N-Q 1 a142796.txt SCHEDULE OF INVESTMENTS 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: 811-10221 ALLIANCEBERNSTEIN TRUST (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) Mark R. Manley Alliance Capital Management, L.P. 1345 Avenue of the Americas New York, New York 10105 (Name and address of agent for service) Registrant's telephone number, including area code: (800) 221-5672 Date of fiscal year end: November 30, 2005 Date of reporting period: February 28, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. ALLIANCEBERNSTEIN VALUE FUND PORTFOLIO OF INVESTMENTS February 28, 2005 (unaudited) Company Shares U.S. $ Value COMMON STOCKS-97.4% Financial-31.3% Banks - NYC-5.9% Citigroup, Inc. 991,500 $ 47,314,380 J. P. Morgan Chase & Co. 464,600 16,981,130 ---------------- 64,295,510 ---------------- Finance - Personal Loans-0.8% Countrywide Credit Industries, Inc. 249,598 8,673,531 ---------------- Life Insurance-2.3% Genworth Financial, Inc. Cl.A 212,000 5,969,920 Jefferson-Pilot Corp. 28,694 1,404,858 Manulife Financial Corp. (Canada) 46,882 2,175,325 MetLife, Inc. 159,100 6,529,464 Prudential Financial, Inc 123,500 7,039,500 Torchmark Corp. 23,900 1,245,429 ---------------- 24,364,496 ---------------- Major Regional Banks-11.3% Bank of America Corp. 755,800 35,258,070 BB&T Corp. 50,000 1,957,500 Comerica, Inc. 106,700 6,090,436 Huntington Bancshares, Inc. 232,500 5,235,900 KeyCorp. 177,000 5,841,000 Mellon Financial Corp. 217,400 6,235,032 National City Corp. 251,200 8,985,424 PNC Financial Services Group 109,100 5,743,024 SunTrust Banks, Inc. 126,900 9,192,636 U.S. Bancorp 360,500 10,724,875 Wachovia Corp. 374,500 19,852,245 Wells Fargo & Co. 125,800 7,470,004 ---------------- 122,586,146 ---------------- Multi-Line Insurance-1.2% American International Group, Inc. 58,300 3,894,440 The Hartford Financial Services Group, Inc. 121,200 8,720,340 ---------------- 12,614,780 ---------------- Property / Casualty Insurance-3.1% ACE, Ltd. (Cayman Islands) 46,500 2,067,390 Allstate Corp. 198,000 10,628,640 Chubb Corp. 78,900 6,241,779 PartnerRe, Ltd. (Bermuda) 24,500 1,534,925 The St. Paul Companies, Inc. 241,385 9,249,873 XL Capital, Ltd. Cl.A (Cayman Islands) 58,100 4,357,500 ---------------- 34,080,107 ---------------- Savings & Loan-2.8% Astoria Financial Corp. 109,200 4,103,736 Federal Home Loan Mortgage Corp. 179,900 11,153,800 Federal National Mortgage Assn. 62,500 3,653,750 Washington Mutual, Inc. 270,750 11,360,670 ---------------- 30,271,956 ---------------- Miscellaneous-3.9% Goldman Sachs Group, Inc. 99,900 10,869,120 Lehman Brothers Holdings, Inc. 93,300 8,507,094 MBIA, Inc. 45,800 2,683,880 Merrill Lynch & Co., Inc. 144,400 8,458,952 MGIC Investment Corp. 81,200 5,094,488 Morgan Stanley 107,400 6,064,878 ---------------- 41,678,412 ---------------- 338,564,938 ---------------- Energy-12.7% Gas Pipelines-0.2% El Paso Corp. 161,515 1,991,480 ---------------- Oils - Integrated Domestic-3.5% ConocoPhillips 164,320 18,221,445 Marathon Oil Corp. 197,300 9,340,182 Occidental Petroleum Corp. 144,300 10,139,961 ---------------- 37,701,588 ---------------- Oils - Integrated International-9.0% BP Plc (ADR)(United Kingdom) 88,500 5,745,420 ChevronTexaco Corp. 438,820 27,241,945 Exxon Mobil Corp. 1,026,900 65,013,039 ---------------- 98,000,404 ---------------- 137,693,472 ---------------- Capital Equipment-9.6% Aerospace & Defense-1.4% General Dynamics Corp. 28,700 3,023,545 Goodrich Corp. 157,900 5,847,037 The Boeing Co. 113,000 6,211,610 ---------------- 15,082,192 ---------------- Auto & Truck Parts-0.7% Eaton Corp. 102,000 7,114,500 ---------------- Electrical Equipment-6.2% Cooper Industries, Ltd. Cl.A (Bermuda) 67,600 4,689,412 General Electric Co. 1,445,000 50,864,000 Honeywell International, Inc. 217,500 8,258,475 Hubbell, Inc. Cl.B 57,000 3,066,600 ---------------- 66,878,487 ---------------- Miscellaneous Capital Goods-1.3% Textron, Inc. 107,100 8,284,185 Tyco International, Ltd. (Bermuda) 176,500 5,909,220 ---------------- 14,193,405 ---------------- 103,268,584 ---------------- Consumer Staples-9.1% Beverages - Soft, Lite & Hard-0.6% Molson Coors Brewing Co. Cl.B 54,600 3,796,338 PepsiCo, Inc. 52,800 2,843,808 ---------------- 6,640,146 ---------------- Foods-1.3% Bunge, Ltd. (Bermuda) 91,900 5,027,849 Kraft Foods, Inc. Cl.A 94,500 3,161,025 Sara Lee Corp. 286,700 6,422,080 ---------------- 14,610,954 ---------------- Restaurants-1.2% Darden Restaurants, Inc. 36,700 983,560 McDonald's Corp. 356,600 11,796,328 ---------------- 12,779,888 ---------------- Retail - Food-2.0% Albertson's, Inc. 141,300 3,163,707 Safeway, Inc.