AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

September 30, 2021 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 24.6%
Industrial – 14.0%
Basic – 1.2%
Alpek SAB de CV 4.25%, 09/18/2029(a)	U.S.$	200	$	214,130
Suzano Austria GmbH 2.50%, 09/15/2028		82		79,745
3.75%, 01/15/2031		17		17,421
WRKCo, Inc. 4.00%, 03/15/2028		62		69,285
Yamana Gold, Inc. 2.63%, 08/15/2031(a)		70		68,220
				448,801
Capital Goods – 0.9%
Flowserve Corp. 2.80%, 01/15/2032		46		45,545
General Electric Co. 3.45%, 05/01/2027		107		117,445
Parker-Hannifin Corp. 3.25%, 06/14/2029		25		26,886
Raytheon Technologies Corp. 4.125%, 11/16/2028		80		91,073
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		15		15,916
4.40%, 03/15/2024		37		39,787
				336,652
Communications - Media – 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028		7		7,822
4.80%, 03/01/2050		15		16,896
5.125%, 07/01/2049		23		27,002
Comcast Corp. 4.15%, 10/15/2028		95		109,323
Discovery Communications LLC 4.65%, 05/15/2050		9		10,448
5.20%, 09/20/2047		15		18,498
5.30%, 05/15/2049		10		12,478
Fox Corp. 4.709%, 01/25/2029		25		29,132
5.576%, 01/25/2049		43		57,957
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028		20		23,276
				312,832
Communications - Telecommunications – 0.6%
AT&T, Inc. 3.50%, 09/15/2053		55		54,459
3.65%, 09/15/2059		74		73,246
T-Mobile USA, Inc. 2.625%, 04/15/2026-02/15/2029		27		27,472
2.875%, 02/15/2031		41		41,367

1

	Principal Amount (000)		U.S. $ Value
3.375%, 04/15/2029(a)	U.S.$	7	$	7,300
				203,844
Consumer Cyclical - Automotive – 0.6%
General Motors Co. 6.125%, 10/01/2025		25		29,302
General Motors Financial Co., Inc. 4.30%, 07/13/2025		30		32,872
5.25%, 03/01/2026		21		23,996
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)		128		135,739
				221,909
Consumer Cyclical - Other – 0.4%
Las Vegas Sands Corp. 3.90%, 08/08/2029		85		86,663
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025		12		13,737
MDC Holdings, Inc. 6.00%, 01/15/2043		38		47,637
				148,037
Consumer Cyclical - Retailers – 0.7%
Advance Auto Parts, Inc. 3.90%, 04/15/2030		88		97,342
Lowe’s Cos., Inc. 3.65%, 04/05/2029		29		32,088
Ross Stores, Inc. 4.70%, 04/15/2027		113		129,822
				259,252
Consumer Non-Cyclical – 1.8%
Altria Group, Inc. 3.40%, 05/06/2030		85		89,754
4.80%, 02/14/2029		26		29,902
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049		92		124,558
BAT Capital Corp. 2.726%, 03/25/2031		50		49,279
Cigna Corp. 4.375%, 10/15/2028		58		67,031
CVS Health Corp. 4.30%, 03/25/2028		4		4,561
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		50		49,156
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		200		215,520
				629,761
Energy – 4.0%
BP Capital Markets America, Inc. 2.939%, 06/04/2051		129		122,526

2

	Principal Amount (000)		U.S. $ Value
Cenovus Energy, Inc./CA 4.25%, 04/15/2027	U.S.$	12	$	13,340
4.40%, 04/15/2029		132		147,899
Chevron USA, Inc. 3.85%, 01/15/2028		30		33,881
5.25%, 11/15/2043		60		80,899
Devon Energy Corp. 5.60%, 07/15/2041		50		62,692
Enbridge Energy Partners LP 7.375%, 10/15/2045		70		111,197
Energy Transfer LP 4.75%, 01/15/2026		175		195,526
6.25%, 04/15/2049		14		18,425
Marathon Oil Corp. 6.80%, 03/15/2032		100		129,524
Marathon Petroleum Corp. 5.125%, 12/15/2026		30		34,899
6.50%, 03/01/2041		18		24,783
ONEOK Partners LP 6.125%, 02/01/2041		2		2,570
ONEOK, Inc. 4.00%, 07/13/2027		87		96,330
4.35%, 03/15/2029		57		64,234
5.20%, 07/15/2048		2		2,437
6.35%, 01/15/2031		23		29,476
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		40		42,069
4.50%, 12/15/2026		25		27,930
Suncor Energy, Inc. 6.80%, 05/15/2038		59		84,184
TransCanada PipeLines Ltd. 6.10%, 06/01/2040		91		123,888
				1,448,709
Services – 0.6%
Booking Holdings, Inc. 4.625%, 04/13/2030		104		123,682
Expedia Group, Inc. 4.625%, 08/01/2027		40		45,359
IHS Markit Ltd. 4.25%, 05/01/2029		19		21,736
4.75%, 08/01/2028		7		8,197
Moody’s Corp. 4.25%, 02/01/2029		14		16,069
				215,043
Technology – 2.0%
Broadcom, Inc. 3.137%, 11/15/2035		16		15,873
3.187%, 11/15/2036		52		51,562
4.11%, 09/15/2028		69		77,228
4.15%, 11/15/2030		120		133,074
Dell International LLC/EMC Corp. 6.02%, 06/15/2026		78		93,027
Fiserv, Inc. 3.50%, 07/01/2029		51		55,542

