0001752724-24-098764.txt : 20240514 0001752724-24-098764.hdr.sgml : 20240514 20240514153659 ACCESSION NUMBER: 0001752724-24-098764 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240514 DATE AS OF CHANGE: 20240514 PERIOD START: 20241231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AB VARIABLE PRODUCTS SERIES FUND, INC. CENTRAL INDEX KEY: 0000825316 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05398 FILM NUMBER: 24943848 BUSINESS ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND INC DATE OF NAME CHANGE: 19920703 0000825316 S000010431 AB International Value Portfolio C000028828 Class A C000028829 Class B NPORT-P 1 primary_doc.xml NPORT-P false 0000825316 XXXXXXXX S000010431 C000028828 C000028829 AB VARIABLE PRODUCTS SERIES FUND, INC. 811-05398 0000825316 549300O75IUIQOS5Q596 ALLIANCEBERNSTEIN LP 1345 AVENUE OF THE AMERICAS NEW YORK 10105 212-969-1000 AB International Value Portfolio S000010431 549300H4SHLQCZN4J650 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2024-05-16 -239908.69000000 N N N Merck KGaA 529900OAREIS0MOPTW25 Merck KGaA 000000000 22993.00000000 NS 4054478.60000000 1.371861005359 Long EC CORP DE N 2 N N N SK Hynix Inc 988400XAIK6XISWQV045 SK Hynix Inc 000000000 17327.00000000 NS 2295399.57000000 0.776664393246 Long EC CORP KR N 2 N N N UBS AG BFM8T61CT2L1QCEMIK50 PURCHASED CHF / SOLD USD 000000000 1.00000000 NC -124543.89000000 -0.04214029052 N/A DFE CH N 2 UBS AG BFM8T61CT2L1QCEMIK50 5813666.94000000 USD 5110876.00000000 CHF 2024-05-08 -124543.89000000 N N N Haleon PLC 549300PSB3WWEODCUP19 Haleon PLC 000000000 978582.00000000 NS 4101017.18000000 1.387607657258 Long EC CORP GB N 2 N N N NatWest Markets PLC RR3QWICWWIPCS8A4S074 PURCHASED USD / SOLD GBP 000000000 1.00000000 NC 5766.59000000 0.001951165793 N/A DFE US N 2 NatWest Markets PLC RR3QWICWWIPCS8A4S074 863000.00000000 GBP 1095096.95000000 USD 2024-04-19 5766.59000000 N N N Morgan Stanley Capital Services LLC I7331LVCZKQKX5T7XV54 PURCHASED GBP / SOLD USD 000000000 1.00000000 NC -11879.54000000 -0.00401952489 N/A DFE GB N 2 Morgan Stanley Capital Services LLC I7331LVCZKQKX5T7XV54 1318318.62000000 USD 1035000.00000000 GBP 2024-04-19 -11879.54000000 N N N Erste Group Bank AG PQOH26KWDF7CG10L6792 Erste Group Bank AG 000000000 114586.00000000 NS 5106832.68000000 1.727932320221 Long EC CORP AT N 2 N N N Taiwan Semiconductor Manufacturing Co Ltd 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co Ltd 000000000 215000.00000000 NS 5150582.91000000 1.742735514524 Long EC CORP TW N 2 N N N ConvaTec Group PLC 213800LS272L4FIDOH92 ConvaTec Group PLC 000000000 602138.00000000 NS 2175254.58000000 0.736012501097 Long EC CORP GB N 2 N N N ArcelorMittal SA 2EULGUTUI56JI9SAL165 ArcelorMittal SA 000000000 149112.00000000 NS 4098658.66000000 1.386809635628 Long EC CORP LU N 2 N N N Bank of America NA B4TYDEB6GKMZO031MB27 PURCHASED USD / SOLD KRW 000000000 1.00000000 NC 5623.84000000 0.001902865339 N/A DFE US N 2 Bank of America NA B4TYDEB6GKMZO031MB27 1088394000.00000000 KRW 812713.47000000 USD 2024-04-18 5623.84000000 N N N Morgan Stanley Capital Services LLC I7331LVCZKQKX5T7XV54 PURCHASED USD / SOLD GBP 000000000 1.00000000 NC 19470.40000000 0.006587945122 N/A DFE US N 2 Morgan Stanley Capital Services LLC I7331LVCZKQKX5T7XV54 2967000.00000000 GBP 3764595.76000000 USD 2024-04-19 19470.40000000 N N N Citibank NA E57ODZWZ7FF32TWEFA76 