ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
Semi-Annual Report
June 30, 1995
(Unaudited)
The following Semi-Annual Report for the Alliance Variable Products Series
Fund, Inc. (the "Fund") includes financial information for the fifteen
Portfolios of the Fund which were active as of June 30, 1995. Not all
Portfolios of the Fund are available through each insurance product offering
investments in the Fund.
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
LETTER TO SHAREHOLDERS
------------------------------------------------------------------------------
July 28, 1995
Dear Shareholder:
For the six months ended June 30, 1995, we are pleased to provide overviews of
market activity, both domestically and internationally, that influenced
investment performance for Alliance Variable Products Series Fund.
MARKET OVERVIEW
The pronounced economic slowdown in the first six months of the year has
challenged the notion of a "soft landing" for the U.S. economy. During the
second quarter, the U.S. economy expanded at a rate of 0.5%, the slowest rise in
almost four years.
We have reduced our growth expectations for the full year, though we do not
believe that the economy is headed into a recession. The trade picture seems to
be stabilizing, domestic consumers seem able and willing to spend and, in tacit
acknowledgment of the weakening U.S. economy, the Federal Reserve recently
lowered interest rates 0.25%. If employment data remains steady or improves,
personal consumption expenditures may help support an economic rebound in the
second half of the year. Concerns regarding inflation have largely subsided
with the decline in economic growth. Broad price indices such as the Consumer
Price Index (CPI) and Producer Price Index (PPI) have shown only moderate
acceleration and labor costs remain under control. The budget debate, which
won't be resolved until September or October, is important in this regard; and
for now we're optimistic that real progress toward deficit reduction will be
made.
Thus, the near-term economic outlook is for slower but steady and extended
growth, coupled with diminished inflation fears. This suggests slightly lower
interest rates and moderately high (16 - 18x) price earnings rates for common
stocks.
The U.S. bond market rebounded sharply during the first few months of the year,
staging an impressive rally across nearly all fixed income sectors. The rally
was sparked, in large part, by evidence of a slowing U.S. economy, moderating
inflationary pressures and the Federal Reserve's shift in monetary policy. If
inflation remains contained, additional easing of monetary policy should
favorably affect bond prices.
o Money Market Portfolio
Data released in the third quarter should indicate whether the Federal Reserve
will react to the slowing economy. A view might be taken that the Fed's board
members are comfortable with current monetary policy, as inflation has been
held in check for two consecutive quarters. Therefore, the short-term market
may be a little ahead of itself in pricing in anticipated interest rate
easings. With this uncertainty in the market, the Portfolio's near-term goal
will be to maintain a yield at or above the Federal Funds target rate.
GLOBAL STOCK MARKETS
o Premier Growth Portfolio
o Growth & Income Portfolio
o Total Return Portfolio
o Utility Income Portfolio
o Growth Portfolio
o Growth Investors Portfolio
In terms of domestic equity investments, we have been bullish for several
reasons: The general macro environment has been one of moderate growth and
moderate inflation. At the micro level, corporate profits, cash flow and
balance sheets have all improved. From a valuation perspective the U.S. dollar
remains low, placing our assets at an attractive level in world markets.
Finally, increased fiscal conservatism being shown in the political arena is
conducive to investor confidence and should help sustain the price earnings
multiple of the market at current or better levels.
After the market's advance we will be particularly watchful that today's
economic slowdown does not slip into a mild recession (which we do not expect),
and that the stock market's enthusiasm for certain sectors such as technology
is not taken to extreme.
1
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In the utilities sector, general underperformance versus the S&P 500 over the
past six months reflects continued investor uncertainty regarding the pace of
deregulation within both the electric and telecommunications industries. We
believe this relative underperformance presents investors with the opportunity
to purchase utilities at attractive valuations. In addition, we believe
regulatory risk of asset write-downs has lessened, reducing the level of
downside exposure.
o International Portfolio
The weak tone of international equity performance seen in the first quarter of
1995 was reversed by broad-based gains during the second quarter, as
expectations of lower interest rates more than offset investors' fears of the
slower earnings growth traditionally associated with periods of economic
slowdown. The biggest beneficiaries of this change in sentiment were those
markets most sensitive to changes in U.S. interest rates, namely the U.S.,
Latin America and the Far East. European equities witnessed a rise of 5.7% over
the second half of the reporting period. The only market that failed to respond
was Japan, which declined a further 6.5% over the second calendar quarter,
bringing its year-to-date decline to 8.6% in U.S. dollar terms.
Asset allocation made a positive contribution to returns in the International
Portfolio as it remained underweight Japan and overweight Europe. European
stock selection recovered some of the ground lost in the first quarter due to
strong performance from overweight positions in Finland, Spain and Sweden. The
Portfolio's overweight position in France did not help despite a positive
outcome from elections in May. In Asia, the Portfolio's exposure to property
related companies in Hong Kong and banks in Malaysia and Thailand was
rewarding. From a fundamental perspective, further gains in international
equity prices will be conditioned on interest rates remaining quiescent (which
we expect given slower economic growth and muted inflation data) and earnings
growth expectations remaining broadly positive.
o Worldwide Privatization Portfolio
The volume of privatizations has been a bit subdued so far this year, primarily
because of the uncertainty in emerging markets. However, we expect that for the
year as a whole, new initial public offerings should be somewhere close to the
1994 level of $57 billion. This will be partly attributable to the expected
significant increase in Latin American countries as they respond to
supranational lenders' pressure to revive privatization programs. We also look
forward to the early 1996 privatization of the giant Deutsche Telecom in
Germany.
Europe has continued to dominate privatization IPOs over the past several
months. Recent participations for the Portfolio include Seita, the national
tobacco company in France, and Vienna Airports in Austria.
Worldwide Privatization Portfolio remains broadly exposed: current top areas of
investment include basic industries, consumer manufacturing, consumer services
and consumer staples. The top countries in which the Portfolio is invested are
France, the United Kingdom, Germany and the Netherlands.
GLOBAL BOND MARKETS
o U.S. Government/High Grade Securities Portfolio
o Conservative Investors Portfolio
o North American Government Income Portfolio
o Global Bond Portfolio
o Global Dollar Portfolio
o Short-Term Multi-Market Portfolio
The most significant activity in the domestic bond market was the Federal
Reserve's move on July 6, 1995, to reduce short-term interest rates by 0.25%.
As is usually the case, bond prices moved up fairly sharply immediately
following the Fed's easing. Though it was a relatively modest reduction,
we believe it was important mostly because it was early in the economic
cycle. The impact should be positive for the economy and for the markets, and
if the economy picks up a few quarters down the road as we expect, corporate
profits should move up as well. We believe that further easing is likely in
the months ahead; if rates continue to fall in the U.S., this could have
a positive impact on other countries that fall within the U.S. dollar bloc.
The outlook for Mexico has recently improved as the government's economic
recovery plan is meeting its initial goals. As interest rates fall in Mexico,
it is our expectation that economic activity will recover. In Argentina, it is
our belief that President Menem will continue to effectively address the
country's economic
2
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concerns and maintain its commitment to the currency convertibility system.
While political and social factors are of concern in both countries, the early
achievements of both recovery plans are encouraging. From March 9 to June 30,
1995, the Mexican peso gained 19% versus the U.S. dollar and volatility
declined.
In Canada, continued economic growth coupled with restrained inflation
benefited bond market prices over the past six months. Economic growth has
slowed in Canada and inflation and inflationary expectations remain moderate.
Adding to our favorable outlook are the Canadian government's plans for
aggressive deficit reduction and the diminished likelihood of an electoral
success for the Quebec separatist movement.
New Zealand continues to have among the best investment potential within the
international arena. Of all countries included in the Organization for Economic
Cooperation and Development, New Zealand has the largest budget surplus as a
percentage of gross domestic product. We believe this surplus, combined with
the rigorous anti-inflation mandate of the Reserve Bank of New Zealand, should
lead to currency appreciation.
The weakness of the U.S. dollar definitely slowed economic recoveries in Europe
and Japan. Some of the better prospects going forward will likely be securities
of European countries that have effectively tightened monetary policy, such as
Germany, Spain and Denmark.
Investment results for each Portfolio appear on the following page. We
appreciate your investment in Alliance Variable Products Series Fund and look
forward to reporting its progress to you at year end.
Sincerely,
John D. Carifa
Chairman and President
3
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
INVESTMENT RESULTS
------------------------------------------------------------------------------
Average Annual Total Return as of June 30, 1995
Listed below are the Portfolios' total returns for the six-month, one-year and
since inception periods ended June 30, 1995. One-year and since inception
performance represents average annual total returns.
<TABLE>
<CAPTION>
<S> <C>
Conservative Investors Portfolio
o Six Months +10.13%
o Since Inception (10/94) +10.90%*
Global Bond Portfolio
o Six Months +16.52%
o One Year +4.78%
o Since Inception (7/91) +9.45%
Global Dollar Portfolio
o Six Months +10.63%
o One Year +8.86%
o Since Inception (5/94) +7.59%
Growth and Income Portfolio
o Six Months +19.85%
o One Year +18.85%
o Since Inception (1/91) +9.36%
Growth Investors Portfolio
o Six Months +10.93%
o Since Inception (10/94) +9.38%*
Growth Portfolio
o Six Months +21.45%
o Since Inception (9/94) +27.88%*
International Portfolio
o Six Months +2.52%
o One Year +2.12%
o Since Inception (12/92) +12.04%
Money Market Portfolio
o Six Months 2.46%
o SEC 7-Day Yield 4.98%
North American Government Income Portfolio
o Six Months +7.48%
o One Year -5.52%
o Since Inception (5/94) -4.78%
Premier Growth Portfolio
o Six Months +27.84%
o One Year +30.37%
o Since Inception (6/92) +16.66%
Short-Term Multi-Market Portfolio
o Six Months +1.72%
o One Year -8.70%
o Since Inception (11/90) +2.05%
Total Return Portfolio
o Six Months +13.23%
o One Year +10.99%
o Since Inception (12/92) +7.37%
U.S. Government/High Grade Securities Portfolio
o Six Months +11.79%
o One Year +7.88%
o Since Inception (9/92) +5.42%
Utility Income Portfolio
o Six Months +11.13%
o One Year +10.69%
o Since Inception (5/94) +9.32%
Worldwide Privatization Portfolio
o Six Months +7.20%
o Since Inception (9/94) +8.27%*
</TABLE>
* Unannualized.
The average annual total returns are based on net asset value performance and
reflect investment of dividends and/or capital gains distributions in
additional shares. These figures do not reflect insurance company separate
account or annuity contract charges, which would reduce total return to a
contract owner. Past performance does not guarantee future results. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
4
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
TEN LARGEST HOLDINGS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PREMIER GROWTH PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Intel Corp. (common stock and warrants) $ 3,404,925 5.5%
------------------------------------------------------------------------------------------------------------------------
Motorola, Inc. 3,289,125 5.4
------------------------------------------------------------------------------------------------------------------------
Philip Morris Cos., Inc. 3,220,438 5.3
------------------------------------------------------------------------------------------------------------------------
United Healthcare Corp. 3,090,712 5.0
------------------------------------------------------------------------------------------------------------------------
Norwest Corp. 2,311,500 3.8
------------------------------------------------------------------------------------------------------------------------
General Motors Corp. 2,308,125 3.8
------------------------------------------------------------------------------------------------------------------------
Walt Disney Co. 1,880,125 3.1
------------------------------------------------------------------------------------------------------------------------
UAL Corp. 1,879,350 3.1
------------------------------------------------------------------------------------------------------------------------
Hewlett-Packard Co. 1,840,150 3.0
------------------------------------------------------------------------------------------------------------------------
AirTouch Communications, Inc. 1,835,400 3.0
------------------------------------------------------------------------------------------------------------------------
$25,059,850 41.0%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROWTH AND INCOME PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Philip Morris Cos., Inc. $ 2,714,688 4.7%
------------------------------------------------------------------------------------------------------------------------
Eastman Kodak Co. 2,267,375 3.9
------------------------------------------------------------------------------------------------------------------------
Pioneer Hi Bred International, Inc. 1,767,125 3.0
------------------------------------------------------------------------------------------------------------------------
Schering-Plough Corp. 1,685,575 2.9
------------------------------------------------------------------------------------------------------------------------
Vodafone Group PLC (ADR) 1,643,775 2.8
------------------------------------------------------------------------------------------------------------------------
Travelers, Inc. 1,513,750 2.6
------------------------------------------------------------------------------------------------------------------------
Sprint Corp. 1,506,400 2.6
------------------------------------------------------------------------------------------------------------------------
AB Astra (common stock - ADR, Series A and B) 1,494,103 2.6
------------------------------------------------------------------------------------------------------------------------
Nokia Corp. (ADR) 1,436,962 2.5
------------------------------------------------------------------------------------------------------------------------
International Business Machines Corp. 1,344,000 2.3
------------------------------------------------------------------------------------------------------------------------
$17,373,753 29.9%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
TEN LARGEST HOLDINGS
June 30, 1995 (Unaudited)
------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Notes $267,162 11.9%
------------------------------------------------------------------------------------------------------------------------
General Electric Co. 39,463 1.7
------------------------------------------------------------------------------------------------------------------------
Philip Morris Cos., Inc. 37,187 1.7
------------------------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 32,925 1.5
------------------------------------------------------------------------------------------------------------------------
PepsiCo, Inc. 31,937 1.4
------------------------------------------------------------------------------------------------------------------------
Eastman Kodak Co. 30,313 1.3
------------------------------------------------------------------------------------------------------------------------
International Business Machines Corp. 28,800 1.3
------------------------------------------------------------------------------------------------------------------------
Dean Witter, Discover & Co. 28,200 1.3
------------------------------------------------------------------------------------------------------------------------
Pfizer, Inc. 27,712 1.2
------------------------------------------------------------------------------------------------------------------------
Schering-Plough Corp. 26,475 1.2
------------------------------------------------------------------------------------------------------------------------
$550,174 24.5%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Rohm Co. $ 155,035 1.6%
------------------------------------------------------------------------------------------------------------------------
Fortis Amev N.V. 140,152 1.4
------------------------------------------------------------------------------------------------------------------------
Astra AB 121,341 1.2
------------------------------------------------------------------------------------------------------------------------
Nintendo Corp. Ltd. 120,665 1.2
------------------------------------------------------------------------------------------------------------------------
Toyota Corp. 118,931 1.2
------------------------------------------------------------------------------------------------------------------------
Fuji Photo Film Co. (ORD) 118,577 1.2
------------------------------------------------------------------------------------------------------------------------
Veba AG 103,363 1.0
------------------------------------------------------------------------------------------------------------------------
Deutsche Bank AG 98,645 1.0
------------------------------------------------------------------------------------------------------------------------
Royal Bank of Scotland Group 98,596 1.0
------------------------------------------------------------------------------------------------------------------------
Bayer Motoren Werke AG 96,516 1.0
------------------------------------------------------------------------------------------------------------------------
$1,171,821 11.8%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
TEN LARGEST HOLDINGS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UTILITY INCOME PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Baltimore Gas & Electric Co. $170,000 5.8%
------------------------------------------------------------------------------------------------------------------------
AT & T Corp. 120,063 4.1
------------------------------------------------------------------------------------------------------------------------
Portland General Corp. 96,908 3.3
------------------------------------------------------------------------------------------------------------------------
AirTouch Communications, Inc. 96,786 3.3
------------------------------------------------------------------------------------------------------------------------
FPL Group, Inc. 96,563 3.3
------------------------------------------------------------------------------------------------------------------------
Western Atlas, Inc. 88,750 3.0
------------------------------------------------------------------------------------------------------------------------
Motorola, Inc. 80,550 2.7
------------------------------------------------------------------------------------------------------------------------
NIPSCO Industries, Inc. 79,220 2.7
------------------------------------------------------------------------------------------------------------------------
U.S. West, Inc. 79,088 2.7
------------------------------------------------------------------------------------------------------------------------
DPL, Inc. 77,438 2.6
------------------------------------------------------------------------------------------------------------------------
$985,366 33.5%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROWTH PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cisco Systems, Inc. $ 707,875 3.7%
------------------------------------------------------------------------------------------------------------------------
Loews Corp. 653,400 3.5
------------------------------------------------------------------------------------------------------------------------
Viacom, Inc. 569,670 3.0
------------------------------------------------------------------------------------------------------------------------
General Instrument Corp. 560,275 3.0
------------------------------------------------------------------------------------------------------------------------
Travelers, Inc. 546,875 2.9
------------------------------------------------------------------------------------------------------------------------
Eastman Kodak Co. 503,187 2.7
------------------------------------------------------------------------------------------------------------------------
Tele-Communications, Inc. Cl.A 499,219 2.6
------------------------------------------------------------------------------------------------------------------------
Intel Corp. 455,850 2.4
------------------------------------------------------------------------------------------------------------------------
Motorola, Inc. 443,025 2.3
------------------------------------------------------------------------------------------------------------------------
Philip Morris Cos., Inc. 423,938 2.2
------------------------------------------------------------------------------------------------------------------------
$5,363,314 28.3%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
TEN LARGEST HOLDINGS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WORLDWIDE PRIVATIZATION PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Yizheng Chemical Fibre $ 95,609 3.0%
------------------------------------------------------------------------------------------------------------------------
Pharmacia AB 86,920 2.7
------------------------------------------------------------------------------------------------------------------------
Viag AG 78,935 2.4
------------------------------------------------------------------------------------------------------------------------
East Japan Railway Co. 76,987 2.4
------------------------------------------------------------------------------------------------------------------------
Indostat 75,887 2.4
------------------------------------------------------------------------------------------------------------------------
TAB Corp. Holdings Ltd. 72,388 2.3
------------------------------------------------------------------------------------------------------------------------
Lufthansa AG 72,312 2.2
------------------------------------------------------------------------------------------------------------------------
Kon Ptt Nederland 71,894 2.2
------------------------------------------------------------------------------------------------------------------------
Repsol S.A. 69,201 2.1
------------------------------------------------------------------------------------------------------------------------
Valmet Co. 67,783 2.1
------------------------------------------------------------------------------------------------------------------------
$767,916 23.8%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CONSERVATIVE INVESTORS PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Bonds $ 636,680 29.5%
------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes 271,208 12.6
------------------------------------------------------------------------------------------------------------------------
Philip Morris Cos., Inc. 14,875 .7
------------------------------------------------------------------------------------------------------------------------
Hercules, Inc. 14,625 .7
------------------------------------------------------------------------------------------------------------------------
Bank of New York Co., Inc. 12,112 .6
------------------------------------------------------------------------------------------------------------------------
McDonald's Corp. 11,737 .5
------------------------------------------------------------------------------------------------------------------------
General Electric Co. 11,275 .5
------------------------------------------------------------------------------------------------------------------------
Capital Cities ABC, Inc. 10,800 .5
------------------------------------------------------------------------------------------------------------------------
Pfizer, Inc. 9,238 .4
------------------------------------------------------------------------------------------------------------------------
IBP, Inc. 8,700 .4
------------------------------------------------------------------------------------------------------------------------
$1,001,250 46.4%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
TEN LARGEST HOLDINGS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH INVESTORS PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
COMPANY U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Bonds $172,105 11.2%
------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes 125,619 8.2
------------------------------------------------------------------------------------------------------------------------
Bank of New York Co., Inc. 32,300 2.1
------------------------------------------------------------------------------------------------------------------------
Pfizer, Inc. 27,713 1.8
------------------------------------------------------------------------------------------------------------------------
Gillette Co. 26,775 1.7
------------------------------------------------------------------------------------------------------------------------
International Paper Co. 25,725 1.7
------------------------------------------------------------------------------------------------------------------------
Capital Cities ABC, Inc. 21,600 1.4
------------------------------------------------------------------------------------------------------------------------
General Reinsurance Corp. 20,081 1.3
------------------------------------------------------------------------------------------------------------------------
Caterpillar, Inc. 19,275 1.3
------------------------------------------------------------------------------------------------------------------------
Coca-Cola Co. 19,125 1.3
------------------------------------------------------------------------------------------------------------------------
$490,318 32.0%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
INDUSTRY DIVERSIFICATION
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Basic Industries $ 645,196 6.5%
------------------------------------------------------------------------------------------------------------------------
Capital Goods 612,983 6.2
------------------------------------------------------------------------------------------------------------------------
Consumer Manufacturing 764,293 7.7
------------------------------------------------------------------------------------------------------------------------
Consumer Services 1,244,268 12.5
------------------------------------------------------------------------------------------------------------------------
Consumer Staples 1,010,088 10.2
------------------------------------------------------------------------------------------------------------------------
Energy 192,097 1.9
------------------------------------------------------------------------------------------------------------------------
Financial Services 2,151,836 21.7
------------------------------------------------------------------------------------------------------------------------
Healthcare 314,175 3.2
------------------------------------------------------------------------------------------------------------------------
Multi-Industry 177,966 1.8
------------------------------------------------------------------------------------------------------------------------
Technology 464,258 4.7
------------------------------------------------------------------------------------------------------------------------
Transportation 157,592 1.6
------------------------------------------------------------------------------------------------------------------------
Utilities 720,312 7.2
------------------------------------------------------------------------------------------------------------------------
Time Deposit 1,344,000 13.5
------------------------------------------------------------------------------------------------------------------------
Total Investments 9,799,064 98.7
------------------------------------------------------------------------------------------------------------------------
Cash and receivables, net of liabilities 133,500 1.3
------------------------------------------------------------------------------------------------------------------------
Net Assets $9,932,564 100.0%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
INDUSTRY DIVERSIFICATION
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WORLDWIDE PRIVATIZATION PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
U.S. $ VALUE PERCENT OF NET ASSETS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Basic Industries $ 227,079 7.0%
------------------------------------------------------------------------------------------------------------------------
Consumer Manufacturing 158,273 4.9
------------------------------------------------------------------------------------------------------------------------
Consumer Services 209,624 6.5
------------------------------------------------------------------------------------------------------------------------
Consumer Staples 60,108 1.9
------------------------------------------------------------------------------------------------------------------------
Energy 178,578 5.5
------------------------------------------------------------------------------------------------------------------------
Financial Services 349,495 10.8
------------------------------------------------------------------------------------------------------------------------
Healthcare 140,225 4.4
------------------------------------------------------------------------------------------------------------------------
Multi-Industry 151,503 4.7
------------------------------------------------------------------------------------------------------------------------
Technology 43,804 1.4
------------------------------------------------------------------------------------------------------------------------
Transportation 76,987 2.4
------------------------------------------------------------------------------------------------------------------------
Utilities 523,766 16.3
------------------------------------------------------------------------------------------------------------------------
Commercial Paper 1,092,000 33.9
------------------------------------------------------------------------------------------------------------------------
Total Investments 3,211,442 99.7
------------------------------------------------------------------------------------------------------------------------
Cash and receivables, net of liabilities 11,005 .3
------------------------------------------------------------------------------------------------------------------------
Net Assets $3,222,447 100.0%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------- ------------
<S> <C> <C>
COMMON STOCKS &
OTHER INVESTMENTS--95.6%
BASIC INDUSTRIES--3.8%
CHEMICALS--3.1%
Dow Chemical Co..................... 15,600 $ 1,121,250
Du Pont (E.I.) de Nemours & Co. .... 11,000 756,250
---------
1,877,500
---------
PAPER & FOREST
PRODUCTS--0.7%
Georgia-Pacific Corp. .............. 4,800 416,400
----------
2,293,900
---------
CAPITAL GOODS--1.7%
ELECTRICAL
EQUIPMENT--1.7%
Caterpillar, Inc.................... 16,400 1,053,700
---------
CONSUMER
MANUFACTURING--1.6%
AUTO & RELATED--1.6%
General Motors Corp. ............... 21,400 1,003,125
---------
CONSUMER SERVICES--24.4%
AIRLINES--3.8%
KLM Royal Dutch Airlines ........... 13,500 440,437
UAL Corp.*.......................... 13,400 1,879,350
---------
2,319,787
---------
BROADCASTING &
CABLE--10.0%
AirTouch Communications, Inc.* ..... 64,400 1,835,400
Comcast Corp. Cl.A SPL ............. 39,000 723,937
Cox Communications, Inc. Cl.A ...... 15,300 296,438
LIN Broadcasting Corp. Cl.A* ....... 3,000 379,875
Tele-Communications, Inc. Cl.A* .... 58,500 1,371,094
Viacom, Inc. Cl.A*.................. 1,448 67,332
Cl.B*............................ 29,868 1,385,128
Rights*.......................... 50,700 76,050
------
6,135,254
---------
ENTERTAINMENT &
LEISURE--3.1%
Walt Disney Co...................... 33,800 1,880,125
---------
RESTAURANTS &
LODGING--2.3%
McDonald's Corp..................... 37,000 1,447,625
---------
RETAILING--5.2%
Home Depot, Inc..................... 41,933 $ 1,703,528
Kohls Corp.*........................ 11,300 515,563
Wal-Mart Stores, Inc. .............. 35,400 946,950
----------
3,166,041
----------
14,948,832
----------
CONSUMER STAPLES--7.6%
FOOD--2.3%
Coca-Cola Co........................ 10,000 637,500
PepsiCo, Inc........................ 17,600 803,000
-------
1,440,500
---------
TOBACCO--5.3%
Philip Morris Cos., Inc. ........... 43,300 3,220,438
---------
4,660,938
---------
FINANCE--13.2%
APITAL PRINTING SYSTEMS]
BANKING & CREDIT--8.0%
Citicorp............................ 15,200 879,700
First Bank Systems, Inc. ........... 20,800 852,800
NationsBank Corp.................... 16,200 868,725
Norwest Corp........................ 80,400 2,311,500
---------
4,912,725
---------
BROKERAGE & MONEY
MANAGEMENT--1.5%
Merrill Lynch & Co., Inc. .......... 18,000 945,000
---------
MORTGAGE BANKING--2.6%
Federal National Mortgage Assn. .... 16,500 1,557,187
---------
OTHER--1.1%
MBNA Corp........................... 19,700 664,875
-------
8,079,787
---------
HEALTH CARE--12.5%
DRUGS--5.6%
AMGEN, Inc.......................... 12,400 996,650
Merck & Co., Inc.................... 27,800 1,362,200
Pfizer, Inc......................... 11,900 1,099,263
---------
3,458,113
---------
MEDICAL SERVICES--6.9%
Columbia HCA Healthcare Corp. ...... 18,600 804,450
U.S. Healthcare, Inc. .............. 9,700 298,275
United Healthcare Corp. ............ 74,700 3,090,712
---------
4,193,437
---------
7,651,550
---------
</TABLE>
12
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
TECHNOLOGY--28.7%
COMMUNICATIONS
EQUIPMENT--10.8%
Cisco Systems, Inc.* ............... 33,800 $1,709,012
Motorola, Inc....................... 49,000 3,289,125
Nokia Corp. (ADR)................... 26,700 1,591,988
---------
6,590,125
---------
COMPUTER HARDWARE--5.3%
Compaq Computer Corp.* ............. 31,300 1,420,238
Hewlett-Packard Co.................. 24,700 1,840,150
---------
3,260,388
---------
COMPUTER SOFTWARE &
SERVICES--5.1%
General Motors Corp. Cl.E .......... 30,000 1,305,000
Microsoft Corp.*.................... 11,800 1,067,162
Oracle Corp.*....................... 19,100 736,544
---------
3,108,706
---------
SEMI-CONDUCTORS &
RELATED--7.5%
Applied Materials, Inc.* ........... 5,500 475,750
Intel Corp.......................... 16,000 1,013,000
warrants expiring 3/14/98*....... 79,400 2,391,925
Texas Instruments, Inc. ............ 5,200 696,150
---------
4,576,825
---------
17,536,044
----------
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
---------- ------------
<S> <C> <C>
TRANSPORTATION--2.1%
RAILROADS--2.1%
Burlington Northern, Inc............ 10,500 $ 665,437
Conrail, Inc........................ 7,500 417,188
Southern Pacific Rail Corp.* 12,000 189,000
---------
1,271,625
---------
Total Common Stocks &
Other Investments
(cost $47,552,529)............... 58,499,501
----------
SHORT-TERM INVESTMENTS--5.7%
COMMERCIAL PAPER--5.7%
Ford Motor Credit Corp.
