AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 40.6%
Information Technology – 8.9%
Communications Equipment – 0.0%
Telefonaktiebolaget LM Ericsson - Class B		1,571	$	20,824
Electronic Equipment, Instruments & Components – 0.4%
Arrow Electronics, Inc.(a)		829		91,870
CDW Corp./DE		4,758		788,638
				880,508
IT Services – 1.8%
Accenture PLC - Class A		151		41,714
Atos SE(a)		347		27,054
Automatic Data Processing, Inc.		3,612		680,754
EPAM Systems, Inc.(a)		236		93,619
Genpact Ltd.		17,469		748,022
Mastercard, Inc. - Class A		204		72,634
PayPal Holdings, Inc.(a)		2,990		726,092
Shopify, Inc. - Class A(a)		49		54,097
Visa, Inc. - Class A(b)		9,385		1,987,086
				4,431,072
Semiconductors & Semiconductor Equipment – 1.9%
Advanced Micro Devices, Inc.(a)		284		22,294
Applied Materials, Inc.		1,055		140,948
ASML Holding NV		139		85,286
Lam Research Corp.		32		19,048
NVIDIA Corp.		1,479		789,682
NXP Semiconductors NV		4,366		879,050
QUALCOMM, Inc.		8,269		1,096,387
STMicroelectronics NV		1,641		62,695
Teradyne, Inc.		194		23,606
Texas Instruments, Inc.		5,755		1,087,637
Xilinx, Inc.		4,083		505,884
				4,712,517
Software – 3.2%
Adobe, Inc.(a)		1,281		608,949
Autodesk, Inc.(a)		22		6,097
Cadence Design Systems, Inc.(a)		675		92,468
Citrix Systems, Inc.		4,648		652,393
Constellation Software, Inc./Canada		28		39,103
Crowdstrike Holdings, Inc. - Class A(a) (b)		88		16,061
Dropbox, Inc. - Class A(a)		1,871		49,881
Fair Isaac Corp.(a)		67		32,565
Intuit, Inc.		42		16,089
Microsoft Corp.		21,413		5,048,543
Oracle Corp.		13,063		916,631
ServiceNow, Inc.(a)		188		94,021
Trade Desk, Inc. (The) - Class A(a)		13		8,472
Trend Micro, Inc./Japan		800		40,158
WiseTech Global Ltd.		151		3,360
Xero Ltd.(a)		281		27,197
				7,651,988

1

Company	Shares		U.S. $ Value
Technology Hardware, Storage & Peripherals – 1.6%
Apple, Inc.		25,451	$	3,108,840
Topicus.com, Inc.(a)		52		3,415
Western Digital Corp.		10,352		690,996
				3,803,251
				21,500,160
Consumer Discretionary – 4.7%
Auto Components – 0.4%
Aisin Seiki Co., Ltd.		2,800		106,641
Faurecia SE(a)		22		1,171
Lear Corp.		83		15,044
Magna International, Inc. (Canada) - Class A		530		46,678
Magna International, Inc. (United States) - Class A		9,840		866,314
				1,035,848
Automobiles – 0.3%
Ford Motor Co.(a)		915		11,209
General Motors Co.(a)		908		52,174
Stellantis NV		1,320		23,343
Stellantis NV(b)		26,715		475,260
Tesla, Inc.(a)		81		54,102
				616,088
Distributors – 0.2%
LKQ Corp.(a)		12,697		537,464
Diversified Consumer Services – 0.1%
Chegg, Inc.(a)		3,412		292,272
Hotels, Restaurants & Leisure – 0.1%
Aristocrat Leisure Ltd.		1,313		34,447
Chipotle Mexican Grill, Inc. - Class A(a)		61		86,670
Domino’s Pizza, Inc.(b)		20		7,356
La Francaise des Jeux SAEM(c)		411		18,677
McDonald’s Corp.		32		7,172
				154,322
Household Durables – 0.0%
Electrolux AB - Class B		1,974		54,879
Whirlpool Corp.		47		10,357
				65,236
Internet & Direct Marketing Retail – 1.2%
Amazon.com, Inc.(a)		890		2,753,731
eBay, Inc.		265		16,229
HelloFresh SE(a)		1,103		82,182
Zalando SE(a) (c)		562		55,069
				2,907,211

2

Company	Shares		U.S. $ Value
Multiline Retail – 0.0%
Dollar General Corp.		83	$	16,818
Next PLC(a)		608		65,896
				82,714
Specialty Retail – 1.6%
AutoZone, Inc.(a)		780		1,095,354
Home Depot, Inc. (The)		6,197		1,891,634
Lowe’s Cos., Inc.		22		4,184
TJX Cos., Inc. (The)		13,534		895,274
				3,886,446
Textiles, Apparel & Luxury Goods – 0.8%
Deckers Outdoor Corp.(a)		2,007		663,153
LVMH Moet Hennessy Louis Vuitton SE		61		40,745
NIKE, Inc. - Class B		8,722		1,159,066
Pandora A/S(a)		616		65,881
				1,928,845
				11,506,446
Health Care – 4.4%
Biotechnology – 0.5%
AbbVie, Inc.		828		89,606
Amgen, Inc.		100		24,881
Regeneron Pharmaceuticals, Inc.(a)		850		402,169
Vertex Pharmaceuticals, Inc.(a)		3,561		765,223
				1,281,879
Health Care Equipment & Supplies – 1.2%
Align Technology, Inc.(a)		67		36,283
Edwards Lifesciences Corp.(a)		8,529		713,366
Medtronic PLC		12,576		1,485,603
ResMed, Inc.		109		21,148
Zimmer Biomet Holdings, Inc.		3,518		563,161
				2,819,561
Health Care Providers & Services – 1.4%
AmerisourceBergen Corp. - Class A		681		80,406
Anthem, Inc.		2,611		937,218
McKesson Corp.		376		73,335
Molina Healthcare, Inc.(a)		280		65,453
UnitedHealth Group, Inc.		5,758		2,142,379
				3,298,791
Health Care Technology – 0.0%
Cerner Corp.		1,009		72,527
Veeva Systems, Inc. - Class A(a)		107		27,953
				100,480
Life Sciences Tools & Services – 0.1%
Bio-Rad Laboratories, Inc. - Class A(a)		124		70,825
Lonza Group AG		17		9,508
Mettler-Toledo International, Inc.(a)		66		76,276
Sartorius Stedim Biotech		119		48,974
Waters Corp.(a)		91		25,859
				231,442

3

Company	Shares		U.S. $ Value
Pharmaceuticals – 1.2%
Eli Lilly & Co.		539	$	100,696
Johnson & Johnson		3,331		547,450
Merck & Co., Inc.		641		49,415
Novo Nordisk A/S - Class B		688		46,360
Roche Holding AG		173		56,042
Roche Holding AG (Sponsored ADR)		28,580		1,159,205
Takeda Pharmaceutical Co., Ltd.		1,900		69,259
Zoetis, Inc.		5,149		810,864
				2,839,291
				10,571,444
Real Estate – 4.3%
Diversified Real Estate Activities – 0.3%
Mitsubishi Estate Co., Ltd.		3,800		66,544
Mitsui Fudosan Co., Ltd.		9,700		221,116
New World Development Co., Ltd.		18,000		93,504
Sumitomo Realty & Development Co., Ltd.		1,300		46,051
Sun Hung Kai Properties Ltd.		11,000		166,560
UOL Group Ltd.		7,700		45,282
				639,057
Diversified REITs – 0.3%
Alexander & Baldwin, Inc.		3,260		54,735
Armada Hoffler Properties, Inc.		3,732		46,799
Broadstone Net Lease, Inc.		1,660		30,378
Cofinimmo SA		270		39,310
Daiwa House REIT Investment Corp.		14		37,619
Essential Properties Realty Trust, Inc.		4,184		95,521
Fibra Uno Administracion SA de CV		13,590		15,911
Hulic Reit, Inc.		42		65,882
ICADE		570		41,640
Land Securities Group PLC		6,570		62,472
Merlin Properties Socimi SA		7,690		78,721
Nomura Real Estate Master Fund, Inc.		30		45,168
Stockland		40,300		135,284
				749,440
Equity Real Estate Investment Trusts (REITs) – 1.2%
American Campus Communities, Inc.		13,008		561,555
American Tower Corp.		1,958		468,080
Mid-America Apartment Communities, Inc.		5,801		837,432
Orix JREIT, Inc.		16		27,867
Prologis, Inc.		8,952		948,912
Scentre Group		2,055		4,425
VICI Properties, Inc.(b)		2,049		57,864
				2,906,135
Health Care REITs – 0.3%
Assura PLC		10,859		10,792
Medical Properties Trust, Inc.		6,640		141,299
Omega Healthcare Investors, Inc.		3,357		122,967
Physicians Realty Trust		5,803		102,539
Welltower, Inc.		3,120		223,485
				601,082

