AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 39.2%
Information Technology – 9.5%
Communications Equipment – 0.0%
Nokia Oyj(a)		5,379	$	21,052
Telefonaktiebolaget LM Ericsson - Class B		1,571		17,192
				38,244
Electronic Equipment, Instruments & Components – 0.3%
Arrow Electronics, Inc.(a)		886		69,693
CDW Corp./DE		4,280		511,589
Hitachi Ltd.		1,100		37,245
TDK Corp.		100		10,919
				629,446
IT Services – 1.9%
Afterpay Ltd.(a)		111		6,543
Atos SE(a)		460		36,964
Automatic Data Processing, Inc.		4,415		615,848
Booz Allen Hamilton Holding Corp.		4,699		389,923
EPAM Systems, Inc.(a)		72		23,276
Fujitsu Ltd.		300		40,985
Genpact Ltd.		9,772		380,619
International Business Machines Corp.		168		20,441
Mastercard, Inc. - Class A		165		55,798
PayPal Holdings, Inc.(a)		4,024		792,849
Shopify, Inc. - Class A(a)		51		52,154
VeriSign, Inc.(a)		94		19,256
Visa, Inc. - Class A		10,185		2,036,695
				4,471,351
Semiconductors & Semiconductor Equipment – 2.4%
Applied Materials, Inc.		1,207		71,756
ASML Holding NV		134		49,496
Intel Corp.		9,477		490,719
KLA Corp.		2,502		484,737
Lam Research Corp.		87		28,862
NVIDIA Corp.		1,432		775,027
NXP Semiconductors NV		6,315		788,175
QUALCOMM, Inc.		10,462		1,231,169
STMicroelectronics NV		1,307		40,086
Texas Instruments, Inc.		6,979		996,531
Xilinx, Inc.		4,488		467,829
				5,424,387
Software – 3.3%
Adobe, Inc.(a)		1,196		586,554
Cadence Design Systems, Inc.(a)		711		75,814
Citrix Systems, Inc.		2,394		329,678
Constellation Software, Inc./Canada		28		31,114
Dropbox, Inc. - Class A(a)		1,871		36,035
Fair Isaac Corp.(a)		67		28,500
Fortinet, Inc.(a)		185		21,795
Intuit, Inc.		267		87,098
Microsoft Corp.		23,908		5,028,570
NortonLifeLock, Inc.		2,854		59,477

1

Company	Shares		U.S. $ Value
Oracle Corp.		12,954	$	773,354
salesforce.com, Inc.(a)		11		2,765
ServiceNow, Inc.(a)		187		90,695
Trend Micro, Inc./Japan		600		36,563
VMware, Inc. - Class A(a)(b)		3,123		448,682
WiseTech Global Ltd.		151		2,828
Zoom Video Communications, Inc. - Class A(a)		10		4,701
				7,644,223
Technology Hardware, Storage & Peripherals – 1.6%
Apple, Inc.		31,350		3,630,644
				21,838,295
Health Care – 5.0%
Biotechnology – 0.6%
AbbVie, Inc.		478		41,868
BeiGene Ltd. (Sponsored ADR)(a)		27		7,734
Gilead Sciences, Inc.		297		18,767
Regeneron Pharmaceuticals, Inc.(a)		805		450,623
Sarepta Therapeutics, Inc.(a)		62		8,707
Vertex Pharmaceuticals, Inc.(a)		3,449		938,542
				1,466,241
Health Care Equipment & Supplies – 1.0%
Align Technology, Inc.(a)		971		317,867
Coloplast A/S - Class B		229		36,294
Edwards Lifesciences Corp.(a)		10,409		830,846
Fisher & Paykel Healthcare Corp., Ltd.		1,250		27,588
Insulet Corp.(a)		51		12,066
Medtronic PLC		10,067		1,046,163
				2,270,824
Health Care Providers & Services – 1.4%
AmerisourceBergen Corp. - Class A		681		66,002
Anthem, Inc.		3,359		902,194
Humana, Inc.		122		50,495
Molina Healthcare, Inc.(a)		280		51,251
UnitedHealth Group, Inc.		6,603		2,058,617
				3,128,559
Health Care Technology – 0.0%
Cerner Corp.		1,009		72,941
Life Sciences Tools & Services – 0.1%
Bio-Rad Laboratories, Inc. - Class A(a)		136		70,102
Eurofins Scientific SE(a)		32		25,349
Lonza Group AG		75		46,285
Mettler-Toledo International, Inc.(a)		36		34,767
Sartorius Stedim Biotech		115		39,694
Waters Corp.(a)		91		17,807
				234,004

2

Company	Shares		U.S. $ Value
Pharmaceuticals – 1.9%
AstraZeneca PLC		292	$	31,905
Eli Lilly & Co.		539		79,783
Johnson & Johnson		8,873		1,321,012
Merck & Co., Inc.		776		64,369
Novartis AG		38		3,299
Novo Nordisk A/S - Class B		807		55,913
Pfizer, Inc.		13,142		482,311
Roche Holding AG		223		76,387
Roche Holding AG (Sponsored ADR)		30,587		1,309,430
Takeda Pharmaceutical Co., Ltd.		400		14,297
Zoetis, Inc.		5,816		961,792
				4,400,498
				11,573,067
Communication Services – 4.6%
Diversified Telecommunication Services – 1.2%
Comcast Corp. - Class A		32,241		1,491,469
Telenor ASA		1,727		28,994
Verizon Communications, Inc.		19,810		1,178,497
				2,698,960
Entertainment – 0.7%
Activision Blizzard, Inc.		372		30,113
Electronic Arts, Inc.(a)		7,530		981,987
Netflix, Inc.(a)		121		60,504
Nintendo Co., Ltd.		100		56,669
Take-Two Interactive Software, Inc.(a)		2,613		431,720
				1,560,993
Interactive Media & Services – 2.7%
Alphabet, Inc. - Class A(a)		35		51,296
Alphabet, Inc. - Class C(a)		2,200		3,233,120
Facebook, Inc. - Class A(a)		10,688		2,799,187
Z Holdings Corp.		5,800		38,741
				6,122,344
Media – 0.0%
Liberty Broadband Corp.(a)		228		32,575
Omnicom Group, Inc.		266		13,167
				45,742
Wireless Telecommunication Services – 0.0%
Softbank Corp.		1,800		20,114
SoftBank Group Corp.		100		6,187
				26,301
				10,454,340
Real Estate – 4.2%
Diversified Real Estate Activities – 0.3%
City Developments Ltd.		5,800		32,651
Mitsubishi Estate Co., Ltd.		3,800		57,561
Mitsui Fudosan Co., Ltd.		10,100		175,757
New World Development Co., Ltd.		16,000		78,107
Sumitomo Realty & Development Co., Ltd.		1,300		38,484
Sun Hung Kai Properties Ltd.		11,000		141,752
UOL Group Ltd.		7,700		37,835
				562,147

3

Company	Shares		U.S. $ Value
Diversified REITs – 0.2%
Activia Properties, Inc.		9	$	34,276
Alexander & Baldwin, Inc.		3,260		36,545
Armada Hoffler Properties, Inc.		3,732		34,558
Broadstone Net Lease, Inc. - Class A		1,660		27,855
Daiwa House REIT Investment Corp.		14		35,724
Essential Properties Realty Trust, Inc.		3,604		66,025
Fibra Uno Administracion SA de CV		13,590		10,731
Gecina SA		310		40,866
Hulic Reit, Inc.		42		55,664
NIPPON REIT Investment Corp.		6		20,400
Nomura Real Estate Master Fund, Inc.		30		37,583
Stockland		38,763		105,893
				506,120
Equity Real Estate Investment Trusts (REITs) – 1.4%
American Campus Communities, Inc.		10,474		365,752
American Tower Corp.		15		3,626
Americold Realty Trust		11,740		419,705
CubeSmart		24,140		779,964
Mid-America Apartment Communities, Inc.		8,259		957,630
Prologis, Inc.		6,565		660,570
Scentre Group		2,055		3,272
VICI Properties, Inc.		1,503		35,125
Weyerhaeuser Co.		630		17,968
				3,243,612
Health Care REITs – 0.3%
Assura PLC		96,710		96,264
Medical Properties Trust, Inc.		7,110		125,349
Omega Healthcare Investors, Inc.		3,617		108,293
Physicians Realty Trust		5,173		92,649
Welltower, Inc.		3,960		218,156
				640,711
Hotel & Resort REITs – 0.0%
Japan Hotel REIT Investment Corp.		35		17,294
RLJ Lodging Trust		7,556		65,435
				82,729
Industrial REITs – 0.2%
Dream Industrial Real Estate Investment Trust		4,045		34,358
GLP J-Reit		32		49,251
Industrial & Infrastructure Fund Investment Corp.		30		51,411
Nippon Prologis REIT, Inc.		6		20,234
Plymouth Industrial REIT, Inc.		1,112		13,722
Rexford Industrial Realty, Inc.		1,851		84,702
Segro PLC		7,826		94,049
STAG Industrial, Inc.		2,329		71,011
				418,738
Office REITs – 0.3%
Alexandria Real Estate Equities, Inc.		987		157,920
Allied Properties Real Estate Investment Trust		1,685		45,366
Boston Properties, Inc.		1,535		123,260

