N-Q 1 a147239.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, 2006 Date of reporting period: March 31, 2006 ITEM 1. SCHEDULE OF INVESTMENTS. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND BALANCED SHARES PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--61.1% FINANCE--16.3% BANKING - MONEY CENTER--4.1% JPMorgan Chase & Co. 128,020 $ 5,330,753 The Goldman Sachs Group, Inc. 11,600 1,820,736 Wachovia Corp. 30,700 1,720,735 ----------- 8,872,224 ----------- BANKING - REGIONAL--2.0% Bank of America Corp. 82,000 3,734,280 Northern Trust Corp. 12,900 677,250 ----------- 4,411,530 ----------- BROKERAGE & MONEY MANAGEMENT--0.8% Merrill Lynch & Co., Inc. 21,100 1,661,836 ----------- INSURANCE--4.4% ACE Ltd. 49,000 2,548,490 American International Group, Inc. 82,000 5,419,380 Axis Capital Holdings Ltd. 52,700 1,575,730 ----------- 9,543,600 ----------- MORTGAGE BANKING--2.0% Fannie Mae 82,700 4,250,780 ----------- MISCELLANEOUS--3.0% Citigroup, Inc. 136,400 6,442,172 ----------- 35,182,142 ----------- CONSUMER SERVICES--9.6% BROADCASTING & CABLE--5.5% CBS Corp. Cl. B 49,000 1,175,020 Comcast Corp. Cl. A (a) 44,950 1,175,892 Comcast Corp. Special Cl. A (a) 21,200 553,744 News Corp. Cl. A 171,300 2,845,293 Time Warner, Inc. 228,400 3,834,836 Viacom, Inc. Cl. B (a) 49,000 1,901,200 Westwood One, Inc. 32,200 355,488 ----------- 11,841,473 ----------- RESTAURANT & LODGING--1.4% Hilton Hotels Corp. 49,000 1,247,540 McDonald's Corp. 52,600 1,807,336 ----------- 3,054,876 ----------- RETAIL - GENERAL MERCHANDISE--2.7% Lowe's Cos., Inc. 9,900 637,956 The Gap, Inc. 14,000 261,520 The Home Depot, Inc. 114,800 4,856,040 ----------- 5,755,516 ----------- 20,651,865 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TECHNOLOGY--7.6% COMMUNICATION EQUIPMENT--0.7% Juniper Networks, Inc. (a) 23,500 $ 449,320 Motorola, Inc. 43,400 994,294 ----------- 1,443,614 ----------- COMPUTER HARDWARE/ STORAGE--2.8% EMC Corp. (a) 150,000 2,044,500 International Business Machines Corp. (IBM) 49,800 4,107,006 ----------- 6,151,506 ----------- COMPUTER SERVICES--0.7% Fiserv, Inc. (a) 34,300 1,459,465 ----------- SEMICONDUCTOR CAPITAL EQUIPMENT--0.6% Applied Materials, Inc. 38,000 665,380 KLA-Tencor Corp. 13,200 638,352 ----------- 1,303,732 ----------- SOFTWARE--2.8% BEA Systems, Inc. (a) 23,400 307,242 Microsoft Corp. 167,400 4,554,954 Oracle Corp. (a) 87,700 1,200,613 ----------- 6,062,809 ----------- 16,421,126 ----------- ENERGY--6.1% DOMESTIC PRODUCERS--1.0% Noble Energy, Inc. 46,600 2,046,672 ----------- INTERNATIONAL--2.5% ChevronTexaco Corp. 45,500 2,637,635 Exxon Mobil Corp. 46,300 2,817,818 ----------- 5,455,453 ----------- OIL SERVICE--1.6% Baker Hughes, Inc. 19,400 1,326,960 GlobalSantaFe Corp. 5,000 303,750 Nabors Industries Ltd. (a) 25,300 1,810,974 ----------- 3,441,684 ----------- MISCELLANEOUS--1.0% ConocoPhillips 33,900 2,140,785 ----------- 13,084,594 ----------- CONSUMER STAPLES--4.9% HOUSEHOLD PRODUCTS--1.7% Colgate-Palmolive Co. 27,100 1,547,410 The Procter & Gamble Co. 38,100 2,195,322 ----------- 3,742,732 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TOBACCO--1.7% Altria Group, Inc. 35,700 $ 2,529,702 Reynolds American, Inc. 9,800 1,033,900 ----------- 3,563,602 ----------- MISCELLANEOUS--1.5% Fortune Brands, Inc. 40,700 3,281,641 ----------- 10,587,975 ----------- CAPITAL GOODS--4.8% ELECTRICAL EQUIPMENT--1.0% Emerson Electric Co. 25,800 2,157,654 ----------- MISCELLANEOUS--3.8% General Electric Co. 108,800 3,784,064 Illinois Tool Works, Inc. 7,900 760,849 United Technologies Corp. 63,100 3,657,907 ----------- 8,202,820 ----------- 10,360,474 ----------- HEALTH CARE--3.7% DRUGS--1.4% Forest Laboratories, Inc. (a) 11,400 508,782 Lilly Eli & Co. 29,000 1,603,700 Pfizer, Inc. 33,900 844,788 ----------- 2,957,270 ----------- MEDICAL SERVICES--2.3% Health Management Associates, Inc. 29,000 625,530 UnitedHealth Group, Inc. 11,800 659,148 WellPoint, Inc. (a) 47,600 3,685,668 ----------- 4,970,346 ----------- 7,927,616 ----------- UTILITIES--3.5% ELECTRIC & GAS UTILITY--0.5% FirstEnergy Corp. 22,500 1,100,250 ----------- TELEPHONE UTILITY--3.0% AT&T, Inc. 104,600 2,828,384 BellSouth Corp. 51,100 1,770,615 Verizon Communications, Inc. 55,200 1,880,112 ----------- 6,479,111 ----------- 7,579,361 ----------- TRANSPORTATION--2.4% AIR FREIGHT--1.6% United Parcel Service, Inc. 42,600 3,381,588 ----------- RAILROAD--0.8% Union Pacific Corp. 18,900 1,764,315 ----------- 5,145,903 ----------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- BASIC INDUSTRY--2.1% CHEMICALS--1.8% Air Products & Chemicals, Inc. 57,000 $ 3,829,830 ------------ MINING & METALS--0.3% Alcoa, Inc. 21,000 641,760 ------------ 4,471,590 ------------ CONSUMER MANUFACTURING--0.1% BUILDING & RELATED--0.1% Pulte Homes, Inc. 6,500 249,730 ------------ Total Common Stocks (cost $111,591,916) 131,662,376 ------------ U.S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--18.5% Federal National Mortgage Assoc. 5.00%, 4/15/15 $ 150 148,473 6.625%, 10/15/07 2,250 2,299,716 U.S. Treasury Bonds 4.25%, 8/15/15 100 95,262 5.375%, 2/15/31 4,795 5,047,485 6.875%, 8/15/25 250 305,176 8.125%, 8/15/21 35 46,320 11.25%, 2/15/15 1,000 1,451,953 U.S. Treasury Notes 1.625%, 1/15/15 (TIPS) 514 485,010 2.75%, 6/30/06 4,300 4,280,181 3.00%, 11/15/07-2/15/09 2,680 2,579,439 3.125%, 4/15/09 950 904,875 3.625%, 5/15/13 2,370 2,196,324 3.875%, 5/15/10 150 144,680 4.00%, 4/15/10-11/15/12 1,280 1,220,093 4.125%, 5/15/15 1,309 1,236,954 4.25%, 8/15/13-8/15/14 1,485 1,425,015 4.625%, 5/15/06 4,625 4,624,278 5.00%, 2/15/11 590 594,794 5.625%, 5/15/08 2,165 2,198,913 5.75%, 8/15/10 965 1,000,169 6.00%, 8/15/09 30 31,084 6.125%, 8/15/07 100 101,641 6.25%, 2/15/07 4,600 4,651,749 6.875%, 5/15/06 2,750 2,756,661 ------------ Total U.S. Government & Government Sponsored Agency Obligations (cost $40,362,449) 39,826,245 ------------ CORPORATE DEBT OBLIGATIONS--12.8% AEROSPACE/DEFENSE--0.1% Raytheon Co. 4.85%, 1/15/11 200 194,327 ------------ Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- AUTOMOTIVE--0.6% DaimlerChrysler NA Holding Corp. 4.875%, 6/15/10 675 $ 650,533 Ford Motor Credit Co. 4.95%, 1/15/08 750 698,909 ---------- 1,349,442 ---------- BANKING--2.3% Barclays Bank Plc 8.55%, 9/29/49 (b)(c) 50 56,256 Chuo Mitsui Trust & Banking Co. Ltd. 5.506%, 12/15/49 (b)(c) 300 284,723 Dresdner Funding Trust I 8.151%, 6/30/31 (b) 295 344,168 HBOS Plc 5.375%, 11/29/49 (b)(c) 250 241,446 HSBC Bank USA 5.875%, 11/01/34 560 540,093 Mizuho JGB Investment LLC 9.87%, 12/29/49 (b)(c) 500 542,839 Northern Rock Plc 5.60%, 4/30/49 (b)(c) 445 433,669 Regency Centers LP 5.25%, 8/01/15 300 285,729 Royal Bank of Scotland Group Plc 7.648%, 8/29/49 (c) 250 287,823 Sanwa Bank Ltd. 7.40%, 6/15/11 200 215,574 SB Treasury Company LLC 9.40%, 12/29/49 (b)(c) 417 448,674 Sovereign Bancorp, Inc. 4.80%, 9/01/10 (b) 200 193,169 Sumitomo Mitsui Banking Corp. 5.625%, 7/15/49 (b)(c) 135 130,961 UBS Preferred Funding Trust II 7.247%, 6/26/49 (c) 250 267,213 UFJ Finance Aruba AEC 6.75%, 7/15/13 200 211,943 Unicredito Italiano Capital Trust 9.20%, 10/29/49 (b)(c) 330 373,662 Wachovia Capital Trust III 5.80%, 8/29/49 (c) 130 127,722 ---------- 4,985,664 ---------- Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- BROADCASTING/MEDIA--0.6% BSKYB Finance Ltd. (UK Plc) 5.625%, 10/15/15 (b) 120 $ 115,656 News America Holdings 8.25%, 10/17/96 60 66,432 9.25%, 2/01/13 100 117,927 News America, Inc. 5.30%, 12/15/14 100 96,193 Time Warner, Inc. 6.875%, 5/01/12 175 183,483 8.375%, 3/15/23 400 452,251 WPP Finance UK Corp. 5.875%, 6/15/14 250 246,863 ---------- 1,278,805 ---------- BUILDING/REAL ESTATE--0.4% CRH America, Inc. 6.95%, 3/15/12 250 264,790 EOP Operating LP 7.875%, 7/15/31 200 226,017 iStar Financial, Inc. 5.70%, 3/01/14 200 195,038 iStar Financial, Inc. 6.00%, 12/15/10 200 201,277 ---------- 887,122 ---------- CABLE--0.2% British Sky Broadcasting Plc 8.20%, 7/15/09 100 107,501 Continental Cablevision, Inc. 9.00%, 9/01/08 200 214,879 ---------- 322,380 ---------- CHEMICALS--0.2% Eastman Chemical 7.25%, 1/15/24 175 183,397 Lubrizol Corp. 5.50%, 10/01/14 275 266,310 ---------- 449,707 ---------- COMMUNICATIONS--0.5% AT&T Corp. 9.05%, 11/15/11 250 270,252 GTE Northwest, Inc. Series D 5.55%, 10/15/08 200 198,720 Qwest Corp. 7.875%, 9/01/11 200 213,500 Sprint Capital Corp. 6.875%, 11/15/28 450 464,281 ---------- 1,146,753 ---------- Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- COMMUNICATIONS - MOBILE--0.5% AT&T Wireless Services, Inc. 8.75%, 3/01/31 325 $ 411,628 Mobile Telesystems Finance, SA 9.75%, 1/30/08 230 241,799 Nextel Communications, Inc. 5.95%, 3/15/14 290 287,107 TELUS Corp. 7.50%, 6/01/07 100 102,260 8.00%, 6/01/11 100 110,298 ---------- 1,153,092 ---------- CONGLOMERATE/MISCELLANEOUS--0.2% Cendant Corp. 6.25%, 1/15/08 250 252,922 Hutchison Whampoa International Ltd. 7.45%, 11/24/33 (b) 100 109,076 ---------- 361,998 ---------- CONTAINERS--0.1% Packaging Corp. of America 4.375%, 8/01/08 200 194,428 ---------- ENERGY--0.6% Amerada Hess Corp. 7.30%, 8/15/31 350 389,692 Devon Financing Corp. 7.875%, 9/30/31 300 362,182 Enterprise Products Operating LP Series D 5.60%, 10/15/14 150 145,454 Valero Energy Corp. 4.75%, 6/15/13 300 282,663 XTO Energy, Inc. 7.50%, 4/15/12 100 109,176 ---------- 1,289,167 ---------- FINANCIAL--1.9% Capital One Bank 6.50%, 6/13/13 400 416,230 Countrywide Home Loan, Inc. 4.25%, 12/19/07 250 245,303 General Electric Capital Corp. 5.00%, 6/15/07 500 498,693 5.875%, 2/15/12 500 510,807 Household Finance Corp. 5.75%, 1/30/07 200 200,837 7.875%, 3/01/07 150 153,279 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 7.875%, 8/15/10 150 $ 163,829 Merrill Lynch & Co., Inc. 6.00%, 2/17/09 500 508,923 Rabobank Capital Fund II 5.26%, 12/29/49 (b)(c) 230 221,072 Resona Preferred Global Securities Ltd. 7.191%, 12/30/49 (b)(c) 413 430,927 The Goldman Sachs Group, Inc. 6.60%, 1/15/12 500 524,197 6.65%, 5/15/09 200 207,218 ---------- 4,081,315 ---------- FOOD/BEVERAGE--0.4% Imperial Tobacco 7.125%, 4/01/09 170 176,899 Kellogg Co. Cl. B 6.60%, 4/01/11 300 313,694 Kraft Foods, Inc. 5.25%, 10/01/13 300 292,129 ---------- 782,722 ---------- HEALTH CARE--0.4% UnitedHealth Group 5.25%, 3/15/11 200 198,356 WellPoint, Inc. 5.25%, 1/15/16 150 144,651 Wyeth 6.50%, 2/01/34 525 548,561 ---------- 891,568 ---------- INDUSTRIAL--0.2% Inco Ltd. 7.75%, 5/15/12 200 216,911 Tyco International Group, SA 6.00%, 11/15/13 115 115,522 Waste Management, Inc. 6.375%, 11/15/12 175 181,747 ---------- 514,180 ---------- INSURANCE--0.7% American Reinsurance 7.45%, 12/15/26 140 153,273 Loews Corp. 6.75%, 12/15/06 100 100,633 Mangrove Bay Pass-Through Trust 6.102%, 7/15/33 (b)(c) 400 386,348 North Front Pass Through Trust 5.81%, 12/15/24 (b)(c) 500 485,947 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- The Hartford Financial Services, Inc. 6.375%, 11/01/08 125 $ 127,771 Zurich Capital Trust 8.376%, 6/01/37 (b) 200 213,951 ---------- 1,467,923 ---------- INSURANCE CARRIERS--0.4% Liberty Mutual Group 5.75%, 3/15/14 (b) 350 340,230 Royal Sun & Alliance Insurance 8.95%, 10/15/29 442 558,928 ---------- 899,158 ---------- METALS/MINING--0.1% Ispat Inland ULC 9.75%, 4/01/14 100 113,125 ---------- MUNICIPAL OBLIGATION--0.2% Dallas-Fort Worth Texas International Airport Facility 7.07%, 11/01/24 400 422,796 ---------- NON-AIR TRANSPORTATION--0.2% CSX Corp. 5.50%, 8/01/13 100 99,181 6.75%, 3/15/11 250 262,587 ---------- 361,768 ---------- PETROLEUM PRODUCTS--0.1% Petronas Capital Ltd. 7.00%, 5/22/12 (b) 150 160,695 ---------- PUBLIC UTILITIES - ELECTRIC & GAS--1.4% American Electric Power Co., Inc. Series C 5.375%, 3/15/10 250 247,886 CenterPoint Energy Resources Corp. Series B 7.875%, 4/01/13 450 501,331 Consumers Energy Co. Series B 5.375%, 4/15/13 150 146,343 FirstEnergy Corp. Series C 7.375%, 11/15/31 500 555,386 NiSource Finance Corp. 7.875%, 11/15/10 250 271,177 Progress Energy, Inc. 5.85%, 10/30/08 350 352,832 Texas East Transmission LP 7.30%, 12/01/10 350 372,726 TXU Australia LP 6.150%, 11/15/13 (b) 250 256,975 Xcel Energy, Inc. 7.00%, 12/01/10 175 184,419 Yorkshire Power Series B 6.496%, 2/25/08 200 202,990 ---------- 3,092,065 ---------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- PUBLISHING--0.17% R.H. Donnelley Corp. 8.875%, 1/15/16 (b) 225 $ 234,000 ----------- SUPERMARKET/DRUG--0.3% Safeway, Inc. 4.95%, 8/16/10 400 387,905 5.80%, 8/15/12 310 308,813 ----------- 696,718 ----------- TECHNOLOGY--0.1% Cisco Systems, Inc. 5.25%, 2/22/11 140 138,806 Motorola, Inc. 7.625%, 11/15/10 64 69,804 ----------- 208,610 ----------- Total Corporate Debt Obligations (cost $27,757,609) 27,539,528 ----------- COMMERCIAL MORTGAGE BACKED SECURITIES--6.0% Banc of America Commercial Mortgage Inc. Series 2005-1 Cl. A3 4.877%, 11/10/42 2,000 1,964,000 Bear Stearns Commercial Mortgage Security Series 2005-PWR9 Cl. A4A 4.871%, 9/11/42 2,000 1,896,874 CS First Boston Mortgage Securities Corp. Series 2004-C5 Cl. A2 4.183%, 11/15/37 2,000 1,920,460 Greenwich Capital Commercial Funding Corp. Series 2005-GG3 Cl. A4 4.799%, 8/10/42(c) 900 852,312 JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP3 Cl. A2 4.851%, 8/15/42 1,500 1,466,400 LB-UBS Commercial Mortgage Trust Series 2006-C1 Cl. A4 5.156%, 2/15/31 2,500 2,422,750 Morgan Stanley Capital I Series 2004-T13 Cl.A2 3.94%, 9/13/45 1,000 948,260 Series 2005- HQ5 Cl. A4 5.168%, 1/14/42 1,500 1,457,565 ----------- Total Commercial Mortgage Backed Securities (cost $13,354,006) 12,928,621 ----------- PREFERRED STOCKS--0.5% PUBLIC UTILITIES - ELECTRIC & GAS--0.3% DTE Energy Trust I 20,000 509,400 ----------- COMMUNICATIONS--0.1% Centaur Funding Corp. (b) 200 248,063 ----------- BANKING--0.1% Royal Bank of Scotland Group Plc 10,000 233,600 ----------- Total Preferred Stocks (cost $982,616) 991,063 ----------- Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- SOVEREIGN DEBT OBLIGATIONS--0.4% Korea Development Bank 5.75%, 9/10/13 200 $ 202,270 United Mexican States 6.375%, 1/16/13 700 717,500 ------------ Total Sovereign Debt Obligations (cost $899,741) 919,770 ------------ SHORT-TERM INVESTMENT--0.1% TIME DEPOSIT--0.1% The Bank of New York 3.75%, 4/03/06 (cost $304,000) 304 304,000 ------------ TOTAL INVESTMENTS--99.4% (cost $195,252,337) 214,171,603 Other assets less liabilities--0.6% 1,214,895 ------------ NET ASSETS--100% $215,386,498 ============ (a) Non-income producing security. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the aggregate market value of these securities amounted to $6,252,507 or 2.9% of net assets. (c) Variable rate coupon, rate shown as of March 31, 2006. Glossary: TIPS -- Treasury Inflation Protected Security Please Note: The sector classification presented herein are based on the sector categorization methodology of the Advisor. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND INTERNATIONAL VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--94.6% FINANCIAL--29.4% BANKING--15.6% Bank Hapoalim Ltd. 990,700 $ 4,586,452 Bank Leumi Le-Israel 372,300 1,348,057 Barclays Plc 1,812,700 21,169,345 BNP Paribas, (a) 3,620 324,852 BNP Paribas, SA 36,200 3,350,213 Credit Agricole, SA 432,270 16,753,260 Credit Suisse Group 470,500 26,321,534 HBOS Plc 1,287,930 21,476,211 Kookmin Bank 135,800 11,639,738 Royal Bank of Scotland Group Plc 968,900 31,503,953 Shinhan Financial Group Co., Ltd. 10,510 468,698 Societe Generale 111,420 16,695,649 Sumitomo Mitsui Financial Group, Inc. 2,632 29,052,750 ------------ 184,690,712 ------------ FINANCIAL SERVICES--2.8% Orix Corp. 108,100 33,574,806 ------------ INSURANCE--10.6% Assurance Generales de France 216,000 26,025,196 Aviva Plc 1,725,597 23,915,098 Friends Provident Plc 2,061,380 7,446,293 ING Groep N.V. 1,081,971 42,611,887 Muenchener Rueckversicherungs - Gesellschaft AG 178,000 25,196,885 ------------ 125,195,359 ------------ REAL ESTATE--0.4% Sino Land Co., Ltd. 3,645,000 5,224,467 ------------ 348,685,344 ------------ CAPITAL EQUIPMENT--12.8% AEROSPACE & DEFENSE--2.8% BAE Systems Plc 1,793,000 13,071,813 European Aeronautic Defence and Space Co. 475,500 19,976,422 ------------ 33,048,235 ------------ AUTOMOBILES--7.9% Continental AG 280,800 30,947,697 Hyundai Motor Co., Ltd. 11,020 924,069 Renault, SA 341,300 36,168,370 Toyota Motor Corp. 466,900 25,422,325 ------------ 93,462,461 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- MACHINERY & ENGINEERING--2.1% MAN AG 202,700 $ 14,088,810 Sumitomo Heavy Industries Ltd. 1,152,000 11,048,206 ------------ 25,137,016 ------------ 151,647,712 ------------ ENERGY--12.0% ENERGY SOURCES--12.0% BP Plc 1,169,600 13,452,107 Canadian Natural Resources Ltd. 294,600 16,371,572 China Petrolium & Chemical Corp. 18,094,000 10,560,395 Eni S.p.A 732,300 20,852,365 MOL Magyar Olaj-es Gazipari Rt. 31,600 3,244,408 MOL Magyar Olaj-es Gazipari Rt. (GDR) 34,630 3,548,938 PertroChina Co., Ltd. 8,704,000 9,086,356 Petroleo Brasilerio, SA (ADR) 264,000 21,080,400 Repsol YPF, SA 634,600 18,022,931 Total, SA 98,200 25,888,930 ------------ 142,108,402 ------------ INDUSTRIAL COMMODITIES--9.3% CHEMICAL--1.1% Mitsui Chemicals, Inc. 1,801,000 13,241,737 ------------ FOREST & PAPER--0.5% Svenska Cellulosa AB Cl. B 114,800 5,038,420 Votorantim Celulose e Papel, SA (ADR) 88,250 1,427,885 ------------ 6,466,305 ------------ METAL-NONFERROUS--1.7% Xstrata Plc 636,270 20,600,550 ------------ METAL-STEEL--6.0% Arcelor 414,540 16,309,496 Arcelor 22,920 898,129 JFE Holdings, Inc. 811,200 32,806,033 POSCO 81,300 20,871,796 ------------ 70,885,454 ------------ 111,194,046 ------------ CONSUMER STAPLES--7.4% BEVERAGES & TOBACCO--4.5% British American Tobacco Plc 1,227,700 29,701,170 Japan Tobacco, Inc. 6,905 24,299,338 ------------ 54,000,508 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- FOOD & HOUSEHOLD PRODUCTS--2.9% Delhaize Group 167,089 $ 11,968,017 J Sainsbury Plc 3,135,500 18,065,943 Tate & Lyle Plc 419,200 4,150,813 ------------ 34,184,773 ------------ 88,185,281 ------------ TECHNOLOGY/ELECTRONICS--7.1% DATA PROCESSING--2.5% Canon, Inc. 452,900 29,888,947 ------------ ELECTRICAL & ELECTRONICS--0.9% Compal Electronics, Inc. (GDR) 2,102,244 10,736,581 ------------ ELECTRONIC COMPONENTS & INSTRUMENTS--3.7% Flextronics International Ltd. (a) 460,700 4,768,245 Samsung Electronics Co., Ltd. 19,940 12,874,478 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 1,414,025 14,225,091 United Microelectronics Corp. 19,790,000 12,451,200 ------------ 44,319,014 ------------ 84,944,542 ------------ UTILITIES--5.2% ELECTRIC & GAS--5.2% E.ON AG 216,500 23,793,728 Endesa, SA 603,159 19,409,781 RWE AG 212,470 18,467,875 ------------ 61,671,384 ------------ TELECOMMUNICATIONS--4.1% TELECOMMUNICATIONS-- 4.1% Singapore Telecommunications Ltd. 11,236,643 18,402,615 Vodafone Group Plc 14,705,000 30,678,130 ------------ 49,080,745 ------------ MEDICAL--3.6% HEALTH & PERSONAL CARE--3.6% AstraZeneca Plc 336,200 16,890,991 GlaxoSmithKline Plc 270,200 7,063,882 Sanofi-Aventis 199,227 18,892,402 ------------ 42,847,275 ------------ Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- CONSTRUCTION & HOUSING--1.8% BUILDING MATERIALS--1.0% Buzzi Unicem SpA 503,312 $ 11,992,780 -------------- CONSTRUCTION & HOUSING--0.8% George Wimpey Plc 336,800 3,264,976 Persimmon Plc 79,131 1,820,675 Taylor Woodrow Plc 574,800 4,024,977 -------------- 9,110,628 -------------- 21,103,408 -------------- TRANSPORTATION--1.6% TRANSPORTATION-SHIPPING--1.6% Mitsui OSK Lines Ltd. 2,802,000 18,947,464 -------------- CONSUMER CYCLICALS--0.3% LEISURE & TOURISM--0.3% Whitbread Plc 161,914 3,329,457 -------------- Total Common Stocks (cost $868,053,043) 1,123,745,060 -------------- SHORT-TERM INVESTMENT--4.4% TIME DEPOSIT--4.4% The Bank of New York 3.75%, 4/03/06 (cost $51,806,000) $ 51,806 51,806,000 -------------- TOTAL INVESTMENTS--99.0% (cost $919,859,043) 1,175,551,060 Other assets less liabilities--1.0% 11,622,693 -------------- NET ASSETS--100% $1,187,173,753 ============== FINANCIAL FUTURES CONTRACTS PURCHASED Value at Number of Expiration Original March 31, Unrealized Type Contracts Month Value 2006 Appreciation ------------------------------------------------------------------------------ EURO STOXX June 50 Index 378 2006 $17,388,788 $17,018,882 $369,906 (a) Non-income producing security. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt COUNTRY BREAKDOWN March 31, 2006 (unaudited) PERCENTAGE OF COUNTRY U.S. $ VALUE NET ASSETS ------------------------------------------------------------------------- United Kingdom $ 271,626,384 22.9% Japan 218,281,607 18.4 France 181,282,919 15.3 Germany 112,494,995 9.5 Korea 46,778,779 3.9 Netherlands 42,611,887 3.6 Spain 37,432,711 3.1 Taiwan 37,412,872 3.1 Italy 32,845,145 2.8 Switzerland 26,321,534 2.2 Singapore 23,170,860 1.9 Brazil 22,508,285 1.9 China 19,646,752 1.7 Canada 16,371,572 1.4 Belgium 11,968,016 1.0 Other 22,990,742 1.9 -------------- ----- Total Investments* 1,123,745,060 94.6 Cash and receivables, net of liabilities 63,428,693 5.4 -------------- ----- Net Assets $1,187,173,753 100.0% -------------- ----- * Excludes short-term investment. All data are as of March 31, 2006. The Portfolio's country breakdown is expressed as a percentage of net assets and may vary over time. "Other" represents less than 1% weightings in the following countries: Hong Kong, Hungary, Israel, and Sweden. 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 March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--97.1% REAL ESTATE INVESTMENT TRUSTS--97.1% OFFICE--20.2% Alexandria Real Estate Equities, Inc. 35,800 $ 3,412,814 Boston Properties, Inc. 45,300 4,224,225 Brookfield Properties Corp. 66,000 2,253,900 Corporate Office Properties Trust 75,700 3,462,518 Equity Office Properties Trust 39,300 1,319,694 Maguire Properties, Inc. 71,400 2,606,100 Reckson Associates Realty Corp. 35,600 1,631,192 SL Green Realty Corp. 20,100 2,040,150 ----------- 20,950,593 ----------- APARTMENTS--17.6% Archstone-Smith Trust 62,400 3,043,248 Avalonbay Communities, Inc. 40,700 4,440,370 Camden Property Trust 38,500 2,773,925 Equity Residential 92,600 4,332,754 Essex Property Trust, Inc. 9,800 1,065,554 Mid-America Apartment Communities, Inc. 30,900 1,691,775 United Dominion Realty Trust, Inc. 35,700 1,018,878 ----------- 18,366,504 ----------- REGIONAL MALLS--12.5% General Growth Properties, Inc. 81,100 3,963,357 Simon Property Group, Inc. 87,400 7,353,836 The Macerich Co. 22,600 1,671,270 ----------- 12,988,463 ----------- SHOPPING CENTERS--12.3% Developers Diversified Realty Corp. 43,500 2,381,625 Federal Realty Investment Trust 24,800 1,864,960 Kimco Realty Corp. 85,500 3,474,720 Pan Pacific Retail Properties, Inc. 14,100 999,690 Regency Centers Corp. 42,000 2,821,980 Tanger Factory Outlet Centers, Inc. 37,500 1,290,375 ----------- 12,833,350 ----------- LODGING--12.0% Equity Inns, Inc. 77,900 1,261,980 FelCor Lodging Trust, Inc. 73,500 1,550,850 Host Marriott Corp. 192,800 4,125,920 LaSalle Hotel Properties 30,700 1,258,700 Starwood Hotels & Resorts Worldwide, Inc. 11,500 778,895 Strategic Hotel Capital, Inc. 45,300 1,054,584 Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- Sunstone-Hotel Investors, Inc. 84,500 $ 2,447,965 ------------ 12,478,894 ------------ INDUSTRIAL--9.3% AMB Property Corp. 27,800 1,508,706 EastGroup Properties, Inc. 16,100 763,784 First Potomac Realty Trust 40,600 1,146,950 ProLogis 115,900 6,200,650 ------------ 9,620,090 ------------ DIVERSFIED--6.5% Digital Realty Trust, Inc. 50,900 1,433,853 Vornado Realty Trust 56,000 5,376,000 ------------ 6,809,853 ------------ STORAGE--5.3% Public Storage, Inc. 61,300 4,979,399 Sovran Self Storage, Inc. 9,500 524,400 ------------ 5,503,799 ------------ HEALTH CARE--1.3% Ventas, Inc. 38,600 1,280,748 Windrose Medical Properties Trust 5,200 78,416 ------------ 1,359,164 ------------ Total Common Stocks (cost $57,484,631) 100,910,710 ------------ SHORT TERM INVESTMENTS TIME DEPOSIT--1.9% The Bank of New York 3.75%, 4/03/06 (cost $1,933,000) $ 1,933 1,933,000 ------------ TOTAL INVESTMENTS--99.0% (cost $59,417,631) 102,843,710 Other assets less liabilities--1.0% 1,038,231 ------------ NET ASSETS--100% $103,881,941 ============ Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND SMALL / MID CAP VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--93.5% FINANCIAL--22.1% MAJOR REGIONAL BANKS--3.5% Central Pacific Financial Corp. 101,900 $ 3,741,768 Trustmark Corp. 86,706 2,743,378 UnionBanCal Corp. 45,900 3,220,344 Whitney Holding Corp. 72,000 2,553,120 ----------- 12,258,610 ----------- MULTI-LINE INSURANCE--1.9% StanCorp Financial Group, Inc. 127,000 6,871,970 ----------- PROPERTY - CASUALTY INSURANCE--5.4% Arch Capital Group Ltd. (a) 7,600 438,824 Old Republic International Corp. 268,375 5,855,942 PartnerRe Ltd. 17,700 1,098,993 Platinum Underwriters Holdings Ltd. 152,000 4,423,200 Radian Group, Inc. 100,600 6,061,150 RenaissanceRe Holdings Ltd. 33,600 1,465,632 ----------- 19,343,741 ----------- REAL ESTATE INVESTMENT TRUST--3.0% Digital Realty Trust, Inc. 126,700 3,569,139 FelCor Lodging Trust, Inc. 261,550 5,518,705 Sunstone Hotel Investors, Inc. 59,000 1,709,230 ----------- 10,797,074 ----------- SAVINGS AND LOAN--6.7% Astoria Financial Corp. 159,900 4,950,504 MAF Bancorp, Inc. 105,295 4,608,762 Provident Financial Services, Inc. 232,700 4,211,870 Sovereign Bancorp, Inc. 135,000 2,957,850 Washington Federal, Inc. 106,814 2,584,899 Webster Financial Corp. 91,900 4,453,474 ----------- 23,767,359 ----------- MISCELLANEOUS FINANCIAL--1.6% A.G. Edwards, Inc. 111,800 5,574,348 ----------- 78,613,102 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- CONSUMER GROWTH--11.0% ADVERTISING--1.0% The Interpublic Group of Cos., Inc. (a) 367,600 $ 3,514,256 ----------- DRUGS--0.6% Endo Pharmaceuticals Holdings, Inc. (a) 61,375 2,013,714 ----------- ENTERTAINMENT--1.8% Vail Resorts, Inc. (a) 169,100 6,463,002 ----------- HOSPITAL MANAGEMENT--1.0% Universal Health Services, Inc. Cl. B 70,900 3,601,011 ----------- HOSPITAL SUPPLIES--1.3% Owens & Minor, Inc. 136,500 4,473,105 ----------- OTHER MEDICAL--1.7% PerkinElmer, Inc. 262,300 6,156,181 ----------- PHOTOGRAPHY--1.3% IKON Office Solutions, Inc. 319,400 4,551,450 ----------- PUBLISHING--1.3% The Readers Digest Association, Inc. 321,200 4,737,700 ----------- MISCELLANEOUS CONSUMER GROWTH--1.0% URS Corp. (a) 87,200 3,509,800 ----------- 39,020,219 ----------- CAPITAL EQUIPMENT--10.8% AEROSPACE - DEFENSE--1.5% Goodrich Corp. 124,000 5,407,640 ----------- AUTO TRUCKS - PARTS--2.1% ArvinMeritor, Inc. 54,000 805,140 PACCAR, Inc. 34,500 2,431,560 TRW Automotive Holdings Corp. (a) 174,000 4,054,200 ----------- 7,290,900 ----------- ELECTRICAL EQUIPMENT--2.5% Checkpoint Systems, Inc. (a) 121,500 3,265,920 Cooper Industries Ltd. Cl. A 42,200 3,667,180 The Genlyte Group, Inc. (a) 29,600 2,016,944 ----------- 8,950,044 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MACHINERY--3.2% Moog, Inc. Cl. A (a) 147,300 $ 5,227,677 Terex Corp. (a) 78,000 6,180,720 ----------- 11,408,397 ----------- MISCELLANEOUS CAPITAL GOODS--1.5% SPX Corp. 96,600 5,160,372 ----------- 38,217,353 ----------- CONSUMER CYCLICALS--8.1% RETAILERS--6.0% AutoNation, Inc. (a) 205,400 4,426,370 Borders Group, Inc. 156,100 3,939,964 Furniture Brands International, Inc. 3,000 73,530 Insight Enterprises, Inc. (a) 163,700 3,603,037 Office Depot, Inc. (a) 153,000 5,697,720 Payless ShoeSource, Inc. (a) 163,900 3,751,671 ----------- 21,492,292 ----------- TEXTILES/SHOES - APPAREL MFG.