AB Variable Products Series Fund, Inc.
AB Discovery Value Portfolio
Portfolio of Investments
September 30, 2023 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 99.4% |
| |||||||
Industrials – 22.3% |
| |||||||
Aerospace & Defense – 0.6% |
| |||||||
Spirit AeroSystems Holdings, Inc. - Class A | 249,920 | $ | 4,033,709 | |||||
|
| |||||||
Building Products – 2.1% |
| |||||||
Builders FirstSource, Inc.(a) | 72,700 | 9,050,423 | ||||||
Masonite International Corp.(a) | 44,905 | 4,186,044 | ||||||
|
| |||||||
13,236,467 | ||||||||
|
| |||||||
Commercial Services & Supplies – 2.2% |
| |||||||
ABM Industries, Inc. | 168,981 | 6,760,930 | ||||||
Stericycle, Inc.(a) | 156,680 | 7,005,163 | ||||||
|
| |||||||
13,766,093 | ||||||||
|
| |||||||
Construction & Engineering – 4.4% |
| |||||||
Dycom Industries, Inc.(a) | 98,533 | 8,769,437 | ||||||
Fluor Corp.(a) | 310,630 | 11,400,121 | ||||||
MasTec, Inc.(a) | 109,010 | 7,845,450 | ||||||
|
| |||||||
28,015,008 | ||||||||
|
| |||||||
Electrical Equipment – 2.0% |
| |||||||
Regal Rexnord Corp. | 45,330 | 6,476,750 | ||||||
Sensata Technologies Holding PLC | 158,800 | 6,005,816 | ||||||
|
| |||||||
12,482,566 | ||||||||
|
| |||||||
Ground Transportation – 2.4% |
| |||||||
ArcBest Corp. | 74,876 | 7,611,146 | ||||||
Knight-Swift Transportation Holdings, Inc. | 156,029 | 7,824,854 | ||||||
|
| |||||||
15,436,000 | ||||||||
|
| |||||||
Machinery – 2.5% |
| |||||||
Middleby Corp. (The)(a) | 56,347 | 7,212,416 | ||||||
Oshkosh Corp. | 88,690 | 8,463,687 | ||||||
|
| |||||||
15,676,103 | ||||||||
|
| |||||||
Marine Transportation – 1.0% |
| |||||||
Star Bulk Carriers Corp. | 320,223 | 6,173,899 | ||||||
|
| |||||||
Passenger Airlines – 0.9% |
| |||||||
Alaska Air Group, Inc.(a) | 161,210 | 5,977,667 | ||||||
|
| |||||||
Professional Services – 2.8% |
| |||||||
Genpact Ltd. | 171,121 | 6,194,580 | ||||||
Korn Ferry | 91,020 | 4,317,989 | ||||||
Robert Half, Inc. | 95,095 | 6,968,561 | ||||||
|
| |||||||
17,481,130 | ||||||||
|
| |||||||
Trading Companies & Distributors – 1.4% |
| |||||||
Herc Holdings, Inc. | 74,080 | 8,811,075 | ||||||
|
| |||||||
141,089,717 | ||||||||
|
|
1
Company | Shares | U.S. $ Value | ||||||
Financials – 19.4% |
| |||||||
Banks – 10.3% |
| |||||||
BankUnited, Inc. | 152,861 | $ | 3,469,945 | |||||
Comerica, Inc. | 200,713 | 8,339,625 | ||||||
First BanCorp./Puerto Rico | 583,934 | 7,859,752 | ||||||
First Citizens BancShares, Inc./NC - Class A | 7,950 | 10,971,795 | ||||||
First Hawaiian, Inc. | 456,448 | 8,238,886 | ||||||
Texas Capital Bancshares, Inc.(a) | 124,702 | 7,344,948 | ||||||
Webster Financial Corp. | 138,869 | 5,597,809 | ||||||
Wintrust Financial Corp. | 102,850 | 7,765,175 | ||||||
Zions Bancorp NA | 159,068 | 5,549,883 | ||||||
|
| |||||||
65,137,818 | ||||||||
|
| |||||||
Capital Markets – 3.9% |
| |||||||
Cboe Global Markets, Inc. | 65,270 | 10,195,827 | ||||||
Moelis & Co. - Class A(b) | 141,527 | 6,387,114 | ||||||
Stifel Financial Corp. | 134,217 | 8,246,292 | ||||||
|
| |||||||
24,829,233 | ||||||||
|
| |||||||
Insurance – 5.2% |
| |||||||
American Financial Group, Inc./OH | 58,830 | 6,569,546 | ||||||
Everest Re Group Ltd. | 28,497 | 10,591,480 | ||||||
Hanover Insurance Group, Inc. (The) | 51,040 | 5,664,419 | ||||||
Kemper Corp. | 109,520 | 4,603,126 | ||||||
Selective Insurance Group, Inc. | 50,755 | 5,236,393 | ||||||
|
| |||||||
32,664,964 | ||||||||
|
| |||||||
122,632,015 | ||||||||
|
| |||||||
Consumer Discretionary – 13.8% |
| |||||||
Automobile Components – 1.6% |
| |||||||
Dana, Inc. | 338,425 | 4,964,695 | ||||||
Goodyear Tire & Rubber Co. (The)(a) | 414,490 | 5,152,110 | ||||||
|
| |||||||
10,116,805 | ||||||||
|
| |||||||
Diversified Consumer Services – 1.3% |
| |||||||
ADT, Inc. | 1,324,283 | 7,945,698 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure – 2.8% |