6.20%, 7/03/95
(amortized cost $3,447,812)...... $3,449 3,447,812
---------
TOTAL INVESTMENTS--101.3%
(cost $51,000,341)............... 61,947,313
Other assets less liabilities--(1.3%) (773,969)
NET ASSETS--100.0%................... $61,173,344
===========
</TABLE>
------------------------------------------------------------------------------
* Non-income producing security.
See Notes to Financial Statements.
13
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GLOBAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C> <C>
AUSTRALIA--4.2%
GOVERNMENT/AGENCY--4.2%
Queensland Treasury
8.00%, 8/14/01
(cost $393,433)........... AUD 560 $ 381,266
-----------
AUSTRIA--4.7%
GOVERNMENT/AGENCY--4.7%
Republic of Austria
7.50%, 1/24/05
(cost $414,681)........... ATS 4,100 426,627
----------
CANADA--4.8%
GOVERNMENT/AGENCY--4.8%
Canadian Government
7.25%, 6/01/03
(cost $440,041)........... CAD 620 435,417
---------
DENMARK--5.0%
GOVERNMENT/AGENCY--5.0%
Kingdom of Denmark
8.00%, 5/15/03............ DKK 1,000 179,946
9.00%, 11/15/00........... 1,400 269,035
---------
Total Danish Securities
(cost $412,880)........... 448,981
---------
FRANCE--4.9%
GOVERNMENT/AGENCY--4.9%
Credit Local De Fractional
6.00%, 11/15/01........... FRF 500 95,851
Government of France
6.75%, 10/25/04........... 1,800 350,739
---------
Total French Securities
(cost $402,551)........... 446,590
---------
GERMANY--5.4%
GOVERNMENT/AGENCY--5.4%
Treuhandanstalt
6.50%, 4/23/03
(cost $483,804)........... DEM 700 490,795
---------
ITALY--4.7%
GOVERNMENT/AGENCY--4.7%
Republic of Italy
12.00%, 9/01/01
(cost $434,534)........... LIRA 700,000 $ 425,069
----------
JAPAN--12.6%
CORPORATE OBLIGATIONS--5.1%
International Bank for
Reconstruction & Development
4.50%, 3/20/03 ........... JPY 35,000 464,832
-------
GOVERNMENT/AGENCY--7.5%
Japan Development Bank
6.50%, 9/20/01 ........... 47,000 681,737
-------
Total Japanese Securities
(cost $880,754)........... 1,146,569
---------
NEW ZEALAND--4.5%
GOVERNMENT/AGENCY--4.5%
New Zealand
10.00%, 3/15/02
(cost $417,584)........... NZD 550 410,711
---------
SPAIN--3.8%
GOVERNMENT/AGENCY--3.8%
Government of Spain
10.30%, 6/15/02
(cost $339,427)........... ESP 45,000 345,808
---------
SWEDEN--4.0%
GOVERNMENT/AGENCY--4.0%
Kingdom of Sweden
10.25%, 5/05/03
(cost $350,609)........... SEK 2,700 362,306
---------
UNITED KINGDOM--8.6%
CORPORATE OBLIGATIONS--8.6%
British Telecommunications, Plc
7.125%, 9/15/03........... GBP 225 323,212
</TABLE>
14
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GLOBAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
--------- -----------
<S> <C> <C> <C>
European Investment Bank
6.00%, 11/26/04 .......... GBP 350 $ 457,193
-----------
Total United Kingdom Securities
(cost $797,047)........... 780,405
-------
UNITED STATES--30.1%
GOVERNMENT/AGENCY--28.4%
United States Treasury Notes
7.25%, 8/15/04 (a)....... US$ 2,410 2,575,302
---------
TIME DEPOSIT--1.7%
State Street Bank and Trust Co.
5.875%, 7/03/95 ......... 154 154,000
-------
Total United States Securities
(cost $2,651,820).......... 2,729,302
---------
TOTAL INVESTMENTS--97.3%
(cost $8,419,165) ...................... $8,829,846
Other assets less liabilities--2.7% ....... 241,373
-----------
NET ASSETS--100.0% ........................ $9,071,219
===========
</TABLE>
------------------------------------------------------------------------------
(a) Securities segregated to collateralize forward exchange currency
contracts with an aggregate market value of approximately $2,575,302.
See Notes to Financial Statements.
15
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
COMMON AND
PREFERRED STOCKS--89.7%
BASIC INDUSTRIES--7.6%
CHEMICALS--4.7%
Monsanto Co......................... 13,400 $ 1,207,675
Rohm & Haas Co...................... 19,500 1,070,062
Union Carbide Corp.................. 13,700 457,238
-----------
2,734,975
-----------
METALS & MINING--0.6%
Alcan Aluminum Ltd.................. 12,000 363,000
-----------
PAPER & FOREST PRODUCTS--1.3%
Federal Paper Board, Inc. .......... 20,700 732,263
-----------
POLLUTION CONTROL--1.0%
WMX Technologies, Inc............... 20,400 578,850
-----------
4,409,088
-----------
CAPITAL GOODS--3.4%
ELECTRICAL EQUIPMENT--1.8%
General Electric Co. .............. 18,800 1,059,850
------------
MACHINERY--1.6%
Allied-Signal, Inc.................. 14,000 623,000
BWIP Holdings, Inc. Cl.A............ 15,700 288,487
-----------
911,487
-----------
1,971,337
-----------
CONSUMER
MANUFACTURING--5.8%
AUTO & RELATED--1.9%
Goodyear Tire & Rubber Co........... 26,500 1,093,125
-----------
OTHER--3.9%
Eastman Kodak Co.................... 37,400 2,267,375
-----------
3,360,500
-----------
CONSUMER SERVICES--8.7%
BROADCASTING & CABLE--4.5%
Comcast Corp. Cl.A SPL ............ 51,100 948,544
Vodafone Group PLC (ADR) .......... 43,400 1,643,775
------------
2,592,319
------------
RETAILING--4.2%
Federated Department Stores, Inc.*.. 20,300 522,725
May Department Stores Co............ 25,000 1,040,625
Sears, Roebuck & Co................. 14,500 868,187
-----------
2,431,537
-----------
5,023,856
-----------
CONSUMER STAPLES--11.7%
FOOD--5.3%
PepsiCo, Inc........................ 28,900 1,318,562
Pioneer Hi Bred International, Inc.. 42,200 1,767,125
-----------
3,085,687
-----------
HOUSEHOLD PRODUCTS--1.7%
Colgate-Palmolive Co................ 13,900 $1,016,438
-----------
TOBACCO--4.7%
Philip Morris Cos., Inc............ 36,500 2,714,688
----------
6,816,813
----------
ENERGY--8.6%
DOMESTIC INTEGRATED--3.1%
Atlantic Richfield Co............... 7,400 812,150
Unocal Corp. cv. pfd. (a)........... 18,800 1,005,800
----------
1,817,950
----------
DOMESTIC PRODUCERS--1.0%
Renaissance Energy Ltd.* (a) ........ 27,000 557,790
----------
INTERNATIONAL
PRODUCERS--1.1%
YPF Sociedad Anonima (ADR) .......... 34,900 658,738
----------
OIL & GAS SERVICES--1.9%
Western Atlas, Inc.* ................ 24,900 1,104,937
----------
PIPELINES--1.5%
Enron Corp........................... 24,000 843,000
----------
4,982,415
----------
FINANCE--12.0%
BANKING & CREDIT--5.4%
BankAmerica Corp..................... 15,700 826,213
Chemical Banking Corp................ 11,300 533,925
Fleet Financial Group, Inc........... 22,500 835,312
NationsBank Corp..................... 17,600 943,800
----------
3,139,250
----------
BROKERAGE & MONEY
MANAGEMENT--1.5%
Merrill Lynch & Co., Inc............. 16,500 866,250
----------
INSURANCE--5.1%
Allstate Corp. ...................... 18,500 548,062
American International Group, Inc.... 8,000 912,000
Travelers, Inc....................... 34,600 1,513,750
-----------
2,973,812
-----------
6,979,312
-----------
HEALTH CARE--12.9%
DRUGS--7.5%
AB Astra (ADR)....................... 28,800 887,936
AB Astra Series A.................... 5,000 154,378
AB Astra Series B.................... 15,000 451,789
Lilly (Eli) & Co..................... 6,400 502,400
Merck & Co., Inc..................... 14,000 686,000
Schering-Plough Corp................. 38,200 1,685,575
----------
4,368,078
----------
</TABLE>
16
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
MEDICAL SERVICES--5.4%
Columbia HCA Healthcare Corp........ 26,400 $1,141,800
Meditrust........................... 26,600 907,725
U.S. Healthcare, Inc................ 35,200 1,082,400
---------
3,131,925
---------
7,500,003
---------
TECHNOLOGY--12.3%
AEROSPACE & DEFENSE--0.9%
Boeing Co........................... 8,500 532,313
-------
COMMUNICATIONS
EQUIPMENT--3.5%
Motorola, Inc....................... 8,500 570,563
Nokia Corp. (ADR)................... 24,100 1,436,962
---------
2,007,525
---------
COMPUTER HARDWARE--3.4%
Compaq Computer Corp.* ............. 14,100 639,787
International Business Machines
Corp. ............................. 14,000 1,344,000
---------
1,983,787
---------
OFFICE EQUIPMENT &
SERVICES--2.0%
Xerox Corp.......................... 10,000 1,172,500
---------
SEMI-CONDUCTORS &
RELATED--2.5%
Intel Corp.......................... 13,600 861,050
National Semiconductor Corp......... 5,900 581,888
---------
1,442,938
---------
7,139,063
---------
TRANSPORTATION--1.1%
RAILROADS--1.1%
Conrail, Inc........................ 11,000 611,875
-------
UTILITIES--5.6%
ELECTRIC & GAS--1.8%
FPL Group, Inc...................... 13,300 513,713
Portland General Corp............... 23,800 526,575
---------
1,040,288
---------
TELEPHONE--3.8%
AT & T Corp......................... 13,700 727,812
Sprint Corp......................... 44,800 1,506,400
---------
2,234,212
---------
3,274,500
---------
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
--------- -----------
<S> <C> <C>
Total Common and
Preferred Stocks
(cost $45,196,149)............... $52,068,762
-----------
CORPORATE OBLIGATIONS--2.4%
Federated Department Stores, Inc.
9.72% Conv., 2/15/04 ........... $ 900 913,500
Time Warner, Inc.
8.75% Conv., 1/10/15............ 450 468,562
-------
Total Corporate Obligations
(cost $1,383,937)................ 1,382,062
---------
CONVERTIBLE BONDS--4.6%
Allstate Corp. 6.76%, 4/15/98....... 20 802,775
General Instrument Corp.
5.00%, 6/15/00................... 600 999,000
Wendy's International, Inc.
7.00%, 4/01/06................... 600 870,000
---------
Total Convertible Bonds
(cost $2,386,538)................ 2,671,775
---------
SHORT-TERM INVESTMENTS--3.1%
U.S. GOVERNMENT
OBLIGATIONS--3.1%
Federal Home Loan Bank
6.02%, 7/03/95................... 300 299,900
Federal Home Loan Mortgage Corp.
5.87%, 7/05/95................... 900 899,413
Federal National Mortgage Assn.
5.90%, 7/07/95................... 600 599,410
---------
Total Short-Term Investments
(amortized cost $1,798,723) 1,798,723
---------
TOTAL INVESTMENTS--99.8%
(cost $50,765,347)............... 57,921,322
Other assets less liabilities--0.2% 91,473
-----------
NET ASSETS--100.0%.................. $58,012,795
===========
</TABLE>
-------------------------------------------------------------------------------
* Non-income producing security.
(a) Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration normally applied to certain qualified buyers. At
June 30, 1995, the aggregate market value of these securities amounted
to $1,563,590 or 2.7% of net assets.
See Glossary of Terms on page 39.
See Notes to Financial Statements.
17
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
SHORT-TERM MULTI-MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C> <C>
AUSTRALIA --1.9%
GOVERNMENT/AGENCY--1.9%
Commonwealth of Australia
12.50%, 9/15/97 (a)
(cost $315,364)............. AUD 400 $ 309,623
--------------
CANADA--5.5%
GOVERNMENT/AGENCY--5.5%
Canadian Treasury Bills
Zero Coupon, 7/06/95 (a)... CAD 500 363,815
Zero Coupon, 7/27/95 (a) 695 503,679
-------
Total Canadian Securities
(cost $865,866) 867,494
-------
DENMARK--6.9%
GOVERNMENT/AGENCY--6.9%
Kingdom of Denmark
7.00%, 8/15/97 (a)
(cost $1,090,953)........ DKK 6,000 1,104,342
---------
GERMANY--9.7%
GOVERNMENT/AGENCY--9.7%
Federal Republic of Germany
6.375%, 5/20/98 (a)
(cost $1,515,304)........ DEM 2,100 1,547,401
---------
IRELAND--4.3%
GOVERNMENT/AGENCY--4.3%
Republic of Ireland
9.75%, 6/01/98 (a)
(cost $688,084)......... IEP 400 678,887
---------
MEXICO--5.0%
GOVERNMENT/AGENCY--5.0%
Mexican Treasury Bills
Zero Coupon, 8/03/95 (a)
(cost $838,287).......... MXP 5,180 797,554
---------
NEW ZEALAND--11.4%
GOVERNMENT/AGENCY--11.4%
New Zealand Treasury Bonds
8.00%, 11/15/95 (a)....... NZD 1,900 1,265,523
10.00%, 7/15/97 (a)....... 800 553,283
------------
Total New Zealand Securities
(cost $1,700,738)......... $ 1,818,806
------------
SPAIN--7.7%
GOVERNMENT/AGENCY--7.7%
Government of Spain
7.30%, 7/30/97 (a)
(cost $1,209,844).......... ESP 160,000 1,232,446
---------
UNITED KINGDOM--3.1%
DEBT OBLIGATIONS--3.1%
Exchequer
9.75%, 1/19/98 (a)
(cost $496,245)............ GBP 300 497,598
-------
UNITED STATES--43.3%
DEBT OBLIGATIONS--4.4%
SMM Company NV
6.15%, 1/22/97............. US$ 700 699,650
-------
GOVERNMENT/AGENCY--12.6%
United States Treasury Bill
5.70%, 7/06/95 ............ 2,000 1,998,800
---------
CERTIFICATES OF DEPOSIT--6.3%
BNP Yankee CD
7.025%, 2/09/96........... 1,000 1,006,900
---------
TIME DEPOSIT--20.0%
State Street Bank and Trust Co.
6.125%, 7/05/95........... 3,185 3,185,000
---------
Total United States Securities
(cost $6,890,350)......... 6,890,350
---------
TOTAL INVESTMENTS--98.8%
(cost $15,611,035)......... 15,744,501
Other assets less liabilities--1.2% 188,327
----------
NET ASSETS--100.0% .................................... $ 15,932,828
=============
</TABLE>
-------------------------------------------------------------------------------
(a) Securities segregated to collateralize forward exchange currency
contracts with an aggregate market value of approximately
$8,854,151.
See Notes to Financial Statements.
18
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
U.S. GOVERNMENT/HIGH GRADE SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
PREFERRED STOCKS--0.5%
FINANCE--0.5%
Banesto Holdings Ltd. cv. pfd.
Series A 10.50% (a)
(cost $49,725)................... 1,800 $ 50,850
-----------
CORPORATE OBLIGATIONS--20.7%
ASSET BACKED--1.0%
MBNA Master Credit Card Trust
5.40%, 9/15/00................... $ 100 97,218
------
CONSUMER SERVICES--4.0%
Walt Disney Co.
7.55%, 7/15/93................... 400 386,340
-------
FINANCE--9.0%
BankAmerica Corp.
7.20%, 4/15/06................... 100 101,032
General Motors Acceptance Corp.
7.125%, 6/01/99.................. 200 203,022
Merrill Lynch & Company Inc.
6.25%, 10/15/08.................. 531 487,856
Wachovia Corp.
6.375%, 4/15/03.................. 75 73,246
------
865,156
-------
YANKEES--6.7%
Italy (Republic of)
6.875%, 9/27/23.................. 200 177,528
Quebec Province Canada
7.125%, 2/09/24.................. 500 464,830
-------
642,358
-------
Total Corporate Obligations
(cost $1,899,551)................ 1,991,072
---------
U.S. GOVERNMENT
OBLIGATIONS--74.0%
U.S. TREASURY SECURITIES--40.6%
U.S. Treasury Bonds
7.125%, 2/15/23.................. 285 300,273
7.50%, 11/15/24.................. 50 55,321
<CAPTION>
Principal
Amount
(000) U.S.$ Value
--------- ------------
<S> <C> <C>
U.S. Treasury Notes
6.375%, 1/15/00.................. $ 400 $ 405,936
6.75%, 5/31/99................... 650 667,062
6.75%, 4/30/00................... 850 875,763
7.25%, 8/15/04................... 1,160 1,239,564
7.75%, 3/31/96................... 350 354,869
-------
3,898,788
---------
FEDERAL AGENCY -
MORTGAGES--23.7%
Federal Home Loan Mortgage Corp./
Government National Mortgage Assn.
4.75%, 7/25/11................... 400 387,124
Government National Mortgage Assn.
7.00%, 7/15/23................... 91 89,676
7.50%, 7/16/24................... 1,500 1,494,375
8.00%, 1/15/24................... 144 147,512
9.00%, 9/15/24................... 151 158,137
-------
2,276,824
---------
FEDERAL AGENCY--9.7%
AID - Israel
8.00%, 11/15/01.................. 200 217,292
Federal Home Loan Bank
7.26%, 9/06/01................... 300 314,952
Federal Home Loan Mortgage Corp.
6.13%, 8/19/99................... 200 199,874
Federal National Mortgage Assn.
6.05%, 1/12/98................... 100 100,062
6.85%, 4/05/04................... 100 103,156
-------
935,336
-------
Total U.S. Government Obligations
(cost $6,876,856)................ 7,110,948
---------
TOTAL INVESTMENTS--95.2%
(cost $8,826,132)................ 9,152,870
Other assets less liabilities--4.8% 465,509
----------
NET ASSETS--100.0%.................. $ 9,618,379
===========
</TABLE>
-------------------------------------------------------------------------------
(a) Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration normally applied to certain qualified buyers. At
June 30, 1995, the aggregate market value of these securities amounted
to $50,850 or 0.5% of net assets.
