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: 811-05088

THE ALLIANCEBERNSTEIN PORTFOLIOS

(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: August 31, 2013

Date of reporting period: May 31, 2013

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Wealth Appreciation Strategy

Portfolio of Investments

May 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS - 100.1%
The AllianceBernstein Pooling Portfolios - Equity - 100.1%
International Growth Portfolio		24,709,266	$	209,287,487
International Value Portfolio		27,888,888		208,887,774
Multi-Asset Real Return Portfolio		13,457,147		113,309,179
Small-Mid Cap Growth Portfolio		6,334,031		78,668,663
Small-Mid Cap Value Portfolio		6,048,124		78,746,574
U.S. Large Cap Growth Portfolio		17,207,920		239,706,324
U.S. Value Portfolio		22,031,846		239,045,523
Volatility Management Portfolio		25,481,955		291,003,921
Total Investments - 100.1% (cost $1,310,750,677) (a)				1,458,655,445
Other assets less liabilities - (0.1)%				(1,719,090	)
Net Assets - 100.0%			$	1,456,936,355

(a) As of May 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $197,192,446 and gross unrealized depreciation of investments was $(49,287,678), resulting in net unrealized appreciation of $147,904,768.

AllianceBernstein Wealth Appreciation Strategy

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes 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 (including those valued based on their market values). 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 Strategy. Unobservable inputs reflect the Strategy’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 Strategy’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Strategy’s investments by the above fair value hierarchy levels as of May 31, 2013:

Investments in Securities*:	Level 1		Level 2			Level 3			Total
Assets:
Mutual Funds	$	1,458,655,445	$	– 0	–	$	– 0	–	$	1,458,655,445

* There were no transfers between Level 1 and Level 2 during the reporting period.

The Strategy recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Strategy. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Balanced Wealth Strategy

Portfolio of Investments

May 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS - 100.2%
The AllianceBernstein Pooling Portfolios - Equity - 65.4%
International Growth Portfolio		13,000,544	$	110,114,607
International Value Portfolio		14,668,965		109,870,548
Multi-Asset Real Return Portfolio		8,038,163		67,681,334
Small-Mid Cap Growth Portfolio		2,625,984		32,614,719
Small-Mid Cap Value Portfolio		2,508,910		32,666,010
U.S. Large Cap Growth Portfolio		9,743,454		135,726,311
U.S. Value Portfolio		12,474,863		135,352,262
Volatility Management Portfolio		24,122,693		275,481,157
				899,506,948
The AllianceBernstein Pooling Portfolios - Fixed Income - 34.8%
Bond Inflation Protection Portfolio		10,222,345		107,845,736
Global Core Bond Portfolio		25,999,528		272,475,055
High-Yield Portfolio		9,180,014		98,317,955
				478,638,746
Total Investments - 100.2% (cost $1,226,708,841) (a)				1,378,145,694
Other assets less liabilities - (0.2)%				(2,659,837	)
Net Assets - 100.0%			$	1,375,485,857

(a) As of May 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $162,388,521 and gross unrealized depreciation of investments was $(10,951,668), resulting in net unrealized appreciation of $151,436,853.

AllianceBernstein Balanced Wealth Strategy

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes 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 (including those valued based on their market values). 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 Strategy. Unobservable inputs reflect the Strategy’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 Strategy’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Strategy’s investments by the above fair value hierarchy levels as of May 31, 2013:

Investments in Securities*:	Level 1		Level 2			Level 3			Total
Assets:
Mutual Funds	$	1,378,145,694	$	– 0	–	$	– 0	–	$	1,378,145,694

* There were no transfers between Level 1 and Level 2 during the reporting period.

The Strategy recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Strategy. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Conservative Wealth Strategy

Portfolio of Investments

May 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS - 100.4%
The AllianceBernstein Pooling Portfolios - Fixed Income - 65.6%
Bond Inflation Protection Portfolio		4,036,021	$	42,580,026
Global Core Bond Portfolio		11,284,265		118,259,093
Short Duration Bond Portfolio		12,507,658		118,322,443
				279,161,562
The AllianceBernstein Pooling Portfolios - Equity - 34.8%
International Growth Portfolio		2,109,922		17,871,041
International Value Portfolio		2,380,709		17,831,509
Multi-Asset Real Return Portfolio		749,257		6,308,745
Small-Mid Cap Growth Portfolio		264,187		3,281,200
Small-Mid Cap Value Portfolio		253,965		3,306,629
U.S. Large Cap Growth Portfolio		1,688,818		23,525,235
U.S. Value Portfolio		2,162,174		23,459,591
Volatility Management Portfolio		4,617,850		52,735,847
				148,319,797
Total Investments - 100.4% (cost $387,008,666) (a)				427,481,359
Other assets less liabilities - (0.4)%				(1,499,920	)
Net Assets - 100.0%			$	425,981,439

(a) As of May 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $42,337,562 and gross unrealized depreciation of investments was $(1,864,869), resulting in net unrealized appreciation of $40,472,693.

AllianceBernstein Conservative Wealth Strategy

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy 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 Strategy. Unobservable inputs reflect the Strategy’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 Strategy’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Strategy’s investments by the above fair value hierarchy levels as of May 31, 2013:

Investments in Securities*:	Level 1		Level 2			Level 3			Total
Assets:
Mutual Funds	$	427,481,359	$	– 0	–	$	– 0	–	$	427,481,359

* There were no transfers between Level 1 and Level 2 during the reporting period.

The Strategy recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Strategy. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Wealth Strategies

Tax-Managed Wealth Appreciation

Portfolio of Investments

May 31, 2013 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 78.5%
Financials - 16.9%
Capital Markets - 2.4%
Affiliated Managers Group, Inc. (a)		16,750	$	2,747,000
BlackRock, Inc.-Class A		5,790		1,616,568
Credit Suisse Group AG (a)		24,787		732,612
Deutsche Bank AG (REG)		19,093		887,096
Goldman Sachs Group, Inc. (The)		3,600		583,488
Macquarie Group Ltd.		36,780		1,499,761
Morgan Stanley		84,000		2,175,600
State Street Corp.		28,300		1,872,894
UBS AG (a)		200,689		3,521,288
				15,636,307
Commercial Banks - 4.3%
Banco do Brasil SA		104,300		1,225,226
Bank Hapoalim BM (a)		48,908		226,306
Bank of Montreal		13,930		824,581
Bank of Nova Scotia		7,030		400,339
Barclays PLC		151,840		727,333
China Construction Bank Corp.-Class H		1,027,000		829,313
CIT Group, Inc. (a)		57,100		2,631,168
HSBC Holdings PLC		241,374		2,648,120
Industrial & Commercial Bank of China Ltd.-Class H		818,000		574,413
KB Financial Group, Inc.		40,250		1,306,470
KeyCorp		21,900		236,082
Lloyds Banking Group PLC (a)		452,930		420,972
Mitsubishi UFJ Financial Group, Inc.		253,100		1,468,869
National Australia Bank Ltd.		40,660		1,118,588
National Bank of Canada		7,550		555,572
PNC Financial Services Group, Inc. (The)		7,100		508,644
Regions Financial Corp.		29,000		264,770
Sberbank of Russia (Sponsored ADR)		190,859		2,336,114
Societe Generale SA		36,764		1,466,226
State Bank of India		8,820		318,622
Sumitomo Mitsui Financial Group, Inc.		19,700		777,751
Toronto-Dominion Bank (The)		10,710		867,647
US Bancorp/MN		35,000		1,227,100
Wells Fargo & Co.		110,200		4,468,610
				27,428,836
Consumer Finance - 1.2%
Capital One Financial Corp.		52,700		3,211,011
Discover Financial Services		46,100		2,185,601
Muthoot Finance Ltd.		192,853		471,731
Shriram Transport Finance Co., Ltd.		125,698		1,799,074
				7,667,417
Diversified Financial Services - 3.3%
Bank of America Corp.		289,400		3,953,204
BM&FBovespa SA		70,600		457,855
Citigroup, Inc.		84,600		4,398,354
IG Group Holdings PLC		155,184		1,356,660
ING Groep NV (a)		174,693		1,628,959
IntercontinentalExchange, Inc. (a)		31,392		5,374,624
JPMorgan Chase & Co.		57,600		3,144,384

Company	Shares		U.S. $ Value
ORIX Corp.		56,500		749,301
				21,063,341
Insurance - 3.9%
Admiral Group PLC		112,050		2,259,300
Aegon NV		116,369		793,962
AIA Group Ltd.		630,800		2,788,764
Allianz SE		3,860		596,241
American International Group, Inc. (a)		47,300		2,102,958
Aviva PLC		96,480		484,844
BB Seguridade Participacoes SA (a)		182,200		1,534,638
Berkshire Hathaway, Inc. (a)		10,700		1,220,549
Chubb Corp. (The)		22,900		1,994,590
Everest Re Group Ltd.		10,400		1,347,944
Genworth Financial, Inc.-Class A (a)		45,600		492,936
Lancashire Holdings Ltd.		137,536		1,659,575
Muenchener Rueckversicherungs AG		2,840		529,730
PartnerRe Ltd.		18,300		1,658,895
Prudential PLC		148,300		2,494,568
Reinsurance Group of America, Inc.-Class A		15,800		1,041,062
Suncorp Group Ltd.		54,772		648,516
Travelers Cos., Inc. (The)		8,900		745,108
XL Group PLC		10,100		317,443
				24,711,623
Real Estate Investment Trusts (REITs) - 0.2%
GLP J-Reit		361		331,983
Mexico Real Estate Management SA de CV (a)		227,630		564,165
Stockland		175,021		606,966
				1,503,114
Real Estate Management & Development - 1.2%
China Overseas Land & Investment Ltd.		128,000		378,613
Daito Trust Construction Co., Ltd.		11,100		1,033,081
Evergrande Real Estate Group Ltd.		1,770,000		706,019
Global Logistic Properties Ltd.		901,000		1,992,670
Hang Lung Properties Ltd.		723,000		2,527,274
Mitsubishi Estate Co., Ltd.		37,000		911,568
New World Development Co., Ltd.		244,252		387,122
				7,936,347
Thrifts & Mortgage Finance - 0.4%
Housing Development Finance Corp.		170,620		2,713,548
				108,660,533
Consumer Discretionary - 12.6%
Auto Components - 1.1%
Cie Generale des Etablissements Michelin-Class B		14,970		1,306,436
GKN PLC		158,150		709,263
Lear Corp.		15,800		947,684
Magna International, Inc. (New York)-Class A		11,800		786,116
Magna International, Inc. (Toronto)-Class A		7,350		490,166
Nokian Renkaat OYJ		10,500		437,706
TRW Automotive Holdings Corp. (a)		19,600		1,241,660
Valeo SA		13,880		924,906
				6,843,937

Company	Shares		U.S. $ Value
Automobiles - 2.0%
Ford Motor Co.		155,800		2,442,944
Harley-Davidson, Inc.		26,021		1,419,185
Honda Motor Co., Ltd.		28,800		1,069,193
Kia Motors Corp.		20,540		1,065,900
Mazda Motor Corp. (a)		186,000		715,516
Nissan Motor Co., Ltd.		89,800		969,744
Renault SA		6,210		479,290
Toyota Motor Corp.		57,800		3,373,168
Volkswagen AG (Preference Shares)		7,040		1,528,957
				13,063,897
Distributors - 0.3%
Li & Fung Ltd.		1,512,000		2,102,256
Diversified Consumer Services - 0.4%
Anhanguera Educacional Participacoes SA		81,700		500,087
Estacio Participacoes SA		200,100		1,551,807
Kroton Educacional SA		16,500		236,738
				2,288,632
Hotels, Restaurants & Leisure - 1.5%
Ajisen China Holdings Ltd.		680,000		510,849
Autogrill SpA (a)		21,530		281,867
Chipotle Mexican Grill, Inc.-Class A (a)		2,700		974,700
Galaxy Entertainment Group Ltd. (a)		158,000		820,192
Melco Crown Entertainment Ltd. (ADR) (a)		30,340		721,485
Melco International Development Ltd.		238,000		518,795
Sands China Ltd.		194,800		1,029,020
Sodexo		21,190		1,808,388
Starbucks Corp.		42,910		2,706,334
				9,371,630
Household Durables - 0.4%
PulteGroup, Inc. (a)		85,100		1,837,309
Sony Corp.		25,900		512,113
				2,349,422
Internet & Catalog Retail - 1.4%
Amazon.com, Inc. (a)		15,440		4,153,823
priceline.com, Inc. (a)		5,690		4,574,362
				8,728,185
Leisure Equipment & Products - 0.0%
Namco Bandai Holdings, Inc.		13,900		225,308
Media - 2.8%
Comcast Corp.-Class A		138,880		5,576,032
Gannett Co., Inc.		22,700		488,050
Naspers Ltd.		17,660		1,300,128
News Corp.-Class A		52,400		1,682,564
Regal Entertainment Group-Class A		22,000		389,400
Time Warner Cable, Inc.-Class A		11,800		1,127,018

Company	Shares		U.S. $ Value
Viacom, Inc.-Class B		25,700		1,693,373
Virgin Media, Inc.		31,400		1,559,324
Walt Disney Co. (The)		71,175		4,489,719
				18,305,608
Multiline Retail - 0.3%
Macy’s, Inc.		36,000		1,740,240
Myer Holdings Ltd		138,990		323,462
				2,063,702
Specialty Retail - 1.8%
Abercrombie & Fitch Co.-Class A		7,300		365,584
Belle International Holdings Ltd.		676,000		1,037,548
GameStop Corp.-Class A		52,600		1,744,216
Home Depot, Inc. (The)		6,800		534,888
Kingfisher PLC		81,400		424,080
L’Occitane International SA		168,750		443,053
Lowe’s Cos., Inc.		34,500		1,452,795
Nitori Holdings Co., Ltd.		3,250		255,742
O’Reilly Automotive, Inc. (a)		12,470		1,358,108
Shimamura Co., Ltd.		3,700		425,059
TJX Cos., Inc.		46,100		2,333,121
Yamada Denki Co., Ltd.		26,860		1,013,174
Zhongsheng Group Holdings Ltd.		181,000		226,111
				11,613,479
Textiles, Apparel & Luxury Goods - 0.6%
Cie Financiere Richemont SA		20,850		1,843,581
LVMH Moet Hennessy Louis Vuitton SA		1,300		229,636
Samsonite International SA		158,400		410,133
VF Corp.		9,230		1,697,028
				4,180,378
				81,136,434
Information Technology - 10.9%
Communications Equipment - 0.8%
Cisco Systems, Inc.		32,700		787,416
F5 Networks, Inc. (a)		14,300		1,189,903
Harris Corp.		17,300		867,249
Motorola Solutions, Inc.		6,900		399,924
QUALCOMM, Inc.		27,365		1,737,130
				4,981,622
Computers & Peripherals - 1.9%
Apple, Inc.		15,920		7,158,905
Dell, Inc.		31,500		420,525
EMC Corp./MA (a)		34,192		846,594
Fujitsu Ltd.		212,000		877,612
Hewlett-Packard Co.		136,100		3,323,562
				12,627,198
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp.-Class A		16,270		1,267,433
LG Display Co., Ltd. (a)		68,350		1,881,828
				3,149,261

