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, 2012

Date of reporting period: March 31, 2012

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 64.6%
Financials - 18.2%
Capital Markets - 1.1%
Blackstone Group LP		100,917	$	1,608,617
Deutsche Bank AG		11,900		592,490
Goldman Sachs Group, Inc. (The)		8,115		1,009,263
Legg Mason, Inc.		21,500		600,495
Macquarie Group Ltd.		17,920		542,135
Morgan Stanley		58,500		1,148,940
UBS AG (a)		67,882		951,350
				6,453,290
Commercial Banks - 2.7%
Australia & New Zealand Banking Group Ltd.		6,900		166,457
Banco Bilbao Vizcaya Argentaria SA		48,411		385,889
Banco do Brasil SA		23,900		339,755
Banco Santander SA		51,420		395,422
Barclays PLC		120,000		452,215
BB&T Corp. (b)		11,200		351,568
BNP Paribas SA		23,403		1,113,284
CIT Group, Inc. (a)		44,600		1,839,304
HSBC Holdings PLC		187,470		1,665,148
Intesa Sanpaolo SpA		282,850		506,979
Itau Unibanco Holding SA (ADR)		30,130		578,195
KB Financial Group, Inc.		8,875		325,436
KBC Groep NV		8,560		215,294
Lloyds Banking Group PLC (a)		739,400		397,894
Mitsubishi UFJ Financial Group, Inc. (b)		99,700		500,331
National Australia Bank Ltd.		26,400		673,942
PNC Financial Services Group, Inc.		7,100		457,879
Regions Financial Corp.		20,700		136,413
Societe Generale SA		14,469		424,561
Standard Chartered PLC		23,179		578,818
Sumitomo Mitsui Financial Group, Inc.		17,100		565,971
Turkiye Is Bankasi-Class C		61,920		152,753
Turkiye Vakiflar Bankasi Tao-Class D		96,100		182,430
Wells Fargo & Co.		96,400		3,291,096
				15,697,034
Consumer Finance - 0.1%
Shriram Transport Finance Co., Ltd.		23,765		278,722
Diversified Financial Services - 2.5%
Bank of America Corp.		74,700		714,879
Citigroup, Inc.		94,000		3,435,700
IG Group Holdings PLC		117,392		845,260
ING Groep NV (a)		74,480		620,273
JPMorgan Chase & Co.		163,417		7,513,914
Moody’s Corp.		20,500		863,050
ORIX Corp. (b)		3,580		343,951
				14,337,027
Insurance - 1.6%
ACE Ltd.		14,000		1,024,800
Admiral Group PLC		57,680		1,095,117
Aegon NV (a)		75,220		418,110
AIA Group Ltd.		411,400		1,510,297

Company	Shares		U.S. $ Value
Allianz SE		6,790		810,397
Aviva PLC		41,310		219,265
Berkshire Hathaway, Inc. (a)		7,600		616,740
Chubb Corp. (The)		6,400		442,304
Legal & General Group PLC		238,138		498,072
Muenchener Rueckversicherungs AG		3,290		496,135
Prudential PLC		52,620		630,515
Reinsurance Group of America, Inc.-Class A		10,900		648,223
Suncorp Group Ltd.		41,970		366,062
Travelers Cos., Inc. (The)		6,300		372,960
XL Group PLC		5,300		114,957
				9,263,954
Real Estate Investment Trusts (REITs) - 7.1%
Allied Properties Real Estate Investment Trust		9,976		259,139
Ashford Hospitality Trust, Inc.		29,958		269,922
Big Yellow Group PLC		129,970		590,431
Boston Properties, Inc.		8,334		874,987
BRE Properties, Inc.		17,920		905,856
British Land Co. PLC		111,441		855,382
Camden Property Trust		11,760		773,220
Canadian Real Estate Investment Trust		11,560		427,770
Chartwell Seniors Housing Real Estate Investment Trust		36,170		331,076
Cominar Real Estate Investment Trust		19,643		460,821
Corio NV		17,310		913,262
Corporate Office Properties Trust		11,651		270,420
CubeSmart		12,480		148,512
DDR Corp.		62,675		915,055
Derwent London PLC		5,580		155,724
Dexus Property Group		567,039		512,426
Digital Realty Trust, Inc. (b)		13,610		1,006,732
Douglas Emmett, Inc.		38,696		882,656
Duke Realty Corp.		64,370		923,066
Dundee International Real Estate Investment Trust		13,723		139,094
Dundee Real Estate Investment Trust		15,756		556,029
EastGroup Properties, Inc.		17,600		883,872
Equity Residential		9,160		573,599
Essex Property Trust, Inc.		3,950		598,464
Eurocommercial Properties NV		4,100		155,378
Extra Space Storage, Inc.		22,200		639,138
General Growth Properties, Inc.		45,160		767,268
Glimcher Realty Trust		90,449		924,389
Goodman Group		1,589,060		1,140,811
Great Portland Estates PLC		75,100		432,331
Hammerson PLC		125,510		834,714
HCP, Inc.		13,070		515,742
Health Care REIT, Inc.		11,270		619,399
InnVest Real Estate Investment Trust		87,344		460,604
Kilroy Realty Corp.		10,456		487,354
Klepierre		19,483		675,879
Lexington Realty Trust (b)		30,310		272,487
Link REIT (The)		161,268		600,069
Mack-Cali Realty Corp.		9,820		283,012
Morguard Real Estate Investment Trust		13,350		221,909
Nippon Building Fund, Inc.		31		295,110
Northern Property Real Estate Investment Trust		13,800		431,384
Pebblebrook Hotel Trust		14,210		320,862
Post Properties, Inc.		16,350		766,161

Company	Shares		U.S. $ Value
ProLogis, Inc.		48,233		1,737,353
Public Storage		5,200		718,484
Regency Centers Corp.		17,100		760,608
RioCan Real Estate Investment Trust (New York) (c)		1,400		37,939
RioCan Real Estate Investment Trust (Toronto)		23		623
Simon Property Group, Inc.		24,056		3,504,478
SL Green Realty Corp.		13,633		1,057,239
Sovran Self Storage, Inc.		15,712		782,929
Stockland		171,880		524,084
Strategic Hotels & Resorts, Inc. (a)		70,310		462,640
Unibail-Rodamco SE		9,499		1,900,327
Ventas, Inc.		24,630		1,406,373
Weingarten Realty Investors		20,070		530,450
Westfield Group		124,000		1,136,846
Westfield Retail Trust		268,650		719,567
Weyerhaeuser Co.		13,450		294,824
				40,646,280
Real Estate Management & Development - 3.0%
Aeon Mall Co., Ltd.		25,300		590,970
CapitaLand Ltd.		219,000		544,100
Castellum AB (b)		43,854		552,538
CBRE Group, Inc. (a)		51,663		1,031,193
China Overseas Land & Investment Ltd. (b)		108,000		204,522
Citycon OYJ		58,590		196,096
Daito Trust Construction Co., Ltd. (b)		8,100		731,450
Evergrande Real Estate Group Ltd. (b)		1,044,000		558,027
Forest City Enterprises, Inc. (a)		23,752		371,956
Global Logistic Properties Ltd. (a)		372,000		652,010
Great Eagle Holdings Ltd.		252,000		714,757
GSW Immobilien AG (a)		9,354		323,237
Hang Lung Group Ltd.		35,000		224,366
Hang Lung Properties Ltd.		456,000		1,678,858
Hufvudstaden AB-Class A (b)		32,931		348,179
Hysan Development Co., Ltd.		165,822		660,093
Mitsui Fudosan Co., Ltd.		125,100		2,415,796
New World Development Ltd.		657,958		792,245
Soho China Ltd.		730,500		530,392
Sun Hung Kai Properties Ltd.		162,708		2,024,630
Tokyu Land Corp.		126,000		621,670
Unite Group PLC		29,820		93,963
UOL Group Ltd.		83,516		315,007
Wharf Holdings Ltd.		217,000		1,183,280
				17,359,335
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp.		46,600		616,691
				104,652,333
Information Technology - 9.5%
Communications Equipment - 1.4%
Cisco Systems, Inc.		169,210		3,578,792
F5 Networks, Inc. (a)		2,490		336,050
Motorola Solutions, Inc.		5,000		254,150

Company	Shares		U.S. $ Value
QUALCOMM, Inc.		60,975		4,147,520
				8,316,512
Computers & Peripherals - 2.7%
Apple, Inc. (a)		16,300		9,771,361
Dell, Inc. (a)		6,800		112,880
EMC Corp./MA (a)		81,569		2,437,282
Fujitsu Ltd.		81,000		429,995
Hewlett-Packard Co.		102,200		2,435,426
Wistron Corp.		121,793		184,482
				15,371,426
Electronic Equipment, Instruments & Components - 0.3%
AU Optronics Corp.		537,310		247,322
Corning, Inc.		84,300		1,186,944
LG Display Co., Ltd. (a)		15,010		351,996
				1,786,262
Internet Software & Services - 1.2%
Baidu, Inc./China (Sponsored ADR) (a)		3,510		511,653
Google, Inc.-Class A (a)		8,180		5,245,343
Telecity Group PLC (a)		93,235		1,099,530
				6,856,526
IT Services - 0.3%
Visa, Inc.-Class A		14,400		1,699,200
Office Electronics - 0.1%
Konica Minolta Holdings, Inc.		46,500		410,304
Semiconductors & Semiconductor Equipment - 2.0%
Advanced Semiconductor Engineering, Inc.		349,685		354,884
Advanced Semiconductor Engineering, Inc. (ADR)		56,525		289,973
Applied Materials, Inc.		112,700		1,401,988
Broadcom Corp.-Class A (a)		44,862		1,763,077
GCL-Poly Energy Holdings Ltd. (b)		471,000		130,977
Intel Corp.		76,200		2,141,982
Lam Research Corp. (a)		21,500		959,330
Marvell Technology Group Ltd. (a)		129,159		2,031,671
Micron Technology, Inc. (a)		143,100		1,159,110
Samsung Electronics Co., Ltd.		510		575,307
Samsung Electronics Co., Ltd. (Preference Shares)		950		667,889
Sumco Corp. (a)(b)		15,900		195,758
				11,671,946
Software - 1.5%
Aveva Group PLC		8,660		229,847
Citrix Systems, Inc. (a)		19,370		1,528,487
Informatica Corp. (a)		7,160		378,764
Intuit, Inc.		26,870		1,615,693
Microsoft Corp.		14,800		477,300
Nintendo Co., Ltd.		1,000		151,885
Oracle Corp.		91,330		2,663,183
Salesforce.com, Inc. (a)		4,410		681,389

Company	Shares		U.S. $ Value
Temenos Group AG (a)		20,355		377,006
TIBCO Software, Inc. (a)		20,916		637,938
				8,741,492
				54,853,668
Consumer Discretionary - 8.7%
Auto Components - 0.9%
BorgWarner, Inc. (a)		18,328		1,545,784
Bridgestone Corp.		11,600		283,685
Faurecia		7,983		215,400
GKN PLC		124,100		409,398
Lear Corp.		21,200		985,588
Magna International, Inc.-Class A		7,540		359,519
NGK Spark Plug Co., Ltd.		13,000		186,956
Sumitomo Rubber Industries Ltd.		11,500		154,285
TRW Automotive Holdings Corp. (a)		23,700		1,100,865
				5,241,480
Automobiles - 1.0%
Bayerische Motoren Werke AG		3,230		290,559
Ford Motor Co.		68,100		850,569
General Motors Co. (a)		55,100		1,413,315
Harley-Davidson, Inc.		15,721		771,587
Honda Motor Co., Ltd.		6,300		242,639
Kia Motors Corp.		3,100		203,422
Mazda Motor Corp. (a)		215,000		380,841
Nissan Motor Co., Ltd.		75,200		808,553
Renault SA		7,830		412,998
Volkswagen AG (Preference Shares)		3,920		689,383
				6,063,866
Distributors - 0.3%
Imperial Holdings Ltd.		6,780		137,377
Jardine Cycle & Carriage Ltd.		2,000		76,942
Li & Fung Ltd.		690,000		1,579,106
				1,793,425
Diversified Consumer Services - 0.2%
Anhanguera Educacional Participacoes SA		15,800		190,419
Apollo Group, Inc.-Class A (a)		19,600		757,344
Estacio Participacoes SA		23,400		252,529
				1,200,292
Hotels, Restaurants & Leisure - 1.3%
Domino’s Pizza UK & IRL PLC		17,150		118,412
Hyatt Hotels Corp. (a)		14,280		610,042
Intercontinental Hotels Group PLC		35,780		831,300
Las Vegas Sands Corp.		14,140		814,040
MGM Resorts International (a)		84,500		1,150,890
Sands China Ltd.		156,800		611,241
Shangri-La Asia Ltd.		279,333		611,386
Starbucks Corp.		34,720		1,940,501
Starwood Hotels & Resorts Worldwide, Inc.		10,340		583,279
				7,271,091

Company	Shares		U.S. $ Value
Household Durables - 0.4%
MRV Engenharia e Participacoes SA		41,500		294,407
Newell Rubbermaid, Inc.		26,000		463,060
NVR, Inc. (a)		500		363,165
Rossi Residencial SA		78,000		421,310
Sharp Corp./Japan (b)		65,000		478,762
Sony Corp.		14,800		309,587
Taylor Wimpey PLC (a)		111,342		91,829
				2,422,120
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. (a)		9,915		2,007,887
Rakuten, Inc.		597		625,777
				2,633,664
Leisure Equipment & Products - 0.0%
Namco Bandai Holdings, Inc.		15,900		230,656
Media - 2.3%
CBS Corp.-Class B		26,900		912,179
Comcast Corp.-Class A		91,020		2,731,510
DIRECTV (a)		18,300		902,922
Gannett Co., Inc.		54,000		827,820
Informa PLC		30,090		212,653
McGraw-Hill Cos., Inc. (The)		12,600		610,722
News Corp.-Class A		37,400		736,406
Time Warner Cable, Inc.-Class A		17,800		1,450,700
Viacom, Inc.-Class B		25,500		1,210,230
Walt Disney Co. (The)		80,102		3,506,866
				13,102,008
Multiline Retail - 0.5%
Dollar General Corp. (a)		20,433		944,005
Don Quijote Co., Ltd.		20,300		739,174
Golden Eagle Retail Group Ltd. (b)		99,000		252,325
Macy’s, Inc.		25,800		1,025,034
				2,960,538
Specialty Retail - 0.9%
Belle International Holdings Ltd.		246,000		441,456
GameStop Corp.-Class A (b)		13,400		292,656
Hennes & Mauritz AB-Class B		7,158		258,757
Home Depot, Inc. (The)		10,300		518,193
L’Occitane International SA		4,750		11,325
Limited Brands, Inc.		8,700		417,600
Lowe’s Cos., Inc.		21,100		662,118
Nitori Holdings Co., Ltd.		10,800		976,693
Shimamura Co., Ltd.		1,000		112,303
Staples, Inc.		11,700		189,306
Tractor Supply Co.		2,300		208,288
Yamada Denki Co., Ltd.		17,170		1,078,371
				5,167,066
Textiles, Apparel & Luxury Goods - 0.4%
Cie Financiere Richemont SA		7,920		496,428
Coach, Inc.		5,530		427,358

Company	Shares		U.S. $ Value
PVH Corp.		12,032		1,074,819
Trinity Ltd.		236,000		194,187
Yue Yuen Industrial Holdings Ltd.		9,000		31,652
				2,224,444
				50,310,650
Energy - 6.7%
Energy Equipment & Services - 2.0%
AMEC PLC		44,808		794,930
FMC Technologies, Inc. (a)		21,680		1,093,106
National Oilwell Varco, Inc.		23,500		1,867,545
Oceaneering International, Inc.		12,180		656,380
Saipem SpA		4,910		253,677
Schlumberger Ltd.		60,245		4,212,933
Seadrill Ltd.		9,160		343,958
Technip SA		9,820		1,159,592
Transocean Ltd./Switzerland		22,400		1,225,280
				11,607,401
Oil, Gas & Consumable Fuels - 4.7%
Afren PLC (a)		117,135		250,440
Anadarko Petroleum Corp.		24,750		1,938,915
BG Group PLC		59,840		1,387,490
BP PLC		239,500		1,783,625
BP PLC (Sponsored ADR)		36,700		1,651,500
Chevron Corp.		22,900		2,455,796
China Petroleum & Chemical Corp.-Class H		258,000		280,573
Devon Energy Corp.		17,700		1,258,824
ENI SpA		20,300		475,733
EOG Resources, Inc.		22,385		2,486,974
Exxon Mobil Corp.		25,200		2,185,596
Gazprom OAO (Sponsored ADR)		36,290		448,907
JX Holdings, Inc.		57,500		358,754
LUKOIL OAO (London) (Sponsored ADR) (b)		4,040		245,632
Marathon Oil Corp.		37,400		1,185,580
Marathon Petroleum Corp.		24,500		1,062,320
Nexen, Inc. (Toronto)		21,590		395,891
Noble Energy, Inc.		24,844		2,429,246
NovaTek OAO (Sponsored GDR) (c)		820		111,110
Petroleo Brasileiro SA (Sponsored ADR)		15,740		402,314
PTT PCL		20,800		238,678
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		35,332		1,237,885
Suncor Energy, Inc. (New York)		36,670		1,199,109
Total SA		21,670		1,106,893
Valero Energy Corp.		9,600		247,392
				26,825,177
				38,432,578
Health Care - 6.3%
Biotechnology - 0.4%
Gilead Sciences, Inc. (a)		40,905		1,998,209
Vertex Pharmaceuticals, Inc. (a)		7,700		315,777
				2,313,986

Company	Shares		U.S. $ Value
Health Care Equipment & Supplies - 0.8%
Covidien PLC		48,915		2,674,672
Stryker Corp.		29,810		1,653,859
				4,328,531
Health Care Providers & Services - 1.5%
Aetna, Inc.		6,900		346,104
Express Scripts, Inc.-Class A (a)		31,170		1,688,791
Health Net, Inc. (a)		15,100		599,772
UnitedHealth Group, Inc.		59,436		3,503,158
WellPoint, Inc.		31,200		2,302,560
				8,440,385
Life Sciences Tools & Services - 0.2%
Eurofins Scientific		1,735		189,418
Illumina, Inc. (a)(b)		19,262		1,013,374
				1,202,792
Pharmaceuticals - 3.4%
Allergan, Inc./United States		20,805		1,985,421
AstraZeneca PLC		32,349		1,437,856
AstraZeneca PLC (Sponsored ADR)		35,500		1,579,395
GlaxoSmithKline PLC		30,970		692,360
Johnson & Johnson		48,500		3,199,060
Merck & Co., Inc.		64,800		2,488,320
Novartis AG		15,284		846,086
Novo Nordisk A/S-Class B (b)		592		82,205
Otsuka Holdings Co., Ltd.		9,100		269,766
Perrigo Co.		8,240		851,274
Pfizer, Inc.		204,500		4,633,970
Roche Holding AG		4,230		736,148
Roche Holding AG (Sponsored ADR)		12,800		558,592
Shire PLC		14,270		456,588
				19,817,041
				36,102,735
Industrials - 6.0%
Aerospace & Defense - 1.2%
Boeing Co. (The)		32,160		2,391,739
General Dynamics Corp.		5,800		425,604
Northrop Grumman Corp.		19,100		1,166,628
Precision Castparts Corp.		15,795		2,730,955
Safran SA		4,652		170,968
Ultra Electronics Holdings PLC		345		9,658
				6,895,552
Air Freight & Logistics - 0.6%
Kuehne & Nagel International AG		3,120		422,087
United Parcel Service, Inc.-Class B		34,340		2,771,925
				3,194,012
Airlines - 0.2%
Cathay Pacific Airways Ltd.		52,000		96,232
Delta Air Lines, Inc. (a)		75,900		752,169

Company	Shares		U.S. $ Value
Deutsche Lufthansa (REG)		18,900		264,289
				1,112,690
Building Products - 0.1%
Asahi Glass Co., Ltd.		58,000		497,212
Fortune Brands Home & Security, Inc. (a)		17,300		381,811
				879,023
Commercial Services & Supplies - 0.2%
Aggreko PLC		3,391		122,108
Edenred		7,299		219,690
Serco Group PLC		101,025		877,472
				1,219,270
Construction & Engineering - 0.1%
Bouygues SA		19,525		595,412
Electrical Equipment - 0.7%
AMETEK, Inc.		12,188		591,240
Emerson Electric Co.		30,000		1,565,400
Rockwell Automation, Inc.		12,159		969,072
Roper Industries, Inc.		3,310		328,219
Sumitomo Electric Industries Ltd.		44,000		609,259
				4,063,190
Industrial Conglomerates - 1.5%
Cookson Group PLC		12,810		141,488
Danaher Corp.		58,669		3,285,464
General Electric Co.		179,800		3,608,586
Jardine Strategic Holdings Ltd. (b)		4,000		122,151
Keppel Corp., Ltd.		112,500		983,225
Tyco International Ltd.		10,900		612,362
				8,753,276
Machinery - 0.5%
Dover Corp.		8,640		543,802
Flowserve Corp.		15,329		1,770,653
IHI Corp.		32,000		81,341
Parker Hannifin Corp.		1,900		160,645
Weir Group PLC (The)		3,950		111,426
				2,667,867
Professional Services - 0.6%
Bureau Veritas SA		9,443		831,442
Capita PLC		107,370		1,259,281
Experian PLC		825		12,869
Hays PLC		85,260		115,362
Intertek Group PLC		30,838		1,238,993
				3,457,947
Road & Rail - 0.2%
DSV A/S (b)		10,405		236,862
East Japan Railway Co. (b)		1,700		107,319
Localiza Rent a Car SA		14,500		266,893
Union Pacific Corp.		2,500		268,700
				879,774

Company	Shares		U.S. $ Value
Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		18,000		421,235
Mitsui & Co., Ltd.		13,400		221,158
				642,393
				34,360,406
Consumer Staples - 3.9%
Beverages - 0.4%
Anheuser-Busch InBev NV		7,024		511,549
Asahi Group Holdings Ltd.		16,500		366,672
Constellation Brands, Inc.-Class A (a)		42,100		993,139
Dr Pepper Snapple Group, Inc.		3,100		124,651
				1,996,011
Food & Staples Retailing - 1.1%
CVS Caremark Corp.		21,800		976,640
Delhaize Group SA		4,637		243,907
Empire Co., Ltd.		1,900		109,720
Jeronimo Martins SGPS SA (a)		40,230		819,436
Koninklijke Ahold NV		36,190		501,450
Kroger Co. (The)		72,800		1,763,944
Olam International Ltd.		790,412		1,485,375
Sugi Holdings Co., Ltd. (b)		13,900		425,113
				6,325,585
Food Products - 0.9%
Archer-Daniels-Midland Co.		11,100		351,426
ConAgra Foods, Inc.		30,200		793,052
General Mills, Inc.		46,900		1,850,205
Hershey Co. (The)		16,360		1,003,359
Nestle SA		7,690		483,828
Tyson Foods, Inc.-Class A		19,200		367,680
Unilever PLC		7,350		242,495
				5,092,045
Household Products - 0.4%
Procter & Gamble Co. (The)		30,800		2,070,068
Reckitt Benckiser Group PLC		3,241		183,369
				2,253,437
Personal Products - 0.0%
Natura Cosmeticos SA		10,400		226,180
Tobacco - 1.1%
Altria Group, Inc.		49,600		1,531,152
British American Tobacco PLC		23,602		1,188,941
Imperial Tobacco Group PLC		14,940		606,052
Japan Tobacco, Inc.		180		1,018,882
Lorillard, Inc.		12,100		1,566,708
Philip Morris International, Inc.		1,500		132,915
Reynolds American, Inc.		5,700		236,208
				6,280,858
				22,174,116

Company	Shares		U.S. $ Value
Materials - 2.7%
Chemicals - 1.3%
Agrium, Inc. (Toronto)		2,930		252,889
Air Water, Inc.		14,000		181,729
Filtrona PLC		44,730		340,123
Incitec Pivot Ltd.		6,901		22,623
Koninklijke DSM NV		12,691		734,689
LyondellBasell Industries NV		23,800		1,038,870
Mitsubishi Gas Chemical Co., Inc.		19,000		127,843
Monsanto Co.		26,198		2,089,553
OCI Co., Ltd.		750		152,832
Orica Ltd.		17,696		514,579
Potash Corp. of Saskatchewan, Inc.		44,090		2,014,472
Ube Industries Ltd./Japan		41,000		112,086
				7,582,288
Construction Materials - 0.1%
Taiheiyo Cement Corp.		87,000		193,913
Metals & Mining - 1.3%
Agnico-Eagle Mines Ltd.		5,906		197,142
Anglo American PLC		9,890		370,712
BHP Billiton PLC		14,710		450,820
Dowa Holdings Co., Ltd. (b)		19,000		127,467
Exxaro Resources Ltd.		6,700		173,464
Freeport-McMoRan Copper & Gold, Inc.		35,390		1,346,236
Goldcorp, Inc.		4,010		180,751
JFE Holdings, Inc.		9,600		208,723
KGHM Polska Miedz SA		4,600		212,093
Newcrest Mining Ltd.		24,720		760,305
Newmont Mining Corp.		2,500		128,175
OneSteel Ltd.		96,600		124,789
Rio Tinto Ltd.		19,280		1,307,863
Rio Tinto PLC		12,910		715,565
ThyssenKrupp AG		18,770		467,267
Vale SA (Sponsored ADR) (Local Preference Shares)		22,700		515,063
Xstrata PLC		18,410		315,397
				7,601,832
				15,378,033
Telecommunication Services - 1.3%
Diversified Telecommunication Services - 1.0%
AT&T, Inc.		64,700		2,020,581
CenturyLink, Inc.		51,100		1,975,015
Nippon Telegraph & Telephone Corp.		21,500		974,469
Telecom Italia SpA (ordinary shares)		463,414		551,600
Telecom Italia SpA (savings shares)		148,800		146,110
Vivendi SA		20,260		372,047
				6,039,822
Wireless Telecommunication Services - 0.3%
NTT DoCoMo, Inc. (b)		290		482,299
Vodafone Group PLC		376,033		1,037,228
				1,519,527
				7,559,349

Company	Shares		U.S. $ Value
Utilities - 1.2%
Electric Utilities - 0.6%
American Electric Power Co., Inc.		21,200		817,896
E.ON AG		23,166		554,989
Edison International		12,100		514,371
EDP - Energias de Portugal SA		91,200		265,280
Great Plains Energy, Inc.		28,900		585,803
NV Energy, Inc.		56,200		905,944
				3,644,283
Gas Utilities - 0.2%
Atmos Energy Corp.		17,100		537,966
Gas Natural SDG SA		25,900		414,004
				951,970
Independent Power Producers & Energy Traders - 0.0%
APR Energy PLC (a)		7,996		120,862
Multi-Utilities - 0.4%
CenterPoint Energy, Inc.		33,000		650,760
DTE Energy Co.		7,800		429,234
National Grid PLC		35,730		360,118
NiSource, Inc.		16,500		401,775
Public Service Enterprise Group, Inc.		6,900		211,209
				2,053,096
				6,770,211
Other Instruments - 0.1%
Other Instruments - 0.1%
Retail Opportunity Investments Corp. (b)		44,721		538,441
Total Common Stocks (cost $320,643,586)				371,132,520
	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 8.6%
Industrial - 3.9%
Basic - 0.4%
Alcoa, Inc.
5.40%, 4/15/21	U.S.$	104		107,465
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20		290		295,800
ArcelorMittal
6.125%, 6/01/18		279		293,147
ArcelorMittal USA LLC
6.50%, 4/15/14		105		112,233
BHP Billiton Finance USA Ltd.
7.25%, 3/01/16		203		244,467
Dow Chemical Co. (The)
4.125%, 11/15/21		165		169,743
5.25%, 11/15/41		160		165,266
8.55%, 5/15/19		253		331,561
International Paper Co.
4.75%, 2/15/22		126		132,781
7.95%, 6/15/18		190		238,749

	Principal Amount (000)		U.S. $ Value
Packaging Corp. of America
5.75%, 8/01/13		30		31,512
PPG Industries, Inc.
5.75%, 3/15/13		129		134,466
Teck Resources Ltd.
4.75%, 1/15/22 (b)		204		215,967
				2,473,157
Capital Goods - 0.1%
Holcim US Finance Sarl & Cie SCS
6.00%, 12/30/19 (c)		40		41,324
Owens Corning
6.50%, 12/01/16		178		197,753
Republic Services, Inc.
3.80%, 5/15/18		17		18,253
5.25%, 11/15/21		165		188,134
5.50%, 9/15/19		233		269,627
				715,091
Communications - Media - 0.8%
CBS Corp.
3.375%, 3/01/22		305		294,422
5.75%, 4/15/20		250		287,357
8.875%, 5/15/19		190		249,628
Comcast Corp.
5.15%, 3/01/20		740		851,363
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.80%, 3/15/22 (c)		215		212,862
4.60%, 2/15/21		255		268,688
4.75%, 10/01/14		155		168,476
Interpublic Group of Cos., Inc. (The)
4.00%, 3/15/22		47		46,023
News America, Inc.
6.15%, 3/01/37-2/15/41		352		397,068
9.25%, 2/01/13		144		153,324
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		435		548,450
Time Warner Cable, Inc.
5.00%, 2/01/20		157		173,353
7.50%, 4/01/14		145		163,207
Time Warner Entertainment Co. LP
8.375%, 3/15/23		311		413,686
Virgin Media Secured Finance PLC
5.25%, 1/15/21		200		215,002
WPP Finance 2010
4.75%, 11/21/21 (c)		77		80,521
WPP Finance UK
8.00%, 9/15/14		350		401,282
				4,924,712
Communications - Telecommunications - 0.5%
American Tower Corp.
5.05%, 9/01/20		380		392,654
AT&T Corp.
8.00%, 11/15/31		15		21,071

	Principal Amount (000)		U.S. $ Value
AT&T, Inc.
4.45%, 5/15/21		251		277,129
5.35%, 9/01/40		328		348,766
BellSouth Corp.
5.20%, 9/15/14		94		103,453
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (c)		490		462,897
Telecom Italia Capital SA
6.00%, 9/30/34		65		57,200
6.175%, 6/18/14		305		321,013
6.375%, 11/15/33		60		54,000
7.175%, 6/18/19		170		181,050
Telefonica Emisiones SAU
5.462%, 2/16/21		185		179,851
United States Cellular Corp.
6.70%, 12/15/33		135		131,331
Vodafone Group PLC
6.15%, 2/27/37		375		453,465
7.875%, 2/15/30		100		137,890
				3,121,770
Consumer Cyclical - Automotive - 0.1%
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (c)		341		371,789
Consumer Cyclical - Entertainment - 0.2%
Time Warner, Inc.
4.70%, 1/15/21		123		134,380
7.625%, 4/15/31		275		352,098
Turner Broadcasting System, Inc.
8.375%, 7/01/13		225		244,778
Viacom, Inc.
5.625%, 9/15/19		473		546,835
				1,278,091
Consumer Cyclical - Other - 0.1%
Marriott International, Inc./DE
3.00%, 3/01/19		242		238,013
Series J
5.625%, 2/15/13		216		224,324
				462,337
Consumer Cyclical - Retailers - 0.1%
CVS Caremark Corp.
6.125%, 8/15/16		100		117,281
6.60%, 3/15/19		195		240,541
				357,822
Consumer Non-Cyclical - 0.2%
Ahold Finance USA LLC
6.875%, 5/01/29		420		512,824
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		69		73,367
5.875%, 5/15/13		180		187,890
8.50%, 6/15/19		153		186,903