(a) 340,000 6,256,000 SUPERVALU, Inc. 134,600 4,276,242 The Kroger Co.(a) 421,600 7,584,584 ---------------- 21,280,533 ---------------- Soaps & Household Chemicals-0.5% Unilever NV (Netherlands) 75,700 5,063,573 ---------------- Sugar Refiners-0.2% Archer-Daniels-Midland Co. 95,375 2,298,537 ---------------- Tobacco-3.3% Altria Group, Inc. 424,700 27,881,555 UST, Inc. 149,800 8,186,570 ---------------- 36,068,125 ---------------- 98,741,756 ---------------- Utilities-7.9% Electric Companies-3.8% Alliant Energy Corp. 104,100 2,784,675 American Electric Power Co., Inc. 209,400 6,993,960 Constellation Energy Group, Inc. 62,200 3,201,434 Edison International 32,100 1,042,608 Entergy Corp. 94,600 6,538,752 Exelon Corp. 79,600 3,610,656 FirstEnergy Corp. 185,000 7,629,400 Sempra Energy 175,100 7,004,000 Wisconsin Energy Corp. 10,500 364,560 Xcel Energy, Inc. 88,300 1,564,676 ---------------- 40,734,721 ---------------- Telephone-4.1% BellSouth Corp. 88,500 2,283,300 SBC Communications, Inc. 343,900 8,270,795 Sprint Corp. 511,200 12,105,216 Verizon Communications, Inc. 620,400 22,315,788 ---------------- 44,975,099 ---------------- 85,709,820 ---------------- Consumer Growth-6.9% Advertising-0.5% The Interpublic Group of Cos., Inc.(a) 432,700 5,685,678 ---------------- Drugs-1.0% Bristol-Myers Squibb Co. 113,400 2,838,402 Merck & Co., Inc. 236,300 7,490,710 ---------------- 10,329,112 ---------------- Entertainment-1.7% Time Warner, Inc.(a) 884,500 15,239,935 Viacom, Inc. Cl.B 42,700 1,490,230 Walt Disney Co. 52,000 1,452,880 ---------------- 18,183,045 ---------------- Hospital Management-0.7% HCA, Inc. 162,500 7,671,625 ---------------- Hospital Supplies-1.4% AmerisourceBergen Corp. 55,500 3,324,450 Laboratory Corp. of America Holdings(a) 74,300 3,558,227 Medco Health Solutions, Inc.(a) 176,100 7,822,362 ---------------- 14,705,039 ---------------- Photography-0.5% Eastman Kodak Co. 176,200 5,989,038 ---------------- Radio - TV Broadcasting-1.1% Comcast Corp. Cl.A(a) 357,000 11,620,350 ---------------- 74,183,887 ---------------- Technology-6.3% Communication - Equip. Mfrs.-0.9% ADC Telecommunications, Inc.(a) 918,100 2,111,630 Corning, Inc.(a) 322,400 3,697,928 Tellabs, Inc.(a) 545,700 3,869,013 ---------------- 9,678,571 ---------------- Computer/Instrumentation-0.9% Flextronics International, Ltd. (Singapore)(a) 286,500 3,824,775 Sanmina-SCI Corp.(a) 356,600 1,979,130 Solectron Corp.(a) 857,100 4,242,645 ---------------- 10,046,550 ---------------- Computers-1.8% Hewlett-Packard Co. 747,400 15,545,920 International Business Machines Corp. 38,100 3,527,298 Quantum Corp.(a) 50,400 145,656 ---------------- 19,218,874 ---------------- Computer Services/Software-1.8% Electronic Data Systems Corp. 313,200 6,671,160 Microsoft Corp. 502,700 12,657,986 ---------------- 19,329,146 ---------------- Miscellaneous Industrial Technology-0.5% Ingram Micro, Inc. Cl.A(a) 164,000 2,938,880 Tech Data Corp.(a) 62,600 2,565,974 ---------------- 5,504,854 ---------------- Semiconductors-0.4% Agere Systems, Inc. Cl.A(a) 859,000 1,408,760 Vishay Intertechnology, Inc.(a) 208,800 2,724,840 ---------------- 4,133,600 ---------------- 67,911,595 ---------------- Consumer Cyclicals-5.9% Apparel Manufacturing-0.8% Jones Apparel Group, Inc. 175,300 5,569,281 V.F. Corp. 51,600 3,083,616 ---------------- 8,652,897 ---------------- Autos & Auto Parts-1.7% American Axle & Manufacturing Holdings, Inc. 72,200 1,907,524 Autoliv, Inc. 47,800 2,387,132 BorgWarner, Inc. 60,400 3,186,100 Dana Corp. 183,200 2,641,744 Lear Corp. 68,200 3,556,630 Magna International, Inc. Cl.A (Canada) 66,000 4,880,700 ---------------- 18,559,830 ---------------- Retailers-2.4% Federated Department Stores, Inc. 117,500 6,632,875 Limited Brands 289,200 6,877,176 Nordstrom, Inc. 42,250 2,271,360 Office Depot, Inc.