PURCHASED USD / SOLD KRW 000000000 1.00000000 NC 261221.63000000 0.088386153512 N/A DFE US N 2 Citibank NA E57ODZWZ7FF32TWEFA76 11138522000.00000000 KRW 8520901.16000000 USD 2024-04-18 261221.63000000 N N N Prudential PLC 5493001Z3ZE83NGK8Y12 Prudential PLC 000000000 376814.00000000 NS 3533976.18000000 1.195745395033 Long EC CORP GB N 2 N N N Bank of America NA B4TYDEB6GKMZO031MB27 PURCHASED USD / SOLD GBP 000000000 1.00000000 NC -132.17000000 -0.00004472063 N/A DFE US N 2 Bank of America NA B4TYDEB6GKMZO031MB27 418300.00000000 GBP 527871.18000000 USD 2024-04-19 -132.17000000 N N N Citibank NA E57ODZWZ7FF32TWEFA76 PURCHASED USD / SOLD CAD 000000000 1.00000000 NC 26284.01000000 0.008893377408 N/A DFE US N 2 Citibank NA E57ODZWZ7FF32TWEFA76 6171000.00000000 CAD 4586731.48000000 USD 2024-06-13 26284.01000000 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA 000000000 23821.00000000 NS 5394782.24000000 1.825362054558 Long EC CORP FR N 2 N N N Bank of America NA B4TYDEB6GKMZO031MB27 PURCHASED USD / SOLD JPY 000000000 1.00000000 NC 243.10000000 0.000082254574 N/A DFE US N 2 Bank of America NA B4TYDEB6GKMZO031MB27 140286000.00000000 JPY 933332.58000000 USD 2024-05-16 243.10000000 N N N Entain PLC 213800GNI3K45LQR8L28 Entain PLC 000000000 230270.00000000 NS 2310757.86000000 0.781860977379 Long EC CORP IM N 2 N N N Kawasaki Heavy Industries Ltd 5493008FFSI8SQ74AT93 Kawasaki Heavy Industries Ltd 000000000 105200.00000000 NS 3456601.69000000 1.169565198733 Long EC CORP JP N 2 N N CRH PLC 549300MIDJNNTH068E74 CRH PLC 000000000 69408.00000000 NS USD 5987134.08000000 2.025788415360 Long EC CORP IE N 1 N N N Barclays Bank PLC G5GSEF7VJP5I7OUK5573 PURCHASED CHF / SOLD USD 000000000 1.00000000 NC -26885.72000000 -0.00909697016 N/A DFE CH N 2 Barclays Bank PLC G5GSEF7VJP5I7OUK5573 985299.69000000 USD 861000.00000000 CHF 2024-05-08 -26885.72000000 N N N Anglo American PLC 549300S9XF92D1X8ME43 Anglo American PLC 000000000 133238.00000000 NS 3283359.60000000 1.110947533873 Long EC CORP GB N 2 N N N Morgan Stanley Capital Services LLC I7331LVCZKQKX5T7XV54 PURCHASED EUR / SOLD USD 000000000 1.00000000 NC -5805.81000000 -0.00196443615 N/A DFE XX N 2 Morgan Stanley Capital Services LLC I7331LVCZKQKX5T7XV54 2273322.55000000 USD 2095900.00000000 EUR 2024-06-12 -5805.81000000 N N N Barclays Bank PLC G5GSEF7VJP5I7OUK5573 PURCHASED KRW / SOLD USD 000000000 1.00000000 NC -4876.92000000 -0.00165013976 N/A DFE KR N 2 Barclays Bank PLC G5GSEF7VJP5I7OUK5573 360138.47000000 USD 479085000.00000000 KRW 2024-04-18 -4876.92000000 N N N Stellantis NV 549300LKT9PW7ZIBDF31 Stellantis NV 000000000 239762.00000000 NS 6803721.57000000 2.302086466359 Long EC CORP NL N 2 N N N State Street Bank & Trust Co. 571474TGEMMWANRLN572 PURCHASED USD / SOLD HKD 000000000 1.00000000 NC 2732.27000000 0.000924482538 N/A DFE US N 2 State Street Bank & Trust Co. 571474TGEMMWANRLN572 29783000.00000000 HKD 3818896.38000000 USD 2024-07-18 2732.27000000 N N N BYD Co Ltd 5299005557VL7ULJ7A69 BYD Co Ltd 000000000 109500.00000000 NS 2803752.61000000 0.948669176434 Long EC CORP CN N 2 N N Heineken NV 724500K5PTPSST86UQ23 Heineken NV 000000000 58459.00000000 NS 5635890.83000000 1.906942821239 Long EC CORP NL N 2 N N N 2024-04-29 AB VARIABLE PRODUCTS SERIES FUND, INC. Joseph Mantineo Joseph Mantineo Treasuer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_64VF_21187714_0324.htm HTML

