AllianceBernstein Variable Products Series Fund, Inc.
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1 AllianceBernstein Variable Products Series Fund, Inc. Annual Report December 31, 2011 AllianceBernstein Large Cap Growth Portfolio ANNUAL REPORT
2 Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed You may obtain a description of the Fund s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AllianceBernstein s website at or go to the Securities and Exchange Commission s (the Commission ) website at or call AllianceBernstein at (800) The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund s Forms N-Q are available on the Commission s website at The Fund s Forms N-Q may also be reviewed and copied at the Commission s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC AllianceBernstein and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.
3 LETTER TO INVESTORS February 10, 2012 The following is an update of AllianceBernstein Variable Products Series Fund AllianceBernstein Large Cap Growth Portfolio (the Portfolio ) for the annual reporting period ended December 31, INVESTMENT OBJECTIVE AND POLICIES The Portfolio s investment objective is long-term growth of capital. The Portfolio invests primarily in the equity securities of a limited number of large, carefully selected, high-quality U.S. companies. AllianceBernstein L.P. (the Adviser ) tends to focus on those companies that have strong management, superior industry positions, excellent balance sheets and superior earnings growth prospects. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in common stocks of largecapitalization companies. For these purposes, largecapitalization companies are those that, at the time of investment, have market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000 Growth Index. The Adviser expects that normally the Portfolio will tend to emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities. The Portfolio is designed for those seeking to accumulate capital over time with less volatility than that associated with investment in smaller companies. Normally, the Portfolio invests in about companies, with the 25 most highly regarded of these companies usually constituting approximately 70% of the Portfolio s net assets. The Portfolio is thus atypical from most equity mutual funds in its focus on a relatively small number of intensively researched companies. INVESTMENT RESULTS The table on page 3 shows the Portfolio s performance compared to its benchmark, the Russell 1000 Growth Index, in addition to the broad market as measured by the Standard & Poor s (S&P) 500 Index, for the one-, fiveand 10-year periods ended December 31, For the annual period ended December 31, 2011, the Portfolio declined in absolute terms and underperformed its benchmark, with security selection driving the deficit. Sector positioning also detracted. Stock selection in financials and technology, as well as underweight exposure to the consumer staples sector, undercut relative performance. Stock selection in industrials and overweight exposure to the technology sector bolstered performance. Derivatives employed by the Portfolio were options (market put spreads and covered calls). These were used for hedging purposes and had a nominal impact on performance. MARKET REVIEW AND INVESTMENT STRATEGY The rally in the global equity markets that started in the latter half of 2010 came to an abrupt end in May 2011, as heightened risk aversion caused investors to pull back sharply. With U.S. fiscal problems mounting, the European debt crisis widening and threatening to weaken the broader economy of the euro area, plus slower growth in emerging markets, the global economic outlook grew increasingly uncertain. Consequently, business and consumer confidence eroded and the financial markets gyrated wildly on rising volatility. A rescue plan for the euro area put forth in October by European leaders offered a brief respite from the market s slump. The market upturn proved to be short-lived, however, as investors deemed the grand plan to be insufficient to arrest debt pressure and moreover, feared that the situation was escalating to dangerous new levels amid signs that the contagion was spreading from the region s peripheral economies to its core ones. Encouraging U.S. economic data suggesting that the world s largest economy may be gaining momentum, coupled with the preemptive, coordinated actions of the world s leading central banks, including the U.S. Federal Reserve and the European Central Bank, to avert both a liquidity shortage in the global