-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jspp3JAEUOSNt3+6GV+5IW3rnAXFgv2PJLfHBWumd+RReqBEjIedvkAoTFNc7/HL 3y4eAxoOUXMUaqc1+2m+2Q== 0001133228-05-000355.txt : 20050611 0001133228-05-000355.hdr.sgml : 20050611 20050527155357 ACCESSION NUMBER: 0001133228-05-000355 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050527 DATE AS OF CHANGE: 20050527 EFFECTIVENESS DATE: 20050527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND INC CENTRAL INDEX KEY: 0000825316 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05398 FILM NUMBER: 05863981 BUSINESS ADDRESS: STREET 1: 500 PLAZA DRIVE STREET 2: 1345 AVENUE OF THE AMERICAS 31ST FL CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2013194105 MAIL ADDRESS: STREET 1: ALLIANCE CAPITAL MANGEMENT LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 N-Q 1 a143103.txt SCHEDULE OF PORTFOLIO HOLDINGS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-5398 ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC. (Exact name of registrant as specified in charter) 1345 Avenue of the Americas, New York, New York 10105 (Address of principal executive offices) (Zip code) Mark R. Manley Alliance Capital Management, L.P. 1345 Avenue of the Americas New York, New York 10105 (Name and address of agent for service) Registrant's telephone number, including area code: (800) 221-5672 Date of fiscal year end: December 31, 2005 Date of reporting period: March 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - AMERICAS GOVERNMENT INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS March 31,2005 (unaudited)
Principal Amount (000) U.S. $ Value - ----------------------------------------------------------------------------------------- LONG-TERM INVESTMENTS--123.1% CANADA--17.4% GOVERNMENT/AGENCY OBLIGATIONS--17.4% Government of Canada 3.00%, 6/01/07 (a) CAD $ 5,748 $ 4,724,033 4.25%, 12/01/21 (a) 271 298,195 5.75%, 6/01/33 (a) 3,430 3,287,662 Province of Ontario 5.60%, 6/02/35 (a) 300 261,905 Province of Quebec 5.50%, 12/01/14 (a) 600 524,877 -------------- Total Canadian Securities (cost $8,964,759) 9,096,672 -------------- MEXICO--25.8% GOVERNMENT/AGENCY OBLIGATIONS--25.8% Mexican Government Bonds 8.00%, 12/07/23 (a) MXP 34,501 2,459,695 9.00%, 12/24/09 - 12/20/12 (a) 69,212 5,833,401 Series M7 8.00%, 12/24/08 (a) 46,242 3,871,361 Series M20 10.00%, 12/05/24 (a) 16,205 1,354,725 -------------- 13,519,182 -------------- Total Mexican Securities (cost $13,940,418) UNITED STATES--79.9% U.S. GOVERNMENT SPONSORED AGENCY OBLIGATIONS--23.7% Federal National Mortgage Association 4.125%, 4/15/14 US 2,000 1,898,628 5.375%, 11/15/11 5,000 5,189,865 7.00%, 3/01/32 162 170,651 Govenment National Mortgage Association 6.00%, TBA 5,000 5,134,375 9.00%, 9/15/24 10 10,783 -------------- 12,404,302 -------------- U.S. TREASURY SECURITIES--56.2% U.S. Treasury Bonds 6.25%, 5/15/30 (b) 4,700 5,646,975 8.125%, 8/15/19 ( c) 2,000 2,690,704 U.S. Treasury Notes 3.50%, 11/15/09 (b) 4,915 4,781,759 4.25%, 8/15/13 - 11/15/13 3,570 3,519,713 4.875%, 2/15/12 150 154,893 5.75%, 8/15/10 (b) 2,080 2,232,100 U.S. Treasury Strips 0.00%, 5/15/13-11/15/21 20,700 10,381,402 -------------- 29,407,546 --------------
Principal Amount (000) U.S. $ Value - ----------------------------------------------------------------------------------------- Total United States Securities (cost $40,345,693) $ 41,811,848 -------------- Total Long-Term Investments (cost $63,250,870) 64,427,702 -------------- SHORT-TERM INVESTMENT--1.7% TIME DEPOSIT--1.7% The Bank of New York 1.875%, 4/01/05 (cost $869,000) $ 869 869,000 -------------- TOTAL INVESTMENTS--124.8% (cost $64,119,870) 65,296,702 Other assets less liabilities--(24.8%) (12,967,987) -------------- NET ASSETS--100% $ 52,328,715 ==============
FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $ Contract Value on U.S. $ Unrealized Amount Origination Current Appreciation/ (000) Date Value (Depreciation) - ----------------------------------------------------------------------------------------------------- Buy Contracts Canadian Dollar, settling 4/11/05 6,658 $ 5,380,901 $ 5,504,299 $ 123,398 Mexican Peso, settling 4/19/05 6,205 550,000 553,742 3,742 Mexican Peso, settling 5/03/05 3,203 282,290 285,003 2,713 Sale Contracts Canadian Dollar, settling 4/11/05 15,426 $ 12,488,960 $ 12,752,206 $ (263,245) Canadian Dollar, settling 5/07/05 3,366 2,758,524 2,783,205 (24,681) Mexican Peso, settling 5/03/05 74,728 6,619,223 6,649,280 (30,057) Mexican Peso, settling 5/12/05 11,158 1,000,000 990,988 9,012
FINANCIAL FUTURES CONTRACTS SOLD
Number of Expiration Value at March 31, Unrealized Type Contracts Month Original Value 2005 Depreciation - ------------------------------------------------------------------------------------------------------------------- U.S. Treasury Note June 10 Year Futures 119 2005 $ 13,054,672 $ 13,002,609 $ (52,063)
REVERSE REPURCHASE AGREEMENTS Interest Broker Rate Maturity Amount - ------------------------------------------------------------------------ Deutsche Bank 2.75% 4/05/05 $ 2,019,984 JPMorgan Chase & Co. 2.25% 4/05/05 2,161,350 JPMorgan Chase & Co. 2.50% 4/05/05 3,947,740 ----------- $ 8,129,074 ----------- (a) Position, or portion thereof, with an aggregate market value of $26,903,607, has been segregated to collateralize open forward exchange currency contracts. (b) Position or portion thereof, with an aggregate market value of $8,188,424 has been segregated to collateralize reverse repurchase agreements. (c) Position, with a market value of $271,102 has been segregated to collateralize margin requirement for open futures contracts. Currency Abbreviations: CAD - Canadian Dollar MXP - Mexican Peso US$ - United States Dollar Glossary: TBA - To Be Assigned - Securities are purchased on a forward commitment with an approximate principal amount (generally +/- 1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.
ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - BALANCED WEALTH STRATEGY PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------ COMMON STOCKS AND OTHER INVESTMENTS-54.0% UNITED STATES INVESTMENTS--38.7% TECHNOLOGY/ELECTRONICS--8.5% DATA PROCESSING--6.3% Apple Computer, Inc. (a) 4,950 $ 206,267 Arrow Electronics, Inc. (a) 950 24,083 Avnet, Inc. (a) 1,800 33,156 Dell, Inc. (a) 9,150 351,543 Electronic Arts, Inc. (a) 4,950 256,311 Electronic Data Systems Corp. 3,100 64,077 Hewlett-Packard Co. 11,400 250,116 International Business Machines Corp. (IBM) 1,000 91,380 Microsoft Corp. 16,800 406,055 Sanmina-SCI Corp. (a) 8,300 43,326 Solectron Corp. (a) 15,400 53,438 Tech Data Corp. (a) 1,400 51,884 Google, Inc. Cl.A 1,170 211,197 Network Appliance, Inc. 3,200 88,512 Yahoo!, Inc. (a) 11,500 389,850 --------------- 2,521,195 --------------- ELECTRICAL & ELECTRONICS--2.0% Broadcom Corp. Cl.A (a) 3,650 109,208 Corning, Inc. (b) 19,400 215,922 Juniper Networks, Inc. (a) 7,100 156,626 QUALCOMM, Inc. 8,300 304,195 Tellabs, Inc. (a) 3,200 23,360 --------------- 809,311 --------------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.2% Advanced Micro Devices, Inc. (a) 2,950 47,554 Symantec Corp. (a) 2,100 44,793 --------------- 92,347 --------------- 3,422,853 --------------- FINANCE--7.8% BANKING--3.3% Bank of America Corp. 1,700 74,970 Citigroup, Inc. 10,080 452,994 Fannie Mae 3,950 215,078 Freddie Mac 2,025 127,980 JPMorgan Chase & Co. 4,100 141,860 National City Corp. 4,400 147,400 SunTrust Banks, Inc. 1,500 108,105 Wachovia Corp. 1,000 50,910 --------------- 1,319,297 --------------- FINANCIAL SERVICES--2.0% Franklin Resources, Inc. 1,550 106,408 Lehman Brothers Holdings, Inc. 800 75,328 MBNA Corp. 7,600 186,580
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc. 3,150 $ 178,290 Morgan Stanley 1,500 85,875 The Charles Schwab Corp. 6,000 63,060 The Goldman Sachs Group, Inc. 1,035 113,840 --------------- 809,381 --------------- INSURANCE--2.5% American International Group, Inc. 5,400 299,213 The Hartford Financial Services Group, Inc. 2,125 145,690 The Progressive Corp. 600 55,056 The St. Paul Travelers Cos., Inc. 2,700 99,171 Torchmark Corp. 700 36,540 UnitedHealth Group, Inc. 2,750 262,295 WellPoint Inc 900 112,815 --------------- 1,010,780 --------------- 3,139,458 --------------- CONSUMER CYCLICAL--5.0% BROADCASTING & PUBLISHING--2.0% Comcast Corp. Special Cl.A (a) 2,700 90,180 The E.W. Scripps Co. Cl.A 3,100 151,125 Time Warner, Inc. (a) 10,700 187,785 --------------- 429,090 --------------- BUSINESS & PUBLIC SERVICES--0.2% The Interpublic Group of Cos., Inc. (a) 5,300 65,084 --------------- LEISURE & TOURISM--1.0% Hilton Hotels Corp. 900 20,115 Host Marriott Corp. 5,400 89,424 McDonald's Corp. 3,500 108,990 Starbucks Corp. (a) 2,350 121,401 Starwood Hotels & Resorts Worldwide, Inc. 975 58,529 --------------- 398,459 --------------- MERCHANDISING--2.7% eBay, Inc. (a) 9,200 342,792 Federated Department Stores, Inc. 250 15,910 Limited Brands 1,200 29,160 Lowe's Cos., Inc. 5,150 294,014 Office Depot, Inc. (a) 4,000 88,720 Target Corp. 6,500 325,130 --------------- 1,095,726 --------------- TEXTILES & APPAREL--0.2% Jones Apparel Group, Inc. 2,200 73,678 V.F. Corp. 500 29,570 --------------- 103,248 --------------- 2,091,607 --------------- CONSTRUCTION & HOUSING--4.3% BUILDING MATERIALS--0.4% Martin Marietta Materials, Inc. 800 44,736 Vulcan Materials Co. 1,800 102,294 --------------- 147,030 ---------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------ CONSTRUCTION & HOUSING--0.3% Pulte Homes, Inc. 1,500 $ 110,444 --------------- REAL ESTATE--3.6% Alexandria Real Estate Equities, Inc. 1,175 75,647 Archstone-Smith Trust 1,800 61,398 Arden Realty, Inc. 500 16,925 Boston Properties, Inc. 975 58,724 Brookfield Properties Corp. 1,400 53,900 Camden Property Trust 1,125 52,909 Corporate Office Properties Trust 1,500 39,720 Developers Diversified Realty Corp. 2,500 99,375 Duke Realty Corp. 1,775 52,984 EastGroup Properties, Inc. 1,150 43,355 Equity Office Properties Trust 600 18,078 Equity Residential 1,950 62,810 Essex Property Trust, Inc. 350 24,185 First Industrial Realty Trust, Inc. 700 26,481 General Growth Properties, Inc. 1,525 52,003 Glenborough Realty Trust, Inc. 825 15,774 iStar Financial, Inc. 1,150 47,357 Kimco Realty Corp. 700 37,730 LaSalle Hotel Properties 900 26,145 Mack-Cali Realty Corp. 725 30,704 Maguire Properties, Inc. 600 14,328 Pan Pacific Retail Properties, Inc. 375 21,281 Pennsylvania Real Estate Invesment Trust 400 16,128 Prentiss Properties Trust 750 25,620 ProLogis 2,475 91,823 Public Storage, Inc. 700 39,858 Reckson Associates Realty Corp. 500 15,350 Regency Centers Corp. 700 33,341 Saul Centers, Inc. 200 6,400 Simon Property Group, Inc. 1,900 115,101 SL Green Realty Corp. 100 5,622 Sunstone Hotel Investors, Inc. 800 17,160 Tanger Factory Outlet Centers, Inc. 900 19,800 The Macerich Co. 300 15,984 The Mills Corp. 750 39,675 United Dominion Realty Trust, Inc. 2,400 50,088 Vornado Realty Trust 825 57,148 Windrose Medical Properties Trust 1,100 15,081 --------------- 1,495,992 --------------- 1,753,466 --------------- MEDICAL--3.6% HEALTH & PERSONAL CARE--3.6% Amgen, Inc. (a) 3,800 221,197 Avon Products, Inc. 4,500 193,230 Boston Scientific Corp. (a) 1,750 51,258 Bristol-Myers Squibb Co. 5,700 145,122 Eli Lilly & Co. 2,900 151,090 Genentech, Inc. (a) 1,950 110,390 Medco Health Solutions, Inc. (a) 2,300 114,011 St. Jude Medical, Inc. (a) 5,700 205,200 Synthes, Inc. 144 16,021 Zimmer Holdings, Inc. (a) 1,850 143,949 HCA, Inc. 2,300 123,211 --------------- 1,474,679 ---------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------ CAPITAL EQUIPMENT--2.9% AEROSPACE & DEFENSE--0.5% Goodrich Corp. 2,300 $ 88,067 The Boeing Co. 2,300 134,458 --------------- 222,525 --------------- AUTOMOBILES--0.2% BorgWarner, Inc. 1,350 65,718 --------------- INDUSTRIAL COMPONENTS--0.3% Eaton Corp. 1,900 124,260 --------------- MULTI-INDUSTRY--1.9% General Electric Co. 15,450 557,127 Hubbell, Inc. Cl.B 1,250 63,875 Textron, Inc. 1,700 126,854 --------------- 747,856 --------------- 1,160,359 --------------- CONSUMER STAPLES--2.1% BEVERAGES & TOBACCO--0.8% Altria Group, Inc. 2,800 183,092 PepsiCo, Inc. 2,800 148,484 --------------- 331,576 --------------- FOOD & HOUSEHOLD PRODUCTS--1.3% Safeway, Inc. (a) 2,700 50,031 SUPERVALU, Inc. 1,500 50,025 The Kroger Co. (a) 4,500 72,135 The Procter & Gamble Co. 5,300 280,900 Whole Foods Market, Inc. 800 81,704 --------------- 534,795 --------------- 866,371 --------------- ENERGY--1.6% ENERGY EQUIPMENT & SERVICES--0.5% Halliburton Co. 3,900 168,675 Schlumberger Ltd. 750 52,860 --------------- 221,535 --------------- ENERGY SOURCES--1.1% ChevronTexaco Corp. 3,850 224,494 ConocoPhillips 1,050 113,232 Occidental Petroleum Corp. 1,400 99,638 --------------- 437,364 --------------- 658,899 --------------- UTILITIES--0.9% ELECTRIC & GAS UTILITY--0.9% American Electric Power Co., Inc. 1,400 47,684 Entergy Corp. 1,400 98,924 FirstEnergy Corp. 2,300 96,485 Sempra Energy 1,400 55,776 Wisconsin Energy Corp. 1,550 55,025 --------------- 353,894 ---------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------ TRANSPORTATION--0.7% TRANSPORTATION - ROAD & RAIL--0.8% Burlington Northern Santa Fe Corp. 1,000 $ 53,930 CSX Corp. 3,900 162,435 Norfolk Southern Corp. 1,700 62,985 --------------- 279,350 --------------- INDUSTRIAL COMMODITIES--0.6% CHEMICAL--0.1% PPG Industries, Inc. 500 35,760 --------------- FOREST & PAPER--0.5% International Paper Co. 1,800 66,222 Kimberly-Clark Corp. 700 46,011 MeadWestvaco Corp. 1,400 44,548 Smurfit-Stone Container Corp. (a) 3,600 55,692 --------------- 212,473 --------------- 248,233 --------------- TELECOMMUNICATIONS--0.5% Sprint Corp. (FON Group) 8,600 195,650 --------------- INDUSTRIAL--0.2% AIR FREIGHT & COURIER--0.2% United Parcel Service, Inc. 900 65,466 --------------- Total Common United States Investments (cost $15,521,577) 15,710,285 --------------- FOREIGN INVESTMENTS--15.3% AUSTRALIA--1.2% Aristocrat Leisure Ltd. 1,033 8,110 Centro Properties Group 4,600 18,423 Coles Myer Limited 4,690 34,072 DB RREEF Trust 20,979 20,922 General Property Trust 14,600 40,000 ING Industrial Fund 13,103 20,649 Macquarie CountryWide Trust 29,000 41,005 Multplex Group 2,027 6,763 Rinker Group Ltd. 6,498 54,238 Stockland 8,400 37,897 Westfield Group (a) 14,400 180,049 Westpac Banking Corp. 1,084 15,940 --------------- 478,068 --------------- BERMUDA--1.0% Cooper Industries Ltd. Cl.A (Bermuda) 700 50,064 Marvell Technology Group Ltd. (Bermuda) (a) 5,200 199,368 Nabors Industries Ltd. (a) 2,400 141,936 --------------- 391,368 --------------- CANADA--0.8% Boardwalk Real Estate Investment Trust 1,100 16,822 Borealis Retail Real Estate Investment Trust 2,150 23,816 Canadian Apartment Properties Real Estate Investment Trust 1,400 16,688
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------ Canadian Real Estate Investment Trust 2,550 $ 37,416 Cominar Real Estate Investment Trust 1,600 23,107 Dundee Real Estate Investment Trust 600 12,678 H&R Real Estate Investment Trust 1,800 27,081 InnVest Real Estate Investment Trust 1,500 14,074 O&Y Real Estate Investment Trust 2,400 31,128 RioCan Real Estate Investment Trust 4,800 72,018 Summit Real Estate Investment Trust 3,000 45,830 --------------- 320,658 --------------- CAYMAN ISLANDS--0.2% XL Capital Ltd. Cl.A 1,000 72,370 --------------- FINLAND--0.1% Sponda Oyj 3,900 35,318 --------------- FRANCE--1.6% L'Air Liquide, SA 195 35,864 Essilor International, SA 341 24,634 Gecina, SA 675 77,577 Groupe Danone 509 50,666 Klepierre 815 73,312 Renault SA 286 25,548 Sanofi-Aventis 430 36,319 Schneider Electric, SA 325 25,443 Total, SA 538 125,948 Unibail 1,250 147,908 Vinci, SA 201 28,977 --------------- 652,196 --------------- GERMANY--0.2% Porsche AG pfd 34 24,713 SAP AG 411 65,914 --------------- 90,627 --------------- GREECE--0.0% EFG Eurobank Ergasias 512 15,748 --------------- HONG KONG--0.8% Esprit Holdings Ltd. 12,000 81,812 Henderson Land Development Co., Ltd. 12,000 53,269 Kerry Properties Ltd. 32,000 69,812 Sun Hung Kai Properties Ltd. 15,000 135,752 --------------- 340,645 --------------- INDIA--0.0% Infosys Technologies Ltd. (ADR) 256 13,110 --------------- IRELAND--0.4% Allied Irish Banks Plc 1,874 39,176 Anglo Irish Bank Corp. Plc 1,718 43,042 CRH Plc 2,959 77,763 --------------- 159,981 --------------- ISRAEL--0.5% Teva Pharmaceutical Industries Ltd. (ADR) 5,900 182,900 --------------- ITALY--0.3% Beni Stabili SpA 22,700 21,799 Eni S.p.A 2,367 61,515
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------ Fastweb 440 $ 21,541 --------------- 104,855 --------------- JAPAN--1.7% Aeon Credit Service Co., Ltd. 400 26,952 Canon, Inc. 1,300 69,461 Daito Trust Construction Co., Ltd. 600 25,160 Denso Corp. 3,400 84,395 Honda Motor Co., Ltd. 1,300 64,896 Hoya Corp. 800 87,826 Japan Retail Fund Investment Corp. 6 47,678 Keyence Corp. 200 46,203 Mitsubishi Corp. 4,200 54,319 Mitsubishi Tokyo Financial Group, Inc. 5 43,071 Mitsui & Co., Ltd. 4,000 36,789 Mitsui Fudosan Co., Ltd. 4,000 46,769 Nippon Building Fund, Inc. 4 34,169 Nitto Denko Corp. 200 10,453 Suzuki Motor Corp. 1,600 28,558 --------------- 706,699 --------------- MEXICO--0.2% America Movil, SA de C.V (ADR) 1,000 51,600 Grupo Televisa, SA (GDR) 400 23,520 --------------- 75,120 --------------- NETHERLANDS--0.4% Eurocommercial Properties NV 375 12,607 ING Groep NV 2,028 61,269 Rodamco Europe NV 1,025 76,685 Royal Numic NV 17 696 Wereldhave NV 255 26,116 --------------- 177,373 --------------- PANAMA--0.3% Carnival Corp. 2,450 126,935 --------------- RUSSIA--0.0% Mobile Telesystems (ADR) 400 14,076 --------------- SINGAPORE--0.3% Ascendas Real Estate Investment Trust (a) 58,500 66,563 CapitaMall Trust 53,000 65,487 --------------- 132,050 --------------- SOUTH AFRICA--0.1% ABSA Group Ltd. 875 10,559 MTN Group Ltd. 3,010 21,212 --------------- 31,771 --------------- SOUTH KOREA--0.1% Samsung Electronics Co., Ltd. 54 26,616 --------------- SPAIN--0.4% Banco Bilbao Vizcaya Argentaria, SA 3,899 63,455 Gestevision Telecinco, SA 1,148 26,708 Industria de Diseno Textil, SA 1,800 53,811
Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------ Inmobiliaria Colonial, SA 400 $ 19,460 --------------- 163,434 --------------- SWITZERLAND--1.6% Alcon, Inc. 2,900 258,940 Compagnie Financiere Richemont AG 2,031 63,850 Credit Suisse Group 1,532 65,536 Nobel Biocare Holding AG 239 50,329 Novartis AG 1,578 73,667 Roche Holding AG-Genusshein 410 43,963 UBS AG 983 83,048 --------------- 639,333 --------------- TAIWAN--0.2% Asustek Computer, Inc. (a) 10,000 27,493 Hon Hai Precision Industry Co., Ltd. 5,000 22,141 Taiwan Semiconductor Manufacturing Co., Ltd. 15,000 24,466 --------------- 74,100 --------------- THAILAND--0.1% PTT Public Company Limited 4,400 21,708 --------------- UNITED KINGDOM--2.8% BHP Billiton Plc 1,849 24,844 British Land Co. Plc 3,550 53,935 Brixton Plc 3,100 19,978 Capita Group Plc 6,058 43,004 Capital & Regional Plc 3,000 39,378 Carnival Plc 1,202 65,974 Derwent Valley Holdings Plc 1,200 24,940 Enterprise Inns Plc 2,351 34,257 GUS Plc 3,040 52,307 Hammerson Plc 2,850 44,783 Land Securities Group Plc 4,350 106,220 Liberty International Plc 1,825 33,221 Reckitt Benckiser Plc 3,149 99,995 Royal Bank of Scotland Group Plc 3,843 122,264 SABMiller Plc 3,616 56,605 Slough Estates Plc 6,100 56,140 Smith & Nephew Plc 4,413 41,403 Standared Chartered 1,745 31,385 Tesco Plc 20,928 125,170 WPP Group Plc 6,424 73,040 --------------- 1,148,843 --------------- Total Foreign Investments (cost $5,968,168) 6,195,902 --------------- Total Common Stocks and Other Investments (cost $21,489,745) 21,906,187 --------------- CORPORATE DEBT OBLIGATIONS--27.5% AUTOMOTIVE--2.0% Daimlerchrysler-North America Holdings 4.75%, 1/15/08 200 199,053
Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------ Ford Motor Co. 7.45%, 7/16/31 100 $ 90,459 Ford Motor Credit Co. 7.375%, 10/28/09 300 301,311 General Motors 7.20%, 1/15/11 150 135,416 General Motors Acceptance Corp. 6.875%, 9/15/11 100 90,484 --------------- 816,723 --------------- BANKS--2.3% Bank of America Corp. 7.40%, 1/15/11 250 281,836 Chuo Mitsui Trust & Banking 5.506%, 12/15/49 (b) 150 143,425 HVB Funding Trust I 8.741%, 6/30/31 (b) 150 192,125 Mizuho Finance (Cayman Islands) 8.375% 04/27/49 200 216,047 Wachovia Corp. 5.25%, 8/01/14 100 100,285 --------------- 933,718 --------------- FINANCE--9.9% Assurant, Inc. 5.625%, 2/15/14 100 101,533 Bear Stearns Co., Inc. 2.875%, 7/02/08 300 284,606 Boeing Capital Corp. 6.500%, 2/15/12 100 108,490 CIT Group, Inc. 5.500%, 11/30/07 300 307,202 Citigroup, Inc. 5.00%, 9/15/14 250 245,444 Colonial Realty LP 4.750%, 2/01/10 150 147,483 Credit Suisse First Boston USA, Inc. 4.125%, 1/15/10 200 193,910 4.625%, 1/15/08 100 100,450 Duke Capital LLC 5.668%, 8/15/14 150 150,846 General Electric Capital Corp. Series A 3.50%, 12/05/07 200 195,752 Goldman Sachs Group, Inc. 4.125%, 1/15/08 300 297,471 JPMorgan Chase & Co. 5.25%, 5/30/07 200 203,941 Lehman Brothers Holdings, Inc. 4.00%, 1/22/08 300 296,105 MBNA America Bank NA 5.375%, 1/15/08 100 101,978 Morgan Stanley 2.76%, 1/12/07 100 100,182 3.875%, 1/15/09 100 97,239 North Front Pass-Thru Trust 5.81%, 12/15/24 (b) 250 247,490 Sanwa Bank Ltd. 7.40%, 6/15/11 150 166,712 Txu Australia LP 6.15%, 11/15/13 (b) 238 253,077
Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------ USA Education Series A 5.625%, 4/10/07 100 $ 102,555 Washington Mutual, Inc. 4.20%, 1/15/10 200 194,629 XL Capital Ltd. 5.25%, 9/15/14 100 98,680 --------------- 3,995,775 --------------- INDUSTRIALS--6.2% AOL Time Warner 7.70%, 5/01/32 100 118,719 AT&T Broadband 8.375%, 3/15/13 200 237,646 British Sky Broadcasting 8.200%, 7/15/09 100 112,869 CSX Corp. 5.50%, 8/01/13 200 203,860 CVS Corp. 4.00%, 9/15/09 100 97,571 Federated Department Stores, Inc. 6.625%, 4/01/11 100 107,571 Kraft Foods, Inc. 4.125%, 11/12/09 325 316,414 Kroger Co. 4.95%, 1/15/15 200 192,031 News America, Inc. 6.55%, 3/15/33 100 104,201 Norske Skogindustrier 7.625%, 10/15/11 (b) 150 169,286 PHH Corp. 6.00%, 3/01/08 150 154,898 Raytheon Co. 4.85%, 1/15/11 100 99,667 Republic Services, Inc. 6.086%, 3/15/35 150 150,323 Safeway, Inc. 5.625%, 8/15/14 150 150,259 Southwest Airlines Co. 5.125%, 3/01/17 100 93,854 Tyco International Group, SA 6.00%, 11/15/13 100 104,995 Weyerhaeuser Co. 7.375%, 3/15/32 100 116,911 --------------- 2,531,075 --------------- OIL--2.4% Devon Financing Corp. 6.875%, 9/30/11 300 330,309 FPL Group Capital, Inc 4.086%, 2/16/07 100 99,754 Kerr-Mcgee Corp. 6.875%, 9/15/11 200 213,887 Sunoco, Inc. 4.875%, 10/15/14 150 145,822 Valero Energy Corp. 7.50%, 4/15/32 150 180,829 --------------- 970,601 ---------------
Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS--2.1% AT&T Wireless Services, Inc. 7.875%, 3/01/11 100 $ 113,739 Bellsouth Corp. 4.20%, 9/15/09 300 293,146 SBC Communications 4.125%, 9/15/09 100 97,262 5.625%, 6/15/16 100 100,395 Sprint Capital Corp. 8.75%, 3/15/32 100 129,736 Telus Corp. (Canada) 7.50%, 6/01/07 100 106,443 --------------- 840,721 --------------- UTILITIES--2.6% Alabama Power Capital Trust 5.50%, 10/01/42 174 176,621 Centurytel, Inc. Series L 7.875%, 8/15/12 200 225,629 Ohio Power Co. Series F 5.50%, 2/15/13 100 102,323 Pacific Gas & Electric 6.05%, 3/01/34 100 102,682 Progress Energy, Inc. 6.85%, 4/15/12 100 109,019 Southern Cal Edison 5.00%, 1/15/16 150 147,100 Verizon Florida, Inc. Series F 6.125%, 1/15/13 200 207,855 --------------- 1,071,229 --------------- Total Corporate Debt Obligations (cost $11,403,183) 11,159,842 --------------- U.S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--0.8% U.S. Treasury Note 4.25%, 11/15/14 (cost $343,827) 340 332,974 --------------- SHORT-TERM INVESTMENT-11.0% TIME DEPOSIT-11.0% The Bank of New York 1.875% 4/01/05 (cost $4,450,000) 4,450 4,450,000 --------------- TOTAL INVESTMENTS--93.3% (cost $37,686,755) 37,849,003 Other assets less liabilities--6.7% 2,724,195 --------------- NET ASSETS--100% $ 40,573,198 ===============
FINANCIAL FUTURES CONTRACTS PURCHASED
Value at Number of Expiration Original March 31, Unrealized Type Contracts Month Value 2005 Appreciation - ------------------------------------------------------------------------------------------- British Pound FTSE June 100 Index 9 2005 $ 826,397 $ 835,507 $ 9,110 Euro Stoxx June 50 Index 42 2005 $1,626,860 $1,634,964 $ 8,104 Japanese Yen June Topix Index 7 2005 $ 765,988 $ 770,633 $ 4,645
March 31, 2005
- ------------------------------------------------------------------------------------------------------------- SECTOR U.S. $ VALUE PERCENT OF NET ASSETS - ------------------------------------------------------------------------------------------------------------- Finance $ 8,670,728 21.4% Industrial 4,286,294 10.6 Technology / Electronics 4,048,454 10.0 Construction & Housing 4,001,981 9.9 Consumer Cyclical 2,736,003 6.7 Medical 2,186,834 5.4 Utilities 2,156,825 5.3 Capital Equipment 1,659,728 4.1 Consumer Staples 1,297,074 3.2 Energy 1,119,025 2.7 U.S. Government & Government Sponsored Agency Obligations 332,976 0.8 Industrial Commodities 319,394 0.8 Telecommunications 304,337 0.7 Transportation 279,350 0.7 ------------- ------ Total Investments* 33,399,003 82.3 Cash and receivables, net of liabilities 7,174,195 17.7 ------------- ------ Net Assets $ 40,573,198 100.0% - -------------------------------------------------------------------------------------------------------------
*Excludes short-term obligations. (a) Non-income producing security. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of these securities amounted to $ 1,005,403 or 2.5% of net assets. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt FRN - Floating Rate Note Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - GLOBAL BOND PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Principal Amount (000) U.S. $ Value - ----------------------------------------------------------------------------- LONG-TERM INVESTMENTS--96.8% AUSTRIA--4.7% GOVERNMENT OBLIGATION--4.7% Republic of Austria 3.80%, 10/20/13 (a) EUR $ 2,500 $ 3,303,508 ------------- BELGIUM--4.5% GOVERNMENT OBLIGATION--4.5% Kingdom of Belgium 4.25%, 9/28/14 (a) 2,300 3,128,326 ------------- CANADA--5.9% GOVERNMENT OBLIGATION--5.9% Government of Canada 3.00%, 6/01/07 (a) CAD 4,113 3,380,297 5.00%, 6/01/14 (a) 590 512,354 5.75%, 6/01/33 (a) 265 254,003 ------------- 4,146,654 ------------- DENMARK--2.0% GOVERNMENT OBLIGATION--2.0% Kingdom of Denmark 6.00%, 11/15/09 (a) DKK 6,960 1,366,089 ------------- FINLAND--4.6% GOVERNMENT OBLIGATION--4.6% Government of Finland 5.375%, 7/04/13 (a) EUR 2,175 3,199,350 ------------- GERMANY--8.4% BANKING--4.7% Deutsche Ausgleichbank 7.00%, 6/23/05 USD 150 151,339 KFW Bankengruppe 1.85%, 9/20/10 (a) JPY 245,000 2,436,844 Landwirtschaftliche Rentenbank 1.375%, 4/25/13 (a) 70,000 668,949 ------------- 3,257,132 ------------- GOVERNMENT OBLIGATION--3.7% Bundesobligation 3.25%, 4/17/09 EUR 500 656,235 Republic of Deutschland 4.75%, 7/04/34 (a) EUR 1,340 1,923,112 ------------- 2,579,347 ------------- 5,836,479 ------------- Principal Amount (000) U.S. $ Value - ----------------------------------------------------------------------------- IRELAND--4.9% GOVERNMENT OBLIGATION--4.9% Republic of Ireland 4.25%, 10/18/07 (a) EUR $ 2,525 $ 3,405,675 ------------- JAPAN--21.2% GOVERNMENT OBLIGATIONS--21.2% Government of Japan 0.10%, 6/20/06 (a) JPY 78,400 731,643 1.30%, 12/20/14 (a) 401,550 3,740,774 1.40%, 3/20/12 (a) 96,650 934,152 1.70%, 9/20/10 (a) 720,150 7,108,846 1.80%, 9/20/10 (a) 232,600 2,308,903 ------------- 14,824,318 ------------- NETHERLANDS--6.3% GOVERNMENT OBLIGATION--6.3% Kingdom of Netherlands 3.75%, 7/15/09 (a) EUR 2,550 3,410,084 3.75%, 7/15/14 (a) 775 1,016,404 ------------- 4,426,488 ------------- NORWAY--4.1% GOVERNMENT OBLIGATION--4.1% Government of Norway 5.50%, 5/15/09 (a) NOK 12,582 2,149,300 6.00%, 5/16/11 (a) 3,925 696,429 ------------- 2,845,729 ------------- SPAIN--4.2% GOVERNMENT OBLIGATION--4.2% Kingdom of Spain 6.15%, 1/31/13 (a) EUR 1,908 2,929,017 ------------- SWEDEN--0.9% GOVERNMENT OBLIGATION--0.9% Government of Sweden 6.50%, 5/05/08 (a) SEK 3,910 613,355 ------------- UNITED KINGDOM--1.6% BANKING--0.2% Scotland International Finance II BV 4.25%, 5/23/13(b) USD 160 152,609 ------------- GOVERNMENT OBLIGATION--1.4% Government of United Kingdom 4.25% 3/07/36 (a) GBP 553 993,234 ------------- 1,145,843 ------------- Principal Amount (000) U.S. $ Value - ----------------------------------------------------------------------------- UNITED STATES--4.8% FINANCIAL--3.3% Berkshire Hathaway, Inc. 4.20%, 12/15/10 USD $ 350 $ 339,899 Genworth Financial Inc. 1.60%, 6/20/11 (a) JPY 75,000 706,137 International Lease Finance Corp. 3.50%, 4/01/09 USD 350 334,992 Pershing Road Development Co. 2.80%, 9/01/26 (b) (c) 660 660,000 SunTrust Bank Series CD 3.04%, 6/02/09 (c) 250 250,153 ------------- 2,291,181 ------------- INDUSTRIAL--0.5% General Electric Co. 5.00%, 2/01/13 330 329,521 ------------- RETAIL--1.0% Wal-Mart Stores, Inc. 4.55%, 5/01/13 750 737,256 ------------- 3,357,958 ------------- U.S. GOVERNMENT AND GOVERNMENT SPONSORED AGENCY OBLIGATIONS--18.7% Federal Home Loan Mortgage Corp. 5.125%, 11/07/13 1,000 999,124 Federal National Mortgage Association 4.125%, 4/15/14 1,525 1,447,703 U.S. Treasury Notes 3.50%, 11/15/09 6,930 6,742,135 3.625%, 7/15/09 1,700 1,667,129 4.25%, 8/15/14 1,435 1,407,197 4.00%, 3/15/10 800 793,750 ------------- 13,057,038 ------------- Total Long-term Investments (cost $64,458,587) 67,585,827 ------------- SHORT-TERM INVESTMENT--3.2% UNITED STATES--3.2% TIME DEPOSIT--3.2% Societe Generale 2.875% 04/01/05 1,900 1,900,000 The Bank of New York 1.875 4/1/05 342 342,000 ------------- Total Short-term Investment (cost $2,242,000) 2,242,000 ------------- Principal Amount (000) U.S. $ Value - ----------------------------------------------------------------------------- SHORT-TERM INVESTMENT--3.2% UNITED STATES--3.2% TIME DEPOSIT--3.2% Societe Generale 2.875% 4/01/05 USD 1,900 $ 1,900,000 The Bank of New York 1.875 4/01/05 342 342,000 ------------- Total Short-Term Investment (cost $2,242,000) 2,242,000 ------------- TOTAL INVESTMENTS--100.0% (cost $66,700,587) 69,827,827 Other assets less liabilities--0.0% (10,193) ------------- NET ASSETS--100% $ 69,817,634 ============= FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $ Contract Value on U.S. $ Unrealized Amount Origination Current Appreciation/ (000) Date Value Depreciation - ---------------------------------------------------------------------------------------------------- Buy Contracts: Canadian Dollar, settling 4/11/05 3,854 $ 3,110,054 $ 3,185,522 $ 75,468 Danish Krone, settling 4/21/05 5,224 927,829 910,670 (17,159) Euro, settling 4/27/05 3,355 4,485,601 4,359,207 (126,394) Pound Sterling, settling 5/16/05 1,728 3,321,806 3,257,546 (64,260) Japanese Yen, settling 4/5/05 352,932 3,348,352 3,291,807 (56,545) Sale Contracts: Canadian Dollar, settling 4/11/05 8,059 6,566,451 6,662,300 95,849 Danish Krone, settling 4/21/05 7,907 1,383,917 1,378,189 5,728 Japanese Yen, settling 4/05/05 75,130 717,600 700,642 16,958 Norweigan Krone, settling 4/01/05 17,926 2,877,954 2,828,886 49,068 Swedish Krona, settling 4/19/05 462 66,089 65,460 629
(a) Position, or portion thereof, with an aggregate market value of $75,511,662, has been segregated to collateralize open futures contracts. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of these securities amounted to $812,609 or 1.2% of net assets. (c) Floating rate security. Stated interest rate was in effect at March31, 2005. Currency Abbreviations: CAD - Canadian Dollar DKK - Danish Krona EUR - Euro GBP - Pound Sterling JPY - Japanese Yen NOK - Norweign Krona SEK - Swedish Krona USD - United States Dollar Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - GLOBAL DOLLAR GOVERNMENT PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------- SOVEREIGN DEBT OBLIGATIONS--82.9% NON-COLLATERALIZED BRADY BONDS--2.3% BRAZIL--2.3% Federal Republic of Brazil 3.125%, 4/15/12 (a) $ 309 $ 289,926 C-Bonds 8.00%, 4/15/14 280 276,850 DCB Series L 3.125%, 4/15/12 (a) 44 41,418 ------------- Total Non-Collateralized Brady Bonds (cost $459,592) 608,194 ------------- SOVEREIGN DEBT SECURITIES--80.6% ARGENTINA--4.8% Republic of Argentina 3.01%, 8/03/12 (a) (b) 844 709,803 11.375%, 3/15/10 (b) 40 12,476 11.75%, 6/15/15 (b) 125 37,925 12.00%, 6/19/31 (b) 276 83,507 12.25%, 6/19/18 (b) 705 213,585 15.50%, 12/19/08 (b) 717 216,893 ------------- 1,274,189 ------------- BRAZIL--12.7% Federal Republic of Brazil 9.25%, 10/22/10 45 47,250 10.50%, 7/14/14 405 446,513 11.00%, 8/17/40 1,645 1,828,417 12.00%, 4/15/10 250 291,000 12.75%, 1/15/20 555 682,650 14.50%, 10/15/09 40 50,260 ------------- 3,346,090 ------------- BULGARIA--0.4% Republic of Bulgaria 8.25%, 1/15/15 (c) 94 114,304 ------------- COLOMBIA--2.3% Republic of Colombia 10.75%, 1/15/13 88 98,340 11.75%, 2/25/20 425 505,750 ------------- 604,090 ------------- ECUADOR--7.3% Republic of Ecuador .00%, 10/11/05 194 188,217 8.00%, 8/15/30 (c) (d) 1,930 1,732,175 ------------- 1,920,392 ------------- EL SALVADOR--0.7% Republic of El Salvador 7.625%, 9/21/34 (c) 72 73,800 8.50%, 7/25/11 (c) 100 110,950 ------------- 184,750 ------------- Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------- INDONESIA--1.0% Republic of Indonesia 6.75%, 3/10/14 (c) $ 260 $ 257,725 ------------- JAMAICA--0.7% Government of Jamaica 10.625%, 6/20/17 141 148,755 12.75%, 9/01/07 (d) 30 34,200 ------------- 182,955 ------------- LEBANON--0.7% Lebanese Republic 7.875%, 5/20/11 (c) 75 73,125 10.125%, 8/06/08 (c) 75 79,500 11.625%, 5/11/16 (c) 33 36,960 ------------- 189,585 ------------- MEXICO--14.8% United Mexican States 7.50%, 1/14/12 225 248,400 8.125%, 12/30/19 1,135 1,300,709 11.375%, 9/15/16 364 520,520 Series A 6.375%, 1/16/13 42 43,575 8.00%, 9/24/22 1,057 1,199,694 9.875%, 2/01/10 503 597,313 ------------- 3,910,211 ------------- PANAMA--3.3% Republic of Panama 8.875%, 9/30/27 25 26,875 9.375%, 7/23/12-4/01/29 70 79,193 9.625%, 2/08/11 223 252,548 10.75%, 5/15/20 275 343,750 IRB 3.75%, 7/17/14 (a) 182 173,380 ------------- 875,746 ------------- PERU--2.7% Republic of Peru 8.375%, 5/03/16 57 59,565 8.75%, 11/21/33 150 156,000 9.125%, 2/21/12 231 260,453 9.875%, 2/06/15 215 248,325 ------------- 724,343 ------------- PHILIPPINES--3.9% Republic of Philippines 9.00%, 2/15/13 300 309,000 9.50%, 2/02/30 127 124,143 9.875%, 1/15/19 125 130,188 10.625%, 3/16/25 432 462,240 ------------- 1,025,571 ------------- RUSSIA--13.6% Russia Ministry of Finance Series V 3.00%, 5/14/08 515 473,440 Series VII 3.00%, 5/14/11 890 744,840 Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------- Russian Federation 5.00%, 3/31/30 (c) (d) $ 2,308 $ 2,364,845 ------------- 3,583,125 ------------- TURKEY--4.8% Republic of Turkey 7.375%, 2/05/25 116 109,040 11.00%, 1/14/13 195 236,243 11.50%, 1/23/12 233 284,260 11.75%, 6/15/10 100 120,250 11.75%, 1/15/30 375 502,500 ------------- 1,252,293 ------------- UKRAINE--3.1% Government of Ukraine 6.875%, 3/04/11 (c) 500 513,750 7.65%, 6/11/13 (c) 175 187,688 11.00%, 3/15/07 119 127,984 ------------- 829,422 ------------- URUGUAY--1.1% Republic of Uruguay 7.875%, 1/15/33 338 292,528 ------------- VENEZUELA--2.7% Republic of Venezuela 3.693%, 4/20/11 (d) 80 71,000 5.375%, 8/07/10 320 284,800 8.50%, 10/08/14 30 29,700 9.25%, 9/15/27 331 328,187 ------------- 713,687 ------------- Total Sovereign Debt Securities (cost $20,301,333) 21,281,006 ------------- Total Sovereign Debt Obligations (cost $20,760,925) 21,889,200 ------------- CORPORATE DEBT OBLIGATIONS--6.4% AGRICULTURE--0.5% Choada Modern Agriculture (China) 7.75%, 2/08/10 (c) 50 45,750 Noble Group Ltd. (Hong Kong) 6.625%, 3/17/15 (c) 100 92,905 ------------- 138,655 ------------- BANKING--0.4% Kazkommerts International BV (Kazakhstan) 8.50%, 4/16/13 (c) 100 101,000 ------------- COMMUNICATIONS - MOBILE--1.4% Kyivstar (Ukraine) 10.375%, 8/17/09 (c) 100 110,000 MobiFon Holdings BV (Romania) 12.50%, 7/31/10 100 122,125 Mobile Telesystems Finance (Russia) 9.75%, 1/30/08 (c) 125 133,125 ------------- 365,250 ------------- Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------- CONTAINERS--0.8% Vitro Envases (Mexico) 10.75%, 7/23/11 (c) $ 200 $ 204,000 ------------- ENERGY--0.6% Gazprom Oao (Russia) 9.625%, 3/01/13 (c) 100 114,000 Monterrey Power, SA De C.V. (Mexico) 9.625%, 11/15/09 (c) 45 51,319 ------------- 165,319 ------------- METALS/MINING--0.9% Freeport-McMoran Copper & Gold (Indonesia) 10.125%, 2/01/10 150 166,500 Citigroup (JSC Severstal) (Germany) 9.25%, 4/19/14 (c) 68 69,761 ------------- 236,261 ------------- PETROLEUM PRODUCTS--1.8% Pemex Project Funding Master Trust (Mexico) 8.00%, 11/15/11 250 276,626 PF Export Receivables Master Trust (Brazil) 6.436%, 6/01/15 (c) 124 124,855 Tyumen Oil (Russia) 11.00%, 11/06/07 (c) 55 61,325 ------------- 462,806 ------------- Total Corporate Debt Obligations (cost $1,557,406) 1,673,291 ------------- SHORT-TERM INVESTMENT--6.4% REPURCHASE AGREEMENT--6.4% Greenwich Capital Markets, Inc. 2.75%, dated 3/31/05, due 4/01/05 in the amount of $1,700,130 (cost $1,700,000; collateralized by $1,740,000 FHLB, 2.75% due 4/05/06, value $1,700,000) 1,700 1,700,000 ------------- TOTAL INVESTMENTS--95.7% (cost $24,018,080) 25,262,491 Other assets less liabilities--4.3% 1,141,556 ------------- NET ASSETS--100% $ 26,404,047 ============= CREDIT DEFAULT SWAP CONTRACTS
Notional Unrealized Swap Counterparty & Amount Interest Termination Appreciation/ Referenced Obligation (000's) Rate Date (Depreciation) - ------------------------------------------------------------------------------------------- Buy Contracts: Citigroup Global Markets, Inc. Republic of Colombia 8.375%, 2/15/27 150 3.02% 1/20/10 $ 4,892 Citigroup Global Markets, Inc. Republic of Philippines 10.625%, 3/16/25 130 5.60 3/20/14 (5,939) Citigroup Global Markets, Inc. Republic of Hungary 4.50%, 2/06/13 75 0.50 11/26/13 (1,579) Sale Contracts: Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 200 4.40 5/20/06 10,818 Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%. 3/06/30 400 6.35 8/20/05 12,142 Citigroup Global Markets, Inc. Republic of Colombia 8.375%, 2/15/27 250 1.13 1/20/07 (2,290) Citigroup Global Markets, Inc. Republic of Philippines 10.625%, 3/16/25 130 4.95 3/20/09 6,415 Credit Suisse First Boston Federal Republic of Brazil 12.25%, 3/06/30 175 6.90 6/20/07 19,749 Morgan Stanley Federal Republic of Brazil 12.25%, 3/06/30 160 3.80 8/20/06 5,074
(a) Floating rate security. Stated interest rate was in effect at March 31, 2005. (b) Security is in default and is non-income producing. (c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of these securities amounted to $6,652,862 or 25.2 % of net assets. (d) Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2005. Glossary of Terms : DCB - Debt Conversion Bonds IRB - Interest Rate Reduction Bond ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON STOCKS--99.6% TECHNOLOGY--29.5% COMMUNICATION EQUIPMENT--6.5% Corning, Inc. (a) 342,800 $ 3,815,364 Juniper Networks, Inc. (a) 363,800 8,025,428 QUALCOMM, Inc. 144,900 5,310,585 ---------------- 17,151,377 ---------------- COMPUTER HARDWARE/ STORAGE--4.1% Apple Computer, Inc. (a) 23,200 966,744 Dell, Inc. (a) 219,100 8,417,822 EMC Corp. (a) 126,800 1,562,176 ---------------- 10,946,742 ---------------- COMPUTER PERIPHERALS--1.4% Network Appliance, Inc. (a) 129,800 3,590,268 ---------------- COMPUTER SERVICES--1.0% Alliance Data System Corp. (a) 65,200 2,634,080 ---------------- INTERNET MEDIA--3.3% Yahoo!, Inc. (a) 253,300 8,586,870 ---------------- SEMI-CONDUCTOR COMPONENTS--5.5% Broadcom Corp. Cl.A (a) 115,600 3,458,752 Marvell Technology Group Ltd. (Bermuda) (a) 288,400 11,057,256 ---------------- 14,516,008 ---------------- SOFTWARE--5.2% Comverse Technology, Inc. (a) 124,700 3,144,934 Cognos, Inc. (Canada) (a) 13,300 557,802 SAP AG (ADR) (Germany) 85,600 3,430,848 Symantec Corp. (a) 312,200 6,659,226 ---------------- 13,792,810 ---------------- MISCELLANEOUS--2.5% Amphenol Corp. Cl.A (a) 175,500 6,500,520 ---------------- 77,718,675 ---------------- HEALTHCARE--24.5% BIOTECHNOLOGY--2.0% Affymetrix, Inc. (a) 29,900 1,280,916 Amgen, Inc. (a) 22,700 1,321,367 Genentech, Inc. (a) 45,300 2,564,433 ---------------- 5,166,716 ---------------- DRUGS--4.6% Forest Laboratories, Inc. (a) 141,400 5,224,730 Teva Pharmaceutical Industries Ltd. (ADR) (Israel) 224,400 6,956,400 ---------------- 12,181,130 ---------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- MEDICAL PRODUCTS--12.3% Alcon, Inc. (Switzerland) 76,300 $ 6,812,827 Patterson Cos, Inc. 58,800 2,937,060 St. Jude Medical, Inc. (a) 179,900 6,476,400 Stryker Corp. 128,200 5,719,002 Zimmer Holdings, Inc. (a) 135,900 10,574,379 ---------------- 32,519,668 ---------------- MEDICAL SERVICES--5.6% Caremark Rx, Inc. (a) 67,000 2,665,260 WellPoint Health Networks, Inc. (a) 97,600 12,234,160 ---------------- 14,899,420 ---------------- 64,766,934 ---------------- FINANCE--19.0% BANKING - MONEY CENTER--0.8% JPMorgan Chase & Co. 59,268 2,050,673 ---------------- BROKERAGE & MONEY MANAGEMENT--9.1% Legg Mason, Inc. 157,900 12,338,306 Merrill Lynch & Co., Inc. 51,500 2,914,900 The Charles Schwab Corp. 212,400 2,232,324 The Goldman Sachs Group, Inc. 60,300 6,632,397 ---------------- 24,117,927 ---------------- INSURANCE--4.1% American International Group, Inc. 146,900 8,139,729 Everest Re Group Ltd. (Bermuda) 31,400 2,672,454 ---------------- 10,812,183 ---------------- MISCELLANEOUS--5.0% Ambac Financial Group, Inc. 36,300 2,713,425 Citigroup, Inc. 176,100 7,913,934 MBNA Corp. 100,300 2,462,365 ---------------- 13,089,724 ---------------- 50,070,507 ---------------- CONSUMER SERVICES--14.0% APPAREL--0.6% Coach, Inc.(a) 27,900 1,579,977 ---------------- BROADCASTING & CABLE--1.1% XM Satellite Radio Holdings, Inc. Cl.A(a) 93,800 2,954,700 ---------------- ENTERTAINMENT & LEISURE--2.6% Harley-Davidson, Inc. 118,900 6,867,664 ---------------- RESTAURANT & LODGING--0.4% Starbucks Corp. (a) 20,400 1,053,864 ---------------- RETAIL - GENERAL MERCHANDISE--6.1% eBay, Inc. (a) 276,000 10,283,760 Lowe's Cos., Inc. 76,900 4,390,221 Williams-Sonoma, Inc. (a) 40,600 1,492,050 ---------------- 16,166,031 ---------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- MISCELLANEOUS--6.5% Education Management Corp. (a) 64,000 $ 1,788,800 Google, Inc. Cl.A (a) 16,200 2,924,262 Iron Mountain, Inc. (a) 43,100 1,243,004 Strayer Education, Inc. 23,100 2,617,692 ---------------- 8,573,758 ---------------- 37,195,994 ---------------- CONSUMER MANUFACTURING--7.8% BUILDING & RELATED--7.8% Centex Corp. 84,600 4,845,042 D.R. Horton, Inc. 169,333 4,951,297 Lennar Corp. Cl.A 95,400 5,407,272 NVR, Inc. (a) 6,950 5,455,750 ---------------- 20,659,361 ---------------- OIL AND GAS FIELD SERVICES--2.6% ENERGY EQUIPMENT & SERVICES--2.6% Baker Hughes, Inc. 61,200 2,722,788 Schlumberger Ltd. 59,400 4,186,512 ---------------- 6,909,300 ---------------- MULTI-INDUSTRY COMPANIES--1.0% Danaher Corp. 50,800 2,713,228 ---------------- AEROSPACE & DEFENSE--0.8% DEFENSE ELECTRONICS--0.8% L-3 Communications Holdings, Inc. 29,200 2,073,784 ---------------- CAPITAL GOODS--0.4% MACHINERY--0.4% Actuant Corp. CI.A 20,700 929,844 ---------------- Total Common Stocks (cost $199,960,678) 263,037,627 ---------------- TOTAL INVESTMENTS--99.6% (cost $199,960,678) 263,037,627 Other assets less liabilities--0.4% 1,043,758 ---------------- NET ASSETS--100% $ 264,081,385 ================ (a) Non-income producing security. Glossary: ADR-American Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - GROWTH & INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - -------------------------------------------------------------------------------- COMMON STOCKS--99.0% FINANCE--25.9% BANKING - MONEY CENTER--4.2% JPMorgan Chase & Co. 2,586,800 $ 89,503,280 Wachovia Corp. 475,000 24,182,250 --------------- 113,685,530 --------------- BANKING - REGIONAL--2.9% Bank of America Corp. 1,177,800 51,940,980 North Fork Bancorporation, Inc. 920,100 25,523,574 --------------- 77,464,554 --------------- BROKERAGE & MONEY MANAGEMENT--2.3% Merrill Lynch & Co., Inc. 769,200 43,536,720 Morgan Stanley 329,800 18,881,050 --------------- 62,417,770 --------------- INSURANCE--9.0% ACE Ltd. (Cayman Islands) 1,439,100 59,391,657 AFLAC, Inc. 217,700 8,111,502 Allstate Corp. 307,400 16,618,044 American International Group, Inc. 2,047,700 113,463,057 Axis Capital Holdings Ltd. (Bermuda) 925,700 25,030,928 MetLife, Inc. 488,900 19,115,990 --------------- 241,731,178 --------------- MORTGAGE BANKING-2.1% Fannie Mae 57,205,170 --------------- MISCELLANEOUS--5.4% American Express Co. 130,700 6,714,059 Citigroup, Inc. 2,597,600 116,736,144 MBNA Corp. 896,300 22,004,165 --------------- 145,454,368 --------------- 697,958,570 --------------- CONSUMER SERVICES--14.9% BROADCASTING & CABLE--9.7% Clear Channel Communications, Inc. 239,200 8,245,224 Comcast Corp. Cl. A (a) 750,000 25,335,000 Comcast Corp. Special Cl. A (a) 825,000 27,555,000 News Corp. Cl. A 2,630,400 44,506,368 Time Warner, Inc. (a) 2,956,600 51,888,330 Viacom, Inc. Cl. B 2,398,400 83,536,272 Westwood One, Inc. (a) 946,300 19,257,205 --------------- 260,323,399 --------------- ENTERTAINMENT & LEISURE--1.0% Harley-Davidson, Inc. 401,200 23,173,312 Royal Caribbean Cruises Ltd. (Liberia) 104,500 4,670,105 --------------- 27,843,417 --------------- RESTAURANT & LODGING--0.6% Wendy's International, Inc. 444,800 17,364,992 --------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- RETAIL - GENERAL MERCHANDISE--3.6% Bed Bath & Beyond, Inc. (a) 141,500 $ 5,170,410 Lowe's Cos., Inc. 312,100 17,817,789 The Home Depot, Inc. 1,900,000 72,656,000 --------------- 95,644,199 --------------- 401,176,007 --------------- ENERGY--11.5% DOMESTIC INTEGRATED--0.6% Occidental Petroleum Corp. 231,900 16,504,323 --------------- DOMESTIC PRODUCERS--0.9% Noble Energy, Inc. 359,900 24,480,398 --------------- INTERNATIONAL--2.7% BP p.l.c. (ADR) (United Kingdom) 382,500 23,868,000 Exxon Mobil Corp. 819,200 48,824,320 --------------- 72,692,320 --------------- OIL SERVICE--3.9% Baker Hughes, Inc. 575,600 25,608,444 EnCana Corp. (Canada) 287,100 20,217,582 FMC Technologies, Inc. (a) 300,700 9,977,226 Nabors Industries Ltd. (Bermuda)(a) 412,100 24,371,594 Schlumberger Ltd. 358,200 25,245,936 --------------- 105,420,782 --------------- MISCELLANEOUS--3.4% ConocoPhillips 843,900 91,006,176 --------------- 310,103,999 --------------- HEALTHCARE--9.7% BIOTECHNOLOGY--0.4% Applera Corp. - Applied Biosystems Group 575,000 11,350,500 --------------- DRUGS--1.4% Forest Laboratories, Inc. (a) 340,100 12,566,695 Pfizer, Inc. 908,000 23,853,160 --------------- 36,419,855 --------------- MEDICAL PRODUCTS--2.8% Beckman Coulter, Inc. 178,600 11,867,970 Boston Scientific Corp. (a) 2,207,300 64,651,817 --------------- 76,519,787 --------------- MEDICAL SERVICES--5.1% Caremark Rx, Inc. (a) 313,500 12,471,030 Health Management Associates, Inc. Cl. A 1,121,100 29,350,398 UnitedHealth Group, Inc. 226,200 21,574,956 WellPoint Health Networks, Inc. (a) 576,000 72,201,600 --------------- 135,597,984 --------------- 259,888,126 --------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- CONSUMER STAPLES--9.2% COSMETICS--2.4% Avon Products, Inc. 1,258,300 $ 54,031,402 The Estee Lauder Companies, Inc. Cl. A 260,000 11,694,800 --------------- 65,726,202 --------------- FOOD--0.4% Dean Foods Co. 307,600 10,550,680 --------------- HOUSEHOLD PRODUCTS--1.7% The Procter & Gamble Co. 856,200 45,378,600 --------------- TOBACCO--3.6% Altria Group, Inc. 1,127,000 73,694,530 Loews Corp.