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, 2011

Date of reporting period: March 31, 2011

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 64.2%
Financials - 18.8%
Capital Markets - 1.7%
Blackstone Group LP		103,675	$	1,853,709
Deutsche Bank AG		9,200		543,444
Goldman Sachs Group, Inc. (The)		37,350		5,918,854
Man Group PLC		109,678		432,176
Morgan Stanley		41,000		1,120,120
UBS AG (a)		24,128		434,065
				10,302,368
Commercial Banks - 2.6%
Australia & New Zealand Banking Group Ltd.		9,900		243,690
Banco do Brasil SA		20,500		371,038
Bank of Baroda		6,800		147,031
Bank of China Ltd.		441,100		245,290
Barclays PLC		120,000		538,794
BB&T Corp.		31,600		867,420
BNP Paribas		12,553		917,683
Comerica, Inc.		8,000		293,760
Danske Bank A/S (a)		7,771		171,778
Danske Bank A/S (a)		2,590		57,843
DnB NOR ASA		7,909		121,267
Hana Financial Group, Inc.		6,250		269,889
HSBC Holdings PLC		63,200		652,799
Itau Unibanco Holding SA (ADR)		22,200		533,910
KB Financial Group, Inc.		4,845		253,444
KBC Groep NV (a)		11,500		432,722
Lloyds Banking Group PLC (a)		228,000		211,858
Mitsubishi UFJ Financial Group, Inc.		87,600		403,631
National Australia Bank Ltd.		31,200		833,895
National Bank of Canada		5,100		414,470
PNC Financial Services Group, Inc.		7,100		447,229
Societe Generale		15,529		1,008,674
Standard Chartered PLC		35,159		911,984
Sumitomo Mitsui Financial Group, Inc.		13,300		412,636
Turkiye Is Bankasi-Class C		39,700		126,742
Turkiye Vakiflar Bankasi Tao-Class D		61,400		153,238
UniCredit SpA		234,495		577,994
Wells Fargo & Co.		124,600		3,949,820
				15,570,529
Consumer Finance - 0.1%
Capital One Financial Corp.		7,800		405,288
Diversified Financial Services - 2.6%
Bank of America Corp.		124,500		1,659,585
Challenger Ltd.		33,100		168,766
Citigroup, Inc. (a)		360,000		1,591,200
IG Group Holdings PLC		56,452		413,623
ING Groep NV (a)		75,200		954,575
JPMorgan Chase & Co.		215,017		9,912,284
Moody’s Corp.		8,800		298,408
ORIX Corp.		3,580		335,565
				15,334,006

Company	Shares		U.S. $ Value
Insurance - 1.7%
ACE Ltd.		14,000		905,800
Admiral Group PLC		33,389		831,792
Aegon NV (a)		49,600		371,397
AIA Group Ltd. (a)		126,800		390,325
Allianz SE		7,300		1,022,187
Allstate Corp. (The)		9,500		301,910
AON Corp.		21,040		1,114,278
Aviva PLC		73,000		506,564
Berkshire Hathaway, Inc. (a)		9,100		761,033
Chubb Corp.		6,400		392,384
MetLife, Inc.		26,800		1,198,764
Muenchener Rueckversicherungs AG		3,700		582,044
Prudential PLC		32,200		364,654
Travelers Cos., Inc. (The)		25,900		1,540,532
				10,283,664
Real Estate Investment Trusts (REITs) - 6.4%
Allied Properties Real Estate Investment Trust		4,087		92,743
AMB Property Corp.		6,038		217,187
Ascendas Real Estate Investment Trust		272,000		440,206
Beni Stabili SpA		343,069		356,607
Big Yellow Group PLC		115,140		610,790
BioMed Realty Trust, Inc.		32,100		610,542
Boston Properties, Inc.		12,937		1,227,074
BRE Properties, Inc.		12,750		601,545
British Land Co. PLC		146,639		1,299,650
Camden Property Trust		12,900		732,978
Canadian Real Estate Investment Trust		4,800		171,552
CBL & Associates Properties, Inc.		16,600		289,172
Chartwell Seniors Housing Real Estate Investment Trust		70,400		672,413
Colonial Properties Trust		31,800		612,150
Cominar Real Estate Investment Trust		14,303		334,892
Coresite Realty Corp.		15,974		253,028
Dexus Property Group		541,500		475,689
DiamondRock Hospitality Co.		49,095		548,391
Digital Realty Trust, Inc.		13,900		808,146
Douglas Emmett, Inc.		31,226		585,488
Duke Realty Corp.		50,700		710,307
Dundee Real Estate Investment Trust		9,756		333,083
Entertainment Properties Trust		18,950		887,239
Equity Residential		19,300		1,088,713
Essex Property Trust, Inc.		4,600		570,400
Eurocommercial Properties N.V.		9,162		454,207
Extra Space Storage, Inc.		30,000		621,300
First Potomac Realty Trust		8,152		128,394
Fonciere Des Regions		4,300		458,029
General Growth Properties, Inc.		21,937		339,585
Glimcher Realty Trust		50,500		467,125
Goodman Group		813,250		576,114
Great Portland Estates PLC		57,600		356,393
H&R Real Estate Investment Trust		13,984		317,326
Health Care REIT, Inc.		21,400		1,122,216
Home Properties, Inc.		6,832		402,746
Host Hotels & Resorts, Inc.		6,300		110,943
ING Office Fund		862,000		552,107
InnVest Real Estate Investment Trust		72,444		517,831
Kilroy Realty Corp.		11,500		446,545

Company	Shares		U.S. $ Value
Kimco Realty Corp.		36,792		674,765
Klepierre		25,652		1,040,903
Land Securities Group PLC		25,730		302,413
LaSalle Hotel Properties		13,000		351,000
Link REIT (The)		88,912		278,959
Mid-America Apartment Communities, Inc.		9,650		619,530
Morguard Real Estate Investment Trust		3,750		56,395
National Health Investors, Inc.		6,501		311,528
Nationwide Health Properties, Inc.		12,300		523,119
Primaris Retail Real Estate Investment Trust		14,883		326,981
ProLogis		64,146		1,025,053
Public Storage		8,350		926,099
RioCan Real Estate Investment Trust (New York) (b)		1,400		36,765
RioCan Real Estate Investment Trust (Toronto)		13,246		347,853
Simon Property Group, Inc.		24,665		2,643,101
Stockland		184,151		706,444
Sunstone Hotel Investors, Inc. (a)		60,505		616,546
Taubman Centers, Inc.		5,700		305,406
U-Store-It Trust		40,100		421,852
UDR, Inc.		22,200		541,014
Unibail-Rodamco SE		6,678		1,447,348
Ventas, Inc.		9,800		532,140
Vornado Realty Trust		1,400		122,500
Weingarten Realty Investors		29,535		740,147
Wereldhave NV		4,600		491,270
Westfield Group		154,349		1,490,477
				38,280,454
Real Estate Management & Development - 3.6%
BR Malls Participacoes SA		57,100		594,555
CapitaLand Ltd.		187,000		489,538
CapitaMalls Asia Ltd.		324,000		457,447
Castellum AB		43,645		634,723
Cheung Kong Holdings Ltd.		44,000		718,323
China Overseas Land & Investment Ltd.		136,000		277,870
Evergrande Real Estate Group Ltd.		1,799,000		987,392
FirstService Corp. (a)		2,838		107,431
Forest City Enterprises, Inc. (a)		15,922		299,811
Global Logistic Properties Ltd. (a)		189,000		280,454
Great Eagle Holdings Ltd.		99,000		331,870
Hang Lung Group Ltd.		66,000		412,438
Hang Lung Properties Ltd.		309,000		1,351,285
Hongkong Land Holdings Ltd.		128,000		896,523
Hysan Development Co., Ltd.		73,000		300,244
Kerry Properties Ltd.		190,131		953,505
Lend Lease Group		74,667		700,099
Mitsubishi Estate Co., Ltd.		121,000		2,044,785
Mitsui Fudosan Co., Ltd.		132,100		2,171,519
Multiplan Empreendimentos Imobiliarios SA		26,787		553,739
New World Development Ltd.		579,972		1,024,058
NTT Urban Development Corp.		216		181,074
ProLogis European Properties (a)		42,400		299,833
Savills PLC		78,255		449,547
Soho China Ltd.		185,500		159,600
Sponda Oyj		52,311		297,168
Sun Hung Kai Properties Ltd.		187,700		2,972,421
Swire Pacific Ltd.		32,500		476,838

Company	Shares		U.S. $ Value
UOL Group Ltd.		113,487		427,180
Wheelock & Co., Ltd.		67,000		251,438
Wing Tai Holdings Ltd.		310,000		376,754
				21,479,462
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp.		31,000		485,458
				112,141,229
Consumer Discretionary - 9.4%
Auto Components - 1.2%
BorgWarner, Inc. (a)		19,500		1,553,955
Bridgestone Corp.		24,900		520,679
GKN PLC		124,100		398,936
Johnson Controls, Inc.		58,100		2,415,217
Lear Corp.		18,400		899,208
Magna International, Inc.-Class A		10,100		484,216
NGK Spark Plug Co., Ltd.		21,000		287,084
Sumitomo Rubber Industries Ltd.		11,500		117,070
TRW Automotive Holdings Corp. (a)		11,700		644,436
				7,320,801
Automobiles - 0.6%
Ford Motor Co. (a)		39,100		582,981
General Motors Co. (a)		18,500		574,055
Nissan Motor Co., Ltd.		77,100		684,881
Renault SA (a)		10,700		591,249
Toyota Motor Corp.		20,500		813,527
				3,246,693
Distributors - 0.3%
Inchcape PLC (a)		23,660		131,290
Li & Fung Ltd.		300,000		1,532,272
				1,663,562
Hotels, Restaurants & Leisure - 1.0%
Carnival Corp.		19,738		757,150
Hyatt Hotels Corp. (a)		18,370		790,645
Intercontinental Hotels Group PLC		30,100		616,833
Kosmopolito Hotels International Ltd. (a)		457,000		89,361
Overseas Union Enterprise Ltd.		84,000		207,761
Royal Caribbean Cruises Ltd. (a)		7,900		325,954
Shangri-La Asia Ltd.		197,333		504,103
Starbucks Corp.		45,300		1,673,835
Thomas Cook Group PLC		43,000		117,481
Whitbread PLC		20,200		534,238
Wyndham Worldwide Corp.		9,700		308,557
				5,925,918
Household Durables - 0.8%
Fortune Brands, Inc.		7,000		433,230
Garmin Ltd.		5,102		172,754
LG Electronics, Inc.		4,730		452,289
NVR, Inc. (a)		1,200		907,200
Rossi Residencial SA		58,400		486,831
Sharp Corp.		45,000		446,403

Company	Shares		U.S. $ Value
Sony Corp.		10,800		344,477
Stanley Black & Decker, Inc.		16,500		1,263,900
				4,507,084
Internet & Catalog Retail - 0.4%
Amazon.com, Inc. (a)		10,875		1,958,914
Rakuten, Inc.		369		331,054
				2,289,968
Leisure Equipment & Products - 0.0%
Namco Bandai Holdings, Inc.		6,300		68,633
Media - 2.7%
Comcast Corp.-Class A		162,900		4,026,888
DIRECTV (a)		27,200		1,272,960
Gannett Co., Inc.		42,600		648,798
Informa PLC		22,900		152,892
Interpublic Group of Cos., Inc. (The)		20,500		257,685
Lagardere SCA		1,500		63,972
News Corp.-Class A		183,200		3,216,992
Time Warner Cable, Inc.-Class A		24,500		1,747,830
Time Warner, Inc.		32,500		1,160,250
Viacom, Inc.-Class B		22,600		1,051,352
Vivendi SA		22,210		633,593
Walt Disney Co. (The)		45,232		1,949,047
				16,182,259
Multiline Retail - 0.4%
Don Quijote Co., Ltd.		6,400		201,966
Kohl’s Corp.		25,540		1,354,641
Macy’s, Inc.		28,500		691,410
				2,248,017
Specialty Retail - 2.0%
Esprit Holdings Ltd.		82,800		379,638
Fast Retailing Co., Ltd.		3,100		388,090
Foot Locker, Inc.		39,100		771,052
Gap, Inc. (The)		43,300		981,178
Hennes & Mauritz AB-Class B		41,100		1,364,426
Inditex SA		15,970		1,281,438
Limited Brands, Inc.		79,800		2,623,824
Lowe’s Cos., Inc.		92,200		2,436,846
Office Depot, Inc. (a)		83,900		388,457
Ross Stores, Inc.		9,000		640,080
TJX Cos., Inc.		7,500		372,975
Yamada Denki Co., Ltd.		6,420		431,439
				12,059,443
Textiles, Apparel & Luxury Goods - 0.0%
Cie Financiere Richemont SA		4,200		242,172
Yue Yuen Industrial Holdings Ltd.		9,000		28,450
				270,622
				55,783,000
Information Technology - 8.5%
Communications Equipment - 1.1%
Cisco Systems, Inc.		12,450		213,517

Company	Shares		U.S. $ Value
HTC Corp.		16,000		624,957
Juniper Networks, Inc. (a)		28,300		1,190,864
Motorola Solutions, Inc. (a)		27,100		1,211,099
QUALCOMM, Inc.		41,830		2,293,539
Riverbed Technology, Inc. (a)		27,400		1,031,610
				6,565,586
Computers & Peripherals - 2.6%
Apple, Inc. (a)		23,465		8,176,379
Compal Electronics, Inc.		859		853
Dell, Inc. (a)		115,900		1,681,709
EMC Corp. (a)		109,914		2,918,217
Fujitsu Ltd.		57,000		322,110
Hewlett-Packard Co.		27,100		1,110,287
Logitech International SA (a)		62,089		1,118,815
Toshiba Corp.		74,000		361,830
				15,690,200
Electronic Equipment, Instruments & Components - 0.3%
AU Optronics Corp. (a)		537,310		467,955
Corning, Inc.		27,900		575,577
TE Connectivity Ltd.		15,900		553,638
				1,597,170
Internet Software & Services - 1.2%
AOL, Inc. (a)		5,084		99,291
Google, Inc.-Class A (a)		9,820		5,756,582
Telecity Group PLC (a)		96,897		789,997
Yahoo! Japan Corp.		618		220,691
				6,866,561
IT Services - 0.5%
Accenture PLC		37,417		2,056,813
Amadeus IT Holding SA (a)		13,085		249,770
Cap Gemini SA		10,194		591,895
				2,898,478
Office Electronics - 0.0%
Konica Minolta Holdings, Inc.		30,500		256,324
Semiconductors & Semiconductor Equipment - 0.9%
Advanced Semiconductor Engineering, Inc. (ADR)		50,700		277,836
Broadcom Corp.-Class A		52,708		2,075,641
Intel Corp.		30,800		621,236
Marvell Technology Group Ltd. (a)		64,000		995,200
Powertech Technology, Inc. (a)		29,000		90,826
Samsung Electronics Co., Ltd.		650		551,177
Sumco Corp. (a)		2,300		46,254
Trina Solar Ltd. (Sponsored ADR) (a)		17,400		524,088
				5,182,258
Software - 1.9%
Aveva Group PLC		10,210		264,253
Citrix Systems, Inc. (a)		29,600		2,174,416

Company	Shares		U.S. $ Value
Intuit, Inc. (a)		31,300		1,662,030
Microsoft Corp.		28,100		712,616
Oracle Corp.		109,400		3,650,678
Rovi Corp. (a)		23,100		1,239,315
SAP AG		19,400		1,186,510
Temenos Group AG (a)		16,050		607,398
				11,497,216
				50,553,793
Energy - 7.1%
Energy Equipment & Services - 2.2%
AMEC PLC		60,568		1,158,380
Cameron International Corp. (a)		23,450		1,338,995
Cie Generale de Geophysique-Veritas (a)		5,414		195,902
Ensco PLC (Sponsored ADR)		19,800		1,145,232
McDermott International, Inc. (a)		27,300		693,147
Nabors Industries Ltd. (a)		33,300		1,011,654
Petrofac Ltd.		55,500		1,326,238
Saipem SpA		14,500		770,300
Schlumberger Ltd.		49,255		4,593,521
Technip SA		8,700		927,576
				13,160,945
Oil, Gas & Consumable Fuels - 4.9%
Afren PLC (a)		185,500		484,904
BP PLC		106,600		783,199
Chevron Corp.		32,600		3,502,218
China Petroleum & Chemical Corp.-Class H		146,000		145,970
ConocoPhillips		24,600		1,964,556
Devon Energy Corp.		28,000		2,569,560
ENI SpA		20,300		498,109
EOG Resources, Inc.		17,635		2,089,924
Gazprom OAO (Sponsored ADR)		18,000		582,120
Hess Corp.		14,900		1,269,629
JX Holdings, Inc.		57,500		386,318
LUKOIL OAO (London) (Sponsored ADR)		5,000		356,950
Marathon Oil Corp.		42,300		2,255,013
Murphy Oil Corp.		2,900		212,918
Newfield Exploration Co. (a)		14,400		1,094,544
Nexen, Inc. (New York)		46,200		1,151,304
Nexen, Inc. (Toronto)		20,440		509,577
Noble Energy, Inc.		31,300		3,025,145
Occidental Petroleum Corp.		9,510		993,700
Penn West Petroleum Ltd.		9,613		266,923
Petroleo Brasileiro SA (Sponsored ADR)		13,900		494,006
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		34,804		1,266,108
Southern Union Co.		17,000		486,540
Southwestern Energy Co. (a)		25,800		1,108,626
Suncor Energy, Inc. (New York)		11,396		510,997
Suncor Energy, Inc. (Toronto)		15,800		708,596
Tesoro Corp. (a)		14,900		399,767
				29,117,221
				42,278,166

Company	Shares		U.S. $ Value
Industrials - 5.7%
Aerospace & Defense - 1.0%
BAE Systems PLC		103,000		536,794
Goodrich Corp.		12,100		1,034,913
Honeywell International, Inc.		18,900		1,128,519
Huntington Ingalls Industries, Inc. (a)		5,200		215,800
Northrop Grumman Corp.		31,200		1,956,552
Raytheon Co.		17,900		910,573
				5,783,151
Air Freight & Logistics - 0.6%
Kuehne & Nagel International AG		1,900		265,616
United Parcel Service, Inc.-Class B		42,700		3,173,464
				3,439,080
Airlines - 0.1%
Delta Air Lines, Inc. (a)		81,000		793,800
Building Products - 0.1%
Asahi Glass Co., Ltd.		40,000		503,253
Cie de St-Gobain		4,400		269,085
				772,338
Commercial Services & Supplies - 0.3%
Aggreko PLC		18,000		454,602
Serco Group PLC		132,415		1,185,266
				1,639,868
Construction & Engineering - 0.2%
Bouygues SA		18,200		873,641
Larsen & Toubro Ltd.		5,500		204,628
				1,078,269
Electrical Equipment - 0.8%
Bharat Heavy Electricals Ltd.		4,900		226,396
Cooper Industries PLC		27,600		1,791,240
Furukawa Electric Co., Ltd.		43,000		173,810
Mitsubishi Electric Corp.		40,000		470,743
Rockwell Automation, Inc.		14,100		1,334,565
Sumitomo Electric Industries Ltd.		33,400		462,561
Vestas Wind Systems A/S (a)		11,505		499,381
				4,958,696
Industrial Conglomerates - 0.4%
Bidvest Group Ltd.		10,256		225,401
General Electric Co.		110,200		2,209,510
SembCorp Industries Ltd.		30,000		124,049
				2,558,960
Machinery - 1.5%
Danaher Corp.		62,400		3,238,560
Eaton Corp.		9,800		543,312
Fanuc Corp.		6,200		937,173
Flowserve Corp.		11,348		1,461,622
Ingersoll-Rand PLC		25,700		1,241,567
Jain Irrigation Systems Ltd.		45,986		184,437
Komatsu Ltd.		16,300		552,988
Parker Hannifin Corp.		5,300		501,804

Company	Shares		U.S. $ Value
SPX Corp.		1,900		150,841
				8,812,304
Professional Services - 0.4%
Capita Group PLC (The)		123,600		1,473,211
Experian PLC		38,500		476,666
Intertek Group PLC		6,648		216,973
				2,166,850
Road & Rail - 0.1%
DSV A/S		14,680		361,482
East Japan Railway Co.		3,400		188,798
Firstgroup PLC		29,300		153,199
Nippon Express Co., Ltd.		49,000		187,963
				891,442
Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		13,500		374,334
Mitsui & Co., Ltd.		7,000		125,327
				499,661
Transportation Infrastructure - 0.1%
China Merchants Holdings International Co., Ltd.		80,000		337,927
				33,732,346
Health Care - 4.9%
Biotechnology - 0.9%
Amgen, Inc. (a)		16,800		897,960
Celgene Corp. (a)		32,453		1,867,021
Gilead Sciences, Inc. (a)		60,485		2,566,984
				5,331,965
Health Care Providers & Services - 0.9%
Aetna, Inc.		6,900		258,267
Express Scripts, Inc.-Class A (a)		36,300		2,018,643
HCA Holdings, Inc. (a)		16,165		547,508
Health Net, Inc. (a)		15,100		493,770
McKesson Corp.		2,876		227,348
UnitedHealth Group, Inc.		20,100		908,520
WellPoint, Inc.		14,900		1,039,871
				5,493,927
Pharmaceuticals - 3.1%
Allergan, Inc.		33,810		2,401,186
Aspen Pharmacare Holdings Ltd. (a)		17,330		202,180
AstraZeneca PLC		27,500		1,263,421
AstraZeneca PLC (Sponsored ADR)		35,500		1,637,260
Forest Laboratories, Inc. (a)		4,900		158,270
Johnson & Johnson		59,600		3,531,300
Merck & Co., Inc.		35,200		1,161,952
Novartis AG		15,834		857,426
Pfizer, Inc.		208,500		4,234,635
Roche Holding AG		4,500		642,444
Sanofi-Aventis SA		6,500		455,485

Company	Shares		U.S. $ Value
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		32,140		1,612,464
				18,158,023
				28,983,915
Materials - 3.8%
Chemicals - 2.2%
Agrium, Inc. (Toronto)		2,200		203,162
Air Water, Inc.		14,000		170,500
Clariant AG (a)		8,500		153,133
Dow Chemical Co. (The)		113,515		4,285,191
Huabao International Holdings Ltd.		124,000		191,295
Incitec Pivot Ltd.		29,500		132,062
Israel Chemicals Ltd.		95,400		1,570,442
K&S AG		22,500		1,696,632
Koninklijke DSM NV		5,851		359,742
LyondellBasell Industries NV (a)		13,800		545,790
Monsanto Co.		34,458		2,489,935
Potash Corp. of Saskatchewan, Inc.		23,800		1,402,534
				13,200,418
Construction Materials - 0.1%
CRH PLC (London)		11,360		260,767
Metals & Mining - 1.5%
Agnico-Eagle Mines Ltd.		5,600		371,560
Alcoa, Inc.		65,800		1,161,370
Centamin Egypt Ltd. (a)		46,300		100,617
Commercial Metals Co.		32,200		556,094
Hindalco Industries Ltd.		30,600		143,718
JFE Holdings, Inc.		14,900		436,265
New Gold, Inc. (a)		7,477		87,997
Newcrest Mining Ltd.		6,400		263,644
Reliance Steel & Aluminum Co.		6,500		375,570
Rio Tinto Ltd.		16,500		1,446,203
Rio Tinto PLC		19,200		1,357,406
Steel Dynamics, Inc.		17,100		320,967
Tata Steel Ltd.		23,600		329,275
ThyssenKrupp AG		8,600		350,050
Vale SA (Sponsored ADR) (Local Preference Shares)		23,100		681,912
Vale SA (Sponsored ADR)-Class B		14,900		496,915
Xstrata PLC		20,940		488,563
				8,968,126
				22,429,311
Consumer Staples - 3.4%
Beverages - 0.4%
Anheuser-Busch InBev NV		16,144		920,398
Asahi Breweries Ltd.		16,500		274,329
Constellation Brands, Inc.-Class A (a)		49,400		1,001,832
Dr Pepper Snapple Group, Inc.		3,100		115,196
				2,311,755
Food & Staples Retailing - 0.8%
Delhaize Group SA		6,437		524,401
Koninklijke Ahold NV		33,000		442,566

Company	Shares		U.S. $ Value
Kroger Co. (The)		58,600		1,404,642
Olam International Ltd.		563,000		1,250,069
Safeway, Inc.		6,500		153,010
Sugi Holdings Co., Ltd.		10,000		232,042
Tesco PLC		166,817		1,019,027
				5,025,757
Food Products - 0.6%
Archer-Daniels-Midland Co.		27,200		979,472
Bunge Ltd.		16,300		1,178,979
ConAgra Foods, Inc.		30,200		717,250
Smithfield Foods, Inc. (a)		25,800		620,748
				3,496,449
Household Products - 0.6%
Kimberly-Clark Corp.		6,300		411,201
Procter & Gamble Co. (The)		47,200		2,907,520
Reckitt Benckiser Group PLC		9,280		476,346
				3,795,067
Tobacco - 1.0%
Altria Group, Inc.		60,500		1,574,815
British American Tobacco PLC		27,372		1,097,551
Imperial Tobacco Group PLC		49,900		1,539,730
Japan Tobacco, Inc.		440		1,590,768
				5,802,864
				20,431,892
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 1.1%
AT&T, Inc.		89,400		2,735,640
CenturyLink, Inc.		22,400		930,720
France Telecom SA		24,400		547,869
Nippon Telegraph & Telephone Corp.		15,600		696,773
Telecom Italia SpA (ordinary shares)		428,500		658,520
Telecom Italia SpA (savings shares)		148,800		199,885
Telenor ASA		18,700		307,768
Verizon Communications, Inc.		17,300		666,742
				6,743,917
Wireless Telecommunication Services - 0.3%
Sprint Nextel Corp. (a)		129,900		602,736
Vodafone Group PLC		398,653		1,136,084
				1,738,820
				8,482,737
Utilities - 1.2%
Electric Utilities - 0.5%
American Electric Power Co., Inc.		3,500		122,990
E.ON AG		26,826		815,755
Edison International		28,600		1,046,474
EDP-Energias de Portugal SA		91,200		355,073
NV Energy, Inc.		45,100		671,539
Tokyo Electric Power Co., Inc. (The)		34,900		194,521
				3,206,352

