Ab Variable Products Series Fund NPORT-P AB Intermediate Bond Portfolio (Mar 2020 report)

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - INVESTMENT GRADE – 31.9%
Industrial – 16.7%
Basic – 1.3%
Alpek SAB de CV 4.25%, 09/18/2029(a)		U.S.$	200	$	157,375
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			200		155,125
DuPont de Nemours, Inc. 4.205%, 11/15/2023			65		68,451
4.493%, 11/15/2025			65		68,931
Eastman Chemical Co. 3.80%, 03/15/2025			50		50,604
Glencore Funding LLC 4.125%, 05/30/2023(a)			58		55,027
					555,513
Capital Goods – 0.7%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			85		74,375
General Electric Co. 0.875%, 05/17/2025		EUR	100		100,085
United Technologies Corp. 3.95%, 08/16/2025		U.S.$	90		98,056
					272,516
Communications - Media – 1.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028			7		7,116
4.908%, 07/23/2025			193		204,804
Comcast Corp. 4.15%, 10/15/2028			95		106,636
Cox Communications, Inc. 2.95%, 06/30/2023(a)			51		50,915
Fox Corp. 3.05%, 04/07/2025			9		8,986
ViacomCBS, Inc. 4.75%, 05/15/2025			101		100,813
Walt Disney Co. (The) 3.35%, 03/24/2025			77		83,879
					563,149
Communications - Telecommunications – 2.2%
AT&T, Inc. 3.40%, 05/15/2025			310		320,549
4.125%, 02/17/2026			147		155,675
4.55%, 03/09/2049			64		68,719
Verizon Communications, Inc. 3.00%, 03/22/2027			38		40,129
4.862%, 08/21/2046			75		97,678
5.012%, 04/15/2049			28		37,444
Vodafone Group PLC 3.75%, 01/16/2024			168		174,903
					895,097

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive – 0.4%
General Motors Financial Co., Inc. 4.30%, 07/13/2025	U.S.$	30	$	26,225
5.10%, 01/17/2024		109		99,816
5.25%, 03/01/2026		21		18,494
				144,535
Consumer Cyclical - Restaurants – 0.2%
McDonald’s Corp. 3.30%, 07/01/2025		43		44,672
Starbucks Corp. 4.50%, 11/15/2048		31		34,913
				79,585
Consumer Cyclical - Retailers – 0.1%
TJX Cos, Inc. (The) 3.50%, 04/15/2025		26		26,575
ConsumerNon-Cyclical – 4.1%
AbbVie, Inc. 2.95%, 11/21/2026(a)		67		67,807
4.875%, 11/14/2048		47		54,509
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049		120		140,854
BAT Capital Corp. 3.215%, 09/06/2026		92		88,021
Becton Dickinson and Co. 3.734%, 12/15/2024		40		41,242
Biogen, Inc. 4.05%, 09/15/2025		144		152,238
Cigna Corp. 3.75%, 07/15/2023		25		25,719
4.125%, 11/15/2025		45		48,056
4.375%, 10/15/2028		58		62,330
Coca-Cola Co. (The) 2.95%, 03/25/2025		100		107,103
Coca-Cola Femsa SAB de CV 2.75%, 01/22/2030		150		144,375
CVS Health Corp. 4.10%, 03/25/2025		190		200,982
Mylan NV 3.95%, 06/15/2026		85		86,336
Reynolds American, Inc. 6.875%, 05/01/2020		50		50,152
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		200		211,496
Thermo Fisher Scientific, Inc. 4.133%, 03/25/2025		35		37,438
Tyson Foods, Inc. 3.95%, 08/15/2024		48		48,045
4.00%, 03/01/2026		12		12,695
Zimmer Biomet Holdings, Inc. 2.70%, 04/01/2020		51		51,000
3.05%, 01/15/2026		25		24,534
Zoetis, Inc. 3.45%, 11/13/2020		45		45,600
				1,700,532

	Principal Amount (000)		U.S. $ Value
Energy – 4.0%
Baker Hughes a GE Co. LLC/Baker HughesCo-Obligor, Inc. 3.337%, 12/15/2027	U.S.$	58	$	53,488
4.08%, 12/15/2047		20		17,690
Cenovus Energy, Inc. 4.25%, 04/15/2027		12		5,828
Energy Transfer Operating LP 3.75%, 05/15/2030		64		49,751
4.75%, 01/15/2026		175		153,583
Enterprise Products Operating LLC 3.70%,02/15/2026-01/31/2051		205		198,273
5.20%, 09/01/2020		55		55,146
Exxon Mobil Corp. 2.992%, 03/19/2025		98		103,881
Hess Corp. 4.30%, 04/01/2027		109		78,986
Husky Energy, Inc. 4.40%, 04/15/2029		101		70,141
Kinder Morgan, Inc./DE 3.15%, 01/15/2023		150		146,852
Marathon Oil Corp. 3.85%, 06/01/2025		19		13,553
6.80%, 03/15/2032		100		82,868
Newfield Exploration Co. 5.625%, 07/01/2024		40		19,920
Noble Energy, Inc. 3.85%, 01/15/2028		30		21,224
3.90%, 11/15/2024		107		86,232
ONEOK, Inc. 4.00%, 07/13/2027		87		70,337
4.35%, 03/15/2029		57		46,535
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		24		16,994
3.60%, 11/01/2024		68		56,274
Sabine Pass Liquefaction LLC 5.00%, 03/15/2027		80		70,530
5.625%, 03/01/2025		36		34,137
TransCanada PipeLines Ltd. 9.875%, 01/01/2021		108		110,375
Williams Cos., Inc. (The) 4.125%, 11/15/2020		97		95,913
				1,658,511
Services – 0.6%
Expedia Group, Inc. 3.80%, 02/15/2028		94		80,815
Global Payments, Inc. 4.00%, 06/01/2023		43		43,862
S&P Global, Inc. 4.40%, 02/15/2026		127		140,755
				265,432
Technology – 1.7%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 01/15/2024		22		22,024
3.875%, 01/15/2027		62		59,222

