6.25%, 5/15/30			90		127,564
U.S. Treasury Notes
0.875%, 4/30/17			325		325,051
1.125%, 7/31/21			65		63,040
1.375%, 4/30/20			75		74,605
1.625%, 2/15/26-5/15/26			130		121,996
2.00%, 2/15/25-11/15/26			98		95,182
2.125%, 6/30/21			65		65,777
2.25%, 11/15/25-2/15/27			75		74,104
2.375%, 8/15/24			25		25,200

	Principal Amount (000)			U.S. $ Value
2.50%, 5/15/24		U.S.$	42		42,753
2.625%, 8/15/20			88		90,829
					1,353,360
Total Governments - Treasuries (cost $3,694,491)					3,582,206
CORPORATES - INVESTMENT GRADE - 4.2%
Industrial - 3.3%
Basic - 0.2%
Fibria Overseas Finance Ltd.
5.50%, 1/17/27			6		6,013
Glencore Funding LLC
4.00%, 4/16/25 (b)			5		4,974
4.125%, 5/30/23 (b)			5		5,095
4.625%, 4/29/24 (b)			4		4,160
Mosaic Co. (The)
5.625%, 11/15/43			5		5,141
					25,383
Capital Goods - 0.1%
General Electric Co.
Series D
5.00%, 1/21/21 (c)			5		5,268
Communications - Media - 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.579%, 7/23/20			5		5,138
4.908%, 7/23/25			15		15,844
Cox Communications, Inc.
2.95%, 6/30/23 (b)			8		7,630
S&P Global, Inc.
4.40%, 2/15/26			15		15,907
Time Warner, Inc.
3.60%, 7/15/25			5		4,944
					49,463
Communications - Telecommunications - 0.3%
AT&T, Inc.
3.40%, 5/15/25			3		2,901
3.60%, 2/17/23			7		7,100
4.125%, 2/17/26			12		12,166
Verizon Communications, Inc.
2.625%, 8/15/26			10		9,133
3.50%, 11/01/24			5		4,962
					36,262
Consumer Non-Cyclical - 0.7%
AbbVie, Inc.
2.50%, 5/14/20			4		4,028
3.60%, 5/14/25			10		9,984
Mylan NV
3.15%, 6/15/21			11		11,040
3.95%, 6/15/26			5		4,892

	Principal Amount (000)			U.S. $ Value
Reynolds American, Inc.
4.45%, 6/12/25		U.S.$	10		10,516
5.85%, 8/15/45			3		3,523
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 7/21/23			15		14,247
3.15%, 10/01/26			15		13,823
					72,053
Energy - 0.6%
Energy Transfer Partners LP
4.65%, 6/01/21			5		5,258
EnLink Midstream Partners LP
4.15%, 6/01/25			13		12,886
Enterprise Products Operating LLC
3.70%, 2/15/26			10		10,004
Hess Corp.
4.30%, 4/01/27			12		11,790
MPLX LP
4.125%, 3/01/27			9		8,957
4.50%, 7/15/23			5		5,197
Nabors Industries, Inc.
5.50%, 1/15/23 (b)			3		3,075
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24			12		11,619
					68,786
Services - 0.0%
eBay, Inc.
3.80%, 3/09/22			4		4,158
Technology - 0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24 (b)			5		5,038
3.875%, 1/15/27 (b)			5		5,025
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
4.42%, 6/15/21 (b)			10		10,457
5.45%, 6/15/23 (b)			10		10,760
6.02%, 6/15/26 (b)			5		5,456
Fidelity National Information Services, Inc.
5.00%, 10/15/25			3		3,267
HP, Inc.
4.65%, 12/09/21			10		10,715
KLA-Tencor Corp.
4.65%, 11/01/24			15		15,939
Micron Technology, Inc.
7.50%, 9/15/23 (b)			6		6,716
Seagate HDD Cayman
4.875%, 3/01/24 (b)			5		4,899
Total System Services, Inc.
3.75%, 6/01/23			7		7,011

	Principal Amount (000)			U.S. $ Value
Western Digital Corp.
7.375%, 4/01/23 (b)		U.S.$	10		10,975
					96,258
					357,631
Financial Institutions - 0.9%
Banking - 0.9%
Bank of America Corp.
3.824%, 1/20/28			15		15,005
3.875%, 8/01/25			20		20,351
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21			14		13,716
3.85%, 7/08/24			10		10,248
5.15%, 5/22/45			3		3,150
Series E
1.625%, 7/27/26 (b)		EUR	5		5,325
JPMorgan Chase & Co.
3.782%, 2/01/28		U.S.$	16		16,156
Morgan Stanley
Series G
4.00%, 7/23/25			11		11,340
					95,291
REITS - 0.0%
VEREIT Operating Partnership LP
4.125%, 6/01/21			5		5,125
					100,416
Total Corporates - Investment Grade (cost $453,777)					458,047
INFLATION-LINKED SECURITIES - 3.8%
Brazil - 0.6%
Brazil Notas do Tesouro Nacional
Series B
6.00%, 8/15/50-5/15/55		BRL	56		60,094
United States - 3.2%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)		U.S.$	268		272,396
0.25%, 1/15/25 (TIPS)			26		25,417
0.375%, 7/15/25 (TIPS)			51		51,337
					349,150
Total Inflation-Linked Securities (cost $399,969)					409,244
GOVERNMENTS - SOVEREIGN AGENCIES - 2.7%
Brazil - 0.1%
Petrobras Global Finance BV
8.75%, 5/23/26			5		5,788
6.125%, 1/17/22			9		9,445
					15,233

	Principal Amount (000)			U.S. $ Value
Canada - 2.6%
Canada Housing Trust No. 1
3.80%, 6/15/21 (b)		CAD	285		235,096
1.70%, 12/15/17 (b)			60		45,445
					280,541
Total Governments - Sovereign Agencies (cost $308,237)					295,774
EMERGING MARKETS - TREASURIES - 1.0%
Argentina - 0.5%
Argentine Bonos del Tesoro
15.50%, 10/17/26		ARS	379		25,618
16.00%, 10/17/23			389		26,154
					51,772
Brazil - 0.5%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/21		BRL	190		61,028
Total Emerging Markets - Treasuries (cost $111,676)					112,800
MORTGAGE PASS-THROUGHS - 0.8%
Agency Fixed Rate 30-Year - 0.7%
Federal National Mortgage Association
4.00%, 4/01/47, TBA		U.S.$	69		72,170
Other Agency Fixed Rate Programs - 0.1%
Canadian Mortgage Pools
6.125%, 12/15/24		CAD	12		11,221
Total Mortgage Pass-Throughs (cost $82,977)					83,391
CORPORATES - NON-INVESTMENT GRADE - 0.7%
Industrial - 0.6%
Basic - 0.1%
CF Industries, Inc.
4.95%, 6/01/43		U.S.$	7		5,933
Communications - Telecommunications - 0.2%
CenturyLink, Inc.
Series S
6.45%, 6/15/21			8		8,510
Series Y
7.50%, 4/01/24			5		5,294
Uniti Group, Inc./CSL Capital LLC
6.00%, 4/15/23 (b)			2		2,072
					15,876
Consumer Non-Cyclical - 0.2%
HCA, Inc.
4.50%, 2/15/27			4		3,995
5.25%, 6/15/26			10		10,538

	Principal Amount (000)				U.S. $ Value
Valeant Pharmaceuticals International, Inc.
5.875%, 5/15/23 (b)		U.S.$	5			3,881
6.125%, 4/15/25 (b)			4			3,080
						21,494
Energy - 0.1%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43			10			7,212
Transocean, Inc.
9.00%, 7/15/23 (b)			5			5,350
						12,562
Transportation - Services - 0.0%
Hertz Corp. (The)
5.50%, 10/15/24 (b)			5			4,394
						60,259
Financial Institutions - 0.1%
Finance - 0.1%
Navient Corp.
6.625%, 7/26/21			10			10,325
Total Corporates - Non-Investment Grade (cost $70,369)						70,584
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.5%
Risk Share Floating Rate - 0.5%
Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C03, Class 1M1
2.482% (LIBOR 1 Month + 1.50%), 7/25/25 (d)			0	**		304
Series 2016-C01, Class 1M2
7.732% (LIBOR 1 Month + 6.75%), 8/25/28 (d)			13			14,750
Series 2016-C01, Class 2M2
7.932% (LIBOR 1 Month + 6.95%), 8/25/28 (d)			13			14,715
Series 2016-C02, Class 1M2
6.982% (LIBOR 1 Month + 6.00%), 9/25/28 (d)			15			17,118
Series 2016-C04, Class 1M2
5.232% (LIBOR 1 Month + 4.25%), 1/25/29 (d)			10			10,586
Total Collateralized Mortgage Obligations (cost $50,304)						57,473
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.2%
Non-Agency Fixed Rate CMBS - 0.2%
JPMBB Commercial Mortgage Securities Trust
Series 2015-C32, Class C
4.669%, 11/15/48			10			9,442

	Principal Amount (000)			U.S. $ Value
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39		U.S.$	13		11,269
Total Commercial Mortgage-Backed Securities (cost $22,468)					20,711
LOCAL GOVERNMENTS - PROVINCIAL BONDS - 0.2%
Canada - 0.2%
Province of Ontario Canada
2.40%, 6/02/26		CAD	15		11,292
2.60%, 6/02/25			10		7,708
Total Local Governments - Provincial Bonds (cost $18,772)					19,000
QUASI-SOVEREIGNS - 0.1%
Quasi-Sovereign Bonds - 0.1%
Mexico - 0.1%
Petroleos Mexicanos 5.375%, 3/13/22 (b) (cost $14,921)		U.S.$	15		15,675
EMERGING MARKETS - SOVEREIGNS - 0.1%
Argentina - 0.1%
Argentine Republic Government International Bond 5.625%, 1/26/22 (b) (cost $6,000)			6		6,144
	Shares
SHORT-TERM INVESTMENTS - 4.1%
Investment Companies - 4.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (a)(e) (cost $442,660)			442,660		442,660
Total Investments - 100.4% (cost $11,039,754) (f)					10,891,712
Other assets less liabilities - (0.4)% (g)					(48,533	)
Net Assets - 100.0%				$	10,843,179

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		7		June 2017	$	944,868	$	944,588	$	(280	)
Sold Contracts
Euro-Schatz Futures		1		June 2017		119,833		119,743		90
									$	(190	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia & New Zealand Banking Group Ltd.		USD	26		IDR	351,049		5/19/17	$	153
Bank of America, NA		EUR	1,038		USD	1,120		4/12/17		12,283
Bank of America, NA		RUB	1,061		USD	18		4/28/17		(804	)
Bank of America, NA		GBP	496		USD	606		5/18/17		(15,651	)
Bank of America, NA		IDR	348,075		USD	26		5/19/17		(21	)
Barclays Bank PLC		USD	81		INR	5,319		4/11/17		1,258
BNP Paribas SA		CAD	951		USD	728		4/07/17		13,062
Credit Suisse International		BRL	377		USD	119		4/04/17		(1,437	)
Credit Suisse International		USD	120		BRL	377		4/04/17		399
Credit Suisse International		BRL	377		USD	119		5/03/17		(308	)
Standard Chartered Bank		BRL	628		USD	196		4/04/17		(4,959	)
Standard Chartered Bank		USD	198		BRL	628		4/04/17		2,393
State Street Bank & Trust Co.		USD	79		BRL	251		4/04/17		1,611
State Street Bank & Trust Co.		AUD	316		USD	237		4/06/17		(3,344	)
State Street Bank & Trust Co.		NZD	137		USD	98		4/06/17		2,259
State Street Bank & Trust Co.		CAD	14		USD	11		4/07/17		125
State Street Bank & Trust Co.		CAD	112		USD	84		4/07/17		(216	)
State Street Bank & Trust Co.		USD	132		CAD	173		4/07/17		(2,067	)
State Street Bank & Trust Co.		USD	26		TRY	97		4/11/17		577
State Street Bank & Trust Co.		USD	32		EUR	31		4/12/17		250
State Street Bank & Trust Co.		MXN	201		USD	10		4/26/17		(918	)
State Street Bank & Trust Co.		JPY	11,987		USD	105		5/11/17		(3,208	)
State Street Bank & Trust Co.		SEK	476		USD	53		5/11/17		(188	)
State Street Bank & Trust Co.		GBP	22		USD	27		5/18/17		(146	)
State Street Bank & Trust Co.		USD	148		GBP	120		5/18/17		3,148
State Street Bank & Trust Co.		ZAR	641		USD	50		5/24/17		2,584
									$	6,835

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC/(INTRCONX)
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		5.00	%		3.09	%	$	208	$	16,842	$	10,488
CDX-NAIG Series 28, 5 Year Index, 6/20/22*		1.00			0.66			1,100		18,629		1,227
									$	35,471	$	11,715

* Termination date

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Bank of America, NA
CDX-EMS Series 23, 5 Year Index, 6/20/20*		1.00	%		2.01	%	$	147	$	(4,082	)	$	(8,105	)	$	4,023
Barclays Bank PLC
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			10.09			6		(1,217	)		(100	)		(1,117	)
CDX-CMBX.NA.BBB Series 7, 1/17/47*		3.00			4.68			100		(9,055	)		(598	)		(8,457	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			10.09			6		(1,194	)		(103	)		(1,091	)
Goldman Sachs International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			10.09			11		(2,189	)		(201	)		(1,988	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			10.09			12		(2,387	)		(193	)		(2,194	)
									$	(20,124	)	$	(9,300	)	$	(10,824	)

* Termination date

** Principal amount less than 500.

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the aggregate market value of these securities amounted to $1,493,577 or 13.8% 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/floor rate was in effect at March 31, 2017.

(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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $50,590 and gross unrealized depreciation of investments was $(198,632), resulting in net unrealized depreciation of $(148,042).

(g) An amount of U.S. $5,196 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2017.

Currency Abbreviations:

ARS	-	Argentine Peso
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
IDR	-	Indonesian Rupiah
INR	-	Indian Rupee
JPY	-	Japanese Yen
MXN	-	Mexican Peso
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TRY	-	Turkish Lira
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CDX-EMS	-	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
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

Country Breakdown*

March 31, 2017 (unaudited)

70.3%	United States
6.2%	Canada
5.8%	Italy
4.3%	United Kingdom
1.9%	Germany
1.6%	Spain
1.3%	Brazil
1.0%	Australia
0.8%	Mexico
0.6%	New Zealand
0.5%	South Africa
0.5%	Argentina
0.4%	Belgium
0.7%	Other
4.1%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.3% or less in the following countries: Israel, Russia and Switzerland.

AB Variable Products Series Fund, Inc.

AB Global Bond Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Investment Companies	$	5,318,003		$	– 0	–	$	– 0	–	$	5,318,003
Governments - Treasuries		– 0	–		3,582,206			– 0	–		3,582,206
Corporates - Investment Grade		– 0	–		458,047			– 0	–		458,047
Inflation-Linked Securities		– 0	–		409,244			– 0	–		409,244
Governments - Sovereign Agencies		– 0	–		295,774			– 0	–		295,774
Emerging Markets - Treasuries		– 0	–		112,800			– 0	–		112,800
Mortgage Pass-Throughs		– 0	–		83,391			– 0	–		83,391
Corporates - Non-Investment Grade		– 0	–		70,584			– 0	–		70,584
Collateralized Mortgage Obligations		– 0	–		57,473			– 0	–		57,473
Commercial Mortgage-Backed Securities		– 0	–		– 0	–		20,711			20,711
Local Governments - Provincial Bonds		– 0	–		19,000			– 0	–		19,000
Quasi-Sovereigns		– 0	–		15,675			– 0	–		15,675
Emerging Markets - Sovereigns		– 0	–		6,144			– 0	–		6,144

Investments in Securities:	Level 1			Level 2			Level 3			Total
Short-Term Investments		442,660			– 0	–		– 0	–		442,660
Total Investments in Securities		5,760,663			5,110,338			20,711			10,891,712
Other Financial Instruments (a):
Assets:
Futures		90			– 0	–		– 0	–		90
Forward Currency Exchange Contracts		– 0	–		40,102			– 0	–		40,102
Centrally Cleared Credit Default Swaps		– 0	–		11,715			– 0	–		11,715
Credit Default Swaps		– 0	–		4,023			– 0	–		4,023
Liabilities:
Futures		(280	)		– 0	–		– 0	–		(280	)
Forward Currency Exchange Contracts		– 0	–		(33,267	)		– 0	–		(33,267	)
Credit Default Swaps		– 0	–		(14,847	)		– 0	–		(14,847	)
Total (b)	$	5,760,473		$	5,118,064		$	20,711		$	10,899,248

(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.

	Commercial Mortgage- Backed Securities			Total
Balance as of 12/31/16	$	21,371		$	21,371
Accrued discounts/(premiums)		1			1
Realized gain (loss)		(33	)		(33	)
Change in unrealized appreciation/depreciation		292			292
Purchases		– 0	–		– 0	–
Sales/Paydowns		(920	)		(920	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 3/31/17	$	20,711		$	20,711
Net change in unrealized appreciation/depreciation from investments held as of 3/31/17	$	292		$	292

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

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

A summary of the Portfolio’s transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:    

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/17 (000)		Dividend Income (000)
$	301	$	714	$	572	$	443	$	– 0	–*

* Amount less than $500.