	Principal Amount (000)		U.S. $ Value
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (c)		260		274,891
Delhaize Group SA
5.875%, 2/01/14		105		112,905
Whirlpool Corp.
8.60%, 5/01/14		45		50,488
				1,399,268
Energy - 0.7%
Anadarko Petroleum Corp.
5.95%, 9/15/16		432		498,052
6.45%, 9/15/36		109		126,179
Canadian Natural Resources Ltd.
5.15%, 2/01/13		100		103,665
ConocoPhillips Holding Co.
6.95%, 4/15/29		66		88,668
Encana Corp.
3.90%, 11/15/21		543		528,611
Marathon Petroleum Corp.
3.50%, 3/01/16		67		69,804
5.125%, 3/01/21		270		293,663
Nabors Industries, Inc.
9.25%, 1/15/19		269		345,323
Noble Energy, Inc.
8.25%, 3/01/19		303		380,502
Noble Holding International Ltd.
4.90%, 8/01/20		36		38,462
Phillips 66
4.30%, 4/01/22 (c)		490		499,100
Southwestern Energy Co.
4.10%, 3/15/22 (c)		135		133,819
Valero Energy Corp.
6.125%, 2/01/20		275		315,944
Weatherford International Ltd./Bermuda
5.125%, 9/15/20		175		186,177
9.625%, 3/01/19		285		377,708
				3,985,677
Other Industrial - 0.1%
Noble Group Ltd.
6.75%, 1/29/20 (c)		445		438,325
Services - 0.0%
Western Union Co. (The)
5.93%, 10/01/16		90		103,774
Technology - 0.2%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		78,929
Hewlett-Packard Co.
4.65%, 12/09/21		214		223,873
Intel Corp.
4.80%, 10/01/41		265		282,279
Motorola Solutions, Inc.
7.50%, 5/15/25		35		41,593
Xerox Corp.
2.95%, 3/15/17		91		91,953

	Principal Amount (000)		U.S. $ Value
8.25%, 5/15/14		280		316,173
				1,034,800
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.25%, 10/01/14		307		330,139
5.75%, 12/15/16		155		173,379
				503,518
Transportation - Railroads - 0.1%
CSX Corp.
4.75%, 5/30/42		465		450,966
5.50%, 8/01/13		35		37,126
				488,092
Transportation - Services - 0.2%
Asciano Finance Ltd.
3.125%, 9/23/15 (c)		470		467,230
Con-way, Inc.
6.70%, 5/01/34		291		278,316
Ryder System, Inc.
5.85%, 11/01/16		127		144,563
7.20%, 9/01/15		127		147,829
				1,037,938
				22,696,161
Financial Institutions - 3.5%
Banking - 2.2%
Bank of America Corp.
3.875%, 3/22/17		360		361,985
5.70%, 1/24/22		90		95,273
5.875%, 1/05/21-2/07/42		459		469,172
7.375%, 5/15/14		340		369,080
Series L
5.65%, 5/01/18		90		96,075
Barclays Bank PLC
5.125%, 1/08/20		345		360,856
Bear Stearns Cos. LLC (The)
5.55%, 1/22/17		290		320,195
5.70%, 11/15/14		190		209,946
Citigroup, Inc.
4.50%, 1/14/22 (b)		395		396,546
5.375%, 8/09/20		232		249,188
5.50%, 4/11/13		230		238,682
6.50%, 8/19/13		260		275,059
8.50%, 5/22/19		190		234,247
Compass Bank
5.50%, 4/01/20		314		302,834
Countrywide Financial Corp.
6.25%, 5/15/16		92		95,870
DNB Bank ASA
3.20%, 4/03/17 (c)		485		486,911
Fifth Third Bancorp
3.50%, 3/15/22		188		183,694
Goldman Sachs Group, Inc. (The)

	Principal Amount (000)		U.S. $ Value
5.25%, 7/27/21		213		210,852
5.75%, 1/24/22		450		462,933
6.00%, 6/15/20		440		462,971
7.50%, 2/15/19		335		382,749
HSBC Holdings PLC
4.00%, 3/30/22		327		324,129
5.10%, 4/05/21		320		345,940
JPMorgan Chase & Co.
4.40%, 7/22/20		390		404,591
4.50%, 1/24/22		515		535,775
4.625%, 5/10/21		233		243,502
Macquarie Bank Ltd.
5.00%, 2/22/17 (c)		90		90,685
Macquarie Group Ltd.
4.875%, 8/10/17 (b)(c)		379		381,691
Morgan Stanley
5.50%, 7/24/20-7/28/21		676		660,190
6.625%, 4/01/18		345		363,290
National Capital Trust II
5.486%, 3/23/15 (c)		91		87,287
Nationwide Building Society
6.25%, 2/25/20 (c)		465		481,995
North Fork Bancorporation, Inc.
5.875%, 8/15/12		100		101,593
Royal Bank of Scotland PLC (The)
6.125%, 1/11/21		345		369,269
Santander US Debt SA Unipersonal
2.991%, 10/07/13 (c)		500		497,621
Societe Generale SA
2.50%, 1/15/14 (c)		245		242,125
SouthTrust Corp.
5.80%, 6/15/14		225		243,647
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (c)		230		204,410
Union Bank NA
5.95%, 5/11/16		250		272,990
Wachovia Corp.
5.50%, 5/01/13		320		336,072
				12,451,920
Brokerage - 0.0%
Lazard Group LLC
6.85%, 6/15/17		160		175,902
Finance - 0.3%
General Electric Capital Corp.
4.65%, 10/17/21		193		205,414
5.625%, 5/01/18		480		556,362
SLM Corp.
7.25%, 1/25/22		340		355,240
Series A
5.375%, 5/15/14		270		278,803
				1,395,819

	Principal Amount (000)		U.S. $ Value
Insurance - 0.7%
Allied World Assurance Co., Ltd.
7.50%, 8/01/16		160		183,243
Allstate Corp. (The)
6.125%, 5/15/37		209		205,081
American International Group, Inc.
6.40%, 12/15/20		300		339,519
Coventry Health Care, Inc.
5.95%, 3/15/17		90		101,802
6.125%, 1/15/15		40		43,310
6.30%, 8/15/14		275		301,639
Genworth Financial, Inc.
6.515%, 5/22/18		303		313,201
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (c)		163		200,864
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		95		98,230
5.50%, 3/30/20		242		258,624
Humana, Inc.
6.45%, 6/01/16		40		45,486
7.20%, 6/15/18		285		341,480
Lincoln National Corp.
8.75%, 7/01/19		98		124,056
Markel Corp.
7.125%, 9/30/19		230		258,416
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (c)		90		127,716
MetLife, Inc.
7.717%, 2/15/19		112		141,308
10.75%, 8/01/39		140		192,150
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (c)		335		424,286
XL Group PLC
5.25%, 9/15/14		135		143,005
6.375%, 11/15/24		157		173,623
				4,017,039
Other Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (c)		173		174,682
ORIX Corp.
4.71%, 4/27/15		369		388,927
				563,609
REITS - 0.2%
ERP Operating LP
5.25%, 9/15/14		105		113,718
HCP, Inc.
5.375%, 2/01/21		505		544,178
Health Care REIT, Inc.
5.25%, 1/15/22		505		528,234

	Principal Amount (000)		U.S. $ Value
Healthcare Realty Trust, Inc.
5.125%, 4/01/14		131		136,529
				1,322,659
				19,926,948
Utility - 1.0%
Electric - 0.5%
Allegheny Energy Supply Co. LLC
5.75%, 10/15/19 (c)		205		222,328
Ameren Corp.
8.875%, 5/15/14		49		55,578
Constellation Energy Group, Inc.
5.15%, 12/01/20		210		231,261
FirstEnergy Corp.
Series C
7.375%, 11/15/31		275		338,542
MidAmerican Energy Holdings Co.
6.125%, 4/01/36		395		469,535
Nisource Finance Corp.
6.80%, 1/15/19		502		594,270
Pacific Gas & Electric Co.
4.50%, 12/15/41		190		190,203
6.05%, 3/01/34		38		46,192
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (c)		348		366,100
TECO Finance, Inc.
4.00%, 3/15/16		100		106,293
5.15%, 3/15/20		125		138,121
Union Electric Co.
6.70%, 2/01/19		45		55,304
				2,813,727
Natural Gas - 0.5%
DCP Midstream LLC
5.35%, 3/15/20 (c)		137		150,283
Energy Transfer Partners LP
6.70%, 7/01/18		127		145,599
7.50%, 7/01/38		410		465,603
Enterprise Products Operating LLC
5.20%, 9/01/20		305		340,640
EQT Corp.
8.125%, 6/01/19		234		273,415
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		424		419,786
4.15%, 3/01/22		220		221,989
ONEOK, Inc.
4.25%, 2/01/22		480		485,825
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		124,033
Williams Partners LP
5.25%, 3/15/20		298		328,511
				2,955,684
				5,769,411

	Principal Amount (000)		U.S. $ Value
Non Corporate Sectors - 0.2%
Agencies - Not Government Guaranteed - 0.2%
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (c)		290		314,998
IPIC GMTN Ltd.
3.75%, 3/01/17 (c)		465		473,137
Petrobras International Finance Co. - Pifco
5.75%, 1/20/20		345		382,191
				1,170,326
Total Corporates - Investment Grades (cost $46,815,311)				49,562,846
MORTGAGE PASS-THROUGHS - 8.4%
Agency Fixed Rate 30-Year - 6.6%
Federal Home Loan Mortgage Corp. Gold
4.50%, 10/01/39		3,619		3,839,242
5.50%, 4/01/38		2,905		3,153,633
Series 2005
5.50%, 1/01/35		948		1,039,246
Series 2007
5.50%, 7/01/35		98		107,468
Federal National Mortgage Association
3.50%, 12/01/41		2,741		2,817,274
4.00%, TBA		5,505		5,771,218
4.00%, 1/01/41		1,445		1,514,780
4.50%, TBA		2,750		2,924,883
4.50%, 8/01/40		1,097		1,167,223
5.00%, 12/01/39		509		550,021
5.50%, 5/01/38 - 6/01/38		2,047		2,229,427
6.00%, 8/01/37 - 2/01/40		4,006		4,407,635
Series 2003
5.00%, 11/01/33		272		294,293
Series 2004
5.50%, 2/01/34-11/01/34		383		419,501
6.00%, 9/01/34-11/01/34		340		377,961
Series 2005
4.50%, 8/01/35		295		313,522
Series 2006
5.00%, 2/01/36		1,010		1,092,431
6.00%, 3/01/36		140		154,614
Series 2007
4.50%, 9/01/35		243		258,514
5.00%, 11/01/35-7/01/36		304		329,107
5.50%, 1/01/37-8/01/37		1,463		1,602,981
Series 2008
5.50%, 8/01/37		686		751,321
6.00%, 3/01/37-5/01/38		2,083		2,298,455
Series 2010
6.00%, 4/01/40		644		708,613
				38,123,363
Agency Fixed Rate 15-Year - 1.1%
Federal National Mortgage Association
3.00%, TBA		1,890		1,956,445

	Principal Amount (000)		U.S. $ Value
4.50%, TBA		792		847,688
4.50%, 6/01/26		3,143		3,362,569
				6,166,702
Agency ARMs - 0.7%
Federal Home Loan Mortgage Corp.
2.44%, 4/01/35 (d)		937		990,312
3.419%, 10/01/39 (e)		801		849,576
Series 2008
3.16%, 11/01/37 (e)		93		97,242
Federal National Mortgage Association
3.31%, 8/01/37 (d)		451		474,169
4.529%, 8/01/38 (d)		757		805,446
Series 2006
2.332%, 3/01/36 (e)		87		91,668
2.374%, 2/01/36 (e)		154		163,921
2.549%, 11/01/36 (d)		25		26,637
Series 2007
2.348%, 3/01/34 (e)		256		269,876
				3,768,847
Total Mortgage Pass-Throughs (cost $46,951,052)				48,058,912
GOVERNMENTS - TREASURIES - 7.5%
United States - 7.5%
U.S. Treasury Bonds
4.50%, 2/15/36		1,845		2,252,053
4.625%, 2/15/40		3,835		4,789,554
5.375%, 2/15/31		595		800,275
U.S. Treasury Notes
0.875%, 11/30/16-1/31/17		12,395		12,338,731
1.00%, 8/31/16-3/31/17		15,705		15,754,612
2.00%, 11/15/21		7,190		7,078,217
Total Governments - Treasuries (cost $41,981,133)				43,013,442
ASSET-BACKED SECURITIES - 3.4%
Autos - Fixed Rate - 1.7%
Ally Auto Receivables Trust
Series 2011-5, Class A2
0.80%, 6/16/14		640		640,626
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class A2
1.19%, 8/08/15		225		225,829
Series 2011-3, Class A2
0.84%, 11/10/14		624		624,836
Series 2011-4, Class A2
0.92%, 3/09/15		300		300,411
BMW Vehicle Lease Trust
Series 2011-1, Class A2
0.64%, 4/22/13		644		644,232

	Principal Amount (000)		U.S. $ Value
Exeter Automobile Receivables Trust
Series 2012-1A, Class A
2.02%, 8/15/16 (c)		382		382,172
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (c)	CAD	655		656,622
Ford Credit Auto Lease Trust
Series 2011-B, Class A2
0.82%, 1/15/14	U.S.$	285		285,279
Series 2011-A, Class A2
0.74%, 9/15/13		735		734,769
Ford Credit Auto Owner Trust
Series 2011-B, Class A2
0.68%, 1/15/14		562		562,625
Huntington Auto Trust
Series 2011-1A, Class A3
1.01%, 1/15/16 (c)		297		298,444
Hyundai Auto Lease Securitization Trust
Series 2011-A, Class A2
0.69%, 11/15/13 (c)		356		356,025
Mercedes-Benz Auto Lease Trust
Series 2011-1A, Class A2
0.79%, 4/15/13 (c)		383		382,997
Series 2012-A, Class A2
0.66%, 4/15/14		605		604,983
Nissan Auto Lease Trust
Series 2012-A, Class A2A
0.68%, 7/15/14		440		440,096
SMART Trust/Australia
Series 2011-2USA, Class A2A
1.22%, 11/14/13 (c)		654		654,614
Volkswagen Auto Loan Enhanced Trust
Series 2011-1, Class A3
1.22%, 6/22/15		1,040		1,047,537
World Omni Automobile Lease Securitization Trust
Series 2011-A, Class A2
0.81%, 10/15/13		794		794,771
				9,636,868
Credit Cards - Floating Rate - 0.8%
American Express Credit Account Master Trust		935		935,924
Series 2011-1, Class A
0.412%, 4/17/17 (d)
Discover Card Master Trust
Series 2010-A1, Class A1
0.892%, 9/15/15 (d)		184		184,979
Series 2009-A1, Class A1
1.542%, 12/15/14 (d)		190		190,467
Series 2009-A2, Class A
1.542%, 2/17/15 (d)		200		200,856
GE Capital Credit Card Master Note Trust
Series 2011-1, Class A
0.792%, 1/15/17 (d)		425		428,319

	Principal Amount (000)		U.S. $ Value
Series 2011-2, Class A
0.722%, 5/15/19 (d)		715		719,660
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
1.055%, 2/15/17 (c)(d)		490		490,000
Penarth Master Issuer PLC
Series 2010-2A, Class A2
0.992%, 12/18/14 (c)(d)		1,160		1,162,280
				4,312,485
Autos - Floating Rate - 0.4%
Ford Credit Floorplan Master Owner Trust
Series 2012-1, Class A
0.712%, 1/15/16 (d)		931		933,847
GE Dealer Floorplan Master Note Trust
Series 2009-2A, Class A
1.792%, 10/20/14 (c)(d)		794		799,532
Hyundai Floorplan Master Owner Trust
Series 2009-1A, Class A
1.492%, 11/17/14 (c)(d)		595		597,324
Navistar Financial Dealer Note Master Trust
Series 2011-1, Class A
1.399%, 10/25/16 (c)(d)		237		239,139
				2,569,842
Other ABS - Fixed Rate - 0.3%
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15		326		327,425
Series 2012-A, Class A3
0.94%, 5/15/17		375		375,033
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		195		195,485
GE Equipment Small Ticket LLC
Series 2011-2A, Class A2
1.14%, 6/23/14 (c)		275		275,292
John Deere Owner Trust
Series 2011-A, Class A2
0.64%, 6/16/14		417		417,174
				1,590,409
Other ABS - Floating Rate - 0.1%
GE Dealer Floorplan Master Note Trust
Series 2012-1, Class A
0.812%, 2/20/17 (d)		720		723,125
Credit Cards - Fixed Rate - 0.1%
Discover Card Master Trust
Series 2012-A1, Class A1
0.81%, 8/15/17		304		303,381

	Principal Amount (000)		U.S. $ Value
Home Equity Loans - Floating Rate - 0.0%
Bear Stearns Asset Backed Securities Trust
Series 2007-HE3, Class M1
0.692%, 4/25/37 (d)(f)		100		1,744
HSBC Home Equity Loan Trust
Series 2007-1, Class M1
0.622%, 3/20/36 (d)		365		268,510
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.602%, 3/25/37 (d)(f)		105		284
Residential Asset Securities Corp.
Series 2003-KS3, Class A2
0.842%, 5/25/33 (d)		1		942
				271,480
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		133		120,263
Total Asset-Backed Securities (cost $19,798,171)				19,527,853
AGENCIES - 3.1%
Agency Debentures - 3.1%
Federal Farm Credit Bank
0.252%, 11/13/12 (d)		900		900,524
0.262%, 10/12/12 (d)		1,200		1,200,685
0.272%, 9/20/12 (d)		1,100		1,100,623
0.302%, 6/26/13 (d)		2,500		2,503,425
Federal Home Loan Mortgage Corp.
2.375%, 1/13/22		2,198		2,157,733
Federal National Mortgage Association
0.272%, 9/17/12-10/18/12 (d)		1,810		1,810,977
6.25%, 5/15/29		740		1,004,415
6.625%, 11/15/30		2,277		3,230,722
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20		4,770		3,914,004
Total Agencies (cost $16,784,807)				17,823,108
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.8%
Non-Agency Fixed Rate CMBS - 1.7%
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A4
5.361%, 4/15/40		110		118,021
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-C1, Class A4
4.75%, 1/15/37		70		73,481
Series 2005-C1, Class A4
5.014%, 2/15/38		260		283,007

	Principal Amount (000)		U.S. $ Value
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class A3
5.815%, 6/15/38		620		700,114
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5, Class AJ
5.241%, 4/10/37		215		150,922
Series 2007-GG9, Class A4
5.444%, 3/10/39		885		973,872
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		80		86,311
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB11, Class A4
5.335%, 8/12/37		170		187,211
Series 2006-CB14, Class A4
5.481%, 12/12/44		315		349,297
Series 2006-CB16, Class A4
5.552%, 5/12/45		335		374,786
Series 2010-C2, Class A1
2.749%, 11/15/43 (c)		415		427,803
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.281%, 6/15/29		40		43,113
Series 2006-C1, Class A4
5.156%, 2/15/31		1,095		1,218,271
Series 2006-C3, Class A4
5.661%, 3/15/39		285		320,264
Series 2006-C4, Class A4
5.866%, 6/15/38		275		312,819
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2
4.96%, 7/12/38		560		568,055
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-2, Class A4
5.898%, 6/12/46		110		125,298
Series 2006-3, Class A2
5.291%, 7/12/46		907		929,505
Series 2006-3, Class A4
5.414%, 7/12/46		480		537,510
Series 2006-4, Class AM
5.204%, 12/12/49		265		260,246
Morgan Stanley Capital I
Series 2006-IQ12, Class A4
5.332%, 12/15/43		780		877,609
WF-RBS Commercial Mortgage Trust
Series 2011-C3, Class A2
3.24%, 3/15/44 (c)		428		446,717
				9,364,232
Agency CMBS - 0.1%
FHLMC Multifamily Structured Pass Through Certificates
Series K008, Class A2
3.531%, 6/25/20		634		673,090

	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate CMBS - 0.0%
GS Mortgage Securities Corp. II
Series 2007-EOP, Class E
2.476%, 3/06/20 (c)(d)		75		72,421
Total Commercial Mortgage-Backed Securities (cost $9,332,996)				10,109,743
CORPORATES - NON-INVESTMENT GRADES - 0.4% Industrial - 0.3% Basic - 0.1%
LyondellBasell Industries NV
5.75%, 4/15/24 (c)		200		199,631
Weyerhaeuser Co.
7.375%, 3/15/32		110		117,182
				316,813
Capital Goods - 0.1%
Ball Corp.
5.00%, 3/15/22		290		290,725
BE Aerospace, Inc.
5.25%, 4/01/22		295		297,950
Hanson Australia Funding Ltd.
5.25%, 3/15/13		120		122,400
				711,075
Consumer Cyclical - Other - 0.1%
Host Hotels & Resorts LP
5.25%, 3/15/22 (c)		195		194,025
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.375%, 3/15/22 (b)(c)		295		289,100
				483,125
Energy - 0.0%
Cimarex Energy Co.
5.875%, 5/01/22		123		125,460
				1,636,473
Financial Institutions - 0.1% Banking - 0.1%
ABN Amro Bank NV
4.31%, 3/10/16	EUR	90		90,925
LBG Capital No.1 PLC
8.00%, 6/15/20 (c)	U.S.$	235		202,029
				292,954
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
5.00%, 1/14/11 (g)		80		23,400
6.20%, 9/26/14 (g)		33		9,859
7.875%, 11/01/09-8/15/10 (g)		370		108,225
Series G
4.80%, 3/13/14 (g)		42		12,285
				153,769

	Principal Amount (000)		U.S. $ Value
Insurance - 0.0%
XL Group PLC
Series E
6.50%, 4/15/17		245		206,413
				653,136
Utility - 0.0% Electric - 0.0%
CMS Energy Corp.
5.05%, 3/15/22		155		155,970
Total Corporates - Non-Investment Grades (cost $2,613,589)				2,445,579
QUASI-SOVEREIGNS - 0.3% Quasi-Sovereign Bonds - 0.3%
Indonesia - 0.0%
Perusahaan Listrik Negara PT
5.50%, 11/22/21 (c)		250		261,875
Kazakhstan - 0.1%
KazMunayGas National Co.
7.00%, 5/05/20 (c)		251		285,354
Malaysia - 0.1%
Petronas Capital Ltd.
5.25%, 8/12/19 (c)		460		512,797
South Korea - 0.1%
Korea National Oil Corp.
3.125%, 4/03/17 (c)		485		483,954
Total Quasi-Sovereigns (cost $1,442,616)				1,543,980
GOVERNMENTS - SOVEREIGN BONDS - 0.2%
Indonesia - 0.1%
Republic of Indonesia
5.25%, 1/17/42 (c)		475		496,375
Qatar - 0.0%
State of Qatar
4.50%, 1/20/22 (c)		270		281,745
Russia - 0.1%
Russian Foreign Bond - Eurobond
7.50%, 3/31/30 (c)		250		298,462
Total Governments - Sovereign Bonds (cost $1,010,214)				1,076,582

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN AGENCIES - 0.1%
United Kingdom - 0.1%
Royal Bank of Scotland PLC (The) 2.625%, 5/11/12 (c) (cost $694,998)		695		696,238
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.1%
United States - 0.1%
California GO 7.625%, 3/01/40 (cost $464,476)		455		592,619
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.1%
Non-Agency Fixed Rate - 0.1%
Bear Stearns Alt-A Trust
Series 2006-1, Class 22A1
2.584%, 2/25/36		140		79,799
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
4.288%, 5/25/35		52		45,691
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.396%, 5/25/36		53		24,993
Merrill Lynch Mortgage Investors, Inc.
Series 2005-A8, Class A1C1
5.25%, 8/25/36		31		30,636
				181,119
Non-Agency Floating Rate - 0.0%
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
1.159%, 12/25/35 (d)		32		18,995
Series 2006-OA14, Class 3A1
1.009%, 11/25/46 (d)		151		69,849
				88,844
Non-Agency ARMs - 0.0%
Citigroup Mortgage Loan Trust, Inc.
Series 2006-AR1, Class 3A1
2.52%, 3/25/36 (d)		77		48,600
Total Collateralized Mortgage Obligations (cost $535,570)				318,563
	Shares
PREFERRED STOCKS - 0.0%
Financial Institutions - 0.0%
Finance - 0.0%
Citigroup Capital XII 8.50% (cost $175,000)		7,000		179,157

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 3.5%
Time Deposit - 2.2%
State Street Time Deposit 0.01%, 4/02/12 (cost $12,539,005)		12,539		12,539,005
U.S. Treasury Bill - 1.3%
U.S. Treasury Bill Zero Coupon, 4/12/12 (cost $7,809,924)		7,810		7,809,924
Total Investments Before Security Lending Collateral for Securities Loaned - 102.1% (cost $529,592,448)				586,430,071
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 1.7%
Investment Companies - 1.7%
AllianceBernstein Exchange Reserves - Class I, 0.22% (h) (cost $9,886,824)		9,886,824		9,886,824
Total Investments - 103.8% (cost $539,479,272) (i)				596,316,895
Other assets less liabilities - (3.8)% (j)				(21,799,079	)
Net Assets - 100.0%			$	574,517,816

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50 Index Futures		7		June 2012	$	230,372	$	224,902	$	(5,470	)
Topix Index Futures		1		June 2012		99,646		103,540		3,894
									$	(1,576	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale:
Australian Dollar settling 6/15/12		1,186	$	1,239,222	$	1,218,636	$	(20,586	)
Japanese Yen settling 5/15/12		32,004		412,774		386,799		(25,975	)
Japanese Yen settling 6/15/12		87,940		1,135,844		1,063,156		(72,688	)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Singapore Dollar settling 5/15/12		579		464,968		460,624		(4,344	)
BNP Paribas SA:
Norwegian Krone settling 6/15/12		3,213		561,747		562,624		877
Citibank N.A.:
Australian Dollar settling 5/15/12		480		513,972		494,872		(19,100	)
Japanese Yen settling 6/15/12		74,576		925,854		901,591		(24,263	)
New Zealand Dollar settling 5/15/12		662		542,065		540,497		(1,568	)
Swedish Krona settling 5/15/12		8,754		1,297,904		1,320,969		23,065
Swiss Franc settling 5/15/12		729		799,565		807,970		8,405
Credit Suisse London Branch (GFX):
Australian Dollar settling 5/15/12		972		1,026,607		1,002,115		(24,492	)
Japanese Yen settling 5/15/12		27,379		360,037		330,902		(29,135	)
Swiss Franc settling 5/15/12		914		959,318		1,013,010		53,692
Deutsche Bank AG London:
Norwegian Krone settling 5/15/12		12,153		2,100,016		2,130,632		30,616
Swiss Franc settling 5/15/12		1,760		1,948,584		1,950,655		2,071
Swiss Franc settling 5/15/12		960		1,062,864		1,063,993		1,129
Goldman Sachs International:
Euro settling 5/15/12		2,092		2,771,021		2,790,643		19,622
Royal Bank of Canada:
Canadian Dollar settling 4/03/12		2,895		2,912,887		2,902,024		(10,863	)
Canadian Dollar settling 5/15/12		367		369,332		367,622		(1,710	)
Euro settling 6/15/12		934		1,245,718		1,246,147		429
Norwegian Krone settling 5/15/12		2,748		493,357		481,772		(11,585	)
Royal Bank of Scotland PLC:
Norwegian Krone settling 6/15/12		2,118		368,953		370,880		1,927
Swedish Krona settling 6/15/12		6,157		921,693		927,997		6,304
State Street Bank and Trust Co.:
Australian Dollar settling 5/15/12		210		224,927		216,507		(8,420	)
Australian Dollar settling 5/15/12		206		220,931		212,383		(8,548	)
Australian Dollar settling 6/15/12		159		168,414		163,375		(5,039	)
Euro settling 5/15/12		179		235,587		238,778		3,191
Great British Pound settling 5/15/12		1,135		1,799,997		1,814,934		14,937
Great British Pound settling 5/15/12		189		297,142		302,222		5,080
Norwegian Krone settling 5/15/12		1,209		209,313		211,958		2,645
Swedish Krona settling 5/15/12		1,608		239,589		242,646		3,057
Swedish Krona settling 5/15/12		1,265		191,997		190,888		(1,109	)
Swiss Franc settling 5/15/12		309		324,386		342,473		18,087
Swiss Franc settling 5/15/12		297		325,790		329,173		3,383
UBS AG:
Australian Dollar settling 5/15/12		324		335,768		334,038		(1,730	)
Euro settling 5/15/12		2,293		3,057,495		3,058,769		1,274
Euro settling 5/15/12		404		541,107		538,920		(2,187	)
Japanese Yen settling 5/15/12		36,418		469,633		440,147		(29,486	)
Japanese Yen settling 5/15/12		257,081		3,346,385		3,107,070		(239,315	)
Norwegian Krone settling 6/15/12		4,582		800,723		802,348		1,625
Swedish Krona settling 5/15/12		14,377		2,152,407		2,169,475		17,068
Swedish Krona settling 6/15/12		3,567		523,529		537,627		14,098
Westpac Banking Corp.:
Australian Dollar settling 5/15/12		870		885,503		896,955		11,452

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
New Zealand Dollar settling 5/15/12		581		477,727		474,364		(3,363	)
New Zealand Dollar settling 6/15/12		964		778,497		785,369		6,872
New Zealand Dollar settling 6/15/12		670		554,670		545,849		(8,821	)
Sale Contracts
Bank of America N.A.:
Canadian Dollar settling 5/15/12		876		879,359		877,485		1,874
Canadian Dollar settling 5/15/12		860		863,298		861,458		1,840
Canadian Dollar settling 5/15/12		930		929,117		931,576		(2,459	)
Singapore Dollar settling 5/15/12		579		459,675		460,624		(949	)
Barclays Bank PLCWholesale:
Indian Rupee settling 5/15/12(1)		14,146		282,496		275,505		6,991
Japanese Yen settling 5/15/12		132,141		1,630,756		1,597,050		33,706
Citibank N.A.:
Japanese Yen settling 5/15/12		45,564		592,975		550,685		42,290
Credit Suisse London Branch (GFX):
Euro settling 5/15/12		484		613,412		645,637		(32,225	)
Deutsche Bank AG London:
Canadian Dollar settling 6/15/12		935		930,932		935,964		(5,032	)
Euro settling 5/15/12		1,385		1,826,677		1,847,535		(20,858	)
Great British Pound settling 5/15/12		601		959,463		961,035		(1,572	)
Great British Pound settling 6/15/12		223		355,930		356,515		(585	)
Goldman Sachs International:
Euro settling 5/15/12		2,679		3,548,550		3,573,678		(25,128	)
HSBC Bank USA:
Canadian Dollar settling 4/03/12		3,548		3,590,787		3,557,129		33,658
Hong Kong Dollar settling 5/15/12		23,207		2,993,254		2,988,965		4,289
Hong Kong Dollar settling 5/15/12		3,040		391,407		391,539		(132	)
Morgan Stanley and Co., Inc.:
Euro settling 5/10/12		127		168,953		168,950		3
Royal Bank of Scotland PLC:
Canadian Dollar settling 5/15/12		653		655,091		654,554		537
Euro settling 6/15/12		1,076		1,422,849		1,435,604		(12,755	)
Euro settling 6/15/12		1,188		1,558,110		1,585,035		(26,925	)
Great British Pound settling 6/15/12		400		631,468		639,488		(8,020	)
Japanese Yen settling 5/15/12		71,856		857,368		868,449		(11,081	)
Standard Chartered Bank:
Hong Kong Dollar settling 5/15/12		2,677		345,221		344,786		435
Japanese Yen settling 5/15/12		459,693		5,529,476		5,555,829		(26,353	)
Japanese Yen settling 6/15/12		109,320		1,315,334		1,321,632		(6,298	)
State Street Bank and Trust Co.:
Australian Dollar settling 5/15/12		210		221,718		216,506		5,212
Canadian Dollar settling 5/15/12		199		192,942		199,338		(6,396	)
Great British Pound settling 5/15/12		121		192,781		193,487		(706	)
Great British Pound settling 5/15/12		189		299,735		302,222		(2,487	)
Great British Pound settling 6/15/12		183		288,463		292,566		(4,103	)
Hong Kong Dollar settling 5/15/12		2,569		331,254		330,876		378
Hong Kong Dollar settling 5/15/12		4,487		578,033		577,907		126
UBS AG:
Japanese Yen settling 5/15/12		108,392		1,410,922		1,310,021		100,901
Swiss Franc settling 5/15/12		960		1,046,921		1,063,994		(17,073	)
Swiss Franc settling 5/15/12		1,643		1,791,761		1,820,980		(29,219	)
							$	(311,537	)

(1) Contract represents a non-deliverable forward where payment is received from or paid to a counterparty based on the net realized gain/loss on settlement date.