3

	Principal Amount (000)		U.S. $ Value
Infor, Inc. 1.75%, 07/15/2025(a)	U.S.$	34	$	34,471
KLA Corp. 4.10%, 03/15/2029		14		15,940
Micron Technology, Inc. 4.185%, 02/15/2027		59		66,291
NXP BV/NXP Funding LLC 5.55%, 12/01/2028(a)		28		33,798
Oracle Corp. 2.875%, 03/25/2031		57		58,740
3.95%, 03/25/2051		68		72,039
				707,585
Transportation - Airlines – 0.3%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)		39		42,072
4.75%, 10/20/2028(a)		46		51,313
				93,385
				5,025,810
Financial Institutions – 10.3%
Banking – 7.0%
American Express Co. Series B 3.553% (LIBOR 3 Month + 3.43%), 11/15/2021(b) (c)		8		8,012
Banco de Credito del Peru 3.125%, 07/01/2030(a)		87		85,586
Banco Santander SA 3.49%, 05/28/2030		200		214,498
Bank of America Corp. 2.299%, 07/21/2032		52		51,263
2.687%, 04/22/2032		56		57,166
Series DD 6.30%, 03/10/2026(c)		27		31,303
Series Z 6.50%, 10/23/2024(c)		41		45,814
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(c)		17		18,666
Barclays Bank PLC 6.86%, 06/15/2032(a) (c)		29		39,355
BNP Paribas SA 2.871%, 04/19/2032(a)		200		204,320
CIT Group, Inc. 5.25%, 03/07/2025		56		62,256
Citigroup, Inc. 3.98%, 03/20/2030		37		41,596
4.075%, 04/23/2029		52		58,246
5.95%, 01/30/2023(c)		55		57,384
Series W 4.00%, 12/10/2025(c)		37		38,219
Citizens Financial Group, Inc. 4.30%, 12/03/2025		99		109,811

4

	Principal Amount (000)		U.S. $ Value
Credit Suisse Group AG 3.80%, 06/09/2023	U.S.$	265	$	279,029
Fifth Third Bancorp Series L 4.50%, 09/30/2025(c)		24		26,117
Goldman Sachs Group, Inc. (The) 2.383%, 07/21/2032		19		18,821
2.615%, 04/22/2032		78		78,920
HSBC Holdings PLC 4.25%, 08/18/2025		203		222,295
JPMorgan Chase & Co. 2.58%, 04/22/2032		116		117,803
Series I 3.599% (LIBOR 3 Month + 3.47%), 01/30/2022(b) (c)		36		36,115
Series V 3.451% (LIBOR 3 Month + 3.32%), 01/01/2022(b) (c)		18		18,046
Series Z 3.926% (LIBOR 3 Month + 3.80%), 11/01/2021(b) (c)		51		51,117
Morgan Stanley Series G 3.772%, 01/24/2029		82		90,781
Series H 3.736% (LIBOR 3 Month + 3.61%), 01/15/2022(b) (c)		10		10,070
Santander Holdings USA, Inc. 4.40%, 07/13/2027		41		46,050
Standard Chartered PLC 1.639% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (b) (c)		100		97,037
Truist Financial Corp. Series Q 5.10%, 03/01/2030(c)		81		92,761
US Bancorp Series J 5.30%, 04/15/2027(c)		63		72,001
Wells Fargo & Co. 2.188%, 04/30/2026		62		64,017
3.584%, 05/22/2028		20		21,932
Series BB 3.90%, 03/15/2026(c)		33		34,025
				2,500,432
Brokerage – 0.3%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(c)		44		48,886
Series I 4.00%, 06/01/2026(c)		72		75,060
				123,946

5

	Principal Amount (000)			U.S. $ Value
Finance – 1.7%
Air Lease Corp. 2.10%, 09/01/2028		U.S.$	23	$	22,355
2.875%, 01/15/2026			7		7,303
3.625%, 04/01/2027			8		8,600
Aircastle Ltd. 2.85%, 01/26/2028(a)			88		89,203
4.125%, 05/01/2024			18		19,144
4.25%, 06/15/2026			7		7,648
5.25%, 08/11/2025(a)			47		52,443
Aviation Capital Group LLC 1.95%, 01/30/2026-09/20/2026(a)			62		61,729
3.50%, 11/01/2027(a)			17		17,915
4.125%, 08/01/2025(a)			2		2,154
4.375%, 01/30/2024(a)			14		14,948
4.875%, 10/01/2025(a)			20		22,064
5.50%, 12/15/2024(a)			46		51,554
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	50		71,034
Synchrony Financial 4.50%, 07/23/2025		U.S.$	147		162,273
					610,367
Insurance – 0.9%
Alleghany Corp. 3.625%, 05/15/2030			95		104,250
Centene Corp. 2.625%, 08/01/2031			21		20,870
4.625%, 12/15/2029			16		17,427
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)			35		60,846
Prudential Financial, Inc. 5.875%, 09/15/2042			83		86,182
Voya Financial, Inc. 5.65%, 05/15/2053			31		32,678
					322,253
REITs – 0.4%
Digital Realty Trust LP 3.60%, 07/01/2029			56		61,381
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023			6		6,287
Vornado Realty LP 3.40%, 06/01/2031			68		70,383
					138,051
					3,695,049
Utility – 0.3%
Electric – 0.2%
Entergy Corp. 1.90%, 06/15/2028			81		80,110

