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, 2014

Date of reporting period: March 31, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

March 31, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.8%
Financials - 10.1%
Capital Markets - 1.2%
Affiliated Managers Group, Inc. (a)		3,502	$	700,575
Bank of New York Mellon Corp. (The)		9,600		338,784
BlackRock, Inc.-Class A		2,170		682,421
Daiwa Securities Group, Inc.		54,000		469,165
Deutsche Bank AG (REG)		8,516		381,675
Goldman Sachs Group, Inc. (The)		2,000		327,700
Macquarie Group Ltd.		8,608		464,160
State Street Corp.		4,100		285,155
UBS AG (REG) (a)		39,872		825,085
				4,474,720
Commercial Banks - 1.9%
Banco do Brasil SA		9,600		96,465
Bank Hapoalim BM		34,030		194,278
BNP Paribas SA		3,170		244,404
China Construction Bank Corp.-Class H		144,000		101,079
CIT Group, Inc.		17,700		867,654
Comerica, Inc.		9,600		497,280
Danske Bank A/S		8,890		247,363
Fifth Third Bancorp		13,200		302,940
HSBC Holdings PLC		40,920		414,332
Industrial & Commercial Bank of China Ltd.-Class H		162,000		99,870
KBC Groep NV		5,590		344,266
Lloyds Banking Group PLC (a)		449,357		562,154
Mitsubishi UFJ Financial Group, Inc.		65,300		359,593
PNC Financial Services Group, Inc. (The)		1,900		165,300
Regions Financial Corp.		20,700		229,977
Societe Generale SA		7,992		491,952
Sumitomo Mitsui Financial Group, Inc.		6,200		265,756
UniCredit SpA		60,870		556,415
Wells Fargo & Co.		27,600		1,372,824
				7,413,902
Consumer Finance - 0.8%
Capital One Financial Corp.		14,600		1,126,536
Discover Financial Services		15,500		901,945
Muthoot Finance Ltd.		39,211		114,588
Shriram Transport Finance Co., Ltd.		7,705		98,188
SLM Corp.		26,200		641,376
				2,882,633
Diversified Financial Services - 2.4%
Bank of America Corp.		131,100		2,254,920
Berkshire Hathaway, Inc.-Class B (a)		5,300		662,341
Citigroup, Inc.		32,800		1,561,280
ING Groep NV (a)		11,970		170,233
ING US, Inc.		17,100		620,217
IntercontinentalExchange Group, Inc.		10,073		1,992,742
JPMorgan Chase & Co.		24,300		1,475,253
McGraw Hill Financial, Inc.		1,200		91,560
ORIX Corp.		36,500		514,430
				9,342,976

Company	Shares		U.S. $ Value
Insurance - 3.3%
Admiral Group PLC		42,190		1,004,590
Aegon NV		18,579		171,133
AIA Group Ltd.		196,000		932,204
Allstate Corp. (The)		10,900		616,722
American Financial Group, Inc./OH		11,700		675,207
American International Group, Inc.		27,800		1,390,278
Aon PLC		9,440		795,603
Assurant, Inc.		9,000		584,640
Aviva PLC		22,540		179,840
BB Seguridade Participacoes SA		7,500		82,999
Chubb Corp. (The)		8,100		723,330
Direct Line Insurance Group PLC		38,660		153,074
Genworth Financial, Inc.-Class A (a)		35,900		636,507
Lancashire Holdings Ltd.		32,020		365,134
Lincoln National Corp.		24,000		1,216,080
Muenchener Rueckversicherungs AG		2,110		461,071
PartnerRe Ltd.		8,500		879,750
Prudential PLC		31,700		671,230
Reinsurance Group of America, Inc.-Class A		5,600		445,928
Travelers Cos., Inc. (The)		6,300		536,130
Unum Group		2,300		81,213
XL Group PLC		3,000		93,750
				12,696,413
Real Estate Investment Trusts (REITs) - 0.0%
Vornado Realty Trust		1,690		166,566
Real Estate Management & Development - 0.4%
Daito Trust Construction Co., Ltd.		9,300		861,440
Hang Lung Group Ltd.		15,000		75,517
Hang Lung Properties Ltd.		170,000		489,356
Tokyu Fudosan Holdings Corp.		13,700		102,160
				1,528,473
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp.		30,740		453,540
				38,959,223
Consumer Discretionary - 9.8%
Auto Components - 0.8%
Cie Generale des Etablissements Michelin-Class B		3,450		431,301
GKN PLC		39,480		257,243
Lear Corp.		5,200		435,344
Magna International, Inc. (New York)-Class A		4,600		443,026
Plastic Omnium SA		2,780		103,079
TRW Automotive Holdings Corp. (a)		7,700		628,474
Valeo SA		4,320		608,400
				2,906,867
Automobiles - 1.2%
Bayerische Motoren Werke AG		2,120		267,896
Ford Motor Co.		55,200		861,120
Honda Motor Co., Ltd.		9,600		337,792
Hyundai Motor Co. (Preference Shares)		2,810		359,417
Mazda Motor Corp.		25,000		111,065
Nissan Motor Co., Ltd.		81,700		728,219
Renault SA		1,550		150,557

Company	Shares		U.S. $ Value
Tata Motors Ltd.		23,030		155,559
Toyota Motor Corp.		23,000		1,297,058
Volkswagen AG (Preference Shares)		1,250		324,119
				4,592,802
Distributors - 0.2%
LKQ Corp. (a)		25,342		667,762
Diversified Consumer Services - 0.3%
Estacio Participacoes SA		58,400		588,376
Kroton Educacional SA		20,900		459,634
				1,048,010
Hotels, Restaurants & Leisure - 1.1%
Melco Crown Entertainment Ltd. (ADR) (a)		8,000		309,200
Merlin Entertainments PLC (a)(b)		37,679		236,818
Sodexo		12,249		1,283,834
Starbucks Corp.		22,660		1,662,791
Whitbread PLC		6,020		417,857
William Hill PLC		31,578		179,662
Yum! Brands, Inc.		1,070		80,667
				4,170,829
Household Durables - 0.1%
PulteGroup, Inc.		27,600		529,644
Internet & Catalog Retail - 0.7%
Amazon.com, Inc. (a)		3,310		1,113,881
priceline.com, Inc. (a)		1,350		1,609,052
				2,722,933
Leisure Equipment & Products - 0.3%
Polaris Industries, Inc.		6,880		961,205
Media - 2.1%
Comcast Corp.-Class A		39,670		1,984,293
Gannett Co., Inc.		27,500		759,000
Liberty Global PLC-Series C (a)		29,500		1,200,945
Liberty Media Corp.-Class A (a)		7,450		973,939
Time Warner, Inc.		6,700		437,711
Twenty-First Century Fox, Inc.-Class A		21,800		696,946
Viacom, Inc.-Class B		7,100		603,429
Walt Disney Co. (The)		20,148		1,613,250
				8,269,513
Multiline Retail - 0.2%
Harvey Norman Holdings Ltd. (c)		60,570		185,746
Macy’s, Inc.		11,100		658,119
Myer Holdings Ltd. (c)		49,190		101,918
				945,783
Specialty Retail - 1.7%
GameStop Corp.-Class A		22,400		920,640
Gap, Inc. (The)		10,100		404,606
Home Depot, Inc. (The)		20,970		1,659,356
Kingfisher PLC		27,550		193,698

Company	Shares		U.S. $ Value
O’Reilly Automotive, Inc. (a)		4,540		673,691
Office Depot, Inc. (a)		136,500		563,745
Shimamura Co., Ltd.		1,900		164,415
Sports Direct International PLC (a)		41,429		588,653
TJX Cos., Inc. (The)		19,000		1,152,350
Yamada Denki Co., Ltd. (c)		72,500		241,640
				6,562,794
Textiles, Apparel & Luxury Goods - 1.1%
Cie Financiere Richemont SA		12,170		1,162,699
Hugo Boss AG		2,416		321,688
Li & Fung Ltd.		480,000		711,300
LVMH Moet Hennessy Louis Vuitton SA		1,556		281,966
Michael Kors Holdings Ltd. (a)		5,950		554,957
NIKE, Inc.-Class B		11,411		842,816
Prada SpA		9,500		73,593
Samsonite International SA		110,100		341,114
				4,290,133
				37,668,275
Information Technology - 7.7%
Communications Equipment - 0.9%
Telefonaktiebolaget LM Ericsson-Class B		15,494		206,649
QUALCOMM, Inc.		5,815		458,571
Cisco Systems, Inc.		26,200		587,142
F5 Networks, Inc. (a)		10,880		1,160,134
Harris Corp.		10,200		746,232
Brocade Communications Systems, Inc. (a)		35,900		380,899
				3,539,627
Computers & Peripherals - 1.5%
Hewlett-Packard Co.		55,500		1,795,980
Apple, Inc.		6,770		3,633,730
Catcher Technology Co., Ltd.		37,000		268,652
Casetek Holdings Ltd.		21,000		114,796
				5,813,158
Electronic Equipment, Instruments & Components - 0.5%
LG Display Co., Ltd. (a)		1,880		47,271
Amphenol Corp.-Class A		13,700		1,255,605
Arrow Electronics, Inc. (a)		8,400		498,624
				1,801,500
Internet Software & Services - 1.3%
Google, Inc.-Class A (a)		3,350		3,733,609
Telecity Group PLC		45,783		533,509
Facebook, Inc.-Class A (a)		12,910		777,698
				5,044,816
IT Services - 1.8%
Fujitsu Ltd.		39,000		235,737
Visa, Inc.-Class A		13,030		2,812,656
Cognizant Technology Solutions Corp.-Class A (a)		35,210		1,781,978
Tata Consultancy Services Ltd.		7,090		254,026

Company	Shares		U.S. $ Value
Amdocs Ltd.		6,600		306,636
Xerox Corp.		79,600		899,480
HCL Technologies Ltd.		4,820		112,581
Western Union Co. (The)-Class W		23,600		386,096
Booz Allen Hamilton Holding Corp.		8,600		189,200
				6,978,390
Semiconductors & Semiconductor Equipment - 1.0%
Lam Research Corp. (a)		2,700		148,500
Micron Technology, Inc. (a)		18,800		444,808
SK Hynix, Inc. (a)		3,140		106,543
Samsung Electronics Co., Ltd.		220		278,118
Taiwan Semiconductor Manufacturing Co., Ltd.		31,000		121,971
NVIDIA Corp.		7,100		127,161
Sumco Corp.		28,800		223,130
Applied Materials, Inc.		32,700		667,734
Tokyo Electron Ltd.		3,200		198,882
Linear Technology Corp.		25,740		1,253,281
ASM International NV		4,020		161,184
Novatek Microelectronics Corp.		25,000		114,911
				3,846,223
Software - 0.7%
Informatica Corp. (a)		12,490		471,872
ANSYS, Inc. (a)		14,875		1,145,673
Red Hat, Inc. (a)		5,000		264,900
Dassault Systemes		640		74,890
Electronic Arts, Inc. (a)		25,200		731,052
				2,688,387
				29,712,101
Health Care - 7.2%
Biotechnology - 1.5%
Actelion Ltd. (REG) (a)		3,040		288,096
Biogen Idec, Inc. (a)		6,508		1,990,602
Celgene Corp. (a)		3,130		436,948
Gilead Sciences, Inc. (a)		21,760		1,541,913
Quintiles Transnational Holdings, Inc. (a)		25,433		1,291,233
Theravance, Inc. (a)(c)		4,300		133,042
Vertex Pharmaceuticals, Inc. (a)		4,400		311,168
				5,993,002
Health Care Equipment & Supplies - 0.6%
Intuitive Surgical, Inc. (a)		2,233		978,032
Medtronic, Inc.		20,800		1,280,032
				2,258,064
Health Care Providers & Services - 1.0%
Aetna, Inc.		10,100		757,197
Health Net, Inc./CA (a)		12,600		428,526
McKesson Corp.		5,130		905,804
UnitedHealth Group, Inc.		16,511		1,353,737
WellPoint, Inc.		2,500		248,875
				3,694,139

Company	Shares		U.S. $ Value
Life Sciences Tools & Services - 0.6%
Eurofins Scientific SE		4,269		1,276,105
Illumina, Inc. (a)		2,692		400,193
Mettler-Toledo International, Inc. (a)		2,739		645,527
				2,321,825
Pharmaceuticals - 3.5%
Allergan, Inc./United States		20,563		2,551,868
Astellas Pharma, Inc.		10,000		118,726
Daiichi Sankyo Co., Ltd.		13,400		225,796
GlaxoSmithKline PLC		33,020		880,489
GlaxoSmithKline PLC (Sponsored ADR)		14,500		774,735
Johnson & Johnson		24,600		2,416,458
Merck & Co., Inc.		18,700		1,061,599
Novartis AG		8,234		699,132
Pfizer, Inc.		91,800		2,948,616
Richter Gedeon Nyrt		6,470		112,859
Roche Holding AG		2,750		827,100
Roche Holding AG (Sponsored ADR)		12,800		482,816
Sun Pharmaceutical Industries Ltd.		8,610		83,059
Teva Pharmaceutical Industries Ltd.		2,770		145,981
				13,329,234
				27,596,264
Industrials - 6.6%
Aerospace & Defense - 1.2%
Airbus Group NV		9,380		671,804
Boeing Co. (The)		14,530		1,823,370
MTU Aero Engines AG		1,693		157,169
Northrop Grumman Corp.		4,100		505,858
Precision Castparts Corp.		3,414		862,922
Safran SA		5,090		352,633
Thales SA		2,020		133,946
Zodiac Aerospace		2,150		75,962
				4,583,664
Airlines - 0.5%
Copa Holdings SA-Class A		9,150		1,328,488
Delta Air Lines, Inc.		10,700		370,755
Japan Airlines Co., Ltd.		2,000		98,429
Qantas Airways Ltd. (a)		177,000		181,842
Turk Hava Yollari		49,857		153,534
				2,133,048
Building Products - 0.0%
Asahi Glass Co., Ltd.		20,000		115,718
Commercial Services & Supplies - 0.2%
Babcock International Group PLC		22,510		505,495
Edenred		13,649		428,162
				933,657

Company	Shares		U.S. $ Value
Construction & Engineering - 0.1%
URS Corp.		4,600		216,476
Electrical Equipment - 0.4%
AMETEK, Inc.		20,682		1,064,916
Sumitomo Electric Industries Ltd.		22,600		337,391
				1,402,307
Industrial Conglomerates - 1.3%
Bidvest Group Ltd.		4,750		125,503
Danaher Corp.		26,549		1,991,175
General Electric Co.		82,800		2,143,692
Hopewell Holdings Ltd.		50,500		173,443
Hutchison Whampoa Ltd.		20,000		265,695
Toshiba Corp.		58,000		245,837
				4,945,345
Industrial Warehouse Distribution - 0.7%
Global Logistic Properties Ltd.		484,000		1,021,452
GLP J-Reit		251		252,314
Granite Real Estate Investment Trust		10,340		374,928
Hansteen Holdings PLC		68,120		124,014
Japan Logistics Fund, Inc.		85		191,077
Mapletree Logistics Trust		263,000		218,650
ProLogis, Inc.		7,703		314,513
STAG Industrial, Inc.		17,110		412,351
				2,909,299
Machinery - 0.6%
IHI Corp.		32,000		134,641
Illinois Tool Works, Inc.		9,000		731,970
Komatsu Ltd.		18,700		392,037
Parker Hannifin Corp.		8,350		999,579
				2,258,227
Marine - 0.2%
AP Moeller-Maersk A/S-Class B		32		383,000
Nippon Yusen KK		77,000		223,633
				606,633
Mixed Office Industrial - 0.0%
Goodman Group		38,440		169,065
Professional Services - 1.2%
Bureau Veritas SA		36,689		1,125,294
Capita PLC		51,101		934,379
Intertek Group PLC		23,452		1,204,061
SGS SA		326		804,005
Verisk Analytics, Inc.-Class A (a)		8,146		488,434
				4,556,173
Road & Rail - 0.1%
Central Japan Railway Co.		2,700		315,389
Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		12,300		228,163
				25,373,164

Company	Shares		U.S. $ Value
Consumer Staples - 5.6%
Beverages - 0.7%
Anheuser-Busch InBev NV		2,430		255,916
Asahi Group Holdings Ltd.		4,100		114,947
Carlsberg A/S-Class B		2,260		224,662
Diageo PLC		29,190		906,614
Monster Beverage Corp. (a)		14,701		1,020,984
SABMiller PLC (London)		4,240		212,010
				2,735,133
Food & Staples Retailing - 1.9%
Costco Wholesale Corp.		11,040		1,232,947
CVS Caremark Corp.		37,350		2,796,021
Jeronimo Martins SGPS SA (c)		23,655		396,947
Koninklijke Ahold NV		20,285		407,440
Kroger Co. (The)		27,400		1,196,010
Olam International Ltd.		567,412		1,004,744
Sugi Holdings Co., Ltd.		2,100		93,369
Tsuruha Holdings, Inc.		900		88,667
				7,216,145
Food Products - 1.0%
Ajinomoto Co., Inc.		11,000		157,433
Danone SA (c)		1,950		137,762
Hershey Co. (The)		13,150		1,372,860
Keurig Green Mountain, Inc.		7,460		787,702
Mead Johnson Nutrition Co.-Class A		14,680		1,220,495
Unilever PLC		1,950		83,401
				3,759,653
Household Products - 0.5%
Henkel AG & Co. KGaA		8,841		889,122
LG Household & Health Care Ltd.		690		298,298
Procter & Gamble Co. (The)		8,500		685,100
Reckitt Benckiser Group PLC		3,000		244,815
				2,117,335
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The)-Class A		9,950		665,456
Tobacco - 1.3%
British American Tobacco PLC		31,439		1,753,847
Imperial Tobacco Group PLC		10,640		430,256
Japan Tobacco, Inc.		38,900		1,220,970
Philip Morris International, Inc.		21,315		1,745,059
				5,150,132
				21,643,854
Energy - 3.8%
Energy Equipment & Services - 1.1%
Aker Solutions ASA		15,320		238,434
Halliburton Co.		13,700		806,793
Nabors Industries Ltd.		20,600		507,790
Oceaneering International, Inc.		7,849		564,029
Saipem SpA		9,770		238,631
Schlumberger Ltd.		16,354		1,594,515
Seadrill Ltd.		5,140		180,964
				4,131,156

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 2.7%
BG Group PLC		17,791		332,145
Chesapeake Energy Corp.		7,200		184,464
Chevron Corp.		13,900		1,652,849
China Petroleum & Chemical Corp.-Class H		102,000		91,498
ENI SpA		11,650		292,140
Exxon Mobil Corp.		25,300		2,471,304
Gazprom OAO (Sponsored ADR)		13,690		106,371
Hess Corp.		17,400		1,442,112
JX Holdings, Inc.		68,600		330,723
Occidental Petroleum Corp.		15,000		1,429,350
Phillips 66		5,300		408,418
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		12,955		473,359
Valero Energy Corp.		26,000		1,380,600
				10,595,333
				14,726,489
Equity: Other - 3.5%
Diversified/Specialty - 2.9%
Activia Properties, Inc.		22		176,945
Armada Hoffler Properties, Inc.		15,792		158,552
Australand Property Group		60,480		237,037
British Land Co. PLC		48,758		532,013
Buzzi Unicem SpA		9,410		175,579
Cheung Kong Holdings Ltd.		23,000		382,139
Country Garden Holdings Co., Ltd.		986,000		409,009
CTT-Correios de Portugal SA (a)		17,994		197,462
Digital Realty Trust, Inc. (c)		3,830		203,296
Dundee Real Estate Investment Trust-Class A		7,896		207,560
Fibra Uno Administracion SA de CV		57,730		186,781
Frasers Centrepoint Ltd.		75,000		91,522
Gramercy Property Trust, Inc. (c)		48,450		250,002
Hemfosa Fastigheter AB (a)		11,100		171,500
Henderson Land Development Co., Ltd.		19,400		113,652
ICADE		2,059		203,565
Japan Hotel REIT Investment Corp. (c)		385		175,560
Kennedy Wilson Europe Real Estate PLC (a)		20,500		355,436
Kennedy-Wilson Holdings, Inc.		14,900		335,399
Klovern AB		36,120		193,279
Land Securities Group PLC		36,017		613,839
Lend Lease Group		66,350		730,709
LPN Development PCL		194,300		95,832
Mitchells & Butlers PLC (a)		24,140		183,501
Mitsubishi Estate Co., Ltd.		39,000		926,080
Mitsui Fudosan Co., Ltd.		27,100		826,773
New World Development Co., Ltd.		127,438		128,556
Regal Entertainment Group-Class A		18,080		337,734
Sumitomo Realty & Development Co., Ltd.		9,000		352,249
Sun Hung Kai Properties Ltd.		50,708		622,663
Supalai PCL		195,400		107,217
Swire Properties Ltd.		108,600		311,397
UOL Group Ltd.		54,516		271,869
Wharf Holdings Ltd.		85,000		545,163
Wheelock & Co., Ltd.		36,000		141,089
				10,950,959

Company	Shares		U.S. $ Value
Health Care - 0.6%
Chartwell Retirement Residences		20,060		188,896
HCP, Inc.		6,510		252,523
Health Care REIT, Inc.		3,930		234,228
LTC Properties, Inc.		10,150		381,945
Medical Properties Trust, Inc.		32,715		418,425
Omega Healthcare Investors, Inc.		14,870		498,442
Ventas, Inc.		4,240		256,817
				2,231,276
Triple Net - 0.0%
National Retail Properties, Inc. (c)		3,760		129,043
				13,311,278
Retail - 2.1%
Regional Mall - 0.8%
CFS Retail Property Trust Group		172,150		302,049
General Growth Properties, Inc.		17,380		382,360
Glimcher Realty Trust		18,500		185,555
Pennsylvania Real Estate Investment Trust		10,340		186,637
Simon Property Group, Inc.		10,286		1,686,904
Westfield Group		40,580		386,534
				3,130,039
Shopping Center/Other Retail - 1.3%
Aeon Mall Co., Ltd.		15,600		399,664
DDR Corp.		19,380		319,382
Federal Realty Investment Trust		2,200		252,384
Fukuoka REIT Co. (c)		55		88,526
Japan Retail Fund Investment Corp.		93		183,280
Kimco Realty Corp.		4,870		106,556
Kite Realty Group Trust		33,176		199,056
Klepierre		8,553		382,623
Link REIT (The)		19,268		95,262
Ramco-Gershenson Properties Trust		24,570		400,491
Regency Centers Corp.		3,050		155,733
RioCan Real Estate Investment Trust (Toronto)		4,973		119,793
Unibail-Rodamco SE		3,589		931,446
Vastned Retail NV		7,680		378,004
Weingarten Realty Investors		9,880		296,400
Westfield Retail Trust		159,090		440,459
				4,749,059
				7,879,098
Residential - 1.6%
Multi-Family - 1.3%
Associated Estates Realty Corp.		23,650		400,631
Brookfield Residential Properties, Inc. (a)		7,871		165,055
China Overseas Land & Investment Ltd.		114,000		295,467
China Vanke Co., Ltd.-Class B		159,460		265,830
CIFI Holdings Group Co., Ltd.		640,000		125,660
Comforia Residential REIT, Inc. (c)		15		101,224
Equity Residential		5,610		325,324

Company	Shares		U.S. $ Value
Essex Property Trust, Inc.		3,485		592,624
Japan Rental Housing Investments, Inc.		173		104,731
KWG Property Holding Ltd.		356,500		196,616
LEG Immobilien AG		5,559		364,548
Mid-America Apartment Communities, Inc.		6,780		462,871
Rossi Residencial SA (a)		145,840		116,338
Sekisui Chemical Co., Ltd.		8,000		83,090
Stockland		165,135		575,241
Taylor Wimpey PLC		169,980		334,131
UDR, Inc.		8,330		215,164
Wing Tai Holdings Ltd.		125,000		182,310
				4,906,855
Self Storage - 0.3%
Extra Space Storage, Inc.		10,890		528,274
Public Storage		2,590		436,389
Safestore Holdings PLC		48,950		193,409
				1,158,072
Student Housing - 0.0%
American Campus Communities, Inc.		3,500		130,725
				6,195,652
Office - 1.4%
Office - 1.4%
Allied Properties Real Estate Investment Trust		7,776		242,670
Boston Properties, Inc.		1,774		203,176
CapitaCommercial Trust		222,000		262,819
Columbia Property Trust, Inc.		14,850		404,663
Cominar Real Estate Investment Trust		15,513		259,602
Cousins Properties, Inc.		37,522		430,377
Douglas Emmett, Inc.		4,420		119,959
Fabege AB (c)		15,130		197,343
Investa Office Fund		82,940		249,807
Japan Excellent, Inc.		177		225,813
Japan Real Estate Investment Corp.		57		286,833
Kenedix Office Investment Corp.-Class A		48		238,033
Kilroy Realty Corp.		2,780		162,852
Mack-Cali Realty Corp.		4,190		87,110
NTT Urban Development Corp.		20,300		191,069
Orix JREIT, Inc.		347		433,223
Parkway Properties, Inc./MD		22,358		408,034
SL Green Realty Corp.		6,808		685,021
Tokyo Tatemono Co., Ltd.		20,000		171,367
Workspace Group PLC		22,440		221,659
				5,481,430
Materials - 1.3%
Chemicals - 1.1%
Arkema SA		3,113		352,160
BASF SE		1,060		117,949
Denki Kagaku Kogyo KK		45,000		154,155
Essentra PLC		63,156		920,423
Incitec Pivot Ltd.		73,261		201,473
JSR Corp.		18,100		334,865
Koninklijke DSM NV		3,718		255,009
LyondellBasell Industries NV-Class A		8,300		738,202
Monsanto Co.		8,269		940,764
Nippon Shokubai Co., Ltd.		13,000		153,927
				4,168,927

Company	Shares		U.S. $ Value
Construction Materials - 0.0%
Taiheiyo Cement Corp.		23,000		82,831
Metals & Mining - 0.1%
Dowa Holdings Co., Ltd.		15,000		125,142
MMC Norilsk Nickel OJSC (ADR)		10,010		166,466
Rio Tinto PLC		4,710		262,666
				554,274
Paper & Forest Products - 0.1%
Mondi PLC		14,200		248,836
				5,054,868
Utilities - 1.3%
Electric Utilities - 0.5%
Edison International		18,900		1,069,929
EDP - Energias de Portugal SA		61,520		285,615
Electricite de France		3,930		155,394
Enel SpA		51,731		292,600
				1,803,538
Gas Utilities - 0.3%
Atmos Energy Corp.		13,100		617,403
UGI Corp.		13,800		629,418
				1,246,821
Independent Power Producers & Energy Traders - 0.3%
APR Energy PLC		29,787		400,007
Calpine Corp. (a)		28,800		602,208
				1,002,215
Multi-Utilities - 0.2%
CenterPoint Energy, Inc.		19,800		469,062
DTE Energy Co.		1,400		104,006
National Grid PLC		20,520		281,977
				855,045
				4,907,619
Telecommunication Services - 1.2%
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		45,400		1,592,178
Bezeq The Israeli Telecommunication Corp., Ltd.		63,518		113,227
Hellenic Telecommunications Organization SA (a)		6,960		114,882
Nippon Telegraph & Telephone Corp.		6,600		358,655
Telenor ASA		6,620		146,519
Vivendi SA		22,104		615,217
Ziggo NV		2,760		122,570
				3,063,248
Wireless Telecommunication Services - 0.4%
NTT DoCoMo, Inc.		11,400		179,635
Turkcell Iletisim Hizmetleri AS (a)		21,330		119,481

Company	Shares		U.S. $ Value
Vodafone Group PLC		187,503		689,509
Vodafone Group PLC (Sponsored ADR)		11,672		429,646
				1,418,271
				4,481,519
Lodging - 0.6%
Lodging - 0.6%
Ashford Hospitality Prime, Inc.		21,864		330,584
Ashford Hospitality Trust, Inc.		35,531		400,434
Chesapeake Lodging Trust		5,330		137,141
DiamondRock Hospitality Co.		36,350		427,112
FelCor Lodging Trust, Inc.		29,690		268,397
Hersha Hospitality Trust		68,360		398,539
Host Hotels & Resorts, Inc.		9,400		190,256
Pebblebrook Hotel Trust		5,110		172,565
				2,325,028
Mortgage - 0.0%
Mortgage - 0.0%
Altisource Residential Corp.		5,170		163,165
Total Common Stocks (cost $193,755,435)				245,479,027
	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 9.1%
Industrial - 4.7%
Basic - 0.8%
Barrick Gold Corp.
4.10%, 5/01/23	U.S.$	45		42,688
Barrick North America Finance LLC
4.40%, 5/30/21		225		226,716
Basell Finance Co. BV
8.10%, 3/15/27 (b)		145		189,190
Cia Minera Milpo SAA
4.625%, 3/28/23 (b)		240		222,596
Dow Chemical Co. (The)
4.125%, 11/15/21		165		172,800
4.375%, 11/15/42		183		168,924
Gerdau Trade, Inc.
4.75%, 4/15/23 (b)		395		368,956
Glencore Funding LLC
4.125%, 5/30/23 (b)		330		315,178
International Paper Co.
7.95%, 6/15/18		55		67,268
LyondellBasell Industries NV
5.75%, 4/15/24		435		501,114
Minsur SA
6.25%, 2/07/24 (b)		333		349,698
Rio Tinto Finance USA PLC
2.875%, 8/21/22		257		244,611
3.50%, 3/22/22		94		94,036
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (b)		237		213,648
				3,177,423

	Principal Amount (000)		U.S. $ Value
Capital Goods - 0.3%
Embraer SA
5.15%, 6/15/22		130		134,875
Odebrecht Finance Ltd.
5.125%, 6/26/22 (b)		200		199,500
Owens Corning
6.50%, 12/01/16 (d)		178		196,552
Republic Services, Inc.
3.80%, 5/15/18		17		18,022
5.25%, 11/15/21		165		184,452
5.50%, 9/15/19		233		264,193
				997,594
Communications - Media - 1.0%
21st Century Fox America, Inc.
3.00%, 9/15/22		400		384,214
6.15%, 2/15/41		130		152,903
CBS Corp.
5.75%, 4/15/20		250		285,118
Comcast Corp.
5.15%, 3/01/20		451		510,682
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.80%, 3/15/22		215		212,751
4.75%, 10/01/14		155		158,031
Globo Comunicacao e Participacoes SA
5.307%, 5/11/22 (b)(e)		221		233,431
NBCUniversal Enterprise, Inc.
5.25%, 3/29/49 (b)		233		235,330
Omnicom Group, Inc.
3.625%, 5/01/22		165		163,861
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		435		549,642
SES Global Americas Holdings GP
2.50%, 3/25/19 (b)		105		104,359
Time Warner Cable, Inc.
4.125%, 2/15/21		165		172,735
7.50%, 4/01/14		145		145,000
WPP Finance 2010
4.75%, 11/21/21		77		82,732
WPP Finance UK
8.00%, 9/15/14		350		361,431
				3,752,220
Communications - Telecommunications - 0.4%
American Tower Corp.
5.05%, 9/01/20		380		408,995
AT&T, Inc.
4.30%, 12/15/42		23		20,380
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (b)		490		492,889

	Principal Amount (000)		U.S. $ Value
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		42,404
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	185		203,376
Verizon Communications, Inc.
6.55%, 9/15/43		297		361,430
				1,529,474
Consumer Cyclical - Automotive - 0.4%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		915		1,052,831
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (b)		341		352,681
				1,405,512
Consumer Cyclical - Entertainment - 0.1%
Time Warner, Inc.
4.70%, 1/15/21		123		134,523
7.625%, 4/15/31		110		146,555
Viacom, Inc.
3.875%, 4/01/24		110		109,730
5.625%, 9/15/19		83		93,960
				484,768
Consumer Cyclical - Retailers - 0.1%
Macy’s Retail Holdings, Inc.
3.875%, 1/15/22		201		207,237
Consumer Non-Cyclical - 0.2%
Ahold Finance USA LLC
6.875%, 5/01/29		250		304,462
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		69		72,507
8.50%, 6/15/19		153		188,811
Reynolds American, Inc.
3.25%, 11/01/22		220		206,976
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		121		124,489
				897,245
Energy - 0.7%
Anadarko Petroleum Corp.
6.45%, 9/15/36		254		300,430
Encana Corp.
3.90%, 11/15/21		140		143,670
Hess Corp.
7.875%, 10/01/29		39		51,220
Marathon Petroleum Corp.
5.125%, 3/01/21		163		181,231
Nabors Industries, Inc.
5.10%, 9/15/23 (b)		180		187,189
Noble Energy, Inc.
8.25%, 3/01/19		374		465,708
Noble Holding International Ltd.
3.95%, 3/15/22		270		267,734
4.90%, 8/01/20		36		38,412

	Principal Amount (000)		U.S. $ Value
Reliance Holding USA, Inc.
5.40%, 2/14/22 (b)		315		330,317
Transocean, Inc.
6.375%, 12/15/21		2		2,248
6.50%, 11/15/20		300		336,878
Valero Energy Corp.
6.125%, 2/01/20		175		203,205
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		285		369,982
				2,878,224
Technology - 0.4%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		77,663
Baidu, Inc.
2.25%, 11/28/17		380		380,658
Hewlett-Packard Co.
4.65%, 12/09/21		114		120,598
Motorola Solutions, Inc.
3.50%, 3/01/23		300		286,790
7.50%, 5/15/25		35		42,342
Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22		495		505,629
Total System Services, Inc.
2.375%, 6/01/18		141		139,033
3.75%, 6/01/23		139		131,996
				1,684,709
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.25%, 10/01/14		307		313,759
5.75%, 12/15/16		155		172,101
				485,860
Transportation - Services - 0.2%
Asciano Finance Ltd.
3.125%, 9/23/15 (b)		237		243,006
5.00%, 4/07/18 (b)		230		246,978
Ryder System, Inc.
5.85%, 11/01/16		127		140,814
7.20%, 9/01/15		127		137,778
				768,576
				18,268,842
Financial Institutions - 3.3%
Banking - 2.2%
Bank of America Corp.
5.875%, 2/07/42		259		299,477
7.375%, 5/15/14		150		151,207
Barclays Bank PLC
6.625%, 3/30/22 (b)	EUR	160		267,851
BNP Paribas SA
5.186%, 6/29/15 (b)	U.S.$	128		131,360

