Report 
 
      
Registrant:   AB Exchange Reserves — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  4/30/15
Is this a Transition Report?  Yes

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      917713
SEC File #:   811-08294

Telephone #:  914-259-7740
 
 2.
Address:      1345 Avenue of the Americas
              New York, NY  10105
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Alliancebernstein L.P.
Role:         Adviser
SEC File #:   801-56720
Location:     New York, NY
 
Principal Underwriter 
 
11.1
Name:         Alliancebernstein Investments, Inc.
SEC File #:   008-30851
Location:     New York, NY
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Alliancebernstein Investor Services, Inc.
SEC File #:   084-01187
Location:     San Antonio, TX
 
Independent Public Accountant 
 
13.1
Name:         Ernst & Young LLP
Location:     New York, NY
 
Affiliated Broker/Dealer 
 
14.1
Name:         Sanford C. Bernstein Ltd.
 
14.2
Name:         Sanford C. Bernstein & Co., LLC
SEC File #:   008-52942
 
Custodian 
 
15.1
Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  139

The Identification Code of the family for Form N-SAR Filings:  ALLIANCEBE
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Deutsche Bank AG
IRS #:        13-6124068
Registrant’s purchases ($000s):  321,002
Registrant’s sales ($000s):  28,000
 
22.2
Entity:       JP Morgan Chase
IRS #:        13-3112953
Registrant’s purchases ($000s):  156,455
Registrant’s sales ($000s):  99,975
 
22.3
Entity:       Mizuho Securities
IRS #:        36-2880742
Registrant’s purchases ($000s):  1,224,999
 
22.4
Entity:       Credit Suisse First Boston
IRS #:        13-1898818
Registrant’s purchases ($000s):  756,500
 
22.5
Entity:       Cibc World Markets C
Registrant’s purchases ($000s):  567,300
 
22.6
Entity:       Bank of New York
IRS #:        13-4941102
Registrant’s purchases ($000s):  410,830
 
22.7
Entity:       Bmo Capital Markets Corp.
IRS #:        13-3459853
Registrant’s purchases ($000s):  585,600
 
22.8
Entity:       Citigroup Global Markets
IRS #:        13-3082694
Registrant’s purchases ($000s):  250,000
 
22.9
Entity:       U.S. Bank National Assoc
Registrant’s purchases ($000s):  185,800
 
22.10
Entity:       Bank of America
IRS #:        95-4035346
Registrant’s purchases ($000s):  149,930
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  4,950,012
   Aggregate sales ($000s):  227,976
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  Yes

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         Bank of America
IRS #:        56-2058405
Type of security owned:  Debt
Value of securities owned at period end ($000s):  -50,000
 
25.2
Name:         Mizuho Securities
IRS #:        36-2880742
Type of security owned:  Debt
Value of securities owned at period end ($000s):  -45,000
 
25.3
Name:         Toronto-Dominion Bank
IRS #:        13-5640479
Type of security owned:  Debt
Value of securities owned at period end ($000s):  -25,000
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  No
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 901,875
      Reinvestment of dividends and distributions ................
 152
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 993,838
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 901,875
      Reinvestment of dividends and distributions ................
 152
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 993,838

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  1
 
36.
Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s):  0
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 100
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  0
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  17
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.0%
    Step-fee rates:
      For 1st $000s:  1,250,000
        Annual rate:  0.25%
      Of next $000s:  250,000
        Annual rate:  0.24%
      Of next $000s:  250,000
        Annual rate:  0.23%
      Of next $000s:  250,000
        Annual rate:  0.22%
      Of next $000s:  1,000,000
        Annual rate:  0.21%
      & Above $000s:  3,000,000
        Annual rate:  0.2%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $2,500
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................    33.9%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................    96.8
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....        -1.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................        -34.6
Time deposits ...............................    29.1
Options .....................................      0.0
All other ...................................        -23.5

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................      0.0
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     46
    Years:    0.0
 
64.
Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      No        –
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           No        –
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  1

Income  ($000s)
Net interest income ..............................................
 339
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 421
Administrator fees ...............................................
 3
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 15
Custodian fees ...................................................
 22
Postage ..........................................................
 –
Printing expenses ................................................
 7
Directors’ fees ..................................................
 -9
Registration fees ................................................
 48
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 3
Legal fees .......................................................
 2
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 54
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 -15
Total expenses ...................................................
 551

Expense reimbursements ($000s):   364

Net investment income ($000s):    152

Realized capital gains ($000s):   0
Realized capital losses ($000s):  3

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  4
Dividends for a second class of shares ($000s):  146

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 -11
Repurchase agreements ............................................
 -95,000
Short-term debt securities, other than repurchase agreements .....
 -3,726
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 566
All other assets .................................................
 –
Total assets .....................................................
 -98,171

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 -21
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 -6,336

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 -91,814

Number of shares outstanding (000s):   -1,919
Number of shares outstanding of a second class of shares (000s):  -89,892

Net Asset Value (NAV) per share (to nearest cent):  $1.00
Mark-to-market NAV per share:  $1.0001

Total number of shareholder accounts:  11,588

Total value of assets in segregated accounts ($000s):  0
 
75.
Daily average net assets during the period ($000s):  25,036
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      National Union Fire Ins. Co.
2nd Insurer:  Continental Ins, Everest, Berkley Reg, Libert

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  74,475
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  138
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Joseph J. Mantineo      
Name:   Joseph J. Mantineo
Title:  Treasurer & Chief Financial Officer