AllianceBernstein Bond Fund Intermediate Bond Portfolio

Transcription

1 AllianceBernstein Bond Fund Intermediate Bond Portfolio Semi-Annual Report April 30, 2013 SEMI-ANNUAL REPORT

2 Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at or contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing. This shareholder report must be preceded or accompanied by the Fund s prospectus for individuals who are not current shareholders of the Fund. 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 publishes full portfolio holdings for the Fund monthly at AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds. AllianceBernstein and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

3 June 18, 2013 Semi-Annual Report This report provides management s discussion of fund performance for AllianceBernstein Intermediate Bond Portfolio (the Portfolio ) for the semi-annual reporting period ended April 30, Investment Objective and Policies The Portfolio s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the Adviser ) considers undue risk. The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Portfolio expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The Portfolio expects to invest in fixedincome securities with a dollar-weighted average maturity of between three to ten years and an average duration of three to six years. The Portfolio may invest up to 25% of its net assets in below investment grade bonds. The Portfolio may use leverage for investment purposes. The Portfolio may invest without limit in U.S. dollar-denominated foreign fixedincome securities and may invest up to 25% of its assets in non-u.s. dollardenominated foreign fixed-income securities. These investments may include, in each case, developed and emerging market debt securities. The Portfolio may invest in mortgagerelated and other asset-backed securities, loan participations, inflation-protected securities, structured securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques. The Portfolio intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Portfolio may invest, without limit, in derivatives, such as options, futures, forwards or swaps. Investment Results The table on page 6 shows the Portfolio s performance compared with its benchmark, the Barclays U.S. Aggregate Bond Index for the six- and 12-month periods ended April 30, All share classes of the Portfolio rose in absolute terms and outperformed the benchmark for both periods, before sales charges, with positive sector and security selection driving performance. Within the Portfolio s sector allocation, an overweight to commercial mortgagebacked securities ( CMBS ) and an underweight to agency mortgages, as well as exposure to high yield corporates and non-agency mortgages, contributed positively for both periods. Security selection within the Portfolio s investment-grade corporate holdings, particularly within the financial sector, was a notable positive contributor for both periods. Security selection within the Portfolio s agency mortgage holdings tempered performance for both periods; CMBS security selection also detracted for the six-month period. For the 12-month period, an overweight to investment-grade corporates and an underweight to U.S. Treasuries was positive. The Portfolio utilized derivatives, including Treasury futures and interest ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 1

4 rate swaps in order to manage both duration and yield curve positioning during both periods. Yield curve positioning, specifically an overweight in the intermediate area of the yield curve, had a positive impact on performance. As part of the Portfolio s credit position, credit default swaps were utilized as a substitute for corporate bonds, which had no impact on performance for both periods. Currency forwards were utilized during both periods for hedging and investment purposes; currency exposure contributed positively, helped by a short position in the Japanese yen. Market Review and Investment Strategy Global equity and bond markets advanced during the six-month period ended April 30, 2013, largely driven by improved investor sentiment and the gradual return to riskier assets. As measured by the benchmark, U.S. fixed-income markets posted positive returns for the six-month period with credit sectors outperforming government bonds. U.S. Treasuries returned 0.79%, as measured within the benchmark, as Treasury yields ended the period relatively unchanged. Spreads in non-government sectors continued to tighten with investment-grade corporates, particularly financials, performing well. High-yield corporates posted strong returns as risk aversion ebbed and investors reached for yield. Investors were relatively unaffected by fresh political and systemic concerns in the euro area. Policy and political developments, rather than an acceleration of global economic growth, were the main drivers. The willingness of political leaders to address the structural flaws of the euro zone, along with the continued global monetary easing cycle led by the U.S. Federal Reserve (the Fed ) and the European Central Bank ( ECB ), lifted investor confidence for much of the period. In Europe, the threat of a worst-case outcome for the euro was reduced. The ECB s Outright Monetary Transactions program and more support for Greece alleviated fears of a euro breakup. China s slowdown appeared to have bottomed out; in the view of the U.S. Investment Grade Core Fixed-Income Team (the Team ), housing starts, corporate bond issuance and a steady yuan should support 7%-8% growth. In Japan, equity markets gained as the yen weakened amid expectations of a monetary policy shift following the Liberal Democratic Party s victory in the December elections. After appointing a new governor and deputy governor for the Bank of Japan ( BOJ ), the Japanese government began to implement Prime Minister Shinzo Abe s aggressive stimulatory policies. This led to a weakening of the yen, while expectations that the BOJ would include longer-dated Japanese government bonds ( JGBs ) in its asset purchase program caused JGBs to rally. U.S. financial markets continued to rebound, approaching new highs for the equity market late in the reporting period, despite investors concerns about slowing corporate earnings growth and continued political dysfunction. While 2 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

