NPORT-EX 2 64VH.HTM HTML

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 90.4%

        

Financials - 22.7%

        

Banks - 9.8%

        

Citigroup, Inc.

      389,600        $ 26,913,568  

JPMorgan Chase & Co.

      322,280          37,929,133  

Wells Fargo & Co.

      734,090          37,027,500  
       

 

 

  
          101,870,201  
       

 

 

  

Capital Markets - 1.4%

        

Goldman Sachs Group, Inc. (The)

      28,080          5,819,019  

TD Ameritrade Holding Corp.

      181,190          8,461,573  
       

 

 

  
          14,280,592  
       

 

 

  

Consumer Finance - 2.4%

        

Capital One Financial Corp. (a)

      280,236          25,495,871  
       

 

 

  

Diversified Financial Services - 3.2%

        

Berkshire Hathaway, Inc.-Class B (b)

      157,812          32,828,052  
       

 

 

  

Insurance - 5.9%

        

Aflac, Inc. (a)

      135,700          7,099,824  

Allstate Corp. (The)

      197,260          21,438,217  

Fidelity National Financial, Inc.

      357,930          15,895,671  

Reinsurance Group of America, Inc.-Class A

      104,617          16,726,166  
       

 

 

  
          61,159,878  
       

 

 

  
          235,634,594  
       

 

 

  

Health Care - 15.9%

        

Biotechnology - 5.6%

        

Alexion Pharmaceuticals, Inc. (b)

      145,620          14,262,023  

Amgen, Inc. (a)

      58,490          11,318,400  

Biogen, Inc. (b)

      40,615          9,455,984  

Celgene Corp. (b)

      68,780          6,829,854  

Gilead Sciences, Inc.

      249,623          15,821,106  
       

 

 

  
          57,687,367  
       

 

 

  

Health Care Providers & Services - 3.7%

        

Anthem, Inc.

      59,910          14,384,391  

Cigna Corp. (b)

      95,511          14,497,615  

Quest Diagnostics, Inc.

      87,650          9,381,179  
       

 

 

  
          38,263,185  
       

 

 

  

Pharmaceuticals - 6.6%

        

Pfizer, Inc.

      892,896          32,081,753  

Roche Holding AG (Sponsored ADR)

      1,002,040          36,524,358  
       

 

 

  
          68,606,111  
       

 

 

  
          164,556,663  
       

 

 

  

Industrials - 11.8%

        

Aerospace & Defense - 4.2%

        

Curtiss-Wright Corp.

      55,860          7,226,608  

Hexcel Corp.

      85,570          7,027,864  

Raytheon Co.

      150,701          29,566,029  
       

 

 

  
          43,820,501  
       

 

 

  

Company

    Shares        U.S. $ Value  

Airlines - 2.1%

        

Alaska Air Group, Inc.

      77,070        $ 5,002,614  

Delta Air Lines, Inc.

      170,330          9,811,008  

Southwest Airlines Co. (a)

      136,910          7,394,509  
       

 

 

  
          22,208,131  
       

 

 

  

Construction & Engineering - 0.8%

        

EMCOR Group, Inc.

      100,790          8,680,035  
       

 

 

  

Electrical Equipment - 0.4%

        

Hubbell, Inc.

      29,880          3,926,232  
       

 

 

  

Machinery - 2.3%

        

Altra Industrial Motion Corp. (a)

      283,014          7,838,073  

Crane Co.

      153,580          12,383,155  

Parker-Hannifin Corp.

      22,250          4,018,572  
       

 

 

  
          24,239,800  
       

 

 

  

Professional Services - 0.4%

        

Robert Half International, Inc. (a)

      66,650          3,709,739  
       

 

 

  

Road & Rail - 1.6%

        

Kansas City Southern

      61,200          8,140,212  

Norfolk Southern Corp. (a)

      22,890          4,112,417  

Saia, Inc. (b)

      42,598          3,991,433  
       

 

 

  
          16,244,062  
       

 

 

  
          122,828,500  
       

 

 

  

Communication Services - 8.7%

        

Diversified Telecommunication Services - 7.3%

        

Comcast Corp.-Class A

      659,600          29,734,768  

Verizon Communications, Inc.

      768,110          46,363,120  
       

 

 

  
          76,097,888  
       

 

 

  

Media - 1.4%

        

Discovery, Inc.-Class A (a)(b)

      542,124          14,436,762  
       

 

 

  
          90,534,650  
       

 

 

  

Information Technology - 8.7%

        

Communications Equipment - 3.1%

        

Cisco Systems, Inc.

      309,150          15,275,102  

F5 Networks, Inc. (b)

      122,300          17,173,366  
       

 

 

  
          32,448,468  
       

 

 

  

Electronic Equipment, Instruments & Components - 3.2%

        

Dolby Laboratories, Inc.-Class A

      302,725          19,568,144  

FLIR Systems, Inc. (a)

      76,240          4,009,462  

Keysight Technologies, Inc. (a)(b)

      40,290          3,918,202  

Littelfuse, Inc.

