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)

Joseph J. Mantineo

AllianceBernstein 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, 2009

Date of reporting period: March 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 62.0%
Financials - 16.8%
Capital Markets - 2.2%
Ameriprise Financial, Inc.	6,700	$	137,283
Bank of New York Mellon Corp.	4,500		127,125
The Blackstone Group LP	29,575		214,419
The Charles Schwab Corp.	26,000		403,000
Credit Suisse Group AG	34,068		1,037,302
Deutsche Bank AG	10,500		420,591
Franklin Resources, Inc.	12,395		667,719
The Goldman Sachs Group, Inc.	26,694		2,830,098
Julius Baer Holding AG	14,515		356,645
Man Group PLC	140,726		441,002
Morgan Stanley	36,700		835,659
UBS AG (Swiss Virt-X) (a)	20,404		191,292
			7,662,135
Commercial Banks - 1.7%
ABSA Group Ltd.	5,800		58,912
Australia & New Zealand Banking Group Ltd.	24,500		267,720
Banco do Brasil SA	25,500		188,303
Banco Santander Central Hispano SA	49,915		344,154
Barclays PLC	84,700		179,828
BNP Paribas SA	9,600		396,064
Credit Agricole SA	35,478		391,451
Hana Financial Group, Inc.	5,300		80,752
HSBC Holdings PLC	48,500		270,026
Industrial & Commercial Bank of China Ltd.-Class H	512,000		266,098
Intesa Sanpaolo SpA	127,100		349,587
Itau Unibanco Banco Multiplo SA (ADR)	8,625		93,842
KB Financial Group, Inc. (a)	9,600		232,221
Lloyds Banking Group PLC	176,456		178,652
National Australia Bank Ltd.	9,700		135,406
National Bank of Canada	2,000		63,864
Nordea Bank AB	35,600		177,137
Societe Generale-Class A	10,625		415,618
Standard Bank Group Ltd.	13,500		113,291
Standard Chartered PLC	41,790		518,917

Sumitomo Mitsui Financial Group, Inc.	7,400	260,564
SunTrust Banks, Inc.	5,100	59,874
U.S. Bancorp	22,900	334,569
Wells Fargo & Co.	8,500	121,040
Westpac Banking Corp.	11,200	147,896
		5,645,786
Consumer Finance - 0.1%
Capital One Financial Corp.	22,100	270,504
Diversified Financial Services - 1.3%
CME Group, Inc.-Class A	5,075	1,250,429
ING Group	39,200	214,794
JP Morgan Chase & Co.	116,417	3,094,364
		4,559,587
Insurance - 2.2%
ACE Ltd.	9,500	383,800
Allianz SE	5,700	477,106
Allstate Corp.	39,900	764,085
Aviva PLC	60,554	187,777
Everest Re Group Ltd.	1,900	134,520
Fairfax Financial Holdings Ltd.	600	155,140
Fidelity National Financial, Inc.-Class A	6,200	120,962
Genworth Financial, Inc.-Class A	39,400	74,860
Hartford Financial Services Group, Inc.	31,600	248,060
Industrial Alliance Insurance and Financial Services, Inc.	700	11,010
ING Canada, Inc.	3,400	97,081
Lincoln National Corp.	23,600	157,884
MetLife, Inc.	51,400	1,170,378
Muenchener Rueckversicherungs AG (MunichRe)	6,709	816,930
PartnerRe Ltd.	3,600	223,452
Prudential Financial, Inc.	19,400	368,988
QBE Insurance Group Ltd.	40,624	544,972
Sun Life Financial, Inc.	5,200	94,200
The Travelers Co., Inc.	22,800	926,592
Unum Group	26,700	333,750
XL Capital Ltd.-Class A	25,900	141,414
		7,432,961
Real Estate Investment Trusts (REITs) - 6.8%
Alexandria Real Estate Equities, Inc.	7,325	266,630
Ascendas Real Estate Investment Trust	443,000	356,385
Boardwalk Real Estate Investment Trust	7,887	162,644
British Land Co. PLC	62,406	322,452
Camden Property Trust	10,500	226,590
Canadian Real Estate Investment Trust	39,570	627,383
CapitaMall Trust	707,940	616,643
Cominar Real Estate Investment Trust	31,529	344,098
Corio NV	9,700	401,171

Corporate Office Properties Trust	28,100	697,723
Dexus Property Group	522,970	272,450
DiamondRock Hospitality Co.	22,100	88,621
Digital Realty Trust, Inc.	20,200	670,236
Douglas Emmett, Inc.	26,800	198,052
DuPont Fabros Technology, Inc.	27,200	187,136
Entertainment Properties Trust	9,750	153,660
Equity Lifestyle Properties, Inc.	9,100	346,710
Equity Residential	9,050	166,067
Essex Property Trust, Inc.	2,775	159,118
Eurocommercial Properties NV	14,500	393,740
Federal Realty Investment Trust	4,850	223,100
Fonciere Des Murs	3,000	39,422
HCP, Inc.	20,300	362,355
Health Care REIT, Inc.	13,800	422,142
Highwoods Properties, Inc.	7,000	149,940
Home Properties, Inc.	11,700	358,605
Host Hotels & Resorts, Inc.	39,729	155,738
ING Office Fund	402,100	119,014
Japan Real Estate Investment Corp.-Class A	83	637,622
Klepierre	36,557	642,253
Land Securities Group PLC	86,372	541,216
The Link REIT	459,000	910,070
Mack-Cali Realty Corp.	22,200	439,782
Macquarie CountryWide Trust	224,711	37,378
Mercialys SA	9,400	272,060
Mid-America Apartment Communities, Inc.	10,150	312,924
Morguard Real Estate Investment Trust	33,600	261,168
National Retail Properties, Inc.	25,997	411,792
Nationwide Health Properties, Inc.	14,300	317,317
Nippon Building Fund, Inc.-Class A	56	484,007
Nomura Real Estate Office Fund, Inc.-Class A	97	543,349
Omega Healthcare Investors, Inc.	20,700	291,456
Primaris Retail Real Estate Investment Trust	49,083	353,485
ProLogis	20,525	133,412
Public Storage	12,450	687,863
Rayonier, Inc.	14,200	429,124
Regency Centers Corp.	8,150	216,546
RioCan Real Estate Investment Trust (OTC US)	40,587	404,003
RioCan Real Estate Investment Trust (Toronto)	1,400	13,936
Simon Property Group, Inc.	15,669	542,774
Sunstone Hotel Investors, Inc.	53,113	139,687
Tanger Factory Outlet Centers	16,750	516,905
Taubman Centers, Inc.	7,150	121,836

UDR, Inc.	21,732	187,113
Unibail-Rodamco	16,478	2,331,758
Ventas, Inc.	29,600	669,256
Vornado Realty Trust	11,739	390,204
Weingarten Realty Investors	11,800	112,336
Wereldhave NV	5,800	405,541
Westfield Group	172,073	1,192,809
		23,438,807
Real Estate Management & Development - 2.5%
Brookfield Properties Corp. (New York)	36,725	210,802
Castellum AB	31,900	179,292
China Overseas Land & Investment Ltd.	320,000	501,531
Citycon Oyj	10,642	20,571
First Capital Realty, Inc.	15,800	187,725
Henderson Land Development Co. Ltd.	157,000	598,669
Hufvudstaden AB-Class A	26,000	133,798
Kerry Properties Ltd.	148,131	357,025
Lend Lease Corp. Ltd.	191,378	869,131
Mitsubishi Estate Co., Ltd.	88,000	998,300
Mitsui Fudosan Co., Ltd.	82,100	900,625
Multiplan Empreendimentos Imobiliarios SA (a)	62,000	396,896
New World Development Co., Ltd.	716,051	714,783
NTT Urban Development Corp.	1,213	981,716
Sun Hung Kai Properties Ltd.	170,700	1,531,688
		8,582,552
		57,592,332
Health Care - 8.6%
Biotechnology - 2.1%
Amgen, Inc. (a)	22,900	1,134,008
Celgene Corp. (a)	40,850	1,813,740
CSL Ltd./Australia	8,562	193,472
Gilead Sciences, Inc. (a)	84,350	3,907,092
		7,048,312
Health Care Equipment & Supplies - 0.9%
Alcon, Inc.	7,886	716,916
Baxter International, Inc.	23,855	1,221,853
Becton Dickinson & Co.	13,700	921,188
Boston Scientific Corp. (a)	19,900	158,205
Covidien Ltd.	6,400	212,736
		3,230,898
Health Care Providers & Services - 0.4%
Cardinal Health, Inc.	11,100	349,428
Celesio AG	3,800	69,958
Medco Health Solutions, Inc. (a)	27,350	1,130,649
		1,550,035

Pharmaceuticals - 5.2%
Abbott Laboratories	23,600	1,125,720
AstraZeneca PLC	15,427	546,345
Bayer AG	19,552	934,129
Bristol-Myers Squibb Co.	24,100	528,272
Eli Lilly & Co.	21,800	728,338
GlaxoSmithKline PLC	38,263	595,932
Johnson & Johnson	36,800	1,935,680
Merck & Co., Inc.	51,500	1,377,625
Novartis AG	19,787	748,613
Novo Nordisk A/S-Class B	11,778	564,707
Pfizer, Inc.	155,100	2,112,462
Roche Holding AG	3,338	458,141
Sanofi-Aventis	21,959	1,232,367
Schering-Plough Corp.	27,400	645,270
Teva Pharmaceutical Industries Ltd. (Sponsored) (ADR)	73,373	3,305,454
Wyeth	23,800	1,024,352
		17,863,407
		29,692,652
Information Technology - 7.4%
Communications Equipment - 2.2%
Cisco Systems, Inc. (a)	142,750	2,393,917
Corning, Inc.	55,500	736,485
Motorola, Inc.	148,685	628,938
Nokia OYJ	32,700	382,441
QUALCOMM, Inc.	76,100	2,961,051
Telefonaktiebolaget LM Ericsson-Class B	53,704	434,207
		7,537,039
Computers & Peripherals - 2.4%
Apple, Inc. (a)	31,710	3,333,355
Compal Electronics, Inc.	56,561	40,619
Fujitsu Ltd.	65,000	243,895
Hewlett-Packard Co.	121,500	3,895,290
Lenovo Group Ltd.	98,000	22,525
NetApp, Inc. (a)	11,000	163,240
Toshiba Corp.	98,000	255,299
Western Digital Corp. (a)	11,500	222,410
		8,176,633
Electronic Equipment, Instruments & Components - 0.2%
AU Optronics Corp.	177,000	147,356
Hitachi High-Technologies Corp.	4,000	56,724
Hitachi Ltd.	36,000	98,496
Hoya Corp.	8,800	175,134
Kyocera Corp.	2,000	133,498
Tyco Electronics Ltd.	25,700	283,728
		894,936

Internet Software & Services - 1.3%
Google, Inc.-Class A (a)	12,125	4,220,227
Tencent Holdings Ltd.	22,800	168,711
		4,388,938
IT Services - 0.0%
Cap Gemini SA	2,279	73,245
Semiconductors & Semiconductor Equipment - 0.5%
ASML Holding NV	8,300	146,147
Intel Corp.	38,300	576,415
Nvidia Corp. (a)	15,800	155,788
Samsung Electronics (Preference Shares)	200	45,850
Samsung Electronics Co. Ltd.	1,040	429,684
Taiwan Semiconductor Manufacturing Co. Ltd.	87,000	131,009
United Microelectronics Corp.	416,126	135,834
		1,620,727
Software - 0.8%
Activision Blizzard, Inc. (a)	23,400	244,764
Electronic Arts, Inc. (a)	3,400	61,846
Microsoft Corp.	67,500	1,239,975
Nintendo Co. Ltd.	1,000	292,532
SAP AG	4,193	146,618
Symantec Corp. (a)	47,700	712,638
		2,698,373
		25,389,891
Energy - 7.0%
Energy Equipment & Services - 0.9%
Cameron International Corp. (a)	29,650	650,224
National Oilwell Varco, Inc. (a)	4,400	126,324
Schlumberger Ltd.	57,830	2,349,055
		3,125,603
Oil, Gas & Consumable Fuels - 6.1%
Addax Petroleum Corp.	1,300	28,149
Apache Corp.	29,000	1,858,610
BG Group PLC	58,835	887,490
BP PLC	85,100	570,626
Chevron Corp.	41,500	2,790,460
China Petroleum & Chemical Corp.-Class H	414,000	265,291
ConocoPhillips	38,000	1,488,080
Devon Energy Corp.	21,900	978,711
ENI SpA	20,300	393,054
EOG Resources, Inc.	26,425	1,447,033
Exxon Mobil Corp.	59,200	4,031,520
LUKOIL (Sponsored) (ADR)	10,650	399,289
Nexen, Inc.	3,013	51,093
Occidental Petroleum Corp.	8,900	495,285
Petro-Canada	11,200	300,876

Petroleo Brasileiro SA (ADR)	17,200	524,084
PTT PCL	23,000	99,873
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A	36,200	807,590
Royal Dutch Shell PLC (London Virt-X)-Class A	29,370	660,257
StatoilHydro ASA	54,555	954,751
Sunoco, Inc.	3,300	87,384
Tatneft (Sponsored) (GDR) (b)	4,900	229,320
Thai Oil PCL	59,500	42,782
Total SA	24,549	1,213,936
XTO Energy, Inc.	13,400	410,308
		21,015,852
		24,141,455
Consumer Staples - 6.9%
Beverages - 1.2%
Anheuser-Busch InBev NV	4,010	110,416
The Coca-Cola Co.	16,725	735,064
Coca-Cola Enterprises, Inc.	37,200	490,668
Constellation Brands, Inc.-Class A (a)	25,000	297,500
Molson Coors Brewing Co.-Class B	10,800	370,224
Pepsi Bottling Group, Inc.	14,300	316,602
PepsiCo, Inc.	36,850	1,897,038
		4,217,512
Food & Staples Retailing - 1.6%
Aeon Co. Ltd.	19,500	128,895
Costco Wholesale Corp.	33,350	1,544,772
Delhaize Group	3,800	246,598
Koninklijke Ahold NV	21,260	232,856
The Kroger Co.	12,500	265,250
Safeway, Inc.	20,300	409,857
Tesco PLC	154,073	736,120
Wal-Mart Stores, Inc.	38,850	2,024,085
		5,588,433
Food Products - 1.7%
Archer-Daniels-Midland Co.	34,100	947,298
Associated British Foods PLC	25,000	229,473
Bunge Ltd.	15,300	866,745
ConAgra Foods, Inc.	20,000	337,400
Del Monte Foods Co.	9,100	66,339
General Mills, Inc.	13,300	663,404
The JM Smucker Co.	5,200	193,804
Kraft Foods, Inc.-Class A	25,800	575,082
Nestle SA	25,562	863,596
Sara Lee Corp.	12,700	102,616
Suedzucker AG	1,500	28,936
Tyson Foods, Inc.-Class A	47,300	444,147
Unilever PLC	18,061	341,527
		5,660,367

Household Products - 1.4%
Colgate-Palmolive Co.	21,700	1,279,866
Kimberly-Clark Corp.	4,300	198,273
Procter & Gamble Co.	53,221	2,506,177
Reckitt Benckiser Group PLC	23,223	871,316
		4,855,632
Tobacco - 1.0%
Altria Group, Inc.	48,500	776,970
British American Tobacco PLC	35,688	824,421
Lorillard, Inc.	6,500	401,310
Philip Morris International, Inc.	29,904	1,063,984
Reynolds American, Inc.	10,000	358,400
		3,425,085
		23,747,029
Consumer Discretionary - 5.3%
Auto Components - 0.2%
Autoliv, Inc.	8,900	165,273
Bridgestone Corp.	9,900	143,561
Denso Corp.	7,400	149,594
Lear Corp. (a)	3,100	2,325
Magna International, Inc.-Class A	2,500	66,505
		527,258
Automobiles - 0.5%
Honda Motor Co. Ltd.	32,500	773,688
Isuzu Motors Ltd.	76,000	93,345
Nissan Motor Co. Ltd.	86,300	311,917
Renault SA	12,700	261,139
Toyota Motor Corp.	7,800	247,758
		1,687,847
Distributors - 0.0%
Li & Fung Ltd.	30,000	70,329
Hotels, Restaurants & Leisure - 0.8%
Carnival PLC	20,874	474,071
Compass Group PLC	46,365	212,036
McDonald’s Corp.	34,900	1,904,493
Thomas Cook Group PLC	31,100	107,095
TUI Travel PLC	28,600	93,852
		2,791,547
Household Durables - 0.2%
Sharp Corp.	37,000	296,082
Sony Corp.	9,600	198,571
		494,653
Leisure Equipment & Products - 0.0%
Namco Bandai Holdings, Inc.	6,300	63,242

Media - 1.8%
British Sky Broadcasting Group PLC	23,790	147,657
CBS Corp.-Class B	81,100	311,424
Comcast Corp.-Class A	61,000	832,040
Gannett Co., Inc.	26,800	58,960
Lagardere SCA	2,900	81,378
Liberty Media Corp. - Entertainment Series A (a)	11,600	231,420
News Corp.-Class A	121,400	803,668
Pearson PLC	17,507	176,055
SES SA (FDR)	19,045	363,530
Time Warner Cable, Inc.-Class A	17,173	425,886
Time Warner, Inc.	55,933	1,079,513
Viacom, Inc.-Class B (a)	19,900	345,862
The Walt Disney Co.	80,650	1,464,604
		6,321,997
Multiline Retail - 0.7%
JC Penney Co., Inc.	14,700	295,029
Kohl’s Corp. (a)	36,840	1,559,069
Macy’s, Inc.	27,800	247,420
Next PLC	8,975	170,312
		2,271,830
Specialty Retail - 0.9%
AutoNation, Inc. (a)	22,700	315,076
Foot Locker, Inc.	13,700	143,576
The Gap, Inc.	14,000	181,860
Hennes & Mauritz AB-Class B	5,710	214,068
Home Depot, Inc.	44,100	1,038,996
Kingfisher PLC	95,587	204,892
Limited Brands, Inc.	35,400	307,980
Lowe’s Cos, Inc.	18,100	330,325
TJX Cos, Inc.	17,900	458,956
		3,195,729
Textiles, Apparel & Luxury Goods - 0.2%
Jones Apparel Group, Inc.	12,600	53,172
Nike, Inc.-Class B	7,000	328,230
VF Corp.	3,900	222,729
Yue Yuen Industrial Holdings Ltd.	9,000	20,556
		624,687
		18,049,119
Industrials - 3.0%
Aerospace & Defense - 0.6%
BAE Systems PLC	103,780	497,739
Bombardier, Inc.-Class B	32,400	75,552
Honeywell International, Inc.	11,325	315,515
Lockheed Martin Corp.	6,210	428,676
Northrop Grumman Corp.	4,500	196,380

Raytheon Co.	4,700	183,018
United Technologies Corp.	7,000	300,860
		1,997,740
Airlines - 0.1%
Deutsche Lufthansa AG	4,200	45,501
Qantas Airways Ltd.	65,664	79,342
UAL Corp. (a)	44,600	199,808
		324,651
Construction & Engineering - 0.2%
China Railway Construction Corp. Ltd.-Class H (a)	99,000	128,918
Fluor Corp.	2,850	98,468
Jacobs Engineering Group, Inc. (a)	13,540	523,456
		750,842
Electrical Equipment - 0.6%
Cooper Industries Ltd.-Class A	21,300	550,818
Emerson Electric Co.	47,020	1,343,832
Furukawa Electric Co. Ltd.	5,000	14,324
Schneider Electric SA	4,178	277,865
		2,186,839
Industrial Conglomerates - 0.4%
Bidvest Group Ltd.	15,756	146,256
General Electric Co.	78,900	797,679
Koninklijke Philips Electronics NV	16,090	238,167
		1,182,102
Machinery - 0.5%
Atlas Copco AB-Class A	23,454	176,111
Crane Co.	6,000	101,280
Danaher Corp.	9,700	525,934
Dover Corp.	5,800	153,004
NGK Insulators Ltd.	11,000	172,047
PACCAR, Inc.	11,200	288,512
Terex Corp. (a)	17,300	160,025
Vallourec	700	64,898
Volvo AB-Class B	36,250	192,352
		1,834,163
Marine - 0.0%
Mitsui OSK Lines Ltd.	11,000	54,438
Neptune Orient Lines Ltd.	17,000	13,214
		67,652
Road & Rail - 0.1%
East Japan Railway Co.	3,400	177,257
Trading Companies & Distributors - 0.4%
Mitsubishi Corp.	40,100	531,595
Mitsui & Co. Ltd.	76,000	774,234
WW Grainger, Inc.	1,400	98,252
		1,404,081

Transportation Infrastructure - 0.1%
Macquarie Infrastructure Group	258,580	264,908
		10,190,235
Telecommunication Services - 2.9%
Diversified Telecommunication Services - 2.2%
AT&T, Inc.	105,300	2,653,560
BCE, Inc.	11,500	229,125
Deutsche Telekom AG	51,416	636,839
France Telecom SA	16,000	364,755
Nippon Telegraph & Telephone Corp.	7,200	274,786
Telecom Corp. of New Zealand Ltd.	95,485	127,017
Telecom Italia SpA (ordinary shares)	217,300	280,151
Telecom Italia SpA (savings shares)	148,800	151,312
Telefonica SA	66,543	1,326,958
TELUS Corp.-Class A	4,100	107,345
Verizon Communications, Inc.	45,200	1,365,040
		7,516,888
Wireless Telecommunication Services - 0.7%
China Mobile Ltd.	13,500	117,598
KDDI Corp.	49	230,748
MTN Group Ltd.	13,792	153,029
Sprint Nextel Corp. (a)	166,800	595,476
Vodafone Group PLC	764,158	1,332,270
		2,429,121
		9,946,009
Materials - 2.3%
Chemicals - 1.2%
Air Products & Chemicals, Inc.	7,700	433,125
Arkema SA	600	9,471
BASF SE	11,000	332,434
Eastman Chemical Co.	11,600	310,880
JSR Corp.	12,000	141,190
LG Chem Ltd.	1,420	89,884
Mitsubishi Chemical Holdings Corp.	51,500	177,735
Mitsui Chemicals, Inc.	400	979
Monsanto Co.	25,585	2,126,113
Syngenta AG	2,586	519,819
		4,141,630
Construction Materials - 0.1%
CRH PLC (Dublin)	1,747	37,643
CRH PLC (London)	14,473	314,969
		352,612
Containers & Packaging - 0.1%
Amcor Ltd.	17,780	54,991
Bemis, Inc.	9,300	195,021
Owens-Illinois, Inc. (a)	14,200	205,048
		455,060

Metals & Mining - 0.7%
Antofagasta PLC	11,100	80,327
ArcelorMittal	2,600	52,956
ArcelorMittal (Euronext Amsterdam)	20,416	416,562
Barrick Gold Corp.	9,847	318,731
BHP Billiton Ltd.	6,400	141,448
BHP Billiton PLC	26,056	513,969
Cia Vale do Rio Doce-Class B (ADR)	25,100	333,830
Freeport-McMoRan Copper & Gold, Inc.	4,300	163,873
JFE Holdings, Inc.	9,500	209,696
Jiangxi Copper Co. Ltd.-Class H	22,000	22,916
MMC Norilsk Nickel (ADR)	21,150	129,015
Yamato Kogyo Co. Ltd.	700	15,114
		2,398,437
Paper & Forest Products - 0.2%
MeadWestvaco Corp.	36,900	442,431
Svenska Cellulosa AB-Class B	4,600	34,913
		477,344
		7,825,083
Utilities - 1.8%
Electric Utilities - 0.5%
American Electric Power Co., Inc.	15,000	378,900
CEZ	3,600	128,752
CLP Holdings Ltd.	35,500	243,922
E.ON AG	16,426	455,562
Edison International	8,800	253,528
Entergy Corp.	900	61,281
Pinnacle West Capital Corp.	5,700	151,392
The Tokyo Electric Power Co., Inc.	4,400	109,972
		1,783,309
Gas Utilities - 0.0%
Atmos Energy Corp.	2,800	64,736
Independent Power Producers & Energy Traders - 0.1%
Reliant Energy, Inc. (a)	37,200	118,668
Multi-Utilities - 1.2%
A2A SpA	82,900	125,866
Alliant Energy Corp.	13,100	323,439
Ameren Corp.	4,100	95,079
Centrica PLC	196,885	642,695
CMS Energy Corp.	11,900	140,896
Consolidated Edison, Inc.	3,500	138,635
Dominion Resources, Inc.	15,300	474,147
DTE Energy Co.	7,300	202,210
GDF Suez	7,374	252,889
National Grid PLC	60,201	462,372

NiSource, Inc.		6,400	62,720
RWE AG		4,850	339,649
TECO Energy, Inc.		34,700	386,905
Wisconsin Energy Corp.		5,150	212,025
Xcel Energy, Inc.		16,000	298,080
			4,157,607
			6,124,320
Total Common Stocks (cost $276,959,211)			212,698,125
	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 11.0%
Industrial - 5.9%
Basic - 0.7%
ArcelorMittal
6.125%, 6/01/18	$	330	238,739
6.50%, 4/15/14		105	82,508
BHP Billiton Finance USA Ltd.
7.25%, 3/01/16		203	208,703
The Dow Chemical Co.
7.375%, 11/01/29		15	9,670
EI Du Pont de Nemours & Co.
5.875%, 1/15/14		176	186,052
Freeport-McMoRan Copper & Gold, Inc.
8.25%, 4/01/15		160	153,200
8.375%, 4/01/17		40	37,400
Inco Ltd.
7.75%, 5/15/12		80	83,149
International Paper Co.
5.30%, 4/01/15		219	154,052
7.40%, 6/15/14		235	193,862
7.95%, 6/15/18		190	144,815
Packaging Corp. of America
5.75%, 8/01/13		30	27,681
PPG Industries, Inc.
5.75%, 3/15/13		250	254,577
Rio Tinto Finance USA Ltd.
6.50%, 7/15/18		345	301,931
United States Steel Corp.
5.65%, 6/01/13		251	189,548
6.05%, 6/01/17		10	6,187
Weyerhaeuser Co.
7.375%, 3/15/32		110	73,504
			2,345,578

Capital Goods - 0.5%
Boeing Co.
6.00%, 3/15/19	295	302,990
Caterpillar Financial Services
4.50%, 6/15/09	46	46,058
Fisher Scientific International, Inc.
6.125%, 7/01/15	196	194,666
6.75%, 8/15/14	29	29,219
Hutchison Whampoa International Ltd.
7.45%, 11/24/33 (b)	100	90,450
John Deere Capital Corp.
5.25%, 10/01/12	300	302,921
Lafarge SA
6.15%, 7/15/11	172	151,360
Tyco International Finance SA
6.00%, 11/15/13	200	188,172
8.50%, 1/15/19	140	144,506
United Technologies Corp.
4.875%, 5/01/15	181	189,663
Vulcan Materials Co.
5.60%, 11/30/12	90	86,379
Waste Management, Inc.
6.875%, 5/15/09	40	40,095
		1,766,479
Communications - Media - 0.6%
British Sky Broadcasting Group PLC
8.20%, 7/15/09	20	20,251
BSKYB Finance UK PLC
5.625%, 10/15/15 (b)	175	154,682
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22	180	197,734
Comcast Cable Communications, Inc.
6.875%, 6/15/09	185	186,173
Comcast Corp.
5.30%, 1/15/14	230	223,294
5.50%, 3/15/11	275	278,954
News America Holdings, Inc.
6.55%, 3/15/33	45	35,886
9.25%, 2/01/13	69	73,205
Reed Elsevier Capital, Inc.
8.625%, 1/15/19	140	143,543
RR Donnelley & Sons Co.
4.95%, 4/01/14	25	18,758
5.50%, 5/15/15	120	80,242
11.25%, 2/01/19	190	164,333

