NPORT-EX 2 NPORT_6359664703657259.htm HTML[843675.IV]

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.0%

        

Information Technology – 14.6%

        

Electronic Equipment, Instruments & Components – 0.8%

        

Zhen Ding Technology Holding Ltd.

      689,000        $ 2,105,643  
       

 

 

  

IT Services – 1.7%

        

Atos SE

      68,610          4,571,155  
       

 

 

  

Semiconductors & Semiconductor Equipment – 6.8%

        

NXP Semiconductors NV

      32,140          2,665,370  

Realtek Semiconductor Corp.

      328,000          2,354,677  

SCREEN Holdings Co., Ltd.(a)

      108,400          3,967,199  

SK Hynix, Inc.

      75,250          5,087,201  

Taiwan Semiconductor Manufacturing Co., Ltd.

      407,000          3,663,941  
       

 

 

  
                17,738,388  
       

 

 

  

Software – 2.8%

        

Avast PLC(b)

      911,600          4,407,307  

Open Text Corp.

      80,916          2,829,444  
       

 

 

  
          7,236,751  
       

 

 

  

Technology Hardware, Storage & Peripherals – 2.5%

        

Samsung Electronics Co., Ltd.

      169,050          6,572,915  
       

 

 

  
          38,224,852  
       

 

 

  

Consumer Staples – 14.4%

        

Beverages – 3.1%

        

Coca-Cola Bottlers Japan Holdings, Inc.

      128,700          2,641,371  

Coca-Cola European Partners PLC

      147,220          5,525,167  
       

 

 

  
          8,166,538  
       

 

 

  

Food & Staples Retailing – 3.7%

        

Koninklijke Ahold Delhaize NV

      250,910          5,845,335  

Tesco PLC(a)

      1,353,610          3,822,631  
       

 

 

  
          9,667,966  
       

 

 

  

Food Products – 5.5%

        

Morinaga & Co., Ltd./Japan

      54,400          2,226,950  

Nichirei Corp.

      113,100          3,184,653  

Salmar ASA

      101,950          3,372,908  

WH Group Ltd.(b)

      5,955,000          5,496,513  
       

 

 

  
          14,281,024  
       

 

 

  

Tobacco – 2.1%

        

British American Tobacco PLC

      162,300          5,528,793  
       

 

 

  
          37,644,321  
       

 

 

  

Financials – 14.1%

        

Banks – 7.3%

        

Banco Comercial Portugues SA(a)

      15,570,220          1,749,918  

Bank Hapoalim BM

      476,890          2,857,462  

Bank Leumi Le-Israel BM

      522,080          2,878,729  

Bank of Ireland Group PLC

      1,004,793          1,873,002  

Erste Group Bank AG

      176,730          3,235,519  

KBC Group NV

      76,670          3,478,913  

Mediobanca Banca di Credito Finanziario SpA

      524,050          2,857,739  
       

 

 

  
          18,931,282  
       

 

 

  
Company    Shares        U.S. $ Value  

Capital Markets – 1.4%

        

Credit Suisse Group AG(c)

      457,847        $ 3,695,442  
       

 

 

  

Consumer Finance – 0.0%

        

Isracard Ltd.

      23,577          63,278  
       

 

 

  

Diversified Financial Services – 1.0%

        

ORIX Corp.

      225,200          2,686,785  
       

 

 

  

Insurance – 4.4%

        

Allianz SE

      26,700          4,546,941  

Suncorp Group Ltd.(a)

      765,760          4,252,466  

Swiss Re AG

      34,690          2,671,092  
       

 

 

  
          11,470,499  
       

 

 

  
          36,847,286  
       

 

 

  

Industrials – 9.9%

        

Aerospace & Defense – 4.8%

        

Airbus SE

      62,090          4,003,677  

BAE Systems PLC

      761,410          4,892,075  

MTU Aero Engines AG

      16,680          2,411,873  

Saab AB - Class B

      67,203          1,276,832  
       

 

 

  
          12,584,457  
       

 

 

  