Company	Shares		U.S. $ Value
Internet Software & Services - 2.8%
Baidu, Inc. (Sponsored ADR) (a)		20,248		1,956,767
eBay, Inc. (a)		81,834		4,427,219
Facebook, Inc. (a)		82,400		2,006,440
Google, Inc.-Class A (a)		7,045		6,132,038
LinkedIn Corp. (a)		7,850		1,315,111
Rackspace Hosting, Inc. (a)		12,790		480,009
Telecity Group PLC		64,484		943,715
Tencent Holdings Ltd.		14,100		554,267
				17,815,566
IT Services - 1.3%
Cognizant Technology Solutions Corp.-Class A (a)		87,830		5,678,210
Visa, Inc.-Class A		14,480		2,579,467
				8,257,677
Semiconductors & Semiconductor Equipment - 2.1%
Applied Materials, Inc.		136,800		2,079,360
Micron Technology, Inc. (a)		53,700		627,216
Samsung Electronics Co., Ltd.		1,570		2,115,355
Samsung Electronics Co., Ltd. (Preference Shares)		5,078		4,402,954
SK Hynix, Inc. (a)		50,180		1,407,648
Sumco Corp.		59,100		708,806
Taiwan Semiconductor Manufacturing Co., Ltd.		194,000		705,408
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		65,060		1,214,020
Tokyo Electron Ltd.		10,000		491,880
				13,752,647
Software - 1.5%
ANSYS, Inc. (a)		32,372		2,411,714
CA, Inc.		8,500		232,135
Citrix Systems, Inc. (a)		52,310		3,366,149
Dassault Systemes SA		2,190		274,502
Electronic Arts, Inc. (a)		35,400		813,846
Nintendo Co., Ltd.		3,200		316,020
Red Hat, Inc. (a)		17,540		845,954
SAP AG		13,115		981,499
SolarWinds, Inc. (a)		11,376		479,498
				9,721,317
				70,305,288
Health Care - 9.4%
Biotechnology - 2.6%
Actelion Ltd. (a)		24,624		1,470,842
Biogen Idec, Inc. (a)		32,092		7,621,529
Celgene Corp. (a)		33,490		4,141,039
Gilead Sciences, Inc. (a)		31,890		1,737,367
Quintiles Transnational Holdings, Inc. (a)		20,470		901,499

Company	Shares		U.S. $ Value
Vertex Pharmaceuticals, Inc. (a)		15,500		1,244,805
				17,117,081
Health Care Equipment & Supplies - 1.1%
IDEXX Laboratories, Inc. (a)		12,855		1,059,766
Intuitive Surgical, Inc. (a)		7,930		3,945,413
Medtronic, Inc.		37,000		1,887,370
				6,892,549
Health Care Providers & Services - 1.5%
Aetna, Inc.		26,300		1,587,994
Health Net, Inc./CA (a)		23,700		755,319
McKesson Corp.		10,080		1,147,709
Odontoprev SA		39,300		184,225
UnitedHealth Group, Inc.		57,564		3,605,233
WellPoint, Inc.		35,500		2,732,435
				10,012,915
Life Sciences Tools & Services - 0.4%
Eurofins Scientific (a)		2,949		574,005
Illumina, Inc. (a)		17,490		1,229,897
Mettler-Toledo International, Inc. (a)		2,763		603,052
				2,406,954
Pharmaceuticals - 3.8%
Allergan, Inc./United States		41,593		4,138,087
GlaxoSmithKline PLC		96,590		2,499,090
Johnson & Johnson		53,800		4,528,884
Merck & Co., Inc.		60,200		2,811,340
Novartis AG		13,460		964,167
Pfizer, Inc.		188,400		5,130,132
Roche Holding AG		8,630		2,139,691
Roche Holding AG (Sponsored ADR)		24,000		1,496,160
Sun Pharmaceutical Industries Ltd.		35,700		655,537
				24,363,088
				60,792,587
Industrials - 8.9%
Aerospace & Defense - 2.2%
Boeing Co. (The)		53,090		5,256,972
European Aeronautic Defence and Space Co. NV		23,970		1,380,206
Northrop Grumman Corp.		5,900		486,101
Precision Castparts Corp.		23,860		5,104,131
Saab AB		6,081		125,401
Safran SA		14,870		790,406
Zodiac Aerospace		6,020		793,001
				13,936,218
Airlines - 0.5%
Delta Air Lines, Inc. (a)		86,200		1,552,462
Japan Airlines Co., Ltd.		15,300		784,241
Qantas Airways Ltd. (a)		464,480		702,605
Turk Hava Yollari		88,160		408,557
				3,447,865

Company	Shares		U.S. $ Value
Building Products - 0.1%
Asahi Glass Co., Ltd.		61,000		434,156
Commercial Services & Supplies - 0.3%
Aggreko PLC		13,850		372,528
Edenred		23,308		741,107
Stericycle, Inc. (a)		10,050		1,103,088
				2,216,723
Construction & Engineering - 0.2%
Larsen & Toubro Ltd.		41,439		1,027,607
Electrical Equipment - 0.6%
AMETEK, Inc.		26,741		1,153,874
Roper Industries, Inc.		9,830		1,221,083
Sumitomo Electric Industries Ltd.		117,400		1,404,352
				3,779,309
Industrial Conglomerates - 1.4%
Danaher Corp.		59,308		3,666,421
General Electric Co.		191,500		4,465,780
Jardine Matheson Holdings Ltd.		6,000		393,751
Siemens AG		3,350		353,131
				8,879,083
Machinery - 1.5%
Cummins, Inc.		11,900		1,423,597
FANUC Corp.		8,800		1,295,930
Flowserve Corp.		15,451		2,597,777
Illinois Tool Works, Inc.		23,500		1,648,055
Komatsu Ltd.		64,000		1,602,668
Parker Hannifin Corp.		4,200		418,992
Timken Co.		17,700		1,004,652
				9,991,671
Professional Services - 1.7%
Bureau Veritas SA		22,913		2,648,236
Capita PLC		221,889		3,232,641
Intertek Group PLC		70,432		3,424,064
Qualicorp SA (a)		25,300		223,847
SGS SA		582		1,304,164
				10,832,952
Road & Rail - 0.2%
Canadian National Railway Co.		4,150		421,145
Globaltrans Investment PLC (Sponsored GDR) (b)		41,825		635,740
Tokyu Corp.		60,000		373,503
				1,430,388
Trading Companies & Distributors - 0.2%
Mitsubishi Corp.		37,500		648,087
WW Grainger, Inc.		3,530		908,763
				1,556,850
				57,532,822

Company	Shares		U.S. $ Value
Energy - 7.3%
Energy Equipment & Services - 2.3%
Aker Solutions ASA		50,590		745,485
AMEC PLC		49,500		765,005
Diamond Offshore Drilling, Inc.		18,000		1,238,580
Halliburton Co.		30,600		1,280,610
Helmerich & Payne, Inc.		23,900		1,475,586
National Oilwell Varco, Inc.		18,220		1,280,866
Oceaneering International, Inc.		33,209		2,406,988
Schlumberger Ltd.		49,422		3,609,289
Seadrill Ltd.		20,160		815,364
Technip SA		9,231		1,026,151
				14,643,924
Oil, Gas & Consumable Fuels - 5.0%
BP PLC		268,440		1,918,595
BP PLC (Sponsored ADR)		19,200		823,872
Cameco Corp.		27,560		599,182
Canadian Natural Resources Ltd.		15,700		467,933
Chevron Corp.		32,600		4,001,650
China Petroleum & Chemical Corp.-Class H		548,000		560,268
ENI SpA		58,670		1,334,244
EOG Resources, Inc.		8,502		1,097,608
Exxon Mobil Corp.		98,800		8,938,436
Gazprom OAO (Sponsored ADR)		125,650		951,171
HollyFrontier Corp.		3,700		183,150
JX Holdings, Inc.		44,900		218,135
LUKOIL OAO (London) (Sponsored ADR)		7,900		462,545
Marathon Oil Corp.		14,100		484,899
Marathon Petroleum Corp.		24,100		1,988,250
Noble Energy, Inc.		30,870		1,779,656
NovaTek OAO (Sponsored GDR) (b)		11,650		1,301,263
Petroleo Brasileiro SA (Sponsored ADR)		56,710		1,057,074
Phillips 66		11,300		752,241
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		37,390		1,248,536
Suncor Energy, Inc. (Toronto)		19,050		577,885
Valero Energy Corp.		41,000		1,665,830
				32,412,423
				47,056,347
Consumer Staples - 6.3%
Beverages - 0.2%
Anheuser-Busch InBev NV		8,400		773,516
Asahi Group Holdings Ltd.		30,000		719,316
				1,492,832
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.		16,810		1,843,553
Jeronimo Martins SGPS SA		67,132		1,432,287
Koninklijke Ahold NV		68,020		1,102,873
Kroger Co. (The)		66,700		2,245,789
Olam International Ltd.		1,773,105		2,448,868
Tesco PLC		63,630		352,344
Tsuruha Holdings, Inc.		3,100		249,587
WM Morrison Supermarkets PLC		170,530		708,369
				10,383,670

Company	Shares		U.S. $ Value
Food Products - 0.8%
Danone SA		5,060		373,607
Hershey Co. (The)		27,550		2,454,980
Tyson Foods, Inc.-Class A		51,100		1,277,500
Unilever PLC		23,754		997,794
				5,103,881
Household Products - 0.6%
Henkel AG & Co. KGaA		21,370		1,738,203
LG Household & Health Care Ltd.		900		494,724
Procter & Gamble Co. (The)		22,300		1,711,748
				3,944,675
Personal Products - 0.4%
Estee Lauder Cos., Inc. (The)-Class A		37,230		2,523,450
Tobacco - 2.7%
Altria Group, Inc.		39,900		1,440,390
British American Tobacco PLC		89,296		4,906,697
Imperial Tobacco Group PLC		31,201		1,119,640
Japan Tobacco, Inc.		132,100		4,495,759
KT&G Corp.		5,320		374,853
Philip Morris International, Inc.		54,337		4,939,777
				17,277,116
				40,725,624
Materials - 3.5%
Chemicals - 1.8%
Arkema SA		7,410		762,267
Axiall Corp.		18,300		789,645
BASF SE		2,700		261,671
Filtrona PLC		124,937		1,316,588
Huntsman Corp.		65,100		1,266,195
Koninklijke DSM NV		12,027		789,098
LyondellBasell Industries NV		35,300		2,352,745
Monsanto Co.		34,759		3,498,146
Teijin Ltd.		120,000		271,405
				11,307,760
Construction Materials - 0.3%
Boral Ltd.		75,020		324,091
Grasim Industries Ltd. (GDR) (b)		5,324		269,075
Holcim Ltd. (a)		3,329		258,197
Semen Indonesia Persero Tbk PT		433,500		794,706
				1,646,069
Containers & Packaging - 0.2%
Rock Tenn Co.		13,300		1,313,774
Metals & Mining - 1.2%
Anglo American PLC		23,850		546,458
BHP Billiton PLC		56,960		1,637,892
Dowa Holdings Co., Ltd.		49,000		406,335
Goldcorp, Inc.		27,630		820,039
KGHM Polska Miedz SA		13,830		617,867
Kinross Gold Corp.		67,920		445,484
MMC Norilsk Nickel OJSC (ADR)		82,740		1,198,075
Rio Tinto PLC		25,220		1,077,165

Company	Shares		U.S. $ Value
Vale SA (Sponsored ADR) (Local Preference Shares)		93,090		1,254,853
				8,004,168
				22,271,771
Utilities - 1.4%
Electric Utilities - 0.6%
Edison International		10,200		468,588
EDP-Energias de Portugal SA		210,920		680,190
Electricite de France SA		33,490		759,958
NV Energy, Inc.		76,600		1,795,504
				3,704,240
Gas Utilities - 0.2%
Atmos Energy Corp.		26,400		1,114,608
Independent Power Producers & Energy Traders - 0.2%
APR Energy PLC		99,435		1,253,976
Multi-Utilities - 0.4%
CenterPoint Energy, Inc.		8,700		201,666
Centrica PLC		133,420		767,258
DTE Energy Co.		3,500		233,135
National Grid PLC		62,270		740,416
NiSource, Inc.		24,400		701,012
				2,643,487
				8,716,311
Telecommunication Services - 1.3%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		39,500		1,382,105
Nippon Telegraph & Telephone Corp.		33,200		1,637,423
TDC A/S		90,494		707,574
Vivendi SA		31,118		609,053
				4,336,155
Wireless Telecommunication Services - 0.6%
China Mobile Ltd.		64,500		679,974
Turkcell Iletisim Hizmetleri AS (a)		68,870		423,810
Vodafone Group PLC		471,200		1,365,589
Vodafone Group PLC (Sponsored ADR)		52,500		1,519,875
				3,989,248
				8,325,403
Total Common Stocks (cost $407,270,746)				505,523,120
INVESTMENT COMPANIES - 19.9%
Funds and Investment Trusts - 19.9%
AllianceBernstein Pooling Portfolios-Volatility Management Portfolio* (cost $115,611,393)		11,204,517		127,955,581

