NPORT-EX 2 64VS.HTM HTML

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 98.4%

 

Health Care - 24.8%

 

Biotechnology - 11.9%

 

Aimmune Therapeutics, Inc. (a)(b)

      16,123        $ 337,616  

Allakos, Inc. (a)(b)

      5,398          424,445  

Allogene Therapeutics, Inc. (a)(b)

      12,461          339,625  

Arena Pharmaceuticals, Inc. (b)

      8,160          373,483  

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

      4,111          395,971  

BeiGene Ltd. (Sponsored ADR) (b)

      3,087          378,034  

Biohaven Pharmaceutical Holding Co., Ltd. (b)

      13,338          556,461  

Blueprint Medicines Corp. (b)

      8,612          632,724  

Deciphera Pharmaceuticals, Inc. (b)

      10,240          347,546  

Gossamer Bio, Inc. (a)(b)

      13,795          231,618  

Invitae Corp. (a)(b)

      33,528          646,084  

Iovance Biotherapeutics, Inc. (a)(b)

      25,140          457,548  

Madrigal Pharmaceuticals, Inc. (a)(b)

      2,460          212,101  

Mirum Pharmaceuticals, Inc. (b)

      15,765          158,596  

Neurocrine Biosciences, Inc. (b)

      6,170          555,979  

NextCure, Inc. (b)

      9,762          301,158  

Ra Pharmaceuticals, Inc. (b)

      13,810          326,606  

Rubius Therapeutics, Inc. (a)(b)

      21,980          172,543  

Sage Therapeutics, Inc. (a)(b)

      1,896          265,990  

Sarepta Therapeutics, Inc. (a)(b)

      1,870          140,848  

Stemline Therapeutics, Inc. (b)

      29,385          305,898  

Turning Point Therapeutics, Inc.-Class I (a)(b)

      7,531          283,166  

Ultragenyx Pharmaceutical, Inc. (a)(b)

      10,723          458,730  

Y-mAbs Therapeutics, Inc. (b)

      12,885          335,783  
       

 

 

  
            8,638,553  
       

 

 

  

Health Care Equipment & Supplies - 5.6%

 

Insulet Corp. (b)

      5,670          935,153  

iRhythm Technologies, Inc. (a)(b)

      13,508          1,001,078  

Penumbra, Inc. (a)(b)

      6,063          815,413  

Silk Road Medical, Inc. (b)

      17,549          570,869  

Tactile Systems Technology, Inc. (a)(b)

      17,199          727,861  
       

 

 

  
          4,050,374  
       

 

 

  

Health Care Providers & Services - 2.4%

 

Guardant Health, Inc. (b)

      8,192          522,895  

LHC Group, Inc. (b)

      10,610          1,204,872  
       

 

 

  
          1,727,767  
       

 

 

  

Health Care Technology - 2.2%

 

Health Catalyst, Inc. (a)(b)

      8,112          256,664  

Teladoc Health, Inc. (a)(b)

      20,320          1,376,070  
       

 

 

  
          1,632,734  
       

 

 

  

Life Sciences Tools & Services - 1.5%

 

10X Genomics, Inc. (b)

      2,330          117,432  

ICON PLC (b)

      6,767          997,050  
       

 

 

  
          1,114,482  
       

 

 

  

Company

    Shares        U.S. $ Value  

Pharmaceuticals - 1.2%

 

Aerie Pharmaceuticals, Inc. (a)(b)

      8,875        $ 170,577  

Axsome Therapeutics, Inc. (a)(b)

      13,070          264,537  

Fulcrum Therapeutics, Inc. (b)

      9,434          62,642  

GW Pharmaceuticals PLC (Sponsored ADR) (a)(b)

      1,478          170,014  

Revance Therapeutics, Inc. (b)

      15,705          204,165  
       

 

 

  
          871,935  
       

 

 

  
            18,035,845  
       

 

 

  

Information Technology - 22.4%

 

Communications Equipment - 1.3%

 

Ciena Corp. (b)

      23,475          920,924  
       

 

 

  

Electronic Equipment, Instruments & Components - 3.4%

 

Littelfuse, Inc.

