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: September 30, 2011

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 62.1%
Financials - 15.9%
Capital Markets - 0.8%
Blackstone Group LP		109,575	$	1,312,708
Deutsche Bank AG		11,900		412,350
Goldman Sachs Group, Inc. (The)		17,405		1,645,643
Legg Mason, Inc.		21,500		552,765
Macquarie Group Ltd.		3,400		73,528
UBS AG (a)		28,433		325,233
				4,322,227
Commercial Banks - 2.1%
Australia & New Zealand Banking Group Ltd.		6,900		128,072
Banco Bilbao Vizcaya Argentaria SA		40,400		334,498
Banco do Brasil SA		11,600		153,248
Banco Santander SA		44,900		367,098
Barclays PLC		120,000		294,283
BNP Paribas SA		25,353		999,481
Hana Financial Group, Inc.		3,640		105,838
HSBC Holdings PLC		142,500		1,091,450
Intesa Sanpaolo SpA		122,650		192,345
Itau Unibanco Holding SA (ADR)		25,900		401,968
KB Financial Group, Inc.		3,845		127,047
KBC Groep NV		11,500		265,314
Lloyds Banking Group PLC (a)		739,400		396,949
Mitsubishi UFJ Financial Group, Inc.		99,400		456,212
National Australia Bank Ltd.		26,400		560,771
PNC Financial Services Group, Inc.		7,100		342,149
Regions Financial Corp.		20,700		68,931
Societe Generale SA		30,149		789,234
Standard Chartered PLC		33,359		665,545
Sumitomo Mitsui Financial Group, Inc.		17,100		481,802
Turkiye Is Bankasi-Class C		39,700		101,984
Turkiye Vakiflar Bankasi Tao-Class D		96,100		191,556
US Bancorp		13,900		327,206
Wells Fargo & Co.		81,700		1,970,604
				10,813,585
Consumer Finance - 0.1%
Shriram Transport Finance Co., Ltd.		21,100		261,081
Diversified Financial Services - 2.3%
Bank of America Corp.		74,700		457,164
Citigroup, Inc.		97,500		2,497,950
IG Group Holdings PLC		79,736		552,578
ING Groep NV (a)		117,300		827,417
JPMorgan Chase & Co.		209,417		6,307,640
Moody’s Corp.		26,900		819,105
ORIX Corp.		3,580		280,985
				11,742,839
Insurance - 1.6%
ACE Ltd.		14,000		848,400
Admiral Group PLC		42,260		829,000
Aegon NV (a)		100,300		406,554
AIA Group Ltd.		180,600		513,742
Allianz SE		8,200		768,579

Company	Shares		U.S. $ Value
Aviva PLC		73,000	$	343,310
Berkshire Hathaway, Inc. (a)		7,600		539,904
Chubb Corp. (The)		6,400		383,936
MetLife, Inc.		47,000		1,316,470
Muenchener Rueckversicherungs AG		4,000		496,787
Prudential PLC		32,200		276,535
Travelers Cos., Inc. (The)		28,100		1,369,313
XL Group PLC		5,300		99,640
				8,192,170
Real Estate Investment Trusts (REITs) - 6.3%
American Campus Communities, Inc.		7,700		286,517
Ascendas Real Estate Investment Trust		231,000		356,210
Ashford Hospitality Trust, Inc.		51,979		364,893
Beni Stabili SpA		304,477		160,310
Big Yellow Group PLC		129,970		482,030
BioMed Realty Trust, Inc.		35,900		594,863
Boston Properties, Inc.		11,694		1,041,935
BRE Properties, Inc.		5,350		226,519
British Land Co. PLC		156,129		1,150,025
Camden Property Trust		8,300		458,658
Canadian Apartment Properties REIT		12,100		243,640
CapitaMall Trust		174,000		241,299
CFS Retail Property Trust		68,981		115,755
Chartwell Seniors Housing Real Estate Investment Trust		66,500		479,125
Colonial Properties Trust		19,500		354,120
Cominar Real Estate Investment Trust		23,303		477,891
Coresite Realty Corp.		13,961		200,340
CubeSmart		9,070		77,367
Dexus Property Group		970,000		764,569
Digital Realty Trust, Inc.		15,600		860,496
Douglas Emmett, Inc.		41,626		711,805
Duke Realty Corp.		52,700		553,350
Dundee International Real Estate Investment Trust		13,723		127,028
Dundee Real Estate Investment Trust		15,756		477,687
EastGroup Properties, Inc.		3,100		118,234
Entertainment Properties Trust		7,150		278,707
Equity Lifestyle Properties, Inc.		1,415		88,721
Essex Property Trust, Inc.		4,900		588,196
Extra Space Storage, Inc.		26,400		491,832
Federal Realty Investment Trust		4,600		379,086
Fonciere Des Regions		5,300		369,711
General Growth Properties, Inc.		48,000		580,800
Glimcher Realty Trust		51,208		362,553
Goodman Group		1,200,850		657,934
Great Portland Estates PLC		98,700		520,081
H&R Real Estate Investment Trust		19,484		389,903
Hammerson PLC		63,000		368,832
Health Care REIT, Inc.		17,190		804,492
Home Properties, Inc.		10,232		580,768
InnVest Real Estate Investment Trust		87,344		360,078
Kilroy Realty Corp.		7,596		237,755
Klepierre		21,303		597,152
Land Securities Group PLC		4,784		47,546
Liberty Property Trust		16,400		477,404
Link REIT (The)		214,412		676,042
Mid-America Apartment Communities, Inc.		9,650		581,123
National Health Investors, Inc.		13,917		586,323
National Retail Properties, Inc.		7,270		197,844

Company	Shares		U.S. $ Value
Pebblebrook Hotel Trust		6,800	$	106,420
Post Properties, Inc.		9,500		330,030
Primaris Retail Real Estate Investment Trust		17,483		342,019
ProLogis, Inc.		24,043		583,043
Public Storage		10,950		1,219,282
RioCan Real Estate Investment Trust (New York) (b)		1,400		34,736
RioCan Real Estate Investment Trust (Toronto)		13,621		337,958
RLJ Lodging Trust		18,558		236,986
Simon Property Group, Inc.		25,265		2,778,645
SL Green Realty Corp.		3,833		222,889
Sovran Self Storage, Inc.		2,226		82,740
Stockland		184,151		512,580
Unibail-Rodamco SE		9,809		1,750,286
Ventas, Inc.		18,000		889,200
Weingarten Realty Investors		24,676		522,391
Westfield Group		154,349		1,144,606
Westfield Retail Trust		152,100		353,978
				32,595,338
Real Estate Management & Development - 2.6%
BR Malls Participacoes SA		29,400		300,372
CapitaLand Ltd.		178,000		332,114
Castellum AB		43,645		531,812
CB Richard Ellis Group, Inc.-Class A (a)		60,700		817,022
Cheung Kong Holdings Ltd.		21,000		228,318
Evergrande Real Estate Group Ltd.		932,000		287,181
Forest City Enterprises, Inc. (a)		15,922		169,729
Global Logistic Properties Ltd. (a)		189,000		237,011
Great Eagle Holdings Ltd.		141,000		304,608
GSW Immobilien AG (a)		11,234		319,828
Hang Lung Group Ltd.		60,000		306,101
Hang Lung Properties Ltd.		282,000		848,006
Hongkong Land Holdings Ltd.		116,000		513,947
Hysan Development Co., Ltd.		125,822		376,397
Kerry Properties Ltd.		176,131		562,183
KWG Property Holding Ltd.		121,000		44,707
Lend Lease Group		49,154		330,119
Mitsubishi Estate Co., Ltd.		5,000		81,103
Mitsui Fudosan Co., Ltd.		125,100		1,976,228
Multiplan Empreendimentos Imobiliarios SA		14,287		264,806
New World Development Ltd.		565,972		541,886
Norwegian Property ASA		63,844		85,039
Soho China Ltd.		776,000		489,931
Sumitomo Realty & Development Co., Ltd.		24,000		461,353
Sun Hung Kai Properties Ltd.		158,700		1,820,607
Sunac China Holdings Ltd. (a)		440,200		78,537
UOL Group Ltd.		106,482		335,596
Wharf Holdings Ltd.		52,000		257,211
Wheelock & Co., Ltd.		107,000		316,583
				13,218,335
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp.		28,100		366,447
				81,512,022

Company	Shares		U.S. $ Value
Information Technology - 9.5%
Communications Equipment - 1.4%
Aruba Networks, Inc. (a)		32,600	$	681,666
Cisco Systems, Inc.		94,300		1,460,707
HTC Corp.		23,950		525,867
Motorola Solutions, Inc.		4,800		201,120
QUALCOMM, Inc.		71,085		3,456,864
Riverbed Technology, Inc. (a)		38,487		768,200
				7,094,424
Computers & Peripherals - 2.7%
Apple, Inc. (a)		20,650		7,871,367
Dell, Inc. (a)		58,800		832,020
EMC Corp. (a)		99,399		2,086,385
Fujitsu Ltd.		57,000		268,803
Hewlett-Packard Co.		82,700		1,856,615
Logitech International SA (a)		50,989		392,605
Toshiba Corp.		50,000		203,972
Wistron Corp.		121,793		136,684
				13,648,451
Electronic Equipment, Instruments & Components - 0.3%
AU Optronics Corp.		537,310		213,855
Corning, Inc.		84,300		1,041,948
LG Display Co., Ltd.		17,500		285,414
				1,541,217
Internet Software & Services - 1.1%
Google, Inc.-Class A (a)		8,820		4,536,832
Kakaku.com, Inc.		4,800		197,031
Telecity Group PLC (a)		118,842		1,025,347
				5,759,210
IT Services - 0.6%
Accenture PLC		31,317		1,649,780
Visa, Inc.-Class A		15,000		1,285,800
				2,935,580
Office Electronics - 0.1%
Konica Minolta Holdings, Inc.		46,500		318,837
Semiconductors & Semiconductor Equipment - 1.4%
Advanced Semiconductor Engineering, Inc.		212,685		181,339
Advanced Semiconductor Engineering, Inc. (ADR)		56,525		238,537
Applied Materials, Inc.		44,700		462,645
Broadcom Corp.-Class A (a)		73,408		2,443,752
Intel Corp.		76,200		1,625,346
Lam Research Corp. (a)		12,100		459,558
Marvell Technology Group Ltd. (a)		84,600		1,229,238
Powertech Technology, Inc.		31,900		67,831
Samsung Electronics Co., Ltd.		670		467,832
Sumco Corp. (a)		4,700		43,891
Trina Solar Ltd. (Sponsored ADR) (a)		16,800		102,144
				7,322,113

Company	Shares		U.S. $ Value
Software - 1.9%
Aveva Group PLC		8,660	$	188,785
Citrix Systems, Inc. (a)		35,690		1,946,176
Intuit, Inc. (a)		41,400		1,964,016
Microsoft Corp.		19,300		480,377
Nintendo Co., Ltd.		1,000		146,938
Oracle Corp.		114,600		3,293,604
Rovi Corp. (a)		19,038		818,253
SAP AG		17,900		910,792
Temenos Group AG (a)		20,095		271,383
				10,020,324
				48,640,156
Consumer Discretionary - 8.8%
Auto Components - 1.2%
BorgWarner, Inc. (a)		24,500		1,482,985
Bridgestone Corp.		22,700		515,055
Faurecia		13,000		276,906
GKN PLC		124,100		336,961
Johnson Controls, Inc.		57,400		1,513,638
Lear Corp.		18,400		789,360
Magna International, Inc.-Class A		10,100		333,968
NGK Spark Plug Co., Ltd.		13,000		176,676
Sumitomo Rubber Industries Ltd.		11,500		147,044
TRW Automotive Holdings Corp. (a)		11,700		382,941
				5,955,534
Automobiles - 0.8%
Ford Motor Co. (a)		68,100		658,527
General Motors Co. (a)		48,800		984,784
Mazda Motor Corp. (a)		126,000		254,866
Nissan Motor Co., Ltd.		76,800		679,529
Renault SA		17,200		569,723
Toyota Motor Corp.		20,700		709,579
Volkswagen AG (Preference Shares)		2,600		343,118
				4,200,126
Distributors - 0.2%
Inchcape PLC		23,660		102,194
Li & Fung Ltd.		640,000		1,072,739
				1,174,933
Diversified Consumer Services - 0.0%
Anhanguera Educacional Participacoes SA		2,600		33,464
Hotels, Restaurants & Leisure - 0.9%
Hyatt Hotels Corp. (a)		12,270		384,910
Intercontinental Hotels Group PLC		38,700		627,546
Kosmopolito Hotels International Ltd.		457,000		57,765
Las Vegas Sands Corp. (a)		19,800		759,132
Overseas Union Enterprise Ltd.		119,000		193,939
Shangri-La Asia Ltd.		279,333		533,355
Starbucks Corp.		54,440		2,030,068
Wyndham Worldwide Corp.		9,700		276,547
				4,863,262

Company	Shares		U.S. $ Value
Household Durables - 0.4%
MRV Engenharia e Participacoes SA		17,400	$	89,117
NVR, Inc. (a)		1,200		724,776
PDG Realty SA Empreendimentos e Participacoes		26,600		86,722
Rossi Residencial SA		78,000		364,228
Sharp Corp.		58,000		487,270
Sony Corp.		14,800		283,301
				2,035,414
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. (a)		10,875		2,351,501
Rakuten, Inc.		597		695,532
				3,047,033
Leisure Equipment & Products - 0.0%
Namco Bandai Holdings, Inc.		15,900		215,348
Media - 2.3%
CBS Corp.-Class B		10,100		205,838
Comcast Corp.-Class A		217,000		4,535,300
DIRECTV (a)		18,300		773,175
Gannett Co., Inc.		23,300		222,049
Informa PLC		59,300		300,954
Interpublic Group of Cos., Inc. (The)		20,500		147,600
McGraw-Hill Cos., Inc. (The)		12,600		516,600
Naspers Ltd.		4,600		198,652
News Corp.-Class A		37,400		578,578
Time Warner Cable, Inc.-Class A		14,900		933,783
Viacom, Inc.-Class B		25,500		987,870
Walt Disney Co. (The)		72,842		2,196,915
				11,597,314
Multiline Retail - 0.6%
Big Lots, Inc. (a)		17,400		606,042
Dollar General Corp. (a)		18,943		715,287
Don Quijote Co., Ltd.		14,100		503,379
Macy’s, Inc.		25,800		679,056
Target Corp.		10,700		524,728
				3,028,492
Specialty Retail - 1.6%
Esprit Holdings Ltd.		82,800		100,803
Fast Retailing Co., Ltd.		6,300		1,128,311
Foot Locker, Inc.		23,200		466,088
GameStop Corp.-Class A (a)		13,400		309,540
Hennes & Mauritz AB-Class B		45,928		1,375,169
Home Depot, Inc.		22,700		746,149
Limited Brands, Inc.		67,003		2,580,286
Lowe’s Cos., Inc.		46,800		905,112
Ross Stores, Inc.		7,100		558,699
				8,170,157
Textiles, Apparel & Luxury Goods - 0.2%
Cie Financiere Richemont SA		3,100		138,091
VF Corp.		6,850		832,412

Company	Shares		U.S. $ Value
Yue Yuen Industrial Holdings Ltd.		9,000	$	23,391
				993,894
				45,314,971
Energy - 6.2%
Energy Equipment & Services - 1.5%
AMEC PLC		49,421		623,588
FMC Technologies, Inc. (a)		33,890		1,274,264
McDermott International, Inc. (a)		27,300		293,748
Petrofac Ltd.		52,892		978,363
Saipem SpA		8,230		288,851
Schlumberger Ltd.		53,825		3,214,967
Technip SA		5,000		400,585
Transocean Ltd.		17,800		849,772
				7,924,138
Oil, Gas & Consumable Fuels - 4.7%
Afren PLC (a)		239,235		300,124
Anadarko Petroleum Corp.		39,650		2,499,933
BG Group PLC		10,700		204,783
BP PLC		230,410		1,381,464
BP PLC (Sponsored ADR)		28,100		1,013,567
Chevron Corp.		32,600		3,016,152
China Petroleum & Chemical Corp.-Class H		224,000		215,423
ConocoPhillips		48,400		3,064,688
Devon Energy Corp.		17,700		981,288
ENI SpA		20,300		357,132
EOG Resources, Inc.		23,095		1,639,976
Exxon Mobil Corp.		14,100		1,024,083
Gazprom OAO (Sponsored ADR)		44,300		423,065
JX Holdings, Inc.		57,500		322,729
Lukoil OAO (London) (Sponsored ADR)		5,950		298,631
Marathon Oil Corp.		54,900		1,184,742
Marathon Petroleum Corp.		34,800		941,688
Nexen, Inc. (New York)		21,800		337,682
Nexen, Inc. (Toronto)		21,452		333,684
Noble Energy, Inc.		32,604		2,308,363
OMV AG		9,300		276,828
Petroleo Brasileiro SA (Sponsored ADR)		13,600		281,792
PTT PCL		18,100		151,391
Royal Dutch Shell PLC (ADR)		1,700		104,584
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		34,515		1,064,347
Tesoro Corp. (a)		14,900		290,103
Valero Energy Corp.		9,600		170,688
				24,188,930
				32,113,068
Health Care - 5.9%
Biotechnology - 1.1%
Amgen, Inc.		16,800		923,160
Celgene Corp. (a)		33,743		2,089,367
Gilead Sciences, Inc. (a)		72,885		2,827,938
				5,840,465
Health Care Equipment & Supplies - 0.2%
Cochlear Ltd.		1,400		62,062

Company	Shares		U.S. $ Value
Covidien PLC		26,615	$	1,173,721
				1,235,783
Health Care Providers & Services - 1.2%
Aetna, Inc.		6,900		250,815
Express Scripts, Inc.-Class A (a)		36,650		1,358,615
Health Net, Inc. (a)		15,100		358,021
UnitedHealth Group, Inc.		40,000		1,844,800
WellPoint, Inc.		31,400		2,049,792
				5,862,043
Pharmaceuticals - 3.4%
Allergan, Inc.		31,445		2,590,439
Aspen Pharmacare Holdings Ltd. (a)		15,400		173,336
AstraZeneca PLC		27,749		1,231,486
AstraZeneca PLC (Sponsored ADR)		35,500		1,574,780
GlaxoSmithKline PLC		27,200		561,274
Johnson & Johnson		48,500		3,089,935
Merck & Co., Inc.		52,700		1,723,817
Novartis AG		15,834		884,514
Novo Nordisk A/S-Class B		4,070		405,918
Otsuka Holdings Co., Ltd.		9,100		249,306
Pfizer, Inc.		218,500		3,863,080
Roche Holding AG		4,400		710,653
Sanofi		3,578		235,349
				17,293,887
				30,232,178
Industrials - 5.1%
Aerospace & Defense - 0.9%
BAE Systems PLC		12,960		53,527
General Dynamics Corp.		5,800		329,962
Goodrich Corp.		7,035		848,984
Northrop Grumman Corp.		23,800		1,241,408
Precision Castparts Corp.		9,075		1,410,799
United Technologies Corp.		7,100		499,556
				4,384,236
Air Freight & Logistics - 0.6%
Kuehne & Nagel International AG		3,300		370,369
United Parcel Service, Inc.-Class B		47,000		2,968,050
				3,338,419
Airlines - 0.2%
Cathay Pacific Airways Ltd.		52,000		85,528
Delta Air Lines, Inc. (a)		98,100		735,750
Deutsche Lufthansa (REG)		18,900		245,025
				1,066,303
Building Products - 0.1%
Asahi Glass Co., Ltd.		49,000		478,398
Commercial Services & Supplies - 0.2%
Aggreko PLC		9,081		228,515
Edenred		1,593		37,950

Company	Shares		U.S. $ Value
Serco Group PLC		83,215	$	658,306
				924,771
Construction & Engineering - 0.2%
Bouygues SA		18,200		602,081
Larsen & Toubro Ltd.		9,100		250,677
Samsung Engineering Co., Ltd.		500		96,533
				949,291
Electrical Equipment - 0.3%
Bharat Heavy Electricals Ltd.		4,600		152,954
Furukawa Electric Co., Ltd.		43,000		117,110
Mitsubishi Electric Corp.		10,000		88,578
Rockwell Automation, Inc.		15,999		895,944
Sumitomo Electric Industries Ltd.		33,400		392,263
				1,646,849
Industrial Conglomerates - 1.3%
Bidvest Group Ltd.		10,200		187,806
Cookson Group PLC		17,900		119,415
Danaher Corp.		68,139		2,857,750
General Electric Co.		179,800		2,740,152
Jardine Strategic Holdings Ltd.		3,000		78,537
Keppel Corp., Ltd.		88,500		518,986
Tyco International Ltd.		8,000		326,000
				6,828,646
Machinery - 0.5%
Cummins, Inc.		1,300		106,158
FANUC Corp.		1,400		192,844
Flowserve Corp.		18,819		1,392,606
Ingersoll-Rand PLC		17,600		494,384
Jain Irrigation Systems Ltd.		35,086		107,740
Komatsu Ltd.		4,300		92,708
Parker Hannifin Corp.		5,300		334,589
				2,721,029
Professional Services - 0.5%
Capita Group PLC (The)		148,400		1,625,378
Experian PLC		34,700		389,530
Intertek Group PLC		11,278		324,363
Randstad Holding NV		9,500		302,867
				2,642,138
Road & Rail - 0.2%
CSX Corp.		9,600		179,232
DSV A/S		11,855		213,299
East Japan Railway Co.		1,700		103,066
Nippon Express Co., Ltd.		81,000		345,504
Union Pacific Corp.		2,500		204,175
				1,045,276
Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		13,500		274,855
Mitsui & Co., Ltd.		6,500		94,154
				369,009
				26,394,365

Company	Shares		U.S. $ Value
Consumer Staples - 4.4%
Beverages - 0.6%
Anheuser-Busch InBev NV		28,404	$	1,507,660
Asahi Group Holdings Ltd.		16,500		349,624
Constellation Brands, Inc.-Class A (a)		42,100		757,800
Dr Pepper Snapple Group, Inc.		3,100		120,218
PepsiCo, Inc.		9,600		594,240
				3,329,542
Food & Staples Retailing - 1.0%
Delhaize Group SA		4,637		271,075
Empire Co., Ltd.		1,900		104,256
Jeronimo Martins SGPS SA		12,700		198,328
Koninklijke Ahold NV		33,000		388,086
Kroger Co. (The)		45,400		996,984
Olam International Ltd.		731,412		1,246,369
Safeway, Inc.		6,500		108,095
Sugi Holdings Co., Ltd.		12,900		362,500
Tesco PLC		214,827		1,258,365
				4,934,058
Food Products - 0.8%
Bunge Ltd.		14,800		862,692
ConAgra Foods, Inc.		30,200		731,444
General Mills, Inc.		36,000		1,384,920
Smithfield Foods, Inc. (a)		14,900		290,550
Tyson Foods, Inc.-Class A		48,600		843,696
				4,113,302
Household Products - 0.6%
Procter & Gamble Co. (The)		50,000		3,159,000
Personal Products - 0.1%
Estee Lauder Cos., Inc. (The)-Class A		3,245		285,041
Tobacco - 1.3%
Altria Group, Inc.		49,600		1,329,776
British American Tobacco PLC		39,672		1,675,162
Imperial Tobacco Group PLC		16,100		543,337
Japan Tobacco, Inc.		412		1,927,153
Lorillard, Inc.		9,600		1,062,720
Reynolds American, Inc.		5,700		213,636
				6,751,784
				22,572,727
Materials - 3.4%
Chemicals - 2.1%
Agrium, Inc. (Toronto)		1,400		93,187
Air Water, Inc.		14,000		173,045
Dow Chemical Co. (The)		72,415		1,626,441
Huabao International Holdings Ltd.		124,000		100,905
Huntsman Corp.		34,600		334,582
Incitec Pivot Ltd.		6,901		21,381
Israel Chemicals Ltd.		87,123		992,183
K&S AG		22,500		1,177,854
Koninklijke DSM NV		7,851		341,350
LyondellBasell Industries NV		33,600		820,848

Company	Shares		U.S. $ Value
Mitsubishi Gas Chemical Co., Inc.		19,000	$	116,641
Monsanto Co.		43,658		2,621,226
Potash Corp. of Saskatchewan, Inc.		49,477		2,138,396
Ube Industries Ltd./Japan		41,000		136,253
				10,694,292
Metals & Mining - 1.3%
Agnico-Eagle Mines Ltd.		6,486		386,047
Alcoa, Inc.		82,600		790,482
BHP Billiton PLC		6,900		184,326
Centamin Egypt Ltd. (a)		35,600		51,851
Exxaro Resources Ltd.		6,700		140,426
Hindalco Industries Ltd.		25,700		67,841
JFE Holdings, Inc.		9,600		193,788
KGHM Polska Miedz SA		4,600		180,118
New Gold, Inc. (a)		7,477		77,203
Newcrest Mining Ltd.		30,800		1,015,203
Newmont Mining Corp.		2,500		157,250
OneSteel Ltd.		96,600		113,209
Rio Tinto Ltd.		16,900		989,892
Rio Tinto PLC		23,120		1,025,329
Tata Steel Ltd.		8,300		69,899
ThyssenKrupp AG		14,400		353,828
Vale SA (Sponsored ADR) (Local Preference Shares)		22,700		476,700
Xstrata PLC		31,530		398,151
				6,671,543
				17,365,835
Utilities - 1.6%
Electric Utilities - 0.7%
American Electric Power Co., Inc.		21,200		806,024
E.ON AG		34,526		749,077
Edison International		12,100		462,825
EDP - Energias de Portugal SA		91,200		280,895
Great Plains Energy, Inc.		28,900		557,770
NV Energy, Inc.		45,100		663,421
				3,520,012
Gas Utilities - 0.2%
Atmos Energy Corp.		17,100		554,895
Gas Natural SDG SA		25,900		440,432
Tokyo Gas Co., Ltd.		12,000		55,738
				1,051,065
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (The) (a)		38,500		375,760
Multi-Utilities - 0.6%
CenterPoint Energy, Inc.		33,000		647,460
CMS Energy Corp.		32,600		645,154
DTE Energy Co.		20,400		1,000,008
Public Service Enterprise Group, Inc.		6,900		230,253

Company	Shares		U.S. $ Value
TECO Energy, Inc.		33,900	$	580,707
				3,103,582
				8,050,419
Telecommunication Services - 1.2%
Diversified Telecommunication Services - 1.0%
AT&T, Inc.		64,700		1,845,244
CenturyLink, Inc.		41,500		1,374,480
Nippon Telegraph & Telephone Corp.		18,900		905,464
Telecom Corp. of New Zealand Ltd.		62,600		123,138
Telecom Italia SpA (ordinary shares)		428,500		465,569
Telecom Italia SpA (savings shares)		148,800		144,712
Telenor ASA		9,500		146,520
Vivendi SA		15,700		319,651
				5,324,778
Wireless Telecommunication Services - 0.2%
Vodafone Group PLC		328,853		847,546
				6,172,324
Other Instruments - 0.1%
Other Instruments - 0.1%
Retail Opportunity Investments Corp.		29,100		322,428
Total Common Stocks (cost $336,997,036)				318,690,493
	Principal Amount (000)
MORTGAGE PASS-THROUGH’S - 9.6%
Agency Fixed Rate 30-Year - 7.9%
Federal Home Loan Mortgage Corp. Gold
4.50%, 10/01/39	U.S.$	4,335		4,591,622
5.50%, 4/01/38		3,462		3,747,846
Series 2005
5.50%, 1/01/35		1,109		1,205,246
Series 2007
5.50%, 7/01/35		113		123,483
Federal National Mortgage Association
3.50%, TBA		2,770		2,844,876
4.00%, 1/01/41		1,645		1,726,388
4.00%, TBA		5,505		5,769,928
4.50%, 8/01/40		1,318		1,398,620
5.00%, 12/01/39		571		614,587
5.50%, 6/01/38		1,989		2,161,314
6.00%, 8/01/37-2/01/40		4,267		4,681,955
Series 2003
5.00%, 11/01/33		331		356,564
Series 2004
5.50%, 2/01/34-11/01/34		450		490,174
6.00%, 9/01/34-11/01/34		390		431,440
Series 2005
4.50%, 8/01/35		358		381,644
Series 2006
5.00%, 2/01/36		1,204		1,298,429
6.00%, 3/01/36		157		173,635

	Principal Amount (000)		U.S. $ Value
Series 2007
4.50%, 9/01/35	U.S.$	295	$	314,846
5.00%, 11/01/35-7/01/36		361		389,184
5.50%, 1/01/37-8/01/37		1,697		1,849,295
Series 2008
5.50%, 8/01/37-5/01/38		1,240		1,349,032
6.00%, 3/01/37-5/01/38		3,114		3,423,663
Series 2010
6.00%, 4/01/40		759		832,550
				40,156,321
Agency Fixed Rate 15-Year - 0.9%
Federal National Mortgage Association
4.50%, TBA		792		843,232
4.50%, 6/01/26		3,598		3,830,192
				4,673,424
Agency ARMs - 0.8%
Federal Home Loan Mortgage Corp.
2.467%, 4/01/35 (c)		973		1,025,301
4.955%, 10/01/39 (d)		926		980,291
Series 2008
4.438%, 11/01/37 (d)		110		115,598
Federal National Mortgage Association
3.622%, 8/01/37 (c)		519		545,193
5.087%, 8/01/38 (c)		842		881,064
Series 2006
2.109%, 3/01/36 (d)		93		96,401
2.301%, 2/01/36 (d)		162		170,658
5.76%, 11/01/36 (c)		27		28,067
Series 2007
2.462%, 3/01/34 (d)		281		296,165
				4,138,738
Total Mortgage Pass-Through’s (cost $47,797,659)				48,968,483
CORPORATES - INVESTMENT GRADES - 7.8%
Industrial - 3.4%
Basic - 0.5%
Anglo American Capital PLC
9.375%, 4/08/19 (b)		350		463,533
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20		290		284,119
ArcelorMittal
6.125%, 6/01/18		535		516,474
Arcelormittal USA, Inc.
6.50%, 4/15/14		105		112,115
BHP Billiton Finance USA Ltd.
7.25%, 3/01/16		203		245,358
Dow Chemical Co. (The)
8.55%, 5/15/19		253		324,083
International Paper Co.
5.30%, 4/01/15		134		142,182
7.95%, 6/15/18		190		219,455