Company	Shares		U.S. $ Value
WARRANTS - 0.1%
Industrials - 0.1%
Industrial Conglomerates - 0.1%
John Keells Holdings PLC, Deutsche Bank AG London, expiring 7/05/19 (a)		144,570		325,644
Consumer Staples - 0.0%
Food & Staples Retailing - 0.0%
Olam International Ltd., expiring 1/29/18 (a)		267,154		97,511
Total Warrants (cost $240,548)				423,155
	Principal Amount (000)
CORPORATES - NON-INVESTMENT GRADES - 0.0%
Industrial - 0.0%
Consumer Non-Cyclical - 0.0%
Olam International Ltd. 6.75%, 1/29/18 (b) (cost $277,675)	U.S.$	291		287,170
	Shares
SHORT-TERM INVESTMENTS - 1.6%
Investment Companies - 1.6%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.09% (c) (cost $10,258,523)		10,258,523		10,258,523
Total Investments - 100.1% (cost $533,658,885) (d)				644,447,549
Other assets less liabilities - (0.1)% (e)				(934,948	)
Net Assets - 100.0%			$	643,512,601

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at May 31, 2013		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		15		June 2013	$	515,750	$	540,826	$	25,076

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC Wholselale		USD	766		JPY	78,908		8/16/13	$	19,739
BNP Paribas SA		AUD	6,816		USD	6,594		8/16/13		104,453
BNP Paribas SA		KRW	4,329,633		USD	3,910		8/16/13		97,050

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		USD	2,282		SEK	14,928		8/16/13	$	(31,975	)
Canadian Imperial Bank of Commerce		CAD	2,722		USD	2,636		8/16/13		15,374
Citibank, NA		EUR	666		USD	873		8/16/13		6,849
Credit Suisse International		JPY	344,364		USD	3,479		8/16/13		49,360
Credit Suisse International		USD	6,428		GBP	4,232		8/16/13		(1,100	)
Deutsche Bank AG London		USD	5,016		SEK	32,846		8/16/13		(65,197	)
Goldman Sachs Capital Markets LP		GBP	2,643		USD	4,097		8/16/13		82,779
Goldman Sachs Capital Markets LP		USD	1,269		NZD	1,491		8/16/13		(89,774	)
HSBC BankUSA		HKD	37,026		USD	4,773		8/16/13		1,835
HSBC BankUSA		JPY	655,142		USD	6,605		8/16/13		81,130
HSBC BankUSA		USD	2,172		GBP	1,396		8/16/13		(52,043	)
JPMorgan Chase Bank, NA		GBP	8,636		USD	13,350		8/16/13		235,124
JPMorgan Chase Bank, NA		USD	7,479		CAD	7,535		8/16/13		(223,950	)
Royal Bank of Canada		CAD	1,115		USD	1,096		8/16/13		22,625
Royal Bank of Scotland PLC		CHF	580		USD	597		8/16/13		(10,288	)
Royal Bank of Scotland PLC		JPY	853,348		USD	8,669		8/16/13		171,555
Royal Bank of Scotland PLC		USD	1,268		AUD	1,233		8/16/13		(94,301	)
Royal Bank of Scotland PLC		USD	421		NZD	525		8/16/13		(6,137	)
Societe Generale		JPY	134,757		USD	1,366		8/16/13		23,780
Societe Generale		USD	6,210		AUD	6,149		8/16/13		(355,570	)
Standard Chartered Bank		USD	2,002		SGD	2,469		8/16/13		(48,761	)
State Street Bank & Trust Co.		EUR	469		USD	614		8/16/13		4,336
State Street Bank & Trust Co.		USD	617		CHF	580		8/16/13		(10,442	)
State Street Bank & Trust Co.		USD	1,046		EUR	798		8/16/13		(8,447	)
State Street Bank & Trust Co.		USD	620		NOK	3,636		8/16/13		(2,493	)
State Street Bank & Trust Co.		USD	312		SEK	2,093		8/16/13		3,582
UBS AG		USD	1,087		AUD	1,046		8/16/13		(91,369	)
Westpac Banking Corp.		USD	888		NZD	1,051		8/16/13		(57,054	)
									$	(229,330	)

* To obtain a copy of the fund’s financial statements, please go to the Securities Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

(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 May 31, 2013, the aggregate market value of these securities amounted to $2,493,248 or 0.4% of net assets.

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) As of May 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $122,518,904 and gross unrealized depreciation of investments was $(11,730,240), resulting in net unrealized appreciation of $110,788,664.

(e) An amount of U.S. $41,063 has been segregated to collateralize margin requirements for the open futures contracts at May 31, 2013.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
OJSC	-	Open Joint Stock Company
REG	-	Registered Shares

AllianceBernstein Wealth Strategies

Tax-Managed Wealth Appreciation

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes 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 (including those valued based on their market values). 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 Strategy. Unobservable inputs reflect the Strategy’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 Strategy’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Strategy’s investments by the above fair value hierarchy levels as of May 31, 2013:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Financials	$	57,950,610	$	50,709,923	$	– 0	–	$	108,660,533
Consumer Discretionary		54,624,248		26,512,186		– 0	–		81,136,434
Information Technology		54,643,794		15,661,494		– 0	–		70,305,288
Health Care		51,648,632		9,143,955		– 0	–		60,792,587
Industrials		33,292,480		24,240,342		– 0	–		57,532,822
Energy		37,909,823		9,146,524		– 0	–		47,056,347
Consumer Staples		20,244,327		20,481,297		– 0	–		40,725,624
Materials		13,208,031		9,063,740		– 0	–		22,271,771
Utilities		5,768,489		2,947,822		– 0	–		8,716,311
Telecommunication Services		2,901,980		5,423,423		– 0	–		8,325,403

Investment Companies		127,955,581			– 0	–		– 0	–		127,955,581
Warrants		97,511			– 0	–		325,644			423,155
Corporates - Non-Investment Grades		– 0	–		– 0	–		287,170			287,170
Short-Term Investments		10,258,523			– 0	–		– 0	–		10,258,523
Total Investments in Securities		470,504,029			173,330,706	+		612,814			644,447,549
Other Financial Instruments* :
Assets:
Futures Contracts		– 0	–		25,076			– 0	–		25,076
Forward Currency Exchange Contracts		– 0	–		919,570			– 0	–		919,570
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(1,148,900	)		– 0	–		(1,148,900	)
Total++	$	470,504,029		$	173,126,452		$	612,814		$	644,243,295

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

+ A significant portion of the Strategy’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

++ There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Strategy recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Warrants			Corporates - Non- Investment Grades			Total
Balance as of 8/31/12	$	132,476		$	– 0	–	$	132,476
Accrued discounts/(premiums)		– 0	–		1,343			1,343
Realized gain (loss)		(679	)		6,846			6,167
Change in unrealized appreciation/depreciation		93,218			9,495			102,713
Purchases		140,182			490,361			630,543
Sales		(39,553	)		(220,875	)		(260,428	)
Transfers into Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 5/31/13	$	325,644		$	287,170		$	612,814
Net change in unrealized appreciation/depreciation from Investments held as of 5/31/13	$	93,218		$	9,495		$	102,713

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Strategy. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AllianceBernstein Wealth Strategies

Tax-Managed Balanced Wealth

Portfolio of Investments

May 31, 2013 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 52.6%
Long-Term Municipal Bonds - 52.6%
Alabama - 5.4%
Alabama Pub Sch & Clg Auth NPFGC-RE 5.00%, 12/01/13 (Pre-refunded/ETM)	$	1,700	$	1,739,678
Series 2010A 5.00%, 5/01/18		2,040		2,413,545
Birmingham AL Wtrwks Brd
Series 2010A 5.00%, 1/01/25		3,980		4,541,578
				8,694,801
Arizona - 1.8%
Arizona Trnsp Brd Hwy Series 2011A 5.00%, 7/01/25		2,100		2,474,850
Pima Cnty AZ IDA (Horizon Learning Ctr) 4.45%, 6/01/14		15		15,035
Pima Cnty AZ IDA (Global Water Resources) 5.45%, 12/01/17		305		319,725
				2,809,610
California - 5.1%
California Dept Wtr Res Pwr Series 2010L 5.00%, 5/01/20		1,905		2,329,606
California Econ Recovery (California Econ Rec Spl Tax) Series A 5.00%, 7/01/20		2,450		2,900,579
California GO 5.00%, 3/01/16		2,225		2,480,207
Los Angeles CA Dept Arpts (Los Angeles Intl Airport) 5.00%, 5/15/23		365		432,029
				8,142,421
Colorado - 1.1%
Denver Co. City & Cnty Arpt (Denver Intl Airport) Series 2012A 5.00%, 11/15/27		1,220		1,371,292
PV Wtr & San Met Dist CO Zero Coupon, 12/15/17 (a)(b)		710		248,500
Todd Creek Farms Met Dist #1 CO 5.60%, 12/01/14 (a)		260		130,000
				1,749,792
Connecticut - 1.9%
Connecticut Hlth & Ed Fac Auth (Yale University) Series 2001V-1
0.03%, 7/01/36 (c)		3,000		3,000,000

	Principal Amount (000)		U.S. $ Value
District of Columbia - 0.9%
District of Columbia GO AMBAC Series 2007B 5.25%, 6/01/18		1,200		1,429,524
Florida - 6.1%
Citizens Ppty Ins Corp. FL NPFGC Series A 5.00%, 3/01/15-3/01/16		4,000		4,402,090
Heritage Plantation CDD FL Series 2006B 5.10%, 11/01/13 (a)(b)		105		31,500
Lake Ashton II CDD FL Series 2005B 4.875%, 11/01/10 (a)(b)		100		78,000
Miami Dade Cnty FL Spl Tax Series 2012A 5.00%, 10/01/25		560		633,914
Midtown Miami CDD FL Series 2004A 6.00%, 5/01/24		220		221,723
Overoaks CDD FL Series 2010A-1 6.125%, 5/01/35 (a)		15		15,681
Series 2010A-2 6.125%, 5/01/35 (a)		35		35,000
Series 2010B 5.125%, 5/01/17 (a)		70		70,000
Series 4B 5.125%, 5/01/09 (a)(d)(e)		25		0
Palm Beach Cnty FL Sch Brd COP NPFGC-RE 5.00%, 8/01/13		1,030		1,037,571
Parkway Center CDD FL Series 2004B 5.625%, 5/01/14		105		100,317
Sarasota Cnty FL Sch Brd COP 5.00%, 7/01/22		1,165		1,363,399
Tampa Bay Reg Wtr Supply Auth FL Series 2011A 5.00%, 10/01/23		1,380		1,645,719
Villages of Westport CDD FL Series 2005A 5.125%, 5/01/15 (a)(b)		80		40,000
				9,674,914
Guam - 0.1%
Guam Wtrworks Auth Series 05 5.00%, 7/01/13		225		225,432
Illinois - 4.0%
Chicago IL Wtr 5.00%, 11/01/27		950		1,085,423

	Principal Amount (000)		U.S. $ Value
Illinois Finance Auth (Northwestern Univ) Series 2011B 1.75%, 12/01/34		3,605		3,646,529
Illinois GO NPFGC-RE 5.00%, 4/01/15		1,545		1,660,087
				6,392,039
Indiana - 1.4%
Indiana Bond Bank Gas (JPMorgan Chase) Series 2007A 5.25%, 10/15/19		1,945		2,253,983
Louisiana - 0.6%
Morehouse Parish LA PCR (International Paper Co.) Series 2001A 5.25%, 11/15/13		1,000		1,020,110
Michigan - 0.7%
Michigan Finance Auth (Michigan Unemployment) Series 2012A 5.00%, 7/01/19		955		1,161,280
Mississippi - 1.2%
Mississippi Business Fin Corp. (Chevron USA, Inc.) Series 2010G 0.06%, 11/01/35 (c)		2,000		2,000,000
New Jersey - 1.4%
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund) Series 2013A 5.00%, 6/15/18-6/15/20		1,840		2,179,875
New York - 3.0%
Metropolitan Trnsp Auth NY Series 2012C 5.00%, 11/15/23		460		543,467
New York NY GO Series 2012G 5.00%, 4/01/16		870		973,835
New York NY Trnsl Fin Auth Series 2012B 5.00%, 11/01/15-11/01/26		2,875		3,358,953
				4,876,255
North Carolina - 0.9%
North Carolina Eastern Mun Pwr Agy Series 2012B 5.00%, 1/01/21		150		180,537
Series A 5.00%, 1/01/15		785		841,276
North Carolina Ltd. Oblig Series 2013A
5.00%, 5/01/16		385		432,055
				1,453,868

	Principal Amount (000)		U.S. $ Value
Ohio - 0.8%
Cleveland OH Mun SD GO AGM 5.25%, 6/01/14 (Pre-refunded/ETM)		1,000		1,049,250
Columbiana Cnty Port Auth OH (Liberty Waste Trnsp LLC) Series 2004A 7.00%, 8/01/21 (a)		230		160,066
				1,209,316
Pennsylvania - 0.1%
Allegheny Cnty PA Redev Auth (Pittsburgh Mills Spl Tax) 5.10%, 7/01/14		100		101,277
Philadelphia PA IDA (Leadership Learning Partners) Series 05A 4.60%, 7/01/15 (a)		110		98,148
				199,425
Puerto Rico - 2.7%
Puerto Rico Elec Pwr Auth Series 2010ZZ 5.25%, 7/01/18		1,125		1,213,031
Puerto Rico Sales Tax Fin Corp. Series 2009 A 5.50%, 8/01/23		2,750		3,076,288
				4,289,319
South Carolina - 1.6%
South Carolina Pub Svc Auth AGM 5.00%, 1/01/14		2,450		2,516,787
Texas - 7.7%
Austin TX Utils Sys AGM 5.00%, 11/15/13 (Pre-refunded/ETM)		2,165		2,211,049
Houston TX Arpt Sys Series 2009 A 5.00%, 7/01/21-7/01/22		2,815		3,247,562
Houston TX GO NPFGC Series 2007A 5.00%, 3/01/15		3,300		3,560,964
Texas A & M Univ Series 2009 D 5.00%, 5/15/18		2,765		3,285,484
				12,305,059
Washington - 4.1%
Central Puget Sound WA RTA Series 2012P
5.00%, 2/01/27		2,125		2,483,849