	Principal Amount (000)		U.S. $ Value
Broadcom, Inc. 3.625%, 10/15/2024(a)	U.S.$	35	$	34,456
4.25%, 04/15/2026(a)		42		41,518
Dell International LLC/EMC Corp. 6.02%, 06/15/2026(a)		78		80,704
Intel Corp. 3.40%, 03/25/2025		120		130,409
KLA Corp. 4.65%, 11/01/2024		134		141,777
Lam Research Corp. 2.80%, 06/15/2021		39		39,701
Oracle Corp. 2.50%, 04/01/2025		123		124,145
Seagate HDD Cayman 4.75%, 01/01/2025		37		36,507
				710,463
				6,871,908
Financial Institutions – 13.8%
Banking – 12.3%
American Express Co. Series C 4.026% (LIBOR 3 Month + 0.00%), 06/15/2020(b) (c)		15		12,643
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(a)		200		206,668
Banco Santander SA 3.50%, 04/11/2022		200		199,052
Bank of America Corp. Series DD 6.30%, 03/10/2026(b)		27		28,417
Series L 3.95%, 04/21/2025		360		375,257
Series Z 6.50%, 10/23/2024(b)		41		43,332
Banque Federative du Credit Mutuel SA 2.75%, 10/15/2020(a)		200		201,822
Barclays Bank PLC 6.86%, 06/15/2032(a) (b)		29		34,232
BBVA USA 5.50%, 04/01/2020		250		250,000
BNP Paribas SA 4.375%, 05/12/2026(a)		200		202,792
Capital One Financial Corp. 3.30%, 10/30/2024		135		133,685
CIT Group, Inc. 5.25%, 03/07/2025		56		54,580
Citigroup, Inc. 3.875%, 03/26/2025		165		168,742
Cooperatieve Rabobank UA 4.375%, 08/04/2025		250		252,420

	Principal Amount (000)		U.S. $ Value
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 06/09/2023	U.S.$	265	$	272,510
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/2021		118		117,693
3.50%, 04/01/2025		63		64,389
3.75%, 05/22/2025		53		54,524
3.85%, 07/08/2024		100		104,027
Series D 6.00%, 06/15/2020		195		196,168
HSBC Holdings PLC 4.25%, 08/18/2025		203		209,084
ING Groep NV 3.55%, 04/09/2024		200		201,222
JPMorgan Chase & Co. 3.22%, 03/01/2025		140		143,888
3.54%, 05/01/2028		105		109,483
Series FF 5.00%, 08/01/2024(b)		68		63,311
Series Z 5.30%, 05/01/2020(b)		22		20,332
Manufacturers & Traders Trust Co. 2.625%, 01/25/2021		250		251,355
Mastercard, Inc. 3.30%, 03/26/2027		48		52,272
Morgan Stanley 3.737%, 04/24/2024		75		77,799
5.00%, 11/24/2025		60		65,090
Series G 4.35%, 09/08/2026		186		201,853
Santander Holdings USA, Inc. 3.244%, 10/05/2026		69		62,152
4.40%, 07/13/2027		90		86,006
State Street Corp. 2.901%, 03/30/2026(a)		11		11,083
Truist Financial Corp. 2.625%, 06/29/2020		45		45,103
UBS Group AG 4.125%, 09/24/2025(a)		200		211,514
US Bancorp Series J 5.30%, 04/15/2027(b)		63		59,643
Wells Fargo & Co. 3.069%, 01/24/2023		113		114,437
3.75%, 01/24/2024		110		116,159
				5,074,739
Brokerage – 0.2%
Charles Schwab Corp. (The) 4.20%, 03/24/2025		90		94,699
Finance – 0.3%
Synchrony Financial 4.50%, 07/23/2025		147		143,666
Insurance – 0.6%
Centene Corp. 4.25%, 12/15/2027(a)		14		13,721
4.625%, 12/15/2029(a)		16		16,071

	Principal Amount (000)			U.S. $ Value
Humana, Inc. 4.50%, 04/01/2025		U.S.$	120	$	125,141
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)			35		54,991
Voya Financial, Inc. 5.65%, 05/15/2053			31		27,791
					237,715
REITS – 0.4%
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023			6		5,286
Welltower, Inc. 4.00%, 06/01/2025			146		144,150
					149,436
					5,700,255
Utility – 1.4%
Electric – 1.4%
AES Corp./VA 4.00%, 03/15/2021			49		48,549
Berkshire Hathaway Energy Co. 4.25%, 10/15/2050(a)			29		33,028
Colbun SA 3.15%, 03/06/2030(a)			200		186,000
Consolidated Edison Co. of New York, Inc. Series 20B 3.95%, 04/01/2050			29		30,736
Enel Chile SA 4.875%, 06/12/2028			68		65,918
Florida Power & Light Co. 2.85%, 04/01/2025			24		24,942
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/2024(a)			200		208,562
					597,735
Total Corporates - Investment Grade (cost $13,333,966)					13,169,898
MORTGAGE PASS-THROUGHS – 19.1%
Agency Fixed Rate30-Year – 16.8%
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035			59		67,208
Series 2007 5.50%, 07/01/2035			17		19,227
Series 2016 4.00%, 02/01/2046			184		199,858
Series 2017 4.00%, 07/01/2044			144		155,827
Series 2018 4.00%,11/01/2048-12/01/2048			174		187,093

