NPORT-EX 2 NPORT_64VL_44202806_0325.htm HTML

AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 99.2%

 

Information Technology – 32.5%

 

Communications Equipment – 3.0%

 

Arista Networks, Inc.(a)

      187,602        $   14,535,403  

Motorola Solutions, Inc.

      25,600          11,207,936  
       

 

 

  
          25,743,339  
       

 

 

  

IT Services – 0.5%

 

Shopify, Inc. - Class A(a)

      43,542          4,153,254  
       

 

 

  

Semiconductors & Semiconductor Equipment – 17.9%

 

Applied Materials, Inc.

      58,593          8,503,016  

ASML Holding NV (REG)

        6,380          4,227,579  

Astera Labs, Inc.(a)

      74,950          4,472,267  

Broadcom, Inc.

      178,305          29,853,606  

NVIDIA Corp.

      657,759          71,287,920  

QUALCOMM, Inc.

      75,834          11,648,861  

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

      62,690          10,406,540  

Texas Instruments, Inc.

      76,626          13,769,692  
       

 

 

  
          154,169,481  
       

 

 

  

Software – 11.1%

 

AppLovin Corp. - Class A(a)

      18,477          4,895,851  

Cadence Design Systems, Inc.(a)

      26,945          6,852,922  

Manhattan Associates, Inc.(a)

      20,311          3,514,615  

Microsoft Corp.

      174,886          65,650,456  

ServiceNow, Inc.(a)

      11,136          8,865,815  

Synopsys, Inc.(a)

      12,553          5,383,354  
       

 

 

  
          95,163,013  
       

 

 

  
          279,229,087  
       

 

 

  

Communication Services – 16.3%

 

Entertainment – 4.8%

 

Netflix, Inc.(a)

      43,922          40,958,582  
       

 

 

  

Interactive Media & Services – 11.5%

 

Alphabet, Inc. - Class C

      278,994          43,587,233  

Meta Platforms, Inc. - Class A

      87,373          50,358,302  

Reddit, Inc. - Class A(a)

      47,670          5,000,583  
       

 

 

  
          98,946,118  
       

 

 

  
          139,904,700  
       

 

 

  

Consumer Discretionary – 15.0%

 

Automobiles – 0.8%

 

Ferrari NV

      15,818          6,768,206  
       

 

 

  

Broadline Retail – 6.4%

 

Amazon.com, Inc.(a)

      289,705          55,119,273  
       

 

 

  

Hotels, Restaurants & Leisure – 1.7%

 

Chipotle Mexican Grill, Inc.(a)

      290,240          14,572,950  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Specialty Retail – 4.2%

 

Home Depot, Inc. (The)

      62,034        $   22,734,841  

Tractor Supply Co.

      239,343          13,187,799  
       

 

 

  
          35,922,640  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.9%

 

Lululemon Athletica, Inc.(a)

      37,745          10,684,100  

On Holding AG - Class A(a)

      118,860          5,220,331  
       

 

 

  
          15,904,431  
       

 

 

  
          128,287,500  
       

 

 

  

Health Care – 12.4%

 

Biotechnology – 1.6%

 

Genmab A/S (Sponsored ADR)(a)

      147,067          2,879,572  

Vertex Pharmaceuticals, Inc.(a)

      22,885          11,095,106  
       

 

 

  
          13,974,678  
       

 

 

  

Health Care Equipment & Supplies – 1.9%

 

Intuitive Surgical, Inc.(a)

      33,623          16,652,463  
       

 

 

  

Health Care Providers & Services – 1.5%

 

UnitedHealth Group, Inc.

      25,150          13,172,312  
       

 

 

  

Health Care Technology – 1.3%

 

Veeva Systems, Inc. - Class A(a)

      47,145          10,920,196  
       

 

 

  

Life Sciences Tools & Services – 1.8%

 

Mettler-Toledo International, Inc.(a)

      5,883          6,947,294  

Waters Corp.(a)

      22,246          8,199,208  
       

 

 

  
          15,146,502  
       

 

 

  

Pharmaceuticals – 4.3%

 

Eli Lilly & Co.