5 the American Taxpayer Relief Act of 2012, passed by the Senate and House of Representatives in January 2013, averted the most feared outcomes of the fiscal cliff, it did not tackle spending or debt-reduction issues which remain unresolved. Although risks remain, equity and bond markets around the world moved higher, helped by monetary policy actions and improved perceptions regarding the sovereign debt crisis in Europe. In the Team s view, U.S. monetary policy could create additional market uncertainty in the coming year. The Federal Funds rate has been reduced to near zero percent and the Fed has, among other actions taken, purchased U.S. Treasury and mortgage-backed securities. The latter is commonly referred to as Quantitative Easing ( QE ). These policies have been beneficial to fixed-income securities, including the higher-yielding income securities held in this Portfolio. As the market perceives that the Fed will begin to reduce the level of accommodation, there may be downward pressure on prices of fixed-income securities, including those held in the Portfolio. These and other risks to the Portfolio are discussed further in this report. ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 3

6 Disclosures and Risks DISCLOSURES AND RISKS Benchmark Disclosure The unmanaged Barclays U.S. Aggregate Bond Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Barclays U.S. Aggregate Bond Index represents the performance of securities within the U.S. investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. 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 value of the Portfolio s 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. Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixedincome securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Below Investment Grade Securities: Investments in fixed-income securities with lower ratings (commonly known as junk bonds ) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity. Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio s assets can decline as can the value of the Portfolio s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities. 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. Emerging Market Risk: Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties. (Disclosures, Risks and Note about Historical Performance continued on next page) 4 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

7 DISCLOSURES AND RISKS (continued from previous page) Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio s investments or reduce its returns. Prepayment Risk: The value of mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some mortgage-related securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments associated with mortgage-related securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected. Leverage Risk: To the extent the Portfolio uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effects of changes in interest rates and any increase or decrease in the value of the Portfolio s investments. Derivatives Risk: Investments in 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, but there is no guarantee that its techniques will produce the intended results. These risks are fully discussed in the Portfolio s prospectus. 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 pages represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting All fees and expenses related to the operation of the Portfolio have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolio s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum frontend sales charge for Class A shares; the applicable contingent deferred sales charge for Class B shares (3% year 1, 2% year 2, 1% year 3); a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes. Disclosures and Risks ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 5

8 Historical Performance HISTORICAL PERFORMANCE THE PORTFOLIO VS. ITS BENCHMARK NAV Returns PERIODS ENDED APRIL 30, Months 12Months AllianceBernstein Bond Fund Intermediate Bond Portfolio Class A 1.52% 5.29% Class B* 1.08% 4.56% Class C 1.17% 4.57% Advisor Class 1.58% 5.61% Class R 1.42% 5.08% Class K 1.54% 5.34% Class I 1.65% 5.67% Barclays U.S. Aggregate Bond Index 0.90% 3.68% * Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. Please see Note A for additional information. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. See Disclosures, Risks and Note about Historical Performance on pages 4-5. (Historical Performance continued on next page) 6 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

9 HISTORICAL PERFORMANCE (continued from previous page) AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2013 NAV Returns SEC Returns SEC Yields* Class A Shares 0.97% 1 Year 5.29% 0.85% 5 Years 6.28% 5.37% 10 Years 4.80% 4.34% Class B Shares 0.30% 1 Year 4.56% 1.56% 5 Years 5.55% 5.55% 10 Years (a) 4.41% 4.41% Class C Shares 0.32% 1 Year 4.57% 3.57% 5 Years 5.56% 5.56% 10 Years 4.09% 4.09% Advisor Class Shares** 1.30% 1 Year 5.61% 5.61% 5 Years 6.60% 6.60% 10 Years 5.12% 5.12% Class R Shares** 0.72% 1 Year 5.08% 5.08% 5 Years 6.06% 6.06% Since Inception 4.87% 4.87% Class K Shares** 1.18% 1 Year 5.34% 5.34% 5 Years 6.33% 6.33% Since Inception 5.34% 5.34% Class I Shares** 1.34% 1 Year 5.67% 5.67% 5 Years 6.63% 6.63% Since Inception 5.61% 5.61% The Portfolio s prospectus fee table shows the Portfolio s total annual operating expense ratios as 0.99%, 1.74%, 1.70%, 0.69%, 1.29%, 0.99% and 0.66% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio s annual operating expense ratios (exclusive of interest expense) to 0.90%, 1.60%, 1.60%, 0.60%, 1.10%, 0.85% and 0.60% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through January 31, 2014 and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. 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 sections since they are based on different time periods. * SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, (a) Assumes conversion of Class B shares into Class A shares after six years. ** These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. Inception dates: 11/3/2003 for Class R shares; 3/1/2005 for Class K and Class I shares. See Disclosures, Risks and Note about Historical Performance on pages 4-5. (Historical Performance continued on next page) Historical Performance ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 7

10 Historical Performance HISTORICAL PERFORMANCE (continued from previous page) SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2013) SEC Returns Class A Shares 1 Year 0.79% 5 Years 5.11% 10 Years 4.34% Class B Shares 1 Year 1.55% 5 Years 5.29% 10 Years (a) 4.39% Class C Shares 1 Year 3.55% 5 Years 5.29% 10 Years 4.08% Advisor Class Shares** 1 Year 5.58% 5 Years 6.33% 10 Years 5.11% Class R Shares** 1 Year 5.05% 5 Years 5.80% Since Inception 4.79% Class K Shares** 1 Year 5.31% 5 Years 6.07% Since Inception 5.25% Class I Shares** 1 Year 5.56% 5 Years 6.34% Since Inception 5.52% (a) Assumes conversion of Class B shares into Class A shares after six years. ** Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. Inception dates: 11/3/2003 for Class R shares; 3/1/2005 for Class K and Class I shares. See Disclosures, Risks and Note about Historical Performance on pages ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

