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: September 30, 2018

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 39.2%
Information Technology - 6.5%
Communications Equipment - 0.6%
Cisco Systems, Inc.		21,494	$	1,045,683
Nokia Oyj (Sponsored ADR)-Class A		97,644		544,854
				1,590,537
Electronic Equipment, Instruments & Components - 0.2%
CDW Corp./DE		4,828		429,306
IT Services - 1.4%
Atos SE		325		38,671
Cognizant Technology Solutions Corp.-Class A		7,698		593,901
Fidelity National Information Services, Inc.		6,768		738,186
Otsuka Corp.		700		26,110
Paychex, Inc.		1,293		95,229
Total System Services, Inc.		7,342		724,949
Visa, Inc.-Class A		11,825		1,774,814
				3,991,860
Semiconductors & Semiconductor Equipment - 0.9%
Intel Corp.		21,534		1,018,343
Texas Instruments, Inc.		5,627		603,721
Xilinx, Inc.		9,694		777,168
				2,399,232
Software - 1.9%
Adobe Systems, Inc. (a)		3,746		1,011,233
ANSYS, Inc. (a)		500		93,340
CA, Inc.		1,093		48,256
Check Point Software Technologies Ltd. (a)		844		99,313
Microsoft Corp.		22,174		2,536,040
Oracle Corp.		23,578		1,215,682
Oracle Corp. Japan		300		24,172
Red Hat, Inc. (a)		646		88,037
Sage Group PLC (The)		5,914		45,168
SAP SE		567		69,720
VMware, Inc.-Class A (a)		562		87,706
				5,318,667
Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc.		14,270		3,221,310
HP, Inc.		24,179		623,093
Xerox Corp.		15,067		406,507
				4,250,910
				17,980,512
Financials - 5.8%
Banks - 2.6%
Bank of America Corp.		65,653		1,934,137
Barclays PLC		23,354		51,800
Chiba Bank Ltd. (The)		4,100		28,001
Citigroup, Inc.		12,360		886,706
Commonwealth Bank of Australia		920		47,485
Cullen/Frost Bankers, Inc.		768		80,210
JPMorgan Chase & Co.		21,751		2,454,382

Company	Shares		U.S. $ Value
Lloyds Banking Group PLC		74,202	$	57,068
Nordea Bank AB		5,019		54,610
PNC Financial Services Group, Inc. (The)		736		100,236
Seven Bank Ltd.		4,500		14,213
Svenska Handelsbanken AB-Class A SHS		3,983		50,232
US Bancorp		2,010		106,148
Wells Fargo & Co.		26,716		1,404,193
				7,269,421
Capital Markets - 1.0%
ASX Ltd.		680		31,278
Charles Schwab Corp. (The)		2,003		98,447
CI Financial Corp.		1,908		30,297
CME Group, Inc.-Class A		4,793		815,817
Goldman Sachs Group, Inc. (The)		4,009		898,978
IGM Financial, Inc.		1,292		35,510
Raymond James Financial, Inc.		665		61,213
S&P Global, Inc.		2,411		471,085
Schroders PLC		1,119		45,072
Singapore Exchange Ltd.		4,900		26,409
State Street Corp.		985		82,523
T. Rowe Price Group, Inc.		777		84,833
TD Ameritrade Holding Corp.		1,599		84,475
				2,765,937
Consumer Finance - 0.2%
Synchrony Financial		20,730		644,288
Diversified Financial Services - 0.7%
Berkshire Hathaway, Inc.-Class B (a)		8,333		1,784,179
Insurance - 1.3%
Everest Re Group Ltd.		4,989		1,139,837
Fidelity National Financial, Inc.		23,214		913,471
Legal & General Group PLC		15,119		51,613
PICC Property & Casualty Co., Ltd.-Class H		34,000		40,015
Progressive Corp. (The)		18,357		1,304,081
Sampo Oyj-Class A		957		49,524
				3,498,541
				15,962,366
Real Estate - 4.5%
Diversified Real Estate Activities - 0.2%
Mitsubishi Estate Co., Ltd.		2,500		42,450
Mitsui Fudosan Co., Ltd.		9,400		222,318
Sumitomo Realty & Development Co., Ltd.		5,000		179,372
Sun Hung Kai Properties Ltd.		3,000		43,537
UOL Group Ltd.		6,800		34,293
				521,970
Diversified REITs - 0.3%
Armada Hoffler Properties, Inc.		4,360		65,880
Covivio		680		71,004
Dream Global Real Estate Investment Trust		3,800		43,688
Empire State Realty Trust, Inc.-Class A		4,050		67,270
GPT Group (The)		21,000		79,092
H&R Real Estate Investment Trust		3,500		53,842
Hulic Reit, Inc.		48		69,776

Company	Shares		U.S. $ Value
ICADE		875	$	80,868
Kenedix Office Investment Corp.-Class A		11		70,183
Land Securities Group PLC		2,990		34,427
Merlin Properties Socimi SA		7,204		97,684
Mirvac Group		38,500		67,105
NIPPON REIT Investment Corp.		14		45,261
				846,080
Equity Real Estate Investment Trusts (REITs) - 1.5%
CapitaLand Mall Trust		17,200		27,955
Crown Castle International Corp.		8,411		936,397
CubeSmart		29,127		830,993
Japan Prime Realty Investment Corp.		8		28,523
Japan Real Estate Investment Corp.		13		68,169
Mid-America Apartment Communities, Inc.		11,723		1,174,410
Nippon Building Fund, Inc.		13		75,169
Sun Communities, Inc.		8,923		906,042
				4,047,658
Health Care REITs - 0.1%
HCP, Inc.		4,210		110,807
Healthcare Realty Trust, Inc.		2,150		62,909
LTC Properties, Inc.		960		42,346
Medical Properties Trust, Inc.		7,360		109,738
Sabra Health Care REIT, Inc.		4,400		101,728
				427,528
Hotel & Resort REITs - 0.1%
MGM Growth Properties LLC-Class A		2,120		62,519
Park Hotels & Resorts, Inc.		2,910		95,506
RLJ Lodging Trust		4,780		105,303
Summit Hotel Properties, Inc.		3,390		45,867
				309,195
Industrial REITs - 0.3%
Duke Realty Corp.		4,870		138,162
Goodman Group		9,360		70,215
PLA Administradora Industrial S de RL de CV (a)		18,650		28,642
Prologis, Inc.		4,150		281,328
Rexford Industrial Realty, Inc.		2,480		79,261
Segro PLC		3,870		32,203
STAG Industrial, Inc.		3,460		95,150
Tritax Big Box REIT PLC		24,260		46,572
				771,533
Office REITs - 0.3%
Alexandria Real Estate Equities, Inc.		1,015		127,677
alstria office REIT-AG		3,730		55,313
Brandywine Realty Trust		3,450		54,234
CapitaLand Commercial Trust		44,600		58,107
Champion REIT		61,000		42,690
City Office REIT, Inc.		1,990		25,114
Columbia Property Trust, Inc.		3,954		93,472
Corporate Office Properties Trust		3,070		91,578
Hibernia REIT PLC		13,800		22,752
Highwoods Properties, Inc.		1,410		66,637
Ichigo Office REIT Investment		39		32,145
JBG SMITH Properties		1,210		44,564

Company	Shares		U.S. $ Value
Kilroy Realty Corp.		1,140	$	81,727
Workspace Group PLC		5,376		68,757
				864,767
Real Estate Development - 0.1%
CK Asset Holdings Ltd.		27,000		202,397
Instone Real Estate Group AG (a)(b)		1,030		29,305
Metrovacesa SA (a)(b)		1,880		25,053
Times China Holdings Ltd.		20,000		21,255
				278,010
Real Estate Management & Development - 0.3%
CBRE Group, Inc.-Class A (a)		15,241		672,128
Daito Trust Construction Co., Ltd.		200		25,773
Henderson Land Development Co., Ltd.		5,000		25,111
LendLease Group		2,078		29,524
				752,536
Real Estate Operating Companies - 0.4%
Aroundtown SA		11,400		101,564
Azrieli Group Ltd.		920		46,992
CA Immobilien Anlagen AG		2,120		75,763
Deutsche Wohnen SE		4,130		198,371
Entra ASA (b)		2,988		42,982
Essential Properties Realty Trust, Inc.		6,070		86,133
Fabege AB		4,480		62,037
Hemfosa Fastigheter AB		6,030		83,239
Kungsleden AB		4,850		35,691
Swire Properties Ltd.		23,000		87,113
Vonovia SE		4,992		244,150
Wharf Real Estate Investment Co., Ltd.		17,000		109,523
				1,173,558
Real Estate Services - 0.0%
Unibail-Rodamco-Westfield (a)		347		69,882
Residential REITs - 0.3%
American Campus Communities, Inc.		2,900		119,364
American Homes 4 Rent-Class A		5,470		119,738
Camden Property Trust		1,540		144,098
Essex Property Trust, Inc.		713		175,904
Independence Realty Trust, Inc.		8,420		88,663
Japan Rental Housing Investments, Inc.		76		60,035
Killam Apartment Real Estate Investment Trust		7,660		95,657
UNITE Group PLC (The)		6,710		78,049
				881,508
Retail REITs - 0.4%
Brixmor Property Group, Inc.		5,890		103,134
Charter Hall Retail REIT		13,190		40,446
Eurocommercial Properties NV		137		5,017
Fukuoka REIT Corp.		33		51,038
Japan Retail Fund Investment Corp.		18		32,666
Kenedix Retail REIT Corp.		20		42,847
Link REIT		10,768		106,021
National Retail Properties, Inc.		2,720		121,910
Regency Centers Corp.		2,280		147,448

Company	Shares		U.S. $ Value
Retail Opportunity Investments Corp.		3,710	$	69,266
Simon Property Group, Inc.		2,131		376,654
				1,096,447
Specialized REITs - 0.2%
American Tower Corp.		290		42,137
Digital Realty Trust, Inc.		1,505		169,283
EPR Properties		1,010		69,094
Equinix, Inc.		160		69,262
National Storage Affiliates Trust		2,330		59,275
Safestore Holdings PLC		2,860		19,371
				428,422
				12,469,094
Health Care - 4.1%
Biotechnology - 0.9%
AbbVie, Inc.		1,046		98,931
Amgen, Inc.		574		118,984
Biogen, Inc. (a)		2,712		958,177
Celgene Corp. (a)		1,168		104,524
Gilead Sciences, Inc.		12,299		949,606
Vertex Pharmaceuticals, Inc. (a)		540		104,080
				2,334,302
Health Care Equipment & Supplies - 0.5%
Cochlear Ltd.		221		32,044
Edwards Lifesciences Corp. (a)		3,894		677,945
Medtronic PLC		6,927		681,409
Stryker Corp.		567		100,745
				1,492,143
Health Care Providers & Services - 1.3%
Aetna, Inc.		4,673		947,918
Anthem, Inc.		4,229		1,158,958
UnitedHealth Group, Inc.		5,776		1,536,647
				3,643,523
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		1,110		78,299
Waters Corp. (a)		445		86,633
				164,932
Pharmaceuticals - 1.3%
Ipsen SA		282		47,475
Jazz Pharmaceuticals PLC (a)		485		81,543
Johnson & Johnson		1,264		174,647
Merck & Co., Inc.		10,370		735,648
Novo Nordisk A/S-Class B		1,279		60,196
Pfizer, Inc.		36,895		1,625,963
Roche Holding AG		348		84,152
Sino Biopharmaceutical Ltd.		17,000		15,812
Taisho Pharmaceutical Holdings Co., Ltd.		200		24,467
Zoetis, Inc.		9,460		866,157
				3,716,060
				11,350,960

Company	Shares		U.S. $ Value
Energy - 3.8%
Energy Equipment & Services - 0.2%
C&J Energy Services, Inc. (a)		5,840	$	121,472
National Oilwell Varco, Inc.		8,917		384,144
Petrofac Ltd.		3,430		28,842
Petroleum Geo-Services ASA (a)		8,960		40,205
TMK PJSC (GDR) (b)		4,390		18,175
				592,838
Oil, Gas & Consumable Fuels - 3.6%
Aker BP ASA		2,260		95,696
Anadarko Petroleum Corp.		3,170		213,690
BP PLC		66,460		509,398
Chevron Corp.		14,278		1,745,914
CNOOC Ltd.		54,000		106,927
Concho Resources, Inc. (a)		620		94,705
Continental Resources, Inc./OK (a)		1,890		129,049
Cosan SA		4,600		36,916
EOG Resources, Inc.		10,280		1,311,420
Exxon Mobil Corp.		20,876		1,774,877
Gran Tierra Energy, Inc. (a)		12,450		47,423
Inpex Corp.		6,100		76,217
JXTG Holdings, Inc.		16,700		126,315
LUKOIL PJSC (Sponsored ADR)		2,160		165,110
Marathon Petroleum Corp.		9,045		723,329
Motor Oil Hellas Corinth Refineries SA		4,260		111,287
Origin Energy Ltd. (a)		14,220		84,760
PetroChina Co., Ltd.-Class H		244,000		197,493
Petroleo Brasileiro SA (Preference Shares)		11,700		61,099
Repsol SA		13,121		261,204
Royal Dutch Shell PLC-Class B		34,580		1,210,526
S-Oil Corp.		704		86,959
SM Energy Co.		3,350		105,625
TOTAL SA		7,770		505,211
Tupras Turkiye Petrol Rafinerileri AS		3,580		79,489
Whiting Petroleum Corp. (a)		1,190		63,118
YPF SA (Sponsored ADR) (a)		5,353		82,704
				10,006,461
				10,599,299
Communication Services - 3.6%
Diversified Telecommunication Services - 0.5%
HKT Trust & HKT Ltd.-Class SS		20,000		27,501
Verizon Communications, Inc.		23,630		1,261,606
				1,289,107
Entertainment - 0.4%
Walt Disney Co. (The)		9,120		1,066,493
Interactive Media & Services - 1.8%
Alphabet, Inc.-Class C (a)		2,752		3,284,430
Facebook, Inc.-Class A (a)		10,492		1,725,514
				5,009,944

Company	Shares		U.S. $ Value
Media - 0.7%
Comcast Corp.-Class A		44,391	$	1,571,885
Discovery, Inc.-Class A (a)(c)		3,028		96,896
Eutelsat Communications SA		1,981		46,802
Schibsted ASA-Class B		1,468		51,019
Sirius XM Holdings, Inc. (c)		12,503		79,019
				1,845,621
Wireless Telecommunication Services - 0.2%
T-Mobile US, Inc. (a)		8,800		617,584
				9,828,749
Consumer Discretionary - 3.5%
Auto Components - 0.3%
Magna International, Inc.-Class A		13,220		694,447
Automobiles - 0.0%
Fiat Chrysler Automobiles NV (a)		2,389		41,781
Ford Motor Co.		8,439		78,061
Tesla, Inc. (a)(c)		14		3,707
				123,549
Distributors - 0.0%
Jardine Cycle & Carriage Ltd.		1,100		25,746
Hotels, Restaurants & Leisure - 0.4%
Aristocrat Leisure Ltd.		427		8,769
McDonald’s Corp.		4,862		813,364
Merlin Entertainments PLC (b)		1,261		6,576
SJM Holdings Ltd.		23,000		21,192
Sodexo SA		423		44,858
Wyndham Destinations, Inc.		1,923		83,381
				978,140
Internet & Direct Marketing Retail - 0.3%
Amazon.com, Inc. (a)		41		82,123
Booking Holdings, Inc. (a)		307		609,088
eBay, Inc. (a)		7,974		263,301
				954,512
Multiline Retail - 0.0%
Dollarama, Inc.		1,114		35,094
Specialty Retail - 2.0%
AutoZone, Inc. (a)		1,133		878,868
Home Depot, Inc. (The)		9,059		1,876,572
JD Sports Fashion PLC		7,715		46,104
Kingfisher PLC		12,192		41,224
Lowe’s Cos., Inc.		1,028		118,035
Ross Stores, Inc.		10,354		1,026,081
TJX Cos., Inc. (The)		12,760		1,429,375
				5,416,259

Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods - 0.5%
Hermes International		76	$	50,352
Luxottica Group SpA		687		46,560
LVMH Moet Hennessy Louis Vuitton SE		192		67,847
NIKE, Inc.-Class B		14,142		1,198,110
				1,362,869
				9,590,616
Consumer Staples - 2.8%
Beverages - 0.7%
Brown-Forman Corp.-Class B		256		12,941
Carlsberg A/S-Class B		369		44,252
Coca-Cola Co. (The)		2,767		127,808
Constellation Brands, Inc.-Class A		3,590		774,076
PepsiCo, Inc.		9,164		1,024,535
Suntory Beverage & Food Ltd.		700		29,656
Treasury Wine Estates Ltd.		2,432		30,697
				2,043,965
Food & Staples Retailing - 1.1%
Costco Wholesale Corp.		4,528		1,063,537
Dairy Farm International Holdings Ltd.		2,800		25,200
Koninklijke Ahold Delhaize NV		1,955		44,853
Sysco Corp.		104		7,618
Tsuruha Holdings, Inc.		200		24,618
US Foods Holding Corp. (a)		15,720		484,490
Walmart, Inc.		16,336		1,534,114
Woolworths Group Ltd.		530		10,749
				3,195,179
Food Products - 0.1%
Calbee, Inc.		800		26,341
Chocoladefabriken Lindt & Spruengli AG		6		41,991
Chocoladefabriken Lindt & Spruengli AG (REG)		1		81,911
McCormick & Co., Inc./MD		38		5,007
Tyson Foods, Inc.-Class A		610		36,313
Yamazaki Baking Co., Ltd.		1,100		22,035
				213,598
Household Products - 0.4%
Colgate-Palmolive Co.		511		34,211
Henkel AG & Co. KGaA		404		42,860
Procter & Gamble Co. (The)		11,201		932,259
Reckitt Benckiser Group PLC		164		14,981
				1,024,311
Personal Products - 0.1%
Estee Lauder Cos., Inc. (The)-Class A		638		92,714
L’Oreal SA		231		55,691
Pola Orbis Holdings, Inc.		700		25,567
Shiseido Co., Ltd.		400		30,979
				204,951

Company	Shares		U.S. $ Value
Tobacco - 0.4%
Altria Group, Inc.		16,563	$	998,914
Philip Morris International, Inc.		1,376		112,199
				1,111,113
				7,793,117
Industrials - 2.3%
Aerospace & Defense - 1.0%
Boeing Co. (The)		2,699		1,003,758
Northrop Grumman Corp.		2,663		845,157
Raytheon Co.		5,205		1,075,665
				2,924,580
Airlines - 0.2%
Delta Air Lines, Inc.		10,767		622,656
Commercial Services & Supplies - 0.0%
Prosegur Cia de Seguridad SA		6,706		41,627
Securitas AB-Class B		2,667		46,367
				87,994
Construction & Engineering - 0.0%
Kajima Corp.		2,000		29,081
Shimizu Corp.		2,700		24,651
Taisei Corp.		500		22,792
				76,524
Electrical Equipment - 0.1%
ABB Ltd.		2,465		58,309
Legrand SA		634		46,229
Prysmian SpA		1,730		40,167
Schneider Electric SE		61		4,898
				149,603
Industrial Conglomerates - 0.4%
Honeywell International, Inc.		6,762		1,125,196
Jardine Matheson Holdings Ltd.		400		25,095
Jardine Strategic Holdings Ltd.		700		25,406
Smiths Group PLC		2,114		41,160
Toshiba Corp. (a)		100		2,890
				1,219,747
Machinery - 0.1%
Middleby Corp. (The) (a)		834		107,878
Stanley Black & Decker, Inc.		662		96,943
				204,821
Professional Services - 0.1%
ManpowerGroup, Inc.		680		58,453
RELX PLC (a)		2,195		46,115
RELX PLC (London)		2,418		50,867
				155,435
Road & Rail - 0.3%
Norfolk Southern Corp.		4,164		751,602

Company	Shares		U.S. $ Value
Trading Companies & Distributors - 0.1%
Fastenal Co.		1,447	$	83,955
Ferguson PLC		373		31,638
Mitsubishi Corp.		1,300		40,044
				155,637
Transportation Infrastructure - 0.0%
Aena SME SA (b)		246		42,621
				6,391,220
Materials - 1.2%
Chemicals - 0.4%
Air Liquide SA		429		56,337
Johnson Matthey PLC		1,330		61,716
LyondellBasell Industries NV-Class A		6,495		665,803
Mosaic Co. (The)		5,290		171,819
Praxair, Inc.		574		92,259
				1,047,934
Construction Materials - 0.1%
Buzzi Unicem SpA		1,680		34,835
Fletcher Building Ltd. (a)		10,537		45,701
Grupo Cementos de Chihuahua SAB de CV		8,340		54,490
HeidelbergCement AG		524		40,929
				175,955
Metals & Mining - 0.7%
Agnico Eagle Mines Ltd.		5,187		177,177
Alcoa Corp. (a)		4,890		197,556
Aluminum Corp. of China Ltd.-Class H (a)		200,000		88,867
Antofagasta PLC		7,750		86,121
APERAM SA		1,000		45,744
Boliden AB		5,040		140,167
Detour Gold Corp. (a)		4,710		38,069
First Quantum Minerals Ltd.		10,500		119,580
Freeport-McMoRan, Inc.		4,995		69,530
Glencore PLC (a)		69,620		300,109
Industrias Penoles SAB de CV		2,490		42,843
Lundin Mining Corp.		7,810		41,358
MMC Norilsk Nickel PJSC (ADR)		5,960		102,452
Newcrest Mining Ltd.		4,290		60,241
Orocobre Ltd. (a)		5,420		16,532
OZ Minerals Ltd.		6,050		40,784
Polyus PJSC (GDR) (b)		1,280		40,338
Rio Tinto PLC		1,850		93,317
Sumitomo Metal Mining Co., Ltd.		1,700		59,609
Syrah Resources Ltd. (a)		20,610		34,243
Vale SA (Sponsored ADR)-Class B		11,690		173,480
Yamato Kogyo Co., Ltd.		2,800		86,831
				2,054,948
				3,278,837
Utilities - 1.1%
Electric Utilities - 0.7%
Alliant Energy Corp.		382		16,262
American Electric Power Co., Inc.		18,952		1,343,318
AusNet Services		24,854		29,194

Company	Shares		U.S. $ Value
Edison International		6,560	$	443,981
Fortum Oyj		1,740		43,606
Kansai Electric Power Co., Inc. (The)		2,100		31,697
Xcel Energy, Inc.		1,976		93,287
				2,001,345
Gas Utilities - 0.0%
Hong Kong & China Gas Co., Ltd.		15,000		29,731
Multi-Utilities - 0.4%
Consolidated Edison, Inc.		1,161		88,457
Engie SA		3,078		45,315
NiSource, Inc.		36,612		912,371
				1,046,143
				3,077,219
Transportation - 0.0%
Highways & Railtracks - 0.0%
Transurban Group		11,084		89,828
Health Care Equipment & Services - 0.0%
Health Care Facilities - 0.0%
Chartwell Retirement Residences		4,990		56,558
Consumer Durables & Apparel - 0.0%
Homebuilding - 0.0%
Construtora Tenda SA (a)		3,400		22,310
MRV Engenharia e Participacoes SA		6,700		20,389
				42,699
Banks - 0.0%
Diversified Banks - 0.0%
Banco Comercial Portugues SA (a)		136,570		40,434
Capital Goods - 0.0%
Industrial Conglomerates - 0.0%
Hopewell Holdings Ltd.		8,500		27,977
Total Common Stocks (cost $85,533,330)				108,579,485
INVESTMENT COMPANIES - 26.3%
Funds and Investment Trusts - 26.3% (d)(e)
AB Discovery Growth Fund, Inc.-Class Z (a)		252,511		3,583,131
AB Discovery Value Fund-Class Z		151,721		3,563,924
Bernstein Fund, Inc. - International Small Cap Portfolio-Class Z		738,142		9,175,102
Bernstein Fund, Inc. - International Strategic Equities Portfolio-Class Z		2,493,855		31,198,123
Bernstein Fund, Inc. - Small Cap Core Portfolio-Class Z		272,890		3,536,659
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio-Class Z		145,388		4,133,376
Sanford C. Bernstein Fund, Inc. - International Portfolio-Class Z		997,087		17,468,967
Total Investment Companies (cost $72,775,055)				72,659,282

Company	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 10.1%
Australia - 0.1%
Australia Government Bond
Series 136
4.75%, 4/21/27 (b)	AUD	454	$	382,044
Canada - 0.6%
Canadian Government Bond
1.75%, 9/01/19	CAD	1,865		1,440,150
5.00%, 6/01/37		334		356,941
				1,797,091
France - 1.9%
French Republic Government Bond OAT
0.50%, 5/25/25 (b)	EUR	2,373		2,789,106
1.00%, 5/25/27 (b)		1,649		1,977,364
1.75%, 6/25/39 (b)		338		416,538
				5,183,008
Italy - 1.2%
Italy Buoni Poliennali Del Tesoro
2.05%, 8/01/27		624		673,194
2.20%, 6/01/27		975		1,068,325
4.50%, 3/01/24		1,154		1,470,756
				3,212,275
Japan - 1.3%
Japan Government Ten Year Bond
Series 342
0.10%, 3/20/26	JPY	208,550		1,845,067
Series 348
0.10%, 9/20/27		139,900		1,232,393
Japan Government Twenty Year Bond
Series 158
0.50%, 9/20/36		54,150		471,704
				3,549,164
Malaysia - 0.3%
Malaysia Government Bond
Series 515
3.759%, 3/15/19	MYR	3,659		886,047
Spain - 0.6%
Spain Government Bond
4.40%, 10/31/23 (b)	EUR	1,116		1,541,740
United Kingdom - 0.5%
United Kingdom Gilt
4.50%, 12/07/42 (b)	GBP	303		592,974
6.00%, 12/07/28 (b)		423		784,071
				1,377,045
United States - 3.6%
U.S. Treasury Notes
1.125%, 2/28/19	U.S.$	195		194,025

Company	Principal Amount (000)		U.S. $ Value
1.25%, 5/31/19	U.S.$	4,075	$	4,041,891
2.00%, 11/30/20		2,615		2,568,829
2.25%, 2/15/27-11/15/27		1,885		1,767,287
2.75%, 4/30/23-2/15/24		1,470		1,456,146
				10,028,178
Total Governments - Treasuries (cost $28,376,258)				27,956,592
CORPORATES - INVESTMENT GRADE - 7.6%
Financial Institutions - 3.9%
Banking - 3.3%
Banco Santander SA
3.25%, 4/04/26 (b)	EUR	200		242,397
3.50%, 4/11/22	U.S.$	200		195,800
Bank of America Corp.
2.375%, 6/19/24 (b)	EUR	176		219,481
4.45%, 3/03/26	U.S.$	49		49,041
Series DD
6.30%, 3/10/26 (f)		50		53,719
Series Z
6.50%, 10/23/24 (f)		77		82,977
Bank of Ireland Group PLC
4.50%, 11/25/23 (b)		335		334,521
Barclays Bank PLC
6.625%, 3/30/22 (b)	EUR	50		67,668
Barclays PLC
4.338%, 5/16/24	U.S.$	275		271,664
BNP Paribas SA
3.80%, 1/10/24 (b)		215		210,429
7.625%, 3/30/21 (b) (f)		225		236,221
Capital One Financial Corp.
3.30%, 10/30/24		265		252,707
Citigroup, Inc.
1.375%, 10/27/21 (b)	EUR	100		120,096
3.875%, 3/26/25	U.S.$	235		228,378
4.044%, 6/01/24		293		293,981
Compass Bank
2.875%, 6/29/22		265		255,426
5.50%, 4/01/20		314		321,417
Cooperatieve Rabobank UA
4.375%, 8/04/25		320		316,448
Credit Agricole SA/London
3.375%, 1/10/22 (b)		260		255,401
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		385		380,391
Goldman Sachs Group, Inc. (The)
2.00%, 7/27/23 (b)	EUR	185		224,488
3.75%, 5/22/25	U.S.$	186		182,219
HSBC Holdings PLC
1.50%, 3/15/22 (b)	EUR	160		191,783
4.292%, 9/12/26	U.S.$	338		334,566
6.00%, 9/29/23 (b) (f)	EUR	200		257,753

Company	Principal Amount (000)		U.S. $ Value
JPMorgan Chase & Co.
1.375%, 9/16/21 (b)	EUR	126	$	151,486
3.22%, 3/01/25	U.S.$	265		256,599
Lloyds Banking Group PLC
4.582%, 12/10/25		200		196,030
Morgan Stanley
5.00%, 11/24/25		175		181,090
Series G
1.375%, 10/27/26	EUR	342		388,073
1.75%, 3/11/24		182		218,242
4.35%, 9/08/26	U.S.$	520		515,564
Nationwide Building Society
4.00%, 9/14/26 (b)		290		271,579
Nordea Bank AB
3.75%, 8/30/23 (b)		240		237,581
Santander Holdings USA, Inc.
4.40%, 7/13/27		265		253,255
Santander UK PLC
5.00%, 11/07/23 (b)		200		201,640
Standard Chartered PLC
4.247%, 1/20/23 (b)(g)		335		335,985
UBS Group Funding Switzerland AG
4.125%, 9/24/25 (b)		305		303,057
US Bancorp
Series J
5.30%, 4/15/27 (f)		116		116,187
				9,205,340
Finance - 0.1%
Synchrony Financial
4.50%, 7/23/25		192		185,660
Insurance - 0.3%
Aviva PLC
3.375%, 12/04/45 (b)	EUR	166		194,251
Series E
6.125%, 7/05/43 (b)		125		169,078
Caisse Nationale de Reassurance Mutuelle Agricole Groupama
6.00%, 1/23/27		100		139,348
Halfmoon Parent, Inc.
3.75%, 7/15/23 (b)	U.S.$	92		91,859
4.125%, 11/15/25 (b)		110		109,628
MetLife, Inc.
10.75%, 8/01/39		70		107,448
				811,612
REITS - 0.2%
American Tower Corp.
3.40%, 2/15/19		70		70,143
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		10		9,764
Welltower, Inc.
4.00%, 6/01/25		238		234,668

Company	Principal Amount (000)		U.S. $ Value
WPC Eurobond BV
2.125%, 4/15/27	EUR	148	$	170,035
				484,610
				10,687,222
Industrial - 3.3%
Basic - 0.3%
Eastman Chemical Co.
3.80%, 3/15/25	U.S.$	84		82,980
Glencore Finance Europe Ltd.
Series E
1.75%, 3/17/25 (b)	EUR	125		142,491
Glencore Funding LLC
4.125%, 5/30/23 (b)	U.S.$	126		125,675
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (b)		237		231,075
Yamana Gold, Inc.
4.95%, 7/15/24		142		140,181
				722,402
Capital Goods - 0.0%
General Electric Co.
Series D
5.00%, 1/21/21 (f)		68		66,311
Wabtec Corp.
4.15%, 3/15/24		67		66,502
				132,813
Communications - Media - 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		165		167,749
Cox Communications, Inc.
2.95%, 6/30/23 (b)		91		86,581
Time Warner Cable LLC
4.125%, 2/15/21		165		166,345
				420,675
Communications - Telecommunications - 0.5%
AT&T, Inc.
2.50%, 3/15/23	EUR	100		124,224
3.40%, 5/15/25	U.S.$	575		547,205
4.125%, 2/17/26		345		340,832
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		36,606
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 3/20/25 (b)	U.S.$	200		200,256
Vodafone Group PLC
3.75%, 1/16/24		78		77,114
4.125%, 5/30/25		171		169,798
				1,496,035

Company	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive - 0.1%
General Motors Co.
3.50%, 10/02/18	U.S.$	130	$	130,000
General Motors Financial Co., Inc.
4.30%, 7/13/25		50		48,618
				178,618
Consumer Cyclical - Entertainment - 0.1%
Carnival Corp.
1.625%, 2/22/21	EUR	310		372,030
Consumer Non-Cyclical - 0.5%
AbbVie, Inc.
1.375%, 5/17/24		100		118,001
Becton Dickinson and Co.
3.734%, 12/15/24	U.S.$	66		64,625
Biogen, Inc.
4.05%, 9/15/25		251		251,876
CVS Health Corp.
4.10%, 3/25/25		120		119,587
4.30%, 3/25/28		120		118,949
McKesson Corp.
0.625%, 8/17/21	EUR	113		132,382
Philip Morris International, Inc.
0.625%, 11/08/24		193		218,066
Reynolds American, Inc.
4.45%, 6/12/25	U.S.$	145		145,930
Tyson Foods, Inc.
3.95%, 8/15/24		206		205,728
				1,375,144
Energy - 0.9%
Encana Corp.
3.90%, 11/15/21		140		140,522
Enterprise Products Operating LLC
3.70%, 2/15/26		278		273,569
Hess Corp.
4.30%, 4/01/27		199		193,153
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		302		301,771
Kinder Morgan, Inc./DE
5.00%, 2/15/21 (b)		250		257,905
Marathon Petroleum Corp.
5.125%, 3/01/21		163		169,101
Noble Energy, Inc.
3.90%, 11/15/24		170		166,998
4.15%, 12/15/21		78		78,942
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		232		223,514
Sabine Pass Liquefaction LLC
5.00%, 3/15/27		146		149,835
Sunoco Logistics Partners Operations LP
4.25%, 4/01/24		240		239,258
TransCanada PipeLines Ltd.
9.875%, 1/01/21		215		244,272

Company	Principal Amount (000)		U.S. $ Value
Williams Cos., Inc. (The)
4.125%, 11/15/20	U.S.$	155	$	156,682
				2,595,522
Other Industrial - 0.1%
Alfa SAB de CV
5.25%, 3/25/24 (b)		200		204,625
Services - 0.2%
Expedia Group, Inc.
3.80%, 2/15/28		185		170,516
S&P Global, Inc.
4.40%, 2/15/26		226		231,917
Total System Services, Inc.
3.75%, 6/01/23		45		44,687
4.00%, 6/01/23		83		83,456
				530,576
Technology - 0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24		53		51,520
3.875%, 1/15/27		117		110,274
Dell International LLC/EMC Corp.
6.02%, 6/15/26 (b)		96		102,536
Fidelity National Information Services, Inc.
0.40%, 1/15/21	EUR	100		116,467
KLA-Tencor Corp.
4.65%, 11/01/24	U.S.$	225		230,947
Motorola Solutions, Inc.
7.50%, 5/15/25		6		6,828
Seagate HDD Cayman
4.75%, 1/01/25		127		121,879
VMware, Inc.
2.95%, 8/21/22		85		81,958
				822,409
Transportation - Services - 0.1%
Adani Ports & Special Economic Zone Ltd.
3.95%, 1/19/22 (b)		200		195,980
				9,046,829
Utility - 0.4%
Electric - 0.4%
Abu Dhabi National Energy Co. PJSC
4.375%, 4/23/25 (b)		250		249,687
Adani Transmission Ltd.
4.00%, 8/03/26 (b)		210		186,923
Enel Chile SA
4.875%, 6/12/28		133		133,732
Enel Finance International NV
4.25%, 9/14/23 (b)		240		237,814
Israel Electric Corp. Ltd.
Series 6
5.00%, 11/12/24 (b)		320		325,200

Company	Principal Amount (000)		U.S. $ Value
Pacific Gas & Electric Co.
6.05%, 3/01/34	U.S.$	38	$	42,893
				1,176,249
Total Corporates - Investment Grade (cost $21,105,928)				20,910,300
MORTGAGE PASS-THROUGHS - 2.5%
Agency Fixed Rate 30-Year - 2.5%
Federal Home Loan Mortgage Corp. Gold
Series 2018
4.00%, 8/01/48		190		191,716
Federal National Mortgage Association
Series 2018
4.00%, 10/01/48, TBA		75		75,726
4.50% FNCL, 10/01/48, TBA		1,557		1,606,143
5.00% FNCL, 10/01/48, TBA		455		477,608
Series 2013
4.00%, 10/01/43		861		875,809
Series 2017
3.50%, 12/01/47-1/01/48		381		374,949
Series 2018
3.50%, 2/01/48-3/01/48		1,369		1,347,846
4.00%, 8/01/48-9/01/48		683		691,377
4.50%, 9/01/48		1,237		1,283,741
Total Mortgage Pass-Throughs (cost $7,011,564)				6,924,915
INFLATION-LINKED SECURITIES - 2.5%
Japan - 1.0%
Japanese Government CPI Linked Bond
Series 21
0.10%, 3/10/26	JPY	106,993		981,708
Series 22
0.10%, 3/10/27		111,754		1,027,357
Series 23
0.10%, 3/10/28		73,469		676,698
				2,685,763
New Zealand - 0.1%
New Zealand Government Inflation Linked Bond
Series 0925
2.00%, 9/20/25 (b)	NZD	318		222,446
United States - 1.4%
U.S. Treasury Inflation Index
0.125%, 4/15/19-4/15/20 (TIPS)	U.S.$	2,316		2,298,783
0.375%, 7/15/25 (TIPS)		1,668		1,614,951
				3,913,734
Total Inflation-Linked Securities (cost $7,010,712)				6,821,943

Company	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.0%
Risk Share Floating Rate - 1.3%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
8.716% (LIBOR 1 Month + 6.50%), 4/25/26 (h)(i)	U.S.$	15	$	14,909
Bellemeade Re Ltd.
Series 2018-2A, Class M1B
3.422% (LIBOR 1 Month + 1.35%), 8/25/28 (b)(h)		240		241,991
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M3
6.064% (LIBOR 1 Month + 4.00%), 8/25/24 (h)		272		296,923
Series 2014-DN4, Class M3
6.614% (LIBOR 1 Month + 4.55%), 10/25/24 (h)		192		213,008
Series 2014-HQ3, Class M3
6.814% (LIBOR 1 Month + 4.75%), 10/25/24 (h)		215		238,703
Series 2016-DNA1, Class M3
7.614% (LIBOR 1 Month + 5.55%), 7/25/28 (h)		250		302,442
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M2
5.216% (LIBOR 1 Month + 3.00%), 7/25/24 (h)		86		92,112
Series 2014-C04, Class 2M2
7.216% (LIBOR 1 Month + 5.00%), 11/25/24 (h)		50		56,812
Series 2015-C01, Class 1M2
6.516% (LIBOR 1 Month + 4.30%), 2/25/25 (h)		102		112,609
Series 2015-C01, Class 2M2
6.614% (LIBOR 1 Month + 4.55%), 2/25/25 (h)		88		94,858
Series 2015-C02, Class 1M2
6.064% (LIBOR 1 Month + 4.00%), 5/25/25 (h)		137		150,434
Series 2015-C02, Class 2M2
6.064% (LIBOR 1 Month + 4.00%), 5/25/25 (h)		120		129,379
Series 2015-C03, Class 1M2
7.064% (LIBOR 1 Month + 5.00%), 7/25/25 (h)		67		76,453
Series 2015-C03, Class 2M2
7.064% (LIBOR 1 Month + 5.00%), 7/25/25 (h)		178		198,844
Series 2015-C04, Class 1M2
7.916% (LIBOR 1 Month + 5.70%), 4/25/28 (h)		62		71,767

