NPORT-EX 1 NPORT_828751630604157.htm FOR VALIDATION PURPOSES ONLY - [700744.VP]

AB Variable Products Series Fund, Inc.

AB Value Portfolio

Portfolio of Investments

March 31, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 99.6%

        

Financials - 21.6%

        

Banks - 11.3%

        

Bank of America Corp.

      81,429        $ 2,246,626  

Comerica, Inc.

      7,893          578,715  

Wells Fargo & Co.

      53,516          2,585,893  

Zions Bancorp NA

      19,762          897,392  
       

 

 

  
          6,308,626  
       

 

 

  

Consumer Finance - 4.6%

        

Capital One Financial Corp.

      7,867          642,655  

OneMain Holdings, Inc.

      12,222          388,049  

Synchrony Financial

      47,021          1,499,970  
       

 

 

  
          2,530,674  
       

 

 

  

Insurance - 5.7%

        

Everest Re Group Ltd.

      5,097          1,100,748  

Fidelity National Financial, Inc.

      31,590          1,154,614  

Reinsurance Group of America, Inc.-Class A

      6,260          888,795  
       

 

 

  
          3,144,157  
       

 

 

  
          11,983,457  
       

 

 

  

Health Care - 13.5%

        

Biotechnology - 1.9%

        

Gilead Sciences, Inc.

      16,263          1,057,258  
       

 

 

  

Health Care Providers & Services - 2.1%

        

Cigna Corp. (a)

      7,291          1,172,539  
       

 

 

  

Pharmaceuticals - 9.5%

        

Novo Nordisk A/S (Sponsored ADR)

      27,524          1,439,780  

Pfizer, Inc.

      46,638          1,980,716  

Roche Holding AG (Sponsored ADR)

      38,020          1,307,508  

Teva Pharmaceutical Industries Ltd. (Sponsored ADR) (a)

      33,952          532,367  
       

 

 

  
          5,260,371  
       

 

 

  
          7,490,168  
       

 

 

  

Information Technology - 12.2%

        

Communications Equipment - 4.9%

        

Finisar Corp. (a)

      17,468          404,734  

Juniper Networks, Inc.

      45,514          1,204,756  

Nokia Oyj (Sponsored ADR)-Class A

      198,141          1,133,366  
       

 

 

  
          2,742,856  
       

 

 

  

Software - 5.6%

        

Oracle Corp.

      57,372          3,081,450  
       

 

 

  

Technology Hardware, Storage & Peripherals - 1.7%

        

NCR Corp. (a)

      12,664          345,600  

Xerox Corp.

      18,664          596,875  
       

 

 

  
          942,475  
       

 

 

  
          6,766,781  
       

 

 

  

Company

    Shares        U.S. $ Value  

Energy - 10.4%

        

Energy Equipment & Services - 1.7%

        

Dril-Quip, Inc. (a)

      6,985        $ 320,262  

RPC, Inc.

      54,044          616,642  
       

 

 

  
          936,904  
       

 

 

  

Oil, Gas & Consumable Fuels - 8.7%

        

Cimarex Energy Co.

      5,947          415,695  

Devon Energy Corp.

      21,579          681,033  

EOG Resources, Inc.

      19,356          1,842,304  

Hess Corp.

      13,663          822,923  

Marathon Petroleum Corp.

      18,074          1,081,729  
       

 

 

  
          4,843,684  
       

 

 

  
          5,780,588  
       

 

 

  

Communication Services - 9.0%

        

Media - 6.8%

        

Charter Communications, Inc.-Class A (a)

      3,070          1,065,014  

Comcast Corp.-Class A

      63,530          2,539,929  

Fox Corp.-Class A (a)

      4,695          172,353  
       

 

 

  
          3,777,296  
       

 

 

  

Wireless Telecommunication Services - 2.2%

        

T-Mobile US, Inc. (a)

      17,548          1,212,567  
       

 

 

  
          4,989,863  
       

 

 

  

Consumer Staples - 7.6%

        

Beverages - 2.6%

        

PepsiCo, Inc.

      11,994          1,469,864  
       

 

 

  

Food & Staples Retailing - 1.5%

        

US Foods Holding Corp. (a)

      24,002          837,910  
       

 

 

  

Tobacco - 3.5%

        

British American Tobacco PLC (Sponsored ADR)

      11,945          498,345  

Philip Morris International, Inc.

