Ab Variable Products Series Fund NPORT-P AB Balanced Wealth Strategy Portfolio (Sep 2021 report)

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy Portfolio

Portfolio of Investments

September 30, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 38.1%
Information Technology – 8.7%
Electronic Equipment, Instruments & Components – 0.3%
Arrow Electronics, Inc.(a)		558	$	62,658
CDW Corp./DE		3,798		691,312
				753,970
IT Services – 1.7%
Accenture PLC - Class A		156		49,908
EPAM Systems, Inc.(a)		90		51,343
FleetCor Technologies, Inc.(a)		1,603		418,816
Gartner, Inc.(a)		146		44,367
Genpact Ltd.		13,102		622,477
International Business Machines Corp.		137		19,033
PayPal Holdings, Inc.(a)		3,400		884,714
Visa, Inc. - Class A(b)		9,216		2,052,864
Western Union Co. (The) - Class W		1,761		35,607
				4,179,129
Semiconductors & Semiconductor Equipment – 1.5%
Advanced Micro Devices, Inc.(a)		404		41,572
Analog Devices, Inc.		2,122		355,393
Applied Materials, Inc.		583		75,050
ASML Holding NV		133		99,359
Broadcom, Inc.		81		39,279
KLA Corp.		19		6,356
Lam Research Corp.		21		11,952
NVIDIA Corp.		4,888		1,012,598
NXP Semiconductors NV		4,004		784,263
QUALCOMM, Inc.		8,024		1,034,935
STMicroelectronics NV		822		35,890
Teradyne, Inc.		132		14,410
				3,511,057
Software – 3.6%
Adobe, Inc.(a)		1,540		886,609
Autodesk, Inc.(a)		15		4,278
Citrix Systems, Inc.		5,163		554,351
Constellation Software, Inc./Canada		25		40,956
Dropbox, Inc. - Class A(a)		1,257		36,730
Fair Isaac Corp.(a)		45		17,907
Fortinet, Inc.(a)		114		33,293
Intuit, Inc.		69		37,226
Microsoft Corp.		19,340		5,452,332
NortonLifeLock, Inc.		31,444		795,533
Oracle Corp.		9,524		829,826
RingCentral, Inc. - Class A(a)		75		16,313
ServiceNow, Inc.(a)		112		69,694
Trend Micro, Inc./Japan		600		33,413
				8,808,461
Technology Hardware, Storage & Peripherals – 1.6%
Apple, Inc.		22,785		3,224,077
NetApp, Inc.		485		43,534

1

Company	Shares		U.S. $ Value
Western Digital Corp.(a)		10,476	$	591,265
				3,858,876
				21,111,493
Consumer Discretionary – 4.4%
Auto Components – 0.4%
Aisin Corp.		1,500		54,355
BorgWarner, Inc.		291		12,574
Goodyear Tire & Rubber Co. (The)(a)		20,204		357,611
Lear Corp.		79		12,362
Magna International, Inc. - Class A (Canada)		316		23,781
Magna International, Inc. - Class A (United States)		5,813		437,370
				898,053
Automobiles – 0.2%
Nissan Motor Co., Ltd.(a)		6,100		30,485
Stellantis NV(b)		24,464		467,262
Tesla, Inc.(a)		56		43,427
				541,174
Diversified Consumer Services – 0.1%
Chegg, Inc.(a)		4,665		317,313
Hotels, Restaurants & Leisure – 0.1%
Chipotle Mexican Grill, Inc. - Class A(a)		27		49,073
Domino’s Pizza Enterprises Ltd.		610		69,771
Domino’s Pizza, Inc.		18		8,585
La Francaise des Jeux SAEM(c)		276		14,191
				141,620
Household Durables – 0.0%
Electrolux AB - Class B(b)		2,371		54,779
Whirlpool Corp.		57		11,620
				66,399
Internet & Direct Marketing Retail – 1.6%
Amazon.com, Inc.(a)		891		2,926,971
eBay, Inc.		7,768		541,197
Etsy, Inc.(a) (b)		1,874		389,717
HelloFresh SE(a)		702		64,701
				3,922,586
Multiline Retail – 0.0%
Next PLC		407		44,770
Target Corp.		70		16,014
				60,784
Specialty Retail – 1.3%
AutoZone, Inc.(a)		473		803,149
Best Buy Co., Inc.		169		17,865
Home Depot, Inc. (The)		5,233		1,717,785
Lowe’s Cos., Inc.		15		3,043

2

Company	Shares		U.S. $ Value
TJX Cos., Inc. (The)		7,406	$	488,648
				3,030,490
Textiles, Apparel & Luxury Goods – 0.7%
Deckers Outdoor Corp.(a)		1,295		466,459
LVMH Moet Hennessy Louis Vuitton SE		32		22,920
NIKE, Inc. - Class B		7,636		1,108,976
Pandora A/S		509		61,793
				1,660,148
				10,638,567
Communication Services – 4.2%
Diversified Telecommunication Services – 0.6%
Comcast Corp. - Class A		24,075		1,346,515
Telefonica SA		10,581		49,652
Telenor ASA		1,180		19,862
				1,416,029
Entertainment – 0.5%
Electronic Arts, Inc.		5,287		752,076
Sea Ltd. (ADR)(a)		33		10,518
Take-Two Interactive Software, Inc.(a)		3,116		480,082
				1,242,676
Interactive Media & Services – 2.8%
Alphabet, Inc. - Class A(a)		38		101,594
Alphabet, Inc. - Class C(a)		1,545		4,117,904
Facebook, Inc. - Class A(a)		7,690		2,609,909
				6,829,407
Wireless Telecommunication Services – 0.3%
Softbank Corp.Softbank Corp.		1,300		17,634
T-Mobile US, Inc.(a)		6,434		822,008
				839,642
				10,327,754
Health Care – 4.2%
Biotechnology – 0.5%
AbbVie, Inc.		595		64,183
Amgen, Inc.		68		14,460
Horizon Therapeutics PLC(a)		77		8,435
Moderna, Inc.(a)		9		3,464
Regeneron Pharmaceuticals, Inc.(a)		779		471,435
Vertex Pharmaceuticals, Inc.(a)		3,303		599,131
				1,161,108
Health Care Equipment & Supplies – 1.2%
ABIOMED, Inc.(a)		32		10,417
Align Technology, Inc.(a)		44		29,279
Cooper Cos., Inc. (The)		83		34,305
Edwards Lifesciences Corp.(a)		6,431		728,053
IDEXX Laboratories, Inc.(a)		118		73,384

3

Company	Shares		U.S. $ Value
Medtronic PLC		10,662	$	1,336,482
ResMed, Inc.		73		19,239
Sonova Holding AG		31		11,715
Zimmer Biomet Holdings, Inc.		4,325		633,007
				2,875,881
Health Care Providers & Services – 1.2%
AmerisourceBergen Corp. - Class A		352		42,046
Anthem, Inc.		2,261		842,901
Humana, Inc.		68		26,462
Molina Healthcare, Inc.(a)		274		74,339
UnitedHealth Group, Inc.		5,266		2,057,637
Universal Health Services, Inc. - Class B		36		4,981
				3,048,366
Health Care Technology – 0.0%
Cerner Corp.		689		48,588
Life Sciences Tools & Services – 0.1%
Bio-Rad Laboratories, Inc. - Class A(a)		93		69,373
Eurofins Scientific SE		22		2,825
Mettler-Toledo International, Inc.(a)		46		63,358
Sartorius Stedim Biotech		84		46,940
Waters Corp.(a)		109		38,946
				221,442
Pharmaceuticals – 1.2%
Eli Lilly & Co.		365		84,333
Johnson & Johnson		3,299		532,788
Novo Nordisk A/S - Class B		911		87,811
Pfizer, Inc.		1,708		73,461
Roche Holding AG (Sponsored ADR)		24,851		1,129,975
Sumitomo Dainippon Pharma Co., Ltd.		200		3,575
Takeda Pharmaceutical Co., Ltd.		1,300		42,878
Zoetis, Inc.		4,607		894,403
				2,849,224
				10,204,609
Real Estate – 3.7%
Diversified Real Estate Activities – 0.2%
Daito Trust Construction Co., Ltd.		300		35,192
Mitsubishi Estate Co., Ltd.		3,200		50,953
Mitsui Fudosan Co., Ltd.		8,500		201,917
New World Development Co., Ltd.		17,000		69,143
Sumitomo Realty & Development Co., Ltd.		1,100		40,206
Sun Hung Kai Properties Ltd.		9,500		118,620
UOL Group Ltd.		7,000		35,200
				551,231
Diversified REITs – 0.2%
Alexander & Baldwin, Inc.		1,930		45,239
Broadstone Net Lease, Inc.		1,230		30,516
Charter Hall Long Wale REIT		9,930		35,098
Cofinimmo SA(a)		240		36,394
Essential Properties Realty Trust, Inc.		2,754		76,892
Fibra Uno Administracion SA de CV		13,590		15,466

