NPORT-EX 2 NPORT_343827459413688.htm HTML

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 93.3%

        

Financials – 19.1%

        

Banks – 6.2%

        

Citigroup, Inc.

      264,970        $ 11,422,857  

JPMorgan Chase & Co.

      262,470          25,267,987  

Wells Fargo & Co.

      745,590          17,528,821  
       

 

 

  
          54,219,665  
       

 

 

  

Capital Markets – 3.0%

        

Goldman Sachs Group, Inc. (The)

      26,260          5,277,472  

LPL Financial Holdings, Inc.

      139,191          10,671,774  

Northern Trust Corp.

      137,830          10,746,605  
       

 

 

  
          26,695,851  
       

 

 

  

Consumer Finance – 0.4%

        

Capital One Financial Corp.

      47,686          3,426,716  
       

 

 

  

Diversified Financial Services – 4.3%

        

Berkshire Hathaway, Inc. - Class B(a) (b)

      178,612          38,033,639  
       

 

 

  

Insurance – 5.2%

        

Aflac, Inc.

      140,730          5,115,536  

Allstate Corp. (The)

      227,450          21,412,143  

Fidelity National Financial, Inc.

      391,050          12,243,775  

Reinsurance Group of America, Inc. - Class A

      69,407          6,606,852  
       

 

 

  
          45,378,306  
       

 

 

  
               167,754,177  
       

 

 

  

Health Care – 17.3%

        

Biotechnology – 5.7%

        

Alexion Pharmaceuticals, Inc.(b)

      162,890          18,639,503  

Amgen, Inc.

      123,410          31,365,885  
       

 

 

  
          50,005,388  
       

 

 

  

Health Care Providers & Services – 4.8%

        

Anthem, Inc.

      72,020          19,343,852  

Cigna Corp.

      96,671          16,377,034  

Quest Diagnostics, Inc.

      53,530          6,128,650  
       

 

 

  
          41,849,536  
       

 

 

  

Pharmaceuticals – 6.8%

        

Pfizer, Inc.

      886,006          32,516,420  

Roche Holding AG (Sponsored ADR)

      642,480          27,504,569  
       

 

 

  
          60,020,989  
       

 

 

  
          151,875,913  
       

 

 

  

Information Technology – 14.0%

        

Communications Equipment – 4.5%

        

Ciena Corp.(b)

      83,350          3,308,162  

Cisco Systems, Inc.

      298,020          11,739,008  

F5 Networks, Inc.(b)

      165,600          20,330,712  

Lumentum Holdings, Inc.(b)

      50,587          3,800,601  
       

 

 

  
          39,178,483  
       

 

 

  

 

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Company    Shares        U.S. $ Value  

Electronic Equipment, Instruments & Components – 2.6%

        

Dolby Laboratories, Inc. - Class A

      188,609        $ 12,501,004  

Keysight Technologies, Inc.(b)

      73,710          7,281,074  

Littelfuse, Inc.

      19,373          3,435,608  
       

 

 

  
          23,217,686  
       

 

 

  

IT Services – 5.7%

        

Akamai Technologies, Inc.(b)

      69,150          7,643,841  

Cognizant Technology Solutions Corp. - Class A

      117,600          8,163,792  

Leidos Holdings, Inc.

      200,265          17,853,625  

MAXIMUS, Inc.

      241,094          16,493,240  
       

 

 

  
          50,154,498  
       

 

 

  

Semiconductors & Semiconductor Equipment – 1.2%

        

Lam Research Corp.

      17,290          5,735,957  

MKS Instruments, Inc.

      40,690          4,444,569  
       

 

 

  
          10,180,526  
       

 

 

  
               122,731,193  
       

 

 

  

Industrials – 12.7%

        

Aerospace & Defense – 3.7%

        

Curtiss-Wright Corp.

      65,830          6,139,306  

Hexcel Corp.(a)

      164,384          5,515,083  

Raytheon Technologies Corp.

      364,613          20,979,832  
       

 

 

  
          32,634,221  
       

 

 

  

Airlines – 0.4%

        

Southwest Airlines Co.

      90,110          3,379,125  
       

 

 

  

Construction & Engineering – 1.8%

        

EMCOR Group, Inc.

      115,090          7,792,744  

Valmont Industries, Inc.

      66,060          8,203,331  
       

 

 

  
          15,996,075  
       

 

 

  

Electrical Equipment – 2.4%

        

Emerson Electric Co.(a)

      253,980          16,653,468  

Hubbell, Inc.

      31,170          4,265,303  
       

 

 

  
          20,918,771  
       

 

 

  

Machinery – 1.7%

        

Altra Industrial Motion Corp.

      176,996          6,543,542  

Crane Co.

      91,729          4,598,375  

Middleby Corp. (The)(b)

      43,820          3,931,092  
       

 

 

  
          15,073,009  
       

 

 

  

Professional Services – 1.2%

        

Robert Half International, Inc.

