NPORT-EX 2 NPORT_342689636203900.htm HTML

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 98.0%

        

Health Care – 30.0%

        

Biotechnology – 15.9%

 

ADC Therapeutics SA(a)

      10,516        $ 346,923  

Allakos, Inc.(a) (b)

      8,288          675,058  

Allogene Therapeutics, Inc.(a)

      16,851          635,451  

Annexon, Inc.(a)

      14,755          446,044  

Arena Pharmaceuticals, Inc.(a)

      7,693          575,359  

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

      3,961          611,262  

Biohaven Pharmaceutical Holding Co., Ltd.(a)

      12,746          828,617  

Bioxcel Therapeutics, Inc.(a) (b)

      9,732          421,980  

Blueprint Medicines Corp.(a)

      11,577          1,073,188  

Coherus Biosciences, Inc.(a) (b)

      37,070          679,864  

Deciphera Pharmaceuticals, Inc.(a)

      13,450          689,985  

Gossamer Bio, Inc.(a) (b)

      18,971          235,430  

Insmed, Inc.(a)

      32,566          1,046,671  

Iovance Biotherapeutics, Inc.(a) (b)

      15,684          516,317  

iTeos Therapeutics, Inc.(a)

      13,315          328,481  

Legend Biotech Corp. (ADR)(a)

      11,888          366,983  

Madrigal Pharmaceuticals, Inc.(a) (b)

      4,829          573,347  

PTC Therapeutics, Inc.(a)

      15,480          723,690  

Relay Therapeutics, Inc.(a)

      10,088          429,648  

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

      9,367          818,301  

Twist Bioscience Corp.(a)

      19,010          1,444,190  

Ultragenyx Pharmaceutical, Inc.(a) (b)

      12,133          997,211  

Vir Biotechnology, Inc.(a) (b)

      18,222          625,561  

Y-mAbs Therapeutics, Inc.(a)

      14,725          565,293  

Zentalis Pharmaceuticals, Inc.(a)

      12,486          408,167  
       

 

 

  
              16,063,021  
       

 

 

  

Health Care Equipment & Supplies – 5.0%

        

iRhythm Technologies, Inc.(a)

      7,568          1,802,016  

Outset Medical, Inc.(a)

      7,571          378,550  

Penumbra, Inc.(a)

      3,533          686,745  

Selectquote, Inc.(a)

      38,605          781,751  

Silk Road Medical, Inc.(a) (b)

      19,943          1,340,369  
       

 

 

  
          4,989,431  
       

 

 

  

Health Care Providers & Services – 3.7%

        

Allovir, Inc.(a)

      16,000          440,000  

Guardant Health, Inc.(a)

      9,453          1,056,657  

HealthEquity, Inc.(a)

      11,130          571,748  

LHC Group, Inc.(a)

      8,020          1,704,731  
       

 

 

  
          3,773,136  
       

 

 

  

Health Care Technology – 1.3%

        

American Well Corp. - Class A(a)

      11,211          332,294  

Health Catalyst, Inc.(a) (b)

      26,192          958,627  
       

 

 

  
          1,290,921  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Life Sciences Tools & Services – 3.0%

        

10X Genomics, Inc.(a)

      8,073        $ 1,006,541  

ICON PLC(a)

      5,352          1,022,714  

Repligen Corp.(a)

      7,000          1,032,780  
       

 

 

  
          3,062,035  
       

 

 

  

Pharmaceuticals – 1.1%

        

Axsome Therapeutics, Inc.(a) (b)

      7,880          561,450  

Revance Therapeutics, Inc.(a)

      21,155          531,837  
       

 

 

  
          1,093,287  
       

 

 

  
          30,271,831  
       

 

 

  

Information Technology – 24.6%

        

Communications Equipment – 0.5%

        

Ciena Corp.(a)

      13,415          532,441  
       

 

 

  

Electronic Equipment, Instruments & Components – 3.9%

        

II-VI, Inc.(a) (b)

      35,000          1,419,600  

Littelfuse, Inc.