Company	Principal Amount (000)		U.S. $ Value
Series 2015-C04, Class 2M2
7.614% (LIBOR 1 Month + 5.55%), 4/25/28 (h)	U.S.$	91	$	103,417
Series 2016-C01, Class 1M2
8.814% (LIBOR 1 Month + 6.75%), 8/25/28 (h)		204		245,428
Series 2016-C01, Class 2M2
9.014% (LIBOR 1 Month + 6.95%), 8/25/28 (h)		156		184,079
Series 2016-C03, Class 2M2
7.964% (LIBOR 1 Month + 5.90%), 10/25/28 (h)		300		347,272
Series 2016-C05, Class 2M2
6.514% (LIBOR 1 Month + 4.45%), 1/25/29 (h)		200		223,109
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
6.314% (LIBOR 1 Month + 4.25%), 11/25/24 (h)(i)		29		31,242
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
7.314% (LIBOR 1 Month + 5.25%), 11/25/25 (h)(i)		134		150,336
Series 2015-WF1, Class 2M2
7.564% (LIBOR 1 Month + 5.50%), 11/25/25 (h)(i)		40		46,732
				3,622,859
Agency Floating Rate - 0.4%
Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS
4.037% (6.10% - LIBOR 1Month), 12/15/44 (h)(j)		674		101,018
Series 4693, Class SL
4.087% (6.15% - LIBOR 1Month), 6/15/47 (h)(j)		613		100,629
Series 4719, Class JS
4.087% (6.15% - LIBOR 1Month), 9/15/47 (h)(j)		527		81,496
Series 4727, Class SA
4.042% (6.20% - LIBOR 1Month), 11/15/47 (h)(j)		683		110,908
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
4.475% (6.54% - LIBOR 1Month), 12/25/41 (h)(j)		316		54,097
Series 2012-70, Class SA
4.485% (6.55% - LIBOR 1Month), 7/25/42 (h)(j)		576		102,240
Series 2016-106, Class ES
3.935% (6.00% - LIBOR 1Month), 1/25/47 (h)(j)		628		97,965

Company	Principal Amount (000)		U.S. $ Value
Series 2017-16, Class SG
3.985% (6.05% - LIBOR 1Month), 3/25/47 (h)(j)	U.S.$	622	$	96,569
Series 2017-81, Class SA
4.135% (6.20% - LIBOR 1Month), 10/25/47 (h)(j)		628		104,207
Series 2017-97, Class LS
4.135% (6.20% - LIBOR 1Month), 12/25/47 (h)(j)		489		84,762
Government National Mortgage Association
Series 2017-134, Class SE
4.122% (6.20% - LIBOR 1Month), 9/20/47 (h)(j)		462		71,520
Series 2017-65, Class ST
4.072% (6.15% - LIBOR 1Month), 4/20/47 (h)(j)		614		99,693
				1,105,104
Non-Agency Fixed Rate - 0.2%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		27		26,174
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		60		51,440
Series 2006-24CB, Class A16
5.75%, 8/01/36		117		98,179
Series 2006-28CB, Class A14
6.25%, 10/25/36		85		69,598
Series 2006-J1, Class 1A13
5.50%, 2/25/36		66		59,416
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		40		32,727
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
3.899%, 5/25/35		11		11,260
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		59		49,029
Series 2006-13, Class 1A19
6.25%, 9/25/36		33		27,408
Credit Suisse Mortgage Trust
Series 2010-6R, Class 3A2
5.875%, 1/26/38 (b)		120		96,899
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		112		91,094
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		53		45,476

Company	Principal Amount (000)		U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37	U.S.$	28	$	27,490
				686,190
Non-Agency Floating Rate - 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
2.406% (LIBOR 1 Month + 0.19%), 12/25/36 (h)		274		161,565
HomeBanc Mortgage Trust
Series 2005-1, Class A1
2.314% (LIBOR 1 Month + 0.25%), 3/25/35 (h)		91		80,028
				241,593
Total Collateralized Mortgage Obligations (cost $5,418,982)				5,655,746
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.8%
Non-Agency Fixed Rate CMBS - 1.2%
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (b)		495		491,035
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class XA
1.534%, 2/10/48 (k)		2,399		160,293
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (b)		125		120,734
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (b)		417		414,915
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (b)		276		270,214
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41 (b)		10		10,480
Series 2006-LDP9, Class AM
5.372%, 5/15/47 (g)		42		42,524
Series 2012-C6, Class E
5.312%, 5/15/45 (b) (g)		119		105,522
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class A3
3.801%, 8/15/48		355		357,462
Series 2015-C32, Class C
4.817%, 11/15/48 (g)		195		194,235
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (g)		49		33,799

Company	Principal Amount (000)		U.S. $ Value
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (b)	U.S.$	5	$	5,473
Series 2015-3, Class A2
2.729%, 4/20/48 (b)		183		180,996
Series 2016-4, Class A2
2.579%, 3/10/49 (b)		161		154,586
Morgan Stanley Capital I Trust
Series 2005-IQ9, Class D
5.00%, 7/15/56 (g)(l)		112		104,080
UBS Commercial Mortgage Trust
Series 2018-C9, Class A4
4.117%, 3/15/51		300		305,024
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class C
4.470%, 9/15/48 (g)		197		192,923
WF-RBS Commercial Mortgage Trust
Series 2014-C20, Class A2
3.036%, 5/15/47		165		164,814
				3,309,109
Non-Agency Floating Rate CMBS - 0.6%
Ashford Hospitality Trust
Series 2018-KEYS, Class A
3.062% (LIBOR 1 Month + 1.00%), 5/15/35 (b)(h)		200		200,184
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF
3.062% (LIBOR 1 Month + 1.00%), 11/15/33 (b)(g)(h)		375		379,259
BHMS
Series 2018-ATLS, Class A
3.312% (LIBOR 1 Month + 1.25%), 7/15/35 (b)(h)		195		195,248
BX Trust
Series 2017-IMC, Class A
3.112% (LIBOR 1 Month + 1.05%), 10/15/32 (b)(h)		165		165,157
Credit Suisse Mortgage Trust
Series 2016-MFF, Class D
6.662% (LIBOR 1 Month + 4.60%), 11/15/33 (b)(g)(h)		110		110,006
H/2 Asset Funding NRE
Series 2015-1A, Class AFL
3.866% (LIBOR 1 Month + 1.65%), 6/24/49 (g)(h)(i)		39		39,241
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class SNMA
4.017% (LIBOR 1 Month + 1.95%), 11/15/26 (b)(h)		96		96,091
RETL
Series 2018-RVP, Class A
3.162% (LIBOR 1 Month + 1.10%), 3/15/33 (b)(h)		98		98,697

Company	Principal Amount (000)		U.S. $ Value
Starwood Retail Property Trust
Series 2014-STAR, Class A
3.282% (LIBOR 1 Month + 1.22%), 11/15/27 (b)(h)	U.S.$	345	$	345,573
				1,629,456
Total Commercial Mortgage-Backed Securities (cost $5,008,570)				4,938,565
CORPORATES - NON-INVESTMENT GRADE - 1.7%
Financial Institutions - 0.9%
Banking - 0.8%
Barclays Bank PLC
6.86%, 6/15/32 (b)(f)		44		47,893
Barclays PLC
8.00%, 12/15/20 (f)	EUR	200		256,016
CIT Group, Inc.
5.25%, 3/07/25	U.S.$	106		108,036
Citigroup, Inc.
5.95%, 1/30/23 (f)		90		91,875
Credit Suisse Group AG
6.25%, 12/18/24 (b)(f)		240		237,017
Danske Bank A/S
5.875%, 4/06/22 (b)(f)	EUR	200		236,511
Goldman Sachs Group, Inc. (The)
Series P
5.00%, 11/10/22 (f)	U.S.$	142		134,498
Royal Bank of Scotland Group PLC
2.006% (EURIBOR 3 Month + 2.33%), 12/31/18 (b)(f)(h)	EUR	100		112,041
8.625%, 8/15/21 (f)	U.S.$	200		213,924
Series U
4.654% (LIBOR 3 Month + 2.32%), 9/30/27 (f)(h)		200		188,394
Societe Generale SA
7.375%, 9/13/21 (b)(f)		230		237,604
Standard Chartered PLC
3.849% (LIBOR 3 Month + 1.51%), 1/30/27 (b)(f)(h)		200		167,002
UBS Group Funding Switzerland AG
7.125%, 8/10/21 (b)(f)		230		241,116
				2,271,927
Finance - 0.1%
Navient Corp.
6.625%, 7/26/21		170		176,982
Insurance - 0.0%
Voya Financial, Inc.
5.65%, 5/15/53		82		82,549
				2,531,458

Company	Principal Amount (000)		U.S. $ Value
Industrial - 0.8%
Basic - 0.1%
SPCM SA
4.875%, 9/15/25 (b)	U.S.$	200	$	190,498
Communications - Media - 0.0%
CSC Holdings LLC
6.75%, 11/15/21		45		47,449
Communications - Telecommunications - 0.2%
Sprint Capital Corp.
6.90%, 5/01/19		370		376,131
Consumer Cyclical - Other - 0.1%
International Game Technology PLC
6.25%, 2/15/22 (b)		200		207,320
KB Home
4.75%, 5/15/19		107		107,628
				314,948
Consumer Non-Cyclical - 0.1%
HCA, Inc.
5.375%, 9/01/26		70		70,763
5.625%, 9/01/28		73		73,323
Spectrum Brands, Inc.
5.75%, 7/15/25		135		136,528
				280,614
Energy - 0.2%
Antero Resources Corp.
5.125%, 12/01/22		29		29,439
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		111		81,261
Nabors Industries, Inc.
5.50%, 1/15/23		212		208,979
PDC Energy, Inc.
5.75%, 5/15/26		137		130,366
SM Energy Co.
6.625%, 1/15/27		53		54,758
Sunoco LP/Sunoco Finance Corp.
4.875%, 1/15/23 (b)		132		130,762
				635,565
Technology - 0.1%
Western Digital Corp.
4.75%, 2/15/26		167		161,758
Transportation - Services - 0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.25%, 3/15/25 (b)		94		88,118
				2,095,081

Company	Principal Amount (000)		U.S. $ Value
Utility - 0.0%
Electric - 0.0%
AES Corp./VA
4.00%, 3/15/21	U.S.$	99	$	98,757
Total Corporates - Non-Investment Grade (cost $4,833,816)				4,725,296
ASSET-BACKED SECURITIES - 0.9%
Autos - Fixed Rate - 0.5%
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A2A
1.69%, 12/18/20		61		60,979
CPS Auto Receivables Trust
Series 2017-D, Class A
1.87%, 3/15/21 (b)		145		143,893
CPS Auto Trust
Series 2017-A, Class A
1.68%, 8/17/20 (b)		23		22,559
DT Auto Owner Trust
Series 2017-3A, Class A
1.73%, 8/17/20 (b)		18		18,200
Series 2018-1A, Class A
2.59%, 5/17/21 (b)		145		145,348
Exeter Automobile Receivables Trust
Series 2016-1A, Class D
8.20%, 2/15/23 (b)		140		148,298
Series 2016-3A, Class A
1.84%, 11/16/20 (b)		8		8,089
Series 2017-2A, Class A
2.11%, 6/15/21 (b)		40		39,493
Series 2018-1A, Class A
2.21%, 5/17/21 (b)		135		134,792
Series 2018-2A, Class A
2.79%, 7/15/21 (b)		198		197,852
First Investors Auto Owner Trust
Series 2016-2A, Class A1
1.53%, 11/16/20 (b)		8		8,285
Flagship Credit Auto Trust
Series 2016-4, Class A2
1.96%, 2/16/21 (b)		77		76,680
Series 2016-4, Class D
3.89%, 11/15/22 (b)		100		99,571
Series 2017-2, Class A
1.85%, 7/15/21 (b)		86		85,246
Series 2017-3, Class A
1.88%, 10/15/21 (b)		93		92,075
Series 2017-4, Class A
2.07%, 4/15/22 (b)		80		78,969
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		4		3,791

Company	Principal Amount (000)		U.S. $ Value
Santander Drive Auto Receivables Trust
Series 2017-3, Class A2
1.67%, 6/15/20	U.S.$	21	$	20,619
				1,384,739
Other ABS - Fixed Rate - 0.4%
CLUB Credit Trust
Series 2017-P1, Class A
2.42%, 9/15/23 (b)(g)		98		98,224
CNH Equipment Trust
Series 2015-A, Class A4
1.85%, 4/15/21		227		226,079
Consumer Loan Underlying Bond Credit Trust
Series 2018-P1, Class A
3.39%, 7/15/25 (b)(g)		110		109,978
Marlette Funding Trust
Series 2017-1A, Class A
2.827%, 3/15/24 (b)(g)		24		24,471
Series 2017-2A, Class A
2.39%, 7/15/24 (b)(g)		36		35,572
Series 2017-3A, Class A
2.36%, 12/15/24 (b)(g)		74		73,311
Prosper Marketplace Issuance Trust
Series 2017-2A, Class B
3.48%, 9/15/23 (b)(g)		100		99,848
SBA Tower Trust
Series 2015-1A, Class C
3.156%, 10/08/20 (b)(g)		251		249,117
SoFi Consumer Loan Program LLC
Series 2017-2, Class A
3.28%, 2/25/26 (b)(g)		77		76,586
SoFi Consumer Loan Program Trust
Series 2018-1, Class A1
2.55%, 2/25/27 (b)(g)		160		159,693
				1,152,879
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (g)		46		46,092
Total Asset-Backed Securities (cost $2,576,572)				2,583,710
EMERGING MARKETS - TREASURIES - 0.8%
Argentina - 0.1%
Argentina POM Politica Monetaria
Series POM
42.819% (ARLLMONP), 6/21/20 (h)	ARS	8,134		232,458

Company	Principal Amount (000)		U.S. $ Value
Brazil - 0.7%
Brazil Letras do Tesouro Nacional
Series LTN
Zero Coupon, 7/01/19	BRL	8,485	$	1,991,724
Total Emerging Markets - Treasuries (cost $2,219,070)				2,224,182
GOVERNMENTS - SOVEREIGN AGENCIES - 0.8%
Canada - 0.8%
Canada Housing Trust No. 1
2.25%, 12/15/25 (b)	CAD	575		430,771
1.25%, 6/15/21 (b)		2,305		1,730,057
Total Governments - Sovereign Agencies (cost $2,151,496)				2,160,828
LOCAL GOVERNMENTS - PROVINCIAL BONDS - 0.3%
Canada - 0.3%
Province of Ontario Canada
2.60%, 6/02/27 (cost $741,110)		988		738,615
GOVERNMENTS - SOVEREIGN BONDS - 0.2%
Mexico - 0.0%
Mexico Government International Bond
3.60%, 1/30/25	U.S.$	200		194,000
Qatar - 0.1%
Qatar Government International Bond
3.875%, 4/23/23 (b)		250		251,875
Saudi Arabia - 0.1%
Saudi Government International Bond
4.00%, 4/17/25 (b)		251		251,377
Total Governments - Sovereign Bonds (cost $693,732)				697,252
EMERGING MARKETS - CORPORATE BONDS - 0.2%
Industrial - 0.2%
Consumer Non-Cyclical - 0.1%
Minerva Luxembourg SA
6.50%, 9/20/26 (b)		200		187,250
Energy - 0.0%
Petrobras Global Finance BV
6.25%, 3/17/24		94		94,212
Transportation - Services - 0.1%
Rumo Luxembourg SARL
5.875%, 1/18/25 (b)		200		186,000
				467,462

Company	Principal Amount (000)		U.S. $ Value
Utility - 0.0%
Electric - 0.0%
Genneia SA
8.75%, 1/20/22 (b)	U.S.$	76	$	70,870
Terraform Global Operating LLC
6.125%, 3/01/26 (b)		42		40,383
				111,253
Total Emerging Markets - Corporate Bonds (cost $621,059)				578,715
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 0.2%
California - 0.2%
State of California
Series 2010
7.625%, 3/01/40 (cost $350,232)		345		502,372
LOCAL GOVERNMENTS - REGIONAL BONDS - 0.1%
Argentina - 0.1%
Provincia de Buenos Aires/Argentina
9.125%, 3/16/24 (b)		200		184,000
Provincia de Cordoba
7.125%, 6/10/21 (b)		200		178,000
Total Local Governments - Regional Bonds (cost $386,755)				362,000
EMERGING MARKETS - SOVEREIGNS - 0.1%
Dominican Republic - 0.1%
Dominican Republic International Bond
5.95%, 1/25/27 (b)		190		193,515
Ivory Coast - 0.0%
Ivory Coast Government International Bond
5.125%, 6/15/25 (b)	EUR	125		146,220
Total Emerging Markets - Sovereigns (cost $342,527)				339,735
QUASI-SOVEREIGNS - 0.1%
Quasi-Sovereign Bonds - 0.1%
Indonesia - 0.1%
Perusahaan Listrik Negara PT
5.45%, 5/21/28 (b) (cost $199,259)	U.S.$	200		206,250
COVERED BONDS - 0.1%
Turkiye Vakiflar Bankasi TAO
2.375%, 5/04/21 (b) (cost $144,391)	EUR	140		154,704

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 2.5%
U.S. Treasury Bills - 1.4%
U.S. Treasury Bill
Zero Coupon, 10/04/18 (cost $3,864,388)	U.S.$	3,865	$	3,864,345
	Shares
Investment Companies - 1.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (d)(e)(m) (cost $2,988,929)		2,988,929		2,988,929
Total Short-Term Investments (cost $6,853,317)				6,853,274
Total Investments Before Security Lending Collateral for Securities Loaned - 100.0% (cost $254,353,735)				276,573,761
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
Investment Companies - 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (d)(e)(m) (cost $184,829)		184,829		184,829
Total Investments - 100.1% (cost $254,538,564)(n)				276,758,590
Other assets less liabilities - (0.1)%				(172,200	)
Net Assets - 100.0%			$	276,586,390

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at September 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		22		December 2018		CAD	2,200	$	2,281,873	$	2,258,847	$	(23,026	)
10 Yr Mini Japan Government Bond Futures		46		December 2018		JPY	460,000		6,084,920		6,076,113		(8,807	)
Euro Buxl 30 Yr Bond Futures		11		December 2018		EUR	1,100		2,259,162		2,226,338		(32,824	)
Euro-Schatz Futures		63		December 2018		EUR	6,300		8,188,421		8,175,914		(12,507	)
U.S. T-Note 2 Yr (CBT) Futures		58		December 2018		USD	11,600		12,218,476		12,222,594		4,118
U.S. T-Note 5 Yr (CBT) Futures		33		December 2018		USD	3,300		3,741,416		3,711,727		(29,689	)
U.S. Ultra Bond (CBT) Futures		17		December 2018		USD	1,700		2,726,001		2,622,781		(103,220	)
Sold Contracts
Euro-BOBL Futures		27		December 2018		EUR	2,700		4,120,851		4,097,231		23,620
Euro-Bund Futures		5		December 2018		EUR	500		930,843		921,816		9,027
Euro-OAT Futures		6		December 2018		EUR	600		1,061,507		1,052,260		9,247
U.S. 10 Yr Ultra Futures		22		December 2018		USD	2,200		2,808,971		2,772,000		36,971
												$	(127,090	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	JPY	190,355	USD	1,726		10/04/18	$	50,328
Bank of America, NA	EUR	925	USD	1,061		10/11/18		(13,133	)
Bank of America, NA	ILS	2,281	USD	640		11/29/18		9,944
Barclays Bank PLC	USD	481	INR	33,494		12/13/18		(24,638	)
BNP Paribas SA	AUD	994	USD	723		10/11/18		3,722
Brown Brothers Harriman & Co.	GBP	2,203	USD	2,900		10/12/18		26,865
Citibank, NA	BRL	4,318	USD	1,079		10/02/18		9,254
Citibank, NA	BRL	146	USD	35		10/02/18		(925	)
Citibank, NA	USD	1,062	BRL	4,318		10/02/18		7,741
Citibank, NA	USD	36	BRL	146		10/02/18		(313	)
Citibank, NA	COP	938,092	USD	308		10/12/18		(9,022	)
Citibank, NA	USD	255	CLP	170,949		10/12/18		4,980
Citibank, NA	BRL	146	USD	35		11/05/18		(813	)
Citibank, NA	INR	31,051	USD	425		12/13/18		1,950
Credit Suisse International	JPY	58,185	AUD	712		10/11/18		2,547
Credit Suisse International	USD	516	GBP	396		10/12/18		547
Goldman Sachs Bank USA	BRL	8,485	USD	2,013		7/11/19		(28,850	)
JPMorgan Chase Bank, NA	BRL	4,173	USD	1,011		10/02/18		(21,899	)
JPMorgan Chase Bank, NA	USD	1,042	BRL	4,173		10/02/18		(8,942	)
JPMorgan Chase Bank, NA	COP	509,521	USD	168		10/12/18		(4,196	)
JPMorgan Chase Bank, NA	USD	1,009	BRL	4,173		11/05/18		22,273
JPMorgan Chase Bank, NA	USD	700	NOK	5,699		11/15/18		1,509
Morgan Stanley & Co., Inc.	USD	1,532	EUR	1,307		10/11/18		(13,479	)
Morgan Stanley & Co., Inc.	USD	469	CLP	312,824		10/12/18		6,615
Societe Generale	USD	512	EUR	441		10/11/18		28
Standard Chartered Bank	USD	1,091	JPY	120,512		10/04/18		(29,978	)
Standard Chartered Bank	USD	489	KRW	543,448		11/15/18		1,533
Standard Chartered Bank	CAD	4,194	USD	3,254		11/16/18		4,011
Standard Chartered Bank	TWD	36,792	USD	1,202		12/11/18		(12,445	)
Standard Chartered Bank	USD	473	INR	34,893		12/13/18		2,372
Standard Chartered Bank	USD	474	INR	33,131		12/13/18		(22,502	)
State Street Bank & Trust Co.	JPY	466,815	USD	4,207		10/04/18		98,003
State Street Bank & Trust Co.	USD	2,804	JPY	315,125		10/04/18		(30,388	)
State Street Bank & Trust Co.	AUD	534	USD	397		10/11/18		11,314
State Street Bank & Trust Co.	AUD	1,367	USD	979		10/11/18		(10,008	)
State Street Bank & Trust Co.	EUR	411	NOK	3,931		10/11/18		5,734
State Street Bank & Trust Co.	EUR	12,618	USD	14,839		10/11/18		177,826
State Street Bank & Trust Co.	EUR	128	USD	145		10/11/18		(2,940	)
State Street Bank & Trust Co.	NZD	729	USD	492		10/11/18		8,904
State Street Bank & Trust Co.	USD	241	EUR	206		10/11/18		(1,499	)
State Street Bank & Trust Co.	GBP	1,054	USD	1,382		10/12/18		7,727
State Street Bank & Trust Co.	USD	954	GBP	737		10/12/18		5,812
State Street Bank & Trust Co.	USD	477	GBP	365		10/12/18		(263	)
State Street Bank & Trust Co.	USD	241	CHF	234		10/17/18		(2,793	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	PLN	890	USD	243		10/18/18	$	1,221
State Street Bank & Trust Co.	MXN	9,319	USD	482		10/19/18		(14,672	)
State Street Bank & Trust Co.	USD	25	MXN	473		10/19/18		1
State Street Bank & Trust Co.	SGD	657	USD	479		10/25/18		(2,436	)
State Street Bank & Trust Co.	USD	484	SGD	658		10/25/18		(2,173	)
State Street Bank & Trust Co.	KRW	540,756	USD	482		11/15/18		(6,223	)
State Street Bank & Trust Co.	USD	486	KRW	539,226		11/15/18		(102	)
State Street Bank & Trust Co.	USD	482	NOK	3,901		11/15/18		(1,606	)
State Street Bank & Trust Co.	USD	231	SEK	2,048		11/15/18		253
State Street Bank & Trust Co.	CAD	22	USD	17		12/14/18		(198	)
State Street Bank & Trust Co.	EUR	61	USD	71		12/14/18		511
State Street Bank & Trust Co.	EUR	126	USD	147		12/14/18		(219	)
State Street Bank & Trust Co.	JPY	16,050	USD	145		12/14/18		3,203
State Street Bank & Trust Co.	MXN	1,449	USD	75		12/14/18		(1,988	)
State Street Bank & Trust Co.	NOK	293	USD	35		12/14/18		(1,114	)
State Street Bank & Trust Co.	NZD	52	USD	34		12/14/18		(590	)
State Street Bank & Trust Co.	SEK	100	USD	11		12/14/18		15
State Street Bank & Trust Co.	SEK	101	USD	11		12/14/18		0
State Street Bank & Trust Co.	SEK	155	USD	17		12/14/18		(294	)
State Street Bank & Trust Co.	USD	71	AUD	99		12/14/18		1,099
State Street Bank & Trust Co.	USD	80	CHF	77		12/14/18		(702	)
State Street Bank & Trust Co.	USD	36	GBP	27		12/14/18		(306	)
State Street Bank & Trust Co.	USD	62	JPY	6,871		12/14/18		(1,405	)
State Street Bank & Trust Co.	USD	103	SGD	141		12/14/18		689
UBS AG	JPY	526,994	USD	4,778		10/04/18		139,254
UBS AG	EUR	446	USD	510		10/11/18		(7,839	)
UBS AG	GBP	733	EUR	816		10/11/18		(8,130	)
UBS AG	GBP	413	USD	537		10/12/18		(2,370	)
UBS AG	CAD	1,862	USD	1,431		11/16/18		(12,480	)
							$	313,912

CENTRALLY CLEARED INTEREST RATE SWAPS

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund		Payment Frequency Paid/Received	Unrealized Appreciation/ (Depreciation)
USD	9,940		9/10/20	3 Month LIBOR		2.824%	Quarterly/Semi-Annual	$	(27,407	)
USD	4,130		9/10/23	3 Month LIBOR		2.883%	Quarterly/ Semi-Annual		(32,637	)
USD	295		11/08/26	1.657%		3 Month LIBOR	Semi-Annual/ Quarterly		29,629
USD	1,870		9/10/48	2.980%		3 Month LIBOR	Semi-Annual/ Quarterly		53,637
								$	23,222

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 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		0.29	%		USD	172	$	(6,095	)	$	(1,517	)	$	(4,578	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.29			USD	198		(7,016	)		(1,811	)		(5,205	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	17		(132	)		214			(346	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	5		(39	)		45			(84	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	620		(4,826	)		7,733			(12,559	)
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	207		(1,611	)		2,784			(4,395	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	775		(6,032	)		8,176			(14,208	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	233		(1,814	)		2,437			(4,251	)

Swap Counterparty & Referenced Obligation	FixedRate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)%		Monthly		0.38	%		USD	51	$	(397	)	$	482		$	(879	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	226		(1,759	)		3,014			(4,773	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	55		(6,315	)		(7,679	)		1,364
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	60		(6,889	)		(8,183	)		1,294
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	210		(24,112	)		(26,725	)		2,613
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	69		(7,934	)		(10,893	)		2,959
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	11		(1,265	)		(1,822	)		557
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	70		(8,043	)		(10,728	)		2,685
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	35		(4,019	)		(4,387	)		368
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	75		(8,618	)		(11,442	)		2,824
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	165		(18,944	)		(10,976	)		(7,968	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	48		(5,512	)		(3,413	)		(2,099	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	156		(17,911	)		(13,195	)		(4,716	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	8		(918	)		(964	)		46
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	48		(5,511	)		(6,220	)		709

Swap Counterparty &Referenced Obligation	FixedRate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 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		6.57	%	USD	53	$	(6,085	)	$	(6,234	)	$	149
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	52		(5,970	)		(6,114	)		144
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	79		(9,071	)		(8,752	)		(319	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	232		(26,637	)		(16,720	)		(9,917	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	9		(1,033	)		(531	)		(502	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	170		(19,519	)		(13,364	)		(6,155	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	64		(7,348	)		(4,363	)		(2,985	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	47		(5,396	)		(4,176	)		(1,220	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	4		(460	)		(369	)		(91	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	8		(919	)		(751	)		(168	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	8		(919	)		(813	)		(106	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	15		(1,722	)		(1,665	)		(57	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	78		(8,956	)		(10,916	)		1,960
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	172		(19,749	)		(23,450	)		3,701
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	53		(6,086	)		(5,807	)		(279	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57		USD	75		(8,624	)		(11,856	)		3,232

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 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		6.57	%		USD	58	$	(6,669	)	$	(9,748	)	$	3,079
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	82		(9,428	)		(13,980	)		4,552
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	5		(575	)		(781	)		206
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	272		(31,230	)		(13,679	)		(17,551	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	230		(26,408	)		(18,829	)		(7,579	)
												$	(348,516	)	$	(267,968	)	$	(80,548	)

* Termination date

INFLATION (CPI) SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/Received

Unrealized Appreciation/ (Depreciation)

Bank of America, NA

USD

10,000

7/11/24

2.416

%

CPI#

Maturity

$

(33,263

)

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

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, the aggregate market value of these securities amounted to $27,900,827 or 10.1% 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, or call AB at (800) 227-4618.

(e) Affiliated investments.

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

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

(h) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2018.

(i) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.10% of net assets as of September 30, 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
8.716%, 4/25/26		4/29/16	$	14,841	$	14,909		0.01	%
H/2 Asset Funding NRE Series 2015-1A, Class AFL
3.866%, 6/24/49		6/19/15		39,241		39,241		0.01	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2
6.314%, 11/25/24		11/06/15		28,439		31,242		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
7.314%, 11/25/25		9/28/15		133,584		150,336		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
7.564%, 11/25/25		9/28/15		40,111		46,732		0.02	%

(j) Inverse interest only security.

(k) IO - Interest Only.

(l) Illiquid security.

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

(n) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $26,022,761 and gross unrealized depreciation of investments was $(3,706,502), resulting in net unrealized appreciation of $22,316,259.

Currency Abbreviations:

ARS	-	Argentine Peso
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CLP	-	Chilean Peso
COP	-	Colombian Peso
EUR	-	Euro
GBP	-	Great British Pound
ILS	-	Israeli Shekel
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
ARLLMONP	-	Argentina Blended Policy Rate
ASX	-	Australian Stock Exchange
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
GDR	-	Global Depositary Receipt
LIBOR	-	London Interbank Offered Rates
OAT	-	Obligations Assimilables du Trésor
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

COUNTRY BREAKDOWN ¹

September 30, 2018 (unaudited)

78.2%	United States
2.9%	United Kingdom
2.9%	Japan
2.8%	France
2.4%	Canada
1.3%	Italy
1.1%	Brazil
0.9%	Spain
0.6%	Switzerland
0.5%	Australia
0.3%	Malaysia
0.3%	Germany
0.3%	Hong Kong
3.0%	Other
2.5%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 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 0.3% or less in the following countries: Argentina, Austria, Chile, China, Denmark, Dominican Republic, Finland, Greece, India, Indonesia, Ireland, Israel, Ivory Coast, Luxembourg, Macau, Mexico, Netherlands, New Zealand, Norway, Portugal, Qatar, Russia, Saudi Arabia, Singapore, South Korea, Sweden, Turkey and United Arab Emirates.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio    

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

17,776,671

$

203,841

$

– 0

–

$

17,980,512

Financials

15,415,046

547,320

– 0

–

15,962,366

Real Estate

9,052,757

3,416,337

– 0

–

12,469,094

Health Care

11,086,814

264,146

– 0

–

11,350,960

Energy

7,171,882

3,427,417

– 0

–

10,599,299

Communication Services

9,703,427

125,322

– 0

–

9,828,749

Consumer Discretionary

9,189,607

401,009

– 0

–

9,590,616

Consumer Staples

7,265,936

527,181

– 0

–

7,793,117

Industrials

5,817,378

573,842

– 0

–

6,391,220

Materials

1,986,754

1,292,083

– 0

–

3,278,837

Utilities

2,897,676

179,543

– 0

–

3,077,219

Transportation

– 0

–

89,828

– 0

–

89,828

Health Care Equipment & Services

56,558

– 0

–

– 0

–

56,558

Consumer Durables & Apparel

42,699

– 0

–

– 0

–

42,699

Banks

– 0

–

40,434

– 0

–

40,434

Capital Goods

– 0

–

27,977

– 0

–

27,977

Investment Companies

72,659,282

– 0

–

– 0

–

72,659,282

Governments - Treasuries

– 0

–

27,956,592

– 0

–

27,956,592

Corporates - Investment Grade

– 0

–

20,574,315

335,985

20,910,300

Mortgage Pass-Throughs

– 0

–

6,924,915

– 0

–

6,924,915

Inflation-Linked Securities

– 0

–

6,821,943

– 0

–

6,821,943

Collateralized Mortgage Obligations

– 0

–

5,655,746

– 0

–

5,655,746

Commercial Mortgage-Backed Securities

– 0

–

3,736,976

1,201,589

4,938,565

Corporates - Non-Investment Grade

– 0

–

4,725,296

– 0

–

4,725,296

Asset-Backed Securities

– 0

–

1,610,818

972,892

2,583,710

Emerging Markets - Treasuries

– 0

–

2,224,182

– 0

–

2,224,182

Governments - Sovereign Agencies

– 0

–

2,160,828

– 0

–

2,160,828

Local Governments - Provincial Bonds

– 0

–

738,615

– 0

–

738,615

Governments - Sovereign Bonds

– 0

–

697,252

– 0

–

697,252

Emerging Markets - Corporate Bonds

– 0

–

578,715

– 0

–

578,715

Local Governments - US Municipal Bonds

– 0

–

502,372

– 0

–

502,372

Local Governments - Regional Bonds

– 0

–

362,000

– 0

–

362,000

Emerging Markets - Sovereigns

– 0

–

339,735

– 0

–

339,735

Quasi-Sovereigns

– 0

–

206,250

– 0

–

206,250

Covered Bonds

– 0

–

154,704

– 0

–

154,704

Short-Term Investments:

U.S. Treasury Bills

– 0

–

3,864,345

– 0

–

3,864,345

Investment Companies

2,988,929

– 0

–

– 0

–

2,988,929

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

184,829

– 0

–

– 0

–

184,829

Total Investments in Securities

173,296,245

100,951,879

2,510,466

276,758,590

Other Financial Instruments (a):

Assets:

Futures

82,983

– 0

–

– 0

–

82,983

Forward Currency Exchange Contracts

– 0

–

617,785

– 0

–

617,785

Centrally Cleared Interest Rate Swaps

– 0

–

83,266

– 0

–

83,266

Liabilities:

Futures

(210,073

)

– 0

–

– 0

–

(210,073

)

Forward Currency Exchange Contracts

– 0

–

(303,873

)

– 0

–

(303,873

)

Centrally Cleared Interest Rate Swaps

– 0

–

(60,044

)

– 0

–

(60,044

)

Credit Default Swaps

– 0

–

(348,516

)

– 0

–

(348,516

)

Inflation (CPI) Swaps

– 0

–

(33,263

)

– 0

–

(33,263

)

Total (b)

$

173,169,155

$

100,907,234

$

2,510,466

$

276,586,855

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

	Corporates- Investment Grade			Commercial Mortgage Backed Securities			Asset-Backed Securities
Balance as of 12/31/17	$	– 0	–	$	1,545,137		$	1,812,622
Accrued discounts/(premiums)		– 0	–		545			334
Realized gain (loss)		– 0	–		(34,767	)		(6,017	)
Change in unrealized appreciation/depreciation		985			(6,628	)		(5,387	)
Purchases/Payups		335,000			– 0	–		399,971
Sales/Paydowns		– 0	–		(302,698	)		(1,228,631	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/18	$	335,985		$	1,201,589		$	972,892
Net change in unrealized appreciation/depreciation from investments held as of 9/30/18	$	985		$	(4,638	)	$	(7,509	)
	Total
Balance as of 12/31/17	$	3,357,759
Accrued discounts/(premiums)		879
Realized gain (loss)		(40,784	)
Change in unrealized appreciation/depreciation		(11,030	)
Purchases/Payups		734,971
Sales/Paydowns		(1,531,329	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 9/30/18	$	2,510,466
Net change in unrealized appreciation/depreciation from investments held as of 9/30/18	$	(11,162	)

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2018 is as follows:

														Distributions
Affiliated Issuer	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)			Market Value 9/30/18 (000)		Dividend Income (000)		Realized Gains (000)
AB Discovery Growth Fund, Inc.	$	0	$	3,750	$	467	$	43	$	257		$	3,583	$	0	$	43
AB Discovery Value Fund		0		3,750		244		6		52			3,564		0		6
AB International Small Cap Portfolio		0		9,374		0		0		(199	)		9,175		0		0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		0		31,248		0		0		(50	)		31,198		0		0
Bernstein Fund, Inc. - Small Cap Core Portfolio		0		3,750		324		16		95			3,537		0		16
Sanford C Bernstein Fund, Inc. - Emerging Markets Portfolio		0		4,375		0		0		(242	)		4,133		0		0
Sanford C Bernstein Fund, Inc. - International Portfolio		0		17,499		0		0		(30	)		17,469		0		0
Government Money Market Portfolio		0		120,017		117,028		0		0			2,989		26		0
Government Money Market Portfolio*		1,220		11,711		12,746		0		0			185		4		0
Total	$	1,220	$	205,474	$	130,809	$	65	$	(117	)	$	75,833	$	30	$	65