	Principal Amount (000)		U.S. $ Value
Packaging Corp. of America
5.75%, 8/01/13	U.S.$	30	$	32,028
PPG Industries, Inc.
5.75%, 3/15/13		129		137,362
Teck Resources Ltd.
6.00%, 8/15/40		30		30,876
				2,507,585
Capital Goods - 0.1%
Holcim US Finance Sarl & Cie SCS
6.00%, 12/30/19 (b)		40		42,454
Owens Corning
6.50%, 12/01/16		178		192,015
Republic Services, Inc.
3.80%, 5/15/18		17		17,677
5.25%, 11/15/21		165		184,953
5.50%, 9/15/19		233		265,974
				703,073
Communications - Media - 0.7%
CBS Corp.
8.875%, 5/15/19		301		384,425
Comcast Corp.
5.15%, 3/01/20		740		835,236
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.60%, 2/15/21		255		261,861
4.75%, 10/01/14		155		167,927
News America, Inc.
6.15%, 3/01/37		222		237,174
9.25%, 2/01/13		144		157,302
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		435		555,275
Time Warner Cable, Inc.
5.00%, 2/01/20		157		166,778
7.50%, 4/01/14		145		164,011
Time Warner Entertainment Co. LP
8.375%, 3/15/23		311		398,217
WPP Finance UK
5.875%, 6/15/14		70		75,663
8.00%, 9/15/14		350		396,124
				3,799,993
Communications - Telecommunications - 0.4%
American Tower Corp.
5.05%, 9/01/20		380		379,227
AT&T Corp.
8.00%, 11/15/31		15		20,928
AT&T, Inc.
4.45%, 5/15/21		251		269,291
BellSouth Corp.
5.20%, 9/15/14		94		103,215
Embarq Corp.
7.082%, 6/01/16		261		270,178
Telecom Italia Capital SA
6.00%, 9/30/34		65		53,175
6.175%, 6/18/14		305		303,524
6.375%, 11/15/33		60		51,330
7.175%, 6/18/19		170		170,442

	Principal Amount (000)		U.S. $ Value
United States Cellular Corp.
6.70%, 12/15/33	U.S.$	250	$	251,407
Vodafone Group PLC
7.875%, 2/15/30		100		142,654
				2,015,371
Consumer Cyclical - Automotive - 0.1%
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (b)		341		371,868
Consumer Cyclical - Entertainment - 0.3%
Time Warner, Inc.
4.70%, 1/15/21		123		128,563
7.625%, 4/15/31		275		343,268
Turner Broadcasting System, Inc.
8.375%, 7/01/13		225		250,064
Viacom, Inc.
5.625%, 9/15/19		473		533,504
				1,255,399
Consumer Cyclical - Other - 0.0%
Marriott International, Inc./DE Series J
5.625%, 2/15/13		216		224,515
Consumer Cyclical - Retailers - 0.1%
CVS Caremark Corp.
6.125%, 8/15/16		100		115,659
6.60%, 3/15/19		195		237,192
				352,851
Consumer Non-Cyclical - 0.3%
Ahold Finance USA LLC
6.875%, 5/01/29		420		537,249
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		69		71,711
5.875%, 5/15/13		180		188,963
8.50%, 6/15/19		153		190,631
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (b)		260		277,909
Delhaize Group SA
5.875%, 2/01/14		105		114,415
Whirlpool Corp.
8.60%, 5/01/14		45		51,326
				1,432,204
Energy - 0.4%
Anadarko Petroleum Corp.
5.95%, 9/15/16		192		210,009
6.45%, 9/15/36		109		115,299
Canadian Natural Resources Ltd.
5.15%, 2/01/13		100		105,240
ConocoPhillips Holding Co.
6.95%, 4/15/29		66		87,866
Hess Corp.
7.875%, 10/01/29		25		33,643

	Principal Amount (000)		U.S. $ Value
8.125%, 2/15/19	U.S.$	78	$	100,535
Marathon Petroleum Corp.
3.50%, 3/01/16 (b)		67		69,076
5.125%, 3/01/21 (b)		113		117,676
Nabors Industries, Inc.
9.25%, 1/15/19		315		398,480
Noble Energy, Inc.
8.25%, 3/01/19		303		397,830
Noble Holding International Ltd.
4.90%, 8/01/20		36		38,725
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		285		368,224
				2,042,603
Other Industrial - 0.1%
Noble Group Ltd.
6.75%, 1/29/20 (b)		445		391,600
Services - 0.0%
Western Union Co. (The)
5.93%, 10/01/16		90		102,815
Technology - 0.1%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		76,601
Computer Sciences Corp.
5.50%, 3/15/13		180		188,518
Motorola Solutions, Inc.
7.50%, 5/15/25		35		40,986
Xerox Corp.
8.25%, 5/15/14		280		318,776
				624,881
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.25%, 10/01/14		307		329,169
5.75%, 12/15/16		155		171,828
				500,997
Transportation - Railroads - 0.0%
CSX Corp.
5.50%, 8/01/13		35		37,537
Transportation - Services - 0.2%
Asciano Finance Ltd.
3.125%, 9/23/15 (b)		470		464,825
Con-way, Inc.
6.70%, 5/01/34		291		284,369
Ryder System, Inc.
5.85%, 11/01/16		127		146,571
7.20%, 9/01/15		127		150,956
				1,046,721
				17,410,013
Financial Institutions - 3.3%
Banking - 1.9%
Bank of America Corp.
5.875%, 1/05/21	U.S.$	200	$	186,932

	Principal Amount (000)		U.S. $ Value
7.375%, 5/15/14		340		350,551
Series L
5.65%, 5/01/18		285		270,617
Bear Stearns Cos. LLC (The)
5.55%, 1/22/17		290		303,521
5.70%, 11/15/14		190		204,900
Citigroup, Inc.
5.375%, 8/09/20		232		240,356
5.50%, 4/11/13		230		236,722
6.50%, 8/19/13		260		273,597
8.50%, 5/22/19		190		229,486
Compass Bank
5.50%, 4/01/20		314		308,205
Countrywide Financial Corp.
6.25%, 5/15/16		92		81,193
Goldman Sachs Group, Inc. (The)
5.25%, 7/27/21		213		210,128
6.00%, 6/15/20		440		452,613
7.50%, 2/15/19		335		373,833
JPMorgan Chase & Co.
4.40%, 7/22/20		390		394,578
4.625%, 5/10/21		233		238,195
Macquarie Group Ltd.
4.875%, 8/10/17 (b)		470		463,351
Merrill Lynch & Co., Inc.
6.05%, 5/16/16		245		220,484
Morgan Stanley
5.50%, 7/24/20		530		480,030
6.625%, 4/01/18		345		342,261
National Capital Trust II
5.486%, 3/23/15 (b)		91		80,143
Nationwide Building Society
6.25%, 2/25/20 (b)		465		468,641
North Fork Bancorporation, Inc.
5.875%, 8/15/12		100		101,593
Royal Bank of Scotland Group PLC
5.00%, 10/01/14		205		190,890
Royal Bank of Scotland PLC (The)
6.125%, 1/11/21		510		504,168
Santander US Debt SA Unipersonal
2.991%, 10/07/13 (b)		500		480,558
Shinhan Bank
4.125%, 10/04/16 (b)		260		253,351
Societe Generale SA
2.50%, 1/15/14 (b)		245		227,889
5.20%, 4/15/21 (b)		250		217,069
SouthTrust Corp.
5.80%, 6/15/14		225		239,627
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (b)		230		177,382
Union Bank NA
5.95%, 5/11/16		250		275,270
Wachovia Corp.
5.50%, 5/01/13		320		340,049
				9,418,183

	Principal Amount (000)		U.S. $ Value
Brokerage - 0.1%
Jefferies Group, Inc.
5.125%, 4/13/18	U.S.$	322	$	301,554
6.875%, 4/15/21		186		193,192
Lazard Group LLC
6.85%, 6/15/17		160		176,176
				670,922
Finance - 0.2%
General Electric Capital Corp.
4.80%, 5/01/13		315		330,817
5.625%, 5/01/18		480		524,731
Series A
4.375%, 11/21/11		25		25,107
SLM Corp.
Series A
5.375%, 5/15/14		270		265,716
				1,146,371
Insurance - 0.9%
Allied World Assurance Co. Ltd.
7.50%, 8/01/16		160		181,713
Allstate Corp. (The)
6.125%, 5/15/37		216		194,130
American International Group, Inc.
6.40%, 12/15/20		300		305,637
Assurant, Inc.
5.625%, 2/15/14		135		141,397
Coventry Health Care, Inc.
5.95%, 3/15/17		90		100,852
6.125%, 1/15/15		40		44,271
6.30%, 8/15/14		275		301,530
Genworth Financial, Inc.
6.515%, 5/22/18		550		483,074
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (b)		210		276,954
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		95		95,565
5.50%, 3/30/20		435		424,131
Humana, Inc.
6.30%, 8/01/18		55		62,561
6.45%, 6/01/16		40		45,269
7.20%, 6/15/18		285		337,562
Lincoln National Corp.
8.75%, 7/01/19		98		116,156
Markel Corp.
7.125%, 9/30/19		230		260,593
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (b)		185		278,565
MetLife, Inc.
7.717%, 2/15/19		112		137,285
10.75%, 8/01/39		140		175,000
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (b)		335		390,264
XL Group PLC
5.25%, 9/15/14		135		140,562

	Principal Amount (000)		U.S. $ Value
6.375%, 11/15/24	U.S.$	157	$	165,777
				4,658,848
Other Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (b)		173		167,076
ORIX Corp.
4.71%, 4/27/15		458		474,870
				641,946
REITS - 0.1%
ERP Operating LP
5.25%, 9/15/14		105		113,214
HCP, Inc.
5.375%, 2/01/21		130		130,434
Healthcare Realty Trust, Inc.
5.125%, 4/01/14		131		135,343
				378,991
				16,915,261
Utility - 0.8%
Electric - 0.5%
Allegheny Energy Supply Co. LLC
5.75%, 10/15/19 (b)		300		320,279
Ameren Corp.
8.875%, 5/15/14		240		271,471
Constellation Energy Group, Inc.
5.15%, 12/01/20		385		392,633
FirstEnergy Corp.
Series B
6.45%, 11/15/11		13		13,071
Series C
7.375%, 11/15/31		275		339,169
Nisource Finance Corp.
6.80%, 1/15/19		502		585,541
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		45,354
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (b)		348		373,179
TECO Finance, Inc.
4.00%, 3/15/16		100		105,418
5.15%, 3/15/20		125		137,298
Union Electric Co.
6.70%, 2/01/19		45		55,279
				2,638,692
Natural Gas - 0.3%
DCP Midstream LLC
5.35%, 3/15/20 (b)		137		144,335
Energy Transfer Partners LP
6.70%, 7/01/18		127		142,152
7.50%, 7/01/38		410		445,081
EQT Corp.
8.125%, 6/01/19		234		283,701

	Principal Amount (000)		U.S. $ Value
Kinder Morgan Energy Partners LP
4.15%, 3/01/22	U.S.$	200	$	197,525
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		119,484
Williams Partners LP
5.25%, 3/15/20		298		320,528
				1,652,806
				4,291,498
Non Corporate Sectors - 0.3%
Agencies - Not Government Guaranteed - 0.3%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.70%, 8/07/18 (b)		178		206,035
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (b)		425		428,188
MDC-GMTN B.V.
3.75%, 4/20/16 (b)		520		538,875
Petrobras International Finance Co. - Pifco
5.75%, 1/20/20		345		358,110
				1,531,208
Total Corporates - Investment Grades (cost $37,994,074)				40,147,980
GOVERNMENTS - TREASURIES - 7.4%
United States - 7.4%
U.S. Treasury Bonds
4.50%, 2/15/36		2,485		3,217,687
4.625%, 2/15/40		5,000		6,681,250
5.375%, 2/15/31		1,590		2,236,683
U.S. Treasury Notes
1.00%, 8/31/16		9,145		9,167,863
1.50%, 6/30/16		4,310		4,428,870
2.625%, 4/30/16-11/15/20		8,850		9,479,964
3.625%, 2/15/20		2,570		2,966,744
Total Governments - Treasuries (cost $34,875,035)				38,179,061
ASSET-BACKED SECURITIES - 3.4%
Autos - Fixed Rate - 2.0%
Ally Auto Receivables Trust
Series 2011-2, Class A2
0.67%, 10/15/13		560		559,761
Series 2011-1, Class A3
1.38%, 1/15/15		677		681,482
AmeriCredit Automobile Receivables Trust
Series 2011-3, Class A2
0.84%, 11/10/14		765		764,054
Series 2011-4, Class A2
0.92%, 3/09/15		300		299,827
BMW Vehicle Lease Trust
Series 2011-1, Class A2
0.64%, 4/22/13		850		849,951

	Principal Amount (000)		U.S. $ Value
CarMax Auto Owner Trust
Series 2009-2, Class A4
2.82%, 12/15/14	U.S.$	205	$	211,932
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (b)	CAD	655		626,666
Ford Credit Auto Lease Trust
Series 2011-A, Class A2
0.74%, 9/15/13	U.S.$	790		789,379
Ford Credit Auto Owner Trust
Series 2011-B, Class A2
0.68%, 1/15/14		730		728,756
Huntington Auto Trust
Series 2011-1A, Class A3
1.01%, 1/15/16 (b)		297		297,185
Hyundai Auto Lease Securitization Trust
Series 2011-A, Class A2
0.69%, 11/15/13 (b)		356		355,591
Mercedes-Benz Auto Lease Trust
Series 2011-1A, Class A2
0.79%, 4/15/13 (b)		1,007		1,007,155
MMCA Automobile Trust
Series 2011-A, Class A2
0.75%, 10/15/13 (b)		620		619,843
SMART Trust/Australia
Series 2011-2USA, Class A2A
1.22%, 11/14/13 (b)		695		694,626
Volkswagen Auto Loan Enhanced Trust
Series 2011-1, Class A3
1.22%, 6/22/15		1,040		1,045,646
World Omni Automobile Lease Securitization Trust
Series 2011-A, Class A2
0.81%, 10/15/13		990		989,537
				10,521,391
Credit Cards - Floating Rate - 0.6%
Discover Card Master Trust
Series 2009-A1, Class A1
1.529%, 12/15/14 (c)		190		191,596
Series 2009-A2, Class A
1.529%, 2/17/15 (c)		200		201,570
Series 2010-A1, Class A1
0.879%, 9/15/15 (c)		184		185,359
GE Capital Credit Card Master Note Trust
Series 2011-1, Class A
0.779%, 1/15/17 (c)		425		427,652
Series 2011-2, Class A
0.709%, 5/15/19 (c)		715		715,099
Penarth Master Issuer PLC
Series 2010-2A, Class A2
0.981%, 12/18/14 (b)(c)		1,160		1,157,889
				2,879,165

	Principal Amount (000)		U.S. $ Value
Autos - Floating Rate - 0.5%
Ford Credit Floorplan Master Owner Trust
Series 2009-2, Class A
1.779%, 9/15/14 (c)	U.S.$	1,095	$	1,106,538
GE Dealer Floorplan Master Note Trust
Series 2009-2A, Class A
1.779%, 10/20/14 (b)(c)		794		801,557
Hyundai Floorplan Master Owner Trust
Series 2009-1A, Class A
1.479%, 11/17/14 (b)(c)		595		596,829
				2,504,924
Other ABS - Fixed Rate - 0.2%
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15		411		413,001
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		195		195,153
John Deere Owner Trust
Series 2011-A, Class A2
0.64%, 6/16/14		615		614,727
				1,222,881
Home Equity Loans - Floating Rate - 0.1%
Bear Stearns Asset Backed Securities Trust
Series 2007-HE3, Class M1
0.685%, 4/25/37 (c)(e)		100		1,892
Home Equity Asset Trust
Series 2007-3, Class M1
0.585%, 8/25/37 (c)(e)		29		29
HSBC Home Equity Loan Trust
Series 2007-1, Class M1
0.611%, 3/20/36 (c)		365		259,947
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.595%, 3/25/37 (c)(e)		125		986
Residential Asset Securities Corp.
Series 2003-KS3, Class A2
0.835%, 5/25/33 (c)(e)		1		921
Soundview Home Equity Loan Trust
Series 2007-OPT2, Class 2A2
0.365%, 7/25/37 (c)		300		156,341
				420,116
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		146		124,417
Total Asset-Backed Securities (cost $18,210,522)				17,672,894

	Principal Amount (000)		U.S. $ Value
AGENCIES - 3.1%
Agency Debentures - 3.1%
Federal Farm Credit Bank
0.236%, 11/13/12 (c)	U.S.$	900	$	900,304
0.245%, 10/12/12 (c)		1,200		1,200,582
0.261%, 9/20/12 (c)		1,100		1,100,652
0.295%, 6/26/13 (c)		2,500		2,501,773
Federal National Mortgage Association
0.26%, 9/17/12-10/18/12 (c)		1,810		1,810,770
6.25%, 5/15/29		740		1,049,305
6.625%, 11/15/30		2,277		3,384,127
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20		4,770		3,948,759
Total Agencies
(cost $14,543,227)				15,896,272
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.7%
Non-Agency Fixed Rate CMBS - 1.6%
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2006-5, Class A4
5.414%, 9/10/47		355		370,569
Bear Stearns Commercial Mortgage Securities
Series 2006-PW12, Class A4
5.903%, 9/11/38		250		274,474
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A4
5.541%, 4/15/40		110		117,370
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-C1, Class A4
4.75%, 1/15/37		70		73,085
Series 2005-C1, Class A4
5.014%, 2/15/38		260		277,944
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class A3
6.011%, 6/15/38		620		662,069
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5, Class AJ
5.457%, 4/10/37		215		127,592
Series 2007-GG9, Class A2
5.381%, 3/10/39		320		322,255
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		80		85,032
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB11, Class A4
5.335%, 8/12/37		170		183,977
Series 2006-CB14, Class A4
5.481%, 12/12/44		315		339,912
Series 2006-CB16, Class A4
5.552%, 5/12/45		335		359,421
Series 2007-LDPX, Class A3

	Principal Amount (000)		U.S. $ Value
5.42%, 1/15/49	U.S.$	475	$	492,494
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.497%, 6/15/29		40		42,958
Series 2006-C1, Class A4
5.156%, 2/15/31		1,095		1,183,837
Series 2006-C3, Class A4
5.661%, 3/15/39		285		311,421
Series 2006-C4, Class A4
6.067%, 6/15/38		275		301,750
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-2, Class A4
6.097%, 6/12/46		110		121,729
Series 2006-3, Class A4
5.414%, 7/12/46		480		515,139
Series 2006-4, Class AM
5.204%, 12/12/49		265		229,021
Series 2007-9, Class A4
5.70%, 9/12/49		440		453,834
Morgan Stanley Capital I
Series 2006-IQ12, Class A4
5.332%, 12/15/43		780		841,993
WF-RBS Commercial Mortgage Trust
Series 2011-C3, Class A2
3.24%, 3/15/44 (b)		428		428,813
				8,116,689
Agency CMBS - 0.1%
FHLMC Multifamily Structured Pass Through Certificates
Series K008, Class A2
3.531%, 6/25/20		634		670,858
Non-Agency Floating Rate CMBS - 0.0%
GS Mortgage Securities Corp. II
Series 2007-EOP, Class E
2.669%, 3/06/20 (b)(c)		75		72,588
Total Commercial Mortgage-Backed Securities (cost $8,204,276)				8,860,135
GOVERNMENTS - SOVEREIGN AGENCIES - 0.4%
United Kingdom - 0.4%
Royal Bank of Scotland PLC (The)
1.45%, 10/20/11 (b)		1,338		1,338,545
2.625%, 5/11/12 (b)		695		703,831
Total Governments - Sovereign Agencies (cost $2,032,962)				2,042,376
CORPORATES - NON-INVESTMENT GRADES - 0.4%
Industrial - 0.2%
Basic - 0.1%
Lyondell Chemical Co.
8.00%, 11/01/17 (b)		161		173,477
United States Steel Corp.
6.05%, 6/01/17		2		1,820

	Principal Amount (000)		U.S. $ Value
Westvaco Corp.
8.20%, 1/15/30	U.S.$	15	$	17,006
Weyerhaeuser Co.
7.375%, 3/15/32		110		109,705
				302,008
Capital Goods - 0.1%
Griffon Corp.
7.125%, 4/01/18		173		152,673
Hanson Australia Funding Ltd.
5.25%, 3/15/13		120		121,200
Mohawk Industries, Inc.
6.875%, 1/15/16		112		115,640
				389,513
Communications - Media - 0.0%
RR Donnelley & Sons Co.
4.95%, 4/01/14		23		21,735
Communications - Telecommunications - 0.0%
eAccess Ltd.
8.25%, 4/01/18 (b)		105		96,600
Consumer Cyclical - Retailers - 0.0%
JC Penney Co., Inc.
5.65%, 6/01/20		122		114,375
				924,231
Financial Institutions - 0.2%
Banking - 0.1%
ABN Amro Bank NV
4.31%, 3/10/16	EUR	90		69,995
BankAmerica Capital II
Series 2
8.00%, 12/15/26	U.S.$	94		87,420
LBG Capital No.1 PLC
8.00%, 6/15/20 (b)		235		155,100
				312,515
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
5.00%, 1/14/11 (f)		80		18,900
6.20%, 9/26/14 (f)		33		7,961
7.875%, 11/01/09-8/15/10 (f)		370		87,412
Series G
4.80%, 3/13/14 (f)		42		9,923
				124,196
Insurance - 0.1%
ING Capital Funding Trust III
Series 9
3.969%, 12/31/11 (c)		200		149,580

	Principal Amount (000)		U.S. $ Value
XL Group PLC
Series E
6.50%, 4/15/17	U.S.$	245	$	192,325
				341,905
				778,616
Utility - 0.0%
Electric - 0.0%
CMS Energy Corp.
8.75%, 6/15/19		165		192,314
Total Corporates - Non-Investment Grades (cost $2,190,914)				1,895,161
QUASI-SOVEREIGNS - 0.2%
Malaysia - 0.1%
Petronas Capital Ltd.
5.25%, 8/12/19 (b)		460		502,383
Russia - 0.1%
Russian Agricultural Bank OJSC Via
RSHB Capital SA
7.75%, 5/29/18 (b)		386		405,300
Kazakhstan - 0.0%
KazMunayGas National Co.
7.00%, 5/05/20 (b)		251		251,000
Total Quasi-Sovereigns (cost $1,096,002)				1,158,683
	Shares
PREFERRED STOCKS - 0.2%
Utility - 0.1%
Other Utility - 0.1%
DTE Energy Trust I
7.80%		20,000		537,000
Industrial - 0.1%
Communications - Telecommunications - 0.1%
Centaur Funding Corp.
9.08% (b)		200		231,063
Financial Institutions - 0.0%
Finance - 0.0%
Citigroup Capital XII
8.50%		7,000		174,344
Total Preferred Stocks (cost $907,616)				942,407

	Principal Amount (000)		U.S. $ Value
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.1%
United States - 0.1%
California GO
7.625%, 3/01/40
(cost $464,527)	U.S.$	455	$	560,888
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.1%
Non-Agency Fixed Rate - 0.1%
Bear Stearns Alt-A Trust
Series 2006-1, Class 22A1
2.647%, 2/25/36		147		81,510
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
5.07%, 5/25/35		57		49,950
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.454%, 5/25/36		56		25,038
Merrill Lynch Mortgage Investors, Inc.
Series 2005-A8, Class A1C1
5.25%, 8/25/36		39		38,039
				194,537
Non-Agency Floating Rate - 0.0%
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
1.242%, 12/25/35 (c)		34		20,538
Series 2006-OA14, Class 3A1
1.092%, 11/25/46 (c)		157		69,515
Series 2007-OA3, Class M1
0.545%, 4/25/47 (c)(e)		185		866
				90,919
Non-Agency ARMs - 0.0%
Citigroup Mortgage Loan Trust, Inc.
Series 2006-AR1, Class 3A1
2.69%, 3/25/36 (c)		83		51,967
Total Collateralized Mortgage Obligations (cost $756,861)				337,423
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Russia - 0.1%
Russian Foreign Bond - Eurobond
7.50%, 3/31/30 (b)
(cost $287,468)		259		290,947
	Shares
RIGHTS - 0.0%
Financials - 0.0%
Commercial Banks - 0.0%
Banco Bilbao Vizcaya Argentaria SA (a)
(cost $6,094)		40,400		5,954

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 4.4%
Time Deposit - 4.4%
State Street Time Deposit
0.01%, 10/03/11
(cost $22,603,617)	U.S.$	22,604		22,603,617
Total Investments - 101.0% (cost $528,967,890) (g)			$	518,252,774
Other assets less liabilities - (1.0)%				(5,343,545	)
Net Assets - 100.0%			$	512,909,229

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50		5		December 2011	$	131,740	$	144,425	$	12,685
Topix Index Futures		3		December 2011		288,323		294,632		6,309
									$	18,994

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale:
Great British Pound settling 11/15/11		244	$	395,941	$	380,337	$	(15,604	)
Japanese Yen settling 12/15/11		120,077		1,554,632		1,558,446		3,814
Japanese Yen settling 12/15/11		92,448		1,204,707		1,199,857		(4,850	)
Mexican Nuevo Peso settling 10/19/11		23,827		1,834,019		1,715,504		(118,515	)
BNP Paribas SA:
Australian Dollar settling 12/15/11		564		592,995		541,107		(51,888	)
Euro settling 11/15/11		612		872,715		819,709		(53,006	)
Euro settling 11/15/11		2,034		2,879,577		2,724,327		(155,250	)
Credit Suisse London Branch (GFX):
Great British Pound settling 11/15/11		1,219		1,964,589		1,900,129		(64,460	)
Japanese Yen settling 12/15/11		26,861		342,777		348,621		5,844
Norwegian Krone settling 11/15/11		13,534		2,485,590		2,300,851		(184,739	)
Swiss Franc settling 11/15/11		675		889,305		745,307		(143,998	)
Deutsche Bank AG London:
Japanese Yen settling 11/15/11		32,762		417,180		425,010		7,830
Goldman Sachs International:
Great British Pound settling 12/15/11		355		560,290		553,204		(7,086	)
Mexican Nuevo Peso settling 10/19/11		2,523		199,467		181,634		(17,833	)
HSBC Bank USA:

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Australian Dollar settling 11/15/11		1,643	$	1,704,842	$	1,581,851	$	(122,991	)
Great British Pound settling 11/15/11		276		446,667		430,218		(16,449	)
Great British Pound settling 11/15/11		2,429		3,930,996		3,786,230		(144,766	)
Swedish Krona settling 12/15/11		5,071		790,861		736,468		(54,393	)
Swiss Franc settling 11/15/11		313		357,122		345,601		(11,521	)
Morgan Stanley and Co Inc.:
Australian Dollar settling 11/15/11		628		641,690		604,627		(37,063	)
Royal Bank of Canada:
Swedish Krona settling 11/15/11		8,743		1,366,631		1,271,511		(95,120	)
Royal Bank of Scotland PLC:
Euro settling 12/15/11		974		1,400,710		1,304,488		(96,222	)
Norwegian Krone settling 12/15/11		2,793		516,696		474,138		(42,558	)
Standard Chartered Bank:
Euro settling 11/15/11		1,526		2,195,507		2,043,915		(151,592	)
Japanese Yen settling 11/15/11		78,871		1,033,249		1,023,167		(10,082	)
State Street Bank and Trust Co.:
Australian Dollar settling 12/15/11		201		204,057		192,841		(11,216	)
Canadian Dollar settling 11/15/11		136		132,270		129,653		(2,617	)
Canadian Dollar settling 11/15/11		150		145,886		142,999		(2,887	)
Canadian Dollar settling 11/15/11		123		123,930		117,260		(6,670	)
Canadian Dollar settling 11/15/11		155		156,110		147,766		(8,344	)
Euro settling 11/15/11		25		35,409		33,485		(1,924	)
Great British Pound settling 11/15/11		141		222,568		219,785		(2,783	)
Japanese Yen settling 11/15/11		9,133		116,586		118,479		1,893
Japanese Yen settling 11/15/11		15,531		202,625		201,479		(1,146	)
Mexican Nuevo Peso settling 10/19/11		501		37,337		36,051		(1,286	)
UBS AG:
Swedish Krona settling 11/15/11		5,672		869,139		824,890		(44,249	)
Westpac Banking Corp.:
Japanese Yen settling 11/15/11		68,587		889,943		889,756		(187	)
Japanese Yen settling 11/15/11		57,774		752,364		749,483		(2,881	)
New Zealand Dollar settling 11/15/11		2,534		2,089,587		1,926,094		(163,493	)
New Zealand Dollar settling 12/15/11		1,003		832,445		760,769		(71,676	)
Swiss Franc settling 11/15/11		2,856		3,383,926		3,153,474		(230,452	)
Swiss Franc settling 12/15/11		734		848,574		810,990		(37,584	)
Sale Contracts
Barclays Bank PLC Wholesale:
Canadian Dollar settling 10/21/11		655		656,089		624,783		31,306
Canadian Dollar settling 11/15/11		377		383,208		359,405		23,803
Euro settling 12/15/11		1,264		1,788,293		1,692,887		95,406
Norwegian Krone settling 11/15/11		6,546		1,188,690		1,112,854		75,836
BNP Paribas SA:
Great British Pound settling 12/15/11		670		1,071,330		1,044,075		27,255
Citibank N.A.:
Canadian Dollar settling 11/15/11		1,294		1,307,784		1,233,609		74,175
Canadian Dollar settling 11/15/11		948		958,098		903,756		54,342

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Japanese Yen settling 11/15/11		152,540	$	1,878,773	$	1,978,851	$	(100,078	)
Credit Suisse London Branch (GFX):
Swiss Franc settling 11/15/11		1,999		2,764,238		2,207,211		557,027
Goldman Sachs International:
Euro settling 11/15/11		2,318		3,281,176		3,104,715		176,461
Mexican Nuevo Peso settling 10/19/11		24,895		2,015,724		1,792,438		223,286
Swedish Krona settling 11/15/11		7,634		1,165,680		1,110,227		55,453
HSBC Bank USA:
Euro settling 11/15/11		343		488,223		459,412		28,811
Great British Pound settling 11/15/11		1,170		1,909,990		1,823,750		86,240
Mexican Nuevo Peso settling 10/19/11		1,955		156,347		140,751		15,596
New Zealand Dollar settling 11/15/11		1,180		974,149		896,919		77,230
Morgan Stanley and Co Inc.:
Euro settling 10/17/11		167		227,445		223,800		3,645
Royal Bank of Scotland PLC:
Great British Pound settling 11/15/11		3,648		5,822,810		5,686,360		136,450
Societe Generale:
Japanese Yen settling 11/15/11		81,876		1,056,451		1,062,150		(5,699	)
Standard Chartered Bank:
Canadian Dollar settling 12/15/11		1,777		1,799,448		1,693,091		106,357
Euro settling 11/15/11		268		385,581		358,958		26,623
Euro settling 11/15/11		853		1,164,883		1,142,503		22,380
Norwegian Krone settling 11/15/11		4,405		810,626		748,873		61,753
State Street Bank and Trust Co.:
Australian Dollar settling 11/15/11		126		132,029		121,310		10,719
Australian Dollar settling 11/15/11		222		224,329		213,738		10,591
Canadian Dollar settling 11/15/11		274		277,626		261,213		16,413
Canadian Dollar settling 12/15/11		234		236,242		222,951		13,291
Great British Pound settling 11/15/11		106		172,490		165,229		7,261
Japanese Yen settling 11/15/11		18,893		246,185		245,092		1,093
Japanese Yen settling 12/15/11		23,178		302,163		300,821		1,342
Norwegian Krone settling 11/15/11		1,251		226,771		212,676		14,095
Norwegian Krone settling 11/15/11		1,332		234,812		226,447		8,365
Swedish Krona settling 11/15/11		854		132,096		124,199		7,897
Swedish Krona settling 11/15/11		1,600		238,251		232,691		5,560
Swiss Franc settling 11/15/11		189		237,172		208,686		28,486
Swiss Franc settling 11/15/11		104		132,560		114,833		17,727
Swiss Franc settling 12/15/11		144		165,118		159,104		6,014
Westpac Banking Corp.:
Euro settling 12/15/11		803		1,110,759		1,075,466		35,293
Japanese Yen settling 11/15/11		52,614		682,687		682,544		143
New Zealand Dollar settling 11/15/11		1,354		1,114,479		1,029,176		85,303
							$	(46,749	)

CREDIT DEFAULT SWAP CONTRACTS ON INDICES

Swap Counterparty & Referenced Obligation	Fixed  Deal (Pay) Receive Rate			Implied Credit Spread at September 30, 2011			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America, N.A.:
CDX-NAHYS16V1-5Y, 6/20/16*		(5.00	)%		2.75	%	$	930	$	87,247	$	64,035	$	23,212
Barclays Bank PLC:								+
ITRAXX-FINSENS15V1-5Y, 6/20/16*		(1.00	)		2.75		EUR	1,800		173,942		159,229		14,713
Morgan Stanley Capital Services Inc.:
CDX-NAHYS16V1-5Y, 6/20/16*		(5.00	)		2.75		$	1,850		173,557		131,593		41,964
ITRAXX-FINSENS15V1-5Y, 6/20/16*		(1.00	)		2.75		EUR	890		86,003		78,490		7,513
													$	87,402

* Termination date

(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 September 30, 2011, the aggregate market value of these securities amounted to $18,532,799 or 3.6% of net assets.