financial system and the undercapitalized European banking system eased investor concerns. In managing the Portfolio, the U.S. Large Growth Investment Team (the Team ) has navigated through the current market environment by focusing on companies with solid, durable growth, sustainable competitive advantages and high return on invested capital. Investors shifting their equity exposure as their short-term economic outlooks change has created huge pricing anomalies. High-growth stocks are trading at their lowest valuation premiums since Stocks with robust cash flows and balance sheets are trading at sizable discounts to the market. The Team has been buying on the dips to increase the active share in the Portfolio. The Team continues to engage in intense analysis of downside risks, while focusing on those companies with longer-term growth fundamentals bolstered by exposure to powerful long-term secular trends. This approach appears to be gaining traction: the Portfolio offers about 30% higher earnings per share growth than the growth index, yet trades at a slight discount to its 2012 earnings. 1
4 HISTORICAL PERFORMANCE An Important Note About Historical Performance The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month-end. Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For a free copy of the Portfolio s prospectus, which contains this and other information, call your financial advisor or You should read the prospectus carefully before you invest. All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolio s quoted performance would be lower. Performance assumes reinvestment of distributions and does not account for taxes. Benchmark Disclosure Neither the unmanaged Russell 1000 Growth Index nor the unmanaged S&P 500 Index reflect fees and expenses associated with the active management of a mutual fund portfolio. Russell 1000 Growth Index represents the performance of 1,000 large-cap growth companies within the U.S. The S&P 500 Index includes 500 U.S. stocks and is a common representation of the performance of the overall U.S. stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio. A Word About Risk Market Risk: The market values of the portfolio s holdings rise and fall from day to day, so investments may lose value. Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market. Capitalization Size Risk (Small/Mid): Small- and mid-cap stocks are often more volatile than large-cap stocks smaller companies generally face higher risks due to their limited product lines, markets and financial resources. These risks are fully discussed in the Variable Products prospectus. There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have questions. You should read the prospectus before investing or sending money. (Historical Performance continued on next page) 2
5 HISTORICAL PERFORMANCE (continued from previous page) THE PORTFOLIO VS. ITS BENCHMARK NAV Returns PERIODS ENDED DECEMBER 31, Year 5 Years* 10 Years* AllianceBernstein Large Cap Growth Portfolio Class A** -3.04% 0.18% 0.75% AllianceBernstein Large Cap Growth Portfolio Class B** -3.27% -0.08% 0.49% Russell 1000 Growth Index 2.64% 2.50% 2.60% S&P 500 Index 2.11% -0.25% 2.92% * Average annual returns. ** Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio s performance for the annual period ended December 31, 2011, by 0.46%. The Portfolio s current prospectus fee table shows the Portfolio s total annual operating expense ratios as 0.85% and 1.10% for Class A and Class B, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. ALLIANCEBERNSTEIN LARGE CAP GROWTH PORTFOLIO CLASS A GROWTH OF A $10,000 INVESTMENT 12/31/01 12/31/11 AllianceBernstein Large Cap Growth Portfolio Class A Russell 1000 Growth Index S&P 500 Index S&P 500 Index: $13,332 $16,000 $14,000 Russell 1000 Growth Index: $12,920 $12,000 $10,000 $8,000 $6,000 $4,000 AllianceBernstein Large Cap Growth Portfolio Class A: $10,777 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein Large Cap Growth Portfolio Class A shares (from 12/31/01 to 12/31/11) as compared to the performance of the Portfolio s benchmark, the Russell 1000 Growth Index, and the broad market, as represented by the S&P 500 Index. The chart assumes the reinvestment of dividends and capital gains distributions. See Historical Performance and Benchmark disclosures on previous page. 3
