NPORT-EX 2 NPORT_64VQ_90421167_0323.htm HTML

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 99.2%

 

Industrials – 23.0%

 

Aerospace & Defense – 1.2%

 

Spirit AeroSystems Holdings, Inc. - Class A

      238,500        $ 8,235,405  
       

 

 

  

Building Products – 1.2%

 

Masonite International Corp.(a)

      85,789          7,787,068  
       

 

 

  

Construction & Engineering – 4.0%

 

Arcosa, Inc.

      126,897          8,008,470  

Dycom Industries, Inc.(a)

      110,843          10,380,447  

Fluor Corp.(a)

      274,320          8,479,231  
       

 

 

  
          26,868,148  
       

 

 

  

Electrical Equipment – 4.2%

 

Regal Rexnord Corp.

      71,880          10,115,673  

Sensata Technologies Holding PLC

      166,520          8,329,330  

Vertiv Holdings Co.

      657,830          9,413,547  
       

 

 

  
          27,858,550  
       

 

 

  

Ground Transportation – 3.0%

 

Knight-Swift Transportation Holdings, Inc.

      195,219          11,045,491  

XPO, Inc.(a)

      274,000          8,740,600  
       

 

 

  
          19,786,091  
       

 

 

  

Machinery – 3.7%

 

Crane Holdings Co.

      84,325          9,570,887  

Oshkosh Corp.

      70,799          5,889,061  

Timken Co. (The)

      111,080          9,077,458  
       

 

 

  
          24,537,406  
       

 

 

  

Marine Transportation – 1.1%

 

Star Bulk Carriers Corp.

      344,300          7,271,616  
       

 

 

  

Passenger Airlines – 1.3%

 

Alaska Air Group, Inc.(a)

      199,250          8,360,530  
       

 

 

  

Professional Services – 1.9%

 

Korn Ferry

      97,740          5,057,067  

Robert Half International, Inc.

      92,745          7,472,465  
       

 

 

  
          12,529,532  
       

 

 

  

Trading Companies & Distributors – 1.4%

 

Herc Holdings, Inc.

      79,490          9,053,911  
       

 

 

  
              152,288,257  
       

 

 

  

Financials – 21.2%

 

Banks – 10.7%

 

BankUnited, Inc.

      152,861          3,451,601  

Comerica, Inc.

      153,078          6,646,647  

First BanCorp./Puerto Rico

      707,164          8,075,813  

First Citizens BancShares, Inc./NC - Class A

      13,400          13,039,540  

First Hawaiian, Inc.

      405,890          8,373,511  

Synovus Financial Corp.

      194,492          5,996,188  

Texas Capital Bancshares, Inc.(a)

      141,452          6,925,490  

Webster Financial Corp.

      122,492          4,828,635  

Wintrust Financial Corp.

      108,110          7,886,624  

 

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Company    Shares        U.S. $ Value  

Zions Bancorp NA(b)

      205,418        $ 6,148,161  
       

 

 

  
          71,372,210  
       

 

 

  

Capital Markets – 3.4%

 

Cboe Global Markets, Inc.

      58,550          7,859,752  

Moelis & Co. - Class A

      150,587          5,788,564  

Stifel Financial Corp.

      149,587          8,839,096  
       

 

 

  
          22,487,412  
       

 

 

  

Insurance – 7.1%

 

American Financial Group, Inc./OH

      49,880          6,060,420  

Everest Re Group Ltd.

      31,117          11,140,508  

Hanover Insurance Group, Inc. (The)

      60,410          7,762,685  

Kemper Corp.

      128,780          7,039,115  

Reinsurance Group of America, Inc.

      58,517          7,768,717  

Selective Insurance Group, Inc.

      74,185          7,072,056  
       

 

 

  
          46,843,501  
       

 

 

  
              140,703,123  
       

 

 

  

Consumer Discretionary – 16.4%

 

Automobile Components – 1.5%

 

Dana, Inc.