(c) Floating Rate Security. Stated interest rate was in effect at September 30, 2011.

(d) Variable rate coupon, rate shown as of September 30, 2011.

(e) Illiquid security.

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

(g) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $31,731,635 and gross unrealized depreciation of investments was $(42,446,751), resulting in net unrealized depreciation of $(10,715,116).

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:

CAD	-	Canadian Dollar
EUR	-	Euro

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
ARMs	-	Adjustable Rate Mortgages
CMBS	-	Commercial Mortgage-Backed Securities
FHLMC	-	Federal Home Loan Mortgage Corporation
GO	-	General Obligation
OJSC	-	Open Joint Stock Company
REG	-	Registered Shares

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

September 30, 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 September 30, 2011:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks
Financials	$	46,403,603		$	35,108,419		$	– 0	–	$	81,512,022
Information Technology		42,792,950			5,847,206			– 0	–		48,640,156
Consumer Discretionary		33,267,775			12,047,196			– 0	–		45,314,971
Energy		25,547,460			6,414,217			151,391			32,113,068
Health Care		25,718,280			4,513,898			– 0	–		30,232,178
Industrials		17,565,499			8,828,866			– 0	–		26,394,365
Consumer Staples		12,845,068			9,727,659			– 0	–		22,572,727
Materials		9,522,362			7,843,473			– 0	–		17,365,835
Utilities		6,524,277			1,526,142			– 0	–		8,050,419
Telecommunication Services		3,219,724			2,952,600			– 0	–		6,172,324
Other Instruments		322,428			– 0	–		– 0	–		322,428
Mortgage Pass-Through’s		– 0	–		48,968,483			– 0	–		48,968,483
Corporates - Investment Grades		– 0	–		40,147,980			– 0	–		40,147,980
Governments - Treasuries		– 0	–		38,179,061			– 0	–		38,179,061
Asset-Backed Securities		– 0	–		15,905,480			1,767,414			17,672,894
Agencies		– 0	–		15,896,272			– 0	–		15,896,272
Commercial Mortgage-Backed Securities		– 0	–		7,977,100			883,035			8,860,135
Governments - Sovereign Agencies		– 0	–		2,042,376			– 0	–		2,042,376
Corporates - Non-Investment Grades		– 0	–		1,895,161			– 0	–		1,895,161
Quasi-Sovereigns		– 0	–		1,158,683			– 0	–		1,158,683
Preferred Stocks		711,344			231,063			– 0	–		942,407
Local Governments - Municipal Bonds		– 0	–		560,888			– 0	–		560,888
Collateralized Mortgage Obligations		– 0	–		– 0	–		337,423			337,423
Governments - Sovereign Bonds		– 0	–		290,947			– 0	–		290,947
Rights		5,954			– 0	–		– 0	–		5,954
Short-Term Investments		– 0	–		22,603,617			– 0	–		22,603,617
Total Investments in Securities		224,446,724			290,666,787+			3,139,263			518,252,774
Other Financial Instruments* :
Assets:
Futures Contracts		18,994			– 0	–		– 0	–		18,994
Forward Currency Exchange Contracts		– 0	–		2,248,409			– 0	–		2,248,409
Credit Default Swap Contracts		– 0	–		87,402			– 0	–		87,402
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(2,295,158	)		– 0	–		(2,295,158	)
Total	$	224,465,718		$	290,707,440		$	3,139,263		$	518,312,421

* 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 beginning of the reporting period.

	Energy			Asset-Backed Securities			Commercial Mortgage - Backed Securities
Balance as of 12/31/10	$	– 0	–	$	1,281,731		$	3,969,206
Accrued discounts/(premiums)		– 0	–		1,025			20,552
Realized gain (loss)		– 0	–		(81,944	)		199,189
Change in unrealized appreciation/depreciation		(40,426	)		278,119			(281,752	)
Purchases		191,817			813,022			207,268
Sales		– 0	–		(524,539	)		(3,231,428	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/11	$	151,391		$	1,767,414		$	883,035
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11	$	(40,426	)	$	222,867		$	(119,915	)
	Collateralized Mortgage Obligations			Total
Balance as of 12/31/10	$	563,019		$	5,813,956
Accrued discounts/(premiums)		32			21,609
Realized gain (loss)		(125,957	)		(8,712	)
Change in unrealized appreciation/depreciation		82,079			38,020
Purchases		2,907			1,215,014
Sales		(184,657	)		(3,940,624	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 9/30/11	$	337,423		$	3,139,263
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11	$	(42,529	)	$	19,997

AllianceBernstein Variable Products Series Fund

Dynamic Asset Allocation Portfolio

Portfolio of Investments

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 28.2%
Funds and Investment Trusts - 28.2%
iShares Russell 2000 Index Fund		6,810	$	437,543
SPDR S&P 500 ETF Trust		32,640		3,693,869
SPDR S&P MidCap 400 ETF Trust		3,410		484,663
Vanguard MSCI EAFE ETF		123,420		3,723,581
Vanguard MSCI Emerging Markets ETF		32,700		1,173,603
Total Investment Companies (cost $10,381,530)				9,513,259
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 19.3%
United States - 19.3%
U.S. Treasury Bonds
3.50%, 2/15/39	U.S.$	152		169,005
4.375%, 11/15/39-5/15/41		368		473,790
4.75%, 2/15/37		76		102,077
5.375%, 2/15/31		65		91,437
6.00%, 2/15/26		49		70,162
6.25%, 8/15/23		124		176,739
7.25%, 5/15/16		108		139,447
7.50%, 11/15/16		92		122,015
8.00%, 11/15/21		123		192,111
U.S. Treasury Notes
0.375%, 8/31/12-9/30/12		160		160,305
0.50%, 10/15/13		273		274,066
0.625%, 1/31/13		60		60,328
0.75%, 3/31/13-8/15/13		834		841,112
1.00%, 1/15/14		60		60,895
1.125%, 12/15/12-6/15/13		484		490,771
1.25%, 3/15/14		95		97,041
1.375%, 11/30/15		62		63,608
1.75%, 7/31/15		60		62,527
2.00%, 4/30/16		600		631,128
2.125%, 8/15/21		35		35,618
2.25%, 11/30/17		184		194,954
2.375%, 10/31/14-7/31/17		199		212,000
2.50%, 3/31/15		148		157,966
2.625%, 11/15/20		270		288,731
2.75%, 5/31/17-2/15/19		335		364,649
3.00%, 2/28/17		59		65,001
3.125%, 10/31/16		237		262,126
3.25%, 7/31/16		232		257,629
3.625%, 2/15/21		195		225,271
4.00%, 11/15/12		57		59,414
4.375%, 8/15/12		110		114,000
Total Governments - Treasuries (cost $6,196,084)				6,515,923
	Shares
COMMON STOCKS - 4.4%
Information Technology - 0.8%
Communications Equipment - 0.1%
Cisco Systems, Inc.		790		12,237

Company	Shares		U.S. $ Value
F5 Networks, Inc. (a)		10	$	711
Harris Corp.		15		513
JDS Uniphase Corp. (a)		30		299
Juniper Networks, Inc. (a)		80		1,381
Motorola Mobility Holdings, Inc. (a)		45		1,700
Motorola Solutions, Inc.		45		1,885
QUALCOMM, Inc.		250		12,157
Tellabs, Inc.		45		193
				31,076
Computers & Peripherals - 0.2%
Apple, Inc. (a)		133		50,697
Dell, Inc. (a)		240		3,396
EMC Corp. (a)		285		5,982
Hewlett-Packard Co.		290		6,510
Lexmark International, Inc.-Class A (a)		10		270
NetApp, Inc. (a)		50		1,697
SanDisk Corp. (a)		30		1,211
Western Digital Corp. (a)		30		772
				70,535
Electronic Equipment, Instruments & Components - 0.0%
Amphenol Corp.-Class A		25		1,019
Corning, Inc.		215		2,657
FLIR Systems, Inc.		20		501
Jabil Circuit, Inc.		25		445
Molex, Inc.		15		306
				4,928
Internet Software & Services - 0.1%
Akamai Technologies, Inc. (a)		25		497
eBay, Inc. (a)		165		4,866
Google, Inc.-Class A (a)		40		20,575
Monster Worldwide, Inc. (a)		15		108
VeriSign, Inc.		25		715
Yahoo!, Inc. (a)		185		2,435
				29,196
IT Services - 0.1%
Automatic Data Processing, Inc.		70		3,301
Cognizant Technology Solutions Corp.-Class A (a)		45		2,822
Computer Sciences Corp.		20		537
Fidelity National Information Services, Inc.		40		973
Fiserv, Inc. (a)		20		1,015
International Business Machines Corp.		175		30,630
Mastercard, Inc.-Class A		15		4,757
Paychex, Inc.		45		1,187
SAIC, Inc. (a)		35		413
Teradata Corp. (a)		25		1,338
Total System Services, Inc.		20		339
Visa, Inc.-Class A		70		6,000
Western Union Co. (The)-Class W		90		1,376
				54,688

Company	Shares		U.S. $ Value
Office Electronics - 0.0%
Xerox Corp.		195	$	1,359
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc. (a)		75		381
Altera Corp.		50		1,576
Analog Devices, Inc.		40		1,250
Applied Materials, Inc.		185		1,915
Broadcom Corp.-Class A (a)		70		2,330
Intel Corp.		760		16,211
KLA-Tencor Corp.		20		766
Linear Technology Corp.		30		830
LSI Corp. (a)		80		414
MEMC Electronic Materials, Inc. (a)		30		157
Microchip Technology, Inc.		25		778
Micron Technology, Inc. (a)		120		605
Novellus Systems, Inc. (a)		10		273
NVIDIA Corp. (a)		75		938
Teradyne, Inc. (a)		20		220
Texas Instruments, Inc.		165		4,397
Xilinx, Inc.		35		960
				34,001
Software - 0.2%
Adobe Systems, Inc. (a)		70		1,692
Autodesk, Inc. (a)		35		972
BMC Software, Inc. (a)		25		964
CA, Inc.		55		1,067
Citrix Systems, Inc. (a)		30		1,636
Compuware Corp. (a)		30		230
Electronic Arts, Inc. (a)		45		920
Intuit, Inc. (a)		40		1,898
Microsoft Corp.		1,055		26,259
Oracle Corp.		555		15,951
Red Hat, Inc. (a)		30		1,268
Salesforce.com, Inc. (a)		21		2,400
Symantec Corp. (a)		105		1,711
				56,968
				282,751
Financials - 0.6%
Capital Markets - 0.1%
Ameriprise Financial, Inc.		35		1,378
Bank of New York Mellon Corp. (The)		175		3,253
BlackRock, Inc.-Class A		17		2,516
Charles Schwab Corp. (The)		140		1,578
E*Trade Financial Corp. (a)		30		273
Federated Investors, Inc.-Class B		10		175
Franklin Resources, Inc.		20		1,913
Goldman Sachs Group, Inc. (The)		78		7,375
Invesco Ltd.		60		931
Janus Capital Group, Inc.		20		120
Legg Mason, Inc.		20		514
Morgan Stanley		195		2,633
Northern Trust Corp.		30		1,049

Company	Shares		U.S. $ Value
State Street Corp.		75	$	2,412
T Rowe Price Group, Inc.		35		1,672
				27,792
Commercial Banks - 0.1%
BB&T Corp.		90		1,920
Comerica, Inc.		30		689
Fifth Third Bancorp		120		1,212
First Horizon National Corp.		35		209
Huntington Bancshares, Inc./OH		115		552
KeyCorp		125		741
M&T Bank Corp.		25		1,747
PNC Financial Services Group, Inc.		80		3,855
Regions Financial Corp.		175		583
SunTrust Banks, Inc.		70		1,257
US Bancorp		275		6,473
Wells Fargo & Co.		755		18,211
Zions Bancorporation		20		281
				37,730
Consumer Finance - 0.0%
American Express Co.		150		6,735
Capital One Financial Corp.		70		2,774
Discover Financial Services		70		1,606
SLM Corp.		70		871
				11,986
Diversified Financial Services - 0.1%
Bank of America Corp.		1,425		8,721
Citigroup, Inc.		418		10,709
CME Group, Inc.-Class A		10		2,464
IntercontinentalExchange, Inc. (a)		10		1,183
JPMorgan Chase & Co.		565		17,018
Leucadia National Corp.		25		567
Moody’s Corp.		25		761
NASDAQ OMX Group, Inc. (The) (a)		20		463
NYSE Euronext		35		813
				42,699
Insurance - 0.2%
ACE Ltd.		45		2,727
Aflac, Inc.		65		2,272
Allstate Corp. (The)		70		1,658
American International Group, Inc. (a)		62		1,361
AON Corp.		45		1,889
Assurant, Inc.		10		358
Berkshire Hathaway, Inc. (a)		245		17,405
Chubb Corp. (The)		40		2,400
Cincinnati Financial Corp.		20		527
Genworth Financial, Inc.-Class A (a)		65		373
Hartford Financial Services Group, Inc.		65		1,049
Lincoln National Corp.		40		625
Loews Corp.		40		1,382
Marsh & McLennan Cos., Inc.		80		2,123
MetLife, Inc.		150		4,201
Principal Financial Group, Inc.		40		907
Progressive Corp. (The)		85		1,510
Prudential Financial, Inc.		75		3,514

Company	Shares		U.S. $ Value
Torchmark Corp.		15	$	523
Travelers Cos., Inc. (The)		60		2,924
Unum Group		40		838
XL Group PLC		40		752
				51,318
Real Estate Investment Trusts (REITs) - 0.1%
Apartment Investment & Management Co.-Class A		15		332
AvalonBay Communities, Inc.		15		1,711
Boston Properties, Inc.		20		1,782
Equity Residential		40		2,075
HCP, Inc.		60		2,104
Health Care REIT, Inc.		25		1,170
Host Hotels & Resorts, Inc.		90		985
Kimco Realty Corp.		50		752
Plum Creek Timber Co., Inc.		20		694
ProLogis, Inc.		60		1,455
Public Storage		20		2,227
Simon Property Group, Inc.		46		5,059
Ventas, Inc.		41		2,025
Vornado Realty Trust		25		1,865
Weyerhaeuser Co.		70		1,088
				25,324
Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc.-Class A (a)		35		471
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.		70		396
People’s United Financial, Inc.		45		513
				909
				198,229
Health Care - 0.5%
Biotechnology - 0.1%
Amgen, Inc.		135		7,418
Biogen Idec, Inc. (a)		35		3,260
Celgene Corp. (a)		70		4,335
Cephalon, Inc. (a)		10		807
Gilead Sciences, Inc. (a)		115		4,462
				20,282
Health Care Equipment & Supplies - 0.1%
Baxter International, Inc.		80		4,491
Becton Dickinson and Co.		30		2,200
Boston Scientific Corp. (a)		210		1,241
CareFusion Corp. (a)		30		719
Covidien PLC		75		3,307
CR Bard, Inc.		15		1,313
DENTSPLY International, Inc.		20		614
Edwards Lifesciences Corp. (a)		15		1,069
Intuitive Surgical, Inc. (a)		5		1,821
Medtronic, Inc.		150		4,986
St Jude Medical, Inc.		45		1,629
Stryker Corp.		45		2,121
Varian Medical Systems, Inc. (a)		15		782

Company	Shares		U.S. $ Value
Zimmer Holdings, Inc. (a)		25	$	1,338
				27,631
Health Care Providers & Services - 0.1%
Aetna, Inc.		50		1,818
AmerisourceBergen Corp.-Class A		35		1,304
Cardinal Health, Inc.		45		1,885
CIGNA Corp.		35		1,468
Coventry Health Care, Inc. (a)		20		576
DaVita, Inc. (a)		15		940
Express Scripts, Inc.-Class A (a)		80		2,966
Humana, Inc.		25		1,818
Laboratory Corp. of America Holdings (a)		15		1,186
McKesson Corp.		35		2,544
Medco Health Solutions, Inc. (a)		55		2,579
Patterson Cos., Inc.		10		286
Quest Diagnostics, Inc./DE		20		987
Tenet Healthcare Corp. (a)		65		268
UnitedHealth Group, Inc.		155		7,149
WellPoint, Inc.		60		3,917
				31,691
Health Care Technology - 0.0%
Cerner Corp. (a)		20		1,370
Life Sciences Tools & Services - 0.0%
Agilent Technologies, Inc. (a)		45		1,406
Life Technologies Corp. (a)		25		961
PerkinElmer, Inc.		15		288
Thermo Fisher Scientific, Inc. (a)		55		2,785
Waters Corp. (a)		15		1,133
				6,573
Pharmaceuticals - 0.2%
Abbott Laboratories		235		12,018
Allergan, Inc.		50		4,119
Bristol-Myers Squibb Co.		245		7,688
Eli Lilly & Co.		145		5,361
Forest Laboratories, Inc. (a)		35		1,078
Hospira, Inc. (a)		20		740
Johnson & Johnson		405		25,802
Merck & Co., Inc.		445		14,556
Mylan, Inc./PA (a)		55		935
Pfizer, Inc.		1,120		19,801
Watson Pharmaceuticals, Inc. (a)		15		1,024
				93,122
				180,669
Energy - 0.5%
Energy Equipment & Services - 0.1%
Baker Hughes, Inc.		60		2,770
Cameron International Corp. (a)		40		1,662
Diamond Offshore Drilling, Inc.		10		547
FMC Technologies, Inc. (a)		30		1,128
Halliburton Co.		130		3,968

Company	Shares		U.S. $ Value
Helmerich & Payne, Inc.		15	$	609
Nabors Industries Ltd. (a)		35		429
National Oilwell Varco, Inc.		65		3,329
Noble Corp. (a)		35		1,027
Rowan Cos., Inc. (a)		15		453
Schlumberger Ltd.		195		11,647
				27,569
Oil, Gas & Consumable Fuels - 0.4%
Alpha Natural Resources, Inc. (a)		32		566
Anadarko Petroleum Corp.		75		4,729
Apache Corp.		55		4,413
Cabot Oil & Gas Corp.		15		929
Chesapeake Energy Corp.		95		2,427
Chevron Corp.		290		26,831
ConocoPhillips		200		12,664
Consol Energy, Inc.		30		1,018
Denbury Resources, Inc. (a)		50		575
Devon Energy Corp.		60		3,326
El Paso Corp.		100		1,748
EOG Resources, Inc.		45		3,195
EQT Corp.		20		1,067
Exxon Mobil Corp.		699		50,768
Hess Corp.		40		2,098
Marathon Oil Corp.		105		2,266
Marathon Petroleum Corp.		52		1,407
Murphy Oil Corp.		25		1,104
Newfield Exploration Co. (a)		20		794
Noble Energy, Inc.		25		1,770
Occidental Petroleum Corp.		120		8,580
Peabody Energy Corp.		35		1,186
Pioneer Natural Resources Co.		15		987
QEP Resources, Inc.		25		677
Range Resources Corp.		20		1,169
Southwestern Energy Co. (a)		45		1,500
Spectra Energy Corp.		85		2,085
Sunoco, Inc.		15		465
Tesoro Corp. (a)		15		292
Valero Energy Corp.		75		1,334
Williams Cos., Inc. (The)		85		2,069
				144,039
				171,608
Consumer Staples - 0.5%
Beverages - 0.1%
Brown-Forman Corp.-Class B		15		1,052
Coca-Cola Co. (The)		330		22,295
Coca-Cola Enterprises, Inc.		40		995
Constellation Brands, Inc.-Class A (a)		20		360
Dr Pepper Snapple Group, Inc.		30		1,163
Molson Coors Brewing Co.-Class B		20		792
PepsiCo, Inc.		225		13,928
				40,585
Food & Staples Retailing - 0.1%
Costco Wholesale Corp.		60		4,927
CVS Caremark Corp.		190		6,380

Company	Shares		U.S. $ Value
Kroger Co. (The)		85	$	1,867
Safeway, Inc.		45		748
SUPERVALU, Inc.		25		167
Sysco Corp.		85		2,202
Wal-Mart Stores, Inc.		253		13,131
Walgreen Co.		135		4,440
Whole Foods Market, Inc.		20		1,306
				35,168
Food Products - 0.1%
Archer-Daniels-Midland Co.		105		2,605
Campbell Soup Co.		25		809
ConAgra Foods, Inc.		50		1,211
Dean Foods Co. (a)		20		177
General Mills, Inc.		95		3,655
Hershey Co. (The)		20		1,185
HJ Heinz Co.		45		2,272
Hormel Foods Corp.		15		405
JM Smucker Co. (The)		15		1,093
Kellogg Co.		35		1,862
Kraft Foods, Inc.-Class A		245		8,227
McCormick & Co., Inc./MD		15		692
Mead Johnson Nutrition Co.-Class A		30		2,065
Sara Lee Corp.		80		1,308
Tyson Foods, Inc.-Class A		35		608
				28,174
Household Products - 0.1%
Clorox Co.		20		1,327
Colgate-Palmolive Co.		75		6,651
Kimberly-Clark Corp.		55		3,905
Procter & Gamble Co. (The)		395		24,956
				36,839
Personal Products - 0.0%
Avon Products, Inc.		55		1,078
Estee Lauder Cos., Inc. (The)-Class A		15		1,318
				2,396
Tobacco - 0.1%
Altria Group, Inc.		300		8,043
Lorillard, Inc.		20		2,214
Philip Morris International, Inc.		260		16,219
Reynolds American, Inc.		45		1,686
				28,162
				171,324
Consumer Discretionary - 0.5%
Auto Components - 0.0%
Goodyear Tire & Rubber Co. (The) (a)		30		303
Johnson Controls, Inc.		100		2,637
				2,940
Automobiles - 0.0%
Ford Motor Co. (a)		525		5,077
Harley-Davidson, Inc.		30		1,030
				6,107

Company	Shares		U.S. $ Value
Distributors – 0.0%
Genuine Parts Co.		20	$	1,016
Diversified Consumer Services - 0.0%
Apollo Group, Inc.-Class A (a)		15		594
DeVry, Inc.		10		370
H&R Block, Inc.		40		532
				1,496
Hotels, Restaurants & Leisure - 0.1%
Carnival Corp.		65		1,969
Chipotle Mexican Grill, Inc.-Class A (a)		4		1,212
Darden Restaurants, Inc.		20		855
International Game Technology		40		581
Marriott International, Inc./DE-Class A		45		1,226
McDonald’s Corp.		150		13,173
Starbucks Corp.		110		4,102
Starwood Hotels & Resorts Worldwide, Inc.		25		971
Wyndham Worldwide Corp.		20		570
Wynn Resorts Ltd.		10		1,151
Yum! Brands, Inc.		65		3,210
				29,020
Household Durables - 0.0%
DR Horton, Inc.		35		316
Fortune Brands, Inc.		20		1,082
Harman International Industries, Inc.		10		286
Leggett & Platt, Inc.		15		297
Lennar Corp.-Class A		20		271
Newell Rubbermaid, Inc.		35		415
Pulte Group, Inc. (a)		45		178
Whirlpool Corp.		10		499
				3,344
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. (a)		50		10,811
Expedia, Inc.		25		644
NetFlix, Inc. (a)		6		679
Priceline.com, Inc. (a)		7		3,146
				15,280
Leisure Equipment & Products - 0.0%
Hasbro, Inc.		20		652
Mattel, Inc.		45		1,165
				1,817
Media - 0.1%
Cablevision Systems Corp.		30		472
CBS Corp.-Class B		90		1,834
Comcast Corp.-Class A		390		8,151
DIRECTV (a)		115		4,859
Discovery Communications, Inc.-Class A (a)		35		1,317
Gannett Co., Inc.		30		286
Interpublic Group of Cos., Inc. (The)		65		468
McGraw-Hill Cos., Inc. (The)		40		1,640
News Corp.-Class A		315		4,873
Omnicom Group, Inc.		40		1,473

Company	Shares		U.S. $ Value
Scripps Networks Interactive, Inc.-Class A		10	$	372
Time Warner Cable, Inc.-Class A		55		3,447
Time Warner, Inc.		155		4,645
Viacom, Inc.-Class B		80		3,099
Walt Disney Co. (The)		265		7,992
Washington Post Co. (The)-Class B		1		327
				45,255
Multiline Retail - 0.1%
Big Lots, Inc. (a)		10		348
Family Dollar Stores, Inc.		15		763
JC Penney Co., Inc.		30		803
Kohl’s Corp.		40		1,964
Macy’s, Inc.		55		1,448
Nordstrom, Inc.		20		914
Sears Holdings Corp. (a)		5		288
Target Corp.		105		5,149
				11,677
Specialty Retail - 0.1%
Abercrombie & Fitch Co.-Class A		10		616
AutoNation, Inc. (a)		5		164
AutoZone, Inc. (a)		5		1,596
Bed Bath & Beyond, Inc. (a)		35		2,006
Best Buy Co., Inc.		40		932
CarMax, Inc. (a)		30		715
GameStop Corp.-Class A (a)		15		346
Gap, Inc. (The)		55		893
Home Depot, Inc.		230		7,560
Limited Brands, Inc.		35		1,348
Lowe’s Cos., Inc.		190		3,675
O’Reilly Automotive, Inc. (a)		20		1,333
Ross Stores, Inc.		15		1,180
Staples, Inc.		95		1,263
Tiffany & Co.		15		912
TJX Cos., Inc.		55		3,051
Urban Outfitters, Inc. (a)		15		335
				27,925
Textiles, Apparel & Luxury Goods - 0.0%
Coach, Inc.		40		2,073
NIKE, Inc.-Class B		60		5,131
Ralph Lauren Corp.		10		1,297
VF Corp.		15		1,823
				10,324
				156,201
Industrials - 0.5%
Aerospace & Defense - 0.1%
Boeing Co. (The)		110		6,656
General Dynamics Corp.		50		2,844
Goodrich Corp.		20		2,414
Honeywell International, Inc.		115		5,050
ITT Corp.		25		1,050
L-3 Communications Holdings, Inc.		15		930
Lockheed Martin Corp.		40		2,906
Northrop Grumman Corp.		40		2,086

