N-Q 1 dnq.htm ALLIANCEBERNSTEIN CORPORATE SHARES AllianceBernstein Corporate Shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21497

ALLIANCEBERNSTEIN CORPORATE SHARES

(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)

Joseph J. Mantineo

AllianceBernstein 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: April 30, 2011

Date of reporting period: January 31, 2011

 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

2

AllianceBernstein Corporate Income Shares

Portfolio of Investments

January 31, 2011 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - INVESTMENT GRADES - 89.7%

        

Industrial - 43.2%

        

Basic - 5.2%

        

Alcoa, Inc.

        

5.72%, 2/23/19

    $ 130         $ 135,179   

AngloGold Ashanti Holdings PLC

        

5.375%, 4/15/20

      90           92,927   

ArcelorMittal

        

6.125%, 6/01/18

      145           154,254   

Commercial Metals Co.

        

7.35%, 8/15/18

      80           82,190   

Dow Chemical Co. (The)

        

7.375%, 11/01/29

      195           231,040   

International Paper Co.

        

7.95%, 6/15/18

      150           180,193   

Lubrizol Corp.

        

8.875%, 2/01/19

      95           119,587   

Mosaic Co. (The)

        

7.625%, 12/01/16 (a)

      80           87,100   

Packaging Corp. of America

        

5.75%, 8/01/13

      95           102,135   

PPG Industries, Inc.

        

6.65%, 3/15/18

      45           52,463   

Teck Resources Ltd.

        

5.375%, 10/01/15

      130           142,531   

Vale Overseas Ltd.

        

6.25%, 1/11/16

      100           112,202   

6.875%, 11/21/36

      80           84,392   
             
          1,576,193   
             

Capital Goods - 4.1%

        

Caterpillar, Inc.

        

7.375%, 3/01/97

      280           325,987   

CRH America, Inc.

        

5.30%, 10/15/13

      130           138,984   

General Electric Co.

        

5.25%, 12/06/17

      230           249,087   

Ingersoll-Rand Global Holding Co., Ltd.

        

9.50%, 4/15/14

      85           102,287   

Owens Corning

        

9.00%, 6/15/19

      100           118,052   

Republic Services, Inc.

        

5.50%, 9/15/19

      145           157,411   

Vulcan Materials Co.

        

7.00%, 6/15/18

      140           142,869   
             
            1,234,677   
             

Communications - Media - 6.4%

        

CBS Corp.

        

5.625%, 8/15/12

      4           4,241   

7.875%, 7/30/30

      85           99,061   

Comcast Cable Communications Holdings, Inc.

        

9.455%, 11/15/22

      110           150,130   

COX Communications, Inc.

        

5.875%, 12/01/16 (a)

      135           151,710   

DirecTV Holdings LLC / DirecTV Financing Co., Inc.

        

4.75%, 10/01/14

      155           166,197   

Grupo Televisa SA

        

6.00%, 5/15/18

      100           109,090   

News America Holdings, Inc.

        

8.875%, 4/26/23

      165           213,020   

Omnicom Group, Inc.

        

6.25%, 7/15/19

      115           127,056   

Reed Elsevier Capital, Inc.

        

8.625%, 1/15/19

      75           95,579   

RR Donnelley & Sons Co.

        

4.95%, 4/01/14

      160           164,707   

TCI Communications, Inc.

        

7.875%, 2/15/26

      150           184,135   

Time Warner Entertainment Co. LP

        

8.875%, 10/01/12

      50           55,902   

10.15%, 5/01/12

      270           299,212   

WPP Finance UK

        

8.00%, 9/15/14

      100           116,395   
             
          1,936,435   
             

Communications - Telecommunications - 7.0%

        

American Tower Corp.

        

7.25%, 5/15/19

      100           112,783   

Ameritech Capital Funding Corp.

        

6.55%, 1/15/28

      280           290,843   

Bellsouth Capital Funding Corp.

        

7.12%, 7/15/97

      395           412,000   

British Telecommunications PLC

        

9.875%, 12/15/30

      95           126,884   

Deutsche Telekom International Finance BV

        

5.875%, 8/20/13

      190           209,841   

Embarq Corp.

        

7.082%, 6/01/16

      75           85,389   

7.995%, 6/01/36

      65           73,243   

Qwest Corp.

        

7.625%, 6/15/15

      55           63,250   

8.875%, 3/15/12

      110           118,525   

Telecom Italia Capital SA

        

6.175%, 6/18/14

      170           181,196   

United States Cellular Corp.

        

6.70%, 12/15/33

      135           129,289   

Verizon New York, Inc.

        

Series B

        

7.375%, 4/01/32

      290           319,806   
             
            2,123,049   
             

Consumer Cyclical - Automotive - 1.1%

        

Daimler Finance North America LLC

        

7.30%, 1/15/12

      140           148,106   

Harley-Davidson Funding Corp.

        

5.75%, 12/15/14 (a)

      60           63,801   

Johnson Controls, Inc.

        

5.50%, 1/15/16

      105           115,771   
             
          327,678   
             

Consumer Cyclical - Entertainment - 1.3%

        

Time Warner, Inc.

        

4.70%, 1/15/21

      60           60,808   

Turner Broadcasting System, Inc.

        

8.375%, 7/01/13

      165           189,888   

Viacom, Inc.

        

6.25%, 4/30/16

      125           142,190   
             
          392,886   
             

Consumer Cyclical - Other - 1.1%

        

Marriott International, Inc.

        

Series J

        

5.625%, 2/15/13

      115           123,167   

MDC Holdings, Inc.

        

5.50%, 5/15/13

      43           45,053   

Toll Brothers Finance Corp.

        

5.15%, 5/15/15

      155           158,511   
             
          326,731   
             

Consumer Cyclical - Retailers - 1.8%

        

AutoZone, Inc.

        

5.50%, 11/15/15

      110           120,011   

CVS Caremark Corp.

        

6.60%, 3/15/19

      160           186,171   

Kohl’s Corp.

        

6.25%, 12/15/17

      85           98,584   

Nordstrom, Inc.

        

7.00%, 1/15/38

      120           139,870   
             
            544,636   
             

Consumer Non-Cyclical - 5.4%

        

Ahold Finance USA LLC

        

6.875%, 5/01/29

      75           81,945   

Altria Group, Inc.

        

9.25%, 8/06/19

      85           109,036   

9.70%, 11/10/18

      75           97,268   

Avon Products, Inc.

        

6.50%, 3/01/19

      90           104,253   

Bristol-Myers Squibb Co.

        

6.875%, 8/01/97

      170           189,018   

Bunge Ltd. Finance Corp.

        

5.35%, 4/15/14

      90           94,772   

ConAgra Foods, Inc.

        

9.75%, 3/01/21

      100           131,806   

Delhaize Group SA

        

5.70%, 10/01/40 (a)

      100           93,502   

Fortune Brands, Inc.

        

5.375%, 1/15/16

      100           103,528   

Kraft Foods, Inc.

