AB Variable Products Series Fund, Inc.
AB International Value Portfolio
Portfolio of Investments
September 30, 2020 (unaudited)
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Company | | Shares | | | U.S. $ Value | |
| | |
COMMON STOCKS – 97.6% | | | | | | | | |
Financials – 15.0% | | | | | | | | |
Banks – 7.8% | | | | | | | | |
Bank Hapoalim BM | | | 446,810 | | | $ | 2,387,287 | |
Bank Leumi Le-Israel BM | | | 494,270 | | | | 2,175,956 | |
Bank of Ireland Group PLC(a) (b) | | | 1,609,331 | | | | 2,983,635 | |
Erste Group Bank AG(b) | | | 170,860 | | | | 3,577,876 | |
KBC Group NV | | | 88,050 | | | | 4,415,359 | |
Mediobanca Banca di Credito Finanziario SpA(a) | | | 366,730 | | | | 2,873,666 | |
Westpac Banking Corp. | | | 362,050 | | | | 4,402,273 | |
| | | | | | | | |
| | | | | | | 22,816,052 | |
| | | | | | | | |
| | |
Capital Markets – 1.4% | | | | | | | | |
Credit Suisse Group AG | | | 407,037 | | | | 4,063,327 | |
| | | | | | | | |
| | |
Consumer Finance – 0.0% | | | | | | | | |
Isracard Ltd. | | | 1 | | | | 2 | |
| | | | | | | | |
| | |
Diversified Financial Services – 0.9% | | | | | | | | |
ORIX Corp. | | | 214,200 | | | | 2,675,414 | |
| | | | | | | | |
| | |
Insurance – 4.9% | | | | | | | | |
Allianz SE | | | 26,750 | | | | 5,134,118 | |
NN Group NV | | | 124,580 | | | | 4,669,721 | |
Suncorp Group Ltd.(a) | | | 747,160 | | | | 4,561,051 | |
| | | | | | | | |
| | | | | | | 14,364,890 | |
| | | | | | | | |
| | | | | | | 43,919,685 | |
| | | | | | | | |
| | |
Consumer Discretionary – 13.0% | | | | | | | | |
Auto Components – 3.0% | | | | | | | | |
Faurecia SE(b) | | | 118,358 | | | | 5,101,749 | |
NGK Spark Plug Co., Ltd. | | | 212,500 | | | | 3,710,310 | |
| | | | | | | | |
| | | | | | | 8,812,059 | |
| | | | | | | | |
| | |
Automobiles – 4.7% | | | | | | | | |
Peugeot SA(a) (b) | | | 336,893 | | | | 6,109,368 | |
Subaru Corp. | | | 163,900 | | | | 3,181,766 | |
Suzuki Motor Corp. | | | 104,300 | | | | 4,467,985 | |
| | | | | | | | |
| | | | | | | 13,759,119 | |
| | | | | | | | |
| | |
Hotels, Restaurants & Leisure – 2.6% | | | | | | | | |
Galaxy Entertainment Group Ltd. | | | 399,000 | | | | 2,697,518 | |
GVC Holdings PLC(b) | | | 406,460 | | | | 5,090,597 | |
| | | | | | | | |
| | | | | | | 7,788,115 | |
| | | | | | | | |
| | |
Multiline Retail – 1.7% | | | | | | | | |
Next PLC | | | 63,470 | | | | 4,866,058 | |
| | | | | | | | |
| | |
Textiles, Apparel & Luxury Goods – 1.0% | | | | | | | | |
Pandora A/S | | | 40,970 | | | | 2,955,484 | |
| | | | | | | | |
| | | | | | | 38,180,835 | |
| | | | | | | | |
| | |
Information Technology – 12.8% | | | | | | | | |
Electronic Equipment, Instruments & Components – 0.8% | |
Zhen Ding Technology Holding Ltd. | | | 519,000 | | | | 2,278,079 | |
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1
| | | | | | | | |
Company | | Shares | | | U.S. $ Value | |
| | |
IT Services – 1.5% | | | | | | | | |
Atos SE(b) | | | 56,540 | | | $ | 4,543,333 | |
| | | | | | | | |
| | |
Semiconductors & Semiconductor Equipment – 6.1% | | | | | | | | |
NXP Semiconductors NV | | | 24,410 | | | | 3,046,612 | |
SCREEN Holdings Co., Ltd. | | | 80,600 | | | | 4,302,662 | |
SK Hynix, Inc. | | | 66,270 | | | | 4,750,413 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 377,000 | | | | 5,671,613 | |
| | | | | | | | |
| | | | | | | 17,771,300 | |
| | | | | | | | |
| | |
Software – 2.2% | | | | | | | | |
Avast PLC(c) | | | 536,730 | | | | 3,643,911 | |
Open Text Corp.(a) | | | 68,396 | | | | 2,890,862 | |
| | | | | | | | |
| | | | | | | 6,534,773 | |
| | | | | | | | |
| | |
Technology Hardware, Storage & Peripherals – 2.2% | | | | | | | | |