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Dynamic Asset Allocation Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 56.4%
Financials - 9.2%
Banks - 4.6%
AIB Group PLC		5,844	$	29,869
Aozora Bank Ltd.		2,000		71,432
Australia & New Zealand Banking Group Ltd.		31,095		632,991
Banco Bilbao Vizcaya Argentaria SA		73,153		463,808
Banco de Sabadell SA		50,635		78,277
Banco Santander SA		177,334		887,851
Bank Hapoalim BM		14,749		108,001
Bank Leumi Le-Israel BM		12,645		83,335
Bank of America Corp.		66,145		1,948,632
Bank of East Asia Ltd. (The)		41,231		153,441
Bank of Ireland Group PLC		11,605		88,743
Bank of Kyoto Ltd. (The)		400		20,879
Bank of Queensland Ltd.		7,933		63,156
Bankia SA		10,832		42,285
Bankinter SA		7,353		67,543
Barclays PLC		188,978		419,158
BB&T Corp.		5,450		264,543
Bendigo & Adelaide Bank Ltd.		4,177		32,440
BNP Paribas SA		13,908		851,679
BOC Hong Kong Holdings Ltd.		39,500		187,479
CaixaBank SA		42,465		193,127
Chiba Bank Ltd. (The)		11,000		75,125
Citigroup, Inc.		17,879		1,282,640
Citizens Financial Group, Inc.		3,319		128,014
Comerica, Inc.		1,200		108,240
Commerzbank AG (a)		15,814		164,306
Commonwealth Bank of Australia		19,262		994,181
Concordia Financial Group Ltd.		11,221		55,000
Credit Agricole SA		14,327		205,950
Danske Bank A/S		7,940		208,127
DBS Group Holdings Ltd.		21,665		413,306
DNB ASA		9,303		195,777
Erste Group Bank AG (a)		3,207		133,144
Fifth Third Bancorp		4,740		132,341
Fukuoka Financial Group, Inc.		1,800		49,501
Hang Seng Bank Ltd.		8,100		219,785
HSBC Holdings PLC		219,920		1,918,886
Huntington Bancshares, Inc./OH		7,665		114,362
ING Groep NV		36,740		476,852
Intesa Sanpaolo SpA		120,775		307,727
Japan Post Bank Co., Ltd.		3,855		45,552
JPMorgan Chase & Co.		23,915		2,698,569
KBC Group NV		3,064		227,834
KeyCorp		7,425		147,683
Lloyds Banking Group PLC		769,079		591,489
M&T Bank Corp.		1,015		167,008
Mebuki Financial Group, Inc.		16,800		58,129
Mediobanca Banca di Credito Finanziario SpA		12,965		129,025
Mitsubishi UFJ Financial Group, Inc.		135,900		844,304
Mizrahi Tefahot Bank Ltd.		1,057		18,510
Mizuho Financial Group, Inc.		253,500		441,800
National Australia Bank Ltd.		28,193		566,003
Nordea Bank AB		28,914		314,602
Oversea-Chinese Banking Corp., Ltd.		29,000		242,663
People’s United Financial, Inc.		2,365		40,489
PNC Financial Services Group, Inc. (The)		3,330		453,513
Raiffeisen Bank International AG		1,307		37,617

Company	Shares		U.S. $ Value
Regions Financial Corp.		7,825	$	143,589
Resona Holdings, Inc.		21,000		117,904
Royal Bank of Scotland Group PLC		42,208		136,758
Seven Bank Ltd.		16,218		51,222
Shinsei Bank Ltd.		3,700		60,447
Shizuoka Bank Ltd. (The)		4,000		35,895
Skandinaviska Enskilda Banken AB-Class A		16,190		180,487
Societe Generale SA		9,446		405,615
Standard Chartered PLC		34,982		289,833
Sumitomo Mitsui Financial Group, Inc.		14,300		575,487
Sumitomo Mitsui Trust Holdings, Inc.		3,200		131,669
SunTrust Banks, Inc.		3,190		213,060
SVB Financial Group (a)		386		119,980
Svenska Handelsbanken AB-Class A SHS		14,254		179,766
Swedbank AB-Class A		8,621		213,216
UniCredit SpA		17,422		261,412
United Overseas Bank Ltd.		12,000		237,221
US Bancorp		10,915		576,421
Wells Fargo & Co.		30,775		1,617,534
Westpac Banking Corp.		35,553		714,994
Zions Bancorporation		1,330		66,700
				27,225,933
Capital Markets - 1.5%
3i Group PLC		9,721		119,032
Affiliated Managers Group, Inc.		407		55,645
Ameriprise Financial, Inc.		1,045		154,305
Amundi SA (b)		1,517		113,605
ASX Ltd.		1,453		66,833
Bank of New York Mellon Corp. (The)		7,015		357,695
BlackRock, Inc.-Class A		877		413,356
Cboe Global Markets, Inc.		746		71,586
Charles Schwab Corp. (The)		8,390		412,369
CME Group, Inc.-Class A		2,450		417,015
Credit Suisse Group AG (a)		28,090		421,503
Daiwa Securities Group, Inc.		16,000		97,308
Deutsche Bank AG		19,693		224,297
Deutsche Boerse AG		2,077		277,709
E*TRADE Financial Corp. (a)		1,770		92,730
Franklin Resources, Inc.		2,220		67,510
Goldman Sachs Group, Inc. (The)		2,538		569,121
Hargreaves Lansdown PLC		2,483		72,282
Hong Kong Exchanges & Clearing Ltd.		10,900		311,463
Intercontinental Exchange, Inc.		4,030		301,807
Invesco Ltd.		2,830		64,750
Investec PLC		5,877		41,228
Japan Exchange Group, Inc.		4,965		86,487
Julius Baer Group Ltd. (a)		2,130		106,449
London Stock Exchange Group PLC		3,987		238,250
Macquarie Group Ltd.		3,705		337,038
Moody’s Corp.		1,145		191,444
Morgan Stanley		9,570		445,675
MSCI, Inc.-Class A		657		116,558
Nasdaq, Inc.		760		65,208
Natixis SA		21,759		147,763
Nomura Holdings, Inc.		38,855		185,317
Northern Trust Corp.		1,460		149,110
Partners Group Holding AG		158		125,249
Raymond James Financial, Inc.		909		83,673

Company	Shares		U.S. $ Value
S&P Global, Inc.		1,760	$	343,886
SBI Holdings, Inc./Japan		2,468		76,606
Schroders PLC		1,291		51,999
Singapore Exchange Ltd.		21,000		113,181
St. James’s Place PLC		4,994		74,439
State Street Corp.		2,535		212,382
T. Rowe Price Group, Inc.		1,725		188,336
UBS Group AG (a)		42,353		668,696
				8,730,895
Consumer Finance - 0.2%
Acom Co., Ltd.		13,014		52,467
American Express Co.		5,010		533,515
Capital One Financial Corp.		3,413		323,996
Credit Saison Co., Ltd.		3,500		57,083
Discover Financial Services		2,410		184,245
Synchrony Financial		4,918		152,851
				1,304,157
Diversified Financial Services - 0.8%
AMP Ltd.		28,155		64,904
Berkshire Hathaway, Inc.-Class B (a)		13,814		2,957,715
Challenger Ltd./Australia		12,809		103,643
EXOR NV		3,679		245,465
Groupe Bruxelles Lambert SA		768		80,504
IHS Markit Ltd. (a)		2,461		132,796
Industrivarden AB-Class C		4,979		110,405
Investor AB-Class B		4,336		199,810
Jefferies Financial Group, Inc.		2,055		45,128
Kinnevik AB		4,676		141,199
ORIX Corp.		14,110		228,464
Pargesa Holding SA		346		27,799
Standard Life Aberdeen PLC		28,554		113,777
Wendel SA		844		125,758
				4,577,367
Insurance - 2.1%
Admiral Group PLC		2,010		54,485
Aegon NV		38,312		248,666
Aflac, Inc.		5,410		254,649
Ageas		1,646		88,487
AIA Group Ltd.		128,423		1,145,137
Allianz SE		4,871		1,084,123
Allstate Corp. (The)		2,500		246,750
American International Group, Inc.		6,293		335,039
Aon PLC		1,765		271,422
Arthur J Gallagher & Co.		1,202		89,477
Assicurazioni Generali SpA		11,115		191,399
Assurant, Inc.		410		44,259
Aviva PLC		43,251		275,962
Baloise Holding AG		926		141,113
Brighthouse Financial, Inc. (a)		797		35,259
Chubb Ltd.		3,232		431,924
Cincinnati Financial Corp.		1,060		81,419
CNP Assurances		4,544		109,536
Dai-ichi Life Holdings, Inc.		11,850		247,017
Direct Line Insurance Group PLC		13,089		55,246
Everest Re Group Ltd.		294		67,170

Company	Shares		U.S. $ Value
Gjensidige Forsikring ASA		3,690	$	62,191
Hannover Rueck SE		795		112,213
Hartford Financial Services Group, Inc. (The)		2,475		123,651
Insurance Australia Group Ltd.		23,145		122,361
Japan Post Holdings Co., Ltd.		16,700		198,750
Legal & General Group PLC		63,405		216,451
Lincoln National Corp.		1,490		100,813
Loews Corp.		1,790		89,912
Mapfre SA		17,737		55,479
Marsh & McLennan Cos., Inc.		3,590		296,965
Medibank Pvt Ltd.		39,307		82,652
MetLife, Inc.		7,070		330,310
MS&AD Insurance Group Holdings, Inc.		4,800		160,339
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,588		350,767
NN Group NV		7,137		318,542
Principal Financial Group, Inc.		1,840		107,806
Progressive Corp. (The)		4,045		287,357
Prudential Financial, Inc.		2,965		300,414
Prudential PLC		28,434		651,936
QBE Insurance Group Ltd.		13,053		104,846
RSA Insurance Group PLC		10,859		81,358
Sampo Oyj-Class A		4,765		246,584
SCOR SE		3,333		154,523
Sompo Holdings, Inc.		4,000		170,436
Sony Financial Holdings, Inc.		4,130		91,075
Suncorp Group Ltd.		12,247		127,962
Swiss Life Holding AG (a)		342		129,677
Swiss Re AG		3,176		292,625
T&D Holdings, Inc.		5,500		90,830
Tokio Marine Holdings, Inc.		7,300		362,398
Torchmark Corp.		752		65,191
Travelers Cos., Inc. (The)		1,930		250,340
Tryg A/S		1,821		45,344
Unum Group		1,520		59,386
Willis Towers Watson PLC		887		125,014
Zurich Insurance Group AG		1,604		505,749
				12,370,786
				54,209,138
Information Technology - 7.9%
Communications Equipment - 0.5%
Arista Networks, Inc. (a)		335		89,063
Cisco Systems, Inc.		32,990		1,604,964
F5 Networks, Inc. (a)		480		95,722
Juniper Networks, Inc.		2,440		73,127
Motorola Solutions, Inc.		1,145		149,010
Nokia Oyj		62,192		345,773
Telefonaktiebolaget LM Ericsson-Class B		28,969		256,398
				2,614,057
Electronic Equipment, Instruments & Components - 0.6%
Alps Electric Co., Ltd.		2,053		52,193
Amphenol Corp.-Class A		2,150		202,143
Corning, Inc.		5,805		204,916
FLIR Systems, Inc.		910		55,938
Hamamatsu Photonics KK		1,600		63,722
Hexagon AB-Class B		4,263		249,585

Company	Shares		U.S. $ Value
Hirose Electric Co., Ltd.		315	$	34,408
Hitachi High-Technologies Corp.		1,881		64,948
Hitachi Ltd.		10,400		353,513
Ingenico Group SA		930		70,709
IPG Photonics Corp. (a)		273		42,607
Keyence Corp.		1,054		612,254
Kyocera Corp.		3,100		186,067
Murata Manufacturing Co., Ltd.		2,000		307,312
Nippon Electric Glass Co., Ltd.		929		29,204
Omron Corp.		1,800		76,064
Shimadzu Corp.		2,000		62,675
TDK Corp.		1,200		130,751
TE Connectivity Ltd.		2,460		216,308
Venture Corp., Ltd.		4,005		51,643
Yaskawa Electric Corp.		2,723		80,876
Yokogawa Electric Corp.		4,500		95,188
				3,243,024
IT Services - 1.7%
Accenture PLC-Class A		4,535		771,857
Akamai Technologies, Inc. (a)		1,205		88,146
Alliance Data Systems Corp.		330		77,933
Amadeus IT Group SA-Class A		4,677		433,506
Atos SE		677		80,554
Automatic Data Processing, Inc.		3,120		470,059
Broadridge Financial Solutions, Inc.		819		108,067
Capgemini SE		1,557		196,023
Cognizant Technology Solutions Corp.-Class A		4,080		314,772
Computershare Ltd.		3,663		52,752
DXC Technology Co.		2,068		193,399
Fidelity National Information Services, Inc.		2,320		253,042
Fiserv, Inc. (a)		2,850		234,783
FleetCor Technologies, Inc. (a)		661		150,602
Fujitsu Ltd.		1,800		128,231
Gartner, Inc. (a)		640		101,440
Global Payments, Inc.		1,109		141,287
International Business Machines Corp.		6,468		978,026
Mastercard, Inc.-Class A		6,460		1,438,061
Nomura Research Institute Ltd.		1,300		65,647
NTT Data Corp.		6,010		83,198
Obic Co., Ltd.		730		69,045
Otsuka Corp.		1,200		44,760
Paychex, Inc.		2,245		165,344
PayPal Holdings, Inc. (a)		7,835		688,226
Total System Services, Inc.		1,160		114,538
VeriSign, Inc. (a)		675		108,081
Visa, Inc.-Class A		12,550		1,883,630
Western Union Co. (The)-Class W		3,230		61,564
Wirecard AG		1,262		273,033
				9,769,606
Semiconductors & Semiconductor Equipment - 1.5%
Advanced Micro Devices, Inc. (a)		5,783		178,637
Analog Devices, Inc.		2,610		241,321
Applied Materials, Inc.		7,035		271,903
ASM Pacific Technology Ltd.		900		9,197
ASML Holding NV		3,784		710,463
Broadcom, Inc.		3,059		754,747

Company	Shares		U.S. $ Value
Disco Corp.		309	$	51,746
Infineon Technologies AG		10,766		244,990
Intel Corp.		32,640		1,543,545
KLA-Tencor Corp.		1,060		107,813
Lam Research Corp.		1,129		171,269
Microchip Technology, Inc.		1,595		125,861
Micron Technology, Inc. (a)		8,120		367,268
NVIDIA Corp.		4,335		1,218,222
NXP Semiconductors NV		3,725		318,487
Qorvo, Inc. (a)		868		66,740
QUALCOMM, Inc.		10,370		746,951
Renesas Electronics Corp. (a)		9,161		57,358
Rohm Co., Ltd.		1,300		95,108
Skyworks Solutions, Inc.		1,224		111,029
STMicroelectronics NV		12,251		224,225
SUMCO Corp.		2,522		36,739
Texas Instruments, Inc.		6,875		737,619
Tokyo Electron Ltd.		1,689		232,779
Xilinx, Inc.		1,735		139,095
				8,763,112
Software - 2.1%
Adobe Systems, Inc. (a)		3,460		934,027
ANSYS, Inc. (a)		612		114,248
Autodesk, Inc. (a)		1,525		238,068
CA, Inc.		2,185		96,468
Cadence Design Systems, Inc. (a)		1,964		89,008
Check Point Software Technologies Ltd. (a)		1,437		169,092
Citrix Systems, Inc. (a)		880		97,821
Dassault Systemes SE		1,424		213,084
Intuit, Inc.		1,700		386,580
LINE Corp. (a)		33		1,390
Micro Focus International PLC		4,754		88,409
Microsoft Corp.		53,970		6,172,549
Nice Ltd. (a)		596		67,887
Oracle Corp.		20,900		1,077,604
Oracle Corp. Japan		500		40,286
Red Hat, Inc. (a)		1,240		168,987
Sage Group PLC (The)		12,240		93,484
salesforce.com, Inc. (a)		5,362		852,719
SAP SE		10,475		1,288,043
Symantec Corp.		4,355		92,674
Synopsys, Inc. (a)		1,022		100,779
Temenos AG (a)		662		107,822
Trend Micro, Inc./Japan		1,600		102,918
				12,593,947
Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc.		32,514		7,339,710
Brother Industries Ltd.		2,200		43,439
Canon, Inc.		11,400		361,489
FUJIFILM Holdings Corp.		4,200		188,954
Hewlett Packard Enterprise Co.		10,660		173,865
HP, Inc.		11,510		296,613
Konica Minolta, Inc.		6,000		63,852
NEC Corp.		2,500		69,084

Company	Shares		U.S. $ Value
NetApp, Inc.		1,840	$	158,038
Ricoh Co., Ltd.		6,000		64,467
Seagate Technology PLC		1,950		92,332
Seiko Epson Corp.		2,700		46,061
Western Digital Corp.		2,063		120,768
Xerox Corp.		1,486		40,092
				9,058,764
				46,042,510
Health Care - 7.4%
Biotechnology - 0.9%
AbbVie, Inc.		10,662		1,008,412
Alexion Pharmaceuticals, Inc. (a)		1,580		219,636
Amgen, Inc.		4,678		969,703
Biogen, Inc. (a)		1,465		517,599
Celgene Corp. (a)		4,930		441,186
CSL Ltd.		4,876		708,480
Genmab A/S (a)		540		84,819
Gilead Sciences, Inc.		9,115		703,769
Grifols SA		3,644		102,461
Incyte Corp. (a)		1,240		85,659
Regeneron Pharmaceuticals, Inc. (a)		540		218,181
Vertex Pharmaceuticals, Inc. (a)		1,807		348,281
				5,408,186
Health Care Equipment & Supplies - 1.4%
Abbott Laboratories		12,276		900,567
ABIOMED, Inc. (a)		308		138,523
Align Technology, Inc. (a)		540		211,259
Baxter International, Inc.		3,380		260,564
Becton Dickinson and Co.		1,948		508,428
Boston Scientific Corp. (a)		9,660		371,910
Cochlear Ltd.		405		58,723
Coloplast A/S-Class B		1,154		117,887
ConvaTec Group PLC (b)		12,601		38,127
Cooper Cos., Inc. (The)		361		100,051
CYBERDYNE, Inc. (a)		3,189		25,178
Danaher Corp.		4,340		471,584
DENTSPLY SIRONA, Inc.		1,596		60,233
Edwards Lifesciences Corp. (a)		1,490		259,409
Essilor International Cie Generale d’Optique SA		2,369		350,659
Fisher & Paykel Healthcare Corp., Ltd.		6,133		61,154
Hologic, Inc. (a)		1,820		74,584
Hoya Corp.		3,900		231,625
IDEXX Laboratories, Inc. (a)		633		158,035
Intuitive Surgical, Inc. (a)		815		467,810
Koninklijke Philips NV		7,299		332,699
Medtronic PLC		9,459		930,482
Olympus Corp.		2,800		109,258
ResMed, Inc.		1,016		117,185
Sartorius AG (Preference Shares)		812		131,618
Siemens Healthineers AG (a)(b)		1,618		71,151
Smith & Nephew PLC		9,779		178,414
Sonova Holding AG		666		132,180
Straumann Holding AG		67		50,475

Company	Shares		U.S. $ Value
Stryker Corp.		2,275	$	404,222
Sysmex Corp.		1,836		158,325
Terumo Corp.		3,300		195,307
Varian Medical Systems, Inc. (a)		645		72,195
William Demant Holding A/S (a)		2,050		76,954
Zimmer Biomet Holdings, Inc.		1,385		182,086
				8,008,861
Health Care Providers & Services - 1.2%
Aetna, Inc.		2,267		459,861
Alfresa Holdings Corp.		2,700		72,322
AmerisourceBergen Corp.-Class A		1,135		104,670
Anthem, Inc.		1,850		506,992
Cardinal Health, Inc.		2,095		113,130
Centene Corp. (a)		1,487		215,288
Cigna Corp.		1,715		357,149
CVS Health Corp.		7,130		561,274
DaVita, Inc. (a)		950		68,049
Envision Healthcare Corp. (a)		823		37,636
Express Scripts Holding Co. (a)		3,889		369,494
Fresenius Medical Care AG & Co. KGaA		2,085		214,220
Fresenius SE & Co. KGaA		4,696		344,359
HCA Healthcare, Inc.		1,950		271,284
Healthscope Ltd.		34,249		51,955
Henry Schein, Inc. (a)		1,040		88,431
Humana, Inc.		965		326,672
Laboratory Corp. of America Holdings (a)		725		125,918
McKesson Corp.		1,465		194,332
Mediclinic International PLC		5,385		30,076
Medipal Holdings Corp.		3,900		81,478
NMC Health PLC		1,143		50,526
Quest Diagnostics, Inc.		950		102,515
Ramsay Health Care Ltd.		1,156		45,864
Ryman Healthcare Ltd.		5,937		55,048
Sonic Healthcare Ltd.		5,598		100,722
Suzuken Co., Ltd./Aichi Japan		1,200		56,939
UnitedHealth Group, Inc.		6,735		1,791,779
Universal Health Services, Inc.-Class B		650		83,096
WellCare Health Plans, Inc. (a)		347		111,210
				6,992,289
Health Care Technology - 0.0%
Cerner Corp. (a)		2,180		140,414
M3, Inc.		4,140		93,888
				234,302
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc.		2,245		158,362
Illumina, Inc. (a)		1,111		407,804
IQVIA Holdings, Inc. (a)		1,096		142,195
Lonza Group AG (a)		779		266,494
Mettler-Toledo International, Inc. (a)		220		133,975
PerkinElmer, Inc.		755		73,439
QIAGEN NV (a)		2,703		102,369
Thermo Fisher Scientific, Inc.		2,885		704,171
Waters Corp. (a)		545		106,101
				2,094,910

Company	Shares		U.S. $ Value
Pharmaceuticals - 3.6%
Allergan PLC		2,400	$	457,152
Astellas Pharma, Inc.		22,500		392,917
AstraZeneca PLC		13,918		1,084,825
Bayer AG		9,580		849,752
Bristol-Myers Squibb Co.		11,465		711,747
Chugai Pharmaceutical Co., Ltd.		2,100		134,995
Daiichi Sankyo Co., Ltd.		5,700		247,083
Eisai Co., Ltd.		2,933		285,725
Eli Lilly & Co.		6,665		715,221
GlaxoSmithKline PLC		54,490		1,092,781
Hisamitsu Pharmaceutical Co., Inc.		1,000		76,692
Ipsen SA		880		148,151
Johnson & Johnson		18,805		2,598,287
Kyowa Hakko Kirin Co., Ltd.		2,152		40,381
Merck & Co., Inc.		18,905		1,341,121
Merck KGaA		1,230		127,084
Mitsubishi Tanabe Pharma Corp.		3,000		50,210
Mylan NV (a)		3,555		130,113
Nektar Therapeutics (a)		1,074		65,471
Novartis AG		24,089		2,073,544
Novo Nordisk A/S-Class B		20,377		959,045
Ono Pharmaceutical Co., Ltd.		3,900		110,395
Orion Oyj-Class B		974		36,863
Otsuka Holdings Co., Ltd.		3,717		187,482
Perrigo Co. PLC		822		58,198
Pfizer, Inc.		41,036		1,808,456
Recordati SpA		2,055		69,487
Roche Holding AG		7,721		1,867,056
Sanofi		12,344		1,102,902
Santen Pharmaceutical Co., Ltd.		2,500		39,640
Shionogi & Co., Ltd.		2,800		183,035
Shire PLC		9,881		596,970
Sumitomo Dainippon Pharma Co., Ltd.		2,900		66,603
Taisho Pharmaceutical Holdings Co., Ltd.		567		69,363
Takeda Pharmaceutical Co., Ltd.		7,600		324,961
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		10,616		228,669
UCB SA		1,519		136,503
Vifor Pharma AG		802		139,043
Zoetis, Inc.		3,346		306,360
				20,914,283
				43,652,831
Industrials - 6.8%
Aerospace & Defense - 1.2%
Airbus SE		6,243		783,763
Arconic, Inc.		2,956		65,062
BAE Systems PLC		33,818		277,306
Boeing Co. (The)		3,860		1,435,534
Dassault Aviation SA		41		75,879
Elbit Systems Ltd.		250		31,767
General Dynamics Corp.		1,910		391,015
Harris Corp.		845		142,983
Huntington Ingalls Industries, Inc.		329		84,250

Company	Shares		U.S. $ Value
L3 Technologies, Inc.		525	$	111,626
Leonardo SpA		5,271		63,353
Lockheed Martin Corp.		1,800		622,728
Meggitt PLC		10,854		80,134
Northrop Grumman Corp.		1,240		393,539
Raytheon Co.		2,050		423,653
Rockwell Collins, Inc.		1,200		168,564
Rolls-Royce Holdings PLC (a)		19,591		252,046
Safran SA		3,586		502,126
Singapore Technologies Engineering Ltd.		43,000		111,920
Textron, Inc.		1,755		125,430
Thales SA		694		98,604
TransDigm Group, Inc. (a)		363		135,145
United Technologies Corp.		5,225		730,507
				7,106,934
Air Freight & Logistics - 0.3%
Bollore SA		25,929		111,998
CH Robinson Worldwide, Inc.		965		94,493
Deutsche Post AG		10,803		384,094
Expeditors International of Washington, Inc.		1,220		89,706
FedEx Corp.		1,715		412,955
Kuehne & Nagel International AG		477		75,688
Royal Mail PLC		8,567		53,256
United Parcel Service, Inc.-Class B		4,855		566,821
Yamato Holdings Co., Ltd.		3,400		104,394
				1,893,405
Airlines - 0.2%
Alaska Air Group, Inc.		843		58,049
American Airlines Group, Inc.		2,882		119,113
ANA Holdings, Inc.		1,007		35,179
Delta Air Lines, Inc.		4,502		260,351
Deutsche Lufthansa AG		3,330		81,731
easyJet PLC		2,320		39,700
International Consolidated Airlines Group SA		10,420		89,389
Japan Airlines Co., Ltd.		900		32,348
Singapore Airlines Ltd.		14,000		99,726
Southwest Airlines Co.		3,705		231,377
United Continental Holdings, Inc. (a)		1,622		144,455
				1,191,418
Building Products - 0.3%
AGC, Inc./Japan		2,000		83,005
Allegion PLC		635		57,512
AO Smith Corp.		955		50,968
Assa Abloy AB-Class B		9,541		191,239
Cie de Saint-Gobain		4,539		195,635
Daikin Industries Ltd.		2,500		332,759
Fortune Brands Home & Security, Inc.		971		50,842
Geberit AG		360		167,091
Johnson Controls International PLC		6,492		227,220
LIXIL Group Corp.		2,500		48,136
Masco Corp.		2,105		77,043
TOTO Ltd.		1,522		63,124
				1,544,574

Company	Shares		U.S. $ Value
Commercial Services & Supplies - 0.2%
Babcock International Group PLC		3,784	$	35,637
Brambles Ltd.		15,030		118,370
Cintas Corp.		585		115,719
Copart, Inc. (a)		1,391		71,678
Dai Nippon Printing Co., Ltd.		2,500		58,165
G4S PLC		17,154		54,105
ISS A/S		1,785		62,713
Park24 Co., Ltd.		1,300		39,292
Republic Services, Inc.-Class A		1,500		108,990
Secom Co., Ltd.		2,000		162,983
Societe BIC SA		891		81,570
Sohgo Security Services Co., Ltd.		1,000		43,942
Stericycle, Inc. (a)		510		29,927
Toppan Printing Co., Ltd.		2,500		40,137
Waste Management, Inc.		2,745		248,038
				1,271,266
Construction & Engineering - 0.3%
ACS Actividades de Construccion y Servicios SA		2,638		112,043
Bouygues SA		1,739		75,230
CIMIC Group Ltd.		2,988		110,900
Eiffage SA		1,102		123,104
Epiroc AB-Class A (a)		6,392		71,419
Epiroc AB-Class B (a)		3,579		36,848
Ferrovial SA		4,691		97,072
Fluor Corp.		965		56,066
HOCHTIEF AG		422		69,957
Jacobs Engineering Group, Inc.		815		62,347
JGC Corp.		4,000		91,724
Kajima Corp.		3,500		50,892
Obayashi Corp.		6,000		56,828
Quanta Services, Inc. (a)		1,015		33,881
Shimizu Corp.		4,000		36,521
Skanska AB-Class B		8,587		168,369
Taisei Corp.		2,000		91,167
Vinci SA		5,456		519,083
				1,863,451
Electrical Equipment - 0.6%
ABB Ltd.		20,970		496,040
AMETEK, Inc.		1,599		126,513
Eaton Corp. PLC		3,044		264,006
Emerson Electric Co.		4,350		333,123
Fuji Electric Co., Ltd.		2,800		112,159
Legrand SA		2,541		185,280
Mabuchi Motor Co., Ltd.		800		32,271
Melrose Industries PLC		52,623		136,977
Mitsubishi Electric Corp.		21,000		287,686
Nidec Corp.		2,567		369,124
OSRAM Licht AG		678		26,921
Prysmian SpA		1,074		24,936
Rockwell Automation, Inc.		930		174,394
Schneider Electric SE		6,098		489,651
Siemens Gamesa Renewable Energy SA (a)		810		10,221
Vestas Wind Systems A/S		2,133		144,097
				3,213,399

Company	Shares		U.S. $ Value
Industrial Conglomerates - 0.8%
3M Co.		4,155	$	875,500
CK Hutchison Holdings Ltd.		25,840		297,437
DCC PLC		843		76,462
General Electric Co.		60,959		688,227
Honeywell International, Inc.		5,305		882,752
Jardine Matheson Holdings Ltd.		2,300		144,295
Jardine Strategic Holdings Ltd.		2,005		72,770
Keihan Holdings Co., Ltd.		1,000		38,190
Keppel Corp., Ltd.		13,000		66,186
NWS Holdings Ltd.		37,000		73,135
Roper Technologies, Inc.		725		214,752
Seibu Holdings, Inc.		3,142		56,491
Siemens AG		8,153		1,042,472
Smiths Group PLC		3,761		73,227
Toshiba Corp. (a)		7,200		208,068
				4,809,964
Machinery - 1.2%
Alfa Laval AB		3,778		102,226
Alstom SA		3,502		156,640
Amada Holdings Co., Ltd.		3,000		32,030
ANDRITZ AG		693		40,419
Atlas Copco AB-Class A		6,392		183,822
Atlas Copco AB-Class B SHS		3,579		95,356
Caterpillar, Inc.		4,185		638,171
CNH Industrial NV		22,634		271,617
Cummins, Inc.		1,100		160,677
Daifuku Co., Ltd.		1,030		52,494
Deere & Co.		2,335		351,020
Dover Corp.		1,085		96,055
FANUC Corp.		2,100		395,079
Flowserve Corp.		910		49,768
Fortive Corp.		2,170		182,714
GEA Group AG		1,741		61,969
Hino Motors Ltd.		6,000		65,699
Hitachi Construction Machinery Co., Ltd.		3,000		100,296
Hoshizaki Corp.		400		41,402
IHI Corp.		2,600		98,504
Illinois Tool Works, Inc.		2,125		299,880
Ingersoll-Rand PLC		1,705		174,421
JTEKT Corp.		4,300		62,950
Kawasaki Heavy Industries Ltd.		900		25,383
KION Group AG		1,747		107,268
Komatsu Ltd.		9,800		298,223
Kone Oyj-Class B		3,593		191,790
Kubota Corp.		10,000		169,892
Kurita Water Industries Ltd.		1,200		34,959
Makita Corp.		2,200		110,167
MAN SE		1,273		138,386
Metso Oyj		1,073		37,976
MINEBEA MITSUMI, Inc.		4,131		74,877
MISUMI Group, Inc.		2,900		75,036
Mitsubishi Heavy Industries Ltd.		3,100		119,714
Nabtesco Corp.		1,000		26,588
NGK Insulators Ltd.		2,000		32,969
NSK Ltd.		4,719		54,091
PACCAR, Inc.		2,410		164,338
Parker-Hannifin Corp.		945		173,814
Pentair PLC		1,060		45,951

Company	Shares		U.S. $ Value
Sandvik AB		12,165	$	215,372
Schindler Holding AG		413		103,067
Schindler Holding AG (REG)		575		138,741
SKF AB-Class B		4,700		92,482
SMC Corp./Japan		600		192,043
Snap-on, Inc.		420		77,112
Stanley Black & Decker, Inc.		1,065		155,959
Sumitomo Heavy Industries Ltd.		1,200		42,830
THK Co., Ltd.		1,531		38,958
Volvo AB-Class B		14,676		258,840
Wartsila Oyj Abp		4,224		82,198
Weir Group PLC (The)		2,037		46,732
Xylem, Inc./NY		1,235		98,639
Yangzijiang Shipbuilding Holdings Ltd.		56,331		51,069
				7,188,673
Marine - 0.1%
AP Moller - Maersk A/S-Class A		70		91,767
AP Moller - Maersk A/S-Class B		68		95,531
Mitsui OSK Lines Ltd.		1,200		35,017
Nippon Yusen KK		3,100		58,296
				280,611
Professional Services - 0.4%
Adecco Group AG		1,673		87,945
Bureau Veritas SA		3,094		79,894
Equifax, Inc.		855		111,637
Experian PLC		10,230		262,502
Intertek Group PLC		1,536		99,921
Nielsen Holdings PLC		2,316		64,061
Randstad NV		1,613		86,093
Recruit Holdings Co., Ltd.		11,748		392,400
RELX PLC (a)		15,125		317,764
RELX PLC (London)		11,663		245,350
Robert Half International, Inc.		885		62,286
SEEK Ltd.		4,101		61,405
SGS SA		52		136,913
Verisk Analytics, Inc.-Class A (a)		1,100		132,605
Wolters Kluwer NV		5,568		347,109
				2,487,885
Road & Rail - 0.6%
Aurizon Holdings Ltd.		22,082		65,560
Central Japan Railway Co.		1,537		320,000
CSX Corp.		6,160		456,148
DSV A/S		1,630		148,119
East Japan Railway Co.		3,600		334,401
Hankyu Hanshin Holdings, Inc.		2,200		78,020
JB Hunt Transport Services, Inc.		603		71,721
Kansas City Southern		670		75,898
Keikyu Corp.		2,000		36,452
Keio Corp.		1,200		65,680
Keisei Electric Railway Co., Ltd.		2,945		103,657
Kintetsu Group Holdings Co., Ltd.		1,700		68,369
Kyushu Railway Co.		1,722		52,428
MTR Corp., Ltd.		15,500		81,513
Nagoya Railroad Co., Ltd.		1,800		44,576
Nippon Express Co., Ltd.		1,200		78,808
Norfolk Southern Corp.		2,040		368,220

Company	Shares		U.S. $ Value
Odakyu Electric Railway Co., Ltd.		3,000	$	70,971
Tobu Railway Co., Ltd.		1,200		35,477
Tokyu Corp.		5,000		91,431
Union Pacific Corp.		5,500		895,565
West Japan Railway Co.		1,568		109,305
				3,652,319
Trading Companies & Distributors - 0.5%
AerCap Holdings NV (a)		1,493		85,877
Ashtead Group PLC		5,697		180,756
Brenntag AG		1,471		90,719
Bunzl PLC		3,191		100,319
Fastenal Co.		1,980		114,880
Ferguson PLC		2,936		249,037
ITOCHU Corp.		16,000		292,849
Marubeni Corp.		16,000		146,330
Mitsubishi Corp.		16,100		495,924
Mitsui & Co., Ltd.		18,200		323,426
Sumitomo Corp.		11,300		188,317
Toyota Tsusho Corp.		2,300		86,840
Travis Perkins PLC		2,972		41,243
United Rentals, Inc. (a)		600		98,160
WW Grainger, Inc.		380		135,816
				2,630,493
Transportation Infrastructure - 0.1%
Aena SME SA (b)		780		135,140
Aeroports de Paris		1,000		225,151
Atlantia SpA		176		3,651
Auckland International Airport Ltd.		10,521		50,904
Getlink		6,892		88,045
Kamigumi Co., Ltd.		1,500		33,064
Sydney Airport		8,828		43,941
Transurban Group		24,623		199,553
				779,449
				39,913,841
Consumer Discretionary - 6.3%
Auto Components - 0.4%
Aisin Seiki Co., Ltd.		1,800		87,695
Aptiv PLC		1,891		158,655
BorgWarner, Inc.		1,380		59,036
Bridgestone Corp.		6,900		260,775
Cie Generale des Etablissements Michelin SCA-Class B		1,732		206,724
Continental AG		1,047		181,911
Denso Corp.		5,200		274,705
Faurecia SA		1,635		98,328
Goodyear Tire & Rubber Co. (The)		1,610		37,658
Koito Manufacturing Co., Ltd.		1,000		65,667
NGK Spark Plug Co., Ltd.		3,000		87,449
NOK Corp.		2,800		48,063
Nokian Renkaat Oyj		1,090		44,616
Stanley Electric Co., Ltd.		1,600		54,700
Sumitomo Electric Industries Ltd.		7,200		112,980
Sumitomo Rubber Industries Ltd.		4,100		61,567
Toyota Industries Corp.		1,600		94,699
Valeo SA		2,277		98,596
Yokohama Rubber Co., Ltd. (The)		1,000		21,554
				2,055,378