        

6.50%, 11/01/31

      140           152,969   

McKesson Corp.

        

7.50%, 2/15/19

      105           126,746   

Newell Rubbermaid, Inc.

        

5.50%, 4/15/13

      80           85,991   

Reynolds American, Inc.

        

7.30%, 7/15/15

      100           113,066   

Whirlpool Corp.

        

8.60%, 5/01/14

      130           150,915   
             
            1,634,815   
             

Energy - 6.3%

        

Anadarko Petroleum Corp.

        

5.95%, 9/15/16

      165           180,974   

Encana Corp.

        

4.75%, 10/15/13

      130           140,167   

Hess Corp.

        

7.875%, 10/01/29

      154           192,157   

Marathon Oil Corp.

        

7.50%, 2/15/19

      150           189,621   

Marathon Petroleum Corp.

        

3.50%, 3/01/16 (a)

      10           10,092   

5.125%, 3/01/21 (a)

      17           17,152   

Nabors Industries, Inc.

        

9.25%, 1/15/19

      85           105,218   

Nexen, Inc.

        

7.50%, 7/30/39

      100           107,765   

Noble Energy, Inc.

        

8.25%, 3/01/19

      98           124,329   

Petro-Canada

        

6.05%, 5/15/18

      135           152,965   

Sunoco, Inc.

        

5.75%, 1/15/17

      110           115,851   

Talisman Energy, Inc.

        

7.75%, 6/01/19

      80           98,197   

Transocean, Inc.

        

7.50%, 4/15/31

      50           54,008   

Valero Energy Corp.

        

9.375%, 3/15/19

      115           146,214   

Weatherford International Ltd.

        

9.625%, 3/01/19

      110           143,377   

Williams Cos., Inc. (The)

        

7.875%, 9/01/21

      120           142,833   
             
          1,920,920   
             

Services - 0.4%

        

Western Union Co. (The)

        

5.93%, 10/01/16

      100           112,138   
             

Technology - 2.1%

        

Agilent Technologies, Inc.

        

5.00%, 7/15/20

      13           13,215   

Computer Sciences Corp.

        

5.00%, 2/15/13

      125           132,692   

Harris Corp.

        

5.00%, 10/01/15

      90           95,358   

Motorola, Inc.

        

6.50%, 11/15/28

      125           123,751   

Science Applications International Corp.

        

6.25%, 7/01/12

      50           53,605   

Xerox Corp.

        

6.40%, 3/15/16

      185           211,743   
             
          630,364   
             

Transportation - Airlines - 0.2%

        

Southwest Airlines Co.

        

5.25%, 10/01/14

      65           69,770   
             

Transportation - Railroads - 0.3%

        

Canadian Pacific Railway Co.

        

7.25%, 5/15/19

      80           95,126   
             

Transportation - Services - 0.5%

        

FedEx Corp.

        

8.00%, 1/15/19

      100           122,772   

Ryder System, Inc.

        

5.85%, 11/01/16

      28           30,798   
             
          153,570   
             
            13,078,988   
             

Financial Institutions - 36.3%

        

Banking - 18.5%

        

American Express Bank FSB

        

5.50%, 4/16/13

      135           145,192   

American Express Co.

        

7.00%, 3/19/18

      45           52,243   

Bank of America Corp.

        

5.42%, 3/15/17

      400           409,496   

BankAmerica Capital II

        

Series 2

        

8.00%, 12/15/26

      137           140,254   

BB&T Corp.

        

6.85%, 4/30/19

      120           139,413   

Bear Stearns Cos. LLC (The)

        

5.55%, 1/22/17

      260           279,326   

Capital One Financial Corp.

        

6.15%, 9/01/16

      168           182,389   

Citigroup, Inc.

        

4.875%, 5/07/15

      320           331,540   

5.00%, 9/15/14

      305           319,606   

6.125%, 8/25/36

      115           105,127   

Countrywide Financial Corp.

        

6.25%, 5/15/16

      253           266,382   

Fifth Third Bancorp

        

6.25%, 5/01/13

      105           114,126   

First Union Institutional Capital I

        

8.04%, 12/01/26

      360           367,123   

Goldman Sachs Group, Inc. (The)

        

6.00%, 6/15/20

      345           370,704   

6.125%, 2/15/33

      275           281,540   

HSBC Bank USA NA

        

4.625%, 4/01/14

      145           153,459   

JPMorgan Chase & Co.

        

3.40%, 6/24/15

      175           178,842   

4.95%, 3/25/20

      235           239,112   

KeyCorp

        

6.50%, 5/14/13

      110           120,508   

Merrill Lynch & Co., Inc.

        

6.11%, 1/29/37

      100           90,732   

Morgan Stanley

        

5.50%, 7/24/20

      475           474,886   

7.25%, 4/01/32

      130           148,805   

Royal Bank of Scotland PLC (The)

        

6.125%, 1/11/21

      145           144,089   

SouthTrust Corp.

        

5.80%, 6/15/14

      145           157,061   

State Street Corp.

        

5.375%, 4/30/17

      95           104,440   

UBS AG/Stamford CT

        

5.875%, 12/20/17

      170           185,554   

Unicredit Luxembourg Finance SA

        

6.00%, 10/31/17 (a)

      100           93,995   
             
            5,595,944   
             

Brokerage - 0.7%

        

Jefferies Group, Inc.

        

8.50%, 7/15/19

      95           110,833   

Schwab Capital Trust I

        

7.50%, 11/15/37

      95           99,654   
             
          210,487   
             

Finance - 3.3%

        

GE Capital Trust I

        

6.375%, 11/15/67

      345           348,450   

General Electric Capital Corp.

        

5.40%, 2/15/17

      235           254,475   

HSBC Finance Capital Trust IX

        

5.911%, 11/30/35

      170           162,988   

SLM Corp.

        

5.05%, 11/14/14

      230           230,575   
             
          996,488   
             

Insurance - 11.2%

        

Aetna, Inc.

        

6.00%, 6/15/16

      100           113,756   

Aflac, Inc.

        

3.45%, 8/15/15

      15           15,446   

Allstate Corp. (The)

        

6.125%, 5/15/37

      35           35,656   

Allstate Life Global Funding Trusts

        

5.375%, 4/30/13

      140           152,275   

American International Group, Inc.

        

6.25%, 3/15/37

      120           110,550   

Assurant, Inc.

        

5.625%, 2/15/14

      110           117,304   

Chubb Corp.

        

5.75%, 5/15/18

      130           146,442   

CIGNA Corp.

        

7.875%, 5/15/27

      115           131,569   

Coventry Health Care, Inc.

        

6.30%, 8/15/14

      95           101,132   

Genworth Financial, Inc.

        

6.515%, 5/22/18

      115           117,002   

Guardian Life Insurance Co. of America

        

7.375%, 9/30/39 (a)

      75           86,438   

Hartford Financial Services Group, Inc.

        

6.10%, 10/01/41

      175           165,506   

Humana, Inc.

        

6.45%, 6/01/16

      90           99,405   

Lincoln National Corp.