Samsung Electronics Co., Ltd. | | | 130,650 | | | | 6,486,005 | |
| | | | | | | | |
| | | | | | | 37,613,490 | |
| | | | | | | | |
| | |
Industrials – 12.1% | | | | | | | | |
Aerospace & Defense – 1.3% | | | | | | | | |
Saab AB - Class B(b) | | | 130,030 | | | | 3,823,213 | |
| | | | | | | | |
| | |
Air Freight & Logistics – 1.2% | | | | | | | | |
SG Holdings Co., Ltd.(a) | | | 67,100 | | | | 3,491,459 | |
| | | | | | | | |
| | |
Airlines – 0.4% | | | | | | | | |
Wizz Air Holdings PLC(b) (c) | | | 30,990 | | | | 1,242,223 | |
| | | | | | | | |
| | |
Electrical Equipment – 1.7% | | | | | | | | |
Fuji Electric Co., Ltd. | | | 155,600 | | | | 4,932,620 | |
| | | | | | | | |
| | |
Machinery – 2.4% | | | | | | | | |
Alstom SA(b) | | | 84,500 | | | | 4,221,026 | |
Weichai Power Co., Ltd. - Class H | | | 1,401,000 | | | | 2,834,857 | |
| | | | | | | | |
| | | | | | | 7,055,883 | |
| | | | | | | | |
| | |
Professional Services – 1.5% | | | | | | | | |
UT Group Co., Ltd.(a) (b) | | | 129,200 | | | | 4,411,924 | |
| | | | | | | | |
| | |
Trading Companies & Distributors – 3.6% | | | | | | | | |
AerCap Holdings NV(b) | | | 219,682 | | | | 5,533,790 | |
Ashtead Group PLC | | | 139,820 | | | | 5,035,111 | |
| | | | | | | | |
| | | | | | | 10,568,901 | |
| | | | | | | | |
| | | | | | | 35,526,223 | |
| | | | | | | | |
| | |
Consumer Staples – 11.8% | | | | | | | | |
Beverages – 1.8% | | | | | | | | |
Coca-Cola European Partners PLC | | | 135,580 | | | | 5,261,860 | |
| | | | | | | | |
| | |
Food & Staples Retailing – 2.4% | | | | | | | | |
Koninklijke Ahold Delhaize NV | | | 103,100 | | | | 3,047,420 | |
Tesco PLC(a) | | | 1,522,590 | | | | 4,176,928 | |
| | | | | | | | |
| | | | | | | 7,224,348 | |
| | | | | | | | |
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Food Products – 5.5% | | | | | | | | |
Morinaga & Co., Ltd./Japan(a) | | | 54,400 | | | | 2,146,558 | |
2
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Company | | Shares | | | U.S. $ Value | |
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Nichirei Corp. | | | 114,700 | | | $ | 3,033,306 | |
Salmar ASA(b) | | | 96,070 | | | | 5,444,614 | |
WH Group Ltd.(c) | | | 6,671,000 | | | | 5,441,580 | |
| | | | | | | | |
| | | | | | | 16,066,058 | |
| | | | | | | | |
| | |
Tobacco – 2.1% | | | | | | | | |
British American Tobacco PLC | | | 173,380 | | | | 6,219,362 | |
| | | | | | | | |
| | | | | | | 34,771,628 | |
| | | | | | | | |
| | |
Health Care – 9.2% | | | | | | | | |
Health Care Equipment & Supplies – 0.9% | | | | | | | | |
ConvaTec Group PLC(c) | | | 1,146,099 | | | | 2,640,268 | |
| | | | | | | | |
| | |
Pharmaceuticals – 8.3% | | | | | | | | |
GlaxoSmithKline PLC | | | 372,260 | | | | 6,978,939 | |
Roche Holding AG | | | 37,850 | | | | 12,965,160 | |
Sanofi | | | 44,350 | | | | 4,444,394 | |
| | | | | | | | |
| | | | | | | 24,388,493 | |
| | | | | | | | |
| | | | | | | 27,028,761 | |
| | | | | | | | |
| | |
Materials – 7.4% | | | | | | | | |
Chemicals – 3.9% | | | | | | | | |
Air Water, Inc. | | | 197,600 | | | | 2,672,481 | |
Evonik Industries AG | | | 131,970 | | | | 3,413,923 | |
Tosoh Corp. | | | 325,900 | | | | 5,291,313 | |
| | | | | | | | |
| | | | | | | 11,377,717 | |
| | | | | | | | |
| | |
Metals & Mining – 3.5% | | | | | | | | |
Agnico Eagle Mines Ltd. | | | 41,052 | | | | 3,270,780 | |
BlueScope Steel Ltd. | | | 479,028 | | | | 4,413,671 | |
Northern Star Resources Ltd. | | | 263,200 | | | | 2,608,059 | |
| | | | | | | | |
| | | | | | | 10,292,510 | |
| | | | | | | | |
| | | | | | | 21,670,227 | |
| | | | | | | | |
| | |
Communication Services – 5.8% | | | | | | | | |
Diversified Telecommunication Services – 2.9% | | | | | | | | |
