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 AB 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, 2015

Date of reporting period: November 30, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Wealth Appreciation Strategy

Portfolio of Investments

November 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 100.0%
Funds and Investment Trusts - 100.0%*
AB Cap Fund - Multi-Manager Alternative Strategies Fund - Class Z (a)		18,057,119	$	182,918,617
AB Pooling Portfolio - International Growth Portfolio		21,809,926		197,816,025
AB Pooling Portfolio - International Value Portfolio		24,940,658		200,522,891
AB Pooling Portfolio - Multi-Asset Real Return Portfolio		12,298,358		95,804,207
AB Pooling Portfolio - Small-Mid Cap Growth Portfolio		6,211,440		78,947,402
AB Pooling Portfolio - Small-Mid Cap Value Portfolio		5,554,054		78,867,574
AB Pooling Portfolio - U.S. Large Cap Growth Portfolio		13,366,249		236,849,929
AB Pooling Portfolio - U.S. Value Portfolio		17,378,700		234,960,021
AB Pooling Portfolio - Volatility Management Portfolio		17,222,542		216,315,132
Total Investments - 100.0% (cost $1,240,967,313) (b)				1,523,001,798
Other assets less liabilities - 0.0%				(631,555	)
Net Assets - 100.0%			$	1,522,370,243

* To obtain a copy of the AB Pooling Portfolios’ financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618. To obtain a copy of the SEC filings for the AB Cap Fund – Multi-Manager Alternative Strategies Fund, please go to the Securities and Exchange Commission’s website at www.sec.gov.

(a) Non-income producing security.

(b) As of November 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $285,486,330 and gross unrealized depreciation of investments was $(3,451,845), resulting in net unrealized appreciation of $282,034,485.

AB Wealth Appreciation Strategy

November 30, 2014 (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 November 30, 2014:

Investments in Underlying Portfolios*:	Level 1		Level 2			Level 3			Total
Assets:
Investment Companies	$	1,523,001,798	$	– 0	–	$	– 0	–	$	1,523,001,798

* There were no transfers between any levels 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).

AB Balanced Wealth Strategy

Portfolio of Investments

November 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 100.2%
Funds and Investment Trusts - 100.2%*
AB Cap Fund - Multi-Manager Alternative Strategies Fund Class Z (a)		10,322,254	$	104,564,433
AB Pooling Portfolio - Bond Inflation Protection Portfolio		9,543,818		96,488,003
AB Pooling Portfolio - Global Core Bond Portfolio		22,391,056		236,897,374
AB Pooling Portfolio - High-Yield Portfolio		7,916,238		83,595,469
AB Pooling Portfolio - International Growth Portfolio		10,513,687		95,359,144
AB Pooling Portfolio - International Value Portfolio		11,993,531		96,427,990
AB Pooling Portfolio - Multi-Asset Real Return Portfolio		6,639,558		51,722,158
AB Pooling Portfolio - Small-Mid Cap Growth Portfolio		2,365,728		30,068,400
AB Pooling Portfolio - Small-Mid Cap Value Portfolio		2,114,416		30,024,715
AB Pooling Portfolio - U.S. Large Cap Growth Portfolio		6,995,984		123,968,829
AB Pooling Portfolio - U.S. Value Portfolio		9,106,111		123,114,617
AB Pooling Portfolio - Volatility Management Portfolio		16,962,844		213,053,322
Total Investments - 100.2% (cost $1,079,365,708) (b)				1,285,284,454
Other assets less liabilities - (0.2)%				(1,963,424	)
Net Assets - 100.0%			$	1,283,321,030

* To obtain a copy of the AB Pooling Portfolios’ financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618. To obtain a copy of the SEC filings for the AB Cap Fund – Multi-Manager Alternative Strategies Fund, please go to the Securities and Exchange Commission’s website at www.sec.gov.

(a) Non-income producing security.

(b) As of November 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $211,872,882 and gross unrealized depreciation of investments was $(5,954,136), resulting in net unrealized appreciation of $205,918,746.

AB Balanced Wealth Strategy

November 30, 2014 (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 November 30, 2014:

Investments in Underlying Portfolios*:	Level 1		Level 2			Level 3			Total
Assets:
Investment Companies	$	1,285,284,454	$	– 0	–	$	– 0	–	$	1,285,284,454

* There were no transfers between any levels 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).