      197,890          10,476,296  
       

 

 

  

Road & Rail – 1.2%

        

Kansas City Southern

      58,690          10,612,913  
       

 

 

  

Trading Companies & Distributors – 0.3%

        

MSC Industrial Direct Co., Inc. - Class A

      35,921          2,273,081  
       

 

 

  
          111,363,491  
       

 

 

  

 

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Company    Shares        U.S. $ Value  

Consumer Discretionary – 10.8%

        

Auto Components – 1.6%

        

BorgWarner, Inc.(a)

      160,550        $ 6,219,707  

Gentex Corp.

      301,770          7,770,578  
       

 

 

  
          13,990,285  
       

 

 

  

Distributors – 1.9%

        

LKQ Corp.(b)

      603,350          16,730,895  
       

 

 

  

Household Durables – 3.5%

        

DR Horton, Inc.

      298,780          22,596,731  

Garmin Ltd.

      90,560          8,590,522  
       

 

 

  
          31,187,253  
       

 

 

  

Multiline Retail – 2.4%

        

Dollar General Corp.

      17,350          3,636,907  

Target Corp.

      108,150          17,024,973  
       

 

 

  
          20,661,880  
       

 

 

  

Specialty Retail – 1.4%

        

Murphy USA, Inc.(b)

      98,510          12,635,878  
       

 

 

  
               95,206,191  
       

 

 

  

Communication Services – 8.3%

        

Diversified Telecommunication Services – 7.6%

        

Comcast Corp. - Class A

      728,820          33,715,213  

Verizon Communications, Inc.

      548,830          32,649,897  
       

 

 

  
          66,365,110  
       

 

 

  

Media – 0.7%

        

Discovery, Inc. - Class A(a) (b)

      301,599          6,565,810  
       

 

 

  
          72,930,920  
       

 

 

  

Consumer Staples – 5.1%

        

Food & Staples Retailing – 3.0%

        

Walmart, Inc.

      189,437          26,504,130  
       

 

 

  

Tobacco – 2.1%

        

Philip Morris International, Inc.

      249,530          18,712,255  
       

 

 

  
          45,216,385  
       

 

 

  

Energy – 2.5%

        

Energy Equipment & Services – 0.4%

        

Helmerich & Payne, Inc.

      224,464          3,288,398  
       

 

 

  

Oil, Gas & Consumable Fuels – 2.1%

        

Chevron Corp.

      75,140          5,410,080  

ConocoPhillips

      133,510          4,384,468  

EOG Resources, Inc.

      127,290          4,574,803  

Phillips 66

      89,120          4,619,981  
       

 

 

  
          18,989,332  
       

 

 

  
          22,277,730  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Real Estate – 2.3%

        

Equity Real Estate Investment Trusts (REITs) – 0.6%

        

Mid-America Apartment Communities, Inc.

      44,390        $ 5,147,021  
       

 

 

  

Real Estate Management & Development – 1.7%

        

CBRE Group, Inc. - Class A(b)

      324,030                15,219,689  
       

 

 

  
          20,366,710  
       

 

 

  

Materials – 1.2%

        

Containers & Packaging – 0.4%

        

Avery Dennison Corp.

      30,400          3,886,336  
       

 

 

  

Metals & Mining – 0.8%

        

BHP Group Ltd. (Sponsored ADR)(a)

      130,390          6,742,467  
       

 

 

  
          10,628,803  
       

 

 

  

Total Common Stocks
(cost $756,205,526)

               820,351,513  
       

 

 

  

SHORT-TERM INVESTMENTS – 7.2%

        

Investment Companies – 7.2%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e)
(cost $63,109,521)

      63,109,521          63,109,521  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%

 

Investment Companies – 0.3%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.05%(c) (d) (e)
(cost $2,406,675)

      2,406,675          2,406,675  
       

 

 

  

Total Investments – 100.8%
(cost $821,721,722)(f)

           885,867,709  

Other assets less liabilities – (0.8)%

           (6,769,146 ) 
       

 

 

  

Net Assets – 100.0%

         $     879,098,563  
       

 

 

  

 

(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, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $119,714,928 and gross unrealized depreciation of investments was $(55,568,941), resulting in net unrealized appreciation of $64,145,987.

 

  

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

REIT – Real Estate Investment Trust

 

4

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

September 30, 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 September 30, 2020:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:            
Common Stocks(a)    $ 820,351,513      $                 —      $                 —      $ 820,351,513  
Short-Term Investments      63,109,521        —        —        63,109,521  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      2,406,675        —        —        2,406,675  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      885,867,709        —        —        885,867,709  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     885,867,709      $ —      $ —      $     885,867,709  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

See Portfolio of Investments for sector classifications.

 

5

(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, 2020 is as follows:

 

Fund    Market Value
12/31/2019
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
09/30/2020
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $ 128,696      $ 230,735      $ 296,321      $ 63,110      $ 413  
Government Money Market Portfolio*      3,697        60,756        62,046        2,407        1  
Total    $   132,393      $   291,491      $   358,367      $   65,517      $   414  

 

*

Investments of cash collateral for securities lending transactions.

 

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