AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 37.1%
Information Technology – 8.6%
Communications Equipment – 0.4%
Cisco Systems, Inc.		19,643	$	772,166
F5 Networks, Inc.(a)		1,566		166,983
				939,149
Electronic Equipment, Instruments & Components – 0.2%
CDW Corp./DE		3,434		320,289
Hitachi Ltd.		800		22,981
				343,270
IT Services – 1.8%
Accenture PLC - Class A		443		72,324
Atos SE		121		8,062
Automatic Data Processing, Inc.		3,615		494,098
Fidelity National Information Services, Inc.		4,214		512,591
Fujitsu Ltd.		100		9,007
Genpact Ltd.		6,522		190,442
Mastercard, Inc. - Class A		240		57,974
Obic Co., Ltd.		100		13,029
Paychex, Inc.		837		52,664
PayPal Holdings, Inc.(a)		5,281		505,603
VeriSign, Inc.(a)		94		16,929
Visa, Inc. - Class A(b)		10,394		1,674,682
				3,607,405
Semiconductors & Semiconductor Equipment – 1.6%
Advantest Corp.		600		23,898
Applied Materials, Inc.		1,207		55,305
Broadcom, Inc.		1,596		378,411
Intel Corp.		10,376		561,549
KLA Corp.		3,427		492,597
Lam Research Corp.		236		56,640
NVIDIA Corp.		1,281		337,672
NXP Semiconductors NV		2,611		216,530
QUALCOMM, Inc.		904		61,156
STMicroelectronics NV		1,303		28,010
Texas Instruments, Inc.		7,464		745,877
Tokyo Electron Ltd.		200		37,275
Xilinx, Inc.		4,881		380,425
				3,375,345
Software – 3.4%
Adobe, Inc.(a)		1,196		380,615
Cadence Design Systems, Inc.(a)		929		61,351
Check Point Software Technologies Ltd.(a)		2,971		298,704
Citrix Systems, Inc.		3,496		494,859
Fortinet, Inc.(a)		622		62,928
Intuit, Inc.		276		63,480
Microsoft Corp.		28,407		4,480,068
Oracle Corp.		13,809		667,389
ServiceNow, Inc.(a)		229		65,627
Trend Micro, Inc./Japan		400		19,753

Company	Shares		U.S. $ Value
VMware, Inc. - Class A(a) (b)		3,027	$	366,570
				6,961,344
Technology Hardware, Storage & Peripherals – 1.2%
Apple, Inc.		9,408		2,392,360
				17,618,873
Health Care – 5.4%
Biotechnology – 0.8%
Amgen, Inc.		156		31,626
Biogen, Inc.(a)		14		4,429
Gilead Sciences, Inc.		890		66,536
Incyte Corp.(a)		278		20,358
Regeneron Pharmaceuticals, Inc.(a)		1,216		593,761
Vertex Pharmaceuticals, Inc.(a)		3,359		799,274
				1,515,984
Health Care Equipment & Supplies – 0.9%
Align Technology, Inc.(a)		1,244		216,394
Cochlear Ltd.		178		20,287
Coloplast A/S - Class B		288		41,767
Edwards Lifesciences Corp.(a)		2,980		562,088
Hoya Corp.		400		34,013
Intuitive Surgical, Inc.(a)		121		59,920
Medtronic PLC		10,468		944,004
				1,878,473
Health Care Providers & Services – 1.2%
Anthem, Inc.		2,916		662,049
Humana, Inc.		122		38,311
UnitedHealth Group, Inc.		6,611		1,648,651
				2,349,011
Health Care Technology – 0.0%
Cerner Corp.		983		61,919
Life Sciences Tools & Services – 0.0%
Sartorius Stedim Biotech		188		37,516
Pharmaceuticals – 2.5%
Astellas Pharma, Inc.		900		13,867
Bausch Health Cos., Inc.(a)		1,153		17,869
Bristol-Myers Squibb Co.		1,486		82,830
Eli Lilly & Co.		539		74,770
Johnson & Johnson		8,187		1,073,561
Merck & Co., Inc.		5,827		448,329
Novartis AG		59		4,867
Novo Nordisk A/S (Sponsored ADR)(b)		5,858		352,652
Novo Nordisk A/S - Class B		910		54,342
Pfizer, Inc.		29,578		965,426
Roche Holding AG		230		74,001
Roche Holding AG (Sponsored ADR)		27,260		1,105,938
UCB SA		408		34,909

Company	Shares		U.S. $ Value
Zoetis, Inc.		6,790	$	799,115
				5,102,476
				10,945,379
Real Estate – 4.3%
Diversified Real Estate Activities – 0.2%
City Developments Ltd.		5,800		29,410
Mitsubishi Estate Co., Ltd.		1,900		28,061
Mitsui Fudosan Co., Ltd.		11,600		200,851
New World Development Co., Ltd.		36,000		38,386
Sumitomo Realty & Development Co., Ltd.		1,300		31,743
Sun Hung Kai Properties Ltd.		7,500		98,055
UOL Group Ltd.		7,700		35,327
				461,833
Diversified REITs – 0.2%
Activia Properties, Inc.		9		29,215
Alexander & Baldwin, Inc.		2,410		27,040
Armada Hoffler Properties, Inc.		2,252		24,096
Essential Properties Realty Trust, Inc.		2,614		34,139
Fibra Uno Administracion SA de CV		13,590		10,667
Hulic Reit, Inc.		46		53,518
ICADE		980		76,919
Kenedix Office Investment Corp. - Class A		6		31,773
Mirvac Group		41,778		53,079
NIPPON REIT Investment Corp.		6		17,768
Stockland		24,427		37,562
				395,776
Equity Real Estate Investment Trusts (REITs) – 1.4%
American Campus Communities, Inc.		10,224		283,716
Americold Realty Trust		14,630		498,005
CubeSmart		24,805		664,526
Mid-America Apartment Communities, Inc.		8,754		901,925
Prologis, Inc.		6,895		554,151
VICI Properties, Inc.		2,640		43,930
				2,946,253
Health Care REITs – 0.3%
Assura PLC		57,950		60,071
Healthpeak Properties, Inc.		4,618		110,139
Medical Properties Trust, Inc.		5,480		94,749
Omega Healthcare Investors, Inc.		3,341		88,670
Physicians Realty Trust		5,173		72,112
Welltower, Inc.		3,570		163,435
				589,176
Hotel & Resort REITs – 0.0%
Japan Hotel REIT Investment Corp.		25		7,298
Park Hotels & Resorts, Inc.		4,581		36,236
RLJ Lodging Trust		4,266		32,933
				76,467
Industrial REITs – 0.2%
Dream Industrial Real Estate Investment Trust		4,045		26,990
Mitsui Fudosan Logistics Park, Inc.		4		16,921
Nippon Prologis REIT, Inc.(a)		21		52,838

Company	Shares		U.S. $ Value
Rexford Industrial Realty, Inc.		1,301	$	53,354
Segro PLC		8,426		79,654
STAG Industrial, Inc.		3,309		74,519
				304,276
Office REITs – 0.4%
Alexandria Real Estate Equities, Inc.		927		127,055
Allied Properties Real Estate Investment Trust		1,685		53,568
Boston Properties, Inc.		1,245		114,826
CapitaLand Commercial Trust		49,000		52,580
City Office REIT, Inc.		1,262		9,124
Cousins Properties, Inc.		3,122		91,381
Daiwa Office Investment Corp.		6		33,298
Easterly Government Properties, Inc.		1,690		41,642
Inmobiliaria Colonial Socimi SA		3,608		34,011
Invesco Office J-Reit, Inc.		214		28,347
Japan Real Estate Investment Corp.		7		41,148
Kilroy Realty Corp.		1,309		83,383
Mori Hills REIT Investment Corp.		42		56,167
Nippon Building Fund, Inc.		3		20,181
True North Commercial Real Estate Investment Trust		3,060		10,568
				797,279
Real Estate Development – 0.1%
CIFI Holdings Group Co., Ltd.		46,000		32,611
CK Asset Holdings Ltd.		19,500		105,801
Instone Real Estate Group AG(a) (c)		2,310		36,958
				175,370
Real Estate Management & Development – 0.3%
Aroundtown SA		16,784		84,012
CBRE Group, Inc. - Class A(a)		12,050		454,405
First Capital Real Estate Investment Trust		1,766		17,104
Hulic Co., Ltd.		3,800		38,456
				593,977
Real Estate Operating Companies – 0.4%
Azrieli Group Ltd.		471		26,930
CA Immobilien Anlagen AG		1,868		63,701
Deutsche Wohnen SE		1,490		56,469
Entra ASA(c)		5,870		70,117
Fabege AB		6,372		81,297
Grainger PLC		16,690		53,113
LEG Immobilien AG		400		44,855
PSP Swiss Property AG (REG)		420		52,520
Swire Properties Ltd.		16,000		44,700
Vonovia SE		3,513		174,749
Wharf Real Estate Investment Co., Ltd.		7,000		28,552
Wihlborgs Fastigheter AB		3,320		45,919
				742,922
Real Estate Services – 0.0%
Unibail-Rodamco-Westfield		357		20,433
Residential REITs – 0.3%
American Homes 4 Rent - Class A		4,013		93,102
Bluerock Residential Growth REIT, Inc.		1,800		10,026