Company	Shares		U.S. $ Value
Precision Castparts Corp.		20	$	3,109
Raytheon Co.		50		2,043
Rockwell Collins, Inc.		20		1,055
Textron, Inc.		35		617
United Technologies Corp.		135		9,499
				40,259
Air Freight & Logistics - 0.1%
C.H. Robinson Worldwide, Inc.		25		1,712
Expeditors International of Washington, Inc.		30		1,216
FedEx Corp.		45		3,046
United Parcel Service, Inc.-Class B		145		9,157
				15,131
Airlines - 0.0%
Southwest Airlines Co.		105		844
Building Products - 0.0%
Masco Corp.		45		320
Commercial Services & Supplies - 0.0%
Avery Dennison Corp.		15		376
Cintas Corp.		15		422
Iron Mountain, Inc.		25		791
Pitney Bowes, Inc.		25		470
Republic Services, Inc.-Class A		40		1,122
RR Donnelley & Sons Co.		25		353
Stericycle, Inc. (a)		10		807
Waste Management, Inc.		65		2,117
				6,458
Construction & Engineering - 0.0%
Fluor Corp.		25		1,164
Jacobs Engineering Group, Inc. (a)		15		484
Quanta Services, Inc. (a)		25		470
				2,118
Electrical Equipment - 0.0%
Emerson Electric Co.		110		4,544
First Solar, Inc. (a)		10		632
Rockwell Automation, Inc.		20		1,120
Roper Industries, Inc.		15		1,034
				7,330
Industrial Conglomerates - 0.1%
3M Co.		105		7,538
Danaher Corp.		80		3,355
General Electric Co.		1,510		23,012
Tyco International Ltd.		65		2,649
				36,554
Machinery - 0.1%
Caterpillar, Inc.		95		7,015
Cummins, Inc.		30		2,450
Deere & Co.		65		4,197
Dover Corp.		25		1,165
Eaton Corp.		45		1,597
Flowserve Corp.		10		740
Illinois Tool Works, Inc.		75		3,120

Company	Shares		U.S. $ Value
Ingersoll-Rand PLC		45	$	1,264
Joy Global, Inc.		15		936
PACCAR, Inc.		50		1,691
Pall Corp.		15		636
Parker Hannifin Corp.		25		1,578
Snap-On, Inc.		10		444
Stanley Black & Decker, Inc.		25		1,228
				28,061
Professional Services - 0.0%
Dun & Bradstreet Corp.		5		306
Equifax, Inc.		15		461
Robert Half International, Inc.		15		319
				1,086
Road & Rail - 0.1%
CSX Corp.		150		2,800
Norfolk Southern Corp.		50		3,051
Ryder System, Inc.		5		188
Union Pacific Corp.		75		6,125
				12,164
Trading Companies & Distributors - 0.0%
Fastenal Co.		40		1,331
WW Grainger, Inc.		10		1,496
				2,827
				153,152
Utilities - 0.2%
Electric Utilities - 0.1%
American Electric Power Co., Inc.		65		2,471
Duke Energy Corp.		185		3,698
Edison International		45		1,721
Entergy Corp.		25		1,657
Exelon Corp.		90		3,835
FirstEnergy Corp.		55		2,470
NextEra Energy, Inc.		65		3,511
Northeast Utilities		20		673
Pepco Holdings, Inc.		30		568
Pinnacle West Capital Corp.		15		644
PPL Corp.		75		2,141
Progress Energy, Inc.		40		2,069
Southern Co.		120		5,084
				30,542
Gas Utilities - 0.0%
Nicor, Inc.		5		275
Oneok, Inc.		15		991
				1,266
Independent Power Producers & Energy Traders - 0.0%
AES Corp. (The) (a)		85		830
Constellation Energy Group, Inc.		25		951
NRG Energy, Inc. (a)		30		636
				2,417

Company	Shares		U.S. $ Value
Multi-Utilities - 0.1%
Ameren Corp.		30	$	893
CenterPoint Energy, Inc.		55		1,079
CMS Energy Corp.		30		594
Consolidated Edison, Inc.		40		2,281
Dominion Resources, Inc./VA		85		4,316
DTE Energy Co.		20		980
Integrys Energy Group, Inc.		10		486
NiSource, Inc.		35		748
PG&E Corp.		55		2,327
Public Service Enterprise Group, Inc.		75		2,503
SCANA Corp.		15		607
Sempra Energy		40		2,060
TECO Energy, Inc.		25		428
Wisconsin Energy Corp.		30		939
Xcel Energy, Inc.		70		1,728
				21,969
				56,194
Materials - 0.2%
Chemicals - 0.1%
Air Products & Chemicals, Inc.		30		2,291
Airgas, Inc.		10		638
CF Industries Holdings, Inc.		10		1,234
Dow Chemical Co. (The)		165		3,706
Eastman Chemical Co.		10		685
Ecolab, Inc.		30		1,467
EI du Pont de Nemours & Co.		135		5,396
FMC Corp.		10		691
International Flavors & Fragrances, Inc.		10		562
Monsanto Co.		80		4,803
Mosaic Co. (The)		40		1,959
PPG Industries, Inc.		30		2,120
Praxair, Inc.		50		4,674
Sherwin-Williams Co. (The)		15		1,115
Sigma-Aldrich Corp.		15		927
				32,268
Construction Materials - 0.0%
Vulcan Materials Co.		15		413
Containers & Packaging - 0.0%
Ball Corp.		20		621
Bemis Co., Inc.		10		293
Owens-Illinois, Inc. (a)		20		302
Sealed Air Corp.		20		334
				1,550
Metals & Mining - 0.1%
AK Steel Holding Corp.		10		65
Alcoa, Inc.		140		1,340
Allegheny Technologies, Inc.		15		555
Cliffs Natural Resources, Inc.		20		1,023
Freeport-McMoRan Copper & Gold, Inc.		135		4,111
Newmont Mining Corp.		75		4,717
Nucor Corp.		40		1,266
Titanium Metals Corp.		10		150
United States Steel Corp.		20		440
				13,667

Company	Shares		U.S. $ Value
Paper & Forest Products - 0.0%
International Paper Co.		65	$	1,512
MeadWestvaco Corp.		20		491
				2,003
				49,901
Telecommunication Services - 0.1%
Diversified Telecommunication Services - 0.1%
AT&T, Inc.		850		24,242
CenturyLink, Inc.		90		2,981
Frontier Communications Corp.		140		855
Verizon Communications, Inc.		400		14,720
Windstream Corp.		65		758
				43,556
Wireless Telecommunication Services - 0.0%
American Tower Corp.-Class A (a)		55		2,959
MetroPCS Communications, Inc. (a)		35		305
Sprint Nextel Corp. (a)		420		1,277
				4,541
				48,097
Producer Durables - 0.0%
Back Office Support HR & Consulting - 0.0%
Accenture PLC		95		5,005
Total Common Stocks (cost $1,731,990)				1,473,131
SHORT-TERM INVESTMENTS - 57.6%
Investment Companies - 57.6%
AllianceBernstein Fixed-Income Shares, Inc.-
Government STIF Portfolio, 0.08% (b) (cost $19,413,828)		19,413,828		19,413,828
Total Investments - 109.5% (cost $37,723,432) (c)				36,916,141
Other assets less liabilities - (9.5)% (d)				(3,213,637	)
Net Assets - 100.0%			$	33,702,504

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
German Euro Bobl Futures		1		December 2011	$	162,299	$	163,624	$	1,325
German Euro Bund Futures		1		December 2011		179,233		182,862		3,629

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
German Euro Schatz Futures		1		December 2011	$	146,624	$	146,870	$	246
JGB Mini 10 Yr Futures		3		December 2011		555,176		553,248		(1,928	)
MSCI EAFE Mini Index Futures		28		December 2011		1,924,626		1,885,240		(39,386	)
MSCI Emerging Market EMini Futures		9		December 2011		430,485		378,135		(52,350	)
Russell 2000 Mini Index Futures		2		December 2011		134,293		128,300		(5,993	)
S+P Midcap 400 EMini Index Futures		1		December 2011		82,407		77,890		(4,517	)
U.S. T-Note 10 Yr Futures		37		December 2011		4,803,184		4,813,469		10,285
U.S. T-Note 2 Yr Futures		6		December 2011		1,323,103		1,321,219		(1,884	)
U.S. T-Note 5 Yr Futures		2		December 2011		245,083		244,969		(114	)
UK Long Gilt Bond Futures		1		December 2011		198,451		202,707		4,256
Ultra Long U.S. T-Bond Futures		11		December 2011		1,643,658		1,744,875		101,217
									$	14,786

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts
HSBC Bank USA:
Japanese Yen settling 12/15/11		44,052	$	576,831	$	571,739	$	(5,092	)
State Street Bank and Trust Co.:
Australian Dollar settling 12/15/11		25		25,961		23,985		(1,976	)
Japanese Yen settling 12/15/11		981		12,782		12,732		(50	)
Japanese Yen settling 12/15/11		1,341		17,580		17,404		(176	)
Japanese Yen settling 12/15/11		1,379		18,078		17,898		(180	)
Japanese Yen settling 12/15/11		1,649		21,614		21,402		(212	)
Japanese Yen settling 12/15/11		2,952		38,549		38,313		(236	)
Japanese Yen settling 12/15/11		2,506		32,769		32,525		(244	)
Japanese Yen settling 12/15/11		3,853		50,312		50,007		(305	)
Sale Contracts
Barclays Bank PLC Wholesale:
Great British Pound settling 12/15/11		25		38,970		38,958		12
HSBC Bank USA:
Great British Pound settling 12/15/11		353		548,325		550,087		(1,762	)
Swiss Franc settling 12/15/11		314		347,915		346,936		979
Royal Bank of Canada:
Euro settling 12/15/11		270		369,174		361,614		7,560
Euro settling 12/15/11		308		415,459		412,507		2,952
Great British Pound settling 12/15/11		292		460,382		455,030		5,352
Japanese Yen settling 12/15/11		40,135		522,700		520,901		1,799
Swedish Krona settling 12/15/11		1,059		157,994		153,800		4,194
State Street Bank and Trust Co.:
Australian Dollar settling 12/15/11		453		455,999		434,613		21,386
Australian Dollar settling 12/15/11		40		40,910		38,376		2,534

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Australian Dollar settling 12/15/11		31	$	32,129	$	29,742	$	2,387
Australian Dollar settling 12/15/11		43		43,531		41,255		2,276
Australian Dollar settling 12/15/11		25		26,206		23,986		2,220
Australian Dollar settling 12/15/11		23		23,454		22,066		1,388
Australian Dollar settling 12/15/11		44		42,627		42,214		413
Canadian Dollar settling 12/15/11		43		43,521		40,970		2,551
Canadian Dollar settling 12/15/11		22		22,441		20,961		1,480
Euro settling 12/15/11		420		586,622		562,510		24,112
Euro settling 12/15/11		30		43,209		40,179		3,030
Euro settling 12/15/11		27		38,962		36,161		2,801
Euro settling 12/15/11		22		31,235		29,465		1,770
Euro settling 12/15/11		19		26,921		25,447		1,474
Euro settling 12/15/11		17		24,177		22,769		1,408
Euro settling 12/15/11		33		45,477		44,197		1,280
Euro settling 12/15/11		24		33,288		32,144		1,144
Euro settling 12/15/11		58		78,730		77,680		1,050
Euro settling 12/15/11		25		33,709		33,483		226
Euro settling 12/15/11		60		80,384		80,359		25
Great British Pound settling 12/15/11		135		215,995		210,374		5,621
Great British Pound settling 12/15/11		24		38,101		37,400		701
Great British Pound settling 12/15/11		19		30,245		29,608		637
Great British Pound settling 12/15/11		26		40,785		40,516		269
Japanese Yen settling 12/15/11		4,055		53,142		52,629		513
Japanese Yen settling 12/15/11		4,155		54,286		53,927		359
Japanese Yen settling 12/15/11		3,808		49,647		49,423		224
Japanese Yen settling 12/15/11		2,675		34,863		34,718		145
							$	96,039

TOTAL RETURN SWAP CONTRACTS ON INDICES

Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	FTSE EPRA/NAREIT Developed Real Estate index		16		1.00	%	$	44		8/15/12	JPMorgan Chase Bank, N.A.	$	(3,175	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		13		1.00			33		10/15/12	JPMorgan Chase Bank, N.A.		0
Receive	FTSE EPRA/NAREIT Developed Real Estate index		7		0.47			19		6/15/12	JPMorgan Chase Bank, N.A.		(1,389	)

Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		11		0.45	%	$	30		6/15/12	JPMorgan Chase Bank, N.A.	$	(2,182	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		11		0.46			30		6/15/12	JPMorgan Chase Bank, N.A.		(2,183	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		5		0.46			14		7/16/12	JPMorgan Chase Bank, N.A.		(992	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		5		0.46			14		7/16/12	JPMorgan Chase Bank, N.A.		(992	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		6		0.46			17		7/16/12	JPMorgan Chase Bank, N.A.		(1,190	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		6		0.46			17		7/16/12	JPMorgan Chase Bank, N.A.		(1,190	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		8		0.46			22		7/16/12	JPMorgan Chase Bank, N.A.		(1,587	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		9		0.43			25		7/16/12	JPMorgan Chase Bank, N.A.		(1,786	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		10		0.46			28		7/16/12	JPMorgan Chase Bank, N.A.		(1,984	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		7		1.00			19		8/15/12	JPMorgan Chase Bank, N.A.		(1,389	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		14		0.48			39		8/15/12	JPMorgan Chase Bank, N.A.		(2,778	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		14		0.48			39		8/15/12	JPMorgan Chase Bank, N.A.		(2,778	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		20		0.48			55		8/15/12	JPMorgan Chase Bank, N.A.		(3,969	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		29		1.00			80		8/15/12	JPMorgan Chase Bank, N.A.		(5,755	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		7		1.00			19		9/17/12	JPMorgan Chase Bank, N.A.		(1,389	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		11		1.00			30		9/17/12	JPMorgan Chase Bank, N.A.		(2,183	)

Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		13		0.48	%	$	36		9/17/12	JPMorgan Chase Bank, N.A.	$	(2,580	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		14		0.48			39		9/17/12	JPMorgan Chase Bank, N.A.		(2,778	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		29		1.00			74		10/15/12	JPMorgan Chase Bank, N.A.		66
Receive	FTSE EPRA/NAREIT Developed Real Estate index		16		1.00			41		10/15/12	JPMorgan Chase Bank, N.A.		(22	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		10		1.00			26		10/15/12	JPMorgan Chase Bank, N.A.		(606	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		15		0.48			40		10/15/12	JPMorgan Chase Bank, N.A.		(1,468	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		16		0.48			45		10/15/12	JPMorgan Chase Bank, N.A.		(3,699	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		233		0.43			643		4/16/12	UBS AG		(46,224	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		18		0.43			50		5/15/12	UBS AG		(3,571	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		8		0.46			22		6/15/12	UBS AG		(1,587	)
Receive	FTSE EPRA/NAREIT Developed Real Estate index		11		0.46			30		6/15/12	UBS AG		(2,183	)
												$	(103,543	)

* BBA - British Bankers’ Association

(a) Non-income producing security.

(b) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(c) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $348,405 and gross unrealized depreciation of investments was $(1,155,696), resulting in net unrealized depreciation of $(807,291).

(d) An amount of U.S. $625,850 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 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.

AllianceBernstein Variable Products Series Fund

Dynamic Asset Allocation Portfolio

September 30, 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 September 30, 2011:

		$20,901,745			$20,901,745			$20,901,745			$20,901,745
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Investment Companies	$	– 0	–	$	9,513,259		$	– 0	–	$	9,513,259
Governments - Treasuries		– 0	–		6,515,923			– 0	–		6,515,923
Common Stocks		1,473,131			– 0	–		– 0	–		1,473,131
Short-Term Investments		19,413,828			– 0	–		– 0	–		19,413,828
Total Investments in Securities		20,886,959			16,029,182			– 0	–		36,916,141
Other Financial Instruments* :
Assets:
Futures Contracts		120,958			– 0	–		– 0	–		120,958
Forward Currency Exchange Contracts		– 0	–		106,272			– 0	–		106,272
Total Return Swap Contracts		– 0	–		66			– 0	–		66
Liabilities:
Futures Contracts		(106,172	)		– 0	–		– 0	–		(106,172	)
Forward Currency Exchange Contracts		– 0	–		(10,233	)		– 0	–		(10,233	)
Total Return Swap Contracts		– 0	–		(103,609	)		– 0	–		(103,609	)
Total	$	20,901,745		$	16,021,678		$	– 0	–	$	36,923,423

* 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

Global Thematic Growth Portfolio

Portfolio of Investments

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 92.6%
Information Technology - 20.7%
Communications Equipment - 3.9%
Juniper Networks, Inc. (a)		188,055	$	3,245,829
QUALCOMM, Inc.		47,700		2,319,651
				5,565,480
Computers & Peripherals - 4.5%
Apple, Inc. (a)		7,110		2,710,190
Silicon Graphics International Corp. (a)		137,481		1,638,774
Toshiba Corp.		491,000		2,003,008
				6,351,972
Internet Software & Services - 5.4%
Cornerstone OnDemand, Inc. (a)		164,039		2,057,049
Equinix, Inc. (a)		16,900		1,501,227
LinkedIn Corp. (a)		13,706		1,070,164
MercadoLibre, Inc.		24,400		1,311,500
Rackspace Hosting, Inc. (a)		49,219		1,680,337
				7,620,277
Semiconductors & Semiconductor Equipment - 2.7%
Cree, Inc. (a)		48,350		1,256,133
NVIDIA Corp. (a)		207,400		2,592,500
				3,848,633
Software - 4.2%
Intuit, Inc. (a)		31,200		1,480,128
Red Hat, Inc. (a)		51,500		2,176,390
Salesforce.com, Inc. (a)		19,310		2,206,747
				5,863,265
				29,249,627
Financials - 15.5%
Capital Markets - 3.1%
CITIC Securities Co., Ltd. (a) (b)		1,183,300		2,020,943
Greenhill & Co., Inc.		83,631		2,391,010
				4,411,953
Commercial Banks - 2.3%
Bank Rakyat Indonesia Persero Tbk PT		1,802,500		1,180,221
BOC Hong Kong Holdings Ltd.		507,000		1,080,945
Siam Commercial Bank PCL		279,500		953,096
				3,214,262
Consumer Finance - 3.9%
Green Dot Corp. (a)		129,883		4,067,936
SKS Microfinance Ltd. (a)		304,622		1,520,316
				5,588,252
Real Estate Investment Trusts (REITs) - 1.3%
Weyerhaeuser Co.		116,337		1,809,040

Company	Shares		U.S. $ Value
Real Estate Management & Development - 4.9%
Ciputra Development Tbk PT		37,857,500	$	2,172,902
Guangzhou R&F Properties Co., Ltd.		1,604,400		1,180,703
Hang Lung Group Ltd.		307,000		1,566,219
Sun Hung Kai Properties Ltd.		171,000		1,961,713
				6,881,537
				21,905,044
Consumer Discretionary - 14.5%
Auto Components - 0.5%
Johnson Controls, Inc.		27,500		725,175
Automobiles - 3.7%
Tesla Motors, Inc. (a)		90,993		2,219,319
Toyota Motor Corp. (Sponsored ADR)		27,100		1,849,846
Volkswagen AG (Preference Shares)		8,900		1,174,518
				5,243,683
Hotels, Restaurants & Leisure - 2.5%
Ajisen China Holdings Ltd.		915,000		1,046,462
Ctrip.com International Ltd. (ADR) (a)		77,400		2,489,184
				3,535,646
Household Durables - 1.1%
Rinnai Corp.		18,600		1,552,824
Internet & Catalog Retail - 3.9%
Amazon.com, Inc. (a)		10,420		2,253,117
NetFlix, Inc. (a)		16,564		1,874,382
Rakuten, Inc.		1,216		1,416,695
				5,544,194
Specialty Retail - 1.7%
L’Occitane International SA (a)		334,750		675,103
Zhongsheng Group Holdings Ltd.		1,082,500		1,699,889
				2,374,992
Textiles, Apparel & Luxury Goods - 1.1%
Cie Financiere Richemont SA		34,300		1,527,905
				20,504,419
Energy - 12.2%
Energy Equipment & Services - 3.9%
Halliburton Co.		42,300		1,290,996
Nabors Industries Ltd. (a)		140,250		1,719,465
Saipem SpA		33,000		1,158,213
Schlumberger Ltd.		22,400		1,337,952
				5,506,626
Oil, Gas & Consumable Fuels - 8.3%
Cameco Corp.		83,943		1,541,238
Denbury Resources, Inc. (a)		259,300		2,981,950
Kinder Morgan, Inc./Delaware		62,656		1,622,164
Noble Energy, Inc.		20,300		1,437,240
Occidental Petroleum Corp.		17,950		1,283,425
Paladin Energy Ltd. (a)		910,500		1,044,833

Company	Shares		U.S. $ Value
Santos Ltd.		168,800	$	1,826,821
				11,737,671
				17,244,297
Health Care - 10.5%
Biotechnology - 3.1%
Cepheid, Inc. (a)		46,500		1,805,595
Genomic Health, Inc. (a)		115,761		2,544,427
				4,350,022
Health Care Equipment & Supplies - 1.6%
Given Imaging Ltd. (a)		148,158		2,235,704
Health Care Technology - 1.1%
athenahealth, Inc. (a)		26,822		1,597,250
Life Sciences Tools & Services - 4.2%
Covance, Inc. (a)		32,600		1,481,670
Illumina, Inc. (a)		110,145		4,507,134
				5,988,804
Pharmaceuticals - 0.5%
Novartis AG		13,360		746,312
				14,918,092
Materials - 9.8%
Chemicals - 4.1%
Dow Chemical Co. (The)		47,000		1,055,620
Linde AG		12,000		1,605,761
Monsanto Co.		22,200		1,332,888
Stella Chemifa Corp.		64,100		1,777,500
				5,771,769
Metals & Mining - 5.7%
Barrick Gold Corp.		54,090		2,523,299
Freeport-McMoRan Copper & Gold, Inc.		45,700		1,391,565
Goldcorp, Inc.		42,000		1,926,653
Ivanhoe Mines Ltd./CA (a)		59,700		823,232
Mongolian Mining Corp. (a)		1,696,500		1,512,871
				8,177,620
				13,949,389
Industrials - 7.6%
Construction & Engineering - 1.3%
Shaw Group, Inc. (The) (a)		86,200		1,873,988
Electrical Equipment - 4.0%
A123 Systems, Inc. (a)		522,035		1,795,800
Babcock & Wilcox Co. (The) (a)		105,400		2,060,570
Mitsubishi Electric Corp.		203,000		1,798,145
				5,654,515
Machinery - 1.2%
FANUC Corp.		12,200		1,680,500

Company		Shares		U.S. $ Value
Road & Rail - 1.1%
Zipcar, Inc. (a)			88,087	$	1,585,566
					10,794,569
Consumer Staples - 1.8%
Beverages - 1.1%
Heckmann Corp. (a)			292,240		1,545,949
Food Products - 0.7%
Besunyen Holdings Co., Ltd.			5,698,000		1,029,328
					2,575,277
Total Common Stocks (cost $161,098,848)					131,140,714
		Contracts
OPTIONS PURCHASED - CALLS - 0.9%
Utilities - 0.9%
Market Vectors Gold Miners Expiration: Jan 2012, Exercise Price: $ 65.00 (a) (c)			2,880		660,960
Market Vectors JR Gold Miners Expiration: Jan 2013, Exercise Price: $ 45.00 (a) (c)			2,000		580,000
Total Options Purchased - Calls (cost $2,747,176)					1,240,960
		Principal Amount (000)
SHORT-TERM INVESTMENTS - 9.1%
Time Deposit - 9.1%
State Street Time Deposit 0.01%, 10/03/11 (cost $12,849,370)	U.S.$		12,849		12,849,370
Total Investments - 102.6% (cost $176,695,394) (d)					145,231,044
Other assets less liabilities - (2.6)%					(3,626,839	)
Net Assets - 100.0%				$	141,604,205

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale:
Canadian Dollar settling 10/14/11		4,248	$	4,387,908	$	4,052,724	$	(335,184	)
BNP Paribas SA:
Australian Dollar settling 10/14/11		3,715		3,922,055		3,590,951		(331,104	)
Great British Pound settling 10/14/11		1,948		3,196,656		3,037,410		(159,246	)
Deutsche Bank AG London:
Euro settling 10/14/11		9,925		14,186,001		13,296,025		(889,976	)
HSBC BankUSA:
Great British Pound settling 10/14/11		6,943		11,106,092		10,825,843		(280,249	)
Sale Contracts
Royal Bank of Scotland PLC:
Japanese Yen settling 10/14/11		69,323		857,613		898,903		(41,290	)
							$	(2,037,049	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2011, the market value of this security amounted to $2,020,943 or 1.4% of net assets.

(c) One contract relates to 100 shares.

(d) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,528,083 and gross unrealized depreciation of investments was $(37,992,433), resulting in net unrealized depreciation of $(31,464,350).

Glossary:

ADR - American Depositary Receipt

COUNTRY BREAKDOWN *

September 30, 2011 (unaudited)

54.2%	United States
8.3 %	Japan
6.5 %	China
4.7 %	Canada
3.2 %	Hong Kong
2.3 %	Indonesia
2.0 %	Australia
1.9 %	Germany
1.6 %	Switzerland
1.5 %	Israel
1.1 %	India
1.0 %	Mongolia
0.9 %	Argentina
1.9 %	Other
8.9 %	Short-Term
100.0%	Total Investments

* All data are as of September 30, 2011. The Portfolio's country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.8% or less in the following countries: Italy, Luxembourg and Thailand.

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

September 30, 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 September 30, 2011:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks
Information Technology	$	27,246,619		$	2,003,008		$	– 0	–	$	29,249,627
Financials		10,288,929			10,663,019			953,096			21,905,044
Consumer Discretionary		11,411,023			9,093,396			– 0	–		20,504,419
Energy		13,214,430			4,029,867			– 0	–		17,244,297
Health Care		14,171,780			746,312			– 0	–		14,918,092
Materials		9,053,257			4,896,132			– 0	–		13,949,389
Industrials		7,315,924			3,478,645			– 0	–		10,794,569
Consumer Staples		1,545,949			1,029,328			– 0	–		2,575,277
Options Purchased - Calls		– 0	–		1,240,960			– 0	–		1,240,960
Short-Term Investments		– 0	–		12,849,370			– 0	–		12,849,370
Total Investments in Securities		94,247,911			50,030,037+			953,096			145,231,044
Other Financial Instruments* :
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(2,037,049	)		– 0	–		(2,037,049	)
Total	$	94,247,911		$	47,992,988		$	953,096		$	143,193,995

* 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)		– 0	–		– 0	–
Realized gain (loss)		465,929			465,929
Change in unrealized appreciation/depreciation		(252,137	)		(252,137	)
Purchases		876,004			876,004
Sales		(2,222,150	)		(2,222,150	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 9/30/11	$	953,096		$	953,096
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11*	$	(252,138	)	$	(252,138	)

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

AllianceBernstein Variable Products Series Fund

Growth Portfolio

Portfolio of Investments

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.1%
Information Technology - 30.2%
Communications Equipment - 4.2%
Aruba Networks, Inc. (a)		27,310	$	571,052
QUALCOMM, Inc.		54,200		2,635,746
				3,206,798
Computers & Peripherals - 9.4%
Apple, Inc. (a)		16,230		6,186,551
EMC Corp. (a)		51,310		1,076,997
				7,263,548
Internet Software & Services - 3.1%
Google, Inc.-Class A (a)		4,720		2,427,874
IT Services - 3.0%
Accenture PLC		28,440		1,498,219
Visa, Inc.-Class A		9,150		784,338
				2,282,557
Semiconductors & Semiconductor Equipment - 3.2%
Broadcom Corp.-Class A (a)		44,720		1,488,729
Marvell Technology Group Ltd. (a)		67,700		983,681
				2,472,410
Software - 7.3%
Citrix Systems, Inc. (a)		18,800		1,025,164
Informatica Corp. (a)		5,100		208,845
Intuit, Inc. (a)		20,680		981,059
Oracle Corp.		91,730		2,636,320
Red Hat, Inc. (a)		18,770		793,220
				5,644,608
				23,297,795
Consumer Discretionary - 16.8%
Auto Components - 0.8%
Johnson Controls, Inc.		22,600		595,962
Automobiles - 1.0%
Harley-Davidson, Inc.		22,400		768,992
Hotels, Restaurants & Leisure - 4.0%
Las Vegas Sands Corp. (a)		15,330		587,752
McDonald’s Corp.		18,720		1,643,990
Starbucks Corp.		22,020		821,126
				3,052,868
Internet & Catalog Retail - 2.1%
Amazon.com, Inc. (a)		7,630		1,649,835
Media - 1.1%
Walt Disney Co. (The)		27,260		822,162
Multiline Retail - 0.9%
Macy’s, Inc.		27,170		715,114

Company	Shares		U.S. $Value
Specialty Retail - 4.3%
Bed Bath & Beyond, Inc. (a)		11,110	$	636,714
Home Depot, Inc.		43,960		1,444,965
Limited Brands, Inc.		15,195		585,160
TJX Cos., Inc.		11,400		632,358
				3,299,197
Textiles, Apparel & Luxury Goods - 2.6%
NIKE, Inc.-Class B		9,210		787,547
PVH Corp.		12,720		740,813
VF Corp.		4,090		497,017
				2,025,377
				12,929,507
Energy - 12.2%
Energy Equipment & Services - 5.7%
FMC Technologies, Inc. (a)		18,900		710,640
Halliburton Co.		34,050		1,039,206
National Oilwell Varco, Inc.		17,890		916,326
Schlumberger Ltd.		29,565		1,765,917
				4,432,089
Oil, Gas & Consumable Fuels - 6.5%
Anadarko Petroleum Corp.		18,200		1,147,510
EOG Resources, Inc.		13,980		992,720
Newfield Exploration Co. (a)		18,200		722,358
Noble Energy, Inc.		15,290		1,082,532
Occidental Petroleum Corp.		14,410		1,030,315
				4,975,435
				9,407,524
Health Care - 11.7%
Biotechnology - 2.0%
Amarin Corp. PLC (ADR) (a)		47,900		440,680
Human Genome Sciences, Inc. (a)		30,470		386,664
Pharmasset, Inc. (a)		8,620		710,030
				1,537,374
Health Care Equipment & Supplies - 3.2%
Baxter International, Inc.		21,090		1,183,992
Covidien PLC		21,910		966,231
Volcano Corp. (a)		10,090		298,967
				2,449,190
Health Care Providers & Services - 4.5%
Express Scripts, Inc.-Class A (a)		15,770		584,594
Healthspring, Inc. (a)		14,010		510,805
HMS Holdings Corp. (a)		29,200		712,188
McKesson Corp.		14,920		1,084,684
UnitedHealth Group, Inc.		13,680		630,921
				3,523,192
Pharmaceuticals - 2.0%
Allergan, Inc.		10,640		876,523

Company	Shares		U.S. $ Value
Watson Pharmaceuticals, Inc. (a)		9,500	$	648,375
				1,524,898
				9,034,654
Industrials - 9.7%
Aerospace & Defense - 3.4%
Boeing Co. (The)		16,990		1,028,065
United Technologies Corp.		22,960		1,615,466
				2,643,531
Air Freight & Logistics - 2.2%
United Parcel Service, Inc.-Class B		26,430		1,669,055
Electrical Equipment - 1.7%
AMETEK, Inc.		13,300		438,501
Emerson Electric Co.		20,130		831,570
				1,270,071
Industrial Conglomerates - 1.9%
Danaher Corp.		34,310		1,438,961
Machinery - 0.5%
Joy Global, Inc.		6,700		417,946
				7,439,564
Consumer Staples - 8.9%
Beverages - 1.5%
Coca-Cola Enterprises, Inc.		45,400		1,129,552
Food Products - 2.2%
Kellogg Co.		13,920		740,405
Kraft Foods, Inc.-Class A		28,740		965,089
				1,705,494
Household Products - 1.1%
Colgate-Palmolive Co.		9,840		872,611
Tobacco - 4.1%
Altria Group, Inc.		49,050		1,315,031
Philip Morris International, Inc.		29,700		1,852,686
				3,167,717
				6,875,374
Financials - 4.0%
Commercial Banks - 0.9%
Wells Fargo & Co.		26,860		647,863
Diversified Financial Services - 1.9%
CME Group, Inc. - Class A		1,660		409,024
IntercontinentalExchange, Inc. (a)		5,060		598,395
JPMorgan Chase & Co.		15,430		464,752
				1,472,171
Insurance - 1.2%
AON Corp.		7,510		315,270
MetLife, Inc.		11,050		309,511

Company	Shares		U.S. $ Value
Prudential Financial, Inc.		7,000	$	328,020
				952,801
				3,072,835
Materials - 3.6%
Chemicals - 2.5%
Monsanto Co.		15,910		955,237
Potash Corp. of Saskatchewan, Inc.		22,560		975,043
				1,930,280
Metals & Mining - 1.1%
Freeport-McMoRan Copper & Gold, Inc.		26,230		798,703
				2,728,983
Total Common Stocks (cost $73,227,738)				74,786,236
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.7%
Time Deposit - 1.7%
State Street Time Deposit 0.01%, 10/03/11 (cost $1,320,687)	$	1,321		1,320,687
Total Investments - 98.8% (cost $74,548,425) (b)				76,106,923
Other assets less liabilities - 1.2%				961,101
Net Assets - 100.0%			$	77,068,024

(a) Non-income producing security.