	Principal Amount (000)		U.S. $ Value
4.50%,10/01/2048-11/01/2048	U.S.$	345	$	372,169
5.00%, 11/01/2048		86		93,186
FHLMC Uniform Mortgage-Backed Security Series 2019 3.50%,09/01/2049-11/01/2049		491		522,012
Series 2020 3.50%, 01/01/2050		110		117,322
FNMA Uniform Mortgage-Backed Security Series 2003 5.50%,04/01/2033-07/01/2033		54		60,601
Series 2004 5.50%,04/01/2034-11/01/2034		48		54,243
Series 2005 5.50%, 02/01/2035		56		63,156
Series 2010 4.00%, 12/01/2040		85		92,547
Series 2012 3.50%,02/01/2042-01/01/2043		218		233,744
Series 2013 3.50%, 04/01/2043		105		112,950
4.00%, 10/01/2043		329		357,707
Series 2017 3.50%, 09/01/2047		272		288,285
Series 2018 3.50%,03/01/2048-05/01/2048		1,843		1,962,193
4.00%,08/01/2048-12/01/2048		380		409,166
4.50%, 09/01/2048		307		331,553
Series 2019 3.50%,09/01/2049-11/01/2049		465		494,089
4.00%, 06/01/2049		219		236,255
Series 2020 3.50%, 01/01/2050		109		116,661
Government National Mortgage Association Series 1994 9.00%, 09/15/2024		1		862
Series 2016 3.00%, 04/20/2046		201		213,772
Series 2020 3.00%, 04/01/2050, TBA		150		158,578
				6,920,264
Agency Fixed Rate15-Year – 2.3%
FNMA Uniform Mortgage-Backed Security Series 2016 2.50%,07/01/2031-01/01/2032		921		958,570
Total Mortgage Pass-Throughs (cost $7,521,220)				7,878,834
COMMERCIAL MORTGAGE-BACKED SECURITIES – 13.2%
Non-Agency Fixed Rate CMBS – 10.7%
BAMLL Commercial Mortgage Securities Trust Series 2019-WBRK, Class D 3.534%, 03/10/2037(a)		110		93,743
CCUBS Commercial Mortgage Trust Series2017-C1, Class A4 3.544%, 11/15/2050		155		161,985

	Principal Amount (000)		U.S. $ Value
CFCRE Commercial Mortgage Trust Series2016-C4, Class A4 3.283%, 05/10/2058	U.S.$	115	$	117,613
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(a)		260		257,430
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 02/10/2048		144		145,716
Series 2015-GC35, Class A4 3.818%, 11/10/2048		55		58,969
Series2016-C1, Class A4 3.209%, 05/10/2049		192		201,583
Series 2016-GC36, Class A5 3.616%, 02/10/2049		65		69,049
Commercial Mortgage Trust Series2013-SFS, Class A1 1.873%, 04/12/2035(a)		45		44,005
Series 2014-UBS3, Class A4 3.819%, 06/10/2047		130		135,126
Series 2014-UBS5, Class A4 3.838%, 09/10/2047		130		136,073
Series 2015-CR24, Class A5 3.696%, 08/10/2048		65		69,359
Series2015-DC1, Class A5 3.35%, 02/10/2048		80		82,068
CSAIL Commercial Mortgage Trust Series2015-C2, Class A4 3.504%, 06/15/2057		100		103,564
Series2015-C3, Class A4 3.718%, 08/15/2048		117		122,023
Series2015-C4, Class A4 3.808%, 11/15/2048		215		226,412
GS Mortgage Securities Trust Series2011-GC5, Class D 5.389%, 08/10/2044(a)		10		9,508
Series2013-G1, Class A2 3.557%, 04/10/2031(a)		136		138,789
Series 2015-GC28, Class A5 3.396%, 02/10/2048		95		98,088
Series2018-GS9, Class A4 3.992%, 03/10/2051		75		80,467
JP Morgan Chase Commercial Mortgage Securities Trust Series2012-C6, Class D 5.157%, 05/15/2045		110		101,466
Series2012-C6, Class E 5.157%, 05/15/2045(a)		132		113,080
JPMBB Commercial Mortgage Securities Trust Series2014-C21, Class A5 3.775%, 08/15/2047		100		105,577
Series2014-C22, Class XA 0.835%, 09/15/2047(d)		2,555		76,817
Series2014-C24, Class C 4.409%, 11/15/2047		110		95,315
Series2015-C30, Class A5 3.822%, 07/15/2048		65		69,386

	Principal Amount (000)		U.S. $ Value
Series2015-C31, Class A3 3.801%, 08/15/2048	U.S.$	195	$	208,318
LB-UBS Commercial Mortgage Trust Series2006-C6, Class AJ 5.452%, 09/15/2039		25		14,331
LSTAR Commercial Mortgage Trust Series2016-4, Class A2 2.579%, 03/10/2049(a)		159		159,709
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049		100		104,173
UBS Commercial Mortgage Trust Series2018-C10, Class A4 4.313%, 05/15/2051		125		137,794
Series2018-C8, Class A4 3.983%, 02/15/2051		100		104,361
Series2018-C9, Class A4 4.117%, 03/15/2051		125		139,117
UBS-Barclays Commercial Mortgage Trust Series2012-C4, Class A5 2.85%, 12/10/2045		112		111,718
Wells Fargo Commercial Mortgage Trust Series2015-SG1, Class A4 3.789%, 09/15/2048		95		99,285
Series2016-C35, Class XA 1.948%, 07/15/2048(d)		954		84,297
Series 2016-LC25, Class C 4.418%, 12/15/2059		85		69,386
Series 2016-NXS6, Class C 4.314%, 11/15/2049		100		82,024
WF-RBS Commercial Mortgage Trust Series2013-C11, Class XA 1.185%, 03/15/2045(a) (d)		1,251		34,369
Series2014-C19, Class A5 4.101%, 03/15/2047		130		137,885
				4,399,978
Non-Agency Floating Rate CMBS – 2.5%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.705% (LIBOR 1 Month + 1.00%), 05/15/2035(a) (c)		100		88,995
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.655% (LIBOR 1 Month + 0.95%), 06/15/2035(a) (c)		100		80,647
BAMLL Commercial Mortgage Securities Trust Series2017-SCH, Class AF 1.705% (LIBOR 1 Month + 1.00%), 11/15/2033(c) (e)		185		177,486
BFLD Series 2019-DPLO, Class D 2.545% (LIBOR 1 Month + 1.84%), 10/15/2034(a) (c)		70		52,522