        

8.75%, 7/01/19

      82           102,947   

Markel Corp.

        

7.125%, 9/30/19

      90           100,682   

Marsh & McLennan Cos., Inc.

        

5.375%, 7/15/14

      100           106,363   

Metlife Capital Trust IV

        

7.875%, 12/15/37 (a)

      250           269,375   

Nationwide Mutual Insurance Co.

        

9.375%, 8/15/39 (a)

      120           140,250   

OneBeacon US Holdings, Inc.

        

5.875%, 5/15/13

      105           109,330   

Principal Financial Group, Inc.

        

7.875%, 5/15/14

      135           155,496   

Progressive Corp. (The)

        

6.375%, 1/15/12

      110           115,919   

Prudential Financial, Inc.

        

Series B

        

4.50%, 7/15/13

      195           206,909   

Swiss Re Solutions Holding Corp.

        

7.00%, 2/15/26

      150           155,877   

Travelers Cos., Inc. (The)

        

6.25%, 6/20/16

      120           138,459   

UnitedHealth Group, Inc.

        

4.875%, 3/15/15

      140           150,765   

WellPoint, Inc.

        

5.875%, 6/15/17

      20           22,373   

7.00%, 2/15/19

      110           129,910   

XL Group PLC

        

6.25%, 5/15/27

      105           104,247   
             
          3,401,383   
             

REITS - 2.6%

        

Duke Realty LP

        

6.75%, 3/15/20

      55           60,805   

ERP Operating LP

        

5.25%, 9/15/14

      165           180,935   

HCP, Inc.

        

5.65%, 12/15/13

      105           114,568   

Health Care REIT, Inc.

        

6.20%, 6/01/16

      145           160,846   

Regency Centers LP

        

5.875%, 6/15/17

      110           120,030   

Simon Property Group LP

        

4.375%, 3/01/21

      160           157,878   
             
          795,062   
             
            10,999,364   
             

Utility - 10.2%

        

Electric - 6.3%

        

Allegheny Energy Supply Co. LLC

        

8.25%, 4/15/12 (a)

      95           101,506   

Ameren Corp.

        

8.875%, 5/15/14

      105           120,366   

Constellation Energy Group, Inc.

        

4.55%, 6/15/15

      140           145,583   

Consumers Energy Co.

        

Series D

        

5.375%, 4/15/13

      105           113,129   

Dominion Resources, Inc.

        

Series 06-B

        

6.30%, 9/30/66

      235           229,713   

DTE Energy Co.

        

6.35%, 6/01/16

      130           146,144   

Enersis SA

        

7.40%, 12/01/16

      70           79,627   

FirstEnergy Corp.

        

Series C

        

7.375%, 11/15/31

      157           166,492   

Integrys Energy Group, Inc.

        

6.11%, 12/01/66

      120           116,400   

Nevada Power Co.

        

7.125%, 3/15/19

      125           147,750   

Nisource Finance Corp.

        

5.40%, 7/15/14

      145           159,420   

Oncor Electric Delivery Co. LLC

        

6.80%, 9/01/18

      115           134,555   

Potomac Electric Power Co.

        

6.50%, 11/15/37

      115           130,567   

Teco Finance, Inc.

        

6.572%, 11/01/17

      110           124,798   
             
          1,916,050   
             

Natural Gas - 3.9%

        

AGL Capital Corp.

        

5.25%, 8/15/19

      105           110,329   

CenterPoint Energy Resources Corp.

        

4.50%, 1/15/21 (a)

      99           98,527   

Colorado Interstate Gas Co.

        

6.80%, 11/15/15

      115           133,192   

Energy Transfer Partners LP

        

6.125%, 2/15/17

      120           132,829   

EQT Corp.

        

8.125%, 6/01/19

      80           93,988   

Kinder Morgan Energy Partners LP

        

7.40%, 3/15/31

      95           105,885   

Plains All American Pipeline LP

        

8.75%, 5/01/19

      125           156,917   

Southern Union Co.

        

7.60%, 2/01/24

      60           65,017   

Spectra Energy Capital LLC

        

8.00%, 10/01/19

      120           145,578   

Williams Partners LP

        

5.25%, 3/15/20

      115           118,521   
             
          1,160,783   
             
          3,076,833   
             

Total Corporates - Investment Grades
(cost $25,973,895)

             27,155,185   
             

CORPORATES - NON-INVESTMENT GRADES - 2.8%

        

Industrial - 2.0%

        

Basic - 0.7%

        

United States Steel Corp.

        

6.05%, 6/01/17

      105           105,919   

Weyerhaeuser Co.

        

8.50%, 1/15/25

      90           101,725   
             
          207,644   
             

Capital Goods - 0.7%

        

Mohawk Industries, Inc.

        

6.875%, 1/15/16

      100           107,750   

Textron Financial Corp.

        

5.40%, 4/28/13

      95           100,197   
             
          207,947   
             

Consumer Cyclical - Other - 0.4%

        

Sheraton Holding Corp.

        

7.375%, 11/15/15

      100           111,750   
             

Consumer Non-Cyclical - 0.2%

        

Universal Health Services, Inc.

        

7.125%, 6/30/16

      65           70,616   
             
          597,957   
             

Financial Institutions - 0.5%

        

Banking - 0.3%

        

Zions Bancorporation

        

5.65%, 5/15/14

      75           75,115   
             

Finance - 0.2%

        

International Lease Finance Corp.

        

5.625%, 9/20/13

      65           66,462   
             
          141,577   
             

Utility - 0.3%

        

Electric - 0.3%

        

PPL Capital Funding, Inc.

        

Series A

        

6.70%, 3/30/67

      105           103,163   
             

Total Corporates - Non-Investment Grades
(cost $819,006)

        

 

842,697

  

             

GOVERNMENTS - TREASURIES - 1.1%

        

United States - 1.1%

        

U.S. Treasury Bonds

        

4.625%, 2/15/40

(cost $365,287)

      335           338,664   
             

SHORT-TERM INVESTMENTS - 5.1%

        

Time Deposit - 5.1%

        

State Street Time Deposit

        

0.01%, 2/01/11

(cost $1,556,000)

      1,556             1,556,000   
             

Total Investments - 98.7%
(cost $28,714,188) (b)

          29,892,546   

Other assets less liabilities - 1.3%

          388,484   
            

Net Assets - 100.0%

        $ 30,281,030   
            

 

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2011, the aggregate market value of these securities amounted to $1,213,448 or 4.0% of net assets.
(b) As of January 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,370,734 and gross unrealized depreciation of investments was $(192,376), resulting in net unrealized appreciation of $1,178,358.