4

Company	Shares		U.S. $ Value
ICADE		450	$	35,139
Land Securities Group PLC		5,880		54,804
Merlin Properties Socimi SA		5,910		60,736
Stockland		30,910		98,021
				488,305
Equity Real Estate Investment Trusts (REITs) – 1.1%
American Campus Communities, Inc.		9,386		454,751
American Tower Corp.		1,840		488,355
Iron Mountain, Inc.		915		39,757
Mid-America Apartment Communities, Inc.		3,806		710,771
Orix JREIT, Inc.		17		29,586
Prologis, Inc.		7,387		926,551
VICI Properties, Inc.(b)		1,183		33,609
Weyerhaeuser Co.		1,454		51,719
				2,735,099
Health Care REITs – 0.2%
Medical Properties Trust, Inc.		5,160		103,561
Physicians Realty Trust		4,823		84,981
Welltower, Inc.		2,410		198,584
				387,126
Hotel & Resort REITs – 0.1%
Apple Hospitality REIT, Inc.		5,150		81,010
Park Hotels & Resorts, Inc.(a)		3,760		71,966
RLJ Lodging Trust		5,366		79,739
				232,715
Industrial REITs – 0.3%
Americold Realty Trust(b)		2,847		82,705
Ascendas Real Estate Investment Trust		20,200		44,524
Centuria Industrial REIT		6,490		17,256
Dream Industrial Real Estate Investment Trust		5,205		66,573
GLP J-REIT		28		46,090
Industrial & Infrastructure Fund Investment Corp.		21		38,262
LondonMetric Property PLC		10,920		35,105
Mitsui Fudosan Logistics Park, Inc.		7		37,109
Plymouth Industrial REIT, Inc.		712		16,198
Rexford Industrial Realty, Inc.(b)		1,511		85,749
Segro PLC		7,106		114,150
STAG Industrial, Inc.		2,449		96,123
				679,844
Office REITs – 0.3%
Alexandria Real Estate Equities, Inc.		797		152,283
alstria office REIT-AG		2,740		49,701
City Office REIT, Inc.		4,450		79,477
Cousins Properties, Inc.		2,742		102,249
Daiwa Office Investment Corp.		5		33,743
Japan Prime Realty Investment Corp.		9		32,605
Nippon Building Fund, Inc.		14		90,955
True North Commercial Real Estate Investment Trust		2,430		13,890
Workspace Group PLC		3,040		33,793
				588,696

5

Company	Shares		U.S. $ Value
Real Estate Development – 0.0%
CIFI Holdings Group Co., Ltd.		30,000	$	20,366
Instone Real Estate Group SE(c)		1,525		43,544
				63,910
Real Estate Management & Development – 0.0%
FirstService Corp.		92		16,634
Nomura Real Estate Holdings, Inc.		1,300		33,798
				50,432
Real Estate Operating Companies – 0.2%
Aroundtown SA		9,510		65,514
CA Immobilien Anlagen AG		1,218		51,580
Castellum AB		1,880		45,895
CTP NV(c)		1,873		40,788
Fastighets AB Balder - Class B(a)		1,080		64,904
Hulic Co., Ltd.		3,200		35,637
LEG Immobilien SE		570		80,515
Shurgard Self Storage SA		570		31,263
Swire Properties Ltd.		14,000		35,105
TAG Immobilien AG		1,870		54,676
VGP NV		90		20,704
Vonovia SE		540		32,464
				559,045
Residential REITs – 0.4%
American Homes 4 Rent - Class A(b)		2,533		96,558
Bluerock Residential Growth REIT, Inc.		1,800		22,932
Comforia Residential REIT, Inc.		11		33,950
Daiwa Securities Living Investments Corp.		37		37,048
Equity Residential		230		18,612
Essex Property Trust, Inc.		472		150,917
Independence Realty Trust, Inc.(b)		4,557		92,735
Invitation Homes, Inc.		2,800		107,324
Killam Apartment Real Estate Investment Trust		4,871		81,722
Minto Apartment Real Estate Investment Trust(c)		1,890		33,365
Sun Communities, Inc.		848		156,965
UDR, Inc.		2,200		116,556
UNITE Group PLC (The)		2,710		39,728
				988,412
Retail REITs – 0.4%
AEON REIT Investment Corp.		39		52,397
Brixmor Property Group, Inc.		4,804		106,216
CapitaLand Integrated Commercial Trust		42,680		63,553
Eurocommercial Properties NV		2,028		43,327
Federal Realty Investment Trust		710		83,773
Link REIT		11,268		96,492
Mercialys SA		2,379		25,273
NETSTREIT Corp.		3,024		71,518
Simon Property Group, Inc.		1,669		216,920
SITE Centers Corp.		6,285		97,040
				856,509
Specialized REITs – 0.3%
CubeSmart		1,986		96,222
Digital Realty Trust, Inc.		1,360		196,452

6

Company	Shares		U.S. $ Value
EPR Properties		1,400	$	69,132
Equinix, Inc.		90		71,112
National Storage Affiliates Trust		1,802		95,127
Public Storage		360		106,956
Safestore Holdings PLC		4,100		57,950
				692,951
				8,874,275
Financials – 3.4%
Banks – 1.9%
Banco Bilbao Vizcaya Argentaria SA(b)		2,769		18,277
Bank of America Corp.		35,813		1,520,262
BNP Paribas SA		289		18,490
Citigroup, Inc.		11,483		805,877
Commonwealth Bank of Australia		517		38,367
Danske Bank A/S		427		7,193
Fifth Third Bancorp		460		19,522
ING Groep NV		1,273		18,508
JPMorgan Chase & Co.		565		92,485
Mebuki Financial Group, Inc.		14,300		31,330
National Bank of Canada(b)		943		72,426
PNC Financial Services Group, Inc. (The)		3,114		609,223
Societe Generale SA		2,179		68,235
SVB Financial Group(a)		56		36,225
Wells Fargo & Co.		27,589		1,280,406
				4,636,826
Capital Markets – 1.1%
Apollo Global Management, Inc.(b)		942		58,018
Carlyle Group, Inc. (The)		155		7,328
CME Group, Inc. - Class A		2,615		505,689
EQT AB		276		11,461
Goldman Sachs Group, Inc. (The)		3,959		1,496,620
LPL Financial Holdings, Inc.		3,826		599,764
Moody’s Corp.		103		36,576
Raymond James Financial, Inc.		422		38,896
				2,754,352
Consumer Finance – 0.0%
Ally Financial, Inc.		1,191		60,801
Capital One Financial Corp.		230		37,253
				98,054
Diversified Financial Services – 0.1%
Industrivarden AB		408		13,034
Investor AB		1,294		27,827
Kinnevik AB(a)		1,117		39,267
M&G PLC		9,349		25,544
Voya Financial, Inc.(b)		95		5,832
				111,504
Insurance – 0.3%
Aviva PLC		1,471		7,796
CNP Assurances		1,982		31,282
iA Financial Corp., Inc.		525		29,786
Japan Post Insurance Co., Ltd.		1,800		32,649

7

Company	Shares		U.S. $ Value
Manulife Financial Corp.		697	$	13,416
MetLife, Inc.		986		60,866
Progressive Corp. (The)		5,445		492,173
Prudential Financial, Inc.		668		70,273
				738,241
				8,338,977
Industrials – 2.9%
Aerospace & Defense – 0.3%
L3Harris Technologies, Inc.		3,180		700,363
Air Freight & Logistics – 0.0%
Kuehne & Nagel International AG		184		62,818
Airlines – 0.2%
Southwest Airlines Co.(a)		8,318		427,795
Building Products – 0.1%
Carrier Global Corp.		700		36,232
Cie de Saint-Gobain		483		32,504
Owens Corning		597		51,044
Xinyi Glass Holdings Ltd.		5,000		14,915
				134,695
Construction & Engineering – 0.3%
AECOM(a)		10,594		669,011
Shimizu Corp.		900		6,737
				675,748
Electrical Equipment – 0.7%
Acuity Brands, Inc.		409		70,908
Eaton Corp. PLC		5,939		886,752
Prysmian SpA		949		33,147
Regal Beloit Corp.		4,309		647,815
Rockwell Automation, Inc.		234		68,806
				1,707,428
Machinery – 0.1%
CNH Industrial NV		1,345		22,608
Deere & Co.		86		28,816
Mitsubishi Heavy Industries Ltd.		2,600		69,665
Snap-on, Inc.		276		57,670
Techtronic Industries Co., Ltd.		3,500		69,165
Volvo AB - Class B		654		14,602
				262,526
Marine – 0.0%
AP Moller - Maersk A/S - Class B		1		2,707
Professional Services – 0.5%
Booz Allen Hamilton Holding Corp.		5,312		421,507
Robert Half International, Inc.		7,929		795,517
				1,217,024
Road & Rail – 0.6%
CSX Corp.		31,461		935,650