AB Conservative Wealth Strategy

Portfolio of Investments

November 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 100.3%
Funds and Investment Trusts - 100.3%*
AB Cap Fund - Multi-Manager Alternative Strategies Fund Class Z (a)		2,167,419	$	21,955,957
AB Pooling Portfolio - Bond Inflation Protection Portfolio		3,408,485		34,459,783
AB Pooling Portfolio - Global Core Bond Portfolio		8,265,599		87,450,036
AB Pooling Portfolio - International Growth Portfolio		1,583,343		14,360,922
AB Pooling Portfolio - International Value Portfolio		1,813,494		14,580,492
AB Pooling Portfolio - Multi-Asset Real Return Portfolio		638,400		4,973,138
AB Pooling Portfolio - Short Duration Bond Portfolio		10,562,733		99,817,822
AB Pooling Portfolio - Small-Mid Cap Growth Portfolio		220,956		2,808,349
AB Pooling Portfolio - Small-Mid Cap Value Portfolio		197,748		2,808,022
AB Pooling Portfolio - U.S. Large Cap Growth Portfolio		1,086,218		19,247,790
AB Pooling Portfolio - U.S. Value Portfolio		1,414,232		19,120,412
AB Pooling Portfolio - Volatility Management Portfolio		3,322,233		41,727,244
Total Investments - 100.3% (cost $319,047,728) (b)				363,309,967
Other assets less liabilities - (0.3)%				(1,004,158	)
Net Assets - 100.0%			$	362,305,809

* To obtain a copy of the AB Pooling Portfolios’ financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618. To obtain a copy of the SEC filings for the AB Cap Fund – Multi-Manager Alternative Strategies Fund, please go to the Securities and Exchange Commission’s website at www.sec.gov.

(a) Non-income producing security.

(b) As of November 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $45,182,712 and gross unrealized depreciation of investments was $(920,473), resulting in net unrealized appreciation of $44,262,239.

AB Conservative Wealth Strategy

November 30, 2014 (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 November 30, 2014:

Investments in Underlying Portfolios*:	Level 1		Level 2			Level 3			Total
Assets:
Investment Companies	$	363,309,967	$	– 0	–	$	– 0	–	$	363,309,967

* There were no transfers between any levels 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).

AB Wealth Strategies

Tax-Managed Wealth Appreciation

Portfolio of Investments

November 30, 2014 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 69.7%
Financials - 14.1%
Banks - 4.6%
Axis Bank Ltd.		81,880	$	634,429
Bank Hapoalim BM		99,090		494,915
Bank Mandiri Persero Tbk PT		466,000		402,555
Bank of America Corp.		262,600		4,474,704
Bank of Baroda		34,230		599,435
Bank of Montreal		7,080		519,221
Bank of Nova Scotia (The)		7,900		487,057
Bank of Queensland Ltd.		23,417		244,936
Citigroup, Inc.		21,700		1,171,149
Comerica, Inc.		18,700		871,607
Danske Bank A/S		54,170		1,537,566
Fifth Third Bancorp		16,200		325,944
HDFC Bank Ltd.		64,280		986,855
HSBC Holdings PLC		184,460		1,835,508
ICICI Bank Ltd.		24,590		692,538
ING Groep NV (a)		77,463		1,132,464
Intesa Sanpaolo SpA		271,860		836,721
Itausa-Investimentos Itau SA (Preference Shares)		123,100		501,239
JPMorgan Chase & Co.		66,700		4,012,672
Kasikornbank PCL (NVDR)		89,100		670,339
KeyCorp		16,600		224,100
Mitsubishi UFJ Financial Group, Inc.		207,500		1,195,061
PNC Financial Services Group, Inc. (The)		4,400		384,868
Shinhan Financial Group Co., Ltd.		12,800		572,392
Societe Generale SA		32,919		1,633,791
Sumitomo Mitsui Financial Group, Inc.		21,500		807,220
Toronto-Dominion Bank (The)		18,480		931,192
UniCredit SpA		280,830		2,074,239
Wells Fargo & Co.		77,100		4,200,408
				34,455,125
Capital Markets - 1.7%
Affiliated Managers Group, Inc. (a)		10,547		2,147,264
Bank of New York Mellon Corp. (The)		15,300		612,459
BlackRock, Inc.-Class A		6,820		2,448,926
Daiwa Securities Group, Inc.		383,000		3,083,185
Goldman Sachs Group, Inc. (The)		1,200		226,092
Morgan Stanley		9,900		348,282
Partners Group Holding AG		1,000		287,027
UBS Group AG (a)		181,029		3,250,559
				12,403,794
Consumer Finance - 1.2%
Capital One Financial Corp.		41,000		3,411,200
Discover Financial Services		35,100		2,300,805
Muthoot Finance Ltd.		208,465		658,770
Shriram Transport Finance Co., Ltd.		81,778		1,427,263
SLM Corp.		152,700		1,478,136
				9,276,174
Diversified Financial Services - 1.2%
Berkshire Hathaway, Inc.-Class B (a)		10,700		1,590,983
Cerved Information Solutions SpA (a)		168,282		887,628

