-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Uvg6XyEbf6axDDcWdWrgFEvsb6VSXC9vTijblABJwxdyMty/uNgLSxrvxCu4nVhA pEbcL0MHYUG/WoByLcDBWw== 0000936772-03-000334.txt : 20030829 0000936772-03-000334.hdr.sgml : 20030829 20030828213315 ACCESSION NUMBER: 0000936772-03-000334 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030829 EFFECTIVENESS DATE: 20030829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND INC CENTRAL INDEX KEY: 0000825316 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05398 FILM NUMBER: 03872353 BUSINESS ADDRESS: STREET 1: 500 PLAZA DRIVE STREET 2: 1345 AVENUE OF THE AMERICAS 31ST FL CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2013194105 MAIL ADDRESS: STREET 1: ALLIANCE CAPITAL MANGEMENT LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 N-CSR 1 edg9249.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-05398 AllianceBernstein Variable Products Series Fund, Inc. (Exact name of registrant as specified in charter) 1345 Avenue of the Americas, New York, New York 10105 (Address of principal executive offices) (Zip code) Edmund P. Bergan, Jr. Alliance Capital Management, L.P. 1345 Avenue of the Americas New York, New York 10105 (Name and address of agent for service) Registrant?s telephone number, including area code: (800) 221-5672 Date of fiscal year end: December 31, 2003 Date of reporting period: June 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. ALLIANCEBERNSTEIN ----------------------- VARIABLE PRODUCTS ----------------------- SERIES FUND ----------------------- ALLIANCEBERNSTEIN ----------------------- QUASAR PORTFOLIO ----------------------- SEMI-ANNUAL REPORT JUNE 30, 2003 Investment Products Offered --------------------------- > Are Not FDIC Insured > May Lose Value > Are Not Bank Guaranteed --------------------------- QUASAR PORTFOLIO TEN LARGEST HOLDINGS June 30, 2003 (unaudited) AllianceBernstein Variable Products Series Fund ================================================================================
- ---------------------------------------------------------------------------------------- COMPANY U.S. $ VALUE PERCENT OF NET ASSETS - ---------------------------------------------------------------------------------------- Stericycle, Inc. $ 1,323,712 1.6% - ---------------------------------------------------------------------------------------- Resources Connection, Inc. 1,224,018 1.5 - ---------------------------------------------------------------------------------------- ATMI, Inc. 1,191,069 1.5 - ---------------------------------------------------------------------------------------- Martek Biosciences Corp. 1,172,262 1.4 - ---------------------------------------------------------------------------------------- Getty Images, Inc. 1,168,790 1.4 - ---------------------------------------------------------------------------------------- Integrated Circuit Systems, Inc. 1,125,194 1.4 - ---------------------------------------------------------------------------------------- Integra LifeSciences Holdings Corp. 1,100,046 1.3 - ---------------------------------------------------------------------------------------- Mid Atlantic Medical Services, Inc. 1,082,610 1.3 - ---------------------------------------------------------------------------------------- Imation Corp. 1,058,960 1.3 - ---------------------------------------------------------------------------------------- Avocent Corp. 1,053,536 1.3 ------------ ---- - ---------------------------------------------------------------------------------------- $11,500,197 14.0% - ----------------------------------------------------------------------------------------
1 QUASAR PORTFOLIO PORTFOLIO OF INVESTMENTS June 30, 2003 (unaudited) AllianceBernstein Variable Products Series Fund ================================================================================ Company Shares U.S. $ Value - -------------------------------------------------------------------------------- COMMON STOCKS-96.7% TECHNOLOGY-23.9% COMPUTER HARDWARE/ STORAGE-2.3% Avocent Corp. (a) .......................... 35,200 $ 1,053,536 McDATA Corp. Cl.A (a) ...................... 55,900 820,053 ----------- 1,873,589 ----------- COMPUTER PERIPHERALS-1.9% Imation Corp. .............................. 28,000 1,058,960 Pericom Semiconductor Corp. (a) ............................... 57,000 530,100 ----------- 1,589,060 ----------- COMPUTER SERVICES-2.5% Alliance Data Systems Corp. (a) ............................... 40,600 950,040 Anteon International Corp. (a) ............................... 20,600 574,946 Cognizant Technology Solutions Corp. (a) ............................... 20,700 504,252 ----------- 2,029,238 ----------- SEMI-CONDUCTOR CAPITAL EQUIPMENT-2.3% Cymer, Inc. (a) ............................ 16,600 523,896 FormFactor, Inc. (a) ....................... 6,600 116,820 MKS Instruments, Inc. (a) .................. 28,000 505,960 Varian Semiconductor Equipment Associates, Inc. (a) ................................ 23,800 708,288 ----------- 1,854,964 ----------- SEMI-CONDUCTOR COMPONENTS-3.4% ATMI, Inc. (a) ............................. 47,700 1,191,069 Integrated Circuit Systems, Inc. (a) ................................ 35,800 1,125,194 OmniVision Technologies, Inc. (a) ................................ 15,600 486,720 ----------- 2,802,983 ----------- SOFTWARE-7.6% Cognos, Inc. (Canada) (a) .................. 34,400 928,800 Documentum, Inc. (a) ....................... 45,400 893,018 Hyperion Solutions Corp. (a) ............... 26,000 877,760 Informatica Corp. (a) ...................... 80,300 554,873 Macrovision Corp. (a) ...................... 42,500 846,600 NetScreen Technologies, Inc. (a) ................................ 27,000 608,850 Quest Software, Inc. (a) ................... 59,100 703,290 SERENA Software, Inc. (a) .................. 40,400 843,552 ----------- 6,256,743 ----------- MISCELLANEOUS-3.9% 02Micro International, Ltd. (a) ................................ 49,800 802,278 Amphenol Corp. Cl.A (a) .................... 