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

March 31, 2024 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 96.4%

 

Financials – 15.9%

 

Banks – 10.4%

 

ABN AMRO Bank NV

      221,736        $ 3,794,399  

Bank of Ireland Group PLC

      320,884          3,274,644  

Danske Bank A/S

      153,751          4,615,051  

Erste Group Bank AG

      114,586          5,106,833  

NatWest Group PLC

      2,201,021          7,371,963  

Resona Holdings, Inc.

      1,077,500          6,642,200  
       

 

 

  
          30,805,090  
       

 

 

  

Financial Services – 1.1%

 

ORIX Corp.

      147,800          3,232,644  
       

 

 

  

Insurance – 4.4%

 

ASR Nederland NV

      90,305          4,425,825  

Prudential PLC

      376,814          3,533,976  

SCOR SE

      141,596          4,901,700  
       

 

 

  
          12,861,501  
       

 

 

  
            46,899,235  
       

 

 

  

Industrials – 12.1%

 

Aerospace & Defense – 7.2%

 

Airbus SE

      40,539          7,468,450  

BAE Systems PLC

      319,063          5,438,562  

Melrose Industries PLC

      363,362          3,085,269  

Safran SA

      23,821          5,394,782  
       

 

 

  
          21,387,063  
       

 

 

  

Electrical Equipment – 1.0%

 

Fuji Electric Co., Ltd.(a)

      46,400          3,113,648  
       

 

 

  

Machinery – 3.9%

 

Amada Co., Ltd.(a)

      262,600          3,007,358  

Kawasaki Heavy Industries Ltd.(a)

      105,200          3,456,602  

Techtronic Industries Co., Ltd.(a)

      362,500          4,925,599  
       

 

 

  
          11,389,559  
       

 

 

  
          35,890,270  
       

 

 

  

Consumer Discretionary – 11.9%

 

Automobile Components – 0.6%

 

Forvia SE (Paris)(b)

      116,697          1,768,115  
       

 

 

  

Automobiles – 4.9%

 

BYD Co., Ltd. - Class H(a)

      109,500          2,803,753  

Honda Motor Co., Ltd.

      389,300          4,817,076  

Stellantis NV (France)

      239,762          6,803,721  
       

 

 

  
          14,424,550  
       

 

 

  

Hotels, Restaurants & Leisure – 0.8%

 

Entain PLC

      230,270          2,310,758  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Household Durables – 2.4%

 

Persimmon PLC

      154,354        $ 2,559,265  

Sony Group Corp.

      52,500          4,501,913  
       

 

 

  
          7,061,178  
       

 

 

  

Specialty Retail – 1.2%

 

JD Sports Fashion PLC

      2,148,267          3,649,591  
       

 

 

  

Textiles, Apparel & Luxury Goods – 2.0%

 

Burberry Group PLC

      152,326          2,330,031  

Kering SA

      8,998          3,563,957  
       

 

 

  
          5,893,988  
       

 

 

  
            35,108,180  
       

 

 

  

Health Care – 10.0%

 

Health Care Equipment & Supplies – 2.9%

 

ConvaTec Group PLC(c)

      602,138          2,175,254  

ResMed, Inc. (CDI)

      320,062          6,290,067  
       

 

 

  
          8,465,321  
       

 

 

  

Health Care Providers & Services – 1.4%

 

Fresenius SE & Co. KGaA

      150,606          4,061,361  
       

 

 

  

Pharmaceuticals – 5.7%

 

GSK PLC

      215,623          4,629,507  

Merck KGaA

      22,993          4,054,479  

Roche Holding AG (Genusschein)