	Principal Amount (000)		U.S. $ Value
BHMS Series 2018-ATLS, Class A 1.955% (LIBOR 1 Month + 1.25%), 07/15/2035(c) (e)	U.S.$	81	$	67,804
BX Trust Series 2018-EXCL, Class A 1.792% (LIBOR 1 Month + 1.09%), 09/15/2037(a) (c)		86		75,273
CLNY Trust Series 2019-IKPR, Class D 2.73% (LIBOR 1 Month + 2.03%), 11/15/2038(a) (c)		65		47,105
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.78% (LIBOR 1 Month + 1.03%), 12/19/2030(a) (c)		100		81,779
GS Mortgage Securities Corp. Trust Series 2019-BOCA, Class A 1.905% (LIBOR 1 Month + 1.20%), 06/15/2038(a) (c)		115		103,489
Series2019-SMP, Class A 1.855% (LIBOR 1 Month + 1.15%), 08/15/2032(a) (c)		100		84,939
JP Morgan Chase Commercial Mortgage Securities Trust Series2020-NNN, Class EFL 2.555% (LIBOR 1 Month + 1.85%), 01/16/2037(c) (e)		10		9,168
Starwood Retail Property Trust Series 2014-STAR, Class A 2.175% (LIBOR 1 Month + 1.47%), 11/15/2027(a) (c)		174		162,148
				1,031,355
Total Commercial Mortgage-Backed Securities (cost $5,652,807)				5,431,333
COLLATERALIZED MORTGAGE OBLIGATIONS – 10.6%
Risk Share Floating Rate – 8.4%
Bellemeade Re Ltd. Series2017-1, Class M1 2.647% (LIBOR 1 Month + 1.70%), 10/25/2027(a) (c)		13		13,287
Series2018-2A, Class M1B 2.297% (LIBOR 1 Month + 1.35%), 08/25/2028(a) (c)		126		125,502
Series2018-3A, Class M1B 2.797% (LIBOR 1 Month + 1.85%), 10/25/2028(a) (c)		139		138,349
Series2019-4A, Class M1B 2.947% (LIBOR 1 Month + 2.00%), 10/25/2029(a) (c)		150		143,247
Connecticut Avenue Securities Trust Series2018-R07, Class 1M2 3.347% (LIBOR 1 Month + 2.40%), 04/25/2031(a) (c)		44		37,382

	Principal Amount (000)		U.S. $ Value
Series 2019-HRP1, Class M2 3.81% (LIBOR 1 Month + 2.15%), 11/25/2039(a) (c)	U.S.$	105	$	92,884
Series2019-R02, Class 1M2 3.247% (LIBOR 1 Month + 2.30%), 08/25/2031(a) (c)		61		50,480
Series2019-R03, Class 1M2 3.097% (LIBOR 1 Month + 2.15%), 09/25/2031(a) (c)		102		83,635
Series2019-R04, Class 2M2 3.047% (LIBOR 1 Month + 2.10%), 06/25/2039(a) (c)		115		93,527
Series2019-R05, Class 1M2 2.947% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (c)		120		101,374
Series2019-R06, Class 2M2 3.047% (LIBOR 1 Month + 2.10%), 09/25/2039(a) (c)		115		88,910
Series2019-R07, Class 1M2 3.047% (LIBOR 1 Month + 2.10%), 10/25/2039(a) (c)		110		88,631
Series2020-R01, Class 1M2 2.997% (LIBOR 1 Month + 2.05%), 01/25/2040(a) (c)		130		77,350
Series2020-R02, Class 2M2 2.947% (LIBOR 1 Month + 2.00%), 01/25/2040(a) (c)		100		64,863
Eagle RE Ltd. Series2018-1, Class M1 2.647% (LIBOR 1 Month + 1.70%), 11/25/2028(a) (c)		77		76,809
Eagle Re Ltd. Series2020-1, Class M1A 1.847% (LIBOR 1 Month + 0.90%), 01/25/2030(a) (c)		150		143,020
Federal Home Loan Mortgage Corp. Series 2019-DNA3, Class M2 2.997% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (c)		111		90,835
Series 2019-DNA4, Class M2 2.897% (LIBOR 1 Month + 1.95%), 10/25/2049(a) (c)		110		82,568
Series 2019-FTR2, Class M2 3.097% (LIBOR 1 Month + 2.15%), 11/25/2048(a) (c)		115		85,633
Series 2019-HQA1, Class M2 3.297% (LIBOR 1 Month + 2.35%), 02/25/2049(a) (c)		89		75,422
Series 2020-DNA1, Class M2 2.647% (LIBOR 1 Month + 1.70%), 01/25/2050(a) (c)		110		70,950
Series 2020-DNA2, Class M2 2.797% (LIBOR 1 Month + 1.85%), 02/25/2050(a) (c)		60		38,112

	Principal Amount (000)		U.S. $ Value
Series 2020-HQA2, Class M1 1.911% (LIBOR 1 Month + 1.10%), 03/25/2050(a) (c)	U.S.$	65	$	62,746
Federal National Mortgage Association Connecticut Avenue Securities Series2014-C03, Class 1M2 3.947% (LIBOR 1 Month + 3.00%), 07/25/2024(c)		36		33,223
Series2014-C04, Class 2M2 5.947% (LIBOR 1 Month + 5.00%), 11/25/2024(c)		31		29,805
Series2015-C01, Class 1M2 5.247% (LIBOR 1 Month + 4.30%), 02/25/2025(c)		62		58,566
Series2015-C01, Class 2M2 5.497% (LIBOR 1 Month + 4.55%), 02/25/2025(c)		29		27,780
Series2015-C02, Class 1M2 4.947% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		57		53,065
Series2015-C02, Class 2M2 4.947% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		52		49,152
Series2015-C03, Class 1M2 5.947% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		72		69,489
Series2015-C03, Class 2M2 5.947% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		48		46,526
Series2015-C04, Class 1M2 6.647% (LIBOR 1 Month + 5.70%), 04/25/2028(c)		88		86,996
Series2015-C04, Class 2M2 6.497% (LIBOR 1 Month + 5.55%), 04/25/2028(c)		70		64,427
Series2016-C01, Class 1M2 7.697% (LIBOR 1 Month + 6.75%), 08/25/2028(c)		118		112,996
Series2016-C02, Class 1M2 6.947% (LIBOR 1 Month + 6.00%), 09/25/2028(c)		98		96,100
Series2016-C05, Class 2M2 5.397% (LIBOR 1 Month + 4.45%), 01/25/2029(c)		80		76,336
Series2016-C06, Class 1M2 5.197% (LIBOR 1 Month + 4.25%), 04/25/2029(c)		61		59,080
Series2017-C04, Class 2M2 3.797% (LIBOR 1 Month + 2.85%), 11/25/2029(c)		45		39,271