Company	Shares		U.S. $ Value
Automobiles - 1.0%
Bayerische Motoren Werke AG		3,152	$	283,966
Daimler AG		10,262		646,734
Ferrari NV		1,527		209,743
Fiat Chrysler Automobiles NV (a)		14,140		247,295
Ford Motor Co.		27,420		253,635
General Motors Co.		8,816		296,835
Harley-Davidson, Inc.		1,150		52,095
Honda Motor Co., Ltd.		18,521		557,783
Isuzu Motors Ltd.		5,500		86,705
Mazda Motor Corp.		5,200		62,504
Mitsubishi Motors Corp.		11,400		80,535
Nissan Motor Co., Ltd.		26,300		246,103
Peugeot SA		7,475		201,643
Porsche Automobil Holding SE (Preference Shares)		1,458		98,149
Renault SA		1,830		158,299
Subaru Corp.		6,000		183,926
Suzuki Motor Corp.		3,500		200,589
Toyota Motor Corp.		25,102		1,563,923
Volkswagen AG		630		109,542
Volkswagen AG (Preference Shares)		1,767		310,308
Yamaha Motor Co., Ltd.		2,700		75,716
				5,926,028
Distributors - 0.0%
Genuine Parts Co.		1,010		100,394
Jardine Cycle & Carriage Ltd.		2,000		46,812
LKQ Corp. (a)		2,164		68,534
				215,740
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc.		300		8,543
H&R Block, Inc.		1,420		36,565
				45,108
Hotels, Restaurants & Leisure - 0.9%
Accor SA		2,705		138,961
Aristocrat Leisure Ltd.		4,876		100,138
Carnival Corp.		2,785		177,599
Carnival PLC		2,273		141,029
Chipotle Mexican Grill, Inc.-Class A (a)		244		110,903
Compass Group PLC		16,836		374,320
Crown Resorts Ltd.		9,430		93,260
Darden Restaurants, Inc.		870		96,735
Domino’s Pizza Enterprises Ltd.		823		31,649
Galaxy Entertainment Group Ltd.		20,155		127,321
Genting Singapore Ltd.		92,000		71,312
GVC Holdings PLC		5,872		70,267
Hilton Worldwide Holdings, Inc.		1,966		158,814
InterContinental Hotels Group PLC		2,053		127,793
Marriott International, Inc./MD-Class A		2,131		281,356
McDonald’s Corp.		5,480		916,749
McDonald’s Holdings Co. Japan Ltd.		2,200		96,614
Melco Resorts & Entertainment Ltd. (ADR)		2,651		56,069

Company	Shares		U.S. $ Value
Merlin Entertainments PLC (b)		11,141	$	58,102
MGM Resorts International		3,460		96,569
Norwegian Cruise Line Holdings Ltd. (a)		1,381		79,311
Oriental Land Co., Ltd./Japan		2,100		219,566
Paddy Power Betfair PLC		1,060		90,457
Royal Caribbean Cruises Ltd.		1,177		152,939
Sands China Ltd.		39,744		178,988
Sodexo SA		1,005		106,577
Starbucks Corp.		9,620		546,801
Tabcorp Holdings Ltd.		26,623		93,667
TUI AG		4,841		92,863
Whitbread PLC		1,737		106,759
Wynn Macau Ltd.		77,455		177,883
Wynn Resorts Ltd.		560		71,154
Yum! Brands, Inc.		2,245		204,093
				5,446,618
Household Durables - 0.5%
Auto Trader Group PLC (b)		9,529		55,433
Barratt Developments PLC		9,541		70,460
Berkeley Group Holdings PLC		1,236		59,213
Casio Computer Co., Ltd.		181		2,959
DR Horton, Inc.		2,355		99,334
Electrolux AB-Class B		2,430		53,531
Garmin Ltd.		770		53,938
Husqvarna AB-Class B		8,194		69,661
Iida Group Holdings Co., Ltd.		1,346		23,922
Leggett & Platt, Inc.		825		36,127
Lennar Corp.-Class A		1,900		88,711
Mohawk Industries, Inc. (a)		450		78,907
Newell Brands, Inc.		3,355		68,106
Nikon Corp.		3,200		60,132
Panasonic Corp.		23,500		272,394
Persimmon PLC		3,527		108,587
PulteGroup, Inc.		1,835		45,453
Rinnai Corp.		700		53,365
SEB SA		568		96,610
Sekisui Chemical Co., Ltd.		4,000		73,764
Sekisui House Ltd.		6,000		91,495
Sharp Corp./Japan		1,500		30,479
Sony Corp.		13,500		820,633
Taylor Wimpey PLC		31,025		69,347
Techtronic Industries Co., Ltd.		13,454		85,819
Whirlpool Corp.		450		53,437
				2,621,817
Internet & Direct Marketing Retail - 1.4%
Amazon.com, Inc. (a)		2,903		5,814,709
Booking Holdings, Inc. (a)		347		688,448
eBay, Inc. (a)		6,485		214,135
Expedia Group, Inc.		832		108,559
Netflix, Inc. (a)		3,082		1,153,069
Rakuten, Inc.		8,852		67,815
Start Today Co., Ltd.		2,592		78,407
TripAdvisor, Inc. (a)		712		36,362
Zalando SE (a)(b)		2,021		78,533
				8,240,037

Company	Shares		U.S. $ Value
Internet Software & Services - 0.0%
Delivery Hero SE (a)(b)		1,586	$	76,158
Leisure Products - 0.1%
Bandai Namco Holdings, Inc.		1,900		73,817
Hasbro, Inc.		800		84,096
Mattel, Inc. (a)(c)		2,335		36,659
Sankyo Co., Ltd.		300		11,736
Shimano, Inc.		700		112,874
Yamaha Corp.		1,600		84,781
				403,963
Multiline Retail - 0.2%
Dollar General Corp.		1,770		193,461
Dollar Tree, Inc. (a)		1,688		137,656
Don Quijote Holdings Co., Ltd.		1,000		50,604
Isetan Mitsukoshi Holdings Ltd.		2,200		27,009
J Front Retailing Co., Ltd.		3,500		54,283
Kohl’s Corp.		1,180		87,969
Macy’s, Inc.		2,105		73,107
Marks & Spencer Group PLC		15,442		58,100
Marui Group Co., Ltd.		3,300		81,424
Next PLC		1,643		117,583
Nordstrom, Inc.		820		49,044
Ryohin Keikaku Co., Ltd.		257		76,390
Target Corp.		3,725		328,582
				1,335,212
Specialty Retail - 1.0%
ABC-Mart, Inc.		500		27,814
Advance Auto Parts, Inc.		531		89,383
AutoZone, Inc. (a)		225		174,533
Best Buy Co., Inc.		1,700		134,912
CarMax, Inc. (a)		1,220		91,097
Fast Retailing Co., Ltd.		641		324,730
Foot Locker, Inc.		792		40,376
Gap, Inc. (The)		1,505		43,419
Hennes & Mauritz AB-Class B		9,038		167,023
Hikari Tsushin, Inc.		500		98,817
Home Depot, Inc. (The)		8,130		1,684,130
Industria de Diseno Textil SA		11,626		351,240
Kingfisher PLC		29,522		99,820
L Brands, Inc.		1,685		51,056
Lowe’s Cos., Inc.		5,790		664,808
Nitori Holdings Co., Ltd.		750		107,479
O’Reilly Automotive, Inc. (a)		590		204,919
Ross Stores, Inc.		2,650		262,615
Shimamura Co., Ltd.		200		18,972
Tiffany & Co.		705		90,924
TJX Cos., Inc. (The)		4,420		495,128
Tractor Supply Co.		865		78,611
Ulta Salon Cosmetics & Fragrance, Inc. (a)		402		113,412
USS Co., Ltd.		4,120		76,483
Yamada Denki Co., Ltd.		10,990		55,601
				5,547,302

Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods - 0.8%
adidas AG		2,040	$	498,901
Burberry Group PLC		4,236		111,234
Cie Financiere Richemont SA		5,585		455,347
Hanesbrands, Inc.		2,527		46,573
Hermes International		281		186,169
HUGO BOSS AG		1,317		101,324
Kering SA		721		386,712
Li & Fung Ltd.		48,000		10,752
Luxottica Group SpA		1,559		105,658
LVMH Moet Hennessy Louis Vuitton SE		2,973		1,050,572
Michael Kors Holdings Ltd. (a)		1,059		72,605
Moncler SpA		2,123		91,347
NIKE, Inc.-Class B		9,020		764,174
Pandora A/S		1,106		69,068
Puma SE		60		29,604
PVH Corp.		545		78,698
Ralph Lauren Corp.		390		53,645
Swatch Group AG (The)		294		116,846
Swatch Group AG (The) (REG)		1,834		142,846
Tapestry, Inc.		1,930		97,021
Under Armour, Inc.-Class A (a)(c)		1,247		26,461
Under Armour, Inc.-Class C (a)(c)		1,254		24,403
VF Corp.		2,310		215,869
				4,735,829
				36,649,190
Consumer Staples - 4.9%
Beverages - 1.1%
Anheuser-Busch InBev SA/NV		8,385		733,986
Asahi Group Holdings Ltd.		3,700		160,533
Brown-Forman Corp.-Class B		1,792		90,586
Carlsberg A/S-Class B		1,051		126,041
Coca-Cola Amatil Ltd.		14,439		101,787
Coca-Cola Bottlers Japan Holdings, Inc.		1,300		34,794
Coca-Cola Co. (The)		26,830		1,239,278
Coca-Cola European Partners PLC		2,396		108,946
Coca-Cola HBC AG (a)		1,928		65,685
Constellation Brands, Inc.-Class A		1,170		252,275
Diageo PLC		27,623		978,630
Heineken Holding NV		1,000		90,676
Heineken NV		2,500		234,627
Kirin Holdings Co., Ltd.		9,345		239,680
Molson Coors Brewing Co.-Class B		1,300		79,950
Monster Beverage Corp. (a)		2,880		167,846
PepsiCo, Inc.		9,975		1,115,205
Pernod Ricard SA		2,021		331,460
Remy Cointreau SA		195		25,432
Suntory Beverage & Food Ltd.		1,324		56,093
Treasury Wine Estates Ltd.		6,024		76,034
				6,309,544

Company	Shares		U.S. $ Value
Food & Staples Retailing - 0.9%
Aeon Co., Ltd.		6,200	$	149,391
Carrefour SA		5,903		113,143
Casino Guichard Perrachon SA		1,228		51,682
Colruyt SA		862		48,783
Costco Wholesale Corp.		3,065		719,907
FamilyMart UNY Holdings Co., Ltd.		800		83,362
ICA Gruppen AB		2,462		78,091
J Sainsbury PLC		18,022		75,503
Jeronimo Martins SGPS SA		2,405		35,449
Koninklijke Ahold Delhaize NV		9,852		226,030
Kroger Co. (The)		5,680		165,345
Lawson, Inc.		600		36,542
METRO AG		7,593		118,929
Seven & i Holdings Co., Ltd.		8,000		356,679
Sundrug Co., Ltd.		1,000		35,682
Sysco Corp.		3,355		245,754
Tesco PLC		106,921		334,290
Tsuruha Holdings, Inc.		600		73,854
Walgreens Boots Alliance, Inc.		5,945		433,390
Walmart, Inc.		10,163		954,407
Wesfarmers Ltd.		12,002		432,182
Wm Morrison Supermarkets PLC		31,098		105,142
Woolworths Group Ltd.		14,003		284,006
				5,157,543
Food Products - 1.1%
a2 Milk Co., Ltd. (a)		8,040		59,974
Ajinomoto Co., Inc.		5,000		85,889
Archer-Daniels-Midland Co.		3,915		196,807
Associated British Foods PLC		3,965		118,337
Barry Callebaut AG		91		172,320
Calbee, Inc.		1,315		43,298
Campbell Soup Co. (c)		1,325		48,535
Chocoladefabriken Lindt & Spruengli AG		1		81,911
Conagra Brands, Inc.		2,685		91,209
Danone SA		6,291		488,906
General Mills, Inc.		4,135		177,474
Hershey Co. (The)		1,000		102,000
Hormel Foods Corp.		1,850		72,890
JM Smucker Co. (The)		795		81,575
Kellogg Co.		1,765		123,585
Kerry Group PLC-Class A		1,906		210,785
Kikkoman Corp.		1,000		59,557
Kraft Heinz Co. (The)		4,178		230,250
Marine Harvest ASA		4,327		100,265
McCormick & Co., Inc./MD		825		108,694
MEIJI Holdings Co., Ltd.		1,100		73,933
Mondelez International, Inc.-Class A		10,335		443,992
Nestle SA		33,982		2,828,545
NH Foods Ltd.		933		34,467
Nisshin Seifun Group, Inc.		4,000		87,723
Nissin Foods Holdings Co., Ltd.		1,200		82,544
Orkla ASA		10,095		85,293
Toyo Suisan Kaisha Ltd.		1,000		38,822
Tyson Foods, Inc.-Class A		2,075		123,525
WH Group Ltd. (b)		67,807		47,604
Wilmar International Ltd.		26,000		61,218
Yakult Honsha Co., Ltd.		800		65,608
Yamazaki Baking Co., Ltd.		59		1,182
				6,628,717

Company	Shares		U.S. $ Value
Household Products - 0.6%
Church & Dwight Co., Inc.		1,676	$	99,504
Clorox Co. (The)		920		138,377
Colgate-Palmolive Co.		6,100		408,395
Essity AB-Class B		4,979		124,980
Henkel AG & Co. KGaA		989		104,921
Henkel AG & Co. KGaA (Preference Shares)		1,696		198,857
Kimberly-Clark Corp.		2,415		274,441
Lion Corp.		2,000		44,419
Procter & Gamble Co. (The)		17,670		1,470,674
Reckitt Benckiser Group PLC		7,158		653,883
Unicharm Corp.		3,800		125,726
				3,644,177
Personal Products - 0.6%
Beiersdorf AG		1,051		118,472
Coty, Inc.-Class A		3,262		40,971
Estee Lauder Cos., Inc. (The)-Class A		1,540		223,793
Kao Corp.		5,400		436,200
Kose Corp.		500		95,273
L’Oreal SA		2,700		650,935
Pola Orbis Holdings, Inc.		1,800		65,742
Shiseido Co., Ltd.		4,176		323,422
Unilever NV		15,507		862,574
Unilever PLC		13,679		751,444
				3,568,826
Tobacco - 0.6%
Altria Group, Inc.		13,260		799,711
British American Tobacco PLC		24,956		1,163,461
Imperial Brands PLC		10,218		355,565
Japan Tobacco, Inc.		11,724		306,152
Philip Morris International, Inc.		10,850		884,709
Swedish Match AB		2,884		147,417
				3,657,015
				28,965,822
Communication Services - 4.2%
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		50,937		1,710,464
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		28,818
BT Group PLC		89,935		263,990
CenturyLink, Inc.		6,862		145,474
Deutsche Telekom AG		34,368		553,278
Elisa Oyj		1,354		57,402
Eurazeo SA		1,438		113,229
HKT Trust & HKT Ltd.-Class SS		55,098		75,763
Iliad SA		714		93,265
Koninklijke KPN NV		28,755		75,856
Nippon Telegraph & Telephone Corp.		7,400		333,965
Orange SA		18,911		300,905
Proximus SADP		1,568		37,456
Singapore Telecommunications Ltd.		76,000		179,839
Spark New Zealand Ltd.		17,417		46,748
Swisscom AG		247		112,029
Telecom Italia SpA/Milano (a)		150,129		90,750
Telefonica Deutschland Holding AG		17,113		72,291

Company	Shares		U.S. $ Value
Telefonica SA		52,707	$	415,771
Telenor ASA		7,146		139,744
Telia Co. AB		24,258		111,237
Telstra Corp., Ltd.		40,732		93,842
TPG Telecom Ltd.		8,880		54,776
United Internet AG		2,321		109,737
Verizon Communications, Inc.		28,945		1,545,374
				6,762,003
Entertainment - 0.6%
Activision Blizzard, Inc.		5,305		441,323
DeNA Co., Ltd.		1,663		29,365
Electronic Arts, Inc. (a)		2,135		257,246
Konami Holdings Corp.		1,300		50,903
Nexon Co., Ltd. (a)		5,190		67,841
Nintendo Co., Ltd.		1,200		436,600
Take-Two Interactive Software, Inc. (a)		785		108,322
Toho Co., Ltd./Tokyo		1,000		31,408
Twenty-First Century Fox, Inc.-Class A		7,321		339,182
Twenty-First Century Fox, Inc.-Class B		3,067		140,530
Ubisoft Entertainment SA (a)		804		86,817
Viacom, Inc.-Class B		2,410		81,362
Vivendi SA		11,072		284,739
Walt Disney Co. (The)		10,394		1,215,474
				3,571,112
Interactive Media & Services - 1.4%
Alphabet, Inc.-Class A (a)		2,139		2,581,944
Alphabet, Inc.-Class C (a)		2,144		2,558,800
Facebook, Inc.-Class A (a)		16,837		2,769,013
Kakaku.com, Inc.		3,799		74,225
REA Group Ltd.		1,002		62,167
Twitter, Inc. (a)		4,586		130,517
Yahoo Japan Corp.		32,653		117,261
				8,293,927
Media - 0.6%
Axel Springer SE		2,191		147,298
CBS Corp.-Class B		2,340		134,433
Charter Communications, Inc.-Class A (a)		1,323		431,139
Comcast Corp.-Class A		32,202		1,140,273
CyberAgent, Inc.		1,112		59,177
Dentsu, Inc.		2,100		97,529
Discovery, Inc.-Class A (a)(c)		1,045		33,440
Discovery, Inc.-Class C (a)		2,354		69,631
DISH Network Corp.-Class A (a)		1,575		56,322
Eutelsat Communications SA		3,140		74,184
Hakuhodo DY Holdings, Inc.		2,490		43,733
Informa PLC		13,755		136,622
Interpublic Group of Cos., Inc. (The)		2,695		61,635
ITV PLC		34,542		70,893
JCDecaux SA		189		6,912
News Corp.-Class A		2,658		35,059
News Corp.-Class B		817		11,111
Omnicom Group, Inc.		1,560		106,111
Pearson PLC		7,821		90,539

Company	Shares		U.S. $ Value
Publicis Groupe SA		1,801	$	107,556
RTL Group SA		1,166		83,100
Schibsted ASA-Class B		2,252		78,267
SES SA		4,651		102,061
Sky PLC		13,314		300,041
Telenet Group Holding NV (a)		454		25,015
WPP PLC		13,761		201,524
				3,703,605
Wireless Telecommunication Services - 0.4%
KDDI Corp.		19,550		539,320
Millicom International Cellular SA (SDR)		641		36,762
NTT DOCOMO, Inc.		14,767		396,901
SoftBank Group Corp.		8,822		881,314
Tele2 AB-Class B		3,826		45,982
Vodafone Group PLC		293,152		628,114
				2,528,393
				24,859,040
Energy - 3.4%
Energy Equipment & Services - 0.2%
Baker Hughes a GE Co.-Class A		2,860		96,754
Halliburton Co.		6,090		246,828
Helmerich & Payne, Inc.		735		50,546
John Wood Group PLC		7,316		73,400
National Oilwell Varco, Inc.		2,605		112,223
Schlumberger Ltd.		9,700		590,924
TechnipFMC PLC		3,018		94,312
Tenaris SA		10,900		182,547
				1,447,534
Oil, Gas & Consumable Fuels - 3.2%
Aker BP ASA		1,570		66,479
Anadarko Petroleum Corp.		3,595		242,339
Andeavor		1,025		157,338
Apache Corp.		2,645		126,087
BP PLC		218,903		1,677,834
Cabot Oil & Gas Corp.		3,140		70,713
Caltex Australia Ltd.		3,100		66,972
Chevron Corp.		13,380		1,636,106
Cimarex Energy Co.		677		62,920
Concho Resources, Inc. (a)		1,307		199,644
ConocoPhillips		8,220		636,228
Devon Energy Corp.		3,620		144,583
Enagas SA		2,159		58,192
Eni SpA		24,216		456,461
EOG Resources, Inc.		4,060		517,934
EQT Corp.		1,690		74,749
Equinor ASA		12,989		365,202
Exxon Mobil Corp.		29,710		2,525,944
Galp Energia SGPS SA		5,341		105,900
Hess Corp.		1,840		131,707
HollyFrontier Corp.		1,200		83,880
Idemitsu Kosan Co., Ltd.		1,200		63,533
Inpex Corp.		9,048		113,051
JXTG Holdings, Inc.		32,750		247,714
Kinder Morgan, Inc./DE		13,289		235,614
Koninklijke Vopak NV		502		24,732

Company	Shares		U.S. $ Value
Lundin Petroleum AB		3,430	$	130,742
Marathon Oil Corp.		5,905		137,468
Marathon Petroleum Corp.		3,174		253,825
Neste Oyj		1,220		100,559
Newfield Exploration Co. (a)		1,370		39,497
Noble Energy, Inc.		3,400		106,046
Occidental Petroleum Corp.		5,350		439,610
Oil Search Ltd.		18,278		119,390
OMV AG		1,402		78,651
ONEOK, Inc.		2,818		191,032
Origin Energy Ltd. (a)		16,658		99,293
Phillips 66		2,910		328,015
Pioneer Natural Resources Co.		1,215		211,641
Repsol SA		15,445		307,469
Royal Dutch Shell PLC-Class A		50,522		1,732,321
Royal Dutch Shell PLC-Class B		41,162		1,440,940
Santos Ltd.		18,468		96,960
Showa Shell Sekiyu KK		4,285		90,898
Snam SpA		26,833		111,585
TOTAL SA		26,478		1,721,619
Valero Energy Corp.		3,025		344,094
Williams Cos., Inc. (The)		8,758		238,130
Woodside Petroleum Ltd.		10,061		280,670
				18,692,311
				20,139,845
Materials - 2.9%
Chemicals - 1.6%
Air Liquide SA		4,557		598,435
Air Products & Chemicals, Inc.		1,520		253,916
Akzo Nobel NV		3,630		339,562
Albemarle Corp.		761		75,933
Arkema SA		1,159		143,634
Asahi Kasei Corp.		12,000		181,945
BASF SE		9,789		868,609
CF Industries Holdings, Inc.		1,600		87,104
Chr Hansen Holding A/S		1,460		148,023
Clariant AG (a)		1,891		49,191
Covestro AG (b)		1,766		142,953
Croda International PLC		1,689		114,487
Daicel Corp.		3,000		34,848
DowDuPont, Inc.		16,270		1,046,324
Eastman Chemical Co.		1,030		98,592
Ecolab, Inc.		1,840		288,475
EMS-Chemie Holding AG		203		121,067
Evonik Industries AG		2,574		92,059
FMC Corp.		930		81,077
Frutarom Industries Ltd.		300		31,126
Givaudan SA		88		216,531
Hitachi Chemical Co., Ltd.		3,000		61,048
Incitec Pivot Ltd.		32,013		92,045
International Flavors & Fragrances, Inc.		550		76,516
Israel Chemicals Ltd.		9,886		59,961
Johnson Matthey PLC		1,842		85,475
JSR Corp.		800		14,935
K&S AG		4,309		90,364
Kansai Paint Co., Ltd.		3,000		55,290
Kuraray Co., Ltd.		3,000		45,101

Company	Shares		U.S. $ Value
LANXESS AG		1,767	$	129,253
Linde AG		1,768		365,153
LyondellBasell Industries NV-Class A		2,299		235,670
Mitsubishi Chemical Holdings Corp.		13,000		124,417
Mitsubishi Gas Chemical Co., Inc.		2,500		53,220
Mitsui Chemicals, Inc.		1,600		40,008
Mosaic Co. (The)		2,430		78,926
Nippon Paint Holdings Co., Ltd.		2,000		74,652
Nissan Chemical Corp.		1,000		52,820
Nitto Denko Corp.		1,600		119,960
Novozymes A/S-Class B		2,458		134,818
Orica Ltd.		7,662		94,249
PPG Industries, Inc.		1,750		190,977
Praxair, Inc.		1,990		319,853
Sherwin-Williams Co. (The)		565		257,194
Shin-Etsu Chemical Co., Ltd.		4,100		362,474
Showa Denko KK		1,500		82,739
Sika AG		1,200		174,623
Solvay SA		927		124,268
Sumitomo Chemical Co., Ltd.		15,000		87,785
Symrise AG		1,178		107,409
Taiyo Nippon Sanso Corp.		7,000		104,763
Teijin Ltd.		3,000		57,536
Toray Industries, Inc.		14,000		105,043
Tosoh Corp.		3,149		48,501
Umicore SA		2,002		111,829
Yara International ASA		1,297		63,655
				9,296,421
Construction Materials - 0.2%
Boral Ltd.		17,642		88,064
CRH PLC		8,841		289,228
Fletcher Building Ltd. (a)		8,637		37,460
HeidelbergCement AG		1,342		104,820
James Hardie Industries PLC		3,449		52,244
LafargeHolcim Ltd. (a)		5,336		264,169
Martin Marietta Materials, Inc.		477		86,790
Taiheiyo Cement Corp.		500		15,681
Vulcan Materials Co.		915		101,748
				1,040,204
Containers & Packaging - 0.1%
Amcor Ltd./Australia		11,024		108,952
Avery Dennison Corp.		585		63,385
Ball Corp.		2,420		106,456
International Paper Co.		2,865		140,815
Packaging Corp. of America		675		74,041
Sealed Air Corp.		1,040		41,756
Smurfit Kappa Group PLC		2,476		97,993
Toyo Seikan Group Holdings Ltd.		1,700		35,276
WestRock Co.		1,747		93,360
				762,034
Metals & Mining - 0.9%
Alumina Ltd.		28,452		56,956
Anglo American PLC		11,577		258,989
Antofagasta PLC		6,389		70,997
ArcelorMittal		12,535		389,165
BHP Billiton Ltd.		34,230		852,700

Company	Shares		U.S. $ Value
BHP Billiton PLC		22,510	$	491,204
BlueScope Steel Ltd.		6,941		85,130
Boliden AB		4,189		116,500
Fortescue Metals Group Ltd.		18,067		51,197
Freeport-McMoRan, Inc.		9,425		131,196
Fresnillo PLC		2,356		25,165
Glencore PLC (a)		130,406		562,138
Hitachi Metals Ltd.		5,000		61,915
JFE Holdings, Inc.		5,000		114,700
Kobe Steel Ltd.		1,199		10,655
Mitsubishi Materials Corp.		2,700		80,668
Newcrest Mining Ltd.		7,017		98,535
Newmont Mining Corp.		3,695		111,589
Nippon Steel & Sumitomo Metal Corp.		8,643		182,822
Norsk Hydro ASA		16,444		98,612
Nucor Corp.		2,210		140,224
Randgold Resources Ltd.		890		62,948
Rio Tinto Ltd.		4,038		229,651
Rio Tinto PLC		13,185		665,072
South32 Ltd.		56,741		159,459
Sumitomo Metal Mining Co., Ltd.		2,500		87,661
thyssenkrupp AG		3,919		98,863
voestalpine AG		1,082		49,426
				5,344,137
Paper & Forest Products - 0.1%
Mondi PLC		3,496		95,719
Oji Holdings Corp.		14,000		101,667
Stora Enso Oyj-Class R		6,056		115,646
UPM-Kymmene Oyj		5,689		223,117
				536,149
				16,978,945
Utilities - 1.7%
Electric Utilities - 1.0%
Alliant Energy Corp.		1,588		67,601
American Electric Power Co., Inc.		3,425		242,764
AusNet Services		37,398		43,928
Chubu Electric Power Co., Inc.		6,100		92,403
Chugoku Electric Power Co., Inc. (The)		4,000		51,404
CK Infrastructure Holdings Ltd.		15,000		118,709
CLP Holdings Ltd.		12,500		146,384
Duke Energy Corp.		4,882		390,658
Edison International		2,265		153,295
EDP - Energias de Portugal SA		25,431		93,836
Electricite de France SA		11,071		194,704
Endesa SA		3,024		65,227
Enel SpA		88,110		450,377
Entergy Corp.		1,225		99,384
Evergy, Inc.		1,885		103,524
Eversource Energy		2,210		135,782
Exelon Corp.		6,697		292,391
FirstEnergy Corp.		3,135		116,528
Fortum Oyj		4,228		105,959
HK Electric Investments & HK Electric Investments Ltd.-Class SS (b)		104,180		105,134
Iberdrola SA		64,359		472,707
Kansai Electric Power Co., Inc. (The)		8,491		128,163

Company	Shares		U.S. $ Value
Kyushu Electric Power Co., Inc.		4,100	$	49,557
NextEra Energy, Inc.		3,345		560,622
Orsted A/S (b)		2,499		169,814
PG&E Corp. (a)		3,575		164,486
Pinnacle West Capital Corp.		785		62,156
Power Assets Holdings Ltd.		8,500		59,083
PPL Corp.		4,895		143,228
Red Electrica Corp. SA		5,707		119,308
Southern Co. (The)		7,010		305,636
SSE PLC		10,739		160,375
Terna Rete Elettrica Nazionale SpA		23,069		123,232
Tohoku Electric Power Co., Inc.		4,300		58,487
Tokyo Electric Power Co. Holdings, Inc. (a)		13,800		67,814
Xcel Energy, Inc.		3,520		166,179
				5,880,839
Gas Utilities - 0.1%
APA Group		13,346		96,243
Hong Kong & China Gas Co., Ltd.		87,278		172,989
Naturgy Energy Group SA		4,316		117,654
Osaka Gas Co., Ltd.		3,600		70,296
Toho Gas Co., Ltd.		2,017		76,741
Tokyo Gas Co., Ltd.		3,800		93,473
				627,396
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp./VA		4,585		64,190
Electric Power Development Co., Ltd.		1,600		44,288
Meridian Energy Ltd.		18,542		40,368
NRG Energy, Inc.		2,090		78,166
Uniper SE		2,006		61,754
				288,766
Multi-Utilities - 0.5%
AGL Energy Ltd.		6,423		90,605
Ameren Corp.		1,660		104,945
CenterPoint Energy, Inc.		2,995		82,812
Centrica PLC		64,140		129,496
CMS Energy Corp.		1,920		94,080
Consolidated Edison, Inc.		2,130		162,285
Dominion Energy, Inc.		4,585		322,234
DTE Energy Co.		1,270		138,595
E.ON SE		23,845		242,641
Engie SA		18,347		270,109
Innogy SE (b)		1,395		62,305
National Grid PLC		36,605		378,084
NiSource, Inc.		2,305		57,441
Public Service Enterprise Group, Inc.		3,505		185,029
RWE AG		5,973		147,470
SCANA Corp.		995		38,696
Sempra Energy		1,860		211,575
Suez		5,769		82,063
United Utilities Group PLC		8,008		73,513
Veolia Environnement SA		5,882		117,373
WEC Energy Group, Inc.		2,188		146,071
				3,137,422

Company	Shares		U.S. $ Value
Water Utilities - 0.0%
American Water Works Co., Inc.		1,221	$	107,411
Severn Trent PLC		2,239		53,971
				161,382
				10,095,805
Real Estate - 1.7%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Alexandria Real Estate Equities, Inc.		732		92,078
American Tower Corp.		3,065		445,344
Apartment Investment & Management Co.-Class A		1,075		47,440
Ascendas Real Estate Investment Trust		58,294		112,601
AvalonBay Communities, Inc.		945		171,187
Boston Properties, Inc.		1,100		135,399
British Land Co. PLC (The)		9,308		74,866
Crown Castle International Corp.		2,870		319,517
Daiwa House REIT Investment Corp.		13		29,727
Dexus		13,420		102,523
Digital Realty Trust, Inc.		1,430		160,846
Duke Realty Corp.		2,448		69,450
Equinix, Inc.		620		268,392
Equity Residential		2,540		168,300
Essex Property Trust, Inc.		478		117,927
Extra Space Storage, Inc.		883		76,503
Federal Realty Investment Trust		522		66,017
Goodman Group		16,928		126,987
GPT Group (The)		17,105		64,422
Hammerson PLC		7,467		44,430
HCP, Inc.		3,280		86,330
Host Hotels & Resorts, Inc.		5,150		108,665
ICADE		1,592		147,132
Iron Mountain, Inc.		1,908		65,864
Japan Prime Realty Investment Corp.		7		24,958
Japan Real Estate Investment Corp.		12		62,926
Japan Retail Fund Investment Corp.		24		43,555
Kimco Realty Corp.		2,930		49,048
Klepierre SA		2,231		79,278
Land Securities Group PLC		9,736		112,100
Link REIT		21,500		211,688
Macerich Co. (The)		710		39,256
Mid-America Apartment Communities, Inc.		796		79,743
Mirvac Group		40,488		70,571
Nippon Building Fund, Inc.		13		75,169
Nippon Prologis REIT, Inc.		14		27,733
Nomura Real Estate Master Fund, Inc.		34		46,443
Prologis, Inc.		3,670		248,789
Public Storage		1,030		207,679
Realty Income Corp.		1,908		108,546
Regency Centers Corp.		1,033		66,804
SBA Communications Corp. (a)		870		139,748
Scentre Group		50,683		145,651
Segro PLC		11,022		91,717
Simon Property Group, Inc.		2,216		391,678
SL Green Realty Corp.		576		56,177
Stockland		23,010		69,121
UDR, Inc.		1,828		73,906
United Urban Investment Corp.		26		40,859
Ventas, Inc.		2,441		132,742

Company	Shares		U.S. $ Value
Vicinity Centres		39,646	$	75,218
Vornado Realty Trust		1,185		86,505
Welltower, Inc.		2,575		165,624
Weyerhaeuser Co.		5,298		170,966
				6,296,145
Real Estate Management & Development - 0.6%
Aeon Mall Co., Ltd.		1,700		29,185
Azrieli Group Ltd.		811		41,424
Brookfield Property Partners (a)		37		773
Brookfield Property REIT, Inc.		1,633		34,179
CapitaLand Ltd.		35,000		86,211
CBRE Group, Inc.-Class A (a)		2,065		91,067
City Developments Ltd.		11,000		73,339
CK Asset Holdings Ltd.		25,719		192,794
Daito Trust Construction Co., Ltd.		700		90,206
Daiwa House Industry Co., Ltd.		6,000		177,803
Deutsche Wohnen SE		3,212		154,278
Hang Lung Properties Ltd.		14,000		27,311
Henderson Land Development Co., Ltd.		27,655		138,885
Hongkong Land Holdings Ltd.		14,000		92,727
Hulic Co., Ltd.		6,591		64,677
Kerry Properties Ltd.		8,500		28,862
LendLease Group		10,380		147,479
Mitsubishi Estate Co., Ltd.		13,000		220,741
Mitsui Fudosan Co., Ltd.		10,000		236,508
New World Development Co., Ltd.		82,122		111,540
Nomura Real Estate Holdings, Inc.		3,600		72,622
Sino Land Co., Ltd.		63,328		108,494
Sumitomo Realty & Development Co., Ltd.		3,843		137,865
Sun Hung Kai Properties Ltd.		15,000		217,683
Swire Properties Ltd.		25,389		96,161
Swiss Prime Site AG (a)		976		83,268
Tokyu Fudosan Holdings Corp.		7,989		55,659
Unibail-Rodamco-Westfield		1,707		343,869
Vonovia SE		5,710		279,266
Wharf Holdings Ltd. (The)		13,000		35,395
Wharf Real Estate Investment Co., Ltd.		13,000		83,753
Wheelock & Co., Ltd.		17,000		102,205
				3,656,229
				9,952,374
Total Common Stocks (cost $240,200,846)				331,459,341
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 28.8%
United States - 28.8%
U.S. Treasury Bonds
2.25%, 8/15/46	$	5,033		4,154,914
2.50%, 2/15/45-5/15/46		598		523,343
2.75%, 8/15/42-11/15/47		2,412		2,217,456
2.875%, 5/15/43-11/15/46		6,307		5,939,145
3.00%, 5/15/45-8/15/48		2,781		2,678,380
3.125%, 11/15/41-2/15/43		2,825		2,793,016

Company	Principal Amount (000)		U.S. $ Value
3.50%, 2/15/39	$	323	$	340,210
3.625%, 8/15/43		3,658		3,924,348
3.75%, 8/15/41-11/15/43		309		337,516
3.875%, 8/15/40		280		310,844
4.25%, 5/15/39		240		279,825
4.375%, 11/15/39-5/15/41		1,258		1,494,087
4.50%, 8/15/39		317		381,836
4.75%, 2/15/37-2/15/41		1,192		1,470,496
5.375%, 2/15/31		650		803,156
5.50%, 8/15/28		1,383		1,669,108
6.00%, 2/15/26		2,846		3,406,751
6.125%, 11/15/27		732		910,425
6.25%, 8/15/23-5/15/30		724		928,148
6.875%, 8/15/25		849		1,051,964
7.25%, 8/15/22		775		897,062
7.625%, 2/15/25		55		69,678
8.00%, 11/15/21		9,123		10,507,130
U.S. Treasury Notes
0.875%, 5/15/19		2,612		2,586,288
1.00%, 8/31/19		702		691,689
1.125%, 2/28/21-9/30/21		2,905		2,777,073
1.25%, 5/31/19-10/31/21		12,533		12,216,471
1.375%, 8/31/20-8/31/23		8,189		7,875,284
1.50%, 5/31/19-8/15/26		5,103		4,865,037
1.625%, 6/30/20-2/15/26		15,907		14,984,648
1.75%, 3/31/22-5/15/23		12,336		11,767,589
1.875%, 11/30/21-10/31/22		7,977		7,690,797
2.00%, 11/15/21-11/15/26		19,868		19,038,573
2.125%, 8/15/21-5/15/25		8,013		7,692,434
2.25%, 11/15/24-11/15/27		6,743		6,352,466
2.375%, 8/15/24-5/15/27		1,829		1,751,029
2.50%, 8/15/23-5/15/24		4,314		4,214,653
2.625%, 8/15/20-11/15/20		3,700		3,685,175
2.75%, 11/15/23-2/15/28		3,400		3,364,302
2.875%, 5/15/28-8/15/28		820		807,852
3.125%, 5/15/21		394		396,222
3.625%, 2/15/21(d)		9,502		9,665,316
Total Governments - Treasuries (cost $176,412,547)				169,511,736
	Shares
INVESTMENT COMPANIES - 10.0%
Funds and Investment Trusts - 10.0% (e)
iShares Core MSCI Emerging Markets ETF		464,925		24,073,816
iShares Core S&P 500 ETF		19,549		5,722,579
iShares International Developed Real Estate ETF		266,406		7,632,532
Vanguard Global ex-U.S. Real Estate ETF		135,330		7,601,486
Vanguard Real Estate ETF		169,520		13,676,874
Total Investment Companies (cost $59,651,313)				58,707,287

