NPORT-EX 2 64VQ.htm HTML

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 99.3%

 

Financials - 22.2%

 

Banks - 9.8%

 

Associated Banc-Corp.

      341,470        $ 6,914,767  

Comerica, Inc.

      107,020          7,062,250  

Sterling Bancorp./DE

      373,430          7,491,006  

Synovus Financial Corp.

      224,402          8,024,616  

Texas Capital Bancshares, Inc. (a)

      117,007          6,394,433  

Umpqua Holdings Corp.

      467,803          7,700,037  

Webster Financial Corp.

      140,633          6,591,469  

Zions Bancorp NA (b)

      209,268          9,316,611  
       

 

 

  
          59,495,189  
       

 

 

  

Consumer Finance - 0.8%

 

OneMain Holdings, Inc.

      126,626          4,644,642  
       

 

 

  

Insurance - 9.2%

 

American Financial Group, Inc./OH

      74,420          8,026,197  

Everest Re Group Ltd.

      33,496          8,912,951  

First American Financial Corp.

      93,079          5,492,592  

Hanover Insurance Group, Inc. (The)

      37,760          5,117,990  

Kemper Corp.

      84,131          6,558,011  

Old Republic International Corp.

      261,658          6,167,279  

Reinsurance Group of America, Inc.-Class A

      66,673          10,659,679  

Selective Insurance Group, Inc.

      65,115          4,895,997  
       

 

 

  
          55,830,696  
       

 

 

  

Thrifts & Mortgage Finance - 2.4%

 

BankUnited, Inc.

      244,338          8,214,644  

Essent Group Ltd.

      140,962          6,719,658  
       

 

 

  
          14,934,302  
       

 

 

  
          134,904,829  
       

 

 

  

Real Estate - 14.2%

 

Equity Real Estate Investment Trusts (REITs) - 14.2%

 

American Campus Communities, Inc.

      170,675          8,206,054  

Americold Realty Trust

      178,715          6,624,965  

Camden Property Trust

      79,288          8,801,761  

Cousins Properties, Inc.

      192,335          7,229,873  

CubeSmart

      280,094          9,775,281  

Easterly Government Properties, Inc.

      252,353          5,375,119  

Empire State Realty Trust, Inc.-Class A

      496,792          7,089,222  

MGM Growth Properties LLC-Class A

      257,090          7,725,554  

Park Hotels & Resorts, Inc.

      248,175          6,196,930  

STAG Industrial, Inc. (b)

      285,434          8,414,594  

Sun Communities, Inc.

      73,510          10,912,559  
       

 

 

  
          86,351,912  
       

 

 

  

Information Technology - 13.6%

 

Communications Equipment - 0.9%

 

NetScout Systems, Inc. (a)

      236,809          5,460,816  
       

 

 

  

Electronic Equipment, Instruments & Components - 2.6%

 

Avnet, Inc.

      150,990          6,716,790  

Belden, Inc.

      66,752          3,560,552  

TTM Technologies, Inc. (a)

      457,343          5,577,298  
       

 

 

  
          15,854,640  
       

 

 

  

Company

    Shares        U.S. $ Value  

IT Services - 2.2%

 

Amdocs Ltd.

      121,218        $ 8,013,722  

Genpact Ltd.

      144,983          5,618,091  
       

 

 

  
            13,631,813  
       

 

 

  

Semiconductors & Semiconductor Equipment - 3.2%

 

Cypress Semiconductor Corp.

      287,855          6,718,535  

Kulicke & Soffa Industries, Inc.

      290,735          6,826,458  

MaxLinear, Inc.-Class A (a)

      273,197          6,114,149  
       

 

 

  
          19,659,142  
       

 

 

  

Software - 3.2%

 

CommVault Systems, Inc. (a)

      129,685          5,798,216  

Nuance Communications, Inc. (a)

      492,674          8,035,513  

Verint Systems, Inc. (a)

      127,845          5,469,209  
       

 

 

  
          19,302,938  
       

 

 

  

Technology Hardware, Storage & Peripherals - 1.5%

 

NCR Corp. (a)

      283,400          8,944,104  
       

 

 

  
          82,853,453  
       

 

 

  

Industrials - 13.2%

 

Aerospace & Defense - 1.1%

 

AAR Corp.

      158,964          6,550,906  
       

 

 

  

Air Freight & Logistics - 0.7%

 

Atlas Air Worldwide Holdings, Inc. (a)

      65,940          1,663,666  

Hub Group, Inc.-Class A (a)

      58,323          2,712,020  
       

 

 

  
          4,375,686  
       

 

 

  

Airlines - 3.7%

 

Alaska Air Group, Inc.

