AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - INVESTMENT GRADE – 33.4%
Industrial – 18.9%
Basic – 1.2%
Alpek SAB de CV 4.25%, 09/18/2029 (a)		U.S.$	200	$	196,687
DuPont de Nemours, Inc. 4.205%, 11/15/2023			65		71,400
4.493%, 11/15/2025			65		74,834
Eastman Chemical Co. 3.80%, 03/15/2025			50		55,133
Glencore Funding LLC 4.125%, 05/30/2023 (a)			58		62,145
Nutrition & Biosciences, Inc. 1.832%, 10/15/2027 (a)			24		24,111
Suzano Austria GmbH 3.75%, 01/15/2031			17		17,047
					501,357
Capital Goods – 0.8%
General Electric Co. 0.875%, 05/17/2025		EUR	100		116,662
3.45%, 05/01/2027		U.S.$	107		113,105
Raytheon Technologies Corp. 3.95%, 08/16/2025			90		102,381
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			15		15,822
					347,970
Communications - Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028			7		7,942
4.80%, 03/01/2050			15		16,974
5.125%, 07/01/2049			23		26,859
Comcast Corp. 3.45%, 02/01/2050			38		42,676
4.15%, 10/15/2028			95		114,405
Cox Communications, Inc. 2.95%, 06/30/2023 (a)			51		53,600
Interpublic Group of Cos., Inc. (The) 4.75%, 03/30/2030			55		66,038
ViacomCBS, Inc. 4.20%, 05/19/2032			10		11,414
4.95%, 01/15/2031			22		26,398
Walt Disney Co. (The) 2.75%, 09/01/2049			44		42,553
					408,859
Communications - Telecommunications – 1.2%
AT&T, Inc. 2.75%, 06/01/2031			33		34,741
3.65%, 09/15/2059(a)			74		72,704
4.35%, 03/01/2029			179		210,559

1

	Principal Amount (000)			U.S. $ Value
Vodafone Group PLC 3.75%, 01/16/2024		U.S.$	168	$	183,473
					501,477
Consumer Cyclical - Automotive – 1.3%
General Motors Co. 6.125%, 10/01/2025			25		29,042
6.80%, 10/01/2027			34		41,352
General Motors Financial Co., Inc. 2.70%, 08/20/2027			60		59,651
4.30%, 07/13/2025			30		32,544
5.10%, 01/17/2024			109		119,094
5.20%, 03/20/2023			48		52,075
5.25%, 03/01/2026			21		23,691
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025 (a)			128		133,774
Lear Corp. 3.50%, 05/30/2030			36		36,720
3.80%, 09/15/2027			13		13,683
					541,626
Consumer Cyclical - Other – 0.2%
Las Vegas Sands Corp. 2.90%, 06/25/2025			63		62,761
3.20%, 08/08/2024			30		30,312
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			12		13,368
					106,441
Consumer Cyclical - Restaurants – 0.1%
Starbucks Corp. 4.50%, 11/15/2048			31		37,678
Consumer Cyclical - Retailers – 0.8%
Advance Auto Parts, Inc. 1.75%, 10/01/2027			26		25,922
AutoNation, Inc. 4.75%, 06/01/2030			57		67,333
Ralph Lauren Corp. 2.95%, 06/15/2030			122		127,291
Ross Stores, Inc. 4.70%, 04/15/2027			113		133,239
					353,785
Consumer Non-Cyclical – 4.6%
AbbVie, Inc. 2.95%, 11/21/2026(a)			67		72,966
4.875%, 11/14/2048			47		59,508
Altria Group, Inc. 3.40%, 05/06/2030			85		92,585
4.80%, 02/14/2029			26		30,774
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 06/01/2060			73		88,285
5.55%, 01/23/2049			120		161,491

2

	Principal Amount (000)		U.S. $ Value
BAT Capital Corp. 2.259%, 03/25/2028	U.S.$	128	$	128,536
3.215%, 09/06/2026		92		98,874
4.70%, 04/02/2027		55		63,159
Biogen, Inc. 4.05%, 09/15/2025		144		164,017
Cigna Corp. 3.75%, 07/15/2023		25		27,051
4.125%, 11/15/2025		45		51,543
4.375%, 10/15/2028		58		68,955
Coca-Cola Femsa SAB de CV 1.85%, 09/01/2032		150		150,424
2.75%, 01/22/2030		150		160,875
CVS Health Corp. 4.10%, 03/25/2025		46		51,921
Mylan NV 3.95%, 06/15/2026		85		95,567
Royalty Pharma PLC 1.75%, 09/02/2027 (a)		16		16,034
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		200		222,174
Tyson Foods, Inc. 3.95%, 08/15/2024		48		53,321
4.00%, 03/01/2026		12		13,731
Zimmer Biomet Holdings, Inc. 3.55%, 03/20/2030		25		27,971
Zoetis, Inc. 3.45%, 11/13/2020		45		45,039
				1,944,801
Energy – 4.9%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 3.337%, 12/15/2027		58		61,613
Boardwalk Pipelines LP 3.40%, 02/15/2031		47		46,042
BP Capital Markets America, Inc. 3.194%, 04/06/2025		81		89,042
Cenovus Energy, Inc. 4.25%, 04/15/2027		12		10,904
Energy Transfer Operating LP 3.75%, 05/15/2030		129		125,129
4.75%, 01/15/2026		175		186,445
Enterprise Products Operating LLC 3.70%, 02/15/2026		161		180,616
Husky Energy, Inc. 4.40%, 04/15/2029		161		169,032
Kinder Morgan, Inc. 3.15%, 01/15/2023		150		157,439
Marathon Oil Corp. 3.85%, 06/01/2025		19		19,506
6.80%, 03/15/2032		100		107,488
Marathon Petroleum Corp. 5.125%, 12/15/2026		30		34,941
Newfield Exploration Co. 5.625%, 07/01/2024		40		38,827
Noble Energy, Inc. 3.85%, 01/15/2028		30		34,034
3.90%, 11/15/2024		107		117,170