A summary of the Portfolio’s transactions of investments in affiliated issuers for the three months ended March 31, 2017 is as follows:

															Distributions
Affiliated Issuer	Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)			Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)		Market Value 3/31/17 (000)		Income (000)		Realized Gains (000)
AB Global Bond Fund, Inc.	$	5,267	$	32	$	– 0	–	$	– 0	–	$	19	$	5,318	$	32	$	– 0	–

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 36.2%
Funds and Investment Trusts - 36.2% (a)
iShares Core S&P 500 ETF		23,730	$	5,630,417
iShares MSCI EAFE ETF		90,720		5,650,949
iShares MSCI Emerging Markets ETF		32,688		1,287,580
iShares Russell 2000 ETF		11,040		1,517,779
SPDR S&P 500 ETF Trust		46,720		11,013,773
Vanguard S&P 500 ETF		26,920		5,824,142
Total Investment Companies (cost $27,083,663)				30,924,640
	Principal Amount (000)
INFLATION-LINKED SECURITIES - 4.3%
United States - 4.3%
U.S. Treasury Inflation Index
0.375%, 7/15/25 (TIPS) (cost $3,734,872)	U.S.$	3,702		3,711,041
	Contracts
OPTIONS PURCHASED - PUTS – 0.1%
Options on Funds and Investment Trusts - 0.1%
SPDR S&P 500 ETF Trust Expiration: Apr 2017, Exercise Price: $ 234.00 (b)(c)		465		59,055
Options on Indices - 0.0%
Euro STOXX 50 Index Expiration: Apr 2017, Exercise Price: EUR 3,200.00 (c)(d)		800		848
FTSE 100 Index Expiration: Apr 2017, Exercise Price: GBP 7,300.00 (c)(d)		120		8,161
Nikkei 225 Index Expiration: Apr 2017, Exercise Price: JPY 18,875.00 (c)(d)		12,000		24,717
				33,726
Total Options Purchased - Puts (premiums paid $126,067)				92,781
OPTIONS PURCHASED - CALLS – 0.0%
Options on Funds and Investment Trusts - 0.0%
SPDR S&P 500 ETF Trust Expiration: Apr 2017, Exercise Price: $ 240.00 (b)(c) (premium paid $9,647)		189		7,087
	Shares
SHORT-TERM INVESTMENTS - 57.3%
Investment Companies - 25.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.54% (a)(e) (cost $22,057,281)		22,057,281		22,057,281

Company	Principal Amount (000)		U.S. $ Value
Governments - Treasuries – 19.9%
Japan - 19.9%
Japan Treasury Discount Bill
Series 669
Zero Coupon, 6/12/17 (cost $16,458,771)	JPY	1,890,000	$	16,991,091
U.S. Treasury Bills - 11.6%
U.S. Treasury Bill Zero Coupon 4/06/17-6/29/17 (cost $9,934,527)	U.S.$	9,944		9,934,527
Total Short-Term Investments (cost $48,450,579)				48,982,899
Total Investments – 97.9% (cost $79,404,828) (f)				83,718,448
Other assets less liabilities - 2.1% (g)				1,784,013
Net Assets - 100.0%			$	85,502,461

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		12		June 2017	$	1,154,973	$	1,177,610	$	22,637
10 Yr Canadian Bond Futures		4		June 2017		409,978		413,039		3,061
Euro BTP Futures		11		June 2017		1,528,120		1,533,621		5,501
Euro STOXX 50 Index Futures		211		June 2017		7,522,824		7,711,746		188,922
FTSE 100 Index Futures		24		June 2017		2,193,121		2,187,714		(5,407	)
Long GILT Futures		4		June 2017		625,954		639,380		13,426
Mini MSCI EAFE Futures		50		June 2017		4,330,755		4,455,000		124,245
Mini MSCI Emerging Markets Futures		18		June 2017		827,012		865,260		38,248
Nikkei 225 (CME) Futures		11		June 2017		1,062,907		1,045,825		(17,082	)
S&P 500 E Mini Futures		55		June 2017		6,509,025		6,487,800		(21,225	)
S&P TSX 60 Index Futures		11		June 2017		1,518,839		1,508,907		(9,932	)
SPI 200 Futures		7		June 2017		770,929		781,877		10,948
TOPIX Index Futures		18		June 2017		2,491,629		2,445,433		(46,196	)
U.S. T-Note 10 Yr (CBT) Futures		31		June 2017		3,850,832		3,861,438		10,606
U.S. Ultra Bond (CBT) Futures		3		June 2017		477,966		481,875		3,909
Sold Contracts
Euro-Bund Futures		20		June 2017		3,413,203		3,444,056		(30,853	)
									$	290,808

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	GBP	1,990	USD	2,427		6/15/17	$	(70,616	)
Barclays Bank PLC	JPY	265,212	USD	2,308		6/15/17		(81,150	)
Barclays Bank PLC	USD	1,469	AUD	1,919		6/15/17		(4,920	)
Barclays Bank PLC	USD	810	EUR	748		6/15/17		(9,559	)
Barclays Bank PLC	USD	777	GBP	637		6/15/17		22,604
BNP Paribas SA	USD	3,375	EUR	3,140		6/15/17		(13,798	)
Credit Suisse International	AUD	2,993	USD	2,279		6/15/17		(4,588	)
HSBC Bank USA	USD	827	AUD	1,074		6/15/17		(7,319	)
Royal Bank of Scotland PLC	EUR	3,541	USD	3,777		6/15/17		(13,236	)
Royal Bank of Scotland PLC	JPY	123,508	USD	1,090		6/15/17		(22,574	)
State Street Bank & Trust Co.	JPY	1,892,104	USD	16,612		6/14/17		(429,442	)
State Street Bank & Trust Co.	AUD	1,074	USD	823		6/15/17		3,522
State Street Bank & Trust Co.	EUR	155	USD	165		6/15/17		(1,308	)
State Street Bank & Trust Co.	HKD	1,141	USD	147		6/15/17		72
State Street Bank & Trust Co.	NOK	994	USD	119		6/15/17		2,913
State Street Bank & Trust Co.	SEK	3,476	USD	392		6/15/17		2,318
State Street Bank & Trust Co.	SEK	2,529	USD	281		6/15/17		(1,772	)
State Street Bank & Trust Co.	USD	515	EUR	479		6/15/17		(3,300	)
State Street Bank & Trust Co.	USD	1,110	JPY	123,508		6/15/17		2,657
State Street Bank & Trust Co.	USD	121	NOK	994		6/15/17		(5,281	)
State Street Bank & Trust Co.	USD	399	SEK	3,476		6/15/17		(9,490	)
							$	(644,267	)

PUT OPTIONS WRITTEN

Description	Contracts		Exercise Price			Expiration Month	Premiums Received		U.S. $ Value
Euro STOXX 50 Index (d)		800		EUR	3,000.00	April 2017	$	13,259	$	(170	)
FTSE 100 Index (d)		120		GBP	6,950.00	April 2017		1,658		(998	)
Nikkei 225 Index (d)		12,000		JPY	18,250.00	April 2017		7,244		(7,932	)
SPDR S&P 500 ETF Trust (b)		178		$	220.00	April 2017		21,352		(3,026	)
SPDR S&P 500 ETF Trust (b)		189			223.00	April 2017		10,765		(4,253	)
SPDR S&P 500 ETF Trust (b)		465			222.00	April 2017		16,254		(9,532	)
							$	70,532	$	(25,911	)

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

(b) One contract relates to 100 shares.

(c) Non-income producing security.

(d) One contract relates to 1 share.

(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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,382,335 and gross unrealized depreciation of investments was $(68,715), resulting in net unrealized appreciation of $4,313,620.

(g) An amount of U.S. $1,710,960 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2017.

Currency Abbreviations:

AUD	-	Australian Dollar
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
NOK	-	Norwegian Krone
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

BTP	-	Buoni del Tesoro Poliennali
CBT	-	Chicago Board of Trade
CME	-	Chicago Mercantile Exchange
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
MSCI	-	Morgan Stanley Capital International
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TIPS	-	Treasury Inflation Protected Security
TOPIX	-	Tokyo Price Index
TSX	-	Toronto Stock Exchange

COUNTRY BREAKDOWN*

March 31, 2017 (unaudited)

41.5%	United States
58.5%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2017. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time.

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

March 31, 2017 (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.

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, 2017:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Investment Companies	$	30,924,640		$	– 0	–	$	– 0	–	$	30,924,640
Inflation-Linked Securities		– 0	–		3,711,041			– 0	–		3,711,041
Options Purchased - Puts		– 0	–		92,781			– 0	–		92,781
Options Purchased - Calls		– 0	–		7,087			– 0	–		7,087
Short-Term Investments:
Investment Companies		22,057,281			– 0	–		– 0	–		22,057,281

Investments in Securities:	Level 1			Level 2			Level 3			Total
Governments - Treasuries	$	– 0	–	$	16,991,091		$	– 0	–	$	16,991,091
U.S. Treasury Bills		– 0	–		9,934,527			– 0	–		9,934,527
Total Investments in Securities		52,981,921			30,736,527			– 0	–		83,718,448
Other Financial Instruments(a):
Assets:
Futures		221,633			199,870			– 0	–		421,503
Forward Currency Exchange Contracts		– 0	–		34,086			– 0	–		34,086
Liabilities:
Futures		(79,092	)		(51,603	)		– 0	–		(130,695	)
Forward Currency Exchange Contracts		– 0	–		(678,353	)		– 0	–		(678,353	)
Put Options Written		– 0	–		(25,911	)		– 0	–		(25,911	)
Total(b)	$	53,124,462		$	30,214,616		$	– 0	–	$	83,339,078

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

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

A summary of the Portfolio’s transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/17 (000)		Dividend Income (000)
$	36,333	$	10,831	$	25,107	$	22,057	$	34

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.0%
Information Technology - 26.0%
Communications Equipment - 2.9%
Lumentum Holdings, Inc. (a)		28,340	$	1,511,939
Palo Alto Networks, Inc. (a)		16,850		1,898,658
				3,410,597
Internet Software & Services - 7.8%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		20,340		2,193,262
Alphabet, Inc.-Class C (a)		2,537		2,104,594
Facebook, Inc.-Class A (a)		18,900		2,684,745
Tencent Holdings Ltd.		77,600		2,235,617
				9,218,218
IT Services - 1.9%
Visa, Inc.-Class A		25,640		2,278,627
Semiconductors & Semiconductor Equipment - 6.7%
ams AG		46,450		2,509,243
Broadcom Ltd.		10,290		2,253,099
Infineon Technologies AG		73,720		1,508,851
NVIDIA Corp.		15,348		1,671,858
				7,943,051
Software - 4.7%
Microsoft Corp.		33,950		2,235,947
Mobileye NV (a)		30,260		1,857,964
salesforce.com, Inc. (a)		17,812		1,469,312
				5,563,223
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.		15,905		2,284,912
				30,698,628
Health Care - 21.8%
Biotechnology - 2.2%
Foundation Medicine, Inc. (a)(b)		47,491		1,531,585
Regeneron Pharmaceuticals, Inc. (a)		2,890		1,119,904
				2,651,489
Health Care Equipment & Supplies - 8.3%
Abbott Laboratories		57,500		2,553,575
Cerus Corp. (a)(b)		194,585		865,903
Danaher Corp.		23,160		1,980,875
Essilor International SA		17,507		2,125,543
West Pharmaceutical Services, Inc.		27,430		2,238,562
				9,764,458
Health Care Providers & Services - 3.2%
Apollo Hospitals Enterprise Ltd. (a)		91,640		1,644,622
UnitedHealth Group, Inc.		13,260		2,174,773
				3,819,395

Company	Shares		U.S. $ Value
Life Sciences Tools & Services - 5.2%
Bio-Rad Laboratories, Inc.-Class A (a)		11,800		2,352,212
Bruker Corp.		85,960		2,005,447
ICON PLC (a)		21,560		1,718,763
				6,076,422
Pharmaceuticals - 2.9%
Roche Holding AG		7,080		1,810,594
Vectura Group PLC (a)		828,300		1,584,686
				3,395,280
				25,707,044
Financials - 18.9%
Banks - 5.7%
Bank Mandiri Persero Tbk PT		1,671,500		1,467,971
Credicorp Ltd.		7,140		1,165,962
HDFC Bank Ltd.		51,450		1,170,233
Svenska Handelsbanken AB-Class A (b)		113,190		1,551,162
Swedbank AB-Class A (b)		58,760		1,359,615
				6,714,943
Capital Markets - 5.8%
Charles Schwab Corp. (The)		40,580		1,656,070
MSCI, Inc.-Class A		29,330		2,850,583
Partners Group Holding AG		4,260		2,289,379
				6,796,032
Consumer Finance - 1.3%
Bharat Financial Inclusion Ltd. (a)		124,820		1,553,146
Insurance - 3.6%
AIA Group Ltd.		434,000		2,739,389
Prudential PLC		73,590		1,554,464
				4,293,853
Thrifts & Mortgage Finance - 2.5%
Housing Development Finance Corp. Ltd.		127,660		2,949,040
				22,307,014
Industrials - 12.2%
Aerospace & Defense - 1.9%
Hexcel Corp.		41,299		2,252,861
Building Products - 2.5%
Kingspan Group PLC		91,870		2,930,896
Commercial Services & Supplies - 1.0%
China Everbright International Ltd.		905,000		1,218,772
Electrical Equipment - 3.8%
Schneider Electric SE (Paris)		19,750		1,451,006
Vestas Wind Systems A/S		36,980		3,007,962
				4,458,968
Industrial Conglomerates - 1.4%
Siemens AG (REG)		12,090		1,655,993

Company	Shares		U.S. $ Value
Machinery - 1.6%
Xylem, Inc./NY		36,160		1,815,955
				14,333,445
Consumer Discretionary - 7.9%
Auto Components - 2.3%
Delphi Automotive PLC		33,070		2,661,804
Automobiles - 1.1%
Tesla, Inc. (a)(b)		4,720		1,313,576
Hotels, Restaurants & Leisure - 1.4%
Starbucks Corp.		28,640		1,672,290
Internet & Direct Marketing Retail - 1.4%
Amazon.com, Inc. (a)		1,833		1,625,028
Multiline Retail - 0.3%
Matahari Department Store Tbk PT		414,200		409,590
Textiles, Apparel & Luxury Goods - 1.4%
NIKE, Inc.-Class B		30,160		1,680,817
				9,363,105
Utilities - 3.0%
Water Utilities - 3.0%
American Water Works Co., Inc.		22,909		1,781,633
AquaVenture Holdings Ltd. (a)		23,536		401,759
Beijing Enterprises Water Group Ltd.		1,832,000		1,358,032
				3,541,424
Consumer Staples - 2.9%
Food Products - 1.4%
Nestle SA (REG)		20,590		1,580,318
Household Products - 1.5%
Unicharm Corp.		74,300		1,785,617
				3,365,935
Materials - 2.1%
Chemicals - 2.1%
Ecolab, Inc.		20,100		2,519,334
Telecommunication Services - 1.3%
Diversified Telecommunication Services - 1.3%
Telekomunikasi Indonesia Persero Tbk PT		4,723,500		1,468,276
Real Estate - 0.9%
Real Estate Management & Development - 0.9%
SM Prime Holdings, Inc.		1,914,100		1,079,373
Total Common Stocks (cost $90,554,024)				114,383,578
WARRANTS - 0.0%
Information Technology - 0.0%
Technology Hardware, Storage & Peripherals - 0.0%
Thin Film Electronics ASA, Expiring 7/14/18 (a)(c)(d) (cost $0)		591,845		0

		Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 3.0%
Time Deposit - 3.0%
State Street Time Deposit	U.S.$		3,592		3,591,647
0.09%, 4/03/17
(cost $3,591,647)
Total Investments Before Security Lending Collateral for Securities Loaned -100.0%
(cost $94,145,671)					117,975,225
		Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 5.1%
Investment Companies - 5.1%
AB Fixed Income Shares, Inc. - Government			5,974,800		5,974,800
Money Market Portfolio-Class AB, 0.54% (e)(f)
(cost $5,974,800)
Total Investments - 105.1%
(cost $100,120,471) (g)					123,950,025
Other assets less liabilities - (5.1)%					(6,041,038	)
Net Assets - 100.0%				$	117,908,987

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		INR	130,646		USD	1,930		6/15/17	$	(73,389	)
Barclays Bank PLC		USD	3,548		CAD	4,787		6/15/17		55,218
Barclays Bank PLC		USD	2,721		GBP	2,205		6/15/17		46,623
Barclays Bank PLC		USD	4,752		JPY	546,171		6/15/17		167,119
BNP Paribas SA		CNY	33,233		USD	4,779		6/15/17		(18,649	)
BNP Paribas SA		EUR	768		USD	834		6/15/17		11,796
BNP Paribas SA		INR	87,777		USD	1,330		6/15/17		(15,667	)
Citibank, NA		BRL	3,090		USD	975		4/04/17		(11,776	)
Citibank, NA		USD	963		BRL	3,090		4/04/17		24,054
Citibank, NA		CHF	2,331		USD	2,315		6/15/17		(21,609	)
Citibank, NA		EUR	1,263		USD	1,342		6/15/17		(10,327	)
Credit Suisse International		BRL	3,090		USD	985		4/04/17		(2,014	)
Credit Suisse International		USD	975		BRL	3,090		4/04/17		11,776
Credit Suisse International		USD	965		BRL	3,090		7/05/17		1,661
Goldman Sachs Bank USA		INR	33,885		USD	504		6/15/17		(15,855	)
Goldman Sachs Bank USA		USD	1,119		CNY	7,797		6/15/17		6,355
JPMorgan Chase Bank, NA		SEK	18,089		USD	2,019		6/15/17		(6,873	)
Royal Bank of Scotland PLC		USD	493		RUB	28,928		4/28/17		18,384
Royal Bank of Scotland PLC		HKD	8,879		USD	1,145		6/15/17		647
Royal Bank of Scotland PLC		USD	2,697		AUD	3,592		6/15/17		43,409
State Street Bank & Trust Co.		EUR	1,984		USD	2,126		6/15/17		1,903
State Street Bank & Trust Co.		GBP	374		USD	467		6/15/17		(2,434	)
UBS AG		USD	1,715		KRW	1,953,719		6/15/17		34,400

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
UBS AG		USD	1,537		TWD	46,930		6/15/17	$	14,065
									$	258,817

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) Illiquid security.

(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 shareholder report, 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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $24,998,108 and gross unrealized depreciation of investments was $(1,168,554), resulting in net unrealized appreciation of $23,829,554.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

March 31, 2017 (unaudited)

53.4%	United States
6.2%	India
6.0%	China
4.8%	Switzerland
3.0%	France
2.8%	Indonesia
2.7%	Germany
2.7%	United Kingdom
2.6%	Denmark
2.5%	Ireland
2.5%	Sweden
2.3%	Hong Kong
2.1%	Austria
3.4%	Other
3.0%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.5% or less in the following countries: Japan, Norway, Peru and Philippines.

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

24,444,917

$

6,253,711

$

– 0

–

$

30,698,628

Health Care

20,126,285

5,580,759

– 0

–

25,707,044

Financials

5,672,615

16,634,399

– 0

–

22,307,014

Industrials

6,999,712

7,333,733

– 0

–

14,333,445

Consumer Discretionary

8,953,515

409,590

– 0

–

9,363,105

Utilities

2,183,392

1,358,032

– 0

–

3,541,424

Consumer Staples

– 0

–

3,365,935

– 0

–

3,365,935

Materials

2,519,334

– 0

–

– 0

–

2,519,334

Telecommunication Services

– 0

–

1,468,276

– 0

–

1,468,276

Real Estate

– 0

–

1,079,373

– 0

–

1,079,373

Warrants

– 0

–

– 0

–

– 0

–(a)

Short-Term Investments

– 0

–

3,591,647

– 0

–

3,591,647

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

5,974,800

– 0

–

– 0

–

5,974,800

Total Investments in Securities

76,874,570

47,075,455

(b)

– 0

–

123,950,025

Other Financial Instruments (c):

Assets:

Forward Currency Exchange Contracts

– 0

–

437,410

– 0

–

437,410

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(178,593

)

– 0

–

(178,593

)

Total (d)

$

76,874,570

$

47,334,272

$

– 0

–

$

124,208,842

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

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

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

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

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

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

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

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

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/17 (000)		Dividend Income (000)
$	4,544	$	12,580	$	11,149	$	5,975	$	4

AB Variable Products Series Fund, Inc.

