NPORT-EX 2 NPORT_64VG_57035513_0323.htm HTML

AB Variable Products Series Fund, Inc.

AB Sustainable International Thematic Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.3%

        

Information Technology – 23.8%

        

Electronic Equipment, Instruments & Components – 5.1%

        

Flex Ltd.(a)

      20,966        $ 482,428  

Halma PLC

      31,026          856,519  

Keyence Corp.

      1,500          735,162  
       

 

 

  
                2,074,109  
       

 

 

  

IT Services – 2.6%

        

Accenture PLC - Class A

      3,720          1,063,213  
       

 

 

  

Semiconductors & Semiconductor Equipment – 13.7%

        

ASML Holding NV

      1,682          1,146,195  

Infineon Technologies AG

      27,792          1,141,283  

MediaTek, Inc.

      23,000          596,301  

NXP Semiconductors NV

      4,410          822,355  

STMicroelectronics NV

      16,133          859,625  

Taiwan Semiconductor Manufacturing Co., Ltd.

      56,000          981,378  
       

 

 

  
          5,547,137  
       

 

 

  

Software – 2.4%

        

Dassault Systemes SE

      11,205          462,218  

Descartes Systems Group, Inc. (The)(a)

      6,300          507,843  
       

 

 

  
          970,061  
       

 

 

  
          9,654,520  
       

 

 

  

Financials – 19.7%

        

Banks – 3.5%

        

Bank Mandiri Persero Tbk PT

      913,500          629,078  

Erste Group Bank AG

      5,333          176,679  

HDFC Bank Ltd.

      30,971          608,955  
       

 

 

  
          1,414,712  
       

 

 

  

Capital Markets – 8.6%

        

Deutsche Boerse AG

      6,094          1,186,563  

London Stock Exchange Group PLC

      12,356          1,200,134  

Partners Group Holding AG

      1,174          1,105,582  
       

 

 

  
          3,492,279  
       

 

 

  

Financial Services – 2.4%

        

Edenred

      16,755          991,640  
       

 

 

  

Insurance – 5.2%

        

Aflac, Inc.

      14,105          910,055  

AIA Group Ltd.

      73,800          773,967  

Prudential PLC

      30,387          416,047  
       

 

 

  
          2,100,069  
       

 

 

  
          7,998,700  
       

 

 

  

Health Care – 17.5%

        

Biotechnology – 1.2%

        

Abcam PLC (Sponsored ADR)(a)

      37,027          498,383  
       

 

 

  

Health Care Equipment & Supplies – 5.6%

        

Alcon, Inc.

      11,382          807,980  

ConvaTec Group PLC(b)

      167,862          474,347  

STERIS PLC

      5,141          983,370  
       

 

 

  
          2,265,697  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Health Care Providers & Services – 2.0%

        

Apollo Hospitals Enterprise Ltd.

      15,568        $ 817,839  
       

 

 

  

Life Sciences Tools & Services – 5.9%

        

Danaher Corp.

      3,313          835,009  

ICON PLC(a)

      3,583          765,293  

Tecan Group AG (REG)

      1,790          784,091  
       

 

 

  
                2,384,393  
       

 

 

  

Pharmaceuticals – 2.8%

        

Roche Holding AG (Genusschein)

      3,916          1,118,968  
       

 

 

  
          7,085,280  
       

 

 

  

Consumer Staples – 12.2%

        

Food Products – 6.3%

        

Danone SA

      12,700          790,240  

Kerry Group PLC - Class A

      7,592          757,114  

Nestle SA (REG)

      8,329          1,015,559  
       

 

 

  
          2,562,913  
       

 

 

  

Personal Care Products – 5.9%

        

Dabur India Ltd.

      111,285          741,780  

Haleon PLC

      210,030          834,330  

Unilever PLC (London)

      16,015          829,881  
       

 

 

  
          2,405,991  
       

 

 

  
          4,968,904  
       

 

 

  

Industrials – 8.9%

        

Commercial Services & Supplies – 1.6%

        

TOMRA Systems ASA

      39,498          666,821  
       

 

 

  

Construction & Engineering – 1.7%

        

WSP Global, Inc.

      5,239          686,245  
       

 

 

  

Machinery – 3.6%

        

Husqvarna AB - Class B

      51,739          449,084  

SMC Corp.

