NPORT-EX 2 NPORT_64VA_57455578_0323.htm HTML

AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.9%

        

Information Technology – 31.2%

        

Communications Equipment – 2.5%

        

Calix, Inc.(a)

      45,157        $   2,419,964  

Lumentum Holdings, Inc.(a)

      28,401          1,533,938  
       

 

 

  
          3,953,902  
       

 

 

  

Electronic Equipment, Instruments & Components – 6.3%

        

Flex Ltd.(a)

      205,046          4,718,109  

Keyence Corp.

      5,000          2,450,542  

Keysight Technologies, Inc.(a)

      16,980          2,741,930  
       

 

 

  
          9,910,581  
       

 

 

  

IT Services – 2.3%

        

Accenture PLC - Class A

      12,471          3,564,336  
       

 

 

  

Semiconductors & Semiconductor Equipment – 11.9%

        

Advanced Micro Devices, Inc.(a)

      19,577          1,918,742  

ASML Holding NV

      4,482          3,054,250  

Infineon Technologies AG

      92,078          3,781,199  

MediaTek, Inc.

      73,000          1,892,606  

NXP Semiconductors NV

      12,743          2,376,251  

ON Semiconductor Corp.(a)

      32,531          2,677,952  

Taiwan Semiconductor Manufacturing Co., Ltd.

      179,000          3,136,904  
       

 

 

  
              18,837,904  
       

 

 

  

Software – 8.2%

        

Adobe, Inc.(a)

      8,259          3,182,771  

Dassault Systemes SE

      17,276          712,653  

Intuit, Inc.

      6,429          2,866,241  

Microsoft Corp.

      14,511          4,183,521  

Palo Alto Networks, Inc.(a)

      9,893          1,976,028  
       

 

 

  
              12,921,214  
       

 

 

  
              49,187,937  
       

 

 

  

Health Care – 18.4%

        

Biotechnology – 1.0%

        

Abcam PLC (Sponsored ADR)(a)

      119,978          1,614,904  
       

 

 

  

Health Care Equipment & Supplies – 5.3%

        

Alcon, Inc.

      30,718          2,180,593  

Becton Dickinson and Co.

      13,155          3,256,389  

STERIS PLC

      15,714          3,005,774  
       

 

 

  
          8,442,756  
       

 

 

  

Health Care Providers & Services – 1.5%

        

Apollo Hospitals Enterprise Ltd.

      43,835          2,302,800  
       

 

 

  

Life Sciences Tools & Services – 9.1%

        

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

      5,189          2,485,635  

Bruker Corp.

      27,536          2,170,938  

Danaher Corp.

      14,834          3,738,761  

ICON PLC(a)

      13,680          2,921,911  

 

1

Company    Shares        U.S. $ Value  

West Pharmaceutical Services, Inc.

      8,606        $ 2,981,721  
       

 

 

  
                14,298,966  
       

 

 

  

Pharmaceuticals – 1.5%

        

Johnson & Johnson

      14,850          2,301,750  
       

 

 

  
              28,961,176  
       

 

 

  

Financials – 16.5%

        

Banks – 0.3%

        

Erste Group Bank AG

      15,620          517,480  
       

 

 

  

Capital Markets – 10.0%

        

Deutsche Boerse AG

      20,897          4,068,856  

London Stock Exchange Group PLC

      42,402          4,118,492  

MSCI, Inc.

      7,740          4,332,001  

Partners Group Holding AG

      3,393          3,195,264  
       

 

 

  
              15,714,613  
       

 

 

  

Financial Services – 2.7%

        

Visa, Inc. - Class A

      18,970          4,276,976  
       

 

 

  

Insurance – 3.5%

        

Aflac, Inc.

      45,716          2,949,596  

AIA Group Ltd.

      242,600          2,544,233  
       

 

 

  
          5,493,829  
       

 

 

  
              26,002,898  
       

 

 

  

Industrials – 15.5%

        

Aerospace & Defense – 1.6%

        

Hexcel Corp.

      38,373          2,618,957  
       

 

 

  

Commercial Services & Supplies – 6.2%

        

Tetra Tech, Inc.

      21,268          3,124,482  

TOMRA Systems ASA

      131,326          2,217,099  

Waste Management, Inc.

