NPORT-EX 2 NPORT_64VF_18796927_0325.htm HTML

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.1%

 

Industrials – 18.1%

 

Aerospace & Defense – 6.1%

 

Airbus SE

      38,253        $ 6,735,802  

BAE Systems PLC

      235,137          4,747,998  

Melrose Industries PLC

      815,945          5,036,676  
       

 

 

  
          16,520,476  
       

 

 

  

Air Freight & Logistics – 0.9%

 

SG Holdings Co., Ltd.

      236,200          2,355,599  
       

 

 

  

Construction & Engineering – 2.9%

 

Shimizu Corp.

      361,800          3,220,199  

Vinci SA

      35,721          4,502,993  
       

 

 

  
          7,723,192  
       

 

 

  

Ground Transportation – 1.1%

 

Keisei Electric Railway Co., Ltd.

      333,100          3,009,558  
       

 

 

  

Machinery – 5.8%

 

Amada Co., Ltd.

      226,300          2,204,070  

CNH Industrial NV(a)

      299,948          3,683,361  

Kawasaki Heavy Industries Ltd.

      42,400          2,559,266  

Techtronic Industries Co., Ltd. - Class H

      268,000          3,211,786  

Toyota Industries Corp.

      46,800          4,002,673  
       

 

 

  
          15,661,156  
       

 

 

  

Passenger Airlines – 1.3%

 

Ryanair Holdings PLC (Sponsored ADR)(a)

      84,502          3,580,350  
       

 

 

  
          48,850,331  
       

 

 

  

Financials – 16.3%

 

Banks – 10.9%

 

ABN AMRO Bank NV

      240,084          5,058,899  

Banco Bilbao Vizcaya Argentaria SA(a)

      334,180          4,560,745  

Danske Bank A/S

      129,163          4,227,685  

Erste Group Bank AG

      47,708          3,300,013  

NatWest Group PLC

      844,511          4,986,316  

Resona Holdings, Inc.

      836,900          7,307,647  
       

 

 

  
          29,441,305  
       

 

 

  

Insurance – 5.4%

 

ASR Nederland NV

      73,914          4,249,138  

AXA SA

      145,741          6,226,891  

Prudential PLC

      374,622          4,042,551  
       

 

 

  
          14,518,580  
       

 

 

  
            43,959,885  
       

 

 

  

Health Care – 13.4%

 

Health Care Equipment & Supplies – 1.4%

 

Siemens Healthineers AG

      68,793          3,711,405  
       

 

 

  

Health Care Providers & Services – 1.9%

 

Fresenius SE & Co. KGaA

      123,328          5,265,320  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Life Sciences Tools & Services – 1.5%

 

ICON PLC(b)

      22,477        $ 3,933,250  
       

 

 

  

Pharmaceuticals – 8.6%

 

GSK PLC

      177,992          3,401,460  

Haleon PLC

      1,199,299          6,056,701  

Merck KGaA

      25,304          3,482,080  

Roche Holding AG

      30,673          10,095,331  
       

 

 

  
          23,035,572  
       

 

 

  
          35,945,547  
       

 

 

  

Energy – 8.6%

 

Energy Equipment & Services – 5.2%

 

Shell PLC

      264,203          9,668,396  

Vallourec SACA

      219,433          4,131,418  
       

 

 

  
          13,799,814  
       

 

 

  

Oil, Gas & Consumable Fuels – 3.4%

 

Cameco Corp.

      129,214          5,319,230  

Repsol SA

      293,158          3,892,412  
       

 

 

  
          9,211,642  
       

 

 

  
            23,011,456  
       

 

 

  

Consumer Discretionary – 8.5%

 

Automobiles – 1.2%

 

Honda Motor Co., Ltd.

      370,800          3,355,582  
       

 

 

  

Household Durables – 3.8%

 

Persimmon PLC

      128,008          1,979,901  

Sony Group Corp.

