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, 2018

Date of reporting period: March 31, 2018

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.1%
Information Technology - 11.9%
Communications Equipment - 0.7%
Arista Networks, Inc. (a)		1,290	$	329,337
Juniper Networks, Inc.		23,009		559,809
Nokia Oyj		68,660		379,148
Nokia Oyj (Sponsored ADR) - Class A		122,979		672,695
				1,940,989
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. - Class A		3,164		272,515
Halma PLC		13,290		219,993
Horiba Ltd.		4,200		327,012
Ingenico Group SA		3,310		268,663
Keyence Corp.		400		249,863
Murata Manufacturing Co., Ltd.		1,100		151,835
				1,489,881
Internet Software & Services - 3.3%
Alibaba Group Holding Ltd. (ADR) (a)		2,930		537,773
Alphabet, Inc. - Class C (a)		4,088		4,217,957
eBay, Inc. (a)		4,940		198,786
Facebook, Inc. - Class A (a)		23,000		3,675,170
Tencent Holdings Ltd.		10,100		542,163
Yahoo Japan Corp.		82,700		387,110
				9,558,959
IT Services - 2.0%
Booz Allen Hamilton Holding Corp.		11,531		446,480
Capgemini SE		2,100		262,026
Cognizant Technology Solutions Corp. - Class A		6,006		483,483
Fiserv, Inc. (a)		6,880		490,613
Fujitsu Ltd.		18,000		109,385
PayPal Holdings, Inc. (a)		13,483		1,022,955
Visa, Inc. - Class A		23,920		2,861,311
				5,676,253
Semiconductors & Semiconductor Equipment - 2.5%
ams AG		4,270		448,394
Applied Materials, Inc.		1,594		88,642
ASM International NV		2,690		196,702
ASML Holding NV		3,161		626,806
Disco Corp.		800		170,994
Infineon Technologies AG		11,240		302,280
Intel Corp.		32,193		1,676,611
NVIDIA Corp.		1,369		317,047
SCREEN Holdings Co., Ltd.		2,500		225,822
Siltronic AG (a)		2,590		444,217
SUMCO Corp.		10,300		269,011
Taiwan Semiconductor Manufacturing Co., Ltd.		62,000		525,153
Texas Instruments, Inc.		2,080		216,091
Tokyo Electron Ltd.		800		147,993
Xilinx, Inc.		20,547		1,484,315
				7,140,078

Company	Shares		U.S. $ Value
Software - 1.6%
Activision Blizzard, Inc.		9,668	$	652,204
Adobe Systems, Inc. (a)		6,690		1,445,575
Electronic Arts, Inc. (a)		3,930		476,473
Nintendo Co., Ltd.		700		310,991
Oracle Corp.		28,552		1,306,254
Red Hat, Inc. (a)		1,408		210,510
salesforce.com, Inc. (a)		1,850		215,155
Temenos Group AG (a)		1,310		157,081
				4,774,243
Technology Hardware, Storage & Peripherals - 1.3%
Apple, Inc.		11,920		1,999,938
Hewlett Packard Enterprise Co.		8,190		143,653
HP, Inc.		33,875		742,540
NCR Corp. (a)		9,220		290,614
Samsung Electronics Co., Ltd.		80		186,918
Xerox Corp.		15,067		433,628
				3,797,291
				34,377,694
Real Estate - 9.9%
Diversified Real Estate Activities - 0.7%
Kerry Properties Ltd.		31,500		142,442
Leopalace21 Corp.		27,100		222,388
Mitsubishi Estate Co., Ltd.		13,800		231,170
Mitsui Fudosan Co., Ltd.		27,000		651,814
Sumitomo Realty & Development Co., Ltd.		6,000		224,199
Sun Hung Kai Properties Ltd.		9,000		142,857
UOL Group Ltd.		58,900		386,188
				2,001,058
Diversified REITs - 1.3%
Activia Properties, Inc.		48		214,885
Armada Hoffler Properties, Inc.		15,800		216,302
Dream Global Real Estate Investment Trust		13,480		143,866
Empire State Realty Trust, Inc. - Class A		14,270		239,593
Fonciere Des Regions		1,480		163,271
GPT Group (The)		74,840		274,289
Gramercy Property Trust		16,317		354,568
H&R Real Estate Investment Trust		11,960		195,226
Hispania Activos Inmobiliarios SOCIMI SA		13,550		288,608
Hulic Reit, Inc.		100		152,660
ICADE		2,945		285,914
Kenedix Office Investment Corp. - Class A		27		164,706
Land Securities Group PLC		19,770		260,113
Liberty Property Trust		10,150		403,260
Merlin Properties Socimi SA		13,574		207,933
Mirvac Group		168,110		279,380
				3,844,574
Equity Real Estate Investment Trusts (REITs) - 0.3%
Mid-America Apartment Communities, Inc.		8,851		807,565
Health Care REITs - 0.3%
Healthcare Realty Trust, Inc.		7,980		221,126
Medical Properties Trust, Inc.		28,410		369,330
Sabra Health Care REIT, Inc.		19,040		336,056
				926,512

Company	Shares		U.S. $ Value
Hotel & Resort REITs - 0.4%
Invincible Investment Corp.		161	$	74,482
MGM Growth Properties LLC - Class A		8,190		217,363
Park Hotels & Resorts, Inc.		12,130		327,753
RLJ Lodging Trust		16,860		327,758
Summit Hotel Properties, Inc.		22,540		306,769
				1,254,125
Industrial REITs - 0.8%
Duke Realty Corp.		17,670		467,902
Goodman Group		35,880		233,296
PLA Administradora Industrial S de RL de CV (a)		46,200		77,127
Prologis, Inc.		7,740		487,542
Rexford Industrial Realty, Inc.		9,210		265,156
Segro PLC		30,960		261,285
STAG Industrial, Inc.		13,950		333,684
Tritax Big Box REIT PLC		85,030		172,280
				2,298,272
Office REITs - 1.2%
Alexandria Real Estate Equities, Inc.		3,440		429,622
Brandywine Realty Trust		21,200		336,656
CapitaLand Commercial Trust		139,500		195,549
Champion REIT		196,000		140,110
Columbia Property Trust, Inc.		12,794		261,765
Corporate Office Properties Trust		8,130		209,998
Hibernia REIT PLC		54,390		96,638
Investa Office Fund		53,120		176,834
Kilroy Realty Corp.		4,070		288,807
Mack-Cali Realty Corp.		8,320		139,027
Nippon Building Fund, Inc.		52		288,435
Orix JREIT, Inc.		127		197,763
SL Green Realty Corp.		3,450		334,064
Workspace Group PLC		17,916		249,420
				3,344,688
Real Estate Development - 0.4%
CK Asset Holdings Ltd.		118,000		995,810
Metrovacesa SA (a)(b)		2,844		52,491
Times China Holdings Ltd.		54,000		83,473
				1,131,774
Real Estate Management & Development - 0.6%
City Developments Ltd.		9,900		98,646
SM Prime Holdings, Inc.		418,300		271,963
Vonovia SE		18,002		892,715
Wharf Real Estate Investment Co., Ltd. (a)		55,000		359,501
				1,622,825
Real Estate Operating Companies - 0.6%
Aroundtown SA		39,650		307,154
CA Immobilien Anlagen AG		7,120		238,243
Deutsche Wohnen SE		10,900		508,593
Entra ASA (b)		16,768		228,904

Company	Shares		U.S. $ Value
Fabege AB		8,210	$	178,239
Hongkong Land Holdings Ltd.		42,100		290,869
Hufvudstaden AB - Class A		5,810		86,457
				1,838,459
Residential REITs - 1.1%
American Campus Communities, Inc.		5,220		201,596
American Homes 4 Rent - Class A		18,320		367,866
Camden Property Trust		5,120		431,002
Essex Property Trust, Inc.		2,440		587,259
Independence Realty Trust, Inc.		31,700		291,006
Japan Rental Housing Investments, Inc.		272		210,414
Killam Apartment Real Estate Investment Trust		27,790		299,395
Sun Communities, Inc.		5,111		466,992
UNITE Group PLC (The)		23,360		259,226
				3,114,756
Retail REITs - 1.5%
Charter Hall Retail REIT		69,220		205,594
Fukuoka REIT Corp.		107		167,519
Japan Retail Fund Investment Corp.		105		203,609
Kenedix Retail REIT Corp.		81		176,975
Klepierre SA		8,403		338,701
Link REIT		68,768		589,460
National Retail Properties, Inc.		10,350		406,341
Regency Centers Corp.		6,460		381,011
Retail Opportunity Investments Corp.		12,600		222,642
Simon Property Group, Inc.		8,056		1,243,444
Urban Edge Properties		10,880		232,288
				4,167,584
Specialized REITs - 0.7%
American Tower Corp.		1,040		151,154
Crown Castle International Corp.		1,330		145,781
CubeSmart		14,010		395,082
Digital Realty Trust, Inc.		5,320		560,621
EPR Properties		4,080		226,032
Equinix, Inc.		500		209,070
National Storage Affiliates Trust		12,710		318,767
Safestore Holdings PLC		11,040		76,129
				2,082,636
				28,434,828
Financials - 9.7%
Banks - 4.8%
Australia & New Zealand Banking Group Ltd.		8,610		179,203
Bank Hapoalim BM		37,400		257,197
Bank of America Corp.		77,614		2,327,644
Barclays PLC		92,180		269,360
BNP Paribas SA		5,610		416,041
BOC Hong Kong Holdings Ltd.		56,500		277,176
Citigroup, Inc.		14,051		948,442
Citizens Financial Group, Inc.		1,635		68,637
Comerica, Inc.		5,967		572,414
Credicorp Ltd.		1,960		444,998
DNB ASA		15,090		297,231
Erste Group Bank AG		10,190		512,285
Fifth Third Bancorp		3,034		96,330

Company	Shares		U.S. $ Value
HDFC Bank Ltd.		27,250	$	805,947
ING Groep NV		15,660		264,266
Intesa Sanpaolo SpA		50,340		183,288
JPMorgan Chase & Co.		18,724		2,059,078
KB Financial Group, Inc.		2,170		125,854
Mediobanca Banca di Credito Finanziario SpA		22,730		267,223
Mitsubishi UFJ Financial Group, Inc.		63,500		421,997
PNC Financial Services Group, Inc. (The)		1,831		276,920
Svenska Handelsbanken AB - Class A		26,120		326,940
Swedbank AB - Class A		16,710		375,479
Wells Fargo & Co.		35,732		1,872,714
Zions Bancorporation		3,446		181,708
				13,828,372
Capital Markets - 1.6%
Azimut Holding SpA		10,760		231,291
Credit Suisse Group AG (REG) (a)		23,088		387,763
Goldman Sachs Group, Inc. (The)		3,176		799,907
MarketAxess Holdings, Inc.		4,139		899,984
Morgan Stanley		5,723		308,813
Partners Group Holding AG		870		647,389
S&P Global, Inc.		5,450		1,041,277
T. Rowe Price Group, Inc.		900		97,173
Thomson Reuters Corp.		2,453		94,809
				4,508,406
Consumer Finance - 0.9%
Bharat Financial Inclusion Ltd. (a)		22,630		382,371
Capital One Financial Corp.		6,790		650,618
Discover Financial Services		1,591		114,441
Hitachi Capital Corp.		7,400		187,305
OneMain Holdings, Inc. (a)		10,982		328,801
Synchrony Financial		26,195		878,318
				2,541,854
Diversified Financial Services - 0.3%
Berkshire Hathaway, Inc. - Class B (a)		4,127		823,254
ORIX Corp.		10,400		186,378
				1,009,632
Insurance - 2.0%
AIA Group Ltd.		80,400		687,313
Allianz SE (REG)		1,820		411,424
Allstate Corp. (The)		5,757		545,764
American International Group, Inc.		17,683		962,309
Everest Re Group Ltd.		2,819		723,976
First American Financial Corp.		11,689		685,910
FNF Group		16,512		660,810
Loews Corp.		1,598		79,469
MetLife, Inc.		4,482		205,679
PICC Property & Casualty Co., Ltd. - Class H		68,000		120,158
Prudential PLC		25,530		637,961
				5,720,773
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp., Ltd.		15,120		424,828
				28,033,865

Company	Shares		U.S. $ Value
Health Care - 7.1%
Biotechnology - 1.2%
Biogen, Inc. (a)		8,415	$	2,304,195
Genmab A/S (a)		1,100		236,990
Gilead Sciences, Inc.		9,103		686,275
Grifols SA (ADR)		7,890		167,268
				3,394,728
Health Care Equipment & Supplies - 1.6%
Edwards Lifesciences Corp. (a)		11,635		1,623,315
Essilor International Cie Generale d’Optique SA		2,830		381,769
Intuitive Surgical, Inc. (a)		4,146		1,711,593
Medtronic PLC		5,535		444,018
Stryker Corp.		2,450		394,254
				4,554,949
Health Care Providers & Services - 1.7%
Aetna, Inc.		4,027		680,563
Anthem, Inc.		1,305		286,709
Apollo Hospitals Enterprise Ltd.		28,610		466,348
Cigna Corp.		3,007		504,394
McKesson Corp.		4,750		669,132
Quest Diagnostics, Inc.		1,866		187,160
UnitedHealth Group, Inc.		10,098		2,160,972
				4,955,278
Health Care Technology - 0.2%
Cerner Corp. (a)		10,839		628,662
Life Sciences Tools & Services - 0.3%
Eurofins Scientific SE		716		377,313
Gerresheimer AG		2,190		179,963
Mettler-Toledo International, Inc. (a)		529		304,191
Thermo Fisher Scientific, Inc.		838		173,014
				1,034,481
Pharmaceuticals - 2.1%
Bristol-Myers Squibb Co.		4,094		258,945
Indivior PLC (a)		28,579		163,367
Johnson & Johnson		3,928		503,373
Mallinckrodt PLC (a)		14,204		205,674
Mylan NV (a)		4,150		170,856
Ono Pharmaceutical Co., Ltd.		12,200		388,165
Pfizer, Inc.		27,914		990,668
Roche Holding AG		3,730		855,650
Sanofi		2,676		214,722
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		22,762		389,003
Vectura Group PLC (a)		86,610		94,356
Zoetis, Inc.		20,520		1,713,625
				5,948,404
				20,516,502

Company	Shares		U.S. $ Value
Consumer Discretionary - 6.0%
Auto Components - 1.1%
Aptiv PLC		5,110	$	434,197
Continental AG		700		193,348
Delphi Technologies PLC		4,027		191,887
Faurecia SA		3,915		316,786
Hankook Tire Co., Ltd.		2,360		116,808
Lear Corp.		2,621		487,742
Magna International, Inc. - Class A		15,980		900,472
NGK Spark Plug Co., Ltd.		7,600		183,130
Sumitomo Electric Industries Ltd.		9,500		145,193
Valeo SA		4,520		298,998
				3,268,561
Automobiles - 0.5%
Ford Motor Co.		14,115		156,394
General Motors Co.		6,743		245,041
Honda Motor Co., Ltd.		10,900		377,321
Peugeot SA		13,800		332,295
Subaru Corp.		6,200		205,237
				1,316,288
Hotels, Restaurants & Leisure - 0.3%
Carnival Corp.		2,091		137,128
Merlin Entertainments PLC (b)		33,499		162,891
Starbucks Corp.		8,990		520,431
				820,450
Household Durables - 0.3%
Nikon Corp.		13,300		240,409
Panasonic Corp.		47,000		674,943
				915,352
Internet & Direct Marketing Retail - 0.2%
Booking Holdings, Inc. (a)		180		374,470
Ctrip.com International Ltd. (ADR) (a)		4,230		197,203
				571,673
Leisure Products - 0.1%
Amer Sports Oyj (a)		6,590		203,368
Media - 0.6%
Comcast Corp. - Class A		29,941		1,023,084
Twenty-First Century Fox, Inc. - Class A		16,032		588,214
				1,611,298
Multiline Retail - 0.4%
B&M European Value Retail SA		43,300		237,686
Dollar Tree, Inc. (a)		6,361		603,659
Marks & Spencer Group PLC		64,750		245,950
Target Corp.		3,136		217,733
				1,305,028
Specialty Retail - 1.8%
Best Buy Co., Inc.		1,291		90,357
Gap, Inc. (The)		6,477		202,082

Company	Shares		U.S. $ Value
Home Depot, Inc. (The)		12,041	$	2,146,188
Michaels Cos., Inc. (The) (a)		17,454		344,018
Signet Jewelers Ltd.		5,798		223,339
TJX Cos., Inc. (The)		14,478		1,180,826
Ulta Salon Cosmetics & Fragrance, Inc. (a)		4,370		892,660
				5,079,470
Textiles, Apparel & Luxury Goods - 0.7%
Crystal International Group Ltd. (a)(b)		99,500		100,960
HUGO BOSS AG		2,950		256,995
LVMH Moet Hennessy Louis Vuitton SE		730		224,966
NIKE, Inc. - Class B		15,872		1,054,536
Pandora A/S		3,194		345,578
Samsonite International SA		41,100		187,984
				2,171,019
				17,262,507
Consumer Staples - 5.3%
Beverages - 1.5%
Coca-Cola Bottlers Japan Holdings, Inc.		5,000		206,488
Constellation Brands, Inc. - Class A		8,190		1,866,665
Monster Beverage Corp. (a)		23,912		1,368,005
PepsiCo, Inc.		6,097		665,488
Treasury Wine Estates Ltd.		23,810		311,083
				4,417,729
Food & Staples Retailing - 1.2%
Costco Wholesale Corp.		10,420		1,963,440
CVS Health Corp.		2,294		142,710
Matsumotokiyoshi Holdings Co., Ltd.		6,300		266,928
Tsuruha Holdings, Inc.		2,400		345,415
Walmart, Inc.		7,088		630,619
				3,349,112
Food Products - 0.8%
Calbee, Inc.		5,900		200,481
Glanbia PLC		17,420		300,082
Kerry Group PLC - Class A		3,310		335,598
Nestle SA (REG)		4,570		361,219
Orkla ASA		30,610		329,884
Tyson Foods, Inc. - Class A		8,297		607,257
WH Group Ltd. (b)		284,000		304,302
				2,438,823
Household Products - 0.6%
Colgate-Palmolive Co.		3,537		253,532
Henkel AG & Co. KGaA (Preference Shares)		2,430		319,431
Procter & Gamble Co. (The)		4,556		361,200
Reckitt Benckiser Group PLC		5,000		422,039
Unicharm Corp.		13,100		377,850
				1,734,052
Personal Products - 0.2%
Godrej Consumer Products Ltd.		17,830		300,374
Kose Corp.		1,000		210,223
				510,597

Company	Shares		U.S. $ Value
Tobacco - 1.0%
British American Tobacco PLC		9,660	$	558,414
British American Tobacco PLC (Sponsored ADR)		9,400		542,286
Imperial Brands PLC		4,060		138,241
Japan Tobacco, Inc.		11,400		325,664
Philip Morris International, Inc.		11,740		1,166,956
				2,731,561
				15,181,874
Industrials - 4.7%
Aerospace & Defense - 0.7%
Airbus SE		3,910		452,613
BAE Systems PLC		39,660		324,486
Boeing Co. (The)		789		258,697
Raytheon Co.		3,441		742,637
Saab AB - Class B		2,770		125,644
United Technologies Corp.		1,056		132,866
				2,036,943
Airlines - 0.5%
Japan Airlines Co., Ltd.		10,000		407,162
JetBlue Airways Corp. (a)		22,157		450,230
Qantas Airways Ltd.		79,944		360,671
Turk Hava Yollari AO (a)		32,840		162,405
				1,380,468
Building Products - 0.9%
Allegion PLC		10,472		893,157
AO Smith Corp.		10,310		655,613
Assa Abloy AB - Class B		8,500		184,241
Cie de Saint-Gobain		6,160		325,279
Kingspan Group PLC		8,750		370,365
				2,428,655
Commercial Services & Supplies - 0.4%
China Everbright International Ltd.		226,000		319,107
Copart, Inc. (a)		18,331		933,598
				1,252,705
Construction & Engineering - 0.0%
AECOM (a)		2,288		81,521
Electrical Equipment - 0.4%
Eaton Corp. PLC		2,099		167,731
Nidec Corp.		1,800		277,036
Philips Lighting NV (b)		4,997		187,872
Schneider Electric SE (Paris)		4,830		425,336
TKH Group NV		2,160		138,444
				1,196,419

Company	Shares		U.S. $ Value
Industrial Conglomerates - 0.7%
General Electric Co.		32,751	$	441,484
Roper Technologies, Inc.		3,605		1,011,887
Siemens AG (REG)		3,740		477,214
				1,930,585
Machinery - 0.7%
FANUC Corp.		1,000		257,353
Glory Ltd.		3,500		125,597
Hoshizaki Corp.		1,700		151,557
IDEX Corp.		1,600		228,016
IHI Corp.		5,900		184,074
Oshkosh Corp.		5,088		393,150
WABCO Holdings, Inc. (a)		4,850		649,270
Yangzijiang Shipbuilding Holdings Ltd.		116,100		108,133
				2,097,150
Professional Services - 0.2%
Adecco Group AG (REG)		2,710		193,033
Recruit Holdings Co., Ltd.		7,900		198,003
RELX NV		11,340		235,065
				626,101
Road & Rail - 0.2%
Norfolk Southern Corp.		1,319		179,094
Ryder System, Inc.		3,966		288,685
				467,779
Trading Companies & Distributors - 0.0%
United Rentals, Inc. (a)		380		65,637
				13,563,963
Energy - 2.9%
Energy Equipment & Services - 0.1%
RPC, Inc. (c)		18,654		336,332
Oil, Gas & Consumable Fuels - 2.8%
Canadian Natural Resources Ltd.		16,240		511,073
Canadian Natural Resources Ltd. (Toronto)		3,880		121,970
Chevron Corp.		6,492		740,348
ConocoPhillips		3,545		210,183
Devon Energy Corp.		13,363		424,810
EOG Resources, Inc.		7,609		800,999
Exxon Mobil Corp.		13,492		1,006,638
Hess Corp.		10,872		550,341
HollyFrontier Corp.		5,962		291,303
JXTG Holdings, Inc.		58,000		353,601
Marathon Oil Corp.		4,332		69,875
Marathon Petroleum Corp.		11,896		869,717
PetroChina Co., Ltd. - Class H		358,000		248,673
QEP Resources, Inc. (a)		26,098		255,499
Repsol SA		16,020		284,766
Royal Dutch Shell PLC (Euronext Amsterdam) - Class A		24,795		789,898
Valero Energy Corp.		2,806		260,313
YPF SA (Sponsored ADR)		5,353		115,732
				7,905,739
				8,242,071

Company	Shares		U.S. $ Value
Materials - 2.4%
Chemicals - 1.4%
Air Water, Inc.		6,300	$	123,143
CF Industries Holdings, Inc.		8,717		328,893
Chr Hansen Holding A/S		2,690		232,812
Covestro AG (b)		1,330		130,961
Eastman Chemical Co.		4,166		439,846
Incitec Pivot Ltd.		47,370		128,919
Johnson Matthey PLC		4,578		195,303
LyondellBasell Industries NV - Class A		3,895		411,624
Mosaic Co. (The)		19,423		471,591
Nippon Shokubai Co., Ltd.		2,900		200,509
Sherwin-Williams Co. (The)		2,603		1,020,688
Umicore SA		7,200		381,421
				4,065,710
Construction Materials - 0.2%
CRH PLC (London)		7,580		256,232
Fletcher Building Ltd.		30,850		135,266
Grupo Cementos de Chihuahua SAB de CV		34,380		184,949
				576,447
Containers & Packaging - 0.0%
WestRock Co.		1,282		82,266
Metals & Mining - 0.8%
Alcoa Corp. (a)		11,626		522,705
BlueScope Steel Ltd.		9,318		109,628
Boliden AB		4,880		171,719
First Quantum Minerals Ltd.		10,380		145,748
Gerdau SA (Preference Shares)		30,700		144,134
Glencore PLC (a)		52,120		258,996
Newmont Mining Corp.		3,210		125,415
Norsk Hydro ASA		36,750		217,989
South32 Ltd.		95,014		238,787
Sumitomo Metal Mining Co., Ltd.		4,900		202,672
Yamato Kogyo Co., Ltd.		6,300		173,844
				2,311,637
				7,036,060
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		20,559		732,928
BT Group PLC		74,910		239,099
Cellnex Telecom SA (b)		5,990		160,136
China Unicom Hong Kong Ltd. (a)		244,000		312,150
Deutsche Telekom AG (REG)		18,490		302,509
Nippon Telegraph & Telephone Corp.		14,200		662,474
TDC A/S (a)		21,430		177,581
Telekomunikasi Indonesia Persero Tbk PT		492,500		129,505
				2,716,382

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 0.5%
T-Mobile US, Inc. (a)		14,426	$	880,563
Vodafone Group PLC		146,123		399,797
				1,280,360
				3,996,742
Utilities - 1.4%
Electric Utilities - 0.7%
American Electric Power Co., Inc.		10,829		742,761
Edison International		7,026		447,275
EDP - Energias de Portugal SA		43,550		165,473
Enel SpA		30,961		189,457
Eversource Energy		1,154		67,994
NextEra Energy, Inc.		2,133		348,383
Xcel Energy, Inc.		2,341		106,468
				2,067,811
Multi-Utilities - 0.5%
Ameren Corp.		1,182		66,937
CMS Energy Corp.		1,661		75,227
DTE Energy Co.		1,111		115,988
NiSource, Inc.		22,229		531,495
Public Service Enterprise Group, Inc.		3,500		175,840
Suez		18,980		275,019
WEC Energy Group, Inc.		1,887		118,315
				1,358,821
Water Utilities - 0.2%
Beijing Enterprises Water Group Ltd.		442,000		248,688
Cia de Saneamento Basico do Estado de Sao Paulo		21,700		230,051
				478,739
				3,905,371
Banks - 0.1%
Diversified Banks - 0.0%
Unicaja Banco SA (a)(b)		97,650		168,295
Thrifts & Mortgage Finance - 0.1%
Aareal Bank AG		4,450		212,292
				380,587
Transportation - 0.1%
Airport Services - 0.1%
Sydney Airport		53,460		277,178
Highways & Railtracks - 0.0%
Transurban Group		8,383		73,926
				351,104
Capital Goods - 0.1%
Construction & Engineering - 0.1%
Shimizu Corp.		16,000		142,732

Company	Shares		U.S. $ Value
Industrial Conglomerates - 0.0%
Hopewell Holdings Ltd.		26,500	$	102,074
				244,806
Health Care Equipment & Services - 0.1%
Health Care Facilities - 0.1%
Chartwell Retirement Residences		16,390		199,095
Consumer Durables & Apparel - 0.0%
Homebuilding - 0.0%
Construtora Tenda SA (a)		2,700		21,550
MRV Engenharia e Participacoes SA		14,900		73,339
				94,889
Total Common Stocks (cost $143,453,765)				181,821,958
	Principal Amount (000)
CORPORATES - INVESTMENT GRADE - 9.2%
Financial Institutions - 5.1%
Banking - 4.5%
Banco Santander SA
3.50%, 4/11/22	U.S.$	200		199,146
Bank of America Corp.
2.881%, 4/24/23		265		259,318
3.824%, 1/20/28		270		267,330
Series G
3.593%, 7/21/28		210		203,862
Bank of Nova Scotia (The)
2.50%, 1/08/21		51		50,251
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
2.30%, 3/05/20 (b)		200		196,934
Banque Federative du Credit Mutuel SA
2.75%, 10/15/20 (b)		200		197,484
Barclays PLC
3.65%, 3/16/25		270		260,474
BB&T Corp.
2.625%, 6/29/20		86		85,280
BNP Paribas SA
2.375%, 5/21/20		200		197,436
3.80%, 1/10/24 (b)		215		214,624
Capital One Financial Corp.
3.30%, 10/30/24		265		255,540
Citigroup, Inc.
3.668%, 7/24/28		370		361,179
3.875%, 3/26/25		235		232,189
Commonwealth Bank of Australia
2.25%, 3/10/20 (b)		205		202,130
Commonwealth Bank of Australia/New York NY
Series G
2.30%, 3/12/20		250		246,555
Compass Bank
2.875%, 6/29/22		265		257,201
5.50%, 4/01/20		314		326,051

	Principal Amount (000)		U.S. $ Value
Cooperatieve Rabobank UA
4.375%, 8/04/25	U.S.$	320	$	323,101
Cooperatieve Rabobank UA/NY
2.25%, 1/14/20		250		246,818
Credit Agricole SA/London
2.75%, 6/10/20 (b)		250		247,995
3.375%, 1/10/22 (b)		260		258,209
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		385		385,962
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		208		200,724
3.75%, 5/22/25		186		183,934
5.75%, 1/24/22		335		362,306
Series D
6.00%, 6/15/20		217		229,898
HSBC Bank USA, NA
4.875%, 8/24/20		250		258,852
HSBC Holdings PLC
4.041%, 3/13/28		585		583,075
JPMorgan Chase & Co.
3.22%, 3/01/25		265		258,089
3.54%, 5/01/28		485		474,034
KeyBank NA/Cleveland OH
2.25%, 3/16/20		250		246,603
Lloyds Banking Group PLC
4.375%, 3/22/28		200		201,988
Manufacturers & Traders Trust Co.
2.625%, 1/25/21		250		246,400
Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/01/26		272		272,400
Morgan Stanley
3.591%, 7/22/28		445		430,791
5.625%, 9/23/19		168		174,339
Series G
5.50%, 7/24/20		189		198,539
National Australia Bank Ltd./New York
Series G
2.625%, 7/23/20		250		247,783
Nationwide Building Society
4.00%, 9/14/26 (b)		290		279,087
PNC Bank NA
2.60%, 7/21/20		250		247,868
3.80%, 7/25/23		685		693,330
Santander Holdings USA, Inc.
4.40%, 7/13/27		265		262,424
Santander Issuances SAU
3.25%, 4/04/26 (b)	EUR	200		268,076
Santander UK Group Holdings PLC
2.875%, 8/05/21	U.S.$	226		221,656
Santander UK PLC
5.00%, 11/07/23 (b)		200		207,374
UBS Group Funding Switzerland AG
4.125%, 9/24/25 (b)		305		306,979
US Bancorp
Series J
5.30%, 4/15/27 (d)		116		118,464
Wells Fargo & Co.
3.069%, 1/24/23		212		208,491
				12,858,573

	Principal Amount (000)		U.S. $ Value
Finance - 0.1%
Synchrony Financial
3.95%, 12/01/27	U.S.$	265	$	250,589
Insurance - 0.3%
American International Group, Inc.
Series A-9
5.75%, 4/01/48		115		116,535
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		38		39,821
MetLife, Inc.
10.75%, 8/01/39		70		110,532
New York Life Global Funding
1.95%, 2/11/20 (b)		256		251,781
XLIT Ltd.
3.25%, 6/29/47	EUR	165		204,287
6.375%, 11/15/24	U.S.$	157		180,826
				903,782
REITS - 0.2%
American Tower Corp.
3.40%, 2/15/19		70		70,302
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		10		9,877
Trust F/1401
5.25%, 1/30/26 (b)		200		202,250
Welltower, Inc.
4.00%, 6/01/25		238		237,805
				520,234
				14,533,178
Industrial - 3.9%
Basic - 0.5%
Anglo American Capital PLC
3.75%, 4/10/22 (b)		200		199,734
Dow Chemical Co. (The)
4.125%, 11/15/21		165		169,787
Eastman Chemical Co.
3.80%, 3/15/25		84		84,918
Glencore Funding LLC
4.125%, 5/30/23 (b)		126		126,620
Minsur SA
6.25%, 2/07/24 (b)		168		180,390
Mosaic Co. (The)
5.625%, 11/15/43		75		78,793
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (b)		237		236,111
Vale Overseas Ltd.
6.875%, 11/21/36		145		170,549
Yamana Gold, Inc.
4.95%, 7/15/24		142		146,470
				1,393,372

	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.1%
Embraer Netherlands Finance BV
5.40%, 2/01/27	U.S.$	160	$	169,056
General Electric Co.
Series D
5.00%, 1/21/21 (d)		68		67,316
				236,372
Communications - Media - 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		165		168,288
Comcast Corp.
5.15%, 3/01/20		451		469,816
Cox Communications, Inc.
2.95%, 6/30/23 (b)		91		87,795
Time Warner Cable LLC
4.125%, 2/15/21		165		166,866
4.50%, 9/15/42		85		74,520
Time Warner, Inc.
4.875%, 3/15/20		105		108,548
				1,075,833
Communications - Telecommunications - 0.5%
AT&T, Inc.
3.40%, 5/15/25		575		554,358
4.125%, 2/17/26		345		347,142
5.15%, 2/14/50		105		105,945
Crown Castle Towers LLC
4.883%, 8/15/20 (b)		78		80,759
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		37,243
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 3/20/25 (b)	U.S.$	200		200,804
				1,326,251
Consumer Cyclical - Automotive - 0.4%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		915		976,095
General Motors Co.
3.50%, 10/02/18		130		130,581
General Motors Financial Co., Inc.
4.00%, 1/15/25		41		40,522
4.30%, 7/13/25		50		50,043
				1,197,241
Consumer Non-Cyclical - 0.6%
Bayer US Finance LLC
2.375%, 10/08/19 (b)		200		198,168

	Principal Amount (000)		U.S. $ Value
Becton Dickinson and Co.
3.734%, 12/15/24	U.S.$	66	$	64,866
Biogen, Inc.
4.05%, 9/15/25		251		256,833
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		155		164,667
CVS Health Corp.
4.10%, 3/25/25		120		120,991
4.30%, 3/25/28		120		120,650
Danone SA
1.691%, 10/30/19 (b)(e)		200		196,436
Reynolds American, Inc.
6.875%, 5/01/20		95		101,974
Tyson Foods, Inc.
2.65%, 8/15/19		64		63,679
3.95%, 8/15/24		206		207,586
Zimmer Biomet Holdings, Inc.
2.70%, 4/01/20		102		100,935
Zoetis, Inc.
3.45%, 11/13/20		90		90,696
				1,687,481
Energy - 0.9%
Cenovus Energy, Inc.
3.00%, 8/15/22		17		16,379
5.70%, 10/15/19		59		61,024
Ecopetrol SA
5.875%, 5/28/45		94		92,797
Encana Corp.
3.90%, 11/15/21		140		141,841
Enterprise Products Operating LLC
3.70%, 2/15/26		278		275,640
5.20%, 9/01/20		185		193,584
Hess Corp.
4.30%, 4/01/27		199		194,743
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		302		301,248
Kinder Morgan, Inc./DE
5.00%, 2/15/21 (b)		250		259,827
Marathon Petroleum Corp.
5.125%, 3/01/21		163		172,042
Noble Energy, Inc.
3.90%, 11/15/24		170		171,171
4.15%, 12/15/21		78		79,794
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		232		220,674
Sabine Pass Liquefaction LLC
5.00%, 3/15/27		146		151,609
TransCanada PipeLines Ltd.
9.875%, 1/01/21		215		252,410
Williams Partners LP
4.125%, 11/15/20		155		157,530
				2,742,313

	Principal Amount (000)		U.S. $ Value
Services - 0.1%
Expedia Group, Inc.
3.80%, 2/15/28	U.S.$	185	$	171,924
S&P Global, Inc.
4.40%, 2/15/26		226		237,235
Total System Services, Inc.
3.75%, 6/01/23		45		44,955
				454,114
Technology - 0.3%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		73,966
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24		53		52,147
3.875%, 1/15/27		117		113,860
Dell International LLC/EMC Corp.
6.02%, 6/15/26 (b)		50		53,818
Hewlett Packard Enterprise Co.
2.10%, 10/04/19 (b)		183		180,526
KLA-Tencor Corp.
4.65%, 11/01/24		225		234,785
Lam Research Corp.
2.80%, 6/15/21		71		70,181
Motorola Solutions, Inc.
7.50%, 5/15/25		6		7,140
Seagate HDD Cayman
4.75%, 1/01/25		127		123,724
VMware, Inc.
2.95%, 8/21/22		85		81,736
				991,883
Transportation - Services - 0.1%
Adani Ports & Special Economic Zone Ltd.
3.95%, 1/19/22 (b)		200		199,500
				11,304,360
Utility - 0.2%
Electric - 0.2%
Exelon Generation Co. LLC
2.95%, 1/15/20		153		152,529
Israel Electric Corp., Ltd.
Series 6
5.00%, 11/12/24 (b)		320		333,200
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		45,246
				530,975
Total Corporates - Investment Grade (cost $26,293,773)				26,368,513
MORTGAGE PASS-THROUGHS - 8.0%
Agency Fixed Rate 30-Year - 7.2%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		169		185,068
Series 2007

	Principal Amount (000)		U.S. $ Value
5.50%, 7/01/35	U.S.$	17	$	18,965
Series 2016
4.00%, 2/01/46		472		488,486
Series 2017
4.00%, 7/01/44		362		374,830
Federal National Mortgage Association
Series 2004
5.50%, 2/01/34-11/01/34		62		67,806
Series 2007
5.50%, 1/01/37-8/01/37		235		257,129
Series 2008
5.50%, 8/01/37		107		117,019
Series 2009
5.00%, 12/01/39		91		98,622
Series 2010
4.00%, 12/01/40		216		224,079
Series 2013
4.00%, 10/01/43		942		974,736
Series 2015
3.00%, 5/01/45		1,173		1,148,249
Series 2017
3.50%, 3/01/47-1/01/48		6,875		6,898,136
Series 2018
3.50%, 2/01/48-3/01/48		1,413		1,417,059
4.00%, 4/01/48, TBA		3,918		4,020,235
4.50%, 4/01/48, TBA		3,859		4,040,493
Government National Mortgage Association
Series 2016
3.00%, 12/20/46		460		454,104
				20,785,016
Agency Fixed Rate 15-Year - 0.8%
Federal National Mortgage Association
Series 2016
2.50%, 11/01/31-12/01/31		751		736,906
Series 2017
2.50%, 1/01/32		1,482		1,454,248
				2,191,154
Total Mortgage Pass-Throughs (cost $23,036,992)				22,976,170
GOVERNMENTS - TREASURIES - 4.2%
Singapore - 0.2%
Singapore Government Bond
2.75%, 3/01/46	SGD	717		544,161
United States - 4.0%
U.S. Treasury Bonds
2.75%, 8/15/42-11/15/47	U.S.$	388		373,791
3.00%, 5/15/45		478		481,062
3.125%, 2/15/43-8/15/44		575		592,461
3.375%, 5/15/44		234		251,589
4.375%, 2/15/38		822		1,011,809
7.50%, 11/15/24		252		326,104

	Principal Amount (000)		U.S. $ Value
U.S. Treasury Notes
1.125%, 2/28/19	U.S.$	2,120	$	2,101,450
1.25%, 5/31/19		1,070		1,058,631
1.75%, 11/30/21		1,335		1,300,791
1.875%, 7/31/22		1,342		1,305,934
2.00%, 8/15/25		945		900,555
2.125%, 12/31/22		675		662,027
2.375%, 8/15/24		1,081		1,063,151
				11,429,355
Total Governments - Treasuries (cost $12,133,381)				11,973,516
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.0%
Non-Agency Fixed Rate CMBS - 2.4%
BHMS Commercial Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (b)		335		330,695
CCUBS Commercial Mortgage Trust
Series 2017-C1, Class A4
3.544%, 11/15/50		310		307,518
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4
3.283%, 5/10/58		115		112,293
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (b)		495		496,169
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5
3.137%, 2/10/48		246		242,017
Series 2015-GC35, Class A4
3.818%, 11/10/48		100		102,044
Series 2016-GC36, Class A5
3.616%, 2/10/49		125		125,722
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (b)		138		133,068
Series 2015-CR24, Class A5
3.696%, 8/10/48		135		137,081
Series 2015-DC1, Class A5
3.35%, 2/10/48		170		168,485
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4
3.504%, 6/15/57		155		154,760
Series 2015-C3, Class A4
3.718%, 8/15/48		315		318,143
Series 2015-C4, Class A4
3.808%, 11/15/48		370		379,499
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (b)		427		425,972
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (b)		276		267,886
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41 (b)		63		62,648