Company		Shares		U.S. $ Value
Gas Utilities - 0.2%
Atmos Energy Corp.			10,800		368,280
UGI Corp.			20,200		664,580
					1,032,860
Independent Power Producers & Energy Traders - 0.0%
Constellation Energy Group, Inc.			9,100		283,283
Multi-Utilities - 0.5%
Ameren Corp.			13,300		373,331
CMS Energy Corp.			32,600		640,264
DTE Energy Co.			20,400		998,784
NiSource, Inc.			39,400		755,692
					2,768,071
					7,290,566
Total Common Stocks (cost $316,975,898)					382,106,955
		Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 9.3%
Industrial - 4.4%
Basic - 0.7%
Alcoa, Inc.
6.75%, 7/15/18	U.S.$		145		160,548
Anglo American Capital PLC
9.375%, 4/08/19 (b)			350		466,346
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20			290		294,157
ArcelorMittal
6.125%, 6/01/18			330		349,554
ArcelorMittal USA, Inc.
6.50%, 4/15/14			105		115,690
BHP Billiton Finance USA Ltd.
7.25%, 3/01/16			203		238,512
Dow Chemical Co. (The)
7.375%, 11/01/29			15		17,951
7.60%, 5/15/14			195		225,347
8.55%, 5/15/19			549		693,960
International Paper Co.
5.30%, 4/01/15			219		236,008
7.50%, 8/15/21			150		176,037
7.95%, 6/15/18			190		228,584
Packaging Corp. of America
5.75%, 8/01/13			30		32,146
PPG Industries, Inc.
5.75%, 3/15/13			250		269,597
Rio Tinto Finance USA Ltd.
6.50%, 7/15/18			345		397,229
Teck Resources Ltd.
6.00%, 8/15/40			30		30,213
Vale Canada Ltd.
7.75%, 5/15/12			80		85,684
					4,017,563

Company	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.2%
Holcim US Finance Sarl & Cie SCS
6.00%, 12/30/19 (b)		40		41,922
Lafarge SA
6.15%, 7/15/11		172		174,553
Owens Corning
6.50%, 12/01/16		178		193,807
Republic Services, Inc.
5.25%, 11/15/21		165		172,731
5.50%, 9/15/19		233		249,991
Tyco International Finance SA
8.50%, 1/15/19		140		180,612
				1,013,616
Communications - Media - 0.7%
BSKYB Finance UK PLC
5.625%, 10/15/15 (b)		175		193,290
CBS Corp.
8.875%, 5/15/19		330		414,382
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		180		243,577
Comcast Corp.
5.15%, 3/01/20		270		281,059
DirecTV Holdings LLC / DirecTV Financing Co., Inc.
4.60%, 2/15/21		255		248,593
4.75%, 10/01/14		155		166,900
News America, Inc.
6.15%, 3/01/37		222		219,974
6.55%, 3/15/33		250		262,569
9.25%, 2/01/13		144		163,911
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		435		551,246
RR Donnelley & Sons Co.
4.95%, 4/01/14		25		25,925
5.50%, 5/15/15		120		124,043
11.25%, 2/01/19		190		239,073
Time Warner Cable, Inc.
5.00%, 2/01/20		200		202,205
7.50%, 4/01/14		145		166,201
Time Warner Entertainment Co. LP
8.375%, 3/15/23		311		383,448
WPP Finance UK
5.875%, 6/15/14		150		164,906
8.00%, 9/15/14		350		407,965
				4,459,267
Communications - Telecommunications - 0.6%
American Tower Corp.
5.05%, 9/01/20		380		369,182
AT&T Corp.
8.00%, 11/15/31		15		18,794
BellSouth Corp.
5.20%, 9/15/14		94		102,777
British Telecommunications PLC
5.15%, 1/15/13		720		765,981

Company	Principal Amount (000)		U.S. $ Value
Embarq Corp.
7.082%, 6/01/16		658		748,271
Qwest Corp.
7.50%, 10/01/14		295		337,037
7.875%, 9/01/11		265		272,288
Telecom Italia Capital SA
6.00%, 9/30/34		65		58,816
6.175%, 6/18/14		305		327,477
6.375%, 11/15/33		60		56,623
7.175%, 6/18/19		170		185,832
Telus Corp.
8.00%, 6/01/11		25		25,298
United States Cellular Corp.
6.70%, 12/15/33		250		239,640
Vodafone Group PLC
5.50%, 6/15/11		220		222,118
7.875%, 2/15/30		100		126,717
				3,856,851
Consumer Cyclical - Automotive - 0.2%
Daimler Finance North America LLC
5.75%, 9/08/11		135		137,937
7.30%, 1/15/12		166		174,365
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (b)		341		365,386
Nissan Motor Acceptance Corp.
4.50%, 1/30/15 (b)		346		361,644
Volvo Treasury AB
5.95%, 4/01/15 (b)		305		335,323
				1,374,655
Consumer Cyclical - Entertainment - 0.2%
Time Warner, Inc.
7.625%, 4/15/31		345		397,981
Turner Broadcasting System, Inc.
8.375%, 7/01/13		225		256,481
Viacom, Inc.
5.625%, 9/15/19		390		426,721
				1,081,183
Consumer Cyclical - Other - 0.1%
Marriott International, Inc.
Series J
5.625%, 2/15/13		216		231,081
MDC Holdings, Inc.
5.50%, 5/15/13		140		145,067
Toll Brothers Finance Corp.
6.875%, 11/15/12		11		11,651
				387,799
Consumer Cyclical - Retailers - 0.1%
CVS Caremark Corp.
6.125%, 8/15/16		100		112,636
6.60%, 3/15/19		195		223,681
				336,317

Company	Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical - 0.5%
Ahold Finance USA LLC
6.875%, 5/01/29		420		460,180
Altria Group, Inc.
9.70%, 11/10/18		210		276,175
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		69		71,990
5.875%, 5/15/13		180		191,417
8.50%, 6/15/19		153		181,682
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (b)		260		281,196
Delhaize Group SA
5.875%, 2/01/14		105		114,639
Diageo Capital PLC
7.375%, 1/15/14		265		304,108
Fortune Brands, Inc.
3.00%, 6/01/12		280		284,660
4.875%, 12/01/13		201		211,880
Kroger Co. (The)
6.80%, 12/15/18		79		91,613
Newell Rubbermaid, Inc.
5.50%, 4/15/13		175		187,770
Reynolds American, Inc.
7.25%, 6/01/13		150		167,785
7.625%, 6/01/16		250		297,114
Whirlpool Corp.
8.60%, 5/01/14		45		52,211
				3,174,420
Energy - 0.6%
Anadarko Petroleum Corp.
5.95%, 9/15/16		417		453,440
6.45%, 9/15/36		109		108,859
Baker Hughes, Inc.
6.50%, 11/15/13		150		168,908
Canadian Natural Resources Ltd.
5.15%, 2/01/13		100		106,563
ConocoPhillips Holding Co.
6.95%, 4/15/29		66		78,801
Hess Corp.
7.875%, 10/01/29		80		98,780
8.125%, 2/15/19		100		125,535
Marathon Petroleum Corp.
3.50%, 3/01/16 (b)		67		67,176
5.125%, 3/01/21 (b)		113		113,902
Nabors Industries, Inc.
9.25%, 1/15/19		315		397,074
Noble Energy, Inc.
8.25%, 3/01/19		303		381,206
Noble Holding International Ltd.
4.90%, 8/01/20		36		36,525
Valero Energy Corp.
4.75%, 6/15/13		80		84,926
6.125%, 2/01/20		125		135,196
6.875%, 4/15/12		290		306,561
Weatherford International Ltd./Bermuda
5.15%, 3/15/13		125		132,306

Company	Principal Amount (000)		U.S. $ Value
9.625%, 3/01/19		285		362,970
Williams Cos., Inc. (The)
7.875%, 9/01/21		159		197,868
				3,356,596
Other Industrial - 0.1%
Noble Group Ltd.
6.75%, 1/29/20 (b)		445		476,150
Services - 0.0%
Western Union Co. (The)
5.93%, 10/01/16		90		99,947
Technology - 0.1%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		72,582
Computer Sciences Corp.
5.50%, 3/15/13		180		191,467
Motorola, Inc.
6.50%, 9/01/25		175		184,143
7.50%, 5/15/25		35		39,646
Xerox Corp.
8.25%, 5/15/14		280		327,331
				815,169
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.25%, 10/01/14		307		327,872
5.75%, 12/15/16		155		167,652
				495,524
Transportation - Railroads - 0.0%
Canadian Pacific Railway Co.
6.50%, 5/15/18		58		66,339
CSX Corp.
5.50%, 8/01/13		35		37,910
				104,249
Transportation - Services - 0.2%
Asciano Finance Ltd.
3.125%, 9/23/15 (b)		470		452,748
Con-way, Inc.
6.70%, 5/01/34		309		282,990
Ryder System, Inc.
5.85%, 11/01/16		127		139,926
7.20%, 9/01/15		127		147,262
				1,022,926
				26,072,232
Financial Institutions - 3.8%
Banking - 1.9%
American Express Co.
7.25%, 5/20/14		310		352,606
Bank of America Corp.
5.625%, 7/01/20		420		431,204
5.875%, 1/05/21		200		208,836

Company	Principal Amount (000)		U.S. $ Value
7.375%, 5/15/14		340		383,970
Series L
5.65%, 5/01/18		285		297,848
BankAmerica Capital II
Series 2
8.00%, 12/15/26		94		96,115
Bear Stearns Cos. LLC (The)
5.55%, 1/22/17		290		308,047
5.70%, 11/15/14		190		208,835
Citigroup, Inc.
5.375%, 8/09/20		232		238,833
5.50%, 4/11/13		230		246,104
6.50%, 8/19/13		260		284,272
8.50%, 5/22/19		475		586,091
Compass Bank
5.50%, 4/01/20		215		211,259
Countrywide Financial Corp.
6.25%, 5/15/16		92		98,218
Goldman Sachs Group, Inc. (The)
6.00%, 6/15/20		440		465,135
7.50%, 2/15/19		335		389,131
JPMorgan Chase & Co.
4.40%, 7/22/20		830		802,073
M&I Marshall & Ilsley Bank
4.85%, 6/16/15		250		260,295
5.00%, 1/17/17		205		211,981
Macquarie Group Ltd.
4.875%, 8/10/17 (b)		470		472,366
Merrill Lynch & Co., Inc.
6.05%, 5/16/16		245		258,938
Morgan Stanley
5.50%, 7/24/20		735		734,483
6.625%, 4/01/18		345		379,195
National Capital Trust II
5.486%, 3/23/15 (b)		91		90,506
Nationwide Building Society
6.25%, 2/25/20 (b)		465		483,791
North Fork Bancorporation, Inc.
5.875%, 8/15/12		100		104,657
Royal Bank of Scotland Group PLC
5.00%, 10/01/14		205		205,577
Santander US Debt SA Unipersonal
2.991%, 10/07/13 (b)		500		496,848
Shinhan Bank
4.125%, 10/04/16 (b)		515		516,861
Societe Generale
2.50%, 1/15/14 (b)		480		476,281
SouthTrust Corp.
5.80%, 6/15/14		225		242,984
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (b)		230		221,530
Union Bank NA
5.95%, 5/11/16		250		264,901
Wachovia Corp.
5.50%, 5/01/13		320		344,856
				11,374,627

Company	Principal Amount (000)		U.S. $ Value
Brokerage - 0.1%
Jefferies Group, Inc.
6.875%, 4/15/21		186		197,557
Lazard Group LLC
6.85%, 6/15/17		160		170,323
				367,880
Finance - 0.3%
General Electric Capital Corp.
4.80%, 5/01/13		315		334,691
5.625%, 5/01/18		480		518,937
Series A
4.375%, 11/21/11		25		25,607
HSBC Finance Corp.
7.00%, 5/15/12		125		132,947
SLM Corp.
Series A
5.375%, 1/15/13-5/15/14		650		675,245
				1,687,427
Insurance - 1.2%
Aetna, Inc.
6.00%, 6/15/16		140		157,670
Aflac, Inc.
3.45%, 8/15/15		80		80,340
Allied World Assurance Co. Holdings Ltd.
7.50%, 8/01/16		160		178,454
Allstate Corp. (The)
6.125%, 5/15/37		235		237,350
Allstate Life Global Funding Trusts
5.375%, 4/30/13		155		167,225
American International Group, Inc.
6.40%, 12/15/20		300		320,188
Assurant, Inc.
5.625%, 2/15/14		135		142,792
CIGNA Corp.
5.125%, 6/15/20		190		198,053
Coventry Health Care, Inc.
5.95%, 3/15/17		90		93,348
6.125%, 1/15/15		40		42,257
6.30%, 8/15/14		275		292,087
Dai-ichi Life Insurance Co., Ltd. (The)
7.25%, 7/25/21 (b)		125		121,270
Genworth Financial, Inc.
6.515%, 5/22/18		315		311,629
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (b)		210		245,326
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		95		96,442
5.50%, 3/30/20		435		442,399
Humana, Inc.
6.30%, 8/01/18		55		59,303
6.45%, 6/01/16		40		44,273
7.20%, 6/15/18		285		323,932
Liberty Mutual Group, Inc.
5.75%, 3/15/14 (b)		165		173,211

Company	Principal Amount (000)		U.S. $ Value
Lincoln National Corp.
8.75%, 7/01/19		98		124,093
Markel Corp.
7.125%, 9/30/19		230		256,657
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (b)		185		252,998
MetLife, Inc.
4.75%, 2/08/21		145		145,331
7.717%, 2/15/19		112		136,144
10.75%, 8/01/39		140		193,200
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (b)		335		407,395
Principal Financial Group, Inc.
7.875%, 5/15/14		260		300,391
Prudential Financial, Inc.
5.15%, 1/15/13		205		216,714
6.20%, 1/15/15		45		49,665
8.875%, 6/15/38		170		200,600
Series D
7.375%, 6/15/19		35		41,094
UnitedHealth Group, Inc.
6.00%, 2/15/18		270		300,305
WellPoint, Inc.
4.35%, 8/15/20		350		349,184
5.25%, 1/15/16		50		54,947
5.875%, 6/15/17		40		44,867
7.00%, 2/15/19		80		94,824
XL Group PLC
5.25%, 9/15/14		135		142,219
				7,038,177
Other Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (b)		173		180,356
ORIX Corp.
4.71%, 4/27/15		458		465,070
				645,426
REITS - 0.2%
ERP Operating LP
5.25%, 9/15/14		105		114,229
HCP, Inc.
5.375%, 2/01/21		130		131,285
5.95%, 9/15/11		340		347,494
Healthcare Realty Trust, Inc.
5.125%, 4/01/14		131		138,316
Nationwide Health Properties, Inc.
6.50%, 7/15/11		180		182,692
Simon Property Group LP
4.375%, 3/01/21		495		484,273
				1,398,289
				22,511,826

Company	Principal Amount (000)		U.S. $ Value
Utility - 0.7%
Electric - 0.5%
Allegheny Energy Supply Co. LLC
5.75%, 10/15/19 (b)		420		428,380
Ameren Corp.
8.875%, 5/15/14		240		276,083
Constellation Energy Group, Inc.
5.15%, 12/01/20		385		381,970
FirstEnergy Corp.
Series B
6.45%, 11/15/11		13		13,389
Series C
7.375%, 11/15/31		275		297,881
NextEra Energy Capital Holdings, Inc.
6.35%, 10/01/66		55		54,244
6.65%, 6/15/67		170		169,788
Nisource Finance Corp.
6.80%, 1/15/19		330		377,528
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		39,597
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (b)		348		377,099
Teco Finance, Inc.
4.00%, 3/15/16		100		101,882
5.15%, 3/15/20		125		129,491
Union Electric Co.
6.70%, 2/01/19		45		51,932
				2,699,264
Natural Gas - 0.2%
DCP Midstream LLC
5.35%, 3/15/20 (b)		137		142,383
Energy Transfer Partners LP
6.70%, 7/01/18		127		143,888
7.50%, 7/01/38		410		474,214
EQT Corp.
8.125%, 6/01/19		234		278,931
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		120,489
Williams Partners LP
5.25%, 3/15/20		298		310,865
				1,470,770
Other Utility - 0.0%
Veolia Environnement SA
6.00%, 6/01/18		210		233,547
				4,403,581
Non Corporate Sectors - 0.4%
Agencies - Not Government Guaranteed - 0.4%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.70%, 8/07/18 (b)		470		583,975
Ecopetrol SA
7.625%, 7/23/19		125		144,063

Company		Principal Amount (000)		U.S. $ Value
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (b)			920		1,000,500
Petrobras International Finance Co. - Pifco
5.75%, 1/20/20			680		701,511
					2,430,049
Total Corporates - Investment Grades (cost $51,529,665)					55,417,688
GOVERNMENTS - TREASURIES - 8.9%
United States - 8.6%
U.S. Treasury Bonds
4.50%, 2/15/36			2,485		2,509,075
4.625%, 2/15/40			5,380		5,485,922
5.375%, 2/15/31			2,650		3,030,524
U.S. Treasury Notes
2.00%, 1/31/16			9,485		9,416,082
2.125%, 2/29/16			8,640		8,613,000
2.625%, 11/15/20			3,625		3,382,578
3.375%, 11/15/19			2,690		2,719,423
3.625%, 2/15/20			15,385		15,803,287
					50,959,891
Mexico - 0.3%
Mexican Bonos
Series M 10
7.25%, 12/15/16	MXN		23,935		2,074,751
Total Governments - Treasuries (cost $53,447,494)					53,034,642
MORTGAGE PASS-THRU’S - 4.7%
Agency Fixed Rate 30-Year - 4.5%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35	U.S.$		1,203		1,288,157
Series 2007
5.50%, 7/01/35			124		132,676
Federal National Mortgage Association
4.00%, 1/01/41			1,685		1,659,438
4.50%, 8/01/40			1,381		1,407,408
5.50%, 1/01/35-6/01/38			3,928		4,207,102
6.00%, 8/01/37-2/01/40			5,096		5,542,108
Series 2003
5.00%, 11/01/33			372		391,691
Series 2004
5.50%, 2/01/34-11/01/34			511		549,165
6.00%, 9/01/34-11/01/34			448		491,141
Series 2005
4.50%, 8/01/35			399		409,936
Series 2006
5.00%, 2/01/36			1,350		1,417,737
6.00%, 3/01/36			180		196,732
Series 2007
4.50%, 9/01/35			324		333,276
5.00%, 11/01/35-7/01/36			401		421,166
5.50%, 1/01/37-8/01/37			1,923		2,065,539
Series 2008

Company	Principal Amount (000)		U.S. $ Value
5.50%, 8/01/37		893		957,879
6.00%, 3/01/37-5/01/38		3,674		4,001,831
Series 2010
6.00%, 4/01/40		893		971,345
				26,444,327
Agency ARMs - 0.2%
Federal Home Loan Mortgage Corp.
Series 2008
5.235%, 11/01/37 (c)		134		142,717
Federal National Mortgage Association
3.757%, 8/01/37 (d)		559		590,433
Series 2006
2.309%, 2/01/36 (c)		169		176,710
3.378%, 3/01/36 (c)		110		113,781
5.716%, 11/01/36 (d)		33		34,602
Series 2007
2.576%, 3/01/34 (c)		301		315,698
				1,373,941
Total Mortgage Pass-Thru’s (cost $27,093,339)				27,818,268
AGENCIES - 3.6%
Agency Debentures - 3.6%
Citigroup Funding, Inc. - FDIC Insured
0.231%, 5/05/11 (d)		2,175		2,175,191
Federal Farm Credit Bank
0.266%, 11/13/12 (d)		900		900,221
0.276%, 10/12/12 (d)		1,200		1,200,523
0.284%, 9/20/12 (d)		1,100		1,100,672
0.308%, 6/26/13 (d)		2,500		2,502,000
Federal National Mortgage Association
0.273%, 11/23/12 (d)		7,745		7,745,043
0.284%, 9/17/12-10/18/12 (d)		1,810		1,810,805
6.25%, 5/15/29		740		889,863
6.625%, 11/15/30		2,277		2,874,949
Total Agencies (cost $21,070,794)				21,199,267
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.1%
Non-Agency Fixed Rate CMBS - 3.0%
Banc of America Commercial Mortgage, Inc.
Series 2005-6, Class A4
5.196%, 9/10/47		315		339,738
Series 2006-5, Class A4
5.414%, 9/10/47		355		376,856
Bear Stearns Commercial Mortgage Securities
Series 2006-PW12, Class A4
5.723%, 9/11/38		250		274,227
Series 2007-PW18, Class A4
5.70%, 6/13/50		280		298,462
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A4

Company	Principal Amount (000)		U.S. $ Value
5.372%, 4/15/40		110		118,217
Series 2008-C7, Class A4
5.822%, 12/10/49		440		482,796
Commercial Mortgage Pass Through Certificates
Series 2006-C8, Class A4
5.306%, 12/10/46		130		137,063
Series 2007-C9, Class A4
5.815%, 12/10/49		650		705,281
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-C1, Class A4
4.75%, 1/15/37		70		73,580
Series 2005-C1, Class A4
5.014%, 2/15/38		260		275,084
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class A3
5.825%, 6/15/38		620		670,932
Series 2006-C4, Class A3
5.467%, 9/15/39		235		248,800
Series 2006-C5, Class A3
5.311%, 12/15/39		345		362,246
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A4
4.799%, 8/10/42		85		89,673
Series 2005-GG5, Class AJ
5.29%, 4/10/37		215		205,433
Series 2007-GG11, Class A4
5.736%, 12/10/49		695		735,104
Series 2007-GG9, Class A2
5.381%, 3/10/39		324		331,413
Series 2007-GG9, Class A4
5.444%, 3/10/39		410		433,970
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		80		85,693
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB11, Class A4
5.335%, 8/12/37		170		183,041
Series 2006-CB14, Class A4
5.481%, 12/12/44		315		334,206
Series 2006-CB15, Class A4
5.814%, 6/12/43		595		645,677
Series 2006-CB16, Class A4
5.552%, 5/12/45		335		358,598
Series 2006-CB17, Class A4
5.429%, 12/12/43		350		374,728
Series 2007-CB18, Class A4
5.44%, 6/12/47		445		469,246
Series 2007-LD11, Class A4
5.818%, 6/15/49		964		1,032,496
Series 2007-LDPX, Class A3
5.42%, 1/15/49		475		500,953
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.389%, 6/15/29		40		42,857
Series 2006-C1, Class A4
5.156%, 2/15/31		1,095		1,170,864

Company	Principal Amount (000)		U.S. $ Value
Series 2006-C3, Class A4
5.661%, 3/15/39		285		307,306
Series 2006-C4, Class A4
5.876%, 6/15/38		275		302,433
Series 2006-C6, Class A4
5.372%, 9/15/39		660		704,443
Series 2006-C7, Class A3
5.347%, 11/15/38		195		206,294
Series 2007-C1, Class A4
5.424%, 2/15/40		18		19,235
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class A6
5.232%, 11/12/37		40		43,000
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-2, Class A4
5.909%, 6/12/46		110		120,432
Series 2006-3, Class A4
5.414%, 7/12/46		480		508,371
Series 2006-4, Class AM
5.204%, 12/12/49		265		260,490
Series 2007-9, Class A4
5.70%, 9/12/49		440		461,009
Morgan Stanley Capital I
Series 2004-HQ4, Class A5
4.59%, 4/14/40		2		2,119
Series 2005-HQ5, Class A4
5.168%, 1/14/42		495		529,306
Series 2006-IQ12, Class A4
5.332%, 12/15/43		780		823,005
Series 2007-IQ13, Class A4
5.364%, 3/15/44		90		94,166
Series 2007-T27, Class A4
5.646%, 6/11/42		210		230,625
Wachovia Bank Commercial Mortgage Trust
Series 2006-C27, Class A3
5.765%, 7/15/45		630		681,836
Series 2007-C31, Class A4
5.509%, 4/15/47		190		196,548
Series 2007-C32, Class A3
5.741%, 6/15/49		625		655,862
				17,503,714
Agency CMBS - 0.1%
FHLMC Multifamily Structured Pass Through Certificates
Series K008, Class A2
3.531%, 6/25/20		634		606,515
Non-Agency Floating Rate CMBS - 0.0%
GS Mortgage Securities Corp. II
Series 2007-EOP, Class E
2.669%, 3/06/20 (b)(d)		75		75,035
Total Commercial Mortgage-Backed Securities (cost $16,784,288)				18,185,264

Company	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES - 1.2%
Autos - Fixed Rate - 0.7%
Ally Auto Receivables Trust
Series 2011-1, Class A
3 1.38%, 1/15/15		677		675,038
CarMax Auto Owner Trust
Series 2011-1, Class A3
1.29%, 9/15/15		666		665,092
Mercedes-Benz Auto Lease Trust
Series 2011-1A, Class A2
0.79%, 4/15/13 (b)		1,030		1,030,417
MMCA Automobile Trust
Series 2011-A, Class A2
0.75%, 10/15/13 (b)		620		619,644
Volkswagen Auto Loan Enhanced Trust
Series 2011-1, Class A3
1.22%, 6/22/15		1,040		1,038,043
				4,028,234
Autos - Floating Rate - 0.2%
GE Dealer Floorplan Master Note Trust
Series 2009-2A, Class A
1.804%, 10/20/14 (b)(d)		794		804,706
Home Equity Loans - Floating Rate - 0.1%
Bear Stearns Asset Backed Securities Trust
Series 2007-HE3, Class M1
0.70%, 4/25/37 (d)(e)		100		3,966
Home Equity Asset Trust
Series 2007-3, Class M1
0.60%, 8/25/37 (d)(e)		151		1,283
HSBC Home Equity Loan Trust
Series 2007-1, Class M1
0.634%, 3/20/36 (d)		365		253,463
Indymac Residential Asset Backed Trust
Series 2006-D, Class 2A2
0.36%, 11/25/36 (d)		176		146,307
Newcastle Mortgage Securities Trust
Series 2007-1, Class 2A1
0.38%, 4/ 25/37 (d)		149		131,362
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.61%, 3/25/37 (d)(e)		125		1,379
Residential Asset Securities Corp.
Series 2003-KS3, Class A2
0.85%, 5/25/33 (d)(e)		1		1,049
Soundview Home Equity Loan Trust
Series 2007-OPT2, Class 2A2
0.38%, 7/25/37 (d)		300		213,845
				752,654
Credit Cards - Floating Rate - 0.1%
Discover Card Master Trust
Series 2010-A1, Class A1

Company	Principal Amount (000)		U.S. $ Value
0.905%, 9/15/15 (d)		184		185,155
Series 2009-A1, Class A1
1.555%, 12/15/14 (d)		190		192,321
Series 2009-A2, Class A
1.555%, 2/17/15(d)		200		202,478
MBNA Credit Card Master Note Trust
Series 2006-A2, Class A2
0.315%, 6/15/15 (d)		170		169,315
				749,269
Other ABS - Fixed Rate - 0.1%
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15		411		409,165
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		157		138,411
Total Asset-Backed Securities (cost $7,493,322)				6,882,439
CORPORATES - NON-INVESTMENT GRADES - 1.0%
Industrial - 0.8%
Basic - 0.2%
Georgia-Pacific LLC
5.40 %, 11/01/20 (b)		74		73,073
Lyondell Chemical Co.
8.00%, 11/01/17 (b)		180		198,450
Nalco Co.
6.625%, 1/15/19 (b)		195		200,606
Severstal OAO Via Steel Capital SA
9.75%, 7/29/13 (b)		100		112,875
United States Steel Corp.
5.65%, 6/01/13		426		447,300
6.05%, 6/01/17		10		10,313
Westvaco Corp.
8.20%, 1/15/30		15		16,008
Weyerhaeuser Co.
7.375%, 3/15/32		110		115,994
				1,174,619
Capital Goods - 0.1%
Case New Holland, Inc.
7.875%, 12/01/17 (b)		146		162,242
Hanson Australia Funding Ltd.
5.25%, 3/15/13		120		124,800
Huntington Ingalls Industries, Inc.
6.875%, 3/15/18 (b)		48		50,100
7.125%, 3/15/21 (b)		49		51,083
Mohawk Industries, Inc.
6.875%, 1/15/16		245		262,762