      1,900          1,007,221  
       

 

 

  
          1,456,305  
       

 

 

  

Professional Services – 2.0%

        

Experian PLC

      24,269          799,123  
       

 

 

  
          3,608,494  
       

 

 

  

Materials – 6.7%

        

Chemicals – 3.2%

        

Chr Hansen Holding A/S

      9,666          735,297  

Koninklijke DSM NV

      4,866          575,863  
       

 

 

  
          1,311,160  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Containers & Packaging – 3.5%

        

Huhtamaki Oyj

      17,956        $ 667,060  

Smurfit Kappa Group PLC

      20,077          728,194  
       

 

 

  
          1,395,254  
       

 

 

  
                2,706,414  
       

 

 

  

Consumer Discretionary – 3.6%

        

Automobile Components – 2.4%

        

Autoliv, Inc.

      10,625          991,950  
       

 

 

  

Automobiles – 1.2%

        

BYD Co., Ltd. - Class H

      16,000          470,658  
       

 

 

  
          1,462,608  
       

 

 

  

Energy – 2.0%

        

Oil, Gas & Consumable Fuels – 2.0%

        

Neste Oyj

      16,193          799,997  
       

 

 

  

Utilities – 1.8%

        

Electric Utilities – 1.8%

        

Orsted AS(b)

      8,822          752,234  
       

 

 

  

Communication Services – 1.1%

        

Diversified Telecommunication Services – 1.1%

        

Cellnex Telecom SA(b)

      11,556          449,385  
       

 

 

  

Total Common Stocks
(cost $34,395,867)

           39,486,536  
       

 

 

  

SHORT-TERM INVESTMENTS – 2.8%

        

Investment Companies – 2.8%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e)
(cost $1,147,546)

      1,147,546          1,147,546  
       

 

 

  

Total Investments – 100.1%
(cost $35,543,413)(f)

           40,634,082  

Other assets less liabilities – (0.1)%

           (48,442 ) 
       

 

 

  

Net Assets – 100.0%

         $     40,585,640  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation
(Depreciation)		  
Bank of America, NA      CNH        420        USD        61        04/20/2023      $ (107 ) 
Bank of America, NA      EUR        3,300        USD        3,512        05/11/2023            (73,862 ) 
Bank of America, NA      GBP        1,375        USD        1,685        05/24/2023        (12,595 ) 
Bank of America, NA      USD        203        TWD        6,138        06/15/2023        (333 ) 
Bank of America, NA      USD        252        INR        20,812        06/22/2023        758  
Barclays Bank PLC      KRW        175,198        USD        135        04/26/2023        304  
BNP Paribas SA      CNH        703        USD        103        04/20/2023        303  
BNP Paribas SA      USD        78        CNH        536        04/20/2023        88  
BNP Paribas SA      SEK        5,734        USD        552        04/21/2023        (803 ) 
Citibank, NA      BRL        2,841        USD        549        04/04/2023        (11,753 ) 
Citibank, NA      USD        559        BRL              2,841        04/04/2023        1,318  

 