6

	Principal Amount (000)		U.S. $ Value
Other Utility – 0.1%
American Water Capital Corp. 3.45%, 06/01/2029	U.S.$	17	$	18,692
				98,802
Total Corporates - Investment Grade (cost $8,413,788)				8,819,661
COMMERCIAL MORTGAGE-BACKED SECURITIES – 17.4%
Non-Agency Fixed Rate CMBS – 13.6%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)		110		101,098
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		100		108,355
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/2050		155		170,419
CFCRE Commercial Mortgage Trust Series 2016-C4, Class A4 3.283%, 05/10/2058		115		123,121
Series 2016-C4, Class AM 3.691%, 05/10/2058		45		48,151
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(a)		260		267,431
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 02/10/2048		144		152,491
Series 2015-GC35, Class A4 3.818%, 11/10/2048		55		60,255
Series 2016-C1, Class A4 3.209%, 05/10/2049		192		206,579
Series 2016-GC36, Class A5 3.616%, 02/10/2049		65		70,789
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 04/12/2035(a)		24		23,714
Series 2014-UBS3, Class A4 3.819%, 06/10/2047		130		139,300
Series 2014-UBS5, Class A4 3.838%, 09/10/2047		130		139,870
Series 2014-UBS6, Class AM 4.048%, 12/10/2047		45		48,176
Series 2015-CR24, Class A5 3.696%, 08/10/2048		65		70,523
Series 2015-DC1, Class A5 3.35%, 02/10/2048		80		85,543
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 3.504%, 06/15/2057		100		107,317
Series 2015-C3, Class A4 3.718%, 08/15/2048		117		126,207

7

	Principal Amount (000)		U.S. $ Value
Series 2015-C4, Class A4 3.808%, 11/15/2048	U.S.$	215	$	235,057
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(a)		136		136,308
Series 2014-GC22, Class A5 3.862%, 06/10/2047		77		82,689
Series 2015-GC28, Class A5 3.396%, 02/10/2048		95		101,726
Series 2018-GS9, Class A4 3.992%, 03/10/2051		75		84,428
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(d) (e)		14		13,950
Series 2021-1, Class A2 2.435%, 08/15/2026(d) (e)		24		24,665
Series 2021-1, Class AS 2.638%, 08/15/2026(d) (e)		4		4,102
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class A5 3.775%, 08/15/2047		100		107,218
Series 2014-C22, Class XA 0.976%, 09/15/2047(f)		2,449		48,830
Series 2014-C24, Class C 4.55%, 11/15/2047		110		107,433
Series 2015-C30, Class A5 3.822%, 07/15/2048		65		70,499
Series 2015-C31, Class A3 3.801%, 08/15/2048		194		210,578
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class D 5.31%, 05/15/2045		110		106,078
Series 2012-C6, Class E 5.31%, 05/15/2045(a)		132		98,047
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		14		6,322
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		137		138,935
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049		100		109,406
UBS Commercial Mortgage Trust Series 2018-C8, Class A4 3.983%, 02/15/2051		100		111,940
Series 2018-C9, Class A4 4.117%, 03/15/2051		125		140,095
Series 2018-C10, Class A4 4.313%, 05/15/2051		125		142,262
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/2045		112		114,179
Wells Fargo Commercial Mortgage Trust Series 2013-C11, Class XA 1.275%, 03/15/2045(a) (f)		1,008		11,274

8

	Principal Amount (000)		U.S. $ Value
Series 2014-C19, Class A5 4.101%, 03/15/2047	U.S.$	130	$	139,649
Series 2014-C24, Class AS 3.931%, 11/15/2047		110		116,447
Series 2015-SG1, Class A4 3.789%, 09/15/2048		94		100,463
Series 2016-C35, Class XA 2.051%, 07/15/2048(f)		871		64,136
Series 2016-LC25, Class C 4.562%, 12/15/2059		85		90,048
Series 2016-NXS6, Class C 4.453%, 11/15/2049		100		106,715
				4,872,818
Non-Agency Floating Rate CMBS – 3.8%
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.034% (LIBOR 1 Month + 0.95%), 06/15/2035(a) (b)		100		100,061
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.084% (LIBOR 1 Month + 1.00%), 11/15/2033(a) (b)		185		181,286
BBCMS Mortgage Trust Series 2020-BID, Class A 2.224% (LIBOR 1 Month + 2.14%), 10/15/2037(a) (b)		71		71,420
BCP Trust Series 2021-330N, Class A 0.883% (LIBOR 1 Month + 0.80%), 06/15/2038(a) (b)		21		20,766
BFLD Trust Series 2021-FPM, Class A 1.684% (LIBOR 1 Month + 1.60%), 06/15/2038(a) (b)		113		113,068
BHMS Series 2018-ATLS, Class A 1.334% (LIBOR 1 Month + 1.25%), 07/15/2035(a) (b)		81		81,265
BX Trust Series 2018-EXCL, Class A 1.172% (LIBOR 1 Month + 1.09%), 09/15/2037(a) (b)		79		78,105
CLNY Trust Series 2019-IKPR, Class D 2.109% (LIBOR 1 Month + 2.03%), 11/15/2038(a) (b)		65		64,897
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.117% (LIBOR 1 Month + 1.03%), 12/19/2030(a) (b)		100		100,125