6 FUND EXPENSES (unaudited) As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower. Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value July 1, 2011 Ending Account Value December 31, 2011 Expenses Paid During Period* Annualized Expense Ratio* Class A Actual... $ 1,000 $ $ % Hypothetical (5% return before expenses)... $ 1,000 $ 1, $ % Class B Actual... $ 1,000 $ $ % Hypothetical (5% return before expenses)... $ 1,000 $ 1, $ % * Expenses are equal to each classes annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 4
7 TEN LARGEST HOLDINGS * December 31, 2011 (unaudited) COMPANY U.S. $ VALUE PERCENT OF NET ASSETS Apple, Inc. $ 29,676, % Google, Inc. Class A 19,377, QUALCOMM, Inc. 13,301, Schlumberger, Ltd. 12,935, Danaher Corp. 10,947, United Parcel Service, Inc. Class B 10,715, Oracle Corp. 9,709, Noble Energy, Inc. 9,508, JPMorgan Chase & Co. 8,959, Walt Disney Co. (The) 8,466, $ 133,597, % SECTOR DIVERSIFICATION ** December 31, 2011 (unaudited) SECTOR U.S. $ VALUE PERCENT OF TOTAL INVESTMENTS Technology $ 109,073, % Consumer Discretionary 59,569, Producer Durables 42,416, Energy 42,019, Healthcare 33,916, Financial Services 27,654, Materials & Processing 24,366, Consumer Staples 15,069, Options on Equity Indices 4,764, Short-Term Investments 5,857, Total Investments $ 364,708, % * Long-term investments. ** The Portfolio s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see Portfolio of Investments section of the report for additional details). Please note: The sector breakdown is classified in the above chart and throughout this report according to the Russell sector classification scheme. The Russell Sector scheme was developed by Russell Investments. Russell classifies index members into industries that most closely describe the nature of its business and its primary economic orientation. Multiple resources are used to obtain overall information about the company. Additional Russell sector scheme information can be found within Russell Index methodology documents available on Russell.com. The Portfolio of Investments section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Fund s prospectus. 5
8 PORTFOLIO OF INVESTMENTS December 31, 2011 Company Shares U.S. $ Value COMMON STOCKS 98.0% TECHNOLOGY 30.2% COMMUNICATIONS TECHNOLOGY 4.2% QUALCOMM, Inc ,180 $ 13,301,946 Riverbed Technology, Inc.(a).. 70,925 1,666,738 14,968,684 COMPUTER SERVICES, SOFTWARE & SYSTEMS 11.9% Citrix Systems, Inc.(a)... 92,210 5,598,991 Google, Inc. Class A(a)... 30,000 19,377,000 Intuit,Inc ,750 6,823,553 OracleCorp ,550 9,709,807 Salesforce.com, Inc.(a)... 15,250 1,547,265 43,056,616 COMPUTER TECHNOLOGY 10.1% Apple,Inc.(a)... 73,275 29,676,375 EMCCorp.(a) ,523 6,925,605 36,601,980 SEMICONDUCTORS & COMPONENT 3.7% Broadcom Corp. Class A(a) ,052 6,548,807 Marvell Technology Group Ltd.(a) ,981 6,869,337 13,418,144 TECHNOLOGY: MISC. 0.3% ARM Holdings PLC (Sponsored ADR)... 37,170 1,028, ,073,918 CONSUMER DISCRETIONARY 16.5% AUTO PARTS 2.5% BorgWarner, Inc.(a)... 68,396 4,359,561 Johnson Controls, Inc ,230 4,602,410 8,961,971 CABLE TELEVISION SERVICES 2.2% Comcast Corp. Class A ,020 7,919,614 CASINOS & GAMBLING 0.4% Las Vegas Sands Corp.(a)... 37,130 1,586,565 COSMETICS 0.5% Estee Lauder Cos., Inc. (The) ClassA... 15,350 1,724,112 DIVERSIFIED RETAIL 2.8% Amazon.com, Inc.(a)... 39,305 6,803,696 Dollar General Corp.(a)... 84,052 3,457,899 10,261,595 ENTERTAINMENT 2.3% Walt Disney Co. (The) ,780 8,466,750 Company Shares U.S. $ Value RECREATIONAL VEHICLES & BOATS 0.8% Harley-Davidson, Inc ,950 $ 2,952,176 RESTAURANTS 2.0% StarbucksCorp ,055 7,042,060 SPECIALTY RETAIL 1.4% Limited Brands, Inc ,737 4,992,788 TEXTILES, APPAREL & SHOES 1.6% PVHCorp ,095 2,755,807 VFCorp ,881 2,905,658 5,661,465 59,569,096 PRODUCER DURABLES 11.7% AEROSPACE 2.2% BoeingCo.(The)... 81,270 5,961,154 Goodrich Corp ,820 1,956,934 7,918,088 BACK OFFICE SUPPORT HR & CONSULTING 0.9% Accenture PLC... 61,855 3,292,542 DIVERSIFIED MANUFACTURING OPERATIONS 3.0% DanaherCorp ,722 10,947,243 SCIENTIFIC INSTRUMENTS: CONTROL & FILTER 2.6% FlowserveCorp... 57,231 5,684,183 Rockwell Automation, Inc ,605 3,859,629 9,543,812 TRANSPORTATION MISCELLANEOUS 3.0% United Parcel Service, Inc. ClassB ,400 10,715,016 42,416,701 ENERGY 11.6% OIL WELL EQUIPMENT & SERVICES 5.2% FMC Technologies, Inc.(a) ,695 5,833,830 Schlumberger Ltd ,365 12,935,523 18,769,353 OIL: CRUDE PRODUCERS 6.4% Anadarko Petroleum Corp ,170 5,966,716 EOGResources,Inc... 78,925 7,774,902 Noble Energy, Inc ,734 9,508,282 23,249,900 42,019,253 HEALTH CARE 9.4% BIOTECHNOLOGY 0.7% CelgeneCorp.(a)... 35,579 2,405,140 6
