NPORT-EX 1 NPORT_830631160376798.htm FOR VALIDATION PURPOSES ONLY - [700744.SCG]

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 98.5%

        

Information Technology - 23.6%

        

Communications Equipment - 1.0%

        

Ciena Corp. (a)

      20,545        $ 767,150  
       

 

 

  

Electronic Equipment, Instruments & Components - 2.5%

        

Littelfuse, Inc.

      4,130          753,643  

Novanta, Inc. (a)

      13,340          1,130,298  
       

 

 

  
          1,883,941  
       

 

 

  

Semiconductors & Semiconductor Equipment - 4.4%

        

Cree, Inc. (a)

      16,470          942,414  

Monolithic Power Systems, Inc.

      5,111          692,489  

Silicon Laboratories, Inc. (a)

      11,364          918,893  

Universal Display Corp.

      4,740          724,509  
       

 

 

  
          3,278,305  
       

 

 

  

Software - 14.6%

        

2U, Inc. (a)

      10,407          737,336  

Altair Engineering, Inc.-Class A (a)

      23,122          851,121  

Aspen Technology, Inc. (a)

      8,743          911,545  

Blackline, Inc. (a)

      12,662          586,504  

Five9, Inc. (a)

      20,160          1,065,053  

Guidewire Software, Inc. (a)

      5,316          516,502  

HubSpot, Inc. (a)

      7,060          1,173,443  

New Relic, Inc. (a)

      12,366          1,220,524  

Rapid7, Inc. (a)

      21,528          1,089,532  

RingCentral, Inc.-Class A (a)

      5,300          571,340  

SailPoint Technologies Holding, Inc. (a)

      32,718          939,661  

Trade Desk, Inc. (The)-Class A (a)

      6,239          1,235,010  
       

 

 

  
          10,897,571  
       

 

 

  

Technology Hardware, Storage & Peripherals - 1.1%

        

Pure Storage, Inc.-Class A (a)

      36,880          803,615  
       

 

 

  
          17,630,582  
       

 

 

  

Health Care - 22.5%

        

Biotechnology - 10.4%

        

Aimmune Therapeutics, Inc. (a)(b)

      16,503          368,842  

Allakos, Inc. (a)(b)

      7,878          319,059  

Allogene Therapeutics, Inc. (a)(b)

      10,161          293,754  

Ascendis Pharma A/S (Sponsored ADR) (a)

      4,761          560,370  

BeiGene Ltd. (Sponsored ADR) (a)

      2,867          378,444  

Biohaven Pharmaceutical Holding Co., Ltd. (a)

      11,598          596,949  

Blueprint Medicines Corp. (a)

      7,942          635,757  

Deciphera Pharmaceuticals, Inc. (a)

      8,791          204,039  

Exact Sciences Corp. (a)

      9,935          860,570  

Gossamer Bio, Inc. (a)

      10,865          235,445  

Invitae Corp. (a)

      15,280          357,858  

Madrigal Pharmaceuticals, Inc. (a)(b)

      2,380          298,119  

Neurocrine Biosciences, Inc. (a)

      6,360          560,316  

Company

    Shares        U.S. $ Value  

NuCana PLC (ADR) (a)(b)

      10,626        $ 180,642  

Rubius Therapeutics, Inc. (a)(b)

      19,460          352,226  

Sage Therapeutics, Inc. (a)

      2,146          341,321  

Sarepta Therapeutics, Inc. (a)

      2,860          340,883  

Ultragenyx Pharmaceutical, Inc. (a)

      8,953          620,980  

Y-mAbs Therapeutics, Inc. (a)

      11,375          298,139  
       

 

 

  
          7,803,713  
       

 

 

  

Health Care Equipment & Supplies - 4.0%

        

Insulet Corp. (a)

      5,510          523,946  

iRhythm Technologies, Inc. (a)

      12,368          927,105  

Penumbra, Inc. (a)

      5,533          813,407  

Tactile Systems Technology, Inc. (a)

      13,299          701,123  
       

 

 

  
          2,965,581  
       

 

 

  

Health Care Providers & Services - 2.1%

        

Guardant Health, Inc. (a)(b)

      4,446          341,008  

LHC Group, Inc. (a)