| |||||||
Dine Brands Global, Inc. | 117,880 | 5,829,166 | ||||||
Hilton Grand Vacations, Inc.(a) | 160,570 | 6,535,199 | ||||||
Papa John’s International, Inc.(b) | 83,163 | 5,673,380 | ||||||
|
| |||||||
18,037,745 | ||||||||
|
| |||||||
Household Durables – 2.1% |
| |||||||
PulteGroup, Inc. | 95,790 | 7,093,250 | ||||||
Taylor Morrison Home Corp.(a) | 140,859 | 6,002,002 | ||||||
|
| |||||||
13,095,252 | ||||||||
|
| |||||||
Specialty Retail – 2.4% |
| |||||||
Bath & Body Works, Inc. | 227,510 | 7,689,838 | ||||||
Sally Beauty Holdings, Inc.(a) | 145,746 | 1,221,351 | ||||||
Williams-Sonoma, Inc.(b) | 42,569 | 6,615,223 | ||||||
|
| |||||||
15,526,412 | ||||||||
|
|
2
Company | Shares | U.S. $ Value | ||||||
Textiles, Apparel & Luxury Goods – 3.6% |
| |||||||
PVH Corp. | 115,521 | $ | 8,838,512 | |||||
Ralph Lauren Corp. | 70,420 | 8,175,058 | ||||||
Tapestry, Inc. | 195,406 | 5,617,922 | ||||||
|
| |||||||
22,631,492 | ||||||||
|
| |||||||
87,353,404 | ||||||||
|
| |||||||
Information Technology – 11.8% |
| |||||||
Communications Equipment – 1.1% |
| |||||||
Calix, Inc.(a) | 7,663 | 351,272 | ||||||
Lumentum Holdings, Inc.(a) | 141,660 | 6,400,199 | ||||||
|
| |||||||
6,751,471 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components – 3.3% |
| |||||||
Avnet, Inc. | 166,380 | 8,017,852 | ||||||
Belden, Inc. | 81,594 | 7,877,901 | ||||||
Crane NXT Co. | 92,675 | 5,149,950 | ||||||
|
| |||||||
21,045,703 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 4.0% |
| |||||||
Amkor Technology, Inc. | 239,428 | 5,411,073 | ||||||
FormFactor, Inc.(a) | 249,960 | 8,733,602 | ||||||
Kulicke & Soffa Industries, Inc. | 74,148 | 3,605,817 | ||||||
Synaptics, Inc.(a) | 82,767 | 7,402,681 | ||||||
|
| |||||||
25,153,173 | ||||||||
|
| |||||||
Software – 3.4% |
| |||||||
ACI Worldwide, Inc.(a) | 297,256 | 6,706,095 | ||||||
CommVault Systems, Inc.(a) | 117,696 | 7,957,427 | ||||||
Gen Digital, Inc. | 403,880 | 7,140,598 | ||||||
|
| |||||||
21,804,120 | ||||||||
|
| |||||||
74,754,467 | ||||||||
|
| |||||||
Real Estate – 7.8% |
| |||||||
Diversified REITs – 0.8% |
| |||||||
Broadstone Net Lease, Inc. - Class A | 337,471 | 4,825,835 | ||||||
|
| |||||||
Health Care REITs – 1.0% |
| |||||||
Physicians Realty Trust | 498,291 | 6,074,167 | ||||||
|
| |||||||
Hotel & Resort REITs – 0.3% |
| |||||||
Ryman Hospitality Properties, Inc. | 27,208 | 2,265,882 | ||||||
|
| |||||||
Industrial REITs – 2.3% |
| |||||||
First Industrial Realty Trust, Inc. | 126,307 | 6,010,950 | ||||||
STAG Industrial, Inc. | 239,778 | 8,274,739 | ||||||
|
| |||||||
14,285,689 | ||||||||
|
| |||||||
Real Estate Management & Development – 1.2% |
| |||||||
Jones Lang LaSalle, Inc.(a) | 52,668 | 7,435,668 | ||||||
|
| |||||||
Residential REITs – 1.2% |
| |||||||
Apartment Income REIT Corp. | 249,951 | 7,673,496 | ||||||
|
| |||||||
Specialized REITs – 1.0% |
| |||||||
CubeSmart | 170,042 | 6,483,702 | ||||||
|
| |||||||
49,044,439 | ||||||||
|
|
3
Company | Shares | U.S. $ Value | ||||||
Health Care – 7.3% |
| |||||||
Health Care Equipment & Supplies – 3.4% |
| |||||||
Avantor, Inc.(a) | 328,560 | $ | 6,926,045 | |||||
Envista Holdings Corp.(a) | 278,870 | 7,774,895 | ||||||
Integra LifeSciences Holdings Corp.(a) | 181,330 | 6,924,993 | ||||||
|
| |||||||
21,625,933 | ||||||||
|
| |||||||
Health Care Providers & Services – 2.9% |
| |||||||
Acadia Healthcare Co., Inc.(a) | 89,780 | 6,312,432 | ||||||
AMN Healthcare Services, Inc.(a) | 71,360 | 6,078,445 | ||||||
Pediatrix Medical Group, Inc.(a) | 467,240 | 5,938,620 | ||||||
|
| |||||||
18,329,497 | ||||||||
|
| |||||||
Life Sciences Tools & Services – 1.0% |
| |||||||
Fortrea Holdings, Inc.(a) | 220,616 | 6,307,412 | ||||||
|
| |||||||
46,262,842 | ||||||||
|
| |||||||
Energy – 6.7% |
| |||||||
Energy Equipment & Services – 1.4% |
| |||||||
