NPORT-EX 2 NPORT_64VA_47559288_0922.htm HTML

AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic Growth Portfolio

Portfolio of Investments

September 30, 2022 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 91.9%

        

Information Technology – 29.2%

        

Communications Equipment – 4.1%

        

Calix, Inc.(a)

      39,475        $ 2,413,502  

Lumentum Holdings, Inc.(a)

      50,195          3,441,871  
       

 

 

  
          5,855,373  
       

 

 

  

Electronic Equipment, Instruments & Components – 3.8%

        

Flex Ltd.(a)

      240,579          4,008,046  

Keyence Corp.

      4,000          1,322,241  
       

 

 

  
          5,330,287  
       

 

 

  

IT Services – 3.6%

        

Accenture PLC - Class A

      8,105          2,085,417  

Visa, Inc. - Class A

      17,093          3,036,571  
       

 

 

  
          5,121,988  
       

 

 

  

Semiconductors & Semiconductor Equipment – 7.2%

        

ASML Holding NV

      6,440          2,667,955  

Infineon Technologies AG

      84,362          1,846,180  

MediaTek, Inc.

      77,000          1,328,743  

NXP Semiconductors NV

      16,874          2,489,084  

Taiwan Semiconductor Manufacturing Co., Ltd.

      145,000          1,922,032  
       

 

 

  
          10,253,994  
       

 

 

  

Software – 7.0%

        

Adobe, Inc.(a)

      6,842          1,882,918  

Dassault Systemes SE

      73,373          2,533,207  

Intuit, Inc.

      4,992          1,933,502  

Microsoft Corp.

      15,349          3,574,782  
       

 

 

  
          9,924,409  
       

 

 

  

Technology Hardware, Storage & Peripherals – 3.5%

        

Apple, Inc.

      24,296          3,357,707  

Dell Technologies, Inc. - Class C

      45,917          1,568,984  
       

 

 

  
          4,926,691  
       

 

 

  
                41,412,742  
       

 

 

  

Health Care – 18.5%

        

Biotechnology – 1.3%

        

Abcam PLC(a)

      126,904          1,894,895  
       

 

 

  

Health Care Equipment & Supplies – 6.3%

        

Alcon, Inc.

      32,491          1,887,254  

Becton Dickinson and Co.

      13,914          3,100,457  

Koninklijke Philips NV

      79,183          1,219,140  

STERIS PLC

      16,621          2,763,740  
       

 

 

  
          8,970,591  
       

 

 

  

Health Care Providers & Services – 1.8%

        

Apollo Hospitals Enterprise Ltd.

      46,366          2,475,418  
       

 

 

  

Life Sciences Tools & Services – 9.1%

        

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

      5,488          2,289,264  

Bruker Corp.

      33,227          1,763,025  

 

1

Company    Shares        U.S. $ Value  

Danaher Corp.

      15,690        $ 4,052,570  

Gerresheimer AG

      25,337          1,237,100  

ICON PLC(a)

      7,221          1,327,076  

West Pharmaceutical Services, Inc.

      9,103          2,240,066  
       

 

 

  
          12,909,101  
       

 

 

  
                26,250,005  
       

 

 

  

Industrials – 16.8%

        

Aerospace & Defense – 1.5%

        

Hexcel Corp.

      40,589          2,099,263  
       

 

 

  

Building Products – 2.4%

        

Owens Corning

      25,889          2,035,134  

Trex Co., Inc.(a)

      32,352          1,421,547  
       

 

 

  
          3,456,681  
       

 

 

  

Commercial Services & Supplies – 7.0%

        

Tetra Tech, Inc.

      22,496          2,891,411  

TOMRA Systems ASA

      138,908          2,450,816  

Waste Management, Inc.

      28,515          4,568,388  
       

 

 

  
          9,910,615  
       

 

 

  

Machinery – 5.9%

        

Deere & Co.

      11,802          3,940,570  

SMC Corp.