See Notes to Financial Statements.
19
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
TOTAL RETURN PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
COMMON STOCKS--46.2%
BASIC INDUSTRIES--2.6%
CHEMICALS--1.9%
Lubrizol Corp....................... 160 $ 5,660
Monsanto Co......................... 130 11,716
Morton International, Inc........... 300 8,775
Rohm & Haas Co...................... 130 7,134
Union Carbide Corp.................. 270 9,011
-----
42,296
------
OTHER--0.7%
Alco Standard Corp.................. 200 15,975
------
58,271
------
CAPITAL GOODS--3.5%
ELECTRICAL
EQUIPMENT--1.8%
General Electric Co. ............... 700 39,463
------
MACHINERY--0.7%
Allied-Signal, Inc.................. 260 11,570
Paccar, Inc......................... 100 4,675
-----
................................. 16,245
------
OFFICE EQUIPMENT--1.0%
Xerox Corp.......................... 200 23,450
------
79,158
------
CONSUMER
MANUFACTURING--2.5%
AUTO & RELATED--1.1%
Goodyear Tire & Rubber Co........... 600 24,750
------
OTHER--1.4%
Eastman Kodak Co.................... 500 30,313
------
55,063
------
CONSUMER SERVICES--6.9%
BROADCASTING &
CABLE--1.6%
AirTouch Communications, Inc.* ..... 900 25,650
Comcast Corp. Cl.A SPL.............. 350 6,497
Cox Communications, Inc.*........... 200 3,875
-----
36,022
------
ENTERTAINMENT &
LEISURE--1.7%
Carnival Corp. Cl.A................. 700 16,362
Walt Disney Co...................... 400 22,250
------
38,612
------
RESTAURANTS &
LODGING--2.0%
McDonald's Corp..................... 600 23,475
Wendy's International, Inc.......... 1,200 21,450
------
44,925
------
RETAILING--1.6%
May Department Stores Co............ 400 $ 16,650
Sears, Roebuck & Co................. 300 17,962
------
34,612
------
154,171
-------
CONSUMER STAPLES--5.6%
FOOD--2.3%
PepsiCo, Inc........................ 700 31,937
Pioneer Hi Bred International, Inc. 500 20,938
------
52,875
------
HOUSEHOLD PRODUCTS--1.0%
Colgate-Palmolive Co................ 300 21,937
------
TOBACCO--1.7%
Philip Morris Cos., Inc............. 500 37,187
------
OTHER--0.6%
Duracell International, Inc........ 300 12,939
-------
124,938
-------
ENERGY--2.6%
DOMESTIC INTEGRATED--1.4%
Atlantic Richfield Co............. 300 32,925
------
OIL & GAS SERVICES--0.4%
Western Atlas, Inc.*.............. 200 8,875
-----
PIPELINES--0.8%
Enron Corp.......................... 500 17,563
------
59,363
------
FINANCE--8.5%
BANKING & CREDIT--4.7%
BankAmerica Corp.................... 300 15,787
Citicorp............................ 290 16,784
Fifth Third Bancorp................. 300 16,950
First Interstate Bancorp............ 200 16,050
MBNA Corp........................... 200 6,750
NationsBank Corp.................... 400 21,450
Republic New York Corp.............. 200 11,175
------
104,946
-------
BROKERAGE & MONEY
MANAGEMENT--0.7%
Merrill Lynch & Co., Inc........... 300 15,750
------
INSURANCE--1.1%
American International Group, Inc.. 130 14,820
MGIC Investment Corp............... 200 9,375
-----
24,195
------
</TABLE>
20
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
TOTAL RETURN PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
MORTGAGE BANKING--0.8%
Federal National Mortgage Assn...... 180 $ 16,987
----------
OTHER--1.2%
Dean Witter, Discover & Co.......... 600 28,200
-------
190,078
-------
HEALTH CARE--5.7%
DRUGS--3.1%
Merck & Co., Inc.................... 300 14,700
Pfizer, Inc......................... 300 27,712
Schering-Plough Corp................ 600 26,475
------
68,887
------
MEDICAL PRODUCTS--0.9%
Abbott Laboratories, Inc............ 500 20,250
------
MEDICAL SERVICES--1.7%
Columbia HCA Healthcare Corp........ 600 25,950
Healthsource, Inc.*................. 200 7,000
United Healthcare Corp.............. 100 4,137
Value Health, Inc.*................. 70 2,258
-----
39,345
------
128,482
-------
MULTI-INDUSTRY--0.5%
ITT Corp............................ 100 11,750
------
TECHNOLOGY--5.3%
AEROSPACE & DEFENSE--0.6%
Boeing Co........................... 200 12,525
------
COMMUNICATIONS
EQUIPMENT--1.0%
General Instrument Corp.*........... 300 11,513
Motorola, Inc....................... 170 11,411
------
22,924
------
COMPUTER HARDWARE--2.3%
Compaq Computer Corp.* ............. 370 16,789
International Business Machines Corp. 300 28,800
Sun Microsystems, Inc.*............. 130 6,313
-----
51,902
------
SEMI-CONDUCTORS &
RELATED--1.4%
Intel Corp.......................... 200 12,662
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
-------- -----------
<S> <C> <C>
National Semiconductor Corp.*....... 700 $ 19,425
-------
32,087
------
119,438
-------
TRANSPORTATION--0.4%
RAILROADS & EQUIPMENT--0.4%
Conrail, Inc........................ 100 5,563
Illinois Central Corp............... 130 4,485
-----
10,048
------
UTILITIES--2.1%
ELECTRIC & GAS--1.4%
NIPSCO Industries, Inc.............. 320 10,880
Peco Energy Co...................... 700 19,337
------
30,217
------
TELEPHONE--0.7%
AT & T Corp......................... 300 15,938
------
46,155
------
Total Common Stocks
(cost $946,979).................. 1,036,915
---------
U.S. GOVERNMENT
OBLIGATIONS--11.9%
U.S. Treasury Notes
4.25%, 5/15/96................... $ 42 41,455
4.75%, 8/31/98................... 37 35,728
5.125%, 12/31/98................. 25 24,348
7.25%, 8/15/04................... 155 165,631
-------
Total U.S. Government Obligations
(amortized cost $253,175)....... 267,162
-------
SHORT-TERM INVESTMENTS--46.4%
TIME DEPOSIT--46.4%
State Street Bank and Trust Co.
6.125%, 7/05/95
(amortized cost $1,042,000)..... 1,042 1,042,000
---------
TOTAL INVESTMENTS--104.5%
(cost $2,242,154)............... 2,346,077
Other assets less liabilities--(4.5%) (101,422)
-----------
NET ASSETS--100.0%................... $ 2,244,655
===========
</TABLE>
-------------------------------------------------------------------------------
* Non-income producing security.
See Notes to Financial Statements.
21
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
COMMON STOCKS AND
OTHER INVESTMENTS--85.1%
AUSTRALIA--0.9%
Coca Cola Amatil Ltd................ 4,850 $ 29,989
rights 7/26/95*.................. 1,213 0
Mayne Nickless Ltd.................. 8,891 36,588
Pacific Dunlop Ltd.................. 9,000 18,934
------
85,511
------
BELGIUM--1.1%
Arbed S.A.* (a)..................... 308 44,920
Kredietbank S.A. (a)................ 273 64,589
------
109,509
-------
BRAZIL--0.3%
Pan American Beverage............... 700 21,000
Usinas Siderurgicas De Minas
(ADR) (b)........................ 1,300 14,534
------
35,534
------
CANADA--0.1%
Renaissance Energy Ltd.* (b) ....... 600 12,450
------
DENMARK--0.9%
Den Danske Bank..................... 1,500 94,158
------
FINLAND--1.7%
Metsa-Serla OY*..................... 1,170 52,049
Nokia AB............................ 1,588 92,952
Unitas Bank Ltd.*................... 9,140 29,532
------
174,533
-------
FRANCE--8.1%
Banque National De Paris* (a)....... 1,587 76,548
Bouygues............................ 540 64,671
Casino Guichard Perrachon........... 800 23,334
Compagnie Financiere
De Paribas S.A.................... 1,216 73,091
Compagnie Generale Des Eaux......... 655 72,908
Group Danone........................ 330 55,507
Klepierre........................... 50 6,060
Pechiney International S.A.......... 750 43,241
Salomon S.A.*....................... 115 52,033
Sefimeg............................. 290 19,308
Seita............................... 2,300 69,124
Simco............................... 215 18,658
Societe Centrale Des Assurances
Generales De France (a).......... 2,754 88,218
Societe Des Immeub.................. 290 20,582
Total S.A. (ADR).................... 1,217 36,814
Total S.A. Cl. B.................... 430 25,882
Union Du Credit Bail Immobil........ 400 39,082
Union Immob France*................. 200 19,211
------
804,272
-------
GERMANY--5.6%
Bayer Motoren Werke AG ............. 388 $ 96,516
Deutsche Bank AG.................... 2,030 98,645
Henkel Kgaa, Preferred.............. 200 77,084
KSB................................. 95 20,609
KSB AG - Vorzug Preferred........... 190 33,661
Lufthansa AG*....................... 320 46,280
Suedzucker AG*...................... 81 47,327
Veba AG............................. 263 103,363
Volkswagen AG....................... 120 34,666
------
558,151
-------
HONG KONG--4.7%
Cheung Kong (Holdings).............. 11,000 54,447
Citic Pacific, Ltd.................. 13,000 32,677
Dao Heng Bank Group Ltd............. 10,000 30,500
Hong Kong and China Gas Co. Ltd.
warrants expiring 12/31/95*...... 23,200 37,028
Hopewell Holdings Ltd............... 56,000 47,404
Hysan Development Co. Ltd.*......... 11,000 25,162
Johnson Electric Holdings Ltd.*..... 11,000 22,177
New World Development Co. Ltd....... 21,000 69,884
Peregrine Investment Holdings Ltd... 17,000 24,167
Sun Hung Kai Properties Ltd......... 11,000 81,386
Television Broadcasts of
Hong Kong Ltd.................... 8,000 28,122
Yizheng Chemical Fibre ............. 29,000 10,119
------
463,073
-------
INDIA--0.2%
Bajaj Auto Ltd. (GDR)* (b) ......... 230 6,411
Hindalco Inds Ltd. (ADR) (b)........ 450 13,163
------
19,574
------
INDONESIA--0.4%
Hm Sampoerna*....................... 1,700 13,359
Indosat............................. 6,000 22,766
------
36,125
------
ITALY--1.1%
La Rinascente Spa................... 8,455 48,030
Societa Italiana Per L'Eserreizio
Delle Telecommunicazioni, P.A.*.. 21,540 58,383
------
106,413
-------
JAPAN--29.3%
Advantest........................... 1,000 37,756
Amano Corp.......................... 2,000 23,597
Asahi Bank Ltd...................... 5,000 53,389
Bank of Tokyo....................... 2,000 32,092
Canon Sales......................... 1,000 27,727
Chiba Bank.......................... 2,000 18,170
Dai Nippon Printing Co. Ltd......... 2,000 31,857
Daifuku Co.......................... 2,000 22,394
Daito Trust Construction............ 300 2,832
</TABLE>
22
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
Daiwa Securities Co. Ltd............ 1,000 $ 10,548
East Japan Railway Co............... 12 61,589
Fuji Photo Film Co. (ORD)........... 5,000 118,577
Heiwa Corp.*........................ 4,000 91,086
Hitachi Ltd......................... 5,000 49,850
House Food Industry................. 2,000 42,003
Ito - Yokado Co. Ltd................ 1,000 52,740
Ito - Yokado Co. Ltd. (ADR)......... 244 51,362
Kajima Corp......................... 1,000 9,934
Kamigumi Co......................... 2,000 20,058
Kandenko Co. Ltd.................... 2,000 27,373
Kao Corp............................ 5,000 60,173
Kirin Brewery Co. Ltd............... 3,000 31,857
Kokuyo.............................. 1,000 22,418
Komatsu Co. Ltd..................... 3,000 22,901
Kuraray Co. Ltd..................... 7,000 76,066
Kurita Water Industries............. 1,000 25,721
Kyocera Corp........................ 1,000 82,355
Maeda Road Construction ............ 1,000 19,350
Marui Co. Ltd....................... 2,000 31,857
Matsushita Electric Works........... 5,000 53,920
Matsushita Electrical Industries.... 3,000 46,723
Mitsubishi Heavy Industries Ltd..... 5,000 33,980
Mitsubishi Materials Corp........... 4,000 17,934
Mitsui Marine & Fire................ 4,000 26,240
Mitsui Trust and Banking Co. Ltd.... 9,000 82,827
Mori Seiki.......................... 1,000 17,816
National House Industrial Co. ...... 1,000 18,524
Ngk Insulators...................... 2,000 18,146
Nikko Securities Co. Ltd............ 3,000 24,353
Nintendo Corp. Ltd.................. 2,100 120,665
Nippon Express Co. Ltd.............. 5,000 46,015
Nippon Steel Corp................... 6,000 19,539
Nippon Telegraph and
Telephone Corp................... 7 58,640
Nomura Securities Ltd. (ADR)........ 226 39,397
Osaka Gas Co........................ 8,000 29,544
Rohm Co............................. 3,000 155,035
Sanyo Electric Co. Ltd.............. 2,000 9,840
Seven Eleven Japan.................. 1,000 71,618
Shimizu Corp........................ 3,000 29,025
Shin Etsu Chemical Co. Ltd.......... 1,000 17,580
Sumitomo Bank....................... 5,000 86,721
Sumitomo Electric Industries........ 2,000 23,833
Sumitomo Marine & Fire.............. 4,000 31,762
Sumitomo Realty and Development..... 5,000 29,851
Taisho Pharmaceutical Co............ 1,000 19,350
Takara Shuzo Co..................... 4,000 30,252
Takeda Chemical Industries.......... 2,000 26,429
Tokai Bank.......................... 3,000 $ 33,272
Tokio Marine and Fire Co............ 8,000 91,747
Tokyo Electric Power................ 1,000 30,677
Tokyo Electron, Ltd................. 2,000 68,433
Tokyo Gas Cos. Ltd.................. 14,000 55,171
Tokyo Steel Manufacturing .......... 1,000 17,108
Tostem Corporation.................. 1,000 30,795
Toyo Kanetsu Kk..................... 3,000 12,672
Toyota Corp......................... 6,000 118,931
Ube Industries Ltd.*................ 3,000 10,477
Yakult Honsha Co.................... 2,000 29,025
Yamanouchi Pharmaceutical .......... 2,000 45,071
Yamazaki Baking Co. Ltd.* .......... 1,000 20,530
------
2,907,100
---------
MALAYSIA--1.7%
Ammb Holdings Bhd................... 6,000 71,370
Dcb Holdings Bhd, warrants* ........ 1,750 2,010
Rashid Hussain Bhd.................. 3,000 9,598
Resorts World Bhd................... 7,000 41,058
Telekom Malaysia.................... 6,000 45,529
------
169,565
-------
MEXICO--0.2%
Grupo Financiero Bancomer S.A.
Series B Npv* (b)................ 16,100 4,663
Series L Npv* (b)................ 596 153
Telefonos de Mexico S.A.
Series L (ADR)................... 557 16,501
------
21,317
------
NETHERLANDS--3.5%
DSM N.V.*........................... 440 37,909
Elsevier N.V.*...................... 3,400 40,155
Fortis Amev N.V.*................... 2,570 140,152
Heineken N.V. ...................... 310 46,915
rights*.......................... 526 19,689
International Nederlanden* ......... 1,120 61,945
-------
346,765
-------
NEW ZEALAND--0.7%
Lion Nathan Ltd..................... 12,000 23,746
Telecom Corporation
of New Zealand*.................. 13,100 49,044
------
72,790
------
NORWAY--1.0%
Bergesen d.y. AS Cl. A.............. 2,200 49,988
Christiania Bank OG Kreditk ........ 20,000 46,417
------
96,405
------
PHILIPPINES--0.3%
Manila Electric Co.................. 3,550 28,495
------
PORTUGAL--0.2%
Portucel Industrial S.A.* ......... 2,700 19,286
------
</TABLE>
23
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
SINGAPORE--1.6%
Fraser & Neave Ltd.................. 3,000 $ 34,562
Overseas Chinese Bank............... 4,000 44,365
Overseas Union Bank Ltd............. 7,000 44,079
Singapore Press Holdings Ltd.
(Foreign)........................ 2,400 35,892
------
158,898
-------
SPAIN--2.7%
Argentaria.......................... 700 25,862
Banco Intercontinental Espana ...... 642 57,774
Iberdrola S.A....................... 5,395 40,621
Repsol S.A.......................... 2,415 75,964
Tabacalera S.A. Series A*........... 1,200 44,879
Uralita S.A.*....................... 2,165 26,096
------
271,196
-------
SWEDEN--2.2%
Astra AB............................ 3,930 121,341
Marieberg Tidnings AB............... 1,800 37,628
SKF AB Cl. A*....................... 192 3,855
Stora Kopparbergs Series B ......... 3,975 53,849
------
216,673
-------
SWITZERLAND--3.0%
BBC Brown Boveri AG - Bearer (a).... 56 57,970
BBC Brown Boveri AG - Regular....... 24 4,815
Ciba Geigy AG (a)................... 120 87,955
Elektrowatt AG...................... 80 22,996
Forbo Holding (a)................... 110 53,686
Nestle S.A. (a)..................... 66 68,722
------
296,144
-------
THAILAND--0.4%
Bank Of Ayudhya Ltd. Thb10.......... 2,900 13,745
Thb10 (Alien Market)............. 1,700 8,333
Thai Airways International Ltd...... 7,500 16,711
------
38,789
------
UNITED KINGDOM--13.2%
Argos Plc........................... 5,300 36,418
Bat Industries Plc (a) ............. 11,525 88,358
Berkeley Group Plc*................. 4,000 22,618
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
--------- -----------
<S> <C> <C>
Boc Group........................... 1,600 $ 20,436
British Airways Plc................. 7,825 51,279
British Land Co. Plc................ 5,700 36,220
British Petroleum Co. Plc........... 5,720 40,987
British Telecommunications Plc*..... 6,300 39,281
Dixons Group Plc*................... 15,300 62,300
Forte Plc........................... 15,500 56,088
General Electric Plc* .............. 12,637 61,708
Grand Metropolitan Plc*............. 9,600 58,864
Hepworth Plc........................ 8,800 39,402
Johnson Matthey Plc................. 4,503 41,112
Marley Plc.......................... 14,500 26,638
Meyer International Plc............. 3,800 18,828
Mowlem (John) & Co. Plc*............ 33,000 36,217
Royal Bank of Scotland Group (a).... 14,500 98,596
Rugby Group Plc..................... 8,900 15,005
Smith(WH)Group Plc.................. 8,450 43,816
Smithkline Beecham Cl. A ........... 9,000 81,454
Thorn EMI Plc*...................... 3,800 78,696
Unilever Plc........................ 4,660 94,319
Vodafone Group Plc.................. 22,152 82,273
Wimpey (George) Plc................. 44,905 81,425
------
1,312,338
---------
Total Common Stocks and
Other Investments
(cost $8,194,331)................ 8,455,064
---------
SHORT-TERM INVESTMENTS--13.6%
TIME DEPOSIT--13.6%
State Street Bank and Trust Co.
6.125%, 7/03/95
(amortized cost $1,344,000) .....$1,344 1,344,000
---------
TOTAL INVESTMENTS--98.7%
(cost $9,538,331)................ 9,799,064
Other assets less liabilities--1.3% 133,503
-----------
NET ASSETS--100.0%................... $ 9,932,567
===========
</TABLE>
-------------------------------------------------------------------------------
* Non-income producing security.
(a) Securities segregated to collateralize forward exchange currency
contracts with an aggregate market value of approximately $729,562.
(b) Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration normally applied to certain qualified buyers. At
June 30, 1995, the aggregate market value of these securities amounted
to $51,374 or 0.5% of net assets.
See Glossary of Terms on page 39.
See Notes to Financial Statements.
24
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS--98.9%
Federal Farm Credit Bank
5.82%, 7/05/95................... $1,800 $ 1,798,836
5.84%, 7/13/95................... 1,000 998,053
5.85%, 7/05/95................... 1,000 999,350
Federal Home Loan Bank
5.75%, 8/23/95................... 2,100 2,082,222
5.87%, 7/12/95................... 700 698,744
6.02%, 8/31/95................... 500 494,900
Federal Home Loan Mortgage Corp.
5.77%, 7/05/95................... 1,300 1,299,167
5.81%, 7/05/95................... 2,000 1,998,709
5.81%, 9/05/95................... 500 494,674
5.88%, 7/28/95................... 600 597,354
Federal National Mortgage Assn.
5.87%, 8/14/95................... 500 496,413
5.90%, 7/25/95................... 1,500 1,494,100
Student Loan Marketing Assn.
5.75%, 9/20/95................... $3,500 $ 3,454,719
United States Treasury Bill
5.65%, 8/24/95................... 1,800 1,784,745
---------
Total U.S. Government and
Agency Obligations
(amortized cost $18,691,986) 18,691,986
----------
TOTAL INVESTMENTS--98.9%
(amortized cost $18,691,986) 18,691,986
Other assets less liabilities--1.1% 203,247
-----------
NET ASSETS--100.0%................... $18,895,233
===========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
25
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GLOBAL DOLLAR GOVERNMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
SOVEREIGN DEBT
OBLIGATIONS--48.4%
COLLATERALIZED
BRADY BONDS--33.8%
ARGENTINA--2.9%
Republic of Argentina
Euro Par Bond
5.00%, 3/31/23
(cost $67,313)................... $140 $ 66,850
---------
BULGARIA--4.4%
National Republic of Bulgaria
Series A Disc
7.5625%, 7/28/24
(cost $93,673)................... 200 99,750
------
ECUADOR--4.2%
Republic of Ecuador Disc.
7.25%, 2/28/25................... 130 65,000
Republic of Ecuador Par Bonds
3.00%, 2/28/25................... 90 29,925
------
Total Ecuadorian Securities
(cost $87,304)................... 94,925
------
MEXICO--6.7%
Mexico United Mexican State
6.25%, 12/31/19
(cost $145,945).................. 250 152,344
-------
NIGERIA--4.8%
Central Bank of Nigeria
6.25%, 11/15/20
(cost $104,692).................. 250 110,469
-------
PHILIPPINES--2.9%
Central Bank of Philippines
5.75%, 12/01/17
(cost $58,507)................... 90 65,137
------
POLAND--2.4%
Republic of Poland Disc.