Company	Shares		U.S. $ Value
Camden Property Trust		872	$	69,097
Comforia Residential REIT, Inc.		10		28,592
Essex Property Trust, Inc.		532		117,168
Independence Realty Trust, Inc.		5,997		53,613
Japan Rental Housing Investments, Inc.		36		30,476
Killam Apartment Real Estate Investment Trust		6,151		68,971
Northview Apartment Real Estate Investment Trust		1,815		42,225
Sun Communities, Inc.		948		118,358
UNITE Group PLC (The)		3,450		34,429
				666,057
Retail REITs – 0.3%
AEON REIT Investment Corp.		21		20,185
Agree Realty Corp.		868		53,729
Brixmor Property Group, Inc.		7,094		67,393
Link REIT		10,768		90,758
Realty Income Corp.		2,820		140,605
Retail Properties of America, Inc. - Class A		14,230		73,569
Simon Property Group, Inc.		469		25,730
SITE Centers Corp.		6,775		35,298
Vicinity Centres		39,700		24,834
				532,101
Specialized REITs – 0.2%
Digital Realty Trust, Inc.		1,370		190,307
MGM Growth Properties LLC - Class A		3,120		73,850
National Storage Affiliates Trust		3,202		94,779
Public Storage		190		37,736
Safestore Holdings PLC		3,520		27,835
				424,507
				8,726,427
Communication Services – 4.0%
Diversified Telecommunication Services – 1.1%
Comcast Corp. - Class A		34,348		1,180,884
Elisa Oyj		624		38,516
Eutelsat Communications SA		622		6,466
Telecom Italia SpA/Milano (Savings Shares)		30,066		11,747
Telenor ASA		1,723		25,183
Verizon Communications, Inc.		17,839		958,489
				2,221,285
Entertainment – 0.4%
Activision Blizzard, Inc.		1,228		73,041
Electronic Arts, Inc.(a)		6,481		649,202
Ubisoft Entertainment SA(a)		443		32,379
				754,622
Interactive Media & Services – 2.5%
Alphabet, Inc. - Class A(a)		35		40,668
Alphabet, Inc. - Class C(a)		2,502		2,909,351
Facebook, Inc. - Class A(a)		12,574		2,097,343
				5,047,362

Company	Shares		U.S. $ Value
Media – 0.0%
Dentsu Group, Inc.		1,000	$	19,322
Liberty Media Corp.-Liberty SiriusXM - Class C(a)		1,416		44,774
				64,096
Wireless Telecommunication Services – 0.0%
T-Mobile US, Inc.(a)		741		62,170
				8,149,535
Financials – 3.7%
Banks – 2.0%
Banco de Sabadell SA		39,724		20,089
Bank of America Corp.		49,286		1,046,342
BNP Paribas SA		308		8,992
Citigroup, Inc.		16,243		684,155
Japan Post Bank Co., Ltd.		3,000		27,705
JPMorgan Chase & Co.		10,361		932,801
Mizuho Financial Group, Inc.		17,400		19,963
National Bank of Canada		210		8,116
PNC Financial Services Group, Inc. (The)		4,486		429,400
Societe Generale SA		1,237		20,265
Wells Fargo & Co.		28,283		811,722
Zions Bancorp NA		353		9,446
				4,018,996
Capital Markets – 0.5%
Amundi SA(c)		115		6,654
Deutsche Bank AG		3,825		24,316
Franklin Resources, Inc.		1,240		20,696
Goldman Sachs Group, Inc. (The)		4,627		715,288
Magellan Financial Group Ltd.		631		16,735
Morgan Stanley		1,026		34,884
Nomura Holdings, Inc.		1,400		5,908
S&P Global, Inc.		155		37,983
Singapore Exchange Ltd.		3,200		20,609
T. Rowe Price Group, Inc.		547		53,414
				936,487
Diversified Financial Services – 0.5%
Berkshire Hathaway, Inc. - Class B(a)		5,429		992,584
M&G PLC(a)		3,965		5,516
				998,100
Insurance – 0.7%
Aegon NV		9,494		23,710
AIA Group Ltd.		600		5,373
IA Financial Corp., Inc.		539		16,944
Intact Financial Corp.		217		18,755
Japan Post Holdings Co., Ltd.		1,300		10,169
Legal & General Group PLC		3,117		7,365
MetLife, Inc.		1,474		45,060
Progressive Corp. (The)		14,106		1,041,587
Reinsurance Group of America, Inc. - Class A		3,650		307,111

Company	Shares		U.S. $ Value
Sun Life Financial, Inc.		682	$	21,939
				1,498,013
				7,451,596
Consumer Discretionary – 3.4%
Auto Components – 0.2%
Magna International, Inc. - Class A (United States)		13,624		434,878
Hotels, Restaurants & Leisure – 0.0%
Aristocrat Leisure Ltd.		1,297		16,806
Flutter Entertainment PLC		213		19,160
Stars Group, Inc. (The)(a)		1,187		24,275
Whitbread PLC		77		2,853
				63,094
Household Durables – 0.0%
Garmin Ltd.		701		52,547
Panasonic Corp.		2,000		15,141
				67,688
Internet & Direct Marketing Retail – 1.0%
Amazon.com, Inc.(a)		740		1,442,792
Booking Holdings, Inc.(a)		321		431,848
eBay, Inc.		2,044		61,443
				1,936,083
Multiline Retail – 0.2%
Canadian Tire Corp., Ltd. - Class A		283		17,081
Dollar General Corp.		2,873		433,852
Next PLC		568		28,496
				479,429
Specialty Retail – 1.5%
AutoZone, Inc.(a)		855		723,330
Hennes & Mauritz AB - Class B		1,909		24,429
Hikari Tsushin, Inc.		200		33,467
Home Depot, Inc. (The)		5,865		1,095,054
Industria de Diseno Textil SA		1,201		31,122
O’Reilly Automotive, Inc.(a)		160		48,168
Ross Stores, Inc.		4,868		423,370
TJX Cos., Inc. (The)		15,885		759,462
				3,138,402
Textiles, Apparel & Luxury Goods – 0.5%
adidas AG		106		23,535
Burberry Group PLC		1,987		32,298
Hermes International		12		8,165
NIKE, Inc. - Class B		9,399		777,673
Pandora A/S		786		25,255
Ralph Lauren Corp.		596		39,831
				906,757
				7,026,331

Company	Shares		U.S. $ Value
Consumer Staples – 2.1%
Beverages – 0.6%
Coca-Cola Amatil Ltd.		3,529	$	19,047
Monster Beverage Corp.(a)		254		14,290
PepsiCo, Inc.		8,920		1,071,292
				1,104,629
Food & Staples Retailing – 0.8%
Costco Wholesale Corp.		1,143		325,904
Koninklijke Ahold Delhaize NV		1,503		35,015
US Foods Holding Corp.(a)		9,730		172,318
Walmart, Inc.		9,524		1,082,117
Woolworths Group Ltd.		1,280		27,835
				1,643,189
Food Products – 0.1%
Hershey Co. (The)		465		61,612
JBS SA		23,000		90,033
Mowi ASA		4,390		66,374
Nestle SA		499		51,082
				269,101
Household Products – 0.5%
Kimberly-Clark Corp.		121		15,472
Procter & Gamble Co. (The)		9,142		1,005,620
				1,021,092
Personal Products – 0.0%
Unilever PLC		918		46,295
Tobacco – 0.1%
Altria Group, Inc.		1,684		65,120
Philip Morris International, Inc.		1,035		75,514
				140,634
				4,224,940
Energy – 2.1%
Oil, Gas & Consumable Fuels – 2.1%
Aker BP ASA		2,770		34,746
BP PLC		76,293		312,873
Chevron Corp.		13,527		980,167
Enbridge, Inc.		220		6,406
EOG Resources, Inc.		12,240		439,661
Exxon Mobil Corp.		5,703		216,543
Frontline Ltd./Bermuda(b)		5,130		49,299
Inpex Corp.		5,300		29,733
JXTG Holdings, Inc.		16,600		56,563
LUKOIL PJSC (Sponsored ADR)(b)		1,250		73,950
Motor Oil Hellas Corinth Refineries SA		3,030		36,983
OMV AG		344		9,414
PetroChina Co., Ltd. - Class H		422,000		152,950
Petroleo Brasileiro SA (Preference Shares)		39,300		105,812
Repsol SA		17,124		152,767
Royal Dutch Shell PLC (Sponsored ADR)(b)		12,232		399,497
Royal Dutch Shell PLC - Class B		39,357		660,177
S-Oil Corp.		1,205		55,979

Company	Shares		U.S. $ Value
Suncor Energy, Inc.		1,229	$	19,614
TC Energy Corp.		675		30,002
TOTAL SA		8,440		318,009
Tupras Turkiye Petrol Rafinerileri AS(a)		2,750		31,296
				4,172,441
Industrials – 1.7%
Aerospace & Defense – 0.5%
CAE, Inc.		950		12,009
L3Harris Technologies, Inc.(a)		3,017		543,422
Raytheon Co.		3,726		488,665
				1,044,096
Airlines – 0.2%
Delta Air Lines, Inc.		12,613		359,849
Building Products – 0.0%
Cie de Saint-Gobain		685		16,437
Commercial Services & Supplies – 0.0%
Copart, Inc.(a)		709		48,581
Electrical Equipment – 0.3%
Acuity Brands, Inc.		418		35,806
Eaton Corp. PLC		6,923		537,848
Legrand SA		478		30,487
				604,141
Industrial Conglomerates – 0.4%
Honeywell International, Inc.		5,486		733,972
Toshiba Corp.		200		4,384
				738,356
Machinery – 0.0%
Atlas Copco AB - Class B		721		20,973
Cummins, Inc.		187		25,305
Spirax-Sarco Engineering PLC		421		42,266
				88,544
Professional Services – 0.1%
Adecco Group AG		45		1,773
CoStar Group, Inc.(a)		102		59,895
RELX PLC (London)		2,184		46,612
Wolters Kluwer NV		501		35,463
				143,743
Road & Rail – 0.2%
Canadian National Railway Co.		440		34,402
Canadian Pacific Railway Ltd.		132		29,129
Central Japan Railway Co.		200		32,054
Nippon Express Co., Ltd.		600		29,267
Norfolk Southern Corp.		1,815		264,990
West Japan Railway Co.		500		34,197
				424,039