(a) 275,200 5,297,600 Target Corp. 98,000 4,980,360 ---------------- 26,059,371 ---------------- Tires & Rubber Goods-0.1% Cooper Tire & Rubber Co. 62,700 1,213,245 ---------------- Toys-0.3% Mattel, Inc. 144,500 3,022,940 ---------------- Miscellaneous Consumer Cyclicals-0.6% Newell Rubbermaid, Inc. 262,100 5,842,209 ---------------- 63,350,492 ---------------- Industrial Commodities-5.0% Chemicals-1.8% Dow Chemical Co. 23,400 1,290,510 Du Pont E. I. de Nemours & Co. 100,200 5,340,660 Eastman Chemical Co. 105,300 6,080,022 PPG Industries, Inc. 87,000 6,259,650 ---------------- 18,970,842 ---------------- Containers-0.0% Owens-Illinois, Inc.(a) 19,300 480,377 ---------------- Paper-2.3% Georgia-Pacific Corp. 190,300 6,814,643 International Paper Co. 211,800 7,910,730 Smurfit-Stone Container Corp.(a) 293,700 4,884,231 Temple-Inland, Inc. 58,300 4,675,660 ---------------- 24,285,264 ---------------- Steel-0.9% United States Steel Corp. 162,900 10,158,444 ---------------- 53,894,927 ---------------- Services-1.8% Railroads-1.8% Burlington Northern Santa Fe Corp. 152,425 7,662,405 CSX Corp. 127,000 5,246,370 Norfolk Southern Corp. 185,000 6,639,650 ---------------- 19,548,425 ---------------- Non-Financial-0.9% Building Materials - Cement-0.9% Martin Marietta Materials, Inc. 64,175 3,701,614 Vulcan Materials Co. 97,100 5,618,206 ---------------- 9,319,820 ---------------- Total Common Stocks (cost $852,980,217) 1,052,187,716 ---------------- Principal Amount (000) U.S. $ Value SHORT-TERM INVESTMENT-3.5% Time Deposit-3.5% State Street Euro Dollar 1.85%, 3/01/05 (cost $37,458,000) $ 37,458 $ 37,458,000 Total Investments-100.9% (cost $890,438,217) $ 1,089,645,716 Other assets less liabilities-(0.9%) (9,410,887) ---------------- Net Assets-100% $ 1,080,234,829 ---------------- (a) Non-income producing security. Glossary: ADR-American Depositary Receipt. Please Note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND PORTFOLIO OF INVESTMENTS February 28, 2005 (unaudited) Company Shares U.S. $ Value COMMON STOCKS-96.0% Belgium - 2.1% Delhaize Group 547,200 $ 43,098,479 -------------- Brazil - 2.2% Petroleo Brasileiro, SA (ADR) 789,400 33,549,500 Votorantim Celulose e Papel, SA (ADR) 699,000 10,345,200 -------------- 43,894,700 -------------- Canada - 6.2% Alcan, Inc. 932,600 37,238,973 Bank of Nova Scotia 1,074,345 34,841,738 Magna International, Inc. Cl.A 132,242 9,772,871 Manulife Financial Corp. 870,200 40,165,791 Novelis, Inc.(a) 150,520 3,539,063 -------------- 125,558,436 -------------- China - 1.0% China Petroleum & Chemical Corp. 45,616,000 20,741,592 -------------- France - 13.8% Arcelor 2,313,320 57,341,674 Assurances Generales de France 700,530 53,820,260 BNP Paribas, SA 231,500 16,784,398 Credit Agricole, SA 758,000 22,451,266 Renault, SA 511,500 46,287,600 Sanofi-Synthelabo, SA 676,882 53,968,542 Societe Generale 286,775 30,244,691 -------------- 280,898,431 -------------- Germany - 7.9% Continental AG 687,300 51,023,199 Depfa Bank Plc 1,170,000 19,235,270 Heidelberger Zement AG 341,332 22,535,474 MAN AG 513,800 23,869,922 Muenchener Rueckversicherungs-Gesellschaft AG 356,300 44,156,201 -------------- 160,820,066 -------------- Hungary - 0.9% MOL Magyar Olaj-es Gazipari Rt. 200,900 17,635,484 -------------- Israel - 0.9% Bank Hapoalim, Ltd. 5,331,378 19,353,181 -------------- Italy - 1.8% ENI SpA 1,409,900 36,832,760 -------------- Japan - 15.8% Aiful Corp. 334,300 38,383,273 Canon, Inc. 1,019,000 53,891,398 Honda Motor Co., Ltd. 860,900 46,202,056 JFE Holdings, Inc. 973,000 29,952,851 Nissan Motor Co., Ltd. 2,988,800 32,109,022 Promise Co., Ltd. 648,900 45,208,131 Sumitomo Mitsui Financial Group, Inc. 7,790 54,019,117 UFJ Holdings, Inc.(a) 3,790 20,927,504 -------------- 320,693,352 -------------- Netherlands - 2.9% ING Groep NV 1,932,402 59,347,817 -------------- Singapore - 3.3% Flextronics International, Ltd.