11 EXPENSE EXAMPLE (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, 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 under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The table below also 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. 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 hypothetical example 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 November 1, 2012 Ending Account Value April 30, 2013 Expenses Paid During Period* Annualized Expense Ratio* Class A Actual $ 1,000 $ 1, $ % Hypothetical** $ 1,000 $ 1, $ % Class B Actual $ 1,000 $ 1, $ % Hypothetical** $ 1,000 $ 1, $ % Class C Actual $ 1,000 $ 1, $ % Hypothetical** $ 1,000 $ 1, $ % Advisor Class Actual $ 1,000 $ 1, $ % Hypothetical** $ 1,000 $ 1, $ % Class R Actual $ 1,000 $ 1, $ % Hypothetical** $ 1,000 $ 1, $ % Class K Actual $ 1,000 $ 1, $ % Hypothetical** $ 1,000 $ 1, $ % Class I Actual $ 1,000 $ 1, $ % Hypothetical** $ 1,000 $ 1, $ % * Expenses are equal to the classes annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). ** Assumes 5% annual return before expenses. Expense Example ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 9

12 Portfolio Summary PORTFOLIO SUMMARY April 30, 2013 (unaudited) PORTFOLIO STATISTICS Net Assets ($mil): $510.2 SECURITY TYPE BREAKDOWN* 28.2% Corporates - Investment Grades 18.3% Governments - Treasuries 16.8% Mortgage Pass-Throughs 12.2% Asset-Backed Securities 7.3% Commercial Mortgage- Backed Securities 3.7% Agencies 1.4% Corporates - Non-Investment Grades 1.2% Quasi-Sovereigns 0.8% Collateralized Mortgage Obligations 0.4% Governments - Sovereign Bonds 0.3% Local Governments - Municipal Bonds 0.2% Emerging Markets - Sovereigns 9.2% Short-Term * All data are as of April 30, The Portfolio s security type breakdown is expressed as a percentage of total investments 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). 10 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

13 PORTFOLIO OF INVESTMENTS April 30, 2013 (unaudited) Principal Amount (000) U.S. $ Value CORPORATES INVESTMENT GRADES 29.4% Industrial 13.5% Basic 1.7% AngloGold Ashanti Holdings PLC 5.375%, 4/15/20... U.S.$ 855 $ 896,345 Basell Finance Co. BV 8.10%, 3/15/27 (a) ,888 Cia Minera Milpo SAA 4.625%, 3/28/23 (a) ,288 Dow Chemical Co. (The) 4.125%, 11/15/ , %, 11/15/ , %, 5/15/ ,678 Gerdau Trade, Inc. 4.75%, 4/15/23 (a) , %, 1/30/21 (a) ,239 International Paper Co. 4.75%, 2/15/ , %, 6/15/ ,070,054 LyondellBasell Industries NV 5.75%, 4/15/ ,915 Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23 (a) ,894 Vale SA 5.625%, 9/11/ ,370 1,431,205 8,719,910 Capital Goods 0.7% Embraer SA 5.15%, 6/15/ ,652 Odebrecht Finance Ltd %, 6/26/22 (a) ,300 Owens Corning 6.50%, 12/01/16 (b) ,080,108 Republic Services, Inc. 5.25%, 11/15/ , %, 9/15/ ,555 3,501,442 Communications - Media 2.7% CBS Corp. 5.75%, 4/15/ , %, 5/15/ ,052 Comcast Cable Communications Holdings, Inc %, 11/15/ ,439 2,222,055 Portfolio of Investments ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 11

14 Portfolio of Investments Principal Amount (000) U.S. $ Value DirecTV Holdings LLC/DirecTV Financing Co., Inc. 3.80%, 3/15/22... U.S.$ 715 $ 750, %, 2/15/ , %, 10/01/ ,572 Globo Comunicacao e Participacoes SA 5.307%, 5/11/22 (a)(c) ,945 NBCUniversal Enterprise, Inc. 5.25%, 3/19/21 (a) ,766 News America, Inc. 6.15%, 3/01/37-2/15/ ,107, %, 3/15/ ,306 Omnicom Group, Inc %, 5/01/ ,912 Reed Elsevier Capital, Inc %, 1/15/ ,193 1,550,976 Time Warner Cable, Inc. 5.00%, 2/01/ , %, 4/01/ ,055 1,121,428 Time Warner Entertainment Co. LP 8.375%, 3/15/ ,746 WPP Finance UK 8.00%, 9/15/ ,185 1,288,590 13,821,488 Communications - Telecommunications 1.3% American Tower Corp. 5.05%, 9/01/ ,185 1,337,455 AT&T, Inc. 4.45%, 5/15/ , %, 9/01/ ,077 British Telecommunications PLC 2.00%, 6/22/ , %, 1/15/ ,847 Deutsche Telekom International Finance BV 4.875%, 3/06/42 (a)... 1,170 1,249,877 Rogers Communications, Inc. 4.00%, 6/06/22... CAD ,068 Telecom Italia Capital SA 7.175%, 6/18/19... U.S.$ ,833 Telefonica Emisiones SAU 5.462%, 2/16/ ,141 United States Cellular Corp. 6.70%, 12/15/ ,324 6,580, ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

