NPORT-EX 2 NPORT_64VS_24216669_0922.htm HTML

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2022 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.6%

 

Information Technology – 23.4%

 

Electronic Equipment, Instruments & Components – 3.6%

 

Allegro MicroSystems, Inc.(a)

      23,201        $ 506,942  

Littelfuse, Inc.

      2,327          462,352  

Novanta, Inc.(a)

      6,442          745,017  
       

 

 

  
          1,714,311  
       

 

 

  

IT Services – 4.4%

 

BigCommerce Holdings, Inc.(a)

      38,930          576,164  

DigitalOcean Holdings, Inc.(a)

      14,190          513,252  

Flywire Corp.(a)

      21,614          496,257  

Shift4 Payments, Inc. - Class A(a)

      11,652          519,796  
       

 

 

  
          2,105,469  
       

 

 

  

Semiconductors & Semiconductor Equipment – 5.4%

 

Lattice Semiconductor Corp.(a)

      11,530          567,391  

MACOM Technology Solutions Holdings, Inc.(a)

      14,288          739,976  

Onto Innovation, Inc.(a)

      6,684          428,110  

Silicon Laboratories, Inc.(a)

      5,048          623,125  

Synaptics, Inc.(a)

      2,245          222,278  
       

 

 

  
          2,580,880  
       

 

 

  

Software – 10.0%

 

Blackline, Inc.(a)

      9,590          574,441  

Braze, Inc. - Class A(a)

      14,218          495,213  

Elastic NV(a)

      7,610          545,941  

Enfusion, Inc. - Class A(a)

      18,771          231,634  

Five9, Inc.(a)

      7,580          568,348  

Manhattan Associates, Inc.(a)

      6,021          800,974  

Monday.com Ltd.(a)

      4,276          484,642  

Rapid7, Inc.(a)

      3,922          168,254  

Smartsheet, Inc. - Class A(a)

      15,206          522,478  

Varonis Systems, Inc.(a)

      15,155          401,911  
       

 

 

  
          4,793,836  
       

 

 

  
                11,194,496  
       

 

 

  

Health Care – 21.6%

 

Biotechnology – 9.6%

 

ADC Therapeutics SA(a)

      13,130          63,287  

Arrowhead Pharmaceuticals, Inc.(a)

      10,459          345,670  

Ascendis Pharma A/S (ADR)(a)

      2,815          290,677  

Blueprint Medicines Corp.(a)

      6,280          413,789  

Coherus Biosciences, Inc.(a)

      26,658          256,183  

Erasca, Inc.(a) (b)

      18,070          140,946  

Insmed, Inc.(a)

      16,539          356,250  

Intellia Therapeutics, Inc.(a)

      6,102          341,468  

IVERIC bio, Inc.(a)

      16,990          304,801  

Karuna Therapeutics, Inc.(a)

      2,330          524,087  

 

1

Company    Shares        U.S. $ Value  

Legend Biotech Corp. (ADR)(a)

      6,304        $ 257,203  

Recursion Pharmaceuticals, Inc. - Class A(a) (b)

      22,597          240,432  

Relay Therapeutics, Inc.(a)

      9,843          220,188  

Ultragenyx Pharmaceutical, Inc.(a)

      4,978          206,139  

Vir Biotechnology, Inc.(a)

      9,559          184,297  

Y-mAbs Therapeutics, Inc.(a)

      15,754          227,173  

Zentalis Pharmaceuticals, Inc.(a)

      9,867          213,719  
       

 

 

  
          4,586,309  
       

 

 

  

Health Care Equipment & Supplies – 7.0%

 

AtriCure, Inc.(a)

      17,114          669,157  

iRhythm Technologies, Inc.(a)

      5,524          692,047  

Lantheus Holdings, Inc.(a)

      11,480          807,388  

Silk Road Medical, Inc.(a)

      14,286          642,870  

Treace Medical Concepts, Inc.(a)

      25,352          559,519  
       

 

 

  
          3,370,981  
       

 

 

  

Health Care Providers & Services – 3.0%

 

Inari Medical, Inc.(a)

      9,202          668,433  

R1 RCM, Inc.(a)

      40,162          744,202  
       

 

 

  
          1,412,635  
       

 

 

  

Life Sciences Tools & Services – 1.0%

 

Repligen Corp.(a)

      2,595          485,551  
       

 

 

  

Pharmaceuticals – 1.0%

 

Intra-Cellular Therapies, Inc.(a)

      9,860          458,786  
       

 

 

  
                10,314,262  
       

 

 

  

Industrials – 16.6%

 

Aerospace & Defense – 4.0%

 

Axon Enterprise, Inc.(a)

      6,313          730,730  

Curtiss-Wright Corp.

      4,650          647,094  

Hexcel Corp.

      10,200          527,544  
       

 

 

  
          1,905,368  
       

 

 

  

Building Products – 1.0%

 

Armstrong World Industries, Inc.

      6,070          480,926  
       

 

 

  

Commercial Services & Supplies – 1.4%

 

Tetra Tech, Inc.

      5,222          671,184  
       

 

 

  

Machinery – 3.9%

 

ITT, Inc.

      9,035          590,347  

John Bean Technologies Corp.

      7,640          657,040  

Middleby Corp. (The)(a)

      4,785          613,293  
       

 

 

  
          1,860,680  
       

 

 

  

Professional Services – 2.0%

 

FTI Consulting, Inc.(a)

      790          130,911  

Insperity, Inc.