Air Freight & Logistics – 1.0%

        

SG Holdings Co., Ltd.(a)

      107,700          2,565,248  
       

 

 

  

Airlines – 0.7%

        

Wizz Air Holdings PLC(b) (c)

      64,690          1,820,792  
       

 

 

  

Machinery – 1.5%

        

Alstom SA

      66,713          2,754,720  

Weichai Power Co., Ltd. - Class H

      736,000          1,172,369  
       

 

 

  
          3,927,089  
       

 

 

  

Professional Services – 0.5%

        

UT Group Co., Ltd.(a) (c)

      138,100          1,404,213  
       

 

 

  

Trading Companies & Distributors – 1.4%

        

AerCap Holdings NV(c)

      158,490          3,611,987  
       

 

 

  
                25,913,786  
       

 

 

  

Health Care – 8.8%

        

Pharmaceuticals – 8.8%

        

GlaxoSmithKline PLC

      322,390          6,049,378  

Novo Nordisk A/S - Class B

      115,580          6,901,980  

Roche Holding AG

      31,680          10,192,782  
       

 

 

  
          23,144,140  
       

 

 

  

Materials – 8.6%

        

Chemicals – 5.0%

        

Air Water, Inc.

      197,600          2,706,099  

Covestro AG(b)

      107,360          3,258,177  

Evonik Industries AG

      153,470          3,204,947  

Tosoh Corp.

      346,400          3,914,699  
       

 

 

  
          13,083,922  
       

 

 

  
Company    Shares        U.S. $ Value  

Metals & Mining – 3.6%

        

Agnico Eagle Mines Ltd.

      64,600        $ 2,578,859  

BlueScope Steel Ltd.(a)

      514,961          2,696,088  

First Quantum Minerals Ltd.

      264,930          1,353,547  

Northern Star Resources Ltd.(a)

      428,060          2,772,967  

Yamato Kogyo Co., Ltd.

      2,900          49,670  
       

 

 

  
          9,451,131  
       

 

 

  
          22,535,053  
       

 

 

  

Consumer Discretionary – 8.5%

        

Auto Components – 2.7%

        

Faurecia SE

      133,650          3,913,486  

NGK Spark Plug Co., Ltd.(a)

      229,500          3,216,985  
       

 

 

  
          7,130,471  
       

 

 

  

Automobiles – 3.1%

        

Peugeot SA(a)

      357,343          4,652,346  

Subaru Corp.(a)

      175,700          3,358,519  
       

 

 

  
          8,010,865  
       

 

 

  

Hotels, Restaurants & Leisure – 1.7%

        

GVC Holdings PLC

      634,600          4,395,702  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.0%

        

Pandora A/S

      81,400          2,615,473  
       

 

 

  
                22,152,511  
       

 

 

  

Energy – 6.4%

        

Oil, Gas & Consumable Fuels – 6.4%

        

JXTG Holdings, Inc.

      1,321,900          4,504,223  

Repsol SA

      511,551          4,563,674  

Royal Dutch Shell PLC (Euronext Amsterdam) - Class A(a)

      408,410          7,082,209  

Royal Dutch Shell PLC - Class A

      35,934          624,306  
       

 

 

  
          16,774,412  
       

 

 

  

Communication Services – 5.4%

        

Diversified Telecommunication Services – 2.9%

        

Nippon Telegraph & Telephone Corp.

      179,600          4,295,424  

Orange SA

      288,150          3,488,763  
       

 

 

  
          7,784,187  
       

 

 

  

Entertainment – 2.5%

        

Nintendo Co., Ltd.