Time Warner Cable, Inc.
7.50%, 4/01/14	145	147,840
Time Warner Entertainment Co.
8.375%, 3/15/23	311	301,198
WPP Finance Corp.
5.875%, 6/15/14	150	132,783
		2,158,876
Communications - Telecommunications - 1.3%
AT&T Corp.
7.30%, 11/15/11	125	134,313
8.00%, 11/15/31	15	16,293
BellSouth Corp.
5.20%, 9/15/14	94	94,537
British Telecommunications PLC
8.625%, 12/15/10 (c)	375	390,273
Embarq Corp.
6.738%, 6/01/13	190	177,175
7.082%, 6/01/16	498	448,200
New Cingular Wireless Services, Inc.
7.875%, 3/01/11	275	293,839
8.75%, 3/01/31	160	175,465
Pacific Bell Telephone Co.
6.625%, 10/15/34	230	208,774
Qwest Corp.
7.50%, 10/01/14	295	268,450
7.875%, 9/01/11	265	261,025
8.875%, 3/15/12	230	227,125
Telecom Italia Capital SA
4.00%, 1/15/10	440	433,305
6.00%, 9/30/34	65	44,346
6.375%, 11/15/33	60	43,716
Telus Corp.
8.00%, 6/01/11	65	67,660
US Cellular Corp.
6.70%, 12/15/33	250	188,999
Verizon Communications, Inc.
4.90%, 9/15/15	168	160,511
5.25%, 4/15/13	225	229,677
Verizon New Jersey, Inc.
Series A
5.875%, 1/17/12	154	158,228
Vodafone Group PLC
5.50%, 6/15/11	220	227,771
7.75%, 2/15/10	85	88,195
7.875%, 2/15/30	100	109,863
		4,447,740
Consumer Cyclical - Entertainment - 0.1%
The Walt Disney Co.
5.50%, 3/15/19	240	242,006

Consumer Cyclical - Other - 0.2%
Marriott International, Inc.
Series J
5.625%, 2/15/13	216	184,377
MDC Holdings, Inc.
5.50%, 5/15/13	140	125,560
Toll Brothers Finance Corp.
6.875%, 11/15/12	135	126,193
Wyndham Worldwide Corp.
6.00%, 12/01/16	70	35,668
		471,798
Consumer Cyclical - Retailers - 0.1%
CVS Corp.
6.125%, 8/15/16	100	100,673
Wal-Mart Stores, Inc.
4.25%, 4/15/13	125	131,465
		232,138
Consumer Non-Cyclical - 1.4%
Avon Products, Inc.
6.50%, 3/01/19	305	300,828
Bottling Group LLC
6.95%, 3/15/14	265	301,313
Bunge Ltd. Finance Corp.
5.10%, 7/15/15	69	55,117
5.875%, 5/15/13	180	160,413
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (b)	260	256,874
Campbell Soup Co.
6.75%, 2/15/11	260	280,485
The Coca-Cola Co.
5.35%, 11/15/17	280	299,098
ConAgra Foods, Inc.
7.875%, 9/15/10	19	20,057
Diageo Capital PLC
7.375%, 1/15/14	265	291,158
Fortune Brands, Inc.
4.875%, 12/01/13	201	182,160
Johnson & Johnson
5.55%, 8/15/17	270	300,714
Kraft Foods, Inc.
4.125%, 11/12/09	115	116,207
5.25%, 10/01/13	179	186,031
The Kroger Co.
6.80%, 12/15/18	79	82,465
7.25%, 6/01/09	250	251,390

PepsiCo, Inc./NC
4.65%, 2/15/13	285	302,549
Pfizer, Inc.
5.35%, 3/15/15	295	311,239
The Procter & Gamble Co.
4.70%, 2/15/19	294	296,550
Reynolds American, Inc.
7.25%, 6/01/13	150	143,115
7.625%, 6/01/16	250	221,340
Safeway, Inc.
4.95%, 8/16/10	90	91,697
6.50%, 3/01/11	15	15,731
Wyeth
5.50%, 2/01/14	210	220,587
		4,687,118
Energy - 0.5%
Amerada Hess Corp.
7.875%, 10/01/29	80	72,402
Apache Corp.
5.25%, 4/15/13	165	170,869
Baker Hughes, Inc.
6.50%, 11/15/13	150	164,463
Canadian Natural Resources Ltd.
5.15%, 2/01/13	100	94,903
Conoco, Inc.
6.95%, 4/15/29	66	65,715
Nabors Industries, Inc.
9.25%, 1/15/19 (b)	315	298,692
Noble Energy, Inc.
8.25%, 3/01/19	303	310,360
The Premcor Refining Group, Inc.
7.50%, 6/15/15	161	156,352
Valero Energy Corp.
4.75%, 6/15/13	80	72,883
6.875%, 4/15/12	290	292,683
Weatherford International Ltd.
5.15%, 3/15/13	125	116,303
		1,815,625
Services - 0.0%
The Western Union Co.
5.93%, 10/01/16	90	83,435
Technology - 0.5%
Cisco Systems, Inc.
5.25%, 2/22/11	280	296,044
Computer Sciences Corp.
5.50%, 3/15/13	180	174,757

Electronic Data Systems Corp.
Series B
6.00%, 8/01/13	375	397,172
International Business Machines Corp.
Series MTN
4.375%, 6/01/09	20	20,051
Motorola, Inc.
6.50%, 9/01/25	175	111,126
7.50%, 5/15/25	35	22,855
7.625%, 11/15/10	49	46,561
Oracle Corp.
4.95%, 4/15/13	147	155,348
5.25%, 1/15/16	390	397,655
Xerox Corp.
7.625%, 6/15/13	55	49,080
		1,670,649
Transportation - Airlines - 0.0%
Southwest Airlines Co.
5.25%, 10/01/14	92	83,564
Transportation - Railroads - 0.0%
Canadian Pacific Railway Co.
6.50%, 5/15/18	75	67,467
CSX Corp.
5.50%, 8/01/13	35	33,340
		100,807
Transportation - Services - 0.0%
FedEx Corp.
3.50%, 4/01/09	51	51,000
		20,156,813
Financial Institutions - 4.0%
Banking - 2.5%
ANZ National International Ltd.
6.20%, 7/19/13 (b)	335	324,109
Bank of America Corp.
4.50%, 8/01/10	260	247,323
4.875%, 1/15/13	285	255,157
Barclays Bank PLC
5.45%, 9/12/12	620	627,715
8.55%, 6/15/11 (b)(d)	50	18,000
The Bear Stearns Co., Inc.
5.55%, 1/22/17	290	243,833
5.70%, 11/15/14	190	180,581
7.625%, 12/07/09	223	226,516
Capital One Bank
6.50%, 6/13/13	155	137,425
Capital One Financial Corp.
4.80%, 2/21/12	155	138,923

5.50%, 6/01/15	33	26,712
6.75%, 9/15/17	43	35,876
Citigroup, Inc.
1.424%, 6/09/09 (e)	60	58,797
4.625%, 8/03/10	175	164,173
5.50%, 4/11/13	230	202,072
6.50%, 8/19/13	260	238,918
Compass Bank
5.50%, 4/01/20	215	151,563
Countrywide Financial Corp.
6.25%, 5/15/16	92	76,541
Series MTN
5.80%, 6/07/12	96	83,370
Countrywide Home Loans, Inc.
Series MTNL
4.00%, 3/22/11	59	52,504
Credit Suisse First Boston USA, Inc.
5.50%, 8/15/13	120	118,478
The Goldman Sachs Group, Inc.
4.75%, 7/15/13	200	183,708
5.125%, 1/15/15	140	126,158
6.65%, 5/15/09	135	135,400
7.35%, 10/01/09	60	60,746
7.50%, 2/15/19	295	294,355
JP Morgan Chase & Co.
6.75%, 2/01/11	160	163,103
JP Morgan Chase Capital XXV
Series Y
6.80%, 10/01/37	51	33,776
Marshall & Ilsley Bank
4.85%, 6/16/15	250	189,067
5.00%, 1/17/17	205	141,777
Mellon Funding Corp.
3.25%, 4/01/09	105	105,000
Merrill Lynch & Co., Inc.
6.05%, 5/16/16	245	150,282
Morgan Stanley
5.05%, 1/21/11	100	98,320
5.30%, 3/01/13	135	129,810
6.60%, 4/01/12	145	145,652
Series MTN
5.625%, 1/09/12	210	202,065
6.625%, 4/01/18	345	328,960
National City Bank of Cleveland Ohio
6.25%, 3/15/11	250	245,175
North Fork Bancorporation, Inc.
5.875%, 8/15/12	100	82,780

Regions Financial Corp.
6.375%, 5/15/12	275	252,329
Royal Bank of Scotland Group PLC
5.00%, 10/01/14	205	129,440
6.40%, 4/01/09	108	108,000
SouthTrust Corp.
5.80%, 6/15/14	225	196,976
Sovereign Bancorp, Inc.
4.80%, 9/01/10	155	145,847
UBS Preferred Funding Trust I
8.622%, 10/01/10 (d)	40	16,053
UBS Preferred Funding Trust II
7.247%, 6/26/11 (d)	250	77,102
Unicredito Italiano Capital Trust II
9.20%, 10/05/10 (b)(d)	330	92,911
Union Bank of California
5.95%, 5/11/16	250	179,204
Union Planters Corp.
7.75%, 3/01/11	183	173,592
US Bancorp
5.30%, 4/28/09	235	235,447
Wachovia Corp.
Series MTN
5.50%, 5/01/13	320	295,057
Wells Fargo & Co.
3.125%, 4/01/09	245	245,000
4.20%, 1/15/10	85	85,027
Zions Banc Corp.
5.50%, 11/16/15	35	22,775
		8,679,480
Brokerage - 0.0%
Lazard Group
6.85%, 6/15/17	160	128,831
Finance - 0.6%
American General Finance Corp.
4.875%, 7/15/12	45	17,947
Series MTN
5.85%, 6/01/13	100	39,690
CIT Group, Inc.
5.00%, 2/01/15	205	124,814
5.85%, 9/15/16	155	87,667
7.625%, 11/30/12	290	213,449
Series MTN
5.125%, 9/30/14	40	24,180
General Electric Capital Corp.
4.80%, 5/01/13	315	295,209
5.625%, 5/01/18	480	417,370

Series MTNA
4.375%, 11/21/11	25	23,422
HSBC Finance Corp.
7.00%, 5/15/12	125	100,338
International Lease Finance Corp.
Series MTN
5.65%, 6/01/14	28	14,589
SLM Corp.
Series MTN
5.125%, 8/27/12	65	35,024
5.40%, 10/25/11	185	114,700
Series MTNA
5.375%, 1/15/13 - 5/15/14	650	348,426
		1,856,825
Insurance - 0.6%
Allied World Assurance Co. Holdings Ltd.
7.50%, 8/01/16	160	101,801
The Allstate Corp.
6.125%, 5/15/37 (d)	235	126,900
Assurant, Inc.
5.625%, 2/15/14	135	113,180
Berkshire Hathaway Finance Corp.
4.20%, 12/15/10	115	116,647
Genworth Financial, Inc.
5.231%, 5/16/09	59	57,898
Series MTN
6.515%, 5/22/18	315	101,240
Liberty Mutual Group, Inc.
5.75%, 3/15/14 (b)	165	127,164
Nationwide Mutual Insurance Co.
5.81%, 12/15/24 (b)(d)	500	316,517
Prudential Financial, Inc.
Series MTN
5.15%, 1/15/13	205	152,374
UnitedHealth Group, Inc.
4.125%, 8/15/09	67	67,063
5.25%, 3/15/11	280	282,396
WellPoint, Inc.
4.25%, 12/15/09	148	148,723
5.25%, 1/15/16	50	45,623
XL Capital Ltd.
5.25%, 9/15/14	135	88,457
		1,845,983
REITS - 0.3%
ERP Operating LP
5.25%, 9/15/14	105	84,243

HCP, Inc.
Series MTN
5.95%, 9/15/11	340	291,346
Healthcare Realty Trust, Inc.
5.125%, 4/01/14	131	97,760
8.125%, 5/01/11	225	208,961
Nationwide Health Properties, Inc.
6.50%, 7/15/11	180	164,276
Simon Property Group LP
5.00%, 3/01/12	90	76,610
5.625%, 8/15/14	179	143,556
		1,066,752
		13,577,871
Utility - 1.0%
Electric - 0.7%
Carolina Power & Light Co.
6.50%, 7/15/12	275	290,490
Exelon Corp.
6.75%, 5/01/11	25	25,331
FirstEnergy Corp.
Series B
6.45%, 11/15/11	290	290,263
Series C
7.375%, 11/15/31	275	223,788
FPL Group Capital, Inc.
6.35%, 10/01/66 (d)	55	39,600
6.65%, 6/15/67 (d)	170	122,400
MidAmerican Energy Holdings Co.
5.875%, 10/01/12	170	176,490
Nisource Finance Corp.
6.80%, 1/15/19	330	265,195
7.875%, 11/15/10	40	39,306
Pacific Gas & Electric Co.
4.80%, 3/01/14	200	201,052
6.05%, 3/01/34	38	37,185
Progress Energy, Inc.
7.10%, 3/01/11	19	19,697
Public Service Company of Colorado
Series 10
7.875%, 10/01/12	130	145,476
The Southern Co.
Series A
5.30%, 1/15/12	114	118,843
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (b)	488	482,611
		2,477,727

Natural Gas - 0.3%
Duke Energy Field Services Corp.
7.875%, 8/16/10	15	15,204
Energy Transfer Partners LP
6.70%, 7/01/18	195	176,500
7.50%, 7/01/38	225	185,218
Enterprise Products Operating LLC
Series B
5.60%, 10/15/14	125	115,584
Sempra Energy
4.75%, 5/15/09	185	185,188
Texas Eastern Transmission Corp.
7.30%, 12/01/10	160	165,803
TransCanada Pipelines Ltd.
6.35%, 5/15/67 (d)	120	68,400
Williams Co., Inc.
7.875%, 9/01/21	40	37,000
		948,897
Other Utility - 0.0%
Veolia Environnement
6.00%, 6/01/18	210	198,797
		3,625,421
Non Corporate Sectors - 0.1%
Agencies - Not Government Guaranteed - 0.1%
Gaz Capital SA
6.212%, 11/22/16 (b)	510	377,400
Total Corporates - Investment Grades (cost $42,158,007)		37,737,505
MORTGAGE PASS-THRU’S - 6.3%
Agency Fixed Rate 30-Year - 6.3%
Federal Home Loan Mortgage Corp. Gold
Series 2005
4.50%, 8/01/35 - 10/01/35	1,895	1,937,276
5.50%, 1/01/35	2,027	2,110,282
Series 2007
5.50%, 7/01/35	220	229,499
Series 2008
6.50%, 5/01/35	78	82,522
Federal National Mortgage Association
Series 2003
5.00%, 11/01/33	612	633,259
Series 2004
5.50%, 2/01/34 - 11/01/34	915	952,934
6.00%, 9/01/34 - 11/01/34	790	828,037
Series 2005
4.50%, 8/01/35 - 9/01/35	652	667,425

Series 2006
5.00%, 2/01/36	2,335	2,414,208
6.00%, 3/01/36	333	348,757
6.205%, 3/01/36	285	294,074
Series 2007
4.50%, 9/01/35 - 8/01/37	1,878	1,923,859
5.00%, 11/01/35 - 7/01/36	656	678,047
5.50%, 1/01/37 - 8/01/37	3,401	3,542,941
Series 2008
5.50%, 8/01/37	1,556	1,618,438
6.00%, 3/01/37	3,217	3,367,497
		21,629,055
Agency ARMS - 0.0%
Federal National Mortgage Association
Series 2006
5.825%, 11/01/36 (e)	97	101,056
Total Mortgage Pass-Thru’s (cost $20,858,804)		21,730,111
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%
Non-Agency Fixed Rate CMBS - 4.5%
Banc of America Commercial Mortgage, Inc.
Series 2001-PB1, Class A2
5.787%, 5/11/35	1,034	1,008,591
Series 2004-4, Class A3
4.128%, 7/10/42	185	182,314
Series 2004-6, Class A2
4.161%, 12/10/42	134	129,941
Series 2005-6, Class A4
5.35%, 9/10/47	315	242,155
Series 2006-5, Class A4
5.414%, 9/10/47	355	259,523
Bear Stearns Commercial Mortgage Securities, Inc.
Series 2006-PW12, Class A4
5.902%, 9/11/38	250	213,154
Series 2007-PW18, Class A4
5.70%, 6/11/50	365	276,797
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A4
5.54%, 4/15/40	110	92,219
Series 2008-C7, Class A4
6.298%, 12/10/49	440	326,196
Commercial Mortgage Pass Through Certificates
Series 2006-C8, Class A4
5.306%, 12/10/46	130	90,858
Series 2007-C9, Class A4
6.01%, 12/10/49	650	472,679

Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class A3
6.02%, 6/15/38	620	417,663
Series 2006-C4, Class A3
5.467%, 9/15/39	235	155,304
Series 2006-C5, Class A3
5.311%, 12/15/39	345	219,930
CS First Boston Mortgage Securities Corp.
Series 2003-CK2, Class A2
3.861%, 3/15/36	3	3,215
Series 2004-C1, Class A4
4.75%, 1/15/37	70	60,027
GE Capital Commercial Mortgage Corp.
Series 2005-C3, Class A3FX
4.863%, 7/10/45	360	337,124
Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A2
5.381%, 3/10/39	520	435,511
Series 2007-GG9, Class A4
5.444%, 3/10/39	670	482,645
GS Mortgage Securities Corp. II
Series 2001-ROCK, Class C
6.878%, 5/03/18 (b)	605	648,142
Series 2004-GG2, Class A6
5.396%, 8/10/38	80	65,621
Series 2006-GG8, Class A2
5.479%, 11/10/39	185	163,271
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2004-C1, Class A2
4.302%, 1/15/38	60	51,541
Series 2005-CB11, Class A4
5.335%, 8/12/37	170	134,289
Series 2005-LDP3, Class A2
4.851%, 8/15/42	100	90,966
Series 2005-LDP4, Class A2
4.79%, 10/15/42	190	175,477
Series 2005-LDP5, Class A2
5.198%, 12/15/44	60	55,072
Series 2006-CB14, Class A4
5.481%, 12/12/44	315	220,184
Series 2006-CB15, Class A4
5.814%, 6/12/43	595	420,864
Series 2006-CB16, Class A4
5.552%, 5/12/45	335	254,814
Series 2006-CB17, Class A4
5.429%, 12/12/43	350	240,428

Series 2007-CB18, Class A4
5.44%, 6/12/47	445	287,203
Series 2007-LD11, Class A4
6.01%, 6/15/49	195	134,113
Series 2007-LDPX, Class A3
5.42%, 1/15/49	475	321,015
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A4
4.166%, 5/15/32	150	130,010
Series 2004-C4, Class A4
5.229%, 6/15/29	40	32,613
Series 2004-C8, Class A2
4.201%, 12/15/29	123	122,300
Series 2005-C1, Class A4
4.742%, 2/15/30	120	95,096
Series 2005-C7, Class A4
5.197%, 11/15/30	50	39,201
Series 2006-C1, Class A4
5.156%, 2/15/31	1,095	835,208
Series 2006-C3, Class A4
5.661%, 3/15/39	285	217,053
Series 2006-C4, Class A4
5.883%, 6/15/38	275	208,388
Series 2006-C6, Class A4
5.372%, 9/15/39	660	474,980
Series 2006-C7, Class A3
5.347%, 11/15/38	195	139,257
Series 2007-C1, Class A4
5.424%, 2/15/40	210	142,608
Series 2008-C1, Class A2
6.149%, 4/15/41	650	481,457
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class A6
5.415%, 11/12/37	40	30,958
Series 2005-MKB2, Class A2
4.806%, 9/12/42	320	309,109
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-2, Class A4
6.104%, 6/12/46	110	78,333
Series 2006-3, Class A4
5.414%, 7/12/46	480	316,027
Series 2007-9, Class A4
5.70%, 9/12/49	440	281,310
Morgan Stanley Capital I
Series 2004-HQ4, Class A5
4.59%, 4/14/40	190	172,028

Series 2005-HQ5, Class A4
5.168%, 1/14/42	1,035	817,689
Series 2007-IQ15, Class A4
6.08%, 6/11/49	90	64,781
Series 2007-T27, Class A4
5.803%, 6/11/42	210	158,318
Wachovia Bank Commercial Mortgage Trust
Series 2006-C27, Class A3
5.765%, 7/15/45	630	435,482
Series 2007-C31, Class A4
5.509%, 4/15/47	190	119,209
Series 2007-C32, Class A2
5.92%, 6/15/49	640	518,767
Series 2007-C32, Class A3
5.741%, 6/15/49	625	398,350
		15,287,378
Non-Agency Floating Rate CMBS - 0.0%
GS Mortgage Securities Corp. II
Series 2007-EOP, Class E
0.958%, 3/06/20 (b)(e)	75	49,748
Total Commercial Mortgage-Backed Securities (cost $19,653,513)		15,337,126
AGENCIES - 3.5%
Agency Debentures - 3.5%
Federal Home Loan Bank
4.625%, 10/10/12	115	124,663
5.00%, 11/17/17	3,120	3,408,965
Federal Home Loan Mortgage Corp.
1.625%, 4/26/11	2,142	2,148,323
5.125%, 11/17/17	3,610	4,027,544
Federal National Mortgage Association
6.25%, 5/15/29	740	925,919
6.625%, 11/15/30	1,092	1,432,991
Total Agencies (cost $11,545,651)		12,068,405
GOVERNMENTS - TREASURIES - 1.3%
United States - 1.3%
U.S. Treasury Bonds
4.50%, 2/15/36	2,120	2,442,639
U.S. Treasury Note
1.75%, 1/31/14	695	699,726
U.S. Treasury Notes
2.125%, 1/31/10	1,365	1,382,543
Total Governments - Treasuries (cost $4,125,843)		4,524,908

INFLATION-LINKED SECURITIES - 0.8%
United States - 0.8%
U.S. Treasury Notes
2.375%, 4/15/11 (TIPS)		234	240,066
3.00%, 7/15/12 (TIPS)		2,360	2,511,252
Total Inflation-Linked Securities (cost $2,788,551)			2,751,318
GOVERNMENTS - SOVEREIGN AGENCIES - 0.8%
United Kingdom - 0.6%
Bank of Scotland PLC
Series EMTN
4.625%, 11/04/11	GBP	647	979,030
Barclays Bank PLC
Series EMTN
2.875%, 12/23/11		330	476,947
Lloyds TSB Bank PLC
Series EMTN
4.00%, 11/17/11		126	188,023
Royal Bank of Scotland PLC
Series EMTN
4.125%, 11/14/11		257	385,680
			2,029,680
United States - 0.2%
General Electric Capital Corp.
2.75%, 12/07/11		450	649,426
Total Governments - Sovereign Agencies (cost $2,764,916)			2,679,106
CORPORATES - NON-INVESTMENT GRADES - 0.7%
Industrial - 0.5%
Basic - 0.1%
Ineos Group Holdings PLC
8.50%, 2/15/16 (b)	$	75	4,313
Steel Capital SA for OAO Severstal
9.75%, 7/29/13 (b)		100	65,000
Stora Enso Oyj
7.375%, 5/15/11		175	146,506
Westvaco Corp.
8.20%, 1/15/30		15	11,825
			227,644
Capital Goods - 0.2%
Hanson Australia Funding Ltd.
5.25%, 3/15/13		120	52,800
Masco Corp.
6.125%, 10/03/16		275	176,489
Mohawk Industries, Inc.
6.625%, 1/15/16		245	180,516
Owens Corning, Inc.
6.50%, 12/01/16		178	130,591
			540,396

Communications - Media - 0.0%
Cablevision Systems Corp.
Series B
8.00%, 4/15/12	45	43,762
Clear Channel Communications, Inc.
5.50%, 9/15/14	185	27,750
DirecTV Holdings LLC
6.375%, 6/15/15	40	37,700
		109,212
Communications - Telecommunications - 0.0%
Nextel Communications, Inc.
Series E
6.875%, 10/31/13	45	25,650
Series F
5.95%, 3/15/14	165	91,575
Qwest Communications International, Inc.
7.50%, 2/15/14	25	21,625
Series B
7.50%, 2/15/14	15	12,975
		151,825
Consumer Cyclical - Automotive - 0.0%
Ford Motor Credit Co.
7.375%, 10/28/09	160	143,496
General Motors Corp.
8.25%, 7/15/23	56	6,580
		150,076
Consumer Cyclical - Other - 0.2%
Centex Corp.
5.45%, 8/15/12	99	82,170
Starwood Hotels & Resorts Worldwide, Inc.
6.25%, 2/15/13	250	192,500
7.375%, 11/15/15	262	184,710
7.875%, 5/01/12	212	181,260
		640,640
Consumer Cyclical - Retailers - 0.0%
Limited Brands, Inc.
6.90%, 7/15/17	25	17,161
Transportation - Airlines - 0.0%
UAL Pass Through Trust Series 2007-1
Series 071A
6.636%, 7/02/22	79	52,231
		1,889,185

Financial Institutions - 0.1%
Banking - 0.1%
BankAmerica Capital II
Series 2
8.00%, 12/15/26		94	39,713
Northern Rock PLC
5.60%, 4/30/14 (b)(d)	GBP	445	83,438
RBS Capital Trust III
5.512%, 9/30/14 (d)	$	125	50,000
			173,151
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
7.875%, 11/01/09 - 8/15/10 (f)		370	47,175
Series MTN
5.00%, 1/14/11 (f)		80	10,200
6.20%, 9/26/14 (f)		33	4,208
Series MTNG
4.80%, 3/13/14 (f)		42	5,355
			66,938
Insurance - 0.0%
Liberty Mutual Group, Inc.
7.80%, 3/15/37 (b)		65	24,753
REITS - 0.0%
AMR REAL ESTATE PTR/FIN
7.125%, 2/15/13		45	35,775
			300,617
Utility - 0.1%
Electric - 0.1%
Dynegy Holdings, Inc.
8.375%, 5/01/16		115	77,912
Edison Mission Energy
7.00%, 5/15/17		95	69,350
NRG Energy, Inc.
7.25%, 2/01/14		105	98,700
7.375%, 2/01/16		35	32,550
			278,512
Total Corporates - Non-Investment Grades (cost $4,414,978)			2,468,314
GOVERNMENTS - SOVEREIGN BONDS - 0.6%
Brazil - 0.2%
Republic of Brazil
8.25%, 1/20/34		765	843,413
Peru - 0.2%
Republic of Peru
8.375%, 5/03/16		180	199,890
9.875%, 2/06/15		410	483,800
			683,690
Russia - 0.2%
Russian Federation
7.50%, 3/31/30 (b)		610	574,810
Total Governments - Sovereign Bonds (cost $2,124,218)			2,101,913