      323,100          8,175,396  
       

 

 

  
          10,155,297  
       

 

 

  

Specialty Retail – 2.5%

 

Industria de Diseno Textil SA

      95,666          4,763,388  

JD Sports Fashion PLC

      2,160,269          1,910,185  
       

 

 

  
          6,673,573  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.0%

 

Burberry Group PLC(b)

      260,195          2,620,904  
       

 

 

  
          22,805,356  
       

 

 

  

Materials – 7.8%

 

Chemicals – 3.5%

 

Arkema SA

      42,145          3,227,089  

Kuraray Co., Ltd.

      213,900          2,635,776  

Tosoh Corp.

      258,200          3,552,969  
       

 

 

  
          9,415,834  
       

 

 

  

Construction Materials – 1.9%

 

CRH PLC

      56,713          4,989,043  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Metals & Mining – 2.4%

 

Endeavour Mining PLC

      118,346        $ 2,790,454  

Lundin Mining Corp.(a)

      455,863          3,693,661  
       

 

 

  
          6,484,115  
       

 

 

  
          20,888,992  
       

 

 

  

Consumer Staples – 6.7%

 

Beverages – 1.9%

 

Coca-Cola Europacific Partners PLC

      57,488          5,003,181  
       

 

 

  

Consumer Staples Distribution & Retail – 2.5%

 

Koninklijke Ahold Delhaize NV

      182,670          6,823,643  
       

 

 

  

Food Products – 2.3%

 

Nestle SA (REG)

      62,202          6,285,922  
       

 

 

  
          18,112,746  
       

 

 

  

Information Technology – 6.2%

 

Semiconductors & Semiconductor Equipment – 4.4%

 

NXP Semiconductors NV

      14,458          2,747,888  

Taiwan Semiconductor Manufacturing Co., Ltd.

      156,000          4,393,425  

Tokyo Electron Ltd.

      35,300          4,840,778  
       

 

 

  
          11,982,091  
       

 

 

  

Technology Hardware, Storage & Peripherals – 1.8%

 

Samsung Electronics Co., Ltd.

      121,926          4,833,813  
       

 

 

  
          16,815,904  
       

 

 

  

Communication Services – 5.7%

 

Diversified Telecommunication Services – 5.7%

 

Deutsche Telekom AG (REG)

      202,227          7,466,214  

Koninklijke KPN NV

      965,189          4,088,207  

Telstra Group Ltd.

      1,481,878          3,914,803  
       

 

 

  
          15,469,224  
       

 

 

  

Utilities – 3.3%

 

Electric Utilities – 3.3%

 

EDP SA

      1,248,142          4,200,004  

Enel SpA

      572,139          4,638,047  
       

 

 

  
          8,838,051  
       

 

 

  

Real Estate – 2.5%

 

Diversified REITs – 0.9%

 

Merlin Properties Socimi SA(b)

      236,190          2,519,346  
       

 

 

  

Real Estate Management & Development – 1.6%

 

Mitsui Fudosan Co., Ltd.

      475,700          4,259,929  
       

 

 

  
          6,779,275  
       

 

 

  

Total Common Stocks
(cost $221,093,824)

            261,476,767  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 2.1%

 

Investment Companies – 2.1%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e)
(cost $5,716,448)

      5,716,448        $ 5,716,448  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.2%
(cost $226,810,272)

           267,193,215  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.0%

 

Investment Companies – 2.0%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e)
(cost $5,365,453)

      5,365,453          5,365,453  
       

 

 

  

Total Investments – 101.2%
(cost $232,175,725)(f)

           272,558,668  

Other assets less liabilities – (1.2)%

 

        (3,343,660 ) 
       

 

 

  

Net Assets – 100.0%

         $  269,215,008  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation

(Depreciation)

