AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 38.9%
Information Technology - 6.8%
Communications Equipment - 0.6%
Cisco Systems, Inc.		22,896	$	1,131,291
F5 Networks, Inc. (a)		2,539		356,527
				1,487,818
Electronic Equipment, Instruments & Components - 0.2%
CDW Corp./DE		3,966		488,770
Hitachi Ltd.		1,000		37,450
				526,220
IT Services - 1.5%
Accenture PLC-Class A		507		97,521
Automatic Data Processing, Inc.		3,865		623,888
Fidelity National Information Services, Inc.		4,589		609,236
Mastercard, Inc.-Class A		452		122,750
Paychex, Inc.		919		76,065
PayPal Holdings, Inc. (a)		6,632		687,009
VeriSign, Inc. (a)		321		60,550
Visa, Inc.-Class A (b)		8,443		1,452,281
				3,729,300
Semiconductors & Semiconductor Equipment - 1.0%
Broadcom, Inc.		2,731		753,947
QUALCOMM, Inc.		496		37,835
Texas Instruments, Inc.		8,590		1,110,171
Tokyo Electron Ltd.		200		38,425
Xilinx, Inc.		6,413		615,007
				2,555,385
Software - 2.5%
Adobe, Inc. (a)		1,316		363,544
Cadence Design Systems, Inc. (a)		1,026		67,798
Check Point Software Technologies Ltd. (a)(b)		5,052		553,194
Citrix Systems, Inc.-Class C		3,496		337,434
Constellation Software, Inc./Canada		21		20,973
Intuit, Inc.		315		83,771
Microsoft Corp.		26,362		3,665,109
Oracle Corp.		17,818		980,525
Sage Group PLC (The)		3,647		30,993
ServiceNow, Inc. (a)		252		63,970
Trend Micro, Inc./Japan		700		33,452
VMware, Inc.-Class A (b)		195		29,262
				6,230,025
Technology Hardware, Storage & Peripherals - 1.0%
Apple, Inc.		10,685		2,393,120
				16,921,868
Financials - 5.1%
Banks - 2.3%
Australia & New Zealand Banking Group Ltd.		344		6,608
Bank Leumi Le-Israel BM		2,820		20,078
Bank of America Corp.		47,779		1,393,713

Company	Shares		U.S. $ Value
Barclays PLC		10,716	$	19,744
Citigroup, Inc.		17,999		1,243,371
Japan Post Bank Co., Ltd.		3,500		33,996
JPMorgan Chase & Co.		12,600		1,482,894
Lloyds Banking Group PLC		77,099		51,110
National Bank of Canada		244		12,141
Royal Bank of Scotland Group PLC		3,032		7,728
Wells Fargo & Co.		27,207		1,372,322
				5,643,705
Capital Markets - 0.4%
CI Financial Corp.		1,915		27,940
Franklin Resources, Inc.		1,430		41,270
Goldman Sachs Group, Inc. (The)		4,147		859,383
Moody’s Corp.		101		20,688
MSCI, Inc.-Class A		150		32,662
Partners Group Holding AG		25		19,199
S&P Global, Inc.		311		76,189
Singapore Exchange Ltd.		3,600		22,086
				1,099,417
Consumer Finance - 0.4%
Synchrony Financial		27,303		930,759
Diversified Financial Services – 0.6%
Berkshire Hathaway, Inc.-Class B (a)		7,343		1,527,491
Industrivarden AB-Class C		762		16,670
				1,544,161
Insurance - 1.4%
Admiral Group PLC		1,976		51,385
AIA Group Ltd.		600		5,659
American International Group, Inc.		1,492		83,104
Direct Line Insurance Group PLC		7,159		26,413
Everest Re Group Ltd.		3,051		811,840
Fidelity National Financial, Inc.		20,588		914,313
iA Financial Corp., Inc.		727		33,084
Japan Post Holdings Co., Ltd.		3,800		35,065
Legal & General Group PLC		10,582		32,300
MetLife, Inc.		1,689		79,653
Progressive Corp. (The)		11,933		921,824
Reinsurance Group of America, Inc.-Class A		3,735		597,152
Tokio Marine Holdings, Inc.		300		16,094
				3,607,886
				12,825,928
Real Estate - 4.8%
Diversified Real Estate Activities - 0.2%
City Developments Ltd.		5,800		41,259
Mitsubishi Estate Co., Ltd.		3,000		58,010
Mitsui Fudosan Co., Ltd.		6,800		169,232
Sun Hung Kai Properties Ltd.		7,500		107,781
Tokyu Fudosan Holdings Corp.		6,500		41,601
UOL Group Ltd.		7,700		41,814
				459,697

Company	Shares		U.S. $ Value
Diversified REITs - 0.3%
Alexander & Baldwin, Inc.		1,650	$	40,442
Armada Hoffler Properties, Inc.		2,690		48,662
Essential Properties Realty Trust, Inc.		2,614		59,887
Fibra Uno Administracion SA de CV		13,590		19,909
Gecina SA		460		72,276
GPT Group (The)		25,027		104,072
H&R Real Estate Investment Trust		2,916		50,909
Hulic Reit, Inc.		46		84,577
Kenedix Office Investment Corp.-Class A		6		47,411
Merlin Properties Socimi SA		3,434		47,943
Mirvac Group		30,588		63,191
Stockland		3,414		10,487
				649,766
Health Care REITs - 0.3%
Assura PLC		64,940		56,931
HCP, Inc. (b)		4,618		164,539
Medical Properties Trust, Inc.		6,460		126,358
Omega Healthcare Investors, Inc.		3,081		128,755
Physicians Realty Trust		4,473		79,396
Welltower, Inc.		2,460		222,999
				778,978
Hotel & Resort REITs - 0.1%
Japan Hotel REIT Investment Corp.		54		40,286
Park Hotels & Resorts, Inc.		4,191		104,649
RLJ Lodging Trust		5,826		98,984
				243,919
Industrial REITs - 0.4%
Americold Realty Trust		4,027		149,281
Goodman Group		8,336		79,790
Mitsui Fudosan Logistics Park, Inc.		4		16,666
Nippon Prologis REIT, Inc.		23		63,068
Prologis, Inc.		3,768		321,109
Rexford Industrial Realty, Inc.		1,301		57,270
Segro PLC		11,066		110,322
STAG Industrial, Inc.		3,309		97,549
Tritax Big Box REIT PLC		24,260		44,619
				939,674
Office REITs - 0.4%
Alexandria Real Estate Equities, Inc.		1,127		173,603
Boston Properties, Inc.		1,280		165,965
CapitaLand Commercial Trust		44,000		65,929
City Office REIT, Inc.		2,980		42,882
Cousins Properties, Inc.		3,742		140,662
Daito Trust Construction Co., Ltd.		200		25,616
Daiwa Office Investment Corp.		6		46,589
Easterly Government Properties, Inc.		2,200		46,860
Great Portland Estates PLC		5,540		51,088
Ichigo Office REIT Investment		20		20,809
Inmobiliaria Colonial Socimi SA		4,988		60,180
Invesco Office J-Reit, Inc.		169		33,624
Japan Real Estate Investment Corp.		7		46,944
Kilroy Realty Corp.		1,309		101,958
Mori Hills REIT Investment Corp.		26		41,286
Nippon Building Fund, Inc.		9		69,148
				1,133,143

Company	Shares		U.S. $ Value
Real Estate Development - 0.1%
CIFI Holdings Group Co., Ltd.		56,000	$	32,728
CK Asset Holdings Ltd.		22,000		149,052
Instone Real Estate Group AG (a)(c)		2,310		48,140
				229,920
Real Estate Management & Development - 0.3%
CBRE Group, Inc.-Class A (a)		13,532		717,331
Real Estate Operating Companies - 0.3%
ADLER Real Estate AG (a)		1,500		18,897
ADO Properties SA (c)		1,106		45,567
Aroundtown SA		9,969		81,541
Azrieli Group Ltd.		471		37,116
CA Immobilien Anlagen AG		1,868		66,273
Entra ASA (c)		3,440		53,953
Fabege AB		3,932		64,773
Hemfosa Fastigheter AB		4,374		44,289
Swire Properties Ltd.		16,000		50,214
TLG Immobilien AG		3,235		87,974
Vonovia SE		3,943		200,049
Wharf Real Estate Investment Co., Ltd.		16,000		87,384
				838,030
Real Estate Services - 0.1%
Open House Co., Ltd.		1,800		43,075
Unibail-Rodamco-Westfield		707		103,067
				146,142
Residential REITs - 1.0%
American Campus Communities, Inc.		1,958		94,141
American Homes 4 Rent-Class A		4,533		117,359
Camden Property Trust		1,122		124,553
Comforia Residential REIT, Inc.		8		25,674
Essex Property Trust, Inc.		574		187,497
Independence Realty Trust, Inc.		5,997		85,817
Japan Rental Housing Investments, Inc.		36		33,131
Killam Apartment Real Estate Investment Trust		3,401		51,419
Mid-America Apartment Communities, Inc.		12,394		1,611,344
Northview Apartment Real Estate Investment Trust		1,815		39,482
Sun Communities, Inc.		1,038		154,091
UNITE Group PLC (The)		4,230		56,758
				2,581,266
Retail REITs - 0.8%
AEON REIT Investment Corp.		13		17,903
Agree Realty Corp.		988		72,272
Brixmor Property Group, Inc.		6,444		130,749
Japan Retail Fund Investment Corp.		12		25,371
Link REIT		13,268		146,358
Realty Income Corp.		2,740		210,103
Regency Centers Corp.		16,239		1,128,448
Retail Properties of America, Inc.-Class A		8,270		101,886