	Principal Amount (000)		U.S. $ Value
Series 2006-LDP9, Class AM
5.372%, 5/15/47 (e)	U.S.$	67	$	66,935
Series 2012-C6, Class E
5.137%, 5/15/45 (b)(e)		119		105,151
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class A5
3.822%, 7/15/48		125		127,864
Series 2015-C31, Class A3
3.801%, 8/15/48		355		361,693
Series 2015-C32, Class C
4.668%, 11/15/48 (e)		195		193,499
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (e)		75		59,248
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (b)		14		14,408
Series 2015-3, Class A2
2.729%, 4/20/48 (b)		195		193,455
Series 2016-4, Class A2
2.579%, 3/10/49 (b)		161		155,728
Morgan Stanley Capital I Trust
Series 2005-IQ9, Class D
5.00%, 7/15/56 (e)		112		111,039
Series 2016-UB12, Class A4
3.596%, 12/15/49		195		195,947
UBS Commercial Mortgage Trust
Series 2018-C8, Class A4
3.983%, 2/15/51		195		200,886
Series 2018-C9, Class A4
4.117%, 3/15/51 (e)		300		310,501
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5
2.85%, 12/10/45		168		165,650
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class C
4.47%, 9/15/48 (e)		197		190,938
Series 2016-NXS6, Class C
4.311%, 11/15/49 (e)		180		178,667
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		260		261,062
Series 2014-C20, Class A2
3.036%, 5/15/47		206		206,602
				6,863,273
Non-Agency Floating Rate CMBS - 0.6%
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF
2.777% (LIBOR 1 Month + 1.00%), 11/15/33 (b)(e)(f)		375		375,846
BX Trust
Series 2017-IMC, Class A
2.827% (LIBOR 1 Month + 1.05%), 10/15/32 (b)(f)		165		165,103

	Principal Amount (000)		U.S. $ Value
Credit Suisse Mortgage Trust
Series 2016-MFF, Class D
6.377% (LIBOR 1 Month + 4.60%), 11/15/33 (b)(e)(f)		U.S.$        110	$	110,815
Great Wolf Trust
Series 2017-WOLF, Class A
2.777% (LIBOR 1 Month + 0.85%), 9/15/34 (b)(f)		189		189,259
H/2 Asset Funding NRE
Series 2015-1A, Class AFL
3.522% (LIBOR 1 Month + 1.65%), 6/24/49 (e)(f)(g)		94		93,845
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-SGP, Class A
3.477% (LIBOR 1 Month + 1.70%), 7/15/36 (b)(f)		262		261,122
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class AFSA
3.61% (LIBOR 1 Month + 1.87%), 8/15/26 (b)(f)		105		105,199
Series 2015-XLF2, Class SNMA
3.69% (LIBOR 1 Month + 1.95%), 11/15/26 (b)(f)		96		95,655
RETL
Series 2018-RVP, Class A
2.877% (LIBOR 1 Month + 1.10%), 3/15/33 (b)(f)		115		115,540
Starwood Retail Property Trust
Series 2014-STAR, Class A
2.997% (LIBOR 1 Month + 1.22%), 11/15/27 (b)(f)		350		349,840
				1,862,224
Total Commercial Mortgage-Backed Securities (cost $8,888,668)				8,725,497
ASSET-BACKED SECURITIES - 3.0%
Autos - Fixed Rate - 1.7%
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		454		453,545
Americredit Automobile Receivables Trust
Series 2016-4, Class A2A
1.34%, 4/08/20		58		58,095
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A2A
1.69%, 12/18/20		117		116,833
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		33		33,096
Chrysler Capital Auto Receivables Trust
Series 2015-BA, Class A3
1.91%, 3/16/20 (b)		31		30,804

	Principal Amount (000)		U.S. $ Value
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (b)	U.S.$	30	$	29,421
Series 2017-D, Class A
1.87%, 3/15/21 (b)		242		241,000
CPS Auto Trust
Series 2017-A, Class A
1.68%, 8/17/20 (b)		55		55,305
Drive Auto Receivables Trust
Series 2017-AA, Class A3
1.77%, 1/15/20 (b)		11		10,638
DT Auto Owner Trust
Series 2017-3A, Class A
1.73%, 8/17/20 (b)		65		64,359
Series 2018-1A, Class A
2.59%, 5/17/21 (b)		252		251,852
Exeter Automobile Receivables Trust
Series 2016-1A, Class D
8.20%, 2/15/23 (b)		140		148,623
Series 2016-3A, Class A
1.84%, 11/16/20 (b)		30		29,413
Series 2017-2A, Class A
2.11%, 6/15/21 (b)		84		83,370
Series 2018-1A, Class A
2.21%, 5/17/21 (b)		274		273,659
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		183		183,105
First Investors Auto Owner Trust
Series 2016-2A, Class A1
1.53%, 11/16/20 (b)		50		50,107
Flagship Credit Auto Trust
Series 2016-3, Class A1
1.61%, 12/15/19 (b)		13		13,301
Series 2016-4, Class A2
1.96%, 2/16/21 (b)		110		109,589
Series 2016-4, Class D
3.89%, 11/15/22 (b)		100		100,408
Series 2017-2, Class A
1.85%, 7/15/21 (b)		135		134,134
Series 2017-3, Class A
1.88%, 10/15/21 (b)		133		131,749
Series 2017-4, Class A
2.07%, 4/15/22 (b)		107		106,630
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		322		317,985
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (b)		221		221,064
Series 2016-1, Class A1
1.96%, 5/17/21 (b)		280		277,699
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		38		37,744

	Principal Amount (000)		U.S. $ Value
Hertz Vehicle Financing II LP
Series 2015-1A, Class A
2.73%, 3/25/21 (b)		U.S.$        215	$	213,332
Series 2015-2A, Class A
2.02%, 9/25/19 (b)		180		179,312
Series 2015-3A, Class A
2.67%, 9/25/21 (b)		265		261,326
Series 2016-1A, Class A
2.32%, 3/25/20 (b)		145		144,226
Hertz Vehicle Financing LLC
Series 2013-1A, Class B2
2.48%, 8/25/19 (b)		160		159,473
Santander Drive Auto Receivables Trust
Series 2017-3, Class A2
1.67%, 6/15/20		104		103,396
Westlake Automobile Receivables Trust
Series 2016-2A, Class A2
1.57%, 6/17/19 (b)		8		7,835
Series 2018-1A, Class A1
1.75%, 2/15/19 (b)		155		155,025
				4,787,453
Other ABS - Fixed Rate - 0.7%
CLUB Credit Trust
Series 2017-P1, Class A
2.42%, 9/15/23 (b)(e)		216		215,822
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		118		117,589
Series 2015-A, Class A4
1.85%, 4/15/21		227		225,400
Marlette Funding Trust
Series 2016-1A, Class A
3.06%, 1/17/23 (b)(e)		13		13,064
Series 2017-1A, Class A
2.827%, 3/15/24 (b)(e)		57		56,845
Series 2017-2A, Class A
2.39%, 7/15/24 (b)(e)		79		79,246
Series 2017-3A, Class A
2.36%, 12/15/24 (b)(e)		125		124,755
Series 2017-3A, Class B
3.01%, 12/15/24 (b)(e)		100		99,118
Prosper Marketplace Issuance Trust
Series 2017-2A, Class B
3.48%, 9/15/23 (b)(e)		100		99,703
SBA Tower Trust
3.156%, 10/08/20 (b)(e)		251		246,776
SoFi Consumer Loan Program LLC
Series 2016-2, Class A
3.09%, 10/27/25 (b)(e)		58		58,199
Series 2016-3, Class A
3.05%, 12/26/25 (b)(e)		84		83,878
Series 2017-2, Class A
3.28%, 2/25/26 (b)(e)		100		100,669

	Principal Amount (000)		U.S. $ Value
Series 2017-3, Class A
2.77%, 5/25/26 (b)(e)	U.S.$	106	$	105,726
Series 2017-5, Class A2
2.78%, 9/25/26 (b)(e)		180		177,282
Series 2017-6, Class A2
2.82%, 11/25/26 (b)(e)		105		103,840
SoFi Consumer Loan Program Trust
Series 2018-1, Class A1
2.55%, 2/25/27 (b)(e)		258		256,681
				2,164,593
Credit Cards - Fixed Rate - 0.4%
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		326		324,744
Series 2015-2, Class A
1.56%, 3/15/21		214		213,827
World Financial Network Credit Card Master Trust
Series 2017-B, Class A
1.98%, 6/15/23		205		202,891
Series 2018-A, Class A
3.07%, 12/16/24		305		304,749
				1,046,211
Autos - Floating Rate - 0.1%
BMW Floorplan Master Owner Trust
Series 2015-1A, Class A
2.277% (LIBOR 1 Month + 0.50%), 7/15/20 (b)(f)		378		378,408
Credit Cards - Floating Rate - 0.1%
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
2.257% (LIBOR 1 Month + 0.48%), 2/15/22 (f)		256		256,037
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (e)		49		49,132
Total Asset-Backed Securities (cost $8,698,039)				8,681,834
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.3%
Risk Share Floating Rate - 1.4%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
8.372% (LIBOR 1 Month + 6.50%), 4/25/26 (f)(g)		95		96,422

	Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
6.122% (LIBOR 1 Month + 4.25%), 11/25/23 (f)	U.S.$	248	$	276,172
Series 2014-DN3, Class M3
5.872% (LIBOR 1 Month + 4.00%), 8/25/24 (f)		294		320,574
Series 2014-DN4, Class M3
6.422% (LIBOR 1 Month + 4.55%), 10/25/24 (f)		211		235,401
Series 2014-HQ3, Class M3
6.622% (LIBOR 1 Month + 4.75%), 10/25/24 (f)		243		269,996
Series 2016-DNA1, Class M3
7.422% (LIBOR 1 Month + 5.55%), 7/25/28 (f)		250		303,452
Series 2018-HQA1, Class M2
4.154% (LIBOR 1 Month + 2.30%), 9/25/30 (f)		31		30,912
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M2
4.872% (LIBOR 1 Month + 3.00%), 7/25/24 (f)		91		97,478
Series 2014-C04, Class 2M2
6.872% (LIBOR 1 Month + 5.00%), 11/25/24 (f)		56		63,333
Series 2015-C01, Class 1M2
6.172% (LIBOR 1 Month + 4.30%), 2/25/25 (f)		113		123,796
Series 2015-C01, Class 2M2
6.422% (LIBOR 1 Month + 4.55%), 2/25/25 (f)		102		110,555
Series 2015-C02, Class 1M2
5.872% (LIBOR 1 Month + 4.00%), 5/25/25 (f)		150		165,047
Series 2015-C02, Class 2M2
5.872% (LIBOR 1 Month + 4.00%), 5/25/25 (f)		135		145,509
Series 2015-C03, Class 1M2
6.872% (LIBOR 1 Month + 5.00%), 7/25/25 (f)		74		83,819
Series 2015-C03, Class 2M2
6.872% (LIBOR 1 Month + 5.00%), 7/25/25 (f)		203		227,164
Series 2015-C04, Class 1M2
7.572% (LIBOR 1 Month + 5.70%), 4/25/28 (f)		67		77,434
Series 2015-C04, Class 2M2
7.422% (LIBOR 1 Month + 5.55%), 4/25/28 (f)		102		115,359
Series 2016-C01, Class 1M2
8.622% (LIBOR 1 Month + 6.75%), 8/25/28 (f)		204		246,588

	Principal Amount (000)		U.S. $ Value
Series 2016-C01, Class 2M2
8.822% (LIBOR 1 Month + 6.95%), 8/25/28 (f)	U.S.$	159	$	190,658
Series 2016-C03, Class 2M2
7.772% (LIBOR 1 Month + 5.90%), 10/25/28 (f)		300		351,900
Series 2016-C05, Class 2M2
6.322% (LIBOR 1 Month + 4.45%), 1/25/29 (f)		200		223,153
Series 2018-C01, Class 1M2
4.122% (LIBOR 1 Month + 2.25%), 7/25/30 (f)		210		212,706
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
6.122% (LIBOR 1 Month + 4.25%), 11/25/24 (f)(g)		31		33,538
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
7.122% (LIBOR 1 Month + 5.25%), 11/25/25 (f)(g)		143		161,242
Series 2015-WF1, Class 2M2
7.372% (LIBOR 1 Month + 5.50%), 11/25/25 (f)(g)		40		47,462
				4,209,670
Agency Floating Rate - 0.5%
Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS
4.323% (6.10% - LIBOR 1 Month), 12/15/44 (f)(h)		738		124,472
Series 4693, Class SL
4.373% (6.15% - LIBOR 1 Month), 6/15/47 (f)(h)		653		123,877
Series 4719, Class JS
4.373% (6.15% - LIBOR 1 Month), 9/15/47 (f)(h)		568		95,835
Series 4727, Class SA
4.423% (6.20% - LIBOR 1 Month), 11/15/47 (f)(h)		730		137,208
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
4.669% (6.54% - LIBOR 1 Month), 12/25/41 (f)(h)		343		64,804
Series 2012-70, Class SA
4.679% (6.55% - LIBOR 1 Month), 7/25/42 (f)(h)		622		122,428
Series 2016-106, Class ES
4.129% (6.00% - LIBOR 1 Month), 1/25/47 (f)(h)		694		121,281
Series 2017-16, Class SG
4.179% (6.05% - LIBOR 1 Month), 3/25/47 (f)(h)		666		121,395

	Principal Amount (000)		U.S. $ Value
Series 2017-81, Class SA
4.329% (6.20% - LIBOR 1 Month), 10/25/47 (f)(h)	U.S.$	668	$	126,319
Series 2017-97, Class LS
4.329% (6.20% - LIBOR 1 Month), 12/25/47 (f)(h)		526		100,808
Government National Mortgage Association
Series 2017-134, Class SE
4.378% (6.20% - LIBOR 1 Month), 9/20/47 (f)(h)		485		84,732
Series 2017-65, Class ST
4.328% (6.15% - LIBOR 1 Month), 4/20/47 (f)(h)		650		115,901
				1,339,060
Non-Agency Fixed Rate - 0.3%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		30		29,004
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		65		58,110
Series 2006-24CB, Class A16
5.75%, 6/25/36		126		109,324
Series 2006-28CB, Class A14
6.25%, 10/25/36		87		73,203
Series 2006-J1, Class 1A13
5.50%, 2/25/36		71		64,598
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		42		37,415
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
3.414%, 5/25/35		13		13,219
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		65		56,042
Series 2006-13, Class 1A19
6.25%, 9/25/36		37		31,283
Credit Suisse Mortgage Trust
Series 2010-6R, Class 3A2
5.875%, 1/26/38 (b)		130		106,216
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		124		104,296
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		57		49,882
RBSSP Resecuritization Trust
Series 2009-7, Class 10A3
6.00%, 8/26/37 (b)		198		174,244

	Principal Amount (000)		U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37	U.S.$	32	$	31,988
				938,824
Non-Agency Floating Rate - 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
2.062% (LIBOR 1 Month + 0.19%), 12/25/36 (f)		292		180,238
HomeBanc Mortgage Trust
Series 2005-1, Class A1
2.122% (LIBOR 1 Month + 0.25%), 3/25/35 (f)		103		91,039
				271,277
Total Collateralized Mortgage Obligations (cost $6,440,291)				6,758,831
INFLATION-LINKED SECURITIES - 1.7%
Japan - 0.4%
Japanese Government CPI Linked Bond
Series 22
0.10%, 3/10/27	JPY	111,260		1,112,174
United States - 1.3%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)	U.S.$	2,278		2,275,078
0.375%, 7/15/25 (TIPS)		1,641		1,619,970
				3,895,048
Total Inflation-Linked Securities (cost $4,993,801)				5,007,222
CORPORATES - NON-INVESTMENT GRADE - 1.4%
Industrial - 0.8%
Basic - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (b)		125		125,716
SPCM SA
4.875%, 9/15/25 (b)		200		194,356
				320,072
Communications - Media - 0.1%
Altice France SA/France
5.375%, 5/15/22 (b)	EUR	195		244,437
CSC Holdings LLC
6.75%, 11/15/21	U.S.$	45		46,938
				291,375

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications - 0.2%
CenturyLink, Inc.
Series Y
7.50%, 4/01/24	U.S.$	25	$	25,184
Sprint Capital Corp.
6.90%, 5/01/19		370		382,199
				407,383
Consumer Cyclical - Other - 0.1%
International Game Technology PLC
6.25%, 2/15/22 (b)		200		209,490
KB Home
4.75%, 5/15/19		107		108,011
				317,501
Consumer Non-Cyclical - 0.0%
Valeant Pharmaceuticals International, Inc.
6.125%, 4/15/25 (b)		135		116,008
Energy - 0.2%
Antero Resources Corp.
5.125%, 12/01/22		29		29,266
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		111		79,254
Nabors Industries, Inc.
5.50%, 1/15/23		212		206,785
PDC Energy, Inc.
5.75%, 5/15/26 (b)		137		134,945
SM Energy Co.
6.50%, 1/01/23		14		13,941
Sunoco LP/Sunoco Finance Corp.
4.875%, 1/15/23 (b)		132		127,616
				591,807
Technology - 0.1%
Western Digital Corp.
4.75%, 2/15/26		167		166,817
Transportation - Services - 0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.25%, 3/15/25 (b)		94		89,870
				2,300,833
Financial Institutions - 0.6%
Banking - 0.5%
Banco Bilbao Vizcaya Argentaria SA
6.125%, 11/16/27 (d)		200		194,360
Barclays Bank PLC
6.86%, 6/15/32 (b)(d)		44		51,670
CIT Group, Inc.
5.25%, 3/07/25		106		108,384
Citigroup, Inc.
5.95%, 1/30/23 (d)		90		92,468

	Principal Amount (000)		U.S. $ Value
Goldman Sachs Group, Inc. (The)
Series P
5.00%, 11/10/22 (d)	U.S.$	142	$	137,790
Intesa Sanpaolo SpA
Series E
3.928%, 9/15/26 (b)	EUR	190		251,663
Royal Bank of Scotland Group PLC
2.001% (EURIBOR 3 Month + 2.33%), 6/30/18 (b)(d)(f)		100		122,276
8.625%, 8/15/21 (d)	U.S.$	200		218,388
Series U
4.622% (LIBOR 3 Month + 2.32%), 9/30/27 (d)(f)		200		202,306
Standard Chartered PLC
3.277% (LIBOR 3 Month + 1.51%), 1/30/27 (b)(d)(f)		200		189,424
				1,568,729
Finance - 0.1%
Navient Corp.
6.625%, 7/26/21		170		176,625
				1,745,354
Utility - 0.0%
Electric - 0.0%
AES Corp./VA
4.00%, 3/15/21		99		99,453
Total Corporates - Non-Investment Grade (cost $4,168,109)				4,145,640
EMERGING MARKETS - CORPORATE BONDS - 0.4%
Industrial - 0.3%
Capital Goods - 0.0%
Odebrecht Finance Ltd.
5.25%, 6/27/29 (b)		217		67,270
Consumer Non-Cyclical - 0.1%
Minerva Luxembourg SA
6.50%, 9/20/26 (b)		200		191,000
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		183		146,628
				337,628
Energy - 0.1%
Petrobras Global Finance BV
5.75%, 2/01/29		158		152,868
6.125%, 1/17/22		5		5,329
6.25%, 3/17/24		124		130,882
				289,079

	Principal Amount (000)		U.S. $ Value
Transportation - Services - 0.1%
Rumo Luxembourg SARL
5.875%, 1/18/25 (b)	U.S.$	200	$	197,588
				891,565
Utility - 0.1%
Electric - 0.1%
Genneia SA
8.75%, 1/20/22 (b)		76		81,673
Terraform Global Operating LLC
6.125%, 3/01/26 (b)		42		42,307
				123,980
Total Emerging Markets - Corporate Bonds (cost $1,201,190)				1,015,545
EMERGING MARKETS - TREASURIES - 0.3%
Brazil - 0.3%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/27 (cost $654,612)	BRL	2,590		806,181
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 0.2%
California - 0.2%
State of California
Series 2010
7.625%, 3/01/40 (cost $350,282)	U.S.$	345		525,376
QUASI-SOVEREIGNS - 0.1%
Quasi-Sovereign Bonds - 0.1%
Chile - 0.1%
Corp. Nacional del Cobre de Chile
3.625%, 8/01/27 (b) (cost $260,587)		265		257,360
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Mexico - 0.1%
Mexico Government International Bond
3.60%, 1/30/25 (cost $196,243)		200		197,400
SHORT-TERM INVESTMENTS - 5.6%
Governments - Treasuries - 2.8%
Japan - 2.8%
Japan Treasury Discount Bill
Series 729
Zero Coupon, 4/05/18	JPY	545,400		5,125,778
Series 743
Zero Coupon, 9/10/18		311,650		2,930,905
Total Governments - Treasuries (cost $7,749,724)				8,056,683

	Principal Amount (000)		U.S. $ Value
Time Deposit - 2.1%
State Street Time Deposit
0.28%, 4/02/18 (cost $6,037,155)	U.S.$	6,037	$	6,037,155
U.S. Treasury Bills - 0.6%
U.S. Treasury Bill
Zero Coupon, 7/05/18 (cost $1,856,334)		1,864		1,856,334
Agency Discount Note - 0.1%
Federal Home Loan Bank Discount Notes
Zero Coupon, 4/25/18 (cost $304,720)		305		304,720
Total Short-Term Investments (cost $15,947,933)				16,254,892
Total Investments Before Security Lending Collateral for Securities Loaned - 102.6% (cost $256,717,666)				295,515,935
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
Investment Companies - 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (i)(j)(k) (cost $326,445)		326,445		326,445
Total Investments - 102.7% (cost $257,044,111) (l)				295,842,380	(m)
Other assets less liabilities - (2.7)%				(7,638,067	)
Net Assets - 100.0%			$	288,204,313

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at March 31, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		118		June 2018		USD	11,800	$	13,475,975	$	13,506,391	$	30,416
U.S. Ultra Bond (CBT) Futures		47		June 2018		USD	4,700		7,317,013		7,542,031		225,018
Sold Contracts
10 Yr Mini Japan Government Bond Futures		23		June 2018		JPY	230,000		3,259,505		3,259,405		100
Euro-BOBL Futures		46		June 2018		EUR	4,600		7,373,612		7,428,840		(55,228	)
U.S. T-Note 2 Yr (CBT) Futures		5		June 2018		USD	1,000		1,062,807		1,063,047		(240	)
U.S. T-Note 10 Yr (CBT) Futures		5		June 2018		USD	500		600,853		605,703		(4,850	)
												$	195,216

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	JPY	150,200	USD	1,377		4/26/18	$	(36,859	)
Bank of America, NA	KRW	450,062	USD	424		4/26/18		238
Bank of America, NA	USD	32	BRL	108		5/03/18		216
Bank of America, NA	NOK	4,156	USD	522		5/15/18		(8,349	)
Bank of America, NA	USD	617	JPY	65,664		5/15/18		1,569
Barclays Bank PLC	BRL	2,662	USD	801		4/03/18		(5,421	)
Barclays Bank PLC	USD	806	BRL	2,662		4/03/18		378
Barclays Bank PLC	BRL	2,662	USD	804		5/03/18		(692	)
BNP Paribas SA	HKD	6,359	USD	815		5/15/18		4,088
BNP Paribas SA	TWD	3,297	USD	114		6/07/18		(229	)
Citibank, NA	JPY	871,600	USD	8,215		4/16/18		17,343
Citibank, NA	JPY	116,644	USD	1,102		4/26/18		3,956
Citibank, NA	USD	599	JPY	63,412		5/15/18		(1,120	)
Citibank, NA	EUR	961	USD	1,193		5/30/18		5,315
Citibank, NA	TWD	9,644	USD	332		6/07/18		(1,170	)
Credit Suisse International	BRL	1,052	USD	324		4/03/18		5,478
Credit Suisse International	USD	317	BRL	1,052		4/03/18		2,142
Goldman Sachs Bank USA	BRL	81	USD	25		4/03/18		242
Goldman Sachs Bank USA	USD	24	BRL	81		4/03/18		165
JPMorgan Chase Bank, NA	USD	189	CNY	1,198		4/19/18		1,766
Morgan Stanley & Co., Inc.	SGD	691	USD	524		5/17/18		(3,820	)
Royal Bank of Scotland PLC	PEN	1,317	USD	403		4/19/18		(5,248	)
Royal Bank of Scotland PLC	USD	1,478	JPY	162,092		4/26/18		46,869
Royal Bank of Scotland PLC	EUR	427	USD	535		5/15/18		8,302
Royal Bank of Scotland PLC	USD	584	CHF	537		5/15/18		(20,442	)
Royal Bank of Scotland PLC	USD	852	EUR	683		5/15/18		(9,450	)
Standard Chartered Bank	BRL	2,662	USD	820		4/03/18		13,499
Standard Chartered Bank	BRL	1,133	USD	341		4/03/18		(2,307	)
Standard Chartered Bank	USD	801	BRL	2,662		4/03/18		5,421
Standard Chartered Bank	USD	344	BRL	1,133		4/03/18		(463	)
Standard Chartered Bank	CNY	15,062	USD	2,379		4/19/18		(21,551	)
Standard Chartered Bank	USD	35	CNY	222		4/19/18		433
Standard Chartered Bank	USD	28	KRW	30,135		4/26/18		510
Standard Chartered Bank	BRL	1,133	USD	343		5/03/18		337
Standard Chartered Bank	JPY	126,993	USD	1,176		5/15/18		(20,844	)
Standard Chartered Bank	USD	2,118	JPY	228,830		5/15/18		37,559
Standard Chartered Bank	INR	141,595	USD	2,156		5/17/18		(9,566	)
Standard Chartered Bank	PHP	9,662	USD	183		5/30/18		(1,080	)
State Street Bank & Trust Co.	GBP	42	USD	60		4/13/18		836
State Street Bank & Trust Co.	USD	129	RUB	7,360		4/17/18		(471	)
State Street Bank & Trust Co.	CNY	496	USD	78		4/19/18		(795	)
State Street Bank & Trust Co.	AUD	304	USD	241		5/15/18		7,533
State Street Bank & Trust Co.	CAD	687	USD	546		5/15/18		12,391
State Street Bank & Trust Co.	CHF	510	USD	540		5/15/18		5,064
State Street Bank & Trust Co.	EUR	580	USD	720		5/15/18		4,734
State Street Bank & Trust Co.	EUR	35	USD	43		5/15/18		(72	)
State Street Bank & Trust Co.	GBP	189	USD	268		5/15/18		2,069
State Street Bank & Trust Co.	GBP	27	USD	37		5/15/18		(602	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	HKD	567	USD	73		5/15/18	$	339
State Street Bank & Trust Co.	ILS	720	USD	211		5/15/18		5,305
State Street Bank & Trust Co.	ILS	378	USD	108		5/15/18		(471	)
State Street Bank & Trust Co.	JPY	50,623	USD	479		5/15/18		1,976
State Street Bank & Trust Co.	JPY	66,628	USD	608		5/15/18		(19,372	)
State Street Bank & Trust Co.	NOK	1,619	USD	208		5/15/18		1,143
State Street Bank & Trust Co.	PLN	446	USD	132		5/15/18		1,571
State Street Bank & Trust Co.	SEK	2,267	USD	283		5/15/18		10,404
State Street Bank & Trust Co.	TRY	388	USD	97		5/15/18		(52	)
State Street Bank & Trust Co.	USD	2,237	AUD	2,864		5/15/18		(37,144	)
State Street Bank & Trust Co.	USD	35	CAD	45		5/15/18		15
State Street Bank & Trust Co.	USD	42	CHF	41		5/15/18		655
State Street Bank & Trust Co.	USD	1,362	CHF	1,271		5/15/18		(27,982	)
State Street Bank & Trust Co.	USD	389	EUR	316		5/15/18		703
State Street Bank & Trust Co.	USD	1,160	EUR	930		5/15/18		(12,650	)
State Street Bank & Trust Co.	USD	2,841	GBP	2,052		5/15/18		43,126
State Street Bank & Trust Co.	USD	745	GBP	525		5/15/18		(7,513	)
State Street Bank & Trust Co.	USD	190	HKD	1,490		5/15/18		(88	)
State Street Bank & Trust Co.	USD	31	ILS	106		5/15/18		(207	)
State Street Bank & Trust Co.	USD	154	JPY	16,769		5/15/18		4,466
State Street Bank & Trust Co.	USD	378	JPY	39,720		5/15/18		(3,424	)
State Street Bank & Trust Co.	USD	102	NOK	813		5/15/18		1,762
State Street Bank & Trust Co.	USD	71	NOK	549		5/15/18		(1,002	)
State Street Bank & Trust Co.	USD	44	NZD	61		5/15/18		(24	)
State Street Bank & Trust Co.	USD	131	PLN	446		5/15/18		(431	)
State Street Bank & Trust Co.	USD	189	SEK	1,526		5/15/18		(5,636	)
State Street Bank & Trust Co.	AUD	59	USD	46		6/07/18		330
State Street Bank & Trust Co.	TWD	728	USD	25		6/07/18		(120	)
State Street Bank & Trust Co.	CAD	193	USD	150		6/19/18		393
State Street Bank & Trust Co.	EUR	402	USD	503		6/19/18		6,014
State Street Bank & Trust Co.	EUR	136	USD	167		6/19/18		(794	)
State Street Bank & Trust Co.	GBP	51	USD	72		6/19/18		183
State Street Bank & Trust Co.	JPY	27,201	USD	256		6/19/18		(693	)
State Street Bank & Trust Co.	MXN	4,675	USD	248		6/19/18		(5,741	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	NOK	1,856	USD	240		6/19/18	$	2,274
State Street Bank & Trust Co.	NZD	120	USD	87		6/19/18		731
State Street Bank & Trust Co.	USD	729	CHF	676		6/19/18		(17,041	)
State Street Bank & Trust Co.	USD	251	GBP	181		6/19/18		3,509
State Street Bank & Trust Co.	USD	258	JPY	27,201		6/19/18		(1,160	)
State Street Bank & Trust Co.	USD	321	SGD	422		6/19/18		1,199
State Street Bank & Trust Co.	USD	154	SGD	201		6/19/18		(213	)
							$	(17,758	)

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	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
USD	460		4/03/20	3 Month LIBOR	2.562%	Quarterly/Semi-Annual	$	(158	)	$	– 0	–	$	(158	)
SEK	9,070		3/31/22	3 Month STIBOR	0.341%	Quarterly/Annual		7,275			4			7,271
NZD	1,865		3/31/22	3 Month BKBM	2.936%	Quarterly/Semi-Annual		36,008			– 0	–		36,008
USD	430		6/09/25	2.488%	3 Month LIBOR	Semi-Annual/Quarterly		4,680			– 0	–		4,680
USD	1,560		11/10/25	2.256%	3 Month LIBOR	Semi-Annual/Quarterly		44,890			– 0	–		44,890
USD	142		6/28/26	1.460%	3 Month LIBOR	Semi-Annual/Quarterly		13,459			– 0	–		13,459
USD	295		11/08/26	1.657%	3 Month LIBOR	Semi-Annual/Quarterly		23,872			– 0	–		23,872
USD	185		4/26/27	2.287%	3 Month LIBOR	Semi-Annual/Quarterly		6,336			– 0	–		6,336
							$	136,362		$	4		$	136,358

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)%		Quarterly		0.71	%		USD	172	$	(9,222	)	$	(2,571	)	$	(6,651	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.71			USD	198		(10,616	)		(3,069	)		(7,547	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	17		6			216			(210	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	5		2			46			(44	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	620		241			7,829			(7,588	)
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	233		91			2,468			(2,377	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	207		80			2,818			(2,738	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	775		301			8,278			(7,977	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	51		20			488			(468	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	226		88			3,052			(2,964	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	69		(10,129	)		(11,014	)		885
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	70		(10,270	)		(10,847	)		577
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	11		(1,614	)		(1,842	)		228
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	55		(8,065	)		(7,765	)		(300	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		7.20	%	USD	60	$	(8,798	)	$	(8,274	)	$	(524	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	210		(30,793	)		(27,024	)		(3,769	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	75		(11,003	)		(11,569	)		566
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	35		(5,132	)		(4,436	)		(696	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	48		(7,039	)		(3,451	)		(3,588	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	165		(24,195	)		(11,099	)		(13,096	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	8		(1,173	)		(975	)		(198	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	48		(7,038	)		(6,289	)		(749	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	9		(1,320	)		(537	)		(783	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	52		(7,625	)		(6,182	)		(1,443	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	53		(7,772	)		(6,304	)		(1,468	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	79		(11,584	)		(8,850	)		(2,734	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	156		(22,874	)		(13,342	)		(9,532	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	232		(34,019	)		(16,907	)		(17,112	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	82		(12,038	)		(14,137	)		2,099

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		7.20	%		USD	58	$	(8,514	)	$	(9,857	)	$	1,343
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	75		(11,010	)		(11,988	)		978
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	5		(734	)		(790	)		56
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	4		(587	)		(373	)		(214	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	8		(1,173	)		(822	)		(351	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	8		(1,173	)		(759	)		(414	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	78		(11,437	)		(11,038	)		(399	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	15		(2,200	)		(1,684	)		(516	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	172		(25,221	)		(23,712	)		(1,509	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	53		(7,771	)		(5,871	)		(1,900	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	47		(6,892	)		(4,223	)		(2,669	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	64		(9,385	)		(4,412	)		(4,973	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	170		(24,928	)		(13,514	)		(11,414	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	230		(33,725	)		(19,039	)		(14,686	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	272		(39,885	)		(13,832	)		(26,053	)
												$	(426,125	)	$	(273,203	)	$	(152,922	)

* Termination date

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the aggregate market value of these securities amounted to $19,475,777 or 6.8% of net assets.

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

(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/ceiling rate was in effect at March 31, 2018.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.15% of net assets as of March 31, 2018, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd. Series 2016-1A, Class M2B
8.372%, 4/25/26		4/29/16	$	94,666	$	96,422		0.03	%
H/2 Asset Funding NRE Series 2015-1A, Class AFL
3.522%, 6/24/49		6/19/15		93,845		93,845		0.03	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2
6.122%, 11/25/24		11/06/15		30,484		33,538		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
7.122%, 11/25/25		9/28/15		143,230		161,242		0.06	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
7.372%, 11/25/25		9/28/15		40,320		47,462		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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $45,306,198 and gross unrealized depreciation of investments was $(6,347,035), resulting in net unrealized appreciation of $38,959,163.

(m) On March 30, 2018, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

Currency Abbreviations:
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
INR	-	Indian Rupee
JPY	-	Japanese Yen

KRW	-	South Korean Won
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PEN	-	Peruvian Sol
PHP	-	Philippine Peso
PLN	-	Polish Zloty
RUB	-	Russian Ruble
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
TRY	-	Turkish Lira
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
Glossary:
ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
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
EURIBOR	-	Euro Interbank Offered Rate
LIBOR	-	London Interbank Offered Rates
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits
STIBOR	-	Stockholm Interbank Offered Rate
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

COUNTRY BREAKDOWN ¹

March 31, 2018 (unaudited)

67.5%	United States
5.2%	Japan
3.5%	United Kingdom
2.4%	France
1.7%	Germany
1.5%	Hong Kong
1.2%	Australia
1.2%	Canada
1.1%	Switzerland
0.9%	China
0.9%	India
0.8%	Brazil
6.6%	Other
5.5%	Short-Term
100.0%	Total Investments

1 All data are as of March 31, 2018. 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 0.7% or less in the following countries: Argentina, Austria, Belgium, Bermuda, Chile, Colombia, Denmark, Finland, Indonesia, Ireland, Israel, Italy, Mexico, Netherlands, New Zealand, Norway, Peru, Philippines, Portugal, Singapore, South Korea, Spain, Sweden, Taiwan, and Turkey.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Information Technology	$	27,468,134	$	6,909,560	$	– 0	–	$	34,377,694
Real Estate		15,384,363		13,050,465		– 0	–		28,434,828
Financials		18,750,197		9,283,668		– 0	–		28,033,865
Health Care		17,252,215		3,264,287		– 0	–		20,516,502
Consumer Discretionary		12,211,661		5,050,846		– 0	–		17,262,507
Consumer Staples		10,203,838		4,978,036		– 0	–		15,181,874
Industrials		7,943,638		5,620,325		– 0	–		13,563,963

Investments in Securities:

Level 1

Level 2

Level 3

Total

Energy

$

6,565,133

$

1,676,938

$

– 0

–

$

8,242,071

Materials

3,877,859

3,158,201

– 0

–

7,036,060

Telecommunication Services

1,613,491

2,383,251

– 0

–

3,996,742

Utilities

3,026,734

878,637

– 0

–

3,905,371

Banks

– 0

–

380,587

– 0

–

380,587

Transportation

– 0

–

351,104

– 0

–

351,104

Capital Goods

– 0

–

244,806

– 0

–

244,806

Health Care Equipment & Services

199,095

– 0

–

– 0

–

199,095

Consumer Durables & Apparel

94,889

– 0

–

– 0

–

94,889

Corporates - Investment Grade

– 0

–

26,172,077

196,436

26,368,513

Mortgage Pass-Throughs

– 0

–

22,976,170

– 0

–

22,976,170

Governments - Treasuries

– 0

–

11,973,516

– 0

–

11,973,516

Commercial Mortgage-Backed Securities

– 0

–

6,929,013

1,796,484

8,725,497

Asset-Backed Securities

– 0

–

6,811,098

1,870,736

8,681,834

Collateralized Mortgage Obligations

– 0

–

6,758,831

– 0

–

6,758,831

Inflation-Linked Securities

– 0

–

5,007,222

– 0

–

5,007,222

Corporates - Non-Investment Grade

– 0

–

4,145,640

– 0

–

4,145,640

Emerging Markets - Corporate Bonds

– 0

–

1,015,545

– 0

–

1,015,545

Emerging Markets - Treasuries

– 0

–

806,181

– 0

–

806,181

Local Governments - US Municipal Bonds

– 0

–

525,376

– 0

–

525,376

Quasi-Sovereigns

– 0

–

257,360

– 0

–

257,360

Governments - Sovereign Bonds

– 0

–

197,400

– 0

–

197,400

Short-Term Investments:

Governments - Treasuries

– 0

–

8,056,683

– 0

–

8,056,683

Time Deposits

– 0

–

6,037,155

– 0

–

6,037,155

U.S. Treasury Bills

– 0

–

1,856,334

– 0

–

1,856,334

Agency Discount Notes

– 0

–

304,720

– 0

–

304,720

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

326,445

– 0

–

– 0

–

326,445

Total Investments in Securities

124,917,692

167,061,032

3,863,656

295,842,380

Other Financial Instruments (a):

Assets:

Futures

255,534

– 0

–

– 0

–

255,534

Forward Currency Exchange Contracts

– 0

–

274,551

– 0

–

274,551

Centrally Cleared Interest Rate Swaps

– 0

–

136,520

– 0

–

136,520

Credit Default Swaps

– 0

–

829

– 0

–

829

Liabilities:

Futures

(60,318

)

– 0

–

– 0

–

(60,318

)

Forward Currency Exchange Contracts

– 0

–

(292,309

)

– 0

–

(292,309

)

Centrally Cleared Interest Rate Swaps

– 0

–

(158

)

– 0

–

(158

)

Credit Default Swaps

– 0

–

(426,954

)

– 0

–

(426,954

)

Total (b)(c)

$

125,112,908

$

166,753,511

$

3,863,656

$

295,730,075

(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 swaps with upfront premiums, options written and swaptions written which are valued at market value.

