![]() |
SUMMARY PROSPECTUS May 1, 2013 |
AllianceBernstein Variable Products Series Fund, Inc.
Large Cap Growth PortfolioClass B
Before you invest, you may want to review the Portfolios Prospectus, which contains more information about the Portfolio and its risks. The Portfolios Prospectus and Statement of Additional Information, both dated May 1, 2013, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Portfolios Prospectus and other information about the Portfolio, go to http://www.alliancebernstein.com/links/variable, email a request to prorequest@alliancebernstein.com, call (800) 227-4618, or ask any insurance company that offers shares of the Portfolio.
INVESTMENT OBJECTIVE
The Portfolios investment objective is long-term growth of capital.
FEES AND EXPENSES OF THE PORTFOLIO
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The operating expenses information below is designed to assist Contractholders of variable products that invest in the Portfolio in understanding the fees and expenses that they may pay as an investor. Because the information does not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract, Contractholders that invest in the Portfolio should refer to the variable contract prospectus for a description of fees and expenses that apply to Contractholders. Inclusion of these charges would increase the fees and expenses provided below.
Shareholder Fees (fees paid directly from your investment)
N/A
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
||||
Management Fees |
.75% | |||
Distribution (12b-1) Fees | .25% | |||
Other Expenses | .11% | |||
|
|
|||
Total Portfolio Operating Expenses |
1.11% | |||
|
|
|||
|
Examples
The Examples are intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year and that the Portfolios operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
||||
After 1 Year |
$ | 113 | ||
After 3 Years | $ | 353 | ||
After 5 Years | $ | 612 | ||
After 10 Years | $ | 1,352 |
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys or sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These transaction costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Examples, affect the Portfolios performance. During the most recent fiscal year, the Portfolios portfolio turnover rate was 94% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high-quality U.S. companies. The Portfolio invests primarily in the domestic equity securities of companies selected by the Portfolios Adviser for their growth
S-1
potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies and normally invests in approximately 50-70 companies. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in common stocks of large-capitalization companies.
For these purposes, large-capitalization 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. While the market capitalizations of companies in the Russell 1000 Growth Index ranged from approximately $0.4 billion to $498 billion as of December 31, 2012, the Portfolio normally will invest in common stocks of companies with market capitalizations of at least $5 billion at the time of purchase.
The Adviser expects that normally the Portfolios portfolio will tend to emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities.
This investment team allocates the Portfolios investments among broad sector groups based on the fundamental company research conducted by the Advisers large internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The investment team may vary the percentage allocations among market sectors and may change the market sectors in which the Portfolio invests as companies potential for growth within a sector matures and new trends for growth emerge.
The Advisers research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.
The Portfolio may, at times, invest in shares of exchange-traded funds, or ETFs, in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.
The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolios portfolio from a decline in value, sometimes within certain ranges.
PRINCIPAL RISKS
| Market Risk: The value of the Portfolios assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally. |
| Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolios net asset value. |
| Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors. |
| Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments. |
| Management Risk: The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. |
As with all investments, you may lose money by investing in the Portfolio.
BAR CHART AND PERFORMANCE INFORMATION
The bar chart and performance information provide an indication of the historical risk of an investment in the Portfolio by showing:
| how the Portfolios performance changed from year to year over ten years; and |
| how the Portfolios average annual returns for one, five and ten years compare to those of a broad-based securities market index. |
The performance information does not take into account separate account charges. If separate account charges were included, an investors return would be lower. The Portfolios past performance, of course, does not necessarily indicate how it will perform in the future.
S-2
Bar Chart
During the period shown in the bar chart, the Portfolios:
Best Quarter was up 16.81%, 1st quarter, 2012; and Worst Quarter was down -19.87%, 4th quarter, 2008.
Performance Table
Average Annual Total Returns
(For the periods ended December 31, 2012)
1 Year | 5 Years | 10 Years | ||||||||||||
Portfolio | 16.12% | 0.36% | 5.84% | |||||||||||
Russell
1000® Growth Index (reflects no deduction for fees, expenses, or taxes) |
15.26% | 3.12% | 7.52% |
INVESTMENT ADVISER
AllianceBernstein L.P. is the investment adviser for the Portfolio.
PORTFOLIO MANAGERS
The following table lists the persons responsible for day-to-day management of the Portfolios portfolio:
Employee | Length of Service | Title | ||
Frank V. Caruso | Since 2012 | Senior Vice President of the Adviser | ||
Vincent C. DuPont | Since 2012 | Senior Vice President of the Adviser | ||
John H. Fogarty | Since 2012 | Senior Vice President of the Adviser |
PURCHASE AND SALE OF PORTFOLIO SHARES
The Portfolio offers its shares through the separate accounts of life insurance companies (Insurers). You may only purchase and sell shares through these separate accounts. See the prospectus of the separate account of the participating insurance company for information on the purchase and sale of the Portfolios shares.
TAX INFORMATION
The Portfolio may pay income dividends or make capital gains distributions. The income and capital gains distributions are expected to be made in shares of the Portfolio. See the prospectus of the separate account of the participating insurance company for federal income tax information.
PAYMENTS TO INSURERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of the Portfolio through an Insurer or other financial intermediary, the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the Insurer or other financial intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
S-3
![]() |
S-4
F[QK60W*H4N=*O+A-8PPPD$Q,
(R$E!U;;65W 7V%#Q!85W8$8]O,+(
M&K%.@U%S/D8IN4V%LJ8+V6.KC& 7V%#Q!85
MW8$8]O,+(&K%.@U%S/D8IN4V%LJ8+V6.KC& 1D9:&RDZ2HS*Y(%B9.JMDN>G'Y0&`-+4J52GI)ZC*
MV&7BY/3^S&MC8:R4E)Z2AFMV=:UGJ5#:>MD(_5;S&LJB:16J=((Q0CRLI]&6
M4;E_3/,,XTN5QCJ-?=7IS8V\%6<+T2K7F*KMUK-63A(:Z0.T-VWI^QS7SK)O
M%FU0I,%K=FQ@&B3]TFR8OW"9#J-3-EUZE9X`@```````````````````````
M```````````````(AGW9GN]X3^F>\/(FM!*Z:<`````````
M``````````````!__].?P`T3]]_WGF^^[3JW'B
]9^
ML.Y^IFI_Z@"9KIYU^C_7)[UGZP[GZF:G_J`&:>=?IT,:?H>RS52JTR^Y-\E#
M/9:N0DF\,G:->IIY=/XQJZ<933QK'."$RJKGHQ_)C\!IQSTJ/Y=)OZFN2_K7
MK[X8`9Z/ETF_J:Y+^M>OOA@!GIJUG_MR.[7M$[-66>@MT2,Y8I:1G9F04VU(
MIJ/I:6>+/Y%XHFWBT4$SNGC@Y\E(0I,9-T8QC'1@3"^Z\C_;6=V#_P!*[E_6
M[+_S>&(OO9E+QC[H+C'PT?6^3XS7+?FJ'U]:0[&W.(C8T9+FFFE?6D'$.BN6
MSU*<30*Q6E7!BY1PGDW:YZV