      143,354          9,305,108  

Hawaiian Holdings, Inc. (b)

      220,076          5,779,196  

SkyWest, Inc.

      124,964          7,172,933  
       

 

 

  
          22,257,237  
       

 

 

  

Building Products - 1.1%

 

Masonite International Corp. (a)

      119,608          6,937,264  
       

 

 

  

Commercial Services & Supplies - 0.2%

 

Steelcase, Inc.-Class A

      82,785          1,523,244  
       

 

 

  

Construction & Engineering - 1.7%

 

Quanta Services, Inc.

      190,671          7,207,364  

Tutor Perini Corp. (a)(b)

      242,178          3,470,411  
       

 

 

  
          10,677,775  
       

 

 

  

Electrical Equipment - 1.7%

 

EnerSys

      99,917          6,588,527  

Regal Beloit Corp.

      49,411          3,599,591  
       

 

 

  
          10,188,118  
       

 

 

  

Company

    Shares        U.S. $ Value  

Machinery - 1.6%

 

Kennametal, Inc.

      169,453        $ 5,208,985  

Terex Corp.

      169,600          4,404,512  
       

 

 

  
          9,613,497  
       

 

 

  

Road & Rail - 0.8%

 

Knight-Swift Transportation Holdings, Inc.

      130,320          4,730,616  
       

 

 

  

Trading Companies & Distributors - 0.6%

 

MRC Global, Inc. (a)

      281,798          3,418,210  
       

 

 

  
          80,272,553  
       

 

 

  

Consumer Discretionary - 12.8%

 

Auto Components - 2.6%

 

Cooper-Standard Holdings, Inc. (a)

      105,281          4,303,887  

Dana, Inc.

      344,143          4,969,425  

Lear Corp.

      54,071          6,374,971  
       

 

 

  
          15,648,283  
       

 

 

  

Diversified Consumer Services - 1.3%

 

Houghton Mifflin Harcourt Co. (a)

      489,525          2,609,168  

Sotheby’s (a)(b)

      91,598          5,219,254  
       

 

 

  
          7,828,422  
       

 

 

  

Hotels, Restaurants & Leisure - 2.0%

 

Bloomin’ Brands, Inc. (b)

      294,368          5,572,386  

Papa John’s International, Inc. (b)

      122,413          6,408,321  
       

 

 

  
          11,980,707  
       

 

 

  

Household Durables - 2.6%

 

Lennar Corp.-Class A

      130,133          7,267,928  

Taylor Morrison Home Corp.-Class A (a)

      334,459          8,675,867  
       

 

 

  
          15,943,795  
       

 

 

  

Leisure Products - 1.9%

 

Brunswick Corp./DE

      120,396          6,275,039  

Callaway Golf Co.

      256,821          4,984,896  
       

 

 

  
          11,259,935  
       

 

 

  

Specialty Retail - 0.9%

 

Michaels Cos., Inc. (The) (a)(b)

      333,160          3,261,636  

Signet Jewelers Ltd. (b)

      149,280          2,501,933  
       

 

 

  
          5,763,569  
       

 

 

  

Textiles, Apparel & Luxury Goods - 1.5%

 

Capri Holdings Ltd. (a)

      122,812          4,072,446  

Skechers U.S.A., Inc.-Class A (a)

      131,155          4,898,639  
       

 

 

  
          8,971,085  
       

 

 

  
          77,395,796  
       

 

 

  

Company

    Shares        U.S. $ Value  

Materials - 5.9%

 

Chemicals - 2.4%

 

Orion Engineered Carbons SA

      256,029        $ 4,278,245  

Trinseo SA

      119,280          5,123,076  

Westlake Chemical Corp.

      79,708          5,222,468  
       

 

 

  
          14,623,789  
       

 

 

  

Containers & Packaging - 2.0%

 

Graphic Packaging Holding Co.

      420,131          6,196,932  

Sealed Air Corp.

      138,209          5,737,056  
       

 

 

  
          11,933,988  
       

 

 

  

Metals & Mining - 1.5%

 

Alcoa Corp. (a)

      202,129          4,056,729  

Carpenter Technology Corp.

      101,482          5,242,560  
       

 

 

  
          9,299,289  
       

 

 

  
          35,857,066  
       

 

 

  

Consumer Staples - 5.3%

 

Beverages - 1.1%

 

Cott Corp.