6.8125%, 10/27/24
(cost $51,170)................... 70 53,813
------
VENEZUELA--5.5%
Republic of Venezuela Series A
6.75%, 3/31/20
(cost $124,692).................. $250 $ 126,250
---------
Total Collateralized Brady Bonds
(cost $733,296).................. 769,538
-------
OTHER SOVEREIGN DEBT--14.6%
ARGENTINA--1.0%
Republic of Argentina FRB
7.3125%, 3/31/05
(cost $29,013)................... 38 23,418
------
BRAZIL--9.0%
Republic of Brazil
C-Bonds
4.00%, 4/15/14................... 354 174,215
Republic of Brazil
Series A IDU
7.8125%, 1/01/01................. 38 30,500
------
Total Brazilian Securities
(cost $197,556).................. 204,715
-------
MEXICO--0.4%
Desc Sociedad de Fomento
11.00%, 12/15/97
(cost $10,500)................... 10 9,175
-----
POLAND--1.9%
Republic of Poland PDI
3.25%, 10/27/14
(cost $43,143)................... 70 42,000
------
TRINIDAD & TOBAGO--2.3%
Republic of Trinidad & Tobago
11.75%, 10/03/04
(cost $49,700)................... 50 52,000
------
Total Other Sovereign Debt
(cost $329,912).................. 331,308
-------
Total Sovereign Debt Obligations
(cost $1,063,208)................ 1,100,846
---------
</TABLE>
26
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GLOBAL DOLLAR GOVERNMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
CORPORATE DEBT
OBLIGATIONS--17.7%
BROADCASTING & CABLE--1.8%
Tele-Communications Inc.
9.875%, 6/15/22.................. $ 3 $ 3,335
Viacom, Inc.
8.00%, 7/07/06................... 40 38,950
------
Total Broadcasting & Cable
(cost $36,338)................... 42,285
------
FINANCIAL SERVICES--1.4%
Dine SA De CV
8.125%, 10/15/98
(cost $36,596)................... 40 32,400
------
INDUSTRIAL--2.0%
Hylsa SA De CV
11.00%, 2/23/98
(cost $49,935)................... 50 45,313
------
TELEPHONE--0.8%
Telefonica De Argentina
8.375%, 10/01/00
(cost $18,709)................... 20 17,875
------
YANKEES--11.7%
Centragas
10.65%, 12/01/10 (a)............. 50 51,687
Centragas Columbia
10.65%, 12/01/10................. 50 51,687
Grupo Mexicano De Desarrollo
8.25%, 2/17/01................... $40 $ 16,600
Indah Kiat International
Finance Co. BV
11.875%, 6/15/02................. 60 60,300
Polysindo Eka Perkasa
13.00%, 6/15/01.................. 75 75,750
Transportacion Maritima
Mexicana S.A.
9.25%, 5/15/03................... 12 9,360
-----
Total Yankees
(cost $274,992).................. 265,384
-------
Total Corporate Debt Obligations
(cost $416,570).................. 403,257
-------
U.S. GOVERNMENT
OBLIGATIONS--31.6%
U.S. Treasury Notes
6.50%, 4/30/99................... 55 55,945
7.25%, 8/15/04................... 620 662,526
-------
Total U.S. Government Obligations
(cost $673,033).................. 718,471
-------
TOTAL INVESTMENTS--97.7%
(cost $2,152,811)................ 2,222,574
Other assets less liabilities--2.3% 52,709
-----------
NET ASSETS--100.0%................... $ 2,275,283
===========
</TABLE>
-------------------------------------------------------------------------------
(a) Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration normally applied to certain qualified buyers. At
June 30, 1995, the aggregate market value of these securities amounted
to $51,687 or 2.3% of net assets.
See Glossary of Terms on page 39.
See Notes to Financial Statements.
27
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NORTH AMERICAN GOVERNMENT INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C> <C>
ARGENTINA--18.2%
GOVERNMENT OBLIGATIONS--18.2%
Bonos De Inversion y Creimiento
25.92%, 5/01/01 (FRN)....... ARS 72 $ 73,338
Republic of Argentina
Pensioner-Bocon Series I
4.51%, 4/01/01 (FRN)....... 325 151,935
4.51%, 4/01/07 (FRN) ...... 2,194 705,919
-------
Total Argentinian Securities
(cost $1,214,508)......... 931,192
-------
MEXICO--17.7%
GOVERNMENT/AGENCY--17.7%
Mexican Treasury Bills
Zero Coupon, 7/27/95...... MXP 284 44,076
Zero Coupon, 8/03/95...... 1,700 261,623
Zero Coupon, 8/17/95...... 536 81,283
Zero Coupon, 10/19/95..... 1,129 159,661
Zero Coupon, 11/16/95..... 245 33,679
Nafinsa
Zero Coupon, 11/16/95..... 2,400 328,236
-------
Total Mexican Securities
(cost $1,093,157)......... 908,558
-------
UNITED STATES--56.2%
GOVERNMENT/AGENCY--56.2%
Federal Home Loan Bank
7.26%, 9/06/01 ............ US$ 200 $ 209,968
Federal Home Loan Mortgage
Corp.
6.13%, 8/19/99 ............ 150 149,905
Federal National Mortgage Assn.
5.05%, 11/10/98............ 305 294,801
Government National Mortgage
Assn.
9.00%, 9/15/24 ............ 201 210,849
U.S. Treasury Notes
6.50%, 4/30/99 ............ 85 86,461
6.75%, 5/31/99 ............ 320 328,400
7.25%, 8/15/04 ............ 1,500 1,602,885
---------
Total United States Securities
(cost $2,728,353)......... 2,883,269
---------
TOTAL INVESTMENTS--92.1%
(cost $5,036,018)......... 4,723,019
Other assets less liabilities--7.9% 402,783
----------
NET ASSETS--100.0% $5,125,802
==========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
28
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
UTILITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
COMMON AND
PREFERRED STOCKS--97.4%
UNITED STATES INVESTMENTS--88.2%
CONSUMER SERVICES--3.3%
BROADCASTING & CABLE--3.3%
AirTouch Communications, Inc.*..... 3,396 $ 96,786
-------
ENERGY--7.1%
DOMESTIC PRODUCERS--1.7%
Louisiana Gas & Electric Energy Corp. 1,250 48,750
------
OIL & GAS SERVICES--3.0%
Western Atlas, Inc.*................ 2,000 88,750
------
PIPELINES--2.4%
Enron Corp. ........................ 700 24,588
Enron Global Power Pipelines........ 2,000 47,500
------
72,088
------
209,588
-------
PUBLIC UTILITIES--72.9%
ELECTRIC & GAS--51.8%
American Electric Power, Inc........ 2,000 70,250
Baltimore Gas & Electric Co......... 6,800 170,000
CMS Energy Corp. ................... 1,710 42,109
DPL, Inc. .......................... 3,500 77,437
Duke Power Co. ..................... 1,700 70,550
Entergy Corp. ...................... 2,100 50,662
FPL Group, Inc. .................... 2,500 96,562
Hawaiian Electric Industries., Inc.. 1,100 40,013
Houston Industries Inc.............. 1,500 63,187
Illinova Corp. ..................... 1,500 38,063
Louisiana Land & Exploration Co..... 1,100 43,863
National Fuel Gas Company .......... 900 25,763
NIPSCO Industries, Inc.............. 2,330 79,220
Northwest Natural Gas Co............ 800 24,850
Oklahoma Gas & Electric Co.......... 2,000 70,250
Pacific Gas & Electric Co........... 1,400 40,600
PacifiCorp ......................... 2,500 46,875
Peco Energy Capital LP
9.00 % Series A pfd.............. 430 11,449
Peco Energy Co. .................... 2,100 58,012
Pinnacle West Capital Corp.......... 1,700 41,650
Portland General Corp............... 4,380 96,907
Public Service Co. of Colorado...... 2,090 67,925
Questar Corp. ...................... 900 25,875
San Diego Gas & Electric Co......... 1,000 $ 20,750
Scecorp ............................ 2,400 41,100
Southern Co. ....................... 3,050 68,244
Teco Energy, Inc. .................. 1,900 41,563
---------
1,523,729
---------
TELEPHONE--20.1%
Ameritech Corp. .................... 600 26,400
AT & T Corp. ....................... 2,260 120,062
Bellsouth Corp. .................... 400 25,400
GTE Corp. .......................... 800 27,300
Intelcom Group, Inc.*............... 2,100 18,769
LCI International, Inc.*............ 700 21,437
MCI Communications Corp............. 1,300 28,519
MFS Communications, Inc.* .......... 800 25,400
Nynex Corp. ........................ 1,900 76,475
Telephone and Data Systems, Inc. ... 2,000 72,750
U.S. West, Inc. .................... 1,900 79,087
United States Cellular Corp.* ...... 1,800 54,450
Worldcom, Inc.* .................... 600 16,163
-------
592,212
-------
OTHER - 1.0%
Wisconsin Central Transport Corp... 600 29,175
---------
2,145,116
---------
TECHNOLOGY--4.9%
COMMUNICATIONS
EQUIPMENT--4.9%
General Instrument Corp.* .......... 800 30,700
Motorola, Inc. ..................... 1,200 80,550
Scientific-Atlanta, Inc............. 1,400 30,800
------
142,050
-------
Total United States Securities
(cost $2,487,816)................ 2,593,540
---------
FOREIGN INVESTMENTS--9.2%
ARGENTINA--2.6%
Central Costanera S.A. (ADR) (a).... 900 29,079
Metrogas (ADR) ..................... 3,000 25,875
Telecom Argentina Stet
France (ADR) (a)................. 500 22,750
------
77,704
------
BOLIVIA--0.7%
Compania Boliviana De Energia
Electrica SA (ADR) (a) .......... 700 20,825
------
</TABLE>
29
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
UTILITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
CANADA--0.8%
Renaissance Energy Ltd.* (a) ....... 1,100 $ 22,725
----------
DENMARK--0.6%
TeleDanmark (ADR)*.................. 570 15,960
------
GERMANY--0.5%
Veba AG............................. 40 15,721
------
HONG KONG--0.8%
China Light & Power Co.............. 2,500 12,859
Consolidate Electric Power
Asia (ADR) (a)................... 400 9,279
-----
22,138
------
INDONESIA--0.7%
Indonesian Satellite Corp. (ADR)... 570 21,806
------
KOREA--0.5%
Korea Electric Power Corp. (ADR)... 700 15,837
------
SPAIN--0.5%
Repsol SA (ADR)..................... 500 15,812
------
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
--------- -----------
<S> <C> <C>
UNITED KINGDOM--1.5%
Cable & Wireless Public
Ltd Co. (ADR).................... 2,100 $ 43,050
---------
Total Foreign Investments
(cost $250,821).................. 271,578
---------
Total Common and
Preferred Stocks
(cost $2,738,637)................ 2,865,118
---------
SHORT-TERM INVESTMENTS--10.2%
U.S. GOVERNMENT OBLIGATIONS--10.2%
Federal National Mortgage Assn.
5.91%, 7/05/95
(amortized cost $299,803)........ $300 299,803
---------
TOTAL INVESTMENTS--107.6%
(cost $3,038,440)................ 3,164,921
Other assets less liabilities--(7.6%) (222,508)
-----------
NET ASSETS--100.0%................... $ 2,942,413
===========
</TABLE>
-------------------------------------------------------------------------------
* Non-income producing security.
(a) Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration normally applied to certain qualified buyers. At
June 30, 1995, the aggregate market value of these securities amounted
to $104,658 or 3.6% of net assets.
See Notes to Financial Statements.
30
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------- ------------
<S> <C> <C>
COMMON STOCKS--90.4%
BASIC INDUSTRIES--4.1%
CHEMICALS--2.8%
Du Pont (E.I.) de Nemours & Co...... 2,000 $ 137,500
Great Lakes Chemical Corp........... 2,100 126,525
Monsanto Co......................... 3,000 270,375
-------
534,400
-------
PAPER & FOREST PRODUCTS--1.3%
Bowater, Inc........................ 5,500 246,813
-------
781,213
-------
CAPITAL GOODS--1.5%
MACHINERY--1.5%
AG Associates, Inc.*................ 300 5,175
Mannesmann AG (ADR)................. 900 274,723
-------
279,898
-------
CONSUMER
MANUFACTURING--2.2%
AUTO & RELATED--2.2%
Chrysler Corp....................... 7,000 335,125
General Motors Corp................. 1,800 71,100
------
406,225
-------
CONSUMER SERVICES--18.6%
AIRLINES--0.8%
Delta Air Lines, Inc................ 2,000 147,500
-------
BROADCASTING & CABLE--8.6%
AirTouch Communications, Inc.* ..... 13,900 396,150
Comcast Corp. Cl.A SPL ............. 2,500 46,406
Cox Communications, Inc.*........... 6,600 127,875
Tele-Communications, Inc. Cl.A* .... 21,300 499,219
Viacom, Inc.*....................... 12,284 569,670
-------
1,639,320
---------
ENTERTAINMENT & LEISURE--3.3%
Carnival Corp. Cl.A................. 2,000 46,056
Eastman Kodak Co.................... 8,300 503,187
Time Warner, Inc.................... 1,800 74,025
------
623,268
-------
PRINTING & PUBLISHING--1.6%
Donnelley (R.R.) & Sons Co.......... 8,300 298,800
-------
RESTAURANTS & LODGING--1.2%
McDonald's Corp..................... 1,000 39,125
Triarc Cos., Inc.*.................. 12,000 187,500
-------
226,625
-------
RETAILING--3.1%
Aid Auto Stores, Inc.* ............. 4,000 $ 4,375
Creative Computers, Inc.*........... 900 24,075
Home Depot, Inc..................... 4,000 162,500
Sears, Roebuck & Co................. 6,700 401,163
-------
592,113
-------
3,527,626
---------
CONSUMER STAPLES--6.1%
HOUSEHOLD PRODUCTS--0.4%
Colgate-Palmolive Co................. 1,000 73,125
------
TOBACCO--5.7%
Loews Corp.......................... 5,400 653,400
Philip Morris Cos., Inc............. 5,700 423,938
-------
1,077,338
--------
1,150,463
---------
ENERGY--3.1%
DOMESTIC PRODUCERS--0.4%
Louisiana Land & Exploration Co..... 900 35,888
Renaissance Energy Ltd.* (a)........ 2,500 51,647
------
87,535
------
OIL & GAS SERVICES--2.7%
Gulf Canada Resources Ltd.* ........ 75,100 305,094
Western Atlas, Inc.* ............... 4,500 199,687
-------
504,781
-------
592,316
-------
FINANCE--21.8%
BANKING & CREDIT--1.2%
Capital One Financial Corp.* ....... 12,000 234,000
-------
BROKERAGE & MONEY
MANAGEMENT--0.3%
Merrill Lynch & Co., Inc............ 1,000 52,500
------
INSURANCE--8.5%
Acceptance Insurance Co.* .......... 3,000 43,500
American International Group, Inc... 1,700 193,800
John Alden Financial Corp........... 5,500 94,187
Penncorp Financial Group, Inc....... 15,000 277,500
PMI Group, Inc...................... 2,000 86,750
Progressive Corp. (Ohio)............ 9,400 360,725
Travelers, Inc...................... 12,500 546,875
-------
1,603,337
---------
</TABLE>
31
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------- ------------
<S> <C> <C>
MORTGAGE BANKING--0.6%
Federal National Mortgage Assn.... 1,300 $122,688
--------
REAL ESTATE--8.8%
Amli Residential Properties Trust 5,900 112,100
Associated Estates Realty Corp..... 2,200 46,475
Essex Property Trust............... 5,500 99,687
Evans Withycombe Residential ...... 3,500 71,312
First Industrial Realty Trust, Inc. 8,500 174,250
Gables Residential Trust .......... 5,000 102,500
Highwoods Properties, Inc.......... 5,300 135,150
Macerich Co......................... 10,000 196,250
Manufactured Home Communities,
Inc.............................. 1,500 23,063
Saul Centers, Inc................... 9,000 144,000
Shurgard Storage Center, Inc........ 2,000 46,000
Spieker Properties, Inc............. 6,000 134,250
Storage USA, Inc.................... 6,000 170,250
Summit Properties, Inc.............. 9,500 163,875
Weeks Corp.......................... 1,500 37,500
------
1,656,662
---------
OTHER--2.4%
Americredit Corp.*.................. 12,000 133,500
Dean Witter, Discover & Co.......... 1,000 47,000
Mercury Finance Co.................. 11,000 211,750
Student Loan Marketing Assn......... 1,500 70,313
------
462,563
-------
4,131,750
---------
HEALTH CARE--7.9%
BIOTECHNOLOGY--0.4%
Gensia, Inc.*....................... 8,000 77,000
------
DRUGS--4.7%
AB Astra Series A................... 6,000 185,254
Healthsource, Inc.*................. 5,000 175,000
Lilly (Eli) & Co.................... 200 15,700
Merck & Co., Inc.................... 7,700 377,300
Pfizer, Inc......................... 1,500 138,562
-------
891,816
-------
MEDICAL PRODUCTS--1.7%
Abbott Laboratories, Inc............ 5,500 222,750
Boston Scientific Corp.*............ 3,453 110,064
-------
332,814
-------
MEDICAL SERVICES--1.1%
Quest Medical, Inc.* ............... 3,000 $ 35,813
United Healthcare Corp.............. 4,000 165,500
-------
201,313
-------
1,502,943
---------
MULTI-INDUSTRY
COMPANIES--0.6%
ITT Corp............................ 1,000 117,500
-------
TECHNOLOGY--18.7%
COMPUTER SOFTWARE &
SERVICES--0.9%
General Motors Corp. Cl.E ........... 4,000 174,000
-------
COMMUNICATIONS
EQUIPMENT--13.1%
Act Networks, Inc.*................. 200 3,400
Cisco Systems, Inc.* ............... 14,000 707,875
DSC Communications Corp.* .......... 3,800 176,937
EMC Corp.*.......................... 16,000 388,000
General Instrument Corp.*........... 14,600 560,275
Harmonic Lightwaves, Inc.* ......... 300 4,950
Millicom International Cellular
S.A.*............................ 5,600 166,950
Motorola, Inc....................... 6,600 443,025
Premisys Communications, Inc.* ..... 200 12,925
------
2,464,337
---------
COMPUTER SOFTWARE &
SERVICES--1.3%
Baan Company NV*.................... 600 18,525
CBT Group Public Ltd. (ADR)*........ 5,300 227,900
Expert Software, Inc................ 200 3,650
-----
250,075
-------
SEMI-CONDUCTORS &
RELATED--3.4%
Anadigics, Inc.*.................... 300 5,963
Applied Materials, Inc.* ........... 1,500 129,750
Intel Corp.......................... 7,200 455,850
National Semiconductor Corp.*....... 2,000 55,500
------
647,063
-------
3,535,475
---------
TRANSPORTATION--3.0%
AIR FREIGHT--1.8%
Pittston Services Group ............ 14,000 336,000
-------
</TABLE>
32
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
RAILROADS--1.2%
Conrail, Inc........................ 4,000 $ 222,500
-----------
558,500
-------
UTILITIES--2.8%
ELECTRIC--0.5%
National Power Plc (ADR) ........... 7,000 86,625
------
TELEPHONE--2.3%
Rogers Cantel Mobile
Communications, Inc. Cl.B*....... 5,300 125,213
Telephone & Data Systems, Inc....... 3,900 141,862
United States Cellular Corp.*....... 2,000 60,500
Vodafone Group Plc (ADR) ........... 3,000 113,625
-------
441,200
-------
527,825
-------
Total Common Stocks
(cost $14,997,980)............... 17,111,734
----------
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS--12.2%
U.S. GOVERNMENT
OBLIGATIONS--12.2%
Federal Home Loan Mortgage Corp.
6.10%, 7/03/95................... $1,300 $ 1,299,559
-----------
Federal National Mortgage Association
5.90%, 7/11/95................... 1,000 998,361
-------
Total Short Term Investments
(amortized cost $2,297,920) 2,297,920
---------
TOTAL INVESTMENTS--102.6%
(cost $17,295,901)............... 19,409,654
Other assets less liabilities--(2.6%) (490,080)
---------
NET ASSETS--100.0%................... $18,919,574
===========
</TABLE>
-------------------------------------------------------------------------------
* Non-income producing security.
(a) Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration normally applied to certain qualified buyers. At
June 30, 1995, the aggregate market value of these securities amounted
to $51,647 or 0.3% of net assets.
See Notes to Financial Statements.
33
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
WORLDWIDE PRIVATIZATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
COMMON STOCKS--60.2%
ARGENTINA--1.4%
Naviera Perez Comp Cia............. 11,000 $ 46,209
----------
AUSTRALIA--3.9%
CSL Ltd............................. 25,000 53,305
TAB Corp. Holdings Ltd.............. 35,000 72,388
------
125,693
-------
AUSTRIA--3.2%
Omv AG.............................. 500 57,649
VA Technologies AG.................. 350 43,804
------
101,453
-------
FINLAND--2.1%
Valmet Co........................... 3,000 67,783
------
FRANCE--6.9%
Ass General De France .............. 1,500 48,049
Renault S.A......................... 2,000 62,664
Seita............................... 2,000 60,108
Soc Elf Aquitaine................... 700 51,728
------
222,549
-------
GERMANY--4.7%
Lufthansa AG........................ 500 72,312
Viag AG............................. 200 78,935
------
151,247
-------
HONG KONG--3.0%
Yizheng Chemical Fibre............. 274,000 95,609
------
INDONESIA--2.4%
Indosat............................. 20,000 75,887
------
IRELAND--1.6%
Irish Life Plc...................... 15,000 50,327
------
ITALY--4.0%
IMI LNV............................. 10,000 61,176
INA................................. 50,000 67,227
------
128,403
-------
JAPAN--2.4%
East Japan Railway Co.............. 15 76,987
------
MALAYSIA--1.4%
Ekran Bhd........................... 15,000 $ 46,144
----------
NETHERLANDS--6.3%
European Vinyls Corp.
International N.V................ 1,400 65,234
KLM................................. 2,000 64,924
Kon Ptt Nederland................... 2,000 71,894
------
202,052
-------
PHILIPPINES--1.5%
Manila Electric Co.................. 6,000 48,160
------
SINGAPORE--1.8%
Development Bank of Singapore ...... 5,000 56,887
------
SPAIN--2.1%
Repsol S.A.......................... 2,200 69,201
------
SWEDEN--2.7%
Pharmacia AB........................ 4,000 86,920
------
THAILAND--2.0%
Indiana Finance Thailand ........... 25,000 65,829
------
UNITED KINGDOM--6.8%
British Gas Plc..................... 12,000 55,257
Northern Ireland Electricity Plc ... 10,000 57,579
RJB Mining Plc...................... 10,000 60,522
Wessex Water Plc.................... 10,000 47,240
------
220,598
-------
Total Common Stocks
(cost $1,829,609)................ 1,937,938
---------
DEPOSITORY RECEIPTS--5.6%
ARGENTINA--1.8%
Telecom Argentina Stet France (a)... 1,300 59,150
------
BRAZIL--2.4%
Telecomunicacoes Brasileras
SA (ADR)*........................ 1,300 44,377
Usinas Siderurgicas De Minas
(ADR) (a)........................ 3,000 33,540
------
77,917
------
</TABLE>
34
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
WORLDWIDE PRIVATIZATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
-------- -----------
<S> <C> <C>
MEXICO--1.4%
Telefonos de Mexico, S.A.