AB Growth Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.2%
Information Technology - 38.1%
Communications Equipment - 1.4%
Arista Networks, Inc. (a)		4,430	$	585,956
Palo Alto Networks, Inc. (a)		2,950		332,406
				918,362
Internet Software & Services - 13.7%
Alphabet, Inc.-Class C (a)		5,115		4,243,199
CoStar Group, Inc. (a)		2,730		565,711
Facebook, Inc.-Class A (a)		28,167		4,001,122
				8,810,032
IT Services - 7.8%
Fiserv, Inc. (a)		7,570		872,897
Vantiv, Inc.-Class A (a)		15,180		973,342
Visa, Inc.-Class A		36,020		3,201,097
				5,047,336
Semiconductors & Semiconductor Equipment - 4.1%
NVIDIA Corp.		8,670		944,423
Xilinx, Inc.		29,590		1,712,965
				2,657,388
Software - 8.2%
Adobe Systems, Inc. (a)		16,460		2,141,940
Electronic Arts, Inc. (a)		13,450		1,204,044
Ellie Mae, Inc. (a)		4,090		410,104
HubSpot, Inc. (a)		11,160		675,738
ServiceNow, Inc. (a)		5,647		493,943
Splunk, Inc. (a)		6,330		394,296
				5,320,065
Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.		12,895		1,852,496
				24,605,679
Health Care - 21.9%
Biotechnology - 6.2%
Alexion Pharmaceuticals, Inc. (a)		9,440		1,144,506
Biogen, Inc. (a)		6,524		1,783,792
Gilead Sciences, Inc.		15,500		1,052,760
				3,981,058
Health Care Equipment & Supplies - 9.8%
Align Technology, Inc. (a)		5,613		643,867
Danaher Corp.		6,106		522,246
DexCom, Inc. (a)		6,940		588,026
Edwards Lifesciences Corp. (a)		21,340		2,007,454
Intuitive Surgical, Inc. (a)		2,190		1,678,569
Nevro Corp. (a)		4,180		391,666

Company	Shares		U.S. $ Value
Zeltiq Aesthetics, Inc. (a)		9,340		519,398
				6,351,226
Health Care Providers & Services - 4.7%
Teladoc, Inc. (a)		16,799		419,975
UnitedHealth Group, Inc.		15,938		2,613,991
				3,033,966
Health Care Technology - 1.2%
Cerner Corp. (a)		13,080		769,758
				14,136,008
Consumer Discretionary - 20.9%
Diversified Consumer Services - 1.0%
Bright Horizons Family Solutions, Inc. (a)		9,210		667,633
Hotels, Restaurants & Leisure - 4.5%
Buffalo Wild Wings, Inc. (a)		2,520		384,930
Planet Fitness, Inc.		41,910		807,606
Starbucks Corp.		29,040		1,695,645
				2,888,181
Internet & Direct Marketing Retail - 1.5%
Priceline Group, Inc. (The) (a)		547		973,644
Media - 3.0%
AMC Networks, Inc.-Class A (a)		8,597		504,472
Comcast Corp.-Class A		37,910		1,425,037
				1,929,509
Multiline Retail - 1.6%
Dollar Tree, Inc. (a)		13,370		1,049,010
Specialty Retail - 6.8%
Home Depot, Inc. (The)		17,999		2,642,793
O’Reilly Automotive, Inc. (a)		3,756		1,013,519
Ulta Salon Cosmetics & Fragrance, Inc. (a)		2,532		722,202
				4,378,514
Textiles, Apparel & Luxury Goods - 2.5%
NIKE, Inc.-Class B		29,292		1,632,443
				13,518,934
Industrials - 8.5%
Aerospace & Defense - 0.7%
Hexcel Corp.		8,920		486,586
Building Products - 2.5%
Allegion PLC		10,070		762,299
AO Smith Corp.		16,120		824,699
				1,586,998
Commercial Services & Supplies - 1.0%
Copart, Inc. (a)		10,810		669,463

Company	Shares		U.S. $ Value
Industrial Conglomerates - 1.5%
Roper Technologies, Inc.		4,630		956,049
Machinery - 2.8%
IDEX Corp.		8,270		773,328
Middleby Corp. (The) (a)		3,060		417,537
WABCO Holdings, Inc. (a)		5,230		614,106
				1,804,971
				5,504,067
Consumer Staples - 5.8%
Beverages - 3.8%
Constellation Brands, Inc.-Class A		4,870		789,281
Monster Beverage Corp. (a)		35,208		1,625,553
				2,414,834
Food & Staples Retailing - 2.0%
Costco Wholesale Corp.		7,815		1,310,498
				3,725,332
Materials - 1.5%
Chemicals - 1.5%
Ecolab, Inc.		7,770		973,892
Financials - 0.5%
Capital Markets - 0.5%
MarketAxess Holdings, Inc.		1,840		344,982
Total Common Stocks (cost $44,534,561)				62,808,894
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.9%
Time Deposit - 2.9%
State Street Bank & Trust Co. 0.09%, 4/03/17 (cost $1,856,075)	$	1,856		1,856,075
Total Investments - 100.1% (cost $46,390,636) (b)				64,664,969
Other assets less liabilities - (0.1)%				(89,727	)
Net Assets - 100.0%			$	64,575,242

(a) Non-income producing security.

(b) As of March 31, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $18,470,181 and gross unrealized depreciation of investments was $(195,848), resulting in net unrealized appreciation of $18,274,333.

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, Inc.

AB Growth Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

62,808,894

$

– 0

–

$

– 0

–

$

62,808,894

Short-Term Investments

– 0

–

1,856,075

– 0

–

1,856,075

Total Investments in Securities

62,808,894

1,856,075

– 0

–

64,664,969

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

62,808,894

$

1,856,075

$

– 0

–

$

64,664,969

(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 any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new

developments and process at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    684	$    3,220	$    3,904	$            – 0 –	$            – 0 –*

* Amount less than $500.

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 87.9%
Financials - 22.5%
Banks - 8.6%
Citigroup, Inc.		375,610	$	22,468,990
JPMorgan Chase & Co.		581,450		51,074,568
Wells Fargo & Co.		298,560		16,617,850
				90,161,408
Capital Markets - 5.2%
BlackRock, Inc.-Class A		18,870		7,236,834
Goldman Sachs Group, Inc. (The)		126,550		29,071,066
Northern Trust Corp.		67,780		5,868,392
State Street Corp.		161,870		12,886,471
				55,062,763
Consumer Finance - 0.6%
Capital One Financial Corp.		71,970		6,236,920
Diversified Financial Services - 2.3%
Berkshire Hathaway, Inc.-Class B (a)		142,222		23,705,563
Insurance - 5.8%
Allstate Corp. (The)		279,430		22,770,751
Axis Capital Holdings Ltd.		59,190		3,967,506
Chubb Ltd.		158,530		21,599,712
FNF Group		211,190		8,223,739
Validus Holdings Ltd.		71,729		4,044,798
				60,606,506
				235,773,160
Information Technology - 15.6%
Communications Equipment - 1.2%
Cisco Systems, Inc.		274,740		9,286,212
F5 Networks, Inc. (a)		27,630		3,939,209
				13,225,421
Electronic Equipment, Instruments & Components - 1.7%
Dolby Laboratories, Inc.-Class A		81,460		4,269,319
Flex Ltd. (a)		248,750		4,179,000
FLIR Systems, Inc.		138,960		5,041,469
TE Connectivity Ltd.		53,110		3,959,350
				17,449,138
IT Services - 5.1%
International Business Machines Corp.		161,820		28,179,335
Mastercard, Inc.-Class A		222,130		24,982,961
				53,162,296
Semiconductors & Semiconductor Equipment - 3.2%
Intel Corp.		464,622		16,758,915
Xilinx, Inc.		283,800		16,429,182
				33,188,097
Software - 2.0%
Microsoft Corp.		127,951		8,426,853

Company	Shares		U.S. $ Value
VMware, Inc.-Class A (a)(b)		137,670		12,684,914
				21,111,767
Technology Hardware, Storage & Peripherals - 2.4%
Apple, Inc.		136,935		19,672,082
Seagate Technology PLC		127,640		5,862,505
				25,534,587
				163,671,306
Health Care - 13.0%
Biotechnology - 4.3%
Biogen, Inc. (a)		96,760		26,456,119
Gilead Sciences, Inc.		267,590		18,174,713
				44,630,832
Health Care Equipment & Supplies - 0.6%
Hologic, Inc. (a)		143,050		6,086,777
Health Care Providers & Services - 6.2%
Aetna, Inc.		218,370		27,853,094
Cigna Corp.		133,670		19,581,318
Express Scripts Holding Co. (a)		86,840		5,723,624
Quest Diagnostics, Inc.		61,050		5,994,500
UnitedHealth Group, Inc.		39,010		6,398,030
				65,550,566
Pharmaceuticals - 1.9%
Pfizer, Inc.		595,860		20,384,371
				136,652,546
Industrials - 12.1%
Aerospace & Defense - 4.8%
Boeing Co. (The)		80,850		14,299,131
Raytheon Co.		232,710		35,488,275
				49,787,406
Airlines - 0.8%
Delta Air Lines, Inc.		193,110		8,875,336
Electrical Equipment - 1.7%
AMETEK, Inc.		131,900		7,133,152
EnerSys		52,557		4,148,850
Hubbell, Inc.		50,950		6,116,547
				17,398,549
Industrial Conglomerates - 1.1%
Carlisle Cos., Inc.		106,079		11,287,866
Machinery - 2.3%
Fortive Corp.		192,550		11,595,361
Parker-Hannifin Corp.		79,849		12,801,392
				24,396,753
Road & Rail - 1.4%
Norfolk Southern Corp.		129,670		14,519,150
				126,265,060

Company	Shares		U.S. $ Value
Consumer Discretionary - 10.2%
Auto Components - 0.6%
BorgWarner, Inc.		148,780		6,217,516
Household Durables - 1.7%
DR Horton, Inc.		408,140		13,595,143
Garmin Ltd.		77,860		3,979,425
				17,574,568
Internet & Direct Marketing Retail - 0.4%
Liberty Interactive Corp. QVC Group-Class A (a)		195,818		3,920,276
Media - 7.2%
AMC Networks, Inc.-Class A (a)		105,580		6,195,434
Comcast Corp.-Class A		358,860		13,489,547
Discovery Communications, Inc.-Class A (a)		504,760		14,683,469
Time Warner, Inc.		419,450		40,984,460
				75,352,910
Textiles, Apparel & Luxury Goods - 0.3%
Ralph Lauren Corp.		45,370		3,703,100
				106,768,370
Energy - 5.1%
Energy Equipment & Services - 1.8%
Helmerich & Payne, Inc.		90,210		6,005,280
National Oilwell Varco, Inc.		240,550		9,643,649
Oil States International, Inc. (a)		101,675		3,370,526
				19,019,455
Oil, Gas & Consumable Fuels - 3.3%
Exxon Mobil Corp.		212,750		17,447,627
Noble Energy, Inc.		491,740		16,886,352
				34,333,979
				53,353,434
Consumer Staples - 5.0%
Beverages - 1.8%
PepsiCo, Inc.		169,930		19,008,370
Food & Staples Retailing - 3.2%
CVS Health Corp.		50,321		3,950,198
Wal-Mart Stores, Inc.		408,207		29,423,561
				33,373,759
				52,382,129
Utilities - 1.4%
Electric Utilities - 1.4%
Exelon Corp.		409,030		14,716,899
Real Estate - 1.4%
Equity Real Estate Investment Trusts (REITs) - 1.0%
Liberty Property Trust		265,250		10,225,387

Company	Shares		U.S. $ Value
Real Estate Management & Development - 0.4%
CBRE Group, Inc.-Class A (a)		114,830		3,994,936
				14,220,323
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.9%
Verizon Communications, Inc.		188,285		9,178,894
Materials - 0.7%
Metals & Mining - 0.7%
Reliance Steel & Aluminum Co.		89,210		7,138,584
Total Common Stocks (cost $782,118,703)				920,120,705
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 25.2%
Time Deposit - 25.2%
State Street Time Deposit 0.07%, 4/03/17 (cost $264,445,552)	$	264,446		264,445,552
Total Investments Before Security Lending Collateral for Securities Loaned - 113.1% (cost $1,046,564,255)				1,184,566,257
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.2%
Investment Companies - 1.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (c)(d) (cost $12,837,727)		12,837,727		12,837,727
Total Investments - 114.3% (cost $1,059,401,982) (e)				1,197,403,984
Other assets less liabilities - (14.3)%				(150,044,259	)
Net Assets - 100.0%			$	1,047,359,725

(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 shareholder report, 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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $147,227,143 and gross unrealized depreciation of investments was $(9,225,141), resulting in net unrealized appreciation of $138,002,002.

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, Inc.

AB Growth and Income Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

920,120,705

$

– 0

–

$

– 0

–

$

920,120,705

Short-Term Investments

– 0

–

264,445,552

– 0

–

264,445,552

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

12,837,727

– 0

–

– 0

–

12,837,727

Total Investments in Securities

932,958,432

264,445,552

– 0

–

1,197,403,984

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

932,958,432

$

264,445,552

$

– 0

–

$

1,197,403,984

(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 any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide

reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    13,560	$    42,350	$    43,072	$    12,838	$    9

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 25.3%
Industrial - 16.6%
Basic - 1.6%
Barrick Gold Corp.
4.10%, 5/01/23	U.S.$	15	$	16,019
Dow Chemical Co. (The)
8.55%, 5/15/19		86		97,479
Eastman Chemical Co.
3.80%, 3/15/25		50		51,009
Glencore Funding LLC
4.125%, 5/30/23 (a)		58		59,099
International Paper Co.
4.75%, 2/15/22		45		48,842
LyondellBasell Industries NV
5.75%, 4/15/24		200		228,446
Mosaic Co. (The)
5.625%, 11/15/43		53		54,500
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		252,460
Vale Overseas Ltd.
6.875%, 11/21/36		80		86,008
				893,862
Capital Goods - 0.4%
Embraer Netherlands Finance BV
5.40%, 2/01/27		85		87,676
General Electric Co.
Series D
5.00%, 1/21/21 (b)		40		42,143
Yamana Gold, Inc.
4.95%, 7/15/24		81		81,405
				211,224
Communications - Media - 1.7%
CBS Corp.
3.50%, 1/15/25		128		127,255
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		135		142,594
Cox Communications, Inc.
2.95%, 6/30/23 (a)		51		48,643
Discovery Communications LLC
3.45%, 3/15/25		105		99,438
S&P Global, Inc.
4.40%, 2/15/26		127		134,683
TCI Communications, Inc.
7.875%, 2/15/26		115		152,266
Time Warner Cable LLC
4.125%, 2/15/21		200		208,000
Viacom, Inc.
5.625%, 9/15/19		60		64,370
				977,249

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications - 2.6%
American Tower Corp.
5.05%, 9/01/20	U.S.$	260		279,664
AT&T, Inc.
3.40%, 5/15/25		310		299,816
3.80%, 3/15/22		57		58,933
4.125%, 2/17/26		147		149,033
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		21,975
Telefonica Emisiones SAU
5.213%, 3/08/47	U.S.$	150		151,698
5.462%, 2/16/21		120		131,590
Verizon Communications, Inc.
2.625%, 8/15/26		157		143,380
3.50%, 11/01/24		145		143,905
5.50%, 3/16/47		105		109,999
				1,489,993
Consumer Cyclical - Automotive - 0.4%
General Motors Co.
3.50%, 10/02/18		80		81,727
General Motors Financial Co., Inc.
3.10%, 1/15/19		110		111,763
3.25%, 5/15/18		9		9,128
4.00%, 1/15/25		23		23,089
4.30%, 7/13/25		30		30,415
				256,122
Consumer Cyclical - Retailers - 0.4%
CVS Health Corp.
3.875%, 7/20/25		124		127,714
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		126		128,458
				256,172
Consumer Non-Cyclical - 2.9%
AbbVie, Inc.
3.60%, 5/14/25		97		96,849
AstraZeneca PLC
6.45%, 9/15/37		50		65,205
Bayer US Finance LLC
3.375%, 10/08/24 (a)		200		201,006
Becton Dickinson and Co.
3.734%, 12/15/24		40		41,145
Biogen, Inc.
4.05%, 9/15/25		144		149,119
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		2		2,266
Celgene Corp.
3.875%, 8/15/25		155		158,328
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (a)		201		201,735
Laboratory Corp. of America Holdings
3.60%, 2/01/25		60		59,337
Medtronic, Inc.
3.50%, 3/15/25		195		199,477

	Principal Amount (000)		U.S. $ Value
Mylan NV
3.95%, 6/15/26	U.S.$	37		36,203
Reynolds American, Inc.
5.85%, 8/15/45		44		51,664
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 7/21/23		122		115,877
3.15%, 10/01/26		86		79,250
Tyson Foods, Inc.
2.65%, 8/15/19		39		39,390
3.95%, 8/15/24		123		125,460
				1,622,311
Energy - 4.2%
Cenovus Energy, Inc.
3.00%, 8/15/22		12		11,820
5.70%, 10/15/19		36		38,790
Encana Corp.
3.90%, 11/15/21		45		45,956
Energy Transfer Partners LP
7.50%, 7/01/38		149		178,103
EnLink Midstream Partners LP
5.05%, 4/01/45		125		117,812
Enterprise Products Operating LLC
3.70%, 2/15/26		161		161,060
5.20%, 9/01/20		55		59,890
Halliburton Co.
5.00%, 11/15/45		170		178,746
Hess Corp.
4.30%, 4/01/27		109		107,092
Kinder Morgan Energy Partners LP
4.15%, 3/01/22		89		91,930
MPLX LP
4.125%, 3/01/27		58		57,724
4.50%, 7/15/23		106		110,171
Nabors Industries, Inc. 5.50%, 1/15/23 (a)		113		115,825
Noble Energy, Inc.
3.90%, 11/15/24		107		108,428
8.25%, 3/01/19		238		264,730
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		137		132,652
Sabine Pass Liquefaction LLC
5.00%, 3/15/27 (a)		80		83,400
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		218,846
Valero Energy Corp.
6.125%, 2/01/20		177		194,831
Williams Partners LP
4.125%, 11/15/20		97		101,379
				2,379,185
Services - 0.1%
eBay, Inc.
3.80%, 3/09/22		45		46,779
Technology - 2.3%
Broadcom Corp./Broadcom Cayman Finance Ltd.