3

	Principal Amount (000)			U.S. $ Value
ONEOK, Inc. 4.00%, 07/13/2027		U.S.$	87	$	90,435
4.35%, 03/15/2029			57		59,444
5.85%, 01/15/2026			65		74,904
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			8		7,708
3.60%, 11/01/2024			68		70,029
4.50%, 12/15/2026			16		17,044
Sabine Pass Liquefaction LLC 5.00%, 03/15/2027			80		90,198
Shell International Finance BV 3.25%, 04/06/2050			80		85,086
TransCanada PipeLines Ltd. 9.875%, 01/01/2021			108		110,487
Valero Energy Corp. 2.70%, 04/15/2023			78		80,869
					2,064,432
Services – 0.4%
Booking Holdings, Inc. 4.625%, 04/13/2030			104		124,960
Expedia Group, Inc. 6.25%, 05/01/2025(a)			2		2,203
7.00%, 05/01/2025(a)			36		38,807
					165,970
Technology – 1.7%
Analog Devices, Inc. 2.95%, 04/01/2025			8		8,708
Apple, Inc. 2.40%, 08/20/2050			86		85,663
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028			10		10,822
3.875%, 01/15/2027			103		114,087
Broadcom, Inc. 4.11%, 09/15/2028			60		67,035
4.15%, 11/15/2030			126		141,346
4.25%, 04/15/2026			11		12,406
4.70%, 04/15/2025			3		3,408
Dell International LLC/EMC Corp. 6.02%, 06/15/2026 (a)			78		91,726
Infor, Inc. 1.75%, 07/15/2025 (a)			34		35,011
Lam Research Corp. 2.80%, 06/15/2021			39		39,590
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025 (a)			17		17,991
Oracle Corp. 3.60%, 04/01/2050			40		44,772
Seagate HDD Cayman 4.091%, 06/01/2029 (a)			36		39,139
					711,704

4

	Principal Amount (000)		U.S. $ Value
Transportation - Airlines – 0.4%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)	U.S.$	39	$	40,288
4.75%, 10/20/2028(a)		46		47,717
Southwest Airlines Co. 4.75%, 05/04/2023		34		36,275
5.25%, 05/04/2025		46		50,686
				174,966
Transportation - Services – 0.3%
Aviation Capital Group LLC 2.875%, 01/20/2022(a)		10		9,930
3.50%, 11/01/2027(a)		17		15,164
3.875%, 05/01/2023(a)		36		35,643
4.125%, 08/01/2025(a)		2		1,916
4.375%, 01/30/2024(a)		14		13,923
4.875%, 10/01/2025(a)		20		19,670
5.50%, 12/15/2024(a)		46		47,393
				143,639
				8,004,705
Financial Institutions – 13.2%
Banking – 11.7%
American Express Co. Series C 3.535% (LIBOR 3 Month + 0.00%), 12/15/2020 (b) (c)		15		13,555
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026 (a)		200		225,572
Banco de Credito del Peru 3.125%, 07/01/2030 (a)		87		87,000
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025 (a)		150		166,103
Banco Santander SA 3.49%, 05/28/2030		200		218,328
Bank of America Corp. Series DD 6.30%, 03/10/2026(b)		27		30,512
Series L 3.95%, 04/21/2025		360		400,010
Series Z 6.50%, 10/23/2024(b)		41		45,513
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025 (b)		17		18,038
Banque Federative du Credit Mutuel SA 2.75%, 10/15/2020 (a)		200		200,180
Barclays Bank PLC 6.86%, 06/15/2032 (a) (b)		29		36,773
BNP Paribas SA 4.375%, 05/12/2026 (a)		200		224,454

5

	Principal Amount (000)		U.S. $ Value
Capital One Financial Corp. 2.60%, 05/11/2023	U.S.$	68	$	71,122
3.30%, 10/30/2024		135		146,256
CIT Group, Inc. 5.25%, 03/07/2025		56		59,254
Citigroup, Inc. 3.106%, 04/08/2026		25		27,007
3.875%, 03/26/2025		165		182,224
4.45%, 09/29/2027		83		96,273
5.95%, 01/30/2023(b)		55		56,431
Series Q 4.375% (LIBOR 3 Month + 4.10%), 11/15/2020(b) (c)		90		87,807
Cooperatieve Rabobank UA 4.375%, 08/04/2025		250		282,282
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 06/09/2023		265		285,143
Fifth Third Bancorp Series L 4.50%, 09/30/2025 (b)		24		24,177
Goldman Sachs Group, Inc. (The) Series M 4.165% (LIBOR 3 Month + 3.92%), 11/02/2020 (b) (c)		45		43,697
HSBC Holdings PLC 4.25%, 08/18/2025		203		220,344
ING Groep NV 3.55%, 04/09/2024		200		217,812
JPMorgan Chase & Co. 2.083%, 04/22/2026		67		69,936
3.54%, 05/01/2028		74		83,025
Series Z 4.051% (LIBOR 3 Month + 3.80%), 11/01/2020(b) (c)		22		21,696
Manufacturers & Traders Trust Co. 2.625%, 01/25/2021		250		251,345
Mastercard, Inc. 3.30%, 03/26/2027		48		54,902
Morgan Stanley 3.737%, 04/24/2024		75		80,580
5.00%, 11/24/2025		37		43,451
Series G 4.35%, 09/08/2026		186		214,598
Series J 4.085% (LIBOR 3 Month + 3.81%), 01/15/2021(b) (c)		20		19,431
Santander Holdings USA, Inc. 4.40%, 07/13/2027		41		44,988
Standard Chartered PLC 1.778% (LIBOR 3 Month + 1.51%), 01/30/2027 (a) (b) (c)		100		84,149
State Street Corp. 2.901%, 03/30/2026 (a)		11		11,950

6

	Principal Amount (000)		U.S. $ Value
Truist Financial Corp. Series Q 5.10%, 03/01/2030 (b)	U.S.$	81	$	87,123
US Bancorp Series J 5.30%, 04/15/2027 (b)		63		67,855
Wells Fargo & Co. 2.188%, 04/30/2026		62		64,634
3.069%, 01/24/2023		113		116,567
3.75%, 01/24/2024		110		119,656
Series G 4.30%, 07/22/2027		35		40,114
				4,941,867
Brokerage – 0.1%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025 (b)		44		47,590
Finance – 0.5%
Air Lease Corp. 3.875%, 07/03/2023		6		6,247
4.25%, 02/01/2024		27		28,079
Aircastle Ltd. 4.40%, 09/25/2023		9		8,905
5.25%, 08/11/2025(a)		13		12,723
Synchrony Financial 4.50%, 07/23/2025		147		162,335
				218,289
Insurance – 0.5%
Alleghany Corp. 3.625%, 05/15/2030		95		107,027
Centene Corp. 4.25%, 12/15/2027		14		14,647
4.625%, 12/15/2029		16		17,245
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039 (a)		35		59,128
Voya Financial, Inc. 5.65%, 05/15/2053		31		31,987
				230,034
REITS – 0.4%
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		6		6,202
Welltower, Inc. 2.75%, 01/15/2031		42		43,225
3.10%, 01/15/2030		38		40,326
3.625%, 03/15/2024		21		22,727
4.00%, 06/01/2025		48		53,865
				166,345
				5,604,125