15 Principal Amount (000) U.S. $ Value Consumer Cyclical - Automotive 0.7% Ford Motor Credit Co. LLC 5.00%, 5/15/18... U.S.$ 2,155 $ 2,403,116 Harley-Davidson Funding Corp. 5.75%, 12/15/14 (a)... 1,010 1,087,735 3,490,851 Consumer Cyclical - Entertainment 0.5% Time Warner, Inc. 4.70%, 1/15/ , %, 4/15/ ,285 1,815,196 Viacom, Inc %, 9/15/ ,663 2,794,547 Consumer Cyclical - Other 0.1% Host Hotels & Resorts LP 5.25%, 3/15/ ,675 Portfolio of Investments Consumer Cyclical - Retailers 0.3% Dollar General Corp %, 7/15/ ,559 Macy s Retail Holdings, Inc %, 1/15/ ,315 1,407,922 1,657,481 Consumer Non-Cyclical 1.4% Actavis, Inc. 3.25%, 10/01/ ,230 Ahold Finance USA LLC 6.875%, 5/01/ ,275 1,686,705 Bunge Ltd. Finance Corp. 5.10%, 7/15/ , %, 5/15/ ,725 Cadbury Schweppes US Finance LLC 5.125%, 10/01/13 (a) ,138 ConAgra Foods, Inc. 3.20%, 1/25/ ,045 Kroger Co. (The) 3.40%, 4/15/ ,020,051 Reynolds American, Inc. 3.25%, 11/01/ ,264 Tyson Foods, Inc. 4.50%, 6/15/ ,370 1,512,672 7,155,974 Energy 2.5% Anadarko Petroleum Corp. 6.45%, 9/15/ ,489 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 13

16 Portfolio of Investments Principal Amount (000) U.S. $ Value Encana Corp. 3.90%, 11/15/21... U.S.$ 1,625 $ 1,750,234 Marathon Petroleum Corp. 3.50%, 3/01/ , %, 3/01/ ,570 Nabors Industries, Inc. 9.25%, 1/15/ ,013 1,300,771 Noble Energy, Inc. 8.25%, 3/01/ ,232 1,619,527 Noble Holding International Ltd. 4.90%, 8/01/ ,305 Phillips %, 4/01/ ,840 2,053,987 Reliance Holdings USA, Inc. 5.40%, 2/14/22 (a)... 1,375 1,545,413 Transocean, Inc. 2.50%, 10/15/ ,294 Valero Energy Corp %, 2/01/ ,484 Weatherford International Ltd./Bermuda 5.125%, 9/15/ , %, 3/15/ , %, 3/01/ ,975 12,777,908 Technology 0.8% Agilent Technologies, Inc. 5.00%, 7/15/ ,850 Baidu, Inc. 2.25%, 11/28/ ,246 Hewlett-Packard Co. 4.65%, 12/09/ ,387 Intel Corp. 4.80%, 10/01/ ,092 Motorola Solutions, Inc. 3.50%, 3/01/ , %, 5/15/ ,036 Telefonaktiebolaget LM Ericsson 4.125%, 5/15/ ,365 1,447,582 4,078,074 Transportation - Airlines 0.3% Southwest Airlines Co. 5.25%, 10/01/ , %, 12/15/ ,729 1,323,322 Transportation - Services 0.5% Asciano Finance Ltd %, 9/23/15 (a)... 1,490 1,536, ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

17 Principal Amount (000) U.S. $ Value Con-way, Inc. 6.70%, 5/01/34... U.S.$ 133 $ 143,498 Ryder System, Inc. 5.85%, 11/01/ , %, 9/01/ ,738 2,533,390 69,042,990 Financial Institutions 12.3% Banking 7.8% Bank of America Corp. 3.30%, 1/11/ , %, 2/07/ ,012 1,265, %, 5/15/ ,050 1,119, %, 6/01/ ,035 1,325,077 Series L 5.65%, 5/01/ ,749 Barclays Bank PLC 6.625%, 3/30/22 (a)... EUR 860 1,381, %, 11/21/22... U.S.$ ,200 Bear Stearns Cos. LLC (The) 5.70%, 11/15/ ,655 1,779,895 Citigroup, Inc %, 8/09/ , %, 5/22/ ,495 2,011,091 Compass Bank 5.50%, 4/01/ ,339 1,390,724 Cooperatieve Centrale Raiffeisen- Boerenleenbank BA/Netherlands 3.95%, 11/09/ ,210 Countrywide Financial Corp. 6.25%, 5/15/ ,178 Danske Bank A/S 5.684%, 2/15/17... GBP ,948 DNB Bank ASA 3.20%, 4/03/17 (a)... U.S.$ 1,365 1,456,806 Fifth Third Bancorp 3.50%, 3/15/ ,009 Goldman Sachs Group, Inc. (The) 5.75%, 1/24/ , %, 6/15/ ,430 1,722,847 Series G 7.50%, 2/15/ ,248,375 HSBC Holdings PLC 4.00%, 3/30/ ,430 1,584, %, 4/05/ ,213 ING Bank NV 2.00%, 9/25/15 (a)... 1,360 1,385,304 Portfolio of Investments ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 15