      4,760          843,996  

Novanta, Inc. (b)

      13,270          1,084,424  

OSI Systems, Inc. (b)

      5,060          513,894  
       

 

 

  
          2,442,314  
       

 

 

  

IT Services - 0.2%

 

International Money Express, Inc. (b)

      13,271          182,343  
       

 

 

  

Semiconductors & Semiconductor Equipment - 5.9%

 

Cree, Inc. (b)

      8,661          424,389  

Lattice Semiconductor Corp. (b)

      54,560          997,630  

Monolithic Power Systems, Inc.

      6,911          1,075,559  

Silicon Laboratories, Inc. (b)

      12,484          1,390,093  

Universal Display Corp.

      2,291          384,659  
       

 

 

  
          4,272,330  
       

 

 

  

Software - 11.6%

 

Altair Engineering, Inc.-Class A (a)(b)

      11,232          388,852  

Anaplan, Inc. (b)

      15,319          719,993  

Aspen Technology, Inc. (b)

      8,353          1,028,087  

Avalara, Inc. (b)

      12,220          822,284  

Dynatrace, Inc. (b)

      34,898          651,546  

Everbridge, Inc. (a)(b)

      12,320          760,267  

Five9, Inc. (b)

      14,862          798,684  

HubSpot, Inc. (b)

      6,310          956,659  

Rapid7, Inc.(b)

      20,950          950,920  

RingCentral, Inc.-Class A (b)

      4,400          552,904  

Smartsheet, Inc.-Class A (b)

      16,238          585,055  

Trade Desk, Inc. (The)-Class A (a)(b)

      1,338          250,942  
       

 

 

  
          8,466,193  
       

 

 

  
          16,284,104  
       

 

 

  

Company

    Shares        U.S. $ Value  

Industrials - 20.1%

 

Aerospace & Defense - 4.4%

 

Axon Enterprise, Inc. (a)(b)

      18,260        $ 1,036,803  

Hexcel Corp.

      11,464          941,538  

Mercury Systems, Inc. (b)

      14,880          1,207,810  
       

 

 

  
            3,186,151  
       

 

 

  

Building Products - 2.4%

 

Armstrong World Industries, Inc.

      9,531          921,648  

Trex Co., Inc. (b)

      8,823          802,275  
       

 

 

  
          1,723,923  
       

 

 

  

Commercial Services & Supplies - 1.7%

 

Tetra Tech, Inc.

      14,565          1,263,659  
       

 

 

  

Industrial Conglomerates - 1.2%

 

Carlisle Cos., Inc.

      6,042          879,353  
       

 

 

  

Machinery - 5.6%

 

Chart Industries, Inc. (b)

      17,138          1,068,726  

Gardner Denver Holdings, Inc. (b)

      19,369          547,949  

IDEX Corp.

      4,772          782,035  

Nordson Corp.

      5,250          767,865  

RBC Bearings, Inc. (b)

      5,463          906,366  
       

 

 

  
          4,072,941  
       

 

 

  

Road & Rail - 2.5%

 

Knight-Swift Transportation Holdings, Inc. (a)

      20,687          750,938  

Saia, Inc. (b)

      11,190          1,048,503  
       

 

 

  
          1,799,441  
       

 

 

  

Trading Companies & Distributors - 2.3%

 

H&E Equipment Services, Inc.

      25,856          746,204  

SiteOne Landscape Supply, Inc. (a)(b)

      12,487          924,288  
       

 

 

  
          1,670,492  
       

 

 

  
          14,595,960  
       

 

 

  

Consumer Discretionary - 17.9%

 

Distributors - 1.4%

 

Pool Corp.

      5,157          1,040,167  
       

 

 

  

Diversified Consumer Services - 5.5%

 

Bright Horizons Family Solutions, Inc. (b)

      7,465          1,138,413  

Chegg, Inc. (b)

      35,380          1,059,631  

Grand Canyon Education, Inc. (b)

      7,314          718,235  

Strategic Education, Inc.

      7,930          1,077,528  
       

 

 

  
          3,993,807  
       

 

 

  

Hotels, Restaurants & Leisure - 3.6%

 

OneSpaWorld Holdings Ltd. (a)(b)

      49,270          765,163  

Planet Fitness, Inc. (b)

      16,486          954,045  

Wingstop, Inc.