--2.1% Jones Apparel Group, Inc. 12,900 456,273 Liz Claiborne, Inc. 108,100 4,429,938 V.F. Corp. 44,500 2,532,050 ----------- 7,418,261 ----------- 28,910,553 ----------- UTILITIES--7.4% ELECTRICAL COMPANIES--7.0% Allegheny Energy, Inc. (a) 193,000 6,533,050 Constellation Energy Group, Inc. 41,000 2,243,110 Northeast Utilities 171,200 3,343,536 PNM Resources, Inc. 96,300 2,349,720 Puget Energy, Inc. 231,800 4,909,524 Wisconsin Energy Corp. 114,400 4,574,856 WPS Resources Corp. 22,000 1,082,840 ----------- 25,036,636 ----------- TELEPHONE--0.4% Centennial Communications Corp. 189,109 1,386,169 ----------- 26,422,805 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TECHNOLOGY--7.4% COMMUNICATION - EQUIP. MFRS. --2.1% ADC Telecommunications, Inc. (a) 74,757 $ 1,913,032 Andrew Corp. (a) 307,900 3,781,012 CommScope, Inc. (a) 63,900 1,824,345 ----------- 7,518,389 ----------- COMPUTER/ INSTRUMENTATION--2.0% Celestica, Inc. (a) 458,800 5,253,260 Sanmina-SCI Corp. (a) 411,679 1,687,884 ----------- 6,941,144 ----------- SEMICONDUCTORS--1.4% AVX Corp. 76,000 1,345,200 Vishay Intertechnology, Inc. (a) 242,800 3,457,472 ----------- 4,802,672 ----------- MISCELLANEOUS INDUSTRIAL TECHNOLOGY--1.9% Arrow Electronics, Inc. (a) 81,200 2,620,324 Intergraph Corp. (a) 40,003 1,666,525 Solectron Corp. (a) 107,400 429,600 Tech Data Corp. (a) 57,500 2,122,325 ----------- 6,838,774 ----------- 26,100,979 ----------- CONSUMER STAPLES--5.7% FOODS--3.2% Corn Products International, Inc. 66,000 1,951,620 Performance Food Group Co. (a) 184,400 5,751,436 Universal Corp. 96,700 3,555,659 ----------- 11,258,715 ----------- RESTAURANTS--1.9% Jack in the Box, Inc. (a) 85,200 3,706,200 Papa John's International, Inc. (a) 97,154 3,187,623 ----------- 6,893,823 ----------- RETAIL STORES - FOOD--0.6% Longs Drug Stores Corp. 28,000 1,295,840 SUPERVALU, Inc. 30,000 924,600 ----------- 2,220,440 ----------- 20,372,978 ----------- SERVICES--5.2% AIR TRANSPORT--0.7% Alaska Air Group, Inc. (a) 66,600 2,360,970 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- RAILROADS--1.4% Laidlaw International, Inc. 185,500 $ 5,045,600 ----------- TRUCKERS--1.5% CNF, Inc. 105,925 5,289,894 ----------- MISCELLANEOUS INDUSTRIAL TRANSPORTATION--1.6% GATX Corp. 138,200 5,706,278 ----------- 18,402,742 ----------- ENERGY--5.1% OFFSHORE DRILLING--1.7% Rowan Companies, Inc. 140,000 6,154,400 ----------- OILS - INTEGRATED DOMESTIC--0.6% Amerada Hess Corp. 16,400 2,335,360 ----------- OILS- SERVICES--2.3% Hanover Compressor Co. (a) 194,833 3,627,790 Plains Exploration & Production Co. (a) 114,200 4,412,688 ----------- 8,040,478 ----------- OIL WELL EQUIPMENT & SERVICES--0.5% Todco, Cl. A (a) 42,100 1,659,161 ----------- 18,189,399 ----------- NON-FINANCIAL--4.2% BUILDING MATERIALS - CEMENT--1.7 % Acuity Brands, Inc. 107,700 4,308,000 Texas Industries, Inc. 30,300 1,832,847 ----------- 6,140,847 ----------- MISCELLANEOUS BUILDING--2.5% Harsco Corp. 35,500 2,933,010 Quanta Services, Inc. (a) 371,000 5,943,420 ----------- 8,876,430 ----------- 15,017,277 ----------- COMMODITIES--3.5% CHEMICALS--0.5% Albemarle Corp. 34,500 1,564,575 ----------- CONTAINERS - METAL/GLASS/PAPER--1.6% Ball Corp. 43,000 1,884,690 Owens-Illinois, Inc. (a) 226,400 3,932,568 ----------- 5,817,258 ----------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS INDUSTRIAL COMMODITIES--0.7% United Stationers, Inc. (a) 47,095 $ 2,500,744 ------------ MISCELLANEOUS METALS--0.7% Reliance Steel & Aluminum Co. 25,300 2,376,176 ------------ 12,258,753 ------------ INDUSTRIAL RESOURCES--3.0% CHEMICALS--0.4% Chemtura Corp. 133,200 1,569,096 ------------ STEEL--0.6% Chaparral Steel Co. (a) 30,300 1,967,076 ------------ MISCELLANEOUS METALS--2.0% Mueller Industries, Inc. 75,000 2,676,750 Silgan Holdings, Inc. 106,480 4,277,302 ------------ 6,954,052 ------------ 10,490,224 ------------ Total Common Stocks (cost $272,099,020) 332,016,384 ------------ SHORT-TERM INVESTMENT--6.9% TIME DEPOSIT--6.9% The Bank of New York 3.75%, 4/03/06 (cost $24,612,000) $ 24,612 24,612,000 ------------ TOTAL INVESTMENTS--100.4% (cost $296,711,020) 356,628,384 Other assets less liabilities--(0.4%) (1,298,375) ------------ NET ASSETS--100% $355,330,009 ------------ (a) Non-income producing security. ALLIANCEBERNSTEIN VARIABLE PRODUCTS FUND- UTILITY INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON & PREFERRED STOCKS--96.6% UTILITIES--87.3% COMMUNICATION EQUIPMENT--1.6% QUALCOMM, Inc. 22,100 $ 1,118,481 ----------- ELECTRIC & GAS UTILITY--67.7% AES Corp. (a) 60,600 1,033,836 AES Tiete, SA 41,819,200 1,109,252 AGL Resources, Inc. 39,600 1,427,580 Allegheny Energy, Inc. (a) 41,000 1,387,850 Ameren Corp. 25,700 1,280,374 American Electric Power Co., Inc. 31,483 1,071,052 Cinergy Corp. 15,800 717,478 Consolidated Edison, Inc. 27,100 1,178,850 CPFL Energia, SA (ADR) 11,700 491,400 Dominion Resources, Inc. 16,500 1,138,995 DPL, Inc. 27,000 729,000 DTE Energy Co. 22,176 889,036 Duke Energy Corp. (a) 49,600 1,445,840 Edison International 32,600 1,342,468 Entergy Corp. 21,600 1,489,104 Entergy Corp. pfd. 21,400 1,086,692 Equitable Resources, Inc. 48,000 1,752,480 Exelon Corp. 41,300 2,184,770 FirstEnergy Corp. 34,000 1,662,600 Fortum Oyj (a) 28,000 705,179 FPL Group, Inc. 31,800 1,276,452 Georgia Power Co. pfd. 34,000 843,540 Great Plains Energy, Inc. pfd. 28,000 684,880 Hong Kong & China Gas Co. Ltd. 425,000 1,025,816 National Grid Plc 98,284 975,399 New Jersey Resources Corp. 19,400 877,850 Northwest Natural Gas Co. 12,300 436,527 NSTAR 49,100 1,404,751 PG&E Corp. 55,200 2,147,280 Piedmont Natural Gas Co., Inc. 10,200 244,698 PNM Resources, Inc. pfd. 30,500 1,480,775 PPL Corp. 66,000 1,940,400 Public Service Enterprise Group, Inc. 21,361 1,367,958 Questar Corp. 20,700 1,450,035 Scottish & Southern Energy 40,945 803,063 Sempra Energy 38,874 1,806,086 Southern Co. 39,100 1,281,307 Tractebel Energia, SA 41,800 353,291 TXU Corp. 34,268 1,533,836 Xcel Energy, Inc. 73,300 1,330,395 ----------- 47,388,175 ----------- TELEPHONE UTILITY--6.6% AT&T, Inc. 48,000 1,297,920 BellSouth Corp. 24,600 852,390 Chunghwa Telecom Co., Ltd. (ADR) 35,500 695,445 Sprint Nextel Corp. 55,275 1,428,306 Verizon Communications, Inc. 10,700 364,442 ----------- 4,638,503 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- PIPELINE--7.1% Kinder Morgan, Inc. 15,100 $ 1,389,049 ONEOK, Inc. 46,700 1,506,075 Southern Union Co. pfd. 6,900 509,220 The Williams Cos., Inc. 74,200 1,587,138 ----------- 4,991,482 ----------- MISCELLANEOUS--4.3% Aqua America, Inc. 48,800 1,357,616 Peabody Energy Corp. 18,000 907,380 Suez, SA 18,236 716,677 ----------- 2,981,673 ----------- 61,118,314 ----------- CONSUMER SERVICES--5.4% BROADCASTING & CABLE--1.1% Grupo Televisa, SA (ADR) 40,000 796,000 ----------- CELLULAR COMMUNICATIONS--4.3% America Movil, SA de C.V. Series L (ADR) 50,800 1,740,408 Orascom Telecom Holding SAE (GDR) 15,600 854,010 Turkcell Iletisim Hizmetleri AS (Turkcell) (ADR) 26,000 433,420 ----------- 3,027,838 ----------- 3,823,838 ----------- ENERGY--2.8% INTERNATIONAL--1.1% Petroleo Brasileiro, SA (ADR) 4,200 364,014 Talisman Energy, Inc. 7,000 372,260 ----------- 736,274 ----------- OIL SERVICE--1.7% GlobalSantaFe Corp. 12,000 729,000 Suncor Energy, Inc. 6,300 485,226 ----------- 1,214,226 ----------- 1,950,500 ----------- BASIC INDUSTRY--1.1% MINING & METALS--1.1% China Shenhua Energy Co., Ltd. (a) 439,500 771,985 ----------- Total Common & Preferred Stocks (cost $52,748,856) 67,664,637 ----------- MUTUAL FUNDS--1.2% Tortoise Energy Capital Corp. (cost $825,165) 37,100 843,283 ----------- Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- SHORT-TERM INVESTMENT--2.2% TIME DEPOSIT--2.2% The Bank of New York 3.75%, 4/03/06 (cost $1,507,000) $1,507 $ 1,507,000 ----------- TOTAL INVESTMENTS--100% (cost $55,081,021) 70,014,920 Other assets less liabilities--0.0% (4,951) ----------- NET ASSETS--100% $70,009,969 =========== (a) Non-income producing security. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt pfd. - Preferred Stock Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND VALUE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--95.8% FINANCIAL--33.2% BANKS--6.4% Citigroup, Inc. 194,300 $ 9,176,789 JPMorgan Chase & Co. 115,300 4,801,092 ----------- 13,977,881 ----------- FINANCE - PERSONAL LOANS--0.5% Countrywide Credit Industries, Inc. 29,700 1,089,990 ----------- LIFE INSURANCE--2.2% Genworth Financial, Inc. 39,000 1,303,770 MetLife, Inc. 33,900 1,639,743 Prudential Financial, Inc. 13,000 985,530 Torchmark Corp. 1,300 74,230 UnumProvident Corp. 44,100 903,168 ----------- 4,906,441 ----------- MAJOR REGIONAL BANKS--11.0% Bank of America Corp. 178,100 8,110,674 BB&T Corp. 13,500 529,200 Comerica, Inc. 21,600 1,252,152 Huntington Bancshares, Inc. 54,600 1,317,498 KeyCorp. 27,950 1,028,560 Mellon Financial Corp. 31,300 1,114,280 National City Corp. 44,100 1,539,090 PNC Financial Services Group 14,700 989,457 Regions Financial Corp. 43,500 1,529,895 SunTrust Banks, Inc. 17,600 1,280,576 U.S. Bancorp 38,600 1,177,300 Wachovia Corp. 53,150 2,979,058 Wells Fargo & Co. 19,000 1,213,530 ----------- 24,061,270 ----------- MULTI - LINE INSURANCE--2.9% American International Group, Inc. 69,400 4,586,646 The Hartford Financial Services Group, Inc. 22,900 1,844,595 ----------- 6,431,241 ----------- PROPERTY - CASUALTY INSURANCE--3.0% ACE Ltd. 9,900 514,899 Allstate Corp. 7,500 390,825 Chubb Corp. 12,500 1,193,000 Old Republic International Corp. 32,000 698,240 PartnerRe Ltd. 4,300 266,987 RenaissanceRe Holdings Ltd. 16,300 711,006 The St. Paul Travelers Cos., Inc. 44,933 1,877,750 XL Capital Ltd. Cl.A 14,900 955,239 ---------- 6,607,946 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SAVINGS AND LOAN--3.3% Astoria Financial Corp. 21,750 $ 673,380 Fannie Mae 46,800 2,405,520 Freddie Mac 38,200 2,330,200 Washington Mutual, Inc. 39,800 1,696,276 ----------- 7,105,376 ----------- MISCELLANEOUS FINANCIAL--3.9% Lehman Brothers Holdings, Inc. 7,200 1,040,616 MBIA, Inc. 11,800 709,534 Merrill Lynch & Co., Inc. 45,100 3,552,076 MGIC Investment Corp. 11,900 792,897 Morgan Stanley 14,400 904,608 The Goldman Sachs Group, Inc. 7,300 1,145,808 Waddell & Reed Financial, Inc. 20,600 475,860 ----------- 8,621,399 ----------- 72,801,544 ----------- ENERGY--12.7% GAS PIPELINES--0.1% El Paso Corp. 23,000 277,150 ----------- OFFSHORE DRILLING--1.5% ENSCO International, Inc. 2,100 108,045 GlobalSantaFe Corp. 22,100 1,342,575 Noble Corp. 14,000 1,135,400 Rowan Cos., Inc. (a) 19,200 844,032 ----------- 3,430,052 ----------- OILS - INTEGRATED DOMESTIC--3.2% ConocoPhillips 45,800 2,892,270 Marathon Oil Corp. 27,100 2,064,207 Occidental Petroleum Corp. 22,100 2,047,565 ----------- 7,004,042 ----------- OILS - INTEGRATED INTERNATIONAL--7.9% BP p.l.c. (ADR) 15,500 1,068,570 ChevronTexaco Corp. 60,400 3,501,388 Exxon Mobil Corp. 193,900 11,800,754 Total, SA (ADR) 6,900 908,937 ----------- 17,279,649 ----------- 27,990,893 ----------- UTILITIES--9.5% ELECTRIC COMPANIES--2.8% American Electric Power Co., Inc. 28,075 955,112 Dominion Resources, Inc. 25,200 1,739,556 Entergy Corp. 18,900 1,302,966 Exelon Corp. 4,100 216,890 Northeast Utilities 30,700 599,571 Pinnacle West Capital Corp. 26,600 1,040,060 Wisconsin Energy Corp. 3,000 119,970 Xcel Energy, Inc. 9,700 176,055 ----------- 6,150,180 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TELEPHONE--6.7% American Tower Corp. Cl. A (a) 11,000 $ 333,520 AT&T, Inc. 170,200 4,602,208 BellSouth Corp. 63,000 2,182,950 Crown Castle International Corp. (a) 37,370 1,059,439 Sprint Nextel Corp. 99,000 2,558,160 Verizon Communications 114,400 3,896,464 ----------- 14,632,741 ----------- 20,782,921 ----------- CONSUMER GROWTH--9.0% ADVERTISING--0.3% The Interpublic Group of Cos., Inc. (a) 76,900 735,164 ----------- DRUGS--5.3% Bristol-Myers Squibb Co. 18,850 463,898 Eli Lilly & Co. 20,000 1,106,000 Merck & Co., Inc. 80,200 2,825,446 Pfizer, Inc. 292,200 7,281,624 ----------- 11,676,968 ----------- ENTERTAINMENT--2.6% CBS Corp. 62,075 1,488,559 Time Warner, Inc. 172,600 2,897,954 Viacom, Inc. Cl.B (a) 30,175 1,170,790 Walt Disney Co. 6,300 175,707 ----------- 5,733,010 ----------- HOSPITAL MANAGEMENT--0.1% Tenet Healthcare Corp. (a) 15,400 113,652 ----------- RADIO - TV BROADCASTING--0.7% Comcast Corp. Cl. A (a) 56,434 1,476,313 ----------- 19,735,107 ----------- CONSUMER STAPLES--8.8% BEVERAGES - SOFT, LITE & HARD--1.4% Molson Coors Brewing Co. Cl.B 7,500 514,650 PepsiCo, Inc. 11,600 670,364 The Coca-Cola Co. 47,000 1,967,890 ----------- 3,152,904 ----------- FOOD--1.7% ConAgra Foods, Inc. 53,000 1,137,380 General Mills, Inc. 26,200 1,327,816 Kraft Foods, Inc. 13,800 418,278 Sara Lee Corp. 40,600 725,928 ----------- 3,609,402 ----------- HOUSEHOLD PRODUCTS--0.2% Colgate-Palmolive Co. 6,800 388,280 ----------- RESTAURANTS--0.8% McDonald's Corp. 51,800 1,779,848 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- RETAIL STORES - FOOD--1.3% Safeway, Inc. 48,800 $ 1,225,856 SUPERVALU, Inc. 16,400 505,448 The Kroger Co. 59,500 1,211,420 ----------- 2,942,724 ----------- SOAPS--0.9% Clorox Co. 15,000 897,750 The Procter & Gamble Co. 17,000 979,540 ----------- 1,877,290 ----------- SUGAR REFINERS--0.3% Archer-Daniels-Midland Co. 19,805 666,438 ----------- TOBACCO--2.2% Altria Group, Inc. 56,850 4,028,391 UST, Inc. 20,100 836,160 ----------- 4,864,551 ----------- 19,281,437 ----------- TECHNOLOGY--7.0% COMMUNICATION - EQUIP. MFRS. --2.0% ADC Telecommunications, Inc. (a) 27,514 704,083 Cisco Systems, Inc. (a) 20,200 437,734 Corning, Inc. (a) 57,000 1,533,870 Nokia Oyj (ADR) 51,100 1,058,792 Tellabs, Inc. (a) 36,100 573,990 ----------- 4,308,469 ----------- COMPUTER SERVICES / SOFTWARE--1.1% Electronic Data Systems Corp. 46,000 1,234,180 Microsoft Corp. 39,800 1,082,958 ----------- 2,317,138 ----------- COMPUTER / INSTRUMENTATION--1.0% Celestica, Inc. (a) 43,100 493,495 Flextronics International Ltd. (a) 57,900 599,265 Sanmina-SCI Corp. (a) 111,000 455,100 Solectron Corp. (a) 152,210 608,840 ----------- 2,156,700 ----------- COMPUTERS--2.0% Hewlett-Packard Co. 123,328 4,057,491 International Business Machines Corp. 5,600 461,832 ----------- 4,519,323 ----------- SEMICONDUCTORS--0.6% Agere System, Inc. (a) 42,210 634,838 Intel Corp. 35,800 692,730 ----------- 1,327,568 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS INDUSTRIAL TECHNOLOGY--0.3% Arrow Electronics, Inc. (a) 11,600 $ 374,332 Tech Data Corp. (a) 10,650 393,092 ----------- 767,424 ----------- 15,396,622 ----------- CONSUMER CYCLICALS--4.7% AUTOS & AUTO PARTS--1.3% American Axle & Manufacturing Holdings, Inc. 10,500 179,865 Autoliv, Inc. 7,900 446,982 BorgWarner, Inc. 10,800 648,432 Lear Corp. 9,200 163,116 Magna International, Inc. Cl. A 5,700 431,433 Toyota Motor Corporation (ADR) 10,000 1,089,000 ----------- 2,958,828 ----------- RETAILERS--2.0% Limited Brands 39,500 966,170 Nordstrom, Inc. 15,800 619,044 Office Depot, Inc. (a) 51,000 1,899,240 Target Corp. 14,100 733,341 ----------- 4,217,795 ----------- TEXTILES/SHOES - APPAREL MFG.--0.5% Jones Apparel Group, Inc. 20,600 728,622 V.F. Corp. 7,900 449,510 ----------- 1,178,132 ----------- TIRES & RUBBER GOODS--0.1% Cooper Tire & Rubber Co. 14,100 202,194 ----------- TOYS--0.4% Mattel, Inc. 49,200 891,996 ----------- MISCELLANEOUS CONSUMER CYCLICALS--0.4% Newell Rubbermaid, Inc. 35,200 886,688 ----------- 10,335,633 ----------- CAPITAL EQUIPMENT--4.3% AEROSPACE - DEFENSE--1.0% B.F. Goodrich Corp. 21,700 946,337 The Boeing Co. 16,300 1,270,259 ----------- 2,216,596 ----------- AUTO TRUCKS - PARTS--0.4% Eaton Corp. 13,500 985,095 ----------- ELECTRICAL EQUIPMENT--1.9% Cooper Industries Ltd. Cl. A 7,000 608,300 General Electric Co. 91,500 3,182,370 Hubbell Inc. Cl.B 6,800 348,568 ----------- 4,139,238 ----------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS CAPITAL GOODS--1.0% SPX Corp. 14,400 $ 769,248 Textron, Inc. 14,300 1,335,477 ---------- 2,104,725 ---------- 9,445,654 ---------- COMMODITIES--1.7% CHEMICALS--1.2% E.I. du Pont de Nemours & Co. 21,100 890,631 Eastman Chemical Co. 12,400 634,632 PPG Industries, Inc. 18,600 1,178,310 ---------- 2,703,573 ---------- PAPER--0.5% Temple-Inland, Inc. 22,000 980,100 ---------- 3,683,673 ---------- SERVICES--1.3% RAILROADS--1.3% CSX Corp. 24,500 1,465,100 Norfolk Southern Corp. 27,050 1,462,594 ---------- 2,927,694 ---------- DEFENSE-1.3% DEFENSE--1.3% Lockheed Martin Corp. 14,300 1,074,359 Northrop Grumman Corp. 25,000 1,707,250 ---------- 2,781,609 ---------- INDUSTRIAL RESOURCES--1.1% CHEMICALS--0.3% The Lubrizol Corp. 15,700 672,745 ---------- CONTAINERS - METAL/GLASS/PAPER--0.3% Owens-Illinois, Inc. (a) 34,900 606,213 ---------- PAPER--0.5% Kimberly-Clark Corp. 20,500 1,184,900 ---------- 2,463,858 ---------- CONSUMER MANUFACTURING--0.4% MISCELLANEOUS--0.4% Bunge Ltd. 14,500 807,795 ---------- HEALTH CARE--0.3% MEDICAL SERVICES--0.3% AmerisourceBergen Corp. 16,600 801,282 ---------- NON-FINANCIAL--0.3% BUILDING MATERIALS - CEMENT--0.3% Martin Marietta Materials, Inc. 5,800 620,774 ---------- INDUSTRIAL COMMODITIES--0.2% PAPER--0.2% Smurfit-Stone Container Corp. (a) 27,600 374,532 ---------- Principal Amount Company (000) U.S. $ Value ------------------------------------------------------------------------------- Total Common Stocks (cost $175,713,014) $210,231,028 ------------ SHORT - TERM INVESTMENT-4.6% TIME DEPOSIT--4.6% The Bank of New York 3.75%, 4/03/06 (cost $10,111,000) $10,111 10,111,000 ------------ TOTAL INVESTMENTS--100.4% (cost $185,824,014) 220,342,028 Other assets less liabilities--(0.4%) (950,258) ------------ NET ASSETS--100% $219,391,770 ============ (a) Non-income producing security. Glossary: ADR - American Depositary Receipt Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND GROWTH AND INCOME PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--99.6% FINANCE--27.5% BANKING - MONEY CENTER--6.0% JPMorgan Chase & Co. 2,750,000 $114,510,000 The Bank of New York Co., Inc. 450,000 16,218,000 Wachovia Corp. 450,000 25,222,500 ------------ 155,950,500 ------------ BANKING - REGIONAL--3.5% Bank of America Corp. 1,310,000 59,657,400 Northern Trust Corp. 600,000 31,500,000 ------------ 91,157,400 ------------ BROKERAGE & MONEY MANAGEMENT--1.8% Merrill Lynch & Co., Inc. 300,000 23,628,000 The Goldman Sachs Group, Inc. 146,800 23,041,728 ------------ 46,669,728 ------------ INSURANCE--7.8% ACE Ltd. 873,600 45,435,936 American International Group, Inc. 1,650,000 109,048,500 Axis Capital Holdings Ltd. 1,439,700 43,047,030 MetLife, Inc. 159,700 7,724,689 ------------ 205,256,155 ------------ MORTGAGE BANKING--3.5% Fannie Mae 1,800,000 92,520,000 ------------ MISCELLANEOUS--4.9% AMBAC Financial Group, Inc. 39,600 3,152,160 Citigroup, Inc. 2,634,500 124,427,435 State Street Corp. 29,700 1,794,771 ------------ 129,374,366 ------------ 720,928,149 ------------ CONSUMER SERVICES--15.9% BROADCASTING & CABLE--9.3% CBS Corp. Cl. B 450,000 10,791,000 Comcast Corp. Cl. A (a) 600,000 15,696,000 Comcast Corp. Special Cl. A (a) 350,000 9,142,000 News Corp. Cl. A 4,116,900 68,381,709 Time Warner, Inc. 5,430,700 91,181,453 Viacom, Inc. Cl. B (a) 1,050,000 40,740,000 Westwood One, Inc. 750,000 8,280,000 ------------ 244,212,162 ------------ RESTAURANT & LODGING--2.4% Hilton Hotels Corp. 1,500,000 38,190,000 McDonald's Corp. 675,300 23,203,308 ------------ 61,393,308 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- RETAIL - GENERAL MERCHANDISE--4.2% Lowe's Cos., Inc. 34,400 $ 2,216,736 The Gap, Inc. 366,200 6,840,616 The Home Depot, Inc. 2,400,000 101,520,000 ------------ 110,577,352 ------------ 416,182,822 ------------ TECHNOLOGY--13.5% COMMUNICATION EQUIPMENT--1.2% Cisco Systems, Inc. (a) 449,000 9,729,830 Juniper Networks, Inc. (a) 200,000 3,824,000 Motorola, Inc. 750,000 17,182,500 ------------ 30,736,330 ------------ COMPUTER HARDWARE/STORAGE--4.9% EMC Corp. (a) 3,064,500 41,769,135 International Business Machines Corp. (IBM) 1,050,700 86,651,229 ------------ 128,420,364 ------------ COMPUTER SERVICES--0.6% Fiserv, Inc. (a) 375,000 15,956,250 ------------ SEMICONDUCTOR CAPITAL EQUIPMENT--1.4% Applied Materials, Inc. 1,138,900 19,942,139 Kla-Tencor Corp. 365,200 17,661,072 ------------ 37,603,211 ------------ SEMICONDUCTOR COMPONENTS--0.2% Advanced Micro Devices, Inc. (a) 143,600 4,761,776 ------------ SOFTWARE--5.2% BEA Systems, Inc. (a) 845,500 11,101,415 Check Point Software Technologies Ltd. (a) 200,000 4,004,000 Microsoft Corp. 3,750,000 102,037,500 Oracle Corp. (a) 1,475,000 20,192,750 ------------ 137,335,665 ------------ 354,813,596 ------------ ENERGY--9.2% DOMESTIC PRODUCERS--1.6% Apache Corp. 81,000 5,306,310 Noble Energy, Inc. 856,700 37,626,264 ------------ 42,932,574 ------------ INTERNATIONAL--4.2% Chevron Corp. 800,000 46,376,000 Exxon Mobil Corp. 1,051,800 64,012,548 ------------ 110,388,548 ------------ OIL SERVICE--2.2% Baker Hughes, Inc. 259,200 17,729,280 GlobalSantaFe Corp. 24,000 1,458,000 Nabors Industries Ltd. (a) 515,000 36,863,700 ------------ 56,050,980 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS--1.2% ConocoPhillips 487,900 $ 30,810,885 ------------ 240,182,987 ------------ CAPITAL GOODS--8.1% ELECTRICAL EQUIPMENT--1.8% Emerson Electric Co. 560,000 46,832,800 ------------ MISCELLANEOUS--6.3% General Electric Co. 2,225,000 77,385,500 Illinois Tool Works, Inc. 212,100 20,427,351 United Technologies Corp. 1,175,000 68,114,750 ------------ 165,927,601 ------------ 212,760,401 ------------ CONSUMER STAPLES--7.3% HOUSEHOLD PRODUCTS--1.8% Colgate-Palmolive Co. 185,000 10,563,500 The Procter & Gamble Co. 650,000 37,453,000 ------------ 48,016,500 ------------ RETAIL - FOOD & DRUG--0.0% CVS Corp. 4,700 140,389 ------------ TOBACCO--2.9% Altria Group, Inc. 550,300 38,994,258 Loews Corp. - Carolina Group 559,500 26,447,565 Reynolds American, Inc. 100,000 10,550,000 ------------ 75,991,823 ------------ MISCELLANEOUS--2.6% Fortune Brands, Inc. 835,100 67,334,113 ------------ 191,482,825 ------------ HEALTH CARE--6.4% DRUGS--2.6% Eli Lilly & Co. 330,400 18,271,120 Forest Laboratories, Inc.