INTEREST RATE SWAP TRANSACTIONS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio			Payments received by the Portfolio		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, N.A.	$	1,970		1/30/17		1.059	%		3 Month LIBOR	$	15,315
JPMorgan Chase Bank, N.A.		2,200		2/7/22		2.042	%		3 Month LIBOR		41,711
										$	57,026

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2012, the aggregate market value of these securities amounted to $19,501,893 or 3.4% of net assets.

(d) Floating Rate Security. Stated interest rate was in effect at March 31, 2012.

(e) Variable rate coupon, rate shown as of March 31, 2012.

(f) Illiquid security.

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

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

(i) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $67,019,682 and gross unrealized depreciation of investments was $(10,182,059), resulting in net unrealized appreciation of $56,837,623.

(j) An amount of $18,633 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2012.

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
GDR	-	Global Depositary Receipt
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rates
REG	-	Registered Shares
TBA	-	To Be Announced

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

58,195,123

$

46,457,210

$

– 0

–

$

104,652,333

Information Technology

49,446,486

5,407,182

– 0

–

54,853,668

Consumer Discretionary

35,524,832

14,785,818

– 0

–

50,310,650

Energy

27,663,497

10,769,081

– 0

–

38,432,578

Health Care

30,833,716

5,269,019

– 0

–

36,102,735

Industrials

24,591,867

9,768,539

– 0

–

34,360,406

Consumer Staples

14,097,047

8,077,069

– 0

–

22,174,116

Materials

7,248,088

8,129,945

– 0

–

15,378,033

Telecommunication Services

3,995,596

3,563,753

– 0

–

7,559,349

Utilities

5,175,820

1,594,391

– 0

–

6,770,211

Other Instruments

538,441

– 0

–

– 0

–

538,441

Corporates - Investment Grades

– 0

–

49,562,846

– 0

–

49,562,846

Mortgage Pass-Throughs

– 0

–

48,058,912

– 0

–

48,058,912

Governments - Treasuries

– 0

–

43,013,442

– 0

–

43,013,442

Asset-Backed Securities

– 0

–

16,822,576

2,705,277

19,527,853

Agencies

– 0

–

17,823,108

– 0

–

17,823,108

Commercial Mortgage-Backed Securities

– 0

–

9,626,154

483,589

10,109,743

Corporates - Non-Investment Grades

– 0

–

2,445,579

– 0

–

2,445,579

Quasi-Sovereigns

– 0

–

1,543,980

– 0

–

1,543,980

Governments - Sovereign Bonds

– 0

–

1,076,582

– 0

–

1,076,582

Governments - Sovereign Agencies

– 0

–

696,238

– 0

–

696,238

Local Governments - Municipal Bonds

– 0

–

592,619

– 0

–

592,619

Collateralized Mortgage Obligations

– 0

–

– 0

–

318,563

318,563

Preferred Stocks

179,157

– 0

–

– 0

–

179,157

Short-Term Investments:

Time Deposit

– 0

–

12,539,005

– 0

–

12,539,005

Governments - Treasuries

– 0

–

7,809,924

– 0

–

7,809,924

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

9,886,824

– 0

–

– 0

–

9,886,824

Total Investments in Securities

267,376,494

325,432,972

+

3,507,429

596,316,895

Other Financial Instruments* :

Assets:

Futures Contracts

3,894

– 0

–

– 0

–

3,894

Forward Currency Exchange Contracts

– 0

–

483,146

– 0

–

483,146

Interest Rate Swap Contracts

– 0

–

57,026

– 0

–

57,026

Liabilities:

Futures Contracts

(5,470

)

– 0

–

– 0

–

(5,470

)

Forward Currency Exchange Contracts

– 0

–

(794,683

)

– 0

–

(794,683

)

Total

$

267,374,918

$

325,178,461

$

3,507,429

$

596,060,808

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

+ A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

There were no significant transfers between level 1 and level 2 during the reporting period.

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.

	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/11	$	1,850,013		$	453,065		$	311,631
Accrued discounts/(premiums)		308			6,425			12
Realized gain (loss)		(15,236	)		– 0	–		(85,522	)
Change in unrealized appreciation/depreciation		34,354			24,099			108,047
Purchases		1,094,510			– 0	–		– 0	–
Sales		(258,672	)		– 0	–		(15,605	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/12	$	2,705,277		$	483,589		$	318,563
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/12	$	34,354		$	24,099		$	24,636
	Total
Balance as of 12/31/11	$	2,614,709
Accrued discounts/(premiums)		6,745
Realized gain (loss)		(100,758	)
Change in unrealized appreciation/depreciation		166,500
Purchases		1,094,510
Sales		(274,277	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 3/31/12	$	3,507,429
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/12	$	83,089

AllianceBernstein Variable Products Series Fund

Dynamic Asset Allocation Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 26.5%
United States - 26.5%
U.S. Treasury Bonds
3.125%, 11/15/41-2/15/42	$	1,005	$	963,815
3.50%, 2/15/39		152		157,914
3.75%, 8/15/41		220		237,841
3.875%, 8/15/40		110		121,670
4.375%, 11/15/39-5/15/41		593		712,692
4.75%, 2/15/37		111		140,484
5.375%, 2/15/31		430		578,350
6.00%, 2/15/26		134		184,878
6.25%, 8/15/23-5/15/30		314		449,912
7.25%, 5/15/16		108		136,046
7.50%, 11/15/16		92		119,169
7.625%, 2/15/25		55		85,551
8.00%, 11/15/21		123		186,835
U.S. Treasury Notes
0.125%, 9/30/13-12/31/13		630		627,870
0.25%, 11/30/13-2/15/15		2,345		2,339,597
0.375%, 8/31/12-11/15/14		325		324,747
0.50%, 10/15/13		428		429,254
0.625%, 1/31/13		320		321,113
0.75%, 3/31/13-8/15/13		974		979,858
0.875%, 11/30/16-2/28/17		1,815		1,804,572
1.00%, 1/15/14-10/31/16		1,655		1,665,711
1.125%, 12/15/12-6/15/13		809		816,762
1.25%, 2/15/14-3/15/14		995		1,012,431
1.375%, 11/30/15-2/28/19		902		901,861
1.75%, 7/31/15		60		62,217
2.00%, 11/30/13-2/15/22		2,139		2,164,289
2.125%, 12/31/15-8/15/21		825		846,337
2.25%, 1/31/15-11/30/17		739		778,618
2.375%, 8/31/14-7/31/17		1,294		1,360,753
2.50%, 3/31/15		148		156,603
2.625%, 1/31/18-11/15/20		860		911,394
2.75%, 5/31/17-2/15/19		605		654,197
3.00%, 2/28/17		889		972,899
3.125%, 10/31/16-5/15/21		931		1,019,853
3.25%, 7/31/16		232		255,272
3.375%, 11/15/19		380		424,234
3.625%, 2/15/21		295		333,949
4.00%, 11/15/12		57		58,345
4.375%, 8/15/12		110		111,723
Total Governments - Treasuries (cost $25,319,089)				25,409,616
	Shares
COMMON STOCKS - 17.3%
Information Technology - 3.5%
Communications Equipment - 0.4%
Cisco Systems, Inc.		6,960		147,204
F5 Networks, Inc. (a)		110		14,846
Harris Corp.		145		6,537
JDS Uniphase Corp. (a)		290		4,202
Juniper Networks, Inc. (a)		680		15,558

Company	Shares		U.S. $ Value
Motorola Mobility Holdings, Inc. (a)		335		13,145
Motorola Solutions, Inc.		375		19,061
QUALCOMM, Inc.		2,180		148,284
				368,837
Computers & Peripherals - 1.0%
Apple, Inc. (a)		1,213		727,157
Dell, Inc. (a)		1,970		32,702
EMC Corp./MA (a)		2,635		78,734
Hewlett-Packard Co.		2,570		61,243
Lexmark International, Inc.-Class A		90		2,992
NetApp, Inc. (a)		460		20,594
SanDisk Corp. (a)		310		15,373
Western Digital Corp. (a)		300		12,417
				951,212
Electronic Equipment, Instruments & Components - 0.1%
Amphenol Corp.-Class A		215		12,851
Corning, Inc.		2,035		28,653
FLIR Systems, Inc.		200		5,062
Jabil Circuit, Inc.		235		5,903
Molex, Inc. (b)		175		4,921
TE Connectivity Ltd.		550		20,212
				77,602
Internet Software & Services - 0.3%
Akamai Technologies, Inc. (a)		225		8,257
eBay, Inc. (a)		1,485		54,782
Google, Inc.-Class A (a)		327		209,685
VeriSign, Inc.		205		7,860
Yahoo!, Inc. (a)		1,605		24,428
				305,012
IT Services - 0.7%
Accenture PLC		825		53,212
Automatic Data Processing, Inc.		630		34,770
Cognizant Technology Solutions Corp.-Class A (a)		395		30,395
Computer Sciences Corp.		200		5,988
Fidelity National Information Services, Inc.		310		10,267
Fiserv, Inc. (a)		180		12,490
International Business Machines Corp.		1,535		320,278
Mastercard, Inc.-Class A		135		56,773
Paychex, Inc.		415		12,861
SAIC, Inc. (a)		355		4,686
Teradata Corp. (a)		215		14,652
Total System Services, Inc.		200		4,614
Visa, Inc.-Class A		665		78,470
Western Union Co. (The)-Class W		800		14,080
				653,536
Office Electronics - 0.0%
Xerox Corp.		1,795		14,504

Company	Shares		U.S. $ Value
Semiconductors & Semiconductor Equipment - 0.4%
Advanced Micro Devices, Inc. (a)		755		6,055
Altera Corp.		410		16,326
Analog Devices, Inc.		380		15,352
Applied Materials, Inc.		1,685		20,961
Broadcom Corp.-Class A (a)		620		24,366
Intel Corp.		6,590		185,245
KLA-Tencor Corp.		210		11,428
Linear Technology Corp.		290		9,773
LSI Corp. (a)		720		6,250
Microchip Technology, Inc. (b)		245		9,114
Micron Technology, Inc. (a)		1,270		10,287
Novellus Systems, Inc. (a)		90		4,492
NVIDIA Corp. (a)		785		12,081
Teradyne, Inc. (a)		230		3,885
Texas Instruments, Inc.		1,475		49,575
Xilinx, Inc.		335		12,204
				397,394
Software - 0.6%
Adobe Systems, Inc. (a)		630		21,615
Autodesk, Inc. (a)		285		12,061
BMC Software, Inc. (a)		215		8,634
CA, Inc.		475		13,091
Citrix Systems, Inc. (a)		240		18,938
Electronic Arts, Inc. (a)		425		7,004
Intuit, Inc.		380		22,849
Microsoft Corp.		9,690		312,503
Oracle Corp.		5,090		148,425
Red Hat, Inc. (a)		250		14,973
Salesforce.com, Inc. (a)		181		27,966
Symantec Corp. (a)		945		17,672
				625,731
				3,393,828
Financials - 2.6%
Capital Markets - 0.4%
Ameriprise Financial, Inc.		295		16,853
Bank of New York Mellon Corp. (The)		1,565		37,763
BlackRock, Inc.-Class A		137		28,071
Charles Schwab Corp. (The)		1,390		19,974
E*Trade Financial Corp. (a)		320		3,504
Federated Investors, Inc.-Class B (b)		110		2,465
Franklin Resources, Inc.		190		23,566
Goldman Sachs Group, Inc. (The)		638		79,348
Invesco Ltd.		580		15,469
Legg Mason, Inc.		160		4,469
Morgan Stanley		1,920		37,709
Northern Trust Corp.		310		14,710
State Street Corp.		635		28,892
T Rowe Price Group, Inc.		325		21,223
				334,016

Company	Shares		U.S. $ Value
Commercial Banks - 0.5%
BB&T Corp.		900		28,251
Comerica, Inc.		250		8,090
Fifth Third Bancorp		1,190		16,720
First Horizon National Corp.		335		3,477
Huntington Bancshares, Inc./OH		1,115		7,192
KeyCorp		1,225		10,413
M&T Bank Corp.		165		14,335
PNC Financial Services Group, Inc.		680		43,853
Regions Financial Corp.		1,625		10,709
SunTrust Banks, Inc.		690		16,677
US Bancorp		2,465		78,091
Wells Fargo & Co.		6,825		233,005
Zions Bancorporation		230		4,936
				475,749
Consumer Finance - 0.2%
American Express Co.		1,310		75,797
Capital One Financial Corp.		713		39,743
Discover Financial Services		710		23,671
SLM Corp.		650		10,244
				149,455
Diversified Financial Services - 0.6%
Bank of America Corp.		13,895		132,975
Citigroup, Inc.		3,778		138,086
CME Group, Inc. - Class A		90		26,040
IntercontinentalExchange, Inc. (a)		100		13,742
JPMorgan Chase & Co.		4,915		225,992
Leucadia National Corp.		255		6,656
Moody’s Corp.		245		10,314
NASDAQ OMX Group, Inc. (The) (a)		160		4,144
NYSE Euronext		335		10,053
				568,002
Insurance - 0.6%
ACE Ltd.		435		31,842
Aflac, Inc.		605		27,824
Allstate Corp. (The)		650		21,398
American International Group, Inc. (a)		562		17,326
AON Corp.		415		20,360
Assurant, Inc. (b)		110		4,455
Berkshire Hathaway, Inc. (a)		2,280		185,022
Chubb Corp. (The)		360		24,880
Cincinnati Financial Corp.		210		7,247
Genworth Financial, Inc. - Class A (a)		635		5,283
Hartford Financial Services Group, Inc.		575		12,121
Lincoln National Corp.		390		10,280
Loews Corp.		390		15,549
Marsh & McLennan Cos., Inc.		690		22,625
MetLife, Inc.		1,370		51,170
Principal Financial Group, Inc. (b)		390		11,509
Progressive Corp. (The)		795		18,428
Prudential Financial, Inc.		615		38,985
Torchmark Corp.		135		6,730
Travelers Cos., Inc. (The)		530		31,376
Unum Group		370		9,058

Company	Shares		U.S. $ Value
XL Group PLC		410		8,893
				582,361
Real Estate Investment Trusts (REITs) - 0.3%
American Tower Corp.		505		31,825
Apartment Investment & Management Co.-Class A		155		4,094
AvalonBay Communities, Inc.		125		17,669
Boston Properties, Inc.		190		19,948
Equity Residential		380		23,796
HCP, Inc.		530		20,914
Health Care REIT, Inc.		265		14,564
Host Hotels & Resorts, Inc.		910		14,942
Kimco Realty Corp.		520		10,015
Plum Creek Timber Co., Inc.		210		8,728
ProLogis, Inc.		590		21,252
Public Storage		190		26,252
Simon Property Group, Inc.		386		56,232
Ventas, Inc.		371		21,184
Vornado Realty Trust		245		20,629
Weyerhaeuser Co.		690		15,125
				327,169
Real Estate Management & Development - 0.0%
CBRE Group, Inc. (a)		415		8,283
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.		680		4,971
People’s United Financial, Inc.		465		6,156
				11,127
				2,456,162
Health Care - 2.0%
Biotechnology - 0.2%
Amgen, Inc.		1,023		69,554
Biogen Idec, Inc. (a)		315		39,680
Celgene Corp. (a)		580		44,962
Gilead Sciences, Inc. (a)		975		47,629
				201,825
Health Care Equipment & Supplies - 0.3%
Baxter International, Inc.		730		43,639
Becton Dickinson and Co.		280		21,742
Boston Scientific Corp. (a)		1,910		11,422
CareFusion Corp. (a)		290		7,520
Covidien PLC		625		34,175
CR Bard, Inc.		115		11,353
DENTSPLY International, Inc.		180		7,223
Edwards Lifesciences Corp. (a)		145		10,546
Intuitive Surgical, Inc. (a)		55		29,796
Medtronic, Inc.		1,360		53,298
St Jude Medical, Inc.		415		18,389
Stryker Corp.		425		23,579
Varian Medical Systems, Inc. (a)		145		9,999

Company	Shares		U.S. $ Value
Zimmer Holdings, Inc.		235		15,106
				297,787
Health Care Providers & Services - 0.4%
Aetna, Inc.		470		23,575
AmerisourceBergen Corp.-Class A		335		13,293
Cardinal Health, Inc.		445		19,184
CIGNA Corp.		365		17,976
Coventry Health Care, Inc.		180		6,403
DaVita, Inc. (a)		125		11,271
Express Scripts, Inc.-Class A (a)		630		34,133
Humana, Inc.		215		19,883
Laboratory Corp. of America Holdings (a)		125		11,443
McKesson Corp.		315		27,648
Medco Health Solutions, Inc. (a)		505		35,501
Patterson Cos., Inc.		110		3,674
Quest Diagnostics, Inc./DE		200		12,230
Tenet Healthcare Corp. (a)		525		2,788
UnitedHealth Group, Inc.		1,385		81,632
WellPoint, Inc.		450		33,210
				353,844
Health Care Technology - 0.0%
Cerner Corp. (a)		190		14,470
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		445		19,807
Life Technologies Corp. (a)		225		10,984
PerkinElmer, Inc.		145		4,011
Thermo Fisher Scientific, Inc.		485		27,344
Waters Corp. (a)		115		10,656
				72,802
Pharmaceuticals - 1.0%
Abbott Laboratories		2,015		123,500
Allergan, Inc./United States		400		38,172
Bristol-Myers Squibb Co.		2,195		74,081
Eli Lilly & Co.		1,315		52,955
Forest Laboratories, Inc. (a)		345		11,968
Hospira, Inc. (a)		210		7,852
Johnson & Johnson		3,535		233,169
Merck & Co., Inc.		3,945		151,488
Mylan, Inc./PA (a)		545		12,780
Perrigo Co.		120		12,397
Pfizer, Inc.		9,950		225,467
Watson Pharmaceuticals, Inc. (a)		165		11,065
				954,894
				1,895,622
Energy - 1.9%
Energy Equipment & Services - 0.3%
Baker Hughes, Inc.		560		23,486
Cameron International Corp. (a)		320		16,906
Diamond Offshore Drilling, Inc. (b)		90		6,007

Company	Shares		U.S. $ Value
FMC Technologies, Inc. (a)		310		15,630
Halliburton Co.		1,190		39,496
Helmerich & Payne, Inc.		135		7,283
Nabors Industries Ltd. (a)		365		6,384
National Oilwell Varco, Inc.		555		44,106
Noble Corp. (a)		325		12,178
Rowan Cos., Inc. (a)		155		5,104
Schlumberger Ltd.		1,735		121,329
				297,909
Oil, Gas & Consumable Fuels - 1.6%
Alpha Natural Resources, Inc. (a)		282		4,289
Anadarko Petroleum Corp.		645		50,529
Apache Corp.		495		49,718
Cabot Oil & Gas Corp.		270		8,416
Chesapeake Energy Corp.		845		19,579
Chevron Corp.		2,580		276,679
ConocoPhillips		1,720		130,737
Consol Energy, Inc.		290		9,889
Denbury Resources, Inc. (a)		510		9,297
Devon Energy Corp.		520		36,982
El Paso Corp.		990		29,255
EOG Resources, Inc.		355		39,440
EQT Corp.		190		9,160
Exxon Mobil Corp.		6,119		530,701
Hess Corp.		390		22,991
Marathon Oil Corp.		905		28,689
Marathon Petroleum Corp.		462		20,032
Murphy Oil Corp.		255		14,349
Newfield Exploration Co. (a)		170		5,896
Noble Energy, Inc.		225		22,001
Occidental Petroleum Corp.		1,050		99,991
Peabody Energy Corp.		345		9,991
Pioneer Natural Resources Co.		165		18,412
QEP Resources, Inc.		225		6,863
Range Resources Corp.		200		11,628
Southwestern Energy Co. (a)		445		13,617
Spectra Energy Corp.		835		26,344
Sunoco, Inc.		135		5,150
Tesoro Corp. (a)		175		4,697
Valero Energy Corp.		725		18,683
Williams Cos., Inc. (The)		755		23,262
WPX Energy, Inc. (a)		245		4,412
				1,561,679
				1,859,588
Consumer Discretionary - 1.9%
Auto Components - 0.1%
BorgWarner, Inc. (a)		140		11,808
Goodyear Tire & Rubber Co. (The) (a)		310		3,478
Johnson Controls, Inc.		880		28,582
				43,868
Automobiles - 0.1%
Ford Motor Co.		4,920		61,451

Company	Shares		U.S. $ Value
Harley-Davidson, Inc.		300		14,724
				76,175
Distributors - 0.0%
Genuine Parts Co.		200		12,550
Diversified Consumer Services - 0.0%
Apollo Group, Inc.-Class A (a)		145		5,603
DeVry, Inc.		70		2,371
H&R Block, Inc.		370		6,094
				14,068
Hotels, Restaurants & Leisure - 0.3%
Carnival Corp.		585		18,767
Chipotle Mexican Grill, Inc.-Class A (a)		44		18,392
Darden Restaurants, Inc.		170		8,697
International Game Technology		380		6,380
Marriott International, Inc./DE-Class A		345		13,058
McDonald’s Corp.		1,330		130,473
Starbucks Corp.		960		53,654
Starwood Hotels & Resorts Worldwide, Inc.		245		13,821
Wyndham Worldwide Corp.		200		9,302
Wynn Resorts Ltd.		110		13,737
Yum! Brands, Inc.		595		42,352
				328,633
Household Durables - 0.0%
DR Horton, Inc.		355		5,385
Harman International Industries, Inc.		90		4,213
Leggett & Platt, Inc.		175		4,027
Lennar Corp.-Class A (b)		200		5,436
Newell Rubbermaid, Inc.		375		6,678
Pulte Group, Inc. (a)		435		3,850
Whirlpool Corp.		100		7,686
				37,275
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)		470		95,180
Expedia, Inc. (b)		122		4,080
NetFlix, Inc. (a)(b)		76		8,743
priceline.com, Inc. (a)		67		48,072
TripAdvisor, Inc. (a)		122		4,352
				160,427
Leisure Equipment & Products - 0.0%
Hasbro, Inc.		150		5,508
Mattel, Inc.		435		14,642
				20,150
Media - 0.6%
Cablevision Systems Corp.		280		4,110
CBS Corp.-Class B		840		28,484
Comcast Corp.-Class A		3,520		105,635
DIRECTV (a)		915		45,146
Discovery Communications, Inc.-Class A (a)		345		17,457

Company	Shares		U.S. $ Value
Gannett Co., Inc.		300		4,599
Interpublic Group of Cos., Inc. (The)		595		6,789
McGraw-Hill Cos., Inc. (The)		360		17,449
News Corp.-Class A		2,835		55,821
Omnicom Group, Inc.		360		18,234
Scripps Networks Interactive, Inc.-Class A		120		5,843
Time Warner Cable, Inc.-Class A		415		33,823
Time Warner, Inc.		1,295		48,886
Viacom, Inc.-Class B		710		33,697
Walt Disney Co. (The)		2,325		101,789
Washington Post Co. (The)-Class B (b)		11		4,109
				531,871
Multiline Retail - 0.1%
Big Lots, Inc. (a)		80		3,442
Dollar Tree, Inc. (a)		160		15,118
Family Dollar Stores, Inc.		155		9,808
JC Penney Co., Inc.		180		6,377
Kohl’s Corp.		330		16,510
Macy’s, Inc.		545		21,653
Nordstrom, Inc.		210		11,701
Sears Holdings Corp. (a)(b)		55		3,644
Target Corp.		865		50,404
				138,657
Specialty Retail - 0.4%
Abercrombie & Fitch Co.-Class A		110		5,457
AutoNation, Inc. (a)(b)		55		1,887
AutoZone, Inc. (a)		35		13,013
Bed Bath & Beyond, Inc. (a)		315		20,718
Best Buy Co., Inc.		380		8,998
CarMax, Inc. (a)		290		10,049
GameStop Corp.-Class A (b)		175		3,822
Gap, Inc. (The)		445		11,632
Home Depot, Inc. (The)		2,000		100,620
Limited Brands, Inc.		315		15,120
Lowe’s Cos., Inc.		1,620		50,836
O’Reilly Automotive, Inc. (a)		170		15,529
Ross Stores, Inc.		300		17,430
Staples, Inc.		905		14,643
Tiffany & Co.		165		11,406
TJX Cos., Inc.		970		38,519
Urban Outfitters, Inc. (a)		135		3,930
				343,609
Textiles, Apparel & Luxury Goods - 0.1%
Coach, Inc.		380		29,366
NIKE, Inc.-Class B		480		52,051
Ralph Lauren Corp.		90		15,690
VF Corp.		115		16,788
				113,895
				1,821,178

Company	Shares		U.S. $ Value
Consumer Staples - 1.9%
Beverages - 0.4%
Beam, Inc.		200		11,714
Brown-Forman Corp.-Class B		135		11,257
Coca-Cola Co. (The)		2,940		217,589
Coca-Cola Enterprises, Inc.		400		11,440
Constellation Brands, Inc.-Class A (a)		220		5,190
Dr Pepper Snapple Group, Inc.		270		10,857
Molson Coors Brewing Co.-Class B		200		9,050
PepsiCo, Inc./NC		2,025		134,359
				411,456
Food & Staples Retailing - 0.4%
Costco Wholesale Corp.		565		51,302
CVS Caremark Corp.		1,680		75,264
Kroger Co. (The)		765		18,536
Safeway, Inc. (b)		345		6,973
SUPERVALU, Inc. (b)		265		1,513
Sysco Corp.		755		22,544
Wal-Mart Stores, Inc.		2,263		138,496
Walgreen Co.		1,145		38,346
Whole Foods Market, Inc.		210		17,472
				370,446
Food Products - 0.3%
Archer-Daniels-Midland Co.		865		27,386
Campbell Soup Co. (b)		225		7,616
ConAgra Foods, Inc.		535		14,049
Dean Foods Co. (a)		230		2,785
General Mills, Inc.		835		32,941
Hershey Co. (The)		200		12,266
HJ Heinz Co.		415		22,223
Hormel Foods Corp.		175		5,166
JM Smucker Co. (The)		145		11,797
Kellogg Co.		315		16,894
Kraft Foods, Inc.-Class A		2,285		86,853
McCormick & Co., Inc./MD		175		9,525
Mead Johnson Nutrition Co.-Class A		260		21,445
Sara Lee Corp.		760		16,363
Tyson Foods, Inc.-Class A		375		7,181
				294,490
Household Products - 0.4%
Clorox Co. (The)		170		11,688
Colgate-Palmolive Co.		625		61,112
Kimberly-Clark Corp.		515		38,053
Procter & Gamble Co. (The)		3,565		239,604
				350,457
Personal Products - 0.0%
Avon Products, Inc.		555		10,745
Estee Lauder Cos., Inc. (The)-Class A		290		17,962
				28,707
Tobacco - 0.4%
Altria Group, Inc.		2,660		82,114
Lorillard, Inc.		180		23,307

Company	Shares		U.S. $ Value
Philip Morris International, Inc.		2,250		199,373
Reynolds American, Inc.		435		18,026
				322,820
				1,778,376
Industrials - 1.8%
Aerospace & Defense - 0.4%
Boeing Co. (The)		960		71,395
General Dynamics Corp.		460		33,755
Goodrich Corp.		160		20,070
Honeywell International, Inc.		1,005		61,355
L-3 Communications Holdings, Inc.		125		8,846
Lockheed Martin Corp.		350		31,451
Northrop Grumman Corp.		340		20,767
Precision Castparts Corp.		190		32,851
Raytheon Co.		450		23,751
Rockwell Collins, Inc.		200		11,512
Textron, Inc.		355		9,880
United Technologies Corp.		1,175		97,455
				423,088
Air Freight & Logistics - 0.2%
CH Robinson Worldwide, Inc.		215		14,080
Expeditors International of Washington, Inc.		270		12,558
FedEx Corp.		415		38,163
United Parcel Service, Inc.-Class B		1,255		101,304
				166,105
Airlines - 0.0%
Southwest Airlines Co.		1,005		8,281
Building Products - 0.0%
Masco Corp.		455		6,083
Commercial Services & Supplies - 0.1%
Avery Dennison Corp.		135		4,068
Cintas Corp.		135		5,281
Iron Mountain, Inc.		235		6,768
Pitney Bowes, Inc. (b)		255		4,483
Republic Services, Inc.-Class A		400		12,224
RR Donnelley & Sons Co. (b)		235		2,912
Stericycle, Inc. (a)		110		9,200
Waste Management, Inc.		595		20,801
				65,737
Construction & Engineering - 0.0%
Fluor Corp.		215		12,909
Jacobs Engineering Group, Inc. (a)		165		7,321
Quanta Services, Inc. (a)		265		5,538
				25,768
Electrical Equipment - 0.1%
Cooper Industries PLC		200		12,790
Emerson Electric Co.		950		49,571
First Solar, Inc. (a)(b)		70		1,754
Rockwell Automation, Inc.		180		14,346