ASSET-BACKED SECURITIES - 0.5%
Home Equity Loans - Floating Rate - 0.3%
Bear Stearns Asset Backed Securities, Inc.
Series 2007-HE3, Class M1
0.972%, 4/25/37 (e)	100	2,034
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (c)	219	203,972
HFC Home Equity Loan Asset Backed Certificates
Series 2007-1, Class M1
0.925%, 3/20/36 (e)	365	105,002
Home Equity Asset Trust
Series 2007-3, Class M1
0.872%, 8/25/37 (e)	275	6,401
Indymac Residential Asset Backed Trust
Series 2006-D, Class 2A2
0.632%, 11/25/36 (e)	295	200,761
IXIS Real Estate Capital Trust
Series 2006-HE3, Class A2
0.622%, 1/25/37 (e)	195	135,555
Newcastle Mortgage Securities Trust
Series 2007-1, Class 2A1
0.65%, 4/25/37 (e)	244	127,463
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.882%, 3/25/37 (e)	125	2,443
RAAC Series
Series 2006-SP3, Class A1
0.602%, 8/25/36 (e)	67	63,190
Residential Asset Securities Corp.
Series 2003-KS3, Class A2
1.122%, 5/25/33 (e)	2	1,432
Soundview Home Equity Loan Trust
Series 2007-OPT2, Class 2A2
0.652%, 7/25/37 (e)	300	102,318
		950,571

Credit Cards - Floating Rate - 0.2%
Chase Issuance Trust FRN
Series 2007-A1, Class A1
0.576%, 3/15/13 (e)	640	604,144
Home Equity Loans - Fixed Rate - 0.0%
Countrywide Asset-Backed Certificates
Series 2007-S1, Class A3
5.81%, 11/25/36	595	106,968
Credit-Based Asset Servicing and Securitization LLC
Series 2005-CB7, Class AF2
5.147%, 11/25/35	22	21,695
Home Equity Mortgage Trust
Series 2005-4, Class A3
4.742%, 1/25/36	28	26,427
Residential Funding Mortgage Securities II, Inc.
Series 2005-HI2, Class A3
4.46%, 5/25/35	14	14,128
		169,218
Total Asset-Backed Securities (cost $3,411,620)		1,723,933
QUASI-SOVEREIGNS - 0.3%
Quasi-Sovereign Bonds - 0.3%
Russia - 0.3%
RSHB Capital SA for OJSC Russian Agricultural Bank
6.299%, 5/15/17 (b)	295	203,550
7.75%, 5/29/18 (b)	1,025	727,750
Total Quasi-Sovereigns (cost $1,306,411)		931,300
	Shares
PREFERRED STOCKS - 0.2%
Utility - 0.2%
Other Utility - 0.2%
Dte Energy Trust I
7.80%	20,000	480,000
Industrial - 0.0%
Communications - Telecommunications - 0.0%
Centaur Funding Corp.
9.08% (b)	200	125,500

Financial Institutions - 0.0%
Banking - 0.0%
Royal Bank of Scotland Group PLC
5.75%		10,000	54,100
Non Corporate Sectors - 0.0%
Agencies - Government Sponsored - 0.0%
Federal Home Loan Mortgage Corp.
Series Z
8.375%		4,750	2,185
Federal National Mortgage Association
8.25% (d)		5,750	4,082
			6,267
Total Preferred Stocks (cost $1,245,116)			665,867
	Principal Amount (000)
CMOS - 0.2%
Non-Agency ARMS - 0.2%
Bear Stearns Alt-A Trust
Series 2006-1, Class 22A1
5.295%, 2/25/36 (d)	$	182	82,367
Series 2006-3, Class 22A1
5.994%, 5/25/36 (d)		243	101,715
Series 2007-1, Class 21A1
5.693%, 1/25/47 (d)		61	24,601
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
5.12%, 5/25/35 (d)		113	68,936
Series 2006-AR1, Class 3A1
5.50%, 3/25/36 (e)		124	61,113
Deutsche Mortgage Securities, Inc.
Series 2005-WF1, Class 1A1
5.11%, 6/26/35 (b)		172	144,186
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.91%, 5/25/36 (d)		77	29,877
			512,795
Non-Agency Floating Rate - 0.0%
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
2.633%, 12/25/35 (e)		52	18,703
Series 2006-OA14, Class 3A1
0.468%, 11/25/46 (e)		181	58,329
Series 2007-OA3, Class M1
0.832%, 4/25/47 (e)		185	2,809

Lehman XS Trust
Series 2007-4N, Class M1
0.972%, 3/25/47 (e)		265		2,746
				82,587
Non-Agency Fixed Rate - 0.0%
Merrill Lynch Mortgage Investors, Inc.
Series 2005-A8, Class A1C1
5.25%, 8/25/36		85		61,072
Total CMOs (cost $1,735,981)				656,454
EMERGING MARKETS - SOVEREIGNS - 0.2%
Indonesia - 0.4%
Indonesia Government International Bond
11.625%, 3/04/19 (b) (cost $481,503)		485		525,012
	Shares
RIGHTS - 0.1%
Materials - 0.1%
Construction Materials - 0.1%
CRH PLC (Dublin) (a)		4,049		88,063
CRH PLC (London) (a)		384		8,367
				96,430
Financials - 0.0%
Commercial Banks - 0.0%
HSBC Holdings PLC (a)		20,208		40,883
Nordea Bank AB (a)		391,600		44,785
Diversified Financial Services - 0.0%
Fortis (a)		5,366		0
				85,668
Total Rights (cost $125,839)				182,098
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.8%
Time Deposit - 7.8%
Bank of New York Mellon
0.01%, 4/01/09 (cost $26,844,000)	$	26,844		26,844,000
Total Investments - 100.8% (cost $422,544,162)				345,625,495
Other assets less liabilities - (0.8)%				(2,742,582	)
Net Assets - 100.0%			$	342,882,913

FINANCIAL FUTURES CONTRACTS

Type	Number of Contracts	Expiration Month	Original Value		Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
DJ EURO STOXX 50	10	June 2009	$	257,710	$	264,791	$	7,081

FORWARD CURRENCY EXCHANGE CONTRACTS

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar
settling 6/15/09	589	$	376,236	$	407,556	$	31,320
Australian Dollar
settling 6/15/09	1,014		647,713		701,633		53,920
Canadian Dollar
settling 4/07/09	100		79,526		79,315		(211	)
Euro
settling 6/15/09	1,819		2,281,754		2,416,946		135,192
Euro
settling 6/15/09	350		453,705		465,053		11,348
Euro
settling 6/15/09	474		630,041		629,814		(227	)
Euro
settling 6/15/09	677		916,286		899,545		(16,741	)
Euro
settling 6/15/09	1,198		1,622,990		1,591,809		(31,181	)
Japanese Yen
settling 6/15/09	6,136		67,295		62,063		(5,232	)
Japanese Yen
settling 6/15/09	13,791		151,275		139,489		(11,786	)
Japanese Yen
settling 6/15/09	27,707		283,680		280,242		(3,438	)
Japanese Yen
settling 6/15/09	39,793		405,637		402,486		(3,151	)
Japanese Yen
settling 6/15/09	144,226		1,467,411		1,458,772		(8,639	)
Japanese Yen
settling 6/15/09	245,230		2,495,065		2,480,376		(14,689	)
Japanese Yen
settling 6/15/09	369,025		3,754,604		3,732,499		(22,105	)
New Zealand Dollar
settling 6/15/09	598		299,179		339,486		40,307

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts: (continued)
New Zealand Dollar
settling 6/15/09	1,772	$	886,532	$	1,005,969	$	119,437
Norwegian Krone
settling 6/15/09	1,194		177,191		177,211		20
Norwegian Krone
settling 6/15/09	1,336		188,581		198,286		9,705
Norwegian Krone
settling 6/15/09	4,401		619,214		653,188		33,974
Norwegian Krone
settling 6/15/09	6,164		867,265		914,849		47,584
Norwegian Krone
settling 6/15/09	7,764		1,119,910		1,152,318		32,408
Pound Sterling
settling 4/27/09	1,445		2,037,563		2,073,613		36,050
Swedish Krona
settling 6/15/09	795		96,241		96,764		523
Swiss Franc
settling 6/15/09	149		132,080		131,114		(966	)
Sale Contracts:
Canadian Dollar
settling 6/15/09	93		74,003		73,823		180
Canadian Dollar
settling 6/15/09	93		75,999		73,823		2,176
Canadian Dollar
settling 6/15/09	111		90,215		88,111		2,104
Canadian Dollar
settling 6/15/09	260		203,019		206,386		(3,367	)
Canadian Dollar
settling 6/15/09	1,139		889,378		904,129		(14,751	)
Canadian Dollar
settling 6/15/09	2,516		1,964,597		1,997,181		(32,584	)
Euro
settling 6/15/09	166		212,712		220,568		(7,856	)
Euro
settling 6/15/09	178		223,283		236,513		(13,230	)
Euro
settling 6/15/09	465		587,918		617,856		(29,938	)
Euro
settling 6/15/09	650		815,360		863,670		(48,310	)
Euro
settling 6/15/09	1,204		1,519,460		1,599,782		(80,322	)
Hong Kong Dollar
settling 6/15/09	2,236		288,356		288,629		(273	)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Sale Contracts: (continued)
Japanese Yen
settling 6/15/09	12,581	$	127,521	$	127,250	$	271
Japanese Yen
settling 6/15/09	13,164		133,387		133,147		240
Japanese Yen
settling 6/15/09	19,495		196,544		197,182		(638	)
Norwegian Krone
settling 6/15/09	392		61,379		58,180		3,199
Norwegian Krone
settling 6/15/09	1,465		215,425		217,432		(2,007	)
Pound Sterling
settling 4/27/09	2		2,652		2,638		14
Pound Sterling
settling 4/27/09	3,329		4,795,723		4,777,335		18,388
Pound Sterling
settling 6/15/09	151		211,468		216,716		(5,248	)
Pound Sterling
settling 6/15/09	182		260,779		261,208		(429	)
Pound Sterling
settling 6/15/09	185		269,517		265,513		4,004
Pound Sterling
settling 6/15/09	575		833,232		825,244		7,988
Pound Sterling
settling 6/15/09	905		1,318,449		1,298,863		19,586
Pound Sterling
settling 6/15/09	4,057		5,722,601		5,822,637		(100,036	)
Swedish Krona
settling 6/15/09	913		112,716		111,127		1,589
Swedish Krona
settling 6/15/09	1,045		113,248		127,194		(13,946	)
Swedish Krona
settling 6/15/09	1,192		138,500		145,086		(6,586	)
Swedish Krona
settling 6/15/09	1,688		192,128		205,457		(13,329	)
Swedish Krona
settling 6/15/09	1,924		208,507		234,182		(25,675	)
Swedish Krona
settling 6/15/09	5,005		567,261		609,190		(41,929	)
Swiss Franc
settling 6/15/09	196		174,750		172,472		2,278
Swiss Franc
settling 6/15/09	326		278,280		286,866		(8,586	)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Sale Contracts: (continued)
Swiss Franc
settling 6/15/09	1,640	$	1,399,939	$	1,443,132	$	(43,193	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the aggregate market value of these securities amounted to $5,944,932 or 1.7% of net assets.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2009.

(d) Variable rate coupon, rate shown as of March 31, 2009.

(e) Floating Rate Security. Stated interest rate was in effect at March 31, 2009.

(f) Security is in default and is non-income producing.

The fund currently owns investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of March 31, 2009, the fund’s total exposure to subprime investments was 0.46% of net assets. These investments are valued in accordance with the fund’s Valuation Policies.

An amount equivalent to U.S. $18,290 has been segregated to collateralize margin requirements for the “open futures contract” at March 31, 2009.

Please note: The sector classifications presented herein for the equity securities are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Please note: The issuer classifications presented herein for the fixed income securities are based on the Barclays Capital Fixed Income Indices developed by Barclays Capital. The fund components are divided either into duration, country, bond ratings or corporate sectors as classified by Barclays Capital.

Currency Abbreviations:

GBP -  Great British Pound

Glossary:

ADR -  American Depositary Receipt

ARMS -  Adjustable Rate Mortgages

CMBS -  Commercial Mortgage-Backed Securities

FDR -  Fiduciary Depositary Receipt

FRN -  Floating Rate Note

GDR -  Global Depositary Receipt

LP -  Limited Partnership

OJSC -  Open Joint Stock Company

REIT -  Real Estate Investment Trust

TIPS -  Treasury Inflation Protected Security

VARP Balanced Wealth Strategy Portfolio

FINANCIAL ACCOUNTING STANDARD NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities		Other Financial Instruments*
Level 1	$	145,763,904	$	7,081
Level 2		194,827,647		3,213
Level 3		5,033,944		– 0	–
Total	$	345,625,495	$	10,294

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investments in Securities
Balance as of 12/31/2008	$	4,154,149
Accrued discounts /premiums		545
Realized gain (loss)		(40,353	)
Change in unrealized appreciation/depreciation		(122,916	)
Net purchases (sales)		270,257
Net transfers in and/or out of Level 3		772,262
Balance as of 3/31/09	$	5,033,944
Net change in unrealized appreciation/depreciation from investments still held as of 3/31/09	$	(279,100	)*

* The unrealized depreciation is included in net change in unrealized appreciation/depreciation of investments in the accompanying statement of operations.

AllianceBernstein Variable Products Series Fund

Global Technology Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 97.0%
Technology Hardware & Equipment - 39.5%
Communications Equipment - 16.9%
Cisco Systems, Inc. (a)	462,100	$	7,749,417
Corning, Inc.	169,300		2,246,611
F5 Networks, Inc. (a)	28,800		603,360
Juniper Networks, Inc. (a)	82,000		1,234,920
QUALCOMM, Inc.	163,600		6,365,676
Starent Networks Corp. (a)	57,900		915,399
Tandberg ASA	106,743		1,568,989
			20,684,372
Computers & Peripherals - 17.9%
Apple, Inc. (a)	42,900		4,509,648
EMC Corp. (a)	270,100		3,079,140
Hewlett - Packard Co.	189,600		6,078,576
International Business Machines Corp.	58,500		5,668,065
NetApp, Inc. (a)	104,200		1,546,328
SanDisk Corp. (a)	74,800		946,220
			21,827,977
Electronic Equipment, Instruments & Components - 4.7%
AU Optronics Corp. (Sponsored)(ADR)	155,300		1,302,967
FUJIFILM Holdings Corp.	64,600		1,421,937
HON HAI Precision Industry Co. Ltd.	682,800		1,545,039
Murata Manufacturing Co. Ltd.	36,900		1,431,623
			5,701,566
			48,213,915
Software & Services - 33.8%
Internet Software & Services - 5.6%
Akamai Technologies, Inc. (a)	48,100		933,140
Equinix, Inc. (a)	16,400		920,860
Google, Inc. - Class A (a)	14,340		4,991,180
			6,845,180
IT Services - 6.9%
Accenture Ltd.-Class A	78,500		2,157,965
Alliance Data Systems Corp. (a)	18,600		687,270

Cap Gemini	51,382	1,651,375
Cognizant Technology Solutions Corp.-Class A (a)	100,200	2,083,158
Global Payments, Inc.	25,800	861,978
Infosys Technologies Ltd. (Sponsored)(ADR)	40,100	1,067,863
		8,509,609
Software - 21.3%
Adobe Systems, Inc. (a)	109,400	2,340,066
Check Point Software Technologies (a)	49,000	1,088,290
McAfee, Inc. (a)	39,200	1,313,200
Microsoft Corp.	243,900	4,480,443
Nintendo Co. Ltd.	7,700	2,252,495
Oracle Corp.	140,000	2,529,800
Red Hat, Inc. (a)	129,600	2,312,064
Salesforce.com, Inc. (a)	53,800	1,760,874
Shanda Interactive Entertainment Ltd. (Sponsored)(ADR) (a)	47,700	1,885,581
SuccessFactors, Inc. (a)	137,300	1,047,599
Symantec Corp. (a)	171,200	2,557,728
Synopsys, Inc. (a)	64,700	1,341,231
VMware, Inc.-Class A (a)	46,400	1,095,968
		26,005,339
		41,360,128
Semiconductors & Semiconductor Equipment - 20.4%
Semiconductors & Semiconductor Equipment - 20.4%
Altera Corp.	82,700	1,451,385
Analog Devices, Inc.	88,800	1,711,176
ASML Holding NV	85,803	1,510,820
Broadcom Corp.-Class A (a)	119,900	2,395,602
Intel Corp.	527,400	7,937,370
KLA-Tencor Corp.	52,700	1,054,000
Lam Research Corp. (a)	56,700	1,291,059
Linear Technology Corp.	78,800	1,810,824
Novellus Systems, Inc. (a)	78,700	1,308,781
PMC-Sierra, Inc. (a)	121,800	777,084
Taiwan Semiconductor Manufacturing Co. Ltd. (Sponsored)(ADR)	275,239	2,463,389
Texas Instruments, Inc.	75,300	1,243,203
		24,954,693
Telecommunication Services - 1.8%
Wireless Telecommunication Services - 1.8%
American Tower Corp.-Class A (a)	28,400	864,212
Leap Wireless International, Inc. (a)	38,400	1,339,008
		2,203,220

Media - 1.5%
Media - 1.5%
The DIRECTV Group, Inc. (a)	78,700		1,793,573
Total Investments - 97.0%
(cost $126,997,919) (b)			118,525,529
Other assets less liabilities - 3.0%			3,687,896
Net Assets - 100.0%		$	122,213,425

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $3,711,161 and gross unrealized depreciation of investments was $(12,183,551), resulting in net unrealized depreciation of $(8,472,390).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -  American Depositary Receipt

Country Breakdown *

March 31, 2009 (unaudited)

Summary

83.8%	United States
4.5%	Taiwan
4.3%	Japan
1.6%	China
1.4%	France
1.3%	Norway
1.3%	Netherlands
0.9%	Israel
0.9%	India
100.0%	Total Investments

* All data are as of March 31, 2009. The Fund's country breakdown is expressed as a percentage of total investments and may vary over time.

VARP Global Technology Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	107,143,252		$	– 0	–
Level 2		11,382,277	+		– 0	–
Level 3		– 0	–		– 0	–
Total	$	118,525,529		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

+ The earlier close of the foreign markets give rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

AllianceBernstein Variable Products Series Fund

Growth Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 98.5%
Information Technology - 31.1%
Communications Equipment - 1.7%
F5 Networks, Inc. (a)	65,900	$	1,380,605
Computers & Peripherals - 3.8%
Apple, Inc. (a)	14,914		1,567,760
EMC Corp. (a)	64,000		729,600
NetApp, Inc. (a)	49,200		730,128
			3,027,488
Electronic Equipment, Instruments & Components - 0.6%
Mettler Toledo International, Inc. (a)	10,000		513,300
Internet Software & Services - 2.9%
Google, Inc.-Class A (a)	6,825		2,375,509
IT Services - 8.4%
Accenture Ltd.-Class A	75,600		2,078,244
Alliance Data Systems Corp. (a)	39,400		1,455,830
SAIC, Inc. (a)	171,070		3,193,877
			6,727,951
Semiconductors & Semiconductor Equipment - 1.9%
Altera Corp.	85,400		1,498,770
Software - 11.8%
Activision Blizzard, Inc. (a)	61,000		638,060
Adobe Systems, Inc. (a)	13,780		294,754
Ansys, Inc. (a)	57,800		1,450,780
Red Hat, Inc. (a)	91,800		1,637,712
Salesforce.com, Inc. (a)	87,200		2,854,056
Symantec Corp. (a)	173,100		2,586,114
			9,461,476
			24,985,099
Health Care - 27.8%
Biotechnology - 10.0%
Amgen, Inc. (a)	13,400		663,568
Celgene Corp. (a)	69,340		3,078,696
Gilead Sciences, Inc. (a)	91,720		4,248,471
			7,990,735
Health Care Equipment & Supplies - 7.6%
Baxter International, Inc.	33,500		1,715,870
Becton Dickinson & Co.	9,700		652,228

Covidien Ltd.	59,700	1,984,428
Varian Medical Systems, Inc. (a)	58,900	1,792,916
		6,145,442
Health Care Providers & Services - 3.4%
Medco Health Solutions, Inc. (a)	65,780	2,719,345
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (a)	16,700	621,908
Pharmaceuticals - 6.0%
Abbott Laboratories	28,800	1,373,760
Schering-Plough Corp.	30,100	708,855
Teva Pharmaceutical Industries Ltd. (Sponsored)(ADR)	60,540	2,727,327
		4,809,942
		22,287,372
Industrials - 10.3%
Aerospace & Defense - 4.1%
Lockheed Martin Corp.	10,300	711,009
Raytheon Co.	67,000	2,608,980
		3,319,989
Construction & Engineering - 2.8%
Fluor Corp.	35,100	1,212,705
Jacobs Engineering Group, Inc. (a)	27,320	1,056,191
		2,268,896
Electrical Equipment - 0.9%
Ametek, Inc.	22,410	700,761
Machinery - 1.6%
Danaher Corp.	23,200	1,257,904
Road & Rail - 0.9%
Norfolk Southern Corp.	21,200	715,500
		8,263,050
Consumer Discretionary - 9.3%
Diversified Consumer Services - 2.7%
Strayer Education, Inc.	12,040	2,165,635
Hotels, Restaurants & Leisure - 1.8%
Yum! Brands, Inc.	52,345	1,438,440
Internet & Catalog Retail - 0.8%
Amazon.Com, Inc. (a)	8,900	653,616
Media - 3.6%
The DIRECTV Group, Inc. (a)	69,515	1,584,247
DreamWorks Animation SKG, Inc.-Class A (a)	36,400	787,696
Liberty Media Corp. - Entertainment Series A (a)	24,300	484,785
		2,856,728
Multiline Retail - 0.4%
Kohl’s Corp. (a)	7,200	304,704
		7,419,123

Consumer Staples - 8.9%
Food & Staples Retailing - 4.8%
CVS Caremark Corp.	19,800		544,302
The Kroger Co.	26,900		570,818
Wal-Mart Stores, Inc.	52,370		2,728,477
			3,843,597
Food Products - 2.5%
General Mills, Inc.	39,850		1,987,718
Tobacco - 1.6%
Philip Morris International, Inc.	36,300		1,291,554
			7,122,869
Energy - 5.7%
Energy Equipment & Services - 3.6%
Cameron International Corp. (a)	60,000		1,315,800
FMC Technologies, Inc. (a)	18,700		586,619
Schlumberger Ltd.	24,530		996,409
			2,898,828
Oil, Gas & Consumable Fuels - 2.1%
EOG Resources, Inc.	9,500		520,220
Valero Energy Corp.	34,300		613,970
XTO Energy, Inc.	18,000		551,160
			1,685,350
			4,584,178
Financials - 3.8%
Capital Markets - 3.8%
The Charles Schwab Corp.	39,690		615,195
Greenhill & Co., Inc.	33,160		2,448,866
			3,064,061
Telecommunication Services - 1.6%
Wireless Telecommunication Services - 1.6%
American Tower Corp.-Class A (a)	41,800		1,271,974
Total Investments - 98.5%
(cost $80,167,247) (b)			78,997,726
Other assets less liabilities - 1.5%			1,224,811
Net Assets - 100.0%		$	80,222,537

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,839,332 and gross unrealized depreciation of investments was $(7,008,853), resulting in net unrealized depreciation of $(1,169,521).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -    American Depositary Receipt

VARP Growth Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	78,997,726		$	– 0	–
Level 2		– 0	–		– 0	–
Level 3		– 0	–		– 0	–
Total	$	78,997,726		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund

Growth & Income Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 98.0%
Health Care - 19.0%
Biotechnology - 3.5%
Amgen, Inc. (a)	274,000	$	13,568,480
Biogen Idec, Inc. (a)	338,200		17,728,444
			31,296,924
Health Care Providers & Services - 5.9%
Aetna, Inc.	929,300		22,609,869
AmerisourceBergen Corp. - Class A	106,700		3,484,822
Express Scripts, Inc. - Class A (a)	38,000		1,754,460
Quest Diagnostics, Inc.	172,900		8,209,292
UnitedHealth Group, Inc.	756,000		15,823,080
			51,881,523
Pharmaceuticals - 9.6%
Abbott Laboratories	303,700		14,486,490
Eli Lilly & Co.	504,300		16,848,663
Endo Pharmaceuticals Holdings, Inc. (a)	196,200		3,468,816
Forest Laboratories, Inc. (a)	374,420		8,222,263
Merck & Co., Inc.	601,910		16,101,093
Novartis AG (Sponsored)(ADR)	359,300		13,592,319
Schering-Plough Corp.	511,500		12,045,825
			84,765,469
			167,943,916
Energy - 18.8%
Energy Equipment & Services - 2.8%
Baker Hughes, Inc.	259,500		7,408,725
Cameron International Corp. (a)	339,520		7,445,674
Noble Corp.	285,040		6,866,613
Tidewater, Inc.	96,900		3,597,897
			25,318,909
Oil, Gas & Consumable Fuels - 16.0%
Anadarko Petroleum Corp.	600,800		23,365,112
Apache Corp.	65,200		4,178,668
Chevron Corp.	117,000		7,867,080
ConocoPhillips	396,800		15,538,688

Exxon Mobil Corp.	332,300	22,629,630
Marathon Oil Corp.	211,400	5,557,706
Occidental Petroleum Corp.	427,840	23,809,296
Total SA (Sponsored)(ADR)	511,450	25,091,737
Valero Energy Corp.	758,900	13,584,310
		141,622,227
		166,941,136
Industrials - 17.4%
Aerospace & Defense - 11.1%
Goodrich Corp.	472,400	17,899,236
Honeywell International, Inc.	469,370	13,076,648
L-3 Communications Holdings, Inc.	421,060	28,547,868
Raytheon Co.	923,110	35,945,904
United Technologies Corp.	78,400	3,369,632
		98,839,288
Construction & Engineering - 2.0%
Fluor Corp.	511,980	17,688,909
Electrical Equipment - 0.4%
Hubbell, Inc. - Class B	126,020	3,397,499
Machinery - 1.8%
AGCO Corp. (a)	161,485	3,165,106
Dover Corp.	160,200	4,226,076
Joy Global, Inc.	387,400	8,251,620
		15,642,802
Road & Rail - 1.4%
Norfolk Southern Corp.	358,500	12,099,375
Trading Companies & Distributors - 0.7%
WESCO International, Inc. (a)	349,470	6,332,396
		154,000,269
Information Technology - 13.9%
Communications Equipment - 0.7%
F5 Networks, Inc. (a)	290,000	6,075,500
Computers & Peripherals - 1.4%
EMC Corp. (a)	526,500	6,002,100
NetApp, Inc. (a)	459,300	6,816,012
		12,818,112
Internet Software & Services - 0.7%
VeriSign, Inc. (a)	307,500	5,802,525
IT Services - 7.4%
Accenture Ltd. - Class A	784,100	21,554,909
Alliance Data Systems Corp. (a)	510,100	18,848,195
SAIC, Inc. (a)	1,372,300	25,620,841
		66,023,945