      11,130          1,233,872  
       

 

 

  
          1,574,880  
       

 

 

  

Health Care Technology - 2.3%

        

Teladoc Health, Inc. (a)

      19,080          1,060,848  

Vocera Communications, Inc. (a)

      20,197          638,831  
       

 

 

  
          1,699,679  
       

 

 

  

Life Sciences Tools & Services - 1.3%

        

ICON PLC (a)

      7,027          959,748  
       

 

 

  

Pharmaceuticals - 2.4%

        

Aerie Pharmaceuticals, Inc. (a)

      9,525          452,437  

Aquestive Therapeutics, Inc. (a)

      7,554          52,198  

GW Pharmaceuticals PLC (Sponsored ADR) (a)

      2,308          389,060  

Intersect ENT, Inc. (a)

      20,320          653,288  

Revance Therapeutics, Inc. (a)

      16,065          253,184  
       

 

 

  
          1,800,167  
       

 

 

  
          16,803,768  
       

 

 

  

Consumer Discretionary - 21.0%

        

Distributors - 1.3%

        

Pool Corp.

      6,037          995,924  
       

 

 

  

Diversified Consumer Services - 5.4%

        

Bright Horizons Family Solutions, Inc. (a)

      8,565          1,088,697  

Chegg, Inc. (a)

      18,490          704,839  

Grand Canyon Education, Inc. (a)

      9,254          1,059,676  

Strategic Education, Inc.

      8,730          1,146,336  
       

 

 

  
          3,999,548  
       

 

 

  

Company

    Shares        U.S. $ Value  

Hotels, Restaurants & Leisure - 5.3%

        

Hilton Grand Vacations, Inc. (a)

      31,878        $ 983,436  

OneSpaWorld Holdings Ltd. (a)(b)

      16,540          225,937  

Planet Fitness, Inc. (a)

      22,856          1,570,664  

Wingstop, Inc.

      15,466          1,175,880  
       

 

 

  
          3,955,917  
       

 

 

  

Household Durables - 0.9%

        

Skyline Champion Corp.

      36,196          687,724  
       

 

 

  

Internet & Direct Marketing Retail - 3.1%

        

Etsy, Inc. (a)

      21,726          1,460,422  

GrubHub, Inc. (a)

      9,830          682,890  

Wayfair, Inc.-Class A (a)

      1,015          150,677  
       

 

 

  
          2,293,989  
       

 

 

  

Multiline Retail - 1.6%

        

Ollie’s Bargain Outlet Holdings, Inc. (a)

      14,252          1,216,123  
       

 

 

  

Specialty Retail - 3.4%

        

Five Below, Inc. (a)

      11,602          1,441,548  

Sleep Number Corp. (a)

      23,159          1,088,473  
       

 

 

  
          2,530,021  
       

 

 

  
          15,679,246  
       

 

 

  

Industrials - 16.5%

        

Aerospace & Defense - 2.2%

        

Hexcel Corp.

      11,544          798,383  

Mercury Systems, Inc. (a)

      13,530          867,003  
       

 

 

  
          1,665,386  
       

 

 

  

Building Products - 1.1%

        

Armstrong World Industries, Inc.

      10,671          847,491  
       

 

 

  

Commercial Services & Supplies - 1.4%

        

Tetra Tech, Inc.

      17,625          1,050,274  
       

 

 

  

Construction & Engineering - 0.3%

        

Dycom Industries, Inc. (a)

      4,563          209,624  
       

 

 

  

Industrial Conglomerates - 0.7%

        

Carlisle Cos., Inc.

      4,052          496,856  
       

 

 

  

Machinery - 6.8%

        

Chart Industries, Inc. (a)

      10,400          941,408  

Gardner Denver Holdings, Inc. (a)

      31,169          866,810  

Gates Industrial Corp. PLC (a)

      33,134          475,141  

IDEX Corp.

      5,412          821,217  

Lincoln Electric Holdings, Inc.

      4,179          350,493  

Nordson Corp.

      6,220          824,274  

RBC Bearings, Inc. (a)

      6,023          765,945  
       

 

 

  
          5,045,288  
       

 

 

  

Road & Rail - 2.2%

        

Knight-Swift Transportation Holdings, Inc.