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

(c) An amount of $5,701,698 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

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			Corporates - Investment Grade
Balance as of 12/31/17	$	1,812,622		$	1,545,137		$	– 0	–
Accrued discounts/(premiums)		113			187			102
Realized gain (loss)		77			(1,221	)		– 0	–
Change in unrealized appreciation/depreciation		(12,930	)		(6,079	)		(52	)
Purchases/Payups		274,982			308,982			196,386
Sales/Paydowns		(204,128	)		(50,522	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/18	$	1,870,736		$	1,796,484		$	196,436
Net change in unrealized appreciation/depreciation from investments held as of 3/31/18	$	(12,383	)	$	(7,302	)	$	(52	)
	Total
Balance as of 12/31/17	$	3,357,759
Accrued discounts/(premiums)		402
Realized gain (loss)		(1,144	)
Change in unrealized appreciation/depreciation		(19,061	)
Purchases/Payups		780,350
Sales/Paydowns		(254,650	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 3/31/18	$	3,863,656
Net change in unrealized appreciation/depreciation from investments held as of 3/31/18	$	(19,737	)

As of March 31, 2018, all Level 3 securities were priced (i) by third party vendors or (ii) by brokers.

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 three months ended March 31, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio*	$	1,220	$	3,667	$	4,561	$	326	$	2

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Dynamic Asset Allocation Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 54.4%
Financials - 9.8%
Banks - 5.0%
AIB Group PLC		5,844	$	35,177
Aozora Bank Ltd.		2,000		80,273
Australia & New Zealand Banking Group Ltd.		31,095		647,191
Banco Bilbao Vizcaya Argentaria SA		73,153		579,340
Banco de Sabadell SA		50,635		103,570
Banco Santander SA		171,172		1,120,385
Bank Hapoalim BM		14,749		101,428
Bank Leumi Le-Israel BM		12,645		76,381
Bank of America Corp.		70,245		2,106,648
Bank of East Asia Ltd. (The)		21,000		84,145
Bank of Ireland Group PLC (a)		11,605		101,693
Bank of Kyoto Ltd. (The)		400		22,667
Bank of Queensland Ltd.		7,933		67,338
Bankia SA		10,832		48,592
Bankinter SA		7,353		75,702
Barclays PLC		180,209		526,590
BB&T Corp.		5,650		294,026
Bendigo & Adelaide Bank Ltd.		4,177		31,803
BNP Paribas SA		13,908		1,031,427
BOC Hong Kong Holdings Ltd.		39,500		193,778
CaixaBank SA		42,465		202,458
Chiba Bank Ltd. (The)		11,000		89,935
Citigroup, Inc.		19,179		1,294,582
Citizens Financial Group, Inc.		3,519		147,728
Comerica, Inc.		1,200		115,116
Commerzbank AG (a)		15,814		205,302
Commonwealth Bank of Australia		18,280		1,022,250
Concordia Financial Group Ltd.		11,221		63,359
Credit Agricole SA		14,327		233,602
Danske Bank A/S		7,940		297,498
DBS Group Holdings Ltd.		17,000		359,080
DNB ASA		9,303		183,243
Erste Group Bank AG		3,207		161,226
Fifth Third Bancorp		5,040		160,020
Fukuoka Financial Group, Inc.		9,000		49,304
Hang Seng Bank Ltd.		8,100		188,200
HSBC Holdings PLC		217,206		2,039,719
Huntington Bancshares, Inc./OH		7,765		117,251
ING Groep NV		36,740		619,995
Intesa Sanpaolo SpA		120,775		439,742
Japan Post Bank Co., Ltd.		3,855		52,316
JPMorgan Chase & Co.		25,115		2,761,897
KBC Group NV		3,064		266,810
KeyCorp		7,725		151,024
Kyushu Financial Group, Inc.		3,564		17,800
Lloyds Banking Group PLC		769,079		699,574
M&T Bank Corp.		1,115		205,561
Mebuki Financial Group, Inc.		16,800		65,258
Mediobanca Banca di Credito Finanziario SpA		12,965		152,422
Mitsubishi UFJ Financial Group, Inc.		135,900		903,139
Mizrahi Tefahot Bank Ltd.		1,057		20,248
Mizuho Financial Group, Inc.		253,500		461,973
National Australia Bank Ltd.		28,193		622,404
Nordea Bank AB		28,914		309,379
Oversea-Chinese Banking Corp., Ltd.		29,000		285,679
People’s United Financial, Inc.		2,465		45,997
PNC Financial Services Group, Inc. (The)		3,430		518,753

Company	Shares		U.S. $ Value
Raiffeisen Bank International AG (a)		1,307	$	50,907
Regions Financial Corp.		8,325		154,678
Resona Holdings, Inc.		21,000		112,874
Royal Bank of Scotland Group PLC (a)		42,208		153,545
Seven Bank Ltd.		16,218		52,028
Shinsei Bank Ltd.		3,700		57,398
Shizuoka Bank Ltd. (The)		4,000		38,466
Skandinaviska Enskilda Banken AB - Class A		16,190		170,097
Societe Generale SA		9,446		513,016
Standard Chartered PLC		34,982		350,602
Sumitomo Mitsui Financial Group, Inc.		14,300		606,667
Sumitomo Mitsui Trust Holdings, Inc.		3,200		130,813
SunTrust Banks, Inc.		3,390		230,656
Suruga Bank Ltd.		1,000		14,034
SVB Financial Group (a)		386		92,644
Svenska Handelsbanken AB - Class A		14,254		178,415
Swedbank AB - Class A		8,621		193,717
UniCredit SpA (a)		17,422		364,139
United Overseas Bank Ltd.		12,000		252,506
US Bancorp.		11,415		576,457
Wells Fargo & Co.		32,075		1,681,051
Westpac Banking Corp.		35,553		787,479
Zions Bancorporation		1,430		75,404
				29,695,591
Capital Markets - 1.6%
3i Group PLC		9,721		117,331
Affiliated Managers Group, Inc.		407		77,159
Ameriprise Financial, Inc.		1,045		154,597
Amundi SA (b)		1,517		121,826
ASX Ltd.		1,453		62,969
Bank of New York Mellon Corp. (The)		7,415		382,095
BlackRock, Inc. - Class A		977		529,260
Cboe Global Markets, Inc.		846		96,529
Charles Schwab Corp. (The)		8,590		448,570
CME Group, Inc. - Class A		2,450		396,263
Credit Suisse Group AG (REG) (a)		25,000		419,875
Daiwa Securities Group, Inc.		16,000		102,974
Deutsche Bank AG (REG)		19,693		274,726
Deutsche Boerse AG		2,077		283,933
E*TRADE Financial Corp. (a)		1,870		103,617
Franklin Resources, Inc.		2,320		80,458
Goldman Sachs Group, Inc. (The)		2,538		639,221
Hargreaves Lansdown PLC		2,483		56,994
Hong Kong Exchanges & Clearing Ltd.		10,900		359,014
Intercontinental Exchange, Inc.		4,230		306,760
Invesco Ltd.		2,930		93,789
Investec PLC		5,877		45,419
Japan Exchange Group, Inc.		4,965		92,965
Julius Baer Group Ltd. (a)		2,130		131,083
Kingston Financial Group Ltd.		68,779		31,027
London Stock Exchange Group PLC		3,987		230,858
Macquarie Group Ltd.		3,705		295,426
Moody’s Corp.		1,245		200,818
Morgan Stanley		10,070		543,377
Nasdaq, Inc.		860		74,149
Natixis SA		21,759		178,539
Nomura Holdings, Inc.		38,855		226,576

Company	Shares		U.S. $ Value
Northern Trust Corp.		1,560	$	160,883
Partners Group Holding AG		158		117,572
Raymond James Financial, Inc.		909		81,274
S&P Global, Inc.		1,860		355,372
Schroders PLC		1,291		57,925
Singapore Exchange Ltd.		21,000		118,554
St James’s Place PLC		4,994		76,138
State Street Corp.		2,635		262,789
T. Rowe Price Group, Inc.		1,725		186,248
UBS Group AG (a)		38,983		686,838
				9,261,790
Consumer Finance - 0.2%
Acom Co., Ltd. (a)		13,014		58,441
American Express Co.		5,210		485,989
Capital One Financial Corp.		3,513		336,616
Credit Saison Co., Ltd.		3,500		58,581
Discover Financial Services		2,610		187,737
Navient Corp.		1,900		24,928
Synchrony Financial		5,318		178,312
				1,330,604
Diversified Financial Services - 0.8%
AMP Ltd.		28,155		108,655
Berkshire Hathaway, Inc. - Class B (a)		13,994		2,791,523
Challenger Ltd./Australia		12,809		114,715
Eurazeo SA		1,370		126,145
EXOR NV		3,679		261,886
First Pacific Co., Ltd./Hong Kong		86,660		47,098
Groupe Bruxelles Lambert SA		768		87,839
IHS Markit Ltd. (a)		2,561		123,543
Industrivarden AB - Class C		4,979		116,121
Investor AB - Class B		4,336		192,620
Kinnevik AB		4,676		168,936
Leucadia National Corp.		2,255		51,256
ORIX Corp.		14,110		252,865
Pargesa Holding SA		346		30,700
Standard Life Aberdeen PLC		28,554		144,131
Wendel SA		844		131,607
				4,749,640
Insurance - 2.2%
Admiral Group PLC		2,010		52,024
Aegon NV		11,109		74,950
Aflac, Inc.		5,710		249,870
Ageas		1,646		84,941
AIA Group Ltd.		128,423		1,097,847
Allianz SE (REG)		4,871		1,101,124
Allstate Corp. (The)		2,600		246,480
American International Group, Inc.		6,493		353,349
Aon PLC		1,865		261,715
Arthur J Gallagher & Co.		1,302		89,486
Assicurazioni Generali SpA		11,115		213,655
Assurant, Inc.		410		37,478
Aviva PLC		43,251		301,853
Baloise Holding AG (REG)		926		141,663
Brighthouse Financial, Inc. (a)		697		35,826
Chubb Ltd.		3,332		455,718

Company	Shares		U.S. $ Value
Cincinnati Financial Corp.		1,060	$	78,716
CNP Assurances		4,544		114,710
Dai-ichi Life Holdings, Inc.		10,264		189,488
Direct Line Insurance Group PLC		13,089		70,085
Everest Re Group Ltd.		294		75,505
Gjensidige Forsikring ASA		3,690		67,867
Hannover Rueck SE (REG)		795		108,463
Hartford Financial Services Group, Inc. (The)		2,575		132,664
Insurance Australia Group Ltd.		23,145		134,008
Japan Post Holdings Co., Ltd.		16,700		202,945
Legal & General Group PLC		63,405		229,732
Lincoln National Corp.		1,590		116,165
Loews Corp.		1,990		98,963
Mapfre SA		8,911		29,647
Marsh & McLennan Cos., Inc.		3,690		304,757
Medibank Pvt Ltd.		39,307		88,226
MetLife, Inc.		7,570		347,387
MS&AD Insurance Group Holdings, Inc.		4,800		149,105
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588		369,275
NN Group NV		7,137		317,096
Old Mutual PLC		61,153		205,773
Principal Financial Group, Inc.		1,940		118,165
Progressive Corp. (The)		4,145		252,555
Prudential Financial, Inc.		3,065		317,381
Prudential PLC		27,421		685,214
QBE Insurance Group Ltd.		13,053		97,385
RSA Insurance Group PLC		10,859		96,140
Sampo Oyj - Class A		4,765		265,471
SCOR SE		3,333		136,070
Sompo Holdings, Inc.		4,000		161,172
Sony Financial Holdings, Inc.		4,130		75,414
Suncorp Group Ltd.		12,247		126,309
Swiss Life Holding AG (a)		342		121,878
Swiss Re AG		3,176		324,164
T&D Holdings, Inc.		5,500		87,484
Tokio Marine Holdings, Inc.		7,300		331,003
Torchmark Corp.		752		63,296
Travelers Cos., Inc. (The)		2,030		281,886
Tryg A/S		1,821		42,428
UnipolSai Assicurazioni SpA		4,035		9,594
Unum Group		1,620		77,128
Willis Towers Watson PLC		987		150,212
XL Group Ltd.		1,810		100,021
Zurich Insurance Group AG (a)		1,604		529,099
				12,678,025
				57,715,650
Information Technology - 8.6%
Communications Equipment - 0.4%
Cisco Systems, Inc.		35,790		1,535,033
F5 Networks, Inc. (a)		480		69,413
Juniper Networks, Inc.		2,640		64,231
Motorola Solutions, Inc.		1,145		120,569
Nokia Oyj		62,192		343,431
Telefonaktiebolaget LM Ericsson - Class B		28,969		184,473
				2,317,150

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components - 0.5%
Alps Electric Co., Ltd.		2,053	$	50,820
Amphenol Corp. - Class A		2,150		185,180
Corning, Inc.		6,205		172,996
FLIR Systems, Inc.		910		45,509
Hamamatsu Photonics KK		1,600		61,553
Hexagon AB - Class B		4,263		254,454
Hirose Electric Co., Ltd.		315		43,517
Hitachi High-Technologies Corp.		1,881		89,420
Hitachi Ltd.		52,000		378,748
Ingenico Group SA		930		75,485
IPG Photonics Corp. (a)		273		63,713
Keyence Corp.		1,054		658,389
Kyocera Corp.		3,100		175,764
Murata Manufacturing Co., Ltd.		2,000		276,064
Nippon Electric Glass Co., Ltd.		929		26,930
Omron Corp.		1,800		105,222
Shimadzu Corp.		2,000		55,170
TDK Corp.		1,200		106,906
TE Connectivity Ltd.		2,560		255,744
Yaskawa Electric Corp.		2,723		123,503
Yokogawa Electric Corp.		4,500		91,238
				3,296,325
Internet Software & Services - 1.4%
Akamai Technologies, Inc. (a)		1,205		85,531
Alphabet, Inc. - Class A (a)		2,189		2,270,299
Alphabet, Inc. - Class C (a)		2,194		2,263,747
DeNA Co., Ltd.		1,663		30,288
eBay, Inc. (a)		7,035		283,088
Facebook, Inc. - Class A (a)		17,287		2,762,290
Kakaku.com, Inc.		3,799		67,232
Mixi, Inc.		827		30,942
REA Group Ltd.		1,002		61,520
United Internet AG		2,321		146,248
VeriSign, Inc. (a)		625		74,100
Yahoo Japan Corp.		13,553		63,440
				8,138,725
IT Services - 1.4%
Accenture PLC - Class A		4,485		688,447
Alliance Data Systems Corp.		380		80,887
Amadeus IT Group SA - Class A		4,677		346,113
Atos SE		677		92,755
Automatic Data Processing, Inc.		3,220		365,406
Capgemini SE		1,557		194,274
Cognizant Technology Solutions Corp. - Class A		4,280		344,540
Computershare Ltd.		3,663		49,122
CSRA, Inc.		1,140		47,002
DXC Technology Co.		2,068		207,896
Fidelity National Information Services, Inc.		2,420		233,046
Fiserv, Inc. (a)		3,000		213,930
Fujitsu Ltd.		18,000		109,385
Gartner, Inc. (a)		640		75,277
Global Payments, Inc.		1,159		129,252
International Business Machines Corp.		6,226		955,255
Mastercard, Inc. - Class A		6,760		1,184,082

Company	Shares		U.S. $ Value
Nomura Research Institute Ltd.		1,300	$	61,424
NTT Data Corp.		6,010		63,151
Obic Co., Ltd.		730		61,516
Otsuka Corp.		1,200		61,179
Paychex, Inc.		2,295		141,349
PayPal Holdings, Inc. (a)		8,185		620,996
Total System Services, Inc.		1,210		104,375
Visa, Inc. - Class A		13,150		1,573,003
Western Union Co. (The) - Class W		3,280		63,074
Wirecard AG		1,262		149,599
				8,216,335
Semiconductors & Semiconductor Equipment - 1.6%
Advanced Micro Devices, Inc. (a)(c)		5,883		59,124
Analog Devices, Inc.		2,610		237,849
Applied Materials, Inc.		7,635		424,582
ASM Pacific Technology Ltd.		900		12,680
ASML Holding NV		3,784		750,342
Broadcom Ltd.		2,975		701,059
Disco Corp.		309		66,047
Infineon Technologies AG		10,766		289,532
Intel Corp.		33,840		1,762,387
KLA-Tencor Corp.		1,160		126,452
Lam Research Corp.		1,229		249,684
Microchip Technology, Inc.		1,695		154,855
Micron Technology, Inc. (a)		8,320		433,805
NVIDIA Corp.		4,435		1,027,102
NXP Semiconductors NV (a)		3,725		435,825
Qorvo, Inc. (a)		868		61,151
QUALCOMM, Inc.		10,670		591,225
Renesas Electronics Corp. (a)		5,418		54,466
Rohm Co., Ltd.		1,300		123,397
Skyworks Solutions, Inc.		1,324		132,744
STMicroelectronics NV		12,251		272,630
SUMCO Corp.		2,522		65,868
Texas Instruments, Inc.		7,175		745,411
Tokyo Electron Ltd.		1,689		312,450
Xilinx, Inc.		1,835		132,560
				9,223,227
Software - 2.0%
Activision Blizzard, Inc.		5,455		367,994
Adobe Systems, Inc. (a)		3,560		769,245
ANSYS, Inc. (a)		612		95,894
Autodesk, Inc. (a)		1,575		197,788
CA, Inc.		2,235		75,767
Cadence Design Systems, Inc. (a)		2,014		74,055
Check Point Software Technologies Ltd. (a)		1,405		139,573
Citrix Systems, Inc. (a)		1,030		95,584
Dassault Systemes SE		924		125,658
Electronic Arts, Inc. (a)		2,235		270,971
Intuit, Inc.		1,750		303,362
Konami Holdings Corp.		1,300		66,205
LINE Corp. (a)		33		1,299
Micro Focus International PLC		4,754		66,383
Microsoft Corp.		55,920		5,103,818

Company	Shares		U.S. $ Value
Nexon Co., Ltd. (a)		5,190	$	87,990
Nice Ltd. (a)		596		55,688
Nintendo Co., Ltd.		1,200		533,128
Oracle Corp.		22,050		1,008,787
Oracle Corp. Japan		500		41,497
Red Hat, Inc. (a)		1,290		192,868
Sage Group PLC (The)		12,240		109,982
salesforce.com, Inc. (a)		4,984		579,639
SAP SE		10,475		1,099,684
Symantec Corp.		4,455		115,162
Synopsys, Inc. (a)		1,072		89,233
Take-Two Interactive Software, Inc. (a)		835		81,646
Trend Micro, Inc./Japan		1,600		94,355
Ubisoft Entertainment SA (a)		804		68,044
				11,911,299
Technology Hardware, Storage & Peripherals - 1.3%
Apple, Inc.		37,026		6,212,222
Brother Industries Ltd.		2,200		51,012
Canon, Inc.		11,400		413,573
FUJIFILM Holdings Corp.		4,200		167,721
Hewlett Packard Enterprise Co.		11,460		201,008
HP, Inc.		12,010		263,259
Konica Minolta, Inc.		6,000		51,006
NEC Corp.		2,500		70,273
NetApp, Inc.		1,940		119,679
Ricoh Co., Ltd.		6,000		59,273
Seagate Technology PLC		2,050		119,966
Seiko Epson Corp.		2,700		46,791
Western Digital Corp.		2,163		199,580
Xerox Corp.		1,486		42,767
				8,018,130
				51,121,191
Consumer Discretionary - 7.0%
Auto Components - 0.4%
Aisin Seiki Co., Ltd.		1,800		98,231
Aptiv PLC		1,891		160,678
BorgWarner, Inc.		1,380		69,318
Bridgestone Corp.		6,900		303,557
Cie Generale des Etablissements Michelin SCA - Class B		1,732		256,410
Continental AG		1,047		289,193
Denso Corp.		5,200		286,023
Faurecia SA		1,635		132,298
GKN PLC		16,316		105,758
Goodyear Tire & Rubber Co. (The)		1,710		45,452
Koito Manufacturing Co., Ltd.		1,000		69,834
NGK Spark Plug Co., Ltd.		3,000		72,288
NOK Corp.		2,800		54,677
Nokian Renkaat Oyj		1,090		49,502
Stanley Electric Co., Ltd.		1,600		60,075
Sumitomo Electric Industries Ltd.		7,200		110,041
Sumitomo Rubber Industries Ltd.		4,100		75,593
Toyota Industries Corp.		1,600		96,727
Valeo SA		2,277		150,624
Yokohama Rubber Co., Ltd. (The)		1,000		23,176
				2,509,455

Company	Shares		U.S. $ Value
Automobiles - 1.2%
Bayerische Motoren Werke AG		3,152	$	342,842
Daimler AG (REG)		10,262		874,323
Ferrari NV		1,527		183,563
Fiat Chrysler Automobiles NV (a)		14,140		288,403
Ford Motor Co.		28,220		312,678
General Motors Co.		9,216		334,909
Harley-Davidson, Inc.		1,150		49,312
Honda Motor Co., Ltd.		18,521		641,134
Isuzu Motors Ltd.		5,500		84,268
Mazda Motor Corp.		5,200		69,544
Mitsubishi Motors Corp.		11,400		81,527
Nissan Motor Co., Ltd.		26,300		271,472
Peugeot SA		7,475		179,993
Porsche Automobil Holding SE (Preference Shares)		1,458		121,536
Renault SA		1,830		222,066
Subaru Corp.		6,000		198,617
Suzuki Motor Corp.		3,500		190,027
Toyota Motor Corp.		28,500		1,850,552
Volkswagen AG		630		126,095
Volkswagen AG (Preference Shares)		1,767		352,188
Yamaha Motor Co., Ltd.		2,700		80,330
				6,855,379
Distributors - 0.0%
Genuine Parts Co.		1,060		95,230
Jardine Cycle & Carriage Ltd.		2,000		52,833
LKQ Corp. (a)		2,214		84,021
				232,084
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc.		300		10,914
H&R Block, Inc.		1,420		36,082
				46,996
Hotels, Restaurants & Leisure - 1.0%
Accor SA		2,705		146,137
Aristocrat Leisure Ltd.		4,876		91,037
Carnival Corp.		2,885		189,198
Carnival PLC		2,273		146,298
Chipotle Mexican Grill, Inc. - Class A (a)		244		78,839
Compass Group PLC		16,836		343,774
Crown Resorts Ltd.		9,430		92,613
Darden Restaurants, Inc.		870		74,167
Domino’s Pizza Enterprises Ltd.		823		26,519
Galaxy Entertainment Group Ltd.		20,155		184,996
Genting Singapore PLC		92,000		76,307
GVC Holdings PLC		5,872		75,875
Hilton Worldwide Holdings, Inc.		1,466		115,462
InterContinental Hotels Group PLC		2,053		123,001
Marriott International, Inc./MD - Class A		2,231		303,371
McDonald’s Corp.		5,780		903,876
McDonald’s Holdings Co. Japan Ltd.		2,200		104,117
Melco Resorts & Entertainment Ltd. (ADR)		2,651		76,826

Company	Shares		U.S. $ Value
Merlin Entertainments PLC (b)		2,417	$	11,753
MGM Resorts International		3,660		128,173
Norwegian Cruise Line Holdings Ltd. (a)		1,281		67,855
Oriental Land Co., Ltd./Japan		2,100		214,866
Paddy Power Betfair PLC		1,060		108,842
Royal Caribbean Cruises Ltd.		1,277		150,354
Sands China Ltd.		39,744		215,982
Sodexo SA		1,005		101,151
Starbucks Corp.		10,220		591,636
Tabcorp Holdings Ltd.		12,096		41,019
TUI AG		6,938		148,776
Whitbread PLC		1,737		90,163
Wyndham Worldwide Corp.		750		85,822
Wynn Macau Ltd.		77,455		283,890
Wynn Resorts Ltd.		560		102,122
Yum! Brands, Inc.		2,445		208,143
				5,702,960
Household Durables - 0.5%
Auto Trader Group PLC (b)		9,529		46,839
Barratt Developments PLC		9,541		70,998
Berkeley Group Holdings PLC		1,236		65,705
Casio Computer Co., Ltd.		2,100		31,281
DR Horton, Inc.		2,455		107,627
Electrolux AB - Class B		2,430		76,738
Garmin Ltd.		770		45,376
Husqvarna AB - Class B		8,194		79,214
Iida Group Holdings Co., Ltd.		1,346		25,160
Leggett & Platt, Inc.		925		41,033
Lennar Corp. - Class A		1,300		76,622
Mohawk Industries, Inc. (a)		450		104,499
Newell Brands, Inc.		3,455		88,033
Nikon Corp.		3,200		57,843
Panasonic Corp.		23,500		337,472
Persimmon PLC		3,527		125,181
PulteGroup, Inc.		1,935		57,063
Rinnai Corp.		700		66,573
SEB SA		568		108,641
Sekisui Chemical Co., Ltd.		4,000		70,148
Sekisui House Ltd.		6,000		109,787
Sharp Corp./Japan (a)		1,500		44,924
Sony Corp.		13,500		664,204
Taylor Wimpey PLC		31,025		80,376
Techtronic Industries Co., Ltd.		13,454		78,963
Whirlpool Corp.		550		84,211
				2,744,511
Internet & Direct Marketing Retail - 1.1%
Amazon.com, Inc. (a)		2,912		4,214,654
Booking Holdings, Inc. (a)		397		825,915
Expedia Group, Inc.		882		97,382
Netflix, Inc. (a)		3,132		925,036
Rakuten, Inc.		8,852		73,150
Start Today Co., Ltd.		2,592		67,463
TripAdvisor, Inc. (a)		762		31,158
Zalando SE (a)(b)		2,021		110,283
				6,345,041

Company	Shares		U.S. $ Value
Leisure Products - 0.1%
Bandai Namco Holdings, Inc.		1,900	$	61,491
Hasbro, Inc.		800		67,440
Mattel, Inc. (c)		2,435		32,020
Sankyo Co., Ltd.		300		10,495
Shimano, Inc.		700		101,014
Yamaha Corp.		1,600		70,280
				342,740
Media - 1.0%
Altice NV - Class A (a)		3,528		29,157
Axel Springer SE		2,191		183,284
CBS Corp. - Class B		2,540		130,531
Charter Communications, Inc. - Class A (a)		1,423		442,866
Comcast Corp. - Class A		33,702		1,151,597
Dentsu, Inc.		2,100		92,805
Discovery Communications, Inc. - Class A (a)(c)		1,045		22,394
Discovery Communications, Inc. - Class C (a)		2,154		42,046
DISH Network Corp. - Class A (a)		1,575		59,677
Eutelsat Communications SA		3,140		62,236
Hakuhodo DY Holdings, Inc.		2,490		34,372
Interpublic Group of Cos., Inc. (The)		2,795		64,369
ITV PLC		34,542		69,922
JCDecaux SA		189		6,573
Lagardere SCA		352		10,055
News Corp. - Class A		2,758		43,576
News Corp. - Class B		817		13,154
Omnicom Group, Inc.		1,660		120,632
Pearson PLC		7,821		82,456
Publicis Groupe SA		1,801		125,407
RTL Group SA (London)		1,166		96,716
Schibsted ASA - Class B		2,252		57,640
SES SA		4,651		62,956
Sky PLC		13,314		242,476
Telenet Group Holding NV (a)		454		30,347
Time Warner, Inc.		5,645		533,904
Toho Co., Ltd./Tokyo		1,000		33,285
Twenty-First Century Fox, Inc. - Class A		7,621		279,614
Twenty-First Century Fox, Inc. - Class B		3,167		115,184
Viacom, Inc. - Class B		2,510		77,961
Vivendi SA		11,072		287,150
Walt Disney Co. (The)		10,894		1,094,193
WPP PLC		13,761		218,685
				5,917,220
Multiline Retail - 0.2%
Dollar General Corp.		1,870		174,939
Dollar Tree, Inc. (a)		1,738		164,936
Don Quijote Holdings Co., Ltd.		1,000		57,310
Isetan Mitsukoshi Holdings Ltd.		2,200		24,344
J Front Retailing Co., Ltd.		3,500		59,113
Kohl’s Corp.		1,180		77,302
Macy’s, Inc.		2,205		65,577
Marks & Spencer Group PLC		15,442		58,656

Company	Shares		U.S. $ Value
Marui Group Co., Ltd.		3,300	$	66,546
Next PLC		1,363		91,115
Nordstrom, Inc.		820		39,696
Ryohin Keikaku Co., Ltd.		257		85,861
Target Corp.		3,925		272,513
				1,237,908
Specialty Retail - 0.8%
ABC-Mart, Inc.		500		32,927
Advance Auto Parts, Inc.		531		62,950
AutoZone, Inc. (a)		225		145,955
Best Buy Co., Inc.		1,850		129,482
CarMax, Inc. (a)		1,320		81,761
Fast Retailing Co., Ltd.		500		200,866
Foot Locker, Inc.		892		40,622
Gap, Inc. (The)		1,555		48,516
Hennes & Mauritz AB - Class B		9,038		135,020
Hikari Tsushin, Inc.		500		80,653
Home Depot, Inc. (The)		8,480		1,511,475
Industria de Diseno Textil SA		11,626		365,505
Kingfisher PLC		29,522		121,108
L Brands, Inc.		1,785		68,205
Lowe’s Cos., Inc.		6,040		530,010
Nitori Holdings Co., Ltd.		750		131,525
O’Reilly Automotive, Inc. (a)		640		158,323
Ross Stores, Inc.		2,800		218,344
Shimamura Co., Ltd.		200		24,938
Tiffany & Co.		755		73,733
TJX Cos., Inc. (The)		4,620		376,807
Tractor Supply Co.		915		57,663
Ulta Salon Cosmetics & Fragrance, Inc. (a)		452		92,330
USS Co., Ltd.		4,120		84,326
Yamada Denki Co., Ltd.		10,990		66,783
				4,839,827
Textiles, Apparel & Luxury Goods - 0.7%
adidas AG		2,040		496,327
Burberry Group PLC		4,236		100,971
Cie Financiere Richemont SA (REG)		5,585		501,879
Hanesbrands, Inc. (c)		2,627		48,389
Hermes International		281		166,563
HUGO BOSS AG		1,317		114,733
Kering SA		721		345,804
Li & Fung Ltd.		48,000		23,663
Luxottica Group SpA		1,559		96,852
LVMH Moet Hennessy Louis Vuitton SE		2,973		916,199
Michael Kors Holdings Ltd. (a)		1,059		65,743
NIKE, Inc. - Class B		9,520		632,509
Pandora A/S		1,106		119,665
PVH Corp.		545		82,529
Ralph Lauren Corp.		390		43,602
Swatch Group AG (The)		294		129,726
Swatch Group AG (The) (REG)		1,834		153,804
Tapestry, Inc.		2,030		106,798
Under Armour, Inc. - Class A (a)(c)		1,247		20,388
Under Armour, Inc. - Class C (a)(c)		1,254		17,995
VF Corp.		2,310		171,217
				4,355,356
				41,129,477

Company	Shares		U.S. $ Value
Industrials - 6.7%
Aerospace & Defense - 1.2%
Airbus SE		6,243	$	722,675
Arconic, Inc.		3,056		70,410
BAE Systems PLC		33,818		276,689
Boeing Co. (The)		4,060		1,331,193
Cobham PLC		27,677		47,693
Dassault Aviation SA		41		78,327
Elbit Systems Ltd.		250		30,103
General Dynamics Corp.		2,010		444,009
Harris Corp.		845		136,282
Huntington Ingalls Industries, Inc.		329		84,803
L3 Technologies, Inc.		625		130,000
Leonardo SpA		5,271		60,960
Lockheed Martin Corp.		1,800		608,274
Meggitt PLC		10,854		65,846
Northrop Grumman Corp.		1,340		467,821
Raytheon Co.		2,150		464,013
Rockwell Collins, Inc.		1,200		161,820
Rolls-Royce Holdings PLC (a)		19,591		239,522
Safran SA		3,586		380,581
Singapore Technologies Engineering Ltd.		43,000		118,289
Textron, Inc.		1,855		109,389
Thales SA		694		84,545
TransDigm Group, Inc.		363		111,419
United Technologies Corp.		5,425		682,574
				6,907,237
Air Freight & Logistics - 0.3%
Bollore SA		25,929		138,315
CH Robinson Worldwide, Inc.		965		90,430
Deutsche Post AG (REG)		9,235		404,486
Expeditors International of Washington, Inc.		1,220		77,226
FedEx Corp.		1,815		435,800
Kuehne & Nagel International AG (REG)		477		75,130
Royal Mail PLC		8,567		65,022
United Parcel Service, Inc. - Class B		4,955		518,590
Yamato Holdings Co., Ltd.		3,400		85,463
				1,890,462
Airlines - 0.2%
Alaska Air Group, Inc.		843		52,232
American Airlines Group, Inc.		3,082		160,141
ANA Holdings, Inc.		1,007		39,021
Delta Air Lines, Inc.		4,702		257,717
Deutsche Lufthansa AG (REG)		3,330		106,452
easyJet PLC		2,320		52,297
International Consolidated Airlines Group SA		10,420		90,215
Japan Airlines Co., Ltd.		900		36,645
Singapore Airlines Ltd.		14,000		116,335
Southwest Airlines Co.		3,905		223,678
United Continental Holdings, Inc. (a)		1,822		126,574
				1,261,307

Company	Shares		U.S. $ Value
Building Products - 0.3%
Allegion PLC		635	$	54,159
AO Smith Corp.		1,055		67,087
Asahi Glass Co., Ltd.		2,000		83,815
Assa Abloy AB - Class B		9,541		206,805
Cie de Saint-Gobain		4,539		239,682
Daikin Industries Ltd.		2,500		277,733
Fortune Brands Home & Security, Inc.		1,071		63,071
Geberit AG (REG)		360		159,200
Johnson Controls International PLC		6,692		235,826
LIXIL Group Corp.		2,500		55,457
Masco Corp.		2,205		89,170
TOTO Ltd.		1,522		79,800
				1,611,805
Commercial Services & Supplies - 0.2%
Brambles Ltd.		15,030		115,999
Cintas Corp.		685		116,847
Dai Nippon Printing Co., Ltd.		2,500		51,952
G4S PLC		17,154		59,703
ISS A/S (a)		1,785		66,294
Park24 Co., Ltd.		1,300		35,474
Republic Services, Inc. - Class A		1,600		105,968
Secom Co., Ltd.		2,000		148,970
Societe BIC SA		891		88,638
Sohgo Security Services Co., Ltd.		1,000		49,144
Stericycle, Inc. (a)		610		35,703
Toppan Printing Co., Ltd.		5,000		41,100
Waste Management, Inc.		2,845		239,322
				1,155,114
Construction & Engineering - 0.3%
ACS Actividades de Construccion y Servicios SA		2,573		100,387
Bouygues SA		1,739		87,190
CIMIC Group Ltd.		2,988		102,840
Eiffage SA		1,102		125,508
Ferrovial SA		4,609		96,364
Fluor Corp.		965		55,217
HOCHTIEF AG		422		78,884
Jacobs Engineering Group, Inc.		815		48,207
JGC Corp.		4,000		87,090
Kajima Corp.		7,000		65,810
Obayashi Corp.		6,000		66,095
Quanta Services, Inc. (a)		1,115		38,300
Shimizu Corp.		4,000		35,683
Skanska AB - Class B		8,587		176,058
Taisei Corp.		2,000		102,579
Vinci SA		5,456		537,389
				1,803,601
Electrical Equipment - 0.5%
ABB Ltd. (REG)		20,970		498,629
Acuity Brands, Inc.		323		44,958
AMETEK, Inc.		1,599		121,476
Eaton Corp. PLC		3,144		251,237
Emerson Electric Co.		4,650		317,595
Fuji Electric Co., Ltd.		14,000		96,456
Legrand SA		2,541		199,368

Company	Shares		U.S. $ Value
Mabuchi Motor Co., Ltd.		800	$	39,798
Mitsubishi Electric Corp.		21,000		340,842
Nidec Corp.		2,567		395,084
OSRAM Licht AG		678		49,892
Prysmian SpA		1,074		33,726
Rockwell Automation, Inc.		930		162,006
Schneider Electric SE (Paris)		6,098		536,998
Siemens Gamesa Renewable Energy SA		810		13,019
Vestas Wind Systems A/S		2,133		152,620
				3,253,704
Industrial Conglomerates - 0.8%
3M Co.		4,355		956,010
CK Hutchison Holdings Ltd.		25,840		310,474
DCC PLC		843		77,672
General Electric Co.		62,759		845,991
Honeywell International, Inc.		5,505		795,527
Jardine Matheson Holdings Ltd.		2,300		141,740
Jardine Strategic Holdings Ltd.		2,005		77,080
Keihan Holdings Co., Ltd.		1,000		31,025
Keppel Corp., Ltd.		13,000		77,730
NWS Holdings Ltd.		37,000		67,394
Roper Technologies, Inc.		725		203,500
Seibu Holdings, Inc.		3,142		55,087
Siemens AG (REG)		8,153		1,040,301
Smiths Group PLC		3,761		80,001
Toshiba Corp. (a)		72,000		210,005
				4,969,537
Machinery - 1.3%
Alfa Laval AB		3,778		89,531
Alstom SA		3,502		157,949
Amada Holdings Co., Ltd.		3,000		36,466
ANDRITZ AG		693		38,751
Atlas Copco AB - Class A		6,392		277,616
Atlas Copco AB - Class B		3,579		139,744
Caterpillar, Inc.		4,285		631,523
CNH Industrial NV		22,634		279,689
Cummins, Inc.		1,100		178,299
Daifuku Co., Ltd.		1,030		61,066
Deere & Co.		2,335		362,672
Dover Corp.		1,085		106,569
FANUC Corp.		2,100		540,441
Flowserve Corp.		910		39,430
Fortive Corp.		2,170		168,218
GEA Group AG		1,741		74,039
Hino Motors Ltd.		6,000		78,027
Hitachi Construction Machinery Co., Ltd.		3,000		116,451
Hoshizaki Corp.		400		35,660
IHI Corp.		2,600		81,117
Illinois Tool Works, Inc.		2,225		348,569
IMI PLC		4,517		68,519
Ingersoll-Rand PLC		1,805		154,346
JTEKT Corp.		4,300		63,359
Kawasaki Heavy Industries Ltd.		900		29,043
KION Group AG		1,747		163,101
Komatsu Ltd.		9,800		328,290
Kone Oyj - Class B		3,593		179,319
Kubota Corp.		10,000		176,276