- Carolina Group 750,000 24,825,000 --------------- 98,519,530 --------------- MISCELLANEOUS -1.1 % Fortune Brands, Inc. 357,400 28,817,162 --------------- 248,992,174 --------------- CAPITAL GOODS--7.9% ELECTRICAL EQUIPMENT--1.5% Emerson Electric Co. 329,950 21,423,654 Johnson Controls, Inc. 340,200 18,969,552 --------------- 40,393,206 --------------- MACHINERY--0.8% Deere & Co. 64,600 4,336,598 Ingersoll-Rand Co. Cl.A (Bermuda) 200,000 15,930,000 --------------- 20,266,598 --------------- MISCELLANEOUS--5.6% General Electric Co. 3,525,300 127,122,318 United Technologies Corp. 238,500 24,245,910 --------------- 151,368,228 --------------- 212,028,032 --------------- TECHNOLOGY--7.7% COMPUTER SERVICES--1.6% Fiserv, Inc. (a) 1,053,500 41,929,300 --------------- SEMICONDUCTOR COMPONENTS--0.3% Maxim Integrated Products, Inc. 165,800 6,776,246 --------------- SOFTWARE--5.8% Microsoft Corp. 4,981,300 120,398,021 Oracle Corp. (a) 1,015,900 12,678,432 Symantec Corp. (a) 1,133,900 24,186,087 --------------- 157,262,540 --------------- 205,968,086 --------------- UTILITIES--4.5% ELECTRIC & GAS UTILITY--2.5% Entergy Corp. 274,500 19,396,170 Exelon Corp. 449,500 20,627,555 PPL Corp. 380,400 20,537,796 Sempra Energy 182,200 7,258,848 --------------- 67,820,369 --------------- Shares or Principal Amount Company (000) U.S. $ Value - -------------------------------------------------------------------------------- TELEPHONE UTILITY--2.0% BellSouth Corp. 865,200 $ 22,746,108 SBC Communications, Inc. 527,500 12,496,475 Verizon Communications, Inc. 543,300 19,287,150 --------------- 54,529,733 --------------- 122,350,102 --------------- TRANSPORTATION--3.2% RAILROAD--3.2% Burlington Northern Santa Fe Corp. 320,000 17,257,600 Union Pacific Corp. 1,000,000 69,700,000 --------------- 86,957,600 --------------- BASIC INDUSTRY--2.7% CHEMICALS--2.0% Air Products and Chemicals, Inc. 429,700 27,195,713 E.I. du Pont de Nemours & Co. 503,500 25,799,340 --------------- 52,995,053 --------------- MINING & METALS--0.7% Alcoa, Inc. 615,200 18,695,928 --------------- 71,690,981 --------------- CONSUMER MANUFACTURING--0.9% BUILDING & RELATED--0.9% American Standard Cos., Inc. (a) 504,100 23,430,568 --------------- MULTI-INDUSTRY COMPANIES--0.5% 3M Co. 166,100 14,233,109 --------------- AEROSPACE & DEFENSE--0.4% AEROSPACE--0.4% General Dynamics Corp. 100,000 10,705,000 --------------- Total Common Stocks (cost $2,302,405,421) 2,665,482,354 --------------- SHORT TERM INVESTMENT--1.0% TIME DEPOSIT The Bank Of New York 1.875% 4/01/05 (cost $26,113,000) 26,113 26,113,000 --------------- TOTAL INVESTMENTS--100.0% (cost $2,328,518,421) $ 2,691,595,354 Other assets less liabilities--0.0% 596,603 --------------- NET ASSETS--100% $ 2,692,191,957 =============== (a) Non-income producing security. Glossary: ADR - American Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - HIGH YIELD PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- CORPORATE DEBT OBLIGATIONS-97.5% AEROSPACE/DEFENSE--1.4% Bombardier, Inc. (Canada) 6.30%, 5/01/14 (a) $ 200 $ 168,000 L-3 Communications Corp. 5.875%, 1/15/15 195 187,200 Sequa Corp. 9.00%, 8/01/09 70 74,900 Transdigm, Inc. 8.375%, 7/15/11 260 266,825 ---------------- 696,925 ---------------- AIR TRANSPORTATION--0.5% ATA Airlines, Inc. 6.99%, 4/15/16 (a) (b) 289 254,611 ---------------- AUTOMOTIVE--2.0% Affinia Group, Inc. 9.00%, 11/30/14 (a) 85 78,625 Asbury Automotive Group 8.00%, 3/15/14 109 105,730 Cooper Standard Auto 7.00%, 12/15/12 (a) 165 153,450 HLI Operating Co., Inc. 10.50%, 6/15/10 170 158,100 Keystone Automotive Operations, Inc. 9.75%, 11/01/13 233 234,165 TRW Automotive 9.375%, 2/15/13 93 99,975 11.00%, 2/15/13 67 75,040 United Auto Group, Inc. 9.625%, 3/15/12 115 121,325 ---------------- 1,026,410 ---------------- BROADCASTING/ MEDIA--1.1% Allbritton Communications Co. 7.75%, 12/15/12 170 167,450 Corus Entertainment, Inc. (Canada) 8.75%, 3/01/12 120 128,700 Paxson Communications Corp. 10.75%, 7/15/08 140 138,950 12.25%, 1/15/09 (c) 135 125,550 ---------------- 560,650 ---------------- BUILDING/ REAL ESTATE--3.4% Associated Materials, Inc. 11.25%, 3/01/14 (c) 385 267,575 D.R. Horton, Inc. 6.875%, 5/01/13 190 197,125 KB HOME 7.75%, 2/01/10 190 199,775 M/I Homes, Inc. 6.875%, 4/01/12 (a) 205 202,950 Meritage Homes Corp. 6.25%, 3/15/15 (a) 275 258,500 Schuler Homes, Inc. 10.50%, 7/15/11 155 171,426 Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- WCI Communities, Inc. 6.625%, 3/15/15 (a) $ 170 $ 161,500 Williams Lyon Homes, Inc. 10.75%, 4/01/13 285 313,500 ---------------- 1,772,351 ---------------- CABLE--8.7% Cablevision Systems Corp. 8.00%, 4/15/12 (a) 380 390,450 Charter Communications Holdings LLC 11.75%, 5/15/11(c) 1,385 955,649 CSC Holdings, Inc. 6.75%, 4/15/12 (a) 190 188,575 7.625%, 7/15/18 195 202,800 DirecTV Holdings LLC 8.375%, 3/15/13 125 135,313 EchoStar DBS Corp. 6.375%, 10/01/11 130 127,400 Innova S. de R.L., SA (Mexico) 9.375%, 9/19/13 (d) 225 248,063 Insight Communications Co., Inc. 12.25%, 2/15/11 (c) 285 283,575 Insight Midwest LP/Insight Capital, Inc. 9.75%, 10/01/09 190 198,550 Intelsat Bermuda Ltd. 7.794%, 1/15/12 (a) (e) 65 65,975 8.625%, 1/15/15 (a) 245 249,900 PanAmSat Holding Corp. 9.00%, 8/15/14 260 274,300 10.375%, 11/01/14 (a) (c) 670 435,500 Rainbow National Services LLC 8.75%, 9/01/12 (a) 200 215,000 10.375%, 9/01/14 (a) 190 212,325 Rogers Cable, Inc. (Canada) 6.75%, 3/15/15 520 512,199 ---------------- 4,500,474 ---------------- CHEMICALS--2.6% Equistar Chemical Funding LP 10.125%, 9/01/08 185 204,425 10.625%, 5/01/11 130 145,925 Huntsman Advanced Materials LLC 11.00%, 7/15/10 (a) 140 160,650 Huntsman ICI Chemicals LLC 10.125%, 7/01/09 124 128,960 Huntsman LLC 12.00%, 7/15/12 (a) 178 208,260 Quality Distribution LLC 9.00%, 11/15/10 365 357,700 Westlake Chemical Corp. 8.75%, 7/15/11 125 136,719 ---------------- 1,342,639 ---------------- COMMUNICATIONS - FIXED--5.3% Cincinnati Bell, Inc. 8.375%, 1/15/14 345 339,825 Citizens Communications Co. 6.25%, 1/15/13 270 253,800 Eircom Funding (Ireland) 8.25%, 8/15/13 245 266,438 MCI, Inc. 7.688%, 5/01/09 150 156,000 Qwest Capital Funding, Inc. 7.25%, 2/15/11 385 359,013 Qwest Communications International 7.75%, 2/15/14 (a) 125 122,188 Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- Qwest Corp. 9.125%, 3/15/12 (a) $ 190 $ 206,625 Qwest Services Corp. 14.00%, 12/15/10 (a) 568 657,459 Time Warner Telecom Inc. 9.25%, 2/15/14 (a) 135 129,600 Valor Telecommunications Enterprises LLC 7.75%, 2/15/15 (a) 275 273,625 ---------------- 2,764,573 ---------------- COMMUNICATIONS - MOBILE--7.6% American Cellular Corp. Series B 10.00%, 8/01/11 225 207,000 Inmarsat Finance Plc (United Kingdom) 7.625%, 6/30/12 295 293,525 10.275%, 11/15/12 (c) 205 144,525 Iridium LLC/Capital Corp. Series B 14.00%, 7/15/05 (b) 550 93,500 KYIVSTAR (Denmark) 10.375%, 8/17/09 (a) 500 549,999 MobiFon Holdings BV (Netherlands) 12.50%, 7/31/10 505 616,730 Mobile Telesystems Finance, SA 8.00%, 1/28/12 (a) 286 283,498 Nextel Communications, Inc. 6.875%, 10/31/13 265 276,263 Nextel Partners, Inc. 12.50%, 11/15/09 72 79,200 Rogers Wireless, Inc. (Canada) 7.25%, 12/15/12 185 188,700 Rural Cellular Corp. 9.75%, 1/15/10 405 370,575 9.875%, 2/01/10 130 130,650 Triton PCS, Inc. 8.50%, 6/01/13 175 161,000 8.75%, 11/15/11 105 73,238 9.375%, 2/01/11 90 63,675 Western Wireless Corp. 9.25%, 7/15/13 175 199,500 ---------------- 3,926,678 ---------------- CONSUMER MANUFACTURING--4.0% Broder Brothers Co. 11.25%, 10/15/10 270 295,650 11.25%, 10/15/10 (a) 12 13,140 Jostens IH Corp. 7.625%, 10/01/12 190 188,100 Jostens, Inc. 12.75%, 5/01/10 270 288,900 K2, Inc. 7.375%, 7/01/14 185 191,475 Levi Strauss & Co. 7.73%, 4/01/12 (a) (e) 190 186,675 North Atlantic Holding Co., Inc. 12.25%, 3/01/14 (c) 140 26,600 Playtex Products, Inc. 8.00%, 3/01/11 190 204,725 Rayovac Corp. 7.375%, 2/01/15 (a) 280 268,100 Simmons Co. 7.875%, 1/15/14 90 91,800 10 .00%, 12/15/14 (a) (c) 195 121,875 St. John Knits International, Inc. 12.50%, 7/01/09 90 95,963 Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- Tekni-Plex, Inc. Series B 12.75%, 6/15/10 $ 115 $ 96,025 ---------------- 2,069,028 ---------------- ENERGY--3.6% Amerada Hess Corp. 7.30%, 8/15/31 250 281,919 Chesapeake Energy Corp. 7.75%, 1/15/15 195 206,213 Enterprise Products Operating LP Series B 5.60%, 10/15/14 280 276,340 Grant Prideco, Inc. 9.00%, 12/15/09 115 124,200 HilCorp Energy 10.50%, 9/01/10 (a) 340 377,399 Kerr-McGee Corp. 6.875%, 9/15/11 150 160,416 Premcor Refining Group, Inc. 9.50%, 2/01/13 115 128,513 Pride International, Inc. 7.375%, 7/15/14 210 222,600 Universal Compression, Inc. 7.25%, 5/15/10 80 81,800 ---------------- 1,859,400 ---------------- ENTERTAINMENT/ LEISURE--1.8% NCL Corp. (Bermuda) 10.625%, 7/15/14 (a) 270 279,112 Royal Caribbean Cruises Ltd. (Liberia) 8.00%, 5/15/10 85 93,394 8.75%, 2/02/11 240 272,700 Universal City Development 11.75%, 4/01/10 195 222,300 Universal City Florida Holdings Co. 8.375%, 5/01/10 (a) 60 61,200 ---------------- 928,706 ---------------- FINANCIAL--3.3% Crum & Forster Holdings Corp. 10.375%, 6/15/13 105 117,600 Fairfax Financial Holdings Ltd. (Canada) 7.375%, 4/15/18 145 129,050 7.75%, 4/26/12 290 279,850 8.25%, 10/01/15 75 72,750 Liberty Mutual Group 5.75%, 3/15/14 (a) 280 275,197 Markel Capital Trust I Series B 8.71%, 1/01/46 260 277,575 Navistar International Corp. 6.25%, 3/01/12 (a) 195 185,250 PXRE Capital Trust I 8.85%, 2/01/27 45 46,800 Royal & Sun Alliance Insurance (United Kingdom) 8.95%, 10/15/29 80 101,873 Western Financial Bank 9.625%, 5/15/12 195 216,450 ---------------- 1,702,395 ---------------- FOOD/BEVERAGE--1.0% Del Monte Corp. 8.625%, 12/15/12 115 124,488 Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- Dimon, Inc. Series B 9.625%, 10/15/11 $ 195 $ 220,106 Dole Food Co., Inc. 8.625%, 5/01/09 105 110,250 8.875%, 3/15/11 65 69,875 Merisant Co. 10.25%, 7/15/13 (a) 15 12,900 ---------------- 537,619 ---------------- GAMING--4.2% Ameristar Casinos, Inc. 10.75%, 2/15/09 95 103,788 Argosy Gaming Co. 9.00%, 9/01/11 100 109,375 Harrahs Operating Co., Inc. 7.875%, 12/15/05 100 102,000 Mandalay Resort Group 10.25%, 8/01/07 165 179,438 MGM Mirage, Inc. 8.375%, 2/01/11 260 280,799 Mohegan Tribal Gaming Authority 6.375%, 7/15/09 60 59,550 7.125%, 8/15/14 255 255,638 Park Place Entertainment Corp. 7.875%, 3/15/10 90 98,100 9.375%, 2/15/07 120 127,650 Penn National Gaming, Inc. 6.875%, 12/01/11 220 220,550 Riviera Holdings Corp. 11.00%, 6/15/10 210 232,050 Seneca Gaming Corp. 7.25%, 5/01/12 260 258,700 Turning Stone Casino Resort Enterprises 9.125%, 12/15/10 (a) 140 145,425 ---------------- 2,173,063 ---------------- HEALTHCARE--5.7% Concentra Operating Corp. 9.125%, 6/01/12 95 100,700 9.50%, 8/15/10 145 155,150 Coventry Health Care, Inc. 5.875%, 1/15/12 (a) 90 90,000 6.125%, 1/15/15 (a) 105 104,869 DaVita, Inc. 7.25%, 3/15/15 (a) 270 264,600 Hanger Orthopedic Group, Inc. 10.375%, 2/15/09 260 258,050 HCA, Inc. 6.375%, 1/15/15 355 352,387 Iasis Healthcare Corp. 8.75%, 6/15/14 245 255,413 PacifiCare Health Systems, Inc. 10.75%, 6/01/09 182 201,110 Select Medical Corp. 7.625%, 2/01/15 (a) 400 399,999 Triad Hospitals, Inc. 7.00%, 11/15/13 220 216,150 Universal Hospital Services, Inc. 10.125%, 11/01/11 240 246,000 Vanguard Health Holdings 11.25%, 10/01/15 (c) 465 310,388 ---------------- 2,954,816 ---------------- HOTEL/LODGING--2.4% Corrections Corp. of America 7.50%, 5/01/11 45 45,563 Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- Gaylord Entertainment Co. 8.00%, 11/15/13 $ 175 $ 181,125 Host Marriott LP Series G 9.25%, 10/01/07 160 171,200 Series I 9.50%, 1/15/07 125 131,875 La Quinta Properties, Inc. 8.875%, 3/15/11 185 199,800 Starwood Hotels Resorts 7.875%, 5/01/12 175 191,188 Sun International Hotels Ltd. 8.875%, 8/15/11 105 112,613 Vail Resorts, Inc. 6.75%, 2/15/14 210 205,799 ---------------- 1,239,163 ---------------- INDUSTRIAL--7.1% Amsted Industries, Inc. 10.25%, 10/15/11 (a) 255 277,950 Amtrol, Inc. 10.625%, 12/31/06 295 259,600 Case New Holland, Inc. 9.25%, 8/01/11 (a) 350 372,749 Dayton Superior Corp. 10.75%, 9/15/08 90 88,200 13.00%, 6/15/09 140 126,000 FastenTech, Inc. 11.50%, 5/01/11 (a) 120 129,000 Fimep, SA (France) 10.50%, 2/15/13 115 129,950 Flowserve Corp. 12.25%, 8/15/10 160 174,000 Goodman Global Holdings 7.875%, 12/15/12 (a) 270 247,050 Mueller Group, Inc. 10.00%, 5/01/12 190 205,200 NMHG Holdings Co. 10.00%, 5/15/09 105 113,138 Sensus Metering Systems, Inc. 8.625%, 12/15/13 360 368,100 Terex Corp. Series B 10.375%, 4/01/11 195 212,063 TriMas Corp. 9.875%, 6/15/12 295 300,900 Trinity Industries 6.50%, 3/15/14 305 294,325 Williams Scotsman, Inc. 9.875%, 6/01/07 385 383,074 ---------------- 3,681,299 ---------------- MINING & METALS--2.9% AK Steel Corp. 7.875%, 2/15/09 210 205,800 Citigroup (JSC Severstal) 9.25%, 4/19/14 (d) 274 281,097 Freeport-McMoRan Copper & Gold, Inc. Cl. B 10.125%, 2/01/10 120 133,200 International Steel Group 6.50%, 4/15/14 234 238,680 Ispat Inland ULC 9.75%, 4/01/14 201 235,170 Peabody Energy Corp. 6.875%, 3/15/13 220 226,600 Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- Russel Metals, Inc. (Canada) 6.375%, 3/01/14 $ 200 $ 194,000 ---------------- 1,514,547 ---------------- NON-AIR TRANSPORTATION--0.2% Horizon Lines LLC 9.00%, 11/01/12 (a) 105 111,825 ---------------- PAPER/PACKAGING--4.9% Berry Plastics Corp. 10.75%, 7/15/12 185 208,588 Crown Euro Holdings, SA (France) 9.50%, 3/01/11 215 235,963 Georgia-Pacific Corp. 8.875%, 5/15/31 130 156,650 9.375%, 2/01/13 285 318,488 Graphic Packaging International Corp. 9.50%, 8/15/13 365 386,899 Greif Brothers Corp. 8.875%, 8/01/12 140 151,200 Owens-Brockway Glass Container 8.875%, 2/15/09 395 421,662 Pliant Corp. 11.125%, 9/01/09 60 60,000 13.00%, 6/01/10 330 278,850 Russell-Stanley Holdings, Inc. 9.00%, 11/30/08 (g) 89 15,186 Stone Container Corp. 9.25%, 2/01/08 25 26,625 9.75%, 2/01/11 125 133,750 Vitro Envases (Mexico) 10.75%, 7/23/11(a) 155 158,100 ---------------- 2,551,961 ---------------- PUBLIC UTILITIES - ELECTRIC & GAS--9.8% AES Corp. 8.75%, 5/15/13 (a) 55 59,950 9.00%, 5/15/15 (a) 100 110,000 Allegheny Energy, Inc. 7.75%, 8/01/05 245 246,838 Aquila, Inc. 14.875%, 7/01/12 (a) (h) 135 184,950 Calpine Corp. 8.50%, 7/15/10 (a) 445 349,324 DPL Capital Trust II 8.125%, 9/01/31 230 265,057 DPL, Inc. 6.875%, 9/01/11 125 132,809 Dynegy Holdings, Inc. 10.125%, 7/15/13 (a) 345 376,049 Dynegy-Roseton Danskamme Series B 7.67%, 11/08/16 240 220,800 FirstEnergy Corp. Series B 6.45%, 11/15/11 305 321,788 Northwest Pipeline Corp. 8.125%, 3/01/10 105 112,350 NRG Energy, Inc. 8.00%, 12/15/13 (a) 207 218,903 Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- Ormat Funding Corp. 8.25%, 12/30/20 $ 229 $ 230,528 Reliant Energy, Inc. 6.75%, 12/15/14 185 172,513 9.50%, 7/15/13 240 261,000 SEMCO Energy, Inc. 7.125%, 5/15/08 65 66,162 7.75%, 5/15/13 120 123,980 Southern Natural Gas Co. 7.35%, 2/15/31 245 250,241 8.875%, 3/15/10 130 140,959 Star Gas Partners LP/Star Gas Finance Co. 10.25%, 2/15/13 175 161,875 TECO Energy, Inc. 7.00%, 5/01/12 180 187,875 Williams Cos., Inc. 7.625%, 7/15/19 545 589,962 7.875%, 9/01/21 255 277,950 ---------------- 5,061,863 ---------------- DIVERSIFIED MEDIA--4.0% American Media Operation 8.875%, 1/15/11 100 103,000 10.25%, 5/01/09 155 160,038 Dex Media, Inc. 8.00%, 11/15/13 250 258,750 Dex Media East LLC 9.875%, 11/15/09 50 55,000 12.125%, 11/15/12 91 107,835 Dex Media West LLC Series B 8.50%, 8/15/10 80 85,400 9.875%, 8/15/13 239 266,485 Primedia, Inc. 8.00%, 5/15/13 210 214,200 8.875%, 5/15/11 135 140,738 WDAC Subsidiary Corp. 8.375%, 12/01/14 (a) 225 209,250 WMG Holdings Corp. 9.50%, 12/15/14 (a) (c) 665 458,850 ---------------- 2,059,546 ---------------- RESTAURANTS--0.6% Domino's, Inc. 8.25%, 7/01/11 127 132,715 Sbarro, Inc. 11.00%, 9/15/09 179 172,735 ---------------- 305,450 ---------------- RETAIL--0.3% Petro Stopping Center 9.00%, 2/15/12 142 146,260 ---------------- SERVICE--3.4% Allied Waste North America, Inc. 6.375%, 4/15/11 225 209,250 8.50%, 12/01/08 40 41,000 8.875%, 4/01/08 125 129,219 H & E Equipment Services, Inc. 11.125%, 6/15/12 295 331,874 National Waterworks, Inc. 10.50%, 12/01/12 115 127,938 Service Corp. International 6.00%, 12/15/05 4 4,000 6.50%, 3/15/08 260 260,650 7.70%, 4/15/09 160 164,800 Shares or Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- Stewart Enterprises, Inc. 6.25%, 2/15/13 (a) $ 220 $ 213,400 United Rentals North America, Inc. 6.50%, 2/15/12 292 283,970 ---------------- 1,766,101 ---------------- SUPERMARKET/ DRUG--2.6% Couche-Tard US/Finance Corp. 7.50%, 12/15/13 169 177,450 Duane Reade, Inc. 9.75%, 8/01/11 380 334,400 Rite Aid Corp. 7.50%, 1/15/15 (a) 140 134,400 9.50%, 2/15/11 140 148,400 11.25%, 7/01/08 130 138,450 Roundy's, Inc. Series B 8.875%, 6/15/12 110 117,700 Stater Brothers Holdings, Inc. 8.125%, 6/15/12 315 303,975 ---------------- 1,354,775 ---------------- TECHNOLOGY--3.1% Amkor Technologies, Inc. 7.75%, 5/15/13 450 377,999 Celestica, Inc. (Canada) 7.875%, 7/01/11 345 349,313 Flextronics International, Ltd. (Singapore) 6.50%, 5/15/13 250 248,125 Lucent Technologies, Inc. 6.45%, 3/15/29 60 51,750 6.50%, 1/15/28 80 68,600 Nortel Networks Corp. 6.875%, 9/01/23 145 134,125 SCG Holding Corp. Zero coupon, 8/04/11 (a) 70 106,750 Telcordia Technologies, Inc. 10.00%, 3/15/13 (a) 140 138,950 Unisys Corp. 6.875%, 3/15/10 135 134,663 ---------------- 1,610,275 ---------------- Total Corporate Debt Obligations (cost $50,200,375) 50,473,403 ---------------- PREFERRED STOCKS--1.3% BROADCASTING/ MEDIA--0.3% Paxson Communications Corp. 14.25%, 11/15/06 (f) 24 166,484 ---------------- FINANCIAL--1.0% Sovereign REIT Series A 335 512,550 12.00%, 5/16/20 (a) ---------------- Total Preferred Stocks (cost $556,229) 679,034 ---------------- Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------- WARRANT--0.0% Pliant Corp. Warrants, expiring 6/01/10 (b)(g) 50 $ 1 (cost $1,820) ---------------- TOTAL INVESTMENTS--98.8% (cost $50,758,424) 51,152,438 Other assets less liabilities--1.2% 637,905 ---------------- NET ASSETS--100% $ 51,790,343 ================ FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $ Contract Value on U.S. $ Unrealized Amount Origination Current Appreciation/ (000) Date Value (Depreciation) - ------------------------------------------------------------------------------------------------------- Buy Contract: Euro, settling 4/26/05 223 $ 300,753 $ 290,196 $ (10,557) Sale Contract: Euro, settling 4/27/05 159 213,070 206,712 6,358 - -------------------------------------------------------------------------------------------------------
