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: September 30, 2017

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.7%
Information Technology - 12.1%
Communications Equipment - 0.6%
Arista Networks, Inc. (a)		1,990	$	377,324
Cisco Systems, Inc.		3,983		133,948
Nokia Oyj		66,740		401,008
Nokia Oyj (Sponsored ADR) - Class A		122,979		735,414
				1,647,694
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. - Class A		4,744		401,532
Corning, Inc.		5,906		176,708
Keyence Corp.		2,000		1,063,735
				1,641,975
Internet Software & Services - 3.4%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		2,730		471,498
Alphabet, Inc. - Class A (a)		530		516,072
Alphabet, Inc. - Class C (a)		4,348		4,170,210
Criteo SA (Sponsored ADR) (a)(b)		4,740		196,710
eBay, Inc. (a)		4,940		189,992
Facebook, Inc. - Class A (a)		23,670		4,044,493
NetEase, Inc. (ADR)		450		118,714
Tencent Holdings Ltd.		4,200		183,627
Yahoo Japan Corp.		102,200		485,747
				10,377,063
IT Services - 1.9%
Booz Allen Hamilton Holding Corp.		13,357		499,418
Cognizant Technology Solutions Corp. - Class A		11,455		830,946
Fiserv, Inc. (a)		8,910		1,149,034
Fujitsu Ltd.		18,000		133,966
Vantiv, Inc. - Class A (a)		2,290		161,376
Visa, Inc. - Class A		29,260		3,079,322
				5,854,062
Semiconductors & Semiconductor Equipment - 2.2%
Applied Materials, Inc.		1,594		83,031
ASM International NV		2,870		181,495
ASML Holding NV		2,601		444,453
Infineon Technologies AG		7,700		194,135
Intel Corp.		38,891		1,480,969
NVIDIA Corp.		2,539		453,897
SCREEN Holdings Co., Ltd.		2,700		187,556
Siltronic AG (a)		2,760		343,253
SK Hynix, Inc.		1,720		125,440
SUMCO Corp.		13,800		217,736
Taiwan Semiconductor Manufacturing Co., Ltd.		21,000		150,412
Texas Instruments, Inc.		5,610		502,880
Tokyo Electron Ltd.		1,200		184,739
Xilinx, Inc.		28,979		2,052,583
				6,602,579
Software - 1.9%
Adobe Systems, Inc. (a)		10,500		1,566,390

Company	Shares		U.S. $ Value
Constellation Software, Inc./Canada		1,679	$	916,019
Dassault Systemes SE		3,130		316,671
Electronic Arts, Inc. (a)		8,450		997,607
Nintendo Co., Ltd.		800		294,987
Oracle Corp.		30,263		1,463,216
ServiceNow, Inc. (a)		1,905		223,894
				5,778,784
Technology Hardware, Storage & Peripherals - 1.6%
Apple, Inc.		16,700		2,573,804
Hewlett Packard Enterprise Co.		8,190		120,475
HP, Inc.		38,674		771,933
NCR Corp. (a)		3,432		128,768
Samsung Electronics Co., Ltd.		120		270,027
Samsung Electronics Co., Ltd. (Preference Shares)		130		235,149
Xerox Corp.		19,206		639,368
				4,739,524
				36,641,681
Real Estate - 9.8%
Diversified Real Estate Activities - 0.7%
City Developments Ltd.		35,600		298,316
Kerry Properties Ltd.		30,500		126,683
Leopalace21 Corp.		35,900		250,185
Mitsubishi Estate Co., Ltd.		12,500		217,242
Mitsui Fudosan Co., Ltd.		31,800		689,520
Sumitomo Realty & Development Co., Ltd.		5,000		151,276
Wharf Holdings Ltd. (The)		41,000		366,793
				2,100,015
Diversified REITs - 1.2%
Activia Properties, Inc.		35		145,257
Armada Hoffler Properties, Inc.		20,820		287,524
Empire State Realty Trust, Inc. - Class A		18,390		377,731
GPT Group (The)		78,470		305,773
Gramercy Property Trust		13,257		401,024
H&R Real Estate Investment Trust		11,960		206,466
Hispania Activos Inmobiliarios SOCIMI SA		11,230		202,409
Hulic Reit, Inc.		92		135,721
ICADE		2,550		227,501
Liberty Property Trust		8,290		340,387
Merlin Properties Socimi SA		15,764		218,544
Mirvac Group		186,290		335,114
Washington Real Estate Investment Trust		11,260		368,878
				3,552,329
Equity Real Estate Investment Trusts (REITs) - 0.3%
Mid-America Apartment Communities, Inc.		10,261		1,096,696
Health Care REITs - 0.5%
Healthcare Realty Trust, Inc.		9,200		297,528
Medical Properties Trust, Inc.		22,270		292,405
Sabra Health Care REIT, Inc.		12,580		276,005
Welltower, Inc.		10,820		760,430
				1,626,368

Company	Shares		U.S. $ Value
Hotel & Resort REITs - 0.4%
MGM Growth Properties LLC - Class A		10,260	$	309,955
Park Hotels & Resorts, Inc.		10,270		283,041
RLJ Lodging Trust		18,170		399,740
Summit Hotel Properties, Inc.		10,620		169,814
				1,162,550
Industrial REITs - 0.7%
Goodman Group		27,870		180,446
LaSalle Logiport REIT		151		147,230
Mapletree Logistics Trust		247,900		226,889
PLA Administradora Industrial S de RL de CV (a)		46,200		79,537
Prologis, Inc.		3,260		206,880
Pure Industrial Real Estate Trust		28,880		147,206
Rexford Industrial Realty, Inc.		13,250		379,215
Segro PLC		36,880		265,156
STAG Industrial, Inc.		15,310		420,566
				2,053,125
Office REITs - 1.5%
Alexandria Real Estate Equities, Inc.		3,740		444,948
Allied Properties Real Estate Investment Trust		6,776		216,354
Axiare Patrimonio SOCIMI SA		9,740		199,037
Beni Stabili SpA SIIQ		207,680		180,166
Boston Properties, Inc.		4,674		574,341
Brandywine Realty Trust		12,110		211,804
Champion REIT		196,000		135,547
Columbia Property Trust, Inc.		18,100		394,037
Corporate Office Properties Trust		6,570		215,693
Daiwa Office Investment Corp.		30		150,135
Derwent London PLC		8,490		318,004
Hibernia REIT PLC		54,390		98,032
Hudson Pacific Properties, Inc.		11,790		395,319
Investa Office Fund		53,120		187,783
Japan Real Estate Investment Corp.		36		173,092
Mack-Cali Realty Corp.		8,320		197,267
MCUBS MidCity Investment Corp.		50		152,411
Workspace Group PLC		22,686		269,793
				4,513,763
Real Estate Development - 0.3%
CK Asset Holdings Ltd.		93,500		777,296
TAG Immobilien AG		11,490		193,289
				970,585
Real Estate Management & Development - 0.4%
Daito Trust Construction Co., Ltd.		3,200		582,984
Vonovia SE		15,272		650,400
				1,233,384
Real Estate Operating Companies - 0.7%
Aroundtown SA		24,850		177,690
BUWOG AG (a)		7,126		213,588
CA Immobilien Anlagen AG		9,140		262,502
Deutsche Wohnen SE		7,150		303,864
Entra ASA (c)		18,398		251,790
Fabege AB		14,310		293,743

Company	Shares		U.S. $ Value
Hongkong Land Holdings Ltd.		42,100	$	303,569
Inmobiliaria Colonial Socimi SA		27,357		271,689
				2,078,435
Residential REITs - 1.0%
American Homes 4 Rent - Class A		18,320		397,727
Camden Property Trust		5,040		460,908
Education Realty Trust, Inc.		5,640		202,645
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (a)		202,130		152,095
Essex Property Trust, Inc.		2,530		642,696
Independence Realty Trust, Inc.		32,140		326,864
Japan Rental Housing Investments, Inc.		236		166,527
Killam Apartment Real Estate Investment Trust		15,330		162,054
Sun Communities, Inc.		4,731		405,352
UNITE Group PLC (The)		31,460		289,825
				3,206,693
Retail REITs - 1.6%
Brixmor Property Group, Inc.		19,140		359,832
Eurocommercial Properties NV		5,300		226,634
Frontier Real Estate Investment Corp.		39		158,218
Fukuoka REIT Corp.		116		165,147
Kenedix Retail REIT Corp.		70		145,559
Klepierre SA		6,123		240,490
Link REIT		77,268		628,341
National Retail Properties, Inc.		10,350		431,181
Realty Income Corp.		10,330		590,773
Retail Opportunity Investments Corp.		12,600		239,526
Scentre Group		54,960		169,657
Simon Property Group, Inc.		7,596		1,223,032
Urban Edge Properties		12,980		313,078
				4,891,468
Specialized REITs - 0.5%
Digital Realty Trust, Inc.		4,870		576,267
Equinix, Inc.		500		223,150
National Storage Affiliates Trust		15,010		363,843
Public Storage		1,360		291,026
				1,454,286
				29,939,697
Financials - 9.7%
Banks - 4.5%
ABN AMRO Group NV (GDR) (c)		6,180		185,055
Australia & New Zealand Banking Group Ltd.		9,180		213,835
Banco Santander SA		23,410		163,749
Bank of America Corp.		83,814		2,123,847
Bank of Queensland Ltd.		23,408		238,877
Barclays PLC		92,180		239,021
BNP Paribas SA		11,640		939,066
BOC Hong Kong Holdings Ltd.		59,000		287,389
Citigroup, Inc.		14,051		1,022,070
Citizens Financial Group, Inc.		1,635		61,917
Comerica, Inc.		7,529		574,162
Danske Bank A/S		4,425		177,326
DNB ASA		15,090		304,668
Erste Group Bank AG (a)		8,430		364,219

Company	Shares		U.S. $ Value
Fifth Third Bancorp		5,234	$	146,447
HSBC Holdings PLC		30,730		303,791
ING Groep NV		21,500		396,296
Intesa Sanpaolo SpA		54,080		191,460
Itau Unibanco Holding SA (Preference Shares)		8,250		112,921
JPMorgan Chase & Co.		18,724		1,788,329
KB Financial Group, Inc.		2,170		106,762
Mitsubishi UFJ Financial Group, Inc.		65,500		425,870
PNC Financial Services Group, Inc. (The)		2,996		403,771
Royal Bank of Canada		1,710		132,305
Sberbank of Russia PJSC (Sponsored ADR) (b)		15,598		222,583
SunTrust Banks, Inc.		2,924		174,767
US Bancorp		9,085		486,865
Wells Fargo & Co.		32,606		1,798,221
				13,585,589
Capital Markets - 1.5%
Credit Suisse Group AG (REG) (a)		23,778		376,753
Franklin Resources, Inc.		1,564		69,614
Goldman Sachs Group, Inc. (The)		3,676		871,910
MarketAxess Holdings, Inc.		3,849		710,179
Morgan Stanley		8,180		394,030
Partners Group Holding AG		980		665,320
S&P Global, Inc.		5,450		851,889
Thomson Reuters Corp.		2,453		112,544
UBS Group AG (a)		41,202		704,842
				4,757,081
Consumer Finance - 0.7%
Capital One Financial Corp.		7,473		632,664
Discover Financial Services		1,591		102,588
Hitachi Capital Corp.		7,400		176,108
OneMain Holdings, Inc. (a)		10,982		309,582
Synchrony Financial		25,834		802,146
				2,023,088
Diversified Financial Services - 0.4%
Berkshire Hathaway, Inc. - Class B (a)		4,127		756,562
GRENKE AG		4,146		386,902
ORIX Corp.		10,900		175,972
				1,319,436
Insurance - 2.4%
Admiral Group PLC		14,769		359,884
AIA Group Ltd.		129,800		960,948
Allianz SE (REG)		1,880		422,223
Allstate Corp. (The)		8,598		790,242
American International Group, Inc.		17,683		1,085,560
Aviva PLC		19,640		135,554
First American Financial Corp.		11,689		584,099
FNF Group		16,512		783,660
Hartford Financial Services Group, Inc. (The)		2,784		154,317
Lincoln National Corp.		5,204		382,390
Loews Corp.		1,598		76,480
MetLife, Inc.		4,482		232,840
PICC Property & Casualty Co., Ltd. - Class H		68,000		120,625
Principal Financial Group, Inc.		1,371		88,210

Company	Shares		U.S. $ Value
Prudential Financial, Inc.		2,641	$	280,791
Prudential PLC		33,890		811,005
				7,268,828
Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp., Ltd.		20,140		533,926
				29,487,948
Health Care - 7.7%
Biotechnology - 0.8%
Biogen, Inc. (a)		5,062		1,585,014
China Biologic Products Holdings, Inc. (a)(b)		1,190		109,801
Gilead Sciences, Inc.		8,239		667,524
Grifols SA (ADR) (b)		8,390		183,657
				2,545,996
Health Care Equipment & Supplies - 1.9%
Align Technology, Inc. (a)		2,305		429,352
Danaher Corp.		5,269		451,975
Edwards Lifesciences Corp. (a)		16,715		1,827,117
Essilor International SA		6,500		805,594
Intuitive Surgical, Inc. (a)		1,954		2,043,649
Sartorius AG (Preference Shares)		1,296		124,013
				5,681,700
Health Care Providers & Services - 1.7%
Aetna, Inc.		4,027		640,333
Anthem, Inc.		1,305		247,794
Cigna Corp.		4,111		768,510
McKesson Corp.		4,750		729,648
Quest Diagnostics, Inc.		3,584		335,606
UnitedHealth Group, Inc.		11,971		2,344,520
				5,066,411
Health Care Technology - 0.3%
Cerner Corp. (a)		14,450		1,030,574
Life Sciences Tools & Services - 0.6%
Eurofins Scientific SE		1,706		1,079,388
Mettler-Toledo International, Inc. (a)		669		418,901
Thermo Fisher Scientific, Inc.		1,098		207,742
				1,706,031
Pharmaceuticals - 2.4%
Allergan PLC		1,644		336,938
Bristol-Myers Squibb Co.		4,094		260,952
Johnson & Johnson		7,946		1,033,059
Mallinckrodt PLC (a)		14,204		530,803
Merck & Co., Inc.		6,294		403,005
Novartis AG (REG)		2,630		225,588
Novo Nordisk A/S - Class B		5,320		255,779
Pfizer, Inc.		7,360		262,752
Roche Holding AG		2,300		587,926
Sanofi		5,040		501,715
Shire PLC		10,300		524,618
Teva Pharmaceutical Industries Ltd.		1,680		29,894

Company	Shares		U.S. $ Value
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		30,549	$	537,662
Zoetis, Inc.		30,000		1,912,800
				7,403,491
				23,434,203
Consumer Discretionary - 6.0%
Auto Components - 0.8%
Bridgestone Corp.		2,800		127,130
Cie Generale des Etablissements Michelin - Class B		1,010		147,361
Faurecia		4,075		282,789
Hankook Tire Co., Ltd.		1,660		87,416
Lear Corp.		3,221		557,491
Magna International, Inc. - Class A		16,200		864,756
Sumitomo Electric Industries Ltd.		9,500		155,306
Valeo SA		4,130		306,449
				2,528,698
Automobiles - 0.5%
General Motors Co.		6,743		272,282
Honda Motor Co., Ltd.		12,400		366,302
Peugeot SA		14,410		343,033
Toyota Motor Corp.		10,000		596,284
				1,577,901
Diversified Consumer Services - 0.0%
Tarena International, Inc. (ADR) (b)		4,100		59,655
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp.		2,091		135,016
Merlin Entertainments PLC (c)		20,239		120,786
Royal Caribbean Cruises Ltd.		863		102,300
Sodexo SA		2,771		345,435
Starbucks Corp.		12,680		681,043
				1,384,580
Household Durables - 0.1%
Nikon Corp.		300		5,203
Panasonic Corp.		28,100		407,786
				412,989
Internet & Direct Marketing Retail - 0.2%
Priceline Group, Inc. (The) (a)		280		512,629
Leisure Products - 0.1%
Amer Sports Oyj (a)		6,590		174,953
Media - 1.0%
Charter Communications, Inc. - Class A (a)		319		115,931
Comcast Corp. - Class A		44,154		1,699,046
CTS Eventim AG & Co. KGaA		5,568		243,268
I-CABLE Communications Ltd. (a)		20,494		686
Regal Entertainment Group - Class A		14,456		231,296
Twenty-First Century Fox, Inc. - Class A		4,838		127,627

Company	Shares		U.S. $ Value
Walt Disney Co. (The)		4,468	$	440,411
				2,858,265
Multiline Retail - 0.2%
Dollar Tree, Inc. (a)		6,281		545,317
Target Corp.		3,136		185,055
				730,372
Specialty Retail - 1.7%
ABC-Mart, Inc.		7,400		390,887
Best Buy Co., Inc.		1,291		73,535
Home Depot, Inc. (The)		13,621		2,227,851
Michaels Cos., Inc. (The) (a)		20,754		445,589
TJX Cos., Inc. (The)		15,358		1,132,345
Ulta Salon Cosmetics & Fragrance, Inc. (a)		3,820		863,549
				5,133,756
Textiles, Apparel & Luxury Goods - 0.9%
HUGO BOSS AG		3,330		293,830
Kering		450		179,265
NIKE, Inc. - Class B		31,212		1,618,342
Pandora A/S		2,184		215,937
Samsonite International SA		103,800		445,756
				2,753,130
				18,126,928
Consumer Staples - 5.1%
Beverages - 1.2%
Asahi Group Holdings Ltd.		2,500		101,097
Coca-Cola Bottlers Japan, Inc.		5,300		171,665
Constellation Brands, Inc. - Class A		4,600		917,470
Monster Beverage Corp. (a)		28,861		1,594,570
PepsiCo, Inc.		6,097		679,389
Pernod Ricard SA		1,610		222,718
				3,686,909
Food & Staples Retailing - 0.8%
Costco Wholesale Corp.		9,930		1,631,400
CVS Health Corp.		2,294		186,548
Sugi Holdings Co., Ltd.		2,800		149,047
Wal-Mart Stores, Inc.		7,088		553,856
				2,520,851
Food Products - 0.5%
Archer-Daniels-Midland Co.		4,072		173,101
BRF SA (a)		8,500		122,569
Orkla ASA		30,610		314,110
Tyson Foods, Inc. - Class A		8,297		584,524
WH Group Ltd. (c)		225,000		239,625
				1,433,929
Household Products - 0.7%
Colgate-Palmolive Co.		3,537		257,671
Henkel AG & Co. KGaA (Preference Shares)		2,430		331,069
Procter & Gamble Co. (The)		11,786		1,072,290

Company	Shares		U.S. $ Value
Reckitt Benckiser Group PLC		4,120	$	376,436
				2,037,466
Personal Products - 0.4%
Unilever PLC		17,668		1,022,612
Tobacco - 1.5%
British American Tobacco PLC		24,319		1,522,460
British American Tobacco PLC (Sponsored ADR)		9,400		587,030
Imperial Brands PLC		4,060		173,284
Japan Tobacco, Inc.		32,500		1,065,056
Philip Morris International, Inc.		11,740		1,303,257
				4,651,087
				15,352,854
Industrials - 4.5%
Aerospace & Defense - 0.9%
Airbus SE		4,580		435,994
BAE Systems PLC		32,440		274,726
Hexcel Corp.		4,071		233,757
Raytheon Co.		5,248		979,172
Saab AB - Class B		3,600		182,985
Textron, Inc.		1,311		70,636
United Technologies Corp.		4,091		474,883
				2,652,153
Airlines - 0.4%
Japan Airlines Co., Ltd.		10,300		348,669
JetBlue Airways Corp. (a)		22,157		410,569
Qantas Airways Ltd.		79,944		366,169
United Continental Holdings, Inc. (a)		2,002		121,882
				1,247,289
Building Products - 0.4%
Allegion PLC		8,792		760,245
AO Smith Corp.		9,440		561,019
				1,321,264
Commercial Services & Supplies - 0.3%
Babcock International Group PLC		10,755		119,289
Copart, Inc. (a)		19,941		685,372
IWG PLC		40,670		168,717
				973,378
Construction & Engineering - 0.1%
AECOM (a)		5,381		198,075
Quanta Services, Inc. (a)		5,685		212,448
				410,523
Electrical Equipment - 0.4%
Eaton Corp. PLC		10,095		775,195
Emerson Electric Co.		2,696		169,416
Philips Lighting NV (c)		3,290		132,791

Company	Shares		U.S. $ Value
TKH Group NV		2,160	$	140,310
				1,217,712
Industrial Conglomerates - 0.5%
General Electric Co.		12,256		296,350
Roper Technologies, Inc.		4,465		1,086,781
				1,383,131
Machinery - 0.7%
Cummins, Inc.		2,636		442,927
FANUC Corp.		1,600		324,405
IDEX Corp.		1,910		232,008
IHI Corp.		8,200		285,841
Ingersoll-Rand PLC		1,198		106,826
Oshkosh Corp.		6,805		561,685
WABCO Holdings, Inc. (a)		1,700		251,600
				2,205,292
Professional Services - 0.2%
Teleperformance		2,899		432,497
Road & Rail - 0.3%
Norfolk Southern Corp.		602		79,609
Ryder System, Inc.		2,277		192,520
Union Pacific Corp.		4,830		560,135
				832,264
Trading Companies & Distributors - 0.3%
BOC Aviation Ltd. (c)		37,400		203,379
Brenntag AG		8,430		469,937
United Rentals, Inc. (a)		2,533		351,428
				1,024,744
				13,700,247
Energy - 3.5%
Energy Equipment & Services - 0.2%
RPC, Inc. (b)		21,831		541,190
Oil, Gas & Consumable Fuels - 3.3%
Canadian Natural Resources Ltd.		19,975		668,963
Canadian Natural Resources Ltd. (Toronto)		5,860		196,265
Chevron Corp.		6,492		762,810
ConocoPhillips		3,545		177,427
Devon Energy Corp.		15,035		551,935
EOG Resources, Inc.		11,256		1,088,905
Exxon Mobil Corp.		14,684		1,203,794
Hess Corp.		10,872		509,788
HollyFrontier Corp.		5,962		214,453
JXTG Holdings, Inc.		74,500		384,138
LUKOIL PJSC (Sponsored ADR) (b)		1,180		62,579
Marathon Oil Corp.		4,332		58,742
Marathon Petroleum Corp.		14,575		817,366
Novatek PJSC (Sponsored GDR) (c)		1,040		122,195
QEP Resources, Inc. (a)		26,098		223,660
Royal Dutch Shell PLC - Class A		66,725		2,020,938
TOTAL SA		12,950		695,343

Company	Shares		U.S. $ Value
Valero Energy Corp.		2,806	$	215,866
YPF SA (Sponsored ADR)		5,353		119,265
				10,094,432
				10,635,622
Materials - 2.3%
Chemicals - 1.2%
Air Water, Inc.		9,000		166,182
Arkema SA		2,536		311,172
CF Industries Holdings, Inc.		13,472		473,676
Eastman Chemical Co.		4,166		376,981
Ecolab, Inc.		7,170		922,134
Incitec Pivot Ltd.		65,980		186,929
Johnson Matthey PLC		7,028		322,270
Koninklijke DSM NV		1,848		151,288
LyondellBasell Industries NV - Class A		3,895		385,800
Mosaic Co. (The)		1,842		39,769
Nippon Shokubai Co., Ltd.		3,500		247,394
				3,583,595
Construction Materials - 0.3%
Anhui Conch Cement Co., Ltd. - Class H		52,000		208,714
Buzzi Unicem SpA		5,080		137,278
Fletcher Building Ltd.		25,910		149,753
Grupo Cementos de Chihuahua SAB de CV		39,050		199,882
HeidelbergCement AG		1,590		163,626
				859,253
Containers & Packaging - 0.0%
WestRock Co.		1,282		72,728
Metals & Mining - 0.7%
BHP Billiton PLC		25,850		456,149
BlueScope Steel Ltd.		16,001		138,225
Boliden AB		4,880		165,526
First Quantum Minerals Ltd.		12,750		143,160
Gerdau SA (Preference Shares)		40,300		140,477
Glencore PLC (a)		180,510		828,541
Newmont Mining Corp.		3,210		120,407
Sumitomo Metal Mining Co., Ltd.		5,500		177,063
Yamato Kogyo Co., Ltd.		6,700		181,609
				2,351,157
Paper & Forest Products - 0.1%
Mondi PLC		6,914		185,884
				7,052,617
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		20,559		805,296
BT Group PLC		134,660		512,178
China Unicom Hong Kong Ltd. (a)		122,000		170,565
Nippon Telegraph & Telephone Corp.		13,200		604,833
TDC A/S		32,900		192,944
				2,285,816

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 0.6%
SoftBank Group Corp.		11,500	$	932,607
T-Mobile US, Inc. (a)		9,989		615,922
Vodafone Group PLC		129,953		363,893
				1,912,422
				4,198,238
Utilities - 1.3%
Electric Utilities - 0.9%
American Electric Power Co., Inc.		10,829		760,629
Edison International		7,026		542,196
EDP - Energias de Portugal SA		43,550		164,214
Enel SpA		32,841		197,844
Eversource Energy		1,154		69,748
PG&E Corp.		6,743		459,131
Portland General Electric Co.		11,183		510,392
Xcel Energy, Inc.		2,341		110,776
				2,814,930
Multi-Utilities - 0.4%
Ameren Corp.		1,182		68,367
CMS Energy Corp.		1,661		76,937
DTE Energy Co.		1,111		119,277
NiSource, Inc.		22,229		568,840
Public Service Enterprise Group, Inc.		3,500		161,875
WEC Energy Group, Inc.		1,887		118,466
				1,113,762
Water Utilities - 0.0%
Pennon Group PLC		13,390		142,969
				4,071,661
Transportation - 0.2%
Airport Services - 0.0%
Sydney Airport		29,160		162,845
Highways & Railtracks - 0.1%
Transurban Group		26,680		249,146
Railroads - 0.1%
East Japan Railway Co.		1,800		166,155
				578,146
Banks - 0.1%
Thrifts & Mortgage Finance - 0.1%
Aareal Bank AG		5,360		227,219
Total Common Stocks (cost $147,875,558)				193,447,061
	Principal Amount (000)
MORTGAGE PASS-THROUGHS - 8.0%
Agency Fixed Rate 30-Year - 7.2%
Federal Home Loan Mortgage Corp. Gold
4.00%, 2/01/46	U.S.$	507		537,274

	Principal Amount (000)		U.S. $ Value
Series 2005
5.50%, 1/01/35	U.S.$	185	$	206,382
Series 2007
5.50%, 7/01/35		19		21,104
Series 2017
4.00%, 7/01/44		399		422,698
Federal National Mortgage Association
3.00%, 5/01/45		1,220		1,225,686
3.50%, 10/01/47, TBA		6,470		6,669,660
4.00%, 10/25/47, TBA		3,180		3,347,695
4.00%, 12/01/40-10/01/43		1,260		1,336,196
4.50%, 10/01/33-4/01/47		4,536		4,872,920
5.00%, 12/01/39		103		113,217
Series 2004
5.50%, 2/01/34-11/01/34		69		76,734
Series 2007
5.50%, 1/01/37-8/01/37		258		288,086
Series 2008
5.50%, 8/01/37		118		131,927
Government National Mortgage Association
3.00%, 12/20/46		487		494,527
3.50%, 10/01/47, TBA		2,081		2,163,427
				21,907,533
Agency Fixed Rate 15-Year - 0.8%
Federal National Mortgage Association
2.50%, 12/01/31-1/01/32		1,576		1,588,571
Series 2016
2.50%, 11/01/31		765		770,910
				2,359,481
Total Mortgage Pass-Throughs (cost $24,205,379)				24,267,014
CORPORATES - INVESTMENT GRADE - 7.9%
Industrial - 4.2%
Basic - 0.5%
Anglo American Capital PLC
3.75%, 4/10/22 (c)		200		205,018
Dow Chemical Co. (The)
4.125%, 11/15/21		165		175,191
Eastman Chemical Co.
3.80%, 3/15/25		84		86,508
Glencore Funding LLC
4.125%, 5/30/23 (c)		126		131,019
Minsur SA
6.25%, 2/07/24 (c)		168		184,170
Mosaic Co. (The)
5.625%, 11/15/43		96		98,078
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (c)		237		238,778
Vale Overseas Ltd.
6.875%, 11/21/36		145		166,003
Yamana Gold, Inc.
4.95%, 7/15/24		142		145,713
				1,430,478

	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.1%
Embraer Netherlands Finance BV
5.40%, 2/01/27	U.S.$	160	$	173,280
General Electric Co.
Series D
5.00%, 1/21/21 (d)		68		71,683
				244,963
Communications - Media - 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		165		176,545
Comcast Corp.
5.15%, 3/01/20		451		485,010
Cox Communications, Inc.
2.95%, 6/30/23 (c)		91		89,741
Time Warner Cable LLC
4.125%, 2/15/21		165		171,214
4.50%, 9/15/42		85		80,436
				1,002,946
Communications - Telecommunications - 0.9%
AT&T, Inc.
3.40%, 5/15/25		575		567,002
4.125%, 2/17/26		345		354,377
5.15%, 2/14/50		105		105,744
Rogers Communications, Inc.
4.00%, 6/06/22 CAD		46		38,981
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.36%, 9/20/21 (c)	U.S.$	225		228,105
Verizon Communications, Inc.
2.625%, 8/15/26		295		276,654
3.50%, 11/01/24		1,048		1,067,838
				2,638,701
Consumer Cyclical - Automotive - 0.4%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		915		1,018,642
General Motors Co.
3.50%, 10/02/18		130		132,100
General Motors Financial Co., Inc.
4.00%, 1/15/25		41		41,813
4.30%, 7/13/25		50		51,614
				1,244,169
Consumer Non-Cyclical - 0.5%
Becton Dickinson and Co.
3.734%, 12/15/24		66		67,731
Biogen, Inc.
4.05%, 9/15/25		251		267,930
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		155		171,075
Mylan NV

	Principal Amount (000)		U.S. $ Value
3.125%, 11/22/28 (c)	EUR	165	$	208,594
3.95%, 6/15/26	U.S.$	68		69,276
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 7/21/23		211		202,079
3.15%, 10/01/26		391		361,007
Tyson Foods, Inc.
2.65%, 8/15/19		64		64,756
3.95%, 8/15/24		206		217,130
				1,629,578
Energy - 0.8%
Cenovus Energy, Inc.
3.00%, 8/15/22		17		16,703
5.70%, 10/15/19		59		62,415
Ecopetrol SA
5.875%, 5/28/45		94		91,768
Encana Corp.
3.90%, 11/15/21		140		144,169
Enterprise Products Operating LLC
3.70%, 2/15/26		278		285,923
5.20%, 9/01/20		185		200,357
Hess Corp.
4.30%, 4/01/27		199		197,951
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		302		304,304
Kinder Morgan, Inc./DE
5.00%, 2/15/21 (c)		250		268,245
Marathon Petroleum Corp.
5.125%, 3/01/21		163		176,865
Noble Energy, Inc.
3.90%, 11/15/24		170		174,243
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		232		226,214
Sabine Pass Liquefaction LLC
5.00%, 3/15/27		146		155,259
Williams Partners LP
4.125%, 11/15/20		155		162,344
				2,466,760
Services - 0.2%
Expedia, Inc.
3.80%, 2/15/28 (c)		185		183,317
S&P Global, Inc.
4.40%, 2/15/26		226		243,515
Total System Services, Inc.
3.75%, 6/01/23		45		46,511
				473,343
Technology - 0.4%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		75,972
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24 (c)		53		54,544
3.875%, 1/15/27 (c)		117		120,499

	Principal Amount (000)		U.S. $ Value
Dell International LLC/EMC Corp.
6.02%, 6/15/26 (c)	U.S.$	50	$	55,469
Hewlett Packard Enterprise Co.
2.10%, 10/04/19 (c)		183		183,013
HP, Inc.
4.65%, 12/09/21		114		122,755
KLA-Tencor Corp.
4.65%, 11/01/24		225		244,102
Lam Research Corp.
2.80%, 6/15/21		71		71,819
Motorola Solutions, Inc.
7.50%, 5/15/25		33		40,042
Seagate HDD Cayman
4.75%, 1/01/25		127		123,701
VMware, Inc.
2.95%, 8/21/22		85		85,497
Western Digital Corp.
7.375%, 4/01/23 (c)		156		170,818
				1,348,231
Transportation - Services - 0.1%
Adani Ports & Special Economic Zone Ltd.
3.95%, 1/19/22 (c)		200		205,429
				12,684,598
Financial Institutions - 3.6%
Banking - 3.3%
Banco Santander SA
3.50%, 4/11/22		200		204,946
Bank of America Corp.
2.881%, 4/24/23		265		266,238
3.824%, 1/20/28		270		277,341
Series G
3.593%, 7/21/28		210		212,087
Barclays PLC
3.65%, 3/16/25		270		270,562
BNP Paribas SA
3.80%, 1/10/24 (c)		215		223,748
Citigroup, Inc.
3.668%, 7/24/28		370		373,652
3.875%, 3/26/25		235		240,511
Compass Bank
2.875%, 6/29/22		265		263,686
5.50%, 4/01/20		314		331,352
Cooperatieve Rabobank UA
4.375%, 8/04/25		320		337,389
Credit Agricole SA/London
4.125%, 1/10/27 (c)		250		261,430
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		385		398,340
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		208		206,276
3.75%, 5/22/25		186		191,355
5.75%, 1/24/22		335		375,438

	Principal Amount (000)		U.S. $ Value
Series D
6.00%, 6/15/20	U.S.$	217	$	238,236
HSBC Holdings PLC
4.041%, 3/13/28		585		612,489
JPMorgan Chase & Co.
3.22%, 3/01/25		265		269,211
3.54%, 5/01/28		485		490,480
Lloyds Banking Group PLC
4.65%, 3/24/26		200		211,120
Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/01/26		272		282,932
Morgan Stanley
3.591%, 7/22/28		445		446,985
5.625%, 9/23/19		168		179,353
Series G
5.50%, 7/24/20		189		205,422
Nationwide Building Society
4.00%, 9/14/26 (c)		290		289,150
PNC Bank NA
3.80%, 7/25/23		685		722,709
Santander Holdings USA, Inc.
4.40%, 7/13/27 (c)		265		270,297
Santander Issuances SAU
3.25%, 4/04/26 (c)	EUR	200		254,364
Santander UK Group Holdings PLC
2.875%, 8/05/21	U.S.$	226		227,187
Santander UK PLC
5.00%, 11/07/23 (c)		200		216,396
UBS Group Funding Switzerland AG
4.125%, 9/24/25 (c)		305		320,814
US Bancorp
Series J
5.30%, 4/15/27 (d)		116		126,461
Wells Fargo & Co.
3.069%, 1/24/23		212		215,559
				10,013,516
Insurance - 0.2%
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		38		40,955
Lincoln National Corp.
8.75%, 7/01/19		31		34,442
MetLife, Inc.
10.75%, 8/01/39		70		117,046
XLIT Ltd.
3.25%, 6/29/47	EUR	165		191,513
6.375%, 11/15/24	U.S.$	157		184,423
				568,379
REITS - 0.1%
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		10		10,223
Trust F/1401
5.25%, 1/30/26 (c)		200		212,501

	Principal Amount (000)		U.S. $ Value
Welltower, Inc.
4.00%, 6/01/25	U.S.$	238	$	247,884
				470,608
				11,052,503
Utility - 0.1%
Electric - 0.1%
Israel Electric Corp., Ltd.
Series 6
5.00%, 11/12/24 (c)		320		346,400
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		49,541
				395,941
Total Corporates - Investment Grade (cost $23,391,718)				24,133,042
GOVERNMENTS - TREASURIES - 4.8%
United States - 4.8%
U.S. Treasury Bonds
2.75%, 8/15/42		280		276,763
3.00%, 5/15/45		533		548,907
3.125%, 2/15/43-8/15/44		575		606,775
3.375%, 5/15/44		234		257,838
4.375%, 2/15/38		822		1,045,219
U.S. Treasury Notes
0.75%, 12/31/17		1,590		1,588,509
1.00%, 12/31/17		910		909,716
1.125%, 2/28/19		4,160		4,143,100
1.25%, 5/31/19		1,070		1,066,656
1.75%, 11/30/21		1,335		1,330,411
1.875%, 7/31/22		1,342		1,339,064
2.25%, 11/15/24		305		306,525
2.375%, 8/15/24		1,081		1,096,607
Total Governments - Treasuries (cost $14,507,329)				14,516,090
ASSET-BACKED SECURITIES - 3.3%
Autos - Fixed Rate - 1.9%
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		454		454,054
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class A2A
1.34%, 4/08/20		136		135,969
Series 2017-3, Class A2A
1.69%, 12/18/20		130		129,887
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		84		84,385
Series 2015-2, Class A3
1.31%, 8/15/19		32		32,392

	Principal Amount (000)		U.S. $ Value
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3
1.91%, 3/16/20 (c)	U.S.$	107	$	107,022
CPS Auto Receivables Trust Series 2013-B, Class A
1.82%, 9/15/20 (c)		41		40,955
CPS Auto Trust Series 2017-A, Class A
1.68%, 8/17/20 (c)		88		87,972
Drive Auto Receivables Trust Series 2016-CA, Class A3
1.67%, 11/15/19 (c)		149		148,952
Series 2017-AA, Class A3
1.77%, 1/15/20 (c)		235		234,853
Series 2017-BA, Class A3
1.74%, 6/17/19 (c)		215		215,065
DT Auto Owner Trust Series 2017-3A, Class A
1.73%, 8/17/20 (c)		122		121,472
Enterprise Fleet Financing LLC Series 2014-2, Class A2
1.05%, 3/20/20 (c)		4		3,893
Series 2015-1, Class A2
1.30%, 9/20/20 (c)		66		65,795
Exeter Automobile Receivables Trust
Series 2016-1A, Class D
8.20%, 2/15/23 (c)		140		148,209
Series 2016-3A, Class A
1.84%, 11/16/20 (c)		54		53,881
Series 2017-2A, Class A
2.11%, 6/15/21 (c)		139		139,418
Fifth Third Auto Trust Series 2014-3, Class A4
1.47%, 5/17/21		268		267,910
First Investors Auto Owner Trust Series 2016-2A, Class A1
1.53%, 11/16/20 (c)		96		95,826
Flagship Credit Auto Trust
Series 2016-3, Class A1
1.61%, 12/15/19(c)		104		103,967
Series 2016-4, Class A2
1.96%, 2/16/21(c)		110		109,686
Series 2016-4, Class D
3.89%, 11/15/22(c)		100		101,041
Series 2017-2, Class A
1.85%, 7/15/21(c)		184		183,548
Series 2017-3, Class A
1.88%, 10/15/21(c)		175		175,066
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1
1.98%, 1/15/22		322		321,890
GM Financial Automobile Leasing Trust Series 2015-2, Class A3
1.68%, 12/20/18		255		255,127

	Principal Amount (000)		U.S. $ Value
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (c)	U.S.$	221	$	221,333
Series 2016-1, Class A1
1.96%, 5/17/21 (c)		280		280,527
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		75		75,128
Hertz Vehicle Financing II LP
Series 2015-1A, Class A
2.73%, 3/25/21 (c)		215		215,127
Series 2015-2A, Class A
2.02%, 9/25/19 (c)		180		179,387
Series 2015-3A, Class A
2.67%, 9/25/21 (c)		265		262,741
Hertz Vehicle Financing LLC
Series 2013-1A, Class B2
2.48%, 8/25/19 (c)		192		191,077
Series 2016-1A, Class A
2.32%, 3/25/20(c)		145		144,839
Hyundai Auto Lease Securitization Trust
Series 2015-B, Class A3
1.40%, 11/15/18 (c)		70		69,802
Mercedes Benz Auto Lease Trust
Series 2015-B, Class A3
1.34%, 7/16/18		82		81,668
Santander Drive Auto Receivables Trust
Series 2017-3, Class A2
1.67%, 6/15/20		123		122,928
Westlake Automobile Receivables Trust
Series 2016-2A, Class A2
1.57%, 6/17/19 (c)		61		60,517
				5,723,309
Other ABS - Fixed Rate - 0.7%
Ascentium Equipment Receivables Trust
Series 2016-1A, Class A2
1.75%, 11/13/18 (c)		24		24,290
CLUB Credit Trust Series 2017-P1, Class A
2.42%, 9/15/23 (c)(e)		320		319,990
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		205		205,269
Series 2015-A, Class A4
1.85%, 4/15/21		227		226,941
Marlette Funding Trust
Series 2016-1A, Class A
3.06%, 1/17/23 (c)(e)		35		35,489
Series 2017-1A, Class A
2.827%, 3/15/24 (c)(e)		96		96,583
Series 2017-2A, Class A
2.39%, 7/15/24 (c)(e)		129		129,489