Company	Shares		U.S. $ Value
Trading Companies & Distributors – 0.0%
AerCap Holdings NV(a)		1,145	$	26,095
Transportation Infrastructure – 0.0%
Aena SME SA(c)		95		10,307
Sydney Airport		4,782		16,522
				26,829
				3,520,710
Utilities – 0.9%
Electric Utilities – 0.8%
American Electric Power Co., Inc.		11,079		886,098
Endesa SA		790		16,717
Enel SpA		6,808		46,960
NextEra Energy, Inc.		2,335		561,848
PPL Corp.		2,035		50,224
Red Electrica Corp. SA		1,728		31,051
Terna Rete Elettrica Nazionale SpA		5,431		34,139
				1,627,037
Gas Utilities – 0.0%
Snam SpA		6,804		31,096
Multi-Utilities – 0.1%
Atco Ltd./Canada - Class I		747		20,686
Canadian Utilities Ltd. - Class A		958		22,900
CenterPoint Energy, Inc.		273		4,218
Consolidated Edison, Inc.		692		53,976
Sempra Energy		488		55,139
Suez		2,266		23,021
Veolia Environnement SA		1,210		25,556
				205,496
Water Utilities – 0.0%
Severn Trent PLC		1,471		41,639
				1,905,268
Materials – 0.9%
Chemicals – 0.2%
Akzo Nobel NV		387		25,452
Evonik Industries AG		2,148		44,857
Orbia Advance Corp. SAB de CV		43,300		47,749
Westlake Chemical Corp.		7,552		288,260
				406,318
Construction Materials – 0.0%
Grupo Cementos de Chihuahua SAB de CV		3,320		9,797
Metals & Mining – 0.7%
Agnico Eagle Mines Ltd.		3,211		128,184
Alcoa Corp.(a)		7,230		44,537
Anglo American PLC		3,880		67,992
AngloGold Ashanti Ltd.		5,300		89,792
Antofagasta PLC		7,860		75,067
APERAM SA		2,730		57,737
ArcelorMittal SA		5,140		48,524
BHP Group Ltd.		243		4,408
Boliden AB		1,990		35,700

Company	Shares		U.S. $ Value
Evolution Mining Ltd.		23,870	$	55,787
First Quantum Minerals Ltd.		10,236		52,297
Fortescue Metals Group Ltd.		373		2,286
Glencore PLC(a)		78,770		119,222
Industrias Penoles SAB de CV		2,490		16,733
Kirkland Lake Gold Ltd.		2,675		78,788
Korea Zinc Co., Ltd.		200		58,204
Lundin Mining Corp.		10,430		39,206
MMC Norilsk Nickel PJSC (ADR)(b)		1,300		31,538
Northern Star Resources Ltd.		7,340		47,548
Orocobre Ltd.(a)		5,420		6,891
OZ Minerals Ltd.		6,050		26,990
Polyus PJSC (GDR)(c)		730		49,436
Rio Tinto PLC		2,430		111,397
Sumitomo Metal Mining Co., Ltd.		1,700		34,756
Wheaton Precious Metals Corp.		979		26,943
Yamato Kogyo Co., Ltd.		2,800		47,957
				1,357,920
Paper & Forest Products – 0.0%
Suzano SA		11,000		75,766
				1,849,801
Transportation – 0.0%
Highways & Railtracks – 0.0%
Transurban Group		9,298		69,257
Consumer Durables & Apparel – 0.0%
Homebuilding – 0.0%
Lennar Corp. - Class A		802		30,636
Persimmon PLC		950		22,457
				53,093
Consumer Services – 0.0%
Leisure Facilities – 0.0%
Planet Fitness, Inc.(a)		285		13,879
Total Common Stocks (cost $72,390,128)				75,727,530
INVESTMENT COMPANIES – 24.4%
Funds and Investment Trusts – 24.4%(d) (e)
AB Discovery Growth Fund, Inc. - Class Z		262,695		2,521,876
AB Trust – AB Discovery Value Fund - Class Z		168,544		2,106,795
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z		777,242		6,132,437
Bernstein Fund, Inc. - International Strategic Equities Portfolio - Class Z		2,288,556		21,695,508
Bernstein Fund, Inc. - Small Cap Core Portfolio - Class Z		280,145		2,221,550
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z		140,451		2,993,020
Sanford C. Bernstein Fund, Inc. - International Portfolio - Class Z		950,606		12,120,226
Total Investment Companies (cost $69,309,791)				49,791,412

	Principal Amount (000)			U.S. $ Value
CORPORATES - INVESTMENT GRADE – 9.8%
Industrial – 5.7%
Basic – 0.6%
Anglo American Capital PLC 1.625%, 09/18/2025(c)		EUR	155	$	151,466
Braskem Netherlands Finance BV 4.50%, 01/31/2030(c)		U.S.$	200		155,125
DuPont de Nemours, Inc. 5.419%, 11/15/2048			110		127,099
Eastman Chemical Co. 3.80%, 03/15/2025			84		85,016
Glencore Finance Europe Ltd. 3.125%, 03/26/2026(c)		GBP	110		120,928
Series E 1.75%, 03/17/2025(c)		EUR	125		117,223
Inversiones CMPC SA 3.85%, 01/13/2030(c)		U.S.$	200		178,000
SABIC Capital II BV 4.00%, 10/10/2023(c)			335		331,650
					1,266,507
Capital Goods – 0.1%
General Electric Co. 0.875%, 05/17/2025		EUR	210		210,178
Westinghouse Air Brake Technologies Corp. 4.40%, 03/15/2024		U.S.$	67		65,210
					275,388
Communications - Media – 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028			7		7,116
4.908%, 07/23/2025			94		99,749
Comcast Corp. 0.75%, 02/20/2032		EUR	155		153,749
Fox Corp. 4.709%, 01/25/2029		U.S.$	215		235,623
Prosus NV 3.68%, 01/21/2030(c)			220		199,760
ViacomCBS, Inc. 3.375%, 02/15/2028			86		78,633
3.50%, 01/15/2025			8		7,452
3.70%, 06/01/2028			42		38,002
4.00%, 01/15/2026			30		29,711
					849,795
Communications - Telecommunications – 0.7%
AT&T, Inc. 2.50%, 03/15/2023		EUR	100		114,843
4.125%, 02/17/2026	U.S.$		345		365,359
5.50%, 03/15/2027(c)		GBP	150		220,679
Series B 2.875%, 03/02/2025(f)		EUR	100		99,037

	Principal Amount (000)			U.S. $ Value
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	145	$	231,366
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(c)			200		202,928
Vodafone Group PLC 3.75%, 01/16/2024			171		178,026
					1,412,238
Consumer Cyclical - Automotive – 0.3%
General Motors Financial Co., Inc. 5.10%, 01/17/2024			128		117,215
Lear Corp. 3.50%, 05/30/2030			49		42,210
3.80%, 09/15/2027			127		115,655
Volkswagen Bank GmbH 1.25%, 06/10/2024(c)		EUR	200		210,164
Volkswagen Leasing GmbH 2.625%, 01/15/2024(c)			120		133,648
					618,892
Consumer Cyclical - Entertainment – 0.1%
Carnival PLC 1.00%, 10/28/2029			200		112,460
Consumer Cyclical - Other – 0.0%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	89		81,544
Consumer Cyclical - Restaurants – 0.0%
Starbucks Corp. 4.50%, 11/15/2048			75		84,469
Consumer Cyclical - Retailers – 0.1%
Lowe’s Cos., Inc. 4.55%, 04/05/2049			75		82,538
TJX Cos, Inc. (The) 3.50%, 04/15/2025			50		51,106
					133,644
Consumer Non-Cyclical – 1.2%
Altria Group, Inc. 2.20%, 06/15/2027		EUR	270		288,849
Amgen, Inc. 4.663%, 06/15/2051		U.S.$	115		144,301
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049			105		123,247
BAT Capital Corp. 3.215%, 09/06/2026			262		250,668
Baxter International, Inc. 0.40%, 05/15/2024		EUR	250		266,822
CVS Health Corp. 4.10%, 03/25/2025		U.S.$	120		126,936
DH Europe Finance II SARL 0.45%, 03/18/2028		EUR	143		141,341
Kraft Heinz Foods Co. 2.25%, 05/25/2028(c)			195		183,990

	Principal Amount (000)			U.S. $ Value
Mylan NV 3.95%, 06/15/2026		U.S.$	265	$	269,166
Reynolds American, Inc. 4.45%, 06/12/2025			145		148,201
Tyson Foods, Inc. 3.95%, 08/15/2024			206		206,194
4.00%, 03/01/2026			65		68,767
Unilever PLC 1.50%, 07/22/2026(c)		GBP	170		204,432
Zimmer Biomet Holdings, Inc. 3.05%, 01/15/2026		U.S.$	46		45,143
					2,468,057
Energy – 1.2%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 4.08%, 12/15/2047			140		123,829
BG Energy Capital PLC 5.125%, 12/01/2025(c)		GBP	140		196,323
Boardwalk Pipelines LP 4.80%, 05/03/2029		U.S.$	125		95,384
Energy Transfer Operating LP 3.75%, 05/15/2030			151		117,381
4.20%, 04/15/2027			33		25,792
5.50%, 06/01/2027			225		197,107
Eni SpA 4.25%, 05/09/2029(c)			270		261,417
Enterprise Products Operating LLC 3.70%, 01/31/2051			135		118,992
Exxon Mobil Corp. 2.992%, 03/19/2025			115		121,901
Hess Corp. 4.30%, 04/01/2027			199		144,203
Husky Energy, Inc. 4.40%, 04/15/2029			220		152,783
ONEOK, Inc. 3.10%, 03/15/2030			155		117,543
4.55%, 07/15/2028			189		160,744
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			46		32,572
3.60%, 11/01/2024			116		95,997
Saudi Arabian Oil Co. 2.875%, 04/16/2024(c)			200		194,500
Shell International Finance BV 3.25%, 05/11/2025			53		55,570
Valero Energy Corp. 6.625%, 06/15/2037			135		141,759
					2,353,797
Other Industrial – 0.1%
Alfa SAB de CV 5.25%, 03/25/2024(c)			200		188,125
Services – 0.1%
eBay, Inc. 3.60%, 06/05/2027			27		27,322