21,200 992,584 Exar Corp. (a) ............................. 54,900 869,067 Power-One, Inc. (a) ........................ 74,600 533,390 ----------- 3,197,319 ----------- 19,603,896 ----------- HEALTH CARE-19.4% BIOTECHNOLOGY-3.7% Abgenix, Inc. (a) .......................... 35,200 369,248 MGI Pharma, Inc. (a) ....................... 23,100 592,053 Protein Design Labs, Inc. (a) .............. 20,700 289,386 Telik, Inc. (a) ............................ 35,100 564,057 The Medicines Co. (a) ...................... 24,900 490,281 Trimeris, Inc. (a) ......................... 15,100 689,768 ----------- 2,994,793 ----------- DRUGS-4.7% Axcan Pharma, Inc. (Canada) (a) ............................ 68,300 857,165 Connetics Corp. (a) ........................ 4,900 73,353 Martek Biosciences Corp. (a) ............... 27,300 1,172,262 Neurocrine Biosciences, Inc. (a) ................................ 13,000 649,220 Onyx Pharmaceuticals, Inc. (a) ................................ 23,700 292,221 Pharmaceutical Resources, Inc. (a) ................................ 17,300 841,818 ----------- 3,886,039 ----------- MEDICAL PRODUCTS-5.9% Advanced Neuromodulation Systems, Inc. (a) ....................... 12,900 667,833 Conceptus, Inc. (a) ........................ 42,200 592,910 Gen-Probe, Inc. (a) ........................ 13,500 551,745 Integra LifeSciences Holdings Corp. (a) ...................... 41,700 1,100,046 OraSure Technologies, Inc. (a) ................................ 78,100 582,626 VISX, Inc. (a) ............................. 38,900 674,915 Wright Medical Group, Inc. (a) ................................ 37,300 708,700 ----------- 4,878,775 ----------- MEDICAL SERVICES-5.1% Covance, Inc. (a) .......................... 18,700 338,470 Mid Atlantic Medical Services, Inc. (a) ...................... 20,700 1,082,610 PacifiCare Health Systems, Inc. (a) ................................ 13,600 670,888 Pharmaceutical Product Development, Inc. (a) ................... 25,300 726,869 Stericycle, Inc. (a) ....................... 34,400 1,323,712 ----------- 4,142,549 ----------- 15,902,156 ----------- 2 AllianceBernstein Variable Products Series Fund ================================================================================ Company Shares U.S. $ Value - -------------------------------------------------------------------------------- CONSUMER SERVICES-19.2% ADVERTISING-1.4% Getty Images, Inc. (a) ..................... 28,300 $ 1,168,790 ----------- BROADCASTING & CABLE-2.8% Cumulus Media, Inc. Cl.A (a) ................................ 44,682 845,830 Entravision Communications Corp. Cl.A (a) .......................... 63,800 724,130 TiVo, Inc. (a) ............................. 2,400 29,232 ValueVision Media, Inc. Cl.A (a) ................................ 53,900 734,657 ----------- 2,333,849 ----------- ENTERTAINMENT & LEISURE-1.1% Guitar Center, Inc. (a) .................... 30,100 872,900 ----------- GAMING-1.2% Station Casinos, Inc. (a) .................. 37,300 941,825 ----------- RETAIL -GENERAL MERCHANDISE-2.1% Cost Plus, Inc. (a) ........................ 27,000 962,820 Dick's Sporting Goods, Inc. (a) ................................ 3,500 128,380 The Bombay Co., Inc. (a) ................... 5,100 54,213 Ultimate Electronics, Inc. (a) ............. 43,000 551,260 ----------- 1,696,673 ----------- TOYS-0.7% Marvel Enterprises, Inc. (a) ............... 30,200 576,820 ----------- MISCELLANEOUS-9.9% Bright Horizons Family Solutions, Inc. (a) ..................... 18,700 627,572 Career Education Corp. (a) ................. 11,400 779,988 Dycom Industries, Inc. (a) ................. 51,100 832,930 Insight Enterprises, Inc. (a) .............. 66,400 667,984 Iron Mountain, Inc. (a) .................... 23,350 866,052 MSC Industrial Direct Co., Inc. Cl.A (a) ................................ 48,500 868,150 Resources Connection, Inc. (a) ............. 51,300 1,224,018 ScanSource, Inc. (a) ....................... 24,640 659,120 Strayer Education, Inc. .................... 11,400 905,730 The Corporate Executive Board Co. (a) ........................... 14,500 587,685 Wireless Facilities, Inc. (a) .............. 11,400 135,660 ----------- 8,154,889 ----------- 15,745,746 ----------- FINANCE-12.5% BANKING-MONEY CENTER-2.5% Boston Private Financial Holdings, Inc. .......................... 21,200 446,896 UCBH Holdings, Inc. ........................ 27,000 774,360 Wintrust Financial Corp. ................... 27,000 799,200 ----------- 2,020,456 ----------- BANKING-REGIONAL-3.5% American Capital Strategies, Ltd. .................................... 24,300 606,042 BankUnited Financial Corp. Cl.A (a) ................................ 25,900 521,885 R&G Financial Corp. Cl.B ................... 28,000 831,600 Westamerica Bancorp. ....................... 20,600 887,448 ----------- 2,846,975 ----------- BROKERAGE & MONEY MANAGEMENT-3.0% Affiliated Managers Group, Inc. (a) ................................ 14,200 865,490 BlackRock, Inc. (a) ........................ 14,500 653,080 Southwest Bancorporation of Texas, Inc. (a) ...................... 29,000 942,790 ----------- 2,461,360 ----------- INSURANCE-2.4% RenaissanceRe Holdings, Ltd. (Bermuda) .......................... 10,100 459,752 StanCorp Financial Group, Inc. .................................... 15,600 814,632 Triad Guaranty, Inc. (a) ................... 19,400 736,230 ----------- 2,010,614 ----------- MISCELLANEOUS-1.1% Investors Financial Services Corp. ................................... 32,200 934,122 ----------- 10,273,527 ----------- CAPITAL GOODS-9.1% ELECTRICAL EQUIPMENT-3.2% EDO Corp. .................................. 50,500 893,850 Engineered Support Systems, Inc. .................................... 21,250 889,312 United Defense Industries, Inc. (a) ................................ 31,400 814,516 ----------- 2,597,678 ----------- MACHINERY-3.2% Actuant Corp. Cl.A (a) ..................... 15,600 738,192 Navistar International Corp. (a) ............................... 27,000 881,010 Oshkosh Truck Corp. ........................ 