Software - 3.7%
Adobe Systems, Inc. (a)	152,100	3,253,419
Autodesk, Inc. (a)	211,800	3,560,358
Symantec Corp. (a)	1,725,600	25,780,464
		32,594,241
		123,314,323
Financials - 10.7%
Capital Markets - 0.9%
BlackRock, Inc. - Class A	39,000	5,071,560
TD Ameritrade Holding Corp. (a)	211,660	2,923,024
		7,994,584
Insurance - 9.8%
ACE Ltd.	376,160	15,196,864
Arch Capital Group Ltd. (a)	422,777	22,770,770
Axis Capital Holdings Ltd.	1,189,280	26,806,371
Loews Corp.	546,670	12,081,407
RenaissanceRe Holdings Ltd.	203,180	10,045,219
		86,900,631
		94,895,215
Consumer Staples - 6.5%
Food & Staples Retailing - 0.9%
Safeway, Inc.	369,100	7,452,129
Tobacco - 5.6%
Lorillard, Inc.	450,760	27,829,923
Philip Morris International, Inc.	614,600	21,867,468
		49,697,391
		57,149,520
Consumer Discretionary - 4.1%
Auto Components - 0.6%
WABCO Holdings, Inc.	410,390	5,051,901
Media - 3.5%
The DIRECTV Group, Inc. (a)	374,900	8,543,971
DISH Network Corp. - Class A (a)	756,330	8,402,826
Time Warner Cable, Inc. - Class A	137,395	3,407,384
Time Warner, Inc.	547,367	10,564,177
		30,918,358
		35,970,259
Telecommunication Services - 2.8%
Diversified Telecommunication Services - 2.8%
CenturyTel, Inc.	112,900	3,174,748
Qwest Communications International, Inc.	4,316,300	14,761,746
Verizon Communications, Inc.	228,000	6,885,600
		24,822,094

Utilities - 2.7%
Electric Utilities - 2.1%
Entergy Corp.	273,200		18,602,188
Multi-Utilities - 0.6%
Public Service Enterprise Group, Inc.	190,100		5,602,247
			24,204,435
Materials - 2.1%
Chemicals - 2.1%
CF Industries Holdings, Inc.	98,500		7,006,305
FMC Corp.	117,980		5,089,657
The Mosaic Co.	160,300		6,729,394
			18,825,356
Total Investments - 98.0% (cost $1,010,340,458) (b)			868,066,523
Other assets less liabilities - 2.0%			17,785,426
Net Assets - 100.0%		$	885,851,949

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $21,459,075 and gross unrealized depreciation of investments was $(163,733,010), resulting in net unrealized depreciation of $(142,273,935).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -  American Depositary Receipt

VARP Growth & Income Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	868,066,523		$	– 0	–
Level 2		– 0	–		– 0	–
Level 3		– 0	–		– 0	–
Total	$	868,066,523		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 30.7%
Industrial - 16.7%
Basic - 2.4%
ArcelorMittal
6.125%, 6/01/18	$	555	$	401,515
6.50%, 4/15/14		165		129,656
BHP Billiton Finance USA Ltd.
7.25%, 3/01/16		407		418,434
The Dow Chemical Co.
7.375%, 11/01/29		15		9,671
EI Du Pont de Nemours & Co.
5.875%, 1/15/14		239		252,651
Freeport-McMoRan Copper & Gold, Inc.
8.25%, 4/01/15		235		225,013
International Paper Co.
5.30%, 4/01/15		190		133,652
7.40%, 6/15/14		520		428,971
7.95%, 6/15/18		310		236,278
Packaging Corp. of America
5.75%, 8/01/13		155		143,016
PPG Industries, Inc.
5.75%, 3/15/13		455		463,330
Rio Tinto Finance USA Ltd.
6.50%, 7/15/18		460		402,574
Southern Copper Corp.
7.50%, 7/27/35		295		213,958
United States Steel Corp.
5.65%, 6/01/13		495		373,809
Usiminas Commercial Ltd.
7.25%, 1/18/18 (a)		124		115,320
				3,947,848
Capital Goods - 1.5%
Allied Waste North America, Inc.
6.375%, 4/15/11		174		172,260
Boeing Co.
6.00%, 3/15/19		400		410,833

Caterpillar Financial Services
4.50%, 6/15/09	115	115,145
Fisher Scientific International, Inc.
6.125%, 7/01/15	230	228,435
6.75%, 8/15/14	171	172,294
Hutchison Whampoa International Ltd.
7.45%, 11/24/33 (a)	185	167,333
John Deere Capital Corp.
5.25%, 10/01/12	410	413,991
Textron Financial Corp.
5.125%, 11/01/10	100	75,066
Tyco International Finance SA
6.00%, 11/15/13	155	145,833
8.50%, 1/15/19	195	201,277
United Technologies Corp.
4.875%, 5/01/15	246	257,774
Waste Management, Inc.
6.875%, 5/15/09	205	205,485
		2,565,726
Communications - Media - 1.8%
BSKYB Finance UK PLC
5.625%, 10/15/15 (a)	170	150,262
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22	280	307,586
Comcast Cable Communications, Inc.
6.875%, 6/15/09	250	251,585
Comcast Corp.
5.30%, 1/15/14	325	315,524
News America Holdings, Inc.
6.55%, 3/15/33	210	167,470
9.25%, 2/01/13	160	169,751
Reed Elsevier Capital, Inc.
8.625%, 1/15/19	185	189,682
RR Donnelley & Sons Co.
4.95%, 4/01/14	65	48,771
5.50%, 5/15/15	185	123,706
11.25%, 2/01/19	255	220,552
TCI Communications, Inc.
7.875%, 2/15/26	210	192,884
Time Warner Cable, Inc.
7.50%, 4/01/14	145	147,840
Time Warner Entertainment Co.
8.375%, 3/15/23	550	532,665
WPP Finance Corp.
5.875%, 6/15/14	120	106,227
		2,924,505

Communications - Telecommunications - 3.1%
Alltel Corp.
7.875%, 7/01/32	170	172,795
AT&T Corp.
8.00%, 11/15/31	20	21,724
British Telecommunications PLC
8.625%, 12/15/10 (b)	310	322,626
Embarq Corp.
6.738%, 6/01/13	420	391,650
7.082%, 6/01/16	855	769,500
New Cingular Wireless Services, Inc.
8.75%, 3/01/31	250	274,164
Pacific Bell Telephone Co.
6.625%, 10/15/34	535	485,627
Qwest Corp.
7.50%, 10/01/14	400	364,000
8.875%, 3/15/12	520	513,500
Telecom Italia Capital SA
4.00%, 1/15/10	380	374,218
6.375%, 11/15/33	40	29,144
US Cellular Corp.
6.70%, 12/15/33	575	434,697
Verizon Communications, Inc.
4.90%, 9/15/15	240	229,301
5.25%, 4/15/13	290	296,028
Verizon New Jersey, Inc.
Series A
5.875%, 1/17/12	179	183,914
Vodafone Group PLC
5.50%, 6/15/11	200	207,065
		5,069,953
Consumer Cyclical - Automotive - 0.1%
Daimler Finance North America LLC
4.875%, 6/15/10	110	106,837
Consumer Cyclical - Entertainment - 0.2%
The Walt Disney Co.
5.50%, 3/15/19	330	332,758
Consumer Cyclical - Other - 0.3%
Marriott International, Inc.
Series J
5.625%, 2/15/13	502	428,507
Toll Brothers Finance Corp.
5.15%, 5/15/15	40	33,740
6.875%, 11/15/12	95	88,802
		551,049

Consumer Cyclical - Retailers - 0.1%
Wal-Mart Stores, Inc.
4.25%, 4/15/13		225	236,637
Consumer Non-Cyclical - 4.3%
Abbott Laboratories
5.375%, 5/15/09		215	215,868
Avon Products, Inc.
6.50%, 3/01/19		410	404,391
Bottling Group LLC
6.95%, 3/15/14		355	403,646
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		206	164,552
5.875%, 5/15/13		350	311,915
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (a)		350	345,792
Campbell Soup Co.
6.75%, 2/15/11		335	361,394
The Coca-Cola Co.
5.35%, 11/15/17		380	405,919
ConAgra Foods, Inc.
7.875%, 9/15/10		102	107,675
Diageo Capital PLC
7.375%, 1/15/14		360	395,535
Fortune Brands, Inc.
4.875%, 12/01/13		374	338,944
5.125%, 1/15/11		115	112,865
Johnson & Johnson
5.55%, 8/15/17		370	412,090
Kraft Foods, Inc.
4.125%, 11/12/09		415	419,358
5.25%, 10/01/13		220	228,641
The Kroger Co.
6.80%, 12/15/18		229	239,045
PepsiCo, Inc./NC
4.65%, 2/15/13		385	408,706
Pfizer, Inc.
5.35%, 3/15/15		405	427,294
Series INTL
1.80%, 2/22/16	JPY	20,000	199,253
The Procter & Gamble Co.
4.70%, 2/15/19	$	402	405,487
Reynolds American, Inc.
7.25%, 6/01/13		105	100,181
7.625%, 6/01/16		395	349,717
Ventas Realty LP/Ventas Capital Corp.
6.75%, 4/01/17		84	71,820
Wyeth
5.50%, 2/01/14		251	263,654
			7,093,742

Energy - 1.6%
Amerada Hess Corp.
7.875%, 10/01/29	165	149,328
Apache Corp.
5.25%, 4/15/13	225	233,003
Baker Hughes, Inc.
6.50%, 11/15/13	205	224,766
Canadian Natural Resources Ltd.
5.15%, 2/01/13	60	56,942
Conoco, Inc.
6.95%, 4/15/29	155	154,331
Nabors Industries, Inc.
9.25%, 1/15/19 (a)	425	402,997
Noble Energy, Inc.
8.25%, 3/01/19	406	415,863
TNK-BP Finance SA
7.50%, 7/18/16 (a)	100	69,000
Valero Energy Corp.
6.875%, 4/15/12	515	519,765
Vastar Resources, Inc.
6.50%, 4/01/09	215	215,000
Weatherford International Ltd.
5.15%, 3/15/13	195	181,432
6.00%, 3/15/18	35	28,563
		2,650,990
Technology - 1.2%
Cisco Systems, Inc.
5.25%, 2/22/11	380	401,774
Computer Sciences Corp.
5.50%, 3/15/13	280	271,845
Electronic Data Systems Corp.
Series B
6.00%, 8/01/13	566	599,464
International Business Machines Corp.
Series MTN
4.375%, 6/01/09	90	90,229
Motorola, Inc.
6.50%, 9/01/25	125	79,375
7.50%, 5/15/25	25	16,325
7.625%, 11/15/10	22	20,905
Oracle Corp.
4.95%, 4/15/13	239	252,572
Oracle Corp. and Ozark Holding, Inc.
5.00%, 1/15/11	140	146,775
Xerox Corp.
7.625%, 6/15/13	40	35,695
		1,914,959

Transportation - Railroads - 0.1%
Canadian Pacific Railway Co.
6.50%, 5/15/18		120	107,947
Norfolk Southern Corp.
6.20%, 4/15/09		110	110,025
			217,972
			27,612,976
Financial Institutions - 10.5%
Banking - 6.8%
American Express Centurion
Series MTN
4.375%, 7/30/09		250	247,354
American Express Co.
4.75%, 6/17/09		98	98,219
ANZ National International Ltd.
6.20%, 7/19/13 (a)		240	232,198
Bank of America Corp.
4.875%, 1/15/13		660	590,890
5.375%, 9/11/12		375	346,332
Barclays Bank PLC
5.75%, 9/14/26	GBP	75	72,744
8.55%, 6/15/11 (a)(c)	$	365	131,400
The Bear Stearns Co., Inc.
5.55%, 1/22/17		394	331,277
5.70%, 11/15/14		450	427,693
7.625%, 12/07/09		215	218,390
Capital One Bank
6.50%, 6/13/13		140	124,126
Capital One Bank USA NA
5.00%, 6/15/09		100	99,658
Capital One Financial Corp.
4.80%, 2/21/12		470	421,251
5.50%, 6/01/15		42	33,997
6.75%, 9/15/17		45	37,545
Citigroup, Inc.
4.625%, 8/03/10		107	100,380
5.50%, 4/11/13		350	307,500
6.50%, 8/19/13		355	326,215
Compass Bank
5.50%, 4/01/20		250	176,236
Countrywide Financial Corp.
Series MTN
5.80%, 6/07/12		229	198,872

Countrywide Home Loans, Inc.
Series MTNL
4.00%, 3/22/11		4	3,560
Credit Suisse First Boston USA, Inc.
5.50%, 8/15/13		159	156,983
Deutsche Bank Financial, Inc.
7.50%, 4/25/09		215	215,142
The Goldman Sachs Group, Inc.
4.75%, 7/15/13		460	422,527
7.35%, 10/01/09		95	96,182
7.50%, 2/15/19		390	389,147
Huntington National Bank
4.375%, 1/15/10		250	241,849
JP Morgan Chase & Co.
4.75%, 5/01/13		615	596,130
6.75%, 2/01/11		285	290,527
Marshall & Ilsley Bank
5.00%, 1/17/17		175	121,029
Marshall & Ilsley Corp.
4.375%, 8/01/09		175	174,220
5.626%, 8/17/09		105	102,134
Merrill Lynch & Co., Inc.
6.05%, 5/16/16		535	328,166
Morgan Stanley
6.60%, 4/01/12		320	321,439
Series MTN
5.625%, 1/09/12		480	461,864
6.625%, 4/01/18		465	443,381
National City Bank of Cleveland Ohio
6.25%, 3/15/11		250	245,175
National Westminster Bank
6.50%, 9/07/21	GBP	50	52,247
Regions Financial Corp.
6.375%, 5/15/12	$	215	197,275
Resona Preferred Global Securities
7.191%, 7/30/15 (a)(c)		135	62,100
Standard Chartered PLC
6.409%, 1/30/17 (a)(c)		100	45,500
UBS Preferred Funding Trust I
8.622%, 10/01/10 (c)		180	72,240
UFJ Finance Aruba AEC
6.75%, 7/15/13		240	246,928
Union Bank of California
5.95%, 5/11/16		660	473,097
Union Planters Corp.
7.75%, 3/01/11		143	135,648

US Bancorp
5.30%, 4/28/09		220	220,418
VTB Capital SA
6.609%, 10/31/12 (a)		135	108,000
Wachovia Corp.
Series MTN
5.50%, 5/01/13		505	465,637
Zions Banc Corp.
5.50%, 11/16/15		105	68,326
			11,279,148
Finance - 2.2%
CIT Group, Inc.
5.00%, 2/01/15		240	146,124
5.85%, 9/15/16		360	203,613
7.625%, 11/30/12		435	320,174
Series MTN
5.125%, 9/30/14		195	117,875
General Electric Capital Corp.
4.80%, 5/01/13		435	407,669
5.625%, 5/01/18		455	395,632
Series MTNA
4.375%, 11/21/11		155	145,218
HSBC Finance Corp.
7.00%, 5/15/12		280	224,756
International Lease Finance Corp.
3.50%, 4/01/09		350	350,000
Series MTN
5.65%, 6/01/14		65	33,868
SLM Corp.
Series A
5.45%, 4/25/11		235	150,329
Series MTN
5.125%, 8/27/12		145	78,131
5.40%, 10/25/11		405	251,100
Series MTNA
4.50%, 7/26/10		90	67,500
5.375%, 1/15/13 - 5/15/14		1,220	650,208
			3,542,197
Insurance - 1.1%
The Allstate Corp.
6.125%, 5/15/37 (c)		530	286,200
Allstate Life Global Funding Trust
Series 04-1
4.50%, 5/29/09		97	96,986
Genworth Financial, Inc.
1.60%, 6/20/11	JPY	15,000	62,998
5.231%, 5/16/09	$	150	147,198
Series MTN
6.515%, 5/22/18		520	167,127

Humana, Inc.
6.30%, 8/01/18	215	169,745
Liberty Mutual Group, Inc.
5.75%, 3/15/14 (a)	145	111,750
Prudential Financial, Inc.
Series MTN
5.15%, 1/15/13	325	241,568
UnitedHealth Group, Inc.
4.125%, 8/15/09	82	82,077
5.25%, 3/15/11	95	95,813
WellPoint, Inc.
4.25%, 12/15/09	72	72,352
XL Capital Ltd.
5.25%, 9/15/14	300	196,571
6.25%, 5/15/27	200	111,535
		1,841,920
Other Finance - 0.0%
Aiful Corp.
6.00%, 12/12/11 (a)	125	31,250
REITS - 0.4%
HCP, Inc.
Series MTN
5.95%, 9/15/11	225	192,803
Simon Property Group LP
5.00%, 3/01/12	220	187,269
5.625%, 8/15/14	420	336,835
		716,907
		17,411,422
Utility - 2.9%
Electric - 2.0%
Carolina Power & Light Co.
6.50%, 7/15/12	480	507,038
Exelon Corp.
6.75%, 5/01/11	95	96,259
FirstEnergy Corp.
Series B
6.45%, 11/15/11	405	405,367
Series C
7.375%, 11/15/31	420	341,785
MidAmerican Energy Holdings Co.
5.875%, 10/01/12	240	249,162
Nisource Finance Corp.
6.80%, 1/15/19	550	441,992
7.875%, 11/15/10	110	108,091

Pacific Gas & Electric Co.
4.80%, 3/01/14	215	216,131
6.05%, 3/01/34	125	122,318
Progress Energy, Inc.
7.10%, 3/01/11	73	75,679
Public Service Company of Colorado
Series 10
7.875%, 10/01/12	210	235,000
The Southern Co.
Series A
5.30%, 1/15/12	156	162,627
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (a)	235	232,405
Wisconsin Energy Corp.
6.25%, 5/15/67 (c)	204	120,360
		3,314,214
Natural Gas - 0.7%
Duke Energy Field Services Corp.
7.875%, 8/16/10	70	70,952
Energy Transfer Partners LP
6.70%, 7/01/18	440	398,257
7.50%, 7/01/38	505	415,710
Enterprise Products Operating LLC
Series B
5.60%, 10/15/14	95	87,844
TransCanada Pipelines Ltd.
6.35%, 5/15/67 (c)	235	133,950
Williams Co., Inc.
7.875%, 9/01/21	105	97,125
		1,203,838
Other Utility - 0.2%
Veolia Environnement
6.00%, 6/01/18	350	331,328
		4,849,380
Non Corporate Sectors - 0.6%
Agencies - Not Government Guaranteed - 0.6%
Gaz Capital SA
6.212%, 11/22/16 (a)	460	340,400
6.51%, 3/07/22 (a)	857	559,335
		899,735
Total Corporates - Investment Grades (cost $56,636,359)		50,773,513
MORTGAGE PASS-THRU’S - 19.8%
Agency Fixed Rate 30-Year - 19.3%
Federal Home Loan Mortgage Corp. Gold
Series 2005
4.50%, 8/01/35 - 10/01/35	4,307	4,402,267
5.50%, 1/01/35	7,425	7,728,022
Series 2007
5.50%, 7/01/35	296	308,054

Federal National Mortgage Association
Series 2002
7.00%, 3/01/32	36	38,861
Series 2003
5.00%, 11/01/33	301	312,064
5.50%, 4/01/33 - 7/01/33	1,209	1,260,569
Series 2004
5.50%, 4/01/34 - 11/01/34	1,001	1,042,993
6.00%, 9/01/34	557	584,030
Series 2005
4.50%, 8/01/35	912	932,833
5.00%, 10/01/35	2,359	2,439,089
5.50%, 2/01/35	1,203	1,253,380
Series 2006
5.00%, 2/01/36	2,116	2,188,123
6.205%, 3/01/36	387	399,940
6.50%, 9/01/36 - 11/01/36	1,808	1,907,085
Series 2007
4.50%, 9/01/35 - 8/01/37	1,098	1,124,815
5.00%, 7/01/36	327	338,291
Series 2008
6.00%, 3/01/37	4,316	4,517,977
Government National Mortgage Association
Series 1994
9.00%, 9/15/24	6	6,124
Series 2006
6.00%, 7/15/36	1,004	1,051,437
		31,835,954
Agency ARMS - 0.5%
Federal Home Loan Mortgage Corp.
Series 2007
6.076%, 1/01/37 (d)	218	225,475
Federal National Mortgage Association
Series 2006
5.825%, 11/01/36 (d)	596	617,463
		842,938
Total Mortgage Pass-Thru’s (cost $31,512,023)		32,678,892
COMMERCIAL MORTGAGE-BACKED SECURITIES - 12.7%
Non-Agency Fixed Rate CMBS - 12.7%
Banc of America Commercial Mortgage, Inc.
Series 2001-PB1, Class A2
5.787%, 5/11/35	312	303,899

Series 2004-4, Class A3
4.128%, 7/10/42	380	373,743
Series 2004-6, Class A2
4.161%, 12/10/42	503	487,280
Series 2005-6, Class A4
5.35%, 9/10/47	470	361,310
Series 2006-5, Class A4
5.414%, 9/10/47	455	332,628
Bear Stearns Commercial Mortgage Securities, Inc.
Series 2005-PWR7, Class A3
5.116%, 2/11/41	505	389,006
Series 2005-T18, Class A4
4.933%, 2/13/42	530	414,099
Commercial Mortgage Pass Through Certificates
Series 2007-C9, Class A4
6.01%, 12/10/49	1,085	789,010
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class A3
6.02%, 6/15/38	1,095	737,646
Series 2006-C5, Class A3
5.311%, 12/15/39	225	143,432
CS First Boston Mortgage Securities Corp.
Series 2003-CK2, Class A2
3.861%, 3/15/36	26	25,720
GE Capital Commercial Mortgage Corp.
Series 2005-C3, Class A3FX
4.863%, 7/10/45	455	426,087
Greenwich Capital Commercial Funding Corp.
Series 2003-C1, Class A4
4.111%, 7/05/35	450	411,273
Series 2005-GG3, Class A2
4.305%, 8/10/42	525	505,746
Series 2007-GG11, Class A4
5.736%, 12/10/49	420	302,122
Series 2007-GG9, Class A2
5.381%, 3/10/39	1,090	912,898
Series 2007-GG9, Class A4
5.444%, 3/10/39	1,115	803,208
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38	300	246,080
Series 2006-GG8, Class A2
5.479%, 11/10/39	1,070	944,322

JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2004-C1, Class A2
4.302%, 1/15/38	95	81,607
Series 2005-LDP1, Class A4
5.038%, 3/15/46	550	424,072
Series 2005-LDP3, Class A2
4.851%, 8/15/42	405	368,411
Series 2005-LDP4, Class A2
4.79%, 10/15/42	421	388,557
Series 2005-LDP5, Class A2
5.198%, 12/15/44	360	330,431
Series 2006-CB14, Class A4
5.481%, 12/12/44	545	380,954
Series 2006-CB15, Class A4
5.814%, 6/12/43	1,035	732,092
Series 2006-CB17, Class A4
5.429%, 12/12/43	420	288,513
Series 2007-C1, Class A4
5.716%, 2/15/51	1,115	666,022
Series 2007-LD11, Class A4
6.01%, 6/15/49	1,105	759,975
Series 2007-LDPX, Class A3
5.42%, 1/15/49	1,110	750,162
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A4
4.166%, 5/15/32	430	372,694
Series 2004-C4, Class A4
5.40%, 6/15/29	830	676,715
Series 2004-C8, Class A2
4.201%, 12/15/29	414	410,929
Series 2005-C1, Class A4
4.742%, 2/15/30	365	289,251
Series 2005-C7, Class A4
5.197%, 11/15/30	340	266,568
Series 2006-C1, Class A4
5.156%, 2/15/31	1,240	945,806
Series 2006-C6, Class A4
5.372%, 9/15/39	475	341,842
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 9/12/49	1,105	706,472
Morgan Stanley Capital I
Series 2005-T17, Class A5
4.78%, 12/13/41	655	522,112

Wachovia Bank Commercial Mortgage Trust
Series 2006-C27, Class A3
5.765%, 7/15/45	1,080	746,540
Series 2007-C31, Class A4
5.509%, 4/15/47	1,100	690,160
Series 2007-C32, Class A2
5.92%, 6/15/49	605	490,397
Series 2007-C32, Class A3
5.93%, 6/15/49	615	391,977
Total Commercial Mortgage-Backed Securities (cost $26,500,009)		20,931,768
GOVERNMENTS - TREASURIES - 4.9%
Treasuries - 4.9%
United States - 4.9%
U.S. Treasury Bonds
4.50%, 2/15/36	275	316,852
U.S. Treasury Notes
1.75%, 1/31/14	1,390	1,399,452
4.25%, 11/15/17	2,075	2,353,828
U.S. Treasury STRIPS
Zero Coupon, 2/15/21	1,635	1,071,786
Zero Coupon, 11/15/21	4,685	2,962,986
Total Governments - Treasuries (cost $7,596,639)		8,104,904
AGENCIES - 3.8%
Agency Debentures - 3.8%
Federal Home Loan Mortgage Corp.
1.625%, 4/26/11	2,933	2,941,658
4.75%, 1/19/16	1,810	2,000,235
Federal National Mortgage Association
6.25%, 5/15/29	1,020	1,276,267
Total Agencies (cost $6,033,988)		6,218,160
CORPORATES - NON-INVESTMENT GRADES - 3.5%
Industrial - 2.9%
Basic - 0.2%
Ineos Group Holdings PLC
8.50%, 2/15/16 (a)	179	10,292
Steel Capital SA for OAO Severstal
9.25%, 4/19/14 (a)	228	148,200
9.75%, 7/29/13 (a)	200	130,000
Westvaco Corp.
8.20%, 1/15/30	50	39,418
		327,910

Capital Goods - 0.9%
Bombardier, Inc.
6.30%, 5/01/14 (a)	270	190,350
8.00%, 11/15/14 (a)	225	164,812
Case Corp.
7.25%, 1/15/16	170	124,100
Case New Holland, Inc.
7.125%, 3/01/14	175	128,625
Masco Corp.
6.125%, 10/03/16	635	407,528
Mohawk Industries, Inc.
6.625%, 1/15/16	550	405,241
United Rentals North America, Inc.
7.75%, 11/15/13	220	119,900
		1,540,556
Communications - Media - 0.3%
CCH I LLC
11.75%, 5/15/14 (e)+	420	4,725
Clear Channel Communications, Inc.
5.50%, 9/15/14	238	35,700
DirecTV Holdings LLC
6.375%, 6/15/15	216	203,580
Quebecor Media, Inc.
7.75%, 3/15/16	230	174,800
RH Donnelley Corp.
Series A-4
8.875%, 10/15/17	545	29,975
WDAC Subsidiary Corp.
8.375%, 12/01/14 (a)	70	14,000
		462,780
Communications - Telecommunications - 0.5%
Digicel Ltd.
9.25%, 9/01/12 (a)	161	142,083
Frontier Communications Corp.
6.25%, 1/15/13	210	190,312
Inmarsat Finance PLC
10.375%, 11/15/12 (e)	155	158,875
Nextel Communications, Inc.
Series D
7.375%, 8/01/15	140	74,200
Sprint Capital Corp.
6.875%, 11/15/28	235	143,350
8.75%, 3/15/32	75	50,250
		759,070
Consumer Cyclical - Automotive - 0.3%
Affinia Group, Inc.
9.00%, 11/30/14	85	31,450
Ford Motor Co.
7.45%, 7/16/31	364	115,570
Ford Motor Credit Co.
4.01%, 1/13/12 (d)	240	151,200
7.00%, 10/01/13	204	136,407

General Motors Corp.
8.25%, 7/15/23	289	33,958
8.375%, 7/15/33	320	38,400
Lear Corp.
Series B
8.75%, 12/01/16	195	39,975
Visteon Corp.
7.00%, 3/10/14	165	8,250
		555,210
Consumer Cyclical - Other - 0.6%
Broder Brothers Co.
Series B
11.25%, 10/15/10	77	11,935
Greektown Holdings LLC
10.75%, 12/01/13 (a)(f)	90	4,500
Harrah’s Operating Co., Inc.
10.75%, 2/01/16	160	30,400
Starwood Hotels & Resorts Worldwide, Inc.
6.25%, 2/15/13	550	423,500
7.375%, 11/15/15	379	267,195
7.875%, 5/01/12	362	309,510
		1,047,040
Consumer Cyclical - Retailers - 0.0%
Limited Brands, Inc.
6.90%, 7/15/17	45	30,891
Services - 0.0%
Travelport LLC
9.875%, 9/01/14	35	13,825
Technology - 0.1%
Avago Technologies Finance
10.125%, 12/01/13	110	97,900
Transportation - Airlines - 0.0%
Continental Airlines, Inc.
Series RJO3
7.875%, 7/02/18	39	20,999
		4,856,181
Utility - 0.4%
Electric - 0.3%
Dynegy Holdings, Inc.
8.375%, 5/01/16	205	138,887
Dynegy Roseton/Danskammer Pass Through Trust
Series B
7.67%, 11/08/16	195	147,713
Reliant Energy, Inc.
7.875%, 6/15/17	155	122,450
		409,050