(a) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of these securities amounted to $ 12,783,006 or 24.7% of net assets. (b) Security is in default and is non-income producing. (c) Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the stated coupon rate becomes effective until the maturity. (d) Positions, or portion thereof, with an aggregate market value of $380,322 have been segregated to collateralize forward exchange currency contracts. (e) Variable rate coupon, rate shown as of March 31, 2005. (f) PIK (Paid in Kind) preferred quarterly stock payments. (g) Illiquid security valued at fair value. (h) The coupon on this security varies along with its rating. If its rating falls below Baa3/BB- by either Moody's or Standard & Poors, the coupon steps up 50 basis points. The security is currently rated B2/B-Non-income producing security. Please note: The industry classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - INTERNATIONAL PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS--97.1% AUSTRALIA--2.0% Foster's Group Ltd. 84,617 $ 335,156 Rinker Group Ltd. 90,053 751,666 Telstra Corp., Ltd. 57,518 226,204 ---------------- 1,313,026 ---------------- BERMUDA--2.0% Nabors Industries Ltd. (a) 22,600 1,336,564 ---------------- BRAZIL--1.2% Aracruz Celulose, SA (ADR) 3,400 121,720 Petroleo Brasilerio, SA (ADR) 16,800 646,296 ---------------- 768,016 ---------------- EGYPT--0.4% Orascom Telecom Holding SAE (GDR) (a) 7,775 275,611 ---------------- FINLAND--1.7% Nokia Corp. 72,500 1,118,311 ---------------- FRANCE--9.7% Accor, SA 11,295 552,998 France Telecom, SA 21,320 637,399 Groupe Danone 10,115 1,006,859 L'Air Liquide, SA 1,400 257,488 Renault SA 8,924 797,171 Sanofi-Aventis, SA (a) 8,300 701,050 Schneider Electric, SA 9,300 728,074 Total, SA 7,109 1,664,241 ---------------- 6,345,280 ---------------- GERMANY--5.6% Altana AG 4,133 261,950 Deutsche Telekom AG (a) 32,215 643,117 Premiere AG (a) 9,800 405,883 SAP AG 8,110 1,300,647 Siemens AG (a) 13,546 1,069,565 ---------------- 3,681,162 ---------------- HONG KONG--2.9% China Resources Power Holdings Co., Ltd. (a) 70,000 32,937 CNOOC Ltd. (ADR) 11,500 629,165 Datang International Power Generation Co., Ltd. 794,800 574,485 Esprit Holdings Ltd. 92,000 627,223 ---------------- 1,863,810 ---------------- INDIA--1.2% Infosys Technologies Ltd. (ADR) 7,600 560,348 Ranbaxy Laboratories, Ltd. (GDR) 8,898 204,563 ---------------- 764,911 ---------------- IRELAND--0.6% Allied Irish Banks Plc 18,360 383,812 ---------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- ISRAEL--0.5% Teva Pharmaceutical Industries Ltd. (ADR) 11,400 $ 353,400 ---------------- ITALY--0.9% Fastweb (a) 6,921 338,832 Telecom Italia SpA 63,303 239,169 ---------------- 578,001 ---------------- JAPAN--15.9% Aisin Seiki Co., Ltd. 12,000 272,319 Asahi Breweries, Ltd. 22,000 284,706 Canon, Inc. 8,700 464,857 Denso Corp. 30,700 762,039 Funai Electric Co., Ltd. 2,800 344,176 Hitachi Chemical Co., Ltd. 22,800 406,432 Honda Motor Co., Ltd. 13,400 668,927 HOYA Corp. 4,100 450,107 INPEX Corp. (a) 113 604,887 KDDI Corp. 36 177,678 Keyence Corp. 2,600 600,635 Kissei Pharmaceutical Co., Ltd. 11,000 228,525 Mitsubishi Corp. 61,800 799,268 Mitsubishi Tokyo Financial Group, Inc. 113 973,413 Mitsui & Co., Ltd. 52,000 478,263 Nishimatsuya Chain Co., Ltd. 8,160 231,846 Nitto Denko Corp. 8,700 454,689 Nomura Holdings, Inc. 50,300 696,726 Shionogi & Co., Ltd. 23,000 316,296 Suzuki Motor Corp. 14,300 255,235 Takeda Pharmaceutical Co., Ltd. 7,700 366,094 Tokyo Electron Ltd. 4,000 226,846 Uni-Charm Corp. 6,500 291,157 ---------------- 10,355,121 ---------------- MEXICO--0.3% America Movil, SA de CV (ADR) 3,700 190,920 ---------------- NETHERLANDS--0.3% Philips Electronics NV 6,334 174,429 ---------------- NORWAY--2.8% Norsk Hydro ASA 11,803 974,398 Smedvig ASA 45,000 843,869 ---------------- 1,818,267 ---------------- RUSSIA--2.1% Jsc Mmc Norilsk Nickel (ADR) 10,950 638,933 LUKOIL (ADR) 4,400 595,760 Mobile TeleSystems (ADR) 4,100 144,279 ---------------- 1,378,972 ---------------- SOUTH AFRICA--0.9% JD Group Ltd. 30,781 302,781 Naspers Ltd. 23,539 268,461 ---------------- 571,242 ---------------- SOUTH KOREA--2.2% GS Holdings Corp. 10,250 253,546 Kookmin Bank (a) 14,070 628,073 LG.Philips LCD Co., Ltd. (a) 5,100 221,413 Company Shares U.S. $ Value - ------------------------------------------------------------------------------- Samsung Electronics Co., Ltd. 710 $ 349,956 ---------------- 1,452,988 ---------------- SPAIN--4.5% Altadis, SA 8,670 354,477 Banco Bilbao Vizcaya Argentaria, SA 36,309 590,919 Gestevision Telecinco. SA (a) 31,072 722,889 Industria de Diseno Textil, SA (Inditex) 10,242 306,185 Telefonica, SA 53,829 934,674 ---------------- 2,909,144 ---------------- SWITZERLAND--12.4% Compagnie Financiere Richemont AG (a) 28,914 908,988 Credit Suisse Group 39,027 1,669,505 Nobel Biocare Holding AG 2,393 503,918 Novartis AG 24,203 1,129,891 Roche Holding AG-Genusshein 12,329 1,322,010 Synthes Inc. 2,817 313,417 UBS AG 26,254 2,218,039 ---------------- 8,065,768 ---------------- TAIWAN--1.2% Chinatrust Financial Holding Co., Ltd. 339,072 382,027 Taiwan Semiconductor Manufacturing Co., Ltd. Merrill Lynch International & Co. warrants, expiring 11/21/05 (a) 211,000 411,872 ---------------- 793,899 ---------------- UNITED KINGDOM--23.2% 02 Plc (a) 103,535 233,319 AstraZeneca Group Plc 6,612 260,812 BAE Systems Plc 204,963 1,005,296 BHP Billiton Plc 117,562 1,579,614 British Airways Plc (a) 52,707 263,412 Carnival Plc 9,843 540,252 GlaxoSmithKline Plc 7,364 168,928 GUS Plc 32,060 551,631 Legal & General Group Plc 358,067 766,224 Man Group Plc 27,445 712,287 Prudential Plc 103,628 991,309 Reckitt Benckiser Plc 33,508 1,064,029 Royal Bank of Scotland Group Plc 55,157 1,754,811 SABMiller Plc 35,555 556,581 Smith & Nephew Plc 37,937 355,929 Standard Chartered Plc 47,616 856,408 Tesco Plc. 174,599 1,044,276 Vodafone Group Plc 632,530 1,679,859 WPP Group Plc 73,900 840,229 ---------------- 15,225,206 ---------------- UNITED STATES--2.6% Schlumberger Ltd. 23,800 1,677,424 ---------------- Total Common Stocks & Other Investments (cost $52,844,810) 63,395,284 ---------------- Principal Amount Company (000) U.S. $ Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENT--1.7% TIME DEPOSIT--1.7% The Bank of New York 1.875%, 4/01/05 (cost $1,081,000) 1,081 1,081,000 ---------------- TOTAL INVESTMENTS--98.8% (cost $53,925,810) $ 64,476,284 Other assets less liabilities--1.2% 790,994 ---------------- NET ASSETS--100% $ 65,267,278 ================ SECTOR DIVERSIFICATION March 31, 2005
- ------------------------------------------------------------------------------------ SECTOR U.S. $ VALUE PERCENT OF NET ASSETS - ------------------------------------------------------------------------------------ Aerospace & Defense $ 1,005,296 1.6% Basic Industries 3,004,187 4.6 Capital Goods 1,701,368 2.6 Consumer Manufacturing 3,507,357 5.4 Consumer Services 9,149,059 14.0 Consumer Staples 4,195,745 6.4 Energy 9,226,149 14.1 Finance 12,623,554 19.4 Healthcare 6,486,785 9.9 Multi Industry Companies 2,752,979 4.2 Tecnology 6,277,142 9.6 Utilities 3,465,663 5.3 ------------- ------- Total Investments* 63,395,284 97.1 Cash and receivables, net of liabilities 1,871,994 2.9 ------------- ------- Net Assets $ 65,267,278 100.0% - ------------------------------------------------------------------------------------
* Excludes short-term investments. (a) Non-income producing security. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - INTERNATIONAL VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited)
Company Shares U.S. $ Value - ---------------------------------------------------------------------------------------------- COMMON STOCKS--97.5% BELGIUM--2.2% Delhaize Group 129,889 $ 8,911,409 -------------- BRAZIL--2.1% Petroleo Brasilerio, SA (ADR) 190,400 7,324,688 Votorantim Celulose e Papel, SA 88,250 1,147,250 -------------- 8,471,938 -------------- CANADA--6.8% Alcan, Inc. 215,300 8,186,989 Bank of Nova Scotia 274,568 8,976,742 Magna International, Inc. Cl.A 23,550 1,576,879 Manulife Financial Corp. 179,600 8,573,944 Novelis, Inc. 8,900 194,966 -------------- 27,509,520 -------------- FRANCE--14.5% Arcelor 494,360 11,288,252 Assurance Generales de France 136,300 10,704,254 BNP Paribas, SA 36,200 2,567,363 Compagnie de Saint Gobain 43,200 2,633,555 Credit Agricole, SA 205,130 5,579,981 Renault, SA 85,500 7,637,615 Sanofi-Aventis 133,427 11,269,760 Societe Generale 67,720 7,042,191 -------------- 58,722,971 -------------- GERMANY--7.9% Continental AG 130,900 10,128,172 Depfa Bank Plc 257,710 4,068,874 HeidelbergCement AG (a) 5,011 310,236 Heidelberger Cement AG 65,150 4,099,375 MAN AG 117,100 5,222,524 Muenchener Rueckversicherungs-Gesellschaft AG (Munich Re) 69,300 8,321,893 -------------- 32,151,074 -------------- HUNGARY--0.7% MOL Magyar Olaj-es Gazipari Rt. (GDR) 34,630 2,793,931 -------------- ISRAEL--0.8% Bank Hapoalim Ltd. 990,700 3,332,784 -------------- ITALY--2.2% Eni S.p.A. 346,400 9,002,445 -------------- JAPAN--16.4% Aiful Corp. 67,600 5,396,043 Aiful Corp (a) (b) 33,800 2,647,766 Canon, Inc. 185,300 9,900,915 Honda Motor Co., Ltd. 214,600 10,712,823 JFE Holdings, Inc. 323,400 8,999,013 Nippon Meat Packer, Inc. 119,000 1,505,983 Nissan Motor Co., Ltd. 601,700 6,148,393
Company Shares U.S. $ Value - ---------------------------------------------------------------------------------------------- Promise Co., Ltd. 117,100 $ 7,981,842 Sumitomo Mitsui Financial Group, Inc. 1,407 9,496,184 UFJ Holdings, Inc. (a) 663 3,471,675 -------------- 66,260,637 -------------- KOREA--6.5% Hyundai Motor Co., Ltd. 65,200 3,521,735 Kookmin Bank (a) 100,000 4,463,917 POSCO 47,300 9,365,923 Samsung Electronics Co., Ltd. 9,480 4,672,650 Shinhan Financial Group Co., Ltd. 155,600 4,160,646 -------------- 26,184,871 -------------- NETHERLANDS--3.6% ING Groep N.V. 482,371 14,573,251 -------------- PEOPLES REPUBLIC OF CHINA--0.8% China Petroleum Chemical Corp. (Sinopec) 8,312,000 3,371,453 -------------- SINGAPORE--3.3% Flextronics International Ltd. (a) 326,200 3,927,448 Singapore Telecommunications Ltd. 5,894,643 9,206,456 -------------- 13,133,904 -------------- SPAIN--5.1% ACS, Actividades de Construccion y Servicios, SA 114,717 2,839,627 Endesa, SA 405,400 9,126,345 Repsol YPF, SA 324,500 8,596,278 -------------- 20,562,250 -------------- SWEDEN--1.1% Svenska Cellulosa AB Cl.B 114,800 4,334,295 -------------- SWITZERLAND--2.0% Credit Suisse Group (a) 189,200 8,093,635 -------------- TAIWAN--3.0% Compal Electronics, Inc. (GDR) 1,195,042 5,452,499 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 790,312 6,701,846 -------------- 12,154,345 -------------- THAILAND--0.5% PTT Public Co., Ltd. 416,000 2,052,352 -------------- UNITED KINGDOM--18.0% Aviva Plc 636,497 7,635,077 BP Plc 916,900 9,522,079 George Wimpey Plc 336,800 2,800,036 GlaxoSmithKline Plc 213,600 4,899,930 HBOS Plc 554,040 8,637,473 InterContinental Hotels Group Plc 113,271 1,323,420 Persimmon Plc 79,131 1,130,425 Royal Bank of Scotland Group Plc 349,300 11,112,929 Tate & Lyle Plc 519,400 5,212,199 Taylor Woodrow Plc 574,800 3,324,823 Vodafone Group Plc 3,136,000 8,328,525 Whitbread Plc 188,900 3,324,811 Xstrata Plc 299,060 5,707,994 -------------- $ 72,959,721 -------------- Total Common Stocks (cost $317,597,918) 394,576,786 --------------
Principal Amount (000) U.S. $ Value - ---------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENT--2.6% TIME DEPOSIT--2.6% The Bank of New York 1.875%, 4/01/05 (cost $10,653,000) 10,653 10,653,000 -------------- Total Investments--100.1% (cost $328,250,918) 405,229,786 Other assets less liabilities--(0.1%) (358,476) -------------- NET ASSETS--100% $ 404,871,310 ==============
FINANCIAL FUTURES CONTRACTS PURCHASED
Value at Number of Expiration Original March 31, Unrealized Type Contracts Month Value 2005 Depreciation - ------------------------------------------------------------------------------------------------ FTSE 100 IDX FUT 59 Jun 2005 $ 5,552,883 $ 5,477,210 $ (75,673) - - - --------- $ (75,673) =========
INTERNATIONAL VALUE PORTFOLIO SECTOR DIVERSIFICATION March 31, 2005
- ---------------------------------------------------------------------------------- SECTOR U.S. $ VALUE PERCENT OF NET ASSETS - ---------------------------------------------------------------------------------- Finance $ 146,838,464 36.3% Industrial Commodities 49,224,682 12.2 Capital Equipment 44,948,141 11.1 Energy 42,663,226 10.5 Technology / Electronics 30,655,358 7.6 Telecommunications 17,534,981 4.3 Construction & Housing 17,138,077 4.2 Medical 16,169,690 4.0 Consumer Staples 15,629,591 3.9 Utilities 9,126,345 2.3 Consumer Cyclical 4,648,231 1.1 -------------- ------ Total Investments* 394,576,786 97.5 Cash and receivables, net of liabilities 10,294,524 2.5 -------------- ------ Net Assets $ 404,871,310 100.0% - ----------------------------------------------------------------------------------
*Excludes short-term obligations. (a) Non-income producing security. (b) When-Issued security. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. AllianceBernstein Variable Products Series Fund Money Market Portfolio Portfolio Of Investments March 31, 2005 - ------------------------------------------------------------------------------- Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- CORPORATE OBLIGATIONS- 1.9% Chase Bank USA FRN 2.72%, 5/11/05 $ 1,300 $ 1,300,000 ------------- Total Corporate Obligations (amortized cost $1,300,000) 1,300,000 ------------- COMMERCIAL PAPER - 86.5% Abbey National Plc 2.85%, 5/20/05 2,000 1,992,242 American General Finance Corp. 2.69%, 4/11/05 1,000 999,253 ASB Bank Ltd. 2.52%, 4/07/05 1,000 999,580 Banco Santander Centro Hispanico 2.67%, 4/14/05 2,700 2,697,397 Banque Caisse D'Epargne L'Etat 2.70%, 6/02/05 2,500 2,488,375 Barclays Bank Plc 2.74%, 4/29/05 2,000 1,995,738 Bear Stearns 2.88%, 5/23/05 1,000 995,840 BNP Paribas 2.80%, 5/09/05 2,000 1,994,089 Citigroup, Inc. 2.80%, 5/09/05 1,400 1,395,862 Commonwealth Bank of Australia 2.66%, 4/07/05 1,000 999,557 Credit Suisse Group 2.75%, 4/18/05 1,000 998,701 Danske Bank AS 2.53%, 4/05/05 2,500 2,499,297 Fairway Finance Corp. 2.48%, 5/03/05 2,300 2,294,930 Galaxy Funding 2.73%, 4/26/05 2,000 1,996,208 General Electric Capital Corp. 2.66%, 4/28/05 1,100 1,097,805 2.96%, 6/16/05 1,500 1,490,627 Giro Balanced 2.74%, 4/12/05 1,000 999,163 Goldman Sachs 2.77%, 4/29/05 1,400 1,396,984 HBOS Capital Funding 2.93%, 5/25/05 2,000 1,991,210 HSBC 2.62%, 4/26/05 2,000 1,996,361 ING Bank 2.68%, 5/16/05 1,500 1,494,975 AllianceBernstein Variable Products Series Fund Money Market Portfolio Portfolio Of Investments March 31,2005 - ------------------------------------------------------------------------------- Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- Jupiter Funding 2.75%, 4/15/05 $700 $ 699,251 Minnesota Mining & Manufacturing 2.73%, 4/22/05 1,200 1,198,089 Norddeutschelb 2.89%, 5/23/05 2,000 1,991,651 Private Export Funding Corp. 2.45%, 5/09/05 2,500 2,493,535 Prudential Funding, LLC. 2.77%, 4/20/05 2,000 1,997,076 Prudential Plc 2.78%, 5/11/05 1,000 996,911 Rabobank Nederland 2.81%, 4/01/05 3,300 3,300,000 Royal Bank of Canada 2.81%, 6/03/05 2,000 1,990,165 Societe Generale 2.75%, 4/27/05 2,000 1,996,028 State Street Bank Trust Co. 2.77%, 4/28/05 2,000 1,995,845 Swedbank 2.92%, 5/25/05 1,100 1,095,182 Toyota Motor Credit 2.68%, 5/12/05 2,500 2,492,369 UBS Finance 2.79%, 4/01/05 1,200 1,200,000 Westpac Banking Corp. 2.62%, 4/25/05 2,000 1,996,507 Total Commercial Paper (amortized cost $60,256,803) 60,256,803 ------------- CERTIFICATES OF DEPOSIT - 12.1% ABN Amro 2.625%, 4/04/05 2,000 2,000,000 Calyon NY 2.595%, 4/19/05 2,000 2,000,000 Dexia Bank CLF 2.72%, 4/28/05 2,000 1,999,999 Landesbank 1.98%, 5/17/05 450 449,532 Suntrust Bank 2.68%, 5/03/05 2,000 2,000,000 Total Certificates of Deposit (amortized cost $8,449,531) 8,449,531 ------------- TOTAL INVESTMENTS-100.5% (cost $70,006,334) $ 70,006,334 Other assets less liabilities-(-0.5%) (316,703) ------------- NET ASSETS-100% $ 69,689,631 ============= Glossary: FRN - Floating Rate Note ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - PREMIER GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON STOCKS--99.5% TECHNOLOGY--34.0% COMMUNICATION EQUIPMENT--9.3% Corning, Inc. (a) 2,470,800 $ 27,500,004 Juniper Networks, Inc. (a) 1,426,000 31,457,560 QUALCOMM, Inc. 1,048,700 38,434,855 Research In Motion Ltd. (a) 99,500 7,603,790 --------------- 104,996,209 --------------- COMPUTER HARDWARE/STORAGE--8.0% Apple Computer, Inc. (a) 728,400 30,352,428 Dell, Inc. (a) 1,208,600 46,434,412 EMC Corp. (a) 1,115,800 13,746,656 --------------- 90,533,496 --------------- COMPUTER PERIPHERALS--1.2% Network Appliance, Inc. (a) 475,400 13,149,564 --------------- INTERNET MEDIA--7.6% Google, Inc. Cl. A (a) 143,300 25,867,083 Yahoo!, Inc. (a) 1,766,400 59,880,959 --------------- 85,748,042 --------------- SEMI-CONDUCTOR COMPONENTS--6.0% Advanced Micro Devices, Inc. (a) 657,400 10,597,288 Altera Corp. (a) 581,400 11,500,092 Broadcom Corp. Cl. A (a) 717,800 21,476,576 Marvell Technology Group Ltd. (Bermuda) (a) 611,600 23,448,744 --------------- 67,022,700 --------------- SOFTWARE--1.9% Microsoft Corp. 414,400 10,016,048 Symantec Corp. (a) 508,800 10,852,704 --------------- 20,868,752 --------------- 382,318,763 --------------- CONSUMER SERVICES--18.8% BROADCASTING & CABLE--1.7% The E.W. Scripps Co. Cl. A 394,900 19,251,375 --------------- ENTERTAINMENT & LEISURE--1.8% Carnival Corp. (Panama) 385,400 19,967,574 --------------- RESTAURANT & LODGING--1.5% Starbucks Corp. (a) 333,900 17,249,274 --------------- RETAIL - GENERAL MERCHANDISE--10.8% eBay, Inc. (a) 1,303,200 48,557,232 Lowe's Cos., Inc. 662,350 37,813,562 Target Corp. 708,200 35,424,164 --------------- 121,794,958 --------------- MISCELLANEOUS--3.0% Electronic Arts, Inc. (a) 647,800 33,543,084 --------------- 211,806,265 --------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- HEALTHCARE--19.2% BIOTECHNOLOGY--3.2% Amgen, Inc. (a) 411,200 $ 23,935,952 Genentech, Inc. 204,700 11,588,067 --------------- 35,524,019 --------------- DRUGS--2.7% Teva Pharmaceutical Industries Ltd. (ADR) (Israel) 992,600 30,770,600 --------------- MEDICAL PRODUCTS--7.1% Alcon, Inc. (Switzerland) 252,100 22,510,009 St. Jude Medical, Inc. (a) 926,900 33,368,400 Zimmer Holdings, Inc. (a) 305,100 23,739,831 --------------- 79,618,240 --------------- MEDICAL SERVICES--6.2% UnitedHealth Group, Inc. 473,500 45,162,430 WellPoint, Inc. (a) 198,700 24,907,045 --------------- 70,069,475 --------------- 215,982,334 --------------- FINANCE--11.9% BROKERAGE & MONEY MANAGEMENT--2.3% Franklin Resources, Inc. 146,300 10,043,495 Merrill Lynch & Co., Inc. 174,600 9,882,360 The Goldman Sachs Group, Inc. 50,800 5,587,492 --------------- 25,513,347 --------------- INSURANCE--4.9% AFLAC, Inc. 173,500 6,464,610 American International Group, Inc. 656,092 36,354,058 The Progressive Corp. 127,500 11,699,400 --------------- 54,518,068 --------------- MISCELLANEOUS--4.7% Citigroup, Inc. 441,000 19,818,540 MBNA Corp. 1,357,800 33,333,990 --------------- 53,152,530 --------------- 133,183,945 --------------- CONSUMER STAPLES--4.7% COSMETICS--2.5% Avon Products, Inc. 645,700 27,726,358 --------------- HOUSEHOLD PRODUCTS--1.1% Colgate-Palmolive Co. 69,900 3,646,683 The Procter & Gamble Co. 171,100 9,068,300 --------------- 12,714,983 --------------- RETAIL - FOOD & DRUG--1.1% Whole Foods Market, Inc. 116,800 11,928,784 --------------- 52,370,125 --------------- ENERGY--4.6% OIL SERVICE--4.6% Halliburton Co. 434,800 18,805,100 Nabors Industries Ltd. (Bermuda)(a) 557,100 32,946,894 --------------- 51,751,994 --------------- Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- CONSUMER MANUFACTURING--3.4% BUILDING & RELATED--3.4% Pulte Homes, Inc. 522,800 38,493,764 --------------- CAPITAL GOODS--2.9% MISCELLANEOUS--2.9% General Electric Co. 889,200 32,064,552 --------------- Total Common Stocks (cost $921,908,634) 1,117,971,742 --------------- SHORT-TERM INVESTMENT--0.7% TIME DEPOSITS--0.7% The Bank of New York 1.875%. 4/01/05 (cost $7,501,000) $ 7,501 $ 7,501,000 --------------- TOTAL INVESTMENTS--100.2% (cost $929,409,634) 1,125,472,742 Other assets less liabilities--(0.2%) (1,817,714) --------------- NET ASSETS--100% $ 1,123,655,028 =============== (a) Non-income producing security. Glossary of Terms: ADR - American Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - REAL ESTATE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - -------------------------------------------------------------------------------- COMMON STOCKS--98.8% REAL ESTATE INVESTMENT TRUSTS--98.8% OFFICE--17.9% Alexandria Real Estate Equities, Inc. 88,200 $ 5,678,316 Arden Realty, Inc. 51,000 1,726,350 Boston Properties, Inc. 77,500 4,667,825 Corporate Office Properties Trust 164,000 4,342,720 Equity Office Properties Trust 51,500 1,551,695 Glenborough Realty Trust, Inc. 36,400 695,968 Mack-Cali Realty Corp. 65,000 2,752,750 Maguire Properties, Inc. 15,000 358,200 Prentiss Properties Trust 63,700 2,175,992 SL Green Realty Corp. 12,700 713,994 --------------- 24,663,810 --------------- APARTMENTS--15.1% Archstone-Smith Trust 138,600 4,727,646 Camden Property Trust 90,000 4,232,700 Equity Residential 178,900 5,762,369 Essex Property Trust, Inc. 32,700 2,259,570 United Dominion Realty Trust, Inc. 182,200 3,802,514 --------------- 20,784,799 ---------------- REGIONAL MALLS--13.6% General Growth Properties, Inc. 153,000 5,217,300 Simon Property Group, Inc. 149,900 9,080,942 The Macerich Co. 24,800 1,321,344 The Mills Corp. 59,100 3,126,390 --------------- 18,745,976 --------------- LODGING --12.4% Hilton Hotels Corp. 71,000 1,586,850 Host Marriott Corp. 433,200 7,173,792 LaSalle Hotel Properties 71,100 2,065,455 Starwood Hotels & Resorts Worldwide, Inc. 79,900 4,796,397 Sunstone Hotel Investors, Inc. 66,000 1,415,700 --------------- 17,038,194 --------------- SHOPPING CENTERS--11.7% Developers Diversified Realty Corp. 185,100 7,357,725 Kimco Realty Corp. 32,900 1,773,310 Pan Pacific Retail Properties, Inc. 34,400 1,952,200 Regency Centers Corp. 52,400 2,495,812 Saul Centers, Inc. 21,000 672,000 Tanger Factory Outlet Centers, Inc. 86,000 1,892,000 --------------- 16,143,047 --------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- INDUSTRIAL--11.0% EastGroup Properties, Inc. 94,600 $ 3,566,420 First Industrial Realty Trust, Inc. 51,000 1,929,330 First Potomac Realty Trust 31,500 719,775 ProLogis 240,300 8,915,130 --------------- 15,130,655 --------------- DIVERSIFIED--6.0% iStar Financial, Inc. 91,300 3,759,734 Vornado Realty Trust 64,200 4,447,134 --------------- 8,206,868 --------------- OFFICE - INDUSTRIAL MIX--4.8% Duke Realty Corp. 173,400 5,175,990 Reckson Associates Realty Corp. 45,400 1,393,780 --------------- 6,569,770 --------------- OTHER--3.0% Brookfield Properties Corp. 106,000 4,081,000 --------------- STORAGE--2.4% Public Storage, Inc. 57,000 3,245,580 --------------- HEALTHCARE--0.9% Windrose Medical Properties Trust 88,900 1,218,819 --------------- Total Common Stocks (cost $100,151,084) 135,828,518 ---------------- SHORT-TERM INVESTMENT--1.1% TIME DEPOSIT--1.1% The Bank of New York 1.875%, 4/01/05 (cost $1,581,000) $ 1,581 1,581,000 ---------------- TOTAL INVESTMENTS--99.9% (cost $101,732,084) 137,409,518 Other assets less liabilities--0.1% 186,958 ---------------- NET ASSETS--100% $ 137,596,476 ================ ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - SMALL CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - -------------------------------------------------------------------------------- COMMON STOCKS--99.1% CONSUMER SERVICES--28.3% ADVERTISING--1.5% Digitas, Inc. (a) 111,400 $ 1,125,140 ------------- APPAREL--1.2% Carter's, Inc. (a) 21,600 858,600 ------------- BROADCASTING & CABLE--2.3% Cumulus Media, Inc. Cl.A (a) 56,982 811,994 Entravision Communications Corp. Cl. A (a) 102,300 907,401 ------------- 1,719,395 ------------- ENTERTAINMENT/LEISURE--2.1% Activision, Inc. (a) 54,233 802,653 Sunterra Corp. (a) 50,400 760,032 ------------- 1,562,685 ------------- RETAIL - GENERAL MERCHANDISE--4.2% Dick's Sporting Goods, Inc. (a) 28,810 1,058,191 MarineMax, Inc. (a) 18,800 586,184 Too, Inc. (a) 35,500 875,785 Tuesday Morning Corp. (a) 19,400 560,078 ------------- 3,080,238 ------------- MISCELLANEOUS--17.0% Bright Horizons Family Solutions, Inc. (a) 26,800 904,232 Charles River Associates, Inc. (a) 11,200 552,720 Dycom Industries, Inc. (a) 43,500 1,000,065 Hughes Supply, Inc. 34,500 1,026,375 Huron Consulting Group, Inc. (a) 32,747 678,190 Insight Enterprises, Inc. (a) 64,200 1,127,352 Laureate Education, Inc. (a) 26,120 1,117,675 Life Time Fitness, Inc. (a) 31,700 855,266 MSC Industrial Direct Co., Inc. Cl.A 24,000 733,440 Niku Corp. (a) 36,900 666,045 Resources Connection, Inc. (a) 61,000 1,276,730 Scansource, Inc. (a) 21,440 1,111,235 Strayer Education, Inc. 9,900 1,121,868 ZipRealty, Inc. (a) 31,600 445,244 ------------- 12,616,437 ------------- 20,962,495 ------------- TECHNOLOGY--22.3% COMMUNICATION SERVICES--1.0% InPhonic, Inc. (a) 22,700 515,631 Syniverse Holdings, Inc. (a) 19,000 262,200 ------------- 777,831 ------------- COMPUTER SERVICES--6.1% Alliance Data Systems Corp. (a) 22,100 892,840 Euronet Worldwide, Inc. (a) 44,700 1,276,185 Kanbay International, Inc. (a) 35,800 732,468 Ness Technologies, Inc. (a) 64,000 766,720 Sapient Corp. 112,800 828,516 ------------- 4,496,729 ------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- CONTRACT MANUFACTURING--0.7% Semtech Corp. 28,300 $ 505,721 ------------- INTERNET INFRASTRUCTURE--1.1% RightNow Technologies, Inc. (a) 36,300 445,038 SupportSoft, Inc. (a) 69,000 364,320 ------------- 809,358 ------------- SEMI-CONDUCTOR CAPITAL EQUIPMENT--0.9% FormFactor, Inc. (a) 30,800 697,312 ------------- SEMI-CONDUCTOR COMPONENTS--1.3% Microsemi Corp. (a) 51,800 843,822 Silicon Image, Inc. 13,600 136,816 ------------- 980,638 ------------- SOFTWARE--4.1% Audible, Inc. 44,800 605,696 Macromedia, Inc. (a) 39,500 1,323,250 Quest Software, Inc. (a) 81,500 1,127,960 ------------- 3,056,906 ------------- MISCELLANEOUS--7.1% Amphenol Corp. Cl.A (a) 20,350 753,764 Exar Corp. (a) 36,600 490,440 Kronos, Inc.