      26,959          4,398,900  
       

 

 

  
          9,740,481  
       

 

 

  

Machinery – 6.0%

        

Deere & Co.

      11,158          4,606,915  

SMC Corp.

      5,700          3,021,663  

Xylem, Inc./NY

      17,034          1,783,460  
       

 

 

  
          9,412,038  
       

 

 

  

Professional Services – 1.7%

        

Experian PLC

      81,144          2,671,885  
       

 

 

  
              24,443,361  
       

 

 

  

Consumer Staples – 7.1%

        

Household Products – 1.8%

        

Procter & Gamble Co. (The)

      18,779          2,792,250  
       

 

 

  

Personal Care Products – 5.3%

        

Dabur India Ltd.

      384,254          2,561,277  

Haleon PLC

      692,789          2,752,057  

 

2

Company    Shares        U.S. $ Value  

Unilever PLC (London)

      60,355        $ 3,127,535  
       

 

 

  
          8,440,869  
       

 

 

  
          11,233,119  
       

 

 

  

Consumer Discretionary – 3.9%

        

Automobile Components – 1.7%

        

Aptiv PLC(a)

      23,277          2,611,447  
       

 

 

  

Automobiles – 1.1%

        

BYD Co., Ltd. - Class H

      61,000          1,794,385  
       

 

 

  

Household Durables – 1.1%

        

TopBuild Corp.(a)

      7,904          1,645,138  
       

 

 

  
          6,050,970  
       

 

 

  

Materials – 2.8%

        

Chemicals – 2.8%

        

Chr Hansen Holding A/S

      31,866          2,424,059  

Koninklijke DSM NV

      17,018          2,013,983  
       

 

 

  
          4,438,042  
       

 

 

  

Utilities – 2.5%

        

Electric Utilities – 1.3%

        

Orsted AS(b)

      24,431          2,083,181  
       

 

 

  

Water Utilities – 1.2%

        

American Water Works Co., Inc.

      12,862          1,884,155  
       

 

 

  
          3,967,336  
       

 

 

  

Total Common Stocks
(cost $124,878,914)

           154,284,839  
       

 

 

  

SHORT-TERM INVESTMENTS – 1.5%

        

Investment Companies – 1.5%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e)
(cost $2,400,254)

      2,400,254          2,400,254  
       

 

 

  

Total Investments – 99.4%
(cost $127,279,168)(f)

           156,685,093  

Other assets less liabilities – 0.6%

           897,905  
       

 

 

  

Net Assets – 100.0%

         $     157,582,998  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)		        In Exchange
For
(000)		        Settlement
Date		        Unrealized
Appreciation
(Depreciation)		  
Bank of America, NA      EUR        6,818          USD        7,258          05/11/2023        $ (151,275 ) 
Bank of America, NA      USD        964          EUR        881          05/11/2023          (6,800 ) 
Bank of America, NA      GBP        6,243          USD        7,652          05/24/2023          (57,184 ) 
Bank of America, NA      TWD        47,922          USD        1,583          06/15/2023          2,599  
Bank of America, NA      USD        1,341          INR        111,202          06/22/2023          7,638  
Barclays Bank PLC      USD        483          INR        40,181          06/22/2023          4,303  

 