	Principal Amount (000)		U.S. $ Value
Chelan Cnty WA PUD #1 Series 2011B 5.50%, 7/01/24		1,815		2,140,974
King Cnty WA GO 5.00%, 6/01/15		380		414,910
Washington Fed Hwy Grant 5.00%, 9/01/22		535		647,655
Series F 5.00%, 9/01/16		700		795,256
				6,482,644
Total Municipal Obligations (cost $80,582,997)				84,066,454
	Shares
COMMON STOCKS - 32.1%
Financials - 7.0%
Capital Markets - 0.9%
Affiliated Managers Group, Inc. (e)		1,720		282,080
BlackRock, Inc.-Class A		595		166,124
Credit Suisse Group AG (e)		2,694		79,625
Deutsche Bank AG (REG)		1,951		90,647
Goldman Sachs Group, Inc. (The)		900		145,872
Macquarie Group Ltd.		3,860		157,397
State Street Corp.		2,150		142,287
UBS AG (e)		20,553		360,623
				1,424,655
Commercial Banks – 1.8%
Banco do Brasil SA		10,100		118,646
Bank Hapoalim BM (e)		7,450		34,472
Bank of Montreal		1,540		91,160
Bank of Nova Scotia		770		43,849
Barclays PLC		14,550		69,696
BB&T Corp.		1,500		49,380
China Construction Bank Corp.-Class H		110,000		88,826
CIT Group, Inc. (e)		5,600		258,048
Fifth Third Bancorp		2,100		38,220
HSBC Holdings PLC		24,700		270,984
Industrial & Commercial Bank of China Ltd.-Class H		87,000		61,093
KB Financial Group, Inc.		3,958		128,472
KeyCorp		2,600		28,028
Lloyds Banking Group PLC (e)		49,170		45,701
Mitsubishi UFJ Financial Group, Inc.		27,400		159,016
National Australia Bank Ltd.		4,680		128,751
National Bank of Canada		800		58,869
Sberbank of Russia (Sponsored ADR)		19,985		244,617
Societe Generale SA		3,690		147,165
State Bank of India		1,780		64,302
Sumitomo Mitsui Financial Group, Inc.		2,000		78,960
SunTrust Banks, Inc.		1,000		32,090
Toronto-Dominion Bank (The)		1,160		93,975

Company	Shares		U.S. $ Value
US Bancorp/MN		2,700		94,662
Wells Fargo & Co.		11,300		458,215
				2,887,197
Consumer Finance - 0.4%
Capital One Financial Corp.		2,700		164,511
Discover Financial Services		4,200		199,122
Muthoot Finance Ltd.		20,050		49,044
Shriram Transport Finance Co., Ltd.		12,750		182,486
				595,163
Diversified Financial Services - 1.4%
Bank of America Corp.		31,300		427,558
BM&FBovespa SA		7,800		50,585
Citigroup, Inc.		8,550		444,514
IG Group Holdings PLC		15,692		137,184
ING Groep NV(e)		17,934		167,229
IntercontinentalExchange, Inc. (e)		3,150		539,311
JPMorgan Chase & Co.		6,900		376,671
ORIX Corp.		6,400		84,877
				2,227,929
Insurance - 1.7%
Admiral Group PLC		11,420		230,265
Aegon NV		11,931		81,403
AIA Group Ltd.		64,600		285,596
Allianz SE		420		64,876
American International Group, Inc. (e)		4,800		213,408
Aviva PLC		9,820		49,349
BB Seguridade Participacoes SA (e)		18,500		155,822
Berkshire Hathaway, Inc. (e)		1,050		119,773
Chubb Corp. (The)		1,000		87,100
Everest Re Group Ltd.		1,100		142,571
Fidelity National Financial, Inc.-Class A		5,000		131,550
Genworth Financial, Inc.-Class A (e)		4,900		52,969
Lancashire Holdings Ltd.		13,991		168,822
MetLife, Inc.		1,200		53,052
Muenchener Rueckversicherungs AG		300		55,957
PartnerRe Ltd.		1,900		172,235
Prudential PLC		14,960		251,644
Reinsurance Group of America, Inc.-Class A		1,600		105,424
Suncorp Group Ltd.		6,070		71,871
Torchmark Corp.		1,900		122,569
Travelers Cos., Inc. (The)		1,100		92,092
XL Group PLC		3,100		97,433
				2,805,781
Real Estate Investment Trusts (REITs) - 0.1%
GLP J-Reit		46		42,302
Mexico Real Estate Management SA de CV (e)		20,180		50,015
Stockland		20,780		72,064
				164,381
Real Estate Management & Development - 0.5%
China Overseas Land & Investment Ltd.		14,000		41,411
Daito Trust Construction Co., Ltd.		1,100		102,377

Company	Shares		U.S. $ Value
Evergrande Real Estate Group Ltd.		180,000		71,799
Global Logistic Properties Ltd.		91,000		201,257
Hang Lung Properties Ltd.		74,000		258,670
Mitsubishi Estate Co., Ltd.		4,000		98,548
New World Development Co., Ltd.		25,523		40,452
				814,514
Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp.		17,380		276,412
				11,196,032
Consumer Discretionary - 5.1%
Auto Components - 0.4%
Cie Generale des Etablissements Michelin-Class B		1,470		128,287
GKN PLC		16,350		73,326
Lear Corp.		1,650		98,967
Magna International, Inc. (Toronto)-Class A		630		42,014
Nokian Renkaat OYJ		1,050		43,771
TRW Automotive Holdings Corp. (e)		2,050		129,867
Valeo SA		1,420		94,623
				610,855
Automobiles - 0.8%
Ford Motor Co.		15,500		243,040
Harley-Davidson, Inc.		2,722		148,458
Honda Motor Co., Ltd.		2,600		96,524
Kia Motors Corp.		2,040		105,864
Mazda Motor Corp. (e)		18,000		69,244
Nissan Motor Co., Ltd.		9,200		99,350
Renault SA		540		41,677
Toyota Motor Corp.		5,800		338,484
Volkswagen AG (Preference Shares)		680		147,683
				1,290,324
Distributors - 0.1%
Li & Fung Ltd.		152,000		211,338
Diversified Consumer Services - 0.1%
Anhanguera Educacional Participacoes SA		9,000		55,089
Estacio Participacoes SA		20,100		155,879
Kroton Educacional SA		1,700		24,391
				235,359
Hotels, Restaurants & Leisure - 0.6%
Ajisen China Holdings Ltd.		67,000		50,334
Autogrill SpA		2,580		33,777
Chipotle Mexican Grill, Inc.-Class A (e)		278		100,358
Galaxy Entertainment Group Ltd. (e)		17,000		88,248
Melco Crown Entertainment Ltd. (ADR) (e)		3,040		72,291
Melco International Development Ltd.		26,000		56,675
MGM Resorts International (e)		2,100		31,857
Sands China Ltd.		19,600		103,536
Sodexo		1,930		164,709
Starbucks Corp.		4,470		281,923
				983,708

Company	Shares		U.S. $ Value
Household Durables - 0.2%
PulteGroup, Inc. (e)		10,100		218,059
Sony Corp.		2,800		55,364
				273,423
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. (e)		1,585		426,413
priceline.com, Inc. (e)		572		459,848
				886,261
Media - 1.2%
Comcast Corp.-Class A		15,700		630,355
Gannett Co., Inc.		2,400		51,600
Naspers Ltd.		1,790		131,780
News Corp.-Class A		4,900		157,339
Time Warner Cable, Inc.-Class A		1,250		119,387
Time Warner, Inc.		1,800		105,066
Viacom, Inc.-Class B		2,300		151,547
Virgin Media, Inc.		3,200		158,912
Walt Disney Co. (The)		7,010		442,191
				1,948,177
Multiline Retail - 0.1%
Macy’s, Inc.		3,800		183,692
Myer Holdings Ltd		13,440		31,278
				214,970
Specialty Retail - 0.7%
Belle International Holdings Ltd.		68,000		104,369
GameStop Corp.-Class A		4,300		142,588
Home Depot, Inc. (The)		550		43,263
Kingfisher PLC		7,170		37,354
L’Occitane International SA		16,250		42,664
Lowe’s Cos., Inc.		3,700		155,807
Nitori Holdings Co., Ltd.		350		27,541
O’Reilly Automotive, Inc. (e)		1,350		147,029
Shimamura Co., Ltd.		300		34,464
Staples, Inc.		1,300		19,500
TJX Cos., Inc.		4,100		207,501
Yamada Denki Co., Ltd.		2,610		98,451
Zhongsheng Group Holdings Ltd.		20,000		24,985
				1,085,516
Textiles, Apparel & Luxury Goods - 0.3%
Cie Financiere Richemont SA		2,070		183,031
LVMH Moet Hennessy Louis Vuitton SA		150		26,497
Samsonite International SA		12,100		31,330
VF Corp.		940		172,828
				413,686
				8,153,617
Information Technology - 4.5%
Communications Equipment - 0.3%
Cisco Systems, Inc.		2,900		69,832
F5 Networks, Inc. (e)		1,470		122,319

Company	Shares		U.S. $ Value
Harris Corp.		2,000		100,260
QUALCOMM, Inc.		2,815		178,696
				471,107
Computers & Peripherals - 0.8%
Apple, Inc.		1,618		727,582
Dell, Inc.		2,300		30,705
EMC Corp./MA (e)		2,485		61,529
Fujitsu Ltd.		20,000		82,794
Hewlett-Packard Co.		13,100		319,902
				1,222,512
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp.-Class A		1,670		130,093
LG Display Co., Ltd. (e)		7,050		194,102
				324,195
Internet Software & Services - 1.1%
Baidu, Inc. (Sponsored ADR) (e)		2,031		196,276
eBay, Inc. (e)		8,389		453,845
Facebook, Inc. (e)		8,510		207,218
Google, Inc.-Class A (e)		732		637,140
LinkedIn Corp. (e)		790		132,349
Telecity Group PLC		6,530		95,566
Tencent Holdings Ltd.		1,500		58,964
				1,781,358
IT Services - 0.5%
Cognizant Technology Solutions Corp.-Class A (e)		8,800		568,920
Visa, Inc.-Class A		1,485		264,538
				833,458
Semiconductors & Semiconductor Equipment - 0.9%
Applied Materials, Inc.		12,900		196,080
Micron Technology, Inc. (e)		5,500		64,240
Samsung Electronics Co., Ltd.		160		215,578
Samsung Electronics Co., Ltd. (Preference Shares)		520		450,873
SK Hynix, Inc. (e)		4,730		132,686
Sumco Corp.		5,400		64,764
Taiwan Semiconductor Manufacturing Co., Ltd. (e)		21,000		76,358
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		6,500		121,290
Tokyo Electron Ltd.		1,100		54,107
				1,375,976
Software - 0.7%
ANSYS, Inc. (e)		3,576		266,412
Citrix Systems, Inc. (e)		5,235		336,872
Dassault Systemes SA		240		30,082
Electronic Arts, Inc. (e)		2,900		66,671
Nintendo Co., Ltd.		400		39,503
Red Hat, Inc. (e)		1,810		87,296
SAP AG		1,308		97,888

Company	Shares		U.S. $ Value
SolarWinds, Inc. (e)		1,256		52,941
Symantec Corp. (e)		6,000		134,340
				1,112,005
				7,120,611
Health Care - 3.8%
Biotechnology - 1.1%
Actelion Ltd. (e)		2,560		152,914
Biogen Idec, Inc. (e)		3,294		782,292
Celgene Corp. (e)		3,580		442,667
Gilead Sciences, Inc. (e)		3,250		177,060
Quintiles Transnational Holdings, Inc. (e)		2,050		90,282
Vertex Pharmaceuticals, Inc. (e)		1,570		126,087
				1,771,302
Health Care Equipment & Supplies - 0.4%
IDEXX Laboratories, Inc. (e)		1,305		107,584
Intuitive Surgical, Inc. (e)		819		407,477
Medtronic, Inc.		3,780		192,818
				707,879
Health Care Providers & Services - 0.7%
Aetna, Inc.		2,700		163,026
Health Net, Inc./CA (e)		2,700		86,049
McKesson Corp.		1,000		113,860
Odontoprev SA		4,700		22,032
UnitedHealth Group, Inc.		5,927		371,208
WellPoint, Inc.		3,600		277,092
				1,033,267
Life Sciences Tools & Services - 0.2%
Eurofins Scientific (e)		321		62,481
Illumina, Inc. (e)		2,150		151,188
Mettler-Toledo International, Inc. (e)		282		61,549
				275,218
Pharmaceuticals - 1.4%
AbbVie, Inc.		300		12,807
Allergan, Inc./United States		4,164		414,276
GlaxoSmithKline PLC		10,770		278,654
Johnson & Johnson		3,300		277,794
Merck & Co., Inc.		6,800		317,560
Novartis AG		1,270		90,973
Pfizer, Inc.		19,000		517,370
Roche Holding AG		840		208,266
Roche Holding AG (Sponsored ADR)		1,800		112,212
Sun Pharmaceutical Industries Ltd.		3,730		68,492
				2,298,404
				6,086,070
Industrials - 3.6%
Aerospace & Defense - 0.9%
Boeing Co. (The)		5,440		538,669

Company	Shares		U.S. $ Value
European Aeronautic Defence and Space Co. NV		2,370		136,466
Northrop Grumman Corp.		700		57,673
Precision Castparts Corp.		2,388		510,841
Safran SA		1,460		77,605
Zodiac Aerospace		580		76,402
				1,397,656
Airlines - 0.2%
Delta Air Lines, Inc. (e)		7,300		131,473
Japan Airlines Co., Ltd.		1,400		71,761
Qantas Airways Ltd. (e)		50,420		76,269
Turk Hava Yollari		7,270		33,691
				313,194
Building Products - 0.0%
Asahi Glass Co., Ltd.		7,000		49,821
Commercial Services & Supplies - 0.1%
Aggreko PLC		1,510		40,615
Edenred		2,288		72,750
Stericycle, Inc. (e)		1,045		114,699
				228,064
Construction & Engineering - 0.1%
Larsen & Toubro Ltd.		4,290		106,384
Electrical Equipment - 0.3%
AMETEK, Inc.		2,721		117,411
Roper Industries, Inc.		949		117,885
Sumitomo Electric Industries Ltd.		12,900		154,311
				389,607
Industrial Conglomerates - 0.5%
Danaher Corp.		6,136		379,327
General Electric Co.		18,400		429,088
Siemens AG		370		39,003
				847,418
Machinery - 0.6%
Cummins, Inc.		1,050		125,612
FANUC Corp.		900		132,538
Flowserve Corp.		1,641		275,901
Illinois Tool Works, Inc.		2,100		147,273
Komatsu Ltd.		6,500		162,771
Parker Hannifin Corp.		225		22,446
Timken Co.		2,000		113,520
				980,061
Professional Services - 0.7%
Bureau Veritas SA		1,963		226,879
Capita PLC		22,388		326,165
Intertek Group PLC		7,121		346,189
Qualicorp SA (e)		2,700		23,889
SGS SA		58		129,968
				1,053,090

