N-Q 1 a145120.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: 811-05398 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: September 30, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - VARP TOTAL RETURN PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--59.9% FINANCE--14.6% BANKING - MONEY CENTER--2.5% JPMorgan Chase & Co. 104,220 $ 3,536,185 The Goldman Sachs Group, Inc. 11,600 1,410,328 Wachovia Corp. 16,300 775,717 ----------- 5,722,230 ----------- BANKING - REGIONAL--1.6% Bank of America Corp. 56,700 2,387,070 North Folk Bancorporation, Inc. 47,200 1,203,600 ----------- 3,590,670 ----------- BROKERAGE & MONEY MANAGEMENT--1.3% Merrill Lynch & Co., Inc. 30,800 1,889,580 Morgan Stanley 18,900 1,019,466 ----------- 2,909,046 ----------- INSURANCE--5.0% ACE Ltd. (Cayman Islands) 61,300 2,885,391 American International Group, Inc. 93,800 5,811,848 Axis Capital Holdings Ltd. (Bermuda) 52,700 1,502,477 MetLife, Inc. 27,100 1,350,393 ----------- 11,550,109 ----------- MORTGAGE BANKING--1.3% Fannie Mae 63,500 2,846,070 ----------- MISCELLANEOUS--2.9% AMBAC Financial Group, Inc. 5,900 425,154 Citigroup, Inc. 136,200 6,199,825 ----------- 6,624,979 ----------- 33,243,104 ----------- CONSUMER SERVICES--8.6% BROADCASTING & CABLE--5.3% Comcast Corp. Cl.A(a) 44,950 1,320,631 Comcast Corp. Special Cl.A(a) 21,200 610,136 News Corp. Cl.A 171,300 2,670,567 Time Warner, Inc. 225,300 4,080,183 Viacom, Inc. Cl.B 84,200 2,779,442 Westwood One, Inc. 32,200 640,458 ----------- 12,101,417 ----------- ENTERTAINMENT & LEISURE--0.9% Carnival Corp. (Panama) 25,200 1,259,496 Royal Caribbean Cruises Ltd. 15,500 669,600 ----------- 1,929,096 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- RESTAURANT & LODGING--0.5% Hilton Hotels Corp. 31,100 $ 694,152 McDonald's Corp. 12,800 428,672 ----------- 1,122,824 ----------- RETAIL - GENERAL MERCHANDISE--1.9% Lowe's Cos., Inc. 17,300 1,114,120 The Home Depot, Inc. 83,600 3,188,504 ----------- 4,302,624 ----------- 19,455,961 ----------- ENERGY--7.1% DOMESTIC PRODUCERS--1.0% Noble Energy, Inc. 46,600 2,185,540 ----------- INTERNATIONAL--2.2% BP p.l.c. (ADR) (United Kingdom) 31,100 2,203,436 Exxon Mobil Corp. 45,700 2,903,778 ----------- 5,107,214 ----------- OIL SERVICE--2.2% Baker Hughes, Inc. 31,300 1,867,984 EnCana Corp. (Canada) 22,900 1,335,299 Nabors Industries Ltd. (Bermuda)(a) 25,300 1,817,299 ----------- 5,020,582 ----------- MISCELLANEOUS--1.7% ConocoPhillips 54,700 3,824,076 ----------- 16,137,412 ----------- HEALTH CARE--5.5% BIOTECHNOLOGY--0.3% Applera Corp. - Applied Biosystems Group 33,300 773,892 ----------- DRUGS--0.8% Lilly Eli & Co. 18,700 1,000,824 Pfizer, Inc. 33,900 846,483 ----------- 1,847,307 ----------- MEDICAL PRODUCTS--1.2% Boston Scientific Corp.(a) 76,100 1,778,457 Zimmer Holdings, Inc.(a) 12,900 888,681 ----------- 2,667,138 ----------- MEDICAL SERVICES--3.2% Health Management Associates, Inc. 58,600 1,375,342 UnitedHealth Group, Inc. 25,300 1,421,860 WellPoint, Inc.(a) 58,500 4,435,470 ----------- 7,232,672 ----------- 12,521,009 ----------- CONSUMER STAPLES--5.5% COSMETICS--1.1% Avon Products, Inc. 88,080 2,378,160 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.9% Colgate-Palmolive Co. 27,100 $ 1,430,609 The Procter & Gamble Co. 48,700 2,895,702 ----------- 4,326,311 ----------- TOBACCO--1.9% Altria Group, Inc. 60,700 4,474,197 ----------- MISCELLANEOUS--0.6% Fortune Brands, Inc. 15,400 1,252,482 ----------- 12,431,150 ----------- TECHNOLOGY--5.3% COMMUNICATION EQUIPMENT--0.6% Juniper Networks, Inc.(a) 23,500 559,065 QUALCOMM, Inc. 20,100 899,475 ----------- 1,458,540 ----------- COMPUTER HARDWARE/ STORAGE--0.3% EMC Corp.(a) 50,000 647,000 ----------- COMPUTER SERVICES--0.7% Fiserv, Inc.(a) 34,300 1,573,341 ----------- SEMICONDUCTOR COMPONENTS--0.4% Texas Instruments, Inc. 24,200 820,380 ----------- SOFTWARE--3.3% Microsoft Corp. 202,400 5,207,752 Oracle Corp.(a) 116,300 1,440,957 Symantec Corp.(a) 38,300 867,878 ----------- 7,516,587 ----------- 12,015,848 ----------- CAPITAL GOODS--4.7% ELECTRICAL EQUIPMENT--0.6% Emerson Electric Co. 20,400 1,464,720 ----------- MACHINERY--0.3% Ingersoll-Rand Co. Cl.A (Bermuda) 17,400 665,202 ----------- MISCELLANEOUS--3.8% General Electric Co. 180,000 6,060,600 United Technologies Corp. 45,700 2,369,088 ----------- 8,429,688 ----------- 10,559,610 ----------- UTILITIES--3.0% ELECTRIC & GAS UTILITY--0.5% FirstEnergy Corp. 22,500 1,172,700 ----------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- TELEPHONE UTILITY--2.5% BellSouth Corp. 51,100 $ 1,343,930 SBC Communications, Inc. 104,600 2,507,262 Verizon Communications, Inc. 55,200 1,804,488 ------------ 5,655,680 ------------ 6,828,380 ------------ BASIC INDUSTRY--2.4% CHEMICALS--2.2% Air Products and Chemicals, Inc. 57,000 3,142,980 E.I. du Pont de Nemours & Co. 34,900 1,367,033 Rohm & Haas Corp. 11,800 485,334 ------------ 4,995,347 ------------ MINING & METALS--0.2% Alcoa, Inc. 21,000 512,820 ------------ 5,508,167 ------------ TRANSPORTATION--2.2% AIR FREIGHT--0.7% United Parcel Service, Inc. 22,900 1,583,077 ------------ RAILROAD--1.5% Burlington Northern Santa Fe Corp. 13,500 807,300 Union Pacific Corp. 36,200 2,595,540 ------------ 3,402,840 ------------ 4,985,917 ------------ CONSUMER MANUFACTURING--1.0% BUILDING & RELATED--1.0% American Standard Cos., Inc. 44,400 2,066,820 ------------ MISCELLANEOUS--0.0% ACCO Brands Corp.(a) 3,619 102,128 ------------ 2,168,948 ------------ Total Common Stocks (cost $114,461,592) 135,855,506 ------------ U.S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--22.6% Federal National Morgage Assoc. 5.00%, 4/15/15 $ 150 154,290 Federal National Mortgage Assoc. 6.625%, 10/15/07 2,250 2,346,100 U.S. Treasury Bill Zero Coupon, 2/23/06 9,700 9,557,565 U.S. Treasury Bonds 4.25%, 8/15/15 100 99,375 5.375%, 2/15/31 5,120 5,735,997 6.875%, 8/15/25 250 322,285 8.125%, 8/15/21 35 48,811 11.25%, 2/15/15 1,000 1,524,727 U.S. Treasury Notes 1.625%, 1/15/15 (TIPS) 506 500,455 2.00%, 7/15/14 2,741 2,800,441 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- 3.00%, 11/15/07 -2/15/09 $ 2,680 $ 2,600,125 3.125%, 4/15/09 950 916,713 3.625%, 5/15/13 2,370 2,273,164 3.875%, 5/15/10 150 147,826 4.00%, 11/15/12 1,180 1,160,779 4.125%, 5/15/15 1,309 1,286,450 4.25%, 8/15/13 785 782,301 4.625%, 5/15/06 7,125 7,149,774 5.00%, 2/15/11 785 813,916 5.625%, 5/15/08 2,165 2,241,366 5.75%, 8/15/10 965 1,029,195 6.00%, 8/15/09 30 31,904 6.125%, 8/15/07 100 103,488 6.25%, 2/15/07 4,600 4,729,913 6.875%, 5/15/06 2,750 2,796,621 ------------ Total U.S. Government & Government Sponsored Agency Obligations (cost $50,775,731) 51,153,581 ------------ CORPORATE DEBT OBLIGATIONS--12.6% AEROSPACE/DEFENSE--0.1% Raytheon Co. 4.85%, 1/15/11 200 199,510 ------------ AUTOMOTIVE--0.7% DaimlerChrysler NA Holding Corp. 4.875%, 6/15/10 675 661,513 Ford Motor Credit Co. 4.95%, 1/15/08 750 713,728 7.875%, 6/15/10 100 97,311 ------------ 1,472,552 ------------ BANKING--2.2% ABN AMRO NA Holdings 6.523%, 12/29/49(b)(c) 250 268,662 Barclays Bank Plc 8.55%, 9/29/49(b)(c) 50 58,603 Chuo Mitsui Trust & Banking (Japan) 5.506%, 12/15/49(b)(c) 300 288,760 Development Bank of Singapore 7.125%, 5/15/11(c) 365 403,192 Dresdner Funding Trust I 8.151%, 6/30/31(c) 295 360,186 Fuji JGB Investment pfd. Mizuho 9.87%, 6/30/08(b)(c) 500 557,832 HBOS Plc (United Kingdom) 5.375%, 11/29/49(b)(c) 250 251,732 HSBC Bank USA 5.875%, 11/01/34 560 574,615 Northern Rock Plc (United Kingdom) 5.60%, 4/30/49(b)(c) 445 449,564 Royal Bank of Scotland Group Plc (United Kingdom) 7.648%, 8/29/49(b) 250 303,917 Sanwa Bank Ltd. 7.40%, 6/15/11 200 221,761 SB Treasury Company LLC 9.40%, 12/29/49(b)(c) 417 460,190 Sovereign Bancorp, Inc. 4.80%, 9/01/10(c) 200 198,578 Sumitomo Mitsui Banking Corp. 5.625%, 7/15/49(b)(c) 135 134,351 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- UBS Preferred Funding Trust II 7.247%, 6/26/49(b) $ 250 $ 276,805 UFJ Finance Aruba AEC 6.750%, 7/15/13 200 219,611 ------------ 5,028,359 ------------ BROADCASTING/MEDIA--0.7% News America Holdings 8.25%, 10/17/96 60 72,550 9.25%, 2/01/13 100 123,512 News America, Inc. 5.30%, 12/15/14 100 99,786 Time Warner, Inc. 6.875%, 5/01/12 425 464,477 8.375%, 3/15/23 400 485,194 WPP Finance (UK) Corp. 5.875%, 6/15/14 250 258,481 ------------ 1,504,000 ------------ BUILDING/REAL ESTATE--0.2% CRH America, Inc. 6.95%, 3/15/12 250 274,716 EOP Operating LP 7.875%, 7/15/31 200 241,918 8.375%, 3/15/06 35 35,606 ------------ 552,240 ------------ CABLE--0.3% British Sky Broadcasting Plc (United Kingdom) 8.20%, 7/15/09 100 110,974 Continental Cablevision, Inc. 9.00%, 9/01/08 200 221,890 COX Communications, Inc. 4.625%, 1/15/10 380 371,546 ------------ 704,410 ------------ CHEMICALS--0.3% Eastman Chemical 7.25%, 1/15/24 175 196,552 Lubrizol Corp. 5.50%, 10/01/14 275 275,965 Praxair, Inc. 6.50%, 3/01/08 200 207,173 ------------ 679,690 ------------ COMMUNICATIONS--0.3% GTE Northwest, Inc. Series D 5.55%, 10/15/08 200 202,973 Sprint Capital Corp. 6.875%, 11/15/28 450 497,105 ------------ 700,078 ------------ Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- COMMUNICATIONS - MOBILE--0.4% America Movil SA de CV (Mexico) 5.50%, 3/01/14 $ 125 $ 124,063 AT&T Wireless Services, Inc. 8.75%, 3/01/31 325 438,685 TELUS Corp. (Canada) 7.50%, 6/01/07 200 208,850 8.00%, 6/01/11 100 114,404 ------------ 886,002 ------------ CONGLOMERATE/MISCELLANEOUS--0.2% Cendant Corp. 6.25%, 1/15/08 250 256,009 Hutchison Whampoa International Ltd.(Cayman Island) 7.45%, 11/24/33(c) 100 115,510 ------------ 371,519 ------------ CONTAINERS--0.1% Packaging Corp. of America 4.375%, 8/01/08 200 194,739 ------------ ENERGY--0.3% Amerada Hess Corp. 7.30%, 8/15/31 350 408,328 Devon Financing Corp. 7.875%, 9/30/31 300 377,784 Enterprise Products Operating LP Series B 5.60%, 10/15/14 150 149,472 XTO Energy, Inc. 7.50%, 4/15/12 100 112,641 ------------ 1,048,225 ------------ FINANCIAL--2.0% Capital One Bank 6.50%, 6/13/13 400 429,091 Countrywide Home Loan, Inc. 4.25%, 12/19/07 250 247,573 General Electric Capital Corp. 5.00%, 6/15/07 500 504,275 5.875%, 2/15/12 500 525,320 Goldman Sachs Group, Inc. 6.60%, 1/15/12 500 542,029 6.65%, 5/15/09 200 212,307 Household Finance Corp. 5.75%, 1/30/07 200 203,102 6.50%, 1/24/06 75 75,513 7.875%, 3/01/07 150 156,582 iStar Financial, Inc. 5.70%, 3/01/14 200 200,187 6.00%, 12/15/10 200 205,299 Lehman Brothers Holdings, Inc. 7.875%, 8/15/10 150 169,812 Merrill Lynch & Co., Inc. 6.00%, 2/17/09 500 520,116 Rabobank Capital Fund II 5.26%, 12/29/49(b)(c) 230 230,643 Regency Centers LP 5.25%, 8/01/15 (c) 300 297,358 Resona Preferred Global Securities Ltd. (Cayman Islands) 7.191%, 12/30/49(b)(c) 175 181,171 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- The Hartford Financial Services, Inc. 6.375%, 11/01/08 $ 125 $ 1130,411 ------------ 4,830,789 ------------ FOOD/BEVERAGE--0.3% Kellogg Co. Cl.B 6.60%, 4/01/11 300 325,033 Kraft Foods, Inc. 5.25%, 10/01/13 300 303,313 ------------ 628,346 ------------ HEALTHCARE--0.3% Wyeth 6.50%, 2/01/34 525 590,045 ------------ INDUSTRIAL--0.4% Imperial Tobacco (Netherlands) 7.125%, 4/01/09 170 181,098 Inco Ltd. (Canada) 7.75%, 5/15/12 200 227,432 Tyco International Group, SA (Luxembourg) 6.375%, 10/15/11 200 213,176 Waste Management, Inc. 6.375%, 11/15/12 175 187,550 ------------ 809,256 ------------ INSURANCE--0.7% American Reinsurance 7.45%, 12/15/26 140 156,051 Loews Corp. 6.75%, 12/15/06 100 102,076 Mangrove Bay Pass-Through Trust 6.102%, 7/15/33(b)(c) 400 400,004 North Front Pass Through Trust 5.81%, 12/15/24(b)(c) 500 502,851 Zurich Capital Trust 8.376%, 6/01/37(c) 200 213,696 ------------ 1,374,678 ------------ INSURANCE CARRIERS--0.4% Liberty Mutual Group 5.75%, 3/15/14(c) 350 341,993 Royal Sun & Alliance Insurance (United Kingdom) 8.95%, 10/15/29 442 558,692 ------------ 900,685 ------------ METALS/MINING--0.1% Ispat Inland ULC (Canada) 9.75%, 4/01/14 100 116,000 ------------ MUNICIPAL OBLIGATION--0.2% Dallas-Fort Worth Texas International Airport Facility 7.07%, 11/01/24 400 431,592 ------------ Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- NON-AIR TRANSPORTATION--0.2% CSX Corp. 5.50%, 8/01/13 $ 100 $ 102,729 6.75%, 3/15/11 250 270,889 ------------ 373,618 ------------ OIL SERVICES--0.1% Valero Energy Corp. 4.75%, 6/15/13 300 291,548 ------------ PETROLEUM PRODUCTS--0.1% Petronas Capital Ltd. 7.00%, 5/22/12(c) 150 167,250 ------------ PUBLIC UTILITIES - ELECTRIC & GAS--1.5% American Electric Power Co., Inc. Series C 5.375%, 3/15/10 250 254,544 CenterPoint Energy Resources Corp. Series B 7.875%, 4/01/13 450 519,115 Consumers Energy Co. Series B 5.375%, 4/15/13 150 151,634 Dominion Resources Capital Trust III 8.40%, 1/15/31 200 246,273 FirstEnergy Corp. Series C 7.375%, 11/15/31 500 586,433 NiSource Finance Corp. 7.875%, 11/15/10 250 281,073 Progress Energy, Inc. 5.85%, 10/30/08 350 359,364 Texas East Transmission LP 7.30%, 12/01/10 350 386,042 TXU Australia LP 6.15%, 11/15/13(c) 250 268,480 Xcel Energy, Inc. 7.00%, 12/01/10 175 191,017 Yorkshire Power Series B 6.496%, 2/25/08 200 206,773 ------------ 3,450,748 ------------ PUBLIC UTILITIES - TELEPHONE--0.2% Telecom Italia 4.00%, 11/15/08 250 243,928 Telefonos de Mexico SA de CV (Mexico) 4.75%, 1/27/10 250 246,770 ------------ 490,698 ------------ SUPERMARKET/DRUG--0.3% Safeway, Inc. 4.95%, 8/16/10 400 390,757 5.80%, 8/15/12 310 311,672 ------------ 702,429 ------------ Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- TECHNOLOGY--0.0% Motorola, Inc. 7.625%, 11/15/10 $ 64 $ 72,432 ------------ Total Corporate Debt Obligations (cost $27,850,447) 28,571,438 ------------ COMMERCIAL MORTGAGE BACKED SECURITIES--3.7% Banc of America Commercial Mortgage Inc. Series 2005-1 Cl.A3 4.877%, 11/10/42 2,000 2,000,640 Bear Stearns Commercial Mortgage Security Series 2005-PWR9 Cl.A4A 4.871%, 9/15/42 2,000 1,972,440 CS First Boston Mortgage Securities Corp. Series 2004-C5 Cl.A2 4.183%, 11/15/37 2,000 1,948,400 Greenwich Capital Commercial Funding Corp. Series 2005-GG3 Cl.A4 4.799%, 8/10/42(c) 900 886,581 Morgan Stanley Capital I Series 2005-HQ5 Cl.A4 5.168%, 1/14/42 1,500 1,515,690 ------------ Total Commercial Mortgage Backed Securities (cost $8,400,706) 8,323,751 ------------ PREFERRED STOCKS--0.5% PUBLIC UTILITIES - ELECTRIC & GAS--0.3% DTE Energy Trust I 20,000 527,000 ------------ COMMUNICATIONS--0.1% Centaur Funding Corp. (Cayman Islands)(c) 200 261,375 ------------ BANKING--0.1% Royal Bank of Scotland Group Plc 10,000 242,000 ------------ Total Preferred Stocks (cost $982,616) 1,030,375 ------------ SOVEREIGN DEBT OBLIGATIONS--0.4% Korea Development Bank (South Korea) 5.750%, 9/10/13 200 209,276 United Mexican States (Mexico) 6.375%, 1/16/13 700 744,800 ------------ Total Sovereign Debt Obligations (cost $899,735) 954,076 ------------ TOTAL INVESTMENTS--99.7% (cost $203,370,827) 225,888,728 Other assets less liabilities--0.3% 606,526 ------------ NET ASSETS--100% $226,495,254 ============ (a) Non-income producing security. (b) Variable rate coupon, rate shown as of September 30, 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 September 30, 2005, the aggregate market value of these securities amounted to $6,150,606 or 2.71% of net assets. Glossary: ADR - American Depositary 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 - INTERNATIONAL VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value ------------------------------------------------------------------------------- COMMON STOCKS--97.8% BELGIUM--2.0% Delhaize Group 240,189 $ 14,233,209 ------------ BRAZIL--1.9% Petroleo Brasilerio, SA (ADR) 190,400 12,138,000 Votorantim Celulose e Papel, SA (ADR) 88,250 1,182,550 ------------ 13,320,550 ------------ CANADA--2.8% Canadian Natural Resources Ltd. 306,300 13,832,903 Manulife Financial Corp. 120,100 6,405,333 ------------ 20,238,236 ------------ FRANCE--17.1% Arcelor 773,660 18,078,810 Assurance Generales de France 154,700 14,823,226 BNP Paribas, SA 36,200 2,754,499 Credit Agricole, SA 432,270 12,689,421 European Aeronautic Defence and Space Co. 292,750 10,392,800 Renault, SA 221,300 21,038,651 Sanofi-Aventis 224,827 18,619,416 Societe Generale 89,720 10,250,628 Total, SA 52,100 14,182,488 ------------ 122,829,939 ------------ GERMANY--8.6% Continental AG 212,100 17,458,457 Depfa Bank Plc 367,710 5,919,440 E.ON AG 172,600 15,907,742 MAN AG 145,100 7,446,774 Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) 131,800 15,060,033 ------------ 61,792,446 ------------ HUNGARY--1.0% MOL Magyar Olaj-es Gazipari Rt. 31,600 3,495,473 MOL Magyar Olaj-es Gazipari Rt. (GDR) 34,630 3,841,904 ------------ 7,337,377 ------------ ISRAEL--0.7% Bank Hapoalim Ltd. 990,700 3,853,950 Bank Leumi Le-Israel 372,300 1,251,483 ------------ 5,105,433 ------------ ITALY--2.1% Eni S.p.A. 509,600 15,116,389 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- JAPAN--16.2% Canon, Inc. 342,500 $ 18,587,068 Honda Motor Co., Ltd. 336,100 19,107,450 Japan Tobacco, Inc. 1,022 16,137,530 JFE Holdings, Inc. 462,200 15,075,057 Orix Corp. 98,100 17,779,739 Promise Co., Ltd. 64,650 4,813,278 Sumitomo Mitsui Financial Group, Inc. 1,992 18,858,995 UFJ Holdings, Inc. (a) 663 5,395,344 ------------ 115,754,461 ------------ KOREA--7.1% Hyundai Motor Co., Ltd. 105,400 8,258,968 Kookmin Bank (a) 135,800 8,043,316 POSCO 83,800 18,943,919 Samsung Electronics Co., Ltd. 13,410 7,595,180 Shinhan Financial Group Co., Ltd. 237,280 8,274,891 ------------ 51,116,274 ------------ NETHERLANDS--3.6% ING Groep N.V. 861,571 25,681,961 ------------ PEOPLES REPUBLIC OF CHINA--1.2% China Petroleum Chemical Corp. (Sinopec) 18,094,000 8,253,886 ------------ SINGAPORE--2.8% Flextronics International Ltd. (a) 460,700 5,919,995 Singapore Telecommunications Ltd. 9,652,643 13,997,493 ------------ 19,917,488 ------------ SPAIN--4.5% Endesa, SA 649,359 17,383,764 Repsol YPF, SA 456,800 14,757,075 ------------ 32,140,839 ------------ SWEDEN--0.6% Svenska Cellulosa AB Cl.B 114,800 4,024,831 ------------ SWITZERLAND--2.0% Credit Suisse Group 324,100 14,380,139 ------------ TAIWAN--2.3% Compal Electronics, Inc. (GDR) 1,242,545 6,131,214 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 1,237,525 10,172,456 ------------ 16,303,670 ------------ THAILAND--0.3% PTT Public Co., Ltd. 416,000 2,472,993 ------------ Shares or Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- UNITED KINGDOM--21.0% Aviva Plc 1,247,897 $ 13,713,901 BAE Systems Plc 1,376,000 8,349,213 Barclays Plc 1,540,800 15,563,126 BP Plc 1,169,600 13,810,823 Friends Provident Plc 2,061,380 6,803,707 George Wimpey Plc 336,800 2,545,188 GlaxoSmithKline Plc 285,000 7,270,075 HBOS Plc 895,680 13,505,518 J Sainsbury Plc (a) 2,451,800 12,124,397 Persimmon Plc 79,131 1,200,749 Royal Bank of Scotland Group Plc 684,100 19,432,629 Tate & Lyle Plc 519,400 4,168,094 Taylor Woodrow Plc 574,800 3,291,328 Vodafone Group Plc 5,609,100 14,593,128 Whitbread Plc 161,914 2,714,811 Xstrata Plc 442,960 11,497,032 ------------ 150,583,719 ------------ Total Common Stocks (cost $575,127,478) 700,603,840 ------------ SHORT-TERM INVESTMENT--2.4% TIME DEPOSIT-2.4% The Bank Of New York 2.75% 10/03/05 (cost $17,624,000) $ 17,624 17,624,000 ------------ TOTAL INVESTMENTS--100.2% (cost $592,751,478) 718,227,840 Other assets less liabilities--(0.2%) (1,677,321) ------------ NET ASSETS--100% $716,550,519 ============ SECTOR DIVERSIFICATION September 30, 2005 (unaudited) -------------------------------------------------------------------------------- SECTOR U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Finance $245,254,557 34.2% Energy 101,901,934 14.2 Capital Equipment 92,052,313 12.9 Industrial Commodities 68,802,199 9.6 Technology/Electronics 48,405,913 6.8 Consumer Staples 46,663,230 6.5 Utilities 33,291,506 4.6 Telecommunications 28,590,621 4.0 Medical 25,889,491 3.6 Construction & Housing 7,037,265 1.0 Consumer Cyclical 2,714,811 0.4 ------------ ----- Total Investments* 700,603,840 97.8 Cash and receivables, net of liabilities 15,946,679 2.2 ------------ ----- Net Assets $716,550,519 100.0% ------------ ----- ---------- *Excludes short-term investments. FINANCIAL FUTURES CONTRACTS PURCHASED Value at Number of Expiration Original September 30, Unrealized Type Contracts Month Value 2005 Appreciation ------------------------------------------------------------------------------- EURO STOXX December 50 Index 168 2005 $6,806,407 $6,937,660 $131,253 (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 - REAL ESTATE INVESTMENT PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--99.2% REAL ESTATE INVESTMENT TRUSTS--99.2% OFFICE--22.8% Alexandria Real Estate Equities, Inc. 39,300 $ 3,249,717 Arden Realty, Inc. 29,500 1,214,515 Boston Properties, Inc. 39,100 2,772,190 Brookfield Properties Corp. (Canada) 86,000 2,534,420 CarrAmerica Realty Corp. 38,400 1,380,480 Corporate Office Properties Trust 95,000 3,320,250 Equity Office Properties Trust 46,000 1,504,660 Glenborough Realty Trust, Inc. 36,900 708,480 Maguire Properties, Inc. 52,400 1,574,620 Prentiss Properties Trust 17,500 710,500 Reckson Associates Realty Corp. 24,200 836,110 SL Green Realty Corp. 24,000 1,636,320 ----------- 21,442,262 ----------- APARTMENTS--15.9% Archstone-Smith Trust 68,300 2,723,121 Avalonbay Communities, Inc. 27,300 2,339,610 Camden Property Trust 17,000 947,750 Equity Residential 89,800 3,398,930 Essex Property Trust, Inc. 18,200 1,638,000 Mid-America Apartment Communities, Inc. 29,000 1,348,790 United Dominion Realty Trust, Inc. 105,500 2,500,350 ----------- 14,896,551 ----------- REGIONAL MALLS--14.8% General Growth Properties, Inc. 102,000 4,582,860 Simon Property Group, Inc. 86,800 6,433,616 The Macerich Co. 13,800 896,172 The Mills Corp. 36,800 2,026,944 ----------- 13,939,592 ----------- SHOPPING CENTERS--12.8% Developers Diversified Realty Corp. 84,300 3,936,810 Kimco Realty Corp. 90,200 2,834,084 Pan Pacific Retail Properties, Inc. 23,900 1,575,010 Regency Centers Corp. 47,800 2,746,110 Tanger Factory Outlet Centers, Inc. 34,800 967,788 ----------- 12,059,802 ----------- LODGING--10.2% Hilton Hotels Corp. 39,100 872,712 Host Marriott Corp. 211,500 3,574,350 LaSalle Hotel Properties 20,900 720,005 Starwood Hotels & Resorts Worldwide, Inc. 40,800 2,332,536 Strategic Hotel Capital, Inc. 16,000 292,160 Sunstone Hotel Investors, Inc. 74,700 1,821,933 ----------- 9,613,696 ----------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- INDUSTRIAL--10.1% EastGroup Properties, Inc. 49,100 $ 2,148,125 First Potomac Realty Trust 18,200 467,740 ProLogis 154,700 6,854,757 ----------- 9,470,622 ----------- DIVERSFIED--6.6% Cousins Properties, Inc. 22,800 689,016 Digital Realty Trust, Inc. 37,500 675,000 iStar Financial, Inc. 22,200 897,546 Vornado Realty Trust 45,900 3,975,858 ----------- 6,237,420 ----------- STORAGE--4.0% Public Storage, Inc. 46,200 3,095,400 Sovran Self Storage, Inc. 13,700 670,615 ----------- 3,766,015 ----------- HEALTH CARE--2.0% Health Care Properties Investors, Inc. 34,300 925,757 Windrose Medical Properties Trust 61,700 942,776 ----------- 1,868,533 ----------- Total Common Stocks (cost $57,475,493) 93,294,493 ----------- SHORT-TERM INVESTMENT--0.9% TIME DEPOSIT--0.9% The Bank of New York 2.75%, 10/03/05 (cost $840,000) $ 840 840,000 ----------- TOTAL INVESTMENTS--100.1% (cost $58,315,493) 94,134,493 Other assets less liabilities--(0.1%) (59,895) ----------- NET ASSETS--100% $94,074,598 =========== Please note: The industry classification presented here in are based on the industry categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND- SMALL/MID CAP VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value ------------------------------------------------------------------------------- COMMON STOCKS--98.4% FINANCIAL--21.2% MAJOR REGIONAL BANKS--4.7% Central Pacific Financial Corp. 101,900 $ 3,584,842 Hibernia Corp. Cl. A 86,300 2,592,452 Popular, Inc. 92,000 2,228,240 TD Banknorth, Inc. 16,660 502,132 UnionBanCal Corp. 45,900 3,200,148 Whitney Holding Corp. 72,000 1,946,880 ------------ 14,054,694 ------------ MULTI-LINE INSURANCE--2.6% PacifiCare Health Systems, Inc. (a) 31,000 2,473,180 StanCorp Financial Group, Inc. 63,500 5,346,700 ------------ 7,819,880 ------------ PROPERTY - CASUALTY INSURANCE--6.1% Old Republic International Corp. 214,700 5,726,049 PartnerRe Ltd. (Bermuda) 17,700 1,133,685 Platinum Underwriters Holdings, Ltd. 152,000 4,543,280 Radian Group, Inc. 100,600 5,341,860 RenaissanceRe Holdings, Ltd. 33,600 1,469,328 ------------ 18,214,202 ------------ REAL ESTATE INVESTMENT TRUST--0.3% FelCor Lodging Trust, Inc. (a) 70,000 1,060,500 ------------ SAVINGS AND LOAN--5.9% Astoria Financial Corp. 159,900 4,224,558 Commercial Federal Corp. 110,700 3,779,298 MAF Bancorp, Inc. 105,295 4,317,095 Sovereign Bancorp, Inc. 135,000 2,975,400 Washington Federal, Inc. 106,814 2,409,724 ------------ 17,706,075 ------------ MISCELLANEOUS FINANCIAL--1.6% A.G. Edwards, Inc. 111,800 4,897,958 ------------ 63,753,309 ------------ CONSUMER CYCLICALS--13.7% AUTOS & AUTO PARTS--1.2% American Axle & Manufacturing Holdings, Inc. 82,000 1,892,560 Dana Corp. 175,300 1,649,573 ------------ 3,542,133 ------------ RETAILERS--7.8% AutoNation, Inc. (a) 205,400 4,101,838 BJ's Wholesale Club, Inc. (a) 149,400 4,153,320 Borders Group, Inc. 156,100 3,460,737 Office Depot, Inc. (a) 229,400 6,813,180 Company Shares U.S. $ Value ------------------------------------------------------------------------------- Payless ShoeSource, Inc. (a) 288,700 $ 5,023,380 ------------ 23,552,455 ------------ TEXTILES/SHOES - APPAREL MFG.