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, 2013

Date of reporting period: March 31, 2013

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.0%
Financials - 10.1%
Capital Markets - 1.1%
Affiliated Managers Group, Inc. (a)		11,860	$	1,821,340
BlackRock, Inc.-Class A		4,110		1,055,777
Credit Suisse Group AG		18,460		485,511
Deutsche Bank AG (REG)		9,790		382,753
Macquarie Group Ltd.		18,157		706,339
State Street Corp.		6,600		389,994
UBS AG		101,862		1,566,353
				6,408,067
Commercial Banks - 2.9%
Australia & New Zealand Banking Group Ltd.		11,760		350,734
Banco do Brasil SA		31,200		423,823
Banco Santander Brasil SA/Brazil (ADR)		14,400		104,544
Barclays PLC		84,770		377,164
BB&T Corp.		37,600		1,180,264
BNP Paribas SA		2,900		149,111
China Construction Bank Corp.-Class H		196,000		160,665
CIT Group, Inc. (a)		41,200		1,791,376
Fifth Third Bancorp		13,200		215,292
HSBC Holdings PLC		199,740		2,131,141
KB Financial Group, Inc.		11,345		378,994
KeyCorp		15,100		150,396
Lloyds Banking Group PLC (a)		412,380		307,271
Mitsubishi UFJ Financial Group, Inc. (b)		132,100		796,990
Mizuho Financial Group, Inc. (b)		76,200		163,510
National Australia Bank Ltd.		26,400		851,827
Regions Financial Corp.		20,700		169,533
Sberbank of Russia (Sponsored ADR)		23,279		296,807
Societe Generale SA (a)		15,319		504,347
Sumitomo Mitsui Financial Group, Inc.		10,500		430,761
SunTrust Banks, Inc.		7,700		221,837
Unione di Banche Italiane SCPA		73,380		271,822
US Bancorp		25,100		851,643
Wells Fargo & Co.		104,900		3,880,251
				16,160,103
Consumer Finance - 0.5%
Capital One Financial Corp.		21,700		1,192,415
Discover Financial Services		34,500		1,546,980
Muthoot Finance Ltd.		18,911		63,344
Shriram Transport Finance Co., Ltd.		21,625		276,235
				3,078,974
Diversified Financial Services - 2.5%
Bank of America Corp.		238,400		2,903,712
Citigroup, Inc.		62,700		2,773,848
IG Group Holdings PLC		102,632		834,694
ING Groep NV (a)		92,800		667,737
IntercontinentalExchange, Inc. (a)		22,383		3,649,996
JPMorgan Chase & Co.		62,500		2,966,250
ORIX Corp. (a)		31,000		395,807
				14,192,044

Company	Shares		U.S. $ Value
Insurance - 2.5%
Admiral Group PLC		61,550	$	1,248,861
Aegon NV		51,769		312,584
AIA Group Ltd.		329,200		1,443,145
Allianz SE		1,740		237,201
Aviva PLC		50,440		228,641
Berkshire Hathaway, Inc. (a)		7,600		791,920
Chubb Corp. (The)		16,500		1,444,245
Everest Re Group Ltd.		7,600		986,936
Fidelity National Financial, Inc.-Class A		30,600		772,038
Genworth Financial, Inc.-Class A (a)		32,700		327,000
Lancashire Holdings Ltd.		51,110		631,526
MetLife, Inc.		12,200		463,844
Muenchener Rueckversicherungs AG		1,280		239,907
PartnerRe Ltd.		10,900		1,014,899
Prudential PLC		88,110		1,431,041
Reinsurance Group of America, Inc.-Class A		10,900		650,403
Suncorp Group Ltd.		31,250		385,676
Torchmark Corp.		11,400		681,720
Travelers Cos., Inc. (The)		6,300		530,397
Validus Holdings Ltd.		9,300		347,541
				14,169,525
Real Estate Investment Trusts (REITs) - 0.3%
Westfield Group		131,160		1,486,053
Real Estate Management & Development - 0.2%
Hang Lung Group Ltd.		8,000		45,175
Wharf Holdings Ltd.		136,000		1,218,906
				1,264,081
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp.		44,020		667,653
				57,426,500
Consumer Discretionary - 8.8%
Auto Components - 0.7%
Cie Generale des Etablissements Michelin-Class B		6,500		544,574
GKN PLC		94,750		381,828
Lear Corp.		18,000		987,660
Magna International, Inc. (New York)-Class A		12,200		716,140
Nokian Renkaat Oyj		4,900		218,606
TRW Automotive Holdings Corp. (a)		13,900		764,500
Valeo SA		7,020		380,371
				3,993,679
Automobiles - 1.1%
Bayerische Motoren Werke AG		3,590		310,672
Ford Motor Co.		110,700		1,455,705
Harley-Davidson, Inc.		18,451		983,438
Honda Motor Co., Ltd.		20,800		801,018
Kia Motors Corp.		3,100		157,288
Mazda Motor Corp. (a)		115,000		338,268
Nissan Motor Co., Ltd.		43,400		420,998
Renault SA		2,840		178,175
Toyota Motor Corp.		24,600		1,268,518

Company	Shares		U.S. $ Value
Volkswagen AG (Preference Shares)		2,650	$	527,806
				6,441,886
Distributors - 0.2%
Li & Fung Ltd.		704,000		973,197
Diversified Consumer Services - 0.1%
Anhanguera Educacional Participacoes SA		18,700		301,680
Estacio Participacoes SA		23,800		517,046
				818,726
Hotels, Restaurants & Leisure - 1.2%
Autogrill SpA		13,790		163,407
Chipotle Mexican Grill, Inc.-Class A (a)		1,950		635,447
Melco Crown Entertainment Ltd. (ADR) (a)		12,520		292,217
Sands China Ltd.		252,000		1,311,267
Sodexo		17,799		1,659,090
Starbucks Corp.		37,890		2,158,214
Whitbread PLC		8,820		344,978
				6,564,620
Household Durables - 0.5%
Brookfield Residential Properties, Inc. (a)(b)		25,740		626,511
PulteGroup, Inc. (a)		89,950		1,820,588
Sony Corp.		14,800		257,533
				2,704,632
Internet & Catalog Retail - 0.7%
Amazon.com, Inc. (a)		7,550		2,012,000
priceline.com, Inc. (a)		3,254		2,238,524
				4,250,524
Leisure Equipment & Products - 0.0%
Namco Bandai Holdings, Inc.		11,900		210,504
Media - 2.1%
Comcast Corp.-Class A		103,470		4,346,775
Gannett Co., Inc.		38,800		848,556
Naspers Ltd.		3,974		247,604
News Corp.-Class A		41,800		1,275,736
Time Warner Cable, Inc.-Class A		12,200		1,171,932
Viacom, Inc.-Class B		21,500		1,323,755
Walt Disney Co. (The)		48,492		2,754,345
				11,968,703
Multiline Retail - 0.5%
Dollar General Corp. (a)		13,293		672,360
Don Quijote Co., Ltd.		6,000		266,134
Golden Eagle Retail Group Ltd. (b)		51,000		92,301
Macy’s, Inc.		32,700		1,368,168
Myer Holdings Ltd. (b)		54,460		167,816
				2,566,779
Specialty Retail - 1.2%
Belle International Holdings Ltd.		161,000		269,842

Company	Shares		U.S. $ Value
GameStop Corp.-Class A (b)		37,600	$	1,051,672
Home Depot, Inc. (The)		3,100		216,318
Kingfisher PLC		37,890		166,085
Lowe’s Cos., Inc.		21,100		800,112
Nitori Holdings Co., Ltd.		6,350		490,262
O’Reilly Automotive, Inc. (a)		9,060		929,103
Shimamura Co., Ltd.		1,000		116,918
TJX Cos., Inc.		34,500		1,612,875
Ulta Salon Cosmetics & Fragrance, Inc. (a)		8,792		713,647
Yamada Denki Co., Ltd. (b)		12,490		573,048
				6,939,882
Textiles, Apparel & Luxury Goods - 0.5%
Cie Financiere Richemont SA		14,180		1,116,415
LVMH Moet Hennessy Louis Vuitton SA		2,516		432,274
Samsonite International SA		91,200		228,631
VF Corp.		4,730		793,457
Yue Yuen Industrial Holdings Ltd.		9,000		29,464
				2,600,241
				50,033,373
Information Technology - 8.4%
Communications Equipment - 1.0%
Cisco Systems, Inc.		72,500		1,515,975
F5 Networks, Inc. (a)		9,270		825,772
Harris Corp.		12,100		560,714
QUALCOMM, Inc.		36,215		2,424,594
				5,327,055
Computers & Peripherals - 1.5%
Wistron Corp.		127,882		140,344
EMC Corp./MA (a)		24,269		579,786
Apple, Inc.		11,320		5,010,572
Hewlett-Packard Co.		101,300		2,414,992
Fujitsu Ltd.		105,000		438,642
				8,584,336
Electronic Equipment, Instruments & Components - 0.4%
Trimble Navigation Ltd. (a)		25,660		768,774
Amphenol Corp.-Class A		11,690		872,658
Hon Hai Precision Industry Co., Ltd.		59,000		164,198
LG Display Co., Ltd. (a)		17,570		513,791
				2,319,421
Internet Software & Services - 1.8%
Baidu, Inc. (Sponsored ADR) (a)		5,810		509,537
LinkedIn Corp. (a)		8,490		1,494,749
eBay, Inc. (a)		58,463		3,169,864
Facebook, Inc. (a)		26,290		672,498
Akamai Technologies, Inc. (a)		17,100		603,459
Google, Inc.-Class A (a)		4,960		3,938,389
				10,388,496

Company	Shares		U.S. $ Value
IT Services - 1.1%
Cognizant Technology Solutions Corp.-Class A (a)		47,050	$	3,604,500
Tata Consultancy Services Ltd.		13,391		387,863
Visa, Inc.-Class A		11,540		1,959,954
				5,952,317
Semiconductors & Semiconductor Equipment - 0.7%
Applied Materials, Inc.		102,200		1,377,656
Tokyo Electron Ltd.		6,500		277,318
Mellanox Technologies Ltd. (a)(b)		4,522		251,016
Micron Technology, Inc. (a)		92,800		926,144
SK Hynix, Inc. (a)		15,200		402,433
Samsung Electronics Co., Ltd. (Preference Shares)		820		642,069
Sumco Corp.		23,200		264,000
				4,140,636
Software - 1.9%
TIBCO Software, Inc. (a)		26,816		542,220
CA, Inc.		6,100		153,537
ANSYS, Inc. (a)		22,705		1,848,641
Red Hat, Inc. (a)		18,070		913,619
SolarWinds, Inc. (a)		7,901		466,949
Electronic Arts, Inc. (a)		20,600		364,620
SAP AG		5,810		467,282
Symantec Corp. (a)		37,900		935,372
Nintendo Co., Ltd.		1,800		194,576
Citrix Systems, Inc. (a)		40,710		2,937,634
Intuit, Inc.		26,660		1,750,229
Aveva Group PLC		1,896		65,378
				10,640,057
				47,352,318
Health Care - 6.7%
Biotechnology - 1.5%
Actelion Ltd.		10,100		549,195
Biogen Idec, Inc. (a)		22,728		4,384,458
Celgene Corp. (a)		18,050		2,092,176
Gilead Sciences, Inc. (a)		22,630		1,107,286
Vertex Pharmaceuticals, Inc. (a)		9,700		533,306
				8,666,421
Health Care Equipment & Supplies - 1.0%
IDEXX Laboratories, Inc. (a)		19,000		1,755,410
Intuitive Surgical, Inc. (a)		5,120		2,514,893
Medtronic, Inc.		26,300		1,235,048
				5,505,351
Health Care Providers & Services - 1.1%
Aetna, Inc.		16,400		838,368
Health Net, Inc./CA (a)		15,100		432,162
McKesson Corp.		8,340		900,386
UnitedHealth Group, Inc.		30,521		1,746,107

Company	Shares		U.S. $ Value
WellPoint, Inc.		29,500	$	1,953,785
				5,870,808
Life Sciences Tools & Services - 0.3%
Eurofins Scientific		4,398		924,675
Illumina, Inc. (a)(b)		12,362		667,548
Mettler-Toledo International, Inc. (a)		80		17,057
				1,609,280
Pharmaceuticals - 2.8%
Allergan, Inc./United States		17,673		1,972,837
AstraZeneca PLC		15,069		755,872
AstraZeneca PLC (Sponsored ADR)		17,300		864,654
GlaxoSmithKline PLC		41,490		971,573
Johnson & Johnson		22,600		1,842,578
Merck & Co., Inc.		44,000		1,946,120
Novartis AG		9,204		655,986
Pfizer, Inc.		159,000		4,588,740
Roche Holding AG		5,760		1,342,788
Roche Holding AG (Sponsored ADR)		12,800		750,080
Sanofi		3,410		347,770
				16,038,998
				37,690,858
Industrials - 6.1%
Aerospace & Defense - 1.1%
Boeing Co. (The)		17,620		1,512,677
European Aeronautic Defence and Space Co. NV		11,550		588,685
Northrop Grumman Corp.		4,100		287,615
Precision Castparts Corp.		20,065		3,804,726
Safran SA		7,290		325,361
				6,519,064
Airlines - 0.3%
Delta Air Lines, Inc. (a)		61,100		1,008,761
Japan Airlines Co., Ltd.		6,900		321,416
Qantas Airways Ltd. (a)		188,980		352,364
Turk Hava Yollari (a)		38,850		158,972
				1,841,513
Building Products - 0.2%
Asahi Glass Co., Ltd.		50,000		348,268
Masco Corp.		27,431		555,478
				903,746
Commercial Services & Supplies - 0.2%
Aggreko PLC		6,420		174,241
Edenred		10,589		347,037
Stericycle, Inc. (a)		8,609		914,104
				1,435,382
Electrical Equipment - 0.5%
AMETEK, Inc.		23,652		1,025,550
Roper Industries, Inc.		7,280		926,817

Company	Shares		U.S. $ Value
Sumitomo Electric Industries Ltd.		53,800	$	661,959
				2,614,326
Industrial Conglomerates - 1.0%
Danaher Corp.		34,759		2,160,272
General Electric Co.		135,000		3,121,200
Siemens AG		2,900		312,616
				5,594,088
Industrial Warehouse Distribution - 0.8%
Daiwa House REIT Investment Corp. (b)		31		261,516
Global Logistic Properties Ltd.		955,000		2,028,102
Granite Real Estate Investment (a)		14,750		563,302
Mapletree Logistics Trust		445,000		436,237
Nippon Prologis REIT, Inc. (a)		32		348,436
ProLogis, Inc.		9,803		391,924
STAG Industrial, Inc.		14,970		318,412
				4,347,929
Machinery - 0.7%
FANUC Corp.		3,000		461,911
Flowserve Corp.		6,689		1,121,812
IHI Corp.		32,000		97,432
Illinois Tool Works, Inc.		13,600		828,784
Komatsu Ltd.		17,600		420,944
Parker Hannifin Corp.		1,900		174,002
Timken Co.		12,300		695,934
				3,800,819
Professional Services - 1.1%
Bureau Veritas SA		10,663		1,327,479
Capita PLC		138,926		1,899,031
Intertek Group PLC		38,492		1,988,975
SGS SA		372		913,032
				6,128,517
Road & Rail - 0.1%
East Japan Railway Co.		3,500		288,108
Tokyu Corp.		33,000		244,119
				532,227
Trading Companies & Distributors - 0.1%
Mitsubishi Corp. (b)		18,000		339,010
Mitsui & Co., Ltd. (b)		13,400		188,914
				527,924
				34,245,535
Consumer Staples - 5.0%
Beverages - 0.2%
Anheuser-Busch InBev NV		6,160		612,411
Asahi Group Holdings Ltd.		14,500		346,733
Coca-Cola Enterprises, Inc.		4,000		147,680
				1,106,824

Company	Shares		U.S. $ Value
Food & Staples Retailing - 1.2%
Costco Wholesale Corp.		8,320	$	882,835
CVS Caremark Corp.		6,400		351,936
Jeronimo Martins SGPS SA		49,355		961,323
Koninklijke Ahold NV		36,660		562,008
Kroger Co. (The)		52,500		1,739,850
Olam International Ltd.		751,412		1,046,076
Sugi Holdings Co., Ltd. (b)		7,400		264,014
Tesco PLC		57,580		334,720
Tsuruha Holdings, Inc.		1,400		136,749
Wesfarmers Ltd.		3,750		157,465
WM Morrison Supermarkets PLC		77,970		327,731
				6,764,707
Food Products - 0.9%
Bunge Ltd.		5,000		369,150
Danone SA		2,920		203,316
Hershey Co. (The)		21,840		1,911,655
Nestle SA		3,040		220,019
Tyson Foods, Inc.-Class A		53,800		1,335,316
Unilever PLC		24,790		1,048,546
				5,088,002
Household Products - 0.5%
Henkel AG & Co. KGaA		13,681		1,081,354
Procter & Gamble Co. (The)		12,200		940,132
Reckitt Benckiser Group PLC		11,080		795,517
				2,817,003
Personal Products - 0.3%
Estee Lauder Cos., Inc. (The)-Class A		23,820		1,525,194
Tobacco - 1.9%
Altria Group, Inc.		42,300		1,454,697
British American Tobacco PLC		50,419		2,703,593
Imperial Tobacco Group PLC		15,610		545,964
Japan Tobacco, Inc.		63,800		2,040,802
Philip Morris International, Inc.		44,185		4,096,391
				10,841,447
				28,143,177
Energy - 4.8%
Energy Equipment & Services - 1.4%
Aker Solutions ASA		1,323		24,833
AMEC PLC		13,008		209,041
Diamond Offshore Drilling, Inc.		12,200		848,632
Halliburton Co.		21,500		868,815
Helix Energy Solutions Group, Inc. (a)		21,800		498,784
Nabors Industries Ltd.		23,200		376,304
National Oilwell Varco, Inc.		12,860		909,845
Oceaneering International, Inc.		14,342		952,452
Schlumberger Ltd.		34,864		2,610,965
Seadrill Ltd.		14,610		532,437
Technip SA		4,200		430,794
				8,262,902

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 3.4%
BP PLC		151,290	$	1,063,871
BP PLC (Sponsored ADR)		13,600		575,960
Chevron Corp.		22,900		2,720,978
ENI SpA		34,740		777,773
EOG Resources, Inc.		7,471		956,811
Exxon Mobil Corp.		70,300		6,334,733
Gazprom OAO (Sponsored ADR)		36,290		308,465
JX Holdings, Inc.		53,300		300,531
Marathon Petroleum Corp.		17,000		1,523,200
Noble Energy, Inc.		13,631		1,576,561
Petroleo Brasileiro SA (Sponsored ADR)		24,690		448,124
Royal Dutch Shell PLC (ADR)		11,400		742,824
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		18,375		595,107
Valero Energy Corp.		25,700		1,169,093
				19,094,031
				27,356,933
Equity:Other - 3.9%
Diversified/Specialty - 3.2%
Aviv REIT, Inc. (a)		4,272		102,784
British Land Co. PLC		80,751		668,479
Buzzi Unicem SpA		19,790		305,247
CapitaLand Ltd.		78,000		223,098
Country Garden Holdings Co., Ltd. (a)		436,000		216,366
CyrusOne, Inc.		22,574		515,590
Duke Realty Corp.		32,770		556,435
Dundee Real Estate Investment Trust		10,136		365,688
Evergrande Real Estate Group Ltd. (b)		961,000		388,198
Fibra Uno Administracion SA de CV		137,940		455,093
Hang Lung Properties Ltd.		445,000		1,668,889
Henderson Land Development Co., Ltd.		24,000		164,471
ICADE (b)		1,389		121,580
Land Securities Group PLC		18,761		236,830
LPN Development PCL		310,900		268,063
Mapletree Commercial Trust		339,000		367,852
Mexico Real Estate Management SA de CV (a)		279,540		622,385
Mitsubishi Estate Co., Ltd.		83,000		2,351,173
Mitsui Fudosan Co., Ltd.		53,100		1,516,394
New World Development Co., Ltd.		477,958		813,549
Spirit Realty Capital, Inc.		30,548		580,412
Sumitomo Realty & Development Co., Ltd.		26,000		1,012,884
Sun Hung Kai Properties Ltd.		83,708		1,127,436
Supalai PCL		142,600		101,283
Swire Properties Ltd.		144,000		513,071
Telecity Group PLC		68,817		946,754
UOL Group Ltd.		78,516		443,375
Vornado Realty Trust		3,230		270,157
West Fraser Timber Co., Ltd.		6,880		609,539
Wheelock & Co., Ltd.		54,000		290,069
				17,823,144
Health Care - 0.7%
Chartwell Retirement Residences		26,140		285,112
HCP, Inc.		17,290		862,080
Health Care REIT, Inc.		9,270		629,526
LTC Properties, Inc.		14,540		592,214

Company	Shares		U.S. $ Value
Omega Healthcare Investors, Inc.		15,020	$	456,007
Sabra Health Care REIT, Inc.		5,620		163,036
Senior Housing Properties Trust		19,300		517,819
Ventas, Inc.		7,250		530,700
				4,036,494
				21,859,638
Retail - 2.0%
Regional Mall - 0.6%
CapitaMall Trust		84,000		141,779
General Growth Properties, Inc.		25,580		508,530
Pennsylvania Real Estate Investment Trust		33,010		640,064
Simon Property Group, Inc.		13,376		2,120,899
				3,411,272
Shopping Center/Other Retail - 1.4%
Aeon Mall Co., Ltd.		14,800		451,923
American Realty Capital Properties, Inc.		40,040		587,787
Citycon Oyj (b)		58,590		167,589
Corio NV		9,967		465,593
DDR Corp.		47,690		830,760
Eurocommercial Properties NV		9,500		347,945
Fortune Real Estate Investment Trust		201,000		177,630
Fukuoka REIT Co.		25		226,386
Japan Retail Fund Investment Corp.		69		171,197
Kite Realty Group Trust		65,410		440,863
Klepierre		12,523		492,455
Link REIT (The)		68,268		373,219
Mercialys SA		14,380		294,587
Ramco-Gershenson Properties Trust		39,620		665,616
RioCan Real Estate Investment Trust (Toronto)		4,973		136,092
Unibail-Rodamco SE		6,449		1,502,051
Westfield Retail Trust		265,230		835,023
				8,166,716
				11,577,988
Materials - 1.8%
Chemicals - 1.2%
Arkema SA		1,513		137,879
BASF SE		1,730		151,899
CF Industries Holdings, Inc.		725		138,018
Denki Kagaku Kogyo KK		30,000		108,458
DIC Corp.		60,000		128,899
Filtrona PLC		69,937		775,442
Huntsman Corp.		51,100		949,949
Incitec Pivot Ltd.		6,901		22,305
Koninklijke DSM NV		5,618		327,377
LyondellBasell Industries NV		25,400		1,607,566
Monsanto Co.		19,229		2,031,159
OCI Co., Ltd.		750		108,348
Teijin Ltd.		67,000		155,453
Ube Industries Ltd./Japan (b)		41,000		80,998
				6,723,750
Construction Materials - 0.0%
Boral Ltd.		9,205		47,248

Company	Shares		U.S. $ Value
Taiheiyo Cement Corp.		87,000	$	208,948
				256,196
Metals & Mining - 0.6%
Anglo American PLC		16,990		438,736
BHP Billiton PLC		26,390		768,522
Dowa Holdings Co., Ltd.		22,000		172,812
KGHM Polska Miedz SA		4,290		207,913
MMC Norilsk Nickel OJSC (ADR)		26,700		450,963
Rio Tinto PLC		13,250		624,081
Vale SA (Sponsored ADR) (Local Preference Shares)		29,640		489,949
Xstrata PLC		12,430		202,356
				3,355,332
				10,335,278
Residential - 1.6%
Multi-Family - 1.1%
Associated Estates Realty Corp.		30,610		570,570
AvalonBay Communities, Inc.		2,630		333,142
Berkeley Group Holdings PLC		10,220		317,389
BRE Properties, Inc.		2,760		134,357
Brookfield Incorporacoes SA		102,519		127,340
China Overseas Land & Investment Ltd.		148,000		410,277
China Vanke Co., Ltd.-Class B		180,790		353,380
Equity Residential		9,150		503,799
KWG Property Holding Ltd.		381,500		240,196
LEG Immobilien AG (a)		10,329		553,442
Mid-America Apartment Communities, Inc.		6,570		453,724
Mirvac Group		131,633		222,730
Persimmon PLC		17,190		280,015
Rossi Residencial SA		120,540		183,726
Stockland		274,529		1,047,704
Toll Brothers, Inc. (a)		15,730		538,595
				6,270,386
Self Storage - 0.3%
Extra Space Storage, Inc.		20,480		804,249
Public Storage		5,280		804,250
				1,608,499
Single Family - 0.2%
Fortune Brands Home & Security, Inc. (a)		15,470		579,042
Realogy Holdings Corp. (a)		11,480		560,684
				1,139,726
				9,018,611
Office - 1.3%
Office - 1.3%
Allied Properties Real Estate Investment Trust		8,326		270,717
Boston Properties, Inc.		4,294		433,952
Brandywine Realty Trust		13,200		196,020
CapitaCommercial Trust		330,000		422,653
Castellum AB		18,354		261,746
Cominar Real Estate Investment Trust		8,963		203,638
Commonwealth Property Office Fund		304,640		352,622

Company	Shares		U.S. $ Value
Corporate Office Properties Trust		15,991	$	426,640
Douglas Emmett, Inc.		17,866		445,399
Dundee International Real Estate Investment Trust		7,023		73,559
Hongkong Land Holdings Ltd.		57,000		423,501
Hufvudstaden AB-Class A (b)		26,781		336,626
Investa Office Fund		123,270		393,278
Japan Excellent, Inc.		37		278,225
Japan Real Estate Investment Corp.		23		318,689
Kenedix Realty Investment Corp.-Class A		79		383,624
Mack-Cali Realty Corp. (b)		13,910		397,965
Nippon Building Fund, Inc. (b)		56		784,683
Orix JREIT, Inc.		277		391,158
Parkway Properties, Inc./MD		32,888		610,072
				7,404,767
Utilities - 0.9%
Electric Utilities - 0.6%
American Electric Power Co., Inc.		14,100		685,683
Edison International		17,200		865,504
EDP - Energias de Portugal SA		104,430		321,817
Electricite de France SA		17,570		337,036
NV Energy, Inc.		56,200		1,125,686
				3,335,726
Gas Utilities - 0.1%
Atmos Energy Corp.		17,100		729,999
Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC		31,534		404,244
Multi-Utilities - 0.1%
Centrica PLC		60,160		336,756
DTE Energy Co.		2,500		170,850
National Grid PLC		31,870		370,322
				877,928
				5,347,897
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		64,700		2,373,843
Nippon Telegraph & Telephone Corp.		17,200		750,945
TDC A/S		22,336		171,918
Vivendi SA		16,994		351,572
				3,648,278
Wireless Telecommunication Services - 0.2%
NTT DoCoMo, Inc. (b)		227		337,450
Vodafone Group PLC		304,713		864,678
				1,202,128
				4,850,406
Lodging - 0.7%
Lodging - 0.7%
Ashford Hospitality Trust, Inc.		50,740		627,147
Far East Hospitality Trust		335,000		317,672
Great Eagle Holdings Ltd.		83,000		338,683

Company	Shares		U.S. $ Value
Host Hotels & Resorts, Inc.		22,300	$	390,027
InterContinental Hotels Group PLC		13,941		426,137
Pebblebrook Hotel Trust		15,960		411,608
RLJ Lodging Trust		32,120		731,051
Strategic Hotels & Resorts, Inc. (a)		76,800		641,280
				3,883,605
Total Common Stocks (cost $289,345,174)				356,526,884
	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 10.0%
Industrial - 4.7%
Basic - 0.7%
Alcoa, Inc.
5.40%, 4/15/21	U.S.$	285		295,149
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20		290		306,958
Basell Finance Co. BV
8.10%, 3/15/27 (c)		145		194,300
BHP Billiton Finance USA Ltd.
7.25%, 3/01/16		203		238,835
Cia Minera Milpo SAA
4.625%, 3/28/23 (c)		240		238,627
Dow Chemical Co. (The)
4.125%, 11/15/21		165		176,639
5.25%, 11/15/41		160		171,038
8.55%, 5/15/19		253		340,075
Gerdau Trade, Inc.
5.75%, 1/30/21 (c)		101		107,818
International Paper Co.
4.75%, 2/15/22		285		320,803
7.95%, 6/15/18		190		244,528
LyondellBasell Industries NV
5.75%, 4/15/24		435		510,038
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (c)		237		235,213
Vale SA
5.625%, 9/11/42		480		474,871
				3,854,892
Capital Goods - 0.2%
Embraer SA
5.15%, 6/15/22		130		141,538
Odebrecht Finance Ltd.
5.125%, 6/26/22 (c)		200		210,300
Owens Corning
6.50%, 12/01/16 (d)		178		200,401
Republic Services, Inc.
3.80%, 5/15/18		17		18,694
5.25%, 11/15/21		165		192,877
5.50%, 9/15/19		233		276,609
				1,040,419

Company	Principal Amount (000)		U.S. $ Value
Communications - Media - 0.9%
CBS Corp.
5.75%, 4/15/20	U.S.$	250	$	295,028
8.875%, 5/15/19		190		253,768
Comcast Corp.
5.15%, 3/01/20		740		876,684
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.80%, 3/15/22		215		219,767
4.60%, 2/15/21		255		277,628
4.75%, 10/01/14		155		163,967
Globo Comunicacao e Participacoes SA
5.307%, 5/11/22 (c)(e)		221		238,127
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (c)		233		235,353
News America, Inc.
6.15%, 3/01/37-2/15/41		352		416,145
Omnicom Group, Inc.
3.625%, 5/01/22		165		168,666
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		435		565,206
SES
3.60%, 4/04/23 (c)		105		104,494
Time Warner Cable, Inc.
5.00%, 2/01/20		157		178,649
7.50%, 4/01/14		145		154,639
Time Warner Entertainment Co. LP
8.375%, 3/15/23		311		425,195
WPP Finance 2010
4.75%, 11/21/21		77		83,168
WPP Finance UK
8.00%, 9/15/14		350		384,235
				5,040,719
Communications - Telecommunications - 0.6%
American Tower Corp.
5.05%, 9/01/20		380		421,837
AT&T, Inc.
4.30%, 12/15/42 (c)		23		21,429
4.45%, 5/15/21		251		282,448
5.35%, 9/01/40		328		351,149
BellSouth Corp.
5.20%, 9/15/14		94		100,126
British Telecommunications PLC
2.00%, 6/22/15		200		204,618
5.95%, 1/15/18		121		144,244
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (c)		490		491,876
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		48,051
Telecom Italia Capital SA
6.00%, 9/30/34	U.S.$	65		60,343
7.175%, 6/18/19		170		193,343
Telefonica Emisiones SAU
5.462%, 2/16/21		185		199,099
United States Cellular Corp.
6.70%, 12/15/33		135		142,308

Company	Principal Amount (000)		U.S. $ Value
Vodafone Group PLC
6.15%, 2/27/37	U.S.$	375	$	444,707
7.875%, 2/15/30		100		141,064
				3,246,642
Consumer Cyclical - Automotive - 0.2%
Ford Motor Credit Co. LLC
5.00%, 5/15/18		725		798,522
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (c)		341		368,435
				1,166,957
Consumer Cyclical - Entertainment - 0.1%
Time Warner, Inc.
4.70%, 1/15/21		123		138,697
7.625%, 4/15/31		275		372,086
Turner Broadcasting System, Inc.
8.375%, 7/01/13		225		229,219
Viacom, Inc.
5.625%, 9/15/19		83		98,715
				838,717
Consumer Cyclical - Other - 0.1%
Host Hotels & Resorts LP
5.25%, 3/15/22		195		216,450
Marriott International, Inc./DE
3.00%, 3/01/19		242		253,503
				469,953
Consumer Cyclical - Retailers - 0.1%
Macy’s Retail Holdings, Inc.
3.875%, 1/15/22		475		500,990
Consumer Non-Cyclical - 0.5%
Actavis, Inc.
3.25%, 10/01/22		171		173,341
Ahold Finance USA LLC
6.875%, 5/01/29		420		541,153
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		69		74,820
5.875%, 5/15/13		180		180,987
8.50%, 6/15/19		153		197,217
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (c)		260		265,138
ConAgra Foods, Inc.
3.20%, 1/25/23		146		145,520
Kroger Co. (The)
3.40%, 4/15/22		340		354,204
Reynolds American, Inc.
3.25%, 11/01/22		220		217,513
Tyson Foods, Inc.
4.50%, 6/15/22		480		522,300
				2,672,193

Company	Principal Amount (000)		U.S. $ Value
Energy - 0.7%
Anadarko Petroleum Corp.
6.45%, 9/15/36	U.S.	$109	$	133,969
ConocoPhillips Holding Co.
6.95%, 4/15/29		66		89,162
Encana Corp.
3.90%, 11/15/21		580		613,531
Marathon Petroleum Corp.
3.50%, 3/01/16		67		71,586
5.125%, 3/01/21		163		190,112
Nabors Industries, Inc.
9.25%, 1/15/19		269		345,983
Noble Energy, Inc.
8.25%, 3/01/19		374		487,763
Noble Holding International Ltd.
4.90%, 8/01/20		36		39,921
Phillips 66
4.30%, 4/01/22		665		730,012
Transocean, Inc.
2.50%, 10/15/17		212		214,683
Valero Energy Corp.
6.125%, 2/01/20		275		334,143
Weatherford International Ltd./Bermuda
5.125%, 9/15/20		175		188,753
9.625%, 3/01/19		285		372,224
				3,811,842
Technology - 0.3%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		80,778
Baidu, Inc.
2.25%, 11/28/17		380		384,619
Hewlett-Packard Co.
4.65%, 12/09/21		214		221,897
Intel Corp.
4.80%, 10/01/41		265		279,895
Motorola Solutions, Inc.
3.50%, 3/01/23		300		301,769
7.50%, 5/15/25		35		44,312
Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22		495		514,677
				1,827,947
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.25%, 10/01/14		307		324,438
5.75%, 12/15/16		155		174,010
				498,448
Transportation - Railroads - 0.1%
CSX Corp.
4.75%, 5/30/42		465		482,825
5.50%, 8/01/13		35		35,567
				518,392