	Principal Amount (000)		U.S. $ Value
3.625%, 1/15/24 (a)	U.S.$	28		28,215
3.875%, 1/15/27 (a)		62		62,308
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
5.45%, 6/15/23 (a)		160		172,155
6.02%, 6/15/26 (a)		31		33,830
Fidelity National Information Services, Inc.
3.50%, 4/15/23		24		24,318
5.00%, 10/15/25		2		2,178
HP, Inc.
4.65%, 12/09/21		107		114,647
KLA-Tencor Corp.
4.65%, 11/01/24		134		142,386
Lam Research Corp.
2.80%, 6/15/21		39		39,060
Micron Technology, Inc.
7.50%, 9/15/23 (a)		41		45,893
Motorola Solutions, Inc.
3.50%, 3/01/23		82		80,709
7.50%, 5/15/25		23		27,203
Seagate HDD Cayman
4.75%, 1/01/25		75		73,501
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		205		209,577
Total System Services, Inc.
2.375%, 6/01/18		74		74,290
3.75%, 6/01/23		69		69,108
Western Digital Corp.
7.375%, 4/01/23 (a)		89		97,678
				1,297,056
				9,429,953
Financial Institutions - 8.0%
Banking - 6.9%
Bank of America Corp.
3.824%, 1/20/28		145		145,052
Barclays PLC
3.684%, 1/10/23		200		200,784
BNP Paribas SA
3.80%, 1/10/24 (a)		200		199,446
Compass Bank
5.50%, 4/01/20		250		263,420
Cooperatieve Rabobank UA
4.375%, 8/04/25		250		255,990
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		265		266,108
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		118		115,608
3.75%, 5/22/25		53		53,667
3.85%, 7/08/24		210		215,210
Series D
6.00%, 6/15/20		195		215,672
ING Groep NV
3.95%, 3/29/27		200		200,218

	Principal Amount (000)		U.S. $ Value
JPMorgan Chase & Co.
3.782%, 2/01/28	U.S.$	96		96,933
Lloyds Banking Group PLC
4.65%, 3/24/26		200		204,356
Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/01/26		200		205,320
Morgan Stanley
5.625%, 9/23/19		143		154,477
Nationwide Building Society
6.25%, 2/25/20 (a)		230		254,394
Santander Issuances SAU
3.25%, 4/04/26 (a)	EUR	200		222,266
UBS AG/Stamford CT
7.625%, 8/17/22	U.S.$	250		288,520
UBS Group Funding Jersey Ltd.
4.125%, 9/24/25 (a)		200		203,182
US Bancorp
Series J
5.30%, 4/15/27 (b)		63		64,123
Wells Fargo & Co.
3.069%, 1/24/23		113		113,559
				3,938,305
Finance - 0.5%
AerCap Aviation Solutions BV
6.375%, 5/30/17		200		201,444
International Lease Finance Corp.
5.875%, 4/01/19		55		58,608
				260,052
Insurance - 0.3%
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		31		33,679
Lincoln National Corp.
8.75%, 7/01/19		35		39,864
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		55		88,223
				161,766
REITS - 0.3%
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		6		6,035
Welltower, Inc.
4.00%, 6/01/25		146		148,019
				154,054
				4,514,177
Utility - 0.7%
Electric - 0.7%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		90		112,404
CMS Energy Corp.
5.05%, 3/15/22		37		40,407

	Principal Amount (000)		U.S. $ Value
Constellation Energy Group, Inc.
5.15%, 12/01/20	U.S.$	64		69,419
Entergy Corp.
4.00%, 7/15/22		125		130,857
Exelon Corp.
5.10%, 6/15/45		45		48,429
				401,516
Total Corporates - Investment Grade (cost $13,897,774)				14,345,646
MORTGAGE PASS-THROUGHS - 18.8%
Agency Fixed Rate 15-Year - 2.4%
Federal National Mortgage Association
2.50%, 7/01/31-1/01/32		1,392		1,394,534
Agency Fixed Rate 30-Year - 16.4%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		104		116,072
Series 2007
5.50%, 7/01/35		29		32,231
Series 2017
4.00%, 7/01/44		233		245,865
4.00%, 2/01/46		285		300,793
Federal National Mortgage Association
3.50%, 4/01/47, TBA		2,056		2,103,224
4.50%, 4/25/47, TBA		2,656		2,848,353
4.00%, 4/01/47, TBA		988		1,036,397
Series 2003
5.50%, 4/01/33-7/01/33		97		107,850
4.00%, 12/01/40-11/01/46		700		739,104
Series 2004
5.50%, 4/01/34-11/01/34		86		95,958
Series 2005
5.50%, 2/01/35		104		115,822
3.50%, 4/01/46		298		305,229
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		1		1,382
3.00%, 4/20/46		335		338,646
3.50%, 4/01/47, TBA		885		917,703
				9,304,629
Total Mortgage Pass-Throughs (cost $10,600,773)				10,699,163
ASSET-BACKED SECURITIES - 14.7%
Autos - Fixed Rate - 8.0%
Ally Auto Receivables Trust
Series 2015-2, Class A3
1.49%, 11/15/19		166		166,245
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		259		259,118
Americredit Automobile Receivables Trust
Series 2016-4, Class A2A
1.34%, 4/08/20		124		123,873

	Principal Amount (000)		U.S. $ Value
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (a)	U.S.$	1		1,127
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		288		292,482
Series 2016-1A, Class A
2.99%, 6/20/22 (a)		100		101,244
Bank of The West Auto Trust
Series 2015-1, Class A3
1.31%, 10/15/19 (a)		222		221,716
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		90		90,299
Series 2015-2, Class A3
1.31%, 8/15/19		70		69,695
Capital Auto Receivables Asset Trust
Series 2014-1, Class B
2.22%, 1/22/19		60		60,171
Chrysler Capital Auto Receivables Trust
Series 2015-BA, Class A3
1.91%, 3/16/20 (a)		168		168,449
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (a)		47		47,298
Series 2014-B, Class A
1.11%, 11/15/18 (a)		4		3,944
Enterprise Fleet Financing LLC
Series 2014-2, Class A2
1.05%, 3/20/20 (a)		41		41,229
Series 2015-1, Class A2
1.30%, 9/20/20 (a)		103		102,729
Exeter Automobile Receivables Trust
Series 2016-3A, Class A
1.84%, 11/16/20 (a)		46		45,383
Series 2016-3A, Class D
6.40%, 7/17/23 (a)		100		102,312
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		165		164,951
Flagship Credit Auto Trust
Series 2016-3, Class A1
1.61%, 12/15/19 (a)		78		77,854
Series 2016-4, Class D
3.89%, 11/15/22 (a)		125		122,773
Ford Credit Auto Owner Trust
Series 2014-2, Class A
2.31%, 4/15/26 (a)		257		259,243
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		198		198,058
Series 2016-1, Class A1
1.76%, 2/15/21		131		130,869

	Principal Amount (000)		U.S. $ Value
GM Financial Automobile Leasing Trust
Series 2015-2, Class A3
1.68%, 12/20/18	U.S.$	232		232,372
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (a)		128		128,537
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		133		132,733
Hertz Vehicle Financing II LP
Series 2015-1A, Class B
3.52%, 3/25/21 (a)		115		115,113
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		485		483,469
Hyundai Auto Lease Securitization Trust
Series 2015-B, Class A3
1.40%, 11/15/18 (a)		121		120,577
Mercedes Benz Auto Lease Trust
Series 2015-B, Class A3
1.34%, 7/16/18		128		127,999
Nissan Auto Lease Trust
Series 2015-A, Class A3
1.40%, 6/15/18		125		125,547
Santander Drive Auto Receivables Trust
Series 2016-3, Class A2
1.34%, 11/15/19		111		110,901
Westlake Automobile Receivables Trust
Series 2015-3A, Class A2A
1.42%, 5/17/21 (a)		23		22,533
Series 2016-2A, Class A2
1.57%, 6/17/19 (a)		71		71,023
				4,521,866
Credit Cards - Fixed Rate - 2.2%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		161		161,019
Barclays Dryrock Issuance Trust
Series 2015-2, Class A
1.56%, 3/15/21		183		182,711
Discover Card Execution Note Trust
Series 2015-A2, Class A
1.90%, 10/17/22		242		241,769
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		232		233,912
Series 2015-3, Class A
1.74%, 9/15/21		173		173,117
Series 2016-1, Class A
2.04%, 3/15/22		130		130,512

	Principal Amount (000)		U.S. $ Value
World Financial Network Credit Card Master Trust
Series 2016-B, Class A
1.44%, 6/15/22	U.S.$	137		136,618
				1,259,658
Other ABS - Fixed Rate - 2.1%
Ascentium Equipment Receivables Trust
Series 2016-1A, Class A2
1.75%, 11/13/18 (a)		36		35,717
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		101		101,056
Series 2015-A, Class A4
1.85%, 4/15/21		134		133,848
Dell Equipment Finance Trust
Series 2015-1, Class A3
1.30%, 3/23/20 (a)		58		57,804
Series 2015-2, Class A2A
1.42%, 12/22/17 (a)		20		19,735
Marlette Funding Trust
Series 2016-1A, Class A
3.06%, 1/17/23 (a)		74		73,759
Series 2017-1A, Class A
2.827%, 3/15/24 (a)		100		100,072
SBA Tower Trust
3.156%, 10/15/20 (a)		147		147,750
SoFi Consumer Loan Program LLC
Series 2016-2, Class A
3.09%, 10/27/25 (a)		97		96,527
Sofi Consumer Loan Program LLC
Series 2016-3, Class A
3.05%, 12/26/25 (a)		106		106,486
Series 2017-1, Class A
3.28%, 1/26/26 (a)		94		94,136
Series 2017-2, Class A
3.28%, 2/25/26 (a)		115		114,987
Taco Bell Funding LLC
Series 2016-1A, Class A2I
3.832%, 5/25/46 (a)		128		130,115
				1,211,992
Autos - Floating Rate - 1.5%
BMW Floorplan Master Owner Trust
Series 2015-1A, Class A
1.412% (LIBOR 1 Month + 0.50%), 7/15/20 (a)(c)		214		214,113
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
1.408% (LIBOR 1 Month + 0.55%), 12/10/27 (a)(c)		7		7,425

	Principal Amount (000)		U.S. $ Value
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
2.478% (LIBOR 1 Month + 1.50%), 10/20/20 (a)(c)	U.S.$	197		197,000
Volkswagen Credit Auto Master Trust
Series 2014-1A, Class A1
1.328% (LIBOR 1 Month + 0.35%), 7/22/19 (a)(c)		70		70,010
Wells Fargo Dealer Floorplan Master Note Trust
Series 2014-1, Class A
1.358% (LIBOR 1 Month + 0.38%), 7/20/19 (c)		120		120,189
Series 2015-1, Class A
1.478% (LIBOR 1 Month + 0.50%), 1/20/20 (c)		227		227,400
				836,137
Credit Cards - Floating Rate - 0.7%
Discover Card Execution Note Trust
Series 2015-A1, Class A1
1.262% (LIBOR 1 Month + 0.35%), 8/17/20 (c)		263		263,580
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
1.392% (LIBOR 1 Month + 0.48%), 2/15/22 (c)		150		150,434
				414,014
Home Equity Loans - Fixed Rate - 0.1%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		67		67,753
Home Equity Loans - Floating Rate - 0.1%
Asset Backed Funding Certificates Trust
Series 2003-WF1, Class A2
2.107% (LIBOR 1 Month + 1.13%), 12/25/32 (c)		33		32,398
Total Asset-Backed Securities (cost $8,330,125)				8,343,818
GOVERNMENTS - TREASURIES - 11.4%
United States - 11.4%
U.S. Treasury Bonds
2.875%, 8/15/45-11/15/46		270		261,445
3.00%, 11/15/45		1,953		1,940,549
3.625%, 2/15/44		65		72,424
4.50%, 2/15/36		99		125,552
5.50%, 8/15/28		147		190,611
6.25%, 5/15/30		261		369,370
U.S. Treasury Notes
0.50%, 4/30/17		1,352		1,351,838
1.125%, 9/30/21		385		372,472
1.625%, 5/15/26		266		249,792

	Principal Amount (000)		U.S. $ Value
2.00%, 11/15/26	U.S.$	528		510,056
2.25%, 11/15/24-2/15/27		826		819,527
2.50%, 8/15/23		215		219,350
Total Governments - Treasuries (cost $6,832,922)				6,482,986
COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.2%
Non-Agency Fixed Rate CMBS - 7.2%
Banc of America Commercial Mortgage Trust
Series 2007-5, Class AM
5.772%, 2/10/51		78		79,152
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class AJ
5.611%, 9/11/41		9		9,149
BHMS Commercial Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		200		201,376
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		260		266,824
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D
4.877%, 9/10/45 (a)		128		120,329
Series 2015-GC27, Class A5
3.137%, 2/10/48		144		143,192
Series 2016-C1, Class A4
3.209%, 5/10/49		192		191,047
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.88%, 5/15/46		100		100,107
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		85		82,987
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.715%, 6/15/39		95		94,896
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4
3.718%, 8/15/48		117		120,408
Series 2015-C4, Class A4
3.808%, 11/15/48		150		155,282
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		243		245,948
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.949%, 8/10/45		43		42,740
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		136		135,314
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AM
5.372%, 5/15/47		47		46,516

		Principal Amount (000)		U.S. $ Value
Series 2012-C6, Class D
5.153%, 5/15/45	U.S.$		110		112,423
Series 2012-C6, Class E
5.153%, 5/15/45 (a)			132		116,786
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class A3
3.801%, 8/15/48			130		135,147
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39			41		36,106
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 3/10/49 (a)			159		154,584
ML-CFC Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 9/12/49			831		838,262
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5
2.85%, 12/10/45			112		112,947
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class A1A
6.009%, 6/15/45			6		5,683
Series 2007-C32, Class A3
5.76%, 6/15/49			33		32,844
Wells Fargo Commercial Mortgage Trust
Series 2016-LC25, Class C
4.437%, 12/15/59			85		83,135
Series 2016-NXS6, Class C
4.309%, 11/15/49			100		97,889
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA
1.355%, 3/15/45 (a)(d)			1,698		82,257
Series 2013-C14, Class A5
3.337%, 6/15/46			132		135,622
Series 2014-C20, Class A2
3.036%, 5/15/47			125		127,714
					4,106,666
Non-Agency Floating Rate CMBS - 2.0%
CGBAM Commercial Mortgage Trust
Series 2016-IMC, Class A
2.843% (LIBOR 1 Month + 1.90%), 11/15/21 (a)(c)			115		115,218
Series 2016-IMC, Class C
4.893% (LIBOR 1 Month + 3.95%), 11/15/21 (a)(c)			123		123,099
CSMC Mortgage-Backed Trust
Series 2016-MFF, Class D
5.367% (LIBOR 1 Month + 4.60%), 11/15/33 (a)(c)			100		100,374
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.832% (LIBOR 1 Month + 0.92%), 6/15/29 (a)(c)			201		201,250

		Principal Amount (000)		U.S. $ Value
Series 2015-SGP, Class A
2.612% (LIBOR 1 Month + 1.70%), 7/15/36 (a)(c)	U.S.$		138		138,774
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.993% (LIBOR 1 Month + 1.05%), 4/15/32 (a)(c)			22		22,368
Starwood Retail Property Trust
Series 2014-STAR, Class A
2.132% (LIBOR 1 Month + 1.22%), 11/15/27 (a)(c)			196		194,446
Waldorf Astoria Boca Raton Trust
Series 2016-BOCA, Class A
2.262% (LIBOR 1 Month + 1.35%), 6/15/29 (a)(c)			211		211,700
					1,107,229
Total Commercial Mortgage-Backed Securities (cost $5,281,925)					5,213,895
INFLATION-LINKED SECURITIES - 7.9%
United States - 7.9%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)			3,098		3,143,722
0.25%, 1/15/25 (TIPS)			642		636,428
0.375%, 7/15/25 (TIPS)			723		724,877
Total Inflation-Linked Securities (cost $4,496,439)					4,505,027
COLLATERALIZED MORTGAGE OBLIGATIONS - 7.4%
Risk Share Floating Rate - 5.8%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
7.482% (LIBOR 1 Month + 6.50%), 4/25/26 (c)(e)			150		151,663
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M2
3.382% (LIBOR 1 Month + 2.40%), 8/25/24 (c)			50		50,553
Series 2014-DN4, Class M3
5.532% (LIBOR 1 Month + 4.55%), 10/25/24 (c)			250		269,494
Series 2014-HQ3, Class M2
3.632% (LIBOR 1 Month + 2.65%), 10/25/24 (c)			92		92,595
Series 2015-DNA1, Class M3
4.282% (LIBOR 1 Month + 3.30%), 10/25/27 (c)			250		267,923
Series 2015-DNA3, Class M3
5.682% (LIBOR 1 Month + 4.70%), 4/25/28 (c)			250		275,063
Series 2015-HQA1, Class M2
3.632% (LIBOR 1 Month + 2.65%), 3/25/28 (c)			205		210,060

		Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
2.182% (LIBOR 1 Month + 1.20%), 7/25/24 (c)	U.S.$		15		14,572
Series 2014-C04, Class 1M2
5.882% (LIBOR 1 Month + 4.90%), 11/25/24 (c)			169		188,667
Series 2014-C04, Class 2M2
5.982% (LIBOR 1 Month + 5.00%), 11/25/24 (c)			61		67,378
Series 2015-C01, Class 1M2
5.282% (LIBOR 1 Month + 4.30%), 2/25/25 (c)			86		91,141
Series 2015-C01, Class 2M2
5.532% (LIBOR 1 Month + 4.55%), 2/25/25 (c)			80		85,604
Series 2015-C02, Class 1M2
4.982% (LIBOR 1 Month + 4.00%), 5/25/25 (c)			106		111,328
Series 2015-C02, Class 2M2
4.982% (LIBOR 1 Month + 4.00%), 5/25/25 (c)			130		136,202
Series 2015-C03, Class 1M1
2.482% (LIBOR 1 Month + 1.50%), 7/25/25 (c)			2		1,669
Series 2015-C03, Class 1M2
5.982% (LIBOR 1 Month + 5.00%), 7/25/25 (c)			130		142,993
Series 2015-C03, Class 2M2
5.982% (LIBOR 1 Month + 5.00%), 7/25/25 (c)			105		114,919
Series 2015-C04, Class 1M2
6.682% (LIBOR 1 Month + 5.70%), 4/25/28 (c)			145		164,042
Series 2015-C04, Class 2M2
6.532% (LIBOR 1 Month + 5.55%), 4/25/28 (c)			138		153,193
Series 2016-C01, Class 1M2
7.732% (LIBOR 1 Month + 6.75%), 8/25/28 (c)			160		188,554
Series 2016-C01, Class 2M2
7.932% (LIBOR 1 Month + 6.95%), 8/25/28 (c)			92		108,446
Series 2016-C02, Class 1M2
6.982% (LIBOR 1 Month + 6.00%), 9/25/28 (c)			130		148,358
Series 2016-C03, Class 2M2
6.882% (LIBOR 1 Month + 5.90%), 10/25/28 (c)			148		168,418
Series 2017-C02, Class 2M2
4.627% (LIBOR 1 Month + 3.65%), 9/25/29 (c)			39		39,286

		Principal Amount (000)		U.S. $ Value
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
6.232% (LIBOR 1 Month + 5.25%), 11/25/25 (c)(e)	U.S.$		48		50,544
Series 2015-WF1, Class 2M2
6.482% (LIBOR 1 Month + 5.50%), 11/25/25 (c)(e)			20		22,079
					3,314,744
Non-Agency Fixed Rate - 1.2%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35			24		22,568
Series 2005-57CB, Class 4A3
5.50%, 12/25/35			50		44,352
Series 2006-23CB, Class 1A7
6.00%, 8/25/36			30		29,177
Series 2006-24CB, Class A16
5.75%, 6/25/36			87		72,822
Series 2006-28CB, Class A14
6.25%, 10/25/36			60		48,971
Series 2006-9T1, Class A1
5.75%, 5/25/36			37		28,346
Series 2006-J1, Class 1A13
5.50%, 2/25/36			51		44,546
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37			29		23,652
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.997%, 5/25/35			62		57,782
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36			45		37,584
Series 2006-13, Class 1A19
6.25%, 9/25/36			25		20,887
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36			78		63,135
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
3.123%, 7/25/36			161		134,444
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37			40		35,757
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37			26		26,008
					690,031

		Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate - 0.3%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
1.172% (LIBOR 1 Month + 0.19%), 12/25/36 (c)	U.S.$		167		102,608
HomeBanc Mortgage Trust
Series 2005-1, Class A1
1.232% (LIBOR 1 Month + 0.25%), 3/25/35 (c)			65		55,219
					157,827
Agency Fixed Rate - 0.1%
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
1.23%, 5/28/35			50		44,913
Total Collateralized Mortgage Obligations (cost $4,084,083)					4,207,515
CORPORATES - NON-INVESTMENT GRADE - 3.4%
Industrial - 2.1%
Capital Goods - 0.0%
SPX FLOW, Inc.
5.875%, 8/15/26 (a)			2		2,008
Communications - Media - 0.3%
Arqiva Broadcast Finance PLC
9.50%, 3/31/20 (a)	GBP		100		135,783
CSC Holdings LLC
6.75%, 11/15/21	U.S.$		30		32,588
					168,371
Communications - Telecommunications - 0.9%
CenturyLink, Inc.
Series S
6.45%, 6/15/21			46		48,932
Series Y
7.50%, 4/01/24			42		44,468
SFR Group SA
5.375%, 5/15/22 (a)	EUR		120		133,617
Sprint Capital Corp.
6.90%, 5/01/19	U.S.$		210		223,650
Windstream Services LLC
6.375%, 8/01/23			80		70,900
					521,567
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19			63		64,575

