NPORT-EX 2 NPORT_64VH_41401876_0322.htm HTML

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

March 31, 2022 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.3%

        

Industrials – 17.6%

        

Aerospace & Defense – 6.0%

        

Curtiss-Wright Corp.

      57,136        $ 8,579,542  

Hexcel Corp.

      57,700          3,431,419  

Raytheon Technologies Corp.

      246,924          24,462,760  

Textron, Inc.

      234,313          17,428,201  
       

 

 

  
                53,901,922  
       

 

 

  

Air Freight & Logistics – 0.9%

        

Expeditors International of Washington, Inc.

      82,404          8,500,797  
       

 

 

  

Construction & Engineering – 0.9%

        

EMCOR Group, Inc.

      69,020          7,773,723  
       

 

 

  

Electrical Equipment – 2.6%

        

Acuity Brands, Inc.

      29,673          5,617,099  

Emerson Electric Co.

           184,999          18,139,152  
       

 

 

  
          23,756,251  
       

 

 

  

Machinery – 2.8%

        

Altra Industrial Motion Corp.

      65,876          2,564,553  

Middleby Corp. (The)(a)

      19,341          3,170,764  

Toro Co. (The)

      60,500          5,172,145  

Westinghouse Air Brake Technologies Corp.

      149,297          14,357,892  
       

 

 

  
          25,265,354  
       

 

 

  

Professional Services – 1.5%

        

Robert Half International, Inc.

      114,277          13,048,148  
       

 

 

  

Road & Rail – 1.8%

        

Knight-Swift Transportation Holdings, Inc.

      311,023          15,694,220  
       

 

 

  

Trading Companies & Distributors – 1.1%

        

MSC Industrial Direct Co., Inc. - Class A

      115,298          9,824,542  
       

 

 

  
          157,764,957  
       

 

 

  

Health Care – 17.0%

        

Biotechnology – 3.4%

        

Amgen, Inc.

      97,835          23,658,460  

Regeneron Pharmaceuticals, Inc.(a)

      10,030          7,005,152  
       

 

 

  
          30,663,612  
       

 

 

  

Health Care Providers & Services – 6.4%

        

Anthem, Inc.

      71,857          35,297,595  

Cigna Corp.

      70,762          16,955,283  

Quest Diagnostics, Inc.

      36,209          4,955,564  
       

 

 

  
          57,208,442  
       

 

 

  

Life Sciences Tools & Services – 3.1%

        

Bio-Rad Laboratories, Inc. - Class A(a)

      21,746          12,248,000  

PerkinElmer, Inc.(b)

      86,379          15,069,680  
       

 

 

  
          27,317,680  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Pharmaceuticals – 4.1%

        

Pfizer, Inc.

      245,890        $ 12,729,725  

Roche Holding AG (Sponsored ADR)

      483,050          23,867,501  
       

 

 

  
          36,597,226  
       

 

 

  
                151,786,960  
       

 

 

  

Financials – 16.3%

        

Banks – 6.3%

        

JPMorgan Chase & Co.

      125,708          17,136,515  

Wells Fargo & Co.

      807,805          39,146,230  
       

 

 

  
          56,282,745  
       

 

 

  

Capital Markets – 3.7%

        

Goldman Sachs Group, Inc. (The)

      64,070          21,149,507  

Northern Trust Corp.

      104,333          12,149,578  
       

 

 

  
          33,299,085  
       

 

 

  

Consumer Finance – 0.9%

        

Capital One Financial Corp.

      59,743          7,843,659  
       

 

 

  

Diversified Financial Services – 3.7%

        

Berkshire Hathaway, Inc. - Class B(a)

      94,011          33,177,422  
       

 

 

  

Insurance – 1.7%

        

Aflac, Inc.

           123,973          7,982,621  

Allstate Corp. (The)

      53,727          7,441,727  
       

 

 

  
          15,424,348  
       

 

 

  
          146,027,259  
       

 

 

  

Consumer Discretionary – 11.7%

        

Auto Components – 0.8%

        

BorgWarner, Inc.

      190,851          7,424,104  
       

 

 

  

Distributors – 1.9%

        

LKQ Corp.

      383,116          17,397,298  
       

 

 

  

Household Durables – 1.9%

        

DR Horton, Inc.

      224,421          16,721,609  
       

 

 

  

Multiline Retail – 2.5%

        

Target Corp.

      104,302          22,134,970  
       

 

 

  

Specialty Retail – 4.2%

        

AutoZone, Inc.(a)

      5,713          11,680,686  

Lowe’s Cos., Inc.

      60,070          12,145,553  

Murphy USA, Inc.