      33,605          27,754,706  

Zoetis, Inc.

      54,594          8,988,902  
       

 

 

  
          36,743,608  
       

 

 

  
          106,609,759  
       

 

 

  

Financials – 7.5%

 

Capital Markets – 1.7%

 

Cboe Global Markets, Inc.

      64,259          14,541,169  
       

 

 

  

Financial Services – 5.4%

 

Visa, Inc. - Class A

      132,376          46,392,493  
       

 

 

  

Insurance – 0.4%

 

Progressive Corp. (The)

      13,357          3,780,164  
       

 

 

  
          64,713,826  
       

 

 

  

Industrials – 7.3%

 

Aerospace & Defense – 0.7%

 

Axon Enterprise, Inc.(a)

      11,534          6,066,307  
       

 

 

  

Building Products – 1.9%

 

Otis Worldwide Corp.

      118,911          12,271,615  

Trex Co., Inc.(a)

      68,414          3,974,854  
       

 

 

  
          16,246,469  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Commercial Services & Supplies – 1.8%

 

Copart, Inc.(a)

      269,609        $   15,257,173  
       

 

 

  

Ground Transportation – 0.8%

 

Saia, Inc.(a)

      19,610          6,852,322  
       

 

 

  

Professional Services – 1.6%

 

Verisk Analytics, Inc.

      46,157          13,737,247  
       

 

 

  

Trading Companies & Distributors – 0.5%

 

United Rentals, Inc.

      6,670          4,180,089  
       

 

 

  
          62,339,607  
       

 

 

  

Consumer Staples – 6.7%

 

Beverages – 3.0%

 

Celsius Holdings, Inc.(a)

      124,441          4,432,588  

Monster Beverage Corp.(a)

      353,755          20,701,743  
       

 

 

  
          25,134,331  
       

 

 

  

Consumer Staples Distribution & Retail – 3.7%

 

Costco Wholesale Corp.

      33,815          31,981,551  
       

 

 

  
          57,115,882  
       

 

 

  

Materials – 1.5%

 

Chemicals – 1.5%

 

Sherwin-Williams Co. (The)

      36,951          12,902,920  
       

 

 

  

Total Common Stocks
(cost $477,411,086)

           851,103,281  
       

 

 

  

RIGHTS – 0.0%

 

Health Care – 0.0%

 

Health Care Providers & Services – 0.0%

 

ABIOMED, Inc. (CVR)(a) (b) (c)
(cost $11,600)

      11,373          28,717  
       

 

 

  

SHORT-TERM INVESTMENTS – 0.9%

 

Investment Companies – 0.9%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(d) (e) (f)
(cost $7,285,260)

      7,285,260          7,285,260  
       

 

 

  

Total Investments – 100.1%
(cost $484,707,946)(g)

 

        858,417,258  

Other assets less liabilities – (0.1)%

           (479,404 ) 
       

 

 

  

Net Assets – 100.0%

         $ 857,937,854  
       

 

 

  

 

(a)

Non-income producing security.

(b)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(c)

Fair valued by the Adviser.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(f)

Affiliated investments.

(g)

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 $398,995,884 and gross unrealized depreciation of investments was $(25,286,572), resulting in net unrealized appreciation of $373,709,312.

 

 

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

CVR – Contingent Value Right

REG – Registered Shares

 

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AB Variable Products Series Fund, Inc.

AB Large Cap Growth 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)    $ 851,103,281      $ —      $ —      $ 851,103,281  
Rights      —        —        28,717        28,717  
Short-Term Investments      7,285,260        —        —        7,285,260  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      858,388,541        —        28,717        858,417,258  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $  858,388,541      $     —      $  28,717      $  858,417,258  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

See Portfolio of Investments for sector classification.

 

(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.

 

4

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    $  22,856      $  17,969      $  33,540      $  7,285      $  126  
AB Government Money Market Portfolio*      3,265        435        3,700        0        4  
Total    $  26,121      $ 18,404      $ 37,240      $ 7,285      $ 130  

 

*

Investments of cash collateral for securities lending transactions.

 

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