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers - 0.1%
Hanesbrands, Inc. 4.625%, 5/15/24 (a)	U.S.$		39		38,512
Consumer Non-Cyclical - 0.4%
First Quality Finance Co., Inc. 4.625%, 5/15/21 (a)			85		83,300
Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (a)			16		16,280
4.875%, 11/01/26 (a)			16		16,220
Voyage Care Bondco PLC 6.50%, 8/01/18 (a)	GBP		100		126,386
					242,186
Energy - 0.1%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43	U.S.$		68		49,045
SM Energy Co. 6.50%, 1/01/23			9		9,169
					58,214
Technology - 0.1%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24 (a)			35		38,631
Transportation - Services - 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25 (a)			52		48,360
					1,182,424
Financial Institutions - 1.2%
Banking - 1.0%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (b)			49		53,372
Barclays Bank PLC
6.86%, 6/15/32 (a)(b)			29		33,013
Intesa Sanpaolo SpA
5.017%, 6/26/24 (a)			202		189,375
Lloyds Banking Group PLC
7.50%, 6/27/24 (b)			200		211,794
Standard Chartered PLC
2.549% (LIBOR 3 Month + 1.51%), 1/30/27 (a)(b)(c)			100		83,732
					571,286
Finance - 0.2%
Navient Corp.
6.625%, 7/26/21			95		98,087
					669,373

	Principal Amount (000)		U.S. $ Value
Non Corporate Sectors - 0.1%
Agencies - Not Government Guaranteed - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)	U.S.$	74		75,757
Total Corporates - Non-Investment Grade (cost $2,043,190)				1,927,554
AGENCIES - 2.8%
Agency Debentures - 2.8%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,477,295)		1,677		1,576,078
EMERGING MARKETS - TREASURIES - 0.9%
Brazil - 0.9%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21-1/01/27 (cost $399,843)	BRL	1,560		499,151
QUASI-SOVEREIGNS - 0.6%
Quasi-Sovereign Bonds - 0.6%
Chile - 0.4%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (a)	U.S.$	210		227,047
Mexico - 0.2%
Petroleos Mexicanos
4.625%, 9/21/23		120		120,690
Total Quasi-Sovereigns (cost $328,838)				347,737
GOVERNMENTS - SOVEREIGN AGENCIES - 0.6%
Brazil - 0.1%
Petrobras Global Finance BV
6.125%, 1/17/22		65		68,218
Colombia - 0.1%
Ecopetrol SA
5.875%, 5/28/45		57		51,941
Israel - 0.4%
Israel Electric Corp., Ltd.
Series 6
5.00%, 11/12/24 (a)		200		210,100
Total Governments - Sovereign Agencies (cost $320,076)				330,259
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.5%
United States - 0.5%
State of California Series 2010 7.625%, 3/01/40 (cost $203,116)		200		292,886

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS - 0.4%
Mexico - 0.1%
Mexico Government International Bond
Series G
5.95%, 3/19/19	U.S.$	42		45,255
Qatar - 0.3%
Qatar Government International Bond
2.375%, 6/02/21 (a)		200		197,750
Total Governments - Sovereign Bonds (cost $243,293)				243,005
	Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
REITS - 0.2%
Sovereign Real Estate Investment Trust 12.00% (a) (cost $87,658)		93		116,250
	Principal Amount (000)
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Capital Goods - 0.1%
Odebrecht Finance Ltd. 7.125%, 6/26/42 (a) (cost $58,577)	U.S.$	200		72,000
SHORT-TERM INVESTMENTS - 2.3%
Time Deposit - 2.3%
State Street Time Deposit 0.09%, 4/03/17 (cost $1,303,075)		1,303		1,303,075
Total Investments - 106.5% (cost $59,989,002) (f)				60,506,045
Other assets less liabilities - (6.5)% (g)				(3,688,596	)
Net Assets - 100.0%			$	56,817,449

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		71		June 2017	$	8,345,505	$	8,358,586	$	13,081
U.S. Ultra Bond (CBT) Futures		15		June 2017		2,389,830		2,409,375		19,545

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2017		Unrealized Appreciation/ (Depreciation)
Sold Contracts
Euro-BOBL Futures		11		June 2017	$	1,543,463	$	1,546,646	$	(3,183	)
U.S. T-Note 2 Yr (CBT) Futures		9		June 2017		1,945,911		1,948,078		(2,167	)
U.S. T-Note 10 Yr (CBT) Futures		11		June 2017		1,366,296		1,370,188		(3,892	)
									$	23,384

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		TWD	6,546		USD	214		4/18/17	$	(2,234	)
Barclays Bank PLC		KRW	240,509		USD	212		5/18/17		(2,848	)
Citibank, NA		USD	137		INR	8,965		4/11/17		1,014
Citibank, NA		GBP	667		USD	814		5/18/17		(21,865	)
Credit Suisse International		SEK	2,563		USD	285		5/11/17		(1,526	)
Deutsche Bank AG		BRL	1,529		USD	483		4/04/17		(5,828	)
Deutsche Bank AG		USD	488		BRL	1,529		4/04/17		997
Deutsche Bank AG		BRL	1,529		USD	485		5/03/17		(637	)
Goldman Sachs Bank USA		CAD	1,172		USD	897		4/07/17		15,537
HSBC Bank USA		BRL	1,529		USD	477		4/04/17		(11,005	)
HSBC Bank USA		USD	483		BRL	1,529		4/04/17		5,828
JPMorgan Chase Bank, NA		USD	199		INR	13,272		4/11/17		6,131
JPMorgan Chase Bank, NA		USD	141		TRY	512		4/11/17		(25	)
JPMorgan Chase Bank, NA		USD	559		GBP	455		5/18/17		11,038
JPMorgan Chase Bank, NA		IDR	2,728,608		USD	202		5/19/17		(1,951	)
Morgan Stanley & Co., Inc.		JPY	320,183		USD	2,828		4/26/17		(49,768	)
Morgan Stanley & Co., Inc.		JPY	26,115		USD	236		5/11/17		695
Royal Bank of Scotland PLC		USD	633		CAD	828		4/07/17		(10,043	)
State Street Bank & Trust Co.		AUD	814		USD	613		4/06/17		(8,925	)
State Street Bank & Trust Co.		NZD	260		USD	183		4/06/17		734
State Street Bank & Trust Co.		EUR	366		USD	394		4/12/17		3,921
State Street Bank & Trust Co.		USD	121		MXN	2,489		4/26/17		11,374
State Street Bank & Trust Co.		GBP	118		USD	147		5/18/17		(671	)
UBS AG		USD	205		IDR	2,751,916		5/19/17		1,273
									$	(58,784	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			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	%		2.60	%	$	841	$	70,248	$	68,576

* 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)	NOK	28,310		5/12/18	0.954%	6 Month NIBOR	$	(6,080	)
Morgan Stanley & Co., LLC/(CME Group)	MXN	10,290		12/12/18	4 Week TIIE	6.840%		(2,528	)
Morgan Stanley & Co., LLC/(CME Group)		6,860		12/13/18	4 Week TIIE	6.845%		(1,659	)
Morgan Stanley & Co., LLC/(CME Group)		6,160		12/17/18	4 Week TIIE	7.035%		(443	)
Morgan Stanley & Co., LLC/(CME Group)	GBP	3,520		2/23/19	0.606%	6 Month LIBOR		571
Morgan Stanley & Co., LLC/(CME Group)	$	3,250		2/27/19	3 Month LIBOR	1.544%		(2,180	)
Morgan Stanley & Co., LLC/(CME Group)	EUR	1,320		3/20/22	0.272%	6 Month EURIBOR		(7,010	)
Morgan Stanley & Co., LLC/(CME Group)	JPY	278,240		3/31/22	0.099%	6 Month LIBOR		1,146
Morgan Stanley & Co., LLC/(CME Group)	SEK	4,830		3/31/22	3 Month STIBOR	0.341%		(384	)
Morgan Stanley & Co., LLC/(CME Group)	NZD	1,950		3/31/22	3 Month BKBM	2.936%		1,031
Morgan Stanley & Co., LLC/(CME Group)	$	530		1/14/24	2.980%	3 Month LIBOR		(27,739	)
Morgan Stanley & Co., LLC/(CME Group)		650		4/28/24	2.817%	3 Month LIBOR		(31,390	)
Morgan Stanley & Co., LLC/(CME Group)		740		11/10/25	2.256%	3 Month LIBOR		(700	)
Morgan Stanley & Co., LLC/(CME Group)		80		6/28/26	1.460%	3 Month LIBOR		5,898
Morgan Stanley & Co., LLC/(CME Group)	NZD	890		7/28/26	3 Month BKBM	2.473%		(46,100	)
Morgan Stanley & Co., LLC/(CME Group)		890		7/28/26	2.473%	3 Month BKBM		(2,817	)
Morgan Stanley & Co., LLC/(CME Group)	MXN	2,540		12/02/26	7.762%	4 Week TIIE		(3,548	)
Morgan Stanley & Co., LLC/(CME Group)		1,690		12/03/26	7.760%	4 Week TIIE		(2,347	)
Morgan Stanley & Co., LLC/(CME Group)		1,550		12/07/26	7.830%	4 Week TIIE		(2,555	)
Morgan Stanley & Co., LLC/(CME Group)	$	200		12/21/26	3 Month LIBOR	2.497%		3,037

						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/(LCH Group)		NOK	8,480		8/01/18		0.960%	6 Month NIBOR	$	(2,148	)
Morgan Stanley & Co., LLC/(LCH Group)			2,200		8/04/18		1.008%	6 Month NIBOR		(870	)
Morgan Stanley & Co., LLC/(LCH Group)			9,430		8/11/18		1.076%	6 Month NIBOR		(5,269	)
Morgan Stanley & Co., LLC/(LCH Group)		NZD	1,640		12/21/21		3 Month BKBM	3.059%		18,491
Morgan Stanley & Co., LLC/(LCH Group)		$	270		11/07/26		1.675%	3 Month LIBOR		15,060
Morgan Stanley & Co., LLC/(LCH Group)			270		11/07/26		3 Month LIBOR	1.675%		949
Morgan Stanley & Co., LLC/(LCH Group)			200		11/08/26		1.657%	3 Month LIBOR		11,491
Morgan Stanley & Co., LLC/(LCH Group)			25		11/08/26		3 Month LIBOR	1.657%		86
Morgan Stanley & Co., LLC/(LCH Group)			200		11/09/26		1.672%	3 Month LIBOR		11,228
									$	(76,779	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc.,
8.375%, 8/15/17, 6/20/19*		(5.00	)%		1.29	%	$	98	$	(8,102	)	$	(2,666	)	$	(5,436	)
Sprint Communications, Inc.,
8.375%, 8/15/17, 6/20/19*		(5.00	)		1.29			112		(9,259	)		(3,159	)		(6,100	)
Credit Suisse International
CDX-CMBX.NA.BBB Series 7, 1/17/47*		(3.00	)		4.68			350		30,876			23,451			7,425
Sale Contracts
Citigroup Global Markets Ltd.
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.81			60		(7,629	)		(8,658	)		1,029

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread  at March 31, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00	%		5.81	%	$	32	$	(3,994	)	$	(4,510	)	$	516
Credit Suisse International
Anadarko Petroleum Corp.,
6.950%, 6/15/19, 9/20/17*		1.00			0.12			270		1,238			(885	)		2,123
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			28		(3,494	)		(2,057	)		(1,437	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			94		(11,733	)		(6,463	)		(5,270	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			350		(43,686	)		(21,527	)		(22,159	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			318		(39,715	)		(13,826	)		(25,889	)
Deutsche Bank AG
CDX-CMBX.NA.A
Series 6, 5/11/63*		2.00			3.02			135		(6,716	)		(2,807	)		(3,909	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			51		(6,374	)		(6,830	)		456
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			8		(999	)		(997	)		(2	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			27		(3,370	)		(3,281	)		(89	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			28		(3,495	)		(3,404	)		(91	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			8		(999	)		(488	)		(511	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			85		(10,609	)		(7,430	)		(3,179	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			132		(16,476	)		(9,832	)		(6,644	)
Goldman Sachs International
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			92		(11,713	)		(12,963	)		1,250

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00	%		5.81	%	$	41	$	(5,117	)	$	(5,930	)	$	813
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			4		(499	)		(381	)		(118	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			8		(999	)		(840	)		(159	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			16		(1,997	)		(1,836	)		(161	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			8		(998	)		(776	)		(222	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			49		(6,116	)		(4,500	)		(1,616	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			125		(15,602	)		(10,576	)		(5,026	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			185		(23,091	)		(15,031	)		(8,060	)
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			246		(30,705	)		(12,786	)		(17,919	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB
Series 6, 5/11/63*		3.00			5.81			35		(4,369	)		(2,623	)		(1,746	)
									$	(245,742	)	$	(143,611	)	$	(102,131	)

* Termination date

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the aggregate market value of these securities amounted to $10,931,761 or 19.2% 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) Floating Rate Security. Stated interest/floor rate was in effect at March 31, 2017.

(d) IO - Interest Only.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.40% of net assets as of March 31, 2017, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
7.482%, 4/25/26		4/29/16	$	150,000	$	151,663		0.27	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
6.232%, 11/25/25		9/28/15		47,973		50,544		0.09	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
6.482%, 11/25/25		9/28/15		20,439		22,079		0.04	%

(f) As of March 31, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,325,238 and gross unrealized depreciation of investments was $(808,195), resulting in net unrealized appreciation of $517,043.

(g) An amount of U.S. $135,957 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2017.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
IDR	-	Indonesian Rupiah
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
TRY	-	Turkish Lira
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
Glossary:
ABS	-	Asset-Backed Securities
BKBM	-	Bank Bill Benchmark (New Zealand)
BOBL	-	Bundesobligationen
CBT	-	Chicago Board of Trade
CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
EURIBOR	-	Euro Interbank Offered Rate
INTRCONX	-	Inter-Continental Exchange
LCH	-	London Clearing House
LIBOR	-	London Interbank Offered Rates
NIBOR	-	Norwegian Interbank Offered Rate
REIT	-	Real Estate Investment Trust
STIBOR	-	Stockholm Interbank Offered Rate
TBA	-	To Be Announced
TIIE	-	Banco de México Equilibrium Interbank Interest Rate
TIPS	-	Treasury Inflation Protected Security

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Corporates - Investment Grade	$	– 0	–	$	14,345,646	$	– 0	–	$	14,345,646
Mortgage Pass - Throughs		– 0	–		10,699,163		– 0	–		10,699,163
Asset-Backed Securities		– 0	–		7,379,835		963,983			8,343,818
Governments - Treasuries		– 0	–		6,482,986		– 0	–		6,482,986
Commercial Mortgage - Backed Securities		– 0	–		4,151,301		1,062,594			5,213,895
Inflation - Linked Securities		– 0	–		4,505,027		– 0	–		4,505,027
Collateralized Mortgage Obligations		– 0	–		4,207,515		– 0	–		4,207,515
Corporates - Non-Investment Grade		– 0	–		1,927,554		– 0	–		1,927,554

Agencies

– 0

–

1,576,078

– 0

–

1,576,078

Emerging Markets - Treasuries

– 0

–

499,151

– 0

–

499,151

Quasi-Sovereigns

– 0

–

347,737

– 0

–

347,737

Governments - Sovereign Agencies

– 0

–

330,259

– 0

–

330,259

Local Governments - Municipal Bonds

– 0

–

292,886

– 0

–

292,886

Governments - Sovereign Bonds

– 0

–

243,005

– 0

–

243,005

Preferred Stocks

– 0

–

116,250

– 0

–

116,250

Emerging Markets - Corporate Bonds

– 0

–

72,000

– 0

–

72,000

Short-Term Investments

– 0

–

1,303,075

– 0

–

1,303,075

Total Investments in Securities

– 0

–

58,479,468

2,026,577

60,506,045

Other Financial Instruments (a):

Assets:

Futures

32,626

– 0

–

– 0

–

32,626

Forward Currency Exchange Contracts

– 0

–

58,542

– 0

–

58,542

Centrally Cleared Credit Default Swaps

– 0

–

68,576

– 0

–

68,576

Centrally Cleared Interest Rate Swaps

– 0

–

68,988

– 0

–

68,988

Credit Default Swaps

– 0

–

13,612

– 0

–

13,612

Liabilities:

Futures

(9,242

)

– 0

–

– 0

–

(9,242

)

Forward Currency Exchange Contracts

– 0

–

(117,326

)

– 0

–

(117,326

)

Centrally Cleared Interest Rate Swaps

– 0

–

(145,767

)

– 0

–

(145,767

)

Credit Default Swaps

– 0

–

(115,743

)

– 0

–

(115,743

)

Total (b)

$

23,384

$

58,310,350

$

2,026,577

$

60,360,311

(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			Total
Balance as of 12/31/16	$	699,392		$	1,500,896		$	2,200,288
Accrued discounts/(premiums)		13			(276	)		(263	)
Realized gain (loss)		16			(24,546	)		(24,530	)
Change in unrealized appreciation/depreciation		2,605			26,297			28,902
Purchases/Payups		314,798			– 0	–		314,798
Sales/Paydowns		(52,841	)		(439,777	)		(492,618	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/17	$	963,983		$	1,062,594		$	2,026,577
Net change in unrealized appreciation/depreciation from investments held as of 3/31/17	$	2,605		$	5,061		$	7,666

As of March 31, 2017, 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 any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.2%
Financials - 28.5%
Banks - 9.8%
Credicorp Ltd.		8,300	$	1,355,390
HDFC Bank Ltd.		76,100		1,730,899
Svenska Handelsbanken AB-Class A (a)		112,970		1,548,147
Swedbank AB-Class A (a)		64,770		1,498,677
				6,133,113
Capital Markets - 7.0%
Flow Traders (b)		8,187		257,767
IG Group Holdings PLC		67,218		418,979
London Stock Exchange Group PLC		35,510		1,412,746
Partners Group Holding AG		4,250		2,284,005
				4,373,497
Consumer Finance - 2.3%
Bharat Financial Inclusion Ltd. (c)		113,710		1,414,903
Insurance - 6.3%
AIA Group Ltd.		349,200		2,204,135
Prudential PLC		82,815		1,749,327
				3,953,462
Thrifts & Mortgage Finance - 3.1%
Housing Development Finance Corp. Ltd.		83,377		1,926,070
				17,801,045
Information Technology - 19.1%
Internet Software & Services - 5.6%
Alibaba Group Holding Ltd. (Sponsored ADR) (c)		16,120		1,738,220
Tencent Holdings Ltd.		62,600		1,803,475
				3,541,695
Semiconductors & Semiconductor Equipment - 11.3%
ams AG		34,240		1,849,655
Disco Corp.		6,200		946,705
Infineon Technologies AG		67,130		1,373,972
NXP Semiconductors NV (c)		10,990		1,137,465
Taiwan Semiconductor Manufacturing Co., Ltd.		281,000		1,762,048
				7,069,845
Software - 2.2%
Mobileye NV (c)		22,076		1,355,466
				11,967,006
Industrials - 12.9%
Aerospace & Defense - 0.5%
Safran SA		4,133		308,462
Building Products - 3.0%
Kingspan Group PLC		58,594		1,869,304
Electrical Equipment - 6.0%
Schneider Electric SE (Paris)		24,390		1,791,901