      533,765          6,656,049  
       

 

 

  

Food & Staples Retailing - 1.7%

 

US Foods Holding Corp. (a)

      245,280          10,081,008  
       

 

 

  

Food Products - 2.5%

 

Hain Celestial Group, Inc. (The) (a)(b)

      309,513          6,646,792  

Nomad Foods Ltd. (a)

      416,856          8,545,548  
       

 

 

  
          15,192,340  
       

 

 

  
          31,929,397  
       

 

 

  

Utilities - 4.4%

 

Electric Utilities - 2.6%

 

Alliant Energy Corp.

      181,351          9,780,259  

PNM Resources, Inc.

      117,571          6,123,098  
       

 

 

  
          15,903,357  
       

 

 

  

Gas Utilities - 0.9%

 

Southwest Gas Holdings, Inc.

      59,130          5,383,195  
       

 

 

  

Multi-Utilities - 0.9%

 

Black Hills Corp.

      73,299          5,624,233  
       

 

 

  
          26,910,785  
       

 

 

  

Energy - 3.8%

 

Energy Equipment & Services - 2.2%

 

Dril-Quip, Inc. (a)(b)

      105,454          5,291,682  

Oil States International, Inc. (a)

      222,870          2,964,171  

Patterson-UTI Energy, Inc. (b)

      373,344          3,192,091  

RPC, Inc. (b)

      372,210          2,088,098  
       

 

 

  
          13,536,042  
       

 

 

  

Company

    Shares        U.S. $ Value  

Oil, Gas & Consumable Fuels - 1.6%

 

Cimarex Energy Co. (b)

      46,403        $ 2,224,560  

Oasis Petroleum, Inc. (a)

      654,630          2,265,020  

QEP Resources, Inc.

      685,808          2,537,490  

SM Energy Co.

      268,070          2,597,598  
       

 

 

  
          9,624,668  
       

 

 

  
          23,160,710  
       

 

 

  

Health Care - 2.5%

        

Health Care Providers & Services - 1.4%

        

Molina Healthcare, Inc. (a)

      55,682          6,109,429  

WellCare Health Plans, Inc. (a)

      9,402          2,436,716  
       

 

 

  
          8,546,145  
       

 

 

  

Life Sciences Tools & Services - 1.1%

        

ICON PLC (a)

      45,047          6,637,225  
       

 

 

  
          15,183,370  
       

 

 

  

Communication Services - 1.4%

        

Media - 1.4%

        

Criteo SA (Sponsored ADR) (a)

      269,609          5,038,992  

Sinclair Broadcast Group, Inc.-Class A (b)

      77,310          3,304,230  
       

 

 

  
          8,343,222  
       

 

 

  

Total Common Stocks
(cost $568,108,912)

           603,163,093  
       

 

 

  

SHORT-TERM INVESTMENTS - 0.1%

        

Investment Companies - 0.1%

        

AB Fixed Income Shares, Inc.-Government Money Market Portfolio-
Class AB, 1.89% (c)(d)(e)
(cost $937,443)

      937,443          937,443  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned - 99.4%
(cost $569,046,355)

             604,100,536  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.2%

        

Investment Companies - 1.2%

        

AB Fixed Income Shares, Inc.-Government Money Market Portfolio-
Class AB, 1.89% (c)(d)(e)
(cost $7,411,400)

      7,411,400          7,411,400  
       

 

 

  

Total Investments - 100.6%
(cost $576,457,755) (f)

           611,511,936  

Other assets less liabilities - (0.6)%

           (3,829,887 ) 
       

 

 

  

Net Assets - 100.0%

         $ 607,682,049  
       

 

 

  

 

(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 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 $109,619,725 and gross unrealized depreciation of investments was $(74,565,544), resulting in net unrealized appreciation of $35,054,181.

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/Mid Cap Value 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)

    $ 603,163,093     $ – 0  –    $ – 0  –    $ 603,163,093  

Short-Term Investments

      937,443       – 0  –      – 0  –      937,443  

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

      7,411,400       – 0  –      – 0  –      7,411,400  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      611,511,936       – 0  –      – 0  –      611,511,936  

Other Financial Instruments (b)

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

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $   611,511,936     $             – 0  –    $             – 0  –    $   611,511,936  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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

    $ 4,557      $ 93,268      $ 96,888      $ 937      $ 158  

Government Money Market Portfolio*

      2,473        139,898        134,960        7,411        34  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   7,030      $   233,166      $   231,848      $   8,348      $   192  

 

*

Investments of cash collateral for securities lending transactions.