      32,468          8,289,693  
       

 

 

  
          16,973,679  
       

 

 

  
          29,500,361  
       

 

 

  

Consumer Staples – 10.0%

 

Beverages – 1.9%

 

Heineken NV

      58,459          5,635,891  
       

 

 

  

Consumer Staples Distribution & Retail – 3.9%

 

Carrefour SA

      284,082          4,873,233  

Koninklijke Ahold Delhaize NV

      222,865          6,668,517  
       

 

 

  
          11,541,750  
       

 

 

  

Food Products – 2.8%

 

Nestle SA (REG)

      76,846          8,164,884  
       

 

 

  

Personal Care Products – 1.4%

 

Haleon PLC

      978,582          4,101,017  
       

 

 

  
          29,443,542  
       

 

 

  

Materials – 8.9%

 

Chemicals – 3.6%

 

Arkema SA

      38,343          4,036,737  

Kuraray Co., Ltd.

      210,200          2,251,548  

Tosoh Corp.(a)

      312,100          4,241,029  
       

 

 

  
          10,529,314  
       

 

 

  

Construction Materials – 2.0%

 

CRH PLC

      69,408          5,987,134  
       

 

 

  

Metals & Mining – 3.3%

 

Anglo American PLC

      133,238          3,283,359  

ArcelorMittal SA

      149,112          4,098,659  

Endeavour Mining PLC(a)

      113,995          2,313,206  
       

 

 

  
          9,695,224  
       

 

 

  
          26,211,672  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Communication Services – 8.4%

 

Diversified Telecommunication Services – 5.5%

 

Deutsche Telekom AG (REG)

      258,734        $ 6,280,635  

Koninklijke KPN NV

      1,171,040          4,380,163  

Nippon Telegraph & Telephone Corp.

      2,272,800          2,707,137  

Telstra Group Ltd.

      1,092,197          2,747,338  
       

 

 

  
            16,115,273  
       

 

 

  

Entertainment – 2.5%

 

Konami Group Corp.(a)

      63,600          4,332,367  

Ubisoft Entertainment SA(b)

      143,415          3,016,588  
       

 

 

  
          7,348,955  
       

 

 

  

Media – 0.4%

 

Criteo SA (Sponsored ADR)(b)

      35,696          1,251,859  
       

 

 

  
          24,716,087  
       

 

 

  

Information Technology – 7.8%

 

Semiconductors & Semiconductor Equipment – 6.2%

 

NXP Semiconductors NV

      17,584          4,356,788  

SK Hynix, Inc.

      17,327          2,295,400  

Taiwan Semiconductor Manufacturing Co., Ltd.

      215,000          5,150,583  

Tokyo Electron Ltd.

      25,700          6,693,540  
       

 

 

  
          18,496,311  
       

 

 

  

Technology Hardware, Storage & Peripherals – 1.6%

 

Samsung Electronics Co., Ltd.

      77,290          4,644,935  
       

 

 

  
          23,141,246  
       

 

 

  

Energy – 6.6%

 

Energy Equipment & Services – 3.4%

 

Shell PLC

      297,335          9,961,336  
       

 

 

  

Oil, Gas & Consumable Fuels – 3.2%

 

Cameco Corp.

      119,610          5,178,052  

Repsol SA

      252,943          4,221,924  
       

 

 

  
          9,399,976  
       

 

 

  
          19,361,312  
       

 

 

  

Utilities – 3.4%

 

Electric Utilities – 3.4%

 

EDP - Energias de Portugal SA

      1,400,728          5,465,123  

Enel SpA

      703,077          4,641,360  
       

 

 

  
          10,106,483  
       

 

 

  

Real Estate – 1.4%

 

Real Estate Management & Development – 1.4%

 

Daito Trust Construction Co., Ltd.(a)

      36,000          4,106,976  
       

 

 

  

Total Common Stocks
(cost $241,349,776)

           284,485,364  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 1.9%

 

Investment Companies – 1.9%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(d) (e) (f)
(cost $5,555,081)

      5,555,081        $ 5,555,081  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 98.3%
(cost $246,904,857)

           290,040,445  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.3%

 

Investment Companies – 2.3%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(d) (e) (f)
(cost $6,854,665)

      6,854,665          6,854,665  
       

 

 

  

Total Investments – 100.6%
(cost $253,759,522)(g)