Company	Principal Amount (000)		U.S. $ Value
Transportation - Services - 0.1%
Asciano Finance Ltd.
3.125%, 9/23/15 (c)	U.S.	$470	$	484,230
Con-way, Inc.
6.70%, 5/01/34		68		71,472
Ryder System, Inc.
5.85%, 11/01/16		127		144,961
7.20%, 9/01/15		127		144,252
				844,915
				26,333,026
Financial Institutions - 4.1%
Banking - 2.6%
Bank of America Corp.
3.30%, 1/11/23		275		271,166
5.00%, 5/13/21		315		353,087
5.875%, 1/05/21-2/07/42		414		490,747
7.375%, 5/15/14		340		363,861
Series L
5.65%, 5/01/18		90		104,113
Barclays Bank PLC
6.625%, 3/30/22 (c)	EUR	300		438,808
7.625%, 11/21/22	U.S.	$480		473,400
Bear Stearns Cos. LLC (The)
5.55%, 1/22/17		290		330,996
5.70%, 11/15/14		190		204,775
Citigroup, Inc.
5.375%, 8/09/20		571		668,496
8.50%, 5/22/19		190		253,127
Compass Bank
5.50%, 4/01/20		314		326,422
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.95%, 11/09/22		485		488,317
Countrywide Financial Corp.
6.25%, 5/15/16		92		102,473
Danske Bank A/S
5.684%, 2/15/17	GBP	182		264,096
DNB Bank ASA
3.20%, 4/03/17 (c)	U.S.	$485		513,694
Fifth Third Bancorp
3.50%, 3/15/22		188		195,882
Goldman Sachs Group, Inc. (The)
5.75%, 1/24/22		290		337,190
6.00%, 6/15/20		440		519,295
Series G
7.50%, 2/15/19		335		419,107
HSBC Holdings PLC
4.00%, 3/30/22		515		554,103
5.10%, 4/05/21		320		369,751
ING Bank NV
2.00%, 9/25/15 (c)		480		488,756
JPMorgan Chase & Co.
4.40%, 7/22/20		390		432,326
4.50%, 1/24/22		165		180,827
4.625%, 5/10/21		233		260,423

Company	Principal Amount (000)		U.S. $ Value
Series 1
7.90%, 4/30/18	U.S.	$270	$	310,184
Macquarie Bank Ltd.
5.00%, 2/22/17 (c)		90		99,321
Macquarie Group Ltd.
4.875%, 8/10/17 (c)		194		210,858
Morgan Stanley
3.75%, 2/25/23		105		106,133
Series G
5.50%, 7/24/20-7/28/21		676		776,810
6.625%, 4/01/18		345		412,414
Murray Street Investment Trust I
4.647%, 3/09/17		44		48,114
National Capital Trust II
5.486%, 3/23/15 (c)		91		92,365
Nationwide Building Society
6.25%, 2/25/20 (c)		465		544,292
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (c)		121		139,452
Santander US Debt SAU
2.991%, 10/07/13 (c)		500		503,336
Societe Generale SA
2.50%, 1/15/14 (c)		245		247,597
SouthTrust Corp.
5.80%, 6/15/14		225		235,503
Standard Chartered PLC
4.00%, 7/12/22 (c)		470		485,322
UBS AG/Stamford CT
7.625%, 8/17/22		380		424,635
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (c)		230		231,492
Vesey Street Investment Trust I
4.404%, 9/01/16		115		125,006
Wachovia Bank NA
5.85%, 2/01/37		250		302,325
Wachovia Corp.
5.50%, 5/01/13		320		321,351
				15,021,748
Brokerage - 0.1%
Nomura Holdings, Inc.
2.00%, 9/13/16		468		466,852
Finance - 0.3%
General Electric Capital Corp.
4.65%, 10/17/21		193		216,073
Series G
5.625%, 5/01/18		480		568,066
SLM Corp.
7.25%, 1/25/22		340		379,950
Series A
5.375%, 5/15/14		270		281,547
				1,445,636

Company	Principal Amount (000)		U.S. $ Value
Insurance - 0.8%
Allied World Assurance Co., Ltd.
7.50%, 8/01/16	U.S.	$160	$	190,274
Allstate Corp. (The)
6.125%, 5/15/37		209		223,108
American International Group, Inc.
4.875%, 6/01/22		195		220,601
6.40%, 12/15/20		300		371,534
Coventry Health Care, Inc.
5.95%, 3/15/17		90		104,346
6.125%, 1/15/15		40		43,245
6.30%, 8/15/14		275		294,043
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (c)		163		220,092
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		95		100,401
5.125%, 4/15/22		180		207,620
5.50%, 3/30/20		242		282,243
Humana, Inc.
6.45%, 6/01/16		40		46,151
7.20%, 6/15/18		285		348,909
Lincoln National Corp.
8.75%, 7/01/19		98		132,829
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (c)		90		139,125
MetLife, Inc.
7.717%, 2/15/19		112		145,436
10.75%, 8/01/39		140		217,350
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (c)		335		484,922
Prudential Financial, Inc.
5.625%, 6/15/43		320		331,200
WellPoint, Inc.
3.30%, 1/15/23		170		172,268
XL Group PLC
5.25%, 9/15/14		135		142,442
6.375%, 11/15/24		157		190,404
				4,608,543
Other Finance - 0.1%
ORIX Corp.
4.71%, 4/27/15		336		356,547
REITS - 0.2%
ERP Operating LP
5.25%, 9/15/14		105		111,807
HCP, Inc.
5.375%, 2/01/21		505		586,609
Health Care REIT, Inc.
5.25%, 1/15/22		505		569,715
Healthcare Realty Trust, Inc.
5.125%, 4/01/14		131		136,740
				1,404,871
				23,304,197

Company	Principal Amount (000)		U.S. $ Value
Utility - 1.1%
Electric - 0.4%
CMS Energy Corp.
5.05%, 3/15/22	U.S.	$155	$	178,420
Constellation Energy Group, Inc.
5.15%, 12/01/20		89		101,621
FirstEnergy Corp.
Series B
4.25%, 3/15/23		70		70,797
Series C
7.375%, 11/15/31		212		248,354
MidAmerican Energy Holdings Co.
6.125%, 4/01/36		395		490,951
Nisource Finance Corp.
6.80%, 1/15/19		502		612,547
Pacific Gas & Electric Co.
4.50%, 12/15/41		190		198,469
6.05%, 3/01/34		38		47,535
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (c)		348		356,376
TECO Finance, Inc.
4.00%, 3/15/16		100		107,475
5.15%, 3/15/20		125		144,810
Union Electric Co.
6.70%, 2/01/19		45		56,423
				2,613,778
Natural Gas - 0.7%
DCP Midstream LLC
5.35%, 3/15/20 (c)		137		151,544
Energy Transfer Partners LP
6.70%, 7/01/18		127		153,232
7.50%, 7/01/38		410		511,952
Enterprise Products Operating LLC
5.20%, 9/01/20		305		357,708
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		424		450,501
4.15%, 3/01/22		220		235,929
ONEOK, Inc.
4.25%, 2/01/22		480		509,779
Talent Yield Investments Ltd.
4.50%, 4/25/22 (c)		490		537,369
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		128,007
Williams Cos., Inc. (The)
3.70%, 1/15/23		434		430,836
Williams Partners LP
5.25%, 3/15/20		298		339,596
				3,806,453
				6,420,231
Non Corporate Sectors - 0.1%
Agencies - Not Government Guaranteed - 0.1%
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (c)		290		323,002

Company	Principal Amount (000)		U.S. $ Value
Petrobras International Finance Co. - Pifco
5.75%, 1/20/20	U.S.$	345	$	379,974
				702,976
Total Corporates - Investment Grades (cost $52,101,919)				56,760,430
MORTGAGE PASS-THROUGHS - 7.1%
Agency Fixed Rate 30-Year - 5.8%
Federal Home Loan Mortgage Corp. Gold
4.50%, 10/01/39		2,373		2,539,048
5.50%, 4/01/38		1,623		1,757,932
Series 2005
5.50%, 1/01/35		634		691,258
Series 2007
5.50%, 7/01/35		67		72,915
Federal National Mortgage Association
3.00%, TBA		4,585		4,728,998
3.50%, TBA		3,855		4,070,639
3.50%, TBA		2,235		2,354,433
4.00%, TBA		3,455		3,683,354
4.50%, TBA		2,750		2,962,696
4.50%, 8/01/40		702		757,001
5.00%, 12/01/39		381		423,276
5.50%, 5/01/38-6/01/38		1,102		1,203,173
6.00%, TBA		110		120,484
6.00%, 8/01/37-7/01/39		1,916		2,101,053
Series 2003
5.00%, 11/01/33		169		183,892
Series 2004
5.50%, 2/01/34-11/01/34		249		274,299
6.00%, 9/01/34-11/01/34		227		253,823
Series 2005
4.50%, 8/01/35		169		182,078
Series 2006
5.00%, 2/01/36		601		652,896
6.00%, 3/01/36		89		98,720
Series 2007
4.50%, 9/01/35		152		163,765
5.00%, 11/01/35-7/01/36		191		207,547
5.50%, 1/01/37-8/01/37		934		1,027,296
Series 2008
5.50%, 8/01/37		413		452,996
6.00%, 3/01/37-5/01/38		1,245		1,372,400
Series 2010
6.00%, 2/01/40-4/01/40		587		643,302
				32,979,274
Agency Fixed Rate 15-Year - 1.0%
Federal National Mortgage Association
3.00%, TBA		1,890		1,987,084
4.50%, TBA		790		849,836
4.50%, 6/01/26		2,336		2,518,647
				5,355,567
Agency ARMs - 0.3%
Federal Home Loan Mortgage Corp.

Company	Principal Amount (000)		U.S. $ Value
2.371%, 4/01/35 (d)	U.S.$	793	$	840,376
Series 2008
2.764%, 11/01/37 (f)		68		72,675
Federal National Mortgage Association
2.475%, 8/01/37 (d)		354		377,763
Series 2007
2.38%, 3/01/34 (f)		230		245,260
				1,536,074
Total Mortgage Pass-Throughs (cost $39,111,408)				39,870,915
GOVERNMENTS - TREASURIES - 6.6%
United States - 6.6%
U.S. Treasury Bonds
2.75%, 8/15/42		280		259,787
3.00%, 5/15/42		900		881,156
3.125%, 2/15/43		670		671,256
4.50%, 2/15/36		1,490		1,892,532
4.625%, 2/15/40		3,835		4,992,691
5.375%, 2/15/31		5		6,956
U.S. Treasury Notes
0.50%, 7/31/17		1,155		1,148,413
0.625%, 8/31/17-11/30/17		2,340		2,333,956
0.75%, 6/30/17-12/31/17		1,555		1,560,516
0.875%, 11/30/16-1/31/18		8,515		8,623,435
1.00%, 8/31/16-3/31/17		9,490		9,663,709
1.625%, 11/15/22		2,175		2,136,429
1.75%, 5/15/22		840		842,428
2.00%, 11/15/21-2/15/23		2,100		2,138,571
Total Governments - Treasuries (cost $35,664,362)				37,151,835
ASSET-BACKED SECURITIES - 3.9%
Autos-Fixed Rate - 2.4%
Ally Master Owner Trust
Series 2011-3, Class A2
1.81%, 5/15/16		775		785,938
Series 2013-1, Class A2
1.00%, 2/15/18		390		389,982
AmeriCredit Automobile Receivables Trust
Series 2011-3, Class A2
0.84%, 11/10/14		30		30,137
Series 2011-4, Class A2
0.92%, 3/09/15		69		68,730
Series 2011-5, Class A2
1.19%, 8/08/15		83		83,235
Series 2012-4, Class A2
0.49%, 4/08/16		710		709,987
Series 2013-1, Class A2
0.49%, 6/08/16		423		423,074
Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class A
2.10%, 3/20/19 (c)		345		352,049

Company	Principal Amount (000)		U.S. $ Value
Bank of America Auto Trust
Series 2012-1, Class A4
1.03%, 12/15/16	U.S.$	395	$	398,490
Capital Auto Receivables Asset Trust
Series 2013-1, Class A2
0.62%, 7/20/16		364		363,721
CarMax Auto Owner Trust
Series 2012-3, Class A2
0.43%, 9/15/15		385		384,993
Exeter Automobile Receivables Trust
Series 2012-1A, Class A
2.02%, 8/15/16 (c)		181		182,444
Series 2012-2A, Class A
1.30%, 6/15/17 (c)		358		360,004
Fifth Third Auto Trust
Series 2013-A, Class A3
0.61%, 9/15/17		386		385,990
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (c)	CAD	495		488,968
Series 2013-R1A, Class A2
1.676%, 9/15/16 (c)		341		336,317
Ford Credit Auto Lease Trust
Series 2011-B, Class A2
0.82%, 1/15/14	U.S.$	73		73,408
Series 2012-B, Class A2
0.54%, 11/15/14		511		511,189
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		155		154,532
Ford Credit Floorplan Master Owner Trust
Series 2012-4, Class A1
0.74%, 9/15/16		590		591,358
Series 2013-1, Class A1
0.85%, 1/15/18		439		438,527
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (c)		870		869,899
Huntington Auto Trust
Series 2011-1A, Class A3
1.01%, 1/15/16 (c)		286		287,146
Hyundai Auto Lease Securitization Trust
Series 2013-A, Class A3
0.66%, 6/15/16 (c)		505		504,755
Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18		140		142,526
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (c)		714		714,139
Navistar Financial Corp. Owner Trust
Series 2012-A, Class A2
0.85%, 3/18/15 (c)		565		565,397
Nissan Auto Lease Trust
Series 2012-A, Class A2A
0.68%, 7/15/14		337		337,345

Company	Principal Amount (000)		U.S. $ Value
Series 2012-B, Class A2A
0.45%, 6/15/15	U.S.$	244	$	243,849
Santander Drive Auto Receivables Trust
Series 2012-3, Class A3
1.08%, 4/15/16		530		531,999
Series 2012-6, Class A2
0.47%, 9/15/15		210		209,972
SMART Trust/Australia
Series 2012-4US, Class A2A
0.67%, 6/14/15		320		320,186
Volkswagen Auto Loan Enhanced Trust
Series 2011-1, Class A3
1.22%, 6/22/15		742		744,959
World Omni Automobile Lease Securitization Trust
Series 2012-A, Class A3
0.93%, 11/16/15		572		574,775
				13,560,020
Credit Cards - Fixed Rate - 1.0%
American Express Credit Account Master Trust
Series 2012-2, Class A
0.68%, 3/15/18		1,010		1,012,425
Series 2012-5, Class A
0.59%, 5/15/18		565		565,242
Cabela’s Master Credit Card Trust
Series 2013-1A, Class A
2.71%, 2/17/26 (c)		480		479,970
Chase Issuance Trust
Series 2013-A1, Class A1
1.30%, 2/18/20		195		195,987
Discover Card Master Trust
Series 2012-A1, Class A1
0.81%, 8/15/17		304		305,846
Series 2012-A3, Class A3
0.86%, 11/15/17		260		261,457
Dryrock Issuance Trust
Series 2012-2, Class A
0.64%, 8/15/18		560		559,425
GE Capital Credit Card Master Note Trust
Series 2012-6, Class A
1.36%, 8/17/20		515		519,678
Series 2012-7, Class A
1.76%, 9/15/22		445		442,206
Series 2013-1, Class A
1.35%, 3/15/21		490		489,984
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		310		315,419
Series 2013-A, Class A
1.61%, 12/15/21		246		246,796
				5,394,435
Other ABS - Fixed Rate - 0.2%
CIT Canada Equipment Receivables Trust
Series 2012-1A, Class A1
1.705%, 7/22/13 (c)	CAD	32		31,019

Company	Principal Amount (000)		U.S. $ Value
CIT Equipment Collateral
Series 2012-VT1, Class A3
1.10%, 8/22/16 (c)	U.S.	$268	$	268,530
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15		77		76,876
Series 2012-A, Class A3
0.94%, 5/15/17		375		376,519
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		195		195,824
GE Equipment Small Ticket LLC
Series 2011-2A, Class A2
1.14%, 6/23/14 (c)		147		147,049
				1,095,817
Credit Cards - Floating Rate - 0.2%
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
0.903%, 2/15/17 (c)(d)		490		494,171
Penarth Master Issuer PLC
Series 2012-1A, Class A1
0.773%, 3/18/14 (c)(d)		545		546,418
				1,040,589
Autos - Floating Rate - 0.1%
GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.693%, 6/20/17 (d)		790		793,560
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		109		107,834
Home Equity Loans - Floating Rate - 0.0%
RASC Trust
Series 2003-KS3, Class A2
0.804%, 5/25/33 (d)		1		946
Total Asset-Backed Securities (cost $21,935,827)				21,993,201
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.5%
Non-Agency Fixed Rate CMBS - 2.1%
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-5, Class AM
5.772%, 2/10/51		150		167,504
Bear Stearns Commercial Mortgage Securities
Series 2006-T24, Class AJ
5.598%, 10/12/41		200		194,924
CGRBS Commercial Mortgage Trust
Series 2013-VN05
3.369%, 3/13/23 (c)		495		507,372

Company	Principal Amount (000)		U.S. $ Value
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A4
5.365%, 4/15/40	U.S.	$110	$	114,102
Commercial Mortgage Pass-Through Certificates
Series 2006-C3, Class AJ
5.805%, 6/15/38		190		185,542
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-C1, Class A4
4.75%, 1/15/37		63		64,404
Series 2005-C1, Class A4
5.014%, 2/15/38		260		275,686
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class A3
5.805%, 6/15/38		620		693,884
CW Capital Cobalt Ltd.
Series 2007-C3, Class A4
5.811%, 5/15/46		535		624,333
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (c)		330		329,353
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5, Class AJ
5.243%, 4/10/37		215		171,686
Series 2007-GG9, Class A4
5.444%, 3/10/39		885		1,008,806
Series 2007-GG9, Class AM
5.475%, 3/10/39		175		193,023
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		80		83,554
Series 2012-GCJ7, Class A4
3.377%, 5/10/45		960		1,019,451
GS Mortgage Securities Trust
3.557%, 4/10/31 (c)		276		280,243
Series 2013-KING, Class A
2.706%, 12/10/27 (c)		523		537,232
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB11, Class A4
5.335%, 8/12/37		170		182,290
Series 2007-CB19, Class AM
5.714%, 2/12/49		175		195,294
Series 2007-LD11, Class A4
5.807%, 6/15/49		251		288,013
Series 2007-LD12, Class AM
6.001%, 2/15/51		280		319,961
Series 2010-C2, Class A1
2.749%, 11/15/43 (c)		388		403,749
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.513%, 6/15/29		40		41,997
Series 2006-C1, Class A4
5.156%, 2/15/31		1,095		1,205,075

Company	Principal Amount (000)		U.S. $ Value
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2
4.96%, 7/12/38	U.S.$	305	$	309,449
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A4
5.414%, 7/12/46		480		542,743
Motel 6 Trust
Series 2012-MTL6, Class A2
1.948%, 10/05/25 (c)		480		481,076
UBS-Barclays Commercial Mortgage Trust
Series 2013-C5, Class A4
3.185%, 3/10/46		813		838,038
WF-RBS Commercial Mortgage Trust
Series 2012-C10, Class A3
2.875%, 12/15/45		310		311,762
				11,570,546
Non-Agency Floating Rate CMBS - 0.3%
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.904%, 12/05/31 (c)(d)		250		250,152
GS Mortgage Securities Corp. II
Series 2007-EOP, Class E
2.476%, 3/06/20 (c)(d)		75		75,394
Series 2013-KYO, Class A
1.052%, 11/08/29 (c)(d)		505		506,151
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A2
5.291%, 7/12/46 (f)		812		821,286
				1,652,983
Agency CMBS - 0.1%
FHLMC Multifamily Structured Pass Through Certificates
Series K008, Class A2
3.531%, 6/25/20		634		700,414
Total Commercial Mortgage-Backed Securities (cost $13,376,719)				13,923,943
AGENCIES - 2.4%
Agency Debentures - 2.4%
Federal Farm Credit Bank
0.264%, 6/26/13 (d)		2,500		2,500,943
Federal Home Loan Mortgage Corp.
2.375%, 1/13/22		2,198		2,287,676
Federal National Mortgage Association
6.25%, 5/15/29		740		1,050,903
6.625%, 11/15/30		2,277		3,390,234
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20		4,770		4,243,130
Total Agencies (cost $11,891,094)				13,472,886

Company	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES - 0.5%
Industrial - 0.3%
Basic - 0.0%
Eagle Spinco, Inc.
4.625%, 2/15/21 (c)	U.S.$	40	$	40,700
Capital Goods - 0.1%
B/E Aerospace, Inc.
5.25%, 4/01/22		295		304,219
Ball Corp.
5.00%, 3/15/22		290		301,600
				605,819
Communications - Telecommunications - 0.0%
VimpelCom Holdings BV
5.20%, 2/13/19 (c)		200		201,483
Consumer Cyclical - Other - 0.1%
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.375%, 3/15/22		295		309,381
Consumer Cyclical - Retailers - 0.0%
Dollar General Corp.
4.125%, 7/15/17		79		84,826
Consumer Non-Cyclical - 0.0%
Olam International Ltd.
6.75%, 1/29/18 (c)		228		215,104
Energy - 0.1%
Cimarex Energy Co.
5.875%, 5/01/22		145		155,512
Pacific Rubiales Energy Corp.
5.125%, 3/28/23 (c)		100		100,837
				256,349
				1,713,662
Financial Institutions - 0.2%
Banking - 0.2%
ABN Amro Bank NV
4.31%, 3/10/16	EUR	90		102,099
Citigroup, Inc.
5.95%, 1/30/23	U.S.$	480		498,000
LBG Capital No.1 PLC
8.00%, 6/15/20 (c)		235		250,623
LBG Capital No.2 PLC
Series 22
15.00%, 12/21/19	EUR	140		256,627
				1,107,349
Other Finance - 0.0%
Aviation Capital Group Corp.
7.125%, 10/15/20 (c)	U.S.$	173		195,254

Company	Principal Amount (000)		U.S. $ Value
			$	1,302,603
Total Corporates - Non-Investment Grades (cost $2,705,739)				3,016,265
QUASI-SOVEREIGNS - 0.4%
Quasi-Sovereign Bonds - 0.4%
Indonesia - 0.0%
Perusahaan Listrik Negara PT
5.50%, 11/22/21 (c)	U.S.	$250		271,250
Kazakhstan - 0.1%
KazMunaiGaz Finance Sub BV
7.00%, 5/05/20 (c)		251		298,690
Malaysia - 0.1%
Petronas Capital Ltd.
5.25%, 8/12/19 (c)		460		534,953
South Korea - 0.1%
Korea National Oil Corp.
3.125%, 4/03/17 (c)		485		510,559
United Arab Emirates - 0.1%
IPIC GMTN Ltd.
3.75%, 3/01/17 (c)		465		497,550
Total Quasi-Sovereigns (cost $1,906,623)				2,113,002
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Qatar - 0.1%
Qatar Government International Bond
4.50%, 1/20/22 (c)		270		302,824
Russia - 0.0%
Russian Foreign Bond - Eurobond
7.50%, 3/31/30 (c)		231		286,089
Total Governments - Sovereign Bonds (cost $522,897)				588,913
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.1%
United States - 0.1%
California GO
7.625%, 3/01/40 (cost $350,688)		345		498,939
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.0%
Non-Agency Fixed Rate - 0.0%
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.732%, 5/25/35		42		40,783
Merrill Lynch Mortgage Investors, Inc.
Series 2005-A8, Class A1C1
5.25%, 8/25/36		15		15,221
Total Collateralized Mortgage Obligations (cost $56,788)				56,004

Company	Shares		U.S. $ Value
WARRANTS - 0.0%
Consumer Staples - 0.0%
Food & Staples Retailing - 0.0%
Olam International Ltd. , expiring 12/03/17 (a) (cost $0)		117,840	$	40,655
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 6.7%
Time Deposit - 2.7%
State Street Time Deposit
0.01%, 4/01/13
(cost $15,513,954)	U.S.	$15,514		15,513,954
U.S. Treasury Bill - 3.0%
U.S. Treasury Bill
Zero Coupon, 4/04/13
(cost $17,149,864)		17,150		17,149,864
Treasury Bill - 1.0%
Japan Treasury Discount Bill
Series 339
Zero Coupon, 4/22/13
(cost $5,715,948)	JPY	540,000		5,736,289
Total Short-Term Investments (cost $38,379,766)				38,400,107
Total Investments Before Security Lending Collateral for Securities Loaned - 103.3% (cost $507,349,004)				584,413,979
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.1%
Investment Companies - 1.1%
AllianceBernstein Exchange Reserves-Class I,
0.09% (g)
(cost $6,283,951)		6,283,951		6,283,951

Company	U.S. $ Value
Total Investments - 104.4% (cost $513,632,955) (h)	$	590,697,930
Other assets less liabilities - (4.4)% (i)		(24,835,315	)
Net Assets - 100.0%	$	565,862,615

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2013		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro Stoxx 50 Index Futures		4		June 2013	$	135,640	$	130,954	$	(4,686	)
Topix Index Futures		1		June 2013		104,623		110,320		5,697
									$	1,011

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		EUR	546		USD	720		5/15/13	$	20,294
Barclays Bank PLC Wholesale		GBP	670		USD	1,073		5/15/13		54,925
Barclays Bank PLC Wholesale		HKD	4,856		USD	626		5/15/13		94
Barclays Bank PLC Wholesale		JPY	498,770		USD	5,345		5/15/13		44,917
Barclays Bank PLC Wholesale		USD	1,585		CHF	1,479		5/15/13		(26,135	)
Barclays Bank PLC Wholesale		USD	2,071		NOK	11,482		5/15/13		(108,441	)
Barclays Bank PLC Wholesale		JPY	42,014		USD	452		6/13/13		5,623
BNP Paribas SA		GBP	1,955		USD	2,917		5/15/13		(52,420	)
Citibank, NA		GBP	2,499		USD	3,922		5/15/13		125,621
Citibank, NA		USD	2,040		AUD	1,989		5/15/13		24,589
Citibank, NA		USD	4,850		JPY	459,086		5/15/13		27,998
Citibank, NA		USD	1,489		SEK	9,574		5/15/13		(20,851	)
Citibank, NA		USD	651		JPY	61,595		6/13/13		3,761
Credit Suisse International		NOK	12,011		USD	2,058		5/15/13		4,739
Credit Suisse International		USD	1,933		JPY	180,600		5/15/13		(13,758	)
Credit Suisse International		USD	1,693		NOK	9,762		5/15/13		(24,844	)
Credit Suisse International		USD	2,368		SEK	15,232		5/15/13		(32,327	)
Credit Suisse International		USD	1,257		CAD	1,284		6/13/13		5,109
Deutsche Bank AG London		AUD	454		USD	463		5/15/13		(8,513	)
Deutsche Bank AG London		NOK	9,233		USD	1,607		5/15/13		28,688
Deutsche Bank AG London		NZD	620		USD	518		5/15/13		747
Deutsche Bank AG London		USD	344		CAD	354		5/15/13		3,905
Deutsche Bank AG London		USD	352		CHF	334		5/15/13		(179	)
Deutsche Bank AG London		USD	1,502		EUR	1,161		5/15/13		(13,796	)
Deutsche Bank AG London		AUD	733		USD	763		6/13/13		3,395
Deutsche Bank AG London		CHF	396		USD	416		6/13/13		(1,614	)
Goldman Sachs Capital Markets LP		EUR	640		USD	837		4/11/13		16,328
Goldman Sachs Capital Markets LP		JPY	540,000		USD	5,697		4/22/13		(40,084	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Capital Markets LP		AUD	1,356		USD	1,392		5/15/13	$	(15,272	)
Goldman Sachs Capital Markets LP		CHF	823		USD	899		5/15/13		31,416
Goldman Sachs Capital Markets LP		JPY	83,771		USD	935		5/15/13		44,461
Goldman Sachs Capital Markets LP		USD	1,823		GBP	1,202		5/15/13		3,049
Goldman Sachs Capital Markets LP		USD	1,425		JPY	131,516		5/15/13		(27,113	)
Goldman Sachs Capital Markets LP		CAD	1,425		USD	1,386		6/13/13		(14,897	)
Goldman Sachs Capital Markets LP		GBP	256		USD	383		6/13/13		(5,696	)
HSBC BankUSA		CAD	564		USD	564		5/15/13		9,814
HSBC BankUSA		HKD	40,682		USD	5,247		5/15/13		5,399
HSBC BankUSA		USD	370		HKD	2,866		5/15/13		(383	)
HSBC BankUSA		USD	515		NZD	620		5/15/13		2,706
HSBC BankUSA		GBP	257		USD	387		6/13/13		(3,735	)
Morgan Stanley & Co., Inc.		EUR	2,447		USD	3,203		5/15/13		64,983
Royal Bank of Canada		CAD	836		USD	809		6/13/13		(12,455	)
Royal Bank of Scotland PLC		CAD	980		USD	954		4/19/13		(10,431	)
Royal Bank of Scotland PLC		EUR	1,814		USD	2,357		5/15/13		30,880
Royal Bank of Scotland PLC		GBP	1,386		USD	2,064		5/15/13		(41,576	)
Royal Bank of Scotland PLC		JPY	355,968		USD	3,708		5/15/13		(74,689	)
Royal Bank of Scotland PLC		SGD	531		USD	425		5/15/13		(3,412	)
Royal Bank of Scotland PLC		USD	510		CHF	479		5/15/13		(4,744	)
Royal Bank of Scotland PLC		USD	2,280		EUR	1,707		5/15/13		(91,494	)
Royal Bank of Scotland PLC		USD	2,576		GBP	1,694		5/15/13		(2,597	)
Royal Bank of Scotland PLC		EUR	903		USD	1,173		6/13/13		15,350
Royal Bank of Scotland PLC		JPY	47,575		USD	504		6/13/13		(1,890	)
Royal Bank of Scotland PLC		SEK	7,479		USD	1,150		6/13/13		3,721
Royal Bank of Scotland PLC		USD	2,207		CHF	2,060		6/13/13		(35,282	)
Royal Bank of Scotland PLC		USD	453		GBP	298		6/13/13		(457	)
Royal Bank of Scotland PLC		USD	1,678		SEK	10,782		6/13/13		(25,967	)
Standard Chartered Bank		USD	1,194		HKD	9,255		5/15/13		(1,098	)
Standard Chartered Bank		USD	1,019		SGD	1,262		5/15/13		(1,705	)
State Street Bank & Trust Co.		GBP	171		USD	259		4/11/13		(804	)
State Street Bank & Trust Co.		AUD	263		USD	270		5/15/13		(2,772	)
State Street Bank & Trust Co.		CAD	160		USD	162		5/15/13		4,603
State Street Bank & Trust Co.		EUR	140		USD	182		5/15/13		2,676
State Street Bank & Trust Co.		GBP	446		USD	686		5/15/13		8,923
State Street Bank & Trust Co.		HKD	1,811		USD	234		5/15/13		181
State Street Bank & Trust Co.		JPY	133,999		USD	1,456		5/15/13		31,954
State Street Bank & Trust Co.		USD	1,557		AUD	1,519		5/15/13		19,642
State Street Bank & Trust Co.		USD	359		CAD	370		5/15/13		4,813

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	213		CHF	195		5/15/13	$	(7,170	)
State Street Bank & Trust Co.		USD	596		EUR	446		5/15/13		(23,885	)
State Street Bank & Trust Co.		USD	307		GBP	194		5/15/13		(11,833	)
State Street Bank & Trust Co.		USD	446		NOK	2,455		5/15/13		(26,417	)
State Street Bank & Trust Co.		AUD	259		USD	262		6/13/13		(5,868	)
State Street Bank & Trust Co.		EUR	933		USD	1,223		6/13/13		26,633
State Street Bank & Trust Co.		NOK	1,392		USD	238		6/13/13		572
State Street Bank & Trust Co.		USD	267		AUD	259		6/13/13		1,157
State Street Bank & Trust Co.		USD	331		EUR	255		6/13/13		(3,688	)
State Street Bank & Trust Co.		USD	120		JPY	11,501		6/13/13		2,652
State Street Bank & Trust Co.		USD	244		NOK	1,392		6/13/13		(6,665	)
UBS AG		USD	362		AUD	347		5/15/13		(2,298	)
UBS AG		USD	5,801		EUR	4,335		5/15/13		(242,228	)
Westpac Banking Corp.		USD	1,302		AUD	1,245		5/15/13		(9,602	)
									$	(374,767	)

INTEREST RATE SWAP CONTRACTS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA	$	1,970		1/30/17		1.059	%		3 Month LIBOR	$	(30,176	)
JPMorgan Chase Bank, NA		2,200		2/7/22		2.043	%		3 Month LIBOR		(45,623	)
										$	(75,799	)

CREDIT DEFAULT SWAP CONTRACTS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2013			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
BNP Paribas SA:
Anadarko Petroleum Corp.
5.95%, 9/15/16, 9/20/17*		1.00	%		0.94	%	$	530	$	1,291	$	(16,047	)	$	17,338

* Termination date

(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, 2013, the aggregate market value of these securities amounted to $23,107,976 or 4.1% of net assets.

(d) Floating Rate Security. Stated interest rate was in effect at March 31, 2013.

(e) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2013.

(f) Variable rate coupon, rate shown as of March 31, 2013.

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

(h) As of March 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $82,773,104 and gross unrealized depreciation of investments was $(5,708,129), resulting in net unrealized appreciation of $77,064,975.