	Principal Amount (000)		U.S. $ Value
BPCE SA
5.70%, 10/22/23 (b)		262		272,341
Citigroup, Inc.
3.375%, 3/01/23		420		406,159
Compass Bank
5.50%, 4/01/20		314		331,492
Countrywide Financial Corp.
6.25%, 5/15/16		92		100,907
Credit Suisse AG
6.50%, 8/08/23 (b)		267		291,912
Danske Bank A/S
5.684%, 2/15/17	GBP	182		313,920
Goldman Sachs Group, Inc. (The)
5.75%, 1/24/22	U.S.$	335		379,863
Series D
6.00%, 6/15/20		440		505,256
ING Bank NV
2.00%, 9/25/15 (b)		480		486,035
Macquarie Bank Ltd.
5.00%, 2/22/17 (b)		90		98,199
Macquarie Group Ltd.
4.875%, 8/10/17 (b)		194		209,341
Mizuho Financial Group Cayman 3 Ltd.
4.60%, 3/27/24 (b)		392		393,731
Morgan Stanley
Series G
5.50%, 7/24/20		350		394,966
Murray Street Investment Trust I
4.647%, 3/09/17		44		47,526
National Capital Trust II Delaware
5.486%, 3/23/15 (b)		91		93,047
Nationwide Building Society
6.25%, 2/25/20 (b)		465		542,097
PNC Bank NA
3.80%, 7/25/23		685		691,131
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (b)		190		199,262
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (b)		215		252,087
Skandinaviska Enskilda Banken AB
5.471%, 3/23/15 (b)		185		188,700
SouthTrust Corp.
5.80%, 6/15/14		225		227,483
Standard Chartered PLC
4.00%, 7/12/22 (b)		470		478,789
UBS AG/Stamford CT
7.625%, 8/17/22		380		445,697
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (b)		230		247,833
				8,447,669
Brokerage - 0.1%
Nomura Holdings, Inc.
2.00%, 9/13/16		468		473,819

	Principal Amount (000)		U.S. $ Value
Insurance - 0.7%
Allied World Assurance Co., Holdings Ltd.
7.50%, 8/01/16		160		181,954
American International Group, Inc.
4.875%, 6/01/22		155		169,728
6.40%, 12/15/20		300		357,433
Coventry Health Care, Inc.
5.95%, 3/15/17		90		101,378
6.125%, 1/15/15		40		41,698
6.30%, 8/15/14		275		280,595
Hartford Financial Services Group, Inc. (The)
4.00%, 3/30/15		95		98,179
5.125%, 4/15/22		180		200,269
5.50%, 3/30/20		242		274,080
Humana, Inc.
6.45%, 6/01/16		40		44,430
Lincoln National Corp.
8.75%, 7/01/19		98		126,353
MetLife, Inc.
7.717%, 2/15/19		112		139,302
10.75%, 8/01/39		70		106,050
Prudential Financial, Inc.
5.625%, 6/15/43		200		204,000
XLIT Ltd.
5.25%, 9/15/14		135		137,784
6.375%, 11/15/24		157		186,379
				2,649,612
Other Finance - 0.1%
ORIX Corp.
4.71%, 4/27/15		336		350,491
REITS - 0.2%
ERP Operating LP
5.25%, 9/15/14		105		107,157
Health Care REIT, Inc.
5.25%, 1/15/22		505		556,254
Trust F/1401
5.25%, 12/15/24 (b)		270		269,325
				932,736
				12,854,327
Utility - 1.0%
Electric - 0.2%
CMS Energy Corp.
5.05%, 3/15/22		155		172,404
Constellation Energy Group, Inc.
5.15%, 12/01/20		89		97,203
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		44,880
TECO Finance, Inc.
4.00%, 3/15/16		100		105,798
5.15%, 3/15/20		125		138,241
				558,526

	Principal Amount (000)		U.S. $ Value
Natural Gas - 0.8%
DCP Midstream LLC
5.35%, 3/15/20 (b)		137		147,218
Energy Transfer Partners LP
7.50%, 7/01/38		295		363,999
Enterprise Products Operating LLC
5.20%, 9/01/20		185		206,497
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		679		678,024
3.95%, 9/01/22		424		421,756
Talent Yield Investments Ltd.
4.50%, 4/25/22 (b)		490		489,187
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		124,320
Williams Cos., Inc. (The)
3.70%, 1/15/23		434		393,848
Williams Partners LP
5.25%, 3/15/20		298		328,115
				3,152,964
				3,711,490
Non Corporate Sectors - 0.1%
Agencies - Not Government Guaranteed - 0.1%
CNOOC Finance 2013 Ltd.
3.00%, 5/09/23		286		258,752
Total Corporates - Investment Grades (cost $33,359,984)				35,093,411
MORTGAGE PASS-THROUGHS - 7.1%
Agency Fixed Rate 30-Year - 6.2%
Federal Home Loan Mortgage Corp. Gold
4.00%, 4/01/44, TBA		855		886,962
4.50%, 10/01/39		1,783		1,901,536
Series 2005
5.50%, 1/01/35		438		485,304
Series 2007
5.50%, 7/01/35		46		51,399
Series 2013
3.50%, 6/01/43		1,312		1,319,514
Federal National Mortgage Association
3.00%, 11/01/42-8/01/43		2,878		2,781,785
3.50%, 4/01/44, TBA		4,735		4,763,114
4.00%, 4/01/44, TBA		3,622		3,764,616
4.50%, 8/01/40		518		552,858
4.50%, 4/25/44, TBA		1,095		1,168,057
5.00%, 12/01/39		290		318,031
5.00%, 4/25/44, TBA		790		861,285
Series 2004
5.50%, 2/01/34-11/01/34		165		183,973
Series 2005
4.50%, 8/01/35		114		122,322
Series 2007
4.50%, 9/01/35		105		112,750
5.50%, 1/01/37-8/01/37		610		677,642
Series 2008
5.50%, 8/01/37		266		295,524

	Principal Amount (000)		U.S. $ Value
Series 2011
3.50%, 1/01/43		869		874,995
Series 2012
3.00%, 11/01/42		652		629,679
Series 2013
3.50%, 12/01/42		1,838		1,853,597
				23,604,943
Agency Fixed Rate 15-Year - 0.6%
Federal National Mortgage Association
2.50%, 4/01/29, TBA		2,370		2,368,148
Agency ARMs - 0.3%
Federal Home Loan Mortgage Corp.
2.36%, 4/01/35 (d)		676		721,990
Series 2008
2.407%, 11/01/37 (f)		51		54,433
Federal National Mortgage Association
2.397%, 8/01/37 (d)		273		292,331
Series 2007
2.332%, 3/01/34 (f)		182		193,563
				1,262,317
Total Mortgage Pass-Throughs (cost $26,937,751)				27,235,408
GOVERNMENTS - TREASURIES - 6.7%
Brazil - 0.5%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17	BRL	4,295		1,792,044
United States - 6.2%
U.S. Treasury Bonds
2.75%, 8/15/42	U.S.$	280		239,050
3.125%, 2/15/43		670		616,609
3.625%, 8/15/43-2/15/44		1,833		1,854,942
4.625%, 2/15/40		3,835		4,597,805
5.375%, 2/15/31		5		6,396
U.S. Treasury Notes
0.75%, 6/30/17		775		767,734
1.00%, 3/31/17		2,790		2,796,975
1.25%, 10/31/18		1,115		1,097,229
1.50%, 1/31/19		4,221		4,184,066
1.625%, 3/31/19-11/15/22		1,232		1,159,341
1.75%, 10/31/20-5/15/22		2,015		1,933,471
2.00%, 11/15/21		645		625,851
2.50%, 8/15/23		305		300,640
2.75%, 11/15/23-2/15/24		3,891		3,902,724
				24,082,833
Total Governments - Treasuries (cost $25,591,756)				25,874,877
ASSET-BACKED SECURITIES - 4.6%
Autos-Fixed Rate - 3.0%
Ally Master Owner Trust

	Principal Amount (000)		U.S. $ Value
Series 2013-1, Class A2
1.00%, 2/15/18		390		391,103
Series 2014-1, Class A2
1.29%, 1/15/19		336		335,953
AmeriCredit Automobile Receivables Trust
Series 2012-4, Class A2
0.49%, 4/08/16		163		162,501
Series 2013-1, Class A2
0.49%, 6/08/16		185		185,093
Series 2013-3, Class A3
0.92%, 4/09/18		670		670,264
Series 2013-4, Class A3
0.96%, 4/09/18		275		275,493
Series 2013-5, Class A2A
0.65%, 3/08/17		186		186,100
AmeriCredit Automobile Receivables Trust 2011-3
Series 2011-3, Class D
4.04%, 7/10/17		320		332,840
Avis Budget Rental Car Funding AESOP LLC
Series 2014-1A, Class A
2.46%, 7/20/20 (b)		705		699,385
Capital Auto Receivables Asset Trust
Series 2013-3, Class A2
1.04%, 11/21/16		570		572,410
Series 2014-1, Class B
2.22%, 1/22/19		80		80,018
Capital Auto Receivables Asset Trust/Ally
Series 2013-1, Class A2
0.62%, 7/20/16		364		364,035
Carfinance Capital Auto Trust
Series 2013-1A, Class A
1.65%, 7/17/17 (b)		202		203,125
CarMax Auto Owner Trust
Series 2012-3, Class A2
0.43%, 9/15/15		46		46,377
Enterprise Fleet Financing LLC
Series 2014-1, Class A2
0.87%, 9/20/19 (b)		215		214,998
Exeter Automobile Receivables Trust
Series 2012-2A, Class A
1.30%, 6/15/17 (b)		159		159,365
Series 2013-1A, Class A
1.29%, 10/16/17 (b)		160		160,551
Series 2014-1A, Class A
1.29%, 5/15/18 (b)		173		173,920
Fifth Third Auto Trust
Series 2013-A, Class A3
0.61%, 9/15/17		386		386,242
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (b)		140		139,892
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (b)	CAD	74		66,648

	Principal Amount (000)		U.S. $ Value
Series 2013-R1A, Class A2
1.676%, 9/15/16 (b)		331		300,455
Series 2013-R4A, Class A1
1.487%, 8/15/15 (b)		147		133,242
Series 2014-R2A, Class A1
1.353%, 3/15/16 (b)		266		240,615
Ford Credit Auto Lease Trust
Series 2012-B, Class A2
0.54%, 11/15/14	U.S.$	12		12,059
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		155		153,329
Ford Credit Floorplan Master Owner Trust
Series 2012-4, Class A1
0.74%, 9/15/16		303		303,411
Series 2013-1, Class A1
0.85%, 1/15/18		279		279,351
Series 2014-1, Class A1
1.20%, 2/15/19		322		321,983
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (b)		345		344,843
Huntington Auto Trust
Series 2011-1A, Class A3
1.01%, 1/15/16 (b)		85		85,513
Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18		140		142,691
M&T Bank Auto Receivables Trust
Series 2013-1A, Class A3
1.06%, 11/15/17 (b)		416		417,112
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (b)		714		715,512
Navistar Financial Corp. Owner Trust
Series 2012-A, Class A2
0.85%, 3/18/15 (b)		22		21,769
Nissan Auto Lease Trust
Series 2012-B, Class A2A
0.45%, 6/15/15		91		90,938
Santander Drive Auto Receivables Trust
Series 2012-3, Class A3
1.08%, 4/15/16		281		281,370
Series 2012-6, Class A2
0.47%, 9/15/15		7		7,481
Series 2013-3, Class C
1.81%, 4/15/19		489		489,991
Series 2013-4, Class A3
1.11%, 12/15/17		540		542,855
Series 2013-5, Class A2A
0.64%, 4/17/17		286		286,131
SMART Trust/Australia
Series 2012-4US, Class A2A
0.67%, 6/14/15		101		101,171

	Principal Amount (000)		U.S. $ Value
World Omni Automobile Lease Securitization Trust
Series 2012-A, Class A3
0.93%, 11/16/15		526		527,040
				11,605,175
Other ABS - Fixed Rate - 0.4%
CIT Equipment Collateral
Series 2012-VT1, Class A3
1.10%, 8/22/16 (b)		113		112,936
Series 2013-VT1, Class A3
1.13%, 7/20/20 (b)		466		468,763
CNH Equipment Trust
Series 2012-A, Class A3
0.94%, 5/15/17		147		147,343
Series 2013-C, Class A2
0.63%, 1/17/17		378		377,941
Series 2013-D, Class A2
0.49%, 3/15/17		465		465,361
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		49		48,859
				1,621,203
Credit Cards - Floating Rate - 0.4%
Barclays Dryrock Issuance Trust
Series 2014-1, Class A
0.53%, 12/16/19 (d)		326		326,004
First National Master Note Trust
Series 2013-2, Class A
0.685%, 10/15/19 (d)		346		346,000
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
0.855%, 2/15/17 (b)(d)		490		492,000
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.535%, 12/15/19 (d)		295		295,010
				1,459,014
Autos - Floating Rate - 0.4%
Ally Master Owner Trust
Series 2014-2, Class A
0.526%, 1/16/18 (d)		630		629,908
GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.647%, 6/20/17 (d)		790		792,577
				1,422,485
Credit Cards - Fixed Rate - 0.3%
Chase Issuance Trust
Series 2014-A1, Class A1
1.15%, 1/15/19		270		270,001
Series 2014-A2, Class A2
2.77%, 3/15/23		270		269,832

	Principal Amount (000)		U.S. $ Value
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		310		309,448
Series 2013-A, Class A
1.61%, 12/15/21		246		243,171
				1,092,452
Home Equity Loans - Floating Rate - 0.1%
GSAA Home Equity Trust
Series 2006-5, Class 2A3
0.424%, 3/25/36 (d)		407		283,478
Residential Asset Securities Corp. Trust
Series 2003-KS3, Class A2
0.754%, 5/25/33 (d)		1		895
				284,373
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		89		88,381
Total Asset-Backed Securities (cost $17,588,887)				17,573,083
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.5%
Non-Agency Fixed Rate CMBS - 3.3%
Banc of America Commercial Mortgage Trust
Series 2006-5, Class A1A
5.415%, 9/10/47		633		689,600
Series 2007-4, Class A1A
5.774%, 2/10/51		558		625,569
Series 2007-5, Class AM
5.772%, 2/10/51		150		162,057
CGRBS Commercial Mortgage Trust
Series 2013-VN05
3.369%, 3/13/35 (b)		495		479,567
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A4
5.406%, 4/15/40		6		5,679
Series 2006-C4, Class A1A
5.783%, 3/15/49		264		284,799
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.771%, 5/15/46		312		345,404
Commercial Mortgage Loan Trust 2008-LS1
Series 2008-LS1, Class A1A
6.003%, 12/10/49		1,025		1,151,992
Commercial Mortgage Pass-Through Certificates
Series 2013-SFS, Class A1
1.873%, 4/12/35 (b)		232		224,794
Credit Suisse Commercial Mortgage Trust
Series 2006-C3, Class A3
5.792%, 6/15/38		600		649,765

	Principal Amount (000)		U.S. $ Value
Series 2006-C3, Class AJ
5.792%, 6/15/38		190		189,202
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-C1, Class A4
5.014%, 2/15/38		230		235,432
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (b)		330		316,964
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		35		34,708
Series 2013-KING, Class A
2.706%, 12/10/27 (b)		505		505,231
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (b)		276		262,632
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41 (b)		438		441,403
Series 2005-CB11, Class A4
5.335%, 8/12/37		168		173,183
Series 2007-CB18, Class A1A
5.431%, 6/12/47		588		643,651
Series 2007-CB19, Class AM
5.698%, 2/12/49		175		190,035
Series 2007-LD12, Class AM
6.032%, 2/15/51		280		312,336
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		595		655,479
Series 2010-C2, Class A1
2.749%, 11/15/43 (b)		318		326,405
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
6.00%, 6/15/29		4		4,155
Series 2006-C1, Class A4
5.156%, 2/15/31		620		658,491
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2
4.96%, 7/12/38		143		143,338
Series 2006-C2, Class A1A
5.739%, 8/12/43		321		351,679
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		610		662,515
Motel 6 Trust
Series 2012-MTL6, Class A2
1.948%, 10/05/25 (b)		480		476,309
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		86		83,361
Series 2012-C4, Class A5
2.85%, 12/10/45		168		159,805

	Principal Amount (000)		U.S. $ Value
Wachovia Bank Commercial Mortgage Trust
Series 2006-C25, Class A1A
5.717%, 5/15/43		816		888,641
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		456		448,315
				12,782,496
Non-Agency Floating Rate CMBS - 0.2%
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.855%, 12/05/31 (b)(d)		250		249,020
GS Mortgage Securities Corp. II
Series 2013-KYO, Class A
1.004%, 11/08/29 (b)(d)		505		505,000
				754,020
Total Commercial Mortgage-Backed Securities (cost $13,644,963)				13,536,516
CORPORATES - NON-INVESTMENT GRADES - 1.1%
Financial Institutions - 0.7%
Banking - 0.6%
ABN AMRO Bank NV
4.31%, 3/10/16	EUR	90		125,538
Barclays Bank PLC
7.625%, 11/21/22	U.S.$	480		529,200
Citigroup, Inc.
5.95%, 1/30/23		278		271,745
Credit Agricole SA
7.875%, 1/23/24 (b)		205		216,788
HBOS Capital Funding LP
4.939%, 5/23/16	EUR	298		397,402
6.071%, 6/30/14 (b)	U.S.$	194		194,243
LBG Capital No.1 PLC
8.00%, 6/15/20 (b)		235		252,272
Societe Generale SA
4.196%, 1/26/15	EUR	102		141,841
5.922%, 4/05/17 (b)	U.S.$	100		106,380
				2,235,409
Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (b)		173		193,647
SLM Corp.
7.25%, 1/25/22		38		41,895
Series A
5.375%, 5/15/14		270		271,350
				506,892
				2,742,301

	Principal Amount (000)		U.S. $ Value
Industrial - 0.4%
Communications - Media - 0.1%
Sirius XM Holdings, Inc.
4.625%, 5/15/23 (b)		215		202,638
Communications - Telecommunications - 0.1%
Sprint Corp.
7.875%, 9/15/23 (b)		205		225,500
T-Mobile USA, Inc.
6.625%, 4/01/23		195		206,700
Telecom Italia Capital SA
6.00%, 9/30/34		65		60,612
7.175%, 6/18/19		95		108,894
				601,706
Consumer Cyclical - Automotive - 0.0%
Dana Holding Corp.
6.00%, 9/15/23		76		79,135
Consumer Cyclical - Other - 0.1%
MCE Finance Ltd.
5.00%, 2/15/21 (b)		210		210,000
Energy - 0.1%
Cimarex Energy Co.
5.875%, 5/01/22		145		157,325
Denbury Resources, Inc.
4.625%, 7/15/23		210		195,300
				352,625
				1,446,104
Utility - 0.0%
Natural Gas - 0.0%
Regency Energy Partners LP / Regency Energy Finance Corp
4.50%, 11/01/23		60		55,800
Total Corporates - Non-Investment Grades (cost $3,791,298)				4,244,205
AGENCIES - 1.1%
Agency Debentures - 1.1%
Federal National Mortgage Association
6.25%, 5/15/29		740		973,062
6.625%, 11/15/30		2,277		3,128,794
Total Agencies (cost $3,582,383)				4,101,856
INFLATION-LINKED SECURITIES - 1.0%
United States - 1.0%
U.S. Treasury Inflation Index 0.125%, 4/15/16 (TIPS) (cost $3,839,617)		3,762		3,863,296

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS - 0.8%
Quasi-Sovereign Bonds - 0.8%
Chile - 0.1%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (b)		340		351,346
China - 0.1%
Sinopec Group Overseas Development 2013 Ltd.
4.375%, 10/17/23 (b)		480		482,572
Indonesia - 0.1%
Perusahaan Listrik Negara PT
5.50%, 11/22/21 (b)		250		252,500
Kazakhstan - 0.1%
KazMunayGas National Co. JSC
7.00%, 5/05/20 (b)		251		283,003
Malaysia - 0.1%
Petronas Capital Ltd.
5.25%, 8/12/19 (b)		460		517,368
Mexico - 0.1%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23		350		354,922
South Korea - 0.1%
Korea National Oil Corp.
3.125%, 4/03/17 (b)		485		505,419
United Arab Emirates - 0.1%
IPIC GMTN Ltd.
3.75%, 3/01/17 (b)		465		495,225
Total Quasi-Sovereigns (cost $3,064,351)				3,242,355
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7%
Non-Agency Floating Rate - 0.5%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.344%, 12/25/36 (d)		429		263,537
Fannie Mae Connecticut Avenue Securities
Series 2014-C01, Class M2
4.554%, 1/25/24 (d)		97		101,628
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.404%, 3/25/35 (d)		228		193,211
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.274%, 7/25/36 (d)		321		244,991
Series 2006-AR27, Class 2A2
0.354%, 10/25/36 (d)		341		290,457

	Principal Amount (000)		U.S. $ Value
Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
4.404%, 11/25/23 (d)		340		351,167
Series 2014-DN1, Class M3
4.654%, 2/25/24 (d)		340		361,542
				1,806,533
Non-Agency Fixed Rate - 0.2%
AmeriCredit Automobile Receivables Trust
Series 2014-1, Class A3
0.90%, 2/08/19		310		309,962
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.619%, 5/25/35		33		31,450
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1
2.665%, 2/25/47		325		262,263
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		278		243,138
Merrill Lynch Mortgage Investors Trust
Series 2005-A8, Class A1C1
5.25%, 8/25/36		1		1,185
				847,998
Total Collateralized Mortgage Obligations (cost $2,646,269)				2,654,531
	Shares
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
Banking - 0.1%
Morgan Stanley
7.125%		15,000		397,950
State Street Corp.
5.90%		4,750		122,977
				520,927
Insurance - 0.1%
Allstate Corp. (The)
5.10%		9,175		228,458
Total Preferred Stocks (cost $738,966)				749,385
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Qatar - 0.1%
Qatar Government International Bond
4.50%, 1/20/22 (b)	U.S.$	270		293,625

	Principal Amount (000)		U.S. $ Value
Turkey - 0.0%
Turkey Government International Bond
4.875%, 4/16/43		275		234,438
Total Governments-Sovereign Bonds (cost $539,546)				528,063
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Communications - Telecommunications - 0.1%
Comcel Trust
6.875%, 2/06/24 (b)		200		209,250
Consumer Non-Cyclical - 0.0%
Marfrig Overseas Ltd.
9.50%, 5/04/20 (b)		195		195,731
Energy - 0.0%
Pacific Rubiales Energy Corp.
5.125%, 3/28/23 (b)		100		94,748
Total Emerging Markets-Corporate Bonds (cost $491,058)				499,729
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.1%
United States - 0.1%
California GO 7.625%, 3/01/40 (cost $350,618)		345		481,575
	Shares
WARRANTS - 0.1%
Consumer Staples - 0.0%
Food & Staples Retailing - 0.0%
Olam International Ltd., expiring 1/29/18 (a)		72,151		36,076
Financials - 0.1%
Real Estate Management & Development - 0.1%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		100,260		271,607
Total Warrants (cost $167,023)				307,683
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN AGENCIES - 0.0%
Ireland - 0.0%
Bank of Ireland
Series MPLE
2.054%, 9/22/15 (d)
(cost $162,598)	CAD	185		158,978

Company	Shares		U.S. $ Value
RIGHTS - 0.0%
Equity: Other - 0.0%
Diversified/Specialty - 0.0%
New World Development Co., Ltd., expiring 4/17/14 (a) (cost $0)		42,479		8,763
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.9%
Time Deposit - 1.8%
State Street Time Deposit 0.01%, 4/01/14 (cost $7,115,368)		U.S.$    7,115		7,115,368
Governments - Treasuries - 1.0%
Japan Treasury Discount Bill Series 440 Zero Coupon 5/23/14 (cost $3,903,672)		JPY  400,000		3,875,234
U.S. Treasury Bills - 1.1%
U.S. Treasury Bill Zero Coupon, 4/24/14 (cost $4,035,729)		U.S.$    4,036		4,035,729
Total Short-Term Investments (cost $15,054,769)				15,026,331
Total Investments Before Security Lending Collateral for Securities Loaned - 104.0% (cost $345,307,272)				400,659,072
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
Investment Companies - 0.5%
AllianceBernstein Exchange Reserves-Class I, 0.07% (g) (cost $1,817,494)		1,817,494		1,817,494
Total Investments - 104.5% (cost $347,124,766) (h)				402,476,566
Other assets less liabilities - (4.5)% (i)				(17,449,094	)
Net Assets - 100.0%			$	385,027,472

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
TOPIX Index Futures		1		June 2014	$	118,391	$	116,553	$	(1,838	)
Sold Contracts
U.S. Long Bond (CBT) Futures		3		June 2014		394,753		399,656		(4,903	)
									$	(6,741	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		CNY	2,906		USD	476		5/15/14	$	6,490
Barclays Bank PLC Wholesale		JPY	220,000		USD	2,151		5/23/14		18,725
Barclays Bank PLC Wholesale		USD	651		JPY	66,935		6/18/14		(2,425	)
Barclays Bank PLC Wholesale		USD	435		NOK	2,615		6/18/14		611
BNP Paribas SA		CAD	891		USD	803		4/10/14		(2,441	)
BNP Paribas SA		USD	553		GBP	332		5/15/14		142
BNP Paribas SA		USD	403		JPY	41,137		5/15/14		(3,900	)
BNP Paribas SA		USD	611		NZD	747		5/15/14		35,002
Citibank, NA		USD	995		EUR	723		5/15/14		628
Credit Suisse International		CHF	1,048		USD	1,184		5/15/14		(1,531	)
Credit Suisse International		GBP	661		USD	1,084		5/15/14		(17,497	)
Goldman Sachs Bank USA		BRL	1,117		USD	451		5/05/14		(37,355	)
Goldman Sachs Bank USA		JPY	180,000		USD	1,747		5/23/14		2,266
HSBC Bank USA		BRL	3,096		USD	1,368		4/02/14		3,618
HSBC Bank USA		USD	1,333		BRL	3,096		4/02/14		31,720
HSBC Bank USA		BRL	3,096		USD	1,322		5/05/14		(30,416	)
HSBC Bank USA		HKD	6,426		USD	828		5/15/14		(338	)
Morgan Stanley & Co., Inc.		NZD	1,090		USD	907		5/15/14		(35,583	)
Morgan Stanley & Co., Inc.		USD	447		NOK	2,715		5/15/14		5,733
Standard Chartered Bank		KRW	272,568		USD	252		5/15/14		(3,694	)
Standard Chartered Bank		RUB	8,763		USD	244		5/15/14		(3,071	)
Standard Chartered Bank		USD	129		KRW	138,338		5/15/14		877
State Street Bank & Trust Co.		BRL	3,096		USD	1,277		4/02/14		(87,455	)
State Street Bank & Trust Co.		CAD	205		USD	186		4/10/14		254
State Street Bank & Trust Co.		USD	49		CAD	54		4/10/14		117
State Street Bank & Trust Co.		EUR	695		USD	964		4/24/14		7,180
State Street Bank & Trust Co.		GBP	177		USD	294		5/08/14		(995	)
State Street Bank & Trust Co.		CHF	842		USD	936		5/15/14		(16,450	)
State Street Bank & Trust Co.		EUR	745		USD	1,014		5/15/14		(12,567	)
State Street Bank & Trust Co.		GBP	1,198		USD	1,963		5/15/14		(33,486	)
State Street Bank & Trust Co.		HKD	10,365		USD	1,336		5/15/14		(392	)
State Street Bank & Trust Co.		JPY	150,897		USD	1,479		5/15/14		16,619

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		SEK	1,839		USD	282		5/15/14	$	(2,226	)
State Street Bank & Trust Co.		USD	1,077		AUD	1,213		5/15/14		45,034
State Street Bank & Trust Co.		USD	1,513		CHF	1,355		5/15/14		20,260
State Street Bank & Trust Co.		USD	1,556		EUR	1,142		5/15/14		17,017
State Street Bank & Trust Co.		USD	167		GBP	100		5/15/14		79
State Street Bank & Trust Co.		USD	75		HKD	581		5/15/14		(5	)
State Street Bank & Trust Co.		USD	367		JPY	38,260		5/15/14		3,817
State Street Bank & Trust Co.		USD	137		JPY	13,999		5/15/14		(952	)
State Street Bank & Trust Co.		USD	533		NOK	3,305		5/15/14		18,470
State Street Bank & Trust Co.		USD	284		NZD	343		5/15/14		13,133
State Street Bank & Trust Co.		USD	2,609		SEK	16,972		5/15/14		11,006
State Street Bank & Trust Co.		USD	112		SEK	724		5/15/14		(686	)
State Street Bank & Trust Co.		USD	281		SGD	356		5/15/14		2,150
State Street Bank & Trust Co.		AUD	611		USD	552		6/18/14		(11,260	)
State Street Bank & Trust Co.		CAD	162		USD	145		6/18/14		(1,102	)
State Street Bank & Trust Co.		EUR	192		USD	267		6/18/14		2,285
State Street Bank & Trust Co.		EUR	153		USD	210		6/18/14		(652	)
State Street Bank & Trust Co.		GBP	267		USD	443		6/18/14		(1,660	)
State Street Bank & Trust Co.		NOK	2,735		USD	455		6/18/14		(354	)
State Street Bank & Trust Co.		SEK	658		USD	102		6/18/14		113
State Street Bank & Trust Co.		USD	417		CAD	462		6/18/14		491
State Street Bank & Trust Co.		USD	211		JPY	21,574		6/18/14		(2,250	)
State Street Bank & Trust Co.		USD	497		NOK	2,973		6/18/14		(2,218	)
State Street Bank & Trust Co.		USD	193		NZD	224		6/18/14		301
State Street Bank & Trust Co.		USD	285		SEK	1,816		6/18/14		(4,290	)
UBS AG		USD	124		KRW	134,230		5/15/14		1,784
									$	(51,329	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2014			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		(5.00	)%		3.08	%	$	2,900	$	(235,392	)	$	(125,087	)
CDX-NAIG Series 22, 5 Year Index, 06/20/19*		(1.00	)		0.69			4,100		(63,872	)		(3,331	)
									$	(299,264	)	$	(128,418	)

* Termination date

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2014			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	%		0.43	%	$	530	$	10,362	$	(12,460	)	$	22,822

* Termination date

INTEREST RATE SWAPS

					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	$	(10,242	)
JPMorgan Chase Bank, NA		2,200		2/07/22		2.043	%		3 Month LIBOR		72,797
										$	62,555

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the aggregate market value of these securities amounted to $23,800,303 or 6.2% of net assets.

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

(d) Floating Rate Security. Stated interest rate was in effect at March 31, 2014.

(e) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2014.

(f) Variable rate coupon, rate shown as of March 31, 2014.

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $59,853,733 and gross unrealized depreciation of investments was $(4,501,933), resulting in net unrealized appreciation of $55,351,800.