8

Company	Shares		U.S. $ Value
Knight-Swift Transportation Holdings, Inc.		13,030	$	666,485
				1,602,135
Trading Companies & Distributors – 0.1%
United Rentals, Inc.(a)		449		157,567
WW Grainger, Inc.		151		59,352
				216,919
Transportation Infrastructure – 0.0%
Transurban Group		689		7,053
				7,017,211
Energy – 2.4%
Energy Equipment & Services – 0.1%
Subsea 7 SA		14,710		127,464
Oil, Gas & Consumable Fuels – 2.3%
Aker BP ASA		5,515		178,759
BP PLC		86,066		392,018
Canadian Natural Resources Ltd.		458		16,746
Cheniere Energy, Inc.(a)		205		20,022
Chevron Corp.		11,194		1,135,631
Enbridge, Inc.		193		7,689
ENEOS Holdings, Inc.		33,900		137,714
EOG Resources, Inc.		11,448		918,931
Exxon Mobil Corp.		3,922		230,692
Gazprom PJSC (Sponsored ADR)		15,730		156,356
Idemitsu Kosan Co., Ltd.		600		15,784
LUKOIL PJSC (Sponsored ADR)		790		74,781
OMV AG		1,207		72,680
Parkland Corp./Canada		695		19,529
PetroChina Co., Ltd. - Class H		548,000		256,664
Petroleo Brasileiro SA (Preference Shares)		34,800		174,008
Pioneer Natural Resources Co.		139		23,145
Repsol SA		19,669		256,750
Royal Dutch Shell PLC - Class A		1,108		24,641
Royal Dutch Shell PLC - Class B		53,060		1,175,630
TotalEnergies SE		9,489		453,555
				5,741,725
				5,869,189
Consumer Staples – 1.7%
Beverages – 0.5%
Coca-Cola Co. (The)		16,595		870,740
Constellation Brands, Inc. - Class A		1,719		362,176
Kirin Holdings Co., Ltd.		1,400		25,984
				1,258,900
Food & Staples Retailing – 0.7%
Costco Wholesale Corp.		1,224		550,005
George Weston Ltd.		43		4,638
J Sainsbury PLC		2,686		10,295
Kroger Co. (The)		1,338		54,095
Walmart, Inc.		7,258		1,011,620
				1,630,653

9

Company	Shares		U.S. $ Value
Food Products – 0.1%
Bunge Ltd.		758	$	61,641
Hershey Co. (The)		404		68,377
Kellogg Co.		245		15,660
Maple Leaf Foods, Inc.		2,610		53,041
Mowi ASA		5,160		131,099
Nestle SA		119		14,338
				344,156
Household Products – 0.4%
Procter & Gamble Co. (The)		6,418		897,236
Personal Products – 0.0%
Estee Lauder Cos., Inc. (The) - Class A		66		19,795
Tobacco – 0.0%
Altria Group, Inc.		280		12,746
Philip Morris International, Inc.		713		67,585
				80,331
				4,231,071
Materials – 1.7%
Chemicals – 0.5%
CF Industries Holdings, Inc.		1,585		88,475
Corteva, Inc.		3,020		127,082
Daicel Corp.		1,700		13,236
Kuraray Co., Ltd.		1,200		11,531
LANXESS AG		137		9,259
Linde PLC		2,827		829,385
Mitsubishi Chemical Holdings Corp.		2,400		21,849
Sika AG		45		14,228
Sumitomo Chemical Co., Ltd.		12,900		66,954
Umicore SA		509		30,112
				1,212,111
Construction Materials – 0.0%
CSR Ltd.		6,270		24,924
Grupo Cementos de Chihuahua SAB de CV		2,380		17,789
				42,713
Containers & Packaging – 0.0%
Sealed Air Corp.		458		25,094
Smurfit Kappa Group PLC		311		16,374
				41,468
Metals & Mining – 1.1%
Agnico Eagle Mines Ltd.		4,549		235,998
Alcoa Corp.(a)		3,220		157,587
Anglo American PLC		8,055		282,317
AngloGold Ashanti Ltd.		7,765		124,402
APERAM SA		3,185		176,570
ArcelorMittal SA		10,208		312,493
Barrick Gold Corp.(b)		5,550		100,177
Evraz PLC		7,044		55,887
First Quantum Minerals Ltd.		4,266		78,981
Fortescue Metals Group Ltd.		2,146		22,859
Glencore PLC(a)		71,104		334,481

10

Company	Shares		U.S. $ Value
Industrias Penoles SAB de CV(a)		1,909	$	22,545
Lundin Mining Corp.		6,005		43,191
MMC Norilsk Nickel PJSC (ADR)		2,130		63,730
Norsk Hydro ASA		3,212		23,974
Northern Star Resources Ltd.		4,630		28,357
Orocobre Ltd.(a)		5,420		33,312
OZ Minerals Ltd.		2,685		43,109
Regis Resources Ltd.		19,455		28,209
Rio Tinto Ltd.		410		29,188
Rio Tinto PLC		3,936		258,013
St. Barbara Ltd.		23,750		22,889
Steel Dynamics, Inc.		383		22,398
Vale SA (Sponsored ADR) - Class B		12,186		169,995
				2,670,662
Paper & Forest Products – 0.1%
Suzano SA(a)		9,200		92,106
Paper Products – 0.0%
Stora Enso Oyj - Class R		3,070		51,135
				4,110,195
Utilities – 0.8%
Electric Utilities – 0.8%
American Electric Power Co., Inc.		8,810		715,196
Enel SpA		22,240		170,697
NextEra Energy, Inc.		11,912		935,330
NRG Energy, Inc.		1,096		44,749
				1,865,972
Gas Utilities – 0.0%
UGI Corp.		1,419		60,478
Independent Power and Renewable Electricity Producers – 0.0%
EDP Renovaveis SA		3,880		96,270
				2,022,720
Consumer Services – 0.0%
Hotels, Resorts & Cruise Lines – 0.0%
Hilton Grand Vacations, Inc.(a)		930		44,240
Leisure Facilities – 0.0%
Planet Fitness, Inc.(a)		285		22,387
Restaurants – 0.0%
Dine Brands Global, Inc.(a)		250		20,302
				86,929
Transportation – 0.0%
Highways & Railtracks – 0.0%
Transurban Group(b)		6,198		62,466
Capital Goods – 0.0%
Building Products – 0.0%
Fletcher Building Ltd.		5,740		28,436
Electrical Components & Equipment – 0.0%
Vertiv Holdings Co.		830		19,995
				48,431

11

Company	Shares			U.S. $ Value
Consumer Durables & Apparel – 0.0%
Homebuilding – 0.0%
PulteGroup, Inc.			1,000	$	45,920
Telecommunication Services – 0.0%
Integrated Telecommunication Services – 0.0%
Infrastrutture Wireless Italiane SpA(c)			3,280		36,533
Software & Services – 0.0%
Internet Services & Infrastructure – 0.0%
21Vianet Group, Inc. (ADR)(a) (b)			800		13,848
GDS Holdings Ltd. (ADR)(a)			240		13,587
					27,435
Total Common Stocks (cost $59,623,697)					93,053,775
INVESTMENT COMPANIES – 26.0%
Funds and Investment Trusts – 26.0%(d) (e)
AB Discovery Growth Fund, Inc. - Class Z			186,549		3,083,662
AB Trust - AB Discovery Value Fund - Class Z			126,757		3,229,777
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z			604,032		8,100,069
Bernstein Fund, Inc. - International Strategic Equities Portfolio - Class Z			3,043,443		41,938,647
Bernstein Fund, Inc. - Small Cap Core Portfolio - Class Z			208,112		3,186,189
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z			116,271		3,896,243
Total Investment Companies (cost $56,560,027)					63,434,587
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 17.2%
Australia – 0.9%
Australia Government Bond Series 145 2.75%, 06/21/2035(c)		AUD	802		648,107
Series 150 3.00%, 03/21/2047(c)			1,025		831,932
Series 161 0.25%, 11/21/2025(c)			350		249,578
Series 164 0.50%, 09/21/2026(c)			475		338,635
					2,068,252
Austria – 0.2%
Republic of Austria Government Bond 0.50%, 02/20/2029(c)		EUR	449		545,995

12

	Principal Amount (000)			U.S. $ Value
Belgium – 0.1%
Kingdom of Belgium Government Bond Series 76 1.90%, 06/22/2038(c)		EUR	180	$	255,178
Canada – 0.8%
Canadian Government Bond 0.25%, 03/01/2026		CAD	1,115		850,229
1.00%, 09/01/2026			1,360		1,067,889
					1,918,118
China – 1.3%
China Government Bond Series 1827 3.25%, 11/22/2028		CNY	1,710		270,585
Series INBK 2.68%, 05/21/2030			3,670		554,129
3.01%, 05/13/2028			2,220		346,824
3.27%, 11/19/2030			4,190		666,720
3.39%, 03/16/2050			9,160		1,386,291
					3,224,549
Colombia – 0.1%
Colombian TES Series B 5.75%, 11/03/2027		COP	1,050,100		259,122
Finland – 0.1%
Finland Government Bond 0.50%, 09/15/2028(c)		EUR	115		140,300
Germany – 0.9%
Bundesrepublik Deutschland Bundesanleihe 0.00%, 08/15/2030(c)			960		1,140,384
Series 2007 4.25%, 07/04/2039(c)			100		202,851
Series 3 4.75%, 07/04/2034(c)			250		472,876
Series G 0.00%, 08/15/2050(c)			420		455,030
					2,271,141
Ireland – 0.1%
Ireland Government Bond 1.35%, 03/18/2031(c)			162		210,235
Italy – 2.2%
Italy Buoni Poliennali Del Tesoro 0.25%, 03/15/2028(c)			1,310		1,502,325
0.50%, 07/15/2028(c)			1,400		1,625,841
0.95%, 09/15/2027(c)			1,715		2,061,345
1.50%, 04/30/2045(c)			172		194,078
					5,383,589

