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: September 30, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

Portfolio of Investments

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 63.7%
Financials - 10.0%
Banks - 3.2%
Banco do Brasil SA		9,600	$	99,226
Bank Hapoalim BM		29,100		164,079
Bank of America Corp.		118,300		2,017,015
Citigroup, Inc.		21,400		1,108,948
Comerica, Inc.		9,600		478,656
Commerzbank AG (a)		12,750		189,326
Credit Agricole SA		8,606		129,723
Danske Bank A/S		15,960		432,639
Fifth Third Bancorp		13,200		264,264
ING Groep NV (a)		15,760		224,016
Itausa-Investimentos Itau SA (Preference Shares)		25,500		96,572
JPMorgan Chase & Co.		24,300		1,463,832
Kasikornbank PCL (NVDR)		17,400		125,850
KBC Groep NV (a)		4,990		264,899
Lloyds Banking Group PLC (a)		217,137		270,133
Mitsubishi UFJ Financial Group, Inc.		69,100		389,428
PNC Financial Services Group, Inc. (The)		1,900		162,602
Regions Financial Corp.		20,700		207,828
Shinhan Financial Group Co., Ltd.		2,130		98,058
Societe Generale SA		10,552		538,235
State Bank of India		2,600		102,512
Sumitomo Mitsui Financial Group, Inc.		7,300		297,435
UniCredit SpA		78,240		614,645
Wells Fargo & Co.		37,200		1,929,564
				11,669,485
Capital Markets - 1.2%
Affiliated Managers Group, Inc. (a)		4,842		970,143
BlackRock, Inc.-Class A		3,120		1,024,359
Daiwa Securities Group, Inc.		85,000		674,107
Deutsche Bank AG (REG)		10,011		349,559
State Street Corp.		4,100		301,801
UBS AG (REG) (a)		62,452		1,085,592
				4,405,561
Consumer Finance - 0.8%
Capital One Financial Corp.		14,600		1,191,652
Discover Financial Services		13,500		869,265
Muthoot Finance Ltd.		39,211		130,245
Shriram Transport Finance Co., Ltd.		7,705		116,539
SLM Corp.		66,600		570,096
				2,877,797
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc.-Class B (a)		5,300		732,142
Cerved Information Solutions SpA (a)		54,210		334,407
Friends Life Group Ltd.		28,740		143,126
Intercontinental Exchange, Inc.		2,803		546,725
ORIX Corp.		36,500		503,899
Voya Financial, Inc.		17,100		668,610
				2,928,909

Company	Shares		U.S. $ Value
Insurance - 3.2%
Admiral Group PLC		34,790		721,498
AIA Group Ltd.		212,600		1,097,174
Allstate Corp. (The)		12,000		736,440
American Financial Group, Inc./OH		11,700		677,313
American International Group, Inc.		24,900		1,345,098
Aon PLC		9,440		827,605
Aspen Insurance Holdings Ltd.		4,700		201,019
Assurant, Inc.		9,000		578,700
Aviva PLC		18,910		159,980
BB Seguridade Participacoes SA		7,500		98,662
Chubb Corp. (The)		8,100		737,748
Direct Line Insurance Group PLC		32,790		156,060
Hanover Insurance Group, Inc. (The)		5,700		350,094
Lancashire Holdings Ltd.		32,020		332,219
Lincoln National Corp.		15,600		835,848
Muenchener Rueckversicherungs AG		2,290		451,743
PartnerRe Ltd.		7,500		824,175
Prudential PLC		34,820		774,095
Suncorp Group Ltd.		11,430		140,490
Travelers Cos., Inc. (The)		3,700		347,578
Unum Group		2,300		79,074
XL Group PLC		3,000		99,510
				11,572,123
Real Estate Management & Development - 0.7%
Aeon Mall Co., Ltd.		13,100		250,252
Ayala Land, Inc.		21,100		16,441
China Overseas Land & Investment Ltd.		150,000		384,566
Daito Trust Construction Co., Ltd.		7,200		851,419
Global Logistic Properties Ltd.		439,000		931,825
Hang Lung Group Ltd.		12,000		59,147
				2,493,650
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp.		26,340		448,186
				36,395,711
Consumer Discretionary - 9.6%
Auto Components - 0.7%
Cie Generale des Etablissements Michelin-Class B		4,520		425,742
GKN PLC		17,140		88,264
Lear Corp.		5,200		449,332
Magna International, Inc. (New York)-Class A		4,600		436,586
Plastic Omnium SA		5,610		133,952
Sumitomo Electric Industries Ltd.		27,200		402,664
Sumitomo Rubber Industries Ltd.		10,900		155,053
Valeo SA		4,860		540,017
				2,631,610
Automobiles - 0.8%
Bayerische Motoren Werke AG		1,830		195,580
Ford Motor Co.		61,000		902,190
Great Wall Motor Co., Ltd.-Class H		38,500		149,205
Honda Motor Co., Ltd.		14,100		483,769
Renault SA		2,030		146,850
Tata Motors Ltd.		17,050		138,635
Tata Motors Ltd.-Class A		6,567		36,504
Toyota Motor Corp.		9,300		547,204
Volkswagen AG (Preference Shares)		1,170		241,614
				2,841,551

Company	Shares		U.S. $ Value
Distributors - 0.0%
Inchcape PLC		14,370		149,436
Diversified Consumer Services - 0.2%
Estacio Participacoes SA		37,100		385,588
Kroton Educacional SA		43,600		273,953
				659,541
Hotels, Restaurants & Leisure - 1.1%
Galaxy Entertainment Group Ltd.		40,000		232,241
Melco International Development Ltd.		121,000		281,090
Merlin Entertainments PLC (b)		46,579		264,676
Sands China Ltd.		69,200		361,003
Sodexo		6,069		593,678
Starbucks Corp.		21,030		1,586,924
Whitbread PLC		2,190		147,159
William Hill PLC		31,578		188,710
Yum! Brands, Inc.		2,150		154,757
				3,810,238
Household Durables - 0.1%
PulteGroup, Inc.		27,600		487,416
Internet & Catalog Retail - 0.6%
Just Eat PLC (a)		54,105		258,751
Priceline Group, Inc. (The) (a)		1,650		1,911,657
				2,170,408
Leisure Products - 0.3%
Polaris Industries, Inc.		7,370		1,103,952
Media - 1.9%
Comcast Corp.-Class A		37,580		2,021,052
Discovery Communications, Inc.-Class A (a)		6,760		255,528
Liberty Global PLC-Series C (a)		27,700		1,136,116
Naspers Ltd.-Class N		3,700		405,237
Time Warner, Inc.		6,300		473,823
Twenty-First Century Fox, Inc.-Class A		19,600		672,084
Walt Disney Co. (The)		22,128		1,970,056
				6,933,896
Multiline Retail - 0.7%
B&M European Value Retail SA (a)		139,637		622,525
Dillard’s, Inc.-Class A		3,000		326,940
Dollar General Corp. (a)		10,300		629,433
Macy’s, Inc.		11,100		645,798
Poundland Group PLC (a)		59,110		302,619
				2,527,315
Specialty Retail - 1.9%
Foot Locker, Inc.		12,900		717,885
GameStop Corp.-Class A		17,900		737,480
Gap, Inc. (The)		10,100		421,069

Company	Shares		U.S. $ Value
Home Depot, Inc. (The)		19,330		1,773,334
Kingfisher PLC		23,360		122,170
L’Occitane International SA		3,500		8,025
O’Reilly Automotive, Inc. (a)		4,540		682,634
Office Depot, Inc. (a)		122,700		630,678
Shimamura Co., Ltd.		1,700		156,286
Sports Direct International PLC (a)		51,549		515,080
Ulta Salon Cosmetics & Fragrance, Inc. (a)		9,540		1,127,342
Yamada Denki Co., Ltd.		60,900		177,757
				7,069,740
Textiles, Apparel & Luxury Goods - 1.3%
Cie Financiere Richemont SA		11,400		931,849
Global Brands Group Holding Ltd. (a)		600,000		132,907
Hugo Boss AG		2,416		301,186
Kering		590		118,956
Li & Fung Ltd.		428,000		486,160
Michael Kors Holdings Ltd. (a)		5,590		399,070
NIKE, Inc.-Class B		16,921		1,509,353
Ralph Lauren Corp.		1,720		283,336
Samsonite International SA		100,500		322,926
Titan Co., Ltd.		14,370		94,865
				4,580,608
				34,965,711
Information Technology - 8.8%
Communications Equipment - 0.7%
Brocade Communications Systems, Inc.		64,600		702,202
F5 Networks, Inc. (a)		5,980		710,065
Harris Corp.		10,200		677,280
Cisco Systems, Inc.		12,400		312,108
				2,401,655
Electronic Equipment, Instruments & Components - 0.4%
Arrow Electronics, Inc. (a)		6,200		343,170
Amphenol Corp.-Class A		12,310		1,229,277
				1,572,447
Internet Software & Services - 1.8%
Google, Inc.-Class C (a)		3,660		2,113,138
Alibaba Group Holding Ltd. (ADR) (a)		3,954		351,313
Baidu, Inc. (Sponsored ADR) (a)		1,970		429,913
Facebook, Inc.-Class A (a)		16,780		1,326,291
Google, Inc.-Class A (a)		3,350		1,971,174
Telecity Group PLC (c)		45,783		554,029
				6,745,858
IT Services - 1.2%
Xerox Corp.		67,600		894,348
HCL Technologies Ltd.		1,840		51,082
Booz Allen Hamilton Holding Corp.		8,600		201,240
Tata Consultancy Services Ltd.		4,340		192,110
Cognizant Technology Solutions Corp.-Class A (a)		9,410		421,286
Visa, Inc.-Class A		12,470		2,660,724
Cap Gemini SA		2,270		162,790
				4,583,580

Company	Shares		U.S. $ Value
Semiconductors & Semiconductor Equipment - 1.7%
Linear Technology Corp.		31,020		1,376,978
ASM International NV		4,020		145,972
Novatek Microelectronics Corp.		37,000		182,602
NXP Semiconductor NV (a)		10,890		745,203
Applied Materials, Inc.		29,300		633,173
Advanced Semiconductor Engineering, Inc.		131,000		153,015
Tokyo Electron Ltd.		2,600		169,455
Altera Corp.		11,600		415,048
Intel Corp.		31,800		1,107,276
Samsung Electronics Co., Ltd.		320		358,402
Micron Technology, Inc. (a)		18,800		644,088
Sumco Corp. (c)		20,900		253,438
				6,184,650
Software - 1.4%
ServiceNow, Inc. (a)		7,382		433,914
NetSuite, Inc. (a)		5,020		449,491
Aspen Technology, Inc. (a)		6,730		253,856
ANSYS, Inc. (a)		15,835		1,198,234
Electronic Arts, Inc. (a)		23,200		826,152
Dassault Systemes		4,930		316,697
Microsoft Corp.		34,300		1,590,148
				5,068,492
Technology Hardware, Storage & Peripherals - 1.6%
Catcher Technology Co., Ltd.		27,000		250,067
Casetek Holdings Ltd.		27,000		164,881
Asustek Computer, Inc.		16,000		152,678
Apple, Inc.		35,170		3,543,378
Hewlett-Packard Co.		46,000		1,631,620
				5,742,624
				32,299,306
Health Care - 7.1%
Biotechnology - 1.8%
Actelion Ltd. (REG) (a)		5,070		593,828
Biogen Idec, Inc. (a)		6,668		2,205,841
Gilead Sciences, Inc. (a)		35,020		3,727,879
Grifols SA (ADR)		2,513		88,282
				6,615,830
Health Care Equipment & Supplies - 0.3%
Intuitive Surgical, Inc. (a)		2,550		1,177,641
Health Care Providers & Services - 1.3%
Aetna, Inc.		11,500		931,500
McKesson Corp.		3,070		597,637
UnitedHealth Group, Inc.		19,191		1,655,224
WellPoint, Inc.		11,700		1,399,554
				4,583,915

Company	Shares		U.S. $ Value
Life Sciences Tools & Services - 0.8%
Eurofins Scientific SE		4,849		1,254,592
Mettler-Toledo International, Inc. (a)		1,929		494,075
Quintiles Transnational Holdings, Inc. (a)		21,223		1,183,819
				2,932,486
Pharmaceuticals - 2.9%
Allergan, Inc./United States		15,113		2,692,985
Astellas Pharma, Inc.		23,400		348,510
GlaxoSmithKline PLC		35,530		811,652
Johnson & Johnson		18,000		1,918,620
Merck & Co., Inc.		18,700		1,108,536
Novo Nordisk A/S-Class B		10,470		498,495
Pfizer, Inc.		71,700		2,120,169
Roche Holding AG		3,040		897,721
Sun Pharmaceutical Industries Ltd.		11,420		157,820
Teva Pharmaceutical Industries Ltd.		2,770		149,082
				10,703,590
				26,013,462
Industrials - 6.2%
Aerospace & Defense - 1.1%
Airbus Group NV		11,230		705,922
Boeing Co. (The)		10,010		1,275,074
MTU Aero Engines AG		1,693		144,038
Northrop Grumman Corp.		4,100		540,216
Precision Castparts Corp.		2,434		576,566
Safran SA		6,050		392,244
Thales SA		2,020		107,508
Zodiac Aerospace		9,339		297,808
				4,039,376
Air Freight & Logistics - 0.0%
Royal Mail PLC		20,780		131,649
Airlines - 0.5%
Copa Holdings SA-Class A		9,150		981,703
Delta Air Lines, Inc.		15,200		549,480
Japan Airlines Co., Ltd.		4,000		109,451
Qantas Airways Ltd. (a)		146,540		178,008
Turk Hava Yollari (a)		49,857		141,751
				1,960,393
Building Products - 0.0%
Asahi Glass Co., Ltd.		20,000		108,496
Commercial Services & Supplies - 0.4%
Babcock International Group PLC		45,125		796,265
Edenred		21,060		518,940
Regus PLC		26,718		73,220
				1,388,425
Electrical Equipment - 0.4%
AMETEK, Inc.		25,622		1,286,481

Company	Shares		U.S. $ Value
Industrial Conglomerates - 0.7%
Bidvest Group Ltd. (The)		4,750		120,192
Danaher Corp.		15,679		1,191,290
General Electric Co.		30,300		776,286
Hutchison Whampoa Ltd.		18,000		217,595
Toshiba Corp.		74,000		343,522
				2,648,885
Industrial Warehouse Distribution - 0.4%
Granite Real Estate Investment Trust		9,830		339,430
Hansteen Holdings PLC		68,120		114,298
Japan Logistics Fund, Inc.		57		126,025
Mapletree Industrial Trust		159,000		176,898
Mapletree Logistics Trust		231,389		209,540
Mexico Real Estate Management SA de CV (a)		59,400		104,819
ProLogis, Inc.		2,553		96,248
STAG Industrial, Inc.		19,090		395,354
				1,562,612
Machinery - 1.0%
Caterpillar, Inc.		5,900		584,277
Dover Corp.		7,000		562,310
ITT Corp.		12,100		543,774
JTEKT Corp.		18,600		311,764
Pall Corp.		7,940		664,578
Parker-Hannifin Corp.		1,900		216,885
Wabtec Corp./DE		8,180		662,907
				3,546,495
Marine - 0.1%
AP Moeller-Maersk A/S-Class B		65		153,975
Nippon Yusen KK		97,000		255,749
				409,724
Mixed Office Industrial - 0.1%
Goodman Group		56,240		254,162
Professional Services - 1.2%
Applus Services SA (a)		19,095		251,912
Bureau Veritas SA		37,429		827,217
Capita PLC		66,411		1,250,214
Intertek Group PLC		23,452		993,885
Nielsen NV		19,080		845,816
Teleperformance		1,290		79,784
				4,248,828
Road & Rail - 0.1%
Central Japan Railway Co.		1,900		256,289
Trading Companies & Distributors - 0.2%
Brenntag AG		5,810		284,366
Bunzl PLC		1,180		30,703
Mitsubishi Corp.		12,300		251,907
Rexel SA		6,447		120,396
				687,372
				22,529,187

Company	Shares		U.S. $ Value
Consumer Staples - 4.2%
Beverages - 0.7%
Asahi Group Holdings Ltd.		4,100		118,597
Carlsberg A/S-Class B		2,260		200,716
Diageo PLC		5,410		156,036
Molson Coors Brewing Co.-Class B		1,000		74,440
Monster Beverage Corp. (a)		20,771		1,904,078
				2,453,867
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.		6,650		833,378
CVS Health Corp.		33,700		2,682,183
Koninklijke Ahold NV		26,435		427,603
Kroger Co. (The)		14,100		733,200
Lenta Ltd. (GDR) (a) (b)		6,510		69,462
Olam International Ltd.		179,412		329,531
Sugi Holdings Co., Ltd. (c)		2,100		88,185
Tsuruha Holdings, Inc.		1,800		100,121
				5,263,663
Food Products - 0.5%
Danone SA		1,723		115,382
Keurig Green Mountain, Inc.		4,140		538,738
Mead Johnson Nutrition Co.-Class A		12,330		1,186,393
				1,840,513
Household Products - 0.2%
Henkel AG & Co. KGaA		1,676		156,293
Procter & Gamble Co. (The)		5,000		418,700
Reckitt Benckiser Group PLC		2,780		240,352
				815,345
Personal Products - 0.1%
Estee Lauder Cos., Inc. (The)-Class A		7,590		567,125
Tobacco - 1.3%
British American Tobacco PLC		18,659		1,051,445
Imperial Tobacco Group PLC		8,140		350,476
Japan Tobacco, Inc.		34,100		1,108,094
Philip Morris International, Inc.		25,075		2,091,255
				4,601,270
				15,541,783
Energy - 3.9%
Energy Equipment & Services - 1.2%
Akastor ASA		14,840		59,753
Aker Solutions ASA (a) (b)		14,840		147,828
FMC Technologies, Inc. (a)		15,560		845,064
Halliburton Co.		12,500		806,375
Nabors Industries Ltd.		20,600		468,856
Oceaneering International, Inc.		3,959		258,008
Schlumberger Ltd.		19,544		1,987,429
				4,573,313

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 2.7%
BG Group PLC		18,650		344,295
Chesapeake Energy Corp.		7,200		165,528
Chevron Corp.		10,700		1,276,724
China Petroleum & Chemical Corp.-Class H		102,000		89,214
Exxon Mobil Corp.		24,000		2,257,200
Hess Corp.		14,000		1,320,480
JX Holdings, Inc.		96,400		444,477
Murphy Oil Corp.		9,700		552,027
Occidental Petroleum Corp.		15,000		1,442,250
Petroleo Brasileiro SA (Sponsored ADR)		5,930		88,298
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		10,055		383,826
SM Energy Co.		2,200		171,600
Total SA		9,910		641,713
Valero Energy Corp.		14,400		666,288
				9,843,920
				14,417,233
Equity: Other - 3.4%
Diversified/Specialty - 2.9%
Armada Hoffler Properties, Inc.		15,792		143,391
British Land Co. PLC (The)		49,193		558,999
Buzzi Unicem SpA		12,990		176,601
CA Immobilien Anlagen AG (a)		15,980		318,195
Cheung Kong Holdings Ltd.		21,000		345,178
ClubCorp Holdings, Inc.		19,904		394,696
Cofinimmo SA		2,140		242,453
Country Garden Holdings Co., Ltd.		390,000		147,099
CSR Ltd.		57,960		168,882
East Japan Railway Co.		2,500		187,257
Fibra Uno Administracion SA de CV		63,490		208,852
Folkestone Education Trust		51,780		87,725
Fukuoka REIT Corp. (c)		55		101,552
GPT Group (The)		56,620		191,747
Gramercy Property Trust, Inc.		59,970		345,427
Hemfosa Fastigheter AB (a)		11,100		173,268
Henderson Land Development Co., Ltd.		21,340		138,152
Kennedy Wilson Europe Real Estate PLC		20,500		362,911
Kennedy-Wilson Holdings, Inc.		14,900		357,004
Lend Lease Group		35,160		441,463
Merlin Properties Socimi SA (a)		42,500		539,480
Mitchells & Butlers PLC (a)		28,570		165,378
Mitsubishi Estate Co., Ltd.		30,000		676,119
Mitsui Fudosan Co., Ltd.		19,100		586,149
New World Development Co., Ltd.		78,893		91,906
New York REIT, Inc. (c)		35,780		367,818
Nomura Real Estate Master Fund, Inc.		104		130,553
Orix JREIT, Inc.		208		261,473
Pruksa Real Estate PCL		104,500		110,382
Regal Entertainment Group-Class A		18,080		359,430
Spirit Realty Capital, Inc.		12,361		135,600
Sumitomo Realty & Development Co., Ltd.		12,000		427,530
Sun Hung Kai Properties Ltd.		36,600		519,322
Supalai PCL		195,400		156,682
Swire Properties Ltd.		8,000		24,977
Taiheiyo Cement Corp. (c)		23,000		86,747
TF Administradora Industrial S de RL de CV (a)		71,170		156,801
Top REIT, Inc. (c)		26		113,888
Vornado Realty Trust		1,690		168,932
Wharf Holdings Ltd. (The)		85,000		604,278
				10,774,297

Company	Shares		U.S. $ Value
Health Care - 0.5%
Chartwell Retirement Residences		20,060		196,310
HCP, Inc.		6,510		258,512
LTC Properties, Inc.		8,320		306,925
Medical Properties Trust, Inc.		26,315		322,622
Omega Healthcare Investors, Inc.		11,730		401,049
Ventas, Inc.		3,980		246,561
				1,731,979
				12,506,276
Retail - 2.1%
Diversified/Specialty - 0.0%
Tokyu Fudosan Holdings Corp.		13,700		94,060
Regional Mall - 0.7%
Macerich Co. (The)		3,150		201,064
Pennsylvania Real Estate Investment Trust		20,650		411,761
Simon Property Group, Inc.		7,516		1,235,781
Taubman Centers, Inc.		1,240		90,520
Washington Prime Group, Inc.		25,218		440,811
				2,379,937
Shopping Center/Other Retail - 1.4%
American Realty Capital Properties, Inc.		7,389		89,111
Citycon OYJ		31,860		106,231
DDR Corp.		19,380		324,227
Federation Centres		127,660		288,002
Hammerson PLC		22,530		209,157
Harvey Norman Holdings Ltd. (c)		33,080		105,030
Japan Retail Fund Investment Corp.		103		207,617
Kite Realty Group Trust		15,691		380,350
Klepierre		9,553		417,867
Link REIT (The)		19,268		111,313
Ramco-Gershenson Properties Trust		24,570		399,262
Regency Centers Corp.		3,050		164,181
Retail Opportunity Investments Corp.		26,370		387,639
RioCan Real Estate Investment Trust (Toronto)		4,973		113,984
Scentre Group (a)		195,569		562,692
Unibail-Rodamco SE		2,669		686,354
Vastned Retail NV		5,794		265,208
Weingarten Realty Investors		3,450		108,675
Westfield Corp.		36,900		240,443
				5,167,343
				7,641,340
Materials - 1.8%
Chemicals - 1.5%
Arkema SA		3,113		208,600
BASF SE		1,060		96,690
CF Industries Holdings, Inc.		425		118,669
Chr Hansen Holding A/S		7,710		297,632
Denki Kagaku Kogyo KK		45,000		147,523
Eastman Chemical Co.		6,400		517,696

Company	Shares		U.S. $ Value
Essentra PLC		68,184		878,719
IMCD Group NV (a)		2,670		76,653
Incitec Pivot Ltd.		51,451		121,878
JSR Corp.		22,300		389,176
Koninklijke DSM NV		4,698		289,672
LyondellBasell Industries NV-Class A		7,300		793,218
Mitsubishi Gas Chemical Co., Inc.		34,000		216,775
Monsanto Co.		9,809		1,103,611
Potash Corp. of Saskatchewan, Inc.		8,870		306,547
				5,563,059
Metals & Mining - 0.2%
Alcoa, Inc.		8,700		139,983
Dowa Holdings Co., Ltd.		12,000		99,996
MMC Norilsk Nickel OJSC (ADR)		5,580		104,067
Rio Tinto PLC		8,230		403,269
				747,315
Paper & Forest Products - 0.1%
Mondi PLC		12,100		197,333
				6,507,707
Residential - 1.5%
Multi-Family - 1.3%
Associated Estates Realty Corp.		32,340		566,273
Brookfield Residential Properties, Inc. (a)		9,051		170,973
China Vanke Co., Ltd.-Class H (a) (c)		152,060		265,794
CIFI Holdings Group Co., Ltd.		640,000		119,485
Comforia Residential REIT, Inc. (c)		63		117,188
Equity Residential		3,890		239,546
Essex Property Trust, Inc.		505		90,269
Even Construtora e Incorporadora SA		32,100		71,472
GAGFAH SA (a)		23,283		432,825
Irish Residential Properties REIT PLC (a)		81,000		112,538
Kaisa Group Holdings Ltd. (c)		228,017		87,178
Kenedix Residential Investment Corp.		52		132,952
KWG Property Holding Ltd.		239,000		168,044
LEG Immobilien AG (a)		4,789		331,060
Meritage Homes Corp. (a)		8,370		297,135
Mid-America Apartment Communities, Inc.		6,780		445,107
Stockland		121,699		420,447
Sun Communities, Inc.		6,501		328,300
Taylor Wimpey PLC		105,010		191,048
Wing Tai Holdings Ltd.		125,000		172,783
				4,760,417
Self Storage - 0.1%
Public Storage		1,270		210,617
Safestore Holdings PLC		53,910		187,028
				397,645
Single Family - 0.1%
Fortune Brands Home & Security, Inc.		8,060		331,346
				5,489,408

Company	Shares		U.S. $ Value
Office - 1.4%
Office - 1.4%
Allied Properties Real Estate Investment Trust		7,776		237,318
Boston Properties, Inc.		1,624		187,994
Columbia Property Trust, Inc.		15,490		369,746
Cominar Real Estate Investment Trust		15,513		261,794
Cousins Properties, Inc.		34,692		414,569
Dream Office Real Estate Investment Trust		7,896		197,127
Fabege AB		15,130		192,150
Hongkong Land Holdings Ltd.		70,000		475,771
Investa Office Fund		50,000		146,561
Japan Excellent, Inc.		235		301,889
Japan Prime Realty Investment Corp.		75		270,163
Japan Real Estate Investment Corp.		57		293,168
Kenedix Office Investment Corp.-Class A		53		284,579
Kilroy Realty Corp.		2,500		148,600
NTT Urban Development Corp. (c)		11,000		115,652
Parkway Properties, Inc./MD		20,458		384,201
SL Green Realty Corp.		6,118		619,876
Workspace Group PLC		22,440		230,095
				5,131,253
Utilities - 1.3%
Electric Utilities - 0.7%
American Electric Power Co., Inc.		10,800		563,868
Edison International		16,900		945,048
EDP-Energias de Portugal SA		71,150		310,260
Electricite de France SA		5,740		188,311
Enel SpA		40,691		215,260
Light SA		11,100		93,779
				2,316,526
Gas Utilities - 0.2%
Atmos Energy Corp.		1,800		85,860
UGI Corp.		20,700		705,663
				791,523
Independent Power Producers & Energy Traders - 0.3%
APR Energy PLC		29,787		260,632
Calpine Corp. (a)		28,800		624,960
NRG Energy, Inc.		10,400		316,992
				1,202,584
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.		19,800		484,506
				4,795,139
Telecommunication Services - 1.3%
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		39,900		1,406,076
Bezeq The Israeli Telecommunication Corp., Ltd.		63,518		109,646
Hellenic Telecommunications Organization SA (a)		6,960		91,383
Nippon Telegraph & Telephone Corp.		6,700		415,496
Orange SA		38,820		579,296
Telenor ASA		6,620		145,292
Vivendi SA (a)		9,554		230,708
Ziggo NV (a)		3,940		184,515
				3,162,412

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 0.4%
China Mobile Ltd.		17,000		198,721
Turkcell Iletisim Hizmetleri AS (a)		21,330		111,504
Vodafone Group PLC		178,083		586,823
Vodafone Group PLC (Sponsored ADR)		16,900		555,841
				1,452,889
				4,615,301
Lodging - 0.9%
Lodging - 0.9%
Ashford Hospitality Prime, Inc.		23,254		354,158
Ashford Hospitality Trust, Inc.		35,531		363,127
Chatham Lodging Trust		16,699		385,413
DiamondRock Hospitality Co.		33,700		427,316
FelCor Lodging Trust, Inc.		29,690		277,898
Hersha Hospitality Trust		61,740		393,284
Intrawest Resorts Holdings, Inc. (a)		8,400		81,228
Japan Hotel REIT Investment Corp.		252		153,535
Pebblebrook Hotel Trust		4,420		165,043
Starwood Hotels & Resorts Worldwide, Inc.		4,500		374,445
Wyndham Worldwide Corp.		2,420		196,649
				3,172,096
Financial: Other - 0.1%
Financial: Other - 0.1%
HFF, Inc.-Class A		9,620		278,499
Mortgage - 0.1%
Mortgage - 0.1%
Altisource Residential Corp.		11,220		269,280
Total Common Stocks (cost $190,938,111)				232,568,692
	Principal Amount (000)
CORPORATES-INVESTMENT GRADES - 8.5%
Industrial - 5.0%
Basic - 0.5%
Barrick Gold Corp.
4.10%, 5/01/23		45		43,240
Basell Finance Co. BV
8.10%, 3/15/27 (b)		145		192,891
Cia Minera Milpo SAA
4.625%, 3/28/23 (b)		240		236,096
Dow Chemical Co. (The)
4.125%, 11/15/21		165		173,378
Glencore Funding LLC
4.125%, 5/30/23 (b)		126		124,703
International Paper Co.
3.65%, 6/15/24		48		46,572

Company	Principal Amount (000)		U.S. $ Value
LyondellBasell Industries NV
5.75%, 4/15/24		435		505,030
Minsur SA
6.25%, 2/07/24 (b)		333		364,117
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (b)		237		223,568
Vale SA
5.625%, 9/11/42		116		113,497
				2,023,092
Capital Goods - 0.2%
Odebrecht Finance Ltd.
5.25%, 6/27/29 (b)		217		209,948
Owens Corning
6.50%, 12/01/16 (d)		178		196,093
Republic Services, Inc.
3.80%, 5/15/18		17		18,061
Yamana Gold, Inc.
4.95%, 7/15/24 (b)		277		275,744
				699,846
Communications - Media - 1.0%
21st Century Fox America, Inc.
3.00%, 9/15/22		400		388,584
6.15%, 2/15/41		130		154,243
CBS Corp.
5.75%, 4/15/20		250		284,952
Comcast Corp.
5.15%, 3/01/20		451		511,178
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.80%, 3/15/22		75		76,228
4.45%, 4/01/24		107		111,436
5.20%, 3/15/20		30		33,598
Globo Comunicacao e Participacoes SA
5.307%, 5/11/22 (b) (e)		221		233,265
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (b) (f)		233		242,320
Omnicom Group, Inc.
3.625%, 5/01/22		165		167,428
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		435		542,203
Time Warner Cable, Inc.
4.125%, 2/15/21		165		174,622
Time Warner, Inc.
4.70%, 1/15/21		123		134,610
7.625%, 4/15/31		110		148,475
Viacom, Inc.
3.875%, 4/01/24		110		109,543
5.625%, 9/15/19		83		94,444
WPP Finance 2010
4.75%, 11/21/21		77		84,002
				3,491,131

Company	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications - 0.4%
American Tower Corp.
5.05%, 9/01/20		380		412,083
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (b)		490		506,650
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	46		42,632
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	185		206,026
Verizon Communications, Inc.
6.55%, 9/15/43		297		371,069
				1,538,460
Consumer Cyclical - Automotive - 0.4%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		915		1,052,089
Harley-Davidson Funding Corp.
5.75%, 12/15/14 (b)		341		344,613
				1,396,702
Consumer Cyclical - Retailers - 0.1%
Macy’s Retail Holdings, Inc.
3.875%, 1/15/22		201		209,383
Consumer Non - Cyclical - 0.3%
Actavis Funding SCS
3.85%, 6/15/24 (b)		89		86,274
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		69		71,333
8.50%, 6/15/19		153		190,008
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (b)		339		334,576
Reynolds American, Inc.
3.25%, 11/01/22		220		212,274
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		121		125,279
Tyson Foods, Inc.
2.65%, 8/15/19		64		64,120
3.95%, 8/15/24		206		206,360
				1,290,224
Energy - 1.4%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		111		102,891
Encana Corp.
3.90%, 11/15/21		140		144,497
Energy Transfer Partners LP
7.50%, 7/01/38		248		315,853
Enterprise Products Operating LLC
5.20%, 9/01/20		185		207,733
Hess Corp.
7.875%, 10/01/29		39		52,943
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		302		301,101
3.95%, 9/01/22		424		420,921

Company	Principal Amount (000)		U.S. $ Value
6.85%, 2/15/20		330		387,030
Marathon Petroleum Corp.
5.125%, 3/01/21		163		181,574
Nabors Industries, Inc.
5.10%, 9/15/23		180		195,013
Noble Energy, Inc.
8.25%, 3/01/19		374		462,432
Noble Holding International Ltd.
3.95%, 3/15/22		270		262,971
4.90%, 8/01/20		36		38,094
Reliance Holding USA, Inc.
5.40%, 2/14/22 (b)		315		344,333
Sunoco Logistics Partners Operations LP
5.30%, 4/01/44		295		300,989
TransCanada PipeLines Ltd.
6.35%, 5/15/67		120		123,900
Transocean, Inc.
6.375%, 12/15/21		2		2,127
6.50%, 11/15/20		300		318,771
Valero Energy Corp.
6.125%, 2/01/20		175		202,945
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		285		365,887
Williams Partners LP
5.25%, 3/15/20		298		330,909
				5,062,914
Technology - 0.4%
Agilent Technologies, Inc.
5.00%, 7/15/20		71		77,222
Hewlett-Packard Co.
4.65%, 12/09/21		114		123,480
Motorola Solutions, Inc.
3.50%, 3/01/23		300		290,039
7.50%, 5/15/25		35		44,078
Seagate HDD Cayman
4.75%, 1/01/25 (b)		127		126,365
Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22		108		112,712
Tencent Holdings Ltd.
3.375%, 5/02/19 (b)		335		338,621
Total System Services, Inc.
2.375%, 6/01/18		141		140,009
3.75%, 6/01/23		139		136,147
				1,388,673
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.25%, 10/01/14		307		307,000
5.75%, 12/15/16		155		169,412
				476,412
Transportation - Services - 0.2%
Asciano Finance Ltd.
3.125%, 9/23/15 (b)		237		241,368
5.00%, 4/07/18 (b)		230		247,784