      6,100          2,482,520  

Xylem, Inc./NY

      22,459          1,962,018  
       

 

 

  
          8,385,108  
       

 

 

  
          23,851,667  
       

 

 

  

Financials – 16.1%

        

Banks – 5.3%

        

Erste Group Bank AG

      108,168          2,371,277  

HDFC Bank Ltd.

      168,791          2,925,827  

SVB Financial Group(a)

      6,577          2,208,425  
       

 

 

  
          7,505,529  
       

 

 

  

Capital Markets – 7.4%

        

Deutsche Boerse AG

      15,672          2,569,058  

London Stock Exchange Group PLC

      18,820          1,589,328  

MSCI, Inc.

      8,187          3,453,195  

Partners Group Holding AG

      3,589          2,888,371  
       

 

 

  
          10,499,952  
       

 

 

  

Insurance – 3.4%

        

Aflac, Inc.

      48,355          2,717,551  

AIA Group Ltd.

      256,600          2,136,426  
       

 

 

  
          4,853,977  
       

 

 

  
          22,859,458  
       

 

 

  

Utilities – 5.3%

        

Electric Utilities – 4.0%

        

NextEra Energy, Inc.

      45,972          3,604,664  

Orsted AS(b)

      25,841          2,059,547  
       

 

 

  
          5,664,211  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Water Utilities – 1.3%

        

American Water Works Co., Inc.

      13,604        $ 1,770,697  
       

 

 

  
          7,434,908  
       

 

 

  

Consumer Discretionary – 3.4%

        

Auto Components – 0.9%

        

Aptiv PLC(a)

      16,865          1,319,012  
       

 

 

  

Household Durables – 1.0%

        

TopBuild Corp.(a)

      8,143          1,341,803  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.5%

        

NIKE, Inc. - Class B

      25,781          2,142,917  
       

 

 

  
          4,803,732  
       

 

 

  

Materials – 2.6%

        

Chemicals – 2.6%

        

Chr Hansen Holding A/S

      33,705          1,660,283  

Koninklijke DSM NV

      18,000          2,048,229  
       

 

 

  
          3,708,512  
       

 

 

  

Total Common Stocks
(cost $125,819,490)

           130,321,024  
       

 

 

  

SHORT-TERM INVESTMENTS – 8.8%

        

Investment Companies – 8.8%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(c) (d) (e)
(cost $12,498,946)

      12,498,946          12,498,946  
       

 

 

  

Total Investments – 100.7%
(cost $138,318,436)(f)

           142,819,970  

Other assets less liabilities – (0.7)%

           (991,740 ) 
       

 

 

  

Net Assets – 100.0%

         $     141,828,230  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

       

In Exchange

For

(000)

       

Settlement

Date

        Unrealized
Appreciation/
(Depreciation)		  
Bank of America, NA      USD        550          ZAR        9,091          10/13/2022        $ (48,064 ) 
Bank of America, NA      USD        1,095          SEK        11,865          12/01/2022          (22,646 ) 
Bank of America, NA      EUR        9,438          USD        9,117          12/08/2022              (175,458 ) 
BNP Paribas SA      TWD        15,492          USD        518          10/21/2022          31,092  
BNP Paribas SA      NOK        20,511          USD        1,992          12/01/2022          105,825  
Citibank, NA      USD        5,773          CNH        38,931          10/20/2022          (319,709 ) 
Citibank, NA      USD        4,740          CAD        6,113          10/27/2022          (315,101 ) 
Citibank, NA      USD        1,843          KRW            2,418,517          10/27/2022          (162,999 ) 
Deutsche Bank AG      GBP        564          USD        649          11/17/2022          19,042  
Goldman Sachs Bank USA      INR        249,020          USD        3,060          12/21/2022          30,264  
JPMorgan Chase Bank      BRL        3,851          USD        718          10/04/2022          3,638  
JPMorgan Chase Bank      USD        712          BRL        3,851          10/04/2022          1,618  

 

3

Counterparty   

Contracts to

Deliver

(000)

       

In Exchange

For

(000)

       