Company	Shares		U.S. $ Value
Vestas Wind Systems A/S		24,400		1,984,701
				3,776,602
Industrial Conglomerates - 3.4%
Siemens AG (REG)		15,630		2,140,875
				8,095,243
Consumer Staples - 11.7%
Food & Staples Retailing - 1.4%
Tsuruha Holdings, Inc.		9,800		908,946
Food Products - 2.6%
Nestle SA (REG)		21,078		1,617,773
Household Products - 5.2%
Pigeon Corp.		44,700		1,434,281
Reckitt Benckiser Group PLC		12,280		1,121,062
Unicharm Corp.		28,600		687,331
				3,242,674
Personal Products - 2.5%
Cosmax, Inc.		5,532		672,247
Godrej Consumer Products Ltd.		34,590		895,126
				1,567,373
				7,336,766
Health Care - 7.6%
Health Care Equipment & Supplies - 2.6%
Essilor International SA		13,192		1,601,654
Health Care Providers & Services - 1.5%
Apollo Hospitals Enterprise Ltd. (c)		52,880		949,014
Pharmaceuticals - 3.5%
Roche Holding AG		5,010		1,281,225
Vectura Group PLC (c)		485,380		928,619
				2,209,844
				4,760,512
Consumer Discretionary - 7.5%
Auto Components - 3.3%
Delphi Automotive PLC		25,700		2,068,593
Household Durables - 1.5%
Panasonic Corp.		82,800		937,065
Multiline Retail - 2.3%
Don Quijote Holdings Co., Ltd.		29,500		1,026,788
Matahari Department Store Tbk PT		439,800		434,905
				1,461,693
Specialty Retail - 0.1%
Ace Hardware Indonesia Tbk PT		687,300		42,537
Textiles, Apparel & Luxury Goods - 0.3%
Samsonite International SA		55,800		202,915
				4,712,803

Company	Shares	U.S. $ Value
Telecommunication Services - 3.0%
Diversified Telecommunication Services - 3.0%
Deutsche Telekom AG (REG)	80,440		1,409,520
Telekomunikasi Indonesia Persero Tbk PT	1,478,500		459,584
			1,869,104
Materials - 2.7%
Chemicals - 2.7%
Chr Hansen Holding A/S	26,060		1,671,679
Utilities - 2.1%
Water Utilities - 2.1%
Beijing Enterprises Water Group Ltd.	1,752,000		1,298,729
Real Estate - 1.1%
Real Estate Management & Development - 1.1%
SM Prime Holdings, Inc.	1,247,400		703,417
Total Common Stocks (cost $45,173,246)			60,216,304
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.7%
Time Deposit - 4.7%
State Street Time Deposit 0.09%, 4/03/17 (cost $2,924,284)	U.S.$    2,924		2,924,284
Total Investments Before Security Lending Collateral for Securities Loaned - 100.9% (cost $48,097,530)			63,140,588
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.6%
Investment Companies - 3.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (d)(e) (cost $2,264,314)	2,264,314		2,264,314
Total Investments - 104.5% (cost $50,361,844) (f)			65,404,902
Other assets less liabilities - (4.5)%			(2,793,948	)
Net Assets - 100.0%		$	62,610,954

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	EUR	3,151	USD	2,943		5/16/17	$	5,467
Barclays Bank PLC	INR	101	USD	6,991		5/16/17		(6,340	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		EUR	609		USD	650		5/16/17	$	(1,176	)
Citibank, NA		DKK	501		USD	3,454		5/16/17		4,479
Citibank, NA		INR	41,048		USD	611		5/16/17		(19,880	)
Citibank, NA		USD	2,555		AUD	3,348		5/16/17		752
Citibank, NA		USD	1,152		BRL	3,677		5/16/17		11,202
Citibank, NA		USD	1,071		CNY	7,434		5/16/17		5,123
Citibank, NA		USD	694		EUR	654		5/16/17		5,279
Credit Suisse International		SEK	1,198		USD	10,733		5/16/17		(2,265	)
Deutsche Bank AG		USD	893		CAD	1,190		5/16/17		2,852
Goldman Sachs Bank USA		USD	3,342		CAD	4,399		5/16/17		(32,271	)
Goldman Sachs Bank USA		USD	3,981		JPY	443,927		5/16/17		12,593
JPMorgan Chase Bank, NA		INR	1,984		USD	134,391		5/16/17		(82,664	)
Royal Bank of Scotland PLC		SEK	665		USD	5,879		5/16/17		7,684
Royal Bank of Scotland PLC		USD	673		AUD	895		5/16/17		10,341
Royal Bank of Scotland PLC		USD	1,433		KRW	1,637,984		5/16/17		32,978
Royal Bank of Scotland PLC		USD	583		RUB	34,878		5/16/17		30,787
Standard Chartered Bank		CNY	278		USD	1,950		5/16/17		(3,734	)
Standard Chartered Bank		INR	515		USD	34,990		5/16/17		(22,853	)
State Street Bank & Trust Co.		CHF	1,593		USD	1,578		5/16/17		14,430
State Street Bank & Trust Co.		CHF	230		USD	228		5/16/17		(2,365	)
State Street Bank & Trust Co.		CNY	1,191		USD	8,241		5/16/17		(2,078	)
State Street Bank & Trust Co.		GBP	200		USD	245		5/16/17		(6,196	)
State Street Bank & Trust Co.		HKD	843		USD	6,530		5/16/17		1,470
State Street Bank & Trust Co.		SEK	437		USD	3,837		5/16/17		7,730
State Street Bank & Trust Co.		USD	123		CAD	165		5/16/17		1,081
State Street Bank & Trust Co.		USD	494		DKK	3,454		5/16/17		2,800
State Street Bank & Trust Co.		USD	798		EUR	755		5/16/17		8,505
State Street Bank & Trust Co.		USD	818		GBP	656		5/16/17		4,632
State Street Bank & Trust Co.		USD	163		SEK	1,429		5/16/17		(3,428	)
UBS AG		EUR	835		USD	775		5/16/17		6,878
UBS AG		JPY	75,351		USD	663		5/16/17		(15,096	)
UBS AG		USD	654		GBP	524		5/16/17		3,281
									$	(20,002	)

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the market value of this security amounted to $257,767 or 0.4% of net assets.

(c) Non-income producing security.

(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 shareholder report, 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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $15,851,545 and gross unrealized depreciation of investments was $(808,487), resulting in net unrealized appreciation of $15,043,058.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
DKK	-	Danish Krone
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
RUB	-	Russian Ruble
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

March 31, 2017 (unaudited)

11.0%	India
9.4%	Japan
8.9%	United Kingdom
8.2%	Switzerland
7.8%	Germany
7.7%	China
5.9%	France
5.8%	Denmark
5.4%	United States
4.8%	Sweden
3.8%	Hong Kong
3.0%	Ireland
2.9%	Austria
10.8%	Other
4.6%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.8% or less in the following countries: Indonesia, Netherlands, Peru, Philippines, South Korea and Taiwan.

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

1,355,390

$

16,445,655

$

– 0

–

$

17,801,045

Information Technology

4,231,151

7,735,855

– 0

–

11,967,006

Industrials

1,869,304

6,225,939

– 0

–

8,095,243

Consumer Staples

– 0

–

7,336,766

– 0

–

7,336,766

Health Care

928,619

3,831,893

– 0

–

4,760,512

Consumer Discretionary

2,068,593

2,644,210

– 0

–

4,712,803

Telecommunication Services

– 0

–

1,869,104

– 0

–

1,869,104

Materials

– 0

–

1,671,679

– 0

–

1,671,679

Utilities

– 0

–

1,298,729

– 0

–

1,298,729

Real Estate

– 0

–

703,417

– 0

–

703,417

Short-Term Investments

– 0

–

2,924,284

– 0

–

2,924,284

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

2,264,314

– 0

–

– 0

–

2,264,314

Total Investments in Securities

12,717,371

52,687,531

(a)

– 0

–

65,404,902

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

– 0

–

180,344

– 0

–

180,344

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(200,346

)

– 0

–

(200,346

)

Total (c)

$

12,717,371

$

52,667,529

$

– 0

–

$

65,384,900

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    2,304	$    4,105	$    4,145	$    2,264	$        – 0 –*

* Amount less than $500.

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.4%
Financials - 23.0%
Banks - 18.1%
Australia & New Zealand Banking Group Ltd.		502,580	$	12,202,977
Barclays PLC		2,644,710		7,465,434
BNP Paribas SA		166,420		11,074,258
BOC Hong Kong Holdings Ltd.		2,040,500		8,340,176
Danske Bank A/S		225,260		7,680,444
DNB ASA		471,930		7,493,572
Erste Group Bank AG		257,310		8,378,498
ING Groep NV		692,140		10,454,264
Itau Unibanco Holding SA (Preference Shares)		344,470		4,170,259
KB Financial Group, Inc.		101,210		4,435,675
KBC Group NV		55,032		3,648,232
Mitsubishi UFJ Financial Group, Inc.		1,562,300		9,841,188
				95,184,977
Capital Markets - 3.0%
Amundi SA (a)(b)		85,086		5,018,531
Credit Suisse Group AG (REG) (c)		703,670		10,469,641
				15,488,172
Consumer Finance - 0.9%
Hitachi Capital Corp. (b)		203,600		4,935,081
Insurance - 1.0%
Dongbu Insurance Co., Ltd.		91,750		5,252,003
				120,860,233
Industrials - 11.2%
Aerospace & Defense - 3.1%
Airbus SE		145,590		11,102,942
BAE Systems PLC		659,240		5,305,691
				16,408,633
Airlines - 5.1%
International Consolidated Airlines Group SA		1,169,550		7,751,004
Japan Airlines Co., Ltd.		318,600		10,115,528
Qantas Airways Ltd.		2,991,105		8,889,085
				26,755,617
Machinery - 1.5%
IHI Corp. (c)		2,504,000		7,920,628
Road & Rail - 1.5%
Central Japan Railway Co.		48,400		7,905,648
				58,990,526
Telecommunication Services - 11.1%
Diversified Telecommunication Services - 8.8%
BT Group PLC		4,028,320		16,085,561
China Unicom Hong Kong Ltd.		5,240,000		7,037,960
Nippon Telegraph & Telephone Corp.		420,300		17,969,219
TDC A/S		1,012,684		5,215,595
				46,308,335

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 2.3%
Vodafone Group PLC		4,572,884		11,916,863
				58,225,198
Consumer Discretionary - 10.7%
Auto Components - 4.3%
Hankook Tire Co., Ltd.		74,304		3,623,804
Magna International, Inc. (New York)-Class A		180,050		7,770,958
Sumitomo Electric Industries Ltd.		328,100		5,454,127
Valeo SA		84,840		5,643,703
				22,492,592
Automobiles - 3.7%
Honda Motor Co., Ltd.		330,800		9,986,534
Peugeot SA (c)		475,990		9,566,203
				19,552,737
Household Durables - 1.5%
Panasonic Corp.		714,200		8,082,751
Textiles, Apparel & Luxury Goods - 1.2%
HUGO BOSS AG		83,060		6,057,014
				56,185,094
Information Technology - 10.0%
Communications Equipment - 2.0%
Nokia Oyj		1,915,450		10,295,238
Electronic Equipment, Instruments & Components - 1.2%
Largan Precision Co., Ltd.		40,000		6,299,994
Internet Software & Services - 1.2%
Yahoo Japan Corp. (b)		1,357,500		6,293,978
Semiconductors & Semiconductor Equipment - 2.8%
SCREEN Holdings Co., Ltd. (b)		77,200		5,696,631
Sumco Corp.		544,900		9,102,128
				14,798,759
Software - 1.3%
Nintendo Co., Ltd.		30,000		6,961,165
Technology Hardware, Storage & Peripherals - 1.5%
Samsung Electronics Co., Ltd.		4,270		7,858,571
				52,507,705
Consumer Staples - 9.0%
Food & Staples Retailing - 2.9%
Koninklijke Ahold Delhaize NV		712,490		15,225,774
Food Products - 1.2%
Orkla ASA		690,110		6,182,065
Household Products - 1.5%
Henkel AG & Co. KGaA (Preference Shares)		61,990		7,945,572
Tobacco - 3.4%
British American Tobacco PLC		267,190		17,726,993
				47,080,404

Company	Shares		U.S. $ Value
Energy - 8.5%
Energy Equipment & Services - 1.0%
Petrofac Ltd. (b)		436,620		5,043,543
Oil, Gas & Consumable Fuels - 7.5%
Canadian Natural Resources Ltd.		163,410		5,350,131
JX Holdings, Inc.		1,957,600		9,638,334
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		370,820		9,763,094
Royal Dutch Shell PLC-Class A		340,534		8,975,888
YPF SA (Sponsored ADR)		243,573		5,913,952
				39,641,399
				44,684,942
Materials - 7.6%
Chemicals - 5.4%
Air Water, Inc.		284,600		5,262,177
Arkema SA		81,631		8,035,821
Incitec Pivot Ltd.		1,792,590		5,146,430
Johnson Matthey PLC		127,470		4,918,053
Nippon Shokubai Co., Ltd.		74,900		5,111,106
				28,473,587
Metals & Mining - 2.2%
BlueScope Steel Ltd.		358,517		3,361,000
Gerdau SA (Preference Shares)		917,500		3,191,585
MMC Norilsk Nickel PJSC (ADR)		302,203		4,742,954
				11,295,539
				39,769,126
Health Care - 6.7%
Pharmaceuticals - 6.7%
Roche Holding AG		51,440		13,154,936
Sanofi		164,700		14,888,088
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		216,020		6,932,082
				34,975,106
Utilities - 1.6%
Electric Utilities - 0.9%
EDP-Energias de Portugal SA		1,506,450		5,093,546
Water Utilities - 0.7%
Pennon Group PLC (b)		323,400		3,572,428
				8,665,974
Total Common Stocks (cost $464,339,442)				521,944,308

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.9%
Time Deposit - 0.9%
State Street Time Deposit 0.09%, 4/03/17 (cost $4,903,928)	$	4,904		4,903,928
Total Investments Before Security Lending Collateral for Securities Loaned - 100.3% (cost $469,243,370)				526,848,236
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.9%
Investment Companies - 2.9%
AB Fixed Income Shares, Inc. -Government Money Market Portfolio-Class AB, 0.54% (d)(e) (cost $15,014,723)		15,014,723		15,014,723
Total Investments - 103.2% (cost $484,258,093) (f)				541,862,959
Other assets less liabilities - (3.2)%				(16,578,698	)
Net Assets - 100.0%			$	525,284,261

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		JPY	361,330		USD	3,150		4/18/17	$	(97,225	)
Bank of America, NA		USD	9,224		CAD	12,336		4/18/17		54,426
Barclays Bank PLC		AUD	7,026		USD	5,395		4/18/17		28,959
Barclays Bank PLC		KRW	1,785,232		USD	1,543		4/18/17		(54,769	)
BNP Paribas SA		AUD	3,409		USD	2,538		4/18/17		(65,897	)
BNP Paribas SA		USD	19,660		AUD	27,170		4/18/17		1,092,374
BNP Paribas SA		USD	1,311		CAD	1,725		4/18/17		(13,422	)
BNP Paribas SA		USD	11,678		EUR	10,929		4/18/17		(12,071	)
BNP Paribas SA		USD	2,769		SEK	24,637		4/18/17		(17,297	)
Citibank, NA		BRL	18,468		USD	5,792		4/04/17		(107,073	)
Citibank, NA		USD	2,914		BRL	9,234		4/04/17		35,190
Citibank, NA		USD	2,951		BRL	9,234		4/04/17		(1,508	)
Citibank, NA		CAD	17,366		USD	13,139		4/18/17		77,462
Citibank, NA		CHF	19,241		USD	19,414		4/18/17		189,294
Citibank, NA		ILS	15,836		USD	4,125		4/18/17		(248,635	)
Citibank, NA		INR	298,571		USD	4,337		4/18/17		(266,182	)
Citibank, NA		JPY	155,189		USD	1,370		4/18/17		(24,867	)
Citibank, NA		NOK	33,116		USD	3,988		4/18/17		130,192
Citibank, NA		TWD	92,129		USD	2,875		4/18/17		(161,356	)
Citibank, NA		RUB	286,056		USD	4,826		4/28/17		(228,243	)
Citibank, NA		USD	4,800		RUB	286,056		4/28/17		254,160
Citibank, NA		BRL	9,234		USD	2,934		5/03/17		3,639
Citibank, NA		USD	23,122		EUR	21,383		7/18/17		(194,308	)
Credit Suisse International		CHF	7,639		USD	7,608		4/18/17		(24,928	)
Credit Suisse International		EUR	26,974		USD	28,545		4/18/17		(248,496	)
Credit Suisse International		NOK	35,768		USD	4,118		4/18/17		(48,400	)
Credit Suisse International		USD	16,313		CHF	16,503		4/18/17		176,220
Credit Suisse International		USD	6,455		SEK	58,273		4/18/17		52,632
Goldman Sachs Bank USA		USD	7,779		INR	521,488		4/18/17		260,696
Goldman Sachs Bank USA		USD	7,017		JPY	778,263		4/18/17		(23,355	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		USD	3,304		TWD	99,704		4/18/17	$	(17,709	)
Goldman Sachs Bank USA		CNY	16,314		USD	2,346		7/18/17		(2,703	)
JPMorgan Chase Bank, NA		AUD	16,735		USD	12,790		4/18/17		7,441
JPMorgan Chase Bank, NA		GBP	3,627		USD	4,476		4/18/17		(69,593	)
JPMorgan Chase Bank, NA		NOK	24,248		USD	2,865		4/18/17		40,806
JPMorgan Chase Bank, NA		SEK	18,372		USD	2,042		4/18/17		(10,047	)
JPMorgan Chase Bank, NA		USD	4,111		SGD	5,812		4/18/17		44,198
JPMorgan Chase Bank, NA		AUD	2,109		USD	1,609		7/18/17		916
JPMorgan Chase Bank, NA		USD	2,510		INR	164,642		7/18/17		4,930
Morgan Stanley & Co., Inc.		GBP	3,171		USD	3,939		4/18/17		(35,317	)
Morgan Stanley & Co., Inc.		USD	5,565		JPY	626,422		4/18/17		64,580
Morgan Stanley & Co., Inc.		USD	1,309		HKD	10,151		7/18/17		(121	)
Nomura Global Financial Products, Inc.		INR	34,258		USD	501		4/18/17		(27,579	)
Nomura Global Financial Products, Inc.		USD	4,947		INR	332,829		4/18/17		184,094
Northern Trust Co.		JPY	1,619,209		USD	13,965		4/18/17		(586,391	)
Royal Bank of Canada		KRW	20,251,893		USD	16,924		4/18/17		(1,200,720	)
Royal Bank of Scotland PLC		GBP	3,233		USD	3,995		4/18/17		(56,559	)
Royal Bank of Scotland PLC		SGD	5,812		USD	4,167		4/18/17		11,430
Royal Bank of Scotland PLC		USD	20,289		CHF	20,445		4/18/17		139,017
Royal Bank of Scotland PLC		USD	5,100		GBP	4,095		4/18/17		31,971
Royal Bank of Scotland PLC		USD	7,511		GBP	5,936		4/18/17		(71,302	)
Royal Bank of Scotland PLC		AUD	6,033		USD	4,599		7/18/17		(1,319	)
Societe Generale		USD	8,281		EUR	7,890		4/18/17		141,037
Standard Chartered Bank		CNY	32,013		USD	4,558		4/18/17		(88,294	)
Standard Chartered Bank		KRW	709,006		USD	609		4/18/17		(25,857	)
Standard Chartered Bank		TWD	54,777		USD	1,724		4/18/17		(82,004	)
Standard Chartered Bank		USD	17,997		EUR	16,998		4/18/17		147,961
State Street Bank & Trust Co.		EUR	3,137		USD	3,365		4/18/17		16,869
State Street Bank & Trust Co.		HKD	59,349		USD	7,655		7/18/17		3,171
UBS AG		USD	4,104		EUR	3,823		7/18/17		(4,704	)
									$	(924,586	)

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the market value of this security amounted to $5,018,531 or 1.0% of net assets.

