NPORT-EX 2 NPORT_64VQ_1368169209.htm HTML

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 98.9%

 

Consumer Discretionary – 22.7%

 

Auto Components – 3.3%

 

Dana, Inc.

      288,038        $ 7,007,965  

Goodyear Tire & Rubber Co. (The)(a)

      554,390          9,740,632  

Lear Corp.

      49,931          9,049,994  
       

 

 

  
          25,798,591  
       

 

 

  

Diversified Consumer Services – 1.4%

 

Hillenbrand, Inc.

      167,325          7,983,076  

Houghton Mifflin Harcourt Co.(a)

      436,915          3,329,292  
       

 

 

  
          11,312,368  
       

 

 

  

Hotels, Restaurants & Leisure – 3.0%

 

Dine Brands Global, Inc.(a)

      74,676          6,723,080  

Hilton Grand Vacations, Inc.(a)

      247,010          9,260,405  

Papa John’s International, Inc.

      81,472          7,221,678  
       

 

 

  
          23,205,163  
       

 

 

  

Household Durables – 3.7%

 

KB Home

      199,190          9,268,311  

PulteGroup, Inc.

      247,400          12,973,656  

Taylor Morrison Home Corp. - Class A(a)

      207,389          6,389,655  
       

 

 

  
          28,631,622  
       

 

 

  

Leisure Products – 0.9%

 

Brunswick Corp./DE

      70,976          6,768,981  
       

 

 

  

Specialty Retail – 4.7%

 

Foot Locker, Inc.(b)

      198,445          11,162,531  

Gap, Inc. (The)(a)

      296,608          8,832,986  

Sally Beauty Holdings, Inc.(a)

      408,780          8,228,742  

Williams-Sonoma, Inc.

      47,394          8,493,005  
       

 

 

  
          36,717,264  
       

 

 

  

Textiles, Apparel & Luxury Goods – 5.7%

 

Carter’s, Inc.(a)

      27,246          2,422,987  

Kontoor Brands, Inc.(b)

      208,920          10,138,887  

Ralph Lauren Corp.(a)

      82,650          10,179,174  

Skechers U.S.A., Inc. - Class A(a)

      70,815          2,953,694  

Steven Madden Ltd.

      190,057          7,081,524  

Tapestry, Inc.(a)

      290,330          11,964,499  
       

 

 

  
          44,740,765  
       

 

 

  
              177,174,754  
       

 

 

  

Financials – 21.6%

 

Banks – 12.0%

 

Comerica, Inc.

      168,850          12,113,299  

First Citizens BancShares, Inc./NC - Class A

      15,540          12,987,866  

Sterling Bancorp/DE

      420,630          9,682,903  

Synovus Financial Corp.

      268,342          12,276,646  

Texas Capital Bancshares, Inc.(a)

      144,812          10,270,067  

Umpqua Holdings Corp.

      367,900          6,456,645  

 

1

Company    Shares        U.S. $ Value  

Webster Financial Corp.

      190,432        $ 10,494,708  

Wintrust Financial Corp.

      142,460          10,798,468  

Zions Bancorp NA

      157,698          8,667,082  
       

 

 

  
          93,747,684  
       

 

 

  

Capital Markets – 2.6%

 

Moelis & Co.

      174,078          9,553,401  

Stifel Financial Corp.

      171,877          11,010,440  
       

 

 

  
          20,563,841  
       

 

 

  

Consumer Finance – 0.7%

 

OneMain Holdings, Inc.

      103,616          5,566,251  
       

 

 

  

Diversified Financial Services – 1.0%

 

Voya Financial, Inc.

      120,748          7,684,403  
       

 

 

  

Insurance – 3.9%

 

American Financial Group, Inc./OH

      79,220          9,039,002  

Everest Re Group Ltd.

      34,383          8,520,451  

Hanover Insurance Group, Inc. (The)

      55,650          7,204,449  

Selective Insurance Group, Inc.