4

Company	Shares		U.S. $ Value
Hotel & Resort REITs – 0.1%
Apple Hospitality REIT, Inc.		3,240	$	47,207
Japan Hotel REIT Investment Corp.		35		19,786
Park Hotels & Resorts, Inc.(a)		4,100		88,478
RLJ Lodging Trust		5,596		86,626
				242,097
Industrial REITs – 0.3%
Americold Realty Trust		3,497		134,530
Ascendas Real Estate Investment Trust		18,800		42,706
Dream Industrial Real Estate Investment Trust		4,045		43,196
GLP J-Reit		38		62,442
Industrial & Infrastructure Fund Investment Corp.		30		51,518
Mitsui Fudosan Logistics Park, Inc.		9		44,508
Plymouth Industrial REIT, Inc.		1,112		18,737
Rexford Industrial Realty, Inc.		1,851		93,290
Segro PLC		10,786		139,389
STAG Industrial, Inc.		2,779		93,402
				723,718
Office REITs – 0.3%
Alexandria Real Estate Equities, Inc.		1,137		186,809
Allied Properties Real Estate Investment Trust		1,685		54,491
alstria office REIT-AG		2,390		38,625
Boston Properties, Inc.		1,045		105,817
Cousins Properties, Inc.		2,842		100,465
Covivio		380		32,501
Daiwa Office Investment Corp.		9		63,427
Japan Prime Realty Investment Corp.		17		63,560
Japan Real Estate Investment Corp.		7		41,366
Kilroy Realty Corp.		1,339		87,878
Nippon Building Fund, Inc.		6		35,357
True North Commercial Real Estate Investment Trust		3,060		16,728
				827,024
Real Estate Development – 0.1%
CIFI Holdings Group Co., Ltd.		38,000		36,976
CK Asset Holdings Ltd.		8,000		48,701
Instone Real Estate Group AG(a) (c)		2,115		58,162
				143,839
Real Estate Management & Development – 0.0%
CBRE Group, Inc. - Class A(a)		205		16,218
FirstService Corp.		90		13,359
				29,577
Real Estate Operating Companies – 0.3%
ADLER Group SA(a) (c)		2,920		79,968
Aroundtown SA		10,290		73,284
CA Immobilien Anlagen AG		1,378		58,353
CTP BV(a) (c)		2,463		43,614
Deutsche Wohnen SE		4,080		190,326

5

Company	Shares		U.S. $ Value
Fastighets AB Balder - Class B(a)		1,780	$	88,124
Grainger PLC		13,860		50,968
Kojamo Oyj		2,070		40,551
LEG Immobilien SE		770		101,283
Shurgard Self Storage SA		560		25,513
Swire Properties Ltd.		16,000		49,664
Wharf Real Estate Investment Co., Ltd.		6,000		33,740
				835,388
Residential REITs – 0.4%
American Homes 4 Rent - Class A		4,013		133,794
Bluerock Residential Growth REIT, Inc.		1,800		18,198
Daiwa Securities Living Investments Corp.		45		44,195
Equity Residential		310		22,205
Essex Property Trust, Inc.		622		169,085
Independence Realty Trust, Inc.		6,097		92,675
Invitation Homes, Inc.		3,580		114,524
Killam Apartment Real Estate Investment Trust		6,151		90,598
Minto Apartment Real Estate Investment Trust(c)		2,790		48,198
Sun Communities, Inc.		1,168		175,247
UDR, Inc.		2,850		125,001
				1,033,720
Retail REITs – 0.4%
AEON REIT Investment Corp.		25		33,723
Brixmor Property Group, Inc.		5,974		120,854
CapitaLand Integrated Commercial Trust		42,580		68,899
Eurocommercial Properties NV(a)		3,100		68,238
Kenedix Retail REIT Corp.		8		19,456
Link REIT		12,768		116,492
Mercialys SA		3,050		33,583
NETSTREIT Corp.		1,664		30,767
Simon Property Group, Inc.		1,959		222,875
SITE Centers Corp.		7,465		101,225
Vicinity Centres		75,236		95,110
				911,222
Specialized REITs – 0.3%
CubeSmart		3,086		116,743
Digital Realty Trust, Inc.		1,860		261,963
EPR Properties		1,080		50,317
MGM Growth Properties LLC - Class A		2,660		86,769
National Storage Affiliates Trust		3,172		126,658
Safestore Holdings PLC		4,540		49,789
				692,239
				10,334,538
Communication Services – 4.1%
Diversified Telecommunication Services – 0.6%
Comcast Corp. - Class A		26,300		1,423,093
Telenor ASA		1,727		30,426
				1,453,519
Entertainment – 0.5%
Electronic Arts, Inc.		7,513		1,017,035
Netflix, Inc.(a)		240		125,198
Nintendo Co., Ltd.		100		56,364
				1,198,597

6

Company	Shares		U.S. $ Value
Interactive Media & Services – 2.6%
Alphabet, Inc. - Class A(a)		79	$	162,939
Alphabet, Inc. - Class C(a)		1,861		3,849,721
Facebook, Inc. - Class A(a)		8,169		2,406,015
				6,418,675
Wireless Telecommunication Services – 0.4%
Softbank Corp.		2,200		28,621
T-Mobile US, Inc.(a)		7,022		879,786
				908,407
				9,979,198
Financials – 3.9%
Banks – 2.0%
Bank of America Corp.		42,232		1,633,956
BNP Paribas SA(a)		993		60,503
Citigroup, Inc.		12,645		919,924
Fifth Third Bancorp		1,724		64,564
JPMorgan Chase & Co.		853		129,852
Mebuki Financial Group, Inc.		21,000		49,552
PNC Financial Services Group, Inc. (The)		3,618		634,633
Signature Bank/New York NY		197		44,542
Societe Generale SA(a)		2,160		56,473
SVB Financial Group(a)		218		107,618
Wells Fargo & Co.		30,202		1,179,992
				4,881,609
Capital Markets – 1.2%
Ameriprise Financial, Inc.		30		6,973
CME Group, Inc. - Class A		3,377		689,685
Goldman Sachs Group, Inc. (The)		4,466		1,460,382
LPL Financial Holdings, Inc.		3,118		443,255
Moody’s Corp.		180		53,750
Nomura Holdings, Inc.		7,200		38,149
Raymond James Financial, Inc.		857		105,034
S&P Global, Inc.		109		38,463
				2,835,691
Consumer Finance – 0.0%
Ally Financial, Inc.		811		36,665
Diversified Financial Services – 0.1%
Kinnevik AB - Class B(a)		1,722		83,692
M&G PLC		24,177		69,090
				152,782
Insurance – 0.6%
AIA Group Ltd.		400		4,895
Athene Holding Ltd. - Class A(a)		581		29,282
Aviva PLC		2,165		12,203
CNP Assurances(a)		4,892		92,786
iA Financial Corp., Inc.		1,539		83,679

7

Company	Shares		U.S. $ Value
Manulife Financial Corp.		1,020	$	21,939
MetLife, Inc.		1,474		89,605
Progressive Corp. (The)		5,973		571,079
Prudential Financial, Inc.		1,079		98,297
Reinsurance Group of America, Inc. - Class A		4,505		567,855
Sun Life Financial, Inc.		473		23,904
				1,595,524
				9,502,271
Industrials – 3.7%
Aerospace & Defense – 0.3%
L3Harris Technologies, Inc.		4,186		848,418
Air Freight & Logistics – 0.1%
Kuehne & Nagel International AG		243		69,407
United Parcel Service, Inc. - Class B		475		80,745
				150,152
Airlines – 0.2%
Southwest Airlines Co.(a)		9,920		605,715
Building Products – 0.1%
Carrier Global Corp.		1,332		56,237
Cie de Saint-Gobain(a)		710		41,927
Masco Corp.		826		49,477
Otis Worldwide Corp.		665		45,519
Xinyi Glass Holdings Ltd.		6,000		19,711
				212,871
Commercial Services & Supplies – 0.0%
Cintas Corp.		13		4,437
Copart, Inc.(a)		173		18,790
				23,227
Construction & Engineering – 0.4%
AECOM(a)		12,811		821,313
Shimizu Corp.		6,700		54,251
				875,564
Electrical Equipment – 0.7%
Acuity Brands, Inc.		667		110,055
Eaton Corp. PLC		6,819		942,932
Prysmian SpA		1,379		44,776
Regal Beloit Corp.		2,518		359,268
Rockwell Automation, Inc.		133		35,304
Siemens Gamesa Renewable Energy SA		955		37,039
Vestas Wind Systems A/S		367		75,707
				1,605,081
Industrial Conglomerates – 0.2%
Honeywell International, Inc.		1,898		411,999
Machinery – 0.2%
Deere & Co.		203		75,950
Mitsubishi Heavy Industries Ltd.		200		6,228
Snap-on, Inc.		466		107,525
Techtronic Industries Co., Ltd.		5,500		94,291
Volvo AB - Class B(a)		3,563		90,233
				374,227