Glossary:

 

REIT    -    Real Estate Investment Trust

AllianceBernstein Corporate Income Shares

January 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1—quoted prices in active markets for identical investments

  •  

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of January 31, 2011:

 

Investments in Securities

    Level 1      Level 2      Level 3      Total  

Assets:

            

Corporates - Investment Grades

    $ —         $ 27,155,185       $ —         $ 27,155,185   

Corporates - Non-Investment Grades

      —           842,697         —           842,697   

Governments - Treasuries

      —           338,664         —           338,664   

Short-Term Investments

      —           1,556,000         —           1,556,000   
                                   

Total Investments in Securities

      —           29,892,546         —           29,892,546   

Other Financial Instruments*

      —           —           —           —     
                                   

Total

    $     —         $     29,892,546       $     —         $     29,892,546   
                                   

 

* Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

AllianceBernstein Corporate Shares-Taxable Multi-Sector Income Shares

Portfolio of Investments

January 31, 2011 (unaudited)

 

     Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - INVESTMENT GRADES - 51.2%

        

Industrial - 24.1%

        

Basic - 4.9%

        

Alcoa, Inc.

        

6.75%, 7/15/18

    $ 15         $ 16,738   

AngloGold Ashanti Holdings PLC

        

5.375%, 4/15/20

      25           25,813   

ArcelorMittal

        

6.125%, 6/01/18

      75           79,786   

ArcelorMittal USA, Inc.

        

6.50%, 4/15/14

      20           22,121   

BHP Billiton Finance USA Ltd.

        

7.25%, 3/01/16

      35           41,743   

Dow Chemical Co. (The)

        

7.60%, 5/15/14

      25           29,048   

8.55%, 5/15/19

      30           37,448   

International Paper Co.

        

5.30%, 4/01/15

      20           21,631   

7.50%, 8/15/21

      20           23,641   

7.95%, 6/15/18

      30           36,039   

Packaging Corp. of America

        

5.75%, 8/01/13

      15           16,127   

PPG Industries, Inc.

        

5.75%, 3/15/13

      35           37,912   

Rio Tinto Finance USA Ltd.

        

6.50%, 7/15/18

      45           52,248   

Vale Canada Ltd.

        

7.75%, 5/15/12

      40           42,815   
             
            483,110   
             

Capital Goods - 1.8%

        

General Electric Co.

        

5.25%, 12/06/17

      55           59,564   

Lafarge SA

        

6.15%, 7/15/11

      20           20,459   

Owens Corning

        

6.50%, 12/01/16

        

Republic Services, Inc.

      30           32,855   

5.25%, 11/15/21

      15           15,821   

5.50%, 9/15/19

      25           27,140   

Tyco International Finance SA

        

8.50%, 1/15/19

      20           25,652   
             
          181,491   
             

Communications - Media - 2.8%

        

BSKYB Finance UK PLC

        

5.625%, 10/15/15 (a)

      25           27,966   

CBS Corp.

        

8.875%, 5/15/19

      25           31,443   

Comcast Cable Communications Holdings, Inc.

        

9.455%, 11/15/22

      25           34,120   

DirecTV Holdings LLC / DirecTV Financing Co., Inc.

        

4.75%, 10/01/14

      15           16,084   

6.375%, 6/15/15

      10           10,338   

News America Holdings, Inc.

        

9.25%, 2/01/13

      25           28,878   

News America, Inc.

        

6.55%, 3/15/33

      10           10,526   

Reed Elsevier Capital, Inc.

        

8.625%, 1/15/19

      20           25,488   

RR Donnelley & Sons Co.

        

4.95%, 4/01/14

      10           10,294   

Time Warner Cable, Inc.

        

7.50%, 4/01/14

      20           23,063   

Time Warner Entertainment Co. LP

        

8.375%, 3/15/23

      45           56,881   
             
            275,081   
             

Communications - Telecommunications - 2.0%

        

American Tower Corp.

        

5.05%, 9/01/20

      35           34,528   

AT&T Corp.

        

8.00%, 11/15/31

      10           12,530   

Qwest Corp.

        

7.50%, 10/01/14

      20           22,850   

7.875%, 9/01/11

      20           20,750   

Telecom Italia Capital SA

        

6.175%, 6/18/14

      35           37,305   

7.175%, 6/18/19

      20           21,650   

United States Cellular Corp.

        

6.70%, 12/15/33

      50           47,885   
             
          197,498   
             

Consumer Cyclical - Automotive - 0.9%

        

Daimler Finance North America LLC

        

5.75%, 9/08/11

      15           15,449   

7.30%, 1/15/12

      15           15,868   

Harley-Davidson Funding Corp.

        

5.75%, 12/15/14 (a)

      30           31,901   

Nissan Motor Acceptance Corp.

        

4.50%, 1/30/15 (a)

      30           31,364   
             
          94,582   
             

Consumer Cyclical - Entertainment - 1.2%

        

Time Warner, Inc.

        

4.70%, 1/15/21

      20           20,269   

Turner Broadcasting System, Inc.

        

8.375%, 7/01/13

      45           51,788   

Viacom, Inc.

        

5.625%, 9/15/19

      40           44,419   
             
          116,476   
             

Consumer Cyclical - Other - 0.5%

        

Marriott International, Inc. Series J

        

5.625%, 2/15/13

      45           48,196   
             

Consumer Cyclical - Retailers - 0.2%

        

CVS Caremark Corp.

        

6.60%, 3/15/19

      20           23,271   
             

Consumer Non-Cyclical - 3.1%

        

Ahold Finance USA LLC

        

6.875%, 5/01/29

      45           49,167   

Altria Group, Inc.

        

9.70%, 11/10/18

      30           38,907   

Bunge Ltd. Finance Corp.

        

5.10%, 7/15/15

      40           41,295   

5.875%, 5/15/13

      30           32,086   

Delhaize Group SA

        

5.875%, 2/01/14

      10           11,035   

Diageo Capital PLC

        

7.375%, 1/15/14

      35           40,581   

Fortune Brands, Inc.

        

3.00%, 6/01/12

      25           25,339   

4.875%, 12/01/13

      20           21,016   

Kraft Foods, Inc.

        

6.25%, 6/01/12

      33           35,243   

Kroger Co. (The)

        

6.80%, 12/15/18

      15           17,337   
             
          312,006   
             

Energy - 3.9%

        

Anadarko Petroleum Corp.

        

5.95%, 9/15/16

      65           71,293   

6.45%, 9/15/36

      10           9,755   

Canadian Natural Resources Ltd.

        

5.15%, 2/01/13

      15           16,090   

Hess Corp.

        

7.875%, 10/01/29

      15           18,716   

8.125%, 2/15/19

      10           12,692   

Marathon Oil Corp.

        

7.50%, 2/15/19

      15           18,962   

Marathon Petroleum Corp.

        

3.50%, 3/01/16 (a)

      4           4,037   

5.125%, 3/01/21 (a)

      15           15,134   

Nabors Industries, Inc.

        

9.25%, 1/15/19

      45           55,704   

Noble Energy, Inc.

        

8.25%, 3/01/19

      45           57,090   

Valero Energy Corp.

        

6.125%, 2/01/20

      15           16,312   

6.875%, 4/15/12

      20           21,379   

Weatherford International Ltd.