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

(c) Non-income producing security.

(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 shareholder report, 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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $74,520,429 and gross unrealized depreciation of investments was $(16,915,563), resulting in net unrealized appreciation of $57,604,866.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:

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

Glossary:

ADR	-	American Depositary Receipt
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares

COUNTRY BREAKDOWN*

March 31, 2017 (unaudited)

24.7%	Japan
15.1%	United Kingdom
12.4%	France
8.4%	Netherlands
5.6%	Australia
4.5%	Switzerland
4.0%	South Korea
2.7%	Germany
2.6%	Norway
2.5%	Canada
2.5%	Denmark
2.0%	Finland
1.6%	Austria
10.5%	Other
0.9%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.6% or less in the following countries: Argentina, Belgium, Brazil, China, Hong Kong, Israel, Portugal, Russia and Taiwan.

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

4,170,259

$

116,689,974

$

– 0

–

$

120,860,233

Industrials

– 0

–

58,990,526

– 0

–

58,990,526

Telecommunication Services

– 0

–

58,225,198

– 0

–

58,225,198

Consumer Discretionary

7,770,958

48,414,136

– 0

–

56,185,094

Information Technology

– 0

–

52,507,705

– 0

–

52,507,705

Consumer Staples

– 0

–

47,080,404

– 0

–

47,080,404

Energy

11,264,083

33,420,859

– 0

–

44,684,942

Materials

4,810,918

34,958,208

– 0

–

39,769,126

Health Care

6,932,082

28,043,024

– 0

–

34,975,106

Utilities

– 0

–

8,665,974

– 0

–

8,665,974

Short-Term Investments

– 0

–

4,903,928

– 0

–

4,903,928

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

15,014,723

– 0

–

– 0

–

15,014,723

Total Investments in Securities

49,963,023

491,899,936

(a)

– 0

–

541,862,959

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

– 0

–

3,193,665

– 0

–

3,193,665

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(4,118,251

)

– 0

–

(4,118,251

)

Total (c)(d)

$

49,963,023

$

490,975,350

$

– 0

–

$

540,938,373

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

(d) An amount of $7,117,167 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

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

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    8,420	$    52,345	$    45,750	$    15,015	$    8

AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.1%
Technology - 33.1%
Computer Services, Software & Systems - 19.3%
Adobe Systems, Inc. (a)		95,520	$	12,430,018
Alphabet, Inc.-Class A (a)		4,210		3,569,238
Alphabet, Inc.-Class C (a)		30,379		25,201,203
Cognizant Technology Solutions Corp.-Class A (a)		54,650		3,252,768
Facebook, Inc.-Class A (a)		195,449		27,763,531
Palo Alto Networks, Inc. (a)		20,849		2,349,265
salesforce.com, Inc. (a)		23,756		1,959,632
ServiceNow, Inc. (a)		34,611		3,027,424
				79,553,079
Computer Technology - 4.7%
Apple, Inc.		135,202		19,423,119
Electronic Components - 0.6%
Amphenol Corp.-Class A		33,566		2,388,892
Electronic Entertainment - 2.2%
Electronic Arts, Inc. (a)		103,340		9,250,997
Semiconductors & Component - 5.4%
NVIDIA Corp.		44,832		4,883,550
Texas Instruments, Inc.		70,230		5,657,729
Xilinx, Inc.		200,207		11,589,983
				22,131,262
Telecommunications Equipment - 0.9%
Arista Networks, Inc. (a)		27,679		3,661,102
				136,408,451
Consumer Discretionary - 20.4%
Auto Parts - 0.4%
WABCO Holdings, Inc. (a)		13,422		1,576,011
Cable Television Services - 1.9%
Comcast Corp.-Class A		208,060		7,820,975
Diversified Retail - 4.2%
Costco Wholesale Corp.		46,690		7,829,446
Dollar Tree, Inc. (a)		120,121		9,424,694
				17,254,140
Entertainment - 1.6%
Walt Disney Co. (The)		58,600		6,644,654
Leisure Time - 1.5%
Priceline Group, Inc. (The) (a)		3,470		6,176,496
Restaurants – 2.4%
Starbucks Corp.		170,790		9,972,428
Specialty Retail – 6.2%
Home Depot, Inc. (The)		106,151		15,586,151
O’Reilly Automotive, Inc. (a)		24,070		6,495,049

Company	Shares		U.S. $ Value
Ulta Salon Cosmetics & Fragrance, Inc. (a)		11,630		3,317,225
				25,398,425
Textiles, Apparel & Shoes - 2.2%
NIKE, Inc.-Class B		164,730		9,180,403
				84,023,532
Health Care - 19.7%
Biotechnology - 5.0%
Alexion Pharmaceuticals, Inc. (a)		41,317		5,009,273
Biogen, Inc. (a)		56,505		15,449,597
				20,458,870
Health Care Facilities - 0.5%
VCA, Inc. (a)		20,820		1,905,030
Health Care Management Services - 3.5%
UnitedHealth Group, Inc.		89,391		14,661,018
Health Care Services - 1.2%
Cerner Corp. (a)		82,390		4,848,652
Medical & Dental Instruments & Supplies - 4.2%
Align Technology, Inc. (a)		28,200		3,234,822
Edwards Lifesciences Corp. (a)		148,772		13,994,982
				17,229,804
Medical Equipment - 4.8%
Danaher Corp.		103,462		8,849,105
Intuitive Surgical, Inc. (a)		14,368		11,012,641
				19,861,746
Pharmaceuticals - 0.5%
Gilead Sciences, Inc.		33,620		2,283,470
				81,248,590
Financial Services - 8.1%
Financial Data & Systems - 7.7%
Fiserv, Inc. (a)		57,670		6,649,928
Vantiv, Inc.-Class A (a)		60,850		3,901,702
Visa, Inc.-Class A		238,480		21,193,717
				31,745,347
Securities Brokerage & Services - 0.4%
MarketAxess Holdings, Inc.		8,165		1,530,856
				33,276,203
Producer Durables - 7.3%
Back Office Support, HR & Consulting - 0.7%
Automatic Data Processing, Inc.		27,140		2,778,865
Machinery: Tools - 0.7%
Snap-on, Inc.		18,120		3,056,300

Company	Shares		U.S. $ Value
Railroads - 1.6%
Union Pacific Corp.		63,270		6,701,558
Scientific Instruments: Control & Filter - 2.6%
Allegion PLC		21,367		1,617,482
IDEX Corp.		16,300		1,524,213
Roper Technologies, Inc.		37,384		7,719,422
				10,861,117
Scientific Instruments: Electrical - 1.0%
AO Smith Corp.		76,987		3,938,655
Scientific Instruments: Gauges & Meters - 0.7%
Mettler-Toledo International, Inc. (a)		5,825		2,789,651
				30,126,146
Consumer Staples - 3.0%
Beverage: Brewers & Distillers - 0.8%
Constellation Brands, Inc.-Class A		20,520		3,325,677
Beverage: Soft Drinks - 2.2%
Monster Beverage Corp. (a)		194,678		8,988,283
				12,313,960
Materials & Processing - 1.5%
Chemicals: Diversified - 0.9%
Ecolab, Inc.		29,110		3,648,647
Diversified Materials & Processing - 0.6%
Hexcel Corp.		43,092		2,350,669
				5,999,316
Total Common Stocks (cost $271,671,911)				383,396,198
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 15.0%
Time Deposit - 15.0%
State Street Time Deposit 0.09%, 4/03/17 (cost $61,811,508)	$	61,812		61,811,508
Total Investments - 108.1% (cost $333,483,419) (b)				445,207,706
Other assets less liabilities - (8.1)%				(33,426,600	)
Net Assets - 100.0%			$	411,781,106

(a) Non-income producing security.

(b) As of March 31, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $113,215,463 and gross unrealized depreciation of investments was $(1,491,176), resulting in net unrealized appreciation of $111,724,287.

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, Inc.

AB Large Cap Growth Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

383,396,198

$

– 0

–

$

– 0

–

$

383,396,198

Short-Term Investments

– 0

–

61,811,508

– 0

–

61,811,508

Total Investments in Securities

383,396,198

61,811,508

– 0

–

445,207,706

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

383,396,198

$

61,811,508

$

– 0

–

$

445,207,706

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    1,452	$    174	$    1,626	$            – 0 –	$            – 0 –*

* Amount less than $500.

AB Variable Products Series Fund, Inc.

AB Multi-Manager Alternative Strategies Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES - 100.5%
Funds and Investment Trusts - 100.5% (a)
AB Long/Short Multi-Manager Portfolio - Class Z		14,897		$	154,485
AB Multi-Manager Alternative Strategies Fund - Class Z		50,888			517,527
AQR Long-Short Equity Fund - Class R6		4,210			57,050
DoubleLine Total Return Bond Fund - Class I		9,687			102,974
Gotham Absolute Return Fund - Institutional Class (b)		8,032			109,228
Kellner Merger Fund - Institutional Class		9,679			101,049
Total Investment Companies (cost $1,019,288)					1,042,313
SHORT-TERM INVESTMENTS - 0.0%
Investment Companies - 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.54% (a)(c) (cost $0^)		0	^		0	^
Total Investments - 100.5% (cost $1,019,288) (d)					1,042,313
Other assets less liabilities - (0.5)%					(4,718	)
Net Assets - 100.0%				$	1,037,595

^ Less than $0.50.

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

(b) Non-income producing security.

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

(d) As of March 31, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $24,769 and gross unrealized depreciation of investments was $(1,744), resulting in net unrealized appreciation of $23,025.

AB Variable Products Series Fund, Inc.

AB Multi-Manager Alternative Strategies Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Investment Companies

$

1,042,313

$

– 0

–

$

– 0

–

$

1,042,313

Short-Term Investments

$

– 0

–(a)

$

– 0

–

$

– 0

–

$

– 0

–

Total(b)

$

1,042,313

$

– 0

–

$

– 0

–

$

1,042,313

(a) Less than $0.50.

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

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

A summary of the Portfolio’s transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/17 (000)		Dividend Income (000)
$	0	$	1	$	1	$	0	$	0

A summary of the Portfolio’s transactions of investments in affiliated issuers for the three months ended March 31, 2017 is as follows:

													Distributions
Affiliated Issuer	Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market Value 3/31/17 (000)		Income (000)		Realized Gains (000)
AB Long/Short Multi-Manager Portfolio - Class Z	$	150	$	0	$	0	$	0	$	4	$	154	$	0	$	0
AB Multi-Manager Alternative Strategies Fund - Class Z	$	504	$	0	$	0	$	0	$	14	$	518	$	0	$	0

AB Variable Products Series Fund, Inc.

AB Real Estate Investment Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.3%
Real Estate - 97.5%
Diversified REITs - 8.5%
Armada Hoffler Properties, Inc.		59,930	$	832,428
Empire State Realty Trust, Inc.-Class A		43,580		899,491
Gramercy Property Trust		37,504		986,355
Liberty Property Trust		21,700		836,535
Washington Real Estate Investment Trust		27,870		871,774
				4,426,583
Health Care REITs - 11.8%
Healthcare Realty Trust, Inc.		32,180		1,045,850
Medical Properties Trust, Inc.		58,990		760,381
Sabra Health Care REIT, Inc.		22,630		632,056
Ventas, Inc.		26,900		1,749,576
Welltower, Inc.		28,470		2,016,245
				6,204,108
Hotel & Resort REITs - 4.4%
DiamondRock Hospitality Co.		59,320		661,418
Park Hotels & Resorts, Inc.		29,200		749,564
Summit Hotel Properties, Inc.		54,338		868,321
				2,279,303
Industrial REITs - 4.5%
Monmouth Real Estate Investment Corp.-Class A		41,740		595,630
Rexford Industrial Realty, Inc.		38,570		868,596
STAG Industrial, Inc.		35,320		883,707
				2,347,933
Office REITs - 15.2%
Alexandria Real Estate Equities, Inc.		12,170		1,345,028
Boston Properties, Inc.		16,259		2,152,854
Brandywine Realty Trust		41,450		672,734
Columbia Property Trust, Inc.		40,720		906,020
Corporate Office Properties Trust		21,800		721,580
Hudson Pacific Properties, Inc.		30,320		1,050,285
Parkway, Inc.		24,930		495,858
Vornado Realty Trust		5,990		600,857
				7,945,216
Residential REITs - 13.8%
AvalonBay Communities, Inc.		10,550		1,936,980
Education Realty Trust, Inc.		22,680		926,478
Essex Property Trust, Inc.		2,400		555,672
Independence Realty Trust, Inc.		85,230		798,605
Mid-America Apartment Communities, Inc.		15,900		1,617,666
Sun Communities, Inc.		17,115		1,374,848
				7,210,249
Retail REITs - 16.3%
Brixmor Property Group, Inc.		53,570		1,149,612
GGP, Inc.		62,180		1,441,332
Ramco-Gershenson Properties Trust		36,971		518,333
Realty Income Corp.		26,830		1,597,190
Retail Opportunity Investments Corp.		30,430		639,943
Simon Property Group, Inc.		13,720		2,360,252

Company	Shares		U.S. $ Value
Urban Edge Properties		32,290		849,227
				8,555,889
Specialized REITs - 23.0%
American Tower Corp.		34,370		4,177,330
Crown Castle International Corp.		8,640		816,048
Digital Realty Trust, Inc.		13,750		1,462,862
EPR Properties		14,170		1,043,337
Equinix, Inc.		6,043		2,419,436
National Storage Affiliates Trust		45,232		1,081,045
Public Storage		4,810		1,052,957
				12,053,015
				51,022,296
Media - 0.8%
Movies & Entertainment - 0.8%
Regal Entertainment Group-Class A (cost $399,590)		18,840		425,407
Total Common Stocks (cost $45,162,557)				51,447,703
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.7%
Time Deposit - 4.7%
State Street Time Deposit 0.07%, 4/03/17 (cost $2,466,016)	$	2,466		2,466,016
Total Investments - 103.0% (cost $47,628,573) (a)				53,913,719
Other assets less liabilities - (3.0)%				(1,562,260	)
Net Assets - 100.0%			$	52,351,459

(a) As of March 31, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,879,400 and gross unrealized depreciation of investments was $(594,254), resulting in net unrealized appreciation of $6,285,146.

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

Glossary:

REIT - Real Estate Investment Trust

AB Variable Products Series Fund, Inc.

AB Real Estate Investment Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

51,447,703

$

– 0

–

$

– 0

–

$

51,447,703

Short-Term Investments

– 0

–

2,466,016

– 0

–

2,466,016

Total Investments in Securities

51,447,703

2,466,016

– 0

–

53,913,719

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

51,447,703

$

2,466,016

$

– 0

–

$

53,913,719

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$            – 0 –	$    1,195	$    1,195	$            – 0 –	$            – 0 –*

* Amount less than $500.

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.2%
Information Technology - 30.1%
Communications Equipment - 1.8%
Arista Networks, Inc. (a)		2,788	$	368,769
Lumentum Holdings, Inc. (a)		6,300		336,105
				704,874
Electronic Equipment, Instruments & Components - 1.5%
Coherent, Inc. (a)		2,940		604,581
Internet Software & Services - 10.3%
2U, Inc. (a)(b)		15,520		615,523
Cimpress NV (a)(b)		5,626		484,905
CoStar Group, Inc. (a)		1,680		348,130
GrubHub, Inc. (a)(b)		12,330		405,534
LogMeIn, Inc.		7,100		692,250
Pandora Media, Inc. (a)		24,516		289,534
Q2 Holdings, Inc. (a)		13,329		464,516
Trade Desk, Inc. (The)-Class A (a)		10,022		373,319
Wix.com Ltd. (a)		5,397		366,456
				4,040,167
Semiconductors & Semiconductor Equipment - 5.2%
Advanced Energy Industries, Inc. (a)		6,740		462,094
Microsemi Corp. (a)		10,620		547,249
Monolithic Power Systems, Inc.		4,581		421,910
Silicon Laboratories, Inc. (a)		8,304		610,759
				2,042,012
Software - 11.3%
Aspen Technology, Inc. (a)		9,343		550,489
Blackbaud, Inc.		5,148		394,697
Ellie Mae, Inc. (a)		4,960		497,339
Guidewire Software, Inc. (a)		4,563		257,034
HubSpot, Inc. (a)		6,800		411,740
Paylocity Holding Corp. (a)		8,363		323,063
Proofpoint, Inc. (a)(b)		7,550		561,418
RingCentral, Inc.-Class A (a)		17,130		484,779
Take-Two Interactive Software, Inc. (a)		11,662		691,207
Ultimate Software Group, Inc. (The) (a)		1,275		248,893
				4,420,659
				11,812,293
Health Care - 20.0%
Biotechnology - 7.5%
Adamas Pharmaceuticals, Inc. (a)(b)		9,965		174,388
Aimmune Therapeutics, Inc. (a)(b)		8,793		191,072
Alder Biopharmaceuticals, Inc. (a)		7,543		156,894
Audentes Therapeutics, Inc. (a)		7,079		120,626
Blueprint Medicines Corp. (a)		5,262		210,427
Clovis Oncology, Inc. (a)		4,070		259,137

Company	Shares		U.S. $ Value
DBV Technologies SA (Sponsored ADR) (a)		5,315		187,194
Loxo Oncology, Inc. (a)		3,479		146,396
Neurocrine Biosciences, Inc. (a)		3,670		158,911
Otonomy, Inc. (a)		8,636		105,791
Prothena Corp. PLC (a)(b)		4,680		261,097
Radius Health, Inc. (a)(b)		4,490		173,539
Sage Therapeutics, Inc. (a)		3,816		271,203
TESARO, Inc. (a)		2,118		325,897
Ultragenyx Pharmaceutical, Inc. (a)		3,023		204,899
				2,947,471
Health Care Equipment & Supplies - 7.8%
Align Technology, Inc. (a)		4,251		487,632
DexCom, Inc. (a)		5,295		448,645
Glaukos Corp. (a)		11,035		566,096
iRhythm Technologies, Inc. (a)(b)		1,723		64,785
Nevro Corp. (a)		6,219		582,720
Penumbra, Inc. (a)		6,785		566,208
Zeltiq Aesthetics, Inc. (a)		5,970		331,992
				3,048,078
Health Care Providers & Services - 0.1%
Teladoc, Inc. (a)(b)		1,579		39,475
Health Care Technology - 1.0%
Vocera Communications, Inc. (a)		16,790		416,896
Life Sciences Tools & Services - 1.0%
ICON PLC (a)		4,822		384,410
Pharmaceuticals - 2.6%
Aerie Pharmaceuticals, Inc. (a)		5,580		253,053
Akorn, Inc. (a)		11,817		284,553
GW Pharmaceuticals PLC (ADR) (a)		1,468		177,540
Medicines Co. (The) (a)		6,500		317,850
				1,032,996
				7,869,326
Industrials - 16.8%
Aerospace & Defense - 2.0%
Hexcel Corp.		8,664		472,621
Mercury Systems, Inc. (a)		8,420		328,801
				801,422
Commercial Services & Supplies - 1.3%
Advanced Disposal Services, Inc. (a)		7,793		176,122
Tetra Tech, Inc.		7,970		325,574
				501,696
Construction & Engineering - 1.2%
Dycom Industries, Inc. (a)		4,903		455,734