4

Company	Shares		U.S. $ Value
CapitaLand Commercial Trust		49,000	$	59,415
Cousins Properties, Inc.		2,842		81,253
Daiwa Office Investment Corp.		9		51,503
Derwent London PLC		637		21,091
Japan Real Estate Investment Corp.		7		35,788
Kilroy Realty Corp.		1,609		83,604
Nippon Building Fund, Inc.		6		33,960
SL Green Realty Corp.		1,120		51,934
True North Commercial Real Estate Investment Trust		3,060		13,122
				758,216
Real Estate Development – 0.1%
CIFI Holdings Group Co., Ltd.		38,000		28,228
CK Asset Holdings Ltd.		8,000		39,310
Instone Real Estate Group AG(a)(c)		2,115		48,994
				116,532
Real Estate Management & Development – 0.2%
CBRE Group, Inc. - Class A(a)		7,436		349,269
Real Estate Operating Companies – 0.4%
Aroundtown SA(a)		14,481		72,692
Azrieli Group Ltd.		681		30,404
CA Immobilien Anlagen AG		1,868		55,222
Deutsche Wohnen SE		2,100		104,957
Entra ASA(c)		3,370		47,358
Fabege AB		2,322		32,113
Grainger PLC		16,690		63,860
Kojamo Oyj		1,400		30,069
Kungsleden AB		3,610		34,173
LEG Immobilien AG		540		76,971
PSP Swiss Property AG (REG)		320		38,656
Samhallsbyggnadsbolaget i Norden AB		17,170		51,770
Swire Properties Ltd.		16,000		42,393
Vonovia SE		2,933		201,066
Wharf Real Estate Investment Co., Ltd.		7,000		28,693
Wihlborgs Fastigheter AB		1,710		33,768
				944,165
Real Estate Services – 0.0%
Unibail-Rodamco-Westfield		537		19,817
Residential REITs – 0.3%
American Homes 4 Rent - Class A		4,013		114,290
Bluerock Residential Growth REIT, Inc.		1,800		13,644
Camden Property Trust		1,262		112,293
Daiwa Securities Living Investments Corp.		54		55,801
Essex Property Trust, Inc.		682		136,939
Independence Realty Trust, Inc.		7,747		89,788
Killam Apartment Real Estate Investment Trust		6,151		80,193
Minto Apartment Real Estate Investment Trust		2,790		38,302
Sun Communities, Inc.		988		138,923
				780,173
Retail REITs – 0.3%
AEON REIT Investment Corp.		25		28,796
Brixmor Property Group, Inc.		9,054		105,841

5

Company	Shares		U.S. $ Value
Eurocommercial Properties NV		3,000	$	34,749
Kenedix Retail REIT Corp.		8		16,146
Link REIT		12,768		104,626
National Retail Properties, Inc.		1,670		57,632
NETSTREIT Corp.(a)		1,664		30,385
Realty Income Corp.		1,920		116,640
Retail Properties of America, Inc. - Class A		9,210		53,510
Simon Property Group, Inc.		679		43,918
SITE Centers Corp.		7,315		52,668
Vicinity Centres		86,676		86,555
				731,466
Specialized REITs – 0.2%
Digital Realty Trust, Inc.		1,690		248,024
MGM Growth Properties LLC - Class A		2,660		74,427
National Storage Affiliates Trust		3,172		103,756
Safestore Holdings PLC		3,520		35,352
				461,559
				9,615,254
Consumer Discretionary – 3.9%
Auto Components – 0.3%
Aisin Seiki Co., Ltd.		1,000		31,994
JTEKT Corp.		2,600		20,394
Lear Corp.		83		9,051
Magna International, Inc. - Class A (Canada)		530		24,252
Magna International, Inc. - Class A (United States)		14,027		641,735
Sumitomo Rubber Industries Ltd.		500		4,645
				732,071
Automobiles – 0.0%
General Motors Co.		908		26,868
Tesla, Inc.(a)		22		9,438
				36,306
Hotels, Restaurants & Leisure – 0.1%
Aristocrat Leisure Ltd.		1,313		28,635
Domino’s Pizza, Inc.		75		31,896
La Francaise des Jeux SAEM(c)		865		31,734
				92,265
Household Durables – 0.0%
Electrolux AB - Class B		1,401		32,659
SEB SA		41		6,669
Whirlpool Corp.		181		33,284
				72,612
Internet & Direct Marketing Retail – 1.2%
Amazon.com, Inc.(a)		808		2,544,174
Booking Holdings, Inc.(a)		4		6,843
eBay, Inc.		1,284		66,896
Zalando SE(a)(c)		454		42,417
				2,660,330

6

Company	Shares		U.S. $ Value
Multiline Retail – 0.0%
Dollar General Corp.		83	$	17,398
Next PLC		608		46,614
				64,012
Specialty Retail – 1.6%
AutoZone, Inc.(a)		780		918,559
Best Buy Co., Inc.		212		23,593
Hikari Tsushin, Inc.		100		23,859
Home Depot, Inc. (The)		5,850		1,624,604
Lowe’s Cos., Inc.		562		93,213
O’Reilly Automotive, Inc.(a)		160		73,773
TJX Cos., Inc. (The)		16,281		906,038
				3,663,639
Textiles, Apparel & Luxury Goods – 0.7%
Deckers Outdoor Corp.(a)		1,818		399,978
NIKE, Inc. - Class B		9,434		1,184,344
Pandora A/S		453		32,679
Ralph Lauren Corp.		91		6,185
				1,623,186
				8,944,421
Financials – 2.9%
Banks – 1.4%
Bank of America Corp.		45,478		1,095,565
BNP Paribas SA(a)		687		24,852
Citigroup, Inc.		14,279		615,568
FinecoBank Banca Fineco SpA(a)		2,517		34,668
JPMorgan Chase & Co.		239		23,008
Mebuki Financial Group, Inc.		13,200		29,953
PNC Financial Services Group, Inc. (The)		6,036		663,417
Signature Bank/New York NY		333		27,636
Societe Generale SA(a)		1,237		16,420
SVB Financial Group(a)		209		50,290
Wells Fargo & Co.		24,699		580,673
				3,162,050
Capital Markets – 0.8%
Ameriprise Financial, Inc.		111		17,106
FactSet Research Systems, Inc.		202		67,646
Goldman Sachs Group, Inc. (The)		4,987		1,002,238
LPL Financial Holdings, Inc.		6,357		487,391
Magellan Financial Group Ltd.		372		15,343
Moody’s Corp.		180		52,173
Nomura Holdings, Inc.		7,200		32,903
S&P Global, Inc.		155		55,893
				1,730,693
Diversified Financial Services – 0.0%
Kinnevik AB - Class B		1,082		43,916
M&G PLC		23,412		48,122
				92,038

7

Company	Shares		U.S. $ Value
Insurance – 0.7%
Ageas SA/NV		69	$	2,823
AIA Group Ltd.		400		3,976
Aviva PLC		6,731		24,903
CNP Assurances(a)		2,756		34,564
iA Financial Corp., Inc.		539		18,762
Japan Post Holdings Co., Ltd.		1,300		8,865
Legal & General Group PLC		3,117		7,604
Manulife Financial Corp.		694		9,653
MetLife, Inc.		1,474		54,789
Progressive Corp. (The)		11,670		1,104,799
Prudential Financial, Inc.		1,079		68,538
Reinsurance Group of America, Inc. - Class A		3,650		347,443
Sun Life Financial, Inc.		682		27,791
				1,714,510
				6,699,291
Industrials – 2.9%
Aerospace & Defense – 0.5%
BAE Systems PLC		3,420		21,240
L3Harris Technologies, Inc.		4,186		710,950
Raytheon Technologies Corp.		8,112		466,765
				1,198,955
Air Freight & Logistics – 0.0%
United Parcel Service, Inc. - Class B		248		41,324
Yamato Holdings Co., Ltd.		1,100		28,977
				70,301
Building Products – 0.2%
Carrier Global Corp.		1,332		40,679
Cie de Saint-Gobain(a)		685		28,693
Masco Corp.		6,176		340,483
Otis Worldwide Corp.		665		41,509
				451,364
Commercial Services & Supplies – 0.0%
Cintas Corp.		13		4,327
Copart, Inc.(a)		29		3,050
Rollins, Inc.		61		3,305
				10,682
Construction & Engineering – 0.3%
ACS Actividades de Construccion y Servicios SA		256		5,787
AECOM(a)		14,402		602,580
Kajima Corp.		1,700		20,482
Shimizu Corp.		3,500		26,348
				655,197
Electrical Equipment – 0.4%
Acuity Brands, Inc.		667		68,267
Eaton Corp. PLC		7,559		771,245
Legrand SA		339		27,001
Prysmian SpA		1,316		38,200
Vestas Wind Systems A/S		283		45,735
				950,448

8

Company	Shares		U.S. $ Value
Industrial Conglomerates – 0.4%
Honeywell International, Inc.		4,962	$	816,795
Toshiba Corp.		800		20,408
				837,203
Machinery – 0.3%
Alfa Laval AB(a)		588		12,980
Atlas Copco AB - Class B SHS		721		30,090
Cummins, Inc.		252		53,212
Deere & Co.		363		80,452
Ingersoll Rand, Inc.(a)		8,561		304,772
Mitsubishi Heavy Industries Ltd.		1,300		28,783
Snap-on, Inc.		401		58,999
Techtronic Industries Co., Ltd.		2,000		26,591
Volvo AB - Class B(a)		1,229		23,609
				619,488
Professional Services – 0.0%
Adecco Group AG		30		1,583
Persol Holdings Co., Ltd.		400		6,534
Randstad NV(a)		363		18,929
RELX PLC (London)		1,045		23,259
				50,305
Road & Rail – 0.5%
Canadian Pacific Railway Ltd.		75		22,815
CSX Corp.		6,690		519,612
Nippon Express Co., Ltd.		600		35,012
Norfolk Southern Corp.		2,551		545,888
				1,123,327
Trading Companies & Distributors – 0.3%
United Rentals, Inc.(a)		2,938		512,681
WW Grainger, Inc.		207		73,851
				586,532
				6,553,802
Consumer Staples – 2.3%
Beverages – 0.5%
Heineken Holding NV		63		4,910
Kirin Holdings Co., Ltd.		900		16,904
Monster Beverage Corp.(a)		91		7,298
PepsiCo, Inc.		7,631		1,057,657
				1,086,769
Food & Staples Retailing – 0.8%
Aeon Co., Ltd.		100		2,690
Coles Group Ltd.		2,452		29,872
Costco Wholesale Corp.		1,143		405,765
Empire Co., Ltd. - Class A		619		17,967
J Sainsbury PLC		3,897		9,595
Koninklijke Ahold Delhaize NV		1,434		42,386
Kroger Co. (The)		149		5,053
Walmart, Inc.		9,635		1,348,033
				1,861,361