Company	Shares		U.S. $ Value
Road & Rail - 0.1%
Canadian National Railway Co.		460		46,681
Globaltrans Investment PLC (Sponsored GDR) (f)		5,790		88,008
Tokyu Corp.		5,000		31,125
				165,814
Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		4,200		72,586
WW Grainger, Inc.		355		91,391
				163,977
				5,695,086
Energy - 3.0%
Energy Equipment & Services - 1.0%
Aker Solutions ASA		4,860		71,616
AMEC PLC		4,941		76,361
Diamond Offshore Drilling, Inc.		2,000		137,620
Halliburton Co.		2,350		98,348
Helix Energy Solutions Group, Inc. (e)		1,700		40,562
Helmerich & Payne, Inc.		2,100		129,654
Nabors Industries Ltd.		5,300		84,853
National Oilwell Varco, Inc.		1,820		127,946
Oceaneering International, Inc.		3,486		252,665
Schlumberger Ltd.		4,967		362,740
Seadrill Ltd.		1,940		78,463
Technip SA		906		100,714
				1,561,542
Oil, Gas & Consumable Fuels - 2.0%
BP PLC		27,720		198,120
BP PLC (Sponsored ADR)		2,050		87,965
Cameco Corp.		3,040		66,093
Canadian Natural Resources Ltd.		1,620		48,284
Chevron Corp.		3,500		429,625
China Petroleum & Chemical Corp.-Class H		60,000		61,343
ENI SpA		3,920		89,147
EOG Resources, Inc.		884		114,124
Exxon Mobil Corp.		9,500		859,465
Gazprom OAO (Sponsored ADR)		13,780		104,315
HollyFrontier Corp.		400		19,800
LUKOIL OAO (London) (Sponsored ADR)		810		47,426
Marathon Petroleum Corp.		2,400		198,000
Noble Energy, Inc.		3,180		183,327
NovaTek OAO (Sponsored GDR) (f)		1,170		130,629
Petroleo Brasileiro SA (Sponsored ADR)		5,650		105,316
Phillips 66		800		53,256
Royal Dutch Shell PLC (ADR)		1,850		122,784
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		3,708		123,818
Suncor Energy, Inc. (Toronto)		1,720		52,177
Valero Energy Corp.		4,300		174,709
				3,269,723
				4,831,265

Company	Shares		U.S. $ Value
Consumer Staples - 2.6%
Beverages - 0.1%
Anheuser-Busch InBev NV		840		77,352
Asahi Group Holdings Ltd.		3,000		71,931
				149,283
Food & Staples Retailing - 0.7%
Costco Wholesale Corp.		1,720		188,632
Jeronimo Martins SGPS SA		6,794		144,953
Koninklijke Ahold NV		8,110		131,495
Kroger Co. (The)		6,850		230,640
Olam International Ltd.		206,136		284,698
Tesco PLC		7,020		38,872
Tsuruha Holdings, Inc.		300		24,154
WM Morrison Supermarkets PLC		18,810		78,135
				1,121,579
Food Products - 0.3%
Danone SA		550		40,609
Hershey Co. (The)		2,850		253,964
Tyson Foods, Inc.-Class A		6,800		170,000
Unilever PLC		2,379		99,931
				564,504
Household Products - 0.2%
Henkel AG & Co. KGaA		2,140		174,064
LG Household & Health Care Ltd.		90		49,473
Procter & Gamble Co. (The)		1,970		151,217
				374,754
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The)-Class A		4,180		283,321
Tobacco - 1.1%
Altria Group, Inc.		3,500		126,350
British American Tobacco PLC		9,035		496,461
Imperial Tobacco Group PLC		3,410		122,367
Japan Tobacco, Inc.		13,400		456,042
KT&G Corp.		580		40,868
Philip Morris International, Inc.		5,299		481,732
				1,723,820
				4,217,261
Materials - 1.4%
Chemicals - 0.7%
Arkema SA		870		89,497
Axiall Corp.		1,700		73,355
BASF SE		420		40,705
Filtrona PLC		12,296		129,576
Huntsman Corp.		6,900		134,205
Koninklijke DSM NV		1,170		76,764
LyondellBasell Industries NV		2,900		193,285
Monsanto Co.		3,584		360,694
Teijin Ltd.		16,000		36,187
				1,134,268

Company	Shares		U.S. $ Value
Construction Materials - 0.1%
Boral Ltd.		8,270		35,727
Grasim Industries Ltd. (GDR) (f)		621		31,385
Holcim Ltd. (e)		360		27,922
Semen Indonesia Persero Tbk PT		44,000		80,662
				175,696
Containers & Packaging - 0.1%
Rock Tenn Co.		1,300		128,414
Metals & Mining - 0.5%
Anglo American PLC		2,520		57,739
BHP Billiton PLC		5,730		164,767
Dowa Holdings Co., Ltd.		5,000		41,463
Goldcorp, Inc.		2,570		76,276
KGHM Polska Miedz SA		1,260		56,291
Kinross Gold Corp.		7,840		51,422
MMC Norilsk Nickel OJSC (ADR)		8,680		125,686
Rio Tinto PLC		2,760		117,882
Vale SA (Sponsored ADR) (Local Preference Shares)		8,950		120,646
				812,172
				2,250,550
Utilities - 0.6%
Electric Utilities - 0.3%
American Electric Power Co., Inc.		1,330		60,940
Edison International		3,000		137,820
EDP-Energias de Portugal SA		23,080		74,430
Electricite de France SA		3,430		77,834
NV Energy, Inc.		8,700		203,928
				554,952
Gas Utilities - 0.1%
Atmos Energy Corp.		2,650		111,883
Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC		9,867		124,433
Multi-Utilities - 0.1%
Centrica PLC		12,920		74,299
DTE Energy Co.		425		28,309
National Grid PLC		5,880		69,916
NiSource, Inc.		1,700		48,841
				221,365
				1,012,633
Telecommunication Services - 0.5%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.		4,200		146,958
Nippon Telegraph & Telephone Corp.		3,600		177,552
TDC A/S		8,750		68,416
Vivendi SA		3,745		73,299
				466,225
Wireless Telecommunication Services - 0.2%
China Mobile Ltd.		6,500		68,524

Company	Shares		U.S. $ Value
Turkcell Iletisim Hizmetleri AS (e)		6,030		37,107
Vodafone Group PLC		48,907		141,738
Vodafone Group PLC (Sponsored ADR)		2,200		63,690
				311,059
				777,284
Total Common Stocks (cost $40,646,794)				51,340,409
INVESTMENT COMPANIES - 14.3%
Funds and Investment Trusts - 14.3%
AllianceBernstein Pooling Portfolios-Volatility Management Portfolio* (cost $20,618,528)		1,995,014		22,783,060
WARRANTS - 0.0%
Industrials - 0.0%
Industrial Conglomerates - 0.0%
John Keells Holdings PLC, Deutsche Bank AG London, expiring 7/05/19 (e)		16,109		36,286
Consumer Staples - 0.0%
Food & Staples Retailing - 0.0%
Olam International Ltd., expiring 12/03/17 (e)		30,477		11,124
Total Warrants (cost $27,448)				47,410
	Principal Amount (000)
CORPORATES - NON-INVESTMENT GRADES - 0.0%
Industrial - 0.0%
Consumer Non-Cyclical - 0.0%
Olam International Ltd.
6.75%, 1/29/18 (f) (cost $30,433)	$	32		31,474
	Shares
SHORT-TERM INVESTMENTS - 0.3%
Investment Companies - 0.3%
AllianceBernstein Fixed-Income Shares, Inc.-Government STIF Portfolio, 0.09% (g) (cost $456,337)		456,337		456,337

	U.S. $ Value
Total Investments - 99.3%
(cost $142,362,537) (h)	$	158,725,144
Other assets less liabilities - 0.7% (i)		1,045,699
Net Assets - 100.0%	$	159,770,843

FUTURES CONTRACTS

Type	Number of Contracts		Expiration Month		Original Value		Value at May 31, 2013		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		2		June 2013	$	68,708	$	72,110	$	3,402

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		AUD	441		USD	427		8/16/13	$	6,758
BNP Paribas SA		KRW	505,998		USD	457		8/16/13		11,342
Canadian Imperial Bank of Commerce		CAD	361		USD	350		8/16/13		2,039
Credit Suisse International		JPY	39,908		USD	403		8/16/13		5,720
Credit Suisse International		USD	497		GBP	327		8/16/13		(85	)
Deutsche Bank AG London		USD	510		SEK	3,340		8/16/13		(6,630	)
Goldman Sachs Capital Markets LP		GBP	311		USD	482		8/16/13		9,741
HSBC BankUSA		HKD	4,151		USD	535		8/16/13		206
HSBC BankUSA		JPY	73,952		USD	746		8/16/13		9,158
JPMorgan Chase Bank, NA		GBP	974		USD	1,506		8/16/13		26,518
JPMorgan Chase Bank, NA		USD	829		CAD	835		8/16/13		(24,817	)
Royal Bank of Scotland PLC		JPY	52,352		USD	534		8/16/13		12,770
Societe Generale		USD	687		AUD	680		8/16/13		(39,321	)
State Street Bank & Trust Co.		AUD	318		USD	307		8/16/13		4,676
State Street Bank & Trust Co.		CAD	81		USD	80		8/16/13		1,698
State Street Bank & Trust Co.		CHF	43		USD	44		8/16/13		(843	)
State Street Bank & Trust Co.		EUR	100		USD	131		8/16/13		1,056
State Street Bank & Trust Co.		JPY	42,197		USD	426		8/16/13		5,954
State Street Bank & Trust Co.		USD	224		AUD	217		8/16/13		(17,138	)
State Street Bank & Trust Co.		USD	83		CHF	78		8/16/13		(1,404	)
State Street Bank & Trust Co.		USD	54		EUR	41		8/16/13		(434	)
State Street Bank & Trust Co.		USD	532		GBP	347		8/16/13		(5,458	)
State Street Bank & Trust Co.		USD	186		JPY	19,006		8/16/13		3,738
State Street Bank & Trust Co.		USD	74		NOK	433		8/16/13		(297	)
State Street Bank & Trust Co.		USD	254		NZD	299		8/16/13		(17,189	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	292		SEK	1,909		8/16/13	$	(4,397	)
State Street Bank & Trust Co.		USD	209		SGD	258		8/16/13		(5,079	)
									$	(21,718	)

INFLATION (CPI) SWAP CONTRACTS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	1,800		1/31/27		2.628	%		CPI	#	$	(13,500	)
Barclays Bank PLC		2,000		1/31/19		2.385	%		CPI	#		(26,622	)
Citibank, NA		300		5/24/23		2.533	%		CPI	#		(1,759	)
Goldman Sachs International		1,400		1/31/22		2.515	%		CPI	#		(16,490	)
Goldman Sachs International		6,000		1/31/15		1.990	%		CPI	#		(29,905	)
Morgan Stanley Capital Services LLC		250		4/16/23		2.690	%		CPI	#		(5,543	)
											$	(93,819	)

* To obtain a copy of the fund’s financial statements, please go to the Securities Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

(a) Illiquid security.

(b) Security is in default and is non-income producing.

(c) Variable rate coupon, rate shown as of May 31, 2013.

(d) Fair valued by the Adviser.

(e) Non-income producing security.

(f) 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 May 31, 2013, the aggregate market value of these securities amounted to $281,496 or 0.2% of net assets.

(g) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(h) As of May 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $18,096,570 and gross unrealized depreciation of investments was $(1,733,963), resulting in net unrealized appreciation of $16,362,607.

(i) An amount of U.S.$5,475 has been segregated to collateralize margin requirements for the open futures contracts at May 31, 2013.

As of May 31, 2013, the Strategy held 53.0% of its total investments in municipal bonds. Of the total investments in municipal bonds, 23.3% is insured (25.5% of this amount represents the Strategy’s holding in pre-refunded or escrowed to maturity bonds).

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro

GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar
Glossary:
ADR	-	American Depositary Receipt
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CDD	-	Community Development District
COP	-	Certificate of Participation
CPI	-	Consumer Price Index
ETM	-	Escrowed to Maturity
GDR	-	Global Depositary Receipt
GO	-	General Obligation
IDA	-	Industrial Development Authority/Agency
NPFGC	-	National Public Finance Guarantee Corporation
NPFGC-RE	-	National Public Finance Guarantee Corporation Reinsuring Financial Guaranty Insurance Company
OJSC	-	Open Joint Stock Company
PCR	-	Pollution Control Revenue Bond
PUD	-	Public Utility District
REG	-	Registered Shares
RTA	-	Regional Transportation Authority
SD	-	School District

AllianceBernstein Wealth Strategies

Tax-Managed Balanced Wealth

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes 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 (including those valued based on their market values). 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 Strategy. Unobservable inputs reflect the Strategy’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 Strategy’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Strategy’s investments by the above fair value hierarchy levels as of May 31, 2013:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Municipal Obligations	$	– 0	–	$	82,416,517	$	1,649,937^		$	84,066,454
Common Stocks:
Financials		5,899,790			5,296,242		– 0	–		11,196,032
Consumer Discretionary		5,541,768			2,611,849		– 0	–		8,153,617
Information Technology		5,527,346			1,593,265		– 0	–		7,120,611
Health Care		5,180,570			905,500		– 0	–		6,086,070
Industrials		3,331,787			2,363,299		– 0	–		5,695,086
Energy		3,975,106			856,159		– 0	–		4,831,265
Consumer Staples		2,071,677			2,145,584		– 0	–		4,217,261
Materials		1,295,368			955,182		– 0	–		2,250,550
Utilities		716,154			296,479		– 0	–		1,012,633

Telecommunication Services		210,648			566,636			– 0	–		777,284
Investment Companies		22,783,060			– 0	–		– 0	–		22,783,060
Warrants		11,124			– 0	–		36,286			47,410
Corporates - Non-Investment Grades		– 0	–		– 0	–		31,474			31,474
Short-Term Investments		456,337			– 0	–		– 0	–		456,337
Total Investments in Securities		57,000,735			100,006,712+			1,717,697			158,725,144
Other Financial Instruments* :
Assets:
Futures Contracts		– 0	–		3,402			– 0	–		3,402
Forward Currency Exchange Contracts		– 0	–		101,929			– 0	–		101,929
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(123,647	)		– 0	–		(123,647	)
Inflation (CPI) Swap Contracts		– 0	–		(93,819	)		– 0	–		(93,819	)
Total++	$	57,000,735		$	99,894,577		$	1,717,697		$	158,613,009

^ The strategy held securities with zero market value at period end.