Company	Shares		U.S. $ Value
Roper Industries, Inc.		125		12,395
				90,856
Industrial Conglomerates - 0.5%
3M Co.		905		80,735
Danaher Corp.		740		41,440
General Electric Co.		13,670		274,357
Tyco International Ltd.		595		33,427
				429,959
Machinery - 0.4%
Caterpillar, Inc.		835		88,944
Cummins, Inc.		250		30,010
Deere & Co.		535		43,282
Dover Corp.		235		14,791
Eaton Corp.		435		21,676
Flowserve Corp.		70		8,086
Illinois Tool Works, Inc.		625		35,700
Ingersoll-Rand PLC		405		16,747
Joy Global, Inc.		135		9,923
PACCAR, Inc.		460		21,542
Pall Corp.		145		8,646
Parker Hannifin Corp.		195		16,487
Snap-On, Inc.		70		4,268
Stanley Black & Decker, Inc.		215		16,546
Xylem, Inc.		235		6,521
				343,169
Professional Services - 0.0%
Dun & Bradstreet Corp. (The)		65		5,507
Equifax, Inc.		155		6,860
Robert Half International, Inc.		185		5,606
				17,973
Road & Rail - 0.1%
CSX Corp.		1,360		29,267
Norfolk Southern Corp.		440		28,965
Ryder System, Inc.		65		3,432
Union Pacific Corp.		625		67,175
				128,839
Trading Companies & Distributors - 0.0%
Fastenal Co.		380		20,558
WW Grainger, Inc.		80		17,185
				37,743
				1,743,601
Materials - 0.6%
Chemicals - 0.4%
Air Products & Chemicals, Inc.		270		24,786
Airgas, Inc.		90		8,007
CF Industries Holdings, Inc.		90		16,439
Dow Chemical Co. (The)		1,525		52,826
Eastman Chemical Co.		180		9,304
Ecolab, Inc.		390		24,071
EI du Pont de Nemours & Co.		1,195		63,216
FMC Corp.		90		9,527

Company	Shares		U.S. $ Value
International Flavors & Fragrances, Inc.		100		5,860
Monsanto Co.		690		55,034
Mosaic Co. (The)		380		21,010
PPG Industries, Inc.		200		19,160
Praxair, Inc.		390		44,710
Sherwin-Williams Co. (The)		115		12,497
Sigma-Aldrich Corp.		155		11,324
				377,771
Construction Materials - 0.0%
Vulcan Materials Co. (b)		165		7,051
Containers & Packaging - 0.0%
Ball Corp.		210		9,005
Bemis Co., Inc.		130		4,198
Owens-Illinois, Inc. (a)		210		4,901
Sealed Air Corp.		240		4,634
				22,738
Metals & Mining - 0.2%
Alcoa, Inc.		1,370		13,727
Allegheny Technologies, Inc.		135		5,558
Cliffs Natural Resources, Inc.		180		12,467
Freeport-McMoRan Copper & Gold, Inc.		1,225		46,599
Newmont Mining Corp.		645		33,069
Nucor Corp.		410		17,610
Titanium Metals Corp. (b)		100		1,356
United States Steel Corp. (b)		180		5,287
				135,673
Paper & Forest Products - 0.0%
International Paper Co.		565		19,831
MeadWestvaco Corp.		220		6,950
				26,781
				570,014
Utilities - 0.6%
Electric Utilities - 0.3%
American Electric Power Co., Inc.		625		24,112
Duke Energy Corp.		1,725		36,242
Edison International		415		17,642
Entergy Corp.		225		15,120
Exelon Corp.		1,097		43,013
FirstEnergy Corp.		535		24,391
NextEra Energy, Inc.		545		33,289
Northeast Utilities		230		8,538
Pepco Holdings, Inc.		290		5,478
Pinnacle West Capital Corp.		135		6,466
PPL Corp.		745		21,054
Progress Energy, Inc.		380		20,182
Southern Co. (The)		1,110		49,872
				305,399
Gas Utilities - 0.0%
AGL Resources, Inc.		148		5,805

Company	Shares		U.S. $ Value
Oneok, Inc.		135		11,024
				16,829
Independent Power Producers & Energy Traders - 0.0%
AES Corp. (The) (a)		835		10,914
NRG Energy, Inc. (a)		290		4,544
				15,458
Multi-Utilities - 0.3%
Ameren Corp.		310		10,100
CenterPoint Energy, Inc.		545		10,747
CMS Energy Corp.		320		7,040
Consolidated Edison, Inc.		380		22,200
Dominion Resources, Inc./VA		735		37,639
DTE Energy Co.		220		12,107
Integrys Energy Group, Inc.		100		5,299
NiSource, Inc.		355		8,644
PG&E Corp.		525		22,790
Public Service Enterprise Group, Inc.		655		20,050
SCANA Corp.		145		6,613
Sempra Energy		310		18,588
TECO Energy, Inc.		275		4,826
Wisconsin Energy Corp.		300		10,554
Xcel Energy, Inc.		620		16,411
				213,608
				551,294
Telecommunication Services - 0.5%
Diversified Telecommunication Services - 0.5%
AT&T, Inc.		7,670		239,534
CenturyLink, Inc.		800		30,920
Frontier Communications Corp. (b)		1,280		5,338
Verizon Communications, Inc.		3,665		140,113
Windstream Corp.		745		8,724
				424,629
Wireless Telecommunication Services - 0.0%
Crown Castle International Corp. (a)		320		17,069
MetroPCS Communications, Inc. (a)		375		3,382
Sprint Nextel Corp. (a)		3,880		11,058
				31,509
				456,138
Total Common Stocks (cost $15,250,773)				16,525,801
INVESTMENT COMPANIES - 15.0%
Funds and Investment Trusts - 15.0%
iShares Russell 2000 Index Fund (b)		7,720		639,602
SPDR S&P MidCap 400 ETF Trust (b)		13,870		2,505,893
Vanguard MSCI EAFE ETF		165,000		5,614,950
Vanguard MSCI Emerging Markets ETF		128,610		5,590,677

Company	Shares		U.S. $ Value
Total Investment Companies (cost $13,336,074)				14,351,122
SHORT-TERM INVESTMENTS - 39.8%
Investment Companies - 39.8%
AllianceBernstein Fixed-Income Shares, Inc.- Government STIF Portfolio, 0.09% (c) (cost $38,131,721)		38,131,721		38,131,721
Total Investments Before Security Lending Collateral for Securities Loaned - 98.6% (cost $92,037,657)				94,418,260
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 3.2%
INVESTMENT COMPANIES - 3.2%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (cost $3,068,571)		3,068,571		3,068,571
Total Investments - 101.8% (cost $95,106,228) (d)				97,486,831
Other assets less liabilities-(1.8)% (e)				(1,686,052	)
Net Assets - 100.0%				$    95,800,779

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month	Original Value		Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10YR JGB Mini Futures SGX XSES		4	June 2012	$	688,133	$	686,046	$	(2,087	)
ASX SPI 200 Index Futures		16	June 2012		1,770,780		1,800,307		29,527
CAC 40 Index Futures		13	April 2012		611,190		593,743		(17,447	)
DAX Index Futures		3	June 2012		697,249		696,291		(958	)
EURO STOXX 50 Index Futures		98	June 2012		3,232,519		3,148,625		(83,894	)
FTSE 100 Index Futures		46	June 2012		4,330,148		4,215,597		(114,551	)
German Euro Bobl Futures		1	June 2012		165,700		165,525		(175	)
German Euro Bund Futures		2	June 2012		369,065		369,408		343
Hang Seng Index Futures		5	April 2012		675,975		659,966		(16,009	)
MSCI Emerging Market Mini Futures		9	June 2012		469,365		467,640		(1,725	)
S&P 500 E Mini Index Futures		100	June 2012		6,898,623		7,016,000		117,377
S&P Mid Cap 400 E Mini Index Futures		1	June 2012		98,291		99,230		939
Topix Index Futures		39	June 2012		3,916,595		4,038,057		121,462
U.S. T-Note 10 Yr Futures		9	June 2012		1,172,920		1,165,359		(7,561	)

Type	Number of Contracts		Expiration Month	Original Value		Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
U.S. T-Note 5 Yr Futures		2	June 2012	$	246,331	$	245,078	$	(1,253	)
UK Long Gilt Bond Futures		1	June 2012		184,072		183,159		(913	)
Ultra Long U.S. T-Bond Futures		3	June 2012		462,005		452,906		(9,099)
								$	13,976

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Barclays Bank PLC Wholselale:
Australian Dollar settling 6/15/12		989	$	1,033,381	$	1,016,214	$	(17,167	)
Great British Pound settling 6/15/12		971		1,534,316		1,552,358		18,042
Great British Pound settling 6/15/12		111		176,033		177,458		1,425
Japanese Yen settling 6/15/12		12,442		163,642		150,418		(13,224	)
Credit Suisse London Branch (GFX):
Swiss Franc settling 6/15/12		180		199,364		199,577		213
Deutsche Bank AG London:
Swiss Franc settling 6/15/12		329		360,959		364,783		3,824
HSBC Bank USA:
Euro settling 6/15/12		448		586,938		597,723		10,785
Great British Pound settling
6/15/12		569		903,168		909,672		6,504
Royal Bank of Canada:
Euro settling 6/15/12		368		482,960		490,988		8,028
Royal Bank of Scotland PLC:
Euro settling 6/15/12		372		488,265		496,324		8,059
Euro settling 6/15/12		296		391,427		394,924		3,497
Great British Pound settling 6/15/12		166		260,711		265,387		4,676
Japanese Yen settling 6/15/12		76,949		934,766		930,280		(4,486	)
Swedish Krona settling 6/15/12		536		78,487		80,788		2,301
State Street Bank and Trust Co.:
Australian Dollar settling 6/15/12		96		98,802		98,641		(161	)
Australian Dollar settling 6/15/12		72		75,064		73,982		(1,082	)
Australian Dollar settling 6/15/12		66		69,714		67,816		(1,898	)
Euro settling 6/15/12		93		122,301		124,081		1,780
Euro settling 6/15/12		90		118,940		120,079		1,139
Euro settling 6/15/12		75		99,060		100,065		1,005
Euro settling 6/15/12		57		75,421		76,050		629
Euro settling 6/15/12		99		132,090		132,087		(3	)
Great British Pound settling 6/15/12		63		98,954		100,719		1,765
Great British Pound settling 6/15/12		68		106,960		108,713		1,753
Great British Pound settling 6/15/12		73		115,751		116,707		956
Great British Pound settling 6/15/12		63		99,868		100,720		852
Great British Pound settling 6/15/12		59		93,517		94,324		807
Great British Pound settling 6/15/12		75		119,130		119,904		774
Great British Pound settling 6/15/12		73		115,952		116,707		755

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Great British Pound settling 6/15/12		73	$	116,120	$	116,707	$	587
Great British Pound settling 6/15/12		92		147,102		147,083		(19	)
Japanese Yen settling 6/15/12		7,370		90,611		89,100		(1,511	)
Japanese Yen settling 6/15/12		7,215		94,014		87,226		(6,788	)
Swedish Krona settling 6/15/12		558		82,143		84,104		1,961
Swedish Krona settling 6/15/12		245		35,954		36,927		973
Swedish Krona settling 6/15/12		504		74,995		75,964		969
Swiss Franc settling 6/15/12		93		102,935		103,115		180
UBS AG:
Great British Pound settling 6/15/12		128		203,033		204,637		1,604
Japanese Yen settling 6/15/12		72,269		877,317		873,701		(3,616	)
Swiss Franc settling 6/15/12		148		160,772		164,097		3,325
Sale Contracts:
Royal Bank of Scotland PLC:
Euro settling 6/15/12		710		942,277		947,286		(5,009	)
Japanese Yen settling 6/15/12		122,356		1,486,147		1,479,230		6,917
Japanese Yen settling 6/15/12		23,922		294,533		289,206		5,327
Japanese Yen settling 6/15/12		19,657		242,022		237,645		4,377
State Street Bank and Trust Co.:
Canadian Dollar settling 6/15/12		72		72,124		72,074		50
Canadian Dollar settling 6/15/12		129		128,512		129,133		(621	)
Euro settling 6/15/12		90		118,429		120,078		(1,649	)
Great British Pound settling 6/15/12		59		92,453		94,325		(1,872	)
Japanese Yen settling 6/15/12		10,310		123,856		124,644		(788	)
UBS AG:
Euro settling 6/15/12		642		851,786		856,559		(4,773	)
Westpac Banking Corp:
Australian Dollar settling 6/15/12		594		619,007		610,345		8,662
								$    49,834

TOTAL RETURN SWAP CONTRACTS ON INDICES

Receive/Pay Total Return on Reference Index

Index

# of Shares or Units

Rate Paid/ Received  by the Fund

Notional Amount (000)

Maturity Date

Counterparty

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Index

Receive

FTSE

EPRA/NAREIT

Developed Real

Credit Suisse

Estate index

141

0.36

%

$

437

11/15/12

International

$

(1,456

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

16

1.00

%

50

8/15/12

N.A.

(168

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

13

0.49

%

40

10/15/12

N.A.

(136

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

7

0.48

%

22

6/15/12

N.A.

(73

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

11

0.47

%

34

6/15/12

N.A.

(115

)

Receive/Pay Total Return on Reference Index

Index

# of Shares or Units

Rate Paid/ Received  by the Fund

Notional Amount (000)

Maturity Date

Counterparty

Unrealized Appreciation/ (Depreciation)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

1

0.46

%

$

3

6/15/12

N.A.

$

(10

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

10

0.47

%

31

7/16/12

N.A.

(105

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

8

0.47

%

25

7/16/12

N.A.

(84

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

6

0.47

%

19

7/16/12

N.A.

(63

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

6

0.47

%

19

7/16/12

N.A.

(63

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

5

0.47

%

15

7/16/12

N.A.

(52

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

5

0.47

%

15

7/16/12

N.A.

(52

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

9

0.46

%

28

7/16/12

N.A.

(94

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

29

1.00

%

90

8/15/12

N.A.

(304

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

20

0.49

%

62

8/15/12

N.A.

(210

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

14

0.49

%

43

8/15/12

N.A.

(147

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

14

0.49

%

43

8/15/12

N.A.

(147

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

7

1.00

%

22

8/15/12

N.A.

(73

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

14

0.49

%

43

9/17/12

N.A.

(147

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

14

0.49

%

43

9/17/12

N.A.

(147

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

13

0.49

%

40

9/17/12

N.A.

(136

)

Receive/Pay Total Return on Reference Index

Index

# of Shares or Units

Rate Paid/ Received by the Fund

Notional Amount (000)

Maturity Date

Counterparty

Unrealized Appreciation/ (Depreciation)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

11

1.00

%

$

34

9/17/12

N.A.

$

(115

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

7

1.00

%

22

9/17/12

N.A.

(73

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

29

0.49

%

90

10/15/12

N.A.

(304

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

16

0.49

%

50

10/15/12

N.A.

(168

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

16

0.49

%

50

10/15/12

N.A.

(168

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

15

0.49

%

46

10/15/12

N.A.

(157

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

10

0.49

%

31

10/15/12

N.A.

(105

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

50

0.49

%

155

11/15/12

N.A.

(524

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

35

0.49

%

108

11/15/12

N.A.

(367

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

21

0.49

%

65

11/15/12

N.A.

(220

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

14

0.49

%

43

11/15/12

N.A.

(147

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

9

0.47

%

28

11/15/12

N.A.

(94

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

38

0.49

%

118

12/17/12

N.A.

(398

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

31

0.49

%

96

12/17/12

N.A.

(325

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

23

0.49

%

71

12/17/12

N.A.

(241

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

22

0.49

%

68

12/17/12

N.A.

(230

)

Receive/Pay Total Return on Reference Index

Index

# of Shares or Units

Rate Paid/ Received by the Fund

Notional Amount (000)

Maturity Date

Counterparty

Unrealized Appreciation/ (Depreciation)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

19

0.49

%

$

59

12/17/12

N.A.

$

(199

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

19

0.49

%

59

12/17/12

N.A.

(199

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

18

0.49

%

56

12/17/12

N.A.

(189

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

18

0.49

%

56

12/17/12

N.A.

(189

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

8

0.49

%

25

12/17/12

N.A.

(84

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

66

0.49

%

205

1/15/13

N.A.

(691

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

21

0.56

%

65

2/15/13

N.A.

(222

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

89

0.56

%

276

3/15/13

N.A.

(939

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

48

0.56

%

149

3/15/13

N.A.

(507

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

42

0.56

%

130

3/15/13

N.A.

(443

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

38

0.56

%

118

3/15/13

N.A.

(401

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

28

0.56

%

87

3/15/13

N.A.

(295

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

21

0.56

%

65

3/15/13

N.A.

(222

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

32

0.58

%

99

4/15/13

N.A.

85

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

20

0.58

%

62

4/15/13

N.A.

(462

)

Receive

FTSE

EPRA/NAREIT

JPMorgan

Developed Real

Chase Bank,

Estate index

70

0.58

%

216

4/15/13

N.A.

319

Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid/ Received by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive	FTSE
	EPRA/NAREIT										JPMorgan
	Developed Real										Chase Bank,
	Estate index		69		1.00	%	$	213		4/15/13	N.A.	$	(126	)
Receive	Russell 2000										JPMorgan
	Total Return										Chase Bank,
	index		40		0.49	%		124		1/15/13	N.A.		(419	)
Receive	Russell 2000										JPMorgan
	Total Return										Chase Bank,
	index		30		0.24	%		113		3/15/13	N.A.		(41	)
Receive	FTSE										Morgan
	EPRA/NAREIT										Stanley
	Developed Real										Capital
	Estate index		19		0.24	%		59		4/15/13	Services Inc.		(597	)
Receive	FTSE
	EPRA/NAREIT
	Developed Real
	Estate index		233		0.44	%		722		4/16/12	UBS AG		(2,428	)
Receive	FTSE
	EPRA/NAREIT
	Developed Real
	Estate index		11		0.47	%		34		6/15/12	UBS AG		(115	)
Receive	FTSE
	EPRA/NAREIT
	Developed Real
	Estate index		8		0.47	%		25		6/15/12	UBS AG		(84	)
Receive	FTSE
	EPRA/NAREIT
	Developed Real
	Estate index		33		0.44	%		102		10/15/12	UBS AG		(344	)
Receive	FTSE
	EPRA/NAREIT
	Developed Real
	Estate index		23		0.54	%		71		2/15/13	UBS AG		(242	)
Receive	Russell 2000
	Total Return
	index		476		0.24	%		1,796		2/15/13	UBS AG		(543	)
Receive	Russell 2000
	Total Return
	index		11		0.24	%		42		2/15/13	UBS AG		(15	)
												$	(17,010	)

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,600,416 and gross unrealized depreciation of investments was $(219,813), resulting in net unrealized appreciation of $2,380,603.

(e) An amount of U.S. $1,258,568 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2012.

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:

EPRA	-	European Public Real Estate Association
FTSE	-	Financial Times Stock Exchange
NAREIT	-	National Association of Real Estate Investments Trust
REIT	-	Real Estate Investment Trust

AllianceBernstein Variable Products Series Fund

Dynamic Asset Allocation Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

$

– 0

–

$

25,409,616

$

– 0

–

$

25,409,616

Common Stocks*

16,525,801

– 0

–

– 0

–

16,525,801

Investment Companies

5,590,677

8,760,445

– 0

–

14,351,122

Short-Term Investments

38,131,721

– 0

–

– 0

–

38,131,721

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

3,068,571

– 0

–

– 0

–

3,068,571

Total Investments in Securities

63,316,770

34,170,061

– 0

–

97,486,831

Other Financial Instruments** :

Assets:

Futures Contracts

269,648

– 0

–

– 0

–

269,648

Forward Currency Exchange Contracts

– 0

–

114,501

– 0

–

114,501

Total Return Swap Contracts

– 0

–

404

– 0

–

404

Liabilities:

Futures Contracts

(255,672

)

– 0

–

– 0

–

(255,672

)

Forward Currency Exchange Contracts

– 0

–

(64,667

)

– 0

–

(64,667

)

Total Return Swap Contracts

– 0

–

(17,414

)

– 0

–

(17,414

)

Total

$

63,330,746

$

34,202,885

$

– 0

–

$

97,533,631

* See Portfolio of Investments for sector classifications.

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Information Technology - 24.5%
Communications Equipment - 4.3%
F5 Networks, Inc. (a)		12,420	$	1,676,203
Juniper Networks, Inc. (a)		104,237		2,384,942
QUALCOMM, Inc.		38,590		2,624,892
				6,686,037
Computers & Peripherals - 5.3%
Apple, Inc. (a)		3,160		1,894,325
Fusion-io, Inc. (a)(b)		105,317		2,992,056
Silicon Graphics International Corp. (a)(b)		359,957		3,484,384
				8,370,765
Internet Software & Services - 6.9%
Bazaarvoice, Inc. (a)		90,065		1,789,591
Cornerstone OnDemand, Inc. (a)(b)		77,909		1,701,533
LinkedIn Corp. (a)		23,736		2,420,835
MercadoLibre, Inc.		16,620		1,625,270
Rackspace Hosting, Inc. (a)		35,932		2,076,510
Yelp, Inc. (a)(b)		47,805		1,285,476
				10,899,215
Semiconductors & Semiconductor Equipment - 3.0%
NVIDIA Corp. (a)		200,658		3,088,127
Samsung Electronics Co., Ltd.		1,465		1,652,599
				4,740,726
Software - 5.0%
Citrix Systems, Inc. (a)		21,600		1,704,456
Intuit, Inc.		27,180		1,634,334
Red Hat, Inc. (a)		31,070		1,860,782
Salesforce.com, Inc. (a)		16,920		2,614,309
				7,813,881
				38,510,624
Financials - 19.1%
Capital Markets - 4.7%
Blackstone Group LP		174,470		2,781,052
CETIP SA - Mercados Organizados		47,000		780,136
CITIC Securities Co., Ltd. (a)(b)		1,033,800		2,075,236
Greenhill & Co., Inc.		38,881		1,696,767
				7,333,191
Commercial Banks - 3.4%
BOC Hong Kong Holdings Ltd.		651,500		1,797,827
Siam Commercial Bank PCL		347,500		1,616,410
Standard Chartered PLC		78,660		1,964,270
				5,378,507

Company	Shares		U.S. $ Value
Consumer Finance - 2.2%
Green Dot Corp. (a)(b)		128,283		3,402,065
Diversified Financial Services - 1.4%
Citigroup, Inc.		59,500		2,174,725
Insurance - 1.3%
AIA Group Ltd.		534,600		1,962,579
Real Estate Investment Trusts (REITs) - 1.2%
Weyerhaeuser Co.		86,777		1,902,152
Real Estate Management & Development - 4.9%
Ciputra Development Tbk PT		21,344,000		1,685,074
Guangzhou R&F Properties Co., Ltd. (b)		1,333,200		1,626,991
Hang Lung Properties Ltd.		486,000		1,789,310
Sun Hung Kai Properties Ltd.		214,000		2,662,873
				7,764,248
				29,917,467
Consumer Discretionary - 14.2%
Automobiles - 2.1%
Tesla Motors, Inc. (a)(b)		43,137		1,606,422
Toyota Motor Corp. (Sponsored ADR)		18,820		1,633,952
				3,240,374
Diversified Consumer Services - 0.8%
New Oriental Education & Technology Group (ADR) (a)		47,280		1,298,309
Hotels, Restaurants & Leisure - 1.7%
Ctrip.com International Ltd. (ADR) (a)(b)		124,720		2,698,941
Household Durables - 1.8%
Rinnai Corp.		39,400		2,849,578
Internet & Catalog Retail - 3.6%
Amazon.com, Inc. (a)		28,020		5,674,330
Specialty Retail - 3.4%
L’Occitane International SA		1,004,000		2,393,752
Zhongsheng Group Holdings Ltd. (b)		1,513,500		2,970,002
				5,363,754
Textiles, Apparel & Luxury Goods - 0.8%
Burberry Group PLC		51,320		1,230,360
				22,355,646
Energy - 12.2%
Energy Equipment & Services - 7.3%
Halliburton Co.		109,690		3,640,611
Heckmann Corp. (a)(b)		382,920		1,650,385
Nabors Industries Ltd. (a)		152,860		2,673,521
National Oilwell Varco, Inc.		22,150		1,760,261
Saipem SpA		32,370		1,672,409
				11,397,187

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 4.9%
Cameco Corp. (b)		111,113		2,385,011
Denbury Resources, Inc. (a)		123,680		2,254,687
Kinder Morgan, Inc./Delaware (b)		39,796		1,538,115
Santos Ltd.		107,080		1,581,170
				7,758,983
				19,156,170
Health Care - 9.7%
Biotechnology - 2.8%
Cepheid, Inc. (a)		36,145		1,511,945
Genomic Health, Inc. (a)		67,114		2,054,360
Seegene, Inc. (a)		12,590		780,706
				4,347,011
Health Care Equipment & Supplies - 1.1%
Given Imaging Ltd. (a)		91,528		1,714,320
Health Care Technology - 1.0%
athenahealth, Inc. (a)(b)		21,312		1,579,645
Life Sciences Tools & Services - 4.3%
Covance, Inc. (a)		46,660		2,222,416
Illumina, Inc. (a)(b)		85,845		4,516,305
				6,738,721
Pharmaceuticals - 0.5%
Roche Holding AG		4,540		790,098
				15,169,795
Materials - 9.4%
Chemicals - 4.1%
Dow Chemical Co. (The)		44,480		1,540,787
LG Chem Ltd.		6,300		2,062,550
Monsanto Co.		19,680		1,569,677
Stella Chemifa Corp.		35,600		855,930
Umicore SA		7,810		430,462
				6,459,406
Metals & Mining - 5.3%
Freeport-McMoRan Copper & Gold, Inc.		60,930		2,317,777
Goldcorp, Inc.		40,450		1,823,282
Ivanhoe Mines Ltd./CA (a)		147,194		2,315,378
Mongolian Mining Corp. (a)		1,888,500		1,797,310
				8,253,747
				14,713,153
Industrials - 7.7%
Construction & Engineering - 1.0%
Shaw Group, Inc. (The) (a)		50,550		1,602,940
Electrical Equipment - 3.1%
A123 Systems, Inc. (a)(b)		1,199,814		1,343,792

Company	Shares		U.S. $ Value
Babcock & Wilcox Co. (The) (a)		70,790		1,822,842
Polypore International, Inc. (a)(b)		49,210		1,730,224
				4,896,858
Machinery - 2.3%
FANUC Corp.		10,900		1,952,355
Weir Group PLC (The)		59,400		1,675,628
				3,627,983
Road & Rail - 1.3%
Zipcar, Inc. (a)(b)		131,841		1,952,565
				12,080,346
Telecommunication Services - 1.4%
Wireless Telecommunication Services - 1.4%
America Movil SAB de CV Series L (ADR)		65,600		1,628,848
Tower Bersama Infrastructure Tbk PT		1,749,500		565,499
				2,194,347
Consumer Staples - 0.3%
Food Products - 0.3%
Besunyen Holdings Co., Ltd.		5,698,000		517,173
Total Common Stocks (cost $147,928,831)				154,614,721
	Contracts
OPTIONS PURCHASED - CALLS - 0.0%
Options on Funds and Investment Trusts - 0.0%
Market Vectors JR Gold Miners Expiration: Jan 2013, Exercise Price: $44.63 (a)(c) (cost $1,626,045)		2,000		75,000
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.7%
Time Deposit - 0.7%
State Street Time Deposit 0.01%, 4/02/12 (cost $1,032,689)	U.S.$	1,033		1,032,689
Total Investments Before Security Lending Collateral for Securities Loaned - 99.2% (cost $150,587,565)				155,722,410
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 23.5%
Investment Companies - 23.5%
AllianceBernstein Exchange Reserves - Class I, 0.22% (d) (cost $36,793,906)		36,793,906		36,793,906

	U.S. $ Value
Total Investments - 122.7% (cost $187,381,471) (e)		192,516,316
Other assets less liabilities - (22.7)%		(35,554,538	)
Net Assets - 100.0%	$	156,961,778

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America N.A:
Canadian Dollar settling 4/16/12		4,248	$	4,139,947	$	4,257,684	$	117,737
Euro settling 4/16/12		6,469		8,234,067		8,628,180		394,113
Great British Pound settling 4/16/12		8,891		13,680,404		14,219,968		539,564
Citibank N.A:
Euro settling 4/16/12		2,346		3,081,710		3,129,032		47,322
Westpac Banking Corp.:
Australian Dollar settling 4/16/12		3,715		3,763,741		3,842,521		78,780
Sale Contracts
Westpac Banking Corp.:
Japanese Yen settling 4/16/12		69,323		900,942		837,627		63,315
							$	1,240,831

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

(c) One contract relates to 100 shares.

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

(e) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $19,378,268 and gross unrealized depreciation of investments was $(14,243,423), resulting in net unrealized appreciation of $5,134,845.

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

Glossary:

ADR - American Depositary Receipt

COUNTRY BREAKDOWN*

March 31, 2012 (unaudited)

60.2%	United States
7.2%	China
5.3%	Hong Kong
4.7%	Japan
4.2%	Canada
3.1%	United Kingdom
2.9%	South Korea
1.5%	Luxembourg
1.4%	Indonesia
1.2%	Mongolia
1.1%	Israel
1.1%	Italy
1.0%	Mexico
4.4%	Other
0.7%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2012. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.0% or less in the following countries: Argentina, Australia, Belgium, Brazil, Switzerland and Thailand.