      16,700          6,490,513  
       

 

 

  
          14,274,700  
       

 

 

  

Utilities – 4.8%

        

Electric Utilities – 4.8%

        

EDP - Energias de Portugal SA

      1,633,240          6,571,144  

Enel SpA

      862,050          5,946,283  
       

 

 

  
          12,517,427  
       

 

 

  
Company    Shares        U.S. $ Value  

Real Estate – 1.5%

        

Real Estate Management & Development – 1.5%

        

Aroundtown SA

      762,750        $ 3,817,908  
       

 

 

  

Total Common Stocks
(cost $318,038,187)

           253,846,396  
       

 

 

  

SHORT-TERM INVESTMENTS – 2.4%

        

Investment Companies – 2.4%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(d) (e) (f)
(cost $6,294,318)

      6,294,318          6,294,318  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.4%
(cost $324,332,505)

           260,140,714  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.6%

        

Investment Companies – 0.6%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(d) (e) (f)
(cost $1,593,051)

      1,593,051          1,593,051  
       

 

 

  

Total Investments – 100.0%
(cost $325,925,556)(g)

              261,733,765  

Other assets less liabilities – 0.0%

           118,294  
       

 

 

  

Net Assets – 100.0%

         $ 261,852,059  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)
Bank of America, NA        CNY        46,869          USD        6,681          04/17/2020        $ 63,102
Bank of America, NA        EUR        1,849          USD        2,069          04/17/2020          27,795
Bank of America, NA        GBP        1,924          USD        2,497          04/17/2020          106,082
Bank of America, NA        JPY        368,957          USD        3,338          04/17/2020              (95,826 ) 
Bank of America, NA        NOK        37,336          USD        4,196          04/17/2020          604,831
Bank of America, NA        USD        3,746          GBP        2,871          04/17/2020          (178,695 )
Bank of America, NA        USD        21,579          JPY        2,357,328          04/17/2020          357,796
Bank of America, NA        USD        642          NOK        5,996          04/17/2020          (65,479 )
Bank of America, NA        USD        746          NZD        1,124          04/17/2020          (75,202 )
Bank of America, NA        USD        1,510          SEK        14,447          04/17/2020          (49,577 )
Bank of America, NA        USD        510          KRW        611,813          05/14/2020          (7,683 )
Bank of America, NA        USD        5,449          JPY        589,106          07/17/2020          52,856
Bank of America, NA        USD        868          JPY        92,574          07/17/2020          (3,500 )
Barclays Bank PLC        BRL        1,359          USD        261          04/02/2020          (131 )
Barclays Bank PLC        USD        288          BRL        1,359          04/02/2020          (26,381 )
Barclays Bank PLC        AUD        2,134          USD        1,315          04/17/2020          1,781
Barclays Bank PLC        AUD        2,255          USD        1,352          04/17/2020          (35,213 )
Barclays Bank PLC        CHF        1,835          USD        1,934          04/17/2020          25,748
Barclays Bank PLC        CHF        3,539          USD        3,669          04/17/2020          (10,935 )
Barclays Bank PLC        EUR        3,185          USD        3,569          04/17/2020          54,362
Barclays Bank PLC        GBP        2,231          USD             2,863          04/17/2020          91,291
Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)
Barclays Bank PLC        GBP        1,163          USD        1,441          04/17/2020        $ (3,958 )
Barclays Bank PLC        JPY        237,786          USD        2,222          04/17/2020          8,884
Barclays Bank PLC        USD        792          CAD        1,097          04/17/2020          (12,228 )
Barclays Bank PLC        USD        722          CNY        5,124          04/17/2020          1,448
Barclays Bank PLC        USD        3,422          CNY        23,745          04/17/2020              (69,688 ) 
Barclays Bank PLC        USD        2,105          EUR        1,933          04/17/2020          27,766
Barclays Bank PLC        USD        12,793          GBP        9,825          04/17/2020          (585,572 )
Barclays Bank PLC        USD        1,266          JPY        138,499          04/17/2020          22,716
Barclays Bank PLC        USD        4,679          SGD        6,296          04/17/2020          (248,359 )
Barclays Bank PLC        INR        285,609          USD        3,968          04/23/2020          218,286
Barclays Bank PLC        USD        2,315          INR        171,778          04/23/2020          (59,983 )
Barclays Bank PLC        KRW        629,912          USD        531          05/14/2020          13,551
Barclays Bank PLC        KRW        1,815,672          USD        1,470          05/14/2020          (21,824 )