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

+ A significant portion of the Strategy’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

++ There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Strategy recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Municipal Obligations^			Warrants			Corporates - Non- Investment Grades
Balance as of 8/31/12	$	2,235,330		$	15,465		$	– 0	–
Accrued discounts/(premiums)		2,723			– 0	–		152
Realized gain (loss)		(40,829	)		– 0	–		786
Change in unrealized appreciation/depreciation		45,413			10,216			1,041
Purchases		– 0	–		10,605			55,942
Sales		(592,700	)		– 0	–		(26,447	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 5/31/13	$	1,649,937		$	36,286		$	31,474
Net change in unrealized appreciation/depreciation from Investments held as of 5/31/13	$	(34,467	)	$	10,216		$	1,041
	Total
Balance as of 8/31/12	$	2,250,795
Accrued discounts/(premiums)		2,875
Realized gain (loss)		(40,043	)
Change in unrealized appreciation/depreciation		56,670
Purchases		66,547
Sales		(619,147	)
Transfers in to Level 3		– 0 –
Transfers out of Level 3		– 0 –
Balance as of 5/31/13	$	1,717,697
Net change in unrealized appreciation/depreciation from Investments held as of 5/31/13	$	(23,210	)

^ The Strategy held securities with zero market value at period end.

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at May 31, 2013:

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 5/31/13		Valuation Technique	Unobservable Input	Range/ Weighted Average
Municipal Obligations		$    1,649,737	Third Party Vendor	Evaluated Quotes		$30.00 - $104.83/ $76.30
		$0.00	Qualitative Assesment			$0.00
Warrants		$36,286	Indicative Market Quotations	Broker Quotes		$2.25/ N/A
Corporates - Non-Investment Grades		$31,474	Third Party Vendor	Evaluated Quotes		$98.55/ N/A

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Strategy. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

21

AllianceBernstein Wealth Strategies

Tax-Managed Conservative Wealth

Portfolio of Investments

May 31, 2013 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 69.0%
Long-Term Municipal Bonds - 69.0%
Alabama - 0.9%
Alabama Pub Sch & Clg Auth 5.00%, 12/01/15	$	575	$	636,956
Alaska - 1.3%
Anchorage AK GO Series 2012B 5.00%, 8/01/15		775		850,555
Arizona - 2.1%
Arizona Trans Brd Fed Hwy Grant AMBAC Series 2004B 5.00%, 7/01/14 (Pre-refunded/ETM)		565		593,657
Arizona Trnsp Brd Hwy Series 2011A 5.00%, 7/01/24		675		801,448
				1,395,105
Colorado - 3.9%
Denver City & County Board of Wtr Commissioners Series 2012B 5.00%, 12/15/15		800		892,248
Denver CO City & Cnty Arpt (Denver Intl Airport) Series 2011A 5.25%, 11/15/18		500		595,940
Series 2011B 4.00%, 11/15/14		500		524,115
Denver CO Urban Renewal Auth (Stapleton) Series 2013A 5.00%, 12/01/16		305		345,604
Mun Subdist No CO Wtr Conserv Dist AMBAC Series 2007J 5.00%, 12/01/14		230		244,658
				2,602,565
District of Columbia - 0.5%
Metro Washington Arpt Auth VA Series 2010B 5.00%, 10/01/16		275		312,400
Florida - 8.4%
Broward Cnty FL Arpt Sys (Fort Lauderdale Hollywood Intl Arpt FL) Series 2012Q 5.00%, 10/01/24		205		238,843
Florida Brd of Ed Lottery Series 2012A 3.00%, 7/01/14		490		504,259
Florida Dept Envrn Protn FL Forever (Florida Documentary Stamp Tax) Series 2008B 5.25%, 7/01/16-7/01/17		910		1,042,251
Florida GO 5.00%, 7/01/17		550		641,889

	Principal Amount (000)		U.S. $ Value
Florida Hurricane Catastr Fd Fin Corp. Series 2008A 5.00%, 7/01/14		130		136,507
Series 2010A 5.00%, 7/01/16		365		412,143
Jacksonville FL Spl Rev Appropriation 5.00%, 10/01/19		1,140		1,359,302
Miami Beach FL Hlth Fac Auth (Mt. Sinai Medical Center FL) 3.00%, 11/15/15		200		205,036
Miami-Dade Cnty FL Aviation (Miami-Dade Intl Airport) Series 2012A 4.00%, 10/01/15		375		402,551
Orlando & Orange Cnty Expwy Auth FL Series 2013B 5.00%, 7/01/22		155		185,304
Sunshine St Govtl Fing Commn FL (Miami-Dade Cnty FL Non-Ad Valorem) 5.00%, 9/01/13		410		414,416
				5,542,501
Georgia - 3.2%
Atlanta GA Arpt (Hartsfield Jackson Atlanta Intl Arpt) 5.00%, 1/01/14		475		487,364
Fulton Cnty GA Dev Auth (Robert W. Woodruff Arts Ctr) Series 2009 B 5.25%, 3/15/24		305		341,829
Georgia Mun Elec Auth Series 2008A 5.25%, 1/01/17		190		218,266
Series 2012B 5.00%, 1/01/18		555		643,989
Main Street Nat Gas, Inc. (JP Morgan Chase) Series A 5.00%, 3/15/17		385		430,538
				2,121,986
Illinois - 3.1%
Chicago IL Wtr 5.00%, 11/01/25		620		720,397
Illinois Finance Auth (Illinois Unemployment) Series 2012B 5.00%, 6/15/19		255		276,606
Illinois GO 5.00%, 8/01/15		385		418,618
AMBAC Series B 5.00%, 3/01/14		600		619,566
				2,035,187

	Principal Amount (000)		U.S. $ Value
Indiana - 0.9%
Indiana Bond Bank Gas (JP Morgan Chase) Series 2007A 5.25%, 10/15/20		150		175,157
Indiana Finance Auth (Indiana SRF) 5.00%, 2/01/27		275		318,678
Jasper Cnty IN PCR (No. Indiana Pub Serv Co.) NPFGC 5.60%, 11/01/16		75		83,061
				576,896
Louisiana - 1.4%
Louisiana Gas & Fuels Tax Series 2012A 5.00%, 5/01/27		135		157,568
Morehouse Parish LA PCR (International Paper Co.) Series 2001A 5.25%, 11/15/13		265		270,329
New Orleans LA GO NPFGC 5.25%, 12/01/20		450		487,391
				915,288
Maryland - 0.6%
Baltimore MD GO Series 2013B 5.00%, 10/15/15		350		386,221
Massachusetts - 3.1%
Massachusetts GO AGM Series 2006C 2.354%, 11/01/19 (a)		300		314,295
Series 2011B 4.00%, 8/01/13		1,115		1,121,712
Massachusetts Hlth & Ed Facs Auth (Caregroup, Inc.) Series 2008 5.00%, 7/01/16		540		599,114
				2,035,121
Michigan - 3.7%
Detroit MI City SD GO Series 2012A 4.00%, 5/01/14		145		149,405
Detroit MI Swr Disp AGM 0.79%, 7/01/32 (b)		410		354,757
Michigan Fin Auth (Michigan Unemployment) 5.00%, 7/01/20
Series 2012A 5.00%, 7/01/14		915 845		1,095,502 888,323
				2,487,987

	Principal Amount (000)		U.S. $ Value
Missouri - 3.0%
Bi-State Dev Agy MO (St. Louis MO City & Cnty Sales Tax) Series 2010B 4.00%, 10/15/13		630		638,127
Springfield MO Pub Util 5.00%, 12/01/14		850		905,224
St. Louis MO Arpt (Lambert- St. Louis Intl Arpt) 5.50%, 7/01/16		375		423,128
				1,966,479
Nevada - 2.2%
Clark Cnty NV SD GO NPFGC Series 2003D 5.50%, 6/15/13		780		781,310
Nevada GO Series 2008C 5.00%, 6/01/15 (c)		260		283,507
Nevada Hwy Motor Veh Fuel Tax 5.00%, 12/01/16		325		372,476
				1,437,293
New Jersey - 1.0%
New Jersey EDA (New Jersey Cigarette Tax) 5.00%, 6/15/16		330		364,063
New Jersey EDA (New Jersey Trnst Pj Lease) Series 2008A 5.00%, 5/01/17		250		287,067
				651,130
New Mexico - 0.7%
New Mexico Severance Tax Series 2010D 4.00%, 7/01/13		500		501,445
New York - 5.9%
Metropolitan Trnsp Auth NY Series 2012D 4.00%, 11/15/15		625		677,281
Series 2012F 5.00%, 11/15/23		175		206,754
New York NY GO Series C 5.25%, 8/01/17		160		187,610
New York NY Trnsl Fin Auth Series 2012B 5.00%, 11/01/15		780		866,408
New York St Dormitory Auth (New York St Lease CUNY) Series 2008B 5.00%, 7/01/16		150		169,277

	Principal Amount (000)		U.S. $ Value
New York St Dormitory Auth (New York St Lease Svc Contract) Series 2009A 5.00%, 7/01/18		1,000		1,183,740
New York St Thruway Auth (New York St Pers Income Tax) Series 2008A 5.00%, 3/15/18		270		318,462
New York St Thruway Auth (New York St Thruway Auth Ded Tax) Series 2008B 5.00%, 4/01/16		280		314,423
				3,923,955
North Carolina - 1.3%
North Carolina GO Series 2013E 5.00%, 5/01/16		240		271,337
North Carolina Turnpike Auth 4.00%, 7/01/14		580		602,701
				874,038
Ohio - 2.2%
Cleveland OH Arpt Sys AMBAC Series 2006A 5.00%, 1/01/16		490		537,937
Cleveland OH Mun SD GO AGM 5.25%, 6/01/14 (Pre-refunded/ETM)		585		613,811
Cuyahoga Cnty OH Econ Dev (Cuyahoga Cnty OH Lease) Series 2010F 5.25%, 12/01/25		285		327,519
				1,479,267
Pennsylvania - 4.9%
Pennsylvania Econ Dev Fin Auth (Pennsylvania Unemployment) Series 2012A 5.00%, 7/01/17		905		1,058,569
Pennsylvania GO Series 2010A 5.00%, 5/01/14		280		292,152
Pennsylvania IDA (Pennsylvania IDA Econ Dev) 5.00%, 7/01/15		655		710,570
Philadelphia PA Parking Auth (Philadelphia Airport Parking) Series 2009 5.125%, 9/01/22		800		901,520
Pittsburgh PA GO 5.00%, 9/01/14		285		299,980
				3,262,791
Puerto Rico - 2.0%
Puerto Rico Elec Pwr Auth 5.00%, 7/01/21		300		311,013

	Principal Amount (000)		U.S. $ Value
Puerto Rico GO FGIC Series 2002A 5.50%, 7/01/18		120		128,755
Puerto Rico Hwy & Trnsp Auth (Puerto Rico Hwy & Trnsp Spl Tax) AMBAC Series 2007N 3.098%, 7/01/28 (a)		280		211,067
Puerto Rico Sales Tax Fin Corp. Series 2009 A 5.50%, 8/01/23		605		676,783
				1,327,618
Rhode Island - 1.1%
Rhode Island Higher Ed Svgs Tr (Rhode Island DOT Fed Hwy Grant) AGC Series 2009A 5.25%, 6/15/18		600		707,934
Texas - 8.3%
Dallas Fort Worth TX Intl Arpt Series 2009A 5.00%, 11/01/15		1,010		1,116,484
Denton TX ISD GO Series 2012A 2.125%, 8/01/42		180		184,930
Houston TX ISD GO 2.00%, 6/01/29		450		456,426
SA Energy Acq Pub Fac Corp. Gas (Goldman Sachs Group, Inc.) Series 2007 5.50%, 8/01/22		460		547,800
San Antonio TX Elec & Gas Series 2012B 2.00%, 12/01/27		635		657,073
San Antonio TX Wtr NPFGC-RE 5.50%, 5/15/16		1,220		1,393,826
Spring TX ISD GO 5.00%, 8/15/24		600		709,014
Tarrant TX Regional WTR Dist Series 2012A 5.00%, 3/01/15		385		416,216
				5,481,769
Washington - 3.3%
Energy Northwest WA (Bonneville Power Admin) Series 2012A 5.00%, 7/01/19		620		747,088
King Cnty WA GO 5.00%, 6/01/15		550		600,528
Washington St GO Series 2013R 5.00%, 7/01/17		715		833,511
				2,181,127