9

	Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 2.05% (SOFR + 2.00%), 01/25/2051(a) (b)	U.S.$	18	$	18,345
Great Wolf Trust Series 2019-WOLF, Class A 1.118% (LIBOR 1 Month + 1.03%), 12/15/2036(a) (b)		111		110,966
GS Mortgage Securities Corp. Trust Series 2019-BOCA, Class A 1.284% (LIBOR 1 Month + 1.20%), 06/15/2038(a) (b)		115		115,106
Series 2019-SMP, Class A 1.234% (LIBOR 1 Month + 1.15%), 08/15/2032(a) (b)		100		99,999
Invitation Homes Trust Series 2018-SFR2, Class C 1.364% (LIBOR 1 Month + 1.28%), 06/17/2037(a) (b)		100		100,121
Starwood Retail Property Trust Series 2014-STAR, Class A 1.554% (LIBOR 1 Month + 1.47%), 11/15/2027(a) (b)		174		105,971
				1,361,501
Total Commercial Mortgage-Backed Securities (cost $6,171,780)				6,234,319
MORTGAGE PASS-THROUGHS – 13.3%
Agency Fixed Rate 30-Year – 11.6%
Fannie Mae or Freddie Mac Series 2021 2.00%, 10/01/2051, TBA		415		415,843
Series 2021 2.50%, 10/01/2051, TBA		1,162		1,197,496
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049-11/01/2049		157		168,090
Series 2020 3.50%, 01/01/2050		81		88,112
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035		38		43,402
Series 2007 5.50%, 07/01/2035		12		14,261
Series 2016 4.00%, 02/01/2046		105		114,109
Series 2017 4.00%, 07/01/2044		73		79,882
Series 2018 4.50%, 10/01/2048-11/01/2048		147		161,857
5.00%, 11/01/2048		40		44,502
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033-07/01/2033		37		42,222

10

	Principal Amount (000)				U.S. $ Value
Series 2004 5.50%, 04/01/2034-11/01/2034		U.S.$	33		$	38,047
Series 2005 5.50%, 02/01/2035			38			43,498
Series 2010 4.00%, 12/01/2040			47			51,323
Series 2012 3.50%, 02/01/2042-01/01/2043			148			161,368
Series 2013 3.50%, 04/01/2043			72			78,498
4.00%, 10/01/2043			183			200,683
Series 2018 3.50%, 04/01/2048-05/01/2048			570			614,619
4.50%, 09/01/2048			126			138,399
Series 2019 3.50%, 09/01/2049-11/01/2049			261			280,224
Series 2020 3.50%, 01/01/2050			73			79,055
Government National Mortgage Association Series 1994 9.00%, 09/15/2024			0	**		199
Series 2016 3.00%, 04/20/2046			84			88,273
						4,143,962
Agency Fixed Rate 15-Year – 1.7%
Federal National Mortgage Association Series 2016 2.50%, 07/01/2031-01/01/2032			589			615,381
Total Mortgage Pass-Throughs (cost $4,604,112)						4,759,343
GOVERNMENTS - TREASURIES – 12.6%
Malaysia – 0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022		MYR	474			114,242
United States – 12.3%
U.S. Treasury Bonds 1.875%, 02/15/2051		U.S.$	1,349			1,282,740
2.00%, 08/15/2051			403			394,387
2.375%, 05/15/2051			15			16,070
5.375%, 02/15/2031			244			327,279
U.S. Treasury Notes 0.125%, 08/31/2022			883			883,676
0.875%, 09/30/2026			148			146,747
0.875%, 11/15/2030(g)			407			386,235
1.125%, 02/15/2031			83			80,328
1.25%, 08/15/2031			510			497,286
1.625%, 05/15/2026			391			403,528
						4,418,276
Total Governments - Treasuries (cost $4,484,618)						4,532,518

11

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 10.7%
Risk Share Floating Rate – 7.4%
Bellemeade Re Ltd. Series 2018-3A, Class M1B 1.936% (LIBOR 1 Month + 1.85%), 10/25/2028(a) (b)	U.S.$	82	$	82,099
Series 2019-4A, Class M1B 2.086% (LIBOR 1 Month + 2.00%), 10/25/2029(a) (b)		150		150,047
Series 2020-4A, Class M2A 2.686% (LIBOR 1 Month + 2.60%), 06/25/2030(a) (b)		70		69,715
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 2.486% (LIBOR 1 Month + 2.40%), 04/25/2031(a) (b)		13		13,121
Series 2019-R02, Class 1M2 2.386% (LIBOR 1 Month + 2.30%), 08/25/2031(a) (b)		16		15,996
Series 2019-R03, Class 1M2 2.236% (LIBOR 1 Month + 2.15%), 09/25/2031(a) (b)		26		26,098
Series 2019-R04, Class 2M2 2.186% (LIBOR 1 Month + 2.10%), 06/25/2039(a) (b)		18		18,385
Series 2019-R05, Class 1M2 2.086% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (b)		15		15,380
Series 2019-R06, Class 2M2 2.186% (LIBOR 1 Month + 2.10%), 09/25/2039(a) (b)		31		31,589
Series 2019-R07, Class 1M2 2.186% (LIBOR 1 Month + 2.10%), 10/25/2039(a) (b)		35		35,589
Series 2020-R01, Class 1M2 2.136% (LIBOR 1 Month + 2.05%), 01/25/2040(a) (b)		82		82,088
Series 2020-R02, Class 2M2 2.086% (LIBOR 1 Month + 2.00%), 01/25/2040(a) (b)		70		69,855
Eagle Re Ltd. Series 2020-1, Class M1A 0.986% (LIBOR 1 Month + 0.90%), 01/25/2030(a) (b)		150		149,409
Series 2020-2, Class M1B 4.086% (LIBOR 1 Month + 4.00%), 10/25/2030(a) (b)		89		89,111
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-DNA3, Class M2 2.136% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (b)		75		75,680