        

5.15%, 3/15/13

      15           15,891   

9.625%, 3/01/19

      30           39,103   

Williams Cos., Inc. (The)

        

7.875%, 9/01/21

      15           17,854   
             
            390,012   
             

Technology - 1.1%

        

Agilent Technologies, Inc.

        

5.00%, 7/15/20

      5           5,083   

Computer Sciences Corp.

        

5.50%, 3/15/13

      25           26,805   

Motorola, Inc.

        

6.50%, 9/01/25

      20           20,224   

Xerox Corp.

        

8.25%, 5/15/14

      45           53,159   
             
          105,271   
             

Transportation - Airlines - 0.4%

        

Southwest Airlines Co.

        

5.25%, 10/01/14

      20           21,468   

5.75%, 12/15/16

      15           16,329   
             
          37,797   
             

Transportation - Railroads - 0.1%

        

Canadian Pacific Railway Co.

        

6.50%, 5/15/18

      10           11,484   
             

Transportation - Services - 1.2%

        

Asciano Finance Ltd.

        

3.125%, 9/23/15 (a)

      70           67,270   

Con-way, Inc.

        

6.70%, 5/01/34

      25           22,991   

Ryder System, Inc.

        

5.85%, 11/01/16

      15           16,499   

7.20%, 9/01/15

      15           17,459   
             
          124,219   
             
            2,400,494   
             

Financial Institutions - 20.6%

        

Banking - 10.1%

        

American Express Co.

        

7.25%, 5/20/14

      25           28,631   

8.125%, 5/20/19

      45           55,817   

Bank of America Corp.

        

5.625%, 7/01/20

      20           20,568   

7.375%, 5/15/14

      25           28,445   

Series L

        

5.65%, 5/01/18

      60           62,494   

BankAmerica Capital II

        

Series 2

        

8.00%, 12/15/26

      20           20,475   

Bear Stearns Cos. LLC (The)

        

5.55%, 1/22/17

      70           75,203   

5.70%, 11/15/14

      75           83,408   

Citigroup, Inc.

        

4.75%, 5/19/15

      55           58,045   

5.50%, 4/11/13

      30           32,132   

6.50%, 8/19/13

      55           60,596   

8.50%, 5/22/19

      45           55,083   

Compass Bank

        

5.50%, 4/01/20

      75           72,346   

Countrywide Financial Corp.

        

6.25%, 5/15/16

      20           21,058   

Goldman Sachs Group, Inc. (The)

        

6.00%, 6/15/20

      75           80,588   

7.50%, 2/15/19

      35           40,801   

JPMorgan Chase & Co.

        

4.40%, 7/22/20

      30           29,375   

M&I Marshall & Ilsley Bank

        

5.00%, 1/17/17

      30           31,014   

Macquarie Group Ltd.

        

4.875%, 8/10/17 (a)

      45           44,382   

National Capital Trust II

        

5.486%, 3/23/15 (a)

      10           9,759   

Royal Bank of Scotland PLC (The)

        

6.125%, 1/11/21

      25           24,843   

Wachovia Corp.

        

5.50%, 5/01/13

      65           70,634   
             
            1,005,697   
             

Brokerage - 0.2%

        

Jefferies Group, Inc.

        

6.875%, 4/15/21

      20           21,274   
             

Finance - 2.0%

        

General Electric Capital Corp.

        

4.80%, 5/01/13

      90           96,086   

Series A

        

4.375%, 11/21/11

      20           20,602   

HSBC Finance Corp.

        

7.00%, 5/15/12

      25           26,775   

SLM Corp.

        

Series A

        

5.375%, 5/15/14-5/15/14

      55           56,298   
             
          199,761   
             

Insurance - 7.0%

        

Aegon NV

        

4.75%, 6/01/13

      5           5,264   

Aetna, Inc.

        

6.00%, 6/15/16

      15           17,063   

Aflac, Inc.

        

3.45%, 8/15/15

      5           5,149   

Allied World Assurance Co. Holdings Ltd.

        

7.50%, 8/01/16

      10           11,249   

Allstate Corp. (The)

        

6.125%, 5/15/37

      35           35,656   

CIGNA Corp.

        

5.125%, 6/15/20

      15           15,749   

Coventry Health Care, Inc.

        

5.95%, 3/15/17

      30           30,808   

6.30%, 8/15/14

      25           26,614   

Genworth Financial, Inc.

        

6.515%, 5/22/18

      40           40,696   

Hartford Financial Services Group, Inc.

        

4.00%, 3/30/15

      10           10,103   

5.50%, 3/30/20

      40           40,729   

Humana, Inc.

        

6.30%, 8/01/18

      20           21,551   

7.20%, 6/15/18

      10           11,377   

Liberty Mutual Group, Inc.

        

5.75%, 3/15/14 (a)

      15           16,047   

Lincoln National Corp.

        

8.75%, 7/01/19

      10           12,555   

Markel Corp.

        

7.125%, 9/30/19

      25           27,967   

Massachusetts Mutual Life Insurance Co.

        

8.875%, 6/01/39 (a)

      25           33,327   

MetLife, Inc.

        

5.00%, 11/24/13

      15           16,338   

7.717%, 2/15/19

      10           12,246   

Nationwide Mutual Insurance Co.

        

9.375%, 8/15/39 (a)

      40           46,750   

Principal Financial Group, Inc.

        

7.875%, 5/15/14

      35           40,314   

Prudential Financial, Inc.

        

5.15%, 1/15/13

      25           26,622   

8.875%, 6/15/38

      20           23,450   

Series D

        

7.375%, 6/15/19

      25           29,640   

UnitedHealth Group, Inc.

        

6.00%, 2/15/18

      55           62,350   

WellPoint, Inc.

        

4.35%, 8/15/20

      35           34,838   

7.00%, 2/15/19

      10           11,810   

XL Group PLC

        

5.25%, 9/15/14

      25           26,495   
             
          692,757   
             

Other Finance - 0.4%

        

ORIX Corp.

        

4.71%, 4/27/15

      40           40,572   
             

REITS - 0.9%

        

HCP, Inc.

        

5.375%, 2/01/21

      41           41,298   

Simon Property Group LP

        

4.375%, 3/01/21

      45           44,403   
             
          85,701   
             
            2,045,762   
             

Utility - 4.1%

        

Electric - 1.9%

        

Allegheny Energy Supply Co. LLC

        

5.75%, 10/15/19 (a)

      40           40,323   

Ameren Corp.

        

8.875%, 5/15/14

      25           28,659   

FirstEnergy Corp.

        

Series C

        

7.375%, 11/15/31

      25           26,511   

Nisource Finance Corp.

        

6.80%, 1/15/19

      50           57,325   

Teco Finance, Inc.

        

4.00%, 3/15/16

      10           10,230   

5.15%, 3/15/20

      10           10,382   

Wisconsin Energy Corp.

        

6.25%, 5/15/67

      20           19,950   
             
          193,380   
             

Natural Gas - 1.9%

        

DCP Midstream LLC

        

5.35%, 3/15/20 (a)

      10           10,379   

Energy Transfer Partners LP

        

6.70%, 7/01/18

      30           34,215   

7.50%, 7/01/38

      30           34,975   

EQT Corp.