Company	Shares		U.S. $ Value
Simon Property Group, Inc.		539	$	83,895
SITE Centers Corp.		4,965		75,021
Vicinity Centres		18,210		31,594
				2,023,600
Specialized REITs - 0.5%
CubeSmart		18,679		651,897
Digital Realty Trust, Inc. (b)		1,450		188,224
Equinix, Inc.		146		84,213
MGM Growth Properties LLC-Class A		2,510		75,426
National Storage Affiliates Trust		3,172		105,850
Public Storage		160		39,243
Safestore Holdings PLC		3,520		28,933
				1,173,786
				11,915,252
Health Care - 4.7%
Biotechnology - 0.7%
AbbVie, Inc.		953		72,161
Biogen, Inc. (a)		2,083		484,964
Gilead Sciences, Inc.		12,471		790,412
Vertex Pharmaceuticals, Inc. (a)		2,828		479,120
				1,826,657
Health Care Equipment & Supplies - 0.5%
Cochlear Ltd.		73		10,273
Coloplast A/S-Class B		333		40,065
Edwards Lifesciences Corp. (a)		3,107		683,260
Hoya Corp.		400		32,761
Medtronic PLC		5,385		584,919
				1,351,278
Health Care Providers & Services - 0.8%
Anthem, Inc.		3,066		736,147
Centene Corp. (a)		415		17,953
McKesson Corp.		370		50,564
UnitedHealth Group, Inc.		5,954		1,293,923
				2,098,587
Health Care Technology - 0.1%
Cerner Corp.		1,064		72,533
Veeva Systems, Inc.-Class A (a)		467		71,306
				143,839
Life Sciences Tools & Services - 0.0%
Mettler-Toledo International, Inc. (a)		36		25,359
Sartorius Stedim Biotech		213		29,793
				55,152
Pharmaceuticals - 2.6%
Astellas Pharma, Inc.		2,900		41,482
Bristol-Myers Squibb Co.		560		28,397
Eli Lilly & Co.		6,121		684,511
GlaxoSmithKline PLC		2,579		55,280
Johnson & Johnson		8,659		1,120,302

Company	Shares		U.S. $ Value
Merck & Co., Inc.		15,566	$	1,310,346
Novartis AG		81		7,030
Novo Nordisk A/S (Sponsored ADR)		9,276		479,569
Novo Nordisk A/S-Class B		1,115		57,619
Pfizer, Inc.		28,013		1,006,507
Roche Holding AG		281		81,817
Roche Holding AG (Sponsored ADR)		19,738		719,450
Shionogi & Co., Ltd.		600		33,452
UCB SA		514		37,292
Zoetis, Inc.		6,017		749,658
				6,412,712
				11,888,225
Communication Services - 4.0%
Diversified Telecommunication Services - 1.1%
Comcast Corp.-Class A		33,731		1,520,594
Telenor ASA		1,986		39,847
Verizon Communications, Inc.		19,297		1,164,766
				2,725,207
Entertainment - 0.6%
Electronic Arts, Inc. (a)		6,111		597,778
Netflix, Inc. (a)		184		49,242
Ubisoft Entertainment SA (a)		432		31,143
Walt Disney Co. (The)		6,354		828,053
				1,506,216
Interactive Media & Services - 2.1%
Alphabet, Inc.-Class A (a)		37		45,182
Alphabet, Inc.-Class C (a)		2,522		3,074,318
Facebook, Inc.-Class A (a)		11,645		2,073,742
				5,193,242
Media - 0.2%
Discovery, Inc.-Class A (a)(b)		19,913		530,283
Fox Corp.-Class B (a)		699		22,047
				552,330
Wireless Telecommunication Services - 0.0%
Millicom International Cellular SA		518		25,137
Softbank Corp.		2,100		28,454
				53,591
				10,030,586
Consumer Discretionary - 3.7%
Auto Components - 0.3%
Magna International, Inc.-Class A (Canada)		615		32,782
Magna International, Inc.-Class A (United States)		12,480		665,559
				698,341
Automobiles - 0.0%
Fiat Chrysler Automobiles NV		3,087		40,001
Ford Motor Co.		6,123		56,086
				96,087

Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure - 0.3%
Compass Group PLC		464	$	11,940
Las Vegas Sands Corp.		612		35,349
McDonald’s Corp.		198		42,512
Restaurant Brands International, Inc.		124		8,817
Starbucks Corp.		7,998		707,183
Whitbread PLC		939		49,560
				855,361
Household Durables - 0.1%
NVR, Inc. (a)		20		74,347
Panasonic Corp.		3,700		30,154
				104,501
Internet & Direct Marketing Retail - 0.4%
Amazon.com, Inc. (a)		56		97,211
Booking Holdings, Inc. (a)		459		900,838
eBay, Inc.		846		32,977
				1,031,026
Multiline Retail - 0.3%
Dollar General Corp.		3,818		606,833
Harvey Norman Holdings Ltd.		9,517		29,114
Next PLC		714		54,275
				690,222
Specialty Retail - 1.9%
AutoZone, Inc. (a)		771		836,242
Hennes & Mauritz AB-Class B		2,312		44,817
Home Depot, Inc. (The)		6,344		1,471,934
Industria de Diseno Textil SA		1,557		48,185
L Brands, Inc. (b)		2,125		41,629
Ross Stores, Inc.		8,150		895,278
TJX Cos., Inc. (The)		17,543		977,847
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,238		310,305
				4,626,237
Textiles, Apparel & Luxury Goods - 0.4%
adidas AG		166		51,683
Burberry Group PLC		618		16,508
Hermes International		25		17,267
NIKE, Inc.-Class B		9,992		938,448
Pandora A/S		1,153		46,271
Yue Yuen Industrial Holdings Ltd.		8,000		21,857
				1,092,034
				9,193,809
Energy - 3.1%
Energy Equipment & Services - 0.0%
Petrofac Ltd.		3,430		16,842

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 3.1%
Aker BP ASA		2,770	$	73,808
BP PLC		76,410		483,733
Chevron Corp.		10,971		1,301,161
ConocoPhillips		169		9,630
Continental Resources, Inc./OK (a)		2,940		90,523
Enbridge, Inc.		254		8,915
EOG Resources, Inc.		12,046		894,054
Exxon Mobil Corp.		8,113		572,859
Gran Tierra Energy, Inc. (a)		24,130		29,870
Imperial Oil Ltd.		833		21,692
Inpex Corp.		6,100		56,216
JXTG Holdings, Inc.		23,700		108,331
LUKOIL PJSC (Sponsored ADR)		1,410		116,649
Motor Oil Hellas Corinth Refineries SA		3,030		70,711
Origin Energy Ltd.		14,220		76,591
PetroChina Co., Ltd.-Class H		404,000		207,233
Petroleo Brasileiro SA (Preference Shares)		42,600		282,465
Phillips 66		5,145		526,848
Repsol SA		15,938		248,569
Royal Dutch Shell PLC (Sponsored ADR)		15,598		934,320
Royal Dutch Shell PLC-Class A		364		10,675
Royal Dutch Shell PLC-Class B		35,830		1,058,971
S-Oil Corp.		864		71,635
TC Energy Corp.		816		42,252
TOTAL SA		8,310		432,675
Tupras Turkiye Petrol Rafinerileri AS		2,750		69,882
Valero Energy Corp.		292		24,890
				7,825,158
				7,842,000
Consumer Staples - 2.6%
Beverages - 0.5%
Coca-Cola Amatil Ltd.		4,346		31,274
Monster Beverage Corp. (a)		1,238		71,878
PepsiCo, Inc.		8,355		1,145,470
				1,248,622
Food & Staples Retailing - 1.1%
Alimentation Couche-Tard, Inc.-Class B		408		12,503
Carrefour SA		2,118		37,049
Colruyt SA		748		40,977
Costco Wholesale Corp.		2,981		858,856
Empire Co., Ltd.-Class A		595		16,110
Jeronimo Martins SGPS SA		1,111		18,735
Koninklijke Ahold Delhaize NV		1,845		46,139
METRO AG		2,163		34,124
Sysco Corp.		115		9,131
US Foods Holding Corp. (a)		10,777		442,935
Walmart, Inc.		10,260		1,217,657
Woolworths Group Ltd.		754		18,973
				2,753,189
Food Products - 0.2%
a2 Milk Co., Ltd. (a)		2,877		23,904
Bunge Ltd.		129		7,304
Hershey Co. (The)		490		75,945

Company	Shares		U.S. $ Value
JBS SA		25,400	$	200,451
Mowi ASA		4,390		101,397
Nestle SA		574		62,253
Tyson Foods, Inc.-Class A		507		43,673
				514,927
Household Products - 0.5%
Colgate-Palmolive Co.		1,176		86,448
Procter & Gamble Co. (The)		9,759		1,213,824
				1,300,272
Personal Products - 0.1%
Beiersdorf AG		146		17,214
Unilever NV		926		55,604
Unilever PLC		1,047		62,927
				135,745
Tobacco - 0.2%
Altria Group, Inc.		14,356		587,161
				6,539,916
Industrials - 2.0%
Aerospace & Defense - 0.6%
BAE Systems PLC		7,214		50,522
Boeing Co. (The)		1,984		754,852
Raytheon Co.		3,251		637,814
				1,443,188
Air Freight & Logistics - 0.1%
CH Robinson Worldwide, Inc. (b)		878		74,437
Expeditors International of Washington, Inc.		952		70,724
SG Holdings Co., Ltd.		500		12,253
United Parcel Service, Inc.-Class B		181		21,687
				179,101
Airlines - 0.3%
Delta Air Lines, Inc.		13,853		797,933
Japan Airlines Co., Ltd.		400		11,880
				809,813
Building Products - 0.0%
Lennox International, Inc.		274		66,574
Commercial Services & Supplies - 0.0%
Brambles Ltd.		3,620		27,878
Electrical Equipment - 0.2%
Eaton Corp. PLC		5,023		417,662
Industrial Conglomerates - 0.4%
Honeywell International, Inc.		5,886		995,911
Toshiba Corp.		1,100		33,647
				1,029,558
Machinery - 0.0%
Cummins, Inc.		215		34,974
Spirax-Sarco Engineering PLC		454		43,740
Volvo AB-Class B		2,843		39,896
				118,610