(a) 400,000 17,852,000 Merck & Co., Inc. 400,000 14,092,000 Pfizer, Inc. 764,800 19,058,816 ------------ 69,273,936 ------------ MEDICAL PRODUCTS--0.4% Boston Scientific Corp. (a) 418,400 9,644,120 ------------ MEDICAL SERVICES--3.4% Health Management Associates, Inc. Cl. A 317,400 6,846,318 UnitedHealth Group, Inc. 73,100 4,083,366 WellPoint, Inc. (a) 992,100 76,818,303 ------------ 87,747,987 ------------ 166,666,043 ------------ Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- UTILITIES--4.9% ELECTRIC & GAS UTILITY--0.8% FirstEnergy Corp. 450,000 $ 22,005,000 -------------- TELEPHONE UTILITY--4.1% AT&T, Inc. 1,977,500 53,471,600 BellSouth Corp. 700,000 24,255,000 Verizon Communications, Inc. 855,700 29,145,142 -------------- 106,871,742 -------------- 128,876,742 -------------- TRANSPORTATION--3.6% AIR FREIGHT--2.7% United Parcel Service, Inc. Cl. B 900,000 71,442,000 -------------- RAILROAD--0.9% Union Pacific Corp. 240,000 22,404,000 -------------- 93,846,000 -------------- BASIC INDUSTRY--2.8% CHEMICALS--2.8% Air Products and Chemicals, Inc. 1,025,000 68,869,750 E.I. du Pont de Nemours & Co. 120,100 5,069,421 -------------- 73,939,171 -------------- CONSUMER MANUFACTURING--0.4% TEXTILE PRODUCTS--0.4% Building Materials Holding Corp. 299,800 10,684,872 -------------- Total Common Stocks (cost $2,287,517,656) 2,610,363,608 -------------- SHORT-TERM INVESTMENT--1.6% TIME DEPOSIT--1.6% The Bank of New York 3.75%, 4/03/06 (cost $41,977,000) $ 41,977 41,977,000 -------------- TOTAL INVESTMENTS--101.2% (cost $2,329,494,656) 2,652,340,608 Other assets less liabilities--(1.2%) (31,777,435) -------------- NET ASSETS--100% $2,620,563,173 ============== (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- GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) U.S. Company Shares $ Value -------------------------------------------------------------------------------- COMMON STOCKS--99.1% TECHNOLOGY--33.8% COMMUNICATION EQUIPMENT--7.4% Corning, Inc. (a) 48,800 $ 1,313,208 Juniper Networks, Inc. (a) 362,700 6,934,824 Motorola, Inc. 32,100 735,411 QUALCOMM, Inc. 235,500 11,918,655 ----------- 20,902,098 ----------- COMPUTER HARDWARE/ STORAGE--5.6% Apple Computer, Inc. (a) 167,700 10,518,144 EMC Corp. (a) 396,500 5,404,295 ----------- 15,922,439 ----------- COMPUTER SERVICES--0.7% Infosys Technologies Ltd. (ADR) 25,585 1,992,048 ----------- INTERNET MEDIA--5.8% Google, Inc. Cl. A (a) 35,200 13,728,000 Yahoo!, Inc. (a) 87,500 2,822,750 ----------- 16,550,750 ----------- SEMICONDUCTOR CAPITAL EQUIPMENT--0.5% KLA-Tencor Corp. 28,600 1,383,096 ----------- SEMICONDUCTOR COMPONENTS--8.7% Advanced Micro Devices, Inc. (a) 231,000 7,659,960 Broadcom Corp. Cl. A (a) 230,850 9,963,486 Marvell Technology Group Ltd. (a) 98,100 5,307,210 NVIDIA Corp. (a) 28,600 1,637,636 ----------- 24,568,292 ----------- SOFTWARE--2.8% Autodesk, Inc. (a) 35,400 1,363,608 Business Objects, SA (ADR) (a) 61,800 2,253,846 Microsoft Corp. 59,900 1,629,879 SAP AG (ADR) 49,400 2,683,408 ----------- 7,930,741 ----------- MISCELLANEOUS--2.3% Amphenol Corp. Cl. A 124,000 6,470,320 ----------- 95,719,784 ----------- FINANCE--18.2% BANKING - MONEY CENTER--1.3% JPMorgan Chase & Co. 92,800 3,864,192 ----------- BROKERAGE & MONEY MANAGEMENT--10.9% Legg Mason, Inc. 104,900 13,147,117 Merrill Lynch & Co., Inc. 46,400 3,654,464 U.S. Company Shares $ Value -------------------------------------------------------------------------------- The Charles Schwab Corp. 172,300 $ 2,965,283 The Goldman Sachs Group, Inc. 70,400 11,049,984 ----------- 30,816,848 ----------- INSURANCE--3.0% American International Group, Inc. 127,800 8,446,302 ----------- MISCELLANEOUS--3.0% Citigroup, Inc. 151,200 7,141,176 State Street Corp. 22,800 1,377,804 ----------- 8,518,980 ----------- 51,646,322 ----------- HEALTH CARE--16.7% BIOTECHNOLOGY--5.2% Affymetrix, Inc. (a) 43,900 1,445,627 Genentech, Inc. (a) 107,600 9,093,276 Gilead Sciences, Inc. (a) 68,500 4,262,070 ----------- 14,800,973 ----------- DRUGS--2.5% Eli Lilly & Co. 30,900 1,708,770 Merck & Co., Inc. 25,300 891,319 Teva Pharmaceutical Industries Ltd. (ADR) 105,900 4,360,962 ----------- 6,961,051 ----------- MEDICAL PRODUCTS--2.4% Alcon, Inc. 33,600 3,503,136 St. Jude Medical, Inc. (a) 80,300 3,292,300 ----------- 6,795,436 ----------- MEDICAL SERVICES--6.6% Caremark Rx, Inc. (a) 87,700 4,313,086 UnitedHealth Group, Inc. 57,500 3,211,950 WellPoint, Inc. (a) 145,000 11,227,350 ----------- 18,752,386 ----------- 47,309,846 ----------- CONSUMER SERVICES--12.5% ADVERTISING--1.1% aQuantive, Inc. (a) 33,100 779,174 Getty Images, Inc. (a) 29,600 2,216,448 ----------- 2,995,622 ----------- APPAREL--1.3% Coach, Inc. (a) 69,500 2,403,310 Urban Outfitters, Inc. (a) 56,500 1,386,510 ----------- 3,789,820 ----------- RETAIL - GENERAL MERCHANDISE--6.7% eBay, Inc. (a) 198,700 7,761,222 Lowe's Cos., Inc. 128,815 8,300,839 U.S. Company Shares $ Value -------------------------------------------------------------------------------- The Home Depot, Inc. 71,100 $ 3,007,530 ----------- 19,069,591 ----------- MISCELLANEOUS--3.4% CB Richard Ellis Group, Inc. (a) 19,000 1,533,300 Corporate Executive Board Co. 28,600 2,885,740 Iron Mountain, Inc. (a) 69,100 2,815,134 Strayer Education, Inc. 24,000 2,454,240 ----------- 9,688,414 ----------- 35,543,447 ----------- CONSUMER MANUFACTURING--7.4% BUILDING & RELATED--7.2% Centex Corp. 65,700 4,072,743 D.R. Horton, Inc. 76,533 2,542,426 Lennar Corp. Cl. A 87,400 5,277,212 NVR, Inc. (a) 7,850 5,800,757 Pulte Homes, Inc. 73,500 2,823,870 ----------- 20,517,008 ----------- TEXTILE PRODUCTS--0.2% Building Materials Holding Corp. 15,000 534,600 ----------- 21,051,608 ----------- OIL & GAS FIELD SERVICE--3.3% ENERGY EQUIPMENT & SERVICE--3.3% Halliburton Co. 22,900 1,672,158 Schlumberger Ltd. 60,000 7,594,200 ----------- 9,266,358 ----------- AEROSPACE & DEFENSE--2.2% AEROSPACE--1.2% The Boeing Co. 41,800 3,257,474 ----------- DEFENSE ELECTRONICS--1.0% L-3 Communications Holdings, Inc. 34,600 2,968,334 ----------- 6,225,808 ----------- CAPITAL GOODS--1.8% MACHINERY--0.8% Actuant Corp. CI. A 34,900 2,136,578 ----------- MISCELLANEOUS--1.0% United Technologies Corp. 48,500 2,811,545 ----------- 4,948,123 ----------- CONSUMER STAPLES--1.6% HOUSEHOLD PRODUCTS--0.6% The Procter & Gamble Co. 29,300 1,688,266 ----------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- RETAIL - FOOD & DRUG--1.0% Walgreen Co. 33,600 $ 1,449,168 Whole Foods Market, Inc. 20,000 1,328,800 ------------ 2,777,968 ------------ 4,466,234 ------------ MULTI-INDUSTRY COMPANIES--1.2% Danaher Corp. 54,500 3,463,475 ------------ BASIC INDUSTRY--0.4% CHEMICALS--0.4% Hexcel Corp. (a) 56,700 1,245,699 ------------ Total Common Stocks (cost $198,849,069) 280,886,704 ------------ SHORT-TERM INVESTMENT--0.5% TIME DEPOSIT--0.5% The Bank of New York 3.75%, 4/03/06 (cost $1,472,000) $ 1,472 1,472,000 ------------ TOTAL INVESTMENTS--99.6% (cost $200,321,069) 282,358,704 Other assets less liabilities--0.4% 1,050,601 ------------ NET ASSETS--100% $283,409,305 ============ (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 INTERNATIONAL RESEARCH GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS--96.6% FINANCE--27.4% BANKING - MONEY CENTER--16.4% Anglo Irish Bank Corp. Plc 47,858 $ 788,048 Banco Bilbao Vizcaya Argentaria, SA 52,334 1,090,393 BNP Paribas (a) 2,077 186,386 BNP Paribas, SA 23,305 2,156,815 Commerzbank AG 11,097 440,829 Credit Suisse Group 33,814 1,891,682 EFG Eurobank Ergasias 23,195 892,490 Kookmin Bank 6,630 568,273 Mitsubishi Tokyo Financial Group, Inc. 95 1,444,728 Standard Chartered Plc 29,531 733,485 Sumitomo Mitsui Financial Group, Inc. 79 872,024 UBS AG 22,146 2,433,812 ---------- 13,498,965 ---------- BANKING - REGIONAL--1.6% Allied Irish Banks Plc 24,164 574,923 Turkiye Is Bankasi (Isbank) 89,710 745,360 ---------- 1,320,283 ---------- BROKERAGE & MONEY MANAGEMENT--3.3% Man Group Plc 18,511 791,097 Nomura Holdings, Inc. 77,200 1,710,206 Partners Group (a) 2,700 171,902 ---------- 2,673,205 ---------- INSURANCE--5.6% ING Groep N.V. 40,154 1,581,408 Prudential Plc 81,865 946,865 QBE Insurance Group Ltd. 78,609 1,229,382 Swiss Re 11,627 810,278 ---------- 4,567,933 ---------- MISCELLANEOUS--0.5% Aeon Credit Service Co., Ltd. 14,400 435,867 ---------- 22,496,253 ---------- ENERGY--13.7% INTERNATIONAL--5.5% China Petroleum Chemical Corp. (Sinopec) 614,000 358,355 ENI S.p.A 13,905 395,947 LUKOIL (ADR) 8,134 676,749 Norsk Hydro ASA 10,170 1,406,892 Petroleo Brasilerio, SA (ADR) 10,600 846,410 Total, SA 3,109 819,640 ---------- 4,503,993 ---------- OIL SERVICE--8.2% GlobalSantaFe Corp. 23,000 1,397,250 Nabors Industries Ltd. (a) 24,500 1,753,710 Petro-Canada 24,200 1,147,575 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Schlumberger Ltd. 19,700 $ 2,493,429 ----------- 6,791,964 ----------- 11,295,957 ----------- HEALTH CARE--10.3% DRUGS--7.6% Gedeon Richter Rt 1,400 281,406 GlaxoSmithKline Plc 15,447 403,833 Hikma Pharmaceuticals Plc 45,463 315,754 Novartis AG 29,482 1,635,841 Roche Holding AG 8,891 1,321,322 Sanofi-Aventis, SA 14,319 1,357,850 Takeda Pharmaceutical Co., Ltd. 8,100 460,766 Teva Pharmaceutical Industries Ltd. (ADR) 12,100 498,278 ----------- 6,275,050 ----------- MEDICAL PRODUCTS--2.7% Alcon, Inc. 3,878 404,320 Essilor International, SA 6,376 567,768 Nobel Biocare Holding AG 2,435 542,565 Smith & Nephew Plc 38,618 342,046 Synthes, Inc. 2,869 314,919 ----------- 2,171,618 ----------- 8,446,668 ----------- TECHNOLOGY--9.1% COMMUNICATION EQUIPMENT--0.6% Telefonaktiebolaget LM Ericsson 102,179 385,998 Tim Participacoes, SA (ADR) 3,800 140,714 ----------- 526,712 ----------- COMPUTER HARDWARE/STORAGE--0.8% NEC Corp. 89,000 625,993 ----------- COMPUTER PERIPHERALS--0.3% LG.Philips LCD Co., Ltd. (a) 5,600 251,398 ----------- COMMUNICATION SERVICES--0.2% Comstar United Telesystems (GDR) (a) (b) 23,288 170,002 ----------- COMPUTER SERVICES--0.6% CapGemini, SA 9,250 502,695 ----------- ELECTRONIC COMPONENTS--0.3% LG.Philips LCD Co., Ltd. (ADR) (a) 10,000 227,000 ----------- INTERNET INFRASTRUCTURE--0.8% Fastweb (a) 12,375 630,496 ----------- SEMICONDUCTOR CAPITAL EQUIPMENT--0.3% ASML Holding NV (a) 12,411 252,608 ----------- SEMICONDUCTOR COMPONENTS--1.0% Samsung Electronics Co., Ltd. 545 351,885 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing Co.,Ltd Merrill Lynch International & Co. warrants, expiring 11/22/10 221,388 $ 437,905 ---------- 789,790 ---------- SOFTWARE--1.7% Business Objects, SA (a) 16,283 593,186 SAP AG 3,894 845,616 ---------- 1,438,802 ---------- MISCELLANEOUS--2.5% Canon, Inc. 12,200 805,134 HOYA Corp. 13,900 559,719 Keyence Corp. 2,640 685,406 ---------- 2,050,259 ---------- 7,465,755 ---------- CONSUMER SERVICES--8.3% ADVERTISING--1.1% WPP Group Plc 73,900 884,459 ---------- BROADCASTING & CABLE--1.0% Grupo Televisa S.A. (ADR) 16,800 334,320 Societe Television Francaise 14,752 446,348 ---------- 780,668 ---------- CELLULAR COMMUNICATIONS--2.0% America Movil, SA de CV (ADR) 10,600 363,156 Mobile TeleSystems (ADR) 2,200 72,820 Orascom Telecom Holding SAE (GDR) 4,148 226,896 Turkcell Iletisim Hizmetleri AS (Turkcell) (ADR) 12,300 205,041 Vodafone Group Plc 391,160 816,053 ---------- 1,683,966 ---------- ENTERTAINMENT & LEISURE--0.6% Greek Organisation of Football Prognostics, SA 13,412 512,762 ---------- PRINTING & PUBLISHING--0.5% Naspers Ltd. 19,142 389,478 ---------- RESTAURANTS & LODGING--0.7% Accor, SA 10,078 579,926 ---------- RETAIL - GENERAL MERCHANDISE--1.6% GUS Plc 24,480 448,301 Luxottica Group SpA 32,278 888,403 ---------- 1,336,704 ---------- MISCELLANEOUS--0.8% First Choice Holidays Plc 75,189 280,641 Li & Fung Ltd. 164,000 369,387 ---------- 650,028 ---------- 6,817,991 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- CONSUMER MANUFACTURING--6.3% AUTO & RELATED--2.7% Bridgestone Corp. 20,000 $ 416,878 Denso Corp. 12,300 486,198 Toyota Motor Corp. 25,000 1,361,230 ---------- 2,264,306 ---------- BUILDING & RELATED--3.3% CRH Plc 36,946 1,290,556 Rinker Group Ltd. 35,185 495,945 Vinci, SA 9,198 905,074 ---------- 2,691,575 ---------- MISCELLANEOUS--0.3% Largan Precision Co., Ltd. 16,000 258,393 ---------- 5,214,274 ---------- CONSUMER STAPLES--5.8% BEVERAGES--1.6% Pernod Ricard, SA 2,617 500,759 SABMiller Plc 40,747 802,772 ---------- 1,303,531 ---------- FOOD--1.5% Nestle, SA 4,168 1,234,192 ---------- RETAIL - FOOD & DRUG--0.8% Tesco Plc 117,289 671,603 ---------- TOBACCO--1.1% Altadis, SA 9,137 409,160 British American Tobacco Plc 19,071 461,376 ---------- 870,536 ---------- MISCELLANEOUS--0.8% Punch Taverns Plc 47,509 693,985 ---------- 4,773,847 ---------- CAPITAL GOODS--5.1% ELECTRICAL EQUIPMENT--2.4% Atlas Copco AB 43,046 1,209,237 Fujikura Ltd. 32,000 361,813 Yamada Denki Co., Ltd. 3,500 404,855 ---------- 1,975,905 ---------- ENGINEERING & CONSTRUCTION--1.6% Obayashi Corp. 26,000 211,511 Vinci, SA- Rights, expiring 4/12/06 (a) 9,198 19,730 WorleyParsons Ltd. 77,600 1,045,526 ---------- 1,276,767 ---------- MACHINERY--0.7% KOMATSU Ltd. 32,000 610,322 ---------- MISCELLANEOUS--0.4% Nitto Denko Corp. 3,700 313,801 ---------- 4,176,795 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- BASIC INDUSTRY--4.1% CHEMICALS--0.8% Hitachi Chemical Co., Ltd. 22,800 $ 654,823 ----------- MINING & METALS--3.3% Alumina Ltd. 86,000 454,441 China Shenhua Energy Co., Ltd. (a) 493,000 865,958 Rio Tinto Plc 27,379 1,404,276 ----------- 2,724,675 ----------- 3,379,498 ----------- UTILITIES--2.9% ELECTRIC & GAS UTILITY--0.7% Datang International Power Generation Co., Ltd. 128,800 81,142 Gaz de France 13,900 501,226 ----------- 582,368 ----------- TELEPHONE UTILITY--2.1% Nippon Telegraph & Telephone Corp. 49 209,636 Telecom Italia SpA 103,190 300,517 Telefonica, SA 36,141 566,001 Telekom Austria AG 13,190 310,508 TeliaSonera AB 55,008 329,375 ----------- 1,716,037 ----------- MISCELLANEOUS--0.1% Suez SA 1,221 47,985 ----------- 2,346,390 ----------- AEROSPACE & DEFENSE--2.2% AEROSPACE--2.2% BAE Systems Plc 147,092 1,072,370 European Aeronautic Defence & Space Co. 16,918 710,749 ----------- 1,783,119 ----------- MULTI-INDUSTRY COMPANIES--1.4% Mitsubishi Corp. 15,600 355,692 Mitsui & Co., Ltd. 39,000 563,273 Rotork Plc 21,684 261,426 ----------- 1,180,391 ----------- Total Common Stocks & Other Investments (cost $59,237,699) 79,376,938 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- SHORT-TERM INVESTMENT--2.7% TIME DEPOSIT--2.7% The Bank of New York 3.75%, 4/03/06 (cost $2,211,000) $2,211 $ 2,211,000 ----------- TOTAL INVESTMENTS--99.3% (cost $61,448,699) 81,587,938 Other assets less liabilities--0.7% 582,196 ----------- NET ASSETS--100% $82,170,134 =========== (a) Non-income producing security. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the aggregate market value of these securities amounted to $170,002 or 0.2% of net assets. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt COUNTRY BREAKDOWN March 31, 2006 (unaudited) COUNTRY U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- Japan $13,549,877 16.5% United Kingdom 11,330,340 13.8 Switzerland 10,760,834 13.1 France 9,896,138 12.1 Netherlands 4,327,445 5.3 Australia 3,225,293 3.9 Ireland 2,653,527 3.2 Italy 2,215,363 2.7 Spain 2,065,554 2.5 Sweden 1,924,610 2.3 Bermuda 1,753,710 2.1 Norway 1,406,892 1.7 Greece 1,405,252 1.7 South Korea 1,398,556 1.7 Cayman Island 1,397,250 1.7 Germany 1,286,443 1.6 China 1,224,313 1.5 Canada 1,147,575 1.4 Brazil 987,124 1.2 Turkey 950,401 1.2 Russia 919,571 1.1 Other 3,550,870 4.3 ------------------------------------ Total Investments* 79,376,938 96.6 Cash and receivables, net of liabilities 2,793,196 3.4 ------------------------------------ Net Assets $82,170,134 100.0% -------------------------------------------------------------------------------- * Excludes short-term investments. All data are as of March 31, 2006. The Portfolio's country breakdown is expressed as a percentage of net assets and may vary over time. "Other" represents less than 1% weightings in the following countries: Austria, Egypt, Hong Kong, Hungary, Israel, Mexico, South Africa and Taiwan. 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 March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--99.3% TECHNOLOGY--30.9% COMMUNICATION EQUIPMENT--9.6% Corning, Inc. (a) 1,294,400 $ 34,832,304 Juniper Networks, Inc. (a) 1,273,900 24,356,968 Motorola, Inc. 287,600 6,588,916 QUALCOMM, Inc. 975,200 49,354,872 ------------ 115,133,060 ------------ COMPUTER HARDWARE/STORAGE--3.5% Apple Computer, Inc. (a) 665,600 41,746,432 ------------ COMPUTER PERIPHERALS--1.4% Network Appliance, Inc. (a) 472,600 17,027,778 ------------ INTERNET MEDIA--6.3% Google, Inc. Cl. A (a) 134,440 52,431,600 Yahoo!, Inc. (a) 727,700 23,475,602 ------------ 75,907,202 ------------ SEMICONDUCTOR CAPITAL EQUIPMENT--0.7% KLA-Tencor Corp. 184,900 8,941,764 ------------ SEMICONDUCTOR COMPONENTS--7.7% Advanced Micro Devices, Inc. (a) 849,300 28,162,788 Broadcom Corp. Cl. A (a) 980,750 42,329,170 Marvell Technology Group Ltd. (a) 324,100 17,533,810 NVIDIA Corp. (a) 71,200 4,076,912 ------------ 92,102,680 ------------ SOFTWARE--1.7% Microsoft Corp. 773,100 21,036,051 ------------ 371,894,967 ------------ HEALTH CARE--21.8% BIOTECHNOLOGY--6.7% Amgen, Inc. (a) 165,000 12,003,750 Genentech, Inc. (a) 523,200 44,215,632 Gilead Sciences, Inc. (a) 364,700 22,691,634 Monsanto Co. 14,900 1,262,775 ------------ 80,173,791 ------------ DRUGS--3.2% Teva Pharmaceutical Industries Ltd. (ADR) 943,300 38,845,094 ------------ MEDICAL PRODUCTS--3.9% Alcon, Inc. 293,500 30,600,310 St. Jude Medical, Inc. (a) 387,085 15,870,485 ------------ 46,470,795 ------------ Company Shares U.S. $ Value -------------------------------------------------------------------------------- MEDICAL SERVICES--8.0% Caremark Rx, Inc. (a) 410,200 $ 20,173,636 Medco Health Solutions, Inc. (a) 87,900 5,029,638 UnitedHealth Group, Inc. 581,800 32,499,348 WellPoint, Inc. (a) 505,600 39,148,608 ------------ 96,851,230 ------------ 262,340,910 ------------ FINANCE--15.9% BANKING - MONEY CENTER--3.2% JPMorgan Chase & Co. 464,000 19,320,960 UBS AG 179,200 19,706,624 ------------ 39,027,584 ------------ BANKING - REGIONAL--1.1% Northern Trust Corp. 254,100 13,340,250 ------------ BROKERAGE & MONEY MANAGEMENT--8.2% Franklin Resources, Inc. 277,200 26,123,328 Legg Mason, Inc. 221,690 27,784,408 Merrill Lynch & Co., Inc. 264,300 20,816,268 The Goldman Sachs Group, Inc. 153,100 24,030,576 ------------ 98,754,580 ------------ INSURANCE--3.0% ACE Ltd. 126,200 6,563,662 American International Group, Inc. 443,092 29,283,950 ------------ 35,847,612 ------------ MISCELLANEOUS--0.4% NASDAQ Stock Market, Inc. (a) 111,500 4,464,460 ------------ 191,434,486 ------------ CONSUMER SERVICES--11.0% CELLULAR COMMUNICATIONS--0.8% America Movil, SA de CV (ADR) 270,800 9,277,608 ------------ RESTAURANT & LODGING--2.2% Las Vegas Sands Corp. (a) 130,600 7,399,796 McDonald's Corp. 350,400 12,039,744 Starbucks Corp. (a) 205,900 7,750,076 ------------ 27,189,616 ------------ RETAIL - GENERAL MERCHANDISE--8.0% eBay, Inc. (a) 1,096,000 42,809,760 Lowe's Cos., Inc. 431,800 27,825,192 Target Corp. 493,000 25,640,930 ------------ 96,275,882 ------------ 132,743,106 ------------ Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- ENERGY--9.7% OIL SERVICE--9.7% Baker Hughes, Inc. 132,400 $ 9,056,160 GlobalSantaFe Corp. 215,000 13,061,250 Halliburton Co. 787,550 57,506,901 Nabors Industries Ltd. (a) 397,600 28,460,208 Schlumberger Ltd. 64,200 8,125,794 -------------- 116,210,313 -------------- CONSUMER STAPLES--6.2% HOUSEHOLD PRODUCTS--4.3% The Procter & Gamble Co. 896,100 51,633,282 -------------- RETAIL - FOOD & DRUG--1.9% Walgreen Co. 304,800 13,146,024 Whole Foods Market, Inc. 136,200 9,049,128 -------------- 22,195,152 -------------- 73,828,434 -------------- AEROSPACE & DEFENSE--3.1% AEROSPACE--3.1% Boeing Co. 421,000 32,808,530 Rockwell Collins, Inc. 79,000 4,451,650 -------------- 37,260,180 -------------- CAPITAL GOODS--0.7% MISCELLANEOUS--0.7% General Electric Co. 246,700 8,580,226 -------------- Total Common Stocks (cost $937,956,836) 1,194,292,622 -------------- SHORT-TERM INVESTMENT--0.2% TIME DEPOSIT--0.2% The Bank of New York 3.75%, 4/03/06 (cost $2,590,000) $ 2,590 2,590,000 -------------- TOTAL INVESTMENTS--99.5% (cost $940,546,836) 1,196,882,622 Other assets less liabilities--0.5% 6,413,739 -------------- NET ASSETS--100% $1,203,296,361 ============== (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 SERRIES FUND SMALL CAP GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) U.S. Company Shares $ Value -------------------------------------------------------------------------------- COMMON STOCKS--98.2% CONSUMER SERVICES--25.9% ADVERTISING--3.6% Administaff, Inc. 25,500 $ 1,386,180 Digitas, Inc. (a) 109,600 1,578,240 ----------- 2,964,420 ----------- APPAREL--1.4% Carter's, Inc. (a) 17,700 1,194,573 ----------- BROADCASTING & CABLE--1.2% Entravision Communications Corp. Cl. A (a) 109,000 998,440 ----------- ENTERTAINMENT/ LEISURE--2.1% Sunterra Corp. (a) 60,500 863,940 THQ, Inc. (a) 32,050 829,774 ----------- 1,693,714 ----------- PRINTING & PUBLISHING--1.4% VistaPrint Ltd. (a) 38,100 1,137,285 ----------- RESTAURANT & LODGING--1.4% Orient-Express Hotels Ltd. 29,000 1,137,670 ----------- RETAIL - GENERAL MERCHANDISE--3.2% Coldwater Creek, Inc. (a) 29,050 807,590 MarineMax, Inc. (a) 28,400 951,968 Select Comfort Corp. (a) 23,000 909,650 ----------- 2,669,208 ----------- MISCELLANEOUS--11.6% Bright Horizons Family Solutions, Inc. (a) 25,900 1,003,107 Huron Consulting Group, Inc. (a) 32,247 976,762 Insight Enterprises, Inc. (a) 36,200 796,762 Laureate Education, Inc. (a) 22,520 1,202,118 Life Time Fitness, Inc. (a) 25,700 1,204,045 MSC Industrial Direct Co., Inc. Cl. A 17,100 923,742 Nutri/System, Inc. (a) 22,000 1,045,440 Resources Connection, Inc. (a) 51,400 1,280,374 Strayer Education, Inc. 10,800 1,104,408 ----------- 9,536,758 ----------- 21,332,068 ----------- TECHNOLOGY--24.5% COMMUNICATION EQUIPMENT--1.1% Witness Systems, Inc. (a) 37,400 949,960 ----------- COMMUNICATION SERVICES--0.7% NTELOS Holdings Corp. (a) 44,000 616,440 ----------- U.S. Company Shares $ Value -------------------------------------------------------------------------------- COMPUTER HARDWARE/STORAGE--1.0% Avocent Corp. (a) 24,700 $ 783,978 ----------- COMPUTER SERVICES--2.5% Euronet Worldwide, Inc. (a) 42,600 1,611,558 Global Cash Access, Inc. (a) 23,600 413,472 ----------- 2,025,030 ----------- CONTRACT MANUFACTURING--1.0% Semtech Corp. (a) 46,100 824,729 ----------- SEMICONDUCTOR COMPONENTS--8.4% Atheros Communications, Inc. (a) 42,000 1,099,980 Entegris, Inc. (a) 68,900 733,096 Intergrated Device Technologies, Inc. (a) 100,700 1,496,402 Micrel, Inc. (a) 56,600 838,812 Microsemi Corp. (a) 35,400 1,030,494 ON Semiconductor Corp. (a) 79,500 577,170 Sirf Technology Holdings, Inc. (a) 22,400 793,184 Vimicro International Corp. (ADR) (a) 17,000 306,000 ----------- 6,875,138 ----------- SOFTWARE--8.6% American Reprographics Co. (a) 900 31,221 Audible, Inc. (a) 46,200 485,562 DealerTrack Holdings, Inc. (a) 37,600 801,256 Electronics for Imaging, Inc. (a) 52,800 1,476,816 FileNET Corp. (a) 34,700 937,594 Informatica Corp. (a) 85,400 1,327,970 Quest Software, Inc. (a) 74,800 1,249,160 VeriFone Holdings, Inc. (a) 24,600 745,134 ----------- 7,054,713 ----------- MISCELLANEOUS--1.2% Exar Corp. (a) 37,300 532,644 Micros Systems, Inc. (a) 3,600 165,852 Wind River Systems, Inc. (a) 25,800 321,210 ----------- 1,019,706 ----------- 20,149,694 ----------- HEALTH CARE--16.0% BIOTECHNOLOGY--5.2% Abgenix, Inc. (a) 13,400 301,500 Coley Pharmaceutical Group, Inc. (a) 12,700 192,405 Cubist Pharmaceuticals, Inc. (a) 16,000 367,520 CV Therapeutics, Inc. (a) 7,700 170,016 Meridian Bioscience, Inc. 22,700 612,446 Momenta Pharmaceuticals, Inc. (a) 4,100 80,606 Nektar Therapeutics (a) 10,500 213,990 Neopharm, Inc. (a) 40,700 340,252 PDL BioPharma, Inc. (a) 25,900 849,520 Senomyx, Inc. (a) 39,200 645,232 Telik, Inc. (a) 14,400 278,784 Zymogenetics, Inc. (a) 9,400 203,228 ----------- 4,255,499 ----------- U.S. Company Shares $ Value -------------------------------------------------------------------------------- MEDICAL PRODUCTS--4.2% Abaxis, Inc. (a) 40,700 $ 923,076 ArthroCare Corp. (a) 21,000 1,004,220 Dexcom Inc. (a) 20,400 413,508 OraSure Technologies, Inc. (a) 38,200 393,460 Renovis, Inc. (a) 10,800 230,256 Ventana Medical Systems, Inc. (a) 12,000 501,240 ----------- 3,465,760 ----------- MEDICAL SERVICES--5.8% Biomarin Pharmaceutical Inc. (a) 15,300 205,326 Psychiatric Solutions, Inc. (a) 43,100 1,427,903 Stericycle, Inc. (a) 14,290 966,290 United Surgical Partners International, Inc. (a) 23,600 835,676 WellCare Health Plans, Inc. (a) 29,469 1,339,071 ----------- 4,774,266 ----------- MISCELLANEOUS--0.8% IRIS International, Inc. (a) 40,200 628,326 ----------- 13,123,851 ----------- ENERGY--10.3% OIL SERVICE--8.7% Bill Barrett Corp. (a) 23,600 769,124 CARBO Ceramics, Inc. 10,400 591,864 Core Laboratories NV (a) 18,684 888,424 Dril-Quip, Inc. (a) 13,100 928,135 FMC Technologies, Inc. (a) 15,800 809,276 Helmerich & Payne, Inc. 8,000 558,560 Range Resources Corp. 26,300 718,253 Superior Well Services, Inc. (a) 15,700 456,399 Tesco Corp. (a) 17,300 329,392 W-H Energy Services, Inc. (a) 16,900 751,881 Whiting Petroleum Corp. (a) 7,900 323,821 ----------- 7,125,129 ----------- PIPELINES--0.9% Hydril Co. (a) 9,900 771,705 ----------- MISCELLANEOUS--0.7% Brigham Exploration Co. (a) 32,500 284,700 EXCO Resources, Inc. (a) 26,400 330,792 ----------- 615,492 ----------- 8,512,326 ----------- FINANCE--6.4% BANKING - MONEY CENTER--0.8% Capitol Bancorp Ltd. 4,500 210,375 Community Bancorp (a) 13,000 402,610 ----------- 612,985 ----------- BROKERAGE & MONEY MANAGEMENT--3.3% Affiliated Managers Group, Inc. (a) 8,900 948,829 Greenhill & Co., Inc. 15,900 1,051,149 optionsXpress Holdings, Inc. 24,800 721,184 ----------- 2,721,162 ----------- U.S. Company Shares $ Value -------------------------------------------------------------------------------- INSURANCE--0.6% Primus Guaranty Ltd. (a) 44,730 $ 498,739 ---------- MISCELLANEOUS--1.7% Clayton Holdings, Inc. (a) 23,300 491,164 Morningstar, Inc. (a) 20,200 904,354 ---------- 1,395,518 ---------- 5,228,404 ---------- CAPITAL GOODS--5.2% ELECTRICAL EQUIPMENT--1.1% Essex Corp. (a) 39,800 876,396 ---------- MACHINERY--2.1% Actuant Corp. Cl. A 17,200 1,052,984 Oshkosh Truck Corp. 11,400 709,536 ---------- 1,762,520 ---------- MISCELLANEOUS--2.0% IDEX Corp. 17,770 927,061 Simpson Manufacturing Co., Inc. 16,700 723,110 ---------- 1,650,171 ---------- 4,289,087 ---------- BASIC INDUSTRY--4.6% CHEMICALS--2.0% Hexcel Corp. (a) 62,700 1,377,519 NuCo2, Inc. (a) 9,000 285,660 ---------- 1,663,179 ---------- MINING & METALS--0.9% Allegheny Technologies, Inc. 12,560 768,421 ---------- MISCELLANEOUS--1.7% Knoll, Inc. 42,400 903,968 US Concrete, Inc. (a) 32,300 467,058 ---------- 1,371,026 ---------- 3,802,626 ---------- TRANSPORTATION--2.2% AIR FREIGHT--1.0% UTI Worldwide, Inc. 25,800 815,280 ---------- SHIPPING--1.2% Kirby Corp. (a) 14,900 1,014,839 ---------- 1,830,119 ---------- MULTI-INDUSTRY COMPANIES--1.4% Chemed Corp. 19,500 1,157,130 ---------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- CONSUMER MANUFACTURING--0.9% MISCELLANEOUS--0.9% Astec Industries, Inc. (a) 19,900 $ 714,410 ----------- CONSUMER STAPLES--0.8% FOOD--0.8% Hain Celestial Group, Inc. (a) 23,900 625,941 ----------- Total Common Stocks (cost $58,869,958) 80,765,656 ----------- SHORT-TERM INVESTMENT--2.6% TIME DEPOSIT--2.6% The Bank of New York 3.75%, 4/03/06 (cost $2,153,000) $ 2,153 2,153,000 ----------- TOTAL INVESTMENTS--100.8% (cost $61,022,958) 82,918,656 Other assets less liabilities--(0.8%) (693,044) ----------- NET ASSETS--100% $82,225,612 =========== (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 GLOBAL TECHNOLOGY PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS--97.3% TECHNOLOGY--87.8% COMMUNICATION EQUIPMENT--19.0% Alcatel, SA 233,431 $ 3,588,928 Ciena Corp. (a) 241,900 1,260,299 Cisco Systems, Inc. (a) 471,500 10,217,405 Corning, Inc. (a) 100,200 2,696,382 JDS Uniphase Corp. (a) 467,900 1,951,143 Juniper Networks, Inc. (a) 177,050 3,385,196 Motorola, Inc. 327,600 7,505,316 Nokia Oyj 126,916 2,623,805 QUALCOMM, Inc. 279,000 14,120,190 Telefonaktiebolaget LM Ericsson 674,030 2,546,257 ----------- 49,894,921 ----------- COMMUNICATION SERVICES--0.6% Neustar, Inc. Cl. A (a) 52,600 1,630,600 ----------- COMPUTER HARDWARE/STORAGE/PERIPHERALS--15.2% Apple Computer, Inc. (a) 156,300 9,803,136 Electronics for Imaging, Inc. (a) 46,000 1,286,620 EMC Corp. (a) 341,963 4,660,956 International Business Machines Corp. (IBM) 145,100 11,966,397 NEC Corp. 595,000 4,185,010 QLogic Corp. (a) 94,600 1,830,510 Rackable Systems, Inc. (a) 50,900 2,690,065 Sun Microsystems, Inc. (a) 659,400 3,382,722 ----------- 39,805,416 ----------- COMPUTER SERVICES--4.7% Accenture Ltd. Cl. A 60,000 1,804,200 Alliance Data Systems Corp. (a) 47,500 2,221,575 Cap Gemini, SA 66,644 3,621,797 Fiserv, Inc. (a) 60,725 2,583,849 Infosys Technologies Ltd. (ADR) 27,900 2,172,294 ----------- 12,403,715 ----------- CONTRACT MANUFACTURING--1.3% HON HAI Precision Industry Co., Ltd. (Citigroup Global Markets), warrants expiring 1/17/07 (a) (b) 559,934 3,467,447 ----------- ELECTRONIC COMPONENTS--1.3% Foxconn Technology Co., Ltd. 308,000 1,955,479 LG. Philips LCD Co., Ltd. (ADR) (a) 61,100 1,386,970 ----------- 3,342,449 ----------- INTERNET--8.5% Akamai Technologies, Inc. (a) 74,300 2,443,727 Fastweb 38,296 1,951,150 Google, Inc. Cl. A (a) 32,100 12,519,000 Yahoo!, Inc. (a) 167,900 5,416,454 ----------- 22,330,331 ----------- Company Shares U.S.