        

8.125%, 6/01/19

      25           29,371   

TransCanada PipeLines Ltd.

        

6.35%, 5/15/67

      40           40,129   

Williams Partners LP

        

5.25%, 3/15/20

      35           36,072   
             
          185,141   
             

Other Utility - 0.3%

        

Veolia Environnement SA

        

6.00%, 6/01/18

      30           33,529   
             
          412,050   
             

Non Corporate Sectors - 2.4%

        

Agencies - Not Government Guaranteed - 2.4%

        

Gazprom Via Gaz Capital SA

        

6.212%, 11/22/16 (a)

      130           136,500   

Petrobras International Finance Co. - Pifco

        

5.75%, 1/20/20

      100           103,248   
             
          239,748   
             

Total Corporates - Investment Grades
(cost $5,173,655)

             5,098,054   
             

COMMERCIAL MORTGAGE-BACKED SECURITIES - 24.0%

        

Non-Agency Fixed Rate CMBS - 24.0%

        

Banc of America Commercial Mortgage, Inc.

        

Series 2006-5, Class A4

        

5.414%, 9/10/47

      250           265,325   

Series 2007-4, Class A4

        

5.742%, 2/10/51

      220           235,921   

Citigroup Commercial Mortgage Trust

        

Series 2008-C7, Class A4

        

6.10%, 12/10/49

      210           228,433   

Commercial Mortgage Pass Through Certificates

        

Series 2006-C8, Class A4

        

5.306%, 12/10/46

      220           228,870   

Greenwich Capital Commercial Funding Corp.

        

Series 2007-GG11, Class A4

        

5.736%, 12/10/49

      220           233,416   

Series 2007-GG9, Class A4

        

5.444%, 3/10/39

      220           234,022   

GS Mortgage Securities Corp. II

        

Series 2006-GG6, Class A4

        

5.553%, 4/10/38

      215           232,622   

JP Morgan Chase Commercial Mortgage Securities Corp.

        

Series 2007-LD11, Class A4

        

5.818%, 6/15/49

      220           234,128   

Series 2007-LDPX, Class A3

        

5.42%, 1/15/49

      250           262,516   

Merrill Lynch/Countrywide Commercial Mortgage Trust

        

Series 2007-9, Class A4

        

5.70%, 9/12/49

      220           233,034   
             

Total Commercial Mortgage-Backed Securities
(cost $2,376,432)

           2,388,287   
             

CORPORATES - NON-INVESTMENT GRADES - 6.3%

        

Industrial - 4.4%

        

Basic - 0.8%

        

United States Steel Corp.

        

6.05%, 6/01/17

      80           80,700   
             

Capital Goods - 0.9%

        

Case New Holland, Inc.

        

7.875%, 12/01/17 (a)

      25           27,781   

Mohawk Industries, Inc.

        

6.875%, 1/15/16

      60           64,650   
             
          92,431   
             

Communications - Media - 0.2%

        

CCO Holdings LLC / CCO Holdings Capital Corp.

        

7.875%, 4/30/18

      10           10,525   

8.125%, 4/30/20

      5           5,325   
             
          15,850   
             

Communications - Telecommunications - 0.5%

        

Cricket Communications, Inc.

        

7.75%, 5/15/16

      15           15,788   

Qwest Communications International, Inc.

        

7.50%, 2/15/14

      15           15,225   

Windstream Corp.

        

7.875%, 11/01/17

      20           21,425   
             
          52,438   
             

Consumer Cyclical - Automotive - 0.3%

        

Ford Motor Co.

        

7.45%, 7/16/31

      30           32,749   
             

Consumer Cyclical - Retailers - 0.6%

        

JC Penney Co., Inc.

        

5.65%, 6/01/20

      65           62,725   
             

Consumer Non-Cyclical - 0.4%

        

Mylan, Inc.

        

7.875%, 7/15/20 (a)

      30           33,188   
             

Energy - 0.3%

        

Tesoro Corp.

        

6.50%, 6/01/17

      30           30,600   
             

Technology - 0.4%

        

Freescale Semiconductor, Inc.

        

9.25%, 4/15/18 (a)

      30           33,225   
             
            433,906   
             

Financial Institutions - 1.1%

        

Finance - 0.1%

        

International Lease Finance Corp.

        

5.65%, 6/01/14

      10           10,262   
             

Insurance - 1.0%

        

ING Capital Funding TR III

        

Series 9

        

3.903%, 3/31/11 (b)

      40           37,878   

Liberty Mutual Group, Inc.

        

7.80%, 3/15/37 (a)

      30           30,000   

XL Group PLC

        

Series E

        

6.50%, 4/15/17

      35           31,633   
             
          99,511   
             
            109,773   
             

Utility - 0.8%

        

Electric - 0.8%

        

AES Corp. (The)

        

7.75%, 3/01/14-10/15/15

      25           27,125   

Dynegy Holdings, Inc.

        

8.375%, 5/01/16

      25           19,750   

GenOn Energy, Inc.

        

7.625%, 6/15/14

      15           15,750   

NRG Energy, Inc.

        

7.375%, 2/01/16

      20           20,700   
             
          83,325   
             

Total Corporates - Non-Investment Grades
(cost $617,220)

           627,004   
             

GOVERNMENTS - SOVEREIGN BONDS - 3.1%

        

Brazil - 0.9%

        

Republic of Brazil

        

8.25%, 1/20/34

      70           92,925   
             

Peru - 1.0%

        

Republic of Peru

        

8.75%, 11/21/33

      75           102,750   
             

Poland - 0.6%

        

Poland Government International Bond

        

3.875%, 7/16/15

      55           55,275   
             

Russia - 0.6%

        

Russian Foreign Bond - Eurobond

        

7.50%, 3/31/30 (a)

      49           56,436   
             

Total Governments - Sovereign Bonds
(cost $327,681)

           307,386   
             

QUASI-SOVEREIGNS - 2.3%

        

Quasi-Sovereign Bonds - 2.3%

        

Malaysia - 1.0%

        

Petronas Capital Ltd.

        

5.25%, 8/12/19 (a)

      100           106,499   
             

Russia - 1.3%

        

RSHB Capital SA for OJSC Russian Agricultural Bank

        

7.75%, 5/29/18 (a)

      115           126,500   
             

Total Quasi-Sovereigns
(cost $240,019)

           232,999   
             

SHORT-TERM INVESTMENTS - 12.4%

        

Time Deposit - 12.4%

        

State Street Time Deposit

        

0.01%, 2/01/11

(cost $1,231,700)

      1,232           1,231,700   
             

Total Investments - 99.3%
(cost $9,966,707) (c)

           9,885,430   

Other assets less liabilities - 0.7%

           65,934   
             

Net Assets - 100.0%

         $ 9,951,364   
             

 

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2011, the aggregate market value of these securities amounted to $928,768 or 9.3% of net assets.
(b) Floating Rate Security. Stated interest rate was in effect at January 31, 2011.
(c) As of January 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $48,670 and gross unrealized depreciation of investments was $(129,947), resulting in net unrealized depreciation of $(81,277).