7

	Principal Amount (000)		U.S. $ Value
Utility – 1.3%
Electric – 1.3%
Colbun SA 3.15%, 03/06/2030 (a)	U.S.$	200	$	215,375
Enel Chile SA 4.875%, 06/12/2028		68		79,957
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/2024 (a)		200		225,750
Kentucky Utilities Co. 3.30%, 06/01/2050		38		41,534
				562,616
Total Corporates - Investment Grade (cost $13,321,399)				14,171,446
MORTGAGE PASS-THROUGHS – 16.0%
Agency Fixed Rate 30-Year – 13.9%
Federal Home Loan Mortgage Corp.
Series 2019 3.50%, 10/01/2049-11/01/2049		251		269,915
Series 2020 3.50%, 01/01/2050		105		114,778
Federal Home Loan Mortgage Corp. Gold
Series 2005 5.50%, 01/01/2035		53		61,318
Series 2007 5.50%, 07/01/2035		15		17,936
Series 2016 4.00%, 02/01/2046		156		172,646
Series 2017 4.00%, 07/01/2044		119		131,842
Series 2018 4.00%, 11/01/2048-12/01/2048		127		137,828
4.50%, 10/01/2048-11/01/2048		260		287,858
5.00%, 11/01/2048		64		71,792
Federal National Mortgage Association
Series 2003 5.50%, 04/01/2033-07/01/2033		48		55,598
Series 2004 5.50%, 04/01/2034-11/01/2034		43		50,064
Series 2005 5.50%, 02/01/2035		50		58,363
Series 2010 4.00%, 12/01/2040		72		79,635
Series 2012 3.50%, 02/01/2042-01/01/2043		198		218,459
Series 2013 3.50%, 04/01/2043		96		105,741
4.00%, 10/01/2043		275		303,227
Series 2018 3.50%, 04/01/2048-05/01/2048		901		971,722
4.00%, 08/01/2048-12/01/2048		283		307,277
4.50%, 09/01/2048		240		264,969
Series 2019 3.50%, 09/01/2049-11/01/2049		416		446,889
4.00%, 06/01/2049		188		205,900

8

	Principal Amount (000)			U.S. $ Value
Series 2020 3.50%, 01/01/2050	U.S.$	103		$	111,362
Government National Mortgage Association
Series 1994 9.00%, 09/15/2024**		0	**		267
Series 2016 3.00%, 04/20/2046		157			165,088
Uniform Mortgage-Backed Security
Series 2020 1.50%, 10/01/2050, TBA		215			216,361
2.00%, 10/01/2050, TBA		415			429,136
2.50%, 10/01/2050, TBA		610			639,976
					5,895,947
Agency Fixed Rate 15-Year – 2.1%
Federal National Mortgage Association Series 2016 2.50%, 07/01/2031-01/01/2032		831			870,783
Total Mortgage Pass-Throughs (cost $6,452,358)					6,766,730
COMMERCIAL MORTGAGE-BACKED SECURITIES – 15.0%
Non-Agency Fixed Rate CMBS – 12.2%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037 (a)		110			97,385
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		100			110,689
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/2050		155			176,799
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4 3.283%, 05/10/2058		115			124,685
Series 2016-C4, Class AM 3.691%, 05/10/2058		45			49,632
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035 (a)		260			273,785
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5 3.137%, 02/10/2048		144			155,369
Series 2015-GC35, Class A4 3.818%, 11/10/2048		55			61,742
Series 2016-C1, Class A4 3.209%, 05/10/2049		192			211,959
Series 2016-GC36, Class A5 3.616%, 02/10/2049		65			72,875
Commercial Mortgage Trust
Series 2013-SFS, Class A1 1.873%, 04/12/2035(a)		38			37,637
Series 2014-UBS3, Class A4 3.819%, 06/10/2047		130			142,134

9

	Principal Amount (000)		U.S. $ Value
Series 2014-UBS5, Class A4 3.838%, 09/10/2047	U.S.$	130	$	143,009
Series 2014-UBS6, Class AM 4.048%, 12/10/2047		45		49,272
Series 2015-CR24, Class A5 3.696%, 08/10/2048		65		72,731
Series 2015-DC1, Class A5 3.35%, 02/10/2048		80		87,140
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4 3.504%, 06/15/2057		100		110,191
Series 2015-C3, Class A4 3.718%, 08/15/2048		117		128,462
Series 2015-C4, Class A4 3.808%, 11/15/2048		215		239,114
GS Mortgage Securities Trust
Series 2011-GC5, Class D 5.555%, 08/10/2044(a)		10		7,961
Series 2013-G1, Class A2 3.557%, 04/10/2031(a)		136		134,901
Series 2014-GC22, Class A5 3.862%, 06/10/2047		77		84,125
Series 2015-GC28, Class A5 3.396%, 02/10/2048		95		104,000
Series 2018-GS9, Class A4 3.992%, 03/10/2051		75		87,486
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class D 5.324%, 05/15/2045		110		93,254
Series 2012-C6, Class E 5.324%, 05/15/2045(a)		132		83,434
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5 3.775%, 08/15/2047		100		109,549
Series 2014-C22, Class XA 0.984%, 09/15/2047(d)		2,523		68,660
Series 2014-C24, Class C 4.554%, 11/15/2047		110		101,870
Series 2015-C30, Class A5 3.822%, 07/15/2048		65		72,986
Series 2015-C31, Class A3 3.801%, 08/15/2048		195		218,610
Series 2015-C31, Class B 4.773%, 08/15/2048		111		122,394
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		24		13,758
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049 (a)		142		144,723
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049		100		112,531
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B 3.933%, 10/10/2048		70		73,542