--4.3% Jones Apparel Group, Inc. 150,300 4,283,550 Liz Claiborne, Inc. 108,100 4,250,492 Reebok International Ltd. 32,200 1,821,554 V.F. Corp. 44,500 2,579,665 ------------ 12,935,261 ------------ MISCELLANEOUS CONSUMER CYCLICALS--0.4% Brunswick Corp. 35,200 1,328,096 ------------ 41,357,945 ------------ CAPITAL EQUIPMENT--9.8% AEROSPACE - DEFENSE--1.8% Goodrich Corp. 124,000 5,498,160 ------------ AUTO TRUCKS - PARTS--2.8% ArvinMeritor, Inc. 54,000 902,880 PACCAR, Inc. 34,500 2,342,205 TRW Automotive Holdings Corp. (a) 174,000 5,105,160 ------------ 8,350,245 ------------ ELECTRICAL EQUIPMENT--1.0% Cooper Industries Ltd. Cl. A (Bermuda) 42,200 2,917,708 ------------ MACHINERY--2.7% Moog, Inc. Cl. A (a) 147,300 4,348,296 Terex Corp. (a) 78,000 3,855,540 ------------ 8,203,836 ------------ MISCELLANEOUS CAPITAL GOODS--1.5% SPX Corp. 96,600 4,438,770 ------------ 29,408,719 ------------ CONSUMER GROWTH--9.4% ADVERTISING--1.4% The Interpublic Group of Cos., Inc. (a) 367,600 4,278,864 ------------ HOSPITAL MANAGEMENT--1.1% Universal Health Services, Inc. Cl. B 70,900 3,376,967 ------------ HOSPITAL SUPPLIES--1.7% Owens & Minor, Inc. 176,600 5,183,210 ------------ OTHER MEDICAL--1.8% PerkinElmer, Inc. 262,300 5,343,051 ------------ PHOTOGRAPHY--1.1% IKON Office Solutions, Inc. 319,400 3,187,612 ------------ PUBLISHING--0.5% The Readers Digest Association, Inc. 105,000 1,676,850 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- MISCELLANEOUS CONSUMER GROWTH--1.8% URS Corp. (a) 131,200 $ 5,299,168 ------------ 28,345,722 ------------ UTILITIES--8.6% ELECTRICAL COMPANIES--8.6% Allegheny Energy, Inc. (a) 193,000 5,928,960 Constellation Energy Group, Inc. 41,000 2,525,600 Northeast Utilities 171,200 3,415,440 PNM Resources, Inc. 96,300 2,760,921 Puget Energy, Inc. 231,800 5,442,664 Wisconsin Energy Corp. 114,400 4,566,848 WPS Resources Corp. 22,000 1,271,600 ------------ 25,912,033 ------------ TELEPHONE--0.0% Centennial Communications Corp. (a) 2,074 31,069 ------------ 25,943,102 ------------ SERVICES--6.1% RAILROADS--1.4% Laidlaw International, Inc. 185,500 4,483,535 ------------ TRUCKERS--1.8% CNF, Inc. 105,925 5,561,062 ------------ MISCELLANEOUS INDUSTRIAL TRANSPORTATION--2.9% GATX Corp. 138,200 5,465,810 SEACOR Holdings, Inc. (a) 45,100 3,273,358 ------------ 8,739,168 ------------ 18,783,765 ------------ NON-FINANCIAL--6.1% BUILDING MATERIALS - CEMENT--0.6% Texas Industries, Inc. 30,300 1,648,320 ------------ BUILDING MATERIALS - HEAT/PLUMBING/AIR--1.0% Hughes Supply, Inc. 94,000 3,064,400 ------------ MISCELLANEOUS BUILDING--4.5% Beazer Homes USA, Inc. 89,100 5,227,497 Harsco Corp. 35,500 2,327,735 Quanta Services, Inc. (a) 468,900 5,983,164 ------------ 13,538,396 ------------ 18,251,116 ------------ TECHNOLOGY--5.9% COMMUNICATION - EQUIP. MFRS.--1.8% ADC Telecommunications, Inc. (a) 90,857 2,076,991 Andrew Corp. (a) 307,900 3,433,085 ------------ 5,510,076 ------------ COMPUTER/ INSTRUMENTATION--1.0% Celestica, Inc. (a) 115,100 1,301,781 Sanmina-SCI Corp. (a) 411,679 1,766,103 ------------ 3,067,884 Company Shares U.S. $ Value ------------------------------------------------------------------------------- SEMICONDUCTORS--1.0% Vishay Intertechnology, Inc. (a) 237,100 $ 2,833,345 ------------ MISCELLANEOUS INDUSTRIAL TECHNOLOGY--2.1% Arrow Electronics, Inc. (a) 100,700 3,157,952 Avnet, Inc. (a) 22,000 537,900 Solectron Corp. (a) 107,400 419,934 Tech Data Corp. (a) 57,500 2,110,825 ------------ 6,226,611 ------------ 17,637,916 ------------ CONSUMER STAPLES--5.6% FOODS--4.3% Corn Products International, Inc. 66,000 1,331,220 Del Monte Foods Co. (a) 322,600 3,461,498 Performance Food Group Co. (a) 137,600 4,342,656 Universal Corp. 93,500 3,630,605 ------------ 12,765,979 ------------ RESTAURANTS--1.0% Jack in the Box, Inc. (a) 101,000 3,020,910 ------------ RETAIL STORES - FOOD--0.3% SUPERVALU, INC. 30,000 933,600 ------------ 16,720,489 ------------ COMMODITIES--5.4% CHEMICALS--1.7% Albemarle Corp. 34,500 1,300,650 Cytec Industries, Inc. 88,600 3,843,468 ------------ 5,144,118 ------------ CONTAINERS - METAL/GLASS/PAPER--1.5% Ball Corp. 43,000 1,579,820 Owens-Illinois, Inc. (a) 139,800 2,882,676 ------------ 4,462,496 ------------ MISCELLANEOUS INDUSTRIAL COMMODITIES--0.8% United Stationers, Inc. (a) 47,095 2,253,967 ------------ MISCELLANEOUS METALS--1.4% Reliance Steel & Aluminum Co. 81,200 4,297,916 ------------ 16,158,497 ------------ ENERGY--4.0% OFFSHORE DRILLING--1.7% Rowan Companies, Inc. (a) 140,000 4,968,600 ------------ OIL WELL EQUIPMENT & SERVICES--0.4% Todco, Cl.A (a) 27,400 1,142,854 ------------ Shares or Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- OILS - INTEGRATED DOMESTIC--1.9% Amerada Hess Corp. 16,400 $ 2,255,000 Pogo Producing Co. 60,500 3,565,870 ------------ 5,820,870 ------------ 11,932,324 ------------ INDUSTRIAL RESOURCES--2.6% ALUMINUM--0.7% Mueller Industries, Inc. 75,000 2,082,750 ------------ CHEMICALS--0.5% Chemtura Corp. 133,200 1,654,344 ------------ STEEL--0.2% Chaparral Steel Co. (a) 30,300 764,166 ------------ MISCELLANEOUS METALS--1.2% Silgan Holdings, Inc. 106,480 3,541,525 ------------ 8,042,785 ------------ Total Common Stocks (cost $250,225,300) 296,335,689 ------------ SHORT-TERM INVESTMENT--2.7% TIME DEPOSIT--2.7% The Bank of New York 2.75%, 10/03/05 (cost $8,040,000) $ 8,040 8,040,000 ------------ TOTAL INVESTMENTS--101.1% (cost $258,265,300) 304,375,689 Other assets less liabilities--(1.1%) (3,407,311) ------------ NET ASSETS--100% $300,968,378 ============ (a) Non-income producing security. Please Note: The industry classifications presented herein are based on the industry categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND- UTILITY INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value ------------------------------------------------------------------------------- COMMON & PREFERRED STOCKS--97.6% UNITED STATES INVESTMENTS--83.3% UTILITIES--72.2% ELECTRIC & Gas UTILITY--65.2% AES Corp. (a) 83,600 $ 1,373,548 AGL Resources, Inc. 45,400 1,684,794 Allegheny Energy, Inc. (a) 24,000 737,280 Ameren Corp. 25,700 1,374,693 American Electric Power Co., Inc. 22,983 912,425 Atmos Energy Corp. 19,300 545,225 Cinergy Corp. 12,200 541,802 CMS Energy Corp. (a) 54,000 888,300 Consolidated Edison, Inc. 27,100 1,315,705 Constellation Energy Group 6,000 369,600 Dominion Resources, Inc. 16,500 1,421,310 DTE Energy Co. 31,976 1,466,419 Duke Energy Corp. 35,600 1,038,452 Edison International 37,600 1,777,728 Entergy Corp. 21,600 1,605,312 Equitable Resources, Inc. 38,000 1,484,280 Exelon Corp. 46,300 2,474,272 FirstEnergy Corp. 17,000 886,040 FPL Group, Inc. 41,900 1,994,440 FPL Group, Inc. pfd. 16,700 1,188,205 Georgia Power Co. pfd. 20,000 517,000 Great Plains Energy, Inc. pfd. 28,000 779,240 ITC Holdings Corp. 9,500 275,310 KeySpan Corp. 18,407 677,009 New Jersey Resources Corp. 23,800 1,094,324 Northwest Natural Gas Co. 12,700 472,694 NSTAR 49,100 1,419,972 PG&E Corp. 41,200 1,617,100 Piedmont Natural Gas Co., Inc. 10,200 256,734 PNM Resources, Inc. pfd. 30,500 1,588,440 PPL Corp. 52,000 1,681,160 Public Service Enterprise Group, Inc. pfd. 18,000 1,458,000 Questar Corp. 20,700 1,824,084 Sempra Energy 35,074 1,650,582 Southern Co. 44,200 1,580,592 TXU Corp. 22,367 2,524,787 TXU Corp. pfd. 22,200 1,131,312 Westar Energy, Inc. 23,000 554,990 Wisconsin Energy Corp. 14,000 558,880 Xcel Energy, Inc. 73,300 1,437,413 ----------- 48,179,453 ----------- Company Shares U.S. $ Value ------------------------------------------------------------------------------- TELEPHONE UTILITY--5.2% BellSouth Corp. 24,600 $ 646,980 SBC Communications, Inc. 53,000 1,270,410 Sprint Nextel Corp. 66,175 1,573,642 Verizon Communications, Inc. 10,700 349,783 ----------- 3,840,815 ----------- MISCELLANEOUS--1.8% Aqua America, Inc. 34,600 1,315,492 ----------- 53,335,760 ----------- ENERGY--8.7% OIL SERVICE--0.7% Halliburton Co. 8,000 548,160 ----------- PIPELINES--7.2% Kinder Morgan, Inc. 18,400 1,769,344 ONEOK, Inc. 41,700 1,418,634 Southern Union Co. pfd. 6,900 543,065 The Williams Cos., Inc. 64,600 1,618,230 ----------- 5,349,273 ----------- MISCELLANEOUS--0.8% Peabody Energy Corp. 7,000 590,450 ----------- 6,487,883 ----------- TECHNOLOGY--2.4% COMMUNICATION EQUIPMENT--2.4% Nextel Partners, Inc. Cl. A (a) 22,800 572,280 QUALCOMM, Inc. 27,100 1,212,725 ----------- 1,785,005 ----------- Total United States Investments (cost $43,870,120) 61,608,648 ----------- FOREIGN INVESTMENTS--14.3% BRAZIL--1.6% Aes Tiete, SA 41,819,200 806,307 CPFL Energia, SA (ADR) (a) 11,700 372,645 ----------- 1,178,952 ----------- EGYPT--1.1% Orascom Telecom (GDR) 15,600 762,545 ----------- FRANCE--1.1% Veolia Environnement (ADR) 20,000 849,200 ----------- Shares or Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- HONG KONG--1.8% Hong Kong & China Gas Co., Ltd. 657,000 $ 1,358,266 ----------- MEXICO--3.8% America Movil, S.A. de C.V. Series L (ADR) 78,800 2,074,016 Grupo Televisa, SA (ADR) 10,000 717,100 ----------- 2,791,116 ----------- PEOPLES REPUBLIC OF CHINA--0.8% China Shenhua Energy Co., Ltd. (a) 535,500 628,185 ----------- SPAIN--0.9% Telefonica de Espana, SA (ADR) 13,651 673,267 ----------- TAIWAN--0.8% Chunghwa Telecom Co., Ltd. (ADR) 30,900 571,959 ----------- TURKEY--0.7% Turkcell Iletisim Hizmetleri AS (Turkcell) 36,000 491,400 ----------- UNITED KINGDOM--1.7% National Grid Plc. (a) 98,284 922,704 Scottish & Southern Energy Plc 20,115 365,624 ----------- 1,288,328 ----------- Total Foreign Investments (cost $7,520,383) 10,593,218 ----------- Total Common & Preferred Stocks (cost $51,390,503) 72,201,866 ----------- SHORT TERM INVESTMENT--2.9% The Bank of New York 2.75%, 10/03/05 (cost $2,130,000) $ 2,130 2,130,000 ----------- TOTAL INVESTMENTS--100.5% (cost $53,520,503) 74,331,866 Other assets less liabilities--(0.5%) (405,848) ----------- NET ASSETS--100% $73,926,018 =========== SECTOR DIVERSIFICATION September 30, 2005 (unaudited) SECTOR U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Utilities $59,255,732 80.2% Energy 6,487,883 8.8 Consumer Services 4,045,061 5.5 Technology 1,785,005 2.4 Basic Industry 628,185 0.8 ----------- ----- Total Investments* 72,201,866 97.7 Cash and receivables, net of liabilities 1,724,152 2.3 ----------- ----- Net Assets $73,926,018 100.0% ----------- ----- * Excludes short-term investments. (a) Non-income producing security. Glossary of terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt PFD. - Preferred Stock Please Note: The sectors classification presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERSTEIN VARIABLE PRODUCTS SERIES FUND - VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value ------------------------------------------------------------------------------- COMMON STOCKS--98.3% FINANCIAL--34.5% BANKS--6.2% Citigroup, Inc. 169,300 $ 7,706,535 JPMorgan Chase & Co. 85,900 2,914,587 ------------ 10,621,122 ------------ FINANCE - PERSONAL LOANS--0.7% Countrywide Credit Industries, Inc. 35,768 1,179,629 ------------ LIFE INSURANCE--2.5% Genworth Financial, Inc. 31,400 1,012,336 Jefferson-Pilot Corp. 8,400 429,828 MetLife, Inc. 29,700 1,479,951 Prudential Financial, Inc. 18,000 1,216,080 Torchmark Corp. 1,300 68,679 ------------ 4,206,874 ------------ MAJOR REGIONAL BANKS--10.8% Bank of America Corp. 136,200 5,734,019 BB&T Corp. 13,500 527,175 Comerica, Inc. 17,600 1,036,640 Huntington Bancshares, Inc. 40,200 903,294 KeyCorp. 27,950 901,388 Mellon Financial Corp. 31,300 1,000,661 National City Corp. 36,400 1,217,216 PNC Financial Services Group 14,700 852,894 SunTrust Banks, Inc. 17,600 1,222,320 U.S. Bancorp 51,900 1,457,352 Wachovia Corp. 53,150 2,529,409 Wells Fargo & Co. 19,000 1,112,830 ------------ 18,495,198 ------------ MULTI-LINE INSURANCE--1.9% American International Group, Inc. 28,500 1,765,860 The Hartford Financial Services Group, Inc. 18,500 1,427,645 ------------ 3,193,505 ------------ PROPERTY - CASUALTY INSURANCE--3.8% ACE Ltd. (Cayman Islands) 9,900 465,993 Allstate Corp. 25,350 1,401,602 Chubb Corp. 12,500 1,119,375 PartnerRe Ltd. (Bermuda) 4,300 275,415 RenaissanceRe Holdings Ltd. (Bermuda) 16,300 712,799 The St. Paul Travelers Cos., Inc. 40,333 1,809,742 XL Capital Ltd. Cl.A (Bermuda) 11,700 795,951 ------------ 6,580,877 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- SAVINGS AND LOAN--3.2% Astoria Financial Corp. 21,750 $ 574,635 Fannie Mae 42,700 1,913,814 Freddie Mac 26,000 1,467,960 Washington Mutual, Inc. 39,800 1,560,956 ------------ 5,517,365 ------------ MISCELLANEOUS FINANCIAL--5.4% Lehman Brothers Holdings, Inc. 11,700 1,362,816 MBIA, Inc. 11,800 715,316 Merrill Lynch & Co., Inc. 42,300 2,595,105 MGIC Investment Corp. 11,900 763,980 Morgan Stanley 43,600 2,351,784 The Goldman Sachs Group, Inc. 11,500 1,398,170 ------------ 9,187,171 ------------ 58,981,741 ------------ ENERGY--15.4% GAS PIPELINES--0.2% El Paso Corp. 23,000 319,700 ------------ OFFSHORE DRILLING--1.6% Global SantaFe Corp. 22,100 1,008,202 Noble Corp. 14,000 958,440 Rowan Cos., Inc. (a) 19,200 681,408 ENSCO International, Inc. 2,100 97,839 ------------ 2,745,889 OILS - INTEGRATED DOMESTIC--4.2% ConocoPhillips 49,200 3,439,572 Marathon Oil Corp. 27,100 1,868,003 Occidental Petroleum Corp. 22,100 1,888,003 ------------ 7,195,578 ------------ OILS- INTEGRATED INTERNATIONAL--9.4% BP p.l.c. (ADR) (United Kingdom) 12,300 871,455 ChevronTexaco Corp. 60,400 3,909,692 Exxon Mobil Corp. 163,700 10,401,498 Total, SA (ADR) (France) 6,900 937,158 ------------ 16,119,803 ------------ 26,380,970 ------------ CONSUMER GROWTH--9.1% ADVERTISING--0.5% The Interpublic Group of Cos., Inc. (a) 76,900 895,116 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- DRUGS--4.5% Bristol-Myers Squibb Co. 18,850 $ 453,531 Eli Lilly & Co. 16,400 877,728 Merck & Co., Inc. 80,200 2,182,242 Pfizer, Inc. 170,000 4,244,899 ------------ 7,758,400 ------------ ENTERTAINMENT--2.1% Time Warner, Inc. (a) 128,400 2,325,324 Viacom, Inc. Cl.B 33,950 1,120,690 Walt Disney Co. 6,300 152,019 ------------ 3,598,033 ------------ HOSPITAL MANAGEMENT--0.3% HCA, Inc. 6,900 330,648 Tenet Healthcare Corp. (a) 15,400 172,942 ------------ 503,590 ------------ HOSPITAL SUPPLIES--0.7% Medco Health Solutions, Inc. (a) 22,000 1,206,260 ------------ RADIO - TV BROADCASTING--1.0% Comcast Corp. Cl.A (a) 56,434 1,658,031 ------------ 15,619,430 ------------ CONSUMER STAPLES--8.8% BEVERAGES - SOFT, LITE & HARD--0.6% Molson Coors Brewing Co. Cl.B 7,500 480,075 PepsiCo, Inc. 8,200 465,022 ------------ 945,097 ------------ FOOD--1.4% General Mills, Inc. 26,200 1,262,840 Kraft Foods, Inc. 13,800 422,142 Sara Lee Corp. 40,600 769,370 ------------ 2,454,352 ------------ RESTAURANTS--1.2% Darden Restaurants, Inc. 9,700 294,589 McDonald's Corp. 51,800 1,734,782 ------------ 2,029,371 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- RETAIL STORES - FOOD--1.7% Safeway, Inc. 48,800 $ 1,249,280 SUPERVALU, Inc. 19,400 603,728 The Kroger Co. (a) 49,000 1,008,910 ------------ 2,861,918 ------------ SOAPS--1.0% Unilever NV (ADR) (Netherlands) 11,500 821,675 Clorox Co. 15,000 833,100 ------------ 1,654,775 SUGAR REFINERS--0.3% Archer-Daniels-Midland Co. 19,805 488,391 ------------ TOBACCO--2.6% Altria Group, Inc. 47,950 3,534,395 UST, Inc. 20,100 841,386 ------------ 4,375,781 ------------ 14,809,685 ------------ TECHNOLOGY--7.3% COMMUNICATION - EQUIP. MFRS.--1.6% ADC Telecommunications, Inc. (a) 27,514 628,970 Corning, Inc. (a) 57,000 1,101,810 Nokia Oyj (ADR) 25,600 432,896 Tellabs, Inc. (a) 52,600 553,352 ------------ 2,717,028 ------------ COMPUTERS--2.2% Hewlett-Packard Co. 116,228 3,393,857 International Business Machines Corp. 5,600 449,232 ------------ 3,843,089 ------------ COMPUTER/ INSTRUMENTATION--1.3% Celestica, Inc. (Canada) (a) 43,100 487,461 Flextronics International Ltd. (Singapore) (a) 57,900 744,015 Sanmina-SCI Corp. (a) 111,000 476,190 Solectron Corp. (a) 152,210 595,141 ------------ 2,302,807 ------------ COMPUTER SERVICES/ SOFTWARE--1.1% Electronic Data Systems Corp. 46,000 1,032,240 Microsoft Corp. 31,900 820,787 ------------ 1,853,027 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- SEMICONDUCTORS--0.8% Agere System, Inc. (a) 42,210 $ 439,406 Intel Corp. 35,800 882,470 ------------ 1,321,876 ------------ MISCELLANEOUS INDUSTRIAL TECHNOLOGY--0.3% Arrow Electronics, Inc. (a) 11,600 363,776 Tech Data Corp. (a) 5,550 203,741 ------------ 567,517 ------------ 12,605,344 ------------ UTILITIES--6.2% ELECTRIC COMPANIES--2.3% American Electric Power Co., Inc. 28,075 1,114,578 Edison International 5,600 264,768 Entergy Corp. 12,300 914,136 Exelon Corp. 26,200 1,400,128 Xcel Energy, Inc. 9,700 190,217 ------------ 3,883,827 ------------ TELEPHONE--3.9% BellSouth Corp. 13,600 357,680 SBC Communications, Inc. 48,600 1,164,942 Sprint Corp. 99,000 2,354,220 Verizon Communications 85,900 2,808,071 ------------ 6,684,913 ------------ 10,568,740 ------------ CAPITAL EQUIPMENT--5.3% AEROSPACE - DEFENSE--1.2% B.F. Goodrich Corp. 21,700 962,178 The Boeing Co. 16,300 1,107,585 ------------ 2,069,763 ------------ AUTO TRUCKS - PARTS--0.5% Eaton Corp. 13,500 857,925 ------------ ELECTRICAL EQUIPMENT--2.6% Cooper Industries Ltd. Cl. A (Bermuda) 7,000 483,980 General Electric Co. 91,500 3,080,805 Honeywell International, Inc. 7,000 262,500 Hubbell Inc. Cl.B 11,500 539,695 ------------ 4,366,980 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- MISCELLANEOUS CAPITAL GOODS--1.0% SPX Corp. 14,400 $ 661,680 Textron, Inc. 14,300 1,025,596 ------------ 1,687,276 ------------ 8,981,944 ------------ CONSUMER CYCLICALS--5.1% AUTOS & AUTO PARTS--1.3% American Axle & Manufacturing Holdings, Inc. 10,500 242,340 Autoliv, Inc. (Sweden) 7,900 343,650 BorgWarner, Inc. 10,800 609,768 Dana Corp. 25,900 243,719 Lear Corp. 9,200 312,524 Magna International, Inc. Cl.A (Canada) 5,700 426,702 ------------ 2,178,703 ------------ RETAILERS--2.1% Limited Brands 39,500 806,985 Nordstrom, Inc. 15,800 542,256 Office Depot, Inc. (a) 51,000 1,514,700 Target Corp. 14,100 732,213 ------------ 3,596,154 ------------ TEXTILES/SHOES - APPAREL MFG.--0.6% Jones Apparel Group, Inc. 20,600 587,100 V.F. Corp. 7,900 457,963 ------------ 1,045,063 ------------ TIRES & RUBBER GOODS--0.1% Cooper Tire & Rubber Co. 14,100 215,307 ------------ TOYS--0.5% Mattel, Inc. 49,200 820,656 ------------ MISCELLANEOUS CONSUMER CYCLICALS--0.5% Newell Rubbermaid, Inc. 35,200 797,280 ------------ 8,653,163 ------------ SERVICES--2.0% RAILROADS--2.0% Burlington Northern Santa Fe Corp. 19,900 1,190,020 CSX Corp. 24,500 1,138,760 Norfolk Southern Corp. 27,050 1,097,148 ------------ 3,425,928 ------------ Company Shares U.S. $ Value ------------------------------------------------------------------------------- COMMODITIES--1.8% CHEMICALS--1.3% E.I. du Pont de Nemours & Co. 21,100 $ 826,487 Eastman Chemical Co. 12,400 582,428 PPG Industries, Inc. 14,900 881,931 ------------ 2,290,846 ------------ PAPER--0.5% Temple-Inland, Inc. 22,000 898,700 ------------ 3,189,546 ------------ DEFENSE-0.9% DEFENSE--0.9% Lockheed Martin Corp. 14,300 872,872 Northrop Grumman Corp. 12,500 679,375 ------------ 1,552,247 CONSUMER MANUFACTURING--0.4% MISCELLANEOUS--0.4% Bunge Ltd. (Bermuda) 14,500 762,990 ------------ NON-FINANCIAL--0.4% BUILDING MATERIALS - CEMENT--0.4% Martin Marietta Materials, Inc. 9,600 753,216 ------------ INDUSTRIAL RESOURCES--0.4% CONTAINERS-METAL/GLASS/PAPER--0.4% Owens-Illinois, Inc. (a) 34,900 719,638 ------------ HEALTHCARE--0.4% MEDICAL SERVICES--0.4% AmerisourceBergen Corp. 8,300 641,590 ------------ INDUSTRIAL COMMODITIES--0.3% PAPER--0.2% Smurfit-Stone Container Corp. (a) 27,600 285,936 ------------ STEEL--0.1% United States Steel Corp. 5,400 228,690 ------------ 514,626 ------------ Total Common Stocks (cost $140,899,682) 168,160,798 ------------ Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- SHORT-TERM INVESTMENT--2.1% TIME DEPOSIT -2.1% The Bank of New York 2.75% 10/03/05 (cost $3,540,000) $ 3,540 $ 3,540,000 ------------ Total Investments--100.4% (cost $144,439,682) 171,700,798 Other assets less liabilities--(0.4%) (676,999) ------------ NET ASSETS--100% $171,023,799 ============ (a) Non-income producing security. Glossary: ADR - American Depositary Receipt Please note: The sector classification presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND- VARP GROWTH AND INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--98.9% FINANCE--26.4% BANKING - MONEY CENTER--3.4% JPMorgan Chase & Co. 2,389,200 $ 81,065,556 Wachovia Corp. 150,000 7,138,500 -------------- 88,204,056 -------------- BANKING - REGIONAL--2.6% Bank of America Corp. 1,190,300 50,111,630 North Fork Bancorporation, Inc. 740,300 18,877,650 -------------- 68,989,280 -------------- BROKERAGE & MONEY MANAGEMENT--3.1% Merrill Lynch & Co., Inc. 500,000 30,675,000 Morgan Stanley 435,000 23,463,900 The Goldman Sachs Group, Inc. 213,700 25,981,646 -------------- 80,120,546 -------------- INSURANCE--8.7% ACE Ltd. (Cayman Islands) 1,200,200 56,493,414 American International Group, Inc. 2,000,000 123,920,000 Axis Capital Holdings Ltd. (Bermuda) 1,119,500 31,916,945 MetLife, Inc. 310,000 15,447,300 -------------- 227,777,659 -------------- MORTGAGE BANKING--3.5% Fannie Mae 2,051,900 91,966,158 -------------- MISCELLANEOUS--5.1% Ambac Financial Group, Inc. 105,900 7,631,154 Citigroup, Inc. 2,750,000 125,180,000 -------------- 132,811,154 -------------- 689,868,853 -------------- CONSUMER SERVICES--16.3% BROADCASTING & CABLE--10.2% Comcast Corp. Cl. A (a) 500,000 14,690,000 Comcast Corp. Special Cl. A (a) 350,000 10,073,000 News Corp. Cl. A 4,676,400 72,905,076 Time Warner, Inc. 4,421,400 80,071,554 Viacom, Inc. Cl. B 2,100,000 69,321,000 Westwood One, Inc. 946,300 18,821,907 -------------- 265,882,537 -------------- ENTERTAINMENT & LEISURE--1.3% Carnival Corp. (Panama) 500,000 24,990,000 Royal Caribbean Cruises Ltd. (Liberia) 215,000 9,288,000 -------------- 34,278,000 -------------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- RESTAURANT & LODGING--1.3% Hilton Hotels Corp. 603,000 $ 13,458,960 McDonald's Corp. 632,600 21,185,774 -------------- 34,644,734 -------------- RETAIL - GENERAL MERCHANDISE--3.5% Lowe's Cos., Inc. 185,000 11,914,000 The Home Depot, Inc. 2,071,900 79,022,266 -------------- 90,936,266 -------------- 425,741,537 -------------- ENERGY--10.0% DOMESTIC PRODUCERS--1.3% Noble Energy, Inc. 719,800 33,758,620 -------------- INTERNATIONAL--4.5% BP p.l.c. (ADR) (United Kingdom) 335,000 23,734,750 Chevron Corp. 433,300 28,047,509 Exxon Mobil Corp. 1,040,400 66,107,016 -------------- 117,889,275 -------------- OIL SERVICE--2.3% Baker Hughes, Inc. 342,400 20,434,432 Marathon Oil Corp. 160,100 11,035,693 Nabors Industries Ltd. (Bermuda) (a) 396,300 28,466,229 -------------- 59,936,354 -------------- MISCELLANEOUS--1.9% ConocoPhillips 695,100 48,594,441 -------------- 260,178,690 -------------- HEALTHCARE--8.6% BIOTECHNOLOGY--0.1% Applera Corp. - Applied Biosystems Group 65,000 1,510,600 -------------- DRUGS--1.8% Eli Lilly & Co. 375,000 20,070,000 Forest Laboratories, Inc. (a) 235,000 9,157,950 Pfizer, Inc. 750,000 18,727,500 -------------- 47,955,450 -------------- MEDICAL PRODUCTS--2.5% Boston Scientific Corp. (a) 2,250,000 52,582,500 Zimmer Holdings, Inc. (a) 175,500 12,090,195 -------------- 64,672,695 -------------- MEDICAL SERVICES--4.2% Health Management Associates, Inc. Cl. A 1,534,800 36,021,756 WellPoint Health Networks, Inc. (a) 965,000 73,166,300 -------------- 109,188,056 -------------- 223,326,801 -------------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- CAPITAL GOODS--8.2% ELECTRICAL EQUIPMENT--1.6% Emerson Electric Co. 576,350 $ 41,381,930 -------------- MACHINERY--0.2% Ingersoll-Rand Co. Cl. A (Bermuda) 135,800 5,191,634 -------------- MISCELLANEOUS--6.4% General Electric Co. 3,150,000 106,060,500 Illinois Tool Works, Inc. 115,000 9,467,950 United Technologies Corp. 1,014,900 52,612,416 -------------- 168,140,866 -------------- 214,714,430 -------------- CONSUMER STAPLES--8.2% COSMETICS--1.6% Avon Products, Inc. 1,514,000 40,878,000 -------------- HOUSEHOLD PRODUCTS--2.3% Colgate-Palmolive Co. 360,000 