Company	Principal Amount (000)		U.S. $ Value
Textron Financial Corp.
5.40%, 4/28/13		53		55,732
				706,719
Communications - Media - 0.0%
CCO Holdings LLC/CCO Holdings Capital Corp.
7.875%, 4/30/18		63		66,938
8.125%, 4/30/20		22		23,925
CSC Holdings LLC
8.50%, 4/15/14		110		123,337
Univision Communications, Inc.
12.00%, 7/01/14 (b)		36		38,880
				253,080
Communications - Telecommunications - 0.1%
eAccess Ltd.
8.25%, 4/01/18 (b)		105		107,756
Qwest Communications International, Inc.
7.50%, 2/15/14		25		25,406
Windstream Corp.
7.875%, 11/01/17		120		128,700
				261,862
Consumer Cyclical - Automotive - 0.1%
Ford Motor Co.
7.45%, 7/16/31		190		205,696
Ford Motor Credit Co. LLC
5.75%, 2/01/21		205		202,437
				408,133
Consumer Cyclical - Other - 0.0%
Wyndham Worldwide Corp.
6.00%, 12/01/16		70		74,175
Consumer Cyclical - Retailers - 0.1%
JC Penney Co., Inc.
5.65%, 6/01/20		385		371,044
Limited Brands, Inc.
6.625%, 4/01/21		185		189,162
6.90%, 7/15/17		25		26,813
				587,019
Consumer Non-Cyclical - 0.1%
Fresenius Medical Care US Finance, Inc.
5.75%, 2/15/21 (b)		205		198,594
HCA, Inc.
7.875%, 2/15/20		115		125,062
8.50%, 4/15/19		35		38,850
Universal Health Services, Inc.
7.125%, 6/30/16		320		347,916
				710,422
Energy - 0.1%
Chesapeake Energy Corp.
6.125%, 2/15/21		203		209,597

Company		Principal Amount (000)		U.S. $ Value
Tesoro Corp.
6.50%, 6/01/17			185		190,550
					400,147
Transportation - Airlines - 0.0%
UAL 2007-1 Pass Through Trust
Series 071A
6.636%, 7/02/22			72		73,177
					4,649,353
Financial Institutions - 0.1%
Banking - 0.0%
ABN Amro Bank NV
4.31%, 3/10/16	EUR		90		100,444
LBG Capital No.1 PLC
8.00%, 6/15/20 (b)	U.S.$		235		224,425
					324,869
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
5.00%, 1/14/11 (f)			80		20,500
6.20%, 9/26/14 (f)			33		8,580
7.875%, 11/01/09-8/15/10 (f)			370		94,812
Series G
4.80%, 3/13/14 (f)			42		10,763
					134,655
Finance - 0.0%
International Lease Finance Corp.
5.65%, 6/01/14			28		28,140
Insurance - 0.1%
ING Capital Funding Trust III
Series 9
3.907%, 6/30/11 (d)			200		193,916
XL Group PLC
Series E
6.50%, 4/15/17			245		224,787
					418,703
					906,367
Utility - 0.1%
Electric - 0.1%
AES Corp. (The)
7.75%, 3/01/14-10/15/15			160		172,800
CMS Energy Corp.
8.75%, 6/15/19			165		196,916
GenOn Energy, Inc.
7.625%, 6/15/14			95		98,325
NRG Energy, Inc.
7.375%, 2/01/16			35		36,225
					504,266
Total Corporates - Non-Investment Grades (cost $5,904,045)					6,059,986

Company	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN AGENCIES - 0.3%
United Kingdom - 0.3%
Royal Bank of Scotland PLC (The)
2.625%, 5/11/12 (b)		695		710,367
1.45%, 10/20/11 (b)		1,338		1,346,219
Total Governments - Sovereign Agencies (cost $2,032,678)				2,056,586
GOVERNMENTS - SOVEREIGN BONDS - 0.2%
Hungary - 0.1%
Hungary Government International Bond
6.375%, 3/29/21		520		523,557
Poland - 0.1%
Poland Government International Bond
3.875%, 7/16/15		404		407,535
6.375%, 7/15/19		60		66,375
				473,910
Russia - 0.0%
Russian Foreign Bond - Eurobond
7.50%, 3/31/30 (b)		268		313,333
Total Governments - Sovereign Bonds (cost $1,278,771)				1,310,800
QUASI-SOVEREIGNS - 0.2%
Kazakhstan - 0.0%
KazMunayGas National Co.
7.00%, 5/05/20 (b)		251		270,453
Malaysia - 0.1%
Petronas Capital Ltd.
5.25%, 8/12/19 (b)		460		489,239
Russia - 0.1%
Russian Agricultural Bank OJSC Via RSHB Capital SA
7.75%, 5/29/18 (b)		486		544,417
Total Quasi-Sovereigns (cost $1,196,256)				1,304,109
	Shares
PREFERRED STOCKS - 0.2%
Utility - 0.1%
Other Utility - 0.1%
DTE Energy Trust I
7.80%		20,000		528,400
Industrial - 0.1%
Communications - Telecommunications - 0.1%
Centaur Funding Corp.
9.08% (b)		200		221,000

Company		Shares		U.S. $ Value
Financial Institutions - 0.0%
Finance - 0.0%
Citigroup Capital XII
8.50%			7,000		183,603
Total Preferred Stocks (cost $907,616)					933,003
		Principal Amount (000)
CMOs - 0.1%
Non-Agency Fixed Rate - 0.1%
Bear Stearns Alt-A Trust
Series 2007-1, Class 21A1
5.202%, 1/25/47	U.S.$		51		30,704
Series 2006-3, Class 22A1
4.036%, 5/25/36			191		90,572
Series 2006-1, Class 22A1
2.718%, 2/25/36			150		107,078
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
5.103%, 5/25/35			64		60,403
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.528%, 5/25/36			63		35,437
Merrill Lynch Mortgage Investors, Inc.
Series 2005-A8, Class A1C1
5.25%, 8/25/36			47		45,581
					369,775
Non-Agency Floating Rate - 0.0%
Countrywide Alternative Loan Trust
Series 2006-OA14, Class 3A1
1.162%, 11/25/46 (d)			161		82,495
Series 2007-OA3, Class M1
0.56%, 4/25/47 (d)(e)(g)			185		1,264
Series 2005-62, Class 2A1
1.312%, 12/25/35 (d)			36		23,908
					107,667
Non-Agency ARMs - 0.0%
Citigroup Mortgage Loan Trust, Inc.
Series 2006-AR1, Class 3A1
2.65%, 3/25/36 (d)			91		67,623
Total CMOs (cost $1,038,956)					545,065
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.1%
California State
7.625%, 3/01/40 (cost $464,576)			455		497,747

Company		Shares		U.S. $ Value
WARRANTS - 0.0%
Financials - 0.0%
Henderson Land Development Co., Ltd., expiring 6/01/11 (a) (cost $0)			19,400		1,172
		Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.8%
Time Deposits - 1.1%
Societe Generale NY
0.18%, 4/01/11	U.S.$		1,560		1,560,000
State Street Time Deposit
0.01%, 4/01/11			5,093		5,093,000
Total Time Deposits (cost $6,653,000)					6,653,000
Commercial Paper - 0.8%
Toyota Motor Credit Corp. Zero Coupon, 4/01/11			1,560		1,560,000
Bank of Montreal Zero Coupon, 4/01/11			1,560		1,560,000
Bank of America Corp. Zero Coupon, 4/01/11			1,560		1,560,000
Total Commercial Paper (cost $4,680,000)					4,680,000
Agency Discount Note - 0.9%
Federal Home Loan Bank 0.01%, 6/03/11 (cost $5,283,936)			5,285		5,283,936
Total Short-Term Investments (cost $16,616,936)					16,616,936
Total Investments - 99.9% (cost $523,834,634) (g)					593,969,927
Other assets less liabilities - 0.1% (h)					704,746
Net Assets - 100.0%				$	594,674,673

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50		9		June 2011	$	356,258	$	362,746	$	6,488
Topix Index Futures		3		June 2011		337,156		312,335		(24,821	)
									$	(18,333	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Bank of America N.A.:
Euro settling 5/16/11		2,450		$3,381,074		$3,469,401		$88,327
Swedish Krona settling 5/16/11		9,788		1,519,522		1,547,490		27,968
Swedish Krona settling 6/15/11		12,012		1,878,930		1,896,087		17,157
Barclays Bank PLC Wholesale:
Japanese Yen settling 5/16/11		164,821		2,010,380		1,981,961		(28,419)
BNP Paribas SA:
Australian Dollar settling 5/16/11		620		618,645		637,979		19,334
Citibank N.A.:
Canadian Dollar settling 6/15/11		820		840,134		844,404		4,270
Credit Suisse London Branch (GFX):
Australian Dollar settling 5/16/11		1,517		1,494,488		1,560,991		66,503
Great British Pound settling 5/16/11		402		645,311		644,561		(750)
Norwegian Krone settling 5/16/11		2,154		373,330		388,627		15,297
Norwegian Krone settling 5/16/11		7,068		1,271,269		1,275,218		3,949
Deutsche Bank AG London:
Euro settling 5/16/11		2,703		3,692,041		3,827,670		135,629
Euro settling 5/16/11		643		911,831		910,541		(1,290)
Norwegian Krone settling 5/16/11		14,326		2,428,893		2,584,716		155,823
Norwegian Krone settling 6/15/11		10,452		1,862,272		1,882,620		20,348
Swedish Krona settling 5/16/11		7,638		1,135,509		1,207,573		72,064
Swedish Krona settling 5/16/11		6,969		1,036,051		1,101,804		65,753
Swiss Franc settling 5/16/11		1,842		1,912,495		2,005,982		93,487
Swiss Franc settling 5/16/11		1,611		1,683,386		1,754,417		71,031
Goldman Sachs International:
Euro settling 5/16/11		292		399,082		413,496		14,414
Japanese Yen settling 5/16/11		73,886		910,925		888,474		(22,451)
Japanese Yen settling 6/15/11		23,821		291,913		286,506		(5,407)
New Zealand Dollar settling 6/15/11		1,817		1,332,424		1,379,938		47,514
HSBC Bank USA:
Great British Pound settling 5/16/11		1,358		2,153,014		2,177,397		24,383
Japanese Yen settling 5/16/11		48,663		601,589		585,169		(16,420)
Morgan Stanley and Co., Inc.:
Australian Dollar settling 5/16/11		696		699,174		716,183		17,009
Great British Pound settling 5/16/11		199		323,874		319,074		(4,800)
Great British Pound settling 5/16/11		314		510,118		503,463		(6,655)
Royal Bank of Canada:
Norwegian Krone settling 5/16/11		4,551		781,395		821,097		39,702
Norwegian Krone settling 5/16/11		2,540		458,616		458,270		(346)
Swedish Krona settling 5/16/11		3,166		487,564		500,547		12,983
Royal Bank of Scotland PLC:
Japanese Yen settling 5/16/11		24,594		293,292		295,741		2,449
Japanese Yen settling 5/16/11		82,727		1,021,548		994,787		(26,761)
Japanese Yen settling 6/15/11		110,762		1,338,870		1,332,186		(6,684)
Societe Generale:
Euro settling 6/15/11		1,308		1,825,899		1,851,113		25,214
State Street Bank and Trust Co.:
Australian Dollar settling 5/16/11		192		192,662		197,568		4,906
Australian Dollar settling 5/16/11		103		103,023		105,987		2,964
Australian Dollar settling 6/15/11		224		221,171		229,639		8,468

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Canadian Dollar settling 5/16/11		94		96,407		96,863		456
Great British Pound settling 5/16/11		242		396,033		388,019		(8,014)
UBS AG:
Euro settling 5/16/11		2,942		3,996,354		4,166,113		169,759
Euro settling 5/16/11		575		812,032		814,247		2,215
Japanese Yen settling 5/16/11		84,505		1,040,839		1,016,167		(24,672)
Swedish Krona settling 5/16/11		4,773		735,665		754,615		18,950
Swiss Franc settling 6/15/11		509		563,440		554,435		(9,005)
Westpac Banking Corp.:
Australian Dollar settling 5/16/11		924		926,019		950,795		24,776
Australian Dollar settling 5/16/11		787		788,377		809,822		21,445
Australian Dollar settling 6/15/11		771		768,170		790,408		22,238
Sale Contracts:
Bank of America N.A.:
Australian Dollar settling 5/16/11		1,567		1,528,154		1,612,441		(84,287)
Barclays Bank PLC Wholesale:
Japanese Yen settling 5/16/11		190,209		2,320,046		2,287,250		32,796
BNP Paribas SA:
Australian Dollar settling 5/16/11		469		466,669		482,600		(15,931)
Australian Dollar settling 5/16/11		787		783,088		809,822		(26,734)
Canadian Dollar settling 5/16/11		1,032		1,040,984		1,063,432		(22,448)
Canadian Dollar settling 5/16/11		1,898		1,914,522		1,955,807		(41,285)
Euro settling 5/12/11		28		38,493		39,172		(679)
Japanese Yen settling 5/16/11		146,580		1,766,514		1,762,615		3,899
Canadian Imperial Bank of Commerce:
Canadian Dollar settling 6/15/11		2,113		2,165,825		2,175,886		(10,061)
Swedish Krona settling 5/16/11		3,257		513,258		514,934		(1,676)
Citibank N.A.:
Euro settling 6/15/11		1,308		1,813,482		1,851,113		(37,631)
Japanese Yen settling 5/16/11		29,302		357,159		352,355		4,804
Swedish Krona settling 5/16/11		8,335		1,319,892		1,317,769		2,123
Credit Suisse London Branch (GFX):
Euro settling 5/16/11		180		255,247		254,895		352
Great British Pound settling 5/16/11		3,585		5,754,821		5,748,137		6,684
Great British Pound settling 6/15/11		701		1,132,921		1,123,466		9,455
Norwegian Krone settling 5/16/11		5,388		964,970		972,110		(7,140)
Deutsche Bank AG London:
Canadian Dollar settling 6/15/11		322		326,322		331,583		(5,261)
Euro settling 5/16/11		645		881,009		913,373		(32,364)
Euro settling 5/16/11		4,864		6,489,646		6,887,823		(398,177)
Great British Pound settling 5/16/11		869		1,398,777		1,393,342		5,435
Great British Pound settling 5/16/11		325		525,606		521,100		4,506
Norwegian Krone settling 5/16/11		5,174		925,050		933,500		(8,450)
Goldman Sachs International:
Euro settling 5/16/11		205		290,684		290,297		387
Japanese Yen settling 6/15/11		60,704		748,683		730,115		18,568
Swedish Krona settling 5/16/11		3,661		580,922		578,807		2,115
HSBC Bank USA:
Canadian Dollar settling 5/16/11		541		546,978		557,477		(10,499)
Great British Pound settling 5/16/11		212		339,132		339,918		(786)
Mexican Peso settling 4/11/11		24,919		2,063,475		2,093,595		(30,120)
Swedish Krona settling 5/16/11		3,655		578,198		577,858		340
JPMorgan Chase Bank N.A.:
Euro settling 6/15/11		204		287,922		288,706		(784)
Morgan Stanley and Co., Inc.:
Great British Pound settling 6/15/11		193		310,502		309,314		1,188
Royal Bank of Canada:

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Swiss Franc settling 5/16/11		748		770,848		814,590		(43,742)
Royal Bank of Scotland PLC:
Great British Pound settling 6/15/11		552		890,365		884,670		5,695
Norwegian Krone settling 5/16/11		1,988		354,582		358,678		(4,096)
Norwegian Krone settling 5/16/11		2,936		523,669		529,717		(6,048)
State Street Bank and Trust Co.:
Australian Dollar settling 5/16/11		151		150,259		155,379		(5,120)
Australian Dollar settling 5/16/11		245		241,859		252,105		(10,246)
Great British Pound settling 5/16/11		765		1,234,213		1,226,590		7,623
Great British Pound settling 5/16/11		149		238,796		238,904		(108)
Great British Pound settling 6/15/11		140		223,731		224,373		(642)
Norwegian Krone settling 5/16/11		748		132,313		134,955		(2,642)
Norwegian Krone settling 5/16/11		828		146,265		149,389		(3,124)
Swedish Krona settling 5/16/11		1,067		166,498		168,693		(2,195)
Swiss Franc settling 5/16/11		104		115,058		113,258		1,800
Swiss Franc settling 5/16/11		84		93,062		91,478		1,584
Swiss Franc settling 5/16/11		176		191,467		191,668		(201)
Swiss Franc settling 5/16/11		115		123,261		125,238		(1,977)
UBS AG:
Norwegian Krone settling 5/16/11		13,025		2,324,515		2,349,987		(25,472)
Swedish Krona settling 5/16/11		6,277		991,366		992,398		(1,032)
Swiss Franc settling 5/16/11		399		441,587		434,520		7,067
Swiss Franc settling 5/16/11		1,676		1,763,691		1,825,204		(61,513)
Westpac Banking Corp.:
New Zealand Dollar settling 6/15/11		1,817		1,333,035		1,379,938		(46,903)

(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, 2011, the aggregate market value of these securities amounted to $17,705,837 or 3.0% of net assets.

(c) Variable rate coupon, rate shown as of March 31, 2011.

(d) Floating Rate Security. Stated interest rate was in effect at March 31, 2011.

(e) Illiquid security.

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

(g) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $76,840,315 and gross unrealized depreciation of investments was $(6,705,022), resulting in net unrealized appreciation of $70,135,293.

(h) An amount of U.S. $53,424 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2011.

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

Please note: The issuer classifications presented herein 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 Abbreviation:

EUR	-	Euro
MXN	-	Mexican Peso

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
ARMs	-	Adjustable Rate Mortgages
CMBS	-	Commercial Mortgage-Backed Securities
CMOS	-	Collateralized Mortgage Obligations
FDIC	-	Federal Deposit Insurance Corporation
FHLMC	-	Federal Home Loan Mortgage Corporation
OJSC	-	Open Joint Stock Company

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1			Level 2			Level 3		Total
Assets:
Common Stocks
Financials	$	66,595,042		$	45,546,187		$	—	$	112,141,229
Consumer Discretionary		41,825,303			13,957,697			—		55,783,000
Information Technology		42,802,178			7,751,615			—		50,553,793
Energy		33,396,092			8,882,074			—		42,278,166
Industrials		21,686,642			12,045,704			—		33,732,346
Health Care		25,562,959			3,420,956			—		28,983,915
Materials		13,170,292			9,259,019			—		22,429,311
Consumer Staples		11,064,665			9,367,227			—		20,431,892
Telecommunication Services		4,935,838			3,546,899			—		8,482,737
Utilities		5,925,217			1,365,349			—		7,290,566
Corporates - Investment Grades		—			55,417,688			—		55,417,688
Governments - Treasuries		—			53,034,641			—		53,034,641
Mortgage Pass-Thru’s		—			27,818,268			—		27,818,268
Agencies		—			21,199,267			—		21,199,267
Commercial Mortgage-Backed Securities		—			14,151,424			4,033,840		18,185,264
Asset-Backed Securities		—			5,582,209			1,300,230		6,882,439
Corporates - Non-Investment Grades		—			6,059,986			—		6,059,986
Governments - Sovereign Agencies		—			2,056,586			—		2,056,586
Governments - Sovereign Bonds		—			1,310,800			—		1,310,800
Quasi-Sovereigns		—			1,304,109			—		1,304,109
Preferred Stocks		712,003			221,000			—		933,003
CMOs		—			—			545,065		545,065
Local Governments - Municipal Bonds		—			497,747			—		497,747
Warrants		1,172			—			—		1,172
Short-Term Investments
Time Deposits		—			6,653,000			—		6,653,000
Commercial Paper		—			4,680,000			—		4,680,000
Agency Discount Note		—			5,283,937			—		5,283,937
Total Investments in Securities		267,677,403			320,413,389	+		5,879,135		593,969,927
Other Financial Instruments* :
Assets
Futures Contracts		6,488			—			—		6,488
Forward Currency Exchange Contracts		—			1,433,206			—		1,433,206
Liabilities
Futures Contracts		(24,821	)		—			—		(24,821	)
Forward Currency Exchange Contracts		—			(1,111,048	)		—		(1,111,048	)
Total	$	267,659,070		$	320,735,547		$	5,879,135	$	594,273,752

* Other financial instruments are derivative instruments, 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 between the close of the foreign markets and the time at which the Portfolio values its securities which may materially affect the value of securities trading in such markets. 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. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the end of the reporting period.

	Commercial Mortgage-Backed Securities			Asset-Backed Securities			CMOs
Balance as of 12/31/10	$	3,969,206		$	1,281,731		$	563,019
Accrued discounts/premiums		7,608			350			3
Realized gain (loss)		21,993			2,697			68
Change in unrealized appreciation/depreciation		31,990			165,976			7,626
Purchases		207,268			2,811			2,907
Sales		(204,225	)		(153,335	)		(28,558	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of 3/31/11	$	4,033,840		$	1,300,230		$	545,065
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/11	$	31,989		$	165,976		$	7,628
	Total
Balance as of 12/31/10	$	5,813,956
Accrued discounts/premiums		7,961
Realized gain (loss)		24,758
Change in unrealized appreciation/depreciation		205,592
Purchases		212,986
Sales		(386,118	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 3/31/11	$	5,879,135
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/11	$	205,593

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.9%
Financials - 20.6%
Capital Markets - 2.8%
Bank of New York Mellon Corp. (The)		66,500	$	1,986,355
Goldman Sachs Group, Inc. (The)		6,500		1,030,055
Greenhill & Co., Inc.		45,400		2,986,866
				6,003,276
Commercial Banks - 7.6%
Bank Rakyat Indonesia Persero TBK PT		4,554,000		3,003,230
BOC Hong Kong Holdings Ltd.		1,084,500		3,535,733
Commercial International Bank Egypt SAE (Sponsored GDR) (a)		180,500		990,945
Itau Unibanco Holding SA (ADR)		95,600		2,299,180
Itau Unibanco Holding SA (ADR) (a)(b)		21,600		519,480
Siam Commercial Bank PCL		760,600		2,665,684
Standard Chartered PLC		95,648		2,481,000
Turkiye Garanti Bankasi AS		218,900		1,021,359
				16,516,611
Consumer Finance - 2.9%
Green Dot Corp. (b)		82,697		3,548,528
SKS Microfinance Ltd. (b)		236,350		2,760,736
				6,309,264
Diversified Financial Services - 1.5%
CME Group, Inc.-Class A		10,610		3,199,446
Real Estate Investment Trusts (REITS) - 1.0%
Weyerhaeuser Co.		84,537		2,079,610
Real Estate Management & Development - 4.8%
Ciputra Development TBK PT (b)		54,916,500		2,331,166
Hang Lung Group Ltd.		372,000		2,324,651
Sun Hung Kai Properties Ltd.		214,000		3,388,908
Unitech Ltd.		2,713,600		2,459,230
				10,503,955
				44,612,162
Information Technology - 20.0%
Communications Equipment - 3.3%
Alcatel-Lucent (Sponsored ADR) (b)		185,400		1,077,174
Juniper Networks, Inc. (b)		55,755		2,346,170
QUALCOMM, Inc.		68,900		3,777,787
				7,201,131
Computers & Peripherals - 3.1%
Apple, Inc. (b)		9,285		3,235,358
Toshiba Corp.		709,000		3,466,725
				6,702,083
Internet Software & Services - 4.7%
Cornerstone OnDemand, Inc. (b)		114,144		2,080,845
MercadoLibre, Inc.		28,200		2,301,966
Rackspace Hosting, Inc. (b)		55,419		2,374,704
Tencent Holdings Ltd.		47,800		1,164,688

Company	Shares		U.S. $ Value
WebMD Health Corp.-Class A (b)		42,700		2,281,034
				10,203,237
Semiconductors & Semiconductor Equipment - 4.0%
Cree, Inc. (b)		63,150		2,915,004
Netlogic Microsystems, Inc. (b)		58,013		2,437,706
NVIDIA Corp. (b)		179,100		3,306,186
				8,658,896
Software - 4.9%
Intuit, Inc. (b)		53,100		2,819,610
Red Hat, Inc. (b)		81,500		3,699,285
Salesforce.com, Inc. (b)		29,710		3,968,662
				10,487,557
				43,252,904
Energy - 15.7%
Energy Equipment & Services - 3.8%
Nabors Industries Ltd. (b)		93,050		2,826,859
Saipem SpA		43,150		2,292,306
Schlumberger Ltd.		32,900		3,068,254
				8,187,419
Oil, Gas & Consumable Fuels - 11.9%
Cameco Corp.		81,143		2,440,567
Denbury Resources, Inc. (b)		230,500		5,624,200
Kinder Morgan, Inc. (b)		67,556		2,002,360
Noble Energy, Inc.		30,300		2,928,495
Occidental Petroleum Corp.		27,800		2,904,822
Paladin Energy Ltd. (b)		808,200		3,025,992
Petroleo Brasileiro SA (ADR)		83,000		3,355,690
Southwestern Energy Co. (b)		80,000		3,437,600
				25,719,726
				33,907,145
Consumer Discretionary - 11.9%
Auto Components - 1.0%
Johnson Controls, Inc.		53,200		2,211,524
Automobiles - 2.3%
Tesla Motors, Inc. (b)		60,800		1,684,160
Toyota Motor Corp. (Sponsored ADR)		13,100		1,051,275
Volkswagen AG (Preference Shares)		14,086		2,276,619
				5,012,054
Hotels, Restaurants & Leisure - 1.7%
Ctrip.com International Ltd. (ADR) (b)		89,300		3,705,057
Household Durables - 1.1%
Rinnai Corp.		36,300		2,404,139
Internet & Catalog Retail - 4.2%
Amazon.com, Inc. (b)		18,070		3,254,949
NetFlix, Inc. (b)		15,470		3,671,495

Company	Shares		U.S. $ Value
Rakuten, Inc.		2,274		2,040,155
				8,966,599
Media - 0.5%
Walt Disney Co. (The)		24,400		1,051,396
Specialty Retail - 1.1%
Zhongsheng Group Holdings Ltd. (b)		1,236,000		2,309,943
				25,660,712
Industrials - 11.6%
Construction & Engineering - 1.6%
Shaw Group, Inc. (The) (b)		99,600		3,526,836
Electrical Equipment - 5.4%
A123 Systems, Inc. (b)		423,000		2,686,050
Babcock & Wilcox Co. (The) (b)		96,500		3,221,170
Mitsubishi Electric Corp.		304,000		3,577,645
Rockwell Automation, Inc.		23,200		2,195,880
				11,680,745
Industrial Conglomerates - 1.1%
Jaiprakash Associates Ltd.		1,155,600		2,423,446
Machinery - 2.1%
Fanuc Corp.		18,200		2,751,055
Japan Steel Works Ltd. (The)		229,000		1,792,380
				4,543,435
Trading Companies & Distributors - 1.4%
Mitsubishi Corp.		107,200		2,972,485
				25,146,947
Materials - 8.8%
Chemicals - 3.3%
Linde AG		13,600		2,147,195
Monsanto Co.		33,300		2,406,258
Stella Chemifa Corp.		62,600		2,469,262
				7,022,715
Metals & Mining - 5.5%
Barrick Gold Corp.		55,800		2,896,578
Freeport-McMoRan Copper & Gold, Inc.		63,200		3,510,760
Impala Platinum Holdings Ltd.		104,836		3,029,038
Mongolian Mining Corp. (b)		1,998,000		2,550,305
				11,986,681
				19,009,396
Health Care - 6.0%
Biotechnology - 2.5%
Cepheid, Inc. (b)		76,300		2,137,926
Genomic Health, Inc. (b)		136,561		3,359,401
				5,497,327
Health Care Equipment & Supplies - 0.6%
Given Imaging Ltd. (b)		61,254		1,207,316

Company	Shares		U.S. $ Value
Health Care Technology - 1.0%
athenahealth, Inc. (b)		48,122		2,171,746
Life Sciences Tools & Services - 1.9%
Covance, Inc. (b)		29,400		1,608,768
Illumina, Inc. (b)		36,845		2,581,729
				4,190,497
				13,066,886
Consumer Staples - 2.1%
Beverages - 1.1%
Heckmann Corp. (b)		341,040		2,233,812
Food Products - 1.0%
Besunyen Holdings Co. (b)		6,659,000		2,222,195
				4,456,007
Telecommunication Services - 1.2%
Wireless Telecommunication Services - 1.2%
Softbank Corp.		65,500		2,609,802
Total Common Stocks (cost $185,412,973)				211,721,961
	Contracts (c)
OPTIONS PURCHASED - CALLS - 0.8%
Market Vectors Gold Miners Expiration: Jan `12, Exercise Price: $65.0 (b)		2,880		1,324,800
SPDR S&P Homebuilders ETF Expiration: Jan `12, Exercise Price: $20.0 (b)		4,000		456,000
Total Options Purchased - Calls (cost $1,539,255)				1,780,800
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.4%
Time Deposit - 0.4%
State Street Time Deposit
0.01%, 4/01/11 (cost $748,000)	$	748		748,000

Company	U.S. $ Value
Total Investments - 99.1% (cost $187,700,228) (d)		214,250,761
Other assets less liabilities - 0.9%		2,048,646
Net Assets - 100.0%	$	216,299,407

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Citibank N.A.:
Canadian Dollar settling 4/15/11		4,248		$4,268,862		$4,380,334		$111,472
Credit Suisse London Branch (GFX):
Euro settling 4/15/11		4,289		5,867,223		6,077,126		209,903
Japanese Yen settling 4/15/11		221,484		2,685,403		2,662,861		(22,542)
Deutsche Bank AG London:
Euro settling 4/15/11		5,636		7,282,276		7,985,703		703,427
Great British Pound settling 4/15/11		6,943		10,835,940		11,136,605		300,665
UBS AG:
Australian Dollar settling 4/15/11		3,715		3,622,534		3,837,394		214,860
Sale Contracts:
Barclays Bank PLC Wholesale:
Japanese Yen settling 4/15/11		290,807		3,495,486		3,496,319		(833)

(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, 2011, the aggregate market value of these securities amounted to $1,510,425 or 0.7% of net assets.