(a) 10,300 526,433 Micros Sytems, Inc. (a) 19,700 723,187 Tektronix, Inc. 28,197 691,672 TNS, Inc. (a) 31,300 561,835 TTM Technologies, Inc. (a) 108,500 1,134,910 Wind River Systems, Inc. (a) 25,200 380,016 ------------- 5,262,257 ------------- 16,586,752 ------------- HEALTHCARE--16.3% BIOTECHNOLOGY--6.5% Martek Biosciences Corp. (a) 18,600 1,082,334 MGI Pharma, Inc. (a) 30,000 758,100 Neopharm, Inc. (a) 58,400 453,768 Orchid Biosciences, Inc. (a) 29,200 343,392 Protein Design Labs, Inc. (a) 39,300 628,407 Seattle Genetics, Inc. (a) 24,400 125,416 Serologicals Corp. (a) 42,420 1,036,745 Telik, Inc. (a) 25,800 389,064 ------------- 4,817,226 ------------- MEDICAL PRODUCTS--5.3% Abaxis, Inc. (a) 34,200 302,670 Angiotech Pharmaceuticals, Inc. (a) 34,200 524,970 Animas Corp. (a) 38,500 778,085 ArthroCare Corp. (a) 23,800 678,300 Inamed Corp. (a) 12,348 862,878 OraSure Technologies, Inc. (a) 64,300 473,248 Vnus Medical Technologies (a) 28,100 325,398 ------------- 3,945,549 ------------- MEDICAL SERVICES--4.5% Amedisys, Inc. (a) 25,000 756,250 Labone, Inc. (a) 30,260 1,043,365 Company Shares U.S. $ Value - -------------------------------------------------------------------------------- SFBC International, Inc. (a) 20,800 $ 732,992 Stericycle, Inc. (a) 17,700 782,340 ------------- 3,314,947 ------------- 12,077,722 ------------- ENERGY--8.9% OIL SERVICE--7.9% Bill Barrett Corp. (a) 14,400 416,304 Cimarex Energy Co. (a) 13,300 518,700 Core Laboratories NV (a) 29,800 764,960 FMC Technologies, Inc. (a) 24,100 799,638 Helmerich & Payne, Inc. 19,600 777,924 Range Resources Corp. 34,400 803,584 Spinnaker Exploration Co. (a) 11,000 390,830 W-H Energy Services, Inc. (a) 30,600 732,258 Whiting Petroleum Corp. (a) 15,700 640,246 ------------- 5,844,444 ------------- PIPELINES--1.0% Hydril Co. (a) 12,900 753,489 ------------- 6,597,933 ------------- CAPITAL GOODS--8.6% ELECTRICAL EQUIPMENT--2.8% Engineered Support Systems, Inc. 11,725 627,522 Essex Corp. (a) 37,000 604,210 United Defense Industries, Inc. (a) 11,200 822,304 ------------- 2,054,036 ------------- MACHINERY--3.1% Actuant Corp. Cl.A (a) 16,300 732,196 Commercial Vehicle Group, Inc. (a) 34,200 684,000 Oskosh Truck Corp. 10,500 860,895 ------------- 2,277,091 ------------- MISCELLANEOUS--2.7% Graftech International Ltd. (a) 64,300 365,867 IDEX Corp. 23,800 960,330 Simpson Manufacturing Co., Inc. 22,200 685,980 ------------- 2,012,177 ------------- 6,343,304 ------------- FINANCE--6.4% BANKING - MONEY CENTER--0.5% Community Bancorp (a) 14,900 375,331 ------------- BANKING - REGIONAL--1.0% Oriental Financial Group 16,140 377,999 R&G Financial Corp. Cl.B 11,900 370,923 ------------- 748,922 ------------- BROKERAGE & MONEY MANAGEMENT--2.1% Affiliated Managers Group, Inc. (a) 9,800 607,894 Greenhill & Co., Inc. 13,300 476,140 OptionsXpress Holdings, Inc. (a) 26,500 429,035 ------------- 1,513,069 ------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- INSURANCE--1.0% Primus Guaranty, Ltd (Bermuda)(a) 45,330 $ 590,650 Triad Guaranty, Inc. (a) 2,800 147,308 ------------- 737,958 ------------- MISCELLANEOUS--1.8% Advance America Cash Advance Centers, Inc. (a) 28,340 438,703 Archipelago Holdings, Inc. (a) 11,600 205,320 Investors Financial Services Corp. 14,700 718,977 ------------- 1,363,000 ------------- 4,738,280 ------------- TRANSPORTATION--3.8% AIR FREIGHT--1.6% UTI Worldwide, Inc. (U.S. Virgin Islands) 16,600 1,152,870 ------------- SHIPPING--1.0% Kirby Corp. (a) 18,400 773,352 ------------- TRUCKING--1.2% Universal Truckload Services, Inc. (a) 9,600 202,560 Werner Enterprises, Inc. 35,075 681,507 ------------- 884,067 ------------- 2,810,289 ------------- BASIC INDUSTRY--3.3% CHEMICALS--2.2% Georgia Gulf Corp. 16,000 735,680 Hexcel Corp. (a) 55,000 853,050 ------------- 1,588,730 ------------- MINING & METALS--1.1% Allegheny Technologies, Inc. 34,860 840,475 ------------- 2,429,205 ------------- CONSUMER STAPLES--1.2% HOUSEHOLD PRODUCTS--1.0% Tempur-Pedic International, Inc. (a) 41,700 778,122 ------------- RETAIL - FOOD & DRUG--0.2% Prestige Brands Holdings, Inc. (a) 6,300 111,195 ------------- 889,317 ------------- Total Common Stocks (cost $61,345,906) 73,435,297 ------------- TOTAL INVESTMENTS--99.1% (cost $61,345,906) 73,435,297 Other assets less liabilities--0.9% 669,197 ------------- NET ASSETS--100% $ 74,104,494 ============= (a) Non-income producing security. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - SMALL CAP VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON STOCKS--95.4% FINANCIAL--20.9% MAJOR REGIONAL BANKS--5.3% Central Pacific Financial Corp. 101,900 $ 3,428,935 Hibernia Corp. Cl. A 86,300 2,762,463 Popular, Inc. 92,000 2,237,440 TD Banknorth, Inc. (a) 16,660 520,458 UnionBanCal Corp. 45,900 2,811,375 Whitney Holding Corp. 48,000 2,136,480 -------------- 13,897,151 -------------- MULTI-LINE INSURANCE--2.7% PacifiCare Health Systems, Inc. (a) 61,700 3,511,964 StanCorp Financial Group, Inc. 41,500 3,518,370 -------------- 7,030,334 -------------- PROPERTY-CASUALTY INSURANCE--4.6% Old Republic International Corp. 148,700 3,463,223 PartnerRe Ltd. (Bermuda) 17,700 1,143,420 Platinum Underwriters Holdings Ltd. 122,000 3,623,400 Radian Group, Inc. 84,600 4,038,804 -------------- 12,268,847 -------------- REAL ESTATE INVESTMENT TRUST--0.3% FelCor Lodging Trust, Inc. (a) 70,000 870,100 -------------- SAVINGS AND LOAN--6.1% Astoria Financial Corp. 135,900 3,438,270 Commercial Federal Corp. 110,700 3,060,855 MAF Bancorp, Inc. 105,295 4,373,954 Sovereign Bancorp, Inc. 135,000 2,991,600 Washington Federal, Inc. 106,814 2,489,834 -------------- 16,354,513 -------------- MISCELLANEOUS FINANCIAL--1.9% A.G. Edwards, Inc. 111,800 5,008,641 -------------- 55,429,586 -------------- CONSUMER CYCLICALS--20.8% AUTOS & AUTOS PARTS--3.3% American Axle & Manufacturing Holdings, Inc. 82,000 2,009,000 BorgWarner, Inc. 42,000 2,044,560 Dana Corp. 175,300 2,242,087 Group 1 Automotive, Inc. (a) 89,400 2,351,220 -------------- 8,646,867 -------------- RETAILERS--10.9% AutoNation, Inc. (a) 163,400 3,094,796 BJ's Wholesale Club, Inc. (a) 149,400 4,640,364 Borders Group, Inc. 156,100 4,155,382 Federated Department Stores, Inc. 23,800 1,514,632 Foot Locker, Inc. 36,000 1,054,800 Neiman Marcus Group, Inc. Cl. A 27,000 2,470,770 Office Depot, Inc. (a) 229,400 5,088,092 Payless ShoeSource, Inc. (a) 288,700 4,558,573 RadioShack Corp. 81,300 1,991,850 -------------- 28,569,259 -------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- TEXTILES/SHOES - APPAREL MFG.--6.0% Jones Apparel Group, Inc. 150,300 $ 5,033,547 Liz Claiborne, Inc. 108,100 4,338,053 Reebok International Ltd. 89,200 3,951,560 V.F. Corp. 44,500 2,631,730 -------------- 15,954,890 -------------- MISCELLANEOUS CONSUMER CYCLICALS--0.6% Brunswick Corp. 35,200 1,649,120 -------------- 54,820,136 -------------- CAPITAL EQUIPMENT--11.3% AEROSPACE - DEFENSE--0.5% Goodrich Corp. 35,800 1,370,782 -------------- AUTO TRUCKS-PARTS--3.1% ArvinMeritor, Inc. 191,600 2,964,052 Modine Manufacturing Co. 89,500 2,625,035 PACCAR, Inc. 34,500 2,497,455 -------------- 8,086,542 -------------- ELECTRICAL EQUIPMENT--1.8% Anixter International, Inc. 51,600 1,865,340 Cooper Industries Ltd. Cl. A 42,200 3,018,144 -------------- 4,883,484 -------------- MACHINERY--3.8% Lincoln Electric Holdings, Inc. 62,000 1,864,960 Moog, Inc .Cl. A (a) 98,200 4,438,640 Terex Corp. (a) 86,000 3,723,800 -------------- 10,027,400 -------------- MISCELLANEOUS CAPITAL GOODS--2.1% Parker-Hannifin Corp. 34,500 2,101,740 Textron, Inc. 45,500 3,395,210 -------------- 5,496,950 -------------- 29,865,158 -------------- COMMODITIES--7.6% CHEMICALS--3.8% Albemarle Corp. 88,300 3,210,588 Crompton Corp. 133,200 1,944,720 Cytec Industries, Inc. 88,600 4,806,550 -------------- 9,961,858 -------------- CONTAINERS - METAL/GLASS/PAPER--0.7% Ball Corp. 43,000 1,783,640 -------------- PAPER--0.7% MeadWestvaco Corp. 60,660 1,930,201 -------------- MISCELLANEOUS INDUSTRIAL COMMODITIES--1.2% United Stationers, Inc. (a) 70,995 3,212,524 -------------- MISCELLANEOUS METALS--1.2% Reliance Steel & Aluminum Co. 81,200 3,248,812 -------------- 20,137,035 -------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- CONSUMER STAPLES--6.3% BEVERAGES--1.9% Constellation Brands, Inc. Cl. A (a) 96,800 $ 5,117,816 -------------- FOODS--3.6% Corn Products International, Inc. 66,000 1,715,340 Del Monte Foods Co. (a) 322,600 3,500,210 Universal Corp. 93,500 4,279,495 -------------- 9,495,045 -------------- RESTAURANTS--0.4% Jack in the Box, Inc. (a) 29,400 1,090,740 -------------- RETAIL STORES - FOOD--0.4% SUPERVALU, Inc. 30,000 1,000,500 -------------- 16,704,101 -------------- CONSUMER GROWTH--6.2% HOSPITAL MANAGEMENT--1.1% Universal Health Services, Inc. Cl. B 56,000 2,934,400 -------------- HOSPITAL SUPPLIES--1.9% Owens & Minor, Inc. 176,600 4,794,690 -------------- PHOTOGRAPHY--1.1% IKON Office Solutions, Inc. 302,900 2,995,681 -------------- PUBLISHING--0.7% The Readers Digest Association, Inc. 105,000 1,817,550 -------------- MISCELLANEOUS CONSUMER GROWTH--1.4% URS Corp. (a) 131,200 3,772,000 -------------- 16,314,321 -------------- NON-FINANCIAL--6.0% BUILDING MATERIALS - CEMENT--0.6% Texas Industries, Inc. 30,300 1,628,625 -------------- BUILDING MATERIALS - HEAT/PLUMBING/AIR--1.1% Hughes Supply, Inc. 94,000 2,796,500 -------------- HOME BUILDING--1.8% Pulte Homes, Inc. 66,200 4,874,306 -------------- MISCELLANEOUS BUILDING--2.5% Beazer Homes USA, Inc. 89,100 4,442,526 Harsco Corp. 35,500 2,116,155 -------------- 6,558,681 -------------- 15,858,112 -------------- TECHNOLOGY--5.6% COMMUNICATION - EQUIP. MFRS. --2.6% ADC Telecommunications, Inc. (a) 636,000 1,265,640 Andrew Corp. (a) 307,900 3,605,509 Nortel Networks Corp. (a) 316,100 862,953 Tellabs, Inc. (a) 157,000 1,146,100 -------------- 6,880,202 -------------- COMPUTER/INSTRUMENTATION--0.6% Western Digital Corp. (a) 115,700 1,475,175 -------------- Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- SEMICONDUCTORS--1.1% Vishay Intertechnology, Inc. (a) 237,100 2,947,153 -------------- MISCELLANEOUS INDUSTRIAL TECHNOLOGY--1.3% Arrow Electronics, Inc. (a) 21,000 532,350 Avnet, Inc. (a) 22,000 405,240 Solectron Corp. (a) 107,400 372,678 Tech Data Corp. (a) 57,500 2,130,950 -------------- 3,441,218 -------------- 14,743,748 -------------- UTILITIES--4.2% ELECTRIC COMPANIES--4.2% Constellation Energy Group, Inc. 41,000 2,119,700 Northeast Utilities 129,200 2,489,684 PNM Resources, Inc. 96,300 2,569,284 Puget Energy, Inc. 120,800 2,662,432 WPS Resources Corp. 22,000 1,164,240 -------------- 11,005,340 -------------- INDUSTRIAL RESOURCES--3.6% ALUMINUM--0.8% Mueller Industries, Inc. 75,000 2,111,250 -------------- STEEL--1.5% United States Steel Corp. 78,200 3,976,470 -------------- MISCELLANEOUS METALS--1.3% Silgan Holdings, Inc. 53,240 3,459,535 -------------- 9,547,255 -------------- ENERGY--1.7% OILS - INTEGRATED DOMESTIC--1.7% Amerada Hess Corp. 16,400 1,577,844 Pogo Producing Co. 60,500 2,979,020 -------------- 4,556,864 -------------- SERVICES--1.2% MISCELLANEOUS INDUSTRIAL TRANSPORTATION--1.2% GATX Corp. 9,900 328,581 SEACOR Holdings, Inc. (a) 45,100 2,875,125 -------------- 3,203,706 -------------- Total Common Stocks (cost $208,402,619) 252,185,362 -------------- SHORT-TERM INVESTMENT--4.7% TIME DEPOSIT - 4.7% The Bank of New York 1.875%, 4/01/05 (cost $12,365,000) $ 12,365 12,365,000 -------------- TOTAL INVESTMENTS--100.1% (cost $220,767,619) 264,550,362 Other assets less liabilities--(0.1%) (392,939) -------------- NET ASSETS--100% $ 264,157,423 ============== (a) Non-income producing security. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - TECHNOLOGY PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited)
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS--96.8% TECHNOLOGY--88.4% COMMUNICATION EQUIPMENT--13.9% Cisco Systems, Inc. (a) 510,400 $ 9,131,056 Corning, Inc. (a) 218,900 2,436,357 Juniper Networks, Inc. (a) 411,450 9,076,587 Motorola, Inc. 163,900 2,453,583 QUALCOMM, Inc. 289,100 10,595,515 ------------- 33,693,098 ------------- COMPUTER HARDWARE/STORAGE/PERIPHERALS--12.6% Apple Computer, Inc. (a) 111,500 4,646,205 Dell, Inc. (a) 313,650 12,050,434 EMC Corp. (a) 647,463 7,976,744 Network Appliance, Inc. (a) 207,200 5,731,152 ------------- 30,404,535 ------------- COMPUTER SERVICES--9.7% Alliance Data Systems Corp. 55,700 2,250,280 Cogent, Inc. (a) 64,700 1,629,146 Computer Sciences Corp. (a) 65,350 2,996,298 First Data Corp. (a) 119,100 4,681,821 Fiserv, Inc. (a) 77,625 3,089,475 Infosys Technologies Ltd. (ADR) (India) 81,900 6,038,487 Inphonic, Inc. 93,200 2,117,038 Syniverse Holdings, Inc. (a) 52,400 723,120 ------------- 23,525,665 ------------- CONTRACT MANUFACTURING--2.1% Flextronics International Ltd. (Singapore) (a) 197,500 2,377,900 Hon Hai (Salomon Smith Barney) warrants expiring 1/17/07 (a) 608,288 2,702,015 ------------- 5,079,915 ------------- ELECTRONIC COMPONENTS--1.1% LG. Philips LCD Co., Ltd. (ADR) (South Korea) 119,800 2,581,690 ------------- INTERNET--7.4% eBay, Inc. (a) 61,200 2,280,312 Google, Inc. Cl. A (a) 27,000 4,873,770 Verisign, Inc. (a) 51,600 1,480,920 Yahoo!, Inc. (a) 271,500 9,203,850 ------------- 17,838,852 ------------- SEMICONDUCTOR CAPITAL EQUIPMENT--1.7% FormFactor, Inc. (a) 23,300 527,512 KLA-Tencor Corp. (a) 49,700 2,286,697 Lam Research Corp. (a) 43,200 1,246,752 ------------- 4,060,961 ------------- SEMICONDUCTOR COMPONENTS--19.0% Broadcom Corp. Cl. A (a) 129,600 3,877,632 Intel Corp. 453,900 10,544,097 Linear Technology Corp. 94,500 3,620,295 Marvell Technology Group Ltd. (Bermuda) (a) 283,100 10,854,054 Maxim Integrated Products, Inc. 69,350 2,834,335 Samsung Electronics Co., Ltd. (GDR) (South Korea) (b) 27,584 6,827,040 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (Taiwan) 576,927 4,892,341 United Microelectronics Corp. (ADR) (Taiwan) 717,300 2,417,301 ------------- 45,867,095 -------------
Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------- SOFTWARE--18.6% Amdocs Ltd. (a) 86,000 $ 2,442,400 Comverse Technology, Inc. (a) 47,600 1,200,472 Electronic Arts, Inc. (a) 45,400 2,350,812 McAfee, Inc. (a) 101,900 2,298,864 Mercury Interactive Corp. (a) 49,000 2,321,620 Microsoft Corp. 492,900 11,913,393 NAVTEQ Corp. 59,400 2,574,990 Oracle Corp. (a) 809,050 10,096,944 SAP AG (ADR) (Germany) 199,850 8,009,988 Symantec Corp. (a) 85,100 1,815,183 ------------- 45,024,666 ------------- MISCELLANEOUS--2.3% HOYA Corp. (Japan) 51,600 5,664,755 ------------- 213,741,232 ------------- CONSUMER SERVICES--6.4% BROADCASTING & CABLE--4.5% News Corp. Cl. A (a) 155,700 2,634,444 Time Warner, Inc. (a) 309,600 5,433,480 XM Satellite Radio Holdings, Inc. Cl. A (a) 89,500 2,819,250 ------------- 10,887,174 ------------- CELLULAR COMMUNICATIONS--1.9% Nextel Communications, Inc. Cl.A (a) 63,700 1,810,354 Vodafone Group Plc (ADR) (United Kingdom) 100,783 2,676,796 ------------- 4,487,150 ------------- 15,374,324 ------------- UTILITY---1.3% TELEPHONE UTILITY--1.3% Sprint Corp. 134,100 3,050,775 ------------- CAPITAL GOODS--0.7% MISCELLANEOUS--0.7% NITTO DENKO Corp. (Japan) 33,600 1,756,039 ------------- Total Common Stocks & Other Investments (cost $200,142,638) 233,922,370 ------------- SHORT-TERM INVESTMENT--2.6% TIME DEPOSIT--2.6% The Bank Of New York 1.875% 4/01/05 (cost $6,243,000) 6,243 6,243,000 ------------- TOTAL INVESTMENTS--99.4% (cost $206,385,638) 240,165,370 Other assets less liabilities--0.6% 1,377,411 ------------- NET ASSETS--100% $ 241,542,781 =============
(a) Non-income producing security. (b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of this/these security/securities amounted to $6,827,040 or 2.8% of net assets. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - TOTAL RETURN PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited)
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------- COMMON STOCKS--59.4% FINANCE--14.3% BANKING - MONEY CENTER--2.5% JPMorgan Chase & Co. 144,720 $ 5,007,312 Wachovia Corp. 16,300 829,833 -------------- 5,837,145 -------------- BANKING - REGIONAL--2.2% Bank of America Corp. 91,600 4,039,560 North Folk Bancorporation, Inc. 34,100 945,934 -------------- 4,985,494 -------------- BROKERAGE & MONEY MANAGEMENT--1.3% Merrill Lynch & Co., Inc. 35,600 2,014,960 Morgan Stanley 18,900 1,082,025 -------------- 3,096,985 -------------- INSURANCE--4.8% ACE Ltd. (Cayman Islands) 67,400 2,781,598 AFLAC, Inc. 27,500 1,024,650 Allstate Corp. 23,000 1,243,380 American International Group, Inc. 79,400 4,399,554 Axis Capital Holdings Ltd. (Bermuda) 14,200 383,968 MetLife, Inc. 33,100 1,294,210 -------------- 11,127,360 -------------- MORTGAGE BANKING--0.9% Fannie Mae 40,000 2,178,000 -------------- MISCELLANEOUS--2.6% Citigroup, Inc. 110,800 4,979,352 MBNA Corp. 45,625 1,120,094 -------------- 6,099,446 -------------- 33,324,430 -------------- ENERGY--8.8% DOMESTIC INTEGRATED--0.7% Occidental Petroleum Corp. 21,900 1,558,623 -------------- DOMESTIC PRODUCERS--0.8% Noble Energy, Inc. 26,400 1,795,728 -------------- INTERNATIONAL--3.5% BP p.l.c. (ADR) (United Kingdom) 41,900 2,614,560 ChevronTexaco Corp. 39,400 2,297,414 Exxon Mobil Corp. 55,900 3,331,640 -------------- 8,243,614 --------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------- OIL SERVICE--1.1% EnCana Corp. (Canada) 16,600 $ 1,168,972 Nabors Industries Ltd. (Bermuda) (a) 25,300 1,496,242 -------------- 2,665,214 -------------- MISCELLANEOUS--2.7% ConocoPhillips 58,800 6,340,992 -------------- 20,604,171 -------------- CONSUMER SERVICES--8.5% BROADCASTING & CABLE--5.4% Clear Channel Communications, Inc. 40,300 1,389,141 Comcast Corp. Cl.A (a) 24,150 815,787 Comcast Corp. Special Cl.A (a) 46,600 1,556,440 News Corp. CL.A 50,900 861,228 Time Warner, Inc. (a) 132,100 2,318,355 Viacom, Inc. Cl.B 141,200 4,917,996 Westwood One, Inc. (a) 32,200 655,270 -------------- 12,514,217 -------------- ENTERTAINMENT & LEISURE--0.8% Carnival Corp. (Panama) 17,200 891,132 Harley-Davidson, Inc. 16,500 953,040 -------------- 1,844,172 -------------- RESTAURANT & LODGING--0.4% Wendy's International, Inc. 24,900 972,096 -------------- RETAIL - GENERAL MERCHANDISE--1.9% Lowe's Cos., Inc. 17,300 987,657 The Home Depot, Inc. 90,700 3,468,368 -------------- 4,456,025 -------------- 19,786,510 -------------- HEALTHCARE--5.7% BIOTECHNOLOGY--0.3% Applera Corp. - Applied Biosystems Group 33,300 657,342 -------------- DRUGS--0.4% Pfizer, Inc. 33,900 890,553 -------------- MEDICAL PRODUCTS--1.4% Beckman Coulter, Inc. 14,200 943,590 Boston Scientific Corp.(a) 76,100 2,228,969 -------------- 3,172,559 -------------- MEDICAL SERVICES--3.6% Caremark Rx, Inc. (a) 35,300 1,404,234 UnitedHealth Group, Inc. 20,200 1,926,676 Wellpoint, Inc. (a) 34,600 4,337,110 Health Management Associates, Inc. 31,400 822,052 -------------- 8,490,072 -------------- 13,210,526 --------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------- CAPITAL GOODS--5.3% ELECTRICAL EQUIPMENT--1.0% Emerson Electric Co. 17,300 $ 1,123,289 Johnson Controls, Inc. 21,800 1,215,568 -------------- 2,338,857 -------------- MACHINERY--1.2% Ingersoll-Rand Co. Cl.A (Bermuda) 24,200 1,927,530 PACCAR, Inc. 12,200 883,158 -------------- 2,810,688 -------------- MISCELLANEOUS--3.1% General Electric Co. 150,200 5,416,212 United Technologies Corp. 16,800 1,707,888 -------------- 7,124,100 -------------- 12,273,645 -------------- CONSUMER STAPLES--4.5% BEVERAGES--0.3% PepsiCo, Inc. 12,800 678,784 -------------- COSMETICS--1.3% Avon Products, Inc. 72,580 3,116,585 -------------- FOOD--0.3% Dean Foods Co. (a) 21,600 740,880 -------------- HOUSEHOLD PRODUCTS--0.6% The Procter & Gamble Co. 25,100 1,330,300 -------------- TOBACCO--1.4% Altria Group, Inc. 50,800 3,321,812 -------------- MISCELLANEOUS--0.6% Fortune Brands, Inc. 17,100 1,378,773 -------------- 10,567,134 -------------- UTILITIES--3.5% ELECTRIC & GAS UTILITY--1.7% Entergy Corp. 21,000 1,483,860 Exelon Corp. 36,400 1,670,396 PPL Corp. 14,800 799,052 -------------- 3,953,308 -------------- TELEPHONE UTILITY--1.8% BellSouth Corp. 39,100 1,027,939 SBC Communications, Inc. 29,200 691,748 Sprint Corp. (FON Group) 55,500 1,262,625 Verizon Communications, Inc. 33,200 1,178,600 -------------- 4,160,912 -------------- 8,114,220 --------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------------------- TECHNOLOGY--3.2% COMMUNICATION - EQUIPMENT MANUFACTURERS--0.3% Corning, Inc. (a) 59,300 $ 660,009 -------------- COMPUTER HARDWARE/ STORAGE--0.8% EMC Corp. (a) 50,000 616,000 International Business Machines Corp. (IBM) 14,500 1,325,010 -------------- 1,941,010 -------------- SEMI-CONDUCTOR COMPONENTS--0.1% Maxim Integrated Products, Inc. 8,200 335,134 -------------- SOFTWARE--2.0% Microsoft Corp. 187,000 4,519,790 -------------- 7,455,943 -------------- TRANSPORTATION--2.5% RAILROAD--2.5% Burlington Northern Santa Fe Corp. 56,700 3,057,831 Union Pacific Corp. 40,400 2,815,880 -------------- 5,873,711 -------------- BASIC INDUSTRY--1.3% CHEMICALS--1.0% Air Products and Chemicals, Inc. 21,200 1,341,748 E.I. du Pont de Nemours and Co. 18,900 968,436 -------------- 2,310,184 -------------- MINING & METALS--0.3% Alcoa, Inc. 21,000 638,190 -------------- 2,948,374 -------------- CONSUMER MANUFACTURING--0.9% BUILDING & RELATED--0.9% American Standard Cos., Inc. 44,400 2,063,712 -------------- MULTI-INDUSTRY COMPANIES--0.5% 3M Co. 13,200 1,131,108 -------------- AEROSPACE & DEFENSE--0.4% AEROSPACE--0.4% Northrop Grumman Corp. 19,200 1,036,416 -------------- Total Common Stocks (cost $109,905,695) 138,389,900 --------------
Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------- U.S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--24.7% Federal National Mortgage Assoc. 6.625%, 10/15/07 $ 2,250 $ 2,385,675 U.S. Treasury Bonds 5.375%, 2/15/31 4,110 4,479,419 6.875%, 8/15/25 250 313,740 8.125%, 8/15/21 35 47,928 11.25%, 2/15/15 1,000 1,531,484 U.S. Treasury Notes 2.00%, 8/31/05 15,000 14,936,716 3.00%, 11/15/07-2/15/09 2,680 2,601,872 3.125%, 4/15/09 1,075 1,036,661 3.625%, 5/15/13 2,370 2,249,464 4.00%, 11/15/12-2/15/14 4,455 4,349,194 4.25%, 8/15/13 1,085 1,069,954 4.625%, 5/15/06 7,125 7,210,443 5.00%, 2/15/11 485 503,737 5.625%, 5/15/08 4,390 4,601,098 5.75%, 8/15/10 1,120 1,201,900 6.00%, 8/15/09 220 236,414 6.125%, 8/15/07 100 105,129 6.25%, 2/15/07 4,600 4,808,076 6.875%, 5/15/06 2,750 2,850,224 -------------- Total U.S. Government & Government Sponsored Agency Obligations (cost $57,310,546) 57,643,398 -------------- CORPORATE DEBT OBLIGATIONS--13.0% AUTOMOTIVE--0.9% Ford Motor Credit Co. 4.95%, 1/15/08 250 239,770 7.00%, 10/01/13 200 193,743 7.375%, 2/01/11 650 645,798 7.875%, 6/15/10 100 101,808 General Motors Corp. 7.20%, 1/15/11 250 225,693 8.375%, 7/15/33 850 727,372 -------------- 2,134,184 -------------- BANKING--2.0% Abbey National Capital Trust I Plc 8.963%, 12/29/49 (b) 291 409,370 ABN Amro NA Holdings 6.523%, 12/29/49 (b) (c) 250 268,960 Barclays Bank Plc 8.55%, 9/29/49 (b) (c) 50 59,079 Chuo Mitsui Trust & Banking 5.506%, 12/15/49 (b) (c) 300 286,851 Development Bank of Singapore 7.125%, 5/15/11(c) 500 553,216 Dresdner Funding Trust I 8.151%, 6/30/31 (c) 150 183,911 Fuji JGB Investment pfd. Mizuho 9.87%, 6/30/08 (b) (c) 500 569,753 HBOS Plc (United Kingdom) 5.375%, 11/29/49 (b) (c) 250 250,313 HSBC Bank USA 5.875%, 11/01/34 560 563,686 Northern Rock Plc 5.60%, 4/30/49 (b) (c) 300 306,056 Sanwa Bank Ltd. 7.40%, 6/15/11 200 222,283
Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------- SB Treasury Company LLC 9.40%, 12/29/49 (b) (c) $ 417 $ 469,734 UBS Preferred Funding Trust II 7.247%, 6/26/49 (b) 250 281,900 UFJ Finance Aruba AEC 6.75%, 7/15/13 200 215,322 -------------- 4,640,434 -------------- BROADCASTING/MEDIA--0.7% News America Holdings 8.25%, 10/17/96 60 71,921 9.25%, 2/01/13 100 124,804 News America, Inc. 5.30%, 12/15/14 100 97,960 Time Warner, Inc. 6.875%, 5/01/12 425 464,136 7.75%, 6/15/05 140 141,177 8.375%, 3/15/23 400 490,110 WPP Finance (UK) Corp. 5.875%, 6/15/14 250 258,494 -------------- 1,648,602 -------------- BUILDING/REAL ESTATE--0.2% CRH America, Inc. 6.95%, 3/15/12 250 274,509 EOP Operating LP 7.875%, 7/15/31 200 239,001 8.375%, 3/15/06 35 36,390 -------------- 549,900 -------------- CABLE--0.1% British Sky Broadcasting 8.20%, 7/15/09 100 112,869 Continental Cablevision, Inc. 9.00%, 9/01/08 200 225,244 -------------- 338,113 -------------- CHEMICALS--0.1% Eastman Chemical 7.25%, 1/15/24 175 203,886 -------------- COMMUNICATIONS--0.4% British Telecommunications Plc (United Kingdom) 8.875%, 12/15/30 175 233,186 GTE Northwest, Inc. Series D 5.55%, 10/15/08 200 203,346 Sprint Capital Corp. 6.875%, 11/15/28 450 481,766 -------------- 918,298 -------------- COMMUNICATIONS - MOBILE--0.7% America Movil SA de CV (Mexico) 5.50%, 3/01/14 125 120,033 AT&T Wireless Services, Inc. 8.75%, 3/01/31 325 428,776
Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------- SBC Communications 6.45%, 6/15/34 $ 525 $ 546,471 Telecom Italia 4.00%, 11/15/08 250 243,463 TELUS Corp. (Canada) 7.50%, 6/01/07 200 212,885 8.00%, 6/01/11 100 115,804 -------------- 1,667,432 -------------- CONGLOMERATE/MISCELLANEOUS--0.2% Cendant Corp. 6.25%, 1/15/08 250 260,212 Hutchison Whamp International Ltd. 7.45%, 11/24/33 (c) 100 110,088 -------------- 370,300 -------------- CONTAINERS--0.1% Packaging Corp. of America 4.375%, 8/01/08 200 195,442 -------------- ENERGY--0.3% Devon Financing Corp. 7.875%, 9/30/31 300 373,690 Enterprise Products Operating LP Series B 5.60%, 10/15/14 150 148,040 XTO Energy, Inc. 7.50%, 4/15/12 100 114,551 -------------- 636,281 -------------- FINANCIAL--2.1% Capital One Bank 6.50%, 6/13/13 400 429,526 Chohung Bank (South Korea) 11.875%, 4/01/10 (b) (c) 80 80,000 Countrywide Home Loan, Inc. 4.25%, 12/19/07 250 247,709 General Electric Capital Corp. 5.00%, 6/15/07 500 507,488 5.875%, 2/15/12 500 527,850 Goldman Sachs Capital I 6.345%, 2/15/34 250 256,222 Goldman Sachs Group, Inc. 6.60%, 1/15/12 500 541,070 6.65%, 5/15/09 200 214,627 Household Finance Corp. 5.75%, 1/30/07 200 205,278 6.50%, 1/24/06 75 76,601 7.875%, 3/01/07 150 159,782 iStar Financial, Inc. 5.70%, 3/01/14 200 197,314 6.00%, 12/15/10 200 206,167 Lehman Brothers Holdings, Inc. 7.875%, 8/15/10 150 170,834 Merrill Lynch & Co., Inc. 6.00%, 2/17/09 500 523,009 Morgan Stanley 7.75%, 6/15/05 125 126,095
Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------- Rabobank Capital Fund II 5.26%, 12/29/49 (b) (c) $ 230 $ 231,026 The Hartford Financial Services, Inc. 6.375%, 11/01/08 125 131,475 -------------- 4,832,073 -------------- FOOD/BEVERAGE--0.3% Kellogg Co. Cl.B 6.60%, 4/01/11 300 327,002 Kraft Foods, Inc. 5.25%, 10/01/13 300 302,450 -------------- 629,452 -------------- INDUSTRIAL--0.5% CRH America, Inc. 6.40%, 10/15/33 300 321,010 Imperial Tobacco (Netherlands) 7.125%, 4/01/09 170 182,726 Inco Ltd. 7.75%, 5/15/12 200 231,509 Tyco International Group, SA 6.375%, 10/15/11 200 213,510 Waste Management, Inc. 6.375%, 11/15/12 175 189,529 -------------- 1,138,284 -------------- INSURANCE--0.7% American Reinsurance 7.45%, 12/15/26 140 156,810 Loews Corp. 6.75%, 12/15/06 100 104,043 Mangrove Bay Pass-Through Trust 6.102%, 7/15/33 (b) (c) 400 396,680 North Front Pass -Through Trust 5.81%, 12/15/24 (b) (c) 500 494,978 Royal Bank of Scotland Group Plc (United Kingdom) 7.648%, 8/29/49 (b) 250 307,153 Zurich Capital Trust 8.376%, 6/01/37 (c) 200 218,120 -------------- 1,677,784 -------------- INSURANCE CARRIERS--0.4% Liberty Mutual Group 5.75%, 3/15/14 (c) 350 343,996 Royal & Sun Alliance Insurance 8.95%, 10/15/29 442 562,850 -------------- 906,846 -------------- MUNICIPAL OBLIGATION--0.2% Dallas-Fort Worth Texas International Airport Facility 7.07%, 11/01/24 400 434,564 -------------- NON-AIR TRANSPORTATION--0.2% CSX Corp. 5.50%, 8/01/13 100 101,930 6.75%, 3/15/11 250 272,829 -------------- 374,759 --------------
Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------- OIL SERVICE--0.1% Valero Energy Corp. 4.75%, 6/15/13 $ 300 $ 292,381 -------------- PAPER/PACKAGING--0.1% Domtar, Inc. (Canada) 7.875%, 10/15/11 250 277,949 -------------- PETROLEUM PRODUCTS--0.4% Amerada Hess Corp. 7.30%, 8/15/31 350 394,686 Kerr-McGee Corp. 6.875%, 9/15/11 250 267,359 7.875%, 9/15/31 250 282,093 -------------- 944,138 -------------- PUBLIC UTILITIES - ELECTRIC & GAS--1.5% American Electric Power Co., Inc. Series C 5.375%, 3/15/10 250 255,195 CenterPoint Energy Resources Corp. Series B 7.875%, 4/01/13 450 521,623 Consumers Energy Co. Series B 5.375%, 4/15/13 150 151,056 Dominion Resources Capital Trust III 8.40%, 1/15/31 200 254,198 FirstEnergy Corp. Series C 7.375%, 11/15/31 500 566,350 NiSource Finance Corp. 7.875%, 11/15/10 250 285,095 Progress Energy, Inc. 5.85%, 10/30/08 350 361,899 Texas East Transmission LP 7.30%, 12/01/10 350 391,264 Txu Australia LP 6.15%, 11/15/13 (c) 250 265,838 Xcel Energy, Inc. 7.00%, 12/01/10 175 192,711 Yorkshire Power Series B 6.496%, 2/25/08 200 206,688 -------------- 3,451,917 -------------- PUBLIC UTILITIES - TELEPHONE--0.2% Century Tel, Inc. 5.00%, 2/15/15 200 187,440 Telefonos de Mexico , SA 4.750%, 1/27/10 (c) 250 243,219 Verizon Florida, Inc. Series F 6.125%, 1/15/13 100 103,928 -------------- 534,587 -------------- SERVICE--0.1% Republic Services, Inc. 6.086%, 3/15/35 (c) 250 251,063 --------------
Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------- SUPERMARKET/DRUG--0.3% Safeway, Inc. 5.80%, 8/15/12 $ 310 $ 318,172 4.95%, 8/16/10 400 394,151 -------------- 712,323 -------------- TECHNOLOGY--0.2% Motorola, Inc. 7.625%, 11/15/10 400 449,463 -------------- Total Corporate Debt Obligations (cost $29,580,188) 30,210,455 -------------- COMMERCIAL MORTGAGE-BACKED SECURITIES--1.2% CS First Boston Mortgage Securities Corp. Series 2004-C5 CI. A2 4.183%, 11/15/37 2,000 1,961,639 Greenwich Capital Commercial Funding Corp. Series 2005-GG3 CI. A4 4.799%, 8/10/42 900 881,997 -------------- Total Commercial Mortgage Backed Securities (cost $2,832,626) 2,843,636 -------------- PREFERRED STOCKS--0.6% AUTOMOTIVE--0.2% Ford Motor Co. Capital Trust II 9,100 412,594 -------------- BANKING--0.1% Royal Bank of Scotland Group Plc 10,000 238,200 -------------- COMMUNICATIONS--0.1% Centaur Funding Corp. (Cayman Islands)(c) 200 262,400 -------------- PUBLIC UTILITIES - ELECTRIC & GAS--0.2% DTE Energy Trust I 20,000 533,800 -------------- Total Preferred Stocks (cost $1,437,616) 1,446,994 -------------- SOVEREIGN DEBT OBLIGATIONS--0.4% Korea Development Bank (South Korea) 5.75%, 9/10/13 200 206,134 United Mexican States (Mexico) 6.375%, 1/16/13 700 726,250 -------------- Total Sovereign Debt Obligations (cost $899,730) 932,384 -------------- YANKEE BONDS--0.1% Petronas Capital Ltd. 7.00%, 5/22/12(c) (cost $149,809) 150 165,681 --------------
Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.4% (cost $202,116,210) $ 231,632,448 Other assets less liabilities--0.6% 1,310,344 -------------- NET ASSETS--100% $ 232,942,792 ==============
(a) Non-income producing security. (b) Variable rate coupon, rate shown as of March 31, 2005. (c) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of these securities amounted to $6,010,962 or 2.6% of net assets. Glossary of Terms: Pfd. - Preferred Stock Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - U.S. GOVERNMENT/HIGH GRADE SECURITIES PORTFOLIO PORTFOLIO OF INVESTMENTS March 31,2005 (unaudited)
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- U. S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--48.0% MORTGAGE PASS-THROUGHS--41.1% Federal Gold Loan Mortgage Corp. 6.00%, TBA $ 1,745 $ 1,785,353 Federal National Mortgage Association 4.50%, TBA 7,680 7,507,200 5.00%, 2/01/34 2,497 2,448,682 5.00%, TBA 8,050 7,846,238 5.50%, TBA 9,725 9,813,894 6.00%, 11/01/16 491 507,228 6.00%, TBA 8,110 8,287,407 6.50%, 4/01/28-10/01/34 2,524 2,622,284 6.50%, TBA 4,726 4,902,972 Government National Mortgage Association 5.00%, TBA 2,710 2,671,892 6.00%, TBA 1,575 1,617,328 -------------- 50,010,478 -------------- U.S. TREASURY SECURITIES--6.9% U.S. Treasury Bond 5.375%, 2/15/31 3,810 4,152,454 U.S. Treasury Notes 3.75%, 3/31/07 2,545 2,543,012 4.00%, 2/15/15 445 427,548 4.25%, 11/15/14 1,290 1,263,343 -------------- 8,386,357 -------------- Total U. S. Government & Government Sponsored Agency Obligations (cost $58,582,552) 58,396,835 -------------- CORPORATE DEBT OBLIGATIONS--23.8% AEROSPACE/DEFENSE--0.1% Boeing Capital Corp. 4.75%, 8/25/08 115 115,874 -------------- AUTOMOTIVE--1.2% Ford Motor Co. 6.375%, 2/01/29 95 78,149 7.45%, 7/16/31 40 36,183 Ford Motor Credit Co. 5.70%, 1/15/10 40 37,678 7.00%, 10/01/13 125 121,089 7.375%, 2/01/11 480 476,898 General Motors Acceptance Corp. 6.75%, 12/01/14 90 77,742 6.875%, 9/15/11 315 285,025 7.75%, 1/19/10 235 225,717 General Motors Corp. 8.375%, 7/15/33 220 188,261 -------------- 1,526,742 --------------
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- BANKING--3.1% Barclays Bank Plc (United Kingdom) 8.55%, 9/29/49 (a) (b) $ 365 $ 431,273 Capital One Bank 6.50%, 6/13/13 215 230,870 Chuo Mitsui Trust & Banking 5.506%, 12/15/49 (a) (b) 125 119,521 Huntington National Bank 4.375%, 1/15/10 250 245,045 JPMorgan Chase & Co. 6.75%, 2/01/11 425 465,299 Mizuho Finance (Cayman Islands) 8.375%, 12/29/49 385 415,890 RBS Capital Trust I pfd. 4.709%, 12/29/49 (b) 570 550,433 RBS Capital Trust III 5.512%, 9/29/49 530 537,656 Sanwa Bank Ltd. 7.40%, 6/15/11 100 111,141 Suntrust Bank Series CD 3.04%, 6/02/09 (b) 190 190,116 UFJ Finance Aruba AEC (Aruba) 6.75%, 7/15/13 240 258,386 Wells Fargo Company 4.20%, 1/15/10 195 190,666 -------------- 3,746,296 -------------- BROADCASTING/MEDIA--1.1% News America, Inc. 6.55%, 3/15/33 305 317,812 Time Warner Entertainment Co. 8.375%, 3/15/23 670 820,934 WPP Finance (UK) Corp. 5.875%, 6/15/14 175 180,946 -------------- 1,319,692 -------------- BUILDING/REAL ESTATE--0.1% iStar Financial, Inc. 5.15%, 3/01/12 125 120,926 -------------- CABLE--1.1% AT&T Broadband 9.455%, 11/15/22 220 299,094 British Sky Broadcasting (United Kingdom) 6.875%, 2/23/09 100 107,371 Comcast Cable Communications, Inc. 6.875%, 6/15/09 525 563,300 Comcast Corp. 5.30%, 1/15/14 345 341,255 -------------- 1,311,020 --------------
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- COMMUNICATIONS--1.7% British Telecom Plc 8.375%, 12/15/10 (c) $ 450 $ 522,810 SBC Communications, Inc. 5.10%, 9/15/14 335 326,518 Sprint Capital Corp. 8.375%, 3/15/12 540 631,097 Telecom Italia Captial 4.00%, 1/15/10 (a) 540 516,250 Verizon Global Funding Corp. 7.75%, 12/01/30 35 42,301 -------------- 2,038,976 -------------- COMMUNICATIONS - MOBILE--0.9% AT&T Wireless Services, Inc. 8.75%, 3/01/31 430 567,304 Telus Corp. (Canada) 7.50%, 6/01/07 330 351,260 Verizon Global Funding Corp. 7.375%, 9/01/12 175 198,527 -------------- 1,117,091 -------------- CONGLOMERATES/MISCELLANEOUS--0.3% Hutchison Whampoa International Ltd. (Cayman Islands) 7.45%, 11/24/33 (a) 385 423,837 -------------- CONSUMER MANUFACTURING--0.1% Fortune Brands, Inc. 2.875%, 12/01/06 175 171,804 -------------- ENERGY--0.5% Conoco, Inc. 6.95%, 4/15/29 225 268,206 Valero Energy Corp. 7.50%, 4/15/32 330 397,824 -------------- 666,030 -------------- FINANCIAL--4.3% American General Finance Corp. 4.625%, 5/15/09 510 508,734 Berkshire Hathaway, Inc. 4.20%, 12/15/10 270 262,208 CBA Capital Trust I pfd. 5.805%, 12/31/49 (a) 235 235,244 CIT Group, Inc. 3.04%, 5/18/07 (b) 210 210,308 7.75%, 4/02/12 135 156,150 Citigroup, Inc. 2.59%, 6/09/09 (b) 175 175,274 Countrywide Home Loans, Inc. 4.00%, 3/22/11 330 312,435 Credit Suisse First Boston 5.50%, 8/15/13 255 260,181 General Electric Capital Corp. 4.00%, 2/17/09 645 629,894 4.375%, 11/21/11 35 34,174 6.75%, 3/15/32 440 507,902 Goldman Sachs Group, Inc. 4.75%, 7/15/13 230 221,229
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- Household Finance Corp. 6.50%, 11/15/08 $ 425 $ 450,467 7.00%, 5/15/12 195 217,372 MBNA Corp. 4.625%, 9/15/08 290 288,692 Merrill Lynch & Co. 5.00%, 1/15/15 165 159,902 Washington Mutual Series 2004-AR10 CL.A2C 6.875%, 5/15/11 540 596,380 -------------- 5,226,546 -------------- FOOD/BEVERAGE--0.7% Kraft Foods, Inc. 4.125%, 11/12/09 540 525,736 5.25%, 10/01/13 380 383,104 -------------- 908,840 -------------- HEALTHCARE--0.6% Humana, Inc. 6.30%, 8/01/18 215 223,440 Wellpoint, Inc. 3.75%, 12/14/07 (a) 80 78,514 4.25%, 12/15/09 (a) 405 395,377 -------------- 697,331 -------------- INDUSTRIALS--0.4% Tyco International Group, SA 6.375%, 10/15/11 440 469,722 -------------- INSURANCE--1.7% Assurant, Inc. 5.625%, 2/15/14 220 223,372 Liberty Mutual Group 5.75%, 3/15/14 (a) 195 191,655 Mangrove Bay Pass-Through Trust 6.102%, 7/15/33 (a) (b) 635 629,731 MetLife, Inc. 5.00%, 11/24/13 225 222,302 Royal Sun & Alliance Insurance (United Kingdom) 8.95%, 10/15/29 215 273,784 Zurich Capital Trust I 8.376%, 6/01/37 (a) 490 534,394 -------------- 2,075,238 -------------- PAPER/PACKAGING--0.9% International Paper Co. 5.30%, 4/01/15 300 299,078 Weyerhaeuser Co. 5.95%, 11/01/08 175 182,606 7.375%, 3/15/32 535 625,471 -------------- 1,107,155 --------------
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- PETROLEUM PRODUCTS--0.9% Amerada Hess Corp. 6.65%, 8/15/11 $ 355 $ 380,171 7.125%, 3/15/33 265 294,685 7.875%, 10/01/29 300 358,576 Kerr-McGee Corp. 6.875%, 9/15/11 115 122,985 -------------- 1,156,417 -------------- PUBLIC UTILITIES - ELECTRIC & GAS--2.6% Carolina Power & Light Co. 6.50%, 7/15/12 335 363,269 Consumers Energy Series C 4.25%, 4/15/08 130 128,614 Duke Capital LLC 8.00%, 10/01/19 230 272,864 First Energy Corp. Series C 7.375%, 11/15/31 590 668,294 MidAmerican Energy Holdings Co. 5.875%, 10/01/12 195 202,514 NiSource Finance Corp. 7.875%, 11/15/10 190 216,672 Pacific Gas & Electric 6.05%, 3/01/34 355 364,519 Public Service Company of Colorado 7.875%, 10/01/12 200 236,291 Southern California Edison 5.00%, 1/15/16 40 39,227 TXU Austraila LP (Australia) 6.15%, 11/15/13 (a) 235 249,887 Union Electric Co. 5.10%, 10/01/19 90 87,786 Xcel Energy, Inc. 7.00%, 12/01/10 260 286,314 -------------- 3,116,251 -------------- PUBLIC UTILITIES - TELEPHONE--0.3% Telecom Italia Capital (Luxembourg) 6.375%, 11/15/33 350 356,897 -------------- SERVICE--0.4% Republic Services, Inc. 6.086%, 3/15/35 (a) 100 100,425 Waste Management, Inc. 6.875%, 5/15/09 335 360,504 -------------- 460,929 -------------- SUPERMARKETS & DRUGS--0.3% Albertson's, Inc. 7.45%, 8/01/29 190 210,388 Safeway, Inc. 6.50%, 3/01/11 175 185,686 -------------- 396,074 --------------
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- TECHNOLOGY--0.1% IBM Corp. 4.375%, 6/01/09 $ 90 $ 89,545 -------------- TELECOMMUNICATIONS--0.4% SBC Communications, Inc. 5.875%, 2/01/12 410 427,458 -------------- Total Corporate Debt Obligations (cost $28,402,112) 29,046,691 -------------- COMMERCIAL MORTGAGE BACKED SECURITIES--10.2% Banc of America Commercial Mortgage, Inc. Series 2004-1 Cl.A2 4.037%, 11/10/39 495 479,927 Series 2004-1 Cl.A4 4.76%, 11/10/39 645 631,191 Series 2004-3 Cl. A5 5.306%, 6/10/39 675 692,698 Series 2004-4 Cl.A3 4.128%, 7/10/42 410 402,198 Series 2004-6 Cl. A2 4.161%, 12/10/42 525 513,209 Series 2005-1 Cl. A3 4.877%, 11/10/42 535 537,691 Bear Stearns Commercial Mortgage Securities Series 2005-PWR7 A3 5.116%, 2/11/41 505 504,349 CS First Boston Mortgage Securities Corp Series 2003- CK2 CI.A2 3.861%, 3/15/36 360 353,411 Series 2004-C5 Cl.A2 4.183%, 11/15/37 440 429,990 Series 2005-C1 Cl.A4 5.014%, 2/15/38 450 446,036 GE Capital Commercial Mortgage Corp. Series 2004 -C3 Cl. A4 5.189%, 7/10/39 470 472,491 Greenwich Capital Commercial Funding Corp. Series 2003-C1 CL.A4 4.111%, 7/05/35 450 424,403 Series 2005-GG CL.A4 4.799%, 8/10/42 530 518,319 Series 2005 -GG3 Cl.A2 4.305%, 8/10/42 530 521,843 JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1 Cl.A2 4.302%, 1/15/38 95 92,168 Series 2005-LPD1 Cl.A2 4.625%, 3/15/46 535 533,266 Series 2005-LPD1 Cl.A4 5.038%, 3/15/46 550 545,760 LB-UBS Commercial Mortgage Trust Series 2004-C7 Cl.A2 3.992%, 10/15/29 385 374,528 Series 2004-C8 Cl.A2 4.201%, 12/15/29 420 411,713 Series 2005-C1 Cl.A4 4.742%, 2/15/30 365 355,408 Merrill Lynch Mortgage Trust Series 2004-Key2 Cl.A2 4.166%, 8/12/39 350 341,485 Series 2005-MKB2 Cl.A2 4.806%, 9/12/42 655 656,643
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Series 2004-T13 Cl.A2 3.94%, 9/13/45 $ 690 $ 666,574 Series 2005-HQ5 Cl.A4 5.168%, 1/14/42 840 842,729 Series2005-T17 Cl.A5 4.78%, 12/13/41 655 641,077 -------------- Total Commercial Mortgage Backed Securities (cost $12,528,388) 12,389,107 -------------- ASSET-BACKED SECURITIES--8.0% Aegis Asset Backed Securities Trust Series 2004-3 Cl.A2A 3.05%, 9/25/34 491 490,602 American Express Credit Account Master Trust Series 2005-1 Cl.A 2.88%, 10/15/12 320 319,699 Ameriquest Mortgage Securities, Inc. Series 2004-R4 Cl.A2 2.96%, 6/25/34 (b) 3 2,874 Bank One Issuance Trust Series 2004-A4 Cl.A4 2.85%, 2/16/10 400 400,251 Bear Stearns Asset Backed Securities, Inc. Series 2005-SD1 CI. 1A1 2.71%, 3/25/35 328 327,352 Centex Home Equity Series 2003-C Cl.AV 3.15%, 9/25/33 (b) 148 148,668 Citibank Credit Card Issuance Trust Series 2004 Cl.A8 4.90%, 12/12/16 735 724,438 Citibank OMNI-S Master Trust Series 1996-5 CI.A 3.184%, 12/16/11 605 605,853 Discover Card Master Trust 2004-1 A Series 2004-CI. A 2.984%, 4/16/10 460 460,104 Equity One ABS, Inc. Series 2004-3 Cl.AF1 3.01%, 7/25/34 (b) 206 206,294 MBNA Credit Card Master Note Trust Series 2001-A5 CI.A5 3.02%, 3/15/11 1,195 1,201,489 Merrill Lynch Mortgage Investors, Inc. Series 2004-SL1 Cl.A 3.11%, 4/25/35 (b) 98 98,255 Morgan Stanley ABS Capital I Series 2004 HE4 CI.A3 3.05%, 5/25/34 311 310,771 Series 2005-WMC1 CI.A2A 2.95%, 1/25/35 432 431,463 RAAC Series Series 2004- SP1 Cl.AI1 3.03%, 6/25/13 (b) 119 119,442
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- Residential Asset Mortgage Products, Inc. Series 2004-RS2 Cl.AI1 2.98%, 1/25/24 (b) $ 74 $ 74,307 Series 2004-RS12 CI.3AI1 2.99%, 5/25/24 497 496,808 Series 2004-RS6 Cl.AI1 3.00%, 8/25/22 (b) 130 130,355 Series 2005-RS1 CI.AII1 2.96%, 1/25/35 514 512,917 Residential Asset Securities Corp. Series 2004- KS7 Cl.A2 3.22%, 11/25/32 (b) 228 228,555 Series 2004-KS7 Cl.AI1 3.00%, 10/25/21 (b) 180 180,260 Residential Funding Mortgage Securities II Series 2004 - HS2 Cl. AI1 3.00%, 12/25/18 (b) 183 183,082 SLM Student Loan Trust Series 2003-C CI.A1 3.11%, 9/15/16 411 410,725 Structures Asset Investment Loan Trust Series 2004-5 CI.A2 3.03%, 5/25/34 361 360,702 Series 2005-1 CI.A3 2.97%, 2/25/35 535 534,020 Superior Wholesale Inventory Financing Trust Series 2003 CI.A8 3.038%, 9/15/10 795 795,643 -------------- Total Asset-Backed Securities (cost $9,772,338) 9,754,929 -------------- NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS-0.6% Countrywide Home Loans Series 2003-49 Cl.A1 1.642%, 12/19/33 153 151,904 Deutsche Mortgage Securities, Inc. Series 2004-4 Cl.1A1 3.06 %, 4/25/34 (b) 105 104,614 Washington Mutual Series 2005-AR2 CI.2A22 2.908, 1/25/45 447 447,049 -------------- Total Non-Agency Collateralized Mortgage Obligations (cost $703,708) 703,567 -------------- SOVEREIGN DEBT OBLIGATIONS--0.5% Russian Federation 5.00%, 3/31/30 (cost $694,070) 670 686,415 --------------
Principal Amount (000) U.S. $ Value - ------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--46.0% FEDERAL AGENCY--37.1% Federal Home Loan Bank 0.00%, 5/12/05 $ 32,545 $ 32,441,604 Federal Home Loan Mortgage Corp. 0.00%, 4/13/05 12,735 12,723,539 -------------- 45,165,143 -------------- U.S. TREASURY SECURITY--6.4% U.S. Treasury Bill 0.00%, 4/07/05 7,735 7,731,736 -------------- TIME DEPOSIT--2.5% The Bank of New York 1.875%, 4/01/05 3,103 3,103,000 -------------- Total Short-Term Investments (cost $56,004,372) 55,999,879 -------------- TOTAL INVESTMENTS--137.1% (cost $166,687,990) 166,977,423 Other assets less liabilities--(37.1%) (45,171,936) -------------- NET ASSETS--100% $ 121,805,487 ==============
