EX-99.77D POLICIES 3 policychanges.txt POLICY CHANGES ALLIANCEBERNSTEIN BOND FUND, INC. INTERMEDIATE BOND PORTFOLIO FORMER POLICIES CURRENT POLICIES Investment Objective: Fundamental: Non-Fundamental: The Portfolios investment objective The Funds investment objective is high current income consistent is to generate income and with preservation of capital by price appreciation without investing in investment grade assuming what Alliance fixed-income securities. considers undue risk. Fundamental Investment Policies: The Portfolio may not issue any The Portfolio may not issue any senior securities as defined in the senior security (as that term is 1940 Act (except to the extent that defined in the 1940 Act) or borrow when-issued securities transactions, money, except to the extent forward commitments or stand-by permitted by the 1940 Act or the commitments may be considered senior rules and regulations thereunder securities). (as such statute, rules or regulations may be amended from time to time) or by guidance regarding, or interpretations of, or exemptive orders under, the 1940 Act or the rules or regulations thereunder published by appropriate regulatory authorities. For the purposes of this restriction, margin and collateral arrangements, including, for example, with respect to permitted borrowings, options, futures contracts, options on futures contracts and other derivatives such as swaps are not deemed to involve the issuance of a senior security. The Portfolio may not Fundamental policy eliminated. effect a short sale of any security except when it has, by Related non-fundamental policy: reason of ownership of other The Portfolio may not effect securities, the right to obtain a short sale of any security securities of equivalent kind except when it has, by reason and amount that will be held so of ownership of other securities, long as it is in a short position. the right to obtain securities of equivalent kind and amount that will be held so long as it is in a short position. The Portfolio may not underwrite The Portfolio may not act as an securities issued by other persons underwriter of securities, except except to the extent that, in that the Portfolio may acquire connection with the disposition of restricted securities under its portfolio investments, it may circumstances in which, if such be deemed to be an underwriter under securities were sold, the certain federal securities laws. Portfolio might be deemed to be an underwriter for purposes of the Securities Act of 1933, as amended. The Portfolio may not purchase real The Portfolio may not purchase or estate or mortgages; however, the sell real estate except that it Portfolio may, as appropriate and may dispose of real estate acquired consistent with its investment as a result of the ownership of policies and other investment securities or other instruments. restrictions, buy securities of This restriction does not prohibit issuers which engage in real estate the Portfolio from investing in operations and securities which are securities or other instruments secured by interests in real estate backed by real estate or in (including partnership interests securities of companies engaged and shares of real estate investment in the real estate business. trusts), and may hold and sell real estate acquired as a result of ownership of such securities. The Portfolio may not purchase or The Portfolio may not purchase or sell commodities or commodity sell commodities regulated by the contracts, except that the Portfolio Commodity Futures Trading may purchase and sell futures Commission under the Commodity contracts and options on futures Exchange Act or commodities contracts (including foreign currency contracts except for futures futures contracts and options thereon, contracts and options on futures forward currency exchange contracts contracts. and interest rate futures contracts and options), forward commitments and similar contracts The Portfolio may notborrow money, Policy eliminated. except that this restriction shall not apply to borrowing from banks for temporary purposes, to the pledging of assets to banks in order to transfer funds for various purposes as required without interfering with the orderly liquidation of securities in the Portfolio (but not for leveraging purposes), to margin payments or pledges in connection with options, futures contracts, options on futures contracts, forward currency exchange contracts or options on foreign currencies, or, transactions in interest rate swaps, caps and floors The Portfolio may not purchase any Fundamental policy eliminated. security on margin. Related non-fundamental policy: The Portfolio may not purchase securities on margin, except (i) as otherwise provided under rules adopted by the SEC under the 1940 Act or by guidance regarding the 1940 Act, or interpretations thereof, and (ii) that the Portfolio may obtain such short- term credits as are necessary for the clearance of portfolio transactions, and the Portfolio may make margin payments in connection with futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments. The Portfolio may not make loans The Portfolio may not make loans (including lending cash or except through (i) the purchase of securities), except that the debt obligations in accordance with Portfolio may make loans of its investment objectives and portfolio securities not exceeding policies; (ii) the lending of 50% of the value of the Portfolio's portfolio securities; (iii) the use total assets. This restriction does of repurchase agreements; or (iv) not prevent the Portfolio from the making of loans to affiliated purchasing debt obligations in which funds as permitted under the the Portfolio may invest consistent 1940 