8,400 498,288 Regal- Beloit Corp. ........................ 27,000 515,700 ----------- 2,633,190 ----------- POLLUTION CONTROL-0.8% Waste Connections, Inc. (a) ................................ 19,700 690,485 ----------- MISCELLANEOUS-1.9% IDEX Corp. ................................. 27,000 978,480 Simpson Manufacturing Co., Inc. (a) ................................ 15,600 570,960 ----------- 1,549,440 ----------- 7,470,793 ----------- 3 QUASAR PORTFOLIO PORTFOLIO OF INVESTMENTS (continued) AllianceBernstein Variable Products Series Fund ================================================================================ Company Shares U.S. $ Value - -------------------------------------------------------------------------------- ENERGY-5.1% DOMESTIC PRODUCERS-0.8% Frontier Oil Corp. ......................... 46,300 $ 703,760 ----------- OIL SERVICE-2.8% FMC Technologies, Inc. (a) ................. 27,000 568,350 W-H Energy Services, Inc. (a) ................................ 45,100 878,548 Westport Resources Corp. (a) ............... 37,300 848,575 ----------- 2,295,473 ----------- PIPELINES-1.0% Hydril Co. (a) ............................. 29,000 790,250 ----------- MISCELLANEOUS-0.5% Evergreen Resources, Inc. (a) ................................ 7,400 401,894 ----------- 4,191,377 ----------- BASIC INDUSTRY-2.5% CHEMICALS-0.9% Georgia Gulf Corp. ......................... 36,300 718,740 ----------- PAPER & FOREST PRODUCTS-0.9% Pactiv Corp. (a) ........................... 39,300 774,603 ----------- MISCELLANEOUS-0.7% Philadelphia Suburban Corp. ................ 23,800 580,244 ----------- 2,073,587 ----------- TRANSPORTATION-2.5% AIR FREIGHT-0.9% UTI Worldwide, Inc. (U.S. Virgin Islands) ................... 23,800 742,322 ----------- Shares or Principal Amount Company (000) U.S. $ Value - -------------------------------------------------------------------------------- SHIPPING-1.6% ArvinMeritor, Inc. ......................... 21,800 $ 439,924 Kirby Corp. (a) ............................ 31,600 891,120 ----------- 1,331,044 ----------- 2,073,366 ----------- CONSUMER STAPLES-1.3% FOOD-0.5% United Natural Foods, Inc. (a) ................................ 15,800 444,612 ----------- RETAIL-FOOD & DRUG-0.8% PETCO Animal Supplies, Inc. (a) ................................ 28,900 628,286 ----------- 1,072,898 ----------- CONSUMER MANUFACTURING-1.2% BUILDING & RELATED-1.2% Hughes Supply, Inc. ........................ 27,000 936,900 ----------- Total Common Stocks (cost $64,696,296) ...................... 79,344,246 ----------- SHORT-TERM INVESTMENT-3.0% TIME DEPOSIT-3.0% State Street Euro Dollar 0.50%, 7/01/03 (cost $2,497,000) ....................... $ 2,497 2,497,000 ----------- TOTAL INVESTMENTS-99.7% (cost $67,193,296) ...................... 81,841,246 Other assets less liabilities*-0.3% ....................... 248,364 ----------- NET ASSETS-100% ............................ $82,089,610 =========== * SECURITY LENDING INFORMATION Includes cash collateral of $4,048,800 for securities on loan as of June 30, 2003 (see Note F). The lending agent invested the cash collateral in a short-term investment as follows:
Percent Current U.S $ of Net Yield Shares Value Assets ================ ================ ================ ================ UBS Private Money Market Fund LLC 1.15% 4,048,800 $4,048,800 4.9%
- -------------------------------------------------------------------------------- (a) Non-income producing security. See Notes to Financial Statements. 4 QUASAR PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES June 30, 2003 (unaudited) AllianceBernstein Variable Products Series Fund ================================================================================ ASSETS Investments in securities, at value (cost $67,193,296) .......... $ 81,841,246(a) Cash ............................................................ 380 Collateral held for securities loaned ........................... 4,048,800 Receivable for investment securities sold ....................... 729,059 Dividends and interest receivable ............................... 9,638 ------------- Total assets .................................................... 86,629,123 ------------- LIABILITIES Payable for collateral received on securities loaned ............ 4,048,800 Payable for investment securities purchased ..................... 297,635 Advisory fee payable ............................................ 47,795 Distribution fee payable ........................................ 2,680 Accrued expenses ................................................ 142,603 ------------- Total liabilities ............................................... 4,539,513 ------------- NET ASSETS ......................................................... $ 82,089,610 ============= COMPOSITION OF NET ASSETS Capital stock, at par ........................................... $ 10,259 Additional paid-in capital ...................................... 159,772,693 Accumulated net investment loss ................................. (407,463) Accumulated net realized loss on investment transactions ........ (91,933,829) Net unrealized appreciation of investments ...................... 14,647,950 ------------- $ 82,089,610 ============= Class A Shares Net assets ...................................................... $ 72,327,447 ============= Shares of capital stock outstanding ............................. 9,030,635 ============= Net asset value per share ....................................... $ 8.01 ============= Class B Shares Net assets ...................................................... $ 9,762,163 ============= Shares of capital stock outstanding ............................. 1,228,130 ============= Net asset value per share ....................................... $ 7.95 =============