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 4.0%
Investment Companies - 4.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (e)(f)(g) (cost $23,635,713)		23,635,713	$	23,635,713
Total Investments Before Security Lending Collateral for Securities Loaned - 99.2% (cost $499,900,419)				583,314,077
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.0%
INVESTMENT COMPANIES - 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (e)(f)(g) (cost $153,145)		153,145		153,145
Total Investments - 99.2% (cost $500,053,564) (h)				583,467,222
Other assets less liabilities - 0.8%				4,631,947
Net Assets - 100.0%			$	588,099,169

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at September 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		20		December 2018	CAD	2,000		$	2,074,434	$	2,053,497	$	(20,937	)
Emini MSCI Emerging Market Future		262		December 2018	USD	13			13,563,540		13,751,070		187,530
Mini MSCI EAFE Futures		16		December 2018	USD	1			1,564,600		1,580,400		15,800
Russel 2000 Index Futures		37		December 2018	USD	2			3,169,133		3,146,480		(22,653	)
S&P 500 E Mini Futures		1		December 2018	USD	– 0	–*		144,809		145,950		1,141
S&PMid 400 E Mini Futures		65		December 2018	USD	7			13,221,749		13,163,800		(57,949	)
SPI 200 Futures		33		December 2018	AUD	1			3,681,342		3,693,799		12,457
TOPIX Index Futures		174		December 2018	JPY	1,740			26,805,837		27,833,568		1,027,731
U.S. T-Note 2 Yr (CBT) Futures		76		December 2018	USD	15,200			16,054,828		16,015,813		(39,015	)
U.S. T-Note 5 Yr (CBT) Futures		186		December 2018	USD	18,600			21,036,317		20,920,641		(115,676	)
U.S. T-Note 10 Yr (CBT) Futures		97		December 2018	USD	9,700			11,636,368		11,521,781		(114,587	)
U.S. Ultra Bond (CBT) Futures		54		December 2018	USD	5,400			8,659,057		8,331,188		(327,869	)
Sold Contracts
Euro STOXX 50 Index Futures		266		December 2018	EUR	3			10,299,266		10,460,391		(161,125	)
FTSE 100 Index Futures		70		December 2018	GBP	1			6,632,409		6,830,535		(198,126	)
S&P 500 E Mini Futures		167		December 2018	USD	8			24,267,940		24,373,650		(105,710	)
												$	81,012

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	JPY	215,595	USD	1,946		12/14/18	$	37,423
Bank of America, NA	USD	1,477	CAD	1,914		12/14/18		7,182

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	1,157	NZD	1,773		12/14/18	$	18,967
Barclays Bank PLC	USD	2,456	CAD	3,206		12/14/18		30,381
BNP Paribas SA	CAD	7,702	USD	5,949		12/14/18		(22,342	)
BNP Paribas SA	USD	897	AUD	1,243		12/14/18		1,593
Citibank, NA	JPY	1,132,507	USD	10,108		12/14/18		84,162
Citibank, NA	EUR	28,276	USD	33,022		12/14/18		(5,218	)
Citibank, NA	GBP	1,055	USD	1,364		12/14/18		(15,372	)
Credit Suisse International	NZD	2,575	USD	1,712		12/14/18		3,872
Credit Suisse International	USD	1,099	AUD	1,525		12/14/18		3,799
Credit Suisse International	USD	2,431	GBP	1,842		12/14/18		(20,981	)
Credit Suisse International	USD	15,306	EUR	12,947		12/14/18		(183,529	)
Credit Suisse International	USD	1,643	NOK	13,664		12/14/18		40,610
Goldman Sachs Bank USA	SEK	5,814	USD	655		12/14/18		(2,820	)
JPMorgan Chase Bank, NA	USD	1,383	GBP	1,055		12/14/18		(2,828	)
JPMorgan Chase Bank, NA	USD	1,613	NOK	13,097		12/14/18		1,166
Morgan Stanley Capital Services, Inc.	JPY	181,868	USD	1,642		12/14/18		32,482
Morgan Stanley Capital Services, Inc.	GBP	14,208	USD	18,563		12/14/18		(19,577	)
Morgan Stanley Capital Services, Inc.	AUD	4,683	USD	3,337		12/14/18		(50,031	)
Morgan Stanley Capital Services, Inc.	AUD	2,020	USD	1,497		12/14/18		35,698
Morgan Stanley Capital Services, Inc.	USD	3,950	GBP	3,013		12/14/18		(10,426	)
Royal Bank of Canada	USD	6,172	NZD	9,224		12/14/18		(55,872	)
State Street Bank & Trust Co.	CHF	8,462	USD	8,789		12/14/18		108,128
State Street Bank & Trust Co.	USD	886	CHF	850		12/14/18		(14,042	)
State Street Bank & Trust Co.	USD	1,473	NOK	12,212		12/14/18		32,061
UBS AG	GBP	1,839	USD	2,422		12/14/18		16,340
UBS AG	USD	1,094	CHF	1,048		12/14/18		(19,056	)
UBS AG	USD	3,814	EUR	3,244		12/14/18		(25,533	)
							$	6,237

INFLATION (CPI) SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Unrealized Appreciation/ (Depreciation)

Bank of America, NA

USD

34,139

7/31/21

2.230

%

CPI

#

Maturity

$

37,373

Bank of America, NA

22,291

7/31/21

2.230

%

CPI

#

Maturity

24,403

$

61,776

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

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

Goldman Sachs International

GSABNATR

18,010,863

0.24

%

Annual

USD

18,011

6/17/19

$

(531,166

)

Counterparty & Referenced Obligation

# of Shares or Units

Rate Paid/ Received

Payment Frequency

Notional Amount (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

UBS AG

Russell 2000 Total Return Index

1,256

LIBOR

Quarterly

USD

10,398

2/15/19

$

149,788

Pay Total Return on Reference Obligation

Citibank, NA

S&P 500 Total Return Index

11,414

LIBOR Plus 0.34%

Maturity

USD

65,189

10/15/18

(537,514

)

$

(918,892

)

* 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 September 30, 2018, the aggregate market value of these securities amounted to $1,154,059 or 0.2% of net assets.

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

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

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

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

(g) Affiliated investments.

(h) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $104,855,756 and gross unrealized depreciation of investments was $(22,211,964), resulting in net unrealized appreciation of $82,643,792.

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
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
SDR	-	Swedish Depositary Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

AB Variable Products Series Fund, Inc.

AB Dynamic Asset Allocation Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	23,322,252		$	30,886,886		$	– 0	–	$	54,209,138
Information Technology		36,989,204			9,053,306			– 0	–		46,042,510
Health Care		26,448,740			17,204,091			– 0	–		43,652,831
Industrials		17,481,727			22,432,114			– 0	–		39,913,841
Consumer Discretionary		19,499,337			17,149,853			– 0	–		36,649,190
Consumer Staples		11,924,785			17,041,037			– 0	–		28,965,822
Communication Services		16,535,381			8,323,659			– 0	–		24,859,040
Energy		10,326,731			9,813,114			– 0	–		20,139,845
Materials		4,181,917			12,797,028			– 0	–		16,978,945
Utilities		5,126,230			4,969,575			– 0	–		10,095,805
Real Estate		4,832,225			5,120,149			– 0	–		9,952,374
Governments - Treasuries		– 0	–		169,511,736			– 0	–		169,511,736
Investment Companies		58,707,287			– 0	–		– 0	–		58,707,287
Short-Term Investments		23,635,713			– 0	–		– 0	–		23,635,713

Investments in Securities:	Level 1			Level 2			Level 3			Total
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund	$	153,145		$	– 0	–	$	– 0	–	$	153,145
Total Investments in Securities		259,164,674			324,302,548			– 0	–		583,467,222
Other Financial Instruments (a):
Assets:
Futures		204,471			1,040,188			– 0	–		1,244,659
Forward Currency Exchange Contracts		– 0	–		453,864			– 0	–		453,864
Inflation (CPI) Swaps		– 0	–		61,776			– 0	–		61,776
Total Return Swaps		– 0	–		149,788			– 0	–		149,788
Liabilities:
Futures		(804,396	)		(359,251	)		– 0	–		(1,163,647	)
Forward Currency Exchange Contracts		– 0	–		(447,627	)		– 0	–		(447,627	)
Total Return Swaps		– 0	–		(1,068,680	)		– 0	–		(1,068,680	)
Total (b)	$	258,564,749		$	324,132,606		$	– 0	–	$	582,697,355

(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 nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	18,529	$	133,056	$	127,949	$	23,636	$	209
Government Money Market Portfolio*		1,877		106,431		108,155		153		32
Total	$	20,406	$	239,487	$	236,104	$	23,789	$	241

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company		Shares		U.S. $ Value
INVESTMENT COMPANIES - 44.6%
Funds and Investment Trusts - 44.6% (a)
iShares Core MSCI EAFE ETF			76,670	$	4,913,014
iShares Core S&P 500 ETF			43,375		12,697,164
iShares MSCI EAFE ETF			90,720		6,168,053
iShares Russell 2000 ETF			11,040		1,860,792
SPDR S&P 500 ETF Trust			18,671		5,428,033
Vanguard S&P 500 ETF			49,183		13,134,320
Total Investment Companies (cost $36,668,645)					44,201,376
		Principal Amount (000)
INFLATION-LINKED SECURITIES - 18.2%
Japan - 14.4%
Japanese Government CPI Linked Bond
Series 22
0.10%, 3/10/27	JPY		1,552,726		14,274,225
United States - 3.8%
U.S. Treasury Inflation Index
0.375%, 7/15/25 (TIPS)	U.S.$		3,841		3,717,885
Total Inflation-Linked Securities (cost $18,775,992)					17,992,110
		Notional Amount
OPTIONS PURCHASED - PUTS - 0.1%
Options on Funds and Investment Trusts - 0.1%
SPDR S&P 500 ETF Trust
Expiration: Oct 2018; Contracts: 411;
Exercise Price: USD 287.00;
Counterparty: Morgan Stanley & Co., Inc. (b)	USD		41,100		52,402
Options on Indices - 0.0%
Euro STOXX 50 Index
Expiration: Oct 2018; Contracts: 880;
Exercise Price: EUR 3,325.00;
Counterparty: UBS AG (b)	EUR		880		19,202
FTSE 100 Index
Expiration: Oct 2018; Contracts: 180;
Exercise Price: GBP 7,250.00;
Counterparty: UBS AG (b)	GBP		180		3,286
Nikkei 225 Index
Expiration: Oct 2018; Contracts: 11,000;
Exercise Price: JPY 22,375.00;
Counterparty: Goldman Sachs International (b)	JPY		11,000		1,264
					23,752
Total Options Purchased - Puts (premiums paid $88,408)					76,154

Company		Notional Amount		U.S. $ Value
OPTIONS PURCHASED - CALLS - 0.1%
Options on Equity Indices - 0.1%
iShares MSCI Emerging Markets
Expiration: Oct 2018; Contracts: 1,171;
Exercise Price: USD 43.50;
Counterparty: Morgan Stanley & Co., Inc. (b)	USD		117,100	$	51,524
Options on Funds and Investment Trusts - 0.0%
SPDR S&P 500 ETF Trust
Expiration: Oct 2018; Contracts: 170; Exercise
Price: USD 296.00;
Counterparty: Morgan Stanley & Co., Inc. (b)	USD		17,000		7,820
Total Options Purchased - Calls (premiums paid $53,607)					59,344
		Shares
SHORT-TERM INVESTMENTS - 33.6%
Investment Companies - 23.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (a)(c)(d) (cost $23,399,348)			23,399,348		23,399,348
		Principal Amount (000)
U.S. Treasury Bills - 5.2%
U.S. Treasury Bill
Zero Coupon, 10/04/18-11/23/18 (cost $5,125,897)	U.S.$		5,134		5,125,507
Governments - Treasuries - 4.8%
Japan - 4.8%
Japan Treasury Discount Bill
Series 785
Zero Coupon, 12/25/18 (cost $4,799,394)	JPY		540,100		4,755,038
Total Short-Term Investments (cost $33,324,639)					33,279,893
Total Investments - 96.6% (cost $88,911,291) (e)					95,608,877
Other assets less liabilities - 3.4%					3,346,687
Net Assets - 100.0%				$	98,955,564

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at September 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		169		December 2018	EUR	2		$	6,549,736	$	6,645,888	$	96,152
Euro-BTP Futures		16		December 2018	EUR	1,600			2,266,017		2,300,552		34,535
Euro-Bund Futures		7		December 2018	EUR	700			1,304,854		1,290,542		(14,312	)
Euro-OAT Futures		16		December 2018	EUR	1,600			2,831,495		2,806,027		(25,468	)
FTSE 100 Index Futures		37		December 2018	GBP	– 0	–*		3,505,991		3,610,425		104,434
Hang Seng Index Futures		5		October 2018	HKD	– 0	–*		882,774		890,258		7,484
Long Gilt Futures		16		December 2018	GBP	1,600			2,546,627		2,522,132		(24,495	)
Nikkei 225 (CME) Futures		26		December 2018	USD	– 0	–*		2,913,751		3,144,050		230,299
S&P 500 E Mini Futures		11		December 2018	USD	1			1,616,333		1,605,450		(10,883	)
S&P TSX 60 Index Futures		1		December 2018	CAD	– 0	–*		147,059		147,145		86
SPI 200 Futures		10		December 2018	AUD	– 0	–*		1,116,120		1,119,333		3,213
TOPIX Index Futures		17		December 2018	JPY	170			2,606,506		2,719,371		112,865
U.S. T-Note 10 Yr (CBT) Futures		77		December 2018	USD	7,700			9,236,598		9,146,156		(90,442	)
U.S. Ultra Bond (CBT) Futures		2		December 2018	USD	200			320,707		308,563		(12,144	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		98		December 2018	JPY	980,000			12,963,218		12,944,763		18,455
												$	429,779

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	AUD	1,080	USD	770		12/14/18	$	(11,309	)
Citibank, NA	EUR	3,834	USD	4,478		12/14/18		(790	)
Morgan Stanley Capital Services, Inc.	GBP	1,353	USD	1,768		12/14/18		(1,864	)
Morgan Stanley Capital Services, Inc.	JPY	2,677,918	USD	24,181		12/14/18		478,280
State Street Bank & Trust Co.	CHF	866	USD	900		12/14/18		11,067
State Street Bank & Trust Co.	HKD	1,141	USD	146		12/14/18		(315	)
State Street Bank & Trust Co.	SGD	190	USD	138		12/14/18		(929	)
							$	474,140

PUT OPTIONS WRITTEN
Description	Counterparty	Contracts		Exercise Price		Expiration Month	Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index (f)	UBS AG		880	EUR	3,200.00	October 2018	EUR	1		$	5,458	$	(6,463	)
FTSE 100 Index (f)	UBS AG		180	GBP	7,050.00	October 2018	GBP	– 0	–*		1,835		(1,135	)
iShares MSCI Emerging Markets (f)	Morgan Stanley & Co., Inc.		1,405	USD	39.00	October 2018	USD	141			22,431		(9,132	)
Nikkei 225 Index (f)	Goldman Sachs International		11,000	JPY	21,500.00	October 2018	JPY	11			4,645		(387	)
SPDR S&P 500 ETF Trust (g)	Morgan Stanley & Co., Inc.		255	USD	274.00	October 2018	USD	26			8,336		(9,308	)
SPDR S&P 500 ETF Trust (g)	Morgan Stanley & Co., Inc.		411	USD	278.00	October 2018	USD	41			21,768		(20,139	)
										$	64,473	$	(46,564	)

* Notional amount less than 500.

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

(b) Non-income producing security.

(c) Affiliated investments.

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

(e) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $8,664,069 and gross unrealized depreciation of investments was $(1,044,654), resulting in net unrealized appreciation of $7,619,414.

(f) One contract relates to 1 share.

(g) One contract relates to 100 shares.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
SGD	-	Singapore Dollar
USD	-	United States Dollar
Glossary:
BTP	-	Buoni del Tesoro Poliennali
CBT	-	Chicago Board of Trade
CME	-	Chicago Mercantile Exchange
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

September 30, 2018 (unaudited)

50.3%	United States
14.9%	Japan
0.0%	Germany
0.0%	United Kingdom
34.8%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2018. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time.

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Investment Companies

$

44,201,376

$

– 0

–

$

– 0

–

$

44,201,376

Inflation-Linked Securities

– 0

–

17,992,110

– 0

–

17,992,110

Options Purchased - Puts

– 0

–

76,154

– 0

–

76,154

Options Purchased - Calls

– 0

–

59,344

– 0

–

59,344

Short-Term Investments:

Investment Companies

23,399,348

– 0

–

– 0

–

23,399,348

U.S. Treasury Bills

– 0

–

5,125,507

– 0

–

5,125,507

Governments - Treasuries

– 0

–

4,755,038

– 0

–

4,755,038

Total Investments in Securities

67,600,724

28,008,153

– 0

–

95,608,877

Other Financial Instruments (a):

Assets:

Futures

283,375

324,148

– 0

–

607,523

Forward Currency Exchange Contracts

– 0

–

489,347

– 0

–

489,347

Liabilities:

Futures

(177,744

)

– 0

–

– 0

–

(177,744

)

Forward Currency Exchange Contracts

– 0

–

(15,207

)

– 0

–

(15,207

)

Put Options Written

– 0

–

(46,564

)

– 0

–

(46,564

)

Total (b)

$

67,706,355

$

28,759,877

$

–0

–

$

96,466,232

(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 nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/2018 (000)			Dividend Income (000)
Government Money Market Portfolio	$	2,045		$	49,721	$	28,367	$	23,399		$	225
Government Money Market Portfolio*		– 0	–		15,874		15,874		– 0	–		3
	$	2,045		$	65,595	$	44,241	$	23,399		$	228

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.7%
Health Care - 20.3%
Health Care Equipment & Supplies - 7.5%
Abbott Laboratories		40,680	$	2,984,285
Danaher Corp.		26,420		2,870,797
Essilor International Cie Generale d’Optique SA		15,967		2,363,430
West Pharmaceutical Services, Inc.		18,180		2,244,685
				10,463,197
Health Care Providers & Services - 4.0%
Apollo Hospitals Enterprise Ltd.		151,580		2,203,533
UnitedHealth Group, Inc.		12,740		3,389,350
				5,592,883
Health Care Technology - 1.5%
Medidata Solutions, Inc. (a)		28,530		2,091,534
Life Sciences Tools & Services - 6.9%
Bio-Rad Laboratories, Inc.-Class A (a)		8,610		2,694,844
Bruker Corp.		72,250		2,416,763
Gerresheimer AG		16,441		1,387,978
ICON PLC (a)		19,610		3,015,037
Tecan Group AG		221		52,317
				9,566,939
Pharmaceuticals - 0.4%
Vectura Group PLC (a)		537,400		558,683
				28,273,236
Financials - 17.8%
Banks - 5.6%
Bank Mandiri Persero Tbk PT		3,062,000		1,379,779
Credicorp Ltd.		10,720		2,391,418
HDFC Bank Ltd.		46,840		1,296,225
Svenska Handelsbanken AB-Class A SHS		108,470		1,367,984
Swedbank AB-Class A		56,520		1,397,861
				7,833,267
Capital Markets - 6.5%
Charles Schwab Corp. (The)		53,580		2,633,457
MSCI, Inc.-Class A		21,220		3,764,640
Partners Group Holding AG		3,410		2,703,170
				9,101,267
Consumer Finance - 1.1%
Bharat Financial Inclusion Ltd. (a)		113,180		1,622,870
Insurance - 3.0%
AIA Group Ltd.		284,800		2,539,537
Prudential PLC		70,180		1,609,091
				4,148,628
Thrifts & Mortgage Finance - 1.6%
Housing Development Finance Corp., Ltd.		91,380		2,206,267
				24,912,299

Company	Shares		U.S. $ Value
Information Technology - 15.9%
Electronic Equipment, Instruments & Components - 1.6%
Flex Ltd. (a)		167,470	$	2,197,206
IT Services - 2.6%
Visa, Inc.-Class A		23,950		3,594,655
Semiconductors & Semiconductor Equipment - 4.3%
ams AG (a)(b)		18,890		1,063,218
Infineon Technologies AG		116,480		2,650,603
NVIDIA Corp.		8,248		2,317,853
				6,031,674
Software - 5.0%
Dassault Systemes SE		13,670		2,045,543
Microsoft Corp.		28,710		3,283,563
SailPoint Technologies Holding, Inc. (a)		48,510		1,650,310
				6,979,416
Technology Hardware, Storage & Peripherals - 2.4%
Apple, Inc.		14,805		3,342,081
				22,145,032
Industrials - 14.7%
Aerospace & Defense - 2.4%
Hexcel Corp.		49,919		3,347,069
Building Products - 2.9%
Cie de Saint-Gobain		23,790		1,025,373
Kingspan Group PLC		65,000		3,030,806
				4,056,179
Commercial Services & Supplies - 1.3%
China Everbright International Ltd.		2,099,407		1,812,603
Electrical Equipment - 3.7%
Schneider Electric SE		29,570		2,374,382
Vestas Wind Systems A/S		41,770		2,821,824
				5,196,206
Industrial Conglomerates - 1.7%
Siemens AG		18,220		2,329,674
Machinery - 2.7%
Xylem, Inc./NY		46,780		3,736,318
				20,478,049
Consumer Staples - 7.6%
Food Products - 4.0%
Kerry Group PLC-Class A		26,160		2,893,036
Nestle SA		31,690		2,637,766
				5,530,802
Household Products - 2.1%
Unicharm Corp.		89,700		2,967,783
Personal Products - 1.5%
Unilever PLC		38,000		2,087,496
				10,586,081

Company	Shares		U.S. $ Value
Consumer Discretionary - 7.4%
Auto Components - 2.6%
Aptiv PLC		29,100	$	2,441,490
Delphi Technologies PLC		36,093		1,131,877
				3,573,367
Diversified Consumer Services - 1.6%
Bright Horizons Family Solutions, Inc. (a)		18,860		2,222,462
Internet & Direct Marketing Retail - 3.2%
Amazon.com, Inc. (a)		1,433		2,870,299
Etsy, Inc. (a)		32,480		1,668,822
				4,539,121
				10,334,950
Utilities - 5.6%
Multi-Utilities - 1.2%
Suez		113,350		1,612,392
Water Utilities - 4.4%
American Water Works Co., Inc.		27,879		2,452,516
Aqua America, Inc.		37,520		1,384,488
Beijing Enterprises Water Group Ltd. (a)		3,176,000		1,693,175
Cia de Saneamento Basico do Estado de Sao Paulo		112,300		655,967
				6,186,146
				7,798,538
Communication Services - 3.0%
Interactive Media & Services - 3.0%
Alphabet, Inc.-Class C (a)		2,337		2,789,139
Tencent Holdings Ltd.		33,200		1,355,584
				4,144,723
Materials - 2.7%
Chemicals - 2.7%
Ecolab, Inc.		22,420		3,515,008
Koninklijke DSM NV		3,138		332,356
				3,847,364
Real Estate - 2.7%
Equity Real Estate Investment Trusts (REITs) - 1.4%
SBA Communications Corp. (a)		12,320		1,978,962
Real Estate Management & Development - 1.3%
SM Prime Holdings, Inc.		2,661,800		1,781,183
				3,760,145
Total Common Stocks (cost $102,055,918)				136,280,417

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.3%
Investment Companies - 1.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (c)(d)(e) (cost $1,816,337)		1,816,337	$	1,816,337
Total Investments Before Security Lending Collateral for Securities Loaned - 99.0% (cost $103,872,255)				138,096,754
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.8%
Investment Companies - 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (c)(d)(e) (cost $1,118,125)		1,118,125		1,118,125
Total Investments - 99.8% (cost $104,990,380) (f)				139,214,879
Other assets less liabilities - 0.2%				273,787
Net Assets - 100.0%			$	139,488,666

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	PHP	83,169	USD	1,518		12/11/18	$	(11,942	)
Bank of America, NA	USD	530	RUB	35,119		11/14/18		3,495
Barclays Bank PLC	KRW	221,431	USD	196		11/15/18		(3,874	)
Barclays Bank PLC	CNY	3,837	USD	560		10/25/18		2,554
Barclays Bank PLC	CNY	1,253	USD	181		10/25/18		(1,002	)
Barclays Bank PLC	USD	4,350	CAD	5,679		12/14/18		53,813
Barclays Bank PLC	USD	418	INR	30,610		12/13/18		(1,063	)
BNP Paribas SA	USD	1,066	CNY	7,321		10/25/18		(1,386	)
Citibank, NA	INR	514,383	USD	7,372		12/13/18		359,921
Citibank, NA	HKD	10,037	USD	1,282		12/14/18		(1,589	)
Citibank, NA	EUR	8,308	USD	9,702		12/14/18		(1,712	)
Citibank, NA	CNY	6,763	USD	1,003		10/25/18		20,050
Citibank, NA	EUR	429	USD	507		12/14/18		5,781
Citibank, NA	USD	212	PEN	698		10/12/18		(872	)
Citibank, NA	USD	2,447	KRW	2,767,742		11/15/18		49,067
Goldman Sachs Bank USA	GBP	690	USD	902		12/14/18		(744	)
Morgan Stanley & Co., Inc.	USD	3,893	GBP	2,980		12/14/18		4,106
Morgan Stanley & Co., Inc.	USD	2,920	AUD	4,098		12/14/18		43,777
Morgan Stanley & Co., Inc.	USD	7,281	JPY	806,390		12/14/18		(144,023	)
Natwest Markets PLC	PEN	7,838	USD	2,369		10/12/18		(2,012	)
Standard Chartered Bank	USD	656	CNY	4,532		10/25/18		2,582
Standard Chartered Bank	USD	1,878	TWD	57,465		12/11/18		19,438
State Street Bank & Trust Co.	SEK	10,362	USD	1,154		12/14/18		(19,677	)
State Street Bank & Trust Co.	CHF	1,478	USD	1,535		12/14/18		18,886

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	417	EUR	356		12/14/18	$	(1,361	)
State Street Bank & Trust Co.	USD	266	NOK	2,208		12/14/18		5,797
State Street Bank & Trust Co.	USD	349	HKD	2,727		12/14/18		(222	)
State Street Bank & Trust Co.	USD	486	MXN	9,452		12/14/18		12,967
UBS AG	EUR	1,217	USD	1,402		12/14/18		(19,113	)
							$	391,642

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $39,763,446 and gross unrealized depreciation of investments was $(5,147,305), resulting in net unrealized appreciation of $34,616,141.

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

Currency Abbreviations:

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

COUNTRY BREAKDOWN ¹

September 30, 2018 (unaudited)

53.6%	United States
6.8%	France
5.3%	India
4.6%	Germany
4.3%	Ireland
3.9%	Switzerland
3.5%	China
3.1%	United Kingdom
2.2%	Japan
2.1%	Denmark
2.0%	Sweden
1.8%	Hong Kong
1.7%	Peru
3.8%	Other
1.3%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.3% or less in the following countries: Austria, Brazil, Indonesia, Netherlands and Philippines.

AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Health Care	$	21,759,612		$	6,513,624		$	– 0	–	$	28,273,236
Financials		10,085,740			14,826,559			– 0	–		24,912,299
Information Technology		16,385,668			5,759,364			– 0	–		22,145,032
Industrials		10,114,193			10,363,856			– 0	–		20,478,049
Consumer Staples		2,893,036			7,693,045			– 0	–		10,586,081
Consumer Discretionary		10,334,950			– 0	–		– 0	–		10,334,950
Utilities		4,492,971			3,305,567			– 0	–		7,798,538
Communication Services		2,789,139			1,355,584			– 0	–		4,144,723
Materials		3,847,364			– 0	–		– 0	–		3,847,364
Real Estate		1,978,962			1,781,183			– 0	–		3,760,145
Short-Term Investments		1,816,337			– 0	–		– 0	–		1,816,337
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,118,125			– 0	–		– 0	–		1,118,125
Total Investments in Securities		87,616,097			51,598,782	(a)		– 0	–		139,214,879
Other Financial Instruments (b):
Assets:
Forward Currency Exchange Contracts		– 0	–		602,234			– 0	–		602,234
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(210,592	)		– 0	–		(210,592	)
Total (c)(d)(e)	$	87,616,097		$	51,990,424		$	– 0	–	$	139,606,521

(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 $3,204,753 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 $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.

(e) An amount of $1,549,041 was transferred from Level 2 to Level 1 due to increase in trading volume during the reporting period.

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	13,441	$	11,625	$	1,816	$	14
Government Money Market Portfolio*		3,829		14,273		16,984		1,118		11
Total	$	3,829	$	27,714	$	28,609	$	2,934	$	25

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Growth Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.4%
Consumer Discretionary - 18.7%
Diversified Consumer Services - 3.6%
Bright Horizons Family Solutions, Inc. (a)		12,480	$	1,470,643
Grand Canyon Education, Inc. (a)		12,740		1,437,072
				2,907,715
Hotels, Restaurants & Leisure - 1.2%
Planet Fitness, Inc. (a)		18,810		1,016,304
Internet & Direct Marketing Retail - 3.0%
Booking Holdings, Inc. (a)		897		1,779,648
Etsy, Inc. (a)		12,130		623,240
				2,402,888
Multiline Retail - 1.5%
Dollar Tree, Inc. (a)		15,130		1,233,852
Specialty Retail - 6.3%
Home Depot, Inc. (The)		12,369		2,562,238
National Vision Holdings, Inc. (a)		16,690		753,387
Ulta Salon Cosmetics & Fragrance, Inc. (a)		6,252		1,763,814
				5,079,439
Textiles, Apparel & Luxury Goods - 3.1%
NIKE, Inc. - Class B		29,532		2,501,951
				15,142,149
Health Care - 18.2%
Biotechnology - 4.7%
Biogen, Inc. (a)		7,274		2,569,977
Regeneron Pharmaceuticals, Inc. (a)		2,990		1,208,079
				3,778,056
Health Care Equipment & Supplies - 7.0%
Edwards Lifesciences Corp. (a)		11,310		1,969,071
Intuitive Surgical, Inc. (a)		3,752		2,153,648
Nevro Corp. (a)		7,220		411,540
Stryker Corp.		6,620		1,176,242
				5,710,501
Health Care Providers & Services - 4.2%
Centene Corp. (a)		6,520		943,966
UnitedHealth Group, Inc.		9,128		2,428,413
				3,372,379
Pharmaceuticals - 2.3%
Zoetis, Inc.		20,450		1,872,402
				14,733,338
Information Technology - 18.1%
Communications Equipment - 1.3%
Arista Networks, Inc. (a)		4,050		1,076,733

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components - 0.5%
Novanta, Inc. (a)		6,070	$	415,188
IT Services - 8.4%
Fiserv, Inc. (a)		9,860		812,267
PayPal Holdings, Inc. (a)		19,470		1,710,245
Twilio, Inc.-Class A (a)		7,830		675,572
Visa, Inc.-Class A		24,050		3,609,664
				6,807,748
Semiconductors & Semiconductor Equipment - 3.1%
Semtech Corp. (a)		16,040		891,824
Xilinx, Inc.		19,670		1,576,944
				2,468,768
Software - 4.8%
Adobe Systems, Inc. (a)		4,920		1,328,154
Fair Isaac Corp. (a)		2,220		507,381
HubSpot, Inc. (a)		2,380		359,261
Paycom Software, Inc. (a)		4,500		699,345
Splunk, Inc. (a)		2,410		291,393
Trade Desk, Inc. (The)-Class A (a)		4,290		647,404
				3,832,938
				14,601,375
Communication Services - 14.0%
Entertainment - 3.1%
Activision Blizzard, Inc.		17,250		1,435,027
Electronic Arts, Inc. (a)		8,930		1,075,976
				2,511,003
Interactive Media & Services - 10.9%
Alphabet, Inc.-Class C (a)		5,105		6,092,664
Facebook, Inc.-Class A (a)		16,547		2,721,320
				8,813,984
				11,324,987
Industrials - 9.9%
Building Products - 3.5%
Allegion PLC		14,070		1,274,320
AO Smith Corp.		7,140		381,061
Lennox International, Inc.		3,670		801,528
Trex Co., Inc. (a)		4,460		343,331
				2,800,240
Commercial Services & Supplies - 1.1%
Copart, Inc. (a)		17,010		876,525
Electrical Equipment - 0.9%
Rockwell Automation, Inc.		4,000		750,080

Company	Shares		U.S. $ Value
Industrial Conglomerates - 1.2%
Roper Technologies, Inc.		3,190	$	944,910
Machinery - 1.1%
IDEX Corp.		4,290		646,332
WABCO Holdings, Inc. (a)		1,810		213,471
				859,803
Road & Rail - 1.0%
Saia, Inc. (a)		11,070		846,302
Trading Companies & Distributors - 1.1%
Fastenal Co.		15,310		888,286
				7,966,146
Consumer Staples - 9.1%
Beverages - 5.6%
Constellation Brands, Inc.-Class A		8,830		1,903,925
Monster Beverage Corp. (a)		44,708		2,605,582
				4,509,507
Food & Staples Retailing - 3.5%
Costco Wholesale Corp.		12,285		2,885,501
				7,395,008
Materials - 3.4%
Chemicals - 3.4%
PolyOne Corp.		24,440		1,068,517
Sherwin-Williams Co. (The)		3,640		1,656,964
				2,725,481
Financials - 2.0%
Capital Markets - 2.0%
MarketAxess Holdings, Inc.		3,460		617,576
S&P Global, Inc.		5,290		1,033,613
				1,651,189
Total Common Stocks (cost $48,179,391)				75,539,673
SHORT-TERM INVESTMENTS - 6.9%
Investment Companies - 6.9%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.98% (b)(c)(d) (cost $5,536,016)		5,536,016		5,536,016
Total Investments - 100.3% (cost $53,715,407) (e)				81,075,689
Other assets less liabilities - (0.3)%				(212,916	)
Net Assets - 100.0%			$	80,862,773

(a) Non-income producing security.

(b) Affiliated investments.

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

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

(e) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $27,571,161 and gross unrealized depreciation of investments was $(210,879), resulting in net unrealized appreciation of $27,360,282.

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

AB Variable Products Series Fund, Inc.

AB Growth Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

75,539,673

$

– 0

–

$

– 0

–

$

75,539,673

Short-Term Investments

5,536,016

– 0

–

– 0

–

5,536,016

Total Investments in Securities

81,075,689

– 0

–

– 0

–

81,075,689

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

81,075,689

$

– 0

–

$

– 0

–

$

81,075,689

(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) Fund managers review all funds for performance and analytics (which are generated using the Adviser’s prices).

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/2018 (000)		Dividend Income (000)
Government Money Market Portfolio	$	– 0	–	$	10,039	$	4,503	$	5,536	$	24

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 87.8%
Financials - 20.4%
Banks - 5.8%
Citigroup, Inc.		352,570	$	25,293,372
JPMorgan Chase & Co.		323,580		36,512,767
				61,806,139
Capital Markets - 3.3%
Goldman Sachs Group, Inc. (The)		84,290		18,901,189
Northern Trust Corp.		151,659		15,488,934
				34,390,123
Consumer Finance - 0.9%
Capital One Financial Corp.		95,500		9,065,815
Diversified Financial Services - 3.9%
Berkshire Hathaway, Inc.-Class B (a)		192,562		41,229,450
Insurance - 6.5%
Aflac, Inc.		309,030		14,546,042
Allstate Corp. (The)		167,400		16,522,380
Fidelity National Financial, Inc.		454,770		17,895,199
Reinsurance Group of America, Inc.-Class A		135,760		19,625,466
				68,589,087
				215,080,614
Health Care - 15.2%
Biotechnology - 3.8%
Biogen, Inc. (a)		59,105		20,882,388
Celgene Corp. (a)		103,500		9,262,215
Gilead Sciences, Inc.		127,530		9,846,591
				39,991,194
Health Care Providers & Services - 5.1%
Anthem, Inc.		58,210		15,952,451
Centene Corp. (a)		66,800		9,671,304
Cigna Corp.		133,900		27,884,675
				53,508,430
Pharmaceuticals - 6.3%
Eli Lilly & Co.		188,010		20,175,353
Pfizer, Inc.		656,030		28,911,242
Roche Holding AG (Sponsored ADR)		579,100		17,465,656
				66,552,251
				160,051,875
Industrials - 11.7%
Aerospace & Defense - 3.4%
Raytheon Co.		173,860		35,929,908
Airlines - 2.1%
Delta Air Lines, Inc.		106,890		6,181,449
Southwest Airlines Co.		266,890		16,667,280
				22,848,729

Company	Shares		U.S. $ Value
Construction & Engineering - 0.4%
Jacobs Engineering Group, Inc.		54,903	$	4,200,080
Machinery - 2.6%
Altra Industrial Motion Corp.		146,580		6,053,754
Crane Co.		118,920		11,695,782
PACCAR, Inc.		86,430		5,893,662
Parker-Hannifin Corp.		21,320		3,921,387
				27,564,585
Road & Rail - 3.2%
Kansas City Southern		105,910		11,997,485
Knight-Swift Transportation Holdings, Inc.		212,990		7,343,895
Norfolk Southern Corp.		51,740		9,339,070
Saia, Inc. (a)		63,950		4,888,977
				33,569,427
				124,112,729
Communication Services - 10.4%
Diversified Telecommunication Services - 3.5%
Verizon Communications, Inc.		693,460		37,023,829
Entertainment - 3.0%
Walt Disney Co. (The)		271,640		31,765,582
Media - 3.9%
Comcast Corp.-Class A		892,490		31,603,071
Discovery, Inc.-Class A (a)(b)		289,454		9,262,528
				40,865,599
				109,655,010
Energy - 8.1%
Energy Equipment & Services - 1.6%
Dril-Quip, Inc. (a)		115,645		6,042,451
National Oilwell Varco, Inc.		87,480		3,768,639
TechnipFMC PLC		206,200		6,443,750
				16,254,840
Oil, Gas & Consumable Fuels - 6.5%
Apache Corp.		82,538		3,934,587
ConocoPhillips		204,250		15,808,950
Exxon Mobil Corp.		174,370		14,824,937
Noble Energy, Inc.		449,443		14,018,127
Phillips 66		181,370		20,444,026
				69,030,627
				85,285,467
Consumer Discretionary - 6.6%
Auto Components - 0.3%
BorgWarner, Inc.		87,170		3,729,133
Hotels, Restaurants & Leisure - 0.4%
Royal Caribbean Cruises Ltd.		31,060		4,035,936
Household Durables - 3.8%
DR Horton, Inc.		795,420		33,550,816
Garmin Ltd.		97,900		6,857,895
				40,408,711

Company	Shares		U.S. $ Value
Internet & Direct Marketing Retail - 0.6%
eBay, Inc. (a)		182,410	$	6,023,178
Specialty Retail - 1.5%
Murphy USA, Inc. (a)		99,510		8,504,124
Tractor Supply Co.		75,784		6,887,250
				15,391,374
				69,588,332
Information Technology - 6.0%
Communications Equipment - 2.2%
Cisco Systems, Inc.		385,250		18,742,413
F5 Networks, Inc. (a)		21,120		4,211,750
				22,954,163
IT Services - 1.6%
International Business Machines Corp.		111,680		16,887,133
Semiconductors & Semiconductor Equipment - 1.6%
Intel Corp.		188,042		8,892,506
QUALCOMM, Inc.		65,570		4,723,007
Skyworks Solutions, Inc.		44,150		4,004,847
				17,620,360
Technology Hardware, Storage & Peripherals - 0.6%
Apple, Inc.		27,825		6,281,215
				63,742,871
Consumer Staples - 5.3%
Food & Staples Retailing - 4.6%
Walgreens Boots Alliance, Inc.		255,130		18,598,977
Walmart, Inc.		316,427		29,715,660
				48,314,637
Tobacco - 0.7%
Philip Morris International, Inc.		94,580		7,712,053
				56,026,690
Real Estate - 4.1%
Equity Real Estate Investment Trusts (REITs) - 2.6%
Liberty Property Trust		165,300		6,983,925
Regency Centers Corp.		311,480		20,143,412
				27,127,337
Real Estate Management & Development - 1.5%
CBRE Group, Inc.-Class A (a)		369,960		16,315,236
				43,442,573
Total Common Stocks (cost $771,340,718)				926,986,161

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 12.3%
Investment Companies - 12.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $129,733,697)		129,733,697	$	129,733,697
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $901,074,415)				1,056,719,858
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.7%
Investment Companies - 0.7%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $7,930,183)		7,930,183		7,930,183
Total Investments - 100.8% (cost $909,004,598) (f)				1,064,650,041
Other assets less liabilities - (0.8)%				(8,713,890	)
Net Assets - 100.0%			$	1,055,936,151

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $158,807,146 and gross unrealized depreciation of investments was $(3,161,704), resulting in net unrealized appreciation of $155,645,442.