9

Company	Shares		U.S. $ Value
Food Products – 0.2%
a2 Milk Co., Ltd. (The)(a)		2,149	$	21,871
Ajinomoto Co., Inc.		700		14,347
Hershey Co. (The)		433		62,066
JBS SA		28,700		105,634
Kellogg Co.		659		42,565
Mowi ASA		4,150		73,836
Nestle SA		499		59,387
WH Group Ltd.(c)		19,500		15,906
				395,612
Household Products – 0.7%
Kimberly-Clark Corp.		121		17,867
Procter & Gamble Co. (The)		11,853		1,647,448
				1,665,315
Personal Products – 0.0%
Unilever NV		319		19,372
Unilever PLC		918		56,597
				75,969
Tobacco – 0.1%
Altria Group, Inc.		1,684		65,070
Philip Morris International, Inc.		1,035		77,615
Swedish Match AB		376		30,744
				173,429
				5,258,455
Materials – 1.4%
Chemicals – 0.4%
Chr Hansen Holding A/S		179		19,870
Clariant AG		579		11,422
Corteva, Inc.		191		5,503
Evonik Industries AG		2,148		55,566
FMC Corp.		37		3,919
LANXESS AG		507		29,009
Mitsubishi Chemical Holdings Corp.		5,600		32,325
Mitsui Chemicals, Inc.		1,300		31,421
Orbia Advance Corp. SAB de CV		34,563		60,305
RPM International, Inc.		874		72,402
Sika AG		156		38,306
Sumitomo Chemical Co., Ltd.		6,300		20,853
Teijin Ltd.		1,900		29,466
Umicore SA		725		30,156
Westlake Chemical Corp.		6,879		434,890
Yara International ASA		1,400		53,872
				929,285

10

Company	Shares		U.S. $ Value
Construction Materials – 0.0%
Fletcher Building Ltd.(a)		15,270	$	39,072
Grupo Cementos de Chihuahua SAB de CV		3,320		15,410
				54,482
Containers & Packaging – 0.1%
International Paper Co.		1,325		53,715
Smurfit Kappa Group PLC		602		23,621
				77,336
Metals & Mining – 0.9%
Agnico Eagle Mines Ltd.		3,760		299,574
Alcoa Corp.(a)		3,970		46,171
Anglo American PLC		3,150		76,210
AngloGold Ashanti Ltd.		5,909		154,577
Antofagasta PLC		6,272		82,773
APERAM SA		2,580		72,594
ArcelorMittal SA(a)		6,140		81,682
BHP Group Ltd.		243		6,278
Boliden AB		2,635		78,182
Evolution Mining Ltd.		23,250		97,125
First Quantum Minerals Ltd.		6,573		58,595
Fortescue Metals Group Ltd.		373		4,382
Glencore PLC(a)		78,770		163,304
Industrias Penoles SAB de CV		2,589		41,735
Korea Zinc Co., Ltd.		162		52,284
Lundin Mining Corp.		6,445		35,963
MMC Norilsk Nickel PJSC (ADR)(b)		2,130		51,439
Northern Star Resources Ltd.		5,420		53,707
Orocobre Ltd.(a)		5,420		9,699
OZ Minerals Ltd.		3,240		33,060
Pan American Silver Corp.		609		19,580
Polyus PJSC (GDR)(c)		730		76,401
Rio Tinto PLC		5,132		308,805
Steel Dynamics, Inc.		125		3,579
Sumitomo Metal Mining Co., Ltd.		1,400		43,420
Vale SA (Sponsored ADR) - Class B(b)		13,836		146,385
Wheaton Precious Metals Corp.		88		4,318
Yamana Gold, Inc.		4,751		27,010
				2,128,832
Paper & Forest Products – 0.0%
Suzano SA(a)		9,200		74,620
				3,264,555
Energy – 1.4%
Energy Equipment & Services – 0.0%
Baker Hughes Co. - Class A		335		4,452
Oil, Gas & Consumable Fuels – 1.4%
Aker BP ASA		3,070		47,991
BP PLC		73,913		213,755
Cenovus Energy, Inc.		927		3,613
Cheniere Energy, Inc.(a)		655		30,307
Chevron Corp.		11,125		801,000
EOG Resources, Inc.		12,565		451,586
Exxon Mobil Corp.		4,378		150,297
HollyFrontier Corp.		162		3,193
JX Holdings, Inc.		15,200		54,231

11

Company	Shares		U.S. $ Value
LUKOIL PJSC (Sponsored ADR)		850	$	48,798
Motor Oil Hellas Corinth Refineries SA		3,430		40,398
PetroChina Co., Ltd. - Class H		422,000		124,185
Petroleo Brasileiro SA (Preference Shares)		31,500		109,994
Repsol SA		21,435		144,807
Royal Dutch Shell PLC (Sponsored ADR)		4,839		117,201
Royal Dutch Shell PLC - Class B		46,659		565,836
TOTAL SE		8,829		303,210
				3,210,402
				3,214,854
Utilities – 1.1%
Electric Utilities – 1.0%
American Electric Power Co., Inc.		10,917		892,246
Endesa SA		790		21,131
Enel SpA		17,052		147,942
NextEra Energy, Inc.		3,029		840,729
Pinnacle West Capital Corp.		3,100		231,105
Red Electrica Corp. SA		1,728		32,409
Terna Rete Elettrica Nazionale SpA		5,154		36,062
				2,201,624
Gas Utilities – 0.1%
Snam SpA		6,804		34,991
UGI Corp.		2,190		72,226
				107,217
Independent Power and Renewable Electricity Producers – 0.0%
AES Corp. (The)		1,569		28,415
Multi-Utilities – 0.0%
Sempra Energy		488		57,760
				2,395,016
Transportation – 0.0%
Highways & Railtracks – 0.0%
Transurban Group		8,398		85,751
Consumer Durables & Apparel – 0.0%
Homebuilding – 0.0%
Persimmon PLC		950		30,275
PulteGroup, Inc.		830		38,421
				68,696
Software & Services – 0.0%
Internet Services & Infrastructure – 0.0%
GDS Holdings Ltd. (ADR)(a)		350		28,640
Consumer Services – 0.0%
Hotels, Resorts & Cruise Lines – 0.0%
Hilton Grand Vacations, Inc.(a)		374		7,846
Leisure Facilities – 0.0%
Planet Fitness, Inc.(a)		285		17,562
				25,408
Total Common Stocks (cost $68,186,414)				90,019,845

12

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES – 26.5%
Funds and Investment Trusts – 26.5%(d)(e)
AB Discovery Growth Fund, Inc. - Class Z			218,377	$	3,127,155
AB Trust – AB Discovery Value Fund - Class Z			168,544		2,657,933
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z			756,356		7,881,225
Bernstein Fund, Inc. - International Strategic Equities Portfolio - Class Z			2,231,135		25,948,101
Bernstein Fund, Inc. - Small Cap Core Portfolio - Class Z			280,145		2,919,112
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z			135,259		3,681,750
Sanford C. Bernstein Fund, Inc. - International Portfolio - Class Z			901,811		14,645,415
Total Investment Companies (cost $66,728,793)					60,860,691
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 11.6%
Australia – 1.1%
Australia Government Bond Series 144 3.75%, 04/21/2037(c)		AUD	620		604,879
Series 145 2.75%, 06/21/2035(c)			802		696,516
Series 150 3.00%, 03/21/2047(c)			1,430		1,312,816
					2,614,211
Austria – 0.3%
Republic of Austria Government Bond 0.75%, 02/20/2028(c)		EUR	510		654,192
Belgium – 0.1%
Kingdom of Belgium Government Bond Series 76 1.90%, 06/22/2038(c)			180		277,918
Canada – 0.6%
Canadian Government Bond 1.25%, 03/01/2025-06/01/2030		CAD	1,870		1,482,127
China – 0.4%
China Government Bond Series INBK 3.39%, 03/16/2050		CNY	6,910		933,114
Colombia – 0.1%
Colombian TES Series B 5.75%, 11/03/2027		COP	414,100		112,752

13

	Principal Amount (000)			U.S. $ Value
Finland – 0.1%
Finland Government Bond 0.50%, 09/15/2028(c)		EUR	115	$	145,315
France – 0.1%
French Republic Government Bond OAT 1.50%, 05/25/2050(c)			110		169,203
Germany – 0.5%
Bundesrepublik Deutschland Bundesanleihe Zero Coupon, 05/15/2035-08/15/2050(c)			457		556,415
Series 3 4.75%, 07/04/2034(c)			250		508,943
					1,065,358
Italy – 1.3%
Italy Buoni Poliennali Del Tesoro 1.75%, 07/01/2024(c)			500		622,794
1.80%, 03/01/2041(c)			930		1,142,836
1.85%, 05/15/2024-07/01/2025(c)			1,020		1,275,101
					3,040,731
Japan – 2.7%
Japan Government Ten Year Bond Series 358 0.10%, 03/20/2030		JPY	205,850		1,971,234
Series 359 0.10%, 06/20/2030			255,300		2,441,841
Japan Government Thirty Year Bond Series 62 0.50%, 03/20/2049			63,600		592,702
Series 65 0.40%, 12/20/2049			62,950		567,418
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039			31,650		296,096
Series 171 0.30%, 12/20/2039			33,850		316,004
					6,185,295
Malaysia – 0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		299,392
Mexico – 0.0%
Mexican Bonos Series M 8.00%, 11/07/2047		MXN	1,125		56,157
Peru – 0.1%
Peru Government Bond 5.94%, 02/12/2029		PEN	591		191,929