Company	Shares		U.S. $ Value
Professional Services - 0.1%
Adecco Group AG		68	$	3,763
CoStar Group, Inc. (a)		57		33,812
Randstad NV		227		11,145
Thomson Reuters Corp.		499		33,352
Wolters Kluwer NV		579		42,247
				124,319
Road & Rail - 0.3%
Central Japan Railway Co.		200		41,242
DSV A/S		451		42,868
Nippon Express Co., Ltd.		700		35,852
Norfolk Southern Corp.		3,227		579,763
Union Pacific Corp.		74		11,986
				711,711
				4,928,414
Materials - 1.1%
Chemicals - 0.3%
Akzo Nobel NV		446		39,740
Covestro AG (c)		453		22,415
Johnson Matthey PLC		1,586		59,572
Sasol Ltd.		2,510		42,215
Sherwin-Williams Co. (The)		72		39,591
Sika AG		253		37,017
Westlake Chemical Corp.		5,503		360,556
				601,106
Construction Materials - 0.0%
Grupo Cementos de Chihuahua SAB de CV		3,320		17,816
Metals & Mining - 0.8%
Agnico Eagle Mines Ltd.		3,197		171,330
Alcoa Corp. (a)		7,560		151,729
Anglo American PLC		1,138		26,153
AngloGold Ashanti Ltd.		1,840		34,024
Antofagasta PLC		8,570		94,609
APERAM SA		2,730		66,354
ArcelorMittal		6,300		88,631
BHP Group Ltd.		696		17,199
Boliden AB		3,800		87,273
Detour Gold Corp. (a)		4,770		70,028
First Quantum Minerals Ltd.		12,860		108,036
Fortescue Metals Group Ltd.		672		4,000
Glencore PLC (a)		87,010		262,209
Industrias Penoles SAB de CV		2,490		33,185
Kirkland Lake Gold Ltd.		494		22,130
Lundin Mining Corp.		10,430		49,046
MMC Norilsk Nickel PJSC (ADR)		3,050		78,049
Newcrest Mining Ltd.		2,518		58,104
Norsk Hydro ASA		15,090		53,135
Orocobre Ltd. (a)		5,420		9,537
OZ Minerals Ltd.		6,050		39,297

Company	Shares		U.S. $ Value
Polyus PJSC (GDR) (c)		730	$	42,463
Rio Tinto PLC		3,360		174,661
Sumitomo Metal Mining Co., Ltd.		1,700		53,093
Syrah Resources Ltd. (a)		20,610		7,037
Wheaton Precious Metals Corp.		1,181		30,968
Yamato Kogyo Co., Ltd.		2,800		69,803
				1,902,083
Paper & Forest Products - 0.0%
Suzano SA		11,000		89,086
				2,610,091
Utilities - 1.0%
Electric Utilities - 0.6%
American Electric Power Co., Inc.		12,029		1,126,997
Endesa SA		1,477		38,854
Enel SpA		7,106		53,077
Exelon Corp.		1,162		56,136
Power Assets Holdings Ltd.		500		3,356
PPL Corp.		2,521		79,386
Red Electrica Corp. SA		1,994		40,390
Terna Rete Elettrica Nazionale SpA		6,550		42,069
				1,440,265
Gas Utilities - 0.0%
Snam SpA		7,846		39,632
Independent Power and Renewable Electricity Producers - 0.0%
Uniper SE		555		18,202
Multi-Utilities - 0.4%
Consolidated Edison, Inc.		792		74,820
NiSource, Inc.		29,388		879,289
Sempra Energy		332		49,007
Suez		2,719		42,733
Veolia Environnement SA		1,396		35,363
				1,081,212
				2,579,311
Transportation - 0.0%
Highways & Railtracks - 0.0%
Transurban Group		9,298		92,305
Health Care Equipment & Services - 0.0%
Health Care Facilities - 0.0%
Chartwell Retirement Residences		4,990		55,442
Consumer Durables & Apparel - 0.0%
Homebuilding - 0.0%
Lennar Corp.-Class A		802		44,792
Pressance Corp.		400		6,475
				51,267
Capital Goods - 0.0%
Construction & Engineering - 0.0%
Taisei Corp.		1,100		42,809

Company	Shares		U.S. $ Value
Consumer Services - 0.0%
Leisure Facilities - 0.0%
Planet Fitness, Inc. (a)		575	$	33,275
Total Common Stocks (cost $78,056,295)				97,550,498
INVESTMENT COMPANIES - 26.3%
Funds and Investment Trusts - 26.3% (d)(e)
AB Discovery Growth Fund, Inc. - Class Z		279,360		3,089,724
AB Discovery Value Fund, Inc. - Class Z		170,241		3,290,754
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z		811,956		8,468,700
Bernstein Fund, Inc. - International Strategic Equities Portfolio - Class Z		2,426,685		28,246,613
Bernstein Fund, Inc. - Small Cap Core Portfolio - Class Z		294,818		3,189,929
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z		151,198		3,941,731
Sanford C. Bernstein Fund, Inc. - International Portfolio - Class Z		1,003,291		15,912,197
Total Investment Companies (cost $73,315,318)				66,139,648
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 10.9%
Austria - 0.3%
Republic of Austria Government Bond
0.75%, 10/20/26 (c)	EUR	630		747,940
Belgium - 1.0%
Kingdom of Belgium Government Bond
Series 84
1.45%, 6/22/37 (c)		457		609,424
Series 87
0.90%, 6/22/29 (c)		1,500		1,821,618
				2,431,042
Canada - 1.4%
Canadian Government Bond
2.25%, 3/01/24	CAD	4,425		3,455,598
Finland - 0.3%
Finland Government Bond
0.875%, 9/15/25 (c)	EUR	750		888,190
France - 0.6%
French Republic Government Bond OAT
1.25%, 5/25/34 (c)		814		1,049,780
1.50%, 5/25/50 (c)		375		519,077
1.75%, 6/25/39 (c)		14		19,080
				1,587,937

	Principal Amount (000)		U.S. $ Value
Germany - 0.5%
Bundesrepublik Deutschland Bundesanleihe
Series 2007
4.25%, 7/04/39 (c)	EUR	593		$1,247,042
Indonesia - 0.2%
Indonesia Treasury Bond
Series FR68
8.375%, 3/15/34	IDR	7,722,000		573,098
Italy - 1.2%
Italy Buoni Poliennali Del Tesoro
1.35%, 4/15/22	EUR	390		440,957
2.05%, 8/01/27		624		755,596
2.20%, 6/01/27		335		409,337
3.35%, 3/01/35 (c)		565		784,877
3.85%, 9/01/49 (c)		367		577,165
				2,967,932
Japan - 1.3%
Japan Government Thirty Year Bond
Series 62
0.50%, 3/20/49	JPY	69,500		667,238
Series 63
0.40%, 6/20/49		22,750		212,054
Japan Government Twenty Year Bond
Series 158
0.50%, 9/20/36		109,750		1,082,620
Series 159
0.60%, 12/20/36		53,750		537,918
Series 169
0.30%, 6/20/39		70,650		665,629
				3,165,459
Malaysia - 0.8%
Malaysia Government Bond
Series 0114
4.181%, 7/15/24	MYR	957		237,568
Series 0119
3.906%, 7/15/26		1,039		256,522
Series 0217
4.059%, 9/30/24		961		237,516
Series 0218
3.757%, 4/20/23		1,742		423,196
Series 0219
3.885%, 8/15/29		1,485		370,963
Series 0313
3.48%, 3/15/23		800		192,517
Series 0316
3.90%, 11/30/26		971		238,537
				1,956,819

	Principal Amount (000)		U.S. $ Value
Mexico - 0.4%
Mexican Bonos
Series M 20
7.50%, 6/03/27	MXN	17,399	$	912,945
Russia - 0.4%
Russian Federal Bond - OFZ
Series 6212
7.05%, 1/19/28	RUB	8,460		132,239
Series 6215
7.00%, 8/16/23		23,075		360,618
Series 6222
7.10%, 10/16/24		7,590		118,850
Series 6227
7.40%, 7/17/24		23,954		379,966
				991,673
Spain - 1.2%
Spain Government Bond
1.85%, 7/30/35 (c)	EUR	215		279,604
2.35%, 7/30/33 (c)		843		1,156,079
2.90%, 10/31/46 (c)		295		465,786
4.20%, 1/31/37 (c)		280		486,985
4.40%, 10/31/23 (c)		596		776,382
				3,164,836
United Kingdom - 1.3%
United Kingdom Gilt
1.00%, 4/22/24 (c)	GBP	770		977,712
1.75%, 9/07/37 (c)		1,227		1,728,937
4.50%, 12/07/42 (c)		303		649,623
				3,356,272
Total Governments - Treasuries (cost $26,487,180)				27,446,783
CORPORATES - INVESTMENT GRADE - 8.5%
Financial Institutions - 4.2%
Banking - 3.3%
ABN AMRO Bank NV
4.75%, 7/28/25 (c)	U.S.$	225		242,255
AIB Group PLC
4.75%, 10/12/23 (c)		240		253,728
Australia & New Zealand Banking Group Ltd.
4.40%, 5/19/26 (c)		215		229,540
Banco Santander SA
5.179%, 11/19/25		200		220,632
Bank of America Corp.
2.375%, 6/19/24 (c)	EUR	176		212,394
Series Z
6.50%, 10/23/24 (f)	U.S.$	77		85,649
Bank of Ireland Group PLC
4.50%, 11/25/23 (c)		335		351,030