	Principal Amount (000)		U.S. $ Value
Home Re Ltd. Series2018-1, Class M1 2.547% (LIBOR 1 Month + 1.60%), 10/25/2028(a) (c)	U.S.$	73	$	72,514
Mortgage Insurance-Linked Notes Series2020-1, Class M1A 1.897% (LIBOR 1 Month + 0.95%), 02/25/2030(a) (c)		150		143,810
Series2020-1, Class M2A 2.947% (LIBOR 1 Month + 2.00%), 02/25/2030(a) (c)		150		96,686
PMT Credit Risk Transfer Trust Series2019-1R, Class A 3.613% (LIBOR 1 Month + 2.00%), 03/27/2024(c) (e)		86		82,885
Series2019-2R, Class A 4.363% (LIBOR 1 Month + 2.75%), 05/27/2023(c) (e)		113		105,335
Series2019-3R, Class A 3.659% (LIBOR 1 Month + 2.70%), 10/27/2022(c) (e)		84		80,905
Wells Fargo Credit Risk Transfer Securities Trust Series2015-WF1, Class 1M2 6.877% (LIBOR 1 Month + 5.25%), 11/25/2025(c) (e)		35		31,630
Series2015-WF1, Class 2M2 7.127% (LIBOR 1 Month + 5.50%), 11/25/2025(c) (e)		17		14,835
				3,456,928
Agency Floating Rate – 1.3%
Federal National Mortgage Association REMICs Series2011-131, Class ST 5.593% (6.54% – LIBOR 1 Month), 12/25/2041(c) (f)		134		27,092
Series2012-70, Class SA 5.603% (6.55% – LIBOR 1 Month), 07/25/2042(c) (f)		245		55,455
Series2015-90, Class SL 5.203% (6.15% – LIBOR 1 Month), 12/25/2045(c) (f)		261		54,974
Series2016-77, Class DS 5.053% (6.00% – LIBOR 1 Month), 10/25/2046(c) (f)		249		45,476
Series2017-16, Class SG 5.103% (6.05% – LIBOR 1 Month), 03/25/2047(c) (f)		268		51,204
Series2017-26, Class TS 5.003% (5.95% – LIBOR 1 Month), 04/25/2047(c) (f)		255		51,416
Series2017-62, Class AS 5.203% (6.15% – LIBOR 1 Month), 08/25/2047(c) (f)		267		44,077
Series2017-81, Class SA 5.253% (6.20% – LIBOR 1 Month), 10/25/2047(c) (f)		265		53,253

	Principal Amount (000)		U.S. $ Value
Series2017-97, Class LS 5.253% (6.20% – LIBOR 1 Month), 12/25/2047(c) (f)	U.S.$	268	$	60,981
Government National Mortgage Association Series2017-134, Class SE 5.427% (6.20% – LIBOR 1 Month), 09/20/2047(c) (f)		218		31,113
Series2017-65, Class ST 5.377% (6.15% – LIBOR 1 Month), 04/20/2047(c) (f)		252		52,793
				527,834
Non-Agency Fixed Rate – 0.6%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		14		11,894
Series 2006-24CB, Class A16 5.75%, 08/25/2036		60		40,136
Series 2006-28CB, Class A14 6.25%, 10/25/2036		44		31,309
Series2006-J1, Class 1A13 5.50%, 02/25/2036		30		24,787
Chase Mortgage Finance Trust Series2007-S5, Class 1A17 6.00%, 07/25/2037		21		14,415
Countrywide Home Loan Mortgage Pass-Through Trust Series2006-10, Class 1A8 6.00%, 05/25/2036		29		20,414
Series2006-13, Class 1A19 6.25%, 09/25/2036		15		9,655
First Horizon Alternative Mortgage Securities Trust Series2006-FA3, Class A9 6.00%, 07/25/2036		46		31,403
JP Morgan Alternative Loan Trust Series2006-A3, Class 2A1 4.196%, 07/25/2036		95		70,901
				254,914
Non-Agency Floating Rate – 0.2%
DeutscheAlt-A Securities Mortgage Loan Trust Series2006-AR4, Class A2 1.137% (LIBOR 1 Month + 0.19%), 12/25/2036(c)		116		50,590
HomeBanc Mortgage Trust Series2005-1, Class A1 1.197% (LIBOR 1 Month + 0.25%), 03/25/2035(c)		32		25,092
				75,682

	Principal Amount (000)			U.S. $ Value
Agency Fixed Rate – 0.1%
Federal National Mortgage Association Grantor Trust Series2004-T5, Class AB4 2.167%, 05/28/2035		U.S.$	50	$	43,366
Total Collateralized Mortgage Obligations (cost $4,994,012)					4,358,724
INFLATION-LINKED SECURITIES – 8.7%
Japan – 1.4%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027		JPY	60,851		565,564
United States – 7.3%
U.S. Treasury Inflation Index 0.125%,04/15/2021-07/15/2026 (TIPS)		U.S.$	1,042		1,031,682
0.125%, 07/15/2022 (TIPS)(g)			1,228		1,215,753
0.375%, 07/15/2025 (TIPS)			664		676,500
0.75%, 07/15/2028 (TIPS)			92		98,768
					3,022,703
Total Inflation-Linked Securities (cost $3,573,728)					3,588,267
GOVERNMENTS - TREASURIES – 6.2%
Malaysia – 0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022		MYR	474		112,032
United States – 5.9%
U.S. Treasury Bonds 2.00%, 02/15/2050		U.S.$	30		34,739
2.375%, 11/15/2049			55		68,372
3.00%, 11/15/2045			638		862,852
4.375%, 11/15/2039			610		952,839
U.S. Treasury Notes 1.125%, 02/28/2025			365		378,516
1.50%, 02/15/2030			43		46,279
1.75%, 11/15/2029			101		110,863
					2,454,460
Total Governments - Treasuries (cost $2,314,671)					2,566,492
ASSET-BACKED SECURITIES – 5.3%
Autos - Fixed Rate – 2.9%
Avis Budget Rental Car Funding AESOP LLC Series2016-1A, Class A 2.99%, 06/20/2022(a)			100		97,664
Series2018-2A, Class A 4.00%, 03/20/2025(a)			105		103,608
Exeter Automobile Receivables Trust Series2016-3A, Class D 6.40%, 07/17/2023(a)			100		102,029