19,004,400 The Procter & Gamble Co. 700,000 41,622,000 -------------- 60,626,400 -------------- TOBACCO--3.6% Altria Group, Inc. 965,000 71,130,150 Loews Corp. - Carolina Group 565,000 22,390,950 -------------- 93,521,100 -------------- MISCELLANEOUS--0.7% Fortune Brands, Inc. 215,000 17,485,950 -------------- 212,511,450 -------------- TECHNOLOGY--7.5% COMMUNICATION EQUIPMENT--1.1% Juniper Networks, Inc. (a) 449,000 10,681,710 QUALCOMM, Inc. 414,200 18,535,450 -------------- 29,217,160 -------------- COMPUTER SERVICES--1.2% Fiserv, Inc. (a) 672,100 30,829,227 -------------- SOFTWARE--5.2% Microsoft Corp. 3,900,000 100,347,000 Oracle Corp. (a) 2,332,900 28,904,631 Symantec Corp. (a) 300,000 6,798,000 -------------- 136,049,631 -------------- 196,096,018 -------------- UTILITIES--5.2% ELECTRIC & GAS UTILITY--1.6% FirstEnergy Corp. 440,000 22,932,800 Sempra Energy 372,800 17,543,968 -------------- 40,476,768 -------------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- TELEPHONE UTILITY--3.6% BellSouth Corp. 800,000 $ 21,040,000 SBC Communications, Inc. 2,107,100 50,507,187 Verizon Communications, Inc. 690,700 22,578,983 -------------- 94,126,170 -------------- 134,602,938 -------------- BASIC INDUSTRY--4.0% CHEMICALS--4.0% Air Products and Chemicals, Inc. 1,466,100 80,840,754 E.I. du Pont de Nemours & Co. 450,000 17,626,500 Rohm and Haas Co. 158,500 6,519,105 -------------- 104,986,359 -------------- TRANSPORTATION--3.2% AIR FREIGHT--1.3% United Parcel Service, Inc. Cl. B 496,800 34,343,784 -------------- RAILROAD--1.9% Union Pacific Corp. 675,000 48,397,500 -------------- 82,741,284 -------------- CONSUMER MANUFACTURING--1.3% BUILDING & RELATED--1.3% American Standard Cos., Inc. 710,600 33,078,430 -------------- Total Common Stocks (cost $2,345,047,988) 2,577,846,790 -------------- SHORT-TERM INVESTMENT--0.1% TIME DEPOSIT--0.1% The Bank of New York 2.75%, 10/03/05 $ 1,916 1,916,000 (cost $1,916,000) -------------- TOTAL INVESTMENTS--99.0% (cost $2,346,963,988) 2,579,762,790 -------------- Other assets less liabilities--1.0% 25,999,092 -------------- Net Assets--100% $2,605,761,882 ============== (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. ALLIANCEBERSTEIN VARIABLE PRODUCTS SERIES FUND - GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--97.2% TECHNOLOGY--34.6% COMMUNICATION EQUIPMENT--7.8% Corning, Inc. (a) 105,600 $ 2,041,248 Juniper Networks, Inc. (a) 462,800 11,010,012 QUALCOMM, Inc. 197,000 8,815,750 ------------ 21,867,010 ------------ COMPUTER HARDWARE/ STORAGE--5.9% Apple Computer, Inc. (a) 143,500 7,693,035 Dell, Inc. (a) 183,800 6,285,960 EMC Corp. (a) 212,400 2,748,456 ------------ 16,727,451 ------------ COMPUTER SERVICES--0.6% Infosys Technologies Ltd. (ADR) (India) 22,500 1,671,300 ------------ INTERNET MEDIA--7.2% Google, Inc. Cl.A (a) 34,900 11,044,454 Yahoo!, Inc. (a) 269,300 9,113,112 ------------ 20,157,566 ------------ SEMI - CONDUCTOR COMPONENTS--5.2% Advanced Micro Devices, Inc. (a) 82,600 2,081,520 Broadcom Corp. Cl.A (a) 115,600 5,422,796 Marvell Technology Group Ltd. (Bermuda) (a) 153,900 7,096,329 ------------ 14,600,645 ------------ SOFTWARE--5.7% Comverse Technology, Inc. (a) 105,000 2,758,350 NAVTEQ Corp. (a) 36,300 1,813,185 SAP AG (ADR) (Germany) 63,900 2,768,787 Symantec Corp. (a) 383,000 8,678,780 ------------ 16,019,102 ------------ MISCELLANEOUS--2.2% Amphenol Corp. Cl.A 152,600 6,155,884 ------------ 97,198,958 ------------ HEALTHCARE--21.1% BIOTECHNOLOGY--3.1% Affymetrix, Inc. (a) 42,700 1,974,021 Amgen, Inc. (a) 18,000 1,434,060 Genentech, Inc. (a) 64,500 5,431,545 ------------ 8,839,626 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- DRUGS--2.4% Forest Laboratories, Inc. (a) 64,300 $ 2,505,771 Teva Pharmaceutical Industries Ltd. (ADR) (Israel) 131,300 4,388,046 ------------ 6,893,817 ------------ MEDICAL PRODUCTS--10.4% Alcon, Inc. (Switzerland) 43,000 5,498,840 St. Jude Medical, Inc. (a) 179,200 8,386,560 Stryker Corp. 129,400 6,396,242 Zimmer Holdings, Inc. (a) 131,200 9,038,368 ------------ 29,320,010 ------------ MEDICAL SERVICES--5.2% Caremark Rx, Inc. (a) 48,400 2,416,612 WellPoint Health Networks, Inc. (a) 159,600 12,100,872 ------------ 14,517,484 ------------ 59,570,937 ------------ FINANCE--15.8% BROKERAGE & MONEY MANAGEMENT--9.7% Legg Mason, Inc. 123,500 13,546,715 Merrill Lynch & Co., Inc. 46,400 2,846,640 The Charles Schwab Corp. 193,100 2,786,433 The Goldman Sachs Group, Inc. 66,900 8,133,702 ------------ 27,313,490 ------------ INSURANCE--3.1% American International Group, Inc. 140,500 8,705,380 ------------ MISCELLANEOUS--3.0% Citigroup, Inc. 187,800 8,548,656 ------------ 44,567,526 ------------ CONSUMER SERVICES--11.8% ADVERTISING--0.6% Getty Images, Inc. (a) 19,500 1,677,780 ------------ APPAREL--1.6% Coach, Inc. (a) 86,100 2,700,096 Urban Outfitters, Inc. (a) 58,600 1,722,840 ------------ 4,422,936 ------------ BROADCASTING & CABLE--1.0% XM Satellite Radio Holdings, Inc. Cl.A (a) 79,800 2,865,618 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- RETAIL - GENERAL MERCHANDISE--5.4% eBay, Inc. (a) 232,300 $ 9,570,760 Lowe's Cos., Inc. 67,100 4,321,240 Williams-Sonoma, Inc. (a) 37,200 1,426,620 ------------ 15,318,620 ------------ MISCELLANEOUS--3.2% Corporate Executive Board Co. 16,600 1,294,468 Education Management Corp. (a) 69,200 2,231,008 Iron Mountain, Inc. (a) 75,900 2,785,530 Strayer Education, Inc. 27,500 2,599,300 ------------ 8,910,306 ------------ 33,195,260 ------------ CONSUMER MANUFACTURING--8.0% BUILDING & RELATED--8.0% Centex Corp. 79,600 5,140,568 D.R. Horton, Inc. 76,533 2,772,025 Lennar Corp. Cl.A 87,400 5,223,024 NVR, Inc.(a) 7,450 6,592,878 Pulte Homes, Inc. 63,200 2,712,544 ------------ 22,441,039 ------------ OIL AND GAS FIELD SERVICES--2.2% ENERGY EQUIPMENT & SERVICE--2.2 Schlumberger Ltd. 74,700 6,303,186 ------------ AEROSPACE & DEFENSE--1.3% DEFENSE ELECTRONICS--1.3% L-3 Communications Holdings, Inc. 44,700 3,534,429 ------------ MULTI-INDUSTRY COMPANIES--1.2% Danaher Corp. 60,800 3,272,864 ------------ CAPITAL GOODS--0.8% MACHINERY--0.5% Actuant Corp. CI.A 30,000 1,404,000 ------------ MISCELLANEOUS--0.3% IDEX Corp. 16,800 714,840 ------------ 2,118,840 ------------ BASIC INDUSTRY--0.4% CHEMICALS--0.4% Hexcel Corp. (a) 66,200 1,210,798 ------------ Total Common Stocks (cost $192,182,977) 273,413,837 ------------ Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- SHORT-TERM INVESTMENT--0.1% TIME DEPOSIT - 0.1% The Bank of New York 2.75%, 10/03/05 (cost $261,000) $ 261 $ 261,000 ------------ TOTAL INVESTMENTS--97.3% (cost $192,443,977) 273,674,837 Other assets less liabilities--2.7% 7,452,746 ------------ NET ASSETS--100% $281,127,583 ============ (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. ALLIANCEBERSTEIN VARIABLE PRODUCTS SERIES FUND - INTERNATIONAL PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS--96.0% AUSTRALIA--2.0% QBE Insurance Group Ltd. 32,541 $ 463,875 Rinker Group Ltd. 73,547 934,280 ----------- 1,398,155 ----------- BERMUDA--2.3% Nabors Industries Ltd. (a) 22,600 1,623,358 ----------- BRAZIL--1.7% Companhia Vale do Rio Doce (ADR) 5,900 258,774 Petroleo Brasilerio, SA (ADR) 15,400 981,750 ----------- 1,240,524 ----------- EGYPT--0.4% Orascom Telecom Holding SAE (GDR) 5,800 283,510 ----------- FINLAND--0.8% Nokia Corp. 36,000 606,697 ----------- FRANCE--6.8% Accor, SA 13,065 661,526 BNP Paribas, SA 9,427 717,311 CapGemini, SA (a) 9,807 383,133 France Telecom, SA 26,028 748,787 Groupe Danone 3,013 326,292 Sanofi-Aventis, SA 8,773 726,550 Total, SA 3,109 846,322 Vinci, SA 5,473 471,510 ----------- 4,881,431 ----------- GERMANY--2.8% Deutsche Telekom AG 37,369 680,983 Premiere AG (a) 15,386 431,467 SAP AG 4,945 856,988 ----------- 1,969,438 ----------- GREECE--1.0% EFG Eurobank Ergasias 8,710 270,632 Greek Organisation of Football Prognostics, SA 13,662 425,128 ----------- 695,760 ----------- HONG KONG--3.1% China Shenhua Energy Co., Ltd. (a) 606,500 711,474 Datang International Power Generation Co., Ltd. 794,800 611,254 Esprit Holdings Ltd. 50,000 373,929 Li & Fung Ltd. 216,000 500,313 ----------- 2,196,970 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- INDIA--1.0% Infosys Technologies Ltd. (ADR) 6,500 $ 482,820 Ranbaxy Laboratories Ltd. (GDR) 18,144 202,736 ----------- 685,556 ----------- IRELAND--2.8% Allied Irish Banks Plc 45,807 976,091 Anglo Irish Bank Corp. Plc 40,302 548,651 CRH Plc 17,639 478,639 ----------- 2,003,381 ----------- ISRAEL--0.6% Teva Pharmaceutical Industries Ltd. (ADR) 12,100 404,382 ----------- ITALY--3.1% ENI S.p.A 28,000 830,571 Fastweb (a) 8,916 399,571 Luxottica Group SpA 28,718 715,005 Telecom Italia SpA 85,098 276,670 ----------- 2,221,817 ----------- JAPAN--16.4% Aeon Credit Service Co., Ltd. 4,800 350,038 Canon, Inc. 13,500 732,629 DAIICHI SANKYO Co., Ltd. (a) 12,300 251,916 Denso Corp. 17,200 500,891 Don Quijote Co., Ltd. 4,700 302,201 Hitachi Chemical Co., Ltd. 22,800 476,966 Hitachi Construction Machinery Co., Ltd. 32,200 619,003 HOYA Corp. 3,500 116,746 HOYA Corp. (a) (b) 10,500 357,030 Keyence Corp. 1,800 454,682 Mitsubishi Corp. 40,900 809,315 Mitsubishi Tokyo Financial Group, Inc. 92 1,204,547 Mitsui & Co., Ltd. 25,000 313,895 Nitto Denko Corp. 3,900 220,341 Nomura Holdings, Inc. 32,600 507,213 NTT DoCoMo, Inc. 208 372,502 OSG Corp. 21,000 316,468 Sumitomo Electric Industries Ltd. 48,800 660,747 Sumitomo Mitsui Financial Group, Inc. 102 965,671 Takashimaya Co., Ltd. 30,000 383,153 Takeda Pharmaceutical Co., Ltd. 8,100 484,923 Tokyo Electron Ltd. 4,100 219,585 Toyota Motor Corp. 24,600 1,135,114 ----------- 11,755,576 ----------- MEXICO--0.9% America Movil, SA de CV (ADR) 13,500 355,320 Grupo Televisa S.A. (ADR) 4,200 301,182 ----------- 656,502 ----------- NETHERLANDS--3.5% ING Groep N.V. 17,541 522,867 Schlumberger Ltd. 23,800 2,008,243 ----------- 2,531,110 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- NORWAY--3.0% Norsk Hydro ASA 9,408 $ 1,047,658 Smedvig ASA 45,000 1,101,937 ----------- 2,149,595 ----------- RUSSIA--2.7% MMC Norilsk Nickel (ADR) 9,350 741,923 LUKOIL (ADR) 16,206 935,897 Mobile TeleSystems (ADR) 5,700 231,876 ----------- 1,909,696 ----------- SOUTH AFRICA--1.0% FirstRand Ltd. 63,991 170,696 Naspers Ltd. 34,227 558,454 ----------- 729,150 ----------- SOUTH KOREA--2.3% GS Holdings Corp. (a) 5,110 130,220 Kookmin Bank (a) 13,940 825,654 LG Electronics, Inc. 5,350 360,208 LG.Philips LCD Co., Ltd. (a) 3,000 124,514 LG.Philips LCD Co., Ltd. (ADR) (a) 10,900 224,104 ----------- 1,664,700 ----------- SPAIN--3.7% Altadis, SA 12,361 554,168 Banco Bilbao Vizcaya Argentaria, SA 64,848 1,138,123 Telefonica, SA 57,998 951,632 ----------- 2,643,923 ----------- SWEDEN--1.8% Atlas Copco AB 42,424 821,761 Telefonaktiebolaget LM Ericsson 124,092 456,331 ----------- 1,278,092 ----------- SWITZERLAND--13.4% Alcon, Inc. 9,900 1,266,012 Compagnie Financiere Richemont AG 10,715 425,697 Credit Suisse Group 30,694 1,361,876 Nestle, SA 1,350 396,502 Nobel Biocare Holding AG 2,435 574,043 Novartis AG 25,563 1,300,117 Roche Holding AG 13,029 1,810,126 Swiss Re (a) 6,606 434,221 Synthes, Inc. 2,869 336,144 UBS AG 19,851 1,692,013 ----------- 9,596,751 ----------- TAIWAN--1.4% AU Optronics Corp. 75,210 97,910 Cathay Financial Holding Co., Ltd. 194,000 362,597 Powerchip Semiconductor Corp. 169,000 94,669 Taiwan Semiconductor Manufacturing Co., Ltd. Merrill Lynch International & Co. warrants, expiring 11/21/05 (a) 182,000 362,180 United Microelectronics Corp. 176,468 113,774 Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- $ 1,031,130 ----------- TURKEY--0.8% Turkcell Iletisim Hizmetleri AS (Turkcell) (ADR) 15,200 207,480 Turkiye Is Bankasi (Isbank) 54,057 374,898 ----------- 582,378 ----------- UNITED KINGDOM--16.7% 02 Plc 87,778 244,292 AstraZeneca Group Plc 6,995 326,801 BAE Systems Plc 190,367 1,155,098 BHP Billiton Plc 40,980 662,216 Carnival Plc 8,604 447,020 First Choice Holidays Plc 57,949 216,622 GlaxoSmithKline Plc 7,800 198,970 GUS Plc 24,932 376,111 Man Group Plc 12,242 357,742 Next Plc 14,442 355,313 Prudential Plc 60,583 550,608 Punch Taverns Plc 47,509 671,748 SABMiller Plc 36,089 702,216 Smith & Nephew Plc 38,618 324,466 Smiths Group Plc 49,552 838,716 Standard Chartered Plc 46,087 995,627 Tesco Plc 136,610 746,686 Vodafone Group Plc 779,456 2,027,900 WPP Group Plc 73,900 753,656 ----------- 11,951,808 ----------- Total Common Stocks & Other Investments (cost $54,205,272) 68,691,390 ----------- SHORT-TERM INVESTMENT--2.0% TIME DEPOSIT--2.1% The Bank of New York 2.75%, 10/03/05 (cost $1,473,000) $ 1,473 1,473,000 ----------- TOTAL INVESTMENTS--98.0% (cost $55,678,272) 70,164,390 Other assets less liabilities--2.0% 1,421,718 ----------- NET ASSETS--100% $71,586,108 =========== SECTOR DIVERSIFICATION September 30, 2005 (unaudited) -------------------------------------------------------------------------------- SECTOR U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Finance $14,790,951 20.7% Comsumer Services 10,328,728 14.4 Energy 9,505,955 13.3 Healthcare 8,207,187 11.5 Technology 5,872,715 8.2 Consumer Manufacturing 3,880,643 5.4 Consumer Staples 3,397,612 4.7 Utilities 3,269,326 4.6 Capital Goods 3,258,477 4.6 Basic Industry 2,851,352 4.0 Multi Industry Companies 2,173,346 3.0 Aerospace & Defense 1,155,098 1.6 ----------- ----- Total Investments* 68,691,390 96.0 Cash and receivables, net of liabilities 2,894,718 4.0 ----------- ----- Net Assets $71,586,108 100.0% ----------- ----- *Excludes short-term investments. (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 - LARGE CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value ------------------------------------------------------------------------------- COMMON STOCKS--99.8% TECHNOLOGY--35.2% COMMUNICATION EQUIPMENT--8.9% Corning, Inc. (a) 1,200,900 $ 23,213,397 Juniper Networks, Inc. (a) 1,478,500 35,173,515 QUALCOMM, Inc. 1,014,200 45,385,450 -------------- 103,772,362 -------------- COMPUTER HARDWARE/STORAGE--9.1% Apple Computer, Inc. (a) 1,009,300 54,108,573 Dell, Inc. (a) 1,147,100 39,230,820 EMC Corp. (a) 1,015,800 13,144,452 -------------- 106,483,845 -------------- COMPUTER PERIPHERALS--1.0% Network Appliance, Inc. (a) 475,400 11,285,996 INTERNET MEDIA--9.1% Google, Inc. Cl.A (a) 181,410 57,409,009 Yahoo!, Inc. (a) 1,427,300 48,299,832 -------------- 105,708,841 -------------- SEMI-CONDUCTOR COMPONENTS--7.1% Altera Corp. (a) 472,000 9,019,920 Broadcom Corp. Cl.A (a) 734,600 34,460,086 Marvell Technology Group Ltd. (Bermuda) (a) 746,900 34,439,559 Texas Instruments, Inc. 125,600 4,257,840 -------------- 82,177,405 -------------- 409,428,449 -------------- HEALTHCARE--22.5% BIOTECHNOLOGY--5.9% Affymetrix, Inc. (a) 193,700 8,954,751 Amgen, Inc. (a) 150,100 11,958,467 Genentech, Inc. (a) 518,600 43,671,306 Gilead Sciences, Inc. (a) 80,600 3,930,056 -------------- 68,514,580 -------------- DRUGS--3.1% Eli Lilly & Co. 125,600 6,722,112 Teva Pharmaceutical Industries Ltd. (ADR) (Israel) 864,000 28,874,880 -------------- 35,596,992 -------------- MEDICAL PRODUCTS--7.4% Alcon, Inc. (Switzerland) 223,700 28,606,756 St. Jude Medical, Inc. (a) 802,985 37,579,698.00 Zimmer Holdings, Inc. (a) 290,100 19,984,989 -------------- 86,171,443 -------------- Company Shares U.S. $ Value ------------------------------------------------------------------------------- MEDICAL SERVICES--6.1% Caremark Rx, Inc. (a) 43,200 $ 2,156,976 UnitedHealth Group, Inc. 517,900 29,105,980 WellPoint, Inc. (a) 522,300 39,600,786 -------------- 70,863,742 -------------- 261,146,757 -------------- CONSUMER SERVICES--16.9% ADVERTISING--0.7% Getty Images, Inc. (a) 59,200 5,093,568 Lamar Advertising Co. (a) 79,000 3,583,440 -------------- 8,677,008 -------------- BROADCASTING & CABLE--1.4% The E.W. Scripps Co. Cl. A 336,200 16,799,914 -------------- ENTERTAINMENT & LEISURE--1.0% Carnival Corp. (Panama) 228,800 11,435,424 -------------- RESTAURANT & LODGING--0.8% Hilton Hotels Corp. 197,600 4,410,432 Outback Steakhouse, Inc. 135,300 4,951,980 -------------- 9,362,412 -------------- RETAIL - GENERAL MERCHANDISE--10.4% Best Buy Co., Inc. (a) 127,700 5,558,781 eBay, Inc. (a) 1,055,800 43,498,960 Lowe's Cos., Inc. 556,600 35,845,040 Target Corp. 694,200 36,049,806 -------------- 120,952,587 -------------- MISCELLANEOUS--2.6% Electronic Arts, Inc. (a) 522,500 29,725,025 -------------- 196,952,370 -------------- FINANCE--9.2% BANKING - REGIONAL--0.3% Northern Trust Corp. 73,600 3,720,480 -------------- BROKERAGE & MONEY MANAGEMENT--4.1% Franklin Resources, Inc. 164,900 13,845,004 Legg Mason, Inc. 59,600 6,537,524 Merrill Lynch & Co., Inc. 59,100 3,625,785 The Goldman Sachs Group, Inc. 192,900 23,452,782 -------------- 47,461,095 -------------- INSURANCE--4.8% AFLAC, Inc. 192,400 8,715,720 American International Group, Inc. 501,992 31,103,424 The Progressive Corp. 152,500 15,977,425 -------------- 55,796,569 -------------- 106,978,144 -------------- Shares or Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- ENERGY--5.8% OIL SERVICE--5.8% Halliburton Co. 514,400 $ 35,246,688 Nabors Industries Ltd. (Bermuda) (a) 441,900 31,741,677 -------------- 66,988,365 -------------- CONSUMER STAPLES--3.8% HOUSEHOLD PRODUCTS--3.0% The Procter & Gamble Co. 587,100 34,908,966 -------------- RETAIL - FOOD & DRUG--0.8% Walgreen Co. 50,500 2,194,225 Whole Foods Market, Inc. 56,800 7,636,760 -------------- 9,830,985 -------------- 44,739,951 -------------- CAPITAL GOODS--3.2% MISCELLANEOUS--3.2% General Electric Co. 1,104,600 37,191,882.00 -------------- CONSUMER MANUFACTURING--2.1% BUILDING & RELATED--2.1% Pulte Homes, Inc. 555,800 23,854,936 -------------- AEROSPACE AND DEFENSE--0.9% AEROSPACE--0.9% Boeing Co. 155,800 10,586,610 -------------- MULTI-INDUSTRY COMPANIES--0.2% Textron, Inc. --0.2% 28,000 2,008,160 -------------- Total Common Stocks (cost $862,579,137) 1,159,875,624 -------------- SHORT-TERM INVESTMENT--0.5% TIME DEPOSIT--0.5% The Bank of New York 2.75% 10/03/05 (cost $5,968,000) $ 5,968 5,968,000 -------------- TOTAL INVESTMENTS--100.3% (cost $868,547,137) 1,165,843,624 -------------- Other assets less liabilities--(0.3%) (3,071,148) -------------- NET ASSETS--100% $1,162,772,476 ============== (a) Non-income producing security. Glossary of Terms: ADR - American Depositary Receipt ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND- SMALL CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value ------------------------------------------------------------------------------- COMMON STOCKS--97.8% CONSUMER SERVICES--23.8% ADVERTISING--2.4% Administaff, Inc. 12,400 $ 492,776 Digitas, Inc. (a) 108,500 1,232,560 ----------- 1,725,336 ----------- APPAREL--1.5% Carter's, Inc. (a) 18,900 1,073,520 ----------- BROADCASTING & Cable--1.1% Entravision Communications Corp. Cl.A (a) 99,500 783,065 ----------- ENTERTAINMENT/LEISURE--2.3% Guitar Center, Inc. (a) 3,600 198,756 Sunterra Corp. (a) 55,000 722,150 THQ, Inc. (a) 33,550 715,286 ----------- 1,636,192 ----------- PRINTING & PUBLISHING--0.5% VistaPrint Ltd. (a) 24,100 363,910 ----------- RETAIL - GENERAL MERCHANDISE--1.6% Coldwater Creek, Inc. (a) 3,800 95,836 Dick's Sporting Goods, Inc. (a) 11,210 337,533 MarineMax, Inc. (a) 26,900 685,681 ----------- 1,119,050 ----------- MISCELLANEOUS--14.4% Bright Horizons Family Solutions, Inc. (a) 23,300 894,720 CRA International, Inc. (a) 10,800 450,252 Dycom Industries, Inc. (a) 15,800 319,476 Huron Consulting Group, Inc. (a) 27,147 728,083 Insight Enterprises, Inc. (a) 50,400 937,440 Laureate Education, Inc. (a) 22,020 1,078,319 Life Time Fitness, Inc. (a) 33,200 1,100,248 MSC Industrial Direct Co., Inc. Cl.A 23,500 779,495 Nautilus, Inc. 29,000 640,030 Nutri/System, Inc. (a) 26,100 653,022 Resources Connection, Inc. (a) 46,700 1,383,721 Strayer Education, Inc. 8,900 841,228 ZipRealty, Inc. (a) 41,800 532,532 ----------- 10,338,566 ----------- 17,039,639 ----------- Company Shares U.S. $ Value ------------------------------------------------------------------------------- TECHNOLOGY--23.5% COMPUTER HARDWARE/STORAGE--1.2% Avocent Corp. (a) 26,200 $ 828,968 ----------- COMPUTER SERVICES--4.7% Alliance Data Systems Corp. (a) 10,900 426,735 Anteon International Corp. (a) 15,500 662,780 Euronet Worldwide, Inc. (a) 36,900 1,091,871 Global Cash Access, Inc. (a) 38,800 547,080 Kanbay International, Inc. (a) 19,347 363,724 Sapient Corp. (a) 45,100 281,875 ----------- 3,374,065 ----------- SEMI-CONDUCTOR CAPITAL EQUIPMENT--0.6% FormFactor, Inc. (a) 17,900 408,478 ----------- SEMI-CONDUCTOR COMPONENTS--7.9% Advanced Analogic Technologies, Inc. (a) 61,800 691,542 ATMI, Inc. (a) 22,300 691,300 Entegris, Inc. (a) 63,600 718,680 Intergrated Device Technologies, Inc. (a) 71,200 764,688 Microsemi Corp. (a) 54,500 1,391,930 ON Semiconductor Corp. (a) 138,500 716,045 Sirf Technology Holdings, Inc. (a) 22,100 665,873 ----------- 5,640,058 ----------- SOFTWARE--6.0% Audible, Inc. (a) 46,100 566,569 Bottomline Technologies, Inc. (a) 32,400 488,916 Informatica Corp. (a) 127,400 1,531,348 Quest Software, Inc. (a) 74,900 1,128,743 VeriFone Holdings, Inc. (a) 31,900 641,509 ----------- 4,357,085 ----------- MISCELLANEOUS--3.1% Exar Corp. (a) 29,100 407,982 Micros Systems, Inc. (a) 25,900 1,133,125 Wind River Systems, Inc. (a) 54,500 704,685 ----------- 2,245,792 ----------- 16,854,446 ----------- HEALTHCARE--18.5% BIOTECHNOLOGY--6.8% Abgenix, Inc. (a) 21,000 266,280 Coley Pharmaceutical Group, Inc. (a) 10,300 187,460 CV Therapeutics, Inc. (a) 8,000 214,000 Meridian Bioscience, Inc. 12,800 264,960 Momenta Pharmaceuticals, Inc. (a) 8,100 220,725 Nektar Therapeutics (a) 12,500 211,875 Neopharm, Inc. (a) 55,000 682,000 Protein Design Labs, Inc. (a) 41,300 1,156,400 Rigel Pharmaceuticals, Inc. (a) 10,300 244,831 Senomyx, Inc (a) 14,000 238,420 Serologicals Corp. (a) 29,150 657,624 Telik, Inc. (a) 22,700 371,372 Zymogenetics, Inc. (a) 10,200 168,300 ----------- 4,884,247 ----------- Company Shares U.S. $ Value ------------------------------------------------------------------------------- MEDICAL PRODUCTS--5.2% Abaxis, Inc. (a) 37,900 $ 494,595 Animas Corp. (a) 34,300 538,510 ArthroCare Corp. (a) 14,700 591,234 Biosite, Inc. (a) 9,400 581,484 OraSure Technologies, Inc. (a) 53,900 508,277 Renovis, Inc. (a) 15,900 215,127 Ventana Medical Systems, Inc. (a) 14,200 540,594 Vnus Medical Technologies (a) 26,100 271,962 ----------- 3,741,783 ----------- MEDICAL SERVICES--5.7% Amedisys, Inc. (a) 11,700 456,300 SFBC International, Inc. (a) 21,700 963,263 Stericycle, Inc. (a) 13,490 770,954 United Surgical Partners International, Inc. (a) 19,600 766,556 WebMD Health Corp. (a) 3,200 78,877 WellCare Health Plans, Inc. (a) 28,769 1,065,891 ----------- 4,101,841 ----------- MISCELLANEOUS--0.8% IRIS International, Inc. (a) 31,900 588,236 ----------- 13,316,107 ----------- ENERGY--13.2% OIL SERVICE--12.0% Bill Barrett Corp. (a) 20,400 751,128 Cimarex Energy Co. (a) 5,900 267,447 Core Laboratories NV (a) 28,884 931,798 Dril-Quip, Inc. (a) 14,800 710,400 FMC Technologies, Inc. (a) 23,700 998,007 Helmerich & Payne, Inc. 15,800 954,162 Range Resources Corp. 27,800 1,073,358 Spinnaker Exploration Co. (a) 16,900 1,093,261 Superior Well Services, Inc. (a) 13,700 316,470 W-H Energy Services, Inc. (a) 30,100 975,842 Whiting Petroleum Corp. (a) 12,300 539,232 ----------- 8,611,105 ----------- PIPELINES--1.2% Hydril Co. (a) 12,600 864,864 ----------- 9,475,969 ----------- CAPITAL GOODS--6.4% ELECTRICAL EQUIPMENT--1.7% Engineered Support Systems, Inc. 13,287 545,298 Essex Corp. (a) 32,700 708,609 ----------- 1,253,907 ----------- MACHINERY--2.4% Actuant Corp. Cl.A 16,500 772,200 Commercial Vehicle Group, Inc. (a) 14,600 305,724 Oskosh Truck Corp. 15,500 668,980 ----------- 1,746,904 ----------- Company Shares U.S. $ Value ------------------------------------------------------------------------------- MISCELLANEOUS--2.3% IDEX Corp. 20,900 $ 889,295 Simpson Manufacturing Co., Inc. 19,600 767,144 ----------- 1,656,439 ----------- 4,657,250 ----------- FINANCE--5.6% BANKING - MONEY CENTER--0.6% Community Bancorp (a) 13,000 428,870 ----------- BROKERAGE & MONEY MANAGEMENT--3.1% Affiliated Managers Group, Inc. (a) 9,800 709,716 Greenhill & Co., Inc. 22,200 925,518 OptionsXpress Holdings, Inc. 29,900 569,296 ----------- 2,204,530 ----------- INSURANCE--0.6% Primus Guaranty Ltd. (Bermuda)(a) 42,430 461,638 ----------- MISCELLANEOUS--1.3% Morningstar, Inc. (a) 29,900 956,800 ----------- 4,051,838 ----------- BASIC INDUSTRY--3.1% CHEMICALS--1.7% Georgia Gulf Corp. 4,100 98,728 Hexcel Corp. (a) 59,900 1,095,571 ----------- 1,194,299 ----------- MINING & METALS--1.4% Allegheny Technologies, Inc. 31,660 980,827 ----------- 2,175,126 ----------- TRANSPORTATION--2.9% AIR FREIGHT--1.4% UTI Worldwide, Inc. (U.S. Virgin Islands) 13,100 1,017,870 ----------- SHIPPING--1.1% Kirby Corp. (a) 15,200 751,336 ----------- TRUCKING--0.4% Werner