8

Company	Shares		U.S. $ Value
Marine – 0.0%
Nippon Yusen KK		2,500	$	85,501
Professional Services – 0.5%
Booz Allen Hamilton Holding Corp.		4,699		378,410
Randstad NV		363		25,481
Robert Half International, Inc.		9,190		717,463
				1,121,354
Road & Rail – 0.7%
CSX Corp.		11,443		1,103,334
Knight-Swift Transportation Holdings, Inc.		15,085		725,438
				1,828,772
Trading Companies & Distributors – 0.3%
United Rentals, Inc.(a)		2,302		758,071
WW Grainger, Inc.		6		2,406
				760,477
				8,903,358
Energy – 2.2%
Energy Equipment & Services – 0.0%
Baker Hughes Co. - Class A		533		11,518
Oil, Gas & Consumable Fuels – 2.2%
Aker BP ASA		7,048		199,933
BP PLC		121,953		495,367
Canadian Natural Resources Ltd.		671		20,744
Cheniere Energy, Inc.(a)		558		40,182
Chevron Corp.		12,427		1,302,225
ENEOS Holdings, Inc.		26,300		119,320
EOG Resources, Inc.		11,859		860,134
Exxon Mobil Corp.		4,136		230,913
Galp Energia SGPS SA		2,905		33,675
LUKOIL PJSC (Sponsored ADR)		1,350		109,067
Neste Oyj		78		4,142
Parkland Corp./Canada		484		14,543
PetroChina Co., Ltd. - Class H		548,000		198,683
Petroleo Brasileiro SA (Preference Shares)		39,600		169,554
Pioneer Natural Resources Co.		161		25,570
Repsol SA		21,147		262,475
Royal Dutch Shell PLC - Class A		1,579		30,694
Royal Dutch Shell PLC - Class B		51,379		945,756
TOTAL SE		7,749		361,256
Woodside Petroleum Ltd.		314		5,739
				5,429,972
				5,441,490
Materials – 1.7%
Chemicals – 0.6%
CF Industries Holdings, Inc.		1,585		71,927
Clariant AG		579		11,682
Covestro AG(c)		1,080		72,663

9

Company	Shares		U.S. $ Value
Daicel Corp.		2,600	$	20,033
Evonik Industries AG		2,148		76,007
FMC Corp.		37		4,093
Kuraray Co., Ltd.		7,200		82,362
LANXESS AG		507		37,419
LyondellBasell Industries NV - Class A		6,134		638,243
Mitsubishi Chemical Holdings Corp.		3,600		27,038
Mitsui Chemicals, Inc.		1,300		41,142
Orbia Advance Corp. SAB de CV		30,101		80,262
RPM International, Inc.		180		16,533
Sika AG		156		44,609
Umicore SA		725		38,464
Yara International ASA		1,550		80,747
				1,343,224
Construction Materials – 0.1%
Breedon Group PLC(a)		28,900		37,212
Buzzi Unicem SpA		1,660		43,118
Fletcher Building Ltd.		10,890		53,957
Grupo Cementos de Chihuahua SAB de CV		3,320		22,911
				157,198
Containers & Packaging – 0.0%
Sealed Air Corp.		1,017		46,599
Smurfit Kappa Group PLC		602		28,246
				74,845
Metals & Mining – 1.0%
Agnico Eagle Mines Ltd.		3,981		230,142
Alcoa Corp.(a)		3,460		112,415
Anglo American PLC		5,035		197,210
AngloGold Ashanti Ltd.		5,909		128,621
APERAM SA		2,580		115,993
ArcelorMittal SA(a)		5,343		153,779
BHP Group Ltd.		756		26,225
Boliden AB		2,635		97,767
First Quantum Minerals Ltd.		4,901		93,403
Fortescue Metals Group Ltd.		429		6,538
Glencore PLC(a)		90,653		355,941
Industrias Penoles SAB de CV(a)		1,909		24,637
Lundin Mining Corp.		5,655		58,183
MMC Norilsk Nickel PJSC (ADR)		2,130		66,648
Northern Star Resources Ltd.		3,550		25,715
Orocobre Ltd.(a)		5,420		19,705
OZ Minerals Ltd.		2,685		46,833
Polyus PJSC (GDR)(c)		730		67,509
Regis Resources Ltd.		12,150		26,885
Rio Tinto PLC		4,060		309,730
St. Barbara Ltd.		23,750		35,596
Steel Dynamics, Inc.		125		6,345
Vale SA (Sponsored ADR) - Class B		13,656		237,341
Yamana Gold, Inc.		4,751		20,642
				2,463,803
Paper & Forest Products – 0.0%
Suzano SA(a)		9,200		112,045
				4,151,115

10

Company	Shares		U.S. $ Value
Consumer Staples – 1.6%
Beverages – 0.0%
Kirin Holdings Co., Ltd.		3,600	$	69,077
PepsiCo, Inc.		208		29,422
				98,499
Food & Staples Retailing – 0.7%
Costco Wholesale Corp.		1,039		366,227
Walmart, Inc.		9,106		1,236,868
				1,603,095
Food Products – 0.2%
Bunge Ltd.		126		9,988
Kellogg Co.		659		41,715
Mowi ASA		7,060		175,347
Nestle SA		543		60,531
Tyson Foods, Inc. - Class A		1,050		78,015
				365,596
Household Products – 0.7%
Procter & Gamble Co. (The)		12,406		1,680,145
Personal Products – 0.0%
Pola Orbis Holdings, Inc.		600		14,470
Unilever PLC		1,465		81,747
				96,217
Tobacco – 0.0%
Philip Morris International, Inc.		1,035		91,846
				3,935,398
Utilities – 1.0%
Electric Utilities – 0.9%
American Electric Power Co., Inc.		9,995		846,577
Enel SpA		17,968		178,734
NextEra Energy, Inc.		13,823		1,045,157
Red Electrica Corp. SA		1,728		30,651
Terna Rete Elettrica Nazionale SpA		4,250		32,096
				2,133,215
Gas Utilities – 0.1%
UGI Corp.		2,190		89,812
Independent Power and Renewable Electricity Producers – 0.0%
EDP Renovaveis SA		3,550		75,788
Multi-Utilities – 0.0%
Sempra Energy		35		4,640
				2,303,455
Consumer Durables & Apparel – 0.1%
Homebuilding – 0.1%
Persimmon PLC		1,230		49,822
PulteGroup, Inc.		1,250		65,550
				115,372

11

Company	Shares			U.S. $ Value
Transportation – 0.0%
Highways & Railtracks – 0.0%
Transurban Group			6,998	$	71,143
Consumer Services – 0.0%
Hotels, Resorts & Cruise Lines – 0.0%
Hilton Grand Vacations, Inc.(a)			1,250		46,862
Leisure Facilities – 0.0%
Planet Fitness, Inc.(a)			285		22,031
					68,893
Telecommunication Services – 0.0%
Integrated Telecommunication Services – 0.0%
Infrastrutture Wireless Italiane SpA(c)			4,130		45,997
Software & Services – 0.0%
Internet Services & Infrastructure – 0.0%
GDS Holdings Ltd. (ADR)(a)			350		28,381
Total Common Stocks (cost $64,831,897)					98,458,659
INVESTMENT COMPANIES – 26.2%
Funds and Investment Trusts – 26.2%(d) (e)
AB Discovery Growth Fund, Inc. - Class Z			200,740		3,123,509
AB Trust – AB Discovery Value Fund - Class Z			127,151		3,105,038
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z			646,091		8,237,654
Bernstein Fund, Inc. - International Strategic Equities Portfolio - Class Z			3,185,999		42,246,348
Bernstein Fund, Inc. - Small Cap Core Portfolio - Class Z			208,853		3,111,909
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z			112,995		3,857,647
Total Investment Companies (cost $58,881,950)					63,682,105
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 13.0%
Australia – 1.6%
Australia Government Bond Series 144 3.75%, 04/21/2037(c)		AUD	620		562,035
Series 145 2.75%, 06/21/2035(c)			802		651,496
Series 150 3.00%, 03/21/2047(c)			920		738,554
Series 160 1.00%, 12/21/2030(c)			320		226,564
Series 161 0.25%, 11/21/2025(c)			1,770		1,318,819
Series 164 0.50%, 09/21/2026(c)			475		353,235
					3,850,703

12

	Principal Amount (000)			U.S. $ Value
Austria – 0.3%
Republic of Austria Government Bond 0.75%, 02/20/2028(c)		EUR	510	$	644,984
Belgium – 0.1%
Kingdom of Belgium Government Bond Series 76 1.90%, 06/22/2038(c)			180		263,712
Canada – 0.1%
Canadian Government Bond 0.25%, 03/01/2026		CAD	425		325,969
China – 0.8%
China Government Bond Series INBK 3.27%, 11/19/2030		CNY	5,690		872,155
3.39%, 03/16/2050			7,870		1,118,183
					1,990,338
Colombia – 0.1%
Colombian TES Series B 5.75%, 11/03/2027		COP	1,050,100		278,798
Finland – 0.1%
Finland Government Bond 0.50%, 09/15/2028(c)		EUR	115		143,429
France – 0.2%
French Republic Government Bond OAT 0.50%, 06/25/2044(c)			337		387,217
Germany – 0.7%
Bundesrepublik Deutschland Bundesanleihe 0.10%, 08/15/2030-08/15/2050(c)			929		1,068,026
Series 2007 4.25%, 07/04/2039(c)			120		250,523
Series 3 4.75%, 07/04/2034(c)			250		487,538
					1,806,087
Italy – 1.3%
Italy Buoni Poliennali Del Tesoro 0.95%, 09/15/2027(c)			1,610		1,973,255
1.50%, 04/30/2045(c)			670		788,537
1.80%, 03/01/2041(c)			270		339,984
					3,101,776