Series L (ADR)................... 1,500 $ 44,437
----------
Total Depository Receipts
(cost $196,198).................. 181,504
-------
SHORT-TERM INVESTMENTS--33.9%
TIME DEPOSIT--33.9%
State Street Bank and Trust Co.
6.125%, 7/05/95
(amortized cost $1,092,000)...... $1,092 1,092,000
---------
TOTAL INVESTMENTS--99.7%
(cost $3,117,807)................ $ 3,211,442
Other assets less liabilities--0.3% 11,005
-----------
NET ASSETS--100.0%................... $ 3,222,447
===========
</TABLE>
-------------------------------------------------------------------------------
(a) Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration normally applied to certain qualified buyers. At
June 30, 1995, the aggregate market value of these securities amounted
to $92,690 or 2.9% of net assets.
See Notes to Financial Statements.
35
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
COMMON STOCKS--9.4%
BASIC INDUSTRIES--1.1%
CHEMICALS--0.7%
Hercules, Inc....................... 300 $14,625
-------
PAPER & FOREST PRODUCTS--0.4%
International Paper Co.............. 100 8,575
------
23,200
------
CAPITAL GOODS--1.4%
ELECTRICAL EQUIPMENT--0.5%
General Electric Co. ............... 200 11,275
------
MACHINERY--0.7%
Caterpillar, Inc.................... 100 6,425
Deere & Co.......................... 100 8,562
------
14,987
------
POLLUTION CONTROL--0.2%
Browning Ferris Industries, Inc. ... 100 3,613
------
29,875
------
CONSUMER SERVICES--1.0%
BROADCASTING & CABLE--0.5%
Capital Cities ABC, Inc. ........... 100 10,800
------
RESTAURANTS & LODGING--0.5%
McDonald's Corp..................... 300 11,737
------
22,537
------
CONSUMER STAPLES--1.6%
COSMETICS--0.2%
Gillette Co......................... 100 4,462
-----
FOOD--0.7%
Coca-Cola Co........................ 100 6,375
IBP, Inc............................ 200 8,700
-----
15,075
------
TOBACCO--0.7%
Philip Morris Cos., Inc. ........... 200 14,875
------
34,412
------
ENERGY--0.5%
DOMESTIC INTEGRATED--0.3%
Amoco Corp.......................... 100 6,662
-----
PIPELINES--0.2%
Enron Corp.......................... 100 $ 3,513
------
10,175
------
FINANCE--1.6%
BANKING & CREDIT--1.1%
Bank of New York Co., Inc. ......... 300 12,112
Citicorp............................ 100 5,788
UST, Inc............................ 200 5,950
------
23,850
------
INSURANCE--0.5%
AFLAC, Inc.......................... 100 4,375
General Reinsurance Corp. .......... 50 6,694
------
11,069
------
34,919
------
HEALTH CARE--1.2%
DRUGS--0.4%
Pfizer, Inc......................... 100 9,238
------
MEDICAL PRODUCTS--0.8%
Abbott Laboratories, Inc. 200 8,100
Medtronic, Inc...................... 100 7,712
------
15,812
------
25,050
------
MULTI-INDUSTRY
COMPANIES--0.3%
Tyco International Ltd. ............. 100 5,400
------
TECHNOLOGY--0.5%
COMPUTER SOFTWARE &
SERVICES--0.5%
First Financial Management Corp. ... 100 8,550
Reynolds & Reynolds Co. ............ 100 2,950
------
11,500
------
UTILITIES--0.2%
TELEPHONE--0.2%
SBC Communications, Inc. ........... 100 4,763
------
Total Common Stocks
(cost $180,417).................. 201,831
-------
</TABLE>
36
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
U.S. GOVERNMENT
OBLIGATIONS--42.0%
U.S. Treasury Bonds
7.50%, 11/15/24.................. $160 $ 177,026
7.625%, 2/15/25.................. 407 459,654
U.S. Treasury Notes
6.50%, 5/15/05................... 25 25,531
7.125%, 9/30/99.................. 60 62,475
7.50%, 2/15/05................... 80 87,113
7.75%, 12/31/99.................. 90 96,089
-------
Total U.S. Government Obligations
(cost $844,859).................. 907,888
-------
SHORT-TERM INVESTMENTS--38.1%
U.S. GOVERNMENT
OBLIGATIONS-- 38.1%
Federal Farm Credit Bank
5.88%, 7/11/95................... 105 104,828
6.00%, 7/26/95................... 35 34,854
Federal Home Loan Mortgage Corp.
5.89%, 7/06/95................... $300 $ 299,755
5.90%, 7/17/95................... 85 84,777
5.90%, 7/03/95................... 100 99,967
Federal National Mortgage Assoc.
5.90%, 7/26/95................... 200 199,181
-------
Total Short-Term Investments
(amortized cost $823,362) 823,362
-------
TOTAL INVESTMENTS--89.5%
(cost $1,848,638)................ 1,933,081
Other assets less liabilities--10.5% 226,419
----------
NET ASSETS--100.0%................... $2,159,500
==========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
37
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares U.S.$ Value
------ -----------
<S> <C> <C>
COMMON STOCKS--33.2%
BASIC INDUSTRIES--4.0%
CHEMICALS--1.3%
Hercules, Inc....................... 300 $ 14,625
Morton International, Inc. ......... 200 5,850
------
20,475
------
METALS & MINING--1.0%
Aluminum Co. of America ............ 300 15,037
------
PAPER & FOREST PRODUCTS--1.7%
International Paper Co. ............ 300 25,725
------
61,237
------
CAPITAL GOODS--3.6%
ELECTRICAL EQUIPMENT--1.1%
General Electric Co. ............... 300 16,912
------
MACHINERY--1.8%
Caterpillar, Inc.................... 300 19,275
Deere & Co.......................... 100 8,562
------
27,837
------
POLLUTION CONTROL--0.7%
Browning Ferris Industries, Inc. ... 300 10,838
------
55,587
------
CONSUMER SERVICES--4.6%
BROADCASTING & CABLE--1.4%
Capital Cities ABC, Inc. ........... 200 21,600
------
RESTAURANTS & LODGING--1.2%
Marriot International, Inc. ........ 100 3,587
McDonald's Corp..................... 400 15,650
------
19,237
------
RETAILING--2.0%
Circuit City Stores, Inc. .......... 200 6,415
Dollar General Corp. ............... 500 15,813
Talbots, Inc........................ 200 7,950
-----
30,178
------
71,015
------
CONSUMER STAPLES--5.1%
COSMETICS--1.7%
Gillette Co......................... 600 26,775
------
FOOD--2.4%
Coca-Cola Co........................ 300 $ 19,125
IBP, Inc............................ 400 17,400
------
36,525
------
TOBACCO--1.0%
Philip Morris Cos., Inc. ........... 200 14,875
------
78,175
------
ENERGY--1.3%
DOMESTIC PRODUCERS--0.9%
Amoco Corp.......................... 200 13,325
------
PIPELINES--0.4%
Enron Corp.......................... 200 7,025
-----
20,350
------
FINANCE--4.9%
BANKING & CREDIT--3.3%
Bank of New York Co., Inc. ......... 800 32,300
Citicorp............................ 200 11,575
UST, Inc............................ 200 5,950
-----
49,825
------
INSURANCE--1.6%
AFLAC, Inc.......................... 100 4,375
General Reinsurance Corp. .......... 150 20,081
------
24,456
------
74,281
------
HEALTH CARE--3.4%
DRUGS--1.8%
Pfizer, Inc......................... 300 27,713
------
MEDICAL PRODUCTS--1.6%
Abbott Laboratories, Inc. ......... 200 8,100
Medtronic, Inc...................... 200 15,425
------
23,525
------
51,238
------
MULTI-INDUSTRY
COMPANIES--1.1%
Tyco International Ltd. ............ 300 16,200
------
TECHNOLOGY--4.9%
COMMUNICATIONS
EQUIPMENT--0.7%
ADC Telecommunications, Inc.* ...... 300 10,687
------
</TABLE>
38
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Cont'd)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
COMPUTER HARDWARE--1.8%
3Com Corp........................... 200 $ 13,400
Sun Microsystems, Inc. ............. 300 14,569
------
27,969
------
COMPUTER SOFTWARE &
SERVICES--2.4%
First Financial Management Corp. ... 100 8,550
Oracle Corp.*....................... 300 11,569
Paychex, Inc........................ 300 10,950
Reynolds & Reynolds Co. ............ 200 5,900
-----
36,969
------
75,625
------
UTILITIES--0.3%
TELEPHONE--0.3%
SBC Communications, Inc. ........... 100 4,763
-----
Total Common Stocks
(cost $462,541).................. 508,471
-------
U.S. GOVERNMENT
OBLIGATIONS--19.5%
U.S. Treasury Bonds
7.50%, 11/15/24.................. $ 30 33,192
7.625%, 2/15/25.................. 123 138,913
U.S. Treasury Notes
6.50%, 5/15/05................... 10 10,213
7.125%, 9/30/99.................. 10 10,412
7.25%, 2/15/98................... 60 61,969
7.50%, 2/15/05................... 15 16,334
7.75%, 12/31/99.................. 25 26,691
------
Total U.S. Government Obligations
(cost $281,313).................. 297,724
-------
<CAPTION>
Principal
Amount
(000) U.S.$ Value
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS--44.7%
U.S. GOVERNMENT
OBLIGATIONS--44.7%
Federal Home Loan Bank
5.88%, 7/12/95................... $100 $ 99,820
5.90%, 7/12/95................... 185 184,667
Federal Home Loan Mortgage Corp.
5.89%, 7/06/95................... 100 99,918
5.90%, 7/03/95................... 100 99,967
6.10%, 7/03/95................... 200 199,932
-------
Total Short-Term Investments
(amortized cost $684,304) 684,304
-------
TOTAL INVESTMENTS--97.4%
(cost $1,428,158)................ 1,490,499
Other assets less liabilities--2.6% 40,556
-----------
NET ASSETS--100.0%.................. $ 1,531,055
===========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
Glossary of Terms
ADR - American Depository Receipts
ADS - American Depository Shares
FRB - Floating Rate Bond
FRN - Floating Rate Note
GDR - Global Depository Receipts
IDU - Interest Due on Unpaid Bond
ORD - Ordinary
PDI - Past Due Interest Bonds
39
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Premier Global Growth and Short-Term
Growth Bond Income Multi-Market
Portfolio Portfolio Portfolio Portfolio
--------- --------- ----------- ------------
<S> <C> <C> <C> <C>
Assets
Investments in securities, at value (cost $51,000,341,
$8,419,165, $50,765,347 and $15,611,035, respectively) $61,947,313 $8,829,846 $57,921,322 $15,744,501
Cash, at value (cost $97,272, $28,906, $172,869 and
$-0-, respectively).................................. 97,272 28,903 172,866 -0-
Receivable for capital stock sold ..................... 107,604 3,650 116,485 2,071
Receivable for investment securities sold ............. 82,285 -0- 1,160,897 501,435
Dividends receivable................................... 78,145 -0- 158,207 -0-
Deferred organization expense.......................... 10,940 4,140 2,900 1,834
Interest receivable.................................... -0- 244,941 54,725 248,587
---------- --------- ---------- ----------
Total assets........................................... 62,323,559 9,111,480 59,587,402 16,498,428
---------- --------- ---------- ----------
Liabilities
Payable for investment securities purchased ........... 1,081,267 -0- 1,496,347 496,118
Investment advisory fee payable........................ 36,774 402 28,825 4,346
Payable for capital stock redeemed .................... 3,755 624 18,987 2,514
Unrealized depreciation on forward exchange
currency contracts................................... -0- 10,406 -0- 25,074
Due to custodian....................................... -0- -0- -0- 4,676
Accrued expenses....................................... 28,419 28,829 30,448 32,872
---------- --------- ---------- ----------
Total liabilities...................................... 1,150,215 40,261 1,574,607 565,600
---------- --------- ---------- ----------
Net Assets................................................ $ 61,173,344 $ 9,071,219 $58,012,795 $15,932,828
============ =========== =========== ===========
Shares of capital stock outstanding ................... 3,892,822 799,168 4,162,724 1,580,912
============ =========== =========== ===========
Net asset value per share.............................. $ 15.71 $ 11.35 $ 13.94 $ 10.08
============ =========== =========== ===========
Composition of Net Assets
Capital stock, at par.................................. $ 3,893 $ 799 $ 4,163 $ 1,580
Additional paid-in capital............................. 48,707,976 8,133,236 49,170,608 17,425,574
Undistributed net investment income ................... 159,356 256,180 543,887 735,558
Accumulated net realized gain (loss) on investments,
options and foreign currency transactions ........... 1,355,147 275,940 1,138,165 (2,340,413)
Net unrealized appreciation of investments and foreign
currency denominated assets and liabilities ......... 10,946,972 405,064 7,155,972 110,529
------------ ----------- ------------ -----------
$ 61,173,344 $ 9,071,219 $58,012,795 $15,932,828
============ =========== =========== ===========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
40
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government/
High Grade Total Money
Securities Return International Market
Portfolio Portfolio Portfolio Portfolio
--------------- --------- ------------- ---------
<S> <C> <C> <C> <C>
Assets
Investment in securities, at value (cost $8,826,132,
$2,242,154, $9,538,331 and $18,691,986, respectively) $ 9,152,870 $2,346,077 $9,799,064 $18,691,986
Cash, at value (cost $222,190, $525, $180,746, and
$145,728, respectively).............................. 222,190 525 180,002 145,728
Interest receivable.................................... 145,807 5,218 228 -0-
Receivable for capital stock sold 109,804 42,369 13,670 95,629
Deferred organization expense.......................... 10,807 12,169 12,466 12,710
Dividends receivable................................... 1,181 1,789 42,473 -0-
Receivable for investment securities sold.............. -0- 6,307 159,728 -0-
Receivable from investment adviser..................... -0- 6,207 5,858 -0-
--------- --------- ---------- ----------
Total assets........................................... 9,642,659 2,420,661 10,213,489 18,946,053
--------- --------- ---------- ----------
Liabilities
Investment advisory fee payable........................ 60 -0- -0- 3,930
Payable for investment securities purchased............ -0- 129,898 169,593 -0-
Unrealized depreciation on forward exchange
currency contracts................................... -0- -0- 30,037 -0-
Payable for capital stock redeemed..................... -0- -0- 477 -0-
Accrued expenses....................................... 24,220 46,108 80,815 46,890
--------- --------- ---------- ----------
Total liabilities...................................... 24,280 176,006 280,922 50,820
--------- --------- ---------- ----------
Net Assets................................................ $ 9,618,379 $ 2,244,655 $ 9,932,567 $18,895,233
============ =========== =========== ===========
Shares of capital stock outstanding.................... 880,275 191,601 756,252 18,895,569
============ =========== =========== ===========
Net asset value per share.............................. $ 10.93 $ 11.72 $ 13.13 $ 1.00
============ =========== =========== ===========
Composition of Net Assets
Capital stock, at par.................................. $ 880 $ 192 $ 756 $ 18,896
Additional paid-in capital............................. 9,076,660 2,117,105 9,790,900 18,875,870
Undistributed net investment income.................... 206,856 19,472 84,577 803
Accumulated net realized gain (loss) on investments
and foreign currency transactions.................... 7,245 3,963 (174,569) (336)
Net unrealized appreciation of investments and
foreign currency denominated assets and liabilities.. 326,738 103,923 230,903 -0-
------------ ----------- ----------- -----------
$ 9,618,379 $ 2,244,655 $ 9,932,567 $18,895,233
============ =========== =========== ===========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
41
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
North American
Global Dollar Government Utility
Government Income Income Growth
Portfolio Portfolio Portfolio Portfolio
------------- ------------- ---------- ----------
<S> <C> <C> <C> <C>
Assets
Investments in securities, at value (cost $2,152,811,
$5,036,018, $3,038,440 and $17,295,901, respectively) $ 2,222,574 $ 4,723,019 $3,164,921 $19,409,654
Cash, at value (cost $9,416, $313,103, $-0- and
$186,457, respectively).............................. 9,416 313,096 -0- 186,445
Interest receivable.................................... 53,249 66,340 -0- -0-
Deferred organization expense.......................... 12,830 16,559 11,804 8,416
Receivable from investment adviser..................... 4,089 2,224 3,554 -0-
Receivable for investment securities sold.............. 1,392 -0- 108,029 144,775
Receivable for capital stock sold ..................... -0- 33,555 -0- 88,548
Dividends receivable................................... -0- -0- 10,226 40,477
---- ---- ------ ------
Total assets........................................... 2,303,550 5,154,793 3,298,534 19,878,315
--------- --------- --------- ----------
Liabilities
Investment advisory fee payable........................ -0- -0- -0- 5,173
Payable for investment securities purchased............ -0- -0- 314,544 922,026
Due to custodian....................................... -0- -0- 16,385 -0-
Accrued expenses....................................... 28,267 28,991 25,192 31,542
------ ------ ------ ------
Total liabilities...................................... 28,267 28,991 356,121 958,741
------ ------ ------- -------
Net Assets................................................ $ 2,275,283 $ 5,125,802 $ 2,942,413 $18,919,574
============ =========== ========== ===========
Shares of capital stock outstanding ................... 211,603 558,093 267,771 1,479,930
============ =========== ========== ===========
Net asset value per share.............................. $ 10.75 $ 9.18 $ 10.99 $ 12.78
============ =========== ========== ===========
Composition of Net Assets
Capital stock, at par.................................. $ 212 $ 558 $ 268 $ 1,480
Additional paid-in capital............................. 2,139,945 5,595,980 2,782,544 16,400,715
Undistributed net investment income ................... 60,388 231,956 31,924 96,732
Accumulated net realized gain (loss) on
investments and foreign currency transactions........ 4,975 (389,686) 1,183 306,906
Net unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities 69,763 (313,006) 126,494 2,113,741
------ -------- ------- ----------
$ 2,275,283 $ 5,125,802 $ 2,942,413 $18,919,574
============ =========== =========== ===========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
42
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Worldwide Conservative Growth
Privatization Investors Investors
Portfolio Portfolio Portfolio
------------- ------------ ----------
<S> <C> <C> <C>
Assets
Investments in securities, at value (cost $3,117,807,
$1,848,638 and $1,428,158, respectively) ............ $ 3,211,442 $ 1,933,081 $ 1,490,499
Cash, at value (cost $580, $212,155 and $41,631,
respectively)........................................ 580 212,155 41,631
Receivable for capital stock sold ..................... 14,043 11,200 11,098
Dividends receivable................................... 10,064 385 581
Deferred organization expense.......................... 8,460 8,652 8,652
Receivable from investment adviser .................... 5,262 5,322 5,538
Interest receivable.................................... 186 16,747 6,135
--- ------ -----
Total assets........................................... 3,250,037 2,187,542 1,564,134
--------- --------- ---------
Liabilities
Payable for investment securities purchased ........... -0- -0- 6,429
Accrued expenses....................................... 27,590 28,042 26,650
------ ------ ------
Total liabilities...................................... 27,590 28,042 33,079
------ ------ ------
Net Assets................................................ $ 3,222,447 $ 2,159,500 $ 1,531,055
============ =========== ============
Shares of capital stock outstanding ................... 298,468 195,041 140,031
======= ======= =======
Net asset value per share.............................. $ 10.80 $ 11.07 $ 10.93
======= ======= ========
Composition of Net Assets
Capital stock, at par.................................. $ 299 $ 195 $ 140
Additional paid-in capital............................. 3,101,966 2,044,312 1,458,738
Undistributed net investment income ................... 33,175 27,119 9,936
Accumulated net realized gain (loss) on investments
and foreign currency transactions ................... (6,715) 3,431 (100)
Net unrealized appreciation of investments and
foreign currency denominated assets and liabilities 93,722 84,443 62,341
------ ------ ------
$ 3,222,447 $ 2,159,500 $ 1,531,055
============ =========== ============
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
43
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Premier Global Growth and Short-Term
Growth Bond Income Multi-Market
Portfolio Portfolio Portfolio Portfolio
--------- --------- ----------- -----------
<S> <C> <C> <C> <C>
Investment Income
Dividends (net of foreign tax withheld of $1,625, $-0-,
$11,316 and $-0-, respectively) ..................... $ 336,714 $ -0- $ 554,988 $ -0-
Interest (net of foreign tax withheld of $-0-, $2,384,
$-0- and $554, respectively)......................... 49,283 295,529 175,447 820,587
------ ------- ------- -------
Total investment income................................ 385,997 295,529 730,435 820,587
------- ------- ------- -------
Expenses
Investment advisory fee................................ 236,732 26,157 149,591 47,714
Custodian.............................................. 28,788 24,488 28,149 36,901
Audit and legal........................................ 6,880 9,203 9,010 6,819
Registration........................................... 5,431 93 1,147 217
Printing............................................... 3,380 2,724 2,549 944
Amortization of organization expenses ................. 2,726 1,971 2,206 2,206
Transfer agency........................................ 1,255 1,175 434 970
Director's fees........................................ 900 523 424 874
Miscellaneous.......................................... 1,329 729 1,392 1,497
----- --- ----- -----
Total expenses......................................... 287,421 67,063 194,902 98,142
Less: expense reimbursement............................ (62,526) (28,839) -0- (15,470)
------- ------- ---- -------
Net expenses........................................... 224,895 38,224 194,902 82,672
------- ------ ------- ------
Net investment income.................................. 161,102 257,305 535,533 737,915
------- ------- ------- -------
Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency
Net realized gain (loss) on security transactions ..... 1,357,680 129,914 1,144,309 (1,076,616)
Net realized gain (loss) on options written and
foreign currency transactions........................ -0- 297,826 40 (1,093,619)
Net change in unrealized appreciation of investments 10,683,677 531,753 7,294,501 1,659,791
Net change in unrealized appreciation (depreciation)
on foreign currency.................................. -0- (2,428) 3 (75,724)
---- ------ - -------
Net gain (loss) on investments......................... 12,041,357 957,065 8,438,853 (586,168)
---------- ------- --------- --------
Net Increase in Net Assets from Operations $12,202,459 $1,214,370 $8,974,386 $ 151,747
=========== ========== ========== ==========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
44
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government/
High Grade Total Money
Securities Return International Market
Portfolio Portfolio Portfolio Portfolio
----------------- --------- ------------- ----------
<S> <C> <C> <C> <C>
Investment Income
Interest............................................... $ 239,319 $ 18,515 $ 29,810 $ 292,013
Dividends (net of foreign tax withheld of $-0-, $6,
$13,845 and $-0-, respectively)........................ 2,363 6,492 92,804 -0-
----- ----- ------ ---
Total investment income................................ 241,682 25,007 122,614 292,013
------- ------ ------- -------
Expenses
Investment advisory fee................................ 20,335 3,544 40,368 24,657
Custodian.............................................. 23,594 26,725 62,128 22,069
Audit and legal........................................ 9,316 9,284 6,750 6,061
Printing............................................... 2,677 2,789 4,026 4,322
Amortization of organization expenses.................. 2,416 2,416 2,476 2,476
Transfer agency........................................ 1,044 1,038 1,240 1,001
Registration........................................... 559 73 1,568 1,632
Director's fees........................................ 496 447 1,236 775
Miscellaneous.......................................... 502 315 510 452
--- --- --- ---
Total expenses......................................... 60,939 46,631 120,302 63,445
Less: expense reimbursement............................ (28,743) (41,245) (81,952) (16,597)
------- ------- ------- -------
Net expenses........................................... 32,196 5,386 38,350 46,848
------ ----- ------ ------
Net investment income.................................. 209,486 19,621 84,264 245,165
------- ------ ------ -------
Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency
Net realized gain (loss) on security transactions ..... 37,025 8,400 (373,834) 147
Net realized gain on foreign currency transactions..... -0- -0- 208,182 -0-
Net change in unrealized appreciation of investments... 523,756 112,544 342,102 -0-
Net change in unrealized depreciation on foreign
currency............................................. -0- -0- (27,960) -0-
---- ---- ------- ---
Net gain on investments................................ 560,781 120,944 148,490 147
------- ------- ------- ---
Net Increase in Net Assets from Operations................ $ 770,267 $ 140,565 $ 232,754 $ 245,312
========== ========== ========== ==========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
45
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
North American
Global Dollar Government Utility
Government Income Income Growth
Portfolio Portfolio Portfolio Portfolio
------------- ------------- --------- ---------
<S> <C> <C> <C> <C>
Investment Income
Interest............................................... $ 69,815 $ 253,541 $ 5,994 $ 38,670
Dividends (net of foreign tax withheld of $-0-, $-0-,
$366 and $824, respectively)........................... -0- -0- 34,953 107,848
---- ---- ------ -------
Total investment income................................ 69,815 253,541 40,947 146,518
------ ------- ------ -------
Expenses
Investment advisory fee................................ 5,690 12,663 6,888 39,581