	Principal Amount (000)		U.S. $ Value
Series2017-1A, Class D 6.20%, 11/15/2023(a)	U.S.$	100	$	91,735
Series2017-3A, Class C 3.68%, 07/17/2023(a)		60		58,317
First Investors Auto Owner Trust Series2020-1A, Class A 1.49%, 01/15/2025(a)		65		65,068
Flagship Credit Auto Trust Series2016-4, Class D 3.89%, 11/15/2022(a)		125		124,813
Series2018-3, Class B 3.59%, 12/16/2024(a)		75		74,611
Ford Credit Floorplan Master Owner Trust Series2017-1, Class A1 2.07%, 05/15/2022		115		114,867
Hertz Vehicle Financing II LP Series2017-1A, Class A 2.96%, 10/25/2021(a)		125		122,976
Series2019-1A, Class A 3.71%, 03/25/2023(a)		100		97,062
Hertz Vehicle Financing LLC Series2018-2A, Class A 3.65%, 06/27/2022(a)		125		123,869
				1,176,619
Other ABS - Fixed Rate – 1.6%
Consumer Loan Underlying Bond Credit Trust Series2018-P1, Class A 3.39%, 07/15/2025(a)		14		13,985
Marlette Funding Trust Series2018-3A, Class A 3.20%, 09/15/2028(a)		14		13,952
Series2018-4A, Class A 3.71%, 12/15/2028(a)		21		20,311
Series2019-3A, Class A 2.69%, 09/17/2029(a)		62		59,777
Series2020-1A, Class A 2.24%, 03/15/2030(a)		184		177,935
SBA Tower Trust Series2015-1A,Class C 3.156%, 10/08/2020(e)		147		147,154
SoFi Consumer Loan Program LLC Series2016-2, Class A 3.09%, 10/27/2025(a)		6		6,068
Series2016-3, Class A 3.05%, 12/26/2025(a)		7		7,197
Series2017-1, Class A 3.28%, 01/26/2026(a)		11		10,504
Series2017-2, Class A 3.28%, 02/25/2026(a)		14		13,737
Series2017-3, Class A 2.77%, 05/25/2026(a)		20		20,219

	Principal Amount (000)		U.S. $ Value
Series2017-4, Class B 3.59%, 05/26/2026(a)	U.S.$	130	$	117,844
Series2017-5, Class A2 2.78%, 09/25/2026(a)		66		62,183
				670,866
Credit Cards - Fixed Rate – 0.7%
World Financial Network Credit Card Master Trust Series2018-A, Class A 3.07%, 12/16/2024		130		129,640
Series2018-B, Class M 3.81%, 07/15/2025		70		70,815
Series2019-B, Class M 3.04%, 04/15/2026		80		79,588
				280,043
Home Equity Loans - Fixed Rate – 0.1%
Credit-Based Asset Servicing & Securitization LLC Series2003-CB1, Class AF 3.95%, 01/25/2033		44		42,283
Home Equity Loans - Floating Rate – 0.0%
ABFC Trust Series2003-WF1, Class A2 2.072% (LIBOR 1 Month + 1.13%), 12/25/2032(c)		18		17,052
Total Asset-Backed Securities (cost $2,233,375)				2,186,863
CORPORATES -NON-INVESTMENT GRADE – 2.7%
Financial Institutions – 1.4%
Banking – 1.2%
Citigroup, Inc. 5.95%, 01/30/2023(b)		55		53,183
Series Q 5.95%, 08/15/2020(b)		90		79,683
Credit Suisse Group AG 7.50%, 07/17/2023(a) (b)		200		186,052
Goldman Sachs Group, Inc. (The) Series M 5.375%, 05/10/2020(b)		45		40,162
Series P 5.00%, 11/10/2022(b)		27		23,048
Morgan Stanley Series J 5.55%, 07/15/2020(b)		20		17,421
Standard Chartered PLC 3.28% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (b) (c)		100		76,397
				475,946

	Principal Amount (000)		U.S. $ Value
Finance – 0.2%
Navient Corp. 6.625%, 07/26/2021	U.S.$	95	$	97,505
				573,451
Industrial – 1.3%
Basic – 0.1%
Sealed Air Corp. 4.00%, 12/01/2027(a)		47		43,702
Capital Goods – 0.1%
TransDigm, Inc. 6.25%, 03/15/2026(a)		50		49,824
Communications - Media – 0.1%
CSC Holdings LLC 6.75%, 11/15/2021		30		31,177
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026(a)		30		24,366
				55,543
Consumer Cyclical - Automotive – 0.1%
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 6.25%, 05/15/2026(a)		20		18,759
ConsumerNon-Cyclical – 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(a)		75		73,942
CVS Health Corp. 3.625%, 04/01/2027		27		27,607
Spectrum Brands, Inc. 5.75%, 07/15/2025		69		65,007
				166,556
Energy – 0.4%
Occidental Petroleum Corp. 2.90%, 08/15/2024		75		41,231
3.50%, 08/15/2029		36		17,003
Sunoco LP/Sunoco Finance Corp. 4.875%, 01/15/2023		69		66,241
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)		33		26,436
				150,911
Technology – 0.1%
CommScope, Inc. 5.50%, 03/01/2024(a)		26		26,276