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

36,858,025

$

1,652,599

$

– 0

–

$

38,510,624

Financials

12,736,897

17,180,570

– 0

–

29,917,467

Consumer Discretionary

12,911,954

9,443,692

– 0

–

22,355,646

Energy

15,902,591

3,253,579

– 0

–

19,156,170

Health Care

13,598,991

1,570,804

– 0

–

15,169,795

Materials

9,566,901

5,146,252

– 0

–

14,713,153

Industrials

8,452,363

3,627,983

– 0

–

12,080,346

Telecommunication Services

1,628,848

565,499

– 0

–

2,194,347

Consumer Staples

– 0

–

517,173

– 0

–

517,173

Options Purchased - Calls

– 0

–

75,000

– 0

–

75,000

Short-Term Investments

– 0

–

1,032,689

– 0

–

1,032,689

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

36,793,906

– 0

–

– 0

–

36,793,906

Total Investments in Securities

148,450,476

44,065,840

+

– 0

–

192,516,316

Other Financial Instruments* :

Assets:

Forward Currency Exchange Contracts

– 0

–

1,240,831

– 0

–

1,240,831

Liabilities:

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

148,450,476

$

45,306,671

$

– 0

–

$

193,757,147

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

+ A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Growth Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.0%
Information Technology - 31.3%
Communications Equipment - 5.0%
Cisco Systems, Inc.		60,990	$	1,289,939
Juniper Networks, Inc. (a)		12,150		277,992
QUALCOMM, Inc.		39,760		2,704,475
				4,272,406
Computers & Peripherals - 8.6%
Apple, Inc. (a)		12,270		7,355,497
Internet Software & Services - 2.9%
Google, Inc.-Class A (a)		3,890		2,494,423
IT Services - 1.2%
Visa, Inc.-Class A		8,670		1,023,060
Semiconductors & Semiconductor Equipment - 6.7%
ARM Holdings PLC (Sponsored ADR)		27,240		770,620
Broadcom Corp.-Class A (a)		28,260		1,110,618
Lam Research Corp. (a)		10,060		448,877
LSI Corp. (a)		53,080		460,735
Marvell Technology Group Ltd. (a)		87,210		1,371,813
NVIDIA Corp. (a)		31,970		492,018
Xilinx, Inc.		31,630		1,152,281
				5,806,962
Software - 6.9%
Intuit, Inc.		27,030		1,625,314
Oracle Corp.		84,600		2,466,936
Red Hat, Inc. (a)		14,630		876,190
TIBCO Software, Inc. (a)		31,100		948,550
				5,916,990
				26,869,338
Consumer Discretionary - 18.2%
Auto Components - 0.6%
BorgWarner, Inc. (a)		5,600		472,304
Automobiles - 1.2%
Harley-Davidson, Inc.		21,240		1,042,459
Hotels, Restaurants & Leisure - 4.8%
Las Vegas Sands Corp.		12,600		725,382
McDonald’s Corp.		14,775		1,449,427
Starbucks Corp.		17,640		985,900
Starwood Hotels & Resorts Worldwide, Inc.		9,100		513,331
Yum! Brands, Inc.		6,700		476,906
				4,150,946
Household Durables - 0.5%
Tempur-Pedic International, Inc. (a)		5,210		439,881
Internet & Catalog Retail - 2.7%
Amazon.com, Inc. (a)		5,000		1,012,550

Company	Shares		U.S. $ Value
priceline.com, Inc. (a)		1,838		1,318,765
				2,331,315
Media - 2.3%
CBS Corp.-Class B		27,460		931,169
Walt Disney Co. (The)		23,890		1,045,904
				1,977,073
Specialty Retail - 2.9%
Bed Bath & Beyond, Inc. (a)		13,460		885,264
GNC Holdings, Inc.		12,420		433,334
Home Depot, Inc. (The)		23,020		1,158,136
				2,476,734
Textiles, Apparel & Luxury Goods - 3.2%
Coach, Inc.		15,275		1,180,452
NIKE, Inc.-Class B		7,120		772,093
PVH Corp.		8,598		768,059
				2,720,604
				15,611,316
Health Care - 15.1%
Biotechnology - 1.8%
Gilead Sciences, Inc. (a)		27,070		1,322,370
Synageva BioPharma Corp. (a) (b)		4,920		176,480
				1,498,850
Health Care Equipment & Supplies - 5.2%
Baxter International, Inc.		9,750		582,855
Covidien PLC		19,130		1,046,028
HeartWare International, Inc. (a) (b)		10,120		664,783
St Jude Medical, Inc.		8,460		374,863
Stryker Corp.		22,700		1,259,396
Volcano Corp. (a)		18,760		531,846
				4,459,771
Health Care Providers & Services - 5.4%
Cardinal Health, Inc.		11,820		509,560
HMS Holdings Corp. (a)		15,320		478,137
Humana, Inc.		4,920		455,002
McKesson Corp.		17,180		1,507,889
Mednax, Inc. (a)		6,050		449,938
UnitedHealth Group, Inc.		21,350		1,258,369
				4,658,895
Pharmaceuticals - 2.7%
Allergan, Inc./United States		10,070		960,980
Perrigo Co.		3,010		310,963
Watson Pharmaceuticals, Inc. (a)		15,550		1,042,783
				2,314,726
				12,932,242

Company	Shares		U.S. $ Value
Energy - 10.9%
Energy Equipment & Services - 4.6%
Halliburton Co.		24,480		812,491
National Oilwell Varco, Inc.		6,105		485,164
Saipem SpA		9,625		497,280
Schlumberger Ltd.		21,575		1,508,740
Technip SA		5,475		646,514
				3,950,189
Oil, Gas & Consumable Fuels - 6.3%
Anadarko Petroleum Corp.		8,650		677,641
EOG Resources, Inc.		6,915		768,256
Exxon Mobil Corp.		29,600		2,567,208
Noble Energy, Inc.		7,325		716,238
Occidental Petroleum Corp.		6,750		642,803
				5,372,146
				9,322,335
Industrials - 10.6%
Aerospace & Defense - 3.5%
Boeing Co. (The)		19,130		1,422,698
United Technologies Corp.		19,180		1,590,789
				3,013,487
Air Freight & Logistics - 2.0%
FedEx Corp.		3,870		355,885
United Parcel Service, Inc.-Class B		17,340		1,399,685
				1,755,570
Electrical Equipment - 2.1%
AMETEK, Inc.		15,650		759,182
Emerson Electric Co.		19,150		999,247
				1,758,429
Industrial Conglomerates - 2.1%
Danaher Corp.		32,640		1,827,840
Machinery - 0.9%
Gardner Denver, Inc.		5,420		341,568
Parker Hannifin Corp.		4,650		393,158
				734,726
				9,090,052
Consumer Staples - 7.3%
Beverages - 0.8%
Coca-Cola Enterprises, Inc.		24,290		694,694
Food & Staples Retailing - 0.3%
CVS Caremark Corp.		5,720		256,256
Food Products - 1.6%
General Mills, Inc.		13,870		547,171
Kraft Foods, Inc.-Class A		21,210		806,192
				1,353,363
Tobacco - 4.6%
Altria Group, Inc.		47,360		1,462,003

Company	Shares		U.S. $ Value
Philip Morris International, Inc.		28,270		2,505,005
				3,967,008
				6,271,321
Financials - 3.9%
Commercial Banks - 1.1%
Wells Fargo & Co.		28,360		968,210
Diversified Financial Services - 1.5%
CME Group, Inc.-Class A		1,920		555,514
IntercontinentalExchange, Inc. (a)		5,140		706,339
				1,261,853
Insurance - 1.3%
AON Corp.		7,120		349,307
MetLife, Inc.		10,540		393,669
Prudential Financial, Inc.		6,610		419,008
				1,161,984
				3,392,047
Materials - 1.7%
Chemicals - 1.7%
Monsanto Co.		10,760		858,218
Potash Corp. of Saskatchewan, Inc.		13,190		602,651
				1,460,869
Total Common Stocks (cost $67,498,273)				84,949,520
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.9%
Time Deposit - 1.9%
State Street Time Deposit 0.01%, 4/02/12 (cost $1,642,713)	$	1,643		1,642,713
Total Investments Before Security Lending Collateral for Securities Loaned - 100.9% (cost $69,140,986)				86,592,233
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 1.0%
Investment Companies - 1.0%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (cost $869,040)		869,040		869,040

Company	Shares	U.S. $ Value
Total Investments - 101.9% (cost $70,010,026) (d)			87,461,273
Other assets less liabilities - (1.9)%			(1,667,060	)
Net Assets - 100.0%		$	85,794,213

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $18,059,189 and gross unrealized depreciation of investments was $(607,942), resulting in net unrealized appreciation of $17,451,247.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Growth Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

26,869,338

$

– 0

–

$

– 0

–

$

26,869,338

Consumer Discretionary

15,611,316

– 0

–

– 0

–

15,611,316

Health Care

12,932,242

– 0

–

– 0

–

12,932,242

Energy

8,178,541

1,143,794

– 0

–

9,322,335

Industrials

9,090,052

– 0

–

– 0

–

9,090,052

Consumer Staples

6,271,321

– 0

–

– 0

–

6,271,321

Financials

3,392,047

– 0

–

– 0

–

3,392,047

Materials

1,460,869

– 0

–

– 0

–

1,460,869

Short-Term Investments

– 0

–

1,642,713

– 0

–

1,642,713

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

869,040

– 0

–

– 0

–

869,040

Total Investments in Securities

84,674,766

2,786,507

– 0

–

87,461,273

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

84,674,766

$

2,786,507

$

– 0

–

$

87,461,273

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Growth & Income Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.6%
Information Technology - 16.7%
Communications Equipment - 1.3%
Cisco Systems, Inc.		562,310	$	11,892,857
Computers & Peripherals - 2.6%
Apple, Inc. (a)		41,710		25,003,894
IT Services - 2.1%
Accenture PLC		56,443		3,640,573
Amdocs Ltd. (a)		268,390		8,475,756
Global Payments, Inc.		160,410		7,614,663
				19,730,992
Semiconductors & Semiconductor Equipment - 3.7%
Lam Research Corp. (a)		177,400		7,915,588
Marvell Technology Group Ltd. (a)		1,014,948		15,965,132
Xilinx, Inc.		305,630		11,134,101
				35,014,821
Software - 7.0%
Activision Blizzard, Inc.		658,753		8,445,214
Adobe Systems, Inc. (a)		206,330		7,079,182
CA, Inc.		209,870		5,784,017
Cadence Design Systems, Inc. (a)		697,220		8,255,085
Microsoft Corp.		747,560		24,108,810
Oracle Corp.		444,970		12,975,325
				66,647,633
				158,290,197
Financials - 16.2%
Capital Markets - 1.4%
BlackRock, Inc.-Class A		28,630		5,866,287
Goldman Sachs Group, Inc. (The)		61,420		7,638,805
				13,505,092
Commercial Banks - 4.1%
Fifth Third Bancorp		255,130		3,584,576
PNC Financial Services Group, Inc.		115,620		7,456,334
Wells Fargo & Co.		808,250		27,593,655
				38,634,565
Consumer Finance - 0.6%
Capital One Financial Corp.		100,020		5,575,115
Diversified Financial Services - 4.8%
IntercontinentalExchange, Inc. (a)		90,870		12,487,356
JPMorgan Chase & Co.		705,550		32,441,189
				44,928,545
Insurance - 5.3%
ACE Ltd.		247,570		18,122,124
Axis Capital Holdings Ltd.		167,101		5,542,740
Hartford Financial Services Group, Inc.		168,500		3,551,980
MetLife, Inc.		420,262		15,696,786

Company	Shares		U.S. $ Value
Travelers Cos., Inc. (The)		125,790		7,446,768
				50,360,398
				153,003,715
Health Care - 15.4%
Biotechnology - 2.5%
Amgen, Inc.		225,932		15,361,117
Gilead Sciences, Inc. (a)		173,820		8,491,107
				23,852,224
Health Care Equipment & Supplies - 1.2%
St Jude Medical, Inc.		179,199		7,940,308
Zimmer Holdings, Inc.		56,230		3,614,464
				11,554,772
Health Care Providers & Services - 6.2%
Cardinal Health, Inc.		171,520		7,394,227
Humana, Inc.		39,594		3,661,653
McKesson Corp.		158,430		13,905,401
UnitedHealth Group, Inc.		576,400		33,973,016
				58,934,297
Pharmaceuticals - 5.5%
Abbott Laboratories		106,900		6,551,901
Forest Laboratories, Inc. (a)		164,230		5,697,139
Johnson & Johnson		103,190		6,806,412
Merck & Co., Inc.		442,839		17,005,018
Pfizer, Inc.		679,970		15,408,120
				51,468,590
				145,809,883
Industrials - 15.1%
Aerospace & Defense - 2.6%
L-3 Communications Holdings, Inc.		74,360		5,262,457
Raytheon Co.		357,050		18,845,099
				24,107,556
Commercial Services & Supplies - 1.1%
Copart, Inc. (a)		176,640		4,605,005
Corrections Corp. of America (a)		210,770		5,756,128
				10,361,133
Construction & Engineering - 1.2%
Foster Wheeler AG (a)		290,589		6,613,806
URS Corp.		118,450		5,036,494
				11,650,300
Electrical Equipment - 1.5%
AMETEK, Inc.		134,100		6,505,191
Hubbell, Inc.-Class B		94,100		7,394,378
				13,899,569

Company	Shares		U.S. $ Value
Industrial Conglomerates - 3.3%
General Electric Co.		1,571,940		31,548,836
Machinery - 3.4%
Actuant Corp.-Class A		222,080		6,438,099
Dover Corp.		207,750		13,075,785
Gardner Denver, Inc.		205,990		12,981,490
				32,495,374
Professional Services - 1.4%
Towers Watson & Co.		198,880		13,140,001
Road & Rail - 0.6%
Norfolk Southern Corp.		91,702		6,036,743
				143,239,512
Energy - 10.4%
Energy Equipment & Services - 3.6%
Diamond Offshore Drilling, Inc. (b)		212,840		14,207,070
Helmerich & Payne, Inc.		60,740		3,276,923
National Oilwell Varco, Inc.		214,297		17,030,183
				34,514,176
Oil, Gas & Consumable Fuels - 6.8%
Chevron Corp.		255,140		27,361,213
Devon Energy Corp.		117,780		8,376,514
Exxon Mobil Corp.		204,570		17,742,356
Occidental Petroleum Corp.		114,200		10,875,266
				64,355,349
				98,869,525
Consumer Discretionary - 10.3%
Automobiles - 0.8%
Harley-Davidson, Inc.		150,030		7,363,472
Internet & Catalog Retail - 1.7%
Liberty Interactive Corp. (a)		868,845		16,586,251
Media - 6.7%
Comcast Corp.-Class A		537,370		16,126,474
DISH Network Corp.-Class A		187,280		6,167,130
Liberty Media Corp.-Liberty Capital (a)		74,158		6,537,028
Scripps Networks Interactive, Inc.-Class A		294,880		14,357,707
Time Warner, Inc.		103,406		3,903,576
Viacom, Inc.-Class B		335,060		15,901,948
				62,993,863
Specialty Retail - 1.1%
Bed Bath & Beyond, Inc. (a)		96,130		6,322,470
Lowe’s Cos., Inc.		124,780		3,915,597
				10,238,067
				97,181,653
Consumer Staples - 5.9%
Food & Staples Retailing - 2.6%
CVS Caremark Corp.		483,107		21,643,193

Company	Shares		U.S. $ Value
Kroger Co. (The)		141,878		3,437,704
				25,080,897
Food Products - 0.9%
Smithfield Foods, Inc. (a)		378,030		8,328,001
Tobacco - 2.4%
Lorillard, Inc.		112,751		14,599,000
Philip Morris International, Inc.		88,310		7,825,149
				22,424,149
				55,833,047
Materials - 2.8%
Chemicals - 0.6%
CF Industries Holdings, Inc.		29,600		5,406,440
Metals & Mining - 1.5%
Newmont Mining Corp.		281,500		14,432,505
Paper & Forest Products - 0.7%
Domtar Corp.		67,530		6,441,011
				26,279,956
Utilities - 2.5%
Electric Utilities - 0.9%
Exelon Corp.		207,380		8,131,370
Multi-Utilities - 1.6%
Ameren Corp.		258,530		8,422,908
Public Service Enterprise Group, Inc.		221,140		6,769,095
				15,192,003
				23,323,373
Telecommunication Services - 2.3%
Diversified Telecommunication Services - 2.3%
AT&T, Inc.		481,610		15,040,680
Verizon Communications, Inc.		185,750		7,101,223
				22,141,903
Total Common Stocks (cost $762,355,093)				923,972,764
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.8%
Time Deposit - 3.8%
State Street Time Deposit 0.01%, 4/02/12 (cost $35,286,692)	$	35,287		35,286,692

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 101.4% (cost $797,641,785)				959,259,456
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 1.5%
Investment Companies - 1.5%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (cost $14,419,910)		14,419,910		14,419,910
Total Investments - 102.9% (cost $812,061,695) (d)				973,679,366
Other assets less liabilities - (2.9)%				(27,124,798	)
Net Assets - 100.0%			$	946,554,568

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $169,120,650 and gross unrealized depreciation of investments was $(7,502,979), resulting in net unrealized appreciation of $161,617,671.

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

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

923,972,764

$

– 0

–

$

– 0

–

$

923,972,764

Short-Term Investments

– 0

–

35,286,692

– 0

–

35,286,692

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

14,419,910

– 0

–

– 0

–

14,419,910

Total Investments in Securities

938,392,674

35,286,692

– 0

–

973,679,366

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

938,392,674

$

35,286,692

$

– 0

–

$

973,679,366

* See Portfolio of Investments for sector classifications.

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 27.9%
Industrial - 12.4%
Basic - 1.2%
Alcoa, Inc.
5.40%, 4/15/21	U.S.$	66	$	68,199
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20		250		255,000
ArcelorMittal
6.125%, 6/01/18		280		294,198
Dow Chemical Co. (The)
4.125%, 11/15/21		85		87,443
5.25%, 11/15/41		80		82,633
7.60%, 5/15/14		81		91,717
8.55%, 5/15/19		143		187,404
International Paper Co.
7.95%, 6/15/18		196		246,289
Teck Resources Ltd.
4.75%, 1/15/22		134		141,861
				1,454,744
Capital Goods - 0.6%
Holcim US Finance Sarl & Cie SCS
6.00%, 12/30/19 (a)		41		42,357
Owens Corning
6.50%, 12/01/16		265		294,407
Republic Services, Inc.
5.25%, 11/15/21		150		171,031
5.50%, 9/15/19		230		266,155
				773,950
Communications - Media - 2.5%
CBS Corp.
3.375%, 3/01/22		251		242,295
5.75%, 4/15/20		83		95,402
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		280		405,910
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.50%, 3/01/16		95		99,774
3.80%, 3/15/22 (a)		165		163,359
4.75%, 10/01/14		160		173,910
Interpublic Group of Cos., Inc. (The)
4.00%, 3/15/22		32		31,335
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		320		403,458
TCI Communications, Inc.
7.875%, 2/15/26		210		273,109
Time Warner Cable, Inc.
7.50%, 4/01/14		145		163,207
Time Warner Entertainment Co. LP
8.375%, 3/15/23		371		493,497
Virgin Media Secured Finance PLC
5.25%, 1/15/21		200		215,002
WPP Finance UK
8.00%, 9/15/14		315		361,154
				3,121,412

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications - 1.3%
American Tower Corp.
5.05%, 9/01/20		340		351,322
AT&T Corp.
8.00%, 11/15/31		20		28,095
AT&T, Inc.
4.45%, 5/15/21		177		195,426
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (a)		320		302,300
Telecom Italia Capital SA
6.175%, 6/18/14		355		373,637
6.375%, 11/15/33		40		36,000
Telefonica Emisiones SAU
5.462%, 2/16/21		120		116,660
United States Cellular Corp.
6.70%, 12/15/33		195		189,701
				1,593,141
Consumer Cyclical - Automotive - 0.3%
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (a)		300		327,088
Consumer Cyclical - Entertainment - 0.8%
Time Warner, Inc.
7.625%, 4/15/31		390		499,339
Viacom, Inc.
5.625%, 9/15/19		375		433,537
				932,876
Consumer Cyclical - Other - 0.3%
Marriott International, Inc./DE Series J
5.625%, 2/15/13		372		386,336
Consumer Cyclical - Retailers - 0.2%
CVS Caremark Corp.
6.60%, 3/15/19		180		222,038
Consumer Non-Cyclical - 0.9%
Ahold Finance USA LLC
6.875%, 5/01/29		290		354,093
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		206		219,039
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (a)		350		370,045
Delhaize Group SA
5.875%, 2/01/14		105		112,905
Whirlpool Corp.
8.60%, 5/01/14		55		61,708
				1,117,790
Energy - 2.4%
Anadarko Petroleum Corp.
5.95%, 9/15/16		227		261,708
6.45%, 9/15/36		124		143,543

	Principal Amount (000)		U.S. $ Value
ConocoPhillips Holding Co.
6.95%, 4/15/29		155		208,236
Encana Corp.
3.90%, 11/15/21		351		341,698
Marathon Petroleum Corp.
3.50%, 3/01/16		50		52,093
5.125%, 3/01/21		180		195,775
Nabors Industries, Inc.
9.25%, 1/15/19		254		326,067
Noble Energy, Inc.
8.25%, 3/01/19		316		396,827
Noble Holding International Ltd.
4.90%, 8/01/20		32		34,189
Phillips 66
4.30%, 4/01/22 (a)		320		325,943
Southwestern Energy Co.
4.10%, 3/15/22 (a)		88		87,230
Valero Energy Corp.
6.125%, 2/01/20		177		203,353
Weatherford International Ltd./Bermuda
5.125%, 9/15/20		95		101,068
6.00%, 3/15/18		12		13,576
9.625%, 3/01/19		190		251,805
				2,943,111
Other Industrial - 0.3%
Noble Group Ltd.
6.75%, 1/29/20 (a)		335		329,975
Technology - 0.6%
Agilent Technologies, Inc.
5.00%, 7/15/20		64		71,147
Hewlett-Packard Co.
4.65%, 12/09/21		162		169,474
Intel Corp.
4.80%, 10/01/41		60		63,912
Motorola Solutions, Inc.
7.50%, 5/15/25		25		29,709
Xerox Corp.
8.25%, 5/15/14		375		423,446
				757,688
Transportation - Airlines - 0.3%
Southwest Airlines Co.
5.25%, 10/01/14		210		225,828
5.75%, 12/15/16		155		173,379
				399,207
Transportation - Services - 0.7%
Asciano Finance Ltd.
3.125%, 9/23/15 (a)		420		417,524
Con-way, Inc.
6.70%, 5/01/34		263		251,537
Ryder System, Inc.
5.85%, 11/01/16		116		132,042

	Principal Amount (000)		U.S. $ Value
7.20%, 9/01/15		108		125,713
				926,816
				15,286,172
Financial Institutions - 11.3%
Banking - 7.4%
Bank of America Corp.
3.875%, 3/22/17		80		80,441
5.875%, 2/07/42		298		296,394
Series L
5.65%, 5/01/18		545		581,789
Barclays Bank PLC
5.125%, 1/08/20		230		240,570
Bear Stearns Cos. LLC (The)
5.70%, 11/15/14		450		497,240
Citigroup, Inc.
4.50%, 1/14/22		85		85,333
6.50%, 8/19/13		355		375,562
8.50%, 5/22/19		340		419,178
Compass Bank
5.50%, 4/01/20		250		241,110
DNB Bank ASA
3.20%, 4/03/17 (a)		310		311,222
Fifth Third Bancorp
3.50%, 3/15/22		121		118,229
Goldman Sachs Group, Inc. (The)
5.25%, 7/27/21		88		87,113
5.75%, 1/24/22		310		318,909
6.00%, 6/15/20		395		415,622
7.50%, 2/15/19		180		205,656
HSBC Holdings PLC
4.00%, 3/30/22		203		201,218
5.10%, 4/05/21		194		209,726
JPMorgan Chase & Co.
4.40%, 7/22/20		420		435,713
4.50%, 1/24/22		210		218,471
Macquarie Bank Ltd.
5.00%, 2/22/17 (a)		82		82,624
Macquarie Group Ltd.
4.875%, 8/10/17 (a)		342		344,428
Morgan Stanley
5.50%, 7/24/20-7/28/21		373		364,215
6.625%, 4/01/18		295		310,639
National Capital Trust II
5.486%, 3/23/15 (a)		122		117,023
National Westminster Bank PLC
6.50%, 9/07/21	GBP	50		70,988
Nationwide Building Society
6.25%, 2/25/20 (a)	U.S.$	330		342,061
Royal Bank of Scotland PLC (The)
6.125%, 1/11/21		240		256,883
Santander US Debt SA Unipersonal
2.991%, 10/07/13 (a)		400		398,096
Societe Generale SA
2.50%, 1/15/14 (a)		205		202,594

	Principal Amount (000)		U.S. $ Value
Standard Chartered PLC
6.409%, 1/30/17 (a)		100		95,006
UFJ Finance Aruba AEC
6.75%, 7/15/13		240		254,717
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (a)		190		168,861
Union Bank NA
5.95%, 5/11/16		250		272,990
Wachovia Corp.
5.50%, 5/01/13		410		430,592
				9,051,213
Finance - 0.4%
General Electric Capital Corp.
4.65%, 10/17/21		127		135,169
SLM Corp.
7.25%, 1/25/22		145		151,499
Series A
5.375%, 5/15/14		248		256,086
				542,754
Insurance - 2.5%
Allstate Corp. (The)
6.125%, 5/15/37		237		232,556
American International Group, Inc.
6.40%, 12/15/20		215		243,322
Coventry Health Care, Inc.
6.30%, 8/15/14		280		307,123
Genworth Financial, Inc.
6.515%, 5/22/18		221		228,440
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (a)		164		202,096
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		85		87,890
5.50%, 3/30/20		200		213,739
Humana, Inc.
6.30%, 8/01/18		50		57,536
7.20%, 6/15/18		85		101,845
Lincoln National Corp.
8.75%, 7/01/19		113		143,044
Markel Corp.
7.125%, 9/30/19		200		224,710
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (a)		110		156,097
MetLife, Inc.
7.717%, 2/15/19		109		137,523
10.75%, 8/01/39		140		192,150
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		360		455,949
XL Group PLC
5.25%, 9/15/14		110		116,523
				3,100,543
Other Finance - 0.4%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)		155		156,507

	Principal Amount (000)		U.S. $ Value
ORIX Corp.
4.71%, 4/27/15		312		328,849
				485,356
REITS - 0.6%
HCP, Inc.
5.375%, 2/01/21		327		352,369
Health Care REIT, Inc.
5.25%, 1/15/22		325		339,953
Ventas Realty LP/Ventas Capital Corp.
6.75%, 4/01/17		84		86,721
				779,043
				13,958,909
Utility - 3.2%
Electric - 1.6%
Ameren Corp.
8.875%, 5/15/14		49		55,578
Constellation Energy Group, Inc.
5.15%, 12/01/20		150		165,187
FirstEnergy Corp.
Series C
7.375%, 11/15/31		310		381,630
MidAmerican Energy Holdings Co.
6.125%, 4/01/36		260		309,061
Nisource Finance Corp.
6.80%, 1/15/19		340		402,493
Pacific Gas & Electric Co.
4.50%, 12/15/41		125		125,133
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (a)		235		247,223
TECO Finance, Inc.
4.00%, 3/15/16		95		100,978
5.15%, 3/15/20		120		132,597
Union Electric Co.
6.70%, 2/01/19		45		55,304
				1,975,184
Natural Gas - 1.6%
DCP Midstream LLC
5.35%, 3/15/20 (a)		108		118,471
Energy Transfer Partners LP
6.70%, 7/01/18		24		27,515
7.50%, 7/01/38		336		381,567
Enterprise Products Operating LLC
5.20%, 9/01/20		55		61,427
EQT Corp.
8.125%, 6/01/19		205		239,530
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		321		317,810
4.15%, 3/01/22		89		89,805
ONEOK, Inc.
4.25%, 2/01/22		310		313,762
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		242,898

	Principal Amount (000)		U.S. $ Value
Williams Partners LP
5.25%, 3/15/20		173		190,713
				1,983,498
				3,958,682
Non Corporate Sectors - 1.0%
Agencies - Not Government Guaranteed - 1.0%
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (a)		340		369,308
IPIC GMTN Ltd.
3.75%, 3/01/17 (a)		360		366,300
Petrobras International Finance Co.-Pifco
5.75%, 1/20/20		275		304,645
VTB Bank OJSC Via VTB Capital SA
6.609%, 10/31/12 (a)		135		138,206
				1,178,459
Total Corporates - Investment Grades (cost $31,928,727)				34,382,222
MORTGAGE PASS-THROUGHS - 27.7%
Agency Fixed Rate 30-Year - 21.6%
Federal Home Loan Mortgage Corp. Gold
4.50%, 10/01/39		3,064		3,250,292
Series 2005
5.50%, 1/01/35		3,473		3,805,801
Series 2007
5.50%, 7/01/35		131		144,254
Federal National Mortgage Association
3.50%, 12/01/41		1,816		1,866,381
4.00%, TBA		3,065		3,213,222
4.00%, 1/01/41		1,765		1,849,908
4.50%, TBA		1,105		1,175,271
5.50%, 5/01/38-6/01/38		1,822		1,984,814
6.00%, 5/01/31-2/01/40		2,308		2,538,375
Series 2002
7.00%, 3/01/32		18		20,771
Series 2003
5.00%, 11/01/33		134		145,024
5.50%, 4/01/33-7/01/33		466		510,799
Series 2004
5.50%, 4/01/34-11/01/34		424		464,557
6.00%, 9/01/34		236		263,051
Series 2005
4.50%, 8/01/35		412		438,197
5.00%, 10/01/35		1,079		1,167,252
5.50%, 2/01/35		515		564,688
Series 2006
5.00%, 2/01/36		218		235,370
Series 2007
4.50%, 9/01/35-8/01/37		558		593,223
5.00%, 7/01/36		159		171,737
Series 2008
6.00%, 3/01/37		1,713		1,891,369
Series 2010
6.00%, 4/01/40		313		344,731

	Principal Amount (000)		U.S. $ Value
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		5		6,003
				26,645,090
Agency Fixed Rate 15-Year - 3.7%
Federal National Mortgage Association
3.00%, TBA		1,240		1,283,594
4.50%, TBA		915		979,336
4.50%, 6/01/26		2,177		2,329,904
				4,592,834
Agency ARMs - 2.4%
Federal Home Loan Mortgage Corp.
2.713%, 4/01/36 (b)		603		642,778
3.419%, 10/01/39 (b)		801		849,576
5.151%, 11/01/35 (c)		314		331,860
Series 2007
2.608%, 1/01/37 (c)		67		71,748
Federal National Mortgage Association
Series 2003
2.781%, 12/01/33 (b)		182		193,800
Series 2006
2.332%, 3/01/36 (b)		118		124,669
2.374%, 2/01/36 (b)		179		190,400
2.549%, 11/01/36 (c)		153		162,754
Series 2007
2.348%, 3/01/34 (b)		308		324,116
				2,891,701
Total Mortgage Pass-Throughs (cost $32,946,435)				34,129,625
GOVERNMENTS - TREASURIES - 20.2%
United States - 20.2%
U.S. Treasury Bonds
4.50%, 2/15/36		1,705		2,081,166
4.625%, 2/15/40		2,935		3,665,539
5.375%, 2/15/31		490		659,050
U.S. Treasury Notes
0.875%, 11/30/16		3,900		3,883,546
1.00%, 8/31/16		10,620		10,665,634
1.50%, 6/30/16		1,155		1,185,589
2.00%, 11/15/21		2,780		2,736,779
Total Governments - Treasuries (cost $24,139,792)				24,877,303
ASSET-BACKED SECURITIES - 7.7%
Autos - Fixed Rate - 3.8%
Ally Auto Receivables Trust
Series 2011-5, Class A2
0.80%, 6/16/14		490		490,480
Series 2012-1, Class A2

	Principal Amount (000)		U.S. $ Value
0.71%, 9/15/14		387		387,209
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class A2
1.19%, 8/08/15		175		175,644
CarMax Auto Owner Trust
Series 2011-3, Class A3
1.07%, 6/15/16		176		175,607
Series 2012-1, Class A3
0.89%, 9/15/16		160		159,826
Exeter Automobile Receivables Trust
Series 2012-1A, Class A
2.02%, 8/15/16 (a)		258		257,966
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (a)	CAD	521		522,290
Ford Credit Auto Lease Trust
Series 2011-B, Class A2
0.82%, 1/15/14	U.S.$	463		463,454
Mercedes-Benz Auto Lease Trust
Series 2011-B, Class A2
0.90%, 1/15/14 (a)		496		496,637
Series 2012-A, Class A2
0.66%, 4/15/14		388		387,989
Nissan Auto Lease Trust
Series 2012-A, Class A2A
0.68%, 7/15/14		285		285,062
Porsche Innovative Lease Owner Trust
Series 2011-1, Class A3
1.09%, 9/22/14 (a)		455		455,742
Volkswagen Auto Lease Trust
Series 2011-A, Class A2
1.00%, 2/20/14		367		368,339
				4,626,245
Credit Cards - Floating Rate - 1.3%
American Express Credit Account Master Trust
Series 2011-1, Class A
0.412%, 4/17/17 (c)		735		735,727
Discover Card Master Trust
Series 2009-A1, Class A1
1.542%, 12/15/14 (c)		180		180,442
Series 2009-A2, Class A
1.542%, 2/17/15 (c)		185		185,792
Series 2010-A1, Class A1
0.892%, 9/15/15 (c)		166		166,883
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
1.055%, 2/15/17 (a)(c)		320		320,000
				1,588,844
Autos - Floating Rate - 1.0%
Ford Credit Floorplan Master Owner Trust
Series 2010-3, Class A2
1.942%, 2/15/17 (a)(c)		430		443,610