	Principal Amount (000)		U.S. $ Value
Barclays Bank PLC
6.86%, 6/15/32 (c)(f)	U.S.$	44	$	51,045
Barclays PLC
2.375%, 10/06/23 (c)	GBP	100		124,032
4.338%, 5/16/24	U.S.$	275		287,287
5.088%, 6/20/30		227		237,240
BBVA USA
5.50%, 4/01/20		314		318,782
CaixaBank SA
1.125%, 5/17/24 (c)	EUR	100		113,558
2.375%, 2/01/24 (c)		200		235,089
Capital One Financial Corp.
1.65%, 6/12/29		270		307,350
Citigroup, Inc.
3.875%, 3/26/25	U.S.$	235		247,046
Cooperatieve Rabobank UA
4.625%, 12/29/25 (c)(f)	EUR	200		236,792
Credit Suisse Group AG
2.125%, 9/12/25 (c)	GBP	170		212,194
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 6/09/23	U.S.$	385		402,021
Danske Bank A/S
3.244%, 12/20/25 (c)		350		352,895
5.375%, 1/12/24 (c)		200		219,500
Goldman Sachs Group, Inc. (The)
3.75%, 5/22/25		186		196,799
HSBC Holdings PLC
4.75%, 7/04/29 (c)(f)	EUR	240		277,283
ING Groep NV
6.50%, 4/16/25 (f)	U.S.$	232		244,136
JPMorgan Chase & Co.
3.22%, 3/01/25		265		274,302
Series FF
5.00%, 8/01/24 (f)		158		162,294
Morgan Stanley
Series G
1.375%, 10/27/26	EUR	342		397,310
1.75%, 3/11/24		182		211,769
Nationwide Building Society
4.00%, 9/14/26 (c)	U.S.$	290		296,377
Nordea Bank Abp
3.75%, 8/30/23 (c)		240		251,040
Santander Holdings USA, Inc.
4.40%, 7/13/27		265		284,043
Santander UK PLC
5.00%, 11/07/23 (c)		200		212,648
Standard Chartered PLC
2.744%, 9/10/22 (c)		230		230,324
UBS Group Funding Switzerland AG
7.125%, 8/10/21 (c)(f)		230		241,429

	Principal Amount (000)		U.S. $ Value
US Bancorp
Series J
5.30%, 4/15/27 (f)	U.S.$	116	$	123,927
				8,343,740
Finance - 0.1%
Synchrony Financial
3.95%, 12/01/27		25		25,597
4.50%, 7/23/25		192		204,803
				230,400
Insurance - 0.6%
ASR Nederland NV
5.125%, 9/29/45 (c)	EUR	210		272,546
Caisse Nationale de Reassurance
Mutuelle Agricole Groupama
6.00%, 1/23/27		100		138,880
Chubb INA Holdings, Inc.
0.875%, 6/15/27		110		123,798
CNP Assurances
4.25%, 6/05/45 (c)		200		250,665
Credit Agricole Assurances SA
4.75%, 9/27/48 (c)		200		261,584
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
3.25%, 5/26/49 (c)		200		258,998
Voya Financial, Inc.
5.65%, 5/15/53	U.S.$	145		152,573
				1,459,044
REITS - 0.2%
Equinix, Inc.
2.875%, 2/01/26	EUR	115		130,643
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23	U.S.$	10		10,412
Welltower, Inc.
4.00%, 6/01/25		238		254,324
WPC Eurobond BV
2.125%, 4/15/27	EUR	148		171,843
				567,222
				10,600,406
Industrial - 4.0%
Basic - 0.3%
Eastman Chemical Co.
3.80%, 3/15/25	U.S.$	84		88,024
Glencore Finance Europe Ltd.
1.875%, 9/13/23 (c)	EUR	110		126,306
Series E
1.75%, 3/17/25 (c)		125		142,706
SABIC Capital II BV
4.00%, 10/10/23 (c)	U.S.$	335		351,750
				708,786

	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.3%
3M Co.
3.25%, 8/26/49	U.S.$	135	$	135,216
General Electric Co.
0.875%, 5/17/25	EUR	210		230,560
United Technologies Corp.
1.15%, 5/18/24		200		227,170
Wabtec Corp.
4.40%, 3/15/24	U.S.$	67		71,338
				664,284
Communications - Media - 0.2%
CBS Corp.
4.00%, 1/15/26		30		31,966
4.20%, 6/01/29		133		144,487
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		165		181,104
Comcast Corp.
3.999%, 11/01/49		80		88,958
				446,515
Communications - Telecommunications - 0.5%
AT&T, Inc.
2.50%, 3/15/23	EUR	100		117,365
4.125%, 2/17/26	U.S.$	345		372,414
4.55%, 3/09/49		125		135,091
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 3/20/25 (c)		200		212,448
Verizon Communications, Inc.
4.522%, 9/15/48		110		129,438
Vodafone Group PLC
4.125%, 5/30/25		171		184,834
4.25%, 9/17/50		76		77,419
				1,229,009
Consumer Cyclical - Automotive - 0.2%
General Motors Financial Co., Inc.
5.10%, 1/17/24		128		137,629
Volkswagen Bank GmbH
1.25%, 6/10/24 (c)	EUR	200		224,305
Volkswagen Leasing GmbH
2.625%, 1/15/24 (c)		120		142,235
				504,169
Consumer Cyclical - Other - 0.0%
Las Vegas Sands Corp.
3.50%, 8/18/26	U.S.$	89		90,321

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Restaurants - 0.0%
Starbucks Corp.
4.50%, 11/15/48	U.S.$	75	$	87,270
Consumer Cyclical - Retailers - 0.0%
Lowe’s Cos., Inc.
4.55%, 4/05/49		75		86,500
Consumer Non-Cyclical - 1.1%
Altria Group, Inc.
1.70%, 6/15/25	EUR	265		301,127
Amgen, Inc.
4.663%, 6/15/51	U.S.$	115		133,943
Anheuser-Busch InBev Worldwide, Inc.
5.55%, 1/23/49		105		137,303
BAT Capital Corp.
3.215%, 9/06/26		262		259,320
Baxter International, Inc.
0.40%, 5/15/24	EUR	250		275,504
CVS Health Corp.
3.25%, 8/15/29	U.S.$	78		78,370
4.10%, 3/25/25		120		128,177
DH Europe Finance II SARL
0.45%, 3/18/28	EUR	143		156,324
Kraft Heinz Foods Co.
3.75%, 4/01/30 (c)	U.S.$	160		161,424
3.95%, 7/15/25		42		43,905
Medtronic Global Holdings SCA
1.125%, 3/07/27	EUR	230		266,532
Mylan NV
3.95%, 6/15/26	U.S.$	265		273,824
Reynolds American, Inc.
4.45%, 6/12/25		145		154,541
Tyson Foods, Inc.
3.95%, 8/15/24		206		220,375
4.00%, 3/01/26		65		70,371
4.35%, 3/01/29		71		80,263
				2,741,303
Energy - 0.5%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.
4.08%, 12/15/47		140		140,875
Eni SpA
4.25%, 5/09/29 (c)		270		295,925
Hess Corp.
4.30%, 4/01/27		199		207,664
Noble Energy, Inc.
3.90%, 11/15/24		170		178,097
Occidental Petroleum Corp.
2.90%, 8/15/24		115		115,788
3.20%, 8/15/26		21		21,162
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		232		237,814
				1,197,325

	Principal Amount (000)		U.S. $ Value
Other Industrial - 0.1%
Alfa SAB de CV
5.25%, 3/25/24 (c)	U.S.$	200	$	215,600
Services - 0.1%
IHS Markit Ltd.
3.625%, 5/01/24		63		65,426
Total System Services, Inc.
3.75%, 6/01/23		45		46,830
4.00%, 6/01/23		83		87,067
				199,323
Technology - 0.6%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24		42		42,927
3.875%, 1/15/27		117		117,538
Broadcom, Inc.
3.625%, 10/15/24 (c)		135		137,403
4.25%, 4/15/26 (c)		56		57,847
Dell International LLC/EMC Corp.
6.02%, 6/15/26 (c)		96		108,019
Fidelity National Information Services, Inc.
1.50%, 5/21/27	EUR	200		233,539
Fiserv, Inc.
1.125%, 7/01/27		200		226,875
International Business Machines Corp.
0.875%, 1/31/25		141		160,152
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, 6/18/26 (c)	U.S.$	96		100,752
Oracle Corp.
4.00%, 11/15/47		125		139,923
Seagate HDD Cayman
4.75%, 1/01/25		63		65,114
Western Digital Corp.
4.75%, 2/15/26		167		171,950
				1,562,039
Transportation - Services - 0.1%
Adani Ports & Special Economic Zone Ltd.
3.95%, 1/19/22 (c)		200		204,500
				9,936,944
Utility - 0.3%
Electric - 0.2%
Abu Dhabi National Energy Co. PJSC
4.375%, 4/23/25 (c)		250		268,437
Enel Finance International NV
4.25%, 9/14/23 (c)		240		254,928
				523,365
Other Utility - 0.1%
Veolia Environnement SA
0.314%, 10/04/23 (c)	EUR	200		221,136
				744,501
Total Corporates - Investment Grade (cost $20,740,043)				21,281,851

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES - 3.3%
Japan - 1.8%
Japanese Government CPI Linked Bond
Series 21
0.10%, 3/10/26	JPY	107,629	$	1,031,426
Series 22
0.10%, 3/10/27		112,418		1,082,844
Series 23
0.10%, 3/10/28		257,411		2,483,362
				4,597,632
United States - 1.5%
U.S. Treasury Inflation Index
0.125%, 7/15/24 (TIPS)	U.S.$	1,842		1,840,491
0.375%, 7/15/25 (TIPS)		1,699		1,720,282
2.375%, 1/15/25 (TIPS)		197		219,558
				3,780,331
Total Inflation-Linked Securities (cost $8,214,000)				8,377,963
MORTGAGE PASS-THROUGHS - 2.9%
Agency Fixed Rate 30-Year - 2.9%
Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 6/01/49		214		223,617
Federal Home Loan Mortgage Corp. Gold
Series 2018
4.00%, 8/01/48-12/01/48		587		619,649
Series 2019
4.50%, 2/01/49		313		336,532
Federal National Mortgage Association
Series 2013
4.00%, 10/01/43		734		782,113
Series 2017
3.50%, 12/01/47-1/01/48		343		354,264
Series 2018
3.50%, 2/01/48-3/01/48		841		867,658
4.00%, 8/01/48-9/01/48		623		657,428
4.50%, 9/01/48		671		719,161
Series 2019
3.50%, 10/01/49, TBA		2,678		2,747,042
Total Mortgage Pass-Throughs (cost $7,192,265)				7,307,464
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.5%
Risk Share Floating Rate - 1.8%
Bellemeade Re Ltd.
Series 2018-2A, Class M1B
3.368% (LIBOR 1 Month + 1.35%), 8/25/28 (c)(g)		240		240,527
Series 2019-1A, Class M1B

