NPORT-EX 2 NPORT_64VQ_89099114_0322.htm HTML

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2022 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 100.4%

 

Industrials – 25.0%

 

Aerospace & Defense – 1.3%

 

Spirit AeroSystems Holdings, Inc. - Class A

      212,070        $ 10,368,102  
       

 

 

  

Airlines – 0.8%

 

SkyWest, Inc.(a)

      207,274          5,979,855  
       

 

 

  

Building Products – 0.8%

 

Masonite International Corp.(a)

      69,289          6,162,564  
       

 

 

  

Commercial Services & Supplies – 2.1%

 

ADT, Inc.(b)

      1,042,020          7,908,932  

MillerKnoll, Inc.

      243,960          8,431,257  
       

 

 

  
          16,340,189  
       

 

 

  

Construction & Engineering – 5.3%

 

AECOM

      184,370          14,161,460  

Arcosa, Inc.

      109,521          6,270,077  

Dycom Industries, Inc.(a)

      112,820          10,747,233  

WillScot Mobile Mini Holdings Corp.(a)

      250,990          9,821,239  
       

 

 

  
          41,000,009  
       

 

 

  

Electrical Equipment – 3.8%

 

Regal Rexnord Corp.

      81,685          12,153,094  

Sensata Technologies Holding PLC(a)

      169,150          8,601,278  

Vertiv Holdings Co.

      602,115          8,429,610  
       

 

 

  
          29,183,982  
       

 

 

  

Machinery – 1.9%

 

Oshkosh Corp.

      80,150          8,067,097  

Timken Co. (The)

      112,880          6,851,816  
       

 

 

  
          14,918,913  
       

 

 

  

Marine – 1.4%

 

Kirby Corp.(a)

      147,686          10,661,452  
       

 

 

  

Professional Services – 2.0%

 

Korn Ferry

      99,378          6,453,608  

Robert Half International, Inc.

      83,340          9,515,761  
       

 

 

  
          15,969,369  
       

 

 

  

Road & Rail – 2.4%

 

Knight-Swift Transportation Holdings, Inc.

      165,521          8,352,190  

XPO Logistics, Inc.(a)

      140,030          10,194,184  
       

 

 

  
          18,546,374  
       

 

 

  

Trading Companies & Distributors – 3.2%

 

Applied Industrial Technologies, Inc.

      69,430          7,127,684  

GATX Corp.

      49,180          6,065,369  

Herc Holdings, Inc.

      69,330          11,584,350  
       

 

 

  
          24,777,403  
       

 

 

  
              193,908,212  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Financials – 19.2%

 

Banks – 11.6%

 

Comerica, Inc.

      118,430        $ 10,709,625  

First BanCorp./Puerto Rico

      253,044          3,319,937  

First Citizens BancShares, Inc./NC - Class A

      16,600          11,048,960  

First Hawaiian, Inc.

      355,840          9,924,377  

Synovus Financial Corp.

      212,922          10,433,178  

Texas Capital Bancshares, Inc.(a)

      153,402          8,791,469  

Umpqua Holdings Corp.

      347,880          6,561,017  

Webster Financial Corp.

      175,832          9,867,692  

Wintrust Financial Corp.

      96,230          8,942,654  

Zions Bancorp NA

      159,628          10,465,212  
       

 

 

  
          90,064,121  
       

 

 

  

Capital Markets – 2.1%

 

Moelis & Co.

      181,565          8,524,477  

Stifel Financial Corp.

      118,207          8,026,255  
       

 

 

  
          16,550,732  
       

 

 

  

Insurance – 4.3%

 

American Financial Group, Inc./OH

      60,520          8,812,922  

Hanover Insurance Group, Inc. (The)

      63,830          9,543,862  

Kemper Corp.

      128,100          7,242,774  

Selective Insurance Group, Inc.