      10,166          887,289  
       

 

 

  
          2,606,497  
       

 

 

  

Company

    Shares        U.S. $ Value  

Household Durables - 2.1%

 

Lovesac Co. (The) (a)(b)

      26,602        $ 496,659  

Skyline Champion Corp. (b)

      33,356          1,003,682  
       

 

 

  
          1,500,341  
       

 

 

  

Internet & Direct Marketing Retail - 2.6%

 

Etsy, Inc. (b)

      14,486          818,459  

Realreal, Inc. (the) (a)(b)

      47,895          1,070,932  
       

 

 

  
          1,889,391  
       

 

 

  

Specialty Retail - 2.7%

 

Five Below, Inc. (b)

      8,422          1,062,014  

Sleep Number Corp. (b)

      21,759          899,082  
       

 

 

  
          1,961,096  
       

 

 

  
          12,991,299  
       

 

 

  

Financials - 7.4%

 

Banks - 1.1%

 

Western Alliance Bancorp

      17,262          795,433  
       

 

 

  

Capital Markets - 4.3%

 

Assetmark Financial Holdings, Inc. (b)

      20,831          542,647  

Hamilton Lane, Inc.-Class A

      17,536          998,851  

Houlihan Lokey, Inc.

      18,160          819,016  

Stifel Financial Corp.

      13,157          754,949  
       

 

 

  
          3,115,463  
       

 

 

  

Insurance - 2.0%

 

Palomar Holdings, Inc. (b)

      14,351          565,716  

Trupanion, Inc. (a)(b)

      35,999          915,095  
       

 

 

  
          1,480,811  
       

 

 

  
          5,391,707  
       

 

 

  

Consumer Staples - 3.4%

 

Food & Staples Retailing - 1.7%

 

Chefs’ Warehouse, Inc. (The) (b)

      30,691          1,237,461  
       

 

 

  

Food Products - 1.7%

 

Freshpet, Inc. (b)

      24,471          1,217,922  
       

 

 

  
          2,455,383  
       

 

 

  

Materials - 1.8%

 

Chemicals - 1.4%

 

Ingevity Corp. (b)

      12,334          1,046,417  
       

 

 

  

Containers & Packaging - 0.4%

 

Ranpak Holdings Corp. (b)

          44,752          271,197  
       

 

 

  
          1,317,614  
       

 

 

  

Energy - 0.6%

 

Energy Equipment & Services - 0.6%

 

DMC Global, Inc. (a)

      9,140          401,977  
       

 

 

  

Total Common Stocks
(cost $60,470,149)

           71,473,889  
       

 

 

  

Company

    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS - 2.0%

 

Investment Companies - 2.0%

 

AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (c)(d)(e)
(cost $1,450,328)

      1,450,328        $ 1,450,328  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned - 100.4%
(cost $61,920,477)

 

        72,924,217  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 5.6%

 

Investment Companies - 5.6%

 

AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (c)(d)(e)
(cost $4,019,052)

      4,019,052          4,019,052  
       

 

 

  

Total Investments - 106.0%
(cost $65,939,529) (f)

 

        76,943,269  

Other assets less liabilities - (6.0)%

           (4,322,208 ) 
       

 

 

  

Net Assets - 100.0%

         $ 72,621,061  
       

 

 

  

 

(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 $14,880,838 and gross unrealized depreciation of investments was $(3,877,098), resulting in net unrealized appreciation of $11,003,740.

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    

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)

    $ 71,473,889     $ – 0  –    $ – 0  –    $ 71,473,889  

Short-Term Investments

      1,450,328       – 0  –      – 0  –      1,450,328  

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

      4,019,052       – 0  –      – 0  –      4,019,052  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      76,943,269       – 0  –      – 0  –      76,943,269  

Other Financial Instruments (b)

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

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $     76,943,269     $             – 0  –    $             – 0  –    $     76,943,269  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

See Portfolio of Investments for sector classifications.

(a)

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

    $ 1,148      $ 22,669      $ 22,367      $ 1,450      $ 34  

Government Money Market Portfolio*

      2,447        31,591        30,019        4,019        20  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 3,595      $ 54,260      $ 52,386      $ 5,469      $ 54  

 

*

Investments of cash collateral for securities lending transactions