Company	Shares		U.S. $ Value
Friends Life Group Ltd.		132,090		760,961
Intercontinental Exchange, Inc.		9,292		2,099,899
ORIX Corp.		150,300		1,986,546
Voya Financial, Inc.		38,200		1,599,816
				8,925,833
Insurance - 4.0%
Admiral Group PLC		104,260		2,017,070
AIA Group Ltd.		699,400		4,032,566
Allstate Corp. (The)		44,900		3,059,935
American Financial Group, Inc./OH		23,500		1,419,165
American International Group, Inc.		45,400		2,487,920
AON PLC		19,900		1,840,551
Aspen Insurance Holdings Ltd.		10,500		464,415
Assurant, Inc.		20,200		1,365,318
Aviva PLC		29,537		234,917
BB Seguridade Participacoes SA		143,400		1,870,362
Chubb Corp. (The)		7,728		796,370
Lancashire Holdings Ltd.		6,052		51,047
Lincoln National Corp.		20,000		1,132,600
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		9,410		1,936,384
PartnerRe Ltd.		18,300		2,132,133
Progressive Corp. (The)		9,400		256,056
Prudential PLC		130,290		3,144,713
Suncorp Group Ltd.		40,343		491,707
Travelers Cos., Inc. (The)		8,900		929,605
Unum Group		4,900		162,778
XL Group PLC		10,100		358,752
				30,184,364
Real Estate Management & Development - 1.0%
Ayala Land, Inc.		1,065,700		805,194
China Overseas Land & Investment Ltd.		128,000		382,870
Daito Trust Construction Co., Ltd.		18,500		2,094,357
Global Logistic Properties Ltd.		1,248,000		2,506,381
Lend Lease Group		78,790		1,026,441
Mitsubishi Estate Co., Ltd.		6,000		135,178
Mitsui Fudosan Co., Ltd.		5,000		144,649
				7,095,070
Thrifts & Mortgage Finance - 0.4%
Housing Development Finance Corp. Ltd.		145,170		2,700,609
LIC Housing Finance Ltd.		80,967		552,113
				3,252,722
				105,593,082
Consumer Discretionary - 12.0%
Auto Components - 1.2%
Aisin Seiki Co., Ltd.		23,000		822,409
Bridgestone Corp.		21,700		746,200
Cie Generale des Etablissements Michelin-Class B		14,908		1,370,658
GKN PLC		125,430		675,252
Lear Corp.		7,400		709,734
Magna International, Inc. (New York)-Class A		11,800		1,270,270
Plastic Omnium SA		24,070		628,761
Sumitomo Electric Industries Ltd.		96,900		1,261,142

Company	Shares		U.S. $ Value
TRW Automotive Holdings Corp. (a)		2,100		217,140
Valeo SA		12,940		1,592,026
				9,293,592
Automobiles - 1.4%
Ford Motor Co.		165,368		2,601,239
Great Wall Motor Co., Ltd.-Class H		193,500		977,979
Honda Motor Co., Ltd.		60,000		1,814,280
Hyundai Motor Co.		3,030		486,787
Tata Motors Ltd.		88,020		749,436
Tata Motors Ltd.2-Class A		33,520		182,349
Toyota Motor Corp.		49,100		3,018,643
Volkswagen AG (Preference Shares)		3,140		723,264
				10,553,977
Diversified Consumer Services - 0.6%
Estacio Participacoes SA		177,900		1,927,746
Kroton Educacional SA		321,600		2,240,379
				4,168,125
Hotels, Restaurants & Leisure - 1.3%
Ajisen China Holdings Ltd.		539,000		389,671
Galaxy Entertainment Group Ltd.		136,000		931,134
Melco International Development Ltd.		633,000		1,499,107
Merlin Entertainments PLC (b)		122,572		723,738
Sands China Ltd.		160,800		960,765
Sodexo SA		11,370		1,146,845
Starbucks Corp.		45,310		3,679,625
Yum! Brands, Inc.		6,780		523,755
				9,854,640
Household Durables - 0.1%
PulteGroup, Inc.		25,030		541,399
Internet & Catalog Retail - 0.7%
Just Eat PLC (a)		157,992		863,495
Priceline Group, Inc. (The) (a)		2,978		3,455,046
Vipshop Holdings Ltd. (ADR) (a)		51,200		1,170,432
				5,488,973
Leisure Products - 0.3%
Polaris Industries, Inc.		14,393		2,255,527
Media - 2.5%
Comcast Corp.-Class A		65,174		3,717,525
CTS Eventim AG & Co. KGaA		17,690		546,834
Liberty Global PLC-Class A (a)		11,267		585,772
Liberty Global PLC-Series C (a)		59,290		2,959,757
Naspers Ltd.-Class N		28,410		3,676,886
Smiles SA		9,800		178,957
Time Warner, Inc.		28,801		2,451,541
Twenty-First Century Fox, Inc.-Class A		37,400		1,376,320
Walt Disney Co. (The)		30,518		2,823,220
				18,316,812