13

	Principal Amount (000)			U.S. $ Value
Japan – 3.2%
Japan Government Five Year Bond Series 137 0.10%, 09/20/2023		JPY	86,750	$	788,025
Japan Government Ten Year Bond Series 358 0.10%, 03/20/2030			205,850		1,865,952
Series 359 0.10%, 06/20/2030			277,550		2,514,105
Series 360 0.10%, 09/20/2030			26,850		242,873
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039			31,650		278,709
Series 171 0.30%, 12/20/2039			44,850		393,833
Japan Government Thirty Year Bond Series 62 0.50%, 03/20/2049			63,600		553,678
Series 65 0.40%, 12/20/2049			62,950		530,122
Series 68 0.60%, 09/20/2050			69,900		620,145
					7,787,442
Malaysia – 0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		283,605
Mexico – 0.1%
Mexican Bonos Series M 7.75%, 05/29/2031		MXN	3,135		163,445
Spain – 0.3%
Spain Government Bond 1.20%, 10/31/2040(c)		EUR	455		555,194
4.20%, 01/31/2037(c)			114		203,141
					758,335
United Kingdom – 0.7%
United Kingdom Gilt 0.625%, 10/22/2050(c)		GBP	157		176,208
1.25%, 10/22/2041(c)			215		290,243
1.75%, 09/07/2037(c)			821		1,213,616
					1,680,067
United States – 3.3%
U.S. Treasury Bonds 1.125%, 05/15/2040-08/15/2040		U.S.$	2,880		2,337,178
1.875%, 02/15/2051			690		609,895
4.50%, 08/15/2039			455		614,463
4.625%, 02/15/2040			100		137,516
U.S. Treasury Notes 0.25%, 05/31/2025			1,435		1,407,197
1.625%, 10/31/2026			1,345		1,383,038

14

	Principal Amount (000)			U.S. $ Value
2.125%, 05/31/2026		U.S.$	1,390	$	1,469,925
					7,959,212
Total Governments - Treasuries (cost $32,562,884)					31,425,119
CORPORATES - INVESTMENT GRADE – 7.9%
Industrial – 3.7%
Basic – 0.4%
Alpek SAB de CV 3.25%, 02/25/2031(c)			200		197,050
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030			201		201,440
Inversiones CMPC SA 3.85%, 01/13/2030(c)			200		212,312
SABIC Capital II BV 4.00%, 10/10/2023(c)			335		360,439
Suzano Austria GmbH 3.75%, 01/15/2031			32		33,037
					1,004,278
Capital Goods – 0.0%
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			10		10,615
4.40%, 03/15/2024			67		72,859
					83,474
Communications - Media – 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050			17		18,303
5.125%, 07/01/2049			84		94,826
5.375%, 05/01/2047			35		40,613
Fox Corp. 4.709%, 01/25/2029			215		247,835
Prosus NV 3.68%, 01/21/2030(c)			220		227,425
ViacomCBS, Inc. 3.70%, 06/01/2028			23		24,922
Weibo Corp. 3.375%, 07/08/2030			200		197,852
					851,776
Communications - Telecommunications – 0.3%
AT&T, Inc. 3.50%, 09/15/2053(c)			200		184,954
Series B 2.875%, 03/02/2025(f)		EUR	100		117,136
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	145		224,169
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(c)			200		215,154
					741,413

15

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Automotive – 0.3%
Harley-Davidson Financial Services, Inc. 0.90%, 11/19/2024(c)		EUR	200	$	238,494
3.35%, 06/08/2025(c)		U.S.$	30		31,490
Lear Corp. 3.80%, 09/15/2027			127		138,481
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(c)			200		217,874
Volkswagen Bank GmbH 1.25%, 06/10/2024(c)		EUR	100		121,560
Volkswagen Leasing GmbH 2.625%, 01/15/2024(c)			73		91,636
					839,535
Consumer Cyclical - Other – 0.1%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	89		92,845
3.90%, 08/08/2029			91		93,495
					186,340
Consumer Cyclical - Retailers – 0.0%
Ross Stores, Inc. 4.70%, 04/15/2027			24		27,381
Consumer Non-Cyclical – 0.4%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	270		364,934
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049		U.S.$	145		186,994
BAT Capital Corp. 4.906%, 04/02/2030			55		62,741
BAT Netherlands Finance BV 3.125%, 04/07/2028(c)		EUR	100		133,724
CVS Health Corp. 5.05%, 03/25/2048		U.S.$	125		153,441
DH Europe Finance II SARL 0.45%, 03/18/2028		EUR	143		168,565
					1,070,399
Energy – 0.9%
Boardwalk Pipelines LP 4.80%, 05/03/2029		U.S.$	125		138,477
BP Capital Markets PLC 1.573%, 02/16/2027(c)		EUR	175		221,556
3.25%, 03/22/2026(c) (f)			135		169,799
Cenovus Energy, Inc. 5.375%, 07/15/2025		U.S.$	32		36,010
Enbridge Energy Partners LP 7.375%, 10/15/2045			87		124,627
Energy Transfer Operating LP 5.50%, 06/01/2027			100		115,353
6.25%, 04/15/2049			175		206,412

16

	Principal Amount (000)			U.S. $ Value
Eni SpA Series NC5. 2.625%, 10/13/2025(c) (f)		EUR	129	$	158,229
Husky Energy, Inc. 4.40%, 04/15/2029		U.S.$	182		194,451
ONEOK, Inc. 4.55%, 07/15/2028			104		115,018
6.35%, 01/15/2031			130		163,101
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			16		15,998
3.80%, 09/15/2030			42		42,786
4.50%, 12/15/2026			29		31,839
Saudi Arabian Oil Co. 2.875%, 04/16/2024(c)			200		210,004
TOTAL SE 2.625%, 02/26/2025(c) (f)		EUR	100		123,827
Valero Energy Corp. 6.625%, 06/15/2037		U.S.$	32		41,587
					2,109,074
Other Industrial – 0.1%
Alfa SAB de CV 5.25%, 03/25/2024(c)			200		218,000
Services – 0.1%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031			204		194,089
Booking Holdings, Inc. 0.50%, 03/08/2028		EUR	100		118,036
Expedia Group, Inc. 6.25%, 05/01/2025(c)		U.S.$	3		3,469
					315,594
Technology – 0.4%
Baidu, Inc. 3.075%, 04/07/2025			205		215,482
Broadcom, Inc. 4.11%, 09/15/2028			149		162,686
5.00%, 04/15/2030			35		39,890
Fidelity National Information Services, Inc. 1.00%, 12/03/2028		EUR	165		198,977
Fiserv, Inc. 1.125%, 07/01/2027			200		245,247
Oracle Corp. 3.95%, 03/25/2051		U.S.$	140		144,544
					1,006,826
Transportation - Airlines – 0.1%
Delta Air Lines, Inc. 7.00%, 05/01/2025(c)			99		113,992
Transportation - Services – 0.2%
ENA Master Trust 4.00%, 05/19/2048(c)			200		201,750

17

	Principal Amount (000)			U.S. $ Value
Heathrow Funding Ltd. 6.75%, 12/03/2026(c)		GBP	135	$	234,476
					436,226
					9,004,308
Financial Institutions – 3.7%
Banking – 2.5%
American Express Co. Series B 3.622% (LIBOR 3 Month + 3.43%), 05/15/2021(f) (g)		U.S.$	8		8,001
Series C 3.469% (LIBOR 3 Month + 3.29%), 06/15/2021(f) (g)			17		16,899
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(c)			215		240,852
Bank of America Corp. 1.776%, 05/04/2027(c)		EUR	248		313,037
BNP Paribas SA 2.219%, 06/09/2026(c)		U.S.$	200		205,050
BPCE SA 4.625%, 07/11/2024(c)			200		220,930
CaixaBank SA 0.375%, 11/18/2026(c)		EUR	200		234,371
Capital One Financial Corp. Series E 3.991% (LIBOR 3 Month + 3.80%), 06/01/2021(f) (g)		U.S.$	44		43,980
Citigroup, Inc. 1.50%, 07/24/2026(c)		EUR	155		191,628
5.95%, 01/30/2023(f)		U.S.$	90		94,455
Series Q 4.289% (LIBOR 3 Month + 4.10%), 05/15/2021(f) (g)			82		81,888
Cooperatieve Rabobank UA 3.25%, 12/29/2026(c) (f)		EUR	200		239,852
Credit Suisse Group AG 4.194%, 04/01/2031(c)		U.S.$	250		271,885
Danske Bank A/S 3.244%, 12/20/2025(c)			350		372,589
5.375%, 01/12/2024(c)			200		222,998
DNB Bank ASA 6.50%, 03/26/2022(c) (f)			210		218,045
Fifth Third Bancorp Series L 4.50%, 09/30/2025(f)			41		43,642
Goldman Sachs Group, Inc. (The) 1.25%, 05/01/2025(c)		EUR	190		230,614
HSBC Holdings PLC 6.375%, 03/30/2025(f)		U.S.$	200		220,630