Settlement

Date

        Unrealized
Appreciation/
(Depreciation)		  
JPMorgan Chase Bank      USD        713          BRL        3,851          11/03/2022        $ (3,762 ) 
Morgan Stanley Capital Services, Inc.      BRL        3,851          USD        712          10/04/2022          (1,618 ) 
Morgan Stanley Capital Services, Inc.      USD        760          BRL        3,851          10/04/2022          (46,091 ) 
Morgan Stanley Capital Services, Inc.      CNH        1,926          USD        274          10/20/2022          4,312  
Morgan Stanley Capital Services, Inc.      USD        2,063          GBP        1,734          11/17/2022          (125,130 ) 
Morgan Stanley Capital Services, Inc.      HKD        9,037          USD        1,153          01/12/2023          197  
Standard Chartered Bank      TWD        28,552          USD        962          10/21/2022          64,700  
State Street Bank & Trust Co.      CNH        1,751          USD        245          10/20/2022          210  
State Street Bank & Trust Co.      CAD        352          USD        268          10/27/2022          12,727  
State Street Bank & Trust Co.      USD        355          CAD        456          10/27/2022          (25,380 ) 
State Street Bank & Trust Co.      GBP        699          USD        801          11/17/2022          19,633  
State Street Bank & Trust Co.      USD        454          NOK        4,685          12/01/2022          (23,402 ) 
State Street Bank & Trust Co.      JPY        33,944          USD        237          12/02/2022          1,485  
State Street Bank & Trust Co.      USD        459          CHF        446          12/07/2022          (4,453 ) 
UBS AG      USD        2,877          AUD        4,165          10/20/2022          (212,695 ) 
UBS AG      USD        3,937          JPY               557,390          12/02/2022          (63,136 ) 
UBS AG      CHF        1,559          USD        1,602          12/07/2022          11,873  
                       

 

 

  
                        $ (1,243,028 ) 
                       

 

 

  

 

(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 September 30, 2022, the market value of this security amounted to $2,059,547 or 1.5% 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 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 $24,868,945 and gross unrealized depreciation of investments was $(21,610,439), resulting in net unrealized appreciation of $3,258,506.

 

    

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

 

4

KRW – South Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

COUNTRY BREAKDOWN1

September 30, 2022 (unaudited)

 

  58.4 %       United States
  4.2 %       Netherlands
  4.0 %       Germany
  3.7 %       India
  3.3 %       Switzerland
  2.7 %       Japan
  2.6 %       Denmark
  2.4 %       United Kingdom
  2.3 %       Taiwan
  1.8 %       France
  1.7 %       Norway
  1.7 %       Austria
  1.5 %       Hong Kong
  0.9 %       Ireland
  8.8 %       Short-Term Investments

 

 

       
  100.0 %       Total Investments

 

 

       

 

1

All data are as of September 30, 2022. 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).

 

5

AB Variable Products Series Fund, Inc.

AB Global Thematic 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)

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 September 30, 2022:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:            
Common Stocks:            

Information Technology

    $     29,792,384      $     11,620,358      $                 —      $       41,412,742  

Health Care

      17,536,198        8,713,807        —        26,250,005  

Industrials

      18,918,331        4,933,336        —        23,851,667  

 

6

Investments in Securities:

    Level 1      Level 2     Level 3      Total  

Financials

    $ 8,379,171      $ 14,480,287     $ —      $ 22,859,458  

Utilities

      5,375,361        2,059,547       —        7,434,908  

Consumer Discretionary

      4,803,732        —       —        4,803,732  

Materials

      —        3,708,512       —        3,708,512  
Short-Term Investments      12,498,946        —       —        12,498,946  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      97,304,123        45,515,847 (a)      —        142,819,970  
Other Financial Instruments(b):           
Assets:           
Forward Currency Exchange Contracts      —        306,616       —        306,616  
Liabilities:           
Forward Currency Exchange Contracts      —        (1,549,644 )      —        (1,549,644 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     97,304,123      $     44,272,819     $                 —      $     141,576,942  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(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, 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    $     6,674      $     34,606      $     28,781      $     12,499      $     58  

 

7