      76,725          5,565,632  
       

 

 

  
          30,329,534  
       

 

 

  

Thrifts & Mortgage Finance – 1.4%

 

BankUnited, Inc.

      242,416          10,654,183  
       

 

 

  
              168,545,896  
       

 

 

  

Industrials – 21.5%

 

Aerospace & Defense – 0.8%

 

AAR Corp.(a)

      154,127          6,419,389  
       

 

 

  

Air Freight & Logistics – 1.3%

 

XPO Logistics, Inc.(a)

      80,100          9,876,330  
       

 

 

  

Airlines – 2.2%

 

Alaska Air Group, Inc.(a)

      114,092          7,896,307  

SkyWest, Inc.(a)

      173,084          9,429,617  
       

 

 

  
          17,325,924  
       

 

 

  

Building Products – 1.2%

 

Masonite International Corp.(a)

      83,679          9,643,168  
       

 

 

  

Commercial Services & Supplies – 1.5%

 

ADT, Inc.

      254,520          2,148,149  

Herman Miller, Inc.

      237,600          9,777,240  
       

 

 

  
          11,925,389  
       

 

 

  

Construction & Engineering – 1.5%

 

AECOM(a)

      185,640          11,901,380  
       

 

 

  

Electrical Equipment – 1.5%

 

Regal Beloit Corp.

      81,065          11,566,354  
       

 

 

  

Machinery – 4.9%

 

Crane Co.

      86,924          8,163,033  

Kennametal, Inc.(b)

      232,300          9,285,031  

Oshkosh Corp.

      111,850          13,272,121  

 

2

Company    Shares        U.S. $ Value  

Welbilt, Inc.(a)

      452,790        $ 7,357,837  
       

 

 

  
          38,078,022  
       

 

 

  

Professional Services – 2.5%

 

Korn Ferry

      126,470          7,887,934  

Robert Half International, Inc.

      149,815          11,696,057  
       

 

 

  
          19,583,991  
       

 

 

  

Road & Rail – 1.5%

 

Knight-Swift Transportation Holdings, Inc.

      243,051          11,688,323  
       

 

 

  

Trading Companies & Distributors – 2.6%

 

GATX Corp.

      71,500          6,630,910  

MRC Global, Inc.(a)

      653,458          5,900,726  

United Rentals, Inc.(a)

      24,030          7,913,319  
       

 

 

  
          20,444,955  
       

 

 

  
          168,453,225  
       

 

 

  

Materials – 8.8%

 

Chemicals – 3.1%

 

GCP Applied Technologies, Inc.(a)

      227,866          5,591,832  

Innospec, Inc.

      46,300          4,754,547  

Orion Engineered Carbons SA(a)

      320,825          6,326,669  

Trinseo SA

      123,656          7,873,177  
       

 

 

  
              24,546,225  
       

 

 

  

Containers & Packaging – 2.0%

 

Graphic Packaging Holding Co.

      440,361          7,996,956  

Sealed Air Corp.

      164,187          7,523,048  
       

 

 

  
          15,520,004  
       

 

 

  

Metals & Mining – 3.7%

 

Carpenter Technology Corp.

      202,182          8,319,789  

Commercial Metals Co.

      289,650          8,932,806  

Reliance Steel & Aluminum Co.

      75,826          11,547,542  
       

 

 

  
          28,800,137  
       

 

 

  
          68,866,366  
       

 

 

  

Real Estate – 7.5%

 

Equity Real Estate Investment Trusts (REITs) – 7.5%

 

American Campus Communities, Inc.

      151,905          6,557,739  

Camden Property Trust

      75,493          8,297,436  

Cousins Properties, Inc.

      195,840          6,922,944  

CubeSmart

      204,922          7,752,199  

MGM Growth Properties LLC - Class A

      236,372          7,710,455  

Physicians Realty Trust

      400,831          7,082,684  

RLJ Lodging Trust

      458,971          7,104,871  

STAG Industrial, Inc.