          296,895,110 (h) 

Other assets less liabilities – (0.6)%

 

        (1,645,681 ) 
       

 

 

  

Net Assets – 100.0%

         $  295,249,429  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

       

In Exchange

For

(000)

       

Settlement

Date

       

Unrealized

Appreciation

(Depreciation)

  
Bank of America, NA      KRW        1,088,394          USD        813          04/18/2024        $ 5,650   
Bank of America, NA      GBP        418          USD        528          04/19/2024          (132 ) 
Bank of America, NA      JPY        140,286          USD        933          05/16/2024          323  
Bank of America, NA      USD        1,205          JPY        181,073          05/16/2024          (935 ) 
Barclays Bank PLC      BRL        7,129          USD        1,427          04/02/2024          5,462  
Barclays Bank PLC      USD        1,427          BRL        7,129          04/02/2024          (5,491 ) 
Barclays Bank PLC      USD        360          KRW        479,085          04/18/2024          (4,888 ) 
Barclays Bank PLC      USD        985          CHF        861          05/08/2024          (26,886 ) 
Barclays Bank PLC      USD        3,934          EUR        3,607          06/12/2024          (31,750 ) 
BNP Paribas SA      AUD        976          USD        646          04/18/2024          9,289  
Citibank, NA      KRW        11,138,522          USD        8,521          04/18/2024          261,486  
Citibank, NA      USD        813          JPY        122,403          05/16/2024          674  
Citibank, NA      EUR        1,002          USD        1,089          06/12/2024          5,094  
Citibank, NA      CAD        6,171          USD        4,587          06/13/2024          26,284  
Deutsche Bank AG      BRL        7,129          USD        1,431          04/02/2024          9,529  
Deutsche Bank AG      USD        1,427          BRL        7,129          04/02/2024          (5,462 ) 
Deutsche Bank AG      USD        724          GBP        573          04/19/2024          (747 ) 
Deutsche Bank AG      USD        8,478          SEK        89,202          04/30/2024           (135,191 ) 
Deutsche Bank AG      USD        1,426          BRL        7,129          05/03/2024          (9,418 ) 
Deutsche Bank AG      CNH        6,072          USD        850          05/23/2024          12,251  
Deutsche Bank AG      EUR        21,396          USD        23,438          06/12/2024          289,644  
HSBC Bank USA      GBP        2,880          USD        3,634          04/19/2024          (1,249 ) 
HSBC Bank USA      USD        1,001          GBP        785          04/19/2024          (9,764 ) 
HSBC Bank USA      USD        1,623          ILS        5,848          05/16/2024          (30,087 ) 
HSBC Bank USA      USD        864          JPY         129,746          05/16/2024          (1,284 ) 
HSBC Bank USA      TWD        24,087          USD        771          05/24/2024          17,482  
JPMorgan Chase Bank, NA      AUD        1,140          USD        744          04/18/2024          386  
JPMorgan Chase Bank, NA      USD        1,487          MXN        25,188          05/23/2024          15,515  

 

4

Counterparty   

Contracts to

Deliver

(000)

       

In Exchange

For

(000)

       

Settlement

Date

       

Unrealized

Appreciation

(Depreciation)

