NPORT-EX 2 NPORT_64VS_33754796_0923.htm HTML

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 98.8%

 

Information Technology – 26.9%

 

Electronic Equipment, Instruments & Components – 4.8%

 

Allegro MicroSystems, Inc.(a)

      14,103        $ 450,450  

Fabrinet(a)

      1,082          180,283  

Littelfuse, Inc.

      2,366          585,159  

Novanta, Inc.(a)

      5,273          756,359  

Shoals Technologies Group, Inc. - Class A(a)

      27,944          509,978  
       

 

 

  
          2,482,229  
       

 

 

  

IT Services – 1.3%

 

Fastly, Inc. - Class A(a)

      35,506          680,650  
       

 

 

  

Semiconductors & Semiconductor Equipment – 7.2%

 

Lattice Semiconductor Corp.(a)

      7,294          626,774  

MACOM Technology Solutions Holdings, Inc.(a)

      12,145          990,789  

Onto Innovation, Inc.(a)

      6,933          884,096  

Silicon Laboratories, Inc.(a)

      3,260          377,801  

Universal Display Corp.

      5,194          815,406  
       

 

 

  
          3,694,866  
       

 

 

  

Software – 12.1%

 

Altair Engineering, Inc. - Class A(a)

      11,737          734,267  

Braze, Inc. - Class A(a)

      14,962          699,174  

Five9, Inc.(a)

      10,714          688,910  

Freshworks, Inc. - Class A(a)

      41,852          833,692  

Instructure Holdings, Inc.(a)

      15,124          384,150  

Manhattan Associates, Inc.(a)

      3,436          679,160  

Monday.com Ltd.(a)

      4,014          639,109  

Smartsheet, Inc. - Class A(a)

      11,701          473,422  

SPS Commerce, Inc.(a)

      6,103          1,041,233  
       

 

 

  
          6,173,117  
       

 

 

  

Technology Hardware, Storage & Peripherals – 1.5%

 

ACV Auctions, Inc. - Class A(a)

      49,427          750,302  
       

 

 

  
              13,781,164  
       

 

 

  

Health Care – 20.1%

 

Biotechnology – 10.8%

 

Akero Therapeutics, Inc.(a)

      6,100          308,538  

Ascendis Pharma A/S (ADR)(a)

      2,828          264,814  

Blueprint Medicines Corp.(a)

      7,065          354,804  

Bridgebio Pharma, Inc.(a)

      12,690          334,635  

Halozyme Therapeutics, Inc.(a)

      12,431          474,864  

Insmed, Inc.(a)

      15,717          396,854  

Intellia Therapeutics, Inc.(a)

      6,730          212,803  

Karuna Therapeutics, Inc.(a)

      1,291          218,295  

Legend Biotech Corp. (ADR)(a)

      4,881          327,857  

Madrigal Pharmaceuticals, Inc.(a)

      1,681          245,493  

MoonLake Immunotherapeutics(a)

      3,568          203,376  

Natera, Inc.(a)

      12,388          548,169  

 

1

Company    Shares        U.S. $ Value  

Rayzebio, Inc.

      9,309        $ 206,660  

Relay Therapeutics, Inc.(a)

      9,094          76,480  

Ultragenyx Pharmaceutical, Inc.(a)

      5,758          205,273  

Vaxcyte, Inc.(a)

      9,190          468,506  

Viking Therapeutics, Inc.(a)

      16,540          183,098  

Vir Biotechnology, Inc.(a)

      13,135          123,075  

Viridian Therapeutics, Inc.(a)

      13,693          210,051  

Xenon Pharmaceuticals, Inc.(a)

      4,910          167,726  
       

 

 

  
          5,531,371  
       

 

 

  

Health Care Equipment & Supplies – 4.7%

 

AtriCure, Inc.(a)

      14,945          654,591  

iRhythm Technologies, Inc.(a)

      6,388          602,133  

Lantheus Holdings, Inc.(a)

      10,241          711,545  

Treace Medical Concepts, Inc.(a)

      35,121          460,436  
       

 

 

  
          2,428,705  
       

 

 

  

Health Care Providers & Services – 2.8%

 

Guardant Health, Inc.(a)

      18,027          534,320  

Inari Medical, Inc.(a)

      11,154          729,472  

PROCEPT BioRobotics Corp.(a)

      4,610          151,254  
       

 

 

  
          1,415,046  
       

 

 

  

Life Sciences Tools & Services – 0.9%

 

Repligen Corp.(a)

      2,857          454,292  
       

 

 

  

Pharmaceuticals – 0.9%

 

Intra-Cellular Therapies, Inc.(a)

      8,959          466,674  
       

 

 

  
              10,296,088  
       

 

 

  

Industrials – 16.8%

 

Aerospace & Defense – 2.9%

 

Curtiss-Wright Corp.

      4,049          792,106  

Hexcel Corp.

      10,960          713,934  
       

 

 

  
          1,506,040  
       

 

 

  

Building Products – 1.0%

 

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

      17,093          508,346  
       

 

 

  

Commercial Services & Supplies – 1.3%

 

Tetra Tech, Inc.

      4,301          653,881  
       

 

 

  

Construction & Engineering – 1.8%

 

Comfort Systems USA, Inc.

      5,247          894,141  
       

 

 

  

Electrical Equipment – 1.4%

 

NEXTracker, Inc. - Class A(a)

      17,913          719,386  
       

 

 

  

Ground Transportation – 2.6%

 

Saia, Inc.(a)

      1,504          599,570  

XPO, Inc.(a)

      10,064          751,378  
       

 

 

  
          1,350,948  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Machinery – 3.6%

 

Esab Corp.