(a) 1,934,900 25,830,915 Singapore Telecommunications, Ltd. 25,337,790 40,933,326 -------------- 66,764,241 -------------- South Korea - 6.6% Hyundai Motor Co. 343,000 19,662,250 Kookmin Bank(a) 570,000 26,240,734 POSCO 193,400 42,252,099 Samsung Electronics Co., Ltd. 38,600 20,075,007 Shinhan Financial Group Co., Ltd. 879,700 26,027,440 -------------- 134,257,530 -------------- Spain - 4.3% Endesa, SA 1,767,500 39,948,902 Repsol YPF, SA 1,714,200 46,699,760 -------------- 86,648,662 -------------- Sweden - 1.3% Svenska Cellulosa AB Series B 688,800 26,934,225 -------------- Switzerland - 1.9% Credit Suisse Group 910,000 39,622,855 -------------- Taiwan - 3.2% Compal Electronics, Inc.(b) 6,357,040 31,467,348 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 3,648,126 33,270,909 -------------- 64,738,257 -------------- Thailand - 0.6% PTT Public Co., Ltd. 2,220,500 12,542,573 -------------- United Kingdom - 19.3% Aviva Plc 2,833,449 35,218,764 BP Plc 5,206,000 56,234,548 George Wimpey Plc 1,610,000 14,512,990 GlaxoSmithKline Plc 786,700 18,795,557 HBOS Plc 2,486,090 39,525,401 InterContinental Hotels Group Plc 1,251,664 16,009,133 Persimmon Plc 627,998 9,376,078 RMC Group Plc 1,795,100 29,484,094 Royal Bank of Scotland Group Plc 1,420,000 48,603,003 Tate & Lyle Plc 575,300 5,757,251 Taylor Woodrow Plc 2,995,000 17,247,454 Vodafone Group Plc 16,167,746 42,263,355 Whitbread Plc 1,658,450 28,756,237 Xstrata Plc 1,490,000 31,332,058 -------------- 393,115,923 -------------- Total Common Stocks (cost $1,436,223,544) 1,953,498,564 -------------- Principal Amount (000) U.S. $ Value SHORT-TERM INVESTMENT-3.3% Time Deposit - 3.3% State Street Euro Dollar 1.85%, 3/01/05 (cost $66,257,000) $ 66,257 $ 66,257,000 Total Investments - 99.3% (cost $1,502,480,544) $2,019,755,564 Other assets less liabilities - 0.7% (c) 14,839,367 -------------- Net Assets - 100% $2,034,594,931 -------------- FINANCIAL FUTURES CONTRACTS PURCHASED
Value at Number of Expiration Original February 28, Unrealized Type Contracts Month Value 2005 Appreciation -------------------------------------------------------------------------------------------- EURO STOXX 50 1,100 March 2005 $42,859,538 $ 44,381,562 $ 1,522,024
(a) Non-income producing security. (b) 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 February 28, 2005, the market value of these securities amounted to $31,467,348 or 1.55% of net assets. (c) An amount of U.S. $3,204,445 has been segregated as collateral for the financial futures contracts outstanding at February 28, 2005. Glossary: ADR - American Depositary Receipt AllianceBernstein International Value Fund PORTFOLIO SUMMARY February 28, 2005 PORTFOLIO STATISTICS Net Assets ($mil): $2,034.6 SECTOR BREAKDOWN* 35.4% Finance 11.8% Industrial Commodities 11.3% Capital Equipment 11.1% Energy 8.2% Technology/Electronics 4.6% Construction & Housing 4.1% Telecommunications 3.6% Medical 2.4% Consumer Staples 2.2% Consumer Cyclical 2.0% Utilities 3.3% Short Term *All data as of February 28, 2005. The Fund's sector breakdown is expressed as a percentage of total investments and may vary over time. Please Note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS February 28, 2005 (unaudited) Company Shares U.S. $ Value COMMON STOCKS-96.6% Financial-20.4% Major Regional Banks-5.5% Banknorth Group, Inc. 240,800 $ 8,690,472 Central Pacific Financial Corp. 424,175 15,185,465 Hibernia Corp. Cl.A 364,800 9,364,416 Popular, Inc. 265,000 7,019,850 UnionBanCal Corp. 171,000 10,584,900 Whitney Holding Corp. 222,800 9,870,040 -------------- 60,715,143 -------------- Multi-Line Insurance-3.0% PacifiCare Health Systems, Inc.(a) 265,300 16,841,244 StanCorp Financial Group, Inc. 188,300 16,399,047 -------------- 33,240,291 -------------- Property - Casualty Insurance-4.3% Fidelity National Financial, Inc. 90,800 4,016,992 Old Republic International Corp. 580,300 13,921,397 PartnerRe, Ltd. 76,586 4,798,113 Platinum Underwriters Holdings, Ltd. (Bermuda) 198,225 6,144,975 Radian Group, Inc. 374,300 18,089,919 -------------- 46,971,396 -------------- Real Estate Investment Trust-0.3% Felcor Lodging Trust, Inc.