	Principal Amount (000)		U.S. $ Value
Prosper Marketplace Issuance Trust
Series 2017-2A, Class B
3.48%, 9/15/23 (c)(e)	U.S.$	100	$	100,243
SBA Tower Trust
3.156%, 10/08/20 (c)(e)		251		252,851
SoFi Consumer Loan Program LLC
Series 2016-2, Class A
3.09%, 10/27/25 (c)(e)		77		77,532
Series 2016-3, Class A
3.05%, 12/26/25 (c)(e)		108		109,127
Series 2017-2, Class A
3.28%, 2/25/26 (c)(e)		130		132,188
Series 2017-3, Class A
2.77%, 5/25/26 (c)(e)		137		138,009
Series 2017-5, Class A2
2.78%, 9/25/26 (c)(e)		180		179,404
				2,027,405
Credit Cards - Fixed Rate - 0.3%
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		326		329,297
Series 2015-2, Class A
1.56%, 3/15/21		214		214,078
World Financial Network Credit Card Master Trust
Series 2013-A, Class A
1.61%, 12/15/21		246		246,074
Series 2017-B, Class A
1.98%, 6/15/23		205		204,842
				994,291
Autos - Floating Rate - 0.2%
BMW Floorplan Master Owner Trust
Series 2015-1A, Class A
1.734% (LIBOR 1 Month + 0.50%), 7/15/20 (c)(f)		378		379,277
Wells Fargo Dealer Floorplan Master Note Trust
Series 2015-1, Class A
1.736% (LIBOR 1 Month + 0.50%), 1/20/20 (f)		384		384,614
				763,891
Credit Cards - Floating Rate - 0.2%
Discover Card Execution Note Trust
Series 2015-A1, Class A1
1.584% (LIBOR 1 Month + 0.35%), 8/17/20 (f)		240		240,236

	Principal Amount (000)		U.S. $ Value
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
1.714% (LIBOR 1 Month + 0.48%), 2/15/22 (f)	U.S.$	256	$	256,443
				496,679
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (e)		53		53,245
Total Asset-Backed Securities (cost $10,026,609)				10,058,820
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.6%
Non-Agency Fixed Rate CMBS - 2.1%
Banc of America Commercial Mortgage Trust
Series 2007-5, Class AM
5.772%, 2/10/51 (e)		146		146,048
BHMS Commercial Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (c)		335		338,441
CFCRE Commercial Mortgage Trust Series
2016-C4, Class A4
3.283%, 5/10/58		115		116,047
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (c)		495		509,455
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D
5.036%, 9/10/45 (c)(e)		169		150,554
Series 2015-GC27, Class A5
3.137%, 2/10/48		246		247,972
Series 2015-GC35, Class A4
3.818%, 11/10/48		100		105,122
Series 2016-GC36, Class A5
3.616%, 2/10/49		125		129,719
Commercial Mortgage Loan Trust
Series 2008-LS1, Class A1A
6.267%, 12/10/49 (e)		183		183,246
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (c)		150		147,482
Series 2015-CR24, Class A5
3.696%, 8/10/48		135		140,709
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4
3.718%, 8/15/48		214		223,129
Series 2015-C4, Class A4
3.808%, 11/15/48		370		387,636
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (c)		438		442,671

	Principal Amount (000)		U.S. $ Value
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (c)	U.S.$	276	$	274,472
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41 (c)		105		104,758
Series 2006-LDP9, Class AM
5.372%, 5/15/47 (e)		70		69,770
Series 2007-CB19, Class AM
5.99%, 2/12/49 (e)		16		15,667
Series 2012-C6, Class E
5.307%, 5/15/45 (c)(e)		119		105,849
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class A5
3.822%, 7/15/48		125		131,562
Series 2015-C31, Class A3
3.801%, 8/15/48		355		373,260
Series 2015-C32, Class C
4.818%, 11/15/48 (e)		195		192,482
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (e)		75		59,756
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (c)		101		100,946
Series 2015-3, Class A2
2.729%, 4/20/48 (c)		228		228,637
Series 2016-4, Class A2
2.579%, 3/10/49 (c)		161		158,976
Morgan Stanley Capital I Trust
Series 2005-IQ9, Class D
5.00%, 7/15/56 (e)		112		111,914
Series 2016-UB12, Class A4
3.596%, 12/15/49		195		202,774
UBS-Barclays Commercial Mort gage Trust
Series 2012-C4, Class A5
2.85%, 12/10/45		168		169,972
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class C
4.619%, 9/15/48 (e)		197		191,865
Series 2016-NXS6, Class C
4.454%, 11/15/49 (e)		180		183,925
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		260		269,244
Series 2014-C20, Class A2
3.036%, 5/15/47		206		209,279
				6,423,339
Non-Agency Floating Rate CMBS - 0.5%
CGBAM Commercial Mortgage Trust
Series 2016-IMC, Class A

	Principal Amount (000)		U.S. $ Value
3.134% (LIBOR 1 Month + 1.90%), 11/15/21(c)(f)	U.S.$	112	$	112,400
Series 2016-IMC, Class C
5.184% (LIBOR 1 Month + 3.95%), 11/15/21(c)(e)(f)		113		113,442
CSMC Mortgage-Backed Trust
Series 2016-MFF, Class D
5.827% (LIBOR 1 Month + 4.60%), 11/15/33 (c)(e)(f)		110		110,618
Great Wolf Trust
Series 2017-WOLF, Class A
2.09% (LIBOR 1 Month + 0.85%), 9/15/34 (c)(f)		189		188,999
H/2 Asset Funding NRE
Series 2015-1A
2.888% (LIBOR 1 Month + 0.92%), 6/24/49 (e)(f)(g)		133		132,785
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2015-SGP, Class A
2.927% (LIBOR 1 Month + 1.70%), 7/15/36 (c)(f)		268		268,614
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class AFSA
3.104% (LIBOR 1 Month + 1.87%), 8/15/26 (c)(f)		105		105,200
Series 2015-XLF2, Class SNMA
3.184% (LIBOR 1 Month + 1.95%), 11/15/26 (c)(f)		119		118,231
Starwood Retail Property Trust
Series 2014-STAR, Class A
2.454% (LIBOR 1 Month + 1.22%), 11/15/27 (c)(f)		378		377,914
				1,528,203
Total Commercial Mortgage-Backed Securities (cost $8,022,937)				7,951,542
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.1%
Risk Share Floating Rate - 1.2%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
7.737% (LIBOR 1 Month + 6.50%), 4/25/26 (f)(g)		170		175,108
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M3
5.237% (LIBOR 1 Month + 4.00%), 8/25/24 (f)		323		344,715
Series 2014-DN4, Class M3
5.787% (LIBOR 1 Month + 4.55%), 10/25/24 (f)		234		253,635
Series 2014-HQ3, Class M3
5.987% (LIBOR 1 Month + 4.75%), 10/25/24 (f)		250		275,449

	Principal Amount (000)		U.S. $ Value
Series 2016-DNA1, Class M3
6.787% (LIBOR 1 Month + 5.55%), 7/25/28 (f)	U.S.	$        250	$	293,260
Federal National Mortgage Association
Connecticut Avenue Securities
Series 2014-C03, Class 1M1
2.437% (LIBOR 1 Month + 1.20%), 7/25/24 (f)		7		7,032
Series 2014-C04, Class 1M2
6.137% (LIBOR 1 Month + 4.90%), 11/25/24 (f)		172		194,648
Series 2014-C04, Class 2M2
6.237% (LIBOR 1 Month + 5.00%), 11/25/24 (f)		63		70,583
Series 2015-C01, Class 1M2
5.537% (LIBOR 1 Month + 4.30%), 2/25/25 (f)		126		134,746
Series 2015-C01, Class 2M2
5.787% (LIBOR 1 Month + 4.55%), 2/25/25 (f)		121		129,372
Series 2015-C02, Class 1M2
5.237% (LIBOR 1 Month + 4.00%), 5/25/25 (f)		168		178,613
Series 2015-C02, Class 2M2
5.237% (LIBOR 1 Month + 4.00%), 5/25/25 (f)		159		167,572
Series 2015-C03, Class 1M2
6.237% (LIBOR 1 Month + 5.00%), 7/25/25 (f)		82		90,506
Series 2015-C03, Class 2M2
6.237% (LIBOR 1 Month + 5.00%), 7/25/25 (f)		236		257,878
Series 2015-C04, Class 1M2
6.937% (LIBOR 1 Month + 5.70%), 4/25/28 (f)		74		83,337
Series 2015-C04, Class 2M2
6.787% (LIBOR 1 Month + 5.55%), 4/25/28 (f)		117		129,324
Series 2016-C01, Class 1M2
7.987% (LIBOR 1 Month + 6.75%), 8/25/28 (f)		204		241,124
Series 2016-C01, Class 2M2
8.187% (LIBOR 1 Month + 6.95%), 8/25/28 (f)		159		187,983
Series 2016-C03, Class 2M2
7.137% (LIBOR 1 Month + 5.90%), 10/25/28 (f)		145		165,978
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
5.487% (LIBOR 1 Month + 4.25%), 11/25/24 (f)(g)		34		36,527
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2

	Principal Amount (000)		U.S. $ Value
6.487% (LIBOR 1 Month + 5.25%), 11/25/25 (f)(g)	U.S.	$        144	$	156,105
Series 2015-WF1, Class 2M2
6.737% (LIBOR 1 Month + 5.50%), 11/25/25 (f)(g)		41		46,170
				3,619,665
Non-Agency Fixed Rate - 0.4%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		33		31,056
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		74		66,803
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		54		52,503
Series 2006-24CB, Class A16
5.75%, 6/25/36		136		114,548
Series 2006-28CB, Class A14
6.25%, 10/25/36		95		79,685
Series 2006-J1, Class 1A13
5.50%, 2/25/36		79		71,520
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		44		40,232
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
3.189%, 5/25/35		15		14,879
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		68		56,754
Series 2006-13, Class 1A19
6.25%, 9/25/36		40		34,565
Credit Suisse Mortgage Trust
Series 2010-6R, Class 3A2
5.875%, 1/26/38 (c)		141		117,322
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		133		114,788
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		61		54,278
RBSSP Resecuritization Trust
Series 2009-7, Class 10A3
6.00%, 8/26/37 (c)		202		179,630
Series 2010-9, Class 7A6
6.00%, 5/26/37 (c)		177		144,787
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		38		37,774
				1,211,124
Agency Floating Rate - 0.4%
Federal Home Loan Mortgage Corp. REMICs

	Principal Amount (000)		U.S. $ Value
Series 4416, Class BS
4.866% (6.10% - LIBOR 1 Month), 12/15/44 (f)(h)	U.S.$	802	$	152,104
Series 4693, Class SL
4.916% (6.15% - LIBOR 1 Month), 6/15/47 (f)(h)		688		151,510
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
5.303% (6.54% - LIBOR 1 Month), 12/25/41 (f)(h)		369		78,964
Series 2012-70, Class SA
5.313% (6.55% - LIBOR 1 Month), 7/25/42 (f)(h)		672		147,207
Series 2016-106, Class ES
4.763% (6.00% - LIBOR 1 Month), 1/25/47 (f)(h)		745		153,122
Series 2017-16, Class SG
4.813% (6.05% - LIBOR 1 Month), 3/25/47 (f)(h)		716		147,510
Series 2017-81, Class SA
4.977% (6.20% - LIBOR 1 Month), 10/25/47 (e)(f)(h)		700		160,781
Government National Mortgage Association
Series 2017-65, Class ST
4.914% (6.15% - LIBOR 1 Month), 4/20/47 (f)(h)		706		152,382
				1,143,580
Non-Agency Floating Rate - 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
1.427% (LIBOR 1 Month + 0.19%), 12/25/36 (f)		306		196,469
HomeBanc Mortgage Trust
Series 2005-1, Class A1
1.487% (LIBOR 1 Month + 0.25%), 3/25/35 (f)		114		103,211
				299,680
Total Collateralized Mortgage Obligations (cost $6,001,997)				6,274,049
INFLATION-LINKED SECURITIES - 2.0%
Japan - 0.3%
Japanese Government CPI Linked Bond
Series 2022 0.10%, 3/10/27	JPY	110,866		1,029,610
United States - 1.7%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)	U.S.$	2,250		2,258,793
0.25%, 1/15/25 (TIPS)		1,153		1,142,021

	Principal Amount (000)		U.S. $ Value
0.375%, 7/15/25(TIPS)	U.S.$	1,621	$	1,620,855
				5,021,669
Total Inflation-Linked Securities (cost $6,113,540)				6,051,279
CORPORATES - NON-INVESTMENT GRADE - 1.2%
Industrial - 0.8%
Basic - 0.1%
NOVA Chemicals Corp. 5
.25%, 8/01/23 (c)		125		128,891
SPCM SA
4.875%, 9/15/25 (c)		200		206,722
				335,613
Communications - Media - 0.1%
CSC Holdings LLC
6.75%, 11/15/21		45		49,716
SFR Group SA
5.375%, 5/15/22 (c)	EUR	195		240,692
				290,408
Communications - Telecommunications - 0.2%
CenturyLink, Inc.
Series Y
7.50%, 4/01/24	U.S.$	75		77,652
Sprint Capital Corp.
6.90%, 5/01/19		370		394,435
				472,087
Consumer Cyclical - Automotive - 0.1%
Allison Transmission, Inc.
5.00%, 10/01/24 (c)		170		176,089
Consumer Cyclical - Other - 0.1%
International Game Technology PLC
6.25%, 2/15/22 (c)		200		220,780
KB Home 4.75%, 5/15/19		107		110,516
				331,296
Consumer Non-Cyclical - 0.1%
Valeant Pharmaceuticals International, Inc.
6.125%, 4/15/25 (c)		135		118,223
Energy - 0.1%
Cheniere Energy Partners LP
5.25%, 10/01/25 (c)		102		104,308
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		111		82,834
Nabors Industries, Inc.
5.50%, 1/15/23		212		210,660

	Principal Amount (000)		U.S. $ Value
SM Energy Co.
6.50%, 1/01/23	U.S.$	14	$	14,105
				411,907
Transportation - Services - 0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.25%, 3/15/25 (c)		94		94,053
				2,229,676
Financial Institutions - 0.4%
Banking - 0.3%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (d)		79		89,253
Barclays Bank PLC
6.86%, 6/15/32 (c)(d)		44		53,231
Intesa Sanpaolo SpA
Series E
3.928%, 9/15/26 (c)	EUR	190		241,958
Royal Bank of Scotland Group PLC
2.001%, 12/31/17(c)(d)		100		113,983
8.625%, 8/15/21(d)	U.S.$	200		222,008
Series U
3.655%, 9/30/27(d)		200		191,570
Standard Chartered PLC
2.821% (LIBOR 3 Month + 1.51%), 1/30/27 (c)(d)(f)		200		172,262
				1,084,265
Finance - 0.1%
Navient Corp.
6.625%, 7/26/21		170		182,220
				1,266,485
Total Corporates - Non-Investment Grade (cost $3,465,827)				3,496,161
EMERGING MARKETS - TREASURIES - 0.2%
Brazil - 0.2%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/21-1/01/27 (cost $523,827)	BRL	2,150		693,475
QUASI-SOVEREIGNS - 0.2%
Quasi-Sovereign Bonds - 0.2%
Chile - 0.1%
Corp. Nacional del Cobre de Chile
3.625%, 8/01/27 (c)	U.S.$	265		263,781

	Principal Amount (000)		U.S. $ Value
Mexico - 0.1%
Petroleos Mexicanos
4.625%, 9/21/23	U.S.$	226	$	233,029
6.50%, 3/13/27 (c)		100		110,823
				343,852
Total Quasi-Sovereigns (cost $593,269)				607,633
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 0.2%
California - 0.2%
State of California
Series 2010
7.625%, 3/01/40 (cost $350,329)		345		528,657
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Capital Goods - 0.0%
Odebrecht Finance Ltd.
5.25%, 6/27/29 (c)		217		79,205
Consumer Non-Cyclical - 0.1%
Minerva Luxembourg SA
6.50%, 9/20/26 (c)		200		202,175
Energy - 0.0%
Petrobras Global Finance BV
6.125%, 1/17/22		123		132,047
Total Emerging Markets - Corporate Bonds (cost $538,329)				413,427
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Mexico - 0.1%
Mexico Government International Bond
4.125%, 1/21/26 (cost $209,333)		200		210,700
	Shares
RIGHTS - 0.0%
Real Estate - 0.0%
Industrial REITs - 0.0%
Mapletree Logistics Trust, expiring 10/04/17 (a)(e ) (cost $0)		24,790		1,736
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.0%
Agency Discount Note - 3.5%
Federal Home Loan Bank Discount Notes
Zero Coupon, 10/25/17-1/24/18 (cost $10,771,941)	U.S.$	10,795		10,771,941

	Principal Amount (000)				U.S. $ Value
Governments - Treasuries - 2.3%
Japan - 2.3%
Japan Treasury Discount Bill
Series 687
Zero Coupon, 12/11/17 (cost $7,129,248)		JPY		796,000	$	7,075,568
Time Deposit - 1.2%
State Street Time Deposit
0.12%, 10/02/17 (cost $3,705,048)		U.S.	$	3,705		3,705,048
Total Short-Term Investments (cost $21,606,237)						21,552,557
Total Investments Before Security Lending Collateral for Securities Loaned - 103.4% (cost $267,432,218)						314,203,243
			Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.3%
Investment Companies - 0.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.83% (i) (j) (k) (cost $873,566)				873,566		873,566
Total Investments - 103.7% (cost $268,305,784) (l)						315,076,809
Other assets less liabilities - (3.7)% (m)						(11,170,647	)
Net Assets - 100.0%					$	303,906,162

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)		Original Value		Value at September 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		5		December 2017 USD		1,000	$	1,081,647	$	1,078,516	$	(3,131	)
U.S. T-Note 5 Yr (CBT) Futures		82		December 2017 USD		8,200		9,680,679		9,635,000		(45,679	)
U.S. T-Note 10 Yr (CBT) Futures		20		December 2017 USD		2,000		2,532,839		2,506,250		(26,589	)
U.S. Ultra Bond (CBT) Futures		49		December 2017 USD		4,900		8,182,719		8,091,125		(91,594	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		8		December 2017 JPY		80,000		1,073,934		1,069,131		4,803
Euro-BOBL Futures		34		December 2017 EUR		3,400		5,294,249		5,271,418		22,831
											$	(139,359	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	JPY	925,000	USD	8,308		10/26/17	$	79,399
Barclays Bank PLC	KRW	716,880	USD	637		11/15/17		10,763
Barclays Bank PLC	EUR	464	USD	557		12/18/17		5,912
BNP Paribas SA	CNY	745	USD	109		11/15/17		(2,868	)
Citibank, NA	BRL	809	USD	255		10/03/17		(77	)
Citibank, NA	USD	255	BRL	809		10/03/17		69
Citibank, NA	CAD	1,190	USD	940		11/15/17		(14,091	)
Citibank, NA	CNY	6,977	USD	1,034		11/15/17		(12,920	)
Citibank, NA	KRW	69,801	USD	63		11/15/17		1,640
Citibank, NA	USD	1,770	AUD	2,237		11/15/17		(16,323	)
Citibank, NA	USD	716	JPY	78,749		11/15/17		(15,174	)
Citibank, NA	USD	62	KRW	70,189		11/15/17		(813	)
Citibank, NA	USD	64	RUB	3,700		11/22/17		(480	)
Credit Suisse International	BRL	2,117	USD	665		10/03/17		(3,674	)
Credit Suisse International	USD	668	BRL	2,117		10/03/17		179
Goldman Sachs Bank USA	BRL	350	USD	112		10/03/17		1,322
Goldman Sachs Bank USA	USD	110	BRL	350		10/03/17		30
Standard Chartered Bank	BRL	3,276	USD	1,034		10/03/17		(277	)
Standard Chartered Bank	USD	1,027	BRL	3,276		10/03/17		7,732
Standard Chartered Bank	BRL	3,276	USD	1,023		11/03/17		(7,426	)
Standard Chartered Bank	GBP	1,291	USD	1,685		11/15/17		(47,675	)
Standard Chartered Bank	HKD	3,932	USD	504		11/15/17		(114	)
Standard Chartered Bank	USD	649	GBP	497		11/15/17		18,354
Standard Chartered Bank	USD	717	SEK	5,790		11/15/17		(4,122	)
State Street Bank & Trust Co.	EUR	179	USD	213		10/04/17		1,376
State Street Bank & Trust Co.	EUR	1,171	USD	1,347		10/04/17		(37,850	)
State Street Bank & Trust Co.	USD	280	EUR	236		10/04/17		(228	)
State Street Bank & Trust Co.	AUD	285	USD	225		11/15/17		1,986
State Street Bank & Trust Co.	CAD	85	USD	68		11/15/17		98
State Street Bank & Trust Co.	CAD	634	USD	501		11/15/17		(7,311	)
State Street Bank & Trust Co.	CHF	329	USD	345		11/15/17		3,845
State Street Bank & Trust Co.	CHF	443	USD	458		11/15/17		(534	)
State Street Bank & Trust Co.	EUR	594	USD	706		11/15/17		1,940
State Street Bank & Trust Co.	GBP	151	USD	196		11/15/17		(6,346	)
State Street Bank & Trust Co.	HKD	2,245	USD	288		11/15/17		704
State Street Bank & Trust Co.	HKD	1,384	USD	177		11/15/17		(37	)
State Street Bank & Trust Co.	ILS	223	USD	64		11/15/17		428
State Street Bank & Trust Co.	ILS	736	USD	205		11/15/17		(3,527	)
State Street Bank & Trust Co.	JPY	81,329	USD	744		11/15/17		19,699
State Street Bank & Trust Co.	NOK	3,262	USD	414		11/15/17		3,637
State Street Bank & Trust Co.	USD	148	AUD	189		11/15/17		565
State Street Bank & Trust Co.	USD	517	AUD	650		11/15/17		(7,416	)
State Street Bank & Trust Co.	USD	1,307	CHF	1,264		11/15/17		1,544
State Street Bank & Trust Co.	USD	594	EUR	515		11/15/17		15,791

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	612	EUR	513		11/15/17	$	(4,149	)
State Street Bank & Trust Co.	USD	922	GBP	705		11/15/17		23,598
State Street Bank & Trust Co.	USD	172	HKD	1,345		11/15/17		119
State Street Bank & Trust Co.	USD	101	HKD	790		11/15/17		(123	)
State Street Bank & Trust Co.	USD	100	HUF	26,164		11/15/17		(930	)
State Street Bank & Trust Co.	USD	142	ILS	510		11/15/17		2,439
State Street Bank & Trust Co.	USD	128	JPY	14,376		11/15/17		372
State Street Bank & Trust Co.	USD	261	NOK	2,052		11/15/17		(3,170	)
State Street Bank & Trust Co.	USD	110	SEK	896		11/15/17		262
State Street Bank & Trust Co.	USD	638	SEK	5,141		11/15/17		(5,168	)
State Street Bank & Trust Co.	USD	64	TRY	231		11/15/17		371
State Street Bank & Trust Co.	USD	64	ZAR	858		11/15/17		(1,068	)
State Street Bank & Trust Co.	EUR	138	USD	164		12/18/17		32
State Street Bank & Trust Co.	JPY	29,862	USD	268		12/18/17		1,903
State Street Bank & Trust Co.	MXN	4,675	USD	258		12/18/17		4,448
State Street Bank & Trust Co.	NOK	1,228	USD	158		12/18/17		3,853
State Street Bank & Trust Co.	NZD	120	USD	86		12/18/17		(148	)
State Street Bank & Trust Co.	USD	155	AUD	195		12/18/17		(2,437	)
State Street Bank & Trust Co.	USD	360	EUR	299		12/18/17		(4,996	)
State Street Bank & Trust Co.	USD	368	GBP	281		12/18/17		9,535
State Street Bank & Trust Co.	USD	79	NOK	617		12/18/17		(1,596	)
State Street Bank & Trust Co.	USD	459	SEK	3,657		12/18/17		(8,250	)
State Street Bank & Trust Co.	USD	62	SGD	84		12/18/17		(198	)
UBS AG	JPY	57,914	USD	521		11/15/17		4,909
							$	7,338

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017				Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 29, 5 Year Index		(5.00	)%		Quarterly		3.26	%	USD		150	$	(11,945	)	$	(11,202	)	$	(743	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/Received	Unrealized Appreciation/ (Depreciation)
MXN	4,254	6/22/20	4 Week TIIE	6.770%	Monthly/ Monthly	$(778)
SEK	9,070	3/31/22	3 Month STIBOR	0.341%	Quarterly/ Annual	2,845
NZD	1,865	3/31/22	3 Month BKBM	2.936%	Quarterly/ Semi-Annual	28,000
USD	430	6/09/25	3 Month LIBOR	2.488%	Semi-Annual/ Quarterly	(12,151)
USD	1,560	11/10/25	2.256%	3 Month LIBOR	Semi-Annual/ Quarterly	(15,501)
USD	142	6/28/26	1.460%	3 Month LIBOR	Semi-Annual/ Quarterly	8,514
USD	295	11/08/26	1.657%	3 Month LIBOR	Semi-Annual/ Quarterly	13,080
USD	370	12/21/26	3 Month LIBOR	2.497%	Quarterly/ Semi-Annual	9,444
USD	185	4/26/27	2.287%	3 Month LIBOR	Semi-Annual/ Quarterly	(1,323)
MXN	1,550	6/14/27	7.090%	4 Week TIIE	Monthly/ Monthly	(122)
JPY	306,510	8/29/27	0.241%	6 Month LIBOR	Semi-Annual/ Semi-Annual	3,217
						$35,225

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017				Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc.,
7.000%, 8/15/20, 6/20/19*		(5.00	)%		Quarterly		0.36	%	USD		172	$	(13,703	)	$	(3,625	)	$	(10,078	)
Sprint Communications, Inc.,
7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.36		USD		198		(15,775	)		(4,327	)		(11,448	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)%		Monthly		0.52	USD		17	$	24		$	219		$	(195	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52	USD		5		7			47			(40	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52	USD		620		870			7,926			(7,056	)
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52	USD		233		327			2,498			(2,171	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52	USD		207		290			2,853			(2,563	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52	USD		775		1,087			8,380			(7,293	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52	USD		51		71			494			(423	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52	USD		226		317			3,089			(2,772	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		55		(8,325	)		(7,851	)		(474	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		60		(9,061	)		(8,366	)		(695	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		210		(31,171	)		(27,322	)		(3,849	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		48		(7,249	)		(3,489	)		(3,760	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		165		(24,918	)		(11,222	)		(13,696	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		35		(5,286	)		(4,485	)		(801	)
Deutsche Bank AG

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.75	USD		8	$	(1,188	)	$	(986	)	$	(202	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		9		(1,336	)		(543	)		(793	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		48		(7,133	)		(6,359	)		(774	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		52		(7,719	)		(6,251	)		(1,468	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		53		(8,004	)		(6,373	)		(1,631	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		79		(11,726	)		(8,947	)		(2,779	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		156		(23,156	)		(13,490	)		(9,666	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		232		(34,437	)		(17,094	)		(17,343	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		4		(604	)		(377	)		(227	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		8		(1,208	)		(831	)		(377	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		8		(1,208	)		(768	)		(440	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		15		(2,265	)		(1,702	)		(563	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		78		(11,779	)		(11,160	)		(619	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		53		(7,867	)		(5,936	)		(1,931	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		172		(26,046	)		(23,973	)		(2,073	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75	USD		47		(7,098	)		(4,270	)		(2,828	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017		Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.75		USD           64	$	(9,665	)	$	(4,461	)	$	(5,204	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75		USD         170		(25,673	)		(13,663	)		(12,010	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75		USD         230		(34,734	)		(19,250	)		(15,484	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75		USD         272		(41,077	)		(13,985	)		(27,092	)
										$	(376,418	)	$	(205,600	)	$	(170,818	)

* Termination date

(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 September 30, 2017, the aggregate market value of these securities amounted to $18,840,497 or 6.2% 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) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f) Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2017.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.18% of net assets as of September 30, 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
7.737%, 4/25/26		4/29/16	$	170,300	$	175,108		0.06	%
H/2 Asset Funding NRE Series 2015-1A
2.888%, 6/24/49		6/19/15		132,785		132,785		0.04	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2
5.487%, 11/25/24		11/06/15		33,108		36,527		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
6.487%, 11/25/25		9/28/15		143,805		156,105		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
6.737%, 11/25/25		9/28/15		40,583		46,170		0.02	%

(h) Inverse interest only security.

(i) Affiliated investments.

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

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

(l) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $50,908,850 and gross unrealized depreciation of investments was $(4,406,183), resulting in net unrealized appreciation of $46,502,667.

(m) An amount of U.S. $311,763 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 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
HUF	-         Hungarian Forint
ILS	-         Israeli Shekel
JPY	-         Japanese Yen
KRW	-         South Korean Won
MXN	-         Mexican Peso
NOK	-         Norwegian Krone
NZD	-         New Zealand Dollar
RUB	-         Russian Ruble
SEK	-         Swedish Krona
SGD	-         Singapore Dollar
TRY	-         Turkish Lira
USD	-         United States Dollar
ZAR	-         South African Rand
Glossary:
ABS	-         Asset-Backed Securities
ADR	-         American Depositary Receipt
BKBM	-         Bank Bill Benchmark (New Zealand)
BOBL	-         Bundesobligationen
CBT	-         Chicago Board of Trade
CDX-CMBX.NA	-         North American Commercial Mortgage-Backed Index
CDX-NAHY	-         North American High Yield Credit Default Swap Index
CMBS	-         Commercial Mortgage-Backed Securities
CPI	-         Consumer Price Index
GDR	-         Global Depositary Receipt
LIBOR	-         London Interbank Offered Rates
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

COUNTRY BREAKDOWN *

September 30, 2017 (unaudited)

68.0%	United States
4.9%	Japan
4.7%	United Kingdom
2.8%	France
1.4%	Germany
1.4%	Canada
1.4%	Hong Kong
1.1%	Switzerland
1.0%	Australia
0.7%	Netherlands
0.6%	Brazil
0.5%	Spain
0.5%	Israel
4.1%	Other
6.9%	Short-Term
100.0%	Total Investments

* All data are as of September 30, 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 0.5% or less in the following countries: Argentina, Austria, Bermuda, Chile, China, Colombia, Denmark, Finland, India, Ireland, Italy, Mexico, Namibia, New Zealand, Norway, Peru, Portugal, Russia, Singapore, South Africa, South Korea, Sweden, Taiwan and Turkey.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

September 30, 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 September 30, 2017:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Information Technology	$	31,227,545	$	5,414,136	$	– 0	–	$	36,641,681
Real Estate		20,255,492		9,684,205		– 0	–		29,939,697
Financials		19,120,502		10,367,446		– 0	–		29,487,948
Health Care		19,299,688		4,134,515		– 0	–		23,434,203
Consumer Discretionary		12,891,066		5,235,862		– 0	–		18,126,928
Consumer Staples		9,663,675		5,689,179		– 0	–		15,352,854
Industrials		9,947,329		3,752,918		– 0	–		13,700,247

Investments in Securities:

Level 1

Level 2

Level 3

Total

Energy

7,375,459

3,260,163

– 0

–

10,635,622

Materials

2,875,014

4,177,603

– 0

–

7,052,617

Telecommunication Services

1,421,218

2,777,020

– 0

–

4,198,238

Utilities

3,566,634

505,027

– 0

–

4,071,661

Transportation

– 0

–

578,146

– 0

–

578,146

Banks

– 0

–

227,219

– 0

–

227,219

Mortgage Pass - Throughs

– 0

–

24,267,014

– 0

–

24,267,014

Corporates - Investment Grade

– 0

–

24,133,042

– 0

–

24,133,042

Governments - Treasuries

– 0

–

14,516,090

– 0

– (a)

14,516,090

Asset - Backed Securities

– 0

–

8,434,670

1,624,150

10,058,820

Commercial Mortgage - Backed Securities

– 0

–

6,183,621

1,767,921

7,951,542

Collateralized Mortgage Obligations

– 0

–

6,113,268

160,781

6,274,049

Inflation - Linked Securities

– 0

–

6,051,279

– 0

–

6,051,279

Corporates - Non - Investment Grade

– 0

–

3,496,161

– 0

–

3,496,161

Emerging Markets - Treasuries

– 0

–

693,475

– 0

–

693,475

Quasi - Sovereigns

– 0

–

607,633

– 0

–

607,633

Local Governments - US Municipal Bonds

– 0

–

528,657

– 0

–

528,657

Emerging Markets - Corporate Bonds

– 0

–

413,427

– 0

–

413,427

Governments - Sovereign Bonds

– 0

–

210,700

– 0

–

210,700

Rights

– 0

–

– 0

–

1,736

1,736

Short - Term Investments:

Agency Discount Notes

– 0

–

10,771,941

– 0

–

10,771,941

Governments - Treasuries

– 0

–

7,075,568

– 0

– (a)

7,075,568

Time Deposits

– 0

–

3,705,048

– 0

–

3,705,048

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

873,566

– 0

–

– 0

–

873,566

Total Investments in Securities

138,517,188

173,005,033

3,554,588

315,076,809

Other Financial Instruments (b):

Assets:

Futures

27,634

– 0

–

– 0

–

27,634

Forward Currency Exchange Contracts

– 0

–

228,854

– 0

–

228,854

Centrally Cleared Interest Rate Swaps

– 0

–

65,100

– 0

–

65,100

Credit Default Swaps

– 0

–

2,993

– 0

–

2,993

Liabilities:

Futures

(166,993

)

– 0

–

– 0

–

(166,993

)

Forward Currency Exchange Contracts

– 0

–

(221,516

)

– 0

–

(221,516

)

Centrally Cleared Credit Default Swaps

– 0

–

(11,945

)

– 0

–

(11,945

)

Centrally Cleared Interest Rate Swaps

– 0

–

(29,875

)

– 0

–

(29,875

)

Credit Default Swaps

– 0

–

(379,411

)

– 0

–

(379,411

)

Total (c)

$

138,377,829

$

172,659,233

$

3,554,588

$

314,591,650

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

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

(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.

