The Oscar buzz is on! Nominations for the 83rd Annual Academy Awards were announced this morning in Los Angeles. The King's Speech earned the most nominations, 12 total, including Best Picture. True Grit takes second place with 10, including one Best Supporting Actress nod for 14-year-old Hailee Steinfeld (which puts her up against Golden Globe winner Melissa Leo, and co-star Amy Adams, for their performances in The Fighter). Award season favorites Natalie Portman and Annette Bening are nominated for Best Actress for their performances in Black Swan and The Kids Are All Right, respectively, which are both up for Best Picture as well. Other Best Actress nominees include Nicole Kidman for Rabbit Hole, Michelle Williams for Blue Valentine and Jennifer Lawrence for Winter's Bone. For more, check out a full list of nominees. The Oscars ceremony airs Sunday, February 27th on ABC.