(a) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of these securities amounted to $3,906,108 or 3.2% of net assets. (b) Variable rate coupon, rate shown as of March 31, 2005. (c) The coupon on this security varies along with its rating. For each rating downgrade by either Moody's or Standard & Poor's, the coupon increases by 25 basis points. The coupon decreases by 25 basis points for each upgrade of its rating minimum coupon is 8.125%. The security is currently rated Baa1/A-. Glossary: TBA - To Be Assigned - Securities are purchased on a forward commitment with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - U.S. LARGE CAP BLENDED STYLE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - -------------------------------------------------------------------------------- COMMON STOCKS--99.9% TECHNOLOGY--21.1% COMMUNICATION EQUIPMENT--7.1% Corning, Inc. (a) 21,000 $ 233,730 Juniper Networks, Inc. (a) 16,100 355,166 QUALCOMM, Inc. 14,600 535,090 --------------- 1,123,986 --------------- COMPUTER HARDWARE/STORAGE--6.6% Apple Computer, Inc. (a) 6,500 270,855 Dell, Inc. (a) 11,200 430,304 Hewlett-Packard Co. 15,800 346,652 --------------- 1,047,811 --------------- CONTRACT MANUFACTURING--0.8% Flextronics International Ltd. (Singapore) (a) 5,100 61,404 Solectron Corp. (a) 18,700 64,889 --------------- 126,293 --------------- SEMI-CONDUCTORS--1.9% Broadcom Corp. (a) 10,000 299,200 --------------- SEMI-CONDUCTOR COMPONENTS--0.5% Marvell Technology Group Ltd. (a) 2,200 84,348 --------------- SOFTWARE--4.2% Electronic Arts, Inc. (a) 7,000 362,460 Microsoft Corp. 12,500 302,125 --------------- 664,585 --------------- 3,346,223 --------------- FINANCE--20.4% BANKING - MONEY CENTER--0.5% JPMorgan Chase & Co. 2,200 76,120 --------------- BANKING - REGIONAL--4.3% Bank of America Corp. 7,164 315,932 National City Corp. 5,800 194,300 SunTrust Banks, Inc. 2,300 165,761 --------------- 675,993 --------------- BROKERAGE & MONEY MANAGEMENT--0.8% Merrill Lynch & Co., Inc. 2,100 118,860 --------------- INSURANCE--6.5% American International Group, Inc. 6,300 349,083 MetLife, Inc. 3,700 144,670 The Chubb Corp. 2,950 233,847 The Hartford Financial Services Group, Inc. 2,400 164,544 XL Capital Ltd. 2,000 144,740 --------------- 1,036,884 --------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- MORTGAGE BANKING--2.6% Fannie Mae 4,700 $ 255,915 Freddie Mac 2,400 151,680 --------------- 407,595 --------------- MISCELLANEOUS--5.7% Citigroup, Inc. 16,600 746,004 MBNA Corp. 6,600 162,030 --------------- 908,034 --------------- 3,223,486 --------------- CONSUMER SERVICES--19.3% APPAREL--0.5% Jones Apparel Group, Inc. 2,400 80,376 --------------- BROADCASTING & CABLE--3.3% Comcast Corp. Special Cl.A (a) 6,100 203,740 Time Warner, Inc. (a) 18,300 321,165 --------------- 524,905 --------------- PRINTING & PUBLISHING--0.9% The Interpublic Group of Cos., Inc. (a) 12,000 147,360 --------------- RETAIL - GENERAL MERCHANDISE--8.6% eBay, Inc. (a) 13,200 491,832 Lowe's Cos., Inc. 6,900 393,921 Target Corp. 9,400 470,188 --------------- 1,355,941 --------------- MISCELLANEOUS--6.0% Google, Inc. Cl. A (a) 1,300 234,663 Yahoo!, Inc. (a) 21,200 718,680 --------------- 953,343 --------------- 3,061,925 --------------- HEALTHCARE--10.9% BIOTECHNOLOGY--2.3% Amgen, Inc. (a) 6,200 360,902 --------------- MEDICAL PRODUCTS--3.7% Alcon, Inc. 2,600 232,154 St. Jude Medical, Inc. (a) 6,000 216,000 Zimmer Holdings, Inc. (a) 1,900 147,839 --------------- 595,993 --------------- MEDICAL SERVICES--4.9% HCA, Inc. 1,600 85,712 Medco Health Solutions, Inc. (a) 3,900 193,323 UnitedHealth Group, Inc. 5,200 495,976 --------------- 775,011 --------------- 1,731,906 --------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- ENERGY--9.9% DOMESTIC INTEGRATED--1.2% Occidental Petroleum Corp. 2,600 $ 185,042 --------------- INTERNATIONAL--4.2% BP p.l.c. (ADR) (United Kingdom) 4,200 262,080 ChevronTexaco Corp. 6,900 402,339 --------------- 664,419 --------------- OIL SERVICE--1.0% Halliburton Co. 3,700 160,025 --------------- MISCELLANEOUS--3.5% ConocoPhillips 2,900 312,736 Nabors Industries Ltd. (a) 4,100 242,474 --------------- 555,210 --------------- 1,564,696 --------------- CAPITAL GOODS--7.0% ELECTRICAL COMPONENTS & EQUIPMENT--0.9% Hubbell, Inc. Cl. B 2,700 137,970 --------------- MISCELLANEOUS--6.1% General Electric Co. 26,800 966,408 --------------- 1,104,378 --------------- CONSUMER STAPLES--4.7% COSMETICS--0.8% Avon Products, Inc. 2,900 124,526 --------------- RETAIL - FOOD & DRUG--2.3% Safeway, Inc. (a) 9,925 183,910 The Kroger Co. (a) 11,100 177,933 --------------- 361,843 --------------- TOBACCO--1.6% Altria Group, Inc. 3,900 255,021 --------------- 741,390 --------------- AEROSPACE & DEFENSE--2.0% AEROSPACE--2.0% Goodrich Corp. 2,100 80,409 The Boeing Co. 4,100 239,686 --------------- 320,095 --------------- MULTI-INDUSTRY COMPANIES--1.7% Textron, Inc. 3,550 264,901 --------------- TRANSPORTATION--1.2% RAILROAD--1.2% CSX Corp. 4,400 183,260 --------------- CONSUMER MANUFACTURING--1.1% AUTO & RELATED--1.1% Magna International, Inc. Cl.A (Canada) 2,700 180,630 --------------- Company Shares U.S. $ Value - -------------------------------------------------------------------------------- UTILITIES--0.6% TELEPHONE UTILITY--0.6% Sprint Corp. (FON Group) 4,400 $ 100,100 --------------- Total Common Stocks (cost $14,741,196) 15,822,990 --------------- TOTAL INVESTMENTS--99.9% (cost $14,741,196) 15,822,990 Other assets less liabilities--0.1% 15,916 --------------- NET ASSETS--100% $ 15,838,906 =============== (a) Non-income producing security. Glossary: ADR - American Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - UTILITY INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON & PREFERRED STOCKS--98.2% UNITED STATES INVESTMENTS--85.5% UTILITIES--76.3% ELECTRIC & GAS UTILITY--69.0% AES Corp. (a) 83,600 $ 1,369,368 AGL Resources, Inc. 24,700 862,771 Alliant Energy Corp. 16,800 449,904 Ameren Corp. 24,000 1,176,240 American Electric Power Co., Inc. pfd. 18,800 800,880 Cinergy Corp. 24,000 972,480 CMS Energy Corp. (a) 51,900 676,776 Consolidated Edison, Inc. 17,100 721,278 Constellation Energy Group 6,000 310,200 Dominion Resources, Inc. 16,700 1,242,981 DTE Energy Co. 23,000 1,046,040 DTE Energy Co. pfd. 16,800 426,720 Duke Energy Corp. 57,600 1,613,376 Edison International 14,500 503,440 Entergy Corp. 21,000 1,483,860 Equitable Resources, Inc. 21,500 1,234,960 Exelon Corp. 51,900 2,381,691 FPL Group, Inc. 35,000 1,405,250 FPL Group, Inc. pfd. 16,700 1,035,567 Georgia Power Co. pfd. 20,000 504,000 Great Plains Energy, Inc. pfd. 28,000 761,040 KeySpan Corp. pfd. 17,000 860,030 New Jersey Resources Corp. 23,800 1,036,014 Northwest Natural Gas Co. 13,900 502,763 NSTAR 25,700 1,395,510 PG&E Corp. (a) 36,100 1,231,010 Piedmont Natural Gas Co., Inc. 10,200 235,008 PNM Resources, Inc. 33,500 893,780 PNM Resources, Inc. pfd. 30,500 1,518,900 PPL Corp. 20,600 1,112,194 Public Service Enterprise Group, Inc. pfd. 18,000 1,258,200 Questar Corp. 24,800 1,469,400 SCANA Corp. 20,000 764,400 Sempra Energy 12,000 478,080 Sempra Energy pfd. 35,500 1,173,630 Southern Co. 17,200 547,476 TXU Corp. 30,367 2,418,124 TXU Corp. pfd. 22,200 818,736 Westar Energy, Inc. 23,000 497,720 Wisconsin Energy Corp. 14,000 497,000 Xcel Energy, Inc. 28,000 481,040 ------------- 40,167,837 ------------- TELEPHONE UTILITY--5.9% BellSouth Corp. 24,600 646,734 SBC Communications, Inc. 19,000 450,110 Sprint Corp. (FON Group) 64,300 1,462,825 Verizon Communications, Inc. 24,700 876,850 ------------- 3,436,519 ------------- MISCELLANEOUS--1.4% Aqua America, Inc. 33,900 825,804 ------------- 44,430,160 ------------- ENERGY--6.1% PIPELINES--6.1% Kinder Morgan, Inc. 11,500 870,550 ONEOK, Inc. 30,900 952,338 Southern Union Co. pfd. 6,900 514,602 The Williams Cos., Inc. 64,600 1,215,126 ------------- 3,552,616 ------------- Shares U.S. $ Value - ------------------------------------------------------------------------------- TECHNOLOGY--2.6% COMMUNICATION EQUIPMENT--2.6% Nextel Partners, Inc. Cl. A (a) 22,800 $ 500,688 QUALCOMM, Inc. 27,100 993,215 ------------- 1,493,903 ------------- CONSUMER SERVICES--0.5% CELLULAR COMMUNICATIONS--0.5% Nextel Communications, Inc. Cl.A (a) 10,000 284,200 ------------- Total United States Investments (cost $37,462,237) 49,760,879 ------------- FOREIGN INVESTMENTS--12.7% BRAZIL--0.5% CPFL Energia, SA (a) 13,700 279,480 ------------- EGYPT--1.0% Orascom Telecom (GDR) 15,600 552,993 ------------- FRANCE--1.0% Veolia Environnement (ADR) 17,000 604,010 ------------- HONG KONG--2.4% Hong Kong & China Gas Co., Ltd. 715,000 1,404,672 ------------- MEXICO--3.4% America Movil, S.A. de C.V. Series L (ADR) 29,600 1,527,361 Grupo Televisa, SA (GDR) 8,000 470,400 ------------- 1,997,761 ------------- PEOPLE'S REPUBLIC OF CHINA--1.1% Datang International Power Generation Co., Ltd. 470,000 339,718 Yanzhou Coal Mining Co., Ltd.(ADR) 4,300 293,948 ------------- 633,666 ------------- RUSSIA--0.9% Mobile Telesystems 15,000 527,850 ------------- SPAIN--1.2% Telefonica de Espana, SA (ADR) 13,126 682,158 ------------- VENEZUELA--1.2% Compania Anonima Nacional Telefonos de Venezuela (ADR) 36,500 690,580 ------------- Total Foreign Investments (cost $5,423,380) 7,373,170 ------------- Total Common and Preferred Stocks (cost $37,462,237) 57,134,049 ------------- SHORT-TERM INVESTMENT--2.0% TIME DEPOSIT--2.0% The Bank of New York 1.875% 4/1/05 (cost $1,153,000) $ 1,153 1,153,000 ------------- TOTAL INVESTMENTS--100.2% (cost $44,038,617) 58,287,049 Other assets less liabilities--(0.2%) (139,195) ------------- NET ASSETS--100.0% $ 58,147,854 ============= SECTOR DIVERSIFICATION March 31, 2005 AllianceBernstein Variable Products Series Fund
- ------------------------------------------------------------------------------------- SECTOR U.S. $ VALUE PRESENT OF NET ASSETS - ------------------------------------------------------------------------------------- Utilities $ 48,430,779 83.3% Energy 3,552,616 6.1 Consumer Services 3,362,803 5.8 Technology 1,493,903 2.6 Basic Industry 293,948 0.5 ------------ ------ Total Investments* 57,134,049 98.3 Cash and receivables, net of liabilities 1,013,805 1.7 ------------ ------ Net Assets $ 58,147,854 100.0% - -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- Excludes short-term obligations. (a) Non-income producing security.. Glossary of Terms: ADR- American Depository Receipt GDR - Global Depository Receipt Pfd. - Preferred Stock Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON STOCKS--97.8% FINANCIAL--31.8% BANKS --5.8% Citigroup, Inc. 142,000 $ 6,381,479 JPMorgan Chase & Co. 66,700 2,307,820 ---------------- 8,689,299 ---------------- FINANCE - PERSONAL LOANS--0.8% Countrywide Credit Industries, Inc. 35,768 1,161,029 ---------------- LIFE INSURANCE--2.2% Genworth Financial, Inc. 31,400 864,128 Jefferson-Pilot Corp. 8,400 412,020 MetLife, Inc. 24,800 969,680 Prudential Financial, Inc. 18,000 1,033,200 Torchmark Corp. 1,300 67,860 ---------------- 3,346,888 ---------------- MAJOR REGIONAL BANKS--11.5% Bank of America Corp. 106,900 4,714,289 BB&T Corp. 7,100 277,468 Comerica, Inc. 17,600 969,408 Huntington Bancshares, Inc. 40,200 960,780 KeyCorp. 27,950 906,978 Mellon Financial Corp. 31,300 893,302 National City Corp. 31,800 1,065,300 PNC Financial Services Group 14,700 756,756 SunTrust Banks, Inc. 17,600 1,268,432 U.S. Bancorp 59,700 1,720,554 Wachovia Corp. 53,150 2,705,867 Wells Fargo & Co. 19,000 1,136,200 ---------------- 17,375,334 ---------------- MULTI-LINE INSURANCE--1.2% American International Group, Inc. 8,500 470,985 The Hartford Financial Services Group, Inc. 18,500 1,268,360 ---------------- 1,739,345 ---------------- PROPERTY - CASUALTY INSURANCE--3.3% ACE Ltd. 9,900 408,573 Allstate Corp. 25,350 1,370,421 Chubb Corp. 12,500 990,875 PartnerRe Ltd. 4,300 277,780 The St. Paul Travelers Cos., Inc. 35,733 1,312,473 XL Capital Ltd. Cl.A 9,100 658,567 ---------------- 5,018,689 ---------------- SAVINGS AND LOANS--3.0% Astoria Financial Corp. 21,750 550,275 Fannie Mae 13,400 729,630 Freddie Mac 26,000 1,643,200 Washington Mutual, Inc. 39,800 1,572,100 ---------------- 4,495,205 ---------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- MISCELLANEOUS FINANCIAL--4.0% Lehman Brothers Holdings, Inc. 13,700 $ 1,289,992 MBIA, Inc. 11,800 616,904 Merrill Lynch & Co., Inc. 21,100 1,194,260 MGIC Investment Corp. 11,900 733,873 Morgan Stanley 17,300 990,425 The Goldman Sachs Group, Inc. 11,500 1,264,885 ---------------- 6,090,339 ---------------- 47,916,128 ---------------- ENERGY--12.5% GAS PIPELINES--0.2% El Paso Corp. 23,000 243,340 ---------------- OILS - INTERGRATED DOMESTIC--3.6% ConocoPhillips 24,600 2,652,864 Marathon Oil Corp. 27,100 1,271,532 Occidental Petroleum Corp. 22,100 1,572,857 ---------------- 5,497,253 ---------------- OILS - INTERGRATED INTERNATIONAL--8.7% BP p.l.c. (ADR) 12,300 767,520 ChevronTexaco Corp. 60,400 3,521,924 Exxon Mobil Corp. 147,100 8,767,160 ---------------- 13,056,604 ---------------- 18,797,197 ---------------- CAPITAL EQUIPMENT--9.7% AEROSPACE - DEFENSE--1.5% B.F. Goodrich Corp. 21,700 830,893 General Dynamics Corp. 4,200 449,610 The Boeing Co. 16,300 952,898 ---------------- 2,233,401 ---------------- AUTO TRUCKS - PARTS--0.6% Eaton Corp. 13,500 882,900 ---------------- ELECTRICAL EQUIPMENT--6.7% Cooper Industries Ltd. Cl. A (Bermuda) 7,000 500,640 General Electric Co. 217,000 7,825,020 Honeywell International, Inc. 33,000 1,227,930 Hubbell Inc. Cl.B 11,500 587,650 ---------------- 10,141,240 ---------------- MISCELLANEOUS CAPITAL GOODS--0.9% Textron, Inc. 14,300 1,067,066 Tyco International Ltd. (Bermuda) 8,000 270,400 ---------------- 1,337,466 ---------------- 14,595,007 ---------------- CONSUMER STAPLES--8.9% BEVERAGES - SOFT, LITE & HARD--0.7% Molson Coors Brewing Co. Cl.B 7,500 578,775 PepsiCo, Inc. 8,200 434,846 ---------------- 1,013,621 ---------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- FOOD--1.1% Del Monte Foods Co. (a) 33,400 $ 362,390 Kraft Foods, Inc. 13,800 456,090 Sara Lee Corp. 40,600 899,696 ---------------- 1,718,176 ---------------- RESTAURANTS--1.3% Darden Restaurants, Inc. 9,700 297,596 McDonald's Corp. 51,800 1,613,052 ---------------- 1,910,648 ---------------- RETAIL STORES - FOOD--1.7% Albertson's, Inc. 10,200 210,630 Safeway, Inc. (a) 48,800 904,264 SUPERVALU, Inc. 19,400 646,990 The Kroger Co. (a) 49,000 785,470 ---------------- 2,547,354 ---------------- SOAPS--0.5% Unilever NV (ADR) 11,500 786,830 ---------------- SUGAR REFINERS--0.3% Archer-Daniels-Midland Co. 19,805 486,807 ---------------- TOBACCO--3.3% Altria Group, Inc. 60,750 3,972,442 UST, Inc. 20,100 1,039,170 ---------------- 5,011,612 ---------------- 13,475,048 ---------------- UTILITIES--8.3% ELECTRIC COMPANIES--4.1% Alliant Energy Corp. 20,600 551,668 American Electric Power Co., Inc. 28,075 956,235 Edison International 5,600 194,432 Entergy Corp. 12,300 869,118 Exelon Corp. 26,200 1,202,318 FirstEnergy Corp. 27,200 1,141,040 Sempra Energy 25,400 1,011,936 Xcel Energy, Inc. 9,700 166,646 ---------------- 6,093,393 ---------------- TELEPHONE--4.2% BellSouth Corp. 13,600 357,544 SBC Communications, Inc. 48,600 1,151,334 Sprint Corp. 80,000 1,820,000 Verizon Communications 85,900 3,049,450 ---------------- 6,378,328 ---------------- 12,471,721 ---------------- TECHNOLOGY--6.3% COMMUNICATION EQUIP. MFRS.--1.3% ADC Telecommunications, Inc. (a) 117,700 234,223 Corning, Inc.(a) 69,900 777,987 Nortel Networks Corp.(a) 126,500 345,345 Company Shares U.S. $ Value - ------------------------------------------------------------------------------- Tellabs, Inc. (a) 80,100 $ 584,730 ---------------- 1,942,285 ---------------- COMPUTERS--1.9% Hewlett-Packard Co. 106,828 2,343,805 International Business Machines Corp. 5,600 511,728 Quantum Corp. (a) 6,250 18,188 ---------------- 2,873,721 ---------------- COMPUTER / INSTRUMENTATION--0.8% Flextronics International Ltd. (Singapore) (a) 39,400 474,376 Sanmina-SCI Corp. (a) 51,200 267,264 Solectron Corp. (a) 126,310 438,296 ---------------- 1,179,936 ---------------- COMPUTER SERVICES / SOFTWARE--1.8% Electronic Data Systems Corp. 46,000 950,820 Microsoft Corp. 71,900 1,737,823 ---------------- 2,688,643 ---------------- SEMICONDUCTORS--0.2% Vishay Intertechnology, Inc. (a) 30,550 379,737 ---------------- MISCELLANEOUS INDUSTRIAL TECHNOLOGY--0.3% Ingram Micro, Inc. CL.A (a) 18,200 303,394 Tech Data Corp. (a) 5,550 205,683 ---------------- 509,077 ---------------- 9,573,399 ---------------- CONSUMER CYCLICALS--5.9% AUTOS & AUTO PARTS--1.6% American Axle & Manufacturing Holdings, Inc. 10,500 257,250 Autoliv, Inc. (Sweden) 7,900 376,435 BorgWarner, Inc. 10,800 525,744 Dana Corp. 25,900 331,261 Lear Corp. 9,200 408,112 Magna International, Inc. Cl.A 8,200 548,580 ---------------- 2,447,382 ---------------- RETAILERS--2.8% Federated Department Stores, Inc. 16,500 1,050,060 Limited Brands 39,500 959,850 Nordstrom, Inc. 7,900 437,502 Office Depot, Inc. (a) 51,000 1,131,180 Target Corp. 14,100 705,282 ---------------- 4,283,874 ---------------- TEXTILES/SHOES - APPAREL MFG. --0.8% Jones Apparel Group, Inc. 20,600 689,894 V.F. Corp. 7,900 467,206 ---------------- 1,157,100 ---------------- TIRES & RUBBER GOODS--0.2% Cooper Tire & Rubber Co. 14,100 258,876 ---------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- MISCELLANEOUS CONSUMER CYCLICALS--0.5% Newell Rubbermaid, Inc. 35,200 $ 772,288 ---------------- 8,919,520 ---------------- CONSUMER GROWTH--6.4% ADVERTISING--0.5% The Interpublic Group of Cos., Inc. (a) 59,100 725,748 ---------------- DRUGS--0.9% Bristol-Myers Squibb Co. 18,850 479,921 Merck & Co., Inc. 29,400 951,678 ---------------- 1,431,599 ---------------- ENTERTAINMENT--1.7% Time Warner, Inc. (a) 128,400 2,253,419 Viacom, Inc. Cl.B 3,050 106,232 Walt Disney Co. 6,300 180,999 ---------------- 2,540,650 ---------------- HOSPITAL MANAGEMENT--0.5% HCA, Inc. 14,500 776,765 ---------------- HOSPITAL SUPPLIES--0.8% Medco Health Solutions, Inc. 25,200 1,249,164 ---------------- PHOTOGRAPHY--0.7% Eastman Kodak Co. 30,500 992,775 ---------------- RADIO - TV BROADCASTING--1.3% Comcast Corp. Cl.A (a) 56,434 1,906,341 ---------------- 9,623,042 ---------------- INDUSTRIAL COMMODITIES--2.2% FERTILIZERS--0.3% Monsanto Co. 7,900 509,550 ---------------- PAPER--1.1% International Paper Co. 31,200 1,147,848 Smurfit-Stone Container Corp. (a) 27,600 426,972 ---------------- 1,574,820 ---------------- STEEL--0.8% United States Steel Corp. 23,800 1,210,230 ---------------- 3,294,600 ---------------- COMMODITIES--2.8% CHEMICALS--1.7% E.I. du Pont de Nemours & Co. 6,100 312,564 Eastman Chemical Co. 15,400 908,600 PPG Industries, Inc. 14,900 1,065,648 The Dow Chemical Co. 4,000 199,400 ---------------- 2,486,212 ---------------- Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- PAPER--1.1% Georgia-Pacific Group 24,950 $ 885,476 Temple-Inland, Inc. 11,000 798,050 ---------------- 1,683,526 ---------------- 4,169,738 ---------------- SERVICES--2.0% RAILROADS--2.0% Burlington Northern Santa Fe Corp. 19,900 1,073,207 CSX Corp. 24,500 1,020,425 Norfolk Southern Corp. 27,050 1,002,203 ---------------- 3,095,835 ---------------- CONSUMER MANUFACTURING--0.4% MISCELLANEOUS--0.4% Bunge Ltd. (Bermuda) 10,900 587,292 ---------------- NON-FINANCIAL--0.3% BUILDING MATERIALS - CEMENT--0.3% Martin Marietta Materials, Inc. 9,600 536,832 ---------------- HEALTHCARE--0.3% MEDICAL SERVICES--0.3% AmerisourceBergen Corp. 8,300 475,507 ---------------- Total Common Stocks (cost $123,173,035) 147,530,866 ---------------- SHORT-TERM INVESTMENT--2.4% TIME DEPOSIT--2.4% The Bank of New York 1.875% 4/01/05 (cost $3,631,000) 3,631 3,631,000 ---------------- TOTAL INVESTMENTS--100.2% (cost $126,804,035) 151,161,866 Other assets less liabilities--(0.2%) (332,971) ---------------- NET ASSETS--100% $ 150,828,895 ================ (a) Non-income producing security. Glossary of Terms: ADR - American Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - WEALTH APPRECIATION STRATEGY PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2005 Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON STOCKS AND OTHER INVESTMENTS--84.8% UNITED STATES INVESTMENTS-62.3% FINANCE--14% BANKING--6.0% Bank of America Corp. 1,700 $ 74,970 Citigroup, Inc. 9,750 438,164 Fannie Mae 2,600 141,570 Freddie Mac 2,550 161,160 JPMorgan Chase & Co. 4,300 148,780 National City Corp. 3,250 108,875 SunTrust Banks, Inc. 1,800 129,726 Wachovia Corp. 1,700 86,547 -------------- 1,289,792 -------------- FINANCIAL SERVICES--3.9% Franklin Resources, Inc. 1,350 92,678 Lehman Brothers Holdings, Inc. 1,400 131,824 MBNA Corp. 6,650 163,258 Merrill Lynch & Co., Inc. 3,400 192,440 Morgan Stanley 1,400 80,150 The Charles Schwab Corp. 5,150 54,127 The Goldman Sachs Group, Inc. 1,090 119,889 -------------- 834,366 -------------- INSURANCE--4.1% American International Group, Inc. 4,850 268,738 The Hartford Financial Services Group, Inc. 1,225 83,986 The Progressive Corp. 550 50,468 The St. Paul Travelers Cos., Inc. 2,900 106,517 Torchmark Corp. 700 36,540 UnitedHealth Group, Inc. 2,400 228,911 WellPoint Inc.