10

	Principal Amount (000)		U.S. $ Value
UBS Commercial Mortgage Trust
Series 2018-C8, Class A4 3.983%, 02/15/2051	U.S.$	100	$	115,695
Series 2018-C9, Class A4 4.117%, 03/15/2051		125		145,192
Series 2018-C10, Class A4 4.313%, 05/15/2051		125		147,185
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5 2.85%, 12/10/2045		112		116,189
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class A4 3.789%, 09/15/2048		95		104,150
Series 2016-C35, Class XA 2.092%, 07/15/2048(d)		945		78,622
Series 2016-LC25, Class C 4.564%, 12/15/2059		85		82,332
Series 2016-NXS6, Class C 4.458%, 11/15/2049		100		97,316
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA 1.319%, 03/15/2045(a) (d)		1,233		27,903
Series 2014-C19, Class A5 4.101%, 03/15/2047		130		141,985
Series 2014-C24, Class AS 3.931%, 11/15/2047		110		112,946
				5,147,909
Non-Agency Floating Rate CMBS – 2.8%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.152% (LIBOR 1 Month + 1.00%), 06/15/2035 (a) (c)		100		95,426
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.102% (LIBOR 1 Month + 0.95%), 06/15/2035 (a) (c)		100		94,985
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.152% (LIBOR 1 Month + 1.00%), 11/15/2033 (a) (c)		185		174,951
BFLD Series 2019-DPLO, Class D 1.992% (LIBOR 1 Month + 1.84%), 10/15/2034 (a) (c)		70		63,993
BHMS Series 2018-ATLS, Class A 1.402% (LIBOR 1 Month + 1.25%), 07/15/2035 (a) (c)		81		77,718
BX Trust Series 2018-EXCL, Class A 1.24% (LIBOR 1 Month + 1.09%), 09/15/2037 (a) (c)		86		78,480

11

	Principal Amount (000)			U.S. $ Value
CLNY Trust Series 2019-IKPR, Class D 2.177% (LIBOR 1 Month + 2.03%), 11/15/2038 (a) (c)		U.S.$	65	$	58,810
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.186% (LIBOR 1 Month + 1.03%), 12/19/2030 (a) (c)			100		97,001
Great Wolf Trust Series 2019-WOLF, Class A 1.186% (LIBOR 1 Month + 1.03%), 12/15/2036 (a) (c)			111		107,035
GS Mortgage Securities Corp. Trust Series 2019-BOCA, Class A 1.352% (LIBOR 1 Month + 1.20%), 06/15/2038(a) (c)			115		112,139
Series 2019-SMP, Class A 1.302% (LIBOR 1 Month + 1.15%), 08/15/2032(a) (c)			100		96,522
JP Morgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class EFL 2.002% (LIBOR 1 Month + 1.85%), 01/16/2037 (a) (c)			10		9,134
Starwood Retail Property Trust Series 2014-STAR, Class A 1.622% (LIBOR 1 Month + 1.47%), 11/15/2027 (a) (c)			174		124,285
					1,190,479
Total Commercial Mortgage-Backed Securities (cost $6,267,290)					6,338,388
COLLATERALIZED MORTGAGE OBLIGATIONS – 9.6%
Risk Share Floating Rate – 7.2%
Bellemeade Re Ltd. Series 2018-2A, Class M1B 1.498% (LIBOR 1 Month + 1.35%), 08/25/2028(a) (c)			16		15,666
Series 2018-3A, Class M1B 1.998% (LIBOR 1 Month + 1.85%), 10/25/2028(a) (c)			82		81,274
Series 2019-4A, Class M1B 2.175% (LIBOR 1 Month + 2.00%), 10/25/2029(a) (c)			150		145,199
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 2.548% (LIBOR 1 Month + 2.40%), 04/25/2031(a) (c)			28		27,905
Series 2019-HRP1, Class M2 2.298% (LIBOR 1 Month + 2.15%), 11/25/2039(a) (c)			88		78,491
Series 2019-R02, Class 1M2 2.448% (LIBOR 1 Month + 2.30%), 08/25/2031(a) (c)			38		37,642

12

	Principal Amount (000)		U.S. $ Value
Series 2019-R03, Class 1M2 2.298% (LIBOR 1 Month + 2.15%), 09/25/2031(a) (c)	U.S.$	64	$	64,198
Series 2019-R04, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 06/25/2039(a) (c)		82		81,911
Series 2019-R05, Class 1M2 2.148% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (c)		73		72,775
Series 2019-R06, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2039(a) (c)		100		98,787
Series 2019-R07, Class 1M2 2.248% (LIBOR 1 Month + 2.10%), 10/25/2039(a) (c)		92		91,211
Series 2020-R01, Class 1M2 2.198% (LIBOR 1 Month + 2.05%), 01/25/2040(a) (c)		130		127,378
Series 2020-R02, Class 2M2 2.148% (LIBOR 1 Month + 2.00%), 01/25/2040(a) (c)		100		97,414
Eagle Re Ltd. Series 2020-1, Class M1A 1.048% (LIBOR 1 Month + 0.90%), 01/25/2030 (a) (c)		150		148,854
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-DNA3, Class M2 2.198% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (c)		75		73,248
Series 2019-DNA4, Class M2 2.098% (LIBOR 1 Month + 1.95%), 10/25/2049(a) (c)		92		91,365
Series 2019-FTR2, Class M2 2.298% (LIBOR 1 Month + 2.15%), 11/25/2048 (a) (c)		115		108,033
Series 2019-HQA1, Class M2 2.498% (LIBOR 1 Month + 2.35%), 02/25/2049(a) (c)		65		64,529
Series 2020-DNA1, Class M2 1.848% (LIBOR 1 Month + 1.70%), 01/25/2050(a) (c)		110		107,606
Series 2020-DNA2, Class M2 1.998% (LIBOR 1 Month + 1.85%), 02/25/2050(a) (c)		60		58,412
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2 5.048% (LIBOR 1 Month + 4.90%), 11/25/2024(c)		64		66,245
Series 2014-C04, Class 2M2 5.148% (LIBOR 1 Month + 5.00%), 11/25/2024(c)		23		23,379