	Principal Amount (000)			U.S. $ Value
Global Payments, Inc. 3.75%, 06/01/2023		U.S.$	45	$	45,166
4.00%, 06/01/2023			83		84,663
IHS Markit Ltd. 3.625%, 05/01/2024			63		62,429
					219,580
Technology – 0.5%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 01/15/2024			42		42,046
3.875%, 01/15/2027			117		111,757
Broadcom, Inc. 3.625%, 10/15/2024(c)			135		132,899
4.25%, 04/15/2026(c)			56		55,358
Dell International LLC/EMC Corp. 6.02%, 06/15/2026(c)			96		99,328
Fidelity National Information Services, Inc. 1.50%, 05/21/2027		EUR	200		214,335
Fiserv, Inc. 1.125%, 07/01/2027			200		211,340
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.875%, 06/18/2026(c)		U.S.$	96		93,811
Seagate HDD Cayman 4.75%, 01/01/2025			63		62,161
					1,023,035
Transportation - Railroads – 0.0%
CSX Corp. 3.80%, 04/15/2050			12		12,524
Transportation - Services – 0.3%
Adani Ports & Special Economic Zone Ltd. 3.95%, 01/19/2022(c)			200		184,812
DP World Crescent Ltd. 3.75%, 01/30/2030(c)			200		162,813
3.875%, 07/18/2029(c)			200		168,000
					515,625
					11,615,680
Financial Institutions – 3.8%
Banking – 2.8%
ABN AMRO Bank NV 4.75%, 07/28/2025(c)			225		230,888
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(c)			215		222,168
Banco Santander SA 5.179%, 11/19/2025			200		203,936
Bank of America Corp. Series Z 6.50%, 10/23/2024(f)			77		81,381
Barclays Bank PLC 6.86%, 06/15/2032(c) (f)			44		51,939

	Principal Amount (000)			U.S. $ Value
Barclays PLC 2.375%, 10/06/2023(c)		GBP	100	$	120,506
BNP Paribas SA 4.375%, 09/28/2025(c)		U.S.$	200		199,284
BPCE SA 4.625%, 07/11/2024(c)			200		197,650
CaixaBank SA 2.375%, 02/01/2024(c)		EUR	200		217,774
Capital One Financial Corp. 1.65%, 06/12/2029			270		251,820
Citigroup, Inc. 1.75%, 10/23/2026		GBP	140		159,817
Commonwealth Bank of Australia 4.50%, 12/09/2025(c)		U.S.$	205		209,760
Cooperatieve Rabobank UA 3.25%, 12/29/2026(c) (f)		EUR	200		172,130
Credit Suisse Group AG 2.125%, 09/12/2025(c)		GBP	170		200,071
Credit Suisse Group Funding Guernsey Ltd. 2.75%, 08/08/2025(c)			165		199,571
Danske Bank A/S 3.244%, 12/20/2025(c)		U.S.$	350		324,383
5.375%, 01/12/2024(c)			200		205,852
DNB Bank ASA 6.50%, 03/26/2022(c) (f)			210		190,922
Goldman Sachs Group, Inc. (The) 4.25%, 01/29/2026(c)		GBP	150		192,251
HSBC Holdings PLC 4.75%, 07/04/2029(c) (f)		EUR	240		227,665
ING Groep NV 3.00%, 02/18/2026(c)		GBP	200		242,691
6.50%, 04/16/2025(f)		U.S.$	232		201,954
JPMorgan Chase & Co. 3.22%, 03/01/2025			265		272,359
Series FF 5.00%, 08/01/2024(f)			158		147,104
Series HH 4.60%, 02/01/2025(f)			1		880
Morgan Stanley Series G 1.75%, 03/11/2024		EUR	182		199,945
Nationwide Building Society 4.00%, 09/14/2026(c)		U.S.$	290		282,965
Nordea Bank Abp 3.75%, 08/30/2023(c)			240		241,678
State Street Corp. 2.901%, 03/30/2026(c)			17		17,128
UBS Group AG 7.125%, 08/10/2021(c) (f)			230		223,917
Wells Fargo & Co. 2.406%, 10/30/2025			64		62,780
					5,753,169

	Principal Amount (000)			U.S. $ Value
Finance – 0.0%
Synchrony Financial 3.95%, 12/01/2027		U.S.$	25	$	22,795
4.50%, 07/23/2025			51		49,843
					72,638
Insurance – 0.4%
ASR Nederland NV 5.125%, 09/29/2045(c)		EUR	210		241,816
Caisse Nationale de Reassurance Mutuelle Agricole Groupama 6.00%, 01/23/2027			100		120,086
Centene Corp. 4.25%, 12/15/2027(c)		U.S.$	28		27,442
4.625%, 12/15/2029(c)			37		37,164
Credit Agricole Assurances SA 4.25%, 01/13/2025(c) (f)		EUR	200		222,956
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	145		129,991
					779,455
REITS – 0.6%
CyrusOne LP/CyrusOne Finance Corp. 1.45%, 01/22/2027		EUR	100		96,484
Digital Euro Finco LLC 2.50%, 01/16/2026(c)			220		244,671
Equinix, Inc. 2.875%, 02/01/2026			115		122,123
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		U.S.$	10		8,810
Prologis Euro Finance LLC 0.375%, 02/06/2028		EUR	245		244,424
Welltower, Inc. 4.00%, 06/01/2025		U.S.$	238		234,984
WPC Eurobond BV 1.35%, 04/15/2028		EUR	100		96,343
2.125%, 04/15/2027			148		157,642
					1,205,481
					7,810,743
Utility – 0.3%
Electric – 0.3%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025(c)		U.S.$	250		251,719
Consolidated Edison Co. of New York, Inc. Series 20B 3.95%, 04/01/2050			23		24,376
Enel Finance International NV 2.65%, 09/10/2024(c)			308		295,307
					571,402

	Principal Amount (000)			U.S. $ Value
Total Corporates - Investment Grade (cost $21,875,664)				$	19,997,825
GOVERNMENTS - TREASURIES – 9.7%
Austria – 1.2%
Republic of Austria Government Bond 0.75%, 10/20/2026-02/20/2028(c)		EUR	2,110		2,480,520
Belgium – 0.4%
Kingdom of Belgium Government Bond Series 85 0.80%, 06/22/2028(c)			470		554,824
Series 87 0.90%, 06/22/2029(c)			240		286,909
					841,733
China – 0.2%
China Government Bond Series 1907 3.25%, 06/06/2026		CNY	2,170		316,167
Finland – 0.7%
Finland Government Bond 0.50%, 09/15/2029(c)		EUR	395		458,887
0.875%, 09/15/2025(c)			750		880,535
					1,339,422
France – 0.7%
French Republic Government Bond OAT 1.25%, 05/25/2034(c)			814		1,019,335
1.50%, 05/25/2050(c)			224		295,200
1.75%, 06/25/2039(c)			14		18,351
					1,332,886
Indonesia – 0.2%
Indonesia Treasury Bond Series FR68 8.375%, 03/15/2034		IDR	7,722,000		473,215
Italy – 1.7%
Italy Buoni Poliennali Del Tesoro 0.95%, 03/01/2023		EUR	780		870,077
2.45%, 09/01/2033(c)			580		690,869
3.25%, 09/01/2046(c)			210		271,043
3.35%, 03/01/2035(c)			580		758,586
3.85%, 09/01/2049(c)			77		110,310
4.50%, 05/01/2023			695		857,845
					3,558,730

	Principal Amount (000)			U.S. $ Value
Japan – 1.9%
Japan Government Ten Year Bond Series 357 0.10%, 12/20/2029		JPY	108,400	$	1,017,362
Japan Government Thirty Year Bond Series 62 0.50%, 03/20/2049			69,500		660,568
Series 63 0.40%, 06/20/2049			22,750		210,477
Series 65 0.40%, 12/20/2049			62,950		582,360
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039			31,650		293,820
Series 171 0.30%, 12/20/2039			124,200		1,152,678
					3,917,265
Malaysia – 0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		268,499
Mexico – 0.1%
Mexican Bonos Series M 8.00%, 11/07/2047		MXN	6,525		276,431
Netherlands – 0.7%
Netherlands Government Bond 0.25%, 07/15/2029(c)		EUR	1,145		1,326,529
Russia – 0.3%
Russian Federal Bond - OFZ Series 6215 7.00%, 08/16/2023		RUB	23,075		297,425
Series 6222 7.10%, 10/16/2024			7,590		98,650
Series 6227 7.40%, 07/17/2024			23,954		314,333
					710,408
Spain – 0.8%
Spain Government Bond 2.35%, 07/30/2033(c)		EUR	323		421,271
4.20%, 01/31/2037(c)			280		458,184
4.40%, 10/31/2023(c)			596		759,050
					1,638,505
United Kingdom – 0.7%
United Kingdom Gilt 1.75%, 09/07/2037-01/22/2049(c)		GBP	902		1,362,847
Total Governments - Treasuries (cost $20,213,948)					19,843,157

	Principal Amount (000)			U.S. $ Value
INFLATION-LINKED SECURITIES – 3.4%
Japan – 0.7%
Japanese Government CPI Linked Bond Series 21 0.10%, 03/10/2026		JPY	54,556	$	507,629
Series 22 0.10%, 03/10/2027			58,498		543,703
Series 23 0.10%, 03/10/2028			43,684		406,069
					1,457,401
United States – 2.7%
U.S. Treasury Inflation Index 0.125%, 07/15/2024 (TIPS)		U.S.$	3,617		3,621,369
0.375%, 07/15/2025 (TIPS)			1,708		1,739,158
2.375%, 01/15/2025 (TIPS)			198		219,221
					5,579,748
Total Inflation-Linked Securities (cost $7,010,021)					7,037,149
CORPORATES - NON-INVESTMENT GRADE – 2.2%
Industrial – 1.6%
Basic – 0.3%
OCI NV 5.00%, 04/15/2023(c)		EUR	120		124,461
Smurfit Kappa Acquisitions ULC 2.875%, 01/15/2026(c)			150		162,581
SPCM SA 4.875%, 09/15/2025(c)		U.S.$	200		188,566
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(c)		EUR	120		121,092
					596,700
Capital Goods – 0.2%
Crown European Holdings SA 2.625%, 09/30/2024(c)			115		120,309
Silgan Holdings, Inc. 2.25%, 06/01/2028(c)			165		161,768
TransDigm, Inc. 6.25%, 03/15/2026(c)		U.S.$	110		109,612
					391,689
Communications - Media – 0.0%
CSC Holdings LLC 6.75%, 11/15/2021			45		46,766
Consumer Cyclical - Automotive – 0.1%
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025(c) (g)		EUR	105		90,344
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 4.375%, 05/15/2026(c)			120		109,916