(b) Non-income producing security.

(c) One contract relates to 100 shares.

(d) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $34,774,810 and gross unrealized depreciation of investments was $(8,224,277), resulting in net unrealized appreciation of $26,550,533.

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

Glossary:

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt

COUNTRY BREAKDOWN *

March 31, 2011 (unaudited)

55.2%	United States
11.7%	Japan
4.4%	China
4.3%	Hong Kong
3.6%	India
2.9%	Brazil
2.5%	Canada
2.5%	Indonesia
2.1%	Germany
1.4%	South Africa
1.4%	Australia
1.2%	Thailand
1.2%	Mongolia
5.3%	Other
0.3%	Short-Term Investments
100.0%	Total Investments

* All data are as of March 31, 2011. The Portfolio's country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.2% or less in the following countries: Argentina, Egypt, France, Israel, Italy, Turkey and United Kingdom.

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks
Financials	$	18,120,985	$	23,825,493		$	2,665,684	$	44,612,162
Information Technology		38,621,491		4,631,413			—		43,252,904
Energy		28,588,847		5,318,298			—		33,907,145
Consumer Discretionary		16,629,856		9,030,856			—		25,660,712
Industrials		11,629,936		13,517,011			—		25,146,947
Materials		8,813,596		10,195,800			—		19,009,396
Health Care		13,066,886		—			—		13,066,886
Consumer Staples		2,233,812		2,222,195			—		4,456,007
Telecommunication Services		—		2,609,802			—		2,609,802
Options Purchased - Calls		1,780,800		—			—		1,780,800
Short-Term Investments		—		748,000			—		748,000
Total Investments in Securities		139,486,209		72,098,868+			2,665,684		214,250,761
Other Financial Instruments* :
Assets
Forward Currency Exchange Contracts		—		1,540,327			—		1,540,327
Liabilities
Forward Currency Exchange Contracts		—		(23,375	)		—		(23,375	)
Total	$	139,486,209	$	73,615,820		$	2,665,684	$	215,767,713

* Other financial instruments are derivative instruments, 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 between the close of the foreign markets and the time at which the Portfolio values its securities which may materially affect the value of securities trading in such markets. 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. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the end of the reporting period.

	Financials			Total
Balance as of 12/31/10	$	2,085,450		$	2,085,450
Accrued discounts/premiums		—			—
Realized gain (loss)		21,251			21,251
Change in unrealized appreciation/depreciation		108,644			108,644
Purchases		876,004			876,004
Sales		(425,665	)		(425,665	)
Transfers into Level 3		—			—

Transfers out of Level 3		—		—
Balance as of 3/31/11	$	2,665,684	$	2,665,684
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/11	$	108,644	$	108,644

AllianceBernstein Variable Products Series Fund

Growth Portfolio

Portfolio of Investments

March 31, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.2%
Information Technology - 35.0%
Communications Equipment - 4.7%
Juniper Networks, Inc. (a)		22,500	$	946,800
QUALCOMM, Inc.		55,700		3,054,031
Riverbed Technology, Inc. (a)		19,100		719,115
				4,719,946
Computers & Peripherals - 11.0%
Apple, Inc. (a)		23,290		8,115,400
EMC Corp. (a)		56,700		1,505,385
NetApp, Inc. (a)		28,270		1,362,049
				10,982,834
Internet Software & Services - 3.6%
Google, Inc.-Class A (a)		6,090		3,570,019
IT Services - 5.6%
Accenture PLC		34,000		1,868,980
Cognizant Technology Solutions Corp.-Class A (a)		18,550		1,509,970
VeriFone Systems, Inc. (a)		21,300		1,170,435
Visa, Inc.-Class A		13,570		999,023
				5,548,408
Semiconductors & Semiconductor Equipment - 4.3%
Broadcom Corp.-Class A		41,400		1,630,332
Lam Research Corp. (a)		19,500		1,104,870
Marvell Technology Group Ltd. (a)		60,200		936,110
NVIDIA Corp. (a)		31,500		581,490
				4,252,802
Software - 5.8%
Citrix Systems, Inc. (a)		14,600		1,072,516
Intuit, Inc. (a)		14,000		743,400
Oracle Corp.		103,540		3,455,130
Red Hat, Inc. (a)		12,100		549,219
				5,820,265
				34,894,274
Consumer Discretionary - 15.5%
Auto Components - 0.6%
Johnson Controls, Inc.		15,000		623,550
Hotels, Restaurants & Leisure - 4.1%
Carnival Corp.		12,600		483,336
McDonald’s Corp.		24,410		1,857,357
Starbucks Corp.		31,900		1,178,705
Yum! Brands, Inc.		11,170		573,914
				4,093,312
Internet & Catalog Retail - 1.1%
Amazon.com, Inc. (a)		5,920		1,066,370

Company	Shares		U.S. $ Value
Media - 1.5%
News Corp.-Class A		32,310		567,364
Walt Disney Co. (The)		19,970		860,507
				1,427,871
Multiline Retail - 1.1%
Macy’s, Inc.		45,300		1,098,978
Specialty Retail - 4.5%
Advance Auto Parts, Inc.		2,500		164,050
Bed Bath & Beyond, Inc. (a)		18,100		873,687
CarMax, Inc. (a)		16,400		526,440
Home Depot, Inc.		26,600		985,796
Limited Brands, Inc.		29,100		956,808
Lowe’s Cos., Inc.		37,700		996,411
				4,503,192
Textiles, Apparel & Luxury Goods - 2.6%
Coach, Inc.		22,400		1,165,696
NIKE, Inc.-Class B		12,720		962,904
Phillips-Van Heusen Corp.		4,700		305,641
Polo Ralph Lauren Corp.-Class A		1,500		185,475
				2,619,716
				15,432,989
Industrials - 13.2%
Aerospace & Defense - 2.6%
United Technologies Corp.		29,960		2,536,114
Air Freight & Logistics - 2.0%
United Parcel Service, Inc.-Class B		27,400		2,036,368
Electrical Equipment - 2.0%
Cooper Industries PLC		11,300		733,370
Emerson Electric Co.		20,680		1,208,332
				1,941,702
Machinery - 5.8%
Danaher Corp.		43,020		2,232,738
Deere & Co.		12,200		1,182,058
Dover Corp.		16,510		1,085,368
Flowserve Corp.		10,150		1,307,320
				5,807,484
Road & Rail - 0.8%
Union Pacific Corp.		8,290		815,156
				13,136,824
Health Care - 12.1%
Biotechnology - 2.6%
Gilead Sciences, Inc. (a)		33,280		1,412,403
Human Genome Sciences, Inc. (a)		16,200		444,690
Pharmasset, Inc. (a)		5,300		417,163
Vertex Pharmaceuticals, Inc. (a)		5,900		282,787
				2,557,043

Company	Shares		U.S. $ Value
Health Care Equipment & Supplies - 2.0%
Covidien PLC		22,540		1,170,728
NxStage Medical, Inc. (a)		12,500		274,750
Varian Medical Systems, Inc. (a)		7,800		527,592
				1,973,070
Health Care Providers & Services - 4.2%
Express Scripts, Inc.-Class A (a)		18,700		1,039,907
HCA Holdings, Inc. (a)		43,029		1,457,392
McKesson Corp.		15,100		1,193,655
UnitedHealth Group, Inc.		12,200		551,440
				4,242,394
Life Sciences Tools & Services - 1.0%
Agilent Technologies, Inc. (a)		17,200		770,216
Illumina, Inc. (a)		3,600		252,252
				1,022,468
Pharmaceuticals - 2.3%
Allergan, Inc.		14,670		1,041,863
Shire PLC (ADR)		5,400		470,340
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		15,500		777,635
				2,289,838
				12,084,813
Energy - 10.7%
Energy Equipment & Services - 3.2%
Cameron International Corp. (a)		12,840		733,164
National Oilwell Varco, Inc.		4,900		388,423
Schlumberger Ltd.		22,085		2,059,647
				3,181,234
Oil, Gas & Consumable Fuels - 7.5%
Chevron Corp.		12,400		1,332,132
EOG Resources, Inc.		16,950		2,008,744
Noble Energy, Inc.		16,910		1,634,352
Occidental Petroleum Corp.		10,300		1,076,247
Suncor Energy, Inc. (New York)		33,300		1,493,172
				7,544,647
				10,725,881
Financials - 4.9%
Capital Markets - 1.1%
Franklin Resources, Inc.		3,350		419,018
Goldman Sachs Group, Inc. (The)		4,210		667,159
				1,086,177
Commercial Banks - 0.8%
Wells Fargo & Co.		24,510		776,967
Diversified Financial Services - 1.7%
CME Group, Inc.-Class A		1,720		518,666
IntercontinentalExchange, Inc. (a)		4,300		531,222

Company	Shares		U.S. $ Value
JPMorgan Chase & Co.		13,560		625,116
				1,675,004
Insurance - 1.3%
AON Corp.		7,700		407,792
Axis Capital Holdings Ltd.		4,330		151,203
MetLife, Inc.		10,300		460,719
Prudential Financial, Inc.		5,500		338,690
				1,358,404
				4,896,552
Materials - 4.6%
Chemicals - 3.2%
Dow Chemical Co. (The)		14,000		528,500
Monsanto Co.		13,200		953,832
Potash Corp. of Saskatchewan, Inc.		16,400		966,452
Praxair, Inc.		7,100		721,360
				3,170,144
Metals & Mining - 1.4%
Freeport-McMoRan Copper & Gold, Inc.		25,580		1,420,969
				4,591,113
Consumer Staples - 3.2%
Beverages - 1.3%
PepsiCo, Inc.		19,850		1,278,539
Food & Staples Retailing - 1.3%
Kroger Co. (The)		29,600		709,512
Wal-Mart Stores, Inc.		11,000		572,550
				1,282,062
Household Products - 0.6%
Colgate-Palmolive Co.		7,500		605,700
				3,166,301
Total Common Stocks (cost $76,590,980)				98,928,747
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.1%
Time Deposit - 1.1%
State Street Time Deposit
0.01%, 4/01/11 (cost $1,079,000)	$	1,079		1,079,000

	U.S. $ Value
Total Investments - 100.3% (cost $77,669,980) (b)		100,007,747
Other assets less liabilities - (0.3)%		(277,105	)
Net Assets - 100.0%	$	99,730,642

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $22,482,763 and gross unrealized depreciation of investments was $(144,996), resulting in net unrealized appreciation of $22,337,767.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Growth Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	98,928,747	$	—	$	—	$	98,928,747
Short-Term Investments		—		1,079,000		—		1,079,000
Total Investments in Securities		98,928,747		1,079,000		—		100,007,747
Other Financial Instruments*		—		—		—		—
Total	$	98,928,747	$	1,079,000	$	—	$	100,007,747

* Other financial instruments are derivative instruments, 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, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.6%
Financials - 19.3%
Capital Markets - 4.4%
BlackRock, Inc.-Class A		42,750	$	8,593,177
Franklin Resources, Inc.		60,700		7,592,356
Goldman Sachs Group, Inc. (The)		81,300		12,883,611
Northern Trust Corp.		121,935		6,188,201
SEI Investments Co.		153,200		3,658,416
State Street Corp.		143,020		6,427,319
				45,343,080
Commercial Banks - 1.3%
PNC Financial Services Group, Inc.		93,770		5,906,572
Wells Fargo & Co.		257,600		8,165,920
				14,072,492
Diversified Financial Services - 4.6%
IntercontinentalExchange, Inc. (a)		33,400		4,126,236
JPMorgan Chase & Co.		940,380		43,351,518
				47,477,754
Insurance - 9.0%
ACE Ltd.		416,170		26,926,199
Arch Capital Group Ltd. (a)		62,799		6,229,033
Axis Capital Holdings Ltd.		481,346		16,808,602
Loews Corp.		194,920		8,399,103
MetLife, Inc.		501,702		22,441,131
Travelers Cos., Inc. (The)		221,090		13,150,433
				93,954,501
				200,847,827
Health Care - 15.6%
Biotechnology - 5.5%
Amgen, Inc. (a)		668,500		35,731,325
Gilead Sciences, Inc. (a)		515,100		21,860,844
				57,592,169
Health Care Providers & Services - 4.8%
AmerisourceBergen Corp.-Class A		220,910		8,739,200
Cardinal Health, Inc.		180,700		7,432,191
UnitedHealth Group, Inc.		735,600		33,249,120
				49,420,511
Pharmaceuticals - 5.3%
Abbott Laboratories		149,900		7,352,595
Eli Lilly & Co.		191,100		6,720,987
Endo Pharmaceuticals Holdings, Inc. (a)		102,375		3,906,630
Forest Laboratories, Inc. (a)		346,119		11,179,644
Merck & Co., Inc.		288,489		9,523,022
Pfizer, Inc.		814,660		16,545,744
				55,228,622
				162,241,302

Company	Shares		U.S. $ Value
Energy - 13.1%
Energy Equipment & Services - 1.5%
Helmerich & Payne, Inc.		124,700		8,565,643
Oceaneering International, Inc. (a)		85,470		7,645,291
				16,210,934
Oil, Gas & Consumable Fuels - 11.6%
BP PLC (Sponsored ADR)		647,800		28,593,892
Chevron Corp.		416,700		44,766,081
Devon Energy Corp.		112,900		10,360,833
Exxon Mobil Corp.		331,700		27,905,921
Occidental Petroleum Corp.		82,340		8,603,707
				120,230,434
				136,441,368
Industrials - 12.2%
Aerospace & Defense - 4.0%
Honeywell International, Inc.		246,500		14,718,515
L-3 Communications Holdings, Inc.		45,660		3,575,634
Raytheon Co.		370,970		18,871,244
United Technologies Corp.		47,300		4,003,945
				41,169,338
Construction & Engineering - 0.7%
URS Corp. (a)		170,600		7,856,130
Electrical Equipment - 1.7%
AMETEK, Inc.		173,700		7,620,219
Emerson Electric Co.		101,800		5,948,174
Hubbell, Inc.-Class B		55,820		3,964,895
				17,533,288
Industrial Conglomerates - 2.3%
General Electric Co.		1,219,000		24,440,950
Machinery - 1.9%
Dover Corp.		238,200		15,659,268
Joy Global, Inc.		40,740		4,025,519
				19,684,787
Road & Rail - 1.6%
Norfolk Southern Corp.		234,322		16,231,485
				126,915,978
Information Technology - 11.7%
Computers & Peripherals - 1.9%
Apple, Inc. (a)		47,700		16,621,065
EMC Corp. (a)		141,655		3,760,940
				20,382,005
IT Services - 3.3%
Accenture PLC		182,173		10,014,050
Amdocs Ltd. (a)		202,800		5,850,780
International Business Machines Corp.		111,300		18,149,691
				34,014,521

Company	Shares		U.S. $ Value
Semiconductors & Semiconductor Equipment - 1.7%
Avago Technologies Ltd.		137,900		4,288,690
Intel Corp.		374,300		7,549,631
Marvell Technology Group Ltd. (a)		365,700		5,686,635
				17,524,956
Software - 4.8%
Activision Blizzard, Inc.		771,513		8,463,498
MICROS Systems, Inc. (a)		122,920		6,075,935
Microsoft Corp.		1,077,100		27,315,256
Oracle Corp.		234,000		7,808,580
				49,663,269
				121,584,751
Consumer Discretionary - 9.4%
Household Durables - 0.5%
Harman International Industries, Inc.		103,500		4,845,870
Internet & Catalog Retail - 1.2%
Liberty Media Corp.-Interactive (a)		751,795		12,058,792
Leisure Equipment & Products - 0.5%
Mattel, Inc.		194,319		4,844,373
Media - 4.8%
Comcast Corp.-Class A		1,181,460		29,205,691
Interpublic Group of Cos., Inc. (The)		740,938		9,313,591
News Corp.-Class A		433,230		7,607,519
Time Warner, Inc.		115,606		4,127,134
				50,253,935
Multiline Retail - 1.1%
Kohl’s Corp.		109,010		5,781,890
Target Corp.		119,000		5,951,190
				11,733,080
Specialty Retail - 1.3%
Lowe’s Cos., Inc.		189,600		5,011,128
TJX Cos., Inc.		170,800		8,493,884
				13,505,012
				97,241,062
Consumer Staples - 8.6%
Beverages - 0.4%
Molson Coors Brewing Co.-Class B		84,700		3,971,583
Food & Staples Retailing - 1.9%
Kroger Co. (The)		839,728		20,128,280
Food Products - 0.4%
ConAgra Foods, Inc.		161,655		3,839,307
Household Products - 0.7%
Kimberly-Clark Corp.		106,300		6,938,201
Tobacco - 5.2%
Lorillard, Inc.		400,121		38,015,496

Company	Shares		U.S. $ Value
Philip Morris International, Inc.		247,900		16,269,677
				54,285,173
				89,162,544
Telecommunication Services - 5.1%
Diversified Telecommunication Services - 5.1%
AT&T, Inc.		812,800		24,871,680
Qwest Communications International, Inc.		1,417,100		9,678,793
Verizon Communications, Inc.		475,400		18,321,916
				52,872,389
Utilities - 1.2%
Gas Utilities - 0.8%
Energen Corp.		136,700		8,628,504
Multi-Utilities - 0.4%
DTE Energy Co.		77,600		3,799,296
				12,427,800
Materials - 0.4%
Chemicals - 0.4%
Valspar Corp.		101,545		3,970,410
Total Common Stocks (cost $829,564,562)				1,003,705,431
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.3%
Time Deposit - 3.3%
State Street Time Deposit
0.01%, 4/01/11 (cost $34,273,000)	$	34,273		34,273,000
Total Investments - 99.9% (cost $863,837,562) (b)				1,037,978,431
Other assets less liabilities - 0.1%				953,969
Net Assets - 100.0%			$	1,038,932,400

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $184,718,134 and gross unrealized depreciation of investments was $(10,577,265), resulting in net unrealized appreciation of $174,140,869.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Growth & Income Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	1,003,705,431	$	—	$	—	$	1,003,705,431
Short-Term Investments		—		34,273,000		—		34,273,000
Total Investments in Securities		1,003,705,431		34,273,000		—		1,037,978,431
Other Financial Instruments*		—		—		—		—
Total	$	1,003,705,431	$	34,273,000	$	—	$	1,037,978,431

* Other financial instruments are derivative instruments, 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, 2011 (unaudited)

		Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 33.4%
Industrial - 16.1%
Basic - 3.0%
Alcoa, Inc.
6.75%, 7/15/18	U.S.$		178	$	197,086
Anglo American Capital PLC
9.375%, 4/08/19 (a)			315		419,711
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20			250		253,584
ArcelorMittal
6.125%, 6/01/18			555		587,886
BHP Billiton Finance USA Ltd.
7.25%, 3/01/16			407		478,198
Dow Chemical Co. (The)
7.375%, 11/01/29			15		17,952
7.60%, 5/15/14			241		278,505
8.55%, 5/15/19			313		395,646
International Paper Co.
7.50%, 8/15/21			208		244,105
7.95%, 6/15/18			196		235,803
Packaging Corp. of America
5.75%, 8/01/13			155		166,090
PPG Industries, Inc.
5.75%, 3/15/13			455		490,666
Rio Tinto Finance USA Ltd.
6.50%, 7/15/18			460		529,638
Teck Resources Ltd.
6.00%, 8/15/40			27		27,191
Usiminas Commercial Ltd.
7.25%, 1/18/18 (a)			124		137,640
					4,459,701
Capital Goods - 0.5%
Holcim US Finance Sarl & Cie SCS
6.00%, 12/30/19 (a)			41		42,971
Owens Corning
6.50%, 12/01/16			265		288,532
Republic Services, Inc.
5.25%, 11/15/21			150		157,028
5.50%, 9/15/19			230		246,772
					735,303
Communications - Media - 2.8%
BSKYB Finance UK PLC
5.625%, 10/15/15 (a)			170		187,767
CBS Corp.
8.875%, 5/15/19			420		527,395
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22			280		378,898
DirecTV Holdings LLC / DirecTV Financing Co., Inc.
4.75%, 10/01/14			160		172,284
News America, Inc.
6.55%, 3/15/33			210		220,558
9.25%, 2/01/13			235		267,493

	Principal Amount (000)		U.S. $ Value
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		320		405,514
RR Donnelley & Sons Co.
4.95%, 4/01/14		65		67,406
5.50%, 5/15/15		185		191,232
11.25%, 2/01/19		255		320,861
TCI Communications, Inc.
7.875%, 2/15/26		210		251,813
Time Warner Cable, Inc.
7.50%, 4/01/14		145		166,201
Time Warner Entertainment Co. LP
8.375%, 3/15/23		371		457,426
WPP Finance UK
8.00%, 9/15/14		415		483,730
				4,098,578
Communications - Telecommunications - 1.6%
American Tower Corp.
5.05%, 9/01/20		340		330,321
AT&T Corp.
8.00%, 11/15/31		20		25,058
Embarq Corp.
7.082%, 6/01/16		445		506,050
Qwest Corp.
7.50%, 10/01/14		400		457,000
Telecom Italia Capital SA
6.175%, 6/18/14		355		381,162
6.375%, 11/15/33		40		37,749
United States Cellular Corp.
6.70%, 12/15/33		575		551,171
				2,288,511
Consumer Cyclical - Automotive - 0.9%
Daimler Finance North America LLC
5.75%, 9/08/11		120		122,611
7.30%, 1/15/12		121		127,097
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (a)		300		321,454
Nissan Motor Acceptance Corp.
4.50%, 1/30/15 (a)		320		334,468
Volvo Treasury AB
5.95%, 4/01/15 (a)		305		335,323
				1,240,953
Consumer Cyclical - Entertainment - 0.6%
Time Warner, Inc.
7.625%, 4/15/31		390		449,892
Viacom, Inc.
5.625%, 9/15/19		375		410,308
				860,200
Consumer Cyclical - Other - 0.3%
Marriott International, Inc.
Series J
5.625%, 2/15/13		372		397,973
Toll Brothers Finance Corp.