13

	Principal Amount (000)			U.S. $ Value
Japan – 3.6%
Japan Government Two Year Bond Series 424 0.005%, 05/01/2023		JPY	96,100	$	865,258
Japan Government Ten Year Bond Series 358 0.10%, 03/20/2030			205,850		1,865,773
Series 359 0.10%, 06/20/2030			277,550		2,513,474
Series 360 0.10%, 09/20/2030			87,450		791,093
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039			31,650		280,634
Series 171 0.30%, 12/20/2039			44,850		396,221
Series 177 0.40%, 06/20/2041			79,400		707,598
Japan Government Thirty Year Bond Series 65 0.40%, 12/20/2049			74,200		625,455
Series 68 0.60%, 09/20/2050			69,900		618,897
					8,664,403
Malaysia – 0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		279,935
Mexico – 0.3%
Mexican Bonos Series M 7.75%, 05/29/2031		MXN	16,153		803,096
Peru – 0.0%
Peru Government Bond 6.15%, 08/12/2032		PEN	62		14,493
South Korea – 1.2%
Korea Treasury Bond Series 2603 1.25%, 03/10/2026		KRW	2,435,630		1,995,715
Series 3012 1.50%, 12/10/2030			1,236,490		978,862
					2,974,577
Spain – 0.4%
Spain Government Bond 1.00%, 07/30/2042(c)		EUR	625		714,694
1.20%, 10/31/2040(c)			290		345,371
					1,060,065
Thailand – 0.1%
Thailand Government Bond 2.00%, 12/17/2031		THB	7,680		228,253

14

	Principal Amount (000)			U.S. $ Value
United Kingdom – 0.6%
United Kingdom Gilt 1.25%, 07/31/2051(c)		GBP	230	$	298,349
1.75%, 09/07/2037(c)			856		1,227,871
					1,526,220
United States – 4.2%
U.S. Treasury Bonds 1.125%, 08/15/2040		U.S.$	2,560		2,198,000
1.875%, 02/15/2051			1,436		1,365,771
4.50%, 08/15/2039			200		280,156
U.S. Treasury Notes 0.25%, 05/31/2025			550		540,633
0.50%, 02/28/2026			255		250,617
1.625%, 10/31/2026			3,575		3,683,926
2.125%, 05/31/2026			1,840		1,940,050
					10,259,153
Total Governments - Treasuries (cost $43,443,906)					42,086,674
CORPORATES - INVESTMENT GRADE – 7.3%
Financial Institutions – 3.6%
Banking – 2.8%
ABN AMRO Bank NV 1.542%, 06/16/2027(c)			200		198,576
American Express Co. Series B 3.553% (LIBOR 3 Month + 3.43%), 11/15/2021(f) (g)			8		8,012
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(c)			215		240,546
Banco Santander SA 1.125%, 06/23/2027(c)		EUR	100		120,595
Bank of America Corp. 1.776%, 05/04/2027(c)			248		307,710
2.299%, 07/21/2032		U.S.$	121		119,284
Bankinter SA 1.25%, 12/23/2032(c)		EUR	100		115,962
BNP Paribas SA 2.219%, 06/09/2026(c)		U.S.$	200		205,286
CaixaBank SA 0.375%, 11/18/2026(c)		EUR	200		232,444
Citigroup, Inc. 1.50%, 07/24/2026(c)			155		188,719
2.561%, 05/01/2032		U.S.$	144		145,650
5.95%, 01/30/2023(g)			90		93,901
Credit Suisse Group AG 4.194%, 04/01/2031(c)			250		279,633
Danske Bank A/S 0.75%, 06/09/2029(c)		EUR	185		214,241
3.244%, 12/20/2025(c)		U.S.$	350		371,707

15

	Principal Amount (000)			U.S. $ Value
DNB Bank ASA 6.50%, 03/26/2022(c) (g)		U.S.$	210	$	214,721
Fifth Third Bancorp Series L 4.50%, 09/30/2025(g)			41		44,616
Goldman Sachs Group, Inc. (The) 1.25%, 05/01/2025(c)		EUR	190		227,164
2.383%, 07/21/2032		U.S.$	118		116,890
HSBC Holdings PLC 6.375%, 03/30/2025(g)			200		218,440
ING Groep NV 6.50%, 04/16/2025(g)			232		255,506
JPMorgan Chase & Co. 1.09%, 03/11/2027(c)		EUR	170		204,637
Series I 3.599% (LIBOR 3 Month + 3.47%), 01/30/2022(f) (g)		U.S.$	34		34,108
Series V 3.464% (LIBOR 3 Month + 3.32%), 01/01/2022(f) (g)			17		17,043
Series Z 3.926% (LIBOR 3 Month + 3.80%), 11/01/2021(f) (g)			31		31,071
Lloyds Banking Group PLC 7.50%, 06/27/2024(g)			200		224,290
Mitsubishi UFJ Financial Group, Inc. 0.978%, 06/09/2024(c)		EUR	215		256,686
Mizuho Financial Group, Inc. 1.554%, 07/09/2027		U.S.$	245		244,375
Morgan Stanley 0.406%, 10/29/2027		EUR	160		186,376
2.239%, 07/21/2032		U.S.$	119		116,976
Series H 3.736% (LIBOR 3 Month + 3.61%), 01/15/2022(f) (g)			9		9,063
Natwest Group PLC 0.78%, 02/26/2030(c)		EUR	200		231,471
Series U 2.452% (LIBOR 3 Month + 2.32%), 09/30/2027(f) (g)		U.S.$	200		198,954
Nordea Bank Abp 6.125%, 09/23/2024(c) (g)			200		218,832
PNC Financial Services Group, Inc. (The) Series O 3.804% (LIBOR 3 Month + 3.68%), 11/01/2021(f) (g)			17		17,013
Raiffeisen Bank International AG 1.375%, 06/17/2033(c)		EUR	200		232,108
Standard Chartered PLC 1.639% (LIBOR 3 Month + 1.51%), 01/30/2027(c) (f) (g)		U.S.$	200		194,074
UniCredit SpA 3.127%, 06/03/2032(c)			245		247,509

16

	Principal Amount (000)			U.S. $ Value
Wells Fargo & Co. 4.15%, 01/24/2029		U.S.$	150	$	170,286
					6,754,475
Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(g)			201		209,542
Finance – 0.3%
Air Lease Corp. 2.10%, 09/01/2028			26		25,271
2.875%, 01/15/2026			23		23,996
3.25%, 03/01/2025			5		5,277
3.625%, 04/01/2027			14		15,050
4.625%, 10/01/2028			20		22,500
Aircastle Ltd. 2.85%, 01/26/2028(c)			109		110,490
4.25%, 06/15/2026			49		53,533
5.25%, 08/11/2025(c)			72		80,338
Aviation Capital Group LLC 1.95%, 01/30/2026(c)			13		12,959
3.50%, 11/01/2027(c)			18		18,969
4.125%, 08/01/2025(c)			2		2,154
4.375%, 01/30/2024(c)			13		13,880
4.875%, 10/01/2025(c)			23		25,374
5.50%, 12/15/2024(c)			47		52,674
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	100		142,067
GE Capital Funding LLC 4.40%, 05/15/2030		U.S.$	200		232,338
Synchrony Financial 3.95%, 12/01/2027			25		27,579
					864,449
Insurance – 0.2%
Alleghany Corp. 3.625%, 05/15/2030			41		44,992
Centene Corp. 2.45%, 07/15/2028			62		62,300
4.625%, 12/15/2029			37		40,301
CNP Assurances 2.50%, 06/30/2051(c)		EUR	100		124,389
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	153		161,279
					433,261
REITs – 0.2%
Digital Euro Finco LLC 2.50%, 01/16/2026(c)		EUR	220		278,259
Essential Properties LP 2.95%, 07/15/2031		U.S.$	152		152,783

17

	Principal Amount (000)			U.S. $ Value
Vornado Realty LP 3.40%, 06/01/2031		U.S.$	160	$	165,608
					596,650
					8,858,377
Industrial – 3.2%
Basic – 0.2%
Alpek SAB de CV 3.25%, 02/25/2031(c)			200		201,850
Suzano Austria GmbH 3.75%, 01/15/2031			212		217,247
Yamana Gold, Inc. 2.63%, 08/15/2031(c)			132		128,643
					547,740
Capital Goods – 0.1%
Flowserve Corp. 2.80%, 01/15/2032			134		132,673
Communications - Media – 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050			17		19,149
5.125%, 07/01/2049			28		32,872
5.375%, 05/01/2047			35		41,924
Discovery Communications LLC 4.65%, 05/15/2050			33		38,309
5.20%, 09/20/2047			100		123,321
5.30%, 05/15/2049			46		57,398
Fox Corp. 4.709%, 01/25/2029			170		198,101
Prosus NV 3.68%, 01/21/2030(c)			215		222,162
Weibo Corp. 3.375%, 07/08/2030			200		199,413
					932,649
Communications - Telecommunications – 0.3%
AT&T, Inc. 3.50%, 09/15/2053			165		163,376
Series B 2.875%, 03/02/2025(g)		EUR	100		117,283
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	77		117,852
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(c)			175		186,942
T-Mobile USA, Inc. 2.625%, 04/15/2026			73		74,594
2.875%, 02/15/2031			48		48,430
3.375%, 04/15/2029			78		81,438
					789,915