      10,517        $ 738,504  

ITT, Inc.

      5,849          572,675  

Middleby Corp. (The)(a)

      4,175          534,400  
       

 

 

  
          1,845,579  
       

 

 

  

Professional Services – 0.9%

 

FTI Consulting, Inc.(a)

      2,634          469,932  
       

 

 

  

Trading Companies & Distributors – 1.3%

 

SiteOne Landscape Supply, Inc.(a)

      3,912          639,417  
       

 

 

  
          8,587,670  
       

 

 

  

Consumer Discretionary – 15.0%

 

Automobile Components – 1.3%

 

Fox Factory Holding Corp.(a)

      6,688          662,647  
       

 

 

  

Broadline Retail – 1.6%

 

Global-e Online Ltd.(a)

      11,250          447,075  

Savers Value Village, Inc.(a)

      19,098          356,560  
       

 

 

  
          803,635  
       

 

 

  

Diversified Consumer Services – 0.6%

 

European Wax Center, Inc. - Class A(a)

      20,496          332,035  
       

 

 

  

Hotels, Restaurants & Leisure – 5.3%

 

Hilton Grand Vacations, Inc.(a)

      19,286          784,940  

Life Time Group Holdings, Inc.(a)

      33,505          509,611  

Texas Roadhouse, Inc.

      6,633          637,431  

Wingstop, Inc.

      4,241          762,702  
       

 

 

  
          2,694,684  
       

 

 

  

Household Durables – 2.2%

 

Meritage Homes Corp.

      4,456          545,370  

Skyline Champion Corp.(a)

      9,456          602,536  
       

 

 

  
          1,147,906  
       

 

 

  

Specialty Retail – 4.0%

 

Boot Barn Holdings, Inc.(a)

      8,000          649,520  

Five Below, Inc.(a)

      4,262          685,756  

Lithia Motors, Inc.

      2,330          688,119  

Wayfair, Inc. - Class A(a) (b)

      440          26,651  
       

 

 

  
          2,050,046  
       

 

 

  
                7,690,953  
       

 

 

  

Financials – 10.1%

 

Capital Markets – 4.1%

 

Houlihan Lokey, Inc.

      5,934          635,650  

P10, Inc. - Class A

      21,171          246,642  

StepStone Group, Inc. - Class A

      21,331          673,633  

Stifel Financial Corp.

      8,979          551,670  
       

 

 

  
          2,107,595  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Financial Services – 2.6%

 

Flywire Corp.(a)

      26,196        $ 835,391  

Shift4 Payments, Inc. - Class A(a)

      8,398          464,997  
       

 

 

  
          1,300,388  
       

 

 

  

Insurance – 3.4%

 

Kinsale Capital Group, Inc.

      1,147          475,007  

RLI Corp.

      5,506          748,210  

Ryan Specialty Holdings, Inc.(a)

      11,070          535,788  
       

 

 

  
          1,759,005  
       

 

 

  
          5,166,988  
       

 

 

  

Energy – 5.4%

 

Energy Equipment & Services – 3.0%

 

ChampionX Corp.

      24,178          861,220  

TechnipFMC PLC

      31,607          642,887  
       

 

 

  
          1,504,107  
       

 

 

  

Oil, Gas & Consumable Fuels – 2.4%

 

Permian Resources Corp.

      51,678          721,425  

Southwestern Energy Co.(a)

      79,603          513,439  
       

 

 

  
          1,234,864  
       

 

 

  
                2,738,971  
       

 

 

  

Consumer Staples – 3.3%

 

Consumer Staples Distribution & Retail – 2.1%

 

Chefs’ Warehouse, Inc. (The)(a)

      19,429          411,506  

Grocery Outlet Holding Corp.(a)

      23,186          668,916  
       

 

 

  
          1,080,422  
       

 

 

  

Food Products – 1.2%

 

Freshpet, Inc.(a)

      9,466          623,620  
       

 

 

  
          1,704,042  
       

 

 

  

Materials – 1.2%

        

Chemicals – 1.2%

        

Element Solutions, Inc.

      29,956          587,437  
       

 

 

  

Total Common Stocks
(cost $44,651,825)

           50,553,313  
       

 

 

  

SHORT-TERM INVESTMENTS – 1.6%

 

Investment Companies – 1.6%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.25%(c) (d) (e)
(cost $831,547)

      831,547          831,547  
       

 

 

  

 

4

                U.S. $ Value  

Total Investments – 100.4%
(cost $45,483,372)(f)

         $ 51,384,860  

Other assets less liabilities – (0.4)%

           (225,157 ) 
       

 

 

  

Net Assets – 100.0%

         $     51,159,703  
       

 

 

  

 

(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, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,089,841 and gross unrealized depreciation of investments was $(3,188,353), resulting in net unrealized appreciation of $5,901,488.

 

  

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, 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 September 30, 2023:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:            
Common Stocks(a)    $ 50,553,313      $                 —      $                 —      $ 50,553,313  
Short-Term Investments      831,547        —        —        831,547  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      51,384,860        —        —        51,384,860  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     51,384,860      $ —      $ —      $     51,384,860  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 nine months ended September 30, 2023 is as follows:

 

Portfolio    Market Value
12/31/2022
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
09/30/2023
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $     707      $ 10,249      $ 10,124      $ 832      $ 48  

 

7