Natural Gas - 0.1%
Enterprise Products Operating LLC
8.375%, 8/01/66 (c)	305	204,350
		613,400
Financial Institutions - 0.2%
Banking - 0.1%
BankAmerica Capital II
Series 2
8.00%, 12/15/26	98	41,403
RBS Capital Trust III
5.512%, 9/30/14 (c)	335	134,000
Royal Bank of Scotland Group PLC
7.648%, 9/30/31 (c)	115	51,750
		227,153
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
7.875%, 11/01/09 (f)	43	5,482
Series MTN
6.20%, 9/26/14 (f)	75	9,563
		15,045
Insurance - 0.1%
Crum & Forster Holdings Corp.
7.75%, 5/01/17	95	74,100
Liberty Mutual Group, Inc.
7.80%, 3/15/37 (a)	80	30,466
		104,566
		346,764
Total Corporates - Non-Investment Grades (cost $10,500,090)		5,816,345
GOVERNMENTS - SOVEREIGN BONDS - 2.9%
Brazil - 1.8%
Republic of Brazil
8.25%, 1/20/34	1,600	1,764,000
8.875%, 10/14/19 - 4/15/24	946	1,104,587
11.00%, 8/17/40	141	179,070
		3,047,657
Peru - 0.6%
Republic of Peru
8.375%, 5/03/16	255	283,177
9.875%, 2/06/15	555	654,900
		938,077
Russia - 0.5%
Russian Federation
7.50%, 3/31/30 (a)	845	796,055
Total Governments - Sovereign Bonds (cost $4,567,000)		4,781,789

INFLATION-LINKED SECURITIES - 2.4%
United States - 2.4%
U.S. Treasury Notes
2.375%, 4/15/11 (TIPS)		1,861	1,909,614
3.00%, 7/15/12 (TIPS)		1,943	2,067,723
Total Inflation-Linked Securities (cost $3,952,014)			3,977,337
GOVERNMENTS - SOVEREIGN AGENCIES - 2.2%
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17		70	75,557
United Kingdom - 1.6%
Barclays Bank PLC
Series EMTN
2.875%, 12/23/11	GBP	440	635,929
Lloyds TSB Bank PLC
Series EMTN
4.00%, 11/17/11		162	241,745
Royal Bank of Scotland PLC
Series EMTN
4.125%, 11/14/11		326	489,228
Bank of Scotland PLC
Series EMTN
4.625%, 11/04/11		890	1,346,733
			2,713,635
United States - 0.5%
General Electric Capital Corp.
2.75%, 12/07/11		550	793,743
Total Governments - Sovereign Agencies (cost $3,695,058)			3,582,935
ASSET-BACKED SECURITIES - 1.2%
Home Equity Loans - Floating Rate - 0.5%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.599%, 12/25/32 (d)	$	123	80,096
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33 (b)		252	234,588
GE-WMC Mortgage Securities LLC
Series 2005-2, Class A2B
0.692%, 12/25/35 (d)		39	35,802
HFC Home Equity Loan Asset Backed Certificates
Series 2005-3, Class A1
0.805%, 1/20/35 (d)		138	91,328

Home Equity Asset Trust
Series 2007-2, Class M1
0.952%, 7/25/37 (d)	475	8,650
Indymac Residential Asset Backed Trust
Series 2006-D, Class 2A2
0.632%, 11/25/36 (d)	490	333,467
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.882%, 3/25/37 (d)	160	3,127
RAAC Series
Series 2006-SP3, Class A1
0.602%, 8/25/36 (d)	35	33,294
Residential Asset Mortgage Products, Inc.
Series 2005-RS3, Class AIA2
0.692%, 3/25/35 (d)	22	20,541
Series 2005-RZ1, Class A2
0.722%, 4/25/35 (d)	45	41,364
		882,257
Credit Cards - Floating Rate - 0.5%
Chase Issuance Trust FRN
Series 2007-A1, Class A1
0.576%, 3/15/13 (d)	875	825,979
Home Equity Loans - Fixed Rate - 0.1%
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.36%, 1/25/33	105	69,496
Countrywide Asset-Backed Certificates
Series 2007-S1, Class A3
5.81%, 11/25/36	435	78,169
Credit-Based Asset Servicing and Securitization LLC
Series 2005-CB7, Class AF2
5.147%, 11/25/35	18	17,093
Home Equity Mortgage Trust
Series 2005-4, Class A3
4.742%, 1/25/36	30	28,787
Residential Funding Mortgage Securities II, Inc.
Series 2005-HI2, Class A3
4.46%, 5/25/35	24	23,546
		217,091
Other ABS - Fixed Rate - 0.1%
DB Master Finance, LLC
Series 2006-1, Class A2
5.779%, 6/20/31 (a)	100	70,000
Total Asset-Backed Securities (cost $3,321,742)		1,995,327

QUASI-SOVEREIGNS - 0.8%
Quasi-Sovereign Bonds - 0.8%
Russia - 0.8%
RSHB Capital SA for OJSC Russian Agricultural Bank
6.299%, 5/15/17 (a)	377	260,130
7.75%, 5/29/18 (a)	1,610	1,143,100
Total Quasi-Sovereigns (cost $1,978,803)		1,403,230
CMOS - 0.7%
Non-Agency ARMS - 0.5%
Bear Stearns Alt-A Trust
Series 2006-3, Class 22A1
5.994%, 5/25/36 (c)	149	62,499
Series 2007-1, Class 21A1
5.693%, 1/25/47 (c)	234	95,124
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
5.12%, 5/25/35 (c)	403	246,198
Series 2006-AR1, Class 3A1
5.50%, 3/25/36 (d)	478	236,195
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.91%, 5/25/36 (c)	213	82,841
		722,857
Non-Agency Floating Rate - 0.2%
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
2.633%, 12/25/35 (d)	139	50,124
Series 2007-OA3, Class M1
0.832%, 4/25/47 (d)	145	2,201
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
6.063%, 7/25/36 (c)	421	201,783
WaMu Mortgage Pass Through Certificates
Series 2007-OA1, Class A1A
2.333%, 2/25/47 (d)	342	105,397
Series 2007-OA3, Class B1
0.972%, 4/25/47 (d)	449	8,269
		367,774
Agency Floating Rate - 0.0%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.694%, 5/28/35 (d)	50	43,235
Total CMOs (cost $3,022,465)		1,133,866

EMERGING MARKETS - SOVEREIGNS - 0.4%
Indonesia - 0.4%
Indonesia Government International Bond
11.625%, 3/04/19 (a) (cost $677,083)	682	738,265
EMERGING MARKETS - CORPORATE BONDS - 0.2%
Industrial - 0.1%
Communications - Telecommunications - 0.1%
Mobile Telesystems Finance SA
8.00%, 1/28/12 (a)	231	205,590
Financial Institutions - 0.1%
Other Finance - 0.1%
MMG Fiduc (AES El Salvador)
6.75%, 2/01/16 (a)	100	52,693
Total Emerging Markets - Corporate Bonds (cost $330,344)		258,283
SUPRANATIONALS - 0.1%
European Investment Bank
4.875%, 2/15/36 (cost $109,788)	110	108,453
	Shares
PREFERRED STOCKS - 0.0%
Financial Institutions - 0.0%
REITS - 0.0%
Sovereign REIT
12.00% (a)	93	56,846
Non Corporate Sectors - 0.0%
Agencies - Government Sponsored - 0.0%
Federal Home Loan Mortgage Corp.
Series Z
8.375%	2,400	1,104
Federal National Mortgage Association
8.25% (c)	2,950	2,095
		3,199
Total Preferred Stocks (cost $221,408)		60,045

	Principal Amount (000)
SHORT-TERM INVESTMENTS - 13.0%
Time Deposit - 13.0%
Bank of New York Mellon
0.01%, 4/01/09 (cost $21,580,000)	$	21,580		21,580,000
Total Investments - 99.3% (cost $182,234,771) (g)				164,143,112
Other assets less liabilities - 0.7%				1,179,813
Net Assets - 100.0%			$	165,322,925

INTEREST RATE SWAP TRANSACTIONS

				Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date	Payments made by the Portfolio		Payments received by the Portfolio		Unrealized Appreciation/ (Depreciation)
Citibank	$	15,525	9/17/10	SIFMA	*	2.7875	%	$	348,204
Citibank		845	9/17/18	SIFMA	*	4.1525	%		94,533

FORWARD CURRENCY EXCHANGE CONTRACTS

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar
settling 4/08/09	1,223	$	790,022	$	850,093	$	60,071
Australian Dollar
settling 4/08/09	1,264		806,826		878,127		71,301
Canadian Dollar
settling 4/23/09	66		52,767		52,318		(449	)
Euro
settling 5/07/09	1,335		1,730,409		1,772,841		42,432
New Zealand Dollar
settling 5/20/09	1,626		814,269		923,845		109,576
Norwegian Krone
settling 6/03/09	11,566		1,743,130		1,717,970		(25,160	)
Pound Sterling
settling 4/27/09	1,812		2,554,784		2,599,549		44,765
Swedish Krona
settling 5/28/09	28,761		3,385,703		3,501,090		115,387
Swiss Franc
settling 5/22/09	214		190,761		188,290		(2,471	)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Sale Contracts:
Euro
settling 5/07/09	2,624	$	3,293,645	$	3,485,020	$	(191,375	)
Japanese Yen
settling 5/14/09	11,707		118,349		118,362		13
New Zealand Dollar
settling 5/20/09	1,619		826,733		920,023		(93,290	)
Pound Sterling
settling 4/27/09	1		863		858		5
Pound Sterling
settling 4/27/09	4,396		6,331,796		6,306,462		25,334
Swedish Krona
settling 5/28/09	14,793		1,737,442		1,800,822		(63,380	)
Swiss Franc
settling 5/22/09	3,877		3,462,498		3,410,953		51,545

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the aggregate market value of these securities amounted to $7,262,424 or 4.4% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2009.

(c) Variable rate coupon, rate shown as of March 31, 2009.

(d) Floating Rate Security. Stated interest rate was in effect at March 31, 2009.

(e) 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.

(f) Security is in default and is non-income producing.

(g) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,749,242 and gross unrealized depreciation of investments was $(20,840,901), resulting in net unrealized depreciation of $(18,091,659).

+ Security is in default.

The fund currently owns investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of March 31, 2009, the fund’s total exposure to subprime investments was 1.18% of net assets. These investments are valued in accordance with the fund’s Valuation Policies.

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA).

Currency Abbreviations:

GBP -  Great British Pound

JPY -  Japanese Yen

Glossary:

ABS -  Asset-Backed Securities

ARMS -  Adjustable Rate Mortgages

CMBS -  Commercial Mortgage-Backed Securities

CMOS -  Collateralized Mortgage Obligations

FRN -  Floating Rate Note

LP -  Limited Partnership

OJSC -  Open Joint Stock Company

REIT -  Real Estate Investment Trust

TIPS -  Treasury Inflation Protected Security

VARP Intermediate Bond Portfolio

FINANCIAL ACCOUNTING STANDARD NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	– 0	–	$	– 0	–
Level 2		155,501,523			587,015
Level 3		8,641,589			– 0	–
Total	$	164,143,112		$	587,015

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investments in Securities
Balance as of 12/31/2008	$	12,289,514
Accrued discounts /premiums		9,900
Realized gain (loss)		216,543
Change in unrealized appreciation/depreciation		(564,236	)
Net purchases (sales)		(4,926,654	)
Net transfers in and/or out of Level 3		1,616,522
Balance as of 03/31/09	$	8,641,589
Net change in unrealized appreciation/depreciation from investments still held as of 03/31/09	$	(377,976	)

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 97.4%
Financials - 19.1%
Capital Markets - 7.0%
Credit Suisse Group AG	75,523	$	2,299,522
ICAP PLC	180,815		787,404
Julius Baer Holding AG	47,671		1,171,316
Macquarie Group Ltd.	45,665		859,878
Man Group PLC	420,577		1,317,991
Partners Group Holding AG	18,058		1,084,334
			7,520,445
Commercial Banks - 9.7%
Commercial International Bank	86,106		490,996
ICICI Bank Ltd.	133,546		877,648
Industrial & Commercial Bank of China Ltd.-Class H	5,549,000		2,883,937
Investimentos Itau SA	578,055		1,988,524
Siam Commercial Bank PCL	885,200		1,360,310
Standard Chartered PLC	180,498		2,241,291
Turkiye Is Bankasi-Class C	0		1
United Overseas Bank Ltd.	86,000		551,629
			10,394,336
Diversified Financial Services - 1.0%
Deutsche Boerse AG	9,093		545,544
IG Group Holdings PLC	190,589		478,335
			1,023,879
Insurance - 1.4%
Hannover Rueckversicherung AG	16,722		532,646
Prudential PLC	190,222		922,176
			1,454,822
			20,393,482
Energy - 12.4%
Energy Equipment & Services - 1.0%
Schlumberger Ltd.	14,200		576,804
Transocean Ltd. (a)	8,900		523,676
			1,100,480
Oil, Gas & Consumable Fuels - 11.4%
BG Group PLC	165,972		2,503,587
BP PLC	258,185		1,731,222
China Petroleum & Chemical Corp.-Class H	1,222,000		783,056
Oil Search Ltd.	478,009		1,756,264
Santos Ltd.	47,457		558,567
Sasol Ltd.	37,899		1,098,608
StatoilHydro ASA	95,558		1,672,332
Total SA	40,708		2,012,991
			12,116,627
			13,217,107
Consumer Staples - 10.3%
Beverages - 1.4%

Anheuser-Busch InBev NV	31,228	859,871
Pernod-Ricard SA	11,070	616,928
		1,476,799
Food & Staples Retailing - 2.8%
Tesco PLC	612,148	2,924,681
Food Products - 1.9%
Nestle SA	40,048	1,352,996
Unilever NV	35,420	697,817
		2,050,813
Household Products - 1.8%
Reckitt Benckiser Group PLC	51,168	1,919,800
Tobacco - 2.4%
British American Tobacco PLC	93,816	2,167,222
Japan Tobacco, Inc.	161	430,383
		2,597,605
		10,969,698
Health Care - 9.9%
Biotechnology - 0.7%
CSL Ltd./Australia	32,948	744,513
Health Care Providers & Services - 1.0%
Fresenius Medical Care AG & Co. KGaA	26,220	1,017,457
Pharmaceuticals - 8.2%
AstraZeneca PLC	12,961	459,012
Bayer AG	17,615	841,585
GlaxoSmithKline PLC	42,718	665,317
Novartis AG	22,723	859,692
Novo Nordisk A/S-Class B	10,866	520,980
Roche Holding AG	16,456	2,258,589
Sanofi-Aventis	24,959	1,400,731
Teva Pharmaceutical Industries Ltd. (Sponsored)(ADR)	38,700	1,743,435
		8,749,341
		10,511,311
Consumer Discretionary - 9.6%
Auto Components - 0.8%
Denso Corp.	39,700	802,549
Automobiles - 3.3%
Bayerische Motoren Werke AG	33,695	971,940
Fiat SpA	117,123	820,146
Honda Motor Co. Ltd.	60,800	1,447,391
Volkswagen AG	1,034	317,528
		3,557,005
Hotels, Restaurants & Leisure - 2.1%
Carnival PLC	57,480	1,305,433
OPAP, SA	33,827	894,199
		2,199,632
Media - 2.5%
Eutelsat Communications	75,941	1,613,830
SES SA(FDR)	55,115	1,052,031
		2,665,861
Multiline Retail - 0.2%
Next PLC	9,636	182,855
Specialty Retail - 0.6%
Hennes & Mauritz AB-Class B	10,851	406,805
Nitori Co. Ltd.	4,350	243,466
		650,271
Textiles, Apparel & Luxury Goods - 0.1%
Compagnie Financiere Richemont SA	9,781	152,716

		10,210,889
Industrials - 8.8%
Aerospace & Defense - 1.0%
BAE Systems PLC	219,739	1,053,890
Commercial Services & Supplies - 0.9%
Capita Group PLC	100,263	975,143
Construction & Engineering - 0.5%
Orascom Construction Industries(GDR)	11,656	547,200
Electrical Equipment - 0.9%
Schneider Electric SA	14,948	994,143
Industrial Conglomerates - 2.2%
Siemens AG	26,519	1,513,963
Smiths Group PLC	87,330	837,448
		2,351,411
Machinery - 1.6%
Atlas Copco AB-Class A	116,273	873,068
Komatsu Ltd.	71,700	793,487
		1,666,555
Trading Companies & Distributors - 1.1%
Mitsui & Co. Ltd.	115,000	1,171,539
Transportation Infrastructure - 0.6%
China Merchants Holdings International Co. Ltd.	252,000	580,058
		9,339,939
Information Technology - 8.6%
Electronic Equipment, Instruments & Components - 2.5%
AU Optronics Corp. (Sponsored)(ADR)	81,300	682,107
Hoya Corp.	20,100	400,021
Keyence Corp.	6,160	1,165,390
Murata Manufacturing Co. Ltd.	10,000	387,974
		2,635,492
Internet Software & Services - 0.6%
Yahoo! Japan Corp.	2,487	654,921
IT Services - 1.0%
Cap Gemini SA	27,911	897,036
Obic Co. Ltd.	1,720	216,735
		1,113,771
Office Electronics - 1.0%
Ricoh Co. Ltd.	89,000	1,076,180
Semiconductors & Semiconductor Equipment - 1.7%
Advanced Semiconductor Engineering, Inc.	1,067,772	521,018
Taiwan Semiconductor Manufacturing Co. Ltd. (Sponsored)(ADR)	104,200	932,590
Tokyo Electron Ltd.	10,900	408,246
		1,861,854
Software - 1.8%
Nintendo Co. Ltd.	900	263,278
SAP AG	16,370	572,414
Shanda Interactive Entertainment Ltd. (Sponsored)(ADR) (a)	26,000	1,027,780
		1,863,472
		9,205,690
Telecommunication Services - 8.0%
Diversified Telecommunication Services - 4.4%
China Unicom Hong Kong Ltd.	320,000	333,930
Deutsche Telekom AG	59,809	740,795
Global Village Telecom Holding SA (a)	39,200	441,386
Iliad SA	12,375	1,153,629
Telefonica SA	83,092	1,656,968

Vimpel-Communications (Sponsored)(ADR)	51,485		336,712
			4,663,420
Wireless Telecommunication Services - 3.6%
America Movil SAB de CV Series L(ADR)	29,100		788,028
MTN Group Ltd.	56,083		622,269
NTT DoCoMo, Inc.	517		704,379
Turkcell Iletisim Hizmet AS	0		2
Vodafone Group PLC	1,009,873		1,760,661
			3,875,339
			8,538,759
Materials - 7.0%
Chemicals - 2.0%
Syngenta AG	10,339		2,078,270
Metals & Mining - 5.0%
ArcelorMittal	42,441		864,417
Cia Vale do Rio Doce (Sponsored)-Class B(ADR)	97,150		1,095,852
Equinox Minerals Ltd. (a)	528,265		775,135
Rio Tinto PLC	23,205		779,177
Steel Authority of India Ltd.	290,610		553,852
Usinas Siderurgicas de Minas Gerais SA (preference shares)-Class A	101,700		1,290,238
			5,358,671
			7,436,941
Utilities - 3.7%
Electric Utilities - 1.2%
E.ON AG	14,671		406,888
The Kansai Electric Power Co., Inc.	40,000		869,300
			1,276,188
Independent Power Producers & Energy Traders - 0.6%
China Resources Power Holdings Co.	322,000		676,200
Multi-Utilities - 1.9%
GDF Suez	32,552		1,116,360
National Grid PLC	119,134		915,005
			2,031,365
			3,983,753
Total Investments - 97.4% (cost $132,533,145) (b)			103,807,569
Other assets less liabilities - 2.6%			2,807,042
Net Assets - 100.0%		$	106,614,611

FORWARD CURRENCY EXCHANGE CONTRACTS

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 6/15/09	2,955	$	1,887,565	$	2,044,489	$	156,924
Euro settling 6/15/09	1,111		1,505,683		1,476,221		(29,462	)
Euro settling 6/15/09	1,698		2,298,158		2,256,187		(41,971	)
Japanese Yen settling 6/15/09	82,864		912,197		838,161		(74,036	)
Japanese Yen settling 6/15/09	127,148		1,390,203		1,286,089		(104,114	)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts: (continued)
Japanese Yen settling 6/15/09	1,188,941	$	12,096,748	$	12,026,012	$	(70,736	)
New Zealand Dollar settling 6/15/09	1,137		583,963		645,392		61,429
New Zealand Dollar settling 6/15/09	8,197		4,100,959		4,652,839		551,880
Norwegian Krone settling 6/15/09	27,233		3,831,640		4,041,684		210,044
Sale Contracts:
Canadian Dollar settling 6/15/09	707		578,418		561,234		17,184
Euro settling 6/15/09	1,264		1,609,211		1,679,517		(70,306	)
Euro settling 6/15/09	1,545		1,972,656		2,052,891		(80,235	)
Norwegian Krone settling 6/15/09	1,483		232,209		220,094		12,115
Pound Sterling settling 6/15/09	670		970,897		961,598		9,299
Pound Sterling settling 6/15/09	777		1,140,170		1,115,167		25,003
Pound Sterling settling 6/15/09	11,470		16,179,008		16,461,988		(282,980	)
Swedish Krona settling 6/15/09	3,608		445,432		439,168		6,264
Swedish Krona settling 6/15/09	6,135		664,860		746,756		81,896
Swiss Franc settling 6/15/09	307		272,139		270,160		1,979
Swiss Franc settling 6/15/09	380		330,119		334,400		(4,281	)
Swiss Franc settling 6/15/09	5,204		4,442,244		4,579,524		(137,280	)

(a) Non-income producing security.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,336,161 and gross unrealized depreciation of investments was $(33,061,737), resulting in net unrealized depreciation of ($28,725,576).

Glossary:

ADR -    American Depositary Receipt

FDR -    Fiduciary Depositary Receipt

GDR -    Global Depositary Receipt

Country Breakdown *

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

March 31, 2009 (unaudited)

Summary

25.0%	United Kingdom
11.3%	Switzerland
10.6%	Japan
10.5%	France
7.2%	Germany
5.5%	China
4.6%	Brazil
3.8%	Australia
2.1%	Taiwan
1.7%	Israel
1.7%	South Africa
1.6%	Norway
1.6%	Spain
1.4%	India
11.4%	Other
100.0%	Total Investments

* All data are as of March 31, 2009. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.4% or less in the following countries: Belgium, Canada, Denmark, Egypt, Greece, Hong Kong, Italy, Luxembourg, Mexico, Netherlands, Russia, Singapore, Sweden, Thailand and United States.

VARP International Growth Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	11,078,160		$	– 0	–
Level 2		91,369,099	+		74,819
Level 3		1,360,310			– 0	–
Total	$	103,807,569		$	74,819

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investments in Securities
Balance as of 12/31/2008	$	1,741,327
Accrued discounts /premiums		– 0	–
Realized gain (loss)		(2,489,288	)
Change in unrealized appreciation/depreciation		2,375,227

Net purchases (sales)		(266,956	)
Net transfers in and/or out of Level 3		– 0	–
Balance as of 3/31/09	$	1,360,310
Net change in unrealized appreciation/depreciation from investments still held as of 3/31/09	$	(155,532	)*

* The unrealized depreciation is included in net change in unrealized appreciation/depreciation of investments in the accompanying statement of operations.