	Principal Amount (000)		U.S. $ Value
3.768% (LIBOR 1 Month + 1.75%), 3/25/29 (c)(g)	U.S.$	220	$	220,447
Series 2019-3A, Class M1B
3.618% (LIBOR 1 Month + 1.60%), 7/25/29 (c)(g)		225		225,229
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M2
4.318% (LIBOR 1 Month + 2.30%), 8/25/31 (c)(g)		104		104,777
Series 2019-R03, Class 1M2
4.168% (LIBOR 1 Month + 2.15%), 9/25/31 (c)(g)		70		70,793
Series 2019-R05, Class 1M2
4.018% (LIBOR 1 Month + 2.00%), 7/25/39 (c)(g)		92		92,240
Eagle RE Ltd.
Series 2018-1, Class M1
3.718% (LIBOR 1 Month + 1.70%), 11/25/28 (c)(g)		145		145,354
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M3
6.018% (LIBOR 1 Month + 4.00%), 8/25/24 (g)		230		241,044
Series 2014-HQ3, Class M3
6.768% (LIBOR 1 Month + 4.75%), 10/25/24 (g)		174		184,784
Series 2016-DNA1, Class M3
7.695% (LIBOR 1 Month + 5.55%), 7/25/28 (g)		250		276,974
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M2
5.018% (LIBOR 1 Month + 3.00%), 7/25/24 (g)		75		79,104
Series 2014-C04, Class 2M2
7.018% (LIBOR 1 Month + 5.00%), 11/25/24 (g)		41		43,525
Series 2015-C01, Class 1M2
6.318% (LIBOR 1 Month + 4.30%), 2/25/25 (g)		85		90,343
Series 2015-C02, Class 1M2
6.018% (LIBOR 1 Month + 4.00%), 5/25/25 (g)		116		122,488
Series 2015-C02, Class 2M2
6.018% (LIBOR 1 Month + 4.00%), 5/25/25 (g)		93		95,637
Series 2015-C03, Class 1M2
7.018% (LIBOR 1 Month + 5.00%), 7/25/25 (g)		57		61,099
Series 2015-C03, Class 2M2
7.018% (LIBOR 1 Month + 5.00%), 7/25/25 (g)		139		147,501

	Principal Amount (000)		U.S. $ Value
Series 2015-C04, Class 1M2
7.718% (LIBOR 1 Month + 5.70%), 4/25/28 (g)	U.S.$	52	$	57,064
Series 2015-C04, Class 2M2
7.568% (LIBOR 1 Month + 5.55%), 4/25/28 (g)		206		220,506
Series 2016-C01, Class 1M2
8.768% (LIBOR 1 Month + 6.75%), 8/25/28 (g)		180		198,434
Series 2016-C01, Class 2M2
8.968% (LIBOR 1 Month + 6.95%), 8/25/28 (g)		123		132,964
Series 2016-C03, Class 2M2
7.918% (LIBOR 1 Month + 5.90%), 10/25/28 (g)		250		270,212
Series 2016-C05, Class 2M2
6.468% (LIBOR 1 Month + 4.45%), 1/25/29 (g)		185		194,021
Series 2019-R04, Class 2M2
4.504% (LIBOR 1 Month + 2.10%), 6/25/39 (c)(g)		126		126,029
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
6.268% (LIBOR 1 Month + 4.25%), 11/25/24 (g)(h)		25		26,158
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A
4.14% (LIBOR 1 Month + 2.00%), 3/27/24 (g)(h)		144		144,119
Radnor Re Ltd.
Series 2019-1, Class M1B
3.968% (LIBOR 1 Month + 1.95%), 2/25/29 (c)(g)		220		220,930
Series 2019-2, Class M1B
3.768% (LIBOR 1 Month + 1.75%), 6/25/29 (c)(g)		220		219,755
STACR Trust
Series 2019-DNA3, Class M2
4.35% (LIBOR 1 Month + 2.05%), 7/25/49 (c)(g)		31		31,530
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
7.268% (LIBOR 1 Month + 5.25%), 11/25/25 (g)(h)		117		131,569
Series 2015-WF1, Class 2M2
7.518% (LIBOR 1 Month + 5.50%), 11/25/25 (g)(h)		37		42,474
				4,457,631
Agency Floating Rate - 0.5%
Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS
4.073% (6.10% - LIBOR 1 Month), 12/15/44 (g)(i)		565		105,668

	Principal Amount (000)			U.S. $ Value
Series 4693, Class SL
4.123% (6.15% - LIBOR 1 Month), 6/15/47 (g)(i)	U.S.$	542		$	110,074
Series 4719, Class JS
4.123% (6.15% - LIBOR 1 Month), 9/15/47 (g)(i)		458			73,270
Series 4727, Class SA
4.173% (6.20% - LIBOR 1 Month), 11/15/47 (g)(i)		603			110,751
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
4.522% (6.54% - LIBOR 1 Month), 12/25/41 (g)(i)		274			58,262
Series 2012-70, Class SA
4.532% (6.55% - LIBOR 1 Month), 7/25/42 (g)(i)		493			112,113
Series 2016-106, Class ES
3.982% (6.00% - LIBOR 1 Month), 1/25/47 (g)(i)		541			100,137
Series 2017-16, Class SG
4.032% (6.05% - LIBOR 1 Month), 3/25/47 (g)(i)		546			100,949
Series 2017-81, Class SA
4.182% (6.20% - LIBOR 1 Month), 10/25/47 (g)(i)		550			111,162
Series 2017-97, Class LS
4.182% (6.20% - LIBOR 1 Month), 12/25/47 (g)(i)		428			96,666
Government National Mortgage Association
Series 2017-134, Class SE
4.156% (6.20% - LIBOR 1 Month), 9/20/47 (g)(i)		409			62,645
Series 2017-65, Class ST
4.106% (6.15% - LIBOR 1 Month), 4/20/47 (g)(i)		528			109,545
					1,151,242
Non-Agency Fixed Rate - 0.1%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		23			21,755
Series 2006-24CB, Class A16
5.75%, 8/25/36		105			86,359
Series 2006-28CB, Class A14
6.25%, 10/25/36		77			63,919
Series 2006-J1, Class 1A13
5.50%, 2/25/36		57			50,759
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		34			25,326
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
4.389%, 5/25/35		0	**		199

	Principal Amount (000)		U.S. $ Value
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36	U.S.$	55	$	43,720
Series 2006-13, Class 1A19
6.25%, 9/25/36		28		22,286
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		97		74,887
				389,210
Non-Agency Floating Rate - 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
2.208% (LIBOR 1 Month + 0.19%), 12/25/36 (g)		243		130,492
HomeBanc Mortgage Trust
Series 2005-1, Class A1
2.645% (LIBOR 1 Month + 0.25%), 3/25/35 (g)		71		61,792
				192,284
Total Collateralized Mortgage Obligations (cost $6,050,234)				6,190,367
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.7%
Non-Agency Fixed Rate CMBS - 1.1%
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
1.00%, 3/13/35 (c)		495		519,601
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 4/12/35 (c)		99		98,963
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (c)		395		395,214
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (c)		276		282,335
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class E
5.319%, 5/15/45 (c)		119		114,354
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class A3
3.801%, 8/15/48		355		384,238
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 9/15/39		47		27,385
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 3/10/49 (c)		161		161,126

	Principal Amount (000)		U.S. $ Value
Morgan Stanley Capital I Trust
Series 2005-IQ9, Class D
5.00%, 7/15/56 (j)	U.S.$	112	$	106,118
UBS Commercial Mortgage Trust
Series 2018-C9, Class A4
4.117%, 3/15/51		300		336,685
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class C
1.00%, 9/15/48		197		204,921
				2,630,940
Non-Agency Floating Rate CMBS - 0.6%
Ashford Hospitality Trust
Series 2018-KEYS, Class A
3.028% (LIBOR 1 Month + 1.00%), 5/15/35 (c)(g)		200		199,747
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF
3.028% (LIBOR 1 Month + 1.00%), 11/15/33 (c)(g)		375		375,111
BHMS
Series 2018-ATLS, Class A
3.278% (LIBOR 1 Month + 1.25%), 7/15/35 (c)(g)		158		158,047
BX Trust
Series 2018-EXCL, Class A
3.115% (LIBOR 1 Month + 1.09%), 9/15/37 (c)(g)		163		163,030
DBWF Mortgage Trust
Series 2018-GLKS, Class A
3.087% (LIBOR 1 Month + 1.03%), 11/19/35 (c)(g)		166		165,677
Invitation Homes Trust
Series 2018-SFR4, Class A
3.125% (LIBOR 1 Month + 1.10%), 1/17/38 (c)(g)		223		223,961
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class SNMA
3.978% (LIBOR 1 Month + 1.95%), 11/15/26 (g)(h)		90		89,756
Starwood Retail Property Trust
Series 2014-STAR, Class A
3.248% (LIBOR 1 Month + 1.22%), 11/15/27 (c)(g)		176		175,789
				1,551,118
Total Commercial Mortgage-Backed Securities (cost $4,129,205)				4,182,058
COVERED BONDS - 1.5%
Credit Suisse AG/Guernsey
0.75%, 9/17/21 (c)	EUR	320		356,775
Danske Bank A/S
0.125%, 2/14/22 (c)		280		309,190