Company	Shares		U.S. $ Value
Industrial Conglomerates - 1.2%
Carlisle Cos., Inc.		4,455		474,057
Machinery - 8.2%
Astec Industries, Inc.		6,350		390,493
IDEX Corp.		4,952		463,062
John Bean Technologies Corp.		4,680		411,606
Kennametal, Inc.		4,070		159,666
Lincoln Electric Holdings, Inc.		5,309		461,140
Middleby Corp. (The) (a)		3,206		437,459
Nordson Corp.		3,910		480,304
RBC Bearings, Inc. (a)		4,393		426,516
				3,230,246
Road & Rail - 1.0%
Genesee & Wyoming, Inc.-Class A (a)		6,014		408,110
Trading Companies & Distributors - 1.9%
H&E Equipment Services, Inc.		17,099		419,268
SiteOne Landscape Supply, Inc. (a)		6,310		305,467
				724,735
				6,596,000
Consumer Discretionary - 16.1%
Distributors - 1.2%
Pool Corp.		4,017		479,349
Diversified Consumer Services - 2.6%
Bright Horizons Family Solutions, Inc. (a)		8,585		622,327
Grand Canyon Education, Inc. (a)		5,230		374,520
				996,847
Hotels, Restaurants & Leisure - 5.4%
Buffalo Wild Wings, Inc. (a)		3,062		467,720
Dave & Buster’s Entertainment, Inc. (a)		8,567		523,358
Planet Fitness, Inc.		27,488		529,694
Vail Resorts, Inc.		3,080		591,052
				2,111,824
Media - 1.8%
IMAX Corp. (a)		16,260		552,840
National CineMedia, Inc.		13,230		167,095
				719,935
Multiline Retail - 1.3%
Ollie’s Bargain Outlet Holdings, Inc. (a)		15,082		505,247
Specialty Retail - 3.8%
Five Below, Inc. (a)		13,692		593,001
Lithia Motors, Inc.-Class A		6,130		525,034
Tile Shop Holdings, Inc. (b)		19,250		370,562
				1,488,597
				6,301,799

Company	Shares		U.S. $ Value
Financials - 7.0%
Banks - 4.4%
PrivateBancorp, Inc.		343		20,364
Signature Bank/New York NY (a)		2,414		358,214
Sterling Bancorp/DE		14,696		348,295
SVB Financial Group (a)		2,692		500,954
Western Alliance Bancorp (a)		10,382		509,653
				1,737,480
Capital Markets - 2.6%
Hamilton Lane, Inc.-Class A (a)		9,500		177,365
Houlihan Lokey, Inc.		13,230		455,773
Stifel Financial Corp. (a)		7,567		379,788
				1,012,926
				2,750,406
Consumer Staples - 3.5%
Food & Staples Retailing - 0.7%
Chefs’ Warehouse, Inc. (The) (a)		20,399		283,546
Food Products - 1.7%
AdvancePierre Foods Holdings, Inc.		9,791		305,186
Freshpet, Inc. (a)(b)		32,964		362,604
				667,790
Personal Products - 1.1%
elf Beauty, Inc. (a)(b)		14,705		423,504
				1,374,840
Energy - 2.5%
Energy Equipment & Services - 1.7%
Forum Energy Technologies, Inc. (a)(b)		15,888		328,882
Oil States International, Inc. (a)		9,501		314,958
				643,840
Oil, Gas & Consumable Fuels - 0.8%
Matador Resources Co. (a)		13,565		322,711
				966,551
Materials - 2.4%
Chemicals - 1.3%
PolyOne Corp.		15,102		514,827
Construction Materials - 1.1%
Summit Materials, Inc.-Class A (a)		18,014		445,126
				959,953
Telecommunication Services - 0.8%
Diversified Telecommunication Services - 0.8%
Vonage Holdings Corp. (a)		51,090		322,889
Total Common Stocks (cost $30,030,304)				38,954,057

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 3.0%
Time Deposit - 3.0%
State Street Time Deposit 0.09%, 4/03/17 (cost $1,157,454)	$	1,157		1,157,454
Total Investments Before Security Lending Collateral for Securities Loaned - 102.2% (cost $31,187,758)				40,111,511
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 7.6%
Investment Companies - 7.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (c)(d) (cost $3,001,522)		3,001,522		3,001,522
Total Investments - 109.8% (cost $34,189,280) (e)				43,113,033
Other assets less liabilities - (9.8)%				(3,848,970	)
Net Assets - 100.0%			$	39,264,063

(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 shareholder report, 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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,421,359 and gross unrealized depreciation of investments was $(497,606), resulting in net unrealized appreciation of $8,923,753.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

38,954,057

$

– 0

–

$

– 0

–

$

38,954,057

Short-Term Investments

– 0

–

1,157,454

– 0

–

1,157,454

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

3,001,522

– 0

–

– 0

–

3,001,522

Total Investments in Securities

41,955,579

1,157,454

– 0

–

43,113,033

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

41,955,579

$

1,157,454

$

– 0

–

$

43,113,033

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:    

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    2,326	$    7,695	$    7,019	$    3,002	$        3

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.7%
Financials - 19.7%
Banks - 10.8%
Associated Banc-Corp.		312,480	$	7,624,512
Comerica, Inc.		161,670		11,087,329
Fulton Financial Corp.		407,060		7,266,021
Huntington Bancshares, Inc./OH		900,270		12,054,615
Synovus Financial Corp.		197,670		8,108,423
Texas Capital Bancshares, Inc. (a)		88,770		7,407,857
Webster Financial Corp.		178,322		8,923,233
Zions Bancorporation		280,940		11,799,480
				74,271,470
Consumer Finance - 0.6%
OneMain Holdings, Inc. (a)		164,620		4,090,807
Insurance - 6.8%
American Financial Group, Inc./OH		115,890		11,058,224
First American Financial Corp.		183,070		7,190,990
Hanover Insurance Group, Inc. (The)		47,040		4,236,422
Reinsurance Group of America, Inc.-Class A		81,600		10,361,568
Selective Insurance Group, Inc.		138,530		6,531,689
Validus Holdings Ltd.		135,712		7,652,800
				47,031,693
Thrifts & Mortgage Finance - 1.5%
Essent Group Ltd. (a)		273,768		9,902,188
				135,296,158
Information Technology - 18.2%
Communications Equipment - 1.3%
Infinera Corp. (a)		421,500		4,311,945
NETGEAR, Inc. (a)		91,892		4,553,249
				8,865,194
Electronic Equipment, Instruments & Components - 5.8%
Anixter International, Inc. (a)		118,980		9,435,114
Avnet, Inc.		203,120		9,294,771
CDW Corp./DE		137,780		7,951,284
VeriFone Systems, Inc. (a)		370,220		6,934,221
Vishay Intertechnology, Inc.		372,040		6,120,058
				39,735,448
IT Services - 4.2%
Amdocs Ltd.		163,750		9,987,113
Booz Allen Hamilton Holding Corp.		287,070		10,159,407
Genpact Ltd.		346,250		8,573,150
				28,719,670
Semiconductors & Semiconductor Equipment - 4.2%
Cypress Semiconductor Corp.		721,230		9,924,125
Integrated Device Technology, Inc. (a)		253,070		5,990,167
Mellanox Technologies Ltd. (a)		91,030		4,637,978

Company	Shares		U.S. $ Value
Qorvo, Inc. (a)		125,570		8,609,079
				29,161,349
Software - 1.5%
Verint Systems, Inc. (a)		231,420		10,037,842
Technology Hardware, Storage & Peripherals - 1.2%
NCR Corp. (a)		182,130		8,319,698
				124,839,201
Industrials - 17.0%
Aerospace & Defense - 1.1%
Esterline Technologies Corp. (a)		84,020		7,229,921
Air Freight & Logistics - 1.0%
Atlas Air Worldwide Holdings, Inc. (a)		121,030		6,711,113
Airlines - 1.2%
SkyWest, Inc.		249,700		8,552,225
Commercial Services & Supplies - 0.8%
ABM Industries, Inc.		118,970		5,187,092
Construction & Engineering - 3.8%
AECOM (a)		247,495		8,808,347
Quanta Services, Inc. (a)		202,950		7,531,475
Tutor Perini Corp. (a)		316,220		10,055,796
				26,395,618
Electrical Equipment - 2.6%
EnerSys		104,130		8,220,022
Regal Beloit Corp.		127,560		9,649,914
				17,869,936
Machinery - 4.6%
ITT, Inc.		127,980		5,249,740
Oshkosh Corp.		142,400		9,767,216
SPX FLOW, Inc. (a)		239,110		8,299,508
Terex Corp.		270,580		8,496,212
				31,812,676
Road & Rail - 1.9%
Ryder System, Inc.		83,080		6,267,555
Werner Enterprises, Inc.		258,030		6,760,386
				13,027,941
				116,786,522
Consumer Discretionary - 17.0%
Auto Components - 3.4%
Dana, Inc.		436,850		8,435,574
Lear Corp.		46,550		6,590,549
Tenneco, Inc.		137,970		8,612,087
				23,638,210

Company	Shares		U.S. $ Value
Diversified Consumer Services - 1.3%
Sotheby’s (a)		195,840		8,906,803
Hotels, Restaurants & Leisure - 2.6%
Bloomin’ Brands, Inc.		489,869		9,665,115
Brinker International, Inc.		192,062		8,443,046
				18,108,161
Household Durables - 2.2%
CalAtlantic Group, Inc.		241,690		9,051,290
PulteGroup, Inc.		261,610		6,160,916
				15,212,206
Media - 2.3%
Regal Entertainment Group-Class A		448,370		10,124,195
Scholastic Corp.		132,150		5,625,625
				15,749,820
Multiline Retail - 0.6%
Big Lots, Inc.		81,138		3,949,798
Specialty Retail - 3.9%
Burlington Stores, Inc. (a)		61,317		5,965,531
Caleres, Inc.		206,880		5,465,770
Children’s Place, Inc. (The)		51,402		6,170,810
Michaels Cos., Inc. (The) (a)		402,200		9,005,258
				26,607,369
Textiles, Apparel & Luxury Goods - 0.7%
Crocs, Inc. (a)		630,250		4,455,867
				116,628,234
Energy - 8.7%
Energy Equipment & Services - 3.2%
Helmerich & Payne, Inc.		99,550		6,627,044
Oil States International, Inc. (a)		200,560		6,648,564
RPC, Inc. (b)		467,410		8,558,277
				21,833,885
Oil, Gas & Consumable Fuels - 5.5%
HollyFrontier Corp.		171,810		4,869,095
Oasis Petroleum, Inc. (a)		531,530		7,579,618
QEP Resources, Inc. (a)		647,320		8,227,437
SM Energy Co.		317,840		7,634,517
SRC Energy, Inc. (a)		1,168,850		9,865,094
				38,175,761
				60,009,646
Health Care - 5.6%
Health Care Providers & Services - 3.5%
LifePoint Health, Inc. (a)		154,475		10,118,112
Molina Healthcare, Inc. (a)		146,880		6,697,728

Company	Shares		U.S. $ Value
WellCare Health Plans, Inc. (a)		52,310		7,334,385
				24,150,225
Life Sciences Tools & Services - 1.4%
ICON PLC (a)		124,740		9,944,273
Pharmaceuticals - 0.7%
Horizon Pharma PLC (a)		315,120		4,657,474
				38,751,972
Materials - 4.4%
Chemicals - 2.9%
Huntsman Corp.		257,040		6,307,762
Ingevity Corp. (a)		88,284		5,372,081
Trinseo SA		123,470		8,284,837
				19,964,680
Containers & Packaging - 1.5%
Graphic Packaging Holding Co.		791,800		10,190,466
				30,155,146
Real Estate - 3.6%
Equity Real Estate Investment Trusts (REITs) - 3.6%
Education Realty Trust, Inc.		229,780		9,386,513
Empire State Realty Trust, Inc.-Class A		278,930		5,757,115
Gramercy Property Trust		378,288		9,948,975
				25,092,603
Utilities - 2.9%
Electric Utilities - 2.3%
PNM Resources, Inc.		234,740		8,685,380
Portland General Electric Co.		161,960		7,194,263
				15,879,643
Gas Utilities - 0.6%
Southwest Gas Holdings, Inc.		52,850		4,381,794
				20,261,437
Consumer Staples - 0.6%
Food Products - 0.6%
Ingredion, Inc.		34,394		4,142,069
Total Common Stocks (cost $531,243,712)				671,962,988
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.5%
Time Deposit - 4.5%
State Street Time Deposit 0.09%, 4/03/17 (cost $30,623,258)	$	30,623		30,623,258

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 102.2% (cost $561,866,970)				702,586,246
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
Investment Companies - 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (c)(d) (cost $3,318,945)		3,318,945		3,318,945
Total Investments - 102.7% (cost $565,185,915) (e)				705,905,191
Other assets less liabilities - (2.7)%				(18,247,404	)
Net Assets - 100.0%			$	687,657,787

(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 shareholder report, 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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $152,748,408 and gross unrealized depreciation of investments was $(12,029,132), resulting in net unrealized appreciation of $140,719,276.

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, Inc.

AB Small/Mid Cap Value Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

671,962,988

$

– 0

–

$

– 0

–

$

671,962,988

Short-Term Investments

– 0

–

30,623,258

– 0

–

30,623,258

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

3,318,945

– 0

–

– 0

–

3,318,945

Total Investments in Securities

675,281,933

30,623,258

– 0

–

705,905,191

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

675,281,933

$

30,623,258

$

– 0

–

$

705,905,191

(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 any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide

reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    13,941	$    38,963	$    49,585	$    3,319	$    12

AB Variable Products Series Fund, Inc.

AB Value Portfolio

Portfolio of Investments

March 31, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.7%
Financials - 24.3%
Banks - 11.0%
Bank of America Corp.		149,672	$	3,530,763
Comerica, Inc.		17,981		1,233,137
Wells Fargo & Co.		65,270		3,632,928
				8,396,828
Consumer Finance - 5.1%
Capital One Financial Corp.		13,596		1,178,229
OneMain Holdings, Inc. (a)		23,895		593,791
Synchrony Financial		62,653		2,148,998
				3,921,018
Insurance - 8.2%
Allstate Corp. (The)		14,041		1,144,201
American International Group, Inc.		45,123		2,817,029
First American Financial Corp.		17,990		706,647
FNF Group		41,799		1,627,653
				6,295,530
				18,613,376
Information Technology - 17.0%
Communications Equipment - 2.1%
Nokia Oyj (Sponsored ADR)-Class A (b)		302,378		1,638,889
IT Services - 1.8%
Booz Allen Hamilton Holding Corp.		24,417		864,118
Conduent, Inc. (a)		30,289		508,249
				1,372,367
Semiconductors & Semiconductor Equipment - 3.4%
Intel Corp.		71,620		2,583,333
Software - 4.1%
Oracle Corp.		71,349		3,182,879
Technology Hardware, Storage & Peripherals - 5.6%
Hewlett Packard Enterprise Co.		48,878		1,158,409
HP, Inc.		90,948		1,626,150
NCR Corp. (a)		8,152		372,384
Xerox Corp.		151,448		1,111,628
				4,268,571
				13,046,039
Energy - 12.9%
Energy Equipment & Services - 2.8%
Schlumberger Ltd.		27,949		2,182,817
Oil, Gas & Consumable Fuels - 10.1%
Canadian Natural Resources Ltd.		41,597		1,363,965
Devon Energy Corp.		31,879		1,329,992
EOG Resources, Inc.		22,923		2,236,139
Hess Corp.		26,587		1,281,759

Company	Shares		U.S. $ Value
Marathon Petroleum Corp.		29,974		1,514,886
				7,726,741
				9,909,558
Health Care - 10.5%
Biotechnology - 2.0%
Gilead Sciences, Inc.		22,416		1,522,495
Health Care Providers & Services - 5.4%
Aetna, Inc.		7,364		939,278
Cigna Corp.		11,955		1,751,288
McKesson Corp.		9,573		1,419,293
				4,109,859
Pharmaceuticals - 3.1%
Mallinckrodt PLC (a)		26,039		1,160,558
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		39,020		1,252,152
				2,412,710
				8,045,064
Industrials - 8.6%
Aerospace & Defense - 3.0%
L3 Technologies, Inc.		13,745		2,271,911
Airlines - 2.4%
Delta Air Lines, Inc.		40,331		1,853,613
Electrical Equipment - 2.2%
Eaton Corp. PLC		22,807		1,691,139
Machinery - 1.0%
Oshkosh Corp.		11,109		761,966
				6,578,629
Consumer Discretionary - 8.3%
Auto Components - 3.8%
Lear Corp.		9,208		1,303,669
Magna International, Inc. (New York)-Class A		37,610		1,623,247
				2,926,916
Media - 2.5%
Comcast Corp.-Class A		39,688		1,491,872
Regal Entertainment Group-Class A		18,437		416,308
				1,908,180
Multiline Retail - 1.0%
Dollar General Corp.		11,136		776,513
Specialty Retail - 1.0%
Burlington Stores, Inc. (a)		7,915		770,050
				6,381,659
Consumer Staples - 7.1%
Beverages - 1.5%
PepsiCo, Inc.		10,235		1,144,887

Company	Shares		U.S. $ Value
Food & Staples Retailing - 3.0%
Kroger Co. (The)		79,548		2,345,871
Tobacco - 2.6%
Altria Group, Inc.		27,746		1,981,619
				5,472,377
Utilities - 6.5%
Electric Utilities - 5.0%
American Electric Power Co., Inc.		17,699		1,188,134
Edison International		23,694		1,886,279
Portland General Electric Co.		17,774		789,521
				3,863,934
Multi-Utilities - 1.5%
NiSource, Inc.		46,814		1,113,705
				4,977,639
Telecommunication Services - 2.0%
Wireless Telecommunication Services - 2.0%
T-Mobile US, Inc. (a)		23,635		1,526,585
Materials - 1.5%
Chemicals - 1.5%
CF Industries Holdings, Inc.		39,631		1,163,170
Real Estate - 1.0%
Equity Real Estate Investment Trusts (REITs) - 1.0%
Mid-America Apartment Communities, Inc.		7,770		790,520
Total Common Stocks (cost $66,026,978)				76,504,616
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.8%
Time Deposit - 2.8%
State Street Bank & Trust Co. 0.09%, 4/03/17 (cost $2,110,230)	$	2,110		2,110,230
Total Investments Before Security Lending Collateral for Securities Loaned - 102.5% (cost $68,137,208)				78,614,846
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.7%
Investment Companies - 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 0.54% (c)(d) (cost $551,474)		551,474		551,474

	U.S. $ Value
Total Investments - 103.2% (cost $68,688,682) (e)		79,166,320
Other assets less liabilities - (3.2)%		(2,418,709	)
Net Assets - 100.0%	$	76,747,611

(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 shareholder report, 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, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,003,573 and gross unrealized depreciation of investments was $(2,525,935), resulting in net unrealized appreciation of $10,477,638.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Value Portfolio

March 31, 2017 (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, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

76,504,616

$

– 0

–

$

– 0

–

$

76,504,616

Short-Term Investments

– 0

–

2,110,230

– 0

–

2,110,230

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

551,474

– 0

–

– 0

–

551,474

Total Investments in Securities

77,056,090

2,110,230

– 0

–

79,166,320

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

77,056,090

$

2,110,230

$

– 0

–

$

79,166,320

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

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

A summary of the Portfolio’s investments of cash collateral for securities loaned transactions in shares of the AB Fixed Income Shares, Inc. - Government Money Market Portfolio for the three months ended March 31, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 3/31/17 (000)	Dividend Income (000)
$    – 0 –	$    8,786	$    8,235	$    551	$    1

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 24, 2017

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 24, 2017
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	May 24, 2017