Company	Shares		U.S. $ Value
Total Municipal Obligations (cost $44,214,481)				45,693,614
COMMON STOCKS - 19.7%
Financials - 4.3%
Capital Markets - 0.6%
Affiliated Managers Group, Inc. (d)		480		78,720
BlackRock, Inc.-Class A		131		36,575
Credit Suisse Group AG (d)		674		19,921
Deutsche Bank AG (REG)		461		21,419
Macquarie Group Ltd.		950		38,738
Morgan Stanley		2,800		72,520
State Street Corp.		900		59,562
UBS AG (d)		5,243		91,993
				419,448
Commercial Banks - 1.1%
Banco do Brasil SA		2,700		31,717
Bank Hapoalim BM (d)		2,080		9,625
Bank of Montreal		380		22,494
Bank of Nova Scotia		190		10,820
Barclays PLC		4,150		19,879
BB&T Corp.		475		15,637
China Construction Bank Corp.-Class H		27,000		21,803
CIT Group, Inc. (d)		1,490		68,659
HSBC Holdings PLC		6,270		68,788
Industrial & Commercial Bank of China Ltd.-Class H		21,000		14,747
KB Financial Group, Inc.		979		31,777
KeyCorp		650		7,007
Lloyds Banking Group PLC (d)		11,760		10,930
Mitsubishi UFJ Financial Group, Inc.		6,500		37,723
National Australia Bank Ltd.		1,080		29,712
National Bank of Canada		210		15,453
Regions Financial Corp.		900		8,217
Sberbank of Russia (Sponsored ADR)		5,004		61,249
Societe Generale SA		958		38,207
State Bank of India		430		15,534
Sumitomo Mitsui Financial Group, Inc.		500		19,740
SunTrust Banks, Inc.		325		10,429
Toronto-Dominion Bank (The)		260		21,063
US Bancorp/MN		565		19,809
Wells Fargo & Co.		2,800		113,540
				724,559
Consumer Finance - 0.3%
Capital One Financial Corp.		1,320		80,428
Discover Financial Services		1,100		52,151
Muthoot Finance Ltd.		5,480		13,404
Shriram Transport Finance Co., Ltd.		3,290		47,089
				193,072
Diversified Financial Services - 0.8%
Bank of America Corp.		8,200		112,012
BM&FBovespa SA		1,900		12,322
Citigroup, Inc.		2,175		113,078
IG Group Holdings PLC		4,023		35,170

Company	Shares		U.S. $ Value
ING Groep NV (d)		4,270		39,817
IntercontinentalExchange, Inc. (d)		804		137,653
JPMorgan Chase & Co.		2,000		109,180
ORIX Corp.		1,500		19,893
				579,125
Insurance - 1.0%
Admiral Group PLC		2,977		60,026
Aegon NV		2,893		19,738
AIA Group Ltd.		16,400		72,504
Allianz SE		100		15,447
American International Group, Inc. (d)		1,000		44,460
Aviva PLC		2,900		14,573
BB Seguridade Participacoes SA (d)		4,800		40,430
Berkshire Hathaway, Inc. (d)		300		34,221
Chubb Corp. (The)		600		52,260
Everest Re Group Ltd.		250		32,403
Fidelity National Financial, Inc.-Class A		1,100		28,941
Genworth Financial, Inc.-Class A (d)		1,200		12,972
Lancashire Holdings Ltd.		3,670		44,284
MetLife, Inc.		200		8,842
Muenchener Rueckversicherungs AG		65		12,124
PartnerRe Ltd.		475		43,059
Prudential PLC		3,850		64,761
Reinsurance Group of America, Inc.-Class A		475		31,298
Suncorp Group Ltd.		1,400		16,576
Travelers Cos., Inc. (The)		275		23,023
				671,942
Real Estate Investment Trusts (REITs) - 0.1%
GLP J-Reit		7		6,437
Mexico Real Estate Management SA de CV (d)		6,150		15,243
Stockland		4,720		16,369
				38,049
Real Estate Management & Development - 0.3%
China Overseas Land & Investment Ltd.		2,000		5,916
Daito Trust Construction Co., Ltd.		300		27,921
Evergrande Real Estate Group Ltd.		49,000		19,545
Global Logistic Properties Ltd.		25,000		55,291
Hang Lung Properties Ltd.		19,000		66,415
Mitsubishi Estate Co., Ltd.		600		14,782
New World Development Co., Ltd.		5,280		8,368
				198,238
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp.		2,980		47,394
				2,871,827
Consumer Discretionary - 3.2%
Auto Components - 0.2%
Cie Generale des Etablissements Michelin-Class B		400		34,908
GKN PLC		4,390		19,688
Lear Corp.		425		25,492
Magna International, Inc. (Toronto)-Class A		160		10,670

Company	Shares		U.S. $ Value
Nokian Renkaat OYJ		300		12,506
TRW Automotive Holdings Corp. (d)		375		23,756
Valeo SA		360		23,989
				151,009
Automobiles - 0.5%
Ford Motor Co.		3,900		61,152
Harley-Davidson, Inc.		705		38,451
Honda Motor Co., Ltd.		700		25,987
Kia Motors Corp.		560		29,060
Mazda Motor Corp. (d)		5,000		19,234
Nissan Motor Co., Ltd.		2,400		25,918
Renault SA		140		10,805
Toyota Motor Corp.		1,500		87,539
Volkswagen AG (Preference Shares)		170		36,921
				335,067
Distributors - 0.1%
Li & Fung Ltd.		40,000		55,615
Diversified Consumer Services - 0.1%
Anhanguera Educacional Participacoes SA		2,100		12,854
Estacio Participacoes SA		5,100		39,551
Kroton Educacional SA		500		7,174
				59,579
Hotels, Restaurants & Leisure - 0.4%
Ajisen China Holdings Ltd.		18,000		13,523
Autogrill SpA		810		10,604
Chipotle Mexican Grill, Inc.-Class A (d)		74		26,714
Galaxy Entertainment Group Ltd. (d)		4,000		20,764
Melco Crown Entertainment Ltd. (ADR) (d)		840		19,975
Melco International Development Ltd.		6,000		13,079
MGM Resorts International (d)		800		12,136
Sands China Ltd.		5,200		27,469
Sodexo		500		42,671
Starbucks Corp.		1,135		71,584
				258,519
Household Durables - 0.1%
PulteGroup, Inc. (d)		2,600		56,134
Sony Corp.		700		13,841
				69,975
Internet & Catalog Retail - 0.4%
Amazon.com, Inc. (d)		390		104,922
priceline.com, Inc. (d)		147		118,178
				223,100
Media - 0.7%
Comcast Corp.-Class A		4,180		167,827
Gannett Co., Inc.		600		12,900
Naspers Ltd.		460		33,865
News Corp.-Class A		1,525		48,968
Time Warner Cable, Inc.-Class A		325		31,041
Viacom, Inc.-Class B		600		39,534

Company	Shares		U.S. $ Value
Virgin Media, Inc.		750		37,245
Walt Disney Co. (The)		1,783		112,471
				483,851
Multiline Retail - 0.1%
Macy’s, Inc.		1,000		48,340
Myer Holdings Ltd		3,240		7,540
Target Corp.		225		15,638
				71,518
Specialty Retail - 0.4%
Belle International Holdings Ltd.		18,000		27,627
GameStop Corp.-Class A		1,200		39,792
Home Depot, Inc. (The)		200		15,732
Kingfisher PLC		2,230		11,618
L’Occitane International SA		4,500		11,815
Lowe’s Cos., Inc.		850		35,793
Nitori Holdings Co., Ltd.		100		7,869
O’Reilly Automotive, Inc. (d)		293		31,911
Shimamura Co., Ltd.		100		11,488
TJX Cos., Inc.		1,200		60,732
Yamada Denki Co., Ltd.		620		23,387
Zhongsheng Group Holdings Ltd.		4,500		5,621
				283,385
Textiles, Apparel & Luxury Goods - 0.2%
Cie Financiere Richemont SA		530		46,863
LVMH Moet Hennessy Louis Vuitton SA		30		5,299
Samsonite International SA		3,300		8,545
VF Corp.		252		46,333
				107,040
				2,098,658
Information Technology - 2.7%
Communications Equipment - 0.2%
Cisco Systems, Inc.		700		16,856
F5 Networks, Inc. (d)		373		31,037
Harris Corp.		475		23,812
QUALCOMM, Inc.		731		46,404
				118,109
Computers & Peripherals - 0.5%
Apple, Inc.		426		191,564
Dell, Inc.		450		6,008
EMC Corp./MA (d)		1,003		24,834
Fujitsu Ltd.		5,000		20,698
Hewlett-Packard Co.		3,510		85,714
				328,818
Electronic Equipment, Instruments & Components - 0.1%
Amphenol Corp.-Class A		435		33,886
LG Display Co., Ltd. (d)		1,800		49,558
				83,444

Company	Shares		U.S. $ Value
Internet Software & Services - 0.7%
Baidu, Inc. (Sponsored ADR) (d)		530		51,219
eBay, Inc. (d)		2,171		117,451
Facebook, Inc. (d)		2,210		53,813
Google, Inc.-Class A (d)		185		161,026
LinkedIn Corp. (d)		203		34,009
Telecity Group PLC		1,690		24,733
Tencent Holdings Ltd.		200		7,862
				450,113
IT Services - 0.3%
Cognizant Technology Solutions Corp.-Class A (d)		2,265		146,432
Visa, Inc.-Class A		338		60,212
				206,644
Semiconductors & Semiconductor Equipment - 0.5%
Applied Materials, Inc.		3,350		50,920
Micron Technology, Inc. (d)		1,400		16,352
Samsung Electronics Co., Ltd.		40		53,894
Samsung Electronics Co., Ltd. (Preference Shares)		132		114,453
SK Hynix, Inc. (d)		1,250		35,065
Sumco Corp.		1,400		16,791
Taiwan Semiconductor Manufacturing Co., Ltd.		5,000		18,180
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		1,680		31,349
Tokyo Electron Ltd.		300		14,756
				351,760
Software - 0.4%
ANSYS, Inc. (d)		978		72,861
CA, Inc.		275		7,510
Citrix Systems, Inc. (d)		1,352		87,001
Dassault Systemes SA		60		7,521
Electronic Arts, Inc. (d)		750		17,242
Nintendo Co., Ltd.		100		9,876
Red Hat, Inc. (d)		465		22,427
SAP AG		354		26,493
SolarWinds, Inc. (d)		253		10,664
				261,595
				1,800,483
Health Care - 2.3%
Biotechnology - 0.7%
Actelion Ltd. (d)		620		37,034
Biogen Idec, Inc. (d)		871		206,854
Celgene Corp. (d)		850		105,102
Gilead Sciences, Inc. (d)		868		47,289
Quintiles Transnational Holdings, Inc. (d)		528		23,253
Vertex Pharmaceuticals, Inc. (d)		420		33,730
				453,262

Company	Shares		U.S. $ Value
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories		75		2,750
IDEXX Laboratories, Inc. (d)		330		27,205
Intuitive Surgical, Inc. (d)		210		104,482
Medtronic, Inc.		1,100		56,111
				190,548
Health Care Providers & Services - 0.4%
Aetna, Inc.		700		42,266
Health Net, Inc./CA (d)		710		22,628
McKesson Corp.		255		29,034
Odontoprev SA		1,200		5,625
UnitedHealth Group, Inc.		1,544		96,701
WellPoint, Inc.		925		71,197
				267,451
Life Sciences Tools & Services - 0.1%
Eurofins Scientific (d)		82		15,961
Illumina, Inc. (d)		570		40,082
Mettler-Toledo International, Inc. (d)		75		16,370
				72,413
Pharmaceuticals - 0.8%
AbbVie, Inc.		75		3,202
Allergan, Inc./United States		1,073		106,753
GlaxoSmithKline PLC		2,630		68,046
Johnson & Johnson		850		71,553
Merck & Co., Inc.		1,100		51,370
Novartis AG		320		22,922
Pfizer, Inc.		4,900		133,427
Roche Holding AG		220		54,546
Roche Holding AG (Sponsored ADR)		650		40,521
Sun Pharmaceutical Industries Ltd.		970		17,812
				570,152
				1,553,826
Industrials - 2.2%
Aerospace & Defense - 0.6%
Boeing Co. (The)		1,383		136,945
European Aeronautic Defence and Space Co. NV		630		36,276
General Dynamics Corp.		110		8,481
Northrop Grumman Corp.		175		14,418
Precision Castparts Corp.		616		131,775
Safran SA		420		22,325
Zodiac Aerospace		160		21,076
				371,296
Airlines - 0.1%
Delta Air Lines, Inc. (d)		1,800		32,418
Japan Airlines Co., Ltd.		400		20,503
Qantas Airways Ltd. (d)		11,830		17,895
Turk Hava Yollari		2,370		10,983
				81,799

Company	Shares		U.S. $ Value
Building Products - 0.0%
Asahi Glass Co., Ltd.		2,000		14,235
Commercial Services & Supplies - 0.1%
Aggreko PLC		370		9,952
Edenred		590		18,760
Stericycle, Inc. (d)		265		29,086
				57,798
Construction & Engineering - 0.0%
Larsen & Toubro Ltd.		840		20,830
Electrical Equipment - 0.2%
AMETEK, Inc.		697		30,076
Roper Industries, Inc.		243		30,185
Sumitomo Electric Industries Ltd.		2,900		34,690
				94,951
Industrial Conglomerates - 0.3%
Danaher Corp.		1,508		93,224
General Electric Co.		4,500		104,940
Siemens AG		80		8,433
				206,597
Machinery - 0.3%
Cummins, Inc.		285		34,095
FANUC Corp.		200		29,453
Flowserve Corp.		412		69,269
Illinois Tool Works, Inc.		475		33,312
Komatsu Ltd.		1,700		42,571
Timken Co.		275		15,609
				224,309
Professional Services - 0.4%
Bureau Veritas SA		540		62,412
Capita PLC		5,753		83,814
Intertek Group PLC		1,830		88,966
Qualicorp SA (d)		600		5,309
SGS SA		16		35,853
				276,354
Road & Rail - 0.1%
Canadian National Railway Co.		110		11,163
Globaltrans Investment PLC (Sponsored GDR) (e)		1,570		23,864
Tokyu Corp.		1,000		6,225
				41,252
Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		1,000		17,282
WW Grainger, Inc.		91		23,427
				40,709
				1,430,130
Energy - 1.8%
Energy Equipment & Services - 0.6%
Aker Solutions ASA		1,400		20,630