(a) 222,100 2,785,134 -------------- Savings & Loan-5.4% Astoria Financial Corp. 310,700 11,676,106 Commercial Federal Corp. 361,000 9,866,130 MAF Bancorp, Inc. 442,513 19,289,142 Sovereign Bancorp, Inc. 522,500 11,986,150 Washington Federal, Inc. 296,500 7,041,863 -------------- 59,859,391 -------------- Miscellaneous Financial-1.9% A.G. Edwards, Inc. 487,100 20,998,881 -------------- 224,570,236 -------------- Consumer Cyclicals-20.0% Apparel Manufacturing-6.0% Jones Apparel Group, Inc. 557,400 17,708,598 Liz Claiborne, Inc. 407,100 17,220,330 Reebok International, Ltd. 366,000 16,162,560 V.F. Corp. 246,000 14,700,960 -------------- 65,792,448 -------------- Autos & Auto Parts-2.7% American Axle & Manufacturing Holdings, Inc. 308,700 8,155,854 Dana Corp. 783,000 11,290,860 Group 1 Automotive, Inc.(a) 373,200 10,318,980 -------------- 29,765,694 -------------- Retailers-11.3% AutoNation, Inc.(a) 860,922 16,813,807 BJ's Wholesale Club, Inc.(a) 571,665 17,475,799 Borders Group, Inc. 698,300 17,967,259 Brunswick Corp. 51,500 2,401,960 Federated Department Stores, Inc. 105,400 5,949,830 Foot Locker, Inc. 118,400 3,232,320 Office Depot, Inc.(a) 929,600 17,894,800 Payless ShoeSource, Inc.(a) 1,331,300 15,602,836 RadioShack Corp. 330,100 9,757,756 The Neiman Marcus Group, Inc. Cl.A 251,700 18,172,740 -------------- 125,269,107 -------------- 220,827,249 -------------- Capital Equipment-11.8% Auto & Truck Parts-4.3% ArvinMeritor, Inc. 856,400 14,438,904 BorgWarner, Inc. 246,760 13,016,590 Modine Manufacturing Co.(a) 230,900 7,515,795 PACCAR, Inc. 167,600 12,613,576 -------------- 47,584,865 -------------- Electrical Equipment-2.3% Anixter International, Inc. 227,000 8,521,580 Cooper Industries, Ltd. Cl.A 239,400 16,607,178 -------------- 25,128,758 -------------- Machinery-2.8% Lincoln Electric Holdings, Inc. 171,500 5,419,400 Moog, Inc. Cl.A(a) 399,100 17,799,860 Terex Corp.(a) 171,200 7,738,240 -------------- 30,957,500 -------------- Miscellaneous Capital Goods-2.4% Parker-Hannifin Corp. 138,700 9,126,460 Textron, Inc. 222,850 17,237,447 -------------- 26,363,907 -------------- 130,035,030 -------------- Industrial Commodities-11.0% Chemicals-3.8% Albemarle Corp. 401,700 15,264,600 Crompton Corp. 591,900 8,109,030 Cytec Industries, Inc. 374,600 18,928,538 -------------- 42,302,168 -------------- Containers - Metal/Glass/Paper-0.8% Ball Corp. 189,800 8,427,120 -------------- Miscellaneous Metals-2.7% Reliance Steel & Aluminum Co. 368,000 16,817,600 Silgan Holdings, Inc. 187,979 12,496,844 -------------- 29,314,444 -------------- Paper-0.6% Meadwestvaco Corp. 208,800 6,547,968 -------------- Steel-1.8% United States Steel Corp. 322,700 20,123,572 -------------- Miscellaneous Industrial Commodities-1.3% United Stationers, Inc.(a) 324,766 14,283,208 -------------- 120,998,480 -------------- Consumer Staples-6.6% Beverages - Soft, Lite & Hard-2.2% Constellation Brands, Inc. Cl.A(a) 442,100 23,665,613 -------------- Foods-3.9% Corn Products International, Inc. 309,200 8,648,324 Del Monte Foods Co.(a) 1,436,500 15,212,535 Universal Corp. 389,700 19,562,940 -------------- 43,423,799 -------------- Retail - Food-0.5% SUPERVALU, Inc. 180,500 5,734,485 -------------- 72,823,897 -------------- Non-Financial-6.3% Building Material - Heat/Plumbing/Air-1.3% Hughes Supply, Inc. 476,400 14,601,660 -------------- Home Building-2.4% Pulte Corp. 334,400 26,089,888 -------------- Miscellaneous Building-2.6% Beazer Homes USA, Inc. 117,700 20,234,984 Harsco Corp. 144,900 8,463,609 -------------- 28,698,593 -------------- 69,390,141 -------------- Technology-5.7% Communication - Equip. Mfrs.-2.8% ADC Telecommunications, Inc.(a) 3,801,300 8,742,990 Andrew Corp.(a) 976,200 11,812,020 Nortel Networks Corp. (Canada)(a) 1,396,700 3,743,156 Tellabs, Inc.(a) 969,000 6,870,210 -------------- 31,168,376 -------------- Computer/Instrumentation-0.3% Solectron Corp.(a) 776,000 3,841,200 -------------- Computers-0.5% Western Digital Corp.(a) 506,100 5,698,686 -------------- Miscellaneous Industrial Technology-1.0% Arrow Electronics, Inc.(a) 114,900 3,090,810 Avnet, Inc.(a) 161,500 3,133,100 Tech Data Corp.