Company	Shares		U.S. $ Value
Multiline Retail - 0.4%
B&M European Value Retail SA (a)		232,081		969,535
Dillard’s, Inc.-Class A		3,800		447,944
Dollar General Corp. (a)		24,600		1,641,804
Matahari Department Store Tbk PT		184,000		226,202
				3,285,485
Specialty Retail - 2.3%
Foot Locker, Inc.		29,600		1,695,784
GameStop Corp.-Class A		39,100		1,478,371
Home Depot, Inc. (The)		39,660		3,942,204
Kingfisher PLC		109,790		535,646
L’Occitane International SA		152,000		389,249
Mr. Price Group Ltd.		22,290		474,960
O’Reilly Automotive, Inc. (a)		9,670		1,767,096
Office Depot, Inc. (a)		309,300		2,050,659
Shimamura Co., Ltd.		5,700		476,750
Sports Direct International PLC (a)		170,758		1,758,547
Ulta Salon Cosmetics & Fragrance, Inc. (a)		11,863		1,500,551
Yamada Denki Co., Ltd.		239,500		788,084
				16,857,901
Textiles, Apparel & Luxury Goods - 1.2%
Cie Financiere Richemont SA		25,225		2,369,413
Eclat Textile Co., Ltd.		65,160		648,981
Global Brands Group Holding Ltd. (a)		1,354,000		302,043
Hugo Boss AG		7,824		1,028,493
Kering		2,170		448,152
NIKE, Inc.-Class B		31,959		3,173,209
Ralph Lauren Corp.		3,720		687,828
Samsonite International SA		153,000		509,243
Titan Co., Ltd.		23,030		137,712
				9,305,074
				89,921,505
Information Technology - 10.6%
Communications Equipment - 0.6%
Brocade Communications Systems, Inc.		119,400		1,350,414
Cisco Systems, Inc.		34,600		956,344
F5 Networks, Inc. (a)		9,759		1,260,765
Harris Corp.		12,675		908,417
				4,475,940
Electronic Equipment, Instruments & Components - 0.3%
Amphenol Corp.-Class A		36,805		1,973,852
Arrow Electronics, Inc. (a)		4,000		233,760
				2,207,612
Internet Software & Services - 2.2%
Alibaba Group Holding Ltd. (ADR) (a)		14,464		1,614,761
Baidu, Inc. (Sponsored ADR) (a)		12,658		3,102,602
Facebook, Inc.-Class A (a)		38,360		2,980,572
Google, Inc.-Class A (a)		5,585		3,066,612
Google, Inc.-Class C (a)		5,675		3,074,885

Company	Shares		U.S. $ Value
LinkedIn Corp.-Class A (a)		5,210		1,178,867
Telecity Group PLC		121,598		1,540,066
				16,558,365
IT Services - 1.4%
Booz Allen Hamilton Holding Corp.		21,800		593,178
HCL Technologies Ltd.		12,210		327,862
Tata Consultancy Services Ltd.		13,430		571,914
Visa, Inc.-Class A		25,203		6,507,162
Xerox Corp.		161,200		2,250,352
				10,250,468
Semiconductors & Semiconductor Equipment - 2.1%
Advanced Semiconductor Engineering, Inc.		678,000		822,345
Altera Corp.		39,040		1,468,685
Applied Materials, Inc.		59,800		1,438,190
Intel Corp.		83,100		3,095,475
Linear Technology Corp.		28,379		1,306,285
Micron Technology, Inc. (a)		22,300		801,685
Novatek Microelectronics Corp.		155,000		874,651
NVIDIA Corp.		10,700		224,379
NXP Semiconductor NV (a)		18,745		1,458,548
Samsung Electronics Co., Ltd.		1,720		1,992,752
Sumco Corp.		61,200		783,479
Taiwan Semiconductor Manufacturing Co., Ltd.		144,000		662,601
Tokyo Electron Ltd.		9,000		627,227
				15,556,302
Software - 1.6%
ANSYS, Inc. (a)		35,062		2,928,378
Aspen Technology, Inc. (a)		25,510		962,748
Dassault Systemes		3,760		245,576
Electronic Arts, Inc. (a)		40,200		1,765,986
Microsoft Corp.		81,000		3,872,610
NetSuite, Inc. (a)		10,836		1,145,907
ServiceNow, Inc. (a)		15,912		1,017,732
				11,938,937
Technology Hardware, Storage & Peripherals - 2.4%
Apple, Inc.		93,644		11,137,081
Asustek Computer, Inc.		82,000		893,194
Casetek Holdings Ltd.		125,000		771,579
Catcher Technology Co., Ltd.		189,000		1,596,605
Hewlett-Packard Co.		100,100		3,909,906
				18,308,365
				79,295,989
Health Care - 8.7%
Biotechnology - 1.8%
Actelion Ltd. (REG) (a)		17,354		2,057,689
Biogen Idec, Inc. (a)		13,930		4,286,122
Gilead Sciences, Inc. (a)		70,644		7,087,006
				13,430,817