14

	Principal Amount (000)			U.S. $ Value
Spain – 0.3%
Spain Government Bond 1.20%, 10/31/2040(c)		EUR	455	$	571,656
4.20%, 01/31/2037(c)			114		208,714
					780,370
United Kingdom – 1.5%
United Kingdom Gilt 0.625%, 10/22/2050(c)		GBP	280		346,553
1.75%, 09/07/2037-01/22/2049(c)			1,927		3,034,272
					3,380,825
United States – 2.3%
U.S. Treasury Bonds 1.125%, 05/15/2040-08/15/2040		U.S.$	2,125		2,089,770
2.375%, 11/15/2049			255		312,176
3.00%, 02/15/2048-02/15/2049			1,425		1,948,696
4.50%, 08/15/2039			455		720,108
4.625% T, 02/15/2040			100		161,203
					5,231,953
Total Governments - Treasuries (cost $25,940,233)					26,620,842
CORPORATES - INVESTMENT GRADE – 10.6%
Industrial – 5.9%
Basic – 0.8%
Anglo American Capital PLC 5.375%, 04/01/2025(c)			200		230,094
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030			402		410,743
Glencore Finance Europe Ltd. 1.875%, 09/13/2023(c)		EUR	125		152,316
3.125%, 03/26/2026(c)		GBP	110		149,771
International Flavors & Fragrances, Inc. 1.80%, 09/25/2026		EUR	165		202,653
Inversiones CMPC SA 3.85%, 01/13/2030(c)		U.S.$	200		217,250
SABIC Capital II BV 4.00%, 10/10/2023(c)			335		360,125
SIG Combibloc PurchaseCo Sarl 1.875%, 06/18/2023(c)		EUR	140		167,421
Suzano Austria GmbH 3.75%, 01/15/2031		U.S.$	32		32,088
					1,922,461
Capital Goods – 0.2%
CNH Industrial Finance Europe SA 1.75%, 09/12/2025(c)		EUR	190		231,166
General Electric Co. 0.875%, 05/17/2025			101		117,829
3.45%, 05/01/2027		U.S.$	70		73,993
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			10		10,548
4.40%, 03/15/2024			67		72,815
					506,351

15

	Principal Amount (000)			U.S. $ Value
Communications - Media – 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050		U.S.$	17	$	19,237
5.125%, 07/01/2049			84		98,094
Comcast Corp. 0.75%, 02/20/2032		EUR	155		182,618
2.45%, 08/15/2052		U.S.$	35		32,724
2.80%, 01/15/2051			44		44,360
Fox Corp. 4.709%, 01/25/2029			215		257,723
Prosus NV 3.68%, 01/21/2030(c)			220		236,588
ViacomCBS, Inc. 3.375%, 02/15/2028			55		60,435
3.70%, 06/01/2028			23		25,499
4.20%, 05/19/2032			30		34,242
4.95%, 01/15/2031			114		136,792
					1,128,312
Communications - Telecommunications – 0.4%
AT&T, Inc. 1.60%, 05/19/2028		EUR	150		186,425
3.50%, 09/15/2053(c)		U.S.$	155		150,116
4.35%, 03/01/2029			15		17,645
Series B 2.875%, 03/02/2025(f)		EUR	100		113,487
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	145		232,358
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(c)			200		216,766
					916,797
Consumer Cyclical - Automotive – 0.6%
Aptiv Corp. 4.15%, 03/15/2024			49		53,833
BMW US Capital LLC 3.90%, 04/09/2025(c)			141		157,575
General Motors Co. 6.125%, 10/01/2025			14		16,264
6.80%, 10/01/2027			20		24,325
General Motors Financial Co., Inc. 2.20%, 04/01/2024(c)		EUR	135		162,643
Harley-Davidson Financial Services, Inc. 0.90%, 11/19/2024(c)			200		232,888
3.35%, 06/08/2025(c)		U.S.$	30		31,353
Lear Corp. 3.50%, 05/30/2030			22		22,440
3.80%, 09/15/2027			127		133,673
4.25%, 05/15/2029			26		28,101

16

	Principal Amount (000)			U.S. $ Value
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(c)		U.S.$	200	$	200,562
Volkswagen Bank GmbH 1.25%, 06/10/2024(c)		EUR	100		119,541
Volkswagen Leasing GmbH 2.625%, 01/15/2024(c)			73		91,212
					1,274,410
Consumer Cyclical - Other – 0.1%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	89		90,186
Marriott International, Inc./MD
Series EE 5.75%, 05/01/2025			109		121,430
					211,616
Consumer Cyclical - Restaurants – 0.0%
Starbucks Corp. 4.50%, 11/15/2048			75		91,157
Consumer Cyclical - Retailers – 0.1%
AutoNation, Inc. 4.75%, 06/01/2030			52		61,426
Ralph Lauren Corp. 2.95%, 06/15/2030			162		169,026
Ross Stores, Inc. 4.70%, 04/15/2027			24		28,299
					258,751
Consumer Non-Cyclical – 1.0%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	270		361,871
4.80%, 02/14/2029		U.S.$	35		41,426
Amgen, Inc. 4.663%, 06/15/2051			115		150,250
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049			145		195,135
BAT Capital Corp. 4.906%, 04/02/2030			55		64,705
BAT Netherlands Finance BV 3.125%, 04/07/2028(c)		EUR	200		268,683
Baxter International, Inc. 0.40%, 05/15/2024			250		297,758
DH Europe Finance II SARL 0.45%, 03/18/2028			143		166,540
Gilead Sciences, Inc. 2.80%, 10/01/2050		U.S.$	200		197,872
Kraft Heinz Foods Co. 2.25%, 05/25/2028(c)		EUR	195		231,819
Medtronic Global Holdings SCA 0.375%, 10/15/2028			122		143,660
Takeda Pharmaceutical Co., Ltd. 0.75%, 07/09/2027			131		156,293
					2,276,012

17

	Principal Amount (000)			U.S. $ Value
Energy – 1.0%
BG Energy Capital PLC 5.125%, 12/01/2025(c)		GBP	69	$	110,053
Boardwalk Pipelines LP 4.80%, 05/03/2029		U.S.$	125		136,368
BP Capital Markets PLC 1.573%, 02/16/2027(c)		EUR	175		219,968
3.25%, 03/22/2026(c)(f)			135		162,915
Energy Transfer Operating LP 3.75%, 05/15/2030		U.S.$	101		97,969
5.50%, 06/01/2027			225		247,736
Eni SpA 4.25%, 05/09/2029(c)			270		303,845
Husky Energy, Inc. 4.40%, 04/15/2029			220		230,976
ONEOK, Inc. 4.55%, 07/15/2028			189		199,735
6.35%, 01/15/2031			130		151,109
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			16		15,416
3.60%, 11/01/2024			116		119,461
4.50%, 12/15/2026			29		30,892
Saudi Arabian Oil Co. 2.875%, 04/16/2024(c)			200		209,700
Valero Energy Corp. 6.625%, 06/15/2037			32		40,111
					2,276,254
Other Industrial – 0.1%
Alfa SAB de CV 5.25%, 03/25/2024(c)			200		210,562
Services – 0.1%
Expedia Group, Inc. 6.25%, 05/01/2025(c)			6		6,609
7.00%, 05/01/2025(c)			38		40,962
Global Payments, Inc. 4.45%, 06/01/2028			70		82,377
					129,948
Technology – 0.6%
Baidu, Inc. 3.075%, 04/07/2025			205		217,097
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028			5		5,411
3.875%, 01/15/2027			137		151,747
Broadcom, Inc. 4.11%, 09/15/2028			187		208,926
4.25%, 04/15/2026			15		16,917
Dell International LLC/EMC Corp. 6.02%, 06/15/2026(c)			96		112,893
Fidelity National Information Services, Inc. 1.00%, 12/03/2028		EUR	165		198,364
Fiserv, Inc. 1.125%, 07/01/2027			200		243,431

18

	Principal Amount (000)			U.S. $ Value
Leidos, Inc. 4.375%, 05/15/2030(c)		U.S.$	123	$	144,023
Oracle Corp. 3.60%, 04/01/2050			125		139,914
					1,438,723
Transportation - Airlines – 0.1%
Delta Air Lines, Inc. 7.00%, 05/01/2025(c)			99		108,878
Southwest Airlines Co. 5.25%, 05/04/2025			199		219,274
					328,152
Transportation - Services – 0.3%
Adani Ports & Special Economic Zone Ltd. 3.95%, 01/19/2022(c)			200		204,460
Aviation Capital Group LLC 2.875%, 01/20/2022(c)			11		10,922
3.50%, 11/01/2027(c)			18		16,056
3.875%, 05/01/2023(c)			44		43,564
4.125%, 08/01/2025(c)			2		1,916
4.375%, 01/30/2024(c)			13		12,928
4.875%, 10/01/2025(c)			23		22,621
5.50%, 12/15/2024(c)			47		48,424
Heathrow Funding Ltd. 6.75%, 12/03/2026(c)		GBP	135		214,818
					575,709
					13,545,215
Financial Institutions – 4.4%
Banking – 3.1%
ABN AMRO Bank NV 4.75%, 07/28/2025(c)		U.S.$	225		254,126
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(c)			215		242,490
Banco Santander SA 5.179%, 11/19/2025			200		226,548
Bank of New York Mellon Corp. (The)
Series G 4.70%, 09/20/2025(f)			23		24,404
BNP Paribas SA 2.219%, 06/09/2026(c)			200		206,208
4.375%, 09/28/2025(c)			200		223,056
BPCE SA 4.625%, 07/11/2024(c)			200		220,278
Capital One Financial Corp. 1.65%, 06/12/2029		EUR	270		323,956
Citigroup, Inc. 1.50%, 07/24/2026(c)			155		190,944
5.95%, 01/30/2023(f)		U.S.$	90		92,342