(i) An amount of U.S. $12,949 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2013.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
ARMs	-	Adjustable Rate Mortgages
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
FHLMC	-	Federal Home Loan Mortgage Corporation
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rates
OJSC	-	Open Joint Stock Company
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
SCPA	-	Società Consortile per Azioni
TBA	-	To Be Announced

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

March 31, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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 fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Financials	$	35,363,558	$	22,062,942	$	– 0	–	$	57,426,500
Consumer Discretionary		35,388,481		14,644,892		– 0	–		50,033,373
Information Technology		43,394,424		3,957,894		– 0	–		47,352,318
Health Care		31,392,919		6,297,939		– 0	–		37,690,858

Industrials		20,081,222			14,164,313			– 0	–		34,245,535
Consumer Staples		15,716,159			12,427,018			– 0	–		28,143,177
Energy		22,974,422			4,382,511			– 0	–		27,356,933
Equity:Other		8,114,577			13,745,061			– 0	–		21,859,638
Retail		7,610,292			3,967,696			– 0	–		11,577,988
Materials		5,177,655			5,157,623			– 0	–		10,335,278
Residential		6,146,920			2,871,691			– 0	–		9,018,611
Office		3,057,962			4,346,805			– 0	–		7,404,767
Utilities		3,577,722			1,770,175			– 0	–		5,347,897
Telecommunication Services		2,373,843			2,476,563			– 0	–		4,850,406
Lodging		2,801,113			1,082,492			– 0	–		3,883,605
Corporates - Investment Grades		339,707			56,420,723			– 0	–		56,760,430
Mortgage Pass - Throughs		– 0	–		39,870,915			– 0	–		39,870,915
Governments - Treasuries		– 0	–		37,151,835			– 0	–		37,151,835
Asset-Backed Securities		– 0	–		20,788,604			1,204,597			21,993,201
Commercial Mortgage-Backed Securities		507,372			11,625,230			1,791,341			13,923,943
Agencies		– 0	–		13,472,886			– 0	–		13,472,886
Corporates - Non-Investment Grades		– 0	–		2,801,161			215,104			3,016,265
Quasi-Sovereigns		– 0	–		2,113,002			– 0	–		2,113,002
Governments - Sovereign Bonds		– 0	–		588,913			– 0	–		588,913
Local Governments - Municipal Bonds		– 0	–		498,939			– 0	–		498,939
Collateralized Mortgage Obligations		– 0	–		– 0	–		56,004			56,004
Warrants		40,655			– 0	–		– 0	–		40,655
Short-Term Investments:
Time Deposit		– 0	–		15,513,954			– 0	–		15,513,954
U.S. Treasury Bill		– 0	–		17,149,864			– 0	–		17,149,864
Treasury Bill		– 0	–		5,736,289			– 0	–		5,736,289
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		6,283,951			– 0	–		– 0	–		6,283,951
Total Investments in Securities		250,342,954			337,087,930	+		3,267,046			590,697,930
Other Financial Instruments* :
Assets:
Futures Contracts		5,697			– 0	–		– 0	–		5,697
Forward Currency Exchange Contracts		– 0	–		704,728			– 0	–		704,728
Credit Default Swap Contracts		– 0	–		17,338			– 0	–		17,338
Liabilities:
Futures Contracts		(4,686	)		– 0	–		– 0	–		(4,686	)
Forward Currency Exchange Contracts		– 0	–		(1,079,495	)		– 0	–		(1,079,495	)
Interest Rate Swap Contracts		– 0	–		(75,799	)		– 0	–		(75,799	)
Total^	$	250,343,965		$	336,654,702		$	3,267,046		$	590,265,713

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

+ 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 de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy and assumes the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stock - Residential			Asset-Backed Securities		Commercial Mortgage-Backed Securities
Balance as of 12/31/12	$	297,587		$	1,397,999	$	1,601,699
Accrued discounts/(premiums)		– 0	–		243		5

Realized gain (loss)		– 0	–		1,203			44,011
Change in unrealized appreciation/depreciation		– 0	–		(4,536	)		(44,577	)
Purchases		– 0	–		– 0	–		933,676
Sales		– 0	–		(190,312	)		(743,473	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(297,587	)		– 0	–		– 0	–
Balance as of 3/31/13+	$	– 0	–	$	1,204,597		$	1,791,341
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/13	$	– 0	–	$	(4,536	)	$	(44,577	)
	Coprorates - Non-Investment Grades			Collateralized Mortgage Obligations			Rights
Balance as of 12/31/12	$	– 0	–	$	60,916		$	– 0	–
Accrued discounts/(premiums)		325			7			– 0	–
Realized gain (loss)		– 0	–		48			– 0	–
Change in unrealized appreciation/depreciation		(1,516	)		275			– 0	–
Purchases		216,295			– 0	–		– 0	–
Sales		– 0	–		(5,242	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/13	$	215,104		$	56,004		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/13	$	(1,516	)	$	275		$	– 0	–
	Total
Balance as of 12/31/12	$	3,358,201
Accrued discounts/(premiums)		580
Realized gain (loss)		45,262
Change in unrealized appreciation/depreciation		(50,354	)
Purchases		1,149,971
Sales		(939,027	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		(297,587	)
Balance as of 3/31/13	$	3,267,046
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/13	$	(50,354	)

+ There were de minimis transfers under 1% of net assets during the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Dynamic Asset Allocation Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 25.7%
Financials - 5.1%
Capital Markets - 0.5%
Aberdeen Asset Management PLC		3,678	$	24,036
Ameriprise Financial, Inc.		495		36,457
Bank of New York Mellon Corp. (The)		2,815		78,792
BlackRock, Inc. - Class A		327		84,000
Charles Schwab Corp. (The)		2,640		46,702
Credit Suisse Group AG (a)		3,127		82,242
Daiwa Securities Group, Inc. (b)		4,000		28,355
Deutsche Bank AG (REG)		2,499		97,702
E*Trade Financial Corp. (a)		620		6,640
Franklin Resources, Inc.		340		51,275
Goldman Sachs Group, Inc. (The)		1,088		160,099
Invesco Ltd.		1,030		29,829
Julius Baer Group Ltd. (a)		1,220		47,546
Legg Mason, Inc.		260		8,359
Macquarie Group Ltd.		890		34,622
Morgan Stanley		3,320		72,974
Nomura Holdings, Inc.		9,800		60,934
Northern Trust Corp.		510		27,826
Partners Group Holding AG		133		32,845
Schroders PLC		729		23,417
State Street Corp.		1,135		67,067
T Rowe Price Group, Inc.		625		46,794
UBS AG (a)		9,783		150,435
				1,298,948
Commercial Banks - 1.9%
Aozora Bank Ltd. (b)		6,000		16,969
Australia & New Zealand Banking Group Ltd.		7,203		214,825
Banco Bilbao Vizcaya Argentaria SA		14,655		127,965
Banco de Sabadell SA (a) (b)		7,647		14,081
Banco Espirito Santo SA (a)		5,403		5,541
Banco Popular Espanol SA		14,317		10,646
Banco Santander SA		27,759		188,057
Bank Leumi Le-Israel BM (a)		6,125		21,661
Bank of Yokohama Ltd. (The)		3,000		17,405
Barclays PLC		31,160		138,639
BB&T Corp.		1,700		53,363
BNP Paribas SA		2,698		138,725
BOC Hong Kong Holdings Ltd.		10,000		33,511
CaixaBank		2,117		7,182
Chiba Bank Ltd. (The)		2,000		14,417
Comerica, Inc.		450		16,178
Commerzbank AG (a) (b)		11,674		17,198
Commonwealth Bank of Australia		4,251		301,947
Danske Bank A/S (a)		1,753		31,430
DBS Group Holdings Ltd.		5,000		64,714
DnB ASA		2,627		38,662
Erste Group Bank AG (a)		578		16,175
Fifth Third Bancorp		2,190		35,719
First Horizon National Corp.		585		6,248
Fukuoka Financial Group, Inc. (b)		4,000		20,056
Hang Seng Bank Ltd.		2,100		33,687
HSBC Holdings PLC		49,248		525,455

Company	Shares		U.S. $ Value
Huntington Bancshares, Inc./OH		2,065	$	15,260
Intesa Sanpaolo SpA		27,085		39,907
Joyo Bank Ltd. (The)		3,000		16,735
KBC Groep NV		433		15,014
KeyCorp		2,275		22,659
Lloyds Banking Group PLC (a)		111,087		82,773
M&T Bank Corp.		315		32,495
Mitsubishi UFJ Financial Group, Inc. (b)		34,200		206,337
Mizrahi Tefahot Bank Ltd. (a)		973		10,395
Mizuho Financial Group, Inc. (b)		61,400		131,752
National Australia Bank Ltd.		6,018		194,178
Natixis		9,006		34,262
Nordea Bank AB		7,072		80,230
Oversea-Chinese Banking Corp., Ltd.		7,000		60,302
PNC Financial Services Group, Inc.		1,280		85,120
Raiffeisen Bank International AG		176		6,001
Regions Financial Corp.		3,375		27,641
Resona Holdings, Inc. (b)		5,100		26,929
Royal Bank of Scotland Group PLC (a)		5,577		23,436
Seven Bank Ltd. (b)		5,324		17,143
Shinsei Bank Ltd. (b)		12,000		27,575
Shizuoka Bank Ltd. (The)		1,000		11,288
Skandinaviska Enskilda Banken AB (b)		4,967		49,952
Societe Generale SA (a)		1,878		61,829
Standard Chartered PLC		6,409		166,417
Sumitomo Mitsui Financial Group, Inc.		3,600		147,689
Sumitomo Mitsui Trust Holdings, Inc.		8,000		38,095
SunTrust Banks, Inc.		1,290		37,165
Svenska Handelsbanken AB (b)		1,317		56,330
Swedbank AB (b)		2,205		50,240
UniCredit SpA (a)		10,889		46,740
United Overseas Bank Ltd.		3,000		49,458
US Bancorp		4,565		154,890
Wells Fargo & Co.		11,875		439,256
Westpac Banking Corp.		8,210		264,211
Zions Bancorporation		430		10,746
				4,850,906
Consumer Finance - 0.1%
American Express Co.		2,410		162,579
Capital One Financial Corp.		1,413		77,644
Credit Saison Co., Ltd.		700		17,513
Discover Financial Services		1,260		56,498
SLM Corp.		1,100		22,528
				336,762
Diversified Financial Services - 0.7%
ASX Ltd.		332		12,544
Bank of America Corp.		26,095		317,837
Citigroup, Inc.		7,479		330,871
CME Group, Inc./IL - Class A		750		46,043
Deutsche Boerse AG		524		31,787
Eurazeo		75		3,808
Exor SpA		1,279		35,850
Groupe Bruxelles Lambert SA		217		16,622
Hong Kong Exchanges and Clearing Ltd.		2,800		47,882

Company	Shares		U.S. $ Value
ING Groep NV (a)		10,296	$	74,084
IntercontinentalExchange, Inc. (a)		200		32,614
Investor AB		1,705		49,320
JPMorgan Chase & Co.		9,215		437,344
Leucadia National Corp.		455		12,481
London Stock Exchange Group PLC		969		19,271
McGraw-Hill Cos., Inc. (The)		660		34,373
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,500		18,341
Moody’s Corp.		445		23,727
NASDAQ OMX Group, Inc. (The)		260		8,398
NYSE Euronext		585		22,604
ORIX Corp.		2,800		35,750
Pohjola Bank PLC (b)		371		5,426
Resolution Ltd.		3,866		16,060
Singapore Exchange Ltd.		3,000		18,689
				1,651,726
Insurance - 1.1%
ACE Ltd.		835		74,290
Admiral Group PLC		819		16,618
Aegon NV		7,148		43,160
Aflac, Inc.		1,105		57,482
Ageas		627		21,281
AIA Group Ltd.		27,520		120,642
Allianz SE		1,224		166,858
Allstate Corp. (The)		1,150		56,431
American International Group, Inc. (a)		3,602		139,830
AMP Ltd.		7,786		42,419
AON PLC		765		47,048
Assicurazioni Generali SpA		3,139		49,146
Assurant, Inc.		160		7,202
Aviva PLC		7,812		35,411
Berkshire Hathaway, Inc. (a)		4,430		461,606
Chubb Corp. (The)		660		57,770
Cincinnati Financial Corp.		360		16,988
Dai-ichi Life Insurance Co., Ltd. (The)		23		30,864
Genworth Financial, Inc. - Class A (a)		1,185		11,850
Hannover Rueckversicherung AG		173		13,620
Hartford Financial Services Group, Inc.		1,025		26,445
Insurance Australia Group Ltd.		6,220		37,106
Legal & General Group PLC		15,786		41,541
Lincoln National Corp.		640		20,870
Loews Corp.		740		32,612
Mapfre SA		3,353		10,420
Marsh & McLennan Cos., Inc.		1,290		48,981
MetLife, Inc.		2,570		97,711
MS&AD Insurance Group Holdings (b)		1,400		31,183
Muenchener Rueckversicherungs AG		482		90,340
NKSJ Holdings, Inc. (b)		1,000		21,065
Old Mutual PLC		13,083		40,423
Principal Financial Group, Inc.		640		21,779
Progressive Corp. (The)		1,345		33,988
Prudential Financial, Inc.		1,115		65,774
Prudential PLC		6,850		111,255
QBE Insurance Group Ltd.		3,112		43,996
RSA Insurance Group PLC		9,493		16,832
Sampo Oyj		1,127		43,467
SCOR SE		935		26,897

Company	Shares		U.S. $ Value
Sony Financial Holdings, Inc.		875	$	13,087
Standard Life PLC		6,327		35,276
Suncorp Group Ltd.		3,459		42,690
Swiss Re AG		947		77,126
T&D Holdings, Inc. (b)		1,550		18,564
Tokio Marine Holdings, Inc.		1,900		54,968
Torchmark Corp.		235		14,053
Travelers Cos., Inc. (The)		930		78,297
Tryg A/S		78		6,309
Unum Group		670		18,928
Vienna Insurance Group AG Wiener Versicherung Gruppe		71		3,446
XL Group PLC		710		21,513
Zurich Insurance Group AG (a)		396		110,543
				2,828,001
Real Estate Investment Trusts (REITs) - 0.5%
American Tower Corp.		955		73,459
Apartment Investment & Management Co. - Class A		305		9,351
AvalonBay Communities, Inc.		225		28,501
Boston Properties, Inc.		390		39,413
British Land Co. PLC		2,299		19,032
CFS Retail Property Trust Group		11,279		23,644
Dexus Property Group		23,282		25,300
Equity Residential		730		40,194
Fonciere Des Regions		329		25,783
Gecina SA		253		29,398
Goodman Group		5,915		29,567
GPT Group		6,698		25,922
Hammerson PLC		2,197		16,468
HCP, Inc.		1,030		51,356
Health Care REIT, Inc.		565		38,369
Host Hotels & Resorts, Inc.		1,710		29,908
ICADE (b)		296		25,909
Intu Properties PLC		2,951		15,031
Japan Real Estate Investment Corp.		2		27,712
Japan Retail Fund Investment Corp.		8		19,849
Kimco Realty Corp.		970		21,728
Klepierre		695		27,330
Land Securities Group PLC		2,095		26,446
Link REIT (The)		6,000		32,802
Mirvac Group		12,834		21,716
Nippon Building Fund, Inc.		2		28,024
Plum Creek Timber Co., Inc.		360		18,792
ProLogis, Inc.		1,090		43,578
Public Storage		340		51,789
Simon Property Group, Inc.		736		116,700
Stockland		6,911		26,375
Unibail-Rodamco SE		247		57,529
Ventas, Inc.		721		52,777
Vornado Realty Trust		395		33,038
Westfield Group		5,897		66,813
Westfield Retail Trust		7,800		24,557
Weyerhaeuser Co.		1,290		40,480
				1,284,640

Company	Shares		U.S. $ Value
Real Estate Management & Development - 0.3%
Aeon Mall Co., Ltd.		700	$	21,375
CapitaLand Ltd.		11,000		31,463
CBRE Group, Inc. (a)		715		18,054
Cheung Kong Holdings Ltd.		4,000		59,257
City Developments Ltd.		3,000		27,508
Daito Trust Construction Co., Ltd.		200		17,163
Daiwa House Industry Co., Ltd.		1,000		19,558
Global Logistic Properties Ltd.		14,661		31,135
Hang Lung Properties Ltd.		7,000		26,252
Henderson Land Development Co., Ltd.		4,000		27,412
IMMOFINANZ AG (a)		2,501		9,488
Mitsubishi Estate Co., Ltd.		3,000		84,982
Mitsui Fudosan Co., Ltd.		2,000		57,115
Nomura Real Estate Holdings, Inc.		800		17,955
Sino Land Co., Ltd.		16,000		27,231
Sumitomo Realty & Development Co., Ltd.		1,000		38,957
Sun Hung Kai Properties Ltd.		4,000		53,875
Swire Pacific Ltd.		2,000		25,575
Swire Properties Ltd.		8,213		29,263
Wharf Holdings Ltd.		4,000		35,850
Wheelock & Co., Ltd.		6,000		32,230
				691,698
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.		1,130		9,763
People’s United Financial, Inc.		815		10,954
				20,717
				12,963,398
Consumer Staples - 3.0%
Beverages - 0.7%
Anheuser-Busch InBev NV		2,159		214,642
Asahi Group Holdings Ltd.		1,000		23,913
Beam, Inc.		400		25,416
Brown-Forman Corp. - Class B		352		25,133
Carlsberg A/S		288		28,078
Coca Cola Hellenic Bottling Co. SA (a)		542		14,531
Coca-Cola Amatil Ltd.		1,634		24,846
Coca-Cola Co. (The)		9,380		379,327
Coca-Cola Enterprises, Inc.		650		23,998
Constellation Brands, Inc. - Class A (a)		320		15,245
Diageo PLC		6,728		212,003
Dr Pepper Snapple Group, Inc.		520		24,414
Heineken NV		784		59,134
Kirin Holdings Co., Ltd.		2,000		32,157
Molson Coors Brewing Co. - Class B		350		17,126
Monster Beverage Corp. (a)		360		17,187
PepsiCo, Inc.		3,775		298,640
Pernod-Ricard SA		569		70,919
SABMiller PLC		2,567		135,398
				1,642,107
Food & Staples Retailing - 0.6%
Aeon Co., Ltd.		1,600		20,716
Carrefour SA		1,552		42,514
Casino Guichard Perrachon SA		225		23,659
Colruyt SA		204		9,861
Costco Wholesale Corp.		1,065		113,007

Company	Shares		U.S. $ Value
CVS Caremark Corp.		3,080	$	169,369
Delhaize Group SA		274		14,958
Distribuidora Internacional de Alimentacion SA		1,644		11,410
FamilyMart Co., Ltd.		300		13,712
J Sainsbury PLC		3,281		18,898
Jeronimo Martins SGPS SA		592		11,531
Kesko Oyj		171		5,355
Kroger Co. (The)		1,315		43,579
Lawson, Inc.		200		15,356
Metro AG		441		12,553
Safeway, Inc. (b)		545		14,361
Seven & I Holdings Co., Ltd.		2,000		66,359
Sysco Corp.		1,405		49,414
Tesco PLC		21,592		125,517
Wal-Mart Stores, Inc.		4,063		304,034
Walgreen Co.		2,045		97,506
Wesfarmers Ltd.		2,706		113,627
Whole Foods Market, Inc.		410		35,568
WM Morrison Supermarkets PLC		6,401		26,905
Woolworths Ltd.		3,298		116,432
				1,476,201
Food Products - 0.8%
Ajinomoto Co., Inc.		2,000		29,407
Archer-Daniels-Midland Co.		1,565		52,787
Associated British Foods PLC		958		27,709
Campbell Soup Co.		425		19,278
ConAgra Foods, Inc.		935		33,482
Danone SA		1,554		108,203
DE Master Blenders 1753 NV (a)		1,580		24,405
Dean Foods Co. (a)		430		7,796
General Mills, Inc.		1,585		78,156
Hershey Co. (The)		350		30,636
HJ Heinz Co.		765		55,287
Hormel Foods Corp.		325		13,429
JM Smucker Co. (The)		295		29,252
Kellogg Co.		615		39,624
Kerry Group PLC		401		23,894
Kraft Foods Group, Inc.		1,428		73,585
Lindt & Spruengli AG (REG) (a)		1		45,128
McCormick & Co., Inc./MD		325		23,904
Mead Johnson Nutrition Co. - Class A		510		39,500
MEIJI Holdings Co., Ltd.		300		13,765
Mondelez International, Inc.		4,285		131,164
Nestle SA		8,871		642,035
Nippon Meat Packers, Inc.		1,000		16,141
Nissin Foods Holdings Co., Ltd. (b)		400		18,363
Orkla ASA		2,074		16,672
Tate & Lyle PLC		1,256		16,229
Tyson Foods, Inc. - Class A		675		16,754
Unilever NV		4,379		179,423
Unilever PLC		3,450		145,925
Wilmar International Ltd.		9,000		25,162
Yakult Honsha Co., Ltd. (b)		400		16,149
				1,993,244

Company	Shares		U.S. $ Value
Household Products - 0.4%
Clorox Co. (The)		320	$	28,330
Colgate-Palmolive Co.		1,075		126,882
Henkel AG & Co. KGaA		366		28,929
Henkel AG & Co. KGaA (Preference Shares)		479		46,147
Kimberly-Clark Corp.		965		94,551
Procter & Gamble Co. (The)		6,665		513,605
Reckitt Benckiser Group PLC		1,773		127,297
Svenska Cellulosa AB - Class B		2,115		54,605
Unicharm Corp. (b)		300		17,129
				1,037,475
Personal Products - 0.1%
Avon Products, Inc.		1,005		20,834
Beiersdorf AG		310		28,651
Estee Lauder Cos., Inc. (The) - Class A		590		37,778
Kao Corp.		1,400		45,279
L’Oreal SA		646		102,490
Shiseido Co., Ltd. (b)		1,000		14,019
				249,051
Tobacco – 0.4%
Altria Group, Inc.		4,910		168,855
British American Tobacco PLC		5,292		283,770
Imperial Tobacco Group PLC		2,690		94,083
Japan Tobacco, Inc.		2,919		93,371
Lorillard, Inc.		990		39,947
Philip Morris International, Inc.		4,100		380,111
Reynolds American, Inc.		785		34,925
Swedish Match AB		66		2,049
				1,097,111
				7,495,189
Health Care - 3.0%
Biotechnology - 0.3%
Alexion Pharmaceuticals, Inc. (a)		460		42,384
Amgen, Inc.		1,873		192,001
Biogen Idec, Inc. (a)		565		108,994
Celgene Corp. (a)		1,030		119,387
CSL Ltd.		1,396		86,289
Elan Corp. PLC (a)		1,351		15,655
Gilead Sciences, Inc. (a)		3,650		178,595
Grifols SA (a)		401		14,894
				758,199
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories		3,815		134,746
Baxter International, Inc.		1,330		96,611
Becton Dickinson and Co.		480		45,893
Boston Scientific Corp. (a)		3,410		26,632
CareFusion Corp. (a)		490		17,145
Cie Generale d’Optique Essilor International SA		547		60,868
Coloplast A/S		305		16,435
Covidien PLC		1,175		79,712
CR Bard, Inc.		215		21,668
DENTSPLY International, Inc.		330		13,999
Edwards Lifesciences Corp. (a)		295		24,237

Company	Shares		U.S. $ Value
Fresenius SE & Co. KGaA		333	$	41,144
Getinge AB		997		30,443
Intuitive Surgical, Inc. (a)		105		51,575
Medtronic, Inc.		2,460		115,521
Olympus Corp. (a)		900		21,356
Smith & Nephew PLC		2,408		27,852
Sonova Holding AG (a)		351		42,153
St Jude Medical, Inc.		765		30,937
Stryker Corp.		675		44,037
Sysmex Corp.		200		12,185
Terumo Corp.		400		17,216
Varian Medical Systems, Inc. (a)		245		17,640
William Demant Holding A/S (a)		70		5,867
Zimmer Holdings, Inc.		435		32,721
				1,028,593
Health Care Providers & Services - 0.3%
Aetna, Inc.		820		41,918
AmerisourceBergen Corp. - Class A		585		30,098
Cardinal Health, Inc.		795		33,088
CIGNA Corp.		715		44,595
Coventry Health Care, Inc.		330		15,520
DaVita HealthCare Partners, Inc. (a)		225		26,683
Express Scripts Holding Co. (a)		1,989		114,666
Fresenius Medical Care AG & Co. KGaA		564		38,134
Humana, Inc.		415		28,681
Laboratory Corp. of America Holdings (a)		225		20,295
McKesson Corp.		565		60,997
Patterson Cos., Inc.		210		7,988
Quest Diagnostics, Inc.		400		22,580
Ramsay Health Care Ltd.		490		16,492
Sonic Healthcare Ltd.		1,715		24,955
Tenet Healthcare Corp. (a)		243		11,562
UnitedHealth Group, Inc.		2,485		142,167
WellPoint, Inc.		800		52,984
				733,403
Health Care Technology - 0.0%
Cerner Corp. (a)		340		32,215
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		845		35,465
Life Technologies Corp. (a)		425		27,468
PerkinElmer, Inc.		245		8,242
QIAGEN NV (a)		667		13,925
Thermo Fisher Scientific, Inc.		885		67,693
Waters Corp. (a)		215		20,191
				172,984
Pharmaceuticals - 1.9%
AbbVie, Inc.		3,815		155,576
Actavis, Inc. (a)		315		29,015
Allergan, Inc./United States		750		83,722
Astellas Pharma, Inc.		1,200		64,760
AstraZeneca PLC		3,432		172,152
Bayer AG		2,223		229,738

Company	Shares		U.S. $ Value
Bristol-Myers Squibb Co.		4,045	$	166,614
Chugai Pharmaceutical Co., Ltd.		700		15,599
Daiichi Sankyo Co., Ltd. (b)		1,800		34,745
Dainippon Sumitomo Pharma Co., Ltd. (b)		1,400		24,772
Eisai Co., Ltd.		700		31,362
Eli Lilly & Co.		2,465		139,987
Forest Laboratories, Inc. (a)		545		20,732
GlaxoSmithKline PLC		13,572		317,816
Hisamitsu Pharmaceutical Co., Inc. (b)		300		16,252
Hospira, Inc. (a)		360		11,819
Johnson & Johnson		6,685		545,028
Kyowa Hakko Kirin Co., Ltd.		1,000		11,337
Merck & Co., Inc.		7,395		327,081
Merck KGaA		204		30,813
Mitsubishi Tanabe Pharma Corp.		1,000		15,334
Mylan, Inc./PA (a)		945		27,348
Novartis AG		6,183		440,674
Novo Nordisk A/S - Class B		1,095		176,494
Ono Pharmaceutical Co., Ltd. (b)		200		12,361
Orion Oyj		259		6,815
Otsuka Holdings Co., Ltd.		975		33,842
Perrigo Co.		220		26,121
Pfizer, Inc.		17,758		512,496
Roche Holding AG		1,889		440,369
Sanofi		3,244		330,840
Shionogi & Co., Ltd.		1,000		20,266
Shire PLC		1,512		46,047
Taisho Pharmaceutical Holdings Co., Ltd. (b)		172		12,190
Takeda Pharmaceutical Co., Ltd. (b)		2,100		115,044
Teva Pharmaceutical Industries Ltd.		2,533		100,687
UCB SA		296		18,935
				4,764,783
				7,490,177
Information Technology - 3.0%
Communications Equipment - 0.3%
Cisco Systems, Inc.		12,810		267,857
F5 Networks, Inc. (a)		190		16,925
Harris Corp.		275		12,744
JDS Uniphase Corp. (a)		560		7,487
Juniper Networks, Inc. (a)		1,270		23,546
Motorola Solutions, Inc.		695		44,501
Nokia Oyj (b)		10,067		32,747
QUALCOMM, Inc.		4,130		276,504
Telefonaktiebolaget LM Ericsson - Class B		8,096		101,424
				783,735
Computers & Peripherals - 0.6%
Apple, Inc.		2,273		1,006,098
Dell, Inc.		3,530		50,585
EMC Corp./MA (a)		5,075		121,242
Fujitsu Ltd.		5,000		20,888
Gemalto NV		323		28,197
Hewlett-Packard Co.		4,760		113,478
NEC Corp.		9,000		24,029

Company	Shares		U.S. $ Value
NetApp, Inc. (a)		880	$	30,061
SanDisk Corp. (a)		580		31,900
Seagate Technology PLC		850		31,076
Toshiba Corp. (b)		11,000		56,094
Western Digital Corp.		540		27,151
				1,540,799
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp. - Class A		395		29,487
Corning, Inc.		3,605		48,055
FLIR Systems, Inc.		360		9,363
Fujifilm Holdings Corp. (b)		1,200		23,803
Hexagon AB		938		25,616
Hirose Electric Co., Ltd.		100		13,197
Hitachi High-Technologies Corp.		600		12,548
Hitachi Ltd. (b)		12,000		70,056
Hoya Corp. (b)		1,200		22,630
Jabil Circuit, Inc.		445		8,224
Keyence Corp.		100		30,724
Kyocera Corp.		400		36,701
Molex, Inc.		325		9,516
Murata Manufacturing Co., Ltd.		500		37,805
Omron Corp.		700		17,707
TDK Corp. (b)		300		10,544
TE Connectivity Ltd.		1,030		43,188
				449,164
Internet Software & Services - 0.3%
Akamai Technologies, Inc. (a)		425		14,998
Dena Co., Ltd. (b)		529		14,424
eBay, Inc. (a)		2,805		152,087
Google, Inc. - Class A (a)		647		513,738
United Internet AG		552		13,439
VeriSign, Inc. (a)		375		17,730
Yahoo! Japan Corp.		43		19,837
Yahoo!, Inc. (a)		2,525		59,413
				805,666
IT Services - 0.6%
Accenture PLC		1,535		116,614
Amadeus IT Holding SA		842		22,825
Automatic Data Processing, Inc.		1,170		76,073
Cap Gemini SA		320		14,582
Cognizant Technology Solutions Corp. - Class A (a)		725		55,542
Computer Sciences Corp.		370		18,215
Computershare Ltd.		1,449		15,452
Fidelity National Information Services, Inc.		600		23,772
Fiserv, Inc. (a)		330		28,984
International Business Machines Corp.		2,605		555,647
Mastercard, Inc. - Class A		265		143,400
Nomura Research Institute Ltd.		600		15,495
NTT Data Corp. (b)		5		16,510
Paychex, Inc.		775		27,179
SAIC, Inc.		685		9,282
Teradata Corp. (a)		405		23,697

Company	Shares		U.S. $ Value
Total System Services, Inc.		390	$	9,664
Visa, Inc. - Class A		1,265		214,848
Western Union Co. (The) - Class W		1,450		21,808
				1,409,589
Office Electronics - 0.1%
Canon, Inc.		3,000		110,250
Konica Minolta Holdings, Inc.		2,000		14,666
Ricoh Co., Ltd. (b)		2,000		21,835
Xerox Corp.		3,165		27,219
				173,970
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Micro Devices, Inc. (a) (b)		1,455		3,710
Altera Corp.		760		26,957
Analog Devices, Inc.		730		33,938
Applied Materials, Inc.		2,985		40,238
ARM Holdings PLC		3,698		52,106
ASM Pacific Technology Ltd.		900		9,913
ASML Holding NV		869		58,532
Broadcom Corp. - Class A		1,220		42,297
Infineon Technologies AG		3,026		23,943
Intel Corp.		12,090		264,166
KLA-Tencor Corp.		410		21,623
Lam Research Corp. (a)		429		17,786
Linear Technology Corp.		540		20,720
LSI Corp. (a)		1,320		8,950
Mellanox Technologies Ltd. (a)		100		5,534
Microchip Technology, Inc.		445		16,358
Micron Technology, Inc. (a)		2,420		24,152
NVIDIA Corp.		1,485		19,038
Rohm Co., Ltd.		400		13,869
Teradyne, Inc. (a)		430		6,975
Texas Instruments, Inc.		2,725		96,683
Tokyo Electron Ltd.		500		21,332
Xilinx, Inc.		635		24,238
				853,058
Software - 0.6%
Adobe Systems, Inc. (a)		1,190		51,777
Autodesk, Inc. (a)		545		22,476
BMC Software, Inc. (a)		355		16,447
CA, Inc.		825		20,765
Citrix Systems, Inc. (a)		450		32,472
Dassault Systemes SA		243		28,115
Electronic Arts, Inc. (a)		765		13,541
Intuit, Inc.		670		43,985
Microsoft Corp.		18,280		522,991
Nexon Co., Ltd.		735		7,175
NICE Systems Ltd. (a)		208		7,649
Nintendo Co., Ltd.		300		32,429
Oracle Corp.		9,220		298,175
Oracle Corp. Japan		300		13,535
Red Hat, Inc. (a)		470		23,763
Sage Group PLC (The)		3,508		18,293

Company	Shares		U.S. $ Value
Salesforce.com, Inc. (a)		311	$	55,616
SAP AG		2,473		198,897
Symantec Corp. (a)		1,695		41,833
Trend Micro, Inc./Japan		500		14,039
				1,463,973
				7,479,954
Industrials - 2.9%
Aerospace & Defense - 0.4%
BAE Systems PLC		8,702		52,248
Boeing Co. (The)		1,660		142,511
Cobham PLC		3,228		11,955
European Aeronautic Defence and Space Co. NV		1,104		56,269
General Dynamics Corp.		810		57,113
Honeywell International, Inc.		1,905		143,542
L-3 Communications Holdings, Inc.		225		18,207
Lockheed Martin Corp.		650		62,738
Meggitt PLC		2,537		18,982
Northrop Grumman Corp.		590		41,388
Precision Castparts Corp.		390		73,952
Raytheon Co.		800		47,032
Rockwell Collins, Inc.		350		22,092
Rolls-Royce Holdings PLC (a)		5,033		86,603
Safran SA		629		28,073
Singapore Technologies Engineering Ltd.		6,000		20,903
Textron, Inc.		655		19,526
Thales SA		694		29,370
United Technologies Corp.		2,025		189,196
Zodiac Aerospace		227		26,462
				1,148,162
Air Freight & Logistics - 0.1%
CH Robinson Worldwide, Inc.		415		24,676
Deutsche Post AG		2,275		52,502
Expeditors International of Washington, Inc.		520		18,569
FedEx Corp.		715		70,213
Kuehne & Nagel International AG		432		47,165
United Parcel Service, Inc. - Class B		1,755		150,754
Yamato Holdings Co., Ltd.		1,000		18,139
				382,018
Airlines - 0.0%
All Nippon Airways Co., Ltd.		5,000		10,319
Deutsche Lufthansa AG (REG)		1,092		21,359
International Consolidated Airlines Group SA (a)		2,643		10,196
Singapore Airlines Ltd.		3,000		26,548
Southwest Airlines Co.		1,755		23,657
				92,079
Building Products - 0.1%
Asahi Glass Co., Ltd.		3,000		20,896
Assa Abloy AB		1,164		47,585
Cie de St-Gobain		1,080		40,104
Daikin Industries Ltd. (b)		600		23,613
LIXIL Group Corp.		700		13,966
Masco Corp.		855		17,314
				163,478

Company	Shares		U.S. $ Value
Commercial Services & Supplies - 0.2%
ADT Corp. (The)		547	$	26,770
Aggreko PLC		718		19,487
Avery Dennison Corp.		235		10,121
Babcock International Group PLC		1,121		18,563
Brambles Ltd.		4,179		37,053
Cintas Corp.		235		10,371
Dai Nippon Printing Co., Ltd. (b)		2,000		19,109
Edenred		818		26,809
G4S PLC		3,792		16,850
Iron Mountain, Inc.		364		13,217
Pitney Bowes, Inc. (b)		455		6,761
Republic Services, Inc. - Class A		700		23,100
Secom Co., Ltd.		600		30,966
Serco Group PLC		1,802		17,226
Societe BIC SA		221		25,677
Stericycle, Inc. (a)		210		22,298
Toppan Printing Co., Ltd. (b)		2,000		14,439
Tyco International Ltd.		1,095		35,040
Waste Management, Inc.		1,045		40,974
				414,831
Construction & Engineering - 0.1%
ACS Actividades de Construccion y Servicios SA		381		8,927
Bouygues SA		95		2,580
Chiyoda Corp.		1,000		11,207
Ferrovial SA		1,084		17,253
Fluor Corp.		415		27,527
Jacobs Engineering Group, Inc. (a)		315		17,716
JGC Corp.		1,000		25,665
Leighton Holdings Ltd.		1,344		28,944
Obayashi Corp.		3,000		14,352
Quanta Services, Inc. (a)		515		14,719
Taisei Corp. (b)		5,000		13,912
Vinci SA		1,219		55,023
				237,825
Electrical Equipment - 0.2%
ABB Ltd. (REG) (a)		5,911		134,189
Alstom SA		729		29,735
Eaton Corp. PLC		1,144		70,070
Emerson Electric Co.		1,750		97,772
First Solar, Inc. (a) (b)		120		3,235
Mitsubishi Electric Corp.		5,000		40,675
Nidec Corp. (b)		300		17,983
Rockwell Automation, Inc.		330		28,496
Roper Industries, Inc.		225		28,645
Schneider Electric SA		1,414		103,403
Sumitomo Electric Industries Ltd.		2,000		24,608
				578,811