AllianceBernstein Variable Products Series Fund

International Value Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 96.3%
Financials - 25.2%
Capital Markets - 4.3%
Credit Suisse Group AG	937,500	$	28,544,976
Deutsche Bank AG	689,600		27,622,799
UBS AG (Swiss Virt - X) (a)	1,774,725		16,638,483
			72,806,258
Commercial Banks - 15.1%
ABSA Group Ltd.	417,900		4,244,744
Australia & New Zealand Banking Group Ltd.	2,042,500		22,319,085
Banco do Brasil SA	1,780,100		13,145,000
Barclays PLC	6,522,600		13,848,241
BNP Paribas SA	624,320		25,757,342
Credit Agricole SA	1,948,787		21,502,171
Hana Financial Group, Inc.	374,500		5,705,998
HSBC Holdings PLC	3,204,600		17,841,779
Intesa Sanpaolo SpA	6,990,400		19,227,004
Itau Unibanco Banco Multiplo SA(ADR)	821,689		8,939,980
KB Financial Group, Inc. (a)	763,900		18,478,524
Lloyds Banking Group PLC	9,705,904		9,826,702
National Australia Bank Ltd.	826,500		11,537,425
Nordea Bank AB	1,283,200		6,384,881
Societe Generale - Class A	696,788		27,256,225
Standard Bank Group Ltd.	1,457,000		12,227,044
Sumitomo Mitsui Financial Group, Inc.	455,200		16,028,220
			254,270,365
Consumer Finance - 0.0%
ORIX Corp.	16,500		543,039
Diversified Financial Services - 0.4%
ING Group	1,313,671		7,198,178
Insurance - 5.1%
Allianz SE	388,500		32,518,513
Aviva PLC	2,515,285		7,799,877
Fairfax Financial Holdings Ltd.	19,100		4,938,610
Fondiaria-Sai SpA (ordinary shares)	146,337		1,710,399
Muenchener Rueckversicherungs AG (MunichRe)	240,700		29,309,152
Sun Life Financial, Inc.	489,700		8,871,152
			85,147,703
Real Estate Management & Development - 0.3%
Mitsui Fudosan Co., Ltd.	445,000		4,881,587
			424,847,130
Energy - 15.0%
Oil, Gas & Consumable Fuels - 15.0%
Addax Petroleum Corp.	237,900		5,151,229
BP PLC	5,668,600		38,009,983
China Petroleum & Chemical Corp.-Class H	36,434,000		23,346,867
ENI SpA	1,313,500		25,432,360

LUKOIL (Sponsored)(ADR)	738,950	27,704,670
Petro-Canada	711,900	19,124,407
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A	2,305,500	51,433,672
StatoilHydro ASA	1,344,350	23,527,070
Total SA	806,200	39,866,207
		253,596,465
Telecommunication Services - 12.0%
Diversified Telecommunication Services - 9.1%
BCE, Inc.	658,800	13,125,837
Bezeq Israeli Telecommunication Corp. Ltd.	6,039,100	9,474,121
Deutsche Telekom AG	823,000	10,193,690
France Telecom SA	1,090,800	24,867,194
Nippon Telegraph & Telephone Corp.	571,800	21,822,580
Telecom Corp. of New Zealand Ltd.	3,093,859	4,115,532
Telecom Italia SpA (ordinary shares)	14,295,100	18,429,753
Telecom Italia SpA (savings shares)	6,934,700	7,051,785
Telefonica SA	1,793,700	35,768,828
TELUS Corp.-Class A	315,100	8,249,882
		153,099,202
Wireless Telecommunication Services - 2.9%
KDDI Corp.	2,052	9,663,156
Vodafone Group PLC	22,926,475	39,971,129
		49,634,285
		202,733,487
Information Technology - 8.8%
Communications Equipment - 2.2%
Nokia OYJ	2,175,200	25,439,939
Telefonaktiebolaget LM Ericsson - Class B	1,349,000	10,906,920
		36,346,859
Computers & Peripherals - 2.4%
Compal Electronics, Inc.(GDR) (b)	2,185,709	7,830,958
Fujitsu Ltd.	4,370,000	16,397,270
Toshiba Corp.	6,413,000	16,706,443
		40,934,671
Electronic Equipment, Instruments & Components - 1.1%
AU Optronics Corp.	7,733,000	6,437,861
Hitachi High-Technologies Corp.	295,200	4,186,268
Hitachi Ltd.	2,980,000	8,153,276
		18,777,405
Semiconductors & Semiconductor Equipment - 3.1%
Samsung Electronics (Preference Shares)	33,400	7,657,022
Samsung Electronics Co. Ltd.	46,560	19,236,608
United Microelectronics Corp.	76,489,140	24,968,011
		51,861,641
		147,920,576
Consumer Discretionary - 8.2%
Auto Components - 0.4%
Magna International, Inc.-Class A	232,000	6,171,700
Automobiles - 4.0%
Honda Motor Co. Ltd.	619,700	14,752,436
Isuzu Motors Ltd.	4,320,000	5,305,943
Nissan Motor Co. Ltd.	6,000,200	21,686,691
Renault SA	656,000	13,488,775
Toyota Motor Corp.	401,200	12,743,662
		67,977,507
Hotels, Restaurants & Leisure - 1.0%
Thomas Cook Group PLC	2,017,000	6,945,650

TUI Travel PLC	2,775,200	9,106,956
		16,052,606
Household Durables - 1.8%
Sharp Corp.	2,520,000	20,165,577
Sony Corp.	511,600	10,582,180
		30,747,757
Media - 0.7%
Lagardere SCA	408,000	11,449,019
Textiles, Apparel & Luxury Goods - 0.3%
Yue Yuen Industrial Holdings Ltd.	2,159,000	4,931,234
		137,329,823
Health Care - 7.9%
Pharmaceuticals - 7.9%
AstraZeneca PLC	312,900	11,081,310
Bayer AG	450,500	21,523,372
GlaxoSmithKline PLC	2,256,600	35,145,730
Novartis AG	801,340	30,317,549
Sanofi-Aventis	621,027	34,852,833
		132,920,794
Materials - 6.4%
Chemicals - 2.2%
BASF SE	705,100	21,309,039
DIC Corp.	2,734,000	4,015,962
Mitsubishi Chemical Holdings Corp.	3,431,000	11,840,920
		37,165,921
Containers & Packaging - 0.2%
Amcor Ltd.	1,367,139	4,228,383
Metals & Mining - 3.0%
Antofagasta PLC	864,300	6,254,684
ArcelorMittal	546,424	11,149,072
BHP Billiton Ltd.	414,200	9,154,341
JFE Holdings, Inc.	709,300	15,656,534
MMC Norilsk Nickel(ADR)	648,804	3,957,705
Yamato Kogyo Co. Ltd.	172,700	3,728,869
		49,901,205
Paper & Forest Products - 1.0%
Stora Enso Oyj-Class R	908,100	3,216,697
Svenska Cellulosa AB-Class B	1,787,500	13,566,566
		16,783,263
		108,078,772
Utilities - 4.8%
Electric Utilities - 3.1%
CEZ	170,300	6,090,702
E.ON AG	1,041,800	28,893,457
The Tokyo Electric Power Co., Inc.	651,000	16,270,852
		51,255,011
Multi-Utilities - 1.7%
Centrica PLC	5,363,200	17,507,176
RWE AG	169,000	11,835,188
		29,342,364
		80,597,375
Industrials - 4.5%
Aerospace & Defense - 0.8%
Bombardier, Inc.-Class B	2,031,400	4,736,926
European Aeronautic Defence & Space Co., NV	781,430	9,080,117
		13,817,043

Airlines - 1.0%
Deutsche Lufthansa AG	877,600	9,507,660
Qantas Airways Ltd.	5,824,974	7,038,314
		16,545,974
Industrial Conglomerates - 0.6%
Koninklijke Philips Electronics NV	697,420	10,323,341
Machinery - 0.8%
Volvo AB-Class B	2,550,150	13,531,787
Road & Rail - 0.4%
East Japan Railway Co.	141,000	7,350,926
Trading Companies & Distributors - 0.9%
Mitsubishi Corp.	657,900	8,721,602
Mitsui & Co. Ltd.	573,000	5,837,318
		14,558,920
		76,127,991
Consumer Staples - 3.5%
Food & Staples Retailing - 2.5%
Aeon Co. Ltd.	748,700	4,948,917
Delhaize Group	251,500	16,320,874
Koninklijke Ahold NV	1,963,240	21,502,873
		42,772,664
Food Products - 1.0%
Associated British Foods PLC	1,826,000	16,760,688
		59,533,352
Total Common Stocks (cost $2,602,702,330)		1,623,685,765
RIGHTS - 0.3%
Financials - 0.3%
Commercial Banks - 0.3%
HSBC Holdings PLC (a)	1,335,250	2,701,384
Nordea Bank AB (a)	14,115,200	1,614,265
		4,315,649
Diversified Financial Services - 0.0%
Fortis (a)	2,209,932	3
Total Rights (cost $3,293,478)		4,315,652

	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.0%
Time Deposit - 3.0%
Bank of New York Mellon
0.01%, 4/01/09 (cost $51,358,000)	$	51,358		51,358,000
Total Investments - 99.6%
(cost $2,657,353,808)				1,679,359,417
Other assets less liabilities - 0.4%				6,224,097
Net Assets - 100.0%			$	1,685,583,514

FINANCIAL FUTURES CONTRACTS

Type	Number of Contracts	Expiration Month	Original Value		Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
DJ EURO STOXX 50	507	June 2009	$	13,065,883	$	13,424,887	$	359,004
Purchased Contracts (continued)
S&P/TSX 60 IX FT	79	June 2009	$	6,048,589	$	6,591,688	$	543,099

$902,103

FORWARD CURRENCY EXCHANGE CONTRACTS

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Euro
settling 6/15/09	21,783	$	28,237,303	$	28,943,559	$	706,256
Euro
settling 6/15/09	94,445		127,949,364		125,491,185		(2,458,179	)
Japanese Yen
settling 6/15/09	1,041,302		11,554,616		10,532,238		(1,022,378	)
Japanese Yen
settling 6/15/09	1,400,919		14,900,223		14,169,580		(730,643	)
Japanese Yen
settling 6/15/09	1,574,348		16,048,400		15,923,726		(124,674	)
Japanese Yen
settling 6/15/09	14,790,194		150,481,188		149,595,255		(885,933	)
Norwegian Krone
settling 6/15/09	479,951		69,230,026		71,233,381		2,003,355
Swedish Krona
settling 6/15/09	41,080		4,528,368		5,000,105		471,737
Sale Contracts:
Canadian Dollar
settling 6/15/09	7,329		5,758,171		5,817,701		(59,530	)
Canadian Dollar
settling 6/15/09	14,903		12,178,639		11,829,882		348,757
Canadian Dollar
settling 6/15/09	62,991		49,185,973		50,001,751		(815,778	)
Euro
settling 6/15/09	4,738		5,943,347		6,295,487		(352,140	)
Euro
settling 6/15/09	16,722		21,240,284		22,218,896		(978,612	)
Euro
settling 6/15/09	94,768		119,598,164		125,920,362		(6,322,198	)
Japanese Yen
settling 6/15/09	424,080		4,341,968		4,289,353		52,615
Japanese Yen
settling 6/15/09	1,435,218		14,469,528		14,516,497		(46,969	)
Norwegian Krone
settling 6/15/09	45,631		6,709,948		6,772,463		(62,515	)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Sale Contracts: (continued)
Pound Sterling
settling 6/15/09	5,678	$	7,951,755	$	8,149,109	$	(197,354	)
Pound Sterling
settling 6/15/09	52,217		76,072,336		74,942,233		1,130,103
Swedish Krona
settling 6/15/09	60,822		7,138,062		7,403,029		(264,967	)
Swedish Krona
settling 6/15/09	343,050		38,880,892		41,754,775		(2,873,883	)

Swiss Franc
settling 6/15/09	15,673	13,973,787	13,791,590	182,197
Swiss Franc
settling 6/15/09	19,323	16,494,520	17,003,439	(508,919	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the market value of this security amounted to $7,830,958 or 0.5% of net assets.

An amount equivalent to U.S. $2,474,126 has been segregated to collateralize margin requirements for the open future contract at March 31, 2009.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $22,561,705 and gross unrealized depreciation of investments was $(1,000,556,096), resulting in net unrealized depreciation of $(977,944,391).

Glossary:

ADR -  American Depositary Receipt

GDR -  Global Depositary Receipt

Country Breakdown *

AllianceBernstein Variable Products Series Fund

March 31, 2009 (unaudited)

Summary

15.6%	Japan
13.9%	United Kingdom
11.8%	France
11.5%	Germany
6.6%	Netherlands
4.5%	Switzerland
4.3%	Italy
4.2%	Canada
3.2%	Australia
3.0%	South Korea
2.7%	Sweden
2.3%	Taiwan
2.1%	Spain
11.2%	Other
3.1%	Short-Term Investments
100.0%	Total Investments

* All data are as of March 31, 2009. The Fund's country breakdown is expressed as a percentage of total investments and may vary over time. "Other" country weightings represent 2.1% or less in the following countries: Belgium, Brazil, China, Czech Republic, Finland, Hong Kong, Israel, New Zealand, Norway, Russia and South Africa.

VARP International Value Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	87,602,240		$	902,103
Level 2		1,591,757,174	+		(12,809,650	)
Level 3		3			– 0	–
Total	$	1,679,359,417		$	(11,907,547	)

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investments in Securities
Balance as of 12/31/2008	$	3
Accrued discounts /premiums		– 0	–
Realized gain (loss)		– 0	–
Change in unrealized appreciation/depreciation		– 0	–

Net purchases (sales)		– 0	–
Net transfers in and/or out of Level 3		– 0	–
Balance as of 3/31/09	$	3
Net change in unrealized appreciation/depreciation from investments still held as of 3/31/09	$	– 0	–*

* The unrealized depreciation is included in net change in unrealized appreciation/depreciation of investments in the accompanying statement of operations.

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 98.0%
Information Technology - 28.6%
Communications Equipment - 8.1%
Cisco Systems, Inc. (a)	736,100	$	12,344,397
QUALCOMM, Inc.	391,000		15,213,810
			27,558,207
Computers & Peripherals - 11.1%
Apple, Inc. (a)	162,790		17,112,485
Hewlett-Packard Co.	626,550		20,087,193
NetApp, Inc. (a)	56,400		836,976
			38,036,654
Internet Software & Services - 6.4%
Google, Inc.-Class A (a)	62,990		21,924,299
Semiconductors & Semiconductor Equipment - 0.9%
Intel Corp.	196,800		2,961,840
Software - 2.1%
Activision Blizzard, Inc. (a)	121,100		1,266,706
Microsoft Corp.	325,900		5,986,783
			7,253,489
			97,734,489
Health Care - 20.1%
Biotechnology - 8.6%
Celgene Corp. (a)	210,700		9,355,080
Gilead Sciences, Inc. (a)	433,300		20,070,456
			29,425,536
Health Care Equipment & Supplies - 4.3%
Alcon, Inc.	40,300		3,663,673
Baxter International, Inc.	122,700		6,284,694
Becton Dickinson & Co.	70,500		4,740,420
			14,688,787
Health Care Providers & Services - 1.7%
Medco Health Solutions, Inc. (a)	140,600		5,812,404
Pharmaceuticals - 5.5%
Abbott Laboratories	121,200		5,781,240
Teva Pharmaceutical Industries Ltd. (Sponsored)(ADR)	284,100		12,798,705
			18,579,945
			68,506,672

Consumer Staples - 14.6%
Beverages - 4.6%
The Coca-Cola Co.	86,200	3,788,490
Molson Coors Brewing Co.-Class B	55,800	1,912,824
PepsiCo, Inc.	191,800	9,873,864
		15,575,178
Food & Staples Retailing - 4.9%
Costco Wholesale Corp.	172,200	7,976,304
Wal-Mart Stores, Inc.	167,600	8,731,960
		16,708,264
Food Products - 0.6%
General Mills, Inc.	43,800	2,184,744
Household Products - 3.3%
Colgate-Palmolive Co.	111,300	6,564,474
Procter & Gamble Co.	101,200	4,765,508
		11,329,982
Tobacco - 1.2%
Philip Morris International, Inc.	112,700	4,009,866
		49,808,034
Financials - 8.8%
Capital Markets - 4.2%
The Blackstone Group LP	177,800	1,289,050
The Charles Schwab Corp.	133,400	2,067,700
Franklin Resources, Inc.	63,900	3,442,293
The Goldman Sachs Group, Inc.	71,800	7,612,236
		14,411,279
Diversified Financial Services - 4.6%
CME Group, Inc.-Class A	26,900	6,627,891
JP Morgan Chase & Co.	337,150	8,961,447
		15,589,338
		30,000,617
Energy - 8.7%
Energy Equipment & Services - 4.7%
Cameron International Corp. (a)	152,900	3,353,097
National Oilwell Varco, Inc. (a)	22,600	648,846
Schlumberger Ltd.	297,540	12,086,075
		16,088,018
Oil, Gas & Consumable Fuels - 4.0%
Apache Corp.	68,600	4,396,574
EOG Resources, Inc.	129,475	7,090,051
XTO Energy, Inc.	65,000	1,990,300
		13,476,925
		29,564,943
Consumer Discretionary - 7.8%
Hotels, Restaurants & Leisure - 2.9%
McDonald's Corp.	179,600	9,800,772

Media - 2.1%
Liberty Media Corp. - Entertainment Series A (a)	60,300		1,202,985
The Walt Disney Co.	328,000		5,956,480
			7,159,465
Multiline Retail - 2.3%
Kohl’s Corp. (a)	189,500		8,019,640
Textiles, Apparel & Luxury Goods - 0.5%
Nike, Inc.-Class B	36,000		1,688,040
			26,667,917
Industrials - 5.2%
Aerospace & Defense - 1.1%
Honeywell International, Inc.	58,500		1,629,810
Lockheed Martin Corp.	32,200		2,222,766
			3,852,576
Construction & Engineering - 0.8%
Jacobs Engineering Group, Inc. (a)	70,000		2,706,200
Electrical Equipment - 2.1%
Emerson Electric Co.	242,900		6,942,082
Machinery - 1.2%
Danaher Corp.	50,000		2,711,000
PACCAR, Inc.	57,600		1,483,776
			4,194,776
			17,695,634
Materials - 4.2%
Chemicals - 4.0%
Air Products & Chemicals, Inc.	39,750		2,235,938
Monsanto Co.	137,165		11,398,411
			13,634,349
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc.	22,200		846,042
			14,480,391
Total Investments - 98.0% (cost $379,754,290) (b)			334,458,697
Other assets less liabilities - 2.0%			6,804,345
Net Assets - 100.0%		$	341,263,042

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,416,314 and gross unrealized depreciation of investments was $(61,711,907), resulting in net unrealized depreciation of $(45,295,593).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -  American Depositary Receipt

LP -  Limited Partnership

VARP Large Cap Growth Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	334,458,697		$	– 0	–
Level 2		– 0	–		– 0	–
Level 3		– 0	–		– 0	–
Total	$	334,458,697		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund

Money Market Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

	Yield*	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 99.7%
Certificate of Deposit - 49.6%
Banco Bilbao Vizcaya ARG NY
4/06/09	1.00%	$	2,000	$	2,000,000
Bank of Nova Scotia
4/21/09	0.65%		2,500		2,500,000
Barclays Bank
6/02/09	1.35%		2,500		2,500,000
BNP Paribas
8/05/09	1.20%		2,500		2,500,000
Calyon NY
4/08/09	1.00%		2,000		2,000,000
Deutsche Bank AG NY
4/22/09	0.75%		1,700		1,700,000
DNB NOR Bank ASA NY
4/07/09	1.32%		1,700		1,700,000
Lloyds TSB Bank PLC NY
6/10/09	1.27%		2,500		2,500,000
Nordea Bank Finland NY
7/08/09	1.10%		1,800		1,800,000
10/13/09	1.30%		700		699,241
Rabobank
3/03/10	1.27%		1,000		1,000,000
Rabobank Nederland NV NY 6/16/09	0.75%		1,500		1,500,000
Royal Bank of Canada/NY
Series YCD
10/01/09 (a)	1.74%		2,300		2,300,529
Societe Generale NY
5/11/09	1.00%		1,300		1,300,000
Svenska
5/12/09	0.85%		1,700		1,700,000
UBS AG Stamford CT
5/15/09	1.30%		2,300		2,300,000
Westpac Banking Corp.
11/13/09	1.20%		2,000		2,000,000
					31,999,770

U.S. Government & Government Sponsored Agency Obligations - 28.5%
Bank of America Corp. - FDIC INS
7/29/10 (a)	1.23%	1,200	1,200,000
9/13/10 (a)	1.36%	1,300	1,300,000
Citigroup Funding, Inc. - FDIC INS
7/30/10 (a)	1.27%	2,200	2,200,000
Federal Farm Credit Bank
7/08/10 (a)	0.83%	2,000	2,000,448
Federal Home Loan Banks
7/27/10 (a)	1.09%	1,000	999,819
4/03/09	3.24%	1,300	1,300,007
Series 1
7/28/10 (a)	1.13%	1,000	1,000,000
Federal Home Loan Mortgage Corp.
7/14/10 (a)	1.06%	1,000	1,000,000
8/24/10 (a)	1.23%	1,000	1,000,000
9/03/10 (a)	1.24%	1,000	1,000,000
7/12/10 (a)	1.25%	1,000	999,728
6/11/09	5.00%	1,200	1,205,500
Federal National Mortgage Association
8/05/10 (a)	1.18%	1,000	999,482
7/13/10 (a)	1.24%	1,000	1,000,000
Federal National Mortgage Association Discount Notes
7/01/09	2.34%	1,200	1,193,023
			18,398,007
Commercial Paper - 7.6%
CBA (Delaware) Finance
5/13/09	0.79%	2,400	2,397,802
Santander
8/27/09	1.70%	2,500	2,482,630
			4,880,432
Municipal Obligations - 7.3%
Allen County OH
10/01/31 (b)	0.50%	1,900	1,900,000
Colorado Ed Cul Fac Auth (Natl Jewish Fed Bd Prog)
Series D
10/01/38 (b)	0.50%	1,100	1,100,000
Shelby Cnty
9/01/34 (b)	0.40%	1,700	1,700,000
			4,700,000

Repurchase Agreements - 4.0%
Greenwich Capital Markets 0.24%, dated 3/31/09, due 4/01/09 in the amount of $2,600,017 (cost $2,600,000; collateralized by $2,590,000 U.S. Treasury Note, 2.00% due 11/30/13, value $2,654,564)		2,600		2,600,000
Corporate Bonds - 2.8%
Wells Fargo & Co.
1/29/10 (a)	1.61%	1,800		1,795,449
Total Investments - 99.7% (cost $64,373,658) (c)				64,373,658
Other assets less liabilities - 0.3%				161,679
Net Assets - 100.0%			$	64,535,337

(a) Floating Rate Security. Stated interest rate was in effect at March 31, 2009.

(b) Variable Rate Demand Notes (VRDN) are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(c) As of March 31, 2009, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

* Represents annualized yield from date of purchase for discount securities, and stated interest rate for interest-bearing securities.

VARP Money Market Portfolio

FINANCIAL ACCOUNTING STANDARD NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	– 0	–	$	– 0	–
Level 2		64,373,658			– 0	–
Level 3		– 0	–		– 0	–
Total	$	64,373,658		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund

Real Estate Investment Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 95.4%
Equity: Other - 41.9%
Diversified/Specialty - 22.0%
Alexandria Real Estate Equities, Inc.	17,100	$	622,440
Digital Realty Trust, Inc.	57,800		1,917,804
DuPont Fabros Technology, Inc.	37,100		255,248
Entertainment Properties Trust	29,500		464,920
Plum Creek Timber Co., Inc. (REIT)	9,500		276,165
Rayonier, Inc.	36,698		1,109,014
Vornado Realty Trust	16,330		542,809
			5,188,400
Health Care - 17.4%
HCP, Inc.	42,600		760,410
Health Care REIT, Inc.	29,400		899,346
Nationwide Health Properties, Inc.	30,800		683,452
Omega Healthcare Investors, Inc.	30,900		435,072
Ventas, Inc.	58,300		1,318,163
			4,096,443
Triple Net - 2.5%
National Retail Properties, Inc.	36,300		574,992
			9,859,835
Residential - 19.2%
Manufactured Homes - 2.0%
Equity Lifestyle Properties, Inc.	12,600		480,060
Multi-Family - 14.0%
Camden Property Trust	23,300		502,814
Equity Residential	37,800		693,630
Essex Property Trust, Inc.	5,700		326,838
Home Properties, Inc.	18,607		570,305
Mid-America Apartment Communities, Inc.	23,310		718,647
UDR, Inc.	54,790		471,742
			3,283,976
Self Storage - 3.2%
Public Storage	13,650		754,162
			4,518,198
Retail - 17.6%
Regional Mall - 8.9%
Simon Property Group, Inc.	46,791		1,620,840
Taubman Centers, Inc.	27,700		472,008
			2,092,848

Shopping Center/Other Retail - 8.7%
Federal Realty Investment Trust	8,700		400,200
Regency Centers Corp.	14,500		385,265
Tanger Factory Outlet Centers	36,600		1,129,476
Weingarten Realty Investors	15,300		145,656
			2,060,597
			4,153,445
Office - 10.2%
Office - 10.2%
Brookfield Properties Corp. (New York)	49,450		283,843
Corporate Office Properties Trust	38,300		950,989
Douglas Emmett, Inc.	52,400		387,236
Highwoods Properties, Inc.	13,100		280,602
Mack-Cali Realty Corp.	25,000		495,250
			2,397,920
Lodging - 4.6%
Lodging - 4.6%
DiamondRock Hospitality Co.	100,600		403,406
Host Hotels & Resorts, Inc.	120,340		471,733
Marriott International, Inc.-Class A	4,400		71,984
Sunstone Hotel Investors, Inc.	53,332		140,263
			1,087,386
Industrials - 1.9%
Industrial Warehouse Distribution - 1.9%
ProLogis	69,000		448,500
Total Investments - 95.4% (cost $31,178,036) (a)			22,465,284
Other assets less liabilities - 4.6%			1,079,022
Net Assets - 100.0%		$	23,544,306

(a) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,935,733 and gross unrealized depreciation of investments was $(10,475,204), resulting in net unrealized depreciation of $(8,539,471).

Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser.

Glossary:

REIT -    Real Estate Investment Trust

VARP Real Estate Investment Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	22,465,284		$	– 0	–
Level 2		– 0	–		– 0	–
Level 3		– 0	–		– 0	–
Total	$	22,465,284		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund

Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 99.3%
Information Technology - 24.1%
Communications Equipment - 2.5%
F5 Networks, Inc. (a)	8,900	$	186,455
Netgear, Inc. (a)	21,100		254,255
Starent Networks Corp. (a)	14,900		235,569
			676,279
Computers & Peripherals - 0.7%
3PAR, Inc. (a)	26,700		175,419
Internet Software & Services - 5.9%
Akamai Technologies, Inc. (a)	17,300		335,620
Constant Contact, Inc. (a)	18,800		263,012
DealerTrack Holdings, Inc. (a)	11,500		150,650
Digital River, Inc. (a)	11,200		333,984
The Knot, Inc. (a)	7,700		63,140
VistaPrint Ltd. (a)	16,625		457,021
			1,603,427
Semiconductors & Semiconductor Equipment - 6.1%
Atheros Communications, Inc. (a)	8,400		123,144
Cymer, Inc. (a)	6,700		149,142
Formfactor, Inc. (a)	6,400		115,328
Hittite Microwave Corp. (a)	5,300		165,360
Intellon Corp. (a)	35,700		78,540
ON Semiconductor Corp. (a)	86,900		338,910
PMC - Sierra, Inc. (a)	53,900		343,882
Skyworks Solutions, Inc. (a)	25,400		204,724
Verigy Ltd. (a)	16,400		135,300
			1,654,330
Software - 8.9%
Ariba, Inc. (a)	21,100		184,203
Blackbaud, Inc.	12,040		139,785
Commvault Systems, Inc. (a)	12,090		132,627
Concur Technologies, Inc. (a)	4,700		90,193
Informatica Corp. (a)	15,240		202,082
MICROS Systems, Inc. (a)	13,900		260,625
Quest Software, Inc. (a)	19,700		249,796

Solera Holdings, Inc. (a)	11,400	282,492
SuccessFactors, Inc. (a)	27,700	211,351
Sybase, Inc. (a)	6,900	209,001
Synopsys, Inc. (a)	17,600	364,848
THQ, Inc. (a)	24,050	73,112
		2,400,115
		6,509,570
Health Care - 23.2%
Biotechnology - 8.0%
Acorda Therapeutics, Inc. (a)	10,300	204,043
Alexion Pharmaceuticals, Inc. (a)	9,200	346,472
Allos Therapeutics, Inc. (a)	33,000	203,940
Cougar Biotechnology, Inc. (a)	8,500	273,700
Genomic Health, Inc. (a)	15,100	368,138
Incyte Corp. Ltd. (a)	23,600	55,224
Onyx Pharmaceuticals, Inc. (a)	7,200	205,560
OSI Pharmaceuticals, Inc. (a)	5,700	218,082
Pharmasset, Inc. (a)	8,300	81,423
United Therapeutics Corp. (a)	2,900	191,661
		2,148,243
Health Care Equipment & Supplies - 5.2%
Immucor, Inc. (a)	12,100	304,315
Masimo Corp. (a)	9,800	284,004
Meridian Bioscience, Inc.	1,750	31,710
NuVasive, Inc. (a)	11,600	364,008
Resmed, Inc. (a)	6,300	222,642
Volcano Corp. (a)	13,300	193,515
		1,400,194
Health Care Providers & Services - 4.4%
CardioNet, Inc. (a)	11,600	325,496
HMS Holdings Corp. (a)	8,900	292,810
IPC The Hospitalist Co., Inc. (a)	11,900	226,457
LHC Group, Inc. (a)	12,000	267,360
Psychiatric Solutions, Inc. (a)	5,700	89,661
		1,201,784
Health Care Technology - 1.8%
athenahealth, Inc. (a)	8,200	197,702
MedAssets, Inc. (a)	21,100	300,675
		498,377
Life Sciences Tools & Services - 3.0%
AMAG Pharmaceuticals, Inc. (a)	2,000	73,540
Icon PLC (Sponsored)(ADR) (a)	11,600	187,340
Illumina, Inc. (a)	9,200	342,608