	Principal Amount (000)		U.S. $ Value
Series 2012-1, Class A
0.712%, 1/15/16 (c)		643		644,967
Navistar Financial Dealer Note Master Trust
Series 2011-1, Class A
1.399%, 10/25/16 (a)(c)		183		184,652
				1,273,229
Other ABS - Fixed Rate - 0.7%
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15		280		280,573
Series 2012-A, Class A3
0.94%, 5/15/17		241		241,451
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		155		155,580
GE Equipment Small Ticket LLC
Series 2011-2A, Class A2
1.14%, 6/23/14 (a)		202		202,083
				879,687
Other ABS - Floating Rate - 0.4%
GE Dealer Floorplan Master Note Trust
Series 2012-1, Class A
0.812%, 2/20/17 (c)		480		482,083
Home Equity Loans - Fixed Rate - 0.2%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.369%, 12/25/32		71		63,120
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.36%, 1/25/33		65		59,382
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		153		138,315
				260,817
Credit Cards - Fixed Rate - 0.2%
Discover Card Master Trust
Series 2012-A1, Class A1
0.81%, 8/15/17		224		223,544
Home Equity Loans - Floating Rate - 0.1%
HSBC Home Equity Loan Trust
Series 2005-3, Class A1
0.502%, 1/20/35 (c)		90		82,911
Option One Mortgage Loan Trust
Series 2007-2, Class M1
0.602%, 3/25/37 (c)(d)		134		364
				83,275
Total Asset-Backed Securities (cost $9,578,147)				9,417,724

	Principal Amount (000)		U.S. $ Value
AGENCIES - 6.7%
Agency Debentures - 6.7%
Federal Home Loan Mortgage Corp.
2.375%, 1/13/22		1,606		1,576,578
Federal National Mortgage Association
0.272%, 9/17/12 (c)		1,560		1,560,868
6.25%, 5/15/29		1,670		2,266,721
6.625%, 11/15/30		80		113,508
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20		3,365		2,761,137
Total Agencies (cost $7,917,632)				8,278,812
COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.0%
Non-Agency Fixed Rate CMBS - 6.0%
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2006-5, Class A4
5.414%, 9/10/47		455		504,798
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5, Class AJ
5.241%, 4/10/37		235		164,962
Series 2007-GG9, Class A4
5.444%, 3/10/39		585		643,746
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		300		323,665
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB14, Class A4
5.481%, 12/12/44		545		604,339
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		269		277,193
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.281%, 6/15/29		830		894,594
Series 2006-C1, Class A4
5.156%, 2/15/31		1,240		1,379,594
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2
4.96%, 7/12/38		431		437,787
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A2
5.291%, 7/12/46		690		707,232
Series 2006-4, Class AM
5.204%, 12/12/49		285		279,888
Series 2007-9, Class A4
5.70%, 9/12/49		1,105		1,208,373
Total Commercial Mortgage-Backed Securities (cost $6,746,640)				7,426,171

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS - 1.1%
Quasi-Sovereign Bonds - 1.1%
Indonesia - 0.3%
Perusahaan Listrik Negara PT
5.50%, 11/22/21 (a)		360		377,100
Kazakhstan - 0.2%
KazMunayGas National Co.
7.00%, 5/05/20 (a)		212		241,016
Malaysia - 0.4%
Petronas Capital Ltd.
5.25%, 8/12/19 (a)		420		468,206
South Korea - 0.2%
Korea National Oil Corp.
3.125%, 4/03/17 (a)		310		309,331
Total Quasi-Sovereigns (cost $1,297,130)				1,395,653
CORPORATES - NON-INVESTMENT GRADES - 1.1%
Industrial - 0.6%
Capital Goods - 0.3%
Ball Corp.
5.00%, 3/15/22		195		195,488
BE Aerospace, Inc.
5.25%, 4/01/22		190		191,900
				387,388
Consumer Cyclical - Entertainment - 0.0%
Greektown Holdings LLC
10.75%, 12/01/13 (d)(e)(f)		55		0
Consumer Cyclical - Other - 0.2%
Host Hotels & Resorts LP
5.25%, 3/15/22 (a)		125		124,375
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.375%, 3/15/22 (a)		190		186,200
				310,575
Consumer Non-Cyclical - 0.0%
Voyager Learning Exchange
8.375%, 12/01/14 (d)(e)(f)		70		0
Energy - 0.1%
Cimarex Energy Co.
5.875%, 5/01/22		78		79,560
				777,523
Financial Institutions - 0.4%
Banking - 0.2%
ABN Amro Bank NV
4.31%, 3/10/16	EUR	125		126,285

	Principal Amount (000)		U.S. $ Value
LBG Capital No.1 PLC
8.00%, 6/15/20 (a)	U.S.$	175		150,447
				276,732
Brokerage - 0.0%
Lehman Brothers Holdings, Inc.
6.20%, 9/26/14 (e)		75		22,406
7.875%, 11/01/09 (e)		43		12,578
				34,984
Insurance - 0.2%
XL Group PLC
Series E
6.50%, 4/15/17		240		202,200
				513,916
Utility - 0.1%
Electric - 0.1%
CMS Energy Corp.
5.05%, 3/15/22		98		98,613
Total Corporates - Non-Investment Grades (cost $1,273,655)				1,390,052
GOVERNMENTS - SOVEREIGN AGENCIES - 0.8%
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17		70		81,618
United Kingdom - 0.7%
Royal Bank of Scotland PLC (The)
2.625%, 5/11/12 (a)		895		896,594
Total Governments - Sovereign Agencies (cost $966,370)				978,212
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7%
Non-Agency Fixed Rate - 0.3%
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
4.288%, 5/25/35		185		163,182
Indymac Index Mortgage Loan Trust
Series 2006-AR7, Class 4A1
5.396%, 5/25/36		148		69,298
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
2.705%, 7/25/36		316		176,424
				408,904
Non-Agency Floating Rate - 0.2%
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
1.159%, 12/25/35 (c)		86		50,907

	Principal Amount (000)		U.S. $ Value
WaMu Mortgage Pass Through Certificates
Series 2007-OA1, Class A1A
0.859%, 2/25/47 (c)		262		145,814
				196,721
Non-Agency ARMs - 0.2%
Citigroup Mortgage Loan Trust, Inc.
Series 2006-AR1, Class 3A1
2.52%, 3/25/36 (c)		298		187,830
Agency Fixed Rate - 0.0%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.732%, 5/28/35		50		36,886
Total Collateralized Mortgage Obligations (cost $1,345,087)				830,341
GOVERNMENTS - SOVEREIGN BONDS - 0.6%
Indonesia - 0.3%
Republic of Indonesia
5.25%, 1/17/42 (a)		350		365,750
Qatar - 0.3%
State of Qatar
4.50%, 1/20/22 (a)		360		375,660
Total Governments - Sovereign Bonds (cost $699,857)				741,410
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.4%
United States - 0.4%
California GO
7.625%, 3/01/40 (cost $413,429)		405		527,496
	Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
Finance - 0.1%
Citigroup Capital XII
8.50%		7,000		179,156
REITS - 0.1%
Sovereign Real Estate Investment Trust
12.00% (a)		93		108,748
Total Preferred Stocks (cost $262,659)				287,904
COMMON STOCKS - 0.0%
Greektown Superholdings, Inc. (d)(f)(g) (cost $4)		41		2,460

Company	Shares		U.S. $ Value
WARRANTS - 0.0%
Talon Equity Co., expiring 11/15/24 (d)(g) (cost $0)		47		0
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.9%
Time Deposit - 2.9%
State Street Time Deposit 0.01%, 4/02/12 (cost $3,575,347)	U.S.$	3,575		3,575,347
Total Investments - 104.0% (cost $123,090,911) (h)				128,240,732
Other assets less liabilities - (4.0)% (i)				(4,967,250	)
Net Assets - 100.0%			$	123,273,482

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March  31, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr Futures		12		June 2012	$	1,472,458	$	1,470,469	$	(1,989	)
Sold Contracts
U.S. T-Note 2 Yr Futures		15		June 2012		3,303,747		3,302,109		1,638
									$	(351	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale:
Indian Rupee settling 4/30/12 (1)		32,997	$	638,983	$	644,629	$	5,646
BNP Paribas SA:
Australian Dollar settling 4/19/12		1,206		1,264,772		1,246,825		(17,947	)
Credit Suisse London Branch (GFX):
South African Rand settling 5/14/12		4,951		635,706		641,554		5,848
Goldman Sachs International:
New Zealand Dollar settling 4/19/12 (2)		769		631,409		628,925		(2,484	)
Royal Bank of Canada:
Canadian Dollar settling 4/03/12		1,989		2,001,562		1,994,098		(7,464	)
Royal Bank of Scotland PLC:
Mexican Peso settling 4/27/12		8,370		650,745		652,668		1,923

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
UBS AG:
Norwegian Krone settling 5/23/12		7,057	$	1,234,523	$	1,236,843	$	2,320
Sale Contracts
Barclays Bank PLC Wholesale:
Canadian Dollar settling 5/15/12		1,222		1,224,202		1,223,866		336
Citibank N.A.:
Japanese Yen settling 5/11/12		51,118		613,729		617,792		(4,063	)
Goldman Sachs International:
Australian Dollar settling 4/19/12 (2)		600		631,409		619,874		11,535
HSBC BankUSA:
Canadian Dollar settling 4/03/12		3,211		3,249,451		3,218,993		30,458
Morgan Stanley And Co Inc:
Euro settling 5/10/12		2,489		3,320,217		3,320,148		69
State Street Bank and Trust Co.:
Great British Pound settling 5/10/12		59		93,513		93,676		(163	)
							$	26,014

(1) Contract represents non-deliverable forward where payment is received from or paid to a counterparty based on the net realized gain/loss on settlement date.

(2) Represents a cross currency of Australian Dollar and New Zealand Dollar.

INTEREST RATE SWAP TRANSACTIONS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio			Payments received by the Portfolio		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, N.A.	$	1,390		1/30/17		1.059	%		3 Month LIBOR	$	10,806
JPMorgan Chase Bank, N.A.		1,520		2/7/22		2.042	%		3 Month LIBOR		28,819
										$	39,625

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2012, the aggregate market value of these securities amounted to $13,401,493 or 10.9% of net assets.

(b) Variable rate coupon, rate shown as of March 31, 2012.

(c) Floating Rate Security. Stated interest rate was in effect at March 31, 2012.

(d) Illiquid security.

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

(f) Fair valued.

(g) Non-income producing security.

(h) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,230,315 and gross unrealized depreciation of investments was $(1,080,494), resulting in net unrealized appreciation of $5,149,821.

(i) An amount of U.S. $4,125 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2012.

Currency Abbreviations:

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

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grades

$

– 0

–

$

34,382,222

$

– 0

–

$

34,382,222

Mortgage Pass-Throughs

– 0

–

34,129,625

– 0

–

34,129,625

Governments - Treasuries

– 0

–

24,877,303

– 0

–

24,877,303

Asset-Backed Securities

– 0

–

7,711,862

1,705,862

9,417,724

Agencies

– 0

–

8,278,812

– 0

–

8,278,812

Commercial Mortgage-Backed Securities

– 0

–

5,772,948

1,653,223

7,426,171

Quasi-Sovereigns

– 0

–

1,395,653

– 0

–

1,395,653

Corporates - Non-Investment Grades

– 0

–

1,390,052

– 0

–^

1,390,052

Governments - Sovereign Agencies

– 0

–

978,212

– 0

–

978,212

Collateralized Mortgage Obligations

– 0

–

– 0

–

830,341

830,341

Governments - Sovereign Bonds

– 0

–

741,410

– 0

–

741,410

Local Governments - Municipal Bonds

– 0

–

527,496

– 0

–

527,496

Preferred Stocks

179,156

108,748

– 0

–

287,904

Common Stocks

– 0

–

– 0

–

2,460

2,460

Warrants

– 0

–

– 0

–

– 0

–^

– 0

–

Short-Term Investments

– 0

–

3,575,347

– 0

–

3,575,347

Total Investments in Securities

179,156

123,869,690

4,191,886

128,240,732

Other Financial Instruments* :

Assets:

Futures Contracts

1,638

– 0

–

– 0

–

1,638

Forward Currency Exchange Contracts

– 0

–

58,135

– 0

–

58,135

Interest Rate Swap Contracts

– 0

–

39,625

– 0

–

39,625

Liabilities:

Futures Contracts

(1,989

)

– 0

–

– 0

–

(1,989

)

Forward Currency Exchange Contracts

– 0

–

(32,121

)

– 0

–

(32,121

)

Total

$

178,805

$

123,935,329

$

4,191,886

$

128,306,020

^ 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.

There were no significant transfers between level 1 and level 2 during the reporting period.

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.

	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Corporates - Non- Investment Grades^
Balance as of 12/31/11	$	1,028,906		$	1,587,514		$	– 0	–
Accrued discounts/(premiums)		37			6,945			– 0	–
Realized gain (loss)		(21,532	)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		44,275			58,764			– 0	–
Purchases		721,114			– 0	–		– 0	–
Sales		(66,938	)		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/12	$	1,705,862		$	1,653,223		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/12	$	44,275		$	58,764		$	– 0	–
	Collateralized Mortgage Obligations			Common Stocks			Warrants^
Balance as of 12/31/11	$	776,784		$	2,870		$	– 0	–
Accrued discounts/(premiums)		2			– 0	–		– 0	–
Realized gain (loss)		(76,472	)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		126,477			(410	)		– 0	–
Purchases		– 0	–		– 0	–		– 0	–
Sales		(31,874	)		– 0	–		– 0	–
Transfers in to Level 3		35,424			– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/12	$	830,341		$	2,460		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/12	$	61,098		$	(410	)	$	– 0	–
	Total
Balance as of 12/31/11	$	3,396,074
Accrued discounts/(premiums)		6,984
Realized gain (loss)		(98,004	)
Change in unrealized appreciation/depreciation		229,106
Purchases		721,114
Sales		(98,812	)
Transfers in to Level 3		35,424
Transfers out of Level 3		– 0	–
Balance as of 3/31/12	$	4,191,886
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/12	$	163,727

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

The following presents information about significant unobservable inputs related to the Fund’s material categories of Level 3 investments at March 31, 2012:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value  at 3/31/2012		Valuation Technique	Unobservable Input	Range
Asset-backed Securities	$	1,705,862	Discounted Cash Flow	Loss Severity	0-99
				Constant Prepayment Rate	0-15% CPP
				Probability of Default	0-11 CDR
				Yield	0.67241-11
			Consensus Pricing	Offered Quotes	100.132312
Commercial Mortgage-Backed Securities	$	1,653,223	Discounted Cash Flow	Yield	3.706-17.002
				Spread over Treasury	238-1611

Asset-Backed Securities, Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations

Within the non-Agency Mortgage Backed (RMBS and CMO) as well as the non-Credit Card or non-Auto Loan backed Asset Backed Securities, due to the relative illiquidity of these markets, the inability of the Fund to observe trading activity in the markets, and the dealer quotes not being indicative to trade, the Fund has determined securities in these sectors generally warrant a Level 3 classification.

Because of the wide range of spreads and relatively low trading activity of similar securities, the Fund’s Valuation Committee engages in a regular review process of such securities which meets as often as daily, and involves (as needed) participation from the Mortgage Trading Desk, Fixed Income Research, Risk, Pricing Group, Fund Accounting and Legal. The Fund’s Pricing Group gathers prices from Pricing Direct and IDC (and other vendors as deemed appropriate over time) and from major recognized dealers who make a market in these instruments. The Fund’s trading desk reports on trading activity and engages in dialogue with the trading personnel at the dealers. This review covers the entire portfolio of securities in this sector.

Because the Fund has declared these instruments as Level 3 (due to wide spreads, low quality ratings, and relatively low trading activity), significant inputs (including CPR, Loss Severity, and Probability of Default) generally considered observable are deemed unobservable in these asset classes. The Fund’s Valuation Committee periodically reviews these asset classes (as a standing practice) to confirm that the status remains unchanged. In the future, as markets become more liquid and thus typically more observable, it is possible that these markets may be adjusted to Level 2.

The significant unobservable inputs used in the fair value measurement of the Fund’s Collateralized Mortgage Obligation Securities are CPR, Loss Severity, and Probability of Default. On non-evaluated assets, broker quotes are used when other market information not available to produce an evaluation and are considered non-observable. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.2%
Financials - 20.2%
Capital Markets - 4.6%
Aberdeen Asset Management PLC		323,940	$	1,331,813
Azimut Holding SpA		77,625		843,330
Man Group PLC		617,612		1,333,792
Partners Group Holding AG		20,063		3,914,099
				7,423,034
Commercial Banks - 8.1%
Bangkok Bank PCL (NVDR)		181,900		1,092,042
Bank Rakyat Indonesia Persero Tbk PT		1,000,000		762,112
Chongqing Rural Commercial Bank (a)(b)		166,000		79,391
HDFC Bank Ltd.		80,230		813,225
HSBC Holdings PLC		136,311		1,210,743
Industrial & Commercial Bank of China-Class H		2,948,255		1,901,867
Itausa-Investimentos Itau SA (Preference Shares)		259,214		1,597,501
Sberbank of Russia (Sponsored ADR) (b)		77,192		1,033,601
Standard Chartered PLC		110,747		2,765,535
United Overseas Bank Ltd. (a)		114,000		1,664,853
				12,920,870
Consumer Finance - 0.2%
Muthoot Finance Ltd. (b)		144,060		356,445
Diversified Financial Services - 2.4%
Deutsche Boerse AG		21,550		1,451,031
FirstRand Ltd.		288,750		893,578
IG Group Holdings PLC		196,448		1,414,488
				3,759,097
Insurance - 4.0%
AIA Group Ltd.		872,200		3,201,948
Prudential PLC		271,910		3,258,139
				6,460,087
Real Estate Management & Development - 0.4%
BR Malls Participacoes SA		50,100		652,923
Thrifts & Mortgage Finance - 0.5%
Housing Development Finance Corp.		56,990		754,190
				32,326,646
Consumer Staples - 13.0%
Beverages - 3.3%
Anheuser-Busch InBev NV		54,852		3,994,803
Cia de Bebidas das Americas (Preference Shares)		30,648		1,268,431
				5,263,234
Food & Staples Retailing - 1.0%
Olam International Ltd.		492,262		925,079
Raia Drogasil SA		60,500		588,280
				1,513,359

Company	Shares		U.S. $ Value
Food Products - 4.3%
Danone		32,216		2,247,247
Nestle SA		73,932		4,651,547
				6,898,794
Household Products - 1.2%
Reckitt Benckiser Group PLC		33,910		1,918,560
Tobacco - 3.2%
British American Tobacco PLC		101,797		5,127,982
				20,721,929
Consumer Discretionary - 12.8%
Automobiles - 2.4%
Nissan Motor Co., Ltd.		206,800		2,223,520
Volkswagen AG (Preference Shares)		8,809		1,549,176
				3,772,696
Distributors - 0.9%
Li & Fung Ltd.		600,000		1,373,136
Diversified Consumer Services - 0.2%
Estacio Participacoes SA		28,600		308,647
Hotels, Restaurants & Leisure - 0.5%
Ajisen China Holdings Ltd. (a)		365,500		483,038
Shangri-La Asia Ltd.		162,500		355,670
				838,708
Internet & Catalog Retail - 0.7%
Rakuten, Inc.		1,072		1,123,673
Media - 2.0%
Eutelsat Communications		14,614		540,517
Informa PLC		119,373		843,639
Naspers Ltd.		16,300		917,061
SES SA (FDR)		38,464		954,650
				3,255,867
Multiline Retail - 0.4%
Golden Eagle Retail Group Ltd. (a)		233,000		593,856
Specialty Retail - 4.1%
Belle International Holdings Ltd.		805,000		1,444,604
Fast Retailing Co., Ltd.		6,100		1,399,532
Hennes & Mauritz AB-Class B		36,710		1,327,041
Yamada Denki Co., Ltd.		16,020		1,006,145
Zhongsheng Group Holdings Ltd. (a)		741,500		1,455,075
				6,632,397
Textiles, Apparel & Luxury Goods - 1.6%
Cie Financiere Richemont SA		33,745		2,115,149
Trinity Ltd.		574,000		472,303
				2,587,452
				20,486,432

Company	Shares		U.S. $ Value
Information Technology - 11.6%
Communications Equipment - 0.6%
ZTE Corp.-Class H (a)		348,400		936,952
Electronic Equipment, Instruments & Components - 0.6%
Murata Manufacturing Co., Ltd. (a)		17,400		1,038,154
Internet Software & Services - 3.2%
Baidu, Inc./China (Sponsored ADR) (b)		13,440		1,959,149
Mail.ru Group Ltd. (GDR) (b)(c)		27,180		1,071,805
Tencent Holdings Ltd.		76,000		2,123,458
				5,154,412
Semiconductors & Semiconductor Equipment - 4.8%
ARM Holdings PLC		142,635		1,345,689
ASML Holding NV		39,237		1,965,826
Samsung Electronics Co., Ltd.		3,850		4,343,008
				7,654,523
Software - 2.4%
SAP AG		34,847		2,433,911
Temenos Group AG (b)		75,639		1,400,953
				3,834,864
				18,618,905
Energy - 10.8%
Energy Equipment & Services - 3.7%
Saipem SpA		39,255		2,028,125
Schlumberger Ltd.		28,560		1,997,201
Technip SA		15,930		1,881,090
				5,906,416
Oil, Gas & Consumable Fuels - 7.1%
Adaro Energy Tbk PT		2,984,500		630,552
Afren PLC (b)		786,433		1,681,427
BG Group PLC		144,314		3,346,161
China Shenhua Energy Co., Ltd.-Class H		321,500		1,357,805
NovaTek OAO (Sponsored GDR) (c)		8,533		1,156,221
Tullow Oil PLC		50,908		1,244,274
Ultrapar Participacoes SA		85,600		1,875,702
				11,292,142
				17,198,558
Industrials - 10.8%
Aerospace & Defense - 0.7%
Safran SA		29,120		1,070,202
Construction & Engineering - 0.9%
Samsung Engineering Co., Ltd.		6,630		1,416,976
Electrical Equipment - 0.9%
Schneider Electric SA		23,320		1,525,613
Industrial Conglomerates - 0.9%
Bidvest Group Ltd.		61,128		1,435,344

Company	Shares		U.S. $ Value
Machinery - 4.2%
FANUC Corp.		16,800		3,009,134
Komatsu Ltd.		76,200		2,191,090
Weir Group PLC (The)		51,754		1,459,940
				6,660,164
Professional Services - 1.5%
Experian PLC		152,688		2,381,730
Road & Rail - 0.8%
All America Latina Logistica SA		255,500		1,266,688
Trading Companies & Distributors - 0.9%
Wolseley PLC		37,640		1,438,107
				17,194,824
Materials - 10.2%
Chemicals - 4.1%
Croda International PLC		46,420		1,563,419
Israel Chemicals Ltd.		165,280		1,909,464
Linde AG		10,710		1,921,214
Potash Corp. of Saskatchewan, Inc.		26,300		1,200,764
				6,594,861
Containers & Packaging - 0.9%
Klabin SA (Preference Shares)		298,900		1,381,969
Metals & Mining - 5.2%
African Minerals Ltd. (a)(b)		168,200		1,490,612
Antofagasta PLC		63,530		1,174,017
First Quantum Minerals Ltd.		86,440		1,648,292
Goldcorp, Inc.		40,840		1,840,861
Rio Tinto PLC		13,390		742,170
ThyssenKrupp AG		21,810		542,946
Xstrata PLC		56,500		967,949
				8,406,847
				16,383,677
Health Care - 7.1%
Health Care Equipment & Supplies - 0.4%
Elekta AB		12,190		617,057
Health Care Providers & Services - 0.7%
Fresenius Medical Care AG & Co. KGaA		15,145		1,072,113
Pharmaceuticals - 6.0%
Aspen Pharmacare Holdings Ltd. (b)		67,046		1,035,660
Bayer AG		15,497		1,089,886
Mitsubishi Tanabe Pharma Corp.		48,000		675,904
Novo Nordisk A/S-Class B (a)		13,151		1,826,143
Pharmstandard OJSC (GDR) (b)(c)		26,500		470,110
Sanofi		24,430		1,895,561
Shire PLC		71,913		2,300,956

Company	Shares		U.S. $ Value
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,200		414,552
				9,708,772
				11,397,942
Utilities - 1.4%
Multi-Utilities - 1.4%
National Grid PLC		221,410		2,231,561
Telecommunication Services - 1.3%
Diversified Telecommunication Services - 0.2%
Ziggo NV (b)		8,860		276,390
Wireless Telecommunication Services - 1.1%
America Movil SAB de CV Series L (ADR)		41,800		1,037,894
MTN Group Ltd.		47,083		830,229
				1,868,123
				2,144,513
Total Common Stocks (cost $137,410,878)				158,704,987
WARRANTS - 0.7%
Electronic Equipment, Instruments & Components - 0.7%
Hon Hai Precision Industry Co., Ltd., JPMorgan Chase Bank NA, expiring 9/29/14 (b)(c) (cost $942,268)		280,920		1,084,632
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.2%
Time Deposit - 0.2%
State Street Time Deposit 0.01%, 4/02/12 (cost $418,358)	U.S.$	418		418,358
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $138,771,504)				160,207,977
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 3.0%
Investment Companies - 3.0%
AllianceBernstein Exchange Reserves - Class I, 0.22% (d) (cost $4,817,578)		4,817,578		4,817,578

	U.S. $ Value
Total Investments - 103.1% (cost $143,589,082) (e)		165,025,555
Other assets less liabilities - (3.1)%		(4,993,187	)
Net Assets - 100.0%		$160,032,368

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America N A:
Canadian Dollar settling 5/15/12		665	$	667,551	$	666,127	$	(1,424	)
Barclays Bank PLCWholselale:
New Zealand Dollar settling 5/15/12		957		750,030		781,355		31,325
Citibank N A:
Australian Dollar settling 5/15/12		8,255		8,839,248		8,510,765		(328,483	)
Credit Suisse London Branch (GFX):
Swedish Krona settling 5/15/12		2,707		405,053		408,484		3,431
Swiss Franc settling 5/15/12		2,153		2,373,370		2,386,227		12,857
Goldman Sachs International:
Euro settling 5/15/12		9,329		12,380,563		12,444,510		63,947
HSBC BankUSA:
Norwegian Krone settling 5/15/12		25,387		4,386,940		4,450,781		63,841
Swiss Franc settling 5/15/12		2,021		2,237,253		2,239,928		2,675
Royal Bank of Scotland PLC:
Australian Dollar settling 5/15/12		381		401,239		392,805		(8,434	)
Norwegian Krone settling 5/15/12		20,140		3,512,830		3,530,891		18,061
Swedish Krona settling 5/15/12		32,889		4,928,963		4,962,916		33,953
Standard Chartered Bank:
Australian Dollar settling 5/15/12		1,860		1,977,136		1,917,628		(59,508	)
Great British Pound settling 5/15/12		2,641		4,133,323		4,223,118		89,795
UBS AG:
Japanese Yen settling 5/15/12		589,075		7,667,901		7,119,534		(548,367	)
Swedish Krona settling 5/15/12		18,022		2,698,106		2,719,501		21,395
Westpac Banking Corp.:
Australian Dollar settling 5/15/12		4,857		4,943,552		5,007,485		63,933
New Zealand Dollar settling 5/15/12		497		395,259		405,782		10,523
New Zealand Dollar settling 5/15/12		8,065		6,690,119		6,584,766		(105,353	)
Sale Contracts
BNP Paribas SA:
Japanese Yen settling 5/15/12		214,002		2,607,196		2,586,418		20,778
Citibank N A:
Japanese Yen settling 5/15/12		397,705		4,958,897		4,806,645		152,252
Swiss Franc settling 5/15/12		5,219		5,724,182		5,784,356		(60,174	)
Credit Suisse London Branch (GFX):
Canadian Dollar settling 5/15/12		665		664,302		666,127		(1,825	)
Canadian Dollar settling 5/15/12		3,760		3,756,056		3,766,373		(10,317	)
Goldman Sachs International:
Australian Dollar settling 5/15/12		3,413		3,506,875		3,518,745		(11,870	)
Euro settling 5/15/12		4,923		6,520,907		6,567,083		(46,176	)
Swiss Franc settling 5/15/12		3,397		3,721,353		3,764,985		(43,632	)
Royal Bank of Canada:
Great British Pound settling 5/15/12		2,604		4,140,438		4,163,953		(23,515	)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC:
Euro settling 5/15/12		7,472	$	9,879,329	$	9,967,347	$	(88,018	)
Great British Pound settling 5/15/12		1,070		1,631,001		1,710,995		(79,994	)
New Zealand Dollar settling 5/15/12		5,455		4,421,823		4,453,800		(31,977	)
Standard Chartered Bank:
Great British Pound settling 5/15/12		282		442,458		450,935		(8,477	)
State Street Bank and Trust Company:
Great British Pound settling 5/15/12		7,374		11,694,427		11,791,471		(97,044	)
UBS AG:
Euro settling 5/15/12		1,443		1,861,037		1,924,904		(63,867	)
Japanese Yen settling 5/15/12		191,370		2,361,179		2,312,890		48,289
Japanese Yen settling 5/15/12		67,160		828,640		811,693		16,947
							$	(964,453	)

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2012, the aggregate market value of these securities amounted to $3,782,768 or 2.4% of net assets.

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

(e) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $29,201,862 and gross unrealized depreciation of investments was $(7,765,389), resulting in net unrealized appreciation of $21,436,473.

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
MTN	-	Medium Term Note
NVDR	-	Non Voting Depositary Receipt
OJSC	-	Open Joint Stock Company

COUNTRY BREAKDOWN *

March 31, 2012 (unaudited)

26.6%	United Kingdom
7.9%	Japan
7.5%	Switzerland
7.4%	China
6.3%	France
6.3%	Germany
5.6%	Brazil
3.7%	Hong Kong
3.6%	South Korea
3.2%	South Africa
2.9%	Canada
2.5%	Belgium
2.3%	Russia
13.9%	Other
0.3%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2012. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.8% or less in the following countries: Denmark, India, Indonesia, Israel, Italy, Mexico, Netherlands, Singapore, Sweden, Taiwan, Thailand and United States.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	2,250,424		$	30,076,222		$	– 0	–	$	32,326,646
Consumer Staples		1,856,711			18,865,218			– 0	–		20,721,929
Consumer Discretionary		308,647			20,177,785			– 0	–		20,486,432
Information Technology		2,660,570			15,958,335			– 0	–		18,618,905
Energy		5,029,124			12,169,434			– 0	–		17,198,558
Industrials		1,266,688			15,928,136			– 0	–		17,194,824
Materials		6,071,886			10,311,791			– 0	–		16,383,677
Health Care		884,662			10,513,280			– 0	–		11,397,942
Utilities		– 0	–		2,231,561			– 0	–		2,231,561
Telecommunication Services		1,314,284			830,229			– 0	–		2,144,513
Warrants		– 0	–		– 0	–		1,084,632			1,084,632
Short-Term Investments		– 0	–		418,358			– 0	–		418,358
Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund		4,817,578			– 0	–		– 0	–		4,817,578
Total Investments in Securities		26,460,574			137,480,349+			1,084,632			165,025,555
Other Financial Instruments* :
Assets:
Forward Currency Exchange Contracts		– 0	–		654,002			– 0	–		654,002
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(1,618,455	)		– 0	–		(1,618,455	)
Total	$	26,460,574		$	136,515,896		$	1,084,632		$	164,061,102

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

+ A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

There were no significant transfers between level 1 and level 2 during the reporting period.