$ Value -------------------------------------------------------------------------------- SEMICONDUCTOR CAPITAL EQUIPMENT--2.9% Applied Materials, Inc. 99,400 $ 1,740,494 ASML Holding N.V. (a) 144,401 2,939,073 KLA-Tencor Corp. 60,600 2,930,616 ------------ 7,610,183 ------------ SEMICONDUCTOR COMPONENTS--11.5% Advanced Micro Devices, Inc. (a) 134,600 4,463,336 Atheros Communications (a) 67,700 1,773,063 Broadcom Corp. Cl. A (a) 258,050 11,137,438 Intersil Corp. 87,800 2,539,176 Marvell Technology Group Ltd. (a) 59,600 3,224,360 Samsung Electronics Co., Ltd. (GDR) (b) 11,404 3,697,072 Silicon Laboratories, Inc. (a) 3,700 203,315 SiRF Technology Holdings, Inc. (a) 26,400 934,824 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 203,837 2,050,600 ------------ 30,023,184 ------------ SOFTWARE--16.8% Activision, Inc. (a) 128,866 1,777,062 Adobe Systems, Inc. (a) 65,300 2,280,276 Amdocs Ltd. (a) 63,400 2,286,204 BEA Systems, Inc. (a) 184,000 2,415,920 Business Objects, SA (a) 83,633 3,046,734 Citrix Systems, Inc. (a) 80,000 3,032,000 Microsoft Corp. 632,200 17,202,161 NAVTEQ Corp. (a) 22,200 1,124,430 Salesforce.com, Inc. (a) 33,700 1,224,321 SAP AG (ADR) 175,550 9,535,876 ------------ 43,924,984 ------------ MISCELLANEOUS--6.0% Canon, Inc. 117,800 7,774,162 Hoya Corp. 195,700 7,880,353 ------------ 15,654,515 ------------ 230,087,745 ------------ CONSUMER SERVICES--6.7% ADVERTISING--0.9% aQuantive, Inc. (a) 96,900 2,281,026 ------------ BROADCASTING & CABLE--0.9% Time Warner, Inc. 133,400 2,239,786 ------------ CELLULAR COMMUNICATIONS--4.0% America Movil, SA de CV (ADR) 270,900 9,281,034 OAO Vimpel-Communications (ADR) (a) 29,400 1,264,494 ------------ 10,545,528 ------------ RETAIL - GENERAL MERCHANDISE--0.9% eBay, Inc. (a) 60,400 2,359,224 ------------ 17,425,564 ------------ Company Shares U.S.$ Value -------------------------------------------------------------------------------- UTILITIES--1.7% TELEPHONE UTILITY--1.7% AT&T, Inc. 70,300 $ 1,900,912 Comstar United Telesystems (GDR) (a) (b) 181,522 1,325,111 Sprint Nextel Corp. 50,539 1,305,928 ------------ 4,531,951 ------------ CONSUMER MANUFACTURING--0.6% APPLIANCES--0.6% Sony Corp. 31,600 1,455,764 ------------ CAPITAL GOODS--0.5% MISCELLANEOUS--0.5% NITTO DENKO Corp. 15,500 1,314,570 ------------ Total Common Stocks & Other Investments (cost $208,185,328) 254,815,594 ------------ SHORT-TERM INVESTMENT--1.4% TIME DEPOSIT--1.4% The Bank of New York 3.75%, 4/03/06 (cost $3,605,000) $ 3,605 3,605,000 ------------ Total Investments--98.7% (cost $211,790,328) 258,420,594 Other assets less liabilities--1.3% 3,494,156 ------------ NET ASSETS--100% $261,914,750 ------------ (a) Non-income producing security. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31,2006, the aggregate market value of these securities amounted to $8,489,630 or 3.2 % of net assets. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt COUNTRY BREAKDOWN March 31, 2006 (unaudited) COUNTRY U.S. $ VALUE PERCENT OF NET ASSETS -------------------------------------------------------------------------------- United States $168,436,850 64.3% Japan 22,609,859 8.6 France 10,257,459 3.9 Germany 9,535,876 3.6 Mexico 9,281,034 3.6 Taiwan 7,473,526 2.9 South Korea 5,084,042 1.9 Bermuda 5,028,560 1.9 Netherlands 2,939,073 1.1 Finland 2,623,805 1.0 Russia 2,589,605 1.0 Sweden 2,546,257 1.0 Other 6,409,648 2.5 ------------ ---------------------- Total Investments* 254,815,594 97.3 Cash and receivables, net of liabilities 7,099,156 2.7 ------------ ---------------------- Net Assets $261,914,750 100.0% * Excludes short-term investments. All data are as of March 31, 2006. The Portfolio's country breakdown is expressed as a percentage of net assets and may vary over time. "Other" represents less than 1% weightings in the following countries: Guernsey Channel Islands, India and Italy. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND INTERNATIONAL GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) U.S. Company Shares $ Value -------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS--94.8% FINANCE--26.0% BANKING - MONEY CENTER--11.8% Allied Irish Banks Plc 42,542 $ 1,013,348 Banco Bilbao Vizcaya Argentaria, SA 86,351 1,799,147 Bank Hapoalim Ltd. 209,200 968,493 BNP Paribas, SA 14,973 1,385,711 BNP Paribas (a) 1,497 134,338 Credit Suisse Group 30,202 1,689,613 Icici Bank Ltd. 26,733 352,026 Kookmin Bank (ADR) 14,239 1,217,719 Kookmin Bank (a) 15,570 1,334,541 Mitsubishi Tokyo Financial Group, Inc. 156 2,372,396 ----------- 12,267,332 ----------- BANKING - REGIONAL--2.5% China Construction Bank (a) (b) 1,973,000 918,891 Deutsche Postbank AG 5,905 428,714 Turkiye Is Bankasi 152,406 1,266,272 ----------- 2,613,877 ----------- BROKERAGE & MONEY MANAGEMENT--3.4% Nomura Holdings, Inc. 151,300 3,351,737 Partners Group 2,100 133,702 ----------- 3,485,439 ----------- INSURANCE--4.5% Cathay Financial Holding Co., Ltd. 135,000 241,106 Cathay Financial Holding Co., Ltd. (GDR) 31,259 558,642 ING Groep NV 47,907 1,886,749 Prudential Plc 102,836 1,189,420 Swiss Reinsurance 11,299 787,420 ----------- 4,663,337 ----------- REAL ESTATE - OTHER--0.4% Urbi, Desarrollos Urbanos, SA de CV (a) 53,300 403,702 ----------- 26,997,130 ----------- MISCELLANEOUS--3.4% Aeon Credit Service Co., Ltd. 13,800 417,706 FirstRand Ltd. 350,688 1,133,952 Industrial Development Bank of India 175,680 309,118 Itausa-Investimentos Itau, SA pfd. (a) 398,332 1,702,667 ----------- 3,563,443 ----------- CONSUMER SERVICES--14.0% ADVERTISING--0.7% WPP Group Plc 62,735 750,833 ----------- AIRLINES--0.3% Singapore Airlines Ltd. 43,000 372,076 ----------- U.S. Company Shares $ Value -------------------------------------------------------------------------------- BROADCASTING & CABLE--2.1% Grupo Televisa, SA (ADR) 26,400 $ 525,360 SES Global 48,592 766,689 Societe Television Francaise 1 30,980 937,356 ----------- 2,229,405 ----------- CELLULAR COMMUNICATIONS--4.6% America Movil, SA de CV Series L (ADR) 45,000 1,541,700 Bharti Tele Ventures, Ltd. (a) 70,232 650,085 Mobile TeleSystems (ADR) 5,000 165,500 Orascom Telecom Holding SAE (GDR) 10,452 573,142 Turkcell Iletisim Hizmet AS 116,607 744,792 Vodafone Group Plc 513,825 1,071,961 ----------- 4,747,180 ----------- ENTERTAINMENT & LEISURE--1.7% Greek Organization of Football Prognosics 45,795 1,750,816 Namco Bandai Holdings, Inc. 50 686 ----------- 1,751,502 ----------- PRINTING & PUBLISHING--0.9% Naspers Ltd. 46,292 941,894 ----------- RESTAURANTS & LODGING--1.1% Accor, SA 20,258 1,165,721 ----------- RETAIL - GENERAL MERCHANDISE--2.1% Luxottica Group SpA 46,579 1,282,016 Next Plc 29,514 843,503 ----------- 2,125,519 ----------- MISCELLANEOUS--0.5% Capita Group Plc 60,518 482,153 ----------- 14,566,283 ----------- ENERGY--10.8% INTERNATIONAL--8.7% BP p.l.c 62,412 717,829 China Petrolium & Chemical Corp. 2,072,000 1,209,304 Eni S.p.A 48,895 1,392,293 Lukoil Holdings (ADR) 9,148 761,114 Norsk Hydro ASA 10,867 1,503,314 Petroleo Brasilerio, SA (ADR)(a) 23,600 1,884,460 Total, SA 5,929 1,563,090 ----------- 9,031,404 ----------- OIL SERVICE--2.1% Fortum Oyj 23,359 588,295 Hindustan Petroleum Co., Ltd. 42,335 303,610 Polski Koncern Naftowy Orlen, SA 24,583 447,454 PTT Public Co., Ltd. 130,800 787,323 ----------- 2,126,682 ----------- 11,158,086 ----------- U.S. Company Shares $ Value -------------------------------------------------------------------------------- TECHNOLOGY--8.7% COMMUNICATION EQUIPMENT--0.8% AO VimpelCom (ADR)(a) 18,800 $ 808,588 ---------- COMMUNICATION SERVICES--0.3% Comstar United Telesystems (GDR) (a)(b) 52,408 382,578 ---------- COMPUTER HARDWARE/STORAGE--0.7% NEC Corp. 96,000 675,229 ---------- COMPUTER SERVICES--0.4% Indra Sistemas, SA 20,653 419,459 ---------- ELECTRONIC COMPONENTS--0.9% LG. Philips LCD Co., Ltd. (ADR) (a) 39,900 905,730 ---------- INTERNET INFRASTRUCTURE--1.5% Fastweb (a) 30,946 1,576,674 ---------- SEMICONDUCTOR COMPONENTS--1.7% Advanced Semiconductor Engineering, Inc. 483,919 454,391 Taiwan Semiconductor Manufacturing Co. 442,503 867,760 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 41,587 418,365 ---------- 1,740,516 ---------- SOFTWARE--1.8% Business Objects, S.A. (a) 26,379 960,982 SAP AG 3,389 735,950 TomTom NV (a) 5,061 178,875 ---------- 1,875,807 ---------- MISCELLANEOUS--0.6% Hoya Corp. 16,100 648,307 ---------- 9,032,888 ---------- HEALTH CARE--5.9% DRUGS--5.6% CSL, Ltd. 30,259 1,186,865 Gedeon Richter Rt. 2,443 491,053 Novartis AG 19,622 1,088,748 Roche Holding AG 3,277 487,006 Sanofi-Aventis, SA 13,154 1,247,374 Shionogi & Co., Ltd. 50,000 820,029 Teva Pharmaceutical Industries Ltd. (ADR) 11,500 473,570 ---------- 5,794,645 ---------- MEDICAL SERVICES--0.3% Rhon-Klinikum AG 8,453 360,664 ---------- 6,155,309 ---------- CONSUMER MANUFACTURING--5.9% AUTO & RELATED--3.2% Bridgestone Corp. 25,000 521,098 Tata Motors Ltd. 37,762 790,239 Toyota Motor Corp. 35,900 1,954,726 ---------- 3,266,063 ---------- U.S. Company Shares $ Value -------------------------------------------------------------------------------- BUILDING & RELATED--2.7% CRH Plc 38,288 $1,335,957 Vinci, SA 15,014 1,477,362 ---------- 2,813,319 ---------- 6,079,382 ---------- CONSUMER STAPLES--5.8% BEVERAGES--1.5% Fomento Economico Mexicano, S.A. de C.V. (ADR) 3,900 357,474 Pernod-Ricard, SA 6,514 1,246,444 ---------- 1,603,918 ---------- FOOD--1.5% Nestle, SA 5,125 1,517,571 ---------- RETAIL - FOOD & DRUG--0.5% Tesco Plc 83,404 477,576 ---------- TOBACCO--2.3% Altadis, SA 10,778 482,645 British American Tobacco p.l.c. 25,579 618,821 Japan Tobacco, Inc. 370 1,302,064 ---------- 2,403,530 ---------- 6,002,595 ---------- UTILITIES--5.2% ELECTRIC & GAS UTILITY--2.9% Centrica Plc 103,925 506,717 CPFL Energia, S.A. (ADR) 9,400 394,800 National Grid Plc 94,384 936,695 Red Electrica de Espana 11,434 368,419 Scottish Power p.l.c. 82,313 830,399 ---------- 3,037,030 ---------- TELEPHONE UTILITY--2.3% Egyptian Co. for Moblie Services 13,618 382,388 KT Freetel Co., Ltd. 5,070 134,699 MTN Group Ltd. 53,666 533,331 Nippon Telegraph & Telephone Corp. 114 487,725 Singapore Telecommunications Ltd. 276,000 452,014 Telekom Malaysia Berhad 146,500 371,908 ---------- 2,362,065 ---------- 5,399,095 ---------- BASIC INDUSTRY--4.0% MINING & METALS--4.0% China Shenhua Energy Co., Ltd. 616,500 1,082,886 Companhia Vale do Rio Doce-SP (ADR) 12,100 523,083 Companhia Vale do Rio Doce (ADR) 3,600 174,708 Gold Fields Ltd. 31,000 675,710 Mechel Steel Group OAO (ADR) 10,300 264,710 POSCO 5,451 1,399,412 ---------- 4,120,509 ---------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- TRANSPORTATION--3.2% RAILROAD--1.9% All America Latina Logistica, SA (GDR)(b) 5,900 $ 366,895 East Japan Railway Co. 219 1,622,027 ------------ 1,988,922 ------------ SHIPPING--0.3% Associated British Ports Holding Plc 20,817 260,570 ------------ MISCELLANEOUS--1.0% Fraport AG 13,814 1,055,494 ------------ 3,304,986 ------------ AEROSPACE & DEFENSE--2.8% AEROSPACE--2.8% BAE Systems Plc 292,380 2,131,588 European Aeronautic Defence & Space Co. 18,693 785,319 ------------ 2,916,907 ------------ CAPITAL GOODS--1.9% ELECTRICAL EQUIPMENT--0.7% Yamada Denki Co., Ltd. 5,700 659,335 ------------ ENGINEERING & CONSTRUCTION--0.5% Explosivios, S.A. Cl. C (c) 2 1 Obayash Corp. 62,000 504,373 Vinci, SA Rights expiring 4/12/06 15,014 32,205 ------------ 536,579 ------------ MISCELLANEOUS--0.7% Nitto Denko Corp. 9,000 763,299 ------------ 1,959,213 ------------ MULTI-INDUSTRY COMPANIES--0.6% Barloworld Ltd. 27,311 588,257 ------------ Total Common Stocks & Other Investments (cost $70,355,622) 98,280,640 ------------ SHORT-TERM INVESTMENT--4.1% TIME DEPOSIT--4.1% The Bank of New York 3.75%, 4/03/06 (cost $4,199,000) $ 4,199 4,199,000 ------------ TOTAL INVESTMENTS--98.9% (cost $74,554,622) 102,479,640 Other assets less liabilities--1.1% 1,172,685 ------------ NET ASSETS--100% $103,652,325 ============ (a) Non-income producing security. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the aggregate market value of these securities amounted to $ 1,668,364 or 1.6% of net assets. (c) Illiquid security, valued at fair value. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt pfd. - Preferred Stock COUNTRY BREAKDOWN March 31, 2006 (unaudited) PERCENT OF COUNTRY U.S. $ VALUE NET ASSETS -------------------------------------------------------------------- Japan $ 16,100,737 15.5% France 10,935,902 10.6 United Kingdom 10,818,064 10.4 Switzerland 5,704,059 5.5 Brazil 5,046,613 4.9 South Korea 4,992,101 4.8 Italy 4,250,983 4.1 South Africa 3,873,145 3.7 Peoples Republic of China 3,211,081 3.1 Spain 3,069,670 3.0 Mexico 2,828,236 2.7 Germany 2,580,823 2.5 Taiwan 2,540,265 2.5 India 2,405,077 2.3 Russia 2,382,490 2.3 Ireland 2,349,305 2.3 Netherlands 2,065,624 2.0 Turkey 2,011,064 1.9 Greece 1,750,816 1.7 Norway 1,503,314 1.5 Israel 1,442,063 1.4 Australia 1,186,865 1.1 Other 5,232,343 5.0 ------------ ----- Total Investments* 98,280,640 94.8 Cash and receivables, net of liabilities 5,371,685 5.2 ------------ ----- Net Assets $103,652,325 100.0% ------------ ----- * Excludes short-term investments. All data are as of March 31, 2006. The Portfolio's country breakdown is expressed as a percentage of net assets and may vary over time. "Other" represents less than 1% weightings in the following countries: Egypt, Finland, Hungary, Luxembourg, Malaysia, Peru, Poland, Singapore and Thailand. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND GLOBAL BOND PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Principal Amount U.S. (000) $ Value -------------------------------------------------------------------------------- LONG-TERM INVESTMENTS--85.1% AUSTRALIA--1.0% GOVERNMENT OBLIGATION--1.0% Government of Australia 6.00%, 2/15/17 (a) AUD 771 $ 577,473 ---------- BELGIUM--7.6% GOVERNMENT OBLIGATION--7.6% Kingdom of Belgium 4.25%, 9/28/14 (a) EUR 2,300 2,884,401 5.50%, 3/28/28 (a) 1,010 1,485,063 ---------- 4,369,464 ---------- DENMARK--2.1% GOVERNMENT OBLIGATION--2.1% Kingdom of Denmark 6.00%, 11/15/09 (a) DKK 6,960 1,221,781 ---------- FINLAND--5.0% GOVERNMENT OBLIGATION--5.0% Government of Finland 5.375%, 7/04/13 (a) EUR 2,175 2,913,192 ---------- FRANCE--2.4% GOVERNMENT OBLIGATION--2.4% Government of France 3.50%, 4/25/15 (a) 760 900,688 4.00%, 10/25/13 (a) 376 463,892 ---------- 1,364,580 ---------- GERMANY--13.1% BANKING--5.3% KFW Bankengruppe 1.85%, 9/20/10 (a) JPY 245,000 2,130,391 2.05%, 2/16/26 (a) 41,000 345,413 Landwirtschaftliche Rentenbank 1.375%, 4/25/13 (a) 70,000 581,989 ---------- 3,057,793 ---------- GOVERNMENT OBLIGATION--7.8% Bundesobligation 2.50%, 10/08/10 (a) EUR 1,179 1,366,706 Deutschland Bundesrepublik 4.75%, 7/04/34 (a) 2,090 2,850,394 5.00%, 7/04/12 (a) 234 304,515 ---------- 4,521,615 ---------- 7,579,408 ---------- IRELAND--1.2% GOVERNMENT OBLIGATION--1.2% Republic of Ireland 4.25%, 10/18/07 (a) 565 694,911 ---------- Principal Amount U.S. (000) $ Value -------------------------------------------------------------------------------- JAPAN--14.1% GOVERNMENT OBLIGATIONS--14.1% Government of Japan 0.80%, 12/20/10-9/10/15 (a) JPY 338,856 $2,846,364 1.00%, 6/20/13 (a) 381,800 3,113,389 1.90%, 3/20/25 (a) 174,650 1,454,044 2.50%, 12/21/20 (a) 81,800 748,414 ---------- 8,162,211 ---------- MEXICO--1.6% BANKING--1.6% Inter-American Development Bank 9.50%, 6/16/15 (a) MXP 10,000 926,046 ---------- NETHERLANDS--0.5% GOVERNMENT OBLIGATION--0.5% Kingdom of Netherlands 3.75%, 7/15/14 (a) EUR 225 272,790 ---------- SPAIN--2.5% GOVERNMENT OBLIGATION--2.5% Kingdom of Spain 6.15%, 1/31/13 (a) 1,046 1,451,564 ---------- SWEDEN--2.3% GOVERNMENT OBLIGATION--2.3% Government of Sweden 5.00%, 1/28/09 (a) SEK 9,645 1,299,044 ---------- UNITED KINGDOM--5.4% BANKING--0.2 % Scotland International Finance II BV 4.25%, 5/23/13 (b) USD 160 148,303 ---------- GOVERNMENT OBLIGATION--5.2% Government of United Kingdom 5.00%, 3/07/12-9/07/14 (a) GBP 1,659 2,989,114 ---------- 3,137,417 ---------- UNITED STATES--26.1% CHEMICALS--0.3% Pfizer, Inc. 1.80%, 2/22/16 (a) JPY 20,000 167,596 ---------- FINANCIAL--4.0% Berkshire Hathaway, Inc. 4.20%, 12/15/10 USD 350 333,012 Citigroup, Inc. 4.625%, 8/03/10 107 103,903 Genworth Financial, Inc. 1.60%, 6/20/11 (a) JPY 75,000 625,403 International Lease Finance Corp. 3.50%, 4/01/09 USD 350 331,681 Pershing Road Development Co. 5.22%, 9/01/26 (b) (c) 660 660,000 SunTrust Bank Series CD 4.943%, 6/02/09 (c) 250 250,375 ---------- 2,304,374 ---------- Principal Amount U.S. (000) $ Value -------------------------------------------------------------------------------- INDUSTRIAL--0.6% General Electric Co. 5.00%, 2/01/13 USD 330 $ 320,991 ----------- RETAIL--1.2% Wal-Mart Stores, Inc. 4.55%, 5/01/13 750 713,111 ----------- 3,506,072 ----------- U.S. GOVERNMENT AND GOVERNMENT SPONSORED AGENCY OBLIGATIONS--20.2% Federal Home Loan Mortgage Corp. 4.625%, 2/21/08 2,449 2,428,825 4.75%, 1/19/16 1,810 1,747,392 Federal National Mortgage Association 4.125%, 4/15/14 1,525 1,421,326 U.S. Treasury Notes 3.50%, 11/15/09 1,940 1,855,125 4.00%, 9/30/07-3/15/10 4,258 4,191,991 ----------- 11,644,659 ----------- Total Long-Term Investments (cost $50,051,903) 49,120,612 ----------- SHORT-TERM INVESTMENTS--12.4% CANADA--1.1% Canada Treasury Bill Zero Coupon, 6/15/06 (a) CAD 730 620,136 ----------- UNITED STATES--11.3% U.S. GOVERNMENT SPONSORED AGENCY--1.7% Federal Home Loan Bank Zero Coupon, 4/12/06 USD 1,000 998,838 ----------- TIME DEPOSITS--9.6% Societe Generale 4.82%, 4/03/06 5,000 5,000,000 The Bank of New York 3.75%, 4/03/06 529 529,000 ----------- 5,529,000 ----------- Total Short-Term Investments (cost $7,150,094) 6,527,838 ----------- TOTAL INVESTMENTS--97.5% (cost $57,201,997) 56,268,586 Other assets less liabilities--2.5% 1,447,574 ----------- NET ASSETS--100% $57,716,160 =========== FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $ Contract Value on U.S. $ Unrealized Amount Origination Current Appreciation/ (000) Date Value (Depreciation) ------------------------------------------------------------------------------------------ Buy Contracts: Australian Dollar, settling 5/12/06 584 $ 430,730 $ 417,589 $(13,141) Australian Dollar, settling 5/12/06 779 547,937 557,226 9,289 Canadian Dollar, settling 4/10/06 2,043 1,773,241 1,749,396 (23,845) Euro, settling 4/18/06 2,308 2,758,442 2,799,019 40,577 Euro, settling 5/18/06 4,031 4,874,944 4,897,770 22,826 British Pound, settling 4/27/06 983 1,719,133 1,707,459 (11,674) Mexican Peso, settling 4/21/06 362 33,560 33,215 (345) Norwegian Krone, settling 4/28/06 841 128,346 128,535 189 Swedish Krona, settling 4/24/06 18,175 2,296,029 2,337,088 41,059 Sale Contracts: Australian Dollar, settling 5/12/06 1,195 873,528 854,683 18,845 Danish Krone, settling 5/30/06 2,682 433,717 437,019 (3,302) Euro, settling 4/18/06 832 1,000,000 1,009,634 (9,634) Euro, settling 5/18/06 1,900 2,322,845 2,308,734 14,111 British Pound, settling 4/27/06 534 938,846 928,787 10,059 Mexican Peso, settling 4/21/06 5,333 504,212 489,473 14,739 Swedish Krona, settling 4/24/06 14,164 1,804,521 1,821,337 (16,816) Swedish Krona, settling 4/24/06 10,245 1,302,734 1,317,454 (14,720)
(a) Positions, or portion thereof, with an aggregate market value of $35,234,713, has been segregated to collateralize forward exchange currency. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the aggregate market value of these securities amounted to $808,303 or 1.4% of net assets. (c) Floating rate security. Stated interest rate was in effect at March 31, 2006. Currency Abbreviations: AUD - Australian Dollar CAD - Canadian Dollar DKK - Danish Krona EUR - Euro GBP - British Pound JPY - Japanese Yen MXP - Mexican Peso SEK - Swedish Krona USD - United States Dollar ALLIANCEBERNSTEIN VARIABLE PODUCT SERIES FUND GLOBAL DOLLAR GOVERNMENT PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- SOVEREIGN DEBT OBLIGATIONS--80.8% ARGENTINA--4.5% Republic of Argentina Zero Coupon, 12/15/35 (a) $ 687 $ 61,830 3.97%, 12/31/33 185 182,063 4.889%, 8/03/12 (b) 1,135 1,052,807 ---------- 1,296,700 ---------- BRAZIL--16.4% Federal Republic of Brazil 4.313%, 4/15/12 (b) 15 14,522 5.25%, 4/15/12 203 203,414 7.125%, 1/20/37 833 816,340 8.00%, 1/15/18 37 40,108 8.25%, 1/20/34 860 947,719 8.875%, 10/14/19 270 311,850 10.50%, 7/14/14 287 357,315 12.00%, 4/15/10 250 305,000 12.75%, 1/15/20 1,163 1,729,962 ---------- 4,726,230 ---------- BULGARIA--0.4% Republic of Bulgaria 8.25%, 1/15/15 (c) 94 109,886 ---------- COLOMBIA--2.5% Republic of Colombia 10.75%, 1/15/13 88 109,032 11.75%, 2/25/20 427 607,408 ---------- 716,440 ---------- COSTA RICA--0.4% Republic of Costa Rica 8.05%, 1/31/13 (c) 47 50,643 8.11%, 2/01/12 (c) 57 61,275 ---------- 111,918 ---------- DOMINICAN REPUBLIC--0.2% Dominican Republic 4.75%, 9/27/11 (c) 57 61,099 ---------- ECUADOR--1.3% Republic of Ecuador 9.00%, 8/15/30 (c) (d) 360 362,700 ---------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- EL SALVADOR--0.7% Republic of El Salvador 7.625%, 9/21/34 (c) $ 72 $ 78,300 7.65%, 6/15/35 (c) 27 28,283 8.50%, 7/25/11(c) 100 111,050 ---------- 217,633 ---------- INDONESIA--1.6% Republic of Indonesia 6.75%, 3/10/14 (c) 260 258,700 7.25%, 4/20/15 (c) 59 60,416 8.50%, 10/12/35 (c) 122 136,030 ---------- 455,146 ---------- LEBANON--1.2% Lebanese Republic 7.875%, 5/20/11 (c) 75 78,000 10.125%, 8/06/08 (c) 207 223,043 11.625%, 5/11/16 (c) 33 42,075 ---------- 343,118 ---------- MALAYSIA--1.1% Malaysia 8.75%, 6/01/09 280 306,203 ---------- MEXICO--13.3% United Mexican States 7.50%, 1/14/12 225 243,000 8.125%, 12/30/19 985 1,158,359 11.375%, 9/15/16 364 512,876 Series A 6.375%, 1/16/13 42 43,050 6.75%, 9/27/34 110 113,575 8.00%, 9/24/22 1,023 1,195,886 9.875%, 2/01/10 503 573,420 ---------- 3,840,166 ---------- NIGERIA--1.7% Central Bank of Nigeria Series WW 6.25%, 11/15/20 (d) 500 500,650 ---------- PANAMA--2.8% Republic of Panama 6.70%, 1/26/36 340 339,150 7.125%, 1/29/26 173 177,325 7.25%, 3/15/15 18 19,080 8.875%, 9/30/27 39 47,385 9.375%, 7/23/12 - 4/01/29 53 64,143 9.625%, 2/08/11 134 154,100 ---------- 801,183 ---------- PERU--3.1% Republic of Peru 8.375%, 5/03/16 174 188,790 8.75%, 11/21/33 634 706,910 9.875%, 2/06/15 4 4,720 ---------- 900,420 ---------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- PHILIPPINES--5.2% Republic of Philippines 7.75%, 1/14/31 $ 162 $ 163,013 8.375%, 2/15/11 11 11,908 8.875%, 3/17/15 331 372,044 9.00%, 2/15/13 300 324,750 9.50%, 2/02/30 107 127,063 9.875%, 1/15/19 125 150,313 10.625%, 3/16/25 280 363,300 ----------- 1,512,391 ----------- RUSSIA--11.8% Russia Ministry of Finance Series V 3.00%, 5/14/08 1,755 1,662,511 Series VII 3.00%, 5/14/11 160 141,008 Russian Federation 5.00%, 3/31/30 (c) (d) 1,140 1,250,807 11.00%, 7/24/18 (c) 240 344,160 ----------- 3,398,486 ----------- TURKEY--4.8% Republic of Turkey 6.875%, 3/17/36 427 413,123 7.375%, 2/05/25 116 120,205 11.00%, 1/14/13 195 244,530 11.50%, 1/23/12 233 291,250 11.75%, 6/15/10 140 168,350 11.875%, 1/15/30 93 143,685 ----------- 1,381,143 ----------- UKRAINE--0.6% Government of Ukraine 6.875%, 3/04/11 (c) 113 113,848 11.00%, 3/15/07 (c) 60 61,921 ----------- 175,769 ----------- URUGUAY--1.4% Republic of Uruguay 5.875%, 1/15/33 (e) 136 140,343 7.50%, 3/15/15 29 30,233 9.25%, 5/17/17 200 232,500 ----------- 403,076 ----------- VENEZUELA--5.8% Republic of Venezuela 5.614%, 4/20/11 (b) (c) 80 80,440 8.50%, 10/08/14 56 62,720 9.25%, 9/15/27 420 533,400 10.75%, 9/19/13 622 775,634 13.625%, 8/15/18 137 210,295 ----------- 1,662,489 ----------- Total Sovereign Debt Obligations (cost $21,678,572) 23,282,846 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- CORPORATE DEBT OBLIGATIONS--13% BRAZIL--0.4% PF Export Receivables Master Trust 6.436%, 6/01/15 (c) $112 $109,722 -------- EL SALVADOR--0.3% Aes El Salvador Trust 6.75%, 2/01/16 (c) 100 97,184 -------- GERMANY--2.8% Aries Vermogensverwltng 9.60%, 10/25/14 (c) 500 624,700 Citigroup (JSC Severstal) 9.25%, 4/19/14 (c) 68 73,284 Kyivstar 7.75%, 4/27/12 (c) 100 100,375 -------- 798,359 -------- HONG KONG--0.3% Noble Group Ltd. 6.625%, 3/17/15 (c) 100 88,395 -------- INDONESIA--0.5% Freeport-McMoran Copper & Gold 10.125%, 2/01/10 150 161,625 -------- JAMAICA--0.4% Digicel Ltd. 9.25%, 9/01/12 (c) 100 105,750 -------- KAZAKHSTAN--0.4% Kazkommerts International BV 8.50%, 4/16/13 (c) 100 106,750 -------- MEXICO--1.2% America Movil, SA de CV 6.375%, 3/01/35 26 24,505 Monterrey Power, SA De C.V. 9.625%, 11/15/09 (c) 45 49,912 Pemex Project Funding Master Trust 8.00%, 11/15/11 250 272,500 -------- 346,917 -------- PEOPLES REPUBLIC OF CHINA--0.4% Choada Modern Agriculture 7.75%, 2/08/10 (c) 112 112,000 -------- PERU--0.3% Southern Copper Corp. 6.375%, 7/27/15 100 97,413 -------- ROMANIA--0.4% MobiFon Holdings BV 12.50%, 7/31/10 100 114,250 -------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- RUSSIA--5.2% Evraz Group, SA 8.25%, 11/10/15 (c) $ 100 $ 101,000 Gazprom Oao 9.625%, 3/01/13 (c) 830 981,678 Gazstream, SA 5.625%, 7/22/13 (c) 141 138,336 Mobile Telesystems Finance 9.75%, 1/30/08 (c) 125 131,406 Russian Standard Finance 7.50%, 10/07/10 (c) 100 97,875 Tyumen Oil 11.00%, 11/06/07 (c) 55 58,850 ----------- 1,509,145 ----------- UKRAINE--0.4% Kyivstar 10.375%, 8/17/09 (c) 100 108,500 ----------- Total Corporate Debt Obligations (cost $3,694,506) 3,756,010 ----------- SHORT-TERM INVESTMENTS--5.7% REPURCHASE AGREEMENT--3.9% Deutsche Bank 4.70%, dated 3/31/06, due 4/03/06 in the amount of 1,100,430 (cost 1,100,000; collateralized by $1,100,000 Fannie Mae, 4.70% due 4/03/06, value $1,100,000) 1,100 1,100,000 ----------- TIME DEPOSIT--1.8% The Bank of New York 3.75%, 4/03/06 529 529,000 ----------- Total Short-Term Investments (cost $1,629,000) 1,629,000 ----------- TOTAL INVESTMENTS--99.5% (cost $27,002,078) 28,667,856 Other assets less liabilities--0.5% 134,148 ----------- NET ASSETS--100% $28,802,004 =========== CREDIT DEFAULT SWAP CONTRACTS Notional Unrealized Swap Counterparty & Amount Interest Termination Appreciation/ Referenced Obligation (000's) Rate Date (Depreciation) -------------------------------------------------------------------------------- Buy Contracts: Citigroup Global Markets, Inc. Republic of Colombia 8.375%, 2/15/27 $150 3.02 1/20/10 ($10,671) Citigroup Global Markets, Inc. Republic of Philippines 10.625%, 3/16/25 130 5.60 3/20/14 (23,205) Citigroup Global Markets, Inc. Republic of Hungary 4.50%, 2/06/13 75 0.50 11/26/13 22 JPMorgan Chase & Co. Republic of Hungary 4.75%, 2/03/15 330 0.30 10/20/15 7,005 Sale Contracts: Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 609 1.98 4/20/07 16,076 Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 600 3.09 8/20/10 41,952 Citigroup Global Markets, Inc. Federal Republic of Brazil 12.25%, 3/06/30 200 4.40 5/20/06 4,431 Citigroup Global Markets, Inc. Republic of Colombia 8.375%, 2/15/27 250 1.13 1/20/07 2,314 Citigroup Global Markets, Inc. Republic of Philippines 10.625%, 3/16/25 130 4.95 3/20/09 13,427 Credit Suisse First Boston Federal Republic of Brazil 12.25%, 3/06/30 175 6.90 6/20/07 17,055 Credit Suisse First Boston Federal Republic of Venezuela 9.25%, 9/15/27 520 3.17 10/20/15 47,242 Notional Unrealized Swap Counterparty & Amount Interest Termination Appreciation/ Referenced Obligation (000's) Rate Date (Depreciation) -------------------------------------------------------------------------------- Deutche Bank AG London Federal Republic of Brazil 12.25%, 3/06/30 609 1.90 10/20/07 15,350 Morgan Stanley Federal Republic of Brazil 12.25%, 3/06/30 160 3.80 8/20/06 2,884 JP Morgan Chase & Co. OAO Gazprom 9.125%, 4/25/07 360 1.04 10/20/10 2,490 OAO Gazprom 10.50%, 10/21/09 OAO Gazprom 7.80%, 9/27/10 OAO Gazprom 9.625%, 3/01/13 OAO Gazprom 5.875%, 6/01/15 OAO Gazprom 8.625%, 4/28/14 puttable on 4/28/14 (a) Variable rate coupon, rate shown as of March 31, 2006. (b) Floating rate security. Stated interest rate was in effect at March 31, 2006. (c) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006 the aggregate market value of these securities amounted to $6,598,393 or 22.9% of net assets. (d) Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2006. (e) PIK (Paid-In-Kind) Payments. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND HIGH YIELD PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- CORPORATE DEBT OBLIGATIONS-96.7% AEROSPACE/DEFENSE--1.3% Alliant Techsystems, Inc. 6.75%, 4/01/16 $115 $ 116,438 L-3 Communications Corp. 5.875%, 1/15/15 195 185,738 Sequa Corp. 9.00%, 8/01/09 70 74,900 Transdigm, Inc. 8.375%, 7/15/11 185 193,324 ---------- 570,400 ---------- AUTOMOTIVE--4.1% Affinia Group, Inc. 9.00%, 11/30/14 85 73,100 Asbury Automotive Group 8.00%, 3/15/14 109 109,273 Ford Motor Co. 7.45%, 7/16/31 304 225,720 Ford Motor Credit Co. 4.95%, 1/15/08 195 181,716 7.00%, 10/01/13 129 115,378 General Motors Acceptance Corp. 6.875%, 9/15/11 260 242,341 8.00%, 11/01/31 135 127,589 HLI Operating Co., Inc. 10.50%, 6/15/10 170 138,125 Keystone Automotive Operations, Inc. 9.75%, 11/01/13 158 138,250 Lear Corp. Series B 8.11%, 5/15/09 100 93,000 TRW Automotive 9.375%, 2/15/13 93 100,556 11.00%, 2/15/13 67 74,873 United Auto Group, Inc. 9.625%, 3/15/12 115 121,756 Visteon Corp. 7.00%, 3/10/14 140 107,800 ---------- 1,849,477 ---------- BROADCASTING/MEDIA--1.0% Allbritton Communications Co. 7.75%, 12/15/12 165 165,825 LIN Television Corp. 6.50%, 5/15/13 185 173,900 Sirius Satellite Radio, Inc. 9.625%, 8/01/13 95 92,625 ---------- 432,350 ---------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- BUILDING/REAL ESTATE--3.9% Associated Materials, Inc. 11.25%, 3/01/14 (a) $385 $ 221,375 D.R. Horton, Inc. 6.875%, 5/01/13 190 193,524 K Hovnanian Enterprises, Inc. 7.50%, 5/15/16 90 88,728 KB Home 7.75%, 2/01/10 190 196,383 M/I Homes, Inc. 6.875%, 4/01/12 205 189,625 Meritage Homes 6.25%, 3/15/15 295 261,075 Schuler Homes, Inc. 10.50%, 7/15/11 155 164,688 WCI Communities, Inc. 6.625%, 3/15/15 170 150,450 Williams Lyon Homes, Inc. 10.75%, 4/01/13 285 287,137 ---------- 1,752,985 ---------- CABLE--7.1% Cablevision Systems Corp. Series B 8.00%, 4/15/12 220 214,500 CCH I Holdings LLC 11.75%, 5/15/14 (a) 900 467,999 CSC Holdings, Inc. 7.25%, 4/15/12 (b) 190 185,725 7.625%, 7/15/18 195 192,806 DirecTV Holdings LLC 6.375%, 6/15/15 280 276,500 EchoStar DBS Corp. 6.375%, 10/01/11 150 146,625 Innova S. de R.L., SA 9.375%, 9/19/13 225 252,000 Insight Communications Co., Inc. 12.25%, 2/15/11 (a) 285 302,813 Insight Midwest LP/Insight Capital, Inc. 9.75%, 10/01/09 190 195,700 Intelsat Subsidaiary Holding Co., Ltd. 8.625%, 1/15/15 245 252,963 9.614%, 1/15/12 (c) 65 66,056 PanAmSat Corp. 9.00%, 8/15/14 168 176,820 PanAmSat Holding Corp. 10.375%, 11/01/14 (a) 328 236,160 Rogers Cable, Inc. 6.75% 3/15/15 245 249,900 ---------- 3,216,567 CHEMICALS--4.0% ---------- Equistar Chemical Funding LP 10.125%, 9/01/08 185 196,563 10.625%, 5/01/11 130 140,725 Huntsman ICI Chemicals LLC 10.125%, 7/01/09 124 127,100 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Huntsman LLC 11.50%, 7/15/12 $178 $ 204,700 Ineos Group Holdings Plc 8.50%, 2/15/16 (b) 179 170,050 Basell AFSCA 8.375%, 8/15/15 (b) 420 416,849 Quality Distribution LLC 9.00%, 11/15/10 245 230,913 Rhodia, SA 8.875%, 6/01/11 232 238,960 Tronox Worldwide LLC/Tronox Finance Corp. 9.50%, 12/01/12 (b) 80 84,000 ---------- 1,809,860 ---------- COMMUNICATIONS FIXED--6.0% Cincinnati Bell, Inc. 7.00%, 2/15/15 110 108,900 Citizens Communications Co. 6.25%, 1/15/13 270 262,575 Eircom Funding 8.25%, 8/15/13 245 263,681 Hawaiian Telcom Communications, Inc. 9.75%, 5/01/13 (b) 90 90,450 12.50%, 5/01/15 (b) 90 89,100 Qwest Capital Funding, Inc. 7.25%, 2/15/11 640 648,799 Qwest Corp. 6.875%, 9/15/33 265 254,400 8.875%, 3/15/12 165 184,388 Time Warner Telecom, Inc. 10.125%, 2/01/11 175 183,969 Valor Telecommunications Enterprises LLC 7.75%, 2/15/15 275 288,063 Verizon New York, Inc. Series B 7.375%, 4/01/32 343 347,898 ---------- 2,722,223 ---------- COMMUNICATIONS MOBILE--5.5% American Tower 7.125%, 10/15/12 18 18,720 Digicel Ltd. 9.25%, 9/01/12 (b) 261 276,008 Dobson Communications Corp. 8.875%, 10/01/13 90 90,450 Inmarsat Finance Plc 7.625%, 6/30/12 145 148,625 10.375%, 11/15/12 (a) 205 174,250 KYIVSTAR 10.375%, 8/17/09 (b) 290 314,649 MobiFon Holdings BV 12.50%, 7/31/10 505 576,962 Mobile Telesystems Finance, SA 8.00%, 1/28/12 (b) 286 291,363 Rogers Wireless, Inc. 7.25%, 12/15/12 185 194,944 7.50%, 3/15/15 233 249,893 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Rural Cellular Corp. 9.75%, 1/15/10 $135 $ 137,025 ---------- 2,472,889 ---------- CONSUMER MANUFACTURING--3.0% ACCO Brands Corp. 7.625%, 8/15/15 235 223,249 Broder Brothers Co. 11.25%, 10/15/10 182 181,090 Covalence Specialty Materials Corp. 10.25%, 3/01/16 (b) 65 68,250 Jostens IH Corp. 7.625%, 10/01/12 105 103,688 Levi Strauss & Co. 8.875%, 4/01/16 (b) 113 113,283 9.28%, 4/01/12 (c) 90 93,150 Playtex Products, Inc. 8.00%, 3/01/11 190 200,925 Quicksilver Resources 7.125%, 4/01/16 210 207,375 Quiksilver, Inc. 6.875%, 4/15/15 105 102,113 Spectrum Brand, Inc. 7.375%, 2/01/15 85 73,950 ---------- 1,367,073 ---------- CONTAINERS--0.3% Ball Corp. 6.625%, 3/15/18 125 124,375 ---------- DIVERSFIED MEDIA--4.2% American Media Operation 8.875%, 1/15/11 140 119,700 10.25%, 5/01/09 155 140,663 Dex Media, Inc. 8.00%, 11/15/13 125 128,750 Dex Media East LLC 9.875%, 11/15/09 50 53,375 12.125%, 11/15/12 91 103,968 Dex Media West LLC Series B 8.50%, 8/15/10 80 84,600 Lamar Media Corp. 6.625%, 8/15/15 130 129,350 Liberty Media Corp. 5.70%, 5/15/13 75 69,743 7.875%, 7/15/09 58 61,032 8.25%, 2/01/30 75 72,476 Rainbow National Services LLC 8.75%, 9/01/12 (b) 105 111,825 10.375%, 9/01/14 (b) 195 218,400 WDAC Subsidiary 8.375%, 12/01/14 (b) 270 266,624 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- WMG Holding Corp. 9.50%, 12/15/14 (a) $438 $ 322,477 ---------- 1,882,983 ---------- ENERGY--5.4% Amerada Hess Corp. 7.30%, 8/15/31 110 122,474 Chesapeake Energy Corp. 6.50%, 8/15/17 195 192,563 7.75%, 1/15/15 260 271,699 El Paso Corp. 7.75%, 1/15/32 361 363,707 Enterprise Products Operating LP Series B 5.60%, 10/15/14 110 106,666 Grant Prideco Inc. Series B 6.125%, 8/15/15 105 102,375 HilCorp Energy 10.50%, 9/01/10 (b) 165 181,706 Kerr-McGee Corp. 6.875%, 9/15/11 85 88,864 Kinder Morgan Finance Co. 5.70%, 1/05/16 85 82,812 Newfield Exploration Co. 6.625%, 4/15/16 130 129,838 NRG Energy, Inc. 7.25%, 2/01/14 45 45,731 7.375%, 2/01/16 230 234,888 Premcor Refining Group, Inc. 9.50%, 2/01/13 115 127,458 Pride International, Inc. 7.375%, 7/15/14 210 220,500 Tesoro Corp. 6.25%, 11/01/12 (b) 170 167,025 ---------- 2,438,306 ---------- FINANCIAL--3.8% Crum & Forster Holdings Corp. 10.375%, 6/15/13 105 107,625 E*Trade Financial Corp. 7.875%, 12/01/15 324 343,441 Fairfax Financial Holdings Ltd. 7.375%, 4/15/18 145 113,100 7.75%, 4/26/12 290 255,200 8.25%, 10/01/15 75 65,250 Hexion US Finance Corp. 9.00%, 7/15/14 175 180,250 Liberty Mutual Group 5.75%, 3/15/14 (b) 280 272,184 Markel Capital Trust I Series B 8.71%, 1/01/46 260 271,502 Royal & Sun Alliance Insurance 8.95%, 10/15/29 80 101,163 ---------- 1,709,715 ---------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- FOOD/BEVERAGE--1.9% Altria Group, Inc. 7.75%, 1/15/27 $ 75 $ 85,819 Central European Distribution Corp. 8.00%, 7/25/12 (b) (d) 59 78,739 Del Monte Corp. 8.625%, 12/15/12 70 73,938 Dole Food Co., Inc. 8.625%, 5/01/09 60 60,300 8.875%, 3/15/11 38 37,620 Domino's, Inc. 8.25%, 7/01/11 127 130,175 Foodcorp Ltd. 8.875%, 6/15/12 (b) (d) 125 167,009 RJ Reynolds Tobacco Holdings, Inc. 7.25%, 6/01/12 220 227,150 ---------- 860,750 ---------- GAMING--5.3% Greektown Holdings LLC 10.75%, 12/01/13 (b) 90 92,700 Kerzner International Ltd. 6.75%, 10/01/15 255 268,388 MGM Mirage, Inc. 6.625%, 7/15/15 287 282,336 8.375%, 2/01/11 280 295,399 Mohegan Tribal Gaming Authority 7.125%, 8/15/14 255 256,913 Park Place Entertainment Corp. 7.875%, 3/15/10 90 95,625 9.375%, 2/15/07 120 123,750 Penn National Gaming, Inc. 6.875%, 12/01/11 220 223,850 Riviera Holdings Corp. 11.00%, 6/15/10 210 223,125 Seneca Gaming Corp. 7.25%, 5/01/12 260 262,600 Station Casinos, Inc. 6.625%, 3/15/18 (b) 115 112,413 Turning Stone Casino Resort Enterprises 9.125%, 12/15/10 (b) 140 145,600 ---------- 2,382,699 ---------- HEALTH CARE--6.2% Concentra Operating Corp. 9.125%, 6/01/12 95 99,513 9.50%, 8/15/10 95 99,750 Coventry Health Care, Inc. 5.875%, 1/15/12 90 89,100 6.125%, 1/15/15 105 104,447 Davita, Inc. 7.25%, 3/15/15 175 175,875 Hanger Orthopedic Group, Inc. 10.375%, 2/15/09 140 141,750 HCA, Inc. 6.375%, 1/15/15 495 481,770 6.75%, 7/15/13 180 179,343 Iasis Healthcare Corp. 8.75%, 6/15/14 245 245,000 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Omnicare, Inc. 6.875%, 12/15/15 $270 $ 269,325 Select Medical Corp. 7.625%, 2/01/15 240 216,600 Triad Hospitals, Inc. 7.00%, 11/15/13 200 197,000 Universal Hospital Services, Inc. 10.125%, 11/01/11 155 160,813 Vanguard Health Holdings Co. 11.25%, 10/01/15 (a) 465 339,449 ---------- 2,799,735 ---------- INDUSTRIAL--4.4% Amsted Industries, Inc. 10.25%, 10/15/11 (b) 255 281,137 Case New Holland, Inc. 9.25%, 8/01/11 175 186,813 FastenTech, Inc. 11.50%, 5/01/11 85 85,000 Goodman Global Holdings 7.875%, 12/15/12 135 133,313 Invensys Plc 9.875%, 3/15/11 (b) 170 180,625 Mueller Group, Inc. 10.00%, 5/01/12 190 208,050 NMHG Holdings Co. 10.00%, 5/15/09 105 110,250 Sensus Metering Systems, Inc. 8.625%, 12/15/13 125 121,250 Terex Corp. Series B 10.375%, 4/01/11 195 205,725 Trinity Industries 6.50%, 3/15/14 305 304,999 Tyco International Group, SA 6.00%, 11/15/13 160 160,727 ---------- 1,977,889 ---------- LODGING/LEISURE--3.5% Gaylord Entertainment Co. 8.00%, 11/15/13 136 141,780 Host Marriott LP 6.75%, 6/01/16 (b) 115 114,856 Series G 9.25%, 10/01/07 160 167,600 Series I 9.50%, 1/15/07 125 128,438 NCL Corp. 10.625%, 7/15/14 125 129,375 Quebecor Media, Inc. 7.75%, 3/15/16 (b) 55 56,513 Royal Caribbean Cruises Ltd. 8.75%, 2/02/11 140 154,519 Starwood Hotels Resorts 7.875%, 5/01/12 175 190,313 Universal City Development 11.75%, 4/01/10 195 214,987 Universal City Florida Holding Co. 8.375%, 5/01/10 60 60,450 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Vail Resorts, Inc. 6.75%, 2/15/14 $210 $ 207,374 ---------- 1,566,205 ---------- MINING & METALS--3.5% AK Steel Corp. 7.875%, 2/15/09 190 190,950 Citigroup (JSC Severstal) 9.25%, 4/19/14 274 295,290 Evraz Group, SA 8.25%, 11/10/15 (b) 223 225,230 Freeport-McMoRan Copper & Gold, Inc. Cl.B 10.125%, 2/01/10 120 129,300 International Steel Group 6.50%, 4/15/14 134 133,330 Ispat Inland ULC 9.75%, 4/01/14 201 227,381 Massey Energy Co. 6.875%, 12/15/13 (b) 140 137,200 Peabody Energy Corp. 6.875%, 3/15/13 220 223,300 ---------- 1,561,981 ---------- PAPER/PACKAGING--2.1% Berry Plastics Corp. 10.75%, 7/15/12 185 203,500 Crown Americas LLC 7.625%, 11/15/13 (b) 185 191,475 Graphic Packaging International Corp. 9.50%, 8/15/13 135 126,225 Newpage Corp. 10.00%, 5/01/12 145 152,250 Owens-Brockway Glass Container 8.875%, 2/15/09 200 208,250 Russell-Stanley Holdings, Inc. 9.00%, 11/30/08 (e) (f) (g) 91 45,671 ---------- 927,371 ---------- PUBLISHING--0.8% RH Donnelley Corp. 6.875%, 1/15/13 (b) 193 180,455 8.875%, 1/15/16 (b) 190 197,600 ---------- 378,055 ---------- RETAIL--1.4% GSC Holdings Corp. 8.00%, 10/01/12 (b) 305 302,713 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- JC Penney Co., Inc. 7.625%, 3/01/97 $120 $ 121,146 8.00%, 3/01/10 180 193,784 ---------- 617,643 ---------- SERVICE--2.6% Allied Waste North America, Inc. 6.375%, 4/15/11 174 170,303 8.875%, 4/01/08 125 131,250 H & E Equipment Services, Inc. 11.125%, 6/15/12 137 151,728 Iron Mountain, Inc. 6.625%, 1/01/16 170 159,800 Service Corp. International 6.50%, 3/15/08 163 163,815 7.70%, 4/15/09 160 165,200 United Rentals North America, Inc. 6.50%, 2/15/12 247 242,059 ---------- 1,184,155 ---------- SUPERMARKET/DRUG--0.9% Couche-Tard US/Finance Corp. 7.50%, 12/15/13 169 173,225 Delhaize America, Inc. 8.125%, 4/15/11 130 140,340 Stater Brothers Holdings, Inc. 8.125%, 6/15/12 85 84,894 ---------- 398,459 ---------- TECHNOLOGY--2.9% Avago Technologies Finance 10.125%, 12/01/13 (b) 110 118,113 Flextronics International Ltd. (Singapore) 6.50%, 5/15/13 175 173,688 Lucent Technologies, Inc. 6.45%, 3/15/29 80 72,200 6.50%, 1/15/28 160 142,800 Nortel Networks Corp. 6.875%, 9/01/23 155 141,825 Sanmina-SCI Corp. 8.125%, 3/01/16 145 146,450 Serena Software, Inc. 10.375%, 3/15/16 (b) 130 136,500 Sungard Data Systems, Inc. 9.125%, 8/15/13 (b) 350 370,124 ---------- 1,301,700 ---------- TRANSPORTATION--1.2% AMR Corp. 9.00%, 8/01/12 116 113,970 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Hertz Corp. 8.875%, 1/01/14 (b) $200 $ 207,500 10.50%, 1/01/16 (b) 115 124,775 Horizon Lines LLC 9.00%, 11/01/12 88 93,060 ----------- 539,305 ----------- UTILITIES--10.4% AES Corp. 8.75%, 5/15/13 (b) 55 59,400 9.00%, 5/15/15 (b) 100 108,500 Aquila, Inc. 14.875%, 7/01/12 (h) 135 182,588 CMS Energy Corp. 6.875%, 12/15/15 80 80,900 8.50%, 4/15/11 105 113,400 DPL, Inc. 6.875%, 9/01/11 90 93,853 Dynegy-Roseton Danskamme Series B 7.67%, 11/08/16 240 245,195 Edison Mission Energy 9.875%, 4/15/11 505 570,649 FirstEnergy Corp. Series B 6.45%, 11/15/11 100 103,474 Level 3 Financing, Inc. 12.25%, 3/15/13 (b) 288 298,080 Nevada Power Co. 6.65%, 4/01/36 (b) 100 99,742 Northwest Pipeline Corp. 8.125%, 3/01/10 105 110,775 Reliant Energy, Inc. 6.75%, 12/15/14 50 44,125 9.50%, 7/15/13 240 240,300 Sierra Pacific Power Co. 6.00%, 5/15/16 (b) 85 83,843 Sierra Pacific Resources 8.625%, 3/15/14 130 141,105 Southern Natural Gas Co. 7.35%, 2/15/31 155 159,438 8.875%, 3/15/10 130 138,288 TECO Energy, Inc. 6.75%, 5/01/15 220 226,050 7.00%, 5/01/12 180 186,075 TXU Corp. 5.55%, 11/15/14 205 191,756 6.50%, 11/15/24 504 459,355 Williams Cos., Inc. 7.625%, 7/15/19 445 473,924 7.875%, 9/01/21 255 274,125 ----------- 4,684,940 ----------- Total Corporate Debt Obligations (cost $43,733,201) 43,530,090 ----------- Shares or Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- PREFERRED STOCKS--1.3% BROADCASTING/MEDIA--0.3% Paxson Communications Corp. 14.25%, 11/13/06 (e) 18 $ 155,700 ----------- FINANCIAL--1.0% Sovereign REIT Series A 12.00%, 5/16/20 (b) 305 445,300 ----------- Total Preferred Stocks (cost $458,593) 601,000 ----------- WARRANT--0.0% Pliant Corp. Warrants, expiring 6/01/10 (e) (f) (g) (i) 50 1 (cost $1,820) ----------- SHORT- TERM INVESTMENT-0.7% TIME DEPOSIT--0.7% The Bank of New York 3.75%, 4/03/06 (cost $290,000) 290 290,000 ----------- Total Investments--98.7% (cost $44,483,614) 44,421,091 Other assets less liabilities--1.3% 582,798 ----------- NET ASSETS--100% $45,003,889 =========== FORWARD EXCHANGE CURRENCY CONTRACTS U.S. $ Contract Value on U.S. $ Amount Origination Current Unrealized (000) Date Value Depreciation ---------------------------------------------------------------------------- Sale Contracts Euro, settling 4/18/06 186 $223,843 $225,034 $(1,191) (a) 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. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006 the aggregate market value of these securities amounted to $7,833,633 or17.4% of net assets. (c) Variable rate coupon, rate shown as of March 31,2006. (d) Positions, or portion thereof, with an aggregate market value of $245,748, have been segregated to collateralize open futures contracts. (e) PIK (Paid-in-kind) preferred quarterly stock payments. (f) Illiquid security, valued at fair value. (g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security which represents 0.1 % of net assets as of March 31, 2006, 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 $45,671 0.10% Pliant Corp.-warrants expiring 6/01/10 12/01/00 1,820 1 0.00%
(h) 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 is currently rated B2/B-. (i) Security is in default and is non-income producing. 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 March 31, 2006 (unaudited) Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- LONG-TERM INVESTMENTS--105.9% CANADA--20.2% GOVERNMENT/AGENCY OBLIGATIONS--20.2% Government of Canada 2.75%, 12/01/07 (a) CAD $ 1,469 $ 1,232,697 3.00%, 12/01/36 (a) 479 552,912 4.25%, 9/01/09 (a) 3,884 3,339,605 5.00%, 6/01/14 (a) 648 583,036 5.75%, 6/01/33 (a) 1,973 2,090,669 8.00%, 6/01/23 - 6/1/27 (a) 1,491 1,901,246 Province of Ontario 2.00%, 12/01/36 (a) 575 516,985 5.60%, 6/02/35 (a) 300 288,679 Province of Quebec 5.50%, 12/01/14 (a) 600 545,341 ----------- Total Canadian Securities (cost $10,688,749) 11,051,170 ----------- MEXICO--17.9% GOVERNMENT/AGENCY OBLIGATIONS--17.9% Mexican Government Bonds 8.00%, 12/07/23 (a) MXN 34,501 2,959,714 Series M 9.00%, 12/22/11 (a) 15,000 1,417,051 Series M20 10.00%, 12/05/24 (a) 16,205 1,662,515 Series MI7 9.00%, 12/24/09 (a) 10,000 949,755 Series MI10 8.00%, 12/24/13 (a) 31,428 2,817,438 ----------- Total Mexican Securities (cost $8,703,366) 9,806,473 ----------- UNITED STATES--67.8% U.S. GOVERNMENT SPONSORED AGENCY OBLIGATIONS--22.1% Federal National Mortgage Association 4.125%, 4/15/14 USD $ 2,000 1,864,034 5.375%, 11/15/11 5,000 5,046,075 7.00%, 3/01/32 74 76,184 Govenment National Mortgage Association 6.00%, TBA 5,000 5,056,250 9.00%, 9/15/24 10 10,398 ----------- 12,052,941 ----------- U.S. TREASURY SECURITIES--45.7% U.S. Treasury Bond 6.25%, 5/15/30 5,200 6,077,094 U.S. Treasury Notes 1.625%, 1/15/15 (TIPS) 616 581,032 3.50%, 11/15/09 4,915 4,699,969 4.00%, 9/30/07 2,606 2,574,035 4.25%, 11/15/13 500 480,235 4.25%, 8/15/15 235 223,865 4.50%, 11/15/15 886 859,766 4.875%, 2/15/12 150 150,234 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- U.S. Treasury Strips Zero coupon, 5/15/13 - 11/15/21 USD $17,700 $ 9,320,837 ----------- 24,967,067 ----------- Total United States Securities (cost $36,639,323) 37,020,008 ----------- Total Long-Term Investments (cost $56,031,438) 57,877,651 ----------- SHORT-TERM INVESTMENTS--2.9% TIME DEPOSITS--2.9% Societe Generale 4.82%, 4/03/06 1,200 1,200,000 The Bank of New York 3.75%, 4/03/06 400 400,000 ----------- Total Short-Term Investments (cost $1,600,000) 1,600,000 ----------- TOTAL INVESTMENTS--108.8% (cost $57,631,438) 59,477,651 Other assets less liabilities--(8.8%) (4,812,038) ----------- NET ASSETS--100% $54,665,613 =========== FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $ Contract Value on U.S. $ Unrealized Amount Origination Current Appreciation/ (000) Date Value (Depreciation) ---------------------------------------------------------------------------------------- Buy Contracts Canadian Dollar, settling 4/10/06 2,991 $2,622,940 $2,561,880 $ (61,060) Mexican Peso, settling 4/21/06 35,071 3,331,521 3,218,692 (112,829) Mexican Peso, settling 4/21/06 24,511 2,254,896 2,249,554 (5,342) Mexican Peso, settling 4/21/06 5,921 538,400 543,439 5,039 Sale Contracts Canadian Dollar, settling 4/10/06 7,542 6,547,037 6,458,996 88,041 Canadian Dollar, settling 4/10/06 2,625 2,251,061 2,247,905 3,156 Mexican Peso, settling 4/21/06 65,436 6,186,305 6,005,465 180,840 Mexican Peso, settling 5/23/06 37,198 3,442,702 3,405,492 37,210
(a) Position, or portion thereof, with an aggregate market value of $20,857,643, has been segregated to collateralize open forward exchange currency contracts. Currency Abbreviations: CAD - Canadian Dollar MXP - Mexican Peso USD - United States Dollar 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 U.S. GOVERNMENT HIGH GRADE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- U. S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--52.5% MORTGAGE PASS-THROUGHS--48.5% Federal Gold Loan Mortgage Corp. 4.50%, 8/01/35-10/01/35 $ 2,246 $ 2,072,012 6.00%, TBA 560 559,650 Federal National Mortgage Association 4.50%, TBA 3,300 3,154,595 5.00%, 4/01/19 2,210 2,154,450 5.00%, TBA 9,455 9,144,613 5.50%, 2/01/14 - 2/01/35 11,534 11,344,033 5.50%, TBA 9,205 8,981,028 6.00%, 11/01/16 - 9/01/35 5,332 5,347,380 6.00%, TBA 2,440 2,439,239 6.50%, 1/01/36 436 445,791 6.50%, TBA 3,900 3,973,125 ----------- 49,615,916 ----------- U.S. TREASURY SECURITIES--4.0% U.S. Treasury Bonds 5.375%, 2/15/31 2,390 2,515,848 7.25%, 5/15/16 1,320 1,561,106 ----------- 4,076,954 ----------- Total U. S. Government & Government Sponsored Agency Obligations (cost $54,424,801) 53,692,870 ----------- CORPORATE DEBT OBLIGATIONS--21.6% AEROSPACE & DEFENSE--0.3% Raytheon Co. 6.75%, 8/15/07 166 168,598 Textron, Inc. 6.375%, 11/15/08 125 127,789 ----------- 296,387 ----------- AUTOMOTIVE--0.1% Daimler Chrysler NA Holdings Corp. 4.875%, 6/15/10 110 106,013 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- BANKING--2.6% Barclays Bank Plc (United Kingdom) 8.55%, 9/29/49 (a) (b) $365 $ 410,672 Huntington National Bank 4.375%, 1/15/10 250 240,750 JPMorgan Chase & Co. 6.75%, 2/01/11 425 446,766 RBS Capital Trust III 5.512%, 9/29/49 (b) 335 323,127 Sanwa Bank 7.40%, 6/15/11 100 107,787 Sumitomo Mitsui Banking Corp. (Japan) 5.625%, 7/15/49 (a) (b) 100 97,008 UFJ Finance Aruba AEC (Aruba) 6.75%, 7/15/13 240 254,332 Wachovia Capital Trust III 5.80%, 3/15/42 (b) 180 176,846 Washington Mutual, Inc. 4.00%, 1/15/09 310 299,299 Wells Fargo & Co. 4.20%, 1/15/10 195 187,147 Zions Bancorp 5.50%, 11/16/15 135 131,708 ---------- 2,675,442 ---------- BROADCASTING/MEDIA--1.0% BSKYB Finance (UK) Ltd. (United Kingdom) 5.625%, 10/15/15 (a) 210 202,398 News America, Inc. 6.55%, 3/15/33 125 121,758 Time Warner Entertainment Co. LP 8.375%, 3/15/23 315 356,148 Time Warner, Inc. 6.875%, 5/01/12 155 162,514 WPP Finance (UK) Corp. (United Kingdom) 5.875%, 6/15/14 175 172,804 ---------- 1,015,622 ---------- BUILDING/REAL ESTATE--0.3% iStar Financial, Inc. 5.15%, 3/01/12 125 119,959 Simon Property Group LP 6.375%, 11/15/07 145 147,099 ---------- 267,058 ---------- CABLE--1.0% AT&T Broadband Corp. 9.455%, 11/15/22 160 201,840 British Sky Broadcasting Plc (United Kingdom) 6.875%, 2/23/09 100 103,491 Comcast Cable Communications, Inc. 6.875%, 6/15/09 250 258,544 Comcast Corp. 5.30%, 1/15/14 155 147,377 5.50%, 3/15/11 275 271,997 ---------- 983,249 ---------- CHEMICALS--0.1% Lubrizol Corp. 4.625%, 10/01/09 120 116,264 ---------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- COMMUNICATIONS--1.8% AT&T Corp. 9.75%, 11/15/31 $ 60 $ 71,644 British Telecom Plc (United Kingdom) 8.375%, 12/15/10 (c) 450 501,927 Sprint Capital Corp. 8.375%, 3/15/12 490 553,650 Telecom Italia Capital SA (Luxembourg) 4.00%, 11/15/08 - 1/15/10 595 562,174 6.375%, 11/15/33 75 70,673 Verizon Global Funding Corp. 4.90%, 9/15/15 140 129,475 ---------- 1,889,543 ---------- COMMUNICATIONS - FIXED--0.2% Vodafone Group Plc 5.50%, 6/15/11 230 227,875 ---------- COMMUNICATIONS - MOBILE--1.0% AT&T Wireless Services, Inc. 7.875%, 3/01/11 460 504,190 8.75%, 3/01/31 145 183,649 Telus Corp. (Canada) 7.50%, 6/01/07 330 337,457 ---------- 1,025,296 ---------- CONGLOMERATES/MISCELLANEOUS--0.2% Hutchison Whampoa International Ltd. (Cayman Islands) 7.45%, 11/24/33 (a) 185 201,790 ---------- CONSUMER MANUFACTURING--0.2% Textron Financial Corp. Series E 4.125%, 3/03/08 190 185,909 ---------- ENERGY--1.1% Amerada Hess Corp. 7.875%, 10/01/29 225 261,999 ConocoPhillips Holdings Co. 6.95%, 4/15/29 225 254,541 Duke Energy Field Services LLC 7.875%, 8/16/10 70 75,982 Enterprise Products Operating LP 5.60%, 10/15/14 125 121,212 Valero Energy Corp. 6.875%, 4/15/12 255 270,175 7.50%, 4/15/32 105 120,720 ---------- 1,104,629 ---------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- FINANCIAL--3.8% American General Finance Corp. 4.625%, 5/15/09 $340 $ 333,058 Boeing Capital Corp. 4.75%, 8/25/08 115 113,764 CIT Group, Inc. 7.75%, 4/02/12 460 507,032 Core Investment Grade Trust 4.659%, 11/30/07 575 568,099 Countrywide Home Loans, Inc. 4.00%, 3/22/11 330 306,587 Series K 4.25%, 12/19/07 265 260,021 General Electric Capital Corp. 4.375%, 11/21/11 35 33,254 Goldman Sachs Group, Inc. 4.75%, 7/15/13 165 155,879 Household Finance Corp. 6.50%, 11/15/08 425 436,925 7.00%, 5/15/12 195 208,429 ILFC E-Capital Trust I 5.90%, 12/21/65 (a) (b) 135 131,020 Kinder Morgan Finance 5.35%, 1/05/11 270 265,694 MBNA Corp. 4.625%, 9/15/08 290 285,668 MUFG Capital Finance 1 Ltd 6.346%, 7/29/49 (b) 105 103,324 Resona Preferred Global Securities (Cayman Islands) 7.191%, 12/30/49 (a) (b) 135 140,860 ---------- 3,849,614 ---------- FOOD/BEVERAGE--0.4% Conagra Foods, Inc. 6.75%, 9/15/11 43 44,690 7.875%, 9/15/10 144 155,377 Kroger Co. 7.80%, 8/15/07 225 231,695 ---------- 431,762 ---------- HEALTH CARE--1.1% Anthem, Inc. 3.50%, 9/01/07 315 306,317 Humana, Inc. 6.30%, 8/01/18 215 218,664 WellPoint, Inc. 3.75%, 12/14/07 80 77,906 4.25%, 12/15/09 405 388,907 Wyeth 5.50%, 2/01/14 186 183,528 ---------- 1,175,322 ---------- INDUSTRIAL--0.2% Tyco International Group SA 6.00%, 11/15/13 155 155,704 ---------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- INSURANCE--1.2% Assurant, Inc. 5.625%, 2/15/14 $155 $ 152,310 Liberty Mutual Group 5.75%, 3/15/14 (a) 195 189,557 Mangrove Bay Pass-Through Trust 6.102%, 7/15/33 (a) (b) 235 226,979 Royal Sun & Alliance Insurance Group (United Kingdom) 8.95%, 10/15/29 95 120,132 Zurich Capital Trust I 8.376%, 6/01/37 (a) 490 524,181 ---------- 1,213,159 ---------- METALS & MINING--0.1% Ispat Inland ULC (Canada) 9.75%, 4/01/14 95 107,469 ---------- PAPER/PACKAGING--0.5% International Paper Co. 5.30%, 4/01/15 220 206,221 Packaging Corp. of America 5.75%, 8/01/13 155 150,251 Weyerhaeuser Co. 5.95%, 11/01/08 175 176,609 ---------- 533,081 ---------- PUBLIC UTILITIES-ELECTRIC & GAS--3.2% Carolina Power & Light Co. 6.50%, 7/15/12 335 349,084 Consumers Energy Co. Series C 4.25%, 4/15/08 130 126,784 Duke Capital LLC 8.00%, 10/01/19 250 291,972 Exelon Corp. 6.75%, 5/01/11 220 229,931 First Energy Corp. Series B 6.45%, 11/15/11 265 274,205 Series C 7.375%, 11/15/31 270 299,909 MidAmerican Energy Holdings Co. 5.875%, 10/01/12 195 196,807 6.125%, 4/01/36 (a) 115 112,574 NiSource Finance Corp. 7.875%, 11/15/10 190 206,094 Pacific Gas & Electric 4.80%, 3/01/14 215 203,308 6.05%, 3/01/34 40 39,143 Progress Energy, Inc. 7.10%, 3/01/11 185 196,211 Public Service Company of Colorado 7.875%, 10/01/12 200 226,186 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- TXU Australia LP (Australia) 6.150%, 11/15/13 (a) $235 $ 241,556 Xcel Energy, Inc. 7.00%, 12/01/10 260 273,993 ---------- 3,267,757 ---------- PUBLIC UTILITIES - TELEPHONE--0.2% Verizon New Jersey, Inc. Series A 5.875%, 1/17/12 170 168,532 ---------- SERVICE--0.2% Waste