NPORT-EX 2 NPORT_6365929309841556.htm HTML[843675.IG]

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 100.0%

 

Information Technology – 22.7%

 

Electronic Equipment, Instruments & Components – 5.0%

 

Flex Ltd.(a)

      40,910        $ 342,621  

Halma PLC

      40,000          939,442  

Keyence Corp.

      2,500          803,781  
       

 

 

  
          2,085,844  
       

 

 

  

IT Services – 4.7%

 

Adyen NV(a) (b)

      1,000          849,894  

GMO Payment Gateway, Inc.

      10,300          721,880  

Pagseguro Digital Ltd.(a) (c)

      22,073          426,671  
       

 

 

  
          1,998,445  
       

 

 

  

Semiconductors & Semiconductor Equipment – 8.0%

 

ASML Holding NV

      3,206          845,148  

Infineon Technologies AG

      53,575          773,395  

NXP Semiconductors NV

      9,550          791,982  

STMicroelectronics NV

      44,347          953,309  
       

 

 

  
          3,363,834  
       

 

 

  

Software – 5.0%

 

AVEVA Group PLC

      12,607          543,170  

Dassault Systemes SE

      7,203          1,051,573  

SAP SE

      4,677          522,177  
       

 

 

  
          2,116,920  
       

 

 

  
          9,565,043  
       

 

 

  

Health Care – 15.5%

 

Biotechnology – 1.2%

 

Abcam PLC

      35,311          501,318  
       

 

 

  

Health Care Equipment & Supplies – 3.3%

 

Koninklijke Philips NV

      33,547          1,377,351  
       

 

 

  

Health Care Providers & Services – 1.9%

 

Apollo Hospitals Enterprise Ltd.

      54,363          815,353  
       

 

 

  

Life Sciences Tools & Services – 8.0%

 

Bio-Rad Laboratories, Inc. - Class A(a)

      1,637          573,867  

Gerresheimer AG

      17,443          1,099,927  

ICON PLC(a)

      3,957          538,152  

Tecan Group AG

      3,908          1,170,463  
       

 

 

  
                  3,382,409  
       

 

 

  

Pharmaceuticals – 1.1%

 

Roche Holding AG

      1,420          456,873  
       

 

 

  
          6,533,304  
       

 

 

  

Financials – 15.3%

 

Banks – 5.8%

 

Erste Group Bank AG

      29,710          543,922  

HDFC Bank Ltd.

      80,699          915,442  

Svenska Handelsbanken AB - Class A SHS

      121,754          1,004,118  
       

 

 

  
          2,463,482  
       

 

 

  
Company    Shares        U.S. $ Value  

Capital Markets – 6.0%

 

London Stock Exchange Group PLC

      15,703        $ 1,404,725  

Partners Group Holding AG

      1,609          1,101,627  
       

 

 

  
          2,506,352  
       

 

 

  

Insurance – 3.5%

 

AIA Group Ltd.

      110,200          986,800  

Prudential PLC

      39,400          493,676  
       

 

 

  
          1,480,476  
       

 

 

  
          6,450,310  
       

 

 

  

Industrials – 13.4%

 

Building Products – 2.4%

 

Kingspan Group PLC

      19,131          1,031,629  
       

 

 

  

Electrical Equipment – 5.0%

 

Schneider Electric SE

      13,654          1,154,075  

Vestas Wind Systems A/S

      11,462          932,613  
       

 

 

  
          2,086,688  
       

 

 

  

Machinery – 3.7%

 

SMC Corp./Japan

      2,300          964,261  

Xylem, Inc./NY

      9,348          608,835  
       

 

 

  
          1,573,096  
       

 

 

  

Professional Services – 2.3%

 

Recruit Holdings Co., Ltd.

      37,400          966,089  
       

 

 

  
          5,657,502  
       

 

 

  

Consumer Staples – 12.6%

 

Food Products – 6.9%

 

Danone SA

      12,859          822,953  

Kerry Group PLC - Class A

      9,089          1,054,551  

Nestle SA

      10,231          1,047,325  
       

 

 

  
                  2,924,829  
       

 

 

  

Household Products – 4.0%

 

Essity AB - Class B

      28,560          874,895  

Unicharm Corp.