Company	Shares		U.S. $ Value
Health Care Equipment & Supplies - 0.4%
Align Technology, Inc. (a)		5,335		303,562
Intuitive Surgical, Inc. (a)		5,724		2,963,715
				3,267,277
Health Care Providers & Services - 1.9%
Aetna, Inc.		23,900		2,085,036
Catamaran Corp. (a)		8,110		409,720
Express Scripts Holding Co. (a)		11,400		947,910
McKesson Corp.		7,130		1,502,719
Premier, Inc.-Class A (a)		18,231		620,219
UnitedHealth Group, Inc.		55,569		5,480,770
WellPoint, Inc.		25,500		3,261,705
				14,308,079
Life Sciences Tools & Services - 0.8%
Eurofins Scientific SE		10,076		2,445,289
Mettler-Toledo International, Inc. (a)		4,169		1,222,601
Quintiles Transnational Holdings, Inc. (a)		32,757		1,894,010
				5,561,900
Pharmaceuticals - 3.8%
Allergan, Inc./United States		26,311		5,627,660
Astellas Pharma, Inc.		85,100		1,224,475
GlaxoSmithKline PLC		116,020		2,691,576
Johnson & Johnson		48,800		5,282,600
Lupin Ltd.		1,441		34,325
Merck & Co., Inc.		56,900		3,436,760
Novo Nordisk A/S-Class B		23,112		1,051,969
Pfizer, Inc.		154,200		4,803,330
Roche Holding AG		8,920		2,669,224
Sun Pharmaceutical Industries Ltd.		113,080		1,527,784
				28,349,703
				64,917,776
Industrials - 8.0%
Aerospace & Defense - 1.4%
Airbus Group NV		37,130		2,261,836
Boeing Co. (The)		21,596		2,901,639
General Dynamics Corp.		4,900		712,264
L-3 Communications Holdings, Inc.		11,332		1,411,967
MTU Aero Engines AG		3,050		271,745
Northrop Grumman Corp.		3,800		535,534
Precision Castparts Corp.		5,260		1,251,354
Safran SA		17,620		1,139,562
Zodiac Aerospace		4,340		143,878
				10,629,779
Air Freight & Logistics - 0.1%
Royal Mail PLC		124,334		811,166
Airlines - 0.6%
Delta Air Lines, Inc.		57,500		2,683,525
International Consolidated Airlines Group SA (a)		174,940		1,247,172
Qantas Airways Ltd. (a)		462,056		753,869
				4,684,566

Company	Shares		U.S. $ Value
Commercial Services & Supplies - 0.7%
Babcock International Group PLC		160,784		2,848,457
Edenred		75,492		2,175,885
				5,024,342
Construction & Engineering - 0.0%
Larsen & Toubro Ltd.		7,630		200,922
Electrical Equipment - 0.4%
Amara Raja Batteries Ltd.		31,940		383,516
AMETEK, Inc.		48,846		2,489,192
				2,872,708
Industrial Conglomerates - 1.2%
Alliance Global Group, Inc.		365,400		201,494
Bidvest Group Ltd. (The)		22,860		603,642
Danaher Corp.		47,218		3,945,536
General Electric Co.		99,400		2,633,106
Hutchison Whampoa Ltd.		29,000		363,179
Toshiba Corp.		247,000		1,099,022
				8,845,979
Machinery - 1.4%
Caterpillar, Inc.		13,000		1,307,800
Dover Corp.		15,700		1,208,743
ITT Corp.		29,300		1,213,020
JTEKT Corp.		73,400		1,217,927
Pall Corp.		25,920		2,491,171
Parker-Hannifin Corp.		4,200		541,926
Wabtec Corp./DE		28,520		2,523,735
				10,504,322
Marine - 0.2%
AP Moeller-Maersk A/S-Class B		225		469,302
Nippon Yusen KK		335,000		945,693
				1,414,995
Professional Services - 1.5%
51job, Inc. (ADR) (a)		8,578		315,241
Applus Services SA (a)		64,570		789,368
Bureau Veritas SA		99,149		2,363,198
Capita PLC		237,309		3,961,603
Intertek Group PLC		85,352		3,109,705
Teleperformance		5,120		357,477
				10,896,592
Road & Rail - 0.2%
Canadian National Railway Co.		6,320		448,950
Central Japan Railway Co.		6,500		944,105
Globaltrans Investment PLC (Sponsored GDR) (b)		53,541		374,787
				1,767,842