(a) 114,000 4,672,860 -------------- 10,896,770 -------------- Semiconductors-1.1% Vishay Intertechnology, Inc.(a) 898,000 11,718,900 -------------- 63,323,932 -------------- Consumer Growth-5.6% Hospital Management-0.8% Universal Health Services, Inc. Cl.B 190,000 8,968,000 -------------- Hospital Supplies-1.7% Owens & Minor, Inc. 682,900 19,059,739 -------------- Photography-1.3% IKON Office Solutions, Inc. 1,321,500 13,941,825 -------------- Publishing-0.3% Reader's Digest Association, Inc. Cl.A 212,700 3,679,710 -------------- Miscellaneous Consumer Growth-1.5% URS Corp.(a) 579,500 16,712,780 -------------- 62,362,054 -------------- Utilities-4.1% Electric Companies-4.1% Constellation Energy Group, Inc. 207,525 10,681,312 Northeast Utilities 518,400 9,678,528 PNM Resources, Inc. 437,300 11,474,752 Puget Energy, Inc. 368,600 8,448,312 WPS Resources Corp. 98,600 5,139,032 -------------- 45,421,936 -------------- Services-3.0% Miscellaneous Industrial Transportation-1.1% SEACOR SMIT, Inc.(a) 190,000 11,960,500 -------------- Truckers-1.9% USF Corp. 432,400 20,668,720 -------------- 32,629,220 -------------- Energy-2.1% Oils - Integrated Domestic-0.9% Amerada Hess Corp. 103,500 10,391,400 -------------- Oils - Integrated International-1.2% Pogo Producing Co. 268,500 13,051,785 -------------- 23,443,185 -------------- Total Common Stocks (cost $835,528,622) 1,065,825,360 -------------- Principal Amount (000) U.S. $ Value SHORT-TERM INVESTMENT-3.3% Time Deposit-3.3% State Street Euro Dollar 1.85%, 3/01/05 (cost $35,718,000) $ 35,718 $ 35,718,000 Total Investments-99.9% (cost $871,246,622) $1,101,543,360 Other assets less liabilities-0.1% 1,509,116 -------------- Net Assets-100% $1,103,052,476 -------------- (a) Non-income producing security. Please Note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. ALLIANCEBERNSTEIN GLOBAL VALUE FUND PORTFOLIO OF INVESTMENTS February 28, 2005 (unaudited) Company Shares U.S. $ Value COMMON STOCKS-98.6% Foreign Investments - 57.6% Austria - 0.9% OMV AG 5,200 $ 1,801,429 ------------ Belgium - 1.5% Belgacom(a) 12,400 520,715 Delhaize Le Lion, SA 14,100 1,110,542 KBC Bankverzekeringsholding 15,000 1,258,653 ------------ 2,889,910 ------------ Brazil - 1.8% Companhia de Saneamento Basico do Estado de Soa Paulo 4,590,000 278,271 Gerdau, SA (ADR) 32,800 647,472 Petroleo Brasileiro, SA (ADR) 25,200 1,071,000 Suzano Bahia Sul Papel e Celulose, SA 50,000 251,014 Unibanco - Uniao de Bancos Brasileiros, SA (GDR) 19,500 735,150 Usinas Siderurgicas de Minas Gerais, SA 12,500 332,593 Votorantim Celulose e Papel, SA (ADR) 16,000 236,800 ------------ 3,552,300 ------------ Canada - 5.5% Alcan, Inc. 84,900 3,390,080 Bank of Nova Scotia 55,464 1,798,735 BCE, Inc. 98 2,285 Husky Energy, Inc. 20,000 580,834 Manulife Financial Corp. 34,300 1,583,184 Manulife Financial Corp.(b) 3,555 164,952 Nexen, Inc. 32,100 1,622,437 Novelis, Inc.(a) 9,640 226,658 Petro-Canada 25,800 1,428,894 ------------ 10,798,059 ------------ China - 0.2% China Petroleum & Chemical Corp. Cl.H 836,000 380,129 ------------ France - 5.3% Arcelor 122,720 3,041,935 Assurances Generales de France 26,625 2,045,543 Renault, SA 30,600 2,769,112 Sanofi-Synthelabo, SA 33,161 2,643,963 ------------ 10,500,553 ------------ Germany - 4.8% Continental AG 47,700 3,541,112 Depfa Bank Plc 110,000 1,808,444 Heidelberger Zement AG 33,586 2,217,420 MAN AG 40,000 1,858,305 ------------ 9,425,281 ------------ Hungary - 0.8% MOL Magyar Olaj-es Gazipari Rt. 17,500 1,536,192 ------------ Indonesia - 0.3% PT Astra International Tbk 457,500 532,544 ------------ Israel - 0.7% Bank Hapoalim, Ltd. 204,400 741,982 Bank Leumi Le-Israel 217,500 641,366 ------------ 1,383,348 ------------ Italy - 1.3% ENI SpA 98,950 2,585,007 ------------ Japan - 11.6% Aiful Corp. 21,600 2,480,044 Canon, Inc. 48,600 2,570,287 Hitachi, Ltd. 75,000 474,686 Honda Motor Co., Ltd. 50,900 2,731,658 JFE Holdings, Inc. 67,100 2,065,608 Nippon Meat Packers, Inc. 76,000 1,051,134 Nissan Motor Co., Ltd. 238,900 2,566,530 Promise Co., Ltd. 45,900 3,197,801 Sumitomo Mitsui Financial Group, Inc. 573 3,973,422 UFJ Holdings, Inc.