9 Company Shares U.S. $ Value HEALTH CARE SERVICES 1.5% Express Scripts, Inc. Class A(a) ,390 $ 5,424,919 MEDICAL & DENTAL INSTRUMENTS & SUPPLIES 2.0% Covidien PLC ,995 7,156,365 MEDICAL EQUIPMENT 0.7% Illumina, Inc.(a)... 81,485 2,483,663 PHARMACEUTICALS 4.5% Allergan, Inc./United States... 94,005 8,247,999 Gilead Sciences, Inc.(a) ,450 4,602,578 Perrigo Co ,960 3,596,208 16,446,785 33,916,872 FINANCIAL SERVICES 7.7% DIVERSIFIED FINANCIAL SERVICES 5.0% Blackstone Group LP ,484 5,919,001 Goldman Sachs Group, Inc. (The)... 34,505 3,120,287 JPMorgan Chase & Co ,450 8,959,213 17,998,501 FINANCIAL DATA & SYSTEMS 0.9% Visa, Inc. Class A... 32,100 3,259,113 INSURANCE: MULTI-LINE 0.8% MetLife, Inc ,089 2,746,615 REAL ESTATE 1.0% CBRE Group, Inc.(a) ,852 3,650,547 27,654,776 MATERIALS & PROCESSING 6.7% CHEMICALS: DIVERSIFIED 2.5% Dow Chemical Co. (The) ,680 4,678,677 Potash Corp. of Saskatchewan, Inc ,420 4,227,897 8,906,574 FERTILIZERS 2.3% Monsanto Co ,094 8,414,987 METAL FABRICATING 1.9% Precision Castparts Corp ,750 7,044,773 24,366,334 Company Shares U.S. $ Value CONSUMER STAPLES 4.2% BEVERAGE: SOFT DRINKS 1.2% Green Mountain Coffee Roasters,Inc.(a)(b)... 32,630 $ 1,463,456 PepsiCo,Inc./NC... 40,320 2,675,232 4,138,688 FOODS 2.7% General Mills, Inc ,910 7,674,263 Hershey Co. (The)... 33,080 2,043,682 9,717,945 PERSONAL CARE 0.3% Procter & Gamble Co. (The)... 18,180 1,212,788 15,069,421 Total Common Stocks (cost $360,964,077) ,086,371 OPTIONS PURCHASED PUTS 1.3% OPTIONS ON EQUITY INDICES 1.3% S&P 500 Index Expiration: Jun 2012, Exercise Price: $1,175.00(a)(c) ,180 S&P 500 Index Expiration: Jun 2012, Exercise Price: $1,200.00(a)(c) ,400,300 S&P 500 Index Expiration: Sep 2012, Exercise Price: $1,100.00(a)(c) ,500 S&P 500 Index Expiration: Dec 2012, Exercise Price: $1,200.00(a)(c) ,898,295 Total Options Purchased Puts (cost $7,610,095)... 4,764,275 Principal Amount (000) SHORT-TERM INVESTMENTS 1.6% TIME DEPOSIT 1.6% State Street Time Deposit 0.01%, 1/03/12 (Cost $5,857,576)... $ 5,858 5,857,576 Total Investments Before Security Lending Collateral for Securities Loaned 100.9% (cost $374,431,748) ,708,222 7
10 PORTFOLIO OF INVESTMENTS (continued) Company Shares U.S. $ Value INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED 0.4% INVESTMENT COMPANIES 0.4% AllianceBernstein Exchange Reserves Class I, 0.14%(d) (cost $1,525,453)... 1,525,453 $ 1,525,453 TOTAL INVESTMENTS 101.3% (cost $375,957,201) ,233,675 Other assets less liabilities (1.3)%... (4,850,821) NET ASSETS 100.0%... $ 361,382,854 PUT OPTIONS WRITTEN (see Note D) Description Contracts Exercise Price Expiration Month U.S. $ Value S&P 500 Index(c) 116 1, June 2012 $ 256,940 S&P 500 Index(c) 220 1, June ,100 S&P 500 Index(c) 179 1, December ,265 (premium received $3,042,253) $ 1,797,305 (a) Non-income producing security. (b) Represents entire or partial securities out on loan. See Note E for securities lending information. (c) One contract relates to 100 shares. (d) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end. Glossary: ADR American Depositary Receipt See notes to financial statements. 8
11 STATEMENT OF ASSETS &LIABILITIES December 31, 2011 ASSETS Investments in securities, at value Unaffiliated issuers (cost $374,431,748)... $364,708,222(a) Affiliated issuers (cost $1,525,453 including investment of cash collateral for securities loaned of $1,525,453)... 1,525,453 Dividends and interest receivable ,216 Receivable for capital stock sold... 13,003 Totalassets ,688,894 LIABILITIES Options written, at value (premium received $3,042,253)... 1,797,305 Payable for collateral received on securities loaned... 1,525,453 Payable for investment securities purchased... 1,152,849 Payableforcapitalstockredeemed ,115 Advisoryfeepayable ,894 Distributionfeepayable... 41,481 Administrativefeepayable... 17,382 TransferAgentfeepayable Accruedexpenses... 94,452 Total liabilities... 5,306,040 NET ASSETS... $361,382,854 COMPOSITION OF NET ASSETS Capitalstock,atpar... $ 13,644 Additionalpaid-incapital ,715,960 Undistributednetinvestmentincome ,891 Accumulatednetrealizedlossoninvestmentandforeigncurrencytransactions... (84,239,063) Netunrealizeddepreciationoninvestments... (8,478,578) $361,382,854 Net Asset Value Per Share 1 billion shares of capital stock authorized, $.001 par value Class Net Assets Shares Outstanding Net Asset Value A $ 166,653,596 6,204,036 $ B $ 194,729,258 7,439,907 $ (a) Includes securities on loan with a value of $1,463,456 (see Note E). See notes to financial statements. 9