Enterprises, Inc. 16,975 293,498 ----------- 2,062,704 ----------- MULTI-INDUSTRY COMPANIES--0.8% Chemed Corp. 12,900 559,086 LKQ Corp. (a) 1,100 33,220 ----------- 592,306 ----------- Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- Total Common Stocks (cost $54,932,922) $70,225,385 ----------- SHORT TERM INVESTMENT TIME DEPOSIT--2.5% The Bank of New York 2.75%, 10/03/05 (cost $1,819,000) $ 1,819 1,819,000 ----------- TOTAL Investments--100.3% (cost $56,751,922) 72,044,385 Other assets less liabilities--(0.3%) (258,846) ----------- NET ASSETS--100% $71,785,539 =========== (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 - GLOBAL TECHNOLOGY PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS--97.4% TECHNOLOGY--83.4% Communication Equipment--14.6% Corning, Inc. (a) 127,200 $ 2,458,776 Telefonaktiebolaget LM Ericsson 690,290 2,538,443 Juniper Networks, Inc. (a) 366,250 8,713,088 Motorola, Inc. 181,300 4,004,917 QUALCOMM, Inc. 315,500 14,118,625 Scientific-Atlanta, Inc. 32,600 1,222,826 ZTE Corp. (People's Republic of China) 612,400 1,996,904 ------------ 35,053,579 ------------ COMPUTER HARDWARE/STORAGE/PERIPHERALS--10.7% Apple Computer, Inc. (a) 113,900 6,106,179 Dell, Inc. (a) 204,050 6,978,510 EMC Corp. (a) 704,563 9,117,045 International Business Machines Corp. (IBM) 44,500 3,569,790 ------------ 25,771,524 ------------ COMPUTER SERVICES--6.5% Alliance Data Systems Corp. (a) 60,900 2,384,235 Cap Gemini SA (a) 50,788 1,984,149 Fiserv, Inc. (a) 87,525 4,014,772 Infosys Technologies Ltd. (ADR) (India) 95,800 7,116,024 ------------ 15,499,180 ------------ CONTRACT MANUFACTURING--0.7% Hon Hai (Salomon Smith Barney) warrants expiring 1/17/07 (Taiwan) (a) 357,834 1,665,896 ------------ ELECTRONIC COMPONENTS--1.2% AU Optronics Corp. (ADR) (Taiwan) 59,209 767,349 LG. Philips LCD Co., Ltd. (ADR) (South Korea) (a) 102,200 2,101,232 ------------ 2,868,581 ------------ INTERNET--8.7% Fastweb (Italy) (a) 37,215 1,667,791 Google, Inc. Cl.A (a) 38,500 12,183,710 Yahoo!, Inc. (a) 208,100 7,042,104 ------------ 20,893,605 ------------ SEMI-CONDUCTOR CAPITAL EQUIPMENT--2.4% Applied Materials, Inc. 197,200 3,344,512 KLA-Tencor Corp. 48,400 2,359,984 ------------ 5,704,496 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- SEMI-CONDUCTOR COMPONENTS--16.7% Broadcom Corp. Cl.A (a) 189,200 $ 8,875,372 Intel Corp. 269,500 6,643,175 Marvell Technology Group Ltd. (Bermuda) (a) 172,900 7,972,419 Samsung Electronics Co., Ltd. (GDR) (South Korea) (b) 13,947 3,937,032 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (Taiwan) 562,937 4,627,342 Texas Instruments, Inc. 230,000 7,797,000 United Microelectronics Corp. (ADR) (Taiwan) 82,052 295,387 ------------ 40,147,727 ------------ SOFTWARE--16.3% Amdocs Ltd. (Israel) (a) 19,200 532,416 Autodesk, Inc. (a) 27,800 1,291,032 Citrix Systems, Inc. (a) 48,800 1,226,832 McAfee, Inc. (a) 86,400 2,714,688 Microsoft Corp. 673,500 17,329,155 NAVTEQ Corp. (a) 37,600 1,878,120 Oracle Corp. (a) 580,350 7,190,537 SAP AG (ADR) (Germany) 163,350 7,077,956 ------------ 39,240,736 ------------ MISCELLANEOUS--5.6% Canon, Inc. (Japan) 93,400 5,068,707 HOYA Corp. (Japan) 61,100 2,038,048 Hoya Corp. (a) (c) 183,300 6,232,717 ------------ 13,339,472 ------------ 200,184,796 ------------ CONSUMER SERVICES--9.4% BROADCASTING & CABLE--2.4% Time Warner, Inc. 197,000 3,567,670 XM Satellite Radio Holdings, Inc. (a) 58,600 2,104,326 ------------ 5,671,996 ------------ CELLULAR COMMUNICATIONS--5.5% 02 PLC (United Kingdom) 633,505 1,763,088 America Movil, S.A. de C.V. Series L (ADR) (Mexico) 293,500 7,724,920 Vodafone Group Plc (ADR) (United Kingdom) 1,441,076 3,749,230 ------------ 13,237,238 ------------ RETAIL - GENERAL MERCHANDISE--1.1% eBay, Inc. (a) 64,000 2,636,800 ------------ TELECOMMUNICATION SERVICES--0.4% InPhonic, Inc. (a) 61,200 841,500 ------------ 22,387,534 ------------ UTILITIES--3.0% TELEPHONE UTILITY--3.0% China Telecom Corp., Ltd. (People's Republic of China) 3,514,000 1,323,600 Sprint Corp. 247,939 5,895,990 ------------ 7,219,590 ------------ Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- CAPITAL GOODS--1.6% ELECTRICAL EQUIPMENT--0.7% Sumitomo Electric Industries Ltd. (Japan) 117,300 $ 1,588,230 ------------ MISCELLANEOUS--0.9% NITTO DENKO Corp. (Japan) 39,900 2,254,258 ------------ 3,842,488 ------------ Total Common Stocks & Other Investments (cost $191,876,245) 233,634,408 ------------ SHORT-TERM INVESTMENT--0.9% TIME DEPOSIT--0.9% The Bank of New York 2.75%, 10/03/2005 (cost $2,047,000) $ 2,047 2,047,000 ------------ TOTAL INVESTMENTS--98.3% (cost $193,923,245) 235,681,408 Other assets less liabilities--1.7% 4,240,474 ------------ NET ASSETS--100% $239,921,882 ============ (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 September 30, 2005, the aggregate market value of this security amounted to $3,937,032 or 1.6% of net assets. (c) 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. ALLIANCEBERNSEIN VARIABLE PRODUCTS SERIES FUND - WORLDWIDE PRIVATIZATION PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON & PREFERRED STOCKS--97.9% AUSTRALIA--1.6% CSL Ltd. 31,027 $ 909,087 Telestra Corp., Ltd. 84,390 260,723 ----------- 1,169,810 ----------- AUSTRIA--0.7% Erste Bank der Oesterreichischen Sparkassen AG 9,735 521,148 ----------- BRAZIL--6.2% All America Latina Logistica, SA (GDR) (a) 5,900 235,028 Cia Siderurgica Nacional, SA (ADR) 8,200 190,404 Companhia Vale do Rio Doce (ADR) 31,300 1,312,923 Itausa-Investimentos Itau, SA pfd.(b) 421,732 1,202,679 Petroleo Brasilerio, SA (ADR) 21,500 1,370,626 Telesp Celular Participacoes, SA (ADR)(b) 64,700 252,977 ----------- 4,564,637 ----------- CHILE--0.1% Enersis, SA (ADR) 6,000 68,640 ----------- EGYPT--0.8% Egyptian Co. for Mobile Services 11,918 420,461 Orascom Telecom Holding SAE (GDR) 3,557 173,870 ----------- 594,331 ----------- FINLAND--2.3% Fortum Oyj 27,791 557,791 Sampo Oyj 32,393 514,146 TietoEnator Oyj 17,650 594,307 ----------- 1,666,244 ----------- FRANCE--10.4% Accor, SA 15,322 775,806 BNP Paribas, SA 12,171 926,105 France Telecom SA 35,500 1,021,282 Gaz de France 6,826 228,231 Pernod-Ricard, SA 2,293 404,377 Sanofi-Aventis 10,866 899,886 Societe des Autoroutes Paris-Rhin-Rhone 3,611 242,926 Total, SA 4,827 1,313,989 Veolia Environnement 27,393 1,158,110 Vinci, SA 7,957 685,512 ----------- 7,656,224 ----------- GERMANY--3.9% Deutsche Postbank AG 5,905 322,964 Deutsche Telekom AG 19,836 361,475 Fraport AG 14,790 760,646 Premiere AG(b) 21,765 610,352 Rhon-Klinikum AG 8,672 329,276 SAP AG 2,927 507,261 ----------- 2,891,974 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- GREECE--1.4% Greek Organization of Football Prognostics 26,791 $ 833,670 Public Power Corp. 10,617 233,698 ----------- 1,067,368 ----------- HONG KONG--0.8% Yue Yuen Industrial Holdings 201,500 553,275 ----------- HUNGARY--1.1% OTP Bank Rt. 20,054 788,466 ----------- INDIA--2.4% Icici Bank Ltd. 23,433 321,693 Industrial Development Bank of India 208,280 585,898 Oil & Natural Gas, Corp. 13,265 320,165 Tata Motors Ltd. 42,962 523,739 ----------- 1,751,495 ----------- INDONESIA--0.5% Telekomunikasi Indonesia 668,000 347,828 ----------- ISRAEL--1.1% Bank Hapoalim Ltd. 209,200 813,815 ----------- ITALY--3.2% Eni S.p.A 42,092 1,248,584 Fastweb (b) 10,165 455,545 Luxottica Group SpA 16,757 417,207 Terna SpA 97,885 252,637 ----------- 2,373,973 ----------- JAPAN--11.7% Daiichi Sankyo Co., Ltd. 25,100 514,072 East Japan Railway Co. 184 1,051,963 Electric Power Development Co., Ltd. 15,700 524,312 Japan Airlines System Corp. 74,000 196,396 Japan Tobacco, Inc. 70 1,105,310 Mitsubishi Tokyo Financial Group, Inc. 160 2,094,865 Namco Bandai Holdings, Inc. 26,150 435,373 Nomura Holdings, Inc. 84,000 1,306,931 NTT DoCoMo, Inc. 321 574,870 NTT Urban Development Corp. 49 251,705 Toyota Motor Corp. 12,300 567,557 ----------- 8,623,354 ----------- LUXEMBOURG--1.1% SES Global 50,260 785,498 ----------- MALAYSIA--0.6% Telekom Malaysia Berhad 164,500 454,425 ----------- MEXICO--3.7% America Movil, SA de CV Series L (ADR) 59,700 1,571,304 Grupo Financiero Banorte SA de CV Cl.B 27,000 241,261 Grupo Televisa, SA (ADR) 7,000 501,970 Urbi, Desarrollos Urbanos, SA de C.V. (b) 56,200 417,960 ----------- 2,732,495 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- NETHERLANDS--1.8% ING Groep NV 45,341 $ 1,351,538 ----------- NORWAY--1.9% DNB NOR ASA 42,500 438,124 Norsk Hydro ASA 8,632 961,244 ----------- 1,399,368 ----------- PEOPLES REPUBLIC OF CHINA--2.7% China Petroleum and Chemical Corp. (Sinopec) 1,114,000 508,170 China Shenhua Energy Co., Ltd. (b) 772,000 905,618 China Telecommunication Corp. 1,606,000 604,924 ----------- 2,018,712 ----------- PERU--0.2% Explosivios, SA Cl.C (c) 302,906 152,223 ----------- POLAND--0.6% Polski Koncern Naftowy Orlen, SA 21,900 448,467 ----------- RUSSIA--4.1% AFK Sistema (GDR) (a)(b) 16,374 401,163 AO VimpelCom (ADR) (b) 15,300 679,932 JSC MMC Norilsk Nickel (ADR) 4,981 395,242 Lukoil Holdings (ADR) 8,648 499,422 Mechel Steel Group OAO (ADR) 11,500 419,520 Mobile Telesystems (ADR) 5,500 223,740 Uralsvyazinform (ADR) 47,100 370,206 ----------- 2,989,225 ----------- SINGAPORE--0.8% DBS Group Holdings Ltd. 31,172 291,742 Singapore Airlines Ltd. 39,000 267,798 ----------- 559,540 ----------- SOUTH AFRICA--3.3% Anglogold Ashanti Ltd. (ADR) 11,803 500,919 FirstRand Ltd. 273,021 728,285 MTN Group Ltd. 82,412 682,976 Naspers Ltd. 33,929 553,592 ----------- 2,465,772 ----------- SOUTH KOREA--3.8% Kookmin Bank (b) 15,570 922,198 Kookmin Bank (ADR) 16,735 991,549 KT Freetel Co., Ltd. 12,630 317,064 LG Electronics, Inc. 4,620 311,058 LG. Philips LCD Co., Ltd. (ADR) (b) 13,900 285,784 ----------- 2,827,653 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SPAIN--4.8% Altadis, SA 19,030 $ 853,153 Banco Bilbao Vizcaya Argentaria, SA 74,194 1,302,151 Indra Sistemas, SA 16,904 371,207 Red Electrica de Espana 14,282 408,341 Telefonica, SA 35,547 583,256 ----------- 3,518,108 ----------- SWEDEN--0.4% Eniro AB 23,598 275,293 ----------- SWITZERLAND--2.1% Novartis AG 14,186 721,490 Roche Holding AG 2,339 324,959 Swiss Reinsurance 8,053 529,334 ----------- 1,575,783 ----------- TAIWAN--3.6% Advanced Semiconductor Engineering, Inc. 483,918 328,804 Cathay Financial Holding Co., Ltd. 99,000 185,037 Cathay Financial Holding Co., Ltd. (GDR) 31,259 583,065 China Steel Corp. 732,000 654,416 Taiwan Semiconductor Co. 442,503 712,789 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 28,087 230,875 ----------- 2,694,986 ----------- THAILAND--1.1% PTT Public Co., Ltd. 78,200 464,876 Siam Commercial Bank Public Co., Ltd. 283,100 352,543 ----------- 817,419 ----------- TURKEY--2.1% Turkcell Iletisim Hizmet AS 92,485 508,317 Turkiye Is Bankasi 145,688 1,010,381 ----------- 1,518,698 ----------- UNITED KINGDOM--11.0% 02 Plc 299,311 833,003 Associated British Ports Holding Plc 28,420 263,566 BAE Systems Plc 283,696 1,721,394 BP p.l.c. (ADR) 42,140 497,596 Capita Group Plc 60,518 402,673 Centrica Plc 140,609 611,323 National Grid Plc 91,477 858,799 Next Plc 24,382 599,864 Smiths Group Plc 43,888 742,847 Tesco Plc 131,205 717,143 Vodafone Group Plc 279,750 727,822 Wolfson Microelectronics Plc (b) 40,779 166,868 ----------- 8,142,898 ----------- Total Common & Preferred Stocks (cost $50,902,533) 72,180,683 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- RIGHTS - 0.1% France Telecom, SA Rights, expiring 10/04/05 35,483 $ 3,412 Polish Oil & Gas Rights, expiring 10/20/05 70,344 86,257 ----------- Total Rights (cost $65,451) 89,669 ----------- SHORT-TERM INVESTMENT--1.5% TIME DEPOSIT--1.5% The Bank of New York 2.75 % 10/03/05 (cost $1,097,000) $ 1,097 $ 1,097,000 ----------- TOTAL INVESTMENTS--99.5% (cost $52,064,984) 73,367,352 Other assets less liabilities--0.5% 399,284 ----------- NET ASSETS--100% $73,766,636 =========== SECTOR DIVERSIFICATION September 30, 2005 (unaudited) SECTOR U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Finance $18,995,583 25.7% Consumer Services 10,078,040 13.7 Utilities 9,772,123 13.2 Energy 8,277,187 11.2 Technology 5,400,670 7.3 Basic Industry 4,379,042 5.9 Healthcare 3,698,770 5.0 Consumer Staples 3,633,258 4.9 Transportation 2,554,129 3.5 Consumer Manufacturing 2,087,866 2.8 Aerospace & Defense 1,721,394 2.3 Capital Goods 895,070 1.2 Multi-Industry Companies 777,220 1.1 ----------- ----- Total Investments* 72,270,352 97.8 Cash and receivables, net of liabilities 1,496,284 2.2 ----------- ----- Net Assets $73,766,636 100.0% ----------- ----- *Excludes short-term obligations. (a) 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 September 30, 2005, the aggregate market value of this security amounted to $636,191 of net assets (b) Non-income producing security. (c) Illiquid security, valued at fair value 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 sectors categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - GLOBAL BOND PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- LONG-TERM INVESTMENTS--90.3% AUSTRIA--5.0% GOVERNMENT OBLIGATION--5.0% Republic of Austria 3.80%, 10/20/13 (a) EUR $ 2,500 $ 3,168,725 ----------- BELGIUM--4.7% GOVERNMENT OBLIGATION--4.7% Kingdom of Belgium 4.25%, 9/28/14 (a) 2,300 3,005,754 ----------- CANADA--4.4% GOVERNMENT OBLIGATION--4.4% Government of Canada 4.25%, 9/01/09 (a) CAD 2,047 1,807,207 5.25%, 6/01/13 (a) 775 727,713 5.75%, 6/01/33 (a) 284 304,643 ----------- 2,839,563 ----------- DENMARK--2.0% GOVERNMENT OBLIGATION--2.0% Kingdom of Denmark 6.00%, 11/15/09 (a) DKK 6,960 1,268,883 ----------- FINLAND--4.8% GOVERNMENT OBLIGATION--4.8% Government of Finland 5.375%, 7/04/13 (a) EUR 2,175 3,043,298 ----------- FRANCE--5.0% GOVERNMENT OBLIGATION--5.0% Government of France 3.50%, 4/25/15 (a) 760 939,337 4.00%, 10/25/13 (a) 376 483,259 5.00%, 4/25/12 (a) 831 1,124,858 6.50%, 4/25/11 (a) 466 666,404 ----------- 3,213,858 ----------- GERMANY--13.7% BANKING--4.5% KFW Bankengruppe 1.85%, 9/20/10 (a) 245,000 2,271,490 Landwirtschaftliche Rentenbank 1.375%, 4/25/13 (a) 70,000 623,747 ----------- 2,895,237 ----------- GOVERNMENT OBLIGATION--9.2% Bundesobligation 3.25%, 4/17/09 (b) 500 614,696 Deutschland Bundesrepublik 4.00%, 7/04/09 (a) 1,813 2,287,592 4.75%, 7/04/34 (a) 1,495 2,170,053 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- 5.00%, 7/04/12 (a) EUR $ 619 $ 839,163 ----------- 5,911,504 ----------- 8,806,741 ----------- IRELAND--1.1% GOVERNMENT OBLIGATION--1.1% Republic of Ireland 4.25%, 10/18/07 (a) 565 703,762 ----------- JAPAN--14.1% GOVERNMENT OBLIGATION--14.1% Government of Japan 0.80%, 9/10/15 (a) JPY 100,100 878,431 1.00%, 6/20/13 (a) 700,950 6,078,913 1.30%, 12/20/14 (a) 93,300 814,245 1.40%, 3/20/12 (a) 96,650 871,428 1.90%, 3/20/25 (a) 44,600 385,396 ----------- 9,028,413 ----------- MEXICO--1.5% BANKING--1.5% Inter-American Development Bank 9.50%, 6/16/15 (a) MXP 10,000 971,460 ----------- NETHERLANDS--5.4% GOVERNMENT OBLIGATION--5.4% Kingdom of Netherlands 3.75%, 7/15/09-7/15/14 (a) EUR 2,550 3,478,801 ----------- SPAIN--2.4% GOVERNMENT OBLIGATION--2.4% Kingdom of Spain 6.15%, 1/31/13 (a) 1,046 1,518,060 ----------- SWEDEN--3.6% GOVERNMENT OBLIGATION--3.6% Government of Sweden 6.50%, 5/05/08 (a) SEK 16,030 2,278,763 ----------- UNITED KINGDOM--1.3% BANKING--0.2% Scotland International Finance II BV 4.25%, 5/23/13 (b) GBP 160 153,455 ----------- GOVERNMENT OBLIGATION--1.1% Government of United Kingdom 4.25%, 3/07/36 (a) 403 710,789 ----------- 864,244 ----------- UNITED STATES--5.4% FINANCIAL--3.7% Berkshire Hathaway, Inc. 4.20%, 12/15/10 US$ 350 341,643 Citigroup, Inc. 4.625%, 8/03/10 107 106,324 Genworth Financial, Inc. 1.60%, 6/20/11 75,000 660,552 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- International Lease Finance Corp. 3.50%, 4/01/09 US$ $ 350 $ 333,710 Pershing Road Development Co. 3.73%, 9/01/26 (b) (c) 660 660,000 SunTrust Bank Series CD 3.458%, 6/02/09 (c) 250 250,299 ----------- 2,352,528 ----------- INDUSTRIAL--0.5% General Electric Co. 5.00%, 2/01/13 330 332,743 RETAIL--1.2% Wal-Mart Stores, Inc. 4.55%, 5/01/13 750 739,120 ----------- 3,424,391 ----------- U.S. GOVERNMENT AND GOVERNMENT SPONSORED AGENCY OBLIGATIONS--15.9% Federal Home Loan Mortgage Corp. 5.125%, 11/07/13 US$ 1,000 1,000,817 Federal National Mortgage Association 4.125%, 4/15/14 1,525 1,472,156 U.S. Treasury Notes 1.625%, 1/15/15 3,363 3,323,222 3.50%, 11/15/09 3,700 3,600,273 4.00%, 3/15/10 800 792,875 ----------- 10,189,343 ----------- Total Long-Term Investments (cost $57,068,502) 57,804,059 ----------- SHORT-TERM INVESTMENTS--5.9% UNITED STATES--5.9% TIME DEPOSIT--5.9% Societe Generale 3.875%, 10/03/05 3,200 3,200,000 The Bank of New York 2.75%, 10/03/05 563 563,000 ----------- Total Short-Term Investments (cost $3,763,000) 3,763,000 ----------- TOTAL INVESTMENTS--96.2% (cost $60,831,502) 61,567,059 Other assets less liabilities--3.8% 2,433,070 ----------- NET ASSETS--100% $64,000,129 =========== FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $ Contract Value on U.S. $ Unrealized Amount Origination Current Appreciation/ (000) Date Value (Depreciation) ----------------------------------------------------------------------------------------- Buy Contracts: British Pound, settling 10/26/05 1,466 $2,617,723 $2,584,125 $ (33,598) Canadian Dollar, settling 10/14/05 584 481,557 502,090 20,533 Euro, settling 10/18/05 3,155 3,904,090 3,795,010 (109,080) Japanese Yen, settling 10/17/05 541,867 4,945,829 4,780,153 (165,677) Norweigan Krone, settling 11/30/05 841 129,414 128,744 (670) Sale Contracts: Canadian Dollar, settling 10/14/05 3,346 2,834,360 2,878,832 (44,472) Danish Krone, settling 10/31/05 2,682 444,838 432,514 12,324 Euro, settling 10/18/05 3,088 3,814,337 3,713,317 101,021 Mexican Peso, settling 10/19/05 6,153 568,765 570,574 (1,809) Swedish Krona, settling 10/21/05 14,145 1,853,363 1,826,209 27,154
(a) Positions, or portion thereof, with an aggregate market value of $44,697,242, has been segregated to collateralize forward exchange currency contracts. (b) 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 September 30, 2005, the aggregate market value of these securities amounted to $1,428,151 or 1.3 % of net assets. (c) Floating rate security. Stated interest rate was in effect at September 30, 2005. Currency Abbreviations: CAD - Canadian Dollar DKK - Danish Krona EUR - Euro GBP - British Pound JPY - Japanese Yen MXP - Mexican Peso SEK - Swedish Krona US$ - United States Dollar. ALLIANCEBERNSTEIN VARIABLE PRODUCT SERIES FUND- GLOBAL DOLLAR GOVERNMENT PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- SOVEREIGN DEBT OBLIGATIONS-79.3% ARGENTINA--4.9% Republic of Argentina 3.97%, 12/31/33 $ 618 $ 638,268 4.005%, 8/03/12 (b) 852 780,174 ----------- 1,418,442 ----------- BELIZE--0.1% Government of Belize 9.50%, 8/15/12 36 30,420 ----------- BRAZIL--15.2% Federal Republic of Brazil 4.3125%, 4/15/12 (b) 588 578,357 8.00%, 1/15/18 37 39,035 8.25%, 1/20/34 34 34,170 9.25%, 10/22/10 45 50,580 10.50%, 7/14/14 287 347,270 11.00%, 8/17/40 (c) 1,317 1,613,324 12.00%, 4/15/10 250 306,250 12.75%, 1/15/20 972 1,351,079 14.50%, 10/15/09 40 52,000 ----------- 4,372,065 ----------- BULGARIA--0.4% Republic of Bulgaria 8.25%, 1/15/15 (d) 94 116,231 ----------- COLOMBIA--2.1% Republic of Colombia 10.75%, 1/15/13 88 110,572 11.75%, 2/25/20 350 487,025 ----------- 597,597 ----------- DOMINICAN REPUBLIC--1.0% Dominican Republic 4.52%, 1/23/18 (d) 22 24,364 4.75%, 9/27/11 (d) 250 275,265 ----------- 299,629 ----------- ECUADOR--0.3% Republic of Ecuador 9.00%, 8/15/30 (a) (d) 80 75,520 ----------- EL SALVADOR--1.2% Republic of El Salvador 7.625%, 9/21/34 (d) 72 79,920 7.65%, 6/15/35 (d) 138 143,865 8.50%, 7/25/11 (d) 100 114,250 ----------- 338,035 ----------- Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- INDONESIA--1.1% Republic of Indonesia 6.75%, 3/10/14 (d) $ 260 $ 255,450 7.25%, 4/20/15 (d) 59 58,558 ----------- 314,008 ----------- LEBANON--1.2% Lebanese Republic 7.875%, 5/20/11 (d) 75 75,750 10.125%, 8/06/08 (d) 207 223,560 11.625%, 5/11/16 (d) 33 38,734 ----------- 338,044 ----------- MALAYSIA--1.1% Malaysia 8.75%, 6/01/09 280 317,312 ----------- MEXICO--15.9% United Mexican States 7.50%, 1/14/12 225 252,450 8.125%, 12/30/19 1,535 1,861,187 11.375%, 9/15/16 364 536,900 Series A 6.375%, 1/16/13 42 44,688 8.00%, 9/24/22 1,173 1,286,041 9.875%, 2/01/10 503 598,570 ----------- 4,579,836 ----------- NIGERIA--0.9% Central Bank of Nigeria Series WW 6.25%, 11/15/20 (a) 250 252,500 ----------- PANAMA--2.6% Republic of Panama 8.875%, 9/30/27 39 48,165 9.375%, 7/23/12, 4/01/29 53 65,630 9.625%, 2/08/11 223 266,485 10.75%, 5/15/20 275 383,350 ----------- 763,630 ----------- PERU--3.1% Republic of Peru 7.35%, 7/21/25 142 150,520 8.375%, 5/03/16 57 66,633 8.75%, 11/21/33 546 659,295 9.875%, 2/06/15 4 5,110 ----------- 881,558 ----------- PHILIPPINES--4.6% Republic of Philippines 8.875%, 3/17/15 331 352,515 9.00%, 2/15/13 300 321,450 9.50%, 2/02/30 127 135,573 9.875%, 1/15/19 125 139,375 10.625%, 3/16/25 327 381,773 ----------- 1,330,686 ----------- Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- RUSSIA--11.5% Russia Ministry of Finance Series V 3.00%, 5/14/08 $ 515 $ 490,229 Series VII 3.00%, 5/14/11 1,310 1,170,878 Russian Federation 5.00%, 3/31/30 (a) (d) 1,460 1,677,540 ----------- 3,338,647 ----------- TURKEY--4.8% Republic of Turkey 7.375%, 2/05/25 116 115,855 11.00%, 1/14/13 195 249,405 11.50%, 1/23/12 233 298,240 11.75%, 6/15/10 140 174,510 11.875%, 1/15/30 375 550,875 ----------- 1,388,885 ----------- UKRAINE--0.7% Government of Ukraine 6.875%, 3/04/11 (d) 113 118,368 11.00%, 3/15/07 (d) 90 94,714 ----------- 213,082 ----------- URUGUAY--1.7% Republic of Uruguay 5.875%, 1/15/33 (e) 343 336,905 7.50%, 3/15/15 29 29,696 9.25%, 5/17/17 100 112,250 ----------- 478,851 ----------- VENEZUELA--4.9% Republic of Venezuela 4.64%, 4/20/11 (d) 80 79,200 5.375%, 8/07/10 (d) 320 311,680 8.50%, 10/08/14 30 33,300 9.25%, 9/15/27 770 911,680 10.75%, 9/19/13 59 73,603 ----------- 1,409,463 ----------- Total Sovereign Debt Obligations (cost $20,717,843) 22,854,441 ----------- CORPORATE DEBT OBLIGATIONS--11.1% BRAZIL--0.4% PF Export Receivables Master Trust 6.436%, 6/01/15 (d) 118 118,667 GERMANY--4.2% Gazprom Oao 9.625%, 3/01/13 (d) 830 1,026,202 Kyivstar 7.75%, 4/27/12 (d) 100 102,210 Citigroup (JSC Severstal) 9.25%, 4/19/14 (d) 68 75,290 ----------- 1,203,702 ----------- Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- HONG KONG--0.3% Noble Group Ltd. 6.625%, 3/17/15 (d) $ 100 $ 92,315 ----------- INDONESIA--0.6% Freeport-McMoran Copper & Gold 10.125%, 2/01/10 150 165,750 ----------- JAMAICA--0.4% Digicel Limited 9.250%, 9/01/12 (d) 100 103,500 ----------- MEXICO--1.4% America Movil, SA de CV 6.375%, 3/01/35 70 68,250 Monterrey Power, SA De C.V. 9.625%, 11/15/09 (d) 45 52,109 Pemex Project Funding Master Trust 8.00%, 11/15/11 250 284,499 ----------- 404,858 ----------- PEOPLE'S REPUBLIC OF CHINA--0.4% Choada Modern Agriculture 7.75%, 2/08/10 (d) 112 108,640 ----------- PERU--0.3% Southern Peru Copper 6.375%, 7/27/15 (d) 100 100,822 ----------- ROMANIA--0.4% MobiFon Holdings BV 12.50%, 7/31/10 (d) 100 117,500 ----------- RUSSIA--1.9% Gazprom Oao 9.625%, 3/1/13 100 123,630 Gazstream, SA 5.625%, 7/22/13 (d) 145 145,363 Mobile Telesystems Finance 9.75%, 1/30/08 (d) 125 135,000 Russian Standard Bank 100 100,550 Tyumen Oil 11.00%, 11/06/07 (d) 55 60,858 ----------- 565,401 ----------- UKRAINE--0.4% Kyivstar 10.375%, 8/17/09 (d) 100 112,120 ----------- Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- KAZAKHSTAN--0.4% Kazkommerts International BV 8.50%, 4/16/13 (d) $ 100 $ 109,375 ----------- Total Corporate Debt Obligations (cost $2,925,086) 3,202,650 ----------- SHORT-TERM INVESTMENTS--9.8% TIME DEPOSIT--1.8% The Bank of New York 2.75% 10/03/05 (cost $524,000) 524 524,000 ----------- REPURCHASE AGREEMENT--8.0% Deutsche Bank, dated 9/29/05 due 10/03/05 in the amount Of $2,300,709.17 (cost $2,300,000 collateralized by Fannie Mae, 4.75% Due 1/2/07, value $2,300,000) 3.70%, 10/03/05 2,300 2,300,000 ----------- Total Short-term Investment (cost $2,824,000) 2,824,000 ----------- TOTAL INVESTMENTS--100.2% (cost $26,466,929) 28,881,091 Other assets less liabilities--(0.2%) (54,396) ----------- NET ASSETS--100% $28,826,695 =========== CALL OPTIONS WRITTEN Exercise Expiration Description Contracts(f) Price Month U.S. $ Value -------------------------------------------------------------------------------- Federal Republic of Brazil 11.00%, 8/17/40 139,000 $119.80 Oct-05 $ (3,753) 11.00%, 8/17/40 270,000 120.25 Oct-05 (6,316) 11.00%, 8/17/40 142,000 120.30 Oct-05 (3,351) 11.00%, 8/17/40 142,000 121.00 Oct-05 (2,428) -------- (premiums received $7,151) $(15,848) ======== 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. Federal Republic of Brazil 12.25%, 3/06/30 390 4.07% 8/20/15 $(22,963) Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 290 4.14 4/20/10 (27,943) Citigroup Global Markets, Inc. Republic of Colombia 8.375%, 2/15/27 150 3.02 1/20/10 (9,089) Citigroup Global Markets, Inc. Republic of Philippines 10.625%, 3/16/25 130 5.60 3/20/14 (10,351) Citigroup Global Markets, Inc. Republic of Hungary 4.50%, 2/06/13 75 0.50 11/26/13 (1,365) Deutsche Bank AG London Federal Republic of Brazil 12.25%, 3/06/30 290 4.02 4/20/10 (25,061) Sale Contracts: Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 609 1.98 4/20/07 17,256 Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 600 3.09 8/20/10 20,918 Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 200 4.40 5/20/06 8,384 Citigroup Global Markets, Inc. Republic of Colombia 8.375%, 2/15/27 250 1.13 1/20/07 2,589 Citigroup Global Markets, Inc. Republic of Philippines 10.625%, 3/16/25 130 4.95 3/20/09 9,700 Credit Suisse First Boston Federal Republic of Brazil 12.25%, 3/06/30 175 6.90% 6/20/07 20,917