	Principal Amount (000)		U.S. $ Value
Danske Hypotek AB
Series 2312
1.00%, 12/20/23 (c)	SEK	4,000	$	422,477
DNB Boligkreditt AS
2.75%, 3/21/22 (c)	EUR	300		353,046
Nordea Hypotek AB
Series 5534
1.00%, 9/18/24 (c)	SEK	4,100		434,321
Skandinaviska Enskilda Banken AB
Series 576
1.00%, 12/20/23 (c)		4,000		422,277
Stadshypotek AB
Series 1588
1.50%, 3/01/24 (c)		4,000		432,025
Swedbank Hypotek AB
Series 194
1.00%, 9/18/24 (c)		4,100		434,163
Turkiye Vakiflar Bankasi TAO
2.375%, 5/04/21 (c)	EUR	140		153,437
UBS AG/London
1.375%, 4/16/21 (c)		140		156,863
4.00%, 4/08/22 (c)		158		191,421
Total Covered Bonds (cost $3,770,899)				3,665,995
CORPORATES - NON-INVESTMENT GRADE - 1.3%
Financial Institutions - 0.7%
Banking - 0.5%
Allied Irish Banks PLC
7.375%, 12/03/20 (c)(f)		200		231,614
Citigroup, Inc.
5.95%, 1/30/23 (f)	U.S.$	90		93,856
Danske Bank A/S
5.875%, 4/06/22 (c)(f)	EUR	200		231,069
Goldman Sachs Group, Inc. (The)
Series P
1.00%, 11/10/22 (f)	U.S.$	61		59,818
Series Q
5.50%, 8/10/24 (f)		69		72,271
Morgan Stanley
Series J
5.55%, 7/15/20 (f)		95		96,309
Royal Bank of Scotland Group PLC
Series U
4.424% (LIBOR 3 Month + 2.32%), 9/30/27 (f)(g)		200		189,536
Societe Generale SA
6.75%, 4/07/21 (c)(f)	EUR	200		233,265
Standard Chartered PLC
3.776% (LIBOR 3 Month + 1.51%), 1/30/27 (c)(f)(g)	U.S.$	200		161,782
				1,369,520

	Principal Amount (000)		U.S. $ Value
Finance - 0.1%
Navient Corp.
6.625%, 7/26/21	U.S.$	170	$	179,415
REITS - 0.1%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.75%, 2/01/27 (c)		130		146,158
				1,695,093
Industrial - 0.6%
Basic - 0.0%
Smurfit Kappa Acquisitions ULC
2.875%, 1/15/26 (c)	EUR	150		179,943
SPCM SA
4.875%, 9/15/25 (c)	U.S.$	200		204,322
				384,265
Capital Goods - 0.0%
TransDigm, Inc.
6.25%, 3/15/26 (c)		110		118,123
Communications - Media - 0.0%
CSC Holdings LLC
6.75%, 11/15/21		45		48,619
Consumer Cyclical - Automotive - 0.1%
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.
4.375%, 5/15/26 (c)	EUR	120		133,223
Tenneco, Inc.
5.00%, 7/15/24 (c)		100		110,902
				244,125
Consumer Cyclical - Other - 0.1%
International Game Technology PLC
6.25%, 2/15/22 (c)	U.S.$	200		211,360
Consumer Non-Cyclical - 0.1%
Spectrum Brands, Inc.
5.75%, 7/15/25		135		140,765
Energy - 0.1%
PDC Energy, Inc.
5.75%, 5/15/26		97		95,488
Transocean Poseidon Ltd.
6.875%, 2/01/27 (c)		62		65,058
				160,546
Technology - 0.1%
CommScope, Inc.
5.50%, 3/01/24 (c)		67		68,838
6.00%, 3/01/26 (c)		88		91,094
				159,932

	Principal Amount (000)		U.S. $ Value
Transportation - Services - 0.1%
Chicago Parking Meters LLC
4.93%, 12/30/25 (j)(k)	U.S.$	200	$	220,938
				1,688,673
Total Corporates - Non-Investment Grade (cost $3,371,869)				3,383,766
COLLATERALIZED LOAN OBLIGATIONS - 0.5%
CLO - Floating Rate - 0.5%
ICG US CLO Ltd.
Series 2015-1A, Class A1R
3.443% (LIBOR 3 Month + 1.14%), 10/19/28 (c)(g)(l)		300		299,919
Octagon Loan Funding Ltd.
Series 2014-1A, Class ARR
3.304% (LIBOR 3 Month + 1.18%), 11/18/31 (c)(g)(l)		320		318,897
TIAA CLO IV Ltd.
Series 2018-1A, Class A1A
3.508% (LIBOR 3 Month + 1.23%), 1/20/32 (c)(g)(l)		250		250,061
Voya CLO Ltd.
Series 2016-3A, Class A1R
3.49% (LIBOR 3 Month + 1.19%), 10/18/31 (c)(g)(l)		500		499,381
Total Collateralized Loan Obligations (cost $1,370,000)				1,368,258
EMERGING MARKETS - SOVEREIGNS - 0.5%
Bahrain - 0.1%
Bahrain Government International Bond
5.625%, 9/30/31 (c)		200		200,850
Dominican Republic - 0.1%
Dominican Republic International Bond
5.95%, 1/25/27 (c)		190		205,140
Egypt - 0.1%
Egypt Government International Bond
5.577%, 2/21/23 (c)		200		203,500
Ivory Coast - 0.0%
Ivory Coast Government International Bond
5.125%, 6/15/25 (c)	EUR	125		145,483
Nigeria - 0.1%
Nigeria Government International Bond
6.75%, 1/28/21 (c)	U.S.$	200		207,000
Sri Lanka - 0.1%
Sri Lanka Government International Bond
6.85%, 3/14/24 (c)		200		204,000
Total Emerging Markets - Sovereigns (cost $1,138,777)				1,165,973

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES - 0.3%
Other ABS - Fixed Rate - 0.2%
Consumer Loan Underlying Bond Credit Trust
Series 2018-P1, Class A
3.39%, 7/15/25 (c)(l)	U.S.$	43	$	42,736
SBA Tower Trust
Series 2015-1A,Class C
3.156%, 10/08/20 (c)(l)		251		251,269
SoFi Consumer Loan Program LLC
Series 2017-2, Class A
3.28%, 2/25/26 (c)(l)		38		38,758
SoFi Consumer Loan Program Trust
Series 2018-1, Class A1
2.55%, 2/25/27 (c)(l)		19		19,286
				352,049
Autos - Fixed Rate - 0.1%
Exeter Automobile Receivables Trust
Series 2016-1A, Class D
8.20%, 2/15/23 (c)		140		145,857
Flagship Credit Auto Trust
Series 2016-4, Class D
3.89%, 11/15/22 (c)		100		102,456
Series 2017-2, Class A
1.85%, 7/15/21 (c)		4		3,923
Series 2017-3, Class A
1.88%, 10/15/21 (c)		22		21,898
Series 2017-4, Class A
2.07%, 4/15/22 (c)		30		30,463
				304,597
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (l)		39		40,300
Total Asset-Backed Securities (cost $681,737)				696,946
GOVERNMENTS - SOVEREIGN BONDS - 0.2%
Saudi Arabia - 0.2%
Saudi Government International Bond
4.00%, 4/17/25 (c)		251		268,194
4.375%, 4/16/29 (c)		200		224,400
Total Governments - Sovereign Bonds (cost $447,362)				492,594

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS - 0.2%
Industrial - 0.2%
Consumer Non-Cyclical - 0.1%
Minerva Luxembourg SA
6.50%, 9/20/26 (c)	U.S.$	200	$	207,575
Transportation - Services - 0.1%
Rumo Luxembourg SARL
5.875%, 1/18/25 (c)		200		211,437
				419,012
Utility - 0.0%
Electric - 0.0%
Terraform Global Operating LLC
6.125%, 3/01/26 (h)		42		43,113
Total Emerging Markets - Corporate Bonds (cost $439,502)				462,125
QUASI-SOVEREIGNS - 0.1%
Quasi-Sovereign Bonds - 0.1%
Mexico - 0.0%
Petroleos Mexicanos
6.84%, 1/23/30 (c)		55		56,865
Saudi Arabia - 0.1%
Saudi Arabian Oil Co.
2.875%, 4/16/24 (c)		200		202,200
Total Quasi-Sovereigns (cost $253,392)				259,065
EMERGING MARKETS - TREASURIES - 0.1%
South Africa - 0.1%
Republic of South Africa Government Bond
Series 2030
8.00%, 1/31/30	ZAR	1,206		74,337
Series 2048
8.75%, 2/28/48		1,158		67,965
Total Emerging Markets - Treasuries (cost $144,425)				142,302
	Shares
RIGHTS - 0.0%
Consumer Discretionary - 0.0%
Multiline Retail - 0.0%
Harvey Norman Holdings Ltd., expiring 10/11/19 (a) (cost $0)		559		677

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.5%
U.S. Treasury Bills - 0.4%
U.S. Treasury Bill
Zero Coupon, 10/29/19 (cost $1,098,304)	U.S.$	1,100	$	1,098,413
	Shares
Investment Companies - 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.89% (d)(e)(m) (cost $258,636)		258,636		258,636
Total Short-Term Investments (cost $1,356,940)				1,357,049
Total Investments Before Security Lending Collateral for Securities Loaned - 100.2% (cost $237,159,443)				251,471,382
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
Investment Companies - 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.89% (d)(e)(m) (cost $281,270)		281,270		281,270
Total Investments - 100.3% (cost $237,440,713) (n)				251,752,652
Other assets less liabilities - (0.3)%				(694,002	)
Net Assets - 100.0%			$	251,058,650

