NPORT-EX 2 NPORT_6360433773016959.htm HTML[843675.SMCV]

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 95.3%

 

Financials – 18.6%

 

Banks – 7.5%

 

Associated Banc-Corp.

      392,710        $ 5,022,761  

Comerica, Inc.

      102,560          3,009,110  

Sterling Bancorp/DE

      275,725          2,881,326  

Synovus Financial Corp.

      224,402          3,940,499  

Texas Capital Bancshares, Inc.(a)

      105,382          2,336,319  

Umpqua Holdings Corp.

      448,673          4,890,536  

Webster Financial Corp.

      163,542          3,745,112  

Zions Bancorp NA(b)

      192,448          5,149,909  
       

 

 

  
          30,975,572  
       

 

 

  

Consumer Finance – 0.4%

 

OneMain Holdings, Inc.

      86,616          1,656,098  
       

 

 

  

Insurance – 8.5%

 

American Financial Group, Inc./OH

      74,420          5,215,353  

Everest Re Group Ltd.

      28,786          5,539,002  

First American Financial Corp.

      115,209          4,886,014  

Hanover Insurance Group, Inc. (The)

      37,760          3,420,301  

Kemper Corp.

      100,186          7,450,833  

Reinsurance Group of America, Inc. - Class A

      62,557          5,263,546  

Selective Insurance Group, Inc.

      65,115          3,236,215  
       

 

 

  
          35,011,264  
       

 

 

  

Thrifts & Mortgage Finance – 2.2%

 

BankUnited, Inc.

      272,978          5,104,689  

Essent Group Ltd.

      145,872          3,842,268  
       

 

 

  
          8,946,957  
       

 

 

  
          76,589,891  
       

 

 

  

Information Technology – 16.8%

 

Communications Equipment – 1.4%

 

NetScout Systems, Inc.(a)

      236,809          5,605,269  
       

 

 

  

Electronic Equipment, Instruments & Components – 3.4%

 

Avnet, Inc.

      70,896          1,779,490  

Belden, Inc.

      138,014          4,979,545  

TTM Technologies, Inc.(a)

      373,386          3,860,811  

Vishay Intertechnology, Inc.(b)

      224,472          3,234,642  
       

 

 

  
          13,854,488  
       

 

 

  

IT Services – 2.3%

 

Amdocs Ltd.

      101,093          5,557,082  

Genpact Ltd.

      137,811          4,024,081  
       

 

 

  
          9,581,163  
       

 

 

  

Semiconductors & Semiconductor Equipment – 3.7%

 

Cypress Semiconductor Corp.

      225,745          5,264,373  

Kulicke & Soffa Industries, Inc.

      290,735          6,067,640  

MaxLinear, Inc. - Class A(a)

      328,675          3,835,637  
       

 

 

  
          15,167,650  
       

 

 

  
Company    Shares        U.S. $ Value  

Software – 5.0%

 

Cerence, Inc.(a)

      61,584        $ 948,394  

CommVault Systems, Inc.(a)

      183,638          7,433,666  

Nuance Communications, Inc.(a) (b)

      414,994          6,963,599  

Verint Systems, Inc.(a)

      125,775          5,408,325  
       

 

 

  
          20,753,984  
       

 

 

  

Technology Hardware, Storage & Peripherals – 1.0%

 

NCR Corp.(a)

      241,768          4,279,294  
       

 

 

  
          69,241,848  
       

 

 

  

Real Estate – 15.2%

 

Equity Real Estate Investment Trusts (REITs) – 15.2%

 

American Campus Communities, Inc.

      170,675          4,736,231  

Americold Realty Trust

      181,907          6,192,114  

Camden Property Trust

      79,288          6,282,781  

Cousins Properties, Inc.

      184,742          5,407,398  

CubeSmart

      269,991          7,233,059  

Easterly Government Properties, Inc.

      238,683          5,881,149  

Empire State Realty Trust, Inc. - Class A

      288,649          2,586,295  

MGM Growth Properties LLC - Class A(b)

      247,550          5,859,509  

Park Hotels & Resorts, Inc.

      234,385          1,853,985  

Physicians Realty Trust

      290,610          4,051,104  

STAG Industrial, Inc.