- -------------------------------------------------------------------------------- (a) Includes securities on loan with a value of $3,800,910 (see Note F). See Notes to Financial Statements. 5 QUASAR PORTFOLIO STATEMENT OF OPERATIONS Six Months Ended June 30, 2003 (unaudited) AllianceBernstein Variable Products Series Fund ================================================================================ INVESTMENT INCOME Dividends (net of foreign taxes withheld of $683) ............... $ 129,995 Interest ........................................................ 14,442 ------------- Total investment income ......................................... 144,437 ------------- EXPENSES Advisory fee .................................................... 420,429 Distribution fee--Class B ....................................... 7,407 Custodian ....................................................... 54,194 Administrative .................................................. 37,500 Audit and legal ................................................. 20,673 Printing ........................................................ 10,619 Transfer agency ................................................. 474 Directors' fees and expenses .................................... 408 Miscellaneous ................................................... 196 ------------- Total expenses .................................................. 551,900 ------------- Net investment loss ............................................. (407,463) ------------- REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS Net realized gain on investment transactions .................... 665,409 Net change in unrealized appreciation/depreciation of investments 12,997,705 ------------- Net gain on investment transactions ............................. 13,663,114 ------------- NET INCREASE IN NET ASSETS FROM OPERATIONS ......................... $ 13,255,651 =============
- -------------------------------------------------------------------------------- See Notes to Financial Statements. 6 QUASAR PORTFOLIO STATEMENT OF CHANGES IN NET ASSETS AllianceBernstein Variable Products Series Fund ================================================================================
Six Months Ended Year Ended June 30, 2003 December 31, (unaudited) 2002 ================ =============== INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Net investment loss ............................................. $ (407,463) $ (1,219,147) Net realized gain (loss) on investment transactions ............. 665,409 (48,163,544) Net change in unrealized appreciation/depreciation of investments 12,997,705 (8,902,913) ------------- ------------- Net increase (decrease) in net assets from operations ........... 13,255,651 (58,285,604) CAPITAL STOCK TRANSACTIONS Net decrease .................................................... (22,360,397) (41,578,495) ------------- ------------- Total decrease .................................................. (9,104,746) (99,864,099) NET ASSETS Beginning of period ............................................. 91,194,356 191,058,455 ------------- ------------- End of period ................................................... $ 82,089,610 $ 91,194,356 ============= =============
- ------------------------------------------------------------------------------- See Notes to Financial Statements. 7 QUASAR PORTFOLIO NOTES TO FINANCIAL STATEMENTS June 30, 2003 (unaudited) AllianceBernstein Variable Products Series Fund ================================================================================ NOTE A: Significant Accounting Policies The AllianceBernstein Quasar Portfolio (the "Portfolio"), formerly Alliance Quasar Portfolio is a series of AllianceBernstein Variable Products Series Fund, Inc. (the "Fund") formerly Alliance Variable Products Series Fund, Inc. The Portfolio's investment objective is to seek growth of capital by pursuing aggressive investment policies. Current income is incidental to the Portfolio's objective. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers twenty 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 accounting principles generally accepted in the United States 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. Additional information about some of the items discussed in these Notes to Financial Statements is contained in the Fund's Statement of Additional Information, which is available upon request. The following is a summary of significant accounting policies followed by the Portfolio. 1. Security Valuation In accordance with Pricing Policies adopted by the Board of Directors of the Fund (the "Pricing Policies") and applicable law, portfolio securities are valued at current market value or at fair value. The Board of Directors has delegated to the Adviser, subject to the Board's continuing oversight, certain responsibilities with respect to the implementation of the Pricing Policies. Pursuant to the Pricing Policies, securities for which market quotations are readily available are valued at their current market value. In general, the market value of these securities is determined as follows: Securities listed on a national securities exchange 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 mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the security is valued in good faith at fair value in accordance with the Pricing Policies. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities not listed on an exchange but traded on The Nasdaq Stock Market, Inc. ("NASDAQ") are valued in accordance with the NASDAQ Official Closing Price; listed put or call options are valued at the last sale price. If there has been no sale on that day, such securities will be valued at the closing bid prices on that day; 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 valuations, the last available closing settlement price is used; securities traded in the over-the-counter market, (but excluding securities traded on NASDAQ) are valued at the mean of the current bid and asked prices as reported by the National Quotation Bureau or other comparable sources; 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; fixed-income 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 Pricing Policies provide that 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 OTC and other derivatives are valued on the basis of a quoted bid price or spread from a major broker/dealer in such security. Securities for which market quotations are not readily available are valued at fair value in accordance with the Pricing Policies. 