Nippon Telegraph & Telephone Corp. | | | 180,200 | | | | 3,679,084 | |
Orange SA | | | 472,840 | | | | 4,924,891 | |
| | | | | | | | |
| | | | | | | 8,603,975 | |
| | | | | | | | |
| | |
Entertainment – 2.1% | | | | | | | | |
Konami Holdings Corp. | | | 13,500 | | | | 583,989 | |
Nintendo Co., Ltd. | | | 9,900 | | | | 5,610,242 | |
| | | | | | | | |
| | | | | | | 6,194,231 | |
| | | | | | | | |
| | |
Interactive Media & Services – 0.8% | | | | | | | | |
Dip Corp. | | | 106,100 | | | | 2,185,679 | |
| | | | | | | | |
| | | | | | | 16,983,885 | |
| | | | | | | | |
| | |
Utilities – 4.1% | | | | | | | | |
Electric Utilities – 4.1% | | | | | | | | |
EDP - Energias de Portugal SA | | | 1,285,164 | | | | 6,319,062 | |
Enel SpA | | | 668,400 | | | | 5,798,976 | |
| | | | | | | | |
| | | | | | | 12,118,038 | |
| | | | | | | | |
3
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Company | | Shares | | | U.S. $ Value | |
| | |
Energy – 3.7% | | | | | | | | |
Oil, Gas & Consumable Fuels – 3.7% | | | | | | | | |
ENEOS Holdings, Inc.(a) | | | 1,206,800 | | | $ | 4,305,702 | |
Repsol SA | | | 400,587 | | | | 2,706,210 | |
Royal Dutch Shell PLC (Euronext Amsterdam) - Class A(a) | | | 301,340 | | | | 3,799,646 | |
| | | | | | | | |
| | | | | | | 10,811,558 | |
| | | | | | | | |
| | |
Real Estate – 2.7% | | | | | | | | |
Equity Real Estate Investment Trusts (REITs) – 1.5% | | | | | | | | |
Vicinity Centres(a) | | | 4,356,506 | | | | 4,350,424 | |
| | | | | | | | |
| | |
Real Estate Management & Development – 1.2% | | | | | | | | |
Aroundtown SA(b) | | | 693,750 | | | | 3,482,521 | |
| | | | | | | | |
| | | | | | | 7,832,945 | |
| | | | | | | | |
Total Common Stocks (cost $292,409,039) | | | | | | | 286,457,275 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENTS – 1.9% | | | | | | | | |
Investment Companies – 1.9% | | | | | | | | |
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d) (e) (f) (cost $5,766,679) | | | 5,766,679 | | | | 5,766,679 | |
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| |
Total Investments Before Security Lending Collateral for Securities Loaned – 99.5% (cost $298,175,718) | | | | 292,223,954 | |
| | | | | | | | |
| | |
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.4% | | | | | | | | |
Investment Companies – 2.4% | | | | | | | | |
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.05%(d) (e) (f) (cost $6,959,559) | | | 6,959,559 | | | | 6,959,559 | |
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| | |
Total Investments – 101.9% (cost $305,135,277)(g) | | | | | | | 299,183,513 | |
Other assets less liabilities – (1.9)% | | | | | | | (5,682,776 | ) |
| | | | | | | | |
| | |
Net Assets – 100.0% | | | | | | $ | 293,500,737 | |
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FORWARD CURRENCY EXCHANGE CONTRACTS
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Counterparty | | Contracts to Deliver (000) | | | In Exchange For (000) | | | Settlement Date | | | Unrealized Appreciation/ (Depreciation) | |
Bank of America, NA | | | GBP | | | | 2,658 | | | | USD | | | | 3,434 | | | | 10/16/2020 | | | $ | 3,600 | |
Bank of America, NA | | | GBP | | | | 1,681 | | | | USD | | | | 2,141 | | | | 10/16/2020 | | | | (28,642 | ) |
Bank of America, NA | | | USD | | | | 607 | | | | AUD | | | | 866 | | | | 10/16/2020 | | | | 14,044 | |
Bank of America, NA | | | USD | | | | 1,088 | | | | ILS | | | | 3,720 | | | | 10/16/2020 | | | | (1,945 | ) |
Bank of America, NA | | | KRW | | | | 11,712,654 | | | | USD | | | | 9,871 | | | | 11/10/2020 | | | | (173,879 | ) |
Bank of America, NA | | | USD | | | | 525 | | | | KRW | | | | 622,452 | | | | 11/10/2020 | | | | 8,922 | |
4
| | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Contracts to Deliver (000) | | | In Exchange For (000) | | | Settlement Date | | | Unrealized Appreciation/ (Depreciation) | |
Barclays Bank PLC | | | GBP | | | | 477 | | | | USD | | | | 627 | | | | 10/16/2020 | | | $ | 11,311 | |
Barclays Bank PLC | | | JPY | | | | 100,784 | | | | USD | | | | 956 | | | | 10/16/2020 | | | | (135 | ) |
Barclays Bank PLC | | | USD | | | | 2,026 | | | | AUD | | | | 2,764 | | | | 10/16/2020 | | | | (45,815 | ) |
Barclays Bank PLC | | | USD | | | | 3,231 | | | | EUR | | | | 2,717 | | | | 10/16/2020 | | | | (45,370 | ) |
Barclays Bank PLC | | | USD | | | | 8,566 | | | | JPY | | | | 914,742 | | | | 10/16/2020 | | | | 108,427 | |
Barclays Bank PLC | | | USD | | | | 3,418 | | | | NOK | | | | 30,572 | | | | 10/16/2020 | | | | (140,224 | ) |
Barclays Bank PLC | | | USD | | | | 697 | | | | TWD | | | | 20,334 | | | | 11/18/2020 | | | | 9,416 | |
Barclays Bank PLC | | | USD | | | | 1,707 | | | | TWD | | | | 48,977 | | | | 11/18/2020 | | | | (5,123 | ) |
BNP Paribas SA | | | USD | | | | 1,455 | | | | SEK | | | | 12,723 | | | | 10/16/2020 | | | | (33,735 | ) |
Citibank, NA | | | AUD | | | | 1,070 | | | | USD | | | | 767 | | | | 10/16/2020 | | | | 787 | |
Citibank, NA | | | CHF | | | | 1,250 | | | | USD | | | | 1,345 | | | | 10/16/2020 | | | | (12,469 | ) |
Citibank, NA | | | EUR | | | | 14,758 | | | | USD | | | | 17,454 | | | | 10/16/2020 | | | | 146,207 | |
Citibank, NA | | | EUR | | | | 3,552 | | | | USD | | | | 4,154 | | | | 10/16/2020 | | | | (11,996 | ) |
Citibank, NA | | | GBP | | | | 738 | | | | USD | | | | 937 | | | | 10/16/2020 | | | | (15,820 | ) |
Citibank, NA | | | JPY | | | | 125,414 | | | | USD | | | | 1,190 | | | | 10/16/2020 | | | | 248 | |
Citibank, NA | | | NOK | | | | 16,199 | | | | USD | | | | 1,740 | | | | 10/16/2020 | | | | 2,789 | |
Citibank, NA | | | SEK | | | | 5,855 | | | | USD | | | | 668 | | | | 10/16/2020 | | | | 13,733 | |
Citibank, NA | | | USD | | | | 691 | | | | AUD | | | | 987 | | | | 10/16/2020 | | | | 16,023 | |
Citibank, NA | | | USD | | | | 866 | | | | CHF | | | | 784 | | | | 10/16/2020 | | | | (14,391 | ) |
Citibank, NA | | | USD | | | | 2,948 | | | | EUR | | | | 2,614 | | | | 10/16/2020 | | | | 117,778 | |
Citibank, NA | | | USD | | | | 3,323 | | | | EUR | | | | 2,820 | | | | 10/16/2020 | | | | (15,506 | ) |
Citibank, NA | | | USD | | | | 944 | | | | JPY | | | | 101,106 | | | | 10/16/2020 | | | | 15,231 | |
Citibank, NA | | | USD | | | | 1,201 | | | | JPY | | | | 125,802 | | | | 10/16/2020 | | | | (8,237 | ) |
Citibank, NA | | | USD | | | | 877 | | | | SEK | | | | 7,756 | | | | 10/16/2020 | | | | (10,441 | ) |
Citibank, NA | | | USD | | | | 525 | | | | SGD | | | | 718 | | | | 10/16/2020 | | | | 561 | |
Credit Suisse International | | | NOK | | | | 33,422 | | | | USD | | | | 3,705 | | | | 10/16/2020 | | | | 121,949 | |
Credit Suisse International | | | SEK | | | | 40,974 | | | | USD | | | | 4,586 | | | | 10/16/2020 | | | | 9,994 | |
Credit Suisse International | | | USD | | | | 762 | | | | AUD | | | | 1,061 | | | | 10/16/2020 | | | | (2,353 | ) |
Credit Suisse International | | | USD | | | | 1,533 | | | | PLN | | | | 5,737 | | | | 10/16/2020 | | | | (48,889 | ) |
Credit Suisse International | | | USD | | | | 2,854 | | | | SEK | | | | 25,230 | | | | 10/16/2020 | | | | (36,183 | ) |
Deutsche Bank AG | | | USD | | | | 4,860 | | | | SEK | | | | 43,923 | | | | 10/16/2020 | | | | 44,661 | |
Goldman Sachs Bank USA | | | HKD | | | | 16,225 | | | | USD | | | | 2,093 | | | | 10/16/2020 | | | | (867 | ) |
Goldman Sachs Bank USA | | | JPY | | | | 94,847 | | | | USD | | | | 902 | | | | 10/16/2020 | | | | 2,643 | |