Company	Principal Amount (000)		U.S. $ Value
Ryder System, Inc.
5.85%, 11/01/16		127		138,807
7.20%, 9/01/15		127		134,589
				762,548
				18,339,385
Financial Institutions - 3.0%
Banking - 2.0%
Bank of America Corp.
4.20%, 8/26/24		174		172,496
Barclays Bank PLC
6.625%, 3/30/22 (b)	EUR	160		253,191
BPCE SA
5.70%, 10/22/23 (b)	U.S.$	262		278,692
Compass Bank
5.50%, 4/01/20		314		341,527
Countrywide Financial Corp.
6.25%, 5/15/16		92		99,164
Credit Suisse AG
6.50%, 8/08/23 (b)		267		290,399
Goldman Sachs Group, Inc. (The)
3.85%, 7/08/24		365		362,846
5.75%, 1/24/22		335		380,954
Series D
6.00%, 6/15/20		440		505,485
ING Bank NV
2.00%, 9/25/15 (b)		480		486,317
Macquarie Bank Ltd.
5.00%, 2/22/17 (b)		90		96,988
Macquarie Group Ltd.
4.875%, 8/10/17 (b)		194		209,190
Morgan Stanley
5.625%, 9/23/19		168		189,113
Series G
5.50%, 7/24/20		189		212,634
Murray Street Investment Trust I
4.647%, 3/09/17		44		47,096
National Capital Trust II Delaware
5.486%, 3/23/15 (b) (f)		91		91,965
Nationwide Building Society
6.25%, 2/25/20 (b)		465		542,814
Nordea Bank AB
6.125%, 9/23/24 (b) (f)		200		196,000
PNC Bank NA
3.80%, 7/25/23		685		703,557
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (b) (f)		190		199,500
Standard Chartered PLC
4.00%, 7/12/22 (b)		470		482,497
Turkiye Garanti Bankasi AS
4.75%, 10/17/19 (b)		336		338,094
UBS AG/Stamford CT
7.625%, 8/17/22		380		441,467
Wells Fargo Bank NA
6.18%, 2/15/36		250		309,059
				7,231,045

Company	Principal Amount (000)		U.S. $ Value
Brokerage – 0.1%
Nomura Holdings, Inc.
2.00%, 9/13/16		468		472,621
Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (b)		173		200,502
Insurance - 0.5%
Allied World Assurance Co. Holdings Ltd.
7.50%, 8/01/16		160		177,362
American International Group, Inc.
4.875%, 6/01/22		155		170,488
6.40%, 12/15/20		300		356,915
Hartford Financial Services Group, Inc. (The)
4.00%, 3/30/15		95		96,682
5.125%, 4/15/22		180		200,762
5.50%, 3/30/20		242		273,234
Humana, Inc.
6.45%, 6/01/16		40		43,542
Lincoln National Corp.
8.75%, 7/01/19		98		124,838
MetLife, Inc.
10.75%, 8/01/39		70		113,050
Prudential Financial, Inc.
5.625%, 6/15/43		200		208,440
XLIT Ltd.
6.375%, 11/15/24		157		186,932
				1,952,245
Other Finance - 0.1%
ORIX Corp.
4.71%, 4/27/15		336		344,475
REITS - 0.2%
Health Care REIT, Inc.
5.25%, 1/15/22		300		331,899
Trust F/1401
5.25%, 12/15/24 (b)		270		280,800
				612,699
				10,813,587
Non Corporate Sectors - 0.3%
ABS - Other - 0.1%
Rio Oil Finance Trust
Series 2014-1
6.25%, 7/06/24 (b)		269		276,929
Agencies - Not Government Guaranteed - 0.2%
CNOOC Finance 2013 Ltd.
3.00%, 5/09/23		286		265,757
OCP SA
5.625%, 4/25/24 (b)		335		348,467
				614,224
				891,153

Company	Principal Amount (000)		U.S. $ Value
Utility - 0.2%
Electric - 0.1%
CMS Energy Corp.
5.05%, 3/15/22		155		173,196
Constellation Energy Group, Inc.
5.15%, 12/01/20		89		98,537
Pacific Gas & Electric Co.
6.05%, 3/01/34		38		46,840
				318,573
Natural Gas - 0.1%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (b)		490		505,631
				824,204
Total Corporates - Investment Grades (cost $29,224,914)				30,868,329
GOVERNMENTS - TREASURIES - 6.7%
United States - 6.7%
U.S. Treasury Bonds
2.75%, 8/15/42		280		256,550
3.125%, 2/15/43-8/15/44		1,185		1,166,595
3.375%, 5/15/44		601		620,326
3.625%, 8/15/43-2/15/44		1,833		1,981,160
4.50%, 2/15/36		223		275,231
4.625%, 2/15/40		3,320		4,204,986
5.375%, 2/15/31		891		1,179,322
U.S. Treasury Notes
1.25%, 10/31/18		1,115		1,101,062
1.50%, 1/31/19		288		286,200
1.625%, 3/31/19-8/31/19		822		817,474
1.75%, 9/30/19		1,066		1,064,385
2.00%, 11/15/21		645		634,972
2.375%, 8/15/24		2,371		2,343,586
2.50%, 8/15/23-5/15/24		6,943		6,948,660
2.75%, 2/15/24		1,597		1,634,760
Total Governments - Treasuries (cost $23,657,805)				24,515,269
MORTGAGE PASS - THROUGHS - 5.9%
Agency Fixed Rate 30-Year - 5.5%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		385		432,243
Series 2007
5.50%, 7/01/35		40		44,884
Federal National Mortgage Association
3.00%, 11/01/42-8/01/43		2,608		2,575,718
3.50%, 11/01/44, TBA		4,807		4,899,009

Company	Principal Amount (000)		U.S. $ Value
3.50%, 11/01/44, TBA		1,294		1,333,831
4.00%, 11/25/44, TBA		4,670		4,906,830
4.50%, 8/01/40-4/01/44		1,253		1,356,477
4.50%, 10/25/44, TBA		2,183		2,355,252
5.00%, 12/01/39		261		288,101
Series 2004
5.50%, 2/01/34-11/01/34		146		163,647
Series 2007
5.50%, 1/01/37-8/01/37		536		600,780
Series 2008
5.50%, 8/01/37		231		258,916
Series 2012
3.00%, 11/01/42		631		623,368
Series 2014
4.50%, 2/01/44		111		120,160
				19,959,216
Agency Fixed Rate 15-Year - 0.4%
Federal National Mortgage Association
3.00%, 10/01/29, TBA		1,645		1,694,350
Total Mortgage Pass-Throughs
(cost $21,406,444)				21,653,566
ASSET-BACKED SECURITIES - 4.7%
Autos - Fixed Rate - 2.9%
Ally Master Owner Trust
Series 2013-1, Class A2
1.00%, 2/15/18		390		390,936
Series 2014-1, Class A2
1.29%, 1/15/19		336		335,621
AmeriCredit Automobile Receivables Trust
Series 2011-3, Class D
4.04%, 7/10/17		320		329,324
Series 2013-1, Class A2
0.49%, 6/08/16		14		14,098
Series 2013-3, Class A3
0.92%, 4/09/18		670		670,286
Series 2013-4, Class A3
0.96%, 4/09/18		275		275,517
Series 2013-5, Class A2A
0.65%, 3/08/17		123		122,616
Series 2014-1, Class A3
0.90%, 2/08/19		310		308,616
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (b)		149		148,588
Avis Budget Rental Car Funding AESOP LLC
Series 2014-1A, Class A
2.46%, 7/20/20 (b)		705		702,068
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		203		201,753
Capital Auto Receivables Asset Trust
Series 2013-3, Class A2
1.04%, 11/21/16		570		572,006

Company	Principal Amount (000)		U.S. $ Value
Series 2014-1, Class B
2.22%, 1/22/19		80		80,477
Carfinance Capital Auto Trust
Series 2013-1A, Class A
1.65%, 7/17/17 (b)		111		111,247
Chrysler Capital Auto Receivables Trust
Series 2014-BA, Class A2
0.69%, 9/15/17 (b)		464		463,986
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (b)		214		214,144
Series 2014-B, Class A
1.11%, 11/15/18 (b)		175		174,159
Enterprise Fleet Financing LLC
Series 2014-1, Class A2
0.87%, 9/20/19 (b)		215		214,826
Series 2014-2, Class A2
1.05%, 3/20/20 (b)		270		269,538
Exeter Automobile Receivables Trust
Series 2012-2A, Class A
1.30%, 6/15/17 (b)		78		78,370
Series 2013-1A, Class A
1.29%, 10/16/17 (b)		98		98,071
Series 2014-1A, Class A
1.29%, 5/15/18 (b)		121		121,158
Series 2014-2A, Class A
1.06%, 8/15/18 (b)		116		115,711
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (b)		98		97,811
Ford Auto Securitization Trust
Series 2013-R1A, Class A2
1.676%, 9/15/16 (b)	CAD	208		186,142
Series 2013-R4A, Class A1
1.487%, 8/15/15 (b)		28		25,167
Series 2014-R2A, Class A1
1.353%, 3/15/16 (b)		138		123,357
Ford Credit Auto Lease Trust
Series 2014-B, Class A3
0.89%, 9/15/17	U.S.$	244		243,746
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		155		153,950
Series 2014-B, Class A2
0.47%, 3/15/17		377		376,964
Ford Credit Floorplan Master Owner Trust
Series 2013-1, Class A1
0.85%, 1/15/18		279		279,510
Series 2014-1, Class A1
1.20%, 2/15/19		322		321,151
Harley-Davidson Motorcycle Trust
Series 2014-1, Class A3
1.10%, 9/15/19		270		269,521

Company	Principal Amount (000)		U.S. $ Value
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (b)		345		344,532
Huntington Auto Trust
Series 2011-1A, Class A3
1.01%, 1/15/16 (b)		9		8,577
Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18		140		142,488
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (b)		714		714,992
Santander Drive Auto Receivables Trust
Series 2013-4, Class A3
1.11%, 12/15/17		540		541,487
Series 2013-5, Class A2A
0.64%, 4/17/17		123		122,594
Series 2014-2, Class A3
0.80%, 4/16/18		335		334,624
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		249		248,332
				10,548,061
Credit Cards - Floating Rate - 0.5%
Barclays Dryrock Issuance Trust
Series 2014-2, Class A
0.494%, 3/16/20 (d)		337		337,011
Cabela’s Master Credit Card Trust
Series 2012-1A, Class A2
0.684%, 2/18/20 (b)(d)		325		327,421
First National Master Note Trust
Series 2013-2, Class A
0.684%, 10/15/19 (d)		346		347,253
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
0.854%, 2/15/17 (b)(d)		490		490,932
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.534%, 12/15/19 (d)		295		295,540
				1,798,157
Other ABS - Fixed Rate - 0.4%
CIT Equipment Collateral
Series 2012-VT1, Class A3
1.10%, 8/22/16 (b)		2		2,003
Series 2013-VT1, Class A3
1.13%, 7/20/20 (b)		466		467,660
CNH Capital Canada Receivables Trust
Series 2014-1A, Class A1
1.388%, 3/15/17 (b)	CAD	227		202,547
CNH Equipment Trust
Series 2012-A, Class A3
0.94%, 5/15/17	U.S.$	105		105,287

Company	Principal Amount (000)		U.S. $ Value
Series 2013-D, Class A2
0.49%, 3/15/17		365		364,582
Series 2014-B, Class A4
1.61%, 5/17/21		210		208,686
GE Equipment Small Ticket LLC
Series 2014-1A, Class A2
0.59%, 8/24/16 (b)		307		307,168
				1,657,933
Credit Cards - Fixed Rate - 0.4%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		141		140,499
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		326		325,920
Chase Issuance Trust
Series 2014-A1, Class A1
1.15%, 1/15/19		270		269,830
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		310		311,221
Series 2013-A, Class A
1.61%, 12/15/21		246		243,877
Series 2014-B, Class A
0.61%, 7/15/19		138		137,975
				1,429,322
Autos - Floating Rate - 0.3%
Ally Master Owner Trust
Series 2014-2, Class A
0.524%, 1/16/18 (d)		630		630,473
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.704%, 12/10/27 (b)(d)		330		330,644
				961,117
Other ABS - Floating Rate - 0.1%
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.534%, 7/20/19 (d)		407		407,165
Home Equity Loans - Floating Rate - 0.1%
GSAA Trust
Series 2006-5, Class 2A3
0.425%, 3/25/36 (d)		389		270,668
Residential Asset Securities Corp. Trust
Series 2003-KS3, Class A2
0.755%, 5/25/33 (d)		1		869
				271,537

Company	Principal Amount (000)		U.S. $ Value
Home Equity Loans - Fixed Rate - 0.0%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		82		81,263
Total Asset-Backed Securities
(cost $17,173,767)				17,154,555
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.2%
Non-Agency Fixed Rate CMBS - 2.7%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		555		609,820
Series 2007-5, Class AM
5.772%, 2/10/51		150		160,142
BHMS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (b)		335		333,070
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (b)		495		496,302
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.974%, 3/15/49		262		277,082
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.97%, 5/15/46		281		308,048
Commercial Mortgage Loan Trust
Series 2008-LS1, Class A1A
6.241%, 12/10/49		1,016		1,123,094
Commercial Mortgage Pass-Through Certificates
Series 2013-SFS, Class A1
1.873%, 4/12/35 (b)		221		215,064
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-C1, Class A4
5.014%, 2/15/38		155		154,896
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (b)		330		321,626
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (b)		496		499,656
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (b)		276		269,843
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2, Class A1A
4.838%, 7/15/41(b)		125		124,502
Series 2005-CB11, Class A4
5.335%, 8/12/37		147		148,507
Series 2007-CB19, Class AM
5.892%, 2/12/49		175		187,773

Company	Principal Amount (000)		U.S. $ Value
Series 2007-LD12, Class AM
6.197%, 2/15/51		280		308,376
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		593		643,358
Series 2008-C2, Class A1A
5.998%, 2/12/51		271		298,657
Series 2010-C2, Class A1
2.749%, 11/15/43 (b)		277		281,637
LB-UBS Commercial Mortgage Trust
Series 2006-C1, Class A4
5.156%, 2/15/31		620		642,461
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (b)		188		188,340
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		318		340,916
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		595		634,579
Motel 6 Trust
Series 2012-MTL6, Class A2
1.948%, 10/05/25 (b)		480		479,754
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		86		84,956
Series 2012-C4, Class A5
2.85%, 12/10/45		168		163,137
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		456		457,641
Series 2014-C20, Class A2
3.036%, 5/15/47		206		212,051
				9,965,288
Non-Agency Floating Rate CMBS - 0.5%
Commercial Mortgage Pass Through Certificates
Series 2014-KYO, Class A
1.054%, 6/11/27 (b)(d)		208		208,596
Commercial Mortgage Pass-Through Certificates
Series 2014-SAVA, Class A
1.304%, 6/15/34 (b)(d)		191		191,299
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.856%, 12/05/31 (b)(d)		250		249,948
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.074%, 6/15/29 (b)(d)		339		338,787
PFP III Ltd.
Series 2014-1, Class A
1.324%, 6/14/31 (b)(d)		470		470,517

Company	Principal Amount (000)		U.S. $ Value
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.204%, 4/15/32 (b)(d)		157		157,000
				1,616,147
Total Commercial Mortgage-Backed Securities (cost $11,747,917)				11,581,435
CORPORATES - NON-INVESTMENT GRADES - 1.5%
Financial Institutions – 0.9%
Banking – 0.9%
ABN AMRO Bank NV
4.31%, 3/10/16 (f)	EUR	90		115,380
Bank of Ireland
2.063%, 9/22/15 (d)	CAD	185		158,991
Barclays Bank PLC
6.86%, 6/15/32 (b)(f)	U.S.$	44		48,785
7.625%, 11/21/22		239		256,835
7.75%, 4/10/23		305		330,162
BNP Paribas SA
5.186%, 6/29/15 (b)(f)		128		129,280
Credit Agricole SA
7.875%, 1/23/24 (b)(f)		205		207,050
Danske Bank A/S
5.684%, 2/15/17 (f)	GBP	182		306,114
HBOS Capital Funding LP
4.939%, 5/23/16 (f)	EUR	298		375,685
Intesa Sanpaolo SpA
5.017%, 6/26/24 (b)	U.S.$	339		330,300
LBG Capital No.1 PLC
8.00%, 6/15/20 (b)(f)		94		101,539
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (b)		215		245,100
Skandinaviska Enskilda Banken AB
5.471%, 3/23/15 (b)(f)		185		186,850
Societe Generale SA
4.196%, 1/26/15(f)	EUR	102		129,021
5.922%, 4/05/17 (b)(f)	U.S.$	100		105,500
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (b)		230		246,592
				3,273,184
Finance - 0.0%
International Lease Finance Corp.
5.875%, 4/01/19		93		99,045
				3,372,229
Industrial - 0.5%
Basic – 0.0%
Novelis, Inc./GA
8.375%, 12/15/17		29		30,160

Company	Principal Amount (000)		U.S. $ Value
Communications - Media - 0.0%
Univision Communications, Inc.
6.875%, 5/15/19 (b)		102		106,335
Communications - Telecommunications - 0.1%
Sprint Corp.
7.875%, 9/15/23 (b)		205		217,300
Telecom Italia Capital SA
6.00%, 9/30/34		65		63,619
				280,919
Consumer Cyclical - Automotive - 0.1%
General Motors Co.
3.50%, 10/02/18		130		132,113
Goodyear Tire & Rubber Co. (The)
8.25%, 8/15/20		60		64,200
				196,313
Consumer Cyclical - Other - 0.1%
KB Home
4.75%, 5/15/19		107		104,057
MCE Finance Ltd.
5.00%, 2/15/21 (b)		210		201,600
				305,657
Consumer Non-Cyclical - 0.0%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18		56		57,540
Energy - 0.1%
Access Midstream Partners LP/ACMP Finance Corp.
4.875%, 3/15/24		129		131,902
California Resources Corp.
5.50%, 9/15/21 (b)		89		90,335
Cimarex Energy Co.
4.375%, 6/01/24		97		97,728
Paragon Offshore PLC
6.75%, 7/15/22 (b)		18		15,210
7.25%, 8/15/24 (b)		116		98,020
SM Energy Co.
6.50%, 1/01/23		14		14,560
				447,755
Services - 0.0%
Sabre GLBL, Inc.
8.50%, 5/15/19 (b)		118		126,260
Technology - 0.1%
Numericable Group SA
5.375%, 5/15/22 (b)	EUR	195		254,501
Transportation - Services - 0.0%
Hertz Corp. (The)
6.75%, 4/15/19	U.S.$	16		16,500
				1,821,940

Company	Principal Amount (000)		U.S. $ Value
Utility - 0.1%
Electric - 0.1%
AES Corp./VA
7.375%, 7/01/21		119		133,280
NRG Energy, Inc.
6.25%, 5/01/24 (b)		92		92,230
				225,510
Total Corporates - Non-Investment Grades (cost $5,260,060)				5,419,679
INFLATION-LINKED SECURITIES - 1.1%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS) (cost $4,249,904)		4,155		4,164,666
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.9%
Non-Agency Fixed Rate - 0.4%
Alternative Loan Trust
Series 2006-24CB, Class A16
5.75%, 6/25/36		220		195,948
Series 2006-28CB, Class A14
6.25%, 10/25/36		149		130,210
Series 2006-J1, Class 1A13
5.50%, 2/25/36		140		129,580
CHL Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		131		122,949
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.612%, 5/25/35		31		30,392
Countrywide Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		56		52,542
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-13, Class 1A18
6.25%, 9/25/36		197		183,417
Series 2006-13, Class 1A19
6.25%, 9/25/36		71		65,966
Series 2007-HYB2, Class 3A1
2.633%, 2/25/47		305		255,259
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		258		218,237
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		96		94,391
				1,478,891

Company	Principal Amount (000)		U.S. $ Value
GSE Risk Share Floating Rate - 0.3%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
4.405%, 11/25/23 (d)		340		357,449
Series 2014-DN3, Class M3
4.157%, 8/25/24 (d)		330		328,776
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C01, Class M2
4.555%, 1/25/24 (d)		163		173,071
Series 2014-C03, Class 1M1
1.355%, 7/25/24 (d)		129		128,487
				987,783
Non-Agency Floating Rate - 0.2%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.345%, 12/25/36 (d)		420		259,413
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.405%, 3/25/35 (d)		214		192,196
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.275%, 7/25/36 (d)		310		239,608
Series 2006-AR27, Class 2A2
0.355%, 10/25/36 (d)		327		281,921
				973,138
Total Collateralized Mortgage Obligations (cost $3,433,961)				3,439,812
QUASI-SOVEREIGNS - 0.7%
Quasi-Sovereign Bonds - 0.7%
Chile - 0.1%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (b)		340		352,566
China - 0.1%
Sinopec Group Overseas Development 2013 Ltd.
4.375%, 10/17/23 (b)		480		492,228
Kazakhstan - 0.1%
KazMunayGas National Co. JSC
7.00%, 5/05/20 (b)		251		279,112
Malaysia - 0.2%
Petronas Capital Ltd.
5.25%, 8/12/19 (b)		460		514,327
Mexico - 0.1%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23		312		316,829

Company	Principal Amount (000)		U.S. $ Value
United Arab Emirates - 0.1%
IPIC GMTN Ltd.
3.75%, 3/01/17 (b)		465		485,925
Total Quasi-Sovereigns (cost $2,294,284)				2,440,987
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.1%
United States - 0.1%
California GO Series 2010 7.625%, 3/01/40 (cost $350,581)		345		503,058
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Communications - Telecommunications - 0.1%
Comcel Trust
6.875%, 2/06/24 (b)		200		211,000
Consumer Non-Cyclical - 0.0%
Marfrig Overseas Ltd.
9.50%, 5/04/20 (b)		195		205,725
Total Emerging Markets - Corporate Bonds (cost $391,211)				416,725
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Turkey - 0.1%
Turkey Government International Bond 4.875%, 4/16/43 (cost $271,865)		275		247,844
GOVERNMENTS - SOVEREIGN AGENCIES - 0.1%
Canada - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (b)		125		130,000
Colombia - 0.0%
Ecopetrol SA
5.875%, 5/28/45		94		95,880
Total Governments - Sovereign Agencies (cost $230,270)				225,880
	Shares
PREFERRED STOCKS - 0.0%
Financial Institutions - 0.0%
Insurance - 0.0%
Allstate Corp. (The)
5.10% (cost $179,024)		6,700		164,083

Company	Shares		U.S. $ Value
WARRANTS - 0.0%
Financials - 0.0%
Real Estate Management & Development - 0.0%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a) (cost $48,676)		39,276	$	123,520
RIGHTS - 0.0%
Financials - 0.0%
Real Estate Management & Development - 0.0%
Country Garden Holdings Co., Ltd., , expiring 10/08/14 (a) (cost $0)		18,401		1,043
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 5.7%
Time Deposit - 4.3%
State Street Time Deposit 0.01%, 10/01/14 (cost $15,533,918)		15,534		15,533,918
Governments - Treasuries - 1.0%
Japan Treasury Bills Series 468 Zero Coupon, 10/27/14 (cost $3,888,504)	JPY	400,000		3,647,060
Certificates of Deposit - 0.4%
Svenska Handelsbanken/New York 0.225%, 3/23/15 (cost $1,313,032)	U.S.$	1,313		1,313,032
Total Short-Term Investments (cost $20,735,454)				20,494,010
Total Investments Before Security Lending Collateral for Securities Loaned - 103.0% (cost $331,594,247)				375,983,153
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.6%
Investment Companies - 0.6%
AllianceBernstein Exchange Reserves-Class I, 0.04% (g)(h) (cost $2,043,001)		2,043,001		2,043,001

Company	Shares	U.S. $ Value
Total Investments - 103.6% (cost $333,637,248) (i)			378,026,154
Other assets less liabilities - (3.6)% (j)			(13,206,209	)
Net Assets - 100.0%		$	364,819,945

FUTURES

Type	Number of Contracts		Expiration Month		Original Value	Value at September 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		4		December 2014	556,006	$	551,625	$	(4,381	)
U.S. T-Note 5 Yr (CBT) Futures		45		December 2014	5,331,862		5,321,602		(10,260	)
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		14		December 2014	3,063,792		3,063,812		(20	)
U.S. T-Note 10 Yr (CBT) Futures		39		December 2014	4,885,006		4,860,984		24,022
								$	9,361

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		CHF	637	USD	670	11/14/14	$	2,936
Barclays Bank PLC		CNY	3,350	USD	542	11/14/14		(1,301	)
Barclays Bank PLC		USD	77	CNY	473	11/14/14		(114	)
Barclays Bank PLC		USD	673	EUR	530	11/14/14		(3,492	)
Barclays Bank PLC		USD	891	GBP	548	11/14/14		(2,935	)
Barclays Bank PLC		USD	2,432	JPY	257,957	11/14/14		(78,900	)
Barclays Bank PLC		JPY	99,506	USD	973	12/15/14		65,510
BNP Paribas SA		USD	3,736	JPY	400,000	10/27/14		(87,773	)
BNP Paribas SA		USD	525	JPY	53,932	11/14/14		(32,918	)
BNP Paribas SA		USD	78	KRW	79,969	11/14/14		(2,711	)
BNP Paribas SA		USD	924	SEK	6,377	11/14/14		(40,466	)
BNP Paribas SA		AUD	2,327	USD	2,153	12/15/14		126,774
BNP Paribas SA		USD	949	JPY	99,506	12/15/14		(41,342	)
BNP Paribas SA		JPY	400,000	USD	3,740	1/15/15		88,287
Citibank, NA		EUR	534	USD	712	11/14/14		36,885
Citibank, NA		GBP	455	USD	742	11/14/14		4,197
Credit Suisse International		USD	683	NOK	4,261	11/14/14		(21,135	)
Credit Suisse International		CAD	1,083	USD	988	12/15/14		22,947
Deutsche Bank AG		NOK	2,270	USD	353	12/15/14		964
Goldman Sachs Bank USA		CAD	956	USD	872	10/10/14		17,725
Goldman Sachs Bank USA		JPY	400,000	USD	3,905	10/27/14		256,783
Goldman Sachs Bank USA		CNY	945	USD	153	11/14/14		(466	)
Goldman Sachs Bank USA		JPY	408,298	USD	4,016	11/14/14		291,819
Goldman Sachs Bank USA		USD	875	AUD	950	11/14/14		(46,120	)
Goldman Sachs Bank USA		USD	2,056	GBP	1,225	11/14/14		(70,701	)
Goldman Sachs Bank USA		USD	1,181	AUD	1,363	12/15/14		5,629
HSBC Bank USA		NZD	3,815	USD	3,101	10/31/14		130,707
HSBC Bank USA		USD	346	SGD	433	11/14/14		(6,529	)
JPMorgan Chase Bank, NA		EUR	860	USD	1,135	10/16/14		48,254
JPMorgan Chase Bank, NA		USD	854	GBP	527	11/14/14		76
JPMorgan Chase Bank, NA		NOK	2,451	USD	380	12/15/14		(825	)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., Inc.	USD	586	CHF	538		11/14/14	$	(22,253	)
Morgan Stanley & Co., Inc.	EUR	638	USD	839		12/15/14		32,732
Royal Bank of Scotland PLC	USD	3,064	NZD	3,815		10/31/14		(93,870	)
Royal Bank of Scotland PLC	GBP	481	USD	780		11/14/14		599
Royal Bank of Scotland PLC	KRW	377,774	USD	363		11/14/14		7,072
Royal Bank of Scotland PLC	SEK	5,675	USD	786		11/14/14		(668	)
Royal Bank of Scotland PLC	USD	819	EUR	644		11/14/14		(5,460	)
Standard Chartered Bank	GBP	513	USD	843		11/14/14		11,963
Standard Chartered Bank	HKD	17,199	USD	2,219		11/14/14		4,347
Standard Chartered Bank	USD	356	NZD	462		12/15/14		1,871
State Street Bank & Trust Co.	USD	126	CAD	139		10/10/14		(2,200	)
State Street Bank & Trust Co.	GBP	177	USD	294		10/14/14		7,155
State Street Bank & Trust Co.	USD	4	EUR	3		10/16/14		(155	)
State Street Bank & Trust Co.	AUD	207	USD	180		11/14/14		(551	)
State Street Bank & Trust Co.	AUD	289	USD	269		11/14/14		16463
State Street Bank & Trust Co.	CAD	258	USD	236		11/14/14		5,527
State Street Bank & Trust Co.	CHF	538	USD	594		11/14/14		30,313
State Street Bank & Trust Co.	EUR	278	USD	360		11/14/14		8,635
State Street Bank & Trust Co.	HKD	3,700	USD	477		11/14/14		942
State Street Bank & Trust Co.	JPY	17,803	USD	174		11/14/14		12,064
State Street Bank & Trust Co.	NOK	6,908	USD	1,075		11/14/14		1,677
State Street Bank & Trust Co.	NZD	188	USD	155		11/14/14		9,237
State Street Bank & Trust Co.	SEK	2,153	USD	297		11/14/14		(1,185	)
State Street Bank & Trust Co.	USD	544	AUD	589		11/14/14		(29,846	)
State Street Bank & Trust Co.	USD	1,756	CHF	1,599		11/14/14		(80,250	)
State Street Bank & Trust Co.	USD	199	EUR	149		11/14/14		(10,809	)
State Street Bank & Trust Co.	USD	654	GBP	396		11/14/14		(11,986	)
State Street Bank & Trust Co.	USD	203	HKD	1,573	)	11/14/14		(414	)
State Street Bank & Trust Co.	USD	62	HKD	483		11/14/14		16
State Street Bank & Trust Co.	USD	334	JPY	34,731		11/14/14		(17,025	)
State Street Bank & Trust Co.	USD	878	NOK	5,480		11/14/14		(25,916	)
State Street Bank & Trust Co.	USD	248	NZD	296		11/14/14		(18,211	)
State Street Bank & Trust Co.	USD	1,445	SEK	9,959		11/14/14		(64,970	)
State Street Bank & Trust Co.	USD	345	SGD	428		11/14/14		(9,942	)
State Street Bank & Trust Co.	CAD	343	USD	313		12/15/14		7,743
State Street Bank & Trust Co.	CHF	305	USD	321		12/15/14		1,254
State Street Bank & Trust Co.	GBP	293	USD	478		12/15/14		2,956

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		SEK	2,190		USD	302		12/15/14	$	(1,573	)
State Street Bank & Trust Co.		USD	136		CAD	152		12/15/14		(514	)
State Street Bank & Trust Co.		USD	333		CHF	305		12/15/14		(13,068	)
State Street Bank & Trust Co.		USD	287		EUR	226		12/15/14		(1,278	)
State Street Bank & Trust Co.		USD	353		GBP	218		12/15/14		(43	)
State Street Bank & Trust Co.		USD	158		JPY	17,284		12/15/14		(476	)
State Street Bank & Trust Co.		USD	764		NOK	4,844		12/15/14		(12,117	)
State Street Bank & Trust Co.		USD	417		NZD	507		12/15/14		(24,090	)
UBS AG		EUR	1,729		USD	2,274		11/14/14		89,170
UBS AG		GBP	1,122		USD	1,882		11/14/14		64,184
UBS AG		USD	2,315		EUR	1,713		11/14/14		(150,886	)
UBS AG		USD	379		NOK	2,369		12/15/14		(11,664	)
									$	366,265

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at September 30, 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	)%		3.17	%	$	2,871	$	(200,090	)	$	(102,480	)
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)		0.64			4,100		(66,826	)		(12,098	)
									$	(266,916	)	$	(114,578	)

* 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)	NZD	1,810		9/25/19		3 Month BKBM			4.390	%	$	1,789
Morgan Stanley & Co., LLC/(CME Group)		1,220		9/25/24		4.628	%		3 Month BKBM			(4,643	)
											$	(2,854	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive		Implied Credit Spread at September 30, 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		0.41		530	$	9,197	$	(10,662	)	$	19,859
Credit Suisse International:
Kohl’s Corp.,
6.25%, 12/15/17, 6/20/19*:		1.00		0.92		142		340		(1,811	)		2,151
							$	9,537	$	(12,473	)	$	22,010

* 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	$	(5,175	)
JPMorgan Chase Bank, NA		2,200		2/07/22		2.043	%	3 Month LIBOR		43,136
									$	37,961

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the aggregate market value of these securities amounted to $26,873,608 or 7.4% of net assets.

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

(d) Floating Rate Security. Stated interest rate was in effect at September 30, 2014.

(e) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2014.

(f) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(g) 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.

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

(i) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $50,706,882 and gross unrealized depreciation of investments was $(6,317,976), resulting in net unrealized appreciation of $44,388,906.

(j) An amount of U.S.$35,555 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2014.

Currency Abbreviations:

AUD	-	Australian Dollar
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
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar
Glossary:
ABS	-	Asset-Backed Securities
ADR	-	American Depositary Receipt
ARMs	-	Adjustable Rate Mortgages
BKBM	-	Bank Bill Benchmark (New Zealand)
CBT	-	Chicago Board of Trade
CFC	-	Customer Facility Charge
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
GDR	-	Global Depositary Receipt
GO	-	General Obligation
GSE	-	Government-Sponsored Enterprise
INTRCONX	-	Inter-Continental Exchange
JSC	-	Joint Stock Company
LIBOR	-	London Interbank Offered Rates
NVDR	-	Non Voting Depositary Receipt
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

AllianceBernstein Variable Products Series Fund

Balanced Wealth Strategy Portfolio

September 30, 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 September 30, 2014:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stock:
Financials	$	23,108,790	$	13,286,921	$	– 0	–	$	36,395,711
Consumer Discretionary		26,231,254		8,734,457		– 0	–		34,965,711
Information Technology		29,192,088		3,107,218		– 0	–		32,299,306
Health Care		21,301,762		4,711,700		– 0	–		26,013,462

Investments in Securities:

Level 1

Level 2

Level 3

Total

Industrials

12,559,704

9,969,483

– 0

–

22,529,187

Consumer Staples

11,098,952

4,442,831

– 0

–

15,541,783

Energy

12,453,955

1,963,278

– 0

–

14,417,233

Equity: Other

5,602,499

6,903,777

– 0

–

12,506,276

Retail

4,347,366

3,293,974

– 0

–

7,641,340

Materials

3,160,444

3,347,263

– 0

–

6,507,707

Residential

3,050,604

2,438,804

– 0

–

5,489,408

Office

3,051,320

2,079,933

– 0

–

5,131,253

Utilities

3,820,676

974,463

– 0

–

4,795,139

Telecommunication Services

1,961,917

2,653,384

– 0

–

4,615,301

Lodging

3,018,561

153,535

– 0

–

3,172,096

Financial: Other

278,499

– 0

–

– 0

–

278,499

Mortgage

269,280

– 0

–

– 0

–

269,280

Corporates - Investment Grades

– 0

–

30,868,329

– 0

–

30,868,329

Governments - Treasuries

– 0

–

24,515,269

– 0

–

24,515,269

Mortgage Pass-Throughs

– 0

–

21,653,566

– 0

–

21,653,566

Asset-Backed Securities

– 0

–

14,466,827

2,687,728

17,154,555

Commercial Mortgage-Backed Securities

– 0

–

9,503,393

2,078,042

11,581,435

Corporates - Non-Investment Grades

– 0

–

5,419,679

– 0

–

5,419,679

Inflation-Linked Securities

– 0

–

4,164,666

– 0

–

4,164,666

Collateralized Mortgage Obligations

– 0

–

– 0

–

3,439,812

3,439,812

Quasi-Sovereigns

– 0

–

2,440,987

– 0

–

2,440,987

Local Governments - Municipal Bonds

– 0

–

503,058

– 0

–

503,058

Emerging Markets - Corporate Bonds

– 0

–

416,725

– 0

–

416,725

Governments - Sovereign Bonds

– 0

–

247,844

– 0

–

247,844

Governments - Sovereign Agencies

– 0

–

225,880

– 0

–

225,880

Preferred Stocks

164,083

– 0

–

– 0

–

164,083

Warrants

– 0

–

123,520

– 0

–

123,520

Rights

1,043

– 0

–

– 0

–

1,043

Short-Term Investments:

Time Deposits

– 0

–

15,533,918

– 0

–

15,533,918

Mortgage

– 0

–

3,647,060

– 0

–

3,647,060

Certificates of Deposit

– 0

–

1,313,032

– 0

–

1,313,032

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

2,043,001

– 0

–

– 0

–

2,043,001

Total Investments in Securities

166,715,798

203,104,774

8,205,582

378,026,154

Other Financial Instruments* :

Assets:

Futures

24,022

– 0

–

– 0

–

24,022

Forward Currency Exchange Contracts

– 0

–

1,415,413

– 0

–

1,415,413

Centrally Cleared Interest Rate Swaps

– 0

–

1,789

– 0

–

1,789

Credit Default Swaps

– 0

–

22,010

– 0

–

22,010

Interest Rate Swaps

– 0

–

43,136

– 0

–

43,136

Liabilities:

Futures

(14,661

)

– 0

–

– 0

–

(14,661

)

Forward Currency Exchange Contracts

– 0

–

(1,049,148

)

– 0

–

(1,049,148

)

Centrally Cleared Default Swaps

– 0

–

(114,578

)

– 0

–

(114,578

)

Centrally Cleared Interest Rate Swaps

– 0

–

(4,643

)

– 0

–

(4,643

)

Interest Rate Swaps

– 0

–

(5,175

)

– 0

–

(5,175

)

Total^

$

166,725,159

$

203,413,578

$

8,205,582

$

378,344,319

* 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.

