NPORT-EX 2 NPORT_64VH_45736495_0325.htm HTML

AB Variable Products Series Fund, Inc.

AB Relative Value Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 95.7%

 

Financials – 23.0%

 

Banks – 7.7%

 

Citigroup, Inc.

         350,123        $ 24,855,232  

JPMorgan Chase & Co.

      124,330          30,498,149  

Wells Fargo & Co.

      214,053          15,366,865  
       

 

 

  
          70,720,246  
       

 

 

  

Capital Markets – 3.4%

 

Blackstone Secured Lending Fund(a)

      193,189          6,251,596  

S&P Global, Inc.

      50,020          25,415,162  
       

 

 

  
          31,666,758  
       

 

 

  

Financial Services – 9.0%

 

Berkshire Hathaway, Inc. - Class B(b)

      73,959          39,389,084  

Fiserv, Inc.(b)

      139,631          30,834,714  

Mastercard, Inc. - Class A

      16,702          9,154,700  

MGIC Investment Corp.

      170,615          4,227,840  
       

 

 

  
          83,606,338  
       

 

 

  

Insurance – 2.9%

 

Axis Capital Holdings Ltd.

      188,249          18,870,080  

MetLife, Inc.

      100,506          8,069,626  
       

 

 

  
          26,939,706  
       

 

 

  
          212,933,048  
       

 

 

  

Health Care – 18.7%

 

Biotechnology – 5.9%

 

Gilead Sciences, Inc.

      206,946          23,188,299  

Regeneron Pharmaceuticals, Inc.

      36,037          22,855,746  

United Therapeutics Corp.(b)

      26,714          8,235,125  
       

 

 

  
          54,279,170  
       

 

 

  

Health Care Equipment & Supplies – 1.6%

 

GE HealthCare Technologies, Inc.

      188,277          15,195,837  
       

 

 

  

Health Care Providers & Services – 6.6%

 

Cencora, Inc.

      72,924          20,279,435  

Elevance Health, Inc.

      45,699          19,877,237  

HCA Healthcare, Inc.

      25,363          8,764,185  

Quest Diagnostics, Inc.

      72,491          12,265,477  
       

 

 

  
          61,186,334  
       

 

 

  

Pharmaceuticals – 4.6%

 

Johnson & Johnson

      190,034          31,515,239  

Roche Holding AG (Sponsored ADR)(a)

      267,049          10,989,066  
       

 

 

  
          42,504,305  
       

 

 

  
           173,165,646  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Industrials – 14.5%

 

Aerospace & Defense – 3.1%

 

Curtiss-Wright Corp.

          13,093        $    4,154,016  

RTX Corp.

      183,864          24,354,626  
       

 

 

  
          28,508,642  
       

 

 

  

Building Products – 1.6%

 

Allegion PLC

      43,820          5,716,757  

Otis Worldwide Corp.

      84,940          8,765,808  
       

 

 

  
          14,482,565  
       

 

 

  

Commercial Services & Supplies – 1.4%

 

Veralto Corp.

      133,067          12,967,379  
       

 

 

  

Electrical Equipment – 2.0%

 

Generac Holdings, Inc.(b)

      99,129          12,554,688  

nVent Electric PLC

      111,203          5,829,261  
       

 

 

  
          18,383,949  
       

 

 

  

Ground Transportation – 2.2%

 

CSX Corp.

      232,150          6,832,175  

JB Hunt Transport Services, Inc.

      95,314          14,101,706  
       

 

 

  
          20,933,881  
       

 

 

  

Machinery – 2.7%

 

Allison Transmission Holdings, Inc.

      56,814          5,435,395  

Dover Corp.

      18,428          3,237,431  

PACCAR, Inc.(a)

      57,798          5,627,791  

Westinghouse Air Brake Technologies Corp.

      59,050          10,708,718  
       

 

 

  
          25,009,335  
       

 

 

  

Professional Services – 1.0%

 

FTI Consulting, Inc.(b)

      29,655          4,865,793  

Robert Half, Inc.

      81,102          4,424,114  
       

 

 

  
          9,289,907  
       

 

 

  

Trading Companies & Distributors – 0.5%

 

MSC Industrial Direct Co., Inc. - Class A(a)

      60,081          4,666,491  
       

 

 

  
          134,242,149  
       

 

 

  

Consumer Staples – 9.3%

 

Consumer Staples Distribution & Retail – 4.6%

 

Casey’s General Stores, Inc.(a)

      29,565          12,832,393  

Walmart, Inc.

      342,240          30,045,249  
       

 

 

  
          42,877,642  
       

 

 

  

Tobacco – 4.7%

 

Philip Morris International, Inc.

      272,594          43,268,846  
       

 

 

  
          86,146,488  
       

 

 

  

Information Technology – 9.0%

 

IT Services – 2.8%

 

Accenture PLC - Class A

      82,071          25,609,435  
       

 

 

  

Semiconductors & Semiconductor Equipment – 5.5%

 

Intel Corp.(b)

      447,742          10,168,221  

Lam Research Corp.