Goldman Sachs Bank USA | | | JPY | | | | 153,010 | | | | USD | | | | 1,443 | | | | 10/16/2020 | | | | (7,941 | ) |
Goldman Sachs Bank USA | | | PLN | | | | 5,737 | | | | USD | | | | 1,490 | | | | 10/16/2020 | | | | 5,569 | |
Goldman Sachs Bank USA | | | USD | | | | 1,234 | | | | EUR | | | | 1,037 | | | | 10/16/2020 | | | | (18,211 | ) |
Goldman Sachs Bank USA | | | USD | | | | 5,229 | | | | JPY | | | | 548,973 | | | | 10/16/2020 | | | | (22,750 | ) |
Goldman Sachs Bank USA | | | USD | | | | 3,317 | | | | SGD | | | | 4,610 | | | | 10/16/2020 | | | | 59,761 | |
Goldman Sachs Bank USA | | | KRW | | | | 585,010 | | | | USD | | | | 495 | | | | 11/10/2020 | | | | (6,418 | ) |
Goldman Sachs Bank USA | | | TWD | | | | 10,872 | | | | USD | | | | 373 | | | | 11/18/2020 | | | | (4,855 | ) |
Goldman Sachs Bank USA | | | USD | | | | 464 | | | | TWD | | | | 13,529 | | | | 11/18/2020 | | | | 6,328 | |
Goldman Sachs Bank USA | | | USD | | | | 896 | | | | TWD | | | | 25,680 | | | | 11/18/2020 | | | | (3,560 | ) |
JPMorgan Chase Bank, NA | | | CAD | | | | 9,226 | | | | USD | | | | 6,804 | | | | 10/16/2020 | | | | (125,185 | ) |
JPMorgan Chase Bank, NA | | | EUR | | | | 575 | | | | USD | | | | 667 | | | | 10/16/2020 | | | | (7,056 | ) |
JPMorgan Chase Bank, NA | | | GBP | | | | 704 | | | | USD | | | | 871 | | | | 10/16/2020 | | | | (37,971 | ) |
JPMorgan Chase Bank, NA | | | ILS | | | | 16,512 | | | | USD | | | | 4,826 | | | | 10/16/2020 | | | | 5,108 | |
JPMorgan Chase Bank, NA | | | JPY | | | | 153,922 | | | | USD | | | | 1,473 | | | | 10/16/2020 | | | | 13,263 | |
JPMorgan Chase Bank, NA | | | JPY | | | | 223,844 | | | | USD | | | | 2,111 | | | �� | 10/16/2020 | | | | (11,855 | ) |
JPMorgan Chase Bank, NA | | | USD | | | | 654 | | | | CAD | | | | 878 | | | | 10/16/2020 | | | | 5,500 | |
JPMorgan Chase Bank, NA | | | USD | | | | 951 | | | | EUR | | | | 846 | | | | 10/16/2020 | | | | 41,000 | |
JPMorgan Chase Bank, NA | | | USD | | | | 724 | | | | EUR | | | | 612 | | | | 10/16/2020 | | | | (6,698 | ) |
JPMorgan Chase Bank, NA | | | USD | | | | 585 | | | | GBP | | | | 451 | | | | 10/16/2020 | | | | (3,203 | ) |
JPMorgan Chase Bank, NA | | | TWD | | | | 14,518 | | | | USD | | | | 503 | | | | 11/18/2020 | | | | (1,096 | ) |
JPMorgan Chase Bank, NA | | | USD | | | | 499 | | | | TWD | | | | 14,535 | | | | 11/18/2020 | | | | 5,634 | |
Morgan Stanley & Co., Inc. | | | AUD | | | | 2,150 | | | | USD | | | | 1,532 | | | | 10/16/2020 | | | | (7,533 | ) |
Morgan Stanley & Co., Inc. | | | CAD | | | | 1,968 | | | | USD | | | | 1,467 | | | | 10/16/2020 | | | | (11,476 | ) |
Morgan Stanley & Co., Inc. | | | CHF | | | | 1,091 | | | | USD | | | | 1,197 | | | | 10/16/2020 | | | | 12,128 | |
Morgan Stanley & Co., Inc. | | | CHF | | | | 2,641 | | | | USD | | | | 2,853 | | | | 10/16/2020 | | | | (15,166 | ) |
Morgan Stanley & Co., Inc. | | | EUR | | | | 1,515 | | | | USD | | | | 1,718 | | | | 10/16/2020 | | | | (58,596 | ) |
Morgan Stanley & Co., Inc. | | | GBP | | | | 717 | | | | USD | | | | 942 | | | | 10/16/2020 | | | | 16,717 | |
Morgan Stanley & Co., Inc. | | | GBP | | | | 1,684 | | | | USD | | | | 2,152 | | | | 10/16/2020 | | | | (20,821 | ) |
Morgan Stanley & Co., Inc. | | | ILS | | | | 3,061 | | | | USD | | | | 887 | | | | 10/16/2020 | | | | (6,921 | ) |
Morgan Stanley & Co., Inc. | | | JPY | | | | 712,434 | | | | USD | | | | 6,707 | | | | 10/16/2020 | | | | (49,245 | ) |
Morgan Stanley & Co., Inc. | | | USD | | | | 1,417 | | | | AUD | | | | 2,031 | | | | 10/16/2020 | | | | 37,335 | |
Morgan Stanley & Co., Inc. | | | USD | | | | 663 | | | | AUD | | | | 924 | | | | 10/16/2020 | | | | (841 | ) |
Morgan Stanley & Co., Inc. | | | USD | | | | 10,322 | | | | CHF | | | | 9,676 | | | | 10/16/2020 | | | | 187,823 | |