Glossary:

 

CMBS    -    Commercial Mortgage-Backed Securities
OJSC    -    Open Joint Stock Company
REIT    -    Real Estate Investment Trust

AllianceBernstein Corporate Shares-Taxable Multi-Sector Income Shares

January 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1—quoted prices in active markets for identical investments

  •  

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of January 31, 2011:

 

Investments in Securities

    Level 1      Level 2      Level 3      Total  

Assets:

            

Corporates - Investment Grades

    $ —         $ 5,098,054       $ —         $ 5,098,054   

Commercial Mortgage-Backed Securities

      —           1,219,166         1,169,121         2,388,287   

Corporates - Non-Investment Grades

      —           627,004         —           627,004   

Governments - Sovereign Bonds

      —           307,386         —           307,386   

Quasi-Sovereigns

      —           232,999         —           232,999   

Short-Term Investments

      —           1,231,700         —           1,231,700   
                                   

Total Investments in Securities

      —           8,716,309         1,169,121         9,885,430   

Other Financial Instruments*

      —           —           —           —     
                                   

Total

    $             —         $     8,716,309       $     1,169,121       $     9,885,430   
                                   

 

* Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the end of the reporting period.

 

     Commercial Mortgage-Backed
Securities		     Total  

Balance as of 9/14/10

    $ —        $ —     

Accrued discounts/(premiums)

      (589 )      (589 ) 

Realized gain (loss)

      —          —     

Change in unrealized appreciation/depreciation

      11,213        11,213   

Net purchases (sales)

      1,158,497        1,158,497   

Transfers in to Level 3

      —          —     

Transfers out of Level 3

      —          —     
                

Balance as of 1/31/11

    $ 1,169,121      $ 1,169,121   
                

Net change in unrealized appreciation/depreciation from Investments held as of 1/31/11

    $ 11,213      $ 11,213   
                

AllianceBernstein Corporate Shares -Municipal Income Shares Portfolio

Portfolio of Investments

January 31, 2011 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS - 104.9%

        

Long-Term Municipal Bonds - 104.9%

        

Alabama - 2.1%

        

Selma AL IDB
(International Paper Co.)

        

Series 2010A

        

5.80%, 5/01/34

    $ 200         $ 194,510   
             

Arizona - 3.0%

        

Downtown Phoenix Hotel Corp.

        

FGIC Series 2005A

        

5.00%, 7/01/40

      150           110,312   

Salt Verde Fin Corp. Gas
(Citigroup, Inc.)

        

Series 2007

        

5.00%, 12/01/37

      200           167,986   
             
          278,298   
             

California - 10.4%

        

California GO

        

5.00%, 12/01/37

      300           265,296   

California Statewide CDA
(Daughters of Charity Hlth Sys)

        

Series 2005A

        

5.25%, 7/01/30

      110           92,496   

California Statewide CDA
(Thomas Jefferson Sch Law)

        

Series 2008A

        

7.25%, 10/01/38

      100           96,748   

Golden St Tobacco Sec CA
(Golden St Tob Securitization)

        

Series 2007A-1

        

5.125%, 6/01/47

      100           59,161   

Los Angeles CA Dept Arpts
(Los Angeles Intl Airport)

        

Series 2010B

        

5.00%, 5/15/31

      300           280,593   

Turlock CA Hlth Fac COP
(Emanuel Medical Center)

        

5.375%, 10/15/34

      210           167,907   
             
          962,201   
             

Colorado - 3.8%

        

Park Creek Met Dist CO

        

5.50%, 12/01/37

      200           175,888   

Regional Transportation District
(Denver Transit Partners)

        

6.00%, 1/15/41

      200           180,106   
             
          355,994   
             

Florida - 3.2%

        

Miami Beach FL Hlth Fac Auth
(Mt. Sinai Medical Center FL)

        

Series 2004

        

6.75%, 11/15/21

      200             200,302   

Mid-Bay Bridge Authority

        

Series 2011A

        

7.25%, 10/01/40 (a)

      100           98,666   
             
          298,968   
             

Georgia - 2.0%

        

De Kalb Cnty GA Hosp Auth
(De Kalb Medical Center)

        

6.125%, 9/01/40

      200           185,026   
             

Idaho - 2.1%

        

Idaho Hsg & Fin Assn
(Battelle Energy Alliance LLC TDF Proj)

        

Series 2010A

        

7.00%, 2/01/36

      200           195,166   
             

Illinois - 8.0%

        

Illinois Finance Auth
(Elmhurst Mem Healthcare)

        

Series 2008A

        

5.625%, 1/01/37

      200           170,038   

Illinois Finance Auth
(Greenfields of Geneva)

        

Series 2010C

        

6.25%, 2/15/16

      100           97,107   

Illinois Finance Auth
(Illinois Institute of Technology)

        

5.00%, 4/01/19

      100           85,978   

Illinois Finance Auth
(Navistar International Corp.)

        

6.50%, 10/15/40

      100           99,726   

Illinois Finance Auth
(Park Place of Elmhurst)

        

6.25%, 8/15/15

      100           97,958   

Illinois Finance Auth
(The Admiral at The Lake)

        

Series 2010A

        

8.00%, 5/15/46

      200           190,312   
             
          741,119   
             

Indiana - 3.7%

        

Indiana Finance Auth
(Kings Daughters Hospital)

        

5.50%, 8/15/40

      200           160,252   

Indiana Hlth Fac Fin Auth

        

(Community Fndtn of Northwest Indiana)

        

5.50%, 3/01/37

      215           183,619   
             
          343,871   
             

Louisiana - 3.7%

        

Louisiana Loc Govt Envrn Fac & CDA
(Woman’s Hospital Foundation)

        

Series 2010A

        

6.00%, 10/01/44

      200           181,110   

Louisiana Pub Fac Auth
(Ochsner Clinic Fndtn)

        

Series 2007A

        

5.375%, 5/15/43

      200           158,374   
             
            339,484   
             

Massachusetts - 3.1%

        

Massachusetts Hlth & Ed Facs Auth
(Mass Eye & Ear Infirmary)

        

Series 2010C

        

5.375%, 7/01/35

      100           90,615   

Massachusetts Port Auth
(Delta Airlines, Inc.)

        

AMBAC Series 2001A

        

5.50%, 1/01/13

      205           199,787   
             
            290,402   
             

Michigan - 5.6%

        

Kent MI Hosp Fin Auth
(Metropolitan Hospital)

        

Series 2005A

        

5.75%, 7/01/25

      100           90,784   

Michigan Hosp Fin Auth
(Henry Ford Hlth Sys)

        

Series 2006A

        

5.25%, 11/15/32

      200           174,924   

Wayne County Airport Authority
(Detroit Metro Wayne Cnty Arpt)

        

NPFGC-RE

        

5.00%, 12/01/27

      300           253,335   
             
          519,043   
             

Missouri - 1.0%

        

Missouri Hlth & Ed Fac Auth
(Lutheran Senior Svcs)

        

5.50%, 2/01/42

      100           87,450   
             

New Jersey - 3.9%

        

New Jersey EDA
(Continental Airlines)

        

6.25%, 9/15/29

      100           89,113   

6.40%, 9/15/23

      100           94,617   

New Jersey Hlth Care Fac Fin Auth
(Holy Name Hospital)

        

5.00%, 7/01/25

      100           87,285   

Tobacco Settlement Financing Corp.