18 Portfolio of Investments Principal Amount (000) U.S. $ Value JPMorgan Chase & Co. 4.40%, 7/22/20... U.S.$ 1,165 $ 1,319, %, 1/24/ ,346 Series Q 5.15%, 5/01/ ,451 Macquarie Bank Ltd. 5.00%, 2/22/17 (a) ,379 Macquarie Group Ltd %, 8/10/17 (a) ,516 Morgan Stanley Series G 5.50%, 7/24/20-7/28/ ,888 2,208, %, 4/01/ ,192,818 Murray Street Investment Trust I 4.647%, 3/09/ ,921 National Capital Trust II 5.486%, 3/23/15 (a) ,370 Nationwide Building Society 6.25%, 2/25/20 (a)... 1,415 1,707,764 Royal Bank of Scotland PLC (The) 9.50%, 3/16/22 (a) ,010 Santander US Debt SAU 2.991%, 10/07/13 (a)... 1,500 1,508,760 Societe Generale SA 2.50%, 1/15/14 (a) ,813 SouthTrust Corp. 5.80%, 6/15/ ,470 1,534,499 Standard Chartered PLC 4.00%, 7/12/22 (a)... 1,310 1,370,522 UBS AG/Stamford CT 7.625%, 8/17/ ,917 UFJ Finance Aruba AEC 6.75%, 7/15/ ,191 Unicredit Luxembourg Finance SA 6.00%, 10/31/17 (a) ,927 Vesey Street Investment Trust I 4.404%, 9/01/ ,316 39,913,528 Brokerage 0.2% Nomura Holdings, Inc. 2.00%, 9/13/ ,240 1,246,508 Finance 0.5% General Electric Capital Corp. 4.65%, 10/17/ ,721 SLM Corp. 7.25%, 1/25/ ,812 Series A 5.375%, 5/15/ ,726 2,277, ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

19 Principal Amount (000) U.S. $ Value Insurance 2.9% Allied World Assurance Co., Ltd. 7.50%, 8/01/16... U.S.$ 650 $ 771,255 Allstate Corp. (The) 6.125%, 5/15/ ,703 American International Group, Inc %, 6/01/ , %, 12/15/ ,815 Coventry Health Care, Inc. 5.95%, 3/15/ , %, 1/15/ , %, 8/15/ ,965 Guardian Life Insurance Co. of America 7.375%, 9/30/39 (a) ,583 Hartford Financial Services Group, Inc. 4.00%, 3/30/ , %, 4/15/ , %, 3/30/ ,706 Humana, Inc. 6.45%, 6/01/ , %, 6/15/ ,010,651 Lincoln National Corp. 8.75%, 7/01/ ,840 Massachusetts Mutual Life Insurance Co %, 6/01/39 (a) ,991 MetLife Capital Trust IV 7.875%, 12/15/37 (a) ,450 MetLife, Inc %, 2/15/ ,428 Nationwide Mutual Insurance Co %, 8/15/39 (a)... 1,190 1,792,523 Prudential Financial, Inc %, 6/15/ ,000 WellPoint, Inc. 3.30%, 1/15/ ,249 XL Group PLC 5.25%, 9/15/ ,120 14,801,514 Other Finance 0.2% ORIX Corp. 4.71%, 4/27/ ,059,541 Portfolio of Investments REITS 0.7% HCP, Inc %, 2/01/ ,410 1,672,476 Health Care REIT, Inc. 5.25%, 1/15/ ,410 1,636,636 3,309,112 62,607,462 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 17

20 Portfolio of Investments Principal Amount (000) U.S. $ Value Utility 3.4% Electric 1.2% CMS Energy Corp. 5.05%, 3/15/22... U.S.$ 440 $ 514,412 Constellation Energy Group, Inc. 5.15%, 12/01/ ,971 FirstEnergy Corp. Series B 4.25%, 3/15/ ,141 Series C 7.375%, 11/15/ ,206 MidAmerican Energy Holdings Co %, 4/01/ ,115 1,438,135 Nisource Finance Corp. 6.80%, 1/15/ ,465 1,803,960 Pacific Gas & Electric Co. 4.50%, 12/15/ ,710 SPI Electricity & Gas Australia Holdings Pty Ltd. 6.15%, 11/15/13 (a) ,987 TECO Finance, Inc. 4.00%, 3/15/ , %, 3/15/ ,340 Union Electric Co. 6.70%, 2/01/ ,593 Wisconsin Energy Corp. 6.25%, 5/15/ ,600 6,353,366 Natural Gas 2.2% DCP Midstream LLC 5.35%, 3/15/20 (a) ,277 Energy Transfer Partners LP 6.70%, 7/01/ , %, 7/01/ ,184,736 Enterprise Products Operating LLC 5.20%, 9/01/ ,097 Kinder Morgan Energy Partners LP 3.95%, 9/01/ ,460 1,582, %, 3/01/ ,439 ONEOK, Inc. 4.25%, 2/01/ ,345 1,449,263 Talent Yield Investments Ltd. 4.50%, 4/25/22 (a)... 1,365 1,488,598 TransCanada PipeLines Ltd. 6.35%, 5/15/ ,670 1,782,892 Williams Cos., Inc. (The) 3.70%, 1/15/ ,209 1,221,224 Williams Partners LP 5.25%, 3/15/ ,660 11,152,616 17,505, ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