Morgan Stanley & Co., Inc. | | | USD | | | | 1,541 | | | | CHF | | | | 1,403 | | | | 10/16/2020 | | | | (17,427 | ) |
5
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Contracts to Deliver (000) | | In Exchange For (000) | | Settlement Date | | Unrealized Appreciation/ (Depreciation) |
Morgan Stanley & Co., Inc. | | | | USD | | | | | 6,582 | | | | | EUR | | | | | 5,716 | | | | | 10/16/2020 | | | | $ | 121,709 | |
Morgan Stanley & Co., Inc. | | | | USD | | | | | 1,473 | | | | | EUR | | | | | 1,248 | | | | | 10/16/2020 | | | | | (9,486 | ) |
Morgan Stanley & Co., Inc. | | | | USD | | | | | 2,320 | | | | | GBP | | | | | 1,777 | | | | | 10/16/2020 | | | | | (26,494 | ) |
Morgan Stanley & Co., Inc. | | | | USD | | | | | 13,476 | | | | | JPY | | | | | 1,439,454 | | | | | 10/16/2020 | | | | | 174,775 | |
Morgan Stanley & Co., Inc. | | | | KRW | | | | | 548,638 | | | | | USD | | | | | 462 | | | | | 11/10/2020 | | | | | (8,437 | ) |
Morgan Stanley & Co., Inc. | | | | USD | | | | | 1,162 | | | | | TWD | | | | | 34,130 | | | | | 11/18/2020 | | | | | 23,822 | |
Natwest Markets PLC | | | | AUD | | | | | 3,809 | | | | | USD | | | | | 2,707 | | | | | 10/16/2020 | | | | | (21,366 | ) |
Natwest Markets PLC | | | | EUR | | | | | 1,781 | | | | | USD | | | | | 2,034 | | | | | 10/16/2020 | | | | | (54,184 | ) |
Natwest Markets PLC | | | | JPY | | | | | 186,181 | | | | | USD | | | | | 1,741 | | | | | 10/16/2020 | | | | | (24,931 | ) |
Natwest Markets PLC | | | | NOK | | | | | 14,373 | | | | | USD | | | | | 1,552 | | | | | 10/16/2020 | | | | | 11,159 | |
Natwest Markets PLC | | | | USD | | | | | 774 | | | | | CAD | | | | | 1,050 | | | | | 10/16/2020 | | | | | 15,078 | |
Natwest Markets PLC | | | | USD | | | | | 2,360 | | | | | GBP | | | | | 1,855 | | | | | 10/16/2020 | | | | | 33,833 | |
Natwest Markets PLC | | | | USD | | | | | 1,902 | | | | | JPY | | | | | 203,695 | | | | | 10/16/2020 | | | | | 29,638 | |
Natwest Markets PLC | | | | USD | | | | | 987 | | | | | SEK | | | | | 9,028 | | | | | 10/16/2020 | | | | | 21,558 | |
Natwest Markets PLC | | | | TWD | | | | | 32,328 | | | | | USD | | | | | 1,112 | | | | | 11/18/2020 | | | | | (10,933 | ) |
Natwest Markets PLC | | | | USD | | | | | 339 | | | | | TWD | | | | | 9,782 | | | | | 11/18/2020 | | | | | 1,088 | |
Standard Chartered Bank | | | | CNY | | | | | 10,620 | | | | | USD | | | | | 1,513 | | | | | 10/16/2020 | | | | | (48,529 | ) |
Standard Chartered Bank | | | | USD | | | | | 2,823 | | | | | CNY | | | | | 19,833 | | | | | 10/16/2020 | | | | | 93,548 | |
State Street Bank & Trust Co. | | | | AUD | | | | | 1,716 | | | | | USD | | | | | 1,260 | | | | | 10/16/2020 | | | | | 30,845 | |
State Street Bank & Trust Co. | | | | AUD | | | | | 1,143 | | | | | USD | | | | | 807 | | | | | 10/16/2020 | | | | | (12,189 | ) |
State Street Bank & Trust Co. | | | | EUR | | | | | 684 | | | | | USD | | | | | 811 | | | | | 10/16/2020 | | | | | 8,677 | |
State Street Bank & Trust Co. | | | | EUR | | | | | 2,948 | | | | | USD | | | | | 3,367 | | | | | 10/16/2020 | | | | | (90,573 | ) |
State Street Bank & Trust Co. | | | | GBP | | | | | 4,034 | | | | | USD | | | | | 5,084 | | | | | 10/16/2020 | | | | | (121,522 | ) |
State Street Bank & Trust Co. | | | | HKD | | | | | 47,610 | | | | | USD | | | | | 6,141 | | | | | 10/16/2020 | | | | | (1,965 | ) |
State Street Bank & Trust Co. | | | | JPY | | | | | 48,853 | | | | | USD | | | | | 464 | | | | | 10/16/2020 | | | | | 1,136 | |
State Street Bank & Trust Co. | | | | JPY | | | | | 206,435 | | | | | USD | | | | | 1,946 | | | | | 10/16/2020 | | | | | (11,597 | ) |