	Asset-Backed Securities		Collateralized Mortgage Obligations			Commercial Mortgage-Backed Securities
Balance as of 12/31/16	$	828,021	$	–0	–	$	4,024,522
Accrued discounts/(premiums)		392		– 0	–		(2,405	)

Realized gain (loss)		5,209			– 0	–		(172,767	)
Change in unrealized appreciation/depreciation		4,286			– 0	–		143,739
Purchases/Payups		1,219,684			160,781			– 0	–
Sales/Paydowns		(433,443	)		– 0	–		(2,225,167	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/17	$	1,624,149		$	160,781		$	1,767,922
Net change in unrealized appreciation/depreciation from investments held as of 9/30/17	$	4,848		$	– 0	–	$	95,835

	Common Stocks			Rights			Total
Balance as of 12/31/16	$	9,230		$	– 0	–		4,861,773
Accrued discounts/(premiums)		– 0	–		– 0	–		(2,013	)
Realized gain (loss)		(36,058	)		– 0	–		(203,616	)
Change in unrealized appreciation/depreciation		150,967			1,736			300,728
Purchases/Payups		– 0	–		– 0	–		1,380,465
Sales/Paydowns		(124,139	)		– 0	–		(2,782,749	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/17	$	– 0	–	$	1,736		$	3,554,588
Net change in unrealized appreciation/depreciation from investments held as of 9/30/17	$	– 0	–	$	1,736		$	102,419

As of September 30, 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 a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market*	$	655	$	14,174	$	13,955	$	874	$	4

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund

AB Dynamic Asset Allocation Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 51.9%
Financials - 9.4%
Banks - 5.0%
Aozora Bank Ltd.		2,000	$	76,147
Australia & New Zealand Banking Group Ltd.		31,095		724,314
Banco Bilbao Vizcaya Argentaria SA		73,153		654,017
Banco de Sabadell SA		50,635		105,855
Banco Santander SA		171,172		1,197,322
Bank Hapoalim BM		14,749		103,208
Bank Leumi Le-Israel BM		12,645		67,202
Bank of America Corp.		71,245		1,805,348
Bank of East Asia Ltd. (The)		21,000		91,026
Bank of Ireland Group PLC (a)		11,605		95,052
Bank of Kyoto Ltd. (The)		400		20,360
Bank of Queensland Ltd.		7,933		80,956
Bankia SA		5,319		25,679
Bankinter SA		7,353		69,641
Barclays PLC		180,209		467,279
BB&T Corp.		5,650		265,211
Bendigo & Adelaide Bank Ltd.		4,177		38,137
BNP Paribas SA		13,908		1,122,038
BOC Hong Kong Holdings Ltd.		39,500		192,404
CaixaBank SA		42,465		213,153
Chiba Bank Ltd. (The)		11,000		78,777
Citigroup, Inc.		20,279		1,475,094
Citizens Financial Group, Inc.		3,619		137,052
Comerica, Inc.		1,200		91,512
Commerzbank AG (a)		15,814		215,663
Commonwealth Bank of Australia		18,280		1,082,417
Concordia Financial Group Ltd.		11,221		55,499
Credit Agricole SA		14,327		260,810
Danske Bank A/S		7,940		318,184
DBS Group Holdings Ltd.		17,000		261,699
DNB ASA		9,303		187,828
Erste Group Bank AG (a)		3,207		138,559
Fifth Third Bancorp		5,340		149,413
Fukuoka Financial Group, Inc.		9,000		41,631
Hang Seng Bank Ltd.		8,100		198,026
Hiroshima Bank Ltd. (The)		2,500		20,270
HSBC Holdings PLC		217,206		2,147,261
Huntington Bancshares, Inc./OH		7,565		105,607
ING Groep NV		36,740		677,205
Intesa Sanpaolo SpA		120,775		427,581
Japan Post Bank Co., Ltd.		3,855		47,642
JPMorgan Chase & Co.		25,215		2,408,285
KBC Group NV		3,064		259,949
KeyCorp		7,525		141,620
Kyushu Financial Group, Inc.		3,564		21,941
Lloyds Banking Group PLC		769,079		698,906
M&T Bank Corp.		1,115		179,560
Mebuki Financial Group, Inc.		16,800		65,002
Mediobanca SpA		12,965		139,327
Mitsubishi UFJ Financial Group, Inc.		135,900		883,599
Mizrahi Tefahot Bank Ltd.		1,057		18,957
Mizuho Financial Group, Inc.		253,500		444,395
National Australia Bank Ltd.		28,193		698,986
Nordea Bank AB		28,914		392,571
Oversea-Chinese Banking Corp., Ltd.		29,000		239,141
People’s United Financial, Inc.		2,165		39,273
PNC Financial Services Group, Inc. (The)		3,430		462,261

Company	Shares		U.S. $ Value
Raiffeisen Bank International AG (a)		1,307	$	43,807
Regions Financial Corp.		8,725		132,882
Resona Holdings, Inc.		21,000		107,969
Royal Bank of Scotland Group PLC (a)		47,824		172,157
Seven Bank Ltd.		16,218		58,607
Shinsei Bank Ltd.		3,700		59,298
Shizuoka Bank Ltd. (The)		4,000		35,999
Skandinaviska Enskilda Banken AB - Class A		16,190		213,598
Societe Generale SA		9,446		553,549
Standard Chartered PLC (a)		34,982		347,829
Sumitomo Mitsui Financial Group, Inc.		14,300		549,680
Sumitomo Mitsui Trust Holdings, Inc.		3,200		115,593
SunTrust Banks, Inc.		3,490		208,597
Suruga Bank Ltd.		1,000		21,580
Svenska Handelsbanken AB - Class A		14,254		215,354
Swedbank AB - Class A		8,621		238,728
UniCredit SpA (a)		17,373		370,735
United Overseas Bank Ltd.		12,000		208,389
US Bancorp		11,215		601,012
Wells Fargo & Co.		31,675		1,746,876
Westpac Banking Corp.		35,553		894,283
Zions Bancorporation		1,430		67,467
				29,589,841
Capital Markets - 1.4%
3i Group PLC		9,721		119,015
Affiliated Managers Group, Inc.		407		77,261
Ameriprise Financial, Inc.		1,145		170,044
ASX Ltd.		1,453		59,887
Bank of New York Mellon Corp. (The)		7,415		393,143
BlackRock, Inc. - Class A		877		392,098
CBOE Holdings, Inc.		646		69,529
Charles Schwab Corp. (The)		8,390		366,979
CME Group, Inc. - Class A		2,350		318,848
Credit Suisse Group AG (REG) (a)		25,000		396,115
Daiwa Securities Group, Inc.		16,000		90,701
Deutsche Bank AG (REG)		19,693		340,900
Deutsche Boerse AG		2,077		225,501
E*TRADE Financial Corp. (a)		1,870		81,551
Franklin Resources, Inc.		2,420		107,714
Goldman Sachs Group, Inc. (The)		2,638		625,707
Hargreaves Lansdown PLC		2,483		49,271
Hong Kong Exchanges & Clearing Ltd.		10,900		294,388
Intercontinental Exchange, Inc.		4,330		297,471
Invesco Ltd.		2,830		99,163
Investec PLC		5,877		42,963
Japan Exchange Group, Inc.		4,965		87,950
Julius Baer Group Ltd. (a)		2,130		126,394
London Stock Exchange Group PLC		3,987		204,716
Macquarie Group Ltd.		3,705		265,263
Moody’s Corp.		1,145		159,395
Morgan Stanley		10,270		494,706
Nasdaq, Inc.		760		58,953
Natixis SA		21,759		174,136
Nomura Holdings, Inc.		38,855		218,015
Northern Trust Corp.		1,460		134,218
Partners Group Holding AG		158		107,266

Company	Shares		U.S. $ Value
Raymond James Financial, Inc.		909	$	76,656
S&P Global, Inc.		1,860		290,737
Schroders PLC		1,291		58,078
Singapore Exchange Ltd.		21,000		114,580
St James’s Place PLC		4,994		76,757
State Street Corp.		2,535		242,194
T. Rowe Price Group, Inc.		1,725		156,371
UBS Group AG (a)		38,983		666,881
				8,331,515
Consumer Finance - 0.2%
Acom Co., Ltd. (a)		13,014		50,493
American Express Co.		5,410		489,389
Capital One Financial Corp.		3,513		297,410
Credit Saison Co., Ltd.		3,500		72,624
Discover Financial Services		2,810		181,189
Navient Corp.		2,200		33,044
Provident Financial PLC		379		4,220
Synchrony Financial		5,518		171,334
				1,299,703
Diversified Financial Services - 0.7%
AMP Ltd.		28,155		106,912
Berkshire Hathaway, Inc. - Class B (a)		13,294		2,437,056
Challenger Ltd./Australia		12,809		125,557
Eurazeo SA		1,370		122,454
EXOR NV		3,679		233,487
First Pacific Co., Ltd./Hong Kong		86,660		69,285
Groupe Bruxelles Lambert SA		768		80,841
IHS Markit Ltd. (a)		2,261		99,665
Industrivarden AB - Class C		4,979		126,305
Investor AB - Class B		4,336		214,520
Kinnevik AB		4,676		152,759
Leucadia National Corp.		2,255		56,939
Mitsubishi UFJ Lease & Finance Co., Ltd.		10,370		55,020
ORIX Corp.		14,110		227,795
Pargesa Holding SA		346		28,790
Standard Life Aberdeen PLC		28,554		165,982
Wendel SA		844		136,723
				4,440,090
Insurance - 2.1%
Admiral Group PLC		2,010		48,979
Aegon NV		11,109		64,755
Aflac, Inc.		2,855		232,368
Ageas		1,646		77,417
AIA Group Ltd.		128,423		950,754
Allianz SE (REG)		4,871		1,093,962
Allstate Corp. (The)		2,600		238,966
American International Group, Inc.		7,093		435,439
Aon PLC		1,865		272,476
Arthur J Gallagher & Co.		1,202		73,983
Assicurazioni Generali SpA		11,115		207,309
Assurant, Inc.		410		39,163
Aviva PLC		43,251		298,516
Baloise Holding AG (REG)		926		146,635
Brighthouse Financial, Inc. (a)		697		42,378
Chubb Ltd.		3,232		460,722

Company	Shares		U.S. $ Value
Cincinnati Financial Corp.		1,060	$	81,164
CNP Assurances		4,544		106,526
Dai-ichi Life Holdings, Inc.		10,264		184,111
Direct Line Insurance Group PLC		13,089		63,810
Everest Re Group Ltd.		294		67,147
Gjensidige Forsikring ASA		3,690		64,277
Hannover Rueck SE (REG)		795		95,883
Hartford Financial Services Group, Inc. (The)		2,675		148,275
Insurance Australia Group Ltd.		23,145		115,919
Japan Post Holdings Co., Ltd.		16,700		197,301
Legal & General Group PLC		63,405		220,997
Lincoln National Corp.		1,590		116,833
Loews Corp.		1,890		90,455
Mapfre SA		16,735		54,532
Marsh & McLennan Cos., Inc.		3,590		300,878
Medibank Pvt Ltd.		39,307		90,185
MetLife, Inc.		7,670		398,456
MS&AD Insurance Group Holdings, Inc.		4,800		154,687
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588		339,873
NN Group NV		7,137		298,872
Old Mutual PLC		61,153		159,302
Principal Financial Group, Inc.		1,840		118,386
Progressive Corp. (The)		4,045		195,859
Prudential Financial, Inc.		3,065		325,871
Prudential PLC		27,421		656,198
QBE Insurance Group Ltd.		13,053		102,904
RSA Insurance Group PLC		10,859		90,726
Sampo Oyj - Class A		4,765		252,185
SCOR SE		3,333		139,782
Sompo Holdings, Inc.		4,000		155,878
Sony Financial Holdings, Inc.		4,130		67,771
Suncorp Group Ltd.		12,247		125,753
Swiss Life Holding AG (a)		342		120,569
Swiss Re AG		3,176		287,886
T&D Holdings, Inc.		5,500		79,791
Tokio Marine Holdings, Inc.		7,300		285,703
Torchmark Corp.		752		60,228
Travelers Cos., Inc. (The)		2,030		248,716
Tryg A/S		2,469		57,087
UnipolSai Assicurazioni SpA		4,035		9,435
Unum Group		1,620		82,831
Willis Towers Watson PLC		887		136,802
XL Group Ltd.		1,910		75,350
Zurich Insurance Group AG		1,604		490,149
				12,199,165
				55,860,314
Information Technology - 7.6%
Communications Equipment - 0.4%
Cisco Systems, Inc.		35,090		1,180,077
F5 Networks, Inc. (a)		480		57,869
Harris Corp.		845		111,269
Juniper Networks, Inc.		2,640		73,471
Motorola Solutions, Inc.		1,145		97,176
Nokia Oyj		62,192		373,681
Telefonaktiebolaget LM Ericsson - Class B		28,969		167,009
				2,060,552

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components - 0.5%
Alps Electric Co., Ltd.		2,053	$	54,258
Amphenol Corp. - Class A		2,150		181,976
Corning, Inc.		7,205		215,574
FLIR Systems, Inc.		910		35,408
Hamamatsu Photonics KK		1,600		48,402
Hexagon AB - Class B		4,263		211,479
Hirose Electric Co., Ltd.		300		42,242
Hitachi High-Technologies Corp.		1,881		68,316
Hitachi Ltd.		52,000		366,644
Ingenico Group SA		930		88,167
Keyence Corp.		1,054		560,589
Kyocera Corp.		3,100		192,404
Murata Manufacturing Co., Ltd.		2,000		294,437
Nippon Electric Glass Co., Ltd.		929		36,012
Omron Corp.		1,800		91,786
Shimadzu Corp.		2,000		39,447
TDK Corp.		1,200		81,544
TE Connectivity Ltd.		2,460		204,328
Yaskawa Electric Corp.		2,000		63,479
Yokogawa Electric Corp.		4,500		76,683
				2,953,175
Internet Software & Services - 1.3%
Akamai Technologies, Inc. (a)		1,205		58,708
Alphabet, Inc. - Class A (a)		2,089		2,034,101
Alphabet, Inc. - Class C (a)		2,094		2,008,376
DeNA Co., Ltd.		1,663		37,301
eBay, Inc. (a)		7,285		280,181
Facebook, Inc. - Class A (a)		16,237		2,774,416
Kakaku.com, Inc.		3,799		48,466
Mixi, Inc.		827		39,941
United Internet AG		2,321		144,675
VeriSign, Inc. (a)(b)		625		66,494
Yahoo Japan Corp.		13,553		64,416
				7,557,075
IT Services - 1.2%
Accenture PLC - Class A		4,335		585,529
Alliance Data Systems Corp.		430		95,267
Amadeus IT Group SA - Class A		4,677		304,186
Atos SE		677		105,008
Automatic Data Processing, Inc.		3,170		346,544
Capgemini SE		1,557		182,519
Cognizant Technology Solutions Corp. - Class A		4,230		306,844
Computershare Ltd.		3,663		41,675
CSRA, Inc.		990		31,947
DXC Technology Co.		2,018		173,306
Fidelity National Information Services, Inc.		2,270		211,995
Fiserv, Inc. (a)		1,550		199,888
Fujitsu Ltd.		18,000		133,966
Gartner, Inc. (a)		640		79,622
Global Payments, Inc.		1,059		100,637
International Business Machines Corp.		6,076		881,506

Company	Shares		U.S. $ Value
Mastercard, Inc. - Class A		6,710	$	947,452
Nomura Research Institute Ltd.		1,300		50,769
NTT Data Corp.		6,010		64,313
Obic Co., Ltd.		730		45,961
Otsuka Corp.		600		38,481
Paychex, Inc.		2,245		134,610
PayPal Holdings, Inc. (a)		7,835		501,675
Total System Services, Inc.		1,110		72,705
Visa, Inc. - Class A		13,150		1,383,906
Western Union Co. (The) - Class W		3,380		64,896
Worldpay Group PLC (c)		19,270		105,178
				7,190,385
Semiconductors & Semiconductor Equipment - 1.3%
Advanced Micro Devices, Inc. (a)(b)		5,483		69,908
Analog Devices, Inc.		2,510		216,287
Applied Materials, Inc.		7,535		392,498
ASM Pacific Technology Ltd.		900		13,000
ASML Holding NV		3,784		646,601
Broadcom Ltd.		2,775		673,049
Disco Corp.		309		62,976
Infineon Technologies AG		10,766		271,437
Intel Corp.		33,040		1,258,163
KLA-Tencor Corp.		1,060		112,360
Lam Research Corp.		1,129		208,910
Microchip Technology, Inc.		1,495		134,221
Micron Technology, Inc. (a)		7,220		283,963
NVIDIA Corp.		3,735		667,706
NXP Semiconductors NV (a)		3,725		421,260
Qorvo, Inc. (a)		868		61,350
QUALCOMM, Inc.		10,270		532,397
Renesas Electronics Corp. (a)		5,418		59,048
Rohm Co., Ltd.		1,300		111,551
Skyworks Solutions, Inc.		1,324		134,916
STMicroelectronics NV		12,251		237,661
Texas Instruments, Inc.		6,975		625,239
Tokyo Electron Ltd.		1,689		260,020
Xilinx, Inc.		1,735		122,890
				7,577,411
Software - 1.7%
Activision Blizzard, Inc.		4,755		306,745
Adobe Systems, Inc. (a)		3,460		516,163
ANSYS, Inc. (a)		612		75,111
Autodesk, Inc. (a)		1,375		154,357
CA, Inc.		2,185		72,935
Cadence Design Systems, Inc. (a)		2,014		79,493
Check Point Software Technologies Ltd. (a)		1,405		160,198
Citrix Systems, Inc. (a)		1,080		82,966
Dassault Systemes SE		924		93,484
Electronic Arts, Inc. (a)		2,085		246,155
Gemalto NV		323		14,436
Intuit, Inc.		1,700		241,638
Konami Holdings Corp.		1,300		62,586
LINE Corp. (a)		33		1,193

Company	Shares		U.S. $ Value
Micro Focus International PLC		4,754	$	152,164
Microsoft Corp.		54,420		4,053,746
Nexon Co., Ltd. (a)		2,595		67,839
Nice Ltd.		596		48,276
Nintendo Co., Ltd.		1,200		442,480
Oracle Corp.		21,000		1,015,350
Oracle Corp. Japan		500		39,301
Red Hat, Inc. (a)		1,240		137,466
Sage Group PLC (The)		12,240		114,626
salesforce.com, Inc. (a)		4,484		418,895
SAP SE		10,475		1,148,534
Symantec Corp.		4,255		139,606
Synopsys, Inc. (a)		1,072		86,328
Trend Micro, Inc./Japan		1,600		78,826
				10,050,897
Technology Hardware, Storage & Peripherals - 1.2%
Apple, Inc.		37,125		5,721,705
Brother Industries Ltd.		2,200		51,295
Canon, Inc.		11,400		390,119
FUJIFILM Holdings Corp.		4,200		163,176
Hewlett Packard Enterprise Co.		11,560		170,048
HP, Inc.		11,910		237,723
Konica Minolta, Inc.		6,000		49,297
NEC Corp.		2,500		67,819
NetApp, Inc.		1,940		84,894
Ricoh Co., Ltd.		6,000		58,345
Seagate Technology PLC		2,050		67,998
Seiko Epson Corp.		2,700		65,383
Western Digital Corp.		1,963		169,603
Xerox Corp.		1,486		49,469
				7,346,874
				44,736,369
Health Care - 6.5%
Biotechnology - 1.0%
AbbVie, Inc.		11,366		1,009,983
Alexion Pharmaceuticals, Inc. (a)		1,580		221,658
Amgen, Inc.		5,253		979,422
Biogen, Inc. (a)		1,565		490,033
Celgene Corp. (a)		5,430		791,802
CSL Ltd.		4,876		513,312
Genmab A/S (a)		540		119,418
Gilead Sciences, Inc.		9,215		746,599
Grifols SA		2,839		82,851
Incyte Corp. (a)		1,240		144,758
Regeneron Pharmaceuticals, Inc. (a)		540		241,445
Vertex Pharmaceuticals, Inc. (a)		1,707		259,532
				5,600,813
Health Care Equipment & Supplies - 1.0%
Abbott Laboratories		11,976		639,039
Align Technology, Inc. (a)		540		100,586
Baxter International, Inc.		3,380		212,095
Becton Dickinson and Co.		1,487		291,378

Company	Shares		U.S. $ Value
Boston Scientific Corp. (a)		9,460	$	275,948
Cochlear Ltd.		405		50,659
Coloplast A/S - Class B		1,154		93,827
ConvaTec Group PLC (c)		12,601		46,303
Cooper Cos., Inc. (The)		361		85,597
CR Bard, Inc.		515		165,058
CYBERDYNE, Inc. (a)		3,189		42,529
Danaher Corp.		4,240		363,707
DENTSPLY SIRONA, Inc.		1,596		95,457
Edwards Lifesciences Corp. (a)		1,490		162,872
Essilor International SA		2,369		293,608
Getinge AB - Class B		2,013		37,792
Hologic, Inc. (a)		1,920		70,445
Hoya Corp.		3,900		210,907
IDEXX Laboratories, Inc. (a)		633		98,425
Intuitive Surgical, Inc. (a)		305		318,993
Koninklijke Philips NV		7,299		301,157
Medtronic PLC		9,659		751,180
Olympus Corp.		2,800		94,881
ResMed, Inc.		1,016		78,191
Smith & Nephew PLC		9,779		176,757
Sonova Holding AG (REG)		666		113,044
Straumann Holding AG		132		84,891
Stryker Corp.		2,175		308,894
Sysmex Corp.		1,500		95,837
Terumo Corp.		3,300		129,800
Varian Medical Systems, Inc. (a)		645		64,539
William Demant Holding A/S (a)		2,050		54,199
Zimmer Biomet Holdings, Inc.		1,385		162,170
				6,070,765
Health Care Providers & Services - 0.9%
Aetna, Inc.		2,467		392,278
Alfresa Holdings Corp.		2,700		49,465
AmerisourceBergen Corp. - Class A		1,235		102,196
Anthem, Inc.		1,850		351,278
Cardinal Health, Inc.		2,195		146,889
Centene Corp. (a)		1,187		114,866
Cigna Corp.		1,815		339,296
DaVita, Inc. (a)		1,150		68,298
Envision Healthcare Corp. (a)		823		36,994
Express Scripts Holding Co.(a)		4,389		277,911
Fresenius Medical Care AG & Co. KGaA		2,085		203,843
Fresenius SE & Co. KGaA		4,696		379,765
HCA Healthcare, Inc. (a)		2,050		163,159
Healthscope Ltd.		34,249		44,960
Henry Schein, Inc. (a)		1,140		93,469
Humana, Inc.		1,065		259,466
Laboratory Corp. of America Holdings (a)		725		109,453
McKesson Corp.		1,565		240,400
Mediclinic International PLC		1,862		16,218
Medipal Holdings Corp.		3,900		67,780
Miraca Holdings, Inc.		1,000		46,554
Patterson Cos., Inc.		560		21,644
Quest Diagnostics, Inc.		950		88,958

Company	Shares		U.S. $ Value
Ramsay Health Care Ltd.		1,156	$	56,562
Ryman Healthcare Ltd.		5,937		39,775
Sonic Healthcare Ltd.		5,598		91,991
Suzuken Co., Ltd./Aichi Japan		1,200		42,681
UnitedHealth Group, Inc.		6,635		1,299,465
Universal Health Services, Inc. - Class B		650		72,111
				5,217,725
Health Care Technology - 0.0%
Cerner Corp. (a)		2,080		148,346
M3, Inc.		2,070		59,018
				207,364
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc.		2,245		144,129
Illumina, Inc. (a)		1,011		201,391
Lonza Group AG (REG) (a)		779		204,694
Mettler-Toledo International, Inc. (a)		220		137,755
PerkinElmer, Inc.		755		52,072
QIAGEN NV (a)		2,703		85,442
Quintiles IMS Holdings, Inc. (a)		896		85,183
Thermo Fisher Scientific, Inc.		2,785		526,922
Waters Corp. (a)		545		97,838
				1,535,426
Pharmaceuticals - 3.3%
Allergan PLC		2,400		491,880
Astellas Pharma, Inc.		22,500		286,369
AstraZeneca PLC		13,478		896,306
Bayer AG (REG)		8,814		1,204,021
Bristol-Myers Squibb Co.		11,665		743,527
Chugai Pharmaceutical Co., Ltd.		2,100		87,268
Daiichi Sankyo Co., Ltd.		5,700		128,630
Eisai Co., Ltd.		2,933		150,618
Eli Lilly & Co.		6,765		578,678
GlaxoSmithKline PLC		52,848		1,056,464
Hikma Pharmaceuticals PLC		3,047		49,507
Hisamitsu Pharmaceutical Co., Inc.		1,000		48,057
Ipsen SA		880		117,087
Johnson & Johnson		19,105		2,483,841
Kyowa Hakko Kirin Co., Ltd.		435		7,412
Merck & Co., Inc.		19,305		1,236,099
Merck KGaA		1,230		136,989
Mitsubishi Tanabe Pharma Corp.		3,000		68,871
Mylan NV (a)		2,555		80,150
Novartis AG (REG)		23,800		2,041,444
Novo Nordisk A/S - Class B		20,377		979,700
Ono Pharmaceutical Co., Ltd.		3,900		88,524
Orion Oyj - Class B		974		45,225
Otsuka Holdings Co., Ltd.		3,717		147,794
Perrigo Co. PLC		1,022		86,512
Pfizer, Inc.		42,336		1,511,395
Recordati SpA		2,055		94,832
Roche Holding AG		7,488		1,914,084
Sanofi		12,344		1,228,804
Santen Pharmaceutical Co., Ltd.		2,500		39,445
Shionogi & Co., Ltd.		2,800		153,067

Company	Shares		U.S. $ Value
Shire PLC		9,881	$	503,276
Sumitomo Dainippon Pharma Co., Ltd.		2,900		37,778
Taisho Pharmaceutical Holdings Co., Ltd.		567		43,083
Takeda Pharmaceutical Co., Ltd.		7,600		420,249
Taro Pharmaceutical Industries Ltd. (a)		133		14,988
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,825		172,920
UCB SA		1,203		85,736
Vifor Pharma AG		802		94,593
Zoetis, Inc.		3,446		219,717
				19,774,940
				38,407,033
Industrials - 6.4%
Aerospace & Defense - 1.0%
Airbus SE		5,607		533,759
Arconic, Inc.		2,756		68,569
BAE Systems PLC		33,818		286,396
Boeing Co. (The)		4,060		1,032,093
Cobham PLC		27,677		54,036
Dassault Aviation SA		41		66,342
Elbit Systems Ltd.		250		36,755
General Dynamics Corp.		2,010		413,216
L3 Technologies, Inc.		525		98,926
Leonardo SpA		5,271		98,832
Lockheed Martin Corp.		1,800		558,522
Meggitt PLC		10,854		75,812
Northrop Grumman Corp.		1,240		356,773
Raytheon Co.		2,050		382,489
Rockwell Collins, Inc.		900		117,639
Rolls-Royce Holdings PLC (a)		19,591		233,021
Safran SA		2,977		304,217
Singapore Technologies Engineering Ltd.		43,000		109,286
Textron, Inc.		1,855		99,947
Thales SA		694		78,596
TransDigm Group, Inc.		363		92,801
United Technologies Corp.		5,425		629,734
				5,727,761
Air Freight & Logistics - 0.3%
Bollore SA		25,929		129,661
CH Robinson Worldwide, Inc.		965		73,437
Deutsche Post AG (REG)		9,235		411,643
Expeditors International of Washington, Inc.		1,220		73,029
FedEx Corp.		1,715		386,870
Kuehne & Nagel International AG (REG)		477		88,388
Royal Mail PLC		8,567		44,112
United Parcel Service, Inc. - Class B		4,855		583,037
Yamato Holdings Co., Ltd.		3,400		68,680
				1,858,857
Airlines - 0.2%
Alaska Air Group, Inc.		843		64,296
American Airlines Group, Inc.		3,682		174,858
ANA Holdings, Inc.		1,008		38,163
Delta Air Lines, Inc.		5,202		250,840
Deutsche Lufthansa AG (REG)		3,330		92,604

Company	Shares		U.S. $ Value
easyJet PLC		2,320	$	37,859
International Consolidated Airlines Group SA		10,420		83,043
Japan Airlines Co., Ltd.		900		30,466
Qantas Airways Ltd.		24,972		114,380
Singapore Airlines Ltd.		14,000		103,812
Southwest Airlines Co.		4,305		240,994
United Continental Holdings, Inc. (a)		2,022		123,099
				1,354,414
Building Products - 0.3%
Allegion PLC		635		54,908
AO Smith Corp.		1,055		62,699
Asahi Glass Co., Ltd.		2,000		74,286
Assa Abloy AB - Class B		9,541		218,445
Cie de Saint-Gobain		4,539		270,434
Daikin Industries Ltd.		2,500		253,181
Fortune Brands Home & Security, Inc.		1,071		72,003
Geberit AG (REG)		360		170,430
Johnson Controls International PLC		5,892		237,389
LIXIL Group Corp.		2,500		66,390
Masco Corp.		2,305		89,918
TOTO Ltd.		1,000		42,144
				1,612,227
Commercial Services & Supplies - 0.2%
Babcock International Group PLC		482		5,346
Brambles Ltd.		15,030		106,383
Cintas Corp.		585		84,404
Dai Nippon Printing Co., Ltd.		2,500		59,954
G4S PLC		17,154		63,999
ISS A/S		1,785		71,964
Park24 Co., Ltd.		1,300		31,659
Republic Services, Inc. - Class A		1,600		105,696
Secom Co., Ltd.		2,000		145,649
Societe BIC SA		891		106,805
Sohgo Security Services Co., Ltd.		1,000		45,903
Stericycle, Inc. (a)		610		43,688
Toppan Printing Co., Ltd.		5,000		49,601
Waste Management, Inc.		2,845		222,678
				1,143,729
Construction & Engineering - 0.3%
ACS Actividades de Construccion y Servicios SA		2,540		94,228
Bouygues SA		1,739		82,552
CIMIC Group Ltd.		2,988		103,838
Eiffage SA		1,102		114,127
Ferrovial SA		4,609		101,554
Fluor Corp.		965		40,626
HOCHTIEF AG		422		71,277
Jacobs Engineering Group, Inc.		815		47,490
JGC Corp.		4,000		64,778
Kajima Corp.		7,000		69,576
Obayashi Corp.		6,000		71,967
Quanta Services, Inc. (a)		1,015		37,931
Shimizu Corp.		4,000		44,357
Skanska AB - Class B		8,587		199,125
Taisei Corp.		2,000		104,884

Company	Shares		U.S. $ Value
Vinci SA		5,456	$	518,391
				1,766,701
Electrical Equipment - 0.5%
ABB Ltd. (REG)		20,970		518,546
Acuity Brands, Inc.		323		55,323
AMETEK, Inc.		1,599		105,598
Eaton Corp. PLC		3,144		241,428
Emerson Electric Co.		4,450		279,638
Fuji Electric Co., Ltd.		14,000		77,682
Legrand SA		2,541		183,384
Mabuchi Motor Co., Ltd.		800		40,079
Mitsubishi Electric Corp.		21,000		328,510
Nidec Corp.		2,567		315,564
OSRAM Licht AG		678		54,152
Prysmian SpA		1,074		36,288
Rockwell Automation, Inc.		930		165,735
Schneider Electric SE (Paris) (a)		6,098		531,020
Siemens Gamesa Renewable Energy SA		810		10,583
Vestas Wind Systems A/S		2,133		191,726
				3,135,256
Industrial Conglomerates - 0.9%
3M Co.		4,255		893,124
CK Hutchison Holdings Ltd.		25,840		330,966
DCC PLC		843		81,857
General Electric Co.		62,559		1,512,677
Honeywell International, Inc.		5,305		751,931
Jardine Matheson Holdings Ltd.		2,300		145,875
Jardine Strategic Holdings Ltd.		2,005		86,718
Keihan Holdings Co., Ltd.		1,000		29,289
Keppel Corp., Ltd.		13,000		62,414
NWS Holdings Ltd.		37,000		72,323
Roper Technologies, Inc.		725		176,465
Seibu Holdings, Inc.		3,142		53,668
Siemens AG (REG)		8,153		1,150,464
Smiths Group PLC		3,761		79,543
Toshiba Corp. (a)		38,000		106,558
				5,533,872
Machinery - 1.2%
Alfa Laval AB		3,778		92,409
Alstom SA		3,502		148,793
Amada Holdings Co., Ltd.		3,000		32,938
ANDRITZ AG		693		40,051
Atlas Copco AB - Class A		6,392		271,164
Atlas Copco AB - Class B		3,579		139,036
Caterpillar, Inc.		4,085		509,440
CNH Industrial NV		22,634		271,729
Cummins, Inc.		1,100		184,833
Deere & Co.		2,035		255,576
Dover Corp.		1,085		99,158
FANUC Corp.		2,100		425,782
Flowserve Corp.		910		38,757
Fortive Corp.		2,070		146,535
GEA Group AG		1,741		79,256
Hino Motors Ltd.		6,000		73,422
Hitachi Construction Machinery Co., Ltd.		3,000		88,907

Company	Shares		U.S. $ Value
Hoshizaki Corp.		400	$	35,137
IHI Corp.		2,600		90,632
Illinois Tool Works, Inc.		2,225		329,211
IMI PLC		4,517		75,262
Ingersoll-Rand PLC		1,805		160,952
JTEKT Corp.		4,300		59,524
Kawasaki Heavy Industries Ltd.		900		29,841
KION Group AG		721		69,068
Komatsu Ltd.		9,800		277,507
Kone Oyj - Class B		3,593		190,462
Kubota Corp.		10,000		181,907
Kurita Water Industries Ltd.		1,200		34,680
Makita Corp.		2,200		88,794
MAN SE		1,273		143,702
Metso Oyj		1,073		39,380
MINEBEA MITSUMI, Inc.		7,000		109,636
Mitsubishi Heavy Industries Ltd.		3,100		122,572
Nabtesco Corp.		1,000		37,207
NGK Insulators Ltd.		2,000		37,473
NSK Ltd.		4,719		63,712
PACCAR, Inc.		2,410		174,339
Parker-Hannifin Corp.		945		165,394
Pentair PLC		1,160		78,834
Sandvik AB		12,165		210,098
Schindler Holding AG		413		91,271
Schindler Holding AG (REG)		575		123,832
SKF AB - Class B		4,700		102,613
SMC Corp./Japan		600		212,017
Snap-on, Inc.		420		62,584
Stanley Black & Decker, Inc.		1,065		160,783
Sumitomo Heavy Industries Ltd.		1,200		48,167
THK Co., Ltd.		3,100		105,737
Volvo AB - Class B		14,676		283,365
Wartsila Oyj Abp		1,408		99,681
Weir Group PLC (The)		2,037		53,617
Xylem, Inc./NY		1,235		77,348
Yangzijiang Shipbuilding Holdings Ltd.		56,331		59,544
				7,183,669
Marine - 0.1%
AP Moller - Maersk A/S - Class A		70		128,867
AP Moller - Maersk A/S - Class B		68		129,476
Mitsui OSK Lines Ltd.		1,200		36,413
Nippon Yusen KK (a)		3,100		64,510
				359,266
Professional Services - 0.4%
Adecco Group AG (REG)		1,673		130,334
Bureau Veritas SA		3,094		79,848
Capita PLC		6,326		47,863
Equifax, Inc.		855		90,622
Experian PLC		10,230		205,487
Intertek Group PLC		1,536		102,671
Nielsen Holdings PLC		2,316		95,998
Randstad Holding NV		1,613		99,689
Recruit Holdings Co., Ltd.		11,748		254,385
RELX NV		15,125		321,762
RELX PLC		11,663		255,960
Robert Half International, Inc.		885		44,551

Company	Shares		U.S. $ Value
SGS SA (REG)		52	$	124,866
Verisk Analytics, Inc. - Class A (a)		1,100		91,509
Wolters Kluwer NV		5,568		257,325
				2,202,870
Road & Rail - 0.5%
Aurizon Holdings Ltd.		22,082		85,095
Central Japan Railway Co.		1,537		269,728
CSX Corp.		6,560		355,946
DSV A/S		1,630		123,482
East Japan Railway Co.		3,600		332,310
Hankyu Hanshin Holdings, Inc.		2,200		83,525
JB Hunt Transport Services, Inc.		603		66,981
Kansas City Southern		770		83,684
Keikyu Corp.		2,000		40,560
Keio Corp.		1,200		49,461
Keisei Electric Railway Co., Ltd.		2,945		81,480
Kintetsu Group Holdings Co., Ltd.		1,700		63,243
Kyushu Railway Co.		1,722		51,226
MTR Corp., Ltd.		15,500		90,756
Nagoya Railroad Co., Ltd.		1,800		38,761
Nippon Express Co., Ltd.		1,200		78,230
Norfolk Southern Corp.		2,040		269,770
Odakyu Electric Railway Co., Ltd.		3,000		56,925
Tobu Railway Co., Ltd.		1,200		32,971
Tokyu Corp.		5,000		70,814
Union Pacific Corp.		5,800		672,626
West Japan Railway Co.		1,568		109,011
				3,106,585
Trading Companies & Distributors - 0.4%
AerCap Holdings NV (a)		1,564		79,936
Ashtead Group PLC		4,791		115,578
Brenntag AG		1,471		82,002
Bunzl PLC		3,191		96,940
Fastenal Co.(b)		1,980		90,248
Ferguson PLC		3,100		203,389
ITOCHU Corp.		16,000		262,156
Marubeni Corp.		16,000		109,379
MISUMI Group, Inc.		2,900		76,435
Mitsubishi Corp.		16,100		374,580
Mitsui & Co., Ltd.		18,200		269,195
Sumitomo Corp.		11,300		162,691
Toyota Tsusho Corp.		2,300		75,591
Travis Perkins PLC		2,972		57,666
United Rentals, Inc. (a)		600		83,244
WW Grainger, Inc.		380		68,305
				2,207,335
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		6,861		138,709
Aena SME SA (c)		780		140,967
Aeroports de Paris		1,000		161,655
Atlantia SpA		176		5,561
Auckland International Airport Ltd.		10,521		48,984
Groupe Eurotunnel SE (REG)		6,892		83,086
Hutchison Port Holdings Trust - Class U		43,553		18,772

Company	Shares		U.S. $ Value
Kamigumi Co., Ltd.		1,500	$	34,751
Transurban Group		19,376		180,939
				813,424
				38,005,966
Consumer Discretionary - 6.3%
Auto Components - 0.4%
Aisin Seiki Co., Ltd.		1,800		94,901
BorgWarner, Inc.		1,380		70,697
Bridgestone Corp.		6,900		313,286
Cie Generale des Etablissements Michelin - Class B		1,732		252,701
Continental AG		1,047		265,906
Delphi Automotive PLC		1,891		186,074
Denso Corp.		5,200		263,174
GKN PLC		16,316		75,601
Goodyear Tire & Rubber Co. (The)		1,810		60,183
Koito Manufacturing Co., Ltd.		1,000		62,795
NGK Spark Plug Co., Ltd.		3,000		63,890
NOK Corp.		2,800		62,635
Nokian Renkaat Oyj		1,090		48,502
Stanley Electric Co., Ltd.		1,600		54,878
Sumitomo Electric Industries Ltd.		7,200		117,706
Sumitomo Rubber Industries Ltd.		4,100		75,252
Toyota Industries Corp.		1,600		92,020
Valeo SA		2,277		168,955
Yokohama Rubber Co., Ltd. (The)		1,000		20,623
				2,349,779
Automobiles - 1.1%
Bayerische Motoren Werke AG		3,152		319,910
Daimler AG (REG)		10,262		819,164
Ferrari NV		1,527		168,960
Fiat Chrysler Automobiles NV (a)		14,140		253,408
Ford Motor Co.		27,220		325,823
General Motors Co.		9,916		400,408
Harley-Davidson, Inc. (b)		1,250		60,263
Honda Motor Co., Ltd.		18,521		547,120
Isuzu Motors Ltd.		5,500		72,924
Mazda Motor Corp.		5,200		79,664
Mitsubishi Motors Corp.		11,400		90,258
Nissan Motor Co., Ltd.		26,300		260,544
Peugeot SA		7,475		177,944
Porsche Automobil Holding SE (Preference Shares)		1,458		93,285
Renault SA		1,830		179,811
Subaru Corp.		6,000		216,403
Suzuki Motor Corp.		3,500		183,698
Toyota Motor Corp.		28,500		1,699,409
Volkswagen AG		630		106,564
Volkswagen AG (Preference Shares)		1,767		288,471
Yamaha Motor Co., Ltd.		2,700		80,825
				6,424,856
Distributors - 0.0%
Genuine Parts Co.		1,060		101,389
Jardine Cycle & Carriage Ltd.		2,000		58,200

Company	Shares		U.S. $ Value
LKQ Corp. (a)		2,114	$	76,083
				235,672
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc.		300		10,824
H&R Block, Inc.		1,520		40,249
				51,073
Hotels, Restaurants & Leisure - 0.9%
Accor SA		2,705		134,529
Aristocrat Leisure Ltd.		4,876		80,540
Carnival Corp.		2,985		192,741
Carnival PLC		2,273		144,545
Chipotle Mexican Grill, Inc. - Class A (a)(b)		244		75,110
Compass Group PLC		16,836		357,218
Crown Resorts Ltd.		9,430		83,850
Darden Restaurants, Inc.		870		68,539
Domino’s Pizza Enterprises Ltd.		823		29,651
Galaxy Entertainment Group Ltd.		20,155		142,485
Genting Singapore PLC		92,000		79,554
Hilton Worldwide Holdings, Inc.		1,466		101,814
InterContinental Hotels Group PLC		2,053		108,605
Marriott International, Inc./MD - Class A		2,231		245,990
McDonald’s Corp.		5,980		936,946
McDonald’s Holdings Co. Japan Ltd.		2,200		97,332
Melco Resorts & Entertainment Ltd. (ADR)		2,651		63,942
Merlin Entertainments PLC (c)		6,755		40,314
MGM Resorts International		3,460		112,761
Oriental Land Co., Ltd./Japan		2,100		160,103
Paddy Power Betfair PLC		1,060		105,763
Royal Caribbean Cruises Ltd.		1,177		139,522
Sands China Ltd.		39,744		207,865
Sodexo SA		1,005		125,284
Starbucks Corp.		10,220		548,916
Tatts Group Ltd.		15,121		47,306
TUI AG		6,938		117,733
Whitbread PLC		1,737		87,678
Wyndham Worldwide Corp.		750		79,057
Wynn Macau Ltd.		77,455		209,476
Wynn Resorts Ltd.		560		83,395
Yum! Brands, Inc.		2,545		187,337
				5,195,901
Household Durables - 0.4%
Auto Trader Group PLC (c)		9,529		50,132
Barratt Developments PLC		9,541		78,600
Berkeley Group Holdings PLC		1,236		61,598
Casio Computer Co., Ltd.		2,100		29,622
DR Horton, Inc.		2,355		94,035
Electrolux AB - Class B		2,430		82,707
Garmin Ltd.		770		41,557
Husqvarna AB - Class B		8,194		84,382
Iida Group Holdings Co., Ltd.		1,346		24,012
Leggett & Platt, Inc.		925		44,150
Lennar Corp. - Class A		1,300		68,640
Mohawk Industries, Inc. (a)		450		111,380
Newell Brands, Inc.		3,355		143,158

Company	Shares		U.S. $ Value
Nikon Corp.		3,200	$	55,492
Panasonic Corp.		23,500		341,031
Persimmon PLC		3,527		122,060
PulteGroup, Inc.		2,135		58,350
Rinnai Corp.		700		59,961
SEB SA		568		104,240
Sekisui Chemical Co., Ltd.		4,000		78,806
Sekisui House Ltd.		6,000		101,134
Sharp Corp./Japan (a)		1,500		45,366
Sony Corp.		13,500		503,667
Taylor Wimpey PLC		31,025		81,315
Whirlpool Corp.		550		101,442
				2,566,837
Internet & Direct Marketing Retail - 0.7%
Amazon.com, Inc. (a)		2,762		2,655,249
Expedia, Inc.		832		119,758
Netflix, Inc. (a)		2,982		540,786
Priceline Group, Inc. (The) (a)		347		635,294
Rakuten, Inc.		8,852		96,644
Start Today Co., Ltd.		2,592		82,141
TripAdvisor, Inc. (a)		762		30,884
Zalando SE (a) (c)		2,021		101,439
				4,262,195
Leisure Products - 0.1%
Bandai Namco Holdings, Inc.		1,900		65,274
Hasbro, Inc.		800		78,136
Mattel, Inc.		2,335		36,146
Sankyo Co., Ltd.		300		9,573
Shimano, Inc.		700		93,253
Yamaha Corp.		1,600		59,074
				341,456
Media - 1.0%
Altice NV - Class A (a)		3,528		70,687
Altice NV - Class B (a)		1,176		23,480
Axel Springer SE		2,191		140,919
CBS Corp. - Class B		2,840		164,720
Charter Communications, Inc. - Class A (a)		1,523		553,489
Comcast Corp. - Class A		33,502		1,289,157
Dentsu, Inc.		2,100		92,249
Discovery Communications, Inc. - Class A (a) (b)		1,045		22,248
Discovery Communications, Inc. - Class C (a)		1,545		31,302
DISH Network Corp. - Class A (a)		1,475		79,989
Eutelsat Communications SA		3,140		92,952
Hakuhodo DY Holdings, Inc.		2,490		32,784
I-CABLE Communications Ltd. (a)		7,906		265
Interpublic Group of Cos., Inc. (The)		2,795		58,108
ITV PLC		34,542		80,929
JCDecaux SA		189		7,086
Lagardere SCA		352		11,792
News Corp. - Class A		2,658		35,245
News Corp. - Class B		817		11,152
Omnicom Group, Inc.		1,660		122,956
Pearson PLC		7,821		64,137