13

	Principal Amount (000)		U.S. $ Value
Series 2015-C01, Class 1M2 4.448% (LIBOR 1 Month + 4.30%), 02/25/2025(c)	U.S.$	48	$	49,233
Series 2015-C01, Class 2M2 4.698% (LIBOR 1 Month + 4.55%), 02/25/2025(c)		16		16,534
Series 2015-C02, Class 1M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		50		50,861
Series 2015-C02, Class 2M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		33		33,495
Series 2015-C03, Class 1M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		55		56,608
Series 2015-C03, Class 2M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		31		31,354
Series 2015-C04, Class 1M2 5.848% (LIBOR 1 Month + 5.70%), 04/25/2028(c)		68		69,891
Series 2016-C01, Class 1M2 6.898% (LIBOR 1 Month + 6.75%), 08/25/2028(c)		81		84,129
Series 2016-C02, Class 1M2 6.148% (LIBOR 1 Month + 6.00%), 09/25/2028(c)		68		71,821
Series 2016-C03, Class 2M2 6.048% (LIBOR 1 Month + 5.90%), 10/25/2028(c)		47		49,148
Series 2016-C05, Class 2M2 4.598% (LIBOR 1 Month + 4.45%), 01/25/2029(c)		52		54,091
Series 2016-C06, Class 1M2 4.398% (LIBOR 1 Month + 4.25%), 04/25/2029(c)		91		93,342
Series 2017-C01, Class 1M2 3.698% (LIBOR 1 Month + 3.55%), 07/25/2029(c)		71		72,774
Series 2017-C04, Class 2M2 2.998% (LIBOR 1 Month + 2.85%), 11/25/2029(c)		39		38,875
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.146% (LIBOR 1 Month + 2.00%), 03/27/2024(c) (e)		68		64,578
Series 2019-2R, Class A 2.896% (LIBOR 1 Month + 2.75%), 05/27/2023(c) (e)		90		86,417
Series 2019-3R, Class A 2.846% (LIBOR 1 Month + 2.70%), 10/27/2022(c) (e)		60		58,288

14

	Principal Amount (000)		U.S. $ Value
Radnor Re Ltd. Series 2020-1, Class M1A 1.098% (LIBOR 1 Month + 0.95%), 02/25/2030 (a) (c)	U.S.$	150	$	149,446
Series 2020-1, Class M2A 2.148% (LIBOR 1 Month + 2.00%), 02/25/2030 (a) (c)		150		134,445
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.398% (LIBOR 1 Month + 5.25%), 11/25/2025(c) (e)		30		27,348
Series 2015-WF1, Class 2M2 5.648% (LIBOR 1 Month + 5.50%), 11/25/2025(c) (e)		14		13,102
				3,067,302
Agency Floating Rate – 1.3%
Federal Home Loan Mortgage Corp. REMICs Series 4981, Class HS 5.948% (6.10% - LIBOR 1 Month), 06/25/2050 (c) (f)		511		92,775
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.392% (6.54% - LIBOR 1 Month), 12/25/2041(c) (f)		120		28,128
Series 2015-90, Class SL 6.002% (6.15% - LIBOR 1 Month), 12/25/2045(c) (f)		236		56,369
Series 2016-77, Class DS 5.852% (6.00% - LIBOR 1 Month), 10/25/2046(c) (f)		208		41,503
Series 2017-16, Class SG 5.902% (6.05% - LIBOR 1 Month), 03/25/2047(c) (f)		234		46,784
Series 2017-26, Class TS 5.802% (5.95% - LIBOR 1 Month), 04/25/2047(c) (f)		231		52,382
Series 2017-62, Class AS 6.002% (6.15% - LIBOR 1 Month), 08/25/2047(c) (f)		233		42,864
Series 2017-81, Class SA 6.052% (6.20% - LIBOR 1 Month), 10/25/2047(c) (f)		237		52,668
Series 2017-97, Class LS 6.052% (6.20% - LIBOR 1 Month), 12/25/2047(c) (f)		247		63,537
Government National Mortgage Association Series 2017-134, Class SE 6.044% (6.20% - LIBOR 1 Month), 09/20/2047(c) (f)		183		30,111

15

	Principal Amount (000)		U.S. $ Value
Series 2017-65, Class ST 5.994% (6.15% - LIBOR 1 Month), 04/20/2047(c) (f)	U.S.$	222	$	46,929
				554,050
Non-Agency Fixed Rate – 0.6%
Alternative Loan Trust
Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		13		12,017
Series 2006-24CB, Class A16 5.75%, 08/25/2036		56		44,604
Series 2006-28CB, Class A14 6.25%, 10/25/2036		41		30,850
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		28		25,493
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		19		13,692
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036		26		19,849
Series 2006-13, Class 1A19 6.25%, 09/25/2036		14		9,736
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		43		30,161
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.692%, 07/25/2036		86		71,595
				257,997
Agency Fixed Rate – 0.3%
Federal Home Loan Mortgage Corp REMICs Series 4976, Class MI 4.50%, 05/25/2050 (d)		361		58,166
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.715%, 05/28/2035		50		46,983
				105,149
Non-Agency Floating Rate – 0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.338% (LIBOR 1 Month + 0.19%), 12/25/2036 (c)		112		57,976

16

	Principal Amount (000)			U.S. $ Value
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.398% (LIBOR 1 Month + 0.25%), 03/25/2035 (c)		U.S.$	28	$	24,691
					82,667
Total Collateralized Mortgage Obligations (cost $4,167,399)					4,067,165
GOVERNMENTS - TREASURIES – 7.8%
Malaysia – 0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022		MYR	474		117,371
United States – 7.5%
U.S. Treasury Bonds 1.25%, 05/15/2050		U.S.$	830		789,019
U.S. Treasury Notes 0.125%, 08/31/2022			1,351		1,351,000
0.375%, 04/30/2025(g)			537		540,188
0.625%, 05/15/2030			89		88,750
1.50%, 02/15/2030			384		414,480
					3,183,437
Total Governments - Treasuries (cost $3,292,467)					3,300,808
INFLATION-LINKED SECURITIES – 4.5%
Canada – 0.2%
Canadian Government Real Return Bond 0.50%, 12/01/2050		CAD	84		77,320
Japan – 1.4%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027		JPY	60,573		572,910
United States – 2.9%
U.S. Treasury Inflation Index 0.125%, 07/15/2026 (TIPS)		U.S.$	379		411,232
0.375%, 07/15/2025 (TIPS)			667		723,633
0.75%, 07/15/2028 (TIPS)			93		106,974
					1,241,839
Total Inflation-Linked Securities (cost $1,776,420)					1,892,069
ASSET-BACKED SECURITIES – 3.6%
Autos - Fixed Rate – 2.1%
Avis Budget Rental Car Funding AESOP LLC
Series 2016-1A, Class A 2.99%, 06/20/2022(a)			100		100,805
Series 2018-2A, Class A 4.00%, 03/20/2025(a)			105		112,317
Exeter Automobile Receivables Trust Series 2016-3A, Class D 6.40%, 07/17/2023(a)			100		102,918