18

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Automotive – 0.1%
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(c)		U.S.$	92	$	97,562
Volkswagen International Finance NV 0.875%, 09/22/2028(c)		EUR	200		238,676
					336,238
Consumer Cyclical - Other – 0.1%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	89		91,109
3.90%, 08/08/2029			100		101,956
MDC Holdings, Inc. 6.00%, 01/15/2043			133		166,732
					359,797
Consumer Cyclical - Retailers – 0.0%
Ross Stores, Inc. 4.70%, 04/15/2027			24		27,573
Consumer Non-Cyclical – 0.5%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	270		358,239
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049		U.S.$	110		148,928
BAT Capital Corp. 4.906%, 04/02/2030			230		263,651
Imperial Brands Finance Netherlands BV 1.75%, 03/18/2033(c)		EUR	169		195,129
Mondelez International Holdings Netherlands BV 0.25%, 09/09/2029(c)			112		127,266
					1,093,213
Energy – 0.9%
BP Capital Markets PLC 3.625%, 03/22/2029(c) (g)			155		194,473
Cenovus Energy, Inc./CA 4.40%, 04/15/2029		U.S.$	157		175,911
Devon Energy Corp. 5.60%, 07/15/2041			171		214,405
Enbridge Energy Partners LP 7.375%, 10/15/2045			130		206,509
Energy Transfer LP 6.25%, 04/15/2049			225		296,113
Eni SpA Series NC9 3.375%, 07/13/2029(c) (g)		EUR	155		191,385
ONEOK Partners LP 6.125%, 02/01/2041		U.S.$	3		3,855
ONEOK, Inc. 5.20%, 07/15/2048			4		4,874
6.35%, 01/15/2031			116		148,663
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			16		16,828
3.80%, 09/15/2030			42		44,773

19

	Principal Amount (000)			U.S. $ Value
Suncor Energy, Inc. 6.50%, 06/15/2038		U.S.$	44	$	61,408
6.85%, 06/01/2039			94		136,670
TotalEnergies SE 1.625%, 10/25/2027(c) (g)		EUR	110		127,729
TransCanada PipeLines Ltd. 7.625%, 01/15/2039		U.S.$	134		207,537
Valero Energy Corp. 6.625%, 06/15/2037			32		43,043
				��
					2,074,176
Services – 0.1%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031			204		195,946
Technology – 0.4%
Baidu, Inc. 1.625%, 02/23/2027			222		219,081
Broadcom, Inc. 3.137%, 11/15/2035			33		32,737
3.187%, 11/15/2036			35		34,705
4.11%, 09/15/2028			149		165,965
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(c)			14		14,313
Fidelity National Information Services, Inc. 1.00%, 12/03/2028		EUR	165		196,827
Oracle Corp. 3.95%, 03/25/2051		U.S.$	140		148,316
VeriSign, Inc. 2.70%, 06/15/2031			68		69,159
					881,103
Transportation - Airlines – 0.0%
Delta Air Lines, Inc. 7.00%, 05/01/2025(c)			99		115,634
Transportation - Services – 0.1%
ENA Master Trust 4.00%, 05/19/2048(c)			200		203,662
FedEx Corp. 0.45%, 05/04/2029		EUR	120		138,090
					341,752
					7,828,409
Utility – 0.5%
Electric – 0.5%
E.ON International Finance BV 1.25%, 10/19/2027(c)			109		133,920
EDP Finance BV 0.375%, 09/16/2026(c)			170		199,131
Enel Finance International NV 0.50%, 06/17/2030(c)			225		259,357
Iberdrola International BV Series NC6 1.45%, 11/09/2026(c) (g)			100		116,912

20

	Principal Amount (000)			U.S. $ Value
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/2028		U.S.$	48	$	48,135
Orsted AS 1.75%, 12/09/3019(c) (g)		EUR	180		214,837
SSE PLC 1.375%, 09/04/2027(c)			160		195,995
					1,168,287
Total Corporates - Investment Grade (cost $17,621,521)					17,855,073
CORPORATES - NON-INVESTMENT GRADE – 2.2%
Industrial – 1.7%
Basic – 0.3%
Axalta Coating Systems LLC 3.375%, 02/15/2029(c)		U.S.$	150		145,884
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(c)		EUR	100		116,877
Ingevity Corp. 3.875%, 11/01/2028(c)		U.S.$	88		87,762
Olympus Water US Holding Corp. 3.875%, 10/01/2028(c)		EUR	150		174,018
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(c)			120		135,762
					660,303
Capital Goods – 0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 2.00%, 09/01/2028(c)			135		157,622
TK Elevator Midco GmbH 4.375%, 07/15/2027(c)			140		169,335
TransDigm, Inc. 6.25%, 03/15/2026(c)		U.S.$	110		115,031
					441,988
Communications - Media – 0.2%
Cable One, Inc. 4.00%, 11/15/2030(c)			53		52,777
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(c)			112		114,403
CSC Holdings LLC 6.75%, 11/15/2021			45		45,161
Netflix, Inc. 3.625%, 05/15/2027		EUR	147		196,793
					409,134
Communications - Telecommunications – 0.1%
Lumen Technologies, Inc. 4.50%, 01/15/2029(c)		U.S.$	103		99,844

21

	Principal Amount (000)			U.S. $ Value
Telecom Italia SpA/Milano 1.625%, 01/18/2029(c)		EUR	140	$	158,843
					258,687
Consumer Cyclical - Automotive – 0.2%
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(c)			120		143,832
Ford Motor Co. 8.50%, 04/21/2023		U.S.$	108		118,715
ZF Finance GmbH 2.00%, 05/06/2027(c)		EUR	100		116,569
					379,116
Consumer Cyclical - Entertainment – 0.1%
Carnival PLC 1.00%, 10/28/2029			200		180,151
Consumer Cyclical - Restaurants – 0.0%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(c)		U.S.$	116		114,869
Consumer Cyclical - Retailers – 0.0%
Levi Strauss & Co. 3.50%, 03/01/2031(c)			55		55,560
Consumer Non-Cyclical – 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(c)			61		62,402
Avantor Funding, Inc. 2.625%, 11/01/2025(c)		EUR	102		120,841
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(c)			120		140,713
Grifols SA 1.625%, 02/15/2025(c)			100		116,093
IQVIA, Inc. 1.75%, 03/15/2026(c)			170		199,645
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029(c)		U.S.$	131		130,948
Newell Brands, Inc. 4.70%, 04/01/2026			81		89,275
4.875%, 06/01/2025			20		22,078
Paysafe Finance PLC/Paysafe Holdings US Corp. 3.00%, 06/15/2029(c)		EUR	135		150,975
Tenet Healthcare Corp. 4.625%, 07/15/2024		U.S.$	42		42,687
					1,075,657
Energy – 0.0%
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029(c)			98		100,992

22

	Principal Amount (000)			U.S. $ Value
Services – 0.1%
Square, Inc. 2.75%, 06/01/2026(c)		U.S.$	155	$	157,308
Transportation - Services – 0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(h)			200		219,156
					4,052,921
Financial Institutions – 0.5%
Banking – 0.5%
Banco Bilbao Vizcaya Argentaria SA Series 9 6.50%, 03/05/2025(g)			200		218,020
Banco Santander SA 6.75%, 04/25/2022(c) (g)		EUR	200		238,127
Credit Suisse Group AG 7.50%, 12/11/2023(c) (g)		U.S.$	200		218,790
Discover Financial Services Series D 6.125%, 06/23/2025(g)			117		131,627
Intesa Sanpaolo SpA Series E 3.928%, 09/15/2026(c)		EUR	125		163,783
Societe Generale SA 7.875%, 12/18/2023(c) (g)		U.S.$	200		220,998
					1,191,345
Finance – 0.0%
SLM Corp. 4.20%, 10/29/2025			96		102,888
					1,294,233
Total Corporates - Non-Investment Grade (cost $5,321,263)					5,347,154
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.4%
Risk Share Floating Rate – 1.0%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 1.836% (LIBOR 1 Month + 1.75%), 03/25/2029(c) (f)			220		220,000
Series 2019-2A, Class M2 3.186% (LIBOR 1 Month + 3.10%), 04/25/2029(c) (f)			150		151,695
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 2.386% (LIBOR 1 Month + 2.30%), 08/25/2031(c) (f)			24		23,789
Series 2019-R03, Class 1M2 2.236% (LIBOR 1 Month + 2.15%), 09/25/2031(c) (f)			17		16,716

23

	Principal Amount (000)		U.S. $ Value
Series 2019-R04, Class 2M2 2.186% (LIBOR 1 Month + 2.10%), 06/25/2039(c) (f)	U.S.$	20	$	20,075
Series 2019-R05, Class 1M2 2.086% (LIBOR 1 Month + 2.00%), 07/25/2039(c) (f)		12		11,793
Series 2019-R06, Class 2M2 2.186% (LIBOR 1 Month + 2.10%), 09/25/2039(c) (f)		31		31,010
Series 2019-R07, Class 1M2 2.186% (LIBOR 1 Month + 2.10%), 10/25/2039(c) (f)		23		22,648
Eagle RE Ltd. Series 2018-1, Class M1 1.786% (LIBOR 1 Month + 1.70%), 11/25/2028(c) (f)		56		55,834
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.086% (LIBOR 1 Month + 4.00%), 08/25/2024(f)		77		78,860
Series 2014-HQ3, Class M3 4.836% (LIBOR 1 Month + 4.75%), 10/25/2024(f)		15		15,212
Series 2019-DNA3, Class M2 2.136% (LIBOR 1 Month + 2.05%), 07/25/2049(c) (f)		20		20,680
Series 2019-HQA1, Class M2 2.436% (LIBOR 1 Month + 2.35%), 02/25/2049(c) (f)		46		46,108
Series 2021-DNA5, Class M2 1.70% (SOFR 30 + 1.65%), 01/25/2034(c) (f)		56		56,000
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 4.386% (LIBOR 1 Month + 4.30%), 02/25/2025(f)		31		31,132
Series 2015-C02, Class 1M2 4.086% (LIBOR 1 Month + 4.00%), 05/25/2025(f)		45		45,831
Series 2015-C02, Class 2M2 4.086% (LIBOR 1 Month + 4.00%), 05/25/2025(f)		10		10,260
Series 2015-C03, Class 1M2 5.086% (LIBOR 1 Month + 5.00%), 07/25/2025(f)		21		21,790
Series 2015-C03, Class 2M2 5.086% (LIBOR 1 Month + 5.00%), 07/25/2025(f)		17		16,803
Series 2015-C04, Class 1M2 5.786% (LIBOR 1 Month + 5.70%), 04/25/2028(f)		33		35,135