(a) 316 1,744,879 ------------ 22,856,049 ------------ Netherlands - 1.6% ING Groep NV 87,600 2,690,366 Koninklijke (Royal) Philips Electronics NV 20,000 554,154 ------------ 3,244,520 ------------ Norway - 0.3% Yara International ASA(a) 35,300 510,164 ------------ Singapore - 2.2% Flextronics International, Ltd.(a) 133,500 1,782,225 Singapore Telecommunications, Ltd. 1,626,290 2,627,280 ------------ 4,409,505 ------------ South Africa - 1.4% ABSA Group, Ltd. 87,500 1,193,297 Sanlam, Ltd. 324,500 741,573 Telkom South Africa, Ltd. 45,200 878,095 ------------ 2,812,965 ------------ South Korea - 2.2% Hanwha Chemical Corp. 35,200 468,218 Hyundai Motor Co. 11,400 653,498 Industrial Bank of Korea 31,400 272,988 INI Steel Co. 34,100 676,367 Kookmin Bank(a) 7,000 322,255 Nong Shim Co., Ltd. 1,100 310,622 POSCO 3,900 852,033 Shinhan Financial Group Co., Ltd. 25,100 742,627 ------------ 4,298,608 ------------ Spain - 2.6% Endesa, S.A. 113,000 2,554,017 Repsol YPF, SA 96,400 2,626,215 ------------ 5,180,232 ------------ Sweden - 0.9% Svenska Cellulosa AB 46,100 1,802,654 ------------ Switzerland - 1.3% Credit Suisse Group 54,000 2,351,246 Micronas Semiconductor Holding AG(a) 2,700 121,862 ------------ 2,473,108 ------------ Taiwan - 1.4% China Steel Corp. (GDR) 22,770 553,994 CMC Magnetics Corp. 731,000 342,829 Compal Electronics, Inc. 255,000 246,493 Compal Electronics, Inc. (GDR)(a) 144,453 715,042 Far EasTone Telecommunications Co., Ltd. (GDR) 15,379 269,132 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 59,325 541,044 ------------ 2,668,534 ------------ Thailand - 0.3% PTT Public Co., Ltd. 88,500 499,895 ------------ Turkey - 0.3% Ford Otomotiv Sanayi A.S. 60,286 535,545 ------------ United Kingdom - 8.4% Aviva Plc 220,391 2,739,382 BP Plc 359,000 3,877,872 George Wimpey Plc 60,000 540,857 GlaxoSmithKline Plc 36,700 876,823 InterContinental Hotels Group Plc 89,285 1,141,980 Royal & Sun Alliance Insurance Group Plc 351,600 567,688 Taylor Woodrow Plc 100,000 575,875 Vodafone Group Plc 875,000 2,287,297 Whitbread Plc 101,500 1,759,932 Xstrata Plc 98,140 2,063,710 ------------ 16,431,416 ------------ Total Foreign Investments (cost $81,542,089) 113,107,947 ------------ United States Investments - 41.0% Financial - 14.6% Banks - NYC - 3.4% Citigroup, Inc. 81,300 3,879,636 J.P. Morgan Chase & Co. 77,800 2,843,590 ------------ 6,723,226 ------------ Financial Services - 1.2% Lehman Brothers Holdings, Inc. 10,500 957,390 Morgan Stanley 7,500 423,525 The Goldman Sachs Group, Inc. 8,000 870,400 ------------ 2,251,315 ------------ Insurance - 1.6% The Hartford Financial Services Group, Inc. 43,900 3,158,605 ------------ Life Insurance - 1.0% MetLife, Inc. 49,100 2,015,064 ------------ Major Regional Banks - 2.8% Bank of America Corp. 80,810 3,769,786 National City Corp. 22,750 813,768 Wachovia Corp. 17,500 927,675 ------------ 5,511,229 ------------ Property / Casualty Insurance - 2.6% Chubb Corp. 20,400 1,613,844 PartnerRe, Ltd. 15,200 952,280 The St. Paul Travelers Cos., Inc. 34,730 1,330,854 XL Capital, Ltd. Cl.A 16,000 1,200,000 ------------ 5,096,978 ------------ Savings & Loan - 2.0% Federal Home Loan Mortgage Corp. 27,400 1,698,800 Federal National Mortgage Association 36,500 2,133,790 ------------ 3,832,590 ------------ 28,589,007 ------------ Consumer Cyclicals - 5.4% Autos & Auto Parts - 0.3% Lear Corp. 9,700 505,855 ------------ Broadcasting & Publishing - 3.3% Comcast Corp. Cl.A Special(a) 103,000 3,281,580 Time Warner, Inc.(a) 183,600 3,163,428 ------------ 6,445,008 ------------ Business & Public Services - 0.1% The Interpublic Group of Cos., Inc.(a) 12,025 158,008 ------------ Leisure & Tourism - 0.6% McDonald's Corp. 37,900 1,253,732 ------------ Retailers - 0.6% Office Depot, Inc.(a) 42,000 808,500 Target Corp. 9,000 457,380 ------------ 1,265,880 ------------ Textiles & Apparel - 0.5% V.F. Corp. 15,000 896,400 ------------ 10,524,883 ------------ Consumer Staples - 4.3% Beverages & Tobacco - 2.0% Altria Group, Inc. 50,250 3,298,912 PepsiCo, Inc. 14,000 754,040 ------------ 4,052,952 ------------ Retail Stores - Food - 2.3% Safeway, Inc.