NPORT-EX 2 NPORT_64VS_62803997_0322.htm HTML

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2022 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.8%

       

Information Technology – 26.4%

       

Electronic Equipment, Instruments & Components – 3.9%

       

Allegro MicroSystems, Inc.(a)

              23,041        $ 654,364  

Littelfuse, Inc.

     3,160          788,136  

Novanta, Inc.(a)

     7,520          1,070,021  
       

 

 

 
          2,512,521  
       

 

 

 

IT Services – 4.1%

       

BigCommerce Holdings, Inc.(a)

     20,739          454,391  

DigitalOcean Holdings, Inc.(a)

     11,100          642,135  

Shift4 Payments, Inc. - Class A(a)

     11,503          712,381  

Switch, Inc. - Class A

     27,750          855,255  
       

 

 

 
                2,664,162  
       

 

 

 

Semiconductors & Semiconductor Equipment – 9.2%

       

Ambarella, Inc.(a)

     5,620          589,650  

Lattice Semiconductor Corp.(a)

     20,009          1,219,549  

MACOM Technology Solutions Holdings, Inc.(a)

     15,668          938,043  

Onto Innovation, Inc.(a)

     6,690          581,294  

Semtech Corp.(a)

     9,740          675,372  

Silicon Laboratories, Inc.(a)

     5,554          834,211  

Synaptics, Inc.(a)

     5,725          1,142,137  
       

 

 

 
          5,980,256  
       

 

 

 

Software – 9.2%

       

Anaplan, Inc.(a)

     9,249          601,648  

Blackline, Inc.(a)

     9,390          687,536  

Braze, Inc.(a)

     8,038          333,336  

Enfusion, Inc.(a)

     19,681          250,342  

Manhattan Associates, Inc.(a)

     7,048          977,628  

Monday.com Ltd.(a)

     2,640          417,305  

Rapid7, Inc.(a)

     10,162          1,130,421  

Smartsheet, Inc. - Class A(a)

     10,898          596,992  

Varonis Systems, Inc.(a)

     21,585          1,026,151  
       

 

 

 
          6,021,359  
       

 

 

 
          17,178,298  
       

 

 

 

Health Care – 22.1%

       

Biotechnology – 9.7%

       

ADC Therapeutics SA(a)

     13,420          197,140  

Annexon, Inc.(a)

     18,545          50,628  

Arrowhead Pharmaceuticals, Inc.(a)

     11,770          541,302  

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

     2,868          336,589  

Biohaven Pharmaceutical Holding Co., Ltd.(a)

     2,586          306,622  

Blueprint Medicines Corp.(a)

     6,717          429,082  

Coherus Biosciences, Inc.(a)

     25,241          325,861  

Erasca, Inc.(a) (b)

     14,766          126,988  

Insmed, Inc.(a)

     18,676          438,886  

Instil Bio, Inc.(a) (b)

     19,619          210,904  

 

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Company    Shares        U.S. $ Value  

Intellia Therapeutics, Inc.(a)

     7,770        $ 564,646  

iTeos Therapeutics, Inc.(a)

     8,689          279,612  

Legend Biotech Corp. (ADR)(a)

     8,692          315,867  

Praxis Precision Medicines, Inc.(a)

     16,210          165,504  

Recursion Pharmaceuticals, Inc.(a)

              24,790          177,496  

Relay Therapeutics, Inc.(a)

     13,445          402,409  

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

     8,137          218,479  

Ultragenyx Pharmaceutical, Inc.(a)

     4,783          347,342  

Vir Biotechnology, Inc.(a)

     13,432          345,471  

Y-mAbs Therapeutics, Inc.(a)

     22,005          261,419  

Zentalis Pharmaceuticals, Inc.(a)

     7,066          326,025  
       

 

 

 
              6,368,272  
       

 

 

 

Health Care Equipment & Supplies – 7.4%

       

AtriCure, Inc.(a)

     16,380          1,075,675  

Figs, Inc.(a)

     26,276          565,459  

iRhythm Technologies, Inc.(a)

     4,810          757,431  

Outset Medical, Inc.(a)

     24,791          1,125,511  

Sight Sciences, Inc.(a)