17

	Principal Amount (000)		U.S. $ Value
Series 2017-1A, Class D 6.20%, 11/15/2023(a)	U.S.$	100	$	103,082
Series 2017-3A, Class C 3.68%, 07/17/2023(a)		60		61,191
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025 (a)		48		48,634
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(a)		125		127,566
Series 2018-3, Class B 3.59%, 12/16/2024(a)		75		76,593
Hertz Vehicle Financing II LP Series 2017-1A, Class A 2.96%, 10/25/2021(a)		49		49,046
Series 2019-1A, Class A 3.71%, 03/25/2023(a)		39		39,159
Hertz Vehicle Financing LLC Series 2018-2A, Class A 3.65%, 06/27/2022 (a)		49		48,911
				870,222
Other ABS - Fixed Rate – 0.8%
Marlette Funding Trust
Series 2018-4A, Class A 3.71%, 12/15/2028(a)		10		9,755
Series 2019-3A, Class A 2.69%, 09/17/2029(a)		38		38,193
Series 2020-1A, Class A 2.24%, 03/15/2030(a)		115		115,782
SoFi Consumer Loan Program LLC
Series 2017-1, Class A 3.28%, 01/26/2026(a)		2		1,564
Series 2017-2, Class A 3.28%, 02/25/2026(a)		4		3,757
Series 2017-3, Class A 2.77%, 05/25/2026(a)		9		8,791
Series 2017-4, Class B 3.59%, 05/26/2026(a)		130		133,077
Series 2017-5, Class A2 2.78%, 09/25/2026(a)		38		38,572
				349,491
Credit Cards - Fixed Rate – 0.7%
World Financial Network Credit Card Master Trust
Series 2018-A, Class A 3.07%, 12/16/2024		130		131,211
Series 2018-B, Class M 3.81%, 07/15/2025		70		70,807

18

	Principal Amount (000)		U.S. $ Value
Series 2019-B, Class M 3.04%, 04/15/2026	U.S.$	80	$	82,567
				284,585
Home Equity Loans - Floating Rate – 0.0%
ABFC Trust Series 2003-WF1, Class A2 1.273% (LIBOR 1 Month + 1.13%), 12/25/2032 (c)		16		16,009
Total Asset-Backed Securities (cost $1,492,254)				1,520,307
CORPORATES - NON-INVESTMENT GRADE – 2.3%
Industrial – 1.3%
Basic – 0.1%
Sealed Air Corp. 4.00%, 12/01/2027 (a)		47		49,106
Capital Goods – 0.1%
TransDigm, Inc. 6.25%, 03/15/2026 (a)		50		52,211
Communications - Media – 0.1%
CSC Holdings LLC 6.75%, 11/15/2021		30		31,455
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026 (a)		20		20,973
Consumer Cyclical - Entertainment – 0.3%
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023(a)		43		47,955
11.50%, 06/01/2025(a)		73		84,619
				132,574
Consumer Non-Cyclical – 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023 (a)		75		75,907
Spectrum Brands, Inc. 5.75%, 07/15/2025		69		71,263
				147,170
Energy – 0.2%
Sunoco LP/Sunoco Finance Corp. 4.875%, 01/15/2023		69		69,521
Transocean Poseidon Ltd. 6.875%, 02/01/2027 (a)		33		26,434
				95,955
				529,444

19

	Principal Amount (000)			U.S. $ Value
Financial Institutions – 1.0%
Banking – 0.8%
Credit Suisse Group AG 7.50%, 07/17/2023 (a) (b)		U.S.$	200	$	210,056
Discover Financial Services Series D 6.125%, 06/23/2025 (b)			127		134,153
					344,209
Finance – 0.2%
Navient Corp. 6.625%, 07/26/2021			95		96,456
					440,665
Total Corporates - Non-Investment Grade (cost $942,541)					970,109
EMERGING MARKETS - TREASURIES – 1.7%
South Africa – 1.7%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030 (cost $662,791)		ZAR	12,954		705,814
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 1.3%
United States – 1.3%
Port Authority of New York & New Jersey Series 2020A 1.086%, 07/01/2023		U.S.$	50		50,716
State Board of Administration Finance Corp.
Series 2020A 1.705%, 07/01/2027			80		81,169
State of California 5.70%, 11/01/2021			65		68,744
Series 2010 7.625%, 03/01/2040			200		346,216
Total Local Governments - US Municipal Bonds (cost $401,518)					546,845
GOVERNMENTS - SOVEREIGN BONDS – 1.1%
Mexico – 0.5%
Mexico Government International Bond 3.90%, 04/27/2025			210		229,635
Saudi Arabia – 0.5%
Saudi Government International Bond 2.90%, 10/22/2025 (a)			210		224,437
Uruguay – 0.1%
Uruguay Government International Bond 4.375%, 01/23/2031			18		21,558
Total Governments - Sovereign Bonds (cost $438,630)					475,630

20

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS – 0.2%
Industrial – 0.2%
Capital Goods – 0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027	U.S.$	85	$	80,272
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026 (e)		5		5,082
Total Emerging Markets - Corporate Bonds (cost $90,121)				85,354
QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Mexico – 0.1%
Petroleos Mexicanos
6.75%, 09/21/2047		50		38,537
6.84%, 01/23/2030(a)		17		15,173
Total Quasi-Sovereigns (cost $60,905)				53,710
SHORT-TERM INVESTMENTS – 3.4%
U.S. Treasury Bills – 2.5%
U.S. Treasury Bill Zero Coupon, 10/01/2020 (cost $1,045,000)		1,045		1,044,997
	Shares
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(h) (i) (j) (cost $376,838)		376,838		376,838
	Principal Amount (000)
Short-Term Municipal Notes – 0.0%
New York – 0.0%
New York State Dormitory Authority
(State of New York Pers Income Tax) Series 2020B 5.00%, 03/31/2021 (cost $20,442)	U.S.$	20		20,481
Total Short-Term Investments (cost $1,442,280)				1,442,316
Total Investments – 100.0% (cost $40,808,373)(k)				42,336,691
Other assets less liabilities – 0.0%				14,067
Net Assets – 100.0%			$	42,350,758