2. 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 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. 8 AllianceBernstein Variable Products Series Fund ================================================================================ Net realized gain and loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holdings 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. 3. 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. 4. Investment Income and Investment Transactions Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Investment transactions are accounted for on the date securities are purchased or sold. Investment gains and losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. 5. Income and Expenses Expenses attributable to a single portfolio are charged to that portfolio. Expenses of the Fund are charged to each portfolio in proportion to net assets. All income earned and expenses incurred by a portfolio with multi-class shares outstanding 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 that the portfolio's Class B shares bear the distribution fees. 6. Dividends and Distributions The Portfolio declares and distributes dividends and distributions from net investment income and net realized gains, respectively, if any, at least annually. Income dividends and capital gains distributions to shareholders 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 accounting principles generally accepted in the United States. 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 an investment advisory agreement, the Portfolio pays Alliance Capital Management L.P. (the "Adviser"), an investment advisory fee at an annual rate of 1% of the Portfolio's average daily net assets. Such fee is accrued daily and paid monthly. Prior to May 1, 2002, the Adviser agreed to waive its fee and reimburse additional operating expenses ("Expense Limitation Undertaking") to the extent necessary to limit total operating expenses on an annual basis to .95% and 1.20% of the average daily net assets for Class A and Class B shares, respectively. The Adviser terminated the Expense Limitation Undertaking effective May 1, 2002. Any expense waivers or reimbursements were accrued daily and paid monthly. Pursuant to the advisory agreement, the Portfolio paid $37,500 to the Adviser representing the cost of certain legal and accounting services provided to the Portfolio by the Adviser for the six months ended June 30, 2003. Brokerage commissions paid on investment transactions for the six months ended June 30, 2003 amounted to $222,957, none of which was paid to Sanford C. Bernstein & Co. LLC, an affiliate of the Adviser. The Portfolio compensates Alliance Global Investor Services, Inc., 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 amounted to $474 for the six months ended June 30, 2003. 9 QUASAR PORTFOLIO NOTES TO FINANCIAL STATEMENTS (continued) AllianceBernstein Variable Products Series Fund ================================================================================ 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 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investment Research and Management, Inc., (the "Distributor"), formerly Alliance Fund Distributors, Inc., a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50 of 1% of the Portfolio's average daily net assets attributable to the Class B shares. The fees are accrued daily and paid monthly. The Board of Directors currently limits payments under the Plan to .25 of 1% 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. In the event that the Plan is terminated or not continued, no distribution and 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 six months ended June 30, 2003, were as follows: Purchases Sales =========== =========== Investment securities .................... $49,451,897 $73,133,388 U.S. government securities ............... -0- -0- The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows: Gross unrealized appreciation .......................... $ 15,239,063 Gross unrealized depreciation .......................... (591,113) ------------ Net unrealized appreciation ............................ $ 14,647,950 ============ 1. Forward Exchange Currency Contracts The Portfolio may enter into forward exchange currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sales commitments denominated in foreign currencies and for investment purposes. A forward exchange currency contract is a commitment to purchase or sell a foreign currency on a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contracts and the closing of such contracts would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward exchange currency contracts are recorded for financial reporting purposes as net unrealized appreciation or depreciation by the Portfolio. The Portfolio's custodian will place and maintain cash not available for investment or other liquid assets in a separate account of the Portfolio having a value at least equal to the aggregate amount of the Portfolio's commitments under forward exchange currency contracts entered into with respect to position hedges. 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. The face or contract amount, in U.S. dollars, reflects the total exposure the Portfolio has in that particular currency contract. 10 AllianceBernstein Variable Products Series Fund ================================================================================ 2. Option Transactions For hedging and investment purposes, the Portfolio may purchase and write (sell) put and call options on U.S. and foreign government securities and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. 