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		15		December 2019	$	1,614,522	$	(21,533	)
Euro Buxl 30 Yr Bond Futures		4		December 2019		948,257		3,308
Euro-Schatz Futures		10		December 2019		1,224,341		(3,989	)
Long Gilt Futures		1		December 2019		165,055		2,273
U.S. Long Bond (CBT) Futures		9		December 2019		1,460,812		(22,723	)
U.S. Ultra Bond (CBT) Futures		40		December 2019		7,676,250		(156,519	)
Sold Contracts
Euro-BOBL Futures		12		December 2019		1,774,221		12,020
Euro-Bund Futures		13		December 2019		2,469,010		(886	)
Euro-OAT Futures		5		December 2019		928,147		10,022
U.S. 10 Yr Ultra Futures		1		December 2019		142,406		858
U.S. T-Note 2 Yr (CBT) Futures		10		December 2019		2,155,000		3,973
U.S. T-Note 5 Yr (CBT) Futures		41		December 2019		4,885,086		18,957
U.S. T-Note 10 Yr (CBT) Futures		28		December 2019		3,648,750		(19,616	)
							$	(173,855	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	USD	414	RUB	26,685		11/14/19	$	(4,305	)
Barclays Bank PLC	INR	60,774	USD	844		10/24/19		(13,142	)
Barclays Bank PLC	BRL	5,121	USD	1,230		10/02/19		(2,797	)
Barclays Bank PLC	USD	20	INR	1,439		10/24/19		177
Barclays Bank PLC	USD	1,225	BRL	5,121		10/02/19		7,680
BNP Paribas SA	PLN	3,419	USD	900		10/11/19		47,281
BNP Paribas SA	USD	1,367	EUR	1,230		10/10/19		(26,103	)
Citibank, NA	RUB	50,378	USD	777		11/14/19		4,347
Citibank, NA	INR	1,439	USD	21		10/24/19		426
Citibank, NA	USD	693	JPY	74,384		11/21/19		(3,166	)
Citibank, NA	USD	470	COP	1,581,754		11/14/19		(16,368	)
Credit Suisse International	USD	888	INR	61,620		10/24/19		(18,002	)
Goldman Sachs Bank USA	IDR	8,456,369	USD	594		11/21/19		1,393
Goldman Sachs Bank USA	JPY	694,181	USD	6,494		11/21/19		52,734
Goldman Sachs Bank USA	MXN	45,351	USD	2,252		10/25/19		(37,234	)
Goldman Sachs Bank USA	CAD	6,930	USD	5,223		11/22/19		(11,271	)
Goldman Sachs Bank USA	MYR	6,298	USD	1,496		2/13/20		(3,078	)
Goldman Sachs Bank USA	ILS	3,168	USD	896		10/16/19		(16,062	)
Goldman Sachs Bank USA	EUR	842	USD	932		10/10/19		13,337
Goldman Sachs Bank USA	USD	936	EUR	848		10/10/19		(10,577	)
JPMorgan Chase Bank, NA	CLP	652,018	USD	918		11/14/19		23,494
JPMorgan Chase Bank, NA	GBP	1,275	USD	1,593		10/18/19		23,807
JPMorgan Chase Bank, NA	SGD	1,216	USD	885		10/31/19		4,782
JPMorgan Chase Bank, NA	EUR	752	USD	844		10/10/19		23,315
JPMorgan Chase Bank, NA	BRL	647	USD	155		10/02/19		(354	)
JPMorgan Chase Bank, NA	USD	615	GBP	500		10/18/19		(510	)
JPMorgan Chase Bank, NA	USD	155	BRL	647		10/02/19		674
JPMorgan Chase Bank, NA	USD	1,165	EUR	1,034		10/10/19		(37,202	)
JPMorgan Chase Bank, NA	USD	960	MXN	18,770		10/25/19		(12,624	)
Morgan Stanley & Co., Inc.	EUR	732	USD	829		10/10/19		31,358
Morgan Stanley & Co., Inc.	USD	592	EUR	531		10/10/19		(12,724	)
Natwest Markets PLC	EUR	24,777	USD	27,984		10/10/19		962,281
Natwest Markets PLC	BRL	5,769	USD	1,378		10/02/19		(10,298	)
Natwest Markets PLC	NZD	1,387	USD	884		11/07/19		14,898
Natwest Markets PLC	USD	916	ILS	3,183		10/16/19		(228	)
Natwest Markets PLC	USD	1,375	BRL	5,769		11/04/19		9,792
Natwest Markets PLC	USD	1,385	BRL	5,769		10/02/19		3,151
Standard Chartered Bank	GBP	883	USD	1,099		10/18/19		11,951
Standard Chartered Bank	CNY	114	USD	17		10/17/19		516
State Street Bank & Trust Co.	JPY	25,722	USD	242		11/21/19		3,215
State Street Bank & Trust Co.	SEK	21,242	USD	2,208		1/08/20		35,631
State Street Bank & Trust Co.	JPY	9,037	USD	85		12/16/19		556
State Street Bank & Trust Co.	MYR	2,052	USD	489		2/13/20		646
State Street Bank & Trust Co.	PLN	1,717	USD	433		10/11/19		5,022
State Street Bank & Trust Co.	ZAR	1,559	USD	105		11/21/19		3,034
State Street Bank & Trust Co.	GBP	1,246	USD	1,528		10/18/19		(4,865	)
State Street Bank & Trust Co.	EUR	3,032	USD	3,383		10/10/19		76,888
State Street Bank & Trust Co.	MXN	553	USD	28		12/16/19		198
State Street Bank & Trust Co.	NOK	362	USD	41		12/16/19		1,106
State Street Bank & Trust Co.	AUD	171	USD	117		12/16/19		946
State Street Bank & Trust Co.	ILS	77	USD	22		12/16/19		(393	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		EUR	153		USD	171		12/16/19	$	3,404
State Street Bank & Trust Co.		CHF	16		USD	16		12/16/19		107
State Street Bank & Trust Co.		GBP	26		USD	32		12/16/19		(358	)
State Street Bank & Trust Co.		USD	23		EUR	21		12/16/19		(358	)
State Street Bank & Trust Co.		USD	44		AUD	64		12/16/19		(736	)
State Street Bank & Trust Co.		USD	33		GBP	26		12/16/19		(543	)
State Street Bank & Trust Co.		USD	40		CAD	53		12/16/19		(245	)
State Street Bank & Trust Co.		USD	5,421		EUR	4,894		10/10/19		(83,438	)
State Street Bank & Trust Co.		USD	57		SGD	78		12/16/19		(95	)
State Street Bank & Trust Co.		USD	100		CHF	99		12/16/19		(885	)
State Street Bank & Trust Co.		USD	61		NOK	549		12/16/19		(1,074	)
State Street Bank & Trust Co.		USD	24		SEK	236		12/16/19		(344	)
State Street Bank & Trust Co.		USD	214		CAD	283		11/22/19		(28	)
State Street Bank & Trust Co.		USD	86		JPY	9,037		12/16/19		(1,499	)
State Street Bank & Trust Co.		USD	1,352		PLN	5,134		10/11/19		(71,974	)
State Street Bank & Trust Co.		USD	409		MXN	8,307		10/25/19		10,482
State Street Bank & Trust Co.		USD	458		JPY	49,133		11/21/19		(1,984	)
									$	973,765

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		(5.00	)%		Quarterly		3.29	%	USD	1,722	$	(123,958	)	$	(119,247	)	$	(4,711	)
CDX-NAHY Series 33, 5 Year Index, 12/20/24*		(5.00	)		Quarterly		3.51		USD	1,739		(118,387	)		(115,730	)		(2,657	)
Sale Contracts
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.29		USD	1,722		124,537			121,907			2,630
											$	(117,808	)	$	(113,070	)	$	(4,738	)

* 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	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
USD	9,940		9/10/20	3 Month LIBOR	2.824%	Quarterly/Semi-Annual	$	92,396		$	– 0	–	$	92,396
USD	3,470		5/24/21	2.288%	3 Month LIBOR	Semi-Annual/Quarterly		(54,204	)		– 0	–		(54,204	)
USD	4,130		9/10/23	3 Month LIBOR	2.883%	Quarterly/Semi-Annual		216,744			– 0	–		216,744
CAD	3,780		5/22/24	3 Month CDOR	1.980%	Semi-Annual/Semi-Annual		30,056			3			30,053
USD	1,420		5/24/24	2.200%	3 Month LIBOR	Semi-Annual/Quarterly		(52,012	)		– 0	–		(52,012	)
USD	295		11/08/26	1.657%	3 Month LIBOR	Semi-Annual/Quarterly		(3,732	)		– 0	–		(3,732	)
USD	1,870		9/10/48	2.980%	3 Month LIBOR	Semi-Annual/Quarterly		(556,264	)		– 0	–		(556,264	)
							$	(327,016	)	$	3		$	(327,019	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.A  Series 6, 5/11/63*		2.00	%		Monthly		1.94	%	USD	450	$	1,140		$	(8,904	)	$	10,044
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	60		(5,051	)		(7,999	)		2,948
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	55		(4,630	)		(7,507	)		2,877
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	69		(5,803	)		(10,649	)		4,846
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	11		(925	)		(1,781	)		856
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	70		(5,887	)		(10,487	)		4,600

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.28	%	USD	165	$	(13,890	)	$	(10,730	)	$	(3,160	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	75		(6,307	)		(11,185)			4,878
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	9		(757	)		(519	)		(238	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	8		(674	)		(943	)		269
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	48		(4,040	)		(6,080	)		2,040
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	53		(4,461	)		(6,094	)		1,633
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	52		(4,377	)		(5,977	)		1,600
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	79		(6,651	)		(8,556	)		1,905
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	64		(5,387	)		(4,265	)		(1,122	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	47		(3,957	)		(4,083	)		126
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	4		(336	)		(360	)		24
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	8		(673	)		(734	)		61
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	8		(673	)		(794	)		121
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	15		(1,263	)		(1,628	)		365
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	78		(6,567	)		(10,672	)		4,105

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.28	%	USD	53	$	(4,462	)	$	(5,677	)	$	1,215
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	75		(6,308	)		(11,590	)		5,282
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	58		(4,878	)		(9,530	)		4,652
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	82		(6,896	)		(13,667	)		6,771
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.28		USD	5		(420	)		(763	)		343
											$	(104,133)		$	(161,174)		$	57,041

* 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

$

414,811

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

(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, 2019, the aggregate market value of these securities amounted to $38,555,366 or 15.4% of net assets.