Company	Shares		U.S. $ Value
Publicis Groupe SA		1,801	$	125,993
REA Group Ltd.		1,002		52,779
RTL Group SA (London) (a)		1,166		88,339
Schibsted ASA - Class B		2,252		53,269
Scripps Networks Interactive, Inc. - Class A		670		57,546
SES SA		4,651		101,819
Sky PLC		13,314		163,334
Telenet Group Holding NV (a)		454		30,052
Time Warner, Inc.		5,445		557,840
Toho Co., Ltd./Tokyo		1,000		34,918
Twenty-First Century Fox, Inc. - Class A		7,421		195,766
Twenty-First Century Fox, Inc. - Class B		3,367		86,835
Viacom, Inc. - Class B		2,410		67,094
Vivendi SA		11,072		280,496
Walt Disney Co. (The)		11,094		1,093,536
WPP PLC		13,761		255,350
				6,230,612
Multiline Retail - 0.2%
Dollar General Corp.		1,820		147,511
Dollar Tree, Inc. (a)		1,638		142,211
Don Quijote Holdings Co., Ltd.		1,000		37,378
Isetan Mitsukoshi Holdings Ltd.		2,200		22,990
J Front Retailing Co., Ltd.		3,500		48,392
Kohl’s Corp.		1,230		56,149
Macy’s, Inc.		2,105		45,931
Marks & Spencer Group PLC		15,442		73,113
Marui Group Co., Ltd.		3,300		47,240
Next PLC		1,363		96,081
Nordstrom, Inc.		770		36,306
Ryohin Keikaku Co., Ltd.		257		75,759
Target Corp.		4,025		237,515
				1,066,576
Specialty Retail - 0.8%
ABC-Mart, Inc.		500		26,411
Advance Auto Parts, Inc.		531		52,675
AutoZone, Inc. (a)		225		133,900
Best Buy Co., Inc.		1,900		108,224
CarMax, Inc. (a)(b)		1,320		100,069
Dixons Carphone PLC		6,678		17,315
Fast Retailing Co., Ltd.		500		147,477
Foot Locker, Inc.		942		33,177
Gap, Inc. (The)		1,505		44,443
Hennes & Mauritz AB - Class B		9,038		234,773
Hikari Tsushin, Inc.		500		62,726
Home Depot, Inc. (The)		8,630		1,411,523
Industria de Diseno Textil SA		11,626		438,303
Kingfisher PLC		29,522		118,197
L Brands, Inc. (b)		1,685		70,113
Lowe’s Cos., Inc.		6,090		486,835
Nitori Holdings Co., Ltd.		750		107,259
O’Reilly Automotive, Inc. (a)		690		148,605
Ross Stores, Inc.		2,750		177,568
Shimamura Co., Ltd.		200		23,991
Signet Jewelers Ltd.		508		33,807
Tiffany & Co.		755		69,294

Company	Shares		U.S. $ Value
TJX Cos., Inc. (The)		4,570	$	336,946
Tractor Supply Co.		915		57,910
Ulta Salon Cosmetics & Fragrance, Inc. (a)		402		90,876
USS Co., Ltd.		4,120		83,154
Yamada Denki Co., Ltd.		10,990		60,095
				4,675,666
Textiles, Apparel & Luxury Goods - 0.7%
adidas AG		2,040		461,992
Burberry Group PLC		4,236		100,018
Cie Financiere Richemont SA (REG)		5,585		511,228
Coach, Inc.		1,930		77,740
Hanesbrands, Inc.		2,627		64,729
Hermes International		281		141,773
HUGO BOSS AG		1,317		116,208
Kering		721		287,223
Li & Fung Ltd.		48,000		24,131
Luxottica Group SpA		1,559		87,241
LVMH Moet Hennessy Louis Vuitton SE		2,973		821,848
Michael Kors Holdings Ltd. (a)		1,159		55,458
NIKE, Inc. - Class B		9,420		488,427
Pandora A/S		1,106		109,353
PVH Corp.		545		68,703
Ralph Lauren Corp.		390		34,433
Swatch Group AG (The)		294		122,515
Swatch Group AG (The) (REG)		1,834		146,233
Under Armour, Inc. - Class A (a)(b)		1,247		20,551
Under Armour, Inc. - Class C (a)(b)		1,254		18,835
VF Corp.		2,310		146,847
				3,905,486
				37,306,109
Consumer Staples - 5.0%
Beverages - 1.1%
Anheuser-Busch InBev SA/NV		8,118		970,403
Asahi Group Holdings Ltd.		3,700		149,623
Brown-Forman Corp. - Class B		1,254		68,092
Carlsberg A/S - Class B		1,051		115,330
Coca-Cola Amatil Ltd.		14,439		87,646
Coca-Cola Bottlers Japan, Inc.		1,300		42,107
Coca-Cola Co. (The)		27,130		1,221,121
Coca-Cola European Partners PLC		2,055		86,162
Coca-Cola HBC AG (a)		1,928		65,280
Constellation Brands, Inc. - Class A		1,270		253,301
Diageo PLC		27,623		908,396
Dr Pepper Snapple Group, Inc.		1,270		112,357
Heineken Holding NV		1,000		93,951
Heineken NV		2,500		247,381
Kirin Holdings Co., Ltd.		9,345		219,550
Molson Coors Brewing Co. - Class B		1,300		106,132
Monster Beverage Corp. (a)		2,880		159,120
PepsiCo, Inc.		10,075		1,122,657
Pernod Ricard SA		2,021		279,574
Remy Cointreau SA		195		23,100
Suntory Beverage & Food Ltd.		1,324		58,893
Treasury Wine Estates Ltd.		6,024		64,805
				6,454,981

Company	Shares		U.S. $ Value
Food & Staples Retailing - 0.8%
Aeon Co., Ltd.		6,200	$	91,639
Carrefour SA		5,903		119,166
Casino Guichard Perrachon SA		1,228		72,829
Colruyt SA		862		44,167
Costco Wholesale Corp.		3,065		503,549
CVS Health Corp.		7,430		604,208
Distribuidora Internacional de Alimentacion SA		8,219		48,000
FamilyMart UNY Holdings Co., Ltd.		800		42,145
ICA Gruppen AB		2,462		92,618
J Sainsbury PLC		18,022		57,460
Jeronimo Martins SGPS SA		2,405		47,472
Koninklijke Ahold Delhaize NV		9,852		184,081
Kroger Co. (The)		6,580		131,995
Lawson, Inc.		600		39,732
METRO AG (a)		3,266		69,038
Seven & i Holdings Co., Ltd.		8,000		309,076
Sundrug Co., Ltd.		1,000		41,439
Sysco Corp.		3,555		191,792
Tesco PLC (a)		87,120		218,475
Tsuruha Holdings, Inc.		600		71,740
Wal-Mart Stores, Inc.		10,563		825,393
Walgreens Boots Alliance, Inc.		5,945		459,073
Wesfarmers Ltd.		12,002		389,627
Wm Morrison Supermarkets PLC		19,623		61,556
Woolworths Ltd.		14,003		277,312
				4,993,582
Food Products - 1.1%
Ajinomoto Co., Inc.		5,000		97,573
Archer-Daniels-Midland Co.		4,015		170,678
Associated British Foods PLC		3,965		169,748
Barry Callebaut AG (REG) (a)		91		139,313
Calbee, Inc.		1,315		46,185
Campbell Soup Co.		1,325		62,036
Conagra Brands, Inc.		2,885		97,340
Danone SA		6,291		494,119
General Mills, Inc.		4,135		214,028
Hershey Co. (The)		1,000		109,170
Hormel Foods Corp.		1,850		59,459
JM Smucker Co. (The)		795		83,419
Kellogg Co.		1,765		110,083
Kerry Group PLC - Class A		1,906		182,906
Kikkoman Corp.		1,000		30,726
Kraft Heinz Co. (The)		4,178		324,004
Marine Harvest ASA (a)		4,327		85,567
McCormick & Co., Inc./MD		825		84,678
MEIJI Holdings Co., Ltd.		1,100		87,107
Mondelez International, Inc. - Class A		10,835		440,551
Nestle SA (REG)		33,982		2,852,491
NH Foods Ltd.		1,866		51,285
Nisshin Seifun Group, Inc.		4,000		66,960
Nissin Foods Holdings Co., Ltd.		1,200		72,912
Orkla ASA		10,095		103,592
Tate & Lyle PLC		4,440		38,553
Toyo Suisan Kaisha Ltd.		1,000		36,739
Tyson Foods, Inc. - Class A		2,075		146,184

Company	Shares		U.S. $ Value
WH Group Ltd. (c)		67,807	$	72,215
Wilmar International Ltd.		26,000		61,097
Yakult Honsha Co., Ltd.		800		57,571
Yamazaki Baking Co., Ltd.		59		1,065
				6,649,354
Household Products - 0.7%
Church & Dwight Co., Inc. (b)		1,776		86,047
Clorox Co. (The)		920		121,357
Colgate-Palmolive Co.		6,200		451,670
Essity AB - Class B (a)		4,979		135,748
Henkel AG & Co. KGaA		989		120,432
Henkel AG & Co. KGaA (Preference Shares)		1,696		231,067
Kimberly-Clark Corp.		2,515		295,965
Lion Corp.		2,000		36,544
Procter & Gamble Co. (The)		18,170		1,653,107
Reckitt Benckiser Group PLC		7,158		654,012
Unicharm Corp.		3,800		87,040
				3,872,989
Personal Products - 0.5%
Beiersdorf AG		1,051		113,157
Coty, Inc. - Class A		3,262		53,921
Estee Lauder Cos., Inc. (The) - Class A		1,540		166,073
Kao Corp.		5,400		317,916
Kose Corp.		500		57,311
L’Oreal SA		2,700		572,518
Pola Orbis Holdings, Inc.		1,800		54,428
Shiseido Co., Ltd.		3,600		144,080
Unilever NV		15,507		916,633
Unilever PLC		13,679		791,731
				3,187,768
Tobacco - 0.8%
Altria Group, Inc.		13,660		866,317
British American Tobacco PLC		24,956		1,562,338
Imperial Brands PLC		10,218		436,112
Japan Tobacco, Inc.		11,724		384,207
Philip Morris International, Inc.		10,850		1,204,459
Swedish Match AB		2,884		101,290
				4,554,723
				29,713,397
Energy - 2.9%
Energy Equipment & Services - 0.3%
Baker Hughes a GE Co. - Class A		2,960		108,395
Halliburton Co.		5,990		275,720
Helmerich & Payne, Inc.		735		38,301
National Oilwell Varco, Inc.		2,605		93,077
Saipem SpA (a)		18,421		79,555
Schlumberger Ltd.		9,700		676,672
TechnipFMC PLC (a)		3,318		92,638
Tenaris SA		4,501		63,801
				1,428,159

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 2.6%
Anadarko Petroleum Corp.		3,795	$	185,386
Andeavor		825		85,099
Apache Corp.		2,645		121,141
BP PLC		210,515		1,348,557
Cabot Oil & Gas Corp.		3,240		86,670
Caltex Australia Ltd.		3,100		78,217
Chesapeake Energy Corp. (a)(b)		5,195		22,338
Chevron Corp.		13,180		1,548,650
Cimarex Energy Co.		677		76,955
Concho Resources, Inc. (a)		1,007		132,642
ConocoPhillips		8,620		431,431
Devon Energy Corp.		3,620		132,890
Enagas SA		2,159		60,836
Eni SpA		24,216		401,058
EOG Resources, Inc.		3,860		373,416
EQT Corp.		1,190		77,636
Exxon Mobil Corp.		30,310		2,484,814
Galp Energia SGPS SA		5,341		94,713
Hess Corp.		1,840		86,278
Idemitsu Kosan Co., Ltd.		1,200		33,914
Inpex Corp.		9,048		96,386
JXTG Holdings, Inc.		32,750		168,866
Kinder Morgan, Inc./DE		13,389		256,801
Koninklijke Vopak NV		502		22,015
Lundin Petroleum AB (a)		856		18,757
Marathon Oil Corp.		5,905		80,072
Marathon Petroleum Corp.		3,674		206,038
Neste Oyj		1,220		53,319
Newfield Exploration Co. (a)		1,370		40,648
Noble Energy, Inc.		3,000		85,080
Occidental Petroleum Corp.		5,350		343,523
Oil Search Ltd.		18,278		100,845
OMV AG		1,402		81,737
ONEOK, Inc.		2,718		150,604
Origin Energy Ltd. (a)		16,658		98,103
Phillips 66		3,110		284,907
Pioneer Natural Resources Co.		1,215		179,261
Range Resources Corp.		1,300		25,441
Repsol SA		13,383		246,975
Royal Dutch Shell PLC - Class A		48,497		1,465,667
Royal Dutch Shell PLC - Class B		40,305		1,240,834
Santos Ltd. (a)		18,468		58,564
Showa Shell Sekiyu KK		4,285		49,397
Snam SpA		26,833		129,310
Statoil ASA		12,989		261,137
TOTAL SA		25,086		1,346,979
Valero Energy Corp.		3,225		248,099
Williams Cos., Inc. (The)		4,755		142,698
Woodside Petroleum Ltd.		7,059		161,638
				15,506,342
				16,934,501
Materials - 2.8%
Chemicals - 1.6%
Air Liquide SA		4,143		552,493
Air Products & Chemicals, Inc.		1,520		229,854

Company	Shares		U.S. $ Value
Akzo Nobel NV		3,630	$	334,793
Albemarle Corp.		761		103,732
Arkema SA		1,159		142,211
Asahi Kasei Corp.		12,000		147,870
BASF SE		9,789		1,042,883
CF Industries Holdings, Inc.		1,600		56,256
Chr Hansen Holding A/S		1,460		125,330
Covestro AG (c)		1,766		151,965
Croda International PLC		1,689		85,882
Daicel Corp.		3,000		36,173
DowDuPont, Inc.		16,770		1,160,987
Eastman Chemical Co.		1,030		93,205
Ecolab, Inc.		1,840		236,642
EMS-Chemie Holding AG (REG)		203		135,096
Evonik Industries AG		2,574		92,027
FMC Corp.		930		83,058
Frutarom Industries Ltd.		300		23,076
Givaudan SA (REG)		88		191,575
Hitachi Chemical Co., Ltd.		3,000		82,322
Incitec Pivot Ltd.		32,013		90,697
International Flavors & Fragrances, Inc.		550		78,600
Israel Chemicals Ltd.		4,414		19,651
Johnson Matthey PLC		1,842		84,465
JSR Corp.		800		15,211
Kansai Paint Co., Ltd.		3,000		75,572
Kuraray Co., Ltd.		3,000		56,129
LANXESS AG		1,767		139,542
Linde AG		1,768		367,652
LyondellBasell Industries NV - Class A		2,399		237,621
Mitsubishi Chemical Holdings Corp.		13,000		123,942
Mitsubishi Gas Chemical Co., Inc.		2,500		58,659
Mitsui Chemicals, Inc.		1,600		48,668
Monsanto Co.		3,040		364,253
Mosaic Co. (The)		2,430		52,464
Nippon Paint Holdings Co., Ltd.		2,000		68,039
Nissan Chemical Industries Ltd.		1,000		35,192
Nitto Denko Corp.		1,600		133,458
Novozymes A/S - Class B		2,458		126,262
Orica Ltd.		7,662		119,266
PPG Industries, Inc.		1,850		201,021
Praxair, Inc.		1,990		278,083
Sherwin-Williams Co. (The)		565		202,293
Shin-Etsu Chemical Co., Ltd.		4,100		366,950
Sika AG		20		148,914
Solvay SA		927		138,585
Sumitomo Chemical Co., Ltd.		15,000		93,841
Symrise AG		1,178		89,558
Taiyo Nippon Sanso Corp.		7,000		82,959
Teijin Ltd.		3,000		59,186
Toray Industries, Inc.		14,000		135,847
Tosoh Corp.		3,149		71,080
Umicore SA		1,001		82,868
Yara International ASA		1,297		58,159
				9,412,117
Construction Materials - 0.2%
Boral Ltd.		17,642		94,066
CRH PLC		8,841		336,345
Fletcher Building Ltd.		7,055		40,776
HeidelbergCement AG		1,342		138,105

Company	Shares		U.S. $ Value
James Hardie Industries PLC		3,449	$	48,139
LafargeHolcim Ltd. (REG) (a)		4,333		253,675
Martin Marietta Materials, Inc.		477		98,371
Taiheiyo Cement Corp.		500		19,317
Vulcan Materials Co.		915		109,434
				1,138,228
Containers & Packaging - 0.1%
Amcor Ltd./Australia		11,024		131,851
Avery Dennison Corp.		585		57,529
Ball Corp.		2,420		99,946
International Paper Co.		2,865		162,789
Packaging Corp. of America		675		77,409
Sealed Air Corp.		1,340		57,245
Toyo Seikan Group Holdings Ltd.		1,700		28,409
WestRock Co.		1,747		99,107
				714,285
Metals & Mining - 0.8%
Alumina Ltd.		466		808
Anglo American PLC		14,945		268,687
Antofagasta PLC		6,389		81,383
ArcelorMittal (a)		12,535		323,357
BHP Billiton Ltd.		34,230		694,177
BHP Billiton PLC		22,510		397,211
BlueScope Steel Ltd.		6,941		59,960
Boliden AB		4,189		142,088
Fortescue Metals Group Ltd.		18,067		73,167
Freeport-McMoRan, Inc. (a)		8,525		119,691
Fresnillo PLC		2,356		44,392
Glencore PLC (a)		130,406		598,564
Hitachi Metals Ltd.		5,000		69,679
JFE Holdings, Inc.		5,000		97,799
Kobe Steel Ltd.		1,199		13,731
Mitsubishi Materials Corp.		2,700		93,520
Newcrest Mining Ltd.		7,017		115,498
Newmont Mining Corp.		3,695		138,600
Nippon Steel & Sumitomo Metal Corp.		8,643		198,734
Norsk Hydro ASA		16,444		119,988
Nucor Corp.		2,210		123,848
Randgold Resources Ltd.		890		86,986
Rio Tinto Ltd.		4,038		211,651
Rio Tinto PLC		13,185		613,750
South32 Ltd.		56,741		146,789
Sumitomo Metal Mining Co., Ltd.		2,500		80,483
thyssenkrupp AG		3,919		116,394
voestalpine AG		1,082		55,175
				5,086,110
Paper & Forest Products - 0.1%
Mondi PLC		3,496		93,991
Oji Holdings Corp.		14,000		75,594
Stora Enso Oyj - Class R		5,244		74,177

Company	Shares		U.S. $ Value
UPM-Kymmene Oyj		5,689	$	154,349
				398,111
				16,748,851
Real Estate - 1.7%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Alexandria Real Estate Equities, Inc.		632		75,189
American Tower Corp.		2,965		405,256
Apartment Investment & Management Co. - Class A		1,075		47,150
AvalonBay Communities, Inc.		945		168,607
Boston Properties, Inc.		1,100		135,168
British Land Co. PLC (The)		9,308		75,150
Crown Castle International Corp.		2,370		236,953
Daiwa House REIT Investment Corp.		13		31,116
Dexus		13,420		100,145
Digital Realty Trust, Inc.		1,030		121,880
Duke Realty Corp.		2,548		73,433
Equinix, Inc.		520		232,076
Equity Residential		2,540		167,462
Essex Property Trust, Inc.		478		121,426
Extra Space Storage, Inc.		883		70,569
Federal Realty Investment Trust		522		64,838
GGP, Inc.		4,044		83,994
Goodman Group		16,928		109,601
GPT Group (The)		17,105		66,653
Hammerson PLC		7,467		53,765
HCP, Inc.		2,880		80,150
Host Hotels & Resorts, Inc.		5,150		95,224
ICADE		1,592		142,032
Intu Properties PLC		9,588		29,640
Iron Mountain, Inc.		1,708		66,441
Japan Prime Realty Investment Corp.		7		23,390
Japan Real Estate Investment Corp.		12		57,697
Japan Retail Fund Investment Corp.		24		43,067
Kimco Realty Corp.		2,930		57,282
Klepierre SA		2,231		87,626
Land Securities Group PLC		9,737		126,993
Link REIT		21,500		174,837
Macerich Co. (The)		810		44,526
Mid-America Apartment Communities, Inc.		796		85,076
Mirvac Group		40,488		72,833
Nippon Building Fund, Inc.		13		64,812
Nippon Prologis REIT, Inc.		14		29,509
Nomura Real Estate Master Fund, Inc.		34		44,205
Prologis, Inc.		3,670		232,898
Public Storage		1,030		220,410
Realty Income Corp.		1,808		103,400
Regency Centers Corp.		1,033		64,087
SBA Communications Corp. (a)		870		125,324
Scentre Group		50,683		156,454
Segro PLC		8,541		61,407
Simon Property Group, Inc.		2,216		356,798
SL Green Realty Corp.		676		68,492
Stockland		23,010		77,707
UDR, Inc.		1,828		69,519
Unibail-Rodamco SE		1,361		331,189
United Urban Investment Corp.		26		38,080
Ventas, Inc.		2,441		158,982

Company	Shares		U.S. $ Value
Vicinity Centres		39,646	$	82,807
Vornado Realty Trust		1,185		91,103
Welltower, Inc.		2,475		173,943
Westfield Corp.		18,793		115,710
Weyerhaeuser Co.		5,198		176,888
				6,470,969
Real Estate Management & Development - 0.6%
Aeon Mall Co., Ltd.		1,700		30,262
Azrieli Group Ltd.		811		45,106
CapitaLand Ltd.		35,000		92,606
CBRE Group, Inc. - Class A (a)		2,065		78,222
City Developments Ltd.		11,000		92,176
CK Asset Holdings Ltd.		25,719		213,811
Daito Trust Construction Co., Ltd.		700		127,528
Daiwa House Industry Co., Ltd.		6,000		207,255
Deutsche Wohnen SE		3,212		136,505
Global Logistic Properties Ltd.		80,329		195,724
Hang Lung Properties Ltd.		14,000		33,332
Henderson Land Development Co., Ltd.		25,141		167,222
Hongkong Land Holdings Ltd.		14,000		100,949
Hulic Co., Ltd.		6,591		64,628
Kerry Properties Ltd.		8,500		35,305
LendLease Group		10,380		146,246
Mitsubishi Estate Co., Ltd.		13,000		225,932
Mitsui Fudosan Co., Ltd.		10,000		216,830
New World Development Co., Ltd.		82,122		118,496
Nomura Real Estate Holdings, Inc.		3,600		76,796
Sino Land Co., Ltd.		16,000		28,208
Sumitomo Realty & Development Co., Ltd.		3,843		116,271
Sun Hung Kai Properties Ltd.		15,000		244,354
Swire Properties Ltd.		25,389		86,224
Swiss Prime Site AG (REG) (a)		976		87,738
Tokyu Fudosan Holdings Corp.		7,989		48,221
Vonovia SE		5,710		243,176
Wharf Holdings Ltd. (The)		13,000		116,300
Wheelock & Co., Ltd.		17,000		120,001
				3,495,424
				9,966,393
Utilities - 1.7%
Electric Utilities - 1.0%
Alliant Energy Corp.		1,588		66,013
American Electric Power Co., Inc.		3,425		240,572
AusNet Services		37,398		49,626
Chubu Electric Power Co., Inc.		6,100		75,810
Chugoku Electric Power Co., Inc. (The)		4,000		42,493
CK Infrastructure Holdings Ltd.		15,000		129,316
CLP Holdings Ltd.		12,500		128,333
DONG Energy A/S (c)		1,822		104,441
Duke Energy Corp.		4,782		401,305
Edison International		2,265		174,790
EDP - Energias de Portugal SA		25,431		95,892
Electricite de France SA		11,071		134,461
Endesa SA		3,024		68,237
Enel SpA		88,110		530,802
Entergy Corp.		1,225		93,541

Company	Shares		U.S. $ Value
Eversource Energy		2,210	$	133,572
Exelon Corp.		6,397		240,975
FirstEnergy Corp.		2,935		90,486
Fortum Oyj		4,228		84,484
HK Electric Investments & HK Electric Investments Ltd. - Class SS(c)		104,180		95,204
Iberdrola SA		62,572		486,537
Kansai Electric Power Co., Inc. (The)		8,491		108,680
Kyushu Electric Power Co., Inc.		4,100		43,556
Mercury NZ Ltd.		13,502		33,073
NextEra Energy, Inc.		3,245		475,555
PG&E Corp.		3,475		236,613
Pinnacle West Capital Corp.		785		66,380
Power Assets Holdings Ltd.		8,500		73,781
PPL Corp.		4,695		178,175
Red Electrica Corp. SA		5,707		120,045
Southern Co. (The)		6,810		334,643
SSE PLC		10,739		200,950
Terna Rete Elettrica Nazionale SpA		23,069		134,794
Tohoku Electric Power Co., Inc.		4,300		54,715
Tokyo Electric Power Co. Holdings, Inc. (a)		13,800		55,749
Xcel Energy, Inc.		3,520		166,566
				5,750,165
Gas Utilities - 0.1%
APA Group		12,605		82,687
Gas Natural SDG SA		3,334		73,857
Hong Kong & China Gas Co., Ltd.		79,344		149,510
Osaka Gas Co., Ltd.		3,600		66,911
Toho Gas Co., Ltd.		2,018		59,089
Tokyo Gas Co., Ltd.		3,800		93,056
				525,110
Independent Power and Renewable Electricity Producers - 0.0%
AES Corp./VA		4,585		50,527
Electric Power Development Co., Ltd.		1,600		40,193
Meridian Energy Ltd.		18,542		38,103
NRG Energy, Inc.		2,190		56,042
				184,865
Multi-Utilities - 0.6%
AGL Energy Ltd.		6,423		117,943
Ameren Corp.		1,660		96,014
CenterPoint Energy, Inc.		2,995		87,484
Centrica PLC		64,140		160,758
CMS Energy Corp.		1,920		88,934
Consolidated Edison, Inc.		2,130		171,848
Dominion Energy, Inc.		4,385		337,338
DTE Energy Co.		1,270		136,347
E.ON SE		23,845		270,317
Engie SA		18,347		311,558
Innogy SE (c)		1,395		62,146
National Grid PLC		36,605		453,373
NiSource, Inc.		2,205		56,426
Public Service Enterprise Group, Inc.		3,505		162,106
RWE AG (a)		5,973		135,886
SCANA Corp.		995		48,248
Sempra Energy		1,760		200,869

Company	Shares		U.S. $ Value
Suez		5,769	$	105,335
United Utilities Group PLC		8,008		91,694
Veolia Environnement SA		2,727		63,016
WEC Energy Group, Inc.		2,188		137,363
				3,295,003
Water Utilities - 0.0%
American Water Works Co., Inc.		1,221		98,791
Severn Trent PLC		2,239		65,219
				164,010
				9,919,153
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		42,926		1,681,411
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		35,781
BT Group PLC		89,935		342,067
CenturyLink, Inc. (b)		3,810		72,009
Deutsche Telekom AG (REG)		34,368		641,798
Elisa Oyj		1,354		58,330
HKT Trust & HKT Ltd. - Class SS		55,098		67,007
Iliad SA		332		88,247
Inmarsat PLC		6,433		55,520
Koninklijke KPN NV		28,755		98,681
Level 3 Communications, Inc. (a)		1,997		106,420
Nippon Telegraph & Telephone Corp.		7,400		339,073
Orange SA		18,911		309,648
Proximus SADP		1,568		54,055
Singapore Telecommunications Ltd.		76,000		206,307
Spark New Zealand Ltd.		17,417		45,985
Swisscom AG (REG)		247		126,638
TDC A/S		10,476		61,437
Telecom Italia SpA/Milano (ordinary shares) (a)		150,129		140,826
Telefonica Deutschland Holding AG		17,113		96,169
Telefonica SA		50,008		543,440
Telenor ASA		7,146		151,385
Telia Co. AB		24,258		114,387
Telstra Corp., Ltd.		40,732		111,584
TPG Telecom Ltd.		8,880		33,994
Verizon Communications, Inc.		28,445		1,407,743
				6,989,942
Wireless Telecommunication Services - 0.4%
KDDI Corp.		19,550		515,337
Millicom International Cellular SA		641		42,344
NTT DOCOMO, Inc.		14,767		337,526
SoftBank Group Corp.		8,822		715,431
StarHub Ltd.		23,000		44,161
Tele2 AB - Class B		3,826		43,843
Vodafone Group PLC		283,081		792,680
				2,491,322
				9,481,264
Total Common Stocks (cost $237,068,446)				307,079,350

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 29.2%
United States – 29.2%
U.S. Treasury Bonds
2.25%, 8/15/46	$	5,033	$	4,426,246
2.50%, 2/15/45		520		485,063
2.75%, 8/15/42		920		909,363
2.875%, 5/15/43-8/15/45		5,597		5,626,490
3.00%, 5/15/45-5/15/47		1,633		1,680,188
3.125%, 11/15/41-2/15/43		2,825		2,985,192
3.50%, 2/15/39		358		404,316
3.625%, 8/15/43		3,475		3,989,191
3.75%, 8/15/41		220		257,228
3.875%, 8/15/40		280		333,025
4.25%, 5/15/39		240		300,300
4.375%, 11/15/39-5/15/41		1,258		1,602,851
4.50%, 8/15/39		220		284,522
4.75%, 2/15/37-2/15/41		2,661		3,537,931
5.375%, 2/15/31		650		870,695
6.00%, 2/15/26		2,846		3,665,114
6.25%, 8/15/23-5/15/30		724		1,004,627
6.875%, 8/15/25		590		790,231
7.25%, 8/15/22		775		966,570
7.625%, 2/15/25		55		75,556
8.00%, 11/15/21		9,123		11,365,262
U.S. Treasury Notes
1.00%, 9/30/19		995		985,672
1.125%, 2/28/21-9/30/21		2,905		2,841,085
1.25%, 11/30/18-10/31/21		21,979		21,828,294
1.375%, 12/31/18-5/31/21		12,309		12,238,217
1.50%, 5/31/19-8/15/26		8,738		8,608,762
1.625%, 6/30/20-2/15/26		14,732		14,392,100
1.75%, 3/31/22-5/15/23		6,871		6,814,907
1.875%, 11/30/21-8/31/22		6,146		6,145,164
2.00%, 11/15/21-11/15/26		15,816		15,765,101
2.125%, 8/15/21-5/15/25		5,862		5,868,694
2.25%, 11/15/24-8/15/27		3,051		3,034,919
2.375%, 8/15/24-5/15/27		1,829		1,844,630
2.50%, 8/15/23-5/15/24		2,242		2,297,174
2.625%, 8/15/20-11/15/20		3,700		3,807,024
2.75%, 2/15/19-11/15/23		3,189		3,265,675
3.125%, 5/15/21		394		412,831
3.375%, 11/15/19		1,890		1,964,123
3.50%, 5/15/20		910		955,216
3.625%, 2/15/20-2/15/21		13,021		13,794,235
Total Governments - Treasuries (cost $173,642,357)				172,423,784
	Shares
INVESTMENT COMPANIES – 14.6%
Funds and Investment Trusts – 14.6% (d)
iShares Core MSCI Emerging Markets ETF		644,492		34,815,458
iShares International Developed Real Estate ETF		293,373		8,557,691
SPDR S&P MidCap 400 ETF Trust		40,670		13,271,841
Vanguard Global ex-U.S. Real Estate ETF (b)		150,903		8,965,147
Vanguard Mid-Cap ETF		18,523		2,722,881
Vanguard REIT ETF		140,365		11,662,928

Company	Shares		U.S. $ Value
Vanguard Small-Cap ETF (b)		45,948	$	6,493,371
Total Investment Companies (cost $78,279,089)				86,489,317
SHORT-TERM INVESTMENTS – 3.4%
Investment Companies - 3.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.83% (d) (e)(f) (cost $20,303,299)		20,303,299		20,303,299
Total Investments Before Security Lending Collateral for Securities Loaned – 99.1% (cost $509,293,191)				586,295,750
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2%
Investment Companies - 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.83% (d) (e)(f) (cost $1,043,218)		1,043,218		1,043,218
Total Investments - 99.3% (cost $510,336,409) (g)				587,338,968
Other assets less liabilities - 0.7% (h)				4,306,544
Net Assets - 100.0%			$	591,645,512

FUTURES

Description	Number of Contracts		Expiration Month			Notional (000)		Original Value		Value at September 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		44		December 2017	CAD		4,400	$	4,849,824	$	4,771,148	$	(78,676	)
Euro-Bund Futures		25		December 2017	EUR		2,500		4,785,550		4,757,444		(28,106	)
FTSE 100 Index Futures		37		December 2017	GBP		0		3,636,126		3,633,964		(2,162	)
Mini MSCI EAFE Futures		11		December 2017	USD		1		1,082,509		1,088,120		5,611
TOPIX Index Futures		2		December 2017	JPY		20		284,501		297,712		13,211
U.S. T-Note 5 Yr (CBT) Futures		17		December 2017	USD		1,700		2,009,654		1,997,500		(12,154	)
U.S. T-Note 10 Yr (CBT) Futures		201		December 2017	USD		20,100		25,455,041		25,187,813		(267,228	)
U.S. Ultra Bond (CBT) Futures		46		December 2017	USD		4,600		7,683,169		7,595,750		(87,419	)
Sold Contracts
Euro STOXX 50 Index Futures		108		December 2017	EUR		1		4,504,771		4,564,594		(59,823	)
S&P 500 E Mini Futures		32		December 2017	USD		2		3,943,524		4,025,760		(82,236	)
SPI 200 Futures		96		December 2017	AUD		2		10,732,262		10,670,348		61,914
												$	(537,068	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	2,162		CAD	2,656		12/18/17	$	(31,679	)
Barclays Bank PLC		CAD	1,304		USD	1,053		12/18/17		7,074
Barclays Bank PLC		GBP	1,623		USD	2,085		12/18/17		(94,925	)
Barclays Bank PLC		JPY	199,062		USD	1,837		12/18/17		61,445
BNP Paribas SA		AUD	4,840		USD	3,814		12/18/17		21,002
BNP Paribas SA		USD	1,967		NZD	2,687		12/18/17		(28,937	)
Citibank, NA		NOK	7,781		USD	1,002		12/18/17		23,315
Credit Suisse International		CHF	2,845		USD	2,945		12/18/17		(8,351	)
Credit Suisse International		EUR	11,037		USD	13,271		12/18/17		171,439
Credit Suisse International		JPY	385,194		USD	3,507		12/18/17		71,676
Credit Suisse International		USD	16,905		AUD	21,224		12/18/17		(271,587	)
Credit Suisse International		USD	2,366		NOK	18,366		12/18/17		(56,080	)
Goldman Sachs Bank USA		USD	11,668		EUR	9,728		12/18/17		(122,808	)
JPMorgan Chase Bank, NA		EUR	11,037		USD	13,272		12/18/17		171,663
JPMorgan Chase Bank, NA		JPY	322,411		USD	2,890		12/18/17		13,950
Royal Bank of Scotland PLC		CHF	4,381		USD	4,611		12/18/17		63,161
Royal Bank of Scotland PLC		SEK	10,014		USD	1,263		12/18/17		28,183
Royal Bank of Scotland PLC		USD	623		GBP	458		12/18/17		(7,712	)
State Street Bank & Trust Co.		SEK	12,024		USD	1,519		12/18/17		35,687
UBS AG		AUD	12,317		USD	9,801		12/18/17		147,725
UBS AG		GBP	1,393		USD	1,825		12/18/17		(46,709	)
									$	147,532

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received			Payment Frequency		Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
UBS AG
Russell 2000 Total		LIBOR Minus
Return Index		1,256		0.40	%		Quarterly	$	8,501		2/15/18	$	669,617
Pay Total Return on Reference Obligation
Citibank, NA
S&P 500 Total Return		LIBOR Plus
Index		3,575		0.26	%		Quarterly		17,335		12/15/17		(128,749	)
												$	540,868

(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 September 30, 2017, the aggregate market value of these securities amounted to $970,304 or 0.2% of net assets.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(e) Affiliated investments.

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

(g) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $87,205,678 and gross unrealized depreciation of investments was $(10,051,787), resulting in net unrealized appreciation of $77,153,891.

(h) An amount of U.S. $1,744,691 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2017.