Custodian.............................................. 25,748 26,901 23,584 29,496
Audit and legal........................................ 5,951 6,883 7,196 9,574
Printing............................................... 3,463 4,033 2,970 1,793
Amortization of organization expenses ................. 1,327 1,569 1,256 992
Transfer agency........................................ 1,081 1,080 992 1,004
Director's fees........................................ 780 300 967 646
Registration........................................... 182 788 211 2,300
Miscellaneous.......................................... 1,174 573 1,293 1,296
----- --- ----- -----
Total expenses......................................... 45,396 54,790 45,357 86,682
Less: expense reimbursement............................ (38,189) (36,282) (36,632) (36,546)
------- ------- ------- -------
Net expenses........................................... 7,207 18,508 8,725 50,136
----- ------ ----- ------
Net investment income.................................. 62,608 235,033 32,222 96,382
------ ------- ------ ------
Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency
Net realized gain (loss) on security transactions ..... 5,746 (54,701) 9,458 355,679
Net realized gain (loss) on foreign currency
transactions......................................... -0- (322,053) 1,392 21
Net change in unrealized appreciation of investments .. 122,484 402,742 159,443 1,907,847
Net change in unrealized appreciation (depreciation)
on foreign currency.................................. -0- 2 13 (12)
---- - -- ---
Net gain on investments................................ 128,230 25,990 170,306 2,263,535
------- ------ ------- -----------
Net Increase in Net Assets from Operations ............... $ 190,838 $ 261,023 $ 202,528 $ 2,359,917
========== ========== ========== ============
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
46
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Worldwide Conservative Growth
Privatization Investors Investors
Portfolio Portfolio Portfolio
------------- ------------ ---------
<S> <C> <C> <C>
Investment Income
Interest............................................... $ 25,595 $ 31,329 $ 10,728
Dividends (net of foreign tax withheld of $2,192, $-0-
and $-0-, respectively).............................. 16,799 1,347 2,045
------ ----- -----
Total investment income................................ 42,394 32,676 12,773
------ ------ ------
Expenses
Investment advisory fee................................ 9,695 4,263 2,369
Custodian.............................................. 25,427 25,337 24,178
Audit and legal........................................ 7,965 9,525 11,749
Printing............................................... 3,211 4,651 1,872
Transfer agency........................................ 1,022 692 1,043
Amortization of organization expenses.................. 992 992 992
Director's fees........................................ 573 1,143 712
Registration........................................... 483 294 138
Miscellaneous.......................................... 1,417 757 536
----- --- ---
Total expenses......................................... 50,785 47,654 43,589
Less: expense reimbursement............................ (41,575) (42,254) (40,588)
------- ------- -------
Net expenses........................................... 9,210 5,400 3,001
----- ----- -----
Net investment income.................................. 33,184 27,276 9,772
------ ------ -----
Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency
Net realized gain (loss) on security transactions .... (9,828) 4,143 610
Net realized gain on foreign currency transactions ... 3,113 -0- -0-
Net change in unrealized appreciation of investments 93,636 83,150 66,234
Net change in unrealized appreciation on foreign currency 86 -0- -0-
-- ---- ---
Net gain on investments................................ 87,007 87,293 66,844
------ ------ ------
Net Increase in Net Assets from Operations ............... $ 120,191 $ 114,569 $ 76,616
=========== =========== ===========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
47
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Premier Growth Portfolio Global Bond Portfolio
------------------------------- -------------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 161,102 $ 97,606 $ 257,305 $ 408,590
Net realized gain (loss) on security
transactions ............................. 1,357,680 271,826 129,914 (154,419)
Net realized gain (loss) on foreign currency
transactions.............................. -0- -0- 297,826 (253,681)
Net change in unrealized appreciation
(depreciation) of investments and foreign
currency.................................. 10,683,677 (1,055,863) 529,325 (353,957)
---------- ---------- ------- --------
Net increase (decrease) in net assets
from operations........................... 12,202,459 (686,431) 1,214,370 (353,467)
Dividends and Distributions to Shareholders From:
Net investment income....................... (97,581) (20,473) (72,090) (383,604)
Net realized gain on investments and foreign
currency transactions..................... (273,977) (56,132) -0- (181,669)
Capital Stock Transactions
Net increase................................ 11,673,349 24,773,454 630,870 1,468,349
---------- ---------- ------- ---------
Total increase.............................. 23,504,250 24,010,418 1,773,150 549,609
Net Assets
Beginning of period......................... 37,669,094 13,658,676 7,298,069 6,748,460
---------- ---------- --------- ---------
End of period (including undistributed net
investment income of $159,356, $95,835,
$256,180 and $70,965, respectively)....... $61,173,344 $37,669,094 $ 9,071,219 $ 7,298,069
=========== =========== ============ ===========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
48
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth and Income Portfolio Short-Term Multi-Market Portfolio
--------------------------------- -------------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 535,533 $ 556,186 $ 737,915 $ 1,675,123
Net realized gain (loss) on security
transactions ............................ 1,144,309 605,669 (1,076,616) (567,154)
Net realized gain (loss) on foreign currency
transactions.............................. 40 (50) (1,093,619) (1,385,266)
Net change in unrealized appreciation
(depreciation) of investments and foreign
currency ................................. 7,294,504 (1,403,807) 1,584,067 (1,215,362)
--------- --------- --------- ---------
Net increase (decrease) in net assets
from operations........................... 8,974,386 (242,002) 151,747 (1,492,659)
Dividends and Distributions to Shareholders From:
Net investment income....................... (531,525) (277,061) -0- (1,057,212)
Net realized gain on investments and foreign
currency transactions..................... (551,658) (484,873) -0- -0-
Return of capital........................... -0- -0- -0- (940)
Capital Stock Transactions
Net increase (decrease)..................... 8,419,721 19,950,283 (5,139,778) (88,801)
--------- ---------- ---------- -------
Total increase (decrease)................... 16,310,924 18,946,347 (4,988,031) (2,639,612)
Net Assets
Beginning of period......................... 41,701,871 22,755,524 20,920,859 23,560,471
---------- ---------- ---------- ----------
End of period (including undistributed
(overdistributed) net investment income
of $543,837, $539,879, $735,558 and
$(2,357), respectively)................... $58,012,795 $ 41,701,871 $15,932,828 $20,920,859
=========== ============ =========== ===========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
49
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government/
High Grade Securities Portfolio Total Return Portfolio
--------------------------------- ---------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 209,486 $ 147,656 $ 19,621 $ 9,704
Net realized gain (loss) on security
transactions ............................. 37,025 (29,780) 8,400 (4,437)
Net change in unrealized appreciation
(depreciation) of investments and foreign
currency ................................. 523,756 (182,479) 112,544 (22,102)
------- -------- ------- ------
Net increase (decrease) in net assets from
operations ............................... 770,267 (64,603) 140,565 (16,835)
Dividends and Distributions to Shareholders From:
Net investment income....................... (149,970) (52,816) (10,089) (3,795)
Net realized gain on investments and foreign
currency transactions..................... -0- (35,522) -0- (2,282)
Capital Stock Transactions
Net increase................................ 3,896,798 3,903,950 1,364,279 412,828
--------- --------- --------- -------
Total increase.............................. 4,517,095 3,751,009 1,494,755 389,916
Net Assets
Beginning of period......................... 5,101,284 1,350,275 749,900 359,984
--------- --------- ------- -------
End of period (including undistributed net
investment income of $206,856, $147,340,
$19,472 and $9,940, respectively) ........ $ 9,618,379 $ 5,101,284 $ 2,244,655 $ 749,900
=========== =========== =========== ===========
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
50
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International Portfolio Money Market Portfolio
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 84,264 $ 25,102 $ 245,165 $ 82,719
Net realized gain (loss) on security
transactions ............................ (373,834) 18,758 147 (473)
Net realized gain on foreign currency
transactions.............................. 208,182 1,982 -0- -0-
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency ......................... 314,142 (106,701) -0- -0-
------- -------- ---- ---
Net increase (decrease) in net assets
from operations........................... 232,754 (60,859) 245,312 82,246
Dividends and Distributions to Shareholders From:
Net investment income....................... (23,594) (1,901) (245,165) (82,719)
Net realized gain on investments and foreign
currency transactions..................... (29,314) (11,169) -0- -0-
Capital Stock Transactions
Net increase................................ 2,476,333 6,662,423 11,996,791 6,797,225
--------- --------- ---------- ---------
Total increase.............................. 2,656,179 6,588,494 11,996,938 6,796,752
Net Assets
Beginning of period......................... 7,276,388 687,894 6,898,295 101,543
--------- ------- --------- -------
End of period (including undistributed net
investment income of $84,577, $23,907,
$803 and $803, respectively) ............. $ 9,932,567 $ 7,276,388 $ 18,895,233 $ 6,898,295
============ ============ ============ =============
</TABLE>
-------------------------------------------------------------------------------
See Notes to Financial Statements.
51
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Global Dollar North American
Government Portfolio Government Income Portfolio
--------------------------------- -----------------------------------
Six Months Ended Period Ended Six Months Ended Period Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994(a) (Unaudited) 1994(b)
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 62,608 $ 25,782 $ 235,033 $ 145,598
Net realized gain (loss) on security
transactions ............................ 5,746 (771) (54,701) (12,751)
Net realized gain (loss) on foreign currency
transactions.............................. -0- -0- (322,053) (4,232)
Net change in unrealized appreciation
(depreciation) of investments and foreign
currency.................................. 122,484 (52,721) 402,744 (715,750)
------- ------- ------- --------
Net increase (decrease) in net assets
from operations........................... 190,838 (27,710) 261,023 (587,135)
Dividends and Distributions to Shareholders From:
Net investment income....................... (28,002) -0- (144,624) -0-
Capital Stock Transactions
Net increase................................ 966,121 1,174,036 1,161,321 4,435,217
------- --------- --------- ---------
Total increase.............................. 1,128,957 1,146,326 1,277,720 3,848,082
Net Assets
Beginning of period......................... 1,146,326 -0- 3,848,082 -0-
--------- ---- --------- ---
End of period (including undistributed net
investment income of $60,388, $25,782,
$231,956 and $141,547, respectively) ..... $ 2,275,283 $ 1,146,326 $ 5,125,802 $ 3,848,082
============ =========== ============ ===========
</TABLE>
-------------------------------------------------------------------------------
(a) Commencement of operations, May 2, 1994.
(b) Commencement of operations, May 3, 1994.
See Notes to Financial Statements.
52
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Utility Income Portfolio Growth Portfolio
--------------------------------- ----------------------------------
Six Months Ended Period Ended Six Months Ended Period Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994(a) (Unaudited) 1994(b)
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 32,222 $ 18,849 $ 96,382 $ 11,263
Net realized gain (loss) on security
transactions............................... 9,458 (9,667) 355,679 (48,794)
Net realized gain (loss) on foreign currency
transactions.............................. 1,392 (17) 21 -0-
Net change in unrealized appreciation
(depreciation) of investments and foreign
currency.................................. 159,456 (32,962) 1,907,835 205,906
--------- --------- ---------- ---------
Net increase (decrease) in net assets
from operations........................... 202,528 (23,797) 2,359,917 168,375
Dividends and Distributions to Shareholders From:
Net investment income....................... (19,130) -0- (10,913) -0-
Capital Stock Transactions
Net increase................................ 1,504,766 1,278,046 11,078,806 5,323,389
--------- --------- ---------- ---------
Total increase.............................. 1,688,164 1,254,249 13,427,810 5,491,764
Net Assets
Beginning of period......................... 1,254,249 -0- 5,491,764 -0-
--------- --------- ---------- ---------
End of period (including undistributed net
investment income of $31,924, $18,832,
$96,732 and $11,263, respectively)........ $2,942,413 $1,254,249 $18,919,574 $5,491,764
========== ========== =========== ==========
------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Commencement of operations, May 10, 1994.
(b) Commencement of operations, September 15, 1994.
See Notes to Financial Statements.
53
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Worldwide Privatization Portfolio Conservative Investors Portfolio
--------------------------------- ----------------------------------
Six Months Ended Period Ended Six Months Ended Period Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994(a) (Unaudited) 1994(b)
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 33,184 $ 7,184 $ 27,276 $ 3,462
Net realized gain (loss) on security
transactions.............................. (9,828) -0- 4,143 (712)
Net realized gain on foreign currency
transactions.............................. 3,113 -0- -0- 1,293
Net change in unrealized appreciation of
investments and foreign currency.......... 93,722 -0- 83,150 -0-
--------- --------- ---------- ---------
Net increase in net assets from operations.. 120,191 7,184 114,569 4,043
Dividends and Distributions to Shareholders From:
Net investment income....................... (7,193) -0- (3,619) -0-
Capital Stock Transactions
Net increase................................ 1,982,387 1,119,878 1,347,658 696,849
--------- --------- ---------- ---------
Total increase.............................. 2,095,385 1,127,062 1,458,608 700,892
Net Assets
Beginning of period......................... 1,127,062 -0- 700,892 -0-
--------- --------- ---------- ---------
End of period (including undistributed net
investment income of $33,175, $7,184,
$27,119 and $3,462, respectively)......... $3,222,447 $1,127,062 $2,159,500 $700,892
========== ========== ========== ========
------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Commencement of operations, September 23, 1994.
(b) Commencement of operations, October 28, 1994.
See Notes to Financial Statements.
54
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth Investors Portfolio
-------------------------------------
Six Months Ended Period Ended
June 30, 1995 December 31,
(Unaudited) 1994(a)
-------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income....................... $ 9,772 $ 1,067
Net realized gain (loss) on security
transactions.............................. 610 (710)
Net change in unrealized appreciation
(depreciation) of investments............. 66,234 (3,893)
----------- -----------
Net increase (decrease) in net assets
from operations........................... 76,616 (3,536)
Dividends and Distributions to Shareholders From:
Net investment income....................... (903) -0-
Capital Stock Transactions
Net increase................................ 1,134,544 324,334
----------- -----------
Total increase.............................. 1,210,257 320,798
Net Assets
Beginning of period......................... 320,798 -0-
----------- -----------
End of period (including undistributed net
investment income of $9,936
and $1,067, respectively)................. $1,531,055 $320,798
=========== ===========
------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Commencement of operations, October 28, 1994.
See Notes to Financial Statements.
55
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------
NOTE A -- Significant Accounting Policies
Alliance Variable Products Series Fund, Inc. (the "Fund"), was incorporated in
the State of Maryland on November 17, 1987 as an open-end series investment
company. The Fund had no operations prior to November 28, 1990. The Fund offers
fifteen separately managed pools of assets which have differing investment
objectives and policies. The Fund currently issues shares of the Premier Growth
Portfolio (formerly Growth Portfolio), Global Bond Portfolio, Growth and Income
Portfolio, Short Term Multi-Market Portfolio, U.S. Government/High Grade
Securities Portfolio, Total Return Portfolio, International Portfolio, Money
Market Portfolio, Global Dollar Government Portfolio, North American Government
Income Portfolio, Utility Income Portfolio, Growth Portfolio, Worldwide
Privatization Portfolio, Conservative Investors Portfolio and Growth Investors
Portfolio (the "Portfolios").
The Fund offers and sells its shares only to separate accounts of certain life
insurance companies, for the purpose of funding variable annuity contracts and
variable life insurance policies. Sales are made without sales charge, at each
Portfolio's net asset value per share.
The following is a summary of significant accounting policies followed by the
Fund.
1. Security Valuation
Investments are stated at value. Investments for which market quotations are
readily available are valued at the closing price on the day of valuation.
Securities for which market quotations are not readily available are valued at
the latest available bid price. Securities which mature in 60 days or less are
valued at amortized cost, which approximates market value, unless this method
does not represent fair value.
2. Option Writing
When a Portfolio writes an option, an amount equal to the premium received by
the Portfolio is recorded as a liability and is subsequently adjusted to the
current market value of the option written. Premiums received from writing
options which expire unexercised are recorded by the Portfolio on the
expiration date as realized gains. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including brokerage
commissions, is also recorded as a realized gain, or if the premium is less
than the amount paid for the closing purchase transaction, as a realized loss.
If a call option is exercised, the premium is added to the proceeds from the
sale of the underlying security or currency in determining whether the
Portfolio has realized a gain or loss. If a put option is exercised, the
premium reduces the cost basis of the security or currency purchased by the
Portfolio. In writing an option, the Portfolio bears the market risk of
unfavorable changes in the price of the security or currency underlying the
written option. Exercise of an option written by the Portfolio could result in
the Portfolio selling or buying a security or currency at a price different
from the current market value.
3. Currency Translation
Assets and liabilities denominated in foreign currencies and commitments under
forward exchange currency contracts are translated into U.S. dollars at the
mean of the quoted bid and asked prices of such currencies against the U.S.
dollar. Purchases and sales of portfolio securities are translated at the rates
of exchange prevailing when such securities were acquired or sold. Income and
expenses are translated at rates of exchange prevailing when accrued.
Net foreign exchange gains (losses) of $297,826, $40, $(1,094,165), $208,182,
$(322,053), $1,392, $21 and $3,113 in the Global Bond Portfolio, Growth and
Income Portfolio, Short-Term Multi-Market Portfolio, International Portfolio,
North American Government Income Portfolio, Utility Income Portfolio, Growth
Portfolio and Worldwide Privatization Portfolio, respectively, represent
foreign exchange gains and losses from sales and maturities of securities,
holding of foreign currencies, options on foreign currencies, exchange gains or
losses realized between the trade and settlement dates on security
transactions, and the difference between the amounts of interest and dividends
recorded on the Portfolio's books and the U.S. dollar equivalent of the amounts
actually received or paid.
Net currency gains and losses from valuing foreign currency denominated assets
and liabilities at period end
56
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
-------------------------------------------------------------------------------
exchange rates are reflected as a component of unrealized appreciation
(depreciation) on investments and foreign currency.
4. Organization Expenses
Organization expenses of $260,664 have been deferred and are being amortized on
a straight-line basis as follows: Premier Growth Portfolio $27,506 through June
1997; Global Bond Portfolio $19,898 through July 1996; Growth and Income
Portfolio $22,263 through January 1996; Short-Term Multi-Market Portfolio
$22,263 through November 1995; U.S. Government/High Grade Securities Portfolio
$24,384 through September 1997; Total Return Portfolio $24,384 through December
1997; International Portfolio $24,983 through December 1997; Money Market
Portfolio $24,983 through December 1997; Global Dollar Government Portfolio
$10,000 through April 1999; North American Government Income Portfolio $10,000
through April 1999; Utility Income Portfolio $10,000 through April 1999; Growth
Portfolio $10,000 through September 1999; Worldwide Privatization Portfolio
$10,000 through September 1999; Conservative Investors Portfolio $10,000
through October 1999 and Growth Investors Portfolio $10,000 through October
1999.
5. Federal Income Tax
It is the Fund's policy to meet the requirements of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of its
investment company taxable income and net realized gains, if applicable, to
shareholders. Therefore, no provision for federal income tax is required.
6. Investment Income and Security Transactions
Interest income is accrued daily. Dividend income is recorded on the ex-
dividend date. Security transactions are accounted for on the date securities
are purchased or sold. Security gains and losses are determined on the
identified cost basis. The Fund accretes discounts as adjustments to interest
income.
7. Dividends and Distributions
Each Portfolio declares and distributes dividends and distributions from net
investment income and net realized gains, respectively, if any, at least
annually, except for dividends on the Money Market Portfolio, which are declared
daily and paid monthly. Income dividends and capital gain distributions are
determined in accordance with income tax regulations, which may differ from
generally accepted accounting principles.
-------------------------------------------------------------------------------
NOTE B -- Advisory Fee and Other Transactions with Affiliates
Under the terms of an investment advisory agreement, each Portfolio pays
Alliance Capital Management L.P., (the "Adviser"), an investment advisory fee,
based on average net assets, at the following annual rates: Premier Growth
Portfolio, 1%; Global Bond Portfolio .65 of 1%; Growth and Income Portfolio .625
of 1%; Short-Term Multi-Market Portfolio, .55 of 1%; U.S. Government/High Grade
Securities Portfolio, .60 of 1%; Total Return Portfolio, .625 of 1%;
International Portfolio, 1%; Money Market Portfolio, .50 of 1%; Global Dollar
Government Portfolio, .75 of 1%; North American Government Income Portfolio, .65
of 1%; Utility Income Portfolio, .75 of 1%; Growth Portfolio, .75 of 1%;
Worldwide Privatization Portfolio, 1%; Conservative Investors Portfolio, .75 of
1% and Growth Investors Portfolio, .75 of 1%. Such fee is accrued daily and paid
monthly. For the Global Bond Portfolio, the adviser has retained, under a sub-
advisory agreement, a sub-adviser, AIGAM International Ltd., an affiliate of
American International Group, Inc.
The Adviser voluntarily agreed to reimburse each Portfolio based on their
respective average net assets for expenses exceeding their limitation which was
.95% for the six months ended June 30, 1995. Expense reimbursements, if any,
are accrued daily and paid monthly. For the six months ended June 30, 1995,
such reimbursements amounted to $62,526, $2,682, $-0-, $15,470, $28,743,
$41,245, $81,952, $16,597, $38,189, $36,282, $36,632, $36,546, $41,575, $42,254
and $40,588 for the Premier Growth Portfolio, the Global Bond Portfolio, the
Growth and Income Portfolio, the Short-Term Multi-Market Portfolio, the U.S.