      6,470          1,147,390  

Novanta, Inc.(a)

      13,090          1,378,900  
       

 

 

  
          3,945,890  
       

 

 

  

IT Services – 2.2%

        

BigCommerce Holdings, Inc.(a) (b)

      5,509          458,900  

Fastly, Inc. - Class A(a)

      7,969          746,536  

Shift4 Payments, Inc. - Class A(a)

      20,672          999,698  
       

 

 

  
          2,205,134  
       

 

 

  

Semiconductors & Semiconductor Equipment – 8.3%

        

Cree, Inc.(a) (b)

      15,591          993,770  

Inphi Corp.(a)

      8,320          933,920  

Lattice Semiconductor Corp.(a)

      55,776          1,615,273  

MACOM Technology Solutions Holdings, Inc.(a) (b)

      39,180          1,332,512  

MKS Instruments, Inc.

      10,920          1,192,792  

Semtech Corp.(a)

      15,300          810,288  

Silicon Laboratories, Inc.(a)

      15,384          1,505,324  
       

 

 

  
          8,383,879  
       

 

 

  

Software – 9.7%

        

Anaplan, Inc.(a)

      14,959          936,134  

Aspen Technology, Inc.(a)

      1,369          173,302  

Avalara, Inc.(a)

      3,809          485,038  

Blackline, Inc.(a)

      18,000          1,613,340  

Duck Creek Technologies, Inc.(a)

      16,435          746,642  

Everbridge, Inc.(a) (b)

      8,400          1,056,132  

Five9, Inc.(a) (b)

      9,822          1,273,717  

Manhattan Associates, Inc.(a)

      13,190          1,259,513  

Ping Identity Holding Corp.(a)

      35,392          1,104,584  

Smartsheet, Inc. - Class A(a)

      14,168          700,183  

 

2

Company    Shares        U.S. $ Value  

Vertex, Inc.(a)

      21,024        $ 483,552  
       

 

 

  
          9,832,137  
       

 

 

  
          24,899,481  
       

 

 

  

Industrials – 16.1%

        

Aerospace & Defense – 2.2%

        

Axon Enterprise, Inc.(a)

      12,590          1,141,913  

Mercury Systems, Inc.(a)

      13,590          1,052,681  
       

 

 

  
          2,194,594  
       

 

 

  

Building Products – 3.6%

        

Armstrong World Industries, Inc.

      6,631          456,279  

AZEK Co., Inc. (The)(a)

      28,609          995,879  

Simpson Manufacturing Co., Inc.

      14,110          1,370,928  

Trex Co., Inc.(a)

      10,730          768,268  
       

 

 

  
          3,591,354  
       

 

 

  

Commercial Services & Supplies – 1.5%

        

Tetra Tech, Inc.

      16,215          1,548,533  
       

 

 

  

Machinery – 4.0%

        

Chart Industries, Inc.(a)

      16,548          1,162,828  

ITT, Inc.

      19,060          1,125,493  

John Bean Technologies Corp.

      13,710          1,259,812  

Nordson Corp.

      2,845          545,728  
       

 

 

  
          4,093,861  
       

 

 

  

Road & Rail – 2.5%

        

Knight-Swift Transportation Holdings, Inc.

      25,427          1,034,879  

Saia, Inc.(a)

      11,710          1,477,099  
       

 

 

  
          2,511,978  
       

 

 

  

Trading Companies & Distributors – 2.3%

        

SiteOne Landscape Supply, Inc.(a)

      12,868          1,569,253  

United Rentals, Inc.(a) (b)

      4,450          776,525  
       

 

 

  
          2,345,778  
       

 

 

  
          16,286,098  
       

 

 

  

Consumer Discretionary – 14.5%

        

Auto Components – 1.3%

        

Fox Factory Holding Corp.(a)

      18,071          1,343,217  
       

 

 

  

Diversified Consumer Services – 1.9%

        

Chegg, Inc.(a)

      15,470          1,105,177  

Strategic Education, Inc.

      8,740          799,448  
       

 

 

  
          1,904,625  
       

 

 

  

Hotels, Restaurants & Leisure – 3.3%

        

Planet Fitness, Inc.(a)

      15,214          937,487  

Texas Roadhouse, Inc. - Class A

      21,150          1,285,708  

Wingstop, Inc.