      32,294          5,726,049  
       

 

 

  
          33,221,857  
       

 

 

  

IT Services - 2.4%

        

Akamai Technologies, Inc. (b)

      77,520          7,083,778  

Leidos Holdings, Inc.

      97,342          8,359,731  

Company

    Shares        U.S. $ Value  

MAXIMUS, Inc.

      118,110        $ 9,125,178  
       

 

 

  
          24,568,687  
       

 

 

  
          90,239,012  
       

 

 

  

Energy - 7.2%

        

Energy Equipment & Services - 0.4%

        

Dril-Quip, Inc. (b)

      88,280          4,429,890  
       

 

 

  

Oil, Gas & Consumable Fuels - 6.8%

        

Chevron Corp.

      103,200          12,239,520  

ConocoPhillips

      299,790          17,082,034  

Exxon Mobil Corp.

      182,830          12,909,627  

Phillips 66

      274,760          28,135,424  
       

 

 

  
          70,366,605  
       

 

 

  
          74,796,495  
       

 

 

  

Consumer Discretionary - 6.1%

        

Auto Components - 1.2%

        

BorgWarner, Inc.

      101,190          3,711,649  

Gentex Corp.

      332,650          9,159,518  
       

 

 

  
          12,871,167  
       

 

 

  

Household Durables - 1.8%

        

DR Horton, Inc.

      204,600          10,784,466  

Garmin Ltd.

      87,590          7,417,997  
       

 

 

  
          18,202,463  
       

 

 

  

Internet & Direct Marketing Retail - 1.5%

        

Expedia Group, Inc.

      118,020          15,863,068  
       

 

 

  

Specialty Retail - 1.6%

        

Advance Auto Parts, Inc.

      52,560          8,693,424  

Murphy USA, Inc. (b)

      94,510          8,061,703  
       

 

 

  
          16,755,127  
       

 

 

  
          63,691,825  
       

 

 

  

Real Estate - 4.9%

        

Equity Real Estate Investment Trusts (REITs) - 2.4%

        

Mid-America Apartment Communities, Inc.

      63,840          8,299,838  

Regency Centers Corp.

      243,920          16,950,001  
       

 

 

  
          25,249,839  
       

 

 

  

Real Estate Management & Development - 2.5%

        

CBRE Group, Inc.-Class A (b)

      484,790          25,698,718  
       

 

 

  
          50,948,557  
       

 

 

  

Consumer Staples - 3.7%

        

Food & Staples Retailing - 3.7%

        

Walmart, Inc.

      321,507          38,156,451  
       

 

 

  

Materials - 0.7%

        

Chemicals - 0.4%

        

LyondellBasell Industries NV-Class A (a)

      44,560          3,986,783  
       

 

 

  

Company

    Shares        U.S. $ Value  

Metals & Mining - 0.3%

        

BHP Group Ltd. (Sponsored ADR) (a)

      69,760        $ 3,444,749  
       

 

 

  
          7,431,532  
       

 

 

  

Total Common Stocks
(cost $822,571,761)

           938,818,279  
       

 

 

  

SHORT-TERM INVESTMENTS - 10.7%

        

Investment Companies - 10.7%

        

AB Fixed Income Shares, Inc. - Government Money Market
Portfolio-Class AB, 1.89% (c)(d)(e)
(cost $110,586,435)

      110,586,435          110,586,435  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned - 101.1%
(cost $933,158,196)

           1,049,404,714  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%

        

Investment Companies - 0.1%

        

AB Fixed Income Shares, Inc.-Government Money Market
Portfolio-Class AB, 1.89% (c)(d)(e)
(cost $1,275,000)

      1,275,000          1,275,000  
       

 

 

  

Total Investments - 101.2%
(cost $934,433,196) (f)

           1,050,679,714  

Other assets less liabilities - (1.2)%

           (12,039,222 ) 
       

 

 

  

Net Assets - 100.0%

         $ 1,038,640,492  
       

 

 

  

 

(a)

Represents entire or partial securities out on loan.

(b)

Non-income producing security.

(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 $131,164,671 and gross unrealized depreciation of investments was $(14,918,153), resulting in net unrealized appreciation of $116,246,518.

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 Growth and Income 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)

    $ 938,818,279     $ – 0  –    $ – 0  –    $ 938,818,279  

Short-Term Investments

      110,586,435       – 0  –      – 0  –      110,586,435  

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

      1,275,000       – 0  –      – 0  –      1,275,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      1,050,679,714       – 0  –      – 0  –      1,050,679,714  

Other Financial Instruments (b)

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

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $     1,050,679,714     $             – 0  –    $             – 0  –    $     1,050,679,714  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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
9/30/19
(000)		      Dividend
Income
(000)		  

Government Money Market Portfolio

    $ 64,547     $ 326,320      $ 280,281      $ 110,586      $ 188  

Government Money Market Portfolio*

      – 0  –      162,298        161,023        1,275        9  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 64,547     $ 488,618      $ 441,304      $ 111,861      $ 197  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

*

Investments of cash collateral for securities lending transactions.