21

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		3		December 2020		$	613,847		$	1,368
U.S. 10 Yr Ultra Futures		16		December 2020			2,558,750			5,924
U.S. T-Note 2 Yr (CBT) Futures		82		December 2020			18,118,797			2,981
U.S. Ultra Bond (CBT) Futures		17		December 2020			3,770,813			(39,860)
Sold Contracts
10 Yr Canadian Bond Futures		2		December 2020			228,020			147
10 Yr Mini Japan Government Bond Futures		5		December 2020			721,139			(2,298	)
Long Gilt Futures		11		December 2020			1,931,924			1,265
U.S. T-Note 5 Yr (CBT) Futures		43		December 2020			5,419,344			(6,882	)
									$	(37,355	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		ZAR	12,597		USD	753		11/27/2020		$	6,233
Barclays Bank PLC		USD	633		JPY	67,055		10/08/2020			2,779
Barclays Bank PLC		MYR	497		USD	118		10/27/2020			(1,419	)
Brown Brothers Harriman & Co.		CNY	167		USD	25		10/21/2020			48
Citibank, NA		CNY	5,775		USD	849		10/21/2020			(1,636	)
Goldman Sachs Bank USA		USD	240		JPY	25,392		10/08/2020			1,089
Goldman Sachs Bank USA		CAD	1,160		USD	890		10/09/2020			18,712
Goldman Sachs Bank USA		KRW	381,878		USD	323		11/16/2020			(4,693	)
Goldman Sachs Bank USA		USD	321		CNY	2,236		11/16/2020			8,285
HSBC Bank USA		USD	1,183		EUR	1,006		10/15/2020			(2,936	)
HSBC Bank USA		USD	870		KRW	1,011,963		11/10/2020			(2,307	)
Morgan Stanley & Co., Inc.		JPY	64,324		USD	610		10/08/2020			(195	)
Standard Chartered Bank		KRW	637,348		USD	539		11/16/2020			(7,613	)
Standard Chartered Bank		USD	536		CNY	3,729		11/16/2020			12,762
State Street Bank & Trust Co.		CAD	173		USD	129		10/09/2020			(714	)
State Street Bank & Trust Co.		EUR	51		USD	61		10/15/2020			524
State Street Bank & Trust Co.		EUR	36		USD	42		10/15/2020			(224	)
State Street Bank & Trust Co.		USD	443		EUR	373		10/15/2020			(5,853	)
State Street Bank & Trust Co.		USD	1		SEK	5		10/16/2020			12
State Street Bank & Trust Co.		AUD	2,420		USD	1,734		10/29/2020			861
State Street Bank & Trust Co.		AUD	64		USD	45		10/29/2020			(900	)
State Street Bank & Trust Co.		USD	44		AUD	60		10/29/2020			(1,309	)
State Street Bank & Trust Co.		GBP	25		USD	33		11/19/2020			197
State Street Bank & Trust Co.		GBP	21		USD	27		11/19/2020			(27	)
State Street Bank & Trust Co.		USD	62		ZAR	1,056		11/27/2020			165
										$	21,841

22

CREDIT DEFAULT SWAPTIONS WRITTEN
Description	Counterparty	Buy/Sell Protection		Strike Rate			Expiration Month		Notional Amount (000)			Premiums Received		Market Value
Put
CDX-NAHY Series 34, 5 Year Index RTP	Morgan Stanley & Co. International PLC		Sell		103.00	%		December 2020		USD	2,148	$	47,144	$	(49,428	)
CDX-NAHY Series 34, 5 Year Index RTP	Bank of America, NA		Sell		103.00			December 2020		USD	2,200		49,104		(50,624	)
												$	96,248	$	(100,052)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS
Description	Fixed Rate (Pay) Receive		Payment Frequency		Implied Credit Spread at September 30, 2020		Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		(5.00)%		Quarterly		3.83%		USD	334	$	(17,458)	$	(16,994)	$	(464)
CDX-NAIG Series 34, 5 Year Index, 06/20/2025*		(1.00)		Quarterly		0.85		USD	4,250		(30,215)		(67,979)		37,764
iTraxxx Xover Series 33, 5 Year Index, 06/20/2025*		(5.00)		Quarterly		3.50		EUR	293		(22,239)		(29,499)		7,260
Sale Contracts
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00		Quarterly		3.66		USD	352		18,461		(34,865)		53,326
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00		Quarterly		3.83		USD	512		25,763		27,341		(1,578)
iTraxxx Xover Series 33, 5 Year Index, 06/20/2025*		5.00		Quarterly		3.50		EUR	293		22,339		21,862		477
										$	(3,349)	$	(100,134)	$	96,785

* Termination date

23

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)
CAD	3,550	08/27/2021		3 Month CDOR		1.623%		Semi-Annual/ Semi-Annual	$	29,729	$	11	$	29,718
SEK	15,600	08/30/2024		3 Month STIBOR		(0.165)%		Quarterly/ Annual		(12,603)		10		(12,613)
CAD	4,900	08/07/2025		3 Month CDOR		0.698%		Semi-Annual/ Semi-Annual		(8,701)		(49)		(8,652)
USD	130	09/27/2029		1.593%		3 Month LIBOR		Semi-Annual/Quarterly		(10,879)		—		(10,879)
USD	250	12/13/2029		1.764%		3 Month LIBOR		Semi-Annual/Quarterly		(26,160)		—		(26,160)
									$	(28,614)	$	(28)	$	(28,586)

CREDIT DEFAULT SWAPS
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive	Payment Frequency	Implied Credit Spread at September 30, 2020	Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)%	Monthly	9.63%		USD	54	$	14,195	$	11,012	$	3,183
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	54		14,195		11,003		3,192
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	595		156,405		122,127		34,278
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	298		78,359		60,034		18,325
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	119		31,292		23,758		7,534
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	128		33,626		26,439		7,187