      277,191          6,242,341  

Sun Communities, Inc.

      49,547          6,185,943  
       

 

 

  
          62,511,909  
       

 

 

  

Industrials – 12.4%

 

Aerospace & Defense – 0.7%

 

AAR Corp.

      152,107          2,701,420  
       

 

 

  

Air Freight & Logistics – 1.0%

 

Hub Group, Inc. - Class A(a)

      91,910          4,179,148  
       

 

 

  

Airlines – 1.7%

 

Alaska Air Group, Inc.

      126,896          3,612,729  

SkyWest, Inc.

      129,036          3,379,453  
       

 

 

  
          6,992,182  
       

 

 

  

Building Products – 1.2%

 

Masonite International Corp.(a)

      107,555          5,103,485  
       

 

 

  

Construction & Engineering – 1.9%

 

Quanta Services, Inc.

      177,471          5,631,155  

Tutor Perini Corp.(a) (b)

      290,238          1,950,399  
       

 

 

  
          7,581,554  
       

 

 

  

Electrical Equipment – 2.2%

 

EnerSys

      95,727          4,740,401  

Regal Beloit Corp.

      67,520          4,250,384  
       

 

 

  
          8,990,785  
       

 

 

  

Machinery – 1.5%

 

Kennametal, Inc.

      208,800          3,887,856  

Oshkosh Corp.

      18,537          1,192,485  

Terex Corp.

      83,342          1,196,791  
       

 

 

  
          6,277,132  
       

 

 

  
Company    Shares        U.S. $ Value  

Road & Rail – 1.3%

 

Knight-Swift Transportation Holdings, Inc.(b)

      165,956        $ 5,443,357  
       

 

 

  

Trading Companies & Distributors – 0.9%

 

MRC Global, Inc.(a)

      331,478          1,412,096  

United Rentals, Inc.(a)

      22,967          2,363,305  
       

 

 

  
          3,775,401  
       

 

 

  
          51,044,464  
       

 

 

  

Consumer Discretionary – 11.0%

 

Auto Components – 1.8%

 

Cooper-Standard Holdings, Inc.(a)

      38,761          398,076  

Dana, Inc.

      361,378          2,822,362  

Lear Corp.

      51,511          4,185,269  
       

 

 

  
          7,405,707  
       

 

 

  

Diversified Consumer Services – 0.2%

 

Houghton Mifflin Harcourt Co.(a)

      436,915          821,400  
       

 

 

  

Hotels, Restaurants & Leisure – 1.7%

 

Papa John’s International, Inc.(b)

      129,255          6,898,339  
       

 

 

  

Household Durables – 2.0%

 

Lennar Corp. - Class A

      124,873          4,770,149  

Taylor Morrison Home Corp. - Class A(a)

      320,779          3,528,569  
       

 

 

  
          8,298,718  
       

 

 

  

Leisure Products – 1.9%

 

Brunswick Corp./DE

      130,976          4,632,621  

Callaway Golf Co.

      319,061          3,260,804  
       

 

 

  
          7,893,425  
       

 

 

  

Specialty Retail – 2.4%

 

Foot Locker, Inc.

      155,275          3,423,813  

Signet Jewelers Ltd.(b)

      130,195          839,758  

Williams-Sonoma, Inc.(b)

      126,744          5,389,155  
       

 

 

  
          9,652,726  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.0%

 

Capri Holdings Ltd.(a)

      122,812          1,325,141  

Skechers U.S.A., Inc. - Class A(a)

      116,935          2,776,037  
       

 

 

  
          4,101,178  
       

 

 

  
          45,071,493  
       

 

 

  

Consumer Staples – 5.9%

 

Beverages – 1.1%

 

Primo Water Corp.

      511,319          4,632,550  
       

 

 

  

Food & Staples Retailing – 1.1%

 

US Foods Holding Corp.(a)

      254,561          4,508,275  
       

 

 

  
Company    Shares        U.S. $ Value  

Food Products – 3.7%

 

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

      288,353        $ 7,488,528  

Nomad Foods Ltd.(a)

      420,202          7,798,949  
       

 

 

  
          15,287,477  
       

 

 

  
          24,428,302  
       

 

 

  

Utilities – 4.8%

 

Electric Utilities – 2.9%

 

Alliant Energy Corp.