      21,600          808,571  
       

 

 

  
          1,683,466  
       

 

 

  

Personal Products – 1.7%

 

Unilever PLC

      13,832          697,550  
       

 

 

  
          5,305,845  
       

 

 

  

Consumer Discretionary – 8.2%

 

Auto Components – 1.6%

 

Aptiv PLC

      13,813          680,152  
       

 

 

  

Internet & Direct Marketing Retail – 2.3%

 

Alibaba Group Holding Ltd.(a)

      39,304          952,376  
       

 

 

  

Textiles, Apparel & Luxury Goods – 4.3%

 

NIKE, Inc. - Class B

      8,010          662,748  

Puma SE

      7,441          437,196  

Shenzhou International Group Holdings Ltd.

      67,200          704,932  
       

 

 

  
          1,804,876  
       

 

 

  
          3,437,404  
       

 

 

  
Company    Shares        U.S. $ Value  

Materials – 5.1%

 

Chemicals – 5.1%

 

Chr Hansen Holding A/S

      17,016        $ 1,255,657  

Koninklijke DSM NV

      8,071          907,897  
       

 

 

  
                  2,163,554  
       

 

 

  

Communication Services – 3.8%

 

Diversified Telecommunication Services – 1.6%

 

Cellnex Telecom SA(b)

      15,340          695,860  
       

 

 

  

Interactive Media & Services – 2.2%

 

Tencent Holdings Ltd.

      18,800          929,239  
       

 

 

  
          1,625,099  
       

 

 

  

Energy – 2.3%

 

Oil, Gas & Consumable Fuels – 2.3%

 

Neste Oyj

      28,757          956,099  
       

 

 

  

Utilities – 1.1%

 

Water Utilities – 1.1%

 

Beijing Enterprises Water Group Ltd.(a)

      1,154,000          447,392  
       

 

 

  

Total Common Stocks
(cost $39,073,297)

           42,141,552  
       

 

 

  

SHORT-TERM INVESTMENTS – 1.4%

 

Investment Companies – 1.4%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(d) (e) (f)
(cost $580,044)

      580,044          580,044  
       

 

 

  

Total Investments – 101.4%
(cost $39,653,341)(g)

 

        42,721,596  

Other assets less liabilities – (1.4)%

           (578,431 ) 
       

 

 

  

Net Assets – 100.0%

         $     42,143,165  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation/

(Depreciation)

Bank of America, NA        KRW        140,253          USD        115          05/14/2020        $ (512 )
Bank of America, NA        USD        1,830          AUD        2,709          05/15/2020              (163,540 ) 
Bank of America, NA        USD        1,318          CNY        9,253          05/15/2020          (12,938 )
Bank of America, NA        USD        1,188          JPY             131,191          05/15/2020          34,020
Bank of America, NA        RUB        7,224          USD        95          05/20/2020          3,404
Barclays Bank PLC        INR        93,540          USD        1,300          04/23/2020          71,491
Barclays Bank PLC        USD        283          INR        21,890          04/23/2020          4,593
Barclays Bank PLC        USD        484          INR        36,346          04/23/2020          (6,960 )
Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation/

(Depreciation)