Medivation, Inc. (a)	4,200	76,734
Qiagen NV (a)	7,800	124,488
		804,710
Pharmaceuticals - 0.8%
Alexza Pharmaceuticals, Inc. (a)	7,886	17,428
Optimer Pharmaceuticals, Inc. (a)	7,600	100,244
Questcor Pharmaceuticals, Inc. (a)	22,200	109,224
		226,896
		6,280,204
Consumer Discretionary - 19.9%
Diversified Consumer Services - 3.8%
American Public Education, Inc. (a)	5,000	210,300
Corinthian Colleges, Inc. (a)	12,700	247,015
K12, Inc. (a)	19,310	268,409
Strayer Education, Inc.	1,720	309,376
		1,035,100
Hotels, Restaurants & Leisure - 4.8%
Great Wolf Resorts, Inc. (a)	43,700	101,821
Orient-Express Hotels Ltd.-Class A	33,200	136,120
Panera Bread Co.-Class A (a)	6,500	363,350
Red Robin Gourmet Burgers, Inc. (a)	17,950	316,459
Texas Roadhouse, Inc.-Class A (a)	38,800	369,764
		1,287,514
Internet & Catalog Retail - 1.2%
NetFlix, Inc. (a)	7,800	334,776
Media - 1.7%
National CineMedia, Inc.	31,700	417,806
RHI Entertainment, Inc. (a)	23,300	35,416
		453,222
Multiline Retail - 1.2%
Dollar Tree, Inc. (a)	7,100	316,305
Specialty Retail - 6.1%
Aeropostale, Inc. (a)	2,000	53,120
American Eagle Outfitters, Inc.	30,100	368,424
Citi Trends, Inc. (a)	21,900	501,291
Dick’s Sporting Goods, Inc. (a)	19,500	278,265
hhgregg, Inc. (a)	4,400	62,260
Hibbett Sports, Inc. (a)	20,200	388,244
		1,651,604
Textiles, Apparel & Luxury Goods - 1.1%
Carter’s, Inc. (a)	15,800	297,198
		5,375,719
Industrials - 16.7%
Aerospace & Defense - 1.0%
Hexcel Corp. (a)	41,200	270,684
Commercial Services & Supplies - 1.2%
Stericycle, Inc. (a)	6,580	314,064

Electrical Equipment - 3.4%
Ametek, Inc.	11,400	356,478
Baldor Electric Co.	22,300	323,127
EnerSys (a)	18,900	229,068
		908,673
Machinery - 6.5%
Actuant Corp. - Class A	24,000	247,920
Bucyrus International, Inc. - Class A	19,500	296,010
Chart Industries, Inc. (a)	7,040	55,475
Colfax Corp. (a)	14,300	98,241
IDEX Corp.	17,255	377,367
Joy Global, Inc.	10,700	227,910
RBC Bearings, Inc. (a)	14,100	215,448
Valmont Industries, Inc.	4,600	230,966
		1,749,337
Marine - 0.9%
Kirby Corp. (a)	9,200	245,088
Professional Services - 2.2%
Duff & Phelps Corp. - Class A (a)	7,800	122,850
Huron Consulting Group, Inc. (a)	6,500	275,795
Navigant Consulting, Inc. (a)	15,600	203,892
		602,537
Road & Rail - 1.5%
Kansas City Southern (a)	13,300	169,043
Knight Transportation, Inc.	16,200	245,592
		414,635
		4,505,018
Energy - 7.2%
Energy Equipment & Services - 4.0%
Complete Production Services, Inc. (a)	44,000	135,520
Core Laboratories NV	2,984	218,309
FMC Technologies, Inc. (a)	5,800	181,946
Oceaneering International, Inc. (a)	6,900	254,403
Superior Energy Services, Inc. (a)	14,300	184,327
Tesco Corp. (a)	14,100	110,262
		1,084,767
Oil, Gas & Consumable Fuels - 3.2%
Bill Barrett Corp. (a)	7,100	157,904
Cabot Oil & Gas Corp.	10,600	249,842
Concho Resources, Inc./Midland TX (a)	6,900	176,571
Newfield Exploration Co. (a)	7,200	163,440
Penn Virginia Corp.	9,700	106,506
		854,263
		1,939,030

Financials - 5.1%
Capital Markets - 5.1%
Affiliated Managers Group, Inc. (a)	6,800		283,628
Greenhill & Co., Inc.	5,800		428,330
KBW, Inc. (a)	16,800		341,880
Stifel Financial Corp. (a)	7,550		326,991
			1,380,829
Telecommunication Services - 2.2%
Diversified Telecommunication Services - 1.0%
Cbeyond, Inc. (a)	2,300		43,309
tw telecom, Inc.-Class A (a)	25,200		220,500
			263,809
Wireless Telecommunication Services - 1.2%
SBA Communications Corp. - Class A (a)	14,500		337,850
			601,659
Materials - 0.9%
Chemicals - 0.9%
Calgon Carbon Corp. (a)	17,100		242,307
WARRANTS - 0.0%
Information Technology - 0.0%
Communication Equipment - 0.0%
Lantronix, Inc., expiring 2/09/11 (a) (cost $0)	2,486		0
Total Investments - 99.3% (cost $33,307,952) (b)			26,834,336
Other assets less liabilities - 0.7%			197,190
Net Assets - 100.0%		$	27,031,526

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,987,994 and gross unrealized depreciation of investments was $(8,461,610), resulting in net unrealized depreciation of $(6,473,616).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -  American Depositary Receipt

VARP Small Cap Growth Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	26,834,336		$	– 0	–
Level 2		– 0	–		– 0	–
Level 3		– 0	–		– 0	–
Total	$	26,834,336		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund

Small-Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 99.4%
Financials - 20.1%
Commercial Banks - 2.0%
Astoria Financial Corp.	74,000	$	680,060
Synovus Financial Corp.	148,100		481,325
Trustmark Corp.	80,200		1,474,076
Webster Financial Corp.	198,100		841,925
Whitney Holding Corp.	130,200		1,490,790
			4,968,176
Insurance - 10.5%
Arch Capital Group Ltd. (a)	44,100		2,375,226
Aspen Insurance Holdings Ltd.	198,800		4,465,048
Fidelity National Financial, Inc.-Class A	231,000		4,506,810
Old Republic International Corp.	286,875		3,103,988
PartnerRe Ltd.	31,600		1,961,412
Platinum Underwriters Holdings, Ltd.	167,600		4,753,136
Reinsurance Group of America, Inc.-Class A	38,200		1,237,298
RenaissanceRe Holdings Ltd.	33,600		1,661,184
StanCorp Financial Group, Inc.	107,400		2,446,572
			26,510,674
Real Estate Investment Trusts (REITs) - 5.0%
Alexandria Real Estate Equities, Inc.	30,600		1,113,840
Digital Realty Trust, Inc.	104,800		3,477,264
Home Properties, Inc.	76,400		2,341,660
Mid-America Apartment Communities, Inc.	60,000		1,849,800
Sunstone Hotel Investors, Inc.	204,130		536,862
Tanger Factory Outlet Centers	89,500		2,761,970
Taubman Centers, Inc.	40,300		686,712
			12,768,108
Real Estate Management & Development - 0.5%
Brookfield Properties Corp. (New York)	247,100		1,418,354
Thrifts & Mortgage Finance - 2.1%
First Niagara Financial Group, Inc.	110,100		1,200,090
Provident Financial Services, Inc.	84,700		915,607
Washington Federal, Inc.	239,900		3,188,271
			5,303,968
			50,969,280

Information Technology - 19.8%
Communications Equipment - 0.6%
CommScope, Inc. (a)	131,800	1,497,248
Computers & Peripherals - 3.3%
NCR Corp. (a)	143,300	1,139,235
SanDisk Corp. (a)	179,600	2,271,940
Western Digital Corp. (a)	256,700	4,964,578
		8,375,753
Electronic Equipment, Instruments & Components - 9.7%
Anixter International, Inc. (a)	99,400	3,148,992
Arrow Electronics, Inc. (a)	156,300	2,979,078
AU Optronics Corp. (Sponsored)(ADR)	439,800	3,689,922
Avnet, Inc. (a)	129,100	2,260,541
AVX Corp.	155,500	1,411,940
Benchmark Electronics, Inc. (a)	112,000	1,254,400
Flextronics International Ltd. (a)	812,600	2,348,414
Ingram Micro, Inc.-Class A (a)	267,400	3,379,936
Insight Enterprises, Inc. (a)	239,400	732,564
Tech Data Corp. (a)	150,700	3,282,246
		24,488,033
IT Services - 1.9%
Convergys Corp. (a)	266,600	2,154,128
Perot Systems Corp.-Class A (a)	200,400	2,581,152
		4,735,280
Semiconductors & Semiconductor Equipment - 3.8%
Amkor Technology, Inc. (a)	385,200	1,032,336
Siliconware Precision Industries Co. (Sponsored)(ADR)	703,800	4,082,040
Teradyne, Inc. (a)	531,500	2,327,970
Zoran Corp. (a)	255,900	2,251,920
		9,694,266
Software - 0.5%
Amdocs Ltd. (a)	76,100	1,409,372
		50,199,952
Industrials - 13.0%
Airlines - 1.2%
Alaska Air Group, Inc. (a)	74,100	1,301,937
Skywest, Inc.	131,900	1,640,836
		2,942,773
Building Products - 0.4%
Quanex Building Products Corp.	126,700	962,920
Commercial Services & Supplies - 1.1%
United Stationers, Inc. (a)	98,795	2,774,164
Electrical Equipment - 2.9%
Acuity Brands, Inc.	56,100	1,264,494
Cooper Industries Ltd.-Class A	59,800	1,546,428
EnerSys (a)	212,500	2,575,500

Regal-Beloit Corp.	64,425	1,973,982
		7,360,404
Machinery - 5.1%
Briggs & Stratton Corp.	220,200	3,633,300
Gardner Denver, Inc. (a)	120,900	2,628,366
Mueller Industries, Inc.	170,500	3,698,145
Terex Corp. (a)	317,000	2,932,250
		12,892,061
Professional Services - 0.8%
Kelly Services, Inc.-Class A	244,200	1,965,810
Road & Rail - 1.5%
Arkansas Best Corp.	30,000	570,600
Con-way, Inc.	70,700	1,267,651
Hertz Global Holdings, Inc. (a)	276,900	1,088,217
Werner Enterprises, Inc.	64,200	970,704
		3,897,172
		32,795,304
Consumer Staples - 10.2%
Beverages - 1.4%
Pepsi Bottling Group, Inc.	162,100	3,588,894
Food & Staples Retailing - 2.5%
Ruddick Corp.	194,000	4,355,300
Supervalu, Inc.	144,800	2,067,744
		6,423,044
Food Products - 4.8%
Bunge Ltd.	55,400	3,138,410
Del Monte Foods Co.	457,100	3,332,259
Smithfield Foods, Inc. (a)	296,400	2,803,944
Tyson Foods, Inc.-Class A	294,800	2,768,172
		12,042,785
Tobacco - 1.5%
Universal Corp.	124,300	3,719,056
		25,773,779
Consumer Discretionary - 9.7%
Auto Components - 0.3%
ArvinMeritor, Inc.	67,075	52,989
Autoliv, Inc.	38,500	714,945
		767,934
Automobiles - 1.3%
Thor Industries, Inc.	205,600	3,211,472
Hotels, Restaurants & Leisure - 0.4%
Boyd Gaming Corp.	297,400	1,109,302
Household Durables - 0.5%
Mohawk Industries, Inc. (a)	41,400	1,236,618
Leisure Equipment & Products - 1.0%
Callaway Golf Co.	344,900	2,476,382

Media - 0.4%
CBS Corp.-Class B	173,300	665,472
Gannett Co., Inc.	116,700	256,740
		922,212
Multiline Retail - 1.1%
JC Penney Co., Inc.	141,700	2,843,919
Specialty Retail - 4.5%
AutoNation, Inc. (a)	125,900	1,747,492
Foot Locker, Inc.	422,100	4,423,608
Limited Brands, Inc.	224,000	1,948,800
Men's Wearhouse, Inc.	218,200	3,303,548
		11,423,448
Textiles, Apparel & Luxury Goods - 0.2%
Jones Apparel Group, Inc.	139,700	589,534
		24,580,821
Materials - 8.0%
Chemicals - 3.3%
Arch Chemicals, Inc.	90,569	1,717,188
Celanese Corp.-Class A	160,100	2,140,537
Cytec Industries, Inc.	115,800	1,739,316
Rockwood Holdings, Inc. (a)	216,200	1,716,628
Westlake Chemical Corp.	77,600	1,135,288
		8,448,957
Containers & Packaging - 2.2%
Aptargroup, Inc.	56,000	1,743,840
Owens-Illinois, Inc. (a)	82,400	1,189,856
Sonoco Products Co.	119,300	2,502,914
		5,436,610
Metals & Mining - 2.5%
Commercial Metals Co.	299,300	3,456,915
Reliance Steel & Aluminum Co.	112,300	2,956,859
		6,413,774
		20,299,341
Energy - 6.4%
Energy Equipment & Services - 1.5%
Helmerich & Payne, Inc.	109,000	2,481,930
Oil States International, Inc. (a)	102,300	1,372,866
		3,854,796
Oil, Gas & Consumable Fuels - 4.9%
Cimarex Energy Co.	171,600	3,154,008
Denbury Resources, Inc. (a)	201,300	2,991,318
Frontier Oil Corp.	226,200	2,893,098
Whiting Petroleum Corp. (a)	130,500	3,373,425
		12,411,849
		16,266,645

Health Care - 6.3%
Health Care Providers & Services - 6.3%
AMERIGROUP Corp. (a)	106,500		2,933,010
Coventry Health Care, Inc. (a)	112,900		1,460,926
Henry Schein, Inc. (a)	31,300		1,252,313
LifePoint Hospitals, Inc. (a)	118,545		2,472,849
Molina Healthcare, Inc. (a)	136,425		2,594,803
Omnicare, Inc.	88,000		2,155,120
Universal Health Services, Inc.-Class B	76,700		2,940,678
			15,809,699
Utilities - 5.9%
Electric Utilities - 2.8%
Allegheny Energy, Inc.	40,500		938,385
Northeast Utilities	204,300		4,410,837
Portland General Electric Co.	103,400		1,818,806
			7,168,028
Gas Utilities - 1.5%
Atmos Energy Corp.	158,800		3,671,456
Independent Power Producers & Energy Traders - 0.3%
Reliant Energy, Inc. (a)	255,700		815,683
Multi-Utilities - 1.3%
Wisconsin Energy Corp.	76,800		3,161,856
			14,817,023
Total Investments - 99.4% (cost $377,531,112)			251,511,844
Other assets less liabilities - 0.6%			1,467,038
Net Assets - 100.0%		$	252,978,882

(a) Non-income producing security.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,271,869 and gross unrealized depreciation of investments was $(135,291,138), resulting in net unrealized depreciation of $(126,019,269).

Glossary:

ADR -  American Depositary Receipt

REIT -  Real Estate Investment Trust

VARP Small/Mid Cap Value Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	251,511,844		$	– 0	–
Level 2		– 0	–		– 0	–
Level 3		– 0	–		– 0	–
Total	$	251,511,844		$	– 0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series

Fund

Utility Income Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 93.9%
Utilities - 85.4%
Electric Utilities - 37.7%
Allegheny Energy, Inc.	20,850	$	483,094
American Electric Power Co., Inc.	22,683		572,973
CLP Holdings Ltd.	84,500		580,604
CPFL Energia SA(ADR)	4,600		186,622
DPL, Inc.	5,200		117,208
Duke Energy Corp.	64,348		921,463
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA-Class B	46,344		653,880
Entergy Corp.	23,719		1,615,027
Exelon Corp.	20,000		907,800
FirstEnergy Corp.	14,900		575,140
FPL Group, Inc.	27,900		1,415,367
HongKong Electric Holdings	118,000		701,084
ITC Holdings Corp.	22,200		968,364
Northeast Utilities	9,100		196,469
PPL Corp.	21,500		617,265
Progress Energy, Inc.	24,800		899,248
The Southern Co.	40,600		1,243,172
			12,654,780
Gas Utilities - 13.5%
Atmos Energy Corp.	15,800		365,296
EQT Corp.	37,252		1,167,105
New Jersey Resources Corp.	23,650		803,627
Northwest Natural Gas Co.	22,129		960,841
Oneok, Inc.	21,000		475,230
Questar Corp.	25,500		750,465
			4,522,564
Independent Power Producers & Energy Traders - 8.1%
AES Tiete SA	186,374		1,283,870
Huaneng Power International, Inc. (Sponsored)(ADR)	6,700		179,895
NRG Energy, Inc. (a)	30,600		538,560
Tractebel Energia SA	98,100		723,565
			2,725,890

Multi-Utilities - 26.1%
Centerpoint Energy, Inc.		57,900		603,897
CMS Energy Corp.		31,100		368,224
Consolidated Edison, Inc.		15,600		617,916
GDF Suez		14,192		486,710
National Grid PLC (Sponsored)(ADR)		6,138		237,172
NSTAR		49,000		1,562,120
PG&E Corp.		32,800		1,253,616
Public Service Enterprise Group, Inc.		43,500		1,281,945
Sempra Energy		27,074		1,251,902
Xcel Energy, Inc.		59,100		1,101,033
				8,764,535
				28,667,769
Telecommunication Services - 7.9%
Diversified Telecommunication Services - 7.9%
AT&T, Inc.		23,105		582,246
Chunghwa Telecom Co. Ltd.(ADR)		38,304		698,282
Verizon Communications, Inc.		23,600		712,720
Windstream Corp.		80,900		652,054
				2,645,302
Consumer Discretionary - 0.6%
Media - 0.6%
Time Warner Cable, Inc.-Class A		8,866		219,877
Total Common Stocks (cost $34,118,091)				31,532,948
NON-CONVERTIBLE - PREFERRED STOCKS - 2.6%
Other Instruments - 2.6%
Georgia Power Co. 6.00% (cost $861,200)		34,000		859,520
INVESTMENT COMPANIES - 1.7%
Funds and Investment Trusts - 1.7%
Tortoise Energy Capital Corp. (cost $732,813)		36,534		576,872
	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 0.7%
Utility - 0.7%
Electric - 0.7%
Nisource Finance Corp. 10.75%, 3/15/16 (cost $249,263)	$	245		248,026
Total Investments - 98.9% (cost $35,961,367) (b)				33,217,366
Other assets less liabilities - 1.1%				353,748
Net Assets - 100.0%			$	33,571,114

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,059,429 and gross unrealized depreciation of investments was $(4,803,430), resulting in net unrealized depreciation of $(2,744,001).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -    American Depositary Receipt

VARP Utility Income Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	30,341,423		$	–0	–
Level 2		2,875,943			–0	–
Level 3		–0	–		–0	–
Total	$	33,217,366		$	–0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund Value Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 96.0%
Energy - 19.4%
Oil, Gas & Consumable Fuels - 19.4%
Apache Corp.	34,500	$	2,211,105
BP PLC (Sponsored) (ADR)	21,300		854,130
Chevron Corp.	105,100		7,066,924
ConocoPhillips	74,100		2,901,756
Devon Energy Corp.	46,300		2,069,147
EOG Resources, Inc.	15,900		870,684
Exxon Mobil Corp.	177,700		12,101,370
Occidental Petroleum Corp.	21,800		1,213,170
Royal Dutch Shell PLC (ADR)	37,500		1,661,250
Sunoco, Inc.	14,900		394,552
Total SA (Sponsored) (ADR)	5,300		260,018
			31,604,106
Financials - 15.2%
Capital Markets - 3.8%
Deutsche Bank AG	54,200		2,203,230
The Goldman Sachs Group, Inc.	17,400		1,844,748
Morgan Stanley	93,400		2,126,718
			6,174,696
Commercial Banks - 0.6%
BB&T Corp.	13,500		228,420
SunTrust Banks, Inc.	19,600		230,104
U.S. Bancorp	37,400		546,414
			1,004,938
Consumer Finance - 0.1%
Capital One Financial Corp.	17,100		209,304
Diversified Financial Services - 2.3%
JP Morgan Chase & Co.	138,100		3,670,698
Insurance - 8.4%
ACE Ltd.	42,100		1,700,840
Allstate Corp.	84,500		1,618,175
Fidelity National Financial, Inc.-Class A	62,700		1,223,277
Genworth Financial, Inc.-Class A	110,000		209,000
Hartford Financial Services Group, Inc.	91,300		716,705
Lincoln National Corp.	93,200		623,508
MetLife, Inc.	128,118		2,917,247

PartnerRe Ltd.	4,300	266,901
Prudential Financial, Inc.	20,000	380,400
Torchmark Corp.	12,700	333,121
The Travelers Co., Inc.	58,100	2,361,184
Unum Group	95,000	1,187,500
XL Capital Ltd.-Class A	43,162	235,664
		13,773,522
		24,833,158
Health Care - 14.8%
Biotechnology - 0.9%
Amgen, Inc. (a)	29,000	1,436,080
Health Care Providers & Services - 0.6%
Cardinal Health, Inc.	34,700	1,092,356
Pharmaceuticals - 13.3%
Bristol-Myers Squibb Co.	8,000	175,360
Eli Lilly & Co.	11,700	390,897
GlaxoSmithKline PLC (Sponsored) (ADR)	34,500	1,071,915
Johnson & Johnson	79,600	4,186,960
Merck & Co., Inc.	169,600	4,536,800
Pfizer, Inc.	422,900	5,759,898
Sanofi-Aventis SA (ADR)	46,800	1,307,124
Schering-Plough Corp.	82,800	1,949,940
Wyeth	53,000	2,281,120
		21,660,014
		24,188,450
Consumer Staples - 14.4%
Beverages - 1.5%
Coca-Cola Enterprises, Inc.	93,000	1,226,670
Pepsi Bottling Group, Inc.	54,000	1,195,560
		2,422,230
Food & Staples Retailing - 2.0%
The Kroger Co.	59,500	1,262,590
Safeway, Inc.	63,200	1,276,008
Wal-Mart Stores, Inc.	14,500	755,450
		3,294,048
Food Products - 5.9%
Archer-Daniels-Midland Co.	95,200	2,644,656
Bunge Ltd.	34,100	1,931,765
ConAgra Foods, Inc.	53,000	894,110
Del Monte Foods Co.	76,600	558,414
The JM Smucker Co.	2,506	93,399
Kraft Foods, Inc.-Class A	65,900	1,468,911
Sara Lee Corp.	119,800	967,984
Tyson Foods, Inc.-Class A	120,900	1,135,251
		9,694,490

Household Products - 2.8%
Procter & Gamble Co.	95,666	4,504,912
Tobacco - 2.2%
Altria Group, Inc.	76,900	1,231,938
Philip Morris International, Inc.	23,800	846,804
Reynolds American, Inc.	39,600	1,419,264
		3,498,006
		23,413,686
Consumer Discretionary - 11.4%
Auto Components - 0.6%
Autoliv, Inc.	27,900	518,103
Magna International, Inc.-Class A	14,500	387,875
		905,978
Automobiles - 0.6%
Toyota Motor Corp. (Sponsored) (ADR)	16,600	1,050,780
Media - 4.9%
CBS Corp.-Class B	210,000	806,400
Gannett Co., Inc.	69,800	153,560
News Corp.-Class A	335,000	2,217,700
Time Warner Cable, Inc.-Class A	36,539	906,159
Time Warner, Inc.	145,567	2,809,437
Viacom, Inc.-Class B (a)	52,400	910,712
The Walt Disney Co.	13,500	245,160
		8,049,128
Multiline Retail - 1.0%
JC Penney Co., Inc.	35,300	708,471
Macy's, Inc.	108,000	961,200
		1,669,671
Specialty Retail - 4.0%
AutoNation, Inc. (a)	50,500	700,940
The Gap, Inc.	89,200	1,158,708
Home Depot, Inc.	92,100	2,169,876
Limited Brands, Inc.	39,500	343,650
Lowe's Cos, Inc.	50,900	928,925
TJX Cos, Inc.	45,400	1,164,056
		6,466,155
Textiles, Apparel & Luxury Goods - 0.3%
Jones Apparel Group, Inc.	107,000	451,540
		18,593,252
Telecommunication Services - 8.5%
Diversified Telecommunication Services - 7.1%
AT&T, Inc.	332,500	8,379,000
Telefonica SA (Sponsored) (ADR)	7,800	465,036
Verizon Communications, Inc.	93,200	2,814,640
		11,658,676
Wireless Telecommunication Services - 1.4%
Sprint Nextel Corp. (a)	335,000	1,195,950

Vodafone Group PLC (Sponsored) (ADR)	59,800	1,041,716
		2,237,666
		13,896,342
Information Technology - 7.1%
Communications Equipment - 4.2%
Corning, Inc.	115,300	1,530,031
Motorola, Inc.	416,500	1,761,795
Nokia OYJ (Sponsored)-Class A (ADR)	238,900	2,787,963
Telefonaktiebolaget LM Ericsson (Sponsored)-Class B (ADR)	109,200	883,428
		6,963,217
Computers & Peripherals - 0.4%
Western Digital Corp. (a)	31,600	611,144
Electronic Equipment, Instruments & Components - 1.0%
AU Optronics Corp. (Sponsored) (ADR)	88,800	745,032
Ingram Micro, Inc.-Class A (a)	15,900	200,976
Tyco Electronics Ltd.	59,600	657,984
Vishay Intertechnology, Inc. (a)	5,500	19,140
		1,623,132
Semiconductors & Semiconductor Equipment - 0.4%
Nvidia Corp. (a)	63,400	625,124
Software - 1.1%
Symantec Corp. (a)	122,300	1,827,162
		11,649,779
Industrials - 2.5%
Aerospace & Defense - 0.3%
Northrop Grumman Corp.	11,400	497,496
Airlines - 0.3%
UAL Corp. (a)	100,300	449,344
Electrical Equipment - 0.3%
Cooper Industries Ltd.-Class A	18,000	465,480
Industrial Conglomerates - 1.6%
3M Co.	12,500	621,500
General Electric Co.	203,000	2,052,330
		2,673,830
		4,086,150
Materials - 1.8%
Chemicals - 0.6%
Eastman Chemical Co.	38,000	1,018,400
Containers & Packaging - 1.2%
Ball Corp.	4,600	199,640
Owens-Illinois, Inc. (a)	56,000	808,640
Sonoco Products Co.	40,400	847,592
		1,855,872
		2,874,272

Utilities - 0.9%
Electric Utilities - 0.4%
Pinnacle West Capital Corp.	26,600		706,496
Independent Power Producers & Energy Traders - 0.3%
Reliant Energy, Inc. (a)	154,100		491,579
Multi-Utilities - 0.2%
NiSource, Inc.	18,700		183,260
Wisconsin Energy Corp.	3,000		123,510
			306,770
			1,504,845
Total Investments - 96.0% (cost $227,243,704) (b)			156,644,040
Other assets less liabilities - 4.0%			6,515,206
Net Assets - 100.0%		$	163,159,246

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,001,307 and gross unrealized depreciation of investments was $(76,600,971), resulting in net unrealized depreciation of $(70,599,664).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -   American Depositary Receipt

VARP Value Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities			Other Financial Instruments*
Level 1	$	156,644,040		$	–0	–
Level 2		–0	–		–0	–
Level 3		–0	–		–0	–
Total	$	156,644,040		$	–0	–

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Variable Products Series Fund