(d) Affiliated investments.

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

(g) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2019.

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.20% of net assets as of September 30, 2019, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2
6.268%, 11/25/24		11/06/15	$	24,515	$	26,158		0.01	%
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA
3.978%, 11/15/26		11/16/15		89,621		89,756		0.04	%
PMT Credit Risk Transfer Trust Series 2019-1R, Class A
4.14%, 3/27/24		3/21/19		144,173		144,119		0.06	%
Terraform Global Operating LLC
6.125%, 3/01/26		2/08/18		42,000		43,113		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
7.268%, 11/25/25		9/28/15		116,857		131,569		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
7.518%, 11/25/25		9/28/15		36,713		42,474		0.02	%

(i) Inverse interest only security.

(j) Illiquid security.

(k) Fair valued by the Adviser.

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

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

(n) As of September 30, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $26,961,579 and gross unrealized depreciation of investments was $(11,709,635), resulting in net unrealized appreciation of $15,251,944.

Currency Abbreviation:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CLP	-	Chilean Peso
CNY	-	Chinese Yuan Renminbi
COP	-	Colombian Peso
EUR	-	Euro
GBP	-	Great British Pound
IDR	-	Indonesian Rupiah
ILS	-	Israeli Shekel
INR	-	Indian Rupee
JPY	-	Japanese Yen
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty
RUB	-	Russian Ruble
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
BOBL	-	Bundesobligationen
CBT	-	Chicago Board of Trade
CDOR	-	Canadian Dealer Offered Rate
CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CPI	-	Consumer Price Index
GDR	-	Global Depositary Receipt
LIBOR	-	London Interbank Offered Rates
OAT	-	Obligations Assimilables du Trésor
PJSC	-	Public Joint Stock Company
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

COUNTRY BREAKDOWN¹

September 30, 2019 (unaudited)

73.4%	United States
3.9%	United Kingdom
3.8%	Japan
2.0%	Canada
1.7%	Spain
1.5%	France
1.5%	Italy
1.1%	Switzerland
1.0%	Belgium
1.0%	Germany
1.0%	Sweden
0.8%	Malaysia
0.7%	Denmark
6.1%	Other
0.5%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2019. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.5% or less in the following countries: Australia, Austria, Bahrain, Brazil, Cayman Islands, Chile, China, Colombia, Dominican Republic, Egypt, Finland, Greece, Hong Kong, India, Indonesia, Ireland, Israel, Ivory Coast, Luxembourg, Mexico, Netherlands, New Zealand, Nigeria, Norway, Portugal, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sri Lanka, Turkey and United Arab Emirates.

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

September 30, 2019 (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, 2019:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

16,781,548

$

140,320

$

– 0

–

$

16,921,868

Financials

12,461,793

364,135

– 0

–

12,825,928

Real Estate

9,167,285

2,747,967

– 0

–

11,915,252

Health Care

11,461,361

426,864

– 0

–

11,888,225

Communication Services

9,906,005

124,581

– 0

–

10,030,586

Consumer Discretionary

8,783,860

409,949

– 0

–

9,193,809

Energy

4,926,010

2,915,990

– 0

–

7,842,000

Consumer Staples

5,989,346

550,570

– 0

–

6,539,916

Industrials

4,531,481

396,933

– 0

–

4,928,414

Materials

1,264,013

1,346,078

– 0

–

2,610,091

Utilities

2,265,635

313,676

– 0

–

2,579,311

Transportation

– 0

–

92,305

– 0

–

92,305

Health Care Equipment & Services

55,442

– 0

–

– 0

–

55,442

Consumer Durables & Apparel

44,792

6,475

– 0

–

51,267

Capital Goods

– 0

–

42,809

– 0

–

42,809

Consumer Services

33,275

– 0

–

– 0

–

33,275

Investment Companies

66,139,648

– 0

–

– 0

–

66,139,648

Governments - Treasuries

– 0

–

27,446,783

– 0

–

27,446,783

Corporates - Investment Grade

– 0

–

21,281,851

– 0

–

21,281,851

Inflation-Linked Securities

– 0

–

8,377,963

– 0

–

8,377,963

Mortgage Pass-Throughs

– 0

–

7,307,464

– 0

–

7,307,464

Collateralized Mortgage Obligations

– 0

–

6,190,367

– 0

–

6,190,367

Commercial Mortgage-Backed Securities

– 0

–

4,182,058

– 0

–

4,182,058

Covered Bonds

– 0

–

3,665,995

– 0

–

3,665,995

Corporates - Non-Investment Grade

– 0

–

3,383,766

– 0

–

3,383,766

Collateralized Loan Obligations

– 0

–

– 0

–

1,368,258

1,368,258

Emerging Markets - Sovereigns

– 0

–

1,165,973

– 0

–

1,165,973

Asset-Backed Securities

– 0

–

304,597

392,349

696,946

Governments - Sovereign Bonds

– 0

–

492,594

– 0

–

492,594

Emerging Markets - Corporate Bonds

– 0

–

462,125

– 0

–

462,125

Quasi-Sovereigns

– 0

–

259,065

– 0

–

259,065

Emerging Markets - Treasuries

– 0

–

142,302

– 0

–

142,302

Rights

677

– 0

–

– 0

–

677

Short-Term Investments:

U.S. Treasury Bills

– 0

–

1,098,413

– 0

–

1,098,413

Investment Companies

258,636

– 0

–

– 0

–

258,636

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

281,270

– 0 –

– 0

–

281,270

Total Investments in Securities

154,352,077

95,639,968

1,760,607

251,752,652

Other Financial Instruments (a):

Assets:

Futures

51,411

– 0

–

– 0

–

51,411

Forward Currency Exchange Contracts

– 0

–

1,378,629

– 0

–

1,378,629

Centrally Cleared Credit Default Swaps

– 0

–

124,537

– 0

–

124,537

Centrally Cleared Interest Rate Swaps

– 0

–

339,196

– 0

–

339,196

Credit Default Swaps

– 0

–

1,140

– 0

–

1,140

Inflation (CPI) Swaps

– 0

–

414,811

– 0

–

414,811

Liabilities:

Futures

(225,266

)

– 0

–

– 0

–

(225,266

)

Forward Currency Exchange Contracts

– 0

–

(404,864

)

– 0

–

(404,864

)

Centrally Cleared Credit Default Swaps

– 0

–

(242,345

)

– 0

–

(242,345

)

Centrally Cleared Interest Rate Swaps

– 0

–

(666,212

)

– 0

–

(666,212

)

Credit Default Swaps

– 0

–

(105,273

)

– 0

–

(105,273

)

Total

$

154,178,222

$

96,479,587

$

1,760,607

$

252,418,416

^(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.

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

	Commercial Mortgage Backed Securities			Collateralized Loan Obligations			Asset- Backed Securities
Balance as of 12/31/18	$	1,312,564		$	1,355,132		$	798,453
Accrued discounts/(premiums)		252			– 0	–		277
Realized gain (loss)		23,714			– 0	–		598
Change in unrealized appreciation/depreciation		(9,360	)		13,126			4,682
Purchases/Payups		– 0	–		– 0	–		– 0	–
Sales/Paydowns		(355,103	)		– 0	–		(411,661	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(972,067	)		– 0	–		– 0	–
Balance as of 9/30/19	$	– 0	–	$	1,368,258		$	392,349
Net change in unrealized appreciation/depreciation from investments held as of 9/30/19	$	33,128		$	13,126		$	4,198
	Total
Balance as of 12/31/18	$	3,466,149
Accrued discounts/(premiums)		529
Realized gain (loss)		24,312
Change in unrealized appreciation/depreciation		8,448
Purchases/Payups		– 0	–
Sales/Paydowns		(766,764	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		(972,067	) (a)
Balance as of 9/30/19	$	1,760,607
Net change in unrealized appreciation/depreciation from investments held as of 9/30/19	$	50,452

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

As of September 30, 2019, all Level 3 securities were priced by third party vendors.

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2019 is as follows:

Distributions

Affiliated Issuer

Market Value 12/31/18 (000)

Purchases at Cost (000)

Sales Proceeds (000)

Realized Gain (Loss) (000)

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

Market Value 9/30/19 (000)

Dividend Income (000)

Realized Gains (000)

AB Discovery Growth Fund, Inc.

$

2,778

$

– 0

–

$

234

$

– 0

–

$

546

$

3,090

$

– 0

–

$

– 0

–

AB Discovery Value Fund, Inc.

2,913

– 0

–

– 0

–

– 0

–

378

3,291

– 0

–

– 0

–

Bernstein Fund, Inc. - International Small Cap Portfolio

7,779

– 0

–

– 0

–

– 0

–

690

8,469

– 0

–

– 0

–

Bernstein Fund, Inc. - International Strategic Equities Portfolio

27,140

– 0

–

1,687

– 0

–

2,794

28,247

– 0

–

– 0

–

Bernstein Fund, Inc. - Small Cap Core Portfolio

2,801

– 0

–

– 0

–

– 0

–

389

3,190

– 0

–

– 0

–

Government Money Market Portfolio

241

47,577

47,818

– 0

–

– 0

–

– 0

–

21

– 0

–

Government Money Market Portfolio*

155

12,318

12,473

– 0

–

– 0

–

– 0

–

2

– 0

–

Sanford C Bernstein Fund, Inc. - Emerging Markets Portfolio

3,686

– 0

–

173

– 0

–

429

3,942

– 0

–

– 0

–

Sanford C Bernstein Fund, Inc. - International Portfolio

14,880

– 0

–

828

– 0

–

1,860

15,912

– 0

–

– 0

–

Total

$

62,373

$

59,895

$

63,213

$

0

$

7,086

$

66,141

$

23

$

– 0

–

* Investments of cash collateral for securities lending transactions.