(i) An amount of U.S. $12,001 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2014.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
ARMs	-	Adjustable Rate Mortgages
CBT	-	Chicago Board of Trade
CMBS	-	Commercial Mortgage-Backed Securities
GO	-	General Obligation
INTRCONX	-	Inter-Continental Exchange
JSC	-	Joint Stock Company
LIBOR	-	London Interbank Offered Rates
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security
TOPIX	-	Tokyo Price Index

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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, 2014:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Financials	$	26,638,156	$	12,321,067	$	– 0	–	$	38,959,223
Consumer Discretionary		26,286,787		11,381,488		– 0	–		37,668,275
Information Technology		26,659,251		3,052,850		– 0	–		29,712,101
Health Care		22,938,921		4,657,343		– 0	–		27,596,264

Investments in Securities:

Level 1

Level 2

Level 3

Total

Industrials

$

13,753,441

$

11,619,723

$

– 0

–

$

25,373,164

Consumer Staples

13,130,074

8,513,780

– 0

–

21,643,854

Energy

12,548,595

2,177,894

– 0

–

14,726,489

Equity: Other

4,658,101

8,653,177

– 0

–

13,311,278

Retail

4,291,251

3,587,847

– 0

–

7,879,098

Residential

3,566,804

2,628,848

– 0

–

6,195,652

Office

3,225,123

2,256,307

– 0

–

5,481,430

Materials

1,845,432

3,209,436

– 0

–

5,054,868

Utilities

3,892,033

1,015,586

– 0

–

4,907,619

Telecommunication Services

2,021,824

2,459,695

– 0

–

4,481,519

Lodging

2,325,028

– 0

–

– 0

–

2,325,028

Mortgage

163,165

– 0

–

– 0

–

163,165

Corporates - Investment Grades

– 0

–

35,093,411

– 0

–

35,093,411

Mortgage Pass-Throughs

– 0

–

27,235,408

– 0

–

27,235,408

Governments - Treasuries

– 0

–

25,874,877

– 0

–

25,874,877

Asset-Backed Securities

– 0

–

15,068,510

2,504,573

17,573,083

Commercial Mortgage-Backed Securities

– 0

–

11,530,894

2,005,622

13,536,516

Corporates - Non-Investment Grades

– 0

–

4,244,205

– 0

–

4,244,205

Agencies

– 0

–

4,101,856

– 0

–

4,101,856

Inflation-Linked Securities

– 0

–

3,863,296

– 0

–

3,863,296

Quasi-Sovereigns

– 0

–

3,242,355

– 0

–

3,242,355

Collateralized Mortgage Obligations

– 0

–

– 0

–

2,654,531

2,654,531

Preferred Stocks

749,385

– 0

–

– 0

–

749,385

Governments - Sovereign Bonds

– 0

–

528,063

– 0

–

528,063

Emerging Markets - Corporate Bonds

– 0

–

499,729

– 0

–

499,729

Local Governments - Municipal Bonds

– 0

–

481,575

– 0

–

481,575

Warrants

36,076

271,607

– 0

–

307,683

Governments - Sovereign Agencies

– 0

–

158,978

– 0

–

158,978

Rights

– 0

–

– 0

–

8,763

8,763

Short-Term Investments

– 0

–

15,026,331

– 0

–

15,026,331

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

1,817,494

– 0

–

– 0

–

1,817,494

Total Investments in Securities

170,546,941

224,756,136

7,173,489

402,476,566

Other Financial Instruments*:

Assets:

Forward Currency Exchange Contracts

– 0

–

265,922

– 0

–

265,922

Centrally Cleared Credit Default Swaps

– 0

–

448

– 0

–

448

Credit Default Swaps

– 0

–

22,822

– 0

–

22,822

Interest Rate Swaps

– 0

–

72,797

– 0

–

72,797

Liabilities:

Futures

(4,903

)

(1,838

)

– 0

–

(6,741

)

Forward Currency Exchange Contracts

– 0

–

(317,251

)

– 0

–

(317,251

)

Centrally Cleared Credit Default Swaps

– 0

–

(128,418

)

– 0

–

(128,418

)

Interest Rate Swaps

– 0

–

(10,242

)

– 0

–

(10,242

)

Total^

$

170,542,038

$

224,660,376

$

7,173,489

$

402,375,903

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 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 12/31/13	$	– 0	–	$	2,233,195		$	845,923
Accrued discounts/(premiums)		– 0	–		1,621			(669	)
Realized gain (loss)		– 0	–		2,406			(164	)
Change in unrealized appreciation/depreciation		– 0	–		10,780			(6,560	)
Purchases		– 0	–		508,324			1,168,283
Sales		– 0	–		(251,753	)		(1,191	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/14	$	– 0	–	$	2,504,573		$	2,005,622
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/14	$	– 0	–	$	10,780		$	(6,560	)
	Collateralized Mortgage Obligation			Rights			Total
Balance as of 12/31/13	$	1,527,063		$	– 0	–		4,606,181
Accrued discounts/(premiums)		4,193			– 0	–		5,145
Realized gain (loss)		5,244			– 0	–		7,486
Change in unrealized appreciation/depreciation		73,051			8,763			86,034
Purchases		1,086,684			– 0	–		2,763,291
Sales		(41,704	)		– 0	–		(294,648	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/14	$	2,654,531		$	8,763		$	7,173,489
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/14	$	73,051		$	8,763		$	86,034

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at March 31, 2014:

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 3/31/14		Valuation Technique	Unobservable Input	Range/ Weighted Average
Asset-Backed Securities		2,263,958	Third Party Vendor	Evaluated Quotes	$ $	69.69 – $100.64/ 96.35
		240,615	Valuation Committee Evaluation	Transaction Price	$	90.46/NA
Commercial Mortgage-Backed Securities		2,005,622	Third Party Vendor	Evaluated Quotes	$ $	99.58 – $112.34/ 110.33
Collateralized Mortgage Obligations		2,654,531	Third Party Vendor	Evaluated Quotes	$ $	61.37 – $106.34/ 89.66
Rights		8,763	Market Approach	Underlying Price Less Subscription Cost	$	0.21/NA

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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 29.4%
Financials - 6.1%
Capital Markets - 0.6%
3i Group PLC		4,278	$	28,410
Aberdeen Asset Management PLC		3,678		23,972
Ameriprise Financial, Inc.		745		82,002
Bank of New York Mellon Corp. (The)		4,215		148,747
BlackRock, Inc.-Class A		477		150,007
Charles Schwab Corp. (The)		4,240		115,879
Credit Suisse Group AG (a)		6,750		218,485
Daiwa Securities Group, Inc.		7,000		60,818
Deutsche Bank AG (REG)		4,552		204,014
E*Trade Financial Corp. (a)		1,020		23,480
Franklin Resources, Inc.		1,470		79,645
Goldman Sachs Group, Inc. (The)		1,538		252,001
Hargreaves Lansdown PLC		1,481		36,027
ICAP PLC		4,211		26,540
Invesco Ltd.		1,580		58,460
Julius Baer Group Ltd. (a)		1,220		54,181
Legg Mason, Inc.		360		17,654
Macquarie Group Ltd.		1,286		69,344
Mediobanca SpA (a)		3,505		40,120
Morgan Stanley		5,070		158,032
Nomura Holdings, Inc.		16,200		103,921
Northern Trust Corp.		810		53,104
Partners Group Holding AG		158		44,380
Schroders PLC		729		31,616
State Street Corp.		1,585		110,237
T Rowe Price Group, Inc.		975		80,291
UBS AG (REG) (a)		16,277		336,826
				2,608,193
Commercial Banks - 2.9%
Aozora Bank Ltd.		6,000		17,083
Australia & New Zealand Banking Group Ltd.		12,253		376,938
Banco Bilbao Vizcaya Argentaria SA		25,822		310,489
Banco de Sabadell SA		15,417		47,663
Banco Espirito Santo SA (a)(b)		10,016		18,757
Banco Popular Espanol SA		7,493		56,658
Banco Santander SA		52,139		497,727
Bank Hapoalim BM		4,812		27,472
Bank Leumi Le-Israel BM (a)		6,125		23,906
Bank of America Corp.		39,195		674,154
Bank of East Asia Ltd.		9,600		37,591
Bank of Ireland (a)		104,450		44,480
Bank of Kyoto Ltd. (The)		2,000		16,484
Bank of Yokohama Ltd. (The)		5,000		24,941
Bankia SA (a)		22,531		47,615
Barclays PLC		68,219		265,473
BB&T Corp.		2,550		102,433
Bendigo and Adelaide Bank Ltd.		3,446		36,404
BNP Paribas SA		4,438		342,166
BOC Hong Kong Holdings Ltd.		10,000		28,490
CaixaBank SA		7,628		49,102
Chiba Bank Ltd. (The)		3,000		18,466
Citigroup, Inc.		11,129		529,740
Comerica, Inc.		650		33,670

Company	Shares		U.S. $ Value
Commerzbank AG (a)		4,351		80,033
Commonwealth Bank of Australia		7,198		518,180
Credit Agricole SA (a)		4,067		64,097
Danske Bank A/S		2,928		81,471
DBS Group Holdings Ltd.		8,000		103,072
DnB ASA		4,364		75,830
Erste Group Bank AG		1,151		39,375
Fifth Third Bancorp		3,240		74,358
Fukuoka Financial Group, Inc.		4,000		16,430
Hang Seng Bank Ltd.		2,100		33,447
HSBC Holdings PLC		84,291		853,481
Huntington Bancshares, Inc./OH		3,015		30,060
Intesa Sanpaolo SpA		52,270		177,362
Joyo Bank Ltd. (The)		3,000		14,953
JPMorgan Chase & Co.		13,815		838,709
KBC Groep NV		1,196		73,657
KeyCorp		3,275		46,636
Lloyds Banking Group PLC (a)		222,634		278,519
M&T Bank Corp.		465		56,405
Mitsubishi UFJ Financial Group, Inc.		56,900		313,336
Mizrahi Tefahot Bank Ltd.		973		13,309
Mizuho Financial Group, Inc.		102,500		203,140
National Australia Bank Ltd.		10,463		344,966
Natixis		9,006		66,142
Nordea Bank AB		12,659		179,576
Oversea-Chinese Banking Corp., Ltd. (c)(d)		12,000		90,723
PNC Financial Services Group, Inc. (The)		1,980		172,260
Raiffeisen Bank International AG		527		17,586
Regions Financial Corp.		5,025		55,828
Resona Holdings, Inc.		8,400		40,593
Royal Bank of Scotland Group PLC (a)		9,565		49,625
Seven Bank Ltd.		5,324		20,893
Shinsei Bank Ltd. (b)		12,000		23,559
Shizuoka Bank Ltd. (The)		4,000		38,981
Skandinaviska Enskilda Banken AB-Class A (b)		4,967		68,233
Societe Generale SA		3,136		193,038
Standard Chartered PLC		10,809		226,023
Sumitomo Mitsui Financial Group, Inc.		5,700		244,324
Sumitomo Mitsui Trust Holdings, Inc.		15,000		67,868
SunTrust Banks, Inc.		1,940		77,193
Suruga Bank Ltd.		1,000		17,616
Svenska Handelsbanken AB-Class A (b)		2,228		111,960
Swedbank AB-Class A		4,044		108,564
UniCredit SpA		15,077		137,819
Unione di Banche Italiane SCpA		5,202		49,080
United Overseas Bank Ltd.		6,000		103,497
US Bancorp/MN		6,665		285,662
Wells Fargo & Co.		17,625		876,667
Westpac Banking Corp.		13,859		445,604
Zions Bancorporation		630		19,517
				11,747,159
Consumer Finance - 0.2%
Acom Co., Ltd. (a)(b)		6,200		19,810
AEON Financial Service Co., Ltd. (b)		800		18,050
American Express Co.		3,410		307,002
Capital One Financial Corp.		2,113		163,039
Credit Saison Co., Ltd.		700		13,921

Company	Shares		U.S. $ Value
Discover Financial Services		1,760		102,414
SLM Corp.		1,600		39,168
				663,404
Diversified Financial Services - 0.5%
ASX Ltd.		1,453		48,688
Berkshire Hathaway, Inc.-Class B (a)		6,630		828,551
CME Group, Inc./IL-Class A		1,150		85,112
Deutsche Boerse AG		862		68,627
Eurazeo SA		402		36,105
Exor SpA		1,279		57,400
Groupe Bruxelles Lambert SA		360		35,964
Hong Kong Exchanges and Clearing Ltd.		4,900		74,416
ING Groep NV (a)		17,105		243,262
IntercontinentalExchange Group, Inc.		416		82,297
Investment AB Kinnevik-Class B		2,015		74,436
Investor AB-Class B		1,705		61,760
Japan Exchange Group, Inc.		900		21,999
Leucadia National Corp.		1,105		30,940
London Stock Exchange Group PLC		969		31,852
McGraw Hill Financial, Inc.		1,010		77,063
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,500		17,182
Moody’s Corp.		695		55,127
NASDAQ OMX Group, Inc. (The)		410		15,145
ORIX Corp.		5,580		78,644
Pargesa Holding SA		18		1,559
Pohjola Bank PLC-Class A		654		14,560
Resolution Ltd.		6,320		31,487
Singapore Exchange Ltd.		3,000		16,579
Wendel SA		398		61,872
				2,150,627
Insurance - 1.1%
ACE Ltd.		1,235		122,339
Admiral Group PLC		819		19,501
Aegon NV		6,317		58,187
Aflac, Inc.		1,705		107,483
Ageas		943		42,048
AIA Group Ltd.		53,781		255,790
Allianz SE		2,036		344,122
Allstate Corp. (The)		1,650		93,357
American International Group, Inc.		5,402		270,154
AMP Ltd.		13,149		60,861
Aon PLC		1,115		93,972
Assicurazioni Generali SpA		5,214		116,218
Assurant, Inc.		260		16,890
Aviva PLC		13,159		104,991
Chubb Corp. (The)		910		81,263
Cincinnati Financial Corp.		510		24,817
CNP Assurances		1,570		33,253
Dai-ichi Life Insurance Co., Ltd. (The)		3,800		55,279
Direct Line Insurance Group PLC		6,949		27,514
Genworth Financial, Inc.-Class A (a)		1,785		31,648
Gjensidige Forsikring ASA		1,479		30,030
Hannover Rueck SE		377		33,723
Hartford Financial Services Group, Inc. (The)		1,625		57,314
Insurance Australia Group Ltd.		10,333		53,443
Legal & General Group PLC		26,411		90,170
Lincoln National Corp.		940		47,630

Company	Shares		U.S. $ Value
Loews Corp.		1,090		48,014
Mapfre SA		3,353		14,148
Marsh & McLennan Cos., Inc.		1,990		98,107
MetLife, Inc.		4,120		217,536
MS&AD Insurance Group Holdings		2,300		52,650
Muenchener Rueckversicherungs AG		801		175,032
NKSJ Holdings, Inc.		1,000		25,674
Old Mutual PLC		21,822		73,258
Principal Financial Group, Inc.		990		45,530
Progressive Corp. (The)		1,995		48,319
Prudential Financial, Inc.		1,715		145,175
Prudential PLC		11,428		241,982
QBE Insurance Group Ltd.		5,358		63,674
RSA Insurance Group PLC		16,295		24,327
Sampo-Class A		2,010		104,338
SCOR SE		935		32,749
Sony Financial Holdings, Inc.		875		14,308
Standard Life PLC		10,591		66,726
Suncorp Group Ltd.		5,745		68,753
Swiss Life Holding AG (a)		249		61,233
Swiss Re AG (a)		1,573		145,997
T&D Holdings, Inc.		2,600		30,944
Tokio Marine Holdings, Inc.		3,100		92,970
Torchmark Corp.		335		26,365
Travelers Cos., Inc. (The)		1,330		113,183
Tryg A/S		183		18,102
UnipolSai SpA (a)		4,035		15,470
Unum Group		920		32,485
Vienna Insurance Group AG Wiener Versicherung Gruppe		190		9,389
XL Group PLC		1,010		31,562
Zurich Insurance Group AG (a)		662		203,310
				4,613,307
Real Estate Investment Trusts (REITs) - 0.5%
American Tower Corp.		1,465		119,939
Apartment Investment & Management Co.-Class A		525		15,865
AvalonBay Communities, Inc.		445		58,437
Boston Properties, Inc.		550		62,991
British Land Co. PLC		4,209		45,926
CapitaMall Trust		14,000		21,065
CFS Retail Property Trust Group		11,279		19,790
Crown Castle International Corp.		1,220		90,012
Dexus Property Group		23,282		22,959
Equity Residential		1,240		71,908
Fonciere Des Regions		329		30,468
Gecina SA		253		33,626
General Growth Properties, Inc.		1,944		42,768
Goodman Group		5,915		26,015
GPT Group		6,698		22,765
Hammerson PLC		3,205		29,629
HCP, Inc.		1,630		63,228
Health Care REIT, Inc.		1,075		64,070
Host Hotels & Resorts, Inc.		2,750		55,660
ICADE		449		44,391
Intu Properties PLC		3,529		16,605
Japan Real Estate Investment Corp.		4		20,129
Japan Retail Fund Investment Corp.		8		15,766

Company	Shares		U.S. $ Value
Kimco Realty Corp.		1,480		32,382
Klepierre		695		31,091
Land Securities Group PLC		3,497		59,599
Link REIT (The)		6,000		29,664
Macerich Co. (The)		510		31,788
Mirvac Group		12,834		20,281
Nippon Building Fund, Inc.		6		31,397
Nippon Prologis REIT, Inc.		5		10,093
Plum Creek Timber Co., Inc.		630		26,485
ProLogis, Inc.		1,820		74,311
Public Storage		530		89,300
Segro PLC		3,337		18,488
Simon Property Group, Inc.		1,166		191,224
Stockland		6,911		24,074
Unibail-Rodamco SE		613		159,091
United Urban Investment Corp.		12		17,658
Ventas, Inc.		1,091		66,082
Vornado Realty Trust		635		62,586
Westfield Group		9,308		88,661
Westfield Retail Trust		23,944		66,292
Weyerhaeuser Co.		2,140		62,809
				2,187,368
Real Estate Management & Development - 0.3%
Aeon Mall Co., Ltd.		700		17,934
CapitaLand Ltd.		11,000		25,335
CapitaMalls Asia Ltd.		21,164		30,173
CBRE Group, Inc.-Class A (a)		1,015		27,841
Cheung Kong Holdings Ltd.		6,000		99,689
City Developments Ltd.		3,000		24,143
Daito Trust Construction Co., Ltd.		300		27,788
Daiwa House Industry Co., Ltd.		3,000		50,935
Deutsche Wohnen AG		1,334		28,612
Global Logistic Properties Ltd.		14,661		30,941
Hang Lung Properties Ltd.		14,000		40,300
Henderson Land Development Co., Ltd.		4,400		25,777
Hulic Co., Ltd.		2,197		30,158
IMMOFINANZ AG (a)		4,285		20,085
Kerry Properties Ltd.		8,500		28,456
Lend Lease Group		3,450		37,995
Mitsubishi Estate Co., Ltd.		6,000		142,474
Mitsui Fudosan Co., Ltd.		4,000		122,033
New World Development Co., Ltd.		22,000		22,193
Nomura Real Estate Holdings, Inc.		800		15,318
NTT Urban Development Corp.		1,600		15,060
Sino Land Co., Ltd.		16,000		23,666
Sumitomo Realty & Development Co., Ltd.		2,000		78,277
Sun Hung Kai Properties Ltd.		7,000		85,956
Swire Pacific Ltd.-Class A		2,000		23,334
Swire Properties Ltd.		25,389		72,800
Tokyo Tatemono Co., Ltd.		3,000		25,705
Tokyu Fudosan Holdings Corp.		2,000		14,914
Wharf Holdings Ltd.		4,000		25,655
Wheelock & Co., Ltd.		6,000		23,515
				1,237,062
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.		1,730		17,006
People’s United Financial, Inc.		1,165		17,323
				34,329
				25,241,449

Company	Shares		U.S. $ Value
Health Care - 3.5%
Biotechnology - 0.4%
Actelion Ltd. (REG) (a)		608		57,619
Alexion Pharmaceuticals, Inc. (a)		730		111,055
Amgen, Inc.		2,803		345,722
Biogen Idec, Inc. (a)		865		264,577
Celgene Corp. (a)		1,540		214,984
CSL Ltd.		2,196		141,843
Gilead Sciences, Inc. (a)		5,630		398,942
Grifols SA		757		41,486
Regeneron Pharmaceuticals, Inc. (a)		290		87,081
Vertex Pharmaceuticals, Inc. (a)		857		60,607
				1,723,916
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories		5,665		218,159
Baxter International, Inc.		1,980		145,688
Becton Dickinson and Co.		730		85,468
Boston Scientific Corp. (a)		4,860		65,707
CareFusion Corp. (a)		740		29,763
Coloplast A/S-Class B		496		40,102
Covidien PLC		1,675		123,381
CR Bard, Inc.		315		46,614
DENTSPLY International, Inc.		480		22,099
Edwards Lifesciences Corp. (a)		395		29,297
Essilor International SA		954		96,276
Getinge AB-Class B		2,013		56,834
Intuitive Surgical, Inc. (a)		155		67,889
Medtronic, Inc.		3,660		225,236
Olympus Corp. (a)		900		28,738
Smith & Nephew PLC		4,018		61,025
Sonova Holding AG (a)		351		51,350
St Jude Medical, Inc.		1,065		69,640
Stryker Corp.		1,075		87,580
Sysmex Corp.		400		12,753
Terumo Corp.		1,400		30,494
Varian Medical Systems, Inc. (a)		395		33,176
William Demant Holding A/S (a)(b)		158		13,503
Zimmer Holdings, Inc.		635		60,058
				1,700,830
Health Care Providers & Services - 0.4%
Aetna, Inc.		1,367		102,484
AmerisourceBergen Corp.-Class A		835		54,768
Cardinal Health, Inc.		1,245		87,125
Celesio AG		370		12,647
CIGNA Corp.		1,015		84,986
DaVita HealthCare Partners, Inc. (a)		650		44,752
Express Scripts Holding Co. (a)		2,939		220,690
Fresenius Medical Care AG & Co. KGaA		961		67,238

Company	Shares		U.S. $ Value
Fresenius SE & Co. KGaA		558		87,588
Humana, Inc.		565		63,687
Laboratory Corp. of America Holdings (a)		325		31,918
McKesson Corp.		865		152,733
Medipal Holdings Corp.		1,500		22,969
Patterson Cos., Inc.		260		10,858
Quest Diagnostics, Inc.		500		28,960
Ramsay Health Care Ltd.		1,156		51,655
Ryman Healthcare Ltd.		1,663		12,644
Sonic Healthcare Ltd.		1,715		27,476
Suzuken Co., Ltd./Aichi Japan		600		23,210
Tenet Healthcare Corp. (a)		343		14,684
UnitedHealth Group, Inc.		3,685		302,133
WellPoint, Inc.		1,100		109,505
				1,614,710
Health Care Technology - 0.0%
Cerner Corp. (a)		1,080		60,750
M3, Inc.		1,200		19,680
				80,430
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		1,195		66,824
PerkinElmer, Inc.		405		18,249
QIAGEN NV (a)		2,306		48,438
Thermo Fisher Scientific, Inc.		1,485		178,557
Waters Corp. (a)		295		31,981
				344,049
Pharmaceuticals - 2.2%
AbbVie, Inc.		5,845		300,433
Actavis PLC (a)		638		131,332
Allergan, Inc./United States		1,100		136,510
Astellas Pharma, Inc.		9,500		112,789
AstraZeneca PLC		5,591		362,448
Bayer AG		3,693		500,119
Bristol-Myers Squibb Co.		6,065		315,077
Chugai Pharmaceutical Co., Ltd.		1,000		25,542
Daiichi Sankyo Co., Ltd.		3,000		50,551
Dainippon Sumitomo Pharma Co., Ltd.		1,400		22,224
Eisai Co., Ltd. (b)		1,100		42,759
Eli Lilly & Co.		3,615		212,779
Forest Laboratories, Inc. (a)		865		79,814
GlaxoSmithKline PLC		21,996		586,531
Hisamitsu Pharmaceutical Co., Inc.		300		13,538
Hospira, Inc. (a)		580		25,085
Johnson & Johnson		10,355		1,017,172
Kyowa Hakko Kirin Co., Ltd.		1,000		10,655
Merck & Co., Inc.		10,755		610,561
Merck KGaA		204		34,355
Mitsubishi Tanabe Pharma Corp.		1,000		13,993
Mylan, Inc./PA (a)		1,405		68,606
Novartis AG		10,271		872,089
Novo Nordisk A/S-Class B		8,890		404,781
Ono Pharmaceutical Co., Ltd.		400		34,773
Orion Oyj-Class B (b)		465		14,038

Company	Shares		U.S. $ Value
Otsuka Holdings Co., Ltd.		1,619		48,433
Perrigo Co. PLC		522		80,733
Pfizer, Inc.		23,786		764,006
Roche Holding AG		3,137		943,496
Sanofi		5,321		556,040
Santen Pharmaceutical Co., Ltd.		500		22,124
Shionogi & Co., Ltd.		1,000		18,487
Shire PLC		2,646		130,991
Taisho Pharmaceutical Holdings Co., Ltd.		172		13,853
Takeda Pharmaceutical Co., Ltd.		3,500		165,663
Teva Pharmaceutical Industries Ltd.		3,794		199,946
UCB SA		579		46,451
Zoetis, Inc.		1,796		51,976
				9,040,753
				14,504,688
Consumer Discretionary - 3.5%
Auto Components - 0.2%
Aisin Seiki Co., Ltd.		900		32,487
BorgWarner, Inc.		830		51,020
Bridgestone Corp.		2,900		102,778
Cie Generale des Etablissements Michelin-Class B		815		101,887
Continental AG		499		119,669
Delphi Automotive PLC		1,041		70,642
Denso Corp.		2,200		105,504
GKN PLC		7,308		47,617
Goodyear Tire & Rubber Co. (The)		860		22,472
Johnson Controls, Inc.		2,480		117,354
NGK Spark Plug Co., Ltd.		1,000		22,472
NOK Corp.		700		11,391
Nokian Renkaat Oyj		503		20,351
Stanley Electric Co., Ltd.		500		11,096
Sumitomo Rubber Industries Ltd.		1,200		15,264
Toyota Industries Corp.		700		33,643
Valeo SA		339		47,742
Yokohama Rubber Co., Ltd. (The)		2,000		18,810
				952,199
Automobiles - 0.7%
Bayerische Motoren Werke AG		1,478		186,769
Daihatsu Motor Co., Ltd.		1,000		17,657
Daimler AG		4,296		406,396
Fiat SpA (a)		5,440		63,421
Ford Motor Co.		14,470		225,732
Fuji Heavy Industries Ltd.		3,000		81,240
General Motors Co.		4,766		164,046
Harley-Davidson, Inc.		800		53,288
Honda Motor Co., Ltd.		7,300		256,862
Isuzu Motors Ltd.		5,000		28,709
Mazda Motor Corp.		11,000		48,869
Mitsubishi Motors Corp.		2,400		25,065
Nissan Motor Co., Ltd.		11,100		98,938
Porsche Automobil Holding SE (Preference Shares)		684		70,320
Renault SA		857		83,244
Suzuki Motor Corp.		1,600		41,716
Toyota Motor Corp.		12,300		693,644
Volkswagen AG		140		35,518

Company	Shares		U.S. $ Value
Volkswagen AG (Preference Shares)		646		167,505
Yamaha Motor Co., Ltd.		1,200		19,145
				2,768,084
Distributors - 0.0%
Genuine Parts Co.		560		48,636
Jardine Cycle & Carriage Ltd.		1,000		36,093
				84,729
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc.		300		11,475
Graham Holdings Co.-Class B		61		42,929
Gree, Inc. (b)		682		7,539
H&R Block, Inc.		970		29,284
				91,227
Hotels, Restaurants & Leisure - 0.4%
Accor SA		750		38,383
Carnival Corp.		1,585		60,008
Carnival PLC		818		31,251
Chipotle Mexican Grill, Inc.-Class A (a)		144		81,799
Compass Group PLC		8,127		124,089
Crown Resorts Ltd.		2,537		39,238
Darden Restaurants, Inc.		470		23,857
Flight Centre Travel Group Ltd. (b)		471		22,979
Galaxy Entertainment Group Ltd. (a)		8,911		77,834
Genting Singapore PLC		22,000		23,397
InterContinental Hotels Group PLC		1,228		39,529
International Game Technology		880		12,373
Marriott International, Inc./DE-Class A		795		44,536
McDonald’s Corp.		3,680		360,750
McDonald’s Holdings Co. Japan Ltd. (b)		500		13,442
Oriental Land Co., Ltd./Japan		200		30,404
Sands China Ltd.		10,875		81,421
SJM Holdings Ltd.		13,014		36,664
Sodexo		292		30,605
Starbucks Corp.		2,760		202,529
Starwood Hotels & Resorts Worldwide, Inc.		695		55,322
Tatts Group Ltd.		6,512		17,535
TUI Travel PLC		2,386		17,435
Whitbread PLC		801		55,599
William Hill PLC		3,391		19,293
Wyndham Worldwide Corp.		450		32,954
Wynn Macau Ltd.		10,107		41,871
Wynn Resorts Ltd.		310		68,867
Yum! Brands, Inc.		1,645		124,017
				1,807,981
Household Durables - 0.2%
Casio Computer Co., Ltd.		800		9,459
DR Horton, Inc.		1,005		21,758
Electrolux AB-Class B (b)		2,430		53,206
Garmin Ltd. (b)		420		23,209
Harman International Industries, Inc.		240		25,536
Iida Group Holdings Co., Ltd.		867		12,005
Leggett & Platt, Inc.		475		15,504
Lennar Corp.-Class A		600		23,772

Company	Shares		U.S. $ Value
Mohawk Industries, Inc. (a)		250		33,995
Newell Rubbermaid, Inc.		1,025		30,648
Nikon Corp. (b)		1,500		24,165
Panasonic Corp.		9,900		112,594
Persimmon PLC (a)		1,354		30,413
PulteGroup, Inc.		1,235		23,700
Rinnai Corp.		200		17,592
Sekisui Chemical Co., Ltd.		2,000		20,773
Sekisui House Ltd.		2,000		24,736
Sharp Corp./Japan (a)		9,000		27,409
Sony Corp. (b)		4,500		85,713
Whirlpool Corp.		300		44,838
				661,025
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)		1,380		464,398
ASOS PLC (a)		244		21,091
Expedia, Inc.		382		27,695
NetFlix, Inc. (a)		226		79,559
priceline.com, Inc. (a)		197		234,802
Rakuten, Inc.		3,245		43,346
TripAdvisor, Inc. (a)		412		37,323
				908,214
Leisure Equipment & Products - 0.0%
Hasbro, Inc.		400		22,248
Mattel, Inc.		1,235		49,536
Namco Bandai Holdings, Inc.		900		21,348
Sankyo Co., Ltd.		300		12,626
Sega Sammy Holdings, Inc.		700		15,714
Shimano, Inc.		400		40,234
				161,706
Media - 0.8%
Axel Springer SE		401		25,661
British Sky Broadcasting Group PLC		4,358		66,333
Cablevision Systems Corp.-Class A		780		13,159
CBS Corp.-Class B		2,040		126,072
Comcast Corp.-Class A		9,570		478,691
Dentsu, Inc.		1,000		37,868
DIRECTV (a)		1,815		138,702
Discovery Communications, Inc.-Class A (a)		845		69,881
Eutelsat Communications SA		1,052		35,700
Gannett Co., Inc.		800		22,080
Interpublic Group of Cos., Inc. (The)		1,495		25,624
ITV PLC		16,647		53,187
JCDecaux SA		1,374		60,134
Kabel Deutschland Holding AG		201		27,610
Lagardere SCA		177		7,025
News Corp.-Class A (a)		1,808		31,134
Omnicom Group, Inc.		960		69,696
Pearson PLC		3,650		64,801
ProSiebenSat.1 Media AG		637		29,219
Publicis Groupe SA		807		72,857
Reed Elsevier NV		2,970		64,261
Reed Elsevier PLC		5,173		79,051

Company	Shares		U.S. $ Value
RTL Group SA		312		35,751
Scripps Networks Interactive, Inc.-Class A		420		31,882
SES SA		971		36,228
Singapore Press Holdings Ltd. (b)		6,000		20,051
Telenet Group Holding NV		194		11,959
Time Warner Cable, Inc.-Class A		1,065		146,097
Time Warner, Inc.		3,295		215,262
Toho Co., Ltd./Tokyo		1,000		20,043
Twenty-First Century Fox, Inc.-Class A		7,185		229,704
Viacom, Inc.-Class B		1,510		128,335
Walt Disney Co. (The)		6,014		481,541
WPP PLC		5,882		121,535
				3,077,134
Multiline Retail - 0.1%
Dollar General Corp. (a)		1,070		59,363
Dollar Tree, Inc. (a)		750		39,135
Don Quijote Holdings Co., Ltd.		500		25,814
Family Dollar Stores, Inc.		355		20,593
Isetan Mitsukoshi Holdings Ltd.		1,300		16,037
J Front Retailing Co., Ltd.		3,000		20,646
Kohl’s Corp.		730		41,464
Macy’s, Inc.		1,355		80,338
Marks & Spencer Group PLC		7,213		54,299
Next PLC		713		78,466
Nordstrom, Inc.		520		32,474
Target Corp.		2,325		140,686
				609,315
Specialty Retail - 0.5%
AutoNation, Inc. (a)		235		12,509
AutoZone, Inc. (a)		125		67,138
Bed Bath & Beyond, Inc. (a)		795		54,696
Best Buy Co., Inc.		1,000		26,410
CarMax, Inc. (a)		820		38,376
Fast Retailing Co., Ltd.		200		72,338
GameStop Corp.-Class A		415		17,057
Gap, Inc. (The)		955		38,257
Hennes & Mauritz AB-Class B		4,231		180,453
Home Depot, Inc. (The)		5,180		409,893
Inditex SA		974		146,128
Kingfisher PLC		10,966		77,100
L Brands, Inc.		885		50,242
Lowe’s Cos., Inc.		3,840		187,776
Nitori Holdings Co., Ltd.		400		17,358
O’Reilly Automotive, Inc. (a)		390		57,872
PetSmart, Inc.		380		26,178
Ross Stores, Inc.		800		57,240
Sanrio Co., Ltd. (b)		500		16,877
Shimamura Co., Ltd.		200		17,307
Staples, Inc.		2,415		27,386
Tiffany & Co.		405		34,891
TJX Cos., Inc. (The)		2,620		158,903
Tractor Supply Co.		515		36,374
Urban Outfitters, Inc. (a)		385		14,041
USS Co., Ltd.		1,310		18,403
Yamada Denki Co., Ltd. (b)		2,700		8,999
				1,870,202

Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods - 0.4%
Adidas AG		932		100,776
Asics Corp.		1,000		19,659
Burberry Group PLC		1,975		45,917
Christian Dior SA		166		31,883
Cie Financiere Richemont SA		2,331		222,699
Coach, Inc.		1,030		51,150
Fossil Group, Inc. (a)		169		19,707
Hugo Boss AG		198		26,364
Kering		338		68,916
Li & Fung Ltd.		48,000		71,130
Luxottica Group SpA		759		43,856
LVMH Moet Hennessy Louis Vuitton SA		1,134		205,495
Michael Kors Holdings Ltd. (a)		659		61,465
NIKE, Inc.-Class B		2,760		203,854
PVH Corp.		295		36,807
Ralph Lauren Corp.		240		38,623
Swatch Group AG (The)		137		85,945
Swatch Group AG (The) (REG)		522		60,533
VF Corp.		1,310		81,063
				1,475,842
				14,467,658
Industrials - 3.5%
Aerospace & Defense - 0.6%
Airbus Group NV		2,598		186,071
BAE Systems PLC		14,460		100,454
Boeing Co. (The)		2,560		321,254
Cobham PLC		7,675		38,316
General Dynamics Corp.		1,260		137,239
Honeywell International, Inc.		2,905		269,468
L-3 Communications Holdings, Inc.		325		38,399
Lockheed Martin Corp.		1,000		163,240
Meggitt PLC		2,537		20,347
Northrop Grumman Corp.		840		103,639
Precision Castparts Corp.		540		136,490
Raytheon Co.		1,200		118,548
Rockwell Collins, Inc.		500		39,835
Rolls-Royce Holdings PLC (a)		8,396		150,300
Safran SA		1,117		77,385
Singapore Technologies Engineering Ltd.		19,000		57,806
Textron, Inc.		1,005		39,487
Thales SA		694		46,019
United Technologies Corp.		3,125		365,125
Zodiac Aerospace		1,135		40,101
				2,449,523
Air Freight & Logistics - 0.2%
CH Robinson Worldwide, Inc.		565		29,600
Deutsche Post AG		4,049		150,531
Expeditors International of Washington, Inc.		720		28,534
FedEx Corp.		1,115		147,804
Kuehne & Nagel International AG		432		60,456
Royal Mail PLC (a)		2,926		27,504

Company	Shares		U.S. $ Value
United Parcel Service, Inc.-Class B		2,655		258,544
Yamato Holdings Co., Ltd.		1,600		34,434
				737,407
Airlines - 0.1%
ANA Holdings, Inc. (b)		16,000		34,551
Cathay Pacific Airways Ltd.		20,000		37,304
Delta Air Lines, Inc.		3,102		107,484
Deutsche Lufthansa AG (REG) (a)		1,092		28,632
easyJet PLC		713		20,405
International Consolidated Airlines Group SA (a)		4,346		30,327
Japan Airlines Co., Ltd.		472		23,229
Singapore Airlines Ltd.		3,000		24,964
Southwest Airlines Co.		2,555		60,324
				367,220
Building Products - 0.1%
Allegion PLC		335		17,477
Asahi Glass Co., Ltd.		4,000		23,144
Assa Abloy AB-Class B		1,164		62,002
Cie de St-Gobain		1,779		107,406
Daikin Industries Ltd.		1,000		56,079
Geberit AG		168		55,050
LIXIL Group Corp.		1,200		33,113
Masco Corp.		1,305		28,984
TOTO Ltd. (b)		2,000		27,724
				410,979
Commercial Services & Supplies - 0.1%
ADT Corp. (The)		647		19,378
Aggreko PLC		1,199		30,037
Babcock International Group PLC		1,614		36,245
Brambles Ltd.		6,954		59,832
Cintas Corp.		385		22,950
Dai Nippon Printing Co., Ltd.		2,000		19,126
Edenred		818		25,660
G4S PLC		6,839		27,594
Iron Mountain, Inc.		614		16,928
Pitney Bowes, Inc.		705		18,323
Republic Services, Inc.-Class A		950		32,452
Secom Co., Ltd.		900		51,737
Societe BIC SA		221		29,030
Stericycle, Inc. (a)		310		35,222
Toppan Printing Co., Ltd. (b)		2,000		14,300
Tyco International Ltd.		1,695		71,868
Waste Management, Inc.		1,595		67,102
				577,784
Construction & Engineering - 0.1%
ACS Actividades de Construccion y Servicios SA		667		26,225
Bouygues SA (b)		1,650		68,755
Chiyoda Corp.		1,000		12,903
Ferrovial SA		1,957		42,423
Fluor Corp.		615		47,804
Jacobs Engineering Group, Inc. (a)		465		29,527
JGC Corp.		1,000		34,739
Kajima Corp.		7,000		24,493