Barclays Bank PLC        USD        1,892          KRW        2,339,397          05/14/2020          29,440
Barclays Bank PLC        USD        934          KRW        1,123,844          05/14/2020          (11,077 )
Barclays Bank PLC        RUB        62,465          USD        825          05/20/2020          29,980
Barclays Bank PLC        TWD        260,427          USD        8,748          05/21/2020          71,023
Barclays Bank PLC        TWD        53,144          USD        1,770          05/21/2020          (990 )
Barclays Bank PLC        USD        1,863          TWD        55,681          05/21/2020          (7,425 )
Barclays Bank PLC        CAD        1,235          USD        858          07/17/2020          (19,913 )
Barclays Bank PLC        NOK        7,252          USD        705          07/17/2020          6,840
Barclays Bank PLC        USD        3,137          CHF        2,895          07/17/2020          (114,698 )
Barclays Bank PLC        USD        4,046          JPY        442,625          07/17/2020          87,993
Barclays Bank PLC        USD        1,647          JPY        175,661          07/17/2020          (5,833 )
BNP Paribas SA        CAD        841          USD        626          04/17/2020          28,732
BNP Paribas SA        GBP        3,820          USD        4,888          04/17/2020          141,485
BNP Paribas SA        HKD        39,249          USD        5,048          04/17/2020          (14,444 )
BNP Paribas SA        USD        753          CAD        1,010          04/17/2020          (35,452 )
BNP Paribas SA        USD        516          HKD        4,005          04/17/2020          278
BNP Paribas SA        USD        824          NOK        7,624          04/17/2020          (90,453 )
BNP Paribas SA        USD        938          IDR        13,064,665          05/05/2020          (139,599 )
BNP Paribas SA        USD        538          KRW        651,058          05/14/2020          (2,991 )
Citibank, NA        BRL        16,879          USD        3,846          04/02/2020          597,879
Citibank, NA        BRL        6,637          USD        1,277          04/02/2020          (638 )
Citibank, NA        USD        3,247          BRL        16,879          04/02/2020          1,625
Citibank, NA        USD        1,413          BRL        6,637          04/02/2020          (135,866 )
Citibank, NA        AUD        1,530          USD        970          04/17/2020          28,833
Citibank, NA        AUD        1,635          USD        977          04/17/2020          (28,104 )
Citibank, NA        EUR        8,858          USD        9,840          04/17/2020          65,429
Citibank, NA        EUR        9,937          USD        10,778          04/17/2020          (187,412 )
Citibank, NA        GBP        1,295          USD        1,698          04/17/2020          89,564
Citibank, NA        JPY        718,138          USD        6,864          04/17/2020          180,945
Citibank, NA        USD        532          CAD        773          04/17/2020          16,945
Citibank, NA        USD        7,539          CHF        7,245          04/17/2020          (6,531 )
Citibank, NA        USD        229          CNY        1,618          04/17/2020          (723 )
Citibank, NA        USD        9,328          EUR        8,273          04/17/2020          (199,120 )
Citibank, NA        USD        1,361          GBP        1,064          04/17/2020          (39,007 )
Citibank, NA        USD        1,485          HKD        11,542          04/17/2020          3,890
Citibank, NA        USD        673          NOK        6,352          04/17/2020          (61,589 )
Citibank, NA        USD        1,327          BRL        6,849          05/05/2020          (11,650 )
Citibank, NA        USD        454          KRW        568,210          05/14/2020          12,891
Citibank, NA        USD        859          RUB        62,465          05/20/2020          (64,812 )
Citibank, NA        EUR        3,606          USD        4,089          07/17/2020          96,925
Citibank, NA        EUR        1,107          USD        1,219          07/17/2020          (7,479 )
Citibank, NA        USD        1,069          AUD        1,819          07/17/2020          50,055
Citibank, NA        USD        977          EUR        881          07/17/2020          (1,217 )
Credit Suisse International        AUD        7,829          USD        5,254          04/17/2020          437,892
Credit Suisse International        NOK        25,414          USD        2,757          04/17/2020          312,233
Credit Suisse International        SEK        11,969          USD        1,228          04/17/2020          17,272
Credit Suisse International        TRY        5,291          USD        828          04/17/2020          31,280
Credit Suisse International        USD        7,552          CHF        7,273          04/17/2020          9,345