Wealth Appreciation Strategy Portfolio

Portfolio of Investments

March 31, 2009 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS - 96.3%
Financials - 21.8%
Capital Markets - 3.5%
The Blackstone Group LP	2,456	$	17,806
The Charles Schwab Corp.	1,885		29,218
Credit Suisse Group AG	2,336		71,126
Deutsche Bank AG	900		36,051
Franklin Resources, Inc.	890		47,944
The Goldman Sachs Group, Inc.	1,905		201,968
Julius Baer Holding AG	1,043		25,627
Man Group PLC	10,257		32,143
Morgan Stanley	2,675		60,910
UBS AG (Swiss Virt-X) (a)	950		8,907
			531,700
Commercial Banks - 2.6%
ABSA Group Ltd.	600		6,094
Australia & New Zealand Banking Group Ltd.	2,300		25,133
Banco do Brasil SA	2,100		15,507
Banco Santander Central Hispano SA	3,612		24,904
BNP Paribas SA	700		28,880
Credit Agricole SA	2,361		26,050
HSBC Holdings PLC	4,300		23,941
Industrial & Commercial Bank of China Ltd.-Class H	38,000		19,749
Intesa Sanpaolo SpA	8,100		22,279
Itau Unibanco Banco Multiplo SA(ADR)	1,150		12,512
KB Financial Group, Inc. (a)	1,000		24,190
Lloyds Banking Group PLC	17,988		18,212
National Australia Bank Ltd.	1,000		13,959
National Bank of Canada	200		6,386
Nordea Bank AB	2,600		12,937
Societe Generale-Class A	562		21,984
Standard Bank Group Ltd.	1,800		15,106
Standard Chartered PLC	3,010		37,376
Sumitomo Mitsui Financial Group, Inc.	600		21,127
SunTrust Banks, Inc.	425		4,990
U.S. Bancorp	800		11,688
Westpac Banking Corp.	800		10,564
			403,568

Consumer Finance - 0.1%
Capital One Financial Corp.	1,000	12,240
Diversified Financial Services - 2.2%
CME Group, Inc.-Class A	365	89,932
ING Group	3,000	16,438
JP Morgan Chase & Co.	8,565	227,658
		334,028
Insurance - 3.7%
ACE Ltd.	1,000	40,400
Allianz SE	500	41,851
Allstate Corp.	3,000	57,450
Aviva PLC	4,570	14,172
Fairfax Financial Holdings Ltd.	50	12,928
Genworth Financial, Inc.-Class A	3,000	5,700
Hartford Financial Services Group, Inc.	2,300	18,055
Industrial Alliance Insurance and Financial Services, Inc.	300	4,718
Lincoln National Corp.	1,600	10,704
MetLife, Inc.	3,500	79,695
Muenchener Rueckversicherungs AG (MunichRe)	515	62,710
PartnerRe Ltd.	500	31,035
Prudential Financial, Inc.	1,600	30,432
QBE Insurance Group Ltd.	2,938	39,413
Torchmark Corp.	150	3,935
The Travelers Co., Inc.	1,650	67,056
Unum Group	2,700	33,750
XL Capital Ltd.-Class A	700	3,822
		557,826
Real Estate Investment Trusts (REITs) - 6.9%
Alexandria Real Estate Equities, Inc.	345	12,558
Ascendas Real Estate Investment Trust	20,000	16,090
Boardwalk Real Estate Investment Trust	440	9,074
British Land Co. PLC	1,293	6,681
Camden Property Trust	475	10,251
Canadian Real Estate Investment Trust	1,818	28,824
CapitaMall Trust	26,220	22,839
Cominar Real Estate Investment Trust	1,451	15,836
Corio NV	465	19,231
Corporate Office Properties Trust	1,300	32,279
Dexus Property Group	19,506	10,162
DiamondRock Hospitality Co.	1,300	5,213
Digital Realty Trust, Inc.	925	30,691
Douglas Emmett, Inc.	1,275	9,422
DuPont Fabros Technology, Inc.	1,200	8,256
Equity Lifestyle Properties, Inc.	400	15,240
Equity Residential	425	7,799

Essex Property Trust, Inc.	155	8,888
Eurocommercial Properties NV	675	18,329
Federal Realty Investment Trust	220	10,120
HCP, Inc.	1,000	17,850
Health Care REIT, Inc.	650	19,883
Highwoods Properties, Inc.	330	7,069
Home Properties, Inc.	550	16,857
Host Hotels & Resorts, Inc.	1,666	6,531
ING Office Fund	12,800	3,789
Japan Real Estate Investment Corp.-Class A	4	30,729
Klepierre	1,708	30,007
Land Securities Group PLC	3,963	24,833
The Link REIT	21,000	41,637
Mack-Cali Realty Corp.	1,025	20,305
Macquarie CountryWide Trust	10,133	1,686
Mercialys SA	275	7,959
Mid-America Apartment Communities, Inc.	460	14,182
Morguard Real Estate Investment Trust	1,500	11,659
National Retail Properties, Inc.	1,150	18,216
Nationwide Health Properties, Inc.	770	17,086
Nippon Building Fund, Inc.-Class A	2	17,286
Nomura Real Estate Office Fund, Inc.-Class A	4	22,406
Omega Healthcare Investors, Inc.	1,000	14,080
Primaris Retail Real Estate Investment Trust	2,181	15,707
ProLogis	850	5,525
Public Storage	555	30,664
Rayonier, Inc.	675	20,398
Regency Centers Corp.	375	9,964
RioCan Real Estate Investment Trust (Toronto)	1,847	18,385
Simon Property Group, Inc.	699	24,213
Sunstone Hotel Investors, Inc.	2,585	6,799
Tanger Factory Outlet Centers	775	23,916
Taubman Centers, Inc.	335	5,708
UDR, Inc.	1,006	8,662
Unibail-Rodamco	767	108,536
Ventas, Inc.	1,395	31,541
Vornado Realty Trust	538	17,883
Weingarten Realty Investors	475	4,522
Wereldhave NV	270	18,879
Westfield Group	7,801	54,076
		1,047,211
Real Estate Management & Development - 2.8%
Brookfield Properties Corp. (New York)	2,300	13,202

Brookfield Properties Corp. (Toronto)	1,300	7,517
Castellum AB	1,650	9,274
China Overseas Land & Investment Ltd.	16,000	25,077
First Capital Realty, Inc.	900	10,693
Henderson Land Development Co. Ltd.	8,000	30,505
Hufvudstaden AB-Class A	1,500	7,719
Kerry Properties Ltd.	6,949	16,748
Lend Lease Corp. Ltd.	9,125	41,441
Mitsubishi Estate Co., Ltd.	4,000	45,377
Mitsui Fudosan Co., Ltd.	3,900	42,782
Multiplan Empreendimentos Imobiliarios SA (a)	2,900	18,565
New World Development Co., Ltd.	37,786	37,719
NTT Urban Development Corp.	55	44,513
Sun Hung Kai Properties Ltd.	7,700	69,092
		420,224
		3,306,797
Health Care - 13.8%
Biotechnology - 3.3%
Amgen, Inc. (a)	1,400	69,328
Celgene Corp. (a)	2,950	130,980
CSL Ltd./Australia	607	13,716
Gilead Sciences, Inc. (a)	6,125	283,710
		497,734
Health Care Equipment & Supplies - 1.5%
Alcon, Inc.	580	52,728
Baxter International, Inc.	1,730	88,610
Becton Dickinson & Co.	945	63,542
Covidien Ltd.	600	19,944
		224,824
Health Care Providers & Services - 0.7%
Cardinal Health, Inc.	800	25,184
Celesio AG	300	5,523
Medco Health Solutions, Inc. (a)	1,890	78,133
		108,840
Pharmaceuticals - 8.3%
Abbott Laboratories	1,697	80,947
AstraZeneca PLC	1,062	37,611
Bayer AG	1,449	69,228
Bristol-Myers Squibb Co.	1,700	37,264
Eli Lilly & Co.	1,400	46,774
GlaxoSmithKline PLC	2,600	40,494
Johnson & Johnson	2,600	136,760
Merck & Co., Inc.	3,800	101,650
Novartis AG	1,589	60,118
Novo Nordisk A/S-Class B	860	41,233
Pfizer, Inc.	11,700	159,354

Roche Holding AG	240	32,940
Sanofi-Aventis	1,649	92,544
Schering-Plough Corp.	2,000	47,100
Teva Pharmaceutical Industries Ltd. (Sponsored) (ADR)	5,267	237,278
Wyeth	1,000	43,040
		1,264,335
		2,095,733
Information Technology - 12.5%
Communications Equipment - 3.9%
Cisco Systems, Inc. (a)	10,325	173,150
Corning, Inc.	5,800	76,966
Motorola, Inc.	13,200	55,836
Nokia OYJ	3,000	35,086
QUALCOMM, Inc.	5,525	214,978
Telefonaktiebolaget LM Ericsson-Class B	4,070	32,907
		588,923
Computers & Peripherals - 3.9%
Apple, Inc. (a)	2,305	242,302
Fujitsu Ltd.	5,000	18,761
Hewlett-Packard Co.	8,435	270,426
NetApp, Inc. (a)	795	11,798
Toshiba Corp.	6,000	15,630
Western Digital Corp. (a)	1,700	32,878
		591,795
Electronic Equipment, Instruments & Components - 0.4%
AU Optronics Corp.	11,000	9,158
Hitachi Ltd.	4,000	10,944
Hoya Corp.	700	13,931
Tyco Electronics Ltd.	1,900	20,976
		55,009
Internet Software & Services - 2.1%
Google, Inc.-Class A (a)	880	306,293
Tencent Holdings Ltd.	1,600	11,839
		318,132
IT Services - 0.0%
Cap Gemini SA	158	5,078
Semiconductors & Semiconductor Equipment - 0.9%
ASML Holding NV	602	10,600
Intel Corp.	2,785	41,914
Nvidia Corp. (a)	1,200	11,832
Samsung Electronics Co. Ltd.	80	33,053
Taiwan Semiconductor Manufacturing Co. Ltd.	6,000	9,035
United Microelectronics Corp.	102,072	33,319
		139,753

Software - 1.3%
Activision Blizzard, Inc. (a)	1,620	16,946
Microsoft Corp.	4,565	83,859
Nintendo Co. Ltd.	100	29,253
SAP AG	302	10,560
Symantec Corp. (a)	3,500	52,290
		192,908
		1,891,598
Energy - 11.4%
Energy Equipment & Services - 1.4%
Cameron International Corp. (a)	2,145	47,040
National Oilwell Varco, Inc. (a)	305	8,756
Schlumberger Ltd.	4,000	162,480
		218,276
Oil, Gas & Consumable Fuels - 10.0%
Apache Corp.	2,065	132,346
BG Group PLC	4,254	64,169
BP PLC	7,400	49,620
Chevron Corp.	2,900	194,996
China Petroleum & Chemical Corp.-Class H	42,000	26,913
ConocoPhillips	2,000	78,320
Devon Energy Corp.	1,200	53,628
ENI SpA	1,600	30,980
EOG Resources, Inc.	2,255	123,484
Exxon Mobil Corp.	4,600	313,260
LUKOIL (Sponsored) (ADR)	900	33,743
Nexen, Inc.	1	17
Occidental Petroleum Corp.	600	33,390
Petro-Canada	900	24,177
Petroleo Brasileiro SA (ADR)	1,145	34,888
PTT PCL	2,400	10,421
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A	2,600	58,004
Royal Dutch Shell PLC (London Virt-X)-Class A	2,119	47,637
StatoilHydro ASA	4,305	75,340
Sunoco, Inc.	250	6,620
Total SA	1,746	86,339
XTO Energy, Inc.	980	30,008
		1,508,300
		1,726,576
Consumer Staples - 11.0%
Beverages - 2.2%
Anheuser-Busch InBev NV	760	20,927
The Coca-Cola Co.	1,250	54,937
Coca-Cola Enterprises, Inc.	3,300	43,527
Constellation Brands, Inc.-Class A (a)	1,900	22,610

Molson Coors Brewing Co.-Class B	750	25,710
Pepsi Bottling Group, Inc.	1,300	28,782
PepsiCo, Inc.	2,550	131,274
		327,767
Food & Staples Retailing - 2.8%
Aeon Co. Ltd.	1,800	11,898
Costco Wholesale Corp.	2,410	111,631
Delhaize Group	300	19,468
Koninklijke Ahold NV	1,800	19,715
The Kroger Co.	1,400	29,708
Safeway, Inc.	2,000	40,380
Tesco PLC	11,224	53,625
Wal-Mart Stores, Inc.	2,715	141,452
		427,877
Food Products - 2.3%
Archer-Daniels-Midland Co.	2,500	69,450
Associated British Foods PLC	1,500	13,768
Bunge Ltd.	1,100	62,315
ConAgra Foods, Inc.	600	10,122
Del Monte Foods Co.	2,000	14,580
General Mills, Inc.	990	49,381
The JM Smucker Co.	400	14,908
Nestle SA	1,857	62,738
Sara Lee Corp.	3,400	27,472
Unilever PLC	1,333	25,207
		349,941
Household Products - 2.2%
Colgate-Palmolive Co.	1,565	92,304
Kimberly-Clark Corp.	200	9,222
Procter & Gamble Co.	3,760	177,058
Reckitt Benckiser Group PLC	1,601	60,069
		338,653
Tobacco - 1.5%
Altria Group, Inc.	2,400	38,448
British American Tobacco PLC	2,592	59,877
Lorillard, Inc.	475	29,327
Philip Morris International, Inc.	1,450	51,591
Reynolds American, Inc.	1,100	39,424
		218,667
		1,662,905
Consumer Discretionary - 9.3%
Auto Components - 0.3%
Autoliv, Inc.	1,225	22,748
Bridgestone Corp.	700	10,151
Denso Corp.	500	10,108
		43,007

Automobiles - 0.7%
Honda Motor Co. Ltd.	2,200	52,373
Isuzu Motors Ltd.	6,000	7,369
Nissan Motor Co. Ltd.	6,000	21,686
Renault SA	800	16,450
Toyota Motor Corp.	300	9,529
		107,407
Distributors - 0.1%
Genuine Parts Co.	200	5,972
Li & Fung Ltd.	2,000	4,689
		10,661
Hotels, Restaurants & Leisure - 1.3%
Carnival PLC	1,528	34,702
Compass Group PLC	3,331	15,233
McDonald's Corp.	2,415	131,787
Thomas Cook Group PLC	2,500	8,609
TUI Travel PLC	2,600	8,532
		198,863
Household Durables - 0.3%
Sharp Corp.	3,000	24,007
Sony Corp.	900	18,616
		42,623
Leisure Equipment & Products - 0.1%
Namco Bandai Holdings, Inc.	800	8,031
Media - 3.3%
British Sky Broadcasting Group PLC	1,758	10,911
CBS Corp.-Class B	5,900	22,656
Comcast Corp.-Class A	4,500	61,380
Lagardere SCA	475	13,329
Liberty Media Corp.-Entertainment Series A (a)	660	13,167
News Corp.-Class A	9,600	63,552
Pearson PLC	1,253	12,600
SES SA(FDR)	1,359	25,941
Time Warner Cable, Inc.-Class A	2,504	62,087
Time Warner, Inc.	4,133	79,773
Viacom, Inc.-Class B (a)	1,500	26,070
The Walt Disney Co.	6,030	109,505
		500,971
Multiline Retail - 1.1%
JC Penney Co., Inc.	1,000	20,070
Kohl's Corp. (a)	2,710	114,687
Macy's, Inc.	2,000	17,800
Next PLC	626	11,879
Takashimaya Co. Ltd.	1,000	5,795
		170,231

Specialty Retail - 1.9%
AutoNation, Inc. (a)	1,700	23,596
Foot Locker, Inc.	1,700	17,816
The Gap, Inc.	2,700	35,073
Hennes & Mauritz AB-Class B	409	15,333
Home Depot, Inc.	4,100	96,596
Kingfisher PLC	6,848	14,679
Limited Brands, Inc.	1,900	16,530
Lowe's Cos, Inc.	1,700	31,025
TJX Cos, Inc.	1,200	30,768
		281,416
Textiles, Apparel & Luxury Goods - 0.2%
Jones Apparel Group, Inc.	2,200	9,284
Nike, Inc.-Class B	485	22,742
Yue Yuen Industrial Holdings Ltd.	2,500	5,710
		37,736
		1,400,946
Telecommunication Services - 5.0%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.	8,900	224,280
BCE, Inc.	800	15,939
Deutsche Telekom AG	4,095	50,721
France Telecom SA	1,300	29,637
Nippon Telegraph & Telephone Corp.	700	26,715
Telecom Corp. of New Zealand Ltd.	9,303	12,375
Telecom Italia SpA (ordinary shares)	13,100	16,889
Telecom Italia SpA (savings shares)	12,500	12,711
Telefonica SA	4,519	90,115
TELUS Corp.-Class A	500	13,091
Verizon Communications, Inc.	2,500	75,500
		567,973
Wireless Telecommunication Services - 1.2%
China Mobile Ltd.	1,000	8,711
KDDI Corp.	3	14,127
MTN Group Ltd.	1,001	11,107
Sprint Nextel Corp. (a)	14,500	51,765
Vodafone Group PLC	58,642	102,239
		187,949
		755,922
Industrials - 4.6%
Aerospace & Defense - 0.8%
BAE Systems PLC	7,650	36,690
Bombardier, Inc.-Class B	2,400	5,596
Honeywell International, Inc.	835	23,263
Lockheed Martin Corp.	455	31,409
United Technologies Corp.	500	21,490
		118,448

Airlines - 0.2%
Deutsche Lufthansa AG	600	6,500
Qantas Airways Ltd.	7,000	8,458
UAL Corp. (a)	3,300	14,784
		29,742
Construction & Engineering - 0.3%
China Railway Construction Corp. Ltd.-Class H (a)	7,500	9,766
Jacobs Engineering Group, Inc. (a)	980	37,887
		47,653
Electrical Equipment - 0.8%
Cooper Industries Ltd.-Class A	500	12,930
Emerson Electric Co.	3,405	97,315
Schneider Electric SA	300	19,952
		130,197
Industrial Conglomerates - 0.9%
General Electric Co.	11,000	111,210
Koninklijke Philips Electronics NV	1,320	19,539
		130,749
Machinery - 0.9%
Atlas Copco AB-Class A	1,661	12,472
Crane Co.	600	10,128
Danaher Corp.	800	43,376
Dover Corp.	1,100	29,018
NGK Insulators Ltd.	1,000	15,641
PACCAR, Inc.	815	20,994
Volvo AB-Class B	1,400	7,429
		139,058
Road & Rail - 0.0%
East Japan Railway Co.	100	5,214
Trading Companies & Distributors - 0.6%
Mitsubishi Corp.	3,100	41,096
Mitsui & Co. Ltd.	5,000	50,936
		92,032
Transportation Infrastructure - 0.1%
Macquarie Infrastructure Group	9,300	9,528
		702,621
Materials - 3.7%
Chemicals - 2.0%
Air Products & Chemicals, Inc.	565	31,781
BASF SE	700	21,155
Eastman Chemical Co.	800	21,440
JSR Corp.	900	10,589
LG Chem Ltd.	160	10,128
Mitsubishi Chemical Holdings Corp.	3,500	12,079

Mitsui Chemicals, Inc.	500	1,224
Monsanto Co.	1,900	157,890
Syngenta AG	186	37,388
		303,674
Construction Materials - 0.2%
CRH PLC (Dublin)	100	2,154
CRH PLC (London)	1,037	22,568
		24,722
Containers & Packaging - 0.2%
Amcor Ltd.	2,569	7,946
Owens-Illinois, Inc. (a)	1,200	17,328
Sonoco Products Co.	600	12,588
		37,862
Metals & Mining - 1.2%
Antofagasta PLC	1,600	11,579
ArcelorMittal	1,882	38,400
Barrick Gold Corp.	691	22,366
BHP Billiton Ltd.	500	11,051
BHP Billiton PLC	1,923	37,932
Cia Vale do Rio Doce-Class B(ADR)	1,810	24,073
Freeport-McMoRan Copper & Gold, Inc.	315	12,005
JFE Holdings, Inc.	500	11,037
MMC Norilsk Nickel(ADR)	2,035	12,413
		180,856
Paper & Forest Products - 0.1%
Svenska Cellulosa AB-Class B	2,000	15,179
		562,293
Utilities - 3.2%
Electric Utilities - 0.9%
American Electric Power Co., Inc.	500	12,630
CEZ	600	21,459
CLP Holdings Ltd.	2,500	17,178
Duke Energy Corp.	1,600	22,912
E.ON AG	1,100	30,507
Pinnacle West Capital Corp.	1,100	29,216
The Tokyo Electric Power Co., Inc.	300	7,498
		141,400
Gas Utilities - 0.0%
Atmos Energy Corp.	275	6,358
Independent Power Producers & Energy Traders - 0.1%
Reliant Energy, Inc. (a)	3,000	9,570
Multi-Utilities - 2.2%
A2A SpA	7,100	10,780
Alliant Energy Corp.	1,000	24,690
Centrica PLC	14,457	47,192
CMS Energy Corp.	2,200	26,048
Consolidated Edison, Inc.	325	12,873
Dominion Resources, Inc.	800	24,792
DTE Energy Co.	500	13,850

GDF Suez	543		18,622
National Grid PLC	4,365		33,525
NiSource, Inc.	450		4,410
RWE AG	380		26,612
TECO Energy, Inc.	2,600		28,990
Wisconsin Energy Corp.	1,000		41,170
Xcel Energy, Inc.	1,000		18,630
			332,184
			489,512
Total Common Stocks (cost $19,416,520)			14,594,903
RIGHTS - 0.1%
Materials - 0.1%
Construction Materials - 0.1%
CRH PLC (Dublin) (a)	296		6,438
CRH PLC (London) (a)	28		610
			7,048
Financials - 0.0%
Commercial Banks - 0.0%
HSBC Holdings PLC (a)	1,791		3,623
Nordea Bank AB (a)	28,600		3,271
			6,894
Total Rights (cost $9,379)			13,942
Total Investments - 96.4% (cost $19,425,899) (b)			14,608,845
Other assets less liabilities - 3.6%			550,271
Net Assets - 100.0%		$	15,159,116

FORWARD CURRENCY EXCHANGE CONTRACTS

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar
settling 6/15/09	46	$	29,383	$	31,830	$	2,447
Australian Dollar
settling 6/15/09	64		40,881		44,285		3,404
Canadian Dollar
settling 4/07/09	4		3,181		3,173		(8	)
Euro
settling 6/15/09	14		18,966		18,602		(364	)
Euro
settling 6/15/09	23		30,572		30,561		(11	)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Buy Contracts: (continued)
Euro
settling 6/15/09	32	$	42,000	$	43,051	$	1,051
Euro
settling 6/15/09	37		50,078		49,163		(915	)
Euro
settling 6/15/09	99		133,578		131,012		(2,566	)
Euro
settling 6/15/09	129		161,818		171,405		9,587
Japanese Yen
settling 6/15/09	633		6,968		6,402		(566	)
Japanese Yen
settling 6/15/09	1,465		15,088		14,818		(270	)
Japanese Yen
settling 6/15/09	1,898		20,187		19,197		(990	)
Japanese Yen
settling 6/15/09	2,455		25,136		24,831		(305	)
Japanese Yen
settling 6/15/09	2,744		27,966		27,754		(212	)
Japanese Yen
settling 6/15/09	5,079		51,676		51,371		(305	)
Japanese Yen
settling 6/15/09	18,090		184,055		182,971		(1,084	)
Japanese Yen
settling 6/15/09	25,193		256,323		254,814		(1,509	)
New Zealand Dollar
settling 6/15/09	54		27,016		30,656		3,640
New Zealand Dollar
settling 6/15/09	89		44,527		50,526		5,999
Norwegian Krone
settling 6/15/09	259		36,441		38,440		1,999
Norwegian Krone
settling 6/15/09	505		71,053		74,951		3,898
Norwegian Krone
settling 6/15/09	548		79,046		81,333		2,287
Swedish Krona
settling 6/15/09	60		7,263		7,303		40
Sale Contracts:
Canadian Dollar
settling 6/15/09	10		8,063		7,938		125
Canadian Dollar
settling 6/15/09	13		10,151		10,319		(168	)
Canadian Dollar
settling 6/15/09	15		12,107		11,907		200

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Sale Contracts: (continued)
Canadian Dollar
settling 6/15/09	16	$	12,361	$	12,701	$	(340	)
Canadian Dollar
settling 6/15/09	18		14,709		14,288		421
Canadian Dollar
settling 6/15/09	79		61,921		62,948		(1,027	)
Canadian Dollar
settling 6/15/09	100		78,084		79,379		(1,295	)
Euro
settling 6/15/09	10		12,643		13,287		(644	)
Euro
settling 6/15/09	12		15,553		15,945		(392	)
Euro
settling 6/15/09	35		43,904		46,505		(2,601	)
Euro
settling 6/15/09	35		43,904		46,505		(2,601	)
Euro
settling 6/15/09	96		121,153		127,557		(6,404	)
Hong Kong Dollar
settling 6/15/09	179		23,084		23,106		(22	)
Japanese Yen
settling 6/15/09	784		8,027		7,930		97
Japanese Yen
settling 6/15/09	1,373		13,842		13,887		(45	)
New Zealand Dollar
settling 6/15/09	15		7,353		8,516		(1,163	)
Norwegian Krone
settling 6/15/09	53		7,794		7,866		(72	)
Norwegian Krone
settling 6/15/09	103		16,128		15,287		841
Pound Sterling
settling 6/15/09	8		11,204		11,482		(278	)
Pound Sterling
settling 6/15/09	18		26,084		25,834		250
Pound Sterling
settling 6/15/09	23		33,508		33,010		498
Pound Sterling
settling 6/15/09	68		99,066		97,594		1,472
Pound Sterling
settling 6/15/09	310		437,270		444,914		(7,644	)
Swedish Krona
settling 6/15/09	64		7,674		7,790		(116	)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2009		Unrealized Appreciation/ (Depreciation)
Sale Contracts: (continued)
Swedish Krona
settling 6/15/09	72	$	8,450	$	8,764	$	(314	)
Swedish Krona
settling 6/15/09	76		9,383		9,250		133
Swedish Krona
settling 6/15/09	198		23,092		24,100		(1,008	)
Swedish Krona
settling 6/15/09	443		50,209		53,920		(3,711	)
Swiss Franc
settling 6/15/09	9		7,819		7,920		(101	)
Swiss Franc
settling 6/15/09	11		9,807		9,680		127
Swiss Franc
settling 6/15/09	34		29,023		29,919		(896	)
Swiss Franc
settling 6/15/09	94		80,240		82,716		(2,476	)

(a) Non-income producing security.

(b) As of March 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $415,715 and gross unrealized depreciation of investments was $(5,232,769), resulting in net unrealized depreciation of $(4,817,054).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market.

Glossary:

ADR -  American Depositary Receipt

FDR -  Fiduciary Depositary Receipt

LP -  Limited Partnership

REIT -  Real Estate Investment Trust

VARP Wealth Appreciation Strategy Portfolio

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2009:

Level	Investments in Securities		Other Financial Instruments*
Level 1	$	10,139,674	$	– 0	–
Level 2		4,458,750		3,907
Level 3		10,421		– 0	–
Total	$	14,608,845	$	3,907

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investments in Securities
Balance as of 12/31/2008	$	12,076
Accrued discounts /premiums		– 0	–
Realized gain (loss)		– 0	–
Change in unrealized appreciation/depreciation		(1,654	)

Net purchases (sales)		– 0	–
Net transfers in and/or out of Level 3		– 0	–
Balance as of 3/31/09	$	10,422
Net change in unrealized appreciation/depreciation from investments still held as of 3/31/09	$	(1,654	)*

* The unrealized depreciation is included in net change in unrealized appreciation/depreciation of investments in the accompanying statement of operations.

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/    Robert M. Keith
	Robert M. Keith President
Date:	May 22, 2009

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/    Robert M. Keith
	Robert M. Keith President
Date:	May 22, 2009

By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo Treasurer and Chief Financial Officer
Date:	May 22, 2009