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Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive	Payment Frequency	Implied Credit Spread at September 30, 2020	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)%	Monthly	9.63%		USD	51	$	13,407		$	8,964		$	4,443
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	68		17,864			13,901			3,963
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	54		14,195			11,169			3,026
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*	(3.00)	Monthly	9.63		USD	27		7,097			5,308			1,789
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	73		(24,352	)		(8,027	)		(16,325	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	60		(20,015	)		(8,001	)		(12,014	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	32		(10,674	)		(4,168	)		(6,506	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	5		(1,667	)		(791	)		(876	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	52		(17,342	)		(7,612	)		(9,730	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	37		(12,342	)		(4,160	)		(8,182	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	54		(18,014	)		(6,072	)		(11,942	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	107		(35,694	)		(11,766	)		(23,928	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	73		(24,351	)		(7,869	)		(16,482	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	29		(9,674	)		(3,065	)		(6,609	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	44		(14,678	)		(5,483	)		(9,195	)

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Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive	Payment Frequency	Implied Credit Spread at September 30, 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	25.00%		USD	22	$	(7,339)	$	(2,742)	$	(4,597)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	62		(20,682)		(7,726)		(12,956)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	44		(14,678)		(5,664)		(9,014)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	5		(1,667)		(632)		(1,035)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	47		(15,683)		(5,567)		(10,116)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	14		(4,671)		(1,658)		(3,013)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	91		(30,356)		(9,580)		(20,776)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	318		(106,142)		(12,778)		(93,364)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	350		(116,755)		(19,895)		(96,860)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	94		(31,357)		(5,973)		(25,384)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	28		(9,340)		(1,901)		(7,439)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	56		(18,676)		(8,160)		(10,516)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 05/11/2063*	2.00	Monthly	9.51		USD	135		(17,243)		(2,594)		(14,649)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	8		(2,669)		(451)		(2,218)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	8		(2,669)		(921)		(1,748)

26

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive	Payment Frequency	Implied Credit Spread at September 30, 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	25.00%		USD	51	$	(17,013)	$	(6,312)	$	(10,701)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	28		(9,341)		(3,146)		(6,195)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	27		(9,007)		(3,032)		(5,975)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	132		(44,033)		(9,086)		(34,947)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	49		(16,346)		(4,159)		(12,187)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	4		(1,334)		(352)		(982)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	8		(2,668)		(717)		(1,951)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	8		(2,669)		(776)		(1,893)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	16		(5,338)		(1,697)		(3,641)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	41		(13,677)		(5,481)		(8,196)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	57		(19,015)		(5,965)		(13,050)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	34		(11,339)		(5,133)		(6,206)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	28		(9,338)		(4,495)		(4,843)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	39		(13,007)		(6,351)		(6,656)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	4		(1,334)		(597)		(737)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	14		(4,670)		(1,763)		(2,907)

27

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		25.00	%		USD	9	$	(3,001)	$	(1,128)	$	(1,873)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	51		(17,008)		(6,143)		(10,865)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	18		(6,003)		(2,187)		(3,816)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	35		(11,675)		(2,424)		(9,251)
												$	(425,911)	$	69,515	$	(495,426)

* Termination date

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the aggregate market value of these securities amounted to $8,618,280 or 20.3% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2020.

(d) IO - Interest Only.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.59% of net assets as of September 30, 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
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.146%, 03/27/2024		03/21/2019	$	67,802	$	64,578		0.15	%
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 2.896%, 05/27/2023		06/07/2019		89,618		86,417		0.20	%
PMT Credit Risk Transfer Trust Series 2019-3R, Class A 2.846%, 10/27/2022		10/11/2019		60,425		58,288		0.14	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		5,000		5,082		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.398%, 11/25/2025		09/28/2015		29,835		27,348		0.06	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.648%, 11/25/2025		09/28/2015		14,129		13,102		0.03	%

(f) Inverse interest only security.

28

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

(h) Affiliated investments.

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

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

(k) As of September 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,268,595 and gross unrealized depreciation of investments was $(1,186,822), resulting in net unrealized appreciation of $1,081,773.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

KRW – South Korean Won

MYR – Malaysian Ringgit

SEK – Swedish Krona

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

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

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

CPI – Consumer Price Index

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

RTP – Right To Pay

STIBOR – Stockholm Interbank Offered Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Securitys

29

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

September 30, 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.

30

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, 2020:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	14,171,446		$	—	$	14,171,446
Mortgage Pass-Throughs		—			6,766,730			—		6,766,730
Commercial Mortgage-Backed Securities		—			6,338,388			—		6,338,388
Collateralized Mortgage Obligations		—			4,067,165			—		4,067,165
Governments - Treasuries		—			3,300,808			—		3,300,808
Inflation-Linked Securities		—			1,892,069			—		1,892,069
Asset-Backed Securities		—			1,520,307			—		1,520,307
Corporates - Non-Investment Grade		—			970,109			—		970,109
Emerging Markets - Treasuries		—			705,814			—		705,814
Local Governments - US Municipal Bonds		—			546,845			—		546,845
Governments - Sovereign Bonds		—			475,630			—		475,630
Emerging Markets - Corporate Bonds		—			85,354			—		85,354
Quasi-Sovereigns		—			53,710			—		53,710
Short-Term Investments:
U.S. Treasury Bills		—			1,044,997			—		1,044,997
Investment Companies		376,838			—			—		376,838
Short-Term Municipal Notes		—			20,481			—		20,481
Total Investments in Securities		376,838			41,959,853			—		42,336,691
Other Financial Instruments(a):
Assets:
Futures		11,685			—			—		11,685
Forward Currency Exchange Contracts		—			51,667			—		51,667
Centrally Cleared Credit Default Swaps		—			66,563			—		66,563
Centrally Cleared Interest Rate Swaps		—			29,729			—		29,729
Credit Default Swaps		—			380,635			—		380,635
Liabilities:
Futures		(49,040	)		—			—		(49,040	)
Forward Currency Exchange Contracts		—			(29,826	)		—		(29,826	)
Credit Default Swaptions Written		—			(100,052	)		—		(100,052	)
Centrally Cleared Credit Default Swaps		—			(69,912	)		—		(69,912	)
Centrally Cleared Interest Rate Swaps		—			(58,343	)		—		(58,343	)
Credit Default Swaps		—			(806,546	)		—		(806,546	)
Total	$	339,483		$	41,423,768		$	—	$	41,763,251

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^(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 nine months ended September 30, 2020 is as follows:

Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	264	$	17,473	$	17,360	$	377	$	1

32