Currency Abbreviations:

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

Glossary:

ADR	-	American Depositary Receipt
ASX	-	Australian Stock Exchange
CBOE	-	Chicago Board Options Exchange
CBT	-	Chicago Board of Trade
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
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

September 30, 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 September 30, 2017:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	22,733,632		$	33,126,682		$	– 0	–	$	55,860,314
Information Technology		35,701,462			9,034,907			– 0	–		44,736,369
Health Care		22,337,498			16,069,535			– 0	–		38,407,033
Industrials		15,934,151			22,071,815			– 0	–		38,005,966
Consumer Discretionary		18,446,261			18,859,848			– 0	–		37,306,109
Consumer Staples		12,861,659			16,851,738			– 0	–		29,713,397
Energy		9,173,321			7,761,180			– 0	–		16,934,501
Materials		4,600,289			12,148,562			– 0	–		16,748,851
Real Estate		4,572,911			5,393,482			– 0	–		9,966,393
Utilities		4,665,626			5,253,527			– 0	–		9,919,153
Telecommunication Services		3,370,371			6,110,893			– 0	–		9,481,264
Governments - Treasuries		– 0	–		172,423,784			– 0	–		172,423,784
Investment Companies		86,489,317			– 0	–		– 0	–		86,489,317
Short-Term Investments		20,303,299			– 0	–		– 0	–		20,303,299

Investments in Securities:	Level 1			Level 2			Level 3			Total
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,043,218			– 0	–		– 0	–		1,043,218
Total Investments in Securities		262,233,015			325,105,953			– 0	–		587,338,968
Other Financial Instruments (a):
Assets:
Futures		5,611			75,125			– 0	–		80,736
Forward Currency Exchange Contracts		– 0	–		816,320			– 0	–		816,320
Total Return Swaps		– 0	–		669,617			– 0	–		669,617
Liabilities:
Futures		(555,819	)		(61,985	)		– 0	–		(617,804	)
Forward Currency Exchange Contracts		– 0	–		(668,788	)		– 0	–		(668,788	)
Total Return Swaps		– 0	–		(128,749	)		– 0	–		(128,749	)
Total (b)	$	261,682,807		$	325,807,493		$	– 0	–	$	587,490,300

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market	$	21,929	$	91,674	$	93,300	$	20,303	$	118
Government Money Market*		8,035		168,376		175,368		1,043		26
Total	$	29,964	$	260,050	$	268,668	$	21,346	$	144

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Global Bond Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 51.0%
Funds and Investment Trusts - 51.0%
AB Global Bond Fund, Inc.-Class Z (a)(b) (cost $5,431,084)		642,653	$	5,411,137
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 32.4%
Australia - 1.0%
Australia Government Bond
Series 128
5.75%, 7/15/22 (c)	AUD	75		67,794
Series 142
4.25%, 4/21/26 (c)		45		39,352
				107,146
Belgium - 1.8%
Kingdom of Belgium Government Bond
Series 71
3.75%, 6/22/45 (c)	EUR	27		46,602
Series 72
2.60%, 6/22/24 (c)		53		72,574
Series 81
0.80%, 6/22/27 (c)		61		72,507
				191,683
Canada - 1.5%
Canadian Government Bond
1.00%, 6/01/27	CAD	80		57,826
2.50%, 6/01/24		105		87,132
2.75%, 12/01/48		15		12,683
				157,641
France - 1.2%
French Republic Government Bond OAT
2.50%, 5/25/30 (c)	EUR	35		48,483
3.50%, 4/25/26 (c)		50		73,919
				122,402
Germany - 1.5%
Bundesobligation
Series 175
Zero Coupon, 4/08/22 (c)		50		59,812
Bundesrepublik Deutschland
2.50%, 7/04/44-8/15/46 (c)		64		97,904
				157,716
Italy - 5.7%
Italy Buoni Poliennali Del Tesoro
1.35%, 4/15/22		75		91,138
3.45%, 3/01/48 (c)		13		15,653
3.75%, 5/01/21		262		347,244

	Principal Amount (000)		U.S. $ Value
4.50%, 8/01/18	U.S.$	45	$	55,337
5.50%, 11/01/22		65		94,345
				603,717
Mexico - 1.9%
Mexican Bonos
Series M
6.50%, 6/10/21	MXN	1,045		56,988
8.00%, 6/11/20		1,280		72,490
Series M 20
10.00%, 12/05/24		1,080		70,226
				199,704
New Zealand - 0.5%
New Zealand Government Bond
Series 423
5.50%, 4/15/23 (c)	NZD	65		54,051
Russia - 0.3%
Russian Federal Bond-OFZ
Series 6214
6.40%, 5/27/20	RUB	1,850		31,311
South Africa - 0.5%
Republic of South Africa Government Bond
Series 2048
8.75%, 2/28/48	ZAR	724		48,397
Series R213
7.00%, 2/28/31		150		9,227
				57,624
Spain - 1.5%
Spain Government Bond
1.95%, 7/30/30 (c)	EUR	13		15,374
2.15%, 10/31/25 (c)		20		25,371
2.90%, 10/31/46 (c)		29		34,709
4.10%, 7/30/18 (c)		45		55,142
4.20%, 1/31/37 (c)		21		31,725
5.15%, 10/31/44 (c)		1		1,718
				164,039
Sweden - 0.6%
Sweden Government Bond
Series 1054
3.50%, 6/01/22	SEK	430		61,444
United Kingdom - 5.5%
United Kingdom Gilt
1.50%, 7/22/26 (c)	GBP	45		61,508
1.75%, 9/07/22 (c)		20		28,061
2.00%, 7/22/20-9/07/25 (c)		115		162,835
2.25%, 9/07/23 (c)		78		112,610
3.25%, 1/22/44 (c)		55		93,300

	Principal Amount (000)		U.S. $ Value
4.25%, 12/07/27 (c)	U.S.$	75	$	127,978
				586,292
United States - 8.9%
U.S. Treasury Bonds
2.875%, 5/15/43-11/15/46		109		109,637
3.00%, 11/15/44-11/15/45		95		97,825
3.625%, 8/15/43		90		103,317
6.25%, 5/15/30		90		127,758
U.S. Treasury Notes
1.625%, 2/15/26-5/15/26		70		66,452
1.75%, 6/30/22		130		129,045
2.00%, 2/15/25-11/15/26		98		96,008
2.125%, 12/31/22		55		55,395
2.25%, 2/15/27		155		154,080
				939,517
Uruguay - 0.0%
Uruguay Government International Bond
8.50%, 3/15/28 (c)	UYU	146		5,193
Total Governments - Treasuries (cost $3,348,007)				3,439,480
CORPORATES - INVESTMENT GRADE - 4.1%
Industrial - 3.2%
Basic - 0.2%
Fibria Overseas Finance Ltd.
5.50%, 1/17/27	U.S.$	2		2,114
Glencore Funding LLC
4.00%, 4/16/25 (c)		5		5,078
4.125%, 5/30/23 (c)		5		5,199
4.625%, 4/29/24 (c)		4		4,249
Mosaic Co. (The)
5.625%, 11/15/43		5		5,108
				21,748
Capital Goods - 0.1%
General Electric Co.
Series D
5.00%, 1/21/21 (d)		5		5,271
Communications - Media - 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.579%, 7/23/20		5		5,135
4.908%, 7/23/25		15		16,050
Cox Communications, Inc.
2.95%, 6/30/23 (c)		8		7,889
				29,074
Communications - Telecommunications - 0.5%
AT&T, Inc.
3.40%, 8/14/24-5/15/25		13		12,980
3.60%, 2/17/23		7		7,213

	Principal Amount (000)		U.S. $ Value
4.125%, 2/17/26	U.S.$	12	$	12,326
4.90%, 8/14/37		10		10,109
Verizon Communications, Inc.
2.625%, 8/15/26		10		9,378
3.50%, 11/01/24		5		5,095
				57,101
Consumer Non-Cyclical - 0.6%
AbbVie, Inc.
2.50%, 5/14/20		4		4,047
3.60%, 5/14/25		10		10,387
Mylan NV
3.15%, 6/15/21		11		11,190
3.95%, 6/15/26		5		5,094
Reynolds American, Inc.
4.45%, 6/12/25		10		10,728
5.85%, 8/15/45		3		3,641
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		25		23,082
				68,169
Energy - 0.5%
Energy Transfer LP
4.65%, 6/01/21		5		5,313
EnLink Midstream Partners LP
4.15%, 6/01/25		13		13,139
Enterprise Products Operating LLC
3.70%, 2/15/26		10		10,285
Hess Corp.
4.30%, 4/01/27		12		11,937
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		12		11,701
				52,375
Services - 0.2%
Expedia, Inc.
3.80%, 2/15/28 (c)		6		5,945
S&P Global, Inc.
4.40%, 2/15/26		15		16,163
				22,108
Technology - 0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24 (c)		5		5,146
3.875%, 1/15/27 (c)		5		5,150
Dell International LLC/EMC Corp.
5.45%, 6/15/23 (c)		20		21,899
6.02%, 6/15/26 (c)		5		5,547

	Principal Amount (000)		U.S. $ Value
HP, Inc.
4.65%, 12/09/21	U.S.$	10	$	10,768
KLA-Tencor Corp.
4.65%, 11/01/24		15		16,273
Seagate HDD Cayman
4.875%, 3/01/24 (c)		5		4,929
VMware, Inc.
2.95%, 8/21/22		6		6,035
Western Digital Corp.
7.375%, 4/01/23 (c)		10		10,950
				86,697
				342,543
Financial Institutions - 0.9%
Banking - 0.8%
Bank of America Corp.
3.824%, 1/20/28		15		15,408
3.875%, 8/01/25		20		20,972
Goldman Sachs Group, Inc. (The)
3.85%, 7/08/24-1/26/27		13		13,477
Series E
1.625%, 7/27/26 (c)	EUR	5		5,923
JPMorgan Chase & Co.
3.782%, 2/01/28	U.S.$	16		16,461
Santander Holdings USA, Inc.
4.40%, 7/13/27 (c)		15		15,300
				87,541
REITS - 0.1%
VEREIT Operating Partnership LP
4.60%, 2/06/24 5				5,241
				92,782
Total Corporates - Investment Grade (cost $424,601)				435,325
INFLATION-LINKED SECURITIES - 3.4%
Brazil - 0.6%
Brazil Notas do Tesouro Nacional
Series B
6.00%, 8/15/50-5/15/55	BRL	56		60,246
New Zealand - 0.1%
New Zealand Government Bond
Series 925
2.00%, 9/20/25 (c)	NZD	20		14,633
United States - 2.7%
U.S. Treasury Inflation Index
0.125%, 4/15/20 (TIPS)	U.S.$	183		183,812

	Principal Amount (000)		U.S. $ Value
0.25%, 1/15/25 (TIPS)	U.S.$	98	$	97,215
				281,027
Total Inflation-Linked Securities (cost $347,714)				355,906
GOVERNMENTS - SOVEREIGN AGENCIES - 2.7%
Canada - 2.7%
Canada Housing Trust No. 1
1.70%, 12/15/17 (c)	CAD	60		48,146
3.80%, 6/15/21 (c)		285		243,244
Total Governments - Sovereign Agencies (cost $291,481)				291,390
MORTGAGE PASS-THROUGHS - 2.6%
Agency Fixed Rate 30-Year - 2.5%
Federal National Mortgage Association
3.50%, 10/01/47, TBA	U.S.$	55		56,697
4.00%, 10/25/47, TBA		119		125,624
4.50%, 10/25/47, TBA		75		80,496
				262,817
Other Agency Fixed Rate Programs - 0.1%
Canadian Mortgage Pools
6.125%, 12/15/24	CAD	12		11,411
Total Mortgage Pass-Throughs (cost $274,446)				274,228
LOCAL GOVERNMENTS - PROVINCIAL BONDS - 1.3%
Canada - 1.3%
Province of Ontario Canada
2.40%, 6/02/26		15		11,701
2.60%, 6/02/25-6/02/27		80		63,057
Province of Quebec Canada
2.75%, 9/01/27		80		63,763
Total Local Governments - Provincial Bonds (cost $138,948)				138,521
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2%
Risk Share Floating Rate - 1.2%
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 2M2
6.237% (LIBOR 1 Month + 5.00%), 11/25/24 (e)	U.S.$	13		14,587
Series 2015-C01, Class 1M2
5.537% (LIBOR 1 Month + 4.30%), 2/25/25 (e)		8		8,693
Series 2015-C01, Class 2M2
5.787% (LIBOR 1 Month + 4.55%), 2/25/25 (e)		14		14,497
Series 2015-C02, Class 2M2
5.237% (LIBOR 1 Month + 4.00%), 5/25/25 (e)		21		22,645

	Principal Amount (000)		U.S. $ Value
Series 2015-C03, Class 2M2
6.237% (LIBOR 1 Month + 5.00%), 7/25/25 (e)	U.S.$	10	$	10,569
Series 2016-C01, Class 1M2
7.987% (LIBOR 1 Month + 6.75%), 8/25/28 (e)		13		14,739
Series 2016-C01, Class 2M2
8.187% (LIBOR 1 Month + 6.95%), 8/25/28 (e)		13		14,787
Series 2016-C02, Class 1M2
7.237% (LIBOR 1 Month + 6.00%), 9/25/28 (e)		15		17,378
Series 2016-C04, Class 1M2
5.487% (LIBOR 1 Month + 4.25%), 1/25/29 (e)		10		10,955
Total Collateralized Mortgage Obligations (cost $121,504)				128,850
EMERGING MARKETS - TREASURIES - 1.1%
Argentina - 0.4%
Argentina POM Politica Monetaria
Series POM
26.25%, 6/21/20 (e)	ARS	44		2,679
Argentine Bonos del Tesoro
15.50%, 10/17/26		205		12,583
16.00%, 10/17/23		389		23,212
				38,474
Brazil - 0.4%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/21	BRL	140		45,817
Turkey - 0.3%
Turkey Government Bond
11.00%, 2/24/27	TRY	95		27,150
Total Emerging Markets - Treasuries (cost $113,943)				111,441
CORPORATES - NON-INVESTMENT GRADE - 1.0%
Industrial - 0.9%
Communications - Telecommunications - 0.3%
CenturyLink, Inc.
Series S
6.45%, 6/15/21	U.S.$	8		8,351
Series T
5.80%, 3/15/22		8		7,975
Series Y
7.50%, 4/01/24		5		5,177

	Principal Amount (000)		U.S. $ Value
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
6.00%, 4/15/23 (c)	U.S.$	9	$	8,615
				30,118
Consumer Non-Cyclical - 0.4%
CHS/Community Health Systems, Inc.
5.125%, 8/01/21		5		4,943
6.25%, 3/31/23		5		4,927
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.875%, 4/15/20 (c)		7		6,963
5.75%, 8/01/22 (c)		3		2,925
Tenet Healthcare Corp.
4.375%, 10/01/21		6		6,079
4.50%, 4/01/21		5		5,096
Valeant Pharmaceuticals International, Inc.
5.875%, 5/15/23 (c)		5		4,416
6.125%, 4/15/25 (c)		4		3,503
				38,852
Energy - 0.2%
Cheniere Energy Partners LP
5.25%, 10/01/25 (c)		6		6,136
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		10		7,462
Nabors Industries, Inc.
5.50%, 1/15/23		3		2,981
QEP Resources, Inc.
5.25%, 5/01/23		10		9,733
				26,312
Transportation - Services - 0.0%
Hertz Corp. (The)
5.50%, 10/15/24 (c)		5		4,510
				99,792
Financial Institutions - 0.1%
Finance - 0.1%
Navient Corp.
6.625%, 7/26/21		10		10,719
Total Corporates - Non-Investment Grade (cost $111,396)				110,511
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.2%
Non-Agency Fixed Rate CMBS - 0.2%
JPMBB Commercial Mortgage Securities Trust
Series 2015-C32, Class C
4.818%, 11/15/48 (f)		10		9,886
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (f)		12		9,943
Total Commercial Mortgage-Backed Securities (cost $22,153)				19,829

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS - 0.2%
Quasi-Sovereign Bonds - 0.2%
Mexico - 0.2%
Petroleos Mexicanos
5.375%, 3/13/22 (c) (cost $14,928)	U.S.$	15	$	16,003
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Energy - 0.1%
Petrobras Global Finance BV
6.125%, 1/17/22		9		9,662
8.75%, 5/23/26		5		6,018
Total Emerging Markets - Corporate Bonds (cost $13,926)				15,680
EMERGING MARKETS - SOVEREIGNS - 0.1%
Argentina - 0.1%
Argentine Republic Government International Bond
5.625%, 1/26/22 (cost $6,000)		6		6,300
	Shares
SHORT-TERM INVESTMENTS - 1.9%
Investment Companies - 1.9%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (a)(b)(g) (cost $203,289)		203,289		203,289
Total Investments - 103.3% (cost $10,863,420) (h)				10,957,890
Other assets less liabilities - (3.3) % (i)				(353,537	)
Net Assets - 100.0%			$	10,604,353

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at September 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		7		December 2017		JPY	70,000	$	939,748	$	935,490	$	(4,258	)
Sold Contracts
Euro-BOBL Futures		1		December 2017		EUR	100		155,715		155,042		673
Euro-Schatz Futures		1		December 2017		EUR	100		132,572		132,526		46
U.S. 10 Yr Ultra Futures		1		December 2017		USD	100		135,920		134,328		1,592

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at September 30, 2017		Unrealized Appreciation/ (Depreciation)
U.S. T-Note 5 Yr (CBT) Futures		2		December 2017		USD	200	$	236,380	$	235,000	$	1,380
												$	(567	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	KRW	124,657	USD	112		10/26/17	$	2,701
Barclays Bank PLC	TWD	2,536	USD	84		11/22/17		(65	)
Barclays Bank PLC	USD	85	TWD	2,544		11/22/17		(840	)
BNP Paribas SA	GBP	596	USD	807		12/01/17		7,509
Credit Suisse International	BRL	334	USD	105		10/03/17		(579	)
Credit Suisse International	USD	105	BRL	334		10/03/17		28
Standard Chartered Bank	BRL	334	USD	105		10/03/17		(28	)
Standard Chartered Bank	USD	105	BRL	334		10/03/17		788
Standard Chartered Bank	BRL	334	USD	104		11/03/17		(756	)
Standard Chartered Bank	USD	24	RUB	1,409		11/22/17		(114	)
Standard Chartered Bank	CNY	440	USD	67		11/28/17		758
State Street Bank & Trust Co.	EUR	1,027	USD	1,182		10/04/17		(31,654	)
State Street Bank & Trust Co.	CAD	28	MXN	402		10/06/17		(468	)
State Street Bank & Trust Co.	MXN	3,615	USD	201		10/06/17		2,984
State Street Bank & Trust Co.	USD	64	MXN	1,137		10/06/17		(1,611	)
State Street Bank & Trust Co.	USD	49	TRY	172		10/17/17		(1,417	)
State Street Bank & Trust Co.	CAD	847	USD	676		11/10/17		(2,938	)
State Street Bank & Trust Co.	USD	38	CAD	46		11/10/17		(747	)
State Street Bank & Trust Co.	AUD	317	USD	253		11/30/17		4,542
State Street Bank & Trust Co.	NZD	97	USD	71		11/30/17		363
State Street Bank & Trust Co.	NZD	57	USD	41		11/30/17		(31	)
State Street Bank & Trust Co.	USD	86	AUD	110		11/30/17		74
State Street Bank & Trust Co.	USD	205	GBP	151		12/01/17		(2,616	)
State Street Bank & Trust Co.	JPY	1,793	USD	16		12/05/17		165
State Street Bank & Trust Co.	ZAR	579	USD	43		12/07/17		719
State Street Bank & Trust Co.	SEK	506	USD	63		12/13/17		673
							$	(22,560	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30,2017			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC/(INTRCONX)
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00	%		Quarterly		3.14	%		USD	9	$	706	$	547	$	159
CDX-NAHY Series 29, 5 Year Index, 12/20/22*		5.00			Quarterly		3.26			USD	200		15,927		14,976		951
CDX-NAIG Series 28, 5 Year Index, 6/20/22*		1.00			Quarterly		0.53			USD	1,100		23,517		15,738		7,779
												$	40,150	$	31,261	$	8,889

* Termination date

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Bank of America, NA
CDX-EM Series 23, 5 Year Index, 6/20/20*		1.00	%		Quarterly		2.14	%		USD	147	$	(4,276	)	$	(6,849	)	$	2,573
Barclays Bank PLC
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		11.72			USD	6		(1,452	)		(99	)		(1,353	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		3.00			Monthly		5.23			USD	100		(11,012	)		(588	)		(10,424	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		11.72			USD	6		(1,451	)		(102	)		(1,349	)
Goldman Sachs International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		11.72			USD	11		(2,661	)		(198	)		(2,463	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		11.72			USD	12		(2,903	)		(191	)		(2,712	)
												$	(23,755	)	$	(8,027	)	$	(15,728	)

* Termination date

(a) Affiliated investments.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the aggregate market value of these securities amounted to $1,866,473 or 17.6% of net assets.

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

(e) Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2017.

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

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

(h) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $201,908 and gross unrealized depreciation of investments was $(137,404), resulting in net unrealized appreciation of $64,504.

(i) An amount of U.S. $11,048 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2017.

Currency Abbreviations:

ARS	-	Argentine Peso
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TRY	-	Turkish Lira
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
UYU	-	Uruguayan Peso
ZAR	-	South African Rand

Glossary:

ARPP7DRR	-	Argentina Central Bank 7-Day Repo Reference Rate
BOBL	-	Bundesobligationen
CBT	-	Chicago Board of Trade
CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CDX-NAIG	-	North American Investment Grade Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates
OAT	-	Obligations Assimilables du Trésor
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

Country Breakdown¹

September 30, 2017 (unaudited)

68.9%	United States
5.5%	Italy
5.5%	Canada
5.3%	United Kingdom
2.0%	Mexico
1.7%	Belgium
1.5%	Spain
1.4%	Germany
1.1%	Brazil
1.1%	France
1.0%	Australia
0.6%	New Zealand
0.6%	Sweden
1.9%	Other
1.9%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.4% or less in the following countries: Argentina, Israel, Russia, South Africa, Switzerland, Turkey and Uruguay.

AB Variable Products Series Fund, Inc.

AB Global Bond Portfolio

September 30, 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 September 30, 2017:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Investment Companies	$	5,411,137		$	– 0	–	$	– 0	–	$	5,411,137
Governments - Treasuries		– 0	–		3,439,480			– 0	–		3,439,480
Corporates - Investment Grade		– 0	–		435,325			– 0	–		435,325
Inflation-Linked Securities		– 0	–		355,906			– 0	–		355,906
Governments - Sovereign Agencies		– 0	–		291,390			– 0	–		291,390
Mortgage Pass-Throughs		– 0	–		274,228			– 0	–		274,228
Local Governments - Provincial Bonds		– 0	–		138,521			– 0	–		138,521
Collateralized Mortgage Obligations		– 0	–		128,850			– 0	–		128,850

Investments in Securities:

Level 1

Level 2

Level 3

Total

Emerging Markets - Treasuries

$

– 0

–

$

111,441

$

– 0

–

$

111,441

Corporates - Non-Investment Grade

– 0

–

110,511

– 0

–

110,511

Commercial Mortgage-Backed Securities

– 0

–

– 0

–

19,829

19,829

Quasi-Sovereigns

– 0

–

16,003

– 0

–

16,003

Emerging Markets - Corporate Bonds

– 0

–

15,680

– 0

–

15,680

Emerging Markets - Sovereigns

– 0

–

6,300

– 0

–

6,300

Short-Term Investments

203,289

– 0

–

– 0

–

203,289

Total Investments in Securities

5,614,426

5,323,635

19,829

10,957,890

Other Financial Instruments (a):

Assets:

Futures

3,691

– 0

–

– 0

–

3,691

Forward Currency Exchange Contracts

– 0

–

21,304

– 0

–

21,304

Centrally Cleared Credit Default Swaps

– 0

–

40,150

– 0

–

40,150

Liabilities:

Futures

(4,258

)

– 0

–

– 0

–

(4,258

)

Forward Currency Exchange Contracts

– 0

–

(43,864

)

– 0

–

(43,864

)

Credit Default Swaps

– 0

–

(23,755

)

– 0

–

(23,755

)

Total (b)

$

5,613,859

$

5,317,470

$

19,829

$

10,951,158

(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 credit default swaps 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 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)		2			2
Realized gain (loss)		(44	)		(44	)
Change in unrealized appreciation/depreciation		(274	)		(274	)
Purchases/Payups		– 0	–		– 0	–
Sales/Paydowns		(1,226	)		(1,226	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 9/30/17	$	19,829		$	19,829
Net change in unrealized appreciation/depreciation from investments held as of 9/30/17	$	(274	)	$	(274	)

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

																Distributions
Fund	Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)			Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)			Market Value 9/30/17 (000)		Dividend Income (000)		Realized Gains (000)
AB Government Money Market	$	301	$	2,118	$	2,216		$	– 0	–	$	– 0	–	$	203	$	2	$	– 0	–
AB Global Bond Fund, Inc.		5,267		100		– 0	–		– 0	–		44			5,411		101		– 0	–
Total	$	5,568	$	2,218	$	2,216		$	– 0	–	$	44		$	5,614	$	103	$	– 0	–

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 34.6%
Funds and Investment Trusts - 34.6% (a)
iShares Core MSCI EAFE ETF		76,670	$	4,919,914
iShares Core S&P 500 ETF		23,730		6,002,029
iShares MSCI EAFE ETF		90,720		6,212,506
iShares MSCI Emerging Markets ETF		36,660		1,642,735
iShares Russell 2000 ETF		11,040		1,635,907
SPDR S&P 500 ETF Trust		21,700		5,451,691
Vanguard S&P 500 ETF		26,920		6,212,059
Total Investment Companies (cost $27,506,552)				32,076,841
	Principal Amount (000)
INFLATION-LINKED SECURITIES - 4.0%
United States - 4.0%
U.S. Treasury Inflation Index 0.375%, 7/15/25 (TIPS) (cost $3,762,198)	$	3,731		3,731,475
	Notional Amount
OPTIONS PURCHASED - CALLS – 0.1%
Options on Indices – 0.1%
Euro STOXX 50 Index
Expiration: Oct 2017; Contracts: 540; Exercise Price: EUR 3,600.00; Counterparty: Deutsche Bank AG (b)		EUR               540		14,557
iShares MSCI Emerging Markets ETF
Expiration: Nov 2017; Contracts: 139,200; Exercise Price: USD 47.00; Counterparty: Deutsche Bank AG (b)		USD        139,200		25,022
				39,579
Options on Funds and Investment Trusts – 0.0%
SPDR S&P 500 ETF Trust
Expiration: Oct 2017; Contracts: 390; Exercise Price: USD 253.00; Counterparty: Morgan Stanley & Co., Inc. (b)		USD               390		31,785
Total Options Purchased - Calls (premiums paid $85,744)				71,364
OPTIONS PURCHASED - PUTS – 0.0%
Options on Funds and Investment Trusts – 0.0%
SPDR S&P 500 ETF Trust
Expiration: Oct 2017; Contracts: 411; Exercise Price: USD 244.00; Counterparty: Morgan Stanley & Co., Inc. (b)		USD          41,100		16,029
Options on Indices – 0.0%
Euro STOXX 50 Index
Expiration: Oct 2017; Contracts: 460; Exercise Price: EUR 3,350.00; Counterparty: Goldman Sachs International (b)		EUR               460		1,591

Company	Notional Amount		U.S. $ Value
Euro STOXX 50 Index
Expiration: Oct 2017; Contracts: 890; Exercise Price: EUR 3,425.00; Counterparty: Deutsche Bank AG (b)		EUR               890	$	5,867
FTSE 100 Index
Expiration: Oct 2017; Contracts: 120; Exercise Price: GBP 7,050.00; Counterparty: Deutsche Bank AG (b)		GBP               120		1,071
Nikkei 225 Index
Expiration: Oct 2017; Contracts: 9,000; Exercise Price: JPY 18,750.00; Counterparty: Morgan Stanley & Co. International PLC (b)		JPY             9,000		656
				9,185
Total Options Purchased - Puts (premiums paid $130,608)				25,214
	Shares
SHORT-TERM INVESTMENTS - 58.9%
Investment Companies - 26.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.83% (a)(c)(d) (cost $24,532,294)		24,532,294		24,532,294
	Principal Amount (000)
Governments - Treasuries - 21.7%
Japan - 21.7%
Japan Treasury Discount Bill
Series 707
Zero Coupon, 12/11/17		JPY        286,000		2,542,652
Series 710
Zero Coupon, 12/25/17		1,980,000		17,600,443
Total Governments - Treasuries (cost $20,276,983)				20,143,095
U.S. Treasury Bills – 10.7%
U.S. Treasury Bill Zero Coupon, 10/05/17-12/28/17 (cost $9,929,627)	$	9,944		9,929,627
Total Short-Term Investments (cost $54,738,904)				54,605,016

	U.S. $ Value
Total Investments - 97.6% (cost $86,224,006)(e)	$	90,509,910
Other assets less liabilities - 2.4%(f)		2,258,377
Net Assets - 100.0%	$	92,768,287

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at September 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		12		December 2017		AUD	1,200		$	1,215,965	$	1,195,819	$	(20,146	)
10 Yr Canadian Bond Futures		4		December 2017		CAD	400			440,898		433,741		(7,157	)
Euro STOXX 50 Index Futures		193		December 2017		EUR	2			7,963,207		8,157,098		193,891
Euro-BTP Futures		13		December 2017		EUR	1,300			2,091,001		2,073,621		(17,380	)
Euro-OAT Futures		13		December 2017		EUR	1,300			2,399,831		2,383,680		(16,151	)
FTSE 100 Index Futures		21		December 2017		GBP	0	**		2,078,236		2,062,520		(15,716	)
Long Gilt Futures		4		December 2017		GBP	400			679,170		663,997		(15,173	)
Nikkei 225 (CME) Futures		16		December 2017		USD	0	**		1,588,525		1,630,800		42,275
S&P 500 E Mini Futures		95		December 2017		USD	5			11,707,768		11,951,475		243,707
S&P TSX 60 Index Futures		5		December 2017		CAD	1			703,212		736,285		33,073
SPI 200 Futures		7		December 2017		AUD	0	**		782,728		778,046		(4,682	)
TOPIX Index Futures		18		December 2017		JPY	180			2,560,506		2,679,405		118,899
U.S. T-Note 10 Yr (CBT) Futures		24		December 2017		USD	2,400			3,039,408		3,007,500		(31,908	)
U.S. Ultra Bond (CBT) Futures		3		December 2017		USD	300			501,122		495,375		(5,747	)
Sold Contracts
Euro-Bund Futures		26		December 2017		EUR	2,600			4,976,898		4,947,742		29,156
													$	526,941

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
Bank of America, NA		JPY	286,146		USD	2,659	12/22/17	$	105,786
Barclays Bank PLC		JPY	322,496		USD	2,976	12/18/17		99,545
Citibank, NA		JPY	1,892,104		USD	17,071	1/09/18		170,811
Royal Bank of Scotland PLC		CHF	866		USD	911	12/18/17		12,484
Royal Bank of Scotland PLC		JPY	88,427		USD	798	1/09/18		8,319
State Street Bank & Trust Co.		HKD	1,141		USD	146	12/18/17		(137	)
State Street Bank & Trust Co.		SGD	190		USD	141	12/18/17		448
State Street Bank & Trust Co.		USD	3,377		EUR	2,812	12/18/17		(39,605	)
UBS AG		AUD	1,080		USD	859	12/18/17		12,953
UBS AG		GBP	1,990		USD	2,606	12/18/17		(66,715	)
UBS AG		USD	834		GBP	637	12/18/17		21,355
								$	325,244

PUT OPTIONS WRITTEN

Description	Counterparty	Contracts		Exercise Price			Expiration Month		Notional (000)				Premiums Received		U.S. $ Value
Euro STOXX 50 Index	Goldman Sachs International		460		EUR	3,225		October 2017		EUR	0	**	$	18,723	$	(545	)
Euro STOXX 50 Index	Deutsche Bank AG		540		EUR	3,275		October 2017		EUR	1			5,064		(963	)
Euro STOXX 50 Index	Deutsche Bank AG		890		EUR	3,300		October 2017		EUR	1			9,622		(1,974	)
FTSE 100 Index	Deutsche Bank AG		120		GBP	6,800		October 2017		GBP	0	**		2,364		(441	)
iShares MSCI Emerging Markets ETF	Deutsche Bank AG		139,200		USD	41.50		November 2017		USD	139			57,072		(33,099	)
Nikkei 225 Index	Morgan Stanley & Co. International PLC		9,000		JPY	18,000		October 2017		JPY	9			10,242		(183	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co., Inc.		801		USD	237.00		October 2017		USD	80			47,224		(14,418	)
													$	150,311	$	(51,623	)

** Notional amount less than 500.

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

(b) Non-income producing security.

(c) Affiliated investments.

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

(e) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,787,489 and gross unrealized depreciation of investments was $(550,711), resulting in net unrealized appreciation of $5,236,778.

(f) An amount of U.S. $1,545,208 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2017.

Currency Abbreviations:

AUD	–	Australian Dollar
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
EUR	–	Euro
GBP	–	Great British Pound
HKD	–	Hong Kong Dollar
JPY	–	Japanese Yen
SGD	–	Singapore Dollar
USD	–	United States Dollar
Glossary:
BTP	–	Buoni del Tesoro Poliennali
CBT	–	Chicago Board of Trade
CME	–	Chicago Mercantile Exchange
EAFE	–	Europe, Australia, and Far East
ETF	–	Exchange Traded Fund
FTSE	–	Financial Times Stock Exchange
MSCI	–	Morgan Stanley Capital International
OAT	–	Obligations Assimilables du Trésor
OSE	–	Osaka Securities Exchange
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 ¹

September 30, 2017 (unaudited)

39.7%	United States
60.3%	Short-Term
100.0%

1 All data are as of September 30, 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

September 30, 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 September 30, 2017:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Investment Companies	$	32,076,841		$	– 0	–	$	– 0	–	$	32,076,841
Inflation-Linked Securities		– 0	–		3,731,475			– 0	–		3,731,475
Options Purchased - Calls		– 0	–		71,364			– 0	–		71,364
Options Purchased - Puts		– 0	–		25,214			– 0	–		25,214
Short-Term Investments:
Investment Companies		24,532,294			– 0	–		– 0	–		24,532,294

Investments in Securities:	Level 1			Level 2			Level 3			Total
Governments - Treasuries		– 0	–		20,143,095			– 0	–		20,143,095
U.S. Treasury Bills		– 0	–		9,929,627			– 0	–		9,929,627
Total Investments in Securities		56,609,135			33,900,775			– 0	–		90,509,910
Other Financial Instruments (a):
Assets:
Futures		348,211			312,790			– 0	–		661,001
Forward Currency Exchange Contracts		– 0	–		431,701			– 0	–		431,701
Liabilities:
Futures		(113,662	)		(20,398	)		– 0	–		(134,060	)
Forward Currency Exchange Contracts		– 0	–		(106,457	)		– 0	–		(106,457	)
Put Options Written		– 0	–		(51,623	)		– 0	–		(51,623	)
Total (b)	$	56,730,022		$	34,236,687		$	– 0	–	$	90,966,709

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market	$	36,333	$	32,089	$	43,890	$	24,532	$	124

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 94.6%
Information Technology - 21.7%
Electronic Equipment, Instruments & Components - 1.2%
Flex Ltd. (a)		104,150	$	1,725,766
Internet Software & Services - 7.7%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		19,270		3,328,122
Alphabet, Inc.-Class C (a)		2,567		2,462,035
Facebook, Inc.-Class A (a)		14,650		2,503,245
Tencent Holdings Ltd.		57,200		2,500,823
				10,794,225
IT Services - 2.0%
Visa, Inc.-Class A		25,950		2,730,978
Semiconductors & Semiconductor Equipment - 6.7%
ams AG (a)		28,230		2,049,768
Broadcom Ltd.		9,970		2,418,124
Infineon Technologies AG		100,880		2,543,427
NVIDIA Corp.		12,968		2,318,290
				9,329,609
Software - 3.1%
Microsoft Corp.		34,400		2,562,456
salesforce.com, Inc. (a)		18,052		1,686,418
				4,248,874
Technology Hardware, Storage & Peripherals - 1.0%
Apple, Inc.		9,145		1,409,427
				30,238,879
Health Care - 19.7%
Biotechnology - 2.1%
Foundation Medicine, Inc. (a)(b)		40,531		1,629,346
Regeneron Pharmaceuticals, Inc. (a)		2,890		1,292,177
				2,921,523
Health Care Equipment & Supplies - 7.2%
Abbott Laboratories		58,270		3,109,287
Danaher Corp.		28,800		2,470,464
Essilor International SA		17,737		2,198,280
West Pharmaceutical Services, Inc.		24,360		2,344,893
				10,122,924
Health Care Providers & Services - 3.2%
Apollo Hospitals Enterprise Ltd.		114,018		1,756,747
UnitedHealth Group, Inc.		14,200		2,781,070
				4,537,817
Life Sciences Tools & Services - 5.3%
Bio-Rad Laboratories, Inc.-Class A (a)		11,960		2,657,751
Bruker Corp.		79,770		2,373,158
ICON PLC (a)		20,250		2,306,070
				7,336,979

Company	Shares		U.S. $ Value
Pharmaceuticals - 1.9%
Roche Holding AG		7,170	$	1,832,797
Vectura Group PLC (a)		538,730		768,099
				2,600,896
				27,520,139
Financials - 19.1%
Banks - 5.7%
Bank Mandiri Persero Tbk PT		3,421,000		1,709,575
Credicorp Ltd.		7,300		1,496,646
HDFC Bank Ltd.		51,450		1,430,707
Svenska Handelsbanken AB-Class A		114,700		1,732,922
Swedbank AB-Class A		59,540		1,648,752
				8,018,602
Capital Markets - 6.0%
Charles Schwab Corp. (The)		58,750		2,569,725
MSCI, Inc.-Class A		28,590		3,342,171
Partners Group Holding AG		3,680		2,498,344
				8,410,240
Consumer Finance - 1.3%
Bharat Financial Inclusion Ltd. (a)		126,480		1,837,561
Insurance - 3.6%
AIA Group Ltd.		437,800		3,241,164
Prudential PLC		74,570		1,784,497
				5,025,661
Thrifts & Mortgage Finance - 2.5%
Housing Development Finance Corp., Ltd.		129,360		3,429,425
				26,721,489
Industrials - 14.4%
Aerospace & Defense - 2.3%
Hexcel Corp.		54,429		3,125,313
Building Products - 2.5%
Kingspan Group PLC		82,570		3,511,271
Commercial Services & Supplies - 1.4%
China Everbright International Ltd.		1,554,000		1,958,247
Electrical Equipment - 4.3%
Schneider Electric SE (Paris) (a)		30,690		2,672,516
Vestas Wind Systems A/S		36,380		3,270,043
				5,942,559
Industrial Conglomerates - 1.9%
Siemens AG (REG)		19,010		2,682,489
Machinery - 2.0%
Xylem, Inc./NY		45,030		2,820,229
				20,040,108

Company	Shares		U.S. $ Value
Consumer Discretionary - 6.1%
Auto Components - 1.9%
Delphi Automotive PLC		26,680	$	2,625,312
Diversified Consumer Services - 1.0%
Bright Horizons Family Solutions, Inc. (a)		15,920		1,372,463
Hotels, Restaurants & Leisure - 1.1%
Starbucks Corp.		29,020		1,558,664
Internet & Direct Marketing Retail - 1.0%
Amazon.com, Inc. (a)		1,453		1,396,842
Textiles, Apparel & Luxury Goods - 1.1%
NIKE, Inc.-Class B		30,560		1,584,536
				8,537,817
Utilities - 4.9%
Water Utilities - 4.9%
American Water Works Co., Inc.		38,929		3,149,745
AquaVenture Holdings Ltd. (a)(b)		31,241		421,754
Beijing Enterprises Water Group Ltd. (a)		2,596,000		2,099,461
Cia de Saneamento Basico do Estado de Sao Paulo		107,800		1,132,748
				6,803,708
Consumer Staples - 3.1%
Food Products - 1.7%
Nestle SA (REG)		27,620		2,318,457
Household Products - 1.4%
Unicharm Corp.		87,700		2,008,801
				4,327,258
Real Estate - 2.2%
Equity Real Estate Investment Trusts (REITs) - 1.3%
SBA Communications Corp. (a)		12,170		1,753,089
Real Estate Management & Development - 0.9%
SM Prime Holdings, Inc.		1,914,100		1,299,435
				3,052,524
Materials - 2.0%
Chemicals - 2.0%
Ecolab, Inc.		21,690		2,789,551
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 1.4%
Telekomunikasi Indonesia Persero Tbk PT		5,604,500		1,949,129
Total Common Stocks (cost $95,390,268)				131,980,602
WARRANTS - 0.0%
Information Technology - 0.0%
Technology Hardware, Storage & Peripherals - 0.0%
Thin Film Electronics ASA, expiring 7/14/18 (a)(c)(d)(e) (cost $0)		591,845		0

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 5.5%
Time Deposit - 5.5%
State Street Time Deposit 0.12%, 10/02/17 (cost $7,690,312)	U.S.$	7,690	$	7,690,312
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $103,080,580)				139,670,914
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.0%
Investment Companies - 0.0%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (f)(g)(h) (cost $17,115)		17,115		17,115
Total Investments - 100.1% (cost $103,097,695) (i)				139,688,029
Other assets less liabilities - (0.1)%				(114,571	)
Net Assets - 100.0%			$	139,573,458

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	125		KRW	143,694		10/26/17	$	168
Bank of America, NA		USD	683		CNY	4,551		11/16/17		475
Barclays Bank PLC		USD	1,720		TWD	51,428		11/22/17		(23,521	)
Barclays Bank PLC		INR	433,571		USD	6,719		11/29/17		129,451
Barclays Bank PLC		CNY	2,716		USD	405		12/18/17		(1,696	)
Barclays Bank PLC		USD	2,661		CAD	3,296		12/18/17		(17,877	)
Barclays Bank PLC		USD	8,398		JPY	909,993		12/18/17		(280,891	)
Barclays Bank PLC		USD	521		MXN	9,452		12/18/17		(8,565	)
Barclays Bank PLC		USD	178		TWD	5,354		12/18/17		(1,193	)
Barclays Bank PLC		USD	888		ZAR	11,647		12/18/17		(38,546	)
Citibank, NA		USD	501		RUB	28,928		11/22/17		(3,755	)
Deutsche Bank AG		USD	1,578		GBP	1,229		12/18/17		72,647
Goldman Sachs Bank USA		EUR	1,261		USD	1,513		12/18/17		15,920
Goldman Sachs Bank USA		HKD	12,558		USD	1,609		12/18/17		(1,475	)
Royal Bank of Scotland PLC		CHF	2,979		USD	3,135		12/18/17		42,944
Royal Bank of Scotland PLC		EUR	531		USD	630		12/18/17		77
Royal Bank of Scotland PLC		JPY	102,517		USD	924		12/18/17		9,905
Standard Chartered Bank		USD	2,296		KRW	2,600,641		10/26/17		(24,201	)
Standard Chartered Bank		CNY	35,129		USD	5,355		11/16/17		83,068
Standard Chartered Bank		INR	19,722		USD	304		11/29/17		4,732
Standard Chartered Bank		USD	2,541		AUD	3,193		12/18/17		(38,910	)
State Street Bank & Trust Co.		CHF	118		USD	123		12/18/17		677

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		EUR	500		USD	599		12/18/17	$	5,402
State Street Bank & Trust Co.		SEK	5,855		USD	739		12/18/17		17,377
State Street Bank & Trust Co.		USD	492		CAD	617		12/18/17		2,273
State Street Bank & Trust Co.		USD	418		CHF	403		12/18/17		662
State Street Bank & Trust Co.		USD	249		GBP	186		12/18/17		469
State Street Bank & Trust Co.		USD	195		JPY	21,925		12/18/17		152
State Street Bank & Trust Co.		USD	285		NOK	2,208		12/18/17		(6,928	)
State Street Bank & Trust Co.		USD	187		ZAR	2,514		12/18/17		(3,384	)
UBS AG		USD	3,473		GBP	2,652		12/18/17		88,908
									$	24,365

(a) Non-income producing security.