	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/13	$	2,233,195		$	845,923		$	1,527,063
Accrued discounts/(premiums)		4,813			(3,512	)		13,038
Realized gain (loss)		9,378			3,916			3,640
Change in unrealized appreciation/depreciation		(5,226	)		(34,867	)		70,551
Purchases		1,443,923			1,505,874			1,969,041
Sales		(998,355	)		(239,292	)		(143,521	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/14	$	2,687,728		$	2,078,042		$	3,439,812
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/14	$	(4,937	)	$	(33,399	)	$	70,583
	Total
Balance as of 12/31/13	$	4,606,181
Accrued discounts/(premiums)		14,339
Realized gain (loss)		16,934
Change in unrealized appreciation/depreciation		30,458
Purchases		4,918,838
Sales		(1,381,168	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 9/30/14	$	8,205,582
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/14	$	32,247

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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 27.2%
Financials - 5.6%
Banks - 2.6%
Aozora Bank Ltd.		6,000	$	20,288
Australia & New Zealand Banking Group Ltd.		12,253		331,225
Banco Bilbao Vizcaya Argentaria SA		25,822		310,780
Banco Comercial Portugues SA (a)		159,486		20,825
Banco de Sabadell SA		15,417		45,522
Banco Espirito Santo SA (a)(b)(c)(d)		10,016		0
Banco Popular Espanol SA		7,493		45,702
Banco Santander SA		54,297		519,819
Bank Hapoalim BM		4,812		27,132
Bank Leumi Le-Israel BM (a)		6,125		24,807
Bank of America Corp.		39,445		672,537
Bank of East Asia Ltd.		9,600		38,948
Bank of Ireland (a)		104,450		40,838
Bank of Kyoto Ltd. (The)		2,000		16,619
Bank of Yokohama Ltd. (The)		5,000		27,494
Bankia SA (a)		22,531		41,916
Barclays PLC		73,537		270,482
BB&T Corp.		2,700		100,467
Bendigo and Adelaide Bank Ltd.		3,446		35,942
BNP Paribas SA		4,761		315,979
BOC Hong Kong Holdings Ltd.		10,000		31,834
CaixaBank SA		7,628		46,382
Chiba Bank Ltd. (The)		3,000		20,869
Citigroup, Inc.		11,379		589,660
Comerica, Inc.		650		32,409
Commerzbank AG (a)		4,351		64,608
Commonwealth Bank of Australia		7,198		473,935
Credit Agricole SA		4,188		63,128
Danske Bank A/S		2,928		79,371
DBS Group Holdings Ltd.		8,000		115,380
DnB ASA		4,364		81,668
Erste Group Bank AG		1,151		26,280
Fifth Third Bancorp		3,090		61,862
Fukuoka Financial Group, Inc.		4,000		19,081
Hang Seng Bank Ltd.		2,100		33,725
HSBC Holdings PLC		84,291		856,505
Huntington Bancshares, Inc./OH		3,015		29,336
ING Groep NV (a)		17,105		243,134
Intesa Sanpaolo SpA		52,270		157,789
Joyo Bank Ltd. (The)		3,000		14,766
JPMorgan Chase & Co.		14,115		850,288
KBC Groep NV (a)		1,196		63,491
KeyCorp		3,275		43,656
Lloyds Banking Group PLC (a)		256,785		319,458
M&T Bank Corp.		515		63,494
Mitsubishi UFJ Financial Group, Inc.		56,900		320,672
Mizrahi Tefahot Bank Ltd. (a)		973		11,631
Mizuho Financial Group, Inc.		102,500		182,982
National Australia Bank Ltd.		10,463		297,606
Natixis		9,006		61,961
Nordea Bank AB		12,659		164,104
Oversea-Chinese Banking Corp., Ltd.		12,000		91,540
PNC Financial Services Group, Inc. (The)		2,030		173,727
Raiffeisen Bank International AG		527		11,417
Regions Financial Corp.		5,025		50,451

Company	Shares		U.S. $ Value
Resona Holdings, Inc.		8,400		47,388
Royal Bank of Scotland Group PLC (a)		9,565		56,985
Seven Bank Ltd.		5,324		21,697
Shinsei Bank Ltd.		12,000		25,757
Shizuoka Bank Ltd. (The)		4,000		41,186
Skandinaviska Enskilda Banken AB-Class A		4,967		66,084
Societe Generale SA		3,136		159,961
Standard Chartered PLC		10,809		199,371
Sumitomo Mitsui Financial Group, Inc.		5,700		232,243
Sumitomo Mitsui Trust Holdings, Inc.		15,000		62,452
SunTrust Banks, Inc.		1,990		75,680
Suruga Bank Ltd.		1,000		19,952
Svenska Handelsbanken AB-Class A		2,228		104,341
Swedbank AB-Class A		4,044		101,405
UniCredit SpA		19,853		155,963
Unione di Banche Italiane SCpA		5,202		43,478
United Overseas Bank Ltd.		6,000		105,184
US Bancorp/MN		6,765		282,980
Wells Fargo & Co.		17,825		924,583
Westpac Banking Corp.		13,859		389,070
Zions Bancorporation		730		21,214
				11,792,496
Capital Markets - 0.6%
3i Group PLC		4,278		26,494
Aberdeen Asset Management PLC		3,678		23,729
Affiliated Managers Group, Inc. (a)		207		41,475
Ameriprise Financial, Inc.		695		85,749
Bank of New York Mellon Corp. (The)		4,215		163,247
BlackRock, Inc.-Class A		477		156,609
Charles Schwab Corp. (The)		4,290		126,083
Credit Suisse Group AG (a)		6,750		186,743
Daiwa Securities Group, Inc.		7,000		55,515
Deutsche Bank AG (REG)		5,812		202,941
E*Trade Financial Corp. (a)		1,020		23,042
Franklin Resources, Inc.		1,470		80,277
Goldman Sachs Group, Inc. (The)		1,538		282,331
Hargreaves Lansdown PLC		1,481		22,602
ICAP PLC		4,211		26,335
Invesco Ltd.		1,580		62,378
Investec PLC		2,464		20,689
Julius Baer Group Ltd. (a)		1,220		54,518
Legg Mason, Inc.		360		18,418
Macquarie Group Ltd.		1,286		64,711
Mediobanca SpA (a)		3,505		29,946
Morgan Stanley		5,720		197,740
Nomura Holdings, Inc.		16,200		96,379
Northern Trust Corp.		810		55,104
Partners Group Holding AG		158		41,528
Schroders PLC		729		28,147
State Street Corp.		1,585		116,672
T Rowe Price Group, Inc.		975		76,440
UBS AG (REG) (a)		16,277		282,940
				2,648,782

Company	Shares		U.S. $ Value
Consumer Finance - 0.2%
Acom Co., Ltd. (a)(d)		6,200		20,741
AEON Financial Service Co., Ltd. (d)		800		17,119
American Express Co.		3,360		294,134
Capital One Financial Corp.		2,113		172,463
Credit Saison Co., Ltd.		700		13,489
Discover Financial Services		1,710		110,107
Navient Corp.		1,500		26,565
				654,618
Diversified Financial Services - 0.4%
ASX Ltd.		1,453		45,570
Berkshire Hathaway, Inc.-Class B (a)		6,830		943,496
CME Group, Inc./IL-Class A		1,200		95,946
Deutsche Boerse AG		862		57,884
Eurazeo SA		422		30,347
Exor SpA		1,279		49,445
Groupe Bruxelles Lambert SA		360		32,975
Hong Kong Exchanges and Clearing Ltd.		4,900		105,593
Intercontinental Exchange, Inc.		466		90,893
Investment AB Kinnevik-Class B		2,015		72,662
Investor AB-Class B		1,705		60,032
Japan Exchange Group, Inc. (d)		900		21,363
Leucadia National Corp.		1,105		26,343
London Stock Exchange Group PLC		969		29,242
McGraw Hill Financial, Inc.		1,010		85,295
Mitsubishi UFJ Lease & Finance Co., Ltd. (d)		3,500		18,304
Moody’s Corp.		695		65,678
NASDAQ OMX Group, Inc. (The)		410		17,392
ORIX Corp.		5,580		77,034
Pargesa Holding SA		255		20,268
Singapore Exchange Ltd.		3,000		16,985
Wendel SA		398		45,105
				2,007,852
Insurance - 1.0%
ACE Ltd.		1,285		134,758
Admiral Group PLC		819		16,985
Aegon NV		6,317		52,015
Aflac, Inc.		1,705		99,316
Ageas		943		31,264
AIA Group Ltd.		53,781		277,550
Allianz SE		2,036		328,675
Allstate Corp. (The)		1,600		98,192
American International Group, Inc.		5,352		289,115
AMP Ltd.		13,149		62,717
Aon PLC		1,115		97,752
Assicurazioni Generali SpA		5,214		109,322
Assurant, Inc.		260		16,718
Aviva PLC		13,159		111,326
Chubb Corp. (The)		910		82,883
Cincinnati Financial Corp.		560		26,348
CNP Assurances		1,570		29,553
Dai-ichi Life Insurance Co., Ltd. (The)		3,800		56,448
Direct Line Insurance Group PLC		6,949		33,073
Friends Life Group Ltd.		6,320		31,474
Genworth Financial, Inc.-Class A (a)		1,785		23,383
Gjensidige Forsikring ASA		1,479		31,285
Hannover Rueck SE		377		30,427
Hartford Financial Services Group, Inc. (The)		1,675		62,394

Company	Shares		U.S. $ Value
Insurance Australia Group Ltd.		10,333		55,378
Legal & General Group PLC		26,411		97,729
Lincoln National Corp.		990		53,044
Loews Corp.		1,140		47,492
Mapfre SA		3,353		11,851
Marsh & McLennan Cos., Inc.		2,040		106,774
MetLife, Inc.		4,220		226,698
MS&AD Insurance Group Holdings, Inc.		2,300		50,168
Muenchener Rueckversicherungs AG		801		158,011
Old Mutual PLC		21,822		64,010
Principal Financial Group, Inc.		1,040		54,569
Progressive Corp. (The)		1,995		50,434
Prudential Financial, Inc.		1,715		150,817
Prudential PLC		11,428		254,060
QBE Insurance Group Ltd.		5,358		54,565
RSA Insurance Group PLC (a)		4,554		35,769
Sampo Oyj-Class A		2,010		97,186
SCOR SE		935		29,203
Sompo Japan Nipponkoa Holdings, Inc.		1,000		24,259
Sony Financial Holdings, Inc.		875		14,153
Standard Life PLC		10,591		70,866
Suncorp Group Ltd.		5,745		70,614
Swiss Life Holding AG (a)		249		59,335
Swiss Re AG (a)		1,573		125,183
T&D Holdings, Inc.		2,600		33,410
Tokio Marine Holdings, Inc.		3,100		96,185
Torchmark Corp.		502		26,290
Travelers Cos., Inc. (The)		1,280		120,243
Tryg A/S		42		4,357
UnipolSai SpA		4,035		11,359
Unum Group		920		31,630
Vienna Insurance Group AG Wiener Versicherung Gruppe		190		8,559
XL Group PLC		960		31,843
Zurich Insurance Group AG (a)		662		197,013
				4,656,030
Real Estate Investment Trusts (REITs) - 0.5%
American Tower Corp.		1,515		141,849
Apartment Investment & Management Co.-Class A		525		16,706
AvalonBay Communities, Inc.		495		69,780
Boston Properties, Inc.		600		69,456
British Land Co. PLC		4,209		47,828
CapitaMall Trust		14,000		20,952
CFS Retail Property Trust Group		11,279		19,691
Crown Castle International Corp.		1,270		102,273
Dexus Property Group		23,282		22,605
Equity Residential		1,340		82,517
Essex Property Trust, Inc.		228		40,755
Fonciere Des Regions		329		29,649
Gecina SA		253		33,175
General Growth Properties, Inc.		2,344		55,201
Goodman Group		5,915		26,731
GPT Group (The)		6,698		22,683
Hammerson PLC		3,205		29,754
HCP, Inc.		1,680		66,713
Health Care REIT, Inc.		1,225		76,403
Host Hotels & Resorts, Inc.		2,750		58,658

Company	Shares		U.S. $ Value
ICADE		449		37,914
Intu Properties PLC		3,529		18,385
Japan Real Estate Investment Corp.		4		20,573
Japan Retail Fund Investment Corp.		8		16,126
Kimco Realty Corp.		1,480		32,427
Klepierre		695		30,401
Land Securities Group PLC		3,497		58,716
Link REIT (The)		6,000		34,662
Macerich Co. (The)		510		32,553
Mirvac Group		12,834		19,306
Nippon Building Fund, Inc.		6		31,594
Nippon Prologis REIT, Inc.		5		11,625
Plum Creek Timber Co., Inc.		630		24,576
ProLogis, Inc.		1,870		70,499
Public Storage		580		96,187
Scentre Group (a)		33,577		96,608
Segro PLC		3,337		19,586
Simon Property Group, Inc.		1,166		191,714
Stockland		6,911		23,876
Unibail-Rodamco SE		613		157,638
United Urban Investment Corp.		12		18,418
Ventas, Inc.		1,091		67,587
Vornado Realty Trust		685		68,473
Westfield Corp.		9,308		60,652
Weyerhaeuser Co.		1,940		61,808
				2,335,283
Real Estate Management & Development - 0.3%
Aeon Mall Co., Ltd.		700		13,372
CapitaLand Ltd.		11,000		27,558
CBRE Group, Inc.-Class A (a)		1,015		30,186
Cheung Kong Holdings Ltd.		6,000		98,622
City Developments Ltd.		3,000		22,599
Daito Trust Construction Co., Ltd.		300		35,476
Daiwa House Industry Co., Ltd.		3,000		53,895
Deutsche Wohnen AG		1,334		28,412
Global Logistic Properties Ltd.		14,661		31,119
Hang Lung Properties Ltd.		14,000		39,703
Henderson Land Development Co., Ltd.		4,840		31,333
Hulic Co., Ltd.		2,197		23,270
IMMOFINANZ AG (a)		4,285		12,161
Kerry Properties Ltd.		8,500		28,387
Lend Lease Group		3,450		43,318
Mitsubishi Estate Co., Ltd.		6,000		135,224
Mitsui Fudosan Co., Ltd.		4,000		122,754
New World Development Co., Ltd.		22,000		25,629
Nomura Real Estate Holdings, Inc.		800		13,758
NTT Urban Development Corp. (d)		1,600		16,822
Sino Land Co., Ltd.		16,000		24,787
Sumitomo Realty & Development Co., Ltd.		2,000		71,255
Sun Hung Kai Properties Ltd.		7,000		99,324
Swire Pacific Ltd.-Class A		2,000		25,796
Swire Properties Ltd.		25,389		79,269
Tokyo Tatemono Co., Ltd.		3,000		24,309
Tokyu Fudosan Holdings Corp.		2,000		13,731
Wharf Holdings Ltd. (The)		4,000		28,437
Wheelock & Co., Ltd.		6,000		28,659
				1,229,165

Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.		1,730		16,815
People’s United Financial, Inc.		1,015		14,687
				31,502
				25,355,728
Health Care - 3.5%
Biotechnology - 0.5%
Actelion Ltd. (REG) (a)		608		71,213
Alexion Pharmaceuticals, Inc. (a)		780		129,340
Amgen, Inc.		2,853		400,732
Biogen Idec, Inc. (a)		915		302,691
Celgene Corp. (a)		3,030		287,183
CSL Ltd.		2,196		142,357
Gilead Sciences, Inc. (a)		5,680		604,636
Grifols SA		757		30,936
Regeneron Pharmaceuticals, Inc. (a)		290		104,551
Vertex Pharmaceuticals, Inc. (a)		907		101,865
				2,175,504
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories		5,615		233,528
Baxter International, Inc.		2,030		145,693
Becton Dickinson and Co.		730		83,081
Boston Scientific Corp. (a)		4,860		57,397
CareFusion Corp. (a)		740		33,485
Coloplast A/S-Class B		496		41,480
Covidien PLC		1,725		149,230
CR Bard, Inc.		315		44,954
DENTSPLY International, Inc.		530		24,168
Edwards Lifesciences Corp. (a)		395		40,349
Essilor International SA		954		104,623
Getinge AB-Class B		2,013		50,541
Intuitive Surgical, Inc. (a)		155		71,582
Medtronic, Inc.		3,660		226,737
Olympus Corp. (a)		900		32,275
Smith & Nephew PLC		4,018		67,589
Sonova Holding AG		351		55,926
St Jude Medical, Inc.		1,065		64,038
Stryker Corp.		1,125		90,844
Sysmex Corp. (d)		400		16,108
Terumo Corp.		1,400		33,588
Varian Medical Systems, Inc. (a)		395		31,647
William Demant Holding A/S (a)		158		12,120
Zimmer Holdings, Inc.		635		63,849
				1,774,832
Health Care Providers & Services - 0.4%
Aetna, Inc.		1,317		106,677
AmerisourceBergen Corp.-Class A		785		60,680
Cardinal Health, Inc.		1,245		93,275
CIGNA Corp.		1,015		92,050
DaVita HealthCare Partners, Inc. (a)		650		47,541
Express Scripts Holding Co. (a)		2,789		196,987

Company	Shares		U.S. $ Value
Fresenius Medical Care AG & Co. KGaA		961		66,939
Fresenius SE & Co. KGaA		1,674		82,644
Humana, Inc.		565		73,614
Laboratory Corp. of America Holdings (a)		325		33,069
McKesson Corp.		865		168,390
Medipal Holdings Corp.		1,500		18,232
Patterson Cos., Inc.		310		12,843
Quest Diagnostics, Inc.		550		33,374
Ramsay Health Care Ltd.		1,156		50,656
Ryman Healthcare Ltd.		1,663		10,134
Sonic Healthcare Ltd.		1,715		26,316
Suzuken Co., Ltd./Aichi Japan		600		17,285
Tenet Healthcare Corp. (a)		343		20,371
UnitedHealth Group, Inc.		3,635		313,519
Universal Health Services, Inc.-Class B		350		36,575
WellPoint, Inc.		1,050		125,601
				1,686,772
Health Care Technology - 0.0%
Cerner Corp. (a)		1,130		67,314
M3, Inc.		1,200		19,244
				86,558
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		1,245		70,940
PerkinElmer, Inc.		405		17,658
QIAGEN NV (a)		2,306		52,242
Thermo Fisher Scientific, Inc.		1,485		180,725
Waters Corp. (a)		345		34,196
				355,761
Pharmaceuticals - 2.1%
AbbVie, Inc.		5,945		343,383
Actavis PLC (a)		1,023		246,829
Allergan, Inc./United States		1,150		204,918
Astellas Pharma, Inc.		9,500		141,489
AstraZeneca PLC		5,591		400,667
Bayer AG		3,693		513,838
Bristol-Myers Squibb Co.		6,215		318,084
Chugai Pharmaceutical Co., Ltd.		1,000		28,946
Daiichi Sankyo Co., Ltd.		3,000		47,142
Eisai Co., Ltd. (d)		1,100		44,493
Eli Lilly & Co.		3,665		237,675
GlaxoSmithKline PLC		21,996		502,480
Hisamitsu Pharmaceutical Co., Inc.		300		10,774
Hospira, Inc. (a)		630		32,779
Johnson & Johnson		10,605		1,130,387
Kyowa Hakko Kirin Co., Ltd.		1,000		12,300
Mallinckrodt PLC (a)		424		38,224
Merck & Co., Inc.		10,805		640,520
Merck KGaA		408		37,501
Mitsubishi Tanabe Pharma Corp.		1,000		14,674
Mylan, Inc./PA (a)		1,405		63,913
Novartis AG		10,271		967,203
Novo Nordisk A/S-Class B		8,890		423,269
Ono Pharmaceutical Co., Ltd.		400		35,519
Orion Oyj-Class B		465		18,156

Company	Shares		U.S. $ Value
Otsuka Holdings Co., Ltd.		1,619		55,804
Perrigo Co. PLC		522		78,399
Pfizer, Inc.		23,786		703,352
Roche Holding AG		3,137		926,365
Sanofi		5,321		601,649
Santen Pharmaceutical Co., Ltd.		500		28,000
Shionogi & Co., Ltd.		1,000		22,951
Shire PLC		2,646		228,301
Sumitomo Dainippon Pharma Co., Ltd. (d)		1,400		17,861
Taisho Pharmaceutical Holdings Co., Ltd.		172		11,773
Takeda Pharmaceutical Co., Ltd. (d)		3,500		152,153
Teva Pharmaceutical Industries Ltd.		3,794		204,194
UCB SA		579		52,465
Zoetis, Inc.		1,846		68,210
				9,606,640
				15,686,067
Information Technology - 3.4%
Communications Equipment - 0.3%
Alcatel-Lucent (a)		12,407		38,267
Cisco Systems, Inc.		19,090		480,495
F5 Networks, Inc. (a)		280		33,247
Harris Corp.		395		26,228
Juniper Networks, Inc.		1,490		33,003
Motorola Solutions, Inc.		845		53,472
QUALCOMM, Inc.		6,270		468,808
Telefonaktiebolaget LM Ericsson-Class B		13,589		171,342
				1,304,862
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp.-Class A		575		57,419
Corning, Inc.		4,805		92,929
FLIR Systems, Inc.		510		15,983
Fujifilm Holdings Corp.		2,100		64,527
Hamamatsu Photonics KK		600		28,509
Hexagon AB-Class B		938		29,660
Hirose Electric Co., Ltd.		100		12,346
Hitachi High-Technologies Corp.		600		17,255
Hitachi Ltd.		22,000		168,081
Hoya Corp.		1,900		63,802
Jabil Circuit, Inc.		675		13,615
Keyence Corp.		200		86,837
Kyocera Corp.		1,400		65,390
Murata Manufacturing Co., Ltd.		900		102,299
Omron Corp.		900		40,903
TDK Corp.		900		50,346
TE Connectivity Ltd.		1,510		83,488
Yokogawa Electric Corp.		1,100		14,463
				1,007,852
Internet Software & Services - 0.5%
Akamai Technologies, Inc. (a)		655		39,169
Dena Co., Ltd. (d)		529		6,725
eBay, Inc. (a)		4,235		239,828
Facebook, Inc.-Class A (a)		7,300		576,992
Google, Inc.-Class A (a)		1,089		640,778

Company	Shares		U.S. $ Value
Google, Inc.-Class C (a)		1,089		628,745
Kakaku.com, Inc.		961		13,650
United Internet AG		1,223		51,927
VeriSign, Inc. (a)		425		23,426
Yahoo Japan Corp.		6,408		24,357
Yahoo!, Inc. (a)		3,465		141,199
				2,386,796
IT Services - 0.5%
Accenture PLC-Class A		2,385		193,948
Alliance Data Systems Corp. (a)		230		57,102
Amadeus IT Holding SA-Class A		1,699		63,426
Automatic Data Processing, Inc.		1,820		151,206
Cap Gemini SA		854		61,243
Cognizant Technology Solutions Corp.-Class A (a)		2,280		102,076
Computer Sciences Corp.		540		33,021
Computershare Ltd.		1,449		15,408
Fidelity National Information Services, Inc.		1,070		60,241
Fiserv, Inc. (a)		950		61,403
Fujitsu Ltd.		8,000		49,237
International Business Machines Corp.		3,476		659,849
MasterCard, Inc.-Class A		3,710		274,243
Nomura Research Institute Ltd.		600		19,404
NTT Data Corp.		500		18,036
Otsuka Corp.		600		23,890
Paychex, Inc.		1,195		52,819
Teradata Corp. (a)		545		22,846
Total System Services, Inc.		610		18,886
Visa, Inc.-Class A		1,875		400,069
Western Union Co. (The)-Class W		1,930		30,957
Xerox Corp.		4,045		53,515
				2,422,825
Semiconductors & Semiconductor Equipment - 0.4%
Altera Corp.		1,110		39,716
Analog Devices, Inc.		1,180		58,398
Applied Materials, Inc.		4,535		98,001
ARM Holdings PLC		6,241		90,927
ASM Pacific Technology Ltd.		900		8,908
ASML Holding NV		1,801		178,387
Avago Technologies Ltd.		926		80,562
Broadcom Corp.-Class A		2,020		81,648
Infineon Technologies AG		4,860		50,024
Intel Corp.		18,540		645,563
KLA-Tencor Corp.		610		48,056
Lam Research Corp.		629		46,986
Linear Technology Corp.		890		39,507
Microchip Technology, Inc.		745		35,186
Micron Technology, Inc. (a)		3,970		136,012
NVIDIA Corp.		1,885		34,778
Rohm Co., Ltd.		400		25,186
STMicroelectronics NV		4,174		32,226
Texas Instruments, Inc.		3,975		189,568
Tokyo Electron Ltd.		800		52,140
Xilinx, Inc.		985		41,715
				2,013,494

Company	Shares		U.S. $ Value
Software - 0.7%
Adobe Systems, Inc. (a)		1,760		121,774
Autodesk, Inc. (a)		825		45,458
CA, Inc.		1,185		33,109
Citrix Systems, Inc. (a)		630		44,944
Dassault Systemes		486		31,220
Electronic Arts, Inc. (a)		1,135		40,417
Gemalto NV (d)		323		29,658
GungHo Online Entertainment, Inc.		4,000		19,043
Intuit, Inc.		1,050		92,032
Microsoft Corp.		30,920		1,433,451
Nexon Co., Ltd.		2,595		21,401
NICE-Systems Ltd.		208		8,491
Nintendo Co., Ltd.		500		54,464
Oracle Corp.		12,200		467,016
Oracle Corp. Japan		500		19,516
Red Hat, Inc. (a)		690		38,744
Sage Group PLC (The)		4,400		25,990
Salesforce.com, Inc. (a)		2,134		122,769
SAP SE		4,114		296,906
Symantec Corp.		2,555		60,068
Trend Micro, Inc./Japan		500		16,942
Xero Ltd. (a)		231		3,882
				3,027,295
Technology Hardware, Storage & Peripherals - 0.8%
Apple, Inc.		22,466		2,263,450
Brother Industries Ltd. (d)		800		14,784
Canon, Inc.		5,100		165,933
EMC Corp./MA		7,555		221,059
Hewlett-Packard Co.		6,960		246,871
Konica Minolta, Inc.		2,000		21,621
NEC Corp.		9,000		31,107
NetApp, Inc.		1,190		51,122
Nokia Oyj		16,723		141,996
Ricoh Co., Ltd.		3,000		32,230
SanDisk Corp.		870		85,217
Seagate Technology PLC		1,200		68,724
Seiko Epson Corp.		600		28,910
Western Digital Corp.		830		80,776
				3,453,800
				15,616,924
Consumer Discretionary - 3.2%
Auto Components - 0.2%
Aisin Seiki Co., Ltd.		900		32,485
BorgWarner, Inc.		830		43,666
Bridgestone Corp.		2,900		95,917
Cie Generale des Etablissements Michelin-Class B		815		76,765
Continental AG		499		94,524
Delphi Automotive PLC		1,141		69,989
Denso Corp.		2,200		101,500
GKN PLC		7,308		37,633
Goodyear Tire & Rubber Co. (The)		1,010		22,811
Johnson Controls, Inc.		2,480		109,120
NGK Spark Plug Co., Ltd.		1,000		29,425

Company	Shares		U.S. $ Value
NOK Corp.		700		16,070
Nokian Renkaat Oyj (d)		503		15,092
Stanley Electric Co., Ltd.		500		10,825
Sumitomo Electric Industries Ltd.		3,400		50,333
Sumitomo Rubber Industries Ltd.		1,200		17,070
Toyota Industries Corp.		700		33,864
Valeo SA		339		37,668
Yokohama Rubber Co., Ltd. (The)		2,000		17,331
				912,088
Automobiles - 0.6%
Bayerische Motoren Werke AG		1,478		157,960
Daihatsu Motor Co., Ltd. (d)		1,000		15,869
Daimler AG		4,296		328,072
Fiat SpA (a)(d)		5,440		52,429
Ford Motor Co.		14,470		214,011
Fuji Heavy Industries Ltd.		3,000		99,380
General Motors Co.		5,016		160,211
Harley-Davidson, Inc.		800		46,560
Honda Motor Co., Ltd.		7,300		250,462
Isuzu Motors Ltd.		2,500		35,356
Mazda Motor Corp.		2,200		55,340
Mitsubishi Motors Corp.		2,400		29,112
Nissan Motor Co., Ltd.		11,100		107,450
Peugeot SA (a)		2,295		29,366
Porsche Automobil Holding SE (Preference Shares)		684		54,565
Renault SA		857		61,995
Suzuki Motor Corp.		1,600		53,064
Toyota Motor Corp.		12,300		723,721
Volkswagen AG		140		28,927
Volkswagen AG (Preference Shares)		734		151,577
Yamaha Motor Co., Ltd.		1,200		23,514
				2,678,941
Distributors - 0.0%
Genuine Parts Co.		560		49,117
Jardine Cycle & Carriage Ltd.		1,000		33,607
				82,724
Diversified Consumer Services - 0.0%
Benesse Holdings, Inc. (d)		300		9,843
Gree, Inc. (d)		682		4,650
H&R Block, Inc.		1,020		31,630
				46,123
Hotels, Restaurants & Leisure - 0.4%
Accor SA		750		33,216
Carnival Corp.		1,685		67,686
Carnival PLC		818		32,573
Chipotle Mexican Grill, Inc.-Class A (a)		144		95,989
Compass Group PLC		7,648		123,356
Crown Resorts Ltd.		2,537		30,635
Darden Restaurants, Inc. (d)		470		24,186
Flight Centre Travel Group Ltd. (d)		471		17,617
Galaxy Entertainment Group Ltd.		8,911		51,737

Company	Shares		U.S. $ Value
Genting Singapore PLC		22,000		19,648
InterContinental Hotels Group PLC		1,133		43,690
Marriott International, Inc./DE-Class A		795		55,570
McDonald’s Corp.		3,680		348,901
McDonald’s Holdings Co. Japan Ltd. (d)		500		12,364
Oriental Land Co., Ltd./Japan		200		37,795
Sands China Ltd.		10,875		56,733
SJM Holdings Ltd.		13,014		24,777
Sodexo		292		28,564
Starbucks Corp.		2,810		212,043
Starwood Hotels & Resorts Worldwide, Inc.		695		57,831
Tatts Group Ltd.		6,512		17,929
TUI Travel PLC		2,386		15,017
Whitbread PLC		801		53,824
William Hill PLC		3,391		20,265
Wyndham Worldwide Corp.		450		36,567
Wynn Macau Ltd.		10,107		32,211
Wynn Resorts Ltd.		310		57,995
Yum! Brands, Inc.		1,645		118,407
				1,727,126
Household Durables - 0.2%
Casio Computer Co., Ltd. (d)		800		13,369
DR Horton, Inc.		1,205		24,727
Electrolux AB-Class B		2,430		64,007
Garmin Ltd. (d)		470		24,435
Harman International Industries, Inc.		240		23,530
Iida Group Holdings Co., Ltd.		867		10,605
Leggett & Platt, Inc.		475		16,587
Lennar Corp.-Class A		650		25,239
Mohawk Industries, Inc. (a)		250		33,705
Newell Rubbermaid, Inc.		1,025		35,270
Nikon Corp. (d)		1,500		21,695
Panasonic Corp.		9,900		117,992
Persimmon PLC (a)		1,354		29,135
PulteGroup, Inc.		1,235		21,810
Rinnai Corp.		200		16,593
Sekisui Chemical Co., Ltd.		2,000		22,986
Sekisui House Ltd.		2,000		23,571
Sharp Corp./Japan (a)		9,000		25,603
Sony Corp.		4,500		80,762
Whirlpool Corp.		300		43,695
				675,316
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)		1,430		461,089
ASOS PLC (a)		244		8,900
Expedia, Inc.		382		33,471
NetFlix, Inc. (a)		226		101,967
Priceline Group, Inc. (The) (a)		197		228,240
Rakuten, Inc.		3,245		37,355
TripAdvisor, Inc. (a)		412		37,665
				908,687