Management, Inc. 6.875%, 5/15/09 205 213,152 ---------- SUPERMARKETS & DRUGS--0.2% Safeway, Inc. 4.80%, 7/16/07 85 84,255 6.50%, 3/01/11 65 66,949 7.25%, 2/01/31 80 84,774 ---------- 235,978 ---------- TECHNOLOGY--0.6% Cisco Systems, Inc. 5.25%, 2/22/11 90 89,232 IBM Corp. 4.375%, 6/01/09 90 87,798 Motorola, Inc. 7.625%, 11/15/10 22 23,995 Oracle Corp./Ozark Holdings 5.25%, 1/15/16 (a) 430 412,496 ---------- 613,521 ---------- Total Corporate Debt Obligations (cost $22,175,169) 22,060,128 ---------- COMMERCIAL MORTGAGE BACKED SECURITIES--11.6% Banc of America Commercial Mortgage, Inc. Series 2004-3 Cl.A5 5.304%, 6/10/39 (b) 675 670,024 Series 2004-4 Cl.A3 4.128%, 7/10/42 410 394,617 Series 2004-6 Cl.A2 4.161%, 12/10/42 525 503,948 Series 2005-6 Cl.A4 5.182%, 9/10/47 (b) 680 663,578 Bear Stearns Commercial Mortgage Securities Series 2005-PWR7 A3 5.116%, 2/11/41 (b) 505 488,489 Series 2005-T18 Cl.A4 4.933%, 2/13/42 (b) 530 506,118 CS First Boston Mortgage Securities Corp. Series 2003-CK2 Cl.A2 3.861%, 3/15/36 360 349,615 Series 2004-C5 Cl.A2 4.183%, 11/15/37 440 422,501 Series 2005-C1 Cl.A4 5.014%, 2/15/38 (b) 450 431,928 GE Capital Commercial Mortgage Corp. Series 2005-C3 Cl.A3FX 4.863%, 7/10/45 455 445,809 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp. Series 2003-C1 Cl.A4 4.111%, 7/05/35 $450 $ 413,788 Series 2005-GG3 Cl.A2 4.305%, 8/10/42 530 511,494 GS Mortgage Securities Corporation II Series 2006-GG6 Cl.A2 5.506%, 4/10/38 (b) 275 275,968 JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1 Cl.A2 4.302%, 1/15/38 95 90,197 Series 2005-LDP1 Cl.A4 5.038%, 3/15/46 (b) 550 528,600 Series 2005-LDP3 Cl.A2 4.851%, 8/15/42 405 395,928 Series 2005-LDP4 Cl.A2 4.79%, 10/15/42 465 453,319 Series 2005-LDP5 Cl.A2 5.198%, 12/15/44 360 356,213 Series 2006-CB14 Cl.A4 5.481%, 12/12/44 (b) 195 193,224 LB-UBS Commercial Mortgage Trust Series 2004-C8 Cl.A2 4.201%, 12/15/29 420 404,216 Series 2005-C1 Cl.A4 4.742%, 2/15/30 365 344,305 Series 2005-C7 Cl.A4 5.197%, 11/15/30 (b) 340 330,427 Series 2006-C1 Cl.A4 5.156%, 2/15/31 285 276,194 Merrill Lynch Mortgage Trust Series 2005-CKI1 Cl.A6 5.245%, 11/12/37 (b) 280 274,551 Series 2005-MKB2 Cl.A2 4.806%, 9/12/42 655 641,304 Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-1 Cl.A2 5.439%, 2/12/39 (b) 235 235,002 Morgan Stanley Capital I Series 2004-T13 Cl.A2 3.94%, 9/13/45 690 654,299 Series 2005-T17 Cl.A5 4.78%, 12/13/41 655 619,305 ----------- Total Commercial Mortgage Backed Securities (cost $12,284,843) 11,874,961 ----------- Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--5.8% Aegis Asset Backed Securities Trust Series 2004-3 Cl.A2A 5.018%, 9/25/34 (d) $171 $171,001 Asset Backed Funding Certificates Series 2003-WF1 Cl.A2 5.331%, 12/25/32 (d) 136 137,004 Bear Stearns Asset Backed Securities, Inc. Series 2005-SD1 Cl.1A1 4.968%, 4/25/22 (d) 156 156,166 Capital Auto Receivables Asset Trust Series 2005-SN1A Cl.A3A 4.10%, 6/15/08 465 459,844 Capital One Prime Auto Receivables Trust Series 2005-1 Cl.A3 4.32%, 8/15/09 720 712,275 Citifinancial Mortgage Securities, Inc. Series 2003-1 Cl.AFPT 3.36%, 1/25/33 (e) 116 106,544 Credit-Based Asset Servicing and Securities Series 2003-CB1 Cl.AF 3.45%, 1/25/33 (e) 252 237,167 Series 2005-CB7 Cl.AF2 5.147%, 11/25/35 (e) 260 255,614 GE-WMC Mortgage Securities LLC Series 2005-2 Cl.A2B 4.751%, 12/25/35 (d) 285 284,655 Home Equity Mortgage Trust Series 2005-4 Cl.A3 4.742%, 1/25/36 (e) 305 299,891 Series 2005-2 Cl.A1 4.998%, 7/25/35 (d) 119 119,339 Series 2006-1 Cl.A2 5.30%, 3/25/36 (e) 120 119,514 Household Home Equity Loan Trust Series 2005-3 Cl.A1 4.83%, 1/20/35 (d) 318 318,647 Morgan Stanley ABS Capital I Series 2004-HE4 Cl.A3 5.018%, 5/25/34 (d) 2 1,976 Novastar Home Equity Loan Series 2001-1 A1 5.378%, 7/25/31 (d) 194 193,614 Providian Gateway Master Trust Series 2004-DA Cl.A 3.35%, 9/15/11 360 350,622 Residential Asset Mortgage Products, Inc. Series 2005-RS3 Cl.AIA2 4.75%, 3/25/35 (d) 290 289,864 Series 2005-RS1 Cl.AII1 4.928%, 1/25/35 (d) 148 147,814 Series 2005-RZ1 Cl.A2 5.018%, 4/25/35 (d) 385 385,000 Residential Asset Securities Corp. Series 2004-KS7 Cl.A2 5.188%, 11/25/32 (d) 104 104,384 Series 2004-KS7 Cl.AI1 4.961%, 10/25/21 (d) 12 12,118 Principal Amount (000) U.S. $ Value -------------------------------------------------------------------------------- Residential Funding Mortgage Sec II Series 2005-HI2 Cl.A3 4.46%, 5/25/35 $ 225 $ 220,817 Saxon Asset Securities Trust Series 2005-4 Cl.A2B 4.998%, 11/25/37 (d) 300 300,000 Specialty Underwriting & Residential Finance Series 2006-BC1 Cl.A2A 4.65%, 12/25/36 (d) 263 263,167 Structured Asset Investment Loan Trust Series 2004-5 Cl.A2 4.998%, 5/25/34 (d) 24 24,468 Series 2006-1 Cl.A1 4.898%, 1/25/36 236 236,379 ---------- Total Asset-Backed Securities (cost $5,953,722) 5,907,884 ---------- NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS--4.9% American Home Mortgage Investment Trust Series 2005-4 Cl.5A 5.35%, 11/25/45 (d) 570 567,748 Bear Stearns ALT-A Trust Series 2005-10 Cl.24A1 5.993%, 1/25/36 (b) 487 494,592 Series 2006-1 Cl.22A1 5.453%, 2/25/36 614 609,339 Series 2006-2 Cl.23A1 6.00%, 3/25/36 (b) 500 500,910 Citigroup Mortgage Loan Trust, Inc. Series 2005-2 Cl.1A4 5.126%, 5/25/35 (b) 568 556,914 Series 2006-AR1 Cl.3A1 5.50%, 3/27/36 (d) 710 709,202 Indymac Index Mortgage Loan Trust Series 2006-AR7 Cl.4A1 6.278%, 5/25/36 (b) 305 307,425 Merrill Lynch Mortgage Investors, Inc. Series 2006-A1 Cl.2A1 6.233%, 3/25/36 (b) 305 307,025 Residential Funding Mortgage Security 1 Series 2005-SA3 Cl.3A 5.249%, 8/25/35 (b) 375 368,788 Structured Adjustable Rate Mortgage Loan Series 2006-3 Cl.2A1 6.017%, 4/25/36 (b) 390 392,651 Washington Mutual Series 2005-AR2 Cl.2A22 5.038%, 2/25/35 (d) 244 244,358 ---------- Total Non-Agency Collateralized Mortgage Obligations (cost $5,065,998) 5,058,952 ---------- SOVEREIGN DEBT OBLIGATIONS--1.8% Russian Federation (Russia) 5.00%, 3/31/30 (e) 670 735,124 United Mexican States (Mexico) 7.50%, 1/14/12 1,060 1,144,800 ---------- Total Sovereign Debt Obligations (cost $1,859,093) 1,879,924 ---------- Principal Amount (000) U.S. $ Value ------------------------------------------------------------------------------- FEDERAL AGENCY COLLATERALIZED MORTGAGE OBLIGATION--0.3% FannieMae Grantor Trust Series 2004-T5 Cl.AB4 4.527%, 5/28/35 (d) (cost $301,344) $ 301 $ 301,434 ------------ SHORT-TERM INVESTMENTS--29.3% FEDERAL AGENCIES--25.3% Federal Home Loan Bank Zero coupon, 4/12/06 8,680 8,669,914 Federal Home Loan Mortgage Corp. Zero coupon, 5/11/06 8,620 8,577,055 Federal National Mortgage Association Zero coupon, 4/18/06 8,670 8,653,293 ------------ 25,900,262 ------------ TIME DEPOSIT--4.0% The Bank of New York 3.75%, 4/03/06 4,072 4,072,000 ------------ Total Short-Term Investments (cost $29,927,014) 29,972,262 ------------ TOTAL INVESTMENTS--127.8% (cost $131,991,984) 130,748,415 Other assets less liabilities--(27.8%) (28,436,223) ------------ NET ASSETS--100% $102,312,192 ============ INTEREST RATE SWAP CONTRACT
Rate Type ----------------------------- Payments Payments Swap Notional Termination made by received by Unrealized Appreciation / Counterparty Amount Date the Fund the Fund (Depreciation) ----------------------------------------------------------------------------------------------------- Lehman Brothers 3,505,000 11/02/07 3 Month LIBOR + 4.814% $ 11,763 Lehman Brothers 1,000,000 03/02/16 3 Month LIBOR + 5.063 (24,619)
+LIBOR- London Interbank Offered Rate (a) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31,2006, the aggregate market value of these securities amounted to $2,891,091 or 2.8 % of net assets. (b) Variable rate coupon, rate shown as of March 31, 2006. (c) The coupon on this security varies along with its rating. For each rating downgrade by either Moody's or Standard & Poors, 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-. (d) Floating rate security. Stated interest rate was in effect at March 31, 2006. (e) Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2006. Glossary TBA - To Be Assigned - Securities are purchased on a forward commitment with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND MONEY MARKET PORTFOLIO PORTFOLIO OF INVESTMENT March 31, 2006 (unaudited) Principal Amount U.S. Company (000) $ Value -------------------------------------------------------------------------------- CORPORATE OBLIGATIONS - 4.3% CC USA, Inc. 4.55%, 1/10/07(a)(b) $1,200 $ 1,200,000 Sigma Finance, Inc. 4.69%, 7/25/06(a)(b) 1,200 1,200,339 ----------- Total Corporate Obligations (amortized cost $2,400,339) 2,400,339 ----------- COMMERCIAL PAPER - 79.4% Abbey National LLC 4.59%, 4/11/06 1,000 998,980 American Express 4.42%, 4/04/06 1,000 999,877 American General Finance Corp. 4.75%, 4/27/06 2,200 2,193,033 Banque Caisse D'Epargne L'Etat 4.40%, 4/03/06 2,300 2,300,000 Barclays Bank PL/C 4.84%, 6/12/06 2,200 2,179,296 Bear Stearns 4.68%, 4/18/06 800 798,440 BNP Paribas Finance, Inc. 4.625%, 4/13/06 2,300 2,297,045 Calyon North America, Inc. 4.68%, 4/17/06 2,300 2,295,814 Canadian Imperial Holding 4.63% 4/13/06 800 798,971 CBA Delaware, Inc. 4.74%, 4/20/06 1,000 997,762 Citigroup Global Markets 4.58% 4/07/06 2,300 2,298,830 Danske Corp. 4.76% 5/03/06 1,000 996,033 Dexia LLC 4.56% 4/04/06 900 899,886 Fountain Square Funding 4.70% 4/19/06 2,300 2,295,196 Galaxy Funding 4.60%, 5/04/06 2,100 2,091,682 General Electric Corp. 4.56%, 4/05/06 2,300 2,299,417 ING Funding LLC 4.57%, 4/06/06 1,000 999,619 Lloyds Bank PLC 4.78%, 4/05/06 2,200 2,199,416 Merrill Lynch 4.68%, 4/06/06 1,000 999,610 Nordea Bank 4.84%, 6/26/06 800 790,965 Old Line Funding 4.69%, 4/18/06 1,000 998,046 Park Avenue Receivable Corp. 4.74%, 4/24/06 2,300 2,293,641 Rabobank USA Finance Corp. 4.83%, 4/03/06 1,900 1,900,000 Svenska Handelsbanken 4.425%, 4/03/06 1,000 1,000,000 Toronto Dominion Holdings, Inc. 4.85%, 6/28/06 800 790,731 Toyota Motor Credit Corp. 4.63%, 4/12/06 2,300 2,297,338 Triple Funding 4.75%, 4/10/06 1,000 999,076 UBS Finance 4.83%, 4/03/06 500 500,000 Variable Funding 4.75%, 4/25/06 1,000 997,097 Windmill Funding Corp. 4.71%, 4/24/06 800 797,802 ----------- Total Commercial Paper (amortized cost $44,303,603) 44,303,603 ----------- ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND MONEY MARKET PORTFOLIO PORTFOLIO OF INVESTMENT March 31, 2006 (unaudited) Principal Amount U.S. Company (000) $ Value -------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT - 16.0% Credit Suisse First Boston 4.75%, 4/20/06 $ 800 $ 800,000 Depfa Bank 4.75%, 5/15/06 1,000 1,000,000 HBOS Treasury 4.79%, 6/06/06 2,300 2,300,000 Royal Bank of Scotland 4.755%, 1/12/07 1,600 1,600,060 Suntrust Bank 4.62%, 7/31/06 1,000 1,000,000 Wells Fargo Bank 4.73%, 4/05/06 2,200 2,200,000 ----------- Total Certificates of Deposit (amortized cost $8,900,060) 8,900,060 ----------- TOTAL INVESTMENTS-99.7% (cost $55,604,002) 55,604,002 Other assets lees liabilities-0.3% 141,900 ----------- NET ASSETS-100% $55,745,902 =========== (a) Securities are exempt from registration under Rule 144a of the Securities Act of 1933. These securities consider liquid and may be resold in transactions exempt from registration, normally to qulified institutional buyers. At March 31,2006, the aggregate market value of these securities amounted to $2,400,339 or 4.3% of net assets. (b) Variable rate coupon, rate shown as of March 31, 2006. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND U.S. LARGE CAP BLENDED STYLE PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--99.4% FINANCE--24.8% BANKING-MONEY CENTER--4.2% JPMorgan Chase & Co. 9,450 $ 393,498 UBS AG 1,250 137,462 Wachovia Corp. 3,000 168,150 ---------- 699,110 ---------- BANKING-REGIONAL--4.7% Bank of America Corp. 6,400 291,456 Comerica, Inc. 900 52,173 Huntington Bancshares, Inc. 2,000 48,260 KeyCorp 600 22,080 Mellon Financial Corp. 2,000 71,200 National City Corp. 2,000 69,800 Northern Trust Corp. 1,800 94,500 PNC Financial Services Group 400 26,924 Wells Fargo & Co. 1,400 89,418 ---------- 765,811 ---------- BROKERAGE & MONEY MANAGEMENT--6.3% Federated Investors, Inc. 1,000 39,050 Franklin Resources, Inc. 1,900 179,056 Legg Mason, Inc. 1,550 194,261 Lehman Brothers Holdings, Inc. 275 39,746 Merrill Lynch & Co., Inc. 3,950 311,102 Morgan Stanley 500 31,410 The Goldman Sachs Group, Inc. 1,400 219,744 Waddell & Reed Financial, Inc. 1,000 23,100 ---------- 1,037,469 ---------- INSURANCE--5.2% Ace Ltd. 1,300 67,613 American International Group, Inc. 4,550 300,710 Genworth Financial, Inc. 1,700 56,831 MetLife, Inc. 1,500 72,555 RenaissanceRe Holdings Ltd. 800 34,896 The Allstate Corp. 250 13,028 The Chubb Corp. 700 66,808 The Hartford Financial Services Group, Inc. 900 72,495 The St. Paul Travelers Cos., Inc. 2,000 83,580 Torchmark Corp. 600 34,260 UnumProvident Corp. 1,100 22,528 XL Capital Ltd. 600 38,466 ---------- 863,770 ---------- MORTGAGE BANKING--1.4% Fannie Mae 2,000 102,800 Freddie Mac 1,525 93,025 Regions Financial Corp. 1,100 38,687 ---------- 234,512 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS--3.0% Citigroup, Inc. 8,000 $ 377,840 MBIA, Inc. 500 30,065 Nasdaq Stock Market, Inc. (a) 900 36,036 U.S. Bancorp 1,700 51,850 ---------- 495,791 ---------- 4,096,463 ---------- TECHNOLOGY--15.8% COMMUNICATION EQUIPMENT--5.1% ADC Telecommunications, Inc. (a) 1,300 33,267 Corning, Inc. (a) 9,000 242,190 Crown Castle International Corp. (a) 1,700 48,195 Juniper Networks, Inc. (a) 8,800 168,256 Nokia Oyj (ADR) 600 12,432 QUALCOMM, Inc. 6,775 342,883 ---------- 847,223 ---------- COMMUNICATION SERVICES--0.1% American Tower Corp. Cl.A (a) 400 12,128 ---------- COMPUTER HARDWARE/STORAGE--2.9% Apple Computer, Inc. (a) 4,625 290,080 Hewlett-Packard Co. 5,700 187,530 ---------- 477,610 ---------- COMPUTER PERIPHERALS--0.7% Network Appliance, Inc. (a) 3,300 118,899 ---------- COMPUTER SERVICES--0.4% Electronic Data Systems Corp. 2,700 72,441 ---------- CONTRACT MANUFACTURING--0.8% Celestica, Inc. (a) 2,200 25,190 Cooper Industries Ltd. Cl.A 150 13,035 Flextronics International Ltd. (a) 3,100 32,085 Sanmina-SCI Corp. (a) 3,000 12,300 Solectron Corp. (a) 11,800 47,200 ---------- 129,810 ---------- SEMICONDUCTOR CAPITAL EQUIPMENT--0.6% Agere Systems, Inc. (a) 2,100 31,584 KLA-Tencor Corp. 1,300 62,868 ---------- 94,452 ---------- SEMICONDUCTOR COMPONENTS--4.1% Advanced Micro Devices, Inc. (a) 5,900 195,644 Broadcom Corp. (a) 6,812 294,006 Intel Corp. 1,600 30,960 Marvell Technology Group Ltd. (a) 2,250 121,725 NVIDIA Corp. (a) 500 28,630 ---------- 670,965 ---------- SOFTWARE--1.1% Microsoft Corp. 6,900 187,749 ---------- 2,611,277 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- HEALTH CARE--14.1% BIOTECHNOLOGY--3.4% Amgen, Inc. (a) 1,150 $ 83,662 Genentech, Inc. (a) 3,625 306,349 Gilead Sciences, Inc. (a) 2,750 171,105 Monsanto Co. 100 8,475 ---------- 569,591 ---------- DRUGS--4.4% Eli Lilly & Co. 800 44,240 Merck & Co., Inc. 3,600 126,828 Pfizer, Inc. 11,000 274,120 Teva Pharmaceutical Industries Ltd. (ADR) 6,600 271,788 ---------- 716,976 ---------- MEDICAL PRODUCTS--2.0% Alcon, Inc. 2,050 213,733 St. Jude Medical, Inc. (a) 2,725 111,725 ---------- 325,458 ---------- MEDICAL SERVICES--4.2% Caremark Rx, Inc. (a) 2,775 136,474 Medco Health Solutions, Inc. (a) 725 41,484 Tenet Healthcare Corp. (a) 2,200 16,236 UnitedHealth Group, Inc. 4,025 224,836 WellPoint, Inc. (a) 3,525 272,941 ---------- 691,971 ---------- 2,303,996 ---------- CONSUMER SERVICES--13.2% APPAREL--0.3% Jones Apparel Group, Inc. 1,500 53,055 ---------- BROADCASTING & CABLE--1.7% CBS Corp. Cl.B 2,375 56,953 Comcast Corp. Special Cl.A (a) 2,800 73,136 The E.W. Scripps Co. 140 6,259 Time Warner, Inc. 8,300 139,357 Viacom, Inc. Cl.B (a) 175 6,790 ---------- 282,495 ---------- CELLULAR COMMUNICATIONS--0.3% America Movil, S.A. de C.V. (ADR) 1,650 56,529 ---------- ENTERTAINMENT/LEISURE--0.1% The Walt Disney Co. 600 16,734 ---------- PRINTING & PUBLISHING--0.2% The Interpublic Group of Cos., Inc. (a) 3,200 30,592 ---------- RESTAURANT & LODGING--1.8% Las Vegas Sands Corp. (a) 1,000 56,660 McDonald's Corp. 5,600 192,416 Starbucks Corp. (a) 1,400 52,696 ---------- 301,772 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- RETAIL - GENERAL MERCHANDISE--5.1% eBay, Inc. (a) 7,750 $ 302,715 Limited Brands, Inc. 1,900 46,474 Lowe's Cos., Inc. 2,950 190,098 Office Depot, Inc. (a) 2,300 85,652 Target Corp. 4,225 219,742 ---------- 844,681 ---------- TOYS--0.3% Mattel, Inc. 2,800 50,764 ---------- MISCELLANEOUS--3.3% Google, Inc. Cl.A (a) 930 362,700 Yahoo!, Inc. (a) 5,300 170,978 ---------- 533,678 ---------- 2,170,300 ---------- ENERGY--11.8% DOMESTIC INTEGRATED--0.4% Occidental Petroleum Corp. 700 64,855 ---------- INTERNATIONAL--4.4% BP p.l.c. (ADR) 600 41,364 ChevronTexaco Corp. 2,700 156,519 Exxon Mobil Corp. 8,000 486,880 Total, SA (ADR) 350 46,105 ---------- 730,868 ---------- OIL SERVICE--6.3% Baker Hughes, Inc. 625 42,750 ENSCO International, Inc. 1,200 61,740 GlobalSantaFe Corp. 2,900 176,175 Halliburton Co. 5,475 399,785 Nabors Industries Ltd. (a) 2,400 171,792 Noble Corp. 600 48,660 Rowan Cos., Inc. 1,200 52,752 Schlumberger Ltd. 650 82,271 ---------- 1,035,925 ---------- MISCELLANEOUS--0.7% ConocoPhillips 1,800 113,670 ---------- 1,945,318 ---------- CONSUMER STAPLES--7.7% BEVERAGES--0.8% PepsiCo, Inc. 800 46,232 The Coca-Cola Co. 1,975 82,693 ---------- 128,925 ---------- FOOD--0.8% Del Monte Foods Co. 2,000 23,720 General Mills, Inc. 1,200 60,816 Kellogg Co. 1,000 44,040 Kraft Foods, Inc. 275 8,335 ---------- 136,911 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--3.1% Kimberly-Clark Corp. 1,000 $ 57,800 The Clorox Co. 900 53,865 The Procter & Gamble Co. 6,800 391,816 ---------- 503,481 ---------- RETAIL - FOOD & DRUG--1.8% Safeway, Inc. 2,400 60,288 SUPERVALU, Inc. 1,100 33,902 The Kroger Co. 3,100 63,116 Walgreen Co. 2,150 92,730 Whole Foods Market, Inc. 800 53,152 ---------- 303,188 ---------- TOBACCO--1.2% Altria Group, Inc. 2,300 162,978 UST, Inc. 1,000 41,600 ---------- 204,578 ---------- 1,277,083 ---------- UTILITIES--3.9% ELECTRIC & GAS UTILITY--1.0% Dominion Resources, Inc. 1,000 69,030 Entergy Corp. 900 62,046 Northeast Utilities 1,400 27,342 ---------- 158,418 ---------- TELEPHONE UTILITY--2.9% AT&T, Inc 2,700 73,008 BellSouth Corp. 3,500 121,275 Sprint Nextel Corp. 4,700 121,448 Verizon Communications, Inc. 4,900 166,894 ---------- 482,625 ---------- 641,043 ---------- CAPITAL GOODS--2.3% ELECTRICAL EQUIPMENT--0.5% Arrow Electronics, Inc. (a) 1,200 38,724 Johnson Controls, Inc. 600 45,558 ---------- 84,282 ---------- MACHINERY--0.5% Eaton Corp. 700 51,079 Ingersoll-Rand Co., Ltd. 800 33,432 ---------- 84,511 ---------- MISCELLANEOUS--1.3% General Electric Co. 6,300 219,114 ---------- 387,907 ---------- AEROSPACE & DEFENSE--2.5% AEROSPACE--2.5% Goodrich Corp. 1,000 43,610 Northrop Grumman Corp. 900 61,461 Rockwell Collins, Inc. 600 33,810 The Boeing Co. 3,600 280,548 ---------- 419,429 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- CONSUMER MANUFACTURING--1.4% AUTO & RELATED--1.4% Autoliv, Inc. 1,000 $ 56,580 BorgWarner, Inc. 700 42,028 Cooper Tire & Rubber Co. 700 10,038 Lear Corp. 800 14,184 Magna International, Inc. Cl.A 250 18,923 SPX Corp. 900 48,078 Toyota Motor Corp. (ADR) 250 27,225 ----------- 217,056 ----------- TRANSPORTATION--0.7% RAILROAD--0.7% CSX Corp. 1,300 77,740 Norfolk Southern Corp. 700 37,849 ----------- 115,589 ----------- BASIC INDUSTRY--0.7% CHEMICALS--0.5% PPG Industries, Inc. 900 57,015 The Lubrizol Corp. 700 29,995 ----------- 87,010 ----------- CONTAINERS--0.2% Owens-Illinois, Inc. (a) 1,700 29,529 ----------- 116,539 ----------- MULTI-INDUSTRY COMPANIES--0.6% Crane Co. 700 28,707 Textron, Inc. 700 65,373 ----------- 94,080 ----------- TOTAL INVESTMENTS--99.4% (cost $13,684,825) 16,396,080 Other assets less liabilities--0.6% 101,977 ----------- NET ASSETS--100% $16,498,057 =========== (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 PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) U.S. Company Shares $ Value -------------------------------------------------------------------------------- COMMON STOCKS--62.9% UNITED STATES INVESTMENTS--39.6% FINANCE--10.4% BANKING--4.7% Bank of America Corp. 13,250 $ 603,405 Citigroup, Inc. 14,650 691,919 Comerica, Inc. 1,775 102,897 Fannie Mae 3,850 197,890 Freddie Mac 3,000 183,000 Huntington Bancshares, Inc. 4,000 96,520 JPMorgan Chase & Co. 15,375 640,214 KeyCorp 700 25,760 Mellon Financial Corp. 3,000 106,800 National City Corp. 3,675 128,257 Northern Trust Corp. 3,500 183,750 PNC Financial Services Group, Inc. 450 30,290 Regions Financial Corp. 3,200 112,544 SunTrust Banks, Inc. 1,300 94,588 U.S. Bancorp 2,900 88,450 UBS AG 2,500 274,925 Wachovia Corp. 5,425 304,071 Wells Fargo & Co. 2,600 166,062 ---------- 4,031,342 ---------- FINANCIAL SERVICES--2.5% Countrywide Financial Corp. 1,700 62,390 Federated Investors, Inc. 1,750 68,338 Franklin Resources, Inc. 3,725 351,044 Legg Mason, Inc. 3,000 375,990 Lehman Brothers Holdings, Inc. 500 72,265 MBIA, Inc. 850 51,111 Merrill Lynch & Co., Inc. 7,050 555,258 Morgan Stanley 1,100 69,102 Nasdaq Stock Market, Inc. (a) 1,450 58,058 Prudential Financial, Inc. 200 15,162 The Goldman Sachs Group, Inc. 2,600 408,096 Waddell & Reed Financial, Inc. 1,200 27,720 ---------- 2,114,534 ---------- INSURANCE--3.2% Ace Ltd. 1,600 83,216 American International Group, Inc. 11,150 736,903 Genworth Financial, Inc. 2,875 96,111 MetLife, Inc. 2,400 116,088 Old Republic International Corp. 2,200 48,004 The Allstate Corp. 1,600 83,376 The Chubb Corp. 900 85,896 The Hartford Financial Services Group, Inc. 1,650 132,908 The St. Paul Travelers Cos., Inc. 3,600 150,444 Torchmark Corp. 1,550 88,505 UnitedHealth Group, Inc. 7,900 441,294 UnumProvident Corp. 3,900 79,872 WellPoint, Inc. (a) 6,900 534,267 ---------- 2,676,884 ---------- 8,822,760 ---------- U.S. Company Shares $ Value -------------------------------------------------------------------------------- TECHNOLOGY/ELECTRONICS--6.9% DATA PROCESSING--3.6% Agere Systems, Inc. (a) 2,500 $ 37,600 Apple Computer, Inc. (a) 9,000 564,480 Arrow Electronics, Inc. (a) 950 30,657 Avnet, Inc. (a) 1,800 45,684 Electronic Data Systems Corp. 4,000 107,320 EMC Corp. (a) 3,700 50,431 Google, Inc. Cl.A (a) 1,825 711,750 Hewlett-Packard Co. 9,100 299,390 International Business Machines Corp. 1,200 98,964 Microsoft Corp. 13,000 353,730 Network Appliance, Inc. (a) 6,900 248,607 Sanmina-SCI Corp. (a) 9,400 38,540 Solectron Corp. (a) 15,400 61,600 Tech Data Corp. (a) 1,400 51,674 Yahoo!, Inc. (a) 10,100 325,826 ---------- 3,026,253 ---------- ELECTRICAL & ELECTRONICS--2.6% ADC Telecommunications, Inc. (a) 1,600 40,944 Broadcom Corp. Cl.A (a) 13,250 571,870 Cisco Systems, Inc. (a) 3,800 82,346 Corning, Inc.(a) 17,600 473,616 Juniper Networks, Inc. (a) 17,050 325,996 QUALCOMM, Inc. 13,250 670,583 Tellabs, Inc. (a) 3,200 50,880 ---------- 2,216,235 ---------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.7% Advanced Micro Devices, Inc.(a) 11,500 381,340 Intel Corp. 3,700 71,595 KLA-Tencor Corp. 2,450 118,482 NVIDIA Corp. (a) 900 51,534 ---------- 622,951 ---------- 5,865,439 ---------- CONSTRUCTION & HOUSING--4.3% BUILDING MATERIALS--0.2% Martin Marietta Materials, Inc. 425 45,488 Vulcan Materials Co. 800 69,320 ---------- 114,808 ---------- REAL ESTATE--4.1% Alexandria Real Estate Equities, Inc. 1,300 123,929 AMB Property Corp. 1,100 59,697 Archstone-Smith Trust 2,400 117,048 Avalonbay Communities, Inc. 1,375 150,013 Boston Properties, Inc. 1,725 160,856 Brookfield Properties Corp. 2,550 87,083 Camden Property Trust 1,550 111,678 Corporate Office Properties Trust 2,900 132,646 Developers Diversified Realty Corp. 1,600 87,600 Digital Realty Trust, Inc. 2,150 60,566 EastGroup Properties, Inc. 575 27,278 Equity Inns, Inc. 3,000 48,600 Equity Office Properties Trust 1,300 43,654 Equity Residential 3,400 159,086 Essex Property Trust, Inc. 425 46,210 Federal Realty Investment Trust 950 71,440 FelCor Lodging Trust, Inc. 2,900 61,190 First Potomac Realty Trust 1,750 49,438 U.S. Company Shares $ Value -------------------------------------------------------------------------------- General Growth Properties, Inc. 3,175 $ 155,162 Kimco Realty Corp. 3,100 125,984 LaSalle Hotel Properties 1,150 47,150 Maguire Properties, Inc. 2,100 76,650 Mid-America Apartment Communities, Inc. 1,100 60,225 Pan Pacific Retail Properties, Inc. 525 37,222 ProLogis 4,125 220,687 Public Storage, Inc. 2,200 178,706 Reckson Associates Realty Corp. 1,250 57,275 Regency Centers Corp. 1,650 110,863 Simon Property Group, Inc. 3,300 277,662 SL Green Realty Corp. 700 71,050 Sovran Self Storage, Inc. 350 19,320 Strategic Hotel Capital, Inc. 1,400 32,592 Sunstone Hotel Investors, Inc. 2,850 82,565 Tanger Factory Outlet Centers, Inc. 1,300 44,733 The Macerich Co. 775 57,311 United Dominion Realty Trust, Inc. 1,250 35,675 Vornado Realty Trust 2,175 208,799 ---------- 3,497,643 ---------- 3,612,451 ---------- CONSUMER CYCLICAL--3.8% BROADCASTING & PUBLISHING--0.7% CBS Corp. Cl. B 4,400 105,512 Comcast Corp. Cl. A (a) 2,500 65,400 Comcast Corp. Special Cl.A (a) 2,700 70,524 Liberty Media Corp Cl.A (a) 5,200 42,692 The E.W. Scripps Co. Cl.A 860 38,451 The Walt Disney Co. 3,400 94,826 Time Warner, Inc. 13,600 228,344 Viacom, Inc. Cl. B (a) 1,900 73,720 ---------- 719,469 ---------- BUSINESS & PUBLIC SERVICES--0.1% The Interpublic Group of Cos., Inc. (a) 5,500 52,580 ---------- LEISURE & TOURISM--0.9% Host Marriott Corp. 6,100 130,540 Las Vegas Sands Corp. (a) 1,800 101,988 McDonald's Corp. 10,275 353,049 Starbucks Corp. (a) 3,100 116,684 Starwood Hotels & Resorts Worldwide, Inc. 375 25,399 ---------- 727,660 ---------- MERCHANDISING--1.8% eBay, Inc.(a) 14,750 576,134 Limited Brands 2,900 70,934 Lowe's Cos., Inc. 5,800 373,752 Office Depot, Inc.