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 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. NOTE E: Distributions to Shareholders The tax character of distributions to be paid for the year ending December 31, 2003 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2002 and December 31, 2001 were as follows: 2002 2001 ========== ========== Distributions paid from: Ordinary income ................................. $ -0- $6,919,565 ---------- ---------- Total taxable distributions ........................ -0- 6,919,565 Tax return of capital ........................... -0- 121,998 ---------- ---------- Total distributions paid ........................... $ -0- $7,041,563 ========== ========== As of December 31, 2002, the components of accumulated earnings/(deficit) on a tax basis were as follows: Accumulated capital and other losses ................... $(86,581,710)(a) Unrealized appreciation/(depreciation) ................. (4,367,283)(b) ------------ Total accumulated earnings/(deficit) ................... $(90,948,993) ============ (a) On December 31, 2002, the Portfolio had a net capital loss carryforward of $80,595,633 of which $360,350 will expire in the year 2008, $34,912,045 will expire in the year 2009 and $45,323,238 will expire in the year 2010. To the extent future capital gains are offset by capital loss carryforwards, such gains will not be distributed. Based on certain provisions in the Internal Revenue Code, various limitations regarding the future utilization of these carryforwards, brought forward as a result of the Portfolio's prior year merger with Brinson Series Trust Small Cap Growth Portfolio, may apply. Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Portfolio's next taxable year. For the year ended December 31, 2002, the Portfolio deferred to January 1, 2003, post October capital losses of $5,986,077. (b) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales. NOTE F: Securities Lending The Portfolio has entered into a securities lending agreement with UBS Warburg LLC (the "Lending Agent"), formerly UBS/PaineWebber, Inc. Under the terms of the agreement, the Lending Agent, on behalf of the Portfolio, administers the lending of portfolio securities to certain broker-dealers. In return, the Portfolio receives fee income from the lending transactions or it retains a portion of interest on the investment of any cash received as collateral. The Portfolio also continues to receive dividends or interest on the securities loaned. Unrealized gain or loss in the value of the securities 11 QUASAR PORTFOLIO NOTES TO FINANCIAL STATEMENTS (continued) AllianceBernstein Variable Products Series Fund ================================================================================ loaned that may occur during the term of the loan will be reflected in the accounts of the Portfolio. All loans are continuously secured by collateral exceeding the value of the securities loaned. All collateral consists of either cash or U.S. Government securities. The Lending Agent invests the cash collateral received in an eligible money market vehicle in accordance with the investment restrictions of the Portfolio. The Lending Agent will indemnify the Portfolio for any loss resulting from a borrower's failure to return a loaned security when due. As of June 30, 2003, the Portfolio had loaned securities with a value of $3,800,910 and received cash collateral of $4,048,800, which was invested in a money market fund as included in the footnotes to the accompanying portfolio of investments. For the six months ended June 30, 2003, the Portfolio earned fee income of $7,115 which is included in interest income in the accompanying statement of operations. NOTE G: Capital Stock There are 1,000,000,000 shares of $.001 par value capital stock authorized, divided into two classes, designated Class A and Class B shares. Each class consists of 500,000,000 authorized shares. Transactions in capital stock were as follows:
------------------------------------ ------------------------------------ SHARES AMOUNT ------------------------------------ ------------------------------------ Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2003 December 31, June 30, 2003 December 31, (unaudited) 2002 (unaudited) 2002 ================ ================ ================ ================ Class A Shares sold ....... 524,764 2,128,930 $ 3,816,653 $ 18,869,188 Shares redeemed ... (4,108,569) (7,915,310) (29,776,357) (61,264,928) ---------------- ---------------- ---------------- ---------------- Net decrease ...... (3,583,805) (5,786,380) $ (25,959,704) $ (42,395,740) ================ ================ ================ ================ Class B Shares sold ....... 729,518 511,079 $ 5,299,548 $ 4,259,241 Shares redeemed ... (253,382) (444,309) (1,700,241) (3,441,996) ---------------- ---------------- ---------------- ---------------- Net increase ...... 476,136 66,770 $ 3,599,307 $ 817,245 ================ ================ ================ ================
NOTE H: Concentration of Risk Investing in securities of foreign companies or foreign governments involves special risks which include changes in foreign 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 United States companies or of the United States government. NOTE I: Joint Credit Facility A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $750 million revolving credit facility (the "Facility") intended to provide short-term financing if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in the miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2003. 12 QUASAR PORTFOLIO FINANCIAL HIGHLIGHTS AllianceBernstein Variable Products Series Fund ================================================================================ Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