Company	Shares		U.S. $ Value
Leisure Products - 0.0%
Bandai Namco Holdings, Inc.		900		23,154
Hasbro, Inc.		400		21,998
Mattel, Inc.		1,235		37,853
Sankyo Co., Ltd.		300		10,751
Sega Sammy Holdings, Inc. (d)		700		11,271
Shimano, Inc.		400		48,657
				153,684
Media - 0.7%
Axel Springer SE		401		22,015
British Sky Broadcasting Group PLC		4,358		62,159
Cablevision Systems Corp.-Class A		780		13,658
CBS Corp.-Class B		1,790		95,765
Comcast Corp.-Class A		9,720		522,742
Dentsu, Inc.		1,000		38,090
DIRECTV (a)		1,865		161,360
Discovery Communications, Inc.-Class A (a)		545		20,601
Discovery Communications, Inc.-Class C (a)		995		37,094
Eutelsat Communications SA		1,052		33,969
Gannett Co., Inc.		800		23,736
Interpublic Group of Cos., Inc. (The)		1,495		27,388
ITV PLC		16,647		55,895
JCDecaux SA		1,374		43,377
Kabel Deutschland Holding AG		201		27,266
Lagardere SCA		177		4,737
News Corp.-Class A (a)		1,808		29,561
Omnicom Group, Inc.		960		66,106
Pearson PLC		3,650		73,373
ProSiebenSat.1 Media AG		637		25,254
Publicis Groupe SA		807		55,302
Reed Elsevier NV		5,063		114,861
Reed Elsevier PLC		5,173		82,701
RTL Group SA		312		26,724
Scripps Networks Interactive, Inc.-Class A		370		28,893
SES SA		971		33,573
Singapore Press Holdings Ltd.(d)		6,000		19,746
Telenet Group Holding NV (a)		194		11,149
Time Warner Cable, Inc.-Class A		1,065		152,817
Time Warner, Inc.		3,195		240,296
Toho Co., Ltd./Tokyo		1,000		22,593
Twenty-First Century Fox, Inc.-Class A		7,035		241,230
Viacom, Inc.-Class B		1,410		108,485
Walt Disney Co. (The)		5,914		526,524
WPP PLC		5,882		117,837
				3,166,877
Multiline Retail - 0.2%
Dollar General Corp. (a)		1,120		68,443
Dollar Tree, Inc. (a)		750		42,053
Don Quijote Holdings Co., Ltd.		500		28,694
Family Dollar Stores, Inc.		355		27,420
Isetan Mitsukoshi Holdings Ltd.		1,300		16,919
J Front Retailing Co., Ltd.		1,500		19,624
Kohl’s Corp.		780		47,603
Macy’s, Inc.		1,305		75,925
Marks & Spencer Group PLC		7,213		47,162
Next PLC		713		76,316
Nordstrom, Inc.		520		35,552
Target Corp.		2,375		148,865
				634,576

Company	Shares		U.S. $ Value
Specialty Retail - 0.4%
AutoNation, Inc. (a)		285		14,338
AutoZone, Inc. (a)		125		63,707
Bed Bath & Beyond, Inc. (a)		745		49,043
Best Buy Co., Inc.		1,050		35,270
CarMax, Inc. (a)		820		38,089
Dixons Carphone PLC		4,447		26,366
Fast Retailing Co., Ltd.		200		67,018
GameStop Corp.-Class A		415		17,098
Gap, Inc. (The)		1,005		41,898
Hennes & Mauritz AB-Class B		4,231		174,952
Hikari Tsushin, Inc.		200		14,218
Home Depot, Inc. (The)		5,080		466,039
Inditex SA		4,870		134,430
Kingfisher PLC		10,966		57,351
L Brands, Inc.		935		62,626
Lowe’s Cos., Inc.		3,690		195,275
Nitori Holdings Co., Ltd.		400		24,782
O’Reilly Automotive, Inc. (a)		390		58,640
PetSmart, Inc.		380		26,634
Ross Stores, Inc.		800		60,464
Sanrio Co., Ltd. (d)		500		14,494
Shimamura Co., Ltd.		200		18,387
Sports Direct International PLC (a)		1,618		16,167
Staples, Inc.		2,415		29,222
Tiffany & Co.		405		39,006
TJX Cos., Inc. (The)		2,570		152,067
Tractor Supply Co.		515		31,678
Urban Outfitters, Inc. (a)		335		12,295
USS Co., Ltd.		1,310		20,040
Yamada Denki Co., Ltd.		2,700		7,881
				1,969,475
Textiles, Apparel & Luxury Goods - 0.3%
Adidas AG		932		69,542
Asics Corp.		1,000		22,554
Burberry Group PLC		1,975		48,175
Christian Dior SA		166		27,809
Cie Financiere Richemont SA		2,331		190,539
Coach, Inc.		1,030		36,678
Fossil Group, Inc. (a)		169		15,869
Hugo Boss AG		198		24,683
Kering		338		68,147
Li & Fung Ltd.		48,000		54,523
Luxottica Group SpA		759		39,451
LVMH Moet Hennessy Louis Vuitton SA		1,256		203,952
Michael Kors Holdings Ltd. (a)		759		54,185
NIKE, Inc.-Class B		2,660		237,272
Pandora A/S		468		36,540
PVH Corp.		295		35,739
Ralph Lauren Corp.		240		39,535
Swatch Group AG (The)		137		64,924
Swatch Group AG (The) (REG)		522		45,603
Under Armour, Inc.-Class A (a)		647		44,708
VF Corp.		1,310		86,499
				1,446,927
				14,402,544

Company	Shares		U.S. $ Value
Industrials - 3.1%
Aerospace & Defense - 0.5%
Airbus Group NV		2,598		163,311
BAE Systems PLC		14,460		110,065
Boeing Co. (The)		2,510		319,724
Cobham PLC		7,675		36,132
General Dynamics Corp.		1,210		153,779
Honeywell International, Inc.		2,955		275,170
L-3 Communications Holdings, Inc.		325		38,649
Lockheed Martin Corp.		1,050		191,919
Meggitt PLC		2,537		18,505
Northrop Grumman Corp.		790		104,090
Precision Castparts Corp.		540		127,915
Raytheon Co.		1,150		116,863
Rockwell Collins, Inc.		500		39,250
Rolls-Royce Holdings PLC (a)		8,396		130,672
Safran SA		1,117		72,419
Singapore Technologies Engineering Ltd.		19,000		54,298
Textron, Inc.		1,005		36,170
Thales SA		694		36,936
United Technologies Corp.		3,225		340,560
Zodiac Aerospace		1,135		36,194
				2,402,621
Air Freight & Logistics - 0.2%
CH Robinson Worldwide, Inc.		565		37,471
Deutsche Post AG		4,049		129,062
Expeditors International of Washington, Inc.		720		29,218
FedEx Corp.		1,015		163,872
Kuehne & Nagel International AG		432		54,433
Royal Mail PLC		2,926		18,537
United Parcel Service, Inc.-Class B		2,655		260,960
Yamato Holdings Co., Ltd.		1,600		29,794
				723,347
Airlines – 0.1%
ANA Holdings, Inc.		8,000		18,596
Cathay Pacific Airways Ltd.		20,000		36,797
Delta Air Lines, Inc.		3,152		113,945
Deutsche Lufthansa AG (REG)		1,092		17,147
International Consolidated Airlines Group SA (a)		4,346		25,847
Japan Airlines Co., Ltd.		944		25,830
Singapore Airlines Ltd.		3,000		23,122
Southwest Airlines Co.		2,555		86,282
				347,566
Building Products - 0.1%
Allegion PLC		335		15,959
Asahi Glass Co., Ltd.		4,000		21,699
Assa Abloy AB-Class B		1,164		59,815
Cie de St-Gobain		1,779		81,285
Daikin Industries Ltd.		1,000		62,033
Geberit AG		168		54,149

Company	Shares		U.S. $ Value
LIXIL Group Corp. (d)		1,200		25,601
Masco Corp.		1,305		31,216
TOTO Ltd.		2,000		22,003
				373,760
Commercial Services & Supplies - 0.1%
ADT Corp. (The)		647		22,943
Aggreko PLC		1,141		28,558
Babcock International Group PLC		2,255		39,791
Brambles Ltd.		6,954		57,848
Cintas Corp.		335		23,648
Dai Nippon Printing Co., Ltd.		2,000		20,068
Edenred		818		20,156
G4S PLC		6,839		27,732
Iron Mountain, Inc.		614		20,047
Pitney Bowes, Inc.		705		17,618
Republic Services, Inc.-Class A		950		37,069
Secom Co., Ltd.		900		53,617
Societe BIC SA		221		28,488
Stericycle, Inc. (a)		310		36,134
Toppan Printing Co., Ltd.		2,000		14,373
Tyco International Ltd.		1,645		73,318
Waste Management, Inc.		1,595		75,810
				597,218
Construction & Engineering - 0.1%
ACS Actividades de Construccion y Servicios SA		667		25,566
Bouygues SA		1,739		56,230
Chiyoda Corp.		1,000		11,059
Ferrovial SA		1,957		37,861
Fluor Corp.		565		37,736
Jacobs Engineering Group, Inc. (a)		465		22,701
JGC Corp.		1,000		27,322
Kajima Corp.		7,000		33,507
Leighton Holdings Ltd.(d)		1,344		22,733
Obayashi Corp.		3,000		20,531
OCI (a)		320		9,871
Quanta Services, Inc. (a)		765		27,762
Shimizu Corp.		4,000		31,564
Skanska AB-Class B		3,301		68,077
Taisei Corp.		5,000		28,208
Vinci SA		2,135		123,896
				584,624
Electrical Equipment - 0.3%
ABB Ltd. (REG) (a)		9,800		219,222
Alstom SA (a)		1,012		34,702
AMETEK, Inc.		899		45,139
Eaton Corp. PLC		1,794		113,686
Emerson Electric Co.		2,600		162,708
First Solar, Inc. (a)		270		17,769
Fuji Electric Co., Ltd.		4,000		19,360
Legrand SA		1,194		62,044
Mitsubishi Electric Corp.		9,000		119,981
Nidec Corp.		1,000		67,577
Osram Licht AG (a)		292		10,834
Prysmian SpA		1,074		19,872

Company	Shares		U.S. $ Value
Rockwell Automation, Inc.		530		58,236
Schneider Electric SE (Paris)		2,438		187,049
Vestas Wind Systems A/S (a)		1,008		39,299
				1,177,478
Industrial Conglomerates - 0.5%
3M Co.		2,455		347,824
Danaher Corp.		2,290		173,994
General Electric Co.		37,620		963,824
Hutchison Whampoa Ltd.		10,000		120,886
Keppel Corp., Ltd.		4,000		32,902
Koninklijke Philips NV		3,341		106,243
Roper Industries, Inc.		375		54,859
Siemens AG		3,541		421,351
Smiths Group PLC		2,461		50,301
Toshiba Corp.		18,000		83,559
				2,355,743
Machinery - 0.5%
Alfa Laval AB		3,611		76,935
Amada Co., Ltd.		3,000		28,602
Andritz AG		375		19,967
Atlas Copco AB-Class A		1,805		51,503
Atlas Copco AB-Class B		1,715		44,322
Caterpillar, Inc.		2,385		236,187
CNH Industrial NV		2,876		22,781
Cummins, Inc.		650		85,787
Deere & Co. (d)		1,335		109,457
Dover Corp.		635		51,010
FANUC Corp.		900		162,767
Flowserve Corp.		510		35,965
GEA Group AG		896		38,925
Hino Motors Ltd.		2,000		27,986
Hitachi Construction Machinery Co., Ltd. (d)		700		14,093
IHI Corp.		6,000		31,094
Illinois Tool Works, Inc.		1,375		116,077
IMI PLC		1,025		20,383
Ingersoll-Rand PLC		1,005		56,642
Joy Global, Inc.		385		20,998
JTEKT Corp.		1,400		23,466
Kawasaki Heavy Industries Ltd.		5,000		19,990
Komatsu Ltd.		4,200		97,067
Kone Oyj-Class B		1,392		55,729
Kubota Corp. (d)		5,000		79,167
Makita Corp.		400		22,597
MAN SE		407		45,801
Melrose Industries PLC		4,948		19,805
Metso Oyj		571		20,229
Mitsubishi Heavy Industries Ltd.		14,000		90,130
NGK Insulators Ltd.		1,000		23,837
NSK Ltd.		2,000		28,526
PACCAR, Inc.		1,310		74,506
Pall Corp.		395		33,061
Parker-Hannifin Corp.		545		62,212
Pentair PLC		710		46,498
Sandvik AB		2,698		30,302
Schindler Holding AG		137		18,557
Schindler Holding AG (REG)		271		36,164

Company	Shares		U.S. $ Value
SembCorp Marine Ltd. (d)		7,000		20,498
SKF AB-Class B		1,658		34,517
SMC Corp./Japan		200		55,148
Snap-On, Inc.		220		26,638
Stanley Black & Decker, Inc.		615		54,606
Sumitomo Heavy Industries Ltd.		6,000		33,794
Vallourec SA		641		29,499
Volvo AB-Class B		6,759		73,125
Wartsila Oyj Abp		793		35,335
Weir Group PLC (The)		950		38,366
Xylem, Inc./NY		685		24,311
Zardoya Otis SA (d)		1,239		15,356
				2,520,318
Marine - 0.0%
AP Moeller - Maersk A/S-Class A		15		34,601
AP Moeller - Maersk A/S-Class B		30		71,065
Mitsui OSK Lines Ltd.		4,000		12,781
Nippon Yusen KK		5,000		13,183
				131,630
Professional Services - 0.1%
Adecco SA (a)		590		39,884
Bureau Veritas SA		1,236		27,317
Capita PLC		2,937		55,290
Dun & Bradstreet Corp. (The)		165		19,383
Equifax, Inc.		455		34,007
Experian PLC		4,508		71,634
Intertek Group PLC		720		30,513
Nielsen NV		1,116		49,472
Randstad Holding NV		1,613		74,939
Robert Half International, Inc.		485		23,765
SGS SA		24		49,655
				475,859
Road & Rail - 0.3%
Asciano Ltd.		8,374		44,266
Aurizon Holdings Ltd.		6,403		25,363
Central Japan Railway Co.		644		86,868
CSX Corp.		3,710		118,943
DSV A/S		511		14,369
East Japan Railway Co.		1,500		112,354
Hankyu Hanshin Holdings, Inc.		5,000		29,115
Kansas City Southern		420		50,904
Keikyu Corp.		2,000		16,695
Keio Corp. (d)		3,000		22,167
Keisei Electric Railway Co., Ltd.		2,000		20,081
Kintetsu Corp. (d)		8,000		26,913
MTR Corp., Ltd.		7,000		27,494
Nippon Express Co., Ltd.		3,000		12,565
Norfolk Southern Corp.		1,190		132,804
Odakyu Electric Railway Co., Ltd.		2,000		18,290
Ryder System, Inc.		215		19,344
Tobu Railway Co., Ltd.		3,000		15,085
Tokyu Corp.		5,000		32,769
Union Pacific Corp.		3,400		368,628
West Japan Railway Co.		751		33,609
				1,228,626

Company	Shares		U.S. $ Value
Trading Companies & Distributors - 0.2%
Brenntag AG		567		27,751
Bunzl PLC		1,482		38,561
Fastenal Co.		1,030		46,247
ITOCHU Corp.		7,000		85,491
Marubeni Corp.		7,000		47,900
Mitsubishi Corp.		6,300		129,026
Mitsui & Co., Ltd. (d)		7,800		123,038
Sumitomo Corp. (d)		5,000		55,186
Toyota Tsusho Corp.		700		17,051
Travis Perkins PLC		1,092		29,339
United Rentals, Inc. (a)		350		38,885
Wolseley PLC		1,423		74,535
WW Grainger, Inc.		230		57,880
				770,890
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		1,637		32,281
Aeroports de Paris		305		36,521
Atlantia SpA		2,911		71,511
Auckland International Airport Ltd.		3,663		11,004
Hutchison Port Holdings Trust-Class U		43,553		30,464
Mitsubishi Logistics Corp.		1,000		14,368
Sydney Airport		15,829		59,098
Transurban Group		7,856		53,040
				308,287
				13,997,967
Consumer Staples - 2.8%
Beverages - 0.6%
Anheuser-Busch InBev NV		3,588		397,902
Asahi Group Holdings Ltd.		1,700		49,175
Brown-Forman Corp.-Class B		602		54,312
Carlsberg A/S-Class B		478		42,452
Coca-Cola Amatil Ltd.		3,316		25,456
Coca-Cola Co. (The)		14,780		630,515
Coca-Cola Enterprises, Inc.		850		37,706
Coca-Cola HBC AG (a)		892		19,250
Constellation Brands, Inc.-Class A (a)		620		54,039
Diageo PLC		11,209		323,291
Dr Pepper Snapple Group, Inc.		720		46,303
Heineken NV		1,245		92,982
Kirin Holdings Co., Ltd.		4,000		53,067
Molson Coors Brewing Co.-Class B		600		44,664
Monster Beverage Corp. (a)		560		51,335
PepsiCo, Inc.		5,675		528,286
Pernod Ricard SA		946		107,069
Remy Cointreau SA		195		14,039
SABMiller PLC (London)		4,293		237,909
Suntory Beverage & Food Ltd.		848		30,029
Treasury Wine Estates Ltd.		5,315		19,648
				2,859,429

Company	Shares		U.S. $ Value
Food & Staples Retailing - 0.6%
Aeon Co., Ltd.		2,700		26,901
Carrefour SA		2,692		83,141
Casino Guichard Perrachon SA		482		51,856
Colruyt SA (d)		393		17,316
Costco Wholesale Corp.		1,665		208,658
CVS Health Corp.		4,330		344,625
Delhaize Group SA		404		28,077
Distribuidora Internacional de Alimentacion SA		2,417		17,321
FamilyMart Co., Ltd.		400		15,266
J Sainsbury PLC		5,506		22,390
Jeronimo Martins SGPS SA		1,190		13,095
Koninklijke Ahold NV		5,462		88,351
Kroger Co. (The)		1,815		94,380
Lawson, Inc.		200		13,993
Metro AG (a)		1,551		50,865
Safeway, Inc.		845		28,983
Seven & I Holdings Co., Ltd.		3,400		131,874
Sysco Corp.		2,155		81,782
Tesco PLC		36,078		107,774
Wal-Mart Stores, Inc.		5,913		452,167
Walgreen Co.		3,295		195,295
Wesfarmers Ltd.		5,147		189,676
Whole Foods Market, Inc.		1,320		50,305
WM Morrison Supermarkets PLC		9,857		26,821
Woolworths Ltd.		5,562		166,549
				2,507,461
Food Products – 0.7%
Ajinomoto Co., Inc.		3,000		49,890
Archer-Daniels-Midland Co.		2,415		123,406
Aryzta AG (a)		470		40,499
Associated British Foods PLC		1,705		73,910
Campbell Soup Co.		675		28,843
Chocoladefabriken Lindt & Spruengli AG (REG)		1		59,269
ConAgra Foods, Inc.		1,585		52,368
Danone SA		2,621		175,518
General Mills, Inc.		2,285		115,278
Golden Agri-Resources Ltd.		48,000		19,393
Hershey Co. (The)		550		52,487
Hormel Foods Corp.		475		24,410
JM Smucker Co. (The)		395		39,101
Kellogg Co.		965		59,444
Kerry Group PLC-Class A		781		55,063
Keurig Green Mountain, Inc.		478		62,202
Kraft Foods Group, Inc.		2,228		125,659
McCormick & Co., Inc./MD		475		31,778
Mead Johnson Nutrition Co.-Class A		760		73,127
MEIJI Holdings Co., Ltd. (d)		300		23,724
Mondelez International, Inc.-Class A		6,285		215,356
Nestle SA		14,400		1,058,270
NH Foods Ltd		1,000		21,233
Nissin Foods Holdings Co., Ltd. (d)		400		20,769
Orkla ASA		2,074		18,747
Tate & Lyle PLC		2,078		19,807
Toyo Suisan Kaisha Ltd.		1,000		33,205
Tyson Foods, Inc.-Class A		1,075		42,323
Unilever NV		7,274		288,670
Unilever PLC		5,731		239,888
Wilmar International Ltd.		9,000		21,769
Yakult Honsha Co., Ltd. (d)		400		21,009
				3,286,415

Company	Shares		U.S. $ Value
Household Products - 0.4%
Clorox Co. (The)		470		45,139
Colgate-Palmolive Co.		3,200		208,704
Henkel AG & Co. KGaA		579		53,994
Henkel AG & Co. KGaA (Preference Shares)		796		79,243
Kimberly-Clark Corp.		1,415		152,211
Procter & Gamble Co. (The)		10,165		851,217
Reckitt Benckiser Group PLC		2,888		249,690
Svenska Cellulosa AB SCA-Class B		2,115		50,255
Unicharm Corp.		1,500		34,187
				1,724,640
Personal Products - 0.1%
Avon Products, Inc.		1,555		19,593
Beiersdorf AG		310		25,793
Estee Lauder Cos., Inc. (The)-Class A		840		62,765
Kao Corp.		2,300		89,752
L’Oreal SA		1,080		171,282
Shiseido Co., Ltd.		1,600		26,393
				395,578
Tobacco - 0.4%
Altria Group, Inc.		7,410		340,416
British American Tobacco PLC		8,566		482,699
Imperial Tobacco Group PLC		4,350		187,293
Japan Tobacco, Inc.		4,912		159,618
Lorillard, Inc.		1,340		80,279
Philip Morris International, Inc.		5,850		487,890
Reynolds American, Inc.		1,135		66,965
Swedish Match AB		831		26,884
				1,832,044
				12,605,567
Energy - 2.3%
Energy Equipment & Services - 0.3%
Akastor ASA		1,244		5,009
Aker Solutions ASA (a)(e)		1,244		12,392
AMEC PLC		1,606		28,658
Baker Hughes, Inc.		1,610		104,747
Cameron International Corp. (a)		770		51,113
Diamond Offshore Drilling, Inc. (d)		240		8,225
Ensco PLC-Class A		850		35,113
FMC Technologies, Inc. (a)		860		46,707
Fugro NV (d)		538		16,244
Halliburton Co.		3,190		205,787
Helmerich & Payne, Inc.		435		42,573
Nabors Industries Ltd.		1,065		24,239
National Oilwell Varco, Inc.		1,605		122,140
Noble Corp. PLC		925		20,553
Petrofac Ltd.		1,166		19,538
Saipem SpA (a)		1,479		31,364
Schlumberger Ltd.		4,885		496,756

Company	Shares		U.S. $ Value
Seadrill Ltd. (d)		1,676		44,780
Subsea 7 SA		1,066		15,223
Technip SA		267		22,398
Tenaris SA		1,269		28,958
Transocean Ltd. (d)		1,250		39,962
Transocean Ltd. (Zurich) (d)		1,255		40,366
				1,462,845
Oil, Gas & Consumable Fuels - 2.0%
Anadarko Petroleum Corp.		1,895		192,229
Apache Corp.		1,445		135,642
BG Group PLC		15,199		280,586
BP PLC		84,788		620,253
Cabot Oil & Gas Corp.		1,540		50,343
Caltex Australia Ltd.		1,410		34,514
Chesapeake Energy Corp.		1,945		44,716
Chevron Corp.		7,130		850,752
Cimarex Energy Co.		327		41,375
ConocoPhillips		4,620		353,522
CONSOL Energy, Inc.		840		31,802
Delek Group Ltd.		11		4,163
Denbury Resources, Inc.		1,310		19,689
Devon Energy Corp.		1,420		96,816
ENI SpA		11,360		269,530
EOG Resources, Inc.		2,060		203,981
EQT Corp.		590		54,009
Exxon Mobil Corp.		16,037		1,508,280
Galp Energia SGPS SA		1,550		25,191
Hess Corp.		990		93,377
Idemitsu Kosan Co., Ltd.		1,200		25,488
Inpex Corp.		4,000		56,552
JX Holdings, Inc.		10,000		46,108
Kinder Morgan, Inc./DE		2,425		92,974
Koninklijke Vopak NV		502		27,050
Lundin Petroleum AB (a)		856		14,470
Marathon Oil Corp.		2,505		94,163
Marathon Petroleum Corp.		1,062		89,920
Murphy Oil Corp.		605		34,431
Neste Oil Oyj		572		11,776
Newfield Exploration Co. (a)		470		17,423
Noble Energy, Inc.		1,350		92,286
Occidental Petroleum Corp.		2,950		283,642
OMV AG		658		22,126
ONEOK, Inc.		770		50,473
Origin Energy Ltd.		4,903		64,122
Phillips 66		2,110		171,564
Pioneer Natural Resources Co.		565		111,288
QEP Resources, Inc.		575		17,699
Range Resources Corp.		650		44,077
Repsol SA		3,820		90,626
Royal Dutch Shell PLC-Class A		17,357		663,392
Royal Dutch Shell PLC-Class B		11,041		436,495
Santos Ltd.		4,317		51,634
Southwestern Energy Co. (a)		1,295		45,260
Spectra Energy Corp.		2,485		97,561
Statoil ASA		4,983		135,666
Tesoro Corp.		475		28,966
TonenGeneral Sekiyu KK		2,000		17,494

Company	Shares		U.S. $ Value
Total SA (d)		9,552		618,531
Tullow Oil PLC		4,387		45,739
Valero Energy Corp.		1,975		91,383
Williams Cos., Inc. (The)		2,505		138,652
Woodside Petroleum Ltd.		2,943		104,499
				8,844,300
				10,307,145
Materials - 1.4%
Chemicals - 0.7%
Air Liquide SA		1,531		186,661
Air Products & Chemicals, Inc.		720		93,730
Air Water, Inc.		1,000		14,896
Airgas, Inc.		240		26,556
Akzo Nobel NV		704		48,168
Arkema SA		450		30,154
Asahi Kasei Corp.		6,000		48,794
BASF SE		4,101		374,082
CF Industries Holdings, Inc.		190		53,052
Croda International PLC		549		18,206
Dow Chemical Co. (The)		4,225		221,559
Eastman Chemical Co.		580		46,916
Ecolab, Inc.		1,040		119,423
EI du Pont de Nemours & Co.		3,445		247,213
EMS-Chemie Holding AG (REG)		109		45,104
FMC Corp.		480		27,451
Givaudan SA (a)		37		58,978
Hitachi Chemical Co., Ltd.		900		15,986
Incitec Pivot Ltd.		7,611		18,029
International Flavors & Fragrances, Inc.		300		28,764
Israel Chemicals Ltd.		1,432		10,287
Israel Corp., Ltd. (The) (a)		16		8,993
Johnson Matthey PLC		915		43,148
JSR Corp.		800		13,961
K&S AG		1,472		41,524
Kansai Paint Co., Ltd.		1,000		14,951
Kuraray Co., Ltd.(d)		1,000		11,747
Lanxess AG		509		28,098
Linde AG		827		158,296
LyondellBasell Industries NV-Class A		1,599		173,747
Mitsubishi Chemical Holdings Corp.		6,000		29,536
Mitsubishi Gas Chemical Co., Inc.		2,000		12,751
Monsanto Co.		1,990		223,895
Mosaic Co. (The)		1,180		52,404
Nippon Paint Co., Ltd.		1,000		22,558
Nitto Denko Corp.		600		32,854
Novozymes A/S-Class B		1,129		48,858
Orica Ltd.		2,259		37,282
PPG Industries, Inc.		550		108,207
Praxair, Inc.		1,090		140,610
Sherwin-Williams Co. (The)		315		68,982
Shin-Etsu Chemical Co., Ltd.		1,800		117,934
Sigma-Aldrich Corp.		455		61,885
Sika AG		6		20,746
Solvay SA		236		36,246
Sumitomo Chemical Co., Ltd.		7,000		25,002
Syngenta AG		416		131,725
Taiyo Nippon Sanso Corp. (d)		2,000		17,656

Company	Shares		U.S. $ Value
Teijin Ltd.		5,000		12,081
Toray Industries, Inc.		7,000		46,277
Umicore SA		509		22,191
Yara International ASA		541		27,165
				3,525,319
Construction Materials - 0.1%
CRH PLC		3,257		73,968
Fletcher Building Ltd.		3,064		21,002
HeidelbergCement AG		440		28,961
Holcim Ltd. (a)		816		59,365
James Hardie Industries PLC		3,449		36,084
Lafarge SA		832		59,876
Martin Marietta Materials, Inc.		227		29,269
Taiheiyo Cement Corp. (d)		5,000		18,858
Vulcan Materials Co.		465		28,007
				355,390
Containers & Packaging - 0.1%
Amcor Ltd./Australia		5,378		53,270
Avery Dennison Corp.		335		14,958
Ball Corp.		510		32,268
Bemis Co., Inc.		330		12,546
MeadWestvaco Corp.		620		25,383
Owens-Illinois, Inc. (a)		560		14,588
Rexam PLC		3,136		24,929
Sealed Air Corp.		790		27,555
Toyo Seikan Group Holdings Ltd.		1,700		21,075
				226,572
Metals & Mining - 0.5%
Alcoa, Inc.		4,370		70,313
Allegheny Technologies, Inc.		385		14,284
Anglo American PLC		6,223		138,784
Antofagasta PLC		1,773		20,631
ArcelorMittal (Euronext Amsterdam)		8,908		121,881
BHP Billiton Ltd.		14,341		422,679
BHP Billiton PLC		9,431		260,867
Boliden AB		1,652		26,674
Fortescue Metals Group Ltd.		6,938		21,078
Freeport-McMoRan, Inc.		3,875		126,519
Fresnillo PLC		1,459		17,894
Glencore PLC (a)		47,381		262,412
Hitachi Metals Ltd.		1,000		18,025
Iluka Resources Ltd.		2,008		13,811
JFE Holdings, Inc.		2,200		43,948
Kobe Steel Ltd. (d)		12,000		19,488
Mitsubishi Materials Corp.		7,000		22,649
Newcrest Mining Ltd. (a)		2,055		18,885
Newmont Mining Corp.		1,795		41,375
Nippon Steel & Sumitomo Metal Corp.		34,000		88,269
Norsk Hydro ASA		6,514		36,418
Nucor Corp.		1,210		65,679
Randgold Resources Ltd.		390		26,439
Rio Tinto Ltd.		1,946		101,340
Rio Tinto PLC		5,676		278,123
Sumitomo Metal Mining Co., Ltd.		2,000		28,147
ThyssenKrupp AG (a)		2,036		53,155
Voestalpine AG		442		17,454
				2,377,221

Company	Shares		U.S. $ Value
Paper & Forest Products - 0.0%
International Paper Co.		1,565		74,713
OJI Holdings Corp. (d)		4,000		15,143
Stora Enso Oyj-Class R		2,457		20,385
UPM-Kymmene Oyj		2,358		33,520
				143,761
				6,628,263
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		19,448		685,347
Belgacom SA		795		27,679
Bezeq The Israeli Telecommunication Corp., Ltd.		7,158		12,356
BT Group PLC		35,190		215,856
CenturyLink, Inc.		2,110		86,278
Deutsche Telekom AG		14,013		212,108
Elisa Oyj		635		16,822
Frontier Communications Corp.		3,660		23,827
HKT Trust and HKT Ltd.		18,882		22,810
Iliad SA		163		34,385
Inmarsat PLC		1,541		17,479
Koninklijke KPN NV (a)		2,757		8,827
Nippon Telegraph & Telephone Corp.		1,900		117,827
Orange SA		8,280		123,559
Singapore Telecommunications Ltd.		36,000		108,038
Spark New Zealand Ltd		9,734		22,559
Swisscom AG		104		58,951
TDC A/S		3,390		25,682
Telecom Italia SpA (ordinary shares) (a)		64,157		73,381
Telecom Italia SpA (savings shares)		16,898		14,936
Telefonica SA		18,290		282,474
Telekom Austria AG		1,044		9,408
Telenor ASA		3,853		84,564
TeliaSonera AB		10,613		73,189
Telstra Corp., Ltd.		20,376		94,540
Verizon Communications, Inc.		15,545		777,095
Vivendi SA (a)		5,418		130,833
Windstream Holdings, Inc.		2,175		23,446
Ziggo NV (a)		1,595		74,696
				3,458,952
Wireless Telecommunication Services - 0.2%
KDDI Corp.		2,622		157,730
Millicom International Cellular SA		641		51,340
NTT DoCoMo, Inc. (d)		6,800		113,888
SoftBank Corp.		4,300		300,350
StarHub Ltd.		4,000		12,910
Vodafone Group PLC		118,560		390,682
				1,026,900
				4,485,852

Company	Shares		U.S. $ Value
Utilities - 0.9%
Electric Utilities - 0.4%
American Electric Power Co., Inc.		1,825		95,283
AusNet Services		12,753		15,212
Cheung Kong Infrastructure Holdings Ltd.		7,000		49,102
Chubu Electric Power Co., Inc. (a)		2,900		33,293
Chugoku Electric Power Co., Inc. (The)		1,300		16,671
CLP Holdings Ltd.		8,500		68,223
Contact Energy Ltd.		2,149		10,033
Duke Energy Corp.		2,632		196,795
Edison International		1,215		67,943
EDP - Energias de Portugal SA		10,415		45,416
Electricite de France SA		1,042		34,185
Enel SpA		29,393		155,492
Entergy Corp.		675		52,198
Exelon Corp.		3,197		108,986
FirstEnergy Corp.		1,535		51,530
Fortum Oyj		1,983		48,349
Hokuriku Electric Power Co. (d)		1,600		21,019
Iberdrola SA		22,931		163,908
Kansai Electric Power Co., Inc. (The) (a)		3,100		29,292
Kyushu Electric Power Co., Inc. (a)		1,900		20,480
NextEra Energy, Inc.		1,645		154,433
Northeast Utilities		1,160		51,388
Pepco Holdings, Inc.		890		23,816
Pinnacle West Capital Corp.		385		21,036
Power Assets Holdings Ltd.		3,500		30,981
PPL Corp.		2,445		80,294
Red Electrica Corp. SA		483		41,807
Shikoku Electric Power Co., Inc. (a) (d)		700		8,981
Southern Co. (The)		3,360		146,664
SSE PLC		4,306		107,824
Tohoku Electric Power Co., Inc.		1,400		15,911
Tokyo Electric Power Co., Inc. (a)		5,500		19,257
Xcel Energy, Inc.		1,870		56,848
				2,042,650
Gas Utilities - 0.1%
AGL Resources, Inc.		448		23,000
APA Group		2,828		18,398
Enagas SA		853		27,432
Gas Natural SDG SA		1,571		46,214
Hong Kong & China Gas Co., Ltd.		32,340		70,137
Osaka Gas Co., Ltd.		8,000		32,124
Snam SpA		6,059		33,457
Toho Gas Co., Ltd. (d)		2,000		11,261
Tokyo Gas Co., Ltd.		11,000		61,810
				323,833
Independent Power Producers & Energy Traders - 0.0%
AES Corp./VA		2,385		33,819
Electric Power Development Co., Ltd.		500		16,338
Enel Green Power SpA		25,579		65,289
NRG Energy, Inc.		1,240		37,795
				153,241