Credit Suisse First Boston Federal Republic of Venezuela 9.25%, 9/15/27 520 3.17 9/21/15 $ 10,852 Deutche Bank AG London Federal Republic of Brazil 12.25%, 3/06/30 609 1.90 4/20/07 15,122 Morgan Stanley Federal Republic of Brazil 12.25%, 3/06/30 160 3.80 8/20/06 5,285
(a) Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30,2005. (b) Floating rate security. Stated interest rate was in effect at September 30,2005. (c) A position, or portion of the underlying security has been segregated by the Portfolio for the written call options outstanding at September 30,2005. The value of this security amounted to $1,613,324 at September 30, 2005. (d) 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 September 30, 2005, the aggregate market value of these securities amounted to $6,222,940 or 21.6% of net assets. (e) Pay-In-Kind payments (PIK). (f) One contract relates to principal amount of $1.00. Glossary: DCB - Debt Conversion Bonds IRB - Interest Rate Reduction Bond ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND- HIGH YIELD PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- CORPORATE DEBT OBLIGATIONS--96.6% AEROSPACE/DEFENSE--1.0% L-3 Communications Corp. 5.875%, 1/15/15 $ 195 $ 188,663 Sequa Corp. 9.00%, 8/01/09 70 74,200 Transdigm, Inc. 8.375%, 7/15/11 185 193,787 ----------- 456,650 ----------- AIR TRANSPORTATION--0.5% ATA Airlines, Inc. 6.99%, 4/15/16 (a) 289 245,931 ----------- AUTOMOTIVE--3.4% Affinia Group, Inc. 9.00%, 11/30/14 (a) 85 66,300 Asbury Automotive Group 8.00%, 3/15/14 109 103,550 Ford Motor Co. 7.45%, 7/16/31 150 117,000 Ford Motor Credit Co. 4.95%, 1/15/08 195 185,569 General Motors Acceptance Corp. 6.875%, 9/15/11 260 236,499 General Motors Corp. 7.75%, 3/15/36(b) 410 104,550 HLI Operating Co., Inc. 10.50%, 6/15/10 170 147,050 Keystone Automotive Operations, Inc. 9.75%, 11/01/13 233 231,835 TRW Automotive 9.375%, 2/15/13 93 100,905 11.00%, 2/15/13 67 75,543 United Auto Group, Inc. 9.625%, 3/15/12 115 119,600 Visteon Corp. 7.00%, 3/10/14 140 121,450 ----------- 1,609,851 ----------- BROADCASTING/MEDIA--1.4% Allbritton Communications Co. 7.75%, 12/15/12 165 163,763 Corus Entertainment, Inc. (Canada) 8.75%, 3/01/12 120 128,550 Emmis Communications Corp. 9.745%, 6/15/12 (c) 80 80,600 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Lamar Media Corp. 6.625%, 8/15/15 (a) $ 130 $ 132,275 LIN Television Corp. 6.50%, 5/15/13 (a) 185 175,287 ----------- 680,475 ----------- BUILDING/REAL ESTATE--3.5% Associated Materials, Inc. 11.25%, 3/01/14 (b) 385 192,500 D.R. Horton, Inc. 6.875%, 5/01/13 190 199,070 KB HOME 7.75%, 2/01/10 190 195,671 M/I Homes, Inc. 6.875%, 4/01/12 205 191,675 Meritage Homes 6.25%, 3/15/15 295 269,925 Schuler Homes, Inc. 10.50%, 7/15/11 155 167,400 WCI Communities, Inc. 6.625%, 3/15/15 170 153,850 Williams Lyon Homes, Inc. 10.75%, 4/01/13 285 307,087 ----------- 1,677,178 ----------- CABLE--9.2% Cablevision Systems Corp. Series B 8.00%, 4/15/12 355 344,350 Charter Communications Holdings LLC 11.75%, 5/15/11 (b) 1,385 990,274 CSC Holdings, Inc. 7.00%, 4/15/12 (a) 190 179,550 7.625%, 7/15/18 195 182,325 DirecTV Holdings LLC 6.375%, 6/15/15 (a) 280 277,900 EchoStar DBS Corp. 6.375%, 10/01/11 150 148,688 Innova S. de R.L., SA (Mexico) 9.375%, 9/19/13 225 255,375 Insight Communications Co., Inc. 12.25%, 2/15/11 (b) 285 290,700 Insight Midwest LP/Insight Capital, Inc. 9.75%, 10/01/09 190 194,275 Intelsat Bermuda Ltd. 8.625%, 1/15/15 (a) 245 249,900 8.695%, 1/15/12 (a)(c) 65 66,138 PanAmSat Corp. 9.00%, 8/15/14 168 177,240 PanAmSat Holding Corp. 10.375%, 11/01/14 (b) 558 385,019 Rainbow National Services LLC 8.75%, 9/01/12 (a) 200 213,250 10.375%, 9/01/14 (a) 195 220,350 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Rogers Cable, Inc. (Canada) 6.75%, 3/15/15 $ 245 $ 245,613 ----------- 4,420,947 ----------- CHEMICALS--4.1% Borden U.S. Finance Corp./Nova Scotia Finance ULC 9.00%, 7/15/14 (a) 175 177,625 Equistar Chemical Funding LP 10.125%, 9/01/08 185 198,875 10.625%, 5/01/11 130 141,700 Huntsman Advance Materials LLC 11.00%, 7/15/10 140 156,800 Huntsman ICI Chemicals LLC 10.125%, 7/01/09 124 127,565 Huntsman LLC 11.50%, 7/15/12 178 203,365 Nell AF SARL 8.375%, 8/15/15 (a) 495 483,862 Quality Distribution LLC 9.00%, 11/15/10 365 335,800 Westlake Chemical Corp. 8.75%, 7/15/11 125 134,688 ----------- 1,960,280 ----------- COMMUNICATIONS - FIXED--5.2% Cincinnati Bell, Inc. 7.00%, 2/15/15 155 149,575 Citizens Communications Co. 6.25%, 1/15/13 270 259,200 Eircom Funding (Ireland) 8.25%, 8/15/13 245 265,825 Hawaiian Telcom Communications, Inc. 9.75%, 5/01/13 (a) 115 117,300 12.50%, 5/01/15 (a) 90 90,900 MCI, Inc. 7.688%, 5/01/09 150 155,625 Qwest Capital Funding, Inc. 7.25%, 2/15/11 355 338,138 Qwest Corp. 8.875%, 3/15/12 165 180,263 Qwest Services Corp. 13.50%, 12/15/10 423 484,334 Time Warner Telecom, Inc. 10.125%, 2/01/11 175 180,250 Valor Telecommunications Enterprises LLC 7.75%, 2/15/15 275 266,750 ----------- 2,488,160 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- COMMUNICATIONS - MOBILE--6.4% Digicel Ltd. 9.25%, 9/01/12 (a) $ 261 $ 270,135 Inmarsat Finance Plc (United Kingdom) 7.625%, 6/30/12 (a) 145 149,350 10.375%, 11/15/12 (b) 205 168,100 KYIVSTAR (Denmark) 10.375%, 8/17/09 (a) 500 560,600 MobiFon Holdings BV (Netherlands) 12.50%, 7/31/10 505 593,374 Mobile Telesystems Finance, SA 8.00%, 1/28/12 (a) 286 302,803 Nextel Communications, Inc. 6.875%, 10/31/13 265 281,285 Nextel Partners, Inc. 12.50%, 11/15/09 72 76,860 Rogers Wireless, Inc. (Canada) 7.25%, 12/15/12 185 195,638 7.50%, 3/15/15 233 251,058 Rural Cellular Corp. 9.75%, 1/15/10 210 212,100 ----------- 3,061,303 ----------- CONSUMER MANUFACTURING--2.7% ACCO Brands Corp. 7.625%, 8/15/15 (a) 235 232,650 Broder Brothers Co. 11.25%, 10/15/10 267 264,330 Jostens IH Corp. 7.625%, 10/01/12 240 242,400 Levi Strauss & Co. 8.254%, 4/01/12 (c) 190 189,525 North Atlantic Holding Co., Inc. 12.25%, 3/01/14 (b) 225 45,000 Playtex Products, Inc. 8.00%, 3/01/11 190 199,025 Quicksilver, Inc. 6.875%, 4/15/15 (a) 105 100,800 ----------- 1,273,730 ----------- DIVERSFIED MEDIA--3.7% American Media Operation 8.875%, 1/15/11 140 123,900 10.25%, 5/01/09 155 151,125 Dex Media, Inc. 8.00%, 11/15/13 200 205,500 Dex Media East LLC 9.875%, 11/15/09 50 54,375 12.125%, 11/15/12 91 106,470 Dex Media West LLC Series B 8.50%, 8/15/10 80 84,600 9.875%, 8/15/13 239 263,796 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Primedia, Inc. 8.00%, 5/15/13 $ 10 $ 211,575 8.875%, 5/15/11 8 8,380 WDAC Subsidiary 8.375%, 12/01/14 (a) 270 261,225 WMG Holding Corp. 9.50%, 12/15/14 (b) 438 306,600 ----------- 1,777,546 ----------- ENERGY--5.2% Amerada Hess Corp. 7.30%, 8/15/31 250 291,663 Chesapeake Energy Corp. 6.50%, 8/15/17(a) 195 198,413 7.75%, 1/15/15 195 207,675 El Paso Corp. 7.75%, 1/15/32 361 363,707 Enterprise Products Operating LP Series B 5.60%, 10/15/14 280 279,015 Grant Prideco, Inc. 6.125%, 8/15/15 (a) 105 106,050 HilCorp Energy 10.50%, 9/01/10 (a) 340 373,999 Kerr-McGee Corp. 6.875%, 9/15/11 285 304,659 Premcor Refining Group, Inc. 9.50%, 2/01/13 115 129,663 Pride International, Inc. 7.375%, 7/15/14 210 228,113 ----------- 2,482,957 ----------- ENTERTAINMENT/ LEISURE--1.5% NCL Corp. (Bermuda) 11.625%, 7/15/14 (a) 270 284,850 Royal Caribbean Cruises, Ltd. (Liberia) 8.75%, 2/02/11 140 157,150 Universal City Development 11.75%, 4/01/10 195 220,350 Universal City Florida Holding Co. 8.375%, 5/01/10 60 62,250 ----------- 724,600 ----------- FINANCIAL--3.1% Crum & Forster Holdings Corp. 10.375%, 6/15/13 105 114,713 Fairfax Financial Holdings Ltd. (Canada) 7.375%, 4/15/18 145 125,425 7.75%, 4/26/12 290 278,399 8.25%, 10/01/15 75 71,250 Liberty Mutual Group 5.75%, 3/15/14 (a) 280 273,595 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Markel Capital Trust I Series B 8.71%, 1/01/46 $ 260 $ 276,475 Navistar International Corp. 6.25%, 3/01/12 195 185,250 PXRE Capital Trust I 8.85%, 2/01/27 45 44,100 Royal & Sun Alliance Insurance (United Kingdom) 8.95%, 10/15/29 80 101,121 ----------- 1,470,328 ----------- FOOD/BEVERAGE--1.1% Central European Distribution Corp. 8.00%, 7/25/12 (a)(d) 59 76,227 Del Monte Corp. 8.625%, 12/15/12 115 123,625 Dole Food Co., Inc. 8.625%, 5/01/09 105 109,725 8.875%, 3/15/11 38 39,425 Foodcorp Ltd. 8.875%, 6/15/12 (a)(d) 125 161,499 ----------- 510,501 ----------- GAMING--4.8% Ameristar Casinos, Inc. 10.75%, 2/15/09 95 101,531 Kerzner International Ltd. 6.75%, 10/01/15 (a) 255 247,031 MGM Mirage, 6.625%, 7/15/15 (a) 287 283,772 8.375%, 2/01/11 280 301,000 Mohegan Tribal Gaming Authority 7.125%, 8/15/14 255 263,925 Park Place Entertainment Corp. 7.875%, 3/15/10 90 97,875 9.375%, 2/15/07 120 126,600 Penn National Gaming, Inc. 6.875%, 12/01/11 220 221,100 Riviera Holdings Corp. 11.00%, 6/15/10 210 226,800 Seneca Gaming Corp. 7.25%, 5/01/12 260 266,500 Turning Stone Casino Resort Enterprises 9.125%, 12/15/10 (a) 140 145,600 ----------- 2,281,734 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- HEALTHCARE--6.2% Concentra Operating Corp. 9.125%, 6/01/12 $ 95 $ 98,800 9.50%, 8/15/10 95 99,513 Coventry Health Care, Inc. 5.875%, 1/15/12 90 91,350 6.125%, 1/15/15 105 107,625 DaVita, Inc. 7.25%, 3/15/15 310 314,263 Hanger Orthopedic Group, Inc. 10.375%, 2/15/09 260 264,550 HCA, Inc. 6.375%, 1/15/15 355 351,219 Iasis Healthcare Corp. 8.75%, 6/15/14 245 254,188 PacifiCare Health Systems, Inc. 10.75%, 6/01/09 182 197,015 Select Medical Corp. 7.625%, 2/01/15 400 382,999 Triad Hospitals, Inc. 7.00%, 11/15/13 240 243,000 Universal Hospital Services, Inc. 10.125%, 11/01/11 240 246,000 Vanguard Health Holdings Co. 11.25%, 10/01/15 (b) 465 337,125 ----------- 2,987,647 ----------- HOTEL/LODGING--2.2% Gaylord Entertainment Co. 8.00%, 11/15/13 136 142,800 Host Marriott LP Series G 9.25%, 10/01/07 160 168,600 Series I 9.50%, 1/15/07 125 130,781 La Quinta Properties, Inc. 8.875%, 3/15/11 185 197,950 Starwood Hotels Resorts 7.875%, 5/01/12 175 190,750 Vail Resorts, Inc. 6.75%, 2/15/14 210 209,475 ----------- 1,040,356 ----------- INDUSTRIAL--5.6% Amsted Industries, Inc. 10.25%, 10/15/11 (a) 255 277,950 Amtrol, Inc. 10.625%, 12/31/06 295 262,550 Case New Holland, Inc. 9.25%, 8/01/11 175 185,063 Dayton Superior Corp. 10.75%, 9/15/08 90 90,900 13.00%, 6/15/09 105 84,000 FastenTech, Inc. 11.50%, 5/01/11 120 124,350 Fimep, SA (France) 10.50%, 2/15/13 115 131,675 Goodman Global Holdings 7.875%, 12/15/12 (a) 270 244,350 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Mueller Group, Inc. 10.00%, 5/01/12 $ 190 $ 201,400 NMHG Holdings Co. 10.00%, 5/15/09 105 112,350 Sensus Metering Systems, Inc. 8.625%, 12/15/13 250 230,000 Terex Corp. Series B 10.375%, 4/01/11 195 208,650 TriMas Corp. 9.875%, 6/15/12 295 241,900 Trinity Industries 6.50%, 3/15/14 305 300,425 ----------- 2,695,563 ----------- MINING & METALS--3.3% AK Steel Corp. 7.875%, 2/15/09 450 436,500 Citigroup (JSC Severstal) 9.25%, 4/19/14 274 303,373 Freeport-McMoRan Copper & Gold, Inc. Cl.B 10.125%, 2/01/10 120 132,600 International Steel Group 6.50%, 4/15/14 234 231,660 Ispat Inland ULC 9.75%, 4/01/14 201 233,160 Peabody Energy Corp. 6.875%, 3/15/13 220 229,900 ----------- 1,567,193 ----------- NON-AIR TRANSPORTATION--0.2% Horizon Lines LLC 9.00%, 11/01/12 105 112,481 ----------- PAPER/PACKAGING--3.8% Anchor Glass Container Corp. 11.00%, 2/15/13 (e) 135 86,400 Berry Plastics Corp. 10.75%, 7/15/12 185 198,875 Crown Euro Holdings, SA (France) 9.50%, 3/01/11 215 235,425 Georgia-Pacific Corp. 8.875%, 5/15/31 130 153,747 9.375%, 2/01/13 285 317,776 Graphic Packaging International Corp. 9.50%, 8/15/13 215 202,100 Newpage Corp. 10.00%, 5/01/12 255 239,700 Owens-Brockway Glass Container 8.875%, 2/15/09 200 210,000 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Pliant Corp. 13.00%, 6/01/10 $ 300 $ 142,500 Russell-Stanley Holdings, Inc. 9.00%, 11/30/08 (f)(g)(h) 91 41,103 ----------- 1,827,626 ----------- PUBLIC UTILITIES - ELECTRIC & GAS--10.2% AES Corp. 8.75%, 5/15/13 (a) 55 60,225 9.00%, 5/15/15 (a) 100 109,750 Aquila, Inc. 14.875%, 7/01/12 (i) 135 184,275 Calpine Corp. 8.50%, 7/15/10 (a) 295 210,925 DPL, Inc. 6.875%, 9/01/11 90 96,975 Dynegy Holdings, Inc. 10.125%, 7/15/13 (a) 150 167,250 Dynegy-Roseton Danskamme Series B 7.67%, 11/08/16 240 238,800 Edison Mission Energy 9.875%, 4/15/11 305 361,425 FirstEnergy Corp. Series B 6.45%, 11/15/11 305 324,753 Northwest Pipeline Corp. 8.125%, 3/01/10 105 112,088 NRG Energy, Inc. 8.00%, 12/15/13 172 183,180 Ormat Funding Corp. 8.25%, 12/30/20 226 227,464 Reliant Energy, Inc. 6.75%, 12/15/14 185 181,763 9.50%, 7/15/13 240 265,200 Southern Natural Gas Co. 7.35%, 2/15/31 155 158,237 8.875%, 3/15/10 130 140,518 TECO Energy, Inc. 6.75%, 5/01/15 (a) 220 230,450 7.00%, 5/01/12 180 189,900 TXU Corp. 6.50%, 11/15/24 504 472,136 5.50%, 11/15/14 205 194,612 Williams Cos., Inc. 7.625%, 7/15/19 445 481,712 7.875%, 9/01/21 255 280,500 ----------- 4,872,138 ----------- RESTAURANTS--0.3% Domino's, Inc. 8.25%, 7/01/11 127 133,350 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- RETAIL--1.5% GSC Holdings Corp. 8.00%, 10/01/12 (a) $ 410 $ 410,000 JC Penney Co., Inc. 7.625%, 3/01/97 120 123,000 8.00%, 3/01/10 180 196,650 ----------- 729,650 ----------- SERVICE--2.3% Allied Waste North America, Inc. 6.375%, 4/15/11 174 166,605 8.875%, 4/01/08 125 130,313 H & E Equipment Services, Inc. 11.125%, 6/15/12 217 243,040 Service Corp. International 6.00%, 12/15/05 4 4,000 6.50%, 3/15/08 163 165,445 7.70%, 4/15/09 160 168,000 United Rentals North America, Inc. 6.50%, 2/15/12 247 238,355 ----------- 1,115,758 ----------- SUPERMARKET/DRUG--1.1% Couche-Tard US/Finance Corp. 7.50%, 12/15/13 169 174,070 Roundy's, Inc. Series B 8.875%, 6/15/12 110 121,550 Stater Brothers Holdings, Inc. 8.125%, 6/15/12 240 237,000 ----------- 532,620 ----------- TECHNOLOGY--3.1% Celestica, Inc. (Canada) 7.875%, 7/01/11 345 351,900 Flextronics International Ltd. (Singapore) 6.50%, 5/15/13 175 178,500 Lucent Technologies, Inc. 6.45%, 3/15/29 80 70,000 6.50%, 1/15/28 160 138,400 Nortel Networks Corp. 6.875%, 9/01/23 155 144,150 SCG Holding Corp. zero coupon, 8/04/11 (a) 64 108,792 Sungard Data Systems, Inc. 9.125%, 8/15/13 (a) 350 362,688 Telcordia Technologies, Inc. 10.00%, 3/15/13 (a) 140 132,300 ----------- 1,486,730 ----------- Total Corporate Debt Obligations (cost $46,138,996) 46,223,283 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- PREFERRED STOCKS--1.4% BROADCASTING/MEDIA -0.4% Paxson Communications Corp. 14.25%, 11/13/06 (f) $ 26 $ 176,800 ----------- FINANCIAL-1.0% Sovereign REIT Series A 12.00%, 5/16/20 (a) 335 492,450 ----------- Total Preferred Stocks (cost $566,656) 669,250 ----------- WARRANT--0.0% Pliant Corp. Warrants, expiring 6/01/10(e)(g)(h) (cost $1,820) 50 1 ----------- TOTAL INVESTMENTS--98.0% (cost $46,707,472) 46,892,534 Other assets less liabilities--2.0% 934,482 ----------- NET ASSETS--100% $47,827,016 =========== FORWARD EXCHANGE CURRENCY CONTRACT U.S. $ Contract Value on U.S. $ Amount Origination Current Unrealized (000) Date Value Appreciation ------------------------------------------------------------------------- Sale Contract: Euro, settling 10/18/05 186 229,183 223,144 6,039 (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 September 30, 2005, the aggregate market value of securities amounted to $9,532,297 or 19.9% of net assets. (b) 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 final maturity. (c) Variable rate coupon, rate shown as of September 30, 2005. (d) Positions, or portion thereof, with an aggregate market value of $241,668, has been segregated to collateralize forward exchange currency contract. (e) Security is in default and is non-income producing. (f) PIK (Paid-in-kind) preferred quarterly stock payments. (g) Illiquid security, valued at fair value. (h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.08% of net assets as of September 30, 2005, are considered illiquid and restricted.
Acquisition Acquisition Market Percentage of Restricted Securities Date Cost Value Net Assets ------------------------------- ---------------- ----------- ------- ------------- Russell-Stanley Holdings, Inc. 9.00% 11/30/08 11/09/01-6/06/05 $518,667 $41,103 0.08% Pliant Corp.-warrants expiring 06/01/2010 12/01/00 $ 1,820 1 0.00
(i) The coupon on this security varies along with its rating. If its rating falls below Baa3/BBB- by either Moody's or Standard & Poors, the coupon steps up 50 basis points. The security currently is rated B2/B. Please note: The industry classification presented herein are based on the industry categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - AMERICAS GOVERNMENT INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- LONG-TERM INVESTMENTS--117.8% CANADA--19.0% GOVERNMENT/AGENCY OBLIGATIONS--19.0% Government of Canada 3.00%, 12/01/36 (a) CAD $ 3,246 $ 3,124,072 4.25%, 09/01/09 1,284 1,133,587 5.75%, 6/01/33 (a) 4,758 5,103,850 Province of Ontario 2.00%, 12/01/36 (a) 575 509,008 5.60%, 6/02/35 (a) 300 294,676 Province of Quebec 5.50%, 12/01/14 (a) 600 563,979 ------------ Total Canadian Securities (cost $9,805,719) 10,729,172 ------------ MEXICO--27.8% GOVERNMENT/AGENCY OBLIGATIONS--27.8% Mexican Government Bonds 8.00%, 12/07/23 (a) MXP 34,501 2,969,983 Series M 9.00%, 12/22/11 (a) 15,000 1,427,907 Series M7 8.00%, 12/24/08 (a) 46,242 4,266,371 Series M20 10.00%, 12/05/24 (a) 16,205 1,665,490 Series MI10 8.00%, 12/19/13 (a) 20,416 1,829,731 Series MI7 9.00%, 12/24/09 (a) 37,390 3,566,239 ------------ Total Mexican Securities (cost $14,157,265) 15,725,721 ------------ UNITED STATES--71.0% U.S. GOVERNMENT SPONSORED AGENCY OBLIGATIONS--22.0% Federal National Mortgage Association 4.125%, 4/15/14 US$ 2,000 1,930,696 5.375%, 11/15/11 5,000 5,208,005 7.00%, 3/01/32 142 148,950 Government National Mortgage Association 6.00%, TBA 5,000 5,120,310 9.00%, 9/15/24 10 10,659 ------------ 12,418,620 ------------ Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- U.S. TREASURY SECURITIES--49.0% U.S. Treasury Bonds 6.25%, 5/15/30 US$ $ 3,300 $ 4,097,544 U.S. Treasury Notes 1.625%, 1/15/15 (TIPS) 4,143 4,093,619 3.50%, 11/15/09 4,915 4,782,526 4.25%, 8/15/13 - 11/15/13 (b) 3,570 3,557,277 4.875%, 2/15/12 (c) 150 155,057 U.S. Treasury Strips 0.00%, 5/15/13 -11/15/21 20,700 11,041,012 ------------ 27,727,035 ------------ Total United States Securities (cost $38,446,626) 40,145,655 ------------ Total Long-Term Investments (cost $62,409,610) 66,600,548 ------------ SHORT-TERM INVESTMENTS--2.1% TIME DEPOSITS--2.1% Societe Generale 3.875%, 10/03/05 700 700,000 The Bank of New York 2.75%, 10/3/05 531 531,000 ------------ Total Short-Term Investments (cost $1,231,000) 1,231,000 ------------ TOTAL INVESTMENTS--119.9% (cost $63,640,610) 67,831,548 Other assets less liabilities--(19.9%) (11,269,637) ------------ NET ASSETS--100% $ 56,561,911 ============ FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $ Contract Value on U.S. $ Amount Origination Current Unrealized (000) Date Value Depreciation ------------------------------------------------------------------------------------------ Sale Contracts Canadian Dollar, settling 10/14/05 2,748 $2,319,513 $2,364,931 $ (45,418) Canadian Dollar, settling 11/04/05 6,964 5,866,521 5,995,447 (128,926) Mexican Peso, settling 10/19/05 91,324 8,416,055 8,468,736 (52,681) Mexican Peso, settling 11/10/05 909 83,396 83,954 (558)
FINANCIAL FUTURES CONTRACTS SOLD
Value at Number of Expiration Original September 30, Unrealized Type Contracts Month Value 2005 Appreciation ---------------------------------------------------------------------------------------- U.S. Treasury Note December 10 Year Futures 112 2005 $12,436,953 $12,311,250 $125,703
REVERSE REPURCHASE AGREEMENTS Interest Broker Rate Maturity Amount ------------------------------------------------ Deutsche Bank 3.74% 10/11/05 $6,662,775 (a) Positions, or portions thereof, with an aggregate market value of $16,913,067 have been segregated to collateralize open forward exchange currency contracts. (b) Positions, or portions thereof, with an aggregate market value of $4,398,725 have been segregated to collateralize reverse repurchase agreements. (c) Position, with market value of $155,057 has been segregated to collateralize margin requirement for open futures contracts. Currency Abbreviations: CAD - Canadian Dollar MXP - Mexican Peso US$ - United States Dollar Glossary of Terms: TBA - To Be Assigned - Security is 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. TIPS - Treasury Inflation Protected Security ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - US GOVT HIGHGRADE PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- U. S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--52.6% FEDERAL AGENCIES--0.9% Federal National Mortgage Association 3.875%, 11/17/08 $ 1,085 $ 1,066,230 ------------ MORTGAGE PASS-THROUGHS--37.0% Federal Gold Loan Mortgage Corp. 6.00%, 3/01/35 604 614,505 Federal National Mortgage Association 4.50%, TBA 9,705 9,442,791 5.00%, TBA 3,545 3,535,031 5.50%, 2/01/14 - 2/01/35 12,785 12,855,038 5.50%, TBA 2,845 2,843,222 6.00%, 11/01/16 - 9/01/35 6,220 6,338,441 6.50%, TBA 4,360 4,486,710 Government National Mortgage Association 5.00%, TBA 2,710 2,681,206 ------------ 42,796,944 ------------ U.S. TREASURY SECURITIES--14.7% U.S. Treasury Bond 5.375%, 2/15/31 4,725 5,293,473 U.S. Treasury Notes 1.625%, 1/15/15 (TIPS) 2,348 2,320,291 2.00%, 7/15/14 (TIPS) 2,545 2,599,275 3.75%, 3/31/07 2,890 2,871,487 3.875%, 7/31/07 3,375 3,357,072 4.25%, 8/15/15 515 511,781 ------------ 16,953,379 ------------ Total U. S. Government & Government Sponsored Agency Obligations (cost $61,073,889) 60,816,553 ------------ CORPORATE DEBT OBLIGATIONS--26.2% AEROSPACE & DEFENSE--0.3% Raytheon Co. 6.75%, 8/15/07 166 171,533 Textron, Inc. 6.375%, 11/15/08 125 132,335 ------------ 303,868 ------------ AUTOMOTIVE--0.6% Daimler Chrysler NA Holdings Corp. 4.875%, 6/15/10 110 107,802 Ford Motor Credit Co. 5.70%, 1/15/10 40 36,336 7.00%, 10/01/13 125 115,920 7.375%, 2/01/11 480 459,123 ------------ 719,181 ------------ Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- BANKING--2.8% Bank of America Corp. 4.50%, 8/01/10 $ 545 $ 539,410 Barclays Bank Plc (United Kingdom) 8.55%, 9/29/49 (a) (b) 365 427,799 Huntington National Bank 4.375%, 1/15/10 250 246,011 JPMorgan Chase & Co. 6.75%, 2/01/11 425 459,885 Mizuho Financial Group (Cayman Islands) 8.375%, 12/29/49 385 416,763 RBS Capital Trust III 5.512%, 9/29/49 (b) 335 340,788 Sanwa Bank 7.40%, 6/15/11 100 110,881 Sumitomo Mitsui Banking Corp. (Japan) 5.625%, 7/15/49 (a) (b) 100 99,519 Suntrust Bank Series CD 3.99%, 6/02/09 (c) 190 190,228 UFJ Finance Aruba AEC (Aruba) 6.75%, 7/15/13 240 263,533 Wells Fargo Co. 4.20%, 1/15/10 195 191,161 ------------ 3,285,978 ------------ BROADCASTING/MEDIA--0.8% Lamar Media Corp. 6.625%, 8/15/15 (a) 115 117,013 News America, Inc. 6.55%, 3/15/33 125 129,962 Time Warner Entertainment Co. LP 8.375%, 3/15/23 315 382,090 Time Warner, Inc. 6.875%, 5/01/12 155 169,397 WPP Finance (UK) Corp. (United Kingdom) 5.875%, 6/15/14 175 180,937 ------------ 979,399 ------------ BUILDING/REAL ESTATE--0.1% iStar Financial, Inc. 5.15%, 3/01/12 125 122,095 ------------ CABLE--1.1% AT&T Broadband 9.455%, 11/15/22 220 296,293 British Sky Broadcasting Plc(United Kingdom) 6.875%, 2/23/09 100 106,005 Comcast Cable Communications, Inc. 6.875%, 6/15/09 250 266,529 Comcast Corp. 5.30%, 1/15/14 220 219,428 5.50%, 3/15/11 275 280,242 Cox Communications, Inc. 4.625%, 6/01/13 125 118,281 ------------ 1,286,778 ------------ CHEMICALS--0.1% Lubrizol Corporation 4.625%, 10/01/09 120 117,965 ------------ Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- COMMUNICATIONS--1.8% British Telecom Plc (United Kingdom) 8.375%, 12/15/10 (d) $ 450 $ 521,034 Deutsche Telekom International Finance BV (Netherlands) 8.50%, 6/15/10 150 170,059 Qwest Communications International, Inc. 7.50%, 2/15/14 125 118,750 Sprint Capital Corp. 