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

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

926,986,161

$

– 0

–

$

– 0

–

$

926,986,161

Short-Term Investments

129,733,697

– 0

–

– 0

–

129,733,697

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

7,930,183

– 0

–

– 0

–

7,930,183

Total Investments in Securities

1,064,650,041

– 0

–

– 0

–

1,064,650,041

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

1,064,650,041

$

– 0

–

$

– 0

–

$

1,064,650,041

(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 nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/17 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	– 0	–	$	238,273	$	108,539	$	129,734	$	692
Government Money Market Portfolio*		20,366			146,830		159,266		7,930		168
Total	$	20,366		$	385,103	$	267,805	$	137,664	$	860

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 27.2%
Financial Institutions - 14.3%
Banking - 12.8%
Banco Santander SA
3.25%, 4/04/26 (a)	EUR	200	$	242,397
3.50%, 4/11/22	U.S.$	200		195,800
Bank of America Corp.
4.45%, 3/03/26		25		25,021
Series DD
6.30%, 3/10/26 (b)		27		29,009
Series L
3.95%, 4/21/25		360		352,282
Series Z
6.50%, 10/23/24 (b)		41		44,182
Bank of Nova Scotia (The)
2.50%, 1/08/21		26		25,557
Banque Federative du Credit Mutuel SA
2.75%, 10/15/20 (a)		200		197,216
BB&T Corp.
2.625%, 6/29/20		45		44,592
BNP Paribas SA
3.80%, 1/10/24 (a)		200		195,748
Capital One Financial Corp.
3.30%, 10/30/24		135		128,737
Citigroup, Inc.
4.044%, 6/01/24		299		300,002
Commonwealth Bank of Australia
2.25%, 3/10/20 (a)		52		51,336
Compass Bank
5.50%, 4/01/20		250		255,905
Cooperatieve Rabobank UA
4.375%, 8/04/25		250		247,225
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23		265		261,828
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		118		113,646
3.75%, 5/22/25		53		51,923
3.85%, 7/08/24		210		208,654
Series D
6.00%, 6/15/20		195		203,578
HSBC Holdings PLC
4.25%, 8/18/25		203		199,064
4.375%, 11/23/26		200		196,108
ING Groep NV
4.10%, 10/02/23		200		200,192
JPMorgan Chase & Co.
3.22%, 3/01/25		140		135,562
3.54%, 5/01/28		255		243,227
Lloyds Banking Group PLC
4.582%, 12/10/25		200		196,030
Manufacturers & Traders Trust Co.
2.625%, 1/25/21		250		245,878
Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/01/26		200		196,364
Morgan Stanley
3.737%, 4/24/24		75		74,439
5.00%, 11/24/25		60		62,088
Series G
4.35%, 9/08/26		186		184,413

	Principal Amount (000)		U.S. $ Value
MUFG Bank Ltd.
2.30%, 3/05/20 (a)	U.S.$	200	$	197,268
PNC Bank NA
2.60%, 7/21/20		250		247,712
Santander Holdings USA, Inc.
4.40%, 7/13/27		140		133,795
UBS Group Funding Switzerland AG
4.125%, 9/24/25 (a)		200		198,726
US Bancorp
Series J
5.30%, 4/15/27 (b)		63		63,101
Wells Fargo & Co.
3.069%, 1/24/23		113		110,202
				6,058,807
Finance - 0.3%
Synchrony Financial
4.50%, 7/23/25		147		142,146
Insurance - 0.8%
American International Group, Inc.
Series A-9
5.75%, 4/01/48		57		55,447
Halfmoon Parent, Inc.
3.75%, 7/15/23 (a)		37		36,943
4.125%, 11/15/25 (a)		45		44,848
4.375%, 10/15/28 (a)		58		57,764
Hartford Financial Services Group, Inc.(The)
5.50%, 3/30/20		31		31,971
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		35		54,455
New York Life Global Funding
1.95%, 2/11/20 (a)		129		127,162
				408,590
REITS - 0.4%
American Tower Corp.
3.40%, 2/15/19		35		35,071
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		6		5,859
Welltower, Inc.
4.00%, 6/01/25		146		143,956
				184,886
				6,794,429
Industrial - 12.1%
Basic - 1.3%
Eastman Chemical Co.
3.80%, 3/15/25		50		49,393

	Principal Amount (000)		U.S. $ Value
Glencore Funding LLC
4.125%, 5/30/23 (a)	U.S.$	58	$	57,850
Mosaic Co. (The)
5.625%, 11/15/43		40		40,957
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		253,500
Vale Overseas Ltd.
6.25%, 8/10/26		135		146,640
Yamana Gold, Inc.
4.95%, 7/15/24		81		79,963
				628,303
Capital Goods - 0.5%
Embraer Netherlands Finance BV
5.40%, 2/01/27		85		86,700
General Electric Co.
Series D
5.00%, 1/21/21 (b)		40		39,006
United Technologies Corp.
3.95%, 8/16/25		90		89,645
				215,351
Communications - Media - 0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		135		137,249
Cox Communications, Inc.
2.95%, 6/30/23 (a)		51		48,523
Time Warner Cable LLC
4.125%, 2/15/21		200		201,630
				387,402
Communications - Telecommunications - 1.4%
AT&T, Inc.
3.40%, 5/15/25		310		295,015
4.125%, 2/17/26		147		145,224
Verizon Communications, Inc.
4.862%, 8/21/46		75		75,178
Vodafone Group PLC
3.75%, 1/16/24		40		39,546
4.125%, 5/30/25		88		87,381
				642,344
Consumer Cyclical - Automotive - 0.3%
General Motors Financial Co., Inc.
3.10%, 1/15/19		110		110,078
4.00%, 1/15/25		23		22,226
4.30%, 7/13/25		30		29,171
				161,475
Consumer Non-Cyclical - 2.0%
Becton Dickinson and Co.
3.734%, 12/15/24		40		39,167

	Principal Amount (000)		U.S. $ Value
Biogen, Inc.
4.05%, 9/15/25	U.S.$	144	$	144,502
CVS Health Corp.
4.10%, 3/25/25		60		59,794
4.30%, 3/25/28		60		59,474
Danone SA
1.691%, 10/30/19 (a)		200		197,064
Mylan NV
3.125%, 11/22/28 (a)	EUR	100		118,507
Reynolds American, Inc.
6.875%, 5/01/20	U.S.$	50		52,675
Tyson Foods, Inc.
2.65%, 8/15/19		39		38,911
3.95%, 8/15/24		123		122,838
Zimmer Biomet Holdings, Inc.
2.70%, 4/01/20		51		50,501
Zoetis, Inc.
3.45%, 11/13/20		45		45,178
				928,611
Energy - 4.2%
Cenovus Energy, Inc.
3.00%, 8/15/22		12		11,540
4.25%, 4/15/27		176		170,137
5.70%, 10/15/19		36		36,836
Encana Corp.
3.90%, 11/15/21		45		45,168
Energy Transfer Partners LP
4.75%, 1/15/26		175		176,468
Enterprise Products Operating LLC
3.70%, 2/15/26		161		158,434
5.20%, 9/01/20		55		56,962
Hess Corp.
4.30%, 4/01/27		109		105,798
Kinder Morgan Energy Partners LP
6.50%, 9/01/39		50		56,621
Kinder Morgan, Inc./DE
3.15%, 1/15/23		150		145,913
4.30%, 3/01/28		91		90,131
Marathon Oil Corp.
6.80%, 3/15/32		100		117,936
Noble Energy, Inc.
3.85%, 1/15/28		30		28,307
3.90%, 11/15/24		107		105,110
4.15%, 12/15/21		40		40,483
Plains All American Pipeline LP/PAA
Finance Corp.
3.60%, 11/01/24		137		131,989
Sabine Pass Liquefaction LLC
5.00%, 3/15/27		80		82,102
5.625%, 3/01/25		161		171,578
TransCanada PipeLines Ltd.
9.875%, 1/01/21		108		122,704
Western Gas Partners LP
4.50%, 3/01/28		30		28,812
4.75%, 8/15/28		20		19,558

	Principal Amount (000)		U.S. $ Value
Williams Cos., Inc. (The)
4.125%, 11/15/20	U.S.$	97	$	98,052
				2,000,639
Services - 0.5%
Expedia Group, Inc.
3.80%, 2/15/28		94		86,641
S&P Global, Inc.
4.40%, 2/15/26		127		130,325
Total System Services, Inc.
4.00%, 6/01/23		43		43,236
				260,202
Technology - 1.1%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24		28		27,218
3.875%, 1/15/27		62		58,436
Dell International LLC/EMC Corp.
5.45%, 6/15/23 (a)		83		87,218
6.02%, 6/15/26 (a)		78		83,310
KLA-Tencor Corp.
4.65%, 11/01/24		134		137,542
Lam Research Corp.
2.80%, 6/15/21		39		38,306
Seagate HDD Cayman
4.75%, 1/01/25		75		71,976
				504,006
				5,728,333
Utility - 0.8%
Electric - 0.8%
Dominion Energy, Inc.
4.70%, 12/01/44		33		33,322
Enel Chile SA
4.875%, 6/12/28		68		68,374
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		203,250
				385,697
Total Corporates - Investment Grade (cost $12,962,202)				12,908,459
MORTGAGE PASS-THROUGHS - 17.2%
Agency Fixed Rate 15-Year - 2.4%
Federal National Mortgage Association
Series 2016
2.50%, 7/01/31-1/01/32		1,149		1,109,774
Agency Fixed Rate 30-Year - 14.8%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		75		81,267

	Principal Amount (000)		U.S. $ Value
Series 2007
5.50%, 7/01/35	U.S.$	22	$	23,307
Series 2016
4.00%, 2/01/46		229		233,259
Series 2017
4.00%, 7/01/44		181		184,145
Federal National Mortgage Association
Series 2003
5.50%, 4/01/33-7/01/33		71		76,571
Series 2004
5.50%, 4/01/34-11/01/34		63		68,020
Series 2005
5.50%, 2/01/35		74		80,732
Series 2010
4.00%, 12/01/40		109		110,652
Series 2013
4.00%, 10/01/43		428		435,588
Series 2017
3.50%, 9/01/47		354		348,658
Series 2018
3.50%, 2/01/48-5/01/48		3,645		3,593,088
4.00%, 8/01/48-9/01/48		361		365,207
4.50%, 9/01/48		399		414,257
4.50% FNCL, 10/01/48, TBA		495		510,623
5.00% FNCL, 10/01/48, TBA		230		241,428
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		1		1,109
Series 2016
3.00%, 4/20/46		267		258,938
				7,026,849
Total Mortgage Pass-Throughs (cost $8,246,240)				8,136,623
COMMERCIAL MORTGAGE-BACKED SECURITIES - 11.9%
Non-Agency Fixed Rate CMBS - 9.2%
CCUBS Commercial Mortgage Trust
Series 2017-C1, Class A4
3.544%, 11/15/50		155		150,805
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4
3.283%, 5/10/58		115		111,232
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		260		257,917
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5
3.137%, 2/10/48		144		139,695
Series 2015-GC35, Class A4
3.818%, 11/10/48		55		55,412
Series 2016-C1, Class A4
3.209%, 5/10/49		192		185,317
Series 2016-GC36, Class A5
3.616%, 2/10/49		65		64,459
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		65		62,945

	Principal Amount (000)		U.S. $ Value
Series 2014-UBS3, Class A4
3.819%, 6/10/47	U.S.$	130	$	131,438
Series 2014-UBS5, Class A4
3.838%, 9/10/47		130		131,356
Series 2015-CR24, Class A5
3.696%, 8/10/48		65		65,197
Series 2015-DC1, Class A5
3.35%, 2/10/48		80		78,481
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4
3.504%, 6/15/57		100		98,695
Series 2015-C3, Class A4
3.718%, 8/15/48		117		116,505
Series 2015-C4, Class A4
3.808%, 11/15/48		215		215,836
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		226		225,240
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		136		133,641
Series 2018-GS9, Class A4
3.992%, 3/10/51		75		76,030
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2006-LDP9, Class AM
5.372%, 5/15/47 (c)		24		23,743
Series 2012-C6, Class D
5.312%, 5/15/45 (c)		110		107,581
Series 2012-C6, Class E
5.312%, 5/15/45 (a)(c)		132		116,904
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5
3.775%, 8/15/47		100		100,894
Series 2014-C22, Class XA
1.038%, 9/15/47 (d)		2,812		112,497
Series 2015-C30, Class A5
3.822%, 7/15/48		65		65,689
Series 2015-C31, Class A3
3.801%, 8/15/48		195		196,613
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39 (c)		26		18,020
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 3/10/49 (a)		159		153,099
Morgan Stanley Capital I Trust
Series 2016-UB12, Class A4
3.596%, 12/15/49		100		98,424
UBS Commercial Mortgage Trust
Series 2018-C10, Class A4
4.313%, 5/15/51		125		129,066
Series 2018-C8, Class A4
3.983%, 2/15/51		100		100,703
Series 2018-C9, Class A4
4.117%, 3/15/51		125		127,093

	Principal Amount (000)		U.S. $ Value
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5
2.85%, 12/10/45	U.S.$	112	$	109,378
Wells Fargo Commercial Mortgage Trust
Series 2016-C35, Class XA
2.14%, 7/15/48(d)		977		109,924
Series 2016-LC25, Class C
4.583%, 12/15/59 (c)		85		82,015
Series 2016-NXS6, Class C
4.455%, 11/15/49 (c)		100		99,069
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA
1.359%, 3/15/45 (a)(d)		1,314		54,680
Series 2014-C19, Class A5 4.
101%, 3/15/47		130		133,234
Series 2014-C20, Class A2
3.036%, 5/15/47		100		100,095
				4,338,922
Non-Agency Floating Rate CMBS - 2.7%
Ashford Hospitality Trust
Series 2018-KEYS, Class A
3.158% (LIBOR 1 Month + 1.00%),
5/15/35 (a)(e)		100		100,092
Atrium Hotel Portfolio Trust
Series 2018-ATRM, Class A
3.108% (LIBOR 1 Month + 0.95%),
6/15/35 (a)(e)		100		100,154
BAMLL Commercial Mortgage Securities
Trust
Series 2017-SCH, Class AF
3.158% (LIBOR 1 Month + 1.00%),
11/15/33 (a)(c)(e)		185		187,101
BHMS
Series 2018-ATLS, Class A
3.408% (LIBOR 1 Month + 1.25%),
7/15/35 (a)(e)		100		100,127
BX Trust
Series 2017-IMC, Class A
3.208% (LIBOR 1 Month + 1.05%),
10/15/32 (a)(e)		135		135,129
Credit Suisse Mortgage Trust
Series 2016-MFF, Class D
6.758% (LIBOR 1 Month + 4.60%),
11/15/33 (a)(c)(e)		100		100,006
Great Wolf Trust
Series 2017-WOLF, Class A
3.158% (LIBOR 1 Month + 0.85%),
9/15/34 (a)(e)		93		93,030
RETL
Series 2018-RVP, Class A
3.258% (LIBOR 1 Month + 1.10%),
3/15/33 (a)(e)		86		85,823

	Principal Amount (000)		U.S. $ Value
Starwood Retail Property Trust
Series 2014-STAR, Class A
3.378% (LIBOR 1 Month + 1.22%),
11/15/27 (a)(e)	U.S.$	179	$	179,285
Waldorf Astoria Boca Raton Trust
Series 2016-BOCA, Class A
3.508% (LIBOR 1 Month + 1.35%),
6/15/29 (a)(e)		211		211,132
				1,291,879
Total Commercial Mortgage-Backed Securities (cost $5,789,485)				5,630,801
GOVERNMENTS - TREASURIES - 11.7%
United States - 11.7%
U.S. Treasury Bonds
2.50%, 2/15/45-5/15/46		363		316,749
2.75%, 11/15/47		158		144,644
2.875%, 11/15/46		26		24,452
3.00%, 11/15/45		1,753		1,690,164
3.125%, 5/15/48		202		199,286
3.50%, 2/15/39		61		64,250
4.50%, 2/15/36		99		117,454
5.375%, 2/15/31		120		148,275
6.25%, 5/15/30		179		233,854
U.S. Treasury Notes
0.875%, 10/15/18		387		386,758
1.25%, 3/31/21		460		442,319
1.375%, 9/30/20		946		919,542
2.25%, 2/15/27		67		62,781
2.625%, 2/28/23		653		644,633
2.875%, 8/15/28		170		167,397
Total Governments - Treasuries (cost $5,946,236)				5,562,558
ASSET-BACKED SECURITIES - 9.2%
Autos - Fixed Rate - 4.7%
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A2A
1.69%, 12/18/20		31		30,490
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		240		240,115
Series 2016-1A, Class A
2.99%, 6/20/22 (a)		100		98,668
DT Auto Owner Trust
Series 2017-3A, Class A
1.73%, 8/17/20 (a)		9		9,100
Series 2018-1A, Class A
2.59%, 5/17/21 (a)		66		66,330
Exeter Automobile Receivables Trust
Series 2016-3A, Class A
1.84%, 11/16/20 (a)		4		4,045
Series 2016-3A, Class D
6.40%, 7/17/23 (a)		100		102,822

	Principal Amount (000)		U.S. $ Value
Series 2017-1A, Class D
6.20%, 11/15/23 (a)	U.S.$	100	$	102,234
Series 2017-2A, Class A
2.11%, 6/15/21 (a)		20		19,747
Series 2017-3A, Class A
2.05%, 12/15/21 (a)		59		58,961
Series 2017-3A, Class C
3.68%, 7/17/23 (a)		60		59,754
Flagship Credit Auto Trust
Series 2016-4, Class D
3.89%, 11/15/22 (a)		125		124,463
Series 2017-3, Class A
1.88%, 10/15/21 (a)		49		48,595
Series 2018-3, Class B
3.59%, 12/16/24 (a)		75		74,809
Ford Credit Auto Owner Trust
Series 2014-2, Class A
2.31%, 4/15/26 (a)		257		255,318
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		198		195,393
Series 2016-1, Class A1
1.76%, 2/15/21		131		130,583
Series 2017-1, Class A1
2.07%, 5/15/22		115		113,140
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		4		4,122
Hertz Vehicle Financing II LP
Series 2015-1A, Class B
3.52%, 3/25/21 (a)		115		114,288
Series 2017-1A, Class A
2.96%, 10/25/21 (a)		125		123,349
Hertz Vehicle Financing LLC
Series 2018-2A, Class A
3.65%, 6/27/22 (a)		125		124,518
Santander Drive Auto Receivables Trust
Series 2017-3, Class A2
1.67%, 6/15/20		11		10,896
Westlake Automobile Receivables Trust
Series 2018-3A, Class A1
2.53%, 9/16/19 (a)		111		111,105
				2,222,845
Other ABS - Fixed Rate - 2.9%
CLUB Credit Trust
Series 2017-P1, Class B
3.56%, 9/15/23 (a)(c)		100		99,501
Series 2017-P2, Class A
2.61%, 1/15/24 (a)(c)		57		57,173
CNH Equipment Trust
Series 2015-A, Class A4
1.85%, 4/15/21		134		133,298

	Principal Amount (000)		U.S. $ Value
Consumer Loan Underlying Bond Credit Trust
Series 2018-P1, Class A
3.39%, 7/15/25 (a)(c)	U.S.$	88	$	87,982
Marlette Funding Trust
Series 2017-1A, Class A
2.827%, 3/15/24 (a)(c)		17		17,479
Series 2017-2A, Class A
2.39%, 7/15/24 (a)(c)		33		33,201
Series 2017-3A, Class A
2.36%, 12/15/24 (a)(c)		46		45,819
Series 2017-3A, Class B
3.01%, 12/15/24 (a)(c)		100		99,293
Series 2018-3A, Class A
3.20%, 9/15/28 (a)(c)		116		116,279
SBA Tower Trust
Series 2015-1A,Class C
3.156%, 10/08/20 (a)(c)		147		145,897
SoFi Consumer Loan Program LLC
Series 2016-2, Class A
3.09%, 10/27/25 (a)(c)		39		38,524
Series 2016-3, Class A
3.05%, 12/26/25 (a)(c)		45		44,687
Series 2017-1, Class A
3.28%, 1/26/26 (a)(c)		43		42,724
Series 2017-2, Class A
3.28%, 2/25/26 (a)(c)		52		51,808
Series 2017-3, Class A
2.77%, 5/25/26 (a)(c)		60		59,238
Series 2017-4, Class B
3.59%, 5/26/26 (a)(c)		130		126,067
Series 2017-5, Class A2
2.78%, 9/25/26 (a)(c)		110		108,044
SoFi Consumer Loan Program Trust
Series 2018-1, Class A1
2.55%, 2/25/27 (a)(c)		76		75,491
				1,382,505
Credit Cards - Fixed Rate - 1.4%
GE Capital Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		232		231,779
Synchrony Credit Card Master Note Trust
Series 2016-1, Class A
2.04%, 3/15/22		130		129,675
World Financial Network Credit Card Master Trust
Series 2017-B, Class A
1.98%, 6/15/23		110		109,106
Series 2018-A, Class A
3.07%, 12/16/24		130		129,197
Series 2018-B, Class M
3.81%, 7/15/25		70		69,991
				669,748

	Principal Amount (000)		U.S. $ Value
Home Equity Loans - Fixed Rate - 0.1%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (c)	U.S.$	53	$	53,010
Home Equity Loans - Floating Rate - 0.1%
Asset Backed Funding Certificates Trust
Series 2003-WF1, Class A2
3.341% (LIBOR 1 Month + 1.13%), 12/25/32 (c)(e)		24		24,181
Total Asset-Backed Securities (cost $4,373,183)				4,352,289
COLLATERALIZED MORTGAGE OBLIGATIONS - 7.4%
Risk Share Floating Rate - 4.8%
Bellemeade Re II Ltd.
Series 2016-1A, Class M2B
8.716% (LIBOR 1 Month + 6.50%), 4/25/26 (e)(f)		13		13,132
Bellemeade Re Ltd.
Series 2017-1, Class M1
3.916% (LIBOR 1 Month + 1.70%), 10/25/27 (a)(e)		113		113,106
Series 2018-2A, Class M1B
3.566% (LIBOR 1 Month + 1.35%), 8/25/28 (a)(e)		150		151,245
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN4, Class M3
6.766% (LIBOR 1 Month + 4.55%), 10/25/24 (e)		192		213,008
Series 2015-HQA1, Class M2
4.866% (LIBOR 1 Month + 2.65%), 3/25/28 (e)		86		87,261
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M2
5.216% (LIBOR 1 Month + 3.00%), 7/25/24 (e)		45		48,480
Series 2014-C04, Class 2M2
7.216% (LIBOR 1 Month + 5.00%), 11/25/24 (e)		44		49,238
Series 2015-C01, Class 1M2
6.516% (LIBOR 1 Month + 4.30%), 2/25/25 (e)		63		69,018
Series 2015-C01, Class 2M2
6.766% (LIBOR 1 Month + 4.55%), 2/25/25 (e)		50		53,701
Series 2015-C02, Class 1M2
6.216% (LIBOR 1 Month + 4.00%), 5/25/25 (e)		78		85,422
Series 2015-C02, Class 2M2
6.216% (LIBOR 1 Month + 4.00%), 5/25/25 (e)		84		90,915

	Principal Amount (000)		U.S. $ Value
Series 2015-C03, Class 1M2
7.216% (LIBOR 1 Month + 5.00%), 7/25/25 (e)	U.S.$	97	$	110,433
Series 2015-C03, Class 2M2
7.216% (LIBOR 1 Month + 5.00%), 7/25/25 (e)		77		85,568
Series 2015-C04, Class 1M2
7.916% (LIBOR 1 Month + 5.70%), 4/25/28 (e)		121		140,503
Series 2015-C04, Class 2M2
7.766% (LIBOR 1 Month + 5.55%), 4/25/28 (e)		107		121,363
Series 2016-C01, Class 1M2
8.966% (LIBOR 1 Month + 6.75%), 8/25/28 (e)		160		191,776
Series 2016-C01, Class 2M2
9.166% (LIBOR 1 Month + 6.95%), 8/25/28 (e)		90		106,712
Series 2016-C02, Class 1M2
8.216% (LIBOR 1 Month + 6.00%), 9/25/28 (e)		130		152,939
Series 2016-C03, Class 2M2
8.116% (LIBOR 1 Month + 5.90%), 10/25/28 (e)		173		200,260
Series 2016-C05, Class 2M2
6.666% (LIBOR 1 Month + 4.45%), 1/25/29 (e)		105		117,132
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
7.466% (LIBOR 1 Month + 5.25%), 11/25/25 (e)(f)		45		50,112
Series 2015-WF1, Class 2M2
7.716% (LIBOR 1 Month + 5.50%), 11/25/25 (e)(f)		20		23,536
				2,274,860
Agency Floating Rate - 1.1%
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
4.324% ( 6.54% - LIBOR 1 Month), 12/25/41 (e)(g)		167		28,551
Series 2012-70, Class SA
4.334% ( 6.55% - LIBOR 1 Month), 7/25/42 (e)(g)		308		54,772
Series 2015-90, Class SL
3.934% ( 6.15% - LIBOR 1 Month), 12/25/45 (e)(g)		332		49,335
Series 2016-77, Class DS
3.784% ( 6.00% - LIBOR 1 Month), 10/25/46 (e)(g)		336		51,401
Series 2017-16, Class SG
3.834% ( 6.05% - LIBOR 1 Month), 3/25/47 (e)(g)		332		51,503
Series 2017-26, Class TS

	Principal Amount (000)		U.S. $ Value
3.734% ( 5.95% - LIBOR 1 Month), 4/25/47 (e)(g)	U.S.$	313	$	50,389
Series 2017-62, Class AS
3.934% ( 6.15% - LIBOR 1 Month), 8/25/47 (e)(g)		330		52,876
Series 2017-81, Class SA
3.984% ( 6.20% - LIBOR 1 Month), 10/25/47 (e)(g)		324		53,814
Series 2017-97, Class LS
3.984% ( 6.20% - LIBOR 1 Month), 12/25/47 (e)(g)		329		57,022
Government National Mortgage Association
Series 2017-134, Class SE
4.035% ( 6.20% - LIBOR 1 Month), 9/20/47 (e)(g)		277		42,912
Series 2017-65, Class ST
3.985% ( 6.15% - LIBOR 1 Month), 4/20/47 (e)(g)		320		51,895
				544,470
Non-Agency Fixed Rate - 1.1%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		18		17,449
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		37		31,674
Series 2006-24CB, Class A16
5.75%, 8/01/36		69		58,286
Series 2006-28CB, Class A14
6.25%, 10/25/36		50		41,126
Series 2006-J1, Class 1A13
5.50%, 2/25/36		39		35,397
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		24		20,066
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
3.899%, 5/25/35		40		40,216
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		36		29,417
Series 2006-13, Class 1A19
6.25%, 9/25/36		20		16,267
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		56		46,058
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
4.013%, 7/25/36		123		118,772
JP Morgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		33		27,829

	Principal Amount (000)		U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37	U.S.$	16	$	15,463
				498,020
Non-Agency Floating Rate - 0.3%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
2.406% (LIBOR 1 Month + 0.19%), 12/25/36 (e)		138		81,409
HomeBanc Mortgage Trust
Series 2005-1, Class A1
2.466% (LIBOR 1 Month + 0.25%), 3/25/35 (e)		46		40,219
				121,628
Agency Fixed Rate - 0.1%
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
2.518%, 5/28/35 (c)		50		47,067
Total Collateralized Mortgage Obligations (cost $3,352,380)				3,486,045
INFLATION-LINKED SECURITIES - 4.8%
Japan - 1.2%
Japanese Government CPI Linked Bond Series 22
0.10%, 3/10/27	JPY	60,175		553,193
United States - 3.6%
U.S. Treasury Inflation Index
0.375%, 7/15/25 (TIPS)	U.S.$	754		730,328
0.625%, 7/15/21 (TIPS)		369		367,942
1.25%, 7/15/20 (TIPS)		630		636,854
				1,735,124
Total Inflation-Linked Securities (cost $2,332,757)				2,288,317
AGENCIES - 3.3%
Agency Debentures - 3.3%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,565,183)		1,677		1,586,325
CORPORATES - NON-INVESTMENT GRADE - 3.2%
Industrial - 2.1%
Communications - Media - 0.1%
CSC Holdings LLC
6.75%, 11/15/21		30		31,633

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications - 0.5%
Sprint Capital Corp.
6.90%, 5/01/19	U.S.$	210	$	213,480
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19		63		63,370
Consumer Non-Cyclical - 0.5%
First Quality Finance Co., Inc.
4.625%, 5/15/21 (a)		85		84,908
HCA, Inc.
5.375%, 9/01/26		63		63,687
Spectrum Brands, Inc.
5.75%, 7/15/25		69		69,781
				218,376
Energy - 0.6%
Antero Resources Corp.
5.125%, 12/01/22		16		16,242
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		68		49,781
Nabors Industries, Inc.
5.50%, 1/15/23		113		111,390
PDC Energy, Inc.
5.75%, 5/15/26		46		43,772
Sunoco LP/Sunoco Finance Corp.
4.875%, 1/15/23 (a)		69		68,353
				289,538
Technology - 0.2%
Western Digital Corp.
4.75%, 2/15/26		98		94,924
Transportation - Services - 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.25%, 3/15/25 (a)		52		48,746
				960,067
Financial Institutions - 1.0%
Banking - 0.7%
Barclays Bank PLC
6.86%, 6/15/32 (a)(b)		29		31,566
CIT Group, Inc.
5.25%, 3/07/25		56		57,076
Citigroup, Inc.
5.95%, 1/30/23 (b)		55		56,145
Goldman Sachs Group, Inc. (The)
Series P
5.00%, 11/10/22 (b)		74		70,090
Royal Bank of Scotland Group PLC
2.011% (EURIBOR 3 Month + 2.33%),
12/31/18 (a)(b)(e)	EUR	50		56,021

	Principal Amount (000)		U.S. $ Value
Standard Chartered PLC
3.849% (LIBOR 3 Month + 1.51%), 1/30/27 (a)(b)(e)	U.S.$	100	$	83,501
				354,399
Finance - 0.2%
Navient Corp.
6.625%, 7/26/21		95		98,902
Insurance - 0.1%
Voya Financial, Inc.
5.65%, 5/15/53		31		31,207
				484,508
Utility - 0.1%
Electric - 0.1%
AES Corp./VA
4.00%, 3/15/21		49		48,880
Total Corporates - Non-Investment Grade (cost $1,530,162)				1,493,455
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 0.6%
United States - 0.6%
State of California
Series 2010 7.625%, 3/01/40 (cost $203,033)		200		291,230
	Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
REITS - 0.2%
Sovereign Real Estate Investment Trust 12.00% (a) (cost $87,658)		93		109,275
	Principal Amount (000)
EMERGING MARKETS - CORPORATE BONDS - 0.2%
Utility - 0.1%
Electric - 0.1%
Genneia SA
8.75%, 1/20/22 (a)	U.S.$	35		32,637
Terraform Global Operating LLC
6.125%, 3/01/26 (a)		21		20,192
				52,829
Industrial - 0.1%
Energy - 0.1%
Petrobras Global Finance BV
6.25%, 3/17/24		47		47,106
Total Emerging Markets - Corporate Bonds (cost $108,720)				99,935

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - TREASURIES - 0.1%
Argentina - 0.1%
Argentina POM Politica Monetaria
Series POM
42.819% (ARLLMONP), 6/21/20 (e) (cost $56,245)	ARS	900	$	25,721
SHORT-TERM INVESTMENTS - 5.7%
Governments - Treasuries - 3.0%
Japan - 3.0%
Japan Treasury Discount Bill
Series 715
Zero Coupon, 10/22/18
(cost $1,433,922)	JPY	160,000		1,408,315
	Shares
Investment Companies - 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (h)(i)(j) (cost $663,489)		663,489		663,489
	Principal Amount (000)
Agency Discount Notes - 1.3%
Federal Home Loan Bank
Zero Coupon, 10/19/18-12/21/18 (cost $632,496)	U.S.$	635		632,463
Total Short-Term Investments (cost $2,729,907)				2,704,267
Total Investments - 102.7% (cost $49,283,391)(k)				48,675,300
Other assets less liabilities - (2.7)%				(1,280,262	)
Net Assets - 100.0%			$	47,395,038

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at September 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		29		December 2018		USD	5,800	$	6,124,957	$	6,111,297	$	(13,660	)
U.S. T-Note 5 Yr (CBT) Futures		9		December 2018		USD	900		1,020,120		1,012,289		(7,831	)
U.S. T-Note 10 Yr (CBT) Futures		2		December 2018		USD	200		237,690		237,562		(128	)
U.S. Ultra Bond (CBT) Futures		8		December 2018		USD	800		1,282,824		1,234,250		(48,574	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		15		December 2018		JPY	150,000		1,984,160		1,981,341		2,819
Euro-BOBL Futures		4		December 2018		EUR	400		611,219		606,997		4,222
												$	(63,152	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	120	INR	8,379		12/13/18	$	(6,164	)
Citibank, NA	BRL	155	USD	37		10/02/18		(979	)
Citibank, NA	USD	39	BRL	155		10/02/18		(331	)
Citibank, NA	USD	122	INR	8,485		12/13/18		(5,937	)
HSBC Bank USA	JPY	184,766	USD	1,670		10/10/18		43,333
Morgan Stanley & Co., Inc.	BRL	155	USD	39		10/02/18		331
Morgan Stanley & Co., Inc.	USD	38	BRL	155		10/02/18		747
Morgan Stanley & Co., Inc.	BRL	155	USD	37		11/05/18		(762	)
Standard Chartered Bank	USD	247	KRW	274,976		11/15/18		1,162
Standard Chartered Bank	TWD	15,070	USD	492		12/11/18		(5,097	)
State Street Bank & Trust Co.	JPY	13,049	USD	116		10/04/18		1,114
State Street Bank & Trust Co.	JPY	42,355	USD	380		10/10/18		7,294
State Street Bank & Trust Co.	AUD	425	USD	313		10/11/18		5,593
State Street Bank & Trust Co.	EUR	557	USD	657		10/11/18		9,700
State Street Bank & Trust Co.	GBP	101	EUR	113		10/11/18		(1,113	)
State Street Bank & Trust Co.	NZD	258	USD	174		10/11/18		2,861
State Street Bank & Trust Co.	USD	144	EUR	126		10/11/18		2,664
State Street Bank & Trust Co.	GBP	216	USD	283		10/12/18		1,636
State Street Bank & Trust Co.	PLN	455	USD	124		10/18/18		581
State Street Bank & Trust Co.	EUR	104	NOK	995		11/15/18		1,479
State Street Bank & Trust Co.	KRW	137,727	USD	123		11/15/18		(1,585	)
State Street Bank & Trust Co.	USD	117	NOK	945		11/15/18		(389	)
State Street Bank & Trust Co.	USD	47	CAD	61		11/16/18		(31	)
State Street Bank & Trust Co.	USD	197	MYR	793		11/29/18		(5,257	)
							$	50,850