19

	Principal Amount (000)			U.S. $ Value
Commonwealth Bank of Australia 4.50%, 12/09/2025(c)		U.S.$	205	$	232,158
Cooperatieve Rabobank UA 3.25%, 12/29/2026(c)(f)		EUR	200		221,293
Credit Suisse Group AG 2.193%, 06/05/2026(c)		U.S.$	250		257,948
Danske Bank A/S 3.244%, 12/20/2025(c)			350		372,719
5.375%, 01/12/2024(c)			200		225,202
Deutsche Bank AG/New York NY 3.961%, 11/26/2025			225		239,083
DNB Bank ASA 6.50%, 03/26/2022(c)(f)			210		218,121
Fifth Third Bancorp Series L 4.50%, 09/30/2025(f)			41		41,302
Goldman Sachs Group, Inc. (The) 1.25%, 05/01/2025(c)		EUR	190		229,729
Series O 5.30%, 11/10/2026(f)		U.S.$	10		10,583
HSBC Holdings PLC 6.375%, 03/30/2025(f)			200		208,736
ING Groep NV 3.00%, 02/18/2026(c)		GBP	200		281,389
6.50%, 04/16/2025(f)		U.S.$	232		245,746
JPMorgan Chase & Co. 1.09%, 03/11/2027(c)		EUR	170		206,041
Morgan Stanley Series G 1.375%, 10/27/2026			100		124,166
Series J 4.085% (LIBOR 3 Month + 3.81%), 01/15/2021(f)(g)		U.S.$	55		53,435
Nationwide Building Society 4.00%, 09/14/2026(c)			290		314,531
Natwest Group PLC Series U 2.54% (LIBOR 3 Month + 2.32%), 09/30/2027(f)(g)			200		191,146
Nordea Bank Abp 3.75%, 08/30/2023(c)			240		259,042
Societe Generale SA 4.25%, 04/14/2025(c)			205		218,661
Standard Chartered PLC 1.778% (LIBOR 3 Month + 1.51%), 01/30/2027(c)(f)(g)			200		168,298
Truist Financial Corp. Series Q 5.10%, 03/01/2030(f)			75		80,669
UBS Group AG 7.125%, 08/10/2021(c)(f)			230		236,242
UniCredit SpA 2.569%, 09/22/2026(c)			350		346,780
Wells Fargo & Co. 0.625%, 08/14/2030(c)		EUR	245		276,228
					7,263,600

20

	Principal Amount (000)			U.S. $ Value
Brokerage – 0.1%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(f)		U.S.$	124	$	134,116
Finance – 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 6.50%, 07/15/2025			150		161,709
Air Lease Corp. 3.875%, 07/03/2023			6		6,247
4.25%, 02/01/2024			23		23,919
Aircastle Ltd. 4.40%, 09/25/2023			13		12,864
5.25%, 08/11/2025(c)			20		19,573
GE Capital Funding LLC 4.05%, 05/15/2027(c)			200		215,264
Synchrony Financial 3.95%, 12/01/2027			25		26,894
4.50%, 07/23/2025			51		56,320
					522,790
Insurance – 0.5%
Alleghany Corp. 3.625%, 05/15/2030			172		193,775
ASR Nederland NV 3.375%, 05/02/2049(c)		EUR	100		125,270
Centene Corp. 4.25%, 12/15/2027		U.S.$	28		29,294
4.625%, 12/15/2029			37		39,880
CNP Assurances 4.50%, 06/10/2047(c)		EUR	200		274,304
Credit Agricole Assurances SA 4.25%, 01/13/2025(c)(f)			200		254,422
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	145		149,617
					1,066,562
REITS – 0.5%
CyrusOne LP/CyrusOne Finance Corp. 1.45%, 01/22/2027		EUR	100		116,433
Digital Euro Finco LLC 2.50%, 01/16/2026(c)			220		283,454
Equinix, Inc. 2.875%, 02/01/2026			115		137,245
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		U.S.$	10		10,336
Welltower, Inc. 2.75%, 01/15/2031			84		86,450
3.10%, 01/15/2030			46		48,816
4.00%, 06/01/2025			100		112,220

21

	Principal Amount (000)			U.S. $ Value
WPC Eurobond BV 1.35%, 04/15/2028		EUR	100	$	118,598
2.125%, 04/15/2027			148		184,085
					1,097,637
					10,084,705
Utility – 0.3%
Electric – 0.3%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025(c)		U.S.$	250		281,485
Enel Finance International NV 2.65%, 09/10/2024(c)			308		326,477
Naturgy Finance BV 4.125%, 11/18/2022(c)(f)		EUR	100		121,495
					729,457
Total Corporates - Investment Grade (cost $23,269,801)					24,359,377
QUASI-SOVEREIGNS – 2.6%
Quasi-Sovereign Bonds – 2.6%
Chile – 0.1%
Corp. Nacional del Cobre de Chile 3.75%, 01/15/2031(c)		U.S.$	200		222,500
China – 2.0%
China Development Bank
Series 1805 4.88%, 02/09/2028		CNY	14,390		2,260,452
Series 1910 3.65%, 05/21/2029			2,040		296,650
Series 2003 3.23%, 01/10/2025			13,390		1,936,786
Series 2004 3.43%, 01/14/2027			1,780		258,840
					4,752,728
Indonesia – 0.2%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(c)		U.S.$	200		218,250
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375%, 02/05/2030(c)			210		217,085
					435,335
Mexico – 0.1%
Petroleos Mexicanos 5.95%, 01/28/2031(c)			39		32,551
7.69%, 01/23/2050(c)			120		100,440
					132,991

22

	Principal Amount (000)			U.S. $ Value
United Arab Emirates – 0.2%
DP World Crescent Ltd. 3.75%, 01/30/2030(c)		U.S.$	200	$	205,000
3.875%, 07/18/2029(c)			200		206,750
					411,750
Total Quasi-Sovereigns (cost $5,881,428)					5,955,304
CORPORATES - NON-INVESTMENT GRADE – 1.8%
Industrial – 1.4%
Basic – 0.3%
OCI NV 3.625%, 10/15/2025		EUR	100		117,245
5.00%, 04/15/2023(c)			120		144,211
Smurfit Kappa Acquisitions ULC 2.875%, 01/15/2026(c)			150		187,394
SPCM SA 4.875%, 09/15/2025(c)		U.S.$	200		206,986
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(c)		EUR	120		138,232
					794,068
Capital Goods – 0.2%
Rolls-Royce PLC 0.875%, 05/09/2024(c)			160		162,914
TransDigm, Inc. 6.25%, 03/15/2026(c)		U.S.$	110		114,864
Vertical Midco Gmbh 4.375%, 07/15/2027(c)		EUR	140		167,016
					444,794
Communications - Media – 0.0%
CSC Holdings LLC 6.75%, 11/15/2021		U.S.$	45		47,182
Consumer Cyclical - Automotive – 0.2%
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(c)		EUR	120		141,147
Ford Motor Co. 8.50%, 04/21/2023		U.S.$	108		117,734
Tenneco, Inc. 5.00%, 07/15/2024(c)		EUR	100		108,566
					367,447
Consumer Cyclical - Entertainment – 0.1%
Carnival PLC 1.00%, 10/28/2029			200		147,825
Consumer Cyclical - Retailers – 0.0%
Dufry One BV 2.50%, 10/15/2024(c)			105		106,487

23

	Principal Amount (000)			U.S. $ Value
Consumer Non-Cyclical – 0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(c)		U.S.$	61	$	61,738
4.625%, 01/15/2027(c)			46		47,053
Catalent Pharma Solutions, Inc. 2.375%, 03/01/2028(c)		EUR	165		186,029
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(c)			120		135,770
Grifols SA 1.625%, 02/15/2025(c)			200		231,594
					662,184
Other Industrial – 0.1%
Rexel SA 2.125%, 06/15/2025(c)			120		137,216
Services – 0.1%
Arena Luxembourg Finance SARL 1.875%, 02/01/2028(c)			160		167,827
Technology – 0.0%
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(c)		U.S.$	14		14,552
Transportation - Services – 0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(h)			200		227,373
					3,116,955
Financial Institutions – 0.4%
Banking – 0.3%
Banco Santander SA 6.75%, 04/25/2022(c)(f)		EUR	200		244,597
Credit Suisse Group AG 7.50%, 12/11/2023(c)(f)		U.S.$	200		218,260
Discover Financial Services Series D 6.125%, 06/23/2025(f)			117		123,589
					586,446
Finance – 0.1%
Lincoln Financing SARL 3.625%, 04/01/2024(c)		EUR	120		135,158
Navient Corp. 6.625%, 07/26/2021		U.S.$	170		172,606
					307,764
REITS – 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(c)			58		59,172
					953,382
Total Corporates - Non-Investment Grade (cost $4,010,377)					4,070,337