--------------------------------------------------------------------------------------- CLASS A --------------------------------------------------------------------------------------- Six Months Ended Year Ended December 31, June 30, 2003 ================================================================= (unaudited) 2002 2001 2000 1999 1998 ============== ======== ======== ======== ======== ======== Net asset value, beginning of period .. $ 6.83 $ 10.01 $ 11.84 $ 13.00 $ 11.14 $ 12.61 -------------- -------- -------- -------- -------- -------- Income From Investment Operations Net investment income (loss) (a) ...... (.03) (.07)(b) (.07)(b) (.06)(b) .08(b) .07(b) Net realized and unrealized gain (loss) on investment transactions ......... 1.21 (3.11) (1.41) (.71) 1.82 (.49) -------------- -------- -------- -------- -------- -------- Net increase (decrease) in net asset value from operations .............. 1.18 (3.18) (1.48) (.77) 1.90 (.42) -------------- -------- -------- -------- -------- -------- Less: Dividends and Distributions Dividends from net investment income ............................. -0- -0- -0- (.05) (.04) (.01) Distributions from net realized gain on investment transactions ......... -0- -0- (.26) (.34) -0- (1.04) Distributions in excess of net realized gain on investment transactions .... -0- -0- (.09) -0- -0- -0- -------------- -------- -------- -------- -------- -------- Total dividends and distributions ..... -0- -0- (.35) (.39) (.04) (1.05) -------------- -------- -------- -------- -------- -------- Net asset value, end of period ........ $ 8.01 $ 6.83 $ 10.01 $ 11.84 $ 13.00 $ 11.14 ============== ======== ======== ======== ======== ======== Total Return Total investment return based on net asset value (c) ................ 17.28% (31.77)% (12.75)% (6.09)% 17.08% (4.49)% Ratios/Supplemental Data Net assets, end of period (000's omitted) .................... $ 72,328 $ 86,093 $184,223 $232,239 $169,611 $ 90,870 Ratio to average net assets of: Expenses, net of waivers and reimbursements ................... 1.29%(d) 1.11% .95% .95% .95% .95% Expenses, before waivers and reimbursements ................... 1.29%(d) 1.25% 1.16% 1.14% 1.19% 1.30% Net investment income (loss) ....... (.95)%(d) (.86)%(b) (.70)%(b) (.46)%(b) .72%(b) .55%(b) Portfolio turnover rate ............... 59% 111% 113% 178% 110% 107%
- -------------------------------------------------------------------------------- See footnote summary on page 14. 13 QUASAR PORTFOLIO FINANCIAL HIGHLIGHTS (continued) AllianceBernstein Variable Products Series Fund ================================================================================ Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
----------------------------------------------------------- CLASS B ----------------------------------------------------------- Six Months August 10, Ended Year Ended December 31, 2000(e) to June 30, 2003 ========================== December 31, (unaudited) 2002 2001 2000 ============= =========== =========== ============ Net asset value, beginning of period .......................... $ 6.78 $ 9.98 $ 11.82 $ 13.00 --------- --------- --------- --------- Income From Investment Operations Net investment loss ........................................... (.04) (.09)(b) (.09)(b) (.03)(b) Net realized and unrealized gain (loss) on investment transactions ............................................... 1.21 (3.11) (1.40) (1.15) --------- --------- --------- --------- Net increase (decrease) in net asset value from operations ...................................... 1.17 (3.20) (1.49) (1.18) --------- --------- --------- --------- Less: Distributions Distributions from net realized gain on investment transactions ............................................... -0- -0- (.26) -0- Distributions in excess of net realized gain on investment transactions .................................... -0- -0- (.09) -0- --------- --------- --------- --------- Total distributions ........................................... -0- -0- (.35) -0- --------- --------- --------- --------- Net asset value, end of period ................................ $ 7.95 $ 6.78 $ 9.98 $ 11.82 ========= ========= ========= ========= Total Return Total investment return based on net asset value (c) .......... 17.26% (32.06)% (12.86)% (8.16)% Ratios/Supplemental Data Net assets, end of period (000's omitted) ..................... $ 9,762 $ 5,101 $ 6,835 $ 435 Ratio to average net assets of: Expenses, net of waivers and reimbursements ................ 1.56%(d) 1.37% 1.20% 1.20%(d) Expenses, before waivers and reimbursements ................ 1.56%(d) 1.51% 1.43% 1.41%(d) Net investment loss ........................................ (1.21)%(d) (1.10)%(b) (.98)%(b) (.69)%(b)(d) Portfolio turnover rate ....................................... 59% 111% 113% 178%
- -------------------------------------------------------------------------------- (a) Based on average shares outstanding. (b) Net of expenses reimbursed or waived by the Adviser. (c) 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 return does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized. (d) Annualized. (e) Commencement of distribution. 14 QUASAR PORTFOLIO AllianceBernstein Variable Products Series Fund ================================================================================ 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) Clifford L. Michel (1) Donald J. Robinson (1) OFFICERS Kathleen A. Corbet, Senior Vice President Lewis A. Sanders, Senior Vice President Andrew S. Adelson, Vice President Andrew Aran, Vice President Bruce K. Aronow, Vice President Edward D. Baker III, Vice President Thomas J. Bardong, Vice President Matthew D.W. Bloom, Vice President Russell Brody, Vice President Frank V. Caruso, Vice President John F. Chiodi, Vice President Paul J. DeNoon, Vice President Joseph C. Dona, Vice President Marilyn G. Fedak, Vice President Thomas Kamp, Vice President Sean Kelleher, Vice President David A. Kruth, Vice President Alan E. Levi, Vice President Michael Levy, Vice President Gerald T. Malone, Vice President Michael Mon, Vice President Ranji H. Nagaswami, Vice President Daniel Nordby, Vice President Jimmy K. Pang, Vice President Raymond J. Papera, Vice President Joseph G. Paul, Vice President Douglas J. Peebles, Vice President Jeffrey S. Phlegar, Vice President Daniel G. Pine, Vice