8.375%, 3/15/12 490 576,651 Telecom Italia Capital,SA (Luxembourg) 4.00%, 1/15/10 (a) 475 456,102 6.375%, 11/15/33 270 277,726 ------------ 2,120,322 ------------ COMMUNICATIONS - MOBILE--1.4% AT&T Wireless Services, Inc. 7.35%, 3/01/06 150 151,742 7.875%, 3/01/11 460 523,708 8.75%, 3/01/31 215 290,207 Cingular Wireless LLC 5.625%, 12/15/06 250 253,028 Telus Corp. (Canada) 7.50%, 6/01/07 330 344,603 ------------ 1,563,288 ------------ CONGLOMERATES/MISCELLANEOUS--0.3% Hutchison Whampoa International Ltd. (Cayman Islands) 7.45%, 11/24/33 (a) 285 329,204 ------------ CONSUMER MANUFACTURING--0.3% Fortune Brands, Inc. 2.875%, 12/01/06 175 171,329 Textron Financial Corp. Series E 4.125%, 3/03/08 190 187,509 ------------ 358,838 ------------ ENERGY--1.5% Amerada Hess Corp. 6.65%, 8/15/11 425 459,209 7.875%, 10/01/29 300 367,952 ConocoPhillips Holdings Co. 6.95%, 4/15/29 225 273,889 Duke Energy Field Services LLC 7.875%, 8/16/10 70 78,704 Enterprise Products Operating LP 5.60%, 10/15/14 125 124,560 Valero Energy Corp. 6.875%, 4/15/12 255 280,003 7.50%, 4/15/32 105 126,736 ------------ 1,711,053 ------------ FINANCIAL--6.3% American General Finance Corp. 4.625%, 5/15/09 510 504,953 Berkshire Hathaway Finance Corp. 4.20%, 12/15/10 270 263,553 Boeing Capital Corp. 4.75%, 8/25/08 115 115,314 CBA Capital Trust I pfd. 5.805%, 12/31/49 (a) 235 243,371 Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- CIT Group, Inc. 3.49%, 5/18/07 (c) $ 210 $ 210,553 7.75%, 4/02/12 460 527,312 Citigroup, Inc. 3.938%, 6/09/09 (c) 175 175,282 4.625%, 8/03/10 300 298,103 Countrywide Home Loans, Inc. 4.00%, 3/22/11 330 313,495 Series K 4.25%, 12/19/07 265 262,428 Credit Suisse First Boston USA, Inc. 5.50%, 8/15/13 255 262,748 General Electric Capital Corp. 4.00%, 2/17/09 645 630,264 4.375%, 11/21/11 35 34,271 6.75%, 3/15/32 245 288,176 Goldman Sachs Group, Inc. 4.75%, 7/15/13 230 224,746 5.125%, 1/15/15 165 164,489 Household Finance Corp. 6.50%, 11/15/08 425 446,284 7.00%, 5/15/12 195 215,803 MBNA Corp. 4.625%, 9/15/08 290 289,789 Merrill Lynch & Co., Inc. Series C 4.79%, 8/04/10 595 592,944 Resona Preferred Global Securities Cayman Ltd. (Cayman Islands) 7.191%, 12/30/49 (a) (b) 135 139,760 SLM Corp. Series A 4.50%, 7/26/10 225 221,761 Washington Mutual, Inc. 4.00%, 1/15/09 310 302,299 Washington Mutual Finance Corp. 6.875%, 5/15/11 540 592,440 ------------ 7,320,138 ------------ FOOD/BEVERAGE--1.3% Conagra Foods, Inc. 6.75%, 9/15/11 43 46,237 7.875%, 9/15/10 144 161,131 General Mills, Inc. 5.125%, 2/15/07 480 482,511 Kraft Foods, Inc. 4.125%, 11/12/09 540 526,549 Kroger Co. 7.80%, 8/15/07 225 236,411 ------------ 1,452,839 ------------ HEALTHCARE--1.3% Aetna, Inc. 7.375%, 3/01/06 272 275,175 Humana, Inc. 6.30%, 8/01/18 215 229,022 WellPoint, Inc. 3.50%, 9/01/07 315 307,759 3.75%, 12/14/07 80 78,372 4.25%, 12/15/09 405 396,153 Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- Wyeth 5.50%, 2/01/14 $ 186 $ 190,600 ------------ 1,477,081 ------------ INDUSTRIAL & COMMERCIAL SERVICES--0.4% Teck Cominco Ltd. (Canada) 5.375%, 10/01/15 30 29,833 Tyco International Group, SA (Luxembourg) 6.375%, 10/15/11 440 468,988 ------------ 498,821 ------------ INSURANCE--1.6% Assurant, Inc. 5.625%, 2/15/14 220 223,295 Liberty Mutual Group 5.75%, 3/15/14 (a) 195 190,539 Mangrove Bay Pass-Through Trust 6.102%, 7/15/33 (a) (b) 635 635,007 Royal Sun & Alliance Insurance Group (United Kingdom) 8.95%, 10/15/29 215 271,762 Zurich Capital Trust I 8.376%, 6/01/37 (a) 490 523,556 ------------ 1,844,159 ------------ METALS & MINING--0.1% Ispat Inland ULC (Canada) 9.75%, 4/01/14 95 110,200 ------------ PAPER/PACKAGING--0.6% International Paper Co. 5.30%, 4/01/15 300 292,797 Packaging Corp. of America 5.75%, 8/01/13 240 232,182 Weyerhaeuser Co. 5.95%, 11/01/08 175 181,340 ------------ 706,319 ------------ PUBLIC UTILITIES - ELECTRIC & GAS--3.0% Carolina Power & Light Co. 6.50%, 7/15/12 335 362,396 Consumers Energy Co. Series C 4.25%, 4/15/08 130 128,136 Duke Capital LLC 8.00%, 10/01/19 250 303,555 First Energy Corp. Series B 6.45%, 11/15/11 330 351,372 Series C 7.375%, 11/15/31 270 316,674 MidAmerican Energy Holdings Co. 5.875%, 10/01/12 195 203,464 NiSource Finance Corp. 7.875%, 11/15/10 190 213,615 Pacific Gas & Electric 4.80%, 3/01/14 410 400,892 6.05%, 3/01/34 165 171,665 Progress Energy, Inc. 7.10%, 3/01/11 185 201,113 Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- Public Service Company of Colorado 7.875%, 10/01/12 $ 200 $ 235,137 SPI Electricity & Gas Australia Holdings Pty Ltd. (Australia) 6.15%, 11/15/13 (a) 235 252,371 Xcel Energy, Inc. 7.00%, 12/01/10 260 283,797 ------------ 3,424,187 ------------ RETAIL--0.1% GSC Holdings Corp. 8.00%, 10/01/12 (a) 120 120,000 ------------ SERVICE--0.2% Waste Management, Inc. 6.875%, 5/15/09 205 218,115 ------------ SUPERMARKETS & DRUGS--0.1% Safeway, Inc. 4.80%, 7/16/07 85 84,865 6.50%, 3/01/11 65 67,802 ------------ 152,667 ------------ TECHNOLOGY--0.1% IBM Corp. 4.375%, 6/01/09 90 89,440 Motorola, Inc. 7.625%, 11/15/10 22 24,899 ------------ 114,339 ------------ Total Corporate Debt Obligations (cost $29,766,127) 30,336,834 ------------ COMMERCIAL MORTGAGE BACKED SECURITIES--10.5% Banc of America Commercial Mortgage, Inc. Series 2004-3 Cl.A5 5.482%, 6/10/39 (b) 675 694,486 Series 2004-4 Cl.A3 4.128%, 7/10/42 410 401,021 Series 2004-6 Cl.A2 4.161%, 12/10/42 525 511,681 Series 2005-1 Cl.A3 4.877%, 11/10/42 535 536,386 Bear Stearns Commercial Mortgage Securities Series 2005-PWR7 A3 5.116%, 2/11/41 (b) 505 509,067 Series 2005-T18 Cl.A4 4.933%, 2/13/42 (b) 530 526,926 Credit-Based Asset Servicing and Securities Series 2003-CB1 Cl.AF 3.45%, 1/25/33 536 524,779 CS First Boston Mortgage Securities Corp. Series 2003-CK2 Cl.A2 3.861%, 3/15/36 360 352,925 Series 2004-C5 Cl.A2 4.183%, 11/15/37 440 428,718 Series 2005-C1 Cl.A4 5.014%, 2/15/38 (b) 450 449,546 GE Capital Commercial Mortgage Corp. Series 2004-C3 Cl.A4 5.189%, 7/10/39 (b) 320 324,067 Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- Series 2005-C3 Cl.A3FX 4.863%, 7/10/45 $ 455 $ 454,031 Greenwich Capital Commercial Funding Corp. Series 2003-C1 Cl.A4 4.111%, 7/05/35 450 426,740 Series 2005-GG3 Cl.A2 4.305%, 8/10/42 530 519,546 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2004-C1 Cl.A2 4.302%, 1/15/38 95 92,190 Series 2005-LDP1 Cl.A2 4.625%, 3/15/46 535 529,843 Series 2005-LDP1 Cl.A4 5.038%, 3/15/46 (b) 550 550,242 Series 2005-LDP3 Cl.A2 4.851%, 8/15/42 405 404,097 Series 2005-LDP4 Cl.A2 4.79%, 10/15/42 465 462,759 LB-UBS Commercial Mortgage Trust Series 2004-C7 Cl.A2 3.992%, 10/15/29 385 373,746 Series 2004-C8 Cl.A2 4.201%, 12/15/29 420 410,882 Series 2005-C1 Cl.A4 4.742%, 2/15/30 365 359,259 Merrill Lynch Mortgage Trust Series 2004-Key2 Cl.A2 4.166%, 8/12/39 350 340,501 Series 2005-MKB2 Cl.A2 4.806%, 9/12/42 655 653,375 Morgan Stanley Capital I Series 2004-T13 Cl.A2 3.94%, 9/13/45 690 665,318 Series 2005-T17 Cl.A5 4.78%, 12/13/41 655 645,171 ------------ Total Commercial Mortgage Backed Securities (cost $11,752,959) 12,147,302 ------------ ASSET-BACKED SECURITIES--6.3% Aegis Asset Backed Securities Trust Series 2004-3 Cl.A2A 4.03%, 9/25/34 (c) 291 291,132 American Express Credit Account Master Trust Series 2005-1 Cl.A 3.798%, 10/15/12 (c) 320 319,850 Asset Backed Funding Certificates Series 2003-WF1 Cl.A2 4.58%, 12/25/32 (c) 294 295,393 Bank One Issuance Trust Series 2004-A4 Cl.A4 3.808%, 2/16/10 (c) 400 400,224 Bear Stearns Asset Backed Securities, Inc. Series 2005-SD1 Cl.1A1 3.98%, 4/25/22 (c) 224 223,559 Capital Auto Receivables Asset Trust Series 2005-SN1A Cl.A3A 4.10%, 6/15/08 465 461,875 Capital One Prime Auto Receivables Trust Series 2005-1 Cl.A3 4.32%, 8/17/09 720 717,542 Centex Home Equity Series 2003-C Cl.AV 4.13%, 9/25/33 (c) 17 16,606 Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- Citibank OMNI-S Master Trust Series 1996-5 Cl.A 3.998%, 12/16/11 (a) (c) $ 605 $ 606,513 Citifinancial Mortgage Securities, Inc. Series 2003-1 Cl.AFPT 3.36%, 1/25/33 (e) 169 164,445 Discover Card Master Trust I Series 2004-1 Cl.A 3.798%, 4/16/10 (c) 460 459,227 Equity One ABS, Inc. Series 2004-3 Cl.AF1 3.99%, 7/25/34 (c) 64 63,943 Home Equity Mortgage Trust Series 2005-4 Cl.A3 4.742%, 01/25/36 (e) 305 302,896 MBNA Credit Card Master Note Trust Series 2001-A5 Cl.A5 3.978%, 3/15/11 (c) 1,195 1,202,101 Merrill Lynch Mortgage Investors, Inc. Series 2004-SL1 Cl.A 4.09%, 4/25/35 (c) 31 30,994 Morgan Stanley ABS Capital I Series 2004-HE4 Cl.A3 4.03%, 5/25/34 (c) 124 123,564 Series 2005-WMC1 Cl.A2A 3.93%, 1/25/35 (c) 162 162,381 Novastar Home Equity Loan Series 2001-1 A1 4.11%, 7/25/31 (c) 247 246,829 RAAC Series Series 2004-SP1 Cl.AI1 4.01%, 6/25/13 (c) 44 43,537 Residential Asset Mortgage Products, Inc. Series 2004-RS6 Cl.AI1 3.98%, 8/25/22 (c) 15 15,169 Series 2005-RS1 Cl.AII1 3.94%, 1/25/35 (c) 337 337,059 Residential Asset Securities Corp. Series 2004-KS7 Cl.A2 4.20%, 11/25/32 (c) 163 162,953 Series 2004-KS7 Cl.AI1 3.98%, 10/25/21(c) 78 78,447 Residential Funding Mortgage Securities II Series 2004-HS2 Cl.AI1 3.98%, 12/25/18 (c) 50 50,292 SLM Student Loan Trust Series 2003-C Cl.A1 3.97%, 9/15/16 (c) 388 387,839 Structured Asset Investment Loan Trust Series 2004-5 Cl.A2 4.01%, 5/25/34 (c) 160 159,855 ------------ Total Asset Backed Securities (cost $7,334,450) 7,324,225 ------------ NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS--0.6% Countrywide Home Loans Series 2003-49 Cl.A1 1.642%, 12/19/33 (c) 31 30,851 Residential Funding Mortgage Sec II Series 2005-HI2 Cl.A3 4.46%, 5/25/35 225 221,767 Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- Washington Mutual Series 2005-AR2 Cl.2A22 4.05%, 2/25/35 (c) $ 393 $ 392,706 ------------ Total Non-Agency Collateralized Mortgage Obligations (cost $1,176,234) 645,324 ------------ SOVEREIGN DEBT OBLIGATIONS--1.9% Korea Development Bank (South Korea) 4.625%, 9/16/10 200 197,311 United Mexican States (Mexico) 7.50%, 1/14/12 1,060 1,189,320 Russian Federation (Russia) 5.00%, 3/31/30 (e) 670 769,830 ------------ Total Sovereign Debt Obligations (cost $2,072,794) 2,156,461 ------------ SHORT-TERM INVESTMENTS--21.3% TIME DEPOSIT--0.6% The Bank of New York 2.75%, 10/03/05 700 700,000 ------------ FEDERAL AGENCIES--20.7% Federal Home Loan Bank Zero Coupon, 11/14/05 9,785 9,742,993 Federal Home Loan Mortgage Corp. Zero Coupon, 10/13/05 12,090 12,077,910 Federal National Mortgage Association Zero Coupon, 12/02/05 2,190 2,176,240 ------------ 23,997,143 ------------ Total Short-Term Investments (cost $24,698,797) 24,697,143 ------------ TOTAL INVESTMENTS--119.4% (cost $137,875,250) 138,123,842 Other assets less liabilities--(19.4%) (22,445,251) ------------ NET ASSETS--100% $115,678,591 ============ (a) 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 September 30, 2005, the aggregate market value of these securities amounted to $4,140,754 or 3.6% of net assets. (b) Variable rate coupon, rate shown as of September 30, 2005. (c) Floating rate security. Stated interest rate was in effect at September 30, 2005. (d) 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-. (e) Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2005. Glossary of Terms: 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. TIPS - Treasury Inflation Protected Security ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND- MONEY MARKET PORTFOLIO PORTFOLIO OF INVESTMENT September 30, 2005 (unaudited) -------------------------------------------------------------------------------- Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- CORPORATE OBLIGATIONS - 4.2% HBOS Treasury 3.71%, 1/17/06 1,500 1,500,013 Sigma Finance, Inc. 3.733%, 7/25/06 1,200 1,200,885 ----------- Total Corporate Obligations (amortized cost $2,700,898) 2,700,898 ----------- COMMERCIAL PAPER - 76.2% Allied Irish Banks PL/C 3.735%, 10/17/05 2,500 2,496,369 American General Corp. 3.63%, 10/19/05 2,000 1,996,773 Banco Santander Central 3.505%, 10/11/05 2,000 1,998,442 Banque Caisse D'Epargne L'Etat 3.72%, 10/20/05 2,000 1,996,487 Barclays Bank PL/C 3.665%, 10/24/05 2,000 1,995,724 Beta Finance Corp, LTD. 3.65%, 10/31/05 2,000 1,994,322 CRC Funding LLC 3.74%, 10/18/05 2,500 2,496,104 Den Norske Bank 3.75%, 11/21/05 1,000 994,896 Dresdner Bank 3.60%, 10/04/05 2,000 1,999,800 Falcon Asset Corp. 3.64%, 10/04/05 2,000 1,999,798 Fountain Square Funding 3.76%, 10/24/05 2,000 1,995,613 Gemini Securitization Corp. 3.79%, 11/04/05 2,000 1,993,262 HBOS Capital Funding LP 3.75%, 10/21/05 1,000 998,125 HSBC Bank USA 3.61%, 10/03/05 2,200 2,200,000 Morgan Stanley 3.66%, 10/12/05 2,000 1,998,170 National City Bank 3.72%, 11/03/05 2,000 1,993,593 Nordea 3.60%, 10/21/05 2,000 1,996,400 Rabobank USA Finance Corp. 3.88%, 10/03/05 1,000 1,000,000 Scaldis Capital LLC 3.61%, 10/03/05 2,200 2,200,000 Sigma Finance Corp. 3.67%, 11/04/05 1,000 996,738 State Street Bank Trust Co. 3.73%, 10/17/05 2,500 2,496,374 Swedbank 3.80%, 10/25/05 2,000 1,995,356 The Goldman Sachs Group, Inc. 3.76%, 10/26/05 2,500 2,493,994 Ticonderoga Funding LLC 3.75%, 10/13/05 2,500 2,497,396 Toyota Motor Credit Corp. 3.74%, 11/02/05 1,500 1,495,325 ----------- Total Commercial Paper (amortized cost $48,319,061) 48,319,061 ----------- ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND- MONEY MARKET PORTFOLIO PORTFOLIO OF INVESTMENT September 30, 2005 (unaudited) -------------------------------------------------------------------------------- Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT - 19.7% Calyon NY 3.685%, 10/28/05 2,000 2,000,000 Depfa Bank 3.74%, 11/15/05 2,000 2,000,000 Dexia 3.805%, 12/15/05 2,000 2,000,000 Natexis 3.775%, 11/21/05 2,000 2,000,013 Societe Generale 3.77%, 11/01/05 2,500 2,500,000 Toronto Dominion Bank 3.685%, 10/06/05 2,000 2,000,000 ----------- Total Certificates of Deposit (amortized cost $12,500,014) 12,500,013 ----------- TOTAL INVESTMENTS-100.1% (cost $63,519,973) 63,519,972 Other assets less liabilities - (0.1%) (93,534) ----------- NET ASSETS-100% $63,426,438 =========== ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND - U.S. LARGE CAP BLENDED STYLE PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--99.7% FINANCE--22.3% BANKING-MONEY CENTER--2.1% JPMorgan Chase & Co. 5,900 $ 200,187 Wachovia Corp. 3,000 142,770 ----------- 342,957 ----------- BANKING - REGIONAL--4.2% Bank of America Corp. 6,400 269,440 Huntington Bancshares, Inc. 2,000 44,940 KeyCorp 600 19,350 Mellon Financial Corp. 2,000 63,940 National City Corp. 2,000 66,880 Northern Trust Corp. 900 45,495 PNC Financial Services Group 400 23,208 SunTrust Banks, Inc. 800 55,560 Wells Fargo & Co. 1,400 81,998 ----------- 670,811 ----------- BROKERAGE & MONEY MANAGEMENT--6.1% Federated Investors, Inc. 1,000 33,230 Franklin Resources, Inc. 1,700 142,732 Legg Mason, Inc. 1,325 145,339 Lehman Brothers Holdings, Inc. 500 58,240 Merrill Lynch & Co., Inc. 3,300 202,455 Morgan Stanley 2,100 113,274 The Goldman Sachs Group, Inc. 2,150 261,397 Waddell & Reed Financial, Inc. 1,000 19,360 ----------- 976,027 ----------- INSURANCE--5.9% Ace Ltd. (Cayman Islands) 450 21,182 AFLAC, Inc. 1,650 74,745 American International Group, Inc. 4,850 300,505 Genworth Financial, Inc. 1,700 54,808 MetLife, Inc. 1,500 74,745 RenaissanceRe Holdings Ltd. (Bermuda) 800 34,984 The Allstate Corp. 250 13,823 The Chubb Corp. 700 62,685 The Hartford Financial Services Group, Inc. 900 69,453 The Progressive Corp. 500 52,385 The St. Paul Travelers Cos., Inc. 2,000 89,740 Torchmark Corp. 600 31,698 Willis Group Holdings Ltd. 800 30,040 XL Capital Ltd. 600 40,818 ----------- 951,611 ----------- MORTGAGE BANKING--1.2% Countrywide Financial Corp. 1,100 36,278 Fannie Mae 2,000 89,640 Freddie Mac 1,200 67,752 ----------- 193,670 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS--2.8% Citigroup, Inc. 8,000 $ 364,159 MBIA, Inc. 500 30,310 U.S. Bancorp 1,700 47,736 ----------- 442,205 ----------- 3,577,281 ----------- TECHNOLOGY--17.8% COMMUNICATION EQUIPMENT--5.3% ADC Telecommunications, Inc. (a) 1,300 29,718 Corning, Inc. (a) 9,950 192,334 Juniper Networks, Inc. (a) 10,600 252,174 QUALCOMM, Inc. 8,600 384,850 ----------- 859,076 ----------- COMPUTER HARDWARE/STORAGE--5.4% Apple Computer, Inc. (a) 7,400 396,714 Dell, Inc. (a) 8,400 287,280 EMC Corp. (a) 1,100 14,234 Hewlett-Packard Co. 5,700 166,440 ----------- 864,668 ----------- COMPUTER PERIPHERALS--0.4% Network Appliance, Inc. (a) 2,800 66,472 ----------- COMPUTER SERVICES--0.4% Electronic Data Systems Corp. 2,700 60,588 ----------- CONTRACT MANUFACTURING--0.9% Celestica, Inc. (Canada) (a) 2,200 24,882 Cooper Industries Ltd. Cl.A (Bermuda) 300 20,742 Flextronics International Ltd. (Singapore) (a) 3,100 39,835 Sanmina-SCI Corp. (a) 3,000 12,870 Solectron Corp. (a) 11,800 46,138 ----------- 144,467 ----------- SEMICONDUCTOR CAPITAL EQUIPMENT--0.1% Agere Systems, Inc. (a) 2,100 21,861 ----------- SEMICONDUCTOR COMPONENTS--3.5% Broadcom Corp. (a) 5,275 247,450 Intel Corp. 1,000 24,650 Marvell Technology Group Ltd. (a) 5,000 230,550 Texas Instruments, Inc. 1,800 61,020 ----------- 563,670 ----------- SOFTWARE--1.6% Electronic Arts, Inc. (a) 3,700 210,493 Microsoft Corp. 1,600 41,168 ----------- 251,661 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS--0.2% Avnet, Inc. (a) 1,400 $ 34,230 ----------- 2,866,693 ----------- CONSUMER SERVICES--15.2% APPAREL--0.3% Jones Apparel Group, Inc. 1,500 42,750 ----------- BROADCASTING & CABLE--2.3% Comcast Corp. Special Cl.A (a) 2,800 80,584 The E.W. Scripps Co. 2,600 129,922 Time Warner, Inc. 8,300 150,313 Viacom, Inc. Cl.B 350 11,554 ----------- 372,373 ----------- ENTERTAINMENT/LEISURE--0.7% Carnival Corp. (Panama) 1,850 92,463 Eastman Kodak Co. 300 7,299 The Walt Disney Co. 600 14,478 ----------- 114,240 ----------- PRINTING & PUBLISHING--0.2% The Interpublic Group of Cos., Inc. (a) 3,200 37,248 ----------- RESTAURANT & LODGING--1.1% McDonald's Corp. 3,200 107,168 Starbucks Corp. (a) 1,500 75,150 ----------- 182,318 ----------- RETAIL- GENERAL MERCHANDISE--5.5% eBay, Inc. (a) 7,300 300,760 Limited Brands, Inc. 1,900 38,817 Lowe's Cos., Inc. 3,450 222,180 Office Depot, Inc. (a) 2,300 68,310 Target Corp. 4,800 249,264 ----------- 879,331 ----------- TOYS--0.3% Mattel, Inc. 2,800 46,704 ----------- MISCELLANEOUS--4.8% Google, Inc. Cl.A (a) 1,340 424,056 Yahoo!, Inc. (a) 10,100 341,784 ----------- 765,840 ----------- 2,440,804 ----------- HEALTH CARE--14.4% BIOTECHNOLOGY--3.4% Amgen, Inc. (a) 1,950 155,357 Genentech, Inc. (a) 3,350 282,104 Gilead Sciences, Inc. (a) 2,300 112,148 ----------- 549,609 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- DRUGS--3.6% Eli Lilly & Co. 1,250 $ 66,900 GlaxoSmithKline Plc (ADR) (United Kingdom) 500 25,640 Merck & Co., Inc. 3,600 97,956 Pfizer, Inc. 8,700 217,239 Teva Pharmaceutical Industries Ltd. (ADR) (Israel) 5,200 173,784 ----------- 581,519 ----------- MEDICAL PRODUCTS--4.3% Alcon, Inc. (Switzerland) 2,100 268,548 St. Jude Medical, Inc. (a) 5,800 271,439 Zimmer Holdings, Inc. (a) 2,100 144,669 ----------- 684,656 ----------- MEDICAL SERVICES--3.1% Medco Health Solutions, Inc. (a) 900 49,347 Tenet Healthcare Corp. (a) 2,200 24,706 UnitedHealth Group, Inc. 4,300 241,660 WellPoint, Inc. (a) 2,450 185,759 ----------- 501,472 ----------- 2,317,256 ----------- ENERGY--10.7% DOMESTIC INTEGRATED--0.6% Occidental Petroleum Corp. 1,100 93,973 ----------- INTERNATIONAL--5.2% BP p.l.c. (ADR) (United Kingdom) 600 42,510 ChevronTexaco Corp. 3,600 233,028 Exxon Mobil Corp. 8,000 508,320 Total, SA (ADR) (France) 350 47,537 ----------- 831,395 ----------- OIL SERVICE--3.8% ENSCO International, Inc. 1,200 55,908 GlobalSantaFe Corp. 1,000 45,620 Halliburton Co. 3,900 267,228 Nabors Industries Ltd. (Bermuda) (a) 2,300 165,209 Noble Corp. 600 41,076 Rowan Co., Inc. 1,200 42,588 ----------- 617,629 ----------- MISCELLANEOUS--1.1% ConocoPhillips 2,600 181,766 ----------- 1,724,763 ----------- CONSUMER STAPLES--7.4% BEVERAGES--0.7% PepsiCo, Inc. 800 45,368 The Coca-Cola Co. 1,600 69,104 ----------- 114,472 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- FOOD--1.4% Del Monte Foods Co. (a) 2,000 $ 21,460 General Mills, Inc. 1,200 57,840 H.J. Heinz Co. 900 32,886 Kellogg Co. 1,000 46,130 Kraft Foods, Inc. 1,000 30,590 Unilever NV (ADR) (Norway) 600 42,870 ----------- 231,776 ----------- HOUSEHOLD PRODUCTS--2.5% Kimberly-Clark Corp. 1,000 59,530 The Clorox Co. 900 49,986 The Procter & Gamble Co. 4,800 285,408 ----------- 394,924 ----------- RETAIL- FOOD & DRUG--1.5% Safeway, Inc. 2,400 61,440 SUPERVALU, Inc. 1,100 34,232 The Kroger Co. (a) 3,100 63,829 Whole Foods Market, Inc. 600 80,670 ----------- 240,171 ----------- TOBACCO--1.3% Altria Group, Inc. 2,300 169,533 UST, Inc. 1,000 41,860 ----------- 211,393 ----------- 1,192,736 ----------- CAPITAL GOODS--4.1% ELECTRICAL EQUIPMENT--0.8% Arrow Electronics, Inc. (a) 1,200 37,632 Hubbell, Inc. Cl.B 1,000 46,930 Johnson Controls, Inc. 600 37,230 ----------- 121,792 ----------- MACHINERY--0.6% Eaton Corp. 700 44,485 Ingersoll-Rand Co., Ltd. 1,200 45,876 ----------- 90,361 ----------- MISCELLANEOUS--2.7% General Electric Co. 13,000 437,710 ----------- 649,863 ----------- UTILITIES--2.3% TELEPHONE UTILITY--2.3% BellSouth Corp. 1,000 26,300 SBC Communications, Inc. 2,700 64,719 Sprint Corp. (FON Group) 4,700 111,766 Verizon Communications, Inc. 4,900 160,181 ----------- 362,966 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- BASIC INDUSTRY--1.1% CHEMICALS--0.6% E.I. du Pont de Nemours & Co. 1,100 $ 43,087 PPG Industries, Inc. 900 53,271 ----------- 96,358 ----------- CONTAINERS--0.2% Owens-Illinois, Inc. (a) 1,700 35,054 ----------- MINING AND METALS--0.3% United States Steel Corp. 1,300 55,055 ----------- 186,467 ----------- CONSUMER MANUFACTURING--1.5% AUTO & RELATED--0.9% Autoliv, Inc. (Sweden) 1,000 43,500 Cooper Tire & Rubber Co. 700 10,689 Lear Corp. 800 27,176 Magna International, Inc. Cl.A (Canada) 250 18,715 SPX Corp. 900 41,355 ----------- 141,435 ----------- BUILDING RELATED--0.6% Pulte Homes, Inc. 2,050 87,986 ----------- 229,421 ----------- TRANSPORTATION--1.2% RAILROAD--1.0% CSX Corp. 1,300 60,424 Norfolk Southern Corp. 1,800 73,008 Union Pacific Corp. 300 21,510 ----------- 154,942 ----------- MISCELLANEOUS--0.2% BorgWarner, Inc. 700 39,522 ----------- 194,464 ----------- AEROSPACE & DEFENSE--1.3% AEROSPACE--1.3% Goodrich Corp. 1,000 44,340 Northrop Grumman Corp. 900 48,915 The Boeing Co. 1,750 118,913 ----------- 212,168 ----------- MULTI-INDUSTRY COMPANIES--0.4% Crane Co. 700 20,818 Textron, Inc. 700 50,204 ----------- 71,022 ----------- Total Common Stocks (cost $13,873,134) 16,025,904 ----------- U.S. $ Value -------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.7% (cost $13,873,134) $16,025,904 Other assets less liabilities--0.3% 45,099 ----------- NET ASSETS--100% $16,071,003 =========== (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- BALANCED WEALTH STRATEGY PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--62.7% UNITED STATES INVESTMENTS--39.3% FINANCE--8.9% BANKING--3.5% Bank of America Corp. 9,600 $ 404,160 Citigroup, Inc. 11,900 541,687 Fannie Mae 2,900 129,978 Freddie Mac 2,075 117,155 Huntington Bancshares, Inc. 3,100 69,657 JPMorgan Chase & Co. 7,100 240,903 KeyCorp 700 22,575 Mellon Financial Corp. 2,400 76,728 National City Corp. 2,400 80,256 Northern Trust Corp. 1,500 75,825 PNC Financial Services Group, Inc. 450 26,109 SunTrust Banks, Inc. 1,300 90,285 U.S. Bancorp 3,400 95,472 Wachovia Corp. 4,600 218,914 Wells Fargo & Co. 2,600 152,282 ----------- 2,341,986 ----------- FINANCIAL SERVICES--2.4% Countrywide Financial Corp. 2,000 65,960 Federated Investors, Inc. 1,750 58,153 Franklin Resources, Inc. 2,650 222,494 Legg Mason, Inc. 2,000 219,380 Lehman Brothers Holdings, Inc. 900 104,832 MBIA, Inc. 850 51,527 Merrill Lynch & Co., Inc. 4,800 294,480 Morgan Stanley 3,000 161,820 The Goldman Sachs Group, Inc. 3,325 404,254 Waddell & Reed Financial, Inc. 1,200 23,232 ----------- 1,606,132 ----------- INSURANCE--3.0% AFLAC, Inc. 2,600 117,780 American International Group, Inc. 8,400 520,463 Genworth Financial, Inc. 2,400 77,376 MetLife, Inc. 2,100 104,643 The Allstate Corp. 300 16,587 The Chubb Corp. 900 80,595 The Hartford Financial Services Group, Inc. 1,425 109,967 The Progressive Corp. 850 89,055 The St. Paul Travelers Cos., Inc. 2,800 125,636 Torchmark Corp. 1,100 58,113 UnitedHealth Group, Inc. 6,600 370,920 WellPoint, Inc. (a) 4,050 307,071 ----------- 1,978,206 ----------- 5,926,324 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TECHNOLOGY/ELECTRONICS--8.0% DATA PROCESSING--5.2% Agere Systems, Inc. (a) 2,500 $ 26,025 Apple Computer, Inc. (a) 11,750 629,918 Arrow Electronics, Inc. (a) 950 29,792 Avnet, Inc. (a) 1,800 44,010 Dell, Inc. (a) 12,950 442,890 Electronic Arts, Inc. (a) 5,710 324,842 Electronic Data Systems Corp. 3,200 71,808 EMC Corp. (a) 3,700 47,878 Google Inc., Cl.A (a) 2,110 