Credit Suisse International        USD        1,823          EUR        1,674          04/17/2020          23,990
Credit Suisse International        USD        772          ILS        2,832          04/17/2020          27,946
Credit Suisse International        USD        549          NOK        4,935          04/17/2020          (74,039 )
Credit Suisse International        EUR        1,522          USD        1,676          07/17/2020          (9,099 )
Credit Suisse International        USD        2,567          AUD             4,400          07/17/2020          140,329
Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)
Deutsche Bank AG        ILS        18,066          USD        5,230          04/17/2020        $ 126,541
Deutsche Bank AG        ILS        3,292          USD        926          07/17/2020          (8,815 )
Deutsche Bank AG        USD        1,361          JPY        150,507          07/17/2020          44,762
Goldman Sachs Bank USA        BRL        2,034          USD        391          04/02/2020          (196 )
Goldman Sachs Bank USA        USD        454          BRL        2,034          04/02/2020              (62,499 ) 
Goldman Sachs Bank USA        AUD        2,148          USD        1,359          04/17/2020          38,077
Goldman Sachs Bank USA        GBP        1,592          USD        2,074          04/17/2020          96,107
Goldman Sachs Bank USA        JPY        259,201          USD        2,463          04/17/2020          51,082
Goldman Sachs Bank USA        JPY        314,219          USD        2,846          04/17/2020          (78,108 )
Goldman Sachs Bank USA        USD        1,568          CAD        2,154          04/17/2020          (37,488 )
Goldman Sachs Bank USA        USD        806          CNY        5,762          04/17/2020          7,551
Goldman Sachs Bank USA        USD        3,088          EUR        2,752          04/17/2020          (51,611 )
Goldman Sachs Bank USA        EUR        1,940          USD        2,108          07/17/2020          (40,403 )
Goldman Sachs Bank USA        USD        1,040          JPY        113,632          07/17/2020          21,735
Goldman Sachs Bank USA        USD        1,183          JPY        122,856          07/17/2020          (35,971 )
JPMorgan Chase Bank, NA        AUD        1,141          USD        755          04/17/2020          52,748
JPMorgan Chase Bank, NA        CAD        12,327          USD        9,445          04/17/2020          683,627
JPMorgan Chase Bank, NA        GBP        1,802          USD        2,172          04/17/2020          (66,923 )
JPMorgan Chase Bank, NA        USD        1,180          CHF        1,139          04/17/2020          3,953
JPMorgan Chase Bank, NA        USD        511          GBP        388          04/17/2020          (28,946 )
JPMorgan Chase Bank, NA        USD        942          MXN        17,970          04/17/2020          (185,810 )
JPMorgan Chase Bank, NA        USD        6,605          SEK        62,538          04/17/2020          (280,967 )
JPMorgan Chase Bank, NA        EUR        1,124          USD        1,290          07/17/2020          45,292
JPMorgan Chase Bank, NA        EUR        1,533          USD        1,656          07/17/2020          (41,302 )
Morgan Stanley & Co., Inc.        BRL        6,849          USD        1,317          04/02/2020          (659 )
Morgan Stanley & Co., Inc.        USD        1,369          BRL        6,849          04/02/2020          (50,875 )
Morgan Stanley & Co., Inc.        AUD        1,286          USD        798          04/17/2020          6,780
Morgan Stanley & Co., Inc.        CAD        5,013          USD        3,844          04/17/2020          281,211
Morgan Stanley & Co., Inc.        CHF        2,101          USD        2,158          04/17/2020          (26,919 )
Morgan Stanley & Co., Inc.        GBP        1,165          USD        1,355          04/17/2020          (92,177 )
Morgan Stanley & Co., Inc.        JPY        88,322          USD        842          04/17/2020          20,420
Morgan Stanley & Co., Inc.        MXN        17,970          USD        782          04/17/2020          25,820
Morgan Stanley & Co., Inc.        SEK        7,074          USD        753          04/17/2020          37,537
Morgan Stanley & Co., Inc.        SGD        1,192          USD        840          04/17/2020          1,474
Morgan Stanley & Co., Inc.        USD        4,318          AUD        6,279          04/17/2020          (455,453 )
Morgan Stanley & Co., Inc.        USD        5,617          EUR        5,029          04/17/2020          (67,439 )
Morgan Stanley & Co., Inc.        USD        4,214          GBP        3,213          04/17/2020          (223,012 )
Morgan Stanley & Co., Inc.        USD        1,233          ILS        4,318          04/17/2020          (12,773 )
Morgan Stanley & Co., Inc.        USD        1,623          JPY        174,407          04/17/2020          462
Morgan Stanley & Co., Inc.        BRL        6,849          USD        1,367          05/05/2020          51,408