  
Morgan Stanley Capital Services, Inc.      USD        21,131          AUD        32,008          04/18/2024        $ (264,067 )  
Morgan Stanley Capital Services, Inc.      GBP        3,635          USD        4,611          04/19/2024          22,938  
Morgan Stanley Capital Services, Inc.      USD        1,318          GBP        1,035          04/19/2024          (11,879 ) 
Morgan Stanley Capital Services, Inc.      USD        871          CHF        772          05/08/2024          (11,543 ) 
Morgan Stanley Capital Services, Inc.      USD        13,601          JPY         2,008,749          05/16/2024           (241,052 ) 
Morgan Stanley Capital Services, Inc.      TWD        135,564          USD        4,356          05/24/2024          113,139  
Morgan Stanley Capital Services, Inc.      USD        4,473          EUR        4,125          06/12/2024          (10,146 ) 
NatWest Markets PLC      GBP        863          USD        1,095          04/19/2024          5,767  
State Street Bank & Trust Co.      AUD        1,226          USD        799          04/18/2024          (74 ) 
State Street Bank & Trust Co.      USD        925          KRW        1,228,717          04/18/2024          (14,102 ) 
State Street Bank & Trust Co.      USD        169          GBP        134          04/19/2024          37  
State Street Bank & Trust Co.      USD        773          SEK        8,031          04/30/2024          (22,380 ) 
State Street Bank & Trust Co.      USD        883          JPY        129,649          05/16/2024          (20,611 ) 
State Street Bank & Trust Co.      EUR        2,676          USD        2,932          06/12/2024          36,919  
State Street Bank & Trust Co.      USD        1,317          EUR        1,208          06/12/2024          (9,872 ) 
State Street Bank & Trust Co.      HKD        29,783          USD        3,819          07/18/2024          2,732  
UBS AG      USD        1,162          GBP        920          04/19/2024          (689 ) 
UBS AG      USD        2,417          NOK        25,544          04/30/2024          (62,554 ) 
UBS AG      USD        5,814          CHF        5,111          05/08/2024          (124,544 ) 
UBS AG      JPY        124,071          USD        847          05/16/2024          22,176  
UBS AG      USD        3,648          SGD        4,849          05/17/2024          (49,013 ) 
UBS AG      CNH        10,792          USD        1,504          05/23/2024          15,378  
                       

 

 

  
                          $ (227,655 ) 
                       

 

 

  

 

(a)

Represents entire or partial securities out on loan.

(b)

Non-income producing security.

(c)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2024, the market value of this security amounted to $2,175,254 or 0.7% of net assets.

(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, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $54,973,936 and gross unrealized depreciation of investments was $(12,066,003), resulting in net unrealized appreciation of $42,907,933.

(h)

On March 29, 2024, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Portfolio valued its foreign securities using the closing market prices from the respective foreign markets as of March 28, 2024 for financial reporting purposes.

 

 

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.

 

5

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

CDI – CHESS Depositary Interest

REG – Registered Shares

COUNTRY BREAKDOWN1

March 31, 2024 (unaudited)

 

  18.3 %       Japan
  14.2 %       United Kingdom
  12.5 %       France
  11.1 %       United States
  8.6 %       Netherlands
  5.7 %       Switzerland
  5.0 %       Germany
  2.9 %       Hong Kong
  2.4 %       South Korea
  1.9 %       Portugal
  1.8 %       Canada
  1.8 %       Taiwan
  1.8 %       Austria
  10.1 %       Other
  1.9 %       Short-Term Investments

 

 

       
  100.0 %       Total Investments

 

 

       

 

1

The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.6% or less in the following: Australia, China, Denmark, Ireland, Italy, Luxembourg, South Africa and Spain.

 

6

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

March 31, 2024 (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 are 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.

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.

 

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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2024:

 

Investments in Securities:

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

Financials

    $ —      $ 46,899,235     $     —      $ 46,899,235  

Industrials

      —        35,890,270       —        35,890,270  

Consumer Discretionary

      —        35,108,180       —        35,108,180  

Health Care

      —        29,500,361       —        29,500,361  

Consumer Staples

      —        29,443,542       —        29,443,542  

Materials

      5,987,134        20,224,538       —        26,211,672  

Communication Services

      1,251,859        23,464,228       —        24,716,087  

Information Technology

      4,356,788        18,784,458       —        23,141,246  

Energy

      5,178,052        14,183,260       —        19,361,312  

Utilities

      —        10,106,483       —        10,106,483  

Real Estate

      —        4,106,976       —        4,106,976  
Short-Term Investments      5,555,081        —       —        5,555,081  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      6,854,665        —       —        6,854,665  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      29,183,579        267,711,531 (a)      —        296,895,110  
Other Financial Instruments(b):           
Assets:           
Forward Currency Exchange Contracts      —        878,155       —        878,155  
Liabilities:

 

Forward Currency Exchange Contracts      —        (1,105,810 )      —        (1,105,810 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $  29,183,579      $  267,483,876     $ —      $  296,667,455  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(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, written options and written swaptions which are valued at market value.

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2024 is as follows:

 

Fund    Market Value
12/31/2023
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2024
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $ 3,119      $ 23,674      $ 21,238      $ 5,555      $ 65  
Government Money Market Portfolio*      273        11,932        5,350        6,855        38  
Total    $  3,392      $  35,606      $  26,588      $  12,410      $  103  

 

*

Investments of cash collateral for securities lending transactions.

 

8