24

	Principal Amount (000)		U.S. $ Value
Series 2015-C04, Class 2M2 5.636% (LIBOR 1 Month + 5.55%), 04/25/2028(f)	U.S.$	117	$	122,333
Series 2016-C01, Class 1M2 6.836% (LIBOR 1 Month + 6.75%), 08/25/2028(f)		39		40,950
Series 2016-C02, Class 1M2 6.086% (LIBOR 1 Month + 6.00%), 09/25/2028(f)		72		75,054
Series 2016-C05, Class 2M2 4.536% (LIBOR 1 Month + 4.45%), 01/25/2029(f)		135		140,376
Series 2016-C06, Class 1M2 4.336% (LIBOR 1 Month + 4.25%), 04/25/2029(f)		86		88,682
Series 2017-C01, Class 1M2 3.636% (LIBOR 1 Month + 3.55%), 07/25/2029(f)		57		58,366
Series 2017-C02, Class 2M2 3.736% (LIBOR 1 Month + 3.65%), 09/25/2029(f)		121		125,247
Series 2017-C05, Class 1M2 2.286% (LIBOR 1 Month + 2.20%), 01/25/2030(f)		106		108,447
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-CH1, Class M2 4.336% (LIBOR 1 Month + 4.25%), 11/25/2024(f) (i)		10		9,611
Mortgage Insurance-Linked Notes Series 2021-3, Class M1A 1.95% (SOFR 30 + 1.90%), 02/25/2034(c) (f)		178		178,591
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.087% (LIBOR 1 Month + 2.00%), 03/27/2024(c) (f)		53		53,178
Series 2019-2R, Class A 2.837% (LIBOR 1 Month + 2.75%), 05/27/2023(c) (f)		89		88,280
Radnor Re Ltd. Series 2019-1, Class M1B 2.036% (LIBOR 1 Month + 1.95%), 02/25/2029(c) (f)		140		141,025
STACR Trust Series 2018-DNA3, Class M2 2.186% (LIBOR 1 Month + 2.10%), 09/25/2048(c) (f)		174		176,612
Traingle Re Ltd. Series 2021-1, Class M1B 3.086% (LIBOR 1 Month + 3.00%), 08/25/2033(c) (f)		149		149,824
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.336% (LIBOR 1 Month + 5.25%), 11/25/2025(f) (i)		50		48,245
Series 2015-WF1, Class 2M2 5.586% (LIBOR 1 Month + 5.50%), 11/25/2025(f) (i)		13		12,745
				2,548,937

25

	Principal Amount (000)			U.S. $ Value
Agency Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 6.016% (6.10% - LIBOR 1 Month), 12/15/2044(f) (j)		U.S.$	324	$	68,641
Series 4693, Class SL 6.066% (6.15% - LIBOR 1 Month), 06/15/2047(f) (j)			337		78,445
Series 4719, Class JS 6.066% (6.15% - LIBOR 1 Month), 09/15/2047(f) (j)			216		41,324
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.454% (6.54% - LIBOR 1 Month), 12/25/2041(f) (j)			171		35,892
Series 2016-106, Class ES 5.914% (6.00% - LIBOR 1 Month), 01/25/2047(f) (j)			315		62,599
Series 2017-81, Class SA 6.114% (6.20% - LIBOR 1 Month), 10/25/2047(f) (j)			347		81,657
Series 2017-97, Class LS 6.114% (6.20% - LIBOR 1 Month), 12/25/2047(f) (j)			296		73,822
Government National Mortgage Association Series 2017-134, Class SE 6.113% (6.20% - LIBOR 1 Month), 09/20/2047(f) (j)			186		30,787
Series 2017-65, Class ST 6.063% (6.15% - LIBOR 1 Month), 04/20/2047(f) (j)			315		68,230
					541,397
Non-Agency Fixed Rate – 0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035			15		13,471
Series 2006-24CB, Class A16 5.75%, 08/25/2036			81		61,811
Series 2006-28CB, Class A14 6.25%, 10/25/2036			60		43,711
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			36		32,667
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037			27		17,863
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036			35		23,935
Series 2006-13, Class 1A19 6.25%, 09/25/2036			19		12,177

26

	Principal Amount (000)			U.S. $ Value
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		U.S.$	72	$	47,379
					253,014
Non-Agency Floating Rate – 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.466% (LIBOR 1 Month + 0.38%), 12/25/2036(f)			195		90,810
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.586% (LIBOR 1 Month + 0.50%), 03/25/2035(f)			44		40,686
					131,496
Total Collateralized Mortgage Obligations (cost $3,506,280)					3,474,844
MORTGAGE PASS-THROUGHS – 1.4%
Agency Fixed Rate 30-Year – 1.4%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049			227		245,428
Series 2020 2.50%, 07/01/2050			130		135,356
Federal Home Loan Mortgage Corp. Gold Series 2019 4.50%, 02/01/2049			121		133,159
Federal National Mortgage Association Series 2012 3.50%, 11/01/2042			240		261,752
Series 2013 3.50%, 04/01/2043			154		168,491
Series 2018 3.50%, 02/01/2048			101		107,646
4.50%, 09/01/2048			235		258,171
Series 2020 2.50%, 07/01/2050			717		749,027
Uniform Mortgage-Backed Security Series 2021 2.50%, 10/01/2051, TBA			1,341		1,381,892
Total Mortgage Pass-Throughs (cost $3,421,777)					3,440,922
QUASI-SOVEREIGNS – 1.4%
Quasi-Sovereign Bonds – 1.4%
China – 1.2%
China Development Bank Series 1805 4.88%, 02/09/2028		CNY	12,590		2,128,999

27

	Principal Amount (000)			U.S. $ Value
Series 1910 3.65%, 05/21/2029		CNY	2,040	$	323,132
Series 2004 3.43%, 01/14/2027			1,780		279,328
Series 2009 3.39%, 07/10/2027			1,140		178,593
					2,910,052
Mexico – 0.1%
Comision Federal de Electricidad 3.348%, 02/09/2031(c)		U.S.$	200		196,225
Petroleos Mexicanos 7.69%, 01/23/2050			69		64,991
					261,216
United Arab Emirates – 0.1%
DP World Crescent Ltd. 3.875%, 07/18/2029(c)			200		215,350
Total Quasi-Sovereigns (cost $3,122,980)					3,386,618
COLLATERALIZED LOAN OBLIGATIONS – 0.9%
CLO - Floating Rate – 0.9%
AGL CLO 12 Ltd. Series 2021-12A, Class A1 1.29% (LIBOR 3 Month + 1.16%), 07/20/2034(c) (f)			250		250,172
Ballyrock CLO 16 Ltd. Series 2021-16A, Class A1 1.265% (LIBOR 3 Month + 1.13%), 07/20/2034(c) (f)			250		250,177
ICG US CLO Ltd. Series 2015-1A, Class A1R 1.274% (LIBOR 3 Month + 1.14%), 10/19/2028(c) (f)			266		265,640
Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class B 1.741% (LIBOR 3 Month + 1.60%), 07/16/2035(c) (f)			250		250,133
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 1.242% (LIBOR 3 Month + 1.13%), 07/17/2035(c) (f)			250		250,133
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.305% (LIBOR 3 Month + 1.18%), 11/18/2031(c) (f)			320		320,064
Pikes Peak CLO 8 Series 2021-8A, Class B 1.902% (LIBOR 3 Month + 1.75%), 07/20/2034(c) (f)			250		250,261

28

	Principal Amount (000)		U.S. $ Value
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 1.364% (LIBOR 3 Month + 1.23%), 01/20/2032(c) (f)	U.S.$	250	$	250,015
Total Collateralized Loan Obligations (cost $2,085,622)				2,086,595
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%
Non-Agency Floating Rate CMBS – 0.6%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.084% (LIBOR 1 Month + 1.00%), 06/15/2035(c) (f)		200		199,999
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.084% (LIBOR 1 Month + 1.00%), 11/15/2033(c) (f)		375		367,472
BHMS Series 2018-ATLS, Class A 1.334% (LIBOR 1 Month + 1.25%), 07/15/2035(c) (f)		158		158,466
BX Trust Series 2018-EXCL, Class A 1.172% (LIBOR 1 Month + 1.09%), 09/15/2037(c) (f)		149		147,988
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.117% (LIBOR 1 Month + 1.03%), 12/19/2030(c) (f)		166		165,828
Invitation Homes Trust Series 2018-SFR4, Class A 1.184% (LIBOR 1 Month + 1.10%), 01/17/2038(c) (f)		209		209,181
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.034% (LIBOR 1 Month + 1.95%), 11/15/2026(f) (i)		80		73,508
Starwood Retail Property Trust Series 2014-STAR, Class A 1.554% (LIBOR 1 Month + 1.47%), 11/15/2027(c) (f)		176		107,200
				1,429,642
Non-Agency Fixed Rate CMBS – 0.2%
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(c)		276		275,605
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.31%, 05/15/2045(c)		119		88,501