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

(c) Illiquid security.

(d) Fair valued by the Adviser.

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

(f) Affiliated investments.

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

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

(i) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $38,098,573 and gross unrealized depreciation of investments was $(1,483,874), resulting in net unrealized appreciation of $36,614,699.

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

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

Country Breakdown¹

September 30, 2017 (unaudited)

49.6%	United States
7.1%	China
6.1%	India
4.8%	Switzerland
3.8%	Germany
3.5%	France
2.6%	Indonesia
2.5%	Ireland
2.4%	Sweden
2.3%	Denmark
2.3%	Hong Kong
1.8%	United Kingdom
1.5%	Austria
4.2%	Other
5.5%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.4% or less in the following countries: Brazil, Japan, Norway, Peru and Philippines.

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

Information Technology

$

23,144,861

$

7,094,018

$

– 0

–

$

30,238,879

Health Care

21,732,315

5,787,824

– 0

–

27,520,139

Financials

7,408,542

19,312,947

– 0

–

26,721,489

Industrials

9,456,813

10,583,295

– 0

–

20,040,108

Consumer Discretionary

8,537,817

– 0

–

– 0

–

8,537,817

Utilities

4,704,247

2,099,461

– 0

–

6,803,708

Consumer Staples

– 0

–

4,327,258

– 0

–

4,327,258

Real Estate

1,753,089

1,299,435

– 0

–

3,052,524

Materials

2,789,551

– 0

–

– 0

–

2,789,551

Telecommunication Services

– 0

–

1,949,129

– 0

–

1,949,129

Warrants

– 0

–

– 0

–

– 0

–(a)

– 0

–

Short-Term Investments

– 0

–

7,690,312

– 0

–

7,690,312

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

17,115

– 0

–

– 0

–

17,115

Total Investments in Securities

79,544,350

60,143,679

(b)

– 0

–

139,688,029

Other Financial Instruments (c):

Assets:

Forward Currency Exchange Contracts

– 0

–

475,307

– 0

–

475,307

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(450,942

)

– 0

–

(450,942

)

Total (d)

$

79,544,350

$

60,168,044

$

–0

–

$

139,712,394

(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 de minimis transfers under 1% of net assets from Level 1 to 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.

	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 9/30/17	$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from investments held as of 9/30/17	$	– 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 a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market*	$	4,544	$	24,019	$	28,546	$	17	$	12

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Growth Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.6%
Information Technology - 35.3%
Communications Equipment - 0.7%
Arista Networks, Inc. (a)		2,530	$	479,713
Internet Software & Services - 14.5%
Alphabet, Inc.-Class C (a)		5,115		4,905,848
CoStar Group, Inc. (a)		1,990		533,818
Facebook, Inc.-Class A (a)		22,997		3,929,497
Trade Desk, Inc. (The)-Class A (a)		9,650		593,571
				9,962,734
IT Services - 6.0%
Fiserv, Inc. (a)		8,520		1,098,739
Visa, Inc.-Class A		28,960		3,047,751
				4,146,490
Semiconductors & Semiconductor Equipment - 4.6%
NVIDIA Corp.		5,120		915,302
Xilinx, Inc.		31,560		2,235,395
				3,150,697
Software - 7.1%
Adobe Systems, Inc. (a)		13,910		2,075,094
Electronic Arts, Inc. (a)		11,380		1,343,523
HubSpot, Inc. (a)		8,090		679,964
ServiceNow, Inc. (a)		4,047		475,644
Splunk, Inc. (a)		5,050		335,472
				4,909,697
Technology Hardware, Storage & Peripherals - 2.4%
Apple, Inc.		10,925		1,683,761
				24,333,092
Health Care - 19.6%
Biotechnology - 2.9%
Biogen, Inc. (a)		6,424		2,011,483
Health Care Equipment & Supplies - 7.8%
Align Technology, Inc. (a)		2,363		440,156
Edwards Lifesciences Corp. (a)		17,210		1,881,225
Intuitive Surgical, Inc. (a)		2,150		2,248,642
Nevro Corp. (a)		8,510		773,389
				5,343,412
Health Care Providers & Services - 4.7%
Teladoc, Inc. (a)(b)		11,019		365,280
UnitedHealth Group, Inc.		14,608		2,860,977
				3,226,257
Health Care Technology - 1.7%
Cerner Corp. (a)		16,270		1,160,376

Company	Shares		U.S. $ Value
Pharmaceuticals - 2.5%
Zoetis, Inc.		27,410	$	1,747,661
				13,489,189
Consumer Discretionary - 17.0%
Diversified Consumer Services - 2.2%
Bright Horizons Family Solutions, Inc. (a)		11,160		962,103
Grand Canyon Education, Inc. (a)		5,890		534,930
				1,497,033
Hotels, Restaurants & Leisure - 3.7%
Planet Fitness, Inc.		60,070		1,620,689
Starbucks Corp.		17,610		945,833
				2,566,522
Internet & Direct Marketing Retail - 1.2%
Priceline Group, Inc. (The) (a)		457		836,685
Media - 1.3%
Comcast Corp.-Class A		22,020		847,329
Multiline Retail - 1.9%
Dollar Tree, Inc. (a)		15,150		1,315,323
Specialty Retail - 4.5%
Home Depot, Inc. (The)		14,959		2,446,694
Ulta Salon Cosmetics & Fragrance, Inc. (a)		2,962		669,590
				3,116,284
Textiles, Apparel & Luxury Goods - 2.2%
NIKE, Inc.-Class B		29,452		1,527,086
				11,706,262
Consumer Staples - 9.9%
Beverages - 6.2%
Constellation Brands, Inc.-Class A		10,110		2,016,439
Monster Beverage Corp. (a)		40,968		2,263,482
				4,279,921
Food & Staples Retailing - 3.1%
Costco Wholesale Corp.		13,155		2,161,235
Food Products - 0.6%
Blue Buffalo Pet Products, Inc. (a)		14,070		398,885
				6,840,041
Industrials - 8.8%
Building Products - 2.9%
Allegion PLC		9,030		780,824
AO Smith Corp.		10,450		621,044
Lennox International, Inc.		3,190		570,914
				1,972,782
Commercial Services & Supplies - 1.5%
Copart, Inc. (a)		30,680		1,054,472

Company	Shares		U.S. $ Value
Industrial Conglomerates - 1.7%
Roper Technologies, Inc.		4,860	$	1,182,924
Machinery - 2.2%
IDEX Corp.		6,230		756,758
WABCO Holdings, Inc. (a)		5,220		772,560
				1,529,318
Trading Companies & Distributors - 0.5%
Fastenal Co. (b)		7,750		353,245
				6,092,741
Materials - 2.5%
Chemicals - 2.5%
Ecolab, Inc.		7,000		900,270
PolyOne Corp.		21,150		846,635
				1,746,905
Financials - 2.5%
Capital Markets - 2.5%
MarketAxess Holdings, Inc.		4,420		815,534
S&P Global, Inc.		5,780		903,472
				1,719,006
Total Common Stocks (cost $43,378,357)				65,927,236
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.7%
Time Deposit - 4.7%
State Street Bank & Trust Co. 0.12%, 10/02/17 (cost $3,227,820)	$	3,228		3,227,820
Total Investments Before Security Lending Collateral for Securities Loaned - 100.3% (cost $46,606,177)				69,155,056
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.0%
Investment Companies - 1.0%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (c)(d)(e) (cost $731,449)		731,449		731,449

	U.S. $ Value
Total Investments - 101.3% (cost $47,337,626) (f)	$	69,886,505
Other assets less liabilities - (1.3)%		(920,544	)
Net Assets - 100.0%	$	68,965,961

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $22,635,393 and gross unrealized depreciation of investments was $(86,514), resulting in net unrealized appreciation of $22,548,879.

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

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

65,927,236

$

– 0

–

$

– 0

–

$

65,927,236

Short-Term Investments

– 0

–

3,227,820

– 0

–

3,227,820

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

731,449

– 0

–

– 0

–

731,449

Total Investments in Securities

66,658,685

3,227,820

– 0

–

69,886,505

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

66,658,685

$

3,227,820

$

– 0

–

$

69,886,505

(a) See Portfolio of Investments for sector classifications.

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
AB Government Money Market*	$	684	$	5,721	$	5,674	$	731	$	2

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 88.5%
Financials - 20.0%
Banks - 8.5%
Citigroup, Inc.		390,400	$	28,397,696
JPMorgan Chase & Co.		496,680		47,437,907
Wells Fargo & Co.		273,210		15,067,531
				90,903,134
Capital Markets - 4.4%
Goldman Sachs Group, Inc. (The)		72,260		17,139,349
Northern Trust Corp.		105,380		9,687,583
State Street Corp.		161,870		15,465,060
TD Ameritrade Holding Corp.		105,700		5,158,160
				47,450,152
Diversified Financial Services - 2.3%
Berkshire Hathaway, Inc.-Class B (a)		134,002		24,565,247
Insurance - 4.8%
Allstate Corp. (The)		164,950		15,160,554
Axis Capital Holdings Ltd.		164,973		9,454,603
Chubb Ltd.		63,310		9,024,841
FNF Group		174,700		8,291,262
Validus Holdings Ltd.		204,659		10,071,269
				52,002,529
				214,921,062
Health Care - 17.2%
Biotechnology - 5.1%
Amgen, Inc.		49,620		9,251,649
Biogen, Inc. (a)		75,950		23,781,464
Gilead Sciences, Inc.		266,780		21,614,516
				54,647,629
Health Care Equipment & Supplies - 1.6%
Hologic, Inc. (a)		455,060		16,696,151
Health Care Providers & Services - 5.4%
Aetna, Inc.		149,560		23,781,536
Cigna Corp.		133,670		24,988,270
Quest Diagnostics, Inc.		99,400		9,307,816
				58,077,622
Pharmaceuticals - 5.1%
Eli Lilly & Co.		285,660		24,435,356
Pfizer, Inc.		434,490		15,511,293
Roche Holding AG (Sponsored ADR)		463,700		14,838,400
				54,785,049
				184,206,451
Consumer Discretionary - 13.7%
Auto Components - 0.4%
BorgWarner, Inc.		87,410		4,478,014
Household Durables - 2.6%
DR Horton, Inc.		449,490		17,948,135

Company	Shares		U.S. $ Value
Garmin Ltd.		178,540	$	9,635,804
				27,583,939
Media - 7.5%
AMC Networks, Inc.-Class A (a)		105,560		6,172,093
Comcast Corp.-Class A		237,090		9,123,223
Discovery Communications, Inc.-Class A (a)(b)		1,190,810		25,352,345
Scripps Networks Interactive, Inc.-Class A		73,250		6,291,443
Time Warner, Inc.		329,050		33,711,172
				80,650,276
Specialty Retail - 1.9%
Ross Stores, Inc.		318,340		20,555,214
Textiles, Apparel & Luxury Goods - 1.3%
Hanesbrands, Inc. (b)		161,500		3,979,360
VF Corp.		152,050		9,665,819
				13,645,179
				146,912,622
Information Technology - 11.7%
Communications Equipment - 0.9%
Cisco Systems, Inc.		285,430		9,599,011
Electronic Equipment, Instruments & Components - 2.5%
Dolby Laboratories, Inc.-Class A		333,170		19,163,938
FLIR Systems, Inc.		99,530		3,872,712
TE Connectivity Ltd.		50,030		4,155,492
				27,192,142
Internet Software & Services - 0.5%
Akamai Technologies, Inc. (a)		106,929		5,209,581
IT Services - 1.9%
International Business Machines Corp.		56,220		8,156,398
Mastercard, Inc.-Class A		84,610		11,946,932
				20,103,330
Semiconductors & Semiconductor Equipment - 3.3%
Ambarella, Inc. (a)(b)		111,530		5,466,085
Intel Corp.		260,772		9,930,198
Synaptics, Inc. (a)		104,210		4,082,948
Xilinx, Inc.		222,700		15,773,841
				35,253,072
Software - 1.4%
VMware, Inc.-Class A (a)(b)		135,250		14,767,948
Technology Hardware, Storage & Peripherals - 1.2%
Apple, Inc.		85,545		13,184,195
				125,309,279
Industrials - 8.5%
Aerospace & Defense - 4.3%
Boeing Co. (The)		28,940		7,356,837

Company	Shares		U.S. $ Value
Raytheon Co.		207,980	$	38,804,909
				46,161,746
Airlines - 0.7%
Delta Air Lines, Inc.		84,200		4,060,124
Southwest Airlines Co.		75,690		4,237,126
				8,297,250
Electrical Equipment - 1.3%
AMETEK, Inc.		63,830		4,215,333
Sensata Technologies Holding NV (a)		197,800		9,508,246
				13,723,579
Machinery - 1.0%
Caterpillar, Inc.		50,880		6,345,245
Parker-Hannifin Corp.		24,159		4,228,308
				10,573,553
Road & Rail - 1.2%
Norfolk Southern Corp.		98,200		12,985,968
				91,742,096
Energy - 8.4%
Energy Equipment & Services - 3.1%
Dril-Quip, Inc. (a)		139,290		6,149,654
National Oilwell Varco, Inc.		170,180		6,080,531
Oceaneering International, Inc.		273,050		7,173,024
Oil States International, Inc. (a)		239,915		6,081,845
TechnipFMC PLC (a)		268,150		7,486,748
				32,971,802
Oil, Gas & Consumable Fuels - 5.3%
ConocoPhillips		252,570		12,641,128
Exxon Mobil Corp.		212,750		17,441,245
Noble Energy, Inc.		717,970		20,361,629
World Fuel Services Corp.		182,480		6,187,897
				56,631,899
				89,603,701
Consumer Staples - 5.0%
Beverages - 0.7%
PepsiCo, Inc.		62,980		7,017,862
Food & Staples Retailing - 4.3%
CVS Health Corp.		158,430		12,883,528
United Natural Foods, Inc. (a)		125,800		5,232,022
Wal-Mart Stores, Inc.		361,647		28,259,096
				46,374,646
				53,392,508
Real Estate - 2.8%
Equity Real Estate Investment Trusts (REITs) - 1.0%
Liberty Property Trust		265,250		10,891,165

Company	Shares		U.S. $ Value
Real Estate Management & Development - 1.8%
CBRE Group, Inc.-Class A (a)		497,980	$	18,863,482
				29,754,647
Utilities - 1.2%
Electric Utilities - 1.2%
Exelon Corp.		343,180		12,927,591
Total Common Stocks (cost $782,524,912)				948,769,957
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 12.5%
Time Deposit - 12.5%
State Street Bank & Trust Co. 0.12%, 10/02/17 (cost $133,836,708)	$	133,837		133,836,708
Total Investments Before Security Lending Collateral for Securities Loaned - 101.0% (cost $916,361,620)				1,082,606,665
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.5%
Investment Companies - 2.5%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (c)(d)(e) (cost $27,404,219)		27,404,219		27,404,219
Total Investments - 103.5% (cost $943,765,839) (f)				1,110,010,884
Other assets less liabilities - (3.5)%				(37,766,085	)
Net Assets - 100.0%			$	1,072,244,799

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $174,318,831 and gross unrealized depreciation of investments was $(8,073,786), resulting in net unrealized appreciation of $166,245,044.

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 Growth and Income Portfolio

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

948,769,957

$

– 0

–

$

– 0

–

$

948,769,957

Short-Term Investments

– 0

–

133,836,708

– 0

–

133,836,708

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

27,404,219

– 0

–

– 0

–

27,404,219

Total Investments in Securities

976,174,176

133,836,708

– 0

–

1,110,010,884

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

976,174,176

$

133,836,708

$

– 0

–

$

1,110,010,884

(a) See Portfolio of Investments for sector classifications.

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market*		$    13,560		$    226,329		$    212,485		$    27,404		$    79

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

	Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THROUGHS - 22.1%
Agency Fixed Rate 30-Year - 18.8%
Federal Home Loan Mortgage Corp. Gold
4.00%, 2/01/46	U.S.$	266	$	282,069
Series 2005
5.50%, 1/01/35		92		102,875
Series 2007
5.50%, 7/01/35		25		28,328
Series 2017
4.00%, 7/01/44		213		225,759
Federal National Mortgage Association
3.50%, 10/01/47, TBA		3,398		3,502,860
4.00%, 12/01/40-10/01/43		635		673,498
4.00%, 10/25/47, TBA		1,258		1,324,340
4.50%, 5/01/46-2/01/47		2,168		2,330,137
Series 2003
5.50%, 4/01/33-7/01/33		87		97,088
Series 2004
5.50%, 4/01/34-11/01/34		76		85,217
Series 2005
5.50%, 2/01/35		92		102,311
Government National Mortgage Association
3.00%, 4/20/46		313		318,223
3.50%, 10/01/47, TBA		1,098		1,141,491
Series 1994
9.00%, 9/15/24		1		1,301
				10,215,497
Agency Fixed Rate 15-Year - 2.4%
Federal National Mortgage Association
2.50%, 7/01/31-1/01/32		1,320		1,330,099
Other Agency Fixed Rate Programs - 0.9%
Federal National Mortgage Association
4.50%, 11/01/30		465		501,040
Total Mortgage Pass-Throughs (cost $11,997,927)				12,046,636
CORPORATES - INVESTMENT GRADE - 20.9%
Industrial - 10.2%
Basic - 1.1%
Eastman Chemical Co.
3.80%, 3/15/25		50		51,493
Glencore Funding LLC
4.125%, 5/30/23 (a)		58		60,310
Mosaic Co. (The)
5.625%, 11/15/43		53		54,148
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		261,950
Vale Overseas Ltd.
6.875%, 11/21/36		80		91,588
Yamana Gold, Inc.
4.95%, 7/15/24		81		83,118
				602,607

	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.2%
Embraer Netherlands Finance BV
5.40%, 2/01/27	U.S.$	85	$	92,055
General Electric Co.
Series D
5.00%, 1/21/21 (b)		40		42,166
				134,221
Communications - Media - 0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		135		144,446
Cox Communications, Inc.
2.95%, 6/30/23 (a)		51		50,295
Time Warner Cable LLC
4.125%, 2/15/21		200		207,532
				402,273
Communications - Telecommunications - 1.7%
AT&T, Inc.
3.40%, 5/15/25		310		305,688
4.125%, 2/17/26		147		150,996
5.15%, 2/14/50		60		60,425
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		22,880
Verizon Communications, Inc.
2.625%, 8/15/26	U.S.$	157		147,236
3.50%, 11/01/24		145		147,745
5.50%, 3/16/47		105		116,550
				951,520
Consumer Cyclical - Automotive - 0.5%
General Motors Co.
3.50%, 10/02/18		80		81,292
General Motors Financial Co., Inc.
3.10%, 1/15/19		110		111,516
3.25%, 5/15/18		9		9,077
4.00%, 1/15/25		23		23,456
4.30%, 7/13/25		30		30,969
				256,310
Consumer Non-Cyclical - 1.9%
Becton Dickinson and Co.
3.734%, 12/15/24		40		41,049
Biogen, Inc.
4.05%, 9/15/25		144		153,713
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		2		2,207
Medtronic, Inc.
3.50%, 3/15/25		195		203,338
Mylan NV
3.125%, 11/22/28 (a)	EUR	100		126,421
3.95%, 6/15/26	U.S.$	37		37,694
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 7/21/23		122		116,842

	Principal Amount (000)		U.S. $ Value
3.15%, 10/01/26	U.S.$	171	$	157,882
Tyson Foods, Inc.
2.65%, 8/15/19		39		39,461
3.95%, 8/15/24		123		129,646
				1,008,253
Energy - 1.7%
Cenovus Energy, Inc.
3.00%, 8/15/22		12		11,790
5.70%, 10/15/19		36		38,084
Ecopetrol SA
5.875%, 5/28/45		57		55,646
Encana Corp.
3.90%, 11/15/21		45		46,340
Enterprise Products Operating LLC
3.70%, 2/15/26		161		165,588
5.20%, 9/01/20		55		59,565
Hess Corp.
4.30%, 4/01/27		109		108,426
Noble Energy, Inc.
3.90%, 11/15/24		107		109,671
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		137		133,583
Sabine Pass Liquefaction LLC
5.00%, 3/15/27		80		85,074
Williams Partners LP
4.125%, 11/15/20		97		101,596
				915,363
Services - 0.5%
Expedia, Inc.
3.80%, 2/15/28 (a)		94		93,145
S&P Global, Inc.
4.40%, 2/15/26		127		136,842
Total System Services, Inc.
3.75%, 6/01/23		19		19,638
				249,625
Technology - 1.9%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24 (a)		28		28,816
3.875%, 1/15/27 (a)		62		63,854
Dell International LLC/EMC Corp.
5.45%, 6/15/23 (a)		160		175,192
6.02%, 6/15/26 (a)		31		34,390
Hewlett Packard Enterprise Co.
2.10%, 10/04/19 (a)		96		96,007
HP, Inc.
4.65%, 12/09/21		107		115,218
KLA-Tencor Corp.
4.65%, 11/01/24		134		145,377
Lam Research Corp.
2.80%, 6/15/21		39		39,450
Motorola Solutions, Inc.
3.50%, 3/01/23		82		82,831

	Principal Amount (000)		U.S. $ Value
7.50%, 5/15/25		U.S.$         23	$	27,908
Seagate HDD Cayman
4.75%, 1/01/25		75		73,051
VMware, Inc.
2.95%, 8/21/22		45		45,263
Western Digital Corp.
7.375%, 4/01/23 (a)		89		97,454
				1,024,811
				5,544,983
Financial Institutions - 10.1%
Banking - 9.4%
Banco Santander SA
3.50%, 4/11/22		200		204,946
Bank of America Corp.
2.881%, 4/24/23		145		145,677
3.824%, 1/20/28		145		148,943
Series G
3.593%, 7/21/28		85		85,845
BNP Paribas SA
3.80%, 1/10/24 (a)		200		208,138
Citigroup, Inc.
3.668%, 7/24/28		290		292,862
Compass Bank
5.50%, 4/01/20		250		263,815
Cooperatieve Rabobank UA
4.375%, 8/04/25		250		263,585
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		265		274,182
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		118		117,022
3.75%, 5/22/25		53		54,526
3.85%, 7/08/24		210		218,744
Series D
6.00%, 6/15/20		195		214,083
HSBC Holdings PLC
4.041%, 3/13/28		310		324,567
JPMorgan Chase & Co.
3.22%, 3/01/25		140		142,225
3.54%, 5/01/28		255		257,881
Lloyds Banking Group PLC
4.65%, 3/24/26		200		211,120
Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/01/26		200		208,038
Morgan Stanley
3.591%, 7/22/28		235		236,048
5.625%, 9/23/19		143		152,664
Santander Holdings USA, Inc.
4.40%, 7/13/27 (a)		140		142,799
Santander Issuances SAU
3.25%, 4/04/26 (a)	EUR	200		254,364
UBS AG/Stamford CT
7.625%, 8/17/22	U.S.$	250		295,037
UBS Group Funding Switzerland AG
4.125%, 9/24/25 (a)		200		210,370

	Principal Amount (000)		U.S. $ Value
US Bancorp
Series J
5.30%, 4/15/27 (b)	U.S.$	63	$	68,681
Wells Fargo & Co.
3.069%, 1/24/23		113		114,897
				5,111,059
Insurance - 0.4%
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		31		33,410
Lincoln National Corp.
8.75%, 7/01/19		35		38,886
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		35		57,948
XLIT Ltd.
3.25%, 6/29/47	EUR	100		116,069
				246,313
REITS - 0.3%
Host Hotels & Resorts LP Series D
3.75%, 10/15/23	U.S.$	6		6,134
Welltower, Inc.
4.00%, 6/01/25		146		152,063
				158,197
				5,515,569
Utility - 0.6%
Electric - 0.6%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		90		115,760
Israel Electric Corp., Ltd.
Series 6
5.00%, 11/12/24 (a)		200		216,500
				332,260
Total Corporates - Investment Grade (cost $10,974,024)				11,392,812
ASSET-BACKED SECURITIES - 13.4%
Autos - Fixed Rate - 7.5%
Ally Auto Receivables Trust
Series 2015-2, Class A3
1.49%, 11/15/19		96		96,437
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		259		259,031
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class A2A
1.34%, 4/08/20		75		74,602
Series 2017-3, Class A2A
1.69%, 12/18/20		65		64,944
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A

	Principal Amount (000)		U.S. $ Value
2.97%, 2/20/20 (a)	U.S.	$       288	$	290,258
Series 2016-1A, Class A
2.99%, 6/20/22 (a)		100		100,843
Bank of The West Auto Trust
Series 2015-1, Class A3
1.31%, 10/15/19 (a)		104		104,362
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		51		50,714
Series 2015-2, Class A3
1.31%, 8/15/19		18		18,376
Chrysler Capital Auto Receivables Trust
Series 2015-BA, Class A3
1.91%, 3/16/20 (a)		100		100,445
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (a)		35		34,587
DT Auto Owner Trust
Series 2017-3A, Class A
1.73%, 8/17/20 (a)		61		60,736
Enterprise Fleet Financing LLC
Series 2014-2, Class A2
1.05%, 3/20/20 (a)		3		2,884
Series 2015-1, Class A2
1.30%, 9/20/20 (a)		39		38,798
Exeter Automobile Receivables Trust
Series 2016-3A, Class A
1.84%, 11/16/20 (a)		27		26,941
Series 2016-3A, Class D
6.40%, 7/17/23 (a)		100		103,033
Series 2017-1A, Class D
6.20%, 11/15/23 (a)		100		102,645
Series 2017-2A, Class A
2.11%, 6/15/21 (a)		70		69,709
Series 2017-3A, Class A
2.05%, 12/15/21 (a)		140		139,983
Series 2017-3A, Class C
3.68%, 7/17/23 (a)		60		59,989
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		165		164,944
Flagship Credit Auto Trust
Series 2016-3, Class A1
1.61%, 12/15/19 (a)		38		38,223
Series 2016-4, Class D
3.89%, 11/15/22 (a)		125		126,302
Series 2017-3, Class A
1.88%, 10/15/21 (a)		92		92,396
Ford Credit Auto Owner Trust
Series 2014-2, Class A
2.31%, 4/15/26 (a)		257		258,971
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		198		197,932

	Principal Amount (000)		U.S. $ Value
Series 2016-1, Class A1
1.76%, 2/15/21	U.S.$	131	$	130,870
Series 2017-1, Class A1
2.07%, 5/15/22		115		115,358
GM Financial Automobile Leasing Trust
Series 2015-2, Class A3
1.68%, 12/20/18		144		143,664
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (a)		128		128,491
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		82		81,687
Hertz Vehicle Financing II LP
Series 2015-1A, Class B
3.52%, 3/25/21 (a)		115		116,400
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		485		483,771
Hyundai Auto Lease Securitization Trust
Series 2015-B, Class A3
1.40%, 11/15/18 (a)		41		41,292
Mercedes Benz Auto Lease Trust
Series 2015-B, Class A3
1.34%, 7/16/18		47		46,877
Santander Drive Auto Receivables Trust
Series 2016-3, Class A2
1.34%, 11/15/19		48		48,180
Series 2017-3, Class A2
1.67%, 6/15/20		65		64,962
Westlake Automobile Receivables Trust
Series 2016-2A, Class A2
1.57%, 6/17/19 (a)		33		33,077
				4,112,714
Other ABS - Fixed Rate - 2.3%
Ascentium Equipment Receivables Trust
Series 2016-1A, Class A2
1.75%, 11/13/18 (a)		14		14,288
CLUB Credit Trust
Series 2017-P1, Class B
3.56%, 9/15/23 (a)(c)		100		99,991
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		99		98,576
Series 2015-A, Class A4
1.85%, 4/15/21		134		133,806
Marlette Funding Trust
Series 2016-1A, Class A
3.06%, 1/17/23 (a)(c)		40		40,329
Series 2017-1A, Class A
2.827%, 3/15/24 (a)(c)		69		68,988
Series 2017-2A, Class A
2.39%, 7/15/24 (a)(c)		121		120,856

	Principal Amount (000)		U.S. $ Value
SBA Tower Trust
3.156%, 10/08/20 (a)(c)	U.S.$	147	$	148,084
SoFi Consumer Loan Program LLC
Series 2016-2, Class A
3.09%, 10/27/25 (a)(c)		72		72,937
Series 2016-3, Class A
3.05%, 12/26/25 (a)(c)		78		78,957
Series 2017-1, Class A
3.28%, 1/26/26 (a)(c)		73		74,395
Series 2017-2, Class A
3.28%, 2/25/26 (a)(c)		88		89,421
Series 2017-3, Class A
2.77%, 5/25/26 (a)(c)		99		99,194
Series 2017-5, Class A2
2.78%, 9/25/26 (a)(c)		110		109,636
				1,249,458
Credit Cards - Fixed Rate - 1.8%
Barclays Dryrock Issuance Trust
Series 2015-2, Class A
1.56%, 3/15/21		183		183,067
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		232		233,403
Series 2015-3, Class A
1.74%, 9/15/21		173		172,979
Series 2016-1, Class A
2.04%, 3/15/22		130		130,458
World Financial Network Credit Card Master Trust
Series 2016-B, Class A
1.44%, 6/15/22		137		136,705
Series 2017-B, Class A
1.98%, 6/15/23		110		109,915
				966,527
Autos - Floating Rate - 0.8%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 1.734% (LIBOR 1 Month + 0.50%), 7/15/20 (a)(d)		214		214,723
Wells Fargo Dealer Floorplan Master Note Trust Series 2015-1, Class A 1.736% (LIBOR 1 Month + 0.50%), 1/20/20 (d)		227		227,363
				442,086
Credit Cards - Floating Rate - 0.8%
Discover Card Execution Note Trust Series 2015-A1, Class A1 1.584% (LIBOR 1 Month + 0.35%), 8/17/20 (d)		263		263,259

	Principal Amount (000)		U.S. $ Value
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
1.714% (LIBOR 1 Month + 0.48%), 2/15/22 (d)	U.S.$	150	$	150,260
				413,519
Home Equity Loans - Fixed Rate - 0.1%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (c)		61		61,237
Home Equity Loans - Floating Rate - 0.1%
Asset Backed Funding Certificates Trust
Series 2003-WF1, Class A2
2.362% (LIBOR 1 Month + 1.13%), 12/25/32 (c)(d)		31		30,587
Total Asset-Backed Securities (cost $7,258,658)				7,276,128
GOVERNMENTS - TREASURIES - 10.9%
United States - 10.9%
U.S. Treasury Bonds
2.875%, 8/15/45-11/15/46		330		330,803
3.00%, 11/15/45-2/15/47		1,978		2,035,372
3.625%, 2/15/44		65		74,709
4.50%, 2/15/36		99		127,308
6.25%, 5/15/30		261		369,930
U.S. Treasury Notes
0.75%, 12/31/17		840		839,212
1.00%, 12/31/17		530		529,834
1.75%, 11/30/21		1,247		1,242,713
2.25%, 11/15/24		171		171,755
2.50%, 8/15/23		215		220,509
Total Governments - Treasuries (cost $6,163,050)				5,942,145
COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.8%
Non-Agency Fixed Rate CMBS - 7.1%
Banc of America Commercial Mortgage Trust
Series 2007-5, Class AM
5.772%, 2/10/51 (c)		76		75,706
BHMS Commercial Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		200		202,054
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4
3.283%, 5/10/58		115		116,047
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		260		267,592

	Principal Amount (000)		U.S. $ Value
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D
5.036%, 9/10/45 (a)(c)	U.S.$	128	$	114,103
Series 2015-GC27, Class A5
3.137%, 2/10/48		144		144,759
Series 2015-GC35, Class A4
3.818%, 11/10/48		55		57,817
Series 2016-C1, Class A4
3.209%, 5/10/49		192		193,717
Series 2016-GC36, Class A5
3.616%, 2/10/49		65		67,454
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		78		76,890
Series 2014-UBS5, Class A4
3.838%, 9/10/47		130		136,878
Series 2015-CR24, Class A5
3.696%, 8/10/48		65		67,749
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4
3.718%, 8/15/48		117		121,699
Series 2015-C4, Class A4
3.808%, 11/15/48		215		225,248
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		238		240,307
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		136		135,747
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AM
5.372%, 5/15/47 (c)		39		38,956
Series 2012-C6, Class D
5.307%, 5/15/45 (c)		110		112,916
Series 2012-C6, Class E
5.307%, 5/15/45 (a)(c)		132		117,267
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class XA
1.08%, 9/15/47 (e)		2,865		138,248
Series 2015-C30, Class A5
3.822%, 7/15/48		65		68,412
Series 2015-C31, Class A3
3.801%, 8/15/48		195		205,303
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (c)		40		31,859
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 3/10/49 (a)		159		157,447
Morgan Stanley Capital I Trust
Series 2016-UB12, Class A4
3.596%, 12/15/49		100		103,987
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5
2.85%, 12/10/45		112		113,466

	Principal Amount (000)		U.S. $ Value
Wells Fargo Commercial Mortgage Trust
Series 2016-LC25, Class C
4.584%, 12/15/59 (c)	U.S.$	85	$	84,250
Series 2016-NXS6, Class C
4.454%, 11/15/49 (c)		100		102,180
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA
1.431%, 3/15/45 (a)(e)		1,574		72,248
Series 2013-C14, Class A5
3.337%, 6/15/46		132		136,822
Series 2014-C20, Class A2
3.036%, 5/15/47		125		127,099
				3,854,227
Non-Agency Floating Rate CMBS - 1.7%
CGBAM Commercial Mortgage Trust
Series 2016-IMC, Class A
3.134% (LIBOR 1 Month + 1.90%), 11/15/21 (a)(d)		115		115,000
Series 2016-IMC, Class C
5.184% (LIBOR 1 Month + 3.95%), 11/15/21 (a)(c)(d)		123		123,481
CSMC Mortgage-Backed Trust Series 2016-MFF, Class D 5.827% (LIBOR 1 Month + 4.60%), 11/15/33 (a)(c)(d)		100		100,562
Great Wolf Trust Series 2017-WOLF, Class A 2.09% (LIBOR 1 Month + 0.85%), 9/15/34 (a)(d)		93		93,000
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 2.927% (LIBOR 1 Month + 1.70%), 7/15/36 (a)(d)		122		121,936
Starwood Retail Property Trust Series 2014-STAR, Class A 2.454% (LIBOR 1 Month + 1.22%), 11/15/27 (a)(d)		196		196,064
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class A 2.584% (LIBOR 1 Month + 1.35%), 6/15/29 (a)(d)		211		211,375
				961,418
Total Commercial Mortgage-Backed Securities (cost $4,864,920)				4,815,645
COLLATERALIZED MORTGAGE OBLIGATIONS - 7.8%
Risk Share Floating Rate - 5.0%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2A
5.737% (LIBOR 1 Month + 4.50%), 4/25/26 (d)(f)		1		1,168

	Principal Amount (000)		U.S. $ Value
Series 2016-1A, Class M2B
7.737% (LIBOR 1 Month + 6.50%), 4/25/26 (d)(f)	U.S.$	150	$	154,235
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN4, Class M3
5.787% (LIBOR 1 Month + 4.55%), 10/25/24 (d)		234		253,635
Series 2014-HQ3, Class M2
3.887% (LIBOR 1 Month + 2.65%), 10/25/24 (d)		35		35,239
Series 2015-DNA1, Class M3
4.537% (LIBOR 1 Month + 3.30%), 10/25/27 (d)		250		277,237
Series 2015-HQA1, Class M2
3.887% (LIBOR 1 Month + 2.65%), 3/25/28 (d)		158		161,896
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
2.437% (LIBOR 1 Month + 1.20%), 7/25/24 (d)		4		4,167
Series 2014-C04, Class 1M2
6.137% (LIBOR 1 Month + 4.90%), 11/25/24 (d)		161		182,753
Series 2014-C04, Class 2M2
6.237% (LIBOR 1 Month + 5.00%), 11/25/24 (d)		55		61,172
Series 2015-C01, Class 1M2
5.537% (LIBOR 1 Month + 4.30%), 2/25/25 (d)		77		82,586
Series 2015-C01, Class 2M2
5.787% (LIBOR 1 Month + 4.55%), 2/25/25 (d)		69		73,240
Series 2015-C02, Class 1M2
5.237% (LIBOR 1 Month + 4.00%), 5/25/25 (d)		95		101,423
Series 2015-C02, Class 2M2
5.237% (LIBOR 1 Month + 4.00%), 5/25/25 (d)		112		117,753
Series 2015-C03, Class 1M2
6.237% (LIBOR 1 Month + 5.00%), 7/25/25 (d)		118		130,732
Series 2015-C03, Class 2M2
6.237% (LIBOR 1 Month + 5.00%), 7/25/25 (d)		101		110,972
Series 2015-C04, Class 1M2
6.937% (LIBOR 1 Month + 5.70%), 4/25/28 (d)		145		163,154
Series 2015-C04, Class 2M2
6.787% (LIBOR 1 Month + 5.55%), 4/25/28 (d)		138		151,767
Series 2016-C01, Class 1M2
7.987% (LIBOR 1 Month + 6.75%), 8/25/28 (d)		160		188,413

	Principal Amount (000)		U.S. $ Value
Series 2016-C01, Class 2M2
8.187% (LIBOR 1 Month + 6.95%), 8/25/28 (d)	U.S.$	92	$	108,975
Series 2016-C02, Class 1M2
7.237% (LIBOR 1 Month + 6.00%), 9/25/28 (d)		130		150,607
Series 2016-C03, Class 2M2
7.137% (LIBOR 1 Month + 5.90%), 10/25/28 (d)		148		169,412
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
6.487% (LIBOR 1 Month + 5.25%), 11/25/25 (d)(f)		48		52,035
Series 2015-WF1, Class 2M2
6.737% (LIBOR 1 Month + 5.50%), 11/25/25 (d)(f)		20		23,253
				2,755,824
Agency Floating Rate - 1.2%
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
5.303% (6.54% - LIBOR 1 Month), 12/25/41 (d)(g)		195		41,675
Series 2012-70, Class SA
5.313% (6.55% - LIBOR 1 Month), 7/25/42 (d)(g)		360		78,861
Series 2015-90, Class SL
4.913% (6.15% - LIBOR 1 Month), 12/25/45 (d)(g)		397		77,798
Series 2016-77, Class DS
4.763% (6.00% - LIBOR 1 Month), 10/25/46 (d)(g)		391		73,912
Series 2017-16, Class SG
4.813% (6.05% - LIBOR 1 Month), 3/25/47 (d)(g)		382		78,672
Series 2017-26, Class TS
4.713% (5.95% - LIBOR 1 Month), 4/25/47 (d)(g)		357		76,463
Series 2017-62, Class AS
4.913% (6.15% - LIBOR 1 Month), 8/25/47 (d)(g)		365		77,833
Series 2017-81, Class SA
4.977% (6.20% - LIBOR 1 Month), 10/25/47 (c)(d)(g)		361		83,029
Government National Mortgage Association
Series 2017-65, Class ST
4.914% (6.15% - LIBOR 1 Month), 4/20/47 (d)(g)		368		79,322
				667,565