     14,151          163,586  

Silk Road Medical, Inc.(a)

     15,942          658,245  

Treace Medical Concepts, Inc.(a)

     24,996          472,674  
       

 

 

 
          4,818,581  
       

 

 

 

Health Care Providers & Services – 2.5%

       

Certara, Inc.(a)

     23,848          512,255  

Inari Medical, Inc.(a)

     12,323          1,116,957  

LianBio (ADR)(a)

     5,374          19,937  
       

 

 

 
          1,649,149  
       

 

 

 

Health Care Technology – 1.2%

       

Health Catalyst, Inc.(a)

     29,192          762,787  
       

 

 

 

Life Sciences Tools & Services – 1.3%

       

Repligen Corp.(a)

     4,410          829,477  
       

 

 

 
          14,428,266  
       

 

 

 

Industrials – 16.7%

       

Aerospace & Defense – 1.2%

       

Axon Enterprise, Inc.(a)

     5,540          763,024  
       

 

 

 

Building Products – 2.2%

       

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

     23,199          576,263  

Simpson Manufacturing Co., Inc.

     7,920          863,597  
       

 

 

 
          1,439,860  
       

 

 

 

Commercial Services & Supplies – 2.0%

       

Tetra Tech, Inc.

     7,850          1,294,779  
       

 

 

 

Construction & Engineering – 1.1%

       

Hayward Holdings, Inc.(a)

     41,748          693,852  
       

 

 

 

 

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Company    Shares        U.S. $ Value  

Machinery – 4.6%

       

ITT, Inc.

     9,624        $ 723,821  

John Bean Technologies Corp.

     7,848          929,753  

Kornit Digital Ltd.(a)

     7,889          652,341  

Middleby Corp. (The)(a)

     4,450          729,533  
       

 

 

 
          3,035,448  
       

 

 

 

Professional Services – 1.2%

       

Insperity, Inc.

     7,980          801,352  
       

 

 

 

Road & Rail – 1.6%

       

Saia, Inc.(a)

     4,380          1,067,931  
       

 

 

 

Trading Companies & Distributors – 2.8%

       

Herc Holdings, Inc.

     6,530          1,091,098  

SiteOne Landscape Supply, Inc.(a)

     4,418          714,346  
       

 

 

 
          1,805,444  
       

 

 

 
          10,901,690  
       

 

 

 

Consumer Discretionary – 15.7%

       

Auto Components – 1.4%

       

Fox Factory Holding Corp.(a)

     9,451          925,725  
       

 

 

 

Hotels, Restaurants & Leisure – 5.3%

       

Hilton Grand Vacations, Inc.(a)

     23,350          1,214,434  

Life Time Group Holdings, Inc.(a)

     39,097          568,470  

Planet Fitness, Inc.(a)

     11,004          929,618  

Wingstop, Inc.

     6,486          761,132  
       

 

 

 
          3,473,654  
       

 

 

 

Household Durables – 2.2%

       

Lovesac Co. (The)(a)

     11,792          637,476  

Skyline Champion Corp.(a)

     14,330          786,430  
       

 

 

 
              1,423,906  
       

 

 

 

Multiline Retail – 1.4%

       

Driven Brands Holdings, Inc.(a)

              33,262          874,125  
       

 

 

 

Specialty Retail – 5.4%

       

Five Below, Inc.(a)

     4,082          646,466  

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

     7,960          644,760  

Lithia Motors, Inc. - Class A

     2,688          806,723  

National Vision Holdings, Inc.(a)

     21,340          929,784  

Sleep Number Corp.(a)

     9,659          489,808  
       

 

 

 
          3,517,541  
       

 

 

 
          10,214,951  
       

 

 

 

Financials – 9.6%

       

Banks – 2.3%

       

First Financial Bankshares, Inc.

     20,050          884,606  

Live Oak Bancshares, Inc.

     11,660          593,377  
       

 

 

 
          1,477,983  
       

 

 

 

 

3


Company    Shares        U.S. $ Value  

Capital Markets – 4.1%

       

Houlihan Lokey, Inc.

     9,830        $ 863,074  

P10, Inc.(a)

              23,003          278,796  

StepStone Group, Inc.