24

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.7%
Risk Share Floating Rate – 1.1%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 1.898% (LIBOR 1 Month + 1.75%), 03/25/2029(c)(g)	U.S.$	220	$	219,742
Series 2019-2A, Class M2 3.248% (LIBOR 1 Month + 3.10%), 04/25/2029(c)(g)		150		143,281
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 2.448% (LIBOR 1 Month + 2.30%), 08/25/2031(c)(g)		56		55,980
Series 2019-R03, Class 1M2 2.298% (LIBOR 1 Month + 2.15%), 09/25/2031(c)(g)		41		41,120
Series 2019-R04, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 06/25/2039(c)(g)		90		89,438
Series 2019-R05, Class 1M2 2.148% (LIBOR 1 Month + 2.00%), 07/25/2039(c)(g)		56		55,799
Series 2019-R06, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2039(c)(g)		98		96,974
Series 2019-R07, Class 1M2 2.248% (LIBOR 1 Month + 2.10%), 10/25/2039(c)(g)		58		58,044
Eagle RE Ltd. Series 2018-1, Class M1 1.875% (LIBOR 1 Month + 1.70%), 11/25/2028(c)(g)		56		55,664
Federal Home Loan Mortgage Corp. Series 2019-DNA3, Class M2 2.198% (LIBOR 1 Month + 2.05%), 07/25/2049(c)(g)		20		20,015
Series 2019-HQA1, Class M2 2.498% (LIBOR 1 Month + 2.35%), 02/25/2049(c)(g)		46		45,171
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.148% (LIBOR 1 Month + 4.00%), 08/25/2024(g)		154		156,534
Series 2014-HQ3, Class M3 4.898% (LIBOR 1 Month + 4.75%), 10/25/2024(g)		92		92,655
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 4.448% (LIBOR 1 Month + 4.30%), 02/25/2025(g)		57		58,113

25

	Principal Amount (000)		U.S. $ Value
Series 2015-C02, Class 1M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(g)	U.S.$	79	$	80,132
Series 2015-C02, Class 2M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(g)		47		47,666
Series 2015-C03, Class 1M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(g)		38		39,190
Series 2015-C03, Class 2M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(g)		71		72,861
Series 2015-C04, Class 1M2 5.848% (LIBOR 1 Month + 5.70%), 04/25/2028(g)		34		35,699
Series 2015-C04, Class 2M2 5.698% (LIBOR 1 Month + 5.55%), 04/25/2028(g)		122		125,449
Series 2016-C01, Class 1M2 6.898% (LIBOR 1 Month + 6.75%), 08/25/2028(g)		41		42,373
Series 2016-C02, Class 1M2 6.148% (LIBOR 1 Month + 6.00%), 09/25/2028(g)		84		88,778
Series 2016-C06, Class 1M2 4.398% (LIBOR 1 Month + 4.25%), 04/25/2029(g)		89		91,211
Series 2017-C01, Class 1M2 3.698% (LIBOR 1 Month + 3.55%), 07/25/2029(g)		59		60,887
Series 2017-C02, Class 2M2 3.798% (LIBOR 1 Month + 3.65%), 09/25/2029(g)		126		127,099
Series 2017-C05, Class 1M2 2.348% (LIBOR 1 Month + 2.20%), 01/25/2030(g)		110		108,938
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.398% (LIBOR 1 Month + 4.25%), 11/25/2024(g)(i)		18		16,218
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.146% (LIBOR 1 Month + 2.00%), 03/27/2024(g)(i)		102		96,777
Radnor Re Ltd. Series 2019-1, Class M1B 2.098% (LIBOR 1 Month + 1.95%), 02/25/2029(c)(g)		140		138,277
STACR Trust Series 2018-DNA3, Class M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2048(c)(g)		174		169,791

26

	Principal Amount (000)		U.S. $ Value
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.398% (LIBOR 1 Month + 5.25%), 11/25/2025(g)(i)	U.S.$	90	$	82,043
Series 2015-WF1, Class 2M2 5.648% (LIBOR 1 Month + 5.50%), 11/25/2025(g)(i)		28		26,015
				2,637,934
Agency Floating Rate – 0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 5.948% (6.10% – LIBOR 1 Month), 12/15/2044(g)(j)		453		94,364
Series 4693, Class SL 5.998% (6.15% – LIBOR 1 Month), 06/15/2047(g)(j)		452		102,541
Series 4719, Class JS 5.998% (6.15% – LIBOR 1 Month), 09/15/2047(g)(j)		346		57,615
Series 4727, Class SA 6.048% (6.20% – LIBOR 1 Month), 11/15/2047(g)(j)		493		98,481
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.392% (6.54% – LIBOR 1 Month), 12/25/2041(g)(j)		227		53,295
Series 2016-106, Class ES 5.852% (6.00% – LIBOR 1 Month), 01/25/2047(g)(j)		433		79,927
Series 2017-16, Class SG 5.902% (6.05% – LIBOR 1 Month), 03/25/2047(g)(j)		438		87,720
Series 2017-81, Class SA 6.052% (6.20% – LIBOR 1 Month), 10/25/2047(g)(j)		460		101,989
Series 2017-97, Class LS 6.052% (6.20% – LIBOR 1 Month), 12/25/2047(g)(j)		368		94,447
Government National Mortgage Association Series 2017-134, Class SE 6.044% (6.20% – LIBOR 1 Month), 09/20/2047(g)(j)		304		50,185
Series 2017-65, Class ST 5.994% (6.15% – LIBOR 1 Month), 04/20/2047(g)(j)		426		90,153
				910,717
Non-Agency Fixed Rate – 0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		20		18,026
Series 2006-24CB, Class A16 5.75%, 08/25/2036		95		75,133
Series 2006-28CB, Class A14 6.25%, 10/25/2036		69		52,207
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		47		42,791

27

	Principal Amount (000)			U.S. $ Value
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		U.S.$	31	$	22,331
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036			44		33,082
Series 2006-13, Class 1A19 6.25%, 09/25/2036			24		16,404
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036			85		59,653
					319,627
Non-Agency Floating Rate – 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.338% (LIBOR 1 Month + 0.19%), 12/25/2036(g)			221		115,059
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.398% (LIBOR 1 Month + 0.25%), 03/25/2035(g)			56		49,130
					164,189
Total Collateralized Mortgage Obligations (cost $4,035,297)					4,032,467
MORTGAGE PASS-THROUGHS – 1.6%
Agency Fixed Rate 30-Year – 1.6%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 06/01/2049-10/01/2049			805		867,631
Series 2020 2.50%, 07/01/2050			138		148,019
Federal Home Loan Mortgage Corp. Gold Series 2018 4.00%, 08/01/2048			56		61,047
Series 2019 4.50%, 02/01/2049			212		235,685
Federal National Mortgage Association Series 2012 3.50%, 11/01/2042			320		353,133
Series 2013 3.50%, 04/01/2043			206		227,608
Series 2018 3.50%, 02/01/2048			217		229,952
4.50%, 09/01/2048			447		493,698
Series 2019 3.50%, 11/01/2049			194		208,083
Series 2020 2.50%, 07/01/2050			787		848,298
Total Mortgage Pass-Throughs (cost $3,548,132)					3,673,154

28

	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.9%
Non-Agency Floating Rate CMBS – 0.6%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.152% (LIBOR 1 Month + 1.00%), 06/15/2035(c)(g)	U.S.$	200	$	190,851
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.152% (LIBOR 1 Month + 1.00%), 11/15/2033(c)(g)		375		354,631
BHMS Series 2018-ATLS, Class A 1.402% (LIBOR 1 Month + 1.25%), 07/15/2035(c)(g)		158		151,551
BX Trust Series 2018-EXCL, Class A 1.24% (LIBOR 1 Month + 1.09%), 09/15/2037(c)(g)		163		148,699
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.186% (LIBOR 1 Month + 1.03%), 12/19/2030(c)(g)		166		160,653
Invitation Homes Trust Series 2018-SFR4, Class A 1.251% (LIBOR 1 Month + 1.10%), 01/17/2038(c)(g)		214		213,938
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.102% (LIBOR 1 Month + 1.95%), 11/15/2026(g)(i)		90		72,186
Starwood Retail Property Trust Series 2014-STAR, Class A 1.622% (LIBOR 1 Month + 1.47%), 11/15/2027(c)(g)		176		125,727
				1,418,236
Non-Agency Fixed Rate CMBS – 0.3%
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(c)		276		272,761
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.324%, 05/15/2045(c)		119		75,311
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)		144		146,129

29

	Principal Amount (000)			U.S. $ Value
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.611%, 09/15/2048		U.S.$	197	$	185,426
					679,627
Total Commercial Mortgage-Backed Securities (cost $2,270,948)					2,097,863
EMERGING MARKETS - TREASURIES – 0.5%
South Africa – 0.5%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030		ZAR	23,651		1,288,684
GOVERNMENTS - SOVEREIGN BONDS – 0.4%
Chile – 0.1%
Chile Government International Bond 1.625%, 01/30/2025		EUR	125		155,487
Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031		U.S.$	315		321,772
Peru – 0.1%
Peruvian Government International Bond 2.392%, 01/23/2026(b)			205		215,250
Saudi Arabia – 0.1%
Saudi Government International Bond 3.25%, 10/26/2026(c)			200		217,400
Total Governments - Sovereign Bonds (cost $864,988)					909,909
COLLATERALIZED LOAN OBLIGATIONS – 0.4%
CLO - Floating Rate – 0.4%
ICG US CLO Ltd. Series 2015-1A, Class A1R 1.412% (LIBOR 3 Month + 1.14%), 10/19/2028(c)(g)			300		298,072
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.45% (LIBOR 3 Month + 1.18%), 11/18/2031(c)(g)			320		317,582
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 1.502% (LIBOR 3 Month + 1.23%), 01/20/2032(c)(g)			250		246,048
Total Collateralized Loan Obligations (cost $870,000)					861,702