      300,675          4,525,159  

Goodyear Tire & Rubber Co. (The)(a)

      499,630          5,505,922  
       

 

 

  
          10,031,081  
       

 

 

  

Diversified Consumer Services – 1.0%

 

ADT, Inc.

      941,843          6,809,525  
       

 

 

  

Hotels, Restaurants & Leisure – 3.4%

 

Dine Brands Global, Inc.

      99,760          6,747,766  

Hilton Grand Vacations, Inc.(a) (b)

      219,250          9,741,278  

Papa John’s International, Inc.

      78,072          5,849,935  
       

 

 

  
          22,338,979  
       

 

 

  

Household Durables – 3.9%

 

KB Home

      197,480          7,934,746  

PulteGroup, Inc.

      186,960          10,896,029  

Taylor Morrison Home Corp.(a)

      178,469          6,828,224  
       

 

 

  
          25,658,999  
       

 

 

  

Specialty Retail – 3.0%

 

Bath & Body Works, Inc.

      185,280          6,777,542  

Sally Beauty Holdings, Inc.(a)

      442,040          6,886,983  

Williams-Sonoma, Inc.

      54,089          6,580,468  
       

 

 

  
          20,244,993  
       

 

 

  

Textiles, Apparel & Luxury Goods – 3.6%

 

Carter’s, Inc.(b)

      70,990          5,105,601  

Ralph Lauren Corp.

      79,500          9,275,265  

Tapestry, Inc.

      219,760          9,473,854  
       

 

 

  
          23,854,720  
       

 

 

  
          108,938,297  
       

 

 

  

 

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Company    Shares        U.S. $ Value  

Information Technology – 10.8%

 

Communications Equipment – 1.0%

 

Lumentum Holdings, Inc.(a)

      118,280        $ 6,388,303  
       

 

 

  

Electronic Equipment, Instruments & Components – 2.4%

 

Avnet, Inc.

      201,460          9,105,992  

Belden, Inc.

      78,414          6,803,983  
       

 

 

  
          15,909,975  
       

 

 

  

IT Services – 1.2%

 

Genpact Ltd.

      180,181          8,327,966  
       

 

 

  

Semiconductors & Semiconductor Equipment – 3.5%

 

FormFactor, Inc.(a)

      180,799          5,758,448  

Kulicke & Soffa Industries, Inc.

      156,702          8,256,628  

Synaptics, Inc.(a)

      80,207          8,915,008  
       

 

 

  
                22,930,084  
       

 

 

  

Software – 2.7%

 

ACI Worldwide, Inc.(a)

      249,840          6,740,683  

CommVault Systems, Inc.(a)

      103,326          5,862,717  

Gen Digital, Inc.

      303,080          5,200,853  
       

 

 

  
          17,804,253  
       

 

 

  
          71,360,581  
       

 

 

  

Health Care – 6.4%

 

Health Care Equipment & Supplies – 3.5%

 

Envista Holdings Corp.(a)

      288,770          11,804,918  

Integra LifeSciences Holdings Corp.(a)

      195,330          11,213,895  
       

 

 

  
          23,018,813  
       

 

 

  

Health Care Providers & Services – 2.3%

 

Acadia Healthcare Co., Inc.(a)

      104,770          7,569,632  

Pediatrix Medical Group, Inc.(a)

      508,447          7,580,945  
       

 

 

  
          15,150,577  
       

 

 

  

Life Sciences Tools & Services – 0.6%

 

Syneos Health, Inc.(a)

      124,170          4,422,936  
       

 

 

  
          42,592,326  
       

 

 

  

Real Estate – 5.9%

 

Diversified REITs – 0.9%

 

Broadstone Net Lease, Inc. - Class A

      356,621          6,066,123  
       

 

 

  

Health Care REITs – 1.2%

 

Physicians Realty Trust

      522,491          7,800,791  
       

 

 

  

Industrial REITs – 1.4%

 

STAG Industrial, Inc.