        

Series 2007 1A

        

5.00%, 6/01/41

      150           90,067   
             
          361,082   
             

New York - 2.2%

        

Nassau Cnty NY IDA
(Amsterdam at Harborside)

        

Series 2007A

        

6.50%, 1/01/27

      100           96,632   

New York NY IDA
(American Airlines, Inc.)

        

7.75%, 8/01/31

      100           104,150   
             
          200,782   
             

North Carolina - 0.9%

        

North Carolina Med Care Comm
(Pennybyrn at Maryfield)

        

6.00%, 10/01/23

      100           84,947   
             

Ohio - 6.9%

        

Buckeye OH Tob Stlmnt Fin Auth

        

Series 2007A-2

        

5.875%, 6/01/47

      150           98,046   

Butler Cnty OH Hosp Fac
(UC Health)

        

5.50%, 11/01/40

      300           257,214   

County of Erie
(Firelands Regional Med Ctr)

        

5.25%, 8/15/46

      210           163,834   

Lorain Cnty OH Port Auth
(United States Steel Corp.)

        

6.75%, 12/01/40

      120           119,984   
             
            639,078   
             

Pennsylvania - 4.7%

        

Allegheny Cnty PA Hosp Dev Auth
(West Penn Allegheny Hlth Sys)

        

Series 2007A

        

5.375%, 11/15/40

      130           86,696   

Cumberland Cnty PA Mun Auth
(Asbury Atlantic, Inc.)

        

6.125%, 1/01/45

      180           157,383   

Montgomery Cnty PA IDA
(Presbyterian Homes, Inc.)

        

6.50%, 12/01/25

      200           194,426   
             
          438,505   
             

Puerto Rico - 1.9%

        

Puerto Rico Sales Tax Fin Corp.

        

Series 2010C

        

5.00%, 8/01/35

      200           178,494   
             

Rhode Island - 1.0%

        

Tobacco Settlement Financing Corp.
(Rhode Island Tobacco Asset Sec)

        

6.25%, 6/01/42

      100           87,676   
             

South Carolina - 2.2%

        

South Carolina Pub Svc Auth

        

5.00%, 1/01/33

      200           199,200   
             

South Dakota - 0.8%

        

Sioux Falls SD Hlth Fac
(Rummel Memorial Home, Inc.)

        

5.00%, 11/15/26

      100           78,171   
             

Tennessee - 1.8%

        

Johnson City TN Hlth & Ed
(Mountain States Health Alliance/TN)

        

5.50%, 7/01/36

      200           170,662   
             

Texas - 8.4%

        

Brazos River TX Hbr Nav Dist
(Dow Chemical Co.)

        

Series 2008A

        

5.95%, 5/15/33

      200           194,924   

Tarrant Cnty TX Cult Ed Fac Fin Corp.
(Buckingham Senior Living)

        

5.50%, 11/15/22

      200           182,460   

Texas Private Acvty Bond Srfc Transp Corp.
(LBJ Managed Lanes Project)

        

7.00%, 6/30/40

      200           202,176   

Texas Private Acvty Bond Srfc Transp Corp.
(NTE Mobility Partners LLC Project)

        

6.875%, 12/31/39

      200           200,576   
             
          780,136   
             

Utah - 4.2%

        

Timber Lakes UT Wtr Spl Svc Dist

        

8.125%, 6/15/31

      100           97,990   

Utah St Charter Sch Fin Auth
(Early Light Academy)

        

8.50%, 7/15/46

      100           98,020   

Utah St Charter Sch Fin Auth
(Hawthorn Academy)

        

8.25%, 7/15/46

      100           95,282   

Utah St Charter Sch Fin Auth
(North Star Academy)

        

Series 2010A

        

7.00%, 7/15/45

      100           96,111   
             
          387,403   
             

Virginia - 1.8%

        

Tobacco Settlement Financing Corp.

        

Series 2007B1

        

5.00%, 6/01/47

      300           170,514   
             

Washington - 12.5%

        

Washington St

        

5.00%, 7/01/24 (b)

      1,000           1,059,230   

Washington St HFC
(Skyline at First Hill Proj)

        

Series 2007A

        

5.625%, 1/01/27

      140           95,316   
             
          1,154,546   
             

Total Investments - 104.9%
(cost $10,548,684) (c)

           9,722,728   

Other assets less liabilities - (4.9)%

           (453,108 ) 
             

Net Assets - 100.0%

         $ 9,269,620   
             

 

(a) When-Issued or delayed delivery security.
(b) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.
(c) As of January 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $22,877 and gross unrealized depreciation of investments was $(848,833), resulting in net unrealized depreciation of $(825,956).

As of January 31, 2011, the Fund held 6.1% of net assets in insured bonds (of this amount 0.0% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Glossary :

 

AMBAC    -    Ambac Assurance Corporation

CDA    -    Community Development Authority
COP    -    Certificate of Participation
EDA    -    Economic Development Agency
FGIC    -    Financial Guaranty Insurance Company
GO    -    General Obligation
HFC    -    Housing Finance Corporation
IDA    -    Industrial Development Authority/Agency
IDB    -    Industrial Development Board
NPFGC-RE    -    National Public Finance Guarantee Corporation Reinsuring FGIC
SD    -    School District

AllianceBernstein Corporate Shares -Municipal Income Shares Portfolio

January 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1—quoted prices in active markets for identical investments

  •  

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of January 31, 2011:

 

Investments in Securities

    Level 1      Level 2      Level 3      Total  

Assets:

            

Long-Term Municipal Bonds

    $ —         $ 9,722,728       $ —         $ 9,722,728   
                                   

Total Investments in Securities

      —           9,722,728         —           9,722,728   

Other Financial Instruments*

      —           —           —           —     
                                   

Total

    $     —         $     9,722,728       $     —         $     9,722,728   
                                   

 

* Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

ITEM 2. 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-3(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 changes in the registrant’s internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

The following exhibits are attached to this Form N-Q:

 

EXHIBIT NO.

  

DESCRIPTION OF EXHIBIT

3 (a) (1)   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
3 (a) (2)   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

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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 Corporate Shares

 

By:   /s/    Robert M. Keith
  Robert M. Keith
  President
Date:   March 25, 2011

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/    Robert M. Keith
  Robert M. Keith
  President
Date:   March 25, 2011
By:   /s/    Joseph J. Mantineo
  Joseph J. Mantineo
  Treasurer and Chief Financial Officer
Date:   March 25, 2011

 

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