	Principal Amount (000)			U.S. $ Value
Tenneco, Inc. 5.00%, 07/15/2024(c)		EUR	100	$	73,493
					273,753
Consumer Cyclical - Other – 0.1%
International Game Technology PLC 6.25%, 02/15/2022(c)		U.S.$	200		184,892
Consumer Cyclical - Retailers – 0.0%
Dufry One BV 2.00%, 02/15/2027(c)		EUR	105		90,906
Consumer Non-Cyclical – 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(c)		U.S.$	61		60,139
4.625%, 01/15/2027(c)			46		45,752
Catalent Pharma Solutions, Inc. 2.375%, 03/01/2028(c)		EUR	165		168,581
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(c)			120		122,033
Grifols SA 1.625%, 02/15/2025(c)			200		213,270
Spectrum Brands, Inc. 5.75%, 07/15/2025		U.S.$	135		127,189
					736,964
Energy – 0.1%
Occidental Petroleum Corp. 3.50%, 08/15/2029			175		82,653
Western Midstream Operating LP 4.05%, 02/01/2030			135		59,142
					141,795
Other Industrial – 0.1%
Rexel SA 2.125%, 06/15/2025(c)		EUR	120		113,164
Services – 0.1%
Arena Luxembourg Finance Sarl 1.875%, 02/01/2028(c)			160		150,502
Q-Park Holding I BV 2.00%, 03/01/2027(c)			120		113,147
					263,649
Technology – 0.1%
CommScope, Inc. 5.50%, 03/01/2024(c)		U.S.$	67		67,710
6.00%, 03/01/2026(c)			79		79,035
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(c)			14		14,453
					161,198

	Principal Amount (000)			U.S. $ Value
Transportation - Services – 0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(h) (i)		U.S.$	200	$	203,081
					3,204,557
Financial Institutions – 0.6%
Banking – 0.5%
Banco Santander SA 6.75%, 04/25/2022(c) (f)		EUR	200		198,522
Citigroup, Inc. 5.95%, 01/30/2023(f)		U.S.$	90		87,026
Series V 4.70%, 01/30/2025(f)			4		3,388
Credit Suisse Group AG 7.50%, 12/11/2023(c) (f)			200		193,000
Goldman Sachs Group, Inc. (The) Series O 5.30%, 11/10/2026(f)			10		9,598
Series P 5.00%, 11/10/2022(f)			53		45,243
Morgan Stanley Series J 5.55%, 07/15/2020(f)			95		82,751
Royal Bank of Scotland Group PLC Series U 3.77% (LIBOR 3 Month + 2.32%), 09/30/2027(f) (j)			200		166,974
Standard Chartered PLC 3.28% (LIBOR 3 Month + 1.51%), 01/30/2027(c) (f) (j)			200		152,794
					939,296
Finance – 0.1%
Lincoln Financing SARL 3.625%, 04/01/2024(c)		EUR	120		109,599
Navient Corp. 6.625%, 07/26/2021		U.S.$	170		174,483
					284,082
					1,223,378
Total Corporates - Non-Investment Grade (cost $5,078,224)					4,427,935
QUASI-SOVEREIGNS – 2.0%
Quasi-Sovereign Bonds – 2.0%
Chile – 0.1%
Corp. Nacional del Cobre de Chile 3.70%, 01/30/2050(c)			200		171,750
China – 1.7%
China Development Bank Series 1805 4.88%, 02/09/2028		CNY	12,050		1,898,447

	Principal Amount (000)			U.S. $ Value
Series 1910 3.65%, 05/21/2029		CNY	10,920	$	1,598,211
					3,496,658
Indonesia – 0.1%
Perusahaan Listrik Negara PT 3.375%, 02/05/2030(c)		U.S.$	210		191,879
Mexico – 0.1%
Petroleos Mexicanos 5.95%, 01/28/2031(c)			39		26,910
6.84%, 01/23/2030(c)			101		73,075
7.69%, 01/23/2050(c)			120		81,600
					181,585
Total Quasi-Sovereigns (cost $4,079,103)					4,041,872
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.9%
Risk Share Floating Rate – 1.2%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 2.697% (LIBOR 1 Month + 1.75%), 03/25/2029(c) (j)			220		193,846
Series 2019-2A, Class M2 4.047% (LIBOR 1 Month + 3.10%), 04/25/2029(c) (j)			150		120,903
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 3.247% (LIBOR 1 Month + 2.30%), 08/25/2031(c) (j)			91		75,072
Series 2019-R03, Class 1M2 3.097% (LIBOR 1 Month + 2.15%), 09/25/2031(c) (j)			65		53,570
Series 2019-R04, Class 2M2 3.047% (LIBOR 1 Month + 2.10%), 06/25/2039(c) (j)			126		102,121
Series 2019-R05, Class 1M2 2.947% (LIBOR 1 Month + 2.00%), 07/25/2039(c) (j)			92		77,727
Series 2019-R06, Class 2M2 3.047% (LIBOR 1 Month + 2.10%), 09/25/2039(c) (j)			113		87,279
Series 2019-R07, Class 1M2 3.047% (LIBOR 1 Month + 2.10%), 10/25/2039(c) (j)			70		56,401
Eagle RE Ltd. Series 2018-1, Class M1 2.647% (LIBOR 1 Month + 1.70%), 11/25/2028(c) (j)			83		82,998
Federal Home Loan Mortgage Corp. Series 2019-DNA3, Class M2 2.997% (LIBOR 1 Month + 2.05%), 07/25/2049(c) (j)			30		24,821

	Principal Amount (000)		U.S. $ Value
Series 2019-HQA1, Class M2 3.297% (LIBOR 1 Month + 2.35%), 02/25/2049(c) (j)	U.S.$	63	$	52,796
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.947% (LIBOR 1 Month + 4.00%), 08/25/2024(j)		200		190,080
Series 2014-HQ3, Class M3 5.697% (LIBOR 1 Month + 4.75%), 10/25/2024(j)		142		137,465
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 5.247% (LIBOR 1 Month + 4.30%), 02/25/2025(j)		73		69,130
Series 2015-C02, Class 1M2 4.947% (LIBOR 1 Month + 4.00%), 05/25/2025(j)		101		93,451
Series 2015-C02, Class 2M2 4.947% (LIBOR 1 Month + 4.00%), 05/25/2025(j)		74		69,947
Series 2015-C03, Class 1M2 5.947% (LIBOR 1 Month + 5.00%), 07/25/2025(j)		50		48,108
Series 2015-C03, Class 2M2 5.947% (LIBOR 1 Month + 5.00%), 07/25/2025(j)		112		108,118
Series 2015-C04, Class 1M2 6.647% (LIBOR 1 Month + 5.70%), 04/25/2028(j)		45		44,436
Series 2015-C04, Class 2M2 6.497% (LIBOR 1 Month + 5.55%), 04/25/2028(j)		168		155,640
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 5.197% (LIBOR 1 Month + 4.25%), 11/25/2024(j) (k)		22		22,416
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 3.613% (LIBOR 1 Month + 2.00%), 03/27/2024(j) (k)		129		124,213
Radnor Re Ltd. Series 2019-1, Class M1B 2.897% (LIBOR 1 Month + 1.95%), 02/25/2029(c) (j)		206		205,233
STACR Trust Series 2018-DNA3, Class M2 3.047% (LIBOR 1 Month + 2.10%), 09/25/2048(c) (j)		174		143,067
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.877% (LIBOR 1 Month + 5.25%), 11/25/2025(j) (k)		106		94,888

	Principal Amount (000)		U.S. $ Value
Series 2015-WF1, Class 2M2 7.127% (LIBOR 1 Month + 5.50%), 11/25/2025(j) (k)	U.S.$	33	$	29,456
				2,463,182
Agency Floating Rate – 0.5%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 5.395% (6.10% – LIBOR 1 Month), 12/15/2044(j) (l)		511		94,128
Series 4693, Class SL 5.445% (6.15% – LIBOR 1 Month), 06/15/2047(j) (l)		496		100,409
Series 4719, Class JS 5.445% (6.15% – LIBOR 1 Month), 09/15/2047(j) (l)		413		63,929
Series 4727, Class SA 5.495% (6.20% – LIBOR 1 Month), 11/15/2047(j) (l)		551		75,602
Federal National Mortgage Association REMICs Series 2011-131, Class ST 5.593% (6.54% – LIBOR 1 Month), 12/25/2041(j) (l)		253		51,333
Series 2012-70, Class SA 5.603% (6.55% – LIBOR 1 Month), 07/25/2042(j) (l)		458		103,516
Series 2016-106, Class ES 5.053% (6.00% – LIBOR 1 Month), 01/25/2047(j) (l)		483		89,637
Series 2017-16, Class SG 5.103% (6.05% – LIBOR 1 Month), 03/25/2047(j) (l)		502		96,007
Series 2017-81, Class SA 5.253% (6.20% – LIBOR 1 Month), 10/25/2047(j) (l)		514		103,122
Series 2017-97, Class LS 5.253% (6.20% – LIBOR 1 Month), 12/25/2047(j) (l)		398		90,647
Government National Mortgage Association Series 2017-134, Class SE 5.427% (6.20% – LIBOR 1 Month), 09/20/2047(j) (l)		364		51,854
Series 2017-65, Class ST 5.377% (6.15% – LIBOR 1 Month), 04/20/2047(j) (l)		484		101,419
				1,021,603
Non-Agency Fixed Rate – 0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		21		17,841
Series 2006-24CB, Class A16 5.75%, 08/25/2036		100		67,606
Series 2006-28CB, Class A14 6.25%, 10/25/2036		74		52,985