	Principal Amount (000)		U.S. $ Value
5.15%, 5/15/15		40		40,829
6.875%, 11/15/12		7		7,414
				446,216
Consumer Cyclical - Retailers - 0.1%
CVS Caremark Corp.
6.60%, 3/15/19		180		206,475
Consumer Non-Cyclical - 1.9%
Ahold Finance USA LLC
6.875%, 5/01/29		375		410,875
Altria Group, Inc.
9.70%, 11/10/18		230		302,477
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		206		214,928
5.875%, 5/15/13		180		191,417
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (a)		350		378,534
Delhaize Group SA
5.875%, 2/01/14		105		114,639
Fortune Brands, Inc.
4.875%, 12/01/13		374		394,244
Newell Rubbermaid, Inc.
5.50%, 4/15/13		155		166,310
Reynolds American, Inc.
7.625%, 6/01/16		395		469,441
Ventas Realty LP/Ventas Capital Corp.
6.75%, 4/01/17		84		89,059
Whirlpool Corp.
8.60%, 5/01/14		55		63,813
				2,795,737
Energy - 2.4%
Anadarko Petroleum Corp.
5.95%, 9/15/16		382		415,381
6.45%, 9/15/36		124		123,840
ConocoPhillips Holding Co.
6.95%, 4/15/29		155		185,063
Hess Corp.
7.875%, 10/01/29		165		203,733
8.125%, 2/15/19		29		36,405
Marathon Petroleum Corp.
3.50%, 3/01/16 (a)		50		50,131
5.125%, 3/01/21 (a)		86		86,687
Nabors Industries, Inc.
9.25%, 1/15/19		425		535,734
Noble Energy, Inc.
8.25%, 3/01/19		406		510,792
Noble Holding International Ltd.
4.90%, 8/01/20		32		32,467
TNK-BP Finance SA
7.50%, 7/18/16 (a)		100		112,000
Valero Energy Corp.
6.875%, 4/15/12		515		544,410
Weatherford International Ltd./Bermuda
5.15%, 3/15/13		195		206,397
6.00%, 3/15/18		35		37,867

		Principal Amount (000)		U.S. $ Value
9.625%, 3/01/19			190		241,980
Williams Cos., Inc. (The)
7.875%, 9/01/21			214		266,313
					3,589,200
Other Industrial - 0.3%
Noble Group Ltd.
6.75%, 1/29/20 (a)			440		470,800
Services - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)			155		161,590
Technology - 0.7%
Agilent Technologies, Inc.
5.00%, 7/15/20			64		65,426
Computer Sciences Corp.
5.50%, 3/15/13			280		297,837
Motorola Solutions, Inc.
6.50%, 9/01/25			125		131,531
7.50%, 5/15/25			25		28,318
Xerox Corp.
8.25%, 5/15/14			375		438,390
					961,502
Transportation - Airlines - 0.3%
Southwest Airlines Co.
5.25%, 10/01/14			210		224,277
5.75%, 12/15/16			155		167,652
					391,929
Transportation - Services - 0.6%
Asciano Finance Ltd.
3.125%, 9/23/15 (a)			420		404,583
Con-way, Inc.
6.70%, 5/01/34			280		256,431
Ryder System, Inc.
5.85%, 11/01/16			116		127,807
7.20%, 9/01/15			108		125,231
					914,052
					23,620,747
Financial Institutions - 13.3%
Banking - 6.8%
American Express Co.
7.25%, 5/20/14			210		238,862
Bank of America Corp.
5.625%, 7/01/20			10		10,267
Series L
5.65%, 5/01/18			870		909,221
BankAmerica Capital II
Series 2
8.00%, 12/15/26			98		100,205
Barclays Bank PLC
6.625%, 3/30/22	EUR		71		99,663

		Principal Amount (000)		U.S. $ Value
Bear Stearns Cos. LLC (The)
5.70%, 11/15/14	U.S.$		450		494,610
Citigroup, Inc.
6.50%, 8/19/13			355		388,141
8.50%, 5/22/19			505		623,108
Compass Bank
5.50%, 4/01/20			250		245,650
Goldman Sachs Group, Inc. (The)
6.00%, 6/15/20			395		417,564
7.50%, 2/15/19			295		342,667
JPMorgan Chase & Co.
4.40%, 7/22/20			710		686,111
M&I Marshall & Ilsley Bank
5.00%, 1/17/17			175		180,959
Macquarie Group Ltd.
4.875%, 8/10/17 (a)			425		427,139
Merrill Lynch & Co., Inc.
6.05%, 5/16/16			315		332,920
Morgan Stanley
5.50%, 7/24/20			670		669,529
6.625%, 4/01/18			295		324,239
National Capital Trust II
5.486%, 3/23/15 (a)			122		121,337
National Westminster Bank PLC
6.50%, 9/07/21	GBP		50		74,125
Nationwide Building Society
6.25%, 2/25/20 (a)	U.S.$		430		447,376
Royal Bank of Scotland PLC (The)
6.125%, 1/11/21			240		246,737
Santander US Debt SA Unipersonal
2.991%, 10/07/13 (a)			400		397,479
Shinhan Bank
4.125%, 10/04/16 (a)			370		371,337
Societe Generale
2.50%, 1/15/14 (a)			405		401,862
Standard Chartered PLC
6.409%, 1/30/17 (a)			100		95,686
UFJ Finance Aruba AEC
6.75%, 7/15/13			240		264,318
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (a)			190		183,004
Union Bank NA
5.95%, 5/11/16			250		264,902
VTB Bank OJSC Via VTB Capital SA
6.609%, 10/31/12 (a)			135		143,505
Wachovia Corp.
5.50%, 5/01/13			505		544,226
					10,046,749
Brokerage - 0.1%
Jefferies Group, Inc.
6.875%, 4/15/21			164		174,189
Finance - 0.6%
HSBC Finance Corp.
7.00%, 5/15/12			280		297,802

	Principal Amount (000)		U.S. $ Value
SLM Corp.
Series A
5.375%, 5/15/14		483		500,865
				798,667
Insurance - 5.0%
Aetna, Inc.
6.00%, 6/15/16		135		152,039
Aflac, Inc.
3.45%, 8/15/15		70		70,298
Allstate Corp. (The)
6.125%, 5/15/37		530		535,300
American International Group, Inc.
6.40%, 12/15/20		215		229,468
CIGNA Corp.
5.125%, 6/15/20		165		171,993
Coventry Health Care, Inc.
5.95%, 3/15/17		90		93,348
6.125%, 1/15/15		35		36,975
6.30%, 8/15/14		280		297,398
Dai-ichi Life Insurance Co., Ltd. (The)
7.25%, 7/25/21 (a)		120		116,420
Genworth Financial, Inc.
6.515%, 5/22/18		520		514,436
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (a)		210		245,326
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		85		86,290
5.50%, 3/30/20		390		396,634
Humana, Inc.
6.30%, 8/01/18		275		296,517
6.45%, 6/01/16		40		44,273
7.20%, 6/15/18		85		96,611
Liberty Mutual Group, Inc.
5.75%, 3/15/14 (a)		145		152,216
Lincoln National Corp.
8.75%, 7/01/19		113		143,087
Markel Corp.
7.125%, 9/30/19		200		223,180
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (a)		225		307,701
MetLife, Inc.
4.75%, 2/08/21		115		115,262
7.717%, 2/15/19		109		132,498
10.75%, 8/01/39		140		193,200
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		360		437,797
Principal Financial Group, Inc.
7.875%, 5/15/14		325		375,488
Prudential Financial, Inc.
5.15%, 1/15/13		325		343,570
6.20%, 1/15/15		45		49,665
8.875%, 6/15/38		170		200,600
Series D
7.375%, 6/15/19		35		41,094
UnitedHealth Group, Inc.
6.00%, 2/15/18		430		478,263

	Principal Amount (000)		U.S. $ Value
WellPoint, Inc.
4.35%, 8/15/20		325		324,242
5.875%, 6/15/17		45		50,475
7.00%, 2/15/19		95		112,603
XL Group PLC
5.25%, 9/15/14		110		115,882
6.25%, 5/15/27		200		198,581
				7,378,730
Other Finance - 0.3%
ORIX Corp.
4.71%, 4/27/15		397		403,129
REITS - 0.5%
HCP, Inc.
5.375%, 2/01/21		132		133,305
5.95%, 9/15/11		225		229,959
Simon Property Group LP
4.375%, 3/01/21		440		430,465
				793,729
				19,595,193
Utility - 2.3%
Electric - 1.4%
Ameren Corp.
8.875%, 5/15/14		235		270,332
Constellation Energy Group, Inc.
5.15%, 12/01/20		325		322,443
FirstEnergy Corp.
Series B
6.45%, 11/15/11		19		19,569
Series C
7.375%, 11/15/31		420		454,946
Nisource Finance Corp.
6.80%, 1/15/19		450		514,811
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (a)		235		254,650
Teco Finance, Inc.
4.00%, 3/15/16		95		96,787
5.15%, 3/15/20		120		124,311
Union Electric Co.
6.70%, 2/01/19		45		51,932
				2,109,781
Natural Gas - 0.9%
DCP Midstream LLC
5.35%, 3/15/20 (a)		108		112,243
Energy Transfer Partners LP
6.70%, 7/01/18		134		151,818
7.50%, 7/01/38		336		388,624
EQT Corp.
8.125%, 6/01/19		205		244,363
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		235,958

		Principal Amount (000)		U.S. $ Value
Williams Partners LP
5.25%, 3/15/20			173		180,469
					1,313,475
					3,423,256
Non Corporate Sectors - 1.7%
Agencies - Not Government Guaranteed - 1.7%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.70%, 8/07/18 (a)			465		577,762
Ecopetrol SA
7.625%, 7/23/19			143		164,808
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (a)			460		500,250
Gazprom Via Gaz Capital SA
6.51%, 3/07/22 (a)			477		506,216
Petrobras International Finance Co. - Pifco
5.75%, 1/20/20			670		691,195
					2,440,231
Total Corporates - Investment Grades (cost $45,112,091)					49,079,427
GOVERNMENTS - TREASURIES - 21.6%
Mexico - 1.1%
Mexican Bonos
Series M10
7.25%, 12/15/16	MXN		18,624		1,614,413
United States - 20.5%
U.S. Treasury Bonds
4.50%, 2/15/36	U.S.$		2,610		2,635,286
4.625%, 2/15/40			3,155		3,217,116
5.375%, 2/15/31			1,250		1,429,493
U.S. Treasury Notes
2.00%, 1/31/16			2,500		2,481,835
2.125%, 2/29/16			5,575		5,557,578
2.625%, 11/15/20			2,950		2,752,719
3.375%, 11/15/19			3,075		3,108,634
3.625%, 12/31/12-2/15/20			8,045		8,302,609
3.75%, 11/15/18			653		686,058
					30,171,328
Total Governments - Treasuries (cost $32,256,822)					31,785,741
MORTGAGE PASS-THRU’S - 18.3%
Agency Fixed Rate 30-Year - 17.0%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35			4,405		4,717,335
Series 2007
5.50%, 7/01/35			166		178,090
Federal National Mortgage Association
4.00%, 1/01/41			2,057		2,026,570
5.50%, 5/01/38			478		511,781

	Principal Amount (000)		U.S. $ Value
5.50%, 6/01/38		2,068		2,213,162
6.00%, 5/01/31-2/01/40		3,226		3,508,905
Series 2002
7.00%, 3/01/32		19		21,179
Series 2003
5.00%, 11/01/33		183		193,021
5.50%, 4/01/33-7/01/33		660		710,040
Series 2004
5.50%, 4/01/34-11/01/34		567		609,679
6.00%, 9/01/34		316		346,248
Series 2005
4.50%, 8/01/35		558		572,951
5.00%, 10/01/35		1,422		1,494,344
5.50%, 2/01/35		689		740,201
Series 2006
5.00%, 2/01/36		1,223		1,284,969
Series 2007
4.50%, 9/01/35-8/01/37		768		788,478
5.00%, 7/01/36		204		214,409
Series 2008
6.00%, 3/01/37-5/01/38		3,948		4,302,183
Series 2010
6.00%, 4/01/40		435		472,546
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		5		6,107
				24,912,198
Agency ARMs - 1.3%
Federal Home Loan Mortgage Corp.
2.677%, 4/01/36 (b)		663		697,152
Series 2007
6.088%, 1/01/37 (c)		86		90,828
Federal National Mortgage Association
Series 2003
2.685%, 12/01/33 (b)		203		213,911
Series 2006
2.309%, 2/01/36 (b)		197		205,255
3.378%, 3/01/36 (b)		149		154,743
5.716%, 11/01/36 (c)		201		211,425
Series 2007
2.576%, 3/01/34 (b)		362		379,146
				1,952,460
Total Mortgage Pass-Thru’s (cost $25,932,632)				26,864,658
COMMERCIAL MORTGAGE - BACKED SECURITIES - 10.3%
Non-Agency Fixed Rate CMBS - 9.9%
Banc of America Commercial Mortgage, Inc.
Series 2005-6, Class A4
5.196%, 9/10/47		470		506,911
Series 2006-5, Class A4
5.414%, 9/10/47		455		483,013

	Principal Amount (000)		U.S. $ Value
Credit Suisse Mortgage Capital Certificates
Series 2006-C5, Class A3
5.311%, 12/15/39		225		236,247
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5, Class AJ
5.29%, 4/10/37		235		224,543
Series 2007-GG11, Class A4
5.736%, 12/10/49		420		444,236
Series 2007-GG9, Class A4
5.444%, 3/10/39		680		719,755
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		300		321,349
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB14, Class A4
5.481%, 12/12/44		545		578,229
Series 2006-CB15, Class A4
5.814%, 6/12/43		1,035		1,123,153
Series 2006-CB17, Class A4
5.429%, 12/12/43		420		449,673
Series 2007-C1, Class A4
5.716%, 2/15/51		1,115		1,180,755
Series 2007-LD11, Class A4
5.818%, 6/15/49		1,105		1,183,472
Series 2007-LDPX, Class A3
5.42%, 1/15/49		1,110		1,170,648
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.389%, 6/15/29		830		889,285
Series 2006-C1, Class A4
5.156%, 2/15/31		1,240		1,325,910
Series 2006-C6, Class A4
5.372%, 9/15/39		475		506,986
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class AM
5.204%, 12/12/49		285		280,149
Series 2007-9, Class A4
5.70%, 9/12/49		1,105		1,157,762
Wachovia Bank Commercial Mortgage Trust
Series 2007-C31, Class A4
5.509%, 4/15/47		1,100		1,137,911
Series 2007-C32, Class A3
5.741%, 6/15/49		615		645,368
				14,565,355
Agency CMBS - 0.4%
FHLMC Multifamily Structured Pass Through Certificates
Series K008, Class A2
3.531%, 6/25/20		564		539,080
Total Commercial Mortgage-Backed Securities (cost $13,581,973)				15,104,435

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES - 3.9%
Industrial - 2.7%
Basic - 0.6%
Georgia-Pacific LLC
5.40%, 11/01/20 (a)		64		63,198
Lyondell Chemical Co.
8.00%, 11/01/17 (a)		135		148,838
Nalco Co.
6.625%, 1/15/19 (a)		145		149,169
Severstal OAO Via Steel Capital SA
9.25%, 4/19/14 (a)		228		258,495
United States Steel Corp.
5.65%, 6/01/13		155		162,750
Westvaco Corp.
8.20%, 1/15/30		50		53,361
				835,811
Capital Goods - 0.5%
Case New Holland, Inc.
7.875%, 12/01/17 (a)		143		158,909
Huntington Ingalls Industries, Inc.
6.875%, 3/15/18 (a)		36		37,575
7.125%, 3/15/21 (a)		36		37,530
Mohawk Industries, Inc.
6.875%, 1/15/16		355		380,738
Textron Financial Corp.
5.40%, 4/28/13		69		72,556
				687,308
Communications - Media - 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp.
7.875%, 4/30/18		57		60,562
8.125%, 4/30/20		19		20,663
CSC Holdings LLC
8.50%, 4/15/14		160		179,400
Univision Communications, Inc.
12.00%, 7/01/14 (a)		41		44,280
				304,905
Communications - Telecommunications - 0.2%
eAccess Ltd.
8.25%, 4/01/18 (a)		100		102,625
Windstream Corp.
7.875%, 11/01/17		115		123,337
				225,962
Consumer Cyclical - Automotive - 0.3%
Ford Motor Co.
7.45%, 7/16/31		170		184,044
Ford Motor Credit Co. LLC
5.75%, 2/01/21		200		197,499
				381,543

	Principal Amount (000)	U.S. $ Value
Consumer Cyclical - Entertainment - 0.0%
Greektown Holdings LLC
10.75%, 12/01/13 (d) (e)	55		0
Consumer Cyclical - Retailers - 0.3%
JC Penney Co., Inc.
5.65%, 6/01/20	335		322,856
Limited Brands, Inc.
6.625%, 4/01/21	105		107,362
6.90%, 7/15/17	45		48,263
			478,481
Consumer Non - Cyclical - 0.4%
Fresenius Medical Care US Finance, Inc.
5.75%, 2/15/21 (a)	155		150,156
HCA, Inc.
7.875%, 2/15/20	125		135,938
8.50%, 4/15/19	40		44,400
Universal Health Services, Inc.
7.125%, 6/30/16	295		320,735
Voyager Learning Exchange
Zero Coupon, 12/01/14(d) (e) (f)	70		0
			651,229
Energy - 0.2%
Chesapeake Energy Corp.
6.125%, 2/15/21	154		159,005
Tesoro Corp.
6.50%, 6/01/17	190		195,700
			354,705
Transportation - Airlines - 0.0%
Continental Airlines 2003-ERJ1 Pass
Through Trust
Series RJ03
7.875%, 7/02/18	29		28,313
			3,948,257
Utility - 0.6%
Electric - 0.4%
CMS Energy Corp.
8.75%, 6/15/19	145		173,047
Dynegy Roseton/Danskammer Pass
Through Trust
Series B
7.67%, 11/08/16	195		184,275
GenOn Energy, Inc.
7.625%, 6/15/14	95		98,325
7.875%, 6/15/17	155		153,838
			609,485
Natural Gas - 0.2%
Enterprise Products Operating LLC
Series A
8.375%, 8/01/66	305		329,400

		Principal Amount (000)		U.S. $ Value
					938,885
Financial Institutions - 0.6%
Banking - 0.2%
ABN Amro Bank NV
4.31%, 3/10/16	EUR		125		139,505
LBG Capital No.1 PLC
8.00%, 6/15/20 (a)	U.S.$		175		167,125
					306,630
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
6.20%, 9/26/14 (e)			75		19,500
7.875%, 11/01/09 (e)			43		11,019
					30,519
Finance - 0.1%
International Lease Finance Corp.
5.65%, 6/01/14			65		65,325
Insurance - 0.3%
ING Capital Funding Trust III
Series 9
3.907%, 6/30/11 (c)			270		261,786
XL Group PLC
Series E
6.50%, 4/15/17			240		220,200
					481,986
					884,460
Total Corporates - Non-Investment Grades (cost $5,332,009)					5,771,602
AGENCIES - 3.1%
Agency Debentures - 3.1%
Federal Farm Credit Bank
0.284%, 9/20/12 (c)			1,750		1,751,069
Federal National Mortgage Association
0.284%, 9/17/12 (c)			1,560		1,560,956
6.25%, 5/15/29			1,020		1,226,568
Total Agencies (cost $4,604,782)					4,538,593
GOVERNMENTS - SOVEREIGN AGENCIES - 1.6%
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17			70		78,441
United Kingdom - 1.5%
Royal Bank of Scotland PLC (The)
1.45%, 10/20/11 (a)			1,307		1,315,029

	Principal Amount (000)		U.S. $ Value
2.625%, 5/11/12 (a)		895		914,789
				2,229,818
Total Governments - Sovereign Agencies (cost $2,273,299)				2,308,259
ASSET-BACKED SECURITIES - 1.1%
Credit Cards - Floating Rate - 0.5%
Discover Card Master Trust
Series 2009-A1, Class A1
1.555%, 12/15/14 (c)		180		182,199
Series 2009-A2, Class A
1.555%, 2/17/15 (c)		185		187,292
Series 2010-A1, Class A1
0.905%, 9/15/15 (c)		166		167,042
MBNA Credit Card Master Note Trust
Series 2006-A2, Class A2
0.315%, 6/15/15 (c)		160		159,355
				695,888
Other ABS - Fixed Rate - 0.2%
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15		353		350,616
Home Equity Loans - Floating Rate - 0.2%
HSBC Home Equity Loan Trust
Series 2005-3, Class A1
0.514%, 1/20/35 (c)		107		92,416
Indymac Residential Asset Backed Trust
Series 2006-D, Class 2A2
0.36%, 11/25/36 (c)		293		243,019
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.61%, 3/25/37 (c)(d)		160		1,766
				337,201
Home Equity Loans - Fixed Rate - 0.2%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.387%, 12/25/32		80		75,746
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.36%, 1/25/33		68		63,604
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		181		159,185
				298,535
Total Asset-Backed Securities (cost $1,934,183)				1,682,240

	Principal Amount (000)		U.S. $ Value
CMOs - 0.8%
Non-Agency Fixed Rate - 0.4%
Bear Stearns Alt-A Trust
Series 2006-3, Class 22A1
4.036%, 5/25/36		118		55,652
Series 2007-1, Class 21A1
5.202%, 1/25/47		198		118,722
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
5.103%, 5/25/35		229		215,725
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.528%, 5/25/36		174		98,259
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
5.517%, 7/25/36		349		197,013
				685,371
Non-Agency ARMs - 0.2%
Citigroup Mortgage Loan Trust, Inc.
Series 2006-AR1, Class 3A1
2.65%, 3/25/36 (c)		352		261,353
Non-Agency Floating Rate - 0.2%
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
1.312%, 12/25/35 (c)		97		64,075
Series 2007-OA3, Class M1
0.56%, 4/25/47 (c)(d)		145		990
WaMu Mortgage Pass Through Certificates
Series 2007-OA1, Class A1A
1.012%, 2/25/47 (c)		286		189,298
Series 2007-OA3, Class B1
0.70%, 4/25/47 (c)(d)		240		431
				254,794
Agency Fixed Rate - 0.0%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.748%, 5/28/35		50		38,251
Total CMOs (cost $2,237,314)				1,239,769
QUASI-SOVEREIGNS - 0.8%
Quasi-Sovereign Bonds - 0.8%
Kazakhstan - 0.2%
KazMunayGas National Co.
7.00%, 5/05/20 (a)		212		228,430
Malaysia - 0.3%
Petronas Capital Ltd.
5.25%, 8/12/19 (a)		420		446,697

		Principal Amount (000)		U.S. $ Value
Russia - 0.3%
Russian Agricultural Bank OJSC Via
RSHB Capital SA
6.299%, 5/15/17 (a)			480		502,896
Total Quasi-Sovereigns (cost $1,105,837)					1,178,023
SUPRANATIONALS - 0.6%
European Bank for Reconstruction & Development
Series G
9.25%, 9/10/12	BRL		1,150		703,559
European Investment Bank
4.875%, 2/15/36	U.S.$		110		111,376
Total Supranationals (cost $768,831)					814,935
GOVERNMENTS - SOVEREIGN BONDS - 0.5%
Hungary - 0.2%
Hungary Government International Bond
6.375%, 3/29/21			370		372,531
Poland - 0.3%
Poland Government International Bond
3.875%, 7/16/15			363		366,176
6.375%, 7/15/19			50		55,312
					421,488
Total Governments - Sovereign Bonds (cost $780,675)					794,019
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.3%
United States - 0.3%
California State
7.625%, 3/01/40 (cost $413,519)			405		443,050
		Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
Finance - 0.1%
Citigroup Capital XII
8.50%			7,000		183,603
REITS - 0.1%
Sovereign Real Estate Investment Trust
12.00% (a)			93		107,880
Total Preferred Stocks (cost $262,659)					291,483

		Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Financial Institutions - 0.1%
Other Finance - 0.1%
AES El Salvador Trust
6.75%, 2/01/16 (a) (cost $99,722)	U.S.$		100	$	98,500
		Shares
COMMON STOCKS - 0.0%
Broder Brothers Co. (g)			3,463		0
Greektown Superholdings, Inc. (d)(f)(g)			41		3,116
Total Common Stocks (cost $4)					3,116
		Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.4%
Time Deposit - 0.9%
State Street Time Deposit
0.01%, 4/01/11	U.S.$		1,347		1,347,000
COMMERCIAL PAPER - 1.5%
Bank of Montreal
Zero Coupon, 4/01/11			1,065		1,065,000
Toyota Motor Credit Corp.
Zero Coupon, 4/01/11			1,110		1,110,000
Total Commercial Paper					2,175,000
Total Short-Term Investments (cost $3,522,000)					3,522,000
Total Investments - 99.0% (cost $140,218,352) (h)					145,519,850
Other assets less liabilities - 1.0%					1,528,906
Net Assets - 100.0%				$	147,048,756

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)	U.S. $ Value on Origination Date	U.S. $ Value at March 31, 2011	Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Barclays Bank PLC Wholesale:

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Norwegian Krone settling 4/15/11		6,172		$1,077,749		$1,115,370		$37,621
Swedish Krona settling 4/15/11		1,748		273,298		276,770		3,472
BNP Paribas SA:
New Zealand Dollar settling 4/08/11		2,075		1,552,575		1,583,186		30,611
Citibank N.A.:
Brazilian Real settling 4/04/11		1,201		737,564		735,780		(1,784)
Credit Suisse London Branch (GFX):
Norwegian Krone settling 4/15/11		7,058		1,203,954		1,275,451		71,497
South Korean Won settling 4/18/11		2,193,064		1,942,656		1,997,581		54,925
Goldman Sachs International:
Brazilian Real settling 4/04/11		1,201		732,482		735,780		3,298
Morgan Stanley and Co., Inc.:
Swedish Krona settling 4/15/11		7,732		1,191,197		1,224,349		33,152
Royal Bank of Scotland PLC:
Great British Pound settling 4/04/11		72		115,365		115,645		280
Sale Contracts:
BNP Paribas SA
Euro settling 5/12/11		2,827		3,934,199		4,003,634		(69,435)
Citibank N.A.:
Brazilian Real settling 4/04/11		1,201		718,678		735,779		(17,101)
Credit Suisse London Branch (GFX):
Euro settling 5/12/11		70		99,299		99,777		(478)
Japanese Yen settling 5/24/11		152,163		1,880,297		1,829,846		50,451
Goldman Sachs International:
Brazilian Real settling 4/04/11		1,201		737,564		735,780		1,784
Brazilian Real settling 5/03/11		1,201		728,042		731,728		(3,686)
Royal Bank of Scotland PLC:
Great British Pound settling 4/04/11		118		188,134		189,314		(1,180)
Great British Pound settling 6/09/11		46		73,631		73,605		26
Mexican Peso settling 4/11/11		9,953		819,176		836,218		(17,042)
Westpac Banking Corporation:
New Zealand Dollar settling 4/08/11		2,070		1,528,896		1,578,848		(49,952)

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)
JPMorgan Chase Bank, N.A.	$	7,990		11/17/13		1.026	%		3 Month LIBOR	$	35,855

(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, 2011, the aggregate market value of these securities amounted to $14,175,087 or 9.6% of net assets.

(b) Variable rate coupon, rate shown as of March 31, 2011.

(c) Floating Rate Security. Stated interest rate was in effect at March 31, 2011.

(d) Illiquid security.

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

(f) Fair valued.

(g) Non-income producing security.

(h) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $7,628,031 and gross unrealized depreciation of investments was $(2,326,533), resulting in net unrealized appreciation of $5,301,498.

Currency Abbreviations:

BRL	-	Brazilian Real
EUR	-	Euro
GBP	-	Great British Pound
MXN	-	Mexican Peso

Glossary:

ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
CMBS	-	Commercial Mortgage-Backed Securities
CMOs	-	Collateralized Mortgage Obligations
FHLMC	-	Federal Home Loan Mortgage Corporation
LIBOR	-	London Interbank Offered Rates
OJSC	-	Open Joint Stock Company
REIT	-	Real Estate Investment Trust

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Corporates - Investment Grades	$	—	$	49,079,427		$	—	$	49,079,427
Governments - Treasuries		—		31,785,741			—		31,785,741
Mortgage Pass-Thru’s		—		26,864,658			—		26,864,658
Commercial Mortgage-Backed Securities		—		10,030,994			5,073,441		15,104,435
Corporates - Non-Investment Grades		—		5,771,602			—		5,771,602
Agencies		—		4,538,593			—		4,538,593
Governments - Sovereign Agencies		—		2,308,259			—		2,308,259
Asset-Backed Securities		—		695,888			986,352		1,682,240
CMOs		—		38,251			1,201,518		1,239,769
Quasi-Sovereigns		—		1,178,023			—		1,178,023
Supranationals		—		814,935			—		814,935
Governments - Sovereign Bonds		—		794,019			—		794,019
Local Governments - Municipal Bonds		—		443,050			—		443,050
Preferred Stocks		183,603		107,880			—		291,483
Emerging Markets - Corporate Bonds		—		98,500			—		98,500
Common Stocks		—		—			3,116		3,116
Short-Term Investments
Time Deposit		—		1,347,000			—		1,347,000
Commercial Paper		—		2,175,000			—		2,175,000
Total Investments in Securities		183,603		138,071,820			7,264,427		145,519,850
Other Financial Instruments* :
Assets
Forward Currency Exchange Contracts		—		287,117			—		287,117
Interest Rate Swap Contracts		—		35,855			—		35,855
Liabilities
Forward Currency Exchange Contracts		—		(160,658	)		—		(160,658	)
Total	$	183,603	$	138,234,134		$	7,264,427	$	145,682,164

* Other financial instruments are derivative instruments, 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. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the end of the reporting period.