Company	Shares		U.S. $ Value
Multi-Utilities - 0.4%
AGL Energy Ltd.		3,037		35,976
Ameren Corp.		910		34,880
CenterPoint Energy, Inc.		1,545		37,806
Centrica PLC		23,112		115,189
CMS Energy Corp.		970		28,770
Consolidated Edison, Inc.		1,080		61,193
Dominion Resources, Inc./VA		2,185		150,962
DTE Energy Co.		670		50,974
E.ON SE		8,042		146,860
GDF Suez		5,926		148,627
Integrys Energy Group, Inc.		300		19,446
National Grid PLC		16,377		235,418
NiSource, Inc.		1,155		47,332
PG&E Corp.		1,775		79,946
Public Service Enterprise Group, Inc.		1,855		69,080
RWE AG		2,185		85,041
SCANA Corp.		545		27,037
Sempra Energy		860		90,627
Suez Environnement Co.		1,324		22,395
TECO Energy, Inc.		875		15,207
United Utilities Group PLC		2,853		37,268
Veolia Environnement SA		1,552		27,367
Wisconsin Energy Corp.		850		36,550
				1,603,951
Water Utilities - 0.0%
Severn Trent PLC		1,196		36,337
				4,160,012
Total Common Stocks (cost $97,505,283)				123,246,069
	Principal Amount (000)
GOVERNMENTS - TREASURIES - 20.6%
United States - 20.6%
U.S. Treasury Bonds
2.75%, 8/15/42	$	775		710,094
2.875%, 5/15/43		350		327,852
3.125%, 11/15/41-2/15/42		1,360		1,347,789
3.125%, 2/15/43 (f)		1,465		1,443,482
3.50%, 2/15/39		358		380,878
3.625%, 8/15/43		1,735		1,875,427
3.75%, 8/15/41		220		244,234
3.875%, 8/15/40		280		316,969
4.25%, 5/15/39		240		287,100
4.375%, 11/15/39-5/15/41		1,258		1,536,767
4.50%, 8/15/39		220		273,041
4.75%, 2/15/37-2/15/41		401		517,443
5.375%, 2/15/31		650		860,336
6.00%, 2/15/26		762		1,017,032
6.25%, 8/15/23-5/15/30		724		1,019,348
6.875%, 8/15/25		325		458,859
7.25%, 5/15/16-8/15/22		4,093		4,734,828
7.50%, 11/15/16		92		105,168
7.625%, 2/15/25		55		80,798
8.00%, 11/15/21		123		170,201

Company	Principal Amount (000)		U.S. $ Value
U.S. Treasury Notes
0.375%, 1/31/16		2,397		2,400,464
0.50%, 7/31/17		3,520		3,466,651
0.75%, 2/28/18-3/31/18		5,625		5,513,205
0.875%, 11/30/16-4/30/17		2,315		2,318,571
1.00%, 9/30/16-5/31/18		5,855		5,832,691
1.25%, 11/30/18-4/30/19		5,994		5,882,532
1.375%, 11/30/15-2/28/19		15,232		15,313,009
1.50%, 5/31/19		1,205		1,192,281
1.625%, 8/15/22-11/15/22		2,090		1,979,332
1.75%, 7/31/15-5/15/23		3,600		3,534,623
1.875%, 10/31/17		1,100		1,124,063
2.00%, 4/30/16-2/15/23		3,760		3,703,117
2.125%, 12/31/15-8/15/21		825		832,660
2.25%, 11/30/17		584		602,934
2.375%, 7/31/17		416		431,159
2.50%, 8/15/23-5/15/24		2,242		2,251,198
2.625%, 1/31/18-11/15/20		3,140		3,252,812
2.75%, 5/31/17-11/15/23		2,875		3,006,575
3.00%, 2/28/17		889		935,186
3.125%, 10/31/16-5/15/21		1,111		1,171,706
3.25%, 7/31/16		1,147		1,203,902
3.375%, 11/15/19		1,055		1,135,856
3.625%, 2/15/20-2/15/21		1,425		1,553,615
3.75%, 11/15/18		6,205		6,747,454
Total Governments - Treasuries (cost $93,617,920)				93,093,242
	Shares
INVESTMENT COMPANIES - 17.5%
Funds and Investment Trusts - 17.5%
iShares Core MSCI Emerging Markets ETF		151,991		7,605,630
iShares MSCI EAFE ETF		43,003		2,757,352
SPDR S&P 500 ETF Trust		319,592		62,966,016
Vanguard REIT ETF (d)		46,471		3,338,941
Vanguard Small-Cap ETF (d)		21,580		2,387,396
Total Investment Companies (cost $76,352,285)				79,055,335
	Contracts
OPTIONS PURCHASED - PUTS - 0.1%
Options on Indices - 0.1%
S&P 500 Index
Expiration: Oct 2014, Exercise Price: $ 1,880.00 (a)(g)		81		43,740
S&P 500 Index
Expiration: Nov 2014, Exercise Price: $ 1,860.00 (a)(g)		136		212,160
Total Options Purchased - Puts (cost $515,847)				255,900

Company	Shares		U.S. $ Value
RIGHTS - 0.0%
Information Technology - 0.0%
Electronic Equipment, Instruments & Components - 0.0%
Banco Bilbao Vizcaya Argentaria SA, expiring 9/29/14 (a)		25,822		2,577
Financials - 0.0%
Banks - 0.0%
Banco Popular Espanol SA, expiring 9/29/14 (a)		7,493		104
Consumer Discretionary - 0.0%
Automobiles - 0.0%
Fiat SpA, expiring 6/10/14 (a)(d)		5,440		0
Total Rights (cost $2,735)				2,681
SHORT-TERM INVESTMENTS - 30.0%
Investment Companies - 30.0%
AllianceBernstein Fixed-Income Shares, Inc.-Government STIF Portfolio, 0.07% (h)(i) (Cost $135,843,301)		135,843,301		135,843,301
Total Investments Before Security Lending Collateral for Securities Loaned - 95.4% (cost $403,837,371)				431,496,528
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.8%
Investment Companies - 1.8%
AllianceBernstein Exchange Reserves-Class I, 0.04% (h)(i) (Cost $8,035,150)		8,035,150		8,035,150
Total Investments - 97.2% (cost $411,872,521) (j)				439,531,678
Other assets less liabilities - 2.8% (k)				12,433,137
Net Assets - 100.0%			$	451,964,815

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		836		December 2014	$	33,941,369	$	34,031,985	$	90,616
FTSE 100 Index Futures		45		December 2014		4,920,303		4,818,828		(101,475	)
MSCI EAFE Mini Futures		8		December 2014		762,058		735,880		(26,178	)
Russell 2000 Mini Futures		20		December 2014		2,318,337		2,193,200		(125,137	)
TOPIX Index Futures		113		December 2014		13,382,214		13,667,153		284,939
U.S. T-Note 5 Yr (CBT) Futures		136		December 2014		16,076,123		16,083,063		6,940

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2014		Unrealized Appreciation/ (Depreciation)
U.S. T-Note 10 Yr (CBT) Futures		138		December 2014	$	17,294,345	$	17,200,406	$	(93,939	)
U.S Ultra Bond (CBT) Futures		41		December 2014		6,254,381		6,252,500		(1,881	)
Sold Contracts
Hang Seng Index Futures		18		October 2014		2,734,488		2,644,996		89,492
SPI 200 Futures		15		December 2014		1,785,714		1,734,574		51,140
									$	174,517

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty		Contract Amount (000)			U.S. $ Value on Origination Date		U.S. $ Value at September 30, 2014		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD		571	EUR		450		12/15/14	$	(2,355	)
Barclays Bank PLC	USD		3,322	GBP		2,059		12/15/14		13,748
BNP Paribas SA	AUD		1,230	USD		1,138		12/15/14		67,221
BNP Paribas SA	GBP		349	USD		568		12/15/14		3,083
BNP Paribas SA	JPY		389,637	USD		3,760		12/15/14		205,335
BNP Paribas SA	USD		4,646	JPY		493,103		12/15/14		(147,088	)
BNP Paribas SA	CHF		1,030	USD		1,106		12/15/14		26,032
Citibank, NA	JPY		234,108	USD		2,187		12/15/14		51,252
Credit Suisse International	EUR		7,099	USD		9,364		12/15/14		392,756
HSBC Bank USA	USD		2,325	EUR		1,799		12/15/14		(51,980	)
JPMorgan Chase Bank, NA	USD		529	GBP		326		12/15/14		(1,154	)
Royal Bank of Scotland PLC	USD		1,570	EUR		1,215		12/15/14		(34,340	)
Royal Bank of Scotland PLC	CHF		2,262	USD		2,474		12/15/14		103,399
Standard Chartered Bank	USD		545	GBP		339		12/15/14		4,167
Standard Chartered Bank	USD		2,331	JPY		253,232		12/15/14		(20,601	)
State Street Bank & Trust Co.	USD		256	SEK		1,819		12/15/14		(4,202	)
UBS AG	USD		9,691	EUR		7,452		12/15/14		(273,956	)
UBS AG	USD		5,423	CHF		5,061		12/15/14		(118,332	)
									$	212,985

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at September 30, 2014			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanely & Co., LLC/(INTRCONX):
CDX-NAHY Series 22, 5 Year Index, 06/20/19*		(5.00	)%		3.51	%	$	12,474	$	(770,624	)	$	208,776
iTraxx-XOVER Series 21, 5 Year Index, 06/20/2019*		(5.00	)		2.57			EUR 6,060		(809,358	)		116,999
Sale Contracts
Citigroup Global Markets, Inc./(INTRCONX):
CDX-NAHY Series 22, 5 Year Index, 06/20/19*		5.00			3.51		$	4,981		307,712			51,842
CDX-NAHY Series 22, 5 Year Index, 06/20/19*		5.00			3.51			2,474		152,862			31,689
CDX-NAHY Series 22, 5 Year Index, 06/20/19*		5.00			3.51			2,682		165,691			28,987

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at September 30, 2014			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 22, 5 Year Index, 06/20/19*		5.00	%		3.51	%	$	3,831	$	236,701	$	7,346
CDX-NAHY Series 22, 5 Year Index, 06/20/19*		5.00			3.51			3,831		236,701		7,346
CDX-NAHY Series 22, 5 Year Index, 06/20/19*		5.00			3.51			12,474		770,624		(32,199	)
iTraxx-XOVER Series 21, 5 Year Index, 06/20/2019*		5.00			2.57		EUR	6,060		809,359		(4,887	)
									$	1,099,668	$	415,899

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received	Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Bank of America, NA
MSCI AC Far East Ex Japan Index		6,741	LIBOR Plus 0.28%	USD	2,553		10/15/14	$	(108,680	)
MSCI AC Far East Ex Japan Index		8,220	LIBOR Plus 0.23%		3,113		11/17/14		(132,469	)
MSCI AC Far East Ex Japan Index		6,978	LIBOR Plus 0.35%		2,643		12/15/14		(112,563	)
Russell 2000 Total Return Index		109	LIBOR Minus 0.15%		587		10/15/14		(22,481	)
SPDR S&P 500 ETF Trust		5,487	LIBOR Plus 0.27%		1,092		6/15/15		(11,141	)
Deutsche Bank AG London
FTSE EPRA/NAREIT Developed Real Estate Index		181	LIBOR Plus 0.51%		730		10/15/14		(16,557	)
FTSE EPRA/NAREIT Developed Real Estate Index		18	LIBOR Plus 0.51%		73		10/15/14		(1,647	)
FTSE EPRA/NAREIT Developed xUS Net Total Return Index		1,246	LIBOR Plus 0.40%		4,474		5/15/15		(141,034	)
Goldman Sachs International
Russell 2000 Total Return Index		441	LIBOR Minus 0.60%		2,411		2/26/15		(126,583	)
Russell 2000 Total Return Index		140	LIBOR Minus 0.65%		766		3/19/15		(40,594	)
Standard and Poor’s Midcap 400 Index		5,816	LIBOR Plus 0.14%		11,561		3/16/15		(361,166	)
UBS AG
FTSE EPRA/NAREIT Developed Real Estate Index		132	LIBOR Plus 0.5%		532		10/15/14		(12,073	)
Russell 2000 Total Return Index		65	LIBOR Minus 0.19%		350		10/15/14		(13,401	)
Russell 2000 Total Return Index		487	LIBOR Minus 0.23%		2,622		3/16/15		(100,366	)
Russell 2000 Total Return Index		30	LIBOR Minus 0.21%		162		4/15/15		(6,184	)
								$	(1,206,939	)

(a) Non-income producing security.

(b) Fair valued by the Adviser.

(c) Illiquid security.

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

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the market value of this security amounted to $12,392 or 0.0% of net assets.

(f) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(g) One contract relates to 100 shares.

(h) 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.

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

(j) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $31,305,037 and gross unrealized depreciation of investments was $(3,645,880), resulting in net unrealized appreciation of $27,659,157.

(k) An amount of U.S. $3,893,474 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2014.

Currency Abbreviation:

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

Glossary:

AC	-	All Country
CBT	-	Chicago Board of Trade
CDX-NAHY	-	North American High Yield Credit Default Swap Index
EAFE	-	Europe, Australia, and Far East
EPRA	-	European Public Real Estate Association
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
INTRCONX	-	Inter-Continental Exchange
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

September 30, 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 September 30, 2014:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Financials	$	10,813,601	$	14,542,127	$	– 0	^ –	$	25,355,728
Health Care		9,195,772		6,490,295		– 0	–		15,686,067
Information Technology		12,922,610		2,694,314		– 0	–		15,616,924
Consumer Discretionary		7,938,426		6,464,118		– 0	–		14,402,544
Industrials		6,846,218		7,151,749		– 0	–		13,997,967
Consumer Staples		6,350,734		6,254,833		– 0	–		12,605,567
Energy		6,415,601		3,891,544		– 0	–		10,307,145
Materials		2,327,114		4,301,149		– 0	–		6,628,263
Telecommunication Services		1,628,211		2,857,641		– 0	–		4,485,852
Utilities		2,021,775		2,138,237		– 0	–		4,160,012

Investments in Securities:

Level 1

Level 2

Level 3

Total

Governments - Treasuries

– 0

–

93,093,242

– 0

–

93,093,242

Investment Companies

79,055,335

– 0

–

– 0

–

79,055,335

Options Purchased - Puts

– 0

–

255,900

– 0

–

255,900

Rights

2,681

– 0

–

– 0

^ –

2,681

Short-Term Investments

135,843,301

– 0

–

– 0

–

135,843,301

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

8,035,150

– 0

–

– 0

–

8,035,150

Total Investments in Securities

289,396,529

150,135,149

– 0

–

439,531,678

Other Financial Instruments* :

Assets:

Futures

6,940

516,187

– 0

–

523,127

Forward Currency Exchange Contracts

– 0

–

866,993

– 0

–

866,993

Centrally Cleared Credit Default Swaps

– 0

–

452,985

– 0

–

452,985

Liabilities:

Futures

(247,135

)

(101,475

)

– 0

–

(348,610

)

Forward Currency Exchange Contracts

– 0

–

(654,008

)

– 0

–

(654,008

)

Centrally Cleared Credit Default Swaps

– 0

–

(37,086

)

– 0

–

(37,086

)

Total Return Swaps

– 0

–

(1,206,939

)

– 0

–

(1,206,939

)

Total^

$

289,156,334

$

149,971,806

$

– 0

–

$

439,128,140

^ 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 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		(14,304	)		– 0	–		(14,304	)
Purchases		– 0	–		– 0	–		– 0	–
Sales		– 0	–		– 0	–		– 0	–
Transfers in to Level 3		14,304			– 0	–		14,304	+
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/14	$	– 0	–	$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 9/30/14	$	– 0	–	$	– 0	–	$	– 0	–

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

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

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

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

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

AllianceBernstein Variable Products Series Fund

Global Thematic Growth Portfolio

Portfolio of Investments

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 100.1%
Consumer Discretionary - 23.7%
Auto Components - 1.6%
Delphi Automotive PLC		34,620	$	2,123,591
Automobiles - 4.0%
Harley-Davidson, Inc.		24,470		1,424,154
Nissan Motor Co., Ltd.		111,400		1,078,368
Tata Motors Ltd.-Class A		242,474		1,347,851
Volkswagen AG (Preference Shares)		6,106		1,260,938
				5,111,311
Diversified Consumer Services - 1.6%
Kroton Educacional SA		335,600		2,108,683
Hotels, Restaurants & Leisure - 3.2%
Alsea SAB de CV (a)		263,205		831,132
Melco Crown Entertainment Ltd. (ADR)		54,240		1,425,970
Yum! Brands, Inc.		25,060		1,803,819
				4,060,921
Internet & Catalog Retail - 3.2%
Amazon.com, Inc. (a)		4,063		1,310,074
JD.com, Inc. (ADR) (a)(b)		35,180		908,348
Priceline Group, Inc. (The) (a)		1,590		1,842,142
				4,060,564
Media - 1.2%
Walt Disney Co. (The)		17,740		1,579,392
Multiline Retail - 1.8%
Lojas Renner SA		36,000		1,045,401
Matahari Department Store Tbk PT		919,000		1,224,181
				2,269,582
Specialty Retail - 1.8%
Chow Tai Fook Jewellery Group Ltd. (b)		817,400		1,062,770
Fast Retailing Co., Ltd.		3,900		1,306,858
				2,369,628
Textiles, Apparel & Luxury Goods - 5.3%
Cie Financiere Richemont SA		23,390		1,911,925
NIKE, Inc.-Class B		29,330		2,616,236
Prada SpA (b)		137,200		826,804
Samsonite International SA		446,200		1,433,729
				6,788,694
				30,472,366
Information Technology - 23.4%
Communications Equipment - 2.1%
CalAmp Corp. (a)		56,340		992,711
QUALCOMM, Inc.		23,170		1,732,421
				2,725,132

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components - 1.0%
InvenSense, Inc. (a)(b)		64,145		1,265,581
Internet Software & Services - 5.0%
Google, Inc.-Class C (a)		4,506		2,601,584
LinkedIn Corp.-Class A (a)		9,257		1,923,512
Tencent Holdings Ltd.		83,800		1,244,906
Yelp, Inc. (a)		10,556		720,447
				6,490,449
IT Services - 2.5%
QIWI PLC (Sponsored ADR)		23,363		738,037
Visa, Inc.-Class A		11,390		2,430,284
				3,168,321
Semiconductors & Semiconductor Equipment - 6.7%
AMS AG		36,950		1,397,048
Avago Technologies Ltd.		19,790		1,721,730
MediaTek, Inc.		104,000		1,540,209
NVIDIA Corp.		53,728		991,282
NXP Semiconductor NV (a)		22,440		1,535,569
Skyworks Solutions, Inc.		23,570		1,368,238
				8,554,076
Software - 4.2%
Mobileye NV (a)(b)		23,580		1,263,652
NetSuite, Inc. (a)		8,429		754,733
Salesforce.com, Inc. (a)		17,192		989,056
ServiceNow, Inc. (a)		18,150		1,066,857
Verint Systems, Inc. (a)		24,220		1,346,874
				5,421,172
Technology Hardware, Storage & Peripherals - 1.9%
Apple, Inc.		14,055		1,416,041
Cray, Inc. (a)		38,520		1,010,765
				2,426,806
				30,051,537
Health Care - 16.1%
Biotechnology - 1.3%
Cepheid (a)		36,697		1,615,769
Health Care Equipment & Supplies - 1.8%
Elekta AB-Class B (b)		73,740		724,813
Essilor International SA		14,980		1,642,821
				2,367,634
Health Care Providers & Services - 1.7%
UnitedHealth Group, Inc.		25,350		2,186,437
Life Sciences Tools & Services - 2.3%
Illumina, Inc. (a)		7,821		1,282,019
Quintiles Transnational Holdings, Inc. (a)		30,708		1,712,892
				2,994,911

Company	Shares		U.S. $ Value
Pharmaceuticals - 9.0%
Allergan, Inc./United States		8,090		1,441,557
Aspen Pharmacare Holdings Ltd.		49,820		1,483,369
Bristol-Myers Squibb Co.		33,310		1,704,806
Kalbe Farma Tbk PT		7,852,000		1,093,289
Perrigo Co. PLC		11,960		1,796,272
Roche Holding AG		7,500		2,214,772
Sun Pharmaceutical Industries Ltd.		126,730		1,751,364
				11,485,429
				20,650,180
Consumer Staples - 13.4%
Beverages - 3.2%
Anheuser-Busch InBev NV		20,350		2,256,772
Diageo PLC		62,760		1,810,131
				4,066,903
Food Products - 5.6%
Danone SA		21,832		1,462,000
Mead Johnson Nutrition Co.-Class A		19,930		1,917,665
Nestle SA		20,480		1,505,095
Universal Robina Corp.		384,941		1,598,422
WH Group Ltd. (a)(c)		928,000		762,492
				7,245,674
Household Products - 3.4%
Colgate-Palmolive Co.		36,500		2,380,530
Unicharm Corp.		89,700		2,044,389
				4,424,919
Personal Products - 1.2%
Estee Lauder Cos., Inc. (The)-Class A		20,250		1,513,080
				17,250,576
Financials - 11.9%
Banks - 2.1%
Credicorp Ltd.		8,330		1,277,739
UniCredit SpA		180,980		1,421,758
				2,699,497
Capital Markets - 1.2%
UBS AG (a)		91,490		1,589,181
Diversified Financial Services - 3.4%
ING Groep NV (a)		111,220		1,580,905
Intercontinental Exchange, Inc.		8,090		1,577,955
London Stock Exchange Group PLC		39,980		1,206,490
				4,365,350
Insurance - 2.6%
AIA Group Ltd.		450,600		2,325,430
St James’s Place PLC		88,450		1,043,087
				3,368,517

Company	Shares		U.S. $ Value
Real Estate Management & Development - 1.3%
Global Logistic Properties Ltd.		750,000		1,591,955
Thrifts & Mortgage Finance - 1.3%
Housing Development Finance Corp.		94,890		1,614,594
				15,229,094
Energy - 7.4%
Energy Equipment & Services - 3.5%
CAT Oil AG		6,345		120,245
Oceaneering International, Inc.		27,320		1,780,444
Schlumberger Ltd.		25,500		2,593,095
				4,493,784
Oil, Gas & Consumable Fuels - 3.9%
Concho Resources, Inc. (a)		19,615		2,459,525
Noble Energy, Inc.		37,010		2,530,003
				4,989,528
				9,483,312
Materials - 1.8%
Chemicals - 1.8%
Monsanto Co.		19,900		2,238,949
Telecommunication Services - 1.2%
Wireless Telecommunication Services - 1.2%
SoftBank Corp.		22,400		1,564,614
Industrials - 1.2%
Machinery - 1.2%
FANUC Corp.		5,800		1,048,946
Proto Labs, Inc. (a)		7,068		487,692
				1,536,638
Total Common Stocks (cost $109,369,724)				128,477,266
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.01%, 10/01/14 (cost $619,235)	U.S.$	619		619,235

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.6% (cost $109,988,959)				129,096,501
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.5%
Investment Companies - 4.5%
AllianceBernstein Exchange Reserves-Class I, 0.04% (d)(e) (cost $5,798,329)		5,798,329		5,798,329
Total Investments - 105.1% (cost $115,787,288) (f)				134,894,830
Other assets less liabilities - (5.1)%				(6,501,384	)
Net Assets - 100.0%			$	128,393,446

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		USD	1,864		AUD	2,010		12/15/14	$	(113,692	)
Citibank, NA		USD	387		CAD	423		12/15/14		(9,840	)
Credit Suisse International		BRL	4,243		USD	1,731		10/02/14		(2,299	)
Credit Suisse International		USD	1,759		BRL	4,243		10/02/14		(25,692	)
Credit Suisse International		BRL	4,243		USD	1,744		11/04/14		25,521
Credit Suisse International		USD	396		RUB	15,503		12/15/14		(10,110	)
Goldman Sachs Bank USA		BRL	4,243		USD	1,851		10/02/14		117,914
Goldman Sachs Bank USA		USD	1,731		BRL	4,243		10/02/14		2,298
Goldman Sachs Bank USA		USD	1,747		GBP	1,083		12/15/14		8,026
Goldman Sachs Bank USA		USD	1,259		GBP	749		12/15/14		(45,845	)
Goldman Sachs Bank USA		USD	3,019		JPY	316,554		12/15/14		(131,097	)
Morgan Stanley & Co., Inc.		CHF	686		USD	747		12/15/14		28,414
Royal Bank of Scotland PLC		RUB	32,458		USD	856		12/15/14		47,746
Standard Chartered Bank		HKD	43,636		USD	5,631		12/15/14		12,220
State Street Bank & Trust Co.		CHF	2,562		USD	2,751		12/15/14		65,701
State Street Bank & Trust Co.		HKD	2,248		USD	290		12/15/14		614
State Street Bank & Trust Co.		USD	938		EUR	724		12/15/14		(22,610	)
State Street Bank & Trust Co.		USD	369		NOK	2,339		12/15/14		(5,851	)
State Street Bank & Trust Co.		USD	322		SEK	2,283		12/15/14		(5,665	)
UBS AG		USD	1,998		CAD	2,195		12/15/14		(42,016	)
									$	(106,263	)

(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 September 30, 2014, the market value of this security amounted to $762,492 or 0.6% of net assets.

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

(e) 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.

(f) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $21,848,844 and gross unrealized depreciation of investments was $(2,741,302), resulting in net unrealized appreciation of $19,107,542.

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 *

September 30, 2014 (unaudited)

50.4%	United States
5.6%	Switzerland
5.5%	Japan
4.8%	United Kingdom
4.3%	Hong Kong
3.7%	India
2.6%	Singapore
2.4%	Brazil
2.4%	Netherlands
2.4%	France
1.8%	Indonesia
1.7%	Belgium
1.7%	Italy
10.2%	Other
0.5%	Short-Term
100.0%	Total Investments

* All data are as of September 30, 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 1.7% or less in the following countries: Austria, China, Germany, Mexico, Peru, Philippines, Russia, South Africa, 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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.2%
Information Technology - 27.2%
Communications Equipment - 1.4%
F5 Networks, Inc. (a)		8,649	$	1,026,982
Electronic Equipment, Instruments & Components - 0.8%
Amphenol Corp.-Class A		5,572		556,420
Internet Software & Services - 8.4%
Alibaba Group Holding Ltd. (ADR) (a)		5,195		461,576
Facebook, Inc.-Class A (a)		22,497		1,778,163
Google, Inc.-Class A (a)		3,379		1,988,237
Google, Inc.-Class C (a)		3,137		1,811,178
				6,039,154
IT Services - 2.9%
Visa, Inc.-Class A		9,583		2,044,725
Semiconductors & Semiconductor Equipment - 2.2%
Altera Corp.		10,040		359,231
Micron Technology, Inc. (a)		16,920		579,680
NXP Semiconductor NV (a)		9,363		640,710
				1,579,621
Software - 6.6%
ANSYS, Inc. (a)		9,576		724,616
Aspen Technology, Inc. (a)		16,302		614,912
Concur Technologies, Inc. (a)		5,645		715,899
Microsoft Corp.		20,790		963,824
NetSuite, Inc. (a)		4,260		381,440
ServiceNow, Inc. (a)		5,957		350,153
Tableau Software, Inc.-Class A (a)		5,676		412,361
Ultimate Software Group, Inc. (The) (a)		3,876		548,493
				4,711,698
Technology Hardware, Storage & Peripherals - 4.9%
Apple, Inc.		35,175		3,543,881
				19,502,481
Consumer Discretionary - 21.1%
Automobiles - 1.0%
Harley-Davidson, Inc.		12,650		736,230
Hotels, Restaurants & Leisure - 2.6%
Starbucks Corp.		25,080		1,892,537
Internet & Catalog Retail - 2.5%
Priceline Group, Inc. (The) (a)		1,557		1,803,909
Leisure Products - 0.7%
Polaris Industries, Inc.		3,216		481,725
Media - 4.7%
AMC Networks, Inc.-Class A (a)		7,147		417,528
Comcast Corp.-Class A		41,355		2,224,072
Walt Disney Co. (The)		8,338		742,332
				3,383,932

Company	Shares		U.S. $ Value
Specialty Retail - 7.2%
Five Below, Inc. (a)		7,669		303,769
Home Depot, Inc. (The)		19,069		1,749,390
Lowe’s Cos., Inc.		18,992		1,005,057
O’Reilly Automotive, Inc. (a)		3,326		500,097
Ulta Salon Cosmetics & Fragrance, Inc. (a)		8,842		1,044,859
Urban Outfitters, Inc. (a)		14,406		528,700
				5,131,872
Textiles, Apparel & Luxury Goods - 2.4%
Michael Kors Holdings Ltd. (a)		4,830		344,814
NIKE, Inc.-Class B		15,196		1,355,483
				1,700,297
				15,130,502
Health Care - 17.4%
Biotechnology - 6.2%
Biogen Idec, Inc. (a)		4,553		1,506,178
Gilead Sciences, Inc. (a)		21,180		2,254,611
Vertex Pharmaceuticals, Inc. (a)		6,083		683,182
				4,443,971
Health Care Equipment & Supplies - 2.3%
HeartWare International, Inc. (a)		3,829		297,245
Intuitive Surgical, Inc. (a)		2,913		1,345,282
				1,642,527
Health Care Providers & Services - 1.8%
McKesson Corp.		3,613		703,343
UnitedHealth Group, Inc.		6,418		553,552
				1,256,895
Life Sciences Tools & Services - 1.4%
Quintiles Transnational Holdings, Inc. (a)		18,535		1,033,882
Pharmaceuticals - 5.7%
Allergan, Inc./United States		15,351		2,735,395
Bristol-Myers Squibb Co.		15,516		794,109
Endo International PLC (a)		8,609		588,339
				4,117,843
				12,495,118
Industrials - 11.2%
Aerospace & Defense - 2.5%
Boeing Co. (The)		9,371		1,193,678
Precision Castparts Corp.		2,429		575,381
				1,769,059

Company	Shares		U.S. $ Value
Airlines - 0.9%
Copa Holdings SA-Class A		6,097		654,147
Electrical Equipment - 1.4%
AMETEK, Inc.		19,522		980,200
Industrial Conglomerates - 1.9%
Danaher Corp.		18,226		1,384,811
Machinery - 2.1%
Lincoln Electric Holdings, Inc.		8,603		594,769
Pall Corp.		4,996		418,165
Parker-Hannifin Corp.		4,176		476,690
				1,489,624
Marine - 0.7%
Kirby Corp. (a)		4,243		500,038
Professional Services - 1.7%
Nielsen NV		11,954		529,921
Robert Half International, Inc.		14,820		726,180
				1,256,101
				8,033,980
Consumer Staples - 11.1%
Beverages - 2.4%
Monster Beverage Corp. (a)		19,133		1,753,922
Food & Staples Retailing - 4.3%
Costco Wholesale Corp.		12,315		1,543,316
CVS Health Corp.		19,030		1,514,598
				3,057,914
Food Products - 3.1%
Keurig Green Mountain, Inc.		10,157		1,321,730
Mead Johnson Nutrition Co.-Class A		9,072		872,908
				2,194,638
Personal Products - 1.3%
Estee Lauder Cos., Inc. (The)-Class A		12,467		931,534
				7,938,008
Financials - 4.4%
Capital Markets - 2.9%
Affiliated Managers Group, Inc. (a)		4,191		839,709
BlackRock, Inc.-Class A		3,656		1,200,338
				2,040,047
Diversified Financial Services - 1.5%
Intercontinental Exchange, Inc.		5,645		1,101,057
				3,141,104
Energy - 4.3%
Energy Equipment & Services - 2.7%
Schlumberger Ltd.		19,076		1,939,838

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 1.6%
Antero Resources Corp. (a)(b)		6,597		362,109
Range Resources Corp.		11,223		761,032
				1,123,141
				3,062,979
Materials - 1.5%
Chemicals - 1.5%
Monsanto Co.		9,762		1,098,322
Total Common Stocks (cost $53,555,811)				70,402,494
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.5%
Time Deposit - 1.5%
State Street Time Deposit 0.01%, 10/01/14 (cost $1,052,567)	$	1,053		1,052,567
Total Investments Before Security Lending Collateral for Securities Loaned - 99.7% (cost $54,608,378)				71,455,061
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
Investment Companies - 0.5%
AllianceBernstein Exchange Reserves-Class I, 0.04% (c)(d) (cost $383,748)		383,748		383,748
Total Investments - 100.2% (cost $54,992,126) (e)				71,838,809
Other assets less liabilities - (0.2)%				(133,127	)
Net Assets – 100.0%			$	71,705,682

(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) 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.

(e) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,646,036 and gross unrealized depreciation of investments was $(799,353), resulting in net unrealized appreciation of $16,846,683.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Growth Portfolio

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

70,402,494

$

– 0

–

$

– 0

–

$

70,402,494

Short-Term Investments

– 0

–

1,052,567

– 0

–

1,052,567

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

383,748

– 0

–

– 0

–

383,748

Total Investments in Securities

70,786,242

1,052,567

– 0

–

71,838,809

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

70,786,242

$

1,052,567

$

– 0

–

$

71,838,809

* 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 any levels 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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 92.6%
Financials - 22.8%
Banks - 6.5%
JPMorgan Chase & Co.		478,060	$	28,798,334
Wells Fargo & Co.		506,250		26,259,188
				55,057,522
Capital Markets - 3.5%
BlackRock, Inc.-Class A		43,680		14,341,018
Goldman Sachs Group, Inc. (The)		45,330		8,321,228
State Street Corp.		100,900		7,427,249
				30,089,495
Consumer Finance - 1.2%
Capital One Financial Corp.		122,790		10,022,120
Diversified Financial Services - 4.8%
Berkshire Hathaway, Inc.-Class B (a)		296,232		40,921,488
Insurance - 6.8%
ACE Ltd.		164,870		17,289,917
Allstate Corp. (The)		134,360		8,245,673
Aon PLC		88,110		7,724,604
Hartford Financial Services Group, Inc. (The)		180,790		6,734,427
MetLife, Inc.		60,972		3,275,416
Validus Holdings Ltd.		225,506		8,826,305
WR Berkley Corp.		109,060		5,213,068
				57,309,410
				193,400,035
Health Care - 15.6%
Health Care Equipment & Supplies - 3.1%
Abbott Laboratories		292,490		12,164,659
Medtronic, Inc.		233,550		14,468,423
				26,633,082
Health Care Providers & Services - 2.9%
UnitedHealth Group, Inc.		280,670		24,207,787
Pharmaceuticals - 9.6%
Bristol-Myers Squibb Co.		108,230		5,539,211
Eli Lilly & Co.		310,370		20,127,494
Merck & Co., Inc.		358,409		21,246,486
Pfizer, Inc.		1,154,170		34,128,807
				81,041,998
				131,882,867
Information Technology - 14.1%
Communications Equipment - 0.8%
Cisco Systems, Inc.		138,650		3,489,820
Juniper Networks, Inc.		137,980		3,056,257
				6,546,077
Electronic Equipment, Instruments & Components - 1.6%
TE Connectivity Ltd.		245,310		13,563,190

Company	Shares		U.S. $ Value
IT Services – 1.7%
Amdocs Ltd.		69,174		3,173,703
Xerox Corp.		876,770		11,599,667
				14,773,370
Semiconductors & Semiconductor Equipment – 3.0%
Altera Corp.		184,860		6,614,291
Intel Corp.		246,260		8,574,773
NVIDIA Corp.		557,640		10,288,458
				25,477,522
Software - 3.7%
Activision Blizzard, Inc.		480,010		9,979,408
Check Point Software Technologies Ltd. (a)		104,801		7,256,421
Microsoft Corp.		304,980		14,138,873
				31,374,702
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc.		163,115		16,433,836
EMC Corp./MA		168,750		4,937,625
NetApp, Inc.		156,510		6,723,670
				28,095,131
				119,829,992
Industrials - 11.5%
Aerospace & Defense - 5.0%
Boeing Co. (The)		155,080		19,754,091
Raytheon Co.		219,710		22,326,930
				42,081,021
Airlines - 3.0%
Copa Holdings SA-Class A		176,160		18,900,206
Delta Air Lines, Inc.		174,470		6,307,091
				25,207,297
Industrial Conglomerates - 2.2%
General Electric Co.		716,420		18,354,680
Machinery - 1.0%
Actuant Corp.-Class A		91,790		2,801,431
Parker-Hannifin Corp.		52,320		5,972,328
				8,773,759
Trading Companies & Distributors - 0.3%
WESCO International, Inc. (a)		33,182		2,596,823
				97,013,580
Energy - 10.4%
Energy Equipment & Services - 0.7%
Cameron International Corp. (a)		95,420		6,333,980
Oil, Gas & Consumable Fuels - 9.7%
Chevron Corp.		91,900		10,965,508
ConocoPhillips		96,750		7,403,310
Exxon Mobil Corp.		242,660		22,822,173
Hess Corp.		120,910		11,404,231

Company	Shares		U.S. $ Value
Marathon Oil Corp.		474,470		17,835,327
Occidental Petroleum Corp.		122,370		11,765,876
				82,196,425
				88,530,405
Consumer Discretionary - 8.8%
Internet & Catalog Retail - 0.9%
Liberty Interactive Corp.-Class A (a)		273,308		7,794,744
Media - 7.5%
Comcast Corp.-Class A		546,200		29,374,636
Scripps Networks Interactive, Inc.-Class A		82,910		6,474,442
Time Warner Cable, Inc.-Class A		97,559		13,998,741
Time Warner, Inc.		101,570		7,639,080
Viacom, Inc.-Class B		79,950		6,151,353
				63,638,252
Multiline Retail - 0.4%
Macy’s, Inc.		54,690		3,181,864
				74,614,860
Telecommunication Services - 3.3%
Diversified Telecommunication Services - 3.3%
Verizon Communications, Inc.		558,590		27,923,914
Consumer Staples - 3.1%
Food & Staples Retailing - 3.1%
CVS Health Corp.		332,707		26,480,150
Utilities - 2.3%
Electric Utilities - 1.1%
Great Plains Energy, Inc.		399,610		9,658,574
Multi-Utilities - 1.2%
Wisconsin Energy Corp.		231,160		9,939,880
				19,598,454
Materials - 0.7%
Chemicals - 0.4%
Eastman Chemical Co.		37,640		3,044,700
Metals & Mining - 0.3%
BHP Billiton Ltd. (Sponsored ADR)		43,830		2,580,710
				5,625,410
Total Common Stocks (cost $619,182,628)				784,899,667
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 7.6%
Time Deposit - 7.6%
State Street Time Deposit 0.01%, 10/01/14 (cost $64,801,897)	$	64,802		64,801,897

Company	Shares	U.S. $ Value
Total Investments - 100.2% (cost $683,984,525) (b)			849,701,564
Other assets less liabilities - (0.2)%			(1,566,193	)
Net Assets - 100.0%		$	848,135,371

(a) Non-income producing security.