      97,545          7,091,521  

QUALCOMM, Inc.

      18,980          2,915,518  

 

2

Company    Shares        U.S. $ Value  

Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)

          69,134        $   11,476,244  

Texas Instruments, Inc.

      107,073          19,241,018  
       

 

 

  
          50,892,522  
       

 

 

  

Software – 0.7%

 

Nice Ltd. (Sponsored ADR)(b)

      41,950          6,467,431  
       

 

 

  
          82,969,388  
       

 

 

  

Energy – 7.4%

 

Energy Equipment & Services – 0.6%

 

Cactus, Inc. - Class A

      41,140          1,885,446  

Helmerich & Payne, Inc.(a)

      142,923          3,733,149  
       

 

 

  
          5,618,595  
       

 

 

  

Oil, Gas & Consumable Fuels – 6.8%

 

Chevron Corp.

      96,366          16,121,068  

ConocoPhillips

      107,485          11,288,075  

EOG Resources, Inc.

      169,098          21,685,128  

Phillips 66

      114,726          14,166,366  
       

 

 

  
          63,260,637  
       

 

 

  
          68,879,232  
       

 

 

  

Consumer Discretionary – 6.9%

 

Automobile Components – 0.5%

 

BorgWarner, Inc.

      162,484          4,655,167  
       

 

 

  

Hotels, Restaurants & Leisure – 1.3%

 

Starbucks Corp.

      119,448          11,716,654  
       

 

 

  

Specialty Retail – 3.2%

 

Dick’s Sporting Goods, Inc.

      50,202          10,118,715  

Ross Stores, Inc.

      63,314          8,090,896  

Ulta Beauty, Inc.(b)

      31,868          11,680,897  
       

 

 

  
          29,890,508  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.9%

 

Lululemon Athletica, Inc.(b)

      22,951          6,496,510  

NIKE, Inc. - Class B(a)

      182,176          11,564,532  
          18,061,042  
       

 

 

  
          64,323,371  
       

 

 

  

Materials – 3.2%

 

Chemicals – 1.7%

 

CF Industries Holdings, Inc.

      112,781          8,813,835  

PPG Industries, Inc.

      61,664          6,742,959  
       

 

 

  
          15,556,794  
       

 

 

  

Containers & Packaging – 0.5%

 

Sealed Air Corp.

      166,645          4,816,040  
       

 

 

  

Metals & Mining – 1.0%

 

Steel Dynamics, Inc.

      76,426          9,559,364  
       

 

 

  
          29,932,198  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Communication Services – 2.9%

 

Diversified Telecommunication Services – 1.4%

 

Comcast Corp. - Class A

         355,191        $   13,106,548  
       

 

 

  

Entertainment – 1.5%

 

Electronic Arts, Inc.

      98,227          14,195,766  
       

 

 

  
          27,302,314  
       

 

 

  

Real Estate – 0.8%

 

Specialized REITs – 0.8%

 

Public Storage

      25,833          7,731,559  
       

 

 

  

Total Common Stocks
(cost $719,671,920)

           887,625,393  
       

 

 

  

SHORT-TERM INVESTMENTS – 3.4%

 

Investment Companies – 3.4%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e)
(cost $31,532,294)

      31,532,294          31,532,294  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.1%
(cost $751,204,214)

 

        919,157,687  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.8%

 

Investment Companies – 0.8%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e)
(cost $7,228,752)

      7,228,752          7,228,752  
       

 

 

  

Total Investments – 99.9%
(cost $758,432,966)(f)

 

        926,386,439  

Other assets less liabilities – 0.1%

           979,693  
       

 

 

  

Net Assets – 100.0%

         $  927,366,132  
       

 

 

  

 

(a)

Represents entire or partial securities out on loan.

(b)

Non-income producing security.

(c)

The rate shown represents the 7-day yield as of period end.

(d)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(e)

Affiliated investments.

(f)

As of March 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $187,155,967 and gross unrealized depreciation of investments was $(19,202,494), resulting in net unrealized appreciation of $167,953,473.

 

 

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

 

4

AB Variable Products Series Fund, Inc.

AB Relative Value Portfolio 

March 31, 2025 (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, 2025:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Common Stocks(a)    $ 887,625,393      $     —      $     —      $ 887,625,393  

Short-Term Investments

      31,532,294            —            —        31,532,294  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      7,228,752            —            —        7,228,752  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      926,386,439            —            —        926,386,439  
Other Financial Instruments(b)      —            —            —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $  926,386,439      $     —      $     —      $  926,386,439  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

See Portfolio of Investments for sector classifications.

 

(b) 

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

 

5

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2025 is as follows:

 

Portfolio    Market Value
12/31/2024
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2025
(000)		      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $  20,864      $  60,780      $ 50,112      $ 31,532      $ 253  
AB Government Money Market Portfolio*      23,971        36,167        52,909        7,229        56  
Total    $ 44,835      $ 96,947      $  103,021      $  38,761      $  309  

 

*

Investments of cash collateral for securities lending transactions.

 

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