(a) 760 95,266 -------------- 870,426 -------------- 2,994,584 -------------- TECHNOLOGY / ELECTRONICS--13.9% DATA PROCESSING--10.0% Apple Computer, Inc. (a) 4,300 179,181 Arrow Electronics, Inc. (a) 1,350 34,223 Avnet, Inc. (a) 1,800 33,156 Dell, Inc. (a) 7,950 305,438 Electronic Arts, Inc. (a) 4,300 222,654 Electronic Data Systems Corp. 4,000 82,680 Google, Inc. Cl. A (a) 1,030 185,925 Hewlett-Packard Co. 6,500 142,610 International Business Machines Corp. 1,000 91,380 Microsoft Corp. 13,100 316,626 Network Appliance, Inc. (a) 2,750 76,065 Sanmina-SCI Corp. (a) 7,800 40,716 Solectron Corp. (a) 14,000 48,580 Tech Data Corp. (a) 1,300 48,178 Yahoo!, Inc. (a) 10,050 340,695 -------------- 2,148,107 -------------- Shares U.S. $ Value - ------------------------------------------------------------------------------- ELECTRICAL & ELECTRONICS--3.5% Broadcom Corp. Cl. A (a) 3,700 $ 110,704 Corning, Inc. (a) 16,900 188,097 Juniper Networks, Inc. (a) 7,200 158,832 QUALCOMM, Inc. 7,200 263,880 Tellabs, Inc. (a) 3,300 24,090 -------------- 745,603 -------------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.4% Advanced Micro Devices, Inc. (a) 2,600 41,912 Symantec Corp. (a) 1,850 39,461 -------------- 81,373 -------------- 2,975,083 -------------- CONSUMER CYCLICAL--9.0% BROADCASTING & PUBLISHING--2.1% Comcast Corp. Special Cl. A (a) 3,250 108,550 The E.W. Scripps Co. Cl. A 2,700 131,625 Time Warner, Inc. (a) 11,600 203,580 -------------- 443,755 -------------- BUSINESS & PUBLIC SERVICES--0.3% The Interpublic Group of Cos., Inc. (a) 5,900 72,452 -------------- LEISURE & TOURISM--1.4% Hilton Hotels Corp. 400 8,940 Host Marriott Corp. 2,925 48,438 McDonald's Corp. 3,400 105,876 Starbucks Corp. (a) 2,050 105,903 Starwood Hotels & Resorts Worldwide, Inc. 575 34,517 -------------- 303,674 -------------- MERCHANDISING--4.7% eBay, Inc. (a) 8,000 298,080 Federated Department Stores, Inc. 500 31,820 Limited Brands 1,000 24,300 Lowe's Cos., Inc. 4,490 256,334 Office Depot, Inc. (a) 3,900 86,502 Target Corp. 6,000 300,120 -------------- 997,156 -------------- TEXTILES & APPAREL--0.5% Jones Apparel Group, Inc. 2,200 73,678 V.F. Corp. 400 23,656 -------------- 97,334 -------------- 1,914,371 -------------- MEDICAL--5.5% HEALTH & PERSONAL CARE--5.5% Amgen, Inc. (a) 3,350 195,003 Avon Products, Inc. 3,950 169,613 Boston Scientific Corp. (a) 1,650 48,329 Bristol-Myers Squibb Co. 4,600 117,116 Genentech, Inc. (a) 1,650 93,407 Shares U.S. $ Value - ------------------------------------------------------------------------------- HCA, Inc. 1,700 $ 91,069 Medco Health Solutions, Inc. (a) 3,150 156,146 St. Jude Medical, Inc. (a) 4,950 178,199 Zimmer Holdings, Inc. (a) 1,600 124,496 -------------- 1,173,378 -------------- CONSTRUCTION & HOUSING--4.9% BUILDING MATERIALS--0.7% Martin Marietta Materials, Inc. 800 44,735 Vulcan Materials Co. 1,800 102,293 -------------- 147,028 -------------- CONSTRUCTION & HOUSING--0.4% Pulte Homes, Inc. 1,300 95,718 -------------- REAL ESTATE--3.8% Alexandria Real Estate Equities, Inc. 645 41,524 Archstone-Smith Trust 850 28,994 Arden Realty, Inc. 350 11,848 Boston Properties, Inc. 450 27,104 Brookfield Properties 750 28,875 Camden Property Trust 650 30,570 Corporate Office Properties Trust 975 25,818 Developers Diversified Realty Corp. 1,305 51,873 Duke Realty Corp. 1,150 34,328 EastGroup Properties, Inc. 600 22,620 Equity Office Properties Trust 250 7,533 Equity Residential 1,100 35,431 Essex Property Trust, Inc. 250 17,275 First Industrial Realty Trust, Inc. 300 11,349 General Growth Properties, Inc. 1,175 40,068 Glenborough Realty Trust, Inc. 275 5,258 iStar Financial, Inc. 530 21,825 Kimco Realty Corp. 350 18,865 LaSalle Hotel Properties 400 11,620 Mack-Cali Realty Corp. 450 19,058 Maguire Properties, Inc. 400 9,552 Pan Pacific Retail Properties, Inc. 200 11,350 Prentiss Properties Trust 475 16,226 ProLogis 1,575 58,432 Public Storage, Inc. 400 22,776 Reckson Associates Realty Corp. 300 9,210 Regency Centers Corp. 325 15,480 Saul Centers, Inc. 150 4,800 Simon Property Group, Inc. 1,025 62,094 SL Green Realty Corp. 75 4,217 Tanger Factory Outlet Centers, Inc. 550 12,100 The Macerich Co. 200 10,656 The Mills Corp. 475 25,128 United Dominion Realty Trust, Inc. 1,250 26,088 Vornado Realty Trust 425 29,440 Windrose Medical Properties Trust 650 8,912 -------------- 818,297 -------------- 1,061,043 -------------- CAPITAL EQUIPMENT--4.6% AEROSPACE & DEFENSE--0.8% Goodrich Corp. 1,400 53,606 The Boeing Co. 2,000 116,920 -------------- 170,526 -------------- Shares U.S. $ Value - ------------------------------------------------------------------------------- AUTOMOBILES--0.3% BorgWarner, Inc. 1,350 $ 65,718 -------------- INDUSTRIAL COMPONENTS--0.6% Eaton Corp. 2,000 130,800 -------------- MULTI-INDUSTRY--2.9% General Electric Co. 14,250 513,855 Hubbell, Inc. Cl. B 1,650 84,315 Textron, Inc. 400 29,848 -------------- 628,018 -------------- 995,062 -------------- CONSUMER STAPLES--3.7% BEVERAGES & TOBACCO--1.3% Altria Group, Inc. 1,950 127,511 PepsiCo, Inc. 3,000 159,090 -------------- 286,601 -------------- FOOD & HOUSEHOLD PRODUCTS--2.4% Safeway, Inc. (a) 4,100 75,973 SUPERVALU, Inc. 1,600 53,360 The Kroger Co. (a) 3,300 52,899 The Procter & Gamble Co. 5,150 272,950 Whole Foods Market, Inc. 675 68,938 -------------- 524,120 -------------- 810,721 -------------- ENERGY--2.4% ENERGY EQUIPMENT & SERVICES--0.7% Halliburton Co. 3,350 144,888 -------------- ENERGY SOURCES--1.7% ChevronTexaco Corp. 2,500 145,775 ConocoPhillips 1,125 121,320 Occidental Petroleum Corp. 1,400 99,638 -------------- 366,733 -------------- 511,621 -------------- UTILITIES--1.4% ELECTRIC & GAS UTILITY--1.4% American Electric Power Co., Inc. 1,100 37,466 Entergy Corp. 1,300 91,858 FirstEnergy Corp. 800 33,560 Sempra Energy 1,500 59,760 Wisconsin Energy Corp. 1,900 67,450 -------------- 290,094 -------------- INDUSTRIAL COMMODITIES--1.1% CHEMICAL--0.2% PPG Industries, Inc. 500 35,760 -------------- FOREST & PAPER--0.9% International Paper Co. 800 29,432 Kimberly-Clark Corp. 700 46,011 MeadWestvaco Corp. 2,000 63,640 Shares U.S. $ Value - ------------------------------------------------------------------------------- Smurfit-Stone Container Corp. (a) 3,900 $ 60,333 -------------- 199,416 -------------- 235,176 -------------- TRANSPORTATION--0.9% TRANSPORTATION - ROAD & RAIL--1.2% Burlington Northern Santa Fe Corp. 500 26,965 CSX Corp. 3,300 137,445 Norfolk Southern Corp. 1,000 37,050 -------------- 201,460 -------------- TELECOMMUNICATIONS--0.6% Sprint Corp. 5,500 125,125 -------------- INDUSTRIALS--0.3% AIR FREIGHT & COURIER--0.3% United Parcel Service, Inc. 770 56,010 -------------- Total United States Investments (cost $13,169,139) 13,343,728 -------------- FOREIGN INVESTMENTS--22.5% AUSTRALIA--1.4% Aristocrat Leisure Ltd. 891 6,995 Centro Properties Group 2,900 11,614 Coles Myer Ltd. 3,951 28,703 DB Rreef Trust 13,790 13,753 General Property Trust 7,100 19,452 ING Industrial Fund 8,483 13,368 Macquarie CountryWide Trust 18,000 25,452 Multplex Group 1,370 4,571 Rinker Group Ltd. 5,784 48,279 Stockland 3,200 14,437 Westfield Group (a) 7,780 97,276 Westpac Banking Corp. 1,040 15,293 -------------- 299,193 -------------- BERMUDA--1.6% Cooper Industries Ltd. Cl. A 700 50,064 Marvell Technology Group Ltd. (a) 4,500 172,530 Nabors Industries Ltd. (a) 2,150 127,151 -------------- 349,745 -------------- CANADA--0.8% Boardwalk Real Estate Investment Trust 525 8,029 Borealis Retail Real Estate Investment Trust 1,300 14,400 Canadian Apartment Properties Real Estate 900 10,728 Canadian Real Estate Investment Trust 1,500 22,010 Cominar Real Estate Investment Trust 700 10,109 Dundee Real Estate Investment Trust 400 8,452 H&R Real Estate Investment Trust 1,200 18,054 InnVest Real Estate Investment Trust 1,000 9,382 O&Y Real Estate Investment Trust 1,400 18,158 RioCan Real Estate Investment Trust 2,500 37,509 Shares U.S. $ Value - ------------------------------------------------------------------------------- Summit Real Estate Investment Trust 1,350 $ 20,623 -------------- 177,454 -------------- CAYMAN ISLANDS-.4% XL Capital Ltd. Cl. A 1,100 79,607 -------------- FINLAND--0.1% Sponda Oyj 1,850 16,753 -------------- FRANCE--2.3% Essilor International, SA 310 22,395 Gecina, SA 464 53,327 Groupe Danone 468 46,585 Klepierre 450 40,479 L'Air Liquide, SA 172 31,634 Renault, SA (a) 246 21,975 Sanofi Aventis 384 32,434 Schneider Electric, SA 276 21,607 Total, SA 453 106,049 Unibail 700 82,828 Vinci, SA 176 25,372 -------------- 484,685 -------------- GERMANY--0.4% Porsche AG pfd. 28 20,352 SAP AG 359 57,575 -------------- 77,927 -------------- GREECE--0.1% EFG Eurobank Ergasias 449 13,810 -------------- HONG KONG--1.0% Esprit Holdings Ltd. 10,500 71,585 Henderson Land Development Co., Ltd. 7,000 31,073 Kerry Properties Ltd. 16,000 34,906 Sun Hung Kai Properties Ltd. 7,800 70,591 -------------- 208,155 -------------- INDIA--0.1% Infosys Technologies Ltd. 213 10,908 -------------- IRELAND--0.7% Allied Irish Banks Plc 1,831 38,277 Anglo Irish Bank Corp., Plc 1,535 38,458 CRH Plc 2,691 70,720 -------------- 147,455 -------------- ISRAEL--0.7% Teva Pharmaceutical Industries Ltd. (ADR) 5,050 156,550 -------------- ITALY--0.4% Beni Stabili SpA 9,200 8,835 Eni S.p.A. 2,257 58,656 Fastweb (a) 397 19,436 -------------- 86,927 -------------- JAPAN--2.7% Aeon Credit Service Co., Ltd. 300 20,214 Canon, Inc. 1,400 74,805 Daito Trust Construction Co., Ltd. 500 20,966 Denso Corp. 3,000 74,466 Shares U.S. $ Value - ------------------------------------------------------------------------------- Honda Motor Co., Ltd. 1,100 $ 54,912 Hoya Corp. 700 76,847 Japan Retail Fund Investment Corp. 3 23,839 Keyence Corp. 200 46,203 Mitsubishi Corp. 3,600 46,559 Mitsubishi Tokyo Financial Group, Inc. 4 34,457 Mitsui & Co., Ltd. 3,000 27,592 Mitsui Fudosan Co., Ltd. 2,000 23,385 Nippon Building Fund, Inc. 2 17,084 Nitto Denko Corp. 200 10,453 Suzuki Motor Corp. 1,200 21,418 -------------- 573,200 -------------- MEXICO--0.3% America Movil, S.A. de C.V. Series L (ADR) 800 41,280 Grupo Televisa SA (GDR) 300 17,640 -------------- 58,920 -------------- NETHERLANDS--0.7% Eurocommercial Properties NV 110 3,698 ING Groep NV 1,669 50,423 Rodamco Europe NV 455 34,040 Royal Numico NV 17 696 Schlumberger Ltd. 650 45,812 Wereldhave NV 160 16,387 -------------- 151,056 -------------- PANAMA--0.5% Carnival Corp. 2,150 111,392 -------------- RUSSIA--0.1% Mobile Telesystems 350 12,317 -------------- SINGAPORE--0.3% Ascendas Real Estate Investment Trust Cl.A (a) 32,200 36,638 CapitaMall Trust (a) 27,000 33,361 -------------- 69,999 -------------- SOUTH AFRICA--0.1% ABSA Group Ltd. (a) 917 11,066 MTN Group Ltd. 2,638 18,591 -------------- 29,657 -------------- SOUTH KOREA--0.1% Samsung Electronics Co. 57 28,095 -------------- SPAIN--0.6% Banco Bilbao Vizcaya 3,420 55,660 Gestevision Telecinco, SA (a) 972 22,614 Industria de Diseno Textil, SA (Inditex) 1,467 43,856 Inmobiliaria Colonial 250 12,162 -------------- 134,292 -------------- Company Shares U.S. $ Value - ------------------------------------------------------------------------------- SWITZERLAND--2.7% Alcon, Inc. 2,550 $ 227,691 Compagnie Financiere Richemont AG 1,821 57,248 Credit Suisse Group (a) 1,351 57,793 Nobel Biocare Holding AG 210 44,222 Novartis AG 1,412 65,918 Roche Holding AG 363 38,924 Synthes, Inc. 125 13,907 UBS AG 934 78,908 -------------- 584,611 -------------- TAIWAN--0.3% Asustek Computer, Inc. (a) 10,000 27,493 Hon Hai Precision Industry 5,000 22,141 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 13,000 21,204 -------------- 70,838 -------------- THAILAND--0.1% PTT Public Company Ltd. 3,800 18,747 -------------- UNITED KINGDOM--4.0% Billiton Plc 1,646 22,116 British Land Co. Plc 1,900 28,866 Brixton Plc 1,950 12,567 Capita Group Plc 5,365 38,085 Capital & Regional Plc 1,500 19,689 Carnival Plc 1,100 60,376 Derwent Valley Holdings Plc 800 16,626 Enterprise Inns Plc 2,065 30,090 Great Universal Stores Plc 2,598 44,702 Hammerson Plc 1,550 24,356 Land Securities Group Plc 2,150 52,500 Liberty International Plc 900 16,383 Reckitt Benckiser Plc 2,728 86,626 Royal Bank of Scotland Group Plc 3,449 109,729 SABMiller Plc 2,663 41,687 Slough Estates Plc 2,800 25,769 Smith & Nephew Plc 3,886 36,459 Standared Chartered Bank 1,604 28,849 Tesco Plc 18,078 108,125 WPP Group Plc 6,399 72,755 -------------- 876,355 -------------- Total Foreign Investments (cost $4,660,270) 4,828,648 -------------- TOTAL INVESTMENTS--84.7% (cost $17,829,409) 18,172,376 -------------- Other assets less liabilities--15.3% 3,278,491 -------------- NET ASSETS--100% $ 21,450,867 ============== FINANCIAL FUTURES CONTRACTS PURCHASED
Number of Expiration Original Value at Unrealized Type Contracts Month Value March 31, 2005 Depreciation - ------------------------------------------------------------------------------------------------ FTSE 100 Index FUT 7 June 2005 $ 658,816 $ 649,838 $ (8,978) Euro Stoxx 50 39 June 2005 1,527,070 1,518,180 (8,890) Topix Index FUT 6 June 2005 663,505 660,543 (2,962) ---------- $ (20,830) ==========
SECTOR DIVERSIFICATION March 31, 2005
- ----------------------------------------------------------------------------------- SECTOR U.S. $ VALUE PRESENT OF NET ASSETS - ----------------------------------------------------------------------------------- Finance $ 3,704,977 17.3% Technology / Electronics 3,550,969 16.6 Consumer Cyclical 2,482,327 11.6 Medical 1,811,878 8.4 Construction & Housing 2,336,201 10.9 Capital Equipment 1,259,856 5.9 Consumer Staples 1,094,440 5.1 Energy 868,036 4.0 Utilities 290,094 1.4 Transportation 201,460 0.9 Industrial Commodities 299,379 1.4 Telecommunications 216,749 1.0 Industrials 56,010 0.2 ------------ ------- Total Investments* 18,172,376 84.7 Cash and receivables, net of liabilities 3,278,491 15.3 ------------ ------- Net Assets $ 21,450,867 100.0% - ------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- *Excludes short-term obligations. (a) Non-income producing security. Glossary of Terms: ADR- American Depository Receipt GDR - Global Depository Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - WORLDWIDE PRIVITIZATION PORTFOLIO PORTFOLIO OF INVESTMENTS March 31,2005 (unaudited)
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------- COMMON & PREFERRED STOCKS--97.2% AUSTRALIA--2.2% CSL Ltd. 34,035 $ 897,836 Telestra Corp., Ltd. 84,390 331,884 ------------- 1,229,720 ------------- AUSTRIA--0.9% Erste Bank der Oesterreichischen Sparkassen AG 9,735 509,222 ------------- BRAZIL--5.7% Cia Siderurgica Nacional, SA 8,200 197,620 Companhia Energetica de Minas Gerais (ADR) 5,700 130,074 Companhia Vale do Rio Doce (ADR) 3,500 92,995 Companhia Vale do Rio Doce (ADR) (a) 19,200 606,912 Embratel Participacoes, SA - Rights (a) 7,732 0 Embratel Participacoes, SA (ADR) (a) 6,100 49,715 Itau, SA pfd. (a) 418,488 774,281 Petroleo Brasilerio, SA (ADR) (a) 24,900 957,903 Telesp Celular Participacoes, SA (ADR) (a) 64,700 386,906 ------------- 3,196,406 ------------- CHILE--0.1% Enersis, SA (ADR) 6,000 50,400 ------------- CZECH REPUBLIC--0.4% Komercni Banka AS 1,756 249,590 ------------- EGYPT--0.6% Egyptian Co. for Mobile Services 7,918 235,697 Orascom Telecom Holding SAE (GDR) (a) 3,557 126,090 ------------- 361,787 ------------- FINLAND--2.9% Fortum Oyj 27,791 541,173 Sampo Oyj 32,393 470,712 TietoEnator Oyj 17,650 603,505 ------------- 1,615,390 ------------- FRANCE--12.0% BNP Paribas, SA 10,294 730,067 Dassault Systemes, SA 8,753 413,084 France Telecom, SA 35,500 1,061,335 Maroc Telecom (a) 9,076 87,062 Renault, SA 11,950 1,067,480 Sanofi-Synthelabo, SA 10,866 917,784 Societe des Autoroutes Paris-Rhin-Rhone 3,611 201,748 TotalFinaElf, SA 4,827 1,130,017 Veolia Environnement 32,180 1,140,753 ------------- 6,749,930 ------------- GERMANY--3.8% Deutsche Postbank AG 5,905 271,051 Deutsche Telekom AG 19,836 395,991 Fraport AG 14,790 606,499 Premiere AG (a) 14,212 588,613 Rhon-Klinikum AG 4,336 275,191 ------------- 2,137,345 -------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------- GREECE--1.4% Greek Organization of Football Prognostics 16,548 $ 481,699 Public Power Corp. 10,617 306,007 ------------- 787,706 ------------- HUNGARY--1.2% OTP Bank Rt. 20,054 684,354 ------------- INDIA--2.6% Icici Bank Ltd. 36,743 331,295 Industrial Development Bank of India 208,280 434,682 ITC Ltd. 8,646 265,811 Oil & Natural Gas, Corp. 19,462 392,121 Punjab National Bank Ltd. 7,391 66,334 ------------- 1,490,243 ------------- INDONESIA--0.6% Telekomunikasi Indonesia 668,000 316,593 ------------- ISRAEL--1.2% Bank Hapoalim Ltd. 209,200 703,763 ------------- ITALY--2.6% Eni S.p.A. 33,588 872,905 Fastweb (a) 7,206 352,785 Terna SpA 97,885 260,023 ------------- 1,485,713 ------------- JAPAN--11.1% East Japan Railway Co. 204 1,094,836 Electric Power Development Co., Ltd. 15,700 482,718 Japan Airlines System Corp. 74,000 215,707 Japan Tobacco, Inc. 79 875,823 JSAT Corp. 47 141,681 KDDI Corp. 110 542,906 Mitsubishi Tokyo Financial Group, Inc. 160 1,378,285 Nippon Telegraph & Telephone Corp. 118 515,022 Nomura Holdings, Inc. 68,000 941,896 NTT Urban Development Corp. 17 78,476 ------------- 6,267,350 ------------- LUXEMBOURG--0.9% SES Global 37,925 485,141 ------------- MEXICO--3.3% America Movil, SA de CV Series L (ADR) 21,800 1,124,879 Grupo Aeroportuario del Sureste, SA de CV Series B (ADR) 3,100 86,955 Grupo Financiero Banorte SA de CV Cl.B 40,600 264,216 Telefonos de Mexico, SA de CV Cl.L (ADR) 6,400 220,992 Urbi, Desarrollos Urbanos, SA de C.V. (a) 29,900 149,885 ------------- 1,846,927 ------------- NETHERLANDS--2.2% ING Groep NV 41,249 1,246,203 ------------- NORWAY--2.0% DNB NOR ASA 42,500 434,393 Norsk Hydro ASA 8,632 712,615 ------------- 1,147,008 -------------
Company Shares U.S. $ Value - ------------------------------------------------------------------------------------- PEOPLES REPUBLIC OF CHINA--3.5% China Petroleum and Chemical Corp. (Sinopec) 1,114,000 $ 451,853 China Telecommunication Corp. 1,606,000 559,623 CNOOC Ltd. 526,000 286,307 Datang Power Generation Co., Ltd. 362,000 261,655 Huaneng Power International, Inc. 308,000 225,979 Sinotrans Ltd. 713,000 205,289 ------------- 1,990,706 ------------- PERU--0.3% Explosivios, SA Cl.C (b) 248,990 160,417 ------------- POLAND--0.5% Polski Koncern Naftowy Orlen, SA 19,700 285,086 ------------- RUSSIA--3.7% AFK Sistema (GDR) (a) (c) 20,144 343,858 AO VimpelCom (ADR) (a) 15,300 526,626 JSC Mmc Norilsk Nickel (ADR) 4,981 290,641 Lukoil Holdings (ADR) 2,162 292,735 Mechel Steel Group OAO (a) 10,800 289,116 Mobile Telesystems (ADR) 9,900 348,381 ------------- 2,091,357 ------------- SINGAPORE--1.0% DBS Group Holdings Ltd. 31,172 281,086 Singapore Airlines Ltd. 39,000 280,581 ------------- 561,667 ------------- SOUTH AFRICA--2.6% Anglogold Ashanti Ltd. (ADR) 11,803 406,613 MTN Group Ltd.(a) 106,753 752,317 Telkom South Africa Ltd. 16,722 287,537 ------------- 1,446,467 ------------- SOUTH KOREA--4.6% Kookmin Bank 15,570 695,032 Kookmin Bank (a) 16,735 747,218 POSCO 4,410 873,228 SK Telecom Co., Ltd. 1,624 273,906 ------------- 2,589,384 ------------- SPAIN--5.3% Altadis, SA 6,861 280,515 Amadeus Global Travel Distribution, SA 38,928 367,386 Banco Bilbao Vizcaya Argentaria, SA 67,017 1,090,684 Indra Sistemas, SA 16,904 303,385 Red Electrica de Espana 14,282 353,798 Telefonica, SA 34,180 593,493 ------------- 2,989,261 ------------- SWEDEN--0.5% Eniro AB 23,598 278,636 ------------- TAIWAN--3.7% Cathay Financial Holding Co., Ltd. (GDR) (a) 31,259 593,311 Chunghwa Telecom Co., Ltd. (ADR) 28,500 603,915 Mega Financial Holding Co., Ltd. 207,000 133,171 Taiwan Semiconductor Co. 421,433 687,384 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (a) 10,750 91,160 ------------- 2,108,941 -------------
Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------------- THAILAND--0.9% Airports of Thailand 176,500 $ 210,786 PTT Public Co., Ltd. 63,700 314,266 ------------- 525,052 ------------- TURKEY--0.7% Turkiye Is Bankasi 68,242 392,926 ------------- UNITED KINGDOM--12.2% 02 Plc (a) 376,370 848,161 Associated British Ports Holding Plc 28,420 258,146 BAE Systems Plc (a) 244,643 1,199,917 BP p.l.c. (ADR) 41,479 430,763 British Airways Plc (a) 111,178 555,631 British American Tobacco Plc 22,678 399,034 Capita Group Plc 60,518 429,602 Centrica Plc 140,609 613,519 Group 4 Securicor Plc 148,734 385,180 National Grid Transco Plc 119,715 1,109,958 Vodafone Group Plc 204,985 544,395 Wolfson Microelectronics Plc (a) 40,779 116,749 ------------- 6,891,055 ------------- Total Common & Preferred Stocks (cost $40,217,728) 54,871,146 ------------- SHORT-TERM INVESTMENT--3.2% TIME DEPOSIT --3.2% The Bank of New York 1.875% 4/01/05 (cost $1,812,000) $ 1,812 1,812,000 ------------- TOTAL INVESTMENTS--100.4% (cost $42,029,728) 56,683,146 Other assets less liabilities--(0.4%) (254,398) ------------- NET ASSETS--100% $ 56,428,748 =============
FORWARD EXCHANGE CURRENCY CONTRACTS (see Note D)
U.S. $ Contract Value on U.S. $ Unrealized Amount Origination Current Appreciation/ (000) Date Value (Depreciation) - ------------------------------------------------------------------------------------- US Dollar ,settling 04/04/05 312 $ 7,136 $ 7,153 $17
WORLDWIDE PRIVATIZATION PORTFOLIO SECTOR DIVERSIFICATION March 31, 2005
- ------------------------------------------------------------------------------------ SECTOR U.S. $ VALUE PERCENT OF NET ASSETS - ------------------------------------------------------------------------------------ Finance $ 13,652,130 24.2% Utilities 10,888,390 19.3 Consumer Services 7,021,532 12.4 Energy 6,667,743 11.8 Technology 4,298,519 7.6 Basic Industry 2,757,126 4.9 Transportation 2,251,725 4.0 Healthcare 2,090,811 3.7 Consumer Staples 1,821,183 3.2 Aerospace & Defense 1,199,918 2.1 Consumer Manufacturing 1,067,480 1.9 Multi Industry 994,172 1.8 Capital Goods 160,417 0.3 -------------- ------ Total Investments* 54,871,146 97.2 Cash and receivables, net of liabilities 1,557,602 2.8 -------------- ------ Net Assets $ 56,428,748 100.0% -------------- ------ - ------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- *Excludes short-term obligations. (a) Non-income producing security. (b) Illiquid security, valued at fair value. (c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate market value of this security amounted to $343,858 or 0.6% of net assets. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt pfd. - Preferred Stock Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no significant changes in the registrant's internal control over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 3. EXHIBITS. The following exhibits are attached to this Form N-Q: EXHIBIT NO. DESCRIPTION OF EXHIBIT ----------- ---------------------- 11(a)(1) Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 11(a)(2) Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): AllianceBernstein Variable Products Series Fund, Inc. By: /s/ Marc O. Mayer ----------------- Marc O. Mayer President Date: May 27, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Marc O. Mayer ----------------- Marc O. Mayer President Date: May 27, 2005 By: /s/ Mark D. Gersten ------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: May 27, 2005 EX-99.11(A)(1) 2 ex9911a1.txt CERTIFICATION CERTIFICATIONS I, Marc O. Mayer, certify that: 1. I have reviewed this report on Form N-Q of AllianceBernstein Variable Products Series Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Marc O. Mayer - ----------------- Marc O. Mayer President Date: May 27, 2005 EX-99.11(A)(2) 3 ex9911a2.txt CERTIFICATION CERTIFICATIONS I, Mark D. Gersten, certify that: 1. I have reviewed this report on Form N-Q of AllianceBernstein Variable Products Series Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Mark D. Gersten - ------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: May 27, 2005 -----END PRIVACY-ENHANCED MESSAGE-----