30

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS – 0.4%
Industrial – 0.4%
Basic – 0.1%
Braskem Netherlands Finance BV 4.50%, 01/31/2030(c)		U.S.$	200	$	186,091
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			200		196,375
Consumer Non-Cyclical – 0.1%
BRF GmbH 4.35%, 09/29/2026(c)			200		206,813
Energy – 0.0%
Leviathan Bond Ltd. 6.125%, 06/30/2025(c)			46		47,515
Transportation - Services – 0.1%
Rumo Luxembourg SARL 5.875%, 01/18/2025(c)			200		209,437
					846,231
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(i)			14		14,230
Total Emerging Markets - Corporate Bonds (cost $865,258)					860,461
EMERGING MARKETS - SOVEREIGNS – 0.4%
Dominican Republic – 0.1%
Dominican Republic International Bond 5.95%, 01/25/2027(c)			190		203,834
Ivory Coast – 0.1%
Ivory Coast Government International Bond 5.875%, 10/17/2031(c)		EUR	200		211,774
Nigeria – 0.1%
Nigeria Government International Bond 6.75%, 01/28/2021(c)		U.S.$	200		200,563
South Africa – 0.1%
Republic of South Africa Government International Bond 4.30%, 10/12/2028			230		213,972
Total Emerging Markets - Sovereigns (cost $795,706)					830,143

31

	Principal Amount (000)			U.S. $ Value
COVERED BONDS – 0.3%
Swedbank Hypotek AB Series 194 1.00%, 09/18/2024(c)		SEK	2,400	$	277,583
Turkiye Vakiflar Bankasi TAO 2.375%, 05/04/2021(c)		EUR	140		162,134
UBS AG/London 4.00%, 04/08/2022(c)			158		197,764
1.375%, 04/16/2021(c)			140		165,804
Total Covered Bonds (cost $764,383)					803,285
INFLATION-LINKED SECURITIES – 0.2%
United States – 0.2%
U.S. Treasury Inflation Index 2.125%, 02/15/2040 (TIPS) (cost $467,859)		U.S.$	300		459,530
ASSET-BACKED SECURITIES – 0.1%
Autos - Fixed Rate – 0.1%
Exeter Automobile Receivables Trust Series 2016-1A, Class D 8.20%, 02/15/2023(c)			97		97,650
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(c)			100		102,053
					199,703
Other ABS - Fixed Rate – 0.0%
SoFi Consumer Loan Program LLC Series 2017-2, Class A 3.28%, 02/25/2026(c)			6		5,553
Total Asset-Backed Securities (cost $202,663)					205,256
GOVERNMENTS - SOVEREIGN AGENCIES – 0.1%
China – 0.1%
China Development Bank Series 2009 3.39%, 07/10/2027 (cost $164,944)		CNY	1,140		164,939
	Shares
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d)(e)(k) (cost $1,466,345)			1,466,345		1,466,345

32

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% (cost $211,542,877)			$	229,540,134
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d)(e)(k) (cost $20,128)		20,128		20,128
Total Investments – 99.9% (cost $211,563,005)(l)				229,560,262
Other assets less liabilities – 0.1%				139,197
Net Assets – 100.0%			$	229,699,459

FUTURES

Description	Number of Contracts		Expiration Month			Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		9		December	2020		$	1,026,090		$	2,961
Australian 3 Yr Bond Futures		27		December	2020			2,268,558			6,258
Euro-BOBL Futures		38		December	2020			6,022,241			6,640
Euro-Schatz Futures		6		December	2020			789,925			204
U.S. T-Note 5 Yr (CBT) Futures		15		December	2020			1,890,469			(817	)
Sold Contracts
10 Yr Australian Bond Futures		25		December	2020			2,675,065			(24,811	)
Euro-Bund Futures		12		December	2020			2,455,390			(11,410	)
U.S. 10 Yr Ultra Futures		14		December	2020			2,238,906			(4,816	)
										$	(25,791	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		CNY	1,209		USD	176		10/21/2020		$	(2,201	)
Bank of America, NA		ZAR	39,119		USD	2,339		11/27/2020			19,358
Bank of America, NA		EUR	481		USD	570		10/15/2020			5,400
BNP Paribas SA		IDR	11,284,321		USD	749		10/15/2020			(9,749	)
BNP Paribas SA		ZAR	6,553		USD	383		11/27/2020			(5,948	)
BNP Paribas SA		USD	1,344		EUR	1,150		10/15/2020			4,592
Citibank, NA		KRW	763,432		USD	653		11/10/2020			(1,463	)
Citibank, NA		COP	453,632		USD	117		11/13/2020			(1,776	)
Citibank, NA		CNY	38,195		USD	5,466		10/21/2020			(162,518	)
Citibank, NA		PEN	499		USD	140		11/13/2020			1,222
Citibank, NA		USD	1,838		EUR	1,554		10/15/2020			(15,034	)
Citibank, NA		USD	1,030		NZD	1,575		10/27/2020			11,800
Credit Suisse International		MXN	31,953		USD	1,463		10/08/2020			18,700
Credit Suisse International		NZD	1,573		USD	1,033		10/27/2020			(7,057	)
Credit Suisse International		CAD	1,048		USD	796		10/09/2020			8,296
Credit Suisse International		GBP	566		EUR	625		10/15/2020			3,129
Credit Suisse International		USD	829		MXN	17,492		10/08/2020			(38,161	)
Goldman Sachs Bank USA		MYR	1,237		USD	291		10/27/2020			(6,021	)

33

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		USD	617		MXN	13,861		10/08/2020		$	9,420
Goldman Sachs Bank USA		USD	963		INR	73,072		10/15/2020			30,011
HSBC Bank USA		INR	72,840		USD	985		10/15/2020			(4,460	)
HSBC Bank USA		EUR	17,032		USD	20,024		10/15/2020			49,687
HSBC Bank USA		BRL	4,315		USD	776		10/02/2020			7,342
HSBC Bank USA		NZD	1,576		USD	1,040		10/27/2020			(2,792	)
HSBC Bank USA		USD	765		BRL	4,315		10/02/2020			3,378
HSBC Bank USA		USD	1,078		TWD	30,879		11/18/2020			(5,271	)
JPMorgan Chase Bank, NA		MXN	13,824		USD	640		10/08/2020			15,511
JPMorgan Chase Bank, NA		CAD	2,389		USD	1,782		10/09/2020			(12,678	)
JPMorgan Chase Bank, NA		USD	743		EUR	630		10/15/2020			(3,937	)
JPMorgan Chase Bank, NA		USD	811		CAD	1,063		10/09/2020			(12,748	)
JPMorgan Chase Bank, NA		USD	643		NOK	5,677		10/16/2020			(34,043	)
JPMorgan Chase Bank, NA		USD	459		ZAR	7,807		11/27/2020			4,235
JPMorgan Chase Bank, NA		USD	633		MXN	14,273		10/08/2020			11,970
JPMorgan Chase Bank, NA		USD	1,365		JPY	144,512		10/08/2020			5,005
JPMorgan Chase Bank, NA		USD	752		IDR	11,128,459		10/15/2020			(3,159	)
Morgan Stanley & Co., Inc.		JPY	787,152		USD	7,462		10/08/2020			(2,383	)
Morgan Stanley & Co., Inc.		NOK	5,679		USD	625		10/16/2020			16,499
Morgan Stanley & Co., Inc.		BRL	4,309		USD	764		10/02/2020			(3,374	)
Morgan Stanley & Co., Inc.		GBP	3,310		USD	4,304		11/19/2020			31,295
Morgan Stanley & Co., Inc.		CNY	140		USD	20		10/21/2020			(235	)
Morgan Stanley & Co., Inc.		USD	38		CNY	256		10/21/2020			(62	)
Morgan Stanley & Co., Inc.		GBP	591		EUR	656		10/15/2020			6,907
Morgan Stanley & Co., Inc.		USD	772		BRL	4,309		10/02/2020			(4,799	)
Morgan Stanley & Co., Inc.		USD	715		SEK	6,455		10/16/2020			6,201
Standard Chartered Bank		TWD	30,585		USD	1,049		11/18/2020			(13,857	)
Standard Chartered Bank		USD	641		KRW	762,546		11/10/2020			13,173
State Street Bank & Trust Co.		JPY	12,540		USD	120		10/08/2020			892
State Street Bank & Trust Co.		JPY	14,827		USD	140		10/08/2020			(433	)
State Street Bank & Trust Co.		CNY	3,057		USD	448		10/21/2020			(2,777	)
State Street Bank & Trust Co.		SEK	3,141		USD	344		10/16/2020			(6,483	)
State Street Bank & Trust Co.		AUD	2,883		USD	2,066		10/29/2020			1,338
State Street Bank & Trust Co.		MXN	1,157		USD	51		10/08/2020			(1,217	)
State Street Bank & Trust Co.		SEK	804		USD	93		10/16/2020			2,814
State Street Bank & Trust Co.		DKK	559		USD	85		10/16/2020			(2,784	)
State Street Bank & Trust Co.		MXN	365		USD	17		10/08/2020			602
State Street Bank & Trust Co.		NOK	328		USD	36		10/16/2020			1,267
State Street Bank & Trust Co.		EUR	330		USD	384		10/15/2020			(2,817	)
State Street Bank & Trust Co.		EUR	248		USD	293		10/15/2020			1,710
State Street Bank & Trust Co.		NZD	68		USD	46		10/27/2020			895
State Street Bank & Trust Co.		GBP	95		USD	123		11/19/2020			383
State Street Bank & Trust Co.		CHF	65		USD	72		11/19/2020			1,052
State Street Bank & Trust Co.		ILS	38		USD	11		11/12/2020			51
State Street Bank & Trust Co.		CAD	36		USD	27		10/09/2020			(90	)
State Street Bank & Trust Co.		AUD	27		USD	19		10/29/2020			(122	)
State Street Bank & Trust Co.		USD	1,670		EUR	1,410		10/15/2020			(17,298	)
State Street Bank & Trust Co.		USD	97		CHF	88		11/19/2020			(1,288	)