Company	Shares		U.S. $ Value
Kurita Water Industries Ltd.		1,200	$	38,739
Makita Corp.		2,200		108,975
MAN SE		1,273		148,444
Metso Oyj		1,073		33,854
MINEBEA MITSUMI, Inc.		4,131		88,824
Mitsubishi Heavy Industries Ltd.		3,100		119,533
Nabtesco Corp.		1,000		38,948
NGK Insulators Ltd.		2,000		34,644
NSK Ltd.		4,719		63,486
PACCAR, Inc.		2,510		166,087
Parker-Hannifin Corp.		945		161,623
Pentair PLC		1,160		79,031
Sandvik AB		12,165		222,878
Schindler Holding AG		413		89,112
Schindler Holding AG (REG)		575		120,464
SKF AB - Class B		4,700		96,289
SMC Corp./Japan		600		244,079
Snap-on, Inc.		420		61,967
Stanley Black & Decker, Inc.		1,165		178,478
Sumitomo Heavy Industries Ltd.		1,200		45,849
THK Co., Ltd.		1,531		63,689
Volvo AB - Class B		14,676		268,635
Wartsila Oyj Abp		4,224		93,331
Weir Group PLC (The)		2,037		57,100
Xylem, Inc./NY		1,235		94,996
Yangzijiang Shipbuilding Holdings Ltd.		56,331		52,466
				7,775,601
Marine - 0.1%
AP Moller - Maersk A/S - Class A (a)		70		103,126
AP Moller - Maersk A/S - Class B (a)		68		106,120
Mitsui OSK Lines Ltd.		1,200		34,077
Nippon Yusen KK		3,100		60,865
				304,188
Professional Services - 0.4%
Adecco Group AG (REG)		1,673		119,168
Bureau Veritas SA		3,094		80,426
Capita PLC		6,326		12,785
Equifax, Inc.		855		100,728
Experian PLC		10,230		221,241
Intertek Group PLC		1,536		100,544
Nielsen Holdings PLC		2,416		76,805
Randstad Holding NV		1,613		106,232
Recruit Holdings Co., Ltd.		11,748		294,447
RELX NV		15,125		313,524
RELX PLC		11,663		239,579
Robert Half International, Inc.		885		51,233
SGS SA (REG)		52		127,916
Verisk Analytics, Inc. - Class A (a)		1,100		114,400
Wolters Kluwer NV		5,568		296,133
				2,255,161
Road & Rail - 0.5%
Aurizon Holdings Ltd.		22,082		72,444
Central Japan Railway Co.		1,537		293,325
CSX Corp.		6,460		359,887
DSV A/S		1,630		128,686

Company	Shares		U.S. $ Value
East Japan Railway Co.		3,600	$	336,578
Hankyu Hanshin Holdings, Inc.		2,200		82,399
JB Hunt Transport Services, Inc.		603		70,641
Kansas City Southern		770		84,584
Keikyu Corp.		2,000		35,154
Keio Corp.		1,200		51,720
Keisei Electric Railway Co., Ltd.		2,945		90,651
Kintetsu Group Holdings Co., Ltd.		1,700		66,795
Kyushu Railway Co.		1,722		53,721
MTR Corp., Ltd.		15,500		83,671
Nagoya Railroad Co., Ltd.		1,800		45,931
Nippon Express Co., Ltd.		1,200		79,397
Norfolk Southern Corp.		2,040		276,991
Odakyu Electric Railway Co., Ltd.		3,000		61,115
Tobu Railway Co., Ltd.		1,200		36,665
Tokyu Corp.		5,000		78,736
Union Pacific Corp.		5,700		766,251
West Japan Railway Co.		1,568		111,166
				3,266,508
Trading Companies & Distributors - 0.4%
AerCap Holdings NV (a)		1,493		75,725
Ashtead Group PLC		4,791		130,635
Brenntag AG		1,471		87,572
Bunzl PLC		3,191		93,836
Fastenal Co.		2,080		113,547
Ferguson PLC		3,100		233,151
ITOCHU Corp.		16,000		312,435
Marubeni Corp.		16,000		116,840
MISUMI Group, Inc.		2,900		80,317
Mitsubishi Corp.		16,100		433,397
Mitsui & Co., Ltd.		18,200		313,183
Sumitomo Corp.		11,300		189,303
Toyota Tsusho Corp.		2,300		77,727
Travis Perkins PLC		2,972		51,529
United Rentals, Inc. (a)		600		103,638
WW Grainger, Inc.		380		107,263
				2,520,098
Transportation Infrastructure - 0.2%
Abertis Infraestructuras SA		6,861		153,809
Aena SME SA (b)		780		157,282
Aeroports de Paris		1,000		217,862
Atlantia SpA		176		5,454
Auckland International Airport Ltd.		10,521		46,686
Getlink SE (REG)		6,892		98,371
Hutchison Port Holdings Trust - Class U		43,553		12,903
Kamigumi Co., Ltd.		1,500		33,625
Sydney Airport		8,828		45,771
Transurban Group		20,948		184,732
				956,495
				39,930,818
Health Care - 6.5%
Biotechnology - 0.9%
AbbVie, Inc.		11,566		1,094,722
Alexion Pharmaceuticals, Inc. (a)		1,580		176,107

Company	Shares		U.S. $ Value
Amgen, Inc.		4,878	$	831,602
Biogen, Inc. (a)		1,565		428,528
Celgene Corp. (a)		5,730		511,173
CSL Ltd.		4,876		587,453
Genmab A/S (a)		540		116,340
Gilead Sciences, Inc.		9,415		709,797
Grifols SA		2,839		80,488
Incyte Corp. (a)		1,240		103,329
Regeneron Pharmaceuticals, Inc. (a)		640		220,391
Vertex Pharmaceuticals, Inc. (a)		1,807		294,505
				5,154,435
Health Care Equipment & Supplies - 1.1%
Abbott Laboratories		12,576		753,554
Align Technology, Inc. (a)		540		135,610
Baxter International, Inc.		3,580		232,843
Becton Dickinson and Co.		1,948		422,132
Boston Scientific Corp. (a)		9,860		269,375
Cochlear Ltd.		405		56,881
Coloplast A/S - Class B		1,154		97,879
ConvaTec Group PLC (b)		12,601		35,156
Cooper Cos., Inc. (The)		361		82,600
CYBERDYNE, Inc. (a)		3,189		45,734
Danaher Corp.		4,440		434,720
DENTSPLY SIRONA, Inc.		1,596		80,295
Edwards Lifesciences Corp. (a)		1,490		207,885
Essilor International Cie Generale d’Optique SA		2,369		319,580
Fisher & Paykel Healthcare Corp., Ltd.		6,133		58,751
Getinge AB - Class B		2,013		22,923
Hologic, Inc. (a)		1,920		71,731
Hoya Corp.		3,900		196,999
IDEXX Laboratories, Inc. (a)		633		121,150
Intuitive Surgical, Inc. (a)		815		336,457
Koninklijke Philips NV		7,299		279,493
Medtronic PLC		9,759		782,867
Olympus Corp.		2,800		107,069
ResMed, Inc.		1,016		100,046
Siemens Healthineers AG (a)(b)		1,618		66,495
Smith & Nephew PLC		9,779		182,936
Sonova Holding AG (REG)		666		105,883
Straumann Holding AG		67		42,273
Stryker Corp.		2,375		382,185
Sysmex Corp.		1,500		136,293
Terumo Corp.		3,300		171,639
Varian Medical Systems, Inc. (a)		645		79,109
William Demant Holding A/S (a)		2,050		76,363
Zimmer Biomet Holdings, Inc.		1,485		161,924
				6,656,830
Health Care Providers & Services - 0.9%
Aetna, Inc.		2,367		400,023
Alfresa Holdings Corp.		2,700		60,968
AmerisourceBergen Corp. - Class A		1,135		97,848
Anthem, Inc.		1,850		406,445
Cardinal Health, Inc.		2,295		143,851

Company	Shares		U.S. $ Value
Centene Corp. (a)		1,287	$	137,542
Cigna Corp.		1,815		304,448
DaVita, Inc. (a)		1,050		69,237
Envision Healthcare Corp. (a)		823		31,628
Express Scripts Holding Co. (a)		4,089		282,468
Fresenius Medical Care AG & Co. KGaA		2,085		212,947
Fresenius SE & Co. KGaA		4,696		359,079
HCA Healthcare, Inc.		2,050		198,850
Healthscope Ltd.		34,249		51,316
Henry Schein, Inc. (a)		1,140		76,619
Humana, Inc.		1,065		286,304
Laboratory Corp. of America Holdings (a)		725		117,269
McKesson Corp.		1,565		220,461
Mediclinic International PLC		1,862		15,710
Medipal Holdings Corp.		3,900		81,397
Quest Diagnostics, Inc.		950		95,285
Ramsay Health Care Ltd.		1,156		55,694
Ryman Healthcare Ltd.		5,937		45,687
Sonic Healthcare Ltd.		5,598		99,052
Suzuken Co., Ltd./Aichi Japan		1,200		50,494
UnitedHealth Group, Inc.		7,035		1,505,490
Universal Health Services, Inc. - Class B		650		76,966
				5,483,078
Health Care Technology - 0.0%
Cerner Corp. (a)		2,280		132,240
M3, Inc.		2,070		95,112
				227,352
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc.		2,345		156,880
Illumina, Inc. (a)		1,111		262,663
IQVIA Holdings, Inc. (a)		1,096		107,528
Lonza Group AG (REG) (a)		779		183,719
Mettler-Toledo International, Inc. (a)		220		126,507
PerkinElmer, Inc.		755		57,169
QIAGEN NV (a)		2,703		87,383
Thermo Fisher Scientific, Inc.		2,885		595,637
Waters Corp. (a)		645		128,129
				1,705,615
Pharmaceuticals - 3.3%
Allergan PLC		2,400		403,896
Astellas Pharma, Inc.		22,500		344,160
AstraZeneca PLC		13,478		926,495
Bayer AG (REG)		8,814		993,635
Bristol-Myers Squibb Co.		11,865		750,461
Chugai Pharmaceutical Co., Ltd.		2,100		106,613
Daiichi Sankyo Co., Ltd.		5,700		191,211
Eisai Co., Ltd.		2,933		188,846
Eli Lilly & Co.		6,965		538,882
GlaxoSmithKline PLC		52,848		1,026,363
Hisamitsu Pharmaceutical Co., Inc.		1,000		77,303
Ipsen SA		880		136,783
Johnson & Johnson		19,505		2,499,566
Kyowa Hakko Kirin Co., Ltd.		2,152		46,736

Company	Shares		U.S. $ Value
Merck & Co., Inc.		19,805	$	1,078,778
Merck KGaA		1,230		118,016
Mitsubishi Tanabe Pharma Corp.		3,000		60,610
Mylan NV (a)		3,855		158,710
Nektar Therapeutics (a)		1,174		124,749
Novartis AG (REG)		23,800		1,924,965
Novo Nordisk A/S - Class B		20,377		1,002,260
Ono Pharmaceutical Co., Ltd.		3,900		124,085
Orion Oyj - Class B		974		29,817
Otsuka Holdings Co., Ltd.		3,717		186,444
Perrigo Co. PLC		922		76,840
Pfizer, Inc.		43,136		1,530,897
Recordati SpA		2,055		75,820
Roche Holding AG		7,488		1,717,725
Sanofi		12,344		990,483
Santen Pharmaceutical Co., Ltd.		2,500		41,865
Shionogi & Co., Ltd.		2,800		145,806
Shire PLC		9,881		491,776
Sumitomo Dainippon Pharma Co., Ltd.		2,900		48,446
Taisho Pharmaceutical Holdings Co., Ltd.		567		56,058
Takeda Pharmaceutical Co., Ltd.		7,600		370,585
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,693		165,653
UCB SA		1,203		97,970
Vifor Pharma AG		802		123,670
Zoetis, Inc.		3,546		296,126
				19,269,104
				38,496,414
Consumer Staples - 5.0%
Beverages - 1.1%
Anheuser-Busch InBev SA/NV		8,118		892,547
Asahi Group Holdings Ltd.		3,700		198,981
Brown-Forman Corp. - Class B		1,692		92,045
Carlsberg A/S - Class B		1,051		125,484
Coca-Cola Amatil Ltd.		14,439		96,688
Coca-Cola Bottlers Japan Holdings, Inc.		1,300		53,687
Coca-Cola Co. (The)		27,730		1,204,314
Coca-Cola European Partners PLC		2,343		97,609
Coca-Cola HBC AG (a)		1,928		71,349
Constellation Brands, Inc. - Class A		1,270		289,458
Diageo PLC		27,623		934,202
Dr Pepper Snapple Group, Inc.		1,270		150,343
Heineken Holding NV		1,000		103,109
Heineken NV		2,500		268,885
Kirin Holdings Co., Ltd.		9,345		248,783
Molson Coors Brewing Co. - Class B		1,300		97,929
Monster Beverage Corp. (a)		2,980		170,486
PepsiCo, Inc.		10,275		1,121,516
Pernod Ricard SA		2,021		336,331
Remy Cointreau SA		195		27,816
Suntory Beverage & Food Ltd.		1,324		64,453
Treasury Wine Estates Ltd.		6,024		78,705
				6,724,720
Food & Staples Retailing - 0.9%
Aeon Co., Ltd.		6,200		110,267
Carrefour SA		5,903		122,428

Company	Shares		U.S. $ Value
Casino Guichard Perrachon SA		1,228	$	60,146
Colruyt SA		862		47,711
Costco Wholesale Corp.		3,165		596,381
CVS Health Corp.		7,330		455,999
FamilyMart UNY Holdings Co., Ltd.		800		66,654
ICA Gruppen AB		2,462		87,286
J Sainsbury PLC		18,022		60,455
Jeronimo Martins SGPS SA		2,405		43,744
Koninklijke Ahold Delhaize NV		9,852		233,452
Kroger Co. (The)		6,380		152,737
Lawson, Inc.		600		41,017
METRO AG		3,266		57,776
Seven & i Holdings Co., Ltd.		8,000		342,659
Sundrug Co., Ltd.		1,000		46,806
Sysco Corp.		3,455		207,162
Tesco PLC		87,120		252,143
Tsuruha Holdings, Inc.		600		86,354
Walgreens Boots Alliance, Inc.		6,245		408,860
Walmart, Inc.		10,563		939,790
Wesfarmers Ltd.		12,002		384,602
Wm Morrison Supermarkets PLC		19,623		58,876
Woolworths Group Ltd.		14,003		284,219
				5,147,524
Food Products - 1.1%
Ajinomoto Co., Inc.		5,000		90,801
Archer-Daniels-Midland Co.		4,015		174,131
Associated British Foods PLC		3,965		138,622
Barry Callebaut AG (REG)		91		177,974
Calbee, Inc.		1,315		44,683
Campbell Soup Co.		1,325		57,386
Conagra Brands, Inc.		2,885		106,399
Danone SA		6,291		510,088
General Mills, Inc.		4,035		181,817
Hershey Co. (The)		1,000		98,960
Hormel Foods Corp.		1,950		66,924
JM Smucker Co. (The)		795		98,588
Kellogg Co.		1,765		114,743
Kerry Group PLC - Class A		1,906		193,247
Kikkoman Corp.		1,000		40,542
Kraft Heinz Co. (The)		4,278		266,477
Marine Harvest ASA		4,327		87,464
McCormick & Co., Inc./MD		825		87,772
MEIJI Holdings Co., Ltd.		1,100		84,499
Mondelez International, Inc. - Class A		10,735		447,971
Nestle SA (REG)		33,982		2,685,988
NH Foods Ltd.		933		38,310
Nisshin Seifun Group, Inc.		4,000		79,483
Nissin Foods Holdings Co., Ltd.		1,200		83,257
Orkla ASA		10,095		108,794
Toyo Suisan Kaisha Ltd.		1,000		39,517
Tyson Foods, Inc. - Class A		2,175		159,188
WH Group Ltd. (b)		67,807		72,654
Wilmar International Ltd.		26,000		63,389
Yakult Honsha Co., Ltd.		800		59,967
Yamazaki Baking Co., Ltd.		59		1,236
				6,460,871

Company	Shares		U.S. $ Value
Household Products - 0.6%
Church & Dwight Co., Inc.		1,776	$	89,439
Clorox Co. (The)		920		122,461
Colgate-Palmolive Co.		6,300		451,584
Essity AB - Class B (a)		4,979		137,984
Henkel AG & Co. KGaA		989		124,598
Henkel AG & Co. KGaA (Preference Shares)		1,696		222,944
Kimberly-Clark Corp.		2,515		276,977
Lion Corp.		2,000		41,044
Procter & Gamble Co. (The)		18,470		1,464,302
Reckitt Benckiser Group PLC		7,158		604,191
Unicharm Corp.		3,800		109,606
				3,645,130
Personal Products - 0.6%
Beiersdorf AG		1,051		119,107
Coty, Inc. - Class A		3,362		61,525
Estee Lauder Cos., Inc. (The) - Class A		1,640		245,541
Kao Corp.		5,400		405,397
Kose Corp.		500		105,111
L’Oreal SA		2,700		609,818
Pola Orbis Holdings, Inc.		1,800		75,037
Shiseido Co., Ltd.		3,600		231,181
Unilever NV		15,507		875,299
Unilever PLC		13,679		758,672
				3,486,688
Tobacco - 0.7%
Altria Group, Inc.		13,760		857,523
British American Tobacco PLC		24,956		1,442,628
Imperial Brands PLC		10,218		347,918
Japan Tobacco, Inc.		11,724		334,920
Philip Morris International, Inc.		11,250		1,118,250
Swedish Match AB		2,884		130,696
				4,231,935
				29,696,868
Energy - 3.0%
Energy Equipment & Services - 0.3%
Baker Hughes a GE Co. - Class A		3,060		84,976
Halliburton Co.		6,290		295,253
Helmerich & Payne, Inc.		735		48,922
John Wood Group PLC		7,316		55,591
National Oilwell Varco, Inc.		2,705		99,571
Schlumberger Ltd.		10,000		647,800
TechnipFMC PLC		3,118		91,825
Tenaris SA		10,900		188,418
				1,512,356
Oil, Gas & Consumable Fuels - 2.7%
Anadarko Petroleum Corp.		3,895		235,297
Andeavor		1,025		103,074
Apache Corp.		2,745		105,628
BP PLC		210,515		1,419,945
Cabot Oil & Gas Corp.		3,340		80,093
Caltex Australia Ltd.		3,100		75,302
Chevron Corp.		13,780		1,571,471
Cimarex Energy Co.		677		63,300

Company	Shares		U.S. $ Value
Concho Resources, Inc. (a)		1,107	$	166,415
ConocoPhillips		8,620		511,080
Devon Energy Corp.		3,720		118,259
Enagas SA		2,159		59,124
Eni SpA		24,216		426,571
EOG Resources, Inc.		4,160		437,923
EQT Corp.		1,690		80,292
Exxon Mobil Corp.		30,710		2,291,273
Galp Energia SGPS SA		5,341		100,724
Hess Corp.		1,940		98,203
Idemitsu Kosan Co., Ltd.		1,200		45,913
Inpex Corp.		9,048		112,280
JXTG Holdings, Inc.		32,750		199,663
Kinder Morgan, Inc./DE		13,889		209,168
Koninklijke Vopak NV		502		24,648
Lundin Petroleum AB (a)		856		21,625
Marathon Oil Corp.		6,105		98,474
Marathon Petroleum Corp.		3,474		253,984
Neste Oyj		1,220		84,918
Newfield Exploration Co. (a)		1,370		33,455
Noble Energy, Inc.		3,500		106,050
Occidental Petroleum Corp.		5,550		360,528
Oil Search Ltd.		18,278		101,529
OMV AG		1,402		81,775
ONEOK, Inc.		2,918		166,093
Origin Energy Ltd. (a)		16,658		112,418
Phillips 66		3,110		298,311
Pioneer Natural Resources Co.		1,215		208,713
Range Resources Corp. (c)		1,600		23,264
Repsol SA		13,383		237,891
Royal Dutch Shell PLC - Class A		48,497		1,534,374
Royal Dutch Shell PLC - Class B		40,305		1,296,952
Santos Ltd. (a)		18,468		72,838
Showa Shell Sekiyu KK		4,285		58,332
Snam SpA		26,833		123,346
Statoil ASA		12,989		307,423
TOTAL SA		25,086		1,437,920
Valero Energy Corp.		3,125		289,906
Williams Cos., Inc. (The)		5,955		148,041
Woodside Petroleum Ltd.		10,061		228,156
				16,221,962
				17,734,318
Materials - 2.9%
Chemicals - 1.6%
Air Liquide SA		4,557		559,224
Air Products & Chemicals, Inc.		1,620		257,629
Akzo Nobel NV		3,630		342,973
Albemarle Corp.		761		70,575
Arkema SA		1,159		151,306
Asahi Kasei Corp.		12,000		160,390
BASF SE		9,789		992,773
CF Industries Holdings, Inc.		1,600		60,368
Chr Hansen Holding A/S		1,460		126,359
Covestro AG (b)		1,766		173,893
Croda International PLC		1,689		108,504
Daicel Corp.		3,000		32,943
DowDuPont, Inc.		16,970		1,081,159

Company	Shares		U.S. $ Value
Eastman Chemical Co.		1,030	$	108,747
Ecolab, Inc.		1,940		265,916
EMS-Chemie Holding AG (REG)		203		128,420
Evonik Industries AG		2,574		90,768
FMC Corp.		930		71,210
Frutarom Industries Ltd.		300		27,584
Givaudan SA (REG)		88		200,758
Hitachi Chemical Co., Ltd.		3,000		67,020
Incitec Pivot Ltd.		32,013		87,124
International Flavors & Fragrances, Inc.		550		75,300
Israel Chemicals Ltd.		4,414		18,739
Johnson Matthey PLC		1,842		78,582
JSR Corp.		800		18,005
Kansai Paint Co., Ltd.		3,000		70,120
Kuraray Co., Ltd.		3,000		52,015
LANXESS AG		1,767		135,451
Linde AG		1,768		355,126
LyondellBasell Industries NV - Class A		2,299		242,958
Mitsubishi Chemical Holdings Corp.		13,000		126,574
Mitsubishi Gas Chemical Co., Inc.		2,500		60,332
Mitsui Chemicals, Inc.		1,600		50,799
Monsanto Co.		3,140		366,407
Mosaic Co. (The)		2,530		61,428
Nippon Paint Holdings Co., Ltd.		2,000		73,666
Nissan Chemical Industries Ltd.		1,000		41,542
Nitto Denko Corp.		1,600		120,927
Novozymes A/S - Class B		2,458		127,964
Orica Ltd.		7,662		105,465
PPG Industries, Inc.		1,850		206,460
Praxair, Inc.		2,090		301,587
Sherwin-Williams Co. (The)		665		260,760
Shin-Etsu Chemical Co., Ltd.		4,100		427,667
Sika AG		20		156,883
Solvay SA		927		128,834
Sumitomo Chemical Co., Ltd.		15,000		87,025
Symrise AG		1,178		94,852
Taiyo Nippon Sanso Corp.		7,000		106,064
Teijin Ltd.		3,000		57,007
Toray Industries, Inc.		14,000		133,174
Tosoh Corp.		3,149		62,100
Umicore SA		2,002		106,056
Yara International ASA		1,297		55,421
				9,530,933
Construction Materials - 0.2%
Boral Ltd.		17,642		101,764
CRH PLC		8,841		299,461
Fletcher Building Ltd.		7,055		30,934
HeidelbergCement AG		1,342		131,841
James Hardie Industries PLC		3,449		61,211
LafargeHolcim Ltd. (REG) (a)		4,333		237,425
Martin Marietta Materials, Inc.		477		98,882
Taiheiyo Cement Corp.		500		17,960
Vulcan Materials Co.		915		104,466
				1,083,944
Containers & Packaging - 0.1%
Amcor Ltd./Australia		11,024		120,717
Avery Dennison Corp.		685		72,781

Company	Shares		U.S. $ Value
Ball Corp.		2,520	$	100,069
International Paper Co.		2,965		158,420
Packaging Corp. of America		675		76,072
Sealed Air Corp.		1,240		53,060
Toyo Seikan Group Holdings Ltd.		1,700		25,366
WestRock Co.		1,847		118,522
				725,007
Metals & Mining - 0.9%
Alumina Ltd.		466		855
Anglo American PLC		14,945		348,139
Antofagasta PLC		6,389		82,602
ArcelorMittal (a)		12,535		398,140
BHP Billiton Ltd.		34,230		758,725
BHP Billiton PLC		22,510		444,870
BlueScope Steel Ltd.		6,941		81,662
Boliden AB		4,189		147,404
Fortescue Metals Group Ltd.		18,067		60,862
Freeport-McMoRan, Inc. (a)		9,725		170,868
Fresnillo PLC		2,356		42,068
Glencore PLC (a)		130,406		648,018
Hitachi Metals Ltd.		5,000		58,764
JFE Holdings, Inc.		5,000		100,857
Kobe Steel Ltd. (a)		1,199		11,893
Mitsubishi Materials Corp.		2,700		80,034
Newcrest Mining Ltd.		7,017		105,834
Newmont Mining Corp.		3,795		148,271
Nippon Steel & Sumitomo Metal Corp.		8,643		189,756
Norsk Hydro ASA		16,444		97,541
Nucor Corp.		2,310		141,118
Randgold Resources Ltd.		890		73,938
Rio Tinto Ltd.		4,038		228,762
Rio Tinto PLC		13,185		669,061
South32 Ltd.		56,741		142,600
Sumitomo Metal Mining Co., Ltd.		2,500		103,404
thyssenkrupp AG		3,919		102,333
voestalpine AG		1,082		56,759
				5,495,138
Paper & Forest Products - 0.1%
Mondi PLC		3,496		93,966
Oji Holdings Corp.		14,000		90,234
Stora Enso Oyj - Class R		5,244		96,418
UPM-Kymmene Oyj		5,689		210,913
				491,531
				17,326,553
Real Estate - 1.7%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Alexandria Real Estate Equities, Inc.		732		91,420
American Tower Corp.		3,065		445,467
Apartment Investment & Management Co. - Class A		1,075		43,806
AvalonBay Communities, Inc.		1,045		171,861
Boston Properties, Inc.		1,100		135,542
British Land Co. PLC (The)		9,308		83,906
Crown Castle International Corp.		2,970		325,542

Company	Shares		U.S. $ Value
Daiwa House REIT Investment Corp.		13	$	31,433
Dexus		13,420		96,634
Digital Realty Trust, Inc.		1,530		161,231
Duke Realty Corp.		2,548		67,471
Equinix, Inc.		620		259,247
Equity Residential		2,640		162,677
Essex Property Trust, Inc.		478		115,045
Extra Space Storage, Inc.		883		77,139
Federal Realty Investment Trust		522		60,609
GGP, Inc.		4,444		90,924
Goodman Group		16,928		110,068
GPT Group (The)		17,105		62,690
Hammerson PLC		7,467		56,288
HCP, Inc.		3,380		78,517
Host Hotels & Resorts, Inc.		5,350		99,724
ICADE		1,592		154,559
Iron Mountain, Inc.		2,008		65,983
Japan Prime Realty Investment Corp.		7		25,431
Japan Real Estate Investment Corp.		12		62,378
Japan Retail Fund Investment Corp.		24		46,539
Kimco Realty Corp.		3,030		43,632
Klepierre SA		2,231		89,925
Land Securities Group PLC		9,736		128,096
Link REIT		21,500		184,292
Macerich Co. (The)		710		39,774
Mid-America Apartment Communities, Inc.		796		72,627
Mirvac Group		40,488		67,287
Nippon Building Fund, Inc.		13		72,109
Nippon Prologis REIT, Inc.		14		30,407
Nomura Real Estate Master Fund, Inc.		34		47,318
Prologis, Inc.		3,770		237,472
Public Storage		1,130		226,441
Realty Income Corp.		2,008		103,874
Regency Centers Corp.		1,033		60,926
SBA Communications Corp. (a)		870		148,700
Scentre Group		50,683		149,560
Segro PLC		8,541		72,081
Simon Property Group, Inc.		2,316		357,475
SL Green Realty Corp.		676		65,457
Stockland		23,010		71,398
UDR, Inc.		1,928		68,675
Unibail-Rodamco SE		1,361		310,884
United Urban Investment Corp.		26		40,729
Ventas, Inc.		2,541		125,856
Vicinity Centres		39,646		73,690
Vornado Realty Trust		1,185		79,751
Welltower, Inc.		2,675		145,600
Westfield Corp.		18,793		123,266
Weyerhaeuser Co.		5,398		188,930
				6,608,363
Real Estate Management & Development - 0.6%
Aeon Mall Co., Ltd.		1,700		35,755
Azrieli Group Ltd.		811		38,985
CapitaLand Ltd.		35,000		95,847
CBRE Group, Inc. - Class A (a)		2,165		102,231
City Developments Ltd.		11,000		109,606
CK Asset Holdings Ltd.		25,719		217,044
Daito Trust Construction Co., Ltd.		700		119,187
Daiwa House Industry Co., Ltd.		6,000		231,140

Company	Shares		U.S. $ Value
Deutsche Wohnen SE		3,212	$	149,872
Hang Lung Properties Ltd.		14,000		32,858
Henderson Land Development Co., Ltd.		25,141		164,851
Hongkong Land Holdings Ltd.		14,000		96,726
Hulic Co., Ltd.		6,591		71,827
Kerry Properties Ltd.		8,500		38,437
LendLease Group		10,380		139,165
Mitsubishi Estate Co., Ltd.		13,000		217,769
Mitsui Fudosan Co., Ltd.		10,000		241,412
New World Development Co., Ltd.		82,122		117,045
Nomura Real Estate Holdings, Inc.		3,600		84,532
Sino Land Co., Ltd.		16,000		25,934
Sumitomo Realty & Development Co., Ltd.		3,843		143,600
Sun Hung Kai Properties Ltd.		15,000		238,094
Swire Properties Ltd.		25,389		89,298
Swiss Prime Site AG (REG) (a)		976		94,452
Tokyu Fudosan Holdings Corp.		7,989		57,481
Vonovia SE		5,710		283,158
Wharf Holdings Ltd. (The)		13,000		45,010
Wharf Real Estate Investment Co., Ltd. (a)		13,000		84,973
Wheelock & Co., Ltd.		17,000		124,696
				3,490,985
				10,099,348
Utilities - 1.7%
Electric Utilities - 1.0%
Alliant Energy Corp.		1,588		64,886
American Electric Power Co., Inc.		3,525		241,780
AusNet Services		37,398		48,373
Chubu Electric Power Co., Inc.		6,100		87,545
Chugoku Electric Power Co., Inc. (The)		4,000		48,866
CK Infrastructure Holdings Ltd.		15,000		122,944
CLP Holdings Ltd.		12,500		127,450
Duke Energy Corp.		5,082		393,702
Edison International		2,365		150,556
EDP - Energias de Portugal SA		25,431		96,628
Electricite de France SA		11,071		160,292
Endesa SA		3,024		66,619
Enel SpA		88,110		539,164
Entergy Corp.		1,325		104,383
Eversource Energy		2,210		130,213
Exelon Corp.		6,897		269,052
FirstEnergy Corp.		3,135		106,621
Fortum Oyj		4,228		90,830
HK Electric Investments & HK Electric Investments Ltd. - Class SS (b)		104,180		100,756
Iberdrola SA		62,572		460,116
Kansai Electric Power Co., Inc. (The)		8,491		111,016
Kyushu Electric Power Co., Inc.		4,100		49,518
Mercury NZ Ltd.		3,244		7,585
NextEra Energy, Inc.		3,445		562,672
Orsted A/S (b)		1,822		118,543
PG&E Corp.		3,675		161,443
Pinnacle West Capital Corp.		785		62,643
Power Assets Holdings Ltd.		8,500		75,934
PPL Corp.		4,895		138,480
Red Electrica Corp. SA		5,707		117,806
Southern Co. (The)		7,210		321,999

Company	Shares		U.S. $ Value
SSE PLC		10,739	$	192,651
Terna Rete Elettrica Nazionale SpA		23,069		134,813
Tohoku Electric Power Co., Inc.		4,300		58,494
Tokyo Electric Power Co. Holdings, Inc. (a)		13,800		54,054
Xcel Energy, Inc.		3,620		164,638
				5,743,065
Gas Utilities - 0.1%
APA Group		13,346		81,263
Gas Natural SDG SA		3,334		79,576
Hong Kong & China Gas Co., Ltd.		79,344		163,509
Osaka Gas Co., Ltd.		3,600		71,600
Toho Gas Co., Ltd.		2,017		63,044
Tokyo Gas Co., Ltd.		3,800		101,537
				560,529
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp./VA		4,785		54,405
Electric Power Development Co., Ltd.		1,600		41,241
Meridian Energy Ltd.		18,542		38,352
NRG Energy, Inc.		2,090		63,808
Uniper SE		2,006		61,133
				258,939
Multi-Utilities - 0.5%
AGL Energy Ltd.		6,423		107,653
Ameren Corp.		1,660		94,006
CenterPoint Energy, Inc.		3,095		84,803
Centrica PLC		64,140		127,964
CMS Energy Corp.		2,020		91,486
Consolidated Edison, Inc.		2,230		173,806
Dominion Energy, Inc.		4,585		309,167
DTE Energy Co.		1,270		132,588
E.ON SE		23,845		264,968
Engie SA		18,347		306,367
Innogy SE (b)		1,395		66,122
National Grid PLC		36,605		412,043
NiSource, Inc.		2,405		57,504
Public Service Enterprise Group, Inc.		3,605		181,115
RWE AG (a)		5,973		147,642
SCANA Corp.		995		37,362
Sempra Energy		1,860		206,869
Suez		5,769		83,592
United Utilities Group PLC		8,008		80,422
Veolia Environnement SA		2,727		64,786
WEC Energy Group, Inc.		2,288		143,458
				3,173,723
Water Utilities - 0.0%
American Water Works Co., Inc.		1,221		100,281
Severn Trent PLC		2,239		57,964
				158,245
				9,894,501

Company	Shares		U.S. $ Value
Telecommunication Services - 1.5%
Diversified Telecommunication Services - 1.1%
AT&T, Inc.		44,426	$	1,583,787
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		32,094
BT Group PLC		89,935		287,055
CenturyLink, Inc.		6,962		114,386
Deutsche Telekom AG (REG)		34,368		562,285
Elisa Oyj		1,354		61,241
HKT Trust & HKT Ltd. - Class SS		55,098		69,326
Iliad SA		332		68,732
Koninklijke KPN NV		28,755		86,466
Nippon Telegraph & Telephone Corp.		7,400		345,233
Orange SA		18,911		321,446
Proximus SADP		1,568		48,752
Singapore Telecommunications Ltd.		76,000		196,387
Spark New Zealand Ltd.		17,417		42,261
Swisscom AG (REG)		247		122,538
TDC A/S		10,476		86,810
Telecom Italia SpA/Milano (ordinary shares) (a)		150,129		142,546
Telefonica Deutschland Holding AG		17,113		80,412
Telefonica SA		50,008		495,421
Telenor ASA		7,146		162,508
Telia Co. AB		24,258		114,297
Telstra Corp., Ltd.		40,732		98,599
TPG Telecom Ltd.		8,880		37,729
Verizon Communications, Inc.		29,545		1,412,842
				6,573,153
Wireless Telecommunication Services - 0.4%
KDDI Corp.		19,550		503,499
Millicom International Cellular SA		641		43,867
NTT DOCOMO, Inc.		14,767		376,461
SoftBank Group Corp.		8,822		658,044
StarHub Ltd.		23,000		40,486
Tele2 AB - Class B		3,826		46,074
Vodafone Group PLC		283,081		774,518
				2,442,949
				9,016,102
Total Common Stocks (cost $242,199,532)				322,161,240
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 28.6%
United States - 28.6%
U.S. Treasury Bonds
2.25%, 8/15/46	$	5,033		4,335,802
2.50%, 2/15/45		520		474,744
2.75%, 8/15/42-11/15/47		2,505		2,404,056
2.875%, 5/15/43-11/15/46		5,936		5,833,269
3.00%, 5/15/45-5/15/47		1,633		1,641,470
3.125%, 11/15/41-2/15/43		2,825		2,914,916
3.50%, 2/15/39		358		393,297
3.625%, 8/15/43		3,475		3,889,828
3.75%, 8/15/41		220		250,731
3.875%, 8/15/40		280		324,363
4.25%, 5/15/39		240		292,013
4.375%, 11/15/39-5/15/41		1,258		1,559,425
4.50%, 8/15/39		220		276,719

	Principal Amount (000)		U.S. $ Value
4.75%, 2/15/37-2/15/41	$	2,136	$	2,741,557
5.375%, 2/15/31		650		832,203
6.00%, 2/15/26		2,846		3,511,252
6.125%, 11/15/27		326		419,114
6.25%, 8/15/23-5/15/30		724		960,777
6.875%, 8/15/25		849		1,086,853
7.25%, 8/15/22		775		927,094
7.625%, 2/15/25		55		72,084
8.00%, 11/15/21		9,123		10,863,497
U.S. Treasury Notes
1.00%, 9/30/19-11/30/19		1,890		1,853,941
1.125%, 2/28/21-9/30/21		2,905		2,791,276
1.25%, 1/31/19-10/31/21		10,851		10,577,553
1.375%, 2/28/19-5/31/21		11,169		10,942,560
1.50%, 5/31/19-8/15/26		8,738		8,477,295
1.625%, 6/30/20-2/15/26		14,732		14,039,451
1.75%, 3/31/22-5/15/23		8,339		8,060,803
1.875%, 11/30/21-10/31/22		7,977		7,778,134
2.00%, 11/15/21-11/15/26		19,868		19,297,634
2.125%, 8/15/21-5/15/25		5,862		5,706,243
2.25%, 11/15/24-11/15/27		5,088		4,884,970
2.375%, 8/15/24-5/15/27		1,829		1,785,323
2.50%, 8/15/23-5/15/24		4,139		4,109,522
2.625%, 8/15/20-11/15/20		3,700		3,722,824
2.75%, 2/15/19-11/15/23		5,446		5,480,010
3.125%, 5/15/21		394		401,882
3.50%, 5/15/20		910		931,897
3.625%, 2/15/20-2/15/21		12,121		12,511,878
Total Governments - Treasuries (cost $173,975,188)				169,358,260
	Shares
INVESTMENT COMPANIES - 12.4%
Funds and Investment Trusts - 12.4% (d)
iShares Core MSCI Emerging Markets ETF		577,940		33,751,696
iShares International Developed Real Estate ETF (c)		293,373		8,721,979
SPDR S&P MidCap 400 ETF Trust		34,917		11,932,186
Vanguard Global ex-U.S. Real Estate ETF		135,330		8,244,304
Vanguard Mid-Cap ETF		18,523		2,856,432
Vanguard REIT ETF		29,065		2,193,536
Vanguard Small-Cap ETF		36,677		5,388,585
Total Investment Companies (cost $64,961,290)				73,088,718
SHORT-TERM INVESTMENTS - 3.5%
Investment Companies - 3.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (d)(e)(f) (cost $20,948,345)		20,948,345		20,948,345
Total Investments Before Security Lending Collateral for Securities Loaned - 98.9% (cost $502,084,355)				585,556,563

	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
Investment Companies - 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (d)(e)(f) (cost $387,481)		387,481	$	387,481
Total Investments - 98.9% (cost $502,471,836) (g)				585,944,044	(h)
Other assets less liabilities - 1.1%				6,403,576
Net Assets - 100.0%			$	592,347,620

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at March 31, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		26		June 2018		CAD	2,600		$	2,637,485	$	2,689,502	$	52,017
Euro-Bund Futures		24		June 2018		EUR	2,400			4,640,644		4,708,094		67,450
FTSE 100 Index Futures		3		June 2018		GBP	– 0	–*		300,000		294,356		(5,644	)
Long Gilt Futures		13		June 2018		GBP	1,300			2,210,920		2,240,115		29,195
Mini MSCI EAFE Futures		14		June 2018		USD	1			1,407,624		1,400,420		(7,204	)
TOPIX Index Futures		155		June 2018		JPY	1,550			24,789,592		25,004,229		214,637
U.S. T-Note 2 Yr (CBT) Futures		98		June 2018		USD	19,600			20,840,402		20,835,719		(4,683	)
U.S. T-Note 10 Yr (CBT) Futures		321		June 2018		USD	32,100			38,575,615		38,886,141		310,526
U.S. Ultra Bond (CBT) Futures		58		June 2018		USD	5,800			9,029,289		9,307,188		277,899
Sold Contracts
Euro STOXX 50 Index Futures		226		June 2018		EUR	2			9,322,139		9,123,858		198,281
S&P 500 E Mini Futures		63		June 2018		USD	3			8,535,499		8,325,450		210,049
SPI 200 Futures		49		June 2018		AUD	1			5,621,538		5,396,778		224,760
													$	1,567,283

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	GBP	3,695	USD	5,119		6/19/18	$	(81,685	)
Barclays Bank PLC	CAD	1,587	USD	1,234		6/19/18		1,007
Barclays Bank PLC	CHF	6,202	USD	6,586		6/19/18		56,747
Barclays Bank PLC	GBP	757	USD	1,055		6/19/18		(10,325	)
BNP Paribas SA	AUD	10,329	USD	8,087		6/19/18		152,975
BNP Paribas SA	USD	5,010	NOK	38,906		6/19/18		(34,589	)
Citibank, NA	EUR	3,369	USD	4,200		6/19/18		30,926
Citibank, NA	JPY	1,357,856	USD	12,913		6/19/18		86,515
Credit Suisse International	CHF	996	USD	1,071		6/19/18		22,624
Credit Suisse International	NOK	5,344	USD	671		6/19/18		(12,627	)
Credit Suisse International	USD	4,394	JPY	472,089		6/19/18		65,225
Morgan Stanley Capital Services, Inc.	GBP	2,995	USD	4,179		6/19/18		(35,962	)
Morgan Stanley Capital Services, Inc.	SEK	22,038	USD	2,685		6/19/18		31,007
State Street Bank & Trust Co.	EUR	5,105	USD	6,331		6/19/18		15,413
State Street Bank & Trust Co.	NZD	617	USD	450		6/19/18		3,761
							$	291,012

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 Return Index

1,256

LIBOR

Quarterly

USD

9,508

2/15/19

$

(51,358

)

Pay Total Return on Reference Obligation

Citibank, NA

S&P 500 Total Return Index

11,414

LIBOR Plus 0.27%

Maturity

USD

61,400

6/15/18

2,421,563

$

2,370,205

* Notional amount less than 500.