667,730 Hewlett-Packard Co. 7,900 230,680 International Business Machines Corp. 1,200 96,264 Microsoft Corp. 2,000 51,460 Network Appliance, Inc. (a) 4,400 104,456 Sanmina-SCI Corp. (a) 9,400 40,326 Solectron Corp. (a) 15,400 60,214 Tech Data Corp. (a) 1,400 51,394 Yahoo!, Inc. (a) 15,700 531,288 ----------- 3,450,975 ----------- ELECTRICAL & ELECTRONICS--2.6% ADC Telecommunications, Inc. (a) 1,600 36,576 Broadcom Corp. Cl.A (a) 8,150 382,317 Corning, Inc. (a) 15,600 301,548 Juniper Networks, Inc. (a) 16,500 392,535 QUALCOMM, Inc. 13,300 595,175 Tellabs, Inc. (a) 3,200 33,664 ----------- 1,741,815 ----------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.2% Intel Corp. 2,100 51,765 Texas Instruments, Inc. 2,750 93,225 ----------- 144,990 ----------- 5,337,780 ----------- CONSTRUCTION & HOUSING--4.5% BUILDING MATERIALS--0.2% Martin Marietta Materials, Inc. 800 62,768 Vulcan Materials Co. 800 59,368 ----------- 122,136 ----------- CONSTRUCTION & HOUSING--0.2% Pulte Homes, Inc. 3,400 145,928 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- REAL ESTATE--4.1% Alexandria Real Estate Equities, Inc. 1,325 $ 109,564 Archstone-Smith Trust 2,400 95,688 Arden Realty, Inc. 650 26,761 Avalonbay Communities, Inc. 900 77,130 Boston Properties, Inc. 1,375 97,488 Brookfield Properties Corp. 2,500 73,675 Camden Property Trust 550 30,663 CarrAmerica Realty Corp. 1,100 39,545 Corporate Office Properties Trust 2,900 101,355 Cousins Properties, Inc. 600 18,132 Developers Diversified Realty Corp. 2,500 116,750 Digital Realty Trust, Inc. 800 14,400 EastGroup Properties, Inc. 1,350 59,063 Equity Office Properties Trust 1,300 42,523 Equity Residential 2,700 102,195 Essex Property Trust, Inc. 550 49,500 First Potomac Realty Trust 800 20,560 General Growth Properties, Inc. 3,625 162,870 Glenborough Realty Trust, Inc. 825 15,840 Health Care Property Investors, Inc. 900 24,291 iStar Financial, Inc. 550 22,237 Kimco Realty Corp. 2,600 81,692 LaSalle Hotel Properties 900 31,005 Maguire Properties, Inc. 1,750 52,588 Mid-America Apartment Communities, Inc. 900 41,859 Pan Pacific Retail Properties, Inc. 750 49,425 Prentiss Properties Trust 750 30,450 ProLogis 4,725 209,364 Public Storage, Inc. 1,350 90,450 Reckson Associates Realty Corp. 750 25,913 Regency Centers Corp. 1,650 94,793 Simon Property Group, Inc. 2,600 192,711 SL Green Realty Corp. 750 51,135 Sovran Self Storage, Inc. 350 17,133 Strategic Hotel Capital, Inc. 400 7,304 Sunstone Hotel Investors, Inc. 2,300 56,097 Tanger Factory Outlet Centers, Inc. 1,300 36,153 The Macerich Co. 800 51,952 The Mills Corp. 1,125 61,965 United Dominion Realty Trust, Inc. 3,500 82,950 Vornado Realty Trust 1,500 129,930 Windrose Medical Properties Trust 1,350 20,628 ----------- 2,715,727 ----------- 2,983,791 ----------- CONSUMER CYCLICAL--4.3% APPLIANCES & HOUSEHOLD DURABLES--0.1% Newell Rubbermaid, Inc. 1,900 43,035 ----------- BROADCASTING & PUBLISHING--1.2% Comcast Corp. Cl. A (a) 1,800 52,884 Comcast Corp. Special Cl.A (a) 2,700 77,706 Liberty Media Corp. Cl.A(a) 5,200 41,860 The E.W. Scripps Co. Cl.A 4,100 204,877 Company Shares U.S. $ Value -------------------------------------------------------------------------------- The Walt Disney Co. 3,400 $ 82,042 Time Warner, Inc. 11,800 213,698 Viacom, Inc. Cl.B 3,800 125,438 ----------- 798,505 ----------- BUSINESS & PUBLIC SERVICES--0.1% The Interpublic Group of Cos., Inc. (a) 5,500 64,020 ----------- LEISURE & TOURISM--0.7% Hilton Hotels Corp. 900 20,088 Host Marriott Corp. 6,500 109,850 McDonald's Corp. 4,400 147,356 Starbucks Corp. (a) 2,350 117,735 Starwood Hotels & Resorts Worldwide, Inc. 1,325 75,750 ----------- 470,779 ----------- MERCHANDISING--2.0% eBay, Inc. (a) 11,350 467,620 Limited Brands 2,900 59,247 Lowe's Cos., Inc. 5,400 347,760 Office Depot, Inc. (a) 2,700 80,190 Target Corp. 7,100 368,703 ----------- 1,323,520 ----------- RECREATION & OTHER CONSUMER--0.1% Mattel, Inc. 3,900 65,052 ----------- TEXTILES & APPAREL--0.1% Jones Apparel Group, Inc. 1,800 51,300 V.F. Corp. 500 28,985 ----------- 80,285 ----------- 2,845,196 ----------- MEDICAL--3.6% HEALTH & PERSONAL CARE--3.6% Amgen, Inc. (a) 3,050 242,994 Bristol-Myers Squibb Co. 4,000 96,240 Eli Lilly & Co. 1,950 104,364 Genentech, Inc. (a) 5,400 454,734 Gilead Sciences, Inc. (a) 3,700 180,412 HCA, Inc. 1,150 55,108 Johnson & Johnson 700 44,296 Medco Health Solutions, Inc. (a) 1,100 60,313 Merck & Co., Inc. 5,500 149,655 Pfizer, Inc. 14,400 359,568 St. Jude Medical, Inc. (a) 9,150 428,220 Tenet Healthcare Corp. (a) 2,800 31,444 Zimmer Holdings, Inc. (a) 3,300 227,337 ----------- 2,434,685 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- ENERGY--3.0% ENERGY EQUIPMENT & SERVICES--0.8% ENSCO International, Inc. 1,400 $ 65,226 Halliburton Co. 6,050 414,546 Rowan Cos., Inc. 1,600 56,784 ----------- 536,556 ----------- ENERGY SOURCES--2.2% ChevronTexaco Corp. 4,500 291,285 ConocoPhillips 2,400 167,784 Exxon Mobil Corp. 12,150 772,011 Marathon Oil Corp. 1,500 103,395 Occidental Petroleum Corp. 1,300 111,059 ----------- 1,445,534 ----------- 4,416,775 ----------- CONSUMER STAPLES--2.5% BEVERAGES & TOBACCO--0.8% Altria Group, Inc. 3,225 237,715 Kraft Foods, Inc. 1,300 39,767 PepsiCo, Inc. 900 51,039 The Coca-Cola Co. 2,900 125,251 UST, Inc. 1,500 62,790 ----------- 516,562 ----------- FOOD & HOUSEHOLD PRODUCTS--1.7% ConAgra Foods, Inc. 3,500 86,625 General Mills, Inc. 1,700 81,940 Kellogg Co. 700 32,291 Safeway, Inc. 2,700 69,120 SUPERVALU, Inc. 1,500 46,680 The Clorox Co. 1,400 77,756 The Kroger Co. (a) 3,700 76,183 The Procter & Gamble Co. 8,550 508,383 Whole Foods Market, Inc. 1,000 134,450 ----------- 1,113,428 ----------- 1,629,990 ----------- CAPITAL EQUIPMENT--2.2% AEROSPACE & DEFENSE--0.6% Goodrich Corp. 1,200 53,208 Lockheed Martin Corp. 1,000 61,040 Northrop Grumman Corp. 1,750 95,113 The Boeing Co. 2,500 169,875 ----------- 379,236 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- AUTOMOBILES--0.3% Autoliv, Inc. 1,200 $ 52,200 BorgWarner, Inc. 1,000 56,460 Cooper Tire & Rubber Co. 900 13,743 Johnson Controls, Inc. 700 43,435 Lear Corp. 1,400 47,558 ----------- 213,396 ----------- INDUSTRIAL COMPONENTS--0.1% Eaton Corp. 1,000 63,550 ----------- MULTI-INDUSTRY--1.2% Crane Co. 800 23,792 General Electric Co. 18,500 622,894 Hubbell, Inc. Cl.B 1,250 58,663 SPX Corp. 1,000 45,950 Textron, Inc. 800 57,376 ----------- 808,675 ----------- 1,464,857 ----------- TELECOMMUNICATIONS--0.8% BellSouth Corp. 1,100 28,930 SBC Communications, Inc. 3,300 79,101 Sprint Corp. (FON Group) 7,400 175,972 Verizon Communications, Inc. 7,400 241,906 ----------- 525,909 ----------- INDUSTRIAL COMMODITIES--0.7% CHEMICAL--0.3% E.I. du Pont de Nemours & Co. 1,400 54,838 PPG Industries, Inc. 1,100 65,109 The Lubrizol Corp. 1,100 47,663 ----------- 167,610 ----------- FOREST & PAPER--0.2% Kimberly-Clark Corp. 1,400 83,342 Smurfit-Stone Container Corp. (a) 2,300 23,828 ----------- 107,170 ----------- METAL -STEEL--0.1% United States Steel Corp. 1,600 67,760 ----------- MISCELLANEOUS MATERIALS--0.1% Owens-Illinois, Inc. (a) 2,300 47,426 ----------- 389,966 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TRANSPORTATION--0.4% TRANSPORTATION - ROAD & RAIL--0.4% Burlington Northern Santa Fe Corp. 1,000 $ 59,800 CSX Corp. 1,500 69,720 Norfolk Southern Corp. 2,200 89,232 Union Pacific Corp. 1,050 75,285 ----------- 294,037 ----------- UTILITIES--0.4% ELECTRIC & GAS UTILITY--0.4% American Electric Power Co., Inc. 1,400 55,580 Entergy Corp. 1,000 74,320 Exelon Corp. 250 13,360 Northeast Utilities 2,100 41,895 Wisconsin Energy Corp. 1,550 61,876 ----------- 247,031 ----------- Total United States Investments (cost $23,662,698) 26,061,656 ----------- FOREIGN INVESTMENTS--23.5% AUSTRALIA--1.1% Aristocrat Leisure Ltd. 5,734 51,950 Centro Properties Group 6,000 27,427 Coles Myer Ltd. 2,763 21,649 DB RREEF Trust 30,551 31,900 General Property Trust 19,000 56,553 Macquarie CountryWide Trust 21,380 32,191 Macquarie Goodman Group 12,807 41,502 QBE Insurance Group Ltd. 2,841 40,499 Rinker Group Ltd. 6,536 83,028 Stockland 9,479 44,541 Valad Property Group 26,959 30,205 Westfield Group 18,589 238,199 ----------- 699,644 ----------- BELGIUM--0.2% Delhaize Group 2,000 118,517 ----------- BERMUDA--0.9% Marvell Technology Group Ltd. (a) 8,000 368,880 Nabors Industries Ltd. (a) 3,600 258,588 ----------- 627,468 ----------- BRAZIL--0.3% Petroleo Brasileiro S.A. (ADR) 2,500 166,341 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- CANADA--1.3% Allied Properties Real Estate Investment Trust 2,100 $ 32,245 Bank of Nova Scotia 2,500 93,355 Boardwalk Real Estate Investment Trust 1,500 27,613 Canadian Apartment Properties Real Estate Investment Trust 2,000 24,688 Canadian Natural Resources Ltd. 2,600 117,419 Canadian Real Estate Investment Trust 2,450 45,944 Cominar Real Estate Investment Trust 2,400 40,072 Dundee Real Estate Investment Trust 600 13,672 H&R Real Estate Investment Trust 3,500 62,503 InnVest Real Estate Investment Trust 2,400 26,281 Manulife Financial Corp. 1,000 53,333 Primaris Retail Real Estate Investment Trust 4,050 55,916 RioCan Real Estate Investment Trust 8,875 171,851 Summit Real Estate Investment Trust 3,700 72,568 ----------- 837,460 ----------- CHINA--0.2% China Petrolium & Chemical Corp. 140,000 63,863 China Shenhua Energy Co., Ltd. (a) 47,500 55,721 ----------- 119,584 ----------- EGYPT--0.0% Orascom Telecom Holding SAE (GDR) 438 21,410 ----------- FINLAND--0.0% Sponda Oyj 2,800 29,679 ----------- FRANCE--3.2% Arcelor 6,000 140,217 Assurance Generales de France (AGF) 1,200 114,983 Bail Investissement Fonciere 700 33,827 BNP Paribas S.A. 1,711 130,192 CapGemini, SA (a) 2,197 85,831 Credit Agricole, SA 3,010 88,359 Essilor International, SA 262 21,690 European Aeronautic Defence and Space Co. 2,450 86,976 Groupe Danone 192 20,793 Klepierre 1,340 134,576 Renault, SA 1,900 180,630 Sanofi-Aventis,SA 2,963 245,386 Societe Generale 700 79,976 Total, SA 1,326 360,960 Unibail 2,050 297,274 Vinci, SA 901 77,623 ----------- 2,099,293 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- GERMANY--0.8% Continental AG 1,800 $ 148,162 Depfa Bank Plc 2,530 40,728 E.On AG 1,300 119,815 Man AG 1,200 61,586 Muenchener Rueckversicherungs - Gesellschaft AG (MunichRe) 1,000 114,264 SAP AG 344 59,617 ----------- 544,172 ----------- GREECE--0.1% EFG Eurobank Ergasias 944 29,331 Greek Organisation of Football Prognostics, SA 1,239 38,555 ----------- 67,886 ----------- HONG KONG--1.1% Esprit Holdings Ltd. 17,000 127,136 Henderson Land Development Co., Ltd. 26,000 130,314 Kerry Properties Ltd. 42,000 106,492 Li & Fung Ltd. 34,000 78,753 Sun Hung Kai Properties Ltd. 28,700 298,179 ----------- 740,874 ----------- HUNGARY--0.1% Mol Magyar Olaj-es Gazipari Rt. 500 55,308 ----------- INDIA--0.0% Infosys Technologies Ltd. 484 27,808 ----------- IRELAND--0.4% Allied Irish Banks Plc 3,501 74,602 Anglo Irish Bank Corp. Plc 5,246 71,416 CRH Plc 3,523 95,598 ----------- 241,616 ----------- ISRAEL--0.5% Bank Leumi Le-Israel 14,400 48,405 Teva Pharmaceutical Industries Ltd. (ADR) 8,050 269,032 ----------- 317,437 ----------- ITALY--0.6% Beni Stabili SpA 22,700 23,957 Eni S.p.A. 9,862 292,540 Luxottica Group S.p.A. 2,280 56,766 ----------- 373,263 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- JAPAN--3.5% Aeon Credit Service Co., Ltd. 700 $ 51,047 Canon, Inc. 2,500 135,672 Denso Corp. 3,400 99,013 Honda Motor Co., Ltd. 2,600 147,811 Hoya Corp. 1,000 33,356 Hoya Corp. (a) (b) 3,000 102,008 Japan Retail Fund Investment Corp. 10 80,649 Japan Tobacco, Inc. 8 126,321 JFE Holdings, Inc. 3,600 117,417 Keyence Corp. 500 126,301 Mitsubishi Corp. 10,000 197,876 Mitsubishi Tokyo Financial Group, Inc. 10 130,929 Mitsui & Co., Ltd. 3,000 37,667 Mitsui Fudosan Co., Ltd. 10,100 152,534 Nippon Building Fund, Inc. 13 110,979 Nitto Denko Corp. 1,700 96,046 Orix Corp. 800 144,993 Shimamura Co., Ltd. 200 22,252 Sumitomo Electric Industries Ltd. 3,000 40,620 Sumitomo Mitsui Financial Group, Inc. 28 265,086 Takashimaya Co., Ltd. 1,000 12,772 Takeda Pharmaceutical Co., Ltd. 200 11,973 Yamada Denki Co., Ltd. 900 68,532 ----------- 2,311,854 ----------- KOREA--0.6% Hyundai Motor Co. 700 54,851 Kookmin Bank 1,370 81,144 POSCO 600 135,637 Samsung Electronics Co., Ltd. 90 50,974 Shinhan Financial Group Co., Ltd. 1,570 54,752 ----------- 377,358 ----------- MEXICO--0.3% America Movil, SA de C.V. (ADR) 3,400 89,488 Grupo Televisa, SA (ADR) 600 43,026 Wal-Mart de Mexico SA de C.V. 7,100 36,196 ----------- 168,710 ----------- NETHERLANDS--0.7% Eurocommercial Properties NV 675 25,565 ING Groep NV 9,630 287,055 Rodamco Europe NV 1,550 134,164 Wereldhave NV 255 27,020 ----------- 473,804 ----------- NORWAY--0.1% Norsk Hydro ASA 617 68,708 ----------- PANAMA--0.2% Carnival Corp. 3,000 149,940 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SINGAPORE--0.7% Ascendas Real Estate Investment Trust 118,650 $ 153,719 CapitaMall Trust 61,000 84,848 Flextronics International Ltd. (a) 6,800 87,380 Singapore Telecommunications Ltd. 82,000 118,910 ----------- 444,857 ----------- SOUTH AFRICA--0.0% Telkom South Africa Ltd. 809 16,035 ----------- SPAIN--0.6% Banco Bilbao Vizcaya Argentaria, SA 7,792 136,754 Endesa, SA 5,000 133,853 Industria de Diseno Textil, SA 2 59 Inmobiliaria Colonial, SA 650 39,471 Repsol YPF, SA 3,600 116,299 ----------- 426,436 ----------- SWEDEN--0.1% Telefonaktiebolaget LM Ericsson 24,169 88,878 ----------- SWITZERLAND--2.1% Alcon, Inc. 4,050 517,915 Compagnie Financiere Richemont AG 2,802 111,321 Credit Suisse Group 5,168 229,301 Nestle, SA 107 31,427 Nobel Biocare Holding AG 438 103,257 Novartis AG 2,524 128,369 Roche Holding AG 1,208 167,828 UBS AG 1,377 117,369 ----------- 1,406,787 ----------- TAIWAN--0.3% Asustek Computer, Inc. 14,600 39,266 Hon Hai Precision Industry Co., Ltd. 1,370 6,406 Quanta Computer, Inc. (GDR) (a) 5,725 46,924 Taiwan Semiconductor Manufacturing Co., Ltd. 25,649 41,316 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 9,624 79,109 ----------- 213,021 ----------- THAILAND--0.0% PTT Public Co., Ltd. 4,400 26,157 ----------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- UNITED KINGDOM--3.5% 02 Plc 19,858 $ 55,266 Aviva Plc 9,600 105,500 BAE Systems Plc 14,423 87,515 Barclays Plc 10,600 107,067 BHP Billiton Plc 5,213 84,239 BP Plc 9,100 107,454 British Land Co. Plc 5,016 83,297 Brixton Plc 3,100 21,330 Capita Group Plc 6,449 42,910 Capital & Regional Plc 2,532 35,938 Derwent Valley Holdings Plc 1,600 36,866 Enterprise Inns Plc 3,724 55,407 Friends Provident Plc 20,270 66,902 GlaxoSmithKline Plc 2,100 53,569 Hammerson Plc 4,750 78,188 HBOS Plc 7,750 116,858 J Sainsbury Plc 16,500 81,594 Land Securities Group Plc 4,368 114,086 Liberty International Plc 2,225 39,085 Man Group Plc 1,037 30,304 Reckitt Benckiser Plc 844 25,743 Royal Bank of Scotland Group Plc 5,000 142,031 SABMiller Plc 7,148 139,085 Slough Estates Plc 4,300 40,435 Smiths Group Plc 791 13,388 Standared Chartered 5,529 119,444 Tesco Plc 16,259 88,869 Vodafone Group Plc 40,500 105,368 Wolseley Plc 1,857 39,379 WPP Group Plc 9,424 96,109 Xstrata Plc 3,320 86,171 ----------- 2,299,397 ----------- Total Foreign Investments (cost $13,771,531) 15,559,702 ----------- Total Common Stocks (cost $37,434,229) 41,621,358 ----------- CORPORATE DEBT OBLIGATIONS--33.4% AUTOMOTIVE--0.7% Daimlerchrysler North America Holdings 4.75%, 1/15/08 $ 200 198,946 Ford Motor Credit Co. 7.375%, 10/28/09 300 289,785 ----------- 488,731 ----------- Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- BANKS--3.0% Bank of America Corp. 7.40%, 1/15/11 $250 $ 279,191 HSBC Finance Corp. 4.75%, 4/15/10 300 298,851 HVB Funding Trust I 8.741%, 6/30/31 (d) 150 195,407 Mizuho Finance (Cayman Islands) 8.375%, 12/29/49 200 216,500 PNC Bank 4.875%, 9/21/17 500 485,217 Wachovia Corp. 5.25%, 8/01/14 500 507,011 ----------- 1,982,177 ----------- FINANCE--13.3% Assurant, Inc. 5.625%, 2/15/14 300 304,494 Bear Stearns Co., Inc. 2.875%, 7/02/08 300 286,424 Boeing Capital Corp. 6.50%, 2/15/12 400 435,889 CIT Group, Inc. 5.50%, 11/30/07 300 304,983 Citigroup, Inc. 5.00%, 9/15/14 400 397,840 Colonial Realty LP 4.75%, 2/01/10 150 146,780 Credit Suisse First Boston USA, Inc. 4.625%, 1/15/08 100 99,963 4.125%, 1/15/10 200 194,953 Duke Capital LLC 5.668%, 8/15/14 550 558,542 Encana Holdings Finance Corp 5.80%, 5/01/14 500 526,592 EOP Operating LP 4.75%, 3/15/14 400 385,238 ERP Operating LP 5.25%, 9/15/14 400 402,600 General Electric Capital Corp. 6.75%, 3/15/32 200 235,246 Series A 3.50%, 12/05/07 200 195,733 Goldman Sachs Group, Inc. 4.50%, 6/15/10 500 492,040 International Lease Finance Corp. 5.00%, 4/15/10 300 301,066 JPMorgan Chase & Co. 5.25%, 5/30/07-5/01/15 600 604,852 Lehman Brothers Holdings, Inc. 4.00%, 1/22/08 300 295,951 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- MBNA America Bank NA 5.375%, 1/15/08 $350 $ 354,913 Merrill Lynch & Co. Series C 4.25%, 2/08/10 400 391,040 Morgan Stanley 3.701%, 1/12/07 (c) 100 100,115 3.875%, 1/15/09 300 292,433 North Front Pass-Thru Trust 5.81%, 12/15/24 (d) (e) 250 251,425 Sanwa Bank Ltd. 7.40%, 6/15/11 150 166,321 SPI Electricity & Gas Australia Holdings Pty Ltd. 6.15%, 11/15/13 (d) 238 255,592 USA Education Series A 5.625%, 4/10/07 400 406,160 Washington Mutual, Inc. 4.20%, 1/15/10 400 390,359 XL Capital Ltd. 5.25%, 9/15/14 100 96,470 ----------- 8,874,014 ----------- INDUSTRIALS--7.3% AOL Time Warner 6.875%, 5/01/12 500 546,442 AT&T Broadband 8.375%, 3/15/13 400 473,267 British Sky Broadcasting 8.20%, 7/15/09 100 110,974 Burlington Northern Santa Fe 4.875%, 1/15/15 100 98,709 Cox Communications, Inc. 4.625%, 1/15/10 100 97,775 CSX Corp. 5.50%, 8/01/13 400 410,916 CVS Corp. 4.00%, 9/15/09 100 97,221 Federated Department Stores, Inc. 6.625%, 4/01/11 100 107,567 Kraft Foods, Inc. 4.125%, 11/12/09 325 316,905 Kroger Co. 4.95%, 1/15/15 400 381,629 Lubrizol Corp. 4.625%, 10/01/09 300 294,913 News America, Inc. 6.55%, 3/15/33 100 103,970 Raytheon Co. 4.85%, 1/15/11 400 399,020 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- Tyco International Group, SA 6.00%, 11/15/13 $400 $ 422,557 United Technologies Corp. 4.875%, 5/01/15 500 499,255 Weyerhaeuser Co. 7.375%, 3/15/32 100 113,122 Wyeth 5.50%, 2/01/14 400 409,892 ----------- 4,884,134 ----------- OIL--2.1% Devon Financing Corp. 6.875%, 9/30/11 300 329,765 FPL Group Capital, Inc. Series A 4.086%, 2/16/07 100 99,343 Marathon Oil Corp. 6.80%, 3/15/32 400 459,108 Sunoco, Inc. 4.875%, 10/15/14 150 146,732 Valero Energy Corp. 6.875%, 4/15/12 300 329,416 ----------- 1,364,364 ----------- TELECOMMUNICATIONS--4.1% AT&T Wireless Services, Inc. 7.875%, 3/01/11 500 569,249 Bellsouth Corp. 4.20%, 9/15/09 300 294,184 Deutsche Telekom Int. Fin. 5.25%, 7/22/13 400 403,840 SBC Communications 4.125%, 9/15/09 300 292,437 5.625%, 6/15/16 100 102,225 Sprint Capital Corp. 8.75%, 3/15/32 400 536,371 Telecom Italia Capital 6.00%, 9/30/34 (d) 400 391,978 Telus Corp. (Canada) 7.50%, 6/01/07 100 104,425 ----------- 2,694,709 ----------- UTILITIES--2.9% Alabama Power Capital Trust 5.50%, 10/01/42 (e) 174 175,926 Ohio Power Co. Series F 5.50%, 2/15/13 100 102,806 Pacific Gas & Electric 4.80%, 3/01/14 300 293,335 6.05%, 3/01/34 100 104,039 Progress Energy, Inc. 6.85%, 4/15/12 500 541,485 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- Southern California Edison Series 05-A 5.00%, 1/15/16 $ 500 $ 497,660 Verizon Florida, Inc. Series F 6.125%, 1/15/13 200 207,661 ----------- 1,922,912 ----------- Total Corporate Debt Obligations (cost $22,508,347) 22,211,041 ----------- U.S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--0.5% U.S. Treasury Bond 5.375%, 2/15/31 130 145,641 U.S. Treasury Note 4.250%, 11/15/14 170 168,784 ----------- Total U.S. Government & Government Sponsored Agency Obligations (cost $321,910) 314,425 ----------- SHORT-TERM INVESTMENT--3.2% TIME DEPOSIT--3.2% The Bank of New York 2.75% 10/03/05 (cost $2,160,000) 2,160 2,160,000 ----------- TOTAL INVESTMENTS--99.7% (cost $62,424,486) 66,306,824 Other assets less liabilities--0.3% 182,593 ----------- NET ASSETS--100% $66,489,417 =========== SECTOR DIVERSIFICATION September 30, 2005 (unaudited) SECTOR U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Finance $20,288,355 30.5% Technology / Electronics 6,760,416 10.2 Construction & Housing 6,642,197 10.0 Energy 5,035,812 7.6 Industrial 4,884,134 7.4 Medical 4,010,470 6.0 Consumer Cyclical 3,680,100 5.5 Telecommunications 3,627,095 5.5 Capital Equipment 2,874,140 4.3 Utilities 2,423,611 3.6 Consumer Staples 2,262,339 3.4 Industrial Commodities 1,049,693 1.6 U.S. Government & Government Sponsored Agency Obligations 314,425 0.5 Transportation 294,037 0.4 ----------- ----- Total Investments* 64,146,824 96.5 Cash and receivables, net of liabilities 2,342,593 3.5 ----------- ----- Net Assets $66,489,417 100.0% ----------- ----- *Excludes short-term investments. FINANCIAL FUTURES CONTRACTS PURCHASED
Number of Expiration Original Value at Unrealized Type Contracts Month Value September 30, 2005 Appreciation ---------------------------------------------------------------------------------- Euro Stoxx December 50 Index 4 2005 $161,855 $165,182 $3,327 $3,327 ======