Barclays Bank PLC        KRW        241,298          USD        201          05/14/2020        $ 2,526
Barclays Bank PLC        USD        98          KRW        120,122          05/14/2020          434
Barclays Bank PLC        JPY        54,622          USD        500          05/15/2020          (9,114 )
Barclays Bank PLC        USD        259          CNY        1,845          05/15/2020          1,304
Barclays Bank PLC        USD        2,410          JPY             263,092          05/15/2020          41,588
Barclays Bank PLC        TWD        5,339          USD        180          05/21/2020          1,955
Barclays Bank PLC        USD        165          CNY        1,157          05/21/2020          (1,858 )
Barclays Bank PLC        USD        1,856          TWD        55,246          05/21/2020          (15,083 )
BNP Paribas SA        USD        824          CHF        785          05/15/2020          (6,752 )
Citibank, NA        BRL        258          USD        50          04/02/2020          106
Citibank, NA        BRL        1,038          USD        200          04/02/2020          (100 )
Citibank, NA        USD        50          BRL        258          04/02/2020          25
Citibank, NA        USD        237          BRL        1,038          04/02/2020          (36,767 )
Citibank, NA        INR        22,031          USD        286          04/23/2020          (2,837 )
Citibank, NA        KRW        515,604          USD        414          05/14/2020          (9,505 )
Citibank, NA        USD        268          KRW        329,147          05/14/2020          2,581
Citibank, NA        EUR        610          USD        684          05/15/2020          10,366
Citibank, NA        USD        251          CNY        1,760          05/15/2020          (2,977 )
Citibank, NA        USD        777          GBP        597          05/15/2020          (35,080 )
Citibank, NA        USD        553          JPY        58,062          05/15/2020          (11,520 )
Citibank, NA        USD        459          RUB        33,356          05/20/2020          (34,609 )
Citibank, NA        TWD        6,630          USD        222          05/21/2020          847
Credit Suisse International        EUR        493          USD        535          05/15/2020          (9,713 )
Deutsche Bank AG        USD        580          ZAR        8,669          05/15/2020          (97,974 )
Goldman Sachs Bank USA        USD        110          KRW        134,072          05/14/2020          98
Goldman Sachs Bank USA        CHF        1,116          USD        1,151          05/15/2020          (10,388 )
Goldman Sachs Bank USA        USD        291          JPY        31,361          05/15/2020          1,159
JPMorgan Chase Bank, NA        BRL        740          USD        158          04/02/2020          15,508
JPMorgan Chase Bank, NA        USD        142          BRL        740          04/02/2020          71
JPMorgan Chase Bank, NA        INR        10,071          USD        140          04/23/2020          8,113
JPMorgan Chase Bank, NA        SEK        9,937          USD        1,038          05/15/2020          32,142
JPMorgan Chase Bank, NA        USD        3,450          CAD        4,577          05/15/2020            (196,609 ) 
JPMorgan Chase Bank, NA        CNY        1,157          USD        166          05/21/2020          3,199
Morgan Stanley & Co., Inc.        BRL        667          USD        133          04/02/2020          4,955
Morgan Stanley & Co., Inc.        USD        128          BRL        667          04/02/2020          64
Morgan Stanley & Co., Inc.        USD        133          BRL        667          05/05/2020          (5,006 )
Morgan Stanley & Co., Inc.        KRW        163,282          USD        134          05/14/2020          378
Morgan Stanley & Co., Inc.        USD        1,692          KRW        2,005,756          05/14/2020          (44,933 )
Natwest Markets PLC        CNY        573          USD        81          05/15/2020          (265 )
Natwest Markets PLC        EUR        7,226          USD        7,923          05/15/2020          (60,102 )
Natwest Markets PLC        JPY        83,924          USD        788          05/15/2020          5,913
Standard Chartered Bank        BRL        627          USD        121          04/02/2020          (60 )
Standard Chartered Bank        USD        125          BRL        627          04/02/2020          (4,109 )
Standard Chartered Bank        USD        69          INR        5,245          04/23/2020          38
Standard Chartered Bank        USD        87          INR        6,515          04/23/2020          (1,142 )
Standard Chartered Bank        USD        102          KRW        126,666          05/14/2020          1,713
Standard Chartered Bank        CNY        2,027          USD        289          05/15/2020          2,790
Standard Chartered Bank        TWD        2,274          USD        76          05/21/2020          (93 )
State Street Bank & Trust Co.        AUD        686          USD        438          05/15/2020          16,376
State Street Bank & Trust Co.        AUD        328          USD        194          05/15/2020          (8,035 )
State Street Bank & Trust Co.        CAD        1,560          USD        1,141          05/15/2020          31,865
State Street Bank & Trust Co.        CAD        510          USD        353          05/15/2020          (9,407 )
State Street Bank & Trust Co.        CHF        99          USD        103          05/15/2020          407
State Street Bank & Trust Co.        CNY        612          USD        87          05/15/2020          307
State Street Bank & Trust Co.        CNY        1,373          USD        193          05/15/2020          (605 )
State Street Bank & Trust Co.        EUR        921          USD        1,022          05/15/2020          4,174
State Street Bank & Trust Co.        EUR        1,753          USD        1,917          05/15/2020          (19,132 )
State Street Bank & Trust Co.        GBP        463          USD        594          05/15/2020          18,023
Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation/

(Depreciation)