21 Principal Amount (000) U.S. $ Value Non Corporate Sectors 0.2% Agencies - Not Government Guaranteed 0.2% Gazprom OAO Via Gaz Capital SA 6.212%, 11/22/16 (a)... U.S.$ 977 $ 1,097,268 Portfolio of Investments Total Corporates Investment Grades (cost $134,181,998) ,253,702 GOVERNMENTS TREASURIES 19.1% United States 19.1% U.S. Treasury Bonds 2.75%, 8/15/ , %, 5/15/ ,210 1,238, %, 2/15/ ,120 1,176, %, 2/15/ ,849 7,698, %, 2/15/ ,825 13,297,528 U.S. Treasury Notes 0.50%, 7/31/ ,340 3,334, %, 8/31/17-11/30/ ,405 4,415, %, 6/30/17-2/28/ ,635 9,694, %, 11/30/16-1/31/ ,300 6,400, %, 8/31/ ,405 20,827, %, 6/30/ ,090 10,457, %, 5/15/ , %, 11/15/21-2/15/ ,926 17,546,430 Total Governments Treasuries (cost $92,125,062)... 97,475,412 MORTGAGE PASS-THROUGHS 17.5% Agency Fixed Rate 30-Year 15.2% Federal Home Loan Mortgage Corp. Gold 4.50%, 12/01/ ,342 8,933, %, 4/01/ ,446 1,561,905 Series %, 1/01/ ,233 Series %, 7/01/ ,699 Federal National Mortgage Association 3.00%, TBA... 12,810 13,398, %, TBA... 15,840 16,877, %, TBA... 9,650 10,328, %, TBA... 7,750 8,355, %, 1/01/35-6/01/ ,897 6,445,949 Series %, 11/01/ , %, 4/01/33-7/01/ ,012 Series %, 4/01/34-11/01/ ,277 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 19

22 Portfolio of Investments Principal Amount (000) U.S. $ Value Series %, 8/01/35... U.S.$ 297 $ 320, %, 2/01/ ,565 Series %, 2/01/ , %, 4/01/ ,803 Series %, 9/01/ , %, 11/01/35-7/01/ ,406 3,702, %, 8/01/ ,055 3,353,432 Government National Mortgage Association Series %, 12/15/ * 78 Series %, 9/15/ ,970 77,766,152 Agency ARMs 1.2% Federal Home Loan Mortgage Corp %, 11/01/35 (b)... 1,577 1,679, %, 5/01/38 (d) ,527 Series %, 3/01/34 (d) , %, 1/01/37 (b) ,172 Series %, 3/01/37 (b)... 1,201 1,285,162 Federal National Mortgage Association Series %, 3/01/34 (d)... 1,207 1,292, %, 8/01/37 (d) ,452 6,068,937 Agency Fixed Rate 15-Year 1.1% Federal National Mortgage Association 3.00%, 4/01/21-10/01/ ,310 5,615,121 Government National Mortgage Association Series %, 12/15/ ,358 5,651,479 Total Mortgage Pass-Throughs (cost $87,257,345)... 89,486,568 ASSET-BACKED SECURITIES 12.7% Autos - Fixed Rate 7.3% Ally Auto Receivables Trust Series , Class A2 0.71%, 9/15/ ,400 Ally Master Owner Trust Series , Class A2 1.00%, 2/15/ ,300 1,304, ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

23 Principal Amount (000) U.S. $ Value AmeriCredit Automobile Receivables Trust Series , Class A2 1.19%, 8/08/15... U.S.$ 206 $ 206,614 Series , Class A2 0.49%, 4/08/ ,848 1,848,554 Series , Class A2 0.49%, 6/08/ ,161 1,161,771 ARI Fleet Lease Trust Series 2013-A, Class A2 0.70%, 12/15/15 (a)... 1,150 1,151,061 Avis Budget Rental Car Funding AESOP LLC Series A, Class A 2.10%, 3/20/19 (a)... 1,005 1,033,322 Bank of America Auto Trust Series , Class A4 1.03%, 12/15/ ,547 Capital Auto Receivables Asset Trust Series , Class A2 0.62%, 7/20/ ,999 CarMax Auto Owner Trust Series , Class A3 0.89%, 9/15/ ,971 Exeter Automobile Receivables Trust Series A, Class A 1.30%, 6/15/17 (a) ,032 Fifth Third Auto Trust Series 2013-A, Class A3 0.61%, 9/15/ ,013 1,014,993 Flagship Credit Auto Trust Series , Class A 1.32%, 4/16/18 (a) ,982 Ford Auto Securitization Trust Series 2011-R3A, Class A2 1.96%, 7/15/15 (a)... CAD 1,350 1,344,295 Series 2013-R1A, Class A %, 9/15/16 (a) ,277 Ford Credit Auto Lease Trust Series 2012-B, Class A2 0.54%, 11/15/14... U.S.$ 1,521 1,521,840 Ford Credit Auto Owner Trust Series 2012-B, Class A4 1.00%, 9/15/ ,474 Series 2012-D, Class B 1.01%, 5/15/ ,764 Ford Credit Floorplan Master Owner Trust Series , Class A1 0.74%, 9/15/ ,730 1,736,175 Portfolio of Investments ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 21