12 STATEMENT OF OPERATIONS Year Ended December 31, 2011 INVESTMENT INCOME Dividends Unaffiliated issuers (net of foreign taxes withheld of $3,576)... $ 4,585,745 Affiliated issuers Interest ,158 Securities lending income ,696,566 EXPENSES Advisoryfee(seeNoteB)... 3,016,811 Distributionfee ClassB ,505 Transferagency ClassA... 3,725 Transferagency ClassB... 4,251 Custodian ,273 Printing... 92,605 Administrative... 61,194 Audit... 35,085 Legal... 34,840 Directors fees... 3,700 Miscellaneous... 14,440 Totalexpenses... 3,917,429 Netinvestmentincome ,137 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS Net realized gain on: Investmenttransactions... 26,174,795 Options written... (345,048) Net change in unrealized appreciation/depreciation of: Investments... (39,364,533) Options written... 1,244,948 Netlossoninvestmenttransactions... (12,289,838) NET DECREASE IN NET ASSETS FROM OPERATIONS... $(11,510,701) See notes to financial statements. 10
13 STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, 2011 Year Ended December 31, 2010 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Netinvestmentincome... $ 779,137 $ 659,387 Netrealizedgainoninvestmentandforeigncurrencytransactions... 25,829, ,579,900 Netchangeinunrealizedappreciation/depreciationofinvestments... (38,119,585) (68,632,277) Netincrease(decrease)innetassetsfromoperations... (11,510,701) 37,607,010 DIVIDENDS TO SHAREHOLDERS FROM Net investment income ClassA... (618,044) (963,805) ClassB... (187,529) (588,097) CAPITAL STOCK TRANSACTIONS Netdecrease... (50,797,734) (56,958,536) Totaldecrease... (63,114,008) (20,903,428) NET ASSETS Beginningofperiod ,496, ,400,290 End of period (including undistributed net investment income of $370,891 and $397,327, respectively)... $361,382,854 $424,496,862 See notes to financial statements. 11
14 NOTES TO FINANCIAL STATEMENTS December 31, 2011 NOTE A: Significant Accounting Policies The AllianceBernstein Large Cap Growth Portfolio (the Portfolio ) is a series of AllianceBernstein Variable Products Series Fund, Inc. (the Fund ). The Portfolio s investment objective is long-term growth of capital. Prior to February 1, 2006, the Portfolio s investment objective was to seek growth of capital by pursuing aggressive investment policies. The Portfolio is diversified as defined under the Investment Company Act of The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fourteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan. The Portfolio 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 a sales charge at the Portfolio s net asset value per share. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ( U.S. GAAP ) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Portfolio. 1. Security Valuation Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at fair value as determined in accordance with procedures established by and under the general supervision of the Fund s Board of Directors. In general, the market value of securities which are readily available and deemed reliable are determined as follows: Securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ( NASDAQ )) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter market ( OTC ) put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the Adviser ) will have discretion to determine the best valuation (e.g. last trade price); open futures contracts and options thereon are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. government securities and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost if their original maturity was 60 days or less; or by amortizing their fair value as of the 61st day prior to maturity if their original term to maturity exceeded 60 days; fixedincome securities, including mortgage backed and asset backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker/dealers. In cases where broker/dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security; and swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties, which are approved by the Board of Directors. Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-u.s. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. 2. Fair Value Measurements In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement 12