(b) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $8,506,849 and gross unrealized depreciation of investments was $(6,948,351), resulting in net unrealized appreciation of $1,558,498.

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

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

74,786,236

$

–  0

–

$

– 0

–

$

74,786,236

Short-Term Investments

– 0

–

1,320,687

– 0

–

1,320,687

Total Investments in Securities

74,786,236

1,320,687

– 0

–

76,106,923

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

74,786,236

$

1,320,687

$

– 0

–

$

76,106,923

* 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

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.6%
Financials - 19.9%
Capital Markets - 4.3%
BlackRock, Inc.-Class A		74,610	$	11,043,026
Franklin Resources, Inc.		47,700		4,562,028
Goldman Sachs Group, Inc. (The)		121,510		11,488,771
State Street Corp.		219,020		7,043,683
				34,137,508
Commercial Banks - 2.9%
PNC Financial Services Group, Inc.		194,320		9,364,281
Wells Fargo & Co.		583,500		14,074,020
				23,438,301
Consumer Finance - 0.8%
Capital One Financial Corp.		171,900		6,812,397
Diversified Financial Services - 5.0%
IntercontinentalExchange, Inc. (a)		89,400		10,572,444
JPMorgan Chase & Co.		967,080		29,128,449
				39,700,893
Insurance - 6.9%
ACE Ltd.		247,570		15,002,742
Axis Capital Holdings Ltd.		442,211		11,470,953
MetLife, Inc.		812,902		22,769,385
Travelers Cos., Inc. (The)		125,790		6,129,747
				55,372,827
				159,461,926
Health Care - 18.3%
Biotechnology - 6.4%
Amgen, Inc.		552,400		30,354,380
Gilead Sciences, Inc. (a)		537,900		20,870,520
				51,224,900
Health Care Equipment & Supplies - 0.9%
Baxter International, Inc.		135,300		7,595,742
Health Care Providers & Services - 4.1%
HCA Holdings, Inc. (a)		298,157		6,010,845
UnitedHealth Group, Inc.		577,100		26,615,852
				32,626,697
Life Sciences Tools & Services - 2.0%
Agilent Technologies, Inc. (a)		162,864		5,089,500
Covance, Inc. (a)		231,849		10,537,537
				15,627,037
Pharmaceuticals - 4.9%
Abbott Laboratories		141,500		7,236,310
Endo Pharmaceuticals Holdings, Inc. (a)		101,175		2,831,889
Merck & Co., Inc.		434,789		14,221,948

Company	Shares		U.S. $ Value
Pfizer, Inc.		826,060	$	14,604,741
				38,894,888
				145,969,264
Information Technology - 14.1%
Computers & Peripherals - 2.0%
Apple, Inc. (a)		43,200		16,466,976
IT Services - 3.0%
Accenture PLC		128,373		6,762,690
Amdocs Ltd. (a)		215,700		5,849,784
International Business Machines Corp.		63,150		11,053,144
				23,665,618
Semiconductors & Semiconductor Equipment - 3.8%
Fairchild Semiconductor International, Inc. (a)		243,800		2,633,040
Marvell Technology Group Ltd. (a)		1,301,258		18,907,279
Micron Technology, Inc. (a)		810,160		4,083,206
NVIDIA Corp. (a)		376,600		4,707,500
				30,331,025
Software - 5.3%
Activision Blizzard, Inc.		561,233		6,678,673
Microsoft Corp.		1,020,910		25,410,450
Oracle Corp.		354,600		10,191,204
				42,280,327
				112,743,946
Energy - 13.5%
Energy Equipment & Services - 4.8%
Diamond Offshore Drilling, Inc.		199,210		10,904,756
Helmerich & Payne, Inc.		94,400		3,832,640
National Oilwell Varco, Inc.		354,197		18,141,970
Oceaneering International, Inc.		158,309		5,594,640
				38,474,006
Oil, Gas & Consumable Fuels - 8.7%
Chevron Corp.		340,100		31,466,052
Devon Energy Corp.		178,900		9,918,216
Energen Corp.		162,700		6,652,803
Exxon Mobil Corp.		205,320		14,912,391
Occidental Petroleum Corp.		93,840		6,709,560
				69,659,022
				108,133,028
Industrials - 11.8%
Aerospace & Defense - 4.1%
Honeywell International, Inc.		117,605		5,164,035
L-3 Communications Holdings, Inc.		118,240		7,327,333
Raytheon Co.		488,270		19,955,595
				32,446,963
Construction & Engineering - 1.8%
Foster Wheeler AG (a)		392,600		6,984,354

Company	Shares		U.S. $ Value
URS Corp. (a)		242,800	$	7,201,448
				14,185,802
Electrical Equipment - 1.6%
AMETEK, Inc.		202,700		6,683,019
Hubbell, Inc.-Class B		123,320		6,109,273
				12,792,292
Industrial Conglomerates - 1.3%
General Electric Co.		713,440		10,872,826
Machinery - 2.1%
Actuant Corp.-Class A		294,600		5,818,350
Dover Corp.		141,300		6,584,580
Joy Global, Inc.		71,285		4,446,758
				16,849,688
Road & Rail - 0.9%
Norfolk Southern Corp.		116,022		7,079,662
				94,227,233
Consumer Discretionary - 10.6%
Auto Components - 1.0%
Autoliv, Inc.		157,500		7,638,750
Automobiles - 0.8%
Harley-Davidson, Inc.		182,200		6,254,926
Household Durables - 0.7%
Harman International Industries, Inc.		201,400		5,756,012
Internet & Catalog Retail - 1.4%
Liberty Interactive Corp.(a)		737,625		10,894,721
Leisure Equipment & Products - 0.5%
Mattel, Inc.		146,819		3,801,144
Media - 4.7%
Comcast Corp.-Class A		826,160		17,266,744
Interpublic Group of Cos., Inc. (The)		727,738		5,239,714
Liberty Media Corp.-Liberty Starz (a)		43,651		2,774,457
Scripps Networks Interactive, Inc.-Class A		251,630		9,353,087
Time Warner, Inc.		103,406		3,099,078
				37,733,080
Multiline Retail - 1.1%
Kohl’s Corp.		103,510		5,082,341
Macy’s, Inc.		157,500		4,145,400
				9,227,741
Specialty Retail - 0.4%
Lowe’s Cos., Inc.		164,200		3,175,628
				84,482,002
Consumer Staples - 6.5%
Beverages - 0.8%
Coca-Cola Enterprises, Inc.		250,000		6,220,000
Food & Staples Retailing - 2.5%
CVS Caremark Corp.		418,417		14,050,443

Company	Shares		U.S. $ Value
Kroger Co. (The)		263,928	$	5,795,859
				19,846,302
Tobacco - 3.2%
Lorillard, Inc.		177,291		19,626,114
Philip Morris International, Inc.		102,800		6,412,664
				26,038,778
				52,105,080
Telecommunication Services - 2.3%
Diversified Telecommunication Services - 2.3%
AT&T, Inc.		432,150		12,324,918
Verizon Communications, Inc.		158,910		5,847,888
				18,172,806
Materials - 1.4%
Chemicals - 0.8%
CF Industries Holdings, Inc.		33,740		4,405,152
Solutia, Inc. (a)		169,000		2,171,650
				6,576,802
Paper & Forest Products - 0.6%
Domtar Corp.		64,300		4,383,331
				10,960,133
Utilities - 1.2%
Electric Utilities - 0.6%
Exelon Corp.		109,830		4,679,856
Multi-Utilities - 0.6%
Public Service Enterprise Group, Inc.		140,040		4,673,135
				9,352,991
Total Common Stocks (cost $815,304,222)				795,608,409
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.1%
Time Deposit - 1.1%
State Street Time Deposit 0.01%, 10/03/11 (cost $8,401,446)	$	8,401		8,401,446
Total Investments - 100.7% (cost $823,705,668) (b)				804,009,855
Other assets less liabilities - (0.7)%				(5,338,370	)
Net Assets - 100.0%			$	798,671,485

(a) Non-income producing security.

(b) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $54,632,267 and gross unrealized depreciation of investments was $(74,328,080), resulting in net unrealized depreciation of $(19,695,813).

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.

AllianceBernstein Variable Products Series Fund

Growth & Income Portfolio

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

795,608,409

$

– 0

–

$

– 0

–

$

795,608,409

Short-Term Investments

– 0

–

8,401,446

– 0

–

8,401,446

Total Investments in Securities

795,608,409

8,401,446

– 0

–

804,009,855

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

795,608,409

$

8,401,446

$

– 0

–

$

804,009,855

* 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

September 30, 2011 (unaudited)

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 27.8%
United States - 27.8%
U.S. Treasury Bonds
4.50%, 2/15/36	U.S.$	2,610	$	3,379,543
4.625%, 2/15/40		3,520		4,703,600
5.375%, 2/15/31		1,250		1,758,399
U.S. Treasury Notes
1.00%, 8/31/16		10,645		10,671,613
1.50%, 6/30/16		3,950		4,058,941
2.625%, 4/30/16-11/15/20		13,890		14,908,918
3.625%, 2/15/20		1,030		1,189,006
Total Governments - Treasuries (cost $38,016,696)				40,670,020
MORTGAGE PASS - THROUGH’S - 26.5%
Agency Fixed Rate 30 - Year - 22.1%
Federal Home Loan Mortgage Corp. Gold
4.50%, 10/01/39		3,670		3,887,255
Series 2005
5.50%, 1/01/35		4,061		4,413,707
Series 2007
5.50%, 7/01/35		152		165,750
Federal National Mortgage Association
3.50%, TBA		2,190		2,249,198
4.00%, TBA		3,545		3,715,603
4.00%, 1/01/41		2,010		2,108,332
5.50%, 6/01/38		1,769		1,922,012
6.00%, 5/01/31-2/01/40		2,725		2,990,478
Series 2002
7.00%, 3/01/32		18		20,863
Series 2003
5.00%, 11/01/33		163		175,711
5.50%, 4/01/33-7/01/33		571		622,739
Series 2004
5.50%, 4/01/34-11/01/34		498		542,746
6.00%, 9/01/34		274		302,544
Series 2005
4.50%, 8/01/35		500		533,409
5.00%, 10/01/35		1,271		1,369,825
5.50%, 2/01/35		604		658,178
Series 2006
5.00%, 2/01/36		1,092		1,176,834
Series 2007
4.50%, 9/01/35-8/01/37		685		730,314
5.00%, 7/01/36		186		200,749
Series 2008
5.50%, 5/01/38		406		440,722
6.00%, 3/01/37-5/01/38		3,413		3,754,464
Series 2010
6.00%, 4/01/40		369		405,024
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		5		6,032
				32,392,489

	Principal Amount (000)		U.S. $ Value
Agency Fixed Rate 15 - Year - 2.5%
Federal National Mortgage Association
4.50%, TBA	U.S.$	915	$	974,189
4.50%, 6/01/26		2,493		2,653,917
				3,628,106
Agency ARMs - 1.9%
Federal Home Loan Mortgage Corp.
2.592%, 4/01/36 (a)		637		671,886
4.955%, 10/01/39 (a)		926		980,291
Series 2007
6.091%, 1/01/37 (b)		73		75,908
Federal National Mortgage Association
Series 2003
2.685%, 12/01/33 (a)		197		208,014
Series 2006
2.109%, 3/01/36 (a)		127		131,106
2.301%, 2/01/36 (a)		188		198,226
5.76%, 11/01/36 (b)		165		171,491
Series 2007
2.462%, 3/01/34 (a)		338		355,688
				2,792,610
Total Mortgage Pass - Through’s (cost $37,437,130)				38,813,205
CORPORATES - INVESTMENT GRADES - 22.8%
Industrial - 10.1%
Basic - 1.3%
Anglo American Capital PLC
9.375%, 4/08/19 (c)		315		417,180
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20		250		244,930
ArcelorMittal
6.125%, 6/01/18		460		444,071
Dow Chemical Co. (The)
7.60%, 5/15/14		81		91,998
8.55%, 5/15/19		143		183,177
International Paper Co.
7.95%, 6/15/18		196		226,386
Packaging Corp. of America
5.75%, 8/01/13		155		165,478
PPG Industries, Inc.
5.75%, 3/15/13		152		161,852
Teck Resources Ltd.
6.00%, 8/15/40		27		27,788
				1,962,860
Capital Goods - 0.5%
Holcim US Finance Sarl & Cie SCS
6.00%, 12/30/19 (c)		41		43,515
Owens Corning
6.50%, 12/01/16		265		285,865
Republic Services, Inc.
5.25%, 11/15/21		150		168,140

	Principal Amount (000)		U.S. $ Value
5.50%, 9/15/19	U.S.$	230	$	262,549
				760,069
Communications - Media - 2.0%
CBS Corp.
8.875%, 5/15/19		283		361,436
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		280		403,999
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.75%, 10/01/14		160		173,344
News America, Inc.
9.25%, 2/01/13		235		256,707
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		320		408,478
TCI Communications, Inc.
7.875%, 2/15/26		210		271,116
Time Warner Cable, Inc.
7.50%, 4/01/14		145		164,011
Time Warner Entertainment Co. LP
8.375%, 3/15/23		371		475,044
WPP Finance UK
8.00%, 9/15/14		315		356,511
				2,870,646
Communications - Telecommunications - 1.0%
American Tower Corp.
5.05%, 9/01/20		340		339,308
AT&T Corp.
8.00%, 11/15/31		20		27,904
AT&T, Inc.
4.45%, 5/15/21		177		189,899
Embarq Corp.
7.082%, 6/01/16		176		182,189
Telecom Italia Capital SA
6.175%, 6/18/14		355		353,282
6.375%, 11/15/33		40		34,220
United States Cellular Corp.
6.70%, 12/15/33		380		382,138
				1,508,940
Consumer Cyclical - Automotive - 0.2%
Harley - Davidson Funding Corp.
5.75%, 12/15/14 (c)		300		327,157
Consumer Cyclical - Entertainment - 0.6%
Time Warner, Inc.
7.625%, 4/15/31		390		486,816
Viacom, Inc.
5.625%, 9/15/19		375		422,968
				909,784
Consumer Cyclical - Other - 0.3%
Marriott International, Inc./DE
Series J
5.625%, 2/15/13		372		386,665

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers - 0.2%
CVS Caremark Corp.
6.60%, 3/15/19	U.S.$	180	$	218,946
Consumer Non - Cyclical - 1.0%
Ahold Finance USA LLC
6.875%, 5/01/29		375		479,687
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		206		214,094
5.875%, 5/15/13		180		188,963
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (c)		350		374,108
Delhaize Group SA
5.875%, 2/01/14		105		114,414
Whirlpool Corp.
8.60%, 5/01/14		55		62,732
				1,433,998
Energy - 1.3%
Anadarko Petroleum Corp.
5.95%, 9/15/16		162		177,195
6.45%, 9/15/36		124		131,166
ConocoPhillips Holding Co.
6.95%, 4/15/29		155		206,351
Hess Corp.
7.875%, 10/01/29		55		74,014
8.125%, 2/15/19		22		28,356
Marathon Petroleum Corp.
3.50%, 3/01/16 (c)		50		51,549
5.125%, 3/01/21 (c)		86		89,559
Nabors Industries, Inc.
9.25%, 1/15/19		310		392,155
Noble Energy, Inc.
8.25%, 3/01/19		316		414,898
Noble Holding International Ltd.
4.90%, 8/01/20		32		34,422
TNK - BP Finance SA
7.50%, 7/18/16 (c)		100		103,500
Weatherford International Ltd./Bermuda
6.00%, 3/15/18		12		13,274
9.625%, 3/01/19		190		245,483
				1,961,922
Other Industrial - 0.2%
Noble Group Ltd.
6.75%, 1/29/20 (c)		335		294,800
Technology - 0.6%
Agilent Technologies, Inc.
5.00%, 7/15/20		64		69,049
Computer Sciences Corp.
5.50%, 3/15/13		280		293,250
Motorola Solutions, Inc.
7.50%, 5/15/25		25		29,276
Xerox Corp.
8.25%, 5/15/14		375		426,932
				818,507

	Principal Amount (000)	U.S. $ Value
Transportation - Airlines - 0.3%
Southwest Airlines Co.
5.25%, 10/01/14	U.S.$         210	$	225,164
5.75%, 12/15/16	155		171,828
			396,992
Transportation - Services - 0.6%
Asciano Finance Ltd.
3.125%, 9/23/15 (c)	420		415,376
Con - way, Inc.
6.70%, 5/01/34	263		257,007
Ryder System, Inc.
5.85%, 11/01/16	116		133,876
7.20%, 9/01/15	108		128,372
			934,631
			14,785,917
Financial Institutions - 9.6%
Banking - 5.5%
Bank of America Corp.
Series L
5.65%, 5/01/18	765		726,393
Bear Stearns Cos. LLC (The)
5.70%, 11/15/14	450		485,289
Citigroup, Inc.
6.50%, 8/19/13	355		373,565
8.50%, 5/22/19	340		410,659
Compass Bank
5.50%, 4/01/20	250		245,386
Goldman Sachs Group, Inc. (The)
5.25%, 7/27/21	88		86,813
6.00%, 6/15/20	395		406,323
7.50%, 2/15/19	295		329,196
JPMorgan Chase & Co.
4.40%, 7/22/20	420		424,930
Macquarie Group Ltd.
4.875%, 8/10/17 (c)	425		418,988
Merrill Lynch & Co., Inc.
6.05%, 5/16/16	315		283,480
Morgan Stanley
5.50%, 7/24/20	385		348,701
6.625%, 4/01/18	295		292,658
National Capital Trust II
5.486%, 3/23/15 (c)	122		107,445
National Westminster Bank PLC
6.50%, 9/07/21	GBP        50		59,740
Nationwide Building Society
6.25%, 2/25/20 (c)	U.S.$        330		332,584
Royal Bank of Scotland PLC (The)
6.125%, 1/11/21	240		237,256
Santander US Debt SA Unipersonal
2.991%, 10/07/13 (c)	400		384,446
Shinhan Bank
4.125%, 10/04/16 (c)	370		360,538
Societe Generale SA

	Principal Amount (000)		U.S. $ Value
2.50%, 1/15/14 (c)	U.S.$	205	$	190,683
5.20%, 4/15/21 (c)		205		177,996
Standard Chartered PLC
6.409%, 1/30/17 (c)		100		84,468
UFJ Finance Aruba AEC
6.75%, 7/15/13		240		257,904
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (c)		190		146,533
Union Bank NA
5.95%, 5/11/16		250		275,270
VTB Bank OJSC Via VTB Capital SA
6.609%, 10/31/12 (c)		135		137,025
Wachovia Corp.
5.50%, 5/01/13		505		536,640
				8,120,909
Brokerage - 0.2%
Jefferies Group, Inc.
5.125%, 4/13/18		199		186,364
6.875%, 4/15/21		164		170,342
				356,706
Finance - 0.2%
SLM Corp.
Series A
5.375%, 5/15/14		349		343,463
Insurance - 3.1%
Allstate Corp. (The)
6.125%, 5/15/37		399		358,601
American International Group, Inc.
6.40%, 12/15/20		215		219,040
Coventry Health Care, Inc.
6.30%, 8/15/14		280		307,012
Genworth Financial, Inc.
6.515%, 5/22/18		405		355,718
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (c)		210		276,954
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		85		85,506
5.50%, 3/30/20		390		380,256
Humana, Inc.
6.30%, 8/01/18		275		312,806
6.45%, 6/01/16		40		45,269
7.20%, 6/15/18		85		100,676
Lincoln National Corp.
8.75%, 7/01/19		113		133,935
Markel Corp.
7.125%, 9/30/19		200		226,603
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (c)		225		338,795
MetLife, Inc.
7.717%, 2/15/19		109		133,608
10.75%, 8/01/39		140		175,000
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (c)		360		419,388

	Principal Amount (000)		U.S. $ Value
Principal Financial Group, Inc.
7.875%, 5/15/14	U.S.$	325	$	369,160
XL Group PLC
5.25%, 9/15/14		110		114,532
6.25%, 5/15/27		200		205,006
				4,557,865
Other Finance - 0.4%
Aviation Capital Group Corp.
7.125%, 10/15/20 (c)		155		149,692
ORIX Corp.
4.71%, 4/27/15		397		411,624
				561,316
REITS - 0.2%
HCP, Inc.
5.375%, 2/01/21		132		132,440
Ventas Realty LP/Ventas Capital Corp.
6.75%, 4/01/17		84		87,506
				219,946
				14,160,205
Utility - 2.3%
Electric - 1.4%
Ameren Corp.
8.875%, 5/15/14		235		265,816
Constellation Energy Group, Inc.
5.15%, 12/01/20		325		331,444
FirstEnergy Corp.
Series B
6.45%, 11/15/11		19		19,103
Series C
7.375%, 11/15/31		420		518,004
Nisource Finance Corp.
6.80%, 1/15/19		340		396,581
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (c)		235		252,003
TECO Finance, Inc.
4.00%, 3/15/16		95		100,147
5.15%, 3/15/20		120		131,806
Union Electric Co.
6.70%, 2/01/19		45		55,279
				2,070,183
Natural Gas - 0.9%
DCP Midstream LLC
5.35%, 3/15/20 (c)		108		113,782
Energy Transfer Partners LP
6.70%, 7/01/18		24		26,863
7.50%, 7/01/38		336		364,749
EQT Corp.
8.125%, 6/01/19		205		248,542
Kinder Morgan Energy Partners LP
4.15%, 3/01/22		143		141,231

	Principal Amount (000)		U.S. $ Value
TransCanada PipeLines Ltd.
6.35%, 5/15/67	U.S.$	235	$	233,991
Williams Partners LP
5.25%, 3/15/20		173		186,078
				1,315,236
				3,385,419
Non Corporate Sectors - 0.8%
Agencies - Not Government Guaranteed - 0.8%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.70%, 8/07/18 (c)		116		134,270
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (c)		340		342,550
MDC-GMTN B.V.
3.75%, 4/20/16 (c)		365		378,249
Petrobras International Finance Co. - Pifco
5.75%, 1/20/20		275		285,450
				1,140,519
Total Corporates - Investment Grades (cost $31,286,322)				33,472,060
AGENCIES - 5.7%
Agency Debentures - 5.7%
Federal Farm Credit Bank
0.261%, 9/20/12 (b)		1,750		1,751,038
0.269%, 9/29/14 (b)		880		878,431
Federal National Mortgage Association
0.26%, 9/17/12 (b)		1,560		1,560,919
6.25%, 5/15/29		1,020		1,446,339
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20		3,365		2,785,655
Total Agencies (cost $7,876,837)				8,422,382
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.3%
Non-Agency Fixed Rate CMBS - 4.3%
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2006-5, Class A4
5.414%, 9/10/47		455		474,955
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5, Class AJ
5.457%, 4/10/37		235		139,462
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		300		318,872
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB14, Class A4
5.481%, 12/12/44		545		588,101
Series 2007-LDPX, Class A3
5.42%, 1/15/49		1,110		1,150,880

	Principal Amount (000)	U.S. $ Value
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.497%, 6/15/29	U.S.$    830		$    891,385
Series 2006-C1, Class A4
5.156%, 2/15/31	1,240		1,340,601
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class AM
5.204%, 12/12/49	285		246,305
Series 2007-9, Class A4
5.70%, 9/12/49	1,105		1,139,742
Total Commercial Mortgage-Backed Securities (cost $5,578,496)			6,290,303
GOVERNMENTS - SOVEREIGN AGENCIES - 1.6%
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17	70		82,612
United Kingdom - 1.5%
Royal Bank of Scotland PLC (The)
1.45%, 10/20/11 (c)	1,307		1,307,532
2.625%, 5/11/12 (c)	895		906,373
			2,213,905
Total Governments - Sovereign Agencies (cost $2,273,456)			2,296,517
INFLATION-LINKED SECURITIES - 1.5%
United States - 1.5%
U.S. Treasury Inflation Index
1.875%, 7/15/13 (TIPS)
(cost $2,199,849)	2,091		2,189,028
ASSET-BACKED SECURITIES - 1.4%
Autos - Fixed Rate - 0.4%
CarMax Auto Owner Trust
Series 2009-2, Class A4
2.82%, 12/15/14	165		170,579
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (c)	CAD     521		498,463
			669,042
Credit Cards - Floating Rate - 0.4%
Discover Card Master Trust
Series 2009-A1, Class A1
1.529%, 12/15/14 (b)	U.S.$    180		181,512
Series 2009-A2, Class A
1.529%, 2/17/15 (b)	185		186,452
Series 2010-A1, Class A1
0.879%, 9/15/15 (b)	166		167,226
			535,190

	Principal Amount (000)	U.S. $ Value
Other ABS - Fixed Rate - 0.3%
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15	U.S.$ 353	$	353,903
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15	155		155,316
			509,219
Home Equity Loans - Fixed Rate - 0.2%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.343%, 12/25/32	77		62,148
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.36%, 1/25/33	68		57,104
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33	168		143,092
			262,344
Home Equity Loans - Floating Rate - 0.1%
HSBC Home Equity Loan Trust
Series 2005-3, Class A1
0.491%, 1/20/35 (b)	98		85,863
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.595%, 3/25/37 (b)(d)	160		1,262
			87,125
Total Asset-Backed Securities (cost $2,307,131)			2,062,920
CORPORATES - NON-INVESTMENT GRADES - 1.1%
Financial Institutions - 0.5%
Banking - 0.2%
ABN Amro Bank NV
4.31%, 3/10/16	EUR 125		97,216
BankAmerica Capital II
Series 2
8.00%, 12/15/26	U.S.$ 98		91,140
LBG Capital No.1 PLC
8.00%, 6/15/20 (c)	175		115,500
			303,856
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
6.20%, 9/26/14 (e)	75		18,093
7.875%, 11/01/09 (e)	43		10,159
			28,252
Insurance - 0.3%
ING Capital Funding Trust III
Series 9
3.969%, 12/31/11 (b)	270		201,932

	Principal Amount (000)		U.S. $ Value
XL Group PLC
Series E
6.50%, 4/15/17	U.S.$	240	$	188,400
				390,332
				722,440
Industrial - 0.5%
Basic - 0.1%
Lyondell Chemical Co.
8.00%, 11/01/17 (c)		121		130,378
Westvaco Corp.
8.20%, 1/15/30		50		56,685
				187,063
Capital Goods - 0.2%
Griffon Corp.
7.125%, 4/01/18		117		103,253
Mohawk Industries, Inc.
6.875%, 1/15/16		163		168,297
				271,550
Communications - Telecommunications - 0.1%
eAccess Ltd.
8.25%, 4/01/18 (c)		100		92,000
Consumer Cyclical - Entertainment - 0.0%
Greektown Holdings LLC
10.75%, 12/01/13 (d)(e)		55		0
Consumer Cyclical - Retailers - 0.1%
JC Penney Co., Inc.
5.65%, 6/01/20		104		97,500
Consumer Non-Cyclical - 0.0%
Voyager Learning Exchange
8.375%, 12/01/14 (d)(e)(f)		70		0
				648,113
Utility - 0.1%
Electric - 0.1%
CMS Energy Corp.
8.75%, 6/15/19		145		169,004
Total Corporates - Non-Investment Grades (cost $1,493,452)				1,539,557
QUASI-SOVEREIGNS - 0.7%
Quasi-Sovereign Bonds - 0.7%
Kazakhstan - 0.2%
KazMunayGas National Co.
7.00%, 5/05/20 (c)		212		212,000
Malaysia - 0.3%
Petronas Capital Ltd.
5.25%, 8/12/19 (c)		420		458,698