(a) Non-income producing security. (b) When Issued security. (c) Coupon increases periodically based on a predetermined schedule. Stated interest rate in effect at September 30, 2005. (d) 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 September 30, 2005 , the aggregate market value of these securities amounted to $ 702,424 or 1.1% of net assets. (e) Variable rate coupon, rate shown as of September 30, 2005. 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. ALLIANCEBERSTEIN VARIABLE PRODUCTS SERIES FUND - WEALTH APPRECIATION STRATEGY PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--97.2% UNITED STATES INVESTMENTS--62.0% FINANCE--14.5% BANKING--5.8% Bank of America Corp. 7,100 $ 298,910 Citigroup, Inc. 8,950 407,403 Fannie Mae 2,200 98,604 Freddie Mac 1,700 95,982 Huntington Bancshares, Inc. 2,000 44,940 JPMorgan Chase & Co. 5,800 196,794 KeyCorp 500 16,125 Mellon Financial Corp. 1,900 60,743 National City Corp. 1,900 63,536 Northern Trust Corp. 1,100 55,605 PNC Financial Services Group, Inc. 400 23,208 SunTrust Banks, Inc. 1,125 78,131 US Bancorp 2,000 56,160 Wachovia Corp. 3,150 149,909 Wells Fargo & Co. 1,900 111,283 ----------- 1,757,333 ----------- FINANCIAL SERVICES--3.9% Countrywide Financial Corp. 1,600 52,768 Federated Investors, Inc. 1,050 34,892 Franklin Resources, Inc. 2,000 167,920 Legg Mason, Inc. 1,500 164,535 Lehman Brothers Holdings, Inc. 600 69,888 MBIA, Inc. 500 30,310 Merrill Lynch & Co., Inc. 3,575 219,326 Morgan Stanley 2,250 121,365 The Goldman Sachs Group, Inc. 2,475 300,911 Waddell & Reed Financial, Inc. 900 17,424 ----------- 1,179,339 ----------- INSURANCE--4.8% AFLAC, Inc. 2,000 90,600 American International Group, Inc. 5,900 365,563 Genworth Financial, Inc. 1,600 51,584 MetLife, Inc. 1,600 79,728 The Allstate Corp. 200 11,058 The Chubb Corp. 700 62,685 The Hartford Financial Services Group, Inc. 1,025 79,099 The Progressive Corp. 600 62,862 The St. Paul Travelers Cos., Inc. 1,900 85,253 Torchmark Corp. 1,000 52,830 UnitedHealth Group, Inc. 5,000 281,000 WellPoint, Inc. (a) 2,900 219,878 ----------- 1,442,140 ----------- 4,378,812 ----------- TECHNOLOGY / ELECTRONICS--13.4% DATA PROCESSING--8.7% Agere System, Inc. (a) 2,000 20,820 Apple Computer, Inc. (a) 8,850 474,449 Arrow Electronics, Inc. (a) 1,350 42,336 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Avnet, Inc. (a) 1,800 $ 44,010 Dell, Inc. (a) 9,800 335,160 Electronic Arts, Inc. (a) 4,400 250,316 Electronic Data Systems Corp. 2,600 58,344 Google, Inc. Cl.A (a) 1,590 503,171 Hewlett-Packard Co. 6,100 178,120 International Business Machines Corp. 950 76,209 Microsoft Corp. 1,600 41,168 Network Appliance, Inc. (a) 3,200 75,968 Sanmina-SCI Corp. (a) 7,800 33,462 Solectron Corp. (a) 11,500 44,965 Tech Data Corp. (a) 1,300 47,723 Yahoo!, Inc. (a) 11,800 399,312 ----------- 2,625,533 ----------- ELECTRICAL & ELECTRONICS--4.4% ADC Telecommunications, Inc. (a) 1,300 29,718 Broadcom Corp. Cl. A (a) 6,100 286,151 Corning, Inc. (a) 11,700 226,161 Juniper Networks, Inc. (a) 12,500 297,375 QUALCOMM, Inc. 10,100 451,975 Tellabs, Inc. (a) 3,300 34,716 ----------- 1,326,096 ----------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.4% Intel Corp. 1,700 41,905 Texas Instruments, Inc. 2,000 67,800 ----------- 109,705 ----------- 4,061,334 ----------- CONSUMER CYCLICAL--6.6% BROADCASTING & PUBLISHING--1.8% Comcast Corp. Special Cl. A (a) 2,750 79,145 Liberty Media Corp. Cl. A (a) 2,200 17,710 The E.W. Scripps Co. Cl. A 3,100 154,907 The Walt Disney Co. 1,200 28,956 Time Warner, Inc. (a) 9,300 168,423 Viacom, Inc. Cl. B 2,950 97,380 ----------- 546,521 ----------- BUSINESS & PUBLIC SERVICES--0.2% The Interpublic Group of Cos., Inc. (a) 4,200 48,888 ----------- HOUSEHOLD - APPLIANCES/ DURABLES--0.1% Newell Rubbermaid, Inc. 1,400 31,710 ----------- LEISURE & TOURISM--0.9% Hilton Hotels Corp. 400 8,928 Host Marriott Corp. 3,025 51,123 McDonald's Corp. 3,100 103,819 Starbucks Corp. (a) 1,750 87,675 Starwood Hotels & Resorts Worldwide, Inc. 575 32,873 ----------- 284,418 ----------- MERCHANDISING--3.3% eBay, Inc. (a) 8,600 354,319 Limited Brands, Inc. 1,900 38,817 Lowe's Cos., Inc. 4,100 264,040 Office Depot, Inc. (a) 2,200 65,340 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Target Corp. 5,300 $ 275,229 ----------- 997,745 ----------- RECREATION & OTHER CONSUMER--0.2% Mattel, Inc. 3,100 51,708 ----------- TEXTILES & APPAREL--0.1% Jones Apparel Group, Inc. 1,500 42,750 ----------- 2,003,740 ----------- MEDICAL--6.0% HEALTH & PERSONAL CARE--6.0% Amgen, Inc. (a) 2,300 183,241 Bristol-Myers Squibb Co. 3,200 76,992 Eli Lilly & Co. 1,450 77,604 Genentech, Inc. (a) 3,950 332,630 Gilead Sciences, Inc. (a) 2,800 136,528 HCA, Inc. 900 43,128 Medco Health Solutions, Inc. (a) 900 49,347 Merck & Co., Inc. 4,000 108,840 Pfizer, Inc. 11,200 279,664 St. Jude Medical, Inc. (a) 6,800 318,240 Tenet Healthcare Corp. (a) 2,300 25,829 Zimmer Holdings, Inc. (a) 2,500 172,225 ----------- 1,804,268 ----------- ENERGY--5.1% ENERGY EQUIPMENT & SERVICES--1.4% ENSCO International, Inc. 1,200 55,908 Halliburton Co. 4,600 315,192 Rowan Cos., Inc. 1,300 46,137 ----------- 417,237 ----------- ENERGY SOURCES--3.7% ChevronTexaco Corp. 3,500 226,555 ConocoPhillips 2,250 157,298 Exxon Mobil Corp. 9,025 573,448 Marathon Oil Corp. 1,200 82,716 Occidental Petroleum Corp. 1,000 85,430 ----------- 1,125,447 ----------- 1,542,684 ----------- CONSTRUCTION & HOUSING--4.9% BUILDING MATERIALS--0.3% Martin Marietta Materials, Inc. 600 47,076 Vulcan Materials Co. 700 51,947 ----------- 99,023 ----------- CONSTRUCTION & HOUSING--0.3% Pulte Homes, Inc. 2,400 103,008 ----------- REAL ESTATE--4.2% Alexandria Real Estate Equities, Inc. 620 51,268 Archstone-Smith Trust 1,100 43,857 Arden Realty, Inc. 350 14,410 AvalonBay Communities, Inc. 400 34,280 Boston Properties, Inc. 600 42,540 Brookfield Properties Co. 1,275 37,574 Camden Property Trust 275 15,331 CarrAmerica Realty Corp. 650 23,368 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Corporate Office Properties Trust 1,300 $ 45,435 Cousins Properties, Inc. 300 9,066 Developers Diversified Realty Corp. 1,305 60,944 Digital Realty Trust, Inc. 400 7,200 EastGroup Properties, Inc. 600 26,250 Equity Office Properties Trust 650 21,262 Equity Residential 1,300 49,205 Essex Property Trust, Inc. 225 20,250 First Potomac Realty Trust 400 10,280 General Growth Properties, Inc. 1,625 73,011 Glenborough Realty Trust, Inc. 475 9,120 Health Care Property Investors, Inc. 550 14,845 iStar Financial, Inc. 280 11,320 Kimco Realty Corp. 1,300 40,846 LaSalle Hotel Properties 400 13,780 Maguire Properties, Inc. 650 19,533 Mid-America Apartment Communities, Inc. 425 19,767 Pan Pacific Retail Properties, Inc. 350 23,065 Prentiss Properties Trust 325 13,195 ProLogis 2,225 98,589 Public Storage, Inc. 625 41,875 Reckson Associates Realty Corp. 350 12,093 Regency Centers Corp. 750 43,088 Simon Property Group, Inc. 1,250 92,649 SL Green Realty Corp. 350 23,863 Sovran Self Storage, Inc. 200 9,790 Strategic Hotel Capital, Inc. 200 3,652 Sunstone Hotel Investors, Inc. 1,075 26,219 Tanger Factory Outlet Centers, Inc. 400 11,124 The Macerich Co. 350 22,729 The Mills Corp. 550 30,294 United Dominion Realty Trust, Inc. 1,450 34,365 Vornado Realty Trust 700 60,634 Windrose Medical Properties Trust 650 9,932 ----------- 1,271,898 ----------- 1,473,929 ----------- CONSUMER STAPLES--4.1% BEVERAGES & TOBACCO--1.3% Altria Group, Inc. 2,450 180,590 Kraft Foods, Inc. 800 24,472 PepsiCo, Inc. 700 39,697 The Coca-Cola Co. 2,250 97,178 UST, Inc. 1,000 41,860 ----------- 383,797 ----------- FOOD & HOUSEHOLD PRODUCTS--2.8% ConAgra Foods, Inc. 2,600 64,350 General Mills, Inc. 1,200 57,840 Kellogg Co. 500 23,065 Safeway, Inc. 2,300 58,880 SUPERVALU, Inc. 1,300 40,456 The Clorox Co. 1,000 55,540 The Kroger Co. (a) 3,000 61,770 The Procter & Gamble Co. 6,550 389,462 Whole Foods Market, Inc. 700 94,115 ----------- 845,478 ----------- 1,229,275 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- CAPITAL EQUIPMENT--3.7% AEROSPACE & DEFENSE--1.0% Goodrich Corp. 1,000 $ 44,340 Lockheed Martin Corp. 700 42,728 Northrop Grumman Corp. 1,300 70,655 The Boeing Co. 2,000 135,900 ----------- 293,623 ----------- AUTOMOBILES--0.5% Autoliv, Inc. 1,000 43,500 BorgWarner, Inc. 800 45,168 Cooper Tire & Rubber Co. 700 10,689 Johnson Controls, Inc. 450 27,923 Lear Corporation 800 27,176 ----------- 154,456 ----------- INDUSTRIAL COMPONENTS--0.2% Eaton Corp. 800 50,840 ----------- MULTI-INDUSTRY--2.0% Crane Co. 700 20,818 General Electric Co. 14,200 478,114 Hubbell, Inc. Cl. B 900 42,237 SPX Corp. 800 36,760 Textron, Inc. 600 43,032 ----------- 620,961 ----------- 1,119,880 ----------- TELECOMMUNICATIONS--1.3% BellSouth Corp. 900 23,670 SBC Communications, Inc. 2,700 64,719 Sprint Nextel Corp. 5,200 123,656 Verizon Communications, Inc. 5,700 186,333 ----------- 398,378 ----------- INDUSTRIAL COMMODITIES--1.0% CHEMICAL--0.4% E.I. Du Pont de Nemours & Co. 1,100 43,087 PPG Industries, Inc. 850 50,312 The Lubrizol Corp. 800 34,664 ----------- 128,063 ----------- FOREST & PAPER--0.3% Kimberly-Clark Corp. 1,000 59,530 Smurfit-Stone Container Corp. (a) 1,800 18,648 ----------- 78,178 ----------- METAL-STEEL--0.2% United States Steel Corp. 1,300 55,055 ----------- MISCELLANEOUS MATERIALS--0.1% Owens-Illinois, Inc. (a) 1,900 39,178 ----------- 300,474 ----------- TRANSPORTATION--0.7% TRANSPORTATION - ROAD & RAIL--0.7% Burlington Northern Santa Fe Corp. 500 29,900 CSX Corp. 1,200 55,776 Norfolk Southern Corp. 1,800 73,008 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Union Pacific Corp. 700 $ 50,190 ----------- 208,874 ----------- UTILITIES--0.6% ELECTRIC & GAS UTILITY--0.6% American Electric Power Co., Inc. 1,100 43,670 Entergy Corp. 800 59,456 Exelon Corp. 175 9,352 Northeast Utilities 1,600 31,920 Wisconsin Energy Corp. 1,200 47,904 ----------- 192,302 ----------- Total United States Investments (cost $16,894,132) 18,713,950 ----------- FOREIGN INVESTMENTS--35.2% AUSTRALIA--1.3% Aristocrat Leisure Ltd. 4,320 39,139 Centro Properties Group 2,900 13,257 Coles Myer Ltd. 2,122 16,627 DB Rreef Trust 14,407 15,043 General Property Trust 8,700 25,895 Macquarie CountryWide Trust 7,591 11,430 Macquarie Goodman Group 6,607 21,411 QBE Insurance Group Ltd. 2,127 30,321 Rinker Group Ltd. 4,939 62,741 Stockland 4,452 20,920 Valad Property Group 13,479 15,102 Westfield Group 8,469 108,522 ----------- 380,408 ----------- BELGIUM--0.3% Delhaize Group 1,400 82,962 ----------- BERMUDA--1.6% Marvell Technology Group Ltd. (a) 5,900 272,048 Nabors Industries Ltd. (a) 2,750 197,533 ----------- 469,581 ----------- BRAZIL--0.4% Petroleo Brasileiro, SA (ADR) (a) 1,800 120,168 ----------- CANADA--1.2% Allied Properties Real Estate Investment Trust 1,000 15,355 Boardwalk Real Estate Investment Trust 825 15,187 Borealis Retail Real Estate Investment Trust 1,450 20,019 Canadian Apartment Properties Real Estate 900 11,110 Canadian Natural Resources Ltd. 1,700 76,774 Canadian Real Estate Investment Trust 1,300 24,378 Cominar Real Estate Investment Trust 1,000 16,697 Dundee Real Estate Investment Trust 400 9,115 H&R Real Estate Investment Trust 1,500 26,787 InnVest Real Estate Investment Trust 1,000 10,951 Manulife Financial Corp. 600 32,000 RioCan Real Estate Investment Trust 3,950 76,486 Summit Real Estate Investment Trust 1,950 38,245 ----------- 373,104 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- EGYPT--0.1% Orascom Telecom Holding SAE (GDR) 343 $ 16,766 ----------- FINLAND--0.1% Sponda Oyj (a) 1,850 19,610 ----------- FRANCE--4.8% Arcelor 4,700 109,837 Assurance Generales de France 1,000 95,819 Bail Investissement Fonciere 350 16,914 BNP Paribas, SA 1,243 94,581 CapGemini, SA (a) 1,651 64,500 Credit Agricole SA 2,260 66,343 Essilor International, SA 227 18,792 European Aeronautic Defence And Space Co. 1,820 64,611 Groupe Danone 149 16,136 Klepierre 600 60,258 Renault, SA (a) 1,400 133,096 Sanofi Aventis 2,250 186,337 Societe Generale 600 68,551 Total, SA 1,025 279,021 Unibail 900 130,510 Vinci, SA 670 57,722 ----------- 1,463,028 ----------- GERMANY--1.3% Continental AG 1,300 107,006 Depfa Bank Plc 1,740 28,011 E.ON AG 900 82,949 MAN AG 800 41,057 Muenchener Rueckversicherungs - Gesellschaft AG 800 91,411 SAP AG 259 44,886 ----------- 395,320 ----------- GREECE--0.2% EFG Eurobank Ergasias 740 22,993 Greek Organization of Football Prognostics, SA 978 30,433 ----------- 53,426 ----------- HONG KONG--1.3% Esprit Holdings Ltd. 13,000 97,222 Henderson Land Development Co., Ltd. 12,000 60,145 Kerry Properties Ltd. 19,300 48,936 Li & Fung Ltd. 24,000 55,590 Sun Hung Kai Properties Ltd. 12,700 131,946 ----------- 393,839 ----------- HUNGARY--0.1% Mol Magyar Olaj-es Gazipari Rt 400 44,247 ----------- INDIA--0.1% Infosys Technologies Ltd. 389 22,350 ----------- IRELAND--0.6% Allied Irish Banks Plc 2,583 57,257 Anglo Irish Bank Corp., Plc 4,007 54,549 CRH Plc 2,743 74,432 ----------- 186,238 ----------- ISRAEL--0.7% Teva Pharmaceutical Industries Ltd. (ADR) 6,100 203,861 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- ITALY--0.9% Beni Stabili SpA 12,300 $ 12,981 Eni S.p.A. 7,598 225,380 Luxottica Group SpA 1,726 42,973 ----------- 281,334 ----------- JAPAN--5.7% Aeon Credit Service Co., Ltd. 600 43,755 Canon, Inc. 2,100 113,965 Denso Corp. 2,600 75,716 Honda Motor Co., Ltd. 1,900 108,016 Hoya Corp. (a) 800 26,685 Hoya Corp. (b) 2,400 81,607 Japan Retail Fund Investment Corp. 5 40,325 Japan Tobacco, Inc. 6 94,741 JFE Holdings, Inc. 2,800 91,324 Keyence Corp. 300 75,780 Mitsubishi Corp. 7,400 146,429 Mitsubishi UFJ Financial Group, Inc. 14 148,614 Mitsui & Co., Ltd. 3,000 37,667 Mitsui Fudosan Co., Ltd. 4,900 74,002 Nippon Building Fund, Inc. 6 51,221 Nitto Denko Corp. 1,200 67,797 Orix Corp. 600 108,745 Shimamura Co., Ltd. 200 22,252 Sumitomo Electric Industries Ltd. 2,200 29,788 Sumitomo Mitsui Financial Group, Inc. 22 208,281 Takashimaya Co., Ltd. 1,000 12,772 Takeda Pharmaceutical Co., Ltd. 200 11,973 Yamada Denki Co., Ltd. 700 53,303 ----------- 1,724,758 ----------- MEXICO--0.4% America Movil, S.A. de C.V. Series L (ADR) 2,600 68,432 Grupo Televisa, SA (ADR) 500 35,855 Wal-Mart de Mexico SA de CV 4,700 23,961 ----------- 128,248 ----------- NETHERLANDS--1.0% Eurocommercial Properties NV 310 11,741 ING Groep NV 7,318 218,136 Rodamco Europe NV 655 56,695 Wereldhave NV 125 13,245 ----------- 299,817 ----------- NORWAY--0.2% Norsk Hydro ASA 468 52,116 ----------- PANAMA--0.4% Carnival Corp. 2,200 109,956 ----------- PEOPLES REPUBLIC OF CHINA--0.3% China Petroleum and Chemical Corp. 94,000 42,880 China Shenhua Energy Co., Ltd. (a) 35,000 41,058 ----------- 83,938 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SINGAPORE--0.9% Ascendas Real Estate Investment Trust Cl. A (a) 56,595 $ 73,322 CapitaMall Trust (a) 27,000 37,556 Flextronics International Ltd. (a) 6,200 79,670 Singapore Telecommunications Ltd. 57,000 82,657 ----------- 273,205 ----------- SOUTH AFRICA--0.0% Telkon South Africa Ltd. 618 12,249 ----------- SOUTH KOREA--1.1% Hyundai Motor Co. 600 47,015 Kookmin Bank 1,160 68,706 Posco 500 113,031 Samsung Electronics Co., Ltd. 80 45,311 Shinhan Financial Group Co., Ltd. 1,340 46,731 ----------- 320,794 ----------- SPAIN--0.7% Banco Bilbao Vizcaya 5,760 101,092 Industria de Diseno Textil, SA (Inditex) 2 59 Inmobiliaria Colonial 300 18,218 Repsol YPF, SA 2,700 87,224 ----------- 206,593 ----------- SWEDEN--0.3% Svenska Cellulosa AB, CI.B 1,100 38,565 Telefonaktiebolaget LM Ericsson 18,056 66,398 ----------- 104,963 ----------- SWITZERLAND--3.5% Alcon, Inc. 3,050 390,033 Compagnie Financiere Richemont AG 2,138 84,941 Credit Suisse Group 3,925 174,150 Nestle, SA CI.B 80 23,496 Nobel Biocare Holding AG 329 77,561 Novartis AG 1,926 97,955 Roche Holding AG 879 122,120 UBS AG 1,021 87,026 ----------- 1,057,282 ----------- TAIWAN--0.6% Asustek Computer, Inc. 11,300 30,391 Hon Hai Precision Industry 1,174 5,490 Quanta Computer, Inc. 5,200 42,621 Taiwan Semiconductor Manufacturing Co., Ltd. 27,099 93,881 ----------- 172,383 ----------- THAILAND--0.1% PTT Public Company Ltd. 3,300 19,617 ----------- UNITED KINGDOM--5.2% 02 Plc 14,771 41,109 Aviva Plc 7,500 82,422 BAE Systems Plc 9,611 58,317 Barclays Plc 8,100 81,816 Billiton Plc 3,884 62,763 BP Plc 3,600 42,509 Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- British Land Co. Plc 2,131 $ 35,388 Brixton Plc 1,950 13,417 Capita Group Plc 5,044 33,562 Capital & Regional Plc 1,216 17,260 Derwent Valley Holdings Plc 800 18,433 Enterprise Inns Plc 2,848 42,373 Friends Provident Plc 13,180 43,501 GlaxoSmithKline Plc 1,700 43,365 Hammerson Plc 2,350 38,683 HBOS Plc 5,730 86,400 J. Sainsbury Plc 12,000 59,341 Land Securities Group Plc 2,011 52,524 Liberty International Plc 1,100 19,323 Man Group Plc 689 20,134 Persimmon Plc 2,000 30,348 Reckitt Benckiser Plc 676 20,619 Royal Bank of Scotland Group Plc 3,500 99,421 SABMiller Plc 5,398 105,034 Slough Estates Plc 2,100 19,747 Smiths Group Plc 617 10,443 Standared Chartered Bank 4,176 90,215 Tesco Plc 12,143 66,371 Vodafone Group Plc 30,400 79,091 Wolseley Plc 1,422 30,155 WPP Group Plc 7,069 72,092 Xstrata Plc 2,580 66,964 ----------- 1,583,140 ----------- Total Foreign Investments (cost $9,635,828) 10,655,301 ----------- Total Common Stocks (cost $26,529,960) 29,369,251 ----------- SHORT-TERM INVESTMENT--2.0% TIME DEPOSIT--2.0% The Bank of New York 2.75% 10/03/05 (cost $600,000) $ 600 600,000 ----------- Total Investments--99.2% (cost $27,129,960) 29,969,251 Other assets less liabilities--0.8% 235,185 ----------- NET ASSETS--100% $30,204,436 =========== SECTOR DIVERSIFICATION September 30, 2005 (unaudited) SECTOR U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Finance $ 6,981,220 23.1% Technology / Electronics 5,160,479 17.1 Construction & Housing 3,285,896 10.9 Medical 2,999,238 9.9 Energy 2,771,211 9.2 Consumer Cyclical 2,644,725 8.8 Capital Equipment 1,794,945 5.9 Consumer Staples 1,697,975 5.6 Industrial Commodities 850,755 2.8 Telecommunications 698,682 2.3 Utilities 275,251 0.9 Transportation 208,874 0.7 ----------- ----- Total Investments* 29,369,251 97.2 Cash and receivables, net of liabilities 835,185 2.8 ----------- ----- Net Assets $30,204,436 100.0% ----------- ----- *Excludes short-term investments. FINANCIAL FUTURES CONTRACTS PURCHASED
Value at Number of Expiration Original September 30, Unrealized Type Contracts Month Value 2005 Appreciation ----------------------------------------------------------------------------------------- Euro Stoxx 50 Index 6 December 2005 243,043 247,774 $4,731
(a) Non-income producing security. (b) When Issued security. Glossary: 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. ALLIANCEBERSTEIN VARIABLE PRODUCTS SERIES FUND - GLOBAL RESEARCH GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS September 30, 2005 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--97.8 % UNITED STATES INVESTMENTS--48.6% FINANCE--10.0% BANKING - REGIONAL--1.0% Commerce Bancorp, Inc. 1,300 $ 39,897 North Fork Bancorporation, Inc. 900 22,950 ---------- 62,847 ---------- BROKERAGE & MONEY MANAGEMENT--3.0% Franklin Resources, Inc. 400 33,584 The Charles Schwab Corp. 4,000 57,720 The Goldman Sachs Group, Inc. 800 97,264 ---------- 188,568 ---------- INSURANCE--2.4% AFLAC, Inc. 600 27,180 American International Group, Inc. 2,000 123,920 ---------- 151,100 ---------- MORTGAGE BANKING--0.5% Fannie Mae 700 31,374 ---------- MISCELLANEOUS--3.0% Citigroup, Inc. 4,100 186,632 ---------- 620,521 ---------- HEALTH CARE--8.2% BIOTECHNOLOGY--1.9% Amgen, Inc. (a) 300 23,901 Genentech, Inc. (a) 700 58,947 Gilead Sciences, Inc. (a) 700 34,132 ---------- 116,980 ---------- DRUGS--1.4% Allergan, Inc. 300 27,486 Cephalon, Inc. (a) 300 13,926 Eli Lilly & Co. 300 16,056 Forest Laboratories, Inc. (a) 500 19,485 Wyeth 200 9,254 ---------- 86,207 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MEDICAL PRODUCTS--1.4% Bausch & Lomb Inc 100 $ 8,068 St. Jude Medical, Inc. (a) 700 32,760 Stryker Corp. 500 24,715 Zimmer Holdings, Inc. (a) 300 20,667 ---------- 86,210 ---------- MEDICAL SERVICES--3.5% Caremark Rx, Inc. (a) 300 14,979 Health Management Associates, Inc. Cl.A 900 21,123 UnitedHealth Group, Inc. 1,500 84,300 WellPoint Health Networks, Inc. (a) 1,300 98,566 ---------- 218,968 ---------- 508,365 ---------- TECHNOLOGY--7.4% COMMUNICATION EQUIPMENT--1.8% Corning, Inc. (a) 500 9,665 Juniper Networks, Inc. (a) 1,300 30,927 Motorola, Inc. 700 15,463 QUALCOMM, Inc. 1,200 53,700 ---------- 109,755 ---------- COMPUTER HARDWARE/STORAGE--1.3% Apple Computer, Inc. (a) 400 21,444 Dell, Inc. (a) 700 23,940 EMC Corp. (a) 2,500 32,350 ---------- 77,734 ---------- COMPUTER SERVICES--0.3% Fiserv, Inc. (a) 400 18,348 ---------- INTERNET MEDIA--1.1% Google, Inc. Cl.A (a) 140 44,304 Yahoo!, Inc. (a) 700 23,688 ---------- 67,992 SEMICONDUCTOR CAPITAL EQUIPMENT--0.3% Applied Materials, Inc. 700 11,872 KLA-Tencor Corp. 200 9,752 ---------- 21,624 ---------- SEMICONDUCTOR COMPONENTS--1.0% Broadcom Corp. Cl.A (a) 700 32,837 Texas Instruments, Inc. 800 27,120 ---------- 59,957 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SOFTWARE--1.6% McAfee, Inc. (a) 300 $ 9,426 Microsoft Corp. 2,400 61,752 Oracle Corp. (a) 2,200 27,258 ---------- 98,436 ---------- 453,846 ---------- ENERGY--6.2% DOMESTIC PRODUCERS--2.1% Noble Energy, Inc. 2,776 130,194 ---------- OIL SERVICE--4.1% FMC Technologies, Inc. (a) 1,200 50,532 Halliburton Co. 3,000 205,560 ---------- 256,092 ---------- 386,286 ---------- CONSUMER SERVICES--5.9% APPAREL--0.3% Coach, Inc. (a) 600 18,816 ---------- BROADCASTING & CABLE--2.0% News Corp. Cl.A 1,200 18,708 Time Warner, Inc. 3,700 67,007 Univision Communications, Inc. (a) 1,400 37,142 ---------- 122,857 ---------- RESTAURANT & LODGING--0.5% Hilton Hotels Corp. 1,200 26,784 Outback Steakhouse, Inc. 100 3,660 ---------- 30,444 ---------- RETAIL - GENERAL MERCHANDISE--3.1% eBay, Inc. (a) 200 8,240 Lowe's Cos., Inc. 1,100 70,840 Target Corp. 1,100 57,123 The Home Depot, Inc. 1,000 38,140 Williams-Sonoma, Inc. (a) 500 19,175 ---------- 193,518 ---------- 365,635 ---------- CAPITAL GOODS--3.9% ELECTRICAL EQUIPMENT--0.6% Emerson Electric Co. 500 35,900 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS--3.3% General Electric Co. 4,300 $ 144,781 United Technologies Corp. 1,200 62,208 ---------- 206,989 ---------- 242,889 ---------- CONSUMER STAPLES--2.8% FOOD--0.6% Wm. Wrigley Jr. Co. 500 35,940 ---------- HOUSEHOLD PRODUCTS--2.2% Colgate-Palmolive Co. 900 47,511 The Procter & Gamble Co. 1,500 89,190 ---------- 136,701 ---------- 172,641 ---------- CONSUMER MANUFACTURING--1.4% BUILDING RELATED--1.4% American Standard Cos., Inc. 1,400 65,170 Pulte Homes, Inc. 500 21,460 ---------- 86,630 ---------- BASIC INDUSTRY--1.3% CHEMICALS--1.3% Air Products and Chemicals, Inc. 1,500 82,710 ---------- AEROSPACE & DEFENSE--0.5% AEROSPACE--0.5% Lockheed Martin Corp. 500 30,520 ---------- TRANSPORTATION--0.4% AIR FREIGHT--0.4% United Parcel Service, Inc. Cl.B 400 27,652 ---------- MULTI-INDUSTRY COMPANIES--0.4% Danaher Corp. 500 26,915 ---------- UTILITIES--0.2% TELEPHONE UTILITY--0.2% Sprint Corp. (Fon Group) 600 14,268 ---------- Total United States Investments (cost $2,714,769) 3,018,878 ---------- FOREIGN INVESTMENTS--49.2% AUSTRALIA--0.6% Rinker Group Ltd. 2,838 36,052 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- BERMUDA--3.6% ACE Ltd. 600 $ 28,242 Axis Capital Holdings Ltd. 1,000 28,510 Marvell Technology Group Ltd. (a) 800 36,888 Nabors Industries Ltd. (a) 1,800 129,295 ---------- 222,935 ---------- BRAZIL--3.4% Companhia Vale do Rio Doce (ADR) 1,500 65,790 Petroleo Brasileiro, SA (ADR) 2,300 146,626 ---------- 212,416 ---------- EGYPT--0.2% Orascom Telecom Holdings SAE (GDR) 272 13,296 ---------- FRANCE--2.4% Accor, SA 799 40,456 CapGemini, SA (a) 473 18,479 Groupe Danone 143 15,486 Sanofi-Aventis, SA 495 40,994 Vinci SA 357 30,756 ---------- 146,171 ---------- GERMANY--1.2% Premiere AG (a) 524 14,694 SAP AG (ADR) 700 30,331 Siemens AG 318 24,573 ---------- 69,598 ---------- GREECE--0.5% Greek Organization of Football Prognostics, SA 912 28,379 ---------- HONG KONG--2.6% Aluminum Corp. of China Ltd. 36,000 22,884 China Shenhua Energy Co., Ltd. Cl.H (a) 55,500 65,106 China Telecom Corp., Ltd. Cl.H 22,000 8,287 Datang International Power Generation Co., Ltd. 42,000 32,301 Li & Fung Ltd. 10,000 23,163 ZTE Corp. 3,000 9,782 ---------- 161,523 ---------- INDIA--0.9% Infosys Technologies (ADR) 400 29,712 Ranbaxy Laboratories Ltd. (GDR) 2,143 23,945 ---------- 53,657 ---------- IRELAND-0.1% CRH PLC 278 7,544 Company Shares U.S. $ Value -------------------------------------------------------------------------------- ISRAEL--0.7% Teva Pharmaceutical Industries Ltd. (ADR) 1,300 $ 43,446 ---------- ITALY--0.1% Fastweb (a) 162 7,260 ---------- JAPAN--9.7% Canon, Inc. 500 27,134 Denso Corp. 1,600 46,595 Hitachi Chemical Co., Ltd. 1,700 35,563 Hoya Corp. 200 6,671 Hoya Corp. (a) (b) 600 20,402 Keyence Corp. 100 25,260 Mitsubishi Corp. 2,500 49,469 Mitsubishi Tokyo Financial Group, Inc. 7 91,650 Mitsui & Co. 1,000 12,556 Nitto Denko Corp. 300 16,949 Nomura Holdings, Inc. 6,900 107,356 Shionogi & Co., Ltd. 2,000 27,325 Sumitomo Electric Industries, Ltd. 1,400 18,956 Takeda Pharmaceutical Co., Ltd. 200 11,973 Toyota Motor Corp. 1,200 55,371 UFJ Holdings, Inc. (a) 6 48,827 ---------- 602,057 ---------- MEXICO--0.5% America Movil, S.A. de CV Series L (ADR) 1,300 34,216 ---------- NETHERLANDS--2.3% Schlumberger Ltd. 1,700 143,446 ---------- NORWAY--0.4% Norsk Hydro ASA 256 28,508 ---------- RUSSIA--1.8% Lukoil Holdings (ADR) 784 45,276 MMC Norilsk Nickel (ADR) 836 66,337 ---------- 111,613 ---------- SOUTH KOREA--1.2% Kookmin Bank (ADR) 600 35,550 LG Electronics, Inc. 120 8,079 LG. Philips LCD Co., Ltd. (ADR) (a) 700 14,392 Samsung Electronics Co., Ltd. 32 18,124 ---------- 76,145 ---------- SPAIN--1.6% Altadis, SA 535 23,985 Banco Bilbao Vizcaya Argentaria, SA 4,275 75,029 ---------- 99,014 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SWEDEN--0.6% Atlas Copco AB 1,394 $ 27,002 Telefonaktiebolaget Lm Ericsson 2,544 9,355 ---------- 36,357 ---------- SWITZERLAND--6.1% Alcon, Inc. 500 63,940 Compagnie Financiere Richemont AG 620 24,632 Credit Suisse Group 988 43,837 Nestle, SA 57 16,741 Nobel Biocare Holding AG 129 30,411 Novartis AG 807 41,043 Roche Holding AG-Genusschin 491 68,215 Swiss Re (a) 458 30,105 UBS AG 711 60,603 ---------- 379,527 ---------- TAIWAN--0.6% AU Optronics Corp. (ADR) 545 7,063 Hon Hai Precision Industry Co., Ltd. (GDR) 920 8,566 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 2,354 19,350 ---------- 34,979 ---------- UNITED KINGDOM--8.2% AstraZeneca Plc (ADR) 200 9,420 Bae Systems Plc 9,904 60,095 BHP Billiton Plc 3,702 59,822 Carnival Plc 482 25,042 Man Group Plc 1,055 30,830 Prudential Plc 3,058 27,793 Punch Taverns Plc 1,402 19,823 SABMiller Plc 3,107 60,456 Smiths Group Plc 1,309 22,156 Standard Chartered Plc 2,845 61,461 Tesco Plc 11,238 61,425 Vodafone Group Plc 8,180 21,282 WPP Group Plc 4,578 46,688 ---------- 506,293 ---------- Total Foreign Investments (cost $2,585,926) 3,054,432 ---------- U.S. $ Value -------------------------------------------------------------------------------- TOTAL INVESTMENTS--97.8% (cost $5,300,695) $6,073,310 Other assets less liabilities--2.2% 136,278 ---------- NET ASSETS--100% $6,209,588 ========== SECTOR DIVERSIFICATION September 30, 2005 (unaudited) SECTOR U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Finance $1,290,314 20.8% Energy 879,437 14.2 Healthcare 869,077 14.0 Technology 713,647 11.5 Consumer Service 643,191 10.3 Basic Industry 398,212 6.4 Consumer Staples 370,557 6.0 Capital Goods 336,518 5.4 Consumer Manufacturing 271,027 4.4 Multi-Industry Companies 128,207 2.1 Aerospace & Defense 90,615 1.4 Utilties 54,856 0.9 Transportation 27,652 0.4 ---------- ----- Total Investments 6,073,310 97.8 Cash and receivables, net of liabilities 136,278 2.2 ---------- ----- Net Assets $6,209,588 100.0% ---------- ----- (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. 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-2(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 changes in the registrant's internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 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: November 28, 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: November 28, 2005 By: /s/ Mark D. Gersten ------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: November 28, 2005