	Principal Amount (000)		U.S. $ Value
Non-Agency Fixed Rate - 1.2%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35	U.S.$	22	$	20,704
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		45		41,134
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		27		26,584
Series 2006-24CB, Class A16
5.75%, 6/25/36		81		68,003
Series 2006-28CB, Class A14
6.25%, 10/25/36		56		47,087
Series 2006-9T1, Class A1
5.75%, 5/25/36		34		27,118
Series 2006-J1, Class 1A13
5.50%, 2/25/36		47		42,608
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		27		24,668
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
3.189%, 5/25/35		53		53,140
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		41		34,052
Series 2006-13, Class 1A19
6.25%, 9/25/36		23		20,514
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		67		58,039
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
3.613%, 7/25/36		148		130,412
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		37		33,215
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		21		21,248
				648,526
Non-Agency Floating Rate - 0.3%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
1.427% (LIBOR 1 Month + 0.19%), 12/25/36 (d)		154		98,997
HomeBanc Mortgage Trust
Series 2005-1, Class A1
1.487% (LIBOR 1 Month + 0.25%), 3/25/35 (d)		57		51,870
				150,867

	Principal Amount (000)		U.S. $ Value
Agency Fixed Rate - 0.1%
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
1.834%, 5/28/35 (c)	U.S.$	50	$	46,795
Total Collateralized Mortgage Obligations (cost $4,100,398)				4,269,577
INFLATION-LINKED SECURITIES - 6.0%
Japan - 1.0%
Japanese Government CPI Linked Bond
Series 2022
0.10%, 3/10/27	JPY	59,697		554,406
United States - 5.0%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)	U.S.$	1,200		1,205,141
0.25%, 1/15/25 (TIPS)		647		640,596
0.375%, 7/15/25 (TIPS)		852		851,723
				2,697,460
Total Inflation-Linked Securities (cost $3,285,770)				3,251,866
CORPORATES - NON-INVESTMENT GRADE - 3.4%
Industrial - 2.1%
Basic - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		74		76,304
Communications - Media - 0.3%
CSC Holdings LLC
6.75%, 11/15/21		30		33,144
SFR Group SA
5.375%, 5/15/22 (a)	EUR	120		148,118
				181,262
Communications - Telecommunications - 0.9%
Arqiva Broadcast Finance PLC
9.50%, 3/31/20 (a)	GBP	100		141,893
CenturyLink, Inc.
Series Y
7.50%, 4/01/24	U.S.$	42		43,485
Sprint Capital Corp.
6.90%, 5/01/19		210		223,868
Windstream Services LLC
6.375%, 8/01/23		80		56,466
				465,712
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19		63		65,070

	Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical - 0.2%
First Quality Finance Co., Inc.
4.625%, 5/15/21 (a)	U.S.$	85	$	85,918
Energy - 0.4%
Cheniere Energy Partners LP
5.25%, 10/01/25 (a)		53		54,199
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		68		50,745
Nabors Industries, Inc.
5.50%, 1/15/23		113		112,286
SM Energy Co.
6.50%, 1/01/23		9		9,067
				226,297
Transportation - Services - 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.25%, 3/15/25 (a)		52		52,029
				1,152,592
Financial Institutions - 1.3%
Banking - 1.1%
Bank of America Corp. Series Z
6.50%, 10/23/24 (b)		49		55,360
Barclays Bank PLC
6.86%, 6/15/32 (a)(b)		29		35,084
Intesa Sanpaolo SpA Series E
3.928%, 9/15/26 (a)	EUR	100		127,346
Lloyds Banking Group PLC
7.50%, 6/27/24 (b)	U.S.$	200		223,914
Royal Bank of Scotland Group PLC
2.001%, 12/31/17 (a)(b)	EUR	50		56,991
Standard Chartered PLC
2.821% (LIBOR 3 Month + 1.51%),
1/30/27 (a)(b)(d)	U.S.$	100		86,131
				584,826
Finance - 0.2%
Navient Corp.
6.625%, 7/26/21		95		101,829
				686,655
Total Corporates - Non-Investment Grade (cost $1,866,931)				1,839,247
AGENCIES - 2.9%
Agency Debentures - 2.9%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20
(cost $1,506,050)		1,677		1,594,995

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - TREASURIES - 0.9%
Brazil - 0.7%
Brazil Notas do Tesouro Nacional Series F
10.00%, 1/01/21-1/01/27	BRL	1,145	$	369,272
Turkey - 0.2%
Turkey Government Bond
11.00%, 2/24/27	TRY	485		138,607
Total Emerging Markets - Treasuries (cost $416,133)				507,879
QUASI-SOVEREIGNS - 0.7%
Quasi-Sovereign Bonds - 0.7%
Chile - 0.4%
Corp. Nacional del Cobre de Chile 3.625%, 8/01/27 (a)	U.S.$	200		199,080
Mexico - 0.3%
Petroleos Mexicanos
4.625%, 9/21/23		120		123,732
6.50%, 3/13/27 (a)		50		55,412
				179,144
Total Quasi-Sovereigns (cost $369,961)				378,224
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 0.6%
United States - 0.6%
State of California
Series 2010
7.625%, 3/01/40 (cost $203,089)		200		306,468
EMERGING MARKETS - CORPORATE BONDS - 0.3%
Industrial - 0.3%
Capital Goods - 0.2%
Odebrecht Finance Ltd.
7.125%, 6/26/42 (a)		200		76,000
Energy - 0.1%
Petrobras Global Finance BV
6.125%, 1/17/22		65		69,781
Total Emerging Markets - Corporate Bonds (cost $123,628)				145,781
	Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
REITS - 0.2%
Sovereign Real Estate Investment Trust 12.00% (a) (cost $87,659)		93		116,250

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 12.0%
Agency Discount Note - 7.6%
Federal Home Loan Bank Discount Notes Zero Coupon, 10/25/17-1/24/18 (cost $4,145,394)	U.S.$	4,155	$	4,145,394
Governments - Treasuries - 4.0%
Japan - 4.0%
Japan Treasury Discount Bill Series 687 Zero Coupon, 12/11/17 (cost $2,237,026)	JPY	246,000		2,186,721
Time Deposit - 0.4%
State Street Time Deposit 0.12%, 10/02/17 (cost $192,402)	U.S.$	192		192,402
Total Short-Term Investments (cost $6,574,822)				6,524,517
Total Investments - 110.9% (cost $59,793,020) (h)				60,408,170
Other assets less liabilities - (10.9)% (i)				(5,946,613	)
Net Assets - 100.0%			$	54,461,557

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at September 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		63		December 2017		USD	6,300	$	7,447,054	$	7,402,500	$	(44,554	)
U.S. Ultra Bond (CBT) Futures		13		December 2017		USD	1,300		2,169,269		2,146,625		(22,644	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		5		December 2017		JPY	50,000		671,209		668,207		3,002
Euro-BOBL Futures		18		December 2017		EUR	1,800		2,802,820		2,790,750		12,070
U.S. T-Note 2 Yr (CBT) Futures		41		December 2017		USD	8,200		8,869,405		8,843,828		25,577
U.S. T-Note 10 Yr (CBT) Futures		6		December 2017		USD	600		758,804		751,875		6,929
												$	(19,620	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		JPY	320,000		USD	2,874		10/26/17	$	27,468
Citibank, NA		KRW	240,509		USD	215		10/26/17		5,078
Citibank, NA		CAD	640		USD	511		11/10/17		(2,245	)
Citibank, NA		USD	220		RUB	12,690		11/22/17		(1,477	)
Credit Suisse International		BRL	670		USD	210		10/03/17		(1,162	)
Credit Suisse International		USD	211		BRL	670		10/03/17		57
Credit Suisse International		MYR	610		USD	146		10/26/17		1,428

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International		USD	142		MYR	609		10/26/17	$	2,502
Goldman Sachs Bank USA		TWD	6,016		USD	199		11/22/17		194
JPMorgan Chase Bank, NA		USD	200		TWD	6,012		11/22/17		(2,037	)
Standard Chartered Bank		BRL	670		USD	211		10/03/17		(57	)
Standard Chartered Bank		USD	210		BRL	670		10/03/17		1,580
Standard Chartered Bank		BRL	670		USD	209		11/03/17		(1,518	)
State Street Bank & Trust Co.		EUR	109		USD	129		10/04/17		834
State Street Bank & Trust Co.		EUR	481		USD	553		10/04/17		(15,206	)
State Street Bank & Trust Co.		USD	221		MXN	3,955		10/06/17		(3,919	)
State Street Bank & Trust Co.		USD	73		TRY	255		10/17/17		(2,017	)
State Street Bank & Trust Co.		USD	154		CAD	188		11/10/17		(3,104	)
State Street Bank & Trust Co.		AUD	338		USD	270		11/30/17		4,846
State Street Bank & Trust Co.		NZD	167		AUD	154		11/30/17		(38	)
State Street Bank & Trust Co.		GBP	208		USD	281		12/01/17		2,472
State Street Bank & Trust Co.		USD	144		GBP	106		12/01/17		(1,690	)
State Street Bank & Trust Co.		SEK	867		USD	107		12/13/17		408
State Street Bank & Trust Co.		USD	110		NOK	856		12/13/17		(2,131	)
State Street Bank & Trust Co.		USD	107		SEK	853		12/13/17		(1,676	)
									$	8,590

CENTRALLY CLEARED INTEREST RATE SWAPS

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Unrealized Appreciation/ (Depreciation)
MXN	2,243		6/22/20	4 Week TIIE	6.770%	Monthly/ Monthly	$	(410	)
SEK	4,830		3/31/22	3 Month STIBOR	0.341%	Quarterly/ Annual		1,515
NZD	1,015		3/31/22	3 Month BKBM	2.936%	Quarterly/ Semi-Annual		15,261
USD	530		1/14/24	2.980%	3 Month LIBOR	Semi-Annual/ Quarterly		(29,525	)
USD	650		4/28/24	2.817%	3 Month LIBOR	Semi-Annual/ Quarterly		(34,225	)
USD	740		11/10/25	2.256%	3 Month LIBOR	Semi-Annual/ Quarterly		(7,353	)
USD	80		6/28/26	1.460%	3 Month LIBOR	Semi-Annual/ Quarterly		4,797
USD	175		11/08/26	1.657%	3 Month LIBOR	Semi-Annual/ Quarterly		7,759
USD	200		11/09/26	1.672%	3 Month LIBOR	Semi-Annual/ Quarterly		8,615

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/Received		Unrealized Appreciation/ (Depreciation)
USD	200		12/21/26		3 Month LIBOR		2.497%		Quarterly/ Semi-Annual	$	5,105
USD	105		4/26/27		2.287%		3 Month LIBOR		Semi-Annual/ Quarterly		(751	)
MXN	818		6/14/27		7.090%		4 Week TIIE		Monthly/ Monthly		(65	)
USD	260		7/12/27		2.355%		3 Month LIBOR		Semi-Annual/ Quarterly		(1,874	)
JPY	159,280		8/29/27		0.241%		6 Month LIBOR		Semi-Annual/ Semi-Annual		1,672
										$	(29,479	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)%		Quarterly		0.36	%		USD	98	$	(7,808	)	$	(2,066	)	$	(5,742	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.36			USD	112		(8,924	)		(2,448	)		(6,476	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	3		5			39			(34	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	4		5			37			(32	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	330		463			4,219			(3,756	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		(3.00	)		Monthly		5.23			USD	350		38,541			23,059			15,482
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	42		59			579			(520	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)%		Monthly		0.52	%		USD	122	$	171		$	1,308		$	(1,137	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	408		572			4,412			(3,840	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	27		38			262			(224	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	46		65			629			(564	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	50		70			665			(595	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.52			USD	99		138			1,317			(1,179	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	32		(4,833	)		(4,462	)		(371	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	60		(9,081	)		(8,564	)		(517	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	28		(4,228	)		(2,035	)		(2,193	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	94		(14,196	)		(6,393	)		(7,803	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	350		(52,855	)		(21,294	)		(31,561	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	318		(48,052	)		(13,677	)		(34,375	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 5/11/63*		2.00			Monthly		3.27			USD	135		(7,899	)		(2,776	)		(5,123	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	8		(1,208	)		(986	)		(222	)

Swap Counterparty & Referenced Obligation	FixedRate (Pay) Receive			Payment Frequency		ImpliedCredit Spread at September 30, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.75	%		USD	8	$	(1,208	)	$	(483	)	$	(725	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	27		(4,078	)		(3,246	)		(832	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	28		(4,228	)		(3,367	)		(861	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	51		(7,710	)		(6,756	)		(954	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	84		(12,686	)		(9,514	)		(3,172	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	85		(12,836	)		(7,350	)		(5,486	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	132		(19,934	)		(9,726	)		(10,208	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	4		(604	)		(377	)		(227	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	41		(6,192	)		(5,866	)		(326	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	8		(1,208	)		(831	)		(377	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	8		(1,208	)		(768	)		(440	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	16		(2,416	)		(1,816	)		(600	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	92		(13,932	)		(12,823	)		(1,109	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	57		(8,608	)		(6,384	)		(2,224	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	49		(7,400	)		(4,451	)		(2,949	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	125		(18,877	)		(10,462	)		(8,415	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.75	%		USD	185	$	(27,938	)	$	(14,868	)	$	(13,070	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	246		(37,150	)		(12,648	)		(24,502	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.75			USD	35		(5,286	)		(2,595	)		(2,691	)
												$	(312,456	)	$	(142,506	)	$	(169,950	)

* 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 September 30, 2017, the aggregate market value of these securities amounted to $9,619,716 or 17.7% of net assets.

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

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

(d) Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2017.

(e) IO - Interest Only.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.42% of net assets as of September 30, 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 7.737%, 4/25/26		4/29/16	$	150,000	$	154,235		0.28	%
Bellemeade Re II Ltd. Series 2016-1A, Class M2A 5.737%, 4/25/26		7/17/17		1,170		1,168		0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.487%, 11/25/25		9/28/15		47,935		52,035		0.10	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 6.737%, 11/25/25		9/28/15		20,439		23,253		0.04	%

(g) Inverse interest only security.

(h) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,400,216 and gross unrealized depreciation of investments was $(995,525), resulting in net unrealized appreciation of $404,691.

(i) An amount of U.S. $102,314 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2017.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
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
CMBS	-	Commercial Mortgage-Backed Securities
CPI	-	Consumer Price Index
LIBOR	-	London Interbank Offered Rates
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits
STIBOR	-	Stockholm Interbank Offered Rate
TBA	-	To Be Announced
TIIE	-	Banco de México Equilibrium Interbank Interest Rate
TIPS	-	Treasury Inflation Protected Security

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

September 30, 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 September 30, 2017:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Mortgage Pass-Throughs	$	– 0	–	$	12,046,636	$	– 0	–	$	12,046,636
Corporates - Investment Grade		– 0	–		11,392,812		– 0	–		11,392,812
Asset-Backed Securities		– 0	–		6,181,516		1,094,612			7,276,128
Governments - Treasuries		– 0	–		5,942,145		– 0	–		5,942,145
Commercial Mortgage-Backed Securities		– 0	–		3,914,365		901,280			4,815,645
Collateralized Mortgage Obligations		– 0	–		4,139,753		129,824			4,269,577
Inflation-Linked Securities		– 0	–		3,251,866		– 0	–		3,251,866
Corporates - Non-Investment Grade		– 0	–		1,839,247		– 0	–		1,839,247

Investments in Securities:

Level 1

Level 2

Level 3

Total

Agencies

– 0

–

1,594,995

– 0

–

1,594,995

Emerging Markets - Treasuries

– 0

–

507,879

– 0

–

507,879

Quasi-Sovereigns

– 0

–

378,224

– 0

–

378,224

Local Governments - US Municipal Bonds

– 0

–

306,468

– 0

–

306,468

Emerging Markets - Corporate Bonds

– 0

–

145,781

– 0

–

145,781

Preferred Stocks

– 0

–

116,250

– 0

–

116,250

Short-Term Investments:

Agency Discount Notes

– 0

–

4,145,394

– 0

–

4,145,394

Governments - Treasuries

– 0

–

2,186,721

– 0

–

2,186,721

Time Deposits

– 0

–

192,402

– 0

–

192,402

Total Investments in Securities

– 0

–

58,282,454

2,125,716

60,408,170

Other Financial Instruments (a):

Assets:

Futures

47,578

– 0

–

– 0

–

47,578

Forward Currency Exchange Contracts

– 0

–

46,867

– 0

–

46,867

Centrally Cleared Interest Rate Swaps

– 0

–

44,724

– 0

–

44,724

Credit Default Swaps

– 0

–

40,127

– 0

–

40,127

Liabilities:

Futures

(67,198

)

– 0

–

– 0

–

(67,198

)

Forward Currency Exchange Contracts

– 0

–

(38,277

)

– 0

–

(38,277

)

Centrally Cleared Interest Rate Swaps

– 0

–

(74,203

)

– 0

–

(74,203

)

Credit Default Swaps

– 0

–

(352,583

)

– 0

–

(352,583

)

Total (b)

$

(19,620

)

$

57,949,109

$

2,125,716

$

60,055,205

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

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

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

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

	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/16	$	699,392		$	1,500,896		$	– 0	–
Accrued discounts/(premiums)		39			(382	)		– 0	–
Realized gain (loss)		3,636			(33,642	)		– 0	–
Change in unrealized appreciation/depreciation		5,382			31,361			2,339
Purchases		779,776			– 0	–		83,029
Sales		(393,613	)		(596,953	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		44,456
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/17	$	1,094,612		$	901,280		$	129,824
Net change in unrealized appreciation/depreciation from investments held as of 9/30/17	$	5,848		$	(1,849	)	$	2,339

	Total
Balance as of 12/31/16	$	2,200,288
Accrued discounts/(premiums)		(343	)
Realized gain (loss)		(30,006	)
Change in unrealized appreciation/depreciation		39,082
Purchases		862,805
Sales		(990,566	)
Transfers in to Level 3		44,456
Transfers out of Level 3		– 0	–
Balance as of 9/30/17	$	2,125,716
Net change in unrealized appreciation/depreciation from investments held as of 9/30/17	$	6,338

As of September 30, 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 a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 89.5%
Financials - 24.6%
Banks - 9.4%
Credicorp Ltd.		8,300	$	1,701,666
HDFC Bank Ltd.		70,640		1,964,337
Svenska Handelsbanken AB-Class A		74,920		1,131,914
Swedbank AB-Class A		64,770		1,793,579
				6,591,496
Capital Markets - 4.4%
London Stock Exchange Group PLC		24,760		1,271,324
Partners Group Holding AG		2,600		1,765,134
				3,036,458
Consumer Finance - 2.4%
Bharat Financial Inclusion Ltd. (a)		117,110		1,701,430
Insurance - 5.8%
AIA Group Ltd.		276,800		2,049,233
Prudential PLC		82,815		1,981,804
				4,031,037
Thrifts & Mortgage Finance - 2.6%
Housing Development Finance Corp., Ltd.		68,247		1,809,276
				17,169,697
Information Technology - 18.3%
Electronic Equipment, Instruments & Components - 0.4%
Halma PLC		19,524		292,953
Internet Software & Services - 5.1%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		10,320		1,782,367
Tencent Holdings Ltd.		39,800		1,740,083
				3,522,450
Semiconductors & Semiconductor Equipment - 12.8%
ams AG (a)		23,400		1,699,064
ASML Holding NV		7,270		1,242,280
Disco Corp.		6,700		1,365,496
Infineon Technologies AG		67,920		1,712,426
NXP Semiconductors NV (a)		11,210		1,267,739
Taiwan Semiconductor Manufacturing Co., Ltd.		233,000		1,668,852
				8,955,857
				12,771,260
Industrials - 13.8%
Building Products - 4.7%
Cie de Saint-Gobain		17,473		1,041,042
Kingspan Group PLC		52,330		2,225,321
				3,266,363
Commercial Services & Supplies - 0.3%
China Everbright International Ltd.		148,000		186,500
Electrical Equipment - 5.6%
Schneider Electric SE (Paris) (a)		19,550		1,702,434

Company	Shares		U.S. $ Value
Vestas Wind Systems A/S		24,530	$	2,204,897
				3,907,331
Industrial Conglomerates - 3.2%
Siemens AG (REG)		15,820		2,232,350
				9,592,544
Consumer Staples - 9.2%
Food & Staples Retailing - 1.7%
Tsuruha Holdings, Inc.		9,800		1,171,745
Food Products - 1.9%
Nestle SA (REG)		16,288		1,367,235
Household Products - 4.1%
Pigeon Corp.		29,800		1,018,735
Reckitt Benckiser Group PLC		12,430		1,135,704
Unicharm Corp.		30,300		694,033
				2,848,472
Personal Products - 1.5%
Godrej Consumer Products Ltd.		73,380		1,031,536
				6,418,988
Consumer Discretionary - 6.9%
Auto Components - 4.5%
Delphi Automotive PLC		17,750		1,746,600
Valeo SA		18,690		1,386,813
				3,133,413
Household Durables - 1.8%
Panasonic Corp.		85,800		1,245,126
Multiline Retail - 0.6%
Don Quijote Holdings Co., Ltd.		11,700		437,319
				4,815,858
Health Care - 6.5%
Health Care Equipment & Supplies - 2.0%
Essilor International SA		11,162		1,383,391
Health Care Providers & Services - 1.2%
Apollo Hospitals Enterprise Ltd.		56,655		872,919
Pharmaceuticals - 3.3%
Roche Holding AG		7,080		1,809,790
Vectura Group PLC (a)(b)		325,390		463,928
				2,273,718
				4,530,028
Utilities - 3.5%
Multi-Utilities - 0.6%
Suez		22,680		414,111
Water Utilities - 2.9%
Beijing Enterprises Water Group Ltd. (a)		1,692,000		1,368,370

Company	Shares		U.S. $ Value
Cia de Saneamento Basico do Estado de Sao Paulo		60,800	$	638,878
				2,007,248
				2,421,359
Telecommunication Services - 3.1%
Diversified Telecommunication Services - 3.1%
Deutsche Telekom AG (REG)		76,810		1,434,373
Telekomunikasi Indonesia Persero Tbk PT		2,051,500		713,469
				2,147,842
Materials - 2.4%
Chemicals - 2.4%
Chr Hansen Holding A/S		14,340		1,230,982
Umicore SA		5,389		446,132
				1,677,114
Real Estate - 1.2%
Real Estate Management & Development - 1.2%
SM Prime Holdings, Inc.		1,247,400		846,829
Total Common Stocks (cost $42,646,814)				62,391,519
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 5.3%
Time Deposit - 5.3%
State Street Bank & Trust Co. 0.12%, 10/02/17 (cost $3,647,560)	U.S.$	3,648		3,647,560
Total Investments Before Security Lending Collateral for Securities Loaned - 94.8% (cost $46,294,374)				66,039,079
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.3%
Investment Companies - 0.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (c)(d)(e) (cost $229,935)		229,935		229,935

	U.S. $ Value
Total Investments - 95.1% (cost $46,524,309) (f)	$	66,269,014
Other assets less liabilities - 4.9%		3,444,006
Net Assets - 100.0%	$	69,713,020

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	1,510		CNY	10,068		11/15/17	$	934
Bank of America, NA		USD	665		EUR	564		11/15/17		2,793
Bank of America, NA		USD	496		RUB	30,290		11/15/17		25,154
Barclays Bank PLC		CNY	1,059		USD	158		11/15/17		(668	)
Barclays Bank PLC		USD	312		INR	20,109		11/15/17		(5,443	)
Barclays Bank PLC		USD	823		JPY	92,317		11/15/17		(1,102	)
Barclays Bank PLC		USD	2,519		KRW	2,835,083		11/15/17		(42,565	)
BNP Paribas SA		CNY	1,911		USD	282		11/15/17		(4,663	)
BNP Paribas SA		INR	34,157		USD	526		11/15/17		6,391
Citibank, NA		BRL	2,145		USD	677		10/03/17		(182	)
Citibank, NA		USD	677		BRL	2,145		10/03/17		203
Citibank, NA		CNY	10,959		USD	1,625		11/15/17		(19,423	)
Citibank, NA		INR	406,760		USD	6,321		11/15/17		128,707
Citibank, NA		USD	2,455		AUD	3,103		11/15/17		(22,643	)
Citibank, NA		USD	3,824		CAD	4,841		11/15/17		57,324
Citibank, NA		USD	726		GBP	548		11/15/17		9,787
Citibank, NA		USD	3,994		JPY	439,039		11/15/17		(84,599	)
Citibank, NA		USD	571		MXN	10,410		11/15/17		(3,286	)
Citibank, NA		USD	1,061		ZAR	14,236		11/15/17		(16,914	)
Credit Suisse International		BRL	2,145		USD	677		10/03/17		32
Credit Suisse International		USD	677		BRL	2,145		10/03/17		182
Credit Suisse International		USD	675		BRL	2,145		11/03/17		(217	)
Credit Suisse International		USD	889		CHF	860		11/15/17		1,669
Credit Suisse International		USD	996		SEK	8,112		11/15/17		2,153
Credit Suisse International		USD	904		SEK	7,267		11/15/17		(9,694	)
Deutsche Bank AG		AUD	821		USD	648		11/15/17		4,088
JPMorgan Chase Bank, NA		USD	104		INR	6,853		11/15/17		(1	)
JPMorgan Chase Bank, NA		TWD	3,164		USD	104		11/22/17		19
Royal Bank of Scotland PLC		USD	916		AUD	1,149		11/15/17		(15,089	)
Standard Chartered Bank		HKD	9,596		USD	1,229		11/15/17		(277	)
Standard Chartered Bank		SEK	15,217		USD	1,884		11/15/17		10,834
Standard Chartered Bank		USD	2,029		GBP	1,555		11/15/17		57,424
Standard Chartered Bank		INR	17,183		USD	265		11/29/17		4,123
State Street Bank & Trust Co.		AUD	142		USD	111		11/15/17		(24	)
State Street Bank & Trust Co.		CAD	104		USD	83		11/15/17		(178	)
State Street Bank & Trust Co.		CHF	147		USD	153		11/15/17		737
State Street Bank & Trust Co.		CHF	1,616		USD	1,671		11/15/17		(1,948	)
State Street Bank & Trust Co.		EUR	2,767		USD	3,285		11/15/17		7,175
State Street Bank & Trust Co.		GBP	165		USD	221		11/15/17		(390	)
State Street Bank & Trust Co.		JPY	52,904		USD	478		11/15/17		7,251
State Street Bank & Trust Co.		SEK	1,290		USD	160		11/15/17		1,562

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	166		CAD	208		11/15/17	$	1,007
State Street Bank & Trust Co.		USD	289		GBP	214		11/15/17		(2,035	)
State Street Bank & Trust Co.		USD	297		HKD	2,322		11/15/17		206
State Street Bank & Trust Co.		USD	555		HKD	4,331		11/15/17		(37	)
State Street Bank & Trust Co.		USD	167		JPY	18,409		11/15/17		(3,582	)
State Street Bank & Trust Co.		USD	301		NOK	2,374		11/15/17		(2,647	)
State Street Bank & Trust Co.		USD	329		ZAR	4,427		11/15/17		(4,384	)
State Street Bank & Trust Co.		ZAR	3,427		USD	256		11/15/17		4,569
									$	92,333

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $20,679,477 and gross unrealized depreciation of investments was $(842,439), resulting in net unrealized appreciation of $19,837,038.

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
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

COUNTRY BREAKDOWN¹

September 30, 2017 (unaudited)

11.2%	India
9.0%	Japan
9.0%	France
8.1%	Germany
7.8%	United Kingdom
7.7%	China
7.5%	Switzerland
5.2%	Denmark
4.4%	Sweden
3.8%	Netherlands
3.4%	Ireland
3.1%	Hong Kong
2.6%	United States
11.7%	Other
5.5%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.6% or less in the following countries: Austria, Belgium, Brazil, Indonesia, Peru, Philippines and Taiwan.

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

September 30, 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 September 30, 2017:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	1,701,666		$	15,468,031		$	– 0	–	$	17,169,697
Information Technology		3,050,106			9,721,154			– 0	–		12,771,260
Industrials		2,225,321			7,367,223			– 0	–		9,592,544
Consumer Staples		– 0	–		6,418,988			– 0	–		6,418,988
Consumer Discretionary		1,746,600			3,069,258			– 0	–		4,815,858
Health Care		463,928			4,066,100			– 0	–		4,530,028
Utilities		638,878			1,782,481			– 0	–		2,421,359
Telecommunication Services		– 0	–		2,147,842			– 0	–		2,147,842
Materials		– 0	–		1,677,114			– 0	–		1,677,114
Real Estate		– 0	–		846,829			– 0	–		846,829
Short-Term Investments		– 0	–		3,647,560			– 0	–		3,647,560
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		229,935			– 0	–		– 0	–		229,935
Total Investments in Securities		10,056,434			56,212,580	(a)		– 0	–		66,269,014
Other Financial Instruments (b):
Assets:
Forward Currency Exchange Contracts		– 0	–		334,324			– 0	–		334,324
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(241,991	)		– 0	–		(241,991	)
Total (c)(d)	$	10,056,434		$	56,304,913		$	– 0	–	$	66,361,347

(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 $1,771,733 was transferred from Level 2 to Level 1 due to increase in trading volume during the reporting period.

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and 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 AB mutual funds for the nine months ended September 31, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market*	$	2,304	$	12,099	$	14,173	$	230	$	3

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.5%
Financials - 20.0%
Banks - 14.0%
Australia & New Zealand Banking Group Ltd.		205,590	$	4,788,927
Barclays PLC		2,268,410		5,881,946
BNP Paribas SA		122,890		9,914,243
BOC Hong Kong Holdings Ltd.		1,498,000		7,296,750
DNB ASA		386,550		7,804,472
Erste Group Bank AG (a)		211,140		9,122,320
ING Groep NV		530,460		9,777,626
KB Financial Group, Inc.		84,850		4,174,545
Mitsubishi UFJ Financial Group, Inc.		1,566,900		10,187,719
				68,948,548
Capital Markets - 2.0%
Credit Suisse Group AG (REG) (a)		613,877		9,726,628
Consumer Finance - 1.0%
Hitachi Capital Corp.		201,600		4,797,762
Insurance - 3.0%
Allianz SE (REG)		45,270		10,167,046
PICC Property & Casualty Co., Ltd.-Class H		2,728,000		4,839,206
				15,006,252
				98,479,190
Consumer Discretionary - 12.8%
Auto Components - 3.8%
Faurecia		106,280		7,375,400
Hankook Tire Co., Ltd.		66,454		3,499,482
Magna International, Inc. (New York)-Class A		143,940		7,683,517
				18,558,399
Automobiles - 3.2%
Honda Motor Co., Ltd.		244,000		7,207,886
Peugeot SA		363,930		8,663,416
				15,871,302
Household Durables - 2.6%
Nikon Corp.		123,800		2,146,857
Panasonic Corp.		719,500		10,441,358
				12,588,215
Leisure Products - 0.9%
Amer Sports Oyj (a)		176,470		4,684,967
Textiles, Apparel & Luxury Goods - 2.3%
HUGO BOSS AG		84,730		7,476,338
Pandora A/S		37,213		3,679,332
				11,155,670
				62,858,553
Consumer Staples - 10.6%
Beverages - 0.9%
Coca-Cola Bottlers Japan, Inc.		135,700		4,395,276

Company	Shares		U.S. $ Value
Food Products - 3.0%
Orkla ASA		808,160	$	8,293,081
WH Group Ltd. (b)		6,273,500		6,681,292
				14,974,373
Household Products - 1.7%
Henkel AG & Co. KGaA (Preference Shares)		60,590		8,254,935
Tobacco - 5.0%
British American Tobacco PLC		240,230		15,039,288
Japan Tobacco, Inc.		294,700		9,657,596
				24,696,884
				52,321,468
Materials - 10.0%
Chemicals - 6.4%
Air Water, Inc.		233,300		4,307,813
Arkema SA		63,151		7,748,746
Incitec Pivot Ltd.		1,736,530		4,919,804
Johnson Matthey PLC		187,760		8,609,772
Nippon Shokubai Co., Ltd.		88,300		6,241,394
				31,827,529
Metals & Mining - 3.6%
BlueScope Steel Ltd.		403,173		3,482,814
First Quantum Minerals Ltd.		335,830		3,770,770
Gerdau SA (Preference Shares)		1,643,700		5,729,583
Yamato Kogyo Co., Ltd.		170,100		4,610,690
				17,593,857
				49,421,386
Telecommunication Services - 10.0%
Diversified Telecommunication Services - 8.3%
BT Group PLC		3,493,520		13,287,579
China Unicom Hong Kong Ltd. (a)		5,012,000		7,007,141
Nippon Telegraph & Telephone Corp.		344,100		15,766,901
TDC A/S		794,094		4,657,014
				40,718,635
Wireless Telecommunication Services - 1.7%
Vodafone Group PLC		3,010,800		8,430,804
				49,149,439
Information Technology - 9.7%
Communications Equipment - 2.0%
Nokia Oyj		1,659,940		9,973,754
Internet Software & Services - 2.6%
Yahoo Japan Corp. (c)		2,680,800		12,741,578
Semiconductors & Semiconductor Equipment - 2.2%
SCREEN Holdings Co., Ltd. (c)		68,500		4,758,359
SUMCO Corp.		377,300		5,953,022
				10,711,381

Company	Shares		U.S. $ Value
Software - 1.3%
Nintendo Co., Ltd.		17,900	$	6,600,327
Technology Hardware, Storage & Peripherals - 1.6%
Samsung Electronics Co., Ltd.		3,500		7,875,777
				47,902,817
Industrials - 9.6%
Aerospace & Defense - 3.5%
Airbus SE		110,800		10,547,620
BAE Systems PLC		804,590		6,813,869
				17,361,489
Airlines - 3.9%
Japan Airlines Co., Ltd.		289,800		9,810,112
Qantas Airways Ltd.		2,079,535		9,524,940
				19,335,052
Electrical Equipment - 0.8%
Philips Lighting NV (b)		92,700		3,741,548
Machinery - 1.4%
IHI Corp. (c)		197,500		6,884,582
				47,322,671
Energy - 8.0%
Oil, Gas & Consumable Fuels - 8.0%
Canadian Natural Resources Ltd. (Toronto)		162,860		5,454,554
JXTG Holdings, Inc.		1,874,400		9,664,819
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		382,090		11,572,573
Royal Dutch Shell PLC-Class A		259,644		7,846,912
YPF SA (Sponsored ADR)		210,543		4,690,898
				39,229,756
Health Care - 4.6%
Biotechnology - 1.0%
Grifols SA (ADR)		231,240		5,061,843
Pharmaceuticals - 3.6%
Sanofi		122,770		12,221,340
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		300,540		5,289,504
				17,510,844
				22,572,687
Utilities - 1.7%
Electric Utilities - 1.0%
EDP-Energias de Portugal SA		1,255,840		4,735,389
Water Utilities - 0.7%
Pennon Group PLC (c)		350,830		3,745,901
				8,481,290
Real Estate - 0.5%
Real Estate Management & Development - 0.5%
Leopalace21 Corp.		345,500		2,407,767

	Principal Amount (000)		U.S. $ Value
Total Common Stocks (cost $405,893,546)			$	480,147,024
SHORT-TERM INVESTMENTS - 1.1%
Time Deposit - 1.1%
State Street Time Deposit 0.12%, 10/02/17 (cost $5,611,128)	$	5,611		5,611,128
Total Investments Before Security Lending Collateral for Securities Loaned - 98.6% (cost $411,504,674)				485,758,152
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.4%
Investment Companies - 2.4%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (d)(e)(f) (cost $11,999,738)		11,999,738		11,999,738
Total Investments - 101.0% (cost $423,504,412) (g)				497,757,890
Other assets less liabilities - (1.0)%				(5,151,932	)
Net Assets - 100.0%			$	492,605,958

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		TRY	5,330		USD	1,470		10/17/17	$	(19,353	)
Bank of America, NA		USD	3,807		GBP	2,947		10/17/17		144,166
Bank of America, NA		KRW	1,397,559		USD	1,219		10/26/17		(1,631	)
Bank of America, NA		USD	6,363		EUR	5,280		1/16/18		(84,893	)
Barclays Bank PLC		CNY	48,327		USD	7,052		10/17/17		(220,771	)
Barclays Bank PLC		GBP	1,330		USD	1,725		10/17/17		(57,708	)
Barclays Bank PLC		KRW	15,946,221		USD	13,820		10/17/17		(107,731	)
Barclays Bank PLC		NOK	46,971		USD	5,625		10/17/17		(274,212	)
Barclays Bank PLC		TWD	136,780		USD	4,479		10/17/17		(24,629	)
Barclays Bank PLC		USD	1,276		GBP	963		10/17/17		14,815
Barclays Bank PLC		USD	1,219		KRW	1,366,439		10/17/17		(25,972	)
Barclays Bank PLC		USD	4,511		TWD	136,780		10/17/17		(7,575	)
Barclays Bank PLC		JPY	219,338		USD	1,963		1/16/18		2,693
BNP Paribas SA		CAD	1,269		USD	957		10/17/17		(59,649	)
BNP Paribas SA		CNY	32,120		USD	4,688		10/17/17		(145,709	)
BNP Paribas SA		KRW	818,323		USD	720		10/17/17		4,950
BNP Paribas SA		USD	1,988		CHF	1,869		10/17/17		(55,663	)
BNP Paribas SA		USD	1,621		GBP	1,234		10/17/17		33,131
BNP Paribas SA		USD	1,234		JPY	136,692		10/17/17		(18,380	)
BNP Paribas SA		USD	2,020		GBP	1,539		1/16/18		48,803
Citibank, NA		BRL	16,788		USD	5,299		10/03/17		(1,590	)
Citibank, NA		USD	5,299		BRL	16,788		10/03/17		1,422
Citibank, NA		CAD	13,905		USD	10,805		10/17/17		(340,465	)
Citibank, NA		EUR	9,131		USD	10,816		10/17/17		16,069
Citibank, NA		ILS	19,216		USD	5,471		10/17/17		32,173

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA		JPY	501,934		USD	4,599		10/17/17	$	135,718
Citibank, NA		JPY	1,548,634		USD	13,623		10/17/17		(147,976	)
Citibank, NA		USD	2,199		AUD	2,780		10/17/17		(19,120	)
Citibank, NA		USD	17,392		CHF	16,664		10/17/17		(167,811	)
Citibank, NA		USD	15,331		EUR	13,632		10/17/17		793,205
Citibank, NA		USD	2,215		ILS	7,991		10/17/17		46,784
Citibank, NA		USD	14,613		SEK	122,711		10/17/17		464,625
Citibank, NA		USD	1,120		ZAR	14,704		10/17/17		(36,756	)
Citibank, NA		USD	2,005		RUB	115,704		11/22/17		(15,018	)
Credit Suisse International		NOK	44,716		USD	5,236		10/17/17		(380,345	)
Credit Suisse International		USD	4,205		HUF	1,096,289		10/17/17		(46,087	)
Credit Suisse International		USD	6,268		SEK	50,466		10/17/17		(66,976	)
Credit Suisse International		USD	11,777		CHF	11,342		1/16/18		22,311
Credit Suisse International		USD	1,269		SEK	10,295		1/16/18		2,757
Deutsche Bank AG		CHF	6,004		USD	6,240		10/17/17		33,888
Deutsche Bank AG		USD	2,624		AUD	3,324		10/17/17		(16,683	)
Deutsche Bank AG		USD	5,499		GBP	4,291		10/17/17		253,923
Deutsche Bank AG		USD	1,151		ILS	4,151		10/17/17		23,849
Deutsche Bank AG		CAD	1,213		USD	977		1/16/18		3,994
Deutsche Bank AG		ILS	5,131		USD	1,454		1/16/18		(2,985	)
Goldman Sachs Bank USA		USD	2,375		AUD	3,083		10/17/17		43,384
Goldman Sachs Bank USA		USD	1,197		HKD	9,356		10/17/17		744
JPMorgan Chase Bank, NA		USD	2,672		NOK	20,857		10/17/17		(52,425	)
Morgan Stanley & Co., Inc.		USD	2,159		EUR	1,924		10/17/17		116,626
Morgan Stanley & Co., Inc.		USD	1,723		NOK	13,781		10/17/17		7,943
Morgan Stanley & Co., Inc.		USD	1,232		SEK	10,118		10/17/17		10,733
Royal Bank of Scotland PLC		CAD	4,192		USD	3,331		10/17/17		(29,386	)
Royal Bank of Scotland PLC		CHF	1,500		USD	1,556		10/17/17		5,335
Royal Bank of Scotland PLC		EUR	1,113		USD	1,322		10/17/17		5,145
Royal Bank of Scotland PLC		USD	29,503		EUR	25,739		10/17/17		940,413
Royal Bank of Scotland PLC		USD	1,830		GBP	1,379		10/17/17		18,724
Royal Bank of Scotland PLC		USD	1,201		NOK	9,454		10/17/17		(13,169	)
Standard Chartered Bank		BRL	16,788		USD	5,299		10/03/17		(1,422	)
Standard Chartered Bank		USD	5,261		BRL	16,788		10/03/17		39,618
Standard Chartered Bank		HKD	95,917		USD	12,311		10/17/17		28,586
Standard Chartered Bank		USD	813		CNY	5,324		10/17/17		(11,746	)
Standard Chartered Bank		USD	2,431		HKD	18,961		10/17/17		(3,265	)
Standard Chartered Bank		USD	3,647		TRY	13,583		10/17/17		148,778
Standard Chartered Bank		BRL	16,788		USD	5,240		11/03/17		(38,050	)
State Street Bank & Trust Co.		AUD	6,565		USD	5,205		10/17/17		55,801
State Street Bank & Trust Co.		EUR	9,463		USD	11,239		10/17/17		45,863
State Street Bank & Trust Co.		EUR	1,178		USD	1,385		10/17/17		(8,198	)
State Street Bank & Trust Co.		GBP	1,170		USD	1,522		10/17/17		(46,273	)
State Street Bank & Trust Co.		HKD	7,674		USD	983		10/17/17		39
State Street Bank & Trust Co.		JPY	716,079		USD	6,471		10/17/17		103,499
State Street Bank & Trust Co.		NOK	15,077		USD	1,869		10/17/17		(24,337	)
State Street Bank & Trust Co.		USD	3,684		AUD	4,692		10/17/17		(3,676	)
State Street Bank & Trust Co.		USD	24		GBP	18		10/17/17		270
State Street Bank & Trust Co.		USD	1,416		ZAR	19,261		10/17/17		3,662
UBS AG		USD	1,977		EUR	1,689		10/17/17		21,047
UBS AG		USD	539		GBP	407		10/17/17		6,231

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
UBS AG		JPY	1,137,647		USD	10,261		1/16/18	$	95,821
									$	1,199,903

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the aggregate market value of these securities amounted to $10,422,840 or 2.1% of net assets.