Act, the rules and regulations with its investment policies, or thereunder (as such statutes, rule from buying government obligations, or regulations may be amended from short-term commercial paper, or time to time), or by guidance publicly-traded debt, including regarding, and interpretations of, bonds, notes, debentures, or exemptive orders under, the certificates of deposit and equipment 1940 Act. trust certificates, nor does this restriction apply to loans made under insurance policies or through entry into repurchase agreements to the extent they may be viewed as loans. The Portfolio will not make an The Portfolio may not concentrate investment in an industry if that investments in an industry, as investment would make the concentration may be defined under Portfolio's holdings in that the 1940 Act or the rules and industry exceed 25% of the regulations thereunder (as such Portfolio's assets. The U.S. statute, rules or regulations may Government, its agencies and be amended from time to time) or instrumentalities are not considered by guidance regarding, members of any industry. interpretations of, or exemptive orders under, the 1940 Act or the rules or regulations thereunder published by appropriate regulatory authorities. The Portfolio intends to be The Portfolio is diversified. diversified, as that term is defined under the 1940 Act. In general, this means that the Portfolio will not make an investment unless, when considering all its other investments, 75% of the value of the Portfolio's assets would consist of cash, cash items, U.S. Government securities, securities of other investment companies and other securities. For the purposes of this restriction, other securities are limited for any one issuer to not more than 5% of the value of the Portfolio's total assets and to not more than 10% of the issuer's outstanding voting securities. As a matter of operating policy, the Portfolio will not consider repurchase agreements to be subject to the above-stated 5% limitation if the collateral underlying the repurchase agreements consists exclusively of U.S. Government securities and such repurchase agreements are fully collateralized. Non-fundamental Investment Policies: The Portfolio normally invests all of The Portfolio normally invests up its assets in securities that are to 80% of its assets in investment rated at least BBB- by Standard & grade debt securities. Poors Ratings Service or Baaa3 by Moody's Investors Service, Inc. or, if unrated, are of comparable quality. The Portfolio may invest up to 20% of its assets in debt securities rated BBB- or below by S&P and Baaa3 or below by Moodys. The Portfolio may invest up to 20% The Portfolio may invest without of its total assets in foreign limit in U.S. Dollar-denominated fixed-income securities. foreign fixed-income securities and may also invest in non-U.S. Dollar denominated foreign fixed-income securities. The Portfolio may not invest more The Portfolio will limit its than 15% of its net assets in investment in illiquid securities securities restricted as to to no more than 15% of net assets disposition under Federal securities or such other amount permitted by laws, or securities otherwise guidance regarding the 1940 Act. considered illiquid or not readily marketable, including repurchase agreements not terminable within seven days; however, this restriction will not apply to securities sold pursuant to Rule 144A under the Securities Act, so long as such securities meet liquidity guidelines established from time to time by the Board of Directors. The Portfolio may not acquire Policy eliminated. securities of any company that is a securities broker or dealer, a securities underwriter, an investment adviser of an investment company, or an investment adviser registered under the Investment Advisers Act of 1940 (other than any such company that derives no more than 15% of its gross revenues from securities related activities), except that the Portfolio may purchase bank, trust company, and bank holding company stock, and except that the Portfolio may invest in accordance with Rule 12d3-1 under the 1940 Act, including up to 5% of its total assets in any such company provided that it owns no more than 5% of the outstanding equity securities of any class plus 10% of the outstanding debt securities of such company or as otherwise provided by Rule 12d3-1. The Portfolio may not make an Policy eliminated. investment in order to exercise control or management over a company. The Portfolio may enter into standby The Portfolio may enter into standby commitment agreements if the commitment agreements. aggregate purchase price of the securities subject to the commitments does not exceed 20% of its assets and the term of the commitment does not exceed 45 days. The Portfolio may invest in other The Portfolio may invest in investment companies whose securities of other investment investment objectives and policies companies, including exchange- are consistent with those of the traded funds, to the extent Portfolio. permitted under the 1940 Act or the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding, interpretations of, or exemptive orders under, the 1940 Act or the rules or regulations thereunder published by appropriate regulatory authorities. The Portfolios lending of securities, The Portfolio may lend portfolio including collateral, is limited to securities to the extent permitted 50% of total assets. under the 1940 Act or the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding, interpretations of, or exemptive orders under, the 1940 Act. The Portfolio may invest in loan participations. The Portfolio may invest in derivatives, including options, futures, forwards and swaps. SK 00250 0450 682177