NPORT-EX 2 64VL.HTM HTML

AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 92.2%

        

Health Care - 24.6%

        

Biotechnology - 5.6%

        

Biogen, Inc. (a)

      8,869        $ 2,064,881  

Regeneron Pharmaceuticals, Inc. (a)

      40,304          11,180,330  

Vertex Pharmaceuticals, Inc. (a)

      100,134          16,964,702  
       

 

 

  
          30,209,913  
       

 

 

  

Health Care Equipment & Supplies - 8.6%

        

ABIOMED, Inc. (a)

      11,710          2,083,092  

Align Technology, Inc. (a)

      11,710          2,118,573  

Edwards Lifesciences Corp. (a)

      64,887          14,269,300  

Intuitive Surgical, Inc. (a)

      35,163          18,985,559  

Stryker Corp.

      44,624          9,652,171  
       

 

 

  
          47,108,695  
       

 

 

  

Health Care Providers & Services - 4.7%

        

UnitedHealth Group, Inc.

      117,459          25,526,190  
       

 

 

  

Health Care Technology - 0.2%

        

Veeva Systems, Inc.-Class A (a)

      6,816          1,040,735  
       

 

 

  

Life Sciences Tools & Services - 1.5%

        

Illumina, Inc. (a)

      18,040          5,488,129  

Mettler-Toledo International, Inc. (a)

      3,965          2,792,946  
       

 

 

  
          8,281,075  
       

 

 

  

Pharmaceuticals - 4.0%

        

Zoetis, Inc.

      176,438          21,982,410  
       

 

 

  
          134,149,018  
       

 

 

  

Information Technology - 22.4%

        

Communications Equipment - 1.5%

        

Arista Networks, Inc. (a)

      33,653          8,040,375  
       

 

 

  

Electronic Equipment, Instruments & Components - 1.2%

        

Amphenol Corp.-Class A

      21,866          2,110,069  

Cognex Corp.

      41,722          2,049,802  

IPG Photonics Corp. (a)

      18,519          2,511,176  
       

 

 

  
          6,671,047  
       

 

 

  

IT Services - 7.5%

        

PayPal Holdings, Inc. (a)

      135,942          14,082,232  

Visa, Inc.-Class A (b)

      154,576          26,588,618  
       

 

 

  
          40,670,850  
       

 

 

  

Semiconductors & Semiconductor Equipment - 2.1%

        

ASML Holding NV ADR

      8,430          2,094,180  

Texas Instruments, Inc.

      21,070          2,723,087  

Xilinx, Inc.

      72,080          6,912,472  
       

 

 

  
          11,729,739  
       

 

 

  

Company

    Shares        U.S. $ Value  

Software - 9.0%

        

Adobe, Inc. (a)

      27,830        $ 7,688,038  

ANSYS, Inc. (a)

      1,159          256,556  

Aspen Technology, Inc. (a)

      2,570          316,316  

Microsoft Corp.

      261,841          36,403,893  

Paycom Software, Inc. (a)

      10,009          2,096,785  

Tyler Technologies, Inc. (a)

      8,570          2,249,625  
       

 

 

  
          49,011,213  
       

 

 

  

Technology Hardware, Storage & Peripherals - 1.1%

        

Apple, Inc.

      27,072          6,063,316  
       

 

 

  
          122,186,540  
       

 

 

  

Communication Services - 15.0%

        

Entertainment - 2.1%

        

Electronic Arts, Inc. (a)

      119,634          11,702,598  
       

 

 

  

Interactive Media & Services - 12.9%

        

Alphabet, Inc.-Class C (a)

      33,994          41,438,686  

Facebook, Inc.-Class A (a)

      160,626          28,604,278  
       

 

 

  
          70,042,964  
       

 

 

  
          81,745,562  
       

 

 

  

Consumer Discretionary - 14.0%

        

Diversified Consumer Services - 0.3%

        

Bright Horizons Family Solutions, Inc. (a)

      9,700          1,479,250  
       

 

 

  

Hotels, Restaurants & Leisure - 0.6%

        

Domino’s Pizza, Inc.