Company	Shares		U.S. $ Value
Trading Companies & Distributors - 0.3%
Brenntag AG		10,540		580,263
Bunzl PLC		30,200		841,259
Mitsubishi Corp.		35,000		661,436
				2,082,958
				59,736,171
Consumer Staples - 5.7%
Beverages - 0.8%
Asahi Group Holdings Ltd.		12,200		380,268
Molson Coors Brewing Co.-Class B		2,200		170,170
Monster Beverage Corp. (a)		46,677		5,234,825
				5,785,263
Food & Staples Retailing - 2.1%
Costco Wholesale Corp.		19,050		2,707,386
CVS Health Corp.		78,980		7,215,613
Koninklijke Ahold NV		89,600		1,581,573
Kroger Co. (The)		27,793		1,663,133
Lenta Ltd. (GDR) (a)(b)		102,922		804,850
Magnit PJSC (Sponsored GDR) (b)		10,364		599,557
Olam International Ltd.		581,105		962,456
Tsuruha Holdings, Inc.		5,000		281,855
				15,816,423
Food Products - 0.7%
Archer-Daniels-Midland Co.		9,300		489,924
Hain Celestial Group, Inc. (The) (a)		8,750		990,675
Keurig Green Mountain, Inc.		8,180		1,162,705
Mead Johnson Nutrition Co.-Class A		20,309		2,108,887
				4,752,191
Household Products - 0.1%
Procter & Gamble Co. (The)		10,300		931,429
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The)-Class A		16,590		1,229,983
Tobacco - 1.8%
British American Tobacco PLC		67,326		3,980,792
Imperial Tobacco Group PLC		25,281		1,167,038
Japan Tobacco, Inc.		118,400		3,795,387
Philip Morris International, Inc.		54,107		4,703,522
				13,646,739
				42,162,028
Energy - 4.3%
Energy Equipment & Services - 0.9%
Aker Solutions ASA (a)(b)		54,300		325,857
FMC Technologies, Inc. (a)		41,650		1,989,620
Helmerich & Payne, Inc.		7,600		528,580
Nabors Industries Ltd.		21,200		278,144
National Oilwell Varco, Inc.		6,161		413,033
Schlumberger Ltd.		37,082		3,187,198
				6,722,432

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 3.4%
BG Group PLC		114,690		1,610,796
Canadian Natural Resources Ltd.		17,460		579,608
Chesapeake Energy Corp.		10,700		216,782
Chevron Corp.		20,300		2,210,061
China Petroleum & Chemical Corp.-Class H		782,400		633,339
Exxon Mobil Corp.		55,100		4,988,754
Hess Corp.		35,000		2,552,550
JX Holdings, Inc.		391,000		1,454,881
LUKOIL OAO (London) (Sponsored ADR)		9,630		440,572
LUKOIL OAO (Sponsored ADR)		2,230		103,802
Marathon Petroleum Corp.		7,000		630,630
Murphy Oil Corp.		20,900		1,011,978
Occidental Petroleum Corp.		29,400		2,345,238
Petroleo Brasileiro SA (Sponsored ADR)		81,840		835,586
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		36,710		1,221,745
SM Energy Co.		1,431		62,177
Suncor Energy, Inc. (Toronto)		16,560		522,940
Total SA		31,840		1,776,743
Valero Energy Corp.		40,800		1,983,288
				25,181,470
				31,903,902
Telecommunication Services - 2.3%
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		59,600		2,108,648
Bezeq The Israeli Telecommunication Corp., Ltd.		225,053		398,219
CenturyLink, Inc.		8,600		350,622
Nippon Telegraph & Telephone Corp.		35,300		1,887,635
Orange SA		122,280		2,154,869
Telecom Italia SpA (savings shares)		1,294,801		1,147,072
Vivendi SA (a)		29,769		757,043
				8,804,108
Wireless Telecommunication Services - 1.1%
China Mobile Ltd.		86,500		1,067,210
Rogers Communications, Inc.-Class B		9,490		379,849
SoftBank Corp.		41,900		2,791,367
Tower Bersama Infrastructure Tbk PT		805,500		622,365
Turkcell Iletisim Hizmetleri AS (a)		118,590		751,617
Vodafone Group PLC		481,027		1,760,709
Vodafone Group PLC (Sponsored ADR)		35,600		1,301,180
				8,674,297
				17,478,405
Materials - 2.1%
Chemicals - 1.7%
Arkema SA		12,220		831,326
BASF SE		4,300		389,693
CF Industries Holdings, Inc.		1,000		268,150
Chr Hansen Holding A/S		19,060		805,786
Denki Kagaku Kogyo KK		139,000		474,694
Eastman Chemical Co.		16,500		1,368,180
Essentra PLC		234,577		2,761,623
IMCD Group NV (a)		6,685		193,971