	Commercial Mortgage  Backed Securities		Asset-Backed Securities			CMOs
Balance as of 12/31/10	$	5,004,541	$	1,034,307		$	1,221,568
Accrued discounts/(premiums)		12,063		40			(1	)
Realized gain (loss)		—		226			170
Change in unrealized appreciation/depreciation		56,837		6,794			238,105
Purchases		—		—			—
Sales		—		(55,015	)		(258,324	)
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Balance as of 3/31/11	$	5,073,441	$	986,352		$	1,201,518
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/11	$	56,837	$	6,794		$	238,105
	Common Stocks		Warrants			Total
Balance as of 12/31/10	$	2,870	$	8,827		$	7,272,113
Accrued discounts/(premiums)		—		—			12,102
Realized gain (loss)		—		9,277			9,673
Change in unrealized appreciation/depreciation		246		(6,687	)		295,295
Purchases		—		—			—
Sales		—		(11,417	)		(324,756	)
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Balance as of 3/31/11	$	3,116	$	—		$	7,264,427
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/11	$	246	$	—		$	301,982

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

Portfolio of Investments

March 31, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.0%
Financials - 22.8%
Capital Markets - 6.5%
Azimut Holding SpA		61,305	$	684,115
Credit Suisse Group AG		50,755		2,153,037
GAM Holding AG (a)		60,159		1,141,441
Julius Baer Group Ltd.		61,860		2,678,134
Man Group PLC		472,862		1,863,270
Partners Group Holding AG		23,033		4,402,518
				12,922,515
Commercial Banks - 13.2%
Banco Santander Brasil SA		69,800		846,501
Bank Central Asia Tbk PT		1,795,000		1,430,406
BNP Paribas		27,265		1,993,198
Chongqing Rural Commercial Bank (a)		943,000		647,373
CIMB Group Holdings Bhd		459,000		1,241,841
Commercial International Bank Egypt SAE (a)		111,128		613,771
HDFC Bank Ltd.		12,900		680,004
HSBC Holdings PLC		147,441		1,522,932
Industrial & Commercial Bank of China - Class H		3,459,255		2,867,960
Investimentos Itau SA (Preference Shares)		666,514		5,225,480
Societe Generale		22,900		1,487,452
Standard Bank Group Ltd.		42,800		657,012
Standard Chartered PLC		128,257		3,326,841
Turkiye Halk Bankasi AS		222,100		1,711,681
United Overseas Bank Ltd.		125,000		1,863,696
				26,116,148
Diversified Financial Services - 1.3%
FirstRand Ltd.		285,800		848,516
IG Group Holdings PLC		231,738		1,697,940
				2,546,456
Insurance - 1.8%
AIA Group Ltd. (a)		779,600		2,399,821
China Life Insurance Co., Ltd. - Class H		314,000		1,175,438
				3,575,259
				45,160,378
Energy - 14.8%
Energy Equipment & Services - 3.3%
Saipem SpA		33,291		1,768,555
Schlumberger Ltd.		42,200		3,935,572
Tenaris SA		35,930		881,699
				6,585,826
Oil, Gas & Consumable Fuels - 11.5%
Adaro Energy Tbk PT		6,306,500		1,589,333
Afren PLC (a)		811,644		2,121,665
Alliance Oil Co., Ltd. (GDR) (a)		112,284		2,132,275
BG Group PLC		110,569		2,744,925
China Shenhua Energy Co., Ltd. - Class H		217,500		1,025,117
Faroe Petroleum PLC (a)		200,531		546,876
Gulf Keystone Petroleum Ltd. (a)		610,713		1,489,757

Company	Shares		U.S. $ Value
Inpex Corp.		104		786,821
Karoon Gas Australia Ltd. (a)		96,079		711,779
Oando PLC		3,114,974		1,197,181
Petroleo Brasileiro SA (Preference Shares)		238,700		4,168,277
Rosneft Oil Co. (GDR) (b)		233,700		2,134,849
Tullow Oil PLC		86,936		2,017,319
				22,666,174
				29,252,000
Industrials - 10.8%
Aerospace & Defense - 0.8%
Safran SA		46,100		1,630,359
Commercial Services & Supplies - 1.0%
Secom Co., Ltd.		20,000		929,962
Serco Group PLC		121,900		1,091,145
				2,021,107
Electrical Equipment - 1.0%
Schneider Electric SA		11,900		2,032,419
Industrial Conglomerates - 2.8%
Bidvest Group Ltd.		61,128		1,343,437
Koninklijke Philips Electronics NV (a)		28,274		905,699
Siemens AG		14,500		1,983,432
Smiths Group PLC		65,733		1,366,078
				5,598,646
Machinery - 2.2%
Atlas Copco AB-Class A		82,300		2,185,608
China Rongsheng Heavy Industry Group Co., Ltd. (a)		441,500		384,256
Fanuc Corp.		11,600		1,753,420
				4,323,284
Marine - 0.7%
Orient Overseas International Ltd.		137,500		1,438,291
Trading Companies & Distributors - 1.7%
Mitsui & Co., Ltd.		108,500		1,942,570
Wolseley PLC (a)		38,700		1,302,795
				3,245,365
Transportation Infrastructure - 0.6%
Cia de Concessoes Rodoviarias		39,000		1,132,270
				21,421,741
Consumer Discretionary - 10.6%
Automobiles - 1.8%
Honda Motor Co., Ltd.		48,200		1,790,804
Volkswagen AG (Preference Shares)		10,668		1,724,192
				3,514,996
Diversified Consumer Services - 0.2%
Estacio Participacoes SA		28,600		464,215
Hotels, Restaurants & Leisure - 1.7%
Ajisen China Holdings Ltd.		365,500		705,158

Company	Shares		U.S. $ Value
Carnival PLC		55,935		2,200,300
Shangri-La Asia Ltd.		162,500		415,120
				3,320,578
Media - 3.2%
Eutelsat Communications		67,130		2,678,363
Grupo Televisa SA (Sponsored ADR) (a)		23,700		581,361
Informa PLC		129,733		866,166
Naspers Ltd.		17,840		959,643
SES SA (FDR)		50,764		1,307,007
				6,392,540
Multiline Retail - 0.3%
Golden Eagle Retail Group Ltd.		233,000		505,929
Specialty Retail - 2.4%
Belle International Holdings Ltd.		606,000		1,119,290
Dunelm Group PLC		41,400		254,963
Fast Retailing Co., Ltd.		6,100		763,662
Yamada Denki Co., Ltd.		19,590		1,316,492
Zhongsheng Group Holdings Ltd. (a)		741,500		1,385,779
				4,840,186
Textiles, Apparel & Luxury Goods - 1.0%
Cie Financiere Richemont SA		32,995		1,902,492
				20,940,936
Materials - 9.3%
Construction Materials - 1.4%
CRH PLC (London)		63,407		1,455,500
HeidelbergCement AG		19,390		1,348,333
				2,803,833
Metals & Mining - 7.9%
African Rainbow Minerals Ltd.		29,300		965,005
Aquarius Platinum Ltd.		168,200		937,373
Centamin Egypt Ltd. (a)		702,100		1,525,769
Equinox Minerals Ltd. (Toronto) (a)		663,927		3,930,831
Northam Platinum Ltd.		120,100		781,138
Rio Tinto PLC		35,241		2,491,477
Vale SA (Sponsored ADR) (Local Preference Shares)		75,250		2,221,380
Xstrata PLC		115,030		2,683,829
				15,536,802
				18,340,635
Consumer Staples - 9.2%
Beverages - 1.3%
Anheuser-Busch InBev NV		30,082		1,715,028
Cia de Bebidas das Americas (Preference Shares)		32,500		904,741
				2,619,769
Food & Staples Retailing - 2.3%
Bizim Toptan Satis Magazalari AS (a)		15,829		322,926
Seven & I Holdings Co., Ltd.		32,700		832,985

Company	Shares		U.S. $ Value
Tesco PLC		543,373		3,319,277
				4,475,188
Food Products - 2.4%
Danone		18,576		1,212,344
Nestle SA		61,521		3,523,006
				4,735,350
Household Products - 0.6%
Reckitt Benckiser Group PLC		25,000		1,283,260
Tobacco - 2.6%
British American Tobacco PLC		83,837		3,361,660
Imperial Tobacco Group PLC		55,300		1,706,354
				5,068,014
				18,181,581
Information Technology - 7.5%
Communications Equipment - 0.3%
ZTE Corp.-Class H		134,000		622,743
Electronic Equipment, Instruments & Components - 1.0%
Murata Manufacturing Co., Ltd.		17,400		1,258,244
Taiyo Yuden Co., Ltd.		56,000		750,076
				2,008,320
Internet Software & Services - 1.8%
Baidu, Inc. (Sponsored ADR) (a)		10,000		1,378,100
Mail.ru Group Ltd. (GDR) (a)(b)		9,400		281,530
Tencent Holdings Ltd.		79,200		1,929,775
				3,589,405
IT Services - 0.7%
Infosys Technologies Ltd. (Sponsored ADR)		18,100		1,297,770
Semiconductors & Semiconductor Equipment - 3.0%
ARM Holdings PLC		137,255		1,273,630
ASML Holding NV (a)		28,167		1,252,545
Samsung Electronics Co., Ltd.		4,020		3,408,819
				5,934,994
Software - 0.7%
SAP AG		6,900		422,006
Temenos Group AG (a)		22,989		869,998
				1,292,004
				14,745,236
Health Care - 5.7%
Health Care Providers & Services - 0.5%
Fresenius Medical Care AG & Co. KGaA		16,165		1,084,467
Life Sciences Tools & Services - 0.4%
QIAGEN NV (a)		39,111		780,652
Pharmaceuticals - 4.8%
Aspen Pharmacare Holdings Ltd. (a)		67,046		782,189
Bayer AG		23,387		1,806,946

Company	Shares		U.S. $ Value
Mitsubishi Tanabe Pharma Corp.		42,000		681,048
Novartis AG		39,720		2,150,876
Novo Nordisk A/S-Class B		7,950		998,381
Pharmstandard (GDR) (a)(b)		26,500		740,675
Shire PLC		35,383		1,027,076
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		25,400		1,274,318
				9,461,509
				11,326,628
Telecommunication Services - 4.4%
Diversified Telecommunication Services - 1.4%
Iliad SA		6,086		729,172
Telefonica SA		72,468		1,817,836
XL Axiata Tbk PT (a)		314,000		196,607
				2,743,615
Wireless Telecommunication Services - 3.0%
America Movil SAB de CV Series L (ADR)		20,900		1,214,290
China Mobile Ltd.		81,500		752,326
MTN Group Ltd.		41,383		834,680
Tim Participacoes SA (ADR)		3,500		152,775
Vodafone Group PLC		1,041,106		2,966,951
				5,921,022
				8,664,637
Utilities - 0.9%
Independent Power Producers & Energy Traders - 0.9%
China Longyuan Power Group Corp. (a)		836,000		899,166
NTPC Ltd.		186,880		807,876
				1,707,042
Total Common Stocks (cost $154,971,760)				189,740,814
WARRANTS - 2.5%
Information Technology - 1.5%
Hon Hai Precision Industry Co., Ltd., JPMorgan Chase Bank NA, expiring 09/29/14 (a)(b)		200,200		701,381
HTC Corp., Macquarie Bank Ltd., expiring 09/06/12 (a)		56,500		2,210,031
				2,911,412
Financials - 1.0%
Sberbank of Russian Federation, Merrill Lynch, expiring 11/05/12 (a)		539,200		2,027,500
Total Warrants (cost $4,160,491)				4,938,912

		Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.1%
Time Deposit - 1.1%
State Street Time Deposit
0.01%, 4/01/11 (cost $2,120,000)	U.S.$		2,120		2,120,000
Total Investments - 99.6% (cost $161,252,251) (c)					196,799,726
Other assets less liabilities - 0.4%					717,626
Net Assets - 100.0%				$	197,517,352

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Bank of America N.A:
Euro settling 5/16/11		392		$537,530		$555,104		$17,574
Swedish Krona settling 5/16/11		58,748		9,120,236		9,288,101		167,865
Barclays Bank PLC Wholselale:
Japanese Yen settling 5/16/11		676,985		8,257,425		8,140,699		(116,726)
BNP Paribas SA:
Japanese Yen settling 5/16/11		95,991		1,174,597		1,154,285		(20,312)
Credit Suisse London Branch (GFX):
Norwegian Krone settling 5/16/11		50,583		8,767,007		9,126,251		359,244
Deutsche Bank AG Londo:
Euro settling 5/16/11		6,450		8,681,829		9,133,729		451,900
Goldman Sachs International:
Canadian Dollar settling 5/16/11		487		499,764		501,833		2,069
Canadian Dollar settling 5/16/11		428		434,566		441,035		6,469
Euro settling 5/16/11		891		1,246,117		1,261,729		15,612
Euro settling 5/16/11		2,542		3,555,140		3,599,681		44,541
Swiss Franc settling 5/16/11		4,741		5,239,600		5,163,061		(76,539)
UBS AG:
Japanese Yen settling 5/16/11		446,282		5,496,808		5,366,511		(130,297)
New Zealand Dollar settling 5/16/11		7,040		5,418,125		5,357,066		(61,059)
Norwegian Krone settling 5/16/11		5,375		910,475		969,764		59,289
Swedish Krona settling 5/16/11		4,103		609,429		648,687		39,258
Westpac Banking Corp:
Australian Dollar settling 5/16/11		8,710		8,725,243		8,962,577		237,334
Sale Contracts:
Bank of America N.A:
Canadian Dollar settling 5/16/11		494		499,368		509,046		(9,678)
BNP Paribas SA:
Australian Dollar settling 5/16/11		4,054		4,045,142		4,171,560		(126,418)
Canadian Dollar settling 5/16/11		3,258		3,286,361		3,357,228		(70,867)
Credit Suisse London Branch (GFX):
Great British Pound settling 5/16/11		8,601		13,806,755		13,790,718		16,037
Norwegian Krone settling 5/16/11		5,326		953,866		960,924		(7,058)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG Londo:
Great British Pound settling 5/16/11		1,532		2,477,627		2,456,386		21,241
Great British Pound settling 5/16/11		2,560		4,100,122		4,104,667		(4,545)
Swiss Franc settling 5/16/11		10,107		10,561,129		11,006,763		(445,634)
Goldman Sachs International:
New Zealand Dollar settling 5/16/11		1,891		1,385,914		1,438,951		(53,037)
Swedish Krona settling 5/16/11		5,643		895,423		892,162		3,261
HSBC BankUSA:
Swiss Franc settling 5/16/11		2,370		2,445,240		2,580,986		(135,746)
Morgan Stanley and Co.Inc:
Australian Dollar settling 5/16/11		747		739,815		768,662		(28,847)
Great British Pound settling 5/16/11		2,625		4,272,214		4,208,887		63,327
Societe Generale:
Japanese Yen settling 5/16/11		60,853		753,290		731,754		21,536
UBS AG:
Euro settling 5/16/11		7,733		10,277,466		10,950,562		(673,096)
Westpac Banking Corp:
New Zealand Dollar settling 5/16/11		1,456		1,092,026		1,107,939		(15,913)
New Zealand Dollar settling 5/16/11		2,947		2,203,136		2,242,510		(39,374)
New Zealand Dollar settling 5/16/11		746		546,840		567,666		(20,826)

(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, 2011, the aggregate market value of these securities amounted to $3,858,435 or 2.0% of net assets.

(c) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $39,093,973 and gross unrealized depreciation of investments was $(3,546,498), resulting in net unrealized appreciation of $35,547,475.

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

Glossary:

ADR	-	American Depositary Receipt
FDR	-	Fiduciary Depositary Receipt
GDR	-	Global Depositary Receipt

COUNTRY BREAKDOWN *

March 31, 2011 (unaudited)

COUNTRY BREAKDOWN *

23.4%	United Kingdom
9.6%	Switzerland
7.8%	China
7.7%	Brazil
6.5%	Japan
6.0%	France
4.2%	Germany
3.6%	South Africa
2.6%	Russia
2.2%	Sweden
2.2%	Hong Kong
2.0%	United States
2.0%	Canada
19.1%	Other
1.1%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2011. The Portfolio's country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.7% or less in the following countries: Australia, Belgium, Denmark, Egypt, India, Indonesia, Ireland, Israel, Italy, Luxembourg, Malaysia, Mexico, Netherlands, Nigeria, Singapore, South Korea, Spain, Taiwan and Turkey.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks
Financials	$	6,719,354	$	38,441,024		$	—	$	45,160,378
Energy		10,785,574		18,466,426			—		29,252,000
Industrials		1,516,526		19,905,215			—		21,421,741
Consumer Discretionary		1,300,539		19,640,397			—		20,940,936
Materials		6,933,349		11,407,286			—		18,340,635
Consumer Staples		1,227,667		16,953,914			—		18,181,581
Information Technology		2,957,400		11,787,836			—		14,745,236
Health Care		2,014,993		9,311,635			—		11,326,628
Telecommunication Services		1,367,065		7,297,572			—		8,664,637
Utilities		—		1,707,042			—		1,707,042
Warrants		—		—			4,938,912		4,938,912
Short-Term Investments		—		2,120,000			—		2,120,000
Total Investments in Securities		34,822,467		157,038,347+			4,938,912		196,799,726
Other Financial Instruments* :
Assets
Forward Currency Exchange Contracts		—		1,526,557			—		1,526,557
Liabilities
Forward Currency Exchange Contracts		—		(2,035,972	)		—		(2,035,972	)
Total	$	34,822,467	$	156,528,932		$	4,938,912	$	196,290,311

* Other financial instruments are derivative instruments, 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 between the close of the foreign markets and the time at which the Portfolio values its securities which may materially affect the value of securities trading in such markets. 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. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the end of the reporting period.

	Warrants			Total
Balance as of 12/31/10	$	3,964,949		$	3,964,949
Accrued discounts/(premiums)		—			—
Realized gain (loss)		39,222			39,222
Change in unrealized appreciation/depreciation		448,735			448,735
Purchases		1,086,388			1,086,388
Sales		(600,382	)		(600,382	)

Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Balance as of 3/31/11	$	4,938,912	$	4,938,912
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/11	$	448,735	$	448,735

AllianceBernstein Variable Products Series Fund

International Value Portfolio

Portfolio of Investments

March 31, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.7%
Financials - 24.6%
Capital Markets - 0.3%
UBS AG (a)		245,463	$	4,415,898
Commercial Banks - 15.3%
Australia & New Zealand Banking Group Ltd.		462,600		11,386,972
Banco do Brasil SA		670,000		12,126,604
Bank of China Ltd.		9,343,400		5,195,740
Barclays PLC		4,151,200		18,638,693
BNP Paribas		190,429		13,921,246
Danske Bank A/S (a)		273,668		6,065,046
DnB NOR ASA		247,217		3,790,523
Hana Financial Group, Inc.		153,720		6,637,968
KB Financial Group, Inc.		150,611		7,878,514
KBC Groep NV (a)		283,500		10,667,534
Lloyds Banking Group PLC (a)		8,453,300		7,854,822
Mitsubishi UFJ Financial Group, Inc.		1,334,100		6,147,077
National Australia Bank Ltd.		1,132,300		30,263,441
Societe Generale		430,018		27,931,486
Sumitomo Mitsui Financial Group, Inc.		469,400		14,563,269
Turkiye Garanti Bankasi AS		610,700		2,849,448
Turkiye Is Bankasi-Class C		1,198,100		3,824,922
Turkiye Vakiflar Bankasi Tao-Class D		3,495,600		8,724,088
UniCredit SpA		7,068,740		17,423,353
				215,890,746
Diversified Financial Services - 2.9%
ING Groep NV (a)		2,417,100		30,682,218
ORIX Corp.		104,910		9,833,564
				40,515,782
Insurance - 5.1%
Aegon NV (a)		1,478,800		11,073,024
Allianz SE		225,400		31,561,759
Aviva PLC		2,279,400		15,817,284
Muenchener Rueckversicherungs AG		89,000		14,000,513
				72,452,580
Real Estate Management & Development - 1.0%
Evergrande Real Estate Group Ltd.		7,651,000		4,199,297
Mitsui Fudosan Co., Ltd.		352,000		5,786,334
New World Development Ltd.		2,832,000		5,000,467
				14,986,098
				348,261,104
Consumer Discretionary - 13.8%
Auto Components - 3.2%
Bridgestone Corp.		719,200		15,039,050
Faurecia (a)		8,525		310,863
GKN PLC		3,679,100		11,826,947
Magna International, Inc.-Class A		194,700		9,334,354
NGK Spark Plug Co., Ltd.		414,000		5,659,660

Company	Shares		U.S. $ Value
Sumitomo Rubber Industries Ltd.		345,500		3,517,187
				45,688,061
Automobiles - 4.3%
Nissan Motor Co., Ltd.		2,120,000		18,832,013
Renault SA (a)		323,200		17,859,018
Toyota Motor Corp.		602,100		23,893,887
				60,584,918
Hotels, Restaurants & Leisure - 0.4%
Thomas Cook Group PLC		2,017,000		5,510,672
Household Durables - 2.7%
LG Electronics, Inc.		102,050		9,758,170
Sharp Corp.		1,503,000		14,909,857
Sony Corp.		404,500		12,901,946
				37,569,973
Leisure Equipment & Products - 0.2%
Namco Bandai Holdings, Inc.		276,300		3,010,039
Media - 1.8%
Lagardere SCA		153,000		6,525,125
Vivendi SA		674,510		19,241,986
				25,767,111
Specialty Retail - 0.7%
Esprit Holdings Ltd.		2,188,900		10,036,108
Textiles, Apparel & Luxury Goods - 0.5%
Yue Yuen Industrial Holdings Ltd.		2,159,000		6,824,790
				194,991,672
Materials - 10.6%
Chemicals - 1.5%
Agrium, Inc. (Toronto)		63,600		5,873,242
Air Water, Inc.		14,000		170,500
Clariant AG (a)		254,000		4,575,959
Koninklijke DSM NV		164,849		10,135,540
				20,755,241
Containers & Packaging - 0.3%
Smurfit Kappa Group PLC (a)		358,600		4,558,951
Metals & Mining - 8.8%
Hindalco Industries Ltd.		910,900		4,278,198
JFE Holdings, Inc.		421,300		12,335,472
KGHM Polska Miedz SA		167,900		10,650,111
New Gold, Inc. (a)		231,739		2,727,326
Rio Tinto PLC		565,500		39,979,854
Tata Steel Ltd.		714,400		9,967,552
ThyssenKrupp AG		256,400		10,436,366
Vale SA (Sponsored ADR) (Local Preference Shares)		680,600		20,091,312
Xstrata PLC		615,320		14,356,371
				124,822,562
				150,136,754

Company	Shares		U.S. $ Value
Energy - 10.6%
Oil, Gas & Consumable Fuels - 10.6%
BP PLC		3,184,200		23,394,576
China Petroleum & Chemical Corp.-Class H		5,438,000		5,436,880
ENI SpA		637,800		15,649,952
Gazprom OAO (Sponsored ADR)		542,300		17,537,982
JX Holdings, Inc.		1,426,000		9,580,694
LUKOIL OAO (London) (Sponsored ADR)		141,900		10,130,241
Nexen, Inc. (Toronto)		780,675		19,462,522
OMV AG		153,500		6,939,519
Penn West Petroleum Ltd.		440,559		12,232,953
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		817,141		29,726,153
				150,091,472
Industrials - 8.9%
Aerospace & Defense - 1.3%
BAE Systems PLC		3,380,600		17,618,298
Building Products - 1.7%
Asahi Glass Co., Ltd.		1,273,000		16,016,043
Cie de St-Gobain		132,800		8,121,461
				24,137,504
Construction & Engineering - 1.8%
Bouygues SA		540,000		25,921,218
Electrical Equipment - 1.5%
Mitsubishi Electric Corp.		615,000		7,237,671
Sumitomo Electric Industries Ltd.		993,800		13,763,275
				21,000,946
Industrial Conglomerates - 0.5%
Bidvest Group Ltd.		301,800		6,632,792
Road & Rail - 0.8%
East Japan Railway Co.		65,900		3,659,359
Firstgroup PLC		880,300		4,602,785
Nippon Express Co., Ltd.		875,000		3,356,476
				11,618,620
Trading Companies & Distributors - 1.3%
Mitsubishi Corp.		398,900		11,060,860
Mitsui & Co., Ltd.		414,600		7,422,943
				18,483,803
				125,413,181
Telecommunication Services - 8.0%
Diversified Telecommunication Services - 5.6%
France Telecom SA		651,300		14,624,060
Nippon Telegraph & Telephone Corp.		500,700		22,363,718
Telecom Corp. of New Zealand Ltd.		3,166,224		4,846,202
Telecom Italia SpA (ordinary shares)		11,258,700		17,302,399
Telecom Italia SpA (savings shares)		7,794,800		10,470,851
Telenor ASA		548,900		9,033,903
				78,641,133

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 2.4%
Vodafone Group PLC		12,203,975		34,778,971
				113,420,104
Health Care - 6.7%
Pharmaceuticals - 6.7%
AstraZeneca PLC		816,200		37,498,347
Novartis AG		463,660		25,107,629
Roche Holding AG		129,100		18,431,002
Sanofi-Aventis SA		191,827		13,442,195
				94,479,173
Information Technology - 5.9%
Computers & Peripherals - 1.6%
Fujitsu Ltd.		1,705,000		9,635,044
Pegatron Corp. (a)		1,621,000		1,839,021
Toshiba Corp.		2,136,000		10,444,180
				21,918,245
Electronic Equipment, Instruments & Components - 0.6%
AU Optronics Corp. (a)		10,198,990		8,882,516
IT Services - 1.2%
Cap Gemini SA		299,187		17,371,732
Office Electronics - 0.6%
Konica Minolta Holdings, Inc.		971,000		8,160,353
Semiconductors & Semiconductor Equipment - 1.6%
Samsung Electronics Co., Ltd.		25,330		21,478,952
Sumco Corp. (a)		58,700		1,180,493
				22,659,445
Software - 0.3%
Konami Corp.		242,400		4,478,901
				83,471,192
Consumer Staples - 5.2%
Beverages - 0.6%
Asahi Breweries Ltd.		484,700		8,058,620
Food & Staples Retailing - 1.4%
Delhaize Group SA		186,472		15,191,246
Koninklijke Ahold NV		346,400		4,645,602
				19,836,848
Tobacco - 3.2%
Imperial Tobacco Group PLC		699,900		21,596,335
Japan Tobacco, Inc.		6,618		23,926,598
				45,522,933
				73,418,401
Utilities - 3.4%
Electric Utilities - 3.0%
E.ON AG		800,200		24,333,369
EDP - Energias de Portugal SA		2,752,400		10,716,033