Government/High Grade Securities Portfolio, the Total Return Portfolio, the
International Portfolio, the Money Market Portfolio, the Global Dollar
Government Portfolio, the North American Government Income Portfolio, the
Utility Income Portfolio, the Growth Portfolio, the Worldwide Privati-
57
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
-------------------------------------------------------------------------------
zation Portfolio, the Conservative Investors Portfolio and the Growth Investors
Portfolio, respectively. In addition, for the six months ended June 30, 1995,
the Advisers agreed to waive the Global Bond Portfolio's investment advisory
fee in the amount of $26,157.
Each Portfolio compensates Alliance Fund Services, Inc. (a wholly-owned
subsidiary of the Adviser) for providing personnel and facilities to perform
transfer agency services for the Portfolio. Such compensation amounted to $600
for the Premier Growth Portfolio, the Global Bond Portfolio, the Growth and
Income Portfolio, the Short-Term Multi-Market Portfolio, the U.S.
Government/High Grade Securities Portfolio, the Total Return Portfolio, the
International Portfolio, the Money Market Portfolio, the Global Dollar
Government Portfolio, the
North American Government Income Portfolio, the Utility Income Portfolio, the
Growth Portfolio, the Worldwide Privatization Portfolio, the Conservative
Investors Portfolio and the Growth Investors Portfolio, respectively, for the
six months ended June 30, 1995.
Brokerage commissions paid for the six months ended June 30, 1995 on securities
transactions amounted to $57,349, $96,178, $24,134, $1,476, $8,558, $25,799,
$4,678, $227 and $514 on the Premier Growth Portfolio, the Growth and Income
Portfolio, the International Portfolio, the Total Return Portfolio, the Utility
Income Portfolio, the Growth Portfolio, the Worldwide Privatization
Portfolio, the Conservative Investors Portfolio and the Growth Investors
Portfolio, respectively, none of which was paid to affiliated brokers.
-------------------------------------------------------------------------------
NOTE C -- Investment Transactions
Purchases and sales of investment securities (excluding short-term investments)
for the six months ended June 30, 1995 were:
<TABLE>
<CAPTION>
U.S. Government/
Premier Global Growth and Short-Term High Grade
Growth Bond Income Multi-Market Securities
Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- ---------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
Purchases
Stocks and debt obligations.................. $ 27,370,138 $ 7,912,756 $ 40,531,796 $ 10,982,343 $ 2,484,850
U.S. Government and government
agency obligations........................ -0- 3,045,414 -0- 395,375 3,298,443
Sales
Stocks and debt obligations.................. 16,632,809 6,367,546 30,042,086 6,707,906 972,104
U.S. Government and government
agency obligations........................ -0- 3,847,500 -0- 958,398 345,842
<CAPTION>
Global North American
Total Dollar Government Utility
Return International Government Income Income
Portfolio Portfolio Portfolio Portfolio Portfolio
--------- ------------- ---------- -------------- ---------
<S> <C> <C> <C> <C> <C>
Purchases
Stocks and debt obligations.................. $ 839,991 $ 5,324,000 $ 882,913 $ 551,113 $ 2,864,861
U.S. Government and government
agency obligations........................ -0- -0- 300,766 521,906 -0-
Sales
Stocks and debt obligations.................. 211,078 3,993,575 6,157 243,044 1,261,190
U.S. Government and government
agency obligations........................ -0- -0- 124,603 98,234 -0-
</TABLE>
58
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Worldwide Conservative Growth
Growth Privatization Investors Investors
Portfolio Portfolio Portfolio Portfolio
--------- ------------- ------------ ---------
<S> <C> <C> <C> <C>
Purchases
Stocks and debt obligations.................. $ 13,577,888 $2,140,772 $ 137,163 $ 371,928
U.S. Government and government
agency obligations........................ -0- -0- 778,291 268,237
Sales
Stocks and debt obligations.................. 3,616,311 109,292 24,214 40,343
U.S. Government and government
agency obligations........................ -0- -0- 147,162 25,696
</TABLE>
At June 30, 1995, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes were as follows:
<TABLE>
<CAPTION>
Net
Gross Unrealized Unrealized
----------------------------- Appreciation
Portfolio Appreciation Depreciation (Depreciation)
--------- ------------ ------------ --------------
<S> <C> <C> <C>
Premier Growth..................................................... $ 11,195,545 $ (248,573) $ 10,946,972
Global Bond........................................................ 460,456 (49,775) 410,681
Growth and Income.................................................. 7,442,686 (286,711) 7,155,975
Short-Term Multi-Market............................................ 190,235 (56,769) 133,466
U.S. Government/High Grade Securities.............................. 383,563 (56,825) 326,738
Total Return....................................................... 109,421 (5,610) 103,811
International...................................................... 582,696 (334,998) 247,698
Global Dollar Government........................................... 106,508 (36,745) 69,763
North American Government Income................................... 154,922 (475,983) (321,061)
Utility Income..................................................... 140,618 (15,381) 125,237
Growth Portfolio................................................... 2,241,457 (157,413) 2,084,044
Worldwide Privatization............................................ 146,582 (52,947) 93,635
Conservative Investors............................................. 84,591 (148) 84,443
Growth Investors................................................... 63,533 (1,305) 62,228
</TABLE>
At December 31, 1994, for federal income tax purposes, the Short-Term
Multi-Market and Money Market Portfolios had net capital loss carryforwards
of $160,415 (of which $9,593 expires in 2000 and $150,822 expires in 2002) and
$483 (of which $10 expires in 2001 and $473 expires in 2002), respectively, and
the Global Bond, U.S. Government/High Grade Securities, Total Return, Global
Dollar Government, North American Government Income, Utility Income, Growth,
Conservative Investors and Growth Investors Portfolios had net capital loss
carryforwards of $154,419, $29,780, $2,456, $771, $12,931, $9,667, $43,194,
$712 and $710, respectively, which all expire in 2002.
The Global Bond, Short-Term Multi-Market and International Portfolios enter
into forward exchange currency contracts in order to hedge their exposure to
changes in foreign currency exchange rates on their foreign portfolio holdings.
A forward contract is a commitment to purchase or sell a foreign currency at
a future date at a negotiated forward rate. The Portfolios may enter into
contracts to deliver or receive foreign currency it will receive from or
require for its normal investment activities. It may also use contracts in a
manner intended to protect foreign currency-denominated securities from
declines in value due to unfavorable exchange rate movements. The gain or loss
arising from the difference
59
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
-------------------------------------------------------------------------------
between the original contract and the closing of such contract is included in
realized gains or losses from foreign currency transactions. Fluctuations in
the value of forward exchange currency contracts are recorded for financial
reporting purposes as unrealized gains or losses by the Portfolio. Risks may
arise from the potential inability of a counterparty to meet the terms of
a contract and from unanticipated movements in the value of a foreign
currency relative to the U.S. dollar. At June 30, 1995, the outstanding forward
exchange currency contracts were as follows:
<TABLE>
<CAPTION>
GLOBAL BOND PORTFOLIO:
Contract Cost on U.S.$ Unrealized
Amount Origination Current Appreciation
Foreign Currency Buy Contracts (000) Date Value (Depreciation)
------------------------------ ---------- -------------- ------- --------------
<S> <C> <C> <C> <C>
Australian Dollars, expiring 8/30/95.................. 573 $ 410,699 $ 406,065 $ (4,634)
Foreign Currency Sale Contracts
Australian Dollars, expiring 8/30/95.................. 573 410,756 406,064 4,692
Canadian Dollars, expiring 7/10/95.................... 600 434,405 436,723 (2,318)
Deutsche Marks, expiring 7/17/95...................... 600 426,045 434,191 (8,146)
---------
$ (10,406)
=========
<CAPTION>
SHORT-TERM MULTI-MARKET PORTFOLIO:
Contract Cost on U.S.$ Unrealized
Amount Origination Current Appreciation
Foreign Currency Buy Contracts (000) Date Value (Depreciation)
------------------------------ ---------- -------------- ------- --------------
<S> <C> <C> <C> <C>
British Pounds, expiring 8/23/95........................ 600 $ 953,108 $ 953,309 $ 201
Japanese Yen, expiring 10/4/95.......................... 15,000 178,720 179,220 500
New Zealand Dollars, expiring 8/4/95.................... 687 435,964 457,723 21,759
Swedish Krona, expiring 7/5/95-8/14/95.................. 5,248 721,682 720,943 (739)
Thailand Baht, expiring 6/28/96......................... 7,500 292,912 292,461 (451)
Foreign Currency Sale Contracts
Australian Dollars, expiring 7/31/95.................... 415 296,609 294,826 1,783
British Pounds, expiring 8/23/95........................ 919 1,474,186 1,459,713 14,473
Canadian Dollars, expiring 7/6/95-8/29/95............... 1,645 1,192,979 1,196,961 (3,982)
Deutsche Marks, expiring 9/20/95........................ 4,831 3,461,344 3,504,448 (43,104)
New Zealand Dollars, expiring 8/4/95.................... 686 462,139 457,724 4,415
Spanish Pesetas, expiring 9/25/95....................... 127,359 1,044,097 1,042,157 1,940
Swedish Krona, expiring 7/5/95-8/14/95.................. 7,139 978,303 980,053 (1,750)
Swiss Francs, expiring 7/18/95.......................... 600 501,756 521,875 (20,119)
---------
$ (25,074)
=========
</TABLE>
60
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO:
Contract Cost on U.S.$ Unrealized
Amount Origination Current Appreciation
Foreign Currency Buy Contracts (000) Date Value (Depreciation)
------------------------------ ---------- -------------- ------- --------------
<S> <C> <C> <C> <C>
Australian Dollars, expiring 7/31/95.................... 190 $ 136,734 $ 134,859 $ (1,875)
Belgian Francs, expiring 9/29/95........................ 610 21,288 21,515 227
British Pounds, expiring 8/31/95........................ 80 127,790 127,083 (707)
Deutsche Marks, expiring 8/31/95........................ 300 216,790 217,470 680
French Francs, expiring 8/31/95......................... 400 82,565 82,314 (251)
Foreign Currency Sale Contracts
Australian Dollars, expiring 7/31/95.................... 190 138,016 134,859 3,157
Belgian Francs, expiring 9/29/95........................ 2,920 102,880 102,991 (111)
British Pounds, expiring 8/31/95-9/29/95................ 170 267,076 269,946 (2,870)
Deutsche Marks, expiring 8/31/95........................ 300 207,684 217,470 (9,786)
French Francs, expiring 8/31/95......................... 1,100 214,844 226,363 (11,519)
Swiss Francs, expiring 8/31/95.......................... 285 241,752 248,734 (6,982)
---------
$ (30,037)
=========
</TABLE>
Transactions in currency call and put options written by the Short-Term
Multi-Market Portfolio for the six months ended June 30, 1995 were as follows:
<TABLE>
<CAPTION>
Number of
Contracts Premiums
--------- --------
<S> <C> <C>
Options outstanding at beginning of period.............................................. -0- $ -0-
Options written......................................................................... 1 546
Options terminated in closing purchase transactions..................................... -0- -0-
Options expired......................................................................... (1) (546)
Options exercised....................................................................... -0- -0-
---- ------
Options outstanding at June 30, 1995 ................................................... -0- $ -0-
==== ======
</TABLE>
-------------------------------------------------------------------------------
NOTE D -- Capital Stock
There are 900,000,000 shares of capital stock, $.001 par value per share of the
Fund authorized. Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
Premier Growth Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 1,389,320 2,158,503 $ 19,245,025 $ 27,040,995
Shares issued in reinvestment of dividends
and distributions.......................... 24,754 6,295 371,558 76,606
Shares redeemed............................... (565,672) (187,942) (7,943,234) (2,344,147)
--------- --------- ------------ ------------
Net increase.................................. 848,402 1,976,856 $ 11,673,349 $ 24,773,454
========= ========= ============ ============
</TABLE>
61
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Global Bond Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 68,971 99,445 $ 753,843 $1,004,475
Shares issued in reinvestment of dividends
and distributions.......................... 6,352 57,681 72,090 565,272
Shares redeemed............................... (19,167) (9,522) (195,063) (101,398)
------- ------- ---------- ----------
Net increase.................................. 56,156 147,604 $ 630,870 $1,468,349
======= ======= ========== ==========
<CAPTION>
Growth and Income Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 794,920 1,938,671 $ 10,302,478 $ 23,400,005
Shares issued in reinvestment of dividends
and distributions.......................... 79,180 65,234 1,083,183 761,935
Shares redeemed............................... (229,037) (355,050) (2,965,940) (4,211,657)
-------- --------- ------------ ------------
Net increase.................................. 645,063 1,648,855 $ 8,419,721 $ 19,950,283
======== ========= ============ ============
<CAPTION>
Short-Term Multi-Market Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 249,940 2,182,196 $ 2,457,536 $ 23,826,681
Shares issued in reinvestment of dividends
and distributions.......................... -0- 100,584 -0- 1,058,151
Shares redeemed............................... (780,497) (2,298,689) (7,597,314) (24,973,633)
-------- --------- ------------ ------------
Net decrease.................................. (530,557) (15,909) $ (5,139,778) $ (88,801)
======== ========= ============ ============
<CAPTION>
U.S. Government/High Grade Securities Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 504,252 518,614 $ 5,348,852 $ 5,232,257
Shares issued in reinvestment of dividends
and distributions.......................... 13,708 8,852 149,970 88,339
Shares redeemed............................... (151,114) (140,052) (1,602,024) (1,416,646)
------- ------- ------------ ------------
Net increase.................................. 366,846 387,414 $ 3,896,798 $ 3,903,950
======= ======= ============ ============
</TABLE>
62
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Total Return Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 134,518 69,761 $ 1,529,130 $ 736,467
Shares issued in reinvestment of dividends
and distributions.......................... 866 583 10,089 6,076
Shares redeemed............................... (15,816) (31,120) (174,940) (329,715)
------- ------ ------------ ----------
Net increase.................................. 119,568 39,224 $ 1,364,279 $ 412,828
======= ====== ============ ==========
<CAPTION>
International Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 240,052 547,184 $ 3,094,475 $ 7,176,460
Shares issued in reinvestment of dividends
and distributions.......................... 4,039 1,015 52,908 13,070
Shares redeemed............................... (52,728) (39,868) (671,050) (527,107)
------- ------- ------------ ------------
Net increase.................................. 191,363 508,331 $ 2,476,333 $ 6,662,423
======= ======= ============ ============
<CAPTION>
Money Market Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................... 24,225,595 14,471,656 $ 24,225,595 $ 14,471,656
Shares issued in reinvestment of dividends.... 246,100 82,845 246,100 82,845
Shares redeemed............................... (12,474,904) (7,757,276) (12,474,904) (7,757,276)
---------- ---------- ------------ ------------
Net increase.................................. 11,996,791 6,797,225 $ 11,996,791 $ 6,797,225
========== ========== ============ ============
<CAPTION>
Global Dollar Government Portfolio
------------------------------------------------------------------------
Shares Amount
--------------------------------- -----------------------------------
Six Months Ended May 2, 1994(a) Six Months Ended May 2, 1994(a)
June 30, 1995 to December 31, June 30, 1995 to December 31,
(Unaudited) 1994 (Unaudited) 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold.................................. 114,943 118,322 $ 1,170,464 $ 1,192,406
Shares issued in reinvestment of dividends
and distributions......................... 2,647 -0- 28,002 -0-
Shares redeemed............................. (22,489) (1,820) (232,345) (18,370)
------- ------- ----------- ------------
Net increase................................ 95,101 116,502 $ 966,121 $ 1,174,036
======= ======= =========== ============
</TABLE>
63
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
North American Government Income Portfolio
---------------------------------------------------------------------------------
Shares Amount
--------------------------------------- ---------------------------------------
Six Months Ended May 10, 1994(a) Six Months Ended May 10, 1994(a)
June 30, 1995 to December 31, June 30, 1995 to December 31,
(Unaudited) 1994 (Unaudited) 1994
----------------- ------------------ ------------------ -------------------
<S> <C> <C> <C> <C>
Shares sold................................ 225,142 525,199 $ 2,060,207 $ 5,263,041
Shares issued in reinvestment of dividends
and distributions....................... 15,806 -0- 144,624 -0-
Shares redeemed............................ (120,477) (87,577) (1,043,510) (827,824)
--------- -------- ----------- -----------
Net increase............................... 120,471 437,622 $ 1,161,321 $ 4,435,217
========= ======== =========== ===========
<CAPTION>
Utility Income Portfolio
--------------------------------------------------------------------------------
Shares Amount
--------------------------------------- ---------------------------------------
Six Months Ended May 10, 1994(a) Six Months Ended May 10, 1994(a)
June 30, 1995 to December 31, June 30, 1995 to December 31,
(Unaudited) 1994 (Unaudited) 1994
----------------- ------------------- ------------------ -------------------
<S> <C> <C> <C> <C>
Shares sold................................ 166,174 130,903 $ 1,759,004 $ 1,329,004
Shares issued in reinvestment of dividends
and distributions....................... 1,762 -0- 19,130 -0-
Shares redeemed............................ (26,144) (4,924) (273,368) (50,958)
--------- -------- ----------- -----------
Net increase............................... 141,792 125,979 $ 1,504,766 $ 1,278,046
========= ======== =========== ===========
<CAPTION>
Growth Portfolio
--------------------------------------------------------------------------------
Shares Amount
--------------------------------------------------------------------------------
Six Months Ended September 15, 1994(a) Six Months Ended September 15, 1994(a)
June 30, 1995 to December 31, June 30, 1995 to December 31,
(Unaudited) 1994 (Unaudited) 1994
----------------- -------------------- ---------------- ---------------------
<S> <C> <C> <C> <C>
Shares sold................................ 971,478 525,636 $11,228,157 $ 5,364,669
Shares issued in reinvestment of dividends
and distributions....................... 874 -0- 10,913 -0-
Shares redeemed............................ (14,035) (4,023) (160,264) (41,280)
-------- ------- ----------- -----------
Net increase............................... 958,317 521,613 $11,078,806 $ 5,323,389
======== ======= =========== ===========
<CAPTION>
Worldwide Privatization Portfolio
--------------------------------------------------------------------------------
Shares Amount
--------------------------------------------------------------------------------
Six Months Ended September 23, 1994(a) Six Months Ended September 23, 1994(a)
June 30, 1995 to December 31, June 30, 1995 to December 31,
(Unaudited) 1994 (Unaudited) 1994
----------------- -------------------- ---------------- ---------------------
<S> <C> <C> <C> <C>
Shares sold................................ 189,865 111,619 $ 2,014,136 $ 1,120,370
Shares issued in reinvestment of dividends
and distributions....................... 662 -0- 7,193 -0-
Shares redeemed............................ (3,629) (49) (38,942) (492)
------- ------- ----------- -----------
Net increase............................... 186,898 111,570 $ 1,982,387 $ 1,119,878
======= ======= =========== ===========
</TABLE>
64
<PAGE>
<TABLE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Cont'd)
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Conservative Investors Portfolio
--------------------------------------------------------------------------------
Shares Amount
--------------------------------------------------------------------------------
Six Months Ended October 28, 1994(a) Six Months Ended October 28, 1994(a)
June 30, 1995 to December 31, June 30, 1995 to December 31,
(Unaudited) 1994 (Unaudited) 1994
----------------- -------------------- ---------------- ---------------------
<S> <C> <C> <C> <C>
Shares sold................................ 145,651 71,574 $ 1,556,921 $ 716,743
Shares issued in reinvestment of dividends
and distributions....................... 328 -0- 3,619 -0-
Shares redeemed............................ (20,519) (1,993) (212,882) (19,894)
-------- ------- ----------- ----------
Net increase............................... 125,460 69,581 $ 1,347,658 $ 696,849
======== ======= =========== ==========
<CAPTION>
Growth Investors Portfolio
--------------------------------------------------------------------------------
Shares Amount
--------------------------------------------------------------------------------
Six Months Ended October 28, 1994(a) Six Months Ended October 28, 1994(a)
June 30, 1995 to December 31, June 30, 1995 to December 31,
(Unaudited) 1994 (Unaudited) 1994
----------------- -------------------- ---------------- ---------------------
<S> <C> <C> <C> <C>
Shares sold................................ 112,360 34,433 $ 1,183,603 $ 342,801
Shares issued in reinvestment of dividends
and distributions....................... 84 -0- 903 -0-
Shares redeemed............................ (4,962) (1,884) (49,962) (18,467)
------- ------- ----------- ----------
Net increase............................... 107,482 32,549 $ 1,134,544 $ 324,334
======= ======= =========== ==========
<FN>
---------------
(a) Commencement of operations.
</TABLE>
---------------------------------------------------------------------------
NOTE E -- Reclassification of Components of Net Assets
During the year ended December 31, 1994, the Fund adopted Statement of Position
93-2 Determination, Disclosure, and Financial Statement Presentation of Income,
Capital Gain, and Return of Capital Distributions by Investment Companies.
Accordingly, permanent book and tax basis differences relating to shareholder
distributions have been reclassified to additional paid in capital. As of the
beginning of the current period, the cumulative effect of such differences have
been restated as follows:
<TABLE>
<CAPTION>
Global Growth and Short-Term Total
Bond Income Multi-Market Return
Portfolio Portfolio Portfolio Portfolio
----------- ---------- ------------ ---------
<S> <C> <C> <C> <C>
Paid-in capital......................... $ -0- $ 711 $ (309,420) $ (780)
Undistributed net investment income..... (257,812) (2,825) (2,031,858) 780
Undistributed net realized gains........ 257,812 2,114 2,341,278 -0-
<CAPTION> North American
Money Government Utility
International Market Income Income
Portfolio Portfolio Portfolio Portfolio
------------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
Paid-in capital......................... $ (785) $ (803) $ -0- $ -0-
Undistributed net investment income..... 226 803 (4,051) (17)
Undistributed net realized gains........ 559 -0- 4,051 17
</TABLE>
Net investment income, net realized gains and net assets were not affected by
the change.