Bank of America NA        USD        15,973          AUD        25,787          04/09/2025        $ 140,978
Bank of America NA        CAD        1,940          USD        1,355          04/11/2025          5,744
Bank of America NA        USD        894          SEK        9,466          04/16/2025          48,802
Bank of America NA        USD        1,300          JPY        194,909          04/24/2025          2,403
Bank of America NA        USD        9,573          CHF        8,474          05/09/2025          48,062
Bank of America NA        USD        3,403          SGD        4,596          05/09/2025          24,238
Bank of America NA        GBP        435          USD        564          05/16/2025          1,915
Bank of America NA        USD        690          GBP        535          05/16/2025          927
Bank of America NA        TWD        146,857          USD        4,499          05/23/2025          66,911
Barclays Capital, Inc.        USD        8,266          SEK        91,530          04/16/2025            847,426
Barclays Capital, Inc.        USD        284          KRW         415,031          04/17/2025          (2,210 )
Barclays Capital, Inc.        USD        494          TRY        18,533          04/17/2025          (14,539 )
Barclays Capital, Inc.        JPY        772,831          USD        5,246          04/24/2025          80,976
Barclays Capital, Inc.        USD        1,142          JPY        168,100          04/24/2025          (18,947 )
Barclays Capital, Inc.        EUR        1,947          USD        2,103          05/09/2025          (6,604 )
BNP Paribas SA        EUR        649          USD        702          05/09/2025          (1,502 )
Citibank NA        KRW        2,362,073          USD        1,627          04/17/2025          22,831
Citibank NA        JPY        118,449          USD        786          04/24/2025          (5,661 )
Citibank NA        USD        2,755          JPY        414,802          04/24/2025          17,342
Citibank NA        USD        1,248          JPY        186,011          04/24/2025          (4,511 )
Goldman Sachs Bank USA        USD        1,295          JPY        193,728          04/24/2025          (159 )
Goldman Sachs Bank USA        EUR        1,376          USD        1,506          05/09/2025          15,605
Goldman Sachs Bank USA        USD        1,799          EUR        1,700          05/09/2025          43,276
Goldman Sachs Bank USA        USD        3,941          EUR        3,627          05/09/2025          (11,034 )
HSBC Bank USA        CAD        1,007          USD        704          04/11/2025          4,074
HSBC Bank USA        EUR        1,028          USD        1,074          05/09/2025          (39,471 )
HSBC Bank USA        USD        735          TWD        24,260          05/23/2025          (2,680 )
JPMorgan Chase Bank        JPY        172,133          USD        1,154          04/24/2025          3,163
JPMorgan Chase Bank        USD        713          JPY        106,073          04/24/2025          (4,345 )
JPMorgan Chase Bank        USD        1,144          EUR        1,087          05/09/2025          33,689
JPMorgan Chase Bank        USD        823          EUR        757          05/09/2025          (2,326 )

 

4

Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation

(Depreciation)

Morgan Stanley Capital Services, Inc.        AUD        2,189          USD        1,387          04/09/2025        $ 18,722
Morgan Stanley Capital Services, Inc.        USD        2,248          ILS        7,989          04/09/2025          (99,329 )
Morgan Stanley Capital Services, Inc.        CAD        10,244          USD        7,045          04/11/2025          (76,576 )
Morgan Stanley Capital Services, Inc.        USD        268          CAD        385          04/11/2025          (356 )
Morgan Stanley Capital Services, Inc.        KRW        4,188,451          USD        2,864          04/17/2025          20,767
Morgan Stanley Capital Services, Inc.        USD        5,509          JPY        822,421          04/24/2025          (12,251 )
Morgan Stanley Capital Services, Inc.        EUR        29,210          USD        30,807          05/09/2025          (841,136 )
Morgan Stanley Capital Services, Inc.        USD        762          CHF        670          05/09/2025          (1,674 )
Morgan Stanley Capital Services, Inc.        USD        2,619          EUR        2,408          05/09/2025          (10,746 )
NatWest Markets PLC        CHF        723          USD        829          05/09/2025          8,277
NatWest Markets PLC        EUR        687          USD        744          05/09/2025          56
NatWest Markets PLC        USD        737          CHF        652          05/09/2025          3,027
State Street Bank & Trust Co.        USD        693          AUD        1,103          04/09/2025          (3,686 )
State Street Bank & Trust Co.        CAD        1,726          USD        1,210          04/11/2025          10,171
State Street Bank & Trust Co.        USD        425          CAD        611          04/11/2025          48
State Street Bank & Trust Co.        USD        994          CAD        1,416          04/11/2025          (9,338 )
State Street Bank & Trust Co.        SEK        7,268          USD        725          04/16/2025          1,357
State Street Bank & Trust Co.        HKD        17,587          USD        2,263          04/24/2025          1,578
State Street Bank & Trust Co.        JPY        120,434          USD        812          04/24/2025          6,657
State Street Bank & Trust Co.        USD        1,137          JPY        171,045          04/24/2025          5,468
State Street Bank & Trust Co.        USD        1,792          JPY         266,567          04/24/2025          (10,728 )
State Street Bank & Trust Co.        CHF        657          USD        744          05/09/2025          (1,909 )
State Street Bank & Trust Co.        EUR        767          USD        808          05/09/2025          (22,929 )
State Street Bank & Trust Co.        USD        440          EUR        418          05/09/2025          12,844
State Street Bank & Trust Co.        USD        887          EUR        815          05/09/2025          (4,593 )
State Street Bank & Trust Co.        GBP        229          USD        297          05/16/2025          978
State Street Bank & Trust Co.        USD        859          GBP        664          05/16/2025          (882 )
UBS        USD        2,113          NOK        24,088          04/16/2025           176,965
UBS        USD        1,435          EUR        1,370          05/09/2025          49,599
                                   