12

	Principal Amount (000)		U.S. $ Value
Series 2019-DNA4, Class M2 2.036% (LIBOR 1 Month + 1.95%), 10/25/2049(a) (b)	U.S.$	39	$	38,888
Series 2019-FTR2, Class M2 2.236% (LIBOR 1 Month + 2.15%), 11/25/2048(a) (b)		115		115,073
Series 2019-HQA1, Class M2 2.436% (LIBOR 1 Month + 2.35%), 02/25/2049(a) (b)		65		65,868
Series 2020-DNA1, Class M2 1.786% (LIBOR 1 Month + 1.70%), 01/25/2050(a) (b)		60		60,147
Series 2020-DNA5, Class M2 2.85% (SOFR + 2.80%), 10/25/2050(a) (b)		65		66,110
Series 2021-DNA3, Class B1 3.55% (SOFR + 3.50%), 10/25/2033(a) (b)		71		74,496
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2 4.986% (LIBOR 1 Month + 4.90%), 11/25/2024(b)		39		40,245
Series 2014-C04, Class 2M2 5.086% (LIBOR 1 Month + 5.00%), 11/25/2024(b)		9		9,124
Series 2015-C02, Class 1M2 4.086% (LIBOR 1 Month + 4.00%), 05/25/2025(b)		29		29,090
Series 2015-C02, Class 2M2 4.086% (LIBOR 1 Month + 4.00%), 05/25/2025(b)		7		7,210
Series 2015-C03, Class 1M2 5.086% (LIBOR 1 Month + 5.00%), 07/25/2025(b)		31		31,474
Series 2015-C03, Class 2M2 5.086% (LIBOR 1 Month + 5.00%), 07/25/2025(b)		7		7,231
Series 2015-C04, Class 1M2 5.786% (LIBOR 1 Month + 5.70%), 04/25/2028(b)		65		68,787
Series 2016-C01, Class 1M2 6.836% (LIBOR 1 Month + 6.75%), 08/25/2028(b)		77		81,305
Series 2016-C02, Class 1M2 6.086% (LIBOR 1 Month + 6.00%), 09/25/2028(b)		58		60,719
Series 2016-C03, Class 2M2 5.986% (LIBOR 1 Month + 5.90%), 10/25/2028(b)		44		46,467
Series 2016-C05, Class 2M2 4.536% (LIBOR 1 Month + 4.45%), 01/25/2029(b)		50		51,932

13

	Principal Amount (000)		U.S. $ Value
Series 2016-C06, Class 1M2 4.336% (LIBOR 1 Month + 4.25%), 04/25/2029(b)	U.S.$	88	$	90,754
Series 2017-C01, Class 1M2 3.636% (LIBOR 1 Month + 3.55%), 07/25/2029(b)		68		69,760
Series 2017-C02, Class 2M2C 3.736% (LIBOR 1 Month + 3.65%), 09/25/2029(b)		68		70,803
Series 2017-C04, Class 2M2 2.936% (LIBOR 1 Month + 2.85%), 11/25/2029(b)		38		38,858
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.087% (LIBOR 1 Month + 2.00%), 03/27/2024(a) (b)		35		35,485
Series 2019-2R, Class A 2.837% (LIBOR 1 Month + 2.75%), 05/27/2023(a) (b)		51		50,259
Series 2019-3R, Class A 2.787% (LIBOR 1 Month + 2.70%), 10/27/2022(a) (b)		27		26,678
Radnor Re Ltd. Series 2020-1, Class M1A 1.036% (LIBOR 1 Month + 0.95%), 01/25/2030(a) (b)		150		149,626
Series 2020-1, Class M2A 2.086% (LIBOR 1 Month + 2.00%), 01/25/2030(a) (b)		150		150,000
STACR Trust Series 2018-DNA3, Class M2 2.186% (LIBOR 1 Month + 2.10%), 09/25/2048(a) (b)		31		31,036
Triangle Re Ltd. Series 2020-1, Class M1B 3.986% (LIBOR 1 Month + 3.90%), 10/25/2030(a) (b)		150		150,582
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.336% (LIBOR 1 Month + 5.25%), 11/25/2025(b) (d)		17		16,082
Series 2015-WF1, Class 2M2 5.586% (LIBOR 1 Month + 5.50%), 11/25/2025(b) (d)		7		6,419
				2,664,670
Non-Agency Fixed Rate – 1.6%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		10		8,981
Series 2006-24CB, Class A16 5.75%, 08/25/2036		48		36,695
Series 2006-28CB, Class A14 6.25%, 10/25/2036		35		25,829
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		22		19,461

14

	Principal Amount (000)		U.S. $ Value
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2 2.50%, 06/25/2051(a)	U.S.$	98	$	99,931
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		16		10,953
CIM Trust Series 2021-INV1, Class A2 2.50%, 07/01/2051(a)		99		100,105
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036		21		14,361
Series 2006-13, Class 1A19 6.25%, 09/25/2036		11		7,227
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		36		23,956
JPMorgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.183%, 07/25/2036		67		57,483
New Residential Mortgage Loan Trust Series 2021-INV1, Class A2 2.50%, 06/25/2051(a)		99		101,009
United Wholasale Mortgage Trust Series 2021-INV1, Class A3 2.50%, 08/25/2051(a)		74		74,706
				580,697
Agency Floating Rate – 1.0%
Federal Home Loan Mortgage Corp. REMICs Series 4981, Class HS 6.014% (6.10% - LIBOR 1 Month), 06/25/2050(b) (h)		325		60,838
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.454% (6.54% - LIBOR 1 Month), 12/25/2041(b) (h)		90		18,943
Series 2015-90, Class SL 6.064% (6.15% - LIBOR 1 Month), 12/25/2045(b) (h)		181		36,681
Series 2016-77, Class DS 5.914% (6.00% - LIBOR 1 Month), 10/25/2046(b) (h)		142		27,777
Series 2017-26, Class TS 5.864% (5.95% - LIBOR 1 Month), 04/25/2047(b) (h)		179		39,047
Series 2017-62, Class AS 6.064% (6.15% - LIBOR 1 Month), 08/25/2047(b) (h)		166		34,504