(b) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $175,244,892 and gross unrealized depreciation of investments was $(9,527,853), resulting in net unrealized appreciation of $165,717,039.

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

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

784,899,667

$

– 0

–

$

– 0

–

$

784,899,667

Short-Term Investments

– 0

–

64,801,897

– 0

–

64,801,897

Total Investments in Securities

784,899,667

64,801,897

– 0

–

849,701,564

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total^

$

784,899,667

$

64,801,897

$

– 0

–

$

849,701,564

* 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 any levels 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

Intermediate Bond Portfolio

Portfolio of Investments

September 30, 2014 (unaudited)

Company	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 21.0%
New Zealand - 1.2%
New Zealand Government Bond
Series 319
5.00%, 3/15/19 (a)	NZD	1,170	$	950,872
United States - 19.8%
U.S. Treasury Bonds
3.125%, 8/15/44	U.S.$	485		477,270
3.625%, 8/15/43-2/15/44		786		849,526
3.75%, 11/15/43		195		215,536
4.50%, 2/15/36		654		807,673
4.625%, 2/15/40		2,560		3,242,399
U.S. Treasury Notes
0.125%, 4/30/15		835		835,326
0.375%, 3/31/16		943		943,221
1.50%, 8/31/18-5/31/19		354		352,157
1.625%, 6/30/19		1,502		1,494,021
2.375%, 8/15/24		1,691		1,671,449
2.50%, 8/15/23-5/15/24		3,651		3,654,525
2.75%, 11/15/23-2/15/24		1,014		1,039,087
				15,582,190
Total Governments - Treasuries (cost $15,980,566)				16,533,062
CORPORATES - INVESTMENT GRADES - 20.3%
Industrial - 12.1%
Basic - 1.8%
Basell Finance Co. BV
8.10%, 3/15/27 (a)		85		113,074
Cia Minera Milpo SAA
4.625%, 3/28/23 (a)		260		255,770
Dow Chemical Co. (The)
8.55%, 5/15/19		86		108,088
Glencore Funding LLC
4.125%, 5/30/23 (a)		58		57,403
International Paper Co.
3.65%, 6/15/24		49		47,542
4.75%, 2/15/22		65		70,046
LyondellBasell Industries NV
5.75%, 4/15/24		200		232,198
Minsur SA
6.25%, 2/07/24 (a)		210		229,623
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		260		245,265
Vale SA
5.625%, 9/11/42		69		67,511
				1,426,520
Capital Goods - 0.4%
Owens Corning
6.50%, 12/01/16 (b)		160		176,263

Company	Principal Amount (000)		U.S. $ Value
Yamana Gold, Inc.
4.95%, 7/15/24 (a)		166		165,248
				341,511
Communications - Media - 1.9%
21st Century Fox America, Inc.
4.00%, 10/01/23		64		66,262
4.50%, 2/15/21		300		325,935
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.50%, 3/01/16		95		98,315
3.80%, 3/15/22		57		57,933
4.45%, 4/01/24		81		84,358
5.20%, 3/15/20		24		26,878
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (a)(c)		128		133,120
Omnicom Group, Inc.
3.625%, 5/01/22		87		88,280
TCI Communications, Inc.
7.875%, 2/15/26		115		158,337
Time Warner Cable, Inc.
4.125%, 2/15/21		200		211,663
Time Warner, Inc.
7.625%, 4/15/31		69		93,134
Viacom, Inc.
3.875%, 4/01/24		68		67,718
5.625%, 9/15/19		60		68,273
				1,480,206
Communications - Telecommunications - 1.4%
American Tower Corp.
5.05%, 9/01/20		260		281,951
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (a)		320		330,873
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	27		25,023
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	120		133,639
Verizon Communications, Inc.
3.85%, 11/01/42		89		77,719
6.55%, 9/15/43		165		206,150
				1,055,355
Consumer Cyclical - Automotive - 0.7%
Ford Motor Credit Co. LLC
5.875%, 8/02/21		455		523,170
Consumer Non-Cyclical - 1.0%
Actavis Funding SCS
3.85%, 6/15/24 (a)		54		52,346
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (a)		201		198,377
Kroger Co. (The)
3.40%, 4/15/22		194		194,529
Reynolds American, Inc.
3.25%, 11/01/22		127		122,541

Company	Principal Amount (000)		U.S. $ Value
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		78		80,758
Tyson Foods, Inc.
2.65%, 8/15/19		39		39,073
3.95%, 8/15/24		123		123,215
				810,839
Energy - 3.5%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		68		63,032
Encana Corp.
3.90%, 11/15/21		45		46,445
Energy Transfer Partners LP
7.50%, 7/01/38		244		310,759
Enterprise Products Operating LLC
5.20%, 9/01/20		55		61,759
Hess Corp.
7.875%, 10/01/29		19		25,793
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		321		318,669
4.15%, 3/01/22		89		89,916
Nabors Industries, Inc.
5.10%, 9/15/23		170		184,178
Noble Energy, Inc.
8.25%, 3/01/19		238		294,274
Noble Holding International Ltd.
3.95%, 3/15/22		125		121,746
4.90%, 8/01/20		32		33,861
Sunoco Logistics Partners Operations LP
5.30%, 4/01/44		145		147,944
TransCanada PipeLines Ltd.
6.35%, 5/15/67		235		242,637
Transocean, Inc.
6.375%, 12/15/21		1		1,064
6.50%, 11/15/20		185		196,576
Valero Energy Corp.
6.125%, 2/01/20		177		205,264
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		190		243,925
Williams Partners LP
5.25%, 3/15/20		173		192,105
				2,779,947
Technology - 1.0%
Hewlett-Packard Co.
4.65%, 12/09/21		107		115,898
Motorola Solutions, Inc.
3.50%, 3/01/23		165		159,522
7.50%, 5/15/25		25		31,484
Seagate HDD Cayman
4.75%, 1/01/25 (a)		75		74,625
Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22		43		44,876
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		205		207,216

Company	Principal Amount (000)		U.S. $ Value
Total System Services, Inc.
2.375%, 6/01/18		74		73,480
3.75%, 6/01/23		69		67,583
				774,684
Transportation - Airlines - 0.1%
Southwest Airlines Co.
5.75%, 12/15/16		75		81,974
Transportation - Services - 0.3%
Ryder System, Inc.
5.85%, 11/01/16		116		126,785
7.20%, 9/01/15		108		114,453
				241,238
				9,515,444
Financial Institutions - 6.5%
Banking - 4.1%
Bank of America Corp.
4.20%, 8/26/24		103		102,109
BPCE SA
5.70%, 10/22/23 (a)		225		239,335
Compass Bank
5.50%, 4/01/20		250		271,916
Credit Suisse AG
6.50%, 8/08/23 (a)		240		261,033
Goldman Sachs Group, Inc. (The)
3.85%, 7/08/24		295		293,259
Series D
6.00%, 6/15/20		395		453,788
Macquarie Group Ltd.
4.875%, 8/10/17 (a)		232		250,165
Morgan Stanley
5.625%, 9/23/19		143		160,972
Murray Street Investment Trust I
4.647%, 3/09/17		27		28,900
Nationwide Building Society
6.25%, 2/25/20 (a)		230		268,489
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (a)(c)		90		94,500
Standard Chartered PLC
4.00%, 7/12/22 (a)		265		272,046
Turkiye Garanti Bankasi AS
4.75%, 10/17/19 (a)		204		205,271
UBS AG/Stamford CT
7.625%, 8/17/22		250		290,439
				3,192,222
Finance - 0.2%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)		155		179,640
Insurance - 1.4%
American International Group, Inc.
4.875%, 6/01/22		75		82,494
6.40%, 12/15/20		215		255,789

Company	Principal Amount (000)		U.S. $ Value
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		200		225,813
Lincoln National Corp.
8.75%, 7/01/19		113		143,946
MetLife, Inc.
10.75%, 8/01/39		85		137,275
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		55		84,675
Prudential Financial, Inc.
5.625%, 6/15/43		185		192,807
				1,122,799
REITS - 0.8%
HCP, Inc.
5.375%, 2/01/21		179		199,744
Health Care REIT, Inc.
5.25%, 1/15/22		183		202,458
Trust F/1401
5.25%, 12/15/24 (a)		200		208,000
				610,202
				5,104,863
Non Corporate Sectors - 0.9%
ABS - Other - 0.3%
Rio Oil Finance Trust Series 2014-1
6.25%, 7/06/24 (a)		250		257,369
Agencies - Not Government Guaranteed - 0.6%
CNOOC Finance 2013 Ltd.
3.00%, 5/09/23		260		241,597
OCP SA
5.625%, 4/25/24 (a)		205		213,241
				454,838
				712,207
Utility - 0.8%
Electric - 0.4%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		170		210,382
CMS Energy Corp.
5.05%, 3/15/22		37		41,344
Constellation Energy Group, Inc.
5.15%, 12/01/20		64		70,858
				322,584
Natural Gas - 0.4%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (a)		305		314,730
				637,314
Total Corporates - Investment Grades (cost $15,017,995)				15,969,828

Company	Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THROUGHS - 19.4%
Agency Fixed Rate 30-Year - 17.7%
Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 1/01/35		192		215,461
Series 2007
5.50%, 7/01/35		54		60,248
Federal National Mortgage Association
3.00%, 6/01/43-7/01/43		1,430		1,411,999
3.50%, 11/01/44, TBA		3,731		3,802,414
4.00%, 11/25/44, TBA		4,052		4,257,293
4.50%, 4/01/44		915		991,033
4.50%, 10/25/44, TBA		1,500		1,618,359
Series 2003
5.50%, 4/01/33-7/01/33		177		199,297
Series 2004
5.50%, 4/01/34-11/01/34		160		179,709
Series 2005
5.50%, 2/01/35		196		220,036
Series 2007
4.50%, 9/01/35-8/01/37		50		53,564
Series 2014
4.50%, 2/01/44		154		167,179
Government National Mortgage Association
3.50%, 11/01/44, TBA		771		794,732
Series 1994
9.00%, 9/15/24		1		1,480
				13,972,804
Agency Fixed Rate 15-Year - 1.7%
Federal National Mortgage Association
3.00%, 10/01/29, TBA		1,267		1,305,010
Total Mortgage Pass-Throughs (cost $15,133,905)				15,277,814
ASSET-BACKED SECURITIES - 14.1%
Autos - Fixed Rate - 8.4%
Ally Master Owner Trust
Series 2013-1, Class A2
1.00%, 2/15/18		260		260,624
Series 2014-1, Class A2
1.29%, 1/15/19		252		251,716
AmeriCredit Automobile Receivables Trust
Series 2011-3, Class D
4.04%, 7/10/17		200		205,828
Series 2012-3, Class A3
0.96%, 1/09/17		174		174,638
Series 2013-1, Class A2
0.49%, 6/08/16		8		7,832
Series 2013-3, Class A3
0.92%, 4/09/18		335		335,143
Series 2013-4, Class A3
0.96%, 4/09/18		130		130,244
Series 2013-5, Class A2A
0.65%, 3/08/17		56		56,034

Company	Principal Amount (000)		U.S. $ Value
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (a)		93		93,148
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		288		293,969
Series 2014-1A, Class A
2.46%, 7/20/20 (a)		149		148,380
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		122		121,251
Capital Auto Receivables Asset Trust
Series 2013-1, Class A2
0.62%, 7/20/16		130		129,549
Series 2013-3, Class A2
1.04%, 11/21/16		275		275,968
Series 2014-1, Class B
2.22%, 1/22/19		60		60,358
CarMax Auto Owner Trust
Series 2012-1, Class A3
0.89%, 9/15/16		58		57,895
Chrysler Capital Auto Receivables Trust
Series 2014-BA, Class A2
0.69%, 9/15/17 (a)		279		278,991
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (a)		181		180,845
Series 2014-B, Class A
1.11%, 11/15/18 (a)		92		92,042
Enterprise Fleet Financing LLC
Series 2014-2, Class A2
1.05%, 3/20/20 (a)		200		199,658
Exeter Automobile Receivables Trust
Series 2012-2A, Class A
1.30%, 6/15/17 (a)		46		46,000
Series 2013-1A, Class A
1.29%, 10/16/17 (a)		50		49,927
Series 2014-1A, Class A
1.29%, 5/15/18 (a)		74		74,041
Series 2014-2A, Class A
1.06%, 8/15/18 (a)		69		68,570
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (a)		52		52,166
Ford Auto Securitization Trust
Series 2013-R1A, Class A2
1.676%, 9/15/16 (a)	CAD	125		111,903
Series 2013-R4A, Class A1
1.487%, 8/15/15 (a)		11		10,101
Series 2014-R2A, Class A1
1.353%, 3/15/16 (a)		66		58,896
Ford Credit Auto Lease Trust
Series 2014-B, Class A3
0.89%, 9/15/17	U.S.$	144		143,850

Company	Principal Amount (000)		U.S. $ Value
Ford Credit Auto Owner Trust
Series 2012-D, Class B
1.01%, 5/15/18		100		99,323
Ford Credit Floorplan Master Owner Trust
Series 2013-1, Class A1
0.85%, 1/15/18		136		136,248
Series 2014-1, Class A1
1.20%, 2/15/19		201		200,470
Harley-Davidson Motorcycle Trust
Series 2012-1, Class A3
0.68%, 4/15/17		91		90,946
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (a)		175		174,763
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		485		480,567
Mercedes-Benz Auto Lease Trust
Series 2013-A, Class A3
0.59%, 2/15/16		173		173,085
Series 2014-A, Class A2A
0.48%, 6/15/16		230		229,968
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (a)		373		373,518
Santander Drive Auto Receivables Trust
Series 2013-4, Class A3
1.11%, 12/15/17		270		270,743
Series 2013-5, Class A2A
0.64%, 4/17/17		56		56,153
Series 2014-2, Class A3
0.80%, 4/16/18		205		204,770
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		152		151,592
				6,611,713
Credit Cards - Fixed Rate - 1.9%
American Express Credit Account Master Trust
Series 2012-5, Class A
0.59%, 5/15/18		325		325,172
Series 2014-2, Class A
1.26%, 1/15/20		161		160,428
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		320		319,922
Discover Card Master Trust
Series 2012-A3, Class A3
0.86%, 11/15/17		300		300,800
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		190		190,748
Series 2014-B, Class A
0.61%, 7/15/19		163		162,970
				1,460,040

Company	Principal Amount (000)		U.S. $ Value
Other ABS - Fixed Rate - 1.2%
CIT Equipment Collateral
Series 2013-VT1, Class A3
1.13%, 7/20/20 (a)		213		213,830
CNH Capital Canada Receivables Trust
Series 2014-1A, Class A1
1.388%, 3/15/17 (a)	CAD	141		125,847
CNH Equipment Trust
Series 2012-A, Class A3
0.94%, 5/15/17	U.S.$	68		67,785
Series 2013-C, Class A2
0.63%, 1/17/17		78		78,246
Series 2013-D, Class A2
0.49%, 3/15/17		165		165,214
Series 2014-B, Class A4
1.61%, 5/17/21		101		100,217
GE Equipment Small Ticket LLC
Series 2014-1A, Class A2
0.59%, 8/24/16 (a)		193		192,558
				943,697
Credit Cards - Floating Rate - 1.2%
Barclays Dryrock Issuance Trust
Series 2014-2, Class A
0.494%, 3/16/20 (b)		205		205,007
Cabela’s Master Credit Card Trust
Series 2014-1, Class A
0.504%, 3/16/20 (b)		205		204,873
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
0.854%, 2/15/17 (a)(b)		320		320,608
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.534%, 12/15/19 (b)		185		185,339
				915,827
Autos - Floating Rate - 0.8%
GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.644%, 6/20/17 (b)		485		485,442
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.704%, 12/10/27 (a)(b)		167		167,326
				652,768
Other ABS - Floating Rate - 0.3%
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.534%, 7/20/19 (b)		240		240,097
Home Equity Loans - Floating Rate - 0.2%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.28%, 12/25/32 (b)		53		50,805

Company	Principal Amount (000)		U.S. $ Value
GSAA Trust
Series 2006-5, Class 2A3
0.425%, 3/25/36 (b)		196		136,554
				187,359
Home Equity Loans - Fixed Rate - 0.1%
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33		94		93,461
Total Asset-Backed Securities (cost $11,123,259)				11,104,962
COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.1%
Non-Agency Fixed Rate CMBS - 6.9%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		341		374,658
Series 2007-5, Class AM
5.772%, 2/10/51		78		83,011
BHMS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		200		198,848
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		260		260,684
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.974%, 3/15/49		130		137,156
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.97%, 5/15/46		172		188,283
Commercial Mortgage Pass-Through Certificates
Series 2007-GG9, Class A4
5.444%, 3/10/39		506		545,533
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		115		112,124
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (a)		180		175,433
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		269		271,242
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		136		133,458
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		179		182,485
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		158		168,949

Company	Principal Amount (000)		U.S. $ Value
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		589		628,888
Series 2007-9, Class A4
5.70%, 9/12/49		1,105		1,211,131
Motel 6 Trust
Series 2012-MTL6, Class A2
1.948%, 10/05/25 (a)		280		279,856
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		60		59,035
Series 2012-C4, Class A5
2.85%, 12/10/45		112		108,903
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		233		233,844
Series 2014-C20, Class A2
3.036%, 5/15/47		125		128,782
				5,482,303
Non-Agency Floating Rate CMBS - 1.2%
Commercial Mortgage Pass Through Certificates
Series 2014-KYO, Class A
1.054%, 6/11/27 (a)(b)		102		101,658
Commercial Mortgage Pass-Through Certificates
Series 2014-SAVA, Class A
1.304%, 6/15/34 (a)(b)		100		100,031
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.856%, 12/05/31 (a)(b)		140		139,971
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.074%, 6/15/29 (a)(b)		201		200,874
PFP III Ltd.
Series 2014-1, Class A
1.324%, 6/14/31 (a)(b)		285		285,313
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.204%, 4/15/32 (a)(b)		100		100,000
				927,847
Total Commercial Mortgage-Backed Securities (cost $6,391,275)				6,410,150
CORPORATES - NON-INVESTMENT GRADES - 3.5%
Financial Institutions - 1.8%
Banking - 1.7%
ABN AMRO Bank NV
4.31%, 3/10/16 (c)	EUR	60		76,920

Company	Principal Amount (000)		U.S. $ Value
Bank of Ireland
2.063%, 9/22/15 (b)	CAD	110		94,535
Barclays Bank PLC
6.86%, 6/15/32 (a)(c)	U.S.$	29		32,154
7.75%, 4/10/23		200		216,500
BNP Paribas SA
5.186%, 6/29/15 (a)(c)		62		62,620
Danske Bank A/S
5.684%, 2/15/17 (c)	GBP	98		164,830
HBOS Capital Funding LP
4.939%, 5/23/16 (c)	EUR	82		103,376
Intesa Sanpaolo SpA
5.017%, 6/26/24 (a)	U.S.$	202		196,816
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (a)		39		44,460
Skandinaviska Enskilda Banken AB
5.471%, 3/23/15 (a)(c)		100		101,000
Societe Generale SA
4.196%, 1/26/15 (c)	EUR	48		60,716
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (a)	U.S.$	190		203,706
				1,357,633
Finance - 0.1%
International Lease Finance Corp.
5.875%, 4/01/19		55		58,575
				1,416,208
Industrial - 1.5%
Basic - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		74		76,960
Novelis, Inc./GA
8.375%, 12/15/17		18		18,720
				95,680
Communications - Media - 0.1%
Univision Communications, Inc.
6.875%, 5/15/19 (a)		61		63,592
Communications - Telecommunications - 0.1%
Sprint Corp.
7.875%, 9/15/23 (a)		100		106,000
Consumer Cyclical - Automotive - 0.2%
General Motors Co.
3.50%, 10/02/18		80		81,300
Goodyear Tire & Rubber Co. (The)
8.25%, 8/15/20		36		38,520
				119,820

Company	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 0.1%
KB Home
4.75%, 5/15/19		63		61,267
Consumer Non-Cyclical - 0.0%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18		33		33,908
Energy - 0.6%
Access Midstream Partners LP/ACMP Finance Corp.
4.875%, 3/15/24		78		79,755
California Resources Corp.
5.50%, 9/15/21 (a)		53		53,795
Cimarex Energy Co.
4.375%, 6/01/24		60		60,450
ONEOK, Inc.
4.25%, 2/01/22		203		200,128
Paragon Offshore PLC
7.25%, 8/15/24 (a)		81		68,445
SM Energy Co.
6.50%, 1/01/23		9		9,360
				471,933
Services - 0.1%
Sabre GLBL, Inc.
8.50%, 5/15/19 (a)		70		74,900
Technology - 0.2%
Numericable Group SA
5.375%, 5/15/22 (a)	EUR	120		156,616
Transportation - Services - 0.0%
Hertz Corp. (The)
6.75%, 4/15/19	U.S.$	10		10,313
				1,194,029
Utility - 0.2%
Electric - 0.2%
AES Corp./VA
7.375%, 7/01/21		70		78,400
NRG Energy, Inc.
6.25%, 5/01/24 (a)		54		54,135
				132,535
Total Corporates - Non-Investment Grades (cost $2,712,723)				2,742,772
INFLATION-LINKED SECURITIES - 3.1%
United States - 3.1%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS) (cost $2,517,175)		2,461		2,466,592

Company	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.0%
Non-Agency Fixed Rate - 1.4%
Alternative Loan Trust
Series 2006-24CB, Class A16
5.75%, 6/25/36		131		116,328
Series 2006-28CB, Class A14
6.25%, 10/25/36		88		76,942
Series 2006-J1, Class 1A13
5.50%, 2/25/36		84		77,197
CHL Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		79		73,769
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.612%, 5/25/35		110		108,542
Countrywide Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		37		35,028
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-13, Class 1A18
6.25%, 9/25/36		117		108,575
Series 2006-13, Class 1A19
6.25%, 9/25/36		42		39,150
Series 2007-HYB2, Class 3A1
2.633%, 2/25/47		153		128,413
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		130		110,344
JP Morgan Alternative Loan Trust
Series 2006-A3, Class 2A1
2.715%, 7/25/36		237		185,191
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		54		53,095
				1,112,574
Non-Agency Floating Rate - 0.8%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.345%, 12/25/36 (b)		212		130,713
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.405%, 3/25/35 (b)		107		96,591
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.275%, 7/25/36(b)		157		121,666
Series 2006-AR27, Class 2A2
0.355%, 10/25/36(b)		166		143,198
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-OA1, Class A1A
0.817%, 2/25/47 (b)		208		171,290
				663,458

Company	Principal Amount (000)		U.S. $ Value
GSE Risk Share Floating Rate - 0.7%
Federal Home Loan Mortgage Corp.,
Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M2
2.557%, 8/25/24 (b)		335		335,673
Federal National Mortgage Association
Connecticut Avenue Securities
Series 2014-C01, Class M2
4.555%, 1/25/24 (b)		101		107,755
Series 2014-C03, Class 1M1
1.355%, 7/25/24 (b)		77		76,140
				519,568
Agency Fixed Rate - 0.1%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.718%, 5/28/35		50		45,485
Total Collateralized Mortgage Obligations (cost $2,439,780)				2,341,085
AGENCIES - 2.6%
Agency Debentures - 2.6%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,832,996)		2,292		2,009,209
QUASI-SOVEREIGNS - 1.5%
Quasi-Sovereign Bonds - 1.5%
Chile - 0.3%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (a)		210		217,761
China - 0.3%
Sinopec Group Overseas Development 2013 Ltd.
4.375%, 10/17/23 (a)		225		230,732
Malaysia - 0.6%
Petronas Capital Ltd.
5.25%, 8/12/19 (a)		420		469,603
Mexico - 0.3%
Petroleos Mexicanos
3.50%, 7/18/18-1/30/23		272		269,029
Total Quasi-Sovereigns (cost $1,114,256)				1,187,125

Company	Shares		U.S. $ Value
PREFERRED STOCKS - 0.4%
Financial Institutions - 0.4%
Insurance - 0.2%
Allstate Corp. (The)
5.10%		7,925		194,083
REITS - 0.2%
Sovereign Real Estate Investment Trust
12.00% (a)		93		125,085
Total Preferred Stocks (cost $299,414)				319,168
	Principal Amount (000)
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.4%
United States - 0.4%
California GO Series 2010 7.625%, 3/01/40 (cost $203,235)	U.S.$	200		291,628
GOVERNMENTS - SOVEREIGN BONDS - 0.3%
Turkey - 0.3%
Turkey Government International Bond
4.875%, 4/16/43 (cost $257,035)		260		234,325
GOVERNMENTS - SOVEREIGN AGENCIES - 0.2%
Colombia - 0.1%
Ecopetrol SA
5.875%, 5/28/45		57		58,140
Germany - 0.1%
Landwirtschaftliche Rentenbank
5.125%, 2/01/17		70		76,763
Total Governments - Sovereign Agencies (cost $127,324)				134,903
EMERGING MARKETS - CORPORATE BONDS - 0.1%
Industrial - 0.1%
Consumer Non-Cyclical - 0.1%
Marfrig Overseas Ltd.
9.50%, 5/04/20 (a) (cost $99,786)		100		105,500
	Shares
WARRANTS - 0.0%
Talon Equity Co. NV, expiring 11/24/15 (d)(e)(f) (cost $0)		47		0

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 14.9%
Time Deposit - 10.7%
State Street Time Deposit 0.01%, 10/01/14 (cost $8,401,288)	U.S.$	8,401		8,401,288
Governments-Treasuries - 3.2%
Japan - 3.2%
Japan Treasury Bills Series 468 Zero Coupon, 10/27/14 (cost $2,721,953)	JPY	280,000		2,552,942
Certificates of Deposit - 1.0%
Svenska Handelsbanken/New York 0.225%, 3/23/15 (cost $788,019)		788		788,019
Total Short-Term Investments (cost $11,911,260)				11,742,249
Total Investments - 112.9% (cost $87,161,984) (g)				88,870,372
Other assets less liabilities - (12.9)% (h)				(10,120,593	)
Net Assets - 100.0%			$	78,749,779

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at September 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 10 Yr (CBT) Futures		2		December 2014	$	250,518	$	249,281	$	(1,237	)
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		4		December 2014		875,369		875,375		(6	)
U.S. T-Note 5 Yr (CBT) Futures		8		December 2014		947,864		946,063		1,801
									$	558

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		JPY	81,383		USD	776		10/17/14	$	34,085
BNP Paribas SA		USD	355		JPY	38,814		10/17/14		(1,239	)
BNP Paribas SA		AUD	680		USD	620		10/24/14		25,644
BNP Paribas SA		USD	2,615		JPY	280,000		10/27/14		(61,441	)
BNP Paribas SA		JPY	280,000		USD	2,618		1/15/15		61,801
Goldman Sachs Bank USA		CAD	1,204		USD	1,097		10/10/14		22,305
Goldman Sachs Bank USA		JPY	280,000		USD	2,733		10/27/14		179,748
HSBC Bank USA		NZD	482		USD	391		10/31/14		16,498

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA		GBP	90		USD	149		10/14/14	$	3,622
JPMorgan Chase Bank, NA		EUR	915		USD	1,207		10/16/14		51,287
Royal Bank of Scotland PLC		EUR	460		USD	595		10/16/14		13,879
Royal Bank of Scotland PLC		USD	783		EUR	593		10/16/14		(33,449	)
Royal Bank of Scotland PLC		NZD	1,221		USD	981		10/31/14		30,051
State Street Bank & Trust Co.		USD	65		CAD	71		10/10/14		(1,594	)
									$	341,197

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread  at September 30, 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	)%		3.17	%	$	1,337	$	(93,145	)	$	(47,706	)
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)		0.64			2,530		(41,237	)		(7,465	)
Sale Contracts
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		5.00			3.17			1,337		93,145			(4,041	)
CDX-NAIG Series 22, 5 Year Index, 06/20/19*		1.00			0.64			2,530		41,237			(5,363	)
									$	0		$	(64,575	)

* 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)			380		6/25/21		2.243	%		3 Month LIBOR		$	(1,521	)
Morgan Stanley & Co., LLC/(CME Group)			530		1/14/24		2.980	%		3 Month LIBOR			(20,810	)
Morgan Stanley & Co., LLC/(CME Group)			460		2/14/24		2.889	%		3 Month LIBOR			(13,150	)
Morgan Stanley & Co., LLC/(CME Group)			650		4/28/24		2.817	%		3 Month LIBOR			(19,101	)
Morgan Stanley & Co., LLC/(CME Group)			450		5/29/24		3 Month LIBOR			2.628	%		4,240
Morgan Stanley & Co., LLC/(CME Group)		NZD	730		9/25/24		4.628	%		3 Month BKBM			(2,777	)
												$	(53,119	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at September 30, 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	%		0.41	%	$	270	$	4,685	$	(5,646	)	$	10,331
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.92			92		220		(1,172	)		1,392
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.92			54		129		(617	)		746
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.92			37		90		(477	)		567
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.92			37		89		(473	)		562
									$	5,213	$	(8,385	)	$	13,598

* 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	$	(3,651	)
JPMorgan Chase Bank, NA		1,520		2/07/22		2.043	%		3 Month LIBOR		29,803
										$	26,152

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the aggregate market value of these securities amounted to $14,655,817 or 18.6% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at September 30, 2014.

(c) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(d) Non-income producing security.

(e) Fair valued by the Adviser.

(f) Illiquid security.

(g) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,403,095 and gross unrealized depreciation of investments was $(694,707), resulting in net unrealized appreciation of $1,708,388.

(h) An amount of U.S.$6,827 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 2014.