State Street Bank & Trust Co. | | | | USD | | | | | 151 | | | | | AUD | | | | | 210 | | | | | 10/16/2020 | | | | | (279 | ) |
State Street Bank & Trust Co. | | | | USD | | | | | 1,676 | | | | | CAD | | | | | 2,244 | | | | | 10/16/2020 | | | | | 8,959 | |
State Street Bank & Trust Co. | | | | USD | | | | | 306 | | | | | CAD | | | | | 400 | | | | | 10/16/2020 | | | | | (5,489 | ) |
State Street Bank & Trust Co. | | | | USD | | | | | 1,016 | | | | | CHF | | | | | 957 | | | | | 10/16/2020 | | | | | 23,556 | |
State Street Bank & Trust Co. | | | | USD | | | | | 3,327 | | | | | CNY | | | | | 22,526 | | | | | 10/16/2020 | | | | | (14,629 | ) |
State Street Bank & Trust Co. | | | | USD | | | | | 4,924 | | | | | EUR | | | | | 4,336 | | | | | 10/16/2020 | | | | | 160,835 | |
State Street Bank & Trust Co. | | | | USD | | | | | 10,044 | | | | | EUR | | | | | 8,494 | | | | | 10/16/2020 | | | | | (81,420 | ) |
State Street Bank & Trust Co. | | | | USD | | | | | 853 | | | | | GBP | | | | | 671 | | | | | 10/16/2020 | | | | | 12,775 | |
State Street Bank & Trust Co. | | | | USD | | | | | 303 | | | | | GBP | | | | | 232 | | | | | 10/16/2020 | | | | | (3,932 | ) |
State Street Bank & Trust Co. | | | | USD | | | | | 972 | | | | | HKD | | | | | 7,539 | | | | | 10/16/2020 | | | | | 276 | |
State Street Bank & Trust Co. | | | | USD | | | | | 336 | | | | | ILS | | | | | 1,146 | | | | | 10/16/2020 | | | | | (1,555 | ) |
State Street Bank & Trust Co. | | | | USD | | | | | 1,996 | | | | | JPY | | | | | 212,816 | | | | | 10/16/2020 | | | | | 21,776 | |
State Street Bank & Trust Co. | | | | USD | | | | | 739 | | | | | NZD | | | | | 1,124 | | | | | 10/16/2020 | | | | | 4,479 | |
State Street Bank & Trust Co. | | | | KRW | | | | | 583,416 | | | | | USD | | | | | 490 | | | | | 11/10/2020 | | | | | (10,572 | ) |
UBS AG | | | | CAD | | | | | 1,115 | | | | | USD | | | | | 821 | | | | | 10/16/2020 | | | | | (16,679 | ) |
UBS AG | | | | GBP | | | | | 611 | | | | | USD | | | | | 801 | | | | | 10/16/2020 | | | | | 12,133 | |
UBS AG | | | | HKD | | | | | 4,679 | | | | | USD | | | | | 603 | | | | | 10/16/2020 | | | | | (324 | ) |
UBS AG | | | | SGD | | | | | 1,080 | | | | | USD | | | | | 788 | | | | | 10/16/2020 | | | | | (2,820 | ) |
UBS AG | | | | USD | | | | | 1,123 | | | | | CHF | | | | | 1,034 | | | | | 10/16/2020 | | | | | 363 | |
UBS AG | | | | USD | | | | | 6,253 | | | | | GBP | | | | | 4,815 | | | | | 10/16/2020 | | | | | (39,519 | ) |
UBS AG | | | | USD | | | | | 722 | | | | | JPY | | | | | 76,571 | | | | | 10/16/2020 | | | | | 3,926 | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Contracts to Deliver (000) | | In Exchange For (000) | | Settlement Date | | Unrealized Appreciation/ (Depreciation) |
UBS AG | | | | TWD | | | | | 319,956 | | | | | USD | | | | | 10,991 | | | | | 11/18/2020 | | | | $ | (127,429 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 16,736 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) | Represents entire or partial securities out on loan. |
(b) | Non-income producing security. |
(c) | 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 September 30, 2020, the aggregate market value of these securities amounted to $12,967,982 or 4.4% 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 September 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $36,842,142 and gross unrealized depreciation of investments was $(42,777,170), resulting in net unrealized depreciation of $(5,935,028). |
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
CAD – Canadian Dollar
CHF – Swiss Franc
CNY – Chinese Yuan Renminbi
EUR – Euro
GBP – Great British Pound
HKD – Hong Kong Dollar
ILS – Israeli Shekel
JPY – Japanese Yen
KRW – South Korean Won