     24,150          798,399  

Stifel Financial Corp.

     11,065          751,314  
       

 

 

 
              2,691,583  
       

 

 

 

Consumer Finance – 0.6%

       

Fisker, Inc.(a) (b)

     31,290          403,641  
       

 

 

 

Insurance – 2.6%

       

Ryan Specialty Group Holdings, Inc.(a)

     20,478          794,342  

Trupanion, Inc.(a)

     10,159          905,370  
       

 

 

 
          1,699,712  
       

 

 

 
          6,272,919  
       

 

 

 

Energy – 3.2%

       

Energy Equipment & Services – 0.7%

       

ChampionX Corp.(a)

     18,330          448,718  
       

 

 

 

Oil, Gas & Consumable Fuels – 2.5%

       

Magnolia Oil & Gas Corp.

     26,053          616,154  

Matador Resources Co.

     19,480          1,032,050  
       

 

 

 
          1,648,204  
       

 

 

 
          2,096,922  
       

 

 

 

Consumer Staples – 2.1%

       

Food & Staples Retailing – 1.2%

       

Chefs’ Warehouse, Inc. (The)(a)

     23,292          759,319  
       

 

 

 

Food Products – 0.9%

       

Freshpet, Inc.(a)

     3,471          356,264  

Vital Farms, Inc.(a)

     18,759          231,861  
       

 

 

 
          588,125  
       

 

 

 
          1,347,444  
       

 

 

 

Materials – 2.0%

       

Chemicals – 1.1%

       

Element Solutions, Inc.

     32,500          711,750  
       

 

 

 

Containers & Packaging – 0.9%

       

Ranpak Holdings Corp.(a)

     29,021          592,899  
       

 

 

 
          1,304,649  
       

 

 

 

Total Common Stocks
(cost $57,288,066)

          63,745,139  
       

 

 

 

SHORT-TERM INVESTMENTS – 2.5%

       

Investment Companies – 2.5%

       

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.19%(c) (d) (e)
(cost $1,647,178)

     1,647,178          1,647,178  
       

 

 

 

 

4


Company    Shares        U.S. $ Value  

Total Investments Before Security Lending Collateral for Securities Loaned – 100.3%
(cost $58,935,244)

 

     $     65,392,317  
       

 

 

 

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.8%

 

Investment Companies – 0.8%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.19%(c) (d) (e)
(cost $552,546)

     552,546          552,546  
       

 

 

 

Total Investments – 101.1%
(cost $59,487,790)(f)

 

       65,944,863  

Other assets less liabilities – (1.1)%

          (729,367
       

 

 

 

Net Assets – 100.0%

        $ 65,215,496  
       

 

 

 

 

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,307,072 and gross unrealized depreciation of investments was $(5,849,999), resulting in net unrealized appreciation of $6,457,073.

 

  

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

 

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AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

March 31, 2022 (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 Fund’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, 2022:

 

Investments in Securities:

   Level 1      Level 2      Level 3      Total  
Assets:

 

Common Stocks(a)    $ 63,745,139      $                 —      $                 —      $ 63,745,139  
Short-Term Investments      1,647,178                        —                        —        1,647,178  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      552,546                        —                        —        552,546  
  

 

 

    

 

 

    

 

 

    

 

 

 
Total Investments in Securities      65,944,863                        —                        —        65,944,863  
Other Financial Instruments(b)                      —                        —                        —                        —  
  

 

 

    

 

 

    

 

 

    

 

 

 
Total    $     65,944,863      $                 —      $                 —      $     65,944,863  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 three months ended March 31, 2022 is as follows:

 

Fund    Market Value
12/31/2021
(000)
     Purchases
at Cost
(000)
     Sales
Proceeds
(000)
     Market Value
03/31/2022
(000)
     Dividend
Income
(000)
 
Government Money Market Portfolio    $ 540      $ 4,370      $ 3,263      $ 1,647      $ 0 ** 
Government Money Market Portfolio*      0        3,542        2,989        553        0 ** 
Total    $     540      $     7,912      $     6,252      $     2,200      $     0 ** 

 

*

Investments of cash collateral for securities lending transactions.

**

Amount less than $500.

 

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