Company	Shares		U.S. $ Value
Tokyo Electric Power Co., Inc. (The)		1,257,600		7,009,454
				42,058,856
Gas Utilities - 0.4%
Tokyo Gas Co., Ltd.		1,166,000		5,318,574
				47,377,430
Total Common Stocks (cost $1,266,338,220)				1,381,060,483
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.8%
Time Deposit - 1.8%
State Street Time Deposit 0.01%, 4/01/11 (cost $24,807,000)	$	24,807		24,807,000
Total Investments - 99.5% (cost $1,291,145,220) (b)				1,405,867,483
Other assets less liabilities - 0.5% (c)				7,324,009
Net Assets - 100.0%			$	1,413,191,492

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50		377		June 2011	$	14,923,257	$	15,195,042	$	271,785

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Bank of America N.A:
Euro settling 4/15/11		70,261	$	97,014,281	$	99,553,489	$	2,539,208
Barclays Bank PLC Wholesale:
Swedish Krona settling 4/15/11		296,802		43,001,072		46,997,709		3,996,637
BNP Paribas SA:
Australian Dollar settling 4/15/11		6,016		6,026,047		6,214,202		188,155
Australian Dollar settling 4/15/11		64,329		63,043,706		66,448,368		3,404,662
Australian Dollar settling 7/15/11		11,638		11,527,846		11,886,406		358,560
Citibank N.A:
Canadian Dollar settling 4/15/11		7,639		7,808,228		7,876,971		68,743
Credit Suisse London Branch (GFX):
Canadian Dollar settling 4/15/11		5,485		5,648,816		5,655,869		7,053

Counterparty & Description	Contract Amount (000)		U.S. $ Value  on Origination Date		U.S. $ Value at March  31, 2011		Unrealized Appreciation/ (Depreciation)
Norwegian Krone settling 4/15/11		68,239		11,387,591		12,332,210		944,619
Deutsche Bank AG London:
Swiss Franc settling 4/15/11		59,992		62,266,599		65,319,621		3,053,022
Norwegian Krone settling 4/15/11		363,704		61,765,555		65,728,894		3,963,339
Swedish Krona settling 4/15/11		197,595		29,414,085		31,288,577		1,874,492
Goldman Sachs International:
Canadian Dollar settling 4/15/11		4,144		4,210,227		4,273,094		62,867
Swiss Franc settling 4/15/11		57,853		59,575,936		62,990,666		3,414,730
HSBC BankUSA:
Great British Pound settling 4/15/11		38,572		61,175,963		61,869,672		693,709
Japanese Yen settling 4/15/11		506,321		6,257,961		6,087,404		(170,557	)
Japanese Yen settling 7/15/11		369,073		4,564,888		4,440,209		(124,679	)
Morgan Stanley And Co Inc:
Australian Dollar settling 7/15/11		17,285		17,236,083		17,653,938		417,855
Great British Pound settling 7/15/11		6,572		10,687,386		10,527,415		(159,971	)
Great British Pound settling 7/15/11		9,030		14,657,135		14,464,784		(192,351	)
Royal Bank of Scotland PLC:
Japanese Yen settling 4/15/11		2,365,568		29,204,183		28,440,790		(763,393	)
State Street Bank and Trust Co.:
Great British Pound settling 7/15/11		8,533		13,951,796		13,668,660		(283,136	)
UBS AG:
Euro settling 4/15/11		99,272		134,902,706		140,659,454		5,756,748
Hong Kong Dollar settling 4/15/11		155,728		20,044,726		20,022,071		(22,655	)
Japanese Yen settling 4/15/11		2,353,172		28,976,739		28,291,755		(684,984	)
Westpac Banking Corp:
Australian Dollar settling 7/15/11		24,749		24,620,305		25,277,253		656,948
Sale Contracts:
Bank of America N.A:
Australian Dollar settling 4/15/11		38,693		37,881,995		39,967,771		(2,085,776	)
Barclays Bank PLC Wholesale:
Japanese Yen settling 4/15/11		5,225,061		63,222,189		62,819,949		402,240
BNP Paribas SA:
Australian Dollar settling 4/15/11		25,636		25,608,416		26,480,598		(872,182	)
Australian Dollar settling 4/15/11		6,016		6,009,527		6,214,202		(204,675	)
Canadian Dollar settling 4/15/11		7,495		7,609,910		7,728,485		(118,575	)
Great British Pound settling 7/15/11		4,400		7,046,292		7,048,178		(1,886	)
Japanese Yen settling 7/15/11		4,388,629		52,916,489		52,798,303		118,186
Canadian Imperial Bank of Commerce:
Swedish Krona settling 4/15/11		96,990		15,309,118		15,358,076		(48,958	)
Credit Suisse London Branch (GFX):
Euro settling 7/15/11		5,875		8,320,939		8,308,546		12,393
Norwegian Krone settling 4/15/11		27,227		4,800,585		4,920,486		(119,901	)
Norwegian Krone settling 4/15/11		162,652		29,178,952		29,394,607		(215,655	)
Swedish Krona settling 4/15/11		24,442		3,793,751		3,870,318		(76,567	)
Deutsche Bank AG London:
Euro settling 4/15/11		146,421		195,430,305		207,465,327		(12,035,022	)
Euro settling 7/15/11		4,805		6,773,464		6,795,329		(21,865	)
Great British Pound settling 4/15/11		25,189		40,560,335		40,403,276		157,059
Norwegian Krone settling 4/15/11		154,705		27,705,497		27,958,418		(252,921	)
Swiss Franc settling 4/15/11		5,474		5,881,089		5,960,121		(79,032	)
Goldman Sachs International:
Canadian Dollar settling 4/15/11		55,585		55,669,897		57,316,590		(1,646,693	)
Euro settling 7/15/11		5,081		7,196,017		7,185,654		10,363

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2011		Unrealized Appreciation/ (Depreciation)
Swedish Krona settling 4/15/11		109,102		17,341,175		17,275,976		65,199
HSBC BankUSA:
Hong Kong Dollar settling 4/15/11		155,728		20,039,119		20,022,072		17,047
Swedish Krona settling 4/15/11		109,288		17,317,175		17,305,428		11,747
Royal Bank of Scotland PLC:
Euro settling 4/15/11		23,112		29,841,983		32,747,616		(2,905,633	)
Norwegian Krone settling 4/15/11		87,359		15,607,904		15,787,592		(179,688	)
Norwegian Krone settling 7/15/11		61,899		11,002,115		11,130,102		(127,987	)
State Street Bank and Trust Co.:
Great British Pound settling 4/15/11		13,383		21,599,493		21,466,396		133,097
UBS AG:
Swiss Franc settling 4/15/11		68,322		71,874,770		74,389,371		(2,514,601	)
Swiss Franc settling 4/15/11		9,334		9,998,500		10,162,911		(164,411	)

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $184,801,261 and gross unrealized depreciation of investments was $(70,078,998), resulting in net unrealized appreciation of $114,722,263.

(c) An amount of U.S. $1,193,802 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2011.

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

Glossary:

ADR - American Depositary Receipt

COUNTRY BREAKDOWN *

March 31, 2011 (unaudited)

22.7 %	Japan
18.0 %	United Kingdom
11.8 %	France
6.1 %	Netherlands
5.7 %	Germany
4.3 %	Italy
3.7 %	Switzerland
3.5 %	Canada
3.3 %	South Korea
3.0 %	Australia
2.3 %	Brazil
2.0 %	Russia
1.8 %	Belgium
10.0 %	Other
1.8 %	Short-Term
100.0 %	Total Investments

* All data are as of March 31, 2011. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.6% or less in the following countries: Austria, China, Denmark, Hong Kong, India, Ireland, New Zealand, Norway, Poland, Portugal, South Africa, Taiwan and Turkey.

AllianceBernstein Variable Products Series Fund

International Value Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks
Financials	$	27,655,095	$	320,606,009		$	—	$	348,261,104
Consumer Discretionary		9,334,354		185,657,318			—		194,991,672
Materials		28,691,880		121,444,874			—		150,136,754
Energy		31,695,475		118,395,997			—		150,091,472
Industrials		—		125,413,181			—		125,413,181
Telecommunication Services		—		113,420,104			—		113,420,104
Health Care		—		94,479,173			—		94,479,173
Information Technology		—		83,471,192			—		83,471,192
Consumer Staples		—		73,418,401			—		73,418,401
Utilities		—		47,377,430			—		47,377,430
Short-Term Investments		—		24,807,000			—		24,807,000
Total Investments in Securities		97,376,804		1,308,490,679+			—		1,405,867,483
Other Financial Instruments* :
Assets
Futures Contracts		271,785		—			—		271,785
Forward Currency Exchange Contracts		—		32,328,678			—		32,328,678
Liabilities
Forward Currency Exchange Contracts		—		(26,073,754	)		—		(26,073,754	)
Total	$	97,648,589	$	1,314,745,603		$	—	$	1,412,394,192

* Other financial instruments are derivative instruments, 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 between the close of the foreign markets and the time at which the Portfolio values its securities which may materially affect the value of securities trading in such markets. 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

Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.9%
Technology - 28.7%
Communications Technology - 4.1%
Cisco Systems, Inc.		49,100	$	842,065
Juniper Networks, Inc. (a)		109,000		4,586,720
QUALCOMM, Inc.		160,170		8,782,121
Riverbed Technology, Inc. (a)		105,000		3,953,250
				18,164,156
Computer Services, Software & Systems - 12.6%
Citrix Systems, Inc. (a)		112,000		8,227,520
Google, Inc.-Class A (a)		37,780		22,147,014
Intuit, Inc. (a)		120,800		6,414,480
Oracle Corp.		416,150		13,886,925
Rovi Corp. (a)		89,200		4,785,580
				55,461,519
Computer Technology - 9.4%
Apple, Inc. (a)		87,935		30,640,951
EMC Corp. (a)		416,893		11,068,509
				41,709,460
Semiconductors & Component - 2.6%
Broadcom Corp.-Class A		202,052		7,956,808
Marvell Technology Group Ltd. (a)		228,000		3,545,400
				11,502,208
				126,837,343
Consumer Discretionary - 16.4%
Auto Parts - 3.4%
BorgWarner, Inc. (a)		74,600		5,944,874
Johnson Controls, Inc.		222,600		9,253,482
				15,198,356
Cable Television Services - 1.4%
Comcast Corp.-Class A		247,500		6,118,200
Diversified Media - 1.6%
News Corp.-Class A		391,500		6,874,740
Diversified Retail - 2.1%
Amazon.com, Inc. (a)		41,935		7,553,752
Kohl’s Corp.		33,081		1,754,616
				9,308,368
Entertainment - 1.7%
Walt Disney Co. (The)		173,000		7,454,570
Household Equip & Prod - 1.1%
Stanley Black & Decker, Inc.		63,400		4,856,440
Leisure Time - 0.7%
Carnival Corp.		75,861		2,910,028

Company	Shares		U.S. $ Value
Restaurants - 1.4%
Starbucks Corp.		171,805		6,348,195
Specialty Retail - 3.0%
Limited Brands, Inc.		236,000		7,759,680
Lowe’s Cos., Inc.		199,500		5,272,785
NetFlix, Inc. (a)		1,200		284,796
				13,317,261
				72,386,158
Financial Services - 13.5%
Banks: Diversified - 0.4%
Wells Fargo & Co.		53,600		1,699,120
Diversified Financial Services - 10.9%
Blackstone Group LP		401,800		7,184,184
Goldman Sachs Group, Inc. (The)		116,600		18,477,602
JPMorgan Chase & Co.		491,750		22,669,675
				48,331,461
Insurance: Multi-Line - 2.0%
AON Corp.		81,100		4,295,056
MetLife, Inc.		102,800		4,598,244
				8,893,300
Securities Brokerage & Services - 0.2%
CME Group, Inc.-Class A		2,500		753,875
				59,677,756
Producer Durables - 13.1%
Aerospace - 0.9%
Goodrich Corp.		46,500		3,977,145
Back Office Support HR & Consulting - 1.8%
Accenture PLC		143,095		7,865,932
Diversified Manufacturing Operations - 3.7%
Danaher Corp.		239,200		12,414,480
Honeywell International, Inc.		69,825		4,169,251
				16,583,731
Scientific Instruments: Control & Filter - 2.4%
Flowserve Corp.		43,597		5,615,294
Rockwell Automation, Inc.		54,100		5,120,565
				10,735,859
Scientific Instruments: Electrical - 1.5%
Cooper Industries PLC		102,730		6,667,177
Transportation Miscellaneous - 2.8%
United Parcel Service, Inc.-Class B		165,000		12,262,800
				58,092,644
Energy - 11.8%
Alternative Energy - 0.4%
Suncor Energy, Inc. (New York)		43,918		1,969,283
Oil Well Equipment & Services - 5.1%
Cameron International Corp. (a)		89,800		5,127,580

Company	Shares		U.S. $ Value
Schlumberger Ltd.		188,665		17,594,898
				22,722,478
Oil: Crude Producers - 6.3%
EOG Resources, Inc.		67,915		8,048,607
Noble Energy, Inc.		119,925		11,590,751
Occidental Petroleum Corp.		36,474		3,811,168
Southwestern Energy Co. (a)		99,300		4,266,921
				27,717,447
				52,409,208
Health Care - 8.7%
Biotechnology - 1.6%
Celgene Corp. (a)		124,359		7,154,373
Health Care Services - 2.4%
Express Scripts, Inc. - Class A (a)		140,200		7,796,522
HCA Holdings, Inc. (a)		61,974		2,099,060
McKesson Corp.		11,002		869,708
				10,765,290
Pharmaceuticals - 4.7%
Allergan, Inc.		129,625		9,205,968
Gilead Sciences, Inc. (a)		124,860		5,299,058
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		119,885		6,014,630
				20,519,656
				38,439,319
Materials & Processing - 5.3%
Chemicals: Diversified - 2.9%
Dow Chemical Co. (The)		265,620		10,027,155
Potash Corp. of Saskatchewan, Inc.		51,700		3,046,681
				13,073,836
Copper - 0.2%
Freeport-McMoRan Copper & Gold, Inc.		16,500		916,575
Fertilizers - 2.2%
Monsanto Co.		132,582		9,580,375
				23,570,786
Consumer Staples - 0.9%
Personal Care - 0.9%
Procter & Gamble Co. (The)		62,800		3,868,480
Utilities - 0.5%
Utilities: Telecommunications - 0.5%
Sprint Nextel Corp.(a)		499,700		2,318,608
Total Common Stocks (cost $396,674,470)				437,600,302

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.4%
Time Deposit - 1.4%
State Street Time Deposit 0.01%, 4/01/11 (cost $6,122,000)	$	6,122		6,122,000
Total Investments - 100.3% (cost $402,796,470) (b)				443,722,302
Other assets less liabilities - (0.3)%				(1,473,552	)
Net Assets - 100.0%			$	442,248,750

CALL OPTIONS WRITTEN

Description	Contracts (c)		Exercise Price		Expiration Month		U.S. $ Value
NetFlix, Inc. (premiums received $17,331)		12	$	215.00		April 2011	$	29,040

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $44,289,074 and gross unrealized depreciation of investments was $(3,363,242), resulting in net unrealized appreciation of $40,925,832.

(c) One contract relates to 100 shares.

Please note: The sector classifications presented herein are based on the Russell sector classification scheme which was developed by Russell Investments. Russell classifies index members into industries that most closely describe the nature of its business and its primary economic orientation.

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1			Level 2		Level 3		Total
Assets:
Common Stocks	$	437,600,302		$	—	$	—	$	437,600,302
Short-Term Investments		—			6,122,000		—		6,122,000
Total Investments in Securities		437,600,302			6,122,000		—		443,722,302
Other Financial Instruments* :
Liabilities
Options Written		(29,040	)		—		—		(29,040	)
Total	$	437,571,262		$	6,122,000	$	—	$	443,693,262

* Other financial instruments are derivative instruments, 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, 2011 (unaudited)

	Yield*			Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 100.1%
Certificates of Deposit - 40.2%
Bank of Montreal Chicago
7/26/11 (a)		0.29	%	$	1,300	$	1,300,000
Bank of Nova Scotia
10/18/11 (a)		0.25	%		300		299,917
9/06/11		0.31	%		1,000		1,000,000
Barclays Bank PLC NY
7/05/11 (a)		0.56	%		1,400		1,400,000
Canadian Imperial Bank of Comm NY
5/27/11 (a)		0.31	%		1,300		1,299,989
Credit Suisse NY
4/14/11		0.30	%		1,300		1,300,019
Dnb Nor Bank ASA NY
6/15/11		0.28	%		1,300		1,300,000
National Australia Bank NY
10/19/11 (a)		0.32	%		600		600,038
12/30/11 (a)		0.56	%		700		701,216
Nordea Bank Finland NY
5/03/11		0.45	%		1,300		1,300,150
Rabobank Nederland NV NY
7/21/11		0.36	%		1,300		1,300,000
Royal Bank of Canada NY
3/29/12 (a)		0.30	%		650		650,000
2/14/12 (a)		0.31	%		500		499,957
1/27/12 (a)		0.35	%		150		150,051
Societe Generale NY
4/01/11		0.18	%		1,300		1,300,000
State Street Bank & Trust
5/12/11		0.25	%		1,300		1,300,000
Toronto-Dominion Bank NY
10/28/11 (a)		0.32	%		500		500,000
1/12/12 (a)		0.34	%		800		800,000
Westpac Banking Corp. NY
1/13/12 (a)		0.35	%		1,300		1,300,000
							18,301,337
Municipal Obligations - 22.7%
Connecticut Hlth & Ed Fac Auth (Yale Univ)
Series 2001V-1
7/01/36 (b)		0.15	%		1,000		1,000,000
Dallas Fort Worth TX Intl Arpt (United Parcel Service)
5/01/32 (b)		0.18	%		1,300		1,300,000
Houston TX Hgr Ed Fin Corp. (Rice University)
Series 2008B 5/15/48 (b)		0.15	%		1,200		1,200,000
Loudoun Cnty VA IDA (Howard Hughes Med Inst)
2/15/38 (b)		0.20	%		2,000		2,000,000

	Yield*			Principal Amount (000)		U.S. $ Value
Massachusetts Dev Fin Agy (Smith College)
7/01/24 (b)		0.19	%	$	1,248	$	1,248,000
Massachusetts Hlth & Ed Facs Auth (Harvard Univ)
Series 1999R
11/01/49 (b)		0.15	%		1,300		1,300,000
Mississippi Business Fin Corp. (Chevron USA, Inc.)
Series 2009E
12/01/30 (b)		0.19	%		1,000		1,000,000
Valdez AK Marine Terminal (Exxon Mobil Corp.)
1993B
12/01/33 (b)		0.18	%		1,300		1,300,000
							10,348,000
Commercial Paper - 21.0%
Abbott Laboratories
4/25/11 (c)		0.15	%		600		599,940
Australia & New Zealand Banking Group Ltd
1/30/12 (a)(c)		0.50	%		1,000		1,001,547
10/21/11 (a)(c)		0.60	%		250		250,417
Banque Et Caisse Epargne
5/04/11		0.34	%		1,300		1,299,595
Commonwealth Bank of Australia
11/04/11 (a)(c)		0.61	%		1,300		1,302,243
KFW
5/11/11 (c)		0.25	%		1,300		1,299,639
Norinchukin Bank NY
4/19/11		0.32	%		1,300		1,300,000
Svenska Handelsbank, Inc.
5/09/11 (c)		0.27	%		1,300		1,299,629
Toyota Motor Credit Corp.
4/01/11		0.16	%		1,200		1,200,000
							9,553,010
U.S. Government & Government Sponsored Agency Obligations - 10.5%
Federal Farm Credit Bank
11/17/11 (a)		0.19	%		500		499,909
12/20/11 (a)		0.21	%		500		499,928
7/20/12 (a)		0.21	%		500		499,802
4/23/12 (a)		0.26	%		500		500,067
4/12/12 (a)		0.29	%		500		500,183
Federal Home Loan Bank		0.19	%		500		499,771
2/17/12 (a)
Federal Home Loan Mortgage Corp.
2/02/12 (a)		0.18	%		500		499,662
5/05/11 (a)		0.19	%		300		299,975
12/21/11 (a)		0.20	%		500		499,854

	Yield*			Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association
9/19/11 (a)		0.21	%		500		499,906
							4,799,057
Corporates - Investment Grade - 2.9%
JPMorgan Chase & Co.c
6/13/11 (a)		1.06	%		1,300		1,302,007
Repurchase Agreements - 2.8%
Mizuho Securities USA , 0.12%, dated 03/31/11 due 04/01/11 in the amount of $1,300,004 (collateralized by $1,320,200 U.S. Treasury Note, 1.00% due 07/31/11, value $1,326,065)					1,300		1,300,000
Total Investments - 100.1% (cost $45,603,411) (d)							45,603,411
Other assets less liabilities - (0.1)%							(40,923	)
Net Assets - 100.0%						$	45,562,488

(a) Floating Rate Security. Stated interest rate was in effect at March 31, 2011.

(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) 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, 2011, the aggregate market value of these securities amounted to $5,753,415 or 12.6% of net assets.

(d) As of March 31, 2011, 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.

Glossary:

IDA - Industrial Development Authority/Agency

AllianceBernstein Variable Products Series Fund

Money Market Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Certificates of Deposit	$	—	$	18,301,337	$	—	$	18,301,337
Municipal Obligations		—		10,348,000		—		10,348,000
Commercial Paper		—		9,553,010		—		9,553,010
U.S. Government & Government Sponsored Agency Obligations		—		4,799,057		—		4,799,057
Corporates - Investment Grade		—		1,302,007		—		1,302,007
Repurchase Agreements		—		1,300,000		—		1,300,000
Total Investments in Securities		—		45,603,411		—		45,603,411
Other Financial Instruments*		—		—		—		—
Total	$	—	$	45,603,411	$	—	$	45,603,411

* Other financial instruments are derivative instruments, 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, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.4%
Equity:Other - 28.6%
Diversified/Specialty - 16.0%
Alexandria Real Estate Equities, Inc.		15,300	$	1,192,941
BioMed Realty Trust, Inc.		70,500		1,340,910
Coresite Realty Corp.		33,976		538,180
Digital Realty Trust, Inc.		45,000		2,616,300
Forest City Enterprises, Inc. (a)		51,390		967,674
Potlatch Corp.		30,700		1,234,140
Rayonier, Inc.		35,947		2,239,857
Vornado Realty Trust		26,700		2,336,250
Washington Real Estate Investment Trust		6,500		202,085
				12,668,337
Health Care - 10.8%
HCP, Inc.		20,400		773,976
Health Care REIT, Inc.		52,500		2,753,100
National Health Investors, Inc.		21,413		1,026,111
Nationwide Health Properties, Inc.		42,319		1,799,827
Ventas, Inc.		40,400		2,193,720
				8,546,734
Triple Net - 1.8%
Entertainment Properties Trust		29,379		1,375,525
				22,590,596
Residential - 25.5%
Multi-Family - 15.3%
BRE Properties, Inc.		26,150		1,233,757
Camden Property Trust		23,625		1,342,372
Colonial Properties Trust		73,000		1,405,250
Equity Residential		54,000		3,046,140
Essex Property Trust, Inc.		14,800		1,835,200
Home Properties, Inc.		13,924		820,820
Mid-America Apartment Communities, Inc.		12,510		803,142
UDR, Inc.		64,800		1,579,176
				12,065,857
Self Storage - 9.2%
Extra Space Storage, Inc.		96,200		1,992,302
Public Storage		33,900		3,759,849
U-Store-It Trust		146,000		1,535,920
				7,288,071
Student Housing - 1.0%
Education Realty Trust, Inc.		99,300		797,379
				20,151,307
Retail - 18.5%
Regional Mall - 12.5%
General Growth Properties, Inc.		40,399		625,376
Glimcher Realty Trust		109,300		1,011,025
Simon Property Group, Inc.		69,711		7,470,231
Taubman Centers, Inc.		14,583		781,357
				9,887,989
Shopping Center/Other Retail - 6.0%
Developers Diversified Realty Corp.		56,300		788,200

Company	Shares		U.S. $ Value
Excel Trust, Inc.		60,100		708,579
Kimco Realty Corp.		108,616		1,992,018
Weingarten Realty Investors		48,357		1,211,826
				4,700,623
				14,588,612
Office - 10.6%
Office - 10.6%
Boston Properties, Inc.		39,769		3,772,090
Douglas Emmett, Inc.		86,000		1,612,500
Duke Realty Corp.		117,249		1,642,658
Kilroy Realty Corp.		30,700		1,192,081
SL Green Realty Corp.		2,600		195,520
				8,414,849
Lodging - 10.4%
Lodging - 10.4%
Ashford Hospitality Trust, Inc.		77,200		850,744
DiamondRock Hospitality Co.		96,623		1,079,279
Host Hotels & Resorts, Inc.		62,600		1,102,386
Hyatt Hotels Corp. (a)		35,700		1,536,528
Intercontinental Hotels Group PLC		52,100		1,067,674
LaSalle Hotel Properties		43,800		1,182,600
Sunstone Hotel Investors, Inc. (a)		76,721		781,787
Wyndham Worldwide Corp.		19,200		610,752
				8,211,750
Industrials - 4.8%
Industrial Warehouse Distribution - 4.8%
AMB Property Corp.		17,077		614,260
First Potomac Realty Trust		17,005		267,829
ProLogis		180,792		2,889,056
				3,771,145
Total Common Stocks (cost $64,790,669)				77,728,259
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.9%
Time Deposit - 0.9%
State Street Time Deposit
0.01%, 4/01/11 (Cost $736,000)	$	736		736,000
Total Investments - 99.3% (cost $65,526,669) (b)				78,464,259
Other assets less liabilities - 0.7%				573,745
Net Assets - 100.0%			$	79,038,004

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,031,943 and gross unrealized depreciation of investments was $(94,353), resulting in net unrealized appreciation of $12,937,590.