      13,610          3,328,870  
       

 

 

  

Internet & Direct Marketing Retail - 3.0%

        

Booking Holdings, Inc. (a)

      8,287          16,264,149  
       

 

 

  

Specialty Retail - 7.7%

 

Burlington Stores, Inc. (a)

      33,390          6,671,990  

Five Below, Inc. (a)

      3,340          421,174  

Home Depot, Inc. (The)

      81,980          19,020,999  

TJX Cos., Inc. (The)

      135,378          7,545,970  

Ulta Salon Cosmetics & Fragrance, Inc. (a)

      32,755          8,210,041  
       

 

 

  
          41,870,174  
       

 

 

  

Textiles, Apparel & Luxury Goods - 2.4%

        

NIKE, Inc.-Class B

      141,056          13,247,979  
       

 

 

  
          76,190,422  
       

 

 

  

Consumer Staples - 6.8%

        

Beverages - 4.0%

        

Constellation Brands, Inc.-Class A

      15,490          3,210,767  

Monster Beverage Corp. (a)

      327,196          18,997,000  
       

 

 

  
          22,207,767  
       

 

 

  

Food & Staples Retailing - 2.8%

        

Costco Wholesale Corp.

      52,485          15,121,453  
       

 

 

  
          37,329,220  
       

 

 

  

Company

    Shares        U.S. $ Value  

Industrials - 6.4%

 

Building Products - 2.2%

 

Allegion PLC

      84,299        $ 8,737,592  

AO Smith Corp.

      69,485          3,315,129  
       

 

 

  
          12,052,721  
       

 

 

  

Commercial Services & Supplies - 1.6%

 

Copart, Inc. (a)

      106,738          8,574,264  
       

 

 

  

Electrical Equipment - 0.8%

 

AMETEK, Inc.

      43,560          3,999,679  

Rockwell Automation, Inc.

      3,510          578,448  
       

 

 

  
          4,578,127  
       

 

 

  

Industrial Conglomerates - 1.2%

 

Roper Technologies, Inc.

      18,154          6,473,716  
       

 

 

  

Machinery - 0.6%

 

IDEX Corp.

      19,340          3,169,439  
       

 

 

  
          34,848,267  
       

 

 

  

Materials - 2.5%

 

Chemicals - 2.5%

 

Sherwin-Williams Co. (The)

      24,839          13,658,221  
       

 

 

  

Financials - 0.5%

 

Capital Markets - 0.5%

 

S&P Global, Inc.

      10,640          2,606,587  
       

 

 

  

Total Common Stocks
(cost $329,557,466)

           502,713,837  
       

 

 

  

SHORT-TERM INVESTMENTS - 8.0%

        

Investment Companies - 8.0%

        

AB Fixed Income Shares, Inc.-Government
Money Market Portfolio-Class AB, 1.89% (c)(d)(e)
(cost $43,692,850)

      43,692,850          43,692,850  
       

 

 

  

Total Investments - 100.2%
(cost $373,250,316) (f)

             546,406,687  

Other assets less liabilities - (0.2)%

           (1,171,406 ) 
       

 

 

  

Net Assets - 100.0%

         $ 545,235,281  
       

 

 

  

 

(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, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $176,175,705 and gross unrealized depreciation of investments was $(3,019,334), resulting in net unrealized appreciation of $173,156,371.

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

AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

September 30, 2019 (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, 2019:

 

Investments in Securities:

    Level 1     Level 2     Level 3     Total  

Assets:

         

Common Stocks (a)

    $ 502,713,837     $ – 0  –    $ – 0  –    $ 502,713,837  

Short-Term Investments

      43,692,850       – 0  –      – 0  –      43,692,850  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      546,406,687       – 0  –      – 0  –      546,406,687  

Other Financial Instruments (b)

      – 0  –      – 0  –      – 0  –      – 0  – 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $     546,406,687     $             – 0  –    $             – 0  –    $     546,406,687  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 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, 2019 is as follows:

 

Fund

    Market Value
12/31/18
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
3/31/19
(000)		      Dividend
Income
(000)		  

Government Money Market Portfolio

    $ 22,378      $ 81,386      $ 60,071      $ 43,693      $ 683