18

	Principal Amount (000)			U.S. $ Value
ING Groep NV 2.727%, 04/01/2032		U.S.$	240	$	239,779
3.00%, 02/18/2026(c)		GBP	100		148,765
6.50%, 04/16/2025(f)		U.S.$	232		255,576
JPMorgan Chase & Co. 1.09%, 03/11/2027(c)		EUR	170		207,894
Series I 3.682% (LIBOR 3 Month + 3.47%), 04/30/2021(f) (g)		U.S.$	34		33,888
Series V 3.558% (LIBOR 3 Month + 3.32%), 07/01/2021 (f) (g)			17		16,867
Series Z 4.005% (LIBOR 3 Month + 3.80%), 05/01/2021(f) (g)			31		31,019
Morgan Stanley Series G 1.375%, 10/27/2026		EUR	100		124,506
Series H 3.851% (LIBOR 3 Month + 3.61%), 07/15/2021(f) (g)		U.S.$	9		8,992
Series J 4.051% (LIBOR 3 Month + 3.81%), 04/15/2021(f) (g)			128		128,043
Natwest Group PLC Series U 2.573% (LIBOR 3 Month + 2.32%), 09/30/2027(f) (g)			200		197,886
PNC Financial Services Group, Inc. (The) Series O 6.75%, 08/01/2021(f)			17		17,260
Societe Generale SA 4.25%, 04/14/2025(c)			205		221,347
Standard Chartered PLC 1.722% (LIBOR 3 Month + 1.51%), 01/30/2027(c) (f) (g)			200		187,570
Truist Financial Corp. Series Q 5.10%, 03/01/2030(f)			75		81,789
UBS Group AG 7.125%, 08/10/2021(c) (f)			230		234,338
UniCredit SpA 2.569%, 09/22/2026(c)			350		351,666
US Bancorp Series I 3.727% (LIBOR 3 Month + 3.49%), 04/15/2021(f) (g)			53		52,934
Wells Fargo & Co. 1.375%, 10/26/2026(c)		EUR	110		136,392
					6,147,857

19

	Principal Amount (000)			U.S. $ Value
Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(f)		U.S.$	201	$	204,122
Finance – 0.4%
Air Lease Corp. 2.875%, 01/15/2026			67		69,344
3.625%, 04/01/2027			14		14,786
3.875%, 07/03/2023			6		6,380
4.25%, 02/01/2024			21		22,777
Aircastle Ltd. 2.85%, 01/26/2028(c)			79		75,353
4.25%, 06/15/2026			3		3,159
4.40%, 09/25/2023			67		71,426
5.25%, 08/11/2025(c)			72		78,446
Aviation Capital Group LLC 1.95%, 01/30/2026(c)			13		12,667
2.875%, 01/20/2022(c)			11		11,157
3.50%, 11/01/2027(c)			18		18,507
3.875%, 05/01/2023(c)			44		45,963
4.125%, 08/01/2025(c)			2		2,130
4.375%, 01/30/2024(c)			13		13,826
4.875%, 10/01/2025(c)			23		25,104
5.50%, 12/15/2024(c)			47		52,682
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	100		146,414
GE Capital Funding LLC 4.40%, 05/15/2030(c)		U.S.$	200		226,760
Synchrony Financial 3.95%, 12/01/2027			25		26,941
4.50%, 07/23/2025			51		56,489
					980,311
Insurance – 0.4%
Alleghany Corp. 3.625%, 05/15/2030			109		117,530
ASR Nederland NV 3.375%, 05/02/2049(c)		EUR	100		130,924
Centene Corp. 4.25%, 12/15/2027		U.S.$	28		29,431
4.625%, 12/15/2029			37		40,056
CNP Assurances 4.50%, 06/10/2047(c)		EUR	200		281,636
Credit Agricole Assurances SA 4.25%, 01/13/2025(c) (f)			200		261,315
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	153		163,381
					1,024,273

20

	Principal Amount (000)			U.S. $ Value
REITS – 0.3%
CyrusOne LP/CyrusOne Finance Corp. 1.45%, 01/22/2027		EUR	100	$	118,152
Digital Euro Finco LLC 2.50%, 01/16/2026(c)		EUR	220		283,930
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		U.S.$	10		10,553
WPC Eurobond BV 2.125%, 04/15/2027		EUR	148		187,829
					600,464
					8,957,027
Utility – 0.5%
Electric – 0.5%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025(c)		U.S.$	250		278,281
E.ON International Finance BV 1.25%, 10/19/2027(c)		EUR	54		67,419
EDP Finance BV 0.375%, 09/16/2026(c)			170		201,091
Enel Finance International NV 2.65%, 09/10/2024(c)		U.S.$	308		324,158
Iberdrola International BV Series NC6 1.45%, 11/09/2026(c) (f)		EUR	100		117,917
Naturgy Finance BV 4.125%, 11/18/2022(c) (f)			100		123,445
SSE PLC 1.375%, 09/04/2027(c)			160		200,718
					1,313,029
Total Corporates - Investment Grade (cost $18,520,788)					19,274,364
CORPORATES - NON-INVESTMENT GRADE – 2.4%
Industrial – 2.0%
Basic – 0.3%
Axalta Coating Systems LLC 3.375%, 02/15/2029(c)		U.S.$	150		146,265
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(c)		EUR	100		117,311
Ingevity Corp. 3.875%, 11/01/2028(c)		U.S.$	88		85,355
Solvay SA 2.50%, 12/02/2025(f)		EUR	100		120,049
SPCM SA 4.875%, 09/15/2025(c)		U.S.$	200		205,582
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(c)		EUR	120		140,724
					815,286

21

	Principal Amount (000)			U.S. $ Value
Capital Goods – 0.3%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 2.00%, 09/01/2028(c)		EUR	135	$	158,354
Rolls-Royce PLC 0.875%, 05/09/2024(c)			160		180,791
TransDigm, Inc. 6.25%, 03/15/2026(c)		U.S.$	110		116,614
Vertical Midco GmbH 4.375%, 07/15/2027(c)		EUR	140		172,607
					628,366
Communications - Media – 0.1%
Cable One, Inc. 4.00%, 11/15/2030(c)		U.S.$	53		52,409
CSC Holdings LLC 6.75%, 11/15/2021			45		46,294
Netflix, Inc. 3.625%, 05/15/2027		EUR	147		197,383
					296,086
Communications - Telecommunications – 0.2%
Lumen Technologies, Inc. 4.50%, 01/15/2029(c)		U.S.$	103		100,505
T-Mobile USA, Inc. 2.625%, 04/15/2026			73		74,023
2.875%, 02/15/2031			48		46,400
3.375%, 04/15/2029			78		78,919
Telecom Italia SpA/Milano 1.625%, 01/18/2029(c)		EUR	140		160,615
Telefonica Europe BV 3.75%, 03/15/2022(c) (f)			100		120,624
					581,086
Consumer Cyclical - Automotive – 0.2%
Allison Transmission, Inc. 3.75%, 01/30/2031(c)		U.S.$	105		101,960
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(c)		EUR	120		145,730
Ford Motor Co. 8.50%, 04/21/2023		U.S.$	108		120,423
Tenneco, Inc. 5.00%, 07/15/2024(c)		EUR	100		120,202
					488,315
Consumer Cyclical - Entertainment – 0.1%
Carnival PLC 1.00%, 10/28/2029			200		180,438
Consumer Cyclical - Restaurants – 0.1%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(c)		U.S.$	116		112,810

22

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Retailers – 0.1%
Dufry One BV 2.50%, 10/15/2024(c)		EUR	105	$	121,149
Levi Strauss & Co. 3.50%, 03/01/2031(c)		U.S.$	55		53,104
					174,253
Consumer Non-Cyclical – 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(c)			61		62,411
Avantor Funding, Inc. 2.625%, 11/01/2025(c)		EUR	102		122,471
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(c)			120		142,569
Grifols SA 1.625%, 02/15/2025(c)			200		235,077
IQVIA, Inc. 1.75%, 03/15/2026(c)			170		199,831
Newell Brands, Inc. 4.70%, 04/01/2026		U.S.$	81		89,333
4.875%, 06/01/2025			20		22,079
Tenet Healthcare Corp. 4.625%, 07/15/2024			102		104,119
					977,890
Other Industrial – 0.1%
H&E Equipment Services, Inc. 3.875%, 12/15/2028(c)			118		114,630
Rexel SA 2.125%, 06/15/2025(c)		EUR	120		141,826
					256,456
Technology – 0.0%
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(c)		U.S.$	14		14,409
Transportation - Services – 0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(h)			200		216,171
					4,741,566
Financial Institutions – 0.4%
Banking – 0.2%
Banco Santander SA 6.75%, 04/25/2022(c) (f)		EUR	200		247,147
Credit Suisse Group AG 7.50%, 12/11/2023(c) (f)		U.S.$	200		216,610
Discover Financial Services Series D 6.125%, 06/23/2025(f)			117		129,809
					593,566

23

	Principal Amount (000)			U.S. $ Value
Finance – 0.2%
Lincoln Financing SARL 3.625%, 04/01/2024(c)		EUR	120	$	142,175
Navient Corp. 6.625%, 07/26/2021		U.S.$	170		173,220
SLM Corp. 4.20%, 10/29/2025			96		100,780
					416,175
REITS – 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(c)			58		61,123
					1,070,864
Total Corporates - Non-Investment Grade (cost $5,692,849)					5,812,430
QUASI-SOVEREIGNS – 1.7%
Quasi-Sovereign Bonds – 1.7%
China – 1.3%
China Development Bank Series 1805 4.88%, 02/09/2028		CNY	14,390		2,363,619
Series 1910 3.65%, 05/21/2029			2,040		311,277
Series 2004 3.43%, 01/14/2027			1,780		270,106
Series 2009 3.39%, 07/10/2027			1,140		172,500
					3,117,502
Indonesia – 0.2%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(c)		U.S.$	200		217,340
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375%, 02/05/2030(c)			210		211,116
					428,456
Mexico – 0.1%
Comision Federal de Electricidad 3.348%, 02/09/2031(c)			200		191,937
Petroleos Mexicanos 5.95%, 01/28/2031			39		37,245
7.69%, 01/23/2050			120		110,880
					340,062
United Arab Emirates – 0.1%
DP World Crescent Ltd. 3.875%, 07/18/2029(c)			200		209,500
Total Quasi-Sovereigns (cost $3,906,312)					4,095,520