24 Portfolio of Investments Principal Amount (000) U.S. $ Value Series , Class A1 0.85%, 1/15/18... U.S.$ 1,237 $ 1,238,877 Hertz Vehicle Financing LLC Series A, Class A1 1.12%, 8/25/17 (a) ,776 Series A, Class A2 1.83%, 8/25/19 (a)... 2,370 2,384,330 Hyundai Auto Lease Securitization Trust Series 2013-A, Class A3 0.66%, 6/15/16 (a)... 1,375 1,376,696 Mercedes-Benz Auto Lease Trust Series 2013-A, Class A3 0.59%, 2/15/ ,947 Mercedes-Benz Master Owner Trust Series 2012-AA, Class A 0.79%, 11/15/17 (a)... 2,148 2,152,524 Navistar Financial Corp. Owner Trust Series 2012-A, Class A2 0.85%, 3/18/15 (a)... 1,466 1,468,216 Nissan Auto Lease Trust Series 2012-A, Class A2A 0.68%, 7/15/ ,659 Series 2012-B, Class A2A 0.45%, 6/15/ ,947 Porsche Innovative Lease Owner Trust Series , Class A3 1.09%, 9/22/14 (a)... 1,522 1,525,145 Santander Drive Auto Receivables Trust Series , Class A3 1.08%, 4/15/ ,470 1,476,037 Series , Class A2 0.47%, 9/15/ ,051 SMART Trust/Australia Series US, Class A2A 0.67%, 6/14/ ,326 World Omni Automobile Lease Securitization Trust Series 2012-A, Class A3 0.93%, 11/16/ ,631 1,638,835 37,207,023 Credit Cards - Fixed Rate 3.4% American Express Credit Account Master Trust Series , Class A 0.68%, 3/15/ ,910 2,922,733 Series , Class A 0.59%, 5/15/ ,580 1,582, ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

25 Principal Amount (000) U.S. $ Value Cabela s Master Credit Card Trust Series A, Class A 2.71%, 2/17/26 (a)... U.S.$ 1,275 $ 1,292,282 Chase Issuance Trust Series 2013-A1, Class A1 1.30%, 2/18/ ,295 1,309,995 Citibank Credit Card Issuance Trust Series 2012-A1, Class A1 0.55%, 10/10/ ,585 1,586,110 Discover Card Master Trust Series 2012-A1, Class A1 0.81%, 8/15/ ,973 Series 2012-A3, Class A3 0.86%, 11/15/ ,204 Dryrock Issuance Trust Series , Class A 0.64%, 8/15/ ,570 1,571,813 GE Capital Credit Card Master Note Trust Series , Class A 1.36%, 8/17/ ,445 1,465,502 Series , Class A 1.76%, 9/15/ ,245 1,249,340 Series , Class A 1.35%, 3/15/ ,185 1,193,003 World Financial Network Credit Card Master Trust Series 2012-B, Class A 1.76%, 5/17/ ,881 Series 2013-A, Class A 1.61%, 12/15/ ,856 17,353,665 Autos - Floating Rate 0.7% BMW Floorplan Master Owner Trust Series A, Class A 0.599%, 9/15/17 (a)(b) ,451 GE Dealer Floorplan Master Note Trust Series , Class A 0.689%, 6/20/17 (b)... 2,895 2,907,524 3,779,975 Credit Cards - Floating Rate 0.6% Gracechurch Card Funding PLC Series A, Class A %, 2/15/17 (a)(b)... EUR 1,235 1,640,016 Penarth Master Issuer PLC Series A, Class A1 0.77%, 3/18/14 (a)(b)... U.S.$ 1,571 1,574,703 3,214,719 Portfolio of Investments ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 23

26 Portfolio of Investments Principal Amount (000) U.S. $ Value Other ABS - Fixed Rate 0.6% CIT Canada Equipment Receivables Trust Series A, Class A %, 7/22/13 (a)... CAD 20 $ 19,484 CIT Equipment Collateral Series 2012-VT1, Class A3 1.10%, 8/22/16 (a)... U.S.$ ,197 CNH Equipment Trust Series 2010-C, Class A3 1.17%, 5/15/ ,279 Series 2012-A, Class A3 0.94%, 5/15/ ,061 1,065,180 GE Equipment Midticket LLC Series , Class A3 1.00%, 8/24/ ,312 GE Equipment Small Ticket LLC Series A, Class A2 1.14%, 6/23/14 (a) ,781 3,020,233 Home Equity Loans - Fixed Rate 0.1% Citifinancial Mortgage Securities, Inc. Series , Class AFPT 3.86%, 1/25/ ,241 Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/ ,860 Nationstar NIM Trust Series 2007-A, Class A 9.79%, 3/25/37 (e)(f) ,101 Home Equity Loans - Floating Rate 0.0% Asset Backed Funding Certificates Series 2003-WF1, Class A %, 12/25/32 (b) ,008 HSBC Home Equity Loan Trust Series , Class A %, 1/20/35 (b) , ,175 Total Asset-Backed Securities (cost $64,719,020)... 64,967,891 COMMERCIAL MORTGAGE-BACKED SECURITIES 7.6% Non-Agency Fixed Rate CMBS 7.1% Banc of America Commercial Mortgage, Inc. Series , Class AM 5.772%, 2/10/ , ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