	Principal Amount (000)		U.S. $ Value
Series 2006-J1, Class 1A13 5.50%, 02/25/2036	U.S.$	51	$	41,607
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		34		23,510
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036		48		34,023
Series 2006-13, Class 1A19 6.25%, 09/25/2036		25		16,269
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		91		62,107
				315,948
Non-Agency Floating Rate – 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 1.137% (LIBOR 1 Month + 0.19%), 12/25/2036(j)		230		100,400
HomeBanc Mortgage Trust Series 2005-1, Class A1 1.197% (LIBOR 1 Month + 0.25%), 03/25/2035(j)		63		49,928
				150,328
Total Collateralized Mortgage Obligations (cost $4,302,961)				3,951,061
MORTGAGE PASS-THROUGHS – 1.8%
Agency Fixed Rate 30-Year – 1.8%
Federal Home Loan Mortgage Corp. Gold Series 2018 4.00%, 08/01/2048		74		79,905
Series 2019 4.50%, 02/01/2049		271		294,070
FHLMC Uniform Mortgage-Backed Security Series 2019 3.50%, 06/01/2049-10/01/2049		907		965,717
FNMA Uniform Mortgage-Backed Security Series 2012 3.50%, 11/01/2042		352		377,473
Series 2013 3.50%, 04/01/2043		226		242,211
Series 2017 3.50%, 12/01/2047		83		88,163
Series 2018 3.50%, 02/01/2048-03/01/2048		749		792,553
4.50%, 09/01/2048		578		623,499
Series 2019 3.50%, 11/01/2049		213		225,789
Total Mortgage Pass-Throughs (cost $3,574,781)				3,689,380

	Principal Amount (000)			U.S. $ Value
COVERED BONDS – 1.3%
Danske Hypotek AB Series 2312 1.00%, 12/20/2023(c)		SEK	4,000	$	414,162
Nordea Hypotek AB Series 5534 1.00%, 09/18/2024(c)			4,100		424,803
Skandinaviska Enskilda Banken AB Series 576 1.00%, 12/20/2023(c)			4,000		414,110
Stadshypotek AB Series 1588 1.50%, 03/01/2024(c)			4,000		422,067
Swedbank Hypotek AB Series 194 1.00%, 09/18/2024(c)			4,100		424,802
Turkiye Vakiflar Bankasi TAO 2.375%, 05/04/2021(c)		EUR	140		148,699
UBS AG/London 4.00%, 04/08/2022(c)			158		189,016
1.375%, 04/16/2021(c)			140		156,955
Total Covered Bonds (cost $2,716,096)					2,594,614
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.0%
Non-Agency Floating Rate CMBS – 0.7%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.705% (LIBOR 1 Month + 1.00%), 05/15/2035(c) (j)		U.S.$	200		177,990
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.705% (LIBOR 1 Month + 1.00%), 11/15/2033(j) (k)			375		359,770
BHMS Series 2018-ATLS, Class A 1.955% (LIBOR 1 Month + 1.25%), 07/15/2035(j) (k)			158		132,219
BX Trust Series 2018-EXCL, Class A 1.792% (LIBOR 1 Month + 1.09%), 09/15/2037(c) (j)			163		142,622
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.78% (LIBOR 1 Month + 1.03%), 12/19/2030(c) (j)			166		135,443
Invitation Homes Trust Series 2018-SFR4, Class A 1.90% (LIBOR 1 Month + 1.10%), 01/17/2038(c) (j)			217		201,656

	Principal Amount (000)		U.S. $ Value
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.655% (LIBOR 1 Month + 1.95%), 11/15/2026(j) (k)	U.S.$	90	$	81,574
Starwood Retail Property Trust Series 2014-STAR, Class A 2.175% (LIBOR 1 Month + 1.47%), 11/15/2027(c) (j)		176		164,028
				1,395,302
Non-Agency Fixed Rate CMBS – 0.3%
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(c)		276		280,621
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.157%, 05/15/2045(c)		119		102,070
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)		161		161,260
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.467%, 09/15/2048		197		167,129
				711,080
Total Commercial Mortgage-Backed Securities (cost $2,291,034)				2,106,382
COLLATERALIZED LOAN OBLIGATIONS – 0.6%
CLO - Floating Rate – 0.6%
ICG US CLO Ltd. Series 2015-1A, Class A1R 2.959% (LIBOR 3 Month + 1.14%), 10/19/2028(c) (j)		300		287,739
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 2.872% (LIBOR 3 Month + 1.18%), 11/18/2031(c) (j)		320		299,348
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 3.049% (LIBOR 3 Month + 1.23%), 01/20/2032(c) (j)		250		232,154
Voya CLO Ltd. Series 2016-3A, Class A1R 3.009% (LIBOR 3 Month + 1.19%), 10/18/2031(c) (j)		500		474,093
Total Collateralized Loan Obligations (cost $1,370,000)				1,293,334

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - SOVEREIGNS – 0.5%
Angola – 0.0%
Angolan Government International Bond 8.00%, 11/26/2029(b) (c)	U.S.$	200	$	76,000
Bahrain – 0.1%
Bahrain Government International Bond 5.625%, 09/30/2031(c)		200		160,500
Dominican Republic – 0.1%
Dominican Republic International Bond 5.95%, 01/25/2027(c)		190		177,888
Egypt – 0.1%
Egypt Government International Bond 7.053%, 01/15/2032(b) (c)		200		157,750
Nigeria – 0.1%
Nigeria Government International Bond 6.75%, 01/28/2021(c)		200		185,562
Senegal – 0.1%
Senegal Government International Bond 6.25%, 05/23/2033(c)		200		178,500
Sri Lanka – 0.0%
Sri Lanka Government International Bond 6.85%, 03/14/2024(c)		200		118,396
Total Emerging Markets - Sovereigns (cost $1,411,901)				1,054,596
EMERGING MARKETS - CORPORATE BONDS – 0.4%
Industrial – 0.3%
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)		200		173,000
Consumer Non-Cyclical – 0.1%
BRF GmbH 4.35%, 09/29/2026(c)		200		169,781
Transportation - Services – 0.1%
Rumo Luxembourg SARL 5.875%, 01/18/2025(c)		200		187,500
				530,281
Utility – 0.1%
Electric – 0.1%
Centrais Eletricas Brasileiras SA 3.625%, 02/04/2025(c)	U.S.$	200		178,000
Terraform Global Operating LLC 6.125%, 03/01/2026(k)		42		41,266
				219,266
Total Emerging Markets - Corporate Bonds (cost $851,158)				749,547

	Principal       Amount       (000)			U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS – 0.3%
Saudi Arabia – 0.3%
Saudi Government International Bond       3.25%, 10/26/2026(c)	U.S.$		200	$	199,000
3.75%, 01/21/2055(c)			200		184,000
4.00%, 04/17/2025(c)			251		260,036
Total Governments - Sovereign Bonds       (cost $659,079)					643,036
ASSET-BACKED SECURITIES – 0.3%
Other ABS - Fixed Rate – 0.2%
Consumer Loan Underlying Bond Credit Trust       Series 2018-P1, Class A       3.39%, 07/15/2025(c)			18		17,481
SBA Tower Trust       Series 2015-1A, Class C       3.156%, 10/08/2020(k)			251		251,263
SoFi Consumer Loan Program LLC       Series 2017-2, Class A       3.28%, 02/25/2026(c)			20		20,306
					289,050
Autos - Fixed Rate – 0.1%
Exeter Automobile Receivables Trust       Series 2016-1A, Class D       8.20%, 02/15/2023(c)			137		139,157
Flagship Credit Auto Trust       Series 2016-4, Class D       3.89%, 11/15/2022(c)			100		99,850
Series 2017-4, Class A       2.07%, 04/15/2022(c)			9		9,405
					248,412
Home Equity Loans - Fixed Rate – 0.0%
Credit-Based Asset Servicing & Securitization LLC       Series 2003-CB1, Class AF       3.95%, 01/25/2033			38		36,765
Total Asset-Backed Securities       (cost $569,049)					574,227
SUPRANATIONALS – 0.1%
Supranationals – 0.1%
European Investment Bank       4.75%, 08/07/2024(c)       (cost $169,549)		AUD	217		154,210

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, 0.53%(d) (e) (m) (cost $2,586,665)		2,586,665	$	2,586,665
Total Investments Before Security Lending Collateral for Securities Loaned – 98.1% (cost $220,459,152)				200,263,932
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(d) (e) (m) (cost $227,405)		227,405		227,405
Total Investments – 98.2% (cost $220,686,557)(n)				200,491,337
Other assets less liabilities – 1.8%				3,749,009
Net Assets – 100.0%			$	204,240,346

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		6		June 2020		$	555,844		$	17,338
10 Yr Canadian Bond Futures		10		June 2020			1,045,548			39,537
10 Yr Japan Bond (OSE) Futures		1		June 2020			1,418,926			5,668
3 Yr Australian Bond Futures		27		June 2020			1,944,912			5,087
Euro Buxl 30 Yr Bond Futures		3		June 2020			694,496			(28,657	)
Euro-BOBL Futures		12		June 2020			1,789,476			(13,910	)
Euro-Schatz Futures		8		June 2020			989,874			(2,170	)
U.S. Long Bond (CBT) Futures		9		June 2020			1,611,563			144,691
U.S. T-Note 2 Yr (CBT) Futures		24		June 2020			5,289,188			25,565
U.S. Ultra Bond (CBT) Futures		31		June 2020			6,878,125			656,995
Sold Contracts
Euro-Bund Futures		11		June 2020			2,092,873			55,563
Euro-OAT Futures		5		June 2020			922,079			22,108
U.S. T-Note 5 Yr (CBT) Futures		2		June 2020			250,719			(7,627	)
U.S. T-Note 10 Yr (CBT) Futures		1		June 2020			138,688			(6,189	)
U.S. Ultra 10 Yr (CBT) Futures		1		June 2020			156,031			(10,048	)
									$	903,951