15

	Principal Amount (000)			U.S. $ Value
Series 2017-81, Class SA 6.114% (6.20% - LIBOR 1 Month), 10/25/2047(b) (h)		U.S.$	179	$	42,169
Series 2017-97, Class LS 6.114% (6.20% - LIBOR 1 Month), 12/25/2047(b) (h)			199		49,662
Government National Mortgage Association Series 2017-134, Class SE 6.113% (6.20% - LIBOR 1 Month), 09/20/2047(b) (h)			112		18,472
Series 2017-65, Class ST 6.063% (6.15% - LIBOR 1 Month), 04/20/2047(b) (h)			164		35,517
					363,610
Agency Fixed Rate – 0.5%
Federal Home Loan Mortgage Corp. REMICs Series 5015, Class BI 4.00%, 09/25/2050(f)			193		34,584
Series 5049, Class CI 3.50%, 12/25/2050(f)			207		27,749
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.624%, 05/28/2035			50		48,679
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050(f)			410		61,611
					172,623
Non-Agency Floating Rate – 0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.466% (LIBOR 1 Month + 0.38%), 12/25/2036(b)			98		45,757
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.586% (LIBOR 1 Month + 0.50%), 03/25/2035(b)			22		20,448
					66,205
Total Collateralized Mortgage Obligations (cost $3,900,959)					3,847,805
CORPORATES - NON-INVESTMENT GRADE – 5.3%
Industrial – 3.3%
Basic – 0.3%
Ingevity Corp. 3.875%, 11/01/2028(a)			65		64,824
Sealed Air Corp. 4.00%, 12/01/2027(a)			47		50,141
					114,965

16

	Principal Amount (000)			U.S. $ Value
Capital Goods – 0.3%
GFL Environmental, Inc. 3.50%, 09/01/2028(a)		U.S.$	62	$	62,367
TransDigm, Inc. 6.25%, 03/15/2026(a)			50		52,286
					114,653
Communications - Media – 0.8%
Cable One, Inc. 4.00%, 11/15/2030(a)			37		36,845
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(a)			75		76,616
CSC Holdings LLC 6.75%, 11/15/2021			30		30,107
Netflix, Inc. 5.875%, 11/15/2028			83		101,697
Sirius XM Radio, Inc. 4.00%, 07/15/2028(a)			57		58,010
					303,275
Communications - Telecommunications – 0.2%
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)			60		58,162
Consumer Cyclical - Automotive – 0.2%
Allison Transmission, Inc. 3.75%, 01/30/2031(a)			61		59,374
Consumer Cyclical - Entertainment – 0.6%
Carnival Corp. 4.00%, 08/01/2028(a)			56		56,587
Mattel, Inc. 3.375%, 04/01/2026(a)			32		32,999
3.75%, 04/01/2029(a)			32		33,362
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023(a)			43		48,112
11.50%, 06/01/2025(a)			44		50,235
					221,295
Consumer Cyclical - Restaurants – 0.2%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)			77		76,249
Consumer Cyclical - Retailers – 0.1%
Levi Strauss & Co. 3.50%, 03/01/2031(a)			42		42,427
Consumer Non-Cyclical – 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(a)			41		40,834
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029(a)			50		49,978

17

	Principal Amount (000)			U.S. $ Value
Newell Brands, Inc. 4.70%, 04/01/2026		U.S.$	33	$	36,371
4.875%, 06/01/2025			8		8,831
Spectrum Brands, Inc. 5.75%, 07/15/2025			5		5,141
					141,155
Energy – 0.2%
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			33		32,928
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029(a)			16		16,488
4.125%, 08/15/2031(a)			17		17,766
					67,182
					1,198,737
Financial Institutions – 1.8%
Banking – 1.6%
Banco Santander SA 7.50%, 02/08/2024(a) (c)			200		218,880
Credit Suisse Group AG 7.50%, 07/17/2023(a) (c)			200		213,726
Discover Financial Services Series D 6.125%, 06/23/2025(c)			127		142,878
					575,484
Finance – 0.2%
SLM Corp. 4.20%, 10/29/2025			68		72,879
					648,363
Utility – 0.2%
Electric – 0.2%
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)			58		58,417
Total Corporates - Non-Investment Grade (cost $1,863,372)					1,905,517
ASSET-BACKED SECURITIES – 4.3%
Other ABS - Fixed Rate – 2.3%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)			80		81,101
Affirm Asset Securitization Trust Series 2020-A, Class A 2.10%, 02/18/2025(a)			100		100,505
Series 2021-A, Class C 1.66%, 08/15/2025(a)			100		100,487
Series 2021-Z1, Class A 1.07%, 08/15/2025(a)			81		81,594

18

	Principal Amount (000)			U.S. $ Value
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(a)		U.S.$	50	$	51,270
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)			97		97,785
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)			36		40,777
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)			85		89,727
Marlette Funding Trust Series 2019-3A, Class A 2.69%, 09/17/2029(a)			1		1,060
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(a)			33		34,232
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)			100		100,196
SoFi Consumer Loan Program LLC Series 2017-4, Class B 3.59%, 05/26/2026(a)			52		52,578
					831,312
Autos - Fixed Rate – 1.7%
Avis Budget Rental Car Funding AESOP LLC Series 2018-2A, Class A 4.00%, 03/20/2025(a)			105		112,512
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028			33		32,983
CPS Auto Trust Series 2021-C, Class D 1.69%, 06/15/2027(a)			100		99,485
Exeter Automobile Receivables Trust Series 2017-1A, Class D 6.20%, 11/15/2023(a)			79		78,954
Series 2017-3A, Class C 3.68%, 07/17/2023(a)			29		29,621
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(a)			34		33,989
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025(a)			13		13,100
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(a)			61		60,978