(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 March 31, 2018, the aggregate market value of these securities amounted to $1,081,602 or 0.2% of net assets.

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

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $101,544,990 and gross unrealized depreciation of investments was $(13,844,282), resulting in net unrealized appreciation of $87,700,708.

(h) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

AB Variable Products Series Fund, Inc.

AB Dynamic Asset Allocation Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	24,362,525		$	33,353,125		$	– 0	–	$	57,715,650
Information Technology		41,274,942			9,846,249			– 0	–		51,121,191
Consumer Discretionary		20,942,442			20,187,035			– 0	–		41,129,477
Industrials		16,824,867			23,105,951			– 0	–		39,930,818
Health Care		22,733,177			15,763,237			– 0	–		38,496,414
Consumer Staples		13,062,165			16,634,703			– 0	–		29,696,868
Energy		9,326,642			8,407,676			– 0	–		17,734,318
Materials		4,673,033			12,653,520			– 0	–		17,326,553
Real Estate		4,519,626			5,579,722			– 0	–		10,099,348
Utilities		4,731,690			5,162,811			– 0	–		9,894,501
Telecommunication Services		3,204,094			5,812,008			– 0	–		9,016,102
Governments - Treasuries		– 0	–		169,358,260			– 0	–		169,358,260
Investment Companies		73,088,718			– 0	–		– 0	–		73,088,718
Short-Term Investments		20,948,345			– 0	–		– 0	–		20,948,345
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		387,481			– 0	–		– 0	–		387,481
Total Investments in Securities		260,079,747			325,864,297			– 0	–		585,944,044

Investments in Securities:	Level 1			Level 2			Level 3			Total
Other Financial Instruments (a):
Assets:
Futures	$	947,136		$	637,678		$	– 0	–	$	1,584,814
Forward Currency Exchange Contracts		– 0	–		466,200			– 0	–		466,200
Total Return Swaps		– 0	–		2,421,563			– 0	–		2,421,563
Liabilities:
Futures		(11,887	)		(5,644	)		– 0	–		(17,531	)
Forward Currency Exchange Contracts		– 0	–		(175,188	)		– 0	–		(175,188	)
Total Return Swaps		– 0	–		(51,358	)		– 0	–		(51,358	)
Total (b)	$	261,014,996		$	329,157,548		$	– 0	–	$	590,172,544

(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 swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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 three months ended March 31, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio	$	18,529	$	61,620	$	59,201	$	20,948	$	– 0	–
Government Money Market Portfolio*		1,877		51,496		52,986		387		– 0	–
Total	$	20,406	$	113,116	$	112,187	$	21,335	$	– 0	–

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Global Bond Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

	Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THROUGHS - 4.1%
Agency Fixed Rate 30-Year - 4.1%
Federal National Mortgage Association
Series 2018
3.50%, 4/12/48, TBA	U.S.$	195	$	195,412
4.00%, 4/12/48, TBA		239		245,576
Total Mortgage Pass-Throughs (cost $438,504)				440,988
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2%
Risk Share Floating Rate - 1.2%
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 2M2
6.872% (LIBOR 1 Month + 5.00%), 11/25/24 (a)		12		13,089
Series 2015-C01, Class 1M2
6.172% (LIBOR 1 Month + 4.30%), 2/25/25 (a)		7		7,987
Series 2015-C01, Class 2M2
6.422% (LIBOR 1 Month + 4.55%), 2/25/25 (a)		11		12,388
Series 2015-C02, Class 2M2
5.872% (LIBOR 1 Month + 4.00%), 5/25/25 (a)		18		19,663
Series 2015-C03, Class 2M2
6.872% (LIBOR 1 Month + 5.00%), 7/25/25 (a)		8		9,310
Series 2016-C01, Class 1M2
8.622% (LIBOR 1 Month + 6.75%), 8/25/28 (a)		13		15,073
Series 2016-C01, Class 2M2
8.822% (LIBOR 1 Month + 6.95%), 8/25/28 (a)		13		14,997
Series 2016-C02, Class 1M2
7.872% (LIBOR 1 Month + 6.00%), 9/25/28 (a)		15		17,956
Series 2016-C04, Class 1M2
6.122% (LIBOR 1 Month + 4.25%), 1/25/29 (a)		10		11,289
Total Collateralized Mortgage Obligations (cost $111,531)				121,752
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.2%
Non-Agency Fixed Rate CMBS - 0.2%
JPMBB Commercial Mortgage Securities Trust
Series 2015-C32, Class C
4.668%, 11/15/48 (b)		10		9,938
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (b)		12		9,859
Total Commercial Mortgage-Backed Securities (cost $22,153)				19,797

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 40.7%
Investment Companies - 40.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (c)(d)(e) (cost $4,340,922)		4,340,922	$	4,340,922
Total Investments - 46.2% (cost $4,913,110) (f)				4,923,459	(g)
Other assets less liabilities - 53.8%				5,736,944
Net Assets - 100.0%			$	10,660,403

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	BRL	686	USD	207		4/03/18	$	(726	)
Bank of America, NA	USD	10	ARS	199		4/03/18		28
Bank of America, NA	USD	103	BRL	343		4/03/18		1,304
Bank of America, NA	USD	104	BRL	343		4/03/18		(109	)
Bank of America, NA	USD	589	GBP	418		4/03/18		(2,687	)
Barclays Bank PLC	ARS	284	USD	14		4/03/18		(70	)
Barclays Bank PLC	KRW	57,230	USD	54		4/03/18		167
Credit Suisse International	BRL	343	USD	106		4/03/18		1,788
Credit Suisse International	USD	103	BRL	343		4/03/18		699
Standard Chartered Bank	INR	5,120	USD	78		4/03/18		(304	)
Standard Chartered Bank	KRW	56,520	USD	53		4/03/18		170
Standard Chartered Bank	TWD	2,340	USD	81		4/03/18		393
Standard Chartered Bank	USD	78	INR	5,120		4/03/18		441
Standard Chartered Bank	USD	53	KRW	56,520		4/03/18		198
Standard Chartered Bank	USD	81	TWD	2,340		4/03/18		(610	)
State Street Bank & Trust Co.	AUD	272	USD	211		4/03/18		1,550
State Street Bank & Trust Co.	CAD	626	USD	504		4/03/18		17,762
State Street Bank & Trust Co.	CAD	60	USD	47		4/03/18		(123	)
State Street Bank & Trust Co.	EUR	1,491	USD	1,850		4/03/18		15,354
State Street Bank & Trust Co.	GBP	40	USD	56		4/03/18		(434	)
State Street Bank & Trust Co.	NZD	77	USD	55		4/03/18		12
State Street Bank & Trust Co.	RUB	395	USD	7		4/03/18		12
State Street Bank & Trust Co.	SEK	306	USD	37		4/03/18		729
State Street Bank & Trust Co.	TWD	764	USD	26		4/03/18		101
State Street Bank & Trust Co.	USD	182	EUR	146		4/03/18		(2,035	)
State Street Bank & Trust Co.	USD	106	GBP	76		4/03/18		1,360
State Street Bank & Trust Co.	USD	54	NOK	418		4/03/18		(1,024	)
State Street Bank & Trust Co.	USD	55	TWD	1,578		4/03/18		(449	)
							$	33,497

CREDIT DEFAULT SWAPS
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Barclays Bank PLC
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00	%		Monthly		12.54	%		USD	6	$	(1,429	)	$	(98	)	$	(1,331	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		3.00			Monthly		5.71			USD	100		(11,603	)		(578	)		(11,025	)
												$	(13,032	)	$	(676	)	$	(12,356	)

* Termination date

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2018.

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

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $55,430 and gross unrealized depreciation of investments was $(23,941), resulting in net unrealized appreciation of $31,490.

(g) On March 30, 2018, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

Currency Abbreviations:

ARS	-	Argentine Peso
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
INR	-	Indian Rupee
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CMBS	-	Commercial Mortgage-Backed Securities
LIBOR	-	London Interbank Offered Rates
TBA	-	To Be Announced

COUNTRY BREAKDOWN ¹

March 31, 2018 (unaudited)

11.8%	United States
88.2%	Short-Term
100.0%	Total Investments

1 All data are as of March 31, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

AB Variable Products Series Fund, Inc.

AB Global Bond Portfolio

March 31, 2018 (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.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Mortgage Pass-Throughs	$	– 0	–	$	440,988		$	– 0	–	$	440,988
Collateralized Mortgage Obligations		– 0	–		121,752			– 0	–		121,752
Commercial Mortgage-Backed Securities		– 0	–		– 0	–		19,797			19,797
Short-Term Investments		4,340,922			– 0	–		– 0	–		4,340,922
Total Investments in Securities		4,340,922			562,740			19,797			4,923,459
Other Financial Instruments (a):
Assets:
Forward Currency Exchange Contracts		– 0	–		42,068			– 0	–		42,068
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(8,571	)		– 0	–		(8,571	)
Credit Default Swaps		– 0	–		(13,032	)		– 0	–		(13,032	)
Total (b)	$	4,340,922		$	583,205		$	19,797		$	4,943,924

(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 swaps with upfront premiums, options written and swaptions 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 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 12/31/17	$	19,844		$	19,844
Accrued discounts/(premiums)		1			1
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(46	)		(46	)
Purchases/Payups		– 0	–		– 0	–
Sales/Paydowns		(2	)		(2	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 3/31/18	$	19,797		$	19,797
Net change in unrealized appreciation/depreciation from investments held as of 3/31/18	$	(46	)	$	(46	)

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 three months ended March 31, 2018 is as follows:

	Market Value		Purchases		Sales		Market Value		Dividend
	12/31/2017		at Cost		Proceeds		3/31/2018		Income
Fund	(000)		(000)		(000)		(000)		(000)
Government Money Market Portfolio	$	67	$	4,764	$	490	$	4,341	$	– 0	–

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company		Shares		U.S. $ Value
INVESTMENT COMPANIES - 41.8%
Funds and Investment Trusts - 41.8% (a)
iShares Core MSCI EAFE ETF			76,670	$	5,051,020
iShares Core S&P 500 ETF			43,375		11,510,424
iShares MSCI EAFE ETF			90,720		6,321,369
iShares Russell 2000 ETF			11,040		1,676,203
SPDR S&P 500 ETF Trust			15,121		3,979,091
Vanguard S&P 500 ETF			49,183		11,906,221
Total Investment Companies (cost $35,528,137)					40,444,328
		Principal Amount (000)
INFLATION-LINKED SECURITIES - 19.8%
Japan - 16.0%
Japanese Government CPI Linked Bond
Series 22
0.10%, 3/10/27	JPY		1,545,863		15,452,672
United States - 3.8%
U.S. Treasury Inflation Index
0.375%, 7/15/25 (TIPS)	$		3,778		3,729,440
Total Inflation-Linked Securities (cost $18,696,760)					19,182,112
		Notional Amount
OPTIONS PURCHASED - PUTS - 0.4%
Options on Funds and Investment Trusts - 0.3%
SPDR S&P 500 ETF Trust
Expiration: Apr 2018; Contracts: 350;
Exercise Price: USD 268.00;
Counterparty: Morgan Stanley & Co. (b)	USD		35,000		248,500
SPDR S&P 500 ETF Trust
Expiration: Apr 2018; Contracts: 120;
Exercise Price: USD 263.00;
Counterparty: Morgan Stanley & Co. (b)			12,000		54,240
					302,740
Options on Indices - 0.1%
Euro STOXX 50 Index
Expiration: Apr 2018; Contracts: 790; Exercise
Price: EUR 3,350.00;
Counterparty: Goldman Sachs International (b)	EUR		790		43,923
FTSE 100 Index
Expiration: Apr 2018; Contracts: 140; Exercise
Price: GBP 7,000.00;
Counterparty: Goldman Sachs International (b)	GBP		140		15,403

	Notional Amount			U.S. $ Value
Nikkei 225 Index
Expiration: Apr 2018; Contracts: 13,000;
Exercise Price: JPY 20,750.00;
Counterparty: Goldman Sachs International (b)		JPY	13,000	$	29,657
					88,983
Total Options Purchased - Puts (premiums paid $200,562)					391,723
OPTIONS PURCHASED - CALLS - 0.0%
Options on Funds and Investment Trusts - 0.0%
SPDR S&P 500 ETF Trust
Expiration: Apr 2018; Contracts: 353;
Exercise Price: USD 285.00;
Counterparty: Morgan Stanley & Co. (b)		USD	35,300		2,824
SPDR S&P 500 ETF Trust
Expiration: May 2018; Contracts: 148
Exercise Price: USD 272.00;
Counterparty: Morgan Stanley & Co. (b)			14,800		39,812
Total Options Purchased - Calls (premiums paid $111,438)					42,636
	Shares
SHORT-TERM INVESTMENTS - 36.0%
Investment Companies - 26.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (a)(c)(d) (cost $25,494,903)			25,494,903		25,494,903
	Principal Amount (000)
Governments - Treasuries - 5.3%
Japan - 5.3%
Japan Treasury Discount Bill
Series 744
Zero Coupon, 6/11/18 (cost $5,107,483)		JPY	544,000		5,114,205
U.S. Treasury Bills - 4.3%
U.S. Treasury Bill
Zero Coupon, 4/26/18-5/24/18 (cost $4,127,996)		$	4,134		4,127,996
Total Short-Term Investments (cost $34,730,382)					34,737,104
Total Investments - 98.0% (cost $89,267,279) (e)					94,797,903	(f)
Other assets less liabilities - 2.0%					1,940,877
Net Assets - 100.0%				$	96,738,780

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at March  31, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		6		June 2018	CAD	600		$	608,650	$	620,654	$	12,004
Euro STOXX 50 Index Futures		170		June 2018	EUR	2			7,013,042		6,863,079		(149,963	)
Euro-BTP Futures		13		June 2018	EUR	1,300			2,159,024		2,220,064		61,040
Euro-Bund Futures		10		June 2018	EUR	1,000			1,934,279		1,961,706		27,427
Euro-OAT Futures		16		June 2018	EUR	1,600			2,986,960		3,043,444		56,484
FTSE 100 Index Futures		25		June 2018	GBP	– 0	–*		2,499,753		2,452,971		(46,782	)
Long Gilt Futures		4		June 2018	GBP	400			678,776		689,266		10,490
Nikkei 225 (CME) Futures		27		June 2018	USD	– 0	–*		2,885,054		2,903,850		18,796
S&P 500 EMini Futures		8		June 2018	USD	– 0	–*		1,102,915		1,057,200		(45,715	)
S&P TSX 60 Index Futures		13		June 2018	CAD	3			1,837,835		1,828,385		(9,450	)
SPI 200 Futures		11		June 2018	AUD	– 0	–*		1,259,914		1,211,522		(48,392	)
TOPIX Index Futures		18		June 2018	JPY	180			2,881,002		2,903,717		22,715
U.S. T-Note 10 Yr (CBT)
Futures		82		June 2018	USD	8,200			9,854,207		9,933,531		79,324
U.S. Ultra Bond (CBT) Futures		3		June 2018	USD	300			467,035		481,406		14,371
Sold Contracts
10 Yr Mini Japan Government Bond Futures		68		June 2018	JPY	680,000			9,631,788		9,636,502		(4,714	)
												$	(2,365	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	JPY	419,446	USD	3,747		4/06/18	$	(195,756	)
Barclays Bank PLC	KRW	1,562,253	USD	1,438		4/26/18		(32,943	)
Barclays Bank PLC	CNY	4,523	USD	709		6/19/18		(8,483	)
Barclays Bank PLC	GBP	1,990	USD	2,774		6/19/18		(27,149	)
Barclays Bank PLC	USD	888	GBP	637		6/19/18		8,690
Barclays Bank PLC	USD	1,439	KRW	1,562,253		4/26/18		32,678
BNP Paribas SA	AUD	1,080	USD	847		6/19/18		17,677
Citibank, NA	JPY	1,980,531	USD	17,646		4/06/18		(970,203	)
Citibank, NA	USD	756	JPY	82,554		4/06/18		20,448
Credit Suisse International	EUR	3,834	USD	4,759		6/19/18		14,561
Morgan Stanley Capital Services, Inc.	JPY	322,496	USD	3,037		6/19/18		(8,772	)
Morgan Stanley Capital Services, Inc.	USD	709	CNY	4,523		6/19/18		8,220
State Street Bank & Trust Co.	JPY	38,000	USD	338		4/06/18		(18,828	)
State Street Bank & Trust Co.	HKD	1,141	USD	146		6/19/18		240
State Street Bank & Trust Co.	CHF	866	USD	918		6/19/18		6,832
State Street Bank & Trust Co.	SGD	190	USD	145		6/19/18		(468	)
							$	(1,153,256	)

CALL OPTIONS WRITTEN

Description

Counterparty

Contracts

Exercise Price

Expiration Month

Notional (000)

Premiums Received

U.S. $ Value

SPDR S&P 500 ETF Trust

Morgan Stanley & Co.

148

USD

281.00

May 2018

USD

15

$

14,239

$

(11,026

)

PUT OPTIONS WRITTEN

Description	Counterparty	Contracts		Exercise Price		Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index	Goldman Sachs International		790	EUR	3,225.00		April 2018	EUR	1		$	11,123	$	(15,414	)
FTSE 100 Index	Goldman Sachs International		140	GBP	6,750.00		April 2018	GBP	– 0	–*		2,791		(4,822	)
Nikkei 225 Index	Goldman Sachs International		13,000	JPY	19,875.00		April 2018	JPY	13			17,039		(12,124	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co., Inc.		350	USD	258.00		April 2018	USD	35			33,936		(98,525	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co.		1,087	USD	248.00		April 2018	USD	109			249,970		(116,309	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co.		148	USD	245.00		May 2018	USD	15			31,645		(32,042	)
											$	346,504	$	(279,236	)

* 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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,237,993 and gross unrealized depreciation of investments was $(1,792,509), resulting in net unrealized appreciation of $4,445,484.

(f) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
KRW	-	South Korean Won
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:

BTP	-	Buoni del Tesoro Poliennali
CBT	-	Chicago Board of Trade
CME	-	Chicago Mercantile Exchange
CPI	-	Consumer Price Index
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund

FTSE	-	Financial Times Stock Exchange
MSCI	-	Morgan Stanley Capital International
OAT	-	Obligations Assimilables du Trésor
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TIPS	-	Treasury Inflation Protected Security
TOPIX	-	Tokyo Price Index
TSX	-	Toronto Stock Exchange

COUNTRY BREAKDOWN ¹

March 31, 2018 (unaudited)

47.0%	United States
16.3%	Japan
0.1%	Germany
0.0%	United Kingdom
36.6%	Short-Term
100.0%	Total Investments

1 All data are as of March 31, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Investment Companies

$

40,444,328

$

– 0

–

$

– 0

–

$

40,444,328

Inflation-Linked Securities

– 0

–

19,182,112

– 0

–

19,182,112

Options Purchased - Puts

– 0

–

391,723

– 0

–

391,723

Options Purchased - Calls

– 0

–

42,636

– 0

–

42,636

Short-Term Investments:

Investment Companies

25,494,903

– 0

–

– 0

–

25,494,903

Governments - Treasuries

– 0

–

5,114,205

– 0

–

5,114,205

U.S. Treasury Bills

– 0

–

4,127,996

– 0

–

4,127,996

Total Investments in Securities

65,939,231

28,858,672

– 0

–

94,797,903

Other Financial Instruments (a):

Assets:

Futures

279,936

22,715

– 0

–

302,651

Forward Currency Exchange Contracts

– 0

–

109,346

– 0

–

109,346

Liabilities:

Futures

(59,879

)

(245,137

)

– 0

–

(305,016

)

Forward Currency Exchange Contracts

– 0

–

(1,262,602

)

– 0

–

(1,262,602

)

Call Options Written

– 0

–

(11,026

)

– 0

–

(11,026

)

Put Options Written

– 0

–

(279,236

)

– 0

–

(279,236

)

Total (b)

$

66,159,288

$

27,192,732

$

– 0

–

$

93,352,020

(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 swaps with upfront premiums, options written and swaptions 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 three months ended March 31, 2018 is as follows:

Fund	Market  Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,045	$	35,600	$	12,150	$	25,495	$	– 0	–

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.5%
Health Care - 20.3%
Biotechnology - 1.3%
Foundation Medicine, Inc. (a)(b)		10,338	$	814,117
Regeneron Pharmaceuticals, Inc. (a)		2,810		967,652
				1,781,769
Health Care Equipment & Supplies - 7.8%
Abbott Laboratories		56,950		3,412,444
Danaher Corp.		28,320		2,772,811
Essilor International Cie Generale d’Optique SA		17,977		2,425,108
West Pharmaceutical Services, Inc.		28,840		2,546,284
				11,156,647
Health Care Providers & Services - 3.9%
Apollo Hospitals Enterprise Ltd.		165,820		2,702,895
UnitedHealth Group, Inc.		13,750		2,942,500
				5,645,395
Life Sciences Tools & Services - 5.5%
Bio-Rad Laboratories, Inc. - Class A (a)		11,830		2,958,446
Bruker Corp.		79,450		2,377,144
ICON PLC (a)		21,690		2,562,457
				7,898,047
Pharmaceuticals - 1.8%
Roche Holding AG		8,640		1,981,990
Vectura Group PLC (a)		593,760		646,860
				2,628,850
				29,110,708
Financials - 19.3%
Banks - 5.5%
Bank Mandiri Persero Tbk PT		3,349,500		1,878,237
Credicorp Ltd.		7,400		1,680,096
HDFC Bank Ltd.		52,230		1,544,757
Svenska Handelsbanken AB - Class A (b)		116,250		1,455,081
Swedbank AB - Class A		60,350		1,356,085
				7,914,256
Capital Markets - 6.4%
Charles Schwab Corp. (The)		56,790		2,965,574
MSCI, Inc. - Class A		23,460		3,506,566
Partners Group Holding AG		3,720		2,768,143
				9,240,283
Consumer Finance - 1.5%
Bharat Financial Inclusion Ltd. (a)		124,810		2,108,868
Insurance - 3.4%
AIA Group Ltd.		354,600		3,031,361
Prudential PLC		75,580		1,888,644
				4,920,005

Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance - 2.5%
Housing Development Finance Corp., Ltd.		127,430	$	3,580,415
				27,763,827
Information Technology - 16.7%
Electronic Equipment, Instruments & Components - 1.4%
Flex Ltd. (a)		124,820		2,038,311
Internet Software & Services - 4.9%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		8,280		1,519,711
Alphabet, Inc. - Class C (a)		2,567		2,648,605
Tencent Holdings Ltd.		53,200		2,855,752
				7,024,068
IT Services - 2.1%
Visa, Inc. - Class A		25,620		3,064,664
Semiconductors & Semiconductor Equipment - 5.1%
ams AG		28,610		3,004,342
Infineon Technologies AG		80,290		2,159,257
NVIDIA Corp.		9,028		2,090,794
				7,254,393
Software - 2.1%
Microsoft Corp.		33,680		3,073,974
Technology Hardware, Storage & Peripherals - 1.1%
Apple, Inc.		9,235		1,549,448
				24,004,858
Industrials - 13.9%
Aerospace & Defense - 2.5%
Hexcel Corp.		53,949		3,484,566
Building Products - 3.8%
Cie de Saint-Gobain		39,250		2,072,596
Kingspan Group PLC		80,690		3,415,404
				5,488,000
Commercial Services & Supplies - 1.6%
China Everbright International Ltd.		1,632,000		2,304,347
Electrical Equipment - 1.9%
Schneider Electric SE (Paris)		31,110		2,739,589
Industrial Conglomerates - 1.7%
Siemens AG (REG)		19,220		2,452,420
Machinery - 2.4%
Xylem, Inc./NY		44,220		3,401,402
				19,870,324
Consumer Discretionary - 6.9%
Auto Components - 2.9%
Aptiv PLC		30,660		2,605,180
Delphi Technologies PLC		34,046		1,622,292
				4,227,472

Company	Shares		U.S. $ Value
Diversified Consumer Services - 1.4%
Bright Horizons Family Solutions, Inc. (a)		20,320	$	2,026,310
Internet & Direct Marketing Retail - 1.5%
Amazon.com, Inc. (a)		1,443		2,088,512
Textiles, Apparel & Luxury Goods - 1.1%
NIKE, Inc. - Class B		24,150		1,604,526
				9,946,820
Utilities - 6.9%
Multi-Utilities - 1.2%
Suez		119,330		1,729,084
Water Utilities - 5.7%
American Water Works Co., Inc.		38,079		3,127,428
Aqua America, Inc.		57,490		1,958,109
Beijing Enterprises Water Group Ltd.		2,760,000		1,552,893
Cia de Saneamento Basico do Estado de Sao Paulo		145,200		1,539,324
				8,177,754
				9,906,838
Consumer Staples - 5.3%
Food Products - 3.4%
Kerry Group PLC - Class A		21,380		2,167,698
Nestle SA (REG)		34,040		2,690,572
				4,858,270
Household Products - 1.9%
Unicharm Corp.		96,200		2,774,748
				7,633,018
Real Estate - 2.9%
Equity Real Estate Investment Trusts (REITs) - 1.5%
SBA Communications Corp. (a)		12,840		2,194,613
Real Estate Management & Development - 1.4%
SM Prime Holdings, Inc.		3,032,100		1,971,354
				4,165,967
Materials - 2.3%
Chemicals - 2.3%
Ecolab, Inc.		23,740		3,254,042
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 1.0%
Telekomunikasi Indonesia Persero Tbk PT		5,475,000		1,439,678
Total Common Stocks (cost $101,227,332)				137,096,080
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 - 3.9%
Time Deposit - 3.9%
State Street Time Deposit
0.28%, 4/02/18 (cost $5,630,248)	U.S.$	5,630	$	5,630,248
Total Investments Before Security Lending Collateral for Securities Loaned - 99.4% (cost $106,857,580)				142,726,328
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.1%
Investment Companies - 1.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (f)(g)(h) (cost $1,570,221)		1,570,221	$	1,570,221
Total Investments - 100.5% (cost $108,427,801) (i)				144,296,549	(j)
Other assets less liabilities - (0.5)%				(774,083	)
Net Assets - 100.0%			$	143,522,466

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	USD	2,586	KRW	2,744,335		4/26/18	$	(1,451	)
Bank of America, NA	USD	379	BRL	1,251		5/03/18		(681	)
Bank of America, NA	USD	1,177	ZAR	14,161		6/19/18		6,898
Barclays Bank PLC	BRL	1,251	USD	376		4/03/18		(2,548	)
Barclays Bank PLC	USD	379	BRL	1,251		4/03/18		178
Barclays Bank PLC	USD	506	RUB	28,928		4/17/18		(1,608	)
Barclays Bank PLC	USD	535	CNY	3,379		4/19/18		3,007
Barclays Bank PLC	BRL	1,251	USD	378		5/03/18		(325	)
Barclays Bank PLC	USD	2,842	CAD	3,653		6/19/18		(2,319	)
Barclays Bank PLC	USD	5,490	GBP	3,939		6/19/18		53,739
Barclays Bank PLC	USD	502	MXN	9,452		6/19/18		12,025
BNP Paribas SA	USD	3,215	AUD	4,098		6/19/18		(67,074	)
Citibank, NA	RUB	8,491	USD	148		4/17/18		428
Citibank, NA	INR	558,669	USD	8,507		5/17/18		(37,376	)
Citibank, NA	USD	1,980	TWD	57,465		6/07/18		6,976
Credit Suisse International	BRL	1,251	USD	385		4/03/18		6,515
Credit Suisse International	USD	376	BRL	1,251		4/03/18		2,548
Goldman Sachs Bank USA	EUR	560	USD	704		6/19/18		10,864
Morgan Stanley & Co., Inc.	USD	8,645	JPY	917,846		6/19/18		24,966
Royal Bank of Scotland PLC	PEN	4,908	USD	1,513		4/19/18		(7,529	)
Royal Bank of Scotland PLC	KRW	158,132	USD	147		4/26/18		(1,988	)
Royal Bank of Scotland PLC	PHP	95,496	USD	1,809		5/30/18		(9,130	)
Standard Chartered Bank	CNY	22,514	USD	3,556		4/19/18		(31,845	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		CHF	3,496		USD	3,708		6/19/18	$	27,579
State Street Bank & Trust Co.		EUR	4,475		USD	5,551		6/19/18		13,512
State Street Bank & Trust Co.		GBP	146		USD	207		6/19/18		1,316
State Street Bank & Trust Co.		HKD	10,082		USD	1,288		6/19/18		163
State Street Bank & Trust Co.		JPY	20,288		USD	193		6/19/18		1,337
State Street Bank & Trust Co.		SEK	14,515		USD	1,775		6/19/18		27,287
State Street Bank & Trust Co.		USD	1,547		CAD	1,990		6/19/18		(179	)
State Street Bank & Trust Co.		USD	633		EUR	511		6/19/18		(768	)
State Street Bank & Trust Co.		USD	404		JPY	42,621		6/19/18		(1,022	)
State Street Bank & Trust Co.		USD	284		NOK	2,208		6/19/18		(1,950	)
									$	31,545

(a) Non-income producing security.

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

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

(d) Fair valued by the Adviser.

(e) Illiquid security.

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $39,229,003 and gross unrealized depreciation of investments was $(3,328,740), resulting in net unrealized appreciation of $35,900,293.

(j) On March 30, 2018, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

PEN	-	Peruvian Sol
PHP	-	Philippine Peso
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

COUNTRY BREAKDOWN ¹

March 31, 2018 (unaudited)

48.8 %	United States
7.0 %	India
6.3 %	France
5.8 %	China
5.2 %	Switzerland
3.9 %	Ireland
3.2 %	Germany
2.3 %	Indonesia
2.1 %	Hong Kong
2.1 %	Austria
2.0 %	Sweden
1.9 %	Japan
1.7 %	United Kingdom
3.7 %	Other
4.0 %	Short-Term
100.0 %	Total Investments

1 All data are as of March 31, 2018. 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, Norway, Peru and Philippines.

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Health Care

$

22,000,715

$

7,109,993

$

– 0

–

$

29,110,708

Financials

8,152,236

19,611,591

– 0

–

27,763,827

Information Technology

15,985,507

8,019,351

– 0

–

24,004,858

Industrials

10,301,372

9,568,952

– 0

–

19,870,324

Consumer Discretionary

9,946,820

– 0

–

– 0

–

9,946,820

Utilities

6,624,861

3,281,977

– 0

–

9,906,838

Consumer Staples

2,167,698

5,465,320

– 0

–

7,633,018

Real Estate

2,194,613

1,971,354

– 0

–

4,165,967

Materials

3,254,042

– 0

–

– 0

–

3,254,042

Telecommunication Services

– 0

–

1,439,678

– 0

–

1,439,678

Warrants

– 0

–

– 0

–

– 0

–(a)

– 0

–

Short-Term Investments

– 0

–

5,630,248

– 0

–

5,630,248

Investments of Cash Collateral for Securities

Loaned in Affiliated Money Market Fund

1,570,221

– 0

–

– 0

–

1,570,221

Total Investments in Securities

82,198,085

62,098,464

(b)

– 0

–

144,296,549

Other Financial Instruments (c):

Assets:

Forward Currency Exchange Contracts

– 0

–

199,338

– 0

–

199,338

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(167,793

)

– 0

–

(167,793

)

Total (d)(e)

$

82,198,085

$

59,145,574

$

– 0

–

$

144,328,094

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(d) An amount of $2,261,193 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(e) An amount of $3,535,672 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

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

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

	Warrants(a)			Total
Balance as of 12/31/17	$	– 0	–	$	– 0	–
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		– 0	–		– 0	–
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 3/31/18	$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from investments held as of 3/31/18	$	– 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 three months ended March 31, 2018 is as follows:

Fund	Market  Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio*	$	3,829	$	6,175	$	8,434	$	1,570	$	3

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Growth Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.5%
Information Technology - 32.7%
Communications Equipment - 0.5%
Arista Networks, Inc. (a)		1,420	$	362,526
Internet Software & Services - 13.9%
Alphabet, Inc.-Class C (a)		5,115		5,277,606
Facebook, Inc.-Class A (a)		25,017		3,997,466
Trade Desk, Inc. (The)-Class A (a)(b)		13,530		671,359
				9,946,431
IT Services - 6.9%
Fiserv, Inc. (a)		9,860		703,117
PayPal Holdings, Inc. (a)		13,320		1,010,588
Visa, Inc.-Class A		27,240		3,258,449
				4,972,154
Semiconductors & Semiconductor Equipment - 3.6%
NVIDIA Corp.		2,410		558,132
Xilinx, Inc.		28,190		2,036,445
				2,594,577
Software - 6.4%
Activision Blizzard, Inc.		11,630		784,560
Adobe Systems, Inc. (a)		7,950		1,717,836
Electronic Arts, Inc. (a)		7,320		887,476
HubSpot, Inc. (a)		3,840		415,872
Red Hat, Inc. (a)		3,600		538,236
Splunk, Inc. (a)		2,410		237,120
				4,581,100
Technology Hardware, Storage & Peripherals - 1.4%
Apple, Inc.		5,865		984,030
				23,440,818
Health Care - 17.7%
Biotechnology - 3.6%
Biogen, Inc. (a)		9,334		2,555,836
Health Care Equipment & Supplies - 6.8%
Align Technology, Inc. (a)		1,623		407,584
Edwards Lifesciences Corp. (a)		12,910		1,801,203
Intuitive Surgical, Inc. (a)		4,292		1,771,866
Nevro Corp. (a)		10,580		916,969
				4,897,622
Health Care Providers & Services - 3.2%
UnitedHealth Group, Inc.		10,808		2,312,912
Health Care Technology - 1.4%
Cerner Corp. (a)		10,610		615,380
Teladoc, Inc. (a)(b)		10,319		415,856
				1,031,236

Company	Shares		U.S. $ Value
Pharmaceuticals - 2.7%
Zoetis, Inc.		23,020	$	1,922,400
				12,720,006
Consumer Discretionary - 17.3%
Diversified Consumer Services - 3.6%
Bright Horizons Family Solutions, Inc. (a)		12,480		1,244,506
Grand Canyon Education, Inc. (a)		12,600		1,321,992
				2,566,498
Hotels, Restaurants & Leisure - 3.5%
Planet Fitness, Inc. (a)		52,270		1,974,238
Starbucks Corp.		9,620		556,902
				2,531,140
Internet & Direct Marketing Retail - 0.7%
Booking Holdings, Inc. (a)		237		493,052
Multiline Retail - 2.1%
Dollar Tree, Inc. (a)		15,920		1,510,808
Specialty Retail - 4.9%
Home Depot, Inc. (The)		13,129		2,340,113
Ulta Salon Cosmetics & Fragrance, Inc. (a)		5,842		1,193,345
				3,533,458
Textiles, Apparel & Luxury Goods - 2.5%
NIKE, Inc.-Class B		27,082		1,799,328
				12,434,284
Consumer Staples - 11.4%
Beverages - 6.0%
Constellation Brands, Inc.-Class A		10,710		2,441,023
Monster Beverage Corp. (a)		32,778		1,875,230
				4,316,253
Food & Staples Retailing - 3.8%
Costco Wholesale Corp.		14,505		2,733,177
Food Products - 1.6%
Blue Buffalo Pet Products, Inc. (a)		27,550		1,096,765
				8,146,195
Industrials - 10.5%
Building Products - 3.6%
Allegion PLC		10,810		921,985
AO Smith Corp.		13,920		885,173
Lennox International, Inc.		3,870		790,912
				2,598,070
Commercial Services & Supplies - 1.7%
Copart, Inc. (a)		23,350		1,189,216
Industrial Conglomerates - 1.6%
Roper Technologies, Inc.		4,100		1,150,829

Company	Shares		U.S. $ Value
Machinery - 2.4%
IDEX Corp.		5,680	$	809,457
WABCO Holdings, Inc. (a)		6,710		898,267
				1,707,724
Trading Companies & Distributors - 1.2%
Fastenal Co.		16,080		877,807
				7,523,646
Materials - 3.1%
Chemicals - 3.1%
PolyOne Corp.		23,560		1,001,771
Sherwin-Williams Co. (The)		3,160		1,239,100
				2,240,871
Financials - 2.8%
Capital Markets - 2.8%
MarketAxess Holdings, Inc.		5,330		1,158,955
S&P Global, Inc.		4,610		880,787
				2,039,742
Total Common Stocks (cost $44,295,843)				68,545,562
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.9%
Time Deposit - 4.9%
State Street Bank & Trust Co. 0.28%, 4/02/18 (cost $3,552,920)	$	3,553		3,552,920
Total Investments Before Security Lending Collateral for Securities Loaned - 100.4% (cost $47,848,763)				72,098,482
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.5%
Investment Companies - 1.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.41% (c)(d)(e) (cost $1,047,680)		1,047,680		1,047,680
Total Investments - 101.9% (cost $48,896,443) (f)				73,146,162	(g)
Other assets less liabilities - (1.9)%				(1,343,001	)
Net Assets - 100.0%			$	71,803,161

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $24,446,721 and gross unrealized depreciation of investments was $(197,002), resulting in net unrealized appreciation of $24,249,719.