      25,536          834,517  

Saia, Inc. (a)

      13,340          815,074  
       

 

 

  
          1,649,591  
       

 

 

  

Company

    Shares        U.S. $ Value  

Trading Companies & Distributors - 1.8%

        

H&E Equipment Services, Inc.

      29,066        $ 729,847  

SiteOne Landscape Supply, Inc. (a)

      10,887          622,192  
       

 

 

  
          1,352,039  
       

 

 

  
          12,316,549  
       

 

 

  

Financials - 7.6%

        

Banks - 2.7%

        

Cadence BanCorp

      34,160          633,668  

Western Alliance Bancorp (a)

      17,662          724,849  

Wintrust Financial Corp.

      9,840          662,527  
       

 

 

  
          2,021,044  
       

 

 

  

Capital Markets - 3.3%

        

Hamilton Lane, Inc.-Class A

      21,962          957,104  

Houlihan Lokey, Inc.

      17,870          819,339  

Stifel Financial Corp.

      13,467          710,519  
       

 

 

  
          2,486,962  
       

 

 

  

Insurance - 1.6%

        

Trupanion, Inc. (a)(b)

      36,114          1,182,372  
       

 

 

  
          5,690,378  
       

 

 

  

Consumer Staples - 2.9%

        

Food & Staples Retailing - 1.4%

        

Chefs’ Warehouse, Inc. (The) (a)

      33,231          1,031,822  
       

 

 

  

Food Products - 1.5%

        

Freshpet, Inc. (a)

      26,661          1,127,494  
       

 

 

  
          2,159,316  
       

 

 

  

Materials - 2.4%

        

Chemicals - 2.4%

        

Ingevity Corp. (a)

      11,204          1,183,254  

PolyOne Corp.

      19,402          568,673  
       

 

 

  
          1,751,927  
       

 

 

  

Energy - 2.0%

        

Energy Equipment & Services - 0.5%

        

Oil States International, Inc. (a)

      24,171          409,940  
       

 

 

  

Oil, Gas & Consumable Fuels - 1.5%

        

Magnolia Oil & Gas Corp. (a)

      41,370          496,440  

Matador Resources Co. (a)

      32,017          618,889  
       

 

 

  
          1,115,329  
       

 

 

  
          1,525,269  
       

 

 

  

Total Common Stocks
(cost $59,455,315)

           73,557,035  
       

 

 

  

Company

    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS - 1.9%

        

Investment Companies - 1.9%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB,
2.38% (c)(d)(e)
(cost $1,369,493)

      1,369,493        $ 1,369,493  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned - 100.4%
(cost $60,824,808)

           74,926,528  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.1%

        

Investment Companies - 4.1%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB,
2.38% (c)(d)(e)
(cost $3,083,912)

      3,083,912          3,083,912  
       

 

 

  

Total Investments - 104.5%
(cost $63,908,720) (f)

           78,010,440  

Other assets less liabilities - (4.5)%

           (3,345,028 ) 
       

 

 

  

Net Assets - 100.0%

         $ 74,665,412  
       

 

 

  

 

(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 March 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,350,150 and gross unrealized depreciation of investments was $(2,248,430), resulting in net unrealized appreciation of $14,101,720.

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 Small Cap Growth Portfolio

March 31, 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 March 31, 2019:

 

Investments in Securities:

    Level 1     Level 2     Level 3     Total  

Assets:

 

Common Stocks (a)

    $ 73,557,035     $ – 0  –    $ – 0  –    $ 73,557,035  

Short-Term Investments

      1,369,493       – 0  –      – 0  –      1,369,493  

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

      3,083,912       – 0  –      – 0  –      3,083,912  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      78,010,440       – 0  –      – 0  –      78,010,440  

Other Financial Instruments (b)

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

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $     78,010,440     $             – 0  –    $             – 0  –    $     78,010,440  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 three months ended March 31, 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

    $ 1,148      $ 8,150      $ 7,929      $ 1,369      $ 11  

Government Money Market Portfolio*

      2,447        6,022        5,385        3,084        15  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 3,595      $ 14,172      $ 13,314      $ 4,453      $ 26  

 

*

Investments of cash collateral for securities lending transactions