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

Glossary:

REIT – Real Estate Investment Trust

AllianceBernstein Variable Products Series Fund

Real Estate Investment Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Equity:Other	$	22,590,596	$	—	$	—	$	22,590,596
Residential		20,151,307		—		—		20,151,307
Retail		14,588,612		—		—		14,588,612
Office		8,414,849		—		—		8,414,849
Lodging		7,144,076		1,067,674		—		8,211,750
Industrials		3,771,145		—		—		3,771,145
Short-Term Investments		—		736,000		—		736,000
Total Investments in Securities		76,660,585		1,803,674		—		78,464,259
Other Financial Instruments*		—		—		—		—
Total	$	76,660,585	$	1,803,674	$	—	$	78,464,259

* Other financial instruments are derivative instruments, 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, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.2%
Information Technology - 30.2%
Communications Equipment - 5.3%
ADTRAN, Inc.		18,780	$	797,399
Aruba Networks, Inc. (a)		20,632		698,187
Ixia (a)		39,642		629,515
Netgear, Inc. (a)		21,530		698,433
Riverbed Technology, Inc. (a)		19,334		727,925
				3,551,459
Electronic Equipment, Instruments & Components - 0.7%
Universal Display Corp. (a)		8,055		443,347
Internet Software & Services - 4.0%
Cornerstone OnDemand, Inc. (a)		9,149		166,786
DealerTrack Holdings, Inc. (a)		28,729		659,618
IntraLinks Holdings, Inc. (a)		21,119		564,722
LogMeIn, Inc. (a)		12,090		509,715
RightNow Technologies, Inc. (a)		25,670		803,471
				2,704,312
IT Services - 1.5%
VeriFone Systems, Inc. (a)		18,059		992,342
Semiconductors & Semiconductor Equipment - 7.6%
Entegris, Inc. (a)		48,946		429,256
Fairchild Semiconductor International, Inc. (a)		40,880		744,016
Hittite Microwave Corp. (a)		9,270		591,148
International Rectifier Corp. (a)		26,040		860,882
Magnachip Semiconductor Corp. (a)		25,514		350,818
Netlogic Microsystems, Inc. (a)		20,132		845,947
ON Semiconductor Corp. (a)		36,020		355,517
Skyworks Solutions, Inc. (a)		8,130		263,575
Teradyne, Inc. (a)		36,150		643,831
				5,084,990
Software - 11.1%
Aspen Technology, Inc. (a)		60,367		904,901
Concur Technologies, Inc. (a)		10,810		599,415
Fortinet, Inc. (a)		20,913		920,172
Informatica Corp. (a)		12,990		678,468
MICROS Systems, Inc. (a)		12,840		634,681
Radiant Systems, Inc. (a)		34,204		605,411
RealD, Inc. (a)		28,104		768,925
SuccessFactors, Inc. (a)		21,830		853,335
Taleo Corp. (a)		14,314		510,294
TIBCO Software, Inc. (a)		37,550		1,023,237
				7,498,839
				20,275,289

Company	Shares		U.S. $ Value
Health Care - 18.6%
Biotechnology - 5.8%
Amarin Corp. PLC (ADR) (a)		35,400		258,420
Ardea Biosciences, Inc. (a)		9,200		263,948
Ariad Pharmaceuticals, Inc. (a)		17,700		133,104
Arqule, Inc. (a)		42,927		307,357
AVEO Pharmaceuticals, Inc. (a)		12,370		165,634
Cepheid, Inc. (a)		15,767		441,791
Human Genome Sciences, Inc. (a)		7,650		209,992
Incyte Corp. Ltd. (a)		23,200		367,720
InterMune, Inc. (a)		10,620		501,158
Ironwood Pharmaceuticals, Inc. (a)		12,700		177,800
NPS Pharmaceuticals, Inc. (a)		6,717		64,282
Pharmasset, Inc. (a)		4,253		334,754
United Therapeutics Corp. (a)		9,990		669,530
				3,895,490
Health Care Equipment & Supplies - 3.5%
NxStage Medical, Inc. (a)		25,627		563,281
Sirona Dental Systems, Inc. (a)		12,990		651,578
Volcano Corp. (a)		24,720		632,832
Zoll Medical Corp. (a)		11,355		508,818
				2,356,509
Health Care Providers & Services - 5.1%
Centene Corp. (a)		22,610		745,678
Healthspring, Inc. (a)		22,068		824,681
HMS Holdings Corp. (a)		12,374		1,012,812
IPC The Hospitalist Co., Inc. (a)		14,870		675,247
Magellan Health Services, Inc. (a)		4,140		203,191
				3,461,609
Health Care Technology - 1.6%
SXC Health Solutions Corp. (a)		19,480		1,067,504
Pharmaceuticals - 2.6%
Impax Laboratories, Inc. (a)		27,750		706,238
MAP Pharmaceuticals, Inc. (a)		13,770		189,888
Nektar Therapeutics (a)		25,000		236,750
Optimer Pharmaceuticals, Inc. (a)		19,206		227,207
Salix Pharmaceuticals Ltd. (a)		11,290		395,489
				1,755,572
				12,536,684
Industrials - 18.4%
Aerospace & Defense - 1.7%
Hexcel Corp. (a)		40,740		802,171
Keyw Holding Corp. (The) (a)		28,983		355,911
				1,158,082
Air Freight & Logistics - 1.1%
Atlas Air Worldwide Holdings, Inc. (a)		10,877		758,344

Company	Shares		U.S. $ Value
Building Products - 0.9%
Simpson Manufacturing Co., Inc.		21,090		621,311
Commercial Services & Supplies - 1.2%
Interface, Inc.		44,510		822,990
Electrical Equipment - 1.1%
AMETEK, Inc.		16,980		744,913
Machinery - 7.2%
Actuant Corp.-Class A		28,530		827,370
Bucyrus International, Inc.-Class A		2,110		192,960
IDEX Corp.		18,275		797,704
Lincoln Electric Holdings, Inc.		10,350		785,772
Middleby Corp. (a)		8,020		747,624
RBC Bearings, Inc. (a)		16,510		631,177
Valmont Industries, Inc.		7,790		813,042
				4,795,649
Marine - 1.3%
Kirby Corp. (a)		15,073		863,532
Professional Services - 1.2%
TrueBlue, Inc. (a)		49,070		823,885
Road & Rail - 2.0%
Genesee & Wyoming, Inc.-Class A (a)		12,420		722,844
Knight Transportation, Inc.		31,090		598,483
				1,321,327
Trading Companies & Distributors - 0.7%
United Rentals, Inc. (a)		13,300		442,624
				12,352,657
Consumer Discretionary - 17.9%
Distributors - 1.1%
LKQ Corp. (a)		31,030		747,823
Diversified Consumer Services - 0.7%
K12, Inc. (a)		13,300		448,210
Hotels, Restaurants & Leisure - 5.0%
Gaylord Entertainment Co. (a)		19,210		666,203
Life Time Fitness, Inc. (a)		18,070		674,191
Orient-Express Hotels Ltd.-Class A (a)		60,840		752,591
Panera Bread Co.-Class A (a)		5,580		708,660
Texas Roadhouse, Inc.-Class A		35,030		595,160
				3,396,805
Household Durables - 1.2%
Tempur-Pedic International, Inc. (a)		16,130		817,146
Media - 2.0%
Lamar Advertising Co. (a)		17,220		636,107
National CineMedia, Inc.		36,700		685,189
				1,321,296
Specialty Retail - 7.1%
Citi Trends, Inc. (a)		15,450		344,380

Company	Shares		U.S. $ Value
Dick’s Sporting Goods, Inc. (a)		18,790		751,224
Select Comfort Corp. (a)		77,350		932,841
Tractor Supply Co.		14,700		879,942
Ulta Salon Cosmetics & Fragrance, Inc. (a)		18,160		874,041
Zumiez, Inc. (a)		37,000		977,910
				4,760,338
Textiles, Apparel & Luxury Goods - 0.8%
Vera Bradley, Inc. (a)		13,218		557,932
				12,049,550
Energy - 5.3%
Energy Equipment & Services - 2.7%
Complete Production Services, Inc. (a)		21,012		668,392
Dril-Quip, Inc. (a)		6,860		542,146
Oceaneering International, Inc. (a)		6,520		583,214
				1,793,752
Oil, Gas & Consumable Fuels - 2.6%
Cabot Oil & Gas Corp.		14,240		754,293
Resolute Energy Corp. (a)		15,130		274,458
SM Energy Co.		10,058		746,203
				1,774,954
				3,568,706
Financials - 4.5%
Capital Markets - 3.2%
Affiliated Managers Group, Inc. (a)		4,610		504,196
Greenhill & Co., Inc.		5,990		394,082
KBW, Inc.		15,492		405,735
Stifel Financial Corp. (a)		11,431		820,632
				2,124,645
Commercial Banks - 1.3%
Iberiabank Corp.		9,243		555,782
Signature Bank (a)		5,516		311,102
				866,884
				2,991,529
Materials - 1.3%
Chemicals - 1.3%
Solutia, Inc. (a)		35,270		895,858
Consumer Staples - 1.0%
Food Products - 1.0%
Green Mountain Coffee Roasters, Inc. (a)		10,230		660,960
Total Common Stocks (cost $46,427,491)				65,331,233

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 3.1%
Time Deposit - 3.1%
State Street Time Deposit 0.01%, 4/01/11 (cost $2,095,000)		2,095		2,095,000
Total Investments - 100.3% (cost $48,522,491) (b)				67,426,233
Other assets less liabilities - (0.3)%				(207,008	)
Net Assets - 100.0%			$	67,219,225

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $19,143,691 and gross unrealized depreciation of investments was $(239,949), resulting in net unrealized appreciation of $18,903,742.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Small Cap Growth Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	65,331,233	$	—	$	—	$	65,331,233
Short-Term Investments		—		2,095,000		—		2,095,000
Total Investments in Securities		65,331,233		2,095,000		—		67,426,233
Other Financial Instruments*		—		—		—		—
Total	$	65,331,233	$	2,095,000	$	—	$	67,426,233

* Other financial instruments are derivative instruments, 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, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Financials - 24.1%
Capital Markets - 0.9%
MF Global Holdings Ltd. (a)		604,000	$	5,001,120
Commercial Banks - 6.4%
Associated Banc-Corp		225,400		3,347,190
CapitalSource, Inc.		959,000		6,751,360
Comerica, Inc.		180,600		6,631,632
Popular, Inc. (a)		1,737,957		5,057,455
Susquehanna Bancshares, Inc.		369,964		3,459,163
Umpqua Holdings Corp.		311,840		3,567,450
Webster Financial Corp.		158,200		3,390,226
Whitney Holding Corp.		343,900		4,683,918
				36,888,394
Insurance - 6.2%
Amtrust Financial Services, Inc.		186,600		3,558,462
Aspen Insurance Holdings Ltd.		198,200		5,462,392
Endurance Specialty Holdings Ltd.		137,300		6,702,986
Fidelity National Financial, Inc.-Class A		205,800		2,907,954
Platinum Underwriters Holdings Ltd.		181,250		6,903,812
Reinsurance Group of America, Inc.-Class A		85,200		5,348,856
Unum Group		178,400		4,683,000
				35,567,462
Real Estate Investment Trusts (REITS) - 7.5%
BioMed Realty Trust, Inc.		265,700		5,053,614
BRE Properties, Inc.		103,450		4,880,771
Camden Property Trust		118,100		6,710,442
CBL & Associates Properties, Inc.		192,800		3,358,576
DiamondRock Hospitality Co.		541,600		6,049,672
Entertainment Properties Trust		149,800		7,013,636
Sunstone Hotel Investors, Inc. (a)		485,130		4,943,475
Tanger Factory Outlet Centers		179,000		4,696,960
				42,707,146
Real Estate Management & Development - 0.7%
Forest City Enterprises, Inc. (a)		215,300		4,054,099
Thrifts & Mortgage Finance - 2.4%
First Niagara Financial Group, Inc.		368,100		4,998,798
People’s United Financial, Inc.		277,100		3,485,918
Washington Federal, Inc.		293,900		5,096,226
				13,580,942
				137,799,163
Consumer Discretionary - 15.6%
Auto Components - 2.7%
Cooper Tire & Rubber Co.		203,500		5,240,125
Dana Holding Corp. (a)		275,400		4,789,206
Federal-Mogul Corp. (a)		13,293		330,996
TRW Automotive Holdings Corp. (a)		93,100		5,127,948
				15,488,275
Hotels, Restaurants & Leisure - 2.0%
Royal Caribbean Cruises Ltd. (a)		109,500		4,517,970

Company	Shares		U.S. $ Value
Wyndham Worldwide Corp.		217,300		6,912,313
				11,430,283
Household Durables - 2.5%
American Greetings Corp.		315,000		7,434,000
NVR, Inc. (a)		8,810		6,660,360
				14,094,360
Media - 1.4%
Gannett Co., Inc.		325,800		4,961,934
Meredith Corp.		94,000		3,188,480
				8,150,414
Multiline Retail - 1.8%
Big Lots, Inc. (a)		124,900		5,424,407
Saks, Inc. (a)		420,900		4,760,379
				10,184,786
Specialty Retail - 4.2%
ANN, Inc. (a)		252,100		7,338,631
Foot Locker, Inc.		351,750		6,936,510
Office Depot, Inc. (a)		908,300		4,205,429
Signet Jewelers Ltd. (a)		116,900		5,379,738
				23,860,308
Textiles, Apparel & Luxury Goods - 1.0%
Jones Group, Inc. (The)		421,450		5,794,937
				89,003,363
Industrials - 11.7%
Airlines - 0.6%
Alaska Air Group, Inc. (a)		57,400		3,640,308
Building Products - 0.6%
Masco Corp.		253,100		3,523,152
Commercial Services & Supplies - 0.8%
Avery Dennison Corp.		114,300		4,796,028
Electrical Equipment - 3.2%
EnerSys (a)		105,600		4,197,600
General Cable Corp. (a)		157,900		6,837,070
Thomas & Betts Corp. (a)		124,950		7,430,776
				18,465,446
Machinery - 3.0%
Briggs & Stratton Corp.		254,500		5,764,425
Mueller Industries, Inc.		195,700		7,166,534
Trinity Industries, Inc.		111,400		4,085,038
				17,015,997
Professional Services - 0.7%
Kelly Services, Inc.-Class A (a)		169,200		3,673,332
Road & Rail - 0.7%
Con-way, Inc.		98,950		3,887,746

Company	Shares		U.S. $ Value
Trading Companies & Distributors - 2.1%
Aircastle Ltd.		426,200		5,144,234
WESCO International, Inc. (a)		111,500		6,968,750
				12,112,984
				67,114,993
Energy - 10.5%
Energy Equipment & Services - 3.5%
Bristow Group, Inc. (a)		141,000		6,669,300
Helix Energy Solutions Group, Inc. (a)		386,300		6,644,360
Helmerich & Payne, Inc.		98,900		6,793,441
				20,107,101
Oil, Gas & Consumable Fuels - 7.0%
Forest Oil Corp. (a)		199,400		7,543,302
Petroleum Development Corp. (a)		109,300		5,247,493
Southern Union Co.		250,400		7,166,448
Swift Energy Co. (a)		165,000		7,042,200
Teekay Corp.		195,100		7,205,043
Tesoro Corp. (a)		219,100		5,878,453
				40,082,939
				60,190,040
Utilities - 9.4%
Electric Utilities - 4.6%
NV Energy, Inc.		452,400		6,736,236
Pepco Holdings, Inc.		362,900		6,768,085
Portland General Electric Co.		271,800		6,460,686
Unisource Energy Corp.		172,900		6,246,877
				26,211,884
Gas Utilities - 2.4%
Atmos Energy Corp.		214,900		7,328,090
UGI Corp.		200,600		6,599,740
				13,927,830
Multi-Utilities - 2.4%
CMS Energy Corp.		341,800		6,712,952
NiSource, Inc.		357,600		6,858,768
				13,571,720
				53,711,434
Information Technology - 8.5%
Computers & Peripherals - 0.6%
NCR Corp. (a)		176,700		3,329,028
Electronic Equipment, Instruments & Components - 5.5%
Anixter International, Inc.		76,800		5,367,552
Arrow Electronics, Inc. (a)		130,200		5,452,776
AU Optronics Corp. (Sponsored ADR) (a)		568,442		4,990,921
Avnet, Inc. (a)		150,000		5,113,500
Flextronics International Ltd. (a)		695,600		5,196,132
Insight Enterprises, Inc. (a)		316,100		5,383,183
				31,504,064

Company	Shares		U.S. $ Value
IT Services - 1.8%
Amdocs Ltd. (a)		121,900		3,516,815
Convergys Corp. (a)		467,200		6,708,992
				10,225,807
Software - 0.6%
Take-Two Interactive Software, Inc. (a)		228,100		3,505,897
				48,564,796
Materials - 7.1%
Chemicals - 3.7%
Arch Chemicals, Inc.		184,800		7,685,832
Cytec Industries, Inc.		59,500		3,235,015
Huntsman Corp.		400,450		6,959,821
PolyOne Corp.		250,200		3,555,342
				21,436,010
Metals & Mining - 3.4%
Commercial Metals Co.		415,400		7,173,958
Reliance Steel & Aluminum Co.		120,325		6,952,379
Steel Dynamics, Inc.		269,600		5,060,392
				19,186,729
				40,622,739
Health Care - 6.5%
Health Care Equipment & Supplies - 1.3%
Kinetic Concepts, Inc. (a)		139,300		7,580,706
Health Care Providers & Services - 4.2%
AMERIGROUP Corp. (a)		58,700		3,771,475
Health Net, Inc. (a)		241,400		7,893,780
LifePoint Hospitals, Inc. (a)		188,645		7,579,756
Molina Healthcare, Inc. (a)		124,125		4,965,000
				24,210,011
Pharmaceuticals - 1.0%
Par Pharmaceutical Cos., Inc. (a)		180,400		5,606,832
				37,397,549
Consumer Staples - 5.1%
Beverages - 1.3%
Constellation Brands, Inc.-Class A (a)		371,125		7,526,415
Food Products - 3.8%
Bunge Ltd.		70,300		5,084,799
Dole Food Co., Inc. (a)		349,600		4,765,048
Smithfield Foods, Inc. (a)		334,200		8,040,852
Tyson Foods, Inc.-Class A		195,600		3,753,564
				21,644,263
				29,170,678
Total Common Stocks (cost $453,051,851)				563,574,755

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.3%
Time Deposit - 1.3%
State Street Time Deposit 0.01%, 4/01/11 (cost $7,077,000)	$	7,077		7,077,000
Total Investments - 99.8% (cost $460,128,851) (b)				570,651,755
Other assets less liabilities - 0.2%				1,294,786
Net Assets - 100.0%			$	571,946,541

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $117,245,005 and gross unrealized depreciation of investments was $(6,722,101), resulting in net unrealized appreciation of $110,522,904.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Small/Mid Cap Value Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	563,574,755	$	—	$	—	$	563,574,755
Short-Term Investments		—		7,077,000		—		7,077,000
Total Investments in Securities		563,574,755		7,077,000		—		570,651,755
Other Financial Instruments*		—		—		—		—
Total	$	563,574,755	$	7,077,000	$	—	$	570,651,755

* Other financial instruments are derivative instruments, 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, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.2%
Consumer Discretionary - 18.5%
Auto Components - 1.3%
Lear Corp.		32,600		1,593,162
TRW Automotive Holdings Corp. (a)		21,700		1,195,236
				2,788,398
Automobiles - 0.8%
Ford Motor Co. (a)		73,100		1,089,921
General Motors Co. (a)		17,200		533,716
				1,623,637
Hotels, Restaurants & Leisure - 0.3%
Royal Caribbean Cruises Ltd. (a)		14,700		606,522
Household Durables - 1.7%
Fortune Brands, Inc.		13,600		841,704
Garmin Ltd.		36,479		1,235,179
NVR, Inc. (a)		2,000		1,512,000
				3,588,883
Media - 8.8%
Cablevision Systems Corp.		7,600		263,036
Comcast Corp.-Class A		182,500		4,511,400
DIRECTV (a)		48,500		2,269,800
Gannett Co., Inc.		85,200		1,297,596
News Corp.-Class A		170,900		3,001,004
Time Warner Cable, Inc.-Class A		46,800		3,338,712
Time Warner, Inc.		63,100		2,252,670
Viacom, Inc.-Class B		42,800		1,991,056
				18,925,274
Multiline Retail - 1.4%
Kohls Corp.		32,800		1,739,712
Macys, Inc.		54,100		1,312,466
				3,052,178
Specialty Retail - 4.2%
Foot Locker, Inc.		72,900		1,437,588
Gap, Inc. (The)		80,600		1,826,396
Limited Brands, Inc.		34,000		1,117,920
Lowe’s Cos., Inc.		74,600		1,971,678
Office Depot, Inc. (a)		180,800		837,104
Ross Stores, Inc.		14,900		1,059,688
TJX Cos., Inc.		17,800		885,194
				9,135,568
				39,720,460
Financials - 17.0%
Capital Markets - 2.2%
Goldman Sachs Group, Inc. (The)		13,100		2,075,957
Morgan Stanley		94,700		2,587,204
				4,663,161
Commercial Banks - 4.2%
BB&T Corp.		67,100		1,841,895
Comerica, Inc.		16,900		620,568

Company	Shares		U.S. $ Value
Wells Fargo & Co.		206,800		6,555,560
				9,018,023
Consumer Finance - 0.3%
Capital One Financial Corp.		14,700		763,812
Diversified Financial Services - 6.7%
Bank of America Corp.		198,400		2,644,672
Citigroup, Inc.(a)		909,800		4,021,316
JPMorgan Chase & Co.		160,600		7,403,660
Moody’s Corp.		12,600		427,266
				14,496,914
Insurance - 3.6%
ACE Ltd.		26,700		1,727,490
Allstate Corp. (The)		17,800		565,684
Berkshire Hathaway, Inc. (a)		17,400		1,455,162
Chubb Corp.		15,500		950,305
Travelers Cos., Inc. (The)		49,400		2,938,312
				7,636,953
				36,578,863
Energy - 15.1%
Energy Equipment & Services - 2.5%
Ensco PLC (Sponsored ADR)		39,400		2,278,896
McDermott International, Inc. (a)		49,900		1,266,961
Nabors Industries Ltd. (a)		60,600		1,841,028
				5,386,885
Oil, Gas & Consumable Fuels - 12.6%
Chevron Corp.		61,300		6,585,459
ConocoPhillips		46,500		3,713,490
Devon Energy Corp.		52,700		4,836,279
Hess Corp.		30,900		2,632,989
Marathon Oil Corp.		82,600		4,403,406
Newfield Exploration Co. (a)		26,800		2,037,068
Nexen, Inc. (New York)		69,700		1,736,924
Tesoro Corp. (a)		27,500		737,825
Total SA (Sponsored ADR)		5,300		323,141
				27,006,581
				32,393,466
Health Care - 12.6%
Biotechnology - 1.9%
Amgen, Inc. (a)		33,600		1,795,920
Gilead Sciences, Inc. (a)		52,300		2,219,612
				4,015,532
Health Care Providers & Services - 2.1%
Health Net, Inc. (a)		28,800		941,760
UnitedHealth Group, Inc.		38,900		1,758,280
WellPoint, Inc.		27,400		1,912,246
				4,612,286
Pharmaceuticals - 8.6%
AstraZeneca PLC (Sponsored ADR)		70,000		3,228,400

Company	Shares		U.S. $ Value
Johnson & Johnson		112,500		6,665,625
Merck & Co., Inc.		6,500		214,565
Pfizer, Inc.		406,700		8,260,077
				18,368,667
				26,996,485
Consumer Staples - 8.4%
Beverages - 0.8%
Constellation Brands, Inc. - Class A (a)		89,300		1,811,004
Food & Staples Retailing - 1.4%
Kroger Co. (The)		108,600		2,603,142
Safeway, Inc.		12,200		287,188
				2,890,330
Food Products - 2.9%
Archer-Daniels-Midland Co.		50,400		1,814,904
Bunge Ltd.		33,300		2,408,589
ConAgra Foods, Inc.		34,400		817,000
Smithfield Foods, Inc. (a)		48,100		1,157,286
				6,197,779
Household Products - 2.0%
Kimberly-Clark Corp.		9,677		631,618
Procter & Gamble Co. (The)		58,600		3,609,760
				4,241,378
Tobacco - 1.3%
Altria Group, Inc.		109,500		2,850,285
				17,990,776
Industrials - 8.2%
Aerospace & Defense - 2.7%
Huntington Ingalls Industries, Inc. (a)		9,933		412,233
Northrop Grumman Corp.		59,600		3,737,516
Raytheon Co.		32,600		1,658,362
				5,808,111
Airlines - 0.7%
Delta Air Lines, Inc. (a)		151,500		1,484,700
Industrial Conglomerates - 2.0%
General Electric Co.		215,300		4,316,765
Machinery - 2.8%
Eaton Corp.		18,000		997,920
Ingersoll-Rand PLC		56,100		2,710,191
Parker Hannifin Corp.		22,200		2,101,896
SPX Corp.		3,400		269,926
				6,079,933
				17,689,509
Utilities - 5.8%
Electric Utilities - 1.6%
American Electric Power Co., Inc.		8,900		312,746
Edison International		52,800		1,931,952
NV Energy, Inc.		83,400		1,241,826
				3,486,524

Company	Shares		U.S. $ Value
Gas Utilities - 1.2%
Atmos Energy Corp.		38,400		1,309,440
UGI Corp.		35,500		1,167,950
				2,477,390
Independent Power Producers & Energy Traders - 0.2%
Constellation Energy Group, Inc.		17,000		529,210
Multi-Utilities - 2.8%
Ameren Corp.		23,000		645,610
CenterPoint Energy, Inc.		54,700		960,532
CMS Energy Corp.		63,800		1,253,032
DTE Energy Co.		38,900		1,904,544
NiSource, Inc.		69,000		1,323,420
				6,087,138
				12,580,262
Information Technology - 5.7%
Communications Equipment - 1.0%
Motorola Solutions, Inc. (a)		46,600		2,082,554
Computers & Peripherals - 2.5%
Dell, Inc. (a)		236,900		3,437,419
Hewlett-Packard Co.		48,900		2,003,433
				5,440,852
Electronic Equipment, Instruments & Components - 1.4%
Corning, Inc.		97,100		2,003,173
TE Connectivity Ltd.		29,000		1,009,780
				3,012,953
Semiconductors & Semiconductor Equipment - 0.8%
Advanced Semiconductor Engineering, Inc. (ADR)		85,600		469,088
Intel Corp.		61,300		1,236,421
				1,705,509
				12,241,868
Materials - 4.2%
Chemicals - 2.1%
Dow Chemical Co. (The)		83,500		3,152,125
LyondellBasell Industries NV (a)		32,200		1,273,510
				4,425,635
Metals & Mining - 2.1%
Alcoa, Inc.		140,300		2,476,295
Commercial Metals Co.		42,000		725,340
Reliance Steel & Aluminum Co.		12,200		704,916
Steel Dynamics, Inc.		36,700		688,859
				4,595,410
				9,021,045
Telecommunication Services - 3.7%
Diversified Telecommunication Services - 3.7%
AT&T, Inc.		159,300		4,874,580
CenturyLink, Inc.		42,100		1,749,255
Verizon Communications, Inc.		32,200		1,240,988

	Principal Amount (000)		U.S. $ Value
				7,864,823
Total Common Stocks (cost $178,758,120)				213,077,557
SHORT-TERM INVESTMENTS - 0.9%
Time Deposit - 0.9%
State Street Time Deposit 0.01%, 4/01/11 (cost $1,876,000)	$	1,876		1,876,000
Total Investments - 100.1% (cost $180,634,120) (b)				214,953,557
Other assets less liabilities - (0.1)%				(211,901	)
Net Assets - 100.0%			$	214,741,656

(a) Non-income producing security.

(b) As of March 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $38,155,520 and gross unrealized depreciation of investments was $(3,836,083), resulting in net unrealized appreciation of $34,319,437.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Value Portfolio

March 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish 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 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, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	213,077,557	$	—	$	—	$	213,077,557
Short-Term Investments		—		1,876,000		—		1,876,000
Total Investments in Securities		213,077,557		1,876,000		—		214,953,557
Other Financial Instruments*		—		—		—		—
Total	$	213,077,557	$	1,876,000	$	—	$	214,953,557

* Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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 26, 2011

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 26, 2011
By:	/s/     Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	May 26, 2011