Company	Shares		U.S. $ Value
Industrial Conglomerates - 0.5%
3M Co.		1,555	$	165,312
Danaher Corp.		1,390		86,389
Fraser and Neave Ltd. (c) (d)		4,000		30,443
General Electric Co.		25,570		591,178
Hutchison Whampoa Ltd.		6,000		62,770
Keppel Corp., Ltd.		4,000		36,234
Koninklijke Philips Electronics NV		3,341		98,850
Siemens AG		2,212		238,451
Smiths Group PLC		1,055		20,205
				1,329,832
Machinery - 0.6%
Alfa Laval AB		1,184		27,333
Andritz AG		196		13,193
Atlas Copco AB		1,715		43,452
Atlas Copco AB - Class A		1,805		51,359
Caterpillar, Inc.		1,585		137,847
Cummins, Inc.		450		52,114
Deere & Co.		935		80,391
Dover Corp.		435		31,703
FANUC Corp.		500		76,985
Fiat Industrial SpA		2,876		32,434
Flowserve Corp.		120		20,125
GEA Group AG		385		12,716
Hino Motors Ltd.		2,000		21,714
Hitachi Construction Machinery Co., Ltd. (b)		700		15,065
IHI Corp.		6,000		18,268
Illinois Tool Works, Inc.		1,025		62,463
IMI PLC		1,172		23,136
Ingersoll-Rand PLC		705		38,782
Joy Global, Inc.		235		13,987
JTEKT Corp.		1,400		13,260
Kawasaki Heavy Industries Ltd. (b)		5,000		15,845
Komatsu Ltd.		2,500		59,793
Kone Oyj		419		33,037
Kubota Corp.		3,000		43,533
Makita Corp. (b)		400		17,833
MAN SE		201		21,657
Metso Oyj (b)		344		14,698
Mitsubishi Heavy Industries Ltd.		8,000		46,284
NGK Insulators Ltd.		1,000		10,683
NSK Ltd.		2,000		15,267
PACCAR, Inc.		860		43,482
Pall Corp.		295		20,169
Parker Hannifin Corp.		395		36,174
Pentair Ltd.		510		26,902
Sandvik AB		2,698		41,619
SembCorp Marine Ltd. (b)		7,000		25,114
SKF AB		1,658		40,513
SMC Corp./Japan		100		19,419
Snap-On, Inc.		170		14,059
Stanley Black & Decker, Inc.		415		33,603
Volvo AB - Class B		3,741		54,618
Wartsila Oyj Abp		451		20,330
Weir Group PLC (The)		651		22,460
Xylem, Inc./NY		435		11,989
Zardoya Otis SA		378		5,067
				1,480,475

Company	Shares		U.S. $ Value
Marine - 0.0%
AP Moeller - Maersk A/S		4	$	31,394
AP Moeller - Maersk A/S (Line of “A” Shares)		1		7,503
Mitsui OSK Lines Ltd. (a)		4,000		13,236
Nippon Yusen KK		5,000		12,887
				65,020
Professional Services - 0.1%
Adecco SA (a)		507		27,808
Capita PLC		1,758		24,031
Dun & Bradstreet Corp. (The) (b)		115		9,620
Equifax, Inc.		305		17,565
Experian PLC		2,702		46,831
Intertek Group PLC		431		22,271
Robert Half International, Inc.		335		12,572
SGS SA		24		58,905
				219,603
Road & Rail - 0.3%
Aurizon Holdings Ltd.		6,403		26,935
Central Japan Railway Co. (b)		400		42,265
CSX Corp.		2,510		61,821
DSV A/S (b)		511		12,366
East Japan Railway Co.		900		74,085
Hankyu Hanshin Holdings, Inc.		3,000		18,115
Keikyu Corp. (b)		2,000		20,892
Keio Corp.		2,000		17,196
Kintetsu Corp. (b)		4,000		18,651
MTR Corp., Ltd		7,000		27,858
Nippon Express Co., Ltd. (b)		3,000		14,384
Norfolk Southern Corp.		790		60,893
Odakyu Electric Railway Co., Ltd. (b)		2,000		24,927
Ryder System, Inc.		115		6,871
Tobu Railway Co., Ltd.		3,000		17,223
Tokyu Corp.		3,000		22,193
Union Pacific Corp.		1,175		167,332
West Japan Railway Co.		457		21,986
				655,993
Trading Companies & Distributors - 0.2%
Brenntag AG		189		29,553
Bunzl PLC		916		18,080
Fastenal Co.		630		32,351
ITOCHU Corp. (b)		4,000		49,149
Marubeni Corp.		4,000		30,624
Mitsubishi Corp. (b)		3,800		71,569
Mitsui & Co., Ltd. (b)		4,700		66,261
Sumitomo Corp. (b)		3,000		37,945
Toyota Tsusho Corp.		700		17,945
Wolseley PLC		732		36,506
WW Grainger, Inc.		180		40,496
				430,479

Company	Shares		U.S. $ Value
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		986	$	16,613
Aeroports de Paris		305		25,882
Atlantia SpA		1,440		22,807
Auckland International Airport Ltd.		2,491		6,147
Koninklijke Vopak NV		502		30,284
Sydney Airport		3,846		13,145
Transurban Group		3,826		25,440
				140,318
				7,338,924
Consumer Discretionary - 2.9%
Auto Components - 0.2%
Aisin Seiki Co., Ltd.		500		18,431
BorgWarner, Inc. (a)		290		22,428
Bridgestone Corp.		1,700		57,202
Cie Generale des Etablissements Michelin - Class B		484		40,550
Continental AG		255		30,564
Delphi Automotive PLC		691		30,680
Denso Corp.		1,300		55,235
GKN PLC		4,227		17,034
Goodyear Tire & Rubber Co. (The) (a)		560		7,062
Johnson Controls, Inc.		1,630		57,164
NOK Corp. (b)		700		10,127
Nokian Renkaat Oyj		298		13,295
Toyota Industries Corp.		500		18,419
				378,191
Automobiles - 0.5%
Bayerische Motoren Werke AG		890		77,019
Daihatsu Motor Co., Ltd.		1,000		20,809
Daimler AG		2,436		132,853
Fiat SpA (a)		1,624		8,675
Ford Motor Co.		9,220		121,243
Fuji Heavy Industries Ltd.		2,000		31,724
Harley-Davidson, Inc.		550		29,315
Honda Motor Co., Ltd.		4,400		169,446
Isuzu Motors Ltd.		3,000		18,181
Mazda Motor Corp. (a)		11,000		32,356
Mitsubishi Motors Corp. (a) (b)		14,000		14,638
Nissan Motor Co., Ltd.		6,700		64,993
Porsche Automobil Holding SE (Preference Shares)		412		30,186
Renault SA		588		36,890
Suzuki Motor Corp. (b)		1,000		22,411
Toyota Motor Corp.		7,400		381,587
Volkswagen AG		140		26,405
Volkswagen AG (Preference Shares)		389		77,478
Yamaha Motor Co., Ltd.		1,000		13,541
				1,309,750
Distributors - 0.0%
Genuine Parts Co.		380		29,640
Li & Fung Ltd.		16,000		22,118
				51,758

Company	Shares		U.S. $ Value
Diversified Consumer Services - 0.0%
Apollo Group, Inc. - Class A (a)		245	$	4,261
Benesse Holdings, Inc.		300		12,768
Gree, Inc. (b)		682		8,591
H&R Block, Inc.		620		18,240
				43,860
Hotels, Restaurants & Leisure - 0.4%
Accor SA		750		26,084
Carnival Corp.		1,085		37,215
Carnival PLC		487		17,026
Chipotle Mexican Grill, Inc. - Class A (a)		94		30,632
Compass Group PLC		5,090		65,148
Crown Ltd.		2,537		32,620
Darden Restaurants, Inc.		320		16,538
Galaxy Entertainment Group Ltd. (a)		8,911		37,367
Genting Singapore PLC		22,000		26,617
InterContinental Hotels Group PLC		729		22,283
International Game Technology		630		10,395
Marriott International, Inc./DE - Class A		595		25,127
McDonald’s Corp.		2,430		242,247
McDonald’s Holdings Co. Japan Ltd. (b)		500		13,459
OPAP SA		600		4,726
Oriental Land Co., Ltd./Japan		100		16,381
Sands China Ltd.		7,700		40,066
SKYCITY Entertainment Group Ltd.		1,551		5,731
Sodexo		292		27,218
Starbucks Corp.		1,860		105,946
Starwood Hotels & Resorts Worldwide, Inc.		495		31,546
Tatts Group Ltd.		6,512		21,535
Whitbread PLC		478		18,696
Wyndham Worldwide Corp.		350		22,568
Wynn Macau Ltd. (a)		10,107		26,995
Wynn Resorts Ltd.		210		26,284
Yum! Brands, Inc.		1,095		78,774
				1,029,224
Household Durables - 0.1%
DR Horton, Inc.		655		15,917
Electrolux AB (b)		1,181		30,104
Garmin Ltd.		270		8,921
Harman International Industries, Inc.		140		6,248
Leggett & Platt, Inc.		325		10,979
Lennar Corp. - Class A (b)		400		16,592
Newell Rubbermaid, Inc.		675		17,618
Panasonic Corp.		5,900		44,429
PulteGroup, Inc. (a)		785		15,888
Rinnai Corp. (b)		200		14,259
Sekisui Chemical Co., Ltd.		2,000		22,096
Sekisui House Ltd.		2,000		27,177
Sharp Corp./Japan (a) (b)		3,000		8,583
Sony Corp.		2,700		46,982
Whirlpool Corp.		200		23,692
				309,485

Company	Shares		U.S. $ Value
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)		880	$	234,511
Expedia, Inc.		232		13,923
NetFlix, Inc. (a)		136		25,760
priceline.com, Inc. (a)		127		87,367
Rakuten, Inc.		1,951		19,953
TripAdvisor, Inc. (a)		262		13,760
				395,274
Leisure Equipment & Products - 0.0%
Hasbro, Inc. (b)		250		10,985
Mattel, Inc.		835		36,565
Nikon Corp.		900		21,200
Sankyo Co., Ltd.		300		14,046
Sega Sammy Holdings, Inc.		700		14,053
Shimano, Inc.		200		16,371
				113,220
Media - 0.6%
British Sky Broadcasting Group PLC		3,006		40,403
Cablevision Systems Corp.		480		7,181
CBS Corp. - Class B		1,440		67,234
Comcast Corp. - Class A		6,470		271,805
Dentsu, Inc. (b)		500		14,933
DIRECTV (a)		1,515		85,764
Discovery Communications, Inc. - Class A (a)		595		46,850
Gannett Co., Inc.		550		12,028
Interpublic Group of Cos., Inc. (The)		1,045		13,616
ITV PLC		12,555		24,755
Jupiter Telecommunications Co., Ltd.		13		17,028
Kabel Deutschland Holding AG		164		15,141
News Corp. - Class A		4,885		149,090
Omnicom Group, Inc.		660		38,874
Pearson PLC		2,193		39,459
Publicis Groupe SA		494		33,156
Reed Elsevier NV		2,970		50,917
Reed Elsevier PLC		3,272		38,929
Scripps Networks Interactive, Inc. - Class A		220		14,155
SES SA		971		30,454
Time Warner Cable, Inc. - Class A		765		73,486
Time Warner, Inc.		2,295		132,238
Viacom, Inc. - Class B		1,160		71,421
Walt Disney Co. (The)		4,325		245,660
Washington Post Co. (The) - Class B (b)		11		4,917
WPP PLC		3,388		54,144
				1,593,638
Multiline Retail - 0.2%
Dollar General Corp. (a)		650		32,877
Dollar Tree, Inc. (a)		560		27,121
Family Dollar Stores, Inc.		235		13,877
Isetan Mitsukoshi Holdings Ltd.		1,300		18,793
JC Penney Co., Inc. (b)		340		5,138
Kohl’s Corp.		520		23,988
Macy’s, Inc.		975		40,794
Marks & Spencer Group PLC		4,312		25,571

Company	Shares		U.S. $ Value
Next PLC		452	$	30,029
Nordstrom, Inc.		370		20,435
PPR		205		45,085
Target Corp.		1,585		108,493
				392,201
Specialty Retail - 0.4%
Abercrombie & Fitch Co. - Class A		200		9,240
AutoNation, Inc. (a)		95		4,156
AutoZone, Inc. (a)		95		37,693
Bed Bath & Beyond, Inc. (a)		565		36,397
Best Buy Co., Inc.		640		14,176
CarMax, Inc. (a)		550		22,935
Fast Retailing Co., Ltd.		100		31,979
GameStop Corp. - Class A (b)		295		8,251
Gap, Inc. (The)		715		25,311
Hennes & Mauritz AB - Class B		2,552		91,398
Home Depot, Inc. (The)		3,650		254,697
Inditex SA		586		78,091
Kingfisher PLC		6,368		27,913
L Brands, Inc.		575		25,679
Lowe’s Cos., Inc.		2,760		104,659
Nitori Holdings Co., Ltd.		150		11,581
O’Reilly Automotive, Inc. (a)		290		29,739
PetSmart, Inc.		260		16,146
Ross Stores, Inc.		540		32,735
Shimamura Co., Ltd.		100		11,692
Staples, Inc.		1,645		22,092
Tiffany & Co.		285		19,819
TJX Cos., Inc.		1,780		83,215
Urban Outfitters, Inc. (a)		265		10,266
USS Co., Ltd.		100		11,501
Yamada Denki Co., Ltd. (b)		270		12,388
				1,033,749
Textiles, Apparel & Luxury Goods - 0.3%
Adidas AG		562		58,420
Burberry Group PLC		1,179		23,869
Christian Dior SA		166		27,554
Cie Financiere Richemont SA		1,403		110,461
Coach, Inc.		680		33,993
Fossil, Inc. (a)		119		11,495
Hugo Boss AG		198		22,235
Luxottica Group SpA		759		38,109
LVMH Moet Hennessy Louis Vuitton SA		683		117,346
NIKE, Inc. - Class B		1,760		103,858
PVH Corp.		195		20,828
Ralph Lauren Corp.		140		23,703
Swatch Group AG (The)		103		60,049
VF Corp.		215		36,066
				687,986
				7,338,336

Company	Shares		U.S. $ Value
Energy - 2.4%
Energy Equipment & Services - 0.4%
AMEC PLC		891	$	14,319
Baker Hughes, Inc.		1,060		49,195
Cameron International Corp. (a)		620		40,424
Cie Generale de Geophysique-Veritas (a)		470		10,600
Diamond Offshore Drilling, Inc.		190		13,216
Ensco PLC		550		33,000
FMC Technologies, Inc. (a)		560		30,458
Fugro NV		538		29,821
Halliburton Co.		2,240		90,518
Helmerich & Payne, Inc.		235		14,265
Nabors Industries Ltd.		665		10,786
National Oilwell Varco, Inc.		1,055		74,641
Noble Corp.		575		21,936
Petrofac Ltd.		697		15,215
Rowan Cos. PLC (a)		305		10,785
Saipem SpA		712		21,884
Schlumberger Ltd.		3,235		242,269
Seadrill Ltd.		946		34,475
Subsea 7 SA		1,066		25,053
Technip SA		267		27,386
Tenaris SA		1,269		25,844
Transocean Ltd. (a)		942		48,668
WorleyParsons Ltd.		885		22,886
				907,644
Oil, Gas & Consumable Fuels - 2.0%
Anadarko Petroleum Corp.		1,195		104,503
Apache Corp.		945		72,916
BG Group PLC		9,129		157,092
BP PLC		51,018		358,759
Cabot Oil & Gas Corp.		520		35,157
Chesapeake Energy Corp.		1,245		25,410
Chevron Corp.		4,780		567,960
ConocoPhillips		2,920		175,492
Consol Energy, Inc.		540		18,171
Denbury Resources, Inc. (a)		910		16,972
Devon Energy Corp.		920		51,906
ENI SpA		7,142		159,898
EOG Resources, Inc.		655		83,886
EQT Corp.		340		23,035
Exxon Mobil Corp.		11,037		994,544
Galp Energia SGPS SA		622		9,751
Hess Corp.		740		52,991
Inpex Corp.		6		32,315
JX Holdings, Inc.		6,000		33,831
Kinder Morgan, Inc./Delaware		1,375		53,185
Lundin Petroleum AB (a)		856		18,601
Marathon Oil Corp.		1,705		57,493
Marathon Petroleum Corp.		812		72,755
Murphy Oil Corp.		455		28,997
Neste Oil Oyj (b)		339		4,791
Newfield Exploration Co. (a)		320		7,174
Noble Energy, Inc.		425		49,155
Occidental Petroleum Corp.		1,950		152,821
OMV AG		396		16,885
Origin Energy Ltd.		2,920		40,639
Peabody Energy Corp.		645		13,642
Phillips 66		1,510		105,655
Pioneer Natural Resources Co.		315		39,139

Company	Shares		U.S. $ Value
QEP Resources, Inc.		425	$	13,532
Range Resources Corp.		400		32,416
Repsol SA		2,133		43,334
Royal Dutch Shell PLC - Class A		9,862		319,759
Royal Dutch Shell PLC - Class B		7,154		237,907
Santos Ltd.		2,539		32,979
Southwestern Energy Co. (a)		845		31,485
Spectra Energy Corp.		1,535		47,201
Statoil ASA		3,000		73,239
Tesoro Corp.		325		19,029
TonenGeneral Sekiyu KK		2,000		19,832
Total SA		5,706		273,283
Tullow Oil PLC		2,433		45,545
Valero Energy Corp.		1,325		60,274
Williams Cos., Inc. (The)		1,505		56,377
Woodside Petroleum Ltd.		1,733		64,955
WPX Energy, Inc. (a)		445		7,129
				5,013,797
				5,921,441
Materials - 1.5%
Chemicals - 0.8%
Air Liquide SA		839		102,047
Air Products & Chemicals, Inc.		520		45,302
Airgas, Inc.		190		18,840
Akzo Nobel NV		704		44,730
Arkema SA		218		19,866
Asahi Kasei Corp. (b)		3,000		20,275
BASF SE		2,469		216,784
CF Industries Holdings, Inc.		190		36,170
Croda International PLC		254		10,609
Dow Chemical Co. (The)		2,875		91,540
Eastman Chemical Co.		380		26,551
Ecolab, Inc.		640		51,315
EI du Pont de Nemours & Co.		2,245		110,364
FMC Corp.		330		18,820
Givaudan SA(a)		23		28,275
Hitachi Chemical Co., Ltd. (b)		900		13,795
Incitec Pivot Ltd.		7,611		24,600
International Flavors & Fragrances, Inc.		200		15,334
Israel Chemicals Ltd.		1,432		18,556
Johnson Matthey PLC		550		19,295
JSR Corp.		800		16,398
K&S AG		463		21,585
Kansai Paint Co., Ltd.		1,000		11,106
Kuraray Co., Ltd.		1,000		14,101
Lanxess AG		227		16,137
Linde AG		460		85,688
LyondellBasell Industries NV		800		50,632
Mitsubishi Chemical Holdings Corp.		3,500		16,683
Mitsubishi Gas Chemical Co., Inc.		2,000		13,246
Monsanto Co.		1,290		136,263
Mosaic Co. (The)		680		40,535
Nitto Denko Corp.		400		24,085
Novozymes A/S		656		22,275
Orica Ltd.		981		25,077
PPG Industries, Inc.		400		53,576
Praxair, Inc.		740		82,540

Company	Shares		U.S. $ Value
Sherwin-Williams Co. (The)		215	$	36,311
Shin-Etsu Chemical Co., Ltd.		1,100		72,955
Showa Denko KK (b)		7,000		10,547
Sigma-Aldrich Corp.		305		23,692
Solvay SA		159		21,576
Sumitomo Chemical Co., Ltd.		4,000		12,593
Syngenta AG		254		106,288
Teijin Ltd.		5,000		11,601
Toray Industries, Inc. (b)		4,000		27,169
Umicore SA		306		14,393
Yara International ASA		541		24,696
				1,924,816
Construction Materials - 0.1%
CRH PLC		2,134		47,122
Fletcher Building Ltd.		1,830		13,155
HeidelbergCement AG		440		31,727
Holcim Ltd. (a)		816		65,179
James Hardie Industries PLC		1,640		17,204
Lafarge SA		533		35,486
Taiheiyo Cement Corp.		4,000		9,607
Vulcan Materials Co.		315		16,285
				235,765
Containers & Packaging - 0.0%
Amcor Ltd./Australia		3,244		31,430
Ball Corp.		360		17,129
Bemis Co., Inc.		230		9,283
Owens-Illinois, Inc. (a)		360		9,594
Rexam PLC		2,122		17,039
Sealed Air Corp.		390		9,403
				93,878
Metals & Mining - 0.6%
Alcoa, Inc.		2,570		21,896
Allegheny Technologies, Inc.		235		7,452
Anglo American PLC		3,567		92,111
Antofagasta PLC		1,060		15,912
ArcelorMittal (Euronext Amsterdam)		4,360		56,643
BHP Billiton Ltd.		8,668		296,317
BHP Billiton PLC		5,678		165,353
Cliffs Natural Resources, Inc. (b)		330		6,273
Eurasian Natural Resources Corp. PLC		2,391		8,983
Fortescue Metals Group Ltd. (b)		4,488		18,580
Freeport-McMoRan Copper & Gold, Inc.		2,275		75,302
Fresnillo PLC		667		13,796
Glencore International PLC (b)		9,412		51,069
Hitachi Metals Ltd.		1,000		9,582
Iluka Resources Ltd. (b)		2,008		19,736
JFE Holdings, Inc.		1,200		23,226
Kazakhmys PLC		1,371		8,204
Kobe Steel Ltd. (a)		12,000		14,126
Mitsubishi Materials Corp.		5,000		14,153
Newcrest Mining Ltd.		2,055		43,020
Newmont Mining Corp.		1,195		50,059
Nippon Steel & Sumitomo Metal Corp.		20,000		50,942
Norsk Hydro ASA		2,654		11,555

Company	Shares		U.S. $ Value
Nucor Corp.		760	$	35,074
Randgold Resources Ltd.		234		20,180
Rio Tinto Ltd.		1,171		70,239
Rio Tinto PLC		3,620		170,504
Sumitomo Metal Mining Co., Ltd.		1,000		14,216
ThyssenKrupp AG (a)		1,305		26,605
United States Steel Corp. (b)		330		6,435
Voestalpine AG		295		9,078
Xstrata PLC		5,579		90,824
				1,517,445
Paper & Forest Products - 0.0%
International Paper Co.		1,065		49,608
MeadWestvaco Corp.		420		15,246
OJI Holdings Corp. (b)		4,000		15,041
Stora Enso Oyj		1,482		9,594
UPM-Kymmene Oyj		1,411		15,782
				105,271
				3,877,175
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		13,618		499,644
Belgacom SA		409		10,182
Bezeq The Israeli Telecommunication Corp., Ltd.		7,158		9,935
BT Group PLC		20,918		88,349
CenturyLink, Inc.		1,500		52,695
Deutsche Telekom AG		7,551		79,937
Elisa Oyj (b)		381		7,090
France Telecom SA		4,984		50,502
Frontier Communications Corp. (b)		2,380		9,472
HKT Trust/HKT Ltd.		369		370
Iliad SA		80		17,018
Inmarsat PLC		1,202		12,868
Koninklijke KPN NV (b)		2,757		9,286
Nippon Telegraph & Telephone Corp.		1,200		52,391
Portugal Telecom SGPS SA		1,687		8,363
Singapore Telecommunications Ltd.		21,000		60,741
Swisscom AG		62		28,714
TDC A/S		1,331		10,245
Telecom Corp. of New Zealand Ltd.		5,176		10,159
Telecom Italia SpA (ordinary shares)		28,057		19,789
Telecom Italia SpA (savings shares)		16,898		10,418
Telefonica SA		11,042		149,603
Telekom Austria AG		378		2,483
Telenet Group Holding NV		194		9,610
Telenor ASA		1,945		42,825
TeliaSonera AB		5,820		41,567
Telstra Corp., Ltd.		11,707		55,048
Verizon Communications, Inc.		6,915		339,872
Vivendi SA		3,465		71,684
Windstream Corp. (b)		1,395		11,090
				1,771,950

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 0.3%
Crown Castle International Corp. (a)		720	$	50,141
KDDI Corp.		1,400		58,537
MetroPCS Communications, Inc. (a)		725		7,902
Millicom International Cellular SA		313		25,008
NTT DoCoMo, Inc. (b)		41		60,949
Softbank Corp.		2,400		110,572
Sprint Nextel Corp. (a)		7,230		44,898
StarHub Ltd.		4,000		14,062
Vodafone Group PLC		133,955		380,121
				752,190
				2,524,140
Utilities - 0.9%
Electric Utilities - 0.5%
Acciona SA		125		6,844
American Electric Power Co., Inc.		1,175		57,140
Cheung Kong Infrastructure Holdings Ltd.		2,000		13,731
Chubu Electric Power Co., Inc. (b)		1,700		20,704
Chugoku Electric Power Co., Inc. (The)		900		11,761
CLP Holdings Ltd.		5,000		43,832
Contact Energy Ltd.		971		4,633
Duke Energy Corp.		1,732		125,726
Edison International		765		38,495
EDP - Energias de Portugal SA		5,130		15,809
Electricite de France SA		1,042		19,988
Enel SpA		17,694		58,017
Entergy Corp.		425		26,877
Exelon Corp.		2,047		70,580
FirstEnergy Corp.		985		41,567
Fortum Oyj		1,194		24,085
Iberdrola SA		10,436		48,787
Kansai Electric Power Co., Inc. (The) (a)		2,000		18,965
Kyushu Electric Power Co., Inc. (a)		1,200		12,235
NextEra Energy, Inc.		1,045		81,176
Northeast Utilities		760		33,030
Pepco Holdings, Inc.		540		11,556
Pinnacle West Capital Corp.		285		16,499
Power Assets Holdings Ltd.		3,500		33,033
PPL Corp.		1,395		43,677
Red Electrica Corp. SA		291		14,655
Shikoku Electric Power Co., Inc. (a)		700		9,977
Southern Co. (The)		2,110		99,001
SP AusNet		12,753		15,914
SSE PLC		2,523		57,036
Tohoku Electric Power Co., Inc. (a)		1,400		11,167
Verbund AG		183		3,976
Xcel Energy, Inc.		1,170		34,749
				1,125,222
Gas Utilities - 0.1%
AGL Resources, Inc.		298		12,501
Enagas SA		481		11,218
Gas Natural SDG SA		933		16,556
Hong Kong & China Gas Co., Ltd.		14,000		40,812
ONEOK, Inc.		470		22,405
Osaka Gas Co., Ltd. (b)		5,000		21,865
Snam SpA		6,059		27,679
Toho Gas Co., Ltd. (b)		2,000		12,742
Tokyo Gas Co., Ltd. (b)		7,000		37,839
				203,617

Company	Shares		U.S. $ Value
Independent Power Producers & Energy Traders - 0.0%
AES Corp./VA		1,485	$	18,666
Electric Power Development Co., Ltd.		500		12,725
Enel Green Power SpA		8,772		16,485
NRG Energy, Inc.		540		14,305
				62,181
Multi-Utilities - 0.3%
AGL Energy Ltd.		1,463		24,217
Ameren Corp.		560		19,611
CenterPoint Energy, Inc.		995		23,840
Centrica PLC		13,908		77,852
CMS Energy Corp.		620		17,323
Consolidated Edison, Inc.		730		44,552
Dominion Resources, Inc./VA		1,385		80,579
DTE Energy Co.		420		28,703
E.ON SE		4,841		84,707
GDF Suez		3,330		63,973
Integrys Energy Group, Inc.		200		11,632
National Grid PLC		9,585		111,375
NiSource, Inc.		655		19,218
PG&E Corp.		1,025		45,643
Public Service Enterprise Group, Inc.		1,205		41,380
RWE AG		1,316		49,127
SCANA Corp.		295		15,092
Sempra Energy		560		44,766
TECO Energy, Inc.		475		8,465
United Utilities Group PLC		1,833		19,754
Veolia Environnement SA		932		11,810
Wisconsin Energy Corp.		550		23,590
				867,209
Water Utilities - 0.0%
Severn Trent PLC		639		16,651
				2,274,880
Total Common Stocks (cost $53,862,302)				64,703,614
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 20.0%
United States - 20.0%
U.S. Treasury Bonds
1.25%, 2/15/14	$	490		494,651
2.75%, 8/15/42		775		719,054
3.125%, 11/15/41-2/15/42		1,360		1,367,443
3.50%, 2/15/39		152		165,276
3.75%, 8/15/41		220		248,806
3.875%, 8/15/40		280		323,881
4.25%, 5/15/39		240		294,937
4.375%, 11/15/39-5/15/41		593		743,469

Company	Principal Amount (000)		U.S. $ Value
4.50%, 8/15/39	$	220	$	280,913
4.75%, 2/15/37-2/15/41		266		351,980
5.375%, 2/15/31		650		904,211
6.00%, 2/15/26		134		190,741
6.25%, 8/15/23-5/15/30		724		1,081,593
6.875%, 8/15/25		325		492,629
7.25%, 5/15/16		108		130,916
7.50%, 11/15/16		92		115,101
7.625%, 2/15/25		55		87,347
8.00%, 11/15/21		123		187,421
U.S. Treasury Notes
0.125%, 9/30/13-12/31/13		980		979,908
0.25%, 11/30/13-2/15/15		5,620		5,622,546
0.375%, 11/15/14		165		165,393
0.50%, 10/15/13-7/31/17		4,198		4,197,878
0.75%, 8/15/13-6/15/14		1,374		1,379,722
0.875%, 11/30/16-4/30/17		2,315		2,345,026
1.00%, 1/15/14-10/31/16		2,755		2,798,193
1.125%, 6/15/13		649		650,369
1.25%, 3/15/14-4/30/19		1,980		2,005,400
1.375%, 11/30/15-2/28/19		1,892		1,938,553
1.625%, 8/15/22		925		913,076
1.75%, 7/31/15		660		682,429
1.875%, 10/31/17		1,100		1,159,125
2.00%, 11/30/13-2/15/22		2,749		2,834,460
2.125%, 12/31/15-8/15/21		825		863,714
2.25%, 1/31/15-11/30/17		739		786,457
2.375%, 8/31/14-7/31/17		2,504		2,602,626
2.50%, 3/31/15		148		154,625
2.625%, 1/31/18-11/15/20		1,505		1,642,424
2.75%, 5/31/17-2/15/19		2,665		2,918,766
3.00%, 2/28/17		889		973,455
3.125%, 10/31/16-5/15/21		1,111		1,229,159
3.25%, 7/31/16 (e)		1,147		1,254,442
3.375%, 11/15/19		380		434,981
3.625%, 2/15/20-2/15/21		800		930,422
3.75%, 11/15/18		615		711,862
Total Governments - Treasuries (cost $49,848,605)				50,355,380
	Shares
INVESTMENT COMPANIES - 5.4%
Funds and Investment Trusts - 5.4%
iShares MSCI EAFE Index Fund		5		295
iShares MSCI Emerging Markets Index Fund		86,474		3,699,358
SPDR S&P 500 ETF Trust		62,978		9,859,206
Total Investment Companies (cost $13,553,126)				13,558,859
	Contracts
OPTIONS PURCHASED - PUTS - 0.1%
Options on Funds and Investment Trusts - 0.1%
iShares MSCI EAFE Index
Expiration: Jun 2013, Exercise Price: $ 57.00 (a) (f)		1,038		106,395

Company	Contracts		U.S. $ Value
iShares MSCI Emerging Markets Index
Expiration: Jun 2013, Exercise Price: $ 42.50 (a) (f)		1,409	$	170,489
				276,884
Option on Equity Indices - 0.0%
S&P 500 Index
Expiration: Jun 2013, Exercise Price: $ 1,475.00 (a) (f)		80		119,600
Total Options Purchased - Puts (premiums paid $407,952)				396,484
	Shares
SHORT-TERM INVESTMENTS - 47.2%
Investment Companies - 45.3%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.12% (g) (cost $114,024,547)		114,024,547		114,024,547
	Principal Amount (000)
U.S. Treasury Bill - 1.9%
U.S. Treasury Bill Zero Coupon 4/18/13-8/08/13 (e) (cost $4,719,125)	$	4,720		4,719,125
Total Short-Term Investments (cost $118,743,672)				118,743,672
Total Investments Before Security Lending Collateral for Securities Loaned - 98.4% (cost $236,415,657)				247,758,009
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.9%
Investment Companies - 0.9%
AllianceBernstein Exchange Reserves - Class I, 0.09% (g) (cost $2,222,284)		2,222,284		2,222,284
Total Investments - 99.3% (cost $238,637,941) (h)			$	249,980,293
Other assets less liabilities - 0.7% (i)				1,888,202
Net Assets - 100.0%			$	251,868,495

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2013		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr JGB Mini SGX Futures		4		June 2013	$	617,611	$	618,134	$	523
ASX SPI 200 Index Futures		21		June 2013		2,750,989		2,714,982		(36,007	)
Euro STOXX 50 Index Futures		316		June 2013		10,734,118		10,345,356		(388,762	)
FTSE 100 Index Futures		102		June 2013		9,951,522		9,843,026		(108,496	)
German Euro Bobl Futures		1		June 2013		161,861		162,436		575
German Euro Bund Futures		1		June 2013		184,767		186,496		1,729
Hang Seng Index Futures		8		April 2013		1,153,930		1,149,931		(3,999	)
MSCI Emerging Market Mini Futures		9		June 2013		472,324		462,330		(9,994	)
Russell 2000 Mini Index Futures		65		June 2013		5,947,451		6,167,850		220,399
S&P 500 E Mini Index Futures		241		June 2013		18,353,372		18,830,535		477,163
S&P Mid Cap 400 E Mini Index Futures		78		June 2013		8,586,653		8,977,800		391,147
TOPIX Index Futures		70		June 2013		7,346,283		7,722,420		376,137
U.S. T-Note 10 Yr Futures		156		June 2013		20,434,641		20,589,563		154,922
U.S. T-Note 5 Yr Futures		2		June 2013		247,847		248,109		262
UK Long Gilt Bond Futures		1		June 2013		178,582		180,480		1,898
Ultra Long U.S. T-Bond Futures		40		June 2013		6,256,103		6,303,750		47,647
									$	1,125,144

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		USD	373		JPY	35,735		6/13/13	$	7,101
BNP Paribas SA		USD	977		EUR	745		6/13/13		(21,544	)
BNP Paribas SA		JPY	101,588		USD	1,065		6/13/13		(14,630	)
BNP Paribas SA		USD	322		SEK	2,081		6/13/13		(3,175	)
Deutsche Bank AG London		AUD	2,721		USD	2,777		6/13/13		(40,703	)
Deutsche Bank AG London		USD	2,036		EUR	1,566		6/13/13		(27,109	)
Deutsche Bank AG London		USD	561		GBP	374		6/13/13		7,360
Deutsche Bank AG London		USD	545		CHF	515		6/13/13		(1,804	)
HSBC Bank USA		USD	3,290		GBP	2,187		6/13/13		31,780

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Canada		CAD	302		USD	292		6/13/13	$	(4,499	)
Royal Bank of Scotland PLC		USD	298		EUR	230		6/13/13		(2,698	)
Royal Bank of Scotland PLC		USD	2,411		JPY	222,513		6/13/13		(45,568	)
Royal Bank of Scotland PLC		JPY	35,606		USD	371		6/13/13		(7,413	)
Royal Bank of Scotland PLC		USD	379		SEK	2,419		6/13/13		(8,826	)
State Street Bank & Trust Co.		USD	454		JPY	42,125		6/13/13		(6,478	)
UBS AG		USD	1,598		JPY	149,093		6/13/13		(13,092	)
									$	(151,298	)

CALL OPTIONS WRITTEN

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
S&P 500 Index (f)		80	$	1,750.00		December 2013	$	47,732	$	(77,200	)

CREDIT DEFAULT SWAP CONTRACTS

Swap Counterparty & Referenced Obligation	Fixed  Rate (Pay) Receive			Implied Credit Spread at March 31, 2013			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Bank of America, NA:
iTraxx XOVER-Series 18 5 Year Index, 12/20/17*		5.00	%		4.19	%	EUR	211	$	9,203	$	3,804	$	5,399
Deutsche Bank AG:
CDX-NAHY-Series 19 5 Year, 12/20/2017*		5.00			3.97		$	1,620		70,537		15,270		55,267
Morgan Stanley Capital Services LLC:
iTraxx XOVER-Series 18 5 Year Index, 12/20/17*		5.00			4.19		EUR	449		19,584		8,213		11,371
CDX-NAHY-Series 19 5 Year, 12/20/2017*		5.00			3.97		$	1,080		47,025		10,163		36,862
									$	146,349	$	37,450	$	108,899

* Termination date

TOTAL RETURN SWAP CONTRACTS

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 Estate Index		20		0.48	%	$	74		8/15/13	Deutsche Bank AG	$	481
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		79		0.48	%		294		8/15/13	Deutsche Bank AG		1,898
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		73		0.48	%		272		9/16/13	Deutsche Bank AG		1,754
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		18		0.48	%		67		10/15/13	Deutsche Bank AG		433
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		56		0.48	%		208		11/15/13	Deutsche Bank AG		1,346
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		238		0.58	%		886		3/17/14	Deutsche Bank AG		5,424
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		237		0.58	%		870		4/15/14	Deutsche Bank AG		17,804
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		12		0.54	%		45		4/15/13	JPMorgan Chase Bank NA		287
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		32		0.54	%		119		4/15/13	JPMorgan Chase Bank NA		766
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		70		0.54	%		261		4/15/13	JPMorgan Chase Bank NA		1,677
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		69		0.54	%		257		4/15/13	JPMorgan Chase Bank NA		1,653
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		56		0.54	%		208		4/15/13	JPMorgan Chase Bank NA		1,341
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		72		0.54	%		268		4/15/13	JPMorgan Chase Bank NA		1,725
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		19		0.43	%		71		6/17/13	JPMorgan Chase Bank NA		458

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 Developed Real Estate Index		151		0.48	%	$	562		1/15/14	JPMorgan Chase Bank NA	$	3,628
Receive	Russell 2000 Total Return Index		30		0.20	%		132		3/17/14	JPMorgan Chase Bank NA		(11	)
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		19		0.20	%		71		4/15/13	Morgan Stanley Capital Services LLC		463
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		233		0.40	%		867		5/15/13	UBS AG		5,622
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		19		0.43	%		71		6/17/13	UBS AG		458
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		132		0.40	%		491		10/15/13	UBS AG		3,185
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		130		0.48	%		484		11/15/13	UBS AG		3,124
Receive	MSCI Daily TR Net Emerging Markets USD		21,594		0.65	%		9,011		12/23/13	UBS AG		(77,728	)
Receive	Russell 2000 Total Return Index		109		0.20	%		478		9/16/13	UBS AG		18
Receive	Russell 2000 Total Return Index		65		0.20	%		285		10/15/13	UBS AG		(5	)
Receive	Russell 2000 Total Return Index		487		0.20	%		2,136		2/18/14	UBS AG		(153	)
												$	(24,352	)

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) Illiquid security.