	Principal Amount (000)		U.S. $ Value
6.00%, 03/01/2026(a)	U.S.$	25	$	25,011
				51,287
				536,582
Total Corporates -Non-Investment Grade (cost $1,259,704)				1,110,033
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 1.1%
United States – 1.1%
State of California Series 2010 7.625%, 03/01/2040		200		322,660
State of Florida Series 2019A 5.00%, 06/01/2020		125		125,796
Total Local Governments - US Municipal Bonds (cost $328,571)				448,456
	Shares
PREFERRED STOCKS – 0.2%
Financial Institutions – 0.2%
REITS – 0.2%
Sovereign Real Estate Investment Trust 12.00%(a) (cost $87,659)		93		98,348
	Principal Amount (000)
QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Mexico – 0.1%
Petroleos Mexicanos 6.75%, 09/21/2047	U.S.$	50		32,330
6.84%, 01/23/2030(a)		17		12,300
Total Quasi-Sovereigns (cost $60,872)				44,630
EMERGING MARKETS - CORPORATE BONDS – 0.1%
Utility – 0.1%
Electric – 0.1%
Terraform Global Operating LLC 6.125%, 03/01/2026(e) (cost $21,000)		21		20,633
	Shares
SHORT-TERM INVESTMENTS – 2.0%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(h) (i) (j) (cost $289,831)		289,831		289,831

	Principal Amount (000)			U.S. $ Value
Governments - Treasuries – 0.7%
Japan – 0.7%
Japan Treasury Discount Bill Series 887 Zero Coupon, 05/11/2020 (cost $267,003)		JPY	29,700	$	276,289
Short-Term Municipal Notes – 0.6%
Massachusetts – 0.3%
Commonwealth of Massachusetts Series 2019A 4.00%, 04/23/2020		U.S.$	130		130,211
Texas – 0.3%
State of Texas 4.00%, 08/27/2020			125		126,410
Total Short-Term Municipal Notes (cost $256,114)					256,621
Total Short-Term Investments (cost $812,948)					822,741
Total Investments – 101.2% (cost $42,194,534)(k)					41,725,252
Other assets less liabilities – (1.2)%					(491,782	)
Net Assets – 100.0%				$	41,233,470

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		3		June 2020		$	570,783		$	(8,308	)
U.S. 10 Yr Ultra Futures		10		June 2020			1,560,313			85,244
U.S.T-Note 2 Yr (CBT) Futures		12		June 2020			2,644,594			13,158
U.S.T-Note 5 Yr (CBT) Futures		26		June 2020			3,259,344			19,257
U.S.T-Note 10 Yr (CBT) Futures		1		June 2020			138,687			6,202
U.S. Ultra Bond (CBT) Futures		14		June 2020			3,106,250			321,886
Sold Contracts
10 Yr Mini Japan Government Bond Futures		5		June 2020			709,835			9,558
									$	446,997

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		MYR	491		USD	120		08/13/2020		$	5,964
JPMorgan Chase Bank, NA		JPY	139,154		USD	1,280		04/09/2020			(14,479	)
State Street Bank & Trust Co.		ZAR	1,082		USD	74		04/08/2020			13,583
State Street Bank & Trust Co.		EUR	128		USD	143		04/08/2020			2,363
State Street Bank & Trust Co.		CAD	68		USD	48		05/22/2020			(900	)
State Street Bank & Trust Co.		GBP	2		USD	3		05/15/2020			117
State Street Bank & Trust Co.		USD	42		EUR	40		04/08/2020			1,462
State Street Bank & Trust Co.		USD	92		ZAR	1,341		04/08/2020			(17,173	)
State Street Bank & Trust Co.		USD	428		JPY	45,130		04/09/2020			(7,769	)
										$	(16,832	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2020				Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00	%		Quarterly		6.37	%	USD		637	$	(32,431	)	$	(31,977	)	$	(454	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
CAD	3,550	08/27/2021		3 Month CDOR		1.623%		Semi-Annual/ Semi-Annual	$	29,152		$	17	$	29,135
SEK	15,600	08/30/2024		3 Month STIBOR		(0.165)%		Quarterly/Annual		(25,245	)		—		(25,245	)
CAD	600	01/14/2025		3 Month CDOR		1.950%		Semi-Annual/ Semi-Annual		20,015			1		20,014
USD	130	09/27/2029		1.593%		3 Month LIBOR		Semi-Annual/ Quarterly		(10,720	)		—		(10,720	)
JPY	142,860	12/13/2029		6 Month LIBOR		0.080%		Semi-Annual/ Semi-Annual		10,351			—		10,351
USD	250	12/13/2029		1.764%		3 Month LIBOR		Semi-Annual/ Quarterly		(26,376	)		—		(26,376	)
CAD	130	01/14/2050		2.210%		3 Month CDOR		Semi-Annual/ Semi-Annual		(17,053	)		—		(17,053	)
									$	(19,876	)	$	18	$	(19,894	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		25.00	%		USD	19	$	(7,403	)	$	(2,917	)	$	(4,486	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	38		(14,806	)		(5,904	)		(8,902	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	3		(1,169	)		(477	)		(692	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	2		(779	)		(319	)		(460	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	19		(7,403	)		(3,064	)		(4,339	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	166		(64,679	)		(26,598	)		(38,081	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	37		(8,169	)		(4,209	)		(3,960	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	54		(11,923	)		(6,143	)		(5,780	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	73		(16,118	)		(8,121	)		(7,997	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	107		(23,626	)		(11,904	)		(11,722	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	73		(16,118	)		(7,962	)		(8,156	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	91		(20,093	)		(9,693	)		(10,400	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	78		(17,223	)		(8,351	)		(8,872	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	29		(6,403	)		(3,101	)		(3,302	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		13.94	%		USD	31	$	(6,842	)	$	(4,729	)	$	(2,113	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	60		(13,248	)		(8,095	)		(5,153	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	32		(7,065	)		(4,217	)		(2,848	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	5		(1,104	)		(640	)		(464	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	44		(9,715	)		(5,730	)		(3,985	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	62		(13,689	)		(7,817	)		(5,872	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	22		(4,858	)		(2,774	)		(2,084	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	44		(9,715	)		(5,548	)		(4,167	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	52		(11,477	)		(7,701	)		(3,776	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	5		(1,103	)		(800	)		(303	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	47		(10,381	)		(5,632	)		(4,749	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	14		(3,093	)		(1,678	)		(1,415	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	318		(70,256	)		(12,928	)		(57,328	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	350		(77,280	)		(20,129	)		(57,151	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	28		(6,183	)		(1,924	)		(4,259	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	94		(20,755	)		(6,043	)		(14,712	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		13.94	%		USD	56	$	(12,360	)	$	(8,256	)	$	(4,104	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		6.85			USD	135		(14,184	)		(2,624	)		(11,560	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	8		(1,767	)		(932	)		(835	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	51		(11,261	)		(6,386	)		(4,875	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	84		(18,547	)		(8,993	)		(9,554	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	27		(5,962	)		(3,068	)		(2,894	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	28		(6,183	)		(3,183	)		(3,000	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	8		(1,766	)		(456	)		(1,310	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	85		(18,768	)		(6,948	)		(11,820	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	132		(29,145	)		(9,193	)		(19,952	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	92		(20,314	)		(12,121	)		(8,193	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	246		(54,317	)		(11,955	)		(42,362	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	49		(10,820	)		(4,208	)		(6,612	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	4		(883	)		(356	)		(527	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	8		(1,767	)		(726	)		(1,041	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	8		(1,766	)		(785	)		(981	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		13.94	%		USD	16	$	(3,532	)	$	(1,716	)	$	(1,816	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	34		(7,505	)		(5,194	)		(2,311	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	57		(12,586	)		(6,035	)		(6,551	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	41		(9,053	)		(5,545	)		(3,508	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	14		(3,091	)		(1,784	)		(1,307	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	4		(883	)		(604	)		(279	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	39		(8,608	)		(6,426	)		(2,182	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	28		(6,180	)		(4,548	)		(1,632	)
JPMorgan Securties, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	9		(1,986	)		(1,141	)		(845	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	51		(11,256	)		(6,215	)		(5,041	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	18		(3,973	)		(2,213	)		(1,760	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		13.94			USD	35		(7,728	)		(2,453	)		(5,275	)
												$	(768,867	)	$	(319,212	)	$	(449,655	)