Company	Shares		U.S. $ Value
Leighton Holdings Ltd.		1,344		26,346
Obayashi Corp.		3,000		16,911
OCI (a)		320		14,519
Quanta Services, Inc. (a)		765		28,229
Shimizu Corp.		4,000		20,716
Taisei Corp.		5,000		22,314
Vinci SA		2,135		158,480
				574,384
Electrical Equipment - 0.3%
ABB Ltd. (REG) (a)		9,800		253,143
Alstom SA		1,012		27,618
AMETEK, Inc.		899		46,290
Eaton Corp. PLC		1,744		131,009
Emerson Electric Co.		2,600		173,680
First Solar, Inc. (a)		270		18,843
Fuji Electric Co., Ltd.		4,000		17,883
Legrand SA		827		51,373
Mitsubishi Electric Corp.		9,000		101,311
Nidec Corp.		1,000		61,317
Osram Licht AG (a)		292		18,934
Prysmian SpA		1,074		26,727
Rockwell Automation, Inc.		530		66,012
Roper Industries, Inc.		375		50,066
Schneider Electric SA (London)		82		7,288
Schneider Electric SA (Paris)		2,356		208,804
Sumitomo Electric Industries Ltd.		3,400		50,758
				1,311,056
Industrial Conglomerates - 0.6%
3M Co.		2,355		319,479
Danaher Corp.		2,190		164,250
General Electric Co.		37,170		962,331
Hutchison Whampoa Ltd.		10,000		132,847
Keppel Corp., Ltd.		4,000		34,703
Koninklijke Philips NV		3,341		117,533
Siemens AG		3,541		477,549
Smiths Group PLC		2,461		52,291
Toshiba Corp.		18,000		76,294
				2,337,277
Machinery - 0.7%
Alfa Laval AB		3,611		97,816
Amada Co., Ltd.		3,000		21,107
Andritz AG (b)		375		23,187
Atlas Copco AB-Class A		1,805		52,108
Atlas Copco AB-Class B		1,715		46,976
Caterpillar, Inc.		2,335		232,029
CNH Industrial NV (a)		2,876		33,100
Cummins, Inc.		650		96,844
Deere & Co.		1,385		125,758
Dover Corp.		635		51,911
FANUC Corp.		900		159,113
Flowserve Corp.		510		39,953
GEA Group AG		896		40,936
Hino Motors Ltd.		2,000		29,620
Hitachi Construction Machinery Co., Ltd. (b)		700		13,451

Company	Shares		U.S. $ Value
IHI Corp.		6,000		25,245
Illinois Tool Works, Inc.		1,525		124,028
IMI PLC		1,025		24,942
Ingersoll-Rand PLC		955		54,664
Joy Global, Inc.		385		22,330
JTEKT Corp.		1,400		20,783
Kawasaki Heavy Industries Ltd.		5,000		18,421
Komatsu Ltd.		4,200		88,051
Kone Oyj-Class B		1,392		58,448
Kubota Corp.		5,000		66,453
Makita Corp.		400		22,021
MAN SE		407		51,880
Melrose Industries PLC		4,948		24,521
Metso Oyj (b)		571		18,697
Mitsubishi Heavy Industries Ltd.		14,000		81,009
NGK Insulators Ltd.		1,000		20,862
NSK Ltd.		2,000		20,515
PACCAR, Inc.		1,310		88,346
Pall Corp.		395		35,341
Parker Hannifin Corp.		545		65,242
Pentair Ltd.		710		56,331
Sandvik AB		2,698		38,161
Scania AB-Class B		5,123		150,774
Schindler Holding AG (REG)		271		39,804
SembCorp Marine Ltd. (b)		7,000		22,569
SKF AB-Class B (b)		1,658		42,453
SMC Corp./Japan		200		52,747
Snap-On, Inc.		220		24,966
Stanley Black & Decker, Inc.		565		45,901
Sumitomo Heavy Industries Ltd. (b)		6,000		24,403
Vallourec SA		641		34,774
Volvo AB-Class B		6,759		107,443
Wartsila Oyj Abp		793		43,105
Weir Group PLC (The)		950		40,181
Xylem, Inc./NY		635		23,127
Zardoya Otis SA (b)		1,239		21,117
				2,763,564
Marine - 0.0%
AP Moeller-Maersk A/S-Class A		3		34,525
AP Moeller-Maersk A/S-Class B		6		71,812
Mitsui OSK Lines Ltd.		4,000		15,559
Nippon Yusen KK		5,000		14,522
				136,418
Professional Services - 0.1%
Adecco SA (a)		590		49,103
Bureau Veritas SA		1,236		37,910
Capita PLC		2,937		53,703
Dun & Bradstreet Corp. (The)		165		16,393
Equifax, Inc.		455		30,954
Experian PLC		4,508		81,350
Intertek Group PLC		720		36,966
Nielsen Holdings NV		916		40,881
Randstad Holding NV		1,613		94,407
Robert Half International, Inc.		485		20,346
SGS SA		24		59,190
				521,203

Company	Shares		U.S. $ Value
Road & Rail - 0.3%
Asciano Ltd.		8,374		40,513
Aurizon Holdings Ltd.		6,403		30,585
Central Japan Railway Co.		644		75,226
CSX Corp.		3,710		107,479
DSV A/S		511		16,477
East Japan Railway Co.		1,500		110,486
Hankyu Hanshin Holdings, Inc.		5,000		27,201
Kansas City Southern		420		42,865
Keikyu Corp.		2,000		16,865
Keio Corp.		3,000		20,887
Keisei Electric Railway Co., Ltd.		2,000		17,336
Kintetsu Corp. (b)		8,000		28,447
MTR Corp., Ltd.		7,000		25,938
Nippon Express Co., Ltd.		3,000		14,672
Norfolk Southern Corp.		1,140		110,774
Odakyu Electric Railway Co., Ltd.		2,000		17,215
Ryder System, Inc.		215		17,183
Tobu Railway Co., Ltd.		3,000		14,485
Tokyu Corp.		5,000		30,555
Union Pacific Corp.		1,725		323,714
West Japan Railway Co.		751		30,653
				1,119,556
Trading Companies & Distributors - 0.2%
Brenntag AG		189		35,100
Bunzl PLC		1,482		39,514
Fastenal Co.		980		48,333
ITOCHU Corp.		7,000		81,903
Marubeni Corp.		7,000		46,992
Mitsubishi Corp.		6,300		116,864
Mitsui & Co., Ltd.		7,800		110,242
Sumitomo Corp. (b)		5,000		63,578
Toyota Tsusho Corp.		700		17,755
Travis Perkins PLC		1,092		34,385
Wolseley PLC		1,423		81,078
WW Grainger, Inc.		230		58,112
				733,856
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		1,637		37,414
Aeroports de Paris		305		38,014
Atlantia SpA		2,911		74,797
Auckland International Airport Ltd. (a)		4,070		13,465
Hutchison Port Holdings Trust-Class U		43,553		28,317
Mitsubishi Logistics Corp.		1,000		13,894
Sydney Airport		15,829		61,590
Transurban Group		3,826		25,793
				293,284
				14,333,511
Information Technology - 3.5%
Communications Equipment - 0.4%
Alcatel-Lucent (a)		12,407		48,862

Company	Shares		U.S. $ Value
Cisco Systems, Inc.		19,640		440,133
F5 Networks, Inc. (a)		280		29,856
Harris Corp.		395		28,898
Juniper Networks, Inc. (a)		1,840		47,399
Motorola Solutions, Inc.		845		54,325
Nokia Oyj (a)		16,723		123,038
QUALCOMM, Inc.		6,220		490,509
Telefonaktiebolaget LM Ericsson-Class B		13,589		181,241
				1,444,261
Computers & Peripherals - 0.6%
Apple, Inc.		3,313		1,778,220
EMC Corp./MA		7,555		207,082
Hewlett-Packard Co.		7,060		228,461
NEC Corp.		9,000		27,645
NetApp, Inc.		1,240		45,756
SanDisk Corp.		820		66,576
Seagate Technology PLC		1,200		67,392
Seiko Epson Corp.		600		18,748
Western Digital Corp.		780		71,620
				2,511,500
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp.-Class A		575		52,699
Corning, Inc.		5,305		110,450
FLIR Systems, Inc.		510		18,360
Fujifilm Holdings Corp.		2,100		56,368
Hamamatsu Photonics KK		600		27,068
Hexagon AB-Class B		938		31,891
Hirose Electric Co., Ltd.		100		13,748
Hitachi High-Technologies Corp.		600		13,977
Hitachi Ltd.		22,000		162,845
Hoya Corp.		1,900		59,434
Jabil Circuit, Inc.		675		12,150
Keyence Corp.		200		82,393
Kyocera Corp.		1,400		63,095
Murata Manufacturing Co., Ltd.		900		85,069
Omron Corp.		900		37,239
TDK Corp.		900		37,532
TE Connectivity Ltd.		1,510		90,917
Yokogawa Electric Corp.		1,100		17,783
				973,018
Internet Software & Services - 0.5%
Akamai Technologies, Inc. (a)		655		38,128
Dena Co., Ltd. (b)		529		9,556
eBay, Inc. (a)		4,285		236,703
Facebook, Inc.-Class A (a)		6,050		364,452
Google, Inc.-Class A (a)		1,039		1,157,976
Kakaku.com, Inc.		961		15,624
United Internet AG		1,223		57,367
VeriSign, Inc. (a)		475		25,607
Yahoo Japan Corp.		6,408		31,392
Yahoo!, Inc. (a)		3,465		124,393
				2,061,198

Company	Shares		U.S. $ Value
IT Services - 0.6%
Accenture PLC-Class A		2,335		186,146
Alliance Data Systems Corp. (a)		180		49,041
Amadeus IT Holding SA-Class A		1,699		70,602
Automatic Data Processing, Inc.		1,770		136,750
Cap Gemini SA		854		64,653
Cognizant Technology Solutions Corp.-Class A (a)		2,230		112,860
Computer Sciences Corp.		540		32,843
Computershare Ltd.		1,449		16,296
Fidelity National Information Services, Inc.		1,070		57,191
Fiserv, Inc. (a)		950		53,856
Fujitsu Ltd.		8,000		48,356
International Business Machines Corp.		3,626		697,969
MasterCard, Inc.-Class A		3,810		284,607
Nomura Research Institute Ltd.		600		18,928
NTT Data Corp.		500		19,403
Otsuka Corp.		200		26,087
Paychex, Inc.		1,195		50,907
Teradata Corp. (a)		595		29,268
Total System Services, Inc.		610		18,550
Visa, Inc.-Class A		1,875		404,737
Western Union Co. (The)-Class W		2,030		33,211
Xerox Corp.		4,245		47,969
				2,460,230
Office Electronics - 0.1%
Canon, Inc.		5,100		158,283
Konica Minolta, Inc.		2,000		18,711
Ricoh Co., Ltd.		3,000		34,778
				211,772
Semiconductors & Semiconductor Equipment - 0.4%
Altera Corp.		1,160		42,038
Analog Devices, Inc.		1,130		60,048
Applied Materials, Inc.		4,385		89,542
ARM Holdings PLC		6,241		105,400
ASM Pacific Technology Ltd.		900		8,801
ASML Holding NV		1,801		167,643
Broadcom Corp.-Class A		1,970		62,016
Infineon Technologies AG		4,860		57,981
Intel Corp.		18,240		470,774
KLA-Tencor Corp.		610		42,175
Lam Research Corp. (a)		579		31,845
Linear Technology Corp.		840		40,900
LSI Corp.		1,970		21,808
Microchip Technology, Inc.		695		33,193
Micron Technology, Inc. (a)		3,820		90,381
NVIDIA Corp.		2,085		37,342
Rohm Co., Ltd.		400		17,861
STMicroelectronics NV		4,174		38,680
Texas Instruments, Inc.		4,025		189,779
Tokyo Electron Ltd.		800		49,721
Xilinx, Inc.		985		53,456
				1,711,384
Software - 0.7%
Adobe Systems, Inc. (a)		1,710		112,415

Company	Shares		U.S. $ Value
Autodesk, Inc. (a)		825		40,574
CA, Inc.		1,185		36,700
Citrix Systems, Inc. (a)		680		39,052
Dassault Systemes		243		28,435
Electronic Arts, Inc. (a)		1,135		32,926
Gemalto NV (b)		323		37,647
GungHo Online Entertainment, Inc. (b)		4,000		21,744
Intuit, Inc.		1,050		81,617
Microsoft Corp.		27,920		1,144,441
Nexon Co., Ltd.		2,595		21,793
NICE Systems Ltd.		208		9,275
Nintendo Co., Ltd.		500		59,770
Oracle Corp.		12,900		527,739
Oracle Corp. Japan		500		22,672
Red Hat, Inc. (a)		690		36,556
Sage Group PLC (The)		4,400		30,689
Salesforce.com, Inc. (a)		2,034		116,121
SAP AG		4,114		333,710
Symantec Corp.		2,555		51,023
Trend Micro, Inc./Japan		500		15,448
				2,800,347
				14,173,710
Consumer Staples - 3.0%
Beverages - 0.7%
Anheuser-Busch InBev NV		3,588		377,871
Asahi Group Holdings Ltd.		1,700		47,661
Beam, Inc.		600		49,980
Brown-Forman Corp.-Class B		602		53,993
Carlsberg A/S-Class B		478		47,517
Coca-Cola Amatil Ltd.		3,316		33,981
Coca-Cola Co. (The)		13,930		538,534
Coca-Cola Enterprises, Inc.		850		40,596
Coca-Cola HBC AG (a)		892		22,239
Constellation Brands, Inc.-Class A (a)		620		52,681
Diageo PLC		11,209		348,141
Dr Pepper Snapple Group, Inc.		720		39,211
Heineken NV		1,245		86,636
Kirin Holdings Co., Ltd.		4,000		55,358
Molson Coors Brewing Co.-Class B		550		32,373
Monster Beverage Corp. (a)		510		35,419
PepsiCo, Inc.		5,625		469,687
Pernod Ricard SA		946		110,091
Remy Cointreau SA (b)		195		15,642
SABMiller PLC (London)		4,293		214,660
Suntory Beverage & Food Ltd.		848		29,216
Treasury Wine Estates Ltd. (b)		5,315		17,460
				2,718,947
Food & Staples Retailing - 0.6%
Aeon Co., Ltd.		2,700		30,390
Carrefour SA		2,692		104,138
Casino Guichard Perrachon SA		482		57,308
Colruyt SA		393		21,664
Costco Wholesale Corp.		1,615		180,363
CVS Caremark Corp.		4,380		327,887

Company	Shares		U.S. $ Value
Delhaize Group SA		404		29,545
Distribuidora Internacional de Alimentacion SA		2,417		22,103
FamilyMart Co., Ltd.		400		17,590
J Sainsbury PLC		5,506		29,036
Jeronimo Martins SGPS SA (b)		1,190		19,969
Koninklijke Ahold NV		5,463		109,726
Kroger Co. (The)		1,865		81,407
Lawson, Inc.		200		14,152
Metro AG		1,551		63,267
Safeway, Inc.		895		33,061
Seven & I Holdings Co., Ltd.		3,400		129,555
Sysco Corp.		2,105		76,054
Tesco PLC		36,078		177,941
Wal-Mart Stores, Inc.		5,963		455,752
Walgreen Co.		3,195		210,966
Wesfarmers Ltd.		5,147		197,210
Whole Foods Market, Inc.		1,370		69,473
WM Morrison Supermarkets PLC		9,857		35,049
Woolworths Ltd.		5,562		184,447
				2,678,053
Food Products – 0.8%
Ajinomoto Co., Inc.		3,000		42,936
Archer-Daniels-Midland Co.		2,415		104,787
Aryzta AG (a)		470		41,560
Associated British Foods PLC		1,705		79,116
Campbell Soup Co.		625		28,050
ConAgra Foods, Inc.		1,535		47,631
Danone SA (b)		2,553		180,363
General Mills, Inc.		2,335		121,000
Golden Agri-Resources Ltd.		48,000		21,960
Hershey Co. (The)		550		57,420
Hormel Foods Corp.		475		23,403
JM Smucker Co. (The)		395		38,410
Kellogg Co.		915		57,380
Kerry Group PLC-Class A		781		59,618
Keurig Green Mountain, Inc.		478		50,472
Kraft Foods Group, Inc.		2,178		122,186
Lindt & Spruengli AG (REG)		1		58,877
McCormick & Co., Inc./MD		475		34,077
Mead Johnson Nutrition Co.-Class A		760		63,186
MEIJI Holdings Co., Ltd.		300		18,910
Mondelez International, Inc.-Class A		6,435		222,329
Nestle SA		14,400		1,083,882
Nippon Meat Packers, Inc.		1,000		14,886
Nissin Foods Holdings Co., Ltd. (b)		400		18,051
Orkla ASA		2,074		17,681
Tate & Lyle PLC		2,078		23,144
Toyo Suisan Kaisha Ltd.		1,000		33,414
Tyson Foods, Inc.-Class A		975		42,910
Unilever NV		7,274		299,213
Unilever PLC		5,731		245,112
Wilmar International Ltd.		9,000		24,799
Yakult Honsha Co., Ltd.		400		20,079
				3,296,842
Household Products – 0.4%
Clorox Co. (The)		470		41,365
Colgate-Palmolive Co.		3,200		207,584

Company	Shares		U.S. $ Value
Henkel AG & Co. KGaA		579		58,229
Henkel AG & Co. KGaA (Preference Shares)		796		85,683
Kimberly-Clark Corp.		1,415		156,004
Procter & Gamble Co. (The)		10,015		807,209
Reckitt Benckiser Group PLC		2,888		235,675
Svenska Cellulosa AB SCA-Class B		2,115		62,289
Unicharm Corp.		500		26,678
				1,680,716
Personal Products - 0.1%
Avon Products, Inc.		1,555		22,765
Beiersdorf AG		310		30,236
Estee Lauder Cos., Inc. (The)-Class A		940		62,867
Kao Corp.		2,300		81,452
L’Oreal SA		1,080		178,179
Shiseido Co., Ltd.		1,600		28,190
				403,689
Tobacco - 0.4%
Altria Group, Inc.		7,310		273,613
British American Tobacco PLC		8,566		477,861
Imperial Tobacco Group PLC		4,350		175,903
Japan Tobacco, Inc.		4,912		154,175
Lorillard, Inc.		1,340		72,467
Philip Morris International, Inc.		5,900		483,033
Reynolds American, Inc.		1,135		60,632
Swedish Match AB		831		27,204
				1,724,888
				12,503,135
Energy - 2.5%
Energy Equipment & Services - 0.4%
Aker Solutions ASA		1,244		19,361
AMEC PLC		1,606		30,078
Baker Hughes, Inc.		1,610		104,682
Cameron International Corp. (a)		870		53,740
CGG SA (a)		1,620		25,963
Diamond Offshore Drilling, Inc. (b)		240		11,702
Ensco PLC-Class A		850		44,863
FMC Technologies, Inc. (a)		860		44,969
Fugro NV		538		33,056
Halliburton Co.		3,090		181,970
Helmerich & Payne, Inc.		385		41,411
Nabors Industries Ltd.		915		22,555
National Oilwell Varco, Inc.		1,555		121,088
Noble Corp. PLC		925		30,285
Petrofac Ltd.		1,166		27,953
Rowan Cos., PLC-Class A (a)		455		15,324
Saipem SpA		1,479		36,124
Schlumberger Ltd.		4,835		471,413
Seadrill Ltd.		1,676		59,007
Subsea 7 SA		1,066		19,815
Technip SA		267		27,524
Tenaris SA		1,269		28,041
Transocean Ltd. (b)		1,200		49,608
Transocean Ltd. (Zurich)		1,255		51,744
WorleyParsons Ltd.		885		12,464
				1,564,740

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 2.1%
Anadarko Petroleum Corp.		1,845		156,382
Apache Corp.		1,445		119,863
BG Group PLC		15,199		283,755
BP PLC		84,788		681,276
Cabot Oil & Gas Corp.		1,540		52,175
Caltex Australia Ltd.		1,410		28,852
Chesapeake Energy Corp.		1,845		47,269
Chevron Corp.		7,080		841,883
ConocoPhillips		4,520		317,982
CONSOL Energy, Inc.		840		33,558
Delek Group Ltd.		47		18,774
Denbury Resources, Inc.		1,310		21,484
Devon Energy Corp.		1,420		95,041
ENI SpA		11,360		284,868
EOG Resources, Inc.		1,005		197,151
EQT Corp.		540		52,364
Exxon Mobil Corp.		16,087		1,571,378
Galp Energia SGPS SA		1,550		26,756
Hess Corp.		1,040		86,195
Idemitsu Kosan Co., Ltd.		1,200		24,685
Inpex Corp.		4,000		51,941
JX Holdings, Inc.		10,000		48,210
Kinder Morgan, Inc./DE		2,475		80,413
Koninklijke Vopak NV (b)		502		28,020
Lundin Petroleum AB (a)		856		17,621
Marathon Oil Corp.		2,555		90,754
Marathon Petroleum Corp.		1,112		96,788
Murphy Oil Corp.		655		41,173
Neste Oil Oyj (b)		572		11,663
Newfield Exploration Co. (a)		470		14,739
Noble Energy, Inc.		1,300		92,352
Occidental Petroleum Corp.		2,950		281,105
OMV AG		658		29,868
ONEOK, Inc.		770		45,622
Origin Energy Ltd.		4,903		65,122
Peabody Energy Corp.		945		15,441
Phillips 66		2,210		170,303
Pioneer Natural Resources Co.		515		96,377
QEP Resources, Inc.		625		18,400
Range Resources Corp.		600		49,782
Repsol SA		3,820		97,560
Royal Dutch Shell PLC-Class A		17,357		634,186
Royal Dutch Shell PLC-Class B		11,041		431,045
Santos Ltd.		4,317		54,121
Southwestern Energy Co. (a)		1,245		57,282
Spectra Energy Corp.		2,435		89,949
Statoil ASA		4,983		140,594
Tesoro Corp.		475		24,030
TonenGeneral Sekiyu KK		2,000		17,647
Total SA (b)		9,552		628,756
Tullow Oil PLC		4,387		54,824
Valero Energy Corp.		1,975		104,872
Williams Cos., Inc. (The)		2,505		101,653
Woodside Petroleum Ltd.		2,943		106,564
				8,830,468
				10,395,208

Company	Shares		U.S. $ Value
Materials - 1.7%
Chemicals - 0.9%
Air Liquide SA		1,392		188,505
Air Products & Chemicals, Inc.		770		91,661
Air Water, Inc.		1,000		13,801
Airgas, Inc.		240		25,562
Akzo Nobel NV		704		57,418
Arkema SA		450		50,907
Asahi Kasei Corp.		6,000		40,684
BASF SE		4,101		456,329
CF Industries Holdings, Inc.		240		62,554
Croda International PLC		549		23,347
Dow Chemical Co. (The)		4,425		215,011
Eastman Chemical Co.		580		50,002
Ecolab, Inc.		990		106,910
EI du Pont de Nemours & Co.		3,395		227,804
EMS-Chemie Holding AG (REG)		109		41,193
FMC Corp.		480		36,749
Givaudan SA (a)		37		57,230
Hitachi Chemical Co., Ltd.		900		12,242
Incitec Pivot Ltd.		7,611		20,931
International Flavors & Fragrances, Inc.		300		28,701
Israel Chemicals Ltd.		1,432		12,528
Israel Corp., Ltd. (The) (a)		16		8,936
Johnson Matthey PLC		915		49,958
JSR Corp.		800		14,801
K&S AG		1,472		48,338
Kansai Paint Co., Ltd.		1,000		14,237
Kuraray Co., Ltd.		1,000		11,441
Lanxess AG		509		38,420
Linde AG		827		165,587
LyondellBasell Industries NV-Class A		1,599		142,215
Mitsubishi Chemical Holdings Corp.		6,000		24,917
Mitsubishi Gas Chemical Co., Inc.		2,000		11,275
Monsanto Co.		1,940		220,714
Mosaic Co. (The)		1,230		61,500
Nippon Paint Co., Ltd.		1,000		15,141
Nitto Denko Corp.		600		28,772
Novozymes A/S-Class B		1,129		49,630
Orica Ltd.		2,259		45,966
PPG Industries, Inc.		550		106,403
Praxair, Inc.		1,090		142,757
Sherwin-Williams Co. (The)		315		62,096
Shin-Etsu Chemical Co., Ltd.		1,800		102,611
Showa Denko KK		7,000		9,909
Sigma-Aldrich Corp.		455		42,488
Sika AG		6		24,543
Solvay SA		236		37,072
Sumitomo Chemical Co., Ltd.		7,000		25,808
Syngenta AG		416		157,924
Taiyo Nippon Sanso Corp.		2,000		15,731
Teijin Ltd.		5,000		12,389
Toray Industries, Inc. (b)		7,000		46,187
Umicore SA		509		25,956
Yara International ASA		541		23,963
				3,607,754

Company	Shares		U.S. $ Value
Construction Materials - 0.1%
CRH PLC		3,257		91,135
Fletcher Building Ltd.		3,064		25,347
HeidelbergCement AG		440		37,713
Holcim Ltd. (a)		816		67,629
James Hardie Industries PLC		3,449		46,072
Lafarge SA		832		64,938
Taiheiyo Cement Corp.		5,000		18,007
Vulcan Materials Co.		465		30,899
				381,740
Containers & Packaging - 0.1%
Amcor Ltd./Australia		5,378		51,962
Avery Dennison Corp.		335		16,974
Ball Corp.		510		27,953
Bemis Co., Inc.		330		12,949
MeadWestvaco Corp.		620		23,337
Owens-Illinois, Inc. (a)		560		18,945
Rexam PLC		3,528		28,669
Sealed Air Corp.		690		22,680
Toyo Seikan Group Holdings Ltd.		1,700		27,589
				231,058
Metals & Mining - 0.6%
Alcoa, Inc.		3,920		50,450
Allegheny Technologies, Inc.		385		14,507
Anglo American PLC		6,223		159,027
Antofagasta PLC		1,773		24,736
ArcelorMittal (Euronext Amsterdam)		8,908		143,767
BHP Billiton Ltd.		14,341		486,092
BHP Billiton PLC		9,431		291,217
Boliden AB		1,652		25,158
Cliffs Natural Resources, Inc. (b)		530		10,844
Fortescue Metals Group Ltd.		6,938		33,968
Freeport-McMoRan Copper & Gold, Inc.		3,775		124,839
Fresnillo PLC		1,459		20,567
Glencore Xstrata PLC		47,381		244,404
Hitachi Metals Ltd.		1,000		14,245
Iluka Resources Ltd.		2,008		18,490
JFE Holdings, Inc.		2,200		41,339
Kobe Steel Ltd.		12,000		15,925
Mitsubishi Materials Corp.		7,000		19,838
Newcrest Mining Ltd. (a)		2,055		18,804
Newmont Mining Corp.		1,795		42,075
Nippon Steel & Sumitomo Metal Corp.		34,000		92,778
Norsk Hydro ASA		6,514		32,433
Nucor Corp.		1,160		58,626
Randgold Resources Ltd.		390		29,275
Rio Tinto Ltd.		1,946		114,780
Rio Tinto PLC		5,676		316,538
Sumitomo Metal Mining Co., Ltd.		2,000		25,068
ThyssenKrupp AG (a)		1,305		35,011
United States Steel Corp. (b)		530		14,633
Voestalpine AG		442		19,452
				2,538,886

Company	Shares		U.S. $ Value
Paper & Forest Products - 0.0%
International Paper Co.		1,615		74,096
OJI Holdings Corp.		4,000		17,891
Stora Enso Oyj-Class R		2,457		26,296
UPM-Kymmene Oyj		2,358		40,343
				158,626
				6,918,064
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		19,348		678,534
Belgacom SA		795		24,910
Bezeq The Israeli Telecommunication Corp., Ltd.		7,158		12,760
BT Group PLC		35,190		223,799
CenturyLink, Inc.		2,160		70,934
Deutsche Telekom AG		12,543		203,517
Elisa Oyj (a)		635		18,267
Frontier Communications Corp. (b)		3,660		20,862
HKT Trust and HKT Ltd.		18,882		19,922
Iliad SA		163		47,000
Inmarsat PLC		1,541		18,681
Koninklijke KPN NV (a)		2,757		9,732
Nippon Telegraph & Telephone Corp.		1,900		103,249
Orange SA		8,280		122,310
Portugal Telecom SGPS SA (b)		2,560		10,896
Singapore Telecommunications Ltd.		36,000		104,377
Swisscom AG		104		63,895
TDC A/S		3,390		31,339
Telecom Corp. of New Zealand Ltd.		9,734		20,640
Telecom Italia SpA (ordinary shares)		64,157		75,830
Telecom Italia SpA (savings shares)		16,898		15,857
Telefonica SA		18,290		289,837
Telekom Austria AG		1,044		10,395
Telenor ASA		2,746		60,777
TeliaSonera AB		10,613		80,154
Telstra Corp., Ltd.		20,376		96,082
Verizon Communications, Inc.		15,195		722,826
Vivendi SA		5,418		150,798
Windstream Holdings, Inc. (b)		2,175		17,922
Ziggo NV		1,595		70,833
				3,396,935
Wireless Telecommunication Services - 0.3%
KDDI Corp.		2,403		139,530
Millicom International Cellular SA		641		65,287
NTT DoCoMo, Inc.		6,800		107,151
Softbank Corp.		4,300		324,943
StarHub Ltd.		4,000		13,383
Vodafone Group PLC		118,560		435,983
				1,086,277
				4,483,212

Company	Shares		U.S. $ Value
Utilities - 1.0%
Electric Utilities - 0.5%
American Electric Power Co., Inc.		1,775		89,922
Cheung Kong Infrastructure Holdings Ltd.		7,000		44,768
Chubu Electric Power Co., Inc. (a)		2,900		34,120
Chugoku Electric Power Co., Inc. (The)		1,300		18,089
CLP Holdings Ltd.		5,000		37,702
Contact Energy Ltd.		2,149		9,926
Duke Energy Corp.		2,582		183,890
Edison International		1,165		65,951
EDP - Energias de Portugal SA		8,962		41,607
Electricite de France		1,042		41,201
Enel SpA		29,393		166,252
Entergy Corp.		625		41,781
Exelon Corp.		3,147		105,613
FirstEnergy Corp.		1,535		52,236
Fortum Oyj		1,983		45,076
Hokkaido Electric Power Co., Inc. (a)		1,800		15,172
Hokuriku Electric Power Co.		1,600		20,746
Iberdrola SA		21,215		148,451
Kansai Electric Power Co., Inc. (The) (a)		3,100		31,776
Kyushu Electric Power Co., Inc.		1,900		23,230
NextEra Energy, Inc.		1,595		152,514
Northeast Utilities		1,160		52,780
Pepco Holdings, Inc.		890		18,227
Pinnacle West Capital Corp.		385		21,044
Power Assets Holdings Ltd.		3,500		30,379
PPL Corp.		2,295		76,056
Red Electrica Corp. SA		483		39,275
Shikoku Electric Power Co., Inc. (a)		700		9,491
Southern Co. (The)		3,210		141,047
SP AusNet		12,753		15,525
SSE PLC		4,306		105,471
Tohoku Electric Power Co., Inc.		1,400		14,398
Tokyo Electric Power Co., Inc. (a)		5,500		22,129
Xcel Energy, Inc.		1,820		55,255
				1,971,100
Gas Utilities - 0.1%
AGL Resources, Inc.		398		19,486
APA Group (b)		2,828		16,855
Enagas SA		853		25,948
Gas Natural SDG SA		1,513		42,566
Hong Kong & China Gas Co., Ltd.		29,400		64,232
Osaka Gas Co., Ltd.		8,000		30,236
Snam SpA		6,059		35,491
Toho Gas Co., Ltd.		2,000		10,867
Tokyo Gas Co., Ltd.		11,000		55,777
				301,458
Independent Power Producers & Energy Traders - 0.0%
AES Corp./VA		2,385		34,058
Electric Power Development Co., Ltd.		500		14,063
Enel Green Power SpA		25,579		71,837
NRG Energy, Inc.		1,140		36,252
				156,210

Company	Shares		U.S. $ Value
Multi-Utilities - 0.4%
AGL Energy Ltd.		3,037		42,826
Ameren Corp.		860		35,432
CenterPoint Energy, Inc.		1,545		36,601
Centrica PLC		23,112		127,149
CMS Energy Corp.		970		28,402
Consolidated Edison, Inc.		1,080		57,942
Dominion Resources, Inc./VA		2,135		151,564
DTE Energy Co.		670		49,774
E.ON SE		8,042		157,061
GDF Suez		5,926		162,105
Integrys Energy Group, Inc.		300		17,895
National Grid PLC		16,377		225,046
NiSource, Inc.		1,105		39,261
PG&E Corp.		1,625		70,200
Public Service Enterprise Group, Inc.		1,855		70,750
RWE AG		2,185		88,666
SCANA Corp.		495		25,403
Sempra Energy		860		83,214
Suez Environnement Co.		1,324		26,895
TECO Energy, Inc.		725		12,434
United Utilities Group PLC		2,853		37,529
Veolia Environnement SA		1,552		30,758
Wisconsin Energy Corp.		800		37,240
				1,614,147
Water Utilities - 0.0%
Severn Trent PLC		1,196		36,349
				4,079,264
Total Common Stocks (cost $96,053,633)				121,099,899
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 22.3%
United States - 22.3%
U.S. Treasury Bonds
2.75%, 8/15/42	$	775		661,656
3.125%, 11/15/41-2/15/43		2,825		2,607,963
3.50%, 2/15/39		152		152,475
3.625%, 8/15/43		1,735		1,756,146
3.75%, 8/15/41		220		229,212
3.875%, 8/15/40		280		298,463
4.25%, 5/15/39		240		271,687
4.375%, 11/15/39-5/15/41		1,258		1,452,624
4.50%, 8/15/39		220		258,775
4.75%, 2/15/37-2/15/41		401		489,697
5.375%, 2/15/31		650		831,492
6.00%, 2/15/26		434		570,642
6.25%, 8/15/23-5/15/30		724		994,546
6.875%, 8/15/25		325		453,832
7.25%, 5/15/16-8/15/22		883		1,180,532
7.50%, 11/15/16		92		108,158
7.625%, 2/15/25		55		80,283
8.00%, 11/15/21		123		171,508
U.S. Treasury Notes
0.25%, 5/31/15-7/31/15		4,480		4,484,479