      28,590          5,716,856  

Ulta Beauty, Inc.(a)

      21,100          8,402,442  
       

 

 

  
          37,945,537  
       

 

 

  

Textiles, Apparel & Luxury Goods – 0.4%

        

Deckers Outdoor Corp.(a)

      12,425          3,401,592  
       

 

 

  
          105,025,110  
       

 

 

  

Information Technology – 10.1%

        

Communications Equipment – 3.4%

        

Ciena Corp.(a)

      178,467          10,820,454  

Cisco Systems, Inc.

      282,582          15,756,772  

F5, Inc.(a)

      16,467          3,440,780  
       

 

 

  
          30,018,006  
       

 

 

  

 

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Company    Shares        U.S. $ Value  

Electronic Equipment, Instruments & Components – 1.2%

        

Keysight Technologies, Inc.(a)

      67,822        $       10,713,842  
       

 

 

  

IT Services – 4.7%

        

Cognizant Technology Solutions Corp. - Class A

           225,696          20,238,160  

FleetCor Technologies, Inc.(a)

      60,239          15,003,125  

Maximus, Inc.

      94,447          7,078,803  
       

 

 

  
          42,320,088  
       

 

 

  

Semiconductors & Semiconductor Equipment – 0.8%

        

MKS Instruments, Inc.

      48,241          7,236,150  
       

 

 

  
          90,288,086  
       

 

 

  

Communication Services – 5.9%

        

Diversified Telecommunication Services – 5.9%

        

Comcast Corp. - Class A

      511,763          23,960,744  

Verizon Communications, Inc.

      573,890          29,233,956  
       

 

 

  
          53,194,700  
       

 

 

  

Consumer Staples – 5.7%

        

Food & Staples Retailing – 2.2%

        

Walmart, Inc.

      133,664          19,905,243  
       

 

 

  

Tobacco – 3.5%

        

Philip Morris International, Inc.

      329,754          30,977,091  
       

 

 

  
          50,882,334  
       

 

 

  

Energy – 5.1%

        

Energy Equipment & Services – 0.8%

        

Helmerich & Payne, Inc.

      175,932          7,526,371  
       

 

 

  

Oil, Gas & Consumable Fuels – 4.3%

        

Chevron Corp.

      47,094          7,668,316  

ConocoPhillips

      83,911          8,391,100  

EOG Resources, Inc.

      114,028          13,595,558  

Phillips 66

      98,110          8,475,723  
       

 

 

  
          38,130,697  
       

 

 

  
          45,657,068  
       

 

 

  

Real Estate – 3.7%

        

Equity Real Estate Investment Trusts (REITs) – 1.4%

        

Weyerhaeuser Co.

      329,110          12,473,269  
       

 

 

  

Real Estate Management & Development – 2.3%

        

CBRE Group, Inc. - Class A(a)

      221,127          20,237,543  
       

 

 

  
          32,710,812  
       

 

 

  

Materials – 3.2%

        

Chemicals – 1.3%

        

Mosaic Co. (The)

      172,140          11,447,310  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Metals & Mining – 1.9%

        

BHP Group Ltd. (Sponsored ADR)

      112,308        $ 8,675,793  

Steel Dynamics, Inc.

      101,368          8,457,132  
       

 

 

  
          17,132,925  
       

 

 

  
          28,580,235  
       

 

 

  

Utilities – 1.0%

        

Electric Utilities – 1.0%

        

IDACORP, Inc.

      79,565          9,178,619  
       

 

 

  

Total Common Stocks
(cost $668,359,936)

           871,096,140  
       

 

 

  

SHORT-TERM INVESTMENTS – 3.4%

        

Investment Companies – 3.4%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.19%(c) (d) (e)
(cost $30,601,811)

      30,601,811          30,601,811  
       

 

 

  

Total Investments – 100.7%
(cost $698,961,747)(f)

           901,697,951  

Other assets less liabilities – (0.7)%

           (5,882,082 ) 
       

 

 

  

Net Assets – 100.0%

         $     895,815,869  
       

 

 

  

 

(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 $209,134,162 and gross unrealized depreciation of investments was $(6,397,958), resulting in net unrealized appreciation of $202,736,204.

 

  

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

 

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AB Variable Products Series Fund, Inc.

AB Growth and Income 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)    $ 871,096,140      $ —      $ —      $ 871,096,140  
Short-Term Investments      30,601,811        —        —        30,601,811  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      901,697,951        —        —        901,697,951  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     901,697,951      $                 —      $                 —      $     901,697,951  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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.

 

5

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    $     16,507      $     85,761      $     71,666      $     30,602      $     3  
Government Money Market Portfolio*      6,838        1,362        8,200        0        0 ** 
Total    $ 23,345      $ 87,123      $ 79,866      $ 30,602      $ 3  

 

*

Investments of cash collateral for securities lending transactions.

**

Amount less than $500.

 

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