Company	Shares		U.S. $ Value
JSR Corp.		76,900		1,375,287
Koninklijke DSM NV		18,047		1,186,435
LyondellBasell Industries NV-Class A		16,400		1,293,304
Mitsubishi Gas Chemical Co., Inc.		116,000		663,783
Monsanto Co.		9,289		1,113,844
				12,726,076
Construction Materials - 0.0%
Grasim Industries Ltd. (GDR) (b)		5,041		287,992
Metals & Mining - 0.3%
Barrick Gold Corp.		38,040		450,426
Dowa Holdings Co., Ltd.		39,000		322,825
Rio Tinto PLC		17,710		823,208
Tata Steel Ltd.		69,900		531,586
				2,128,045
Paper & Forest Products - 0.1%
Mondi PLC		46,604		795,438
				15,937,551
Utilities - 1.9%
Electric Utilities - 0.9%
American Electric Power Co., Inc.		21,600		1,243,080
Edison International		34,600		2,199,176
EDP-Energias de Portugal SA		132,230		542,427
Electricite de France SA		26,310		787,529
Enel SpA		146,770		708,010
Westar Energy, Inc.		22,900		895,161
				6,375,383
Gas Utilities - 0.4%
Atmos Energy Corp.		21,400		1,149,180
UGI Corp.		46,050		1,736,545
				2,885,725
Independent Power Producers & Energy Traders - 0.4%
APR Energy PLC		115,952		547,491
Calpine Corp. (a)		75,472		1,732,837
NRG Energy, Inc.		30,300		947,178
				3,227,506
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.		8,700		208,278
DTE Energy Co.		2,800		228,088
Public Service Enterprise Group, Inc.		8,000		334,240
				770,606
Water Utilities - 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo		72,200		538,877
				13,798,097
Total Common Stocks (cost $411,419,334)				520,744,506

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 27.3%
Funds and Investment Trusts - 27.3% (c)
AB Cap Fund-Multi-Manager Alternative Strategies Fund Class Z (a)		5,939,220		60,164,294
AB Pooling Portfolio-Multi-Asset Real Return Portfolio		4,140,854		32,257,256
AB Pooling Portfolio-Volatility Management Portfolio		8,902,634		111,817,080
Total Investment Companies (cost $189,800,677)				204,238,630
WARRANTS - 0.1%
Industrials - 0.1%
Industrial Conglomerates - 0.1%
John Keells Holdings PLC, Deutsche Bank AG, expiring 7/05/19 (a)		136,040		250,272
Financials - 0.0%
Real Estate Management & Development - 0.0%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		52,195		155,605
Total Warrants (cost $321,454)				405,877
RIGHTS - 0.0%
Materials - 0.0%
Chemicals - 0.0%
Arkema SA, expiring 12/03/14 (a) (cost $0)		12,220		35,951
SHORT-TERM INVESTMENTS - 2.7%
Investment Companies - 2.7%
AB Fixed Income Shares, Inc.-Government STIF Portfolio, 0.08% (c)(d) (cost $20,403,282)		20,403,246		20,403,282
Total Investments - 99.8% (cost $621,944,747) (e)				745,828,246
Other assets less liabilities - 0.2% (f)				1,149,833
Net Assets - 100.0%			$	746,978,079

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at November 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		4		December 2014	$	158,880	$	161,350	$	2,470
FTSE 100 Index Futures		3		December 2014		316,942		315,415		(1,527	)
TOPIX Index Futures		3		December 2014		328,106		356,442		28,336
									$	29,279

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	1,116		SEK	8,255		2/18/15	$	(8,867	)
BNP Paribas SA		GBP	1,899		USD	3,058		2/18/15		93,338
BNP Paribas SA		JPY	254,865		USD	2,212		2/18/15		62,874
BNP Paribas SA		USD	3,572		AUD	4,135		2/18/15		(72,740	)
Citibank		USD	3,296		CHF	3,194		2/18/15		12,866
Citibank		USD	1,117		SEK	8,247		2/18/15		(10,407	)
Credit Suisse International		USD	3,166		CAD	3,569		2/18/15		(50,594	)
Deutsche Bank AG		GBP	4,606		USD	7,292		2/18/15		101,118
Deutsche Bank AG		USD	7,374		CAD	8,390		2/18/15		(50,480	)
Goldman Sachs Bank USA		JPY	761,805		USD	6,681		2/18/15		257,325
HSBC Bank USA		JPY	691,132		USD	6,032		2/18/15		204,291
JPMorgan Chase Bank		GBP	1,314		USD	2,080		2/18/15		28,813
Morgan Stanley & Co., Inc.		USD	1,444		EUR	1,151		2/18/15		(11,610	)
Royal Bank of Scotland PLC		EUR	2,092		USD	2,629		2/18/15		26,740
Royal Bank of Scotland PLC		USD	2,246		CHF	2,153		2/18/15		(15,715	)
Royal Bank of Scotland PLC		USD	2,615		NZD	3,422		2/18/15		49,096
Standard Chartered Bank		USD	2,857		SGD	3,693		2/18/15		(26,030	)
State Street Bank & Trust Co.		CHF	3,025		USD	3,141		2/18/15		7,890
State Street Bank & Trust Co.		EUR	3,822		USD	4,745		2/18/15		(9,661	)
State Street Bank & Trust Co.		GBP	1,231		USD	1,929		2/18/15		6,870
State Street Bank & Trust Co.		HKD	34,139		USD	4,403		2/18/15		1,525
State Street Bank & Trust Co.		HKD	2,257		USD	291		2/18/15		(24	)
State Street Bank & Trust Co.		JPY	644,177		USD	5,636		2/18/15		204,452
State Street Bank & Trust Co.		NOK	1,829		USD	269		2/18/15		9,339
State Street Bank & Trust Co.		USD	587		AUD	688		2/18/15		(4,883	)
State Street Bank & Trust Co.		USD	560		CAD	635		2/18/15		(5,654	)
State Street Bank & Trust Co.		USD	1,456		CHF	1,410		2/18/15		4,476
State Street Bank & Trust Co.		USD	1,195		GBP	763		2/18/15		(4,258	)
State Street Bank & Trust Co.		USD	530		NOK	3,636		2/18/15		(12,796	)
UBS AG		USD	497		CAD	570		2/18/15		60
									$	787,354

(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 November 30, 2014, the aggregate market value of these securities amounted to $3,116,781 or 0.4% of net assets.