(g) On March 30, 2018, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

AB Variable Products Series Fund, Inc.

AB Growth Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

68,545,562

$

– 0

–

$

– 0

–

$

68,545,562

Short-Term Investments

– 0

–

3,552,920

– 0

–

3,552,920

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

1,047,680

– 0

–

– 0

–

1,047,680

Total Investments in Securities

69,593,242

3,552,920

– 0

–

73,146,162

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

69,593,242

$

3,552,920

$

– 0

–

$

73,146,162

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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 three months ended March 31, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio*	$	1,101	$	2,469	$	2,522	$	1,048	$	10

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 90.1%
Financials - 24.2%
Banks - 7.3%
Citigroup, Inc.		406,760	$	27,456,300
JPMorgan Chase & Co.		365,920		40,240,222
Wells Fargo & Co.		118,660		6,218,971
				73,915,493
Capital Markets - 5.1%
Goldman Sachs Group, Inc. (The)		54,120		13,630,663
Northern Trust Corp.		164,089		16,922,499
State Street Corp.		164,730		16,428,523
TD Ameritrade Holding Corp.		64,510		3,820,927
				50,802,612
Diversified Financial Services - 3.9%
Berkshire Hathaway, Inc.-Class B (a)		197,792		39,455,548
Insurance - 7.9%
Aflac, Inc.		179,240		7,843,543
Allstate Corp. (The)		156,810		14,865,588
Chubb Ltd.		86,660		11,852,488
FNF Group		443,090		17,732,462
Reinsurance Group of America, Inc.-Class A		113,840		17,531,360
Validus Holdings Ltd.		152,069		10,257,054
				80,082,495
				244,256,148
Consumer Discretionary - 16.0%
Auto Components - 0.5%
BorgWarner, Inc.		112,890		5,670,465
Household Durables - 3.6%
DR Horton, Inc.		688,640		30,189,977
Garmin Ltd.		99,170		5,844,088
				36,034,065
Internet & Direct Marketing Retail - 0.7%
Liberty Interactive Corp. QVC Group-Class A (a)		269,870		6,792,628
Media - 8.9%
Comcast Corp.-Class A		480,650		16,423,810
Discovery Communications, Inc.-Class A (a)(b)		295,360		6,329,565
Discovery Communications, Inc.-Class C (a)		405,727		7,919,791
Time Warner, Inc.		395,370		37,394,095
Walt Disney Co. (The)		220,380		22,134,967
				90,202,228
Specialty Retail - 1.2%
Ross Stores, Inc.		90,050		7,022,099
Tractor Supply Co.		80,844		5,094,789
				12,116,888
Textiles, Apparel & Luxury Goods - 1.1%
VF Corp.		148,950		11,040,174
				161,856,448

Company	Shares		U.S. $ Value
Health Care - 12.8%
Biotechnology - 4.0%
Biogen, Inc. (a)		91,135	$	24,954,585
Gilead Sciences, Inc.		200,290		15,099,863
				40,054,448
Health Care Providers & Services - 3.4%
Aetna, Inc.		93,670		15,830,230
Cigna Corp.		113,320		19,008,297
				34,838,527
Pharmaceuticals - 5.4%
Eli Lilly & Co.		270,340		20,916,206
Pfizer, Inc.		514,370		18,254,991
Roche Holding AG (Sponsored ADR)		543,390		15,554,539
				54,725,736
				129,618,711
Energy - 9.6%
Energy Equipment & Services - 2.5%
Dril-Quip, Inc. (a)		130,235		5,834,528
National Oilwell Varco, Inc.		108,090		3,978,793
Oil States International, Inc. (a)		238,546		6,249,905
TechnipFMC PLC		298,890		8,802,311
				24,865,537
Oil, Gas & Consumable Fuels - 7.1%
Apache Corp.		371,498		14,295,243
ConocoPhillips		272,630		16,164,233
Exxon Mobil Corp.		206,000		15,369,660
Noble Energy, Inc.		872,988		26,451,536
				72,280,672
				97,146,209
Information Technology - 9.2%
Communications Equipment - 2.7%
Cisco Systems, Inc.		444,210		19,052,167
F5 Networks, Inc. (a)		60,670		8,773,489
				27,825,656
IT Services - 2.6%
Amdocs Ltd.		95,910		6,399,115
International Business Machines Corp.		127,140		19,507,090
				25,906,205
Semiconductors & Semiconductor Equipment - 2.7%
Ambarella, Inc. (a)(b)		72,770		3,565,002
Intel Corp.		339,102		17,660,432
QUALCOMM, Inc.		105,490		5,845,201
				27,070,635

Company	Shares		U.S. $ Value
Software - 0.6%
VMware, Inc.-Class A (a)(b)		47,340	$	5,740,922
Technology Hardware, Storage & Peripherals - 0.6%
Apple, Inc.		38,355		6,435,202
				92,978,620
Industrials - 8.6%
Aerospace & Defense - 2.8%
Raytheon Co.		128,480		27,728,554
Airlines - 1.5%
Delta Air Lines, Inc.		94,950		5,204,209
Southwest Airlines Co.		180,160		10,319,565
				15,523,774
Construction & Engineering - 0.7%
Jacobs Engineering Group, Inc.		121,893		7,209,971
Machinery - 1.7%
Crane Co.		110,630		10,259,826
PACCAR, Inc. (b)		105,610		6,988,214
				17,248,040
Road & Rail - 1.9%
Kansas City Southern		58,060		6,377,891
Norfolk Southern Corp.		93,010		12,628,898
				19,006,789
				86,717,128
Consumer Staples - 4.0%
Food & Staples Retailing - 4.0%
Walgreens Boots Alliance, Inc.		205,560		13,458,013
Walmart, Inc.		303,147		26,970,989
				40,429,002
Real Estate - 2.1%
Equity Real Estate Investment Trusts (REITs) - 0.6%
Liberty Property Trust		147,710		5,868,518
Real Estate Management & Development - 1.5%
CBRE Group, Inc.-Class A (a)		335,550		15,844,671
				21,713,189
Telecommunication Services - 1.9%
Diversified Telecommunication Services - 1.9%
Verizon Communications, Inc.		409,170		19,566,509
Materials - 1.7%
Metals & Mining - 1.7%
Newmont Mining Corp.		443,750		17,337,313
Total Common Stocks (cost $784,958,748)				911,619,277

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 10.2%
Time Deposit - 10.2%
State Street Bank & Trust Co. 0.28%, 4/02/18 (cost $102,849,231)	$	102,849	$	102,849,231
Total Investments Before Security Lending Collateral for Securities Loaned - 100.3% (cost $887,807,979)				1,014,468,508
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.6%
Investment Companies - 1.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.41% (c)(d)(e) (cost $15,934,830)		15,934,830		15,934,830
Total Investments - 101.9% (cost $903,742,809) (f)				1,030,403,338
Other assets less liabilities - (1.9)%				(18,878,666	)
Net Assets - 100.0%			$	1,011,524,672

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $138,894,027 and gross unrealized depreciation of investments was $(12,233,498), resulting in net unrealized appreciation of $126,660,529.

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

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment

speeds, credit risk, etc.)

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

911,619,277

$

– 0

–

$

– 0

–

$

911,619,277

Short-Term Investments

– 0

–

102,849,231

– 0

–

102,849,231

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

15,934,830

– 0

–

– 0

–

15,934,830

Total Investments in Securities

927,554,107

102,849,231

– 0

–

1,030,403,338

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

927,554,107

$

102,849,231

$

– 0

–

$

1,030,403,338

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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 three months ended March 31, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)		Purchases at Cost (000)	Sales Proceeds (000)		Market Value 3/31/2018 (000)	Dividend Income (000)
Government Money Market Portfolio*	$	20,366	$40,842	$	45,273	$15,935	$	51

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 23.9%
Financial Institutions - 13.2%
Banking - 11.8%
Banco Santander SA
3.50%, 4/11/22	U.S.$	200	$	199,146
Bank of America Corp.
2.881%, 4/24/23		145		141,891
3.824%, 1/20/28		145		143,566
Series G
3.593%, 7/21/28		85		82,515
Bank of Nova Scotia (The)
2.50%, 1/08/21		26		25,618
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
2.30%, 3/05/20 (a)		200		196,934
Banque Federative du Credit Mutuel SA
2.75%, 10/15/20 (a)		200		197,484
BB&T Corp.
2.625%, 6/29/20		45		44,623
BNP Paribas SA
3.80%, 1/10/24 (a)		200		199,650
Capital One Financial Corp.
3.30%, 10/30/24		135		130,181
Citigroup, Inc.
3.668%, 7/24/28		290		283,086
Commonwealth Bank of Australia
2.25%, 3/10/20 (a)		52		51,272
Compass Bank
5.50%, 4/01/20		250		259,595
Cooperatieve Rabobank UA
4.375%, 8/04/25		250		252,423
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		265		265,663
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		118		113,872
3.75%, 5/22/25		53		52,411
3.85%, 7/08/24		210		210,953
Series D
6.00%, 6/15/20		195		206,591
HSBC Holdings PLC
4.041%, 3/13/28		310		308,980
JPMorgan Chase & Co.
3.22%, 3/01/25		140		136,349
3.54%, 5/01/28		255		249,235
Lloyds Banking Group PLC
4.375%, 3/22/28		200		201,988
Manufacturers & Traders Trust Co.
2.625%, 1/25/21		250		246,400
Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/01/26		200		200,294
Morgan Stanley
3.591%, 7/22/28		235		227,496
PNC Bank NA
2.60%, 7/21/20		250		247,868
Santander Holdings USA, Inc.
4.40%, 7/13/27		140		138,639

	Principal Amount (000)		U.S. $ Value
Santander Issuances SAU
3.25%, 4/04/26 (a)	EUR	200	$	268,076
UBS AG/Stamford CT
7.625%, 8/17/22	U.S.$	250		280,738
UBS Group Funding Switzerland AG
4.125%, 9/24/25 (a)		200		201,298
US Bancorp
Series J
5.30%, 4/15/27 (b)		63		64,338
Wells Fargo & Co.
3.069%, 1/24/23		113		111,130
				5,940,303
Finance - 0.2%
Synchrony Financial
3.95%, 12/01/27		135		127,659
Insurance - 0.8%
American International Group, Inc.
Series A-9
5.75%, 4/01/48		57		57,761
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		31		32,485
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		35		56,422
New York Life Global Funding
1.95%, 2/11/20 (a)		129		126,874
XLIT Ltd.
3.25%, 6/29/47	EUR	100		123,810
				397,352
REITS - 0.4%
American Tower Corp.
3.40%, 2/15/19	U.S.$	35		35,151
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		6		5,926
Welltower, Inc.
4.00%, 6/01/25		146		145,880
				186,957
				6,652,271
Industrial - 9.9%
Basic - 1.2%
Eastman Chemical Co.
3.80%, 3/15/25		50		50,546
Glencore Funding LLC
4.125%, 5/30/23 (a)		58		58,285
Mosaic Co. (The)
5.625%, 11/15/43		40		42,023
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		259,025
Vale Overseas Ltd.
6.875%, 11/21/36		80		94,096
Yamana Gold, Inc.		81		83,550
4.95%, 7/15/24				587,525

	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.2%
Embraer Netherlands Finance BV
5.40%, 2/01/27	U.S.$	85	$	89,811
General Electric Co.
Series D
5.00%, 1/21/21 (b)		40		39,598
				129,409
Communications - Media - 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		135		137,690
Cox Communications, Inc.
2.95%, 6/30/23 (a)		51		49,204
Time Warner Cable LLC
4.125%, 2/15/21		200		202,262
Time Warner, Inc.
4.875%, 3/15/20		53		54,791
				443,947
Communications - Telecommunications - 1.4%
AT&T, Inc.
3.40%, 5/15/25		310		298,871
4.125%, 2/17/26		147		147,913
5.15%, 2/14/50		60		60,540
Crown Castle Towers LLC
4.883%, 8/15/20 (a)		39		40,379
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		21,860
Verizon Communications, Inc.
5.50%, 3/16/47	U.S.$	105		116,079
				685,642
Consumer Cyclical - Automotive - 0.3%
General Motors Financial Co., Inc.
3.10%, 1/15/19		110		110,131
4.00%, 1/15/25		23		22,732
4.30%, 7/13/25		30		30,026
				162,889
Consumer Non-Cyclical - 2.0%
Becton Dickinson and Co.
3.734%, 12/15/24		40		39,312
Biogen, Inc.
4.05%, 9/15/25		144		147,347
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		2		2,125
CVS Health Corp.
4.10%, 3/25/25		60		60,496
4.30%, 3/25/28		60		60,325

	Principal Amount (000)		U.S. $ Value
Danone SA
1.691%, 10/30/19 (a)(c)	U.S.$	200	$	196,436
Medtronic, Inc.
3.50%, 3/15/25		195		195,156
Reynolds American, Inc.
6.875%, 5/01/20		50		53,670
Tyson Foods, Inc.
2.65%, 8/15/19		39		38,804
3.95%, 8/15/24		123		123,947
Zimmer Biomet Holdings, Inc.
2.70%, 4/01/20		51		50,468
Zoetis, Inc.
3.45%, 11/13/20		45		45,348
				1,013,434
Energy - 2.1%
Cenovus Energy, Inc.
3.00%, 8/15/22		12		11,562
5.70%, 10/15/19		36		37,235
Ecopetrol SA
5.875%, 5/28/45		57		56,270
Encana Corp.
3.90%, 11/15/21		45		45,592
Enterprise Products Operating LLC
3.70%, 2/15/26		161		159,633
5.20%, 9/01/20		55		57,552
Hess Corp.
4.30%, 4/01/27		109		106,668
Noble Energy, Inc.
3.90%, 11/15/24		107		107,737
4.15%, 12/15/21		40		40,920
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		137		130,312
Sabine Pass Liquefaction LLC
5.00%, 3/15/27		80		83,074
TransCanada PipeLines Ltd.
9.875%, 1/01/21		108		126,792
Williams Partners LP
4.125%, 11/15/20		97		98,583
				1,061,930
Services - 0.5%
Expedia Group, Inc.
3.80%, 2/15/28		94		87,356
S&P Global, Inc.
4.40%, 2/15/26		127		133,313
Total System Services, Inc.
3.75%, 6/01/23		19		18,981
				239,650
Technology - 1.3%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24		28		27,549
3.875%, 1/15/27		62		60,336
Dell International LLC/EMC Corp.
5.45%, 6/15/23 (a)		160		169,574
6.02%, 6/15/26 (a)		31		33,367

	Principal Amount (000)		U.S. $ Value
KLA-Tencor Corp.
4.65%, 11/01/24	U.S.$	134	$	139,828
Lam Research Corp.
2.80%, 6/15/21		39		38,550
Motorola Solutions, Inc.
3.50%, 3/01/23		82		80,822
7.50%, 5/15/25		4		4,760
Seagate HDD Cayman
4.75%, 1/01/25		75		73,065
VMware, Inc.
2.95%, 8/21/22		45		43,272
				671,123
				4,995,549
Utility - 0.8%
Electric - 0.8%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		88		112,433
Exelon Generation Co. LLC
2.95%, 1/15/20		81		80,751
Israel Electric Corp., Ltd.
Series 6
5.00%, 11/12/24 (a)		200		208,250
				401,434
Total Corporates - Investment Grade (cost $11,928,455)				12,049,254
MORTGAGE PASS-THROUGHS - 22.0%
Agency Fixed Rate 30-Year - 19.6%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		84		92,251
Series 2007
5.50%, 7/01/35		23		25,457
Series 2016
4.00%, 2/01/46		248		256,455
Series 2017
4.00%, 7/01/44		194		200,193
Federal National Mortgage Association
Series 2003
5.50%, 4/01/33-7/01/33		78		84,772
Series 2004
5.50%, 4/01/34-11/01/34		69		75,609
Series 2005
5.50%, 2/01/35		83		90,315
Series 2010
4.00%, 12/01/40		115		119,509
Series 2013
4.00%, 10/01/43		468		484,789
Series 2017
3.50%, 9/01/47-12/01/47		2,369		2,375,558
Series 2018
3.50%, 2/01/48-4/01/48		1,837		1,841,854
4.00%, 4/01/48, TBA		2,053		2,106,570
4.50%, 4/01/48, TBA		1,749		1,831,258

	Principal Amount (000)		U.S. $ Value
Government National Mortgage Association
Series 1994
9.00%, 9/15/24	U.S.$	1	$	1,204
Series 2016
3.00%, 4/20/46		291		286,922
				9,872,716
Agency Fixed Rate 15-Year - 2.4%
Federal National Mortgage Association
Series 2016
2.50%, 7/01/31-1/01/32		1,231		1,208,763
Total Mortgage Pass-Throughs (cost $11,094,556)				11,081,479
ASSET-BACKED SECURITIES - 12.5%
Autos - Fixed Rate - 6.4%
Ally Auto Receivables Trust
Series 2015-2, Class A3
1.49%, 11/15/19		43		42,443
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		259		258,741
Americredit Automobile Receivables Trust
Series 2016-4, Class A2A
1.34%, 4/08/20		32		31,875
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A2A
1.69%, 12/18/20		59		58,416
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		288		288,346
Series 2016-1A, Class A
2.99%, 6/20/22 (a)		100		99,651
Bank of The West Auto Trust
Series 2015-1, Class A3
1.31%, 10/15/19 (a)		16		15,975
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		20		19,890
Chrysler Capital Auto Receivables Trust
Series 2015-BA, Class A3
1.91%, 3/16/20 (a)		29		28,911
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (a)		25		24,846
DT Auto Owner Trust
Series 2017-3A, Class A
1.73%, 8/17/20 (a)		32		32,180
Series 2018-1A, Class A
2.59%, 5/17/21 (a)		115		114,933
Exeter Automobile Receivables Trust
Series 2016-3A, Class A
1.84%, 11/16/20 (a)		15		14,706

	Principal Amount (000)		U.S. $ Value
Series 2016-3A, Class D
6.40%, 7/17/23 (a)	U.S.$	100	$	104,151
Series 2017-1A, Class D
6.20%, 11/15/23 (a)		100		103,352
Series 2017-2A, Class A
2.11%, 6/15/21 (a)		42		41,685
Series 2017-3A, Class A
2.05%, 12/15/21 (a)		98		97,616
Series 2017-3A, Class C
3.68%, 7/17/23 (a)		60		59,651
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		113		112,733
Flagship Credit Auto Trust
Series 2016-3, Class A1
1.61%, 12/15/19 (a)		5		4,890
Series 2016-4, Class D
3.89%, 11/15/22 (a)		125		125,510
Series 2017-3, Class A
1.88%, 10/15/21 (a)		70		69,534
Ford Credit Auto Owner Trust
Series 2014-2, Class A
2.31%, 4/15/26 (a)		257		255,561
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		198		195,531
Series 2016-1, Class A1
1.76%, 2/15/21		131		129,944
Series 2017-1, Class A1
2.07%, 5/15/22		115		113,271
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (a)		128		128,335
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		41		41,039
Hertz Vehicle Financing II LP
Series 2015-1A, Class B
3.52%, 3/25/21 (a)		115		114,941
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		404		403,383
Santander Drive Auto Receivables Trust
Series 2017-3, Class A2
1.67%, 6/15/20		55		54,640
Westlake Automobile Receivables Trust
Series 2016-2A, Class A2
1.57%, 6/17/19 (a)		4		4,282
Series 2018-1A, Class A1
1.75%, 2/15/19 (a)		52		51,675
				3,242,637

	Principal Amount (000)		U.S. $ Value
Other ABS - Fixed Rate - 3.0%
CLUB Credit Trust
Series 2017-P1, Class B
3.56%, 9/15/23 (a)(c)	U.S.$	100	$	99,583
Series 2017-P2, Class A
2.61%, 1/15/24 (a)(c)		90		90,114
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		57		56,469
Series 2015-A, Class A4
1.85%, 4/15/21		134		132,898
Marlette Funding Trust
Series 2016-1A, Class A
3.06%, 1/17/23 (a)(c)		15		14,846
Series 2017-1A, Class A
2.827%, 3/15/24 (a)(c)		41		40,604
Series 2017-2A, Class A
2.39%, 7/15/24 (a)(c)		74		73,963
Series 2017-3A, Class A
2.36%, 12/15/24 (a)(c)		78		77,972
Series 2017-3A, Class B
3.01%, 12/15/24 (a)(c)		100		99,118
SBA Tower Trust
3.156%, 10/08/20 (a)(c)		147		144,526
SoFi Consumer Loan Program LLC
Series 2016-2, Class A
3.09%, 10/27/25 (a)(c)		55		54,750
Series 2016-3, Class A
3.05%, 12/26/25 (a)(c)		61		60,688
Series 2017-1, Class A
3.28%, 1/26/26 (a)(c)		56		56,108
Series 2017-2, Class A
3.28%, 2/25/26 (a)(c)		68		68,100
Series 2017-3, Class A
2.77%, 5/25/26 (a)(c)		77		75,990
Series 2017-4, Class B
3.59%, 5/26/26 (a)(c)		130		127,265
Series 2017-5, Class A2
2.78%, 9/25/26 (a)(c)		110		108,339
SoFi Consumer Loan Program Trust
Series 2018-1, Class A1
2.55%, 2/25/27 (a)(c)		122		121,340
				1,502,673
Credit Cards - Fixed Rate - 2.2%
Barclays Dryrock Issuance Trust
Series 2015-2, Class A
1.56%, 3/15/21		183		182,852
GE Capital Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		232		231,405
Synchrony Credit Card Master Note Trust
Series 2015-3, Class A
1.74%, 9/15/21		173		172,410
Series 2016-1, Class A
2.04%, 3/15/22		130		129,400

	Principal Amount (000)		U.S. $ Value
World Financial Network Credit Card Master Trust
Series 2016-B, Class A
1.44%, 6/15/22	U.S.$	137	$	136,434
Series 2017-B, Class A
1.98%, 6/15/23		110		108,868
Series 2018-A, Class A
3.07%, 12/16/24		130		129,893
				1,091,262
Autos - Floating Rate - 0.4%
BMW Floorplan Master Owner Trust
Series 2015-1A, Class A
2.277% (LIBOR 1 Month + 0.50%), 7/15/20 (a)(d)		214		214,231
Credit Cards - Floating Rate - 0.3%
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
2.257% (LIBOR 1 Month + 0.48%), 2/15/22 (d)		150		150,022
Home Equity Loans - Fixed Rate - 0.1%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (c)		56		56,507
Home Equity Loans - Floating Rate - 0.1%
Asset Backed Funding Certificates Trust
Series 2003-WF1, Class A2
2.997% (LIBOR 1 Month + 1.13%), 12/25/32 (c)(d)		28		28,163
Total Asset-Backed Securities (cost $6,304,006)				6,285,495
COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.8%
Non-Agency Fixed Rate CMBS - 8.6%
BHMS Commercial Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		200		197,430
CCUBS Commercial Mortgage Trust
Series 2017-C1, Class A4
3.544%, 11/15/50		155		153,759
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4
3.283%, 5/10/58		115		112,293
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		260		260,614
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5
3.137%, 2/10/48		144		141,283
Series 2015-GC35, Class A4
3.818%, 11/10/48		55		56,124
Series 2016-C1, Class A4
3.209%, 5/10/49		192		188,170
Series 2016-GC36, Class A5
3.616%, 2/10/49		65		65,375

	Principal Amount (000)		U.S. $ Value
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)	U.S.$	72	$	69,375
Series 2014-UBS3, Class A4
3.819%, 6/10/47		130		133,752
Series 2014-UBS5, Class A4
3.838%, 9/10/47		130		133,587
Series 2015-CR24, Class A5
3.696%, 8/10/48		65		66,002
Series 2015-DC1, Class A5
3.35%, 2/10/48		80		79,287
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4
3.504%, 6/15/57		100		99,845
Series 2015-C3, Class A4
3.718%, 8/15/48		117		117,822
Series 2015-C4, Class A4
3.808%, 11/15/48		215		220,520
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		232		231,242
Series 2018-GS9, Class A4
3.992%, 3/10/51		75		77,724
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		136		132,490
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AM
5.372%, 5/15/47 (c)		37		37,373
Series 2012-C6, Class D
5.137%, 5/15/45 (c)		110		108,276
Series 2012-C6, Class E
5.137%, 5/15/45 (a)(c)		132		116,493
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class XA
0.913%, 9/15/47 (e)		2,844		125,160
Series 2015-C30, Class A5
3.822%, 7/15/48		65		66,489
Series 2015-C31, Class A3
3.801%, 8/15/48		195		198,941
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (c)		40		31,589
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 3/10/49 (a)		159		154,230
Morgan Stanley Capital I Trust
Series 2016-UB12, Class A4
3.596%, 12/15/49		100		100,486
UBS Commercial Mortgage Trust
Series 2018-C8, Class A4
3.983%, 2/15/51		100		103,019
Series 2018-C9, Class A4
4.117%, 3/15/51 (c)		125		129,376

	Principal Amount (000)		U.S. $ Value
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5
2.85%, 12/10/45	U.S.$	112	$	110,581
Wells Fargo Commercial Mortgage Trust
Series 2016-LC25, Class C
4.436%, 12/15/59 (c)		85		81,929
Series 2016-NXS6, Class C
4.311%, 11/15/49 (c)		100		99,259
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA
1.226%, 3/15/45 (a)(e)		1,335		62,350
Series 2013-C14, Class A5
3.337%, 6/15/46		132		132,664
Series 2014-C20, Class A2
3.036%, 5/15/47		125		125,473
				4,320,382
Non-Agency Floating Rate CMBS - 2.2%
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF
2.777% (LIBOR 1 Month + 1.00%), 11/15/33 (a)(c)(d)		185		185,418
BX Trust
Series 2017-IMC, Class A
2.827% (LIBOR 1 Month + 1.05%), 10/15/32 (a)(d)		135		135,084
Credit Suisse Mortgage Trust
Series 2016-MFF, Class D
6.377% (LIBOR 1 Month + 4.60%), 11/15/33 (a)(c)(d)		100		100,741
Great Wolf Trust
Series 2017-WOLF, Class A
2.777% (LIBOR 1 Month + 0.85%), 9/15/34 (a)(d)		93		93,128
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-SGP, Class A
3.477% (LIBOR 1 Month + 1.70%), 7/15/36 (a)(d)		119		118,535
RETL
Series 2018-RVP, Class A
2.877% (LIBOR 1 Month + 1.10%), 3/15/33 (a)(d)		100		100,469
Starwood Retail Property Trust
Series 2014-STAR, Class A
2.997% (LIBOR 1 Month + 1.22%), 11/15/27 (a)(d)		182		181,499

	Principal Amount (000)		U.S. $ Value
Waldorf Astoria Boca Raton Trust
Series 2016-BOCA, Class A
3.127% (LIBOR 1 Month + 1.35%), 6/15/29 (a)(d)	U.S.$	211	$	211,443
				1,126,317
Total Commercial Mortgage-Backed Securities (cost $5,574,658)				5,446,699
COLLATERALIZED MORTGAGE OBLIGATIONS - 8.3%
Risk Share Floating Rate - 5.5%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
8.372% (LIBOR 1 Month + 6.50%), 4/25/26 (d)(f)		83		84,929
Bellemeade Re Ltd.
Series 2017-1, Class M1
3.572% (LIBOR 1 Month + 1.70%), 10/25/27 (a)(d)		129		128,662
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN4, Class M3
6.422% (LIBOR 1 Month + 4.55%), 10/25/24 (d)		211		235,401
Series 2015-DNA1, Class M3
5.172% (LIBOR 1 Month + 3.30%), 10/25/27 (d)		250		278,564
Series 2015-HQA1, Class M2
4.522% (LIBOR 1 Month + 2.65%), 3/25/28 (d)		119		121,155
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M2
4.872% (LIBOR 1 Month + 3.00%), 7/25/24 (d)		48		51,304
Series 2014-C04, Class 2M2
6.872% (LIBOR 1 Month + 5.00%), 11/25/24 (d)		49		54,889
Series 2015-C01, Class 1M2
6.172% (LIBOR 1 Month + 4.30%), 2/25/25 (d)		69		75,875
Series 2015-C01, Class 2M2
6.422% (LIBOR 1 Month + 4.55%), 2/25/25 (d)		58		62,586
Series 2015-C02, Class 1M2
5.872% (LIBOR 1 Month + 4.00%), 5/25/25 (d)		85		93,720
Series 2015-C02, Class 2M2
5.872% (LIBOR 1 Month + 4.00%), 5/25/25 (d)		95		102,250
Series 2015-C03, Class 1M2
6.872% (LIBOR 1 Month + 5.00%), 7/25/25 (d)		106		121,072

	Principal Amount (000)		U.S. $ Value
Series 2015-C03, Class 2M2
6.872% (LIBOR 1 Month + 5.00%), 7/25/25 (d)	U.S.$	87	$	97,755
Series 2015-C04, Class 1M2
7.572% (LIBOR 1 Month + 5.70%), 4/25/28 (d)		131		151,598
Series 2015-C04, Class 2M2
7.422% (LIBOR 1 Month + 5.55%), 4/25/28 (d)		120		135,378
Series 2016-C01, Class 1M2
8.622% (LIBOR 1 Month + 6.75%), 8/25/28 (d)		160		192,682
Series 2016-C01, Class 2M2
8.822% (LIBOR 1 Month + 6.95%), 8/25/28 (d)		92		110,526
Series 2016-C02, Class 1M2
7.872% (LIBOR 1 Month + 6.00%), 9/25/28 (d)		130		155,617
Series 2016-C03, Class 2M2
7.772% (LIBOR 1 Month + 5.90%), 10/25/28 (d)		173		202,929
Series 2016-C05, Class 2M2
6.322% (LIBOR 1 Month + 4.45%), 1/25/29 (d)		105		117,155
Series 2018-C01, Class 1M2
4.122% (LIBOR 1 Month + 2.25%), 7/25/30 (d)		105		106,353
Series 2018-C02, Class 2M2
4.072% (LIBOR 1 Month + 2.20%), 8/25/30 (d)		24		23,521
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
7.122% (LIBOR 1 Month + 5.25%), 11/25/25 (d)(f)		48		53,748
Series 2015-WF1, Class 2M2
7.372% (LIBOR 1 Month + 5.50%), 11/25/25 (d)(f)		20		23,903
				2,781,572
Agency Floating Rate - 1.3%
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
4.669% (6.54% - LIBOR 1 Month), 12/25/41 (d)(g)		181		34,202
Series 2012-70, Class SA
4.679% (6.55% - LIBOR 1 Month), 7/25/42 (d)(g)		333		65,586
Series 2015-90, Class SL
4.279% (6.15% - LIBOR 1 Month), 12/25/45 (d)(g)		366		61,630
Series 2016-77, Class DS
4.129% (6.00% - LIBOR 1 Month), 10/25/46 (d)(g)		365		63,374

	Principal Amount (000)		U.S. $ Value
Series 2017-16, Class SG
4.179% (6.05% - LIBOR 1 Month), 3/25/47 (d)(g)	U.S.$	355	$	64,744
Series 2017-26, Class TS
4.079% (5.95% - LIBOR 1 Month), 4/25/47 (d)(g)		338		63,215
Series 2017-62, Class AS
4.279% (6.15% - LIBOR 1 Month), 8/25/47 (d)(g)		351		63,703
Series 2017-81, Class SA
4.329% (6.20% - LIBOR 1 Month), 10/25/47 (d)(g)		345		65,233
Series 2017-97, Class LS
4.329% (6.20% - LIBOR 1 Month), 12/25/47 (d)(g)		354		67,816
Government National Mortgage Association
Series 2017-134, Class SE
4.378% (6.20% - LIBOR 1 Month), 9/20/47 (d)(g)		291		50,839
Series 2017-65, Class ST
4.328% (6.15% - LIBOR 1 Month), 4/20/47 (d)(g)		338		60,332
				660,674
Non-Agency Fixed Rate - 1.1%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		20		19,336
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		40		35,781
Series 2006-24CB, Class A16
5.75%, 6/25/36		75		64,902
Series 2006-28CB, Class A14
6.25%, 10/25/36		52		43,256
Series 2006-9T1, Class A1
5.75%, 5/25/36		31		24,680
Series 2006-J1, Class 1A13
5.50%, 2/25/36		42		38,484
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		26		22,940
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
3.414%, 5/25/35		47		47,210
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		39		33,625
Series 2006-13, Class 1A19
6.25%, 9/25/36		22		18,567
First Horizon Alternative Mortgage
Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		63		52,734
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
3.603%, 7/25/36		135		120,991

	Principal Amount (000)		U.S. $ Value
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37	U.S.$	35	$	30,525
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		18		17,993
				571,024
Non-Agency Floating Rate - 0.3%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
2.062% (LIBOR 1 Month + 0.19%), 12/25/36 (d)		147		90,819
HomeBanc Mortgage Trust
Series 2005-1, Class A1
2.122% (LIBOR 1 Month + 0.25%), 3/25/35 (d)		52		45,753
				136,572
Agency Fixed Rate - 0.1%
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
2.017%, 5/28/35 (c)		50		46,863
Total Collateralized Mortgage Obligations (cost $4,004,151)				4,196,705
GOVERNMENTS - TREASURIES - 7.2%
Singapore - 0.5%
Singapore Government Bond
2.75%, 3/01/46	SGD	361		273,978
United States - 6.7%
U.S. Treasury Bonds
2.75%, 11/15/47	U.S.$	233		222,733
2.875%, 8/15/45-11/15/46		54		52,514
3.00%, 11/15/45-2/15/47		1,810		1,820,050
4.50%, 2/15/36		99		122,327
6.25%, 5/15/30		179		242,310
U.S. Treasury Notes
2.00%, 8/15/25		268		255,396
2.625%, 2/28/23		653		655,041
				3,370,371
Total Governments - Treasuries (cost $3,899,662)				3,644,349
INFLATION-LINKED SECURITIES - 5.3%
Japan - 1.2%
Japanese Government CPI Linked Bond
Series 22
0.10%, 3/10/27	JPY	59,909		598,863

	Principal Amount (000)		U.S. $ Value
United States - 4.1%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)	U.S.$	1,216	$	1,213,787
0.375%, 7/15/25 (TIPS)		862		851,258
				2,065,045
Total Inflation-Linked Securities (cost $2,656,236)				2,663,908
CORPORATES - NON-INVESTMENT GRADE - 4.4%
Industrial - 2.5%
Basic - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		74		74,424
Communications - Media - 0.4%
Altice France SA/France
5.375%, 5/15/22 (a)	EUR	120		150,423
CSC Holdings LLC
6.75%, 11/15/21	U.S.$	30		31,292
				181,715
Communications - Telecommunications - 0.8%
Arqiva Broadcast Finance PLC
9.50%, 3/31/20 (a)	GBP	100		147,796
CenturyLink, Inc.
Series Y
7.50%, 4/01/24	U.S.$	14		14,103
Sprint Capital Corp.
6.90%, 5/01/19		210		216,924
Windstream Services LLC/Windstream Finance Corp.
6.375%, 8/01/23		80		45,983
				424,806
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19		63		63,595
Consumer Non-Cyclical - 0.2%
First Quality Finance Co., Inc.
4.625%, 5/15/21 (a)		85		84,575
Energy - 0.6%
Antero Resources Corp.
5.125%, 12/01/22		16		16,147
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		68		48,552
Nabors Industries, Inc.
5.50%, 1/15/23		113		110,220
PDC Energy, Inc.
5.75%, 5/15/26 (a)		46		45,310
SM Energy Co.
6.50%, 1/01/23		9		8,962
Sunoco LP/Sunoco Finance Corp.
4.875%, 1/15/23 (a)		69		66,708
				295,899

	Principal Amount (000)		U.S. $ Value
Technology - 0.2%
Western Digital Corp.
4.75%, 2/15/26	U.S.$	98	$	97,892
Transportation - Services - 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.25%, 3/15/25 (a)		52		49,715
				1,272,621
Financial Institutions - 1.8%
Banking - 1.6%
Bank of America Corp.
Series FF
5.875%, 3/15/28 (b)		54		54,356
Barclays Bank PLC
6.86%, 6/15/32 (a)(b)		29		34,056
CIT Group, Inc.
5.25%, 3/07/25		56		57,260
Citigroup, Inc.
5.95%, 1/30/23 (b)		55		56,508
Goldman Sachs Group, Inc. (The)
Series P
5.00%, 11/10/22 (b)		74		71,806
Intesa Sanpaolo SpA
Series E
3.928%, 9/15/26 (a)	EUR	100		132,454
Lloyds Banking Group PLC
7.50%, 6/27/24 (b)	U.S.$	200		216,800
Royal Bank of Scotland Group PLC
2.001% (EURIBOR 3 Month + 2.33%), 6/30/18 (a)(b)(d)	EUR	50		61,138
Standard Chartered PLC
3.277% (LIBOR 3 Month + 1.51%), 1/30/27 (a)(b)(d)	U.S.$	100		94,712
				779,090
Finance - 0.2%
Navient Corp.
6.625%, 7/26/21		95		98,702
				877,792
Utility - 0.1%
Electric - 0.1%
AES Corp./VA
4.00%, 3/15/21		49		49,225
Total Corporates - Non-Investment Grade (cost $2,253,197)				2,199,638

	Principal Amount (000)		U.S. $ Value
AGENCIES - 3.1%
Agency Debentures - 3.1%
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20 (cost $1,535,296)	U.S.$	1,677	$	1,582,551
EMERGING MARKETS - TREASURIES - 0.9%
Argentina - 0.1%
Argentina POM Politica Monetaria
Series POM
27.935% (ARPP7DRR), 6/21/20 (d)	ARS	900		47,275
Brazil - 0.8%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/27	BRL	1,300		404,647
Total Emerging Markets - Treasuries (cost $376,716)				451,922
EMERGING MARKETS - CORPORATE BONDS - 0.7%
Industrial - 0.6%
Capital Goods - 0.2%
Odebrecht Finance Ltd.
7.125%, 6/26/42 (a)	U.S.$	200		65,000
Consumer Non-Cyclical - 0.1%
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		79		63,299
Energy - 0.3%
Petrobras Global Finance BV
5.75%, 2/01/29		78		75,467
6.125%, 1/17/22		3		3,197
6.25%, 3/17/24		63		66,496
				145,160
				273,459
Utility - 0.1%
Electric - 0.1%
Genneia SA
8.75%, 1/20/22 (a)		35		37,612
Terraform Global Operating LLC
6.125%, 3/01/26 (a)		21		21,154
				58,766
Total Emerging Markets - Corporate Bonds (cost $338,121)				332,225
QUASI-SOVEREIGNS - 0.6%
Quasi-Sovereign Bonds - 0.6%
Chile - 0.4%
Corp. Nacional del Cobre de Chile
3.625%, 8/01/27 (a)		200		194,234