* Termination date

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the aggregate market value of these securities amounted to $8,136,344 or 19.7% of net assets.

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

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

(d) IO - Interest Only.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 1.80% of net assets as of March 31, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
BAMLL Commercial Mortgage Securities Trust
Series2017-SCH, Class AF 1.705%, 11/15/2033		12/04/2017	$	185,000	$	177,486		0.43	%
BHMS
Series 2018-ATLS, Class A 1.955%, 07/15/2035		07/13/2018		81,049		67,804		0.16	%
JP Morgan Chase Commercial Mortgage Securities Trust
Series2020-NNN, Class EFL 2.555%, 01/16/2037		02/11/2020		10,000		9,168		0.02	%
PMT Credit Risk Transfer Trust
Series2019-1R, Class A 3.613%, 03/27/2024		03/21/2019		86,260		82,885		0.20	%
PMT Credit Risk Transfer Trust
Series2019-2R, Class A 4.363%, 05/27/2023		06/07/2019		112,878		105,335		0.26	%
PMT Credit Risk Transfer Trust
Series2019-3R, Class A 3.659%, 10/27/2022		10/11/2019		84,434		80,905		0.20	%
SBA Tower Trust
Series2015-1A,Class C 3.156%, 10/08/2020		10/06/2015		147,000		147,154		0.36	%
Terraform Global Operating LLC
6.125%, 03/01/2026		02/08/2018		21,000		20,633		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust
Series2015-WF1, Class 1M2 6.877%, 11/25/2025		09/28/2015		35,363		31,630		0.08	%
Wells Fargo Credit Risk Transfer Securities Trust
Series2015-WF1, Class 2M2 7.127%, 11/25/2025		09/28/2015		16,449		14,835		0.04	%

(f) Inverse interest only security.

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

(h) Affiliated investments.

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

(j) The rate shown represents the7-day yield as of period end.

(k) As of March 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,773,152 and gross unrealized depreciation of investments was $(2,282,272), resulting in net unrealized depreciation of $(509,120).

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

MYR – Malaysian Ringgit

SEK – Swedish Krona

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

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

CMBS – Commercial Mortgage-Backed Securities

CPI – Consumer Price Index

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

LIBOR – London Interbank Offered Rates

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

STIBOR – Stockholm Interbank Offered Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

March 31, 2020 (unaudited)

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

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

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

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

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

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

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

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

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	13,169,898		$	—	$	13,169,898
Mortgage Pass-Throughs		—			7,878,834			—		7,878,834
Commercial Mortgage-Backed Securities		—			5,431,333			—		5,431,333
Collateralized Mortgage Obligations		—			4,358,724			—		4,358,724
Inflation-Linked Securities		—			3,588,267			—		3,588,267
Governments - Treasuries		—			2,566,492			—		2,566,492
Asset-Backed Securities		—			2,186,863			—		2,186,863
Corporates -Non-Investment Grade		—			1,110,033			—		1,110,033
Local Governments - US Municipal Bonds		—			448,456			—		448,456
Preferred Stocks		—			98,348			—		98,348
Quasi-Sovereigns		—			44,630			—		44,630
Emerging Markets - Corporate Bonds		—			20,633			—		20,633
Short-Term Investments:
Investment Companies		289,831			—			—		289,831
Governments - Treasuries		—			276,289			—		276,289
Short-Term Municipal Notes		—			256,621			—		256,621
Total Investments in Securities		289,831			41,435,421			—		41,725,252
Other Financial Instruments(a):
Assets:
Futures		455,305			—			—		455,305
Forward Currency Exchange Contracts		—			23,489			—		23,489
Centrally Cleared Interest Rate Swaps		—			59,518			—		59,518
Liabilities:
Futures		(8,308	)		—			—		(8,308	)
Forward Currency Exchange Contracts		—			(40,321	)		—		(40,321	)
Centrally Cleared Credit Default Swaps		—			(32,431	)		—		(32,431	)
Centrally Cleared Interest Rate Swaps		—			(79,394	)		—		(79,394	)
Credit Default Swaps		—			(768,867	)		—		(768,867	)
Total	$	736,828		$	40,597,415		$	—	$	41,334,243

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

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

Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	264	$	6,064	$	6,038	$	290	$	1