Morgan Stanley & Co., Inc.        KRW        15,942,289          USD        13,452          05/14/2020          357,138
Morgan Stanley & Co., Inc.        USD        1,902          TWD        56,612          05/21/2020          (16,157 )
Natwest Markets PLC        AUD        5,140          USD        3,437          04/17/2020          275,282
Natwest Markets PLC        EUR        1,043          USD        1,163          04/17/2020          12,256
Natwest Markets PLC        GBP        1,182          USD        1,504          04/17/2020          35,670
Natwest Markets PLC        JPY        151,394          USD        1,393          04/17/2020          (16,049 )
Natwest Markets PLC        USD        13,535          AUD        19,550          04/17/2020          (1,508,636 )
Natwest Markets PLC        USD        611          CAD        866          04/17/2020          4,069
Natwest Markets PLC        USD        1,201          EUR        1,108          04/17/2020          22,108
Natwest Markets PLC        USD        5,779          JPY        626,660          04/17/2020          52,400
Natwest Markets PLC        USD        882          TRY        5,291          04/17/2020          (85,983 )
Natwest Markets PLC        USD        429          INR        30,916          04/23/2020          (22,736 )
Natwest Markets PLC        IDR        13,064,665          USD        795          05/05/2020          (3,136 )
Natwest Markets PLC        EUR        1,427          USD        1,574          07/17/2020          (5,810 )
Standard Chartered Bank        JPY        233,172          USD        2,161          04/17/2020          (8,887 )
Standard Chartered Bank        USD        963          HKD        7,477          04/17/2020          1,621
Standard Chartered Bank        USD        950          JPY        103,873          04/17/2020          16,602
Standard Chartered Bank        USD        928          NOK        8,667          04/17/2020          (94,751 )
Standard Chartered Bank        USD        1,107          INR        82,915          04/23/2020          (18,063 )
State Street Bank & Trust Co.        CAD        246          USD        189          04/17/2020          13,669
State Street Bank & Trust Co.        EUR        2,166          USD        2,415          04/17/2020          24,861
State Street Bank & Trust Co.        GBP        1,084          USD        1,401          04/17/2020          54,455
State Street Bank & Trust Co.        ILS        1,445          USD        418          04/17/2020          10,176
State Street Bank & Trust Co.        JPY        7,974          USD             73          04/17/2020          (1,432 )
Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)
State Street Bank & Trust Co.        NOK        4,076          USD        456          04/17/2020        $ 63,586
State Street Bank & Trust Co.        SEK        11,313          USD        1,174          04/17/2020          30,346
State Street Bank & Trust Co.        SGD        494          USD        354          04/17/2020          6,393
State Street Bank & Trust Co.        USD        4,105          CAD        5,486          04/17/2020          (206,263 )
State Street Bank & Trust Co.        USD        55          CHF        53          04/17/2020          195
State Street Bank & Trust Co.        USD        178          EUR        162          04/17/2020          748
State Street Bank & Trust Co.        USD        1,767          GBP        1,351          04/17/2020              (88,169 ) 
State Street Bank & Trust Co.        USD        398          JPY        43,478          04/17/2020          6,884
State Street Bank & Trust Co.        USD        1,938          NOK        17,763          04/17/2020          (229,125 )
State Street Bank & Trust Co.        USD        1,927          SEK        18,324          04/17/2020          (74,278 )
State Street Bank & Trust Co.        KRW        966,915          USD        819          05/14/2020          25,027
State Street Bank & Trust Co.        EUR        861          USD        980          07/17/2020          26,495
State Street Bank & Trust Co.        EUR        1,077          USD        1,190          07/17/2020          (1,949 )
State Street Bank & Trust Co.        NOK        3,422          USD        333          07/17/2020          3,889
State Street Bank & Trust Co.        USD        406          JPY        43,823          07/17/2020          3,414
UBS AG        GBP        864          USD        1,002          04/17/2020          (71,179 )
UBS AG        JPY        311,311          USD        2,866          04/17/2020          (31,005 )
UBS AG        USD        6,720          EUR        6,108          04/17/2020          20,547
UBS AG        USD        502          KRW        595,418          05/14/2020          (12,662 )
UBS AG        USD        437          TWD        13,144          05/21/2020          449
UBS AG        USD        1,717          AUD             2,815          07/17/2020          14,359
                                   