29

	Principal Amount (000)			U.S. $ Value
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)		U.S.$	139	$	140,285
					504,391
Total Commercial Mortgage-Backed Securities (cost $2,046,178)					1,934,033
GOVERNMENTS - SOVEREIGN BONDS – 0.4%
Colombia – 0.1%
Colombia Government International Bond 3.875%, 04/25/2027			200		207,350
Germany – 0.0%
Kreditanstalt fuer Wiederaufbau 0.00%, 06/15/2029(c)		EUR	115		134,474
Indonesia – 0.1%
Indonesia Government International Bond 3.375%, 07/30/2025(c)			180		230,826
Mexico – 0.1%
Mexico Government International Bond 4.75%, 04/27/2032(b)		U.S.$	280		314,965
Panama – 0.1%
Panama Government International Bond 6.70%, 01/26/2036			165		219,533
Total Governments - Sovereign Bonds (cost $1,136,699)					1,107,148
EMERGING MARKETS - SOVEREIGNS – 0.4%
Bahrain – 0.1%
Bahrain Government International Bond 5.25%, 01/25/2033(c)			200		189,750
Egypt – 0.1%
Egypt Government International Bond 5.875%, 02/16/2031(b) (c)			200		182,500
Ivory Coast – 0.0%
Ivory Coast Government International Bond 5.875%, 10/17/2031(c)		EUR	100		120,671
Oman – 0.1%
Oman Government International Bond 4.875%, 02/01/2025(c)		U.S.$	200		207,412
Senegal – 0.1%
Senegal Government International Bond 6.25%, 05/23/2033(c)			200		207,975
Total Emerging Markets - Sovereigns (cost $919,173)					908,308

30

	Principal Amount (000)			U.S. $ Value
INFLATION-LINKED SECURITIES – 0.3%
Australia – 0.3%
Australia Government Bond Series 30CI 2.50%, 09/20/2030(c) (cost $867,310)		AUD	732	$	839,612
GOVERNMENTS - SOVEREIGN AGENCIES – 0.3%
Canada – 0.2%
Canada Housing Trust No. 1 1.80%, 12/15/2024(c)		CAD	200		162,250
1.95%, 12/15/2025(c)			415		338,075
					500,325
Japan – 0.1%
Development Bank of Japan, Inc. Series G 0.01%, 10/15/2024(c)			220		256,835
Total Governments - Sovereign Agencies (cost $766,949)					757,160
EMERGING MARKETS - CORPORATE BONDS – 0.3%
Industrial – 0.3%
Basic – 0.1%
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(c)		U.S.$	200		196,835
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			24		23,337
					220,172
Capital Goods – 0.1%
Embraer Netherlands Finance BV 6.95%, 01/17/2028(c)			200		226,410
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			200		198,100
Energy – 0.0%
Leviathan Bond Ltd. 6.125%, 06/30/2025(c)			46		49,969
					694,651
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(i)			14		14,398
Total Emerging Markets - Corporate Bonds (cost $706,843)					709,049

31

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS - TREASURIES – 0.3%
South Africa – 0.3%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030 (cost $729,163)		ZAR	11,195	$	690,708
LOCAL GOVERNMENTS - PROVINCIAL BONDS – 0.2%
Province of Quebec Canada 2.75%, 09/01/2027		CAD	255		215,502
Province of Ontario Canada 2.60%, 06/02/2027			235		196,406
Total Local Governments - Provincial Bonds (cost $422,038)					411,908
COVERED BONDS – 0.1%
DNB Boligkreditt AS 0.625%, 06/19/2025(c) (cost $344,358)		EUR	282		337,869
LOCAL GOVERNMENTS - REGIONAL BONDS – 0.1%
Japan Finance Organization for Municipalities Series G 0.05%, 02/12/2027(c) (cost $223,141)			185		215,413
ASSET-BACKED SECURITIES – 0.1%
Other ABS - Fixed Rate – 0.1%
Nelnet Student Loan Trust Series 2021-CA, Class B 2.53%, 04/20/2062(c)		U.S.$	104		102,977
Autos - Fixed Rate – 0.0%
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(c)			49		48,782
Total Asset-Backed Securities (cost $152,286)					151,759
	Shares
SHORT-TERM INVESTMENTS – 1.2%
Investment Companies – 1.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (k) (cost $2,950,020)			2,950,020		2,950,020
Total Investments Before Security Lending Collateral for Securities Loaned – 100.4% (cost $205,971,231)					245,179,229

32

	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (k) (cost $213,323)		213,323	$	213,323
Total Investments – 100.5% (cost $206,184,554)(l)				245,392,552
Other assets less liabilities – (0.5)%				(1,316,327	)
Net Assets – 100.0%			$	244,076,225

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		15		December 2021		$	2,950,664		$	(37,061	)
Euro-Schatz Futures		3		December 2021			389,918			(299	)
U.S. T-Note 2 Yr (CBT) Futures		17		December 2021			3,740,930			(2,145	)
Sold Contracts
10 Yr Australian Bond Futures		4		December 2021			409,110			6,817
10 Yr Canadian Bond Futures		8		December 2021			904,153			16,662
Euro-BOBL Futures		34		December 2021			5,314,069			30,333
U.S. 10 Yr Ultra Futures		5		December 2021			726,250			10,314
									$	24,621

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	800		INR	60,310		10/08/2021	$	12,315
Barclays Bank PLC		USD	867		INR	63,765		10/08/2021		(8,135	)
BNP Paribas SA		NOK	6,740		USD	772		10/13/2021		1,228
BNP Paribas SA		NZD	1,182		USD	829		10/15/2021		13,039
BNP Paribas SA		USD	823		NZD	1,183		10/15/2021		(6,288	)
BNP Paribas SA		CAD	1,125		USD	890		11/19/2021		1,627
BNP Paribas SA		CNY	39,297		USD	6,053		12/09/2021		(10,116	)
Citibank, NA		MXN	17,316		USD	845		10/28/2021		8,879
Citibank, NA		USD	869		BRL	4,725		11/03/2021		(4,877	)
Citibank, NA		USD	1,675		EUR	1,415		11/08/2021		(34,871	)
Citibank, NA		AUD	3,372		USD	2,430		11/09/2021		(8,111	)
Citibank, NA		JPY	1,064,977		USD	9,728		11/17/2021		155,826
Citibank, NA		USD	881		JPY	97,660		11/17/2021		(3,507	)
Goldman Sachs Bank USA		GBP	1,190		USD	1,634		11/10/2021		30,980
Goldman Sachs Bank USA		USD	867		ZAR	13,091		11/24/2021		(3,402	)
Goldman Sachs Bank USA		ZAR	10,716		USD	748		11/24/2021		40,849
Goldman Sachs Bank USA		MYR	1,237		USD	297		12/22/2021		3,306
HSBC Bank USA		USD	648		EUR	550		11/08/2021		(11,162	)
HSBC Bank USA		JPY	96,316		USD	878		11/17/2021		12,124
HSBC Bank USA		USD	925		JPY	101,526		11/17/2021		(12,513	)
HSBC Bank USA		USD	193		CNY	1,258		12/09/2021		865
JPMorgan Chase Bank, NA		KRW	1,184,063		USD	1,007		10/28/2021		7,702
JPMorgan Chase Bank, NA		USD	935		EUR	787		11/08/2021		(22,777	)
JPMorgan Chase Bank, NA		CNY	6,322		USD	969		12/09/2021		(6,235	)