	Principal Amount (000)	U.S. $ Value
Russia - 0.2%
Russian Agricultural Bank OJSC Via
RSHB Capital SA
6.299%, 5/15/17 (c)	U.S.$        345	$	340,687
Total Quasi-Sovereigns (cost $972,594)			1,011,385
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.6%
Non-Agency Fixed Rate - 0.3%
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
5.07%, 5/25/35	203		178,395
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.454%, 5/25/36	156		69,423
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
2.68%, 7/25/36	335		175,782
			423,600
Non-Agency Floating Rate - 0.2%
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
1.242%, 12/25/35 (b)	91		55,042
Series 2007-OA3, Class M1
0.545%, 4/25/47 (b)(d)	145		679
WaMu Mortgage Pass Through Certificates
Series 2007-OA1, Class A1A
0.942%, 2/25/47 (b)	275		152,041
			207,762
Non-Agency ARMs - 0.1%
Citigroup Mortgage Loan Trust, Inc.
Series 2006-AR1, Class 3A1
2.69%, 3/25/36 (b)	319		200,843
Agency Fixed Rate - 0.0%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.809%, 5/28/35	50		35,552
Total Collateralized Mortgage Obligations (cost $1,574,122)			867,757
SUPRANATIONALS - 0.5%
European Bank for Reconstruction & Development
Series G
9.25%, 9/10/12	BRL        1,150		617,682
European Investment Bank
4.875%, 2/15/36	U.S.$        110		128,675
Total Supranationals (cost $769,859)			746,357

	Principal Amount (000)		U.S. $ Value
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.3%
United States - 0.3%
California GO
7.625%, 3/01/40
(cost $413,475)	U.S.$	405	$	499,252
	Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
Finance - 0.1%
Citigroup Capital XII
8.50%		7,000		174,344
REITS - 0.1%
Sovereign Real Estate Investment Trust
12.00% (c)		93		107,578
Total Preferred Stocks (cost $262,658)				281,922
COMMON STOCKS - 0.0%
Greektown Superholdings, Inc. (d)(f)(g)
(cost $4)		41		2,665
WARRANTS - 0.0%
Talon Equity Co., expiring 11/15/24 (g) (cost $0)		47		0
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 8.6%
Time Deposit - 8.6%
State Street Time Deposit
0.01%, 10/03/11
(cost $12,651,106)	U.S.$	12,651		12,651,106
Total Investments - 103.6% (cost $145,113,187) (h)				151,816,436
Other assets less liabilities - (3.6)% (i)				(5,262,195	)
Net Assets - 100.0%			$	146,554,241

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Sold Contracts
U.S. T-Note 2 Yr Futures		45		December 2011	$	9,923,127	$	9,909,140	$	13,987

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale:
Mexican Peso settling 10/19/11		17,775	$	1,368,195	$	1,279,782	$	(88,413	)
Goldman Sachs International:
Brazilian Real settling 10/04/11		1,241		669,305		660,103		(9,202	)
Brazilian Real settling 10/04/11		1,241		688,003		660,102		(27,901	)
State Street Bank and Trust Co.
Mexican Peso settling 10/19/11		287		21,431		20,693		(738	)
Sale Contracts
Barclays Bank PLC Wholesale:
Canadian Dollar settling 10/21/11		521		521,866		496,964		24,902
Goldman Sachs International:
Brazilian Real settling 10/04/11		1,241		764,495		660,103		104,392
Brazilian Real settling 10/04/11		1,241		669,304		660,102		9,202
Brazilian Real settling 11/03/11		1,241		683,834		655,180		28,654
Mexican Peso settling 10/19/11		16,786		1,359,107		1,208,556		150,551
Morgan Stanley and Co., Inc.
Euro settling 10/17/11		133		180,933		178,033		2,900
State Street Bank and Trust Co.
Euro settling 10/17/11		103		141,528		138,187		3,341
Great British Pound settling 10/07/11		46		74,852		71,610		3,242
Mexican Peso settling 10/19/11		1,277		102,091		91,918		10,173
							$	211,103

CREDIT DEFAULT SWAP CONTRACTS ON INDICES

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive  Rate			Implied Credit Spread at September 30, 2011			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America, N.A.:
CDX- NAHYS16V1- 5Y, 6/20/16*		(5.00	)%		7.72	%	$	740	$	(69,423	)	$	(50,953	)	$	18,470
Barclays Bank PLC:
ITRAXX- FINSENS15V 1-5Y, 6/20/16*		(1.00	)		2.75			EUR    1,400		(135,288	)		(123,845	)		11,443
Morgan Stanley Capital Services Inc.:
CDX- NAHYS16V1- 5Y, 6/20/16*		(5.00	)		7.72		$	1,800		(168,866	)		(128,037	)		40,829
CDX- NAIGS17V1- 5Y, 12/20/16*		(1.00	)		1.45			2,940		(62,498	)		(57,165	)		5,333
ITRAXX- FINSENS15V 1-5Y, 6/20/16*		(1.00	)		2.75			EUR       740		(71,508	)		(65,261	)		6,247
															$	82,322

* Termination date

(a) Variable rate coupon, rate shown as of September 30, 2011.

(b) Floating Rate Security. Stated interest rate was in effect at September 30, 2011.

(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 September 30, 2011, the aggregate market value of these securities amounted to $11,032,342 or 7.5% of net assets.

(d) Illiquid security.

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

(f) Fair valued.

(g) Non-income producing security.

(h) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $8,417,697 and gross unrealized depreciation of investments was $(1,714,448), resulting in net unrealized appreciation of $6,703,249.

(i) An amount of U.S. $22,500 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2011.

Currency Abbreviations:

BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound

Glossary:

ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
CMBS	-	Commercial Mortgage-Backed Securities
GO	-	General Obligation
OJSC	-	Open Joint Stock Company
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

$

– 0

–

$

40,670,020

$

– 0

–

$

40,670,020

Mortgage Pass-Through’s

– 0

–

38,813,205

– 0

–

38,813,205

Corporates - Investment Grades

– 0

–

33,472,060

– 0

–

33,472,060

Agencies

– 0

–

8,422,382

– 0

–

8,422,382

Commercial Mortgage-Backed Securities

– 0

–

4,764,794

1,525,509

6,290,303

Governments - Sovereign Agencies

– 0

–

2,296,517

– 0

–

2,296,517

Inflation-Linked Securities

– 0

–

2,189,028

– 0

–

2,189,028

Asset-Backed Securities

– 0

–

1,204,232

858,688

2,062,920

Corporates - Non-Investment Grades^

– 0

–

1,539,557

– 0

–

1,539,557

Quasi-Sovereigns

– 0

–

1,011,385

– 0

–

1,011,385

Collateralized Mortgage Obligations

– 0

–

35,552

832,205

867,757

Supranationals

– 0

–

746,357

– 0

–

746,357

Local Governments - Municipal Bonds

– 0

–

499,252

– 0

–

499,252

Preferred Stocks

174,344

107,578

– 0

–

281,922

Common Stocks

– 0

–

– 0

–

2,665

2,665

Warrants^

– 0

–

– 0

–

– 0

–

– 0

–

Short-Term Investments

– 0

–

12,651,106

– 0

–

12,651,106

Total Investments in Securities

174,344

148,423,025

3,219,067

151,816,436

Other Financial Instruments* :

Assets:

Futures Contracts

13,987

– 0

–

– 0

–

13,987

Forward Currency Exchange Contracts

– 0

–

337,357

– 0

–

337,357

Credit Default Swap Contracts

– 0

–

82,322

– 0

–

82,322

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(126,254

)

– 0

–

(126,254

)

Total

$

188,331

$

148,716,450

$

3,219,067

$

152,123,848

^ The Portfolio held securities with zero market value at period end.

* 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 beginning of the reporting period.

	Commercial Mortgage- Backed Securities		Asset-Backed Securities			Corporates - Non- Investment Grades^
Balance as of 12/31/10	$	5,004,541	$	1,034,307		$	– 0	–
Accrued discounts/(premiums)		34,111		117			– 0	–
Realized gain (loss)		303,323		(75,343	)		– 0	–

Change in unrealized appreciation/depreciation		(411,617	)		42,173			-
Purchases		– 0	–		155,390			– 0	–
Sales		(3,404,849	)		(297,956	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/11	$	1,525,509		$	858,688		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11	$	(142,080	)	$	(15,020	)	$	– 0	–
	Collateralized Mortgage Obligations			Common Stocks			Warrants^
Balance as of 12/31/10	$	1,221,568		$	2,870		$	8,827
Accrued discounts/(premiums)		6			– 0	–		– 0	–
Realized gain (loss)		(154,889	)		44,153			9,277
Change in unrealized appreciation/depreciation		531,986			(205	)		(6,687	)
Purchases		– 0	–		– 0	–		– 0	–
Sales		(766,466	)		(44,153	)		(11,417	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/11	$	832,205		$	2,665		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11	$	(51,404	)	$	(205	)	$	– 0	–
	Total
Balance as of 12/31/10	$	7,272,113
Accrued discounts/(premiums)		34,234
Realized gain (loss)		126,521
Change in unrealized appreciation/depreciation		155,650
Purchases		155,390
Sales		(4,524,841	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 9/30/11	$	3,219,067
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11	$	(208,709	)

^ The Portfolio held securities with zero market value at period end.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

Portfolio of Investments

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 94.3%
Financials - 21.4%
Capital Markets - 4.0%
Azimut Holding SpA		61,305	$	423,972
Man Group PLC		653,262		1,689,836
Partners Group Holding AG		21,833		3,594,904
				5,708,712
Commercial Banks - 11.8%
Banco Santander Brasil SA		69,800		509,324
Bank Central Asia Tbk PT		1,653,000		1,432,692
Bank Rakyat Indonesia Persero Tbk PT		1,395,000		913,402
BNP Paribas SA		7,765		306,116
Chongqing Rural Commercial Bank (a)		389,000		118,922
CIMB Group Holdings Bhd		459,000		994,755
HDFC Bank Ltd.		64,500		609,696
HSBC Holdings PLC		147,441		1,129,294
Industrial & Commercial Bank of China-Class H		3,148,255		1,520,261
Itausa - Investimentos Itau SA (Preference Shares)		274,314		1,390,354
NOMOS-BANK (GDR) (a) (b)		17,204		164,470
Sberbank of Russia (Sponsored ADR) (a)		94,116		809,398
Societe Generale SA		12,516		327,641
Standard Chartered PLC		120,757		2,409,220
Turkiye Garanti Bankasi AS		425,100		1,645,052
Turkiye Halk Bankasi AS		147,200		1,050,549
United Overseas Bank Ltd.		125,000		1,607,346
				16,938,492
Diversified Financial Services - 2.2%
Deutsche Boerse AG (a)		22,600		1,143,008
FirstRand Ltd.		236,100		570,717
IG Group Holdings PLC		206,938		1,434,101
				3,147,826
Insurance - 3.3%
AIA Group Ltd.		879,400		2,501,576
Prudential PLC		253,800		2,179,644
				4,681,220
Real Estate Management & Development - 0.1%
Etalon Group Ltd. (GDR) (a)(b)		53,835		186,196
				30,662,446
Consumer Staples - 13.0%
Beverages - 2.8%
Anheuser-Busch InBev NV		57,882		3,072,326
Cia de Bebidas das Americas (Preference Shares)		32,648		985,387
				4,057,713
Food & Staples Retailing - 3.0%
Olam International Ltd.		553,262		942,791
Tesco PLC		500,973		2,934,487
X5 Retail Group NV (GDR) (a)(b)		16,750		463,975
				4,341,253

Company	Shares		U.S. $ Value
Food Products - 3.0%
Danone		18,576	$	1,141,927
Nestle SA		57,962		3,190,964
				4,332,891
Household Products - 0.9%
Reckitt Benckiser Group PLC		25,000		1,266,700
Tobacco - 3.3%
British American Tobacco PLC		110,237		4,654,791
				18,653,348
Consumer Discretionary - 12.0%
Automobiles - 2.4%
Nissan Motor Co., Ltd.		225,000		1,990,809
Volkswagen AG (Preference Shares)		10,668		1,407,838
				3,398,647
Diversified Consumer Services - 0.2%
Estacio Participacoes SA		28,600		250,977
Hotels, Restaurants & Leisure - 1.7%
Ajisen China Holdings Ltd.		365,500		418,013
Carnival PLC		55,935		1,743,532
Shangri-La Asia Ltd.		162,500		310,275
				2,471,820
Internet & Catalog Retail - 0.8%
Rakuten, Inc.		993		1,156,890
Media - 2.9%
Eutelsat Communications		51,030		2,049,979
Informa PLC		129,733		658,409
Naspers Ltd.		17,840		770,424
SES SA (FDR)		26,264		639,144
				4,117,956
Multiline Retail - 0.3%
Golden Eagle Retail Group Ltd.		233,000		477,304
Specialty Retail - 2.5%
Belle International Holdings Ltd.(b)		606,000		1,047,812
Dunelm Group PLC		41,400		304,314
Fast Retailing Co., Ltd.		6,100		1,092,492
Zhongsheng Group Holdings Ltd.		741,500		1,164,405
				3,609,023
Textiles, Apparel & Luxury Goods - 1.2%
Cie Financiere Richemont SA		39,195		1,745,954
				17,228,571
Energy - 11.8%
Energy Equipment & Services - 2.4%
Saipem SpA		46,475		1,631,150
Schlumberger Ltd.		29,400		1,756,062
				3,387,212
Oil, Gas & Consumable Fuels - 9.4%
Adaro Energy Tbk PT		7,187,500		1,383,824

Company	Shares		U.S. $ Value
Afren PLC (a)		811,644	$	1,018,220
Alliance Oil Co., Ltd. (GDR) (a)		112,284		1,189,075
BG Group PLC		149,310		2,857,587
China Shenhua Energy Co., Ltd.-Class H		347,000		1,358,414
Exillon Energy PLC (a)		110,300		346,024
Gulf Keystone Petroleum Ltd. (a)		474,913		1,062,247
Inpex Corp.		258		1,584,403
Tullow Oil PLC		65,618		1,327,065
Ultrapar Participacoes SA		88,700		1,391,650
				13,518,509
				16,905,721
Materials - 10.6%
Chemicals - 3.9%
Israel Chemicals Ltd.		162,200		1,847,181
K&S AG		35,200		1,842,688
Linde AG		13,900		1,860,007
				5,549,876
Construction Materials - 0.7%
CRH PLC (London)		63,407		986,071
Metals & Mining - 6.0%
African Minerals Ltd.(a)		168,200		1,001,175
African Rainbow Minerals Ltd.		54,200		1,158,914
Antofagasta PLC		113,400		1,619,196
Centamin Egypt Ltd. (a)		702,100		1,022,602
First Quantum Minerals Ltd.		75,000		998,425
Vale SA (Sponsored ADR) (Local Preference Shares)		67,650		1,420,650
Xstrata PLC		115,030		1,452,563
				8,673,525
				15,209,472
Information Technology - 9.5%
Communications Equipment - 1.3%
HTC Corp.		70,325		1,544,118
ZTE Corp.-Class H		108,000		306,557
				1,850,675
Electronic Equipment, Instruments & Components - 0.7%
Murata Manufacturing Co., Ltd.		17,400		944,720
Internet Software & Services - 2.1%
Baidu, Inc./China (Sponsored ADR) (a)		10,000		1,069,100
Mail.ru Group Ltd. (GDR) (a)(b)		9,400		272,169
Tencent Holdings Ltd.		79,200		1,638,772
				2,980,041
Semiconductors & Semiconductor Equipment - 3.4%
ARM Holdings PLC		137,255		1,173,755
ASML Holding NV		28,167		973,970
Samsung Electronics Co., Ltd.		4,020		2,806,990
				4,954,715

Company	Shares		U.S. $ Value
Software - 2.0%
SAP AG		37,847	$	1,925,739
Temenos Group AG (a)		75,639		1,021,507
				2,947,246
				13,677,397
Industrials - 7.6%
Aerospace & Defense - 1.5%
Safran SA		69,500		2,126,070
Electrical Equipment - 0.9%
Schneider Electric SA		23,800		1,273,669
Industrial Conglomerates - 0.8%
Bidvest Group Ltd.		61,128		1,125,509
Machinery - 2.7%
Atlas Copco AB-Class A		82,300		1,456,752
FANUC Corp.		18,100		2,493,200
				3,949,952
Road & Rail - 0.6%
All America Latina Logistica SA		178,400		809,335
Trading Companies & Distributors - 1.1%
Mitsui & Co., Ltd.		108,500		1,571,651
				10,856,186
Health Care - 6.8%
Health Care Providers & Services - 0.7%
Fresenius Medical Care AG & Co. KGaA		16,165		1,096,619
Pharmaceuticals - 6.1%
Aspen Pharmacare Holdings Ltd. (a)		67,046		754,642
Bayer AG		16,687		920,853
Mitsubishi Tanabe Pharma Corp.		42,000		780,840
Novartis AG		39,720		2,218,826
Novo Nordisk A/S-Class B		7,950		792,886
Pharmstandard OJSC (GDR) (a)(b)		26,500		506,415
Shire PLC		78,083		2,434,985
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,200		342,424
				8,751,871
				9,848,490
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 0.5%
Iliad SA		6,086		679,894
Wireless Telecommunication Services - 1.1%
America Movil SAB de CV Series L (ADR)		41,800		922,944
MTN Group Ltd.		41,383		676,061
				1,599,005
				2,278,899
Total Common Stocks (cost $146,977,542)				135,320,530

Company	Shares		U.S. $ Value
WARRANTS - 0.3%
Information Technology - 0.3%
Electronic Equipment, Instruments & Components - 0.3%
Hon Hai Precision Industry Co., Ltd., JPMorgan Chase Bank NA (a)(b)
(cost $771,381)		220,220	$	500,472
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.7%
Time Deposit - 3.7%
State Street Time Deposit 0.01%, 10/03/11
(cost $5,242,129)	U.S.$	5,242		5,242,129
Total Investments - 98.3% (cost $152,991,052)(c)				141,063,131
Other assets less liabilities - 1.7%				2,419,869
Net Assets - 100.0%			$	143,483,000

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLCWholselale:
Euro settling 11/15/11		2,536	$	3,650,952	$	3,396,702	$	(254,250	)
Great British Pound settling 11/15/11		1,368		2,156,679		2,132,385		(24,294	)
Japanese Yen settling 11/15/11		31,775		413,893		412,206		(1,687	)
Japanese Yen settling 11/15/11		44,154		579,791		572,795		(6,996	)
Norwegian Krone settling 11/15/11		43,953		7,979,992		7,472,240		(507,752	)
Canadian imperial Bank of Commerce:
Canadian Dollar settling 11/15/11		1,583		1,592,155		1,509,121		(83,034	)
Canadian Dollar settling 11/15/11		3,441		3,460,900		3,280,407		(180,493	)
Citibank NA:
Great British Pound settling 11/15/11		10,392		16,813,840		16,198,644		(615,196	)
Japanese Yen settling 11/15/11		159,990		2,087,283		2,075,497		(11,786	)
Credit Suisse London Branch (GFX):
Euro settling 11/15/11		2,614		3,701,947		3,501,175		(200,772	)
Deutsche Bank AG London:
Swiss Franc settling 11/15/11		4,603		5,517,464		5,082,438		(435,026	)
Goldman Sachs International:
Swiss Franc settling 11/15/11		7,471		9,114,310		8,249,162		(865,148	)
HSBC BankUSA:
Great British Pound settling 11/15/11		262		425,556		408,395		(17,161	)
New Zealand Dollar settling 11/15/11		10,504		8,653,668		7,984,095		(669,573	)
Morgan Stanley and Co. Inc:

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Australian Dollar settling 11/15/11		9,187	$	9,387,277	$	8,845,080	$	(542,197	)
Royal Bank of Canada:
Great British Pound settling 11/15/11		500		772,405		779,380		6,975
Royal Bank of Scotland PLC:
Canadian Dollar settling 11/15/11		688		694,830		655,891		(38,939	)
Euro settling 11/15/11		374		538,014		500,933		(37,081	)
Societe Generale:
Japanese Yen settling 11/15/11		498,688		6,208,842		6,469,312		260,470
Standard Chartered Bank:
Japanese Yen settling 11/15/11		198,343		2,518,280		2,573,037		54,757
Japanese Yen settling 11/15/11		30,526		398,819		396,004		(2,815	)
Norwegian Krone settling 11/15/11		4,232		724,608		719,462		(5,146	)
UBS AG:
Swedish Krona settling 11/15/11		48,612		7,448,973		7,069,734		(379,239	)
Westpac Banking Corp.:
Australian Dollar settling 11/15/11		1,195		1,215,471		1,150,525		(64,946	)
Sale Contracts
Bank of America N.A:
Euro settling 11/15/11		1,364		1,869,253		1,826,933		42,320
Swiss Franc settling 11/15/11		2,193		2,797,051		2,421,418		375,633
Barclays Bank PLCWholselale:
Japanese Yen settling 11/15/11		34,573		438,833		448,504		(9,671	)
BNP Paribas SA:
New Zealand Dollar settling 11/15/11		5,617		4,558,106		4,269,484		288,622
Credit Suisse London Branch (GFX):
Swiss Franc settling 11/15/11		7,813		10,339,990		8,626,784		1,713,206
Deutsche Bank AG London:
Great British Pound settling 11/15/11		4,815		7,659,293		7,505,434		153,859
Norwegian Krone settling 11/15/11		22,153		3,980,343		3,766,126		214,217
Goldman Sachs International:
Euro settling 11/15/11		10,742		15,205,516		14,387,767		817,749
HSBC BankUSA:
Canadian Dollar settling 11/15/11		1,583		1,631,303		1,509,121		122,182
Great British Pound settling 11/15/11		17,567		28,677,600		27,382,754		1,294,846
Swiss Franc settling 11/15/11		3,342		3,813,110		3,690,095		123,015
Swiss Franc settling 11/15/11		1,104		1,259,627		1,218,990		40,637
Morgan Stanley and Co. Inc:
Australian Dollar settling 11/15/11		2,923		2,962,753		2,814,212		148,541
Royal Bank of Scotland PLC:
Swedish Krona settling 11/15/11		22,605		3,421,180		3,287,488		133,692
Standard Chartered Bank:
Swiss Franc settling 11/15/11		964		1,252,843		1,064,408		188,435
							$	1,025,954

(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 September 30, 2011, the aggregate market value of these securities amounted to $3,141,509 or 2.2% of net assets.

(c) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,854,886 and gross unrealized depreciation of investments was $(24,782,807), resulting in net unrealized depreciation of $(11,927,921).

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
OJSC	-	Open Joint Stock Company

COUNTRY BREAKDOWN *

September 30, 2011 (unaudited)

25.1%	United Kingdom
8.3%	Switzerland
8.2%	Japan
7.2%	Germany
6.5%	China
5.6%	France
4.8%	Brazil
3.6%	South Africa
2.6%	Indonesia
2.2%	Belgium
2.0%	Hong Kong
2.0%	South Korea
1.9%	Russia
16.3%	Other
3.7%	Short-Term
100.0%	Total Investments

* All data are as of September 30, 2011. The Portfolio's country breakdown is expressed as a percentage of total investments and may vary over time. "Other" country weightings represent 1.9% or less in the following countries: Canada, Denmark, India, Ireland, Israel, Italy, Luxembourg, Malaysia, Mexico, Netherlands, Singapore, Sweden, Taiwan, Turkey and United States.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

September 30, 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 September 30, 2011:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks
Financials	$	3,852,084		$	26,810,362		$	– 0	–	$	30,662,446
Consumer Staples		1,449,362			17,203,986			– 0	–		18,653,348
Consumer Discretionary		250,977			16,977,594			– 0	–		17,228,571
Energy		3,147,712			13,758,009			– 0	–		16,905,721
Materials		2,419,075			12,790,397			– 0	–		15,209,472
Information Technology		1,069,100			12,608,297			– 0	–		13,677,397
Industrials		809,335			10,046,851			– 0	–		10,856,186
Health Care		848,839			8,999,651			– 0	–		9,848,490
Telecommunication Services		922,944			1,355,955			– 0	–		2,278,899
Warrants		– 0	–		500,472			– 0	–		500,472
Short-Term Investments		– 0	–		5,242,129			– 0	–		5,242,129
Total Investments in Securities		14,769,428			126,293,703+			– 0	–		141,063,131
Other Financial Instruments* :
Assets:
Forward Currency Exchange Contracts		– 0	–		5,979,156			– 0	–		5,979,156
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(4,953,202	)		– 0	–		(4,953,202	)
Total	$	14,769,428		$	127,319,657		$	– 0	–	$	142,089,085

* 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 beginning of the reporting period.

	Warrants			Total
Balance as of 12/31/10	$	3,964,949		$	3,964,949
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		1,005,741			1,005,741
Change in unrealized appreciation/depreciation		(302,269	)		(302,269	)
Purchases		1,086,388			1,086,388
Sales		(4,956,011	)		(4,956,011	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		(798,798	)		(798,798	)
Balance as of 9/30/11	$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11	$	– 0	–	$	– 0	–

AllianceBernstein Variable Products Series Fund

International Value Portfolio

Portfolio of Investments

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.4%
Financials - 19.7%
Capital Markets - 1.3%
Deutsche Bank AG		323,500	$	11,209,695
Macquarie Group Ltd.		93,800		2,028,512
				13,238,207
Commercial Banks - 10.7%
Australia & New Zealand Banking Group Ltd.		284,200		5,275,089
Banco do Brasil SA		314,900		4,160,147
Barclays PLC		4,151,200		10,180,225
BNP Paribas SA		242,529		9,561,126
Hana Financial Group, Inc.		106,620		3,100,135
KB Financial Group, Inc.		108,211		3,575,518
KBC Groep NV		283,500		6,540,578
Lloyds Banking Group PLC (a)		20,471,800		10,990,354
Mitsubishi UFJ Financial Group, Inc.		1,334,100		6,123,057
National Australia Bank Ltd.		762,000		16,185,904
Societe Generale SA		604,384		15,821,428
Sumitomo Mitsui Financial Group, Inc.		469,400		13,225,610
Turkiye Is Bankasi-Class C		1,198,100		3,077,747
Turkiye Vakiflar Bankasi Tao-Class D		2,365,592		4,715,344
				112,532,262
Diversified Financial Services - 2.6%
ING Groep NV (a)		2,924,800		20,631,108
ORIX Corp.		87,130		6,838,607
				27,469,715
Insurance - 4.3%
Aegon NV (a)		2,017,300		8,176,877
Allianz SE		194,600		18,239,701
Aviva PLC		1,122,900		5,280,857
Muenchener Rueckversicherungs AG		113,500		14,096,325
				45,793,760
Real Estate Investment Trusts (REITs) - 0.3%
British Land Co. PLC		414,900		3,056,098
Real Estate Management & Development - 0.5%
Evergrande Real Estate Group Ltd.		9,557,000		2,944,839
New World Development Ltd.		2,832,000		2,711,483
Wheelock & Co., Ltd.		21,000		62,133
				5,718,455
				207,808,497
Consumer Discretionary - 14.5%
Auto Components - 4.4%
Bridgestone Corp.		590,500		13,398,247
Faurecia		183,425		3,907,039
GKN PLC		3,679,100		9,989,626
Magna International, Inc.-Class A		280,400		9,271,744
NGK Spark Plug Co., Ltd.		414,000		5,626,433
Sumitomo Rubber Industries Ltd.		345,500		4,417,708
				46,610,797

Company	Shares		U.S. $ Value
Automobiles - 6.5%
Bayerische Motoren Werke AG		59,100	$	3,904,217
Mazda Motor Corp. (a)		3,435,000		6,948,140
Nissan Motor Co., Ltd.		1,842,000		16,298,084
Renault SA		446,400		14,786,307
Toyota Motor Corp.		543,200		18,620,441
Volkswagen AG (Preference Shares)		62,500		8,248,021
				68,805,210
Distributors - 0.3%
Inchcape PLC		840,800		3,631,645
Household Durables - 1.9%
Sharp Corp.		1,503,000		12,627,012
Sony Corp.		404,500		7,742,926
				20,369,938
Leisure Equipment & Products - 0.4%
Namco Bandai Holdings, Inc.		276,300		3,742,185
Media - 0.3%
Informa PLC		508,000		2,578,155
Specialty Retail - 0.3%
Esprit Holdings Ltd.		2,188,900		2,664,838
Textiles, Apparel & Luxury Goods - 0.4%
Yue Yuen Industrial Holdings Ltd.		1,675,500		4,354,713
				152,757,481
Energy - 12.0%
Oil, Gas & Consumable Fuels - 12.0%
BP PLC		6,320,200		37,893,880
China Petroleum & Chemical Corp.-Class H		5,438,000		5,229,774
ENI SpA		637,800		11,220,636
Gazprom OAO (Sponsored ADR)		1,154,550		11,025,952
JX Holdings, Inc.		1,426,000		8,003,687
Lukoil OAO (London) (Sponsored ADR)		163,800		8,221,122
Nexen, Inc. (Toronto)		583,997		9,084,026
OMV AG		219,100		6,521,829
Petroleo Brasileiro SA (Sponsored ADR)		357,600		7,409,472
PTT PCL		245,400		2,052,566
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		655,005		20,198,540
				126,861,484
Health Care - 10.1%
Pharmaceuticals - 10.1%
AstraZeneca PLC		780,800		34,651,485
GlaxoSmithKline PLC		832,300		17,174,584
Novartis AG		463,660		25,900,823
Otsuka Holdings Co., Ltd.		76,900		2,106,769
Roche Holding AG		125,500		20,269,760
Sanofi		94,145		6,192,552
				106,295,973
Materials - 9.6%
Chemicals - 2.1%
Agrium, Inc. (Toronto)		70,900		4,719,224
Air Water, Inc.		136,000		1,681,011