(a) 126,700 2,331,280 SUPERVALU, Inc. 20,000 635,400 The Kroger Co.(a) 82,900 1,491,371 ------------ 4,458,051 ------------ 8,511,003 ------------ Capital Equipment - 4.1% Aerospace & Defense - 0.9% The Boeing Co. 31,200 1,715,064 ------------ Electrical Equipment - 1.6% General Electric Co. 92,600 3,259,520 ------------ Miscellaneous Capital Goods - 1.6% Textron, Inc. 40,500 3,132,675 ------------ 8,107,259 ------------ Energy - 3.9% Energy Sources - 1.5% Occidental Petroleum Corp. 42,900 3,014,583 ------------ Oils - Integrated Domestic - 2.4% ChevronTexaco Corp. 13,000 807,040 ConocoPhillips 35,375 3,922,734 ------------ 4,729,774 ------------ 7,744,357 ------------ Technology - 3.8% Communication - Equipment Manufacturers - 0.3% Tellabs, Inc.(a) 79,100 560,819 ------------ Computers - 1.8% Hewlett-Packard Co. 170,600 3,548,480 ------------ Data Processing - 0.2% Sanmina-SCI Corp.(a) 70,000 388,500 ------------ Miscellaneous Technology - 1.5% Arrow Electronics, Inc.(a) 15,000 403,500 Avnet, Inc.(a) 11,125 215,825 Ingram Micro, Inc. Cl.A(a) 15,525 278,208 Microsoft Corp. 56,300 1,417,634 Solectron Corp.(a) 148,830 736,708 ------------ 3,051,875 ------------ 7,549,674 ------------ Utilities - 1.8% Electric Companies - 1.8% American Electric Power Co., Inc. 28,550 953,570 Entergy Corp. 25,800 1,783,296 Sempra Energy 18,000 720,000 ------------ 3,456,866 ------------ Industrial Commodities - 1.5% Paper - 1.5% International Paper Co. 21,700 810,495 MeadWestvaco Corp. 25,649 804,353 Smurfit-Stone Container Corp.(a) 77,400 1,287,162 ------------ 2,902,010 ------------ Medical - 1.4% Health & Personal Care - 1.4% HCA, Inc. 25,700 1,213,297 Medco Health Solutions, Inc.(a) 36,800 1,634,656 ------------ 2,847,953 ------------ Transportation - 0.2% Railroads - 0.2% CSX Corp. 10,000 413,100 ------------ Total United States Investments (cost $71,263,673) 80,646,112 ------------ Total Common Stocks (cost $152,805,762) 193,754,059 ------------ Principal Amount (000) U.S. $ Value SHORT-TERM INVESTMENT-0.4% Time Deposit - 0.4% State Street Euro Dollar 1.85%, 3/01/05 (cost $664,000) $ 664 $ 664,000 Total Investments - 99.0% (cost $153,469,762) $194,418,059 Other assets less liabilities - 1.0% (c) 2,011,849 ------------ Net Assets - 100% $196,429,908 ------------ FINANCIAL FUTURES CONTRACTS PURCHASED
Value at Number of Expiration Original February 28 Unrealized Type Contracts Month Value 2005 Appreciation ----------------------------------------------------------------------------------------- U.S. Dollar S&P 500 Index 10 March 2005 $2,966,246 $ 3,010,250 $ 44,004
(a) Non-income producing security. (b) U.S. exchange listed. (c) An amount of U.S. $157,500 has been segregated as collateral for the financial futures contracts outstanding at February 28, 2005. Glossary of Terms: ADR - American Depositary Receipt GDR - Global Depositary Receipt SECTOR BREAKDOWN 32.1% Financial 13.3% Energy 12.0% Capital Equipment 10.3% Industrial Commodities 7.7% Technology 6.9% Consumer Cyclicals 5.6% Consumer Staples 3.4% Telecommunications 3.3% Medical 3.2% Utilities 1.7% Construction & Housing 0.2% Transportation 0.3% Short Term All data as of February 28, 2005. The Fund's sector breakdown is expressed as a percentage of total investments and may vary over time. Please Note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. 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 significant changes in the registrant's internal control over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 3. EXHIBITS. The following exhibits are attached to this Form N-Q: EXHIBIT NO. DESCRIPTION OF EXHIBIT ----------- ---------------------- 11(a)(1) Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 11(a)(2) Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): AllianceBernstein Trust By: /s/ Marc O, Mayer ----------------- Marc O. Mayer President Date: April 29, 2005 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/ Marc O, Mayer ----------------- Marc O. Mayer President Date: April 29, 2005 By: /s/ Mark D. Gersten ------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: April 29, 2005