 

 

  
                                    $ 514,754
                                   

 

 

  

 

(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)

Affiliated investments.

(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)

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 $51,520,556 and gross unrealized depreciation of investments was $(10,622,859), resulting in net unrealized appreciation of $40,897,697.

 

5

 

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

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

COUNTRY BREAKDOWN1

March 31, 2025 (unaudited)

 

  19.3 %       Japan
  14.5 %       United Kingdom
  9.3 %       France
  9.3 %       United States
  7.6 %       Netherlands
  7.5 %       Germany
  6.1 %       Switzerland
  5.9 %       Spain
  3.1 %       Italy
  2.7 %       Hong Kong
  2.0 %       Canada
  1.8 %       South Korea
  1.6 %       Taiwan
  7.2 %       Other
  2.1 %       Short-Term Investments

 

 

       
  100.0 %       Total Investments

 

 

       

 

1

The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.6% or less in the following: Australia, Austria, Chile, Denmark and Portugal.

 

6

AB Variable Products Series Fund, Inc.

AB International 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)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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.

 

7

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:           

Industrials

    $  7,263,711      $  41,586,620     $     —      $  48,850,331  

Financials

      —        43,959,885       —        43,959,885  

Health Care

      3,933,250        32,012,297       —        35,945,547  

Energy

      5,319,230        17,692,226       —        23,011,456  

Consumer Discretionary

      —        22,805,356       —        22,805,356  

Materials

      8,682,704        12,206,288       —        20,888,992  

Consumer Staples

      5,003,181        13,109,565       —        18,112,746  

Information Technology

      2,747,888        14,068,016       —        16,815,904  

Communication Services

      —        15,469,224       —        15,469,224  

Utilities

      8,838,051        —       —        8,838,051  

Real Estate

      —        6,779,275       —        6,779,275  
Short-Term Investments      5,716,448        —       —        5,716,448  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      5,365,453        —       —        5,365,453  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      52,869,916        219,688,752 (a)      —        272,558,668  
Other Financial Instruments(b):           
Assets:           
Forward Currency Exchange Contracts      —        1,724,876       —        1,724,876  
Liabilities:

 

Forward Currency Exchange Contracts      —        (1,210,122 )      —        (1,210,122 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $  52,869,916      $  220,203,506     $     —      $  273,073,422  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(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 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.

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

 

Fund    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    $ 2,345      $ 18,924      $ 15,553      $ 5,716      $ 32  
AB Government Money Market Portfolio*      599        38,919        34,153        5,365        79  
Total    $  2,944      $  57,843      $  49,706      $  11,081      $  111  

 

*

Investments of cash collateral for securities lending transactions.

 

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