33

Counterparty	Contracts to Deliver (000)			In Exchange For (000)				Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.		BRL	4,543		USD	835			10/04/2021	$	974
Morgan Stanley Capital Services, Inc.		USD	852		BRL	4,543			10/04/2021		(18,004	)
Morgan Stanley Capital Services, Inc.		USD	770		NOK	6,740			10/13/2021		570
Morgan Stanley Capital Services, Inc.		KRW	1,990,173		USD	1,745			10/28/2021		65,404
Morgan Stanley Capital Services, Inc.		EUR	18,986		USD	22,562			11/08/2021		555,452
Morgan Stanley Capital Services, Inc.		COP	1,149,249		USD	299			11/12/2021		(1,788	)
Morgan Stanley Capital Services, Inc.		CAD	2,784		USD	2,175			11/19/2021		(22,479	)
Standard Chartered Bank		BRL	4,556		USD	873			10/04/2021		36,633
Standard Chartered Bank		USD	838		BRL	4,556			10/04/2021		(977	)
Standard Chartered Bank		INR	59,729		USD	796			10/08/2021		(8,078	)
Standard Chartered Bank		IDR	12,477,341		USD	875			10/15/2021		5,038
Standard Chartered Bank		USD	875		TWD	24,251			10/21/2021		(2,158	)
Standard Chartered Bank		KRW	405,542		USD	352			10/28/2021		9,973
State Street Bank & Trust Co.		THB	7,810		USD	239			10/07/2021		8,349
State Street Bank & Trust Co.		USD	275		CNY	1,775			10/08/2021		(585	)
State Street Bank & Trust Co.		SEK	2,534		USD	294			10/13/2021		4,504
State Street Bank & Trust Co.		DKK	559		USD	89			10/13/2021		1,973
State Street Bank & Trust Co.		USD	19		NOK	169			10/13/2021		(29	)
State Street Bank & Trust Co.		USD	304		SEK	2,629			10/13/2021		(4,051	)
State Street Bank & Trust Co.		NZD	49		USD	34			10/15/2021		252
State Street Bank & Trust Co.		USD	28		NZD	40			10/15/2021		(734	)
State Street Bank & Trust Co.		CHF	775		USD	859			10/28/2021		26,802
State Street Bank & Trust Co.		MXN	302		USD	15	��		10/28/2021		161
State Street Bank & Trust Co.		USD	151		CHF	136			10/28/2021		(4,734	)
State Street Bank & Trust Co.		EUR	2,740		USD	3,242			11/08/2021		66,323
State Street Bank & Trust Co.		EUR	3		USD	3			11/08/2021		(5	)
State Street Bank & Trust Co.		USD	1,762		EUR	1,493			11/08/2021		(31,136	)
State Street Bank & Trust Co.		AUD	764		USD	557			11/09/2021		4,355
State Street Bank & Trust Co.		AUD	77		USD	56			11/09/2021		(127	)
State Street Bank & Trust Co.		USD	100		AUD	137			11/09/2021		(506	)
State Street Bank & Trust Co.		HKD	260		USD	33			11/10/2021		(24	)
State Street Bank & Trust Co.		GBP	9		USD	12			11/10/2021		220
State Street Bank & Trust Co.		USD	143		GBP	104			11/10/2021		(2,484	)
State Street Bank & Trust Co.		USD	62		SGD	84			11/10/2021		145
State Street Bank & Trust Co.		USD	19		SGD	26			11/10/2021		(58	)
State Street Bank & Trust Co.		JPY	6,354		USD	58			11/17/2021		892
State Street Bank & Trust Co.		USD	499		JPY	4,357			11/17/2021		119
State Street Bank & Trust Co.		USD	13		CAD	17			11/19/2021		139
State Street Bank & Trust Co.		CNY	2,032		USD	314			12/09/2021		167
										$	847,234

34

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CAD	3,780	05/22/2024		3 Month CDOR		1.980%		Semi-Annual	$	82,776		$	1	$	82,775
EUR	540	09/30/2050		0.122%		6 Month EURIBOR		Annual/ Semi-Annual		64,171			—		64,171
EUR	540	09/30/2050		6 Month EURIBOR		(0.017)%		Semi-Annual/ Annual		(88,375	)		—		(88,375	)
EUR	550	11/10/2050		0.022%		6 Month EURIBOR		Annual/ Semi-Annual		81,889			6,430		75,459
EUR	550	11/10/2050		6 Month EURIBOR		(0.043)%		Semi-Annual/ Annual		(92,054	)		—		(92,054	)
									$	48,407		$	6,431	$	41,976

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)
Sale Contracts
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00%		Monthly		10.00%		USD	8	$	(2,272	)	$	(899	)	$	(1,373	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00		USD	9		(2,557	)		(496	)		(2,061	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00		USD	52		(14,768	)		(5,703	)		(9,065	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00		USD	53		(15,052	)		(5,815	)		(9,237	)

35

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)
Goldman Sachs International
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	58		(16,472	)		(9,093	)		(7,379	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00		USD	53		(15,052	)		(5,416	)		(9,636	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00		USD	75		(21,300	)		(11,058	)		(10,242	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00		USD	82		(23,288	)		(13,040	)		(10,248	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00		USD	78		(22,152	)		(10,182	)		(11,970	)
										$	(138,593	)	$	(63,504	)	$	(75,089	)

* Termination date

INFLATION (CPI) SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

Bank of America, NA

USD

6,210

05/17/2032

2.532%

CPI#

Maturity

$

1,115

$

—

$

1,115

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

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A 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 $36,290,309 or 14.9% of net assets.

(d) Affiliated investments.

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

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

36

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

(h) Fair valued by the Adviser.

(i) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.07% 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
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-CH1, Class M2 4.336%, 11/25/2024		11/06/2015	$	9,904	$	9,611		0.00%
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.034%, 11/15/2026		11/16/2015		79,789		73,508		0.03%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		14,000		14,398		0.01%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.336%, 11/25/2025		09/28/2015		50,223		48,245		0.02%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.586%, 11/25/2025		09/28/2015		12,852		12,745		0.01%

(j) Inverse interest only security.

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

(l) As of September 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $44,327,246 and gross unrealized depreciation of investments was $(4,279,391), resulting in net unrealized appreciation of $40,047,855.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

37

Glossary:

ABS – Asset-Backed Securities

ADR – American Depositary Receipt

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CPI – Consumer Price Index

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

38

AB Variable Products Series Fund, Inc.

AB Balanced Wealth Strategy 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.

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

39

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

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

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Information Technology	$	20,942,831	$	168,662	$	—	$	21,111,493
Consumer Discretionary		10,220,802		417,765		—		10,638,567
Communication Services		10,240,606		87,148		—		10,327,754
Health Care		10,011,690		192,919		—		10,204,609
Real Estate		6,850,053		2,024,222		—		8,874,275
Financials		7,949,717		389,260		—		8,338,977
Industrials		6,688,343		328,868		—		7,017,211
Energy		2,777,530		3,091,659		—		5,869,189
Consumer Staples		4,180,454		50,617		—		4,231,071
Materials		2,074,533		2,035,662		—		4,110,195
Utilities		1,852,023		170,697		—		2,022,720
Consumer Services		86,929		—		—		86,929
Transportation		—		62,466		—		62,466
Capital Goods		19,995		28,436		—		48,431
Consumer Durables & Apparel		45,920		—		—		45,920
Telecommunication Services		—		36,533		—		36,533
Software & Services		27,435		—		—		27,435
Investment Companies		63,434,587		—		—		63,434,587
Governments - Treasuries		—		42,086,674		—		42,086,674
Corporates - Investment Grade		—		17,855,073		—		17,855,073
Corporates - Non-Investment Grade		—		5,347,154		—		5,347,154
Collateralized Mortgage Obligations		—		3,474,844		—		3,474,844
Mortgage Pass-Throughs		—		3,440,922		—		3,440,922
Quasi-Sovereigns		—		3,386,618		—		3,386,618
Collateralized Loan Obligations		—		2,086,595		—		2,086,595
Commercial Mortgage-Backed Securities		—		1,934,033		—		1,934,033
Governments - Sovereign Bonds		—		1,107,148		—		1,107,148
Emerging Markets - Sovereigns		—		908,308		—		908,308
Inflation-Linked Securities		—		839,612		—		839,612
Governments - Sovereign Agencies		—		757,160		—		757,160

40

Emerging Markets - Corporate Bonds		—			709,049			—		709,049
Emerging Markets - Treasuries		—			690,708			—		690,708
Local Governments - Provincial Bonds		—			411,908			—		411,908
Covered Bonds		—			337,869			—		337,869
Local Governments - Regional Bonds		—			215,413			—		215,413
Asset-Backed Securities		—			151,759			—		151,759
Short-Term Investments		2,950,020			—			—		2,950,020
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		213,323			—			—		213,323
Total Investments in Securities		150,566,791			94,825,761			—		245,392,552
Other Financial Instruments(a):
Assets:
Futures		64,126			—			—		64,126
Forward Currency Exchange Contracts		—			1,077,185			—		1,077,185
Centrally Cleared Interest Rate Swaps		—			228,836			—		228,836
Inflation (CPI) Swaps		—			1,115			—		1,115
Liabilities:
Futures		(39,505	)		—			—		(39,505	)
Forward Currency Exchange Contracts		—			(229,951	)		—		(229,951	)
Centrally Cleared Interest Rate Swaps		—			(180,429	)		—		(180,429	)
Credit Default Swaps		—			(138,593	)		—		(138,593	)
Total	$	150,591,412		$	95,583,924		$	—	$	246,175,336

^(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.

41

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

													Distributions
Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./ (Depr.) (000)		Market Value 09/30/2021 (000)		Dividend Income (000)			Realized Gains (000)
AB Discovery Growth Fund, Inc.	$	3,073	$	0	$	240	$	53	$	198	$	3,084	$	0	**	$	0
AB Trust - AB Discovery Value Fund		3,151		126		841		45		749		3,230		0	**		0
Bernstein Fund, Inc. International Small Cap Portfolio		8,410		128		1,399		43		918		8,100		0	**		0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		42,917		926		5,276		367		3,005		41,939		0	**		0
Bernstein Fund, Inc. - Small Cap Core Portfolio		3,105		83		504		78		424		3,186		0	**		0
Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio		3,965		164		348		41		74		3,896		0	**		0
Government Money Market Portfolio		1,673		41,752		40,475		0		0		2,950		0	**		0
Government Money Market Portfolio*		0		2,652		2,439		0		0		213		0	**		0
Total	$	66,294	$	45,831	$	51,522	$	627	$	5,368	$	66,598	$	0	**	$	0

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

42