3

Counterparty    Contracts to
Deliver
(000)		        In Exchange
For
(000)		        Settlement
Date		        Unrealized
Appreciation
(Depreciation)		  
Barclays Bank PLC      HKD        9,960          USD        1,280          07/12/2023        $ 5,983  
BNP Paribas SA      CNH        1,652          USD        241          04/20/2023          712  
BNP Paribas SA      NOK        12,357          USD        1,244          04/21/2023          62,548  
BNP Paribas SA      USD        1,143          SEK        11,865          04/21/2023          1,663  
Citibank, NA      BRL        3,851          USD        744          04/04/2023          (15,931 ) 
Citibank, NA      USD        758          BRL        3,851          04/04/2023          1,787  
Citibank, NA      USD        1,966          KRW        2,418,517          04/26/2023          (112,379 ) 
Citibank, NA      USD        3,971          JPY        515,795          04/28/2023          (73,232 ) 
Citibank, NA      USD        741          BRL        3,851          05/03/2023          15,487  
Citibank, NA      INR        420,656          USD        5,092          06/22/2023          (8,327 ) 
Deutsche Bank AG      USD        1,024          INR        85,106          06/22/2023          8,375  
Goldman Sachs Bank USA      USD        3,864          CNH        26,321          04/20/2023          (29,994 ) 
JPMorgan Chase Bank, NA      NOK        6,876          USD        665          04/21/2023          7,345  
Morgan Stanley Capital Services, Inc.      BRL        3,851          USD        758          04/04/2023          (1,787 ) 
Morgan Stanley Capital Services, Inc.      USD        746          BRL        3,851          04/04/2023          14,160  
Morgan Stanley Capital Services, Inc.      USD        2,913          AUD        4,165          04/13/2023          (128,476 ) 
Morgan Stanley Capital Services, Inc.      USD        507          ZAR        9,091          04/20/2023          3,037  
Morgan Stanley Capital Services, Inc.      CHF        1,216          USD        1,308          05/24/2023          (27,813 ) 
Morgan Stanley Capital Services, Inc.      USD        4,370          CAD        5,962          06/09/2023          45,954  
Standard Chartered Bank      TWD        22,549          USD        746          06/15/2023          2,259  
State Street Bank & Trust Co.      USD        223          NOK        2,400          04/21/2023          6,124  
State Street Bank & Trust Co.      JPY        60,774          USD        465          04/28/2023          5,825  
State Street Bank & Trust Co.      JPY        42,477          USD        314          04/28/2023          (6,925 ) 
State Street Bank & Trust Co.      USD        399          JPY        52,665          04/28/2023          (658 ) 
State Street Bank & Trust Co.      EUR        311          USD        333          05/11/2023          (5,227 ) 
State Street Bank & Trust Co.      USD        1,675          EUR        1,557          05/11/2023          16,736  
State Street Bank & Trust Co.      USD        900          EUR        825          05/11/2023          (3,831 ) 
State Street Bank & Trust Co.      GBP        414          USD        510          05/24/2023          (849 ) 
State Street Bank & Trust Co.      USD        389          CHF        355          05/24/2023          1,312  
UBS AG      JPY        80,395          USD        615          04/28/2023          7,142  
                       

 

 

  
                        $ (409,699 ) 
                       

 

 

  

 

(a)

Non-income producing security.

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2023, the market value of this security amounted to $2,083,181 or 1.3% of net assets.

(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 $34,909,084 and gross unrealized depreciation of investments was $(5,912,858), resulting in net unrealized appreciation of $28,996,226.

    

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.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

COUNTRY BREAKDOWN1

March 31, 2023 (unaudited)

 

  63.5 %       United States
  5.7 %       United Kingdom
  5.0 %       Germany
  3.5 %       Japan
  3.4 %       Switzerland
  3.2 %       Netherlands
  3.2 %       Taiwan
  3.1 %       India
  2.9 %       Denmark
  1.6 %       Hong Kong
  1.4 %       Norway
  1.2 %       China
  0.5 %       France
  0.3 %       Austria
  1.5 %       Short-Term Investments

 

 

       
  100.0 %       Total Investments

 

 

       

 

1

The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. The portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic 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)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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:            

Information Technology

    $ 34,159,783      $ 15,028,154      $ —      $ 49,187,937  

Health Care

      24,477,783        4,483,393        —        28,961,176  

Financials

      11,558,573        14,444,325        —        26,002,898  

 

6

Investments in Securities:

    Level 1      Level 2     Level 3      Total  

Industrials

    $ 16,532,714      $ 7,910,647     $ —      $ 24,443,361  

Consumer Staples

      2,792,250        8,440,869       —        11,233,119  

Consumer Discretionary

      4,256,585        1,794,385       —        6,050,970  

Materials

      —        4,438,042       —        4,438,042  

Utilities

      1,884,155        2,083,181       —        3,967,336  
Short-Term Investments      2,400,254        —       —        2,400,254  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      98,062,097        58,622,996 (a)      —        156,685,093  
Other Financial Instruments(b):           
Assets:           
Forward Currency Exchange Contracts      —        220,989       —        220,989  
Liabilities:           
Forward Currency Exchange Contracts      —        (630,688 )      —        (630,688 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     98,062,097      $     58,213,297     $                 —      $     156,275,394  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a) 

A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

 

(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.

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    $     5,497      $     11,014      $     14,111      $     2,400      $     75  

 

7