19

	Principal Amount (000)			U.S. $ Value
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)		U.S.$	150	$	149,966
					611,588
Credit Cards - Fixed Rate – 0.2%
World Financial Network Credit Card Master Trust Series 2019-B, Class M 3.04%, 04/15/2026			80		81,303
Home Equity Loans - Floating Rate – 0.1%
ABFC Trust Series 2003-WF1, Class A2 1.211% (LIBOR 1 Month + 1.13%), 12/25/2032(b)			11		11,190
Total Asset-Backed Securities (cost $1,516,381)					1,535,393
INFLATION-LINKED SECURITIES – 2.9%
Canada – 0.6%
Canadian Government Real Return Bond 1.50%, 12/01/2044		CAD	206		207,747
United States – 2.3%
U.S. Treasury Inflation Index 0.125%, 01/15/2031 (TIPS)		U.S.$	84		91,959
0.375%, 01/15/2027 (TIPS)			683		753,824
					845,783
Total Inflation-Linked Securities (cost $1,064,671)					1,053,530
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 1.8%
United States – 1.8%
Port Authority of New York & New Jersey Series 2020-A 1.086%, 07/01/2023			50		50,643
State Board of Administration Finance Corp. Series 2020-A 1.705%, 07/01/2027			80		81,288
State of California Series 2010 5.70%, 11/01/2021			65		65,273
7.625%, 03/01/2040			200		332,635
Tobacco Settlement Finance Authority/WV Series 2020 3.00%, 06/01/2035			46		47,586
University of California Series 2021-B 3.071%, 05/15/2051			75		76,002
Total Local Governments - US Municipal Bonds (cost $518,754)					653,427

20

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS – 0.3%
Industrial – 0.3%
Basic – 0.1%
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)		U.S.$	19	$	18,475
Capital Goods – 0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			85		90,578
					109,053
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(d)			5		5,142
Total Emerging Markets - Corporate Bonds (cost $109,105)					114,195
QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Mexico – 0.1%
Petroleos Mexicanos 6.75%, 09/21/2047 (cost $43,985)			50		43,317
SHORT-TERM INVESTMENTS – 12.9%
U.S. Treasury Bills – 10.6%
U.S. Treasury Bill 0.00% 10/19/2021-09/08/2022 (cost $3,799,616)			3,800		3,799,538
	Shares
Investment Companies – 2.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(i) (j) (k) (cost $807,672)			807,672		807,672
Total Short-Term Investments (cost $4,607,288)					4,607,210
Total Investments – 106.2% (cost $37,298,813)(l)					38,106,235
Other assets less liabilities – (6.2)%					(2,231,797	)
Net Assets – 100.0%				$	35,874,438

21

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		1		December 2021		$	145,250		$	(2,197	)
U.S. T-Note 2 Yr (CBT) Futures		9		December 2021			1,980,492			(1,354	)
U.S. Ultra Bond (CBT) Futures		12		December 2021			2,292,750			(67,541	)
Sold Contracts
U.S. 10 Yr Ultra Futures		1		December 2021			145,250			2,358
									$	(68,734	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		CAD	1,191		USD	935		11/19/2021		$	(5,034	)
Citibank, NA		AUD	995		USD	717		11/09/2021			(2,394	)
Deutsche Bank AG		USD	366		RUB	26,958		12/15/2021			157
Goldman Sachs Bank USA		MYR	497		USD	120		12/22/2021			1,329
State Street Bank & Trust Co.		SEK	3,095		USD	359		10/13/2021			5,963
State Street Bank & Trust Co.		EUR	63		USD	74		11/08/2021			1,820
State Street Bank & Trust Co.		AUD	42		USD	30		11/09/2021			(58	)
State Street Bank & Trust Co.		USD	29		AUD	39		11/09/2021			(671	)
										$	1,112

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		2.49	%		USD	104		$	9,258		$	4,339		$	4,919
CDX-NAHY Series 37, 5 Year Index, 12/20/2026*		5.00			Quarterly		3.01			USD	239			22,421			22,712			(291	)
													$	31,679		$	27,051		$	4,628

* Termination date

22

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	450	09/07/2026		CPI#		2.670%		Maturity	$	(2,732	)	$	—	$	(2,732	)
USD	450	09/07/2031		2.519%		CPI#		Maturity		4,609			—		4,609
									$	1,877		$	—	$	1,877

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

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)
SEK	15,600	08/30/2024		3 Month STIBOR		(0.165)%		Quarterly/ Annual	$	(21,076	)	$	10	$	(21,086	)
USD	130	09/27/2029		1.593%		3 Month LIBOR		Semi-Annual/ Quarterly		(1,598	)		—		(1,598	)
USD	250	12/13/2029		1.764%		3 Month LIBOR		Semi-Annual/ Quarterly		(7,436	)		—		(7,436	)
CAD	240	03/04/2051		2.333%		3 Month CDOR		Semi-Annual		1,809			—		1,809
									$	(28,301	)	$	10	$	(28,311	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)%		Monthly		5.16	%		USD	7		$	538		$	1,390		$	(852	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	7			538			1,389			(851	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	119			9,139			23,132			(13,993	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	128			9,830			25,743			(15,913	)