15 date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below. Level 1 quoted prices in active markets for identical investments Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Level 3 significant unobservable inputs (including the Portfolio s own assumptions in determining the fair value of investments) The following table summarizes the valuation of the Portfolio s investments by the above fair value hierarchy levels as of December 31, 2011: Level 1 Level 2 Level 3 Total Investments in Securities: Assets: CommonStocks*... $354,086,371 $ 0 $ 0 $354,086,371 OptionsPurchased Puts ,764, ,764,275 Short-TermInvestments ,857, ,857,576 Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund... 1,525, ,525,453 Total Investments in Securities ,611,824 10,621, ,233,675 Other Financial Instruments**: Assets Liabilities: Put Options Written... 0 (1,797,305) 0 (1,797,305) Total... $355,611,824 $ 8,824,546 $ 0 $364,436,370 * See Portfolio of Investments for sector classifications. ** Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. 3. Currency Translation Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange 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 into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued. Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of investments and foreign currency denominated assets and liabilities. 4. Taxes It is the Portfolio 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 any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in 13
16 NOTES TO FINANCIAL STATEMENTS (continued) which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio s financial statements. 5. Investment Income and Investment Transactions Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. 6. Class Allocations All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged to each Portfolio in proportion to net assets. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets. 7. Dividends and Distributions Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. NOTE B: Advisory Fee and Other Transactions with Affiliates Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of.75% of the first $2.5 billion,.65% of the next $2.5 billion and.60% in excess of $5 billion, of the Portfolio s average daily net assets. The fee is accrued daily and paid monthly. Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2011, such fee amounted to $61,194. Brokerage commissions paid on investment transactions for the year ended December 31, 2011 amounted to $512,272, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser. The Portfolio compensates AllianceBernstein Investor Services, Inc. ( ABIS ), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,311 for the year ended December 31, NOTE C: Distribution Plan The Portfolio has adopted a Distribution Plan (the Plan ) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the Distributor ), a wholly-owned subsidiary of the Adviser, at an annual rate of up to.50% of the Portfolio s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board of Directors currently limits payments under the Plan to.25% of the Portfolio s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio s Class B shares. Since the Distributor s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the compensation variety. 14
17 In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor. The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio s shares. NOTE D: Investment Transactions Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2011 were as follows: Purchases Sales Investment securities (excluding U.S. government securities)... $356,499,648 $403,034,839 U.S. government securities The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding written options) are as follows: Cost... $377,834,474 Grossunrealizedappreciation... 18,422,112 Grossunrealizeddepreciation... (30,022,911)) Netunrealizeddepreciation... $(11,600,799) 1. Derivative Financial Instruments The Portfolio may use derivatives to earn income and enhance returns, to hedge or adjust the risk profile of its portfolio, to replace more traditional direct investments, or to obtain exposure to otherwise inaccessible markets. The principal type of derivatives utilized by the Portfolio, as well as the methods in which they may be used are: Option Transactions For hedging and investment purposes, the Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. The Portfolio may also use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under Currency Transactions. The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. When the Portfolio writes an option, 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 written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received 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 received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change 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. During the year ended December 31, 2011, the Portfolio held options for non-hedging purposes. 15