      85,715          7,659,492  
       

 

 

  
          33,259,050  
       

 

 

  

Thrifts & Mortgage Finance – 1.2%

 

BankUnited, Inc.

      206,666          9,085,037  
       

 

 

  
              148,958,940  
       

 

 

  

Consumer Discretionary – 15.4%

 

Auto Components – 1.9%

 

Dana, Inc.

      278,520          4,893,597  

Goodyear Tire & Rubber Co. (The)(a)

      689,470          9,852,526  
       

 

 

  
          14,746,123  
       

 

 

  

Hotels, Restaurants & Leisure – 4.4%

 

Dine Brands Global, Inc.

      122,226          9,527,517  

Hilton Grand Vacations, Inc.(a)

      189,800          9,871,498  

Papa John’s International, Inc.

      85,192          8,969,014  

Scientific Games Corp./DE - Class A(a)

      97,640          5,736,350  
       

 

 

  
          34,104,379  
       

 

 

  

Household Durables – 2.8%

 

KB Home

      209,430          6,781,343  

PulteGroup, Inc.

      232,170          9,727,923  

Taylor Morrison Home Corp. - Class A(a)

      192,499          5,239,823  
       

 

 

  
          21,749,089  
       

 

 

  

Specialty Retail – 2.2%

 

Sally Beauty Holdings, Inc.(a)

      495,110          7,738,569  

Williams-Sonoma, Inc.(b)

      62,984          9,132,680  
       

 

 

  
          16,871,249  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Textiles, Apparel & Luxury Goods – 4.1%

 

Carter’s, Inc.

      115,710        $ 10,644,163  

Kontoor Brands, Inc.(b)

      125,154          5,175,118  

Ralph Lauren Corp.

      76,630          8,692,907  

Tapestry, Inc.

      194,260          7,216,759  
       

 

 

  
          31,728,947  
       

 

 

  
              119,199,787  
       

 

 

  

Information Technology – 8.3%

 

Communications Equipment – 1.3%

 

Lumentum Holdings, Inc.(a) (b)

      100,780          9,836,128  
       

 

 

  

Electronic Equipment, Instruments & Components – 2.0%

 

Avnet, Inc.

      228,887          9,290,523  

Belden, Inc.

      117,894          6,531,328  
       

 

 

  
          15,821,851  
       

 

 

  

IT Services – 0.6%

 

Genpact Ltd.

      107,311          4,669,102  
       

 

 

  

Semiconductors & Semiconductor Equipment – 2.1%

 

Kulicke & Soffa Industries, Inc.(b)

      89,578          5,018,159  

ON Semiconductor Corp.(a)

      185,090          11,588,485  
       

 

 

  
          16,606,644  
       

 

 

  

Software – 2.3%

 

ACI Worldwide, Inc.(a)

      278,450          8,768,390  

CommVault Systems, Inc.(a)

      131,716          8,739,357  
       

 

 

  
          17,507,747  
       

 

 

  
          64,441,472  
       

 

 

  

Real Estate – 8.1%

 

Equity Real Estate Investment Trusts (REITs) – 8.1%

 

American Campus Communities, Inc.

      151,905          8,502,123  

Broadstone Net Lease, Inc.

      341,810          7,444,622  

Camden Property Trust

      75,953          12,623,388  

Cousins Properties, Inc.

      222,530          8,965,734  

CubeSmart

      135,462          7,048,088  

Physicians Realty Trust

      595,941          10,452,805  

STAG Industrial, Inc.