	Principal Amount (000)		U.S. $ Value
0.375%, 4/15/15-1/31/16		6,515		6,523,505
0.50%, 7/31/17		1,540		1,510,523
0.75%, 2/28/18-3/31/18		5,625		5,490,332
0.875%, 11/30/16-4/30/17		2,315		2,316,894
1.00%, 9/30/16-5/31/18		5,485		5,451,442
1.25%, 8/31/15-4/30/19		3,360		3,336,299
1.375%, 11/30/15-2/28/19		15,232		15,337,833
1.625%, 8/15/22-11/15/22		2,090		1,938,187
1.75%, 7/31/15-5/15/23		6,350		6,350,971
1.875%, 10/31/17		1,100		1,126,125
2.00%, 4/30/16-2/15/23		3,760		3,653,612
2.125%, 12/31/15-8/15/21		825		830,825
2.25%, 1/31/15-11/30/17		739		762,816
2.375%, 7/31/17		416		433,270
2.50%, 3/31/15-8/15/23		1,653		1,634,952
2.625%, 1/31/18-11/15/20		2,010		2,082,608
2.75%, 5/31/17-11/15/23		2,875		3,018,544
3.00%, 2/28/17		889		943,382
3.125%, 10/31/16-5/15/21		1,111		1,176,860
3.25%, 7/31/16		1,147		1,218,239
3.375%, 11/15/19		1,055		1,137,669
3.625%, 2/15/20-2/15/21		1,425		1,554,017
3.75%, 11/15/18		6,205		6,802,231
Total Governments - Treasuries (cost $93,124,692)				91,685,306
	Shares
INVESTMENT COMPANIES - 9.8%
Funds and Investment Trusts - 9.8%
iShares Core MSCI Emerging Markets ETF		60,289		2,958,984
iShares MSCI EAFE ETF		40,137		2,696,003
SPDR S&P 500 ETF Trust		129,032		24,134,145
Vanguard REIT ETF		147,681		10,429,232
Total Investment Companies (cost $38,751,770)				40,218,364
	Contracts
OPTIONS PURCHASED - PUTS - 0.1%
Options on Equity Indices - 0.1%
S&P 500 Index
Expiration: June 2014,
Exercise Price: $1,750.00 (a)(e)		218		360,790
	Notional Amount (000)
Swaptions - 0.0%
IRS Swaption, Deutsche Bank AG London,
Expiration: May 2014, Pay 1.95%,
Receive 3-month LIBOR (BBA)		7,770		27,911
IRS Swaption, JPMorgan Chase Bank, NA,
Expiration: May 2014, Pay 3.12%,
Receive 3-month LIBOR (BBA)		2,510		3,721

	Notional Amount (000)		U.S. $ Value
IRS Swaption, Morgan Stanley Capital Services, LLC,
Expiration: May 2014, Pay 3.14%,
Receive 3-month LIBOR (BBA)		2,710		2,035
IRS Swaption, Citibank, NA,
Expiration: May 2014, Pay 3.95%,
Receive 3-month LIBOR (BBA)		1,730		397
				34,064
Total Options Purchased - Puts (premiums paid $806,168)				394,854
	Shares
RIGHTS - 0.0%
Financials - 0.0%
Commercial Banks - 0.0%
Banco Bilbao Vizcaya, expiring 4/14/14 (a)		25,822		6,047
Real Estate Investment Trusts (REITs) - 0.0%
Intu Properties PLC, expiring 4/17/14 (a)		1,008		1,597
Real Estate Management & Development - 0.0%
New World Development Co., Ltd.,
expiring 4/17/17 (a)		7,333		1,513
Total Rights (cost $5,979)				9,157
SHORT-TERM INVESTMENTS - 36.3%
Investment Companies - 36.3%
AllianceBernstein Fixed-Income Shares, Inc.- Government STIF Portfolio, 0.08% (f)(g) (cost $149,222,972)		149,222,972		149,222,972
Total Investments Before Security Lending Collateral for Securities Loaned - 97.9% (cost $377,965,214)				402,630,552
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
Investment Companies - Sec Lending - 0.5%
AllianceBernstein Exchange Reserves-Class I, 0.07% (g) (cost $2,113,653)		2,113,653		2,113,653
Total Investments - 98.4% (cost $380,078,867) (h)				404,744,205
Other assets less liabilities - 1.6% (i)				6,512,436
Net Assets - 100.0%			$	411,256,641

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		444		June 2014	$	18,382,842	$	18,961,969	$	579,127
FTSE 100 Index Futures		90		June 2014		9,796,138		9,818,097		21,959
MSCI EAFE Mini Futures		1		June 2014		93,546		94,750		1,204
Russell 2000 Mini Futures		74		June 2014		8,706,989		8,661,700		(45,289	)
S&P 500 E Mini Futures		185		June 2014		16,955,840		17,247,550		291,710
S&P Mid 400 E Mini Futures		92		June 2014		12,513,049		12,649,080		136,031
SPI 200 Futures		2		June 2014		248,270		250,074		1,804
TOPIX Index Futures		132		June 2014		15,556,228		15,384,973		(171,255	)
U.S. T-Note 10 Yr (CBT) Futures		212		June 2014		26,308,220		26,182,000		(126,220	)
U.S. Ultra Bond (CBT) Futures		56		June 2014		7,887,489		8,090,250		202,761
Sold Contracts
Hang Seng Index Futures		12		April 2014		1,693,708		1,712,628		(18,920	)
									$	872,912

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		USD	832		SEK	5,306		6/18/14	$	(13,281	)
BNP Paribas SA		AUD	2,274		USD	2,036		6/18/14		(61,918	)
BNP Paribas SA		USD	447		GBP	268		6/18/14		(59	)
Citibank, NA		USD	635		GBP	381		6/18/14		(407	)
Credit Suisse International		USD	7,436		JPY	760,438		6/18/14		(65,841	)
Royal Bank of Canada		CAD	302		USD	272		6/18/14		(786	)
Royal Bank of Scotland PLC		USD	1,022		GBP	627		6/18/14		22,257
Royal Bank of Scotland PLC		USD	640		JPY	65,201		6/18/14		(7,629	)
State Street Bank & Trust Co.		USD	611		EUR	445		6/18/14		1,833
State Street Bank & Trust Co.		USD	3,758		EUR	2,711		6/18/14		(23,643	)
State Street Bank & Trust Co.		USD	38		GBP	23		6/18/14		129
State Street Bank & Trust Co.		USD	1,471		CHF	1,291		6/18/14		(9,895	)
UBS AG		JPY	80,847		USD	787		6/18/14		3,748
									$	(155,492	)

CENTRALLY CLEARED INTEREST RATE SWAPS

					Rate Type
Clearing Broker /(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets, Inc./(CME Group)		3,460		11/04/18		3 Month LIBOR		1.453	%	$	(15,324	)
Citigroup Global Markets, Inc./(CME Group)		970		11/01/23		3 Month LIBOR		2.617	%		(4,497	)
Citigroup Global Markets, Inc./(CME Group)		1,220		11/05/23		3 Month LIBOR		2.76	%		9,725
Citigroup Global Markets, Inc./(CME Group)		600		11/04/43		3 Month LIBOR		3.58	%		13,294
										$	3,198

TOTAL RETURN SWAPS

Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date	Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	MSCI AC Far East Ex Japan Index		6,741		0.44	%	$	2,272	10/15/14	Bank of America, NA	$	66,843
Receive	MSCI AC Far East Ex Japan Index		8,220		0.39	%		2,770	11/17/14	Bank of America, NA		81,555
Receive	MSCI AC Far East Ex Japan Index		6,978		0.50	%		2,351	12/15/14	Bank of America, NA		69,142
Receive	Russell 2000 Total Return Index		109		0.01	%		604	10/15/14	Bank of America, NA		(7,228	)
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		237		0.54	%		895	4/15/14	Deutsche Bank AG London		11,245
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		330		0.54	%		1,246	4/15/14	Deutsche Bank AG London		15,658
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		292		0.54	%		1,102	7/15/14	Deutsche Bank AG London		13,855
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		256		0.57	%		966	8/15/14	Deutsche Bank AG London		12,137
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		18		0.67	%		68	10/15/14	Deutsche Bank AG London		851
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		181		0.67	%		683	10/15/14	Deutsche Bank AG London		8,558

Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date	Counterparty	Unrealized Appreciation/ (Depreciation)
Receive	MSCI Emerging Markets Index		4,237		0.31	%	$	1,641	7/31/14	Deutsche Bank AG London	$	90,771
Receive	iShares MSCI Emerging Markets ETF		2,511		1.00	%		103	6/27/14	Goldman Sachs International		108
Receive	iShares MSCI Emerging Markets ETF		14,581		1.00	%		583	6/27/14	Goldman Sachs International		14,441
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		137		0.54	%		517	5/15/14	UBS AG		6,500
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		132		0.66	%		498	10/15/14	UBS AG		6,243
Receive	Russell 2000 Total Return Index		65		1.00	%		360	10/15/14	UBS AG		(4,306	)
Receive	Russell 2000 Total Return Index		487		1.00	%		2,700	3/16/15	UBS AG		(32,290	)
Receive	Russell 2000 Total Return Index		30		1.00	%		166	4/15/15	UBS AG		(1,989	)
											$	352,094

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) Illiquid security.

(e) One contract relates to 100 shares.

(f) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $28,059,047 and gross unrealized depreciation of investments was $(3,393,709), resulting in net unrealized appreciation of $24,665,338.

(i) An amount of U.S. $5,004,165 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2014.

Currency Abbreviation:

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

Glossary:

AC	-	All Country
CBT	-	Chicago Board of Trade

CME	-	Chicago Mercantile Exchange
EAFE	-	Europe, Australia, and Far East
EPRA	-	European Public Real Estate Association
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
IRS	-	Interest Rate Swaption
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
NAREIT	-	National Association of Real Estate Investment Trusts
REG	-	Registered Shares
REIT	-	Real Estate Investment Trust
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

AllianceBernstein Variable Products Series Fund

Dynamic Asset Allocation Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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, 2014:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Common Stocks:
Financials	$	10,137,688		$	15,013,038	$	90,723		$	25,241,449
Health Care		8,252,451			6,252,237		– 0	–		14,504,688
Consumer Discretionary		7,586,659			6,880,999		– 0	–		14,467,658
Industrials		6,651,542			7,681,969		– 0	–		14,333,511
Information Technology		11,468,428			2,705,282		– 0	–		14,173,710
Consumer Staples		6,176,438			6,326,697		– 0	–		12,503,135
Energy		6,316,801			4,078,407		– 0	–		10,395,208
Materials		2,166,934			4,751,130		– 0	–		6,918,064
Telecommunication Services		1,589,417			2,893,795		– 0	–		4,483,212
Utilities		1,970,544			2,108,720		– 0	–		4,079,264
Governments - Treasuries		– 0	–		91,685,306		– 0	–		91,685,306

Investments in Securities:	Level 1			Level 2			Level 3			Total
Investment Companies	$	40,218,364		$	– 0	–	$	– 0	–	$	40,218,364
Options Purchased - Puts		– 0	–		394,854			– 0	–		394,854
Rights		7,644			– 0	–		1,513			9,157
Short-Term Investments		149,222,972			– 0	–		– 0	–		149,222,972
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,113,653			– 0	–		– 0	–		2,113,653
Total Investments in Securities		253,879,535			150,772,434			92,236			404,744,205
Other Financial Instruments*:
Assets:
Futures		631,706			602,890			– 0	–		1,234,596
Forward Currency Exchange Contracts		– 0	–		27,967			– 0	–		27,967
Centrally Cleared Interest Rate Swaps		– 0	–		23,019			– 0	–		23,019
Total Return Swaps		– 0	–		397,907			– 0	–		397,907
Liabilities:
Futures		(171,509	)		(190,175	)		– 0	–		(361,684	)
Forward Currency Exchange Contracts		– 0	–		(183,459	)		– 0	–		(183,459	)
Centrally Cleared Interest Rate Swaps		– 0	–		(19,821	)		– 0	–		(19,821	)
Total Return Swaps		– 0	–		(45,813	)		– 0	–		(45,813	)
Total+	$	254,339,732		$	151,384,949		$	92,236		$	405,816,917

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks			Rights			Total
Balance as of 12/31/13	$	– 0	–	$	– 0	–	$	– 0	–
Accrued discounts/(premiums)		– 0	–		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(6,540	)		1,513			(5,027	)
Purchases		– 0	–		– 0	–		– 0	–
Sales		– 0	–		– 0	–		– 0	–
Transfers in to Level 3		97,263			– 0	–		97,263
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/14	$	90,723		$	1,513		$	92,236
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/14	$	(6,540	)	$	1,513		$	(5,027	)

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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.2%
Information Technology - 26.7%
Communications Equipment - 2.5%
CalAmp Corp. (a)		47,770	$	1,331,350
QUALCOMM, Inc.		24,620		1,941,533
				3,272,883
Computers & Peripherals - 2.7%
Apple, Inc.		4,295		2,305,298
Silicon Graphics International Corp. (a)		106,802		1,311,529
				3,616,827
Electronic Equipment, Instruments & Components - 1.2%
InvenSense, Inc. (a)(b)		66,550		1,575,238
Internet Software & Services - 8.3%
Cornerstone OnDemand, Inc. (a)		27,815		1,331,504
eBay, Inc. (a)		28,750		1,588,150
Google, Inc.-Class A (a)		2,531		2,820,825
LinkedIn Corp.-Class A (a)		8,327		1,539,995
Tencent Holdings Ltd.		17,100		1,193,583
Yandex NV-Class A (a)		40,840		1,232,960
Yelp, Inc. (a)		16,686		1,283,654
				10,990,671
IT Services - 2.7%
QIWI PLC (Sponsored ADR)		29,593		1,025,398
Visa, Inc.-Class A		12,120		2,616,223
				3,641,621
Semiconductors & Semiconductor Equipment - 5.6%
ams AG		6,705		941,574
Avago Technologies Ltd.		23,240		1,496,889
MediaTek, Inc.		119,000		1,761,400
NVIDIA Corp.		70,418		1,261,186
NXP Semiconductor NV (a)		33,920		1,994,835
				7,455,884
Software - 3.7%
NetSuite, Inc. (a)		14,279		1,354,077
Salesforce.com, Inc. (a)		23,812		1,359,427
ServiceNow, Inc. (a)		21,000		1,258,320
Splunk, Inc. (a)		13,638		974,981
				4,946,805
				35,499,929
Consumer Discretionary - 20.6%
Auto Components - 1.4%
Delphi Automotive PLC		26,760		1,815,934
Automobiles - 2.1%
Harley-Davidson, Inc.		26,260		1,749,179
Nissan Motor Co., Ltd.		114,400		1,019,684
				2,768,863

Company	Shares		U.S. $ Value
Diversified Consumer Services - 1.4%
Kroton Educacional SA		86,200		1,895,716
Hotels, Restaurants & Leisure - 2.8%
Melco Crown Entertainment Ltd. (ADR) (a)		58,180		2,248,657
Yum! Brands, Inc.		20,030		1,510,062
				3,758,719
Internet & Catalog Retail - 3.3%
Amazon.com, Inc. (a)		6,853		2,306,172
priceline.com, Inc. (a)		1,700		2,026,213
				4,332,385
Media - 1.1%
Walt Disney Co. (The)		18,170		1,454,872
Multiline Retail - 1.7%
Lojas Renner SA		37,000		1,047,219
Matahari Department Store Tbk PT (a)		944,000		1,160,508
				2,207,727
Specialty Retail - 1.6%
Belle International Holdings Ltd.		732,000		728,006
Fast Retailing Co., Ltd.		4,000		1,446,760
				2,174,766
Textiles, Apparel & Luxury Goods - 5.2%
Cie Financiere Richemont SA		25,110		2,398,963
NIKE, Inc.-Class B		27,060		1,998,652
Prada SpA		141,200		1,093,827
Samsonite International SA		457,000		1,415,885
				6,907,327
				27,316,309
Health Care - 15.8%
Biotechnology - 3.5%
Cepheid, Inc. (a)		39,447		2,034,676
Quintiles Transnational Holdings, Inc. (a)		32,908		1,670,739
Vertex Pharmaceuticals, Inc. (a)		13,720		970,279
				4,675,694
Health Care Equipment & Supplies - 2.0%
Elekta AB-Class B		75,760		1,008,552
Essilor International SA		16,060		1,620,746
				2,629,298
Health Care Providers & Services - 2.3%
Odontoprev SA		209,200		831,637
UnitedHealth Group, Inc.		27,060		2,218,649
				3,050,286

Company	Shares		U.S. $ Value
Life Sciences Tools & Services - 1.3%
Illumina, Inc. (a)		11,551		1,717,172
Pharmaceuticals - 6.7%
Allergan, Inc./United States		16,630		2,063,783
Bristol-Myers Squibb Co.		35,790		1,859,291
Kalbe Farma Tbk PT		9,727,500		1,261,807
Roche Holding AG		8,030		2,415,132
Sun Pharmaceutical Industries Ltd.		135,560		1,307,715
				8,907,728
				20,980,178
Consumer Staples - 11.8%
Beverages - 3.0%
Anheuser-Busch InBev NV		17,980		1,893,567
Diageo PLC		67,380		2,092,761
				3,986,328
Food & Staples Retailing - 0.7%
Raia Drogasil SA		109,700		949,057
Food Products - 4.8%
Danone SA (b)		23,430		1,655,266
Mead Johnson Nutrition Co.-Class A		21,400		1,779,196
Nestle SA		21,950		1,652,167
Universal Robina Corp.		395,461		1,254,891
				6,341,520
Household Products - 1.3%
Unicharm Corp.		32,000		1,707,413
Personal Products - 1.1%
Estee Lauder Cos., Inc. (The)-Class A		21,630		1,446,615
Tobacco - 0.9%
British American Tobacco PLC		21,460		1,197,162
				15,628,095
Financials - 8.9%
Capital Markets - 1.5%
UBS AG (a)		97,490		2,019,993
Commercial Banks - 2.0%
BOC Hong Kong Holdings Ltd.		527,500		1,502,828
Grupo Financiero Banorte SAB de CV-Class O		158,140		1,069,448
				2,572,276
Diversified Financial Services - 1.3%
IntercontinentalExchange Group, Inc.		8,700		1,721,121
Insurance - 1.7%
AIA Group Ltd.		483,000		2,297,218
Real Estate Management & Development - 1.3%
Global Logistic Properties Ltd.		806,000		1,701,013
Thrifts & Mortgage Finance - 1.1%
Housing Development Finance Corp.		101,360		1,495,471
				11,807,092

Company	Shares		U.S. $ Value
Energy - 8.7%
Energy Equipment & Services - 4.3%
National Oilwell Varco, Inc.		12,280		956,244
Oceaneering International, Inc.		29,110		2,091,844
Schlumberger Ltd.		27,090		2,641,275
				5,689,363
Oil, Gas & Consumable Fuels - 4.4%
BG Group PLC		84,560		1,578,676
Concho Resources, Inc. (a)		16,480		2,018,800
Noble Energy, Inc.		31,290		2,222,842
				5,820,318
				11,509,681
Industrials - 1.8%
Machinery - 1.8%
FANUC Corp.		5,900		1,043,073
Proto Labs, Inc. (a)		20,833		1,409,769
				2,452,842
Materials - 1.6%
Chemicals - 1.6%
Monsanto Co.		18,260		2,077,440
Telecommunication Services - 1.3%
Wireless Telecommunication Services - 1.3%
Softbank Corp.		23,000		1,738,069
Total Common Stocks (cost $107,754,838)				129,009,635
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 3.6%
Time Deposit - 3.6%
State Street Time Deposit 0.01%, 4/01/14 (cost $4,821,004)	U.S.$	4,821		4,821,004
Total Investments Before Security Lending Collateral for Securities Loaned - 100.8% (cost $112,575,842)				133,830,639
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.4%
Investment Companies - 2.4%
AllianceBernstein Exchange Reserves-Class I, 0.07% (c) (cost $3,223,315)		3,223,315		3,223,315

	U.S. $ Value
Total Investments - 103.2% (cost $ 115,799,157) (d)		137,053,954
Other assets less liabilities - (3.2)%		(4,287,109	)
Net Assets - 100.0%	$	132,766,845

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		JPY	79,619		USD	779		6/18/14	$	6,807
Barclays Bank PLC Wholesale		USD	951		CHF	841		6/18/14		1,353
Barclays Bank PLC Wholesale		USD	358		SEK	2,283		6/18/14		(5,714	)
BNP Paribas SA		USD	3,873		AUD	4,325		6/18/14		116,789
BNP Paribas SA		USD	2,746		CAD	3,056		6/18/14		12,954
BNP Paribas SA		USD	1,868		EUR	1,347		6/18/14		(12,485	)
BNP Paribas SA		USD	6,070		GBP	3,629		6/18/14		(22,952	)
BNP Paribas SA		USD	3,190		JPY	328,625		6/18/14		(4,674	)
Goldman Sachs Bank USA		BRL	8,035		USD	3,355		6/18/14		(115,027	)
HSBC Bank USA		GBP	1,896		USD	3,139		6/18/14		(20,017	)
HSBC Bank USA		USD	343		HKD	2,660		6/18/14		52
Morgan Stanley & Co., Inc.		USD	392		NOK	2,339		6/18/14		(2,542	)
Royal Bank of Canada		USD	2,300		CAD	2,555		6/18/14		6,655
Standard Chartered Bank		HKD	48,950		USD	6,308		6/18/14		(4,445	)
Standard Chartered Bank		RUB	63,077		USD	1,695		6/18/14		(67,785	)
State Street Bank & Trust Co.		EUR	354		USD	488		6/18/14		535
State Street Bank & Trust Co.		USD	6,910		EUR	4,985		6/18/14		(43,475	)
UBS AG		CHF	3,384		USD	3,858		6/18/14		28,180
									$	(125,791	)

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $23,727,719 and gross unrealized depreciation of investments was $(2,472,922), resulting in net unrealized appreciation of $21,254,797.

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
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar

JPY	-	Japanese Yen
NOK	-	Norwegian Krone
RUB	-	Russian Ruble
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ADR - American Depositary Receipt

Country Breakdown*

March 31, 2014 (unaudited)

51.8%	United States
6.3%	Switzerland
6.1%	Hong Kong
5.2%	Japan
5.0%	United Kingdom
3.5%	Brazil
2.5%	France
2.1%	India
1.8%	Indonesia
1.7%	Russia
1.5%	Netherlands
1.4%	Belgium
7.5%	Other
3.6%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2014. 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 1.3% or less in the following countries: Austria, China, Italy, Mexico, Philippines, Singapore, Sweden and Taiwan.

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Information Technology	$	31,603,372		$	3,896,557		$	– 0	–	$	35,499,929
Consumer Discretionary		18,052,676			9,263,633			– 0	–		27,316,309
Health Care		13,366,226			7,613,952			– 0	–		20,980,178
Consumer Staples		4,174,868			11,453,227			– 0	–		15,628,095
Financials		4,810,562			6,996,530			– 0	–		11,807,092
Energy		9,931,005			1,578,676			– 0	–		11,509,681
Industrials		1,409,769			1,043,073			– 0	–		2,452,842
Materials		2,077,440			– 0	–		– 0	–		2,077,440
Telecommunication Services		– 0	–		1,738,069			– 0	–		1,738,069
Short-Term Investments		– 0	–		4,821,004			– 0	–		4,821,004
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		3,223,315			– 0	–		– 0	–		3,223,315
Total Investments in Securities		88,649,233			48,404,721	+		– 0	–		137,053,954
Other Financial Instruments*:
Assets:
Forward Currency Exchange Contracts		– 0	–		173,324			– 0	–		173,324
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(299,115	)		– 0	–		(299,115	)
Total^	$	88,649,233		$	48,278,930		$	– 0	–	$	136,928,163

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.5%
Information Technology - 25.1%
Communications Equipment - 1.5%
F5 Networks, Inc. (a)		10,450	$	1,114,284
Computers & Peripherals - 4.0%
Apple, Inc.		5,745		3,083,571
Electronic Equipment, Instruments & Components - 0.7%
Amphenol Corp.-Class A		6,240		571,896
Internet Software & Services - 8.0%
eBay, Inc. (a)		25,130		1,388,181
Facebook, Inc.-Class A (a)		12,640		761,434
Google, Inc.-Class A (a)		3,592		4,003,320
				6,152,935
IT Services - 6.7%
Cognizant Technology Solutions Corp.-Class A (a)		44,560		2,255,181
Visa, Inc.-Class A		13,180		2,845,035
				5,100,216
Software - 4.2%
ANSYS, Inc. (a)		13,680		1,053,633
Aspen Technology, Inc. (a)		21,910		928,108
Concur Technologies, Inc. (a)		3,660		362,596
Informatica Corp. (a)		15,200		574,256
Tableau Software, Inc.-Class A (a)		3,920		298,234
				3,216,827
				19,239,729
Consumer Discretionary - 22.7%
Automobiles - 1.3%
Harley-Davidson, Inc.		15,580		1,037,784
Hotels, Restaurants & Leisure - 2.3%
Starbucks Corp.		23,850		1,750,113
Internet & Catalog Retail - 4.4%
Amazon.com, Inc. (a)		1,620		545,162
HSN, Inc.		9,820		586,549
priceline.com, Inc. (a)		1,595		1,901,065
TripAdvisor, Inc. (a)		3,780		342,430
				3,375,206
Leisure Equipment & Products - 1.1%
Polaris Industries, Inc.		5,970		834,069
Media - 6.4%
AMC Networks, Inc.-Class A (a)		8,329		608,766
Comcast Corp.-Class A		47,650		2,383,453
Liberty Media Corp.-Class A (a)		6,400		836,672
Viacom, Inc.-Class B		12,600		1,070,874
				4,899,765

Company	Shares		U.S. $ Value
Specialty Retail - 5.2%
Five Below, Inc. (a)		8,760		372,125
Lowe’s Cos., Inc.		39,800		1,946,220
O’Reilly Automotive, Inc. (a)		3,740		554,978
Tractor Supply Co.		9,830		694,293
Urban Outfitters, Inc. (a)		10,790		393,511
				3,961,127
Textiles, Apparel & Luxury Goods - 2.0%
Michael Kors Holdings Ltd. (a)		8,267		771,063
NIKE, Inc.-Class B		10,980		810,983
				1,582,046
				17,440,110
Health Care - 15.8%
Biotechnology - 6.9%
Biogen Idec, Inc. (a)		5,130		1,569,113
Gilead Sciences, Inc. (a)		25,750		1,824,645
Quintiles Transnational Holdings, Inc. (a)		30,244		1,535,488
Vertex Pharmaceuticals, Inc. (a)		5,700		403,104
				5,332,350
Health Care Equipment & Supplies - 2.2%
HeartWare International, Inc. (a)		5,830		546,737
Intuitive Surgical, Inc. (a)		2,536		1,110,743
				1,657,480
Health Care Providers & Services - 2.9%
McKesson Corp.		5,380		949,947
UnitedHealth Group, Inc.		15,340		1,257,726
				2,207,673
Pharmaceuticals - 3.8%
Allergan, Inc./United States		16,440		2,040,204
Bristol-Myers Squibb Co.		16,710		868,085
				2,908,289
				12,105,792
Industrials - 12.1%
Aerospace & Defense - 2.9%
Boeing Co. (The)		10,230		1,283,763
Precision Castparts Corp.		3,760		950,377
				2,234,140
Airlines - 1.2%
Copa Holdings SA-Class A		6,140		891,467
Electrical Equipment - 1.2%
AMETEK, Inc.		17,590		905,709
Industrial Conglomerates - 1.8%
Danaher Corp.		18,850		1,413,750

Company	Shares		U.S. $ Value
Machinery - 1.8%
Lincoln Electric Holdings, Inc.		8,630		621,446
Parker Hannifin Corp.		6,560		785,298
				1,406,744
Marine - 0.6%
Kirby Corp. (a)		4,860		492,075
Professional Services - 1.0%
Robert Half International, Inc.		18,290		767,266
Road & Rail - 1.1%
Union Pacific Corp.		4,340		814,444
Trading Companies & Distributors - 0.5%
WW Grainger, Inc.		1,550		391,623
				9,317,218
Consumer Staples - 11.9%
Beverages - 1.2%
Monster Beverage Corp. (a)		13,810		959,105
Food & Staples Retailing - 6.3%
Costco Wholesale Corp.		16,800		1,876,224
CVS Caremark Corp.		31,550		2,361,833
Sprouts Farmers Market, Inc. (a)		16,090		579,723
				4,817,780
Food Products - 3.2%
Hershey Co. (The)		6,920		722,448
Keurig Green Mountain, Inc.		9,850		1,040,061
Mead Johnson Nutrition Co.-Class A		8,320		691,725
				2,454,234
Personal Products - 1.2%
Estee Lauder Cos., Inc. (The)-Class A		13,330		891,510
				9,122,629
Financials - 6.4%
Capital Markets - 3.5%
Affiliated Managers Group, Inc. (a)		4,790		958,240
BlackRock, Inc.-Class A		4,100		1,289,368
Waddell & Reed Financial, Inc.-Class A		5,860		431,413
				2,679,021
Diversified Financial Services - 2.9%
IntercontinentalExchange Group, Inc.		11,180		2,211,739
				4,890,760
Energy - 5.5%
Energy Equipment & Services - 3.0%
Schlumberger Ltd.		23,555		2,296,612
Oil, Gas & Consumable Fuels - 2.5%
Antero Resources Corp. (a)		9,992		625,499
Noble Energy, Inc.		6,420		456,077

Company	Shares		U.S. $ Value
Range Resources Corp.		9,840		816,425
				1,898,001
				4,194,613
Total Common Stocks (cost $58,767,564)				76,310,851
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.6%
Time Deposit - 1.6%
State Street Time Deposit 0.01%, 4/01/14 (cost $1,228,718)	$	1,229		1,228,718
Total Investments - 101.1% (cost $59,996,282) (b)				77,539,569
Other assets less liabilities - (1.1)%				(871,768	)
Net Assets - 100.0%			$	76,667,801

(a) Non-income producing security.

(b) As of March 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,936,671 and gross unrealized depreciation of investments was $(393,384), resulting in net unrealized appreciation of $17,543,287.

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, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

76,310,851

$

– 0

–

$

– 0

–

$

76,310,851

Short-Term Investments

– 0

–

1,228,718

– 0

–

1,228,718

Total Investments in Securities

76,310,851

1,228,718

– 0

–

77,539,569

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

76,310,851

$

1,228,718

$

– 0

–

$

77,539,569

* See Portfolio of Investments for sector classifications.

** Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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

Growth & Income Portfolio

Portfolio of Investments

March 31, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.1%
Financials - 21.4%
Capital Markets - 4.9%
BlackRock, Inc.-Class A		43,680	$	13,736,486
Goldman Sachs Group, Inc. (The)		81,170		13,299,705
State Street Corp.		220,570		15,340,643
				42,376,834
Commercial Banks - 5.5%
JPMorgan Chase & Co.		365,140		22,167,649
Wells Fargo & Co.		506,250		25,180,875
				47,348,524
Consumer Finance - 0.6%
Capital One Financial Corp.		68,150		5,258,454
Diversified Financial Services - 4.7%
Berkshire Hathaway, Inc.-Class B (a)		325,752		40,709,228
Insurance - 5.7%
ACE Ltd.		164,870		16,332,022
Allstate Corp. (The)		145,410		8,227,298
Aon PLC		77,140		6,501,359
Hartford Financial Services Group, Inc. (The)		224,610		7,921,995
MetLife, Inc.		60,972		3,219,322
Travelers Cos., Inc. (The)		78,570		6,686,307
				48,888,303
				184,581,343
Health Care - 17.6%
Biotechnology - 0.7%
Amgen, Inc.		46,042		5,678,820
Health Care Equipment & Supplies - 3.1%
Abbott Laboratories		362,560		13,962,185
Medtronic, Inc.		115,190		7,088,793
Zimmer Holdings, Inc.		60,220		5,695,608
				26,746,586
Health Care Providers & Services - 4.9%
CIGNA Corp.		43,100		3,608,763
McKesson Corp.		36,820		6,501,308
UnitedHealth Group, Inc.		392,190		32,155,658
				42,265,729
Pharmaceuticals - 8.9%
Eli Lilly & Co.		277,860		16,354,839
Merck & Co., Inc.		424,319		24,088,590
Pfizer, Inc.		923,850		29,674,062
Roche Holding AG (Sponsored ADR)		174,360		6,576,859
				76,694,350
				151,385,485
Consumer Discretionary - 13.6%
Auto Components - 0.4%
Gentex Corp./MI		99,010		3,121,785

Company	Shares		U.S. $ Value
Internet & Catalog Retail - 2.5%
Liberty Interactive Corp.-Class A (a)		751,388		21,692,572
Leisure Equipment & Products - 0.3%
Mattel, Inc.		70,460		2,826,151
Media - 9.5%
Comcast Corp.-Class A		570,990		28,560,920
Scripps Networks Interactive, Inc.-Class A		144,150		10,942,426
Time Warner Cable, Inc.-Class A		145,049		19,897,822
Time Warner, Inc.		153,940		10,056,900
Viacom, Inc.-Class B		144,010		12,239,410
				81,697,478
Multiline Retail - 0.9%
Macy’s, Inc.		127,490		7,558,882
				116,896,868
Information Technology - 11.0%
Communications Equipment - 0.7%
Cisco Systems, Inc.		257,470		5,769,903
Computers & Peripherals - 3.2%
Apple, Inc.		40,825		21,912,410
NetApp, Inc.		151,250		5,581,125
				27,493,535
Electronic Equipment, Instruments & Components - 2.9%
Avnet, Inc.		151,950		7,070,234
FLIR Systems, Inc.		97,300		3,502,800
TE Connectivity Ltd.		245,310		14,770,115
				25,343,149
IT Services - 1.4%
Amdocs Ltd.		148,604		6,904,142
International Business Machines Corp.		27,130		5,222,254
				12,126,396
Semiconductors & Semiconductor Equipment - 1.2%
NVIDIA Corp.		557,640		9,987,332
Software - 1.6%
Check Point Software Technologies Ltd. (a)		87,771		5,935,953
Microsoft Corp.		195,780		8,025,022
				13,960,975
				94,681,290
Industrials - 10.9%
Aerospace & Defense - 4.7%
Boeing Co. (The)		145,320		18,236,207
Raytheon Co.		225,750		22,301,842
				40,538,049
Airlines - 2.3%
Copa Holdings SA-Class A		87,010		12,632,982
Delta Air Lines, Inc.		195,130		6,761,255
				19,394,237

Company	Shares		U.S. $ Value
Industrial Conglomerates - 2.4%
General Electric Co.		804,980		20,840,932
Machinery - 1.5%
Actuant Corp.-Class A		261,220		8,920,663
Parker Hannifin Corp.		30,780		3,684,674
				12,605,337
				93,378,555
Energy - 9.6%
Energy Equipment & Services - 2.1%
National Oilwell Varco, Inc.		99,467		7,745,495
Schlumberger Ltd.		72,300		7,049,250
Transocean Ltd. (b)		88,260		3,648,669
				18,443,414
Oil, Gas & Consumable Fuels - 7.5%
Anadarko Petroleum Corp.		68,490		5,805,212
Chevron Corp.		110,160		13,099,126
ConocoPhillips		96,750		6,806,362
Exxon Mobil Corp.		214,420		20,944,546
HollyFrontier Corp.		106,830		5,082,971
Marathon Oil Corp.		141,830		5,037,802
Occidental Petroleum Corp.		79,770		7,601,283
				64,377,302
				82,820,716
Telecommunication Services - 4.2%
Diversified Telecommunication Services - 4.2%
Verizon Communications, Inc.		755,120		35,921,058
Consumer Staples - 3.7%
Food & Staples Retailing - 2.9%
CVS Caremark Corp.		332,707		24,906,446
Household Products - 0.8%
Energizer Holdings, Inc.		68,390		6,889,608
				31,796,054
Utilities - 1.9%
Electric Utilities - 1.3%
Great Plains Energy, Inc.		410,210		11,092,078
Multi-Utilities - 0.6%
Wisconsin Energy Corp.		113,720		5,293,666
				16,385,744
Materials - 1.2%
Paper & Forest Products - 1.2%
Domtar Corp.		93,590		10,502,670
Total Common Stocks (cost $621,323,137)				818,349,783

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 5.6%
Time Deposit - 5.6%
State Street Time Deposit 0.01%, 4/01/14 (cost $47,752,518)	$	47,753		47,752,518
Total Investments Before Security Lending Collateral for Securities Loaned - 100.7% (cost $669,075,655)				866,102,301
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.4%
Investment Companies - 0.4%
AllianceBernstein Exchange Reserves-Class I, 0.07% (c) (cost $3,728,985)		3,728,985		3,728,985
Total Investments - 101.1% (cost $672,804,640) (d)				869,831,286
Other assets less liabilities - (1.1)%				(9,421,941	)
Net Assets - 100.0%			$	860,409,345

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $201,339,105 and gross unrealized depreciation of investments was $(4,312,459), resulting in net unrealized appreciation of $197,026,646.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Growth & Income Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

818,349,783

$

– 0

–

$

– 0

–

$

818,349,783

Short-Term Investments

– 0

–

47,752,518

– 0

–

47,752,518

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

3,728,985

– 0

–

– 0

–

3,728,985

Total Investments in Securities

822,078,768

47,752,518

– 0

–

869,831,286

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

822,078,768

$

47,752,518

$

– 0

–

$

869,831,286

* See Portfolio of Investments for sector classifications.

** Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 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

Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2014 (unaudited)

	Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THROUGHS - 23.5%
Agency Fixed Rate 30-Year - 19.2%
Federal Home Loan Mortgage Corp. Gold
4.00%, 4/01/44, TBA	U.S.$	340	$	352,710
4.50%, 10/01/39		1,509		1,609,835
Series 2005
5.50%, 1/01/35		218		241,910
Series 2007
5.50%, 7/01/35		62		68,992
Series 2013
3.50%, 6/01/43		814		819,178
Federal National Mortgage Association
3.00%, 6/01/43-7/01/43		1,470		1,420,970
3.50%, 7/01/43		935		943,093
3.50%, 4/01/44, TBA		3,805		3,827,592
4.00%, 4/01/44, TBA		2,897		3,011,069
4.50%, 4/25/44, TBA		800		853,375
5.00%, 4/25/44, TBA		800		872,187
Series 2003
5.50%, 4/01/33-7/01/33		199		221,576
Series 2004
5.50%, 4/01/34-11/01/34		182		202,498
Series 2005
4.50%, 8/01/35		160		170,965
5.50%, 2/01/35		225		250,314
Series 2007
4.50%, 9/01/35-8/01/37		224		239,768
Series 2012
3.50%, 1/01/43		545		548,774
Government National Mortgage Association
Series 1994
9.00%, 9/15/24		1		1,531
				15,656,337
Agency Fixed Rate 15-Year - 3.6%
Federal National Mortgage Association
2.50%, 4/01/29, TBA		2,665		2,662,918
3.00%, 4/12/29, TBA		280		287,613
				2,950,531
Agency ARMs - 0.7%
Federal Home Loan Mortgage Corp.
2.375%, 11/01/35 (a)		177		189,840
Federal National Mortgage Association
Series 2003
2.56%, 12/01/33 (b)		121		130,687
Series 2007
2.332%, 3/01/34 (b)		219		232,465
				552,992
Total Mortgage Pass-Throughs (cost $18,950,313)				19,159,860

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 22.4%
Industrial - 11.9%
Basic - 2.5%
Barrick North America Finance LLC
4.40%, 5/30/21		139		140,060
Basell Finance Co. BV
8.10%, 3/15/27 (c)		85		110,904
Cia Minera Milpo SAA
4.625%, 3/28/23 (c)		260		241,146
Dow Chemical Co. (The)
4.375%, 11/15/42		94		86,770
8.55%, 5/15/19		86		110,118
Gerdau Trade, Inc.
4.75%, 4/15/23 (c)		260		242,857
Glencore Funding LLC
4.125%, 5/30/23 (c)		155		148,038
International Paper Co.
4.75%, 2/15/22		65		70,281
7.95%, 6/15/18		56		68,491
LyondellBasell Industries NV
5.75%, 4/15/24		200		230,398
Minsur SA
6.25%, 2/07/24 (c)		210		220,530
Rio Tinto Finance USA PLC
2.875%, 8/21/22		117		111,360
3.50%, 3/22/22		51		51,019
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (c)		260		234,382
				2,066,354
Capital Goods - 0.8%
Embraer SA
5.15%, 6/15/22		82		85,075
Owens Corning
6.50%, 12/01/16 (a)		160		176,676
Republic Services, Inc.
5.25%, 11/15/21		150		167,684
5.50%, 9/15/19		160		181,420
				610,855
Communications - Media - 1.6%
21st Century Fox America, Inc.
4.00%, 10/01/23		64		65,143
4.50%, 2/15/21		300		325,510
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.50%, 3/01/16		95		99,299
3.80%, 3/15/22		165		163,274
NBCUniversal Enterprise, Inc.
5.25%, 3/29/49 (c)		128		129,280
Omnicom Group, Inc.
3.625%, 5/01/22		87		86,400
SES Global Americas Holdings GP
2.50%, 3/25/19 (c)		66		65,597
TCI Communications, Inc.
7.875%, 2/15/26		115		152,329
Time Warner Cable, Inc.
4.125%, 2/15/21		200		209,376
				1,296,208

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications - 1.7%
American Tower Corp.
5.05%, 9/01/20		260		279,839
AT&T, Inc.
4.30%, 12/15/42		31		27,468
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (c)		320		321,887
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		24,889
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	120		131,920
Verizon Communications, Inc.
5.15%, 9/15/23		192		210,109
6.55%, 9/15/43		299		363,863
				1,359,975
Consumer Cyclical - Automotive - 0.6%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		455		523,539
Consumer Cyclical - Entertainment - 0.3%
Time Warner, Inc.
7.625%, 4/15/31		105		139,894
Viacom, Inc.
3.875%, 4/01/24		68		67,833
5.625%, 9/15/19		60		67,923
				275,650
Consumer Cyclical - Retailers - 0.1%
Dollar General Corp.
4.125%, 7/15/17		50		53,476
Consumer Non-Cyclical - 0.8%
Ahold Finance USA LLC
6.875%, 5/01/29		245		298,373
Kroger Co. (The)
3.40%, 4/15/22		194		191,921
Reynolds American, Inc.
3.25%, 11/01/22		127		119,482
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		78		80,249
				690,025
Energy - 1.9%
Anadarko Petroleum Corp.
6.45%, 9/15/36		124		146,666
Encana Corp.
3.90%, 11/15/21		45		46,180
Hess Corp.
7.875%, 10/01/29		19		24,953
Nabors Industries, Inc.
5.10%, 9/15/23 (c)		170		176,789

	Principal Amount (000)		U.S. $ Value
Noble Energy, Inc.
8.25%, 3/01/19		238		296,360
Noble Holding International Ltd.
3.95%, 3/15/22		125		123,951
4.90%, 8/01/20		32		34,144
Transocean, Inc.
6.375%, 12/15/21		1		1,124
6.50%, 11/15/20		185		207,742
Valero Energy Corp.
6.125%, 2/01/20		177		205,527
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		190		246,655
				1,510,091
Technology - 1.2%
Baidu, Inc.
2.25%, 11/28/17		220		220,381
Hewlett-Packard Co.
4.65%, 12/09/21		107		113,193
Motorola Solutions, Inc.
3.50%, 3/01/23		165		157,734
7.50%, 5/15/25		25		30,244
Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22		300		306,442
Total System Services, Inc.
2.375%, 6/01/18		74		72,968
3.75%, 6/01/23		69		65,523
				966,485
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.75%, 12/15/16		75		83,275
Transportation - Services - 0.3%
Ryder System, Inc.
5.85%, 11/01/16		116		128,617
7.20%, 9/01/15		108		117,166
				245,783
				9,681,716
Financial Institutions - 7.2%
Banking - 4.3%
Bank of America Corp.
5.875%, 2/07/42		113		130,660
BNP Paribas SA
5.186%, 6/29/15 (c)		62		63,628
BPCE SA
5.70%, 10/22/23 (c)		225		233,881
Compass Bank
5.50%, 4/01/20		250		263,927
Credit Suisse AG
6.50%, 8/08/23 (c)		240		262,393
Danske Bank A/S
5.684%, 2/15/17	GBP	98		169,034

	Principal Amount (000)		U.S. $ Value
Goldman Sachs Group, Inc. (The)
Series D
6.00%, 6/15/20	U.S.$	395		453,582
Macquarie Group Ltd.
4.875%, 8/10/17 (c)		232		250,346
Mizuho Financial Group Cayman 3 Ltd.
4.60%, 3/27/24 (c)		207		207,914
Morgan Stanley
Series G
5.50%, 7/24/20		140		157,986
Murray Street Investment Trust I
4.647%, 3/09/17		27		29,164
Nationwide Building Society
6.25%, 2/25/20 (c)		230		268,134
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (c)		90		94,387
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (c)		39		45,728
Skandinaviska Enskilda Banken AB
5.471%, 3/23/15 (c)		100		102,000
Standard Chartered PLC
4.00%, 7/12/22 (c)		265		269,955
UBS AG/Stamford CT
7.625%, 8/17/22		250		293,221
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (c)		190		204,731
				3,500,671
Insurance - 1.9%
American International Group, Inc.
4.875%, 6/01/22		75		82,127
6.40%, 12/15/20		215		256,160
Guardian Life Insurance Co. of America
7.375%, 9/30/39 (c)		164		223,434
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		200		226,512
Lincoln National Corp.
8.75%, 7/01/19		113		145,692
MetLife, Inc.
7.717%, 2/15/19		109		135,571
10.75%, 8/01/39		85		128,775
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (c)		100		147,064
Prudential Financial, Inc.
5.625%, 6/15/43		185		188,700
				1,534,035
REITS - 1.0%
HCP, Inc.
5.375%, 2/01/21		278		311,257
Health Care REIT, Inc.
5.25%, 1/15/22		275		302,911

	Principal Amount (000)		U.S. $ Value
Trust F/1401
5.25%, 12/15/24 (c)		200		199,500
				813,668
				5,848,374
Utility - 3.0%
Electric - 0.7%
CMS Energy Corp.
5.05%, 3/15/22		37		41,155
Constellation Energy Group, Inc.
5.15%, 12/01/20		64		69,899
MidAmerican Energy Holdings Co.
6.125%, 4/01/36		170		203,355
TECO Finance, Inc.
4.00%, 3/15/16		95		100,508
5.15%, 3/15/20		120		132,711
				547,628
Natural Gas - 2.3%
DCP Midstream LLC
5.35%, 3/15/20 (c)		108		116,055
Energy Transfer Partners LP
7.50%, 7/01/38		336		414,589
Enterprise Products Operating LLC
5.20%, 9/01/20		55		61,391
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		321		319,301
4.15%, 3/01/22		89		90,110
Talent Yield Investments Ltd.
4.50%, 4/25/22 (c)		305		304,494
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		243,460
Williams Cos., Inc. (The)
3.70%, 1/15/23		209		189,664
Williams Partners LP
5.25%, 3/15/20		173		190,483
				1,929,547
				2,477,175
Non Corporate Sectors - 0.3%
Agencies - Not Government Guaranteed - 0.3%
CNOOC Finance 2013 Ltd.
3.00%, 5/09/23		260		235,229
Total Corporates - Investment Grades (cost $17,109,495)				18,242,494
ASSET-BACKED SECURITIES - 15.9%
Autos - Fixed Rate - 9.7%
Ally Auto Receivables Trust
Series 2013-SN1, Class A3
0.72%, 5/20/16		392		392,828
Ally Master Owner Trust
Series 2013-1, Class A2
1.00%, 2/15/18		260		260,735

	Principal Amount (000)		U.S. $ Value
Series 2014-1, Class A2
1.29%, 1/15/19		252		251,965
AmeriCredit Automobile Receivables Trust
Series 2012-3, Class A3
0.96%, 1/09/17		355		355,935
Series 2013-1, Class A2
0.49%, 6/08/16		103		102,829
Series 2013-3, Class A3
0.92%, 4/09/18		335		335,132
Series 2013-4, Class A3
0.96%, 4/09/18		130		130,233
Series 2013-5, Class A2A
0.65%, 3/08/17		85		85,046
AmeriCredit Automobile Receivables Trust 2011-3
Series 2011-3, Class D
4.04%, 7/10/17		200		208,025
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (c)		288		295,106
Series 2014-1A, Class A
2.46%, 7/20/20 (c)		149		147,813
Bank of America Auto Trust
Series 2012-1, Class A4
1.03%, 12/15/16		245		246,450
Capital Auto Receivables Asset Trust
Series 2013-3, Class A2
1.04%, 11/21/16		275		276,163
Series 2014-1, Class B
2.22%, 1/22/19		60		60,013
Capital Auto Receivables Asset Trust/Ally
Series 2013-1, Class A2
0.62%, 7/20/16		202		202,020
CarMax Auto Owner Trust
Series 2012-1, Class A3
0.89%, 9/15/16		113		113,113
Exeter Automobile Receivables Trust
Series 2012-2A, Class A
1.30%, 6/15/17 (c)		93		93,540
Series 2013-1A, Class A
1.29%, 10/16/17 (c)		82		81,735
Series 2014-1A, Class A
1.29%, 5/15/18 (c)		106		106,284
Fifth Third Auto Trust
Series 2013-A, Class A3
0.61%, 9/15/17		204		204,128
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (c)		75		74,609
Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15 (c)	CAD	59		53,013
Series 2013-R1A, Class A2
1.676%, 9/15/16 (c)		199		180,626
Series 2013-R4A, Class A1
1.487%, 8/15/15 (c)		59		53,475

	Principal Amount (000)		U.S. $ Value
Series 2014-R2A, Class A1
1.353%, 3/15/16 (c)		127		114,880
Ford Credit Auto Lease Trust
Series 2012-B, Class A2
0.54%, 11/15/14	U.S.$	7		6,820
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		100		98,922
Ford Credit Floorplan Master Owner Trust
Series 2012-4, Class A1
0.74%, 9/15/16		330		330,447
Series 2013-1, Class A1
0.85%, 1/15/18		136		136,171
Series 2014-1, Class A1
1.20%, 2/15/19		201		200,989
Harley-Davidson Motorcycle Trust
Series 2012-1, Class A3
0.68%, 4/15/17		166		166,722
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (c)		175		174,920
Series 2013-1A, Class A2
1.83%, 8/25/19 (c)		485		476,827
Hyundai Auto Lease Securitization Trust
Series 2013-A, Class A3
0.66%, 6/15/16 (c)		264		264,434
M&T Bank Auto Receivables Trust
Series 2013-1A, Class A3
1.06%, 11/15/17 (c)		160		160,428
Mercedes-Benz Auto Lease Trust
Series 2013-A, Class A3
0.59%, 2/15/16		173		173,170
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (c)		373		373,790
Navistar Financial Corp. Owner Trust
Series 2012-A, Class A2
0.85%, 3/18/15 (c)		14		13,596
Nissan Auto Lease Trust
Series 2012-B, Class A2A
0.45%, 6/15/15		53		52,550
Santander Drive Auto Receivables Trust
Series 2012-3, Class A3
1.08%, 4/15/16		172		172,538
Series 2012-6, Class A2
0.47%, 9/15/15		4		4,453
Series 2013-3, Class C
1.81%, 4/15/19		249		249,505
Series 2013-4, Class A3
1.11%, 12/15/17		270		271,428
Series 2013-5, Class A2A
0.64%, 4/17/17		131		131,060

	Principal Amount (000)		U.S. $ Value
SMART Trust/Australia
Series 2012-4US, Class A2A
0.67%, 6/14/15		58		58,490
				7,942,956
Credit Cards - Fixed Rate - 2.9%
American Express Credit Account Master Trust
Series 2012-2, Class A
0.68%, 3/15/18		620		621,639
Series 2012-5, Class A
0.59%, 5/15/18		325		325,228
Cabela’s Master Credit Card Trust
Series 2013-1A, Class A
2.71%, 2/17/26 (c)		255		242,016
Chase Issuance Trust
Series 2013-A1, Class A1
1.30%, 2/18/20		220		216,762
Series 2014-A2, Class A2
2.77%, 3/15/23		205		204,872
Discover Card Execution Note Trust
Series 2012-A1, Class A1
0.81%, 8/15/17		224		224,782
Discover Card Master Trust
Series 2012-A3, Class A3
0.86%, 11/15/17		300		301,394
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		190		189,662
				2,326,355
Credit Cards - Floating Rate - 1.3%
Barclays Dryrock Issuance Trust
Series 2014-1, Class A
0.53%, 12/16/19 (a)		320		320,004
Cabela’s Master Credit Card Trust
Series 2014-1, Class A
0.504%, 3/16/20 (a)		205		205,017
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
0.855%, 2/15/17 (a)(c)		320		321,306
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.535%, 12/15/19 (a)		185		185,006
				1,031,333
Other ABS - Fixed Rate - 0.9%
CIT Equipment Collateral
Series 2013-VT1, Class A3
1.13%, 7/20/20 (c)		213		214,335
CNH Equipment Trust
Series 2012-A, Class A3
0.94%, 5/15/17		95		94,861
Series 2013-C, Class A2
0.63%, 1/17/17		180		180,443

	Principal Amount (000)		U.S. $ Value
Series 2013-D, Class A2
0.49%, 3/15/17		211		210,883
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		39		38,886
				739,408
Autos - Floating Rate - 0.6%
GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.647%, 6/20/17 (a)		485		486,582
Home Equity Loans - Floating Rate - 0.3%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
0.904%, 12/25/32 (a)		54		51,938
GSAA Home Equity Trust
Series 2006-5, Class 2A3
0.424%, 3/25/36 (a)		205		143,016
HSBC Home Equity Loan Trust
Series 2005-3, Class A1
0.417%, 1/20/35 (a)		59		58,303
				253,257
Home Equity Loans - Fixed Rate - 0.2%
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.86%, 1/25/33		47		48,374
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		103		101,646
				150,020
Total Asset-Backed Securities (cost $12,957,641)				12,929,911
GOVERNMENTS - TREASURIES - 11.8%
Brazil - 1.4%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17	BRL	2,660		1,109,857
United States - 10.4%
U.S. Treasury Bonds
3.625%, 8/15/43	U.S.$	245		247,986
3.75%, 11/15/43		490		507,303
4.625%, 2/15/40		2,780		3,332,959
U.S. Treasury Notes
0.125%, 4/30/15		835		834,837
1.50%, 8/31/18-1/31/19		1,575		1,562,491
2.50%, 8/15/23		215		211,926
2.75%, 11/15/23-2/15/24		1,770		1,776,087
				8,473,589

	Principal Amount (000)		U.S. $ Value
Total Governments - Treasuries (cost $9,221,774)				9,583,446
COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.8%
Non-Agency Fixed Rate CMBS - 9.3%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		343		384,333
Series 2007-5, Class AM
5.772%, 2/10/51		78		84,004
CGRBS Commercial Mortgage Trust
Series 2013-VN05
3.369%, 3/13/23 (c)		260		251,894
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.783%, 3/15/49		131		140,975
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.771%, 5/15/46		191		211,116
Commercial Mortgage Pass-Through Certificates
Series 2013-SFS, Class A1
1.873%, 4/12/35 (c)		121		117,196
Credit Suisse Commercial Mortgage Trust
Series 2006-C3, Class AJ
5.792%, 6/15/38		105		104,559
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (c)		180		172,890
Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A4
5.444%, 3/10/39		506		554,836
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.396%, 8/10/38		130		130,156
Series 2013-KING, Class A
2.706%, 12/10/27 (c)		274		274,268
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (c)		136		129,891
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2007-CB18, Class A1A
5.431%, 6/12/47		461		504,354
Series 2007-CB20, Class A1A
5.746%, 2/12/51		419		467,763
Series 2010-C2, Class A1
2.749%, 11/15/43 (c)		206		211,492
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
6.00%, 6/15/29		86		86,208
Merrill Lynch Mortgage Trust

	Principal Amount (000)		U.S. $ Value
Series 2005-CIP1, Class A2
4.96%, 7/12/38		111		110,467
Series 2006-C2, Class A1A
5.739%, 8/12/43		159		174,283
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		604		656,573
Series 2007-9, Class A4
5.70%, 9/12/49		1,105		1,234,375
Morgan Stanley Capital I Trust
Series 2007-T27, Class A1A
5.648%, 6/11/42		377		422,041
Motel 6 Trust
Series 2012-MTL6, Class A2
1.948%, 10/05/25 (c)		280		277,847
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		60		57,926
Series 2012-C4, Class A5
2.85%, 12/10/45		112		106,679
Wachovia Bank Commercial Mortgage Trust
Series 2006-C25, Class A1A
5.717%, 5/15/43		412		448,397
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		233		229,079
				7,543,602
Non-Agency Floating Rate CMBS - 0.5%
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.855%, 12/05/31 (a)(c)		140		139,451
GS Mortgage Securities Corp. II
Series 2013-KYO, Class A
1.004%, 11/08/29 (a)(c)		275		275,000
				414,451
Total Commercial Mortgage-Backed Securities (cost $7,947,853)				7,958,053
AGENCIES - 5.2%
Agency Debentures - 5.2%
Federal National Mortgage Association
6.25%, 5/15/29		1,670		2,195,965
6.625%, 11/15/30		80		109,927
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20		2,292		1,963,772
Total Agencies (cost $4,065,672)				4,269,664

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS - 3.1%
Quasi-Sovereign Bonds - 3.1%
Chile - 0.3%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (c)		210		217,008
China - 0.3%
Sinopec Group Overseas Development 2013 Ltd.
4.375%, 10/17/23 (c)		225		226,205
Indonesia - 0.4%
Perusahaan Listrik Negara PT
5.50%, 11/22/21 (c)		360		363,600
Kazakhstan - 0.3%
KazMunayGas National Co. JSC
7.00%, 5/05/20 (c)		212		239,030
Malaysia - 0.6%
Petronas Capital Ltd.
5.25%, 8/12/19 (c)		420		472,380
Mexico - 0.3%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23		295		290,140
South Korea - 0.4%
Korea National Oil Corp.
3.125%, 4/03/17 (c)		310		323,052
United Arab Emirates - 0.5%
IPIC GMTN Ltd.
3.75%, 3/01/17 (c)		360		383,400
Total Quasi-Sovereigns (cost $2,372,015)				2,514,815
CORPORATES - NON-INVESTMENT GRADES - 2.6%
Financial Institutions - 1.7%
Banking - 1.2%
ABN AMRO Bank NV
4.31%, 3/10/16	EUR	60		83,692
Bank of America Corp.
Series U
5.20%, 6/01/23	U.S.$	108		101,520
Barclays Bank PLC
7.625%, 11/21/22		280		308,700
Citigroup, Inc.
5.95%, 1/30/23		161		157,377
HBOS Capital Funding LP
4.939%, 5/23/16	EUR	82		109,352
6.071%, 6/30/14 (c)	U.S.$	95		95,119
Societe Generale SA
4.196%, 1/26/15	EUR	48		66,749
				922,509

	Principal Amount (000)		U.S. $ Value
Finance - 0.5%
Aviation Capital Group Corp.
7.125%, 10/15/20 (c)	U.S.$	155		173,500
SLM Corp.
7.25%, 1/25/22		5		5,512
Series A
5.375%, 5/15/14		248		249,240
				428,252
				1,350,761
Industrial - 0.6%
Communications - Media - 0.1%
Sirius XM Holdings, Inc.
4.625%, 5/15/23 (c)		101		95,193
Communications - Telecommunications - 0.3%
Sprint Corp.
7.875%, 9/15/23 (c)		100		110,000
T-Mobile USA, Inc.
6.625%, 4/01/23		90		95,400
				205,400
Consumer Cyclical - Automotive - 0.0%
Dana Holding Corp.
6.00%, 9/15/23		37		38,526
Consumer Cyclical - Entertainment - 0.0%
Greektown Holdings LLC
10.75%, 12/01/13 (d)(e)(f)		55		0
Energy - 0.2%
Cimarex Energy Co.
5.875%, 5/01/22		93		100,905
Denbury Resources, Inc.
4.625%, 7/15/23		102		94,860
				195,765
				534,884
Utility - 0.3%
Natural Gas - 0.3%
ONEOK, Inc.
4.25%, 2/01/22		203		194,439
Regency Energy Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23		29		26,970
				221,409
Total Corporates - Non-Investment Grades (cost $1,980,657)				2,107,054

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES - 2.2%
United States - 2.2%
U.S. Treasury Inflation Index 0.125%, 4/15/16 (TIPS) (cost $1,822,466)		1,785		1,833,705
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.7%
Non-Agency Floating Rate - 0.9%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.344%, 12/25/36 (a)		216		132,791
Fannie Mae Connecticut Avenue Securities
Series 2014-C01, Class M2
4.554%, 1/25/24 (a)		62		65,180
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.404%, 3/25/35 (a)		114		97,101
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.274%, 7/25/36 (a)		163		124,400
Series 2006-AR27, Class 2A2
0.354%, 10/25/36 (a)		173		147,533
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-OA1, Class A1A
0.829%, 2/25/47 (a)		219		177,937
				744,942
Non-Agency Fixed Rate - 0.7%
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.619%, 5/25/35		117		112,321
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1
2.665%, 2/25/47		164		131,936
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		140		122,935
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
2.666%, 7/25/36		252		191,319
				558,511
Agency Fixed Rate - 0.1%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.649%, 5/28/35		50		44,991
Total Collateralized Mortgage Obligations (cost $1,471,485)				1,348,444

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS - 0.8%
Qatar - 0.5%
Qatar Government International Bond
4.50%, 1/20/22 (c)		360		391,500
Turkey - 0.3%
Turkey Government International Bond
4.875%, 4/16/43		260		221,650
Total Governments - Sovereign Bonds (cost $613,954)				613,150
	Shares
PREFERRED STOCKS - 0.7%
Financial Institutions - 0.7%
Banking - 0.3%
Morgan Stanley
7.125%		5,000		132,650
State Street Corp.
5.90%		2,975		77,023
		209,673
Insurance - 0.3%
Allstate Corp. (The)
5.10%		9,175		228,457
REITS - 0.1%
Sovereign Real Estate Investment Trust
12.00% (c)		93		123,651
Total Preferred Stocks (cost $532,229)				561,781
	Principal Amount (000)
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.3%
United States - 0.3%
California GO 7.625%, 3/01/40 (cost $203,257)	U.S.$	200		279,174
GOVERNMENTS - SOVEREIGN AGENCIES - 0.2%
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17		70		78,094
Ireland - 0.1%
Bank of Ireland
Series MPLE
2.054%, 9/22/15 (a)	CAD	110		94,527
Total Governments - Sovereign Agencies (cost $167,522)				172,621

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Consumer Non-Cyclical - 0.1%
Marfrig Overseas Ltd. 9.50%, 5/04/20 (c) (cost $99,772)	U.S.$	100		100,375
	Shares
WARRANTS - 0.0%
Talon Equity Co. NV, expiring 11/24/15 (d)(e)(f) (cost $0)		47		0
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 15.9%
Time Deposit - 1.6%
State Street Time Deposit 0.01%, 4/01/14 (cost $1,263,891)	U.S.$	1,264		1,263,891
U.S. Treasury Bills - 11.0%
U.S. Treasury Bill Zero Coupon 4/24/14 (cost $8,999,396)		9,000		8,999,396
Governments - Treasuries - 3.3%
Japan - 3.3%
Japan Treasury Discount Bill Series 440 Zero Coupon 5/23/14 (cost $2,731,747)	JPY	280,000		2,712,666
Total Short-Term Investments (cost $12,995,034)				12,975,953
Total Investments - 116.2% (cost $92,511,139) (g)				94,650,500
Other assets less liabilities - (16.2)% (h)				(13,219,662	)
Net Assets - 100.0%			$	81,430,838

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		9		June 2014	$	1,075,771	$	1,070,578	$	(5,193	)

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2014		Unrealized Appreciation/ (Depreciation)
U.S. T-Note 10 Yr (CBT) Futures		11		June 2014	$	1,364,703	$	1,358,500	$	(6,203	)
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		5		June 2014		1,099,133		1,097,812		1,321
									$	(10,075	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		IDR	2,546,655		USD	219		4/11/14	$	(5,738	)
Barclays Bank PLC Wholesale		USD	213		IDR	2,562,961		4/11/14		12,906
Barclays Bank PLC Wholesale		JPY	140,000		USD	1,369		5/23/14		11,916
BNP Paribas SA		CAD	524		USD	473		4/10/14		(1,436	)
BNP Paribas SA		USD	408		PEN	1,152		4/21/14		394
BNP Paribas SA		USD	812		MYR	2,688		4/25/14		12,300
Credit Suisse International		PLN	2,487		USD	819		4/03/14		(3,834	)
Credit Suisse International		JPY	84,071		USD	816		4/11/14		1,300
Goldman Sachs Bank USA		BRL	416		USD	169		4/02/14		(14,008	)
Goldman Sachs Bank USA		USD	184		BRL	416		4/02/14		(486	)
Goldman Sachs Bank USA		BRL	1,663		USD	687		5/05/14		(39,267	)
Goldman Sachs Bank USA		JPY	140,000		USD	1,359		5/23/14		1,763
HSBC Bank USA		BRL	1,426		USD	630		4/02/14		1,666
HSBC Bank USA		USD	614		BRL	1,426		4/02/14		14,611
HSBC Bank USA		BRL	1,426		USD	609		5/05/14		(14,010	)
Royal Bank of Scotland PLC		USD	207		BRL	493		5/05/14		8,001
State Street Bank & Trust Co.		BRL	1,010		USD	418		4/02/14		(26,908	)
State Street Bank & Trust Co.		CAD	127		USD	115		4/10/14		157
State Street Bank & Trust Co.		USD	66		CAD	74		4/10/14		690
State Street Bank & Trust Co.		AUD	17		USD	15		4/17/14		(514	)
State Street Bank & Trust Co.		EUR	192		USD	266		4/24/14		1,981
State Street Bank & Trust Co.		GBP	90		USD	149		5/08/14		(504	)
									$	(39,020	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/ (Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2014			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanely & Co., LLC/(INTRCONX):
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		(5.00	)%		3.08	%	$	1,350	$	(109,579	)	$	(58,230	)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2014			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
CDX-NAIG Series 22, 5 Year Index, 06/20/19*		(1.00	)%		0.69	%	$	2,530	$	(39,413	)	$	(2,055	)
									$	(148,992	)	$	(60,285	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

					Rate Type
Clearing Broker/(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/ (CME Group)	AUD	1,890		1/13/17		3 Month BBR			3.170	%	$	1,503
Morgan Stanley & Co., LLC/ (CME Group)		1,650		2/13/17		3 Month BBR			3.245	%		4,038
Morgan Stanley & Co., LLC/ (CME Group)	$	530		1/14/24		2.980	%		3 Month LIBOR			(10,692	)
Morgan Stanley & Co., LLC/ (CME Group)		460		2/14/24		2.889	%		3 Month LIBOR			(4,009	)
											$	(9,160	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at March 31, 2014			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	%		0.44	%	$	270	$	5,171	$	(6,598	)	$	11,769

* Termination date

INTEREST RATE SWAPS

					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	$	(7,227	)
JPMorgan Chase Bank, NA		1,520		2/07/22		2.043	%		3 Month LIBOR		50,296
										$	43,069

(a) Floating Rate Security. Stated interest rate was in effect at March 31, 2014.

(b) Variable rate coupon, rate shown as of March 31, 2014.

(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, 2014, the aggregate market value of these securities amounted to $13,491,729 or 16.6% of net assets.

(d) Non-income producing security.

(e) Fair valued by the Adviser.

(f) Illiquid security.

(g) As of March 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,751,646 and gross unrealized depreciation of investments was $(612,285), resulting in net unrealized appreciation of $2,139,361.

(h) An amount of U.S. $23,395 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2014.