 

 

  
                                    $ (266,451 )
                                   

 

 

  

 

(a)

Represents entire or partial securities out on loan.

(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 $14,982,789 or 5.7% of net assets.

(c)

Non-income producing security.

(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 $22,222,328 and gross unrealized depreciation of investments was $(86,680,570), resulting in net unrealized depreciation of $(64,458,242).

 

  

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

HKD – Hong Kong Dollar

IDR – Indonesian Rupiah

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

COUNTRY BREAKDOWN1

March 31, 2020 (unaudited)

 

  18.0%        Japan
  16.2%        United Kingdom
  8.9%        France
  7.0%        Switzerland
  6.6%        Germany
  4.5%        South Korea
  3.7%        Australia
  3.6%        Denmark
  3.4%        Italy
  3.2%        Netherlands
  3.2%        Portugal
  3.1%        Taiwan
  2.6%        Canada
  13.6%        Other
  2.4%        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, Belgium, China, Hong Kong, Ireland, Israel, Norway, Spain and Sweden.

AB Variable Products Series Fund, Inc.

AB International Value 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

    $     5,494,814      $ 32,730,038     $             —      $ 38,224,852  

Consumer Staples

      5,525,167        32,119,154       —        37,644,321  

Financials

      63,278        36,784,008       —        36,847,286  

Industrials

      3,611,987        22,301,799       —        25,913,786  

Health Care

      —        23,144,140       —        23,144,140  

Materials

      3,932,406        18,602,647       —        22,535,053  

Consumer Discretionary

      —        22,152,511       —        22,152,511  

Energy

      —        16,774,412       —        16,774,412  

Communication Services

      —        14,274,700       —        14,274,700  

Utilities

      —        12,517,427       —        12,517,427  

Real Estate

      —        3,817,908       —        3,817,908  
Short-Term Investments      6,294,318        —       —        6,294,318  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      1,593,051        —       —        1,593,051  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      26,515,021        235,218,744 (a)      —        261,733,765  
Other Financial Instruments(b):           
Assets:

 

Forward Currency Exchange Contracts      —        6,898,560       —        6,898,560  
Liabilities:

 

Forward Currency Exchange Contracts      —        (7,165,011 )      —        (7,165,011 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $ 26,515,021      $     234,952,293     $ —      $     261,467,314  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(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    $ 3,053      $ 27,668      $ 24,427      $ 6,294      $ 20  
Government Money Market Portfolio*      3,846        125,943        128,196        1,593        19  
Total    $   6,899      $   153,611      $   152,623      $   7,887      $   39  

 

*

Investments of cash collateral for securities lending transactions.