(e) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. The aggregate market value of these securities amounted to $3,886,038.

(f) One contract relates to 100 shares.

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

(h) As of March 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,443,313 and gross unrealized depreciation of investments was $(992,062), resulting in net unrealized appreciation of $11,451,251.

(i) An amount of U.S. $3,403,475 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2013.

Currency Abbreviation:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ASX	-	Australian Stock Exchange
CDX-NAHY	-	North American High Yield Credit Default Swap Index
EPRA	-	European Public Real Estate Association
FTSE	-	Financial Times Stock Exchange
NAREIT	-	National Association of Real Estate Investment Trusts
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
TOPIX	-	Tokyo Price Index

AllianceBernstein Variable Products Series Fund

Dynamic Asset Allocation Portfolio

March 31, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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 fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	5,436,276		$	7,527,122		$	– 0	–	$	12,963,398
Consumer Staples		3,848,734			3,646,455			– 0	–		7,495,189
Health Care		4,285,070			3,205,107			– 0	–		7,490,177
Information Technology		6,130,568			1,349,386			– 0	–		7,479,954
Industrials		3,475,502			3,832,979			30,443			7,338,924
Consumer Discretionary		4,010,709			3,327,627			– 0	–		7,338,336
Energy		3,701,895			2,219,546			– 0	–		5,921,441
Materials		1,166,824			2,710,351			– 0	–		3,877,175
Telecommunication Services		1,032,732			1,491,408			– 0	–		2,524,140
Utilities		1,172,344			1,102,536			– 0	–		2,274,880
Governments - Treasuries		– 0	–		50,355,380			– 0	–		50,355,380
Investment Companies		13,558,859			– 0	–		– 0	–		13,558,859

Options Purchased - Puts

– 0

–

396,484

– 0

–

396,484

Short-Term Investments:

Investment Companies

114,024,547

– 0

–

– 0

–

114,024,547

U.S. Treasury Bill

– 0

–

4,719,125

– 0

–

4,719,125

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

2,222,284

– 0

–

– 0

–

2,222,284

Total Investments in Securities

164,066,344

85,883,506

+

30,443

249,980,293

Other Financial Instruments* :

Assets:

Futures Contracts

1,672,402

– 0

–

– 0

–

1,672,402

Forward Currency Exchange Contracts

– 0

–

48,343

– 0

–

48,343

Credit Default Swap Contracts

– 0

–

108,899

– 0

–

108,899

Total Return Swap Contracts

– 0

–

53,545

– 0

–

53,545

Liabilities:

Futures Contracts

(547,258

)

– 0

–

– 0

–

(547,258

)

Forward Currency Exchange Contracts

– 0

–

(199,641

)

– 0

–

(199,641

)

Call Options Written

– 0

–

(77,200

)

– 0

–

(77,200

)

Total Return Swap Contracts

– 0

–

(77,897

)

– 0

–

(77,897

)

Total^

$

165,191,488

$

85,739,555

$

30,443

$

250,961,486

* Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. Other financial instruments may also include options written which are valued at market value.

+ 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 de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks			Total
Balance as of 12/31/12	$	– 0	–	$	– 0	–
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(1,519	)		(1,519	)
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		31,962			31,962
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 3/31/13	$	30,443		$	30,443
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/13	$	(1,519	)	$	(1,519	)

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.0%
Information Technology - 37.8%
Communications Equipment - 1.4%
QUALCOMM, Inc.		26,440	$	1,770,158
Computers & Peripherals - 7.3%
Apple, Inc.		3,545		1,569,124
Fusion-io, Inc. (a) (b)		216,917		3,550,931
Silicon Graphics International Corp. (a) (b)		150,035		2,062,981
Stratasys Ltd. (a) (b)		32,640		2,422,541
				9,605,577
Electronic Equipment, Instruments & Components - 1.0%
Hexagon AB		47,600		1,299,947
Internet Software & Services - 10.9%
Cornerstone OnDemand, Inc. (b)		43,065		1,468,516
eBay, Inc. (b)		26,100		1,415,142
Facebook, Inc. (b)		78,672		2,012,430
Google, Inc.-Class A(b)		2,401		1,906,466
LinkedIn Corp. (b)		10,427		1,835,778
MercadoLibre, Inc. (a)		8,160		787,929
Rackspace Hosting, Inc. (b)		45,582		2,300,979
Yelp, Inc.(b)		106,170		2,517,291
				14,244,531
Semiconductors & Semiconductor Equipment - 9.4%
ARM Holdings PLC		94,575		1,332,586
ASML Holding NV (a)		18,730		1,273,827
Mellanox Technologies Ltd. (a) (b)		60,744		3,371,900
NVIDIA Corp.		315,968		4,050,710
NXP Semiconductor NV (b)		32,910		995,857
Samsung Electronics Co., Ltd.		965		1,315,323
				12,340,203
Software - 7.8%
Intuit, Inc.		21,640		1,420,666
NetSuite, Inc. (b)		23,179		1,855,711
Red Hat, Inc. (b)		63,828		3,227,144
Salesforce.com, Inc. (b)		9,338		1,669,914
Splunk, Inc. (b)		50,168		2,008,225
				10,181,660
				49,442,076
Financials - 13.9%
Capital Markets - 2.6%
CITIC Securities Co., Ltd. (a) (b)		1,024,300		2,216,224
UBS AG (b)		81,530		1,254,747
				3,470,971
Commercial Banks - 3.5%
BOC Hong Kong Holdings Ltd.		717,000		2,402,727
Grupo Financiero Banorte SAB de CV - Class O		186,030		1,491,228

Company	Shares		U.S. $ Value
Sberbank of Russia (Sponsored ADR)		51,346	$	654,662
				4,548,617
Insurance - 2.1%
AIA Group Ltd.		614,600		2,694,281
Real Estate Investment Trusts (REITs) - 0.5%
Weyerhaeuser Co.		20,937		657,003
Real Estate Management & Development - 3.7%
BR Malls Participacoes SA		60,700		755,765
Ciputra Development Tbk PT		6,693,000		745,081
Global Logistic Properties Ltd.		307,000		651,966
Guangzhou R&F Properties Co., Ltd.		424,400		713,154
Hang Lung Group Ltd.		361,000		2,038,549
				4,904,515
Thrifts & Mortgage Finance - 1.5%
Housing Development Finance Corp.		129,062		1,957,488
				18,232,875
Health Care - 12.0%
Biotechnology - 1.8%
Cepheid, Inc. (b)		60,267		2,312,445
Health Care Equipment & Supplies - 3.1%
Given Imaging Ltd. (b)		86,969		1,421,943
Intuitive Surgical, Inc. (b)		5,253		2,580,221
				4,002,164
Health Care Providers & Services - 0.4%
IHH Healthcare Bhd (b)		503,300		598,720
Health Care Technology - 1.3%
athenahealth, Inc. (b)		17,986		1,745,361
Life Sciences Tools & Services - 5.4%
Illumina, Inc. (a) (b)		101,141		5,461,614
PerkinElmer, Inc.		46,670		1,569,979
				7,031,593
				15,690,283
Consumer Discretionary - 11.9%
Automobiles - 1.1%
Tesla Motors, Inc. (a) (b)		38,709		1,466,684
Hotels, Restaurants & Leisure - 1.0%
Bloomberry Resorts Corp. (b)		3,963,700		1,381,533
Household Durables - 0.5%
iRobot Corp. (b)		25,550		655,613
Internet & Catalog Retail - 4.0%
Amazon.com, Inc. (b)		11,918		3,176,028
Ctrip.com International Ltd. (ADR) (b)		95,670		2,045,424
				5,221,452

Company	Shares		U.S. $ Value
Specialty Retail - 2.9%
L’Occitane International SA		408,250	$	1,244,234
Zhongsheng Group Holdings Ltd. (a)		2,065,000		2,507,638
				3,751,872
Textiles, Apparel & Luxury Goods - 2.4%
Burberry Group PLC		85,820		1,737,423
Samsonite International SA		571,000		1,431,450
				3,168,873
				15,646,027
Energy - 7.9%
Energy Equipment & Services - 4.1%
National Oilwell Varco, Inc.		20,180		1,427,735
Oceaneering International, Inc.		20,810		1,381,992
Schlumberger Ltd.		17,450		1,306,831
Technip SA		12,060		1,236,993
				5,353,551
Oil, Gas & Consumable Fuels - 3.8%
Concho Resources, Inc. (b)		16,750		1,631,953
Denbury Resources, Inc. (b)		104,270		1,944,635
Noble Energy, Inc.		12,000		1,387,920
				4,964,508
				10,318,059
Materials - 6.2%
Chemicals - 2.0%
Monsanto Co.		12,810		1,353,121
Umicore SA		28,300		1,331,113
				2,684,234
Metals & Mining - 4.2%
Freeport-McMoRan Copper & Gold, Inc.		46,278		1,531,802
Goldcorp, Inc.		47,580		1,600,115
Mongolian Mining Corp. (a) (b)		2,778,000		1,028,384
Turquoise Hill Resources Ltd. (b)		209,344		1,333,322
				5,493,623
				8,177,857
Industrials - 6.0%
Construction & Engineering - 1.5%
Bharti Infratel Ltd. (b)		185,280		623,850
Larsen & Toubro Ltd.		51,310		1,295,060
				1,918,910
Electrical Equipment - 1.0%
Babcock & Wilcox Co. (The)		48,495		1,377,743
Machinery - 3.5%
Cummins, Inc.		15,770		1,826,324
FANUC Corp.		8,700		1,339,543

Company	Shares		U.S. $ Value
Proto Labs, Inc. (b)		28,353	$	1,392,132
				4,557,999
Transportation Infrastructure - 0.0%
Adani Ports and Special Economic Zone		9,483		24,093
				7,878,745
Consumer Staples - 1.6%
Beverages - 1.6%
Heckmann Corp. (a) (b)		475,809		2,041,221
Telecommunication Services - 1.5%
Wireless Telecommunication Services - 1.5%
Softbank Corp.		16,900		778,613
Tower Bersama Infrastructure Tbk PT (b)		1,834,500		1,143,561
				1,922,174
Utilities - 0.2%
Gas Utilities - 0.2%
Infraestructura Energetica Nova SAB de CV (b)		66,800		212,815
Total Common Stocks (cost $117,545,688)				129,562,132
	Contracts
OPTIONS PURCHASED - PUTS - 0.2%
Options on Equity Indices - 0.2%
iShares MSCI Emerging Markets Index
Expiration: Dec 2013, Exercise Price: $ 41.50 (b) (c) (premiums paid $204,079)		770		181,720
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.7%
Time Deposit - 0.7%
State Street Time Deposit 0.01%, 4/01/13 (cost $958,142)	U.S.$	958		958,142
Total Investments Before Security Lending Collateral for Securities Loaned - 99.9% (cost $118,707,909)				130,701,994
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 17.1%
Investment Companies - 17.1%
AllianceBernstein Exchange Reserves - Class I, 0.09%(d) (cost $22,466,800)		22,466,800		22,466,800
Total Investments - 117.0% (cost $141,174,709)(e)			$	153,168,794
Other assets less liabilities - (17.0)%				(22,300,209	)
Net Assets - 100.0%			$	130,868,585

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		USD        3,788		AUD            3,715		6/13/13	$	58,946
BNP Paribas SA		USD        7,807		EUR            5,953		6/13/13		(172,138	)
Royal Bank of Canada		USD        6,038		GBP            4,022		6/13/13		71,291
Royal Bank of Scotland PLC		USD        4,116		CAD            4,248		6/13/13		58,884
Societe Generale		USD        4,994		JPY        473,693		6/13/13		41,057
							$	58,040

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

(b) Non-income producing security.

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,884,646 and gross unrealized depreciation of investments was $(5,890,561), resulting in net unrealized appreciation of $11,994,085.

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.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
MSCI	-	Morgan Stanley Capital International
REIT	-	Real Estate Investment Trust

COUNTRY BREAKDOWN *

March 31, 2013 (unaudited)

60.4%	United States
6.6%	Hong Kong
5.7%	China
3.0%	India
2.6%	Israel
2.3%	United Kingdom
2.2%	Canada
1.7%	Netherlands
1.6%	Japan
1.5%	Indonesia
1.3%	Mexico
1.1%	Philippines
1.0%	Belgium
8.3%	Other
0.7%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2013. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding Securities Lending) and may vary over time. “Other” country weightings represent 1.0% or less in the following countries: Argentina, Brazil, France, Luxembourg, Malaysia, Mongolia, Russia, Singapore, South Korea, Sweden and Switzerland.

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

March 31, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Information Technology	$	45,494,220		$	3,947,856		$	– 0	–	$	49,442,076
Financials		4,158,743			14,074,132			– 0	–		18,232,875
Health Care		15,091,563			598,720			– 0	–		15,690,283
Consumer Discretionary		7,343,749			8,302,278			– 0	–		15,646,027
Energy		9,081,066			1,236,993			– 0	–		10,318,059
Materials		5,818,360			2,359,497			– 0	–		8,177,857
Industrials		5,220,049			2,658,696			– 0	–		7,878,745
Consumer Staples		2,041,221			– 0	–		– 0	–		2,041,221
Telecommunication Services		– 0	–		1,922,174			– 0	–		1,922,174
Utilities		212,815			– 0	–		– 0	–		212,815
Options Purchased - Puts		– 0	–		181,720			– 0	–		181,720
Short-Term Investments		– 0	–		958,142			– 0	–		958,142
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		– 0	–		22,466,800			– 0	–		22,466,800
Total Investments in Securities		94,461,786			58,707,008	+		– 0	–		153,168,794
Other Financial Instruments* :
Assets:
Forward Currency Exchange Contracts		– 0	–		230,178			– 0	–		230,178
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(172,138	)		– 0	–		(172,138	)
Total^	$	94,461,786		$	58,765,048		$	– 0	–	$	153,226,834

* 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.

^ An amount of $2,981,507 was transferred from Level 1 to Level 2 due to decrease in observable inputs during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Growth Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.9%
Information Technology - 29.8%
Communications Equipment - 3.3%
F5 Networks, Inc. (a)		4,450	$	396,406
Juniper Networks, Inc. (a)		17,490		324,265
QUALCOMM, Inc.		25,750		1,723,962
				2,444,633
Computers & Peripherals - 4.2%
Apple, Inc.		7,065		3,127,181
Internet Software & Services - 7.3%
eBay, Inc. (a)		33,240		1,802,273
Facebook, Inc. (a)		21,350		546,133
Google, Inc.-Class A (a)		2,952		2,343,976
LinkedIn Corp.(a)		4,630		815,158
				5,507,540
IT Services - 5.0%
Cognizant Technology Solutions Corp.-Class A (a)		17,990		1,378,214
MAXIMUS, Inc.		7,320		585,380
Visa, Inc.-Class A		10,500		1,783,320
				3,746,914
Semiconductors & Semiconductor Equipment - 2.2%
ASML Holding NV (b)		4,570		310,806
Broadcom Corp.-Class A		15,870		550,213
Xilinx, Inc.		20,270		773,706
				1,634,725
Software - 7.8%
ANSYS, Inc. (a)		7,570		616,349
Citrix Systems, Inc. (a)		13,040		940,967
Intuit, Inc.		10,160		667,004
Oracle Corp.		61,600		1,992,144
Red Hat, Inc. (a)		13,610		688,122
ServiceNow, Inc. (a)		7,150		258,830
TIBCO Software, Inc. (a)		19,450		393,279
Workday, Inc. (a)		4,754		292,989
				5,849,684
				22,310,677
Consumer Discretionary - 15.7%
Automobiles - 1.2%
Harley-Davidson, Inc.		16,890		900,237
Hotels, Restaurants & Leisure - 2.5%
Chipotle Mexican Grill, Inc.-Class A (a)		1,320		430,148
Starbucks Corp.		25,160		1,433,114
				1,863,262
Internet & Catalog Retail - 3.4%
Amazon.com, Inc. (a)		5,570		1,484,349

Company	Shares		U.S. $ Value
priceline.com, Inc. (a)		1,495	$	1,028,456
				2,512,805
Media - 3.7%
AMC Networks, Inc. (a)		10,359		654,482
Comcast Corp.-Class A		24,980		1,049,410
Viacom, Inc.-Class B		16,850		1,037,454
				2,741,346
Specialty Retail - 2.8%
Lowe’s Cos., Inc.		19,750		748,920
O’Reilly Automotive, Inc. (a)		9,360		959,868
Ulta Salon Cosmetics & Fragrance, Inc.		5,150		418,025
				2,126,813
Textiles, Apparel & Luxury Goods - 2.1%
Michael Kors Holdings Ltd. (a)		13,527		768,198
VF Corp.		4,740		795,135
				1,563,333
				11,707,796
Consumer Staples - 13.0%
Food & Staples Retailing - 3.4%
Costco Wholesale Corp.		11,630		1,234,059
CVS Caremark Corp.		23,520		1,293,365
				2,527,424
Food Products - 2.9%
Hershey Co. (The)		7,030		615,336
Kraft Foods Group, Inc.		16,650		857,975
Mead Johnson Nutrition Co.-Class A		9,420		729,579
				2,202,890
Personal Products - 1.4%
Estee Lauder Cos., Inc. (The)-Class A		15,880		1,016,796
Tobacco - 5.3%
Altria Group, Inc.		41,830		1,438,534
Philip Morris International, Inc.		27,420		2,542,108
				3,980,642
				9,727,752
Health Care - 12.6%
Biotechnology - 5.7%
Biogen Idec, Inc. (a)		6,470		1,248,128
Celgene Corp. (a)		9,000		1,043,190
Gilead Sciences, Inc. (a)		29,850		1,460,560
Synageva BioPharma Corp. (a)		8,640		474,509
				4,226,387
Health Care Equipment & Supplies - 2.2%
HeartWare International, Inc. (a)		8,750		773,763

Company	Shares		U.S. $ Value
Intuitive Surgical, Inc. (a)		1,760	$	864,494
				1,638,257
Health Care Providers & Services - 0.9%
AmerisourceBergen Corp.-Class A		13,830		711,554
Pharmaceuticals - 3.8%
Allergan, Inc./United States		10,780		1,203,371
Bristol-Myers Squibb Co.		39,490		1,626,593
				2,829,964
				9,406,162
Industrials - 12.3%
Aerospace & Defense - 3.5%
Boeing Co. (The)		17,610		1,511,819
Precision Castparts Corp.		5,720		1,084,626
				2,596,445
Air Freight & Logistics - 0.5%
Expeditors International of Washington, Inc.		10,780		384,954
Electrical Equipment - 2.5%
AMETEK, Inc.		16,390		710,670
Emerson Electric Co.		21,370		1,193,942
				1,904,612
Industrial Conglomerates - 1.6%
Danaher Corp.		19,030		1,182,714
Machinery - 1.7%
Dover Corp.		5,350		389,908
Joy Global, Inc.		6,360		378,547
Parker Hannifin Corp.		5,660		518,343
				1,286,798
Road & Rail - 1.1%
JB Hunt Transport Services, Inc.		10,910		812,577
Trading Companies & Distributors - 1.4%
WW Grainger, Inc.		4,520		1,016,910
				9,185,010
Energy - 9.0%
Energy Equipment & Services - 3.9%
National Oilwell Varco, Inc.		10,795		763,746
Schlumberger Ltd.		22,035		1,650,201
Technip SA		4,925		505,157
				2,919,104
Oil, Gas & Consumable Fuels - 5.1%
Anadarko Petroleum Corp.		9,970		871,877
Concho Resources, Inc. (a)		8,010		780,414
EOG Resources, Inc.		5,985		766,499

Company	Shares		U.S. $ Value
Noble Energy, Inc.		12,205	$	1,411,630
				3,830,420
				6,749,524
Financials - 5.5%
Capital Markets - 2.9%
Affiliated Managers Group, Inc. (a)		5,060		777,064
Artisan Partners Asset Management, Inc. (a)		2,818		111,170
Goldman Sachs Group, Inc. (The)		5,540		815,211
State Street Corp.		8,050		475,675
				2,179,120
Commercial Banks - 0.9%
Wells Fargo & Co.		18,650		689,863
Diversified Financial Services - 1.7%
IntercontinentalExchange, Inc. (a)		5,410		882,209
JPMorgan Chase & Co.		7,970		378,256
				1,260,465
				4,129,448
Total Common Stocks (cost $57,847,901)				73,216,369
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.2%
Time Deposit - 2.2%
State Street Time Deposit 0.01%, 4/01/13 (cost $1,627,974)	$	1,628		1,627,974
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $59,475,875)				74,844,343
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.4%
Investment Companies - 0.4%
AllianceBernstein Exchange Reserves - Class I, 0.09% (c) (cost $278,656)		278,656		278,656
Total Investments - 100.5% (cost $59,754,531) (d)				75,122,999
Other assets less liabilities - (0.5)%				(346,324	)
Net Assets - 100.0%			$	74,776,675

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,002,434 and gross unrealized depreciation of investments was $(633,966), resulting in net unrealized appreciation of $15,368,468.

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 Portfolio

March 31, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

22,310,677

$

– 0

–

$

– 0

–

$

22,310,677

Consumer Discretionary

11,707,796

– 0

–

– 0

–

11,707,796

Consumer Staples

9,727,752

– 0

–

– 0

–

9,727,752

Health Care

9,406,162

– 0

–

– 0

–

9,406,162

Industrials

9,185,010

– 0

–

– 0

–

9,185,010

Energy

6,244,367

505,157

– 0

–

6,749,524

Financials

4,129,448

– 0

–

– 0

–

4,129,448

Short-Term Investments

– 0

–

1,627,974

– 0

–

1,627,974

Investments of Cash Collateral for Securities

Loaned in Affiliated Money Market Fund

278,656

– 0

–

– 0

–

278,656

Total Investments in Securities

72,989,868

2,133,131

– 0

–

75,122,999

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

72,989,868

$

2,133,131

$

– 0

–

$

75,122,999

* 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 transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy and assumes the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Growth & Income Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 91.9%
Financials - 23.2%
Capital Markets - 7.0%
BlackRock, Inc.- Class A		87,920	$	22,584,890
Goldman Sachs Group, Inc. (The)		151,500		22,293,225
State Street Corp.		375,750		22,203,067
				67,081,182
Commercial Banks - 4.2%
Fifth Third Bancorp		520,670		8,492,128
Wells Fargo & Co.		854,170		31,595,748
				40,087,876
Consumer Finance - 1.4%
Capital One Financial Corp.		235,660		12,949,517
Diversified Financial Services - 4.0%
JPMorgan Chase & Co.		813,230		38,595,896
Insurance - 6.6%
ACE Ltd.		171,130		15,225,436
Berkshire Hathaway, Inc. (a)		315,622		32,887,812
Hartford Financial Services Group, Inc.		141,540		3,651,732
MetLife, Inc.		93,382		3,550,384
Travelers Cos., Inc. (The)		94,980		7,996,366
				63,311,730
				222,026,201
Health Care - 16.0%
Biotechnology - 3.6%
Amgen, Inc.		261,832		26,840,398
Celgene Corp. (a)		64,520		7,478,513
				34,318,911
Health Care Equipment & Supplies - 0.7%
Zimmer Holdings, Inc.		92,700		6,972,894
Health Care Providers & Services - 5.5%
Humana, Inc.		79,810		5,515,669
McKesson Corp.		122,060		13,177,597
UnitedHealth Group, Inc.		588,570		33,672,090
				52,365,356
Pharmaceuticals - 6.2%
AbbVie, Inc.		106,900		4,359,382
Bristol-Myers Squibb Co.		414,420		17,069,960
Merck & Co., Inc.		420,049		18,578,767
Pfizer, Inc.		678,610		19,584,685
				59,592,794
				153,249,955
Energy - 11.9%
Energy Equipment & Services - 2.8%
Diamond Offshore Drilling, Inc.		288,649		20,078,424

Company	Shares		U.S. $ Value
National Oilwell Varco, Inc.		99,297	$	7,025,263
				27,103,687
Oil, Gas & Consumable Fuels - 9.1%
Apache Corp.		39,770		3,068,653
Chevron Corp.		227,000		26,972,140
ConocoPhillips		183,470		11,026,547
Exxon Mobil Corp.		367,190		33,087,491
HollyFrontier Corp.		108,180		5,565,861
Occidental Petroleum Corp.		94,790		7,428,693
				87,149,385
				114,253,072
Industrials - 11.5%
Aerospace & Defense - 5.1%
Boeing Co. (The)		400,460		34,379,491
Raytheon Co.		234,930		13,811,535
				48,191,026
Construction & Engineering - 0.8%
URS Corp.		163,361		7,744,945
Electrical Equipment - 0.4%
Hubbell, Inc. - Class B		40,340		3,917,417
Industrial Conglomerates - 2.7%
General Electric Co.		1,125,710		26,026,415
Machinery - 1.7%
Actuant Corp. - Class A		181,345		5,552,784
Dover Corp.		99,870		7,278,526
Lincoln Electric Holdings, Inc.		63,313		3,430,298
				16,261,608
Professional Services - 0.8%
Equifax, Inc.		134,370		7,738,368
				109,879,779
Information Technology - 10.4%
Communications Equipment - 2.3%
Cisco Systems, Inc.		1,049,580		21,946,718
Computers & Peripherals - 1.6%
Apple, Inc.		34,290		15,177,783
Internet Software & Services - 1.6%
Yahoo!, Inc. (a)		665,570		15,660,862
IT Services - 1.4%
Amdocs Ltd.		154,564		5,602,945
Global Payments, Inc.		152,860		7,591,028
				13,193,973
Semiconductors & Semiconductor Equipment - 0.8%
NVIDIA Corp.		575,460		7,377,397
Software - 2.7%
Cadence Design Systems, Inc. (a)		554,030		7,717,638
Microsoft Corp.		396,510		11,344,151

Company	Shares		U.S. $ Value
Oracle Corp.		202,480	$	6,548,203
				25,609,992
				98,966,725
Consumer Discretionary - 9.3%
Diversified Consumer Services - 0.4%
DeVry, Inc.		112,949		3,586,131
Internet & Catalog Retail - 3.5%
Liberty Interactive Corp. (a)		1,551,189		33,164,421
Media - 5.0%
Comcast Corp. - Class A		508,370		21,356,624
Scripps Networks Interactive, Inc.-Class A		133,410		8,583,599
Viacom, Inc.-Class B		292,730		18,023,386
				47,963,609
Specialty Retail - 0.4%
O’Reilly Automotive, Inc. (a)		38,360		3,933,818
				88,647,979
Consumer Staples - 4.4%
Food & Staples Retailing - 1.5%
CVS Caremark Corp.		261,447		14,376,970
Food Products - 1.8%
Smithfield Foods, Inc. (a)		658,560		17,438,669
Household Products - 1.1%
Energizer Holdings, Inc.		102,520		10,224,320
				42,039,959
Materials - 2.8%
Chemicals - 0.3%
CF Industries Holdings, Inc.		16,200		3,083,994
Metals & Mining - 0.7%
Reliance Steel & Aluminum Co.		84,940		6,045,180
Paper & Forest Products - 1.8%
Domtar Corp.		224,970		17,462,171
				26,591,345
Telecommunication Services - 2.4%
Diversified Telecommunication Services - 2.4%
AT&T, Inc.		618,940		22,708,909
Total Common Stocks (cost $684,039,154)				878,363,924

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 8.2%
Time Deposit - 8.2%
State Street Time Deposit 0.01%, 4/01/13 (cost $78,218,143)	$	78,218	$	78,218,143
Total Investments - 100.1% (cost $762,257,297) (b)				956,582,067
Other assets less liabilities - (0.1)%				(1,151,031	)
Net Assets - 100.0%			$	955,431,036

(a) Non-income producing security.

(b) As of March 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $198,185,229 and gross unrealized depreciation of investments was $(3,860,459), resulting in net unrealized appreciation of $194,324,770.