Currency Abbreviations:

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

Glossary:

ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
BKBM	-	Bank Bill Benchmark (New Zealand)
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
GSE	-	Government-Sponsored Enterprise
INTRCONX	-	Inter-Continental Exchange
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

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

$

– 0

–

$

16,533,062

$

– 0

–

$

16,533,062

Corporates - Investment Grades

– 0

–

15,969,828

– 0

–

15,969,828

Mortgage Pass-Throughs

– 0

–

15,277,814

– 0

–

15,277,814

Asset-Backed Securities

– 0

–

9,640,348

1,464,614

11,104,962

Commercial Mortgage-Backed Securities

– 0

–

6,327,139

83,011

6,410,150

Corporates - Non-Investment Grades

– 0

–

2,742,772

– 0

–

2,742,772

Inflation-Linked Securities

– 0

–

2,466,592

– 0

–

2,466,592

Collateralized Mortgage Obligations

– 0

–

45,485

2,295,600

2,341,085

Agencies

– 0

–

2,009,209

– 0

–

2,009,209

Quasi-Sovereigns

– 0

–

1,187,125

– 0

–

1,187,125

Preferred Stocks

194,083

125,085

– 0

–

319,168

Local Governments - Municipal Bonds

– 0

–

291,628

– 0

–

291,628

Governments - Sovereign Bonds

– 0

–

234,325

– 0

–

234,325

Governments - Sovereign Agencies

– 0

–

134,903

– 0

–

134,903

Emerging Markets - Corporate Bonds

– 0

–

105,500

– 0

–

105,500

Warrants

– 0

–

– 0

–

– 0

– ^

0

Short-Term Investments:

Time Deposit

– 0

–

8,401,288

– 0

–

8,401,288

Governments – Treasuries

– 0

–

2,552,942

– 0

–

2,552,942

Certificates of Deposits

– 0

–

788,019

– 0

–

788,019

Total Investments in Securities

194,083

84,833,064

3,843,225

88,870,372

Other Financial Instruments* :

Assets:

Futures

1,801

– 0

–

– 0

–

1,801

Forward Currency Exchange Contracts

– 0

–

438,920

– 0

–

438,920

Centrally Cleared Interest Rate Swaps

4,240

4,240

Credit Default Swaps

13,598

13,598

Interest Rate Swaps

– 0

–

29,803

– 0

–

29,803

Liabilities:

Futures

(1,243

)

– 0

–

– 0

–

(1,243

)

Forward Currency Exchange Contracts

– 0

–

(97,723

)

– 0

–

(97,723

)

Centrally Cleared Credit Default Swaps

(64,575

)

(64,575

)

Centrally Cleared Interest Rate Swaps

(57,359

)

(57,359

)

Interest Rate Swaps

– 0

–

(3,651

)

– 0

–

(3,651

)

Total**

$

194,641

$

85,096,317

$

3,843,225

$

89,134,183

^ 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 any levels 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)		2,193			(140	)		– 0	–
Realized gain (loss)		4,633			4,953			(3,506	)
Change in unrealized appreciation/depreciation		(3,189	)		(508	)		3,506
Purchases		688,601			– 0	–		– 0	–
Sales		(497,837	)		(107,970	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/14	$	1,464,614		$	83,011		$	– 0	–
Net change in unrealized appreciation/depreciation from investments held as of 9/30/14	$	(1,628	)	$	303		$	– 0	–
	Collateralized Mortgage Obligations			Common Stocks			Warrants^
Balance as of 12/31/13	$	1,240,216		$	3,690		$	– 0	–
Accrued discounts/(premiums)		6,624			– 0	–		– 0	–
Realized gain (loss)		(9,913	)		3,742			– 0	–
Change in unrealized appreciation/depreciation		58,393			(3,686	)		– 0	–
Purchases		1,111,969			– 0	–		– 0	–
Sales		(111,689	)		(3,746	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 9/30/14	$	2,295,600		$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from investments held as of 9/30/14	$	58,393		$	– 0	–	$	– 0	–
	Total
Balance as of 12/31/13	$	2,700,795
Accrued discounts/(premiums)		8,677
Realized gain (loss)		(91	)
Change in unrealized appreciation/depreciation		54,516
Purchases		1,800,570
Sales		(721,242	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 9/30/14	$	3,843,225
Net change in unrealized appreciation/depreciation from investments held as of 9/30/14	$	57,068

^ 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 September 30, 2014. Securities priced by third party vendors or at cost are excluded from the following table.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 9/30/14		Valuation Technique	Unobservable Input	Range/ Weighted Average
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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.6%
Financials - 25.3%
Banks - 7.2%
Credicorp Ltd.		8,640	$	1,325,290
ING Groep NV (a)		109,470		1,556,030
Kasikornbank PCL (NVDR)		123,900		896,140
Sumitomo Mitsui Financial Group, Inc.		30,700		1,250,855
UniCredit SpA		201,820		1,585,475
				6,613,790
Capital Markets - 6.6%
Aberdeen Asset Management PLC		219,480		1,415,977
Azimut Holding SpA		41,195		1,037,008
Partners Group Holding AG		6,680		1,755,731
UBS AG (REG) (a)		105,770		1,838,581
				6,047,297
Diversified Financial Services - 2.1%
IG Group Holdings PLC		115,018		1,106,290
London Stock Exchange Group PLC		28,840		870,314
				1,976,604
Insurance - 6.1%
AIA Group Ltd.		456,400		2,355,363
Prudential PLC		111,610		2,481,240
St James’s Place PLC		63,800		752,390
				5,588,993
Real Estate Management & Development - 1.2%
Global Logistic Properties Ltd.		511,000		1,084,652
Thrifts & Mortgage Finance - 2.1%
Housing Development Finance Corp.		116,770		1,986,891
				23,298,227
Consumer Discretionary - 16.9% Automobiles - 4.0%
Nissan Motor Co., Ltd.		157,300		1,522,687
Tata Motors Ltd.-Class A		203,420		1,130,759
Volkswagen AG (Preference Shares)		4,996		1,031,714
				3,685,160
Diversified Consumer Services - 0.8%
Kroton Educacional SA		111,200		698,705
Hotels, Restaurants & Leisure - 1.8%
Alsea SAB de CV (a)		208,911		659,686
Melco Crown Entertainment Ltd. (ADR)		39,920		1,049,497
				1,709,183
Household Durables - 1.4%
Panasonic Corp.		106,800		1,272,882
Internet & Catalog Retail - 0.7%
JD.com, Inc. (ADR) (a) (b)		24,986		645,139

Company	Shares		U.S. $ Value
Media - 1.3%
Naspers Ltd.-Class N		11,350		1,243,091
Multiline Retail - 1.0%
Matahari Department Store Tbk PT		693,500		923,797
Specialty Retail - 2.7%
Card Factory PLC (a)		121,486		456,917
Chow Tai Fook Jewellery Group Ltd. (b)		574,600		747,085
Fast Retailing Co., Ltd.		3,800		1,273,350
				2,477,352
Textiles, Apparel & Luxury Goods - 3.2%
Brunello Cucinelli SpA (b)		27,843		577,559
Cie Financiere Richemont SA		21,432		1,751,876
Prada SpA (b)		102,600		618,295
				2,947,730
				15,603,039
Consumer Staples - 15.6% Beverages - 2.0%
Anheuser-Busch InBev NV		16,892		1,873,287
Food & Staples Retailing - 1.7%
Magnit OJSC (Sponsored GDR) (c)		14,220		821,347
Tsuruha Holdings, Inc.		13,400		745,345
				1,566,692
Food Products - 6.3%
Danone SA		22,630		1,515,438
Nestle SA		31,302		2,300,415
Universal Robina Corp.		266,220		1,105,447
WH Group Ltd. (a) (c)		1,006,000		826,581
				5,747,881
Household Products - 3.2%
Reckitt Benckiser Group PLC		21,090		1,823,392
Unicharm Corp.		50,100		1,141,849
				2,965,241
Tobacco - 2.4%
British American Tobacco PLC		39,597		2,231,313
				14,384,414
Industrials - 12.1% Aerospace & Defense - 2.0%
Safran SA		27,950		1,812,102
Commercial Services & Supplies - 1.3%
Aggreko PLC		48,206		1,206,535
Industrial Conglomerates - 1.7%
Toshiba Corp.		343,000		1,592,269

Company	Shares		U.S. $ Value
Machinery - 2.6%
Komatsu Ltd.		70,200		1,622,402
Melrose Industries PLC		193,903		776,123
				2,398,525
Professional Services - 3.2%
Capita PLC		97,380		1,833,218
Intertek Group PLC		25,890		1,097,206
				2,930,424
Trading Companies & Distributors - 1.3%
Wolseley PLC		23,352		1,223,153
				11,163,008
Health Care - 12.0% Health Care Equipment & Supplies - 1.9%
Elekta AB-Class B (b)		66,270		651,387
Essilor International SA		9,860		1,081,323
				1,732,710
Health Care Providers & Services - 0.8%
Life Healthcare Group Holdings Ltd.		179,870		709,081
Pharmaceuticals - 9.3%
Aspen Pharmacare Holdings Ltd.		32,981		981,995
Bayer AG		8,487		1,180,867
H Lundbeck A/S		30,270		675,914
Novo Nordisk A/S-Class B		27,145		1,292,422
Roche Holding AG		11,180		3,301,486
Sun Pharmaceutical Industries Ltd.		83,320		1,151,453
				8,584,137
				11,025,928
Information Technology - 10.8% Internet Software & Services - 3.8%
Baidu, Inc. (Sponsored ADR) (a)		7,750		1,691,282
Mail.ru Group Ltd. (GDR) (a) (c)		16,988		477,533
Tencent Holdings Ltd.		90,300		1,341,468
				3,510,283
IT Services - 1.0%
Tata Consultancy Services Ltd.		20,490		906,992
Semiconductors & Semiconductor Equipment - 5.2%
ams AG		41,020		1,550,931
MediaTek, Inc.		116,000		1,717,925
Taiwan Semiconductor Manufacturing Co., Ltd.		375,000		1,492,922
				4,761,778
Software - 0.8%
Mobileye NV (a) (b)		13,876		743,615
				9,922,668
Materials - 2.8%
Chemicals - 1.6%
Linde AG		7,750		1,483,423

Company	Shares		U.S. $ Value
Metals & Mining - 1.2%
BHP Billiton PLC		38,980		1,078,210
				2,561,633
Energy - 2.1% Energy Equipment & Services - 2.1%
Schlumberger Ltd.		18,760		1,907,705
Total Common Stocks (cost $66,834,223)				89,866,622
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.3%
Time Deposit - 1.3%
State Street Time Deposit 0.01%, 10/01/14 (cost $1,228,620)	U.S.$	1,229		1,228,620
Total Investments Before Security Lending Collateral for Securities Loaned - 98.9% (cost $68,062,843)				91,095,242
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 4.2%
Investment Companies - 4.2%
AllianceBernstein Exchange Reserves-Class I, 0.04% (d)(e) (cost $3,845,053)		3,845,053		3,845,053
Total Investments - 103.1% (cost $71,907,896) (f)				94,940,295
Other assets less liabilities - (3.1)%				(2,869,180	)
Net Assets - 100.0%			$	92,071,115

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts  to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	3,655		JPY	383,313		11/14/14	$	(159,401	)
BNP Paribas SA		USD	435		AUD	468		11/14/14		(26,515	)
BNP Paribas SA		USD	1,092		SEK	7,539		11/14/14		(47,839	)
Credit Suisse International		USD	1,257		RUB	50,067		11/14/14		(1,141	)
Goldman Sachs Bank USA		USD	1,566		AUD	1,700		11/14/14		(82,530	)
Goldman Sachs Bank USA		USD	554		NOK	3,457		11/14/14		(16,479	)
HSBC Bank USA		RUB	75,848		USD	2,041		11/14/14		138,676
Morgan Stanley & Co., Inc.		CHF	2,315		USD	2,521		11/14/14		95,756
Standard Chartered Bank		HKD	4,411		USD	569		11/14/14		1,153
State Street Bank & Trust Co.		CHF	2,516		USD	2,778		11/14/14		141,760
State Street Bank & Trust Co.		USD	3,746		CAD	4,120		11/14/14		(70,939	)
State Street Bank & Trust Co.		USD	2,319		EUR	1,731		11/14/14		(131,925	)
State Street Bank & Trust Co.		USD	375		GBP	228		11/14/14		(5,464	)
UBS AG		GBP	2,319		USD	3,891		11/14/14		132,658
									$	(32,230	)

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the aggregate market value of these securities amounted to $2,125,461 or 2.3% of net assets.

(d) 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.

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

(f) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $24,960,787 and gross unrealized depreciation of investments was $(1,928,388), resulting in net unrealized appreciation of $23,032,399.

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
OJSC	-	Open Joint Stock Company
REG	-	Registered Shares

Country Breakdown *

September 30, 2014 (unaudited)

19.0%	United Kingdom
12.0%	Switzerland
11.4%	Japan
5.7%	India
5.5%	Hong Kong
4.8%	France
4.2%	Italy
4.1%	Germany
4.0%	China
3.5%	Taiwan
3.2%	South Africa
2.9%	United States
2.2%	Denmark
16.1%	Other
1.4%	Short-Term
100.0%	Total Investments

* All data are as of September 30, 2014. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.1% or less in the following countries: Australia, Austria, Belgium, Brazil, Indonesia, Mexico, Netherlands, Peru, Philippines, Russia, Singapore, Sweden and Thailand.

AllianceBernstein Variable Products Series Fund

International Growth Portfolio

September 30, 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 September 30, 2014:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stock:
Financials	$	1,325,290		$	21,972,937		$	– 0	–	$	23,298,227
Consumer Discretionary		3,509,944			12,093,095			– 0	–		15,603,039
Consumer Staples		1,647,928			12,736,486			– 0	–		14,384,414
Industrials		– 0	–		11,163,008			– 0	–		11,163,008
Health Care		675,914			10,350,014			– 0	–		11,025,928
Information Technology		2,912,430			7,010,238			– 0	–		9,922,668
Materials		– 0	–		2,561,633			– 0	–		2,561,633
Energy		1,907,705			– 0	–		– 0	–		1,907,705
Short-Term Investments		– 0	–		1,228,620			– 0	–		1,228,620
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		3,845,053			– 0	–		– 0	–		3,845,053
Total Investments in Securities		15,824,264			79,116,031	+		– 0	–		94,940,295
Other Financial Instruments* :
Assets:
Forward Currency Exchange Contracts		– 0	–		510,003			– 0	–		510,003
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(542,233	)		– 0	–		(542,233	)
Total++	$	15,824,264		$	79,083,801		$	– 0	–	$	94,908,065

* 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 $4,915,880 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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.1%
Financials - 22.9%
Banks - 13.4%
Banco do Brasil SA		153,800	$	1,589,680
Bank Hapoalim BM		698,875		3,940,573
Commerzbank AG (a)		302,500		4,491,858
Credit Agricole SA		204,602		3,084,071
Danske Bank A/S		376,040		10,193,589
ING Groep NV (a)		372,250		5,291,242
Itausa-Investimentos Itau SA (Preference Shares)		608,300		2,303,724
Kasikornbank PCL (NVDR)		405,500		2,932,887
KBC Groep NV (a)		115,750		6,144,710
Lloyds Banking Group PLC (a)		5,117,618		6,366,662
Mitsubishi UFJ Financial Group, Inc.		1,585,600		8,935,988
Shinhan Financial Group Co., Ltd.		49,440		2,276,050
Societe Generale SA		260,342		13,279,493
State Bank of India		61,290		2,416,522
Sumitomo Mitsui Financial Group, Inc.		153,800		6,266,497
UniCredit SpA		1,839,450		14,450,512
				93,964,058
Capital Markets - 1.2%
Deutsche Bank AG (REG)		239,416		8,359,809
Diversified Financial Services - 1.6%
ORIX Corp.		821,900		11,346,694
Insurance - 4.3%
AIA Group Ltd.		1,170,400		6,040,133
Aviva PLC		425,660		3,601,115
Direct Line Insurance Group PLC		740,280		3,523,280
Friends Life Group Ltd.		658,700		3,280,334
Muenchener Rueckversicherungs AG		54,110		10,674,143
Suncorp Group Ltd.		264,230		3,247,749
				30,366,754
Real Estate Management & Development - 2.4%
Aeon Mall Co., Ltd.		160,800		3,071,797
China Overseas Land & Investment Ltd.		948,000		2,430,458
Country Garden Holdings Co., Ltd.		5,939,000		2,240,051
Lend Lease Group		515,630		6,474,156
Wharf Holdings Ltd. (The)		311,000		2,210,946
				16,427,408
				160,464,723
Consumer Discretionary - 14.1%
Auto Components - 5.7%
Cie Generale des Etablissements Michelin-Class B		95,132		8,960,556
GKN PLC		407,270		2,097,272
Plastic Omnium SA		132,470		3,163,041
Sumitomo Electric Industries Ltd.		608,600		9,009,600
Sumitomo Rubber Industries Ltd.		230,400		3,277,457
Valeo SA		117,650		13,072,627
				39,580,553

Company	Shares		U.S. $ Value
Automobiles - 4.5%
Bayerische Motoren Werke AG		42,820		4,576,356
Great Wall Motor Co., Ltd.-Class H		892,000		3,456,895
Honda Motor Co., Ltd. (b)		334,300		11,469,777
Renault SA		44,920		3,249,498
Tata Motors Ltd.		342,320		2,783,438
Volkswagen AG (Preference Shares)		29,630		6,118,833
				31,654,797
Hotels, Restaurants & Leisure - 0.6%
William Hill PLC		745,704		4,456,329
Media - 1.3%
Liberty Global PLC-Series C (a)		220,370		9,038,475
Specialty Retail - 1.6%
Kingfisher PLC		644,960		3,373,060
Shimamura Co., Ltd.		38,300		3,521,030
Yamada Denki Co., Ltd. (b)		1,423,900		4,156,125
				11,050,215
Textiles, Apparel & Luxury Goods - 0.4%
Kering		14,000		2,822,677
				98,603,046
Industrials - 13.7%
Aerospace & Defense - 4.7%
Airbus Group NV		273,350		17,182,897
MTU Aero Engines AG		45,650		3,883,830
Safran SA		143,270		9,288,722
Thales SA		47,740		2,540,824
				32,896,273
Air Freight & Logistics - 0.4%
Royal Mail PLC		490,910		3,110,090
Airlines - 1.4%
Japan Airlines Co., Ltd.		95,800		2,621,345
Qantas Airways Ltd. (a)		3,169,033		3,849,557
Turk Hava Yollari (a)		1,083,248		3,079,837
				9,550,739
Building Products - 0.4%
Asahi Glass Co., Ltd. (b)		460,000		2,495,406
Industrial Conglomerates - 2.3%
Bidvest Group Ltd. (The)		110,440		2,794,535
Hutchison Whampoa Ltd.		415,000		5,016,768
Toshiba Corp.		1,731,000		8,035,621
				15,846,924
Machinery - 1.1%
JTEKT Corp.		453,100		7,594,634
Marine - 1.3%
AP Moeller-Maersk A/S-Class B		1,556		3,685,921

Company	Shares		U.S. $ Value
Nippon Yusen KK		2,159,000		5,692,401
				9,378,322
Road & Rail - 0.9%
Central Japan Railway Co. (b)		49,100		6,623,035
Trading Companies & Distributors - 1.2%
Mitsubishi Corp.		272,000		5,570,626
Rexel SA		154,738		2,889,696
				8,460,322
				95,955,745
Health Care - 9.3%
Biotechnology - 2.0%
Actelion Ltd. (REG) (a)		118,920		13,928,618
Pharmaceuticals - 7.3%
Astellas Pharma, Inc.		566,100		8,431,250
GlaxoSmithKline PLC		832,320		19,013,629
Roche Holding AG		71,240		21,037,380
Teva Pharmaceutical Industries Ltd.		45,750		2,462,272
				50,944,531
				64,873,149
Telecommunication Services - 8.9%
Diversified Telecommunication Services - 5.9%
Bezeq The Israeli Telecommunication Corp., Ltd.		1,378,693		2,379,933
Hellenic Telecommunications Organization SA (a)		164,210		2,156,044
Nippon Telegraph & Telephone Corp.		157,300		9,754,847
Orange SA		914,040		13,639,861
Telenor ASA		168,030		3,687,835
Vivendi SA (a)		231,756		5,596,394
Ziggo NV (a)		91,630		4,291,145
				41,506,059
Wireless Telecommunication Services - 3.0%
China Mobile Ltd.		394,000		4,605,645
Turkcell Iletisim Hizmetleri AS (a)		546,640		2,857,595
Vodafone Group PLC		4,150,324		13,676,242
				21,139,482
				62,645,541
Materials - 7.8%
Chemicals - 5.0%
Arkema SA (b)		85,586		5,735,064
BASF SE		22,660		2,066,985
Denki Kagaku Kogyo KK (b)		970,000		3,179,941
Incitec Pivot Ltd.		1,220,030		2,890,023
JSR Corp. (b)		523,200		9,130,805
Koninklijke DSM NV		118,995		7,337,054
Mitsubishi Gas Chemical Co., Inc. (b)		763,000		4,864,685
				35,204,557

Company	Shares		U.S. $ Value
Metals & Mining - 2.1%
Dowa Holdings Co., Ltd.		289,000		2,408,236
MMC Norilsk Nickel OJSC (ADR)		134,300		2,504,695
Rio Tinto PLC		192,460		9,430,510
				14,343,441
Paper & Forest Products - 0.7%
Mondi PLC		298,840		4,873,647
				54,421,645
Energy - 7.4%
Energy Equipment & Services - 0.6%
Akastor ASA		314,702		1,267,136
Aker Solutions ASA (a)(c)		314,702		3,134,897
				4,402,033
Oil, Gas & Consumable Fuels - 6.8%
BG Group PLC		442,786		8,174,201
China Petroleum & Chemical Corp.-Class H		2,408,000		2,106,139
JX Holdings, Inc.		2,278,200		10,504,231
Petroleo Brasileiro SA (Sponsored ADR)		139,500		2,077,155
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		251,719		9,608,793
Total SA		233,300		15,107,131
				47,577,650
				51,979,683
Information Technology - 6.5%
IT Services - 0.5%
Cap Gemini SA		53,510		3,837,392
Semiconductors & Semiconductor Equipment - 4.2%
Advanced Semiconductor Engineering, Inc.		2,956,000		3,452,768
ASM International NV		94,630		3,436,153
Novatek Microelectronics Corp.		853,000		4,209,713
Samsung Electronics Co., Ltd.		7,370		8,254,454
Sumco Corp. (b)		503,400		6,104,340
Tokyo Electron Ltd.		58,500		3,812,751
				29,270,179
Technology Hardware, Storage & Peripherals - 1.8%
Asustek Computer, Inc.		394,000		3,759,697
Casetek Holdings Ltd.		507,000		3,096,098
Catcher Technology Co., Ltd.		635,000		5,881,216
				12,737,011
				45,844,582
Consumer Staples - 4.8%
Beverages - 1.0%
Asahi Group Holdings Ltd.		92,600		2,678,562
Carlsberg A/S-Class B		52,510		4,663,550
				7,342,112
Food & Staples Retailing - 1.4%
Koninklijke Ahold NV		624,565		10,102,752

Company	Shares		U.S. $ Value
Food Products - 0.4%
Danone SA		40,768		2,730,066
Household Products - 0.8%
Reckitt Benckiser Group PLC		62,830		5,432,133
Tobacco - 1.2%
Imperial Tobacco Group PLC		192,030		8,268,031
				33,875,094
Utilities - 2.7%
Electric Utilities - 2.7%
EDP - Energias de Portugal SA		1,693,040		7,382,759
Electricite de France SA		138,950		4,558,496
Enel SpA		952,320		5,037,882
Light SA		189,500		1,601,005
				18,580,142
Total Common Stocks (cost $644,314,041)				687,243,350
WARRANTS - 0.4%
Financials - 0.4%
Real Estate Management & Development - 0.4%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a) (cost $1,275,590)		935,380		2,941,687
RIGHTS - 0.0%
Financials - 0.0%
Real Estate Management & Development - 0.0%
Country Garden Holdings Co., Ltd., expiring 10/08/14 (a) (cost $0)		423,333		23,988
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.8%
Time Deposit - 0.8%
State Street Time Deposit 0.01%, 10/01/14 (cost $5,547,484)	$	5,547		5,547,484
Total Investments Before Security Lending Collateral for Securities Loaned - 99.3% (cost $651,137,115)				695,756,509
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.2%
Investment Companies - 2.2%
AllianceBernstein Exchange Reserves - Class I, 0.04% (d)(e) (cost $15,108,816)		15,108,816		15,108,816

Company	Shares	U.S. $ Value
Total Investments – 101.5% (cost $666,245,931) (f)		$	710,865,325
Other assets less liabilities – (1.5)% (g)			(10,240,728	)
Net Assets – 100.0%		$	700,624,597

FUTURES

Type	Number of Contracts		Expiration Month		Original Value	Value at September 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		63		December 2014	$2,541,796	$	2,564,612	$	22,816

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	22,885	EUR	16,773		10/15/14	$	(1,698,500	)
Barclays Bank PLC	USD	14,674	JPY	1,602,405		10/15/14		(62,345	)
BNP Paribas SA	AUD	7,826	USD	7,290		10/15/14		444,073
BNP Paribas SA	JPY	9,551,693	USD	93,954		10/15/14		6,855,609
BNP Paribas SA	USD	5,223	AUD	5,629		10/15/14		(299,262	)
BNP Paribas SA	USD	2,209	KRW	2,257,872		10/15/14		(73,230	)
Citibank, NA	AUD	4,369	USD	3,847		10/15/14		25,433
Citibank, NA	GBP	10,964	USD	17,874		10/15/14		101,271
Citibank, NA	JPY	1,459,308	USD	14,382		10/15/14		1,074,795
Citibank, NA	RUB	79,782	USD	2,276		10/15/14		264,049
Citibank, NA	USD	6,082	EUR	4,555		10/15/14		(328,074	)
Citibank, NA	USD	35,759	SEK	244,179		10/15/14		(1,921,971	)
Credit Suisse International	KRW	9,495,469	USD	9,142		10/15/14		158,590
Credit Suisse International	USD	15,990	NOK	99,596		10/15/14		(495,119	)
Credit Suisse International	USD	25,525	GBP	15,743		1/15/15		(28,085	)
Deutsche Bank AG	NOK	163,851	USD	25,562		10/15/14		70,083
Goldman Sachs Bank USA	CNY	11,307	USD	1,829		10/15/14		(10,355	)
Goldman Sachs Bank USA	USD	2,543	CNY	15,698		10/15/14		11,167
Goldman Sachs Bank USA	USD	57,179	JPY	5,943,830		10/15/14		(2,979,443	)
Goldman Sachs Bank USA	USD	27,955	NZD	32,340		10/15/14		(2,741,058	)
HSBC Bank USA	CHF	10,963	USD	12,293		10/15/14		808,774
HSBC Bank USA	HKD	162,386	USD	20,952		10/15/14		40,022
HSBC Bank USA	USD	19,584	GBP	11,539		10/15/14		(879,706	)
JPMorgan Chase Bank, NA	USD	1,842	HKD	14,272		10/15/14		(3,666	)
Morgan Stanley & Co., Inc.	CNY	97,498	USD	15,725		10/15/14		(137,626	)
Morgan Stanley & Co., Inc.	USD	16,832	CHF	15,459		10/15/14		(638,089	)
Northern Trust Co.	USD	14,868	NOK	92,274		10/15/14		(512,728	)
Royal Bank of Scotland PLC	NZD	32,340	USD	27,509		10/15/14		2,295,707
Royal Bank of Scotland PLC	SEK	143,674	USD	19,892		10/15/14		(17,289	)
Royal Bank of Scotland PLC	USD	6,133	AUD	6,566		10/15/14		(389,005	)
Royal Bank of Scotland PLC	USD	19,279	EUR	15,161		10/15/14		(128,473	)
Standard Chartered Bank	CNY	12,771	USD	2,063		10/15/14		(15,199	)
Standard Chartered Bank	GBP	12,715	USD	20,907		10/15/14		296,357
Standard Chartered Bank	USD	3,580	CNY	22,040		10/15/14		6,343
Standard Chartered Bank	USD	3,627	HKD	28,113		10/15/14		(7,046	)
Standard Chartered Bank	KRW	2,651,814	USD	2,527		1/15/15		31,699

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	HKD	14,709	USD	1,898		10/15/14	$	3,358
State Street Bank & Trust Co.	USD	3,754	HKD	29,097		10/15/14		(7,244	)
UBS AG	EUR	45,229	USD	59,463		10/15/14		2,331,732
UBS AG	USD	32,483	GBP	18,982		10/15/14		(1,713,746	)
UBS AG	USD	12,650	JPY	1,294,311		10/15/14		(848,019	)
UBS AG	EUR	6,566	USD	8,511		1/15/15		211,441
UBS AG	USD	6,761	CHF	6,416		1/15/15		(32,955	)
							$	(937,730	)

(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 September 30, 2014, the market value of this security amounted to $3,134,897 or 0.4% of net assets.

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

(e) 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.

(f) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $76,613,632 and gross unrealized depreciation of investments was $(31,994,238), resulting in net unrealized appreciation of $44,619,394.

(g) An amount of U.S. $226,251 has been segregated to collateralize margin requirements for the open futures contracts at September 30, 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
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
NVDR	-	Non Voting Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares

Country Breakdown *

September 30, 2014 (unaudited)

23.1%	Japan
18.8%	France
14.8%	United Kingdom
5.8%	Germany
5.7%	Netherlands
5.0%	Switzerland
2.9%	Taiwan
2.8%	Italy
2.7%	Denmark
2.4%	Australia
2.1%	China
1.9%	Hong Kong
1.5%	South Korea
9.7%	Other
0.8%	Short-Term
100.0%	Total Investments

* All data are as of September 30, 2014. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.3% or less in the following countries: Belgium, Brazil, Greece, India, Israel, Norway, Portugal, Russia, South Africa, Thailand, Turkey, and United Arab Emirates.

AllianceBernstein Variable Products Series Fund

International Value Portfolio

September 30, 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 generally 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 September 30, 2014:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Common Stock:
Financials	$	3,893,404		$	156,571,319	$	– 0	–	$	160,464,723
Consumer Discretionary		9,038,475			89,564,571		– 0	–		98,603,046
Industrials		– 0	–		95,955,745		– 0	–		95,955,745
Health Care		– 0	–		64,873,149		– 0	–		64,873,149
Telecommunication Services		– 0	–		62,645,541		– 0	–		62,645,541
Materials		2,504,695			51,916,950		– 0	–		54,421,645
Energy		5,212,052			46,767,631		– 0	–		51,979,683
Information Technology		– 0	–		45,844,582		– 0	–		45,844,582
Consumer Staples		– 0	–		33,875,094		– 0	–		33,875,094
Utilities		1,601,005			16,979,137		– 0	–		18,580,142

Investments in Securities:

Level 1

Level 2

Level 3

Total

Warrants

– 0

–

2,941,687

– 0

–

2,941,687

Rights

23,988

– 0

–

– 0

–

23,988

Short-Term Investments

– 0

–

5,547,484

– 0

–

5,547,484

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

15,108,816

– 0

–

– 0

–

15,108,816

Total Investments in Securities

37,382,435

673,482,890+

– 0

–

710,865,325

Other Financial Instruments* :

Assets:

Futures

– 0

–

22,816

– 0

–

22,816

Forward Currency Exchange Contracts

– 0

–

15,030,503

– 0

–

15,030,503

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(15,968,233

)

– 0

–

(15,968,233

)

Total++

$

37,382,435

$

672,567,976

$

– 0

–

$

709,950,411

* 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.

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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 94.9%
Consumer Discretionary - 23.0%
Advertising Agencies - 1.2%
Nielsen NV		109,120	$	4,837,290
Cable Television Services - 2.8%
Comcast Corp. - Class A		215,430		11,585,826
Cosmetics - 0.8%
Estee Lauder Cos., Inc. (The) - Class A		42,610		3,183,819
Diversified Media - 0.3%
Discovery Communications, Inc. - Class A (a)		37,433		1,414,967
Diversified Retail - 1.2%
Costco Wholesale Corp.		38,820		4,864,922
Entertainment - 2.6%
Walt Disney Co. (The)		121,510		10,818,035
Leisure Time - 2.6%
Priceline Group, Inc. (The) (a)		9,240		10,705,279
Recreational Vehicles & Boats - 1.6%
Polaris Industries, Inc.		43,090		6,454,451
Restaurants - 2.2%
Starbucks Corp.		120,045		9,058,596
Specialty Retail - 4.7%
Home Depot, Inc. (The)		100,380		9,208,861
O’Reilly Automotive, Inc. (a)		24,630		3,703,367
Ulta Salon Cosmetics & Fragrance, Inc. (a)		52,780		6,237,013
				19,149,241
Textiles, Apparel & Shoes - 3.0%
Michael Kors Holdings Ltd. (a)		32,030		2,286,622
NIKE, Inc. - Class B		94,230		8,405,316
Ralph Lauren Corp.		9,500		1,564,935
				12,256,873
				94,329,299
Technology - 21.9%
Computer Services, Software & Systems - 12.0%
ANSYS, Inc. (a)		90,772		6,868,717
Aspen Technology, Inc. (a)		37,820		1,426,570
Cognizant Technology Solutions Corp.-Class A (a)		53,780		2,407,731
F5 Networks, Inc. (a)		32,750		3,888,735
Facebook, Inc.-Class A(a)		92,940		7,345,978
Google, Inc.-Class A (a)		18,650		10,973,847
Google, Inc.-Class C (a)		20,020		11,558,747
NetSuite, Inc. (a)		27,839		2,492,704
ServiceNow, Inc. (a)		40,873		2,402,515
				49,365,544
Computer Technology - 4.8%
Apple, Inc.		194,855		19,631,641

Company	Shares		U.S. $ Value
Electronic Components - 1.6%
Amphenol Corp.-Class A		67,910		6,781,493
Semiconductors & Component - 3.5%
Altera Corp.		66,510		2,379,728
Linear Technology Corp.		172,740		7,667,928
NXP Semiconductor NV (a)		60,500		4,140,015
				14,187,671
				89,966,349
Health Care - 16.7%
Biotechnology - 3.1%
Biogen Idec, Inc. (a)		38,964		12,889,681
Health Care Management Services - 1.6%
UnitedHealth Group, Inc.		78,561		6,775,886
Health Care Services - 0.8%
McKesson Corp.		16,930		3,295,763
Health Care: Misc. - 1.6%
Quintiles Transnational Holdings, Inc. (a)		116,928		6,522,244
Medical Equipment - 1.6%
Intuitive Surgical, Inc. (a)		14,090		6,507,044
Pharmaceuticals - 8.0%
Allergan, Inc./United States		88,306		15,735,246
Gilead Sciences, Inc. (a)		159,100		16,936,195
				32,671,441
				68,662,059
Consumer Staples - 10.3%
Beverage: Soft Drinks - 3.3%
Keurig Green Mountain, Inc.		23,660		3,078,876
Monster Beverage Corp. (a)		113,516		10,406,011
				13,484,887
Drug & Grocery Store Chains - 2.6%
CVS Health Corp.		136,830		10,890,300
Foods - 1.6%
Mead Johnson Nutrition Co.-Class A		68,040		6,546,809
Tobacco - 2.8%
Philip Morris International, Inc.		138,311		11,535,137
				42,457,133
Producer Durables - 8.9%
Aerospace - 1.7%
Boeing Co. (The)		55,210		7,032,650
Air Transport - 1.3%
Copa Holdings SA-Class A		48,840		5,240,043
Diversified Manufacturing Operations - 1.6%
Danaher Corp.		86,852		6,599,015

Company	Shares		U.S. $ Value
Railroad Equipment - 0.9%
Wabtec Corp./DE		47,510		3,850,210
Scientific Instruments: Control & Filter - 1.0%
Pall Corp.		46,370		3,881,169
Scientific Instruments: Electrical - 1.7%
AMETEK, Inc.		141,851		7,122,339
Scientific Instruments: Gauges & Meters - 0.7%
Mettler-Toledo International, Inc. (a)		10,655		2,729,065
				36,454,491
Financial Services - 7.6%
Asset Management & Custodian - 2.7%
Affiliated Managers Group, Inc. (a)		27,151		5,439,974
BlackRock, Inc.-Class A		17,530		5,755,450
				11,195,424
Diversified Financial Services - 0.5%
Alibaba Group Holding Ltd. (ADR) (a)		22,290		1,980,466
Financial Data & Systems - 3.6%
Visa, Inc.-Class A		69,980		14,931,633
Securities Brokerage & Services - 0.8%
Intercontinental Exchange, Inc.		16,051		3,130,748
				31,238,271
Energy - 4.2%
Oil Well Equipment & Services - 4.2%
FMC Technologies, Inc. (a)		88,970		4,831,961
Oceaneering International, Inc.		21,570		1,405,717
Schlumberger Ltd.		108,115		10,994,214
				17,231,892
Materials & Processing - 2.3%
Fertilizers - 1.5%
Monsanto Co.		54,583		6,141,133
Metal Fabricating - 0.8%
Precision Castparts Corp.		13,438		3,183,194
				9,324,327
Total Common Stocks (cost $298,327,721)				389,663,821
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 4.8%
Time Deposit - 4.8%
State Street Time Deposit 0.01%, 10/01/14 (Cost $19,419,504)	$	19,420		19,419,504

Company	U.S. $ Value
Total Investments – 99.7% (cost $317,747,225) (b)		409,083,325
Other assets less liabilities – 0.3%		1,432,623
Net Assets – 100.0%	$	410,515,948

(a) Non-income producing security.