Company	Shares		U.S. $ Value
Koninklijke DSM NV		164,849	$	7,167,399
Mitsubishi Gas Chemical Co., Inc.		733,000		4,499,888
Ube Industries Ltd./Japan		1,168,000		3,881,553
				21,949,075
Metals & Mining - 7.5%
Dowa Holdings Co., Ltd.		492,000		2,738,135
Exxaro Resources Ltd.		180,700		3,787,312
Hindalco Industries Ltd.		721,900		1,905,608
JFE Holdings, Inc.		247,800		5,002,149
KGHM Polska Miedz SA		142,420		5,576,619
New Gold, Inc. (a)		231,739		2,392,801
OneSteel Ltd.		2,610,500		3,059,342
Rio Tinto PLC		519,800		23,052,160
Tata Steel Ltd.		229,800		1,935,287
ThyssenKrupp AG		332,300		8,165,073
Vale SA (Sponsored ADR) (Local Preference Shares)		558,700		11,732,700
Xstrata PLC		808,864		10,214,081
				79,561,267
				101,510,342
Industrials - 8.2%
Aerospace & Defense - 0.2%
BAE Systems PLC		391,416		1,616,612
Airlines - 0.8%
Cathay Pacific Airways Ltd.		1,427,000		2,347,104
Deutsche Lufthansa (REG)		514,000		6,663,634
				9,010,738
Building Products - 1.2%
Asahi Glass Co., Ltd.		1,273,000		12,428,582
Construction & Engineering - 1.6%
Bouygues SA		498,300		16,484,452
Electrical Equipment - 1.3%
Mitsubishi Electric Corp.		279,000		2,471,342
Sumitomo Electric Industries Ltd.		922,600		10,835,373
				13,306,715
Industrial Conglomerates - 0.8%
Bidvest Group Ltd.		260,700		4,800,095
Cookson Group PLC		581,700		3,880,659
Jardine Strategic Holdings Ltd.		7,000		183,252
				8,864,006
Professional Services - 0.7%
Randstad Holding NV		246,500		7,858,587
Road & Rail - 0.6%
East Japan Railway Co.		44,600		2,703,947
Nippon Express Co., Ltd.		875,000		3,732,298
				6,436,245
Trading Companies & Distributors - 1.0%
Mitsubishi Corp.		398,900		8,121,453

Company	Shares		U.S. $ Value
Mitsui & Co., Ltd.		179,600	$	2,601,554
				10,723,007
				86,728,944
Telecommunication Services - 7.9%
Diversified Telecommunication Services - 5.7%
Nippon Telegraph & Telephone Corp.		470,000		22,516,823
Telecom Corp. of New Zealand Ltd.		2,584,024		5,082,929
Telecom Italia SpA (ordinary shares)		11,258,700		12,232,679
Telecom Italia SpA (savings shares)		7,794,800		7,580,665
Telenor ASA		253,300		3,906,700
Vivendi SA		431,120		8,777,564
				60,097,360
Wireless Telecommunication Services - 2.2%
Vodafone Group PLC		9,268,075		23,886,417
				83,983,777
Information Technology - 6.2%
Computers & Peripherals - 1.8%
Fujitsu Ltd.		1,705,000		8,040,519
Pegatron Corp.		1,621,000		1,489,647
Toshiba Corp.		1,269,000		5,176,817
Wistron Corp.		3,564,560		4,000,389
				18,707,372
Electronic Equipment, Instruments & Components - 1.1%
AU Optronics Corp.		10,198,990		4,059,315
LG Display Co., Ltd.		446,400		7,280,500
				11,339,815
Office Electronics - 0.9%
Konica Minolta Holdings, Inc.		1,368,000		9,379,982
Semiconductors & Semiconductor Equipment - 2.1%
Advanced Semiconductor Engineering, Inc.		5,329,211		4,543,783
Powertech Technology, Inc.		2,048,000		4,354,796
Samsung Electronics Co., Ltd.		17,180		11,996,044
Sumco Corp. (a)		124,000		1,157,978
				22,052,601
Software - 0.3%
Nintendo Co., Ltd.		26,000		3,820,376
				65,300,146
Consumer Staples - 5.3%
Beverages - 0.9%
Asahi Group Holdings Ltd.		429,900		9,109,307
Food & Staples Retailing - 1.7%
Delhaize Group SA		135,534		7,923,202
Koninklijke Ahold NV		908,200		10,680,590
				18,603,792
Tobacco - 2.7%
Imperial Tobacco Group PLC		264,400		8,922,864

Company	Shares		U.S. $ Value
Japan Tobacco, Inc.		4,217	$	19,725,255
				28,648,119
				56,361,218
Utilities - 3.9%
Electric Utilities - 2.5%
E.ON AG		827,200		17,946,966
EDP - Energias de Portugal SA		2,752,400		8,477,353
				26,424,319
Gas Utilities - 1.4%
Gas Natural SDG SA		707,100		12,024,302
Tokyo Gas Co., Ltd.		630,000		2,926,233
				14,950,535
				41,374,854
Total Common Stocks (cost $1,226,913,538)				1,028,982,716
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.2%
Time Deposit - 1.2%
State Street Time Deposit 0.01%, 10/03/11 (cost $12,094,493)	$	12,094		12,094,493
Total Investments - 98.6% (cost $1,239,008,031) (b)				1,041,077,209
Other assets less liabilities - 1.4% (c)				15,236,216
Net Assets - 100.0%			$	1,056,313,425

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50		380		December 2011	$	10,012,215	$	10,976,302	$	964,087

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America NA:
Euro settling 10/14/11		3,862	$	5,293,450	$	5,173,728	$	(119,722	)
Barclays Bank PLC Wholesale:
Euro settling 10/14/11		11,546		16,357,461		15,467,597		(889,864	)
Great British Pound settling 1/13/12		6,021		9,487,771		9,380,151		(107,620	)
Japanese Yen settling 10/14/11		1,689,094		21,537,699		21,902,281		364,582
BNP Paribas SA:
Australian Dollar settling 10/14/11		68,782		72,615,565		66,485,276		(6,130,289	)
Euro settling 10/14/11		3,940		5,620,280		5,278,220		(342,060	)
Credit Suisse London Branch (GFX):
Great British Pound settling 10/14/11		35,381		57,041,248		55,167,676		(1,873,572	)
Norwegian Krone settling 10/14/11		28,922		5,323,407		4,924,592		(398,815	)
Norwegian Krone settling 10/14/11		361,619		66,559,887		61,573,402		(4,986,485	)
Deutsche Bank AG London:
Canadian Dollar settling 10/14/11		3,267		3,320,223		3,116,819		(203,404	)
Swiss Franc settling 10/14/11		29,728		35,396,165		32,804,069		(2,592,096	)
HSBC BankUSA:
Australian Dollar settling 10/14/11		39,686		41,331,382		38,360,831		(2,970,551	)
Canadian Dollar settling 10/14/11		3,990		4,018,774		3,806,584		(212,190	)
Great British Pound settling 10/14/11		6,545		10,595,177		10,205,264		(389,913	)
Great British Pound settling 10/14/11		10,445		16,707,927		16,286,323		(421,604	)
Great British Pound settling 10/14/11		64,997		105,218,444		101,346,301		(3,872,143	)
Swedish Krona settling 10/14/11		159,824		25,030,520		23,281,270		(1,749,250	)
Swiss Franc settling 1/13/12		9,293		10,629,682		10,275,475		(354,207	)
Morgan Stanley And Co Inc:
Euro settling 10/14/11		16,767		23,944,718		22,461,909		(1,482,809	)
Royal Bank of Canada:
Canadian Dollar settling 10/14/11		3,351		3,244,911		3,196,958		(47,953	)
Swedish Krona settling 10/14/11		264,397		41,404,843		38,514,227		(2,890,616	)
Standard Chartered Bank:
Euro settling 10/14/11		44,328		63,799,650		59,383,997		(4,415,653	)
Japanese Yen settling 10/14/11		3,888,248		49,351,835		50,418,449		1,066,614
Japanese Yen settling 10/14/11		952,040		12,387,483		12,344,989		(42,494	)
Japanese Yen settling 10/14/11		2,345,404		30,713,075		30,412,574		(300,501	)
Westpac Banking Corp:
Australian Dollar settling 1/13/12		5,118		5,174,451		4,895,044		(279,407	)
New Zealand Dollar settling 10/14/11		59,525		49,189,674		45,346,978		(3,842,696	)
Swiss Franc settling 10/14/11		84,181		99,709,215		92,891,529		(6,817,686	)
Sale Contracts
Barclays Bank PLC Wholesale:
Canadian Dollar settling 10/14/11		28,968		29,922,065		27,636,373		2,285,692
Canadian Dollar settling 10/14/11		7,021		7,141,477		6,698,253		443,224
Euro settling 10/14/11		9,306		13,258,072		12,466,781		791,291
Norwegian Krone settling 10/14/11		161,957		29,464,406		27,576,658		1,887,748
Swiss Franc settling 10/14/11		6,849		8,357,188		7,557,692		799,496
BNP Paribas SA:
Great British Pound settling 10/14/11		6,545		10,702,260		10,205,264		496,996
Citibank NA:
Japanese Yen settling 10/14/11		4,733,493		58,284,846		61,378,640		(3,093,794	)
Credit Suisse London Branch (GFX):

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2011		Unrealized Appreciation/ (Depreciation)
Swiss Franc settling 10/14/11		57,063	$	78,846,792	$	62,967,526	$	15,879,266
Deutsche Bank AG London:
Euro settling 10/14/11		16,852		24,086,901		22,575,779		1,511,122
Goldman Sachs International:
Australian Dollar settling 10/14/11		5,388		5,667,098		5,208,087		459,011
Euro settling 10/14/11		63,573		90,072,134		85,165,559		4,906,575
Swedish Krona settling 10/14/11		206,626		31,601,099		30,098,831		1,502,268
Swiss Franc settling 10/14/11		4,466		5,685,913		4,928,114		757,799
HSBC BankUSA:
New Zealand Dollar settling 10/14/11		29,260		24,213,527		22,290,677		1,922,850
New Zealand Dollar settling 10/14/11		5,869		4,856,773		4,471,086		385,687
Morgan Stanley And Co Inc:
Norwegian Krone settling 10/14/11		41,502		7,554,334		7,066,607		487,727
Swedish Krona settling 10/14/11		27,962		4,308,607		4,073,173		235,434
Royal Bank of Canada:
Euro settling 1/13/12		7,958		10,958,245		10,658,204		300,041
Euro settling 1/13/12		6,612		9,011,429		8,855,497		155,932
Norwegian Krone settling 10/14/11		30,584		5,398,050		5,207,583		190,467
Swedish Krona settling 10/14/11		70,016		10,441,111		10,199,103		242,008
Royal Bank of Scotland PLC:
Great British Pound settling 10/14/11		100,378		160,277,568		156,513,977		3,763,591
Great British Pound settling 10/14/11		10,445		16,677,949		16,286,322		391,627
Japanese Yen settling 10/14/11		6,737,104		83,346,476		87,359,226		(4,012,750	)
Standard Chartered Bank:
Norwegian Krone settling 10/14/11		127,576		23,521,442		21,722,554		1,798,888
UBS AG:
Australian Dollar settling 10/14/11		54,103		57,518,738		52,296,427		5,222,311
Norwegian Krone settling 10/14/11		28,922		5,302,508		4,924,592		377,916
Swiss Franc settling 10/14/11		7,736		10,134,277		8,536,474		1,597,803
Westpac Banking Corp:
Australian Dollar settling 10/14/11		5,155		5,360,968		4,982,868		378,100
Japanese Yen settling 10/14/11		792,130		10,274,726		10,271,455		3,271
New Zealand Dollar settling 10/14/11		30,265		24,970,774		23,056,300		1,914,474
Swiss Franc settling 10/14/11		10,368		13,047,910		11,440,816		1,607,094
							$	(713,239	)

(a) Non-income producing security.

(b) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $50,297,582 and gross unrealized depreciation of investments was $(248,228,404), resulting in net unrealized depreciation of $(197,930,822).

(c) An amount of U.S. $1,319,428 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 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
REG	-	Registered Shares

COUNTRY BREAKDOWN *

September 30, 2011 (unaudited)

25.8%	Japan
21.8%	United Kingdom
8.5%	Germany
7.3%	France
5.2%	Netherlands
4.4%	Switzerland
3.0%	Italy
2.6%	Australia
2.5%	South Korea
2.4%	Canada
2.2%	Brazil
1.8%	Russia
1.8%	Taiwan
9.5%	Other
1.2%	Short-Term
100.0%	Total Investments

* All data are as of September 30, 2011. The Portfolio's country breakdown is expressed as a percentage of total investments and may vary over time. "Other" country weightings represent 1.4% or less in the following countries: Austria, Belgium, China, Hong Kong, India, New Zealand, Norway, Poland, Portugal, South Africa, Spain, Thailand and Turkey.

AllianceBernstein Variable Products Series Fund

International Value Portfolio

September 30, 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 September 30, 2011:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks
Financials	$	10,283,204		$	197,525,293		$	– 0	–	$	207,808,497
Consumer Discretionary		9,271,744			143,485,737			– 0	–		152,757,481
Energy		35,740,572			89,068,346			2,052,566			126,861,484
Health Care		– 0	–		106,295,973			– 0	–		106,295,973
Materials		18,844,725			82,665,617			– 0	–		101,510,342
Industrials		– 0	–		86,728,944			– 0	–		86,728,944
Telecommunication Services		– 0	–		83,983,777			– 0	–		83,983,777
Information Technology		– 0	–		65,300,146			– 0	–		65,300,146
Consumer Staples		– 0	–		56,361,218			– 0	–		56,361,218
Utilities		– 0	–		41,374,854			– 0	–		41,374,854
Short-Term Investments		– 0	–		12,094,493			– 0	–		12,094,493
Total Investments in Securities		74,140,245			964,884,398+			2,052,566			1,041,077,209
Other Financial Instruments* :
Assets:
Futures Contracts		964,087			– 0	–		– 0	–		964,087
Forward Currency Exchange Contracts		– 0	–		54,126,905			– 0	–		54,126,905
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(54,840,144	)		– 0	–		(54,840,144	)
Total	$	75,104,332		$	964,171,159		$	2,052,566		$	1,041,328,057

* 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 beginning of the reporting period.

	Energy			Total
Balance as of 12/31/10	$	– 0	–	$	– 0	–
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(593,419	)		(593,419	)
Purchases		2,645,985			2,645,985
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 9/30/11	$	2,052,566		$	2,052,566
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/11	$	(593,419	)	$	(593,419	)

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

Portfolio of Investments

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.0%
Technology - 31.7%
Communications Technology - 4.9%
Aruba Networks, Inc. (a)		113,300	$	2,369,103
QUALCOMM, Inc.		240,120		11,677,036
Riverbed Technology, Inc. (a)		130,700		2,608,772
				16,654,911
Computer Services, Software & Systems - 12.7%
Citrix Systems, Inc. (a)		123,090		6,712,098
Google, Inc.-Class A (a)		29,980		15,421,112
Intuit, Inc. (a)		143,200		6,793,408
Oracle Corp.		396,150		11,385,351
Rovi Corp. (a)		65,685		2,823,141
				43,135,110
Computer Technology - 10.3%
Apple, Inc. (a)		71,175		27,130,486
EMC Corp. (a)		362,913		7,617,544
				34,748,030
Semiconductors & Component - 3.8%
Broadcom Corp.-Class A (a)		255,752		8,513,984
Marvell Technology Group Ltd. (a)		292,300		4,247,119
				12,761,103
				107,299,154
Consumer Discretionary - 17.1%
Auto Parts - 3.1%
BorgWarner, Inc. (a)		87,900		5,320,587
Johnson Controls, Inc.		198,900		5,244,993
				10,565,580
Cable Television Services - 2.6%
Comcast Corp.-Class A		426,400		8,911,760
Casinos & Gambling - 0.8%
Las Vegas Sands Corp. (a)		68,600		2,630,124
Cosmetics - 0.3%
Estee Lauder Cos., Inc. (The)-Class A		11,409		1,002,167
Diversified Retail - 3.1%
Amazon.com, Inc. (a)		37,535		8,116,193
Dollar General Corp. (a)		65,332		2,466,936
				10,583,129
Entertainment - 2.2%
Walt Disney Co. (The)		246,900		7,446,504
Restaurants - 2.1%
Starbucks Corp.		187,785		7,002,503
Specialty Retail - 2.1%
Limited Brands, Inc.		179,777		6,923,212

Company	Shares		U.S. $ Value
Textiles, Apparel & Shoes - 0.8%
VF Corp.		23,400	$	2,843,568
				57,908,547
Producer Durables - 11.2%
Aerospace - 1.4%
Goodrich Corp.		24,100		2,908,388
United Technologies Corp.		25,600		1,801,216
				4,709,604
Back Office Support HR & Consulting - 1.6%
Accenture PLC		100,595		5,299,344
Diversified Manufacturing Operations - 2.9%
Danaher Corp.		236,222		9,907,151
Scientific Instruments: Control & Filter - 2.3%
Flowserve Corp.		64,891		4,801,934
Rockwell Automation, Inc.		54,965		3,078,040
				7,879,974
Transportation Miscellaneous - 3.0%
United Parcel Service, Inc.-Class B		160,880		10,159,572
				37,955,645
Energy - 9.9%
Oil Well Equipment & Services - 4.5%
FMC Technologies, Inc. (a)		116,785		4,391,116
Schlumberger Ltd.		185,505		11,080,214
				15,471,330
Oil: Crude Producers - 5.4%
Anadarko Petroleum Corp.		72,540		4,573,647
EOG Resources, Inc.		80,015		5,681,865
Noble Energy, Inc.		112,814		7,987,231
				18,242,743
				33,714,073
Financial Services - 9.5%
Diversified Financial Services - 6.6%
Blackstone Group LP		397,000		4,756,060
Goldman Sachs Group, Inc. (The)		60,285		5,699,947
JPMorgan Chase & Co.		393,400		11,849,208
				22,305,215
Financial Data & Systems - 0.8%
Visa, Inc.-Class A		32,400		2,777,328
Insurance: Multi-Line - 1.3%
MetLife, Inc.		158,900		4,450,789
Real Estate - 0.8%
CB Richard Ellis Group, Inc.-Class A (a)		209,900		2,825,254
				32,358,586
Health Care - 8.7%
Biotechnology - 2.1%
Celgene Corp. (a)		116,559		7,217,333

Company	Shares		U.S. $ Value
Health Care Services - 1.4%
Express Scripts, Inc.-Class A (a)		126,300	$	4,681,941
Medical & Dental Instruments & Supplies - 1.3%
Covidien PLC		95,735		4,221,914
Pharmaceuticals - 3.9%
Allergan, Inc.		108,705		8,955,118
Gilead Sciences, Inc. (a)		112,060		4,347,928
				13,303,046
				29,424,234
Materials & Processing - 6.7%
Chemicals: Diversified - 2.6%
Dow Chemical Co. (The)		184,720		4,148,811
Potash Corp. of Saskatchewan, Inc.		105,080		4,541,558
				8,690,369
Fertilizers - 2.7%
Monsanto Co.		150,424		9,031,457
Metal Fabricating - 1.4%
Precision Castparts Corp.		31,500		4,896,990
				22,618,816
Consumer Staples - 3.2%
Beverage: Soft Drinks - 0.6%
PepsiCo, Inc.		33,100		2,048,890
Foods - 1.4%
General Mills, Inc.		118,700		4,566,389
Personal Care - 1.2%
Procter & Gamble Co. (The)		66,700		4,214,106
				10,829,385
Total Common Stocks (cost $376,106,192)				332,108,440
	Contracts
OPTIONS PURCHASED-PUTS - 2.8%
S&P 500 Index
Expiration: Jun’ 12, Exercise Price: $ 1,200.00 (a) (b)		220		3,573,900
S&P 500 Index
Expiration: Jun’ 12, Exercise Price: $ 1,100.00 (a) (b)		205		2,360,575
S&P 500 Index
Expiration: Sep’ 12, Exercise Price: $ 1,100.00 (a) (b)		140		1,770,020
S&P 500 Index
Expiration: Jun’ 12, Exercise Price: $ 1,175.00 (a) (b)		116		1,732,460
Options Purchased-Puts (cost $7,156,943)				9,436,955

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.01%, 10/03/11 (Cost $1,644,098)	$	1,644	$	1,644,098
Total Investments - 101.3% (cost $384,907,233) (c)				343,189,493
Other assets less liabilities - (1.3)%				(4,398,270	)
Net Assets - 100.0%			$	338,791,223

CALL OPTIONS WRITTEN

Description	Contracts		Exercise Price		Expiration Month	U.S. $ Value
Google, Inc. (b)		16		550.00	October 2011		18,640
Goodrich Corp. (b)		43		90.00	October 2011		73,920
Potash Corp. of Saskatchewan, Inc. (b)		90		60.00	October 2011		315
United Parcel Service, Inc. (b)		92		67.50	October 2011		4,140
Apple, Inc. (b)		31		435.00	October 2011		8,153
(premium received $80,560)
						$	105,168
PUT OPTIONS WRITTEN
Description	Contracts		Exercise Price		Expiration Month	U.S. $ Value
S&P 500 Index (b)		116		1,000.00	June 2012	$	926,260
S&P 500 Index (b)		220		1,050.00	June 2012		2,117,500
S&P 500 Index (b)		205		925.00	June 2012		1,220,775
S&P 500 Index (b)		140		925.00	September 2012		979,580
(premium received $3,691,405)
						$	5,244,115

(a) Non-income producing security.

(b) One contract relates to 100 shares.

(c) As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,856,660 and gross unrealized depreciation of investments was $(54,574,400), resulting in net unrealized depreciation of $(41,717,740).

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.

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

September 30, 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 September 30, 2011:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks	$	332,108,440		$	– 0	–	$	– 0	–	$	332,108,440
Options Purchased - Puts		– 0	–		9,436,955			– 0	–		9,436,955
Short-Term Investments		– 0	–		1,644,098			– 0	–		1,644,098
Total Investments in Securities		332,108,440			11,081,053			– 0	–		343,189,493
Other Financial Instruments* :
Liabilities:
Options Written		– 0	–		(5,349,283	)		– 0	–		(5,349,283	)
Total	$	332,108,440		$	5,731,770		$	– 0	–	$	337,840,210

* 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

September 30, 2011 (unaudited)

	Yield*			Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 100.3%
Certificates of Deposit - 35.9%
Bank of Montreal Chicago
11/16/11		0.200	%	$	300	$	300,000
Bank of Nova Scotia
10/18/11 (a)		0.230	%		300		299,994
Bank of Nova Scotia Houston
12/05/11		0.290	%		500		500,000
1/06/12 (a)		0.446	%		150		149,982
3/12/12 (a)		0.587	%		300		300,137
Canadian Imp Bank of Comm NY
12/19/11		0.210	%		1,300		1,300,000
Credit Suisse NY
10/25/11 (a)		0.285	%		1,300		1,300,000
Dnb Nor Bank ASA NY
10/14/11 (a)		0.259	%		1,200		1,200,000
Mitsubishi UFJ TR&BK NY
10/04/11		0.250	%		1,200		1,200,000
National Australia Bank NY
10/19/11 (a)		0.270	%		600		600,003
12/30/11 (a)		0.619	%		700		700,392
Norinchukin Bank NY
10/03/11		0.280	%		1,300		1,300,000
Rabobank Nederland NV NY
12/16/11		0.330	%		800		800,000
Royal Bank of Canada NY
2/14/12 (a)		0.279	%		500		499,982
3/29/12 (a)		0.289	%		650		650,000
1/27/12 (a)		0.336	%		150		150,020
Sumitomo Mitsui Bank NY
11/29/11		0.260	%		1,200		1,200,000
Toronto-Dominion Bank NY
1/12/12 (a)		0.305	%		800		800,000
10/28/11 (a)		0.307	%		500		500,000
Westpac Banking Corp NY
1/13/12 (a)		0.316	%		1,300		1,300,000
							15,050,510
Short-Term Municipal Notes - 28.6%
Municipal Obligations - 28.6%
California Infra & Eco Dev Bk
(J Paul Getty Trust)
10/01/47 (b)		0.100	%		1,500		1,500,000
Connecticut Hlth & Ed Fac Auth
(Yale Univ)
Series 2001A
7/01/36 (b)		0.080	%		300		300,000
Series 2001V-1
7/01/36 (b)		0.090	%		1,000		1,000,000
Dallas Fort Worth TX Intl Arpt
(United Parcel Service)
5/01/32 (b)		0.100	%		1,300		1,300,000

	Yield*			Principal Amount (000)		U.S. $ Value
Houston TX Hgr Ed Fin Corp.
(Rice University)
Series 2008B
5/15/48 (b)		0.080	%	$	1,200	$	1,200,000
Loudoun Cnty VA IDA
(Howard Hughes Med Inst)
2/15/38 (b)		0.110	%		1,300		1,300,000
Massachusetts Dev Fin Agy
(Smith College)
7/01/24 (b)		0.110	%		1,171		1,171,000
Massachusetts Hlth & Ed Facs Auth
(Harvard Univ) Series 99R
11/01/49 (b)		0.080	%		1,300		1,300,000
Mississippi Business Fin Corp.
(Chevron USA, Inc.)
Series 2009 E
12/01/30 (b)		0.090	%		1,600		1,600,000
Valdez AK Marine Terminal
(Exxon Mobil Corp.)
Series 1993B
12/01/33 (b)		0.090	%		1,300		1,300,000
							11,971,000
U.S. Government & Government Sponsored Agency Obligations - 15.8%
Federal Farm Credit Bank
11/17/11 (a)		0.170	%		500		499,982
12/20/11 (a)		0.191	%		500		499,979
7/20/12 (a)		0.191	%		500		499,879
4/23/12 (a)		0.244	%		500		500,035
4/12/12 (a)		0.255	%		500		500,093
Federal Home Loan Bank
2/17/12 (a)		0.172	%		500		499,903
Federal Home Loan Bank Discount Notes
11/04/11		0.170	%		600		599,909
1/18/12		0.220	%		500		499,673
1/20/12		0.220	%		300		299,800
Federal Home Loan Mortgage Corp.
2/02/12 (a)		0.142	%		500		499,866
12/21/11 (a)		0.181	%		500		499,956
Federal National Mortgage Association
Discount Notes
11/16/11		0.130	%		1,200		1,199,810
							6,598,885
Commercial Paper - 11.5%
Banque Et Caisse Epargne
10/07/11		0.260	%		1,100		1,099,968
State Street Corp.
12/09/11		0.230	%		1,200		1,199,486
Straight - A Funding LLC
10/03/11		0.160	%		1,300		1,300,000

	Yield*			Principal Amount (000)		U.S. $ Value
Svenska Handelsbank, Inc.
11/09/11		0.280	%	$	1,200	$	1,199,655
							4,799,109
Corporates - Investment Grades - 8.5%
Australia & New Zealand Banking Group Ltd.
1/30/12 (a)(c)		0.453	%		1,000		1,000,605
10/21/11 (a)(c)		0.552	%		250		250,037
Commonwealth Bank of Australia
11/04/11 (a)(c)		0.564	%		1,300		1,300,331
JPMorgan Chase & Co.
12/21/11 (a)		0.478	%		500		500,153
Wells Fargo & Co.
1/24/12 (a)		0.343	%		500		500,132
							3,551,258
Total Investments - 100.3% (cost $41,970,762) (d)							41,970,762
Other assets less liabilities - (0.3)%							(126,145	)
Net Assets - 100.0%						$	41,844,617

(a)	Floating Rate Security. Stated interest rate was in effect at September 30, 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 September 30, 2011, the aggregate market value of these securities amounted to $2,550,973 or 6.1% of net assets.
(d)	As of September 30, 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

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Short-Term Investments

Certificates of Deposit

$

– 0

–

$

15,050,510

$

– 0

–

$

15,050,510

Short-Term Municipal Notes

– 0

–

11,971,000

– 0

–

11,971,000

U.S. Government & Government Sponsored Agency Obligations

– 0

–

6,598,885

– 0

–

6,598,885

Commercial Paper

– 0

–

4,799,109

– 0

–

4,799,109

Corporates - Investment Grades

– 0

–

3,551,258

– 0

–

3,551,258

Total Investments in Securities

– 0

–

41,970,762

– 0

–

41,970,762

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

– 0

–

$

41,970,762

$

– 0

–

$

41,970,762

* 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

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.0%
Residential - 27.0%
Manufactured Homes - 1.4%
Equity Lifestyle Properties, Inc.		15,124	$	948,275
Multi-Family - 12.2%
Associated Estates Realty Corp.		68,400		1,057,464
BRE Properties, Inc.		11,550		489,027
Camden Property Trust		14,925		824,756
Colonial Properties Trust		46,000		835,360
Essex Property Trust, Inc.		10,800		1,296,432
Home Properties, Inc.		25,524		1,448,742
Mid-America Apartment Communities, Inc.		20,110		1,211,024
Post Properties, Inc.		29,120		1,011,629
				8,174,434
Self Storage - 8.9%
CubeSmart		13,036		111,197
Extra Space Storage, Inc.		101,702		1,894,708
Public Storage		35,200		3,919,520
Sovran Self Storage, Inc.		1,631		60,624
				5,986,049
Student Housing - 4.5%
American Campus Communities, Inc.		42,000		1,562,820
Education Realty Trust, Inc.		167,800		1,441,402
				3,004,222
				18,112,980
Equity:Other - 24.6%
Diversified/Specialty - 13.2%
American Assets Trust, Inc.		47,600		854,420
BioMed Realty Trust, Inc.		82,100		1,360,397
Coresite Realty Corp.		35,782		513,472
Digital Realty Trust, Inc.		44,900		2,476,684
Forest City Enterprises, Inc. (a)		58,790		626,701
Rayonier, Inc.		45,950		1,690,500
Weyerhaeuser Co.		86,510		1,345,231
				8,867,405
Health Care - 9.6%
Health Care REIT, Inc.		44,691		2,091,539
National Health Investors, Inc.		28,013		1,180,188
Ventas, Inc.		64,300		3,176,420
				6,448,147
Triple Net - 1.8%
Entertainment Properties Trust		13,199		514,497
National Retail Properties, Inc.		26,300		706,681
				1,221,178
				16,536,730
Retail - 22.4%
Regional Mall - 14.8%
General Growth Properties, Inc.		137,500		1,663,750
Glimcher Realty Trust		122,540		867,583