23

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)%		Monthly		5.16	%		USD	595		$	45,696			$	118,912			$	(73,216	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	298			22,886				58,453				(35,567	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	51			3,917				8,728				(4,811	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	68			5,223				13,535				(8,312	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	27			2,074				5,169				(3,095	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.16			USD	54			4,147				10,875				(6,728	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1			(285	)			(155	)			(130	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1			(284	)			(124	)			(160	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2			(568	)			(231	)			(337	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	3			(852	)			(365	)			(487	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4			(1,136	)			(509	)			(627	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4			(1,136	)			(413	)			(723	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	5			(1,420	)			(549	)			(871	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6			(1,704	)			(754	)			(950	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6			(1,704	)			(730	)			(974	)

24

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		10.00	%		USD	7		$	(1,988	)		$	(1,001	)		$	(987	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6			(1,704	)			(694	)			(1,010	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	7			(1,988	)			(769	)			(1,219	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8			(2,272	)			(1,042	)			(1,230	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8			(2,272	)			(974	)			(1,298	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9			(2,556	)			(966	)			(1,590	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9			(2,556	)			(947	)			(1,609	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	12			(3,408	)			(1,234	)			(2,174	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	14			(3,976	)			(1,503	)			(2,473	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28			(7,952	)			(1,857	)			(6,095	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	56			(15,904	)			(7,968	)			(7,936	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	94			(26,696	)			(5,833	)			(20,863	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	318			(90,365	)			(12,478	)			(77,887	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	350			(99,400	)			(19,428	)			(79,972	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8			(2,272	)			(899	)			(1,373	)

25

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		10.00	%		USD	8		$	(2,272	)		$	(440	)		$	(1,832	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	27			(7,668	)			(2,961	)			(4,707	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28			(7,952	)			(3,072	)			(4,880	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	51			(14,484	)			(6,164	)			(8,320	)
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		10.00			USD	135			(14,076	)			(2,533	)			(11,543	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	132			(37,488	)			(8,873	)			(28,615	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4			(1,136	)			(583	)			(553	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4			(1,136	)			(344	)			(792	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8			(2,272	)			(758	)			(1,514	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8			(2,272	)			(700	)			(1,572	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	14			(3,976	)			(1,722	)			(2,254	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	16			(4,544	)			(1,657	)			(2,887	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28			(7,952	)			(4,390	)			(3,562	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	39			(11,076	)			(6,202	)			(4,874	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	41			(11,644	)			(5,352	)			(6,292	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	49			(13,916	)			(4,061	)			(9,855	)

26

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		10.00	%		USD	57		$	(16,188	)		$	(5,825	)		$	(10,363	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9			(2,556	)			(1,102	)			(1,454	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	18			(5,112	)			(2,136	)			(2,976	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	51			(14,484	)			(5,999	)			(8,485	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	35			(9,940	)			(2,367	)			(7,573	)
													$	(362,554	)		$	138,662			$	(501,216	)

* Termination date

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2021, the aggregate market value of these securities amounted to $8,774,671 or 24.5% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2021.

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

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.19% of net assets as of September 30, 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
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	13,880	$	13,950		0.04	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		24,670		24,665		0.07	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		4,108		4,102		0.01	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		5,000		5,142		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.336%, 11/25/2025		09/28/2015		16,741		16,082		0.04	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.586%, 11/25/2025		09/28/2015		6,473		6,419		0.02	%

27

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

(f) IO - Interest Only.

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

(h) Inverse interest only security.

(i) Affiliated investments.

(j) 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.

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

(l) As of September 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,133,043 and gross unrealized depreciation of investments was $(916,265), resulting in net unrealized appreciation of $216,778.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

MYR – Malaysian Ringgit

RUB – Russian Ruble

SEK – Swedish Krona

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CMBS – Commercial Mortgage-Backed

CPI – Consumer Price Index

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

STIBOR – Stockholm Interbank Offered Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

28

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

September 30, 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.

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.

29

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2021:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	8,819,661		$	—	$	8,819,661
Commercial Mortgage-Backed Securities		—			6,191,602			42,717		6,234,319
Mortgage Pass-Throughs		—			4,759,343			—		4,759,343
Governments - Treasuries		—			4,532,518			—		4,532,518
Collateralized Mortgage Obligations		—			3,847,805			—		3,847,805
Corporates - Non-Investment Grade		—			1,905,517			—		1,905,517
Asset-Backed Securities		—			1,535,393			—		1,535,393
Inflation-Linked Securities		—			1,053,530			—		1,053,530
Local Governments - US Municipal Bonds		—			653,427			—		653,427
Emerging Markets - Corporate Bonds		—			114,195			—		114,195
Quasi-Sovereigns		—			43,317			—		43,317
Short-Term Investments:
U.S. Treasury Bills		—			3,799,538			—		3,799,538
Investment Companies		807,672			—			—		807,672
Total Investments in Securities		807,672			37,255,846			42,717		38,106,235
Other Financial Instruments(a):
Assets:
Futures		2,358			—			—		2,358
Forward Currency Exchange Contracts		—			9,269			—		9,269
Centrally Cleared Credit Default Swaps		—			31,679			—		31,679
Centrally Cleared Inflation (CPI) Swaps		—			4,609			—		4,609
Centrally Cleared Interest Rate Swaps		—			1,809			—		1,809
Credit Default Swaps		—			103,988			—		103,988
Liabilities:
Futures		(71,092	)		—			—		(71,092	)
Forward Currency Exchange Contracts		—			(8,157	)		—		(8,157	)
Centrally Cleared Inflation (CPI) Swaps		—			(2,732	)		—		(2,732	)
Centrally Cleared Interest Rate Swaps		—			(30,110	)		—		(30,110	)
Credit Default Swaps		—			(466,542	)		—		(466,542	)
Total	$	738,938		$	36,899,659		$	42,717	$	37,681,314

^(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.

30

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2021 is as follows:

Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	765	$	21,332	$	21,289	$	808	$	0	**

** Amount less than $500.

31