(b) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $94,343,262 and gross unrealized depreciation of investments was $(3,007,162), resulting in net unrealized appreciation of $91,336,100.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Large Cap Growth Portfolio

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

389,663,821

$

– 0

–

$

– 0

–

$

389,663,821

Short-Term Investments

– 0

–

19,419,504

– 0

–

19,419,504

Total Investments in Securities

389,663,821

19,419,504

– 0

–

409,083,325

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

389,663,821

$

19,419,504

$

– 0

–

$

409,083,325

* 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 any levels 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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.6%
Equity: Other - 31.0%
Diversified/Specialty - 19.1%
American Tower Corp.		16,320	$	1,528,042
Armada Hoffler Properties, Inc.		20,130		182,780
BioMed Realty Trust, Inc.		15,250		308,050
Chambers Street Properties		31,810		239,529
ClubCorp Holdings, Inc.		26,054		516,651
Digital Realty Trust, Inc. (a)		4,630		288,819
Gramercy Property Trust, Inc.		117,312		675,717
Home Depot, Inc. (The)		1,860		170,636
Kennedy-Wilson Holdings, Inc.		28,310		678,308
Lexington Realty Trust (a)		61,420		601,302
New York REIT, Inc. (a)		65,560		673,957
Rayonier, Inc.		7,240		225,454
Regal Entertainment Group-Class A		35,490		705,541
Spirit Realty Capital, Inc.		85,919		942,532
Vornado Realty Trust		5,370		536,785
Weyerhaeuser Co.		15,669		499,214
				8,773,317
Health Care - 11.4%
HCP, Inc.		25,740		1,022,135
Health Care REIT, Inc.		9,091		567,006
LTC Properties, Inc.		21,540		794,610
Medical Properties Trust, Inc.		66,895		820,133
Omega Healthcare Investors, Inc.		21,340		729,614
Senior Housing Properties Trust		15,680		328,026
Ventas, Inc.		15,980		989,961
				5,251,485
Triple Net - 0.5%
EPR Properties		3,970		201,200
				14,226,002
Retail - 21.1%
Regional Mall - 12.2%
General Growth Properties, Inc.		13,560		319,338
Glimcher Realty Trust		8,590		116,309
Macerich Co. (The)		5,850		373,405
Pennsylvania Real Estate Investment Trust		31,690		631,899
Simon Property Group, Inc.		18,090		2,974,358
Taubman Centers, Inc.		1,580		115,340
Washington Prime Group, Inc.		62,505		1,092,587
				5,623,236
Shopping Center/Other Retail - 8.9%
DDR Corp.		48,423		810,117
Federal Realty Investment Trust		1,790		212,043
Kite Realty Group Trust		30,456		738,254
Ramco-Gershenson Properties Trust		47,481		771,566
Regency Centers Corp.		6,300		339,129
Retail Opportunity Investments Corp.		52,300		768,810
Retail Properties of America, Inc.-Class A		14,000		204,820

Company	Shares		U.S. $ Value
Weingarten Realty Investors		7,220		227,430
				4,072,169
				9,695,405
Residential - 18.3%
Multi-Family - 12.7%
Apartment Investment & Management Co.-Class A		8,970		285,425
Associated Estates Realty Corp.		55,818		977,373
AvalonBay Communities, Inc.		3,680		518,770
Brookfield Residential Properties, Inc. (b)		11,543		218,047
Camden Property Trust		2,010		137,745
Equity Residential		13,250		815,935
Essex Property Trust, Inc.		2,270		405,763
Meritage Homes Corp. (b)		10,700		379,850
Mid-America Apartment Communities, Inc.		13,230		868,549
PulteGroup, Inc.		18,720		330,595
Sun Communities, Inc.		14,015		707,758
TRI Pointe Homes, Inc. (b)		14,424		186,647
				5,832,457
Self Storage - 4.3%
CubeSmart		24,000		431,520
Extra Space Storage, Inc.		4,700		242,379
Public Storage		6,870		1,139,321
Sovran Self Storage, Inc.		2,450		182,182
				1,995,402
Single Family - 0.9%
Fortune Brands Home & Security, Inc.		10,300		423,433
Student Housing - 0.4%
American Campus Communities, Inc.		4,400		160,380
				8,411,672
Lodging - 12.8%
Lodging - 12.8%
Ashford Hospitality Prime, Inc.		45,792		697,412
Ashford Hospitality Trust, Inc.		66,919		683,912
Chatham Lodging Trust		31,610		729,559
DiamondRock Hospitality Co.		65,910		835,739
FelCor Lodging Trust, Inc.		35,610		333,309
Hersha Hospitality Trust		118,357		753,934
Host Hotels & Resorts, Inc.		8,890		189,624
Intrawest Resorts Holdings, Inc. (b)		21,800		210,806
Pebblebrook Hotel Trust		12,830		479,072
Starwood Hotels & Resorts Worldwide, Inc.		6,970		579,974
Strategic Hotels & Resorts, Inc. (b)		10,920		127,218
Wyndham Worldwide Corp.		3,080		250,281
				5,870,840
Office - 10.8%
Office - 10.8%
Boston Properties, Inc.		9,149		1,059,088
Columbia Property Trust, Inc.		25,880		617,755
Corporate Office Properties Trust		5,950		153,034
Cousins Properties, Inc.		48,969		585,179

Company	Shares		U.S. $ Value
Franklin Street Properties Corp.		8,890		99,746
Government Properties Income Trust		4,470		97,938
Kilroy Realty Corp.		5,490		326,326
Parkway Properties, Inc./MD		36,886		692,719
SL Green Realty Corp.		13,096		1,326,887
				4,958,672
Industrials - 3.9%
Industrial Warehouse Distribution - 3.9%
Granite Real Estate Investment Trust		19,160		661,595
ProLogis, Inc.		11,972		451,344
STAG Industrial, Inc.		33,180		687,158
				1,800,097
Mortgage - 0.9%
Mortgage - 0.9%
Altisource Residential Corp. (cost $527,824)		18,086		434,064
Financial: Other - 0.8%
Financial: Other - 0.8%
HFF, Inc.-Class A (cost $392,088)		12,220		353,769
Total Common Stocks (cost $40,806,539)				45,750,521
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.3%
Time Deposit - 0.3%
State Street Time Deposit 0.01%, 10/01/14 (cost $138,553)	$	139		138,553
Total Investments Before Security Lending Collateral for Securities Loaned 99.9% (cost $40,945,092)				45,889,074
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.9%
Investment Companies - 2.9%
AllianceBernstein Exchange Reserves-Class I, 0.04% (c)(d) (cost $1,335,669)		1,335,669		1,335,669
Total Investments - 102.8% (cost $42,280,761) (e)				47,224,743
Other assets less liabilities - (2.8)%				(1,287,453	)
Net Assets - 100.0%			$	45,937,290

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

(b) Non-income producing security.

(c) 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.

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

(e) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,113,299 and gross unrealized depreciation of investments was $(1,169,317), resulting in net unrealized appreciation of $4,943,982.

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

Glossary:

REIT - Real Estate Investment Trust

AllianceBernstein Variable Products Series Fund

Real Estate Investment Portfolio

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

45,750,521

$

– 0

–

$

– 0

–

$

45,750,521

Short-Term Investments

– 0

–

138,553

– 0

–

138,553

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

1,335,669

– 0

–

– 0

–

1,335,669

Total Investments in Securities

47,086,190

138,553

– 0

–

47,224,743

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

47,086,190

$

138,553

$

– 0

–

$

47,224,743

* 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 any levels 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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.5%
Information Technology - 26.9%
Communications Equipment - 1.3%
Arista Networks, Inc. (a)(b)		3,609	$	318,783
Ruckus Wireless, Inc. (a)		60,350		806,276
				1,125,059
Electronic Equipment, Instruments & Components - 1.8%
InvenSense, Inc. (a)(b)		37,589		741,631
Zebra Technologies Corp.-Class A (a)		11,134		790,180
				1,531,811
Internet Software & Services - 7.0%
CoStar Group, Inc. (a)		4,305		669,600
Dealertrack Technologies, Inc. (a)		25,072		1,088,375
Demandware, Inc. (a)		3,810		194,005
Envestnet, Inc. (a)		23,805		1,071,225
LogMeIn, Inc. (a)		8,640		398,045
Pandora Media, Inc. (a)		26,122		631,108
Shutterstock, Inc. (a)		10,642		759,626
Yelp, Inc. (a)		8,818		601,828
Zillow, Inc.-Class A (a)(b)		5,910		685,501
				6,099,313
IT Services - 0.7%
VeriFone Systems, Inc. (a)		18,060		620,903
Semiconductors & Semiconductor Equipment - 6.0%
Cavium, Inc. (a)		20,607		1,024,786
Intersil Corp.-Class A		70,883		1,007,247
Monolithic Power Systems, Inc.		21,452		944,961
Silicon Laboratories, Inc. (a)		19,314		784,921
Synaptics, Inc. (a)		15,435		1,129,842
Teradyne, Inc.		17,969		348,419
				5,240,176
Software - 10.1%
A10 Networks, Inc. (a)		34,959		318,476
Aspen Technology, Inc. (a)		30,264		1,141,558
Fortinet, Inc. (a)		51,270		1,295,337
Guidewire Software, Inc. (a)		18,209		807,387
PTC, Inc. (a)		35,084		1,294,600
SolarWinds, Inc. (a)		24,117		1,014,120
SS&C Technologies Holdings, Inc. (a)		21,417		939,992
Tableau Software, Inc.-Class A (a)		11,190		812,953
Ultimate Software Group, Inc. (The) (a)		8,654		1,224,628
				8,849,051
				23,466,313

Company	Shares		U.S. $ Value
Health Care - 23.3%
Biotechnology - 6.0%
Cubist Pharmaceuticals, Inc. (a)		13,438		891,477
Isis Pharmaceuticals, Inc. (a)		11,211		435,323
Karyopharm Therapeutics, Inc. (a)(b)		9,366		327,248
KYTHERA Biopharmaceuticals, Inc. (a)		9,410		308,271
NPS Pharmaceuticals, Inc. (a)		24,857		646,282
Otonomy, Inc. (a)		14,173		340,152
Puma Biotechnology, Inc. (a)		4,140		987,680
Sage Therapeutics, Inc. (a)		5,698		179,487
Synageva BioPharma Corp. (a)		6,035		415,087
TESARO, Inc. (a)		14,265		384,014
Ultragenyx Pharmaceutical, Inc. (a)		6,060		342,996
				5,258,017
Health Care Equipment & Supplies - 5.7%
Align Technology, Inc. (a)		12,533		647,705
Cardiovascular Systems, Inc. (a)		21,844		516,174
HeartWare International, Inc. (a)		10,633		825,440
Insulet Corp. (a)		18,813		693,259
K2M Group Holdings, Inc. (a)		29,135		420,418
LDR Holding Corp. (a)		25,755		801,753
Sirona Dental Systems, Inc. (a)		10,654		816,949
Tandem Diabetes Care, Inc. (a)(b)		21,671		290,825
				5,012,523
Health Care Providers & Services - 4.7%
Acadia Healthcare Co., Inc. (a)		31,191		1,512,764
Mednax, Inc. (a)		7,746		424,636
Premier, Inc.-Class A (a)		24,090		791,597
Team Health Holdings, Inc. (a)		23,180		1,344,208
				4,073,205
Life Sciences Tools & Services - 2.2%
ICON PLC (a)		14,195		812,380
PAREXEL International Corp. (a)		16,913		1,067,041
				1,879,421
Pharmaceuticals - 4.7%
Akorn, Inc. (a)		43,473		1,576,766
Aratana Therapeutics, Inc. (a)		24,919		250,187
GW Pharmaceuticals PLC (ADR) (a)(b)		4,592		371,263
Jazz Pharmaceuticals PLC (a)		4,986		800,552
Pacira Pharmaceuticals, Inc./DE (a)		9,525		923,163
Revance Therapeutics, Inc. (a)		10,773		208,242
				4,130,173
				20,353,339

Company	Shares		U.S. $ Value
Industrials - 19.1%
Aerospace & Defense - 2.0%
Hexcel Corp. (a)		35,415		1,405,976
KEYW Holding Corp. (The) (a)		32,488		359,642
				1,765,618
Construction & Engineering - 1.4%
Dycom Industries, Inc. (a)		39,315		1,207,364
Industrial Conglomerates - 1.5%
Carlisle Cos., Inc.		16,557		1,330,852
Machinery - 8.2%
Actuant Corp.-Class A		23,836		727,475
Chart Industries, Inc. (a)		11,886		726,591
IDEX Corp.		18,029		1,304,759
Lincoln Electric Holdings, Inc.		17,758		1,227,699
Middleby Corp. (The) (a)		13,061		1,151,066
RBC Bearings, Inc.		14,493		821,753
Valmont Industries, Inc. (b)		8,707		1,174,835
				7,134,178
Marine - 1.5%
Kirby Corp. (a)		11,514		1,356,925
Professional Services - 1.5%
TrueBlue, Inc. (a)		50,997		1,288,184
Road & Rail - 1.5%
Genesee & Wyoming, Inc.-Class A (a)		13,657		1,301,649
Trading Companies & Distributors - 1.5%
H&E Equipment Services, Inc.		490		19,737
United Rentals, Inc. (a)		11,624		1,291,426
				1,311,163
				16,695,933
Consumer Discretionary - 15.3%
Distributors - 2.7%
LKQ Corp. (a)		41,617		1,106,596
Pool Corp.		22,692		1,223,553
				2,330,149
Diversified Consumer Services - 2.7%
Bright Horizons Family Solutions, Inc. (a)		22,024		926,330
Capella Education Co.		22,729		1,422,835
				2,349,165
Hotels, Restaurants & Leisure - 2.4%
Buffalo Wild Wings, Inc. (a)		9,736		1,307,253
Zoe’s Kitchen, Inc. (a)(b)		24,449		752,051
				2,059,304

Company	Shares		U.S. $ Value
Household Durables - 1.1%
Tempur Sealy International, Inc. (a)		16,992		954,441
Internet & Catalog Retail - 1.7%
HomeAway, Inc. (a)		20,966		744,293
zulily, Inc.-Class A (a)(b)		20,576		779,624
				1,523,917
Media - 1.0%
National CineMedia, Inc.		62,888		912,505
Multiline Retail - 1.0%
Tuesday Morning Corp. (a)		44,400		861,582
Specialty Retail - 2.7%
Cabela’s, Inc. (a)		15,501		913,009
Five Below, Inc. (a)		35,707		1,414,354
				2,327,363
				13,318,426
Financials - 6.0%
Banks - 4.5%
City National Corp./CA		9,999		756,624
Iberiabank Corp.		13,346		834,259
Opus Bank (a)		7,202		220,597
Signature Bank/New York NY (a)		9,039		1,012,910
SVB Financial Group (a)		10,177		1,140,740
				3,965,130
Capital Markets - 1.5%
Artisan Partners Asset Management, Inc.-Class A		7,340		382,047
Stifel Financial Corp. (a)		19,597		918,904
				1,300,951
				5,266,081
Energy - 4.7%
Energy Equipment & Services - 2.3%
Dril-Quip, Inc. (a)		10,448		934,051
Superior Energy Services, Inc.		31,394		1,031,921
				1,965,972
Oil, Gas & Consumable Fuels - 2.4%
Laredo Petroleum, Inc. (a)		30,474		682,922
Matador Resources Co. (a)		29,647		766,375
Oasis Petroleum, Inc. (a)		15,990		668,542
				2,117,839
				4,083,811
Materials - 1.9%
Chemicals - 1.9%
PolyOne Corp.		46,391		1,650,592

Company	Shares		U.S. $ Value
Consumer Staples - 1.5%
Food & Staples Retailing - 1.5%
Chefs’ Warehouse, Inc. (The) (a)		30,315		492,922
Sprouts Farmers Market, Inc. (a)		29,509		857,826
				1,350,748
Telecommunication Services - 0.8%
Wireless Telecommunication Services - 0.8%
RingCentral, Inc.-Class A (a)		55,688		707,794
Total Common Stocks (cost $77,220,348)				86,893,037
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.6%
Time Deposit - 0.6%
State Street Time Deposit 0.01%, 10/01/14 (cost $534,935)	U.S.$	535		534,935
Total Investments Before Security Lending Collateral for Securities Loaned - 100.1% (cost $77,755,283)				87,427,972
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 5.4%
Investment Companies - 5.4%
AllianceBernstein Exchange Reserves-Class I, 0.04% (c)(d) (cost $4,738,078)		4,738,078		4,738,078
Total Investments - 105.5% (cost $82,493,361) (e)				92,166,050
Other assets less liabilities - (5.5)%				(4,826,826	)
Net Assets - 100.0%			$	87,339,224

(a) Non-income producing security.

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

(c) 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.

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

(e) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,070,133 and gross unrealized depreciation of investments was $(2,397,444), resulting in net unrealized appreciation of $9,672,689.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Small Cap Growth Portfolio

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

86,893,037

$

– 0

–

$

– 0

–

$

86,893,037

Short-Term Investments

– 0

–

534,935

– 0

–

534,935

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

4,738,078

– 0

–

– 0

–

4,738,078

Total Investments in Securities

91,631,115

534,935

– 0

–

92,166,050

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

91,631,115

$

534,935

$

– 0

–

$

92,166,050

* 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 any levels 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.

AllianceBernstein Variable Products Series Fund

Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.0%
Financials - 29.2%
Banks - 9.4%
Associated Banc-Corp		333,080	$	5,802,254
Comerica, Inc.		179,310		8,940,397
First Niagara Financial Group, Inc.		596,090		4,965,430
Huntington Bancshares, Inc./OH		874,310		8,507,036
PacWest Bancorp		108,748		4,483,680
Popular, Inc. (a)		251,060		7,389,951
Susquehanna Bancshares, Inc.		623,814		6,238,140
Webster Financial Corp.		162,850		4,745,449
Zions Bancorporation		265,840		7,725,310
				58,797,647
Capital Markets - 1.1%
E*Trade Financial Corp. (a)		296,260		6,692,513
Consumer Finance - 1.0%
SLM Corp.		757,530		6,484,457
Insurance - 9.4%
American Financial Group, Inc./OH		160,700		9,302,923
Aspen Insurance Holdings Ltd.		222,700		9,524,879
Assurant, Inc.		94,480		6,075,064
CNO Financial Group, Inc.		516,120		8,753,395
PartnerRe Ltd.		85,020		9,342,848
Unum Group		207,060		7,118,723
Validus Holdings Ltd.		229,212		8,971,358
				59,089,190
Real Estate Investment Trusts (REITs) - 7.9%
Camden Property Trust		76,390		5,235,007
DDR Corp.		355,540		5,948,184
DiamondRock Hospitality Co.		587,830		7,453,684
LTC Properties, Inc.		195,280		7,203,879
Medical Properties Trust, Inc.		579,110		7,099,889
Mid-America Apartment Communities, Inc.		87,670		5,755,536
Parkway Properties, Inc./MD		396,730		7,450,589
STAG Industrial, Inc.		181,590		3,760,729
				49,907,497
Thrifts & Mortgage Finance - 0.4%
Essent Group Ltd. (a)		117,874		2,523,682
				183,494,986
Information Technology - 21.8%
Communications Equipment - 2.7%
Brocade Communications Systems, Inc.		582,870		6,335,797
Finisar Corp. (a)		191,290		3,181,153
Harris Corp.		107,620		7,145,968
				16,662,918
Electronic Equipment, Instruments & Components - 8.7%
Anixter International, Inc.		55,960		4,747,646
Arrow Electronics, Inc. (a)		162,000		8,966,700
Avnet, Inc.		207,550		8,613,325
CDW Corp./DE		215,460		6,690,033

Company	Shares		U.S. $ Value
Insight Enterprises, Inc. (a)		245,514		5,555,982
Jabil Circuit, Inc.		375,080		7,565,364
TTM Technologies, Inc. (a)		551,922		3,758,589
Vishay Intertechnology, Inc.		628,210		8,977,121
				54,874,760
IT Services - 4.0%
Amdocs Ltd.		161,700		7,418,796
Booz Allen Hamilton Holding Corp.		337,780		7,904,052
Convergys Corp.		202,870		3,615,143
Genpact Ltd. (a)		372,190		6,074,141
				25,012,132
Semiconductors & Semiconductor Equipment - 3.6%
Advanced Micro Devices, Inc. (a)(b)		931,280		3,175,665
Entegris, Inc. (a)		353,337		4,063,375
Lam Research Corp.		114,510		8,553,897
Teradyne, Inc.		364,190		7,061,644
				22,854,581
Software - 1.5%
Electronic Arts, Inc. (a)		259,810		9,251,834
Technology Hardware, Storage & Peripherals - 1.3%
NCR Corp. (a)		245,240		8,193,468
				136,849,693
Consumer Discretionary - 15.9%
Auto Components - 4.8%
Dana Holding Corp.		325,470		6,239,260
Lear Corp.		89,050		7,694,811
Tenneco, Inc. (a)		159,370		8,336,645
TRW Automotive Holdings Corp. (a)		78,830		7,981,537
				30,252,253
Automobiles - 0.8%
Thor Industries, Inc.		96,840		4,987,260
Hotels, Restaurants & Leisure - 2.2%
Bloomin’ Brands, Inc. (a)		449,149		8,237,392
DineEquity, Inc.		66,788		5,449,233
				13,686,625
Household Durables - 2.9%
Helen of Troy Ltd. (a)		102,720		5,394,854
Meritage Homes Corp. (a)		197,400		7,007,700
PulteGroup, Inc.		348,140		6,148,153
				18,550,707
Specialty Retail - 4.6%
Brown Shoe Co., Inc.		184,330		5,000,873
Children’s Place, Inc. (The)		149,459		7,123,216
GameStop Corp.-Class A		171,280		7,056,736

Company	Shares		U.S. $ Value
Office Depot, Inc. (a)		1,856,510		9,542,461
				28,723,286
Textiles, Apparel & Luxury Goods - 0.6%
CROCS, Inc. (a)		286,600		3,605,428
				99,805,559
Industrials - 12.3%
Aerospace & Defense - 1.3%
Spirit Aerosystems Holdings, Inc.-Class A (a)		213,470		8,124,668
Construction & Engineering - 3.9%
Aecom Technology Corp. (a)		195,690		6,604,538
Granite Construction, Inc.		155,690		4,952,499
Tutor Perini Corp. (a)		221,890		5,857,896
URS Corp.		127,340		7,336,057
				24,750,990
Electrical Equipment - 0.6%
General Cable Corp.		253,710		3,825,947
Machinery - 3.0%
ITT Corp.		171,680		7,715,299
Kennametal, Inc.		132,960		5,492,578
Terex Corp.		167,270		5,314,168
				18,522,045
Road & Rail - 2.4%
Con-way, Inc.		135,740		6,447,650
Ryder System, Inc.		96,170		8,652,415
				15,100,065
Trading Companies & Distributors - 1.1%
WESCO International, Inc. (a)		83,950		6,569,927
				76,893,642
Utilities - 6.3%
Electric Utilities - 2.4%
PNM Resources, Inc.		291,630		7,264,503
Westar Energy, Inc.		226,475		7,727,327
				14,991,830
Gas Utilities - 3.9%
Atmos Energy Corp.		143,510		6,845,427
Southwest Gas Corp.		171,100		8,312,038
UGI Corp.		282,000		9,613,380
				24,770,845
				39,762,675
Materials - 4.8%
Chemicals - 1.8%
A Schulman, Inc.		125,740		4,546,758
Huntsman Corp.		244,890		6,364,691
				10,911,449

Company	Shares		U.S. $ Value
Containers & Packaging - 1.7%
Avery Dennison Corp.		130,130		5,810,305
Graphic Packaging Holding Co. (a)		395,680		4,918,302
				10,728,607
Metals & Mining - 1.3%
Steel Dynamics, Inc.		358,350		8,102,294
				29,742,350
Health Care - 3.9%
Biotechnology - 0.3%
Theravance, Inc. (b)		98,480		1,683,023
Health Care Providers & Services - 3.6%
Health Net, Inc./CA (a)		117,710		5,427,608
LifePoint Hospitals, Inc. (a)		122,745		8,492,727
Molina Healthcare, Inc. (a)		96,810		4,095,063
WellCare Health Plans, Inc. (a)		78,900		4,760,826
				22,776,224
				24,459,247
Energy - 3.6%
Oil, Gas & Consumable Fuels - 3.6%
Bill Barrett Corp. (a)		380,720		8,391,069
Rosetta Resources, Inc. (a)		179,840		8,013,670
SM Energy Co.		77,840		6,071,520
				22,476,259
Consumer Staples - 1.2%
Food Products - 1.2%
Dean Foods Co.		581,020		7,698,515
Total Common Stocks (cost $531,444,010)				621,182,926
SHORT-TERM INVESTMENTS - 1.2%
	Principal Amount (000)
Time Deposit - 1.2%
State street Time Deposit 0.01%, 10/01/14 (cost $7,392,691)	$	7,393		7,392,691

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 100.2% (cost $538,836,701)				628,575,617
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.8%
Investment Companies - 0.8%
AllianceBernstein Exchange Reserves-Class I, 0.04% (c)(d) (cost $5,289,560)		5,289,560		5,289,560
Total Investments - 101.0% (cost $544,126,261) (e)				633,865,177
Other assets less liabilities - (1.0)%				(6,296,205	)
Net Assets - 100.0%			$	627,568,972

(a) Non-income producing security.

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

(c) 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.

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

(e) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $114,263,642 and gross unrealized depreciation of investments was $(24,524,726), resulting in net unrealized appreciation of $89,738,916.

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

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

621,182,926

$

– 0

–

$

– 0

–

$

621,182,926

Short-Term Investments

– 0

–

7,392,691

– 0

–

7,392,691

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

5,289,560

– 0

–

– 0

–

5,289,560

Total Investments in Securities

626,472,486

7,392,691

– 0

–

633,865,177

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

626,472,486

$

7,392,691

$

– 0

–

$

633,865,177

* 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 any levels during the reporting period.

The Portfolios recognize 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

September 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.6%
Financials - 28.2%
Banks - 10.7%
Bank of America Corp.		212,700	$	3,626,535
Citigroup, Inc.		40,100		2,077,982
Comerica, Inc.		16,000		797,760
Fifth Third Bancorp		19,800		396,396
JPMorgan Chase & Co.		37,200		2,240,928
Regions Financial Corp.		36,700		368,468
Wells Fargo & Co.		61,300		3,179,631
				12,687,700
Capital Markets - 0.4%
State Street Corp.		7,300		537,353
Consumer Finance - 4.1%
Capital One Financial Corp.		25,700		2,097,634
Discover Financial Services		27,300		1,757,847
SLM Corp.		111,200		951,872
				4,807,353
Diversified Financial Services - 1.9%
Berkshire Hathaway, Inc.-Class B (a)		8,100		1,118,934
Voya Financial, Inc.		28,800		1,126,080
				2,245,014
Insurance - 11.1%
Allstate Corp. (The)		20,000		1,227,400
American Financial Group, Inc./OH		21,900		1,267,791
American International Group, Inc.		41,900		2,263,438
Aon PLC		16,000		1,402,720
Aspen Insurance Holdings Ltd.		8,000		342,160
Assurant, Inc.		15,300		983,790
Chubb Corp. (The)		13,800		1,256,904
Hanover Insurance Group, Inc. (The)		10,400		638,768
Lincoln National Corp.		25,600		1,371,648
PartnerRe Ltd.		13,900		1,527,471
Travelers Cos., Inc. (The)		7,600		713,944
Unum Group		3,900		134,082
				13,130,116
				33,407,536
Information Technology - 13.7%
Communications Equipment - 2.3%
Brocade Communications Systems, Inc.		109,800		1,193,526
Cisco Systems, Inc.		22,000		553,740
Harris Corp.		15,400		1,022,560
				2,769,826
Electronic Equipment, Instruments & Components - 0.3%
Arrow Electronics, Inc. (a)		7,400		409,590
IT Services - 1.8%
Booz Allen Hamilton Holding Corp.		14,300		334,620
Xerox Corp.		131,200		1,735,776
				2,070,396

Company	Shares		U.S. $ Value
Semiconductors & Semiconductor Equipment - 3.3%
Applied Materials, Inc.		47,300		1,022,153
Intel Corp.		55,600		1,935,992
Micron Technology, Inc. (a)		28,600		979,836
				3,937,981
Software - 3.5%
Electronic Arts, Inc. (a)		42,400		1,509,864
Microsoft Corp.		56,600		2,623,976
				4,133,840
Technology Hardware, Storage & Peripherals - 2.5%
Hewlett-Packard Co.		82,400		2,922,728
				16,244,361
Energy - 13.3%
Energy Equipment & Services - 1.9%
Halliburton Co.		22,400		1,445,024
Nabors Industries Ltd.		25,100		571,276
RPC, Inc.		12,600		276,696
				2,292,996
Oil, Gas & Consumable Fuels - 11.4%
Chesapeake Energy Corp.		8,500		195,415
Chevron Corp.		15,700		1,873,324
Exxon Mobil Corp.		44,500		4,185,225
Hess Corp.		24,000		2,263,680
Marathon Oil Corp.		8,200		308,238
Murphy Oil Corp.		16,700		950,397
Occidental Petroleum Corp.		24,200		2,326,830
SM Energy Co.		3,500		273,000
Valero Energy Corp.		24,400		1,128,988
				13,505,097
				15,798,093
Health Care - 12.7%
Biotechnology - 1.2%
Gilead Sciences, Inc. (a)		12,400		1,319,980
Theravance, Inc. (b)		5,400		92,286
				1,412,266
Health Care Equipment & Supplies - 0.8%
Medtronic, Inc.		16,000		991,200
Health Care Providers & Services - 3.9%
Aetna, Inc.		19,000		1,539,000
UnitedHealth Group, Inc.		8,500		733,125
WellPoint, Inc.		19,300		2,308,666
				4,580,791
Pharmaceuticals - 6.8%
Johnson & Johnson		28,300		3,016,497
Merck & Co., Inc.		23,900		1,416,792

Company	Shares		U.S. $ Value
Pfizer, Inc.		122,400		3,619,368
				8,052,657
				15,036,914
Consumer Discretionary - 12.0%
Auto Components - 1.8%
Lear Corp.		7,300		630,793
Magna International, Inc. (New York)-Class A		15,700		1,490,087
				2,120,880
Automobiles - 1.3%
Ford Motor Co.		107,200		1,585,488
Household Durables - 0.7%
PulteGroup, Inc.		46,200		815,892
Media - 2.8%
Liberty Global PLC - Series C (a)		31,700		1,300,175
Time Warner, Inc.		10,600		797,226
Twenty-First Century Fox, Inc.-Class A		33,700		1,155,573
				3,252,974
Multiline Retail - 2.3%
Dillard’s, Inc.-Class A		2,500		272,450
Dollar General Corp. (a)		17,400		1,063,314
Macy’s, Inc.		23,800		1,384,684
				2,720,448
Specialty Retail - 3.1%
Foot Locker, Inc.		20,600		1,146,390
GameStop Corp.-Class A		30,300		1,248,360
Gap, Inc. (The)		8,500		354,365
Office Depot, Inc. (a)		190,100		977,114
				3,726,229
				14,221,911
Utilities - 5.4%
Electric Utilities - 1.7%
Edison International		35,600		1,990,752
Gas Utilities - 1.8%
Atmos Energy Corp.		22,900		1,092,330
UGI Corp.		31,650		1,078,949
				2,171,279
Independent Power Producers & Energy Traders - 1.2%
Calpine Corp. (a)		46,000		998,200
NRG Energy, Inc.		12,800		390,144
				1,388,344
Multi-Utilities - 0.7%
CenterPoint Energy, Inc.		32,600		797,722
				6,348,097

Company	Shares		U.S. $ Value
Industrials - 5.3%
Aerospace & Defense - 0.8%
Northrop Grumman Corp.		6,700		882,792
Airlines - 0.8%
Delta Air Lines, Inc.		25,300		914,595
Industrial Conglomerates - 1.1%
General Electric Co.		52,700		1,350,174
Machinery - 2.6%
Caterpillar, Inc.		10,000		990,300
Dover Corp.		11,500		923,795
ITT Corp.		20,800		934,752
Parker-Hannifin Corp.		2,000		228,300
				3,077,147
				6,224,708
Telecommunication Services - 2.9%
Diversified Telecommunication Services - 2.1%
AT&T, Inc.		70,400		2,480,896
Wireless Telecommunication Services - 0.8%
Vodafone Group PLC (Sponsored ADR)		29,500		970,255
				3,451,151
Consumer Staples - 2.6%
Beverages - 0.1%
Molson Coors Brewing Co.-Class B		1,600		119,104
Food & Staples Retailing - 1.9%
CVS Health Corp.		12,200		970,998
Kroger Co. (The)		23,900		1,242,800
				2,213,798
Household Products - 0.6%
Procter & Gamble Co. (The)		8,500		711,790
				3,044,692
Materials - 2.5%
Chemicals - 2.3%
CF Industries Holdings, Inc.		725		202,435
Eastman Chemical Co.		11,200		905,968
LyondellBasell Industries NV-Class A		15,400		1,673,364
				2,781,767
Metals & Mining - 0.2%
Alcoa, Inc.		14,100		226,869
				3,008,636
Total Common Stocks (cost $88,495,035)				116,786,099

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.1%
Time Deposit - 0.1%
State Street Time Deposit 0.01%, 10/01/14 (cost $100,505)	$	101		100,505
Total Investments Before Security Lending Collateral for Securities Loaned - 98.7% (cost $88,595,540)				116,886,604
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
Investment Companies - 0.1%
AllianceBernstein Exchange Reserves-Class I, 0.04% (c)(d) (cost $98,550)		98,550		98,550
Total Investments - 98.8% (cost $88,694,090) (e)				116,985,154
Other assets less liabilities - 1.2%				1,422,040
Net Assets - 100.0%			$	118,407,194

(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) 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.

(e) As of September 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $29,344,995 and gross unrealized depreciation of investments was $(1,053,931), resulting in net unrealized appreciation of $28,291,064.

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

Glossary:

ADR - American Depositary Receipt

AllianceBernstein Variable Products Series Fund

Value Portfolio

September 30, 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 September 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks*

$

116,786,099

$

– 0

–

$

– 0

–

$

116,786,099

Short-Term Investments

– 0

–

100,505

– 0

–

100,505

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

98,550

– 0

–

– 0

–

98,550

Total Investments in Securities

116,884,649

100,505

– 0

–

116,985,154

Other Financial Instruments**

– 0

–

– 0

–

– 0

–

– 0

–

Total+

$

116,884,649

$

100,505

$

– 0

–

$

116,985,154

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

ITEM 3. EXHIBITS.

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

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

SIGNATURES

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

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

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	November 21, 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:	November 21, 2014

By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	November 21, 2014