      16,299          1,440,669  
       

 

 

  
          1,939,014  
       

 

 

  
          4,246,788  
       

 

 

  

Consumer Discretionary - 6.8%

        

Auto Components - 2.5%

        

Lear Corp.

      3,264          442,957  

Magna International, Inc.-Class A

      19,759          962,066  
       

 

 

  
          1,405,023  
       

 

 

  

Specialty Retail - 2.5%

        

Gap, Inc. (The)

      27,515          720,343  

Michaels Cos., Inc. (The) (a)

      34,366          392,460  

Signet Jewelers Ltd.

      10,040          272,686  
       

 

 

  
          1,385,489  
       

 

 

  

Company

    Shares        U.S. $ Value  

Textiles, Apparel & Luxury Goods - 1.8%

        

Capri Holdings Ltd. (a)

      9,466        $ 433,070  

Skechers U.S.A., Inc.-Class A (a)

      16,402          551,271  
       

 

 

  
          984,341  
       

 

 

  
          3,774,853  
       

 

 

  

Utilities - 6.0%

        

Electric Utilities - 4.3%

        

American Electric Power Co., Inc.

      18,867          1,580,111  

NextEra Energy, Inc.

      4,226          816,971  
       

 

 

  
          2,397,082  
       

 

 

  

Multi-Utilities - 1.7%

        

NiSource, Inc.

      32,673          936,408  
       

 

 

  
          3,333,490  
       

 

 

  

Industrials - 4.9%

        

Aerospace & Defense - 3.1%

        

Raytheon Co.

      9,381          1,708,093  
       

 

 

  

Airlines - 1.8%

        

Alaska Air Group, Inc.

      9,210          516,865  

JetBlue Airways Corp. (a)

      31,748          519,397  
       

 

 

  
          1,036,262  
       

 

 

  
          2,744,355  
       

 

 

  

Real Estate - 4.4%

        

Equity Real Estate Investment Trusts (REITs) - 4.4%

        

CubeSmart

      14,360          460,094  

Mid-America Apartment Communities, Inc.

      10,782          1,178,796  

Sun Communities, Inc.

      6,763          801,551  
       

 

 

  
          2,440,441  
       

 

 

  

Materials - 3.2%

        

Chemicals - 2.4%

        

Mosaic Co. (The)

      30,489          832,654  

Westlake Chemical Corp.

      7,474          507,186  
       

 

 

  
          1,339,840  
       

 

 

  

Metals & Mining - 0.8%

        

Alcoa Corp. (a)

      16,421          462,416  
       

 

 

  
          1,802,256  
       

 

 

  

Total Common Stocks
(cost $50,958,208)

           55,353,040  
       

 

 

  

Company

    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS - 0.6%

        

Investment Companies - 0.6%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB,
2.38% (b)(c)(d)
(cost $361,182)

      361,182        $ 361,182  
       

 

 

  

Total Investments - 100.2%
(cost $51,319,390) (e)

           55,714,222  

Other assets less liabilities - (0.2)%

           (120,315 ) 
       

 

 

  

Net Assets - 100.0%

         $ 55,593,907  
       

 

 

  

 

(a)

Non-income producing security.

(b)

Affiliated investments.

(c)

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

(d)

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.

(e)

As of March 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $8,589,496 and gross unrealized depreciation of investments was $(4,194,664), resulting in net unrealized appreciation of $4,394,832.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Glossary:

 

ADR    -    American Depositary Receipt

AB Variable Products Series Fund, Inc.

AB Value Portfolio

March 31, 2019 (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)

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2019:

 

Investments in Securities:

    Level 1     Level 2     Level 3     Total  

Assets:

         

Common Stocks (a)

    $ 55,353,040     $ – 0  –    $ – 0  –    $ 55,353,040  

Short-Term Investments

      361,182       – 0  –      – 0  –      361,182  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      55,714,222       – 0  –      – 0  –      55,714,222  

Other Financial Instruments (b)

      – 0  –      – 0  –      – 0  –      – 0  – 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $     55,714,222     $             – 0  –    $             – 0  –    $     55,714,222  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

See Portfolio of Investments for sector classifications.

(b)

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, 2019 is as follows:

 

Fund

    Market Value
12/31/18
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
3/31/19
(000)		      Dividend
Income
(000)		  

Government Money Market Portfolio

    $ 2      $ 3,755      $ 3,396      $ 361      $ 1  

Government Money Market Portfolio*

      46        6,312        6,358        0        2  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 48      $ 10,067      $ 9,754      $ 361      $ 3  

 

*

Investments of cash collateral for securities lending transactions.