State Street Bank & Trust Co.        GBP        875          USD        1,056          05/15/2020        $ (31,863 )
State Street Bank & Trust Co.        JPY        115,637          USD        1,099          05/15/2020          21,581
State Street Bank & Trust Co.        JPY          162,278          USD        1,488          05/15/2020          (24,175 )
State Street Bank & Trust Co.        NOK        4,577          USD        496          05/15/2020          55,651
State Street Bank & Trust Co.        SEK        1,825          USD        190          05/15/2020          5,473
State Street Bank & Trust Co.        SEK        1,874          USD        185          05/15/2020          (4,186 )
State Street Bank & Trust Co.        USD        188          AUD        290          05/15/2020          (10,015 )
State Street Bank & Trust Co.        USD        288          CAD        412          05/15/2020          5,117
State Street Bank & Trust Co.        USD        512          CAD        697          05/15/2020          (16,657 )
State Street Bank & Trust Co.        USD        98          CHF        96          05/15/2020          1,478
State Street Bank & Trust Co.        USD        353          CHF        334          05/15/2020          (5,444 )
State Street Bank & Trust Co.        USD        532          CNY        3,726          05/15/2020          (5,975 )
State Street Bank & Trust Co.        USD        1,666          EUR        1,531          05/15/2020          25,227
State Street Bank & Trust Co.        USD        1,804          EUR        1,605          05/15/2020          (31,041 )
State Street Bank & Trust Co.        USD        136          GBP        112          05/15/2020          3,610
State Street Bank & Trust Co.        USD        286          GBP        219          05/15/2020          (13,345 )
State Street Bank & Trust Co.        USD        1,975          JPY             215,908          05/15/2020          36,787
State Street Bank & Trust Co.        USD        628          JPY        66,648          05/15/2020          (6,591 )
State Street Bank & Trust Co.        USD        284          MXN        5,349          05/15/2020          (59,491 )
State Street Bank & Trust Co.        USD        384          NOK        4,065          05/15/2020          7,504
State Street Bank & Trust Co.        USD        55          NOK        512          05/15/2020          (6,139 )
State Street Bank & Trust Co.        USD        308          SEK        3,004          05/15/2020          (4,389 )
State Street Bank & Trust Co.        ZAR        2,172          USD        130          05/15/2020          9,094
                                   

 

 

  
                                    $     (542,981 ) 
                                   

 

 

  

 

(a)

Non-income producing security.

(b)

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 $1,545,754 or 3.7% of net assets.

(c)

Represents entire or partial securities out on loan.

(d)

Affiliated investments.

(e)

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

(f)

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.

(g)

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 $7,608,869 and gross unrealized depreciation of investments was $(5,083,595), resulting in net unrealized appreciation of $2,525,274.

  

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.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

RUB – Russian Ruble

SEK – Swedish Krona

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

COUNTRY BREAKDOWN1

March 31, 2020 (unaudited)

 

  11.2%        Netherlands
  10.7%        United Kingdom
  10.0%        Japan
  9.3%        France
  8.8%        Switzerland
  7.1%        China
  6.7%        United States
  6.6%        Germany
  6.2%        Ireland
  5.1%        Denmark
  4.4%        Sweden
  4.1%        India
  2.3%        Hong Kong
  6.1%        Other
  1.4%        Short-Term

 

 

       
  100.0%        Total Investments

 

 

       

 

1

All data are as of March 31, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.2% or less in the following: Austria, Brazil, Finland and Spain.

AB Variable Products Series Fund, Inc.

AB International Growth 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)

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, 2020:

 

Investments in Securities:

    Level 1      Level 2     Level 3      Total  
Assets:           
Common Stocks:           

Information Technology

    $     2,411,168      $ 7,153,875     $                 —      $ 9,565,043  

Health Care

      1,613,337        4,919,967       —        6,533,304  

Financials

      —        6,450,310       —        6,450,310  

Industrials

      608,835        5,048,667       —        5,657,502  

Consumer Staples

      1,054,551        4,251,294       —        5,305,845  

Consumer Discretionary

      1,342,900        2,094,504       —        3,437,404  

Materials

      —        2,163,554       —        2,163,554  

Communication Services

      —        1,625,099       —        1,625,099  

Energy

      —        956,099       —        956,099  

Utilities

      —        447,392       —        447,392  
Short-Term Investments      580,044        —       —        580,044  
Total Investments in Securities      7,610,835        35,110,761 (a)      —        42,721,596  
Other Financial Instruments(b):           
Assets:           
Forward Currency Exchange Contracts      —        494,055       —        494,055  
Liabilities:           
Forward Currency Exchange Contracts      —        (1,037,036 )      —        (1,037,036 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $ 7,610,835      $     34,567,780     $ —      $     42,178,615  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a) 

A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

(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, 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    $ 1,750      $ 3,165      $ 4,335      $ 580      $ 6  
Government Money Market Portfolio*      1,787        11,234        13,021        —        2  
Total    $ 3,537      $ 14,399      $ 17,356      $ 580      $ 8  

 

*

Investments of cash collateral for securities lending transactions.