      8,406          1,148,680  
       

 

 

  
          3,371,875  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Household Durables – 2.3%

        

Installed Building Products, Inc.(a)

      6,920        $ 704,110  

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

      23,863          661,244  

Meritage Homes Corp.(a)

      8,240          909,613  
       

 

 

  
          2,274,967  
       

 

 

  

Internet & Direct Marketing Retail – 0.8%

        

RealReal, Inc. (The)(a) (b)

      56,715          820,666  
       

 

 

  

Multiline Retail – 0.9%

        

Ollie’s Bargain Outlet Holdings, Inc.(a)

      10,830          946,001  
       

 

 

  

Specialty Retail – 4.0%

        

Five Below, Inc.(a)

      5,672          720,344  

Floor & Decor Holdings, Inc. - Class A(a)

      14,280          1,068,144  

Lithia Motors, Inc. - Class A

      4,350          991,539  

Sleep Number Corp.(a)

      24,659          1,206,072  
       

 

 

  
          3,986,099  
       

 

 

  
          14,647,450  
       

 

 

  

Financials – 7.3%

        

Capital Markets – 3.1%

        

Hamilton Lane, Inc. - Class A

      14,897          962,197  

Houlihan Lokey, Inc.

      19,680          1,162,104  

Stifel Financial Corp.

      20,377          1,030,261  
       

 

 

  
          3,154,562  
       

 

 

  

Insurance – 4.2%

        

Inari Medical, Inc.(a)

      10,490          724,020  

Palomar Holdings, Inc.(a)

      11,786          1,228,573  

Trean Insurance Group, Inc.(a)

      31,280          477,020  

Trupanion, Inc.(a) (b)

      22,929          1,809,098  
       

 

 

  
          4,238,711  
       

 

 

  
          7,393,273  
       

 

 

  

Consumer Staples – 3.5%

        

Food & Staples Retailing – 1.1%

        

Grocery Outlet Holding Corp.(a)

      28,413          1,117,199  
       

 

 

  

Food Products – 2.4%

 

Freshpet, Inc.(a)

      14,991          1,673,745  

Vital Farms, Inc.(a)

      17,409          705,587  
       

 

 

  
          2,379,332  
       

 

 

  
          3,496,531  
       

 

 

  

Real Estate – 1.3%

        

Equity Real Estate Investment Trusts (REITs) – 1.3%

        

QTS Realty Trust, Inc. - Class A

      21,064          1,327,453  
       

 

 

  

Materials – 0.7%

        

Containers & Packaging – 0.7%

        

Ranpak Holdings Corp.(a)

      72,461          689,829  
       

 

 

  

 

4

Company    Shares        U.S. $ Value  

Total Common Stocks
(cost $75,930,874)

         $ 99,011,946  
       

 

 

  

SHORT-TERM INVESTMENTS – 2.0%

 

Investment Companies – 2.0%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e)
(cost $1,978,764)

      1,978,764          1,978,764  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 100.0%
(cost $77,909,638)

 

        100,990,710  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.9%

 

Investment Companies – 2.9%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e)
(cost $2,929,799)

      2,929,799          2,929,799  
       

 

 

  

Total Investments – 102.9%
(cost $80,839,437)(f)

 

                103,920,509  

Other assets less liabilities – (2.9)%

           (2,948,595 ) 
       

 

 

  

Net Assets – 100.0%

         $ 100,971,914  
       

 

 

  

 

(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, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $24,722,367 and gross unrealized depreciation of investments was $(1,641,295), resulting in net unrealized appreciation of $23,081,072.

 

  

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

 

5

AB Variable Products Series Fund, Inc.

AB Small Cap Growth 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)    $ 99,011,946      $                 —      $                 —      $ 99,011,946  
Short-Term Investments      1,978,764        —        —        1,978,764  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      2,929,799        —        —        2,929,799  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      103,920,509        —        —        103,920,509  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     103,920,509      $ —      $ —      $     103,920,509  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

See Portfolio of Investments for sector classifications.

 

6

(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    $ 1,604      $ 36,714      $ 36,339      $ 1,979      $ 8  
Government Money Market Portfolio*      3,070        22,238        22,378        2,930        0 ** 
Total    $   4,674      $   58,952      $   58,717      $   4,909      $ 8  

 

*

Investments of cash collateral for securities lending transactions.

**

Amount less than $500.

 

7