Currency Abbreviations:

AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
IDR	-	Indonesian Rupiah
JPY	-	Japanese Yen
MYR	-	Malaysian Ringgit
PEN	-	Peruvian Nuevo Sol
PLN	-	Polish Zloty
USD	-	United States Dollar

Glossary:

ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
BBR	-	Bank of England Base Rate
CBT	-	Chicago Board of Trade
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CDX-NAIG	-	North American Investment Grade Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
GO	-	General Obligation
INTRCONX	-	Inter-Continental Exchange
JSC	-	Joint Stock Company
LIBOR	-	London Interbank Offered Rates
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

AllianceBernstein Variable Products Series Fund

Intermediate Bond Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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, 2014:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Mortgage Pass-Throughs	$	– 0	–	$	19,159,860	$	– 0	–	$	19,159,860
Corporates - Investment Grades		– 0	–		18,242,494		– 0	–		18,242,494
Asset-Backed Securities		– 0	–		11,672,346		1,257,565			12,929,911

Investments in Securities:

Level 1

Level 2

Level 3

Total

Governments - Treasuries

$

– 0

–

$

9,583,446

$

– 0

–

$

9,583,446

Commercial Mortgage-Backed Securities

– 0

–

7,769,490

188,563

7,958,053

Agencies

– 0

–

4,269,664

– 0

–

4,269,664

Quasi-Sovereigns

– 0

–

2,514,815

– 0

–

2,514,815

Corporates - Non-Investment Grades

– 0

–

2,107,054

– 0

– ^

2,107,054

Inflation-Linked Securities

– 0

–

1,833,705

– 0

–

1,833,705

Collateralized Mortgage Obligations

– 0

–

44,991

1,303,453

1,348,444

Governments - Sovereign Bonds

– 0

–

613,150

– 0

–

613,150

Preferred Stocks

438,130

123,651

– 0

–

561,781

Local Governments - Municipal Bonds

– 0

–

279,174

– 0

–

279,174

Governments - Sovereign Agencies

– 0

–

172,621

– 0

–

172,621

Emerging Markets - Corporate Bonds

– 0

–

100,375

– 0

–

100,375

Warrants

– 0

–

– 0

–

– 0

– ^

– 0

–

Short-Term Investments:

Time Deposit

– 0

–

1,263,891

– 0

–

1,263,891

U.S. Treasury Bills

– 0

–

8,999,396

– 0

–

8,999,396

Governments - Treasuries

– 0

–

2,712,666

– 0

–

2,712,666

Total Investments in Securities

438,130

91,462,789

2,749,581

94,650,500

Other Financial Instruments*:

Assets:

Futures

1,321

– 0

–

– 0

–

1,321

Forward Currency Exchange Contracts

– 0

–

67,685

– 0

–

67,685

Centrally Cleared Interest Rate Swaps

– 0

–

5,541

– 0

–

5,541

Credit Default Swaps

– 0

–

11,769

– 0

–

11,769

Interest Rate Swaps

– 0

–

50,296

– 0

–

50,296

Liabilities:

Futures

(11,396

)

– 0

–

– 0

–

(11,396

)

Forward Currency Exchange Contracts

– 0

–

(106,705

)

– 0

–

(106,705

)

Centrally Cleared Credit Default Swaps

– 0

–

(60,285

)

– 0

–

(60,285

)

Centrally Cleared Interest Rate Swaps

– 0

–

(14,701

)

– 0

–

(14,701

)

Interest Rate Swaps

– 0

–

(7,227

)

– 0

–

(7,227

)

Total**

$

428,055

$

91,409,162

$

2,749,581

$

94,586,798

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

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 12/31/13	$	1,270,213		$	186,676		$	– 0	–
Accrued discounts/(premiums)		739			(41	)		– 0	–
Realized gain (loss)		991			– 0	–		– 0	–
Change in unrealized appreciation/depreciation		5,615			1,928			– 0	–
Purchases		113,809			– 0	–		– 0	–
Sales		(133,802	)		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/14	$	1,257,565		$	188,563		$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 3/31/14	$	5,615		$	1,928		$	– 0	–

	Collateralized Mortgage Obligations			Common Stocks			Warrants^
Balance as of 12/31/13	$	1,240,216		$	3,690		$	– 0	–
Accrued discounts/(premiums)		2,114			– 0	–		– 0	–
Realized gain (loss)		(2,263	)		3,742			– 0	–
Change in unrealized appreciation/depreciation		34,586			(3,686	)		– 0	–
Purchases		62,036			– 0	–		– 0	–
Sales		(33,236	)		(3,746	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 3/31/14	$	1,303,453		$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from investments held as of 3/31/14	$	34,585		$	– 0	–	$	– 0	–
	Total
Balance as of 12/31/13	$	2,700,795
Accrued discounts/(premiums)		2,812
Realized gain (loss)		2,470
Change in unrealized appreciation/depreciation		38,443
Purchases		175,845
Sales		(170,784	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 3/31/14	$	2,749,581
Net change in unrealized appreciation/depreciation from investments held as of 3/31/14	$	42,128

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

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at March 31, 2014:

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 3/31/14		Valuation Technique	Unobservable Input	Range/ Weighted Average
Asset-Backed Securities	$	1,142,685	Third Party Vendor	Evaluated Quotes	$	69.69 – $102.10/$96.16
	$	114,880	Valuation Committee Valuation	Transaction Price	$	90.46/N/A
Commercial Mortgage-Backed Securities	$	188,563	Third Party Vendor	Evaluated Quotes	$	99.58 – $108.29/$103.46

	Fair Value at 3/31/14			Valuation Technique	Unobservable Input	Range/ Weighted Average
Corporates—Non-Investment Grades	$	– 0	–	Qualitative Assessment		$	0.00/N/A
Collateralized Mortgage Obligations	$	1,303,453		Third Party Vendor	Evaluated Quotes	$	61.37 – $105.07/$81.70
Warrants	$	– 0	–	Qualitative Assessment		$	0.00/N/A

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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.6%
Financials - 25.8%
Capital Markets - 8.7%
Aberdeen Asset Management PLC		266,580	$	1,737,459
Azimut Holding SpA		42,025		1,501,270
Partners Group Holding AG		10,083		2,832,185
UBS AG (REG) (a)		109,050		2,256,609
				8,327,523
Commercial Banks - 6.7%
Credicorp Ltd.		8,900		1,227,488
HSBC Holdings PLC		124,001		1,255,562
Kasikornbank PCL (NVDR)		125,500		690,630
Sberbank of Russia (Sponsored ADR)		59,988		586,083
Sumitomo Mitsui Financial Group, Inc.		32,800		1,405,936
UniCredit SpA		138,160		1,262,925
				6,428,624
Diversified Financial Services - 1.3%
IG Group Holdings PLC		122,108		1,278,463
Insurance - 6.0%
AIA Group Ltd.		598,400		2,846,078
Prudential PLC		137,420		2,909,792
				5,755,870
Real Estate Management & Development - 1.2%
Global Logistic Properties Ltd.		522,000		1,101,648
Thrifts & Mortgage Finance - 1.9%
Housing Development Finance Corp.		124,580		1,838,060
				24,730,188
Consumer Discretionary - 15.8%
Automobiles - 2.8%
Nissan Motor Co., Ltd.		168,700		1,503,678
Volkswagen AG (Preference Shares)		4,609		1,195,093
				2,698,771
Diversified Consumer Services - 0.9%
Kroton Educacional SA		38,800		853,292
Hotels, Restaurants & Leisure - 1.4%
Melco Crown Entertainment Ltd. (ADR) (a)		33,840		1,307,916
Household Durables - 0.9%
Panasonic Corp.		78,200		889,375
Media - 1.4%
Naspers Ltd.-Class N		12,050		1,327,825
Multiline Retail - 2.1%
Golden Eagle Retail Group Ltd. (b)		393,000		543,472
Matahari Department Store Tbk PT (a)		706,500		868,537
Poundland Group PLC (a)		92,669		587,074
				1,999,083

Company	Shares		U.S. $ Value
Specialty Retail - 2.0%
Belle International Holdings Ltd.		539,000		536,059
Fast Retailing Co., Ltd.		3,900		1,410,591
				1,946,650
Textiles, Apparel & Luxury Goods - 4.3%
Brunello Cucinelli SpA (b)		19,523		517,109
Cie Financiere Richemont SA		22,892		2,187,060
Li & Fung Ltd.		408,000		604,605
Prada SpA		105,300		815,722
				4,124,496
				15,147,408
Consumer Staples - 13.3%
Beverages - 2.3%
Anheuser-Busch InBev NV		20,522		2,161,279
Food & Staples Retailing - 0.5%
Tsuruha Holdings, Inc.		5,000		492,595
Food Products - 5.2%
Danone SA (b)		24,266		1,714,327
Nestle SA		32,272		2,429,100
Universal Robina Corp.		270,820		859,376
				5,002,803
Household Products - 2.9%
Reckitt Benckiser Group PLC		22,520		1,837,744
Unicharm Corp.		17,000		907,063
				2,744,807
Tobacco - 2.4%
British American Tobacco PLC		40,787		2,275,333
				12,676,817
Health Care - 12.0%
Health Care Equipment & Supplies - 2.2%
Elekta AB-Class B		40,530		539,554
Essilor International SA		10,100		1,019,274
Shandong Weigao Group Medical Polymer Co., Ltd.-Class H		496,000		565,820
				2,124,648
Health Care Providers & Services - 0.7%
Life Healthcare Group Holdings Ltd.		182,640		667,330
Pharmaceuticals - 9.1%
Aspen Pharmacare Holdings Ltd.		27,101		723,266
Bayer AG		9,007		1,219,760
Novo Nordisk A/S-Class B		33,395		1,520,549
Roche Holding AG		11,530		3,467,805
Shire PLC		18,871		934,214
Sun Pharmaceutical Industries Ltd.		84,660		816,695
				8,682,289
				11,474,267

Company	Shares		U.S. $ Value
Industrials - 11.1%
Aerospace & Defense - 2.2%
Safran SA		29,880		2,070,071
Commercial Services & Supplies - 1.4%
Aggreko PLC		53,400		1,337,778
Machinery - 2.6%
Komatsu Ltd.		72,300		1,515,738
Melrose Industries PLC		198,903		985,722
				2,501,460
Professional Services - 3.4%
Capita PLC		102,990		1,883,168
Intertek Group PLC		27,470		1,410,351
				3,293,519
Trading Companies & Distributors - 1.5%
Wolseley PLC		24,632		1,403,463
				10,606,291
Information Technology - 10.1%
Internet Software & Services - 4.7%
Baidu, Inc. (Sponsored ADR) (a)		10,110		1,540,562
Mail.ru Group Ltd. (GDR) (a)(c)		20,560		729,009
Tencent Holdings Ltd.		21,300		1,486,743
Yandex NV-Class A (a)		24,890		751,429
				4,507,743
IT Services - 0.8%
Tata Consultancy Services Ltd.		20,800		745,239
Semiconductors & Semiconductor Equipment - 4.6%
ams AG		7,500		1,053,215
MediaTek, Inc.		120,000		1,776,202
Taiwan Semiconductor Manufacturing Co., Ltd.		401,000		1,577,751
				4,407,168
				9,660,150
Materials - 4.7%
Chemicals - 3.7%
Croda International PLC		33,560		1,427,196
Essentra PLC		30,120		438,963
Linde AG		8,280		1,657,874
				3,524,033
Metals & Mining - 1.0%
BHP Billiton PLC		30,700		947,975
				4,472,008
Energy - 3.8%
Energy Equipment & Services - 2.0%
Schlumberger Ltd.		20,040		1,953,900
Oil, Gas & Consumable Fuels - 1.8%
BG Group PLC		89,570		1,672,209
				3,626,109
Total Common Stocks (cost $67,561,387)				92,393,238

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 3.9%
Time Deposit - 3.9%
State Street Time Deposit 0.01%, 4/01/14 (cost $3,780,065)	U.S.$	3,780		3,780,065
Total Investments Before Security Lending Collateral for Securities Loaned - 100.5% (cost $71,341,452)				96,173,303
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.9%
Investment Companies - 2.9%
AllianceBernstein Exchange Reserves-Class I, 0.07%(d) (cost $2,722,994)		2,722,994		2,722,994
Total Investments - 103.4% (cost $74,064,446) (e)				98,896,297
Other assets less liabilities - (3.4)%				(3,227,940	)
Net Assets - 100.0%			$	95,668,357

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholesale		HKD	5,982		USD	771	5/15/14	$	32
Barclays Bank PLC Wholesale		JPY	498,297		USD	4,865	5/15/14		36,072
Barclays Bank PLC Wholesale		JPY	58,693		USD	569	5/15/14		(93	)
Barclays Bank PLC Wholesale		USD	2,773		CHF	2,456	5/15/14		6,063
BNP Paribas SA		CAD	2,960		USD	2,684	5/15/14		9,113
BNP Paribas SA		CHF	8,570		USD	9,533	5/15/14		(164,131	)
BNP Paribas SA		EUR	743		USD	1,030	5/15/14		6,866
BNP Paribas SA		EUR	2,107		USD	2,863	5/15/14		(39,911	)
BNP Paribas SA		GBP	266		USD	445	5/15/14		1,676
BNP Paribas SA		GBP	897		USD	1,474	5/15/14		(21,212	)
BNP Paribas SA		USD	8,461		AUD	9,490	5/15/14		313,799
BNP Paribas SA		USD	4,959		CAD	5,502	5/15/14		13,107
Citibank, NA		AUD	3,494		USD	3,142	5/15/14		(88,854	)
Citibank, NA		USD	772		CAD	857	5/15/14		2,748
Credit Suisse International		USD	3,958		CAD	4,349	5/15/14		(27,585	)
Deutsche Bank AG London		CHF	495		USD	562	5/15/14		1,631
Deutsche Bank AG London		JPY	57,289		USD	565	5/15/14		9,847
Deutsche Bank AG London		USD	1,774		EUR	1,290	5/15/14		2,555
Deutsche Bank AG London		USD	3,123		GBP	1,878	5/15/14		7,046
Goldman Sachs Bank USA		USD	4,733		CHF	4,269	5/15/14		97,853
Goldman Sachs Bank USA		USD	1,959		JPY	204,256	5/15/14		20,086

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
HSBC Bank USA		HKD	35,447		USD	4,569	5/15/14	$	(1,866	)
HSBC Bank USA		USD	471		HKD	3,655	5/15/14		87
HSBC Bank USA		USD	2,073		HKD	16,070	5/15/14		(408	)
Morgan Stanley & Co., Inc.		JPY	87,556		USD	851	5/15/14		2,921
Morgan Stanley & Co., Inc.		USD	10,200		JPY	1,038,970	5/15/14		(132,077	)
Royal Bank of Scotland PLC		CHF	2,168		USD	2,388	5/15/14		(65,418	)
Royal Bank of Scotland PLC		GBP	11,569		USD	18,869	5/15/14		(412,328	)
Standard Chartered Bank		RUB	42,138		USD	1,141	5/15/14		(45,368	)
State Street Bank & Trust Co.		EUR	1,152		USD	1,584	5/15/14		(3,392	)
State Street Bank & Trust Co.		NOK	2,195		USD	357	5/15/14		(8,842	)
State Street Bank & Trust Co.		SEK	4,426		USD	684	5/15/14		1,045
State Street Bank & Trust Co.		USD	7,646		EUR	5,623	5/15/14		99,850
State Street Bank & Trust Co.		USD	909		NOK	5,652	5/15/14		32,897
State Street Bank & Trust Co.		USD	2,218		SEK	14,411	5/15/14		6,766
UBS AG		CHF	483		USD	550	5/15/14		3,841
UBS AG		USD	8,122		GBP	4,917	5/15/14		72,726
								$	(262,858	)

(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. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the market value of this security amounted to $729,009 or 0.8% of net assets.

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

(e) As of March 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $26,901,821 and gross unrealized depreciation of investments was $(2,069,970), resulting in net unrealized appreciation of $24,831,851.

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
RUB	-	Russian Ruble
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
NVDR	-	Non Voting Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

25.3%	United Kingdom
13.7%	Switzerland
8.5%	Japan
5.5%	Hong Kong
5.0%	France
4.3%	China
4.3%	Italy
4.2%	Germany
3.5%	India
3.5%	Taiwan
2.8%	South Africa
2.3%	Belgium
13.2%	Other
3.9%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2014. 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 2.1% or less in the following countries: Austria, Brazil, Denmark, Indonesia, Peru, Philippines, Russia, Singapore, Sweden, Thailand and United States.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

1,813,571

$

22,916,617

$

– 0

–

$

24,730,188

Consumer Discretionary

2,748,282

12,399,126

– 0

–

15,147,408

Consumer Staples

– 0

–

12,676,817

– 0

–

12,676,817

Health Care

– 0

–

11,474,267

– 0

–

11,474,267

Industrials

– 0

–

10,606,291

– 0

–

10,606,291

Information Technology

2,603,951

7,056,199

– 0

–

9,660,150

Materials

– 0

–

4,472,008

– 0

–

4,472,008

Energy

1,953,900

1,672,209

– 0

–

3,626,109

Short-Term Investments

– 0

–

3,780,065

– 0

–

3,780,065

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

2,722,994

– 0

–

– 0

–

2,722,994

Total Investments in Securities

11,842,698

87,053,599

+

– 0

–

98,896,297

Other Financial Instruments*:

Assets:

Forward Currency Exchange Contracts

– 0

–

748,627

– 0

–

748,627

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(1,011,485

)

– 0

–

(1,011,485

)

Total++

$

11,842,698

$

86,790,741

$

– 0

–

$

98,633,439

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 $5,997,430 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools 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

International Value Portfolio

Portfolio of Investments

March 31, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.5%
Financials - 23.7%
Capital Markets - 2.6%
Deutsche Bank AG (REG)		214,941	$	9,633,341
Macquarie Group Ltd.		200,427		10,807,404
				20,440,745
Commercial Banks - 12.3%
Banco do Brasil SA		215,400		2,164,443
Bank Hapoalim BM		803,085		4,584,819
BNP Paribas SA		74,760		5,763,930
China Construction Bank Corp.-Class H		3,772,000		2,647,722
Danske Bank A/S		209,370		5,825,680
HSBC Holdings PLC		953,486		9,654,441
Industrial & Commercial Bank of China Ltd.-Class H		2,777,000		1,711,964
KBC Groep NV		136,120		8,383,085
Lloyds Banking Group PLC (a)		10,557,428		13,207,548
Mitsubishi UFJ Financial Group, Inc.		1,530,000		8,425,374
Societe Generale SA		195,622		12,041,620
Sumitomo Mitsui Financial Group, Inc.		153,800		6,592,468
UniCredit SpA		1,572,560		14,374,820
				95,377,914
Diversified Financial Services - 2.0%
ING Groep NV (a)		282,680		4,020,185
ORIX Corp.		821,900		11,583,842
				15,604,027
Insurance - 3.9%
Aegon NV		475,823		4,382,859
AIA Group Ltd.		1,417,400		6,741,361
Aviva PLC		595,600		4,752,104
Direct Line Insurance Group PLC		917,510		3,632,864
Muenchener Rueckversicherungs AG		48,650		10,630,856
				30,140,044
Real Estate Investment Trusts (REITs) - 0.0%
Stockland		2,612		9,099
Real Estate Management & Development - 2.9%
Aeon Mall Co., Ltd.		160,800		4,119,615
China Overseas Land & Investment Ltd.		948,000		2,457,041
Country Garden Holdings Co., Ltd.		9,470,000		3,928,319
Lend Lease Group		566,810		6,242,242
Mitsui Fudosan Co., Ltd.		116,000		3,538,953
Wharf Holdings Ltd.		311,000		1,994,655
				22,280,825
				183,852,654
Consumer Discretionary - 15.6%
Auto Components - 4.8%
Cie Generale des Etablissements Michelin-Class B		92,962		11,621,621
GKN PLC		967,350		6,303,035
Plastic Omnium SA		81,446		3,019,908

Company	Shares		U.S. $ Value
Valeo SA		115,730		16,298,649
				37,243,213
Automobiles - 5.1%
Bayerische Motoren Werke AG		53,150		6,716,355
Honda Motor Co., Ltd.		225,600		7,938,109
Mazda Motor Corp.		595,000		2,643,348
Nissan Motor Co., Ltd.		955,800		8,519,357
Renault SA		35,430		3,441,451
Tata Motors Ltd.		428,010		2,891,048
Volkswagen AG (Preference Shares)		29,630		7,682,926
				39,832,594
Hotels, Restaurants & Leisure - 1.1%
Melco Crown Entertainment Ltd. (ADR) (a)		175,690		6,790,419
William Hill PLC		252,284		1,435,357
				8,225,776
Household Durables - 0.6%
Taylor Wimpey PLC		2,432,240		4,781,075
Media - 1.3%
Liberty Global PLC-Series C (a)		250,900		10,214,139
Multiline Retail - 0.3%
Myer Holdings Ltd. (b)		901,780		1,868,423
Specialty Retail - 1.8%
Kingfisher PLC		644,960		4,534,571
Shimamura Co., Ltd.		45,700		3,954,604
Yamada Denki Co., Ltd. (b)		1,722,600		5,741,378
				14,230,553
Textiles, Apparel & Luxury Goods - 0.6%
Cie Financiere Richemont SA		48,710		4,653,664
				121,049,437
Industrials - 12.4%
Aerospace & Defense - 4.0%
Airbus Group NV		216,160		15,481,578
MTU Aero Engines AG		45,650		4,237,898
Safran SA		120,160		8,324,625
Thales SA		47,740		3,165,639
				31,209,740
Airlines - 1.3%
Japan Airlines Co., Ltd.		47,900		2,357,377
Qantas Airways Ltd. (a)		3,952,513		4,060,636
Turk Hava Yollari		1,083,248		3,335,843
				9,753,856
Building Products - 0.3%
Asahi Glass Co., Ltd.		460,000		2,661,513
Electrical Equipment - 1.0%
Sumitomo Electric Industries Ltd.		526,800		7,864,488

Company	Shares		U.S. $ Value
Industrial Conglomerates - 1.9%
Bidvest Group Ltd.		110,440		2,918,011
Hutchison Whampoa Ltd.		464,000		6,164,115
Toshiba Corp.		1,375,000		5,828,031
				14,910,157
Machinery - 0.4%
IHI Corp.		667,000		2,806,421
Marine - 1.9%
AP Moeller - Maersk A/S-Class B (b)		740		8,856,875
Nippon Yusen KK		1,892,000		5,494,972
				14,351,847
Road & Rail - 0.9%
Central Japan Railway Co.		60,900		7,113,783
Trading Companies & Distributors - 0.7%
Mitsubishi Corp.		305,300		5,663,257
				96,335,062
Health Care - 9.9%
Biotechnology - 0.9%
Actelion Ltd. (REG) (a)		71,790		6,803,418
Pharmaceuticals - 9.0%
Astellas Pharma, Inc.		248,000		2,944,397
Daiichi Sankyo Co., Ltd.		306,000		5,156,240
GlaxoSmithKline PLC		788,480		21,025,080
Novartis AG		189,240		16,067,976
Richter Gedeon Nyrt		155,360		2,710,010
Roche Holding AG		65,660		19,748,144
Teva Pharmaceutical Industries Ltd.		45,750		2,411,054
				70,062,901
				76,866,319
Telecommunication Services - 7.4%
Diversified Telecommunication Services - 4.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		1,757,973		3,133,767
Hellenic Telecommunications Organization SA (a)		164,210		2,710,443
Nippon Telegraph & Telephone Corp.		156,600		8,509,896
Telenor ASA		168,030		3,718,979
Vivendi SA		516,556		14,377,221
Ziggo NV		47,450		2,107,227
				34,557,533
Wireless Telecommunication Services - 2.9%
NTT DoCoMo, Inc.		291,000		4,585,425
Turkcell Iletisim Hizmetleri AS (a)		546,640		3,062,025
Vodafone Group PLC		4,114,814		15,131,494
				22,778,944
				57,336,477
Materials - 7.2%
Chemicals - 4.6%
Arkema SA		75,666		8,559,761

Company	Shares		U.S. $ Value
BASF SE		27,110		3,016,603
Denki Kagaku Kogyo KK		970,000		3,322,906
Incitec Pivot Ltd.		1,883,880		5,180,797
JSR Corp.		286,400		5,298,636
Koninklijke DSM NV		90,145		6,182,829
Nippon Shokubai Co., Ltd.		367,000		4,345,484
				35,907,016
Metals & Mining - 1.8%
Dowa Holdings Co., Ltd.		348,000		2,903,302
MMC Norilsk Nickel OJSC (ADR)		237,500		3,949,625
Rio Tinto PLC		129,700		7,233,073
				14,086,000
Paper & Forest Products - 0.8%
Mondi PLC		343,690		6,022,707
				56,015,723
Consumer Staples - 6.6%
Beverages - 1.1%
Asahi Group Holdings Ltd.		112,600		3,156,831
Carlsberg A/S-Class B		52,510		5,219,903
				8,376,734
Food & Staples Retailing - 1.3%
Koninklijke Ahold NV		491,684		9,876,035
Food Products - 0.9%
Ajinomoto Co., Inc.		263,000		3,764,081
Danone SA		48,440		3,422,155
				7,186,236
Household Products - 0.8%
Reckitt Benckiser Group PLC		71,240		5,813,538
Tobacco - 2.5%
British American Tobacco PLC		171,040		9,541,593
Imperial Tobacco Group PLC		251,000		10,149,833
				19,691,426
				50,943,969
Information Technology - 6.1%
Communications Equipment - 0.5%
Telefonaktiebolaget LM Ericsson-Class B		267,065		3,561,937
Computers & Peripherals - 1.1%
Casetek Holdings Ltd.		507,000		2,771,516
Catcher Technology Co., Ltd.		826,000		5,997,473
				8,768,989
Electronic Equipment, Instruments & Components - 0.2%
LG Display Co., Ltd. (a)		42,180		1,060,587
IT Services - 0.7%
Fujitsu Ltd.		935,000		5,651,632
Semiconductors & Semiconductor Equipment - 3.6%
ASM International NV		94,630		3,794,250

Company	Shares		U.S. $ Value
Novatek Microelectronics Corp.		464,000		2,132,750
Samsung Electronics Co., Ltd.		5,950		7,521,826
SK Hynix, Inc. (a)		74,200		2,517,671
Sumco Corp.		503,400		3,900,129
Taiwan Semiconductor Manufacturing Co., Ltd.		799,000		3,143,700
Tokyo Electron Ltd.		79,900		4,965,831
				27,976,157
				47,019,302
Energy - 5.6%
Energy Equipment & Services - 1.7%
Aker Solutions ASA		314,702		4,897,891
Saipem SpA		196,210		4,792,393
Seadrill Ltd.		110,810		3,901,292
				13,591,576
Oil, Gas & Consumable Fuels - 3.9%
China Petroleum & Chemical Corp.-Class H		2,408,000		2,160,072
ENI SpA		276,930		6,944,404
Gazprom OAO (Sponsored ADR)		318,430		2,474,201
JX Holdings, Inc.		1,626,200		7,839,963
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		292,129		10,674,014
				30,092,654
				43,684,230
Utilities - 3.0%
Electric Utilities - 2.1%
EDP - Energias de Portugal SA		1,643,770		7,631,424
Electricite de France		92,880		3,672,528
Enel SpA		952,320		5,386,488
				16,690,440
Multi-Utilities - 0.9%
National Grid PLC		510,620		7,016,731
				23,707,171
Total Common Stocks (cost $636,329,145)				756,810,344
WARRANTS - 0.6%
Financials - 0.6%
Real Estate Management & Development - 0.6%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a) (cost $2,799,578)		1,682,800		4,558,758

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.6%
Time Deposit - 0.6%
State Street Time Deposit 0.01%, 4/01/14 (cost $4,346,043)	$	4,346	$	4,346,043
Total Investments Before Security Lending Collateral for Securities Loaned - 98.7% (cost $643,474,766)				765,715,145
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.1%
Investment Companies - 2.1%
AllianceBernstein Exchange Reserves-Class I, 0.07% (c) (cost $16,395,288)		16,395,288		16,395,288
Total Investments - 100.8% (cost $659,870,054) (d)				782,110,433
Other assets less liabilities - (0.8)% (e)				(5,927,311	)
Net Assets - 100.0%			$	776,183,122

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at March 31, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		63		June 2014	$	2,580,438	$	2,690,550	$	110,112

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		USD	14,319		GBP	8,592		4/16/14	$	3,772
BNP Paribas SA		USD	6,138		KRW	6,619,648		4/16/14		82,242
BNP Paribas SA		USD	15,223		JPY	1,555,147		7/15/14		(147,605	)
Citibank, NA		USD	3,130		EUR	2,274		7/15/14		2,021
Credit Suisse International		CHF	16,156		USD	18,207		4/16/14		(70,338	)
Credit Suisse International		GBP	2,376		USD	3,916		4/16/14		(44,384	)
Credit Suisse International		USD	7,528		AUD	8,468		4/16/14		317,533
Credit Suisse International		USD	8,239		CHF	7,329		4/16/14		52,529
Credit Suisse International		USD	7,302		NOK	44,998		4/16/14		208,571
Credit Suisse International		CHF	22,485		USD	25,423		7/15/14		(32,715	)
Credit Suisse International		GBP	8,721		USD	14,365		7/15/14		(163,086	)
Deutsche Bank AG London		USD	3,765		EUR	2,734		7/15/14		732
Goldman Sachs Bank USA		JPY	1,763,531		USD	16,803		4/16/14		(284,730	)
Goldman Sachs Bank USA		USD	15,515		GBP	9,430		4/16/14		204,374

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		USD	1,922		RUB	70,242		4/16/14	$	71,603
HSBC Bank USA		GBP	22,654		USD	36,988		4/16/14		(775,736	)
HSBC Bank USA		USD	11,367		GBP	7,008		4/16/14		315,345
JPMorgan Chase Bank, NA		USD	16,914		JPY	1,763,531		4/16/14		173,406
Morgan Stanley & Co., Inc.		CNY	61,885		USD	10,136		4/16/14		155,484
Morgan Stanley & Co., Inc.		EUR	1,757		USD	2,392		4/16/14		(28,487	)
Morgan Stanley & Co., Inc.		KRW	21,510,585		USD	20,054		4/16/14		(158,378	)
Morgan Stanley & Co., Inc.		NZD	26,094		USD	21,765		4/16/14		(854,772	)
Morgan Stanley & Co., Inc.		SEK	20,114		USD	3,077		4/16/14		(30,141	)
Morgan Stanley & Co., Inc.		USD	7,491		EUR	5,441		4/16/14		4,720
Morgan Stanley & Co., Inc.		USD	11,065		NOK	67,142		4/16/14		142,396
Morgan Stanley & Co., Inc.		USD	14,699		NZD	17,798		4/16/14		729,094
Morgan Stanley & Co., Inc.		USD	36,787		SEK	241,759		4/16/14		557,327
Royal Bank of Scotland PLC		USD	13,940		KRW	14,890,937		4/16/14		52,524
Royal Bank of Scotland PLC		USD	6,865		NZD	8,296		4/16/14		326,779
Standard Chartered Bank		EUR	3,684		USD	5,063		4/16/14		(12,222	)
Standard Chartered Bank		HKD	162,386		USD	20,944		4/16/14		7,431
Standard Chartered Bank		RUB	216,464		USD	6,055		4/16/14		(88,467	)
Standard Chartered Bank		BRL	4,506		USD	1,808		5/05/14		(161,241	)
UBS AG		USD	1,845		BRL	4,506		5/05/14		124,089
									$	679,670

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $141,435,454 and gross unrealized depreciation of investments was $(19,195,075), resulting in net unrealized appreciation of $122,240,379.

(e) An amount of U.S. 244,196 has been segregated to collateralize margin requirements for the open futures contracts at March 31, 2014.

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
BRL	-	Brazilian Real
CHF	-	Swiss Franc
CNY	-	Chinese Yuan Renminbi
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares

Country Breakdown*

March 31, 2014 (unaudited)

22.1%	Japan
19.7%	United Kingdom
14.3%	France
6.2%	Switzerland
5.5%	Germany
4.1%	Italy
4.0%	Netherlands
3.7%	Australia
2.8%	Hong Kong
2.6%	Denmark
1.8%	Taiwan
1.7%	China
1.6%	Norway
9.3%	Other
0.6%	Short-Term
100.0%	Total Investments

* All data are as of March 31, 2014. 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 1.4% or less in the following countries: Belgium, Brazil, Greece, Hungary, India, Israel, Portugal, Russia, South Africa, South Korea, Sweden, Turkey and United Arab Emirates.

AllianceBernstein Variable Products Series Fund

International Value Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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, 2014:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Common Stocks:
Financials	$	5,797,307		$	178,055,347	$	– 0	–	$	183,852,654
Consumer Discretionary		17,004,558			104,044,879		– 0	–		121,049,437
Industrials		– 0	–		96,335,062		– 0	–		96,335,062
Health Care		– 0	–		76,866,319		– 0	–		76,866,319
Telecommunication Services		– 0	–		57,336,477		– 0	–		57,336,477
Materials		3,949,625			52,066,098		– 0	–		56,015,723
Consumer Staples		9,876,035			41,067,934		– 0	–		50,943,969
Information Technology		– 0	–		47,019,302		– 0	–		47,019,302
Energy		2,474,201			41,210,029		– 0	–		43,684,230
Utilities		– 0	–		23,707,171		– 0	–		23,707,171
Warrants		– 0	–		4,558,758		– 0	–		4,558,758

Investments in Securities:

Level 1

Level 2

Level 3

Total

Short-Term Investments

$

– 0

–

$

4,346,043

$

– 0

–

$

4,346,043

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

16,395,288

– 0

–

– 0

–

16,395,288

Total Investments in Securities

55,497,014

726,613,419

+

– 0

–

782,110,433

Other Financial Instruments*:

Assets:

Futures

– 0

–

110,112

– 0

–

110,112

Forward Currency Exchange Contracts

– 0

–

3,531,972

– 0

–

3,531,972

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(2,852,302

)

– 0

–

(2,852,302

)

Total++^

$

55,497,014

$

727,403,201

$

– 0

–

$

782,900,215

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 from Level 2 to Level 1 during the reporting period.

^ An amount of $9,837,515 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools 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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 93.5%
Consumer Discretionary - 22.0%
Auto Parts - 0.9%
LKQ Corp. (a)		141,163	$	3,719,645
Cable Television Services - 2.7%
Comcast Corp.-Class A		220,570		11,032,911
Cosmetics - 0.9%
Estee Lauder Cos., Inc. (The)-Class A		54,660		3,655,661
Diversified Media - 1.4%
Liberty Media Corp.-Class A (a)		41,540		5,430,524
Diversified Retail - 3.1%
Amazon.com, Inc. (a)		17,460		5,875,639
Costco Wholesale Corp.		61,410		6,858,269
				12,733,908
Entertainment - 2.2%
Walt Disney Co. (The)		112,240		8,987,057
Leisure Time - 2.2%
priceline.com, Inc. (a)		7,570		9,022,607
Recreational Vehicles & Boats - 1.3%
Polaris Industries, Inc.		37,570		5,248,905
Restaurants - 2.3%
Starbucks Corp.		123,815		9,085,545
Specialty Retail - 3.1%
Home Depot, Inc. (The)		114,810		9,084,915
O’Reilly Automotive, Inc. (a)		24,630		3,654,846
				12,739,761
Textiles, Apparel & Shoes - 1.9%
Michael Kors Holdings Ltd. (a)		33,130		3,090,035
NIKE, Inc.-Class B		63,480		4,688,633
				7,778,668
				89,435,192
Technology - 20.4%
Communications Technology - 0.6%
QUALCOMM, Inc.		31,850		2,511,691
Computer Services, Software & Systems - 12.7%
ANSYS, Inc. (a)		81,262		6,258,799
Cognizant Technology Solutions Corp.-Class A (a)		196,200		9,929,682
F5 Networks, Inc. (a)		59,550		6,349,817
Facebook, Inc.-Class A (a)		71,520		4,308,365
Google, Inc.-Class A (a)		18,650		20,785,612
Informatica Corp. (a)		69,490		2,625,332
Red Hat, Inc. (a)		27,580		1,461,188
				51,718,795

Company	Shares		U.S. $ Value
Computer Technology - 3.7%
Apple, Inc.		27,845		14,945,525
Electronic Components - 1.7%
Amphenol Corp.-Class A		76,230		6,986,479
Semiconductors & Component - 1.7%
Linear Technology Corp.		143,190		6,971,921
				83,134,411
Health Care - 15.3%
Biotechnology - 5.0%
Biogen Idec, Inc. (a)		35,494		10,856,550
Celgene Corp. (a)		17,290		2,413,684
Quintiles Transnational Holdings, Inc. (a)		139,288		7,071,652
				20,341,886
Health Care Management Services - 1.8%
UnitedHealth Group, Inc.		90,001		7,379,182
Health Care Services - 1.0%
McKesson Corp.		23,750		4,193,537
Medical Equipment - 1.9%
Illumina, Inc. (a)		15,055		2,238,076
Intuitive Surgical, Inc. (a)		12,497		5,473,561
				7,711,637
Pharmaceuticals - 5.6%
Allergan, Inc./United States		112,316		13,938,416
Gilead Sciences, Inc. (a)		121,240		8,591,066
				22,529,482
				62,155,724
Consumer Staples - 11.1%
Beverage: Soft Drinks - 2.5%
Keurig Green Mountain, Inc.		41,020		4,331,302
Monster Beverage Corp. (a)		81,926		5,689,760
				10,021,062
Drug & Grocery Store Chains - 2.9%
CVS Caremark Corp.		156,360		11,705,110
Foods - 3.3%
Hershey Co. (The)		66,400		6,932,160
Mead Johnson Nutrition Co.-Class A		80,270		6,673,648
				13,605,808
Tobacco - 2.4%
Philip Morris International, Inc.		118,681		9,716,413
				45,048,393
Producer Durables - 10.3%
Aerospace - 2.5%
Boeing Co. (The)		79,440		9,968,925

Company	Shares		U.S. $ Value
Air Transport - 1.7%
Copa Holdings SA-Class A		48,840		7,091,080
Diversified Manufacturing Operations - 2.7%
Danaher Corp.		144,382		10,828,650
Scientific Instruments: Control & Filter - 1.1%
Parker Hannifin Corp.		38,970		4,665,099
Scientific Instruments: Electrical - 1.4%
AMETEK, Inc.		113,271		5,832,324
Scientific Instruments: Gauges & Meters - 0.9%
Mettler-Toledo International, Inc. (a)		15,275		3,600,012
				41,986,090
Financial Services - 9.1%
Asset Management & Custodian - 1.9%
Affiliated Managers Group, Inc. (a)		19,501		3,901,175
BlackRock, Inc.-Class A		11,830		3,720,298
				7,621,473
Financial Data & Systems - 3.8%
Visa, Inc.-Class A		72,460		15,641,216
Insurance: Property-Casualty - 0.7%
Verisk Analytics, Inc.-Class A (a)		43,871		2,630,505
Securities Brokerage & Services - 2.7%
IntercontinentalExchange Group, Inc.		56,291		11,136,049
				37,029,243
Energy - 2.9%
Oil Well Equipment & Services - 2.9%
Oceaneering International, Inc.		42,590		3,060,517
Schlumberger Ltd.		91,075		8,879,813
				11,940,330
Materials & Processing - 2.4%
Fertilizers - 1.2%
Monsanto Co.		43,213		4,916,343
Metal Fabricating - 1.2%
Precision Castparts Corp.		18,768		4,743,800
				9,660,143
Total Common Stocks (cost $291,627,224)				380,389,526
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.8%
Time Deposit - 7.8%
State Street Time Deposit 0.01%, 4/01/14 (cost $31,664,832)	$	31,665		31,664,832

	U.S. $ Value
Total Investments - 101.3% (cost $323,292,056) (b)		412,054,358
Other assets less liabilities - (1.3)%		(5,260,661	)
Net Assets - 100.0%	$	406,793,697

(a) Non-income producing security.