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

(d) Affiliated investments.

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

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

(g) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $93,359,893 and gross unrealized depreciation of investments was $(17,906,512), resulting in net unrealized appreciation of $75,453,381.

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
HUF	-	Hungarian Forint
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TRY	-	Turkish Lira
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

COUNTRY BREAKDOWN¹

September 30, 2017 (unaudited)

28.5%	Japan
16.7%	United Kingdom
11.6%	France
5.3%	Germany
4.7%	Australia
3.5%	Canada
3.3%	Norway
3.2%	South Korea
3.0%	Finland
2.9%	Hong Kong
2.8%	Netherlands
2.4%	China
2.0%	Switzerland
8.9%	Other
1.2%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.9% or less in the following countries: Argentina, Austria, Brazil, Denmark, Israel, Portugal and Spain.

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

– 0

–

$

98,479,190

$

– 0

–

$

98,479,190

Consumer Discretionary

7,683,517

55,175,036

– 0

–

62,858,553

Consumer Staples

– 0

–

52,321,468

– 0

–

52,321,468

Materials

9,500,353

39,921,033

– 0

–

49,421,386

Telecommunication Services

– 0

–

49,149,439

– 0

–

49,149,439

Information Technology

– 0

–

47,902,817

– 0

–

47,902,817

Industrials

3,741,548

43,581,123

– 0

–

47,322,671

Energy

10,145,452

29,084,304

– 0

–

39,229,756

Health Care

10,351,347

12,221,340

– 0

–

22,572,687

Utilities

– 0

–

8,481,290

– 0

–

8,481,290

Real Estate

– 0

–

2,407,767

– 0

–

2,407,767

Short-Term Investments

– 0

–

5,611,128

– 0

–

5,611,128

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

11,999,738

– 0

–

– 0

–

11,999,738

Total Investments in Securities

53,421,955

444,335,935

(a)

– 0

–

497,757,890

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

– 0

–

3,777,538

– 0

–

3,777,538

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(2,577,635

)

– 0

–

(2,577,635

)

Total (c)

$

53,421,955

$

445,535,838

$

– 0

–

$

498,957,793

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
AB Government Money Market*	$	8,420	$	213,542	$	209,962	$	12,000	$	65

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.2%
Information Technology - 39.0%
Communications Equipment - 0.6%
Arista Networks, Inc. (a)		14,989	$	2,842,064
Electronic Equipment, Instruments & Components - 0.7%
Amphenol Corp.-Class A		33,706		2,852,876
Internet Software & Services - 14.8%
Alphabet, Inc.-Class A (a)		4,130		4,021,463
Alphabet, Inc.-Class C (a)		33,199		31,841,493
Facebook, Inc.-Class A (a)		180,449		30,833,321
				66,696,277
IT Services - 8.7%
Cognizant Technology Solutions Corp.-Class A		87,406		6,340,431
Fiserv, Inc. (a)		63,880		8,237,965
Vantiv, Inc.-Class A (a)		17,510		1,233,930
Visa, Inc.-Class A		221,460		23,306,450
				39,118,776
Semiconductors & Semiconductor Equipment - 5.1%
NVIDIA Corp.		19,482		3,482,797
Texas Instruments, Inc.		42,310		3,792,669
Xilinx, Inc.		221,257		15,671,633
				22,947,099
Software - 4.7%
Adobe Systems, Inc. (a)		80,370		11,989,596
Electronic Arts, Inc. (a)		63,950		7,549,937
ServiceNow, Inc. (a)		14,571		1,712,530
				21,252,063
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		127,792		19,695,303
				175,404,458
Health Care - 20.3%
Biotechnology - 2.7%
Biogen, Inc. (a)		38,695		12,116,178
Health Care Equipment & Supplies - 8.0%
Align Technology, Inc. (a)		17,420		3,244,823
Danaher Corp.		40,352		3,461,395
Edwards Lifesciences Corp. (a)		127,862		13,976,595
Intuitive Surgical, Inc. (a)		14,718		15,393,262
				36,076,075
Health Care Providers & Services - 3.9%
UnitedHealth Group, Inc.		90,621		17,748,123
Health Care Technology - 1.8%
Cerner Corp. (a)		110,140		7,855,185

Company	Shares		U.S. $ Value
Life Sciences Tools & Services - 0.7%
Mettler-Toledo International, Inc. (a)		5,035	$	3,152,716
Pharmaceuticals - 3.2%
Zoetis, Inc.		228,038		14,539,703
				91,487,980
Consumer Discretionary - 15.4%
Hotels, Restaurants & Leisure - 1.2%
Starbucks Corp.		97,080		5,214,167
Internet & Direct Marketing Retail - 0.9%
Priceline Group, Inc. (The) (a)		2,160		3,954,571
Media - 2.6%
Comcast Corp.-Class A		217,960		8,387,101
Walt Disney Co. (The)		34,100		3,361,237
				11,748,338
Multiline Retail - 0.9%
Dollar Tree, Inc. (a)		47,951		4,163,106
Specialty Retail - 7.1%
Home Depot, Inc. (The)		103,061		16,856,657
TJX Cos., Inc. (The)		117,089		8,632,972
Ulta Salon Cosmetics & Fragrance, Inc. (a)		29,200		6,600,952
				32,090,581
Textiles, Apparel & Luxury Goods - 2.7%
NIKE, Inc.-Class B		236,240		12,249,044
				69,419,807
Industrials - 7.3%
Aerospace & Defense - 0.4%
Hexcel Corp.		30,572		1,755,444
Building Products - 2.2%
Allegion PLC		66,879		5,783,027
AO Smith Corp.		71,217		4,232,426
				10,015,453
Commercial Services & Supplies - 1.2%
Copart, Inc. (a)		151,952		5,222,590
Industrial Conglomerates - 1.8%
Roper Technologies, Inc.		32,874		8,001,532
Machinery - 0.8%
IDEX Corp.		14,480		1,758,886
WABCO Holdings, Inc. (a)		12,792		1,893,216
				3,652,102
Road & Rail - 0.9%
Union Pacific Corp.		35,500		4,116,935
				32,764,056

Company	Shares		U.S. $ Value
Consumer Staples - 7.0%
Beverages - 4.3%
Constellation Brands, Inc.-Class A		35,070	$	6,994,712
Monster Beverage Corp. (a)		220,018		12,155,994
				19,150,706
Food & Staples Retailing - 2.7%
Costco Wholesale Corp.		74,800		12,288,892
				31,439,598
Financials - 2.6%
Capital Markets - 2.6%
MarketAxess Holdings, Inc.		29,409		5,426,255
S&P Global, Inc.		41,350		6,463,418
				11,889,673
Materials - 1.6%
Chemicals - 1.6%
Ecolab, Inc.		54,770		7,043,970
Total Common Stocks (cost $280,934,556)				419,449,542
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.2%
Time Deposit - 7.2%
State Street Time Deposit 0.12%, 10/02/17 (cost $32,481,753)	$	32,482		32,481,753
Total Investments - 100.4% (cost $313,416,309) (b)				451,931,295
Other assets less liabilities - (0.4)%				(2,014,122	)
Net Assets - 100.0%			$	449,917,173

(a) Non-income producing security.

(b) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $138,878,030 and gross unrealized depreciation of investments was $(363,044), resulting in net unrealized appreciation of $138,514,986.

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

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

419,449,542

$

– 0

–

$

– 0

–

$

419,449,542

Short-Term Investments

– 0

–

32,481,753

– 0

–

32,481,753

Total Investments in Securities

419,449,542

32,481,753

– 0

–

451,931,295

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

419,449,542

$

32,481,753

$

– 0

–

$

451,931,295

(a) See Portfolio of Investments for sector classifications.

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)			Dividend Income (000)
Government Money Market*	$	1,452	$	174	$	1,626	$	– 0	–	$	– 0	–

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Real Estate Investment Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.3%
Real Estate - 98.6%
Diversified REITs - 8.8%
Armada Hoffler Properties, Inc.		59,930	$	827,633
Empire State Realty Trust, Inc.-Class A		43,580		895,133
Gramercy Property Trust		33,094		1,001,094
Liberty Property Trust		21,700		891,002
Washington Real Estate Investment Trust		27,870		913,021
				4,527,883
Health Care REITs - 9.5%
Healthcare Realty Trust, Inc.		20,910		676,229
Medical Properties Trust, Inc.		58,990		774,539
Sabra Health Care REIT, Inc.		31,870		699,228
Ventas, Inc.		10,310		671,490
Welltower, Inc.		29,680		2,085,911
				4,907,397
Hotel & Resort REITs - 6.4%
DiamondRock Hospitality Co.		59,320		649,554
MGM Growth Properties LLC-Class A		17,630		532,602
Park Hotels & Resorts, Inc.		29,200		804,752
RLJ Lodging Trust		34,910		768,020
Summit Hotel Properties, Inc.		35,048		560,418
				3,315,346
Industrial REITs - 7.1%
Monmouth Real Estate Investment Corp.-Class A		41,740		675,771
Prologis, Inc.		13,890		881,459
Rexford Industrial Realty, Inc.		31,810		910,402
STAG Industrial, Inc.		43,880		1,205,384
				3,673,016
Office REITs - 13.3%
Alexandria Real Estate Equities, Inc.		9,050		1,076,678
Boston Properties, Inc.		11,559		1,420,370
Brandywine Realty Trust		41,450		724,961
Columbia Property Trust, Inc.		45,490		990,317
Corporate Office Properties Trust		16,630		545,963
Hudson Pacific Properties, Inc.		32,960		1,105,149
Mack-Cali Realty Corp.		21,240		503,600
Vornado Realty Trust		5,990		460,511
				6,827,549
Residential REITs - 15.6%
American Homes 4 Rent-Class A		46,140		1,001,699
AvalonBay Communities, Inc.		4,540		810,027
Camden Property Trust		10,260		938,277
Education Realty Trust, Inc.		17,770		638,476
Essex Property Trust, Inc.		6,310		1,602,929
Independence Realty Trust, Inc.		54,610		555,384
Mid-America Apartment Communities, Inc.		13,130		1,403,334
Sun Communities, Inc.		12,745		1,091,992
				8,042,118
Retail REITs - 16.5%
Brixmor Property Group, Inc.		49,820		936,616

Company	Shares		U.S. $ Value
GGP, Inc.		11,860	$	246,332
National Retail Properties, Inc.		20,270		844,448
Realty Income Corp.		29,080		1,663,085
Retail Opportunity Investments Corp.		43,250		822,183
Simon Property Group, Inc.		19,410		3,125,204
Urban Edge Properties		34,820		839,859
				8,477,727
Specialized REITs - 21.4%
American Tower Corp.		28,120		3,843,442
Crown Castle International Corp.		7,880		787,842
CyrusOne, Inc.		8,580		505,619
Digital Realty Trust, Inc.		12,950		1,532,374
Equinix, Inc.		5,423		2,420,285
National Storage Affiliates Trust		38,212		926,259
Public Storage		4,810		1,029,292
				11,045,113
				50,816,149
Media - 0.7%
Movies & Entertainment - 0.7%
Regal Entertainment Group-Class A		22,330		357,280
Total Common Stocks (cost $45,014,479)				51,173,429
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.8%
Time Deposit - 0.8%
State Street Time Deposit 0.12%, 10/02/17 (cost $409,548)	$	410		409,548
Total Investments - 100.1% (cost $45,424,027) (a)				51,582,977
Other assets less liabilities - (0.1)%				(45,781	)
Net Assets - 100.0%			$	51,537,196

(a) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $7,187,638 and gross unrealized depreciation of investments was $(1,028,688), resulting in net unrealized appreciation of $6,158,950.

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

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

51,173,429

$

– 0

–

$

– 0

–

$

51,173,429

Short-Term Investments

– 0

–

409,548

– 0

–

409,548

Total Investments in Securities

51,173,429

409,548

– 0

–

51,582,977

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

51,173,429

$

409,548

$

– 0

–

$

51,582,977

(a) See Portfolio of Investments for sector classifications.

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
AB Government Money Market*	$	– 0 –	$	4,993	$	4,993	$	– 0 –	$	1

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.2%
Information Technology - 27.3%
Communications Equipment - 2.2%
Ciena Corp. (a)		18,320	$	402,490
Lumentum Holdings, Inc. (a)		9,990		542,957
				945,447
Electronic Equipment, Instruments & Components - 0.9%
Coherent, Inc. (a)		1,630		383,327
Internet Software & Services - 10.5%
2U, Inc. (a)		10,510		588,980
Cimpress NV (a)(b)		5,366		524,044
CoStar Group, Inc. (a)		1,530		410,422
GrubHub, Inc. (a)		12,260		645,612
LogMeIn, Inc.		5,240		576,662
New Relic, Inc. (a)		10,382		517,024
Q2 Holdings, Inc. (a)		11,219		467,271
Trade Desk, Inc. (The)-Class A (a)		9,833		604,828
Wix.com Ltd. (a)		3,837		275,688
				4,610,531
Semiconductors & Semiconductor Equipment - 3.6%
Advanced Energy Industries, Inc. (a)		6,780		547,553
Monolithic Power Systems, Inc.		5,301		564,821
Silicon Laboratories, Inc. (a)		5,834		466,137
				1,578,511
Software - 10.1%
Aspen Technology, Inc. (a)		8,083		507,693
Blackbaud, Inc.		5,748		504,675
Blackline, Inc. (a)		10,701		365,118
Guidewire Software, Inc. (a)		5,523		430,021
HubSpot, Inc. (a)		5,460		458,913
Paylocity Holding Corp. (a)		9,813		479,071
Proofpoint, Inc. (a)		7,160		624,495
RingCentral, Inc.-Class A (a)		13,740		573,645
Take-Two Interactive Software, Inc. (a)		3,932		401,968
Ultimate Software Group, Inc. (The) (a)		515		97,644
				4,443,243
				11,961,059
Health Care - 21.5%
Biotechnology - 9.3%
Adamas Pharmaceuticals, Inc. (a)(b)		7,965		168,619
Aimmune Therapeutics, Inc. (a)(b)		8,113		201,121
Audentes Therapeutics, Inc. (a)		7,819		219,010
Avexis, Inc. (a)		2,720		263,106
BeiGene Ltd. (ADR) (a)(b)		2,487		257,305
Biohaven Pharmaceutical Holding Co., Ltd. (a)		4,281		160,024
Blueprint Medicines Corp. (a)		5,612		390,988

Company	Shares		U.S. $ Value
Clovis Oncology, Inc. (a)		5,080	$	418,592
DBV Technologies SA (Sponsored ADR) (a)		3,715		157,665
Loxo Oncology, Inc. (a)		4,415		406,710
Neurocrine Biosciences, Inc. (a)		3,600		220,608
Nucana PLC (ADR) (a)		9,042		166,101
Prothena Corp. PLC (a)(b)		4,500		291,465
Radius Health, Inc. (a)(b)		4,070		156,898
Sage Therapeutics, Inc. (a)		3,166		197,242
TESARO, Inc. (a)		1,718		221,794
Ultragenyx Pharmaceutical, Inc. (a)		3,573		190,298
				4,087,546
Health Care Equipment & Supplies - 5.3%
DexCom, Inc. (a)		4,745		232,149
iRhythm Technologies, Inc. (a)		12,743		661,107
Nevro Corp. (a)		6,769		615,167
Penumbra, Inc. (a)		6,488		585,866
Tactile Systems Technology, Inc. (a)		7,709		238,594
				2,332,883
Health Care Providers & Services - 1.4%
Teladoc, Inc. (a)(b)		18,529		614,236
Health Care Technology - 1.5%
Vocera Communications, Inc. (a)		20,337		637,972
Life Sciences Tools & Services - 1.3%
ICON PLC (a)		5,022		571,905
Pharmaceuticals - 2.7%
Aerie Pharmaceuticals, Inc. (a)		4,700		228,420
GW Pharmaceuticals PLC (ADR) (a)(b)		1,368		138,838
Intersect ENT, Inc. (a)		17,210		536,092
Medicines Co. (The) (a)		7,300		270,392
				1,173,742
				9,418,284
Industrials - 17.2%
Aerospace & Defense - 1.9%
Hexcel Corp.		6,274		360,253
Mercury Systems, Inc. (a)		8,980		465,883
				826,136
Commercial Services & Supplies - 1.8%
Advanced Disposal Services, Inc. (a)		12,365		311,474
Tetra Tech, Inc.		9,770		454,794
				766,268
Construction & Engineering - 0.9%
Dycom Industries, Inc. (a)		4,723		405,611

Company	Shares		U.S. $ Value
Industrial Conglomerates - 0.7%
Carlisle Cos., Inc.		3,225	$	323,435
Machinery - 8.4%
Astec Industries, Inc.		8,020		449,200
Gardner Denver Holdings, Inc. (a)		16,379		450,750
IDEX Corp.		3,662		444,823
John Bean Technologies Corp.		4,220		426,642
Kennametal, Inc.		12,200		492,148
Lincoln Electric Holdings, Inc.		4,919		450,974
Nordson Corp.		3,660		433,710
RBC Bearings, Inc. (a)		4,293		537,269
				3,685,516
Road & Rail - 1.0%
Genesee & Wyoming, Inc.-Class A (a)		5,924		438,435
Trading Companies & Distributors - 2.5%
H&E Equipment Services, Inc.		18,159		530,243
SiteOne Landscape Supply, Inc. (a)		9,760		567,056
				1,097,299
				7,542,700
Consumer Discretionary - 16.4%
Distributors - 1.0%
Pool Corp.		4,137		447,499
Diversified Consumer Services - 3.3%
Bright Horizons Family Solutions, Inc. (a)		6,475		558,210
Grand Canyon Education, Inc. (a)		9,580		870,056
				1,428,266
Hotels, Restaurants & Leisure - 5.7%
Buffalo Wild Wings, Inc. (a)		2,982		315,197
Dave & Buster’s Entertainment, Inc. (a)		7,107		372,975
Hilton Grand Vacations, Inc. (a)		13,471		520,385
Planet Fitness, Inc.		26,708		720,582
Vail Resorts, Inc.		2,450		558,894
				2,488,033
Multiline Retail - 1.2%
Ollie’s Bargain Outlet Holdings, Inc. (a)		11,312		524,877
Specialty Retail - 5.2%
Five Below, Inc. (a)		12,112		664,707
Floor & Decor Holdings, Inc.-Class A (a)		11,861		461,749
Lithia Motors, Inc.-Class A		5,890		708,626
Select Comfort Corp. (a)		14,370		446,188
				2,281,270
				7,169,945
Financials - 6.5%
Banks - 3.9%
Pinnacle Financial Partners, Inc.		330		22,094

Company	Shares		U.S. $ Value
Signature Bank/New York NY (a)		1,714	$	219,461
Sterling Bancorp/DE		18,276		450,503
SVB Financial Group (a)		2,582		483,066
Western Alliance Bancorp (a)		9,587		508,878
				1,684,002
Capital Markets - 2.6%
Hamilton Lane, Inc.-Class A		9,180		246,483
Houlihan Lokey, Inc.		12,360		483,647
Stifel Financial Corp.		7,727		413,085
				1,143,215
				2,827,217
Consumer Staples - 3.1%
Food & Staples Retailing - 1.1%
Chefs’ Warehouse, Inc. (The) (a)		24,747		477,617
Food Products - 1.2%
Freshpet, Inc. (a)(b)		33,294		521,051
Personal Products - 0.8%
elf Beauty, Inc. (a)(b)		16,415		370,158
				1,368,826
Materials - 2.7%
Chemicals - 1.3%
PolyOne Corp.		14,552		582,517
Construction Materials - 1.4%
Summit Materials, Inc.-Class A (a)		18,284		585,636
				1,168,153
Energy - 2.6%
Energy Equipment & Services - 1.7%
Forum Energy Technologies, Inc. (a)		22,988		365,509
Oil States International, Inc. (a)		13,761		348,842
				714,351
Oil, Gas & Consumable Fuels - 0.9%
Matador Resources Co. (a)		14,895		404,399
				1,118,750
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.9%
Vonage Holdings Corp. (a)		49,393		402,059
Total Common Stocks (cost $31,621,947)				42,976,993

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 2.2%
Time Deposit - 2.2%
State Street Bank & Trust Co. 0.12%, 10/02/17 (cost $971,815)	$	972	$	971,815
Total Investments Before Security Lending Collateral for Securities Loaned - 100.4% (cost $32,593,762)				43,948,808
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 6.3%
Investment Companies - 6.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (c)(d)(e) (cost $2,737,752)		2,737,752		2,737,752
Total Investments - 106.7% (cost $35,331,514) (f)				46,686,560
Other assets less liabilities - (6.7)%				(2,933,749	)
Net Assets - 100.0%			$	43,752,811

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $11,854,351 and gross unrealized depreciation of investments was $(499,305), resulting in net unrealized appreciation of $11,355,046.

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

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

42,976,993

$

– 0

–

$

– 0

–

$

42,976,993

Short-Term Investments

– 0

–

971,815

– 0

–

971,815

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

2,737,752

– 0

–

– 0

–

2,737,752

Total Investments in Securities

45,714,745

971,815

– 0

–

46,686,560

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

45,714,745

$

971,815

$

– 0

–

$

46,686,560

(a) See Portfolio of Investments for sector classifications.

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market*	$	2,326	$	17,792	$	17,380	$	2,738	$	13

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.1%
Financials - 20.1%
Banks - 10.4%
Associated Banc-Corp.		312,480	$	7,577,640
Comerica, Inc.		143,460		10,940,259
Fulton Financial Corp.		388,240		7,279,500
Huntington Bancshares, Inc./OH		737,820		10,299,967
Synovus Financial Corp.		190,050		8,753,703
Texas Capital Bancshares, Inc. (a)		84,440		7,244,952
Webster Financial Corp.		171,552		9,015,058
Zions Bancorporation		234,510		11,064,182
				72,175,261
Consumer Finance - 0.7%
OneMain Holdings, Inc. (a)		164,620		4,640,638
Insurance - 7.6%
American Financial Group, Inc./OH		95,820		9,912,579
First American Financial Corp.		183,070		9,148,008
Hanover Insurance Group, Inc. (The)		43,760		4,241,657
Old Republic International Corp.		353,320		6,956,871
Reinsurance Group of America, Inc.-Class A		84,010		11,721,915
Selective Insurance Group, Inc.		110,430		5,946,655
Validus Holdings Ltd.		87,612		4,311,387
				52,239,072
Thrifts & Mortgage Finance - 1.4%
Essent Group Ltd. (a)		236,268		9,568,854
				138,623,825
Industrials - 18.6%
Aerospace & Defense - 1.0%
Esterline Technologies Corp. (a)		76,910		6,933,437
Air Freight & Logistics - 1.0%
Atlas Air Worldwide Holdings, Inc. (a)		107,610		7,080,738
Airlines - 1.4%
SkyWest, Inc.		216,300		9,495,570
Commercial Services & Supplies - 1.6%
ABM Industries, Inc.		111,560		4,653,168
Steelcase, Inc.-Class A		429,244		6,610,357
				11,263,525
Construction & Engineering - 4.1%
AECOM (a)		247,495		9,110,291
Granite Construction, Inc.		95,460		5,531,907
Quanta Services, Inc. (a)		218,555		8,167,400
Tutor Perini Corp. (a)		179,150		5,087,860
				27,897,458
Electrical Equipment - 2.2%
EnerSys		103,850		7,183,304
Regal Beloit Corp.		101,230		7,997,170
				15,180,474

Company	Shares		U.S. $ Value
Machinery - 4.1%
Oshkosh Corp.		126,630	$	10,452,040
SPX FLOW, Inc. (a)		203,350		7,841,176
Terex Corp.		220,980		9,948,520
				28,241,736
Road & Rail - 2.5%
Ryder System, Inc.		112,656		9,525,065
Werner Enterprises, Inc.		215,460		7,875,063
				17,400,128
Trading Companies & Distributors - 0.7%
MRC Global, Inc. (a)		288,820		5,051,462
				128,544,528
Information Technology - 17.8%
Communications Equipment - 1.5%
Infinera Corp. (a)		433,132		3,841,881
NETGEAR, Inc. (a)		126,227		6,008,405
				9,850,286
Electronic Equipment, Instruments & Components - 5.2%
Anixter International, Inc. (a)		118,980		10,113,300
Avnet, Inc.		203,120		7,982,616
CDW Corp./DE		137,780		9,093,480
VeriFone Systems, Inc. (a)		429,500		8,710,260
				35,899,656
IT Services - 5.2%
Amdocs Ltd.		150,440		9,676,301
Booz Allen Hamilton Holding Corp.		263,345		9,846,470
Convergys Corp.		281,114		7,278,041
Genpact Ltd.		314,370		9,038,137
				35,838,949
Semiconductors & Semiconductor Equipment - 3.4%
Cypress Semiconductor Corp.		548,810		8,243,126
Integrated Device Technology, Inc. (a)		219,700		5,839,626
Mellanox Technologies Ltd. (a)		91,030		4,292,065
Qorvo, Inc. (a)		71,250		5,035,950
				23,410,767
Software - 1.2%
Verint Systems, Inc. (a)		202,310		8,466,674
Technology Hardware, Storage & Peripherals - 1.3%
NCR Corp. (a)		238,397		8,944,655
				122,410,987
Consumer Discretionary - 14.7%
Auto Components - 3.9%
Cooper-Standard Holdings, Inc. (a)		71,209		8,258,108
Dana, Inc.		338,390		9,461,384
Lear Corp.		27,497		4,759,181

Company	Shares		U.S. $ Value
Tenneco, Inc.		68,760	$	4,171,669
				26,650,342
Diversified Consumer Services - 1.7%
Houghton Mifflin Harcourt Co. (a)		245,164		2,954,226
Sotheby’s (a)		189,510		8,738,306
				11,692,532
Hotels, Restaurants & Leisure - 1.8%
Bloomin’ Brands, Inc.		443,429		7,804,351
Brinker International, Inc. (b)		153,542		4,891,848
				12,696,199
Household Durables - 2.1%
CalAtlantic Group, Inc.		241,690		8,853,105
PulteGroup, Inc.		201,210		5,499,069
				14,352,174
Media - 1.7%
Regal Entertainment Group-Class A (b)		410,530		6,568,480
Scholastic Corp.		132,150		4,915,980
				11,484,460
Specialty Retail - 2.7%
Burlington Stores, Inc. (a)		48,507		4,630,478
Caleres, Inc.		186,075		5,679,009
Michaels Cos., Inc. (The) (a)		402,200		8,635,234
				18,944,721
Textiles, Apparel & Luxury Goods - 0.8%
Crocs, Inc. (a)		574,810		5,575,657
				101,396,085
Energy - 8.0%
Energy Equipment & Services - 3.3%
Helix Energy Solutions Group, Inc. (a)		260,700		1,926,573
Helmerich & Payne, Inc. (b)		73,780		3,844,676
Oil States International, Inc. (a)		211,210		5,354,173
RPC, Inc. (b)		467,410		11,587,094
				22,712,516
Oil, Gas & Consumable Fuels - 4.7%
HollyFrontier Corp.		181,200		6,517,764
Oasis Petroleum, Inc. (a)		644,750		5,880,120
QEP Resources, Inc. (a)		779,920		6,683,914
SM Energy Co.		318,770		5,654,980
SRC Energy, Inc. (a)		758,010		7,329,957
				32,066,735
				54,779,251

Company	Shares		U.S. $ Value
Real Estate - 4.6%
Equity Real Estate Investment Trusts (REITs) - 4.6%
Education Realty Trust, Inc.		229,780	$	8,255,995
Empire State Realty Trust, Inc.-Class A		355,891		7,310,001
Gramercy Property Trust		364,668		11,031,207
STAG Industrial, Inc.		194,770		5,350,332
				31,947,535
Health Care - 4.6%
Health Care Providers & Services - 3.2%
LifePoint Health, Inc. (a)		148,095		8,574,700
Molina Healthcare, Inc. (a)		109,960		7,560,850
WellCare Health Plans, Inc. (a)		36,859		6,330,165
				22,465,715
Life Sciences Tools & Services - 1.4%
ICON PLC (a)		82,335		9,376,310
				31,842,025
Utilities - 4.2%
Electric Utilities - 3.0%
Alliant Energy Corp.		166,578		6,924,648
PNM Resources, Inc.		167,800		6,762,340
Portland General Electric Co.		154,950		7,071,918
				20,758,906
Gas Utilities - 0.6%
Southwest Gas Holdings, Inc.		52,850		4,102,217
Multi-Utilities - 0.6%
Black Hills Corp.		58,705		4,043,013
				28,904,136
Materials - 4.0%
Chemicals - 1.9%
Ingevity Corp. (a)		70,890		4,428,498
Trinseo SA		132,290		8,876,659
				13,305,157
Containers & Packaging - 1.5%
Graphic Packaging Holding Co.		719,160		10,032,282
Metals & Mining - 0.6%
Alcoa Corp. (a)		91,638		4,272,164
				27,609,603
Consumer Staples - 1.5%
Beverages - 0.8%
Cott Corp.		371,279		5,572,898
Food Products - 0.7%
Ingredion, Inc.		39,905		4,814,139
				10,387,037
Total Common Stocks (cost $528,309,508)				676,445,012

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 2.6%
Time Deposit - 2.6%
State Street Time Deposit 0.12%, 10/02/17
(cost $18,028,635)	$	18,029	$	18,028,635
Total Investments Before Security Lending Collateral for Securities Loaned - 100.7% (cost $546,338,143)				694,473,647
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.3%
Investment Companies - 3.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (c)(d)(e)
(cost $23,119,734)		23,119,734		23,119,734
Total Investments - 104.0% (cost $569,457,877) (f)				717,593,381
Other assets less liabilities - (4.0)%				(27,815,803	)
Net Assets - 100.0%			$	689,777,578

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $171,753,406 and gross unrealized depreciation of investments was $(23,617,902), resulting in net unrealized appreciation of $148,135,504.

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

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

676,445,012

$

– 0

–

$

– 0

–

$

676,445,012

Short-Term Investments

– 0

–

18,028,635

–0

–

18,028,635

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

23,119,734

– 0

–

–0

–

23,119,734

Total Investments in Securities

699,564,746

18,028,635

–0

–

717,593,381

Other Financial Instruments (b)

– 0

–

– 0

–

–0

–

– 0

–

Total (c)

$

699,564,746

$

18,028,635

$

–0

–

$

717,593,381

(a) See Portfolio of Investments for sector classifications.

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market*	$	13,941	$	163,242	$	154,063	$	23,120	$	89

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Value Portfolio

Portfolio of Investments

September 30, 2017 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.6%
Financials - 28.5%
Banks - 11.4%
Bank of America Corp.		144,117	$	3,651,925
Comerica, Inc.		17,981		1,371,231
Wells Fargo & Co.		62,370		3,439,705
				8,462,861
Capital Markets - 1.9%
Goldman Sachs Group, Inc. (The)		5,735		1,360,285
Consumer Finance - 5.2%
Capital One Financial Corp.		15,003		1,270,154
OneMain Holdings, Inc. (a)		23,895		673,600
Synchrony Financial		62,653		1,945,376
				3,889,130
Insurance - 10.0%
Allstate Corp. (The)		22,508		2,068,710
American International Group, Inc.		42,423		2,604,348
First American Financial Corp.		15,271		763,092
FNF Group		42,630		2,023,220
				7,459,370
				21,171,646
Information Technology - 15.5%
Communications Equipment - 2.2%
Nokia Oyj (Sponsored ADR)-Class A		276,599		1,654,062
IT Services - 1.1%
Booz Allen Hamilton Holding Corp.		21,417		800,781
Semiconductors & Semiconductor Equipment - 3.3%
Intel Corp.		64,496		2,456,008
Software - 4.6%
Oracle Corp.		71,279		3,446,340
Technology Hardware, Storage & Peripherals - 4.3%
HP, Inc.		80,448		1,605,742
NCR Corp. (a)		8,152		305,863
Xerox Corp.		37,862		1,260,426
				3,172,031
				11,529,222
Energy - 11.7%
Energy Equipment & Services - 2.0%
RPC, Inc. (b)		60,017		1,487,821
Oil, Gas & Consumable Fuels - 9.7%
Canadian Natural Resources Ltd.		36,597		1,225,634
Devon Energy Corp.		28,681		1,052,879
EOG Resources, Inc.		21,967		2,125,088
Hess Corp.		26,587		1,246,664

Company	Shares		U.S. $ Value
Marathon Petroleum Corp.		28,474	$	1,596,822
				7,247,087
				8,734,908
Health Care - 11.3%
Biotechnology - 2.0%
Gilead Sciences, Inc.		18,816		1,524,473
Health Care Providers & Services - 6.6%
Aetna, Inc.		6,572		1,045,014
Cigna Corp.		11,455		2,141,397
McKesson Corp.		11,321		1,739,019
				4,925,430
Pharmaceuticals - 2.7%
Mallinckrodt PLC (a)		32,886		1,228,950
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		42,939		755,726
				1,984,676
				8,434,579
Consumer Staples - 7.3%
Beverages - 1.9%
PepsiCo, Inc.		12,975		1,445,804
Food Products - 1.1%
Tyson Foods, Inc.-Class A		11,495		809,823
Tobacco - 4.3%
British American Tobacco PLC (Sponsored ADR)		13,518		844,199
Philip Morris International, Inc.		21,261		2,360,184
				3,204,383
				5,460,010
Industrials - 7.3%
Aerospace & Defense - 2.8%
Raytheon Co.		11,279		2,104,436
Airlines - 1.1%
JetBlue Airways Corp. (a)		44,443		823,529
Electrical Equipment - 1.9%
Eaton Corp. PLC		18,310		1,406,025
Machinery - 1.5%
Oshkosh Corp.		13,036		1,075,991
				5,409,981
Consumer Discretionary - 7.1%
Auto Components - 3.3%
Lear Corp.		5,087		880,458
Magna International, Inc. (New York)-Class A		29,610		1,580,582
				2,461,040
Media - 2.7%
Comcast Corp.-Class A		40,726		1,567,136

Company	Shares		U.S. $ Value
Regal Entertainment Group-Class A		25,943	$	415,088
				1,982,224
Specialty Retail - 1.1%
Michaels Cos., Inc. (The) (a)		38,800		833,036
				5,276,300
Utilities - 6.2%
Electric Utilities - 4.7%
American Electric Power Co., Inc.		24,712		1,735,771
Edison International		14,272		1,101,370
Portland General Electric Co.		14,795		675,244
				3,512,385
Multi-Utilities - 1.5%
NiSource, Inc.		43,940		1,124,424
				4,636,809
Telecommunication Services - 2.0%
Wireless Telecommunication Services - 2.0%
T-Mobile US, Inc. (a)		23,635		1,457,334
Materials - 1.6%
Chemicals - 1.0%
CF Industries Holdings, Inc.		21,180		744,689
Metals & Mining - 0.6%
Alcoa Corp. (a)		9,000		419,580
				1,164,269
Real Estate - 1.1%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Mid-America Apartment Communities, Inc.		7,770		830,458
Total Common Stocks (cost $62,614,765)				74,105,516
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.12%, 10/02/17 (cost $411,028)	$	411		411,028

	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $63,025,793)			$	74,516,544
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.0%
Investment Companies - 2.0%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 0.83% (c)(d)(e) (cost $1,515,429)		1,515,429		1,515,429
Total Investments - 102.1% (cost $64,541,222) (f)				76,031,973
Other assets less liabilities - (2.1)%				(1,593,935	)
Net Assets - 100.0%			$	74,438,038

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2017, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $14,010,048 and gross unrealized depreciation of investments was $(2,519,297), resulting in net unrealized appreciation of $11,490,751.

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

September 30, 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 September 30, 2017:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

74,105,516

$

– 0

–

$

– 0

–

$

74,105,516

Short-Term Investments

– 0

–

411,028

– 0

–

411,028

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

1,515,429

– 0

–

– 0

–

1,515,429

Total Investments in Securities

75,620,945

411,028

– 0

–

76,031,973

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

75,620,945

$

411,028

$

– 0

–

$

76,031,973

(a) See Portfolio of Investments for sector classifications.

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

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

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2017 is as follows:

Fund	Market  Value 12/30/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/17 (000)		Dividend Income (000)
Government Money Market*	$	– 0 –	$	23,738	$	22,223	$	1,515	$	6

* Investments of cash collateral for securities lending transactions

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 significant changes in the registrant’s internal control over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 3. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
11 (a) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
11 (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:	November 22, 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:	November 22, 2017

By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	November 22, 2017