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CAD	2,061		USD	1,436		05/22/2020		$	(29,562	)
Bank of America, NA		CNY	172		USD	24		06/15/2020			244
Barclays Bank PLC		SEK	21,195		USD	2,241		05/14/2020			96,582
Barclays Bank PLC		TWD	16,784		USD	564		05/21/2020			4,836
Barclays Bank PLC		CNY	9,187		USD	1,289		04/16/2020			(7,887	)
Barclays Bank PLC		EUR	659		USD	717		04/08/2020			(9,577	)
Barclays Bank PLC		USD	3,129		EUR	2,838		04/08/2020			1,591
Barclays Bank PLC		USD	385		INR	27,669		04/23/2020			(22,104	)
Barclays Bank PLC		USD	257		CLP	214,910		05/13/2020			(5,821	)
Barclays Bank PLC		USD	430		KRW	509,480		05/14/2020			(11,027	)
BNP Paribas SA		KRW	631,791		USD	534		05/14/2020			14,730
BNP Paribas SA		CNY	7,601		USD	1,072		04/16/2020			(1,670	)
BNP Paribas SA		AUD	953		USD	585		06/11/2020			(1,105	)
BNP Paribas SA		USD	3,359		CNY	23,487		04/16/2020			(42,485	)
Citibank, NA		CLP	215,336		USD	258		05/13/2020			5,927
Citibank, NA		RUB	74,868		USD	1,050		05/20/2020			97,875
Citibank, NA		BRL	6,883		USD	1,437		04/02/2020			111,870
Citibank, NA		BRL	2,013		USD	387		04/02/2020			(194	)
Citibank, NA		CNY	1,010		USD	141		05/21/2020			(1,039	)
Citibank, NA		EUR	582		USD	635		04/08/2020			(7,194	)
Citibank, NA		USD	443		BRL	2,013		04/02/2020			(55,297	)
Citibank, NA		USD	1,324		BRL	6,883		04/02/2020			662
Citibank, NA		USD	615		BRL	3,194		05/05/2020			(1,213	)
Citibank, NA		USD	316		RUB	25,072		05/20/2020			3,051
Citibank, NA		USD	349		INR	25,170		04/23/2020			(18,790	)
Citibank, NA		USD	521		KRW	619,258		05/14/2020			(12,253	)
Credit Suisse International		SEK	7,061		USD	712		05/14/2020			(2,714	)
Credit Suisse International		USD	401		CHF	385		05/29/2020			(606	)
Credit Suisse International		USD	797		CHF	772		05/29/2020			7,437
Credit Suisse International		USD	621		CAD	873		05/22/2020			(612	)
Credit Suisse International		USD	402		PLN	1,656		05/20/2020			(2,248	)
Credit Suisse International		USD	398		PLN	1,686		05/20/2020			9,489
Credit Suisse International		USD	464		CNY	3,247		04/16/2020			(5,886	)
Credit Suisse International		USD	231		ZAR	4,104		04/08/2020			(1,733	)
Credit Suisse International		USD	1,112		MXN	22,156		04/23/2020			(181,299	)
Credit Suisse International		USD	387		JPY	42,404		04/09/2020			6,971
Deutsche Bank AG		BRL	4,870		USD	974		05/05/2020			38,555
Deutsche Bank AG		BRL	4,870		USD	937		04/02/2020			(469	)
Deutsche Bank AG		USD	975		BRL	4,870		04/02/2020			(38,221	)
Goldman Sachs Bank USA		CNY	35,737		USD	5,115		04/16/2020			68,848
Goldman Sachs Bank USA		MYR	6,574		USD	1,601		08/13/2020			79,789
Goldman Sachs Bank USA		NOK	4,842		USD	507		05/14/2020			41,048
Goldman Sachs Bank USA		NZD	1,345		USD	800		06/04/2020			(1,910	)
Goldman Sachs Bank USA		USD	1,203		EUR	1,098		04/08/2020			8,420
Goldman Sachs Bank USA		USD	1,536		EUR	1,343		04/08/2020			(54,327	)
Goldman Sachs Bank USA		USD	406		MYR	1,681		08/13/2020			(16,604	)
Goldman Sachs Bank USA		USD	2,069		JPY	223,361		04/09/2020			8,238
Goldman Sachs Bank USA		USD	766		JPY	79,207		04/09/2020			(29,510	)
JPMorgan Chase Bank, NA		IDR	6,036,323		USD	406		05/05/2020			37,367
JPMorgan Chase Bank, NA		JPY	746,450		USD	6,866		04/09/2020			(77,668	)
JPMorgan Chase Bank, NA		TWD	42,279		USD	1,421		05/21/2020			12,608
JPMorgan Chase Bank, NA		GBP	3,623		USD	4,659		05/15/2020			155,729
JPMorgan Chase Bank, NA		USD	1,250		EUR	1,135		04/08/2020			877
JPMorgan Chase Bank, NA		USD	502		TWD	14,950		05/21/2020			(3,480	)
JPMorgan Chase Bank, NA		USD	807		TWD	24,332		05/21/2020			3,223
Morgan Stanley & Co., Inc.		JPY	148,955		USD	1,368		04/09/2020			(17,890	)
Morgan Stanley & Co., Inc.		MXN	57,652		USD	2,929		04/23/2020			506,058
Morgan Stanley & Co., Inc.		ZAR	6,701		USD	425		04/08/2020			50,615
Morgan Stanley & Co., Inc.		USD	881		MYR	3,656		08/13/2020			(35,206	)
Morgan Stanley & Co., Inc.		USD	192		RUB	14,018		05/20/2020			(14,121	)
Natwest Markets PLC		PLN	3,342		USD	806		05/20/2020			(1,640	)
Standard Chartered Bank		IDR	17,195,137		USD	1,247		05/05/2020			196,411
Standard Chartered Bank		KRW	694,431		USD	553		05/14/2020			(16,943	)
Standard Chartered Bank		KRW	1,260,835		USD	1,066		05/14/2020			29,917
Standard Chartered Bank		JPY	64,070		USD	582		04/09/2020			(14,289	)
Standard Chartered Bank		INR	139,129		USD	1,913		04/23/2020			86,696
Standard Chartered Bank		CNY	1,887		USD	268		05/21/2020			2,379
Standard Chartered Bank		USD	526		EUR	464		04/08/2020			(13,438	)
Standard Chartered Bank		USD	480		TWD	14,508		05/21/2020			3,197
Standard Chartered Bank		USD	908		INR	67,417		04/23/2020			(22,821	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Standard Chartered Bank		USD	563		INR	43,179		04/23/2020	$	4,115
Standard Chartered Bank		USD	804		KRW	967,810		05/14/2020		(8,609	)
Standard Chartered Bank		USD	1,448		IDR	20,776,311		05/05/2020		(178,445	)
State Street Bank & Trust Co.		JPY	53,396		USD	490		04/09/2020		(6,208	)
State Street Bank & Trust Co.		JPY	9,501		USD	89		06/15/2020		571
State Street Bank & Trust Co.		JPY	10,956		USD	99		06/15/2020		(2,888	)
State Street Bank & Trust Co.		ZAR	5,963		USD	374		04/08/2020		41,067
State Street Bank & Trust Co.		EUR	2,459		USD	2,725		04/08/2020		14,416
State Street Bank & Trust Co.		DKK	559		USD	85		05/14/2020		2,288
State Street Bank & Trust Co.		AUD	559		USD	329		06/11/2020		(14,419	)
State Street Bank & Trust Co.		NOK	796		USD	83		06/15/2020		5,973
State Street Bank & Trust Co.		MXN	365		USD	18		06/15/2020		3,130
State Street Bank & Trust Co.		EUR	1,378		USD	1,500		04/08/2020		(20,617	)
State Street Bank & Trust Co.		CAD	287		USD	200		05/22/2020		(3,777	)
State Street Bank & Trust Co.		SGD	235		USD	165		05/21/2020		(707	)
State Street Bank & Trust Co.		GBP	151		USD	178		05/15/2020		(10,056	)
State Street Bank & Trust Co.		EUR	114		USD	125		06/15/2020		(1,393	)
State Street Bank & Trust Co.		ILS	77		USD	21		06/15/2020		(843	)
State Street Bank & Trust Co.		CAD	70		USD	52		06/15/2020		2,173
State Street Bank & Trust Co.		AUD	79		USD	46		06/15/2020		(2,132	)
State Street Bank & Trust Co.		SGD	40		USD	28		06/15/2020		(572	)
State Street Bank & Trust Co.		AUD	39		USD	25		06/15/2020		699
State Street Bank & Trust Co.		EUR	45		USD	50		06/15/2020		547
State Street Bank & Trust Co.		CHF	32		USD	33		06/15/2020		(668	)
State Street Bank & Trust Co.		USD	100		EUR	92		06/15/2020		2,069
State Street Bank & Trust Co.		USD	13		CAD	19		06/15/2020		260
State Street Bank & Trust Co.		USD	61		CHF	58		06/15/2020		(582	)
State Street Bank & Trust Co.		USD	30		CHF	29		06/15/2020		306
State Street Bank & Trust Co.		USD	100		SGD	141		06/15/2020		(980	)
State Street Bank & Trust Co.		USD	129		EUR	114		06/15/2020		(3,061	)
State Street Bank & Trust Co.		USD	24		AUD	39		06/15/2020		(245	)
State Street Bank & Trust Co.		USD	1,177		EUR	1,054		04/08/2020		(14,935	)
State Street Bank & Trust Co.		USD	848		EUR	784		04/08/2020		17,114
State Street Bank & Trust Co.		USD	27		AUD	47		06/15/2020		1,800
State Street Bank & Trust Co.		USD	444		GBP	344		05/15/2020		(16,977	)
State Street Bank & Trust Co.		USD	62		CAD	88		05/22/2020		347