18 NOTES TO FINANCIAL STATEMENTS (continued) For the year ended December 31, 2011, the Portfolio had the following transactions in written options: Number of Contracts Premiums Received Options written outstanding as of 12/31/ $ 0 Options written... 13,977 9,098,843 Optionsexpired... (8,629) (1,008,557) Options bought back... (1,580) (4,626,927) Optionsexercised... (3,253) (421,106) Options written outstanding as of 12/31/ $ 3,042,253 At December 31, 2011, the Portfolio had entered into the following derivatives: Derivative Type Asset Derivatives Statement of Assets and Liabilities Location Fair Value Liability Derivatives Statement of Assets and Liabilities Location Fair Value Equitycontracts... Investmentsinsecurities, at value $4,764,275 Equity contracts... Options written, at value $1,797,305 Total... $4,764,275 $1,797,305 The effect of derivative instruments on the statement of operations for the year ended December 31, 2011: Derivative Type Equitycontracts... Equitycontracts... Location of Gain or (Loss) on Derivatives Netrealizedgain(loss)oninvestment transactions; Net change in unrealized appreciation/depreciation of investments Netrealizedgain(loss)onoptions written; Net change in unrealized appreciation/depreciation of options written Realized Gain or (Loss) on Derivatives Change in Unrealized Appreciation or (Depreciation) $ 2,486,312 $(2,845,820) (345,048) 1,244,948 Total... $(2,141,264) $(1,600,872) For six months of the year ended December 31, 2011, the average monthly cost of purchased options contracts was $6,823, Currency Transactions The Portfolio may invest in non-u.s. Dollar securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies). NOTE E: Securities Lending The Portfolio may enter into securities lending transactions. Under the Portfolio s securities lending program, all securities loans will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a negative rebate or fee paid by the borrower to the Portfolio in connection with the loan), and payments for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral 16
19 consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent will invest the cash collateral received in AllianceBernstein Exchange Reserves, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Fund s Board of Directors. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2011, the Portfolio had securities on loan with a value of $1,463,456 and had received cash collateral which has been invested into AllianceBernstein Exchange Reserves of $1,525,453. The cash collateral will be adjusted on the next business day after period end to maintain the required collateral amount. The Portfolio earned securities lending income of $468 and $195 from the borrowers and AllianceBernstein Exchange Reserves, respectively, for the year ended December 31, 2011; these amounts are reflected in the statement of operations. A principal risk of lending portfolio securities is that the borrower will fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. A summary of the Portfolio s transactions in shares of AllianceBernstein Exchange Reserves for the year ended December 31, 2011 is as follows: Market Value December 31, 2010 (000) Purchases at Cost (000) Sales Proceeds (000) Market Value December 31, 2011 (000) Dividend Income (000) $ 0 $16,799 $15,274 $1,525 $ 0 * * Amount is less than $500. NOTE F: Capital Stock Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows: Year Ended December 31, 2011 SHARES Year Ended December 31, 2010 Year Ended December 31, 2011 AMOUNT Year Ended December 31, 2010 Class A Sharessold , ,817 $ 4,187,909 $ 3,800,148 Sharesissuedinreinvestmentofdividends... 21,343 37, , ,805 Sharesredeemed... (1,197,862) (1,317,159) (33,506,926) (32,855,265) Netdecrease... (1,028,801) (1,125,796) $(28,700,973) $(28,091,312) Class B Shares sold , ,026 $ 22,736,245 $ 15,441,353 Sharesissuedinreinvestmentofdividends... 7,084 23, , ,097 Sharesredeemed... (1,649,135) (1,844,345) (45,020,535) (44,896,674) Netdecrease... (813,495) (1,189,852) $(22,096,761) $(28,867,224) NOTE G: Risks Involved in Investing in the Portfolio Foreign Securities Risk Investing in securities of foreign companies or foreign governments involves special risks which include changes in foreign currency exchange rates and the possibility of future political and economic developments which could adversely affect the value of such securities. Moreover, securities of many foreign companies or foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies or of the U.S. government. Currency Risk This is the risk that changes in foreign currency exchange rates may negatively affect the value of the Portfolio s investments or reduce the returns of the Portfolio. For example, the value of the Portfolio s investments in foreign 17
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