34

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	18		SGD	25		10/27/2020		$	45
State Street Bank & Trust Co.		USD	28		AUD	38		10/29/2020			(676	)
State Street Bank & Trust Co.		USD	33		CAD	44		10/09/2020			246
State Street Bank & Trust Co.		USD	82		GBP	63		11/19/2020			(508	)
State Street Bank & Trust Co.		USD	116		GBP	91		11/19/2020			1,320
State Street Bank & Trust Co.		USD	15		SEK	136		10/16/2020			51
State Street Bank & Trust Co.		USD	100		AUD	140		10/29/2020			124
State Street Bank & Trust Co.		USD	106		SGD	144		10/27/2020			(132	)
State Street Bank & Trust Co.		USD	45		SEK	397		10/16/2020			(1,155	)
State Street Bank & Trust Co.		USD	70		HKD	541		10/21/2020			4
State Street Bank & Trust Co.		USD	77		JPY	8,163		10/08/2020			106
State Street Bank & Trust Co.		USD	47		JPY	4,914		10/08/2020			(64	)
State Street Bank & Trust Co.		USD	519		ZAR	8,899		11/27/2020			8,634
State Street Bank & Trust Co.		USD	421		ZAR	6,976		11/27/2020			(7,308	)
UBS AG		AUD	879		USD	630		10/29/2020			355
										$	(93,858	)

CENTRALLY CLEARED INFLATION (CPI) 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	2,816	01/02/2023		1 Day CDI		3.975%		Maturity	$	(4,497	)	$	—	$	(4,497	)
USD	2,577	01/02/2023		1 Day CDI		4.053%		Maturity		(3,379	)		—		(3,379	)
USD	2,592	01/02/2023		1 Day CDI		4.175%		Maturity		(2,269	)		—		(2,269	)
USD	2,815	01/02/2023		1 Day CDI		4.590%		Maturity		1,352			—		1,352
									$	(8,793	)	$	—	$	(8,793	)

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	3,780	05/22/2024	3 Month CDOR	1.980%	Semi-Annual/ Semi-Annual	$	150,272	$	2	$	150,270
USD	2,420	10/01/2025	0.329%	3 Month LIBOR	Semi-Annual/ Quarterly		1,866		—		1,866

35

			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)
EUR	540	09/30/2050	6 Month EURIBOR	(0.017)%	Semi-Annual/ Annual	$	(1,315	)	$	—	$	(1,315	)
EUR	540	09/30/2050	0.122%	6 Month EURIBOR	Annual/ Semi-Annual		(25,901	)		—		(25,901	)
						$	124,922		$	2	$	124,920

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)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.A Series 6, 05/11/2063*	2.00%	Monthly	9.51%		USD	450	$	(57,451	)	$	(8,700	)	$	(48,751	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	60		(20,015	)		(7,816	)		(12,199	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	55		(18,347	)		(7,334	)		(11,013	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	69		(23,011	)		(10,404	)		(12,607	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	11		(3,668	)		(1,740	)		(1,928	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	70		(23,345	)		(10,246	)		(13,099	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	9		(3,002	)		(507	)		(2,495	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	8		(2,669	)		(921	)		(1,748	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	53		(17,680	)		(5,954	)		(11,726	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*	3.00	Monthly	25.00		USD	52		(17,346	)		(5,840	)		(11,506	)

36

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 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	15		(5,004	)		(1,591	)		(3,413	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	78		(26,019	)		(10,426	)		(15,593	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	53		(17,680	)		(5,546	)		(12,134	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	75		(25,013	)		(11,324	)		(13,689	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	58		(19,343	)		(9,311	)		(10,032	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	82		(27,347	)		(13,353	)		(13,994	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	5		(1,668	)		(746	)		(922	)
												$	(315,279	)	$	(113,604	)	$	(201,675	)

* 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		USD	10,000	07/11/2024	2.416%	CPI#	Maturity	$	(462,817	)	$	—	$	(462,817	)

# 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.

37

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the aggregate market value of these securities amounted to $35,308,453 or 15.4% of net assets.

(d) Affiliated investments.

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

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

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

(h) Fair valued by the Adviser.

(i) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.14% 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
JP Morgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2 4.398%, 11/25/2024		11/06/2015	$	17,592	$	16,218		0.01	%
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class SNMA 2.102%, 11/15/2026		11/16/2015		89,646		72,186		0.03	%
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 2.146%, 03/27/2024		03/21/2019		101,608		96,777		0.04	%
Terraform Global Operating LLC
6.125%, 03/01/2026		02/08/2018		14,000		14,230		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 5.398%, 11/25/2025		09/28/2015		89,505		82,043		0.04	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2 5.648%, 11/25/2025		09/28/2015		28,054		26,015		0.01	%

(j) Inverse interest only security.

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

(l) 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 $31,151,801 and gross unrealized depreciation of investments was $(13,822,558), resulting in net unrealized appreciation of $17,329,243.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

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

38

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

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

EURIBOR – Euro Interbank Offered Rate

GDR – Global Depositary Receipt

LIBOR – London Interbank Offered Rate

OAT – Obligations Assimilables du Trésor

PJSC – Public Joint Stock Company

REG – Registered Shares

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

TIPS – Treasury Inflation Protected Security

39

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy 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.

40

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:
Common Stocks:
Information Technology	$	21,538,422	$	299,873	$	—	$	21,838,295
Health Care		11,216,056		357,011		—		11,573,067
Communication Services		10,303,635		150,705		—		10,454,340
Real Estate		6,755,863		2,859,391		—		9,615,254
Consumer Discretionary		8,642,122		302,299		—		8,944,421
Financials		6,370,379		328,912		—		6,699,291
Industrials		6,083,561		470,241		—		6,553,802
Consumer Staples		4,860,038		398,417		—		5,258,455
Materials		1,531,514		1,733,041		—		3,264,555
Energy		1,720,441		1,494,413		—		3,214,854
Utilities		2,122,481		272,535		—		2,395,016
Transportation		—		85,751		—		85,751
Consumer Durables & Apparel		38,421		30,275		—		68,696
Software & Services		28,640		—		—		28,640
Consumer Services		25,408		—		—		25,408
Investment Companies		60,860,691		—		—		60,860,691
Governments - Treasuries		—		26,620,842		—		26,620,842
Corporates - Investment Grade		—		24,359,377		—		24,359,377
Quasi-Sovereigns		—		5,955,304		—		5,955,304
Corporates - Non-Investment Grade		—		4,070,337		—		4,070,337
Collateralized Mortgage Obligations		—		4,032,467		—		4,032,467
Mortgage Pass-Throughs		—		3,673,154		—		3,673,154
Commercial Mortgage-Backed Securities		—		2,097,863		—		2,097,863
Emerging Markets - Treasuries		—		1,288,684		—		1,288,684
Governments - Sovereign Bonds		—		909,909		—		909,909
Collateralized Loan Obligations		—		861,702		—		861,702
Emerging Markets - Corporate Bonds		—		860,461		—		860,461
Emerging Markets - Sovereigns		—		830,143		—		830,143
Covered Bonds		—		803,285		—		803,285
Inflation-Linked Securities		—		459,530		—		459,530
Asset-Backed Securities		—		205,256		—		205,256

41

Investments in Securities:	Level 1			Level 2			Level 3		Total
Governments - Sovereign Agencies		—			164,939			—		164,939
Short-Term Investments		1,466,345			—			—		1,466,345
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		20,128			—			—		20,128
Total Investments in Securities		143,584,145			85,976,117			—		229,560,262
Other Financial Instruments(a):
Assets:
Futures		16,063			—			—		16,063
Forward Currency Exchange Contracts		—			305,020			—		305,020
Centrally Cleared Inflation (CPI) Swaps		—			1,352			—		1,352
Centrally Cleared Interest Rate Swaps		—			152,138			—		152,138
Liabilities:
Futures		(41,854	)		—			—		(41,854	)
Forward Currency Exchange Contracts		—			(398,878	)		—		(398,878	)
Centrally Cleared Inflation (CPI) Swaps		—			(10,145	)		—		(10,145	)
Centrally Cleared Interest Rate Swaps		—			(27,216	)		—		(27,216	)
Credit Default Swaps		—			(315,279	)		—		(315,279	)
Interest Rate Swaps		—			(462,817	)		—		(462,817	)
Total	$	143,558,354		$	85,220,292		$	—	$	228,778,646

^(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.

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A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2020 is as follows:

														Distributions
Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./ (Depr.) (000)			Market Value 09/30/2020 (000)		Dividend Income (000)			Realized Gains (000)
AB Discovery Growth Fund, Inc.	$	3,307	$	0	$	924	$	0	$	744		$	3,127	$	0		$	0
AB Discovery Value Fund, Inc.		3,319		0		0		0		(661	)		2,658		0			0
Bernstein Fund, Inc. International Small Cap Portfolio		8,771		0		278		0		(612	)		7,881		0			0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		28,723		0		1,036		0		(1,739	)		25,948		0			0
Bernstein Fund, Inc. - Small Cap Core Portfolio		3,312		0		20		0		(373	)		2,919		0			0
Government Money Market Portfolio		1,821		39,145		39,500		0		0			1,466		5			0
Government Money Market Portfolio*		258		3,038		3,276		0		0			20		0	**		0
Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio		4,116		0		222		0		(212	)		3,682		0			0
Sanford C Bernstein Fund, Inc. – International Portfolio		16,145		0		892		0		(608	)		14,645		0			0
Total	$	69,772	$	42,183	$	46,148	$	0	$	(3,461	)	$	62,346	$	5		$	0

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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