65
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Premier Growth Portfolio
------------------------------------------------------------------
Six Months Ended Year Ended December 31, June 26, 1992(a)
June 30, 1995 ------------------------- to
(Unaudited) 1994 1993 December 31, 1992
---------------- ---- ---- -----------------
Net asset value, beginning of period........................ $12.37 $12.79 $11.38 $10.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)................................ .05(c) .03(c) -0-(c) .06(c)
Net realized and unrealized gain (loss) on investments... 3.39 (.41) 1.43 1.32
------ ------ ----- ------
Net increase (decrease) in net asset value from operations 3.44 (.38) 1.43 1.38
------ ------ ----- ------
Less: Distributions
Dividends from net investment income..................... (.03) (.01) (.01) -0-
Distributions from net realized gains.................... (.07) (.03) (.01) -0-
------ ------ ------ ------
Total dividends and distributions........................ (.10) (.04) (.02) -0-
------ ------ ------ ------
Net asset value, end of period........................... $15.71 $12.37 $12.79 $11.38
====== ====== ====== ======
Total Returns
Total investment return based on net asset value (d)..... 27.84% (2.96)% 12.63% 13.80%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)................ $61,173 $37,669 $13,659 $3,760
Ratio to average net assets of:
Expenses, net of waivers and reimbursements............ .95%(e) .95% 1.18% .95%(e)
Expenses, before waivers and reimbursements............ 1.21%(e) 1.40% 2.05% 4.20%(e)
Net investment income.................................. .68%(e) .42% .22% .96%(e)
Portfolio turnover rate.................................. 36% 38% 42% 14%
<CAPTION>
Global Bond Portfolio
-----------------------------------------------------------------------
Six Months Ended Year Ended December 31, July 15, 1991(a)
June 30, 1995 ----------------------------- to
(Unaudited) 1994 1993 1992 December 31, 1991
---------------- ---- ---- ---- -----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.82 $11.33 $11.24 $11.10 $10.00
------ ------ ------ ------ ------
Income From Investment Operations
Net investment income (b)...................... .34(c) .57(c) .77(c) .64 .28
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.28 (1.16) .43 (.13) .82
------ ------ ------ ------ ------
Net increase (decrease) in net asset value
from operations............................. 1.62 (.59) 1.20 .51 1.10
------ ------ ------ ------ ------
Less: Distributions
Dividends from net investment income.......... (.09) (.62) (.85) (.28) -0-
Distributions from net realized gains......... -0- (.30) (.26) (.09) -0-
------ ------ ------ ------ ------
Total dividends and distributions............. (.09) (.92) (1.11) (.37) -0-
------ ------ ------ ------ ------
Net asset value, end of period................ $11.35 $ 9.82 $11.33 $11.24 $11.10
====== ====== ====== ====== ======
Total Returns
Total investment return based on
net asset value (d)......................... 16.52% (5.16)% 11.15% 4.87% 11.00%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)..... $9,071 $7,298 $6,748 $5,876 $5,551
Ratio to average net assets of:
Expenses, net of waivers and reimbursements. .95%(e) .95% 1.50% 1.50% 1.50%(e)
Expenses, before waivers and reimbursements. 1.67%(e) 2.05% 1.50% 1.97% 2.15%(e)
Net investment income....................... 6.39%(e) 6.01% 4.85% 5.85% 5.77%(e)
Portfolio turnover rate....................... 131% 102% 125% 78% 25%
<FN>
------------------------------------------------------------------------------------------------------------------------
(a) Commencement of operations.
(b) Net of expenses reimbursed or waived by the investment adviser.
(c) Based on average shares outstanding.
(d) Total investment return is calculated assuming an initial investment
made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value
during the period, and redemption on the last day of the period. Total
investment return calculated for a period of less than one year is not
annualized.
(e) Annualized.
</TABLE>
66
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
--------------------------------------------------------------------------------
[CAPTION]
<TABLE>
Growth and Income Portfolio
--------------------------------------------------------------------------
Six Months Ended Year Ended December 31, January 14, 1991(a)
June 30, 1995 ----------------------------- to
(Unaudited) 1994 1993 1992 December 31, 1991
---------------- ---- ---- ---- -----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............ $11.85 $12.18 $10.99 $10.35 $10.00
------ ------ ------ ------ ------
Income From Investment Operations
Net investment income (b).................... .14(c) .10(c) .01(c) .10(c) .35(c)
Net realized and unrealized gain (loss) on
investments................................ 2.22 (.16) 1.27 .71 -0-
------ ------ ------ ------ ------
Net increase (decrease) in net asset value
from operations............................ 2.36 (.06) 1.28 .81 .35
------ ------ ------ ------ ------
Less: Distributions
Dividends from net investment income......... (.13) (.10) (.06) (.17) -0-
Distributions from net realized gains........ (.14) (.17) (.03) -0- -0-
------ ------ ------ ------ ------
Total dividends and distributions............ (.27) (.27) (.09) (.17) -0-
------ ------ ------ ------ ------
Net asset value, end of period............... $13.94 $11.85 $12.18 $10.99 $10.35
====== ====== ====== ====== ======
Total Returns
Total investment return based on
net asset value (d)........................ 19.85% (.35)% 11.69% 7.92% 3.50%
Ratios/Supplemental Data
Net assets, end of period (000's omitted).... $58,013 $41,702 22,756 $7,803 $1,431
Ratio to average net assets of:
Expenses, net of waivers and reimbursements .81%(e) .90% 1.18% .99% .79%(e)
Expenses, before waivers and reimbursements .81%(e) .91% 1.28% 2.09% 9.43%(e)
Net investment income...................... 2.24%(e) 1.71% 1.76% 2.42% 3.59%(e)
Portfolio turnover rate...................... 67% 95% 69% 49% 0%
<CAPTION> Short-Term Multi-Market Portfolio
-------------------------------------------------------------------------------
Six Months Ended Year Ended December 31, November 28, 1990(a)
June 30, 1995 ------------------------------------ to
(Unaudited) 1994 1993 1992 1991 December 31, 1990
---------------- ---- ---- ---- ---- ---------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $ 9.91 $11.07 $10.77 $10.68 $10.03 $10.00
Income From Investment Operations
Net investment income (b)..................... .41(c) .47(c) .28(c) .63(c) .36 .03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (.24) (1.16) .43 (.54) .34 -0-
------ ------ ------ ------ ------ ------
Net increase (decrease) in net asset value
from operations............................. .17 (.69) .71 .09 .70 .03
------ ------ ------ ------ ------ ------
Less: Distributions
Dividends from net investment income.......... -0- (.46) (.41) -0- (.03) -0-
Distributions from net realized gains......... -0- -0- -0- -0- (.02) -0-
Return of capital............................. -0- (.01) -0- -0- -0- -0-
------ ------ ------ ------ ------ ------
Total dividends and distributions............. -0- (.47) (.41) -0- (.05) -0-
------ ------ ------ ------ ------ ------
Net asset value, end of period................ $10.08 $ 9.91 $11.07 $10.77 $10.68 $10.03
====== ====== ====== ====== ====== ======
Total Return
Total investment return based on
net asset value (d)......................... 1.72% (6.51)% 6.62% .84% 7.01% .30%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)..... $15,933 $20,921 $23,560 $14,841 $5,858 $296
Ratio to average net assets of:
Expenses, net of waivers and reimbursements. .95%(e) .94% 1.17% .99% 1.79% 2.50%(e)
Expenses, before waivers and reimbursements. 1.13%(e) .99% 1.24% 1.66% 4.40% 10.62%(e)
Net investment income...................... 8.51%(e) 6.52% 6.39% 7.18% 7.53% 5.76%(e)
Portfolio turnover rate...................... 164% 134% 210% 153% 51% 0%
--------------------------------------------------------------------------------
<FN>
---------------
(a) Commencement of operations.
(b) Net of expenses reimbursed by the investment adviser.
(c) Based on average shares outstanding.
(d) Total investment return is calculated assuming an initial investment
made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value
during the period, and redemption on the last day of the period. Total
investment return calculated for a period of less than one year is not
annualized.
(e) Annualized.
</TABLE>
67
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government/High Grade Securities Portfolio
----------------------------------------------------------------
Six Months Ended Year Ended December 31, September 17, 1992(a)
June 30, 1995 ----------------------- to
(Unaudited) 1994 1993 December 31, 1992
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $ 9.94 $10.72 $ 9.89 $10.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)............................. .32(c) .28(c) .43(c) .14(c)
Net realized and unrealized gain (loss) on investments .85 (.71) .48 (.25)
------ ------ ------ ------
Net increase (decrease) in net asset value from
operations.......................................... 1.17 (.43) .91 (.11)
------ ------ ------ ------
Less: Distributions
Dividends from net investment income.................. (.18) (.21) (.08) -0-
Distributions from net realized gains................. -0- (.14) -0- -0-
------ ------ ------ ------
Total dividends and distributions..................... (.18) (.35) (.08) -0-
------ ------ ------ ------
Net asset value, end of period........................ $10.93 $ 9.94 $10.72 $ 9.89
====== ====== ====== ======
Total Returns
Total investment return based on net asset value (d).. 11.79% (4.03)% 9.20% (1.10)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)............. $9,618 $5,101 $1,350 $ 785
Ratio to average net assets of:
Expenses, net of waivers and reimbursements......... .95%(e) .95% 1.16% .95%(e)
Expenses, before waivers and reimbursements......... 1.80%(e) 3.73% 5.42% 11.56%(e)
Net investment income............................... 6.18%(e) 5.64% 4.59% 4.82%(e)
Portfolio turnover rate............................... 21% 32% 177% 13%
<CAPTION>
Total Return Portfolio
----------------------------------------------------------------
Six Months Ended Year Ended December 31, December 28, 1992(a)
June 30, 1995 ----------------------- to
(Unaudited) 1994 1993 December 31, 1992
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $10.41 $10.97 $10.01 $10.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)............................. .18(c) .15(c) .15(c) .01
Net realized and unrealized gain (loss) on investments 1.20 (.56) .81 -0-
------ ------ ------ ------
Net increase (decrease) in net asset value from
operations.......................................... 1.38 (.41) .96 .01
------ ------ ------ ------
Less: Distributions
Dividends from net investment income.................. (.07) (.09) -0- -0-
Distributions from net realized gains................. -0- (.06) -0- -0-
------ ------ ------ ------
Total dividends and distributions..................... (.07) (.15) -0- -0-
------ ------ ------ ------
Net asset value, end of period........................ $11.72 $10.41 $10.97 $10.01
====== ====== ====== ======
Total Returns
Total investment return based on net asset value (d).. 13.23% (3.77)% 9.59% .10%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)............. $2,245 $750 $360 $ 95
Ratio to average net assets of:
Expenses, net of waivers and reimbursements......... .95%(e) .95% 1.20% 0%
Expenses, before waivers and reimbursements......... 8.22%(e) 19.49% 25.96% 0%
Net investment income............................... 3.46%(e) 2.29% 1.45% 2.21%(e)
Portfolio turnover rate............................... 24% 83% 25% 0%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
---------------
(a) Commencement of operations.
(b) Net of expenses reimbursed or waived by the investment adviser.
(c) Based on average shares outstanding.
(d) Total investment return is calculated assuming an initial investment
made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value
during the period, and redemption on the last day of the period. Total
investment return calculated for a period of less than one year is not
annualized.
(e) Annualized.
68
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International Portfolio
----------------------------------------------------------------
Six Months Ended Year Ended December 31, December 28, 1992(a)
June 30, 1995 ----------------------- to
(Unaudited) 1994 1993 December 31, 1992
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $12.88 $12.16 $10.00 $10.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)............................. .13(c) .10(c) .03(c) -0-
Net realized and unrealized gain on investments and
foreign currency transactions....................... .19 .72(d) 2.13 -0-
------ ------ ------ ------
Net increase in net asset value from operations....... .32 .82 2.16 -0-
------ ------ ------ ------
Less: Distributions
Dividends from net investment income.................. (.03) (.02) -0- -0-
Distributions from net realized gains................. (.04) (.08) -0- -0-
------ ------ ------ ------
Total dividends and distributions..................... (.07) (.10) -0- -0-
------ ------ ------ ------
Net asset value, end of period........................ $13.13 $12.88 $12.16 $10.00
====== ====== ====== ======
Total Return
Total investment return based on net asset value (e).. 2.52% 6.70% 21.60% 0%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)............. $9,933 $7,276 $688 $ 79
Ratio to average net assets of:
Expenses, net of waivers and reimbursements......... .95%(f) .95% 1.20% 0%
Expenses, before waivers and reimbursements......... 2.98%(f) 7.26% 39.28% 0%
Net investment income............................... 2.09%(f) .90% .26% 2.07%(f)
Portfolio turnover rate............................... 55% 95% 85% 0%
<CAPTION>
Money Market Portfolio
----------------------------------------------------------------
Six Months Ended Year Ended December 31, December 28, 1992(a)
June 30, 1995 ----------------------- to
(Unaudited) 1994 1993 December 31, 1992
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)............................. .02 .03 .22 -0-
Net realized and unrealized gain on investments....... -0- -0- -0- -0-
------ ------ ------ ------
Net increase in net asset value from operations....... .02 .03 .22 -0-
------ ------ ------ ------
Less: Distributions
Dividends from net investment income.................. (.02) (.03) (.22) -0-
Distributions from net realized gains................. -0- -0- -0- -0-
------ ------ ------ ------
Total dividends and distributions..................... (.02) (.03) (.22) -0-
------ ------ ------ ------
Net asset value, end of period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ======
Total Returns
Total investment return based on net asset value (e).. 2.46% 3.27% 2.25% .02%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)............. $18,895 $6,899 $102 $ 30
Ratio to average net assets of:
Expenses, net of waivers and reimbursements......... .95%(f) .95% 1.16% 0%
Expenses, before waivers and reimbursements......... 1.29%(f) 4.46% 68.14% 0%
Net investment income............................... 4.97%(f) 3.98% 2.15% 3.05%(f)
Portfolio turnover rate............................... 0% 0% 0% 0%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
---------------
(a) Commencement of operations.
(b) Net of expenses reimbursed by investment adviser.
(c) Based on average shares outstanding.
(d) The amount shown in this caption for a share outstanding throughout
the period may not accord with the change in realized and unrealized
gains and losses in the Portfolio securities for the period because of
the timing of sales and repurchases of Portfolio shares in relation to
fluctuating market values for the Portfolio.
(e) Total investment return is calculated assuming an initial investment
made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value
during the period, and redemption on the last day of the period. Total
investment return calculated for a period of less than one year is not
annualized.
(f) Annualized.
69
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Global Dollar North American
Government Portfolio Government Income Portfolio
------------------------------------------------------------------------
Six Months Ended May 2, 1994(a) Six Months Ended May 3, 1994(a)
June 30, 1995 to June 30, 1995 to
(Unaudited) December 31, 1994 (Unaudited) December 31, 1994
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 9.84 $10.00 $ 8.79 $10.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)................. .40(c) .36(c) .52(c) .50(c)
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions............................ .64 (.52) .14 (1.71)
------ ------ ------ ------
Net increase (decrease) in net asset value
from operations......................... 1.04 (.16) .66 (1.21)
------ ------ ------ ------
Less: Distributions
Dividends from net investment income...... (.13) -0- (.27) -0-
Distributions from net realized gains..... -0- -0- -0- -0-
------ ------ ------ ------
Total dividends and distributions......... (.13) -0- (.27) -0-
------ ------ ------ ------
Net asset value, end of period............ $10.75 $ 9.84 $ 9.18 $ 8.79
====== ====== ====== ======
Total Return
Total investment return based on
net asset value(d)...................... 10.63% (1.60)% 7.48% (12.10)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted) $2,275 $1,146 $5,126 $3,848
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements........................ .95%(e) .95%(e) .95%(e) .95%(e)
Expenses, before waivers and
reimbursements........................ 5.98%(e) 15.00%(e) 2.81%(e) 4.43%(e)
Net investment income................... 8.25%(e) 6.02%(e) 12.06%(e) 8.49%(e)
Portfolio turnover rate................... 9% 9% 11% 15%
<CAPTION>
Utility Income Portfolio Growth Portfolio
--------------------------------------------------------------------------
Six Months Ended May 10, 1994(a) Six Months Ended September 15, 1994(a)
June 30, 1995 to June 30, 1995 to
(Unaudited) December 31, 1994 (Unaudited) December 31, 1994
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 9.96 $10.00 $10.53 $10.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)................. .18(c) .28(c) .10(c) .03(c)
Net realized and unrealized gain (loss)
on investments.......................... .93 (.32) 2.16 .50
------ ------ ------ ------
Net increase (decrease) in net asset value
from operations......................... 1.11 (.04) 2.26 .53
------ ------ ------ ------
Less: Distributions
Dividends from net investment income...... (.08) -0- (.01) -0-
Distributions from net realized gains..... -0- -0- -0- -0-
------ ------ ------ ------
Total dividends and distributions......... (.08) -0- (.01) -0-
------ ------ ------ ------
Net asset value, end of period............ $10.99 $ 9.96 $12.78 $10.53
====== ====== ====== ======
Total Return
Total investment return based on
net asset value(d)...................... 11.13% (.40)% 21.45% 5.30%
Ratios/Supplemental Data
Net assets, end of period (000's omitted) $2,942 $1,254 $18,920 $5,492
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements........................ .95%(e) .95%(e) .95%(e) .95%(e)
Expenses, before waivers and
reimbursements........................ 4.94%(e) 15.98%(e) 1.64%(e) 4.19%(e)
Net investment income................... 3.51%(e) 4.62%(e) 1.83%(e) 1.17%(e)
Portfolio turnover rate................... 72% 31% 37% 25%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
---------------
(a) Commencement of operations.
(b) Net of expenses reimbursed by investment adviser.
(c) Based on average shares outstanding.
(d) Total investment return is calculated assuming an initial investment
made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value
during the period, and redemption on the last day of the period. Total
investment return calculated for a period of less than one year is not
annualized.
(e) Annualized.
70
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Worldwide Privatization Portfolio Conservative Investors Portfolio
------------------------------------------------------------------------------
Six Months Ended September 23, 1994(a) Six Months Ended October 28, 1994(a)
June 30, 1995 to June 30, 1995 to
(Unaudited) December 31, 1994 (Unaudited) December 31, 1994
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period........ $10.10 $10.00 $10.07 $10.00
------ ------ ------ ------
Income From Investment Operations
Net investment income (b)................ .18(c) .10(c) .25(c) .06(c)
Net realized and unrealized gain
on investments......................... .55 -0- .77 .01
------ ------ ------ ------
Net increase in net asset value
from operations........................ .73 .10 1.02 .07
------ ------ ------ ------
Less: Distributions
Dividends from net investment income..... (.03) -0- (.02) -0-
Distributions from net realized gains.... -0- -0- -0- -0-
------ ------ ------ ------
Total dividends and distributions........ (.03) -0- (.02) -0-
------ ------ ------ ------
Net asset value, end of period........... $10.80 $10.10 $11.07 $10.07
====== ====== ====== ======
Total Return
Total investment return based on
net asset value(d)..................... 7.20% 1.00% 10.13% 0.70%
Ratios/Supplemental Data
Net assets, end of period (000's omitted) $3,222 $1,127 $2,160 $ 701
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements....................... .95%(e) .95%(e) .95%(e) .95%(e)
Expenses, before waivers and
reimbursements....................... 5.24%(e) 18.47%(e) 8.38%(e) 20.35%(e)
Net investment income.................. 3.42%(e) 4.27%(e) 4.80%(e) 3.55%(e)
Portfolio turnover rate.................. 8% 0% 26% 2%
<CAPTION>
Growth Investors Portfolio
--------------------------------------------------
Six Months Ended October 28, 1994(a)
June 30, 1995 to
(Unaudited) December 31, 1994
--------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period......................... $ 9.86 $10.00
------ ------
Income From Investment Operations
Net investment income (b)................................. .15(c) .04(c)
Net realized and unrealized gain (loss) on investments.... .93 (.18)
------ ------
Net increase (decrease) in net asset value from operations 1.08 (.14)
------ ------
Less: Distributions
Dividends from net investment income...................... (.01) -0-
Distributions from net realized gains..................... -0- -0-
------ ------
Total dividends and distributions......................... (.01) -0-
------ ------
Net asset value, end of period............................ $10.93 $ 9.86
====== ======
Total Return
Total investment return based on net asset value(d)....... 10.93% (1.40)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)................. $1,531 $ 321
Ratio to average net assets of:
Expenses, net of waivers and reimbursements............. .95%(e) .95%(e)
Expenses, before waivers and reimbursements............. 13.80%(e) 41.62%(e)
Net investment income................................... 3.09%(e) 2.29%(e)
Portfolio turnover rate................................... 17% 3%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
---------------
(a) Commencement of operations.
(b) Net of expenses reimbursed by investment adviser.
(c) Based on average shares outstanding.
(d) Total investment return is calculated assuming an initial investment
made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value
during the period, and redemption on the last day of the period. Total
investment return calculated for a period of less than one year is not
annualized.
(e) Annualized.
71
<PAGE>
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
-------------------------------------------------------------------------------
BOARD OF DIRECTORS
John D. Carifa, Chairman and President
Ruth Block (1)
David H. Dievler (1)
John H. Dobkin (1)
William H. Foulk, Jr. (1)
Dr. James M. Hester (1)
Clifford L. Michel (1)
Robert C. White (1)
OFFICERS
Kathleen A. Corbet, Senior Vice President
Alfred L. Harrison, Senior Vice President
Alan Levi, Senior Vice President
Wayne D. Lyski, Senior Vice President
Robert M. Sinche, Senior Vice President
Debra G. Ackerman, Vice President
Gregory Allison, Vice President
Steven Beinhacker, Vice President
Mark H. Breedon, Vice President
Paul J. DeNoon, Vice President
Franklin Kennedy, III, Vice President
Kelly L. Morgan, Vice President
Douglas J. Peebles, Vice President
Pamela F. Richardson, Vice President
Paul Rissman, Vice President
Tyler J. Smith, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer & Chief Financial Officer
Laura Mah, Controller
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Alliance Fund Distributors, Inc.
1345 Avenue of the Americas
New York, NY 10105
INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, NY 10019
LEGAL COUNSEL
Seward & Kissel
One Battery Park Plaza
New York, NY 10004
TRANSFER AGENT
Alliance Fund Services, Inc.
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-free 1-(800) 221-5672
-------------------------------------------------------------------------------
(1) Member of the Audit Committee.
72
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PREMIER
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 51,000,341
<INVESTMENTS-AT-VALUE> 61,947,313
<RECEIVABLES> 268,034
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 108,212
<TOTAL-ASSETS> 62,323,559
<PAYABLE-FOR-SECURITIES> 1,081,267
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,948
<TOTAL-LIABILITIES> 1,150,215
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,711,869
<SHARES-COMMON-STOCK> 3,892,822
<SHARES-COMMON-PRIOR> 3,044,420
<ACCUMULATED-NII-CURRENT> 159,356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,355,147
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,946,972
<NET-ASSETS> 61,173,344
<DIVIDEND-INCOME> 336,714
<INTEREST-INCOME> 49,283
<OTHER-INCOME> 0
<EXPENSES-NET> 224,895
<NET-INVESTMENT-INCOME> 161,102
<REALIZED-GAINS-CURRENT> 1,357,680
<APPREC-INCREASE-CURRENT> 10,683,677
<NET-CHANGE-FROM-OPS> 12,202,459
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 97,581
<DISTRIBUTIONS-OF-GAINS> 273,977
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,389,320
<NUMBER-OF-SHARES-REDEEMED> 565,672
<SHARES-REINVESTED> 24,754
<NET-CHANGE-IN-ASSETS> 23,504,250
<ACCUMULATED-NII-PRIOR> 95,835
<ACCUMULATED-GAINS-PRIOR> 271,444
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 236,732
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 287,421
<AVERAGE-NET-ASSETS> 47,738,687
<PER-SHARE-NAV-BEGIN> 12.37
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 3.39
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> .07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.71
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> GLOBAL
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 8,419,165
<INVESTMENTS-AT-VALUE> 8,829,846
<RECEIVABLES> 248,591
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 33,043
<TOTAL-ASSETS> 9,111,480
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,261
<TOTAL-LIABILITIES> 40,261
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,134,035
<SHARES-COMMON-STOCK> 799,168
<SHARES-COMMON-PRIOR> 743,012
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