      219,868          7,389,763  
       

 

 

  
          58,818,091  
       

 

 

  

Information Technology – 7.3%

 

Communications Equipment – 0.1%

 

NetScout Systems, Inc.(a) (b)

      22,094          622,167  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Electronic Equipment, Instruments & Components – 2.5%

 

Avnet, Inc.

      198,390        $ 8,235,169  

Belden, Inc.

      142,844          6,337,988  

Vishay Intertechnology, Inc.

      215,080          5,179,127  
       

 

 

  
          19,752,284  
       

 

 

  

IT Services – 1.3%

 

Amdocs Ltd.

      73,726          5,171,879  

Genpact Ltd.

      115,271          4,935,904  
       

 

 

  
          10,107,783  
       

 

 

  

Semiconductors & Semiconductor Equipment – 1.4%

 

Kulicke & Soffa Industries, Inc.

      141,588          6,953,387  

MaxLinear, Inc. - Class A(a)

      125,945          4,292,205  
       

 

 

  
          11,245,592  
       

 

 

  

Software – 1.1%

 

CommVault Systems, Inc.(a)

      135,066          8,711,757  
       

 

 

  

Technology Hardware, Storage & Peripherals – 0.9%

 

NCR Corp.(a)

      183,410          6,960,410  
       

 

 

  
          57,399,993  
       

 

 

  

Energy – 3.1%

 

Energy Equipment & Services – 0.7%

 

Dril-Quip, Inc.(a)

      164,797          5,476,204  
       

 

 

  

Oil, Gas & Consumable Fuels – 2.4%

 

Cimarex Energy Co.

      140,579          8,348,987  

HollyFrontier Corp.

      285,695          10,222,167  
       

 

 

  
          18,571,154  
       

 

 

  
          24,047,358  
       

 

 

  

Consumer Staples – 2.2%

 

Food Products – 2.2%

 

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

      201,984          8,806,502  

Nomad Foods Ltd.(a)

      303,486          8,333,726  
       

 

 

  
          17,140,228  
       

 

 

  

Utilities – 1.8%

 

Electric Utilities – 1.1%

 

IDACORP, Inc.

      85,334          8,530,840  
       

 

 

  

Gas Utilities – 0.7%

 

Southwest Gas Holdings, Inc.

      85,210          5,854,779  
       

 

 

  
          14,385,619  
       

 

 

  

Health Care – 1.3%

 

Health Care Providers & Services – 1.3%

 

MEDNAX, Inc.(a)

      403,390              10,274,343  
       

 

 

  

Communication Services – 1.1%

 

Media – 1.1%

 

Criteo SA (Sponsored ADR)(a)

      246,559          8,562,994  
       

 

 

  

 

4

Company    Shares        U.S. $ Value  

Total Common Stocks
(cost $544,450,414)

         $ 773,668,867  
       

 

 

  

SHORT-TERM INVESTMENTS – 0.8%

 

Investment Companies – 0.8%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e)
(cost $5,971,964)

      5,971,964          5,971,964  
       

 

 

  

Total Investments – 99.7%
(cost $550,422,378)(f)

 

        779,640,831  

Other assets less liabilities – 0.3%

           2,295,120  
       

 

 

  

Net Assets – 100.0%

         $     781,935,951  
       

 

 

  

 

(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, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $232,251,860 and gross unrealized depreciation of investments was $(3,033,407), resulting in net unrealized appreciation of $229,218,453.

 

  

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, 2021 (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, 2021:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:            
Common Stocks(a)    $ 773,668,867      $ —      $ —      $ 773,668,867  
Short-Term Investments      5,971,964        —        —        5,971,964  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      779,640,831        —        —        779,640,831  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     779,640,831      $                 —      $                 —      $     779,640,831  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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, 2021 is as follows:

 

Portfolio    Market Value
12/31/2020
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2021
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $     10,258      $ 57,426      $     61,712      $     5,972      $ 0 * 

 

*

Amount less than $500.

 

7