24

	Principal Amount (000)			U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.5%
Risk Share Floating Rate – 1.0%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 1.859% (LIBOR 1 Month + 1.75%), 03/25/2029(c) (g)		U.S.$	220	$	217,673
Series 2019-2A, Class M2 3.209% (LIBOR 1 Month + 3.10%), 04/25/2029(c) (g)			150		151,048
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 2.409% (LIBOR 1 Month + 2.30%), 08/25/2031(c) (g)			45		45,319
Series 2019-R03, Class 1M2 2.259% (LIBOR 1 Month + 2.15%), 09/25/2031(c) (g)			31		31,326
Series 2019-R04, Class 2M2 2.209% (LIBOR 1 Month + 2.10%), 06/25/2039(c) (g)			54		53,833
Series 2019-R05, Class 1M2 2.109% (LIBOR 1 Month + 2.00%), 07/25/2039(c) (g)			32		32,078
Series 2019-R06, Class 2M2 2.209% (LIBOR 1 Month + 2.10%), 09/25/2039(c) (g)			66		66,297
Series 2019-R07, Class 1M2 2.209% (LIBOR 1 Month + 2.10%), 10/25/2039(c) (g)			44		43,905
Eagle RE Ltd. Series 2018-1, Class M1 1.809% (LIBOR 1 Month + 1.70%), 11/25/2028(c) (g)			56		56,041
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.109% (LIBOR 1 Month + 4.00%), 08/25/2024(g)			113		114,981
Series 2014-HQ3, Class M3 4.859% (LIBOR 1 Month + 4.75%), 10/25/2024(g)			47		47,306
Series 2019-DNA3, Class M2 2.159% (LIBOR 1 Month + 2.05%), 07/25/2049(c) (g)			20		20,404
Series 2019-HQA1, Class M2 2.459% (LIBOR 1 Month + 2.35%), 02/25/2049(c) (g)			46		45,686
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 4.409% (LIBOR 1 Month + 4.30%), 02/25/2025(g)			45		45,206
Series 2015-C02, Class 1M2 4.109% (LIBOR 1 Month + 4.00%), 05/25/2025(g)			63		63,723

25

	Principal Amount (000)			U.S. $ Value
Series 2015-C02, Class 2M2 4.109% (LIBOR 1 Month + 4.00%), 05/25/2025(g)		U.S.$	29	$	29,617
Series 2015-C03, Class 1M2 5.109% (LIBOR 1 Month + 5.00%), 07/25/2025(g)			30		31,005
Series 2015-C03, Class 2M2 5.109% (LIBOR 1 Month + 5.00%), 07/25/2025(g)			45		45,231
Series 2015-C04, Class 1M2 5.809% (LIBOR 1 Month + 5.70%), 04/25/2028(g)			34		35,958
Series 2015-C04, Class 2M2 5.659% (LIBOR 1 Month + 5.55%), 04/25/2028(g)			120		126,073
Series 2016-C01, Class 1M2 6.859% (LIBOR 1 Month + 6.75%), 08/25/2028(g)			40		42,102
Series 2016-C02, Class 1M2 6.109% (LIBOR 1 Month + 6.00%), 09/25/2028(g)			74		77,844
Series 2016-C06, Class 1M2 4.359% (LIBOR 1 Month + 4.25%), 04/25/2029(g)			87		91,002
Series 2017-C01, Class 1M2 3.659% (LIBOR 1 Month + 3.55%), 07/25/2029(g)			58		59,683
Series 2017-C02, Class 2M2 3.759% (LIBOR 1 Month + 3.65%), 09/25/2029(g)			123		126,789
Series 2017-C05, Class 1M2 2.309% (LIBOR 1 Month + 2.20%), 01/25/2030(g)			108		109,367
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.359% (LIBOR 1 Month + 4.25%), 11/25/2024(g) (i)			13		13,085
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.127% (LIBOR 1 Month + 2.00%), 03/27/2024(c) (g)			71		66,998
Radnor Re Ltd. Series 2019-1, Class M1B 2.059% (LIBOR 1 Month + 1.95%), 02/25/2029(c) (g)			140		140,856
STACR Trust Series 2018-DNA3, Class M2 2.209% (LIBOR 1 Month + 2.10%), 09/25/2048(c) (g)			174		173,348
Triangle Re Ltd. Series 2021-1, Class M1B 3.107% (LIBOR 1 Month + 3.00%), 08/25/2033(c) (g)			149		149,356

26

	Principal Amount (000)			U.S. $ Value
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.359% (LIBOR 1 Month + 5.25%), 11/25/2025(g) (i)		U.S.$	65	$	63,825
Series 2015-WF1, Class 2M2 5.609% (LIBOR 1 Month + 5.50%), 11/25/2025(g) (i)			19		18,764
					2,435,729
Agency Floating Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 5.994% (6.10% – LIBOR 1 Month), 12/15/2044(g) (j)			385		81,965
Series 4693, Class SL 6.044% (6.15% – LIBOR 1 Month), 06/15/2047(g) (j)			394		94,143
Series 4719, Class JS 6.044% (6.15% – LIBOR 1 Month), 09/15/2047(g) (j)			271		52,354
Series 4727, Class SA 6.094% (6.20% – LIBOR 1 Month), 11/15/2047(g) (j)			411		88,884
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.431% (6.54% – LIBOR 1 Month), 12/25/2041(g) (j)			203		40,282
Series 2016-106, Class ES 5.891% (6.00% – LIBOR 1 Month), 01/25/2047(g) (j)			379		75,498
Series 2017-81, Class SA 6.091% (6.20% – LIBOR 1 Month), 10/25/2047(g) (j)			411		96,645
Series 2017-97, Class LS 6.091% (6.20% – LIBOR 1 Month), 12/25/2047(g) (j)			338		83,905
Government National Mortgage Association Series 2017-134, Class SE 6.089% (6.20% – LIBOR 1 Month), 09/20/2047(g) (j)			248		49,696
Series 2017-65, Class ST 6.039% (6.15% – LIBOR 1 Month), 04/20/2047(g) (j)			373		81,755
					745,127
Non-Agency Fixed Rate – 0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035			17		15,162
Series 2006-24CB, Class A16 5.75%, 08/25/2036			88		68,544
Series 2006-28CB, Class A14 6.25%, 10/25/2036			64		47,433
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			41		36,882

27

	Principal Amount (000)			U.S. $ Value
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		U.S.$	29	$	20,463
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036			40		28,406
Series 2006-13, Class 1A19 6.25%, 09/25/2036			21		13,923
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036			78		53,580
					284,393
Non-Agency Floating Rate – 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.489% (LIBOR 1 Month + 0.38%), 12/25/2036(g)			205		101,748
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.609% (LIBOR 1 Month + 0.50%), 03/25/2035(g)			49		44,886
					146,634
Total Collateralized Mortgage Obligations (cost $3,606,169)					3,611,883
MORTGAGE PASS-THROUGHS – 1.3%
Agency Fixed Rate 30-Year – 1.3%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049-10/01/2049			486		521,216
Series 2020 2.50%, 07/01/2050			134		138,269
Federal Home Loan Mortgage Corp. Gold Series 2019 4.50%, 02/01/2049			159		175,863
Federal National Mortgage Association Series 2012 3.50%, 11/01/2042			278		301,388
Series 2013 3.50%, 04/01/2043			182		196,962
Series 2018 3.50%, 02/01/2048			143		151,626
4.50%, 09/01/2048			336		370,923
Series 2019 3.50%, 11/01/2049			154		164,703
Series 2020
2.50%, 07/01/2050			758		786,986
Uniform Mortgage-Backed Security Series 2021 2.50%, 04/01/2051, TBA			400		410,156
Total Mortgage Pass-Throughs (cost $3,178,228)					3,218,092

28

	Principal Amount (000)			U.S. $ Value
INFLATION-LINKED SECURITIES – 1.3%
France – 0.7%
French Republic Government Bond OAT Series OATE 0.10%, 03/01/2026(c)		EUR	1,237	$	1,591,252
Germany – 0.6%
Deutsche Bundesrepublik Inflation Linked Bond 0.10%, 04/15/2026(c)			1,229		1,590,693
Total Inflation-Linked Securities (cost $3,239,276)					3,181,945
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%
Non-Agency Floating Rate CMBS – 0.6%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.106% (LIBOR 1 Month + 1.00%), 06/15/2035(c) (g)		U.S.$	200		199,815
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.106% (LIBOR 1 Month + 1.00%), 11/15/2033(c) (g)			375		366,062
BHMS Series 2018-ATLS, Class A 1.356% (LIBOR 1 Month + 1.25%), 07/15/2035(c) (g)			158		157,948
BX Trust Series 2018-EXCL, Class A 1.194% (LIBOR 1 Month + 1.09%), 09/15/2037(c) (g)			163		158,439
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.14% (LIBOR 1 Month + 1.03%), 12/19/2030(c) (g)			166		165,520
Invitation Homes Trust Series 2018-SFR4, Class A 1.208% (LIBOR 1 Month + 1.10%), 01/17/2038(c) (g)			210		211,038
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.056% (LIBOR 1 Month + 1.95%), 11/15/2026(g) (i)			90		76,402
Starwood Retail Property Trust Series 2014-STAR, Class A 1.576% (LIBOR 1 Month + 1.47%), 11/15/2027(c) (g)			176		129,167
					1,464,391