	Principal Amount (000)		U.S. $ Value
Mexico - 0.2%
Petroleos Mexicanos
4.625%, 9/21/23	U.S.$	120	$	119,940
Total Quasi-Sovereigns (cost $316,670)				314,174
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 0.6%
United States - 0.6%
State of California
Series 2010
7.625%, 3/01/40 (cost $203,062)		200		304,566
	Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
REITS - 0.2%
Sovereign Real Estate Investment Trust
12.00% (a) (cost $87,658)		93		115,552
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.4%
Governments - Treasuries - 5.4%
Japan - 5.4%
Japan Treasury Discount Bill
Series 729
Zero Coupon, 4/05/18	JPY	173,500		1,630,587
Series 743
Zero Coupon, 9/10/18		117,650		1,106,437
Total Governments - Treasuries (cost $2,639,943)				2,737,024
Time Deposit - 1.0%
State Street Time Deposit
0.28%, 4/02/18 (cost $513,099)	U.S.$	513		513,099
U.S. Treasury Bills - 1.0%
U.S. Treasury Bill
Zero Coupon, 2/28/19 (cost $503,652)		513		503,652
Total Short-Term Investments (cost $3,656,694)				3,753,775
Total Investments - 107.9% (cost $54,229,138) (h)				54,422,292	(i)
Other assets less liabilities - (7.9)%				(3,972,283	)
Net Assets - 100.0%			$	50,450,009

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at March 31, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		76		June 2018		USD	7,600	$	8,678,477	$	8,699,031	$	20,554
U.S. Ultra Bond (CBT) Futures		12		June 2018		USD	1,200		1,868,135		1,925,625		57,490
Sold Contracts
10 Yr Mini Japan Government Bond Futures		12		June 2018		JPY	120,000		1,700,593		1,700,559		34
Euro-BOBL Futures		23		June 2018		EUR	2,300		3,686,142		3,714,420		(28,278	)
U.S. T-Note 2 Yr (CBT) Futures		7		June 2018		USD	1,400		1,487,709		1,488,266		(557	)
U.S. T-Note 10 Yr (CBT) Futures		16		June 2018		USD	1,600		1,923,213		1,938,250		(15,037	)
												$	34,206

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	BRL	161	USD	49		4/03/18	$	(328	)
Barclays Bank PLC	USD	49	BRL	161		4/03/18		23
Barclays Bank PLC	BRL	161	USD	49		5/03/18		(42	)
Citibank, NA	JPY	364,930	USD	3,440		4/16/18		7,261
Citibank, NA	USD	157	KRW	168,191		4/26/18		1,116
Citibank, NA	USD	215	TWD	6,202		6/07/18		(257	)
Goldman Sachs Bank USA	USD	202	MYR	793		7/12/18		2,910
HSBC Bank USA	BRL	161	USD	50		4/03/18		788
HSBC Bank USA	USD	49	BRL	161		4/03/18		328
HSBC Bank USA	JPY	84,638	USD	778		4/26/18		(18,646	)
JPMorgan Chase Bank, NA	TWD	11,952	USD	412		6/07/18		(1,653	)
Royal Bank of Scotland PLC	USD	708	JPY	77,570		4/26/18		22,430
Standard Chartered Bank	USD	102	INR	6,690		5/17/18		323
State Street Bank & Trust Co.	CAD	361	USD	288		4/12/18		6,696
State Street Bank & Trust Co.	CAD	164	USD	127		4/12/18		(358	)
State Street Bank & Trust Co.	GBP	482	USD	683		4/13/18		7,088
State Street Bank & Trust Co.	GBP	16	USD	21		4/13/18		(374	)
State Street Bank & Trust Co.	USD	218	GBP	158		4/13/18		2,893
State Street Bank & Trust Co.	USD	168	RUB	9,632		4/17/18		(616	)
State Street Bank & Trust Co.	MXN	2,051	USD	108		4/20/18		(4,558	)
State Street Bank & Trust Co.	USD	111	MXN	2,085		4/20/18		3,497
State Street Bank & Trust Co.	USD	142	JPY	15,359		4/26/18		2,893
State Street Bank & Trust Co.	SGD	348	USD	263		5/17/18		(2,077	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	EUR	679	USD	843		5/30/18	$	3,634
State Street Bank & Trust Co.	USD	2	EUR	2		5/30/18		(4	)
State Street Bank & Trust Co.	AUD	258	CAD	257		6/07/18		1,685
State Street Bank & Trust Co.	AUD	199	USD	154		6/07/18		1,118
State Street Bank & Trust Co.	NZD	167	USD	121		6/07/18		54
State Street Bank & Trust Co.	USD	128	AUD	162		6/07/18		(3,014	)
							$	32,810

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	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
SEK	4,830		3/31/22	3 Month STIBOR	0.341%	Quarterly/Annual	$	3,874		$	2		$	3,872
NZD	1,015		3/31/22	3 Month BKBM	2.936%	Quarterly/Semi-Annual		19,597			– 0	–		19,597
USD	530		1/14/24	2.980%	3 Month LIBOR	Semi-Annual/Quarterly		(8,568	)		– 0	–		(8,568	)
USD	650		4/28/24	2.817%	3 Month LIBOR	Semi-Annual/Quarterly		(8,768	)		– 0	–		(8,768	)
USD	740		11/10/25	2.256%	3 Month LIBOR	Semi-Annual/Quarterly		21,294			– 0	–		21,294
USD	80		6/28/26	1.460%	3 Month LIBOR	Semi-Annual/Quarterly		7,582			– 0	–		7,582
USD	175		11/08/26	1.657%	3 Month LIBOR	Semi-Annual/Quarterly		14,161			– 0	–		14,161
USD	200		11/09/26	1.672%	3 Month LIBOR	Semi-Annual/Quarterly		15,950			– 0	–		15,950
USD	105		4/26/27	2.287%	3 Month LIBOR	Semi-Annual/Quarterly		3,596			– 0	–		3,596
USD	260		7/12/27	2.355%	3 Month LIBOR	Semi-Annual/Quarterly		9,130			– 0	–		9,130
USD	180		3/28/28	2.920%	3 Month LIBOR	Semi-Annual/Quarterly		(1,771	)		– 0	–		(1,771	)
							$	76,077		$	2		$	76,075

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)%		Quarterly		0.71	%		USD	98	$	(5,254	)	$	(1,465	)	$	(3,789	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.71			USD	112		(6,005	)		(1,736	)		(4,269	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	3		1			38			(37	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	4		2			37			(35	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	330		128			4,167			(4,039	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		(3.00	)		Monthly		5.71			USD	350		40,612			22,667			17,945
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	42		17			572			(555	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	122		47			1,292			(1,245	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	408		159			4,358			(4,199	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	27		10			258			(248	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	46		18			621			(603	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	50		19			657			(638	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	99		38			1,301			(1,263	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		7.20	%		USD	52	$	(7,629	)	$	(8,058	)	$	429
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	31		(4,550	)		(4,948	)		398
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	5		(734	)		(837	)		103
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	32		(4,692	)		(4,413	)		(279	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	60		(8,798	)		(8,471	)		(327	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	56		(8,217	)		(8,639	)		422
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	28		(4,106	)		(2,013	)		(2,093	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	94		(13,783	)		(6,323	)		(7,460	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	350		(51,322	)		(21,062	)		(30,260	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	318		(46,657	)		(13,527	)		(33,130	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 5/11/63*		2.00			Monthly		3.17			USD	135		(5,894	)		(2,746	)		(3,148	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	8		(1,173	)		(975	)		(198	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	8		(1,173	)		(477	)		(696	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	27		(3,959	)		(3,210	)		(749	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		7.20	%	USD	28	$	(4,105	)	$	(3,330	)	$	(775	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	51		(7,478	)		(6,682	)		(796	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	84		(12,317	)		(9,410	)		(2,907	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	85		(12,464	)		(7,270	)		(5,194	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	132		(19,356	)		(9,620	)		(9,736	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	39		(5,725	)		(6,723	)		998
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	28		(4,111	)		(4,759	)		648
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	34		(4,992	)		(5,435	)		443
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	4		(587	)		(632	)		45
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	4		(587	)		(373	)		(214	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	41		(6,012	)		(5,802	)		(210	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	8		(1,173	)		(822	)		(351	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	8		(1,173	)		(759	)		(414	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	16		(2,346	)		(1,796	)		(550	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	92		(13,490	)		(12,683	)		(807	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20		USD	57		(8,359	)		(6,315	)		(2,044	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		7.20	%		USD	49	$	(7,185	)	$	(4,403	)	$	(2,782	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	125		(18,329	)		(10,347	)		(7,982	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	185		(27,127	)		(14,706	)		(12,421	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	246		(36,072	)		(12,510	)		(23,562	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		7.20			USD	35		(5,132	)		(2,566	)		(2,566	)
												$	(331,015	)	$	(179,875	)	$	(151,140	)

* Termination date

VARIANCE SWAPS

Swap Counterparty & Referenced Obligation	Volatility Strike Price			Payment Frequency		Notional Amount (000)			Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Deutsche Bank AG
AUD/JPY, 1/14/20*		11.12	%		Maturity		AUD	7	$	11		$	– 0	–	$	11
AUD/JPY, 3/3/20*		12.75			Maturity		AUD	4		(10	)		– 0	–		(10	)
Goldman Sachs Bank USA
AUD/JPY, 3/10/20*		12.90			Maturity		AUD	2		(7	)		– 0	–		(7	)
AUD/JPY, 3/11/20*		12.80			Maturity		AUD	2		(5	)		– 0	–		(5	)
									$	(11	)	$	– 0	–	$	(11	)

* Termination date

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the aggregate market value of these securities amounted to $9,878,247 or 19.6% 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/ceiling rate was in effect at March 31, 2018.

(e) IO - Interest Only.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.33% of net assets as of March 31, 2018, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd. Series 2016-1A, Class M2B
8.372%, 4/25/26		4/29/16	$	83,382	$	84,929		0.17	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
7.122%, 11/25/25		9/28/15		47,743		53,748		0.11	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
7.372%, 11/25/25		9/28/15		20,307		23,903		0.05	%

(g) Inverse interest only security.

(h) As of March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,273,542 and gross unrealized depreciation of investments was $(1,088,448), resulting in net unrealized appreciation of $185,094.

(i) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Portfolio valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

Currency Abbreviations:

ARS	-	Argentine Peso
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ARPP7DRR	-	Argentina Central Bank 7-Day Repo Reference Rate
BA	-	Banker’s Acceptance
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
EURIBOR	-	Euro Interbank Offered Rate
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
TIPS	-	Treasury Inflation Protected Security

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grade

$

– 0

–

$

11,852,818

$

196,436

$

12,049,254

Mortgage Pass-Throughs

– 0

–

11,081,479

– 0

–

11,081,479

Asset-Backed Securities

– 0

–

4,887,519

1,397,976

6,285,495

Commercial Mortgage-Backed Securities

– 0

–

4,556,245

890,454

5,446,699

Collateralized Mortgage Obligations

– 0

–

4,149,842

46,863

4,196,705

Governments - Treasuries

– 0

–

3,644,349

– 0

–

3,644,349

Inflation-Linked Securities

– 0

–

2,663,908

– 0

–

2,663,908

Corporates - Non-Investment Grade

– 0

–

2,199,638

– 0

–

2,199,638

Agencies

– 0

–

1,582,551

– 0

–

1,582,551

Emerging Markets - Treasuries

– 0

–

451,922

– 0

–

451,922

Emerging Markets - Corporate Bonds

– 0

–

332,225

– 0

–

332,225

Quasi-Sovereigns

– 0

–

314,174

– 0

–

314,174

Local Governments - US Municipal Bonds

– 0

–

304,566

– 0

–

304,566

Preferred Stocks

– 0

–

115,552

– 0

–

115,552

Short-Term Investments:

Governments - Treasuries

– 0

–

2,737,024

– 0

–

2,737,024

Time Deposits

– 0

–

513,099

– 0

–

513,099

U.S. Treasury Bills

– 0

–

503,652

– 0

–

503,652

Total Investments in Securities

– 0

–

51,890,563

2,531,729

54,422,292

Other Financial Instruments (a):

Assets:

Futures

78,078

– 0

–

– 0

–

78,078

Forward Currency Exchange Contracts

– 0

–

64,737

– 0

–

64,737

Centrally Cleared Interest Rate Swaps

– 0

–

95,184

– 0

–

95,184

Credit Default Swaps

– 0

–

41,051

– 0

–

41,051

Variance Swaps

– 0

–

11

– 0

–

11

Liabilities:

Futures

(43,872

)

– 0

–

– 0

–

(43,872

)

Forward Currency Exchange Contracts

– 0

–

(31,927

)

– 0

–

(31,927

)

Centrally Cleared Interest Rate Swaps

– 0

–

(19,107

)

– 0

–

(19,107

)

Credit Default Swaps

– 0

–

(372,066

)

– 0

–

(372,066

)

Variance Swaps

– 0

–

(22

)

– 0

–

(22

)

Total (b)

$

34,206

$

51,668,424

$

2,531,729

$

54,234,359

(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 swaps with upfront premiums, options written and swaptions 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 following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Corporates - Investment Grade			Asset-Backed Securities			Commercial Mortgage-Backed Securities
Balance as of 12/31/17	$	– 0	–	$	1,409,964		$	774,281
Accrued discounts/(premiums)		102			16			(12	)
Realized gain (loss)		– 0	–		2			(633	)
Change in unrealized appreciation/depreciation		(52	)		(10,611	)		(5,768	)
Purchases/Payups		196,386			129,992			128,742
Sales/Paydowns		– 0	–		(131,387	)		(6,156	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/18	$	196,436		$	1,397,976		$	890,454
Net change in unrealized appreciation/depreciation from investments held as of 3/31/18	$	(52	)	$	(10,611	)	$	(6,402	)

	Collateralized Mortgage  Obligations			Total
Balance as of 12/31/17	$	46,791		$	2,231,036
Accrued discounts/(premiums)		– 0	–		106
Realized gain (loss)		– 0	–		(631	)
Change in unrealized appreciation/depreciation		72			(16,359	)
Purchases/Payups		– 0	–		455,120
Sales/Paydowns		– 0	–		(137,543	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 3/31/18	$	46,863		$	2,531,729
Net change in unrealized appreciation/depreciation from investments held as of 3/31/18	$	72		$	(16,993	)

As of March 31, 2018, 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

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.7%
Financials - 22.5%
Banks - 9.9%
Credicorp Ltd.		7,693	$	1,746,619
HDFC Bank Ltd.		68,017		2,011,674
Svenska Handelsbanken AB - Class A (a)		102,240		1,279,720
Swedbank AB - Class A		65,079		1,462,348
				6,500,361
Capital Markets - 2.8%
Partners Group Holding AG		2,439		1,814,920
Consumer Finance - 2.3%
Bharat Financial Inclusion Ltd. (b)		88,560		1,496,365
Insurance - 5.0%
AIA Group Ltd.		206,000		1,761,027
Prudential PLC		61,447		1,535,479
				3,296,506
Thrifts & Mortgage Finance - 2.5%
Housing Development Finance Corp., Ltd.		58,964		1,656,718
				14,764,870
Information Technology - 16.3%
Electronic Equipment, Instruments & Components - 3.3%
Halma PLC		53,678		888,546
Horiba Ltd.		16,500		1,284,689
				2,173,235
Internet Software & Services - 3.7%
Alibaba Group Holding Ltd. (Sponsored ADR) (b)		4,914		901,915
Tencent Holdings Ltd.		28,900		1,551,339
				2,453,254
Semiconductors & Semiconductor Equipment - 9.3%
ams AG		16,650		1,748,420
ASML Holding NV		5,951		1,180,044
Disco Corp.		3,200		683,978
Infineon Technologies AG		43,902		1,180,666
Taiwan Semiconductor Manufacturing Co., Ltd.		153,000		1,295,941
				6,089,049
				10,715,538
Consumer Staples - 13.7%
Food & Staples Retailing - 2.1%
Tsuruha Holdings, Inc.		9,600		1,381,660
Food Products - 5.9%
Glanbia PLC (a)		67,696		1,166,151
Kerry Group PLC - Class A		12,990		1,317,044
Nestle SA (REG)		17,717		1,400,378
				3,883,573

Company	Shares		U.S. $ Value
Household Products - 3.9%
Reckitt Benckiser Group PLC		12,511	$	1,056,026
Unicharm Corp.		51,500		1,485,442
				2,541,468
Personal Products - 1.8%
Godrej Consumer Products Ltd.		70,518		1,187,985
				8,994,686
Industrials - 12.4%
Building Products - 4.9%
Cie de Saint-Gobain		24,770		1,307,980
Kingspan Group PLC		45,385		1,921,032
				3,229,012
Commercial Services & Supplies - 1.9%
China Everbright International Ltd.		859,000		1,212,889
Electrical Equipment - 2.6%
Schneider Electric SE (Paris)		19,618		1,727,587
Industrial Conglomerates - 3.0%
Siemens AG (REG)		15,534		1,982,096
				8,151,584
Health Care - 9.1%
Health Care Equipment & Supplies - 2.3%
Essilor International Cie Generale d’Optique SA		11,052		1,490,921
Health Care Providers & Services - 2.7%
Apollo Hospitals Enterprise Ltd.		108,642		1,770,884
Life Sciences Tools & Services - 1.1%
Gerresheimer AG		8,890		730,536
Pharmaceuticals - 3.0%
Roche Holding AG		6,930		1,589,721
Vectura Group PLC (b)		351,400		382,826
				1,972,547
				5,964,888
Consumer Discretionary - 8.1%
Auto Components - 5.6%
Aptiv PLC		19,928		1,693,282
Delphi Technologies PLC		15,613		743,960
Valeo SA		18,930		1,252,221
				3,689,463
Household Durables - 1.9%
Panasonic Corp.		85,100		1,222,078
Textiles, Apparel & Luxury Goods - 0.6%
Crystal International Group Ltd. (b)(c)		397,500		403,333
				5,314,874
Utilities - 4.5%
Multi-Utilities - 1.6%
Suez		74,406		1,078,139

Company	Shares		U.S. $ Value
Water Utilities - 2.9%
Beijing Enterprises Water Group Ltd.		1,760,000	$	990,250
Cia de Saneamento Basico do Estado de Sao Paulo		86,200		913,841
				1,904,091
				2,982,230
Materials - 3.8%
Chemicals - 3.8%
Chr Hansen Holding A/S		10,696		925,707
Umicore SA		29,340		1,554,292
				2,479,999
Telecommunication Services - 3.7%
Diversified Telecommunication Services - 3.7%
China Unicom Hong Kong Ltd. (b)		494,000		631,975
Deutsche Telekom AG (REG)		75,657		1,237,801
Telekomunikasi Indonesia Persero Tbk PT		2,051,500		539,452
				2,409,228
Real Estate - 1.6%
Real Estate Management & Development - 1.6%
SM Prime Holdings, Inc.		1,659,200		1,078,748
Total Common Stocks (cost $47,309,029)				62,856,645
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 6.0%
Time Deposit - 6.0%
State Street Bank & Trust Co.
0.28%, 4/02/18 (cost $3,950,690)	U.S.$	3,951		3,950,690
Total Investments Before Security Lending Collateral for Securities Loaned - 101.7% (cost $51,259,719)				66,807,335
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.9%
Investment Companies - 3.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (d)(e)(f) (cost $2,587,436)		2,587,436		2,587,436
Total Investments - 105.6% (cost $53,847,155) (g)				69,394,771	(h)
Other assets less liabilities - (5.6)%				(3,667,073	)
Net Assets - 100.0%			$	65,727,698

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	BRL	442	USD	134		4/03/18	$	(128	)
Bank of America, NA	USD	133	BRL	442		4/03/18		900
Bank of America, NA	USD	2,801	KRW	2,972,118		4/26/18		(1,571	)
Barclays Bank PLC	BRL	600	USD	182		4/03/18		(85	)
Barclays Bank PLC	USD	181	BRL	600		4/03/18		1,222
Barclays Bank PLC	USD	616	RUB	35,245		4/17/18		(1,959	)
Barclays Bank PLC	KRW	75,478	USD	71		4/26/18		(292	)
Barclays Bank PLC	USD	181	BRL	600		5/03/18		156
Barclays Bank PLC	SEK	14,415	USD	1,790		5/15/18		58,751
BNP Paribas SA	CNY	2,937	USD	464		4/19/18		(4,523	)
BNP Paribas SA	USD	684	CAD	844		5/15/18		(28,592	)
Citibank, NA	USD	1,241	ZAR	15,236		5/15/18		39,018
Citibank, NA	INR	466,067	USD	7,097		5/17/18		(31,181	)
Citibank, NA	USD	646	TWD	18,754		6/07/18		2,277
Credit Suisse International	BRL	1,269	USD	382		4/03/18		(2,585	)
Credit Suisse International	USD	391	BRL	1,269		4/03/18		(6,609	)
Standard Chartered Bank	BRL	227	USD	70		4/03/18		923
Standard Chartered Bank	USD	68	BRL	227		4/03/18		462
Standard Chartered Bank	USD	464	CNY	2,937		4/19/18		4,154
Standard Chartered Bank	KRW	154,415	USD	144		4/26/18		(1,032	)
Standard Chartered Bank	USD	323	INR	21,215		5/17/18		1,336
State Street Bank & Trust Co.	AUD	289	USD	225		5/15/18		2,980
State Street Bank & Trust Co.	CAD	114	USD	91		5/15/18		2,554
State Street Bank & Trust Co.	CAD	131	USD	102		5/15/18		(136	)
State Street Bank & Trust Co.	CHF	1,191	USD	1,279		5/15/18		29,362
State Street Bank & Trust Co.	EUR	5,640	USD	6,966		5/15/18		5,818
State Street Bank & Trust Co.	EUR	57	USD	70		5/15/18		(153	)
State Street Bank & Trust Co.	GBP	167	USD	236		5/15/18		1,627
State Street Bank & Trust Co.	GBP	173	USD	242		5/15/18		(1,201	)
State Street Bank & Trust Co.	JPY	60,749	USD	577		5/15/18		4,516
State Street Bank & Trust Co.	JPY	26,253	USD	246		5/15/18		(861	)
State Street Bank & Trust Co.	MXN	1,326	USD	70		5/15/18		(2,649	)
State Street Bank & Trust Co.	SEK	1,272	USD	159		5/15/18		5,747
State Street Bank & Trust Co.	USD	3,257	AUD	4,169		5/15/18		(54,685	)
State Street Bank & Trust Co.	USD	3,745	CAD	4,713		5/15/18		(83,473	)
State Street Bank & Trust Co.	USD	1,127	EUR	910		5/15/18		(4,187	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	4,021	GBP	2,905		5/15/18	$	61,712
State Street Bank & Trust Co.	USD	5,700	JPY	618,090		5/15/18		122,759
State Street Bank & Trust Co.	USD	545	MXN	10,410		5/15/18		23,885
State Street Bank & Trust Co.	USD	298	NOK	2,374		5/15/18		5,146
State Street Bank & Trust Co.	USD	323	SEK	2,643		5/15/18		(5,227	)
State Street Bank & Trust Co.	ZAR	2,259	USD	189		5/15/18		(491	)
							$	143,685

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

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the market value of this security amounted to $403,333 or 0.6% of net assets.

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,806,666 and gross unrealized depreciation of investments was $(2,259,050), resulting in net unrealized appreciation of $15,547,616.

(h) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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
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 BREAKDOWN ¹

March 31, 2018 (unaudited)

12.2%	India
10.3%	France
9.1%	Japan
7.9%	China
7.7%	Germany
7.2%	Switzerland
6.6%	Ireland
5.8%	United Kingdom
4.1%	Sweden
3.6%	United States
3.2%	Hong Kong
2.6%	Austria
2.6%	Peru
11.2%	Other
5.9%	Short-Term
100.0%	Total Investments

1 All data are as of March 31, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.3% or less in the following countries: Belgium, Brazil, Denmark, Indonesia, Netherlands, Philippines and Taiwan.

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	1,746,619		$	13,018,251		$	– 0	–	$	14,764,870
Information Technology		901,915			9,813,623			– 0	–		10,715,538
Consumer Staples		2,483,195			6,511,491			– 0	–		8,994,686
Industrials		1,921,032			6,230,552			– 0	–		8,151,584
Health Care		382,826			5,582,062			– 0	–		5,964,888
Consumer Discretionary		2,437,242			2,877,632			– 0	–		5,314,874
Utilities		913,841			2,068,389			– 0	–		2,982,230
Materials		– 0	–		2,479,999			– 0	–		2,479,999
Telecommunication Services		– 0	–		2,409,228			– 0	–		2,409,228
Real Estate		– 0	–		1,078,748			– 0	–		1,078,748
Short-Term Investments		– 0	–		3,950,690			– 0	–		3,950,690
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,587,436			– 0	–		– 0	–		2,587,436
Total Investments in Securities		13,374,106			56,020,665	(a)		– 0	–		69,394,771
Other Financial Instruments (b):
Assets:
Forward Currency Exchange Contracts		– 0	–		375,305			– 0	–		375,305
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(231,620	)		– 0	–		(231,620	)
Total (c)(d)	$	13,374,106		$	56,164,350		$	– 0	–	$	69,538,456

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) An amount of $2,664,647 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(d) An amount of $2,100,196 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

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

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 three months ended March 31, 2018 is as follows:

	Market Value 12/31/2017		Purchases at Cost		Sales Proceeds		Market Value 3/31/2018		Dividend Income
Fund	(000)		(000)		(000)		(000)		(000)
Government Money Market Portfolio*	$	1,757	$	5,867	$	5,037	$	2,587	$	3

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.4%
Consumer Discretionary - 17.8%
Auto Components - 5.4%
Faurecia SA		71,820	$	5,811,388
Hankook Tire Co., Ltd.		94,604		4,682,409
Magna International, Inc. (New York) - Class A		137,780		7,763,903
NGK Spark Plug Co., Ltd.		291,900		7,033,631
				25,291,331
Automobiles - 5.1%
Honda Motor Co., Ltd.		226,000		7,823,348
Peugeot SA		363,930		8,763,205
Subaru Corp. (a)		219,000		7,249,504
				23,836,057
Household Durables - 3.0%
Nikon Corp.		259,400		4,688,879
Panasonic Corp.		670,700		9,631,582
				14,320,461
Leisure Products - 1.1%
Amer Sports Oyj (b)		170,140		5,250,545
Textiles, Apparel & Luxury Goods - 3.2%
HUGO BOSS AG		65,660		5,720,093
Pandora A/S		86,250		9,331,914
				15,052,007
				83,750,401
Financials - 17.4%
Banks - 11.2%
Barclays PLC		2,115,360		6,181,305
BNP Paribas SA		117,290		8,698,307
BOC Hong Kong Holdings Ltd.		1,445,000		7,088,849
DNB ASA		374,690		7,380,352
Erste Group Bank AG		201,860		10,148,165
KB Financial Group, Inc.		61,530		3,568,569
Mitsubishi UFJ Financial Group, Inc.		1,401,300		9,312,502
				52,378,049
Capital Markets - 2.1%
Credit Suisse Group AG (REG) (b)		598,527		10,052,272
Consumer Finance - 1.1%
Hitachi Capital Corp.		193,600		4,900,314
Insurance - 3.0%
Allianz SE (REG)		42,370		9,578,041
PICC Property & Casualty Co., Ltd. - Class H		2,628,000		4,643,751
				14,221,792
				81,552,427
Consumer Staples - 11.1%
Beverages - 1.2%
Coca-Cola Bottlers Japan Holdings, Inc.		135,700		5,604,073

Company	Shares		U.S. $ Value
Food Products - 3.1%
Orkla ASA		768,680	$	8,284,056
WH Group Ltd. (c)		6,037,000		6,468,560
				14,752,616
Household Products - 1.8%
Henkel AG & Co. KGaA (Preference Shares)		62,710		8,243,420
Tobacco - 5.0%
British American Tobacco PLC		262,310		15,163,318
Japan Tobacco, Inc.		296,200		8,461,543
				23,624,861
				52,224,970
Information Technology - 10.4%
Communications Equipment - 1.7%
Nokia Oyj		1,443,700		7,972,277
Internet Software & Services - 1.5%
Yahoo Japan Corp. (a)		1,487,400		6,962,362
Semiconductors & Semiconductor Equipment - 3.9%
SCREEN Holdings Co., Ltd. (a)		64,400		5,817,183
SUMCO Corp.		212,800		5,557,818
Taiwan Semiconductor Manufacturing Co., Ltd.		844,000		7,148,847
				18,523,848
Software - 1.6%
Nintendo Co., Ltd.		16,400		7,286,079
Technology Hardware, Storage & Peripherals - 1.7%
Samsung Electronics Co., Ltd.		3,500		8,177,666
				48,922,232
Industrials - 9.9%
Aerospace & Defense - 3.9%
Airbus SE		89,990		10,417,035
BAE Systems PLC		956,700		7,827,428
				18,244,463
Airlines - 4.0%
Japan Airlines Co., Ltd.		233,600		9,511,289
Qantas Airways Ltd.		2,111,755		9,527,288
				19,038,577
Electrical Equipment - 1.0%
Philips Lighting NV (c)		123,570		4,645,868
Machinery - 1.0%
Glory Ltd.		132,100		4,740,400
				46,669,308
Energy - 9.1%
Oil, Gas & Consumable Fuels - 9.1%
Canadian Natural Resources Ltd. (Toronto)		148,700		4,674,467
JXTG Holdings, Inc.		1,474,300		8,988,185
PetroChina Co., Ltd. - Class H		9,256,000		6,429,379

Company	Shares		U.S. $ Value
Royal Dutch Shell PLC (Euronext Amsterdam) - Class A		388,150	$	12,365,357
Royal Dutch Shell PLC - Class A		188,044		5,949,438
YPF SA (Sponsored ADR)		210,543		4,551,940
				42,958,766
Telecommunication Services - 9.0%
Diversified Telecommunication Services - 7.3%
BT Group PLC		3,350,750		10,694,957
China Unicom Hong Kong Ltd. (b)		5,640,000		7,215,256
Nippon Telegraph & Telephone Corp.		352,600		16,449,866
				34,360,079
Wireless Telecommunication Services - 1.7%
Vodafone Group PLC		2,856,370		7,815,117
				42,175,196
Materials - 8.7%
Chemicals - 4.6%
Air Water, Inc.		233,300		4,560,211
Incitec Pivot Ltd.		1,574,260		4,284,391
Johnson Matthey PLC		156,510		6,676,909
Nippon Shokubai Co., Ltd. (a)		85,600		5,918,484
				21,439,995
Metals & Mining - 4.1%
First Quantum Minerals Ltd.		291,590		4,094,278
Gerdau SA (Preference Shares)		1,096,700		5,148,904
Norsk Hydro ASA		948,590		5,626,739
Yamato Kogyo Co., Ltd.		165,300		4,561,334
				19,431,255
				40,871,250
Health Care - 5.1%
Biotechnology - 1.0%
Grifols SA (ADR)		222,200		4,710,640
Pharmaceuticals - 4.1%
Indivior PLC (b)		864,640		4,942,574
Ono Pharmaceutical Co., Ltd.		294,600		9,373,221
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		289,460		4,946,871
				19,262,666
				23,973,306
Utilities - 0.9%
Electric Utilities - 0.9%
EDP - Energias de Portugal SA		1,163,800		4,421,981
Total Common Stocks (cost $399,927,239)				467,519,837

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.1%
Time Deposit - 0.1%
State Street Time Deposit
0.28%, 4/02/18 (cost $209,864)	$	210	$	209,864
Total Investments Before Security Lending Collateral for Securities Loaned - 99.5% (cost $400,137,103)				467,729,701
	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, 1.41% (d)(e)(f) (cost $15,661,960)		15,661,960		15,661,960
Total Investments - 102.8% (cost $415,799,063) (g)				483,391,661	(h)
Other assets less liabilities - (2.8)%				(13,205,893	)
Net Assets - 100.0%			$	470,185,768

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	EUR	1,875	USD	2,332		4/17/18	$	23,196
Bank of America, NA	GBP	950	USD	1,318		4/17/18		(15,171	)
Bank of America, NA	USD	9,833	EUR	8,259		4/17/18		339,120
Bank of America, NA	USD	3,019	GBP	2,227		4/17/18		107,158
Bank of America, NA	USD	998	ILS	3,475		4/17/18		(6,936	)
Bank of America, NA	KRW	18,872,869	USD	17,785		4/26/18		9,976
Bank of America, NA	KRW	830,371	USD	780		4/26/18		(2,399	)
Bank of America, NA	USD	779	GBP	555		7/17/18		2,887
Bank of America, NA	USD	1,129	GBP	798		7/17/18		(4,727	)
Barclays Bank PLC	BRL	15,010	USD	4,516		4/03/18		(30,572	)
Barclays Bank PLC	USD	4,544	BRL	15,010		4/03/18		2,134
Barclays Bank PLC	ILS	6,252	USD	1,830		4/17/18		45,872
Barclays Bank PLC	RUB	145,212	USD	2,551		4/17/18		21,025
Barclays Bank PLC	USD	3,085	EUR	2,487		4/17/18		(21,992	)
Barclays Bank PLC	USD	862	GBP	618		4/17/18		5,519
Barclays Bank PLC	USD	5,093	RUB	291,398		4/17/18		(16,198	)
Barclays Bank PLC	BRL	15,010	USD	4,532		5/03/18		(3,902	)
BNP Paribas SA	USD	557	CAD	685		4/17/18		(24,952	)
BNP Paribas SA	USD	4,424	GBP	3,298		4/17/18		205,447
Citibank, NA	AUD	5,037	USD	4,061		4/17/18		192,264
Citibank, NA	CAD	1,633	USD	1,308		4/17/18		39,966
Citibank, NA	CHF	744	USD	803		4/17/18		23,919
Citibank, NA	EUR	1,920	USD	2,372		4/17/18		7,610
Citibank, NA	GBP	3,685	USD	5,205		4/17/18		32,595
Citibank, NA	ILS	2,782	USD	818		4/17/18		24,510
Citibank, NA	JPY	56,940	USD	538		4/17/18		2,102
Citibank, NA	JPY	4,583,419	USD	41,319		4/17/18		(1,791,120	)
Citibank, NA	NOK	75,404	USD	9,394		4/17/18		(229,516	)
Citibank, NA	TRY	9,951	USD	2,514		4/17/18		3,290

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA	USD	1,188	AUD	1,514		4/17/18	$	(25,412	)
Citibank, NA	USD	584	CAD	749		4/17/18		(2,788	)
Citibank, NA	USD	1,378	EUR	1,101		4/17/18		(22,184	)
Citibank, NA	USD	3,987	GBP	2,800		4/17/18		(56,373	)
Citibank, NA	USD	3,448	JPY	372,478		4/17/18		55,189
Citibank, NA	USD	17,247	JPY	1,830,322		4/17/18		(31,359	)
Citibank, NA	USD	2,856	TRY	10,961		4/17/18		(89,931	)
Citibank, NA	JPY	368,306	USD	3,523		7/17/18		37,023
Credit Suisse International	BRL	15,010	USD	4,625		4/03/18		78,171
Credit Suisse International	USD	4,516	BRL	15,010		4/03/18		30,572
Credit Suisse International	CHF	922	USD	982		4/17/18		16,114
Credit Suisse International	GBP	728	USD	1,024		4/17/18		2,519
Credit Suisse International	NOK	40,727	USD	5,226		4/17/18		28,150
Credit Suisse International	SEK	5,298	USD	657		4/17/18		22,295
Credit Suisse International	USD	1,894	AUD	2,387		4/17/18		(60,600	)
Credit Suisse International	USD	744	CAD	960		4/17/18		1,143
Credit Suisse International	USD	4,453	JPY	483,484		4/17/18		94,064
Credit Suisse International	USD	4,965	NOK	38,612		4/17/18		(37,684	)
Credit Suisse International	USD	2,420	PLN	8,637		4/17/18		103,217
Credit Suisse International	JPY	124,871	USD	1,182		7/17/18		453
Deutsche Bank AG	CAD	20,579	USD	16,512		4/17/18		533,933
Deutsche Bank AG	USD	28,830	CHF	27,989		4/17/18		478,126
Deutsche Bank AG	USD	1,473	JPY	162,100		4/17/18		52,076
Deutsche Bank AG	JPY	181,019	USD	1,735		7/17/18		21,570
Goldman Sachs Bank USA	JPY	177,103	USD	1,664		4/17/18		(1,755	)
Goldman Sachs Bank USA	USD	1,041	AUD	1,384		4/17/18		22,008
Goldman Sachs Bank USA	USD	2,354	EUR	1,895		4/17/18		(20,436	)
JPMorgan Chase Bank, NA	AUD	8,916	USD	7,066		4/17/18		218,542
JPMorgan Chase Bank, NA	CAD	1,247	USD	972		4/17/18		3,964
JPMorgan Chase Bank, NA	CHF	11,291	USD	11,932		4/17/18		108,570
JPMorgan Chase Bank, NA	JPY	458,020	USD	4,335		4/17/18		26,932
JPMorgan Chase Bank, NA	NOK	77,793	USD	9,398		4/17/18		(530,180	)
JPMorgan Chase Bank, NA	PLN	8,637	USD	2,551		4/17/18		27,497
JPMorgan Chase Bank, NA	USD	1,211	JPY	128,737		4/17/18		275
JPMorgan Chase Bank, NA	USD	1,899	NOK	14,681		4/17/18		(25,519	)
JPMorgan Chase Bank, NA	USD	1,865	CNY	11,817		4/19/18		18,397
Morgan Stanley & Co., Inc.	GBP	1,152	USD	1,632		4/17/18		14,785
Morgan Stanley & Co., Inc.	ILS	4,695	USD	1,335		4/17/18		(4,709	)
Morgan Stanley & Co., Inc.	USD	591	AUD	771		4/17/18		719
Morgan Stanley & Co., Inc.	USD	2,943	GBP	2,168		4/17/18		99,985
Morgan Stanley & Co., Inc.	USD	2,431	GBP	1,723		4/17/18		(12,241	)
Morgan Stanley & Co., Inc.	USD	6,322	HKD	49,531		4/17/18		(7,491	)
Morgan Stanley & Co., Inc.	USD	1,455	JPY	154,635		4/17/18		(845	)
Morgan Stanley & Co., Inc.	USD	813	NZD	1,124		7/17/18		(513	)
Royal Bank of Scotland PLC	CHF	1,010	USD	1,067		4/17/18		9,270
Royal Bank of Scotland PLC	EUR	16,298	USD	20,389		4/17/18		316,533
Royal Bank of Scotland PLC	GBP	1,155	USD	1,607		4/17/18		(13,988	)
Royal Bank of Scotland PLC	JPY	1,119,479	USD	10,299		4/17/18		(230,143	)
Royal Bank of Scotland PLC	USD	949	CAD	1,190		4/17/18		(25,171	)
Royal Bank of Scotland PLC	USD	17,112	CHF	15,770		4/17/18		(598,938	)
Royal Bank of Scotland PLC	USD	20,777	EUR	17,227		4/17/18		439,540
Royal Bank of Scotland PLC	USD	21,477	EUR	17,242		4/17/18		(242,379	)
Royal Bank of Scotland PLC	USD	2,479	JPY	271,174		4/17/18		72,052
Royal Bank of Scotland PLC	USD	4,328	JPY	454,112		4/17/18		(56,676	)
Royal Bank of Scotland PLC	CNY	3,057	USD	482		4/19/18		(5,392	)
Royal Bank of Scotland PLC	USD	1,558	KRW	1,676,455		4/26/18		21,297

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC	TWD	198,075	USD	6,810		6/07/18	$	(39,577	)
Royal Bank of Scotland PLC	JPY	399,064	USD	3,799		7/17/18		21,334
Royal Bank of Scotland PLC	USD	3,275	AUD	4,248		7/17/18		(11,336	)
Standard Chartered Bank	USD	16,479	AUD	20,996		4/17/18		(352,931	)
Standard Chartered Bank	USD	534	JPY	59,253		4/17/18		23,780
Standard Chartered Bank	CNY	126,690	USD	20,010		4/19/18		(179,196	)
Standard Chartered Bank	USD	1,134	CNY	7,232		4/19/18		17,975
Standard Chartered Bank	USD	2,338	KRW	2,511,760		4/26/18		27,592
Standard Chartered Bank	JPY	128,042	USD	1,207		7/17/18		(4,731	)
State Street Bank & Trust Co.	AUD	962	USD	752		4/17/18		12,963
State Street Bank & Trust Co.	CHF	935	USD	1,005		4/17/18		25,974
State Street Bank & Trust Co.	EUR	2,981	USD	3,706		4/17/18		34,841
State Street Bank & Trust Co.	EUR	535	USD	655		4/17/18		(3,958	)
State Street Bank & Trust Co.	HKD	118,162	USD	15,143		4/17/18		79,793
State Street Bank & Trust Co.	JPY	67,400	USD	636		4/17/18		1,649
State Street Bank & Trust Co.	JPY	550,431	USD	4,902		4/17/18		(275,529	)
State Street Bank & Trust Co.	USD	3,579	AUD	4,557		4/17/18		(78,875	)
State Street Bank & Trust Co.	USD	702	CAD	885		4/17/18		(15,328	)
State Street Bank & Trust Co.	USD	5,516	EUR	4,548		4/17/18		85,570
State Street Bank & Trust Co.	USD	5,991	EUR	4,845		4/17/18		(24,474	)
State Street Bank & Trust Co.	USD	2,204	JPY	243,600		4/17/18		86,918
State Street Bank & Trust Co.	USD	8,322	SEK	67,603		4/17/18		(218,565	)
State Street Bank & Trust Co.	USD	2,111	TRY	8,253		4/17/18		(28,302	)
State Street Bank & Trust Co.	JPY	51,500	USD	489		7/17/18		1,476
State Street Bank & Trust Co.	USD	4,253	EUR	3,411		7/17/18		(22,448	)
UBS AG	CAD	658	USD	526		4/17/18		15,322
							$	(1,026,684	)

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

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the aggregate market value of these securities amounted to $11,114,428 or 2.4% of net assets.