(a) 3,300 122,892 Target Corp. 7,450 387,475 ---------- 1,531,187 ---------- RECREATION & OTHER CONSUMER--0.1% Mattel, Inc. 3,900 70,707 ---------- TEXTILES & APPAREL--0.1% Jones Apparel Group, Inc. 1,800 63,666 V.F. Corp. 500 28,450 ---------- 92,116 U.S. Company Shares $ Value -------------------------------------------------------------------------------- MISCELLANEOUS CONSUMER CYCLICALS--0.1% Newell Rubbermaid, Inc. 1,900 $ 47,861 ---------- 3,241,580 ---------- ENERGY--3.5% ENERGY EQUIPMENT & SERVICES--1.6% Baker Hughes, Inc. 1,350 92,340 ENSCO International, Inc. 1,400 72,030 GlobalSantaFe Corp. 3,650 221,738 Halliburton Co. 10,400 759,408 Rowan Cos., Inc. 1,600 70,336 Schlumberger Ltd. 1,300 164,541 ---------- 1,380,393 ---------- ENERGY SOURCES--1.9% ChevronTexaco Corp. 5,425 314,487 ConocoPhillips 3,200 202,080 Exxon Mobil Corp. 14,450 879,427 Marathon Oil Corp. 1,500 114,255 Occidental Petroleum Corp. 1,300 120,445 ---------- 1,630,694 ---------- 3,011,087 ---------- MEDICAL--3.2% HEALTH & PERSONAL CARE--3.2% Amgen, Inc. (a) 2,250 163,688 Bristol-Myers Squibb Co. 4,000 98,440 Caremark Rx, Inc. (a) 5,450 268,031 Eli Lilly & Co. 1,550 85,715 Genentech, Inc. (a) 7,050 595,795 Gilead Sciences, Inc. (a) 5,450 339,099 Medco Health Solutions, Inc. (a) 1,500 85,830 Merck & Co., Inc. 5,975 210,499 Pfizer, Inc. 21,500 535,780 St. Jude Medical, Inc. (a) 5,250 215,250 Tenet Healthcare Corp. (a) 2,800 20,664 Ventas, Inc. 1,500 49,770 Wyeth 1,375 66,715 ---------- 2,735,276 ---------- CONSUMER STAPLES--2.6% BEVERAGES & TOBACCO--0.7% Altria Group, Inc. 4,000 283,440 Kraft Foods, Inc. 1,300 39,403 PepsiCo, Inc. 1,150 66,459 The Coca-Cola Co. 3,325 139,218 UST, Inc. 1,500 62,400 ---------- 590,920 ---------- FOOD & HOUSEHOLD PRODUCTS--1.9% Colgate-Palmolive Co. 1,100 62,810 ConAgra Foods, Inc. 4,100 87,986 Del Monte Foods Co. 2,100 24,906 General Mills, Inc. 2,075 105,161 Kellogg Co. 700 30,828 Safeway, Inc. 2,700 67,824 SUPERVALU, Inc. 1,500 46,230 U.S. Company Shares $ Value -------------------------------------------------------------------------------- The Clorox Co. 1,400 $ 83,790 The Kroger Co. 3,700 75,332 The Procter & Gamble Co. 13,100 754,821 Walgreen Co. 4,150 178,990 Whole Foods Market, Inc. 2,100 139,524 ---------- 1,658,202 ---------- 2,249,122 ---------- CAPITAL EQUIPMENT--2.0% AEROSPACE & DEFENSE--0.9% Goodrich Corp. 1,700 74,137 Lockheed Martin Corp. 1,000 75,130 Northrop Grumman Corp. 2,000 136,580 Rockwell Collins, Inc. 1,050 59,168 The Boeing Co. 6,750 526,027 ---------- 871,042 ---------- AUTOMOBILES--0.3% Autoliv, Inc. 1,200 67,896 BorgWarner, Inc. 1,000 60,040 Cooper Tire & Rubber Co. 900 12,906 Johnson Controls, Inc. 700 53,151 Lear Corp. 1,400 24,822 ---------- 218,815 ---------- INDUSTRIAL COMPONENTS--0.1% Eaton Corp. 1,000 72,970 ---------- MULTI-INDUSTRY--0.7% Crane Co. 800 32,808 General Electric Co. 11,050 384,319 Hubbell, Inc. Cl.B 600 30,756 SPX Corp. 1,000 53,420 Textron, Inc. 800 74,712 ---------- 576,015 ---------- 1,738,842 ---------- TELECOMMUNICATIONS--1.4% American Tower Corp. (a) 1,100 33,352 AT&T, Inc. 12,500 338,000 BellSouth Corp. 6,900 239,085 Crown Castle International Corp. (a) 2,800 79,380 Sprint Corp. (FON Group) 7,400 191,216 Verizon Communications, Inc. 8,600 292,916 ---------- 1,173,949 ---------- UTILITIES--0.6% ELECTRIC & GAS UTILITY--0.6% American Electric Power Co., Inc. 1,400 47,628 Dominion Resources, Inc. 1,800 124,253 Entergy Corp. 1,375 94,793 Exelon Corp. 250 13,225 Northeast Utilities 2,100 41,013 Pinnacle West Capital Corp. 1,800 70,380 Wisconsin Energy Corp. 2,350 93,977 ---------- 485,269 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- INDUSTRIAL COMMODITIES--0.5% CHEMICAL--0.3% E.I. du Pont de Nemours & Co. 1,400 $ 59,094 Monsanto Co. 200 16,950 PPG Industries, Inc. 1,575 99,776 The Lubrizol Corp. 1,100 47,135 ----------- 222,955 ----------- FOREST & PAPER--0.2% Kimberly-Clark Corp. 2,025 117,045 MeadWestvaco Corp. 1,100 30,041 Smurfit-Stone Container Corp. (a) 2,300 31,211 ----------- 178,297 ----------- MISCELLANEOUS MATERIALS--0.0% Owens-Illinois, Inc. (a) 2,300 39,951 ----------- 441,203 ----------- TRANSPORTATION--0.4% TRANSPORTATION-ROAD & RAIL--0.4% CSX Corp. 1,500 89,700 Norfolk Southern Corp. 2,200 118,954 Union Pacific Corp. 1,050 98,018 ----------- 306,672 ----------- 33,683,650 ----------- Total United States Investments (cost $29,745,949) FOREIGN INVESTMENTS--23.3% AUSTRALIA--0.9% Centro Properties Group 6,169 28,547 DB RREEF Trust 30,551 32,125 General Property Trust 26,600 78,567 Macquarie CountryWide Trust 21,380 30,520 Macquarie Goodman Group 18,807 67,015 QBE Insurance Group Ltd. 6,822 106,691 Rinker Group Ltd. 4,545 64,063 Stockland 11,779 56,627 Westfield Group 27,989 342,294 ----------- 806,449 ----------- BERMUDA--0.6% Marvell Technology Group Ltd. (a) 4,375 236,688 Nabors Industries Ltd. (a) 4,300 307,794 ----------- 544,482 ----------- BRAZIL--0.2% Petroleo Brasileiro S.A. (ADR) (a) 2,400 197,096 ----------- CANADA--0.7% Allied Properties Real Estate Investment Trust 3,700 59,562 Boardwalk Real Estate Investment Trust 3,100 60,442 Canadian Apartment Properties Real Estate Investment Trust 2,000 28,308 Canadian Natural Resources Ltd. 1,800 100,030 Canadian Real Estate Investment Trust 2,450 49,950 Cominar Real Estate Investment Trust 1,500 25,932 Dundee Real Estate Investment Trust 1,400 33,326 Company Shares U.S. $ Value -------------------------------------------------------------------------------- H&R Real Estate Investment Trust 3,100 $ 58,398 Primaris Retail Real Estate Investment Trust 4,650 72,825 RioCan Real Estate Investment Trust 3,175 62,693 Summit Real Estate Investment Trust 2,200 49,638 ---------- 601,104 ---------- CHINA--0.2% China Petrolium & Chemical Corp. 108,000 63,033 China Shenhua Energy Co., Ltd. 27,000 47,426 PretroChina Co., Ltd. 28,000 29,230 ---------- 139,689 ---------- FINLAND--0.0% Citycon Oyj 6,500 32,375 Citycon Oyj Rights, expiring 4/21/06 6,500 2,143 ---------- 34,518 ---------- FRANCE--3.1% Arcelor 3,300 129,834 Assurance Generales de France (AGF) 1,300 156,633 Bail Investissement Fonciere 1,800 112,704 BNP Paribas S.A. 2,260 209,157 BNP Paribas New (a) 201 18,037 Business Objects S.A. (a) 2,624 95,592 CapGemini, SA (a) 4,169 226,566 Credit Agricole, SA 3,010 116,657 European Aeronautic Defence & Space Co. 4,061 170,608 Klepierre 1,490 185,519 Renault, SA 2,100 222,542 Sanofi-Aventis, SA 1,918 181,881 Societe Generale 800 119,875 Societe Television Francaise 1 2,073 62,722 Total, SA 600 158,181 Unibail 1,875 337,968 Vinci, SA 1,029 101,253 Vinci, SA Rights, expiring 4/12/06 1,029 2,207 ---------- 2,607,936 ---------- GERMANY--1.1% Comerzbank AG 1,826 72,538 Continental AG 1,800 198,383 E.On AG 1,300 142,872 Man AG 1,200 83,407 Muenchener Rueckversicherungs - Gesellschaft AG (MunichRe) 1,000 141,556 RWE AG 1,190 103,435 SAP AG 840 182,413 ---------- 924,604 ---------- GREECE--0.2% EFG Eurobank Ergasias 1,870 71,953 National Bank of Greece S.A. 1,403 65,973 ---------- 137,926 ---------- HONG KONG--0.8% Hang Lung Properties Ltd. 55,000 104,358 Kerry Properties Ltd. 42,000 153,587 New World Development Co., Ltd. 67,000 117,436 Sino Land Co., Ltd. 120,000 171,999 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Sun Hung Kai Properties Ltd. 13,700 $ 138,951 ---------- 686,331 ---------- HUNGARY--0.1% Mol Magyar Olaj-es Gazipari Rt. 600 61,603 ---------- INDIA--0.0% Infosys Technologies Ltd. 317 21,337 ---------- IRELAND--0.3% Anglo Irish Bank Corp. Plc 5,733 94,402 CRH Plc 4,470 156,141 ---------- 250,543 ---------- ISRAEL--0.7% Bank Leumi Le-Israel 14,400 52,141 Teva Pharmaceutical Industries Ltd. (ADR) 13,550 557,990 ---------- 610,131 ---------- ITALY--0.5% Beni Stabili S.p.A 32,000 36,039 Buzzi Unicem S.p.A. 3,000 71,483 Eni S.p.A. 8,052 229,282 Luxottica Group S.p.A. 4,552 125,287 ---------- 462,091 ---------- JAPAN--5.4% Canon, Inc. 4,000 263,978 Denso Corp. 3,600 142,302 Hoya Corp. 4,400 177,177 Japan Real Estate Investment Corp. 4 34,667 Japan Retail Fund Investment Corp. 20 156,335 Japan Tobacco, Inc. 40 140,764 JFE Holdings, Inc. 4,700 190,074 Mitsubishi Corp. 5,600 127,684 Mitsubishi Tokyo Financial Group, Inc. 15 228,115 Mitsui & Co., Ltd. 15,000 216,644 Mitsui Chemicals, Inc. 11,000 80,877 Mitsui Fudosan Co., Ltd. 15,100 347,122 Mitsui O.S.K. Lines Ltd. 15,000 101,432 NEC Corp. 12,000 84,404 Nippon Building Fund, Inc. 32 295,866 Nitto Denko Corp. 2,200 186,584 Nomura Holdings, Inc. 11,600 256,974 Orix Corp. 640 198,778 Sony Corp. 1,100 50,675 Sumitomo Electric Industries Ltd. 4,700 74,451 Sumitomo Heavy Industries Ltd. 16,800 161,120 Sumitomo Mitsui Financial Group, Inc. 35 386,340 Sumitomo Realty & Development Co., Ltd. 8,000 221,463 Takeda Pharmaceutical Co., Ltd. 1,100 62,573 Toyota Motor Corp. 6,200 337,585 Yamada Denki Co., Ltd. 700 80,971 ---------- 4,604,955 ---------- KOREA--0.4% Hyundai Motor Co. (a) 70 5,870 Kookmin Bank (a) 1,200 102,855 POSCO 600 154,035 Samsung Electronics Co., Ltd. 120 77,479 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Shinhan Financial Group Co., Ltd. (a) 100 $ 4,460 ---------- 344,699 ---------- MEXICO--0.2% America Movil, SA de C.V. (ADR) 5,750 196,995 ---------- NETHERLANDS--0.7% Eurocommercial Properties NV 875 33,981 ING Groep NV 12,647 498,085 Rodamco Europe NV 450 45,158 Wereldhave NV 355 39,868 ---------- 617,092 ---------- NORWAY--0.2% Norsk Hydro ASA 1,094 151,341 ---------- RUSSIA--0.1% LUKOIL (ADR) (a) 642 53,414 ---------- SINGAPORE--0.5% Ascendas Real Estate Investment Trust 96,650 129,979 CapitaMall Trust 44,600 65,311 Flextronics International Ltd. (a) 6,800 70,380 Singapore Telecommunications Ltd. 72,000 117,917 ---------- 383,587 ---------- SOUTH AFRICA--0.0% Naspers Ltd. 1,730 35,200 ---------- SPAIN--0.5% Banco Bilbao Vizcaya Argentaria, SA 6,831 142,326 Endesa, SA 3,700 119,067 Inmobiliaria Colonial, SA 650 45,726 Repsol YPF, SA 4,100 116,442 ---------- 423,561 ---------- SWEDEN--0.3% Atlas Copco AB 4,747 133,351 Telefonaktiebolaget LM Ericsson 22,342 84,401 ---------- 217,752 ---------- SWITZERLAND--1.8% Alcon, Inc. 3,975 414,434 Credit Suisse Group 5,285 295,663 Nestle, SA 514 152,201 Nobel Biocare Holding AG 353 78,655 Novartis AG 3,288 182,438 Roche Holding AG 1,142 169,717 UBS AG 2,231 245,184 ---------- 1,538,292 ---------- TAIWAN--0.3% Foxconn Technology Co., Ltd. (a) 6,000 38,094 High Tech Computer Corp. 3,000 81,722 Hon Hai Precision Industry Co., Ltd. 1,370 8,451 Quanta Computer, Inc. (GDR) 5,725 47,011 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 9,624 96,817 ---------- 272,095 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- UNITED KINGDOM--3.5% AstraZeneca Plc 1,700 $ 85,410 Aviva Plc 11,100 153,835 BAE Systems Plc 27,142 197,878 Barclays Plc 12,200 142,476 BG Group Plc 5,894 73,614 BHP Billiton Plc 6,565 120,379 BP Plc 7,100 81,660 British American Tobacco Plc 10,884 263,312 British Land Co. Plc 7,716 166,091 Brixton Plc 4,500 38,371 Capital & Regional Plc 4,932 98,470 Derwent Valley Holdings Plc 2,700 75,770 Friends Provident Plc 20,270 73,221 GlaxoSmithKline Plc 1,800 47,058 Hammerson Plc 3,050 65,534 HBOS Plc 7,750 129,231 J Sainsbury Plc 19,100 110,049 Land Securities Group Plc 3,629 121,423 Liberty International Plc 3,925 80,112 Marks & Spencer Group Plc 12,484 120,506 Prudential Plc 5,135 59,392 Rio Tinto Plc 1,879 96,374 Royal Bank of Scotland Group Plc 5,500 178,833 Slough Estates Plc 1,700 19,636 Standard Chartered Plc 1,351 33,556 Vodafone Group Plc 84,600 176,496 Xstrata Plc 3,920 126,918 ----------- 2,935,605 ----------- Total Foreign Investments (cost $16,253,757 ) 19,860,428 ----------- Total Common Stocks (cost $45,999,706) 53,544,078 ----------- CORPORATE DEBT OBLIGATIONS--6.4% AUTOMOTIVE--0.2% DaimlerChrysler North America Holdings 4.875%, 6/15/10 25 24,094 Ford Motor Credit Co. 7.375%, 10/28/09 160 150,421 ----------- 174,515 ----------- BANKS--0.3% Bank of America Corp. 4.50%, 8/01/10 100 96,650 Citigroup, Inc. 5.01%, 6/09/09 (b) 20 20,051 JPMorgan Chase & Co. 6.75%, 2/01/11 80 84,097 Wells Fargo Co. 4.20%, 1/15/10 35 33,590 Zions Bancorporation 5.50%, 11/16/15 35 34,146 ----------- 268,534 ----------- FINANCE--2.1% Assurant, Inc. 5.625%, 2/15/14 35 34,393 Berkshire Hathaway Finance Corp. 4.20%, 12/15/10 50 47,573 CIT Group Inc. 7.75%, 4/02/12 50 55,112 Company Shares U.S. $ Value -------------------------------------------------------------------------------- CIT Group, Inc. 5.50%, 11/30/07 35 $ 35,092 Citigroup, Inc. 4.625%, 8/03/10 75 72,829 Countrywide Home Loan 4.00%, 3/22/11 65 60,388 4.25%, 12/19/07 55 53,967 Fairfax Financial Holdings 7.75%, 4/26/12 30 26,400 General Electric Capital Corp. 4.375%, 11/21/11 25 23,753 6.75%, 3/15/32 60 66,815 Goldman Sachs Group, Inc. 4.75%, 7/15/13 35 33,065 HSBC Finance Corp. 6.50%, 11/15/08 80 82,245 7.00%, 5/15/12 40 42,755 Istar Financial, Inc. 5.15%, 3/01/12 20 19,193 KFW 1.85%, 9/20/10 64,000 556,509 Kinder Morgan Finance Co. ULC 5.35%, 1/05/11 70 68,884 Liberty Mutual Group, Inc. (c) 5.75%, 3/15/14 35 34,023 Merrill Lynch & Co. Series C 4.25%, 2/08/10 120 115,222 Simon Property Group LP 6.375%, 11/15/07 30 30,434 SLM Corp. 4.50%, 7/26/10 55 52,494 TXU Australia 6.15%, 11/15/13 (c) 238 244,639 ---------- 1,755,785 ---------- INDUSTRIALS--1.7% Allbritton Communications Co. 7.75%, 12/15/12 25 25,125 AOL Time Warner 6.875%, 5/01/12 40 41,939 British Sky Broadcasting 8.20%, 7/15/09 20 21,500 Cablevision Systems Corp. Series B 8.00%, 4/15/12 30 29,250 Comcast Cable Communications Holdings, Inc. 6.20%, 11/15/08 40 40,665 6.875%, 6/15/09 50 51,709 9.455%, 11/15/22 40 50,460 Comcast Corp. 5.30%, 1/15/14 40 38,033 5.50%, 3/15/11 50 49,454 Conagra Foods, Inc. 6.75%, 9/15/11 10 10,393 7.875%, 9/15/10 25 26,975 Cox Enterprises 4.375%, 5/01/08 (c) 40 38,829 DirecTV Holdings LLC 6.375%, 6/15/15 25 24,688 Fortune Brands, Inc. 2.875%, 12/01/06 20 19,681 GSC Holdings Corp. 8.00%, 10/01/12 (c) 30 29,775 IBM Corp. 4.375%, 6/01/09 20 19,511 Company Shares U.S. $ Value -------------------------------------------------------------------------------- International Paper Co. 5.30%, 4/01/15 55 $ 51,555 Ispat Inland ULC 9.75%, 4/01/14 25 28,281 Kraft Foods, Inc. 4.125%, 11/12/09 115 109,925 Kroger Co. 7.80%, 8/15/07 45 46,339 Lubrizol Corp. 4.625%, 10/01/09 20 19,377 MGM Mirage, Inc. 8.375%, 2/01/11 25 26,375 Motorola, Inc. 7.625%, 11/15/10 5 5,453 News America, Inc. 6.55%, 3/15/33 25 24,352 Packaging Corporation of America 5.75%, 8/01/13 30 29,081 Panamsat Corp. 9.00%, 8/15/14 25 26,313 R.H. Donnelley Corp. 6.875%, 1/15/13 (c) 20 18,700 8.875%, 1/15/16 (c) 10 10,400 Safeway, Inc. 4.80%, 7/16/07 20 19,825 6.50%, 3/01/11 15 15,450 7.25%, 2/01/31 20 21,194 Textron Financial Corp. 4.125%, 3/03/08 35 34,246 Time Warner Entertainment 8.375%, 3/15/23 65 73,491 Tyco International Group, SA 6.00%, 11/15/13 85 85,386 Waste Management, Inc. 6.875%, 5/15/09 40 41,591 WellPoint, Inc. 3.50%, 9/01/07 65 63,208 3.75%, 12/14/07 16 15,581 4.25%, 12/15/09 80 76,821 Weyerhaeuser Co. 5.95%, 11/01/08 35 35,322 Williams Cos., Inc. 7.875%, 9/01/21 25 26,875 WPP Finance (UK) Corp. 5.875%, 6/15/14 25 24,686 Wyeth 5.50%, 2/01/14 40 39,468 ---------- 1,487,282 ---------- OIL--0.3% Amerada Hess Corp. 7.875%, 10/01/29 55 64,045 Conoco, Inc. 6.95%, 4/15/29 40 45,252 Enterprise Products Operating LP 5.60%, 10/15/14 25 24,242 NRG Energy, Inc. 7.25%, 2/01/14 5 5,081 7.375%, 2/01/16 20 20,425 Valero Energy Corp. 6.875%, 4/15/12 45 47,678 7.50%, 4/15/32 20 22,994 ---------- 229,717 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TELECOMMUNICATIONS--0.9% AT&T Corp. 9.05%, 11/15/11 40 $ 43,240 9.75%, 11/15/31 15 17,911 British Telecom Plc 8.375%, 12/15/10 100 111,539 Cingular Wireless LLC 5.625%, 12/15/06 50 50,123 Cingular Wireless Services 7.875%, 3/01/11 115 126,047 8.75%, 3/01/31 35 44,329 Sprint Capital Corp. 8.375%, 3/15/12 120 135,589 Telecom Italia Capital 4.00%, 1/15/10 120 112,811 Telus Corp. (Canada) 7.50%, 6/01/07 60 61,356 Vodafone Group Plc 5.50%, 6/15/11 60 59,446 ---------- 762,391 ---------- UTILITY--0.9% Carolina Power & Light 6.50%, 7/15/12 65 67,733 Consumers Energy 4.25%, 4/15/08 25 24,382 Duke Capital Llc. 8.00%, 10/01/19 60 70,072 Duke Energy Field Services 7.875%, 8/16/10 15 16,282 Exelon Corp. 6.75%, 5/01/11 25 26,129 Firstenergy Corp. Series B 6.45%, 11/15/11 65 67,258 Series C 7.375%, 11/15/31 55 61,093 Midamerican Energy Holdings 6.125%, 4/01/36 (c) 30 29,367 5.875%, 10/01/12 30 30,278 NiSource Finance Corp. 7.875%, 11/15/10 40 43,388 Pacific Gas & Electric 4.80%, 3/01/14 65 61,465 6.05%, 3/01/34 5 4,893 Progress Energy 7.10%, 3/01/11 40 42,424 Public Service Company of Colorado 7.875%, 10/01/12 30 33,928 Qwest Communications International, Inc. 7.50%, 2/15/14 25 25,750 Telecom Italia Capital 6.00%, 9/30/34 65 58,475 Verizon Global Funding Corp. 4.90%, 9/15/15 35 32,369 Verizon New Jersey, Inc. Series A 5.875%, 1/17/12 45 44,611 Xcel Energy, Inc. 7.00%, 12/01/10 30 31,615 ---------- 771,512 ---------- Total Corporate Debt Obligations (cost $5,586,709) 5,449,736 ---------- Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- U.S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS--18.2% MORTGAGE PASS-THRUS--14.0% Federal Gold Loan Mortgage Corp. 4.50%, TBA $ 480 $ 442,369 4.50%, 1/01/36 70 64,376 Federal National Mortgage Association 4.50%, 4/04/34 840 802,988 5.00%, 4/01/19 434 423,229 5.00%, TBA 1,225 1,175,400 5.50%, TBA 1,820 1,791,844 5.50%, 4/01/33 3,925 3,830,557 6.00%, TBA 2,235 2,237,326 6.50%, 1/01/36 110 112,694 6.50%, TBA 1,020 1,039,125 ----------- 11,919,908 ----------- UNITED STATES TREASURY SECURITIES--2.8% U.S. Treasury Bond 4.50%, 11/15/15 305 295,969 5.375%, 2/15/31 60 63,159 7.25%, 5/15/16 1,445 1,708,938 U.S. Treasury Note 4.25%, 1/15/11 290 282,807 ----------- 2,350,873 ----------- FEDERAL AGENCIES--1.4% Federal National Mortgage Association 3.875%, 2/15/10 1,265 1,209,364 ----------- Total U.S. Government & Government Sponsored Agency Obligations (cost $15,614,229) 15,480,145 COMMERCIAL MORTGAGE BACKED SECURITIES--4.6% American Home Mortgage Investment Trust Series 2005-4 Cl. 5A 5.35%, 11/25/45 (b) 143 140,766 Banc of America Commercial Mortgage Inc. Series 2004-3 Cl. A5 5.304%, 6/10/39 115 114,043 Series 2005-6 Cl. A4 5.182%, 9/10/47 115 112,252 Series 2004-4 Cl.A3 4.128%, 7/10/42 50 48,211 Series 2004-6 Cl. A2 4.161%, 12/10/42 65 62,507 Series 2005-1 Cl. A3 4.877%, 11/10/42 270 265,627 Bear Stearns ALT-A Trust Series 2005-10 Cl. 24A1 5.993%, 1/25/36 (d) 125 127,181 Series 2006-1 Cl. 22A1 5.453%, 2/25/36 (d) 290 288,136 Series 2006-2 Cl. 23A1 6.00%, 3/25/36 (d) 125 125,228 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. Series 2006-AR1 Cl. 3A1 5.50%, 3/27/36 (b) $184 $183,500 Series 2005-2 Cl.1A4 5.126%, 5/25/35 159 155,936 CS First Boston Mortgage Securities Corp. Series 2003-CK2 Cl. A2 3.861%, 3/15/36 45 43,702 Series 2004-C5 Cl. A2 4.183%, 11/15/37 55 52,935 GE Capital Commercial Mortgage Corp. Series 2005-C3 Cl. A3FX 4.863%, 7/10/45 105 102,885 GS Mortgage Securities Corp. Series 2006-GG6 Cl. A2 5.506%, 4/10/38 75 75,264 Indymac Indx Mortgage Loan Trust Series 2006-AR7 Cl. 4A1 6.278%, 4/30/36 110 110,875 JPMorgan Chase Commercial Mortgage Series 2005-LDP5 Cl. A2 5.198%, 12/15/44 60 59,523 Series 2006-CB14 Cl. A4 5.481%, 12/12/44 50 49,545 JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1 Cl. A2 4.302%, 1/15/38 60 57,058 Series 2005-LDP1 Cl. A2 4.625%, 3/15/46 170 165,862 Series 2005-LDP3 Cl. A2 4.851%, 8/15/42 100 97,833 Series 2005-LDP4 Cl. A2 4.79%, 10/15/42 45 43,884 LB-UBS Commercial Mortgage Trust Series 2004-C7 Cl. A2 3.992%, 10/15/29 (d) 135 129,466 Series 2004-C8 Cl. A2 4.201%, 12/15/29 125 120,595 Series 2005-C1 Cl.A4 4.742%, 2/15/30 120 113,388 Series 2005-C7 Cl. A4 5.197%, 11/15/30 (d) 50 48,681 Series 2006-C1 Cl. A4 5.156%, 2/15/31 75 72,708 Merrill Lynch Mortgage Investors, Inc Series 2006-A1 Cl. 2A1 6.233%, 3/25/36 175 176,162 Merrill Lynch Mortgage Trust Series 2005-CKI1 Cl. A6 5.245%, 11/12/37 (d) 40 39,292 Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-1 Cl. A2 5.439%, 2/12/39 65 65,001 Morgan Stanley Capital I Series 2004-T13 Cl. A2 3.94%, 9/13/45 100 95,071 Opteum Mortgage Acceptance Corp. Series 2005-5 Cl. 2A1B 5.64%, 11/25/35 (d) 100 100,012 Residential Accredit Loans, Inc Series 2006-QS2 Cl.1A9 5.50%, 3/25/36 207 206,055 Residential Funding Mortgage Series 2005-AS3 Cl.3A 5.249%, 8/25/35 107 104,718 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- Structured Adjustable Rate Mortgage Trust Series 2006-3 Cl.2A1 6.017%, 4/25/06 $ 105 $ 105,714 Washington Mutual Series 2005-AR2 Cl. 2A22 5.038%, 1/25/45 (b) 30 29,866 ---------- Total Commercial Mortgage Backed Securities (cost $3,899,734) 3,889,482 ---------- SOVEREIGN DEBT OBLIGATIONS--3.7% AUSTRALIA--0.7% Government of Australia Series 217 6.00%, 2/15/17 775 580,468 ---------- BRAZIL--0.3% Federal Republic of Brazil 8.25%, 1/20/34 245 269,990 ---------- MEXICO--0.7% Mexican Bonos Series M20 10.00%, 12/05/24 5,795 594,513 ---------- PANAMA--0.1% Republic of Panama 6.70%, 1/26/36 55 54,863 ---------- PERU--0.1% Republic of Peru 7.35%, 7/21/25 100 98,200 ---------- POLAND--0.3% Goverment of Poland 6.250%, 10/24/15 825 278,779 ---------- RUSSIA--0.1% Russian Federation (e) 5.00%, 3/31/30 110 120,340 ---------- SWEDEN--1.3% Government of Sweden 5.00%, 1/28/09 3,960 533,356 5.25%, 3/15/11 3,820 529,851 ---------- 1,063,207 ---------- UKRAINE--0.1% Governement of Ukraine 7.65%, 6/11/13 100 104,940 ---------- Total Sovereign Debt Obligations (cost $3,231,448) 3,165,300 ---------- ASSET-BACKED SECURITIES--1.1% Aegis Asset Backed Securties Trust Series 2004-3 Cl. A2A 5.018%, 9/25/34 (b) 22 21,714 Bear Stearns Asset Backed Securities, Inc. Series 2005-SD1 Cl. 1A1 4.968%, 4/25/22 (b) 31 30,821 Capital Auto Receivables Asset Trust Series 2005-SN1A Cl. A3A 4.10%, 6/15/08 60 59,511 Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust Series 2005-1 Cl. A3 4.32%, 8/15/09 155 $ 153,437 Credit-Based Asset Servicing and Securities Series 2003-CB1 Cl. AF2 3.45%, 1/25/33 (e) 35 33,364 Series 2005-CB17 Cl. AF2 5.147%, 11/25/35 (e) 35 34,713 Home Equity Mortgage Trust Series 2005-4 Cl. A3 4.742%, 1/25/36 (e) 95 93,534 Series 2006-1 Cl. A2 5.30%, 3/25/36 (e) 30 29,879 HSI Asset Securitization Corp. Trust Series 2006-OPT2 Cl. 2A1 4.898%, 12/31/49 (b) 63 63,267 MBNA Credit Card Master Note Trust Series 2003-A6 Cl. A6 2.75%, 10/15/10 85 80,896 Merrill Lynch Mortgage Investors, Inc. Series 2005-8 Cl. A1C1 5.25%, 8/25/36 (d) 163 160,566 Morgan Stanley ABS Capital I Series 2004-HE4 Cl. A3 5.018%, 5/25/34 (b) 1 240 Residential Asset Mortgage Products, Inc. Series 2005-RS1 Cl. AII1 4.928%, 1/25/35 18 17,974 Residential Asset Securities Corp. Series 2003-KS3 Cl. A2 5.118%, 5/25/33 (b) 7 7,310 Series 2004-KS7 Cl. AI1 4.961%, 10/25/21 (b) 4 3,638 Residential Funding Mortgage Series 2005-HI2 Cl. A3 4.46%, 5/25/35 30 29,314 Specialty Underwriting & Residential Finance Series 2006-BC1 Cl. A2A 4.65%, 12/25/36 (b) 63 63,355 Structured Asset Investment Loan Trust Series 2004-5 Cl. A2 4.998%, 5/25/34 (b) 3 3,038 Series 2006-1 Cl. A1 4.898%, 1/25/36 (b) 58 57,889 ------------ Total Asset-Backed Securities (cost $944,401) 944,460 ------------ SHORT-TERM INVESTMENTS--17.1% FEDERAL AGENCIES--12.6% Federal Home Loan Bank Zero Coupon, 4/12/06 3,600 3,595,817 Federal National Mortgage Association Zero Coupon, 4/18/06 3,600 3,593,063 Freddie Mac Discount Note Series RB Zero Coupon, 5/11/06 3,580 3,562,164 ------------ 10,751,044 ------------ TIME DEPOSIT--4.5% The Bank of New York 3.75%, 4/03/06 3,794 3,794,000 ------------ Total Short-term Investment (cost $14,525,100) 14,545,044 ------------ Total Investments--114.0% (cost $89,801,327) 97,018,245 Other assets less liabilities--(14.0%) (11,915,238) ------------ Net Assets--100% $ 85,103,007 ============ (a) Non-income producing security. (b) Floating rate security. Stated interest rate was in effect at March 31, 2006. (c) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the aggregate market value of these securities amounted to $405,733 or 0.5 % of net assets. (d) Variable rate coupon, rate shown as of March 31, 2006. (e) Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2006. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt TBA - To Be Assigned - Security/Securities is/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. SECTOR BREAKDOWN March 31, 2006 (unaudited) SECTOR U.S. $ VALUE PERCENT OF NET ASSETS ------------------------------------------------------------------------------- Finance $15,614,843 18.3% U.S. Government & Government Sponsored Agency Obligations 15,480,145 18.2 Construction & Housing 8,549,830 10.0 Technology/Electronics 7,657,949 9.0 Energy 4,681,233 5.5 Medical 4,515,432 5.3 Commercial Mortgage Backed Securities 3,889,482 4.6 Capital Equipment 3,640,854 4.3 Consumer Cyclical 3,591,654 4.2 Sovereign Debt Obligation 3,165,300 3.7 Consumer Staples 3,040,735 3.6 Telecommunications 2,427,748 2.9 Industrials 1,716,999 2.0 Utilities 1,622,155 1.9 Industrial Commodities 1,526,278 1.8 Asset Backed Securities 944,460 1.1 Transportation 408,104 0.5 ----------- ----- Total Investments* 82,473,201 96.9 Cash and receivables, net of liabilities 2,629,806 3.1 ----------- ----- Net Assets $85,103,007 100.0% * Excludes short-term investments. All data are as of March 31, 2006. The Portfolio's sector breakdown is expressed as a percentage of total investments and may vary over time. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND WEALTH APPRECIATION STRATEGY PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--98.4% UNITED STATES INVESTMENTS--62.8% FINANCE--17.0% BANKING--7.9% Bank of America Corp. 8,850 $ 403,028 Citigroup, Inc. 9,825 464,034 Comerica, Inc. 1,100 63,767 Fannie Mae 2,200 113,080 Fifth Third Bancorp 2,100 82,656 Freddie Mac 1,950 118,950 Huntington Bancshares, Inc. 2,700 65,151 JPMorgan Chase & Co. 10,000 416,399 KeyCorp 500 18,400 Mellon Financial Corp. 1,900 67,640 National City Corp. 2,350 82,015 Northern Trust Corp. 2,200 115,500 PNC Financial Services Group, Inc. 400 26,924 Regions Financial Corp. 2,300 80,891 SunTrust Banks, Inc. 1,125 81,855 UBS AG 1,575 173,203 US Bancorp 2,000 61,000 Wachovia Corp. 3,700 207,385 Wells Fargo & Co. 1,600 102,192 ---------- 2,744,070 ---------- FINANCIAL SERVICES--4.0% Federated Investors, Inc. 1,050 41,003 Franklin Resources, Inc. 2,400 226,176 Legg Mason, Inc. 2,000 250,660 Lehman Brothers Holdings, Inc. 375 54,199 MBIA, Inc. 700 42,091 Merrill Lynch & Co., Inc. 4,700 370,172 Morgan Stanley 700 43,974 Nasdaq Stock Market, Inc.