29

	Principal Amount (000)			U.S. $ Value
Non-Agency Fixed Rate CMBS – 0.2%
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(c)		U.S.$	276	$	267,741
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.142%, 05/15/2045(c)			119		76,927
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)			141		143,305
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.463%, 09/15/2048			102		96,301
					584,274
Total Commercial Mortgage-Backed Securities (cost $2,173,156)					2,048,665
EMERGING MARKETS - CORPORATE BONDS – 0.5%
Industrial – 0.5%
Basic – 0.0%
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			24		24,480
					24,480
Capital Goods – 0.2%
Cemex SAB de CV 3.875%, 07/11/2031(c)			200		195,300
Embraer Netherlands Finance BV 6.95%, 01/17/2028(c)			200		219,060
					414,360
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			200		201,313
Consumer Non-Cyclical – 0.1%
BRF GmbH 4.35%, 09/29/2026(c)			200		204,563
Energy – 0.0%
Leviathan Bond Ltd. 6.125%, 06/30/2025(c)			46		50,149
Transportation - Services – 0.1%
Rumo Luxembourg SARL 5.875%, 01/18/2025(c)			200		210,000
					1,104,865
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(i)			14		14,350
Total Emerging Markets - Corporate Bonds (cost $1,116,159)					1,119,215

30

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS - SOVEREIGNS – 0.4%
Bahrain – 0.1%
Bahrain Government International Bond 5.25%, 01/25/2033(b) (c)		U.S.$	200	$	190,000
Egypt – 0.1%
Egypt Government International Bond 5.875%, 02/16/2031(b) (c)			200		187,000
Ivory Coast – 0.0%
Ivory Coast Government International Bond 5.875%, 10/17/2031(c)		EUR	100		123,793
Oman – 0.1%
Oman Government International Bond 4.875%, 02/01/2025(c)		U.S.$	200		208,437
South Africa – 0.1%
Republic of South Africa Government International Bond 4.30%, 10/12/2028			230		226,622
Total Emerging Markets - Sovereigns (cost $901,595)					935,852
COLLATERALIZED LOAN OBLIGATIONS – 0.4%
CLO - Floating Rate – 0.4%
ICG US CLO Ltd. Series 2015-1A, Class A1R 1.363% (LIBOR 3 Month + 1.14%), 10/19/2028(c) (g)			293		293,036
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.369% (LIBOR 3 Month + 1.18%), 11/18/2031(c) (g)			320		320,042
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 1.454% (LIBOR 3 Month + 1.23%), 01/20/2032(c) (g)			250		250,009
Total Collateralized Loan Obligations (cost $863,020)					863,087
LOCAL GOVERNMENTS - PROVINCIAL BONDS – 0.3%
Canada – 0.3%
Province of Ontario Canada			235		197,683
Province of Quebec Canada			465		395,703
Total Local Governments - Provincial Bonds (cost $608,654)					593,386

31

	Principal Amount (000)			U.S. $ Value
COVERED BONDS – 0.2%
Turkiye Vakiflar Bankasi TAO 2.375%, 05/04/2021(c)		EUR	140	$	163,521
UBS AG/London 4.00%, 04/08/2022(c)			158		193,690
1.375%, 04/16/2021(c)			140		164,265
Total Covered Bonds (cost $501,708)					521,476
GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Chile – 0.1%
Chile Government International Bond 1.625%, 01/30/2025			125		155,658
Mexico – 0.1%
Mexico Government International Bond 4.75%, 04/27/2032		U.S.$	280		310,362
Total Governments - Sovereign Bonds (cost $457,940)					466,020
GOVERNMENTS - SOVEREIGN AGENCIES – 0.1%
Canada – 0.1%
Canada Housing Trust No. 1 1.80%, 12/15/2024(c)		CAD	200		164,288
1.95%, 12/15/2025(c)			195		160,557
Total Governments - Sovereign Agencies (cost $325,044)					324,845
ASSET-BACKED SECURITIES – 0.0%
Autos - Fixed Rate – 0.0%
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(c) (cost $97,505)		U.S.$	98		98,670
Total Investments Before Security Lending Collateral for Securities Loaned – 98.8% (cost $201,465,134)					239,731,333
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (k) (cost $678,440)			678,440		678,440
Total Investments – 99.1% (cost $202,143,574)(l)					240,409,773
Other assets less liabilities – 0.9%					2,291,328
Net Assets – 100.0%				$	242,701,101

32

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		3		June 2021		$	602,580		$	630
Euro-Schatz Futures		4		June 2021			525,839			42
U.S. T-Note 5 Yr (CBT) Futures		20		June 2021			2,467,969			(20,095	)
Sold Contracts
10 Yr Canadian Bond Futures		9		June 2021			993,817			4,649
Euro-BOBL Futures		5		June 2021			792,042			(463	)
U.S. 10 Yr Ultra Futures		21		June 2021			3,017,438			57,824
									$	42,587

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		BRL	4,023		USD	706		04/05/2021		$	(8,611	)
Barclays Bank PLC		USD	739		BRL	4,023		04/05/2021			(24,647	)
Barclays Bank PLC		AUD	5,213		USD	3,976		06/04/2021			15,346
BNP Paribas SA		GBP	2,906		USD	3,960		04/09/2021			(46,710	)
BNP Paribas SA		SEK	3,404		USD	413		04/15/2021			23,500
BNP Paribas SA		MXN	8,046		USD	383		04/16/2021			(9,755	)
BNP Paribas SA		CAD	4,523		USD	3,564		04/22/2021			(35,657	)
Citibank, NA		BRL	3,792		USD	679		04/05/2021			5,496
Citibank, NA		USD	666		BRL	3,792		04/05/2021			8,117
Citibank, NA		ZAR	5,954		USD	403		04/08/2021			(765	)
Citibank, NA		INR	60,116		USD	812		04/15/2021			(7,899	)
Citibank, NA		USD	826		KRW	911,835		04/22/2021			(17,345	)
Citibank, NA		COP	1,424,088		USD	403		05/20/2021			14,576
Citibank, NA		JPY	1,001,224		USD	9,448		05/20/2021			401,305
Citibank, NA		USD	394		COP	1,462,013		05/20/2021			4,693
Deutsche Bank AG		USD	812		INR	60,412		04/15/2021			11,395
Deutsche Bank AG		COP	1,187,174		USD	332		05/20/2021			7,958
Deutsche Bank AG		USD	92		PEN	340		05/20/2021			(1,236	)
Goldman Sachs Bank USA		USD	1,372		CAD	1,725		04/22/2021			931
Goldman Sachs Bank USA		USD	801		RUB	59,814		05/25/2021			(14,879	)
HSBC Bank USA		USD	831		IDR	11,643,006		04/15/2021			(33,238	)
JPMorgan Chase Bank, NA		ZAR	6,005		USD	395		04/08/2021			(12,142	)
JPMorgan Chase Bank, NA		USD	1,009		GBP	742		04/09/2021			13,302
JPMorgan Chase Bank, NA		IDR	11,481,616		USD	808		04/15/2021			20,731
JPMorgan Chase Bank, NA		USD	511		CAD	637		04/22/2021			(3,439	)
JPMorgan Chase Bank, NA		PLN	1,546		USD	395		06/24/2021			3,898
Morgan Stanley Capital Services, Inc.		USD	1,032		GBP	755		04/09/2021			9,096
Morgan Stanley Capital Services, Inc.		CNY	23,177		USD	3,567		04/22/2021			40,049
Morgan Stanley Capital Services, Inc.		JPY	87,279		USD	803		05/20/2021			14,631

33

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.		EUR	809		USD	955		05/27/2021		$	5,304
Morgan Stanley Capital Services, Inc.		NZD	1,158		USD	840		05/27/2021			30,671
Morgan Stanley Capital Services, Inc.		MYR	1,237		USD	299		09/23/2021			1,536
Natwest Markets PLC		CNY	81		USD	13		04/22/2021			217
Standard Chartered Bank		IDR	5,890,966		USD	417		04/15/2021			13,397
Standard Chartered Bank		USD	399		IDR	5,684,947		04/15/2021			(9,207	)
Standard Chartered Bank		KRW	909,598		USD	816		04/22/2021			9,861
Standard Chartered Bank		KRW	457,020		USD	402		04/22/2021			(3,706	)
State Street Bank & Trust Co.		ZAR	5,858		USD	402		04/08/2021			5,196
State Street Bank & Trust Co.		ZAR	5,899		USD	398		04/08/2021			(1,278	)
State Street Bank & Trust Co.		GBP	131		USD	182		04/09/2021			1,523
State Street Bank & Trust Co.		GBP	339		USD	466		04/09/2021			(1,456	)
State Street Bank & Trust Co.		USD	448		GBP	326		04/09/2021			1,778
State Street Bank & Trust Co.		USD	654		GBP	468		04/09/2021			(9,225	)
State Street Bank & Trust Co.		DKK	559		USD	92		04/15/2021			3,408
State Street Bank & Trust Co.		NOK	273		USD	32		04/15/2021			119
State Street Bank & Trust Co.		NOK	3,519		USD	408		04/15/2021			(3,760	)
State Street Bank & Trust Co.		SEK	1,491		USD	179		04/15/2021			8,403
State Street Bank & Trust Co.		USD	465		NOK	3,961		04/15/2021			(2,019	)
State Street Bank & Trust Co.		USD	535		SEK	4,484		04/15/2021			(21,405	)
State Street Bank & Trust Co.		MXN	2,872		USD	139		04/16/2021			(1,029	)
State Street Bank & Trust Co.		USD	330		MXN	6,834		04/16/2021			3,587
State Street Bank & Trust Co.		CAD	19		USD	15		04/22/2021			103
State Street Bank & Trust Co.		CAD	65		USD	51		04/22/2021			(501	)
State Street Bank & Trust Co.		CNY	1,142		USD	175		04/22/2021			1,255
State Street Bank & Trust Co.		USD	225		CAD	286		04/22/2021			2,502
State Street Bank & Trust Co.		CHF	327		USD	367		05/06/2021			21,692
State Street Bank & Trust Co.		USD	458		CHF	420		05/06/2021			(13,021	)
State Street Bank & Trust Co.		JPY	124,809		USD	1,156		05/20/2021			27,823
State Street Bank & Trust Co.		USD	454		JPY	48,816		05/20/2021			(12,550	)
State Street Bank & Trust Co.		USD	12		HKD	96		05/21/2021			(32	)
State Street Bank & Trust Co.		USD	126		SGD	170		05/21/2021			81
State Street Bank & Trust Co.		EUR	18,397		USD	21,974		05/27/2021			375,073
State Street Bank & Trust Co.		NZD	49		USD	35		05/27/2021			1,280
State Street Bank & Trust Co.		USD	509		EUR	429		05/27/2021			(6,306	)
State Street Bank & Trust Co.		USD	431		NZD	601		05/27/2021			(11,018	)
State Street Bank & Trust Co.		USD	107		AUD	140		06/04/2021			(382	)