Company	Shares		U.S. $ Value
AMEC PLC		1,323		20,446
Diamond Offshore Drilling, Inc.		550		37,845
Halliburton Co.		850		35,572
Helix Energy Solutions Group, Inc. (d)		425		10,141
Helmerich & Payne, Inc.		425		26,240
Nabors Industries Ltd.		1,000		16,010
National Oilwell Varco, Inc.		437		30,721
Oceaneering International, Inc.		847		61,391
Schlumberger Ltd.		1,315		96,034
Seadrill Ltd.		540		21,840
Technip SA		243		27,013
				403,883
Oil, Gas & Consumable Fuels - 1.2%
BP PLC		7,110		50,817
BP PLC (Sponsored ADR)		525		22,528
Cameco Corp.		760		16,523
Canadian Natural Resources Ltd.		420		12,518
Chevron Corp.		935		114,771
China Petroleum & Chemical Corp.-Class H		14,000		14,313
ENI SpA		1,020		23,196
EOG Resources, Inc.		227		29,306
Exxon Mobil Corp.		2,500		226,175
Gazprom OAO (Sponsored ADR)		3,310		25,057
HollyFrontier Corp.		100		4,950
JX Holdings, Inc.		2,600		12,631
LUKOIL OAO (London) (Sponsored ADR)		210		12,296
Marathon Oil Corp.		425		14,616
Marathon Petroleum Corp.		650		53,625
Noble Energy, Inc.		826		47,619
NovaTek OAO (Sponsored GDR) (e)		300		33,394
Petroleo Brasileiro SA (Sponsored ADR)		1,370		25,537
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		920		30,721
Suncor Energy, Inc. (Toronto)		360		10,921
Valero Energy Corp.		950		38,598
				820,112
				1,223,995
Consumer Staples - 1.7%
Beverages - 0.1%
Anheuser-Busch InBev NV		230		21,180
Asahi Group Holdings Ltd.		700		16,784
Coca-Cola Enterprises, Inc.		175		6,503
				44,467
Food & Staples Retailing - 0.4%
Costco Wholesale Corp.		450		49,352
Jeronimo Martins SGPS SA		1,679		35,822
Koninklijke Ahold NV		1,990		32,266
Kroger Co. (The)		1,725		58,081
Olam International Ltd.		50,636		69,934
Tesco PLC		1,720		9,524
Tsuruha Holdings, Inc.		100		8,051
WM Morrison Supermarkets PLC		4,160		17,280
				280,310

Company	Shares		U.S. $ Value
Food Products - 0.2%
Danone SA		130		9,599
Hershey Co. (The)		737		65,674
Tyson Foods, Inc.-Class A		1,800		45,000
Unilever PLC		610		25,623
				145,896
Household Products - 0.2%
Henkel AG & Co. KGaA		550		44,736
LG Household & Health Care Ltd.		20		10,994
Procter & Gamble Co. (The)		550		42,218
				97,948
Personal Products - 0.1%
Estee Lauder Cos., Inc. (The)-Class A		1,096		74,287
Tobacco - 0.7%
Altria Group, Inc.		1,050		37,905
British American Tobacco PLC		2,330		128,030
Imperial Tobacco Group PLC		924		33,157
Japan Tobacco, Inc.		3,400		115,712
KT&G Corp.		140		9,865
Philip Morris International, Inc.		1,435		130,456
				455,125
				1,098,033
Materials - 0.9%
Chemicals - 0.4%
Arkema SA		190		19,545
Axiall Corp.		450		19,418
BASF SE		100		9,692
Filtrona PLC		3,330		35,092
Huntsman Corp.		1,700		33,065
Koninklijke DSM NV		323		21,192
LyondellBasell Industries NV		800		53,320
Monsanto Co.		913		91,884
Teijin Ltd.		3,000		6,785
				289,993
Construction Materials - 0.1%
Boral Ltd.		1,980		8,554
Grasim Industries Ltd. (GDR) (e)		127		6,419
Holcim Ltd. (d)		90		6,980
Semen Indonesia Persero Tbk PT		11,500		21,082
				43,035
Containers & Packaging - 0.1%
Rock Tenn Co.		375		37,042
Metals & Mining - 0.3%
Anglo American PLC		600		13,747
BHP Billiton PLC		1,500		43,133
Dowa Holdings Co., Ltd.		1,000		8,293
Goldcorp, Inc.		720		21,369
KGHM Polska Miedz SA		360		16,083
Kinross Gold Corp.		2,290		15,020
MMC Norilsk Nickel OJSC (ADR)		2,230		32,291

Company	Shares		U.S. $ Value
Rio Tinto PLC		660		28,189
Vale SA (Sponsored ADR) (Local Preference Shares)		2,240		30,195
				208,320
				578,390
Telecommunication Services - 0.3%
Diversified Telecommunication Services - 0.2%
AT&T, Inc.		1,100		38,489
Nippon Telegraph & Telephone Corp.		900		44,388
TDC A/S		2,440		19,078
Vivendi SA		896		17,537
				119,492
Wireless Telecommunication Services - 0.1%
China Mobile Ltd.		1,500		15,813
Turkcell Iletisim Hizmetleri AS (d)		1,830		11,261
Vodafone Group PLC		12,715		36,850
Vodafone Group PLC (Sponsored ADR)		1,400		40,530
				104,454
				223,946
Utilities - 0.3%
Electric Utilities - 0.1%
Edison International		250		11,485
EDP-Energias de Portugal SA		5,680		18,318
Electricite de France SA		850		19,288
NV Energy, Inc.		2,100		49,224
				98,315
Gas Utilities - 0.0%
Atmos Energy Corp.		425		17,944
Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC		2,637		33,255
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.		250		5,795
Centrica PLC		3,130		18,000
DTE Energy Co.		100		6,661
National Grid PLC		1,600		19,024
NiSource, Inc.		200		5,746
				55,226
				204,740
Total Common Stocks (cost $10,291,904)				13,084,028
INVESTMENT COMPANIES - 9.9%
Funds and Investment Trusts - 9.9%
AllianceBernstein Pooling Portfolios-Volatility Management Portfolio* (cost $5,935,974)		575,457		6,571,721

Company	Shares		U.S. $ Value
WARRANTS - 0.1%
Financials - 0.1%
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp., Merrill Lynch International, expiring 8/19/15 (d)		1,570		24,735
Industrials - 0.0%
Industrial Conglomerates - 0.0%
John Keells Holdings PLC, Deutsche Bank AG London, expiring 7/05/19 (d)		3,890		8,762
Consumer Staples - 0.0%
Food & Staples Retailing - 0.0%
Olam International Ltd., expiring 12/03/17 (d)		7,716		2,817
Total Warrants (cost $24,896)				36,314
	Principal Amount (000)
CORPORATES - NON-INVESTMENT GRADES - 0.0%
Industrial - 0.0%
Consumer Non-Cyclical - 0.0%
Olam International Ltd
6.75%, 1/29/18 (e) (cost $6,657)		7		6,884
	Shares
SHORT-TERM INVESTMENTS - 1.0%
Investment Companies - 1.0%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.09% (f) (cost $662,559)		662,559		662,559
Total Investments - 99.7% (cost $61,136,471) (g)				66,055,120
Other assets less liabilities - 0.3%				215,280
Net Assets - 100.0%			$	66,270,400

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		KRW	98,539		USD	89		8/16/13	$	2,208
JPMorgan Chase Bank, NA		GBP	227		USD	351		8/16/13		6,180
Standard Chartered Bank		KRW	27,182		USD	24		8/16/13		277
State Street Bank & Trust Co.		AUD	172		USD	166		8/16/13		2,529
State Street Bank & Trust Co.		CAD	92		USD	89		8/16/13		755
State Street Bank & Trust Co.		CHF	16		USD	16		8/16/13		(314	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		EUR	27		USD	35		8/16/13		285
State Street Bank & Trust Co.		GBP	89		USD	138		8/16/13		2,696
State Street Bank & Trust Co.		HKD	1,053		USD	136		8/16/13		48
State Street Bank & Trust Co.		JPY	52,043		USD	527		8/16/13		8,735
State Street Bank & Trust Co.		SGD	22		USD	18		8/16/13		95
State Street Bank & Trust Co.		USD	213		AUD	210		8/16/13		(12,981	)
State Street Bank & Trust Co.		USD	200		CAD	202		8/16/13		(5,984	)
State Street Bank & Trust Co.		USD	17		CHF	16		8/16/13		(288	)
State Street Bank & Trust Co.		USD	32		EUR	25		8/16/13		(127	)
State Street Bank & Trust Co.		USD	242		GBP	159		8/16/13		(867	)
State Street Bank & Trust Co.		USD	23		JPY	2,323		8/16/13		574
State Street Bank & Trust Co.		USD	18		NOK	108		8/16/13		(74	)
State Street Bank & Trust Co.		USD	64		NZD	76		8/16/13		(4,358	)
State Street Bank & Trust Co.		USD	195		SEK	1,280		8/16/13		(2,534	)
State Street Bank & Trust Co.		USD	55		SGD	68		8/16/13		(1,339	)
									$	(4,484	)

INFLATION (CPI) SWAP CONTRACTS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Barclays Bank	$	2,000		7/29/13		1.830	%		CPI	#	$	(50,290	)
Barclays Bank		3,000		8/11/15		2.030	%		CPI	#		(124,523	)
Barclays Bank		500		7/19/17		2.038	%		CPI	#		7,371
Barclays Bank		300		10/5/22		2.765	%		CPI	#		(6,997	)
Morgan Stanley Capital Services LLC		1,500		10/31/18		1.960	%		CPI	#		(15,138	)
Morgan Stanley Capital Services LLC		150		4/16/23		2.690	%		CPI	#		(3,326	)
											$	(192,903	)

* To obtain a copy of the fund’s financial statements, please go to the Securities Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

(a) Variable rate coupon, rate shown as of May 31, 2013.

(b) Floating Rate Security. Stated interest rate was in effect at May 31, 2013.

(c) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. The aggregate market value of these securities amounted to $255,156.

(d) Non-income producing security.

(e) 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 May 31, 2013, the aggregate market value of these securities amounted to $70,561 or 0.1% of net assets.

(f) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(g) As of May 31, 2013, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,309,452 and gross unrealized depreciation of investments was $(390,803), resulting in net unrealized appreciation of $4,918,649.

As of May 31, 2013, the Strategy held 69.2% of its total investments in municipal bonds. Of the total investments in municipal bonds, 15.5% is insured (17.1% of this amount represents the Strategy’s holding in pre-refunded or escrowed to maturity bonds).

Currency Abbreviations:

AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
DOT	-	Department of Transportation
EDA	-	Economic Development Agency
ETM	-	Escrowed to Maturity
FGIC	-	Financial Guaranty Insurance Company
GDR	-	Global Depositary Receipt
GO	-	General Obligation
IDA	-	Industrial Development Authority/Agency
ISD	-	Independent School District
NPFGC	-	National Public Finance Guarantee Corporation
NPFGC-RE	-	National Public Finance Guarantee Corporation Reinsuring Financial Guaranty Insurance Company
OJSC	-	Open Joint Stock Company
PCR	-	Pollution Control Revenue Bond
REG	-	Registered Shares
SD	-	School District
SRF	-	State Revolving Fund

AllianceBernstein Wealth Strategies - Tax-Managed Conservative Wealth

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes 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 (including those valued based on their market values). 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 Strategy. Unobservable inputs reflect the Strategy’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 Strategy’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options and warrants are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options and warrants are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Strategy’s investments by the above fair value hierarchy levels as of May 31, 2013:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Municipal Obligations	$	– 0	–	$	45,693,614	$	– 0	–	$	45,693,614
Common Stocks:
Financials		1,576,198			1,295,629		– 0	–		2,871,827
Consumer Discretionary		1,415,671			682,987		– 0	–		2,098,658
Information Technology		1,400,603			399,880		– 0	–		1,800,483
Health Care		1,314,796			239,030		– 0	–		1,553,826
Industrials		827,596			602,534		– 0	–		1,430,130
Energy		979,092			244,903		– 0	–		1,223,995
Consumer Staples		555,163			542,870		– 0	–		1,098,033
Materials		340,023			238,367		– 0	–		578,390

Telecommunication Services		79,019			144,927			– 0	–		223,946
Utilities		130,110			74,630			– 0	–		204,740
Investment Companies		6,571,721			– 0	–		– 0	–		6,571,721
Warrants		2,817			– 0	–		33,497			36,314
Corporates - Non-Investment Grades		– 0	–		– 0	–		6,884			6,884
Short-Term Investments		662,559			– 0	–		– 0	–		662,559
Total Investments in Securities		15,855,368			50,159,371	+		40,381			66,055,120
Other Financial Instruments* :
Assets:
Forward Currency Exchange Contracts		– 0	–		24,779			– 0	–		24,779
Inflation (CPI) Swap Contracts		– 0	–		7,371			– 0	–		7,371
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(29,263	)		– 0	–		(29,263	)
Inflation (CPI) Swap Contracts		– 0	–		(200,274	)		– 0	–		(200,274	)
Total++	$	15,855,368		$	49,961,984		$	40,381		$	65,857,733

+ A significant portion of the Strategy’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

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

++ There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Strategy recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Municipal Obligations			Warrants
Balance as of 8/31/12	$	142,341		$	31,669
Accrued discounts/(premiums)		(769	)		– 0	–
Realized gain (loss)		– 0	–		1,042
Change in unrealized appreciation/depreciation		(1,572	)		6,908
Purchases		– 0	–		2,721
Sales		(140,000	)		(8,843	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 5/31/13	$	– 0	–	$	33,497
Net change in unrealized appreciation/depreciation from Investments held as of 5/31/13	$	– 0	–	$	6,314
	Corporates - Non- Investment Grades			Total
Balance as of 8/31/12	$	– 0	–	$	174,010
Accrued discounts/(premiums)		38			(731	)
Realized gain (loss)		202			1,244
Change in unrealized appreciation/depreciation		228			5,564
Purchases		14,165			16,886
Sales		(7,749	)		(156,592	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 5/31/13	$	6,884		$	40,381
Net change in unrealized appreciation/depreciation from Investments held as of 5/31/13	$	228		$	6,542

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Strategy. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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 second fiscal quarter of the period 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

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): The AllianceBernstein Portfolios

By:	/s/     Robert M. Keith
	Robert M. Keith
	President
Date:	July 22, 2013

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:	July 22, 2013
By:	/s/     Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	July 22, 2013