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2018			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAIG Series 31, 5 Year Index, 12/20/23*		(1.00	)%		Quarterly		0.60	%	USD	760	$	(14,819	)	$	(13,991	)	$	(828	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/Received	Unrealized Appreciation/ (Depreciation)
EUR	3,380		6/11/20	(0.115%)	6 Month EURIBOR	Annual/ Semi-Annual	$	(4,551	)
AUD	3,870		6/21/20	2.118%	3 Month BBSW	Quarterly/ Quarterly		(6,853	)
NOK	44,100		6/22/20	6 Month NIBOR	1.378%	Semi-Annual/ Annual		(5,042	)
EUR	3,140		8/07/20	(0.143%)	6 Month EURIBOR	Annual/ Semi-Annual		97
USD	360		8/22/22	3 Month LIBOR	2.886%	Quarterly/ Semi-Annual		(2,159	)
USD	1,200		9/10/23	3 Month LIBOR	2.896%	Quarterly/ Semi-Annual		(9,431	)
USD	740		11/10/25	2.256%	3 Month LIBOR	Semi-Annual/ Quarterly		36,069
USD	80		6/28/26	1.460%	3 Month LIBOR	Semi-Annual/ Quarterly		8,859
USD	175		11/08/26	1.657%	3 Month LIBOR	Semi-Annual/ Quarterly		17,576
USD	200		11/09/26	1.672%	3 Month LIBOR	Semi-Annual/ Quarterly		19,863
USD	105		4/26/27	2.287%	3 Month LIBOR	Semi-Annual/ Quarterly		6,071
USD	260		7/12/27	2.355%	3 Month LIBOR	Semi-Annual/ Quarterly		15,532
USD	180		3/28/28	2.920%	3 Month LIBOR	Semi-Annual/ Quarterly		3,204
NOK	4,780		8/31/28	2.186%	6 Month NIBOR	Annual/ Semi-Annual		5,414
USD	290		8/31/28	3 Month LIBOR	2.986%	Quarterly/ Semi-Annual		(3,657	)
							$	80,992

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 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		0.29	%		USD	98	$	(3,473	)	$	(865	)	$	(2,608	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.29			USD	112		(3,968	)		(1,024	)		(2,944	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	3		(23	)		38			(61	)
CDX-CMBX.NA.BBB- Series 9, 9/17/58*		(3.00	)		Monthly		4.07			USD	55		3,262			4,534			(1,272	)
CDX-CMBX.NA.BBB- Series 9, 9/17/58*		(3.00	)		Monthly		4.07			USD	107		6,345			8,022			(1,677	)
CDX-CMBX.NA.BBB- Series 9, 9/17/58*		(3.00	)		Monthly		4.07			USD	131		7,768			9,490			(1,722	)
CDX-CMBX.NA.BBB- Series 9, 9/17/58*		(3.00	)		Monthly		4.07			USD	107		6,345			8,305			(1,960	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	4		(31	)		36			(67	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	330		(2,568	)		4,116			(6,684	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		(3.00	)		Monthly		4.32			USD	350		19,565			22,274			(2,709	)
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	42		(327	)		565			(892	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.38			USD	122		(950	)		1,276			(2,226	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)%	Monthly		0.38	%		USD	408	$	(3,176	)	$	4,304		$	(7,480	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)	Monthly		0.38			USD	27		(210	)		255			(465	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)	Monthly		0.38			USD	46		(358	)		614			(972	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)	Monthly		0.38			USD	50		(389	)		649			(1,038	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)	Monthly		0.38			USD	99		(771	)		1,285			(2,056	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	52		(6,109	)		(7,969	)		1,860
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	60		(7,044	)		(8,377	)		1,333
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	31		(3,645	)		(4,894	)		1,249
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	32		(3,757	)		(4,364	)		607
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	5		(588	)		(828	)		240
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	37		(4,344	)		(4,356	)		12
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	54		(6,339	)		(6,357	)		18
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	73		(8,570	)		(8,404	)		(166	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	29		(3,405	)		(3,209	)		(196	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	107		(12,562	)		(12,318	)		(244	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 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		6.57	%		USD	73	$	(8,570	)	$	(8,239	)	$	(331	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	107		(12,561	)		(12,076	)		(485	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	78		(9,157	)		(8,641	)		(516	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	132		(15,497	)		(14,550	)		(947	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	56		(6,579	)		(8,543	)		1,964
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	28		(3,287	)		(1,991	)		(1,296	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	94		(11,035	)		(6,253	)		(4,782	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	350		(41,090	)		(20,829	)		(20,261	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	318		(37,355	)		(13,378	)		(23,977	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 5/11/63*		2.00		Monthly		2.35			USD	135		(1,616	)		(2,716	)		1,100
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	51		(5,988	)		(6,609	)		621
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	8		(939	)		(964	)		25
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	28		(3,287	)		(3,293	)		6
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	27		(3,170	)		(3,175	)		5
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	8		(939	)		(472	)		(467	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 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		6.57	%		USD	84	$	(9,862	)	$	(9,306	)	$	(556	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	85		(9,980	)		(7,190	)		(2,790	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	132		(15,497	)		(9,513	)		(5,984	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	39		(4,585	)		(6,649	)		2,064
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	92		(10,801	)		(12,543	)		1,742
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	28		(3,292	)		(4,706	)		1,414
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	34		(3,998	)		(5,375	)		1,377
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	41		(4,813	)		(5,738	)		925
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	4		(470	)		(625	)		155
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	4		(470	)		(369	)		(101	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	16		(1,878	)		(1,776	)		(102	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	8		(940	)		(813	)		(127	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	8		(939	)		(751	)		(188	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	57		(6,692	)		(6,245	)		(447	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	49		(5,753	)		(4,354	)		(1,399	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	185		(21,719	)		(14,543	)		(7,176	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 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		6.57	%		USD	246	$	(28,880	)	$	(12,371	)	$	(16,509	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	35		(4,109	)		(2,538	)		(1,571	)
												$	(325,070	)	$	(214,336	)	$	(110,734	)

* Termination date

VARIANCE SWAPS

Swap Counterparty & Referenced Obligation	Volatility Strike Rate			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	$	713		$	– 0 –	$	713
AUD/JPY 3/03/20*		12.75			Maturity		AUD	4		(1,023	)		– 0 –		(1,023	)
Goldman Sachs Bank USA
AUD/JPY 3/10/20*		12.90			Maturity		AUD	2		(654	)		– 0 –		(654	)
AUD/JPY 3/11/20*		12.80			Maturity		AUD	2		(439	)		– 0 –		(439	)
									$	(1,403	)	$	– 0 –	$	(1,403	)

* Termination date

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, the aggregate market value of these securities amounted to $8,536,368 or 18.0% 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) IO - Interest Only.

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2018.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.19% of net assets as of September 30, 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
8.716%, 4/25/26		4/29/16	$	13,072	$	13,132		0.03	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
7.466%, 11/25/25		9/28/15		44,529		50,112		0.11	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
7.716%, 11/25/25		9/28/15		20,201		23,536		0.05	%

(g) Inverse interest only security.

(h) Affiliated investments.

(i) 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.

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

(k) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $684,948 and gross unrealized depreciation of investments was $(1,337,314), resulting in net unrealized depreciation of $(652,366).

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
MYR	-	Malaysian Ringgit
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
Glossary:
ABS	-	Asset-Backed Securities
ARLLMONP	-	Argentina Blended Policy Rate
BBSW	-	Bank Bill Swap Reference Rate (Australia)
BOBL	-	Bundesobligationen
CBT	-	Chicago Board of Trade
CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CDX-NAIG	-	North American Investment Grade Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CPI	-	Consumer Price Index
EURIBOR	-	Euro Interbank Offered Rate
LIBOR	-	London Interbank Offered Rates
NIBOR	-	Norwegian Interbank Offered Rate
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio    

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grade

$

– 0

–

$

12,908,459

$

– 0

–

$

12,908,459

Mortgage Pass-Throughs

– 0

–

8,136,623

– 0

–

8,136,623

Commercial Mortgage-Backed Securities

– 0

–

4,896,362

734,439

5,630,801

Governments - Treasuries

– 0

–

5,562,558

– 0

–

5,562,558

Asset-Backed Securities

– 0

–

3,025,891

1,326,398

4,352,289

Collateralized Mortgage Obligations

– 0

–

3,438,978

47,067

3,486,045

Inflation-Linked Securities

– 0

–

2,288,317

– 0

–

2,288,317

Agencies

– 0

–

1,586,325

– 0

–

1,586,325

Corporates - Non-Investment Grade

– 0

–

1,493,455

– 0

–

1,493,455

Local Governments - US Municipal Bonds

– 0

–

291,230

– 0

–

291,230

Preferred Stocks

– 0

–

109,275

– 0

–

109,275

Emerging Markets - Corporate Bonds

– 0

–

99,935

– 0

–

99,935

Emerging Markets - Treasuries

– 0

–

25,721

– 0

–

25,721

Short-Term Investments:

Governments - Treasuries

– 0

–

1,408,315

– 0

–

1,408,315

Investment Companies

663,489

– 0

–

– 0

–

663,489

Agency Discount Notes

– 0

–

632,463

– 0

–

632,463

Total Investments in Securities

663,489

45,903,907

2,107,904

48,675,300

Other Financial Instruments (a):

Assets:

Futures

7,041

– 0

–

– 0

–

7,041

Forward Currency Exchange Contracts

– 0

–

78,495

– 0

–

78,495

Centrally Cleared Interest Rate Swaps

– 0

–

112,685

– 0

–

112,685

Credit Default Swaps

– 0

–

43,285

– 0

–

43,285

Variance Swaps

– 0

–

713

– 0

–

713

Liabilities:

Futures

(70,193

)

– 0

–

– 0

–

(70,193

)

Forward Currency Exchange Contracts

– 0

–

(27,645

)

– 0

–

(27,645

)

Centrally Cleared Credit Default Swaps

– 0

–

(14,819

)

– 0

–

(14,819

)

Centrally Cleared Interest Rate Swaps

– 0

–

(31,693

)

– 0

–

(31,693

)

Credit Default Swaps

– 0

–

(368,355

)

– 0

–

(368,355

)

Variance Swaps

– 0

–

(2,116

)

– 0

–

(2,116

)

Total (b)

$

600,337

$

45,694,457

$

2,107,904

$

48,402,698

(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			Asset-Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/17	$	774,281		$	1,409,964		$	46,791
Accrued discounts/(premiums)		(76	)		50			– 0	–
Realized gain (loss)		(17,780	)		80			– 0	–
Change in unrealized appreciation/depreciation		(5,115	)		(11,519	)		276
Purchases/Payups		– 0	–		354,973			– 0	–
Sales/Paydowns		(16,871	)		(427,150	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/18	$	734,439		$	1,326,398		$	47,067
Net change in unrealized appreciation/depreciation from investments held as of 9/30/18	$	(5,749	)	$	(11,467	)	$	276

	Total
Balance as of 12/31/17	$	2,231,036
Accrued discounts/(premiums)		(26	)
Realized gain (loss)		(17,700	)
Change in unrealized appreciation/depreciation		(16,358	)
Purchases/Payups		354,973
Sales/Paydowns		(444,021	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 9/30/18	$	2,107,904
Net change in unrealized appreciation/depreciation from investments held as of 9/30/18	$	(16,940	)

As of September 30, 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).

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/17 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	– 0	–	$	7,312	$	6,649	$	663	$	2

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.8%
Financials - 22.9%
Banks - 10.0%
Credicorp Ltd.		6,343	$	1,414,996
HDFC Bank Ltd.		50,347		1,393,276
Svenska Handelsbanken AB-Class A SHS		102,240		1,289,414
Swedbank AB-Class A		65,079		1,609,544
				5,707,230
Capital Markets - 4.6%
London Stock Exchange Group PLC		11,930		712,898
Partners Group Holding AG		2,439		1,933,440
				2,646,338
Consumer Finance - 1.8%
Bharat Financial Inclusion Ltd. (a)		71,270		1,021,930
Insurance - 4.5%
AIA Group Ltd.		168,000		1,498,041
Prudential PLC		48,567		1,113,547
				2,611,588
Thrifts & Mortgage Finance - 2.0%
Housing Development Finance Corp., Ltd.		47,174		1,138,963
				13,126,049
Industrials - 14.7%
Building Products - 4.4%
Cie de Saint-Gobain		16,370		705,563
Kingspan Group PLC		38,725		1,805,661
				2,511,224
Commercial Services & Supplies - 1.8%
China Everbright International Ltd.		1,177,148		1,016,335
Electrical Equipment - 5.0%
Schneider Electric SE		19,618		1,575,266
Vestas Wind Systems A/S		19,340		1,306,538
				2,881,804
Industrial Conglomerates - 3.5%
Siemens AG		15,534		1,986,233
				8,395,596
Information Technology - 12.1%
Electronic Equipment, Instruments & Components - 2.8%
Halma PLC		53,678		1,010,589
Horiba Ltd.		10,800		572,441
				1,583,030
Semiconductors & Semiconductor Equipment - 7.1%
ams AG (a)(b)		10,660		599,995
ASML Holding NV		3,931		738,063
Infineon Technologies AG		50,702		1,153,768
Taiwan Semiconductor Manufacturing Co., Ltd.		186,000		1,587,237
				4,079,063

Company	Shares		U.S. $ Value
Software - 2.2%
Dassault Systemes SE		8,520	$	1,274,911
				6,937,004
Consumer Staples - 12.1%
Food & Staples Retailing - 1.7%
Tsuruha Holdings, Inc.		7,800		960,100
Food Products - 5.1%
Kerry Group PLC-Class A		12,990		1,436,565
Nestle SA		17,717		1,474,702
				2,911,267
Household Products - 2.4%
Unicharm Corp.		42,100		1,392,906
Personal Products - 2.9%
Godrej Consumer Products Ltd.		89,537		956,207
Unilever PLC		12,690		697,113
				1,653,320
				6,917,593
Health Care - 10.6%
Health Care Equipment & Supplies - 2.6%
Essilor International Cie Generale d’Optique SA		9,822		1,453,849
Health Care Providers & Services - 2.2%
Apollo Hospitals Enterprise Ltd.		85,962		1,249,638
Life Sciences Tools & Services - 3.7%
Gerresheimer AG		12,047		1,017,029
ICON PLC (a)		6,680		1,027,050
Tecan Group AG		371		87,827
				2,131,906
Pharmaceuticals - 2.1%
Roche Holding AG		3,530		853,608
Vectura Group PLC (a)		351,400		365,316
				1,218,924
				6,054,317
Consumer Discretionary - 8.6%
Auto Components - 5.2%
Aptiv PLC		19,928		1,671,959
Delphi Technologies PLC		22,750		713,440
Valeo SA		13,610		589,325
				2,974,724
Household Durables - 1.7%
Panasonic Corp.		85,100		986,413
Textiles, Apparel & Luxury Goods - 1.7%
Shenzhou International Group Holdings Ltd.		74,000		949,503
				4,910,640

Company	Shares		U.S. $ Value
Utilities - 3.9%
Multi-Utilities - 1.8%
Suez		74,406	$	1,058,418
Water Utilities - 2.1%
Beijing Enterprises Water Group Ltd. (a)		1,448,000		771,951
Cia de Saneamento Basico do Estado de Sao Paulo		73,800		431,081
				1,203,032
				2,261,450
Communication Services - 3.6%
Diversified Telecommunication Services - 2.1%
Deutsche Telekom AG		75,657		1,217,974
Interactive Media & Services - 1.5%
Tencent Holdings Ltd.		20,600		841,115
				2,059,089
Materials - 3.5%
Chemicals - 3.5%
Chr Hansen Holding A/S		6,206		629,199
Koninklijke DSM NV		4,405		466,548
Umicore SA		15,760		880,329
				1,976,076
Real Estate - 1.8%
Real Estate Management & Development - 1.8%
SM Prime Holdings, Inc.		1,564,200		1,046,708
Total Common Stocks (cost $44,260,449)				53,684,522
SHORT-TERM INVESTMENTS - 2.9%
Investment Companies - 2.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $1,684,785)		1,684,785		1,684,785
Total Investments Before Security Lending Collateral for Securities Loaned - 96.7% (cost $45,945,234)				55,369,307
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.9%
Investment Companies - 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $484,770)		484,770		484,770
Total Investments - 97.6% (cost $46,430,004) (f)				55,854,077
Other assets less liabilities - 2.4%				1,386,077
Net Assets - 100.0%			$	57,240,154

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	SEK	12,287	USD	1,357		11/14/18	$	(30,509	)
Bank of America, NA	USD	504	RUB	33,356		11/14/18		3,320
Bank of America, NA	PHP	50,085	USD	914		12/11/18		(7,191	)
Bank of America, NA	INR	10,305	USD	146		12/13/18		5,044
Barclays Bank PLC	CNY	3,222	USD	466		10/25/18		(2,578	)
Barclays Bank PLC	USD	175	INR	12,764		12/13/18		(1,487	)
BNP Paribas SA	USD	689	CNY	4,741		10/25/18		(145	)
BNP Paribas SA	GBP	503	USD	641		11/14/18		(16,296	)
BNP Paribas SA	TWD	6,119	USD	200		12/11/18		(2,455	)
BNP Paribas SA	USD	713	INR	52,615		12/13/18		3,788
BNP Paribas SA	USD	241	INR	16,812		12/13/18		(11,574	)
Citibank, NA	BRL	1,289	USD	322		10/02/18		2,762
Citibank, NA	BRL	1,289	USD	312		10/02/18		(7,067	)
Citibank, NA	USD	311	BRL	1,289		10/02/18		8,163
Citibank, NA	USD	322	BRL	1,289		10/02/18		(2,762	)
Citibank, NA	USD	307	CNY	2,067		10/25/18		(6,141	)
Citibank, NA	USD	311	BRL	1,289		11/05/18		7,177
Citibank, NA	USD	2,749	AUD	3,784		11/14/18		(12,899	)
Citibank, NA	USD	4,014	GBP	3,145		11/14/18		93,166
Citibank, NA	USD	2,182	KRW	2,467,876		11/15/18		43,751
Citibank, NA	INR	480,975	USD	6,892		12/13/18		335,083
Credit Suisse International	USD	788	EUR	690		11/14/18		15,993
Goldman Sachs Bank USA	CHF	572	USD	579		11/14/18		(5,506	)
Goldman Sachs Bank USA	GBP	417	USD	544		11/14/18		(342	)
JPMorgan Chase Bank, NA	USD	4,629	JPY	510,336		11/14/18		(123,425	)
Morgan Stanley & Co., Inc.	USD	4,017	CAD	5,271		11/14/18		67,632
Natwest Markets PLC	EUR	4,789	USD	5,468		11/14/18		(110,996	)
Standard Chartered Bank	USD	166	CNY	1,155		10/25/18		1,825
Standard Chartered Bank	KRW	197,659	USD	175		11/15/18		(3,720	)
Standard Chartered Bank	USD	324	TWD	9,920		12/11/18		3,355
State Street Bank & Trust Co.	CAD	192	USD	146		11/14/18		(2,889	)
State Street Bank & Trust Co.	CHF	139	USD	144		11/14/18		1,435
State Street Bank & Trust Co.	CHF	181	USD	184		11/14/18		(669	)
State Street Bank & Trust Co.	EUR	766	USD	902		11/14/18		10,081
State Street Bank & Trust Co.	EUR	401	USD	465		11/14/18		(2,599	)
State Street Bank & Trust Co.	GBP	114	USD	147		11/14/18		(1,869	)
State Street Bank & Trust Co.	JPY	37,817	USD	340		11/14/18		6,507
State Street Bank & Trust Co.	SEK	2,300	USD	264		11/14/18		4,117
State Street Bank & Trust Co.	USD	1,487	JPY	164,602		11/14/18		(34,262	)
State Street Bank & Trust Co.	USD	466	MXN	9,083		11/14/18		16,077

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	292	NOK	2,440		11/14/18	$	8,033
State Street Bank & Trust Co.	USD	67	NZD	102		11/14/18		529
State Street Bank & Trust Co.	USD	446	ZAR	6,504		11/14/18		11,637
							$	262,094

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,263,924 and gross unrealized depreciation of investments was $(3,577,757), resulting in net unrealized appreciation of $9,686,167.

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

COUNTRY BREAKDOWN ¹

September 30, 2018 (unaudited)

12.0%	France
10.4%	India
9.7%	Germany
7.9%	Switzerland
7.1%	Japan
7.0%	United Kingdom
6.5%	China
6.2%	United States
5.9%	Ireland
5.2%	Sweden
3.5%	Denmark
2.9%	Taiwan
2.7%	Hong Kong
10.0%	Other
3.0%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2018. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.6% or less in the following countries: Austria, Belgium, Brazil, Netherlands, Peru and Philippines.

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

2,808,272

$

10,317,777

$

– 0

–

$

13,126,049

Industrials

1,805,661

6,589,935

– 0

–

8,395,596

Information Technology

– 0

–

6,937,004

– 0

–

6,937,004

Consumer Staples

1,436,565

5,481,028

– 0

–

6,917,593

Health Care

1,027,050

5,027,267

– 0

–

6,054,317

Consumer Discretionary

2,385,399

2,525,241

– 0

–

4,910,640

Utilities

431,081

1,830,369

– 0

–

2,261,450

Communication Services

– 0

–

2,059,089

– 0

–

2,059,089

Materials

– 0

–

1,976,076

– 0

–

1,976,076

Real Estate

– 0

–

1,046,708

– 0

–

1,046,708

Short-Term Investments

1,684,785

– 0

–

– 0

–

1,684,785

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

484,770

– 0

–

– 0

–

484,770

Total Investments in Securities

12,063,583

43,790,494

(a)

– 0

–

55,854,077

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

– 0

–

649,475

– 0

–

649,475

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(387,381

)

– 0

–

(387,381

)

Total (c)(d)(e)

$

12,063,583

$

44,052,588

– 0

–

$

56,116,171

(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 $2,864,074 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.

(e) An amount of $2,148,726 was transferred from Level 2 to Level 1 due to increase in trading volume during the reporting period.

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

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

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/2018 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	5,185	$	3,500	$	1,685	$	8
Government Money Market Portfolio*		1,757		14,919		16,191		485		10
	$	1,757	$	20,104	$	19,691	$	2,170	$	18

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.0%
Consumer Discretionary - 17.7%
Auto Components - 5.6%
Hankook Tire Co., Ltd.		109,434	$	4,940,330
Magna International, Inc.-Class A		120,220		6,315,157
NGK Spark Plug Co., Ltd.		300,100		8,747,791
Valeo SA		125,830		5,448,549
				25,451,827
Automobiles - 5.0%
Honda Motor Co., Ltd.		236,200		7,113,459
Peugeot SA		322,160		8,690,502
Subaru Corp.		226,600		6,946,262
				22,750,223
Household Durables - 3.4%
Nikon Corp.		355,800		6,685,947
Panasonic Corp.		757,900		8,784,990
				15,470,937
Leisure Products - 1.3%
Amer Sports Oyj (a)		138,506		5,659,874
Textiles, Apparel & Luxury Goods - 2.4%
HUGO BOSS AG		68,260		5,251,590
Pandora A/S		86,250		5,386,177
				10,637,767
				79,970,628
Financials - 17.0%
Banks - 10.1%
Bank of Ireland Group PLC		559,050		4,275,015
BOC Hong Kong Holdings Ltd.		1,494,000		7,090,993
DNB ASA		467,820		9,845,034
Erste Group Bank AG (a)		251,770		10,452,673
ICICI Bank Ltd.		808,790		3,418,940
Mitsubishi UFJ Financial Group, Inc.		1,448,800		9,000,943
Yes Bank Ltd.		466,822		1,186,583
				45,270,181
Capital Markets - 2.5%
Credit Suisse Group AG (a)		757,217		11,362,387
Consumer Finance - 1.2%
Hitachi Capital Corp.		195,400		5,438,765
Insurance - 3.2%
Allianz SE		43,740		9,735,072
PICC Property & Casualty Co., Ltd.-Class H		4,140,000		4,872,414
				14,607,486
				76,678,819
Materials - 12.7%
Chemicals - 5.8%
Air Water, Inc.		232,800		4,272,363
Incitec Pivot Ltd.		1,662,440		4,779,927

Company	Shares		U.S. $ Value
Johnson Matthey PLC		157,200	$	7,294,584
Nippon Shokubai Co., Ltd.		86,900		6,752,079
Tosoh Corp.		206,900		3,186,658
				26,285,611
Construction Materials - 1.3%
Buzzi Unicem SpA (b)		285,270		5,915,163
Containers & Packaging - 0.9%
BillerudKorsnas AB (b)		321,910		4,154,605
Metals & Mining - 4.7%
First Quantum Minerals Ltd.		320,090		3,645,356
Gerdau SA (Preference Shares)		1,109,200		4,721,286
Norsk Hydro ASA		1,251,890		7,507,415
Yamato Kogyo Co., Ltd.		166,000		5,147,862
				21,021,919
				57,377,298
Energy - 10.5%
Oil, Gas & Consumable Fuels - 10.5%
JXTG Holdings, Inc.		1,501,600		11,357,786
PetroChina Co., Ltd.-Class H		10,690,000		8,652,442
Repsol SA		353,880		7,044,806
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		408,410		13,992,638
Royal Dutch Shell PLC-Class A		188,044		6,447,736
				47,495,408
Industrials - 10.3%
Aerospace & Defense - 5.9%
Airbus SE		92,120		11,564,989
BAE Systems PLC		846,320		6,939,794
Leonardo SpA		181,564		2,182,256
MTU Aero Engines AG		26,910		6,062,252
				26,749,291
Airlines - 2.9%
Japan Airlines Co., Ltd.		239,700		8,615,324
Qantas Airways Ltd.		989,190		4,216,177
				12,831,501
Electrical Equipment - 0.7%
Signify NV (c)		123,570		3,198,591
Machinery - 0.8%
Glory Ltd.		140,200		3,423,643
				46,203,026
Consumer Staples - 9.8%
Beverages - 0.8%
Coca-Cola Bottlers Japan Holdings, Inc.		136,600		3,655,997
Food Products - 2.7%
Orkla ASA		794,440		6,712,240
WH Group Ltd. (c)		7,711,500		5,413,897
				12,126,137

Company	Shares		U.S. $ Value
Household Products - 1.7%
Henkel AG & Co. KGaA (Preference Shares)		64,660	$	7,581,431
Tobacco - 4.6%
British American Tobacco PLC		270,140		12,594,060
Japan Tobacco, Inc.		305,900		7,988,060
				20,582,120
				43,945,685
Information Technology - 6.7%
Communications Equipment - 1.8%
Nokia Oyj		1,483,410		8,247,412
Semiconductors & Semiconductor Equipment - 3.3%
SCREEN Holdings Co., Ltd.		67,800		3,986,692
SUMCO Corp.		222,800		3,245,664
Taiwan Semiconductor Manufacturing Co., Ltd.		875,000		7,466,841
				14,699,197
Technology Hardware, Storage & Peripherals - 1.6%
Samsung Electronics Co., Ltd.		176,140		7,371,609
				30,318,218
Communication Services - 5.9%
Diversified Telecommunication Services - 3.0%
China Unicom Hong Kong Ltd.		5,806,000		6,782,883
Nippon Telegraph & Telephone Corp.		150,700		6,801,143
				13,584,026
Entertainment - 1.7%
Nintendo Co., Ltd.		20,600		7,494,964
Interactive Media & Services - 1.2%
Yahoo Japan Corp.		1,554,800		5,583,499
				26,662,489
Health Care - 5.3%
Pharmaceuticals - 5.3%
Novo Nordisk A/S-Class B		182,690		8,598,316
Ono Pharmaceutical Co., Ltd.		312,900		8,857,100
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		296,110		6,378,209
				23,833,625
Real Estate - 1.1%
Real Estate Management & Development - 1.1%
Aroundtown SA		546,450		4,868,409
Utilities - 1.0%
Electric Utilities - 1.0%
EDP - Energias de Portugal SA		1,163,800		4,294,211
Total Common Stocks (cost $409,069,780)				441,647,816

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.7%
Investment Companies - 1.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (d)(e)(f) (cost $7,622,962)		7,622,962	$	7,622,962
Total Investments Before Security Lending Collateral for Securities Loaned - 99.7% (cost $416,692,742)				449,270,778
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.7%
Investment Companies - 1.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (d)(e)(f) (cost $7,687,323)		7,687,323		7,687,323
Total Investments - 101.4% (cost $424,380,065) (g)				456,958,101
Other assets less liabilities - (1.4)%				(6,257,794	)
Net Assets - 100.0%			$	450,700,307

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	CAD	961	USD	732		10/16/18	$	(12,693	)
Bank of America, NA	JPY	2,484,756	USD	22,290		10/16/18		398,442
Bank of America, NA	NOK	4,179	USD	524		10/16/18		10,196
Bank of America, NA	USD	4,542	GBP	3,434		10/16/18		(63,233	)
Bank of America, NA	USD	3,769	JPY	418,653		10/16/18		(81,079	)
Barclays Bank PLC	EUR	1,163	USD	1,355		10/16/18		3,498
Barclays Bank PLC	JPY	372,858	USD	3,350		10/16/18		65,341
Barclays Bank PLC	USD	950	AUD	1,285		10/16/18		(21,004	)
Barclays Bank PLC	USD	1,754	CHF	1,731		10/16/18		12,006
Barclays Bank PLC	USD	6,090	GBP	4,543		10/16/18		(164,682	)
Barclays Bank PLC	USD	1,006	JPY	112,590		10/16/18		(13,560	)
Barclays Bank PLC	USD	758	NZD	1,124		10/16/18		(12,656	)
Barclays Bank PLC	CNY	13,037	USD	1,892		10/25/18		(3,092	)
Barclays Bank PLC	JPY	289,396	USD	2,589		1/17/19		18,913
BNP Paribas SA	CAD	1,539	USD	1,187		10/16/18		(4,759	)
BNP Paribas SA	USD	3,822	EUR	3,258		10/16/18		(34,689	)
BNP Paribas SA	USD	3,304	GBP	2,514		10/16/18		(24,810	)
BNP Paribas SA	USD	440	INR	32,165		12/13/18		(1,900	)
Citibank, NA	BRL	16,070	USD	4,014		10/02/18		34,436
Citibank, NA	BRL	16,070	USD	3,877		10/02/18		(101,769	)
Citibank, NA	USD	3,891	BRL	16,070		10/02/18		88,109
Citibank, NA	USD	4,014	BRL	16,070		10/02/18		(34,436	)
Citibank, NA	EUR	1,967	USD	2,303		10/16/18		16,286
Citibank, NA	HKD	10,750	USD	1,372		10/16/18		(1,721	)
Citibank, NA	USD	195	AUD	270		10/16/18		289
Citibank, NA	USD	7,414	EUR	6,466		10/16/18		101,312
Citibank, NA	USD	2,719	GBP	2,043		10/16/18		(54,501	)
Citibank, NA	USD	687	JPY	77,457		10/16/18		(4,300	)
Citibank, NA	CNY	125,443	USD	18,610		10/25/18		371,897
Citibank, NA	BRL	16,070	USD	3,880		11/05/18		(89,482	)
Citibank, NA	KRW	10,008,346	USD	8,850		11/15/18		(177,429	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA	INR	414,693	USD	5,942		12/13/18	$	288,691
Citibank, NA	JPY	257,705	USD	2,319		1/17/19		30,179
Citibank, NA	USD	1,800	EUR	1,517		1/17/19		(22,422	)
Citibank, NA	USD	1,211	GBP	920		1/17/19		(5,743	)
Credit Suisse International	EUR	905	USD	1,055		10/16/18		3,462
Credit Suisse International	GBP	1,056	USD	1,383		10/16/18		5,614
Credit Suisse International	GBP	7,658	USD	9,802		10/16/18		(185,296	)
Credit Suisse International	NOK	37,735	USD	4,527		10/16/18		(112,144	)
Credit Suisse International	SEK	22,660	USD	2,538		10/16/18		(14,666	)
Credit Suisse International	USD	706	CAD	928		10/16/18		12,277
Credit Suisse International	USD	926	JPY	102,748		10/16/18		(21,141	)
Credit Suisse International	USD	4,014	NOK	33,264		10/16/18		75,019
Credit Suisse International	USD	2,243	NOK	18,194		10/16/18		(5,818	)
Credit Suisse International	USD	9,174	SEK	83,210		10/16/18		199,562
Credit Suisse International	USD	5,020	SEK	42,852		10/16/18		(192,386	)
Deutsche Bank AG	USD	2,444	GBP	1,841		10/16/18		(43,322	)
Deutsche Bank AG	USD	1,338	GBP	1,010		1/17/19		(14,060	)
Goldman Sachs Bank USA	USD	788	CAD	1,026		10/16/18		6,114
Goldman Sachs Bank USA	USD	2,020	JPY	226,431		10/16/18		(24,833	)
Goldman Sachs Bank USA	USD	1,103	SEK	9,704		10/16/18		(10,028	)
JPMorgan Chase Bank, NA	EUR	1,125	USD	1,306		10/16/18		(1,412	)
JPMorgan Chase Bank, NA	HKD	7,046	USD	899		10/16/18		(1,428	)
JPMorgan Chase Bank, NA	JPY	1,111,071	USD	10,073		10/16/18		284,675
JPMorgan Chase Bank, NA	NOK	100,486	USD	12,373		10/16/18		18,916
JPMorgan Chase Bank, NA	SEK	39,589	USD	4,358		10/16/18		(101,500	)
JPMorgan Chase Bank, NA	KRW	817,738	USD	734		11/15/18		(3,652	)
Morgan Stanley & Co., Inc.	EUR	709	USD	836		10/16/18		11,561
Morgan Stanley & Co., Inc.	ILS	2,887	USD	812		10/16/18		17,437
Morgan Stanley & Co., Inc.	JPY	324,101	USD	2,936		10/16/18		80,715
Morgan Stanley & Co., Inc.	USD	2,055	CHF	2,007		10/16/18		(7,700	)
Morgan Stanley & Co., Inc.	TWD	18,262	USD	599		12/11/18		(4,299	)
Morgan Stanley & Co., Inc.	HKD	14,315	USD	1,835		1/17/19		3,478
Morgan Stanley & Co., Inc.	USD	1,425	AUD	1,984		1/17/19		10,235
Natwest Markets PLC	CAD	12,385	USD	9,403		10/16/18		(188,926	)
Natwest Markets PLC	EUR	919	USD	1,089		10/16/18		20,335
Natwest Markets PLC	ILS	14,037	USD	3,874		10/16/18		10,370
Natwest Markets PLC	USD	744	AUD	1,031		10/16/18		1,685
Natwest Markets PLC	USD	15,422	AUD	20,873		10/16/18		(332,808	)
Natwest Markets PLC	USD	15,307	EUR	12,878		10/16/18		(338,357	)
Natwest Markets PLC	USD	20,574	GBP	15,576		10/16/18		(259,800	)
Natwest Markets PLC	USD	460	INR	33,603		12/13/18		(2,300	)
Natwest Markets PLC	USD	1,099	AUD	1,509		1/17/19		(7,468	)
Northern Trust Co.	USD	21,410	CHF	21,304		10/16/18		324,169
Standard Chartered Bank	JPY	250,745	USD	2,278		10/16/18		68,727
Standard Chartered Bank	USD	1,836	HKD	14,393		10/16/18		2,765
Standard Chartered Bank	USD	1,522	JPY	167,497		10/16/18		(46,616	)
Standard Chartered Bank	USD	497	CNY	3,403		10/25/18		(1,946	)
Standard Chartered Bank	USD	1,963	KRW	2,218,982		11/15/18		38,503
Standard Chartered Bank	TWD	196,632	USD	6,426		12/11/18		(66,511	)
Standard Chartered Bank	USD	455	INR	33,468		12/13/18		882
State Street Bank & Trust Co.	EUR	9,639	USD	11,360		10/16/18		157,086
State Street Bank & Trust Co.	HKD	3,521	USD	449		10/16/18		(376	)
State Street Bank & Trust Co.	NOK	8,657	USD	1,069		10/16/18		4,227
State Street Bank & Trust Co.	NOK	13,260	USD	1,624		10/16/18		(6,173	)
State Street Bank & Trust Co.	USD	201	GBP	151		10/16/18		(4,259	)
State Street Bank & Trust Co.	JPY	45,500	USD	409		1/17/19		4,817
State Street Bank & Trust Co.	USD	1,363	AUD	1,907		1/17/19		16,719
State Street Bank & Trust Co.	USD	7,107	EUR	5,995		1/17/19		(81,078	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
UBS AG	JPY	193,388	USD	1,762		10/16/18	$	57,827
UBS AG	USD	809	JPY	89,400		10/16/18		(21,608	)
							$	(155,099	)

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, the aggregate market value of these securities amounted to $8,612,488 or 1.9% 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 September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $65,363,388 and gross unrealized depreciation of investments was $(32,940,451), resulting in net unrealized appreciation of $32,422,937.

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

Currency Abbreviations:

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

Glossary:

ADR - American Depositary Receipt

COUNTRY BREAKDOWN ¹

September 30, 2018 (unaudited)

31.9%	Japan
10.5%	United Kingdom
7.5%	Germany
5.7%	France
5.4%	Norway
4.5%	China
3.1%	Denmark
3.1%	Finland
2.8%	Hong Kong
2.7%	South Korea
2.5%	Switzerland
2.3%	Austria
2.2%	Canada
14.1%	Other
1.7%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 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: Australia, Brazil, India, Ireland, Israel, Italy, Netherlands, Portugal, Spain, Sweden and Taiwan.