34

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		PLN	1,603		USD	408		06/24/2021		$	2,136
UBS AG		USD	785		ZAR	11,897		04/08/2021			20,949
UBS AG		USD	2,007		JPY	212,359		05/20/2021			(88,090	)
										$	731,610

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)
BRL	4,032	01/02/2023	1 Day CDI	4.910%	Maturity	$	(12,784	)	$	—	$	(12,784	)
BRL	2,815	01/02/2023	1 Day CDI	4.590%	Maturity		(8,139	)		—		(8,139	)
BRL	2,815	01/02/2023	4.590%	1 Day CDI	Maturity		8,139			7,560		579
BRL	2,040	01/02/2023	1 Day CDI	4.915%	Maturity		(6,515	)		—		(6,515	)
CAD	3,780	05/22/2024	3 Month CDOR	1.980%	Semi-Annual/ Semi-Annual		109,501			1		109,500
EUR	540	09/30/2050	0.122%	6 Month EURIBOR	Annual/ Semi-Annual		65,329			—		65,329
EUR	540	09/30/2050	6 Month EURIBOR	(0.017)%	Semi-Annual/ Annual		(90,681	)		—		(90,681	)
EUR	550	11/10/2050	0.022%	6 Month EURIBOR	Annual/ Semi-Annual		85,021			6,542		78,479
EUR	550	11/10/2050	6 Month EURIBOR	(0.043)%	Semi-Annual/ Annual		(96,371	)		—		(96,371	)
						$	53,500		$	14,103	$	39,397

35

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive		Payment Frequency		Implied Credit Spread at March 31, 2021		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00%		Monthly		12.50%		USD	8	$	(2,155	)	$	(910	)	$	(1,245	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	9		(2,424	)		(501	)		(1,923	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	52		(14,009	)		(5,771	)		(8,238	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50%		USD	53		(14,278	)		(5,885	)		(8,393	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	4		(1,078	)		(348	)		(730	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	8		(2,155	)		(767	)		(1,388	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	8		(2,155	)		(709	)		(1,446	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	58		(15,620	)		(9,202	)		(6,418	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	53		(14,278	)		(5,481	)		(8,797	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	82		(22,084	)		(13,197	)		(8,887	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	75		(20,199	)		(11,191	)		(9,008	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		12.50		USD	78		(21,013	)		(10,304	)		(10,709	)
										$	(131,448	)	$	(64,266	)	$	(67,182	)

* Termination date

INFLATION (CPI) SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation/ (Depreciation)

Bank of America, NA

USD

10,000

07/11/2024

2.416%

CPI#

Maturity

$

(80,092)

$

—

$

(80,092)

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

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the aggregate market value of these securities amounted to $39,213,764 or 16.2% of net assets.

(d) Affiliated investments.

36

(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 March 31, 2021.

(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 0.09% of net assets as of March 31, 2021, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
JPMorgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2 4.359%, 11/25/2024		11/06/2015	$	13,214	$	13,085		0.01	%
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class SNMA 2.056%, 11/15/2026		11/16/2015		89,658		76,402		0.03	%
Terraform Global Operating LLC
6.125%, 03/01/2026		02/08/2018		14,000		14,350		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 5.359%, 11/25/2025		09/28/2015		65,181		63,825		0.03	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2 5.609%, 11/25/2025		09/28/2015		18,898		18,764		0.01	%

(j) Inverse interest only security.

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

(l) As of March 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $43,290,508 and gross unrealized depreciation of investments was $(4,357,989), resulting in net unrealized appreciation of $38,932,519.

Currency Abbreviation:

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

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

ZAR – South African Rand

37

Glossary:

ADR – American Depositary Receipt

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDI – Brazil CETIP Interbank Deposit Rate

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

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

TBA – To Be Announced

38

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

March 31, 2021 (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.

39

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Information Technology	$	21,233,586	$	266,574	$	—	$	21,500,160
Consumer Discretionary		10,980,858		525,588		—		11,506,446
Health Care		10,341,301		230,143		—		10,571,444
Real Estate		7,179,482		3,155,056		—		10,334,538
Communication Services		9,863,787		115,411		—		9,979,198
Financials		9,034,928		467,343		—		9,502,271
Industrials		8,258,806		644,552		—		8,903,358
Energy		2,784,450		2,657,040		—		5,441,490
Materials		1,947,090		2,204,025		—		4,151,115
Consumer Staples		3,534,226		401,172		—		3,935,398
Utilities		1,986,186		317,269		—		2,303,455
Consumer Durables & Apparel		65,550		49,822		—		115,372
Transportation		—		71,143		—		71,143
Consumer Services		68,893		—		—		68,893
Telecommunication Services		—		45,997				45,997
Software & Services		28,381		—		—		28,381
Investment Companies		63,682,105		—		—		63,682,105
Governments - Treasuries		—		31,425,119		—		31,425,119
Corporates - Investment Grade		—		19,274,364		—		19,274,364
Corporates - Non-Investment Grade		—		5,812,430		—		5,812,430
Quasi-Sovereigns		—		4,095,520		—		4,095,520
Collateralized Mortgage Obligations		—		3,611,883		—		3,611,883
Mortgage Pass-Throughs		—		3,218,092		—		3,218,092
Inflation-Linked Securities		—		3,181,945		—		3,181,945
Commercial Mortgage-Backed Securities		—		2,048,665		—		2,048,665
Emerging Markets - Corporate Bonds		—		1,119,215		—		1,119,215
Emerging Markets - Sovereigns		—		935,852		—		935,852
Collateralized Loan Obligations		—		863,087		—		863,087
Local Governments - Provincial Bonds		—		593,386		—		593,386
Covered Bonds		—		521,476		—		521,476
Governments - Sovereign Bonds		—		466,020		—		466,020

40

Investments in Securities:	Level 1			Level 2			Level 3		Total
Governments - Sovereign Agencies		—			324,845			—		324,845
Asset-Backed Securities		—			98,670			—		98,670
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		678,440			—			—		678,440
Total Investments in Securities		151,668,069			88,741,704			—		240,409,773
Other Financial Instruments(a):
Assets:
Futures		63,145			—			—		63,145
Forward Currency Exchange Contracts		—			1,132,918			—		1,132,918
Centrally Cleared Interest Rate Swaps		—			267,990			—		267,990
Liabilities:
Futures		(20,558	)		—			—		(20,558	)
Forward Currency Exchange Contracts		—			(401,308	)		—		(401,308	)
Centrally Cleared Interest Rate Swaps		—			(214,490	)		—		(214,490	)
Credit Default Swaps		—			(131,448	)		—		(131,448	)
Inflation (CPI) Swaps		—			(80,092	)		—		(80,092	)
Total	$	151,710,656		$	89,315,274		$	—	$	241,025,930

^(a)  Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2021 is as follows:

													Distributions
Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./ (Depr.) (000)		Market Value 03/31/2021 (000)		Dividend Income (000)			Realized Gains (000)
AB Discovery Growth Fund, Inc.	$	3,073	$	0	$	0	$	0	$	51	$	3,124	$	0		$	0
AB Discovery Value Fund, Inc.		3,151		0		701		0		655		3,105		0			0
Bernstein Fund, Inc. International Small Cap Portfolio		8,410		0		697		0		525		8,238		0			0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		42,917		0		2,350		0		1,679		42,246		0			0
Bernstein Fund, Inc. - Small Cap Core Portfolio		3,105		0		408		0		415		3,112		0			0
Government Money Market Portfolio		1,673		13,723		15,396		0		0		0		0	**		0
Government Money Market Portfolio*		0		1,929		1,251		0		0		678		0	**		0
Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio		3,965		0		297		0		190		3,858		0			0
Total	$	66,294	$	15,652	$	21,100	$	0	$	3,515	$	64,361	$	0		$	0

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

41