(b) As of March 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $90,310,985 and gross unrealized depreciation of investments was $(1,548,683), resulting in net unrealized appreciation of $88,762,302.

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, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

380,389,526

$

– 0

–

$

– 0

–

$

380,389,526

Short-Term Investments

– 0

–

31,664,832

– 0

–

31,664,832

Total Investments in Securities

380,389,526

31,664,832

– 0

–

412,054,358

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

380,389,526

$

31,664,832

$

– 0

–

$

412,054,358

* See Portfolio of Investments for sector classifications.

** Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.0%
Equity: Other - 29.4%
Diversified/Specialty - 15.4%
American Tower Corp.		18,870	$	1,544,887
Armada Hoffler Properties, Inc.		20,130		202,105
BioMed Realty Trust, Inc.		16,300		333,987
Chambers Street Properties		29,540		229,526
Digital Realty Trust, Inc. (a)		9,280		492,582
Gramercy Property Trust, Inc. (a)		76,970		397,165
Kennedy-Wilson Holdings, Inc.		28,520		641,985
Lexington Realty Trust (a)		59,210		645,981
Rayonier, Inc.		12,650		580,762
Regal Entertainment Group-Class A		34,110		637,175
Vornado Realty Trust		8,110		799,322
Weyerhaeuser Co.		22,910		672,408
				7,177,885
Health Care - 12.9%
HCP, Inc.		27,630		1,071,768
Health Care REIT, Inc.		16,441		979,883
LTC Properties, Inc.		22,020		828,613
Medical Properties Trust, Inc.		64,315		822,589
Omega Healthcare Investors, Inc.		29,960		1,004,259
Senior Housing Properties Trust		15,680		352,330
Ventas, Inc.		15,980		967,908
				6,027,350
Triple Net - 1.1%
EPR Properties		3,970		211,958
National Retail Properties, Inc. (a)		9,240		317,117
				529,075
				13,734,310
Retail - 22.8%
Regional Mall - 11.7%
General Growth Properties, Inc.		54,010		1,188,220
Glimcher Realty Trust		35,100		352,053
Pennsylvania Real Estate Investment Trust		19,410		350,351
Simon Property Group, Inc.		21,910		3,593,240
				5,483,864
Shopping Center/Other Retail - 11.1%
American Realty Capital Properties, Inc.		55,520		778,390
DDR Corp.		50,123		826,027
Federal Realty Investment Trust		4,830		554,098
Inland Real Estate Corp.		29,170		307,744
Kimco Realty Corp.		23,780		520,306
Kite Realty Group Trust		65,394		392,364
Ramco-Gershenson Properties Trust		47,481		773,940
Regency Centers Corp.		6,630		338,528
Retail Properties of America, Inc.-Class A		15,110		204,589
Weingarten Realty Investors		15,520		465,600
				5,161,586
				10,645,450

Company	Shares		U.S. $ Value
Residential - 16.9%
Multi-Family - 10.0%
Apartment Investment & Management Co.-Class A		9,960		300,991
Associated Estates Realty Corp.		45,560		771,786
AvalonBay Communities, Inc.		4,020		527,906
Brookfield Residential Properties, Inc. (b)		10,053		210,812
Camden Property Trust		2,010		135,353
Equity Residential		14,030		813,600
Essex Property Trust, Inc.		5,440		925,072
Mid-America Apartment Communities, Inc.		14,310		976,944
				4,662,464
Self Storage - 6.3%
CubeSmart		25,420		436,207
Extra Space Storage, Inc.		17,310		839,708
Public Storage		8,880		1,496,191
Sovran Self Storage, Inc.		2,450		179,953
				2,952,059
Student Housing - 0.6%
American Campus Communities, Inc.		7,620		284,607
				7,899,130
Office - 12.5%
Office - 12.5%
Boston Properties, Inc.		9,639		1,103,955
Columbia Property Trust, Inc.		27,570		751,283
Corporate Office Properties Trust		6,870		183,017
Cousins Properties, Inc.		54,419		624,186
Douglas Emmett, Inc.		9,630		261,358
Franklin Street Properties Corp.		8,890		112,014
Government Properties Income Trust		4,470		112,644
Kilroy Realty Corp.		5,850		342,693
Mack-Cali Realty Corp.		6,490		134,927
Parkway Properties, Inc./MD		42,266		771,354
SL Green Realty Corp.		14,216		1,430,414
				5,827,845
Lodging - 10.8%
Lodging - 10.8%
Ashford Hospitality Prime, Inc.		43,632		659,716
Ashford Hospitality Trust, Inc.		68,839		775,816
Chesapeake Lodging Trust		13,470		346,583
DiamondRock Hospitality Co.		72,170		847,997
FelCor Lodging Trust, Inc.		37,790		341,622
Hersha Hospitality Trust		120,987		705,354
Host Hotels & Resorts, Inc.		36,200		732,688
Pebblebrook Hotel Trust		14,690		496,081
Strategic Hotels & Resorts, Inc. (b)		13,550		138,075
				5,043,932
Industrials - 6.1%
Industrial Warehouse Distribution - 6.1%
Granite Real Estate Investment Trust		19,780		717,223
ProLogis, Inc.		32,882		1,342,572
STAG Industrial, Inc.		33,180		799,638
				2,859,433

Company	Shares		U.S. $ Value
Mortgage - 0.5%
Mortgage - 0.5%
Altisource Residential Corp. (cost $204,486)		6,686		211,010
Total Common Stocks (cost $40,671,560)				46,221,110
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.9%
Time Deposit - 0.9%
State Street Time Deposit 0.01%, 4/01/14 (cost $414,870)	$	415		414,870
Total Investments Before Security Lending Collateral for Securities Loaned - 99.9% (cost $41,086,430)				46,635,980
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.6%
Investment Companies - 3.6%
AllianceBernstein Exchange Reserves-Class I, 0.07% (c) (cost $1,664,235)		1,664,235		1,664,235
Total Investments - 103.5% (cost $42,750,665) (d)				48,300,215
Other assets less liabilities - (3.5)%				(1,637,835	)
Net Assets - 100.0%			$	46,662,380

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

(b) Non-income producing security.

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

(d) As of March 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,262,650 and gross unrealized depreciation of investments was $(713,100), resulting in net unrealized appreciation of $5,549,550.

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, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

46,221,110

$

– 0

–

$

– 0

–

$

46,221,110

Short-Term Investments

– 0

–

414,870

– 0

–

414,870

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

1,664,235

– 0

–

– 0

–

1,664,235

Total Investments in Securities

47,885,345

414,870

– 0

–

48,300,215

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

47,885,345

$

414,870

$

– 0

–

$

48,300,215

* See Portfolio of Investments for sector classifications.

** Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.5%
Information Technology - 27.8%
Electronic Equipment, Instruments & Components - 0.2%
Zebra Technologies Corp.-Class A (a)		2,140	$	148,537
Internet Software & Services - 11.5%
Cornerstone OnDemand, Inc. (a)		17,680		846,342
CoStar Group, Inc. (a)		7,478		1,396,442
Criteo SA (Sponsored ADR) (a)		9,766		396,011
Dealertrack Technologies, Inc. (a)		20,582		1,012,428
Demandware, Inc. (a)		9,504		608,826
Envestnet, Inc. (a)		18,820		756,188
Pandora Media, Inc. (a)		23,310		706,759
Shutterstock, Inc. (a)		9,878		717,242
Yelp, Inc. (a)		10,693		822,612
Zillow, Inc.-Class A (a)(b)		9,890		871,309
				8,134,159
Semiconductors & Semiconductor Equipment - 6.7%
Cavium, Inc. (a)		16,410		717,609
Power Integrations, Inc.		13,402		881,584
Silicon Laboratories, Inc. (a)		16,010		836,523
Spansion, Inc.-Class A (a)		41,310		719,620
Synaptics, Inc. (a)		11,270		676,425
Teradyne, Inc. (a)		46,500		924,885
				4,756,646
Software - 9.4%
A10 Networks, Inc.(a)(b)		18,433		277,232
Aspen Technology, Inc. (a)		20,412		864,652
FireEye, Inc. (a)(b)		3,447		212,232
Guidewire Software, Inc. (a)		19,229		943,183
Interactive Intelligence Group, Inc. (a)		12,040		872,900
PTC, Inc. (a)		29,940		1,060,774
SS&C Technologies Holdings, Inc. (a)		12,489		499,810
Tableau Software, Inc.-Class A (a)		11,488		874,007
Ultimate Software Group, Inc. (The) (a)		7,222		989,414
				6,594,204
				19,633,546
Health Care - 22.1%
Biotechnology - 6.3%
Celldex Therapeutics, Inc. (a)		9,467		167,282
Cubist Pharmaceuticals, Inc. (a)		10,231		748,398
Insys Therapeutics, Inc. (a)		5,115		211,915
Intercept Pharmaceuticals, Inc. (a)		1,217		401,355
Isis Pharmaceuticals, Inc. (a)		9,411		406,649
Karyopharm Therapeutics, Inc. (a)		6,735		208,044
KYTHERA Biopharmaceuticals, Inc. (a)		7,186		285,715
Momenta Pharmaceuticals, Inc. (a)		7,386		86,047

Company	Shares		U.S. $ Value
NPS Pharmaceuticals, Inc. (a)		18,530		554,603
Puma Biotechnology, Inc. (a)		3,753		390,837
Synageva BioPharma Corp. (a)		4,136		343,164
Tekmira Pharmaceuticals Corp. (a)(b)		6,780		145,702
TESARO, Inc. (a)		9,540		281,239
Ultragenyx Pharmaceutical, Inc. (a)		3,712		181,480
				4,412,430
Health Care Equipment & Supplies - 5.1%
Align Technology, Inc. (a)		17,040		882,501
Cardiovascular Systems, Inc. (a)		11,554		367,302
HeartWare International, Inc. (a)		8,329		781,094
LDR Holding Corp. (a)		11,036		378,866
Sirona Dental Systems, Inc. (a)		7,764		579,738
Tandem Diabetes Care, Inc. (a)		15,978		352,954
TearLab Corp. (a)(b)		20,281		137,099
Unilife Corp. (a)(b)		37,027		150,700
				3,630,254
Health Care Providers & Services - 4.6%
Acadia Healthcare Co., Inc. (a)		22,377		1,009,650
Mednax, Inc. (a)		11,534		714,877
Premier, Inc.-Class A (a)		17,152		565,159
Team Health Holdings, Inc. (a)		20,829		932,098
				3,221,784
Life Sciences Tools & Services - 2.6%
ICON PLC (a)		16,935		805,259
PAREXEL International Corp. (a)		18,520		1,001,747
				1,807,006
Pharmaceuticals - 3.5%
Akorn, Inc. (a)		34,828		766,216
Aratana Therapeutics, Inc. (a)		14,827		275,189
GW Pharmaceuticals PLC (ADR) (a)		4,249		252,263
Jazz Pharmaceuticals PLC (a)		3,610		500,635
Pacira Pharmaceuticals, Inc./DE (a)		10,170		711,798
				2,506,101
				15,577,575
Industrials - 22.1%
Aerospace & Defense - 2.2%
Hexcel Corp. (a)		24,886		1,083,536
KEYW Holding Corp. (The) (a)(b)		25,325		473,831
				1,557,367
Commercial Services & Supplies - 0.9%
Interface, Inc.		31,700		651,435

Company	Shares		U.S. $ Value
Construction & Engineering - 1.4%
Dycom Industries, Inc. (a)		31,454		994,261
Industrial Conglomerates - 1.5%
Carlisle Cos., Inc.		13,220		1,048,875
Machinery - 8.7%
Actuant Corp.-Class A		21,470		733,200
Chart Industries, Inc. (a)		10,347		823,104
IDEX Corp.		13,995		1,020,096
Lincoln Electric Holdings, Inc.		13,470		969,975
Middleby Corp. (The) (a)		4,330		1,144,029
RBC Bearings, Inc. (a)		9,236		588,333
Valmont Industries, Inc.		5,502		818,918
				6,097,655
Marine - 1.6%
Kirby Corp. (a)		11,337		1,147,871
Professional Services - 2.7%
TrueBlue, Inc. (a)		34,738		1,016,434
WageWorks, Inc. (a)		16,160		906,737
				1,923,171
Road & Rail - 1.5%
Genesee & Wyoming, Inc.-Class A (a)		10,372		1,009,403
Trading Companies & Distributors - 1.6%
United Rentals, Inc. (a)		12,086		1,147,445
				15,577,483
Consumer Discretionary - 12.5%
Distributors - 0.9%
LKQ Corp. (a)		24,016		632,822
Diversified Consumer Services - 2.3%
Bright Horizons Family Solutions, Inc. (a)		17,970		702,807
Capella Education Co.		14,320		904,308
				1,607,115
Internet & Catalog Retail - 2.4%
HomeAway, Inc. (a)		22,930		863,773
Shutterfly, Inc. (a)		6,639		283,352
zulily, Inc.-Class A (a)(b)		11,183		561,275
				1,708,400
Media - 0.7%
National CineMedia, Inc.		30,489		457,335
Specialty Retail - 6.2%
Cabela’s, Inc. (a)		12,065		790,378
Container Store Group, Inc. (The) (a)(b)		13,772		467,559
Dick’s Sporting Goods, Inc.		15,760		860,654
Five Below, Inc. (a)		16,979		721,268
Hibbett Sports, Inc. (a)		10,458		553,019

Company	Shares		U.S. $ Value
Lumber Liquidators Holdings, Inc. (a)		10,540		988,652
				4,381,530
				8,787,202
Financials - 5.2%
Capital Markets - 1.0%
Stifel Financial Corp. (a)		14,830		737,941
Commercial Banks - 4.2%
City National Corp./CA		6,680		525,850
Iberiabank Corp.		10,448		732,927
Signature Bank/New York NY (a)		6,356		798,250
SVB Financial Group (a)		6,891		887,423
				2,944,450
				3,682,391
Energy - 4.3%
Energy Equipment & Services - 2.1%
Dril-Quip, Inc. (a)		5,560		623,276
Forum Energy Technologies, Inc. (a)		2,050		63,509
Oil States International, Inc. (a)		3,051		300,829
Superior Energy Services, Inc.		15,466		475,734
				1,463,348
Oil, Gas & Consumable Fuels - 2.2%
Emerald Oil, Inc. (a)		25,680		172,569
Laredo Petroleum, Inc. (a)		17,964		464,549
Matador Resources Co. (a)		19,116		468,151
Oasis Petroleum, Inc. (a)		10,855		452,979
				1,558,248
				3,021,596
Materials - 1.9%
Chemicals - 1.9%
PolyOne Corp.		37,260		1,365,952
Consumer Staples - 1.9%
Food & Staples Retailing - 1.9%
Chefs’ Warehouse, Inc. (The) (a)		23,173		495,902
Sprouts Farmers Market, Inc. (a)		23,509		847,029
				1,342,931
Telecommunication Services - 0.7%
Wireless Telecommunication Services - 0.7%
RingCentral, Inc.-Class A (a)		28,878		522,692
Total Common Stocks (cost $50,563,563)				69,511,368

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.1%
Time Deposit - 1.1%
State Street Time Deposit
0.01%, 4/01/14 (cost $745,575)	$	746		745,575
Total Investments Before Security Lending Collateral for Securities Loaned - 99.6% (cost $51,309,138)				70,256,943
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.9%
Investment Companies - 3.9%
AllianceBernstein Exchange Reserves-Class I,
0.07% (c) (cost $2,777,739)		2,777,739		2,777,739
Total Investments - 103.5% (cost $54,086,877) (d)				73,034,682
Other assets less liabilities - (3.5)%				(2,451,856	)
Net Assets - 100.0%			$	70,582,826

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $19,446,391 and gross unrealized depreciation of investments was $(498,586), resulting in net unrealized appreciation of $18,947,805.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Small Cap Growth Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

69,511,368

$

– 0

–

$

– 0

–

$

69,511,368

Short-Term Investments

– 0

–

745,575

– 0

–

745,575

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

2,777,739

– 0

–

– 0

–

2,777,739

Total Investments in Securities

72,289,107

745,575

– 0

–

73,034,682

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

72,289,107

$

745,575

$

– 0

–

$

73,034,682

* See Portfolio of Investments for sector classifications.

** Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.2%
Financials - 28.5%
Capital Markets - 1.0%
E*Trade Financial Corp. (a)		312,120	$	7,185,002
Commercial Banks - 9.8%
Associated Banc-Corp		352,160		6,360,010
CapitalSource, Inc.		440,530		6,427,333
Comerica, Inc.		186,090		9,639,462
First Niagara Financial Group, Inc.		852,580		8,056,881
Huntington Bancshares, Inc./OH		947,030		9,441,889
Popular, Inc. (a)		265,970		8,242,410
Susquehanna Bancshares, Inc.		450,254		5,128,393
Webster Financial Corp.		174,140		5,408,788
Zions Bancorporation		295,930		9,167,912
				67,873,078
Insurance - 8.6%
American Financial Group, Inc./OH		167,640		9,674,504
Aspen Insurance Holdings Ltd.		231,540		9,192,138
Genworth Financial, Inc.-Class A (a)		630,400		11,176,992
PartnerRe Ltd.		59,900		6,199,650
Reinsurance Group of America, Inc.-Class A		81,120		6,459,586
Unum Group		226,280		7,989,947
Validus Holdings Ltd.		238,562		8,996,173
				59,688,990
Real Estate Investment Trusts (REITs) - 8.9%
BioMed Realty Trust, Inc.		251,790		5,159,177
Camden Property Trust		81,210		5,468,681
DDR Corp.		391,290		6,448,459
DiamondRock Hospitality Co.		640,480		7,525,640
LTC Properties, Inc.		212,320		7,989,602
Medical Properties Trust, Inc.		629,690		8,053,735
Mid-America Apartment Communities, Inc.		117,940		8,051,764
Parkway Properties, Inc./MD		402,110		7,338,508
STAG Industrial, Inc.		210,200		5,065,820
				61,101,386
Thrifts & Mortgage Finance - 0.2%
Essent Group Ltd. (a)		45,520		1,022,379
				196,870,835
Information Technology - 19.7%
Communications Equipment - 1.7%
Brocade Communications Systems, Inc. (a)		341,740		3,625,862
Harris Corp.		112,170		8,206,357
				11,832,219
Electronic Equipment, Instruments & Components - 9.1%
Anixter International, Inc.		66,720		6,773,414
Arrow Electronics, Inc. (a)		173,380		10,291,837
Avnet, Inc.		223,320		10,391,080
CDW Corp./DE		291,860		8,008,638
Insight Enterprises, Inc. (a)		183,434		4,606,028
Jabil Circuit, Inc.		453,950		8,171,100

Company	Shares		U.S. $ Value
TTM Technologies, Inc. (a)		594,562		5,024,049
Vishay Intertechnology, Inc.		650,630		9,681,374
				62,947,520
IT Services - 4.0%
Amdocs Ltd.		176,060		8,179,747
Booz Allen Hamilton Holding Corp.		205,420		4,519,240
Convergys Corp.		377,280		8,266,205
Genpact Ltd. (a)		392,040		6,829,337
				27,794,529
Semiconductors & Semiconductor Equipment - 3.8%
Entegris, Inc. (a)		509,150		6,165,806
Lam Research Corp. (a)		153,180		8,424,900
MKS Instruments, Inc.		152,788		4,566,833
Teradyne, Inc. (a)		340,630		6,775,131
				25,932,670
Software - 1.1%
Electronic Arts, Inc. (a)		269,060		7,805,431
				136,312,369
Consumer Discretionary - 16.8%
Auto Components - 5.5%
Dana Holding Corp.		420,220		9,778,519
Lear Corp.		118,870		9,951,796
Tenneco, Inc. (a)		157,150		9,125,701
TRW Automotive Holdings Corp. (a)		110,690		9,034,518
				37,890,534
Automobiles - 1.3%
Thor Industries, Inc.		147,170		8,986,200
Hotels, Restaurants & Leisure - 0.9%
DineEquity, Inc.		74,948		5,851,190
Household Durables - 3.2%
Helen of Troy Ltd. (a)		91,870		6,360,160
Meritage Homes Corp. (a)		162,650		6,811,782
NVR, Inc. (a)		1,476		1,692,972
PulteGroup, Inc.		383,170		7,353,033
				22,217,947
Media - 2.5%
Gannett Co., Inc.		375,070		10,351,932
Regal Entertainment Group-Class A		382,220		7,139,870
				17,491,802
Specialty Retail - 3.4%
Children’s Place Retail Stores, Inc. (The)		156,209		7,780,770
GameStop Corp.-Class A		187,850		7,720,635

Company	Shares		U.S. $ Value
Office Depot, Inc. (a)		1,941,700		8,019,221
				23,520,626
				115,958,299
Industrials - 10.9%
Commercial Services & Supplies - 1.1%
Steelcase, Inc.-Class A		459,330		7,629,471
Construction & Engineering - 3.6%
AECOM Technology Corp. (a)		165,780		5,333,143
Granite Construction, Inc.		136,150		5,436,469
Tutor Perini Corp. (a)		280,590		8,044,515
URS Corp.		134,980		6,352,159
				25,166,286
Electrical Equipment - 0.8%
General Cable Corp.		201,200		5,152,732
Machinery - 2.2%
Kennametal, Inc.		147,620		6,539,566
Terex Corp.		187,250		8,295,175
				14,834,741
Road & Rail - 2.6%
Con-way, Inc.		212,480		8,728,679
Ryder System, Inc.		118,550		9,474,516
				18,203,195
Trading Companies & Distributors - 0.6%
Aircastle Ltd.		219,085		4,245,867
				75,232,292
Materials - 6.8%
Chemicals - 1.4%
Huntsman Corp.		392,370		9,581,675
Containers & Packaging - 2.3%
Avery Dennison Corp.		143,690		7,280,772
Graphic Packaging Holding Co. (a)		833,180		8,465,109
				15,745,881
Metals & Mining - 3.1%
Commercial Metals Co.		375,540		7,090,195
Reliance Steel & Aluminum Co.		90,045		6,362,580
Steel Dynamics, Inc.		447,120		7,954,265
				21,407,040
				46,734,596
Utilities - 6.3%
Electric Utilities - 2.6%
PNM Resources, Inc.		329,170		8,897,465
Westar Energy, Inc.		254,415		8,945,232
				17,842,697

Company	Shares		U.S. $ Value
Gas Utilities - 3.7%
Atmos Energy Corp.		185,210		8,728,947
Southwest Gas Corp.		149,910		8,012,690
UGI Corp.		192,250		8,768,522
				25,510,159
				43,352,856
Energy - 5.0%
Energy Equipment & Services - 0.6%
Helix Energy Solutions Group, Inc. (a)		186,560		4,287,149
Oil, Gas & Consumable Fuels - 4.4%
Bill Barrett Corp. (a)		348,440		8,920,064
Cimarex Energy Co.		41,990		5,001,429
Rosetta Resources, Inc. (a)		186,280		8,676,922
Stone Energy Corp. (a)		188,870		7,926,874
				30,525,289
				34,812,438
Health Care - 4.2%
Biotechnology - 0.5%
Theravance, Inc. (a)(b)		109,840		3,398,449
Health Care Providers & Services - 3.7%
Health Net, Inc./CA (a)		289,580		9,848,616
LifePoint Hospitals, Inc. (a)		139,055		7,585,450
Molina Healthcare, Inc. (a)		223,210		8,383,768
				25,817,834
				29,216,283
Consumer Staples - 1.0%
Food Products - 1.0%
Dean Foods Co.		434,550		6,718,143
Total Common Stocks (cost $537,141,004)				685,208,111
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.6%
Time Deposit - 0.6%
State Street Time Deposit 0.01%, 4/01/14 (cost $4,219,534)	$	4,220		4,219,534

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 99.8% (cost $541,360,538)				689,427,645
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
Investment Companies - 0.5%
AllianceBernstein Exchange Reserves-Class I, 0.07% (c) (cost $3,388,291)		3,388,291		3,388,291
Total Investments - 100.3% (cost $544,748,829) (d)				692,815,936
Other assets less liabilities - (0.3)%				(1,834,531	)
Net Assets - 100.0%			$	690,981,405

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $158,194,573 and gross unrealized depreciation of investments was $(10,127,466), resulting in net unrealized appreciation of $148,067,107.

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/Mid Cap Value Portfolio

March 31, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

685,208,111

$

– 0

–

$

– 0

–

$

685,208,111

Short-Term Investments

– 0

–

4,219,534

– 0

–

4,219,534

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

3,388,291

– 0

–

– 0

–

3,388,291

Total Investments in Securities

688,596,402

4,219,534

– 0

–

692,815,936

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

688,596,402

$

4,219,534

$

– 0

–

$

692,815,936

* See Portfolio of Investments for sector classifications.

** Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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

Value Portfolio

Portfolio of Investments

March 31, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.8%
Financials - 29.0%
Capital Markets - 0.9%
Goldman Sachs Group, Inc. (The)		4,000	$	655,400
State Street Corp.		7,300		507,715
				1,163,115
Commercial Banks - 11.3%
Bank of America Corp.		232,600		4,000,720
CIT Group, Inc.		30,500		1,495,110
Citigroup, Inc.		55,600		2,646,560
Comerica, Inc.		16,000		828,800
Fifth Third Bancorp		19,800		454,410
JPMorgan Chase & Co.		37,200		2,258,412
Regions Financial Corp.		36,700		407,737
Wells Fargo & Co.		46,800		2,327,832
				14,419,581
Consumer Finance - 3.6%
Capital One Financial Corp.		25,700		1,983,012
Discover Financial Services		27,300		1,588,587
SLM Corp.		44,100		1,079,568
				4,651,167
Diversified Financial Services - 1.7%
Berkshire Hathaway, Inc.-Class B (a)		8,100		1,012,257
ING US, Inc.		28,800		1,044,576
McGraw Hill Financial, Inc.		2,000		152,600
				2,209,433
Insurance - 11.5%
Allstate Corp. (The)		18,100		1,024,098
American Financial Group, Inc./OH		21,900		1,263,849
American International Group, Inc.		47,200		2,360,472
Aon PLC		16,000		1,348,480
Assurant, Inc.		15,300		993,888
Chubb Corp. (The)		13,800		1,232,340
Genworth Financial, Inc.-Class A (a)		60,700		1,076,211
Lincoln National Corp.		43,600		2,209,212
PartnerRe Ltd.		13,900		1,438,650
Reinsurance Group of America, Inc.-Class A		9,500		756,485
Travelers Cos., Inc. (The)		10,300		876,530
Unum Group		3,900		137,709
				14,717,924
				37,161,220
Consumer Discretionary - 14.3%
Auto Components - 2.6%
Lear Corp.		7,300		611,156
Magna International, Inc. (New York)-Class A		15,700		1,512,067
TRW Automotive Holdings Corp. (a)		14,000		1,142,680
				3,265,903
Automobiles - 1.2%
Ford Motor Co.		97,300		1,517,880

Company	Shares		U.S. $ Value
Household Durables - 0.7%
PulteGroup, Inc.		46,200		886,578
Media - 5.1%
Gannett Co., Inc.		50,600		1,396,560
Liberty Global PLC-Class A (a)		8,133		338,333
Liberty Global PLC-Series C (a)		38,133		1,552,394
Time Warner, Inc.		15,100		986,483
Twenty-First Century Fox, Inc.-Class A		37,700		1,205,269
Viacom, Inc.-Class B		12,500		1,062,375
				6,541,414
Multiline Retail - 1.1%
Macy’s, Inc.		23,800		1,411,102
Specialty Retail - 3.6%
GameStop Corp.-Class A		37,200		1,528,920
Gap, Inc. (The)		8,500		340,510
Office Depot, Inc. (a)		190,100		785,113
TJX Cos., Inc. (The)		32,300		1,958,995
				4,613,538
				18,236,415
Health Care - 14.2%
Biotechnology - 0.6%
Theravance, Inc. (a)(b)		8,400		259,896
Vertex Pharmaceuticals, Inc. (a)		7,400		523,328
				783,224
Health Care Equipment & Supplies - 1.8%
Medtronic, Inc.		37,100		2,283,134
Health Care Providers & Services - 2.1%
Aetna, Inc.		17,400		1,304,478
Health Net, Inc./CA (a)		28,800		979,488
WellPoint, Inc.		4,400		438,020
				2,721,986
Pharmaceuticals - 9.7%
GlaxoSmithKline PLC (Sponsored ADR)		23,000		1,228,890
Johnson & Johnson		34,500		3,388,935
Merck & Co., Inc.		23,900		1,356,803
Pfizer, Inc.		161,100		5,174,532
Roche Holding AG (Sponsored ADR)		32,000		1,207,040
				12,356,200
				18,144,544
Energy - 13.9%
Energy Equipment & Services - 1.9%
Halliburton Co.		22,400		1,319,136
Nabors Industries Ltd.		42,000		1,035,300
				2,354,436
Oil, Gas & Consumable Fuels - 12.0%
Chesapeake Energy Corp.		8,500		217,770
Chevron Corp.		22,700		2,699,257

Company	Shares		U.S. $ Value
Exxon Mobil Corp.		44,500		4,346,760
Hess Corp.		29,000		2,403,520
Occidental Petroleum Corp.		24,200		2,306,018
Phillips 66		11,900		917,014
Valero Energy Corp.		47,400		2,516,940
				15,407,279
				17,761,715
Information Technology - 10.5%
Communications Equipment - 2.0%
Brocade Communications Systems, Inc. (a)		67,700		718,297
Cisco Systems, Inc.		22,000		493,020
Harris Corp.		18,300		1,338,828
				2,550,145
Computers & Peripherals - 3.3%
Apple, Inc.		2,000		1,073,480
Hewlett-Packard Co.		97,500		3,155,100
				4,228,580
Electronic Equipment, Instruments & Components - 0.7%
Arrow Electronics, Inc. (a)		14,900		884,464
IT Services - 1.6%
Western Union Co. (The)-Class W		38,200		624,952
Xerox Corp.		131,200		1,482,560
				2,107,512
Semiconductors & Semiconductor Equipment - 1.8%
Applied Materials, Inc.		55,300		1,129,226
Lam Research Corp. (a)		9,600		528,000
Micron Technology, Inc. (a)		28,600		676,676
				2,333,902
Software - 1.1%
CA, Inc.		4,800		148,656
Electronic Arts, Inc. (a)		42,400		1,230,024
				1,378,680
				13,483,283
Industrials - 5.6%
Aerospace & Defense - 0.6%
Northrop Grumman Corp.		6,700		826,646
Airlines - 0.5%
Delta Air Lines, Inc.		19,900		689,535
Construction & Engineering - 0.3%
URS Corp.		7,800		367,068
Industrial Conglomerates - 3.0%
General Electric Co.		147,000		3,805,830
Machinery - 1.2%
Illinois Tool Works, Inc.		15,400		1,252,482

Company	Shares		U.S. $ Value
Parker Hannifin Corp.		2,000		239,420
				1,491,902
				7,180,981
Utilities - 3.9%
Electric Utilities - 1.6%
Edison International		35,600		2,015,316
Gas Utilities - 1.5%
Atmos Energy Corp.		32,000		1,508,160
UGI Corp.		9,200		419,612
				1,927,772
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.		32,600		772,294
DTE Energy Co.		4,000		297,160
				1,069,454
				5,012,542
Consumer Staples - 3.4%
Food & Staples Retailing - 2.5%
CVS Caremark Corp.		15,100		1,130,386
Kroger Co. (The)		49,000		2,138,850
				3,269,236
Household Products - 0.9%
Procter & Gamble Co. (The)		14,100		1,136,460
				4,405,696
Telecommunication Services - 2.9%
Diversified Telecommunication Services - 2.4%
AT&T, Inc.		86,600		3,037,062
Wireless Telecommunication Services - 0.5%
Vodafone Group PLC (Sponsored ADR)		19,636		722,801
				3,759,863
Materials - 1.1%
Chemicals - 1.1%
LyondellBasell Industries NV-Class A		15,400		1,369,676
Total Common Stocks (cost $92,555,128)				126,515,935
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.8%
Time Deposit - 1.8%
State Street Time Deposit 0.01%, 4/01/14 (cost $2,272,833)	$	2,273		2,272,833

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.6% (cost $94,827,961)				128,788,768
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.2%
Investment Companies - 0.2%
AllianceBernstein Exchange Reserves-Class I, 0.07% (c) (cost $268,800)		268,800		268,800
Total Investments - 100.8% (cost $95,096,761) (d)				129,057,568
Other assets less liabilities - (0.8)%				(1,045,994	)
Net Assets - 100.0%			$	128,011,574

(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, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $34,624,154 and gross unrealized depreciation of investments was $(663,347), resulting in net unrealized appreciation of $33,960,807.

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, 2014 (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 or liability (including those valued based on their market values). 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. In addition, non-agency rated investments are 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.

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

126,515,935

$

– 0

–

$

– 0

–

$

126,515,935

Short-Term Investments

– 0

–

2,272,833

– 0

–

2,272,833

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

268,800

– 0

–

– 0

–

268,800

Total Investments in Securities

126,784,735

2,272,833

– 0

–

129,057,568

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

126,784,735

$

2,272,833

$

– 0

–

$

129,057,568

* See Portfolio of Investments for sector classifications.

** Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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).

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, 2014

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, 2014
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	May 22, 2014