(a) 1,100 44,044 Prudential Financial, Inc. 150 11,372 The Goldman Sachs Group, Inc. 1,775 278,604 Waddell & Reed Financial, Inc. 900 20,790 ---------- 1,383,085 ---------- INSURANCE--5.1% ACE Ltd. 1,150 59,812 American International Group, Inc. 7,400 489,065 Genworth Financial, Inc. 1,925 64,353 MetLife, Inc. 1,825 88,275 Old Republic International Corp. 1,600 34,912 The Allstate Corp. 625 32,569 The Chubb Corp. 700 66,808 The Hartford Financial Services Group, Inc. 1,175 94,646 The St. Paul Travelers Cos., Inc. 2,225 92,983 Torchmark Corp. 1,000 57,100 UnitedHealth Group, Inc. 5,100 284,886 UnumProvident Corp. 2,700 55,296 WellPoint, Inc. (a) 4,450 344,564 ---------- 1,765,269 ---------- 5,892,424 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TECHNOLOGY / ELECTRONICS--11.2% DATA PROCESSING--5.9% Agere System, Inc. (a) 2,000 $ 30,080 Apple Computer, Inc. (a) 5,875 368,480 Arrow Electronics, Inc. (a) 1,350 43,565 Electronic Data Systems Corp. 2,600 69,758 EMC Corp. (a) 1,300 17,719 Google, Inc. Cl. A (a) 1,190 464,099 Hewlett-Packard Co. 6,600 217,140 International Business Machines Corp. 950 78,347 Microsoft Corp. 8,825 240,128 Network Appliance, Inc. (a) 4,500 162,135 Sanmina-SCI Corp. (a) 7,800 31,980 Solectron Corp. (a) 11,500 46,000 Tech Data Corp. (a) 1,300 47,983 Yahoo!, Inc. (a) 6,675 215,336 ---------- 2,032,750 ---------- ELECTRICAL & ELECTRONICS--4.1% ADC Telecommunications, Inc. (a) 1,300 33,267 Broadcom Corp. Cl. A (a) 8,650 373,334 Corning, Inc. (a) 11,400 306,774 Juniper Networks, Inc. (a) 11,200 214,144 QUALCOMM, Inc. 8,600 435,246 Tellabs, Inc. (a) 3,300 52,470 ---------- 1,415,235 ---------- ELECTRONIC COMPONENTS & INSTRUMENTS--1.2% Advanced Micro Devices, Inc. (a) 7,500 248,700 Intel Corp. 2,600 50,310 KLA-Tencor Corp. 1,800 87,048 NVIDIA Corp. (a) 600 34,356 ---------- 420,414 ---------- 3,868,399 ---------- CONSUMER CYCLICAL--6.1% BROADCASTING & PUBLISHING--1.4% CBS Corp. Cl. B 3,075 73,739 Comcast Corp. Cl. A (a) 1,000 26,160 Comcast Corp. Special Cl. A (a) 2,750 71,830 Liberty Media Corp. Cl. A (a) 2,200 18,062 The E.W. Scripps Co. Cl. A 770 34,427 The Walt Disney Co. 2,000 55,780 Time Warner, Inc. 9,300 156,147 Viacom, Inc. Cl. B (a) 1,475 57,230 ---------- 493,375 ---------- BUSINESS & PUBLIC SERVICES--0.1% The Interpublic Group of Cos., Inc. (a) 4,200 40,152 ---------- APPLIANCES - HOUSEHOLD/DURABLES--0.1% Newell Rubbermaid, Inc. 1,400 35,266 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- LEISURE & TOURISM--1.2% Host Marriott Corp. 2,675 $ 57,245 Las Vegas Sands Corp. (a) 1,200 67,992 McDonald's Corp. 6,150 211,314 Starbucks Corp. (a) 1,700 63,988 Starwood Hotels & Resorts Worldwide, Inc. 150 10,160 ---------- 410,699 ---------- MERCHANDISING--2.9% eBay, Inc. (a) 9,500 371,069 Limited Brands, Inc. 2,500 61,150 Lowe's Cos., Inc. 3,700 238,428 Office Depot, Inc. (a) 2,200 81,928 Target Corp. 5,050 262,650 ---------- 1,015,225 ---------- RECREATION & OTHER CONSUMER--0.2% Mattel, Inc. 3,100 56,203 ---------- TEXTILES & APPAREL--0.2% Jones Apparel Group, Inc. 1,500 53,055 ---------- 2,103,975 ---------- ENERGY--6.1% ENERGY EQUIPMENT & SERVICES--2.7% Baker Hughes, Inc. 975 66,690 ENSCO International, Inc. 1,200 61,740 GlobalSantaFe Corp. 2,350 142,763 Halliburton Co. 6,700 489,234 Rowan Cos., Inc. 1,300 57,148 Schlumberger Ltd. 800 101,256 ---------- 918,831 ---------- ENERGY SOURCES--3.4% ChevronTexaco Corp. 3,775 218,837 ConocoPhillips 2,300 145,245 Exxon Mobil Corp. 10,425 634,465 Marathon Oil Corp. 1,200 91,404 Occidental Petroleum Corp. 1,000 92,650 ---------- 1,182,601 ---------- 2,101,432 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MEDICAL--5.4% HEALTH & PERSONAL CARE--5.4% Amgen, Inc. (a) 1,500 $ 109,125 Bristol-Myers Squibb Co. 2,200 54,142 Caremark Rx, Inc. 3,525 173,360 Eli Lilly & Co. 1,150 63,595 Genentech, Inc. (a) 4,600 388,745 Gilead Sciences, Inc. (a) 3,550 220,881 HCA, Inc. 900 41,211 Medco Health Solutions, Inc. (a) 900 51,498 Merck & Co., Inc. 4,475 157,654 Pfizer, Inc. 14,500 361,340 St. Jude Medical, Inc. (a) 3,400 139,400 Tenet Healthcare Corp. (a) 2,300 16,974 Ventas, Inc. 625 20,738 WYETH 1,200 58,224 ---------- 1,856,887 ---------- CONSTRUCTION & HOUSING--4.5% BUILDING MATERIALS--0.3% Martin Marietta Materials, Inc. 325 34,785 Vulcan Materials Co. 700 60,655 ---------- 95,440 ---------- REAL ESTATE--4.2% Alexandria Real Estate Equities, Inc. 545 51,955 AMB Property Corp. 375 20,351 Archstone-Smith Trust 1,000 48,770 AvalonBay Communities, Inc. 600 65,460 Boston Properties, Inc. 675 62,944 Brookfield Properties Co. 1,150 39,273 Camden Property Trust 600 43,230 Corporate Office Properties Trust 1,200 54,888 Developers Diversified Realty Corp. 755 41,336 Digital Realty Trust, Inc. 400 11,268 EastGroup Properties, Inc. 225 10,674 Equity Inns, Inc. 1,350 21,870 Equity Office Properties Trust 650 21,827 Equity Residential 1,350 63,167 Essex Property Trust, Inc. 175 19,028 Federal Realty Investment Trust 450 33,840 FelCor Lodging Trust, Inc. 1,200 25,320 First Potomac Realty Trust 800 22,600 General Growth Properties, Inc. 1,400 68,418 Kimco Realty Corp. 1,300 52,832 LaSalle Hotel Properties 400 16,400 Maguire Properties, Inc. 950 34,675 Mid-America Apartment Communities, Inc. 525 28,744 Pan Pacific Retail Properties, Inc. 275 19,498 ProLogis 1,825 97,637 Public Storage, Inc. 975 79,198 Reckson Associates Realty Corp. 525 24,056 Regency Centers Corp. 675 45,353 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Simon Property Group, Inc. 1,425 $ 119,899 SL Green Realty Corp. 300 30,450 Sovran Self Storage, Inc. 200 11,040 Strategic Hotel Capital, Inc. 600 13,968 Sunstone Hotel Investors, Inc. 1,250 36,213 Tanger Factory Outlet Centers, Inc. 650 22,367 The Macerich Co. 325 24,034 United Dominion Realty Trust, Inc. 550 15,697 Vornado Realty Trust 850 81,599 ---------- 1,479,879 ---------- 1,575,319 ---------- CONSUMER STAPLES--4.3% BEVERAGES & TOBACCO--1.2% Altria Group, Inc. 2,800 198,408 Kraft Foods, Inc. 800 24,248 PepsiCo, Inc. 900 52,011 The Coca-Cola Co. 2,550 106,769 UST, Inc. 1,000 41,600 ---------- 423,036 ---------- FOOD & HOUSEHOLD PRODUCTS--3.1% Colgate-Palmolive Co. 700 39,970 ConAgra Foods, Inc. 3,100 66,526 Del Monte Foods Co. 1,500 17,790 General Mills, Inc. 1,200 60,816 Kellogg Co. 500 22,020 Safeway, Inc. 2,300 57,776 The Clorox Co. 1,000 59,850 The Kroger Co. 3,000 61,080 The Procter & Gamble Co. 8,500 489,770 Walgreen Co. 2,700 116,451 Whole Foods Market, Inc. 1,400 93,016 ---------- 1,085,065 ---------- 1,508,101 ---------- CAPITAL EQUIPMENT--3.5% AEROSPACE & DEFENSE--1.7% Goodrich Corp. 1,000 43,610 Lockheed Martin Corp. 700 52,591 Northrop Grumman Corp. 1,525 104,142 Rockwell Collins, Inc. 800 45,080 The Boeing Co. 4,375 340,943 ---------- 586,366 ---------- AUTOMOBILES--0.5% Autoliv, Inc. 1,000 56,580 BorgWarner, Inc. 800 48,032 Cooper Tire & Rubber Co. 700 10,038 Johnson Controls, Inc. 450 34,169 Lear Corp. 800 14,184 ---------- 163,003 ---------- INDUSTRIAL COMPONENTS--0.1% Eaton Corp. 800 58,376 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- MULTI-INDUSTRY--1.2% Crane Co. 700 $ 28,707 General Electric Co. 7,550 262,589 Hubbell, Inc. Cl. B 325 16,660 SPX Corp. 800 42,736 Textron, Inc. 600 56,034 ---------- 406,726 ---------- 1,214,471 ---------- TELECOMMUNICATIONS--2.4% American Tower Corp. Cl. A (a) 700 21,224 AT&T, Inc. 8,000 216,320 BellSouth Corp. 4,900 169,785 Crown Castle International Corp. (a) 2,000 56,700 Sprint Nextel Corp. 5,800 149,872 Verizon Communications, Inc. 6,075 206,915 ---------- 820,816 ---------- UTILITIES--0.9% ELECTRIC & GAS UTILITY--0.9% American Electric Power Co., Inc. 1,100 37,422 Dominion Resources, Inc. 1,300 89,739 Entergy Corp. 1,050 72,387 Exelon Corp. 175 9,258 Northeast Utilities 1,600 31,248 Pinnacle West Capital Corp. 1,200 46,920 Wisconsin Energy Corp. 1,200 47,988 ---------- 334,962 ---------- INDUSTRIAL COMMODITIES--0.8% CHEMICAL--0.4% E.I. Du Pont de Nemours & Co. 1,100 46,431 PPG Industries, Inc. 1,125 71,269 The Lubrizol Corp. 800 34,280 Monsanto Co. 100 8,475 ---------- 160,455 ---------- FOREST & PAPER--0.3% Kimberly-Clark Corp. 1,275 73,695 Smurfit-Stone Container Corp. (a) 1,800 24,426 ---------- 98,121 ---------- MISCELLANEOUS MATERIALS--0.1% Owens-Illinois, Inc. (a) 1,900 33,003 ---------- 291,579 ---------- TRANSPORTATION--0.6% TRANSPORTATION - ROAD & RAIL--0.6% CSX Corp. 1,200 71,760 Norfolk Southern Corp. 1,800 97,326 Union Pacific Corp. 300 28,005 ---------- 197,091 ---------- Total United States Investments (cost $18,706,250) 21,765,456 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- FOREIGN INVESTMENTS--35.6% AUSTRALIA--1.1% Centro Properties Group 2,981 $ 13,794 DB Rreef Trust 14,407 15,149 General Property Trust 11,400 33,671 Macquarie CountryWide Trust 7,591 10,836 Macquarie Goodman Group 8,107 28,888 QBE Insurance Group Ltd. 4,589 71,768 Rinker Group Ltd. 3,001 42,300 Stockland 4,852 23,326 Westfield Group 11,869 145,153 -------- 384,885 -------- BERMUDA--1.0% Marvell Technology Group Ltd. (a) 2,850 154,185 Nabors Industries Ltd. (a) 2,800 200,423 -------- 354,608 -------- BRAZIL--0.4% Petroleo Brasileiro, SA (ADR) 1,700 139,155 -------- CANADA--0.8% Allied Properties Real Estate Investment Trust 1,600 25,757 Boardwalk Real Estate Investment Trust 1,375 26,809 Borealis Retail Real Estate Investment Trust 2,050 32,106 Canadian Apartment Properties Real Estate 900 12,739 Canadian Natural Resources Ltd. 1,200 66,687 Canadian Real Estate Investment Trust 1,300 26,504 Cominar Real Estate Investment Trust 700 12,102 Dundee Real Estate Investment Trust 600 14,283 H&R Real Estate Investment Trust 1,350 25,431 RioCan Real Estate Investment Trust 1,350 26,657 Summit Real Estate Investment Trust 950 21,435 -------- 290,510 -------- FINLAND--0.0% Citycon Oyj 2,800 13,946 Citycon Oyj- Rights, expiring 4/21/2006 (a) 2,800 923 -------- 14,869 -------- FRANCE--4.9% Arcelor 2,300 90,490 Assurance Generales de France 1,000 120,487 Bail Investissement Fonciere 650 40,699 BNP Paribas, SA 1,505 139,284 BNP PARIBAS-NEW (a) 137 12,294 Business Objects, SA (a) 1,774 64,626 CapGemini, SA 2,807 152,548 Credit Agricole, SA 2,260 87,590 European Aeronautic Defence And Space Co. 3,317 139,352 Klepierre 650 80,931 Renault, SA 1,600 169,556 Sanofi Aventis 1,435 136,079 Societe Generale 600 89,907 Societe Television Francaise 1,549 46,868 Total, SA 400 105,454 Unibail 825 148,706 VINCI SA 707 69,568 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Vinci, SA Right, expiring 4/12/06 (a) 707 $ 1,517 ---------- 1,695,956 ---------- GERMANY--1.9% Commerzbank AG 1,249 49,617 Continental AG 1,300 143,276 E.On AG 1,000 109,902 MAN AG 1,000 69,506 Muenchener Rueckversicherungs - Gesellschaft AG 700 99,089 RWE AG 600 52,152 SAP AG 566 122,912 ---------- 646,454 ---------- GREECE--0.3% EFG Eurobank Ergasias 1,133 43,595 National Bank Of Greece, SA 951 44,719 ---------- 88,314 ---------- HONG KONG--0.8% Hang Lung Properties Ltd. 25,000 47,435 Kerry Properties Ltd. 18,800 68,748 New World Development Co., Ltd. 29,200 51,181 Sino Land Co., Ltd. 39,600 56,760 Sun Hung Kai Properties Ltd. 5,700 57,812 ---------- 281,936 ---------- HUNGARY--0.2% Mol Magyar Olaj-es Gazipari Rt 600 61,603 ---------- INDIA--0.0% Infosys Technologies Ltd. 223 15,010 ---------- IRELAND--0.5% Anglo Irish Bank Corp., Plc 3,921 64,565 CRH Plc 3,019 105,456 ---------- 170,021 ---------- ISRAEL--1.1% Teva Pharmaceutical Industries Ltd. (ADR) 8,850 364,442 ---------- ITALY--0.9% Beni Stabili SpA 12,300 13,853 Buzzi Unicem SpA 2,000 47,655 Eni S.p.A 5,928 168,801 Luxottica Group SpA 3,044 83,781 ---------- 314,090 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- JAPAN--7.9% Canon, Inc. 2,600 $ 171,585 Denso Corp. 2,400 94,868 Hoya Corp. 3,000 120,803 Japan Real Estate Investment Corp. 1 8,667 Japan Retail Fund Investment Corp. 9 70,351 Japan Tobacco, Inc. 30 105,573 JFE Holdings, Inc. 3,500 141,545 Mitsubishi Corp. 3,800 86,643 Mitsubishi UFJ Financial Group, Inc. 10 152,077 Mitsui & Co., Ltd. 10,000 144,429 Mitsui Chemicals, Inc. 6,000 44,115 Mitsui Fudosan Co., Ltd. 5,900 135,631 Mitsui O.S.K. Lines Ltd. 5,000 33,811 NEC Corp. 8,000 56,269 Nippon Building Fund, Inc. 14 129,442 Nitto Denko Corp. 1,500 127,216 Nomura Holdings, Inc. 7,700 170,577 Orix Corp. 500 155,295 Sony Corp. 700 32,248 Sumitomo Electric Industries Ltd. 3,100 49,106 Sumitomo Heavy Industries Ltd. 5,000 47,952 Sumitomo Mitsui Financial Group, Inc. 23 253,879 Sumitono Realty & Development Co., Ltd. 3,000 83,049 Takeda Pharmaceutical Co., Ltd. 900 51,196 Toyota Motor Corp. 4,200 228,686 Yamada Denki Co., Ltd. 500 57,836 ---------- 2,752,849 ---------- MEXICO--0.4% America Movil, S.A. de CV Series L (ADR) 3,700 126,762 ---------- 126,762 ---------- NETHERLANDS--1.1% Eurocommercial Properties NV 310 12,039 ING Groep NV 8,636 340,116 Rodamco Europe NV 205 20,572 Wereldhave NV 125 14,038 ---------- 386,765 ---------- NORWAY--0.3% Norsk Hydro ASA 748 103,476 ---------- PEOPLES REPUBLIC OF CHINA--0.2% China Petroleum & Chemical Corp. 76,000 44,357 China Shenhua Energy Co., Ltd. 18,000 31,617 ---------- 75,974 ---------- RUSSIA--0.1% LUKOIL (ADR) 500 41,600 ---------- SINGAPORE--0.7% Ascendas Real Estate Investment Trust Cl. A 33,595 45,180 CapitaMall Trust 19,800 28,994 Flextronics International Ltd. (a) 6,200 64,170 Singapore Telecommunications Ltd. 63,000 103,177 ---------- 241,521 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SOUTH AFRICA--0.2% Naspers Ltd. 1,183 $ 24,070 Standard Bank Group Ltd. 4,000 54,846 ---------- 78,916 ---------- SOUTH KOREA--0.6% Kookmin Bank 800 68,570 POSCO 320 82,152 Samsung Electronics Co., Ltd. 80 51,653 Shinhan Financial Group Co., Ltd. 60 2,676 ---------- 205,051 ---------- SPAIN--0.6% Banco Bilbao Vizcaya 4,546 94,717 Inmobiliaria Colonial 250 17,587 Repsol YPF, SA 3,000 85,201 ---------- 197,505 ---------- SWEDEN--0.6% Atlas Copco AB CI. A 3,192 89,669 Svenska Cellulosa AB CI. B 1,100 48,278 Telefonaktiebolaget LM Ericsson 16,412 61,999 ---------- 199,946 ---------- SWITZERLAND--3.0% Alcon, Inc. 2,575 268,469 Credit Suisse Group 3,704 207,215 Nestle, SA CI. B 351 103,935 Nobel Biocare Holding AG 231 51,471 Novartis AG 2,242 124,400 Roche Holding AG 761 113,095 UBS AG 1,511 166,057 ---------- 1,034,642 ---------- TAIWAN--0.6% Foxconn Technology Co., Ltd. 4,000 25,396 High Tech Computer Corp. 2,000 54,481 Hon Hai Precision Industry 1,174 7,242 Quanta Computer, Inc. (GDR) 5,200 42,700 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 7,600 76,456 ---------- 206,275 ---------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- UNITED KINGDOM--5.4% AstraZeneca Plc 300 $ 15,072 Aviva Plc 7,500 103,943 BAE Systems Plc 19,395 141,399 Barclays Plc 9,100 106,273 BG Group Plc 3,956 49,409 Billiton Plc 4,423 81,103 BP Plc 4,500 51,757 British American Tobacco Plc 7,915 191,483 British Land Co. Plc 3,281 70,625 Brixton Plc 1,950 16,627 Capital & Regional Plc 2,116 42,247 Derwent Valley Holdings Plc 1,200 33,676 Friends Provident Plc 13,180 47,610 GlaxoSmithKline Plc 1,300 33,986 Hammerson Plc 1,350 29,007 HBOS Plc 5,730 95,548 J. Sainsbury Plc 14,200 81,817 Land Securities Group Plc 1,537 51,427 Liberty International Plc 1,700 34,698 Marks & Spencer Group Plc 8,407 81,152 Persimmon Plc 2,000 46,017 Prudential Plc 3,262 37,729 Rio Tinto Plc 1,246 63,908 Royal Bank of Scotland Group Plc 3,900 126,809 Slough Estates Plc 700 8,085 Standard Chartered Plc 1,848 45,900 Vodafone Group Plc 40,500 84,493 Xstrata Plc 2,940 95,189 ----------- 1,866,989 ----------- Total Foreign Investments (cost $10,554,131) 12,340,124 ----------- Total Common Stocks (cost $29,260,381) 34,105,580 ----------- SHORT-TERM INVESTMENT--0.9% TIME DEPOSIT--0.9% The Bank of New York 3.25% 4/03/06 (cost $314,000) $ 314 314,000 ----------- TOTAL INVESTMENTS--99.3% (cost $29,574,381) 34,419,580 Other assets less liabilities--0.7% 238,937 ----------- NET ASSETS--100% $34,658,517 =========== (a) Non-income producing security. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt SECTOR BREAKDOWN March 31, 2006 (unaudited) PERCENT OF SECTOR U.S. $ VALUE NET ASSETS -------------------------------------------------------------------- Finance 9,203,156 26.5% Technology/Electronics 5,096,713 14.7 Construction & Housing 3,788,500 10.9 Energy 3,250,972 9.4 Medical 3,015,097 8.7 Capital Equipment 2,387,841 6.9 Consumer Cyclical 2,346,149 6.8 Consumer Staples 2,074,690 6.0 Telecommunications 1,135,248 3.3 Industrial Commodities 1,079,296 3.1 Utilities 497,016 1.4 Transportation 230,902 0.7 ----------- ----- Total Investments* 34,105,580 98.4 Cash and receivables, net of liabilities 552,937 1.6 ----------- ----- Net Assets $34,658,517 100.0% * Excludes short-term investment. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND GLOBAL RESEARCH GROWTH PORTFOLIO PORTFOLIO OF INVESTMENTS March 31, 2006 (unaudited) Company Shares U.S. $ Value -------------------------------------------------------------------------------- COMMON STOCKS--95.3% FINANCE--22.6% BANKING - MONEY CENTER--7.3% Banco Bilbao Vizcaya Argentaria, SA 3,068 $ 63,923 Credit Suisse Group 2,943 164,642 JPMorgan Chase & Co. 4,000 166,560 Standard Chartered Plc 3,302 82,014 UBS AG 1,532 168,364 ---------- 645,503 ---------- BANKING - REGIONAL--1.0% Allied Irish Banks Plc 1,793 42,660 China Construction Bank (a) (b) 91,000 42,382 ---------- 85,042 --------- BROKERAGE & MONEY MANAGEMENT--3.4% Franklin Resources, Inc. 600 56,544 Man Group Plc 1,046 44,702 Nomura Holdings, Inc. 8,800 194,946 ---------- 296,192 ---------- INSURANCE--5.0% American International Group, Inc. 2,500 165,225 Axis Capital Holdings Ltd. 1,100 32,890 Prudential Plc 8,204 94,889 QBE Insurance Group Ltd. 3,991 62,416 Swiss Reinsurance 1,220 85,021 ---------- 440,441 ---------- MORTGAGE BANKING--1.3% Fannie Mae 2,300 118,220 ---------- MISCELLANEOUS--4.6% Citigroup, Inc. 5,900 278,657 State Street Corp. 2,100 126,903 ---------- 405,560 ---------- 1,990,958 ---------- ENERGY--14.8% DOMESTIC PRODUCERS--1.9% Noble Energy, Inc. 3,776 165,842 ---------- INTERNATIONAL--4.2% China Petroleum & Chemical Corp. 68,000 39,688 Lukoil Holdings (ADR) 854 71,053 Norsk Hydro ASA 697 96,421 Petroleo Brasileiro, SA (ADR) 2,000 159,700 ---------- 366,862 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- OIL SERVICE--8.7% FMC Technologies, Inc. (a) 700 $ 35,854 GlobalSantaFe Corp. 1,200 72,900 Halliburton Co. 3,800 277,476 Nabors Industries Ltd. (a) 2,000 143,160 Schlumberger Ltd. 1,900 240,483 ---------- 769,873 ---------- 1,302,577 ---------- HEALTH CARE--13.0% BIOTECHNOLOGY--1.9% Amgen, Inc. (a) 400 29,100 Genentech, Inc. (a) 900 76,059 Gilead Sciences, Inc. (a) 800 49,776 MedImmune, Inc. (a) 300 10,974 ---------- 165,909 ---------- DRUGS--6.0% Allergan, Inc. 400 43,400 AstraZeneca Plc (ADR) 200 10,046 Cephalon, Inc. (a) 200 12,050 Eli Lilly & Co. 500 27,650 Forest Laboratories, Inc. (a) 500 22,315 Merck & Co., Inc. 2,000 70,460 Novartis AG 975 54,099 Ranbaxy Laboratories Ltd. (GDR) 1,043 10,119 Roche Holding AG-Genusschin 548 81,440 Sanofi-Aventis, SA 522 49,500 Shionogi & Co., Ltd. 2,000 32,801 Takeda Pharmaceutical Co., Ltd. 400 22,754 Teva Pharmaceutical Industries Ltd. (ADR) 1,600 65,888 Wyeth 600 29,112 ---------- 531,634 ---------- MEDICAL PRODUCTS--1.9% Alcon, Inc. 600 62,556 Bausch & Lomb, Inc. 200 12,740 Nobel Biocare Holding AG 185 41,222 St. Jude Medical, Inc. (a) 800 32,800 Zimmer Holdings, Inc. (a) 300 20,280 ---------- 169,598 ---------- MEDICAL SERVICES--3.2% Caremark Rx, Inc. 500 24,590 Medco Health Solutions, Inc. (a) 300 17,166 UnitedHealth Group, Inc. 1,900 106,134 WellPoint, Inc. (a) 1,700 131,631 ---------- 279,521 ---------- 1,146,662 ---------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- TECHNOLOGY--11.6% COMMUNICATION EQUIPMENT--2.2% Cisco Systems, Inc. (a) 2,000 $ 43,340 Corning, Inc.(a) 700 18,837 Juniper Networks, Inc. (a) 800 15,296 Motorola, Inc. 1,700 38,947 QUALCOMM, Inc. 1,200 60,732 Telefonaktiebolaget LM Ericsson 4,823 18,220 -------- 195,372 -------- COMMUNICATION SERVICES--0.1% Comstar United Telesystems (GDR) (a) (b) 1,660 12,118 -------- COMPUTER HARDWARE/STORAGE--2.0% Apple Computer, Inc. (a) 800 50,176 EMC Corp. (a) 2,300 31,349 International Business Machines Corp. (IBM) 600 49,482 NEC Corp. 4,000 28,134 Sun Microsystems, Inc. (a) 3,000 15,390 -------- 174,531 -------- COMPUTER PERIPHERALS--0.2% QLogic Corp. (a) 800 15,480 -------- COMPUTER SERVICES--0.6% Cap Gemini, SA 374 20,325 Fiserv, Inc. (a) 400 17,020 Infosys Technologies Ltd. (ADR) 200 15,572 -------- 52,917 -------- CONTRACT MANUFACTURING--0.2% Hon Hai Precision Industry Co., Ltd. (GDR) 1,127 13,960 -------- ELECTRONIC COMPONENTS--0.1% LG. Philips LCD Co., Ltd. (ADR) (a) 500 11,350 -------- INTERNET INFRASTRUCTURE--0.2% Fastweb 300 15,285 -------- INTERNET MEDIA--0.9% Google, Inc. Cl. A (a) 140 54,600 Yahoo!, Inc. (a) 700 22,582 -------- 77,182 -------- SEMICONDUCTOR CAPITAL EQUIPMENT--0.4% Applied Materials, Inc. 500 8,755 ASML Holding NV (a) 566 11,520 KLA-Tencor Corp. 300 14,508 -------- 34,783 -------- Company Shares U.S. $ Value -------------------------------------------------------------------------------- SEMICONDUCTOR COMPONENTS--1.5% Advanced Micro Devices, Inc. (a) 600 $ 19,896 Broadcom Corp. Cl. A (a) 1,150 49,634 Marvell Technology Group Ltd. (a) 400 21,640 Samsung Electronics Co., Ltd. 32 20,661 Silicon Laboratories Inc. (a) 100 5,495 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 1,554 15,633 ---------- 132,959 ---------- SOFTWARE--2.0% Adobe Systems, Inc. 400 13,968 BEA Systems, Inc. (a) 900 11,817 Business Objects, SA (a) 375 13,661 Microsoft Corp. 3,200 87,072 SAP AG (ADR) 1,000 54,320 ---------- 180,838 ---------- MISCELLANEOUS--1.2% Canon, Inc. 600 39,597 Hoya Corp. 900 36,241 Keyence Corp. 110 28,559 ---------- 104,397 ---------- 1,021,172 ---------- CONSUMER SERVICES--7.3% ADVERTISING--0.5% WPP Group Plc 4,036 48,304 ---------- AIRLINES--0.2% Continental Airlines, Inc. Cl.B (a) 600 16,140 ---------- BROADCASTING & CABLE--0.8% Time Warner, Inc. 4,300 72,197 ---------- CELLULAR COMMUNICATIONS--0.5% America Movil, SA de CV Series L (ADR) 1,200 41,112 Orascom Telecom Holdings SAE (GDR) 133 7,276 ---------- 48,388 ---------- ENTERTAINMENT/LEISURE--0.6% Greek Organisation of Football Prognostics, SA 1,334 51,001 ---------- RESTAURANT & LODGING--1.6% Accor, SA 895 51,502 Hilton Hotels Corp. 1,500 38,190 McDonald's Corp. 1,500 51,540 ---------- 141,232 ---------- RETAIL - GENERAL MERCHANDISE--3.1% eBay, Inc. (a) 300 11,718 Lowe's Cos., Inc. 1,200 77,328 Target Corp. 900 46,809 The Gap, Inc. 1,200 22,416 The Home Depot, Inc. 1,700 71,910 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Williams-Sonoma, Inc. 800 $ 33,920 -------- 264,101 -------- 641,363 -------- CONSUMER STAPLES--5.8% BEVERAGES--0.8% Companhia de Bebidas das Americas (ADR) 300 12,888 SABMiller Plc 2,740 53,982 -------- 66,870 -------- FOOD--2.1% Kellogg Co. 1,000 44,040 Nestle, SA 311 92,091 WM. Wrigley Jr. Co. 700 44,800 -------- 180,931 -------- HOUSEHOLD PRODUCTS--2.0% Colgate-Palmolive Co. 800 45,680 The Procter & Gamble Co. 2,300 132,526 -------- 178,206 -------- RETAIL - FOOD & DRUG--0.4% Walgreen Co. 900 38,817 -------- TOBACCO--0.3% British American Tobacco Plc 1,193 28,862 -------- MISCELLANEOUS--0.2% Punch Taverns Plc 1,402 20,480 -------- 514,166 -------- BASIC INDUSTRY--5.7% CHEMICALS--2.0% Air Products and Chemicals, Inc. 1,800 120,942 Hitachi Chemical Co., Ltd. 2,000 57,441 -------- 178,383 -------- MINING & METALS--3.7% Aluminum Corp. of China Ltd. 66,000 69,358 China Shenhua Energy Co., Ltd. Cl. H 54,500 95,730 POSCO 374 96,015 Rio Tinto Plc 1,189 60,984 -------- 322,087 -------- 500,470 -------- CONSUMER MANUFACTURING--5.0% APPLIANCES--0.1% Sony Corp. 200 9,214 -------- AUTO & RELATED--2.3% Bridgestone Corp. 1,000 20,844 Denso Corp. 1,400 55,340 Company Shares U.S. $ Value -------------------------------------------------------------------------------- Toyota Motor Corp. 2,300 $125,233 -------- 201,417 -------- BUILDING RELATED--2.5% American Standard Cos., Inc. 1,100 47,146 CRH Plc 1,453 50,754 Pulte Homes, Inc. 700 26,894 Rinker Group Ltd. 3,494 49,249 Vinci, SA 541 53,234 -------- 227,277 -------- TEXTILE PRODUCTS--0.1% Building Materials Holding Corp. 200 7,128 -------- 445,036 -------- CAPITAL GOODS--4.1% ELECTRICAL EQUIPMENT--1.3% Atlas Copco AB 1,769 49,694 Emerson Electric Co. 800 66,904 -------- 116,598 -------- ENGINEERING & CONSTRUCTION--0.0% Vinci, SA (a) Rights, expiring 4/12/06 541 1,160 -------- MISCELLANEOUS--2.8% General Electric Co. 4,300 149,554 Nitto Denko Corp. 100 8,481 United Technologies Corp. 1,500 86,955 -------- 244,990 -------- 362,748 -------- AEROSPACE & DEFENSE--2.5% AEROSPACE--2.5% Bae Systems Plc 7,821 57,019 European Aeronautic Defence And Space Company 1,109 46,591 General Dynamics Corp. 800 51,184 The Boeing Co. 800 62,344 -------- 217,138 -------- MULTI-INDUSTRY COMPANIES--1.5% Danaher Corp. 800 50,840 Mitsubishi Corp. 1,100 25,081 Mitsui & Co., Ltd. 4,000 57,771 -------- 133,692 -------- UTILITIES--0.8% ELECTRIC & GAS UTILITY--0.6% Gaz DE France 1,520 54,810 -------- TELEPHONE UTILITY--0.1% Telekom Austria AG 457 10,758 -------- Shares or Principal Amount Company (000) U.S. $ Value -------------------------------------------------------------------------------- MISCELLANEOUS--0.1% Suez SA 129 $ 5,070 ---------- 70,638 ---------- TRANSPORTATION--0.6% AIR FREIGHT--0.6% United Parcel Service, Inc. Cl. B 700 55,566 ---------- Total Common Stocks (cost $7,030,492) 8,402,186 ---------- SHORT-TERM INVESTMENT--3.9% TIME DEPOSIT--3.9% The Bank of New York 3.75%, 4/03/06 (cost $344,000) $344 $ 344,000 ---------- Total Investments--99.2% (cost $7,374,492) 8,746,186 Other assets less liabilities--0.8% 68,445 ---------- Net Assets--100% $8,814,631 ========== (a) Non-income producing security. (b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the aggregate market value of these securities amounted to $ 54,500 or 0.6% of net assets. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt COUNTRY BREAKDOWN March 31, 2006 (unaudited) COUNTRY U.S. $ VALUE PERCENT OF NET ASSETS ------------------------------------------------------------------------------- United States $4,225,382 47.9% Switzerland 749,435 8.5 Japan 742,436 8.4 United Kingdom 501,282 5.7 France 295,854 3.3 Netherlands 252,003 2.9 Bermuda 197,690 2.2 China 177,799 2.0 Brazil 172,588 2.0 South Korea 128,026 1.4 Australia 111,665 1.3 Norway 96,421 1.1 Ireland 93,415 1.1 Other 658,190 7.5 ---------- ----- Total Investments* 8,402,186 95.3 Cash and receivables, net of liabilities 412,445 4.7 ---------- ----- Net Assets $8,814,631 100.0% ---------- ----- * Excludes short-term investment. All Data are as of March 31, 2006. The Portfolio's country breakdown is expressed as a percentage of net assets and may vary over time. "Other" represents less than 1% weighting in the following countries: Austria, Cayman Islands, Egypt, Germany, Greece, Hong Kong, India, Israel, Italy, Mexico, Russia, Spain, Sweden and Taiwan. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no 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 ----------- ---------------------- 3 (a) (1) Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 3 (a) (2) Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant AllianceBernstein Variable Products Series Fund, Inc. By: /s/ Marc O. Mayer --------------------------------- Marc O. Mayer President Date: May 25, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Marc O. Mayer --------------------------------- Marc O. Mayer President Date: May 25, 2006 By: /s/ Mark D. Gersten --------------------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: May 25, 2006