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, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

878,363,924

$

– 0

–

$

– 0

–

$

878,363,924

Short-Term Investments

– 0

–

78,218,143

– 0

–

78,218,143

Total Investments in Securities

878,363,924

78,218,143

– 0

–

956,582,067

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

878,363,924

$

78,218,143

$

– 0

–

$

956,582,067

* 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 transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy and assumes the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 32.1%
Industrial - 15.2%
Basic - 2.3%
Alcoa, Inc.
5.40%, 4/15/21	U.S.$	180	$	186,410
AngloGold Ashanti Holdings PLC
5.375%, 4/15/20		250		264,619
Basell Finance Co. BV
8.10%, 3/15/27 (a)		85		113,900
Cia Minera Milpo SAA
4.625%, 3/28/23 (a)		260		258,513
Dow Chemical Co. (The)
4.125%, 11/15/21		85		90,996
5.25%, 11/15/41		80		85,519
8.55%, 5/15/19		86		115,598
Gerdau Trade, Inc.
5.75%, 1/30/21 (a)		101		107,817
International Paper Co.
4.75%, 2/15/22		65		73,166
7.95%, 6/15/18		196		252,250
LyondellBasell Industries NV
5.75%, 4/15/24		200		234,500
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		258,040
Vale SA
5.625%, 9/11/42		285		281,955
				2,323,283
Capital Goods - 0.6%
Embraer SA
5.15%, 6/15/22		82		89,277
Owens Corning
6.50%, 12/01/16 (b)		160		180,136
Republic Services, Inc.
5.25%, 11/15/21		150		175,343
5.50%, 9/15/19		160		189,946
				634,702
Communications - Media - 3.3%
CBS Corp.
3.375%, 3/01/22		226		230,191
5.75%, 4/15/20		83		97,949
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		280		424,305
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.50%, 3/01/16		95		100,883
3.80%, 3/15/22		165		168,658
4.75%, 10/01/14		160		169,257
Globo Comunicacao e Participacoes SA
5.307%, 5/11/22 (a)(c)		305		328,638
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (a)		128		129,293
News America, Inc.
4.50%, 2/15/21		300		338,282

	Principal Amount (000)		U.S. $ Value
Omnicom Group, Inc.
3.625%, 5/01/22	U.S.$	103	$	105,289
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		250		324,831
SES
3.60%, 4/04/23 (a)		57		56,725
TCI Communications, Inc.
7.875%, 2/15/26		115		159,061
Time Warner Entertainment Co. LP
8.375%, 3/15/23		326		445,703
WPP Finance UK
8.00%, 9/15/14		315		345,811
				3,424,876
Communications - Telecommunications - 1.3%
American Tower Corp.
5.05%, 9/01/20		260		288,626
AT&T, Inc.
4.30%, 12/15/42 (a)		31		28,883
4.45%, 5/15/21		177		199,176
British Telecommunications PLC
2.00%, 6/22/15		215		219,964
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (a)		320		321,225
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		28,204
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	120		129,145
United States Cellular Corp.
6.70%, 12/15/33		80		84,331
				1,299,554
Consumer Cyclical - Automotive - 0.8%
Ford Motor Credit Co. LLC
5.00%, 5/15/18		460		506,648
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (a)		250		270,114
				776,762
Consumer Cyclical - Entertainment - 0.5%
Time Warner, Inc.
7.625%, 4/15/31		325		439,738
Viacom, Inc.
5.625%, 9/15/19		60		71,360
				511,098
Consumer Cyclical - Other - 0.1%
Host Hotels & Resorts LP
5.25%, 3/15/22		125		138,750
Consumer Cyclical - Retailers - 0.3%
Macy’s Retail Holdings, Inc.
3.875%, 1/15/22		290		305,867

	Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical - 1.7%
Actavis, Inc.
3.25%, 10/01/22	U.S.$	100	$	101,369
Ahold Finance USA LLC
6.875%, 5/01/29		290		373,653
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		206		223,376
Cadbury Schweppes US Finance LLC
5.125%, 10/01/13 (a)		350		356,917
ConAgra Foods, Inc.
3.20%, 1/25/23		82		81,730
Kroger Co. (The)
3.40%, 4/15/22		206		214,606
Reynolds American, Inc.
3.25%, 11/01/22		127		125,564
Tyson Foods, Inc.
4.50%, 6/15/22		290		315,556
				1,792,771
Energy - 2.5%
Anadarko Petroleum Corp.
6.45%, 9/15/36		124		152,405
Encana Corp.
3.90%, 11/15/21		375		396,679
Marathon Petroleum Corp.
3.50%, 3/01/16		50		53,422
5.125%, 3/01/21		104		121,298
Nabors Industries, Inc.
9.25%, 1/15/19		254		326,690
Noble Energy, Inc.
8.25%, 3/01/19		238		310,395
Noble Holding International Ltd.
4.90%, 8/01/20		32		35,485
Phillips 66
4.30%, 4/01/22		415		455,572
Transocean, Inc.
2.50%, 10/15/17		126		127,595
Valero Energy Corp.
6.125%, 2/01/20		177		215,066
Weatherford International Ltd./Bermuda
5.125%, 9/15/20		95		102,466
6.00%, 3/15/18		12		13,689
9.625%, 3/01/19		190		248,150
				2,558,912
Technology - 0.9%
Agilent Technologies, Inc.
5.00%, 7/15/20		64		72,814
Baidu, Inc.
2.25%, 11/28/17		220		222,675
Hewlett-Packard Co.
4.65%, 12/09/21		162		167,978
Motorola Solutions, Inc.
3.50%, 3/01/23		165		165,973
7.50%, 5/15/25		25		31,651

	Principal Amount (000)		U.S. $ Value
Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22	U.S.$	300	$	311,925
				973,016
Transportation - Airlines - 0.3%
Southwest Airlines Co.
5.25%, 10/01/14		210		221,929
5.75%, 12/15/16		75		84,198
				306,127
Transportation - Services - 0.6%
Asciano Finance Ltd.
3.125%, 9/23/15 (a)		310		319,386
Con-way, Inc.
6.70%, 5/01/34		31		32,583
Ryder System, Inc.
5.85%, 11/01/16		116		132,405
7.20%, 9/01/15		108		122,671
				607,045
				15,652,763
Financial Institutions - 12.4%
Banking - 7.9%
Bank of America Corp.
3.30%, 1/11/23		70		69,024
5.00%, 5/13/21		60		67,255
5.875%, 2/07/42		298		354,033
Series L
5.65%, 5/01/18		350		404,882
Barclays Bank PLC
6.625%, 3/30/22 (a)	EUR	180		263,284
7.625%, 11/21/22	U.S.$	280		276,150
Bear Stearns Cos. LLC (The)
5.70%, 11/15/14		450		484,994
Citigroup, Inc.
8.50%, 5/22/19		200		266,450
Compass Bank
5.50%, 4/01/20		250		259,890
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.95%, 11/09/22		280		281,915
Danske Bank A/S
5.684%, 2/15/17	GBP	98		142,205
DNB Bank ASA
3.20%, 4/03/17 (a)	U.S.$	310		328,340
Fifth Third Bancorp
3.50%, 3/15/22		121		126,073
Goldman Sachs Group, Inc. (The)
5.75%, 1/24/22		165		191,849
6.00%, 6/15/20		395		466,185
HSBC Holdings PLC
4.00%, 3/30/22		320		344,297
5.10%, 4/05/21		194		224,161
ING Bank NV
2.00%, 9/25/15 (a)		280		285,108

	Principal Amount (000)		U.S. $ Value
JPMorgan Chase & Co.
4.40%, 7/22/20	U.S.$	305	$	338,101
4.50%, 1/24/22		25		27,398
Series 1
7.90%, 4/30/18		154		176,920
Macquarie Group Ltd.
4.875%, 8/10/17 (a)		232		252,161
Morgan Stanley
Series G
5.50%, 7/24/20-7/28/21		273		313,705
6.625%, 4/01/18		295		352,644
Murray Street Investment Trust I
4.647%, 3/09/17		27		29,524
National Capital Trust II
5.486%, 3/23/15 (a)		122		123,830
National Westminster Bank PLC
6.50%, 9/07/21	GBP	50		82,398
Nationwide Building Society
6.25%, 2/25/20 (a)	U.S.$	230		269,220
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22		44		50,710
Santander US Debt SAU
2.991%, 10/07/13 (a)		300		302,002
Societe Generale SA
2.50%, 1/15/14 (a)		205		207,173
Standard Chartered PLC
4.00%, 7/12/22 (a)		265		273,639
UBS AG/Stamford CT
7.625%, 8/17/22		250		279,365
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (a)		190		191,233
Vesey Street Investment Trust I
4.404%, 9/01/16		71		77,178
				8,183,296
Brokerage - 0.2%
Nomura Holdings, Inc.
2.00%, 9/13/16		248		247,392
Finance - 0.5%
General Electric Capital Corp.
4.65%, 10/17/21		127		142,183
SLM Corp.
7.25%, 1/25/22		95		106,163
Series A
5.375%, 5/15/14		248		258,606
				506,952
Insurance - 2.9%
Allstate Corp. (The)
6.125%, 5/15/37		237		252,998
American International Group, Inc.
4.875%, 6/01/22		75		84,847
6.40%, 12/15/20		215		266,266
Coventry Health Care, Inc.
6.30%, 8/15/14		280		299,389

	Principal Amount (000)		U.S. $ Value
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (a)	U.S.$	164	$	221,442
Hartford Financial Services Group, Inc.
4.00%, 3/30/15		85		89,832
5.50%, 3/30/20		200		233,258
Humana, Inc.
6.30%, 8/01/18		50		58,725
7.20%, 6/15/18		85		104,061
Lincoln National Corp.
8.75%, 7/01/19		113		153,160
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (a)		110		170,042
MetLife, Inc.
7.717%, 2/15/19		109		141,540
10.75%, 8/01/39		85		131,963
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		225		325,694
Prudential Financial, Inc.
5.625%, 6/15/43		185		191,475
WellPoint, Inc.
3.30%, 1/15/23		101		102,347
XL Group PLC
5.25%, 9/15/14		110		116,064
				2,943,103
Other Finance - 0.3%
ORIX Corp.
4.71%, 4/27/15		283		300,306
REITS - 0.6%
HCP, Inc.
5.375%, 2/01/21		278		322,925
Health Care REIT, Inc.
5.25%, 1/15/22		275		310,241
				633,166
				12,814,215
Utility - 4.0%
Electric - 1.7%
CMS Energy Corp.
5.05%, 3/15/22		98		112,807
Constellation Energy Group, Inc.
5.15%, 12/01/20		64		73,075
FirstEnergy Corp.
Series B
4.25%, 3/15/23		54		54,615
Series C
7.375%, 11/15/31		170		199,152
MidAmerican Energy Holdings Co.
6.125%, 4/01/36		260		323,158
Nisource Finance Corp.
6.80%, 1/15/19		240		292,851
Pacific Gas & Electric Co.
4.50%, 12/15/41		125		130,572

	Principal Amount (000)		U.S. $ Value
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13 (a)	U.S.$	235	$	240,656
TECO Finance, Inc.
4.00%, 3/15/16		95		102,102
5.15%, 3/15/20		120		139,018
Union Electric Co.
6.70%, 2/01/19		45		56,423
				1,724,429
Natural Gas - 2.3%
DCP Midstream LLC
5.35%, 3/15/20 (a)		108		119,465
Energy Transfer Partners LP
7.50%, 7/01/38		336		419,551
Enterprise Products Operating LLC
5.20%, 9/01/20		55		64,505
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		321		341,063
4.15%, 3/01/22		89		95,444
ONEOK, Inc.
4.25%, 2/01/22		310		329,232
Talent Yield Investments Ltd.
4.50%, 4/25/22 (a)		305		334,485
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		250,681
Williams Cos., Inc. (The)
3.70%, 1/15/23		250		248,177
Williams Partners LP
5.25%, 3/15/20		173		197,148
				2,399,751
				4,124,180
Non Corporate Sectors - 0.5%
Agencies - Not Government Guaranteed - 0.5%
Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16 (a)		215		239,467
Petrobras International Finance Co. - Pifco
5.75%, 1/20/20		275		302,878
				542,345
Total Corporates - Investment Grades (cost $30,008,763)				33,133,503
MORTGAGE PASS-THROUGHS - 25.5%
Agency Fixed Rate 30-Year - 20.9%
Federal Home Loan Mortgage Corp. Gold
4.50%, 10/01/39		2,009		2,149,552
Series 2005
5.50%, 1/01/35		2,321		2,531,443
Series 2007
5.50%, 7/01/35		90		97,874
Federal National Mortgage Association
3.00%, TBA		2,615		2,697,127
3.50%, TBA		2,420		2,555,369

	Principal Amount (000)		U.S. $ Value
3.50%, TBA	U.S.$	785	$	826,949
4.00%, TBA		2,640		2,814,488
4.50%, TBA		1,100		1,185,078
5.50%, 5/01/38-6/01/38		981		1,071,182
6.00%, TBA		55		60,242
6.00%, 5/01/31-7/01/39		1,050		1,151,277
Series 2002
7.00%, 3/01/32		18		21,158
Series 2003
5.00%, 11/01/33		83		90,620
5.50%, 4/01/33-7/01/33		303		333,918
Series 2004
5.50%, 4/01/34-11/01/34		275		302,845
6.00%, 9/01/34		154		172,009
Series 2005
4.50%, 8/01/35		236		254,483
5.00%, 10/01/35		640		695,468
5.50%, 2/01/35		338		372,453
Series 2006
5.00%, 2/01/36		130		140,670
Series 2007
4.50%, 9/01/35-8/01/37		331		356,956
5.00%, 7/01/36		108		117,493
Series 2008
6.00%, 3/01/37		1,059		1,169,095
Series 2010
6.00%, 2/01/40-4/01/40		357		391,488
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		2		1,619
				21,560,856
Agency Fixed Rate 15-Year - 3.9%
Federal National Mortgage Association
3.00%, TBA		1,240		1,303,695
4.50%, TBA		915		984,304
4.50%, 6/01/26		1,618		1,745,156
				4,033,155
Agency ARMs - 0.7%
Federal Home Loan Mortgage Corp.
2.384%, 11/01/35 (b)		213		226,983
Federal National Mortgage Association
Series 2003
2.81%, 12/01/33 (d)		155		166,626
Series 2007
2.38%, 3/01/34 (d)		276		294,552
				688,161
Total Mortgage Pass-Throughs (cost $25,554,405)				26,282,172

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES - 13.2%
Autos - Fixed Rate - 7.9%
Ally Auto Receivables Trust
Series 2012-1, Class A2
0.71%, 9/15/14	U.S.$	129	$	128,782
Ally Master Owner Trust
Series 2010-3, Class A
2.88%, 4/15/15 (a)		340		340,354
Series 2013-1, Class A2
1.00%, 2/15/18		260		259,988
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class A2
1.19%, 8/08/15		65		64,738
Series 2012-3, Class A3
0.96%, 1/09/17		355		356,995
Series 2012-4, Class A2
0.49%, 4/08/16		420		419,992
Series 2013-1, Class A2
0.49%, 6/08/16		235		235,041
Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class A
2.10%, 3/20/19 (a)		210		214,291
Bank of America Auto Trust
Series 2012-1, Class A4
1.03%, 12/15/16		245		247,165
Capital Auto Receivables Asset Trust
Series 2013-1, Class A2
0.62%, 7/20/16		202		201,845
CarMax Auto Owner Trust
Series 2012-1, Class A3
0.89%, 9/15/16		160		160,837
Exeter Automobile Receivables Trust
Series 2012-1A, Class A
2.02%, 8/15/16 (a)		122		123,150
Series 2012-2A, Class A
1.30%, 6/15/17 (a)		210		211,307
Fifth Third Auto Trust
Series 2013-A, Class A3
0.61%, 9/15/17		204		203,994
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (a)	CAD	394		388,935
Series 2013-R1A, Class A2
1.676%, 9/15/16 (a)		205		202,185
Ford Credit Auto Lease Trust
Series 2012-B, Class A2
0.54%, 11/15/14	U.S.$	289		289,107
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		100		99,698
Ford Credit Floorplan Master Owner Trust
Series 2012-4, Class A1
0.74%, 9/15/16		640		641,473
Series 2013-1, Class A1
0.85%, 1/15/18		236		235,746

	Principal Amount (000)		U.S. $ Value
Harley-Davidson Motorcycle Trust
Series 2012-1, Class A3
0.68%, 4/15/17	U.S.$	195	$	195,346
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		485		484,944
Hyundai Auto Lease Securitization Trust
Series 2013-A, Class A3
0.66%, 6/15/16 (a)		264		263,872
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (a)		373		373,072
Navistar Financial Corp. Owner Trust
Series 2012-A, Class A2
0.85%, 3/18/15 (a)		353		353,125
Nissan Auto Lease Trust
Series 2012-A, Class A2A
0.68%, 7/15/14		218		218,507
Series 2012-B, Class A2A
0.45%, 6/15/15		141		140,913
Porsche Innovative Lease Owner Trust
Series 2011-1, Class A3
1.09%, 9/22/14 (a)		455		456,076
Santander Drive Auto Receivables Trust
Series 2012-3, Class A3
1.08%, 4/15/16		325		326,226
Series 2012-6, Class A2
0.47%, 9/15/15		125		124,983
SMART Trust/Australia
Series 2012-4US, Class A2A
0.67%, 6/14/15		185		185,108
				8,147,795
Credit Cards - Fixed Rate - 2.9%
American Express Credit Account Master Trust
Series 2012-2, Class A
0.68%, 3/15/18		620		621,489
Series 2012-5, Class A
0.59%, 5/15/18		325		325,139
Cabela’s Master Credit Card Trust
Series 2013-1A, Class A
2.71%, 2/17/26 (a)		255		254,984
Chase Issuance Trust
Series 2013-A1, Class A1
1.30%, 2/18/20		220		221,113
Discover Card Master Trust
Series 2012-A1, Class A1
0.81%, 8/15/17		224		225,360
Series 2012-A3, Class A3
0.86%, 11/15/17		300		301,681
Dryrock Issuance Trust
Series 2012-2, Class A
0.64%, 8/15/18		320		319,671
GE Capital Credit Card Master Note Trust
Series 2012-6, Class A
1.36%, 8/17/20		300		302,725
Series 2012-7, Class A

	Principal Amount (000)		U.S. $ Value
1.76%, 9/15/22	U.S.$	260	$	258,367
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		190		193,322
				3,023,851
Autos - Floating Rate - 0.9%
Ford Credit Floorplan Master Owner Trust
Series 2010-3, Class A2
1.903%, 2/15/17 (a)(b)		430		441,830
GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.693%, 6/20/17 (b)		485		487,186
				929,016
Credit Cards - Floating Rate - 0.6%
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
0.903%, 2/15/17 (a)(b)		320		322,724
Penarth Master Issuer PLC
Series 2012-1A, Class A1
0.773%, 3/18/14 (a)(b)		335		335,872
				658,596
Other ABS - Fixed Rate - 0.6%
CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15		66		65,876
Series 2012-A, Class A3
0.94%, 5/15/17		241		242,407
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		155		155,850
GE Equipment Small Ticket LLC
Series 2011-2A, Class A2
1.14%, 6/23/14 (a)		108		107,944
				572,077
Home Equity Loans - Fixed Rate - 0.2%
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.86%, 1/25/33		54		55,472
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		125		124,019
				179,491
Home Equity Loans - Floating Rate - 0.1%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.329%, 12/25/32 (b)		61		59,354

	Principal Amount (000)		U.S. $ Value
HSBC Home Equity Loan Trust
Series 2005-3, Class A1
0.463%, 1/20/35 (b)	U.S.$	77	$	76,515
				135,869
Total Asset-Backed Securities (cost $13,628,175)				13,646,695
COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.5%
Non-Agency Fixed Rate CMBS - 8.3%
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2006-5, Class A4
5.414%, 9/10/47		455		511,175
Series 2007-5, Class AM
5.772%, 2/10/51		78		86,827
Bear Stearns Commercial Mortgage Securities
Series 2006-T24, Class AJ
5.598%, 10/12/41		110		107,208
CGRBS Commercial Mortgage Trust
Series 2013-VN05
3.369%, 3/13/23 (a)		260		266,498
Commercial Mortgage Pass-Through Certificates
Series 2006-C3, Class AJ
5.805%, 6/15/38		105		102,536
CW Capital Cobalt Ltd.
Series 2007-C3, Class A4
5.811%, 5/15/46		330		385,103
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (a)		180		179,647
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5, Class AJ
5.243%, 4/10/37		235		187,657
Series 2007-GG9, Class A4
5.444%, 3/10/39		585		666,838
Series 2007-GG9, Class AM
5.475%, 3/10/39		95		104,784
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		300		313,328
GS Mortgage Securities Trust
3.557%, 4/10/31 (a)		136		138,601
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		284		291,640
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB19, Class AM
5.714%, 2/12/49		95		106,017
Series 2007-LD11, Class A4
5.807%, 6/15/49		151		173,604
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		251		261,607
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4

	Principal Amount (000)		U.S. $ Value
5.513%, 6/15/29	U.S.$	830	$	871,432
Series 2006-C1, Class A4
5.156%, 2/15/31		1,240		1,364,651
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2
4.96%, 7/12/38		235		238,485
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 9/12/49		1,105		1,280,715
Motel 6 Trust
Series 2012-MTL6, Class A2
1.948%, 10/05/25 (a)		280		280,627
UBS-Barclays Commercial Mortgage Trust
Series 2013-C5, Class A4
3.185%, 3/10/46		437		450,314
WF-RBS Commercial Mortgage Trust
Series 2012-C10, Class A3
2.875%, 12/15/45		179		179,955
				8,549,249
Non-Agency Floating Rate CMBS - 1.2%
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.904%, 12/05/31 (a)(b)		140		140,085
GS Mortgage Securities Corp. II
Series 2013-KYO, Class A
1.052%, 11/08/29 (a)(b)		275		275,627
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-LD12, Class AM
6.001%, 2/15/51 (b)		165		188,548
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A2
5.291%, 7/12/46 (d)		618		624,892
				1,229,152
Total Commercial Mortgage-Backed Securities (cost $9,147,223)				9,778,401
GOVERNMENTS - TREASURIES - 8.2%
United States - 8.2%
U.S. Treasury Bonds
3.00%, 5/15/42		680		665,762
4.50%, 2/15/36		1,160		1,473,381
4.625%, 2/15/40		2,935		3,821,003
U.S. Treasury Notes
0.875%, 1/31/18		430		432,788
1.00%, 8/31/16		2,050		2,088,278
Total Governments - Treasuries (cost $7,654,174)				8,481,212

	Principal Amount (000)		U.S. $ Value
AGENCIES - 6.9%
Agency Debentures - 6.9%
Federal Home Loan Mortgage Corp.
2.375%, 1/13/22	U.S.$	1,606	$	1,671,523
Federal National Mortgage Association
6.25%, 5/15/29		1,670		2,371,632
6.625%, 11/15/30		80		119,113
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20		3,365		2,993,319
Total Agencies (cost $6,430,178)				7,155,587
QUASI-SOVEREIGNS - 1.8%
Quasi-Sovereign Bonds - 1.8%
Indonesia - 0.4%
Perusahaan Listrik Negara PT
5.50%, 11/22/21 (a)		360		390,600
Kazakhstan - 0.2%
KazMunaiGaz Finance Sub BV
7.00%, 5/05/20 (a)		212		252,280
Malaysia - 0.5%
Petronas Capital Ltd.
5.25%, 8/12/19 (a)		420		488,436
South Korea - 0.3%
Korea National Oil Corp.
3.125%, 4/03/17 (a)		310		326,336
United Arab Emirates - 0.4%
IPIC GMTN Ltd.
3.75%, 3/01/17 (a)		360		385,200
Total Quasi-Sovereigns (cost $1,656,679)				1,842,852
CORPORATES - NON-INVESTMENT GRADES - 1.6%
Financial Institutions - 0.8%
Banking - 0.7%
ABN Amro Bank NV
4.31%, 3/10/16	EUR	125		141,805
Citigroup, Inc.
5.95%, 1/30/23	U.S.$	270		280,125
LBG Capital No.1 PLC
8.00%, 6/15/20 (a)		175		186,634
LBG Capital No.2 PLC
Series 22
15.00%, 12/21/19	EUR	50		91,652
				700,216
Other Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)	U.S.$	155		174,938
				875,154

	Principal Amount (000)		U.S. $ Value
Industrial - 0.8%
Basic - 0.0%
Eagle Spinco, Inc.
4.625%, 2/15/21 (a)	U.S.$	22	$	22,385
Capital Goods - 0.4%
B/E Aerospace, Inc.
5.25%, 4/01/22		190		195,937
Ball Corp.
5.00%, 3/15/22		195		202,800
				398,737
Consumer Cyclical - Entertainment - 0.0%
Greektown Holdings LLC
10.75%, 12/01/13 (e)(f)(g)		55		0
Consumer Cyclical - Other - 0.2%
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.375%, 3/15/22		190		199,262
Consumer Cyclical - Retailers - 0.1%
Dollar General Corp.
4.125%, 7/15/17		50		53,688
Consumer Non-Cyclical - 0.0%
Voyager Learning Exchange
8.375%, 12/01/14 (e)(f)(g)		70		0
Energy - 0.1%
Cimarex Energy Co.
5.875%, 5/01/22		93		99,743
				773,815
Total Corporates - Non-Investment Grades (cost $1,367,242)				1,648,969
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.5%
Non-Agency Fixed Rate - 0.3%
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.732%, 5/25/35		151		145,653
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
2.893%, 7/25/36		277		198,374
				344,027
Non-Agency Floating Rate - 0.2%
Washington Mutual Alternative Mortgage Pass Through Certificates
Series 2007-OA1, Class A1A
0.878%, 2/25/47 (b)		240		184,351
Agency Fixed Rate - 0.0%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.692%, 5/28/35		50		43,440

	Principal Amount (000)		U.S. $ Value
Total Collateralized Mortgage Obligations (cost $718,232)			$	571,818
GOVERNMENTS - SOVEREIGN BONDS - 0.4%
Qatar - 0.4%
Qatar Government International Bond
4.50%, 1/20/22 (a)
(cost $356,624)	U.S.$	360		403,765
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.3%
United States - 0.3%
California GO
7.625%, 3/01/40
(cost $203,297)		200		289,240
	Shares
PREFERRED STOCKS - 0.1%
Financial Institutions - 0.1%
REITS - 0.1%
Sovereign Real Estate Investment Trust
12.00% (a)
(cost $87,658)		93		119,426
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN AGENCIES - 0.1%
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17
(cost $71,114)	U.S.$	70		81,452
	Shares
COMMON STOCKS - 0.0%
Greektown Superholdings, Inc. (e)(f)(g)
(cost $4)		41		3,198
WARRANTS - 0.0%
Talon Equity Co. NV , expiring 11/15/24 (e)(f)(g)
(cost $0)		47		0
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 11.8%
Time Deposit - 1.7%
State Street Time Deposit
0.01%, 4/01/13
(cost $1,715,214)	U.S.$	1,715		1,715,214

	Principal Amount (000)		U.S. $ Value
U.S. Treasury Bill - 7.1%
U.S. Treasury Bill
Zero Coupon, 4/04/13
(cost $7,324,942)	U.S.$	7,325	$	7,324,942
Treasury Bill - 3.0%
Japan Treasury Discount Bill
Series 339
Zero Coupon, 4/22/13
(cost $3,069,676)	JPY	290,000		3,080,600
Total Short-Term Investments (cost $12,109,832)				12,120,756
Total Investments - 112.0% (cost $108,993,600) (h)				115,559,046
Other assets less liabilities - (12.0)% (i)				(12,421,019	)
Net Assets - 100.0%			$	103,138,027

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2013		Unrealized Appreciation/ (Depreciation)
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		9		June 2013	$	1,983,798	$	1,984,078	$	(280	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholselale		JPY        144,376		USD          1,542		4/12/13	$	8,156
BNP Paribas SA		MXN          13,513		USD          1,090		4/12/13		(2,987	)
BNP Paribas SA		USD               738		JPY        70,549		4/12/13		11,433
Credit Suisse International		GBP               720		USD          1,081		4/11/13		(12,908	)
Goldman Sachs Capital Markets LP		EUR               407		USD             532		4/11/13		10,386
Goldman Sachs Capital Markets LP		JPY        290,000		USD          3,060		4/22/13		(21,527	)
Royal Bank of Canada		GBP               814		USD          1,233		4/11/13		(4,359	)
Royal Bank of Scotland PLC		CAD            1,729		USD          1,683		4/19/13		(18,398	)
UBS AG		USD            1,054		MXN        13,554		4/12/13		42,226
							$	12,022

INTEREST RATE SWAP CONTRACTS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA	$	1,390		1/30/17		1.059	%		3 Month LIBOR		$	(21,292	)
JPMorgan Chase Bank, NA		1,520		2/7/22		2.043	%		3 Month LIBOR			(31,521	)
JPMorgan Chase Bank, NA		1,440		4/3/23		3 Month LIBOR			2.008	%		0
JPMorgan Chase Bank, NA	EUR	1,210		4/3/23		1.672	%		6 Month EURIBOR			0
											$	(52,813	)

CREDIT DEFAULT SWAP CONTRACTS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2013			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Credit Suisse International:
Anadarko Petroleum Corp.,
5.95% 9/15/16, 9/20/17*		1.00	%		0.96	%	$	270	$	380	$	(8,498	)	$	8,878

* Termination date

(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, 2013, the aggregate market value of these securities amounted to $16,155,689 or 15.7% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at March 31, 2013.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2013.

(d) Variable rate coupon, rate shown as of March 31, 2013.

(e) Fair valued by the Adviser.

(f) Illiquid security.

(g) Non-income producing security.

(h) As of March 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,852,660 and gross unrealized depreciation of investments was $(287,214), resulting in net unrealized appreciation of $6,565,446.

(i) An amount of U.S. $2,025 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2013.

Currency Abbreviations:

CAD - Canadian Dollar

EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
MXN	-	Mexican Peso
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
CBT	-	Chicago Board of Trade
CMBS	-	Commercial Mortgage-Backed Securities
EURIBOR	-	Euro Interbank Offered Rate
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rates
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

March 31, 2013 (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 fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grades

$

314,765

$

32,818,738

$

– 0

–

$

33,133,503

Mortgage Pass-Throughs

– 0

–

26,282,172

– 0

–

26,282,172

Asset-Backed Securities

– 0

–

12,759,258

887,437

13,646,695

Commercial Mortgage-Backed Securities

266,498

8,454,722

1,057,181

9,778,401

Governments - Treasuries

– 0

–

8,481,212

– 0

–

8,481,212

Agencies

– 0

–

7,155,587

– 0

–

7,155,587

Quasi-Sovereigns

– 0

–

1,842,852

– 0

–

1,842,852

Corporates - Non-Investment Grades

– 0

–

1,648,969

– 0

– ^

1,648,969

Collateralized Mortgage Obligations

– 0

–

43,440

528,378

571,818

Governments - Sovereign Bonds

– 0

–

403,765

– 0

–

403,765

Local Governments - Municipal Bonds

– 0

–

289,240

– 0

–

289,240

Preferred Stocks

– 0

–

119,426

– 0

–

119,426

Governments - Sovereign Agencies

– 0

–

81,452

– 0

–

81,452

Common Stocks

– 0

–

– 0

–

3,198

3,198

Warrants

– 0

–

– 0

–

– 0

–^

– 0

–

Short-Term Investments:

Time Deposit

– 0

–

1,715,214

– 0

–

1,715,214

U.S. Treasury Bill

– 0

–

7,324,942

– 0

–

7,324,942

Treasury Bill

– 0

–

3,080,600

– 0

–

3,080,600

Total Investments in Securities

581,263

112,501,589

2,476,194

115,559,046

Other Financial Instruments*:

Assets:

Forward Currency Exchange Contracts

– 0

–

72,201

– 0

–

72,201

Credit Default Swap Contracts

– 0

–

8,878

– 0

–

8,878

Liabilities:

Futures Contracts

(280

)

– 0

–

– 0

–

(280

)

Forward Currency Exchange Contracts

– 0

–

(60,179

)

– 0

–

(60,179

)

Interest Rate Swap Contracts

– 0

–

(52,813

)

– 0

–

(52,813

)

Total**

$

580,983

$

112,469,676

$

2,476,194

$

115,526,853

^ 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 transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Corporates - Non- Investment Grades^
Balance as of 12/31/12	$	981,790		$	1,011,254		$	– 0	–
Accrued discounts/(premiums)		33			1,466			– 0	–
Realized gain (loss)		76			27,262			– 0	–
Change in unrealized appreciation/depreciation		3,589			(28,418	)		– 0	–
Purchases		– 0	–		505,922			– 0	–
Sales		(98,051	)		(460,305	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/13	$	887,437		$	1,057,181		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/13	$	3,589		$	(28,418	)	$	– 0	–

	Collateralized Mortgage Obligations			Common Stocks			Warrants^
Balance as of 12/31/12	$	509,996		$	2,460		$	– 0	–
Accrued discounts/(premiums)		1			– 0	–		– 0	–
Realized gain (loss)		31			– 0	–		– 0	–
Change in unrealized appreciation/depreciation		35,369			738			– 0	–
Purchases		– 0	–		– 0	–		– 0	–
Sales		(17,019	)		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/13	$	528,378		$	3,198		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/13	$	35,369		$	738		$	– 0	–
	Total
Balance as of 12/31/12	$	2,505,500
Accrued discounts/(premiums)		1,500
Realized gain (loss)		27,369
Change in unrealized appreciation/depreciation		11,278
Purchases		505,922
Sales		(575,375	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 3/31/13	$	2,476,194
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/13	$	11,278

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

The following presents information about significant unobservable inputs related to the Portfolios with material categories of Level 3 investments at February 28, 2013:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 03/31/2013			Valuation Technique	Unobservable Input	Range
Asset Backed Securities	$	887,437		Third Party Vendor	Evaluated Quotes	$	96.76 - $100.53
Commercial Mortgage-Backed Securities	$	1,057,181		Third Party Vendor	Evaluated Quotes	$	79.85 - $114.83
Corporates - Non-Investment Grades	$	– 0	–	Valuation Committee Evaluation		$	0.00
Collateralized Mortgage Obligations	$	528,378		Third Party Vendor	Evaluated Quotes	$	71.57 - $96.38
Common Stock	$	3,198		Valuation Committee Evaluation	Fundamentals Evaluation	$	78.00
Warrants	$	– 0	–	Valuation Committee Evaluation		$	0.00

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.3%
Financials - 21.3%
Capital Markets - 7.0%
Aberdeen Asset Management PLC		499,633	$	3,265,106
Azimut Holding SpA		65,765		1,066,281
Partners Group Holding AG		19,363		4,781,859
UBS AG (a)		129,810		1,996,114
				11,109,360
Commercial Banks - 5.9%
Bank Mandiri Persero Tbk PT		2,911,000		3,006,539
HSBC Holdings PLC		207,781		2,216,935
Itausa - Investimentos Itau SA (Preference Shares)		220,055		1,148,871
Sberbank of Russia (Sponsored ADR)		100,854		1,285,888
United Overseas Bank Ltd.		102,000		1,681,566
				9,339,799
Consumer Finance - 0.3%
Muthoot Finance Ltd.		127,610		427,441
Diversified Financial Services - 1.4%
FirstRand Ltd.		246,320		863,426
IG Group Holdings PLC		168,948		1,374,035
				2,237,461
Insurance - 5.0%
AIA Group Ltd.		837,400		3,670,990
Prudential PLC		260,760		4,235,141
				7,906,131
Thrifts & Mortgage Finance - 1.7%
Housing Development Finance Corp.		184,140		2,792,858
				33,813,050
Consumer Staples - 20.4%
Beverages - 7.2%
Anheuser-Busch InBev NV		56,482		5,615,292
Diageo PLC		115,650		3,644,195
Pernod-Ricard SA		17,040		2,123,827
				11,383,314
Food & Staples Retailing - 1.7%
Brazil Pharma SA		77,400		545,812
Olam International Ltd.		319,262		444,459
Raia Drogasil SA		77,500		826,488
Tsuruha Holdings, Inc.		8,600		840,029
				2,656,788
Food Products - 5.6%
Danone SA		40,676		2,832,222
Nestle SA		82,662		5,982,628
				8,814,850
Household Products - 1.8%
Reckitt Benckiser Group PLC		39,850		2,861,132