ChampionX Corp. | 252,710 | 9,001,530 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 5.3% |
| |||||||
Cameco Corp. | 256,560 | 10,170,038 | ||||||
HF Sinclair Corp. | 121,995 | 6,945,175 | ||||||
International Seaways, Inc. | 163,138 | 7,341,210 | ||||||
Magnolia Oil & Gas Corp. - Class A | 394,862 | 9,046,289 | ||||||
|
| |||||||
33,502,712 | ||||||||
|
| |||||||
42,504,242 | ||||||||
|
| |||||||
Materials – 3.5% |
| |||||||
Chemicals – 1.2% |
| |||||||
Element Solutions, Inc. | 330,491 | 6,480,929 | ||||||
Huntsman Corp. | 45,380 | 1,107,272 | ||||||
|
| |||||||
7,588,201 | ||||||||
|
| |||||||
Containers & Packaging – 1.4% |
| |||||||
Berry Global Group, Inc. | 139,850 | 8,658,113 | ||||||
|
| |||||||
Metals & Mining – 0.9% |
| |||||||
ATI, Inc.(a) | 145,621 | 5,992,304 | ||||||
|
| |||||||
22,238,618 | ||||||||
|
| |||||||
Utilities – 2.6% |
| |||||||
Electric Utilities – 2.6% |
| |||||||
IDACORP, Inc. | 96,884 | 9,073,186 | ||||||
Portland General Electric Co. | 183,570 | 7,430,914 | ||||||
|
| |||||||
16,504,100 | ||||||||
|
| |||||||
Communication Services – 2.4% |
| |||||||
Media – 2.4% |
| |||||||
Criteo SA (Sponsored ADR)(a) | 241,059 | 7,038,923 | ||||||
Nexstar Media Group, Inc. | 54,783 | 7,854,238 | ||||||
|
| |||||||
14,893,161 | ||||||||
|
|
4
Company | Shares | U.S. $ Value | ||||||
Consumer Staples – 1.8% |
| |||||||
Food Products – 1.8% |
| |||||||
Hain Celestial Group, Inc. (The)(a) | 436,704 | $ | 4,528,621 | |||||
Nomad Foods Ltd.(a) | 469,432 | 7,144,755 | ||||||
|
| |||||||
11,673,376 | ||||||||
|
| |||||||
Total Common Stocks | 628,950,381 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.6% |
| |||||||
Investment Companies – 0.6% |
| |||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.25%(c) (d) (e) | 3,543,241 | 3,543,241 | ||||||
|
| |||||||
Total Investments – 100.0% |
| 632,493,622 | ||||||
Other assets less liabilities – 0.0% | 48,260 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 632,541,882 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Represents entire or partial securities out on loan. |
(c) | Affiliated investments. |
(d) | The rate shown represents the 7-day yield as of period end. |
(e) | 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. |
(f) | As of September 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $84,343,224 and gross unrealized depreciation of investments was $(75,940,025), resulting in net unrealized appreciation of $8,403,199. |
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. |
Glossary:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
5
AB Variable Products Series Fund, Inc.
AB Discovery Value Portfolio
September 30, 2023 (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, 2023:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks(a) | $ | 628,950,381 | $ | — | $ | — | $ | 628,950,381 | ||||||||
Short-Term Investments | 3,543,241 | — | — | 3,543,241 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 632,493,622 | — | — | 632,493,622 | ||||||||||||
Other Financial Instruments(b) | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 632,493,622 | $ | — | $ | — | $ | 632,493,622 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Portfolio of Investments for sector classifications. |
(b) | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
6
A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2023 is as follows:
Portfolio | Market Value 12/31/2022 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 09/30/2023 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 4,206 | $ | 110,636 | $ | 111,299 | $ | 3,543 | $ | 169 | ||||||||||
Government Money Market Portfolio* | 207 | 68,115 | 68,322 | 0 | 84 | |||||||||||||||
Total | $ | 4,413 | $ | 178,751 | $ | 179,621 | $ | 3,543 | $ | 253 |
* | Investments of cash collateral for securities lending transactions. |
7