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 12/31/11	$	765,226		$	765,226
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		319,406			319,406
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 3/31/12	$	1,084,632		$	1,084,632
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/12	$	319,406		$	319,406

AllianceBernstein Variable Products Series Fund

International Value Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.1%
Financials - 22.3%
Capital Markets - 2.4%
Deutsche Bank AG		282,060	$	14,043,511
Macquarie Group Ltd.		474,180		14,345,410
				28,388,921
Commercial Banks - 11.6%
Australia & New Zealand Banking Group Ltd.		284,200		6,856,104
Banco do Brasil SA		547,900		7,788,767
Barclays PLC		3,014,970		11,361,787
BNP Paribas SA		343,759		16,352,668
HSBC Holdings PLC		1,122,656		9,971,669
KB Financial Group, Inc.		236,461		8,670,764
KBC Groep NV		211,270		5,313,676
Lloyds Banking Group PLC (a)		17,581,940		9,461,392
Mitsubishi UFJ Financial Group, Inc. (b)		2,537,000		12,731,595
National Australia Bank Ltd.		762,000		19,452,413
Societe Generale SA		371,564		10,902,733
Sumitomo Mitsui Financial Group, Inc.		412,200		13,642,882
Turkiye Is Bankasi-Class C		1,198,100		2,955,643
Turkiye Vakiflar Bankasi Tao-Class D		2,365,592		4,490,674
				139,952,767
Diversified Financial Services - 2.0%
ING Groep NV (a)		1,913,520		15,935,901
ORIX Corp. (b)		87,130		8,371,077
				24,306,978
Insurance - 5.5%
Aegon NV (a)		1,745,490		9,702,297
Allianz SE		163,080		19,463,847
Aviva PLC		1,122,900		5,960,123
Legal & General Group PLC		5,584,595		11,680,329
Muenchener Rueckversicherungs AG		86,910		13,106,113
Suncorp Group Ltd.		728,160		6,351,007
				66,263,716
Real Estate Management & Development - 0.8%
Evergrande Real Estate Group Ltd. (b)		9,557,000		5,108,296
New World Development Co., Ltd. (b)		4,248,000		5,115,006
				10,223,302
				269,135,684
Energy - 13.2%
Energy Equipment & Services - 0.7%
Seadrill Ltd.		242,570		9,108,496
Oil, Gas & Consumable Fuels - 12.5%
BP PLC		6,146,720		45,776,372
China Petroleum & Chemical Corp.-Class H		5,186,000		5,639,738
ENI SpA		637,800		14,946,935
Gazprom OAO (Sponsored ADR)		952,200		11,778,714
JX Holdings, Inc.		1,426,000		8,897,109
LUKOIL OAO (London) (Sponsored ADR)		104,530		6,355,424

Company	Shares		U.S. $ Value
Nexen, Inc. (Toronto)		522,378		9,578,719
Petroleo Brasileiro SA (Sponsored ADR)		357,600		9,140,256
PTT PCL		529,300		6,073,653
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		918,691		32,187,077
				150,373,997
				159,482,493
Consumer Discretionary - 12.7%
Auto Components - 3.1%
Bridgestone Corp.		293,500		7,177,713
Faurecia		97,756		2,637,689
GKN PLC		3,178,130		10,484,441
Magna International, Inc.-Class A		195,260		9,310,307
NGK Spark Plug Co., Ltd.		323,000		4,645,138
Sumitomo Rubber Industries Ltd.		229,900		3,084,361
				37,339,649
Automobiles - 6.4%
Bayerische Motoren Werke AG		110,300		9,922,188
Honda Motor Co., Ltd.		110,100		4,240,412
Kia Motors Corp.		80,950		5,311,945
Mazda Motor Corp. (a)(b)		5,140,000		9,104,753
Nissan Motor Co., Ltd.		1,915,200		20,592,291
Renault SA		198,450		10,467,371
Volkswagen AG (Preference Shares)		95,970		16,877,562
				76,516,522
Distributors - 0.2%
Jardine Cycle & Carriage Ltd.		58,000		2,231,302
Household Durables - 1.7%
Sharp Corp./Japan (b)		1,674,000		12,329,960
Sony Corp.		404,500		8,461,358
				20,791,318
Leisure Equipment & Products - 0.3%
Namco Bandai Holdings, Inc.		276,300		4,008,190
Media - 0.3%
Informa PLC		508,000		3,590,162
Specialty Retail - 0.2%
Shimamura Co., Ltd.		25,100		2,818,805
Textiles, Apparel & Luxury Goods - 0.5%
Yue Yuen Industrial Holdings Ltd.		1,675,500		5,892,459
				153,188,407
Materials - 11.3%
Chemicals - 3.5%
Agrium, Inc. (Toronto)		118,510		10,228,609
Air Water, Inc.		136,000		1,765,366
Koninklijke DSM NV		316,269		18,308,991
Mitsubishi Gas Chemical Co., Inc.		733,000		4,932,064
OCI Co., Ltd. (b)		18,170		3,702,614

Company	Shares		U.S. $ Value
Ube Industries Ltd./Japan		1,168,000		3,193,098
				42,130,742
Construction Materials - 0.4%
Taiheiyo Cement Corp. (b)		2,229,000		4,968,180
Metals & Mining - 7.4%
Anglo American PLC		257,000		9,633,251
Dowa Holdings Co., Ltd. (b)		494,000		3,314,149
Exxaro Resources Ltd.		180,700		4,678,350
Goldcorp, Inc.		101,970		4,596,292
JFE Holdings, Inc.		247,800		5,387,661
KGHM Polska Miedz SA		142,420		6,566,572
OneSteel Ltd. (b)		2,470,880		3,191,924
Rio Tinto PLC		334,840		18,559,241
ThyssenKrupp AG		448,510		11,165,376
Vale SA (Sponsored ADR) (Local Preference Shares)		598,510		13,580,192
Xstrata PLC		478,350		8,195,020
				88,868,028
				135,966,950
Health Care - 8.3%
Pharmaceuticals - 8.3%
AstraZeneca PLC		825,830		36,706,674
GlaxoSmithKline PLC		796,260		17,801,042
Novartis AG		369,890		20,476,237
Otsuka Holdings Co., Ltd.		161,600		4,790,560
Roche Holding AG		113,760		19,797,689
				99,572,202
Telecommunication Services - 7.8%
Diversified Telecommunication Services - 4.6%
Chorus Ltd. (a)(b)		17,644		53,002
Nippon Telegraph & Telephone Corp.		551,900		25,014,384
Telecom Italia SpA (ordinary shares)		11,258,700		13,401,189
Telecom Italia SpA (savings shares)		7,794,800		7,653,904
Vivendi SA		512,000		9,402,172
				55,524,651
Wireless Telecommunication Services - 3.2%
NTT DoCoMo, Inc. (b)		7,424		12,346,850
Vodafone Group PLC		9,728,575		26,834,759
				39,181,609
				94,706,260
Information Technology - 6.4%
Computers & Peripherals - 1.6%
Fujitsu Ltd.		2,073,000		11,004,687
Pegatron Corp.		1,621,000		2,537,402
Wistron Corp.		3,564,560		5,399,301
				18,941,390
Electronic Equipment, Instruments & Components - 1.1%
AU Optronics Corp.		10,198,990		4,694,555

Company	Shares		U.S. $ Value
LG Display Co., Ltd. (a)		335,990		7,879,238
				12,573,793
Office Electronics - 0.8%
Konica Minolta Holdings, Inc.		1,134,000		10,006,116
Semiconductors & Semiconductor Equipment - 2.6%
Advanced Semiconductor Engineering, Inc.		9,096,211		9,231,450
GCL-Poly Energy Holdings Ltd. (b)		9,171,000		2,550,305
Samsung Electronics Co., Ltd.		13,150		14,833,910
Sumco Corp. (a)(b)		404,400		4,978,892
				31,594,557
Software - 0.3%
Nintendo Co., Ltd.		26,000		3,949,007
				77,064,863
Industrials - 6.3%
Aerospace & Defense - 0.2%
Safran SA		51,983		1,910,451
Airlines - 0.8%
Cathay Pacific Airways Ltd.		1,427,000		2,640,833
Deutsche Lufthansa (REG)		514,000		7,187,541
				9,828,374
Building Products - 1.1%
Asahi Glass Co., Ltd.		1,532,000		13,133,264
Construction & Engineering - 1.3%
Bouygues SA		505,785		15,423,837
Electrical Equipment - 1.1%
Sumitomo Electric Industries Ltd.		922,600		12,775,046
Industrial Conglomerates - 0.3%
Cookson Group PLC		331,760		3,664,334
Machinery - 0.2%
IHI Corp.		1,157,000		2,940,995
Road & Rail - 0.2%
East Japan Railway Co. (b)		44,600		2,815,551
Trading Companies & Distributors - 1.1%
Mitsubishi Corp.		398,900		9,335,043
Mitsui & Co., Ltd.		252,200		4,162,380
				13,497,423
				75,989,275
Consumer Staples - 6.1%
Beverages - 0.7%
Asahi Group Holdings Ltd.		364,900		8,109,009
Food & Staples Retailing - 1.6%
Delhaize Group SA		135,534		7,129,114
Koninklijke Ahold NV		908,200		12,584,060
				19,713,174

Company	Shares		U.S. $ Value
Food Products - 0.8%
Nestle SA		161,200		10,142,149
Tobacco - 3.0%
Imperial Tobacco Group PLC		383,080		15,539,930
Japan Tobacco, Inc.		3,555		20,122,920
				35,662,850
				73,627,182
Utilities - 3.7%
Electric Utilities - 1.9%
E.ON AG		596,000		14,278,390
EDP - Energias de Portugal SA		2,752,400		8,006,119
				22,284,509
Gas Utilities - 1.0%
Gas Natural SDG SA		780,240		12,471,930
Multi-Utilities - 0.8%
National Grid PLC		929,380		9,367,093
				44,123,532
Total Common Stocks (cost $1,179,090,283)				1,182,856,848
	Contracts
OPTIONS PURCHASED-PUTS - 0.4%
Options on Funds and Investment Trusts - 0.4%
iShares MSCI EAFE Index Fund Expiration: May 2012, Exercise Price: $52.00 (a)(c)		46,600		3,704,700
iShares MSCI Emerging Marketing Expiration: May 2012, Exercise Price: $42.00 (a)(c)		6,600		755,700
Total Options Purchased - Puts (cost $7,528,701)				4,460,400
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.4%
Time Deposit - 0.4%
State Street Time Deposit 0.01%, 4/02/12 (cost $4,749,027)	$	4,749		4,749,027

			U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 98.9% (cost $1,191,368,011)				1,192,066,275
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 5.8%
Investment Companies - 5.8%
AllianceBernstein Exchange Reserves-Class I, 0.22% (d) (cost $69,577,620)		69,577,620		69,577,620
Total Investments - 104.7% (cost $1,260,945,631) (e)				1,261,643,895
Other assets less liabilities - (4.7)% (f)				(56,074,886)
Net Assets - 100.0%			$	1,205,569,009

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50 Index Futures		380		June 2012	$	12,505,901	$	12,208,953	$	(296,948	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank N.A:
Australian Dollar settling 4/16/12		14,594	$	14,788,188	$	15,094,951	$	306,763
New Zealand Dollar settling 7/13/12		15,444		12,596,312		12,557,922		(38,390	)
Swiss Franc settling 4/16/12		22,919		24,002,472		25,393,044		1,390,572
Credit Suisse London Branch (GFX):
Australian Dollar settling 4/16/12		24,436		25,888,231		25,274,785		(613,446	)
Swiss Franc settling 4/16/12		21,357		22,399,941		23,662,430		1,262,489
Deutsche Bank AG London:
Norwegian Krone settling 4/16/12		323,705		56,001,419		56,814,260		812,841
Swedish Krona settling 4/16/12		370,201		53,102,058		55,927,247		2,825,189
Goldman Sachs International:
Great British Pound settling 4/16/12		20,665		31,883,305		33,050,911		1,167,606
HSBC BankUSA:
Norwegian Krone settling 4/16/12		22,135		3,663,674		3,884,969		221,295
Royal Bank of Canada:
Euro settling 4/16/12		57,150		76,201,238		76,225,145		23,907

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at March 31, 2012		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC:
Great British Pound settling 4/16/12		12,096	$	18,671,869	$	19,345,938	$	674,069
Swedish Krona settling 4/16/12		44,726		6,677,715		6,756,875		79,160
UBS AG:
Japanese Yen settling 4/16/12		715,581		9,224,353		8,646,340		(578,013	)
Swiss Franc settling 4/16/12		22,314		24,679,615		24,722,736		43,121
Swiss Franc settling 7/13/12		45,464		50,339,424		50,427,977		88,553
Westpac Banking Corp:
Australian Dollar settling 4/16/12		17,322		17,682,644		17,916,591		233,947
New Zealand Dollar settling 4/16/12		13,620		11,220,837		11,142,311		(78,526	)
Sale Contracts
Citibank N.A:
Japanese Yen settling 4/16/12		405,190		5,270,853		4,895,896		374,957
Credit Suisse London Branch (GFX):
Euro settling 4/16/12		5,261		7,094,958		7,016,981		77,977
Euro settling 4/16/12		11,761		14,901,775		15,686,508		(784,733	)
Deutsche Bank AG London:
Euro settling 4/16/12		35,840		47,261,133		47,802,436		(541,303	)
Great British Pound settling 4/16/12		13,052		20,840,781		20,874,933		(34,152	)
Goldman Sachs International:
Canadian Dollar settling 4/16/12		4,700		4,569,007		4,710,716		(141,709	)
Morgan Stanley And Co Inc:
Japanese Yen settling 4/16/12		2,311,188		29,997,897		27,926,002		2,071,895
Royal Bank of Scotland PLC:
Euro settling 4/16/12		66,920		85,050,636		89,256,111		(4,205,475	)
Great British Pound settling 4/16/12		6,238		9,511,515		9,976,849		(465,334	)
Standard Chartered Bank:
Japanese Yen settling 7/13/12		11,606,389		139,684,547		140,359,378		(674,831	)
UBS AG:
Canadian Dollar settling 4/16/12		25,381		24,810,726		25,438,864		(628,138	)
Swiss Franc settling 4/16/12		22,314		24,323,882		24,722,736		(398,854	)
Swiss Franc settling 4/16/12		44,276		48,264,059		49,055,475		(791,416	)
							$	1,680,021

PUT OPTIONS WRITTEN

Description	Contracts		Exercise Price		Expiration Month		U.S. $ Value
iShares MSCI EAFE Index Fund (c)		46,600	$	43.00		May 2012	$	(372,800	)
iShares MSCI Emerging Marketing (c)		6,600		35.00		May 2012		(72,600	)
(premium received $1,366,053)							$	(445,400	)

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

(c) One contract relates to 100 shares.

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

(e) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $110,384,564 and gross unrealized depreciation of investments was $(109,686,300), resulting in net unrealized appreciation of $698,264.

(f) An amount of U.S. $902,597 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2012.

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 *

March 31, 2012 (unaudited)

24.3%	Japan
24.1%	United Kingdom
8.9%	Germany
5.6%	France
4.8%	Netherlands
4.2%	Switzerland
4.2%	Australia
3.4%	South Korea
3.0%	Italy
2.8%	Canada
2.6%	Brazil
1.8%	Taiwan
1.5%	Russia
8.4%	Other
0.4%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2012. 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: Belgium, China, Hong Kong, New Zealand, Norway, Poland, Portugal, Singapore, South Africa, Spain, Thailand, Turkey and United States.

AllianceBernstein Variable Products Series Fund

International Value Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

7,788,767

$

261,346,917

$

– 0

–

$

269,135,684

Energy

9,578,719

149,903,774

– 0

–

159,482,493

Consumer Discretionary

9,310,307

143,878,100

– 0

–

153,188,407

Materials

14,824,901

121,142,049

– 0

–

135,966,950

Health Care

– 0

–

99,572,202

– 0

–

99,572,202

Telecommunication Services

53,002

94,653,258

– 0

–

94,706,260

Information Technology

– 0

–

77,064,863

– 0

–

77,064,863

Industrials

– 0

–

75,989,275

– 0

–

75,989,275

Consumer Staples

– 0

–

73,627,182

– 0

–

73,627,182

Utilities

– 0

–

44,123,532

– 0

–

44,123,532

Options Purchased - Puts

– 0

–

4,460,400

– 0

–

4,460,400

Short-Term Investments

– 0

–

4,749,027

– 0

–

4,749,027

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

69,577,620

– 0

–

– 0

–

69,577,620

Total Investments in Securities

111,133,316

1,150,510,579+

– 0

–

1,261,643,895

Other Financial Instruments*:

Assets:

Forward Currency Exchange Contracts

– 0

–

11,654,341

– 0

–

11,654,341

Liabilities:

Futures Contracts

(296,948

)

– 0

–

– 0

–

(296,948

)

Forward Currency Exchange Contracts

– 0

–

(9,974,320

)

– 0

–

(9,974,320

)

Put Options Written

– 0

–

(445,400

)

– 0

–

(445,400

)

Total

$

110,836,368

$

1,151,745,200

$

– 0

–

$

1,262,581,568

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

+ A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.0%
Technology - 30.1%
Communications Technology - 5.1%
Cisco Systems, Inc.		265,470	$	5,614,691
QUALCOMM, Inc.		216,070		14,697,081
				20,311,772
Computer Services, Software & Systems - 11.3%
Citrix Systems, Inc. (a)		68,570		5,410,859
F5 Networks, Inc. (a)		8,720		1,176,851
Google, Inc.-Class A (a)		27,060		17,351,954
Informatica Corp. (a)		24,880		1,316,152
Intuit, Inc.		93,380		5,614,939
Oracle Corp.		322,920		9,416,347
Salesforce.com, Inc. (a)		15,250		2,356,278
TIBCO Software, Inc. (a)		74,132		2,261,026
				44,904,406
Computer Technology - 10.3%
Apple, Inc. (a)		56,905		34,112,841
EMC Corp./MA (a)		222,923		6,660,939
				40,773,780
Semiconductors & Component - 3.4%
Broadcom Corp.-Class A (a)		158,974		6,247,678
Marvell Technology Group Ltd. (a)		450,851		7,091,886
				13,339,564
				119,329,522
Consumer Discretionary - 14.1%
Auto Parts - 1.4%
BorgWarner, Inc. (a)		64,946		5,477,546
Cable Television Services - 2.4%
Comcast Corp.-Class A		318,320		9,552,783
Casinos & Gambling - 0.7%
Las Vegas Sands Corp.		50,020		2,879,652
Diversified Retail - 2.6%
Amazon.com, Inc. (a)		34,274		6,940,828
Dollar General Corp. (a)		71,262		3,292,304
				10,233,132
Entertainment - 3.1%
Walt Disney Co. (The)		279,510		12,236,948
Recreational Vehicles & Boats - 0.7%
Harley-Davidson, Inc.		54,800		2,689,584
Restaurants - 1.7%
Starbucks Corp.		123,585		6,907,166
Specialty Retail - 0.2%
Tractor Supply Co.		8,040		728,102

Company	Shares		U.S. $ Value
Textiles, Apparel & Shoes - 1.3%
Coach, Inc.		19,330		1,493,822
PVH Corp.		42,515		3,797,865
				5,291,687
				55,996,600
Energy - 12.5%
Oil Well Equipment & Services - 6.9%
FMC Technologies, Inc. (a)		75,465		3,804,945
National Oilwell Varco, Inc.		83,270		6,617,467
Oceaneering International, Inc.		43,180		2,326,970
Schlumberger Ltd.		210,235		14,701,734
				27,451,116
Oil: Crude Producers - 5.6%
Anadarko Petroleum Corp.		62,090		4,864,131
EOG Resources, Inc.		76,925		8,546,368
Noble Energy, Inc.		87,894		8,594,275
				22,004,774
				49,455,890
Producer Durables - 12.5%
Aerospace - 2.1%
Boeing Co. (The)		112,050		8,333,159
Diversified Manufacturing Operations - 3.3%
Danaher Corp.		199,442		11,168,752
Dover Corp.		30,660		1,929,740
				13,098,492
Scientific Instruments: Control & Filter - 2.7%
Flowserve Corp.		53,501		6,179,901
Rockwell Automation, Inc.		42,245		3,366,926
Roper Industries, Inc.		11,500		1,140,340
				10,687,167
Scientific Instruments: Electrical - 1.9%
AMETEK, Inc.		43,214		2,096,311
Emerson Electric Co.		106,320		5,547,778
				7,644,089
Transportation Miscellaneous - 2.5%
United Parcel Service, Inc.-Class B		119,760		9,667,027
				49,429,934
Health Care - 10.7%
Health Care Management Services - 1.4%
UnitedHealth Group, Inc.		96,432		5,683,702
Health Care Services - 1.5%
Express Scripts, Inc.-Class A (a)		108,370		5,871,486
Medical & Dental Instruments & Supplies - 3.7%
Covidien PLC		167,765		9,173,390

Company	Shares		U.S. $ Value
Stryker Corp.		103,000		5,714,440
				14,887,830
Medical Equipment - 0.9%
Illumina, Inc. (a)(b)		66,965		3,523,029
Pharmaceuticals - 3.2%
Allergan, Inc./United States		72,245		6,894,341
Gilead Sciences, Inc. (a)		54,360		2,655,486
Perrigo Co.		28,830		2,978,427
				12,528,254
				42,494,301
Materials & Processing - 7.2%
Chemicals: Diversified - 1.8%
Potash Corp. of Saskatchewan, Inc.		151,810		6,936,199
Copper - 1.2%
Freeport-McMoRan Copper & Gold, Inc.		123,050		4,680,822
Fertilizers - 1.8%
Monsanto Co.		91,074		7,264,062
Metal Fabricating - 2.4%
Precision Castparts Corp.		54,860		9,485,294
				28,366,377
Financial Services - 6.5%
Diversified Financial Services - 5.0%
Blackstone Group LP		357,044		5,691,281
Goldman Sachs Group, Inc. (The)		28,735		3,573,772
JPMorgan Chase & Co.		226,550		10,416,769
				19,681,822
Financial Data & Systems - 0.9%
Visa, Inc.-Class A		29,340		3,462,120
Real Estate - 0.6%
CBRE Group, Inc. (a)		130,282		2,600,429
				25,744,371
Consumer Staples - 2.4%
Foods - 2.4%
General Mills, Inc.		152,940		6,033,483
Hershey Co. (The)		56,810		3,484,157
				9,517,640
Total Common Stocks (cost $332,170,561)				380,334,635

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 5.1%
Time Deposit - 5.1%
State Street Time Deposit 0.01%, 4/02/12 (Cost $20,234,682)	$	20,235		20,234,682
Total Investments Before Security Lending Collateral for Securities Loaned - 101.1% (cost $352,405,243)				400,569,317
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 0.9%
Investment Companies - 0.9%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (cost $3,582,628)		3,582,628		3,582,628
Total Investments - 102.0% (cost $355,987,871) (d)				404,151,945
Other assets less liabilities - (2.0)%				(7,764,884	)
Net Assets - 100.0%			$	396,387,061

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $52,335,136 and gross unrealized depreciation of investments was $(4,171,062), resulting in net unrealized appreciation of $48,164,074.

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

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

380,334,635

$

– 0

–

$

– 0

–

$

380,334,635

Short-Term Investments

– 0

–

20,234,682

– 0

–

20,234,682

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

3,582,628

– 0

–

– 0

–

3,582,628

Total Investments in Securities

383,917,263

20,234,682

– 0

–

404,151,945

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

383,917,263

$

20,234,682

$

– 0

–

$

404,151,945

* See Portfolio of Investments for sector classifications.

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Money Market Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

	Yield*			Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 99.6%
CERTIFICATES OF DEPOSIT - 41.9%
Bank of Montreal Chicago
4/04/12		0.140	%	$	900	$	900,000
Bank of Tokyo Mitsubishi UFJ NY
6/08/12		0.450	%		1,000		1,000,000
Canadian Imp Bank Comm NY
8/06/12 (a)		0.258	%		1,000		1,000,000
National Australia Bank NY
10/12/12 (a)		0.680	%		1,200		1,200,000
Nordea Bank Finland NY
5/21/12		0.390	%		1,000		1,000,000
Norinchukin Bank NY
4/05/12		0.590	%		1,100		1,100,000
Rabobank Nederland NV NY
4/26/12		0.510	%		1,100		1,100,000
Standard Chartered Bank NY
5/24/12		0.590	%		700		700,000
Sumitomo Mitsui Bank NY
6/04/12		0.370	%		900		900,000
Sumitomo Trust & Bank NY
4/17/12		0.510	%		600		600,082
Svenska Handelsbanken NY
4/23/12		0.300	%		1,000		1,000,000
Toronto Dominion Bank NY
7/30/12		0.280	%		1,000		1,000,000
UBS AG Stamford CT
5/11/12		0.510	%		500		499,937
Westpac Banking Corp. NY
7/11/12 (a)		0.332	%		1,200		1,199,400
							13,199,419
MUNICIPAL OBLIGATIONS - 32.3%
California Infra & Eco Dev Bk (J Paul Getty Trust)
10/01/47 (b)		0.170	%		1,200		1,200,000
Connecticut Hlth & Ed Fac Auth (Yale Univ)
Series 2001V-1
7/01/36 (b)		0.170	%		700		700,000
Dallas Fort Worth TX Intl Arpt (United Parcel Service)
5/01/32 (b)		0.170	%		1,300		1,300,000
Houston TX Hgr Ed Fin Corp. (Rice Univ)
Series 2008B
5/15/48 (b)		0.150	%		1,200		1,200,000
Loudoun Cnty VA IDA (Howard Hughes Med Inst)
2/15/38 (b)		0.160	%		1,300		1,300,000
Massachusetts Dev Fin Agy (Smith College)
7/01/24 (b)		0.160	%		1,171		1,171,000

	Yield*			Principal Amount (000)		U.S. $ Value
Massachusetts Hlth & Ed Facs Auth (Harvard Univ)
Series 1999R
11/01/49 (b)		0.150	%		600		600,000
Mississippi Business Fin Corp. (Chevron USA, Inc.)
Series 2009E
12/01/30 (b)		0.170	%		1,400		1,400,000
Valdez AK Marine Terminal (Exxon Mobil Corp.)
Series 1993B
12/01/33 (b)		0.160	%		1,300		1,300,000
							10,171,000
COMMERCIAL PAPER - 15.6%
Commonwealth Bank Australia
5/14/12 (c)		0.481	%		1,100		1,099,384
HSBC Bank PLC
4/02/12		0.481	%		1,200		1,200,000
State Street Corp.
6/06/12		0.350	%		1,100		1,099,305
Straight-A Funding LLC
4/23/12		0.190	%		523		522,942
Toyota Motor Credit Corp.
7/23/12		0.380	%		1,000		998,818
							4,920,449
CORPORATES-INVESTMENT GRADES - 5.1%
Australia & New Zealand Banking Group Ltd.
7/07/12 (a) (c)		0.783	%		1,000		1,000,704
Coca-Cola Co. (The)
5/15/12 (a)		0.553	%		600		600,149
							1,600,853
U.S. GOVERNMENT & GOVERNMENT SPONSORED AGENCY OBLIGATIONS - 4.7%
Federal Farm Credit Bank
7/20/12 (a)		0.202	%		500		499,954
4/23/12 (a)		0.252	%		500		500,004
4/12/12 (a)		0.272	%		500		500,005
							1,499,963
Total Investments - 99.6%
(cost $31,391,684) (d)							31,391,684
Other assets less liabilities - 0.4%							137,499
Net Assets - 100.0%						$	31,529,183

(a) Floating Rate Security. Stated interest rate was in effect at March 31, 2012.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2012, the aggregate market value of these securities amounted to $2,100,088 or 6.7% of net assets.

(d) As of March 31, 2012, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

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

Glossary:

IDA - Industrial Development Authority/Agency

AllianceBernstein Variable Products Series Fund

Money Market Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Short-Term Investments:

Certificates of Deposit

$

– 0

–

$

13,199,419

$

– 0

–

$

13,199,419

Municipal Obligations

– 0

–

10,171,000

– 0

–

10,171,000

Commercial Paper

– 0

–

4,920,449

– 0

–

4,920,449

Corporates - Investment Grades

– 0

–

1,600,853

– 0

–

1,600,853

U.S. Government & Government Sponsored Agency Obligations

– 0

–

1,499,963

– 0

–

1,499,963

Total Investments in Securities

– 0

–

31,391,684

– 0

–

31,391,684

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

– 0

–

$

31,391,684

$

– 0

–

$

31,391,684

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Real Estate Investment Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.5%
Retail - 25.2%
Regional Mall - 16.4%
CBL & Associates Properties, Inc.		45,030	$	851,968
General Growth Properties, Inc.		116,900		1,986,131
Glimcher Realty Trust		180,178		1,841,419
Simon Property Group, Inc.		60,720		8,845,689
				13,525,207
Shopping Center/Other Retail - 8.8%
DDR Corp.		145,323		2,121,716
Kite Realty Group Trust (a)		141,900		747,813
Regency Centers Corp.		47,690		2,121,251
Retail Opportunity Investments Corp. (a)		82,806		996,984
Weingarten Realty Investors		49,400		1,305,642
				7,293,406
				20,818,613
Equity:Other - 23.3%
Diversified/Specialty - 13.8%
American Tower Corp.		19,630		1,237,082
CBRE Group, Inc. (b)		42,830		854,887
Crown Castle International Corp. (b)		8,340		444,856
Digital Realty Trust, Inc. (a)		31,530		2,332,274
Duke Realty Corp.		145,720		2,089,625
Forest City Enterprises, Inc. (b)		69,370		1,086,334
Lexington Realty Trust (a)		95,900		862,141
Weyerhaeuser Co.		115,860		2,539,651
				11,446,850
Health Care - 9.5%
HCP, Inc.		42,590		1,680,602
Health Care REIT, Inc.		41,851		2,300,131
Ventas, Inc.		67,320		3,843,972
				7,824,705
				19,271,555
Residential - 21.1%
Multi-Family - 10.2%
Associated Estates Realty Corp.		49,820		814,059
AvalonBay Communities, Inc.		2,950		416,983
BRE Properties, Inc.		28,850		1,458,367
Camden Property Trust		25,955		1,706,541
Equity Residential		27,710		1,735,200
Essex Property Trust, Inc.		6,990		1,059,055
Post Properties, Inc.		27,370		1,282,558
				8,472,763
Self Storage - 8.6%
CubeSmart		86,050		1,023,995
Extra Space Storage, Inc.		69,711		2,006,980
Public Storage		19,150		2,645,955
Sovran Self Storage, Inc.		29,361		1,463,059
				7,139,989

Company	Shares		U.S. $ Value
Student Housing - 2.3%
Education Realty Trust, Inc.		171,550		1,859,602
				17,472,354
Office - 13.2%
Office - 13.2%
Boston Properties, Inc.		23,359		2,452,461
Corporate Office Properties Trust		24,660		572,359
Douglas Emmett, Inc.		88,180		2,011,386
Kilroy Realty Corp.		24,584		1,145,860
Mack-Cali Realty Corp.		35,260		1,016,193
PS Business Parks, Inc.		16,000		1,048,640
SL Green Realty Corp.		34,030		2,639,027
				10,885,926
Lodging - 9.2%
Lodging - 9.2%
Ashford Hospitality Trust, Inc.		76,789		691,869
Hyatt Hotels Corp. (b)		20,820		889,430
Intercontinental Hotels Group PLC		44,660		1,037,615
LaSalle Hotel Properties		45,297		1,274,658
Pebblebrook Hotel Trust		45,120		1,018,810
Starwood Hotels & Resorts Worldwide, Inc.		24,770		1,397,276
Strategic Hotels & Resorts, Inc. (b)		199,380		1,311,920
				7,621,578
Industrials - 7.5%
Industrial Warehouse Distribution - 7.5%
EastGroup Properties, Inc.		28,340		1,423,235
ProLogis, Inc.		114,192		4,113,196
STAG Industrial, Inc.		50,490		704,840
				6,241,271
Total Common Stocks (cost $68,003,381)				82,311,297
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.4%
Time Deposit - 0.4%
State Steet Time Deposit 0.01%, 4/02/12 (Cost $311,548)	$	312		311,548
Total Investments Before Security Lending Collateral for Securities Loaned - 99.9% (cost $68,314,929)				82,622,845

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 4.9%
Investment Companies - 4.9%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (Cost $4,043,761)		4,043,761		4,043,761
Total Investments - 104.8% (cost $72,358,690) (d)				86,666,606
Other assets less liabilities - (4.8)%				(3,987,946	)
Net Assets - 100.0%			$	82,678,660

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $14,539,983 and gross unrealized depreciation of investments was $(232,067), resulting in net unrealized appreciation of $14,307,916.