President Michael J. Reilly, Vice President Paul C. Rissman, Vice President Ivan Rudolph-Shabinsky, Vice President Kevin F. Simms, Vice President Michael A. Snyder, Vice President Annie Tsao, Vice President Jean Van De Walle, Vice President Richard A. Winge, Vice President Sandra Yeager, Vice President Edmund P. Bergan, Jr., Secretary Mark D. Gersten, Treasurer and Chief Financial Officer Thomas R. Manley, Controller CUSTODIAN State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110 DISTRIBUTOR AllianceBernstein Investment Research and Management, Inc. 1345 Avenue of the Americas New York, NY 10105 INDEPENDENT AUDITORS Ernst & Young LLP 5 Times Square New York, NY 10036 LEGAL COUNSEL Seward & Kissel One Battery Park Plaza New York, NY 10004 TRANSFER AGENT Alliance Global Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-free 1-(800) 221-5672 - -------------------------------------------------------------------------------- (1) Member of the Audit Committee. 15 (This page left intentionally blank.) (This page left intentionally blank.) ITEM 2. CODE OF ETHICS. Not applicable when filing a Semi-Annual report to shareholders. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable when filing a Semi-Annual report to shareholders. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable when filing a Semi-Annual report to shareholders. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to the registrant. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) The registrant?s principal executive officer and principal financial officer have concluded that the registrant?s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no significant changes in the registrant?s internal controls that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 10. EXHIBITS. The following exhibits are attached to this Form N-CSR: EXHIBIT NO. DESCRIPTION OF EXHIBIT 10 (b) (1) Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 10 (b) (2) Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 10 (c) Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): AllianceBernstein Variable Products Series Fund, Inc. By: /s/John D. Carifa ------------------------------- John D. Carifa President Date: August 22, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/John D. Carifa ---------------------------------- John D. Carifa President Date: August 22, 2003 By: /s/Mark D. Gersten ---------------------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: August 22, 2003 EX-99.CERT 3 ex-99certb.txt Exhibit 10(b)(1) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER I, John D. Carifa, certify that: 1. I have reviewed this report on Form N-CSR (the ?Report?) of AllianceBernstein Variable Products Series Fund, Inc. (the ?Fund?); 2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; 3. Based on my knowledge, the financial statements and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods presented in this Report; 4. The Fund?s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) for the Fund and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared; b) evaluated the effectiveness of the Fund?s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this Report based on such evaluation; and c) disclosed in this Report any change in the Fund?s internal control over financial reporting that occurred during the Fund?s most recent fiscal half-year [or second fiscal half-year in the case of an annual report] that has materially affected, or is reasonably likely to materially affect, the Fund?s internal control over financial reporting; and 5. The Fund?s other certifying officer and I have disclosed to the Fund?s auditors and the audit committee of the Fund?s board of directors: a) all significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund?s ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other \ employees who have a significant role in the Fund?s internal controls. Date: August 22, 2003 /s/John D. Carifa ------------------------ John D. Carifa Chairman and President Exhibit 10(b)(2) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER I, Mark D. Gersten, certify that: 1. I have reviewed this report on Form N-CSR (the ?Report?) of AllianceBernstein Variable Products Series Fund, Inc. (the ?Fund?); 2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; 3. Based on my knowledge, the financial statements and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods presented in this Report; 4. The Fund?s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) for the Fund and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared; b) evaluated the effectiveness of the Fund?s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this Report based on such evaluation; and c) disclosed in this Report any change in the Fund?s internal control over financial reporting that occurred during the Fund?s most recent fiscal half-year [or second fiscal half-year in the case of an annual report] that has materially affected, or is reasonably likely to materially affect, the Fund?s internal control over financial reporting; and 5. The Fund?s other certifying officer and I have disclosed to the Fund?s auditors and the audit committee of the Fund?s board of directors: a) all significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund?s ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund?s internal controls. Date: August 22, 2003 /s/Mark D. Gersten --------------------------- Mark D. Gersten Treasurer and Chief Financial Officer EX-99.906 CERT 4 ex-99906c.txt Exhibit 10(c) CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AllianceBernstein Variable Products Series Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended June 30, 2003 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: August 22, 2003 By: /s/John D. Carifa --------------------------------- John D. Carifa Chairman and President By: /s/Mark D. Gersten ---------------------------------- Mark D. Gersten Treasurer and Chief Financial Officer This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----