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	112		CHF	106		05/29/2020	$	(1,948	)
State Street Bank & Trust Co.		USD	328		GBP	277		05/15/2020		16,439
State Street Bank & Trust Co.		USD	566		ZAR	8,553		04/08/2020		(88,470	)
State Street Bank & Trust Co.		USD	14		NOK	156		06/15/2020		781
State Street Bank & Trust Co.		USD	17		NOK	172		06/15/2020		(433	)
State Street Bank & Trust Co.		USD	174		JPY	18,925		06/15/2020		2,303
State Street Bank & Trust Co.		USD	70		HKD	541		04/16/2020		160
State Street Bank & Trust Co.		USD	90		JPY	9,501		06/15/2020		(868	)
State Street Bank & Trust Co.		USD	170		MXN	4,231		04/23/2020		7,996
State Street Bank & Trust Co.		USD	465		NOK	4,844		05/14/2020		986
State Street Bank & Trust Co.		USD	432		MXN	9,227		04/23/2020		(44,307	)
State Street Bank & Trust Co.		USD	1,637		JPY	178,420		04/09/2020		22,612
State Street Bank & Trust Co.		USD	490		JPY	51,513		04/09/2020		(10,472	)
UBS AG		EUR	22,485		USD	25,150		04/08/2020		346,875
									$	970,802

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	3,470	05/24/2021	2.288%	3 Month LIBOR	Semi-Annual/ Quarterly	$	(87,384	)	$	—	$	(87,384	)
CAD	2,808	03/04/2022	3 Month CDOR	1.177%	Semi-Annual/ Semi-Annual		14,984			18		14,966
CAD	3,780	05/22/2024	3 Month CDOR	1.980%	Semi-Annual/ Semi-Annual		114,942			2		114,940
USD	1,420	05/24/2024	2.200%	3 Month LIBOR	Semi-Annual/ Quarterly		(107,767)			—		(107,767)
CAD	4,880	01/14/2025	3 Month CDOR	1.950%	Semi-Annual/ Semi-Annual		162,792			10		162,782
USD	295	11/08/2026	1.657%	3 Month LIBOR	Semi-Annual/ Quarterly		(21,495	)		—		(21,495	)

			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	1,870	09/10/2048		2.980%		3 Month LIBOR		Semi-Annual/ Quarterly	$	(1,023,170	)	$	—	$	(1,023,170	)
CAD	1,030	01/14/2050		2.210%		3 Month CDOR		Semi-Annual/ Semi-Annual		(135,113	)		3		(135,116	)
									$	(1,082,211	)	$	33	$	(1,082,244	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency				Implied Credit Spread at March 31, 2020		Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00	%		Monthly	6.85	%		USD		450	$	(47,255	)	$	(8,802	)	$	(38,453	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		69		(15,229	)		(10,526	)		(4,703	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		11		(2,428	)		(1,761	)		(667	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		70		(15,450	)		(10,367	)		(5,083	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		60		(13,248	)		(7,908	)		(5,340	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		55		(12,144	)		(7,421	)		(4,723	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		75		(16,554	)		(11,057	)		(5,497	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		165		(36,432	)		(10,607	)		(25,825	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		8		(1,767	)		(932	)		(835	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		48		(10,599	)		(6,011	)		(4,588	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency				Implied Credit Spread at March 31, 2020		Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly	13.94	%		USD		53	$	(11,702	)	$	(6,024	)	$	(5,678	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		52		(11,481	)		(5,908	)		(5,573	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		79		(17,443	)		(8,457	)		(8,986	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		9		(1,987	)		(513	)		(1,474	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		64		(14,131	)		(4,216	)		(9,915	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		47		(10,378	)		(4,036	)		(6,342	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		4		(883	)		(356	)		(527	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		8		(1,767	)		(726	)		(1,041	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		8		(1,766	)		(785	)		(981	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		15		(3,312	)		(1,609	)		(1,703	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		75		(16,554	)		(11,457	)		(5,097	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		58		(12,801	)		(9,420	)		(3,381	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		82		(18,099	)		(13,510	)		(4,589	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		5		(1,104	)		(755	)		(349	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	13.94			USD		78		(17,222	)		(10,549	)		(6,673	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency				Implied Credit Spread at March 31, 2020		Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly	13.94	%		USD		53	$	(11,702	)	$	(5,611	)	$	(6,091	)
												$	(323,438	)	$	(159,324	)	$	(164,114	)

* Termination date

INTEREST RATE SWAPS

					Rate Type
Swap Counterparty	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)
Bank of America, NA		10,000		07/11/2024		2.416	%		CPI	#		Maturity	$	(894,379	)	$	—	$	(894,379	)

# 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 March 31, 2020, the aggregate market value of these securities amounted to $35,227,018 or 17.2% 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) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at March 31, 2020.

(h) Fair valued by the Adviser.

(i) Illiquid security.

(j) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2020.

(k) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.55% of net assets as of March 31, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF 1.705%, 11/15/2033		12/04/2017	$	375,000	$	359,770		0.18	%
BHMS
Series 2018-ATLS, Class A 1.955%, 07/15/2035		07/13/2018		158,046		132,219		0.06	%
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2 5.197%, 11/25/2024		11/06/2015		21,685		22,416		0.01	%
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class SNMA 2.655%, 11/15/2026		11/16/2015		89,633		81,574		0.04	%

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 3.613%, 03/27/2024		03/21/2019	$	129,270	$	124,213		0.06	%
SBA Tower Trust
Series 2015-1A,Class C 3.156%, 10/08/2020		10/06/2015		251,000		251,263		0.12	%
Terraform Global Operating LLC
6.125%, 03/01/2026		02/08/2018		42,000		41,266		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 6.877%, 11/25/2025		09/28/2015		106,088		94,888		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2 7.127%, 11/25/2025		09/28/2015		32,661		29,456		0.01	%

(l) Inverse interest only security.

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

(n) As of March 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,815,982 and gross unrealized depreciation of investments was $(38,277,186), resulting in net unrealized depreciation of $(20,461,204).

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNY – Chinese Yuan Renminbi

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

IDR – Indonesian Rupiah

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

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan 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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CPI – Consumer Price Index

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GDR – Global Depositary Receipt

LIBOR – London Interbank Offered Rates

OAT – Obligations Assimilables du Trésor

OSE – Osaka Securities Exchange

PJSC – Public Joint Stock Company

REG – Registered Shares

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

TIPS – Treasury Inflation Protected Security

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

March 31, 2020 (unaudited)

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

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

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

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Information Technology	$	17,456,858	$	162,015	$	—	$	17,618,873
Health Care		10,629,810		315,569		—		10,945,379
Real Estate		6,167,924		2,558,503		—		8,726,427
Communication Services		8,015,922		133,613		—		8,149,535
Financials		7,228,227		223,369		—		7,451,596
Consumer Discretionary		6,765,604		260,727		—		7,026,331
Consumer Staples		3,979,292		245,648		—		4,224,940
Energy		2,320,951		1,851,490		—		4,172,441
Industrials		3,235,431		285,279		—		3,520,710
Utilities		1,655,089		250,179		—		1,905,268
Materials		889,234		960,567		—		1,849,801
Transportation		—		69,257		—		69,257
Consumer Durables & Apparel		30,636		22,457		—		53,093
Consumer Services		13,879		—		—		13,879
Investment Companies		49,791,412		—		—		49,791,412
Corporates - Investment Grade		—		19,997,825		—		19,997,825
Governments - Treasuries		—		19,843,157		—		19,843,157
Inflation-Linked Securities		—		7,037,149		—		7,037,149
Corporates - Non-Investment Grade		—		4,427,935		—		4,427,935
Quasi-Sovereigns		—		4,041,872		—		4,041,872
Collateralized Mortgage Obligations		—		3,951,061		—		3,951,061
Mortgage Pass-Throughs		—		3,689,380		—		3,689,380
Covered Bonds		—		2,594,614		—		2,594,614
Commercial Mortgage-Backed Securities		—		2,106,382		—		2,106,382
Collateralized Loan Obligations		—		1,293,334		—		1,293,334
Emerging Markets - Sovereigns		—		1,054,596		—		1,054,596
Emerging Markets - Corporate Bonds		—		749,547		—		749,547
Governments - Sovereign Bonds		—		643,036		—		643,036
Asset-Backed Securities		—		574,227		—		574,227
Supranationals		—		154,210		—		154,210

Short-Term Investments		2,586,665			—			—		2,586,665
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		227,405			—			—		227,405
Total Investments in Securities		120,994,339			79,496,998			—		200,491,337
Other Financial Instruments(a):
Assets:
Futures		972,552			—			—		972,552
Forward Currency Exchange Contracts		—			2,186,267			—		2,186,267
Centrally Cleared Interest Rate Swaps		—			292,718			—		292,718
Liabilities:
Futures		(68,601	)		—			—		(68,601	)
Forward Currency Exchange Contracts		—			(1,215,465	)		—		(1,215,465	)
Centrally Cleared Interest Rate Swaps		—			(1,374,929	)		—		(1,374,929	)
Credit Default Swaps		—			(323,438	)		—		(323,438	)
Interest Rate Swaps		—			(894,379	)		—		(894,379	)
Total	$	121,898,290		$	78,167,772		$	—	$	200,066,062

^(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.

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2020 is as follows:

Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,822	$	11,483	$	10,718	$	2,587	$	3
Government Money Market Portfolio*		258		9,027		9,058		227		1
Total	$	2,080	$	20,510	$	19,776	$	2,814	$	4

* Investments of cash collateral for securities lending transactions.