Company	Shares		U.S. $ Value
Tobacco - 4.1%
British American Tobacco PLC		122,057	$	6,545,002
				32,261,086
Consumer Discretionary - 11.0%
Auto Components - 0.8%
Nokian Renkaat Oyj (b)		28,580		1,275,052
Automobiles - 2.5%
Nissan Motor Co., Ltd.		282,600		2,741,340
Volkswagen AG (Preference Shares)		6,299		1,254,586
				3,995,926
Distributors - 0.6%
Li & Fung Ltd.		680,000		940,020
Diversified Consumer Services - 0.3%
Estacio Participacoes SA		25,200		547,460
Hotels, Restaurants & Leisure - 0.9%
Melco Crown Entertainment Ltd. (ADR) (a)		58,580		1,367,257
Media - 0.8%
Naspers Ltd.		20,250		1,261,697
Multiline Retail - 0.6%
Matahari Department Store TBK PT (a)		800,000		905,583
Specialty Retail - 2.2%
Belle International Holdings Ltd.		485,000		812,879
Fast Retailing Co., Ltd.		5,700		1,822,786
Zhongsheng Group Holdings Ltd. (b)		705,000		856,118
				3,491,783
Textiles, Apparel & Luxury Goods - 2.3%
Brunello Cucinelli SpA (a) (b)		46,693		984,423
Cie Financiere Richemont SA		34,112		2,685,695
				3,670,118
				17,454,896
Industrials - 10.8%
Aerospace & Defense - 1.2%
Safran SA		41,960		1,872,724
Commercial Services & Supplies - 1.1%
Aggreko PLC		64,920		1,761,956
Construction & Engineering - 1.2%
Larsen & Toubro Ltd.		75,410		1,903,342
Electrical Equipment - 1.2%
Schneider Electric SA		26,020		1,902,792
Industrial Conglomerates - 0.6%
Bidvest Group Ltd.		34,382		906,309
Machinery - 2.1%
Komatsu Ltd.		71,900		1,719,651
Melrose Industries PLC		393,760		1,594,733
				3,314,384

Company	Shares		U.S. $ Value
Professional Services - 2.1%
Experian PLC		60,304	$	1,045,188
Intertek Group PLC		45,670		2,359,879
				3,405,067
Trading Companies & Distributors - 1.3%
Wolseley PLC		42,663		2,127,652
				17,194,226
Health Care - 10.2%
Health Care Equipment & Supplies - 2.0%
Cie Generale d’Optique Essilor International SA		12,490		1,389,841
Elekta AB		66,630		1,010,711
Shandong Weigao Group Medical Polymer Co., Ltd. - Class H		820,000		744,041
				3,144,593
Health Care Providers & Services - 0.4%
Life Healthcare Group Holdings Ltd.		173,240		651,866
Pharmaceuticals - 7.8%
Aspen Pharmacare Holdings Ltd. (a)		46,141		959,047
Bayer AG		15,097		1,560,214
Novo Nordisk A/S - Class B		10,691		1,723,198
Pharmstandard OJSC (GDR) (a) (c)		29,380		606,697
Roche Holding AG		21,560		5,026,132
Shire PLC		44,821		1,364,997
Sun Pharmaceutical Industries Ltd.		72,230		1,090,874
				12,331,159
				16,127,618
Information Technology - 8.9%
Electronic Equipment, Instruments & Components - 0.5%
Hon Hai Precision Industry Co., Ltd.		257,400		716,348
Internet Software & Services - 3.4%
Baidu, Inc. (Sponsored ADR) (a)		21,180		1,857,486
Mail.ru Group Ltd. (GDR) (c)		34,430		953,711
Tencent Holdings Ltd.		78,300		2,504,394
				5,315,591
IT Services - 1.2%
Tata Consultancy Services Ltd.		66,280		1,919,766
Semiconductors & Semiconductor Equipment - 3.8%
ASML Holding NV		21,576		1,453,271
Samsung Electronics Co., Ltd.		3,390		4,620,670
				6,073,941
				14,025,646
Materials - 5.8%
Chemicals - 4.0%
Croda International PLC		44,960		1,877,952
Filtrona PLC		50,500		559,930
Linde AG		13,740		2,559,454
Umicore SA		28,330		1,332,524
				6,329,860

Company	Shares		U.S. $ Value
Metals & Mining - 1.8%
First Quantum Minerals Ltd.		83,420	$	1,586,528
Franco-Nevada Corp.		23,420		1,069,041
Kenmare Resources PLC (a)		533,378		235,546
				2,891,115
				9,220,975
Energy - 5.3%
Energy Equipment & Services - 2.3%
Schlumberger Ltd.		27,590		2,066,215
Technip SA		15,400		1,579,576
				3,645,791
Oil, Gas & Consumable Fuels - 3.0%
Africa Oil Corp. (a) (b)		52,430		370,346
Genel Energy PLC (a)		71,360		877,973
NovaTek OAO (Sponsored GDR) (c)		8,263		890,392
Ophir Energy PLC (a)		100,908		712,807
Tullow Oil PLC		57,168		1,070,170
Ultrapar Participacoes SA		34,700		877,481
				4,799,169
				8,444,960
Utilities - 1.6%
Multi-Utilities - 1.6%
National Grid PLC		214,250		2,489,533
Total Common Stocks (cost $121,910,037)				151,031,990
WARRANTS - 0.5%
Information Technology - 0.5%
Electronic Equipment, Instruments & Components - 0.5%
Hon Hai Precision Industry Co., Ltd., JPMorgan Chase Bank NA, expiring 9/29/14 (a) (c) (cost $824,312)		271,898		747,720
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.1%
Time Deposit - 3.1%
State Street Time Deposit 0.01%, 4/01/13 (cost $4,908,770)	U.S.$	4,909		4,908,770

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 98.9% (cost $127,643,119)			$	156,688,480
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.7%
Investment Companies - 0.7%
AllianceBernstein Exchange Reserves - Class I, 0.09% (cost $1,102,304)		1,102,304		1,102,304
Total Investments - 99.6% (cost $128,745,423) (d)				157,790,784
Other assets less liabilities - 0.4%				701,462
Net Assets - 100.0%			$	158,492,246

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		USD	2,526		EUR	1,896		5/15/13	$	(94,427	)
Barclays Bank PLC Wholesale		USD	4,266		HKD	33,105		5/15/13		(643	)
Barclays Bank PLC Wholesale		USD	9,673		JPY	899,000		5/15/13		(120,246	)
Barclays Bank PLC Wholesale		JPY	436,199		USD	4,674		5/15/13		39,282
Barclays Bank PLC Wholesale		USD	7,740		NOK	42,911		5/15/13		(405,271	)
BNP Paribas SA		USD	1,991		AUD	1,904		5/15/13		(15,130	)
BNP Paribas SA		AUD	2,521		USD	2,594		5/15/13		(22,672	)
Citibank, NA		USD	11,169		AUD	10,891		5/15/13		134,639
Citibank, NA		CAD	918		USD	928		5/15/13		25,643
Citibank, NA		GBP	10,618		USD	16,664		5/15/13		533,747
Citibank, NA		USD	2,136		JPY	202,150		5/15/13		12,328
Citibank, NA		NZD	7,625		USD	6,349		5/15/13		(13,116	)
Credit Suisse International		USD	9,788		CAD	9,993		5/15/13		39,942
Credit Suisse International		GBP	2,221		USD	3,441		5/15/13		67,326
Credit Suisse International		NOK	37,259		USD	6,383		5/15/13		14,699
Credit Suisse International		USD	7,970		SEK	51,273		5/15/13		(108,818	)
Deutsche Bank AG London		AUD	605		USD	631		5/15/13		2,855
Goldman Sachs Capital Markets LP		CHF	14,443		USD	15,774		5/15/13		551,327
HSBC BankUSA		CAD	2,972		USD	2,975		5/15/13		51,712
HSBC BankUSA		HKD	33,105		USD	4,270		5/15/13		4,772
HSBC BankUSA		USD	6,329		NZD	7,625		5/15/13		33,283
Royal Bank of Scotland PLC		EUR	7,259		USD	9,431		5/15/13		123,571
Royal Bank of Scotland PLC		USD	4,758		GBP	3,129		5/15/13		(4,797	)
Royal Bank of Scotland PLC		GBP	1,985		USD	3,172		5/15/13		156,802
Royal Bank of Scotland PLC		SEK	34,824		USD	5,356		5/15/13		17,350
Royal Bank of Scotland PLC		USD	5,724		CHF	5,380		5/15/13		(53,284	)
UBS AG		USD	8,457		EUR	6,312		5/15/13		(363,780	)
									$	607,094

(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, 2013, the aggregate market value of these securities amounted to $3,198,520 or 2.0% of net assets.

(d) As of March 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $33,215,909 and gross unrealized depreciation of investments was $(4,170,548), resulting in net unrealized appreciation of $29,045,361.

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.

Currency Abbreviations:

AUD	–	Australian Dollar
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
EUR	–	Euro
GBP	–	Great British Pound
HKD	–	Hong Kong Dollar
JPY	–	Japanese Yen
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
SEK	–	Swedish Krona
USD	–	United States Dollar

Glossary:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
OJSC	–	Open Joint Stock Company

COUNTRY BREAKDOWN *

March 31, 2013 (unaudited)

26.2%	United Kingdom
13.1%	Switzerland
7.5%	France
5.2%	India
4.6%	Japan
4.4%	Belgium
4.3%	Hong Kong
3.8%	China
3.4%	Germany
3.0%	South Africa
3.0%	South Korea
2.5%	Brazil
15.9%	Other
3.1%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2013. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding Securities Lending) and may vary over time. “Other” country weightings represent 2.5% or less in the following countries: Canada, Denmark, Finland, Indonesia, Ireland, Italy, Jersey (Channel Islands), Netherlands, Russia, Singapore, Sweden and Taiwan.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

March 31, 2013 (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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	1,576,312		$	32,236,738		$	– 0	–	$	33,813,050
Consumer Staples		1,372,300			30,888,786			– 0	–		32,261,086
Consumer Discretionary		2,820,300			14,634,596			– 0	–		17,454,896
Industrials		– 0	–		17,194,226			– 0	–		17,194,226
Health Care		1,258,563			14,869,055			– 0	–		16,127,618
Information Technology		2,811,197			11,214,449			– 0	–		14,025,646
Materials		2,655,569			6,565,406			– 0	–		9,220,975
Energy		2,979,270			5,465,690			– 0	–		8,444,960
Utilities		– 0	–		2,489,533			– 0	–		2,489,533
Warrants		– 0	–		– 0	–		747,720			747,720
Short-Term Investments		– 0	–		4,908,770			– 0	–		4,908,770
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		– 0	–		1,102,304			– 0	–		1,102,304
Total Investments in Securities		15,473,511			141,569,553	+		747,720			157,790,784
Other Financial Instruments* :
Assets:
Forward Currency Exchange Contracts		– 0	–		1,809,279			– 0	–		1,809,279
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(1,202,185	)		– 0	–		(1,202,185	)
Total^ (a)	$	15,473,511		$	142,176,647		$	747,720		$	158,397,878

* 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.

^ An amount of $4,671,502 was transferred from Level 1 to Level 2 due to decrease in observable inputs during the reporting period.

(a) There were de minimis transfers under 1% of net assets from Level 2 to Level 1 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Warrants			Rights			Total
Balance as of 12/31/12	$	829,289		$	– 0	–	$	829,289
Accrued discounts/(premiums)		– 0	–		– 0	–		– 0	–
Realized gain (loss)		– 0	–		7,280			7,280
Change in unrealized appreciation/depreciation		(81,569	)		– 0	–		(81,569	)
Purchases		– 0	–		– 0	–		– 0	–
Sales		– 0	–		(7,280	)		(7,280	)
Transfers into Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 03/31/13	$	747,720		$	– 0	–	$	747,720
Net change in unrealized appreciation/depreciation from Investments held as of 03/31/13	$	(81,569	)	$	– 0	–	$	(81,569	)

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

International Value Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.3%
Financials - 25.3%
Capital Markets - 3.6%
Credit Suisse Group AG (a)		470,890	$	12,384,743
Deutsche Bank AG (REG)		232,610		9,094,192
Macquarie Group Ltd.		416,270		16,193,635
				37,672,570
Commercial Banks - 13.4%
Australia & New Zealand Banking Group Ltd.		146,700		4,375,233
Banco do Brasil SA		745,100		10,121,487
Banco Santander Brasil SA/Brazil (ADR)		347,170		2,520,454
Barclays PLC		2,012,640		8,954,762
BNP Paribas SA		67,750		3,483,542
China Construction Bank Corp. - Class H		4,646,000		3,808,414
HSBC Holdings PLC		2,037,066		21,734,630
KB Financial Group, Inc.		236,461		7,899,268
Lloyds Banking Group PLC (a)		8,829,900		6,579,307
Mitsubishi UFJ Financial Group, Inc. (b)		3,282,900		19,806,502
Mizuho Financial Group, Inc.		1,689,400		3,625,119
National Australia Bank Ltd.		521,220		16,817,766
Sberbank of Russia (Sponsored ADR)		395,101		5,037,538
Societe Generale SA (a)		355,494		11,703,926
Sumitomo Mitsui Financial Group, Inc.		243,300		9,981,342
Unione di Banche Italiane SCPA		1,676,320		6,209,599
				142,658,889
Diversified Financial Services - 2.3%
ING Groep NV (a)		2,137,380		15,379,392
ORIX Corp.		744,400		9,504,469
				24,883,861
Insurance - 3.1%
Aegon NV		1,258,973		7,601,757
Allianz SE		40,860		5,570,125
Aviva PLC		1,161,730		5,266,050
Muenchener Rueckversicherungs AG		28,720		5,382,912
Suncorp Group Ltd.		747,496		9,225,310
				33,046,154
Real Estate Investment Trusts (REITs) - 1.4%
Mexico Real Estate Management SA de CV (a)		1,217,620		2,710,981
Stockland		1,978,210		7,549,578
Westfield Group		430,840		4,881,450
				15,142,009
Real Estate Management & Development - 1.5%
China Overseas Land & Investment Ltd.		1,168,000		3,237,863
Evergrande Real Estate Group Ltd. (b)		10,133,000		4,093,247
New World Development Co., Ltd.		2,584,000		4,398,320
Wharf Holdings Ltd.		439,000		3,934,557
				15,663,987
				269,067,470

Company	Shares		U.S. $ Value
Consumer Discretionary - 13.0%
Auto Components - 2.9%
Cie Generale des Etablissements Michelin - Class B		156,050	$	13,073,977
GKN PLC		2,276,600		9,174,342
Valeo SA		163,530		8,860,684
				31,109,003
Automobiles - 5.4%
Bayerische Motoren Werke AG		83,880		7,258,820
Honda Motor Co., Ltd.		355,900		13,705,872
Kia Motors Corp.		51,020		2,588,649
Mazda Motor Corp. (a)		2,646,000		7,783,099
Nissan Motor Co., Ltd.		1,001,400		9,714,005
Renault SA		66,320		4,160,762
Volkswagen AG (Preference Shares)		62,960		12,539,886
				57,751,093
Hotels, Restaurants & Leisure - 1.0%
Autogrill SpA		319,930		3,791,076
Melco Crown Entertainment Ltd. (ADR) (a)		274,310		6,402,395
				10,193,471
Household Durables - 0.7%
Sony Corp. (b)		404,500		7,038,645
Leisure Equipment & Products - 0.5%
Namco Bandai Holdings, Inc.		276,300		4,887,593
Multiline Retail - 0.4%
Myer Holdings Ltd. (b)		1,281,460		3,948,758
Specialty Retail - 1.7%
Shimamura Co., Ltd.		39,600		4,629,944
Yamada Denki Co., Ltd. (b)		306,470		14,061,018
				18,690,962
Textiles, Apparel & Luxury Goods - 0.4%
Yue Yuen Industrial Holdings Ltd.		1,459,000		4,776,414
				138,395,939
Consumer Staples - 9.6%
Beverages - 1.4%
Anheuser-Busch InBev NV		51,290		5,099,117
Asahi Group Holdings Ltd.		379,900		9,084,398
				14,183,515
Food & Staples Retailing - 3.2%
Koninklijke Ahold NV		908,200		13,922,967
Tesco PLC		1,344,300		7,814,591
Wesfarmers Ltd.		87,510		3,674,602
WM Morrison Supermarkets PLC		1,988,170		8,356,874
				33,769,034
Food Products - 0.9%
Danone SA		67,710		4,714,567

Company	Shares		U.S. $ Value
Nestle SA		71,260	$	5,157,413
				9,871,980
Household Products - 0.4%
Reckitt Benckiser Group PLC		58,750		4,218,105
Tobacco - 3.7%
British American Tobacco PLC		266,790		14,305,948
Imperial Tobacco Group PLC		372,100		13,014,292
Japan Tobacco, Inc.		379,400		12,136,053
				39,456,293
				101,498,927
Health Care - 9.4%
Biotechnology - 1.2%
Actelion Ltd. (a)		239,190		13,006,128
Pharmaceuticals - 8.2%
AstraZeneca PLC		358,760		17,995,658
GlaxoSmithKline PLC		872,370		20,428,318
Novartis AG		220,920		15,745,390
Roche Holding AG		121,460		28,315,118
Sanofi		39,730		4,051,877
				86,536,361
				99,542,489
Industrials - 9.1%
Aerospace & Defense - 2.0%
European Aeronautic Defence and Space Co. NV		270,620		13,793,070
Safran SA		168,050		7,500,267
				21,293,337
Airlines - 1.8%
Japan Airlines Co., Ltd.		163,500		7,616,163
Qantas Airways Ltd. (a)		4,390,030		8,185,464
Turk Hava Yollari (a)		916,900		3,751,891
				19,553,518
Building Products - 0.8%
Asahi Glass Co., Ltd.		1,161,000		8,086,780
Electrical Equipment - 1.5%
Sumitomo Electric Industries Ltd.		1,271,500		15,644,626
Industrial Conglomerates - 0.7%
Siemens AG		67,600		7,287,192
Machinery - 0.3%
IHI Corp.		1,157,000		3,522,756
Road & Rail - 0.9%
East Japan Railway Co.		44,600		3,671,326
Tokyu Corp.		776,000		5,740,494
				9,411,820
Trading Companies & Distributors - 1.1%
Mitsubishi Corp. (b)		441,000		8,305,732

Company	Shares		U.S. $ Value
Mitsui & Co., Ltd. (b)		252,200	$	3,555,534
				11,861,266
				96,661,295
Materials - 8.9%
Chemicals - 2.7%
Arkema SA		38,096		3,471,677
BASF SE		40,140		3,524,393
Denki Kagaku Kogyo KK		773,000		2,794,598
DIC Corp.		1,304,000		2,801,407
Koninklijke DSM NV		130,835		7,624,131
OCI Co., Ltd. (b)		18,170		2,624,907
Teijin Ltd.		1,578,000		3,661,261
Ube Industries Ltd./Japan (b)		1,168,000		2,307,455
				28,809,829
Construction Materials - 0.5%
Taiheiyo Cement Corp.		2,229,000		5,353,384
Metals & Mining - 5.7%
Anglo American PLC		377,810		9,756,257
Dowa Holdings Co., Ltd.		494,000		3,880,421
KGHM Polska Miedz SA		99,410		4,817,862
MMC Norilsk Nickel OJSC (ADR)		667,720		11,277,791
Rio Tinto PLC		307,160		14,467,373
Vale SA (Sponsored ADR) (Local Preference Shares)		682,280		11,278,088
Xstrata PLC		290,640		4,731,508
				60,209,300
				94,372,513
Energy - 8.8%
Energy Equipment & Services - 1.1%
Aker Solutions ASA		45,312		850,522
Seadrill Ltd.		316,269		11,525,903
				12,376,425
Oil, Gas & Consumable Fuels - 7.7%
BP PLC		3,578,860		25,166,548
ENI SpA		824,670		18,463,040
Gazprom OAO (Sponsored ADR)		828,610		7,043,185
JX Holdings, Inc.		1,154,900		6,511,877
Petroleo Brasileiro SA (Sponsored ADR)		581,250		10,549,688
Royal Dutch Shell PLC (Euronext Amsterdam) - Class A		428,949		13,892,280
				81,626,618
				94,003,043
Telecommunication Services - 5.6%
Diversified Telecommunication Services - 3.1%
Nippon Telegraph & Telephone Corp.		399,500		17,441,997
TDC A/S		907,154		6,982,267
Vivendi SA		430,616		8,908,597
				33,332,861

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 2.5%
NTT DoCoMo, Inc. (b)		3,584	$	5,327,856
Vodafone Group PLC		7,294,315		20,698,933
				26,026,789
				59,359,650
Information Technology - 5.3%
Computers & Peripherals - 1.4%
Fujitsu Ltd.		2,530,000		10,569,192
Wistron Corp.		3,742,788		4,107,512
				14,676,704
Electronic Equipment, Instruments & Components - 1.5%
Hon Hai Precision Industry Co., Ltd.		1,329,000		3,698,627
LG Display Co., Ltd. (a)		409,630		11,978,606
				15,677,233
Semiconductors & Semiconductor Equipment - 2.1%
SK Hynix, Inc. (a)		352,720		9,338,562
Sumco Corp.		557,600		6,345,104
Tokyo Electron Ltd.		158,500		6,762,289
				22,445,955
Software - 0.3%
Nintendo Co., Ltd.		34,600		3,740,175
				56,540,067
Utilities - 3.3%
Electric Utilities - 1.7%
EDP - Energias de Portugal SA		3,202,830		9,870,030
Electricite de France SA		420,410		8,064,494
				17,934,524
Multi-Utilities - 1.6%
Centrica PLC		1,407,220		7,877,155
National Grid PLC		804,450		9,347,513
				17,224,668
				35,159,192
Total Common Stocks (cost $965,769,504)				1,044,600,585
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.0%
Time Deposit - 0.0%
State Street Time Deposit 0.01%, 4/01/13 (cost $118,297)	$	118		118,297

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 98.3% (cost $965,887,801)			$	1,044,718,882
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 6.3%
Investment Companies - 6.3%
AllianceBernstein Exchange Reserves - Class I, 0.09% (c) (cost $66,719,552)		66,719,552		66,719,552
Total Investments - 104.6% (cost $1,032,607,353) (d)				1,111,438,434
Other assets less liabilities - (4.6)% (e)				(49,227,395	)
Net Assets - 100.0%			$	1,062,211,039

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2013		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro Stoxx 50 Index Futures		312		June 2013	$	10,579,869	$	10,214,402	$	(365,467	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		GBP	21,269		USD	34,058		4/17/13	$	1,743,249
Barclays Bank PLC Wholesale		GBP	3,669		USD	5,457		7/17/13		(114,633	)
Barclays Bank PLC Wholesale		HKD	112,048		USD	14,443		7/17/13		1,554
Barclays Bank PLC Wholesale		JPY	10,606,997		USD	120,148		4/17/13		7,458,815
Barclays Bank PLC Wholesale		USD	30,483		CHF	28,455		4/17/13		(503,258	)
BNP Paribas SA		GBP	43,583		USD	65,021		7/17/13		(1,167,641	)
BNP Paribas SA		USD	48,981		JPY	4,577,795		4/17/13		(345,959	)
BNP Paribas SA		CHF	17,093		USD	18,720		4/17/13		710,543
Citibank, NA		USD	82,802		JPY	7,838,810		4/17/13		478,345
Citibank, NA		JPY	485,143		USD	5,762		4/17/13		607,344
Citibank, NA		USD	30,082		JPY	2,845,940		7/17/13		174,231
Citibank, NA		NZD	6,336		USD	5,254		7/17/13		(10,810	)
Citibank, NA		USD	48,417		NOK	269,045		4/17/13		(2,379,202	)
Citibank, NA		USD	53,827		SEK	350,344		4/17/13		(81,392	)
Credit Suisse International		NOK	63,072		USD	10,817		4/17/13		24,828
Credit Suisse International		USD	38,707		NOK	223,645		7/17/13		(570,735	)
Credit Suisse International		NOK	223,645		USD	38,224		7/17/13		88,480
Deutsche Bank AG London		USD	12,725		AUD	12,172		4/17/13		(65,463	)
Deutsche Bank AG London		AUD	2,716		USD	2,774		4/17/13		(51,036	)
Deutsche Bank AG London		USD	8,047		CAD	8,270		4/17/13		91,477
Deutsche Bank AG London		USD	94,376		EUR	71,105		4/17/13		(3,221,238	)
Deutsche Bank AG London		USD	32,744		EUR	25,289		7/17/13		(301,978	)
Deutsche Bank AG London		JPY	1,765,357		USD	21,150		4/17/13		2,394,817
Deutsche Bank AG London		NZD	16,712		USD	13,988		4/17/13		18,057

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London		NOK	205,973		USD	35,890		4/17/13	$	645,099
Goldman Sachs Capital Markets LP		AUD	32,528		USD	33,487		4/17/13		(344,530	)
Goldman Sachs Capital Markets LP		USD	39,879		GBP	26,292		4/17/13		67,650
Goldman Sachs Capital Markets LP		USD	29,509		JPY	2,724,715		4/17/13		(561,498	)
Goldman Sachs Capital Markets LP		JPY	1,676,881		USD	18,704		4/17/13		888,604
HSBC BankUSA		GBP	5,422		USD	8,717		4/17/13		478,936
HSBC BankUSA		USD	6,496		HKD	50,371		4/17/13		(6,894	)
HSBC BankUSA		HKD	139,572		USD	18,010		4/17/13		28,730
HSBC BankUSA		HKD	37,900		USD	4,889		7/17/13		3,754
HSBC BankUSA		JPY	606,942		USD	6,906		4/17/13		458,288
Morgan Stanley and Co., Inc.		EUR	53,673		USD	70,230		4/17/13		1,423,170
Morgan Stanley and Co., Inc.		USD	3,148		EUR	2,403		4/17/13		(67,266	)
Morgan Stanley and Co., Inc.		USD	3,985		CHF	3,660		4/17/13		(129,173	)
Royal Bank of Canada		CAD	13,529		USD	13,678		4/17/13		364,696
Royal Bank of Scotland PLC		USD	5,102		CAD	5,259		4/17/13		73,183
Royal Bank of Scotland PLC		USD	45,635		EUR	34,169		4/17/13		(1,831,409	)
Royal Bank of Scotland PLC		EUR	39,232		USD	50,962		4/17/13		667,437
Royal Bank of Scotland PLC		USD	14,679		GBP	9,652		4/17/13		(14,738	)
Royal Bank of Scotland PLC		GBP	9,253		USD	14,928		4/17/13		870,031
Royal Bank of Scotland PLC		USD	43,909		GBP	28,884		7/17/13		(44,201	)
Royal Bank of Scotland PLC		JPY	8,864,957		USD	92,383		7/17/13		(1,863,837	)
Royal Bank of Scotland PLC		USD	7,065		CHF	6,635		7/17/13		(65,417	)
Standard Chartered Bank		USD	11,501		HKD	89,201		4/17/13		(8,959	)
Standard Chartered Bank		USD	4,888		HKD	37,900		7/17/13		(3,635	)
State Street Bank & Trust Co.		USD	3,974		EUR	2,926		4/17/13		(222,676	)
State Street Bank & Trust Co.		EUR	4,129		USD	5,518		4/17/13		224,752
UBS AG		USD	6,593		AUD	6,300		4/17/13		(40,876	)
Westpac Banking Corp.		USD	14,009		NZD	16,712		4/17/13		(39,115	)
Westpac Banking Corp.		USD	5,178		NZD	6,336		7/17/13		86,032
									$	6,014,533

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $137,220,836 and gross unrealized depreciation of investments was $(58,389,755), resulting in net unrealized appreciation of $78,831,081.

(e) An amount of U.S. $762,044 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2013.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc

EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
OJSC	-	Open Joint Stock Company
REG	-	Registered Shares
SCPA	-	Società Consortile per Azioni

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.

COUNTRY BREAKDOWN *

March 31, 2013 (unaudited)

24.8%	Japan
23.3%	United Kingdom
8.8%	France
7.2%	Australia
7.1%	Switzerland
4.9%	Germany
4.3%	Netherlands
3.3%	Brazil
3.3%	South Korea
2.7%	Italy
2.2%	Russia
1.9%	Hong Kong
1.2%	Norway
5.0%	Other
0.0%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2013. The Portfolio’s country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.1% or less in the following countries: Belgium, China, Denmark, Mexico, Poland, Portugal, Taiwan and Turkey.

AllianceBernstein Variable Products Series Fund

International Value Portfolio

March 31, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

15,352,922

$

253,714,548

$

– 0

–

$

269,067,470

Consumer Discretionary

6,402,395

131,993,544

– 0

–

138,395,939

Consumer Staples

– 0

–

101,498,927

– 0

–

101,498,927

Health Care

– 0

–

99,542,489

– 0

–

99,542,489

Industrials

7,616,163

89,045,132

– 0

–

96,661,295

Materials

11,277,791

83,094,722

– 0

–

94,372,513

Energy

7,043,185

86,959,858

– 0

–

94,003,043

Telecommunication Services

– 0

–

59,359,650

– 0

–

59,359,650

Information Technology

– 0

–

56,540,067

– 0

–

56,540,067

Utilities

– 0

–

35,159,192

– 0

–

35,159,192

Short-Term Investments

– 0

–

118,297

– 0

–

118,297

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

66,719,552

– 0

–

– 0

–

66,719,552

Total Investments in Securities

114,412,008

997,026,426

+

– 0

–

1,111,438,434

Other Financial Instruments* :

Assets:

Forward Currency Exchange Contracts

– 0

–

20,072,101

– 0

–

20,072,101

Liabilities:

Futures Contracts

(365,467

)

– 0

–

– 0

–

(365,467

)

Forward Currency Exchange Contracts

– 0

–

(14,057,568

)

– 0

–

(14,057,568

)

Total^

$

114,046,541

$

1,003,040,959

$

– 0

–

$

1,117,087,500

* 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.

^ An amount of $23,278,558 was transferred from Level 1 to Level 2 due to decrease in observable inputs during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 92.6%
Technology - 26.0%
Communications Technology - 2.2%
QUALCOMM, Inc.		123,110	$	8,242,214
Computer Services, Software & Systems - 17.7%
Akamai Technologies, Inc. (a)		57,500		2,029,175
ANSYS, Inc. (a)		76,302		6,212,509
Citrix Systems, Inc. (a)		136,080		9,819,533
Cognizant Technology Solutions Corp. - Class A (a)		158,870		12,171,031
F5 Networks, Inc. (a)		31,290		2,787,313
Facebook, Inc.(a)		88,580		2,265,876
Google, Inc. - Class A (a)		16,640		13,212,659
Intuit, Inc.		89,760		5,892,744
LinkedIn Corp. (a)		28,650		5,044,119
Red Hat, Inc. (a)		60,630		3,065,453
SolarWinds, Inc. (a)		26,723		1,579,329
TIBCO Software, Inc. (a)		89,742		1,814,583
				65,894,324
Computer Technology - 5.1%
Apple, Inc.		38,045		16,839,858
EMC Corp./MA (a)		83,513		1,995,126
				18,834,984
Electronic Components - 0.8%
Amphenol Corp. - Class A		39,430		2,943,450
Semiconductors & Component - 0.2%
Mellanox Technologies Ltd. (a) (b)		15,612		866,622
				96,781,594
Consumer Discretionary - 19.7%
Cable Television Services - 2.0%
Comcast Corp.-Class A		180,440		7,580,284
Consumer Services: Misc. - 2.9%
eBay, Inc. (a)		197,210		10,692,726
Cosmetics - 1.4%
Estee Lauder Cos., Inc. (The) - Class A		79,720		5,104,472
Diversified Retail - 3.2%
Amazon.com, Inc. (a)		25,260		6,731,537
Costco Wholesale Corp.		28,020		2,973,202
Dollar General Corp. (a)		44,832		2,267,603
				11,972,342
Entertainment - 2.5%
Walt Disney Co. (The)		162,270		9,216,936
Leisure Time - 2.0%
priceline.com, Inc. (a)		10,971		7,547,280
Recreational Vehicles & Boats - 0.9%
Harley-Davidson, Inc.		61,660		3,286,478

Company	Shares		U.S. $ Value
Restaurants - 2.6%
Chipotle Mexican Grill, Inc. - Class A (a)		6,570	$	2,140,966
Starbucks Corp.		128,995		7,347,555
				9,488,521
Specialty Retail - 1.5%
O’Reilly Automotive, Inc. (a)		31,330		3,212,892
Ulta Salon Cosmetics & Fragrance, Inc. (a)		29,577		2,400,765
				5,613,657
Textiles, Apparel & Shoes - 0.7%
VF Corp.		16,000		2,684,000
				73,186,696
Health Care - 15.5%
Biotechnology - 5.8%
Biogen Idec, Inc. (a)		76,054		14,671,577
Celgene Corp. (a)		60,860		7,054,283
				21,725,860
Health Care Management Services - 1.6%
UnitedHealth Group, Inc.		102,821		5,882,389
Health Care Services - 0.8%
McKesson Corp.		27,880		3,009,925
Medical Equipment - 4.5%
IDEXX Laboratories, Inc. (a)		64,165		5,928,204
Illumina, Inc. (a) (b)		41,475		2,239,650
Intuitive Surgical, Inc. (a)		17,280		8,487,763
				16,655,617
Pharmaceuticals - 2.8%
Allergan, Inc./United States		59,296		6,619,213
Gilead Sciences, Inc. (a)		75,580		3,698,129
				10,317,342
				57,591,133
Financial Services - 7.7%
Asset Management & Custodian - 2.6%
Affiliated Managers Group, Inc. (a)		39,770		6,107,479
BlackRock, Inc. - Class A		13,730		3,526,963
				9,634,442
Financial Data & Systems - 1.8%
Visa, Inc. - Class A		38,800		6,589,792
Securities Brokerage & Services - 3.3%
IntercontinentalExchange, Inc. (a)		75,261		12,272,811
				28,497,045
Producer Durables - 7.4%
Aerospace - 1.4%
Boeing Co. (The)		58,980		5,063,433

Company	Shares		U.S. $ Value
Diversified Manufacturing Operations - 1.9%
Danaher Corp.		116,052	$	7,212,632
Environmental Maintenance & Security - 0.8%
Stericycle, Inc. (a)		29,343		3,115,640
Scientific Instruments: Control & Filter - 1.6%
Flowserve Corp.		16,441		2,757,320
Roper Industries, Inc.		25,240		3,213,304
				5,970,624
Scientific Instruments: Electrical - 1.0%
AMETEK, Inc.		81,746		3,544,507
Scientific Instruments: Gauges & Meters - 0.7%
Mettler-Toledo International, Inc. (a)		271		57,783
Trimble Navigation Ltd. (a)		87,260		2,614,309
				2,672,092
				27,578,928
Energy - 6.4%
Oil Well Equipment & Services - 4.1%
National Oilwell Varco, Inc.		43,310		3,064,183
Oceaneering International, Inc.		47,986		3,186,750
Schlumberger Ltd.		117,445		8,795,456
				15,046,389
Oil: Crude Producers - 2.3%
EOG Resources, Inc.		25,218		3,229,669
Noble Energy, Inc.		47,127		5,450,709
				8,680,378
				23,726,767
Materials & Processing - 5.3%
Fertilizers - 1.9%
Monsanto Co.		64,963		6,862,042
Metal Fabricating - 3.4%
Precision Castparts Corp.		67,110		12,725,398
				19,587,440
Consumer Staples - 4.6%
Foods - 1.7%
Hershey Co. (The)		73,330		6,418,575
Tobacco - 2.9%
Philip Morris International, Inc.		114,051		10,573,668
				16,992,243
Total Common Stocks (cost $283,931,337)				343,941,846

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 8.1%
Time Deposit - 8.1%
State Street Time Deposit 0.01%, 4/01/13 (Cost $30,080,684)	$	30,081	$	30,080,684
Total Investments Before Security Lending Collateral for Securities Loaned - 100.7% (cost $314,012,021)				374,022,530
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.8%
Investment Companies - 0.8%
AllianceBernstein Exchange Reserves - Class I, 0.09% (c) (cost $3,173,572)		3,173,572		3,173,572
Total Investments - 101.5% (cost $317,185,593) (d)				377,196,102
Other assets less liabilities - (1.5)%				(5,737,652	)
Net Assets - 100.0%			$	371,458,450

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $62,606,865 and gross unrealized depreciation of investments was $(2,596,356), resulting in net unrealized appreciation of $60,010,509.