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Consumer Discretionary

$

11,701,334

$

68,269,294

$

– 0

–

$

79,970,628

Financials

– 0

–

76,678,819

– 0

–

76,678,819

Materials

8,366,642

49,010,656

– 0

–

57,377,298

Energy

– 0

–

47,495,408

– 0

–

47,495,408

Industrials

– 0

–

46,203,026

– 0

–

46,203,026

Consumer Staples

– 0

–

43,945,685

– 0

–

43,945,685

Information Technology

– 0

–

30,318,218

– 0

–

30,318,218

Communication Services

– 0

–

26,662,489

– 0

–

26,662,489

Health Care

6,378,209

17,455,416

– 0

–

23,833,625

Real Estate

– 0

–

4,868,409

– 0

–

4,868,409

Utilities

4,294,211

– 0

–

– 0

–

4,294,211

Short-Term Investments

7,622,962

– 0

–

– 0

–

7,622,962

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

7,687,323

– 0

–

– 0

–

7,687,323

Total Investments in Securities

46,050,681

410,907,420

(a)

– 0

–

456,958,101

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

– 0

–

2,876,772

– 0

–

2,876,772

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(3,031,871

)

– 0

–

(3,031,871

)

Total (c)(d)

$

46,050,681

$

410,752,321

$

– 0

–

$

456,803,002

(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 $6,815,226 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 $8,979,582 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 nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/17 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	33,253	$	25,630	$	7,623	$	31
Government Money Market Portfolio*		15,541		190,303		198,157		7,687		147
Total	$	15,541	$	223,556	$	223,787	$	15,310	$	178

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 91.2%
Information Technology - 21.9%
Communications Equipment - 0.9%
Arista Networks, Inc. (a)		15,607	$	4,149,277
Electronic Equipment, Instruments & Components - 0.4%
Amphenol Corp. - Class A		18,776		1,765,319
Cognex Corp.		5,640		314,825
				2,080,144
IT Services - 8.9%
Cognizant Technology Solutions Corp.-Class A		22,928		1,768,895
Fiserv, Inc. (a)		53,610		4,416,392
PayPal Holdings, Inc. (a)		136,052		11,950,808
Visa, Inc.-Class A		162,166		24,339,495
				42,475,590
Semiconductors & Semiconductor Equipment - 2.9%
Texas Instruments, Inc.		19,700		2,113,613
Xilinx, Inc.		147,503		11,825,315
				13,938,928
Software - 5.2%
Adobe Systems, Inc. (a)		28,540		7,704,373
Microsoft Corp.		146,292		16,731,416
				24,435,789
Technology Hardware, Storage & Peripherals - 3.6%
Apple, Inc.		75,862		17,125,088
				104,204,816
Health Care - 19.4%
Biotechnology - 5.0%
Biogen, Inc. (a)		44,706		15,795,077
Regeneron Pharmaceuticals, Inc. (a)		19,221		7,766,053
				23,561,130
Health Care Equipment & Supplies - 7.5%
Edwards Lifesciences Corp. (a)		83,222		14,488,950
Intuitive Surgical, Inc. (a)		23,192		13,312,208
Stryker Corp.		43,584		7,744,005
				35,545,163
Health Care Providers & Services - 3.7%
UnitedHealth Group, Inc.		66,721		17,750,455
Life Sciences Tools & Services - 0.4%
Mettler-Toledo International, Inc. (a)		3,055		1,860,434
Pharmaceuticals - 2.8%
Zoetis, Inc.		145,678		13,338,277
				92,055,459

Company	Shares		U.S. $ Value
Consumer Discretionary - 15.5%
Hotels, Restaurants & Leisure - 0.4%
Starbucks Corp.		33,290	$	1,892,204
Internet & Direct Marketing Retail - 3.3%
Booking Holdings, Inc. (a)		7,810		15,495,040
Multiline Retail - 0.7%
Dollar Tree, Inc. (a)		43,111		3,515,702
Specialty Retail - 7.7%
Home Depot, Inc. (The)		91,061		18,863,286
TJX Cos., Inc. (The)		75,219		8,426,032
Ulta Salon Cosmetics & Fragrance, Inc. (a)		32,600		9,197,112
				36,486,430
Textiles, Apparel & Luxury Goods - 3.4%
NIKE, Inc. - Class B		189,230		16,031,566
				73,420,942
Communication Services - 15.2%
Entertainment - 2.2%
Activision Blizzard, Inc.		77,437		6,441,984
Electronic Arts, Inc. (a)		35,350		4,259,322
				10,701,306
Interactive Media & Services - 11.9%
Alphabet, Inc. - Class C (a)		30,399		36,280,294
Facebook, Inc. - Class A (a)		123,039		20,234,994
				56,515,288
Media - 1.1%
Comcast Corp. - Class A		147,930		5,238,201
				72,454,795
Consumer Staples - 8.1%
Beverages - 4.9%
Constellation Brands, Inc. - Class A		34,690		7,479,858
Monster Beverage Corp. (a)		274,801		16,015,402
				23,495,260
Food & Staples Retailing - 3.2%
Costco Wholesale Corp.		64,330		15,109,831
				38,605,091
Industrials - 6.2%
Building Products - 2.8%
Allegion PLC		85,849		7,775,344
AO Smith Corp.		69,630		3,716,153
Lennox International, Inc.		8,821		1,926,507
				13,418,004
Commercial Services & Supplies - 0.9%
Copart, Inc. (a)		80,868		4,167,128

Company	Shares		U.S. $ Value
Industrial Conglomerates - 1.3%
Roper Technologies, Inc.		21,244	$	6,292,685
Machinery - 0.7%
IDEX Corp.		11,440		1,723,550
WABCO Holdings, Inc. (a)		14,642		1,726,878
				3,450,428
Trading Companies & Distributors - 0.5%
Fastenal Co.		38,620		2,240,732
				29,568,977
Financials - 2.5%
Capital Markets - 2.5%
MarketAxess Holdings, Inc.		18,086		3,228,170
S&P Global, Inc.		43,110		8,423,263
				11,651,433
Materials - 2.4%
Chemicals - 2.4%
Sherwin-Williams Co. (The)		25,189		11,466,285
Total Common Stocks (cost $275,337,779)				433,427,798
SHORT-TERM INVESTMENTS - 8.8%
Investment Companies - 8.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (b)(c)(d) (cost $41,817,441)		41,817,441		41,817,441
Total Investments - 100.0% (cost $317,155,220) (e)				475,245,239
Other assets less liabilities - 0.0%				(130,381	)
Net Assets - 100.0%			$	475,114,858

(a) Non-income producing security.

(b) Affiliated investments.

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

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

(e) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $158,989,664 and gross unrealized depreciation of investments was $(899,645), resulting in net unrealized appreciation of $158,090,019.

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

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

433,427,798

$

–0

–

$

–0

–

$

433,427,798

Short-Term Investments

41,817,441

–0

–

–0

–

41,817,441

Total Investments in Securities

475,245,239

–0

–

–0

–

475,245,239

Other Financial Instruments (b)

–0

–

–0

–

–0

–

–0

–

Total (c)

$

475,245,239

$

–0

–

$

–0

–

$

475,245,239

(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).

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/17 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	– 0	–	$	67,210	$	25,393	$	41,817	$	203

AB Variable Products Series Fund, Inc.

AB Real Estate Investment Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.8%
Real Estate - 97.8%
Diversified REITs - 4.2%
Armada Hoffler Properties, Inc.		51,170	$	773,179
Empire State Realty Trust, Inc.-Class A		36,510		606,431
VEREIT, Inc.		99,480		722,225
				2,101,835
Health Care REITs - 10.0%
HCP, Inc.		41,100		1,081,752
Healthcare Realty Trust, Inc.		24,030		703,118
LTC Properties, Inc.		12,680		559,315
Medical Properties Trust, Inc.		66,140		986,147
Sabra Health Care REIT, Inc.		40,030		925,493
Ventas, Inc.		13,570		737,937
				4,993,762
Hotel & Resort REITs - 5.9%
Hersha Hospitality Trust		19,860		450,226
MGM Growth Properties LLC-Class A		16,380		483,046
Park Hotels & Resorts, Inc.		22,960		753,548
RLJ Lodging Trust		35,430		780,523
Summit Hotel Properties, Inc.		34,238		463,240
				2,930,583
Industrial REITs - 10.8%
Duke Realty Corp.		38,000		1,078,060
Monmouth Real Estate Investment Corp.-Class A		17,770		297,114
Prologis, Inc.		35,990		2,439,762
Rexford Industrial Realty, Inc.		21,790		696,409
STAG Industrial, Inc.		31,470		865,425
				5,376,770
Office REITs - 11.3%
Alexandria Real Estate Equities, Inc.		9,870		1,241,548
Brandywine Realty Trust		31,560		496,123
City Office REIT, Inc.		21,200		267,544
Columbia Property Trust, Inc.		37,516		886,878
Corporate Office Properties Trust		23,050		687,582
Highwoods Properties, Inc.		15,070		712,208
JBG SMITH Properties		13,030		479,895
Kilroy Realty Corp.		11,770		843,791
				5,615,569
Real Estate Operating Companies - 1.0%
Essential Properties Realty Trust, Inc.		35,340		501,475
Residential REITs - 17.1%
American Campus Communities, Inc.		17,080		703,013
American Homes 4 Rent-Class A		45,450		994,900
Apartment Investment & Management Co.-Class A		19,160		845,531
Camden Property Trust		12,560		1,175,239
Essex Property Trust, Inc.		6,290		1,551,806
Independence Realty Trust, Inc.		74,290		782,274
Mid-America Apartment Communities, Inc.		13,130		1,315,363
Sun Communities, Inc.		11,065		1,123,540
				8,491,666

Company	Shares		U.S. $ Value
Retail REITs - 14.6%
Agree Realty Corp.		9,190	$	488,173
Brixmor Property Group, Inc.		43,550		762,560
National Retail Properties, Inc.		20,840		934,049
Regency Centers Corp.		17,770		1,149,186
Retail Opportunity Investments Corp.		32,070		598,747
Simon Property Group, Inc.		18,770		3,317,597
				7,250,312
Specialized REITs - 22.9%
American Tower Corp.		25,920		3,766,176
Crown Castle International Corp.		16,870		1,878,137
CubeSmart		27,320		779,440
Digital Realty Trust, Inc.		14,280		1,606,214
EPR Properties		8,370		572,592
Equinix, Inc.		4,752		2,057,093
National Storage Affiliates Trust		30,082		765,286
				11,424,938
				48,686,910
Software & Services - 2.0%
IT Consulting & Other Services - 2.0%
InterXion Holding NV (a)		7,410		498,693
Switch, Inc.-Class A (b)		44,510		480,708
				979,401
Total Common Stocks (cost $43,130,441)				49,666,311
SHORT-TERM INVESTMENTS - 0.5%
Investment Companies - 0.5%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $262,925)		262,925		262,925
Total Investments Before Security Lending Collateral for Securities Loaned - 100.3% (cost $43,393,366)				49,929,236
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.3%
Investment Companies - 0.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $163,856)		163,856		163,856

	U.S. $ Value
Total Investments - 100.6% (cost $43,557,222) (f)	$	50,093,092
Other assets less liabilities - (0.6)%		(319,382	)
Net Assets - 100.0%	$	49,773,710

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $7,012,970 and gross unrealized depreciation of investments was $(477,100), resulting in net unrealized appreciation of $6,535,870.

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

Glossary:

REIT - Real Estate Investment Trust

AB Variable Products Series Fund, Inc.

AB Real Estate Investment Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

49,666,311

$

– 0

–

$

– 0

–

$

49,666,311

Short-Term Investments

262,925

– 0

–

– 0

–

262,925

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

163,856

– 0

–

– 0

–

163,856

Total Investments in Securities

50,093,092

– 0

–

– 0

–

50,093,092

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

50,093,092

$

– 0

–

$

– 0

–

$

50,093,092

(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 nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/2017 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/2018 (000)		Dividend Income (000)
Government Money Market Portfolio	$	– 0	–	$	2,858	$	2,595	$	263	$	1
Government Money Market Portfolio*		– 0	–		1,586		1,422		164		1
	$	– 0	–	$	4,444	$	4,017	$	427	$	2

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.1%
Health Care - 23.4%
Biotechnology - 11.5%
Adamas Pharmaceuticals, Inc. (a)(b)		16,215	$	324,624
Aimmune Therapeutics, Inc. (a)		14,483		395,096
Allakos, Inc. (a)		6,386		287,306
Ascendis Pharma A/S (Sponsored ADR) (a)		5,341		378,463
Audentes Therapeutics, Inc. (a)		11,559		457,621
BeiGene Ltd. (Sponsored ADR) (a)		2,107		362,868
Biohaven Pharmaceutical Holding Co., Ltd. (a)		12,028		451,651
Blueprint Medicines Corp. (a)		7,562		590,290
Clovis Oncology, Inc. (a)		10,590		311,028
Deciphera Pharmaceuticals, Inc. (a)		10,461		405,050
Exact Sciences Corp. (a)		13,925		1,098,961
Loxo Oncology, Inc. (a)		4,507		769,931
Madrigal Pharmaceuticals, Inc. (a)		1,560		334,043
Neurocrine Biosciences, Inc. (a)		6,110		751,224
NuCana PLC (ADR) (a) (b)		11,036		275,017
Rubius Therapeutics, Inc. (a)		12,110		290,640
Sage Therapeutics, Inc. (a)		2,016		284,760
Sarepta Therapeutics, Inc. (a)		3,100		500,681
Spark Therapeutics, Inc. (a) (b)		8,250		450,038
Ultragenyx Pharmaceutical, Inc. (a)		7,603		580,413
Y-mAbs Therapeutics, Inc. (a)		6,935		184,194
				9,483,899
Health Care Equipment & Supplies - 4.1%
iRhythm Technologies, Inc. (a)		14,638		1,385,633
Penumbra, Inc. (a)		4,943		739,967
Tactile Systems Technology, Inc. (a)		16,969		1,205,648
				3,331,248
Health Care Providers & Services - 0.5%
LHC Group, Inc. (a)		4,000		411,960
Health Care Technology - 3.4%
Teladoc Health, Inc. (a)		18,070		1,560,344
Vocera Communications, Inc. (a)		33,667		1,231,539
				2,791,883
Life Sciences Tools & Services - 1.4%
ICON PLC (a)		7,362		1,131,908
Pharmaceuticals - 2.5%
Aerie Pharmaceuticals, Inc. (a)		7,760		477,628
Aquestive Therapeutics, Inc. (a)		16,449		288,022
GW Pharmaceuticals PLC (Sponsored ADR) (a)		2,148		371,045
Intersect ENT, Inc. (a)		21,100		606,625

Company	Shares		U.S. $ Value
Revance Therapeutics, Inc. (a)		12,215	$	303,543
				2,046,863
				19,197,761
Information Technology - 22.8%
Communications Equipment - 1.2%
Ciena Corp. (a)		31,620		987,809
Electronic Equipment, Instruments & Components - 1.7%
Littelfuse, Inc.		3,180		629,290
Novanta, Inc. (a)		11,730		802,332
				1,431,622
Semiconductors & Semiconductor Equipment - 2.8%
Monolithic Power Systems, Inc.		7,071		887,623
Silicon Laboratories, Inc. (a)		10,754		987,217
Universal Display Corp.(b)		3,360		396,144
				2,270,984
Software - 16.1%
2U, Inc. (a)		10,497		789,269
Altair Engineering, Inc. - Class A (a)		25,872		1,124,138
Aspen Technology, Inc. (a)		5,373		612,038
Blackline, Inc. (a)		14,792		835,304
Bottomline Technologies DE, Inc. (a)		12,060		876,883
Guidewire Software, Inc. (a)		6,086		614,747
HubSpot, Inc. (a)		7,530		1,136,654
New Relic, Inc. (a)		11,616		1,094,576
Paylocity Holding Corp. (a)		10,739		862,557
Proofpoint, Inc. (a)		8,868		942,934
Q2 Holdings, Inc. (a)		7,713		467,022
Rapid7, Inc. (a)		22,960		847,683
RingCentral, Inc. - Class A (a)		7,560		703,458
SailPoint Technologies Holding, Inc. (a)		34,388		1,169,880
Trade Desk, Inc. (The) - Class A (a)		7,769		1,172,420
				13,249,563
Technology Hardware, Storage & Peripherals - 1.0%
Pure Storage, Inc. - Class A (a)		31,410		815,089
				18,755,067
Consumer Discretionary - 17.5%
Distributors - 1.3%
Pool Corp.		6,257		1,044,168
Diversified Consumer Services - 2.6%
Bright Horizons Family Solutions, Inc. (a)		9,795		1,154,243
Grand Canyon Education, Inc. (a)		9,034		1,019,035
				2,173,278
Hotels, Restaurants & Leisure - 4.2%
Hilton Grand Vacations, Inc. (a)		28,481		942,721

Company	Shares		U.S. $ Value
Planet Fitness, Inc. (a)		28,578	$	1,544,070
Wingstop, Inc.		14,426		984,863
				3,471,654
Internet & Direct Marketing Retail - 4.9%
Etsy, Inc. (a)		26,040		1,337,935
GrubHub, Inc. (a)		6,980		967,568
Shutterfly, Inc. (a)		12,890		849,322
Wayfair, Inc. - Class A (a)		5,705		842,457
				3,997,282
Multiline Retail - 1.4%
Ollie’s Bargain Outlet Holdings, Inc. (a)		12,192		1,171,651
Specialty Retail - 3.1%
Five Below, Inc. (a)		13,282		1,727,457
Sleep Number Corp. (a)		21,639		795,882
				2,523,339
				14,381,372
Industrials - 17.3%
Aerospace & Defense - 2.4%
Hexcel Corp.		13,994		938,298
Mercury Systems, Inc. (a)		19,600		1,084,272
				2,022,570
Commercial Services & Supplies - 2.6%
Cimpress NV (a)		6,915		944,658
Tetra Tech, Inc.		17,555		1,199,007
				2,143,665
Construction & Engineering - 1.0%
Dycom Industries, Inc. (a)		9,463		800,570
Industrial Conglomerates - 0.7%
Carlisle Cos., Inc.		4,672		569,050
Machinery - 5.9%
Gardner Denver Holdings, Inc. (a)		29,209		827,783
Gates Industrial Corp. PLC (a)		32,234		628,563
IDEX Corp.		5,652		851,530
Lincoln Electric Holdings, Inc.		10,049		938,979
Nordson Corp.		5,420		752,838
RBC Bearings, Inc. (a)		5,793		871,035
				4,870,728
Road & Rail - 2.4%
Knight-Swift Transportation Holdings, Inc.		25,720		886,825
Saia, Inc. (a)		13,880		1,061,126
				1,947,951
Trading Companies & Distributors - 2.3%
H&E Equipment Services, Inc.		28,533		1,077,977

Company	Shares		U.S. $ Value
SiteOne Landscape Supply, Inc. (a)		10,877	$	819,473
				1,897,450
				14,251,984
Financials - 7.4%
Banks - 3.2%
Cadence BanCorp		32,060		837,407
Sterling Bancorp/DE		35,886		789,492
SVB Financial Group (a)		248		77,086
Western Alliance Bancorp (a)		15,522		883,047
				2,587,032
Capital Markets - 2.9%
Hamilton Lane, Inc.-Class A		18,882		836,095
Houlihan Lokey, Inc.		17,800		799,754
Stifel Financial Corp.		14,387		737,478
				2,373,327
Insurance - 1.3%
Trupanion, Inc. (a)(b)		30,698		1,096,839
				6,057,198
Materials - 3.0%
Chemicals - 2.4%
Ingevity Corp. (a)		9,187		935,972
PolyOne Corp.		22,952		1,003,461
				1,939,433
Construction Materials - 0.6%
Summit Materials, Inc.-Class A (a)		29,711		540,146
				2,479,579
Consumer Staples - 2.8%
Food & Staples Retailing - 1.2%
Chefs’ Warehouse, Inc. (The) (a)		28,281		1,028,014
Food Products - 1.6%
Freshpet, Inc. (a) (b)		35,521		1,303,621
				2,331,635
Energy - 2.3%
Energy Equipment & Services - 0.9%
Forum Energy Technologies, Inc. (a)		6,297		65,174
Oil States International, Inc. (a)		19,101		634,153
				699,327
Oil, Gas & Consumable Fuels - 1.4%
Magnolia Oil & Gas Corp. (a)		26,820		402,568
Matador Resources Co. (a)		22,637		748,153
				1,150,721
				1,850,048

Company	Shares		U.S. $ Value
Communication Services - 1.6%
Diversified Telecommunication Services - 1.2%
Vonage Holdings Corp. (a)		68,510	$	970,101
Entertainment - 0.4%
Take-Two Interactive Software, Inc. (a)		2,712		374,229
				1,344,330
Total Common Stocks (cost $59,111,307)				80,648,974
SHORT-TERM INVESTMENTS - 1.6%
Investment Companies - 1.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (c)(d)(e) (cost $1,327,928)		1,327,928		1,327,928
Total Investments Before Security Lending Collateral for Securities Loaned - 99.7% (cost $60,439,235)				81,976,902
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.6%
Investment Companies - 3.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (c)(d)(e) (cost $2,977,836)		2,977,836		2,977,836
Total Investments - 103.3% (cost $63,417,071)(f)				84,954,738
Other assets less liabilities - (3.3)%				(2,750,435	)
Net Assets - 100.0%			$	82,204,303

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $23,131,517 and gross unrealized depreciation of investments was $(1,593,850), resulting in net unrealized appreciation of $21,537,667.

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

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

80,648,974

$

– 0

–

$

– 0

–

$

80,648,974

Short-Term Investments

1,327,928

– 0

–

– 0

–

1,327,928

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

2,977,836

– 0

–

– 0

–

2,977,836

Total Investments in Securities

84,954,738

– 0

–

– 0

–

84,954,738

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

84,954,738

$

– 0

–

$

– 0

–

$

84,954,738

(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 nine months ended September 30, 2018 is as follows:

Fund	Market Value 12/31/17 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	– 0	–	$	10,020	$	8,692	$	1,328	$	11
Government Money Market Portfolio*		4,718			26,323		28,063		2,978		43
Total	$	4,718		$	36,343	$	36,755	$	4,306	$	54

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Financials - 22.3%
Banks - 10.8%
Associated Banc-Corp.		286,320	$	7,444,320
Comerica, Inc.		93,110		8,398,522
Huntington Bancshares, Inc./OH		427,050		6,371,586
Sterling Bancorp/DE		405,770		8,926,940
Synovus Financial Corp.		154,520		7,075,471
Texas Capital Bancshares, Inc. (a)		101,815		8,415,010
Umpqua Holdings Corp.		424,753		8,834,862
Webster Financial Corp.		123,342		7,272,244
Zions Bancorporation		223,626		11,214,844
				73,953,799
Consumer Finance - 0.8%
OneMain Holdings, Inc. (a)		159,700		5,367,517
Insurance - 8.3%
American Financial Group, Inc./OH		75,180		8,342,725
Everest Re Group Ltd.		51,150		11,686,240
First American Financial Corp.		116,250		5,997,337
Hanover Insurance Group, Inc. (The)		40,240		4,964,409
Old Republic International Corp.		378,500		8,470,830
Reinsurance Group of America, Inc.-Class A		83,540		12,076,542
Selective Insurance Group, Inc.		91,785		5,828,348
				57,366,431
Thrifts & Mortgage Finance - 2.4%
BankUnited, Inc.		227,440		8,051,376
Essent Group Ltd. (a)		192,438		8,515,382
				16,566,758
				153,254,505
Industrials - 16.2%
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. (a)		79,860		5,091,075
Airlines - 3.6%
Alaska Air Group, Inc.		134,200		9,241,012
Hawaiian Holdings, Inc.		177,720		7,126,572
SkyWest, Inc.		145,451		8,567,064
				24,934,648
Commercial Services & Supplies - 1.0%
Steelcase, Inc.-Class A		383,625		7,097,062
Construction & Engineering - 3.5%
AECOM (a)		171,185		5,590,902
Granite Construction, Inc.		124,760		5,701,532
Quanta Services, Inc. (a)		216,465		7,225,602
Tutor Perini Corp. (a)		285,350		5,364,580
				23,882,616
Electrical Equipment - 2.4%
EnerSys		104,580		9,112,055

Company	Shares		U.S. $ Value
Regal Beloit Corp.		92,340	$	7,613,433
				16,725,488
Machinery - 2.6%
Oshkosh Corp.		101,190		7,208,776
SPX FLOW, Inc. (a)		98,730		5,133,960
Terex Corp.		133,710		5,336,366
				17,679,102
Road & Rail - 0.8%
Werner Enterprises, Inc.		149,620		5,289,067
Trading Companies & Distributors - 1.6%
BMC Stock Holdings, Inc. (a)		222,220		4,144,403
MRC Global, Inc. (a)		345,580		6,486,537
				10,630,940
				111,329,998
Information Technology - 15.0%
Communications Equipment - 2.4%
Finisar Corp. (a)		383,280		7,301,484
Infinera Corp. (a)		433,132		3,161,864
NetScout Systems, Inc. (a)		243,268		6,142,517
				16,605,865
Electronic Equipment, Instruments & Components - 3.6%
Anixter International, Inc. (a)		92,290		6,487,987
Avnet, Inc.		196,060		8,777,606
CDW Corp./DE		39,930		3,550,576
Sanmina Corp. (a)		205,050		5,659,380
				24,475,549
IT Services - 3.5%
Amdocs Ltd.		103,130		6,804,518
Booz Allen Hamilton Holding Corp.		144,186		7,155,951
Genpact Ltd.		321,620		9,844,788
				23,805,257
Semiconductors & Semiconductor Equipment - 2.6%
Cypress Semiconductor Corp.		402,740		5,835,703
MaxLinear, Inc. - Class A (a)		224,105		4,455,207
Mellanox Technologies Ltd. (a)		45,510		3,342,709
Qorvo, Inc. (a)		57,190		4,397,339
				18,030,958
Software - 1.5%
Verint Systems, Inc. (a)		208,600		10,450,860
Technology Hardware, Storage & Peripherals - 1.4%
NCR Corp. (a)		339,607		9,648,235
				103,016,724

Company	Shares		U.S. $ Value
Energy - 9.6%
Energy Equipment & Services - 3.9%
Dril-Quip, Inc. (a)		96,789	$	5,057,225
Helix Energy Solutions Group, Inc. (a)		333,230		3,292,313
Oil States International, Inc. (a)		224,320		7,447,424
Patterson-UTI Energy, Inc.		288,130		4,929,904
RPC, Inc. (b)		399,610		6,185,963
				26,912,829
Oil, Gas & Consumable Fuels - 5.7%
HollyFrontier Corp.		71,060		4,967,094
Oasis Petroleum, Inc. (a)		654,630		9,282,653
QEP Resources, Inc. (a)		868,472		9,831,103
SM Energy Co.		278,590		8,783,943
SRC Energy, Inc. (a)		702,200		6,242,558
				39,107,351
				66,020,180
Consumer Discretionary - 8.6%
Auto Components - 1.6%
Cooper-Standard Holdings, Inc. (a)		61,669		7,399,047
Lear Corp.		25,137		3,644,865
				11,043,912
Diversified Consumer Services - 1.5%
Houghton Mifflin Harcourt Co. (a)		446,125		3,122,875
Sotheby’s (a)		146,570		7,209,778
				10,332,653
Hotels, Restaurants & Leisure - 1.2%
Bloomin’ Brands, Inc.		397,349		7,863,537
Household Durables - 1.7%
Lennar Corp. - Class A		152,333		7,112,428
Taylor Morrison Home Corp.-Class A (a)		256,500		4,627,260
				11,739,688
Specialty Retail - 2.0%
Michaels Cos., Inc. (The) (a)		323,090		5,243,751
Signet Jewelers Ltd.		131,350		8,659,905
				13,903,656
Textiles, Apparel & Luxury Goods - 0.6%
Skechers U.S.A., Inc.-Class A (a)		149,680		4,180,562
				59,064,008
Real Estate - 8.0%
Equity Real Estate Investment Trusts (REITs) - 8.0%
American Campus Communities, Inc.		203,366		8,370,544
Camden Property Trust		103,547		9,688,893
CubeSmart		277,189		7,908,202
Empire State Realty Trust, Inc.-Class A		449,601		7,467,873
Gramercy Property Trust		163,178		4,477,604

Company	Shares		U.S. $ Value
STAG Industrial, Inc.		320,460	$	8,812,650
Sun Communities, Inc.		85,709		8,702,892
				55,428,658
Health Care - 4.8%
Health Care Providers & Services - 3.4%
LifePoint Health, Inc. (a)		131,635		8,477,294
Molina Healthcare, Inc. (a)		50,852		7,561,692
WellCare Health Plans, Inc. (a)		23,003		7,372,232
				23,411,218
Life Sciences Tools & Services - 1.4%
ICON PLC (a)		61,598		9,470,692
				32,881,910
Utilities - 4.6%
Electric Utilities - 3.0%
Alliant Energy Corp.		183,114		7,795,163
PNM Resources, Inc.		151,690		5,984,171
Portland General Electric Co.		140,420		6,404,556
				20,183,890
Gas Utilities - 0.9%
Southwest Gas Holdings, Inc.		81,220		6,418,816
Multi-Utilities - 0.7%
Black Hills Corp.		83,775		4,866,490
				31,469,196
Materials - 4.4%
Chemicals - 2.1%
Orion Engineered Carbons SA		166,620		5,348,502
Stepan Co.		4,404		383,192
Trinseo SA		110,870		8,681,121
				14,412,815
Containers & Packaging - 1.2%
Graphic Packaging Holding Co.		577,200		8,086,572
Metals & Mining - 1.1%
Alcoa Corp. (a)		197,090		7,962,436
				30,461,823
Consumer Staples - 4.4%
Beverages - 1.2%
Cott Corp.		496,309		8,015,390
Food & Staples Retailing - 1.1%
US Foods Holding Corp. (a)		243,250		7,496,965
Food Products - 2.1%
Ingredion, Inc.		60,650		6,365,824
Nomad Foods Ltd. (a)		417,130		8,451,054
				14,816,878
				30,329,233

Company	Shares		U.S. $ Value
Communication Services - 0.6%
Media - 0.6%
Scholastic Corp.		94,320	$	4,403,801
Total Common Stocks (cost $543,209,573)				677,660,036
SHORT-TERM INVESTMENTS - 1.8%
Investment Companies - 1.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (c)(d)(e) (cost $12,557,498)		12,557,498		12,557,498
Total Investments Before Security Lending Collateral for Securities Loaned - 100.3% (cost $555,767,071)				690,217,534
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.9%
Investment Companies - 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.98% (c)(d)(e) (cost $6,393,760)		6,393,760		6,393,760
Total Investments - 101.2% (cost $562,160,831) (f)				696,611,294
Other assets less liabilities - (1.2)%				(8,566,562	)
Net Assets - 100.0%			$	688,044,732

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $153,159,338 and gross unrealized depreciation of investments was $(18,708,875), resulting in net unrealized appreciation of $134,450,463.

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

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

677,660,036

$

– 0

–

$

– 0

–

$

677,660,036

Short-Term Investments

12,557,498

– 0

–

– 0

–

12,557,498

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

6,393,760

– 0

–

– 0

–

6,393,760

Total Investments in Securities

696,611,294

– 0

–

– 0

–

696,611,294

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

696,611,294

$

– 0

–

$

– 0

–

$

696,611,294

(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 nine months ended September 30, 2018 is as follows:

Fund	Market Value			Purchases		Sales		Market Value		Dividend
	12/31/17			at Cost		Proceeds		9/30/18		Income
	(000)			(000)		(000)		(000)		(000)
Government Money Market Portfolio	$	– 0	–	$	46,965	$	34,408	$	12,557	$	46
Government Money Market Portfolio*		18,302			128,925		140,833		6,394		112
Total	$	18,302		$	175,890	$	175,241	$	18,951	$	158

* Investments of cash collateral for securities lending transactions

AB Variable Products Series Fund, Inc.

AB Value Portfolio

Portfolio of Investments

September 30, 2018 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 100.2%
Financials - 23.6%
Banks - 10.8%
Bank of America Corp.		71,621	$	2,109,955
Comerica, Inc.		10,192		919,318
Wells Fargo & Co.		53,516		2,812,801
Zions Bancorporation		20,962		1,051,244
				6,893,318
Capital Markets - 1.1%
Goldman Sachs Group, Inc. (The)		2,982		668,684
Consumer Finance - 5.1%
Capital One Financial Corp.		17,699		1,680,166
OneMain Holdings, Inc. (a)		17,967		603,871
Synchrony Financial		31,718		985,796
				3,269,833
Insurance - 6.6%
American International Group, Inc.		34,595		1,841,838
Everest Re Group Ltd.		4,279		977,623
Fidelity National Financial, Inc.		35,401		1,393,029
				4,212,490
				15,044,325
Information Technology - 13.6%
Communications Equipment - 5.0%
Finisar Corp. (a)		26,826		511,035
Juniper Networks, Inc.		47,528		1,424,414
Nokia Oyj (Sponsored ADR)-Class A		220,141		1,228,387
				3,163,836
Software - 4.9%
Oracle Corp.		61,336		3,162,484
Technology Hardware, Storage & Peripherals - 3.7%
HP, Inc.		51,971		1,339,293
NCR Corp. (a)		14,649		416,178
Xerox Corp.		22,966		619,623
				2,375,094
				8,701,414
Health Care - 12.6%
Biotechnology - 2.8%
Gilead Sciences, Inc.		23,061		1,780,540
Health Care Providers & Services - 5.3%
Aetna, Inc.		5,443		1,104,112
Cigna Corp.		7,621		1,587,073
McKesson Corp.		5,001		663,383
				3,354,568
Pharmaceuticals - 4.5%
AstraZeneca PLC (Sponsored ADR)		21,217		839,557
Novo Nordisk A/S (Sponsored ADR)		27,524		1,297,481

Company	Shares		U.S. $ Value
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		33,952	$	731,326
				2,868,364
				8,003,472
Energy - 12.4%
Energy Equipment & Services - 2.0%
Dril-Quip, Inc. (a)		6,985		364,966
RPC, Inc. (b)		58,084		899,141
				1,264,107
Oil, Gas & Consumable Fuels - 10.4%
Cimarex Energy Co.		5,947		552,714
Devon Energy Corp.		23,611		943,023
EOG Resources, Inc.		19,906		2,539,408
Hess Corp.		15,198		1,087,873
Marathon Petroleum Corp.		19,074		1,525,348
				6,648,366
				7,912,473
Communication Services - 10.3%
Entertainment - 2.2%
Twenty-First Century Fox, Inc.-Class A		30,698		1,422,238
Media - 5.2%
Charter Communications, Inc.-Class A (a)		3,445		1,122,657
Comcast Corp.-Class A		61,425		2,175,059
				3,297,716
Wireless Telecommunication Services - 2.9%
T-Mobile US, Inc. (a)		26,252		1,842,366
				6,562,320
Consumer Staples - 6.3%
Beverages - 1.8%
PepsiCo, Inc.		10,144		1,134,099
Food & Staples Retailing - 1.2%
US Foods Holding Corp. (a)		25,623		789,701
Tobacco - 3.3%
British American Tobacco PLC (Sponsored ADR)		14,295		666,576
Philip Morris International, Inc.		17,299		1,410,560
				2,077,136
				4,000,936
Industrials - 5.3%
Aerospace & Defense - 2.9%
Raytheon Co.		9,126		1,885,979
Airlines - 1.2%
JetBlue Airways Corp. (a)		38,496		745,283
Machinery - 1.2%
Oshkosh Corp.		10,533		750,371
				3,381,633

Company	Shares		U.S. $ Value
Consumer Discretionary - 4.9%
Auto Components - 2.4%
Lear Corp.		3,665	$	531,425
Magna International, Inc. - Class A		19,759		1,037,940
				1,569,365
Specialty Retail - 1.7%
Michaels Cos., Inc. (The) (a)		25,459		413,200
Signet Jewelers Ltd.		10,040		661,937
				1,075,137
Textiles, Apparel & Luxury Goods - 0.8%
Skechers U.S.A., Inc. - Class A (a)		18,112		505,868
				3,150,370
Utilities - 4.8%
Electric Utilities - 3.4%
American Electric Power Co., Inc.		19,955		1,414,410
Edison International		10,811		731,689
				2,146,099
Multi-Utilities - 1.4%
NiSource, Inc.		35,873		893,955
				3,040,054
Materials - 3.9%
Chemicals - 2.8%
CF Industries Holdings, Inc.		12,336		671,572
Mosaic Co. (The)		34,269		1,113,057
				1,784,629
Metals & Mining - 1.1%
Alcoa Corp. (a)		18,003		727,321
				2,511,950
Real Estate - 2.5%
Equity Real Estate Investment Trusts (REITs) - 2.5%
CubeSmart		8,881		253,375
Mid-America Apartment Communities, Inc.		6,670		668,201
Sun Communities, Inc.		6,763		686,715
				1,608,291
Total Common Stocks (cost $53,425,234)				63,917,238
SHORT-TERM INVESTMENTS - 0.0%
Investment Companies - 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $2,647)		2,647		2,647

	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.2% (cost $53,427,881)			$	63,919,885
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.4%
Investment Companies - 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.98% (c)(d)(e) (cost $265,536)		265,536		265,536
Total Investments - 100.6% (cost $53,693,417) (f)				64,185,421
Other assets less liabilities - (0.6)%				(395,787	)
Net Assets - 100.0%			$	63,789,634

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

(f) As of September 30, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,232,653 and gross unrealized depreciation of investments was $(2,740,649), resulting in net unrealized appreciation of $10,492,004.

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

Glossary:

ADR - American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Value Portfolio

September 30, 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 September 30, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

63,917,238

$

– 0

–

$

– 0

–

$

63,917,238

Short-Term Investments

2,647

– 0

–

– 0

–

2,647

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

265,536

– 0

–

– 0

–

265,536

Total Investments in Securities

64,185,421

– 0

–

– 0

–

64,185,421

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total (c)

$

64,185,421

$

– 0

–

$

– 0

–

$

64,185,421

(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 nine months ended September 30, 2018 is as follows:

	Market Value		Purchases		Sales		Market Value		Dividend
	12/31/2017		at Cost		Proceeds		9/30/2018		Income
Fund	(000)		(000)		(000)		(000)		(000)
Government Money Market Portfolio	$	0	$	5,888	$	5,885	$	3	$	2
Government Money Market Portfolio*		1,364		14,179		15,277		266		8
	$	1,364	$	20,067	$	21,162	$	269	$	10

* Investments of cash collateral for securities lending transactions

ITEM 2. CONTROLS AND PROCEDURES.

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

(b) There were no significant changes in the registrant’s internal control over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 3. EXHIBITS.

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

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

SIGNATURES

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

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

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	November 21, 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:	November 21, 2018
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	November 21, 2018