      274,898          9,297,050  
       

 

 

  

Residential REITs – 1.1%

 

Camden Property Trust

      68,043          7,133,628  
       

 

 

  

Specialized REITs – 1.3%

 

CubeSmart

      195,432          9,032,867  
       

 

 

  
          39,330,459  
       

 

 

  

 

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Company    Shares        U.S. $ Value  

Energy – 4.7%

 

Energy Equipment & Services – 1.0%

 

ChampionX Corp.

      235,110        $ 6,378,534  

Helmerich & Payne, Inc.

      3,960          141,570  
       

 

 

  
          6,520,104  
       

 

 

  

Oil, Gas & Consumable Fuels – 3.7%

 

Cameco Corp.

      347,760          9,100,879  

HF Sinclair Corp.

      127,785          6,182,238  

Magnolia Oil & Gas Corp. - Class A

      411,422          9,001,914  
       

 

 

  
          24,285,031  
       

 

 

  
          30,805,135  
       

 

 

  

Materials – 4.2%

 

Chemicals – 1.4%

 

Huntsman Corp.

      310,320          8,490,355  

Innospec, Inc.

      11,816          1,213,149  
       

 

 

  
          9,703,504  
       

 

 

  

Containers & Packaging – 1.6%

 

Berry Global Group, Inc.

      179,150          10,551,935  
       

 

 

  

Metals & Mining – 1.2%

 

ATI, Inc.(a)

      196,211          7,742,486  
       

 

 

  
          27,997,925  
       

 

 

  

Consumer Staples – 2.8%

 

Food Products – 2.8%

 

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

      463,014          7,940,690  

Nomad Foods Ltd.(a)

      569,702          10,676,216  
       

 

 

  
          18,616,906  
       

 

 

  

Utilities – 2.5%

 

Electric Utilities – 1.7%

 

IDACORP, Inc.

      103,074          11,166,006  
       

 

 

  

Gas Utilities – 0.8%

 

Southwest Gas Holdings, Inc.

      81,970          5,119,027  
       

 

 

  
          16,285,033  
       

 

 

  

Communication Services – 1.3%

 

Media – 1.3%

 

Criteo SA (Sponsored ADR)(a)

      278,869          8,785,768  
       

 

 

  

Total Common Stocks
(cost $621,952,179)

               657,703,810  
       

 

 

  

SHORT-TERM INVESTMENTS – 1.1%

 

Investment Companies – 1.1%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e)
(cost $7,140,854)

      7,140,854          7,140,854  
       

 

 

  

 

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                U.S. $ Value  

Total Investments – 100.3%
(cost $629,093,033)(f)

 

      $ 664,844,664  

Other assets less liabilities – (0.3)%

           (1,777,513 ) 
       

 

 

  

Net Assets – 100.0%

         $     663,067,151  
       

 

 

  

 

(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, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $87,235,150 and gross unrealized depreciation of investments was $(51,483,519), resulting in net unrealized appreciation of $35,751,631.

 

  

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 Small/Mid Cap Value Portfolio    

March 31, 2023 (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, 2023:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Common Stocks(a)    $ 657,703,810      $                 —      $                 —      $ 657,703,810  
Short-Term Investments      7,140,854        —        —        7,140,854  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      664,844,664        —        —        664,844,664  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     664,844,664      $ —      $ —      $     664,844,664  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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, written options and written swaptions 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, 2023 is as follows:

 

Portfolio    Market Value
12/31/2022
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2023
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $     4,206      $ 36,312      $ 33,377      $ 7,141      $ 52  
Government Money Market Portfolio*      207        9,526        9,733        0        3  
Total    $ 4,413      $     45,838      $     43,110      $     7,141      $     55  

 

*

Investments of cash collateral for securities lending transactions.

 

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