3

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation
(Depreciation)		  
Citibank, NA      USD        1,346        KRW        1,656,355        04/26/2023      $ (76,964 ) 
Citibank, NA      USD        4,254        JPY        552,516        04/28/2023        (78,445 ) 
Citibank, NA      USD        546        BRL        2,841        05/03/2023        11,425  
Citibank, NA      INR        77,218        USD        935        06/22/2023        (1,529 ) 
Deutsche Bank AG      USD        552        SEK        5,846        04/21/2023        11,777  
Goldman Sachs Bank USA      USD        3,378        CNH        23,005        04/20/2023        (26,215 ) 
Morgan Stanley Capital Services, Inc.      BRL        2,841        USD        559        04/04/2023        (1,318 ) 
Morgan Stanley Capital Services, Inc.      USD        550        BRL        2,841        04/04/2023        10,446  
Morgan Stanley Capital Services, Inc.      USD        2,001        AUD        2,861        04/13/2023        (88,252 ) 
Morgan Stanley Capital Services, Inc.      CNH        471        USD        68        04/20/2023        (602 ) 
Morgan Stanley Capital Services, Inc.      USD        97        KRW        121,937        04/26/2023        (3,574 ) 
Morgan Stanley Capital Services, Inc.      CHF        1,731        USD        1,863        05/24/2023        (39,592 ) 
Morgan Stanley Capital Services, Inc.      USD        1,740        CAD        2,374        06/09/2023        18,298  
Standard Chartered Bank      CNH        612        USD        89        04/20/2023        (216 ) 
State Street Bank & Trust Co.      AUD        183        USD        122        04/13/2023        (828 ) 
State Street Bank & Trust Co.      USD        83        AUD        120        04/13/2023        (2,649 ) 
State Street Bank & Trust Co.      CNH        532        USD        78        04/20/2023        7  
State Street Bank & Trust Co.      USD        182        CNH        1,252        04/20/2023        78  
State Street Bank & Trust Co.      USD        177        ILS        602        04/20/2023        (9,832 ) 
State Street Bank & Trust Co.      USD        334        ZAR        5,981        04/20/2023        1,665  
State Street Bank & Trust Co.      NOK        4,645        USD        460        04/21/2023        15,801  
State Street Bank & Trust Co.      SEK        1,053        USD        102        04/21/2023        481  
State Street Bank & Trust Co.      USD        51        NOK        538        04/21/2023        688  
State Street Bank & Trust Co.      USD        462        SEK        4,751        04/21/2023        (4,185 ) 
State Street Bank & Trust Co.      JPY        78,467        USD        600        04/28/2023        6,564  
State Street Bank & Trust Co.      JPY        35,769        USD        268        04/28/2023        (2,723 ) 
State Street Bank & Trust Co.      USD        275        JPY        36,463        04/28/2023        879  
State Street Bank & Trust Co.      USD        311        JPY        40,924        04/28/2023        (1,489 ) 
State Street Bank & Trust Co.      EUR        573        USD        612        05/11/2023        (10,708 ) 
State Street Bank & Trust Co.      USD        1,094        EUR        1,019        05/11/2023        13,271  
State Street Bank & Trust Co.      USD        434        EUR        397        05/11/2023        (2,101 ) 
State Street Bank & Trust Co.      USD        285        SGD        384        05/15/2023        3,639  
State Street Bank & Trust Co.      CHF        297        USD        327        05/24/2023        634  
State Street Bank & Trust Co.      CHF        155        USD        170        05/24/2023        (667 ) 
State Street Bank & Trust Co.      GBP        198        USD        244        05/24/2023        (406 ) 
State Street Bank & Trust Co.      USD        155        CHF        143        05/24/2023        2,310  
State Street Bank & Trust Co.      USD        63        CHF        57        05/24/2023        (564 ) 
State Street Bank & Trust Co.      USD        219        MXN        4,137        05/25/2023        8,239  
                 

 

 

  
                  $     (343,339)  
                 

 

 

  

 

4

(a)

Non-income producing security.

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2023, the aggregate market value of these securities amounted to $1,675,966 or 4.1% 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 $7,423,311 and gross unrealized depreciation of investments was $(2,675,981), resulting in net unrealized appreciation of $4,747,330.

 

    

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

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

COUNTRY BREAKDOWN1

March 31, 2023 (unaudited)

 

  20.9 %       United States
  9.5 %       United Kingdom
  9.4 %       Switzerland
  7.6 %       France
  5.7 %       Germany
  5.3 %       India
  4.3 %       Japan
  4.2 %       Netherlands
  3.9 %       Taiwan
  3.7 %       Denmark
  3.7 %       Ireland
  3.6 %       Finland
  3.5 %       Sweden
  11.8 %       Other
  2.9 %       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). “Other” country weightings represent 2.9% or less in the following: Austria, Canada, China, Hong Kong, Indonesia, Norway and Spain.

 

5

AB Variable Products Series Fund, Inc.

AB Sustainable International 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.

 

6

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

    $     2,875,839      $     6,778,681     $                 —      $     9,654,520  

Financials

      910,055        7,088,645       —        7,998,700  

Health Care

      3,082,055        4,003,225       —        7,085,280  

Consumer Staples

      —        4,968,904       —        4,968,904  

Industrials

      686,245        2,922,249       —        3,608,494  

Materials

      —        2,706,414       —        2,706,414  

Consumer Discretionary

      991,950        470,658       —        1,462,608  

Energy

      —        799,997       —        799,997  

Utilities

      —        752,234       —        752,234  

Communication Services

      —        449,385       —        449,385  
Short-Term Investments      1,147,546        —       —        1,147,546  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      9,693,690        30,940,392 (a)      —        40,634,082  
Other Financial Instruments(b):           
Assets:           
Forward Currency Exchange Contracts      —        108,973       —        108,973  
Liabilities:           
Forward Currency Exchange Contracts      —        (452,312 )      —        (452,312 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     9,693,690      $     30,597,053     $                 —      $     40,290,743  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(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
12/30/2022
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2023
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $ 1,145      $ 2,836      $ 2,833      $ 1,148      $ 19  

 

7