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, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

343,941,846

$

– 0

–

$

– 0

–

$

343,941,846

Short-Term Investments

– 0

–

30,080,684

– 0

–

30,080,684

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

3,173,572

– 0

–

– 0

–

3,173,572

Total Investments in Securities

347,115,418

30,080,684

– 0

–

377,196,102

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

347,115,418

$

30,080,684

$

– 0

–

$

377,196,102

* 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 transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Real Estate Investment Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.3%
Equity:Other - 34.5%
Diversified/Specialty - 21.1%
American Tower Corp.		67,780	$	5,213,638
Aviv REIT, Inc. (a)		6,743		162,236
BioMed Realty Trust, Inc.		46,200		997,920
CyrusOne, Inc.		54,029		1,234,022
Duke Realty Corp.		79,430		1,348,721
Lexington Realty Trust (b)		88,710		1,046,778
Plum Creek Timber Co., Inc.		17,280		902,016
Rayonier, Inc. (b)		20,230		1,207,124
Spirit Realty Capital, Inc.		77,554		1,473,526
Vornado Realty Trust		19,340		1,617,598
West Fraser Timber Co., Ltd.		17,200		1,523,847
Weyerhaeuser Co.		88,010		2,761,754
				19,489,180
Health Care - 11.5%
HCP, Inc.		50,550		2,520,423
Health Care REIT, Inc.		32,081		2,178,621
LTC Properties, Inc.		36,060		1,468,724
Omega Healthcare Investors, Inc.		18,520		562,267
Sabra Health Care REIT, Inc.		8,210		238,172
Senior Housing Properties Trust		46,770		1,254,839
Ventas, Inc.		32,140		2,352,648
				10,575,694
Triple Net - 1.9%
EPR Properties		7,620		396,621
Realty Income Corp. (b)		29,090		1,319,232
				1,715,853
				31,780,727
Retail - 21.1%
Regional Mall - 12.8%
CBL & Associates Properties, Inc.		9,322		219,999
General Growth Properties, Inc.		75,540		1,501,735
Macerich Co. (The)		7,890		507,958
Pennsylvania Real Estate Investment Trust		79,650		1,544,414
Simon Property Group, Inc.		50,290		7,973,983
				11,748,089
Shopping Center/Other Retail - 8.3%
American Realty Capital Properties, Inc.		64,960		953,613
DDR Corp.		130,773		2,278,065
Federal Realty Investment Trust		2,330		251,733
Inland Real Estate Corp.		28,210		284,639
Kimco Realty Corp.		46,020		1,030,848
Kite Realty Group Trust		190,662		1,285,062
Ramco-Gershenson Properties Trust		93,860		1,576,848
				7,660,808
				19,408,897

Company	Shares		U.S. $ Value
Residential - 20.2%
Multi-Family - 12.4%
Associated Estates Realty Corp.		88,190	$	1,643,862
AvalonBay Communities, Inc.		12,070		1,528,907
Brookfield Residential Properties, Inc. (a)		44,530		1,083,860
Equity Residential		34,090		1,876,995
Home Properties, Inc.		6,200		393,204
Mid-America Apartment Communities, Inc.		26,130		1,804,538
Post Properties, Inc.		8,820		415,422
PulteGroup, Inc. (a)		45,670		924,361
Sun Communities, Inc.		13,910		686,180
Toll Brothers, Inc. (a)		24,860		851,206
UDR, Inc.		8,600		208,034
				11,416,569
Self Storage - 4.7%
CubeSmart		21,230		335,434
Extra Space Storage, Inc.		40,111		1,575,159
Public Storage		15,780		2,403,610
				4,314,203
Single Family - 3.1%
Fortune Brands Home & Security, Inc. (a)		27,570		1,031,945
Masco Corp.		43,373		878,303
Realogy Holdings Corp. (a)		19,240		939,682
				2,849,930
				18,580,702
Lodging - 10.0%
Lodging - 10.0%
Ashford Hospitality Trust, Inc.		119,720		1,479,739
Chesapeake Lodging Trust		36,730		842,586
DiamondRock Hospitality Co.		77,710		723,480
Host Hotels & Resorts, Inc.		90,680		1,585,993
InterContinental Hotels Group PLC		23,613		721,783
Pebblebrook Hotel Trust		9,930		256,095
RLJ Lodging Trust		60,280		1,371,973
Strategic Hotels & Resorts, Inc. (a)		186,980		1,561,283
Sunstone Hotel Investors, Inc. (a)		58,970		725,921
				9,268,853
Office - 9.2%
Office - 9.2%
Boston Properties, Inc.		16,839		1,701,749
Brandywine Realty Trust		57,440		852,984
Corporate Office Properties Trust		20,000		533,600
Douglas Emmett, Inc.		53,040		1,322,287
Franklin Street Properties Corp.		33,990		496,934
Liberty Property Trust		19,860		789,435
Mack-Cali Realty Corp.		29,940		856,583
Parkway Properties, Inc./MD		85,896		1,593,371
SL Green Realty Corp. (b)		4,300		370,273
				8,517,216

Company	Shares		U.S. $ Value
Industrials - 4.3%
Industrial Warehouse Distribution - 4.3%
Granite Real Estate Investment (a)		34,729	$	1,326,301
ProLogis, Inc.		51,462		2,057,451
STAG Industrial, Inc.		26,720		568,334
				3,952,086
Total Common Stocks (cost $72,422,606)				91,508,481
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 2.1%
Time Deposit - 2.1%
State Street Time Deposit 0.01%, 4/01/13 (cost $1,953,726)	$	1,954		1,953,726
Total Investments Before Security Lending Collateral for Securities Loaned - 101.4% (cost $74,376,332)				93,462,207
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.2%
Investment Companies - 4.2%
AllianceBernstein Exchange Reserves-Class I, 0.09% (c) (cost $3,868,678)		3,868,678		3,868,678
Total Investments - 105.6% (cost $78,245,010) (d)				97,330,885
Other assets less liabilities - (5.6)%				(5,204,562	)
Net Assets - 100.0%			$	92,126,323

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $19,386,279 and gross unrealized depreciation of investments was $(300,404), resulting in net unrealized appreciation of $19,085,875.

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, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Equity:Other	$	31,780,727	$	– 0 –	$	– 0 –	$	31,780,727
Retail		19,408,897		– 0 –		– 0 –		19,408,897
Residential		18,580,702		– 0 –		– 0 –		18,580,702
Lodging		8,547,070		721,783		– 0 –		9,268,853
Office		8,517,216		– 0 –		– 0 –		8,517,216
Industrials		3,952,086		– 0 –		– 0 –		3,952,086
Short-Term Investments		– 0 –		1,953,726		– 0 –		1,953,726
Investments of Cash Collateral for Securities
Loaned in Affiliated Money Market Fund		3,868,678		– 0 –		– 0 –		3,868,678
Total Investments in Securities		94,655,376		2,675,509		– 0 –		97,330,885
Other Financial Instruments*		– 0 –		– 0 –		– 0 –		– 0 –
Total^	$	94,655,376	$	2,675,509	$	– 0 –	$	97,330,885

* 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 transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide

reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.6%
Industrials - 23.5%
Aerospace & Defense - 2.6%
Hexcel Corp. (a)		31,630	$	917,587
KEYW Holding Corp. (The) (a)(b)		38,671		623,763
				1,541,350
Building Products - 0.4%
Simpson Manufacturing Co., Inc.		6,784		207,658
Commercial Services & Supplies - 1.4%
Interface, Inc.		42,310		813,198
Construction & Engineering - 1.3%
Dycom Industries, Inc. (a)		38,141		750,996
Electrical Equipment - 0.6%
Thermon Group Holdings, Inc. (a)		17,158		381,079
Industrial Conglomerates - 1.2%
Carlisle Cos., Inc.		10,570		716,540
Machinery - 8.7%
Actuant Corp.-Class A		18,620		570,144
Chart Industries, Inc. (a)		10,060		804,901
IDEX Corp.		13,325		711,822
Lincoln Electric Holdings, Inc.		14,210		769,898
Middleby Corp. (a)		5,640		858,126
RBC Bearings, Inc. (a)		11,399		576,333
Valmont Industries, Inc.		5,131		806,952
				5,098,176
Marine - 1.6%
Kirby Corp. (a)		11,953		917,991
Professional Services - 2.4%
Advisory Board Co. (The) (a)		16,881		886,590
TrueBlue, Inc. (a)		25,328		535,434
				1,422,024
Road & Rail - 1.9%
Genesee & Wyoming, Inc.-Class A (a)		12,259		1,141,436
Trading Companies & Distributors - 1.4%
United Rentals, Inc. (a)		15,360		844,339
				13,834,787
Information Technology - 22.6%
Communications Equipment - 3.4%
Aruba Networks, Inc. (a)		38,870		961,644
Ciena Corp. (a)		40,942		655,481
Finisar Corp. (a)		30,130		397,415
				2,014,540
Internet Software & Services - 5.0%
CoStar Group, Inc. (a)		9,646		1,055,851

Company	Shares		U.S. $ Value
Dealertrack Technologies, Inc. (a)		30,478	$	895,444
Demandware, Inc. (a)(b)		18,080		458,328
ExactTarget, Inc. (a)		22,010		512,173
				2,921,796
Semiconductors & Semiconductor Equipment - 6.0%
Cavium, Inc. (a)		21,283		825,993
Fairchild Semiconductor International, Inc. (a)		51,739		731,589
Semtech Corp. (a)		26,720		945,621
Teradyne, Inc. (a)		29,480		478,166
Veeco Instruments, Inc. (a)		14,592		559,311
				3,540,680
Software - 8.2%
Aspen Technology, Inc. (a)		25,575		825,817
BroadSoft, Inc. (a)		5,830		154,320
Cadence Design Systems, Inc. (a)		58,980		821,591
FleetMatics Group PLC (a)		22,066		535,101
Fortinet, Inc. (a)		18,833		445,965
Guidewire Software, Inc. (a)		21,699		834,110
PTC, Inc. (a)		24,770		631,387
SolarWinds, Inc. (a)		10,394		614,285
				4,862,576
				13,339,592
Health Care - 19.9%
Biotechnology - 6.0%
Achillion Pharmaceuticals, Inc. (a)		22,270		194,640
Ariad Pharmaceuticals, Inc. (a)		7,825		141,554
Celldex Therapeutics, Inc. (a)		15,907		184,203
Cepheid, Inc. (a)		6,182		237,203
Cubist Pharmaceuticals, Inc. (a)		13,131		614,794
Hyperion Therapeutics, Inc. (a)		6,674		172,323
Infinity Pharmaceuticals, Inc. (a)		5,678		275,213
Intercept Pharmaceuticals, Inc. (a)		3,036		113,546
Onyx Pharmaceuticals, Inc. (a)		7,970		708,214
Pharmacyclics, Inc. (a)		2,530		203,437
Puma Biotechnology, Inc. (a)		7,404		247,220
Synageva BioPharma Corp. (a)		3,785		207,872
TESARO, Inc. (a)		11,948		262,378
				3,562,597
Health Care Equipment & Supplies - 3.2%
Align Technology, Inc. (a)		6,860		229,879
HeartWare International, Inc. (a)		7,020		620,778
Sirona Dental Systems, Inc. (a)		10,574		779,621
Volcano Corp. (a)		12,734		283,459
				1,913,737

Company	Shares		U.S. $ Value
Health Care Providers & Services - 5.6%
Acadia Healthcare Co., Inc. (a)		27,087	$	796,087
IPC The Hospitalist Co., Inc. (a)		12,931		575,171
Mednax, Inc. (a)		7,987		715,875
Team Health Holdings, Inc. (a)		20,469		744,662
WellCare Health Plans, Inc. (a)		7,873		456,319
				3,288,114
Health Care Technology - 1.0%
Vocera Communications, Inc. (a)		24,495		563,385
Life Sciences Tools & Services - 1.1%
ICON PLC (a)		20,735		669,533
Pharmaceuticals - 3.0%
Akorn, Inc. (a)		42,503		587,817
Jazz Pharmaceuticals PLC (a)		11,640		650,792
Optimer Pharmaceuticals, Inc. (a)		18,436		219,388
Pacira Pharmaceuticals, Inc./DE (a)		3,800		109,668
Repros Therapeutics, Inc. (a)(b)		11,290		181,769
				1,749,434
				11,746,800
Consumer Discretionary - 18.9%
Distributors - 1.0%
LKQ Corp. (a)		25,913		563,867
Diversified Consumer Services - 2.6%
Bright Horizons Family Solutions, Inc. (a)		20,562		694,790
Grand Canyon Education, Inc. (a)		33,493		850,387
				1,545,177
Hotels, Restaurants & Leisure - 1.7%
Orient-Express Hotels Ltd.-Class A (a)		44,038		434,215
Panera Bread Co.-Class A (a)		3,560		588,254
				1,022,469
Internet & Catalog Retail - 1.6%
HomeAway, Inc. (a)		19,786		643,045
Shutterfly, Inc. (a)		6,405		282,909
				925,954
Media - 1.7%
National CineMedia, Inc.		36,260		572,183
Pandora Media, Inc. (a)(b)		30,660		434,146
				1,006,329
Specialty Retail - 10.3%
Cabela’s, Inc. (a)		16,545		1,005,605
Conn’s, Inc. (a)(b)		21,508		772,137
Dick’s Sporting Goods, Inc.		9,880		467,324
Five Below, Inc. (a)		12,599		477,376

Company	Shares		U.S. $ Value
Francesca’s Holdings Corp. (a)		31,948	$	915,630
Hibbett Sports, Inc. (a)		13,515		760,489
Lumber Liquidators Holdings, Inc. (a)		13,540		950,779
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,600		129,872
Vitamin Shoppe, Inc. (a)		11,518		562,654
				6,041,866
				11,105,662
Energy - 6.4%
Energy Equipment & Services - 3.5%
Dril-Quip, Inc. (a)		6,390		557,016
Forum Energy Technologies, Inc. (a)		6,400		184,064
Oceaneering International, Inc.		12,215		811,198
Oil States International, Inc. (a)		6,227		507,937
				2,060,215
Oil, Gas & Consumable Fuels - 2.9%
Laredo Petroleum Holdings, Inc. (a)		28,164		515,120
Matador Resources Co. (a)		38,870		344,388
Oasis Petroleum, Inc. (a)		21,485		817,934
				1,677,442
				3,737,657
Financials - 4.9%
Capital Markets - 2.1%
Affiliated Managers Group, Inc. (a)		4,190		643,459
Stifel Financial Corp. (a)		17,136		594,105
				1,237,564
Commercial Banks - 2.8%
Iberiabank Corp.		11,739		587,185
Signature Bank/New York NY (a)		8,346		657,331
SVB Financial Group (a)		5,996		425,356
				1,669,872
				2,907,436
Materials - 1.7%
Chemicals - 1.7%
PolyOne Corp.		40,230		982,014
Consumer Staples - 0.7%
Food & Staples Retailing - 0.7%
Chefs’ Warehouse, Inc. (The) (a)		23,319		430,702
Total Common Stocks (cost $45,384,144)				58,084,650

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.6%
Time Deposit - 1.6%
State Street Time Deposit 0.01%, 4/01/13 (cost $937,570)	$	938	$	937,570
Total Investments Before Security Lending Collateral for Securities Loaned - 100.2% (cost $46,321,714)				59,022,220
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.0%
Investment Companies - 4.0%
AllianceBernstein Exchange Reserves-Class I, 0.09% (c) (cost $2,358,803)		2,358,803		2,358,803
Total Investments - 104.2% (cost $48,680,517) (d)				61,381,023
Other assets less liabilities - (4.2)%				(2,448,459	)
Net Assets - 100.0%			$	58,932,564

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,322,218 and gross unrealized depreciation of investments was $(621,712), resulting in net unrealized appreciation of $12,700,506.

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

Small Cap Growth Portfolio

March 31, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks*	$	58,084,650	$	– 0 –	$	– 0 –	$	58,084,650
Short-Term Investments		– 0 –		937,570		– 0 –		937,570
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		– 0 –		2,358,803		– 0 –		2,358,803
Total Investments in Securities		58,084,650		3,296,373		– 0 –		61,381,023
Other Financial Instruments**		– 0 –		– 0 –		– 0 –		– 0 –
Total^	$	58,084,650	$	3,296,373	$	–0 –	$	61,381,023

* 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 transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.2%
Financials - 27.1%
Capital Markets - 1.7%
E*Trade Financial Corp. (a)		405,330	$	4,341,084
Legg Mason, Inc.		173,590		5,580,919
				9,922,003
Commercial Banks - 10.3%
Associated Banc-Corp		402,070		6,107,443
CapitalSource, Inc.		589,350		5,669,547
Comerica, Inc.		200,710		7,215,525
First Niagara Financial Group, Inc.		723,280		6,408,261
Huntington Bancshares, Inc./OH		1,081,420		7,991,694
Popular, Inc. (a)		284,650		7,859,187
Susquehanna Bancshares, Inc.		499,394		6,207,467
Webster Financial Corp.		131,670		3,194,314
Zions Bancorporation		344,650		8,612,803
				59,266,241
Insurance - 8.5%
Aspen Insurance Holdings Ltd.		219,660		8,474,483
Fidelity National Financial, Inc. - Class A		317,060		7,999,424
Platinum Underwriters Holdings Ltd.		133,910		7,473,517
Reinsurance Group of America, Inc. - Class A		85,420		5,097,011
Torchmark Corp.		113,650		6,796,270
Unum Group		224,600		6,344,950
Validus Holdings Ltd.		185,310		6,925,035
				49,110,690
Real Estate Investment Trusts (REITs) - 6.6%
American Realty Capital Properties, Inc.		356,340		5,231,071
BioMed Realty Trust, Inc.		304,390		6,574,824
Camden Property Trust		51,650		3,547,322
Glimcher Realty Trust		293,300		3,402,280
Mid-America Apartment Communities, Inc.		56,200		3,881,172
Plum Creek Timber Co., Inc.		134,390		7,015,158
RLJ Lodging Trust		357,800		8,143,528
				37,795,355
				156,094,289
Information Technology - 17.9%
Communications Equipment - 0.7%
Harris Corp.		89,010		4,124,723
Electronic Equipment, Instruments & Components - 9.7%
Anixter International, Inc.		77,560		5,422,995
Arrow Electronics, Inc. (a)		170,190		6,913,118
AU Optronics Corp. (Sponsored ADR) (a) (b)		969,352		4,168,214
Avnet, Inc. (a)		195,650		7,082,530
Flextronics International Ltd. (a)		509,280		3,442,733
Ingram Micro, Inc. - Class A (a)		210,660		4,145,789
Insight Enterprises, Inc. (a)		307,184		6,334,134
Jabil Circuit, Inc.		327,820		6,058,113
TTM Technologies, Inc. (a)		477,922		3,632,207

Company	Shares		U.S. $ Value
Vishay Intertechnology, Inc. (a)		640,320	$	8,714,755
				55,914,588
IT Services - 2.0%
Amdocs Ltd.		186,850		6,773,313
Convergys Corp.		293,370		4,996,091
				11,769,404
Semiconductors & Semiconductor Equipment - 5.5%
Amkor Technology, Inc. (a) (b)		567,970		2,271,880
Entegris, Inc. (a)		681,500		6,719,590
Lam Research Corp. (a)		165,900		6,878,214
MEMC Electronic Materials, Inc. (a)		909,930		4,003,692
Micron Technology, Inc. (a)		726,950		7,254,961
MKS Instruments, Inc.		156,118		4,246,410
				31,374,747
				103,183,462
Consumer Discretionary - 16.9%
Auto Components - 3.7%
Dana Holding Corp.		398,340		7,102,402
Lear Corp.		123,260		6,763,276
TRW Automotive Holdings Corp. (a)		134,450		7,394,750
				21,260,428
Hotels, Restaurants & Leisure - 2.3%
MGM Resorts International (a)		561,370		7,382,015
Royal Caribbean Cruises Ltd.		180,280		5,988,902
				13,370,917
Household Durables - 4.3%
Meritage Homes Corp. (a)		161,240		7,555,707
Newell Rubbermaid, Inc.		134,660		3,514,626
NVR, Inc. (a)		6,445		6,961,309
PulteGroup, Inc. (a)		327,430		6,627,183
				24,658,825
Media - 1.9%
Gannett Co., Inc.		160,890		3,518,664
Regal Entertainment Group - Class A (b)		438,230		7,305,294
				10,823,958
Specialty Retail - 3.3%
GameStop Corp. - Class A (b)		156,350		4,373,110
Men’s Wearhouse, Inc. (The)		254,370		8,501,045
Office Depot, Inc. (a)		1,524,170		5,989,988
				18,864,143
Textiles, Apparel & Luxury Goods - 1.4%
Jones Group, Inc. (The)		657,360		8,361,619
				97,339,890

Company	Shares		U.S. $ Value
Industrials - 13.2%
Building Products - 1.5%
Fortune Brands Home & Security, Inc. (a)		232,080	$	8,686,754
Commercial Services & Supplies - 2.0%
Avery Dennison Corp.		116,690		5,025,838
Steelcase, Inc.		444,520		6,547,780
				11,573,618
Construction & Engineering - 1.2%
Granite Construction, Inc.		15,550		495,112
Tutor Perini Corp. (a)		322,620		6,226,566
				6,721,678
Electrical Equipment - 2.5%
EnerSys, Inc. (a)		144,460		6,584,487
General Cable Corp. (a)		213,350		7,815,010
				14,399,497
Machinery - 3.8%
Kennametal, Inc.		136,900		5,344,576
Terex Corp. (a)		228,170		7,853,612
Timken Co.		148,940		8,427,025
				21,625,213
Road & Rail - 1.2%
Con-way, Inc.		202,350		7,124,744
Trading Companies & Distributors - 1.0%
Aircastle Ltd.		442,380		6,051,758
				76,183,262
Energy - 6.1%
Energy Equipment & Services - 3.4%
Bristow Group, Inc.		104,030		6,859,738
Helix Energy Solutions Group, Inc. (a)		289,330		6,619,871
Helmerich & Payne, Inc.		101,980		6,190,186
				19,669,795
Oil, Gas & Consumable Fuels - 2.7%
Cimarex Energy Co.		112,420		8,480,965
Stone Energy Corp. (a)		160,420		3,489,135
Teekay Corp.		91,160		3,278,113
				15,248,213
				34,918,008
Materials - 5.9%
Chemicals - 1.9%
Chemtura Corp. (a)		280,700		6,065,927
Huntsman Corp.		263,610		4,900,510
				10,966,437
Metals & Mining - 4.0%
Cliffs Natural Resources, Inc. (b)		113,760		2,162,578

Company	Shares		U.S. $ Value
Commercial Metals Co.		450,020	$	7,132,817
Reliance Steel & Aluminum Co.		94,685		6,738,731
Steel Dynamics, Inc.		434,210		6,890,913
				22,925,039
				33,891,476
Utilities - 4.3%
Electric Utilities - 2.2%
NV Energy, Inc.		327,990		6,569,640
PNM Resources, Inc.		270,450		6,298,780
				12,868,420
Gas Utilities - 2.1%
Atmos Energy Corp.		138,610		5,917,261
UGI Corp.		163,150		6,263,328
				12,180,589
				25,049,009
Health Care - 4.2%
Health Care Providers & Services - 4.2%
Health Net, Inc./CA (a)		275,460		7,883,665
LifePoint Hospitals, Inc. (a)		152,705		7,400,085
Universal Health Services, Inc. - Class B		142,060		9,073,372
				24,357,122
Consumer Staples - 2.6%
Beverages - 0.5%
Constellation Brands, Inc. - Class A (a)		57,215		2,725,723
Food Products - 2.1%
Dole Food Co., Inc. (a)		432,570		4,715,013
Tyson Foods, Inc. - Class A		303,760		7,539,323
				12,254,336
				14,980,059
Total Common Stocks (cost $455,891,451)				565,996,577
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.8%
Time Deposit - 1.8%
State Street Time Deposit 0.01%, 4/01/13 (cost $10,401,074)	$	10,401		10,401,074

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.0% (cost $466,292,525)			$	576,397,651
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.5%
Investment Companies - 3.5%
AllianceBernstein Exchange Reserves - Class I, 0.09% (c) (cost $20,029,683)		20,029,683		20,029,683
Total Investments - 103.5% (cost $486,322,208) (d)				596,427,334
Other assets less liabilities - (3.5)%				(20,001,723	)
Net Assets - 100.0%			$	576,425,611

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $121,011,178 and gross unrealized depreciation of investments was $(10,906,052), resulting in net unrealized appreciation of $110,105,126.

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, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

565,996,577

$

– 0

–

$

– 0

–

$

565,996,577

Short-Term Investments

– 0

–

10,401,074

– 0

–

10,401,074

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

20,029,683

– 0

–

– 0

–

20,029,683

Total Investments in Securities

586,026,260

10,401,074

– 0

–

596,427,334

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

586,026,260

$

10,401,074

$

– 0

–

$

596,427,334

* 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 transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy and assumes the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Variable Products Series Fund

Value Portfolio

Portfolio of Investments

March 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.3%
Financials - 26.5%
Capital Markets - 0.8%
Goldman Sachs Group, Inc. (The)		5,000	$	735,750
State Street Corp.		10,000		590,900
				1,326,650
Commercial Banks - 7.6%
BB&T Corp.		57,600		1,808,064
CIT Group, Inc. (a)		62,900		2,734,892
Fifth Third Bancorp		19,800		322,938
KeyCorp		24,700		246,012
Regions Financial Corp.		36,700		300,573
US Bancorp		38,500		1,306,305
Wells Fargo & Co.		163,700		6,055,263
				12,774,047
Consumer Finance - 2.8%
Capital One Financial Corp.		42,100		2,313,395
Discover Financial Services		53,800		2,412,392
				4,725,787
Diversified Financial Services - 7.9%
Bank of America Corp.		362,200		4,411,596
Citigroup, Inc.		96,300		4,260,312
JPMorgan Chase & Co.		94,400		4,480,224
				13,152,132
Insurance - 7.4%
Berkshire Hathaway, Inc. (a)		11,900		1,239,980
Chubb Corp. (The)		25,400		2,223,262
Everest Re Group Ltd.		11,400		1,480,404
Fidelity National Financial, Inc.-Class A		45,900		1,158,057
Genworth Financial, Inc.-Class A (a)		50,100		501,000
MetLife, Inc.		18,700		710,974
PartnerRe Ltd.		16,900		1,573,559
Reinsurance Group of America, Inc.-Class A		17,600		1,050,192
Torchmark Corp.		18,100		1,082,380
Travelers Cos., Inc. (The)		10,300		867,157
Validus Holdings Ltd.		15,300		571,761
				12,458,726
				44,437,342
Consumer Discretionary - 15.5%
Auto Components - 2.2%
Lear Corp.		25,400		1,393,698
Magna International, Inc. (New York)-Class A		19,400		1,138,780
TRW Automotive Holdings Corp. (a)		22,200		1,221,000
				3,753,478
Automobiles - 1.3%
Ford Motor Co.		168,100		2,210,515
Household Durables - 1.2%
PulteGroup, Inc. (a)		95,700		1,936,968

Company	Shares		U.S. $ Value
Media - 6.0%
Comcast Corp.-Class A		75,400	$	3,167,554
Gannett Co., Inc.		61,000		1,334,070
News Corp.-Class A		57,000		1,739,640
Time Warner Cable, Inc.-Class A		17,500		1,681,050
Viacom, Inc.-Class B		34,300		2,111,851
				10,034,165
Multiline Retail - 1.3%
Macy’s, Inc.		52,000		2,175,680
Specialty Retail - 3.5%
GameStop Corp.-Class A (b)		57,400		1,605,478
Home Depot, Inc. (The)		7,100		495,438
Lowe’s Cos., Inc.		34,500		1,308,240
TJX Cos., Inc.		54,100		2,529,175
				5,938,331
				26,049,137
Energy - 14.3%
Energy Equipment & Services - 2.1%
Diamond Offshore Drilling, Inc.		20,100		1,398,156
Halliburton Co.		33,000		1,333,530
Helix Energy Solutions Group, Inc. (a)		34,600		791,648
				3,523,334
Oil, Gas & Consumable Fuels - 12.2%
BP PLC (Sponsored ADR)		20,600		872,410
Chevron Corp.		37,500		4,455,750
Exxon Mobil Corp.		106,500		9,596,715
HollyFrontier Corp.		4,300		221,235
Marathon Petroleum Corp.		26,300		2,356,480
Royal Dutch Shell PLC (ADR)		17,900		1,166,364
Valero Energy Corp.		39,000		1,774,110
				20,443,064
				23,966,398
Health Care - 13.9%
Biotechnology - 0.5%
Vertex Pharmaceuticals, Inc. (a)		15,000		824,700
Health Care Equipment & Supplies - 1.1%
Medtronic, Inc.		40,400		1,897,184
Health Care Providers & Services - 3.1%
Aetna, Inc.		24,900		1,272,888
Health Net, Inc./CA (a)		28,800		824,256
WellPoint, Inc.		46,000		3,046,580
				5,143,724
Pharmaceuticals - 9.2%
AstraZeneca PLC (Sponsored ADR)		26,200		1,309,476
Johnson & Johnson		34,500		2,812,785
Merck & Co., Inc.		68,500		3,029,755
Pfizer, Inc.		243,700		7,033,182

Company	Shares		U.S. $ Value
Roche Holding AG (Sponsored ADR)		20,500	$	1,201,300
				15,386,498
				23,252,106
Information Technology - 7.4%
Communications Equipment - 1.9%
Cisco Systems, Inc.		109,400		2,287,554
Harris Corp.		18,300		848,022
				3,135,576
Computers & Peripherals - 2.2%
Hewlett-Packard Co.		151,300		3,606,992
Semiconductors & Semiconductor Equipment - 2.0%
Applied Materials, Inc.		144,900		1,953,252
Micron Technology, Inc. (a)		142,600		1,423,148
				3,376,400
Software - 1.3%
CA, Inc.		9,600		241,632
Electronic Arts, Inc. (a)		31,500		557,550
Symantec Corp.(a)		57,700		1,424,036
				2,223,218
				12,342,186
Consumer Staples - 6.9%
Food & Staples Retailing - 1.9%
CVS Caremark Corp.		11,000		604,890
Kroger Co. (The)		79,500		2,634,630
				3,239,520
Food Products - 2.1%
Bunge Ltd.		9,500		701,385
Smithfield Foods, Inc. (a)		19,000		503,120
Tyson Foods, Inc.-Class A		90,900		2,256,138
				3,460,643
Household Products - 0.8%
Procter & Gamble Co. (The)		18,700		1,441,022
Tobacco - 2.1%
Altria Group, Inc.		56,000		1,925,840
Philip Morris International, Inc.		16,500		1,529,715
				3,455,555
				11,596,740
Industrials - 5.9%
Aerospace & Defense - 0.3%
Northrop Grumman Corp.		6,700		470,005
Airlines - 0.9%
Delta Air Lines, Inc. (a)		92,800		1,532,128

Company	Shares		U.S. $ Value
Industrial Conglomerates - 2.9%
General Electric Co.		212,900	$	4,922,248
Machinery - 1.8%
Flowserve Corp.		2,700		452,817
Illinois Tool Works, Inc.		20,600		1,255,364
Parker Hannifin Corp.		2,000		183,160
Timken Co.		19,300		1,091,994
				2,983,335
				9,907,716
Utilities - 3.4%
Electric Utilities - 2.4%
American Electric Power Co., Inc.		19,000		923,970
Edison International		27,500		1,383,800
NV Energy, Inc.		89,400		1,790,682
				4,098,452
Gas Utilities - 0.8%
Atmos Energy Corp.		32,000		1,366,080
Multi-Utilities - 0.2%
DTE Energy Co.		4,000		273,360
				5,737,892
Materials - 2.4%
Chemicals - 2.4%
CF Industries Holdings, Inc.		1,100		209,407
Huntsman Corp.		69,000		1,282,710
LyondellBasell Industries NV		38,800		2,455,652
				3,947,769
Telecommunication Services - 2.1%
Diversified Telecommunication Services - 2.1%
AT&T, Inc.		93,800		3,441,522
Total Investments Before Security Lending Collateral for Securities Loaned - 98.3% (cost $133,070,591)				164,678,808
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.9%
Investment Companies - 0.9%
AllianceBernstein Exchange Reserves-Class I, 0.09%(c) (cost $1,549,800)		1,549,800		1,549,800
Total Investments - 99.2% (cost $134,620,391) (d)				166,228,608
Other assets less liabilities - 0.8%				1,265,103
Net Assets - 100.0%			$	167,493,711

(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, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $32,797,106 and gross unrealized depreciation of investments was $(1,188,889), resulting in net unrealized appreciation of $31,608,217.

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, 2013 (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. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset (including those valued based on their market values) 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)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2013:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

44,437,342

$

– 0

–

$

– 0

–

$

44,437,342

Consumer Discretionary

26,049,137

– 0

–

– 0

–

26,049,137

Energy

23,966,398

– 0

–

– 0

–

23,966,398

Health Care

22,050,806

1,201,300

– 0

–

23,252,106

Information Technology

12,342,186

– 0

–

– 0

–

12,342,186

Consumer Staples

11,596,740

– 0

–

– 0

–

11,596,740

Industrials

9,907,716

– 0

–

– 0

–

9,907,716

Utilities

5,737,892

– 0

–

– 0

–

5,737,892

Materials

3,947,769

– 0

–

– 0

–

3,947,769

Telecommunication Services

3,441,522

– 0

–

– 0

–

3,441,522

Investments of Cash Collateral for Securities

Loaned in Affiliated Money Market Fund

1,549,800

– 0

–

– 0

–

1,549,800

Total Investments in Securities

165,027,308

1,201,300

– 0

–

166,228,608

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

165,027,308

$

1,201,300

$

– 0

–

$

166,228,608

* 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 de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

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

SIGNATURES

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

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

By:	/s/    Robert M. Keith
	Robert M. Keith President
Date:	May 22, 2013

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

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	May 22, 2013
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	May 22, 2013