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

Glossary:

REIT - Real Estate Investment Trust

AllianceBernstein Variable Products Series Fund

Real Estate Investment Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

		$85,317,443			$85,317,443			$85,317,443			$85,317,443
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Retail	$	20,818,613		$	– 0	–	$	– 0	–	$	20,818,613
Equity:Other		19,271,555			– 0	–		– 0	–		19,271,555
Residential		17,472,354			– 0	–		– 0	–		17,472,354
Office		10,885,926			– 0	–		– 0	–		10,885,926
Lodging		6,583,963			1,037,615			– 0	–		7,621,578
Industrials		6,241,271			– 0	–		– 0	–		6,241,271
Short-Term Investments		– 0	–		311,548			– 0	–		311,548
Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund		4,043,761			– 0	–		– 0	–		4,043,761
Total Investments in Securities		85,317,443			1,349,163			– 0	–		86,666,606
Other Financial Instruments*
Total	$	85,317,443		$	1,349,163		$	– 0	–	$	86,666,606

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 118.9%
Industrials - 29.0%
Aerospace & Defense - 2.1%
Hexcel Corp. (a)		37,370	$	897,253
Keyw Holding Corp. (The) (a)(b)		47,753		370,086
				1,267,339
Building Products - 1.0%
Simpson Manufacturing Co., Inc.		18,987		612,331
Commercial Services & Supplies - 1.1%
Interface, Inc.		50,980		711,171
Construction & Engineering - 1.6%
Dycom Industries, Inc. (a)		41,271		964,091
Electrical Equipment - 2.0%
AMETEK, Inc.		15,620		757,726
Thermon Group Holdings, Inc. (a)		24,568		502,416
				1,260,142
Machinery - 10.9%
Actuant Corp.-Class A		28,500		826,215
Chart Industries, Inc. (a)		2,700		197,991
Gardner Denver, Inc.		9,380		591,128
IDEX Corp.		21,725		915,274
Lincoln Electric Holdings, Inc.		17,440		790,381
Middleby Corp. (a)		9,100		920,738
RBC Bearings, Inc. (a)		16,219		748,182
Robbins & Myers, Inc.		16,395		853,360
Valmont Industries, Inc.		7,511		881,866
				6,725,135
Marine - 1.7%
Kirby Corp. (a)		16,053		1,056,127
Professional Services - 5.5%
Advisory Board Co. (The) (a)		2,110		186,988
CoStar Group, Inc. (a)		18,516		1,278,530
RPX Corp. (a)		43,789		742,661
TrueBlue, Inc. (a)		66,428		1,187,733
				3,395,912
Road & Rail - 1.2%
Genesee & Wyoming, Inc.-Class A (a)		13,380		730,280
Trading Companies & Distributors - 1.9%
United Rentals, Inc. (a)(b)		27,900		1,196,631
				17,919,159
Information Technology - 28.3%
Communications Equipment - 3.2%
Aruba Networks, Inc. (a)		33,440		745,043
Ciena Corp. (a)		27,160		439,721

Company	Shares		U.S. $ Value
Netgear, Inc. (a)		20,350		777,370
				1,962,134
Internet Software & Services - 3.1%
Bazaarvoice, Inc. (a)		23,526		467,462
DealerTrack Holdings, Inc. (a)		40,921		1,238,269
ExactTarget, Inc. (a)		6,864		178,464
				1,884,195
IT Services - 2.5%
ServiceSource International, Inc. (a)		65,194		1,009,203
VeriFone Systems, Inc. (a)		10,269		532,653
				1,541,856
Semiconductors & Semiconductor Equipment - 8.4%
Entegris, Inc. (a)		78,417		732,415
Fairchild Semiconductor International, Inc. (a)		52,109		766,002
Hittite Microwave Corp. (a)		10,510		570,798
International Rectifier Corp. (a)		21,453		494,921
Mellanox Technologies Ltd. (a)		20,427		854,461
Semtech Corp. (a)		34,480		981,301
Teradyne, Inc. (a)		48,500		819,165
				5,219,063
Software - 11.1%
Aspen Technology, Inc. (a)		51,713		1,061,668
Cadence Design Systems, Inc. (a)		92,100		1,090,464
Fortinet, Inc. (a)		19,033		526,263
Informatica Corp. (a)		2,150		113,735
MICROS Systems, Inc. (a)		17,470		965,916
QLIK Technologies, Inc. (a)		32,394		1,036,608
SolarWinds, Inc. (a)		19,837		766,700
Synchronoss Technologies, Inc. (a)		22,659		723,275
TIBCO Software, Inc. (a)		19,400		591,700
				6,876,329
				17,483,577
Health Care - 22.6%
Biotechnology - 5.7%
Achillion Pharmaceuticals, Inc. (a)(b)		44,270		424,107
Amarin Corp. PLC (ADR) (a) (b)		26,120		295,678
Ariad Pharmaceuticals, Inc. (a)		37,920		604,824
Arqule, Inc. (a)		35,877		251,498
AVEO Pharmaceuticals, Inc. (a)		27,770		344,626
Cepheid, Inc. (a)		20,182		844,213
Ironwood Pharmaceuticals, Inc. (a)		29,927		398,328
Pharmacyclics, Inc. (a)(b)		11,790		327,290
				3,490,564

Company	Shares		U.S. $ Value
Health Care Equipment & Supplies - 3.7%
NxStage Medical, Inc. (a)		37,352		719,773
Sirona Dental Systems, Inc. (a)		15,744		811,446
Volcano Corp. (a)		26,040		738,234
				2,269,453
Health Care Providers & Services - 9.2%
AMERIGROUP Corp. (a)		16,440		1,106,083
Catalyst Health Solutions, Inc. (a)		16,170		1,030,514
Centene Corp. (a)		25,830		1,264,895
HMS Holdings Corp. (a)		35,680		1,113,573
Mednax, Inc. (a)		16,077		1,195,647
				5,710,712
Health Care Technology - 1.7%
SXC Health Solutions Corp. (a)		13,881		1,040,520
Pharmaceuticals - 2.3%
Akorn, Inc. (a)		67,307		787,492
MAP Pharmaceuticals, Inc. (a)		23,530		337,891
Optimer Pharmaceuticals, Inc. (a)(b)		21,946		305,049
				1,430,432
				13,941,681
Consumer Discretionary - 21.7%
Distributors - 1.2%
LKQ Corp. (a)		23,230		724,079
Diversified Consumer Services - 0.4%
Grand Canyon Education, Inc. (a)		12,812		227,541
Hotels, Restaurants & Leisure - 5.7%
BJ’s Restaurants, Inc. (a)		15,295		770,103
Life Time Fitness, Inc. (a)		23,450		1,185,866
Orient-Express Hotels Ltd.-Class A (a)		73,600		750,720
Panera Bread Co.-Class A (a)		5,030		809,428
				3,516,117
Household Durables - 2.3%
Skullcandy, Inc. (a)(b)		29,292		463,692
Tempur-Pedic International, Inc. (a)		11,150		941,395
				1,405,087
Media - 1.1%
National CineMedia, Inc.		46,050		704,565
Specialty Retail - 11.0%
Dick’s Sporting Goods, Inc.		22,420		1,077,954
Francesca’s Holdings Corp. (a)		30,748		971,944
Hibbett Sports, Inc. (a)		21,910		1,195,190
Select Comfort Corp. (a)		39,040		1,264,506
Tractor Supply Co.		8,105		733,989
Ulta Salon Cosmetics & Fragrance, Inc.		8,030		745,907

Company	Shares		U.S. $ Value
Zumiez, Inc. (a)		23,020		831,252
				6,820,742
				13,398,131
Energy - 8.7%
Energy Equipment & Services - 5.0%
Dril-Quip, Inc. (a)		11,540		750,331
Oceaneering International, Inc.		15,985		861,432
Oil States International, Inc. (a)		9,290		725,177
Superior Energy Services, Inc. (a)		28,217		743,800
				3,080,740
Oil, Gas & Consumable Fuels - 3.7%
Matador Resources Co. (a)		48,880		535,236
Oasis Petroleum, Inc. (a)		24,315		749,632
Resolute Energy Corp. (a)(b)		27,690		315,112
SM Energy Co.		9,768		691,281
				2,291,261
				5,372,001
Financials - 5.3%
Capital Markets - 2.8%
Affiliated Managers Group, Inc. (a)		8,220		919,078
Stifel Financial Corp. (a)		21,276		805,084
				1,724,162
Commercial Banks - 2.5%
Iberiabank Corp.		13,489		721,257
Signature Bank/New York NY (a)		12,916		814,224
				1,535,481
				3,259,643
Materials - 2.2%
Chemicals - 2.2%
PolyOne Corp.		41,650		599,760
Solutia, Inc.		26,690		745,719
				1,345,479
Consumer Staples - 1.1%
Food & Staples Retailing - 1.1%
Chefs’ Warehouse, Inc. (The) (a)		30,392		703,271
Total Common Stocks (cost $57,745,833)				73,422,942

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.01%, 4/02/12 (cost $314,785)	$	315		314,785
Total Investments Before Security Lending Collateral for Securities Loaned - 119.4% (cost $58,060,618)				73,737,727
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 5.7%
Investment Companies - 5.7%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (cost $3,532,926)		3,532,926		3,532,926
Total Investments - 125.1% (cost $61,593,544) (d)				77,270,653
Other assets less liabilities - (25.1)%				(15,483,884	)
Net Assets - 100.0%			$	61,786,769

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,217,835 and gross unrealized depreciation of investments was $(540,726), resulting in net unrealized appreciation of $15,677,109.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Small Cap Growth Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

		$ 76,955,868			$ 76,955,868			$ 76,955,868			$ 76,955,868
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks*	$	73,422,942		$	– 0	–	$	– 0	–	$	73,422,942
Short-Term Investments		– 0	–		314,785			– 0	–		314,785
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		3,532,926			– 0	–		– 0	–		3,532,926
Total Investments in Securities		76,955,868			314,785			– 0	–		77,270,653
Other Financial Instruments**		– 0	–		– 0	–		– 0	–		– 0	–
Total	$	76,955,868		$	314,785		$	– 0	–	$	77,270,653

* See Portfolio of Investments for sector classifications.

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.2%
Financials - 28.6%
Capital Markets - 1.2%
Legg Mason, Inc.		227,840	$	6,363,571
Commercial Banks - 10.5%
Associated Banc-Corp		439,710		6,138,352
CapitalSource, Inc.		994,070		6,560,862
Comerica, Inc.		224,690		7,270,969
First Niagara Financial Group, Inc.		719,710		7,081,946
Huntington Bancshares, Inc./OH		1,069,700		6,899,565
Popular, Inc. (a)		2,326,277		4,768,868
Susquehanna Bancshares, Inc. (b)		639,164		6,314,940
Webster Financial Corp.		142,040		3,220,047
Zions Bancorporation		347,670		7,460,998
				55,716,547
Insurance - 8.2%
Amtrust Financial Services, Inc. (b)		153,720		4,131,994
Aspen Insurance Holdings Ltd.		224,660		6,277,000
Endurance Specialty Holdings Ltd.		185,520		7,543,243
Platinum Underwriters Holdings Ltd.		173,220		6,322,530
Reinsurance Group of America, Inc.-Class A		121,850		7,246,419
Torchmark Corp.		128,470		6,404,230
Unum Group		223,370		5,468,098
				43,393,514
Real Estate Investment Trusts (REITs) - 8.1%
BioMed Realty Trust, Inc.		302,420		5,739,932
BRE Properties, Inc.		105,110		5,313,310
Camden Property Trust		82,460		5,421,745
DiamondRock Hospitality Co.		515,080		5,300,173
Entertainment Properties Trust		131,650		6,105,927
Glimcher Realty Trust		554,660		5,668,625
Home Properties, Inc.		61,700		3,764,317
Mid-America Apartment Communities, Inc.		82,400		5,523,272
				42,837,301
Thrifts & Mortgage Finance - 0.6%
Washington Federal, Inc.		200,280		3,368,710
				151,679,643
Information Technology - 17.3%
Computers & Peripherals - 0.6%
NCR Corp.(a)		145,940		3,168,357
Electronic Equipment, Instruments & Components - 8.8%
Anixter International, Inc. (a)		50,620		3,671,469
Arrow Electronics, Inc. (a)		158,490		6,651,825
AU Optronics Corp. (Sponsored ADR)		1,094,152		4,989,333
Avnet, Inc. (a)		191,200		6,957,768
Flextronics International Ltd. (a)		799,450		5,780,023
Ingram Micro, Inc.-Class A (a)		152,690		2,833,926
Insight Enterprises, Inc. (a)		211,560		4,639,511
TTM Technologies, Inc. (a)		520,242		5,977,581

Company	Shares		U.S. $ Value
Vishay Intertechnology, Inc. (a)		442,910		5,385,786
				46,887,222
IT Services - 2.3%
Amdocs Ltd. (a)		203,140		6,415,161
Convergys Corp. (a)		414,710		5,536,379
				11,951,540
Semiconductors & Semiconductor Equipment - 5.6%
Amkor Technology, Inc. (a)(b)		788,500		4,845,333
Entegris, Inc. (a)		668,730		6,245,938
Lam Research Corp. (a)		147,030		6,560,479
Micron Technology, Inc. (a)		868,690		7,036,389
MKS Instruments, Inc.		175,148		5,172,120
				29,860,259
				91,867,378
Consumer Discretionary - 15.6%
Auto Components - 4.0%
Cooper Tire & Rubber Co.		101,122		1,539,077
Dana Holding Corp.		395,940		6,137,070
Lear Corp.		163,230		7,588,563
TRW Automotive Holdings Corp. (a)		128,500		5,968,825
				21,233,535
Hotels, Restaurants & Leisure - 2.3%
MGM Resorts International (a)		458,850		6,249,537
Royal Caribbean Cruises Ltd.		209,470		6,164,702
				12,414,239
Household Durables - 2.6%
Meritage Homes Corp. (a)		133,140		3,602,768
Newell Rubbermaid, Inc.		314,900		5,608,369
NVR, Inc. (a)		6,605		4,797,410
				14,008,547
Media - 1.0%
Gannett Co., Inc.		342,140		5,245,006
Specialty Retail - 4.1%
ANN, Inc. (a)		242,121		6,934,345
Childrens Place Retail Stores, Inc. (The) (a)		94,770		4,896,766
GameStop Corp.-Class A (b)		221,000		4,826,640
Office Depot, Inc. (a)		1,462,890		5,046,971
				21,704,722
Textiles, Apparel & Luxury Goods - 1.6%
Jones Group, Inc. (The)		661,590		8,309,570
				82,915,619

Company	Shares		U.S. $ Value
Industrials - 12.4%
Air Freight & Logistics - 0.8%
Atlas Air Worldwide Holdings, Inc. (a)		80,146		3,943,985
Building Products - 1.0%
Fortune Brands Home & Security, Inc. (a)		243,490		5,373,824
Commercial Services & Supplies - 1.2%
Avery Dennison Corp.		206,260		6,214,614
Construction & Engineering - 0.9%
Tutor Perini Corp. (a)		319,730		4,981,393
Electrical Equipment - 2.1%
EnerSys (a)		138,850		4,811,152
General Cable Corp. (a)		224,310		6,522,935
				11,334,087
Machinery - 1.7%
Sauer-Danfoss, Inc.		66,848		3,141,856
Timken Co.		117,330		5,953,324
				9,095,180
Road & Rail - 2.6%
Avis Budget Group, Inc. (a)		242,030		3,424,725
Con-way, Inc.		204,520		6,669,397
Hertz Global Holdings, Inc. (a)		230,020		3,459,501
				13,553,623
Trading Companies & Distributors - 2.1%
Aircastle Ltd.		484,390		5,928,934
WESCO International, Inc. (a)		77,050		5,032,135
				10,961,069
				65,457,775
Materials - 6.4%
Chemicals - 3.7%
Ferro Corp. (a)		689,230		4,094,026
Huntsman Corp.		349,820		4,900,978
PolyOne Corp.		476,800		6,865,920
Westlake Chemical Corp. (b)		52,570		3,406,011
				19,266,935
Metals & Mining - 2.7%
Commercial Metals Co.		357,800		5,302,596
Reliance Steel & Aluminum Co.		86,585		4,890,321
Steel Dynamics, Inc.		293,830		4,272,288
				14,465,205
				33,732,140
Utilities - 6.2%
Electric Utilities - 4.2%
Great Plains Energy, Inc.		251,220		5,092,229
NV Energy, Inc.		398,320		6,420,918
PNM Resources, Inc.		308,420		5,644,086

Company	Shares		U.S. $ Value
Portland General Electric Co.		212,120		5,298,758
				22,455,991
Gas Utilities - 2.0%
Atmos Energy Corp.		178,760		5,623,790
UGI Corp.		180,900		4,929,525
				10,553,315
				33,009,306
Energy - 6.0%
Energy Equipment & Services - 1.1%
Bristow Group, Inc.		125,300		5,980,569
Oil, Gas & Consumable Fuels - 4.9%
Plains Exploration & Production Co. (a)		143,180		6,106,627
Stone Energy Corp. (a)		156,700		4,480,053
Teekay Corp.		162,090		5,632,627
Tesoro Corp. (a)		124,090		3,330,576
Western Refining, Inc. (b)		323,460		6,087,517
				25,637,400
				31,617,969
Consumer Staples - 4.1%
Beverages - 1.5%
Constellation Brands, Inc.-Class A (a)		340,345		8,028,739
Food Products - 2.6%
Dean Foods Co. (a)		530,320		6,422,175
Dole Food Co., Inc. (a)(b)		432,720		4,318,546
Tyson Foods, Inc.-Class A		154,570		2,960,015
				13,700,736
				21,729,475
Health Care - 2.6%
Health Care Providers & Services - 2.6%
Health Net, Inc. (a)		182,900		7,264,788
LifePoint Hospitals, Inc. (a)		167,435		6,603,636
				13,868,424
Total Common Stocks (cost $473,169,110)				525,877,729
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.8%
Time Deposit - 0.8%
State Street Time Deposit 0.01%, 4/02/12 (cost $4,488,201)	$	4,488		4,488,201

			U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.0% (cost $477,657,311)				530,365,930
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 3.8%
Investment Companies - 3.8%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (cost $19,872,135)		19,872,135		19,872,135
Total Investments - 103.8% (cost $497,529,446)(d)				550,238,065
Other assets less liabilities - (3.8)%				(20,075,576	)
Net Assets - 100.0%			$	530,162,489

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $71,251,519 and gross unrealized depreciation of investments was $(18,542,900), resulting in net unrealized appreciation of $52,708,619.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Small/Mid Cap Value Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

525,877,729

$

– 0

–

$

– 0

–

$

525,877,729

Short-Term Investments

– 0

–

4,488,201

– 0

–

4,488,201

Investments of Cash Collateral for Security Loaned in Affiliated Money Market Fund

19,872,135

– 0

–

– 0

–

19,872,135

Total Investments in Securities

545,749,864

4,488,201

– 0

–

550,238,065

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

545,749,864

$

4,488,201

$

– 0

–

$

550,238,065

* See Portfolio of Investments for sector classifications.

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

There were no significant transfers between level 1 and level 2 during the reporting period.

AllianceBernstein Variable Products Series Fund

Value Portfolio

Portfolio of Investments

March 31, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.5%
Financials - 18.8%
Capital Markets - 1.6%
Legg Mason, Inc.		35,500	$	991,515
Morgan Stanley		103,100		2,024,884
				3,016,399
Commercial Banks - 5.5%
BB&T Corp.		15,100		473,989
CIT Group, Inc. (a)		72,600		2,994,024
PNC Financial Services Group, Inc.		15,200		980,248
Regions Financial Corp.		36,700		241,853
Wells Fargo & Co.		158,200		5,400,948
				10,091,062
Diversified Financial Services - 8.9%
Bank of America Corp.		132,800		1,270,896
Citigroup, Inc.		160,800		5,877,240
JPMorgan Chase & Co.		167,300		7,692,454
Moody’s Corp.		33,000		1,389,300
				16,229,890
Insurance - 2.8%
ACE Ltd.		19,800		1,449,360
Berkshire Hathaway, Inc. (a)		11,900		965,685
Chubb Corp. (The)		15,500		1,071,205
Reinsurance Group of America, Inc.-Class A		17,600		1,046,672
Travelers Cos., Inc. (The)		10,300		609,760
				5,142,682
				34,480,033
Health Care - 16.8%
Biotechnology - 1.3%
Gilead Sciences, Inc. (a)		39,600		1,934,460
Vertex Pharmaceuticals, Inc. (a)		12,400		508,524
				2,442,984
Health Care Providers & Services - 4.6%
Aetna, Inc.		12,200		611,952
Health Net, Inc. (a)		28,800		1,143,936
UnitedHealth Group, Inc.		52,500		3,094,350
WellPoint, Inc.		48,500		3,579,300
				8,429,538
Pharmaceuticals - 10.9%
AstraZeneca PLC (Sponsored ADR)		60,200		2,678,298
Johnson & Johnson		83,700		5,520,852
Merck & Co., Inc.		82,600		3,171,840
Pfizer, Inc.		336,700		7,629,622
Roche Holding AG (Sponsored ADR)		20,500		894,620
				19,895,232
				30,767,754

Company	Shares		U.S. $ Value
Consumer Discretionary - 14.8%
Auto Components - 1.8%
Lear Corp.		32,600		1,515,574
TRW Automotive Holdings Corp. (a)		38,300		1,779,035
				3,294,609
Automobiles - 2.1%
Ford Motor Co.		121,900		1,522,531
General Motors Co. (a)		89,700		2,300,805
				3,823,336
Diversified Consumer Services - 0.7%
Apollo Group, Inc.-Class A (a)		32,400		1,251,936
Hotels, Restaurants & Leisure - 1.1%
MGM Resorts International (a)		146,000		1,988,520
Household Durables - 0.7%
Newell Rubbermaid, Inc.		37,400		666,094
NVR, Inc. (a)		850		617,380
				1,283,474
Media - 6.0%
CBS Corp.-Class B		49,000		1,661,590
DIRECTV (a)		30,100		1,485,134
Gannett Co., Inc.		97,300		1,491,609
McGraw-Hill Cos., Inc. (The)		20,300		983,941
News Corp.-Class A		64,400		1,268,036
Time Warner Cable, Inc.-Class A		29,000		2,363,500
Viacom, Inc.-Class B		38,800		1,841,448
				11,095,258
Multiline Retail - 0.8%
Macy’s, Inc.		36,900		1,466,037
Specialty Retail - 1.6%
GameStop Corp.-Class A (b)		24,700		539,448
Home Depot, Inc. (The)		10,600		533,286
Limited Brands, Inc.		9,800		470,400
Lowe’s Cos., Inc.		34,500		1,082,610
Staples, Inc.		16,400		265,352
				2,891,096
				27,094,266
Information Technology - 11.4%
Communications Equipment - 2.1%
Cisco Systems, Inc.		158,700		3,356,505
Motorola Solutions, Inc.		8,100		411,723
				3,768,228
Computers & Peripherals - 2.3%
Dell, Inc. (a)		11,100		184,260
Hewlett-Packard Co.		170,000		4,051,100
				4,235,360

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components - 1.1%
Corning, Inc.		146,000		2,055,680
IT Services - 0.6%
Visa, Inc.-Class A		9,900		1,168,200
Semiconductors & Semiconductor Equipment - 5.3%
Advanced Semiconductor Engineering, Inc. (ADR)		95,435		489,582
Applied Materials, Inc.		185,900		2,312,596
Intel Corp.		127,300		3,578,403
Lam Research Corp. (a)		31,600		1,409,992
Micron Technology, Inc. (a)		230,000		1,863,000
				9,653,573
				20,881,041
Energy - 10.7%
Energy Equipment & Services - 1.0%
Transocean Ltd./Switzerland		32,500		1,777,750
Oil, Gas & Consumable Fuels - 9.7%
Anadarko Petroleum Corp.		11,700		916,578
BP PLC (Sponsored ADR)		61,400		2,763,000
Chevron Corp.		37,500		4,021,500
Devon Energy Corp.		30,600		2,176,272
Exxon Mobil Corp.		43,800		3,798,774
Marathon Oil Corp.		62,900		1,993,930
Marathon Petroleum Corp.		39,900		1,730,064
Valero Energy Corp.		17,200		443,244
				17,843,362
				19,621,112
Consumer Staples - 10.0%
Beverages - 1.0%
Constellation Brands, Inc.-Class A (a)		74,900		1,766,891
Food & Staples Retailing - 2.4%
CVS Caremark Corp.		36,000		1,612,800
Kroger Co. (The)		118,300		2,866,409
				4,479,209
Food Products - 1.2%
Archer-Daniels-Midland Co.		18,100		573,046
ConAgra Foods, Inc.		34,400		903,344
Tyson Foods, Inc.-Class A		37,500		718,125
				2,194,515
Household Products - 2.3%
Procter & Gamble Co. (The)		61,600		4,140,136
Tobacco - 3.1%
Altria Group, Inc.		78,200		2,414,034
Lorillard, Inc.		20,000		2,589,600
Philip Morris International, Inc.		4,700		416,467
Reynolds American, Inc.		6,800		281,792
				5,701,893
				18,282,644

Company	Shares		U.S. $ Value
Industrials - 5.7%
Aerospace & Defense - 1.4%
General Dynamics Corp.		9,600		704,448
Northrop Grumman Corp.		31,700		1,936,236
				2,640,684
Airlines - 0.7%
Delta Air Lines, Inc. (a)		120,675		1,195,889
Building Products - 0.3%
Fortune Brands Home & Security, Inc. (a)		25,058		553,030
Industrial Conglomerates - 3.3%
General Electric Co.		305,300		6,127,371
				10,516,974
Utilities - 4.9%
Electric Utilities - 2.8%
American Electric Power Co., Inc.		35,400		1,365,732
Edison International		31,100		1,322,061
Great Plains Energy, Inc.		47,600		964,852
NV Energy, Inc.		89,400		1,441,128
				5,093,773
Gas Utilities - 0.7%
Atmos Energy Corp.		32,000		1,006,720
UGI Corp.		12,800		348,800
				1,355,520
Multi-Utilities - 1.4%
CenterPoint Energy, Inc.		55,600		1,096,432
DTE Energy Co.		12,800		704,384
NiSource, Inc.		27,000		657,450
				2,458,266
				8,907,559
Telecommunication Services - 3.5%
Diversified Telecommunication Services - 3.5%
AT&T, Inc.		103,800		3,241,674
CenturyLink, Inc.		82,800		3,200,220
				6,441,894
Materials - 0.9%
Chemicals - 0.9%
LyondellBasell Industries NV		38,800		1,693,620
Total Common Stocks (cost $157,388,525)				178,686,897

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.9%
Time Deposit - 1.9%
State Street Time Deposit 0.01%, 4/02/12 (cost $3,487,341)	$	3,487		3,487,341
Total Investments Before Security Lending Collateral for Securities Loaned - 99.4% (cost $160,875,866)				182,174,238
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED - 0.3%
Investment Companies - 0.3%
AllianceBernstein Exchange Reserves-Class I, 0.22% (c) (cost $574,275)		574,275		574,275
Total Investments - 99.7% (cost $161,450,141) (d)				182,748,513
Other assets less liabilities - 0.3%				494,154
Net Assets - 100.0%			$	183,242,667

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) As of March 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $26,440,925 and gross unrealized depreciation of investments was $(5,142,553), resulting in net unrealized appreciation of $21,298,372.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Value Portfolio

March 31, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2012:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

34,480,033

$

– 0

–

$

– 0

–

$

34,480,033

Health Care

29,873,134

894,620

– 0

–

30,767,754

Consumer Discretionary

27,094,266

– 0

–

– 0

–

27,094,266

Information Technology

20,881,041

– 0

–

– 0

–

20,881,041

Energy

19,621,112

– 0

–

– 0

–

19,621,112

Consumer Staples

18,282,644

– 0

–

– 0

–

18,282,644

Industrials

10,516,974

– 0

–

– 0

–

10,516,974

Utilities

8,907,559

– 0

–

– 0

–

8,907,559

Telecommunication Services

6,441,894

– 0

–

– 0

–

6,441,894

Materials

1,693,620

– 0

–

– 0

–

1,693,620

Short-Term Investments

– 0

–

3,487,341

– 0

–

3,487,341

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

574,275

– 0

–

– 0

–

574,275

Total Investments in Securities

178,366,552

4,381,961

– 0

–

182,748,513

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

178,366,552

$

4,381,961

$

– 0

–

$

182,748,513

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

There were no significant transfers between level 1 and level 2 during the reporting period.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

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

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

SIGNATURES

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

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

By:	/s/    Robert M. Keith
	Robert M. Keith President
Date:	May 23, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	May 23, 2012
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo Treasurer and Chief Financial Officer
Date:	May 23, 2012