27 Principal Amount (000) U.S. $ Value Bear Stearns Commercial Mortgage Securities Series 2006-T24, Class AJ 5.598%, 10/12/41... U.S.$ 545 $ 532,649 CGRBS Commercial Mortgage Trust Series 2013-VN %, 3/13/23 (a)... 1,305 1,349,963 Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A %, 12/10/ ,130 2,415,648 Series 2013-SFS, Class A %, 4/12/35 (a) ,275 Commercial Mortgage Pass-Through Certificates Series 2006-C3, Class AJ 5.989%, 6/15/ ,072 Credit Suisse Mortgage Capital Certificates Series 2006-C3, Class A %, 6/15/ ,849 3,195,636 CW Capital Cobalt Ltd. Series 2007-C3, Class A %, 5/15/ ,200 1,408,111 Extended Stay America Trust Series 2013-ESH7, Class A %, 12/05/31 (a) ,416 Greenwich Capital Commercial Funding Corp. Series 2005-GG5, Class AJ 5.415%, 4/10/ ,569 Series 2007-GG9, Class A %, 3/10/ ,495 2,851,628 Series 2007-GG9, Class AM 5.475%, 3/10/ ,788 GS Mortgage Securities Corp. II Series 2012-GCJ7, Class A %, 5/10/ ,680 2,880,684 Series 2012-GCJ9, Class A %, 11/10/ ,084 GS Mortgage Securities Trust Series 2013-KING, Class A 2.706%, 12/10/27 (a)... 1,392 1,444,118 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2006-CB15, Class A %, 6/12/ ,335 2,618,035 Series 2007-CB19, Class AM 5.91%, 2/12/ ,990 Portfolio of Investments ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 25

28 Portfolio of Investments Principal Amount (000) U.S. $ Value Series 2007-LD11, Class A %, 6/15/49... U.S.$ 710 $ 821,646 Series 2007-LD12, Class AM 6.198%, 2/15/ ,695 Series 2010-C2, Class A %, 11/15/43 (a)... 1,053 1,098,664 Merrill Lynch Mortgage Trust Series 2005-CIP1, Class A2 4.96%, 7/12/ ,769 Merrill Lynch/Countrywide Commercial Mortgage Trust Series , Class A4 5.70%, 9/12/ ,940 3,409,947 Motel 6 Trust Series 2012-MTL6, Class A %, 10/05/25 (a)... 1,047 1,057,387 Prudential Securities Secured Financing Corp. Series 1999-NRF1, Class AEC 1.455%, 11/01/31 (a)(g)(h)... 5,916 59,535 UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class A %, 8/10/ ,635 Series 2012-C4, Class A5 2.85%, 12/10/ ,098 1,117,095 Series 2013-C5, Class A %, 3/10/ ,186 2,288,324 36,044,694 Non-Agency Floating Rate CMBS 0.5% Extended Stay America Trust Series 2013-ESFL, Class A2FL 0.902%, 12/05/31 (a)(b) ,615 GS Mortgage Securities Corp. II Series 2013-KYO, Class A 1.051%, 11/08/29 (a)(b)... 1,360 1,363,467 GS Mortgage Securities Trust Series 2013-G1, Class A %, 4/10/31 (a)(d) ,836 2,848,918 Agency CMBS 0.0% Government National Mortgage Association Series %, 7/16/46 (d)(g)... 3,821 37,373 Total Commercial Mortgage-Backed Securities (cost $36,858,378)... 38,930, ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO

29 Principal Amount (000) U.S. $ Value AGENCIES 3.9% Agency Debentures 3.9% Federal National Mortgage Association 6.25%, 5/15/29... U.S.$ 8,610 $ 12,447,847 Residual Funding Corp. Principal Strip Zero Coupon, 7/15/ ,407 7,580,365 Total Agencies (cost $17,132,502)... 20,028,212 Portfolio of Investments CORPORATES NON-INVESTMENT GRADES 1.4% Financial Institutions 0.7% Banking 0.6% ABN Amro Bank NV 4.31%, 3/10/16... EUR ,017 Citigroup, Inc. 5.95%, 1/30/23... U.S.$ 1,335 1,398,412 LBG Capital No.1 PLC 8.00%, 6/15/20 (a) ,315 LBG Capital No.2 PLC Series %, 12/21/19... EUR ,258 3,239,002 Other Finance 0.1% Aviation Capital Group Corp %, 10/15/20 (a)... U.S.$ ,498 3,871,500 Industrial 0.7% Basic 0.0% Eagle Spinco, Inc %, 2/15/21 (a) ,350 Capital Goods 0.4% B/E Aerospace, Inc. 5.25%, 4/01/ ,625 Ball Corp. 5.00%, 3/15/ ,250 1,749,875 Consumer Cyclical - Other 0.2% Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp %, 3/15/ ,125 Energy 0.1% Cimarex Energy Co %, 5/01/ ,550 Pacific Rubiales Energy Corp %, 3/28/23 (a) , ,411 3,473,761 Total Corporates Non-Investment Grades (cost $6,209,948)... 7,345,261 ALLIANCEBERNSTEIN BOND FUND INTERMEDIATE BOND PORTFOLIO 27