NOK – Norwegian Krone
NZD – New Zealand Dollar
PLN – Polish Zloty
SEK – Swedish Krona
SGD – Singapore Dollar
TWD – New Taiwan Dollar
USD – United States Dollar
Glossary:
REIT – Real Estate Investment Trust
| | | | | | |
COUNTRY BREAKDOWN1 September 30, 2020 (unaudited) |
| | | 20.8 | % | | Japan |
| | | 16.3 | % | | United Kingdom |
| | | 10.0 | % | | France |
| | | 7.0 | % | | Australia |
| | | 6.2 | % | | Switzerland |
| | | 4.1 | % | | Germany |
| | | 3.8 | % | | South Korea |
| | | 3.7 | % | | Netherlands |
| | | 3.0 | % | | Italy |
| | | 2.9 | % | | Ireland |
| | | 2.7 | % | | Taiwan |
| | | 2.2 | % | | Portugal |
| | | 2.1 | % | | Canada |
| | | 13.2 | % | | Other |
| | | 2.0 | % | | Short-Term |
| | | | | | |
| | | 100.0 | % | | Total Investments |
| | | | | | |
1 | All data are as of September 30, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.0% or less in the following countries: Austria, Belgium, China, Denmark, Hong Kong, Israel, Macau, Norway, Spain and Sweden. |
7
AB Variable Products Series Fund, Inc.
AB International Value Portfolio
September 30, 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 September 30, 2020:
| | | | | | | | | | | | | | | | |
Investments in Securities: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | |
Common Stocks: | | | | | | | | | | | | | | | | |
Financials | | $ | — | | | $ | 43,919,685 | | | $ | — | | | $ | 43,919,685 | |
Consumer Discretionary | | | — | | | | 38,180,835 | | | | — | | | | 38,180,835 | |
Information Technology | | | 5,937,474 | | | | 31,676,016 | | | | — | | | | 37,613,490 | |
Industrials | | | 5,533,790 | | | | 29,992,433 | | | | — | | | | 35,526,223 | |
Consumer Staples | | | 5,261,860 | | | | 29,509,768 | | | | — | | | | 34,771,628 | |
Health Care | | | — | | | | 27,028,761 | | | | — | | | | 27,028,761 | |
Materials | | | 3,270,780 | | | | 18,399,447 | | | | — | | | | 21,670,227 | |
Communication Services | | | — | | | | 16,983,885 | | | | — | | | | 16,983,885 | |
Utilities | | | — | | | | 12,118,038 | | | | — | | | | 12,118,038 | |
Energy | | | — | | | | 10,811,558 | | | | — | | | | 10,811,558 | |
Real Estate | | | — | | | | 7,832,945 | | | | — | | | | 7,832,945 | |
8
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | 5,766,679 | | | | — | | | | — | | | | 5,766,679 | |
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | | | 6,959,559 | | | | — | | | | — | | | | 6,959,559 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | | 32,730,142 | | | | 266,453,371 | (a) | | | — | | | | 299,183,513 | |
Other Financial Instruments(b): | | | | | | | | | | | | | | | | |
Assets: | |
Forward Currency Exchange Contracts | | | — | | | | 1,860,434 | | | | — | | | | 1,860,434 | |
Liabilities: | |
Forward Currency Exchange Contracts | | | — | | | | (1,843,698 | ) | | | — | | | | (1,843,698 | ) |
| | | | | | | | | | | | | | | | |
Total | | $ | 32,730,142 | | | $ | 266,470,107 | | | $ | — | | | $ | 299,200,249 | |
| | | | | | | | | | | | | | | | |
(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 nine months ended September 30, 2020 is as follows:
| | | | | | | | | | | | | | | | | | | | |
Fund | | Market Value 12/31/2019 (000) | | | Purchases at Cost (000) | | | Sales Proceeds (000) | | | Market Value 09/30/2020 (000) | | | Dividend Income (000) | |
Government Money Market Portfolio | | $ | 3,053 | | | $ | 71,415 | | | $ | 68,701 | | | $ | 5,767 | | | $ | 24 | |
Government Money Market Portfolio* | | | 3,846 | | | | 116,672 | | | | 113,558 | | | | 6,960 | | | | 1 | |
Total | | $ | 6,899 | | | $ | 188,087 | | | $ | 182,259 | | | $ | 12,727 | | | $ | 25 | |
* | Investments of cash collateral for securities lending transactions. |
9