      197,898          8,183,082  
       

 

 

  
          63,219,842  
       

 

 

  

Health Care – 8.1%

 

Health Care Equipment & Supplies – 2.3%

 

Envista Holdings Corp.(a)

      182,890          8,908,572  

Integra LifeSciences Holdings Corp.(a)

      139,710          8,977,764  
       

 

 

  
          17,886,336  
       

 

 

  

Health Care Providers & Services – 2.9%

 

Acadia Healthcare Co., Inc.(a)

      174,740          11,450,712  

MEDNAX, Inc.(a)

      457,810          10,749,379  
       

 

 

  
          22,200,091  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Health Care Technology – 1.4%

 

Change Healthcare, Inc.(a)

      500,490        $ 10,910,682  
       

 

 

  

Life Sciences Tools & Services – 1.5%

 

Syneos Health, Inc.(a)

      144,400          11,689,180  
       

 

 

  
          62,686,289  
       

 

 

  

Materials – 5.9%

 

Chemicals – 1.7%

 

Huntsman Corp.

      182,490          6,845,200  

Innospec, Inc.

      55,330          5,120,792  

Orion Engineered Carbons SA

      45,077          719,880  

Trinseo PLC(b)

      6,394          306,400  
       

 

 

  
          12,992,272  
       

 

 

  

Containers & Packaging – 2.2%

 

Berry Global Group, Inc.(a)

      159,710          9,256,791  

Sealed Air Corp.

      124,307          8,323,597  
       

 

 

  
          17,580,388  
       

 

 

  

Metals & Mining – 2.0%

 

Carpenter Technology Corp.

      183,821          7,716,806  

Reliance Steel & Aluminum Co.

      43,126          7,907,152  
       

 

 

  
          15,623,958  
       

 

 

  
          46,196,618  
       

 

 

  

Energy – 4.3%

 

Energy Equipment & Services – 1.3%

 

Cactus, Inc. - Class A

      185,720          10,537,753  
       

 

 

  

Oil, Gas & Consumable Fuels – 3.0%

 

Coterra Energy, Inc.

      423,861          11,431,531  

HF Sinclair Corp.(a)

      294,895          11,751,566  
       

 

 

  
          23,183,097  
       

 

 

  
                33,720,850  
       

 

 

  

Utilities – 2.6%

 

Electric Utilities – 1.7%

 

IDACORP, Inc.

      112,724          13,003,841  
       

 

 

  

Gas Utilities – 0.9%

 

Southwest Gas Holdings, Inc.

      86,870          6,801,052  
       

 

 

  
          19,804,893  
       

 

 

  

Consumer Staples – 2.5%

 

Food Products – 2.5%

 

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

      305,695          10,515,908  

Nomad Foods Ltd.(a)

      405,446          9,154,971  
       

 

 

  
          19,670,879  
       

 

 

  

Communication Services – 1.0%

 

Media – 1.0%

 

Criteo SA (Sponsored ADR)(a)

      293,119          7,984,561  
       

 

 

  

Total Common Stocks
(cost $635,274,162)

           779,792,343  
       

 

 

  

 

4

Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 0.5%

 

Investment Companies – 0.5%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.19%(c) (d) (e)
(cost $3,491,732)

      3,491,732        $ 3,491,732  
       

 

 

  

Total Investments – 100.9%
(cost $638,765,894)(f)

 

        783,284,075  

Other assets less liabilities – (0.9)%

           (6,979,827 ) 
       

 

 

  

Net Assets – 100.0%

         $     776,304,248  
       

 

 

  

 

(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 $165,328,338 and gross unrealized depreciation of investments was $(20,810,157), resulting in net unrealized appreciation of $144,518,181.

 

  

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

REIT – Real Estate Investment Trust

 

5

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value 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 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, 2022:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Common Stocks(a)    $ 779,792,343      $ —      $ —      $ 779,792,343  
Short-Term Investments      3,491,732        —        —        3,491,732  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      783,284,075        —        —        783,284,075  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     783,284,075      $                 —      $                 —      $     783,284,075  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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.

 

6

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    $ 1,852      $ 51,989      $ 50,349      $ 3,492      $ 0 ** 
Government Money Market Portfolio*      20        2        22        0        0 ** 
Total    $     1,872      $     51,991      $     50,371      $     3,492      $     0  

 

*

Investments of cash collateral for securities lending transactions.

**

Amount less than $500.

 

7