      159,031          7,679,607  

PNM Resources, Inc.(b)

      107,739          4,094,082  
       

 

 

  
          11,773,689  
       

 

 

  

Gas Utilities – 0.8%

 

Southwest Gas Holdings, Inc.

      48,180          3,351,401  
       

 

 

  

Multi-Utilities – 1.1%

 

Black Hills Corp.

      69,322          4,438,687  
       

 

 

  
          19,563,777  
       

 

 

  

Materials – 4.4%

 

Chemicals – 1.6%

 

Orion Engineered Carbons SA

      271,055          2,022,070  

Trinseo SA(b)

      119,280          2,160,161  

Westlake Chemical Corp.(b)

      65,248          2,490,516  
       

 

 

  
          6,672,747  
       

 

 

  

Containers & Packaging – 2.1%

 

Graphic Packaging Holding Co.

      286,761          3,498,484  

Sealed Air Corp.

      204,857          5,062,017  
       

 

 

  
          8,560,501  
       

 

 

  

Metals & Mining – 0.7%

 

Carpenter Technology Corp.

      142,072          2,770,404  
       

 

 

  
          18,003,652  
       

 

 

  

Health Care – 3.3%

 

Health Care Providers & Services – 1.4%

 

Molina Healthcare, Inc.(a)

      41,698          5,825,628  
       

 

 

  

Life Sciences Tools & Services – 1.5%

 

ICON PLC(a)

      43,027          5,851,672  
       

 

 

  

Pharmaceuticals – 0.4%

 

Perrigo Co. PLC

      35,170          1,691,325  
       

 

 

  
          13,368,625  
       

 

 

  

Energy – 2.4%

 

Energy Equipment & Services – 1.3%

 

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

      116,507          3,553,464  

Oil States International, Inc.(a)

      270,341          548,792  

Patterson-UTI Energy, Inc.(b)

      373,344          877,358  

RPC, Inc.(b)

      242,784          500,135  
       

 

 

  
          5,479,749  
       

 

 

  
Company    Shares        U.S. $ Value  

Oil, Gas & Consumable Fuels – 1.1%

 

Cimarex Energy Co.

      40,499        $ 681,598  

HollyFrontier Corp.

      146,285          3,585,445  

QEP Resources, Inc.

      71,610          23,954  
       

 

 

  
          4,290,997  
       

 

 

  
          9,770,746  
       

 

 

  

Communication Services – 0.5%

 

Media – 0.5%

 

Criteo SA (Sponsored ADR)(a)

      250,779          1,993,693  
       

 

 

  

Total Common Stocks
(cost $512,585,676)

           391,588,400  
       

 

 

  

SHORT-TERM INVESTMENTS – 5.5%

 

Investment Companies – 5.5%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e)
(cost $22,737,904)

      22,737,904          22,737,904  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 100.8%
(cost $535,323,580)

 

        414,326,304  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.1%

 

Investment Companies – 0.1%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e)
(cost $443,655)

      443,655          443,655  
       

 

 

  

Total Investments – 100.9%
(cost $535,767,235)(f)

 

        414,769,959  

Other assets less liabilities – (0.9)%

           (3,732,555 ) 
       

 

 

  

Net Assets – 100.0%

         $ 411,037,404  
       

 

 

  

 

(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, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $34,709,725 and gross unrealized depreciation of investments was $(155,707,001), resulting in net unrealized depreciation of $(120,997,276).

 

  

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

March 31, 2020 (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, 2020:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:            
Common Stocks(a)    $ 391,588,400      $                 —      $                 —      $ 391,588,400  
Short-Term Investments      22,737,904        —        —        22,737,904  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      443,655        —        —        443,655  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      414,769,959        —        —        414,769,959  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     414,769,959      $ —      $ —      $     414,769,959  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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, 2020 is as follows:

 

Fund    Market Value
12/31/2019
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2020
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $     5,072      $     34,920      $     17,254      $     22,738      $     27  
Government Money Market Portfolio*      1,054        59,113        59,723        444        6  
Total    $ 6,126      $ 94,033      $ 76,977      $ 23,182      $ 33  

 

*

Investments of cash collateral for securities lending transactions.