      8,241          841,323  
       

 

 

  
          972,234  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Road & Rail – 1.6%

 

Saia, Inc.(a)

      4,106        $ 780,140  
       

 

 

  

Trading Companies & Distributors – 2.7%

 

Herc Holdings, Inc.

      7,483          777,334  

SiteOne Landscape Supply, Inc.(a)

      4,813          501,226  
       

 

 

  
          1,278,560  
       

 

 

  
          7,949,092  
       

 

 

  

Consumer Discretionary – 15.0%

 

Auto Components – 1.4%

 

Fox Factory Holding Corp.(a)

      8,231          650,907  
       

 

 

  

Diversified Consumer Services – 0.8%

 

European Wax Center, Inc. - Class A

      21,306          393,096  
       

 

 

  

Hotels, Restaurants & Leisure – 5.4%

 

Hilton Grand Vacations, Inc.(a)

      22,588          742,919  

Life Time Group Holdings, Inc.(a) (b)

      37,667          367,253  

Planet Fitness, Inc. - Class A(a)

      11,263          649,425  

Texas Roadhouse, Inc.

      9,660          842,932  
       

 

 

  
          2,602,529  
       

 

 

  

Household Durables – 1.9%

 

Lovesac Co. (The)(a)

      11,551          235,409  

Skyline Champion Corp.(a)

      12,985          686,517  
       

 

 

  
          921,926  
       

 

 

  

Multiline Retail – 1.6%

 

Driven Brands Holdings, Inc.(a)

      26,642          745,443  
       

 

 

  

Specialty Retail – 3.9%

 

Five Below, Inc.(a)

      2,687          369,919  

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

      4,692          329,660  

Lithia Motors, Inc.

      2,525          541,739  

National Vision Holdings, Inc.(a)

      18,643          608,694  
       

 

 

  
          1,850,012  
       

 

 

  
                  7,163,913  
       

 

 

  

Financials – 9.7%

 

Banks – 1.9%

 

First Financial Bankshares, Inc.

      21,101          882,655  
       

 

 

  

Capital Markets – 4.2%

 

Houlihan Lokey, Inc.

      8,671          653,620  

P10, Inc. - Class A

      22,451          236,184  

StepStone Group, Inc. - Class A

      23,176          568,044  

Stifel Financial Corp.

      10,964          569,141  
       

 

 

  
          2,026,989  
       

 

 

  

Insurance – 3.6%

 

Palomar Holdings, Inc.(a)

      5,790          484,739  

Ryan Specialty Holdings, Inc.(a)

      18,570          754,313  

Trupanion, Inc.(a) (b)

      8,379          497,964  
       

 

 

  
          1,737,016  
       

 

 

  
          4,646,660  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Energy – 7.2%

 

Energy Equipment & Services – 2.9%

 

ChampionX Corp.

      38,788        $ 759,081  

Helmerich & Payne, Inc.

      16,480          609,266  
       

 

 

  
          1,368,347  
       

 

 

  

Oil, Gas & Consumable Fuels – 4.3%

 

DTE Midstream LLC(a)

      7,940          412,006  

Magnolia Oil & Gas Corp. - Class A

      36,695          726,928  

Matador Resources Co.

      18,753          917,397  
       

 

 

  
          2,056,331  
       

 

 

  
          3,424,678  
       

 

 

  

Consumer Staples – 3.1%

 

Food & Staples Retailing – 2.7%

 

Chefs’ Warehouse, Inc. (The)(a)

      21,901          634,472  

Grocery Outlet Holding Corp.(a)

      19,670          654,814  
       

 

 

  
          1,289,286  
       

 

 

  

Food Products – 0.4%

 

Vital Farms, Inc.(a)

      18,349          219,638  
       

 

 

  
          1,508,924  
       

 

 

  

Materials – 1.0%

 

Chemicals – 1.0%

 

Element Solutions, Inc.

      29,021          472,172  
       

 

 

  

Total Common Stocks
(cost $50,103,937)

                 46,674,197  
       

 

 

  

SHORT-TERM INVESTMENTS – 3.4%

 

Investment Companies – 3.4%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(c) (d) (e)
(cost $1,633,775)

      1,633,775          1,633,775  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 101.0%
(cost $51,737,712)

 

        48,307,972  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.4%

 

Investment Companies – 0.4%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(c) (d) (e)
(cost $210,633)

      210,633          210,633  
       

 

 

  

 

4

      U.S. $ Value  

Total Investments – 101.4%
(cost $51,948,345)(f)

    $       48,518,605  

Other assets less liabilities – (1.4)%

      (671,929 ) 
  

 

 

  

Net Assets – 100.0%

    $ 47,846,676  
  

 

 

  

 

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,797,917 and gross unrealized depreciation of investments was $(8,227,657), resulting in net unrealized depreciation of $(3,429,740).

 

    

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

 

5

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

September 30, 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 September 30, 2022:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Common Stocks(a)    $     46,674,197      $ —      $ —      $     46,674,197  
Short-Term Investments      1,633,775        —        —        1,633,775  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      210,633        —        —        210,633  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      48,518,605        —        —        48,518,605  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $ 48,518,605      $                 —      $                 —      $ 48,518,605  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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, 2022 is as follows:

 

Portfolio    Market Value
12/31/2021
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
09/30/2022
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $ 540      $ 14,974      $ 13,880      $ 1,634      $ 11  
Government Money Market Portfolio*      0        5,774        5,563        211        2  
Total    $     540      $     20,748      $     19,443      $     1,845      $     13  

 

*

Investments of cash collateral for securities lending transactions.

 

7