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $92,227,822 and gross unrealized depreciation of investments was $(25,661,908), resulting in net unrealized appreciation of $66,565,914.

(h) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Portfolio valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TRY	-	Turkish Lira
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
REG	-	Registered Shares

COUNTRY BREAKDOWN ¹

March 31, 2018 (unaudited)

33.0%	Japan
16.6%	United Kingdom
7.2%	France
5.0%	Germany
4.6%	Norway
3.9%	China
3.5%	Canada
3.5%	South Korea
3.0%	Australia
2.9%	Hong Kong
2.8%	Finland
2.2%	Austria
2.2%	Switzerland
9.6%	Other
100.0%	Total Investments

1 All data are as of March 31, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.0% or less in the following countries: Argentina, Brazil, Denmark, Israel, Netherlands, Portugal, Spain, Taiwan and United States.

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Consumer Discretionary

$

7,763,903

$

75,986,498

$

– 0

–

$

83,750,401

Financials

– 0

–

81,552,427

– 0

–

81,552,427

Consumer Staples

– 0

–

52,224,970

– 0

–

52,224,970

Information Technology

– 0

–

48,922,232

– 0

–

48,922,232

Industrials

– 0

–

46,669,308

– 0

–

46,669,308

Energy

9,226,407

33,732,359

– 0

–

42,958,766

Telecommunication Services

– 0

–

42,175,196

– 0

–

42,175,196

Materials

9,243,182

31,628,068

– 0

–

40,871,250

Health Care

9,657,511

14,315,795

– 0

–

23,973,306

Utilities

– 0

–

4,421,981

– 0

–

4,421,981

Short-Term Investments

– 0

–

209,864

– 0

–

209,864

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

15,661,960

– 0

–

– 0

–

15,661,960

Total Investments in Securities

51,552,963

431,838,698

(a)

– 0

–

483,391,661

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

– 0

–

4,478,758

– 0

–

4,478,758

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(5,505,442

)

– 0

–

(5,505,442

)

Total (c)(d)

$

51,552,963

$

430,812,014

$

– 0

–

$

482,364,977

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) An amount of $23,580,751 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(d) An amount of $5,739,368 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

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

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 three months ended March 31, 2018 is as follows:

Fund	Market  Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/18 (000)		Dividend Income (000)
Government Money Market Portfolio*	$	15,541	$	46,122	$	46,001	$	15,662	$	4

* Investments of cash collateral for securities lending transactions.

AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.4%
Information Technology - 37.2%
Communications Equipment - 0.6%
Arista Networks, Inc. (a)		9,799	$	2,501,685
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. - Class A		24,236		2,087,447
Internet Software & Services - 14.7%
Alphabet, Inc. - Class C (a)		32,669		33,707,547
Facebook, Inc. - Class A (a)		183,349		29,297,337
				63,004,884
IT Services - 8.7%
Cognizant Technology Solutions Corp. - Class A		47,298		3,807,489
Fiserv, Inc. (a)		52,740		3,760,889
PayPal Holdings, Inc. (a)		104,072		7,895,943
Visa, Inc. - Class A		183,276		21,923,475
				37,387,796
Semiconductors & Semiconductor Equipment - 3.6%
NVIDIA Corp.		10,532		2,439,106
Texas Instruments, Inc.		15,440		1,604,062
Xilinx, Inc.		157,806		11,399,905
				15,443,073
Software - 5.5%
Activision Blizzard, Inc.		74,187		5,004,655
Adobe Systems, Inc. (a)		53,220		11,499,777
Electronic Arts, Inc. (a)		30,840		3,739,042
Red Hat, Inc. (a)		11,074		1,655,674
salesforce.com, Inc. (a)		14,520		1,688,676
				23,587,824
Technology Hardware, Storage & Peripherals - 3.6%
Apple, Inc.		92,152		15,461,262
				159,473,971
Health Care - 20.0%
Biotechnology - 4.2%
Biogen, Inc. (a)		66,346		18,166,862
Health Care Equipment & Supplies - 6.9%
Edwards Lifesciences Corp. (a)		92,282		12,875,184
Intuitive Surgical, Inc. (a)		33,112		13,669,627
Stryker Corp.		18,840		3,031,733
				29,576,544
Health Care Providers & Services - 4.0%
UnitedHealth Group, Inc.		80,581		17,244,334
Health Care Technology - 1.2%
Cerner Corp. (a)		86,230		5,001,340

Company	Shares		U.S. $ Value
Life Sciences Tools & Services - 0.6%
Mettler-Toledo International, Inc. (a)		4,075	$	2,343,247
Pharmaceuticals - 3.1%
Zoetis, Inc.		161,478		13,485,028
				85,817,355
Consumer Discretionary - 13.3%
Hotels, Restaurants & Leisure - 0.9%
Starbucks Corp.		69,550		4,026,250
Internet & Direct Marketing Retail - 0.7%
Booking Holdings, Inc. (a)		1,390		2,891,742
Media - 0.8%
Comcast Corp. - Class A		100,090		3,420,075
Multiline Retail - 1.1%
Dollar Tree, Inc. (a)		48,761		4,627,419
Specialty Retail - 7.9%
Home Depot, Inc. (The)		96,261		17,157,561
TJX Cos., Inc. (The)		117,979		9,622,367
Ulta Salon Cosmetics & Fragrance, Inc. (a)		34,350		7,016,674
				33,796,602
Textiles, Apparel & Luxury Goods - 1.9%
NIKE, Inc. - Class B		126,920		8,432,565
				57,194,653
Consumer Staples - 9.5%
Beverages - 5.8%
Constellation Brands, Inc. - Class A		63,850		14,552,692
Monster Beverage Corp. (a)		182,767		10,456,100
				25,008,792
Food & Staples Retailing - 3.7%
Costco Wholesale Corp.		83,220		15,681,145
				40,689,937
Industrials - 8.0%
Building Products - 2.9%
Allegion PLC		84,669		7,221,419
AO Smith Corp.		79,760		5,071,938
				12,293,357
Commercial Services & Supplies - 1.7%
Copart, Inc. (a)		146,511		7,461,805
Industrial Conglomerates - 1.8%
Roper Technologies, Inc.		27,534		7,728,519

Company	Shares		U.S. $ Value
Machinery - 1.6%
IDEX Corp.		12,170	$	1,734,347
WABCO Holdings, Inc. (a)		37,812		5,061,892
				6,796,239
				34,279,920
Financials - 3.5%
Capital Markets - 3.5%
MarketAxess Holdings, Inc.		33,069		7,190,523
S&P Global, Inc.		41,350		7,900,331
				15,090,854
Materials - 1.9%
Chemicals - 1.9%
Sherwin-Williams Co. (The)		20,779		8,147,862
Total Common Stocks (cost $266,270,952)				400,694,552
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.4%
Time Deposit - 7.4%
State Street Time Deposit
0.28%, 4/02/18 (cost $31,716,378)	$	31,716		31,716,378
Total Investments - 100.8% (cost $297,987,330) (b)				432,410,930	(c)
Other assets less liabilities - (0.8)%				(3,357,217	)
Net Assets - 100.0%			$	429,053,713

(a) Non-income producing security.

(b) As of March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $136,619,138 and gross unrealized depreciation of investments was $(2,195,538), resulting in net unrealized appreciation of $134,423,600.

(c) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Portfolio valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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 Large Cap Growth Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

400,694,552

$

– 0

–

$

– 0

–

$

400,694,552

Short-Term Investments

– 0

–

31,716,378

– 0

–

31,716,378

Total Investments in Securities

400,694,552

31,716,378

– 0

–

432,410,930

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

400,694,552

$

31,716,378

$

– 0

–

$

432,410,930

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

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

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

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

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

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

AB Variable Products Series Fund, Inc.

AB Real Estate Investment Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.1%
Real Estate - 97.2%
Diversified REITs - 6.7%
Armada Hoffler Properties, Inc.		54,690	$	748,706
Empire State Realty Trust, Inc.-Class A		32,040		537,951
Gramercy Property Trust		40,594		882,108
Liberty Property Trust		25,290		1,004,772
				3,173,537
Health Care REITs - 7.4%
HCP, Inc.		43,970		1,021,423
Healthcare Realty Trust, Inc.		24,030		665,871
Medical Properties Trust, Inc.		70,200		912,600
Sabra Health Care REIT, Inc.		50,290		887,619
				3,487,513
Hotel & Resort REITs - 7.6%
DiamondRock Hospitality Co.		54,890		573,052
Hersha Hospitality Trust		28,810		515,699
MGM Growth Properties LLC-Class A		17,630		467,900
Park Hotels & Resorts, Inc.		26,430		714,138
RLJ Lodging Trust		36,090		701,590
Summit Hotel Properties, Inc.		43,028		585,611
				3,557,990
Industrial REITs - 11.3%
Duke Realty Corp.		40,030		1,059,995
Monmouth Real Estate Investment Corp.-Class A		36,210		544,598
Prologis, Inc.		35,280		2,222,287
Rexford Industrial Realty, Inc.		24,480		704,779
STAG Industrial, Inc.		33,690		805,865
				5,337,524
Office REITs - 12.9%
Alexandria Real Estate Equities, Inc.		9,580		1,196,446
Brandywine Realty Trust		52,830		838,940
Columbia Property Trust, Inc.		39,426		806,656
Corporate Office Properties Trust		19,860		512,984
Cousins Properties, Inc.		75,320		653,778
Kilroy Realty Corp.		11,220		796,171
Mack-Cali Realty Corp.		26,950		450,335
SL Green Realty Corp.		8,150		789,164
				6,044,474
Residential REITs - 14.9%
American Campus Communities, Inc.		19,060		736,097
American Homes 4 Rent-Class A		47,880		961,430
Camden Property Trust		12,560		1,057,301
Essex Property Trust, Inc.		6,020		1,448,894
Independence Realty Trust, Inc.		80,180		736,052
Mid-America Apartment Communities, Inc.		11,200		1,021,888
Sun Communities, Inc.		11,445		1,045,730
				7,007,392
Retail REITs - 13.8%
Agree Realty Corp.		9,870		474,155
National Retail Properties, Inc.		23,110		907,299

Company	Shares		U.S. $ Value
Regency Centers Corp.		16,040	$	946,039
Retail Opportunity Investments Corp.		32,070		566,677
Simon Property Group, Inc.		19,550		3,017,542
Urban Edge Properties		26,690		569,831
				6,481,543
Specialized REITs - 22.6%
American Tower Corp.		24,680		3,586,991
Crown Castle International Corp.		24,790		2,717,232
CubeSmart		28,280		797,496
EPR Properties		7,300		404,420
Equinix, Inc.		4,782		1,999,546
Life Storage, Inc.		4,560		380,851
National Storage Affiliates Trust		28,622		717,840
				10,604,376
				45,694,349
Software & Services - 1.9%
IT Consulting & Other Services - 1.9%
InterXion Holding NV (a)		7,410		460,235
Switch, Inc.-Class A (b)		29,120		463,300
				923,535
Total Common Stocks (cost $43,562,385)				46,617,884
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.6%
Time Deposit - 0.6%
State Street Time Deposit 0.28%, 4/02/18 (cost $263,763)	$	264		263,763
Total Investments Before Security Lending Collateral for Securities Loaned - 99.7% (cost $43,826,148)				46,881,647
	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, 1.41% (c)(d)(e) (cost $465,920)		465,920		465,920

	U.S. $ Value
Total Investments - 100.7% (cost $44,292,068) (f)	$	47,347,567	(g)
Other assets less liabilities - (0.7)%		(326,515	)
Net Assets - 100.0%	$	47,021,052

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,708,553 and gross unrealized depreciation of investments was $(1,653,054), resulting in net unrealized appreciation of $3,055,499.

(g) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Portfolio valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

Glossary:

REIT - Real Estate Investment Trust

AB Variable Products Series Fund, Inc.

AB Real Estate Investment Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

46,617,884

$

– 0

–

$

– 0

–

$

46,617,884

Short-Term Investments

– 0

–

263,763

– 0

–

263,763

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

465,920

– 0

–

– 0

–

465,920

Total Investments in Securities

47,083,804

263,763

– 0

–

47,347,567

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

47,083,804

$

263,763

$

– 0

–

$

47,347,567

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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 three months ended March 31, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio*	$	– 0	–	$	780	$	314	$	466	$	– 0	–

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.1%
Information Technology - 26.2%
Communications Equipment - 1.2%
Ciena Corp. (a)		27,610	$	715,099
Electronic Equipment, Instruments & Components - 1.1%
National Instruments Corp.		12,820		648,307
Internet Software & Services - 7.5%
2U, Inc. (a)		10,010		841,140
GrubHub, Inc. (a)		10,340		1,049,200
LogMeIn, Inc.		6,550		756,853
New Relic, Inc. (a)		10,385		769,736
Q2 Holdings, Inc. (a)		8,343		380,024
Trade Desk, Inc. (The) - Class A (a)(b)		13,313		660,591
				4,457,544
Semiconductors & Semiconductor Equipment - 3.0%
Cavium, Inc. (a)		7,150		567,567
Monolithic Power Systems, Inc.		5,761		666,951
Silicon Laboratories, Inc. (a)		6,504		584,710
				1,819,228
Software - 11.9%
Aspen Technology, Inc. (a)		10,573		834,104
Blackbaud, Inc.		9,098		926,267
Blackline, Inc. (a)		11,385		446,406
Bottomline Technologies de, Inc. (a)		17,400		674,250
Guidewire Software, Inc. (a)		7,813		631,525
HubSpot, Inc. (a)		6,800		736,440
Paylocity Holding Corp. (a)		16,219		830,899
Proofpoint, Inc. (a)		7,510		853,512
RingCentral, Inc. - Class A (a)		11,640		739,140
Take-Two Interactive Software, Inc. (a)		4,532		443,139
				7,115,682
Technology Hardware, Storage & Peripherals - 1.5%
Pure Storage, Inc. - Class A (a)		43,870		875,206
				15,631,066
Health Care - 22.3%
Biotechnology - 10.1%
Adamas Pharmaceuticals, Inc. (a)(b)		10,845		259,196
Aimmune Therapeutics, Inc. (a)		8,833		281,154
Ascendis Pharma A/S (ADR) (a)		4,131		270,167
Audentes Therapeutics, Inc. (a)		5,629		169,151
Avexis, Inc. (a)		3,540		437,473
BeiGene Ltd. (ADR) (a)		1,627		273,336
Biohaven Pharmaceutical Holding Co., Ltd. (a)		8,448		217,621
Blueprint Medicines Corp. (a)		5,522		506,367
Clovis Oncology, Inc. (a)		6,780		357,984
Exact Sciences Corp. (a)		18,255		736,224

Company	Shares		U.S. $ Value
Loxo Oncology, Inc. (a)		3,865	$	445,905
Madrigal Pharmaceuticals, Inc. (a)		1,810		211,390
Neurocrine Biosciences, Inc. (a)		5,630		466,896
NuCana PLC (ADR) (a)(b)		10,152		192,076
Prothena Corp. PLC (a)(b)		6,670		244,856
Sage Therapeutics, Inc. (a)		3,606		580,818
TESARO, Inc. (a)(b)		1,648		94,167
Ultragenyx Pharmaceutical, Inc. (a)		5,943		303,034
				6,047,815
Health Care Equipment & Supplies - 5.2%
iRhythm Technologies, Inc. (a)		15,043		946,957
Nevro Corp. (a)		8,439		731,408
Penumbra, Inc. (a)		6,838		790,815
Tactile Systems Technology, Inc. (a)(b)		18,939		602,260
				3,071,440
Health Care Technology - 2.9%
Teladoc, Inc. (a)(b)		26,509		1,068,312
Vocera Communications, Inc. (a)		28,747		673,255
				1,741,567
Life Sciences Tools & Services - 1.2%
ICON PLC (a)		6,242		737,430
Pharmaceuticals - 2.9%
Aerie Pharmaceuticals, Inc. (a)		6,030		327,128
GW Pharmaceuticals PLC (ADR) (a)(b)		1,778		200,327
Intersect ENT, Inc. (a)		24,040		944,772
Revance Therapeutics, Inc. (a)		7,875		242,550
				1,714,777
				13,313,029
Industrials - 19.6%
Aerospace & Defense - 2.0%
Hexcel Corp.		7,074		456,910
Mercury Systems, Inc. (a)		15,030		726,249
				1,183,159
Commercial Services & Supplies - 2.2%
Cimpress NV (a)(b)		4,675		723,222
Tetra Tech, Inc.		12,580		615,791
				1,339,013
Construction & Engineering - 1.5%
Dycom Industries, Inc. (a)		8,363		900,110
Industrial Conglomerates - 0.7%
Carlisle Cos., Inc.		4,125		430,691

Company	Shares		U.S. $ Value
Machinery - 8.1%
Gardner Denver Holdings, Inc. (a)		19,349	$	593,627
Gates Industrial Corp. PLC (a)		22,854		400,174
IDEX Corp.		4,382		624,479
John Bean Technologies Corp.		5,570		631,638
Kennametal, Inc.		17,840		716,454
Lincoln Electric Holdings, Inc.		6,889		619,666
Nordson Corp,		4,560		621,710
RBC Bearings, Inc. (a)		4,993		620,131
				4,827,879
Road & Rail - 2.7%
Knight-Swift Transportation Holdings, Inc.		20,010		920,660
Saia, Inc. (a)		9,330		701,150
				1,621,810
Trading Companies & Distributors - 2.4%
H&E Equipment Services, Inc.		16,549		636,971
SiteOne Landscape Supply, Inc. (a)		9,957		767,087
				1,404,058
				11,706,720
Consumer Discretionary - 15.3%
Distributors - 1.4%
Pool Corp.		5,587		816,931
Diversified Consumer Services - 3.2%
Bright Horizons Family Solutions, Inc. (a)		7,985		796,264
Grand Canyon Education, Inc. (a)		10,920		1,145,727
				1,941,991
Hotels, Restaurants & Leisure - 3.8%
Hilton Grand Vacations, Inc. (a)		18,341		789,030
Planet Fitness, Inc. (a)		27,638		1,043,887
Vail Resorts, Inc.		2,040		452,268
				2,285,185
Internet & Direct Marketing Retail - 0.6%
Wayfair, Inc. - Class A (a)(b)		5,465		369,051
Multiline Retail - 1.4%
Ollie’s Bargain Outlet Holdings, Inc. (a)		13,472		812,362
Specialty Retail - 4.9%
Five Below, Inc. (a)		14,412		1,056,976
Floor & Decor Holdings, Inc. - Class A (a)		16,326		850,911
Lithia Motors, Inc. - Class A		2,295		230,693
Sleep Number Corp. (a)		22,285		783,318
				2,921,898
				9,147,418
Financials - 7.0%
Banks - 2.8%
Sterling Bancorp/DE		24,046		542,237
SVB Financial Group (a)		1,948		467,539
Western Alliance Bancorp (a)		11,632		675,936
				1,685,712

Company	Shares		U.S. $ Value
Capital Markets - 3.1%
Hamilton Lane, Inc. - Class A		16,322	$	607,668
Houlihan Lokey, Inc.		14,030		625,738
Stifel Financial Corp.		10,417		616,999
				1,850,405
Insurance - 1.1%
Trupanion, Inc. (a)(b)		21,190		633,369
				4,169,486
Materials - 3.3%
Chemicals - 2.0%
Ingevity Corp. (a)		5,790		426,665
PolyOne Corp.		18,232		775,225
				1,201,890
Construction Materials - 1.3%
Summit Materials, Inc. - Class A (a)		24,711		748,249
				1,950,139
Consumer Staples - 2.3%
Food & Staples Retailing - 1.3%
Chefs’ Warehouse, Inc. (The) (a)		32,959		758,057
Food Products - 1.0%
Freshpet, Inc. (a)(b)		38,118		627,041
				1,385,098
Energy - 2.1%
Energy Equipment & Services - 1.2%
Forum Energy Technologies, Inc. (a)		25,818		283,998
Oil States International, Inc. (a)		17,521		459,050
				743,048
Oil, Gas & Consumable Fuels - 0.9%
Matador Resources Co. (a)		17,225		515,200
				1,258,248
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 1.0%
Vonage Holdings Corp. (a)		54,457		579,967
Total Common Stocks (cost $45,236,636)				59,141,171

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.1%
Time Deposit - 1.1%
State Street Time Deposit
0.28%, 4/02/18 (cost $649,017)	$	649	$	649,017
Total Investments Before Security Lending Collateral for Securities Loaned - 100.2% (cost $45,885,653)				59,790,188
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 8.2%
Investment Companies - 8.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (c)(d)(e) (cost $4,908,436)		4,908,436		4,908,436
Total Investments - 108.4% (cost $50,794,089) (f)				64,698,624	(g)
Other assets less liabilities - (8.4)%				(4,995,012	)
Net Assets - 100.0%			$	59,703,612

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $14,705,726 and gross unrealized depreciation of investments was $(801,190), resulting in net unrealized appreciation of $13,904,536.

(g) On March 30, 2018, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

59,141,171

$

– 0

–

$

– 0

–

$

59,141,171

Short-Term Investments

– 0

–

649,017

– 0

–

649,017

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

4,908,436

– 0

–

– 0

–

4,908,436

Total Investments in Securities

64,049,607

649,017

– 0

–

64,698,624

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

64,049,607

$

649,017

$

– 0

–

$

64,698,624

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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 three months ended March 31, 2018 is as follows:

Fund	Market  Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio *	$	4,718	$	7,979	$	7,789	$	4,908	$	14

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.9%
Financials - 23.4%
Banks - 11.6%
Associated Banc-Corp.		326,170	$	8,105,324
Comerica, Inc.		99,300		9,525,849
Fulton Financial Corp.		351,200		6,233,800
Huntington Bancshares, Inc./OH		523,120		7,899,112
Sterling Bancorp/DE		211,016		4,758,411
Synovus Financial Corp.		149,070		7,444,556
Texas Capital Bancshares, Inc. (a)		80,570		7,243,243
Umpqua Holdings Corp.		338,410		7,245,358
Webster Financial Corp.		146,402		8,110,671
Zions Bancorporation		216,890		11,436,610
				78,002,934
Consumer Finance - 0.8%
OneMain Holdings, Inc. (a)		169,870		5,085,908
Insurance - 8.8%
American Financial Group, Inc./OH		89,200		10,010,024
Everest Re Group Ltd.		25,790		6,623,388
First American Financial Corp.		102,120		5,992,402
Hanover Insurance Group, Inc. (The)		40,240		4,743,894
Old Republic International Corp.		350,390		7,515,865
Reinsurance Group of America, Inc. - Class A		79,420		12,230,680
Selective Insurance Group, Inc.		110,430		6,703,101
Validus Holdings Ltd.		80,112		5,403,554
				59,222,908
Thrifts & Mortgage Finance - 2.2%
BankUnited, Inc.		202,040		8,077,559
Essent Group Ltd. (a)		149,918		6,380,510
				14,458,069
				156,769,819
Industrials - 17.7%
Air Freight & Logistics - 1.0%
Atlas Air Worldwide Holdings, Inc. (a)		112,360		6,792,162
Airlines - 2.7%
Alaska Air Group, Inc.		67,990		4,212,661
Hawaiian Holdings, Inc.		110,240		4,266,288
SkyWest, Inc.		178,080		9,687,552
				18,166,501
Commercial Services & Supplies - 1.7%
ABM Industries, Inc.		103,540		3,466,519
Steelcase, Inc. - Class A		581,344		7,906,279
				11,372,798
Construction & Engineering - 4.0%
AECOM (a)		197,245		7,027,839
Granite Construction, Inc.		99,020		5,531,257
Quanta Services, Inc. (a)		237,805		8,168,602
Tutor Perini Corp. (a)		264,170		5,824,949
				26,552,647

Company	Shares		U.S. $ Value
Electrical Equipment - 2.5%
EnerSys		120,480	$	8,357,698
Regal Beloit Corp.		113,370		8,315,689
				16,673,387
Machinery - 2.7%
Oshkosh Corp.		92,640		7,158,293
SPX FLOW, Inc. (a)		120,940		5,949,038
Terex Corp.		138,870		5,195,127
				18,302,458
Road & Rail - 2.1%
Ryder System, Inc.		91,846		6,685,470
Werner Enterprises, Inc.		213,130		7,779,245
				14,464,715
Trading Companies & Distributors - 1.0%
MRC Global, Inc. (a)		395,110		6,495,608
				118,820,276
Information Technology - 15.5%
Communications Equipment - 1.5%
Finisar Corp. (a)(b)		281,170		4,445,298
Infinera Corp. (a)		433,132		4,703,813
NETGEAR, Inc. (a)		10,973		627,656
				9,776,767
Electronic Equipment, Instruments & Components - 5.2%
Anixter International, Inc. (a)		117,250		8,881,688
Avnet, Inc.		180,440		7,535,174
CDW Corp./DE		115,280		8,105,337
Sanmina Corp. (a)		152,340		3,983,691
VeriFone Systems, Inc. (a)		429,500		6,605,710
				35,111,600
IT Services - 3.6%
Amdocs Ltd.		109,360		7,296,499
Booz Allen Hamilton Holding Corp.		239,985		9,292,219
Genpact Ltd.		242,410		7,754,696
				24,343,414
Semiconductors & Semiconductor Equipment - 2.6%
Cypress Semiconductor Corp.		439,550		7,454,768
Mellanox Technologies Ltd. (a)		83,760		6,101,916
Qorvo, Inc. (a)		49,670		3,499,251
				17,055,935
Software - 1.3%
Verint Systems, Inc. (a)		211,100		8,992,860

Company	Shares		U.S. $ Value
Technology Hardware, Storage & Peripherals - 1.3%
NCR Corp. (a)		270,067	$	8,512,512
				103,793,088
Consumer Discretionary - 14.3%
Auto Components - 3.3%
Cooper-Standard Holdings, Inc. (a)		73,709		9,052,202
Dana, Inc.		180,460		4,648,650
Lear Corp.		25,137		4,677,745
Tenneco, Inc.		68,760		3,772,861
				22,151,458
Diversified Consumer Services - 1.7%
Houghton Mifflin Harcourt Co. (a)		446,125		3,100,569
Sotheby’s (a)		162,750		8,350,702
				11,451,271
Hotels, Restaurants & Leisure - 2.0%
Bloomin’ Brands, Inc.		375,939		9,127,799
Brinker International, Inc. (b)		118,652		4,283,337
				13,411,136
Household Durables - 1.4%
Lennar Corp. - Class A		159,193		9,382,835
Media - 0.7%
Scholastic Corp.		120,730		4,689,153
Specialty Retail - 3.0%
Burlington Stores, Inc. (a)		38,277		5,096,583
Caleres, Inc.		126,785		4,259,976
Michaels Cos., Inc. (The) (a)		295,690		5,828,050
Signet Jewelers Ltd.		137,250		5,286,870
				20,471,479
Textiles, Apparel & Luxury Goods - 2.2%
Crocs, Inc. (a)		490,240		7,966,400
Deckers Outdoor Corp. (a)		72,010		6,483,060
				14,449,460
				96,006,792
Energy - 7.5%
Energy Equipment & Services - 2.4%
Helix Energy Solutions Group, Inc. (a)		333,230		1,929,402
Oil States International, Inc. (a)		267,520		7,009,024
RPC, Inc. (b)		399,610		7,204,968
				16,143,394
Oil, Gas & Consumable Fuels - 5.1%
HollyFrontier Corp.		150,200		7,338,772
Oasis Petroleum, Inc. (a)		723,990		5,864,319
QEP Resources, Inc. (a)		833,860		8,163,490
SM Energy Co.		333,410		6,011,382
SRC Energy, Inc. (a)		702,200		6,621,746
				33,999,709
				50,143,103

Company	Shares		U.S. $ Value
Real Estate - 5.4%
Equity Real Estate Investment Trusts (REITs) - 5.4%
American Campus Communities, Inc.		157,710	$	6,090,760
Education Realty Trust, Inc.		177,530		5,814,107
Empire State Realty Trust, Inc. - Class A		325,971		5,473,053
Gramercy Property Trust		323,348		7,026,352
STAG Industrial, Inc.		260,940		6,241,685
Sun Communities, Inc.		57,180		5,224,537
				35,870,494
Materials - 4.7%
Chemicals - 2.0%
Ingevity Corp. (a)		39,700		2,925,493
Orion Engineered Carbons SA		92,710		2,512,441
Trinseo SA		110,870		8,209,923
				13,647,857
Containers & Packaging - 1.3%
Graphic Packaging Holding Co.		542,230		8,323,231
Metals & Mining - 1.4%
Alcoa Corp. (a)		212,170		9,539,163
				31,510,251
Health Care - 4.4%
Health Care Providers & Services - 3.0%
LifePoint Health, Inc. (a)		136,995		6,438,765
Molina Healthcare, Inc. (a)		93,720		7,608,189
WellCare Health Plans, Inc. (a)		33,179		6,424,450
				20,471,404
Life Sciences Tools & Services - 1.4%
ICON PLC (a)		78,785		9,307,660
				29,779,064
Utilities - 3.7%
Electric Utilities - 2.6%
Alliant Energy Corp.		150,238		6,138,725
PNM Resources, Inc.		151,690		5,802,142
Portland General Electric Co.		140,420		5,688,414
				17,629,281
Gas Utilities - 0.5%
Southwest Gas Holdings, Inc.		44,330		2,998,038
Multi-Utilities - 0.6%
Black Hills Corp.		78,015		4,236,215
				24,863,534

Company	Shares		U.S. $ Value
Consumer Staples - 2.3%
Beverages - 0.9%
Cott Corp.		440,569	$	6,485,176
Food Products - 1.4%
Ingredion, Inc.		36,345		4,685,597
Nomad Foods Ltd. (a)		289,880		4,562,711
				9,248,308
				15,733,484
Total Common Stocks (cost $527,692,326)				663,289,905
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.5%
Time Deposit - 1.5%
State Street Time Deposit
0.28%, 4/02/18 (cost $10,122,859)	$	10,123		10,122,859
Total Investments Before Security Lending Collateral for Securities Loaned - 100.4% (cost $537,815,185)				673,412,764
	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, 1.41% (c)(d)(e) (cost $15,741,434)		15,741,434		15,741,434
Total Investments - 102.8% (cost $553,556,619) (f)				689,154,198	(g)
Other assets less liabilities - (2.8)%				(18,665,988	)
Net Assets - 100.0%			$	670,488,210

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $162,702,287 and gross unrealized depreciation of investments was $(27,104,708), resulting in net unrealized appreciation of $135,597,579.

(g) On March 30, 2018, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

663,289,905

$

– 0

–

$

– 0

–

$

663,289,905

Short-Term Investments

– 0

–

10,122,859

– 0

–

10,122,859

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

15,741,434

– 0

–

– 0

–

15,741,434

Total Investments in Securities

679,031,339

10,122,859

– 0

–

689,154,198

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

679,031,339

$

10,122,859

$

– 0

–

$

689,154,198

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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 three months ended March 31, 2018 is as follows:

Fund	Market  Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio*	$	18,302	$	56,000	$	58,561	$	15,741	$	53

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Value Portfolio

Portfolio of Investments

March 31, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.8%
Financials - 30.0%
Banks - 11.3%
Bank of America Corp.		105,717	$	3,170,453
Comerica, Inc.		13,766		1,320,572
Wells Fargo & Co.		58,558		3,069,025
				7,560,050
Capital Markets - 2.0%
Goldman Sachs Group, Inc. (The)		5,263		1,325,539
Consumer Finance - 5.6%
Capital One Financial Corp.		12,113		1,160,668
OneMain Holdings, Inc. (a)		23,895		715,416
Synchrony Financial		55,533		1,862,021
				3,738,105
Insurance - 11.1%
Allstate Corp. (The)		13,981		1,325,399
American International Group, Inc.		38,231		2,080,531
Everest Re Group Ltd.		6,623		1,700,919
First American Financial Corp.		13,521		793,412
FNF Group		37,090		1,484,342
				7,384,603
				20,008,297
Information Technology - 15.6%
Communications Equipment - 3.4%
Juniper Networks, Inc.		38,700		941,571
Nokia Oyj (Sponsored ADR) - Class A		240,833		1,317,356
				2,258,927
IT Services - 1.1%
Booz Allen Hamilton Holding Corp.		18,651		722,167
Semiconductors & Semiconductor Equipment - 2.9%
Intel Corp.		36,720		1,912,378
Software - 4.2%
Oracle Corp.		60,950		2,788,462
Technology Hardware, Storage & Peripherals - 4.0%
HP, Inc.		67,820		1,486,614
NCR Corp. (a)		17,192		541,892
Xerox Corp.		22,966		660,962
				2,689,468
				10,371,402
Energy - 11.7%
Energy Equipment & Services - 1.4%
RPC, Inc. (b)		52,454		945,746
Oil, Gas & Consumable Fuels - 10.3%
Canadian Natural Resources Ltd.		32,861		1,034,136
Devon Energy Corp.		25,864		822,216
EOG Resources, Inc.		18,770		1,975,918
Hess Corp.		24,111		1,220,499
Marathon Petroleum Corp.		24,257		1,773,429
				6,826,198
				7,771,944

Company	Shares		U.S. $ Value
Health Care - 9.4%
Biotechnology - 2.2%
Gilead Sciences, Inc.		19,892	$	1,499,658
Health Care Providers & Services - 5.6%
Aetna, Inc.		5,965		1,008,085
Cigna Corp.		8,133		1,364,230
McKesson Corp.		9,607		1,353,338
				3,725,653
Pharmaceuticals - 1.6%
Mallinckrodt PLC (a)		29,125		421,730
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		36,838		629,561
				1,051,291
				6,276,602
Consumer Discretionary - 8.3%
Auto Components - 3.0%
Lear Corp.		3,665		682,020
Magna International, Inc. (New York) - Class A		23,707		1,335,889
				2,017,909
Media - 3.9%
Comcast Corp. - Class A		40,726		1,391,608
Twenty-First Century Fox, Inc. - Class A		33,348		1,223,538
				2,615,146
Specialty Retail - 1.4%
Michaels Cos., Inc. (The) (a)		25,459		501,797
Signet Jewelers Ltd.		10,040		386,741
				888,538
				5,521,593
Consumer Staples - 8.0%
Beverages - 1.8%
PepsiCo, Inc.		11,057		1,206,872
Food Products - 2.2%
Tyson Foods, Inc. - Class A		20,070		1,468,923
Tobacco - 4.0%
British American Tobacco PLC (Sponsored ADR)		14,295		824,678
Philip Morris International, Inc.		18,410		1,829,954
				2,654,632
				5,330,427
Industrials - 5.5%
Aerospace & Defense - 3.1%
Raytheon Co.		9,603		2,072,519

Company	Shares		U.S. $ Value
Airlines - 1.2%
JetBlue Airways Corp. (a)		38,496	$	782,239
Machinery - 1.2%
Oshkosh Corp.		10,533		813,885
				3,668,643
Utilities - 4.8%
Electric Utilities - 3.4%
American Electric Power Co., Inc.		21,567		1,479,281
Edison International		12,252		779,962
				2,259,243
Multi-Utilities - 1.4%
NiSource, Inc.		39,632		947,601
				3,206,844
Materials - 3.1%
Chemicals - 1.9%
CF Industries Holdings, Inc.		14,147		533,766
Mosaic Co. (The)		29,074		705,917
				1,239,683
Metals & Mining - 1.2%
Alcoa Corp. (a)		18,003		809,415
				2,049,098
Telecommunication Services - 2.5%
Wireless Telecommunication Services - 2.5%
T-Mobile US, Inc. (a)		27,775		1,695,386
Real Estate - 0.9%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Mid-America Apartment Communities, Inc.		6,670		608,571
Total Common Stocks (cost $56,867,530)				66,508,807
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.1%
Time Deposit - 0.1%
State Street Time Deposit
0.28%, 4/02/18 (cost $62,542)	$	63		62,542
Total Investments Before Security Lending Collateral for Securities Loaned - 99.9% (cost $56,930,072)				66,571,349

	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.4%
Investment Companies - 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.41% (c)(d)(e) (cost $917,945)		917,945		917,945
Total Investments - 101.3% (cost $57,848,017) (f)				67,489,294	(g)
Other assets less liabilities - (1.3)%				(893,893	)
Net Assets - 100.0%			$	66,595,401

(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 March 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,233,955 and gross unrealized depreciation of investments was $(3,592,678), resulting in net unrealized appreciation of $9,641,277.

(g) On March 30, 2018, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 29, 2018 for financial reporting purposes.

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

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Value Portfolio

March 31, 2018 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

66,508,807

$

– 0

–

$

– 0

–

$

66,508,807

Short-Term Investments

– 0

–

62,542

– 0

–

62,542

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

917,945

– 0

–

– 0

–

917,945

Total Investments in Securities

67,426,752

62,542

– 0

–

67,489,294

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

67,426,752

$

62,542

$

– 0

–

$

67,489,294

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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 three months ended March 31, 2018 is as follows:

Fund	Market  Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 3/31/2018 (000)		Dividend Income (000)
Government Money Market Portfolio*	$	1,364	$	4,322	$	4,768	$	918	$	4

* 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 changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	May 22, 2018

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

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	May 22, 2018
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	May 22, 2018