Company	Shares		U.S. $ Value
Simon Property Group, Inc.		67,311	$	7,402,864
				9,934,197
Shopping Center/Other Retail - 7.6%
Excel Trust, Inc.		106,400		1,023,568
Federal Realty Investment Trust		8,400		692,244
Kite Realty Group Trust		141,900		519,354
Retail Opportunity Investments Corp.		76,836		851,343
Tanger Factory Outlet Centers		40,400		1,050,804
Weingarten Realty Investors		44,438		940,752
				5,078,065
				15,012,262
Office - 14.1%
Boston Properties, Inc.		33,809		3,012,382
Corporate Office Properties Trust		2,796		60,897
Douglas Emmett, Inc.		99,000		1,692,900
Duke Realty Corp.		144,100		1,513,050
Kilroy Realty Corp.		27,144		849,607
Liberty Property Trust		17,300		503,603
SL Green Realty Corp.		30,900		1,796,835
				9,429,274
Lodging - 5.9%
Ashford Hospitality Trust, Inc.		144,900		1,017,198
Host Hotels & Resorts, Inc.		67,898		742,804
Hyatt Hotels Corp. (a)		16,900		530,153
Intercontinental Hotels Group PLC		49,200		797,811
RLJ Lodging Trust		26,682		340,730
Wyndham Worldwide Corp.		19,200		547,392
				3,976,088
Industrials - 4.0%
Industrial Warehouse Distribution - 4.0%
EastGroup Properties, Inc.		22,500		858,150
ProLogis, Inc.		76,305		1,850,396
				2,708,546
Total Common Stocks (cost $67,449,646)				65,775,880
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.8%
Time Deposit - 0.8%
State Street Time Deposit
0.01%, 10/03/11
(Cost $518,614)	$	519		518,614

	U.S. $ Value
Total Investments - 98.8%
(cost $67,968,260) (b)	$	66,294,494
Other assets less liabilities - 1.2%		801,562
Net Assets - 100.0%	$	67,096,056

(a)	Non-income producing security.
(b)	As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,977,438 and gross unrealized depreciation of investments was $(6,651,204), resulting in net unrealized depreciation of $(1,673,766).
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

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

Residential

$

18,112,980

$

– 0

–

$

– 0

–

$

18,112,980

Equity:Other

16,536,730

– 0

–

– 0

–

16,536,730

Retail

15,012,262

– 0

–

– 0

–

15,012,262

Office

9,429,274

– 0

–

– 0

–

9,429,274

Lodging

3,178,277

797,811

– 0

–

3,976,088

Industrials

2,708,546

– 0

–

– 0

–

2,708,546

Short-Term Investments

– 0

–

518,614

– 0

–

518,614

Total Investments in Securities

64,978,069

1,316,425

– 0

–

66,294,494

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

64,978,069

$

1,316,425

$

– 0

–

$

66,294,494

* 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

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.6%
Industrials - 22.5%
Aerospace & Defense - 2.3%
Hexcel Corp. (a)		36,355	$	805,627
Keyw Holding Corp. (The) (a)		41,903		297,930
				1,103,557
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. (a)		10,047		334,465
Building Products - 1.0%
Simpson Manufacturing Co., Inc.		19,480		485,636
Commercial Services & Supplies - 1.1%
Interface, Inc.		42,720		506,659
Electrical Equipment - 1.8%
AMETEK, Inc.		14,840		489,275
Thermon Group Holdings, Inc. (a)		28,458		393,289
				882,564
Machinery - 7.1%
Actuant Corp.-Class A		25,880		511,130
IDEX Corp.		18,515		576,927
Lincoln Electric Holdings, Inc.		19,700		571,497
Middleby Corp. (a)		7,190		506,607
RBC Bearings, Inc. (a)		15,720		534,323
Robbins & Myers, Inc.		6,960		241,582
Valmont Industries, Inc.		6,490		505,831
				3,447,897
Marine - 1.6%
Kirby Corp. (a)		14,433		759,753
Professional Services - 4.1%
CoStar Group, Inc. (a)		15,106		785,059
RPX Corp. (a)		29,854		618,276
TrueBlue, Inc. (a)		52,938		599,788
				2,003,123
Road & Rail - 1.7%
Genesee & Wyoming, Inc.-Class A (a)		11,320		526,606
Knight Transportation, Inc.		23,490		312,652
				839,258
Trading Companies & Distributors - 1.1%
United Rentals, Inc. (a)		31,660		533,155
				10,896,067
Health Care - 21.6%
Biotechnology - 6.3%
Amarin Corp. PLC (ADR) (a)		46,770		430,284
Ardea Biosciences, Inc. (a)		10,370		161,979
Ariad Pharmaceuticals, Inc. (a)		32,970		289,806
Arqule, Inc. (a)		42,307		213,650
AVEO Pharmaceuticals, Inc. (a)		15,910		244,855

Company	Shares		U.S. $ Value
Cepheid, Inc. (a)		13,032	$	506,033
Incyte Corp. Ltd. (a)		14,810		206,896
InterMune, Inc. (a)		9,680		195,536
Ironwood Pharmaceuticals, Inc. (a)		13,610		146,988
NPS Pharmaceuticals, Inc. (a)		36,710		238,982
Pharmacyclics, Inc. (a)		17,580		207,971
Pharmasset, Inc. (a)		2,450		201,807
				3,044,787
Health Care Equipment & Supplies - 4.6%
MAKO Surgical Corp. (a)		11,120		380,526
NxStage Medical, Inc. (a)		24,107		502,872
Sirona Dental Systems, Inc. (a)		11,665		494,713
Volcano Corp. (a)		16,570		490,969
Zoll Medical Corp. (a)		9,655		364,380
				2,233,460
Health Care Providers & Services - 7.4%
Catalyst Health Solutions, Inc. (a)		12,380		714,202
Centene Corp. (a)		21,570		618,412
Healthspring, Inc. (a)		15,038		548,285
HMS Holdings Corp. (a)		32,250		786,578
IPC The Hospitalist Co., Inc. (a)		13,380		477,532
Mednax, Inc. (a)		6,967		436,413
				3,581,422
Health Care Technology - 1.6%
SXC Health Solutions Corp. (a)		13,901		774,286
Pharmaceuticals - 1.7%
Impax Laboratories, Inc. (a)		16,610		297,485
MAP Pharmaceuticals, Inc. (a)		18,040		263,745
Optimer Pharmaceuticals, Inc. (a)		17,306		239,515
				800,745
				10,434,700
Information Technology - 21.1%
Communications Equipment - 2.6%
ADTRAN, Inc.		23,955		633,850
Netgear, Inc. (a)		23,290		602,978
				1,236,828
Internet Software & Services - 3.0%
DealerTrack Holdings, Inc. (a)		37,491		587,484
OpenTable, Inc. (a)		6,000		276,060
RightNow Technologies, Inc. (a)		18,528		612,350
				1,475,894
IT Services - 0.8%
ServiceSource International, Inc. (a)		14,844		196,089

Company	Shares		U.S. $ Value
VeriFone Systems, Inc. (a)		4,799	$	168,061
				364,150
Semiconductors & Semiconductor Equipment - 6.9%
Entegris, Inc. (a)		54,887		350,179
Fairchild Semiconductor International, Inc. (a)		48,698		525,939
Hittite Microwave Corp. (a)		7,870		383,269
International Rectifier Corp. (a)		19,510		363,276
Magnachip Semiconductor Corp. (a)		25,404		170,715
Mellanox Technologies Ltd. (a)		17,860		557,589
Netlogic Microsystems, Inc. (a)		10,852		522,090
Teradyne, Inc. (a)		43,720		481,357
				3,354,414
Software - 7.8%
Aspen Technology, Inc. (a)		47,514		725,539
Fortinet, Inc. (a)		18,643		313,202
Informatica Corp. (a)		6,150		251,843
MICROS Systems, Inc. (a)		10,430		457,981
QLIK Technologies, Inc. (a)		21,377		463,026
SolarWinds, Inc. (a)		30,500		671,610
Taleo Corp. (a)		16,374		421,139
TIBCO Software, Inc. (a)		20,890		467,727
				3,772,067
				10,203,353
Consumer Discretionary - 18.8%
Distributors - 0.8%
LKQ Corp. (a)		15,800		381,728
Diversified Consumer Services - 1.1%
K12, Inc. (a)		21,920		558,083
Hotels, Restaurants & Leisure - 4.4%
BJ’s Restaurants, Inc. (a)		10,020		441,982
Life Time Fitness, Inc. (a)		19,170		706,414
Orient-Express Hotels Ltd.-Class A (a)		64,170		443,415
Panera Bread Co.-Class A (a)		5,000		519,700
				2,111,511
Household Durables - 1.7%
Skullcandy, Inc. (a)		26,812		378,854
Tempur-Pedic International, Inc. (a)		8,525		448,500
				827,354
Internet & Catalog Retail - 1.4%
Shutterfly, Inc. (a)		16,352		673,375
Media - 2.0%
National CineMedia, Inc.		39,290		570,098
Pandora Media, Inc. (a)		25,903		379,479
				949,577

Company	Shares		U.S. $ Value
Specialty Retail - 7.4%
Dick’s Sporting Goods, Inc. (a)		18,530	$	620,014
Hibbett Sports, Inc. (a)		15,920		539,529
Select Comfort Corp. (a)		52,270		730,212
Tractor Supply Co.		10,090		631,129
Ulta Salon Cosmetics & Fragrance, Inc. (a)		8,550		532,067
Zumiez, Inc. (a)		29,800		521,798
				3,574,749
				9,076,377
Energy - 7.5%
Energy Equipment & Services - 3.7%
Complete Production Services, Inc. (a)		22,055		415,737
Dril-Quip, Inc. (a)		9,160		493,816
Oceaneering International, Inc.		15,340		542,115
Oil States International, Inc. (a)		6,540		333,017
				1,784,685
Oil, Gas & Consumable Fuels - 3.8%
Cabot Oil & Gas Corp.		7,765		480,731
Oasis Petroleum, Inc. (a)		19,555		436,663
Resolute Energy Corp. (a)		40,110		455,649
SM Energy Co.		7,738		469,310
				1,842,353
				3,627,038
Financials - 4.9%
Capital Markets - 2.7%
Affiliated Managers Group, Inc. (a)		6,660		519,813
Greenhill & Co., Inc.		7,120		203,561
KBW, Inc.		8,753		120,704
Stifel Financial Corp. (a)		17,546		466,021
				1,310,099
Commercial Banks - 2.2%
Iberiabank Corp.		11,249		529,378
Signature Bank (a)		11,046		527,226
				1,056,604
				2,366,703
Materials - 1.5%
Chemicals - 1.5%
PolyOne Corp.		24,990		267,643
Solutia, Inc. (a)		37,050		476,093
				743,736
Consumer Staples - 0.7%
Food & Staples Retailing - 0.7%
Chefs’ Warehouse Holdings LLC (a)		28,182		331,420
Total Common Stocks (cost $47,268,181)				47,679,394

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.8%
Time Deposit - 1.8%
State Street Time Deposit 0.01%, 10/03/11 (cost $867,867)	$	868	$	867,867
Total Investments - 100.4%
(cost $48,136,048) (b)				48,547,261
Other assets less liabilities - (0.4)%				(204,665	)
Net Assets - 100.0%			$	48,342,596

(a)	Non-income producing security.
(b)	As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,385,479 and gross unrealized depreciation of investments was $(4,974,266), resulting in net unrealized appreciation of $411,213.
	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

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

47,679,394

$

– 0

–

$

– 0

–

$

47,679,394

Short-Term Investments

– 0

–

867,867

– 0

–

867,867

Total Investments in Securities

47,679,394

867,867

– 0

–

48,547,261

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

47,679,394

$

867,867

$

– 0

–

$

48,547,261

* 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

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.3%
Financials - 25.0%
Capital Markets - 1.2%
Legg Mason, Inc.		95,600	$	2,457,876
MF Global Holdings Ltd. (a)		604,000		2,494,520
				4,952,396
Commercial Banks - 7.3%
Associated Banc-Corp		372,500		3,464,250
CapitalSource, Inc.		839,100		5,152,074
Comerica, Inc.		214,000		4,915,580
Hancock Holding Co.		89,550		2,398,149
Huntington Bancshares, Inc./OH		1,069,700		5,134,560
Popular, Inc. (a)		2,096,357		3,144,536
Susquehanna Bancshares, Inc.		639,164		3,496,227
Webster Financial Corp.		158,200		2,420,460
				30,125,836
Insurance - 6.9%
Amtrust Financial Services, Inc.		183,000		4,073,580
Aspen Insurance Holdings Ltd.		198,200		4,566,528
Endurance Specialty Holdings Ltd.		154,300		5,269,345
Platinum Underwriters Holdings Ltd.		180,250		5,542,687
Reinsurance Group of America, Inc.-Class A		105,900		4,866,105
Unum Group		190,100		3,984,496
				28,302,741
Real Estate Investment Trusts (REITs) - 7.7%
BioMed Realty Trust, Inc.		344,900		5,714,993
BRE Properties, Inc.		82,150		3,478,231
Camden Property Trust		64,500		3,564,270
DiamondRock Hospitality Co.		541,600		3,785,784
Entertainment Properties Trust		137,100		5,344,158
Glimcher Realty Trust		581,900		4,119,852
Home Properties, Inc.		61,700		3,502,092
Mid-America Apartment Communities, Inc.		39,000		2,348,580
				31,857,960
Thrifts & Mortgage Finance - 1.9%
First Niagara Financial Group, Inc.		315,800		2,889,570
People’s United Financial, Inc.		219,800		2,505,720
Washington Federal, Inc.		180,400		2,298,296
				7,693,586
				102,932,519
Consumer Discretionary - 18.7%
Auto Components - 3.9%
Cooper Tire & Rubber Co.		375,800		4,092,462
Dana Holding Corp. (a)		195,800		2,055,900
Lear Corp.		136,200		5,842,980
TRW Automotive Holdings Corp. (a)		128,500		4,205,805
				16,197,147
Hotels, Restaurants & Leisure - 0.8%
Royal Caribbean Cruises Ltd.		156,600		3,388,824

Company	Shares		U.S. $ Value
Household Durables - 3.4%
American Greetings Corp.		284,300	$	5,259,550
Newell Rubbermaid, Inc.		314,900		3,737,863
NVR, Inc. (a)		8,235		4,973,775
				13,971,188
Media - 0.7%
Gannett Co., Inc.		325,800		3,104,874
Multiline Retail - 2.4%
Big Lots, Inc. (a)		180,300		6,279,849
Saks, Inc. (a)		421,400		3,687,250
				9,967,099
Specialty Retail - 6.3%
ANN, Inc. (a)		244,191		5,577,322
Childrens Place Retail Stores, Inc. (The) (a)		96,800		4,504,104
Foot Locker, Inc.		205,050		4,119,455
GameStop Corp.-Class A (a)		221,000		5,105,100
Office Depot, Inc. (a)		908,300		1,871,098
Signet Jewelers Ltd. (a)		137,300		4,640,740
				25,817,819
Textiles, Apparel & Luxury Goods - 1.2%
Jones Group, Inc. (The)		526,150		4,845,842
				77,292,793
Information Technology - 14.9%
Communications Equipment - 0.6%
Arris Group, Inc. (a)		239,700		2,468,910
Computers & Peripherals - 0.6%
NCR Corp. (a)		147,500		2,491,275
Electronic Equipment, Instruments & Components - 8.0%
Anixter International, Inc.		47,300		2,243,912
Arrow Electronics, Inc. (a)		171,200		4,755,936
AU Optronics Corp. (Sponsored ADR)		1,099,042		4,352,206
Avnet, Inc. (a)		206,500		5,385,520
Celestica, Inc. (a)		485,000		3,516,250
Flextronics International Ltd. (a)		936,500		5,272,495
Insight Enterprises, Inc. (a)		299,350		4,532,159
TTM Technologies, Inc. (a)		304,252		2,893,437
				32,951,915
IT Services - 1.8%
Amdocs Ltd. (a)		95,900		2,600,808
Convergys Corp. (a)		530,900		4,979,842
				7,580,650
Semiconductors & Semiconductor Equipment - 3.0%
Amkor Technology, Inc. (a)		791,200		3,449,632
Entegris, Inc. (a)		573,350		3,657,973

Company	Shares		U.S. $ Value
Lam Research Corp. (a)		136,800	$	5,195,664
				12,303,269
Software - 0.9%
Take-Two Interactive Software, Inc. (a)		291,500		3,707,880
				61,503,899
Utilities - 11.1%
Electric Utilities - 5.7%
NV Energy, Inc.		409,200		6,019,332
PNM Resources, Inc.		369,700		6,074,171
Portland General Electric Co.		247,400		5,860,906
Unisource Energy Corp.		160,300		5,785,227
				23,739,636
Gas Utilities - 2.7%
Atmos Energy Corp.		164,000		5,321,800
UGI Corp.		218,500		5,739,995
				11,061,795
Multi-Utilities - 2.7%
CMS Energy Corp.		306,800		6,071,572
NiSource, Inc.		234,600		5,015,748
				11,087,320
				45,888,751
Industrials - 7.9%
Airlines - 0.7%
Alaska Air Group, Inc. (a)		51,800		2,915,822
Commercial Services & Supplies - 0.8%
Avery Dennison Corp.		129,300		3,242,844
Construction & Engineering - 0.6%
Tutor Perini Corp.		216,500		2,487,585
Electrical Equipment - 2.7%
EnerSys (a)		185,800		3,719,716
General Cable Corp. (a)		164,700		3,845,745
Thomas & Betts Corp. (a)		90,650		3,617,841
				11,183,302
Machinery - 1.1%
Timken Co.		144,700		4,749,054
Trading Companies & Distributors - 2.0%
Aircastle Ltd.		508,900		4,844,728
WESCO International, Inc. (a)		98,700		3,311,385
				8,156,113
				32,734,720
Consumer Staples - 6.4%
Beverages - 1.4%
Constellation Brands, Inc.-Class A (a)		314,725		5,665,050
Food Products - 5.0%
Bunge Ltd.		52,400		3,054,396

Company	Shares		U.S. $ Value
Dean Foods Co. (a)		413,100	$	3,664,197
Dole Food Co., Inc. (a)		388,500		3,885,000
Smithfield Foods, Inc. (a)		214,800		4,188,600
Tyson Foods, Inc.-Class A		341,600		5,930,176
				20,722,369
				26,387,419
Materials - 6.0%
Chemicals - 3.5%
Ferro Corp. (a)		455,000		2,798,250
Huntsman Corp.		306,450		2,963,372
OM Group, Inc. (a)		82,418		2,140,395
PolyOne Corp.		398,800		4,271,148
Westlake Chemical Corp.		63,200		2,166,496
				14,339,661
Metals & Mining - 2.5%
Commercial Metals Co.		350,200		3,330,402
Reliance Steel & Aluminum Co.		141,425		4,809,864
Steel Dynamics, Inc.		205,100		2,034,592
				10,174,858
				24,514,519
Energy - 5.4%
Energy Equipment & Services - 1.4%
Bristow Group, Inc.		135,400		5,745,022
Oil, Gas & Consumable Fuels - 4.0%
Forest Oil Corp. (a)		197,200		2,839,680
Stone Energy Corp. (a)		156,700		2,540,107
Swift Energy Co. (a)		155,300		3,780,002
Teekay Corp.		111,200		2,514,232
Tesoro Corp. (a)		241,600		4,703,952
				16,377,973
				22,122,995
Health Care - 3.9%
Health Care Providers & Services - 3.0%
Health Net, Inc. (a)		239,400		5,676,174
LifePoint Hospitals, Inc. (a)		130,645		4,786,833
Molina Healthcare, Inc. (a)		119,437		1,844,107
				12,307,114
Pharmaceuticals - 0.9%
Par Pharmaceutical Cos., Inc. (a)		144,700		3,851,914
				16,159,028
Total Common Stocks (cost $466,392,956)				409,536,643

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.01%, 10/03/11 (cost $2,132,611)	$	2,133	$	2,132,611
Total Investments - 99.8%
(cost $468,525,567) (b)				411,669,254
Other assets less liabilities - 0.2%				923,491
Net Assets - 100.0%			$	412,592,745

(a)	Non-income producing security.
(b)	As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $19,578,940 and gross unrealized depreciation of investments was $(76,435,253), resulting in net unrealized depreciation of $(56,856,313).
	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

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

409,536,643

$

– 0

–

$

– 0

–

$

409,536,643

Short-Term Investments

– 0

–

2,132,611

– 0

–

2,132,611

Total Investments in Securities

409,536,643

2,132,611

– 0

–

411,669,254

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

409,536,643

$

2,132,611

$

– 0

–

$

411,669,254

* 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

September 30, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.6%
Health Care - 18.5%
Biotechnology - 2.7%
Amgen, Inc.		33,600	$	1,846,320
Gilead Sciences, Inc. (a)		64,500		2,502,600
				4,348,920
Health Care Providers & Services - 4.6%
Aetna, Inc.		12,200		443,470
Health Net, Inc. (a)		28,800		682,848
UnitedHealth Group, Inc.		63,900		2,947,068
WellPoint, Inc.		51,600		3,368,448
				7,441,834
Pharmaceuticals - 11.2%
AstraZeneca PLC (Sponsored ADR)		70,000		3,105,200
Johnson & Johnson		83,700		5,332,527
Merck & Co., Inc.		95,100		3,110,721
Pfizer, Inc.		356,700		6,306,456
				17,854,904
				29,645,658
Consumer Discretionary - 15.4%
Auto Components - 1.3%
Lear Corp.		32,600		1,398,540
TRW Automotive Holdings Corp. (a)		21,700		710,241
				2,108,781
Automobiles - 1.4%
Ford Motor Co. (a)		73,100		706,877
General Motors Co. (a)		79,400		1,602,292
				2,309,169
Household Durables - 0.8%
NVR, Inc. (a)		2,000		1,207,960
Media - 6.7%
CBS Corp.-Class B		18,300		372,954
Comcast Corp.-Class A		154,000		3,218,600
DIRECTV (a)		30,100		1,271,725
Gannett Co., Inc.		85,200		811,956
McGraw-Hill Cos., Inc. (The)		20,300		832,300
News Corp.-Class A		64,400		996,268
Time Warner Cable, Inc.-Class A		26,400		1,654,488
Viacom, Inc.-Class B		42,800		1,658,072
				10,816,363
Multiline Retail - 1.7%
Big Lots, Inc. (a)		32,200		1,121,526
Macy’s, Inc.		41,900		1,102,808
Target Corp.		10,100		495,304
				2,719,638
Specialty Retail - 3.5%
Foot Locker, Inc.		40,900		821,681
GameStop Corp.-Class A (a)		24,700		570,570

Company	Shares		U.S. $ Value
Home Depot, Inc.		17,800	$	585,086
Limited Brands, Inc.		26,100		1,005,111
Lowe’s Cos., Inc.		81,800		1,582,012
Ross Stores, Inc.		12,500		983,625
				5,548,085
				24,709,996
Energy - 15.2%
Energy Equipment & Services - 1.3%
McDermott International, Inc. (a)		36,900		397,044
Nabors Industries Ltd. (a)		12,129		148,702
Transocean Ltd.		31,200		1,489,488
				2,035,234
Oil, Gas & Consumable Fuels - 13.9%
Anadarko Petroleum Corp.		34,300		2,162,615
BP PLC (Sponsored ADR)		45,800		1,652,006
Chevron Corp.		53,700		4,968,324
ConocoPhillips		80,100		5,071,932
Devon Energy Corp.		30,600		1,696,464
Exxon Mobil Corp.		24,400		1,772,172
Marathon Oil Corp.		89,600		1,933,568
Marathon Petroleum Corp.		57,000		1,542,420
Nexen, Inc. (New York)		44,900		695,501
Tesoro Corp. (a)		27,500		535,425
Valero Energy Corp.		17,200		305,816
				22,336,243
				24,371,477
Financials - 13.1%
Capital Markets - 0.6%
Legg Mason, Inc.		35,500		912,705
Commercial Banks - 2.3%
Regions Financial Corp.		36,700		122,211
Wells Fargo & Co.		150,100		3,620,412
				3,742,623
Diversified Financial Services - 6.7%
Bank of America Corp.		105,700		646,884
Citigroup, Inc.		162,700		4,168,374
JPMorgan Chase & Co.		160,600		4,837,272
Moody’s Corp.		37,500		1,141,875
				10,794,405
Insurance - 3.5%
ACE Ltd.		19,800		1,199,880
Berkshire Hathaway, Inc. (a)		11,900		845,376
Chubb Corp. (The)		15,500		929,845
Travelers Cos., Inc. (The)		49,400		2,407,262
XL Group PLC		8,700		163,560
				5,545,923
				20,995,656

Company	Shares		U.S. $ Value
Consumer Staples - 9.8%
Beverages - 0.8%
Constellation Brands, Inc.-Class A(a)		74,900	$	1,348,200
Food & Staples Retailing - 1.2%
Kroger Co. (The)		78,300		1,719,468
Safeway, Inc.		12,200		202,886
				1,922,354
Food Products - 2.7%
Bunge Ltd.		24,000		1,398,960
ConAgra Foods, Inc.		34,400		833,168
Smithfield Foods, Inc. (a)		26,400		514,800
Tyson Foods, Inc.-Class A		86,100		1,494,696
				4,241,624
Household Products - 2.2%
Procter & Gamble Co. (The)		54,400		3,436,992
Tobacco - 2.9%
Altria Group, Inc.		96,500		2,587,165
Lorillard, Inc.		16,600		1,837,620
Reynolds American, Inc.		6,800		254,864
				4,679,649
				15,628,819
Information Technology - 8.9%
Communications Equipment - 1.7%
Cisco Systems, Inc.		145,900		2,259,991
Motorola Solutions, Inc.		8,600		360,340
				2,620,331
Computers & Peripherals - 2.8%
Dell, Inc. (a)		100,900		1,427,735
Hewlett-Packard Co.		133,800		3,003,810
				4,431,545
Electronic Equipment, Instruments & Components - 1.0%
Corning, Inc.		133,900		1,655,004
IT Services - 0.5%
Visa, Inc.-Class A		9,900		848,628
Semiconductors & Semiconductor Equipment - 2.9%
Advanced Semiconductor Engineering, Inc. (ADR)		95,435		402,736
Applied Materials, Inc.		73,000		755,550
Intel Corp.		123,400		2,632,122
Lam Research Corp. (a)		22,100		839,358
				4,629,766
				14,185,274
Industrials - 6.6%
Aerospace & Defense - 1.6%
General Dynamics Corp.		9,600		546,144
Northrop Grumman Corp.		39,700		2,070,752
				2,616,896

Company	Shares		U.S. $ Value
Airlines - 0.7%
Delta Air Lines, Inc. (a)		148,300	$	1,112,250
Industrial Conglomerates - 3.1%
General Electric Co.		293,700		4,475,988
Tyco International Ltd.		13,300		541,975
				5,017,963
Machinery - 1.2%
Ingersoll-Rand PLC		46,052		1,293,601
Parker Hannifin Corp.		8,300		523,979
				1,817,580
				10,564,689
Utilities - 5.7%
Electric Utilities - 1.6%
American Electric Power Co., Inc.		35,400		1,345,908
NV Energy, Inc.		83,400		1,226,814
				2,572,722
Gas Utilities - 0.8%
Atmos Energy Corp.		32,000		1,038,400
UGI Corp.		12,800		336,256
				1,374,656
Multi-Utilities - 3.3%
CenterPoint Energy, Inc.		55,600		1,090,872
CMS Energy Corp.		63,800		1,262,602
DTE Energy Co.		38,900		1,906,878
TECO Energy, Inc.		56,600		969,558
				5,229,910
				9,177,288
Telecommunication Services - 3.2%
Diversified Telecommunication Services - 3.2%
AT&T, Inc.		103,800		2,960,376
CenturyLink, Inc.		67,200		2,225,664
				5,186,040
Materials - 2.2%
Chemicals - 1.4%
Dow Chemical Co. (The)		32,800		736,688
Huntsman Corp.		20,700		200,169
LyondellBasell Industries NV		50,800		1,241,044
				2,177,901
Metals & Mining - 0.8%
Alcoa, Inc.		143,400		1,372,338
				3,550,239
Total Common Stocks (cost $168,995,864)				158,015,136

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.3%
Time Deposit - 0.3%
State Street Time Deposit 0.01%, 10/03/11 (cost $479,658)	$	480	$	479,658
Total Investments - 98.9%
(cost $169,475,522) (b)				158,494,794
Other assets less liabilities - 1.1%				1,687,317
Net Assets - 100.0%			$	160,182,111

(a)	Non-income producing security.
(b)	As of September 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $8,757,593 and gross unrealized depreciation of investments was $(19,738,321), resulting in net unrealized depreciation of $(10,980,728).
	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

September 30, 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 September 30, 2011:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

158,015,136

$

– 0

–

$

– 0

–

$

158,015,136

Short-Term Investments

– 0

–

479,658

– 0

–

479,658

Total Investments in Securities

158,015,136

479,658

– 0

–

158,494,794

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

158,015,136

$

479,658

$

– 0

–

$

158,494,794

* 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 significant changes in the registrant’s internal control over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 3. EXHIBITS.

The following exhibits are attached to this Form N-Q:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
11 (a) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
11 (a) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AllianceBernstein Variable Products Series Fund, Inc.

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	November 21, 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:	November 21, 2011
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	November 21, 2011