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

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

(e) As of November 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $140,816,644 and gross unrealized depreciation of investments was $(16,933,145), resulting in net unrealized appreciation of $123,883,499.

(f) An amount of U.S.$42,802 has been segregated to collateralize margin requirements for the open futures contracts at November 30, 2014.

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
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
FTSE	-	Financial Times Stock Exchange
GDR	-	Global Depositary Receipt
NVDR	-	Non Voting Depositary Receipt
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
TOPIX	-	Tokyo Price Index

AB Wealth Strategies

Tax-Managed Wealth Appreciation

November 30, 2014 (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.

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.

The following table summarizes the valuation of the Strategy’s investments by the above fair value hierarchy levels as of November 30, 2014:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stock:
Financials	$	58,604,359		$	46,988,723		$	– 0	–	$	105,593,082
Consumer Discretionary		54,625,621			35,295,884			– 0	–		89,921,505
Information Technology		68,158,052			11,137,937			– 0	–		79,295,989
Health Care		51,215,445			13,702,331			– 0	–		64,917,776
Industrials		29,346,967			30,389,204			– 0	–		59,736,171
Consumer Staples		30,975,115			11,186,913			– 0	–		42,162,028
Energy		25,102,596			6,801,306			– 0	–		31,903,902
Telecommunication Services		4,140,299			13,338,106			– 0	–		17,478,405
Materials		4,975,867			10,961,684			– 0	–		15,937,551
Utilities		11,212,640			2,585,457			– 0	–		13,798,097
Investment Companies		204,238,630			– 0	–		– 0	–		204,238,630
Warrants		– 0	–		405,877			– 0	–		405,877
Rights		35,951			– 0	–		– 0	–		35,951
Short-Term Investments		20,403,282			– 0	–		– 0	–		20,403,282
Total Investments in Securities		563,034,824			182,793,422			– 0	–		745,828,246
Other Financial Instruments* :
Assets:
Futures		– 0	–		30,806			– 0	–		30,806
Forward Currency Exchange Contracts		– 0	–		1,071,073			– 0	–		1,071,073
Liabilities:
Futures		– 0	–		(1,527	)		– 0	–		(1,527	)
Forward Currency Exchange Contracts		– 0	–		(283,719	)		– 0	–		(283,719	)
Total+	$	563,034,824		$	183,610,055		$	– 0	–	$	746,644,879

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 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).

AB Wealth Strategies

Tax-Managed Balanced Wealth

Portfolio of Investments

November 30, 2014 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 52.6%
Long-Term Municipal Bonds - 51.8%
Alabama - 4.1%
Alabama Pub Sch & Clg Auth
Series 2010A
5.00%, 5/01/18	$	2,040	$	2,323,295
Birmingham AL Wtrwks Brd
Series 2010A
5.00%, 1/01/25		3,980		4,618,034
				6,941,329
Arizona - 1.6%
Arizona Trnsp Brd Hwy
Series 2011A
5.00%, 7/01/25		2,100		2,475,123
Industrial Development Authority of the County of Pima (The) (Global Water Resources LLC)
Series 2006
5.45%, 12/01/17		200		204,208
				2,679,331
California - 4.7%
California Dept Wtr Res Pwr
Series 2010L
5.00%, 5/01/20		1,905		2,279,828
California Econ Recovery (California Econ Rec Spl Tax)
Series 2009A
5.00%, 7/01/19 (Pre-refunded/ETM)		2,450		2,885,022
California GO
Series 2005
5.00%, 3/01/16		2,225		2,354,784
City of Los Angeles Department of Airports (Los Angeles Intl Airport)
Series 2010D
5.00%, 5/15/23		365		434,138
				7,953,772
Colorado - 2.1%
Denver CO City & Cnty Arpt (Denver Intl Airport)
Series 2012A
5.00%, 11/15/27		1,220		1,367,596
PV Water & Sanitation Metropolitan District
Series 2006
Zero Coupon, 12/15/17 (a)(b)		710		248,500
Regional Transportation District COP
Series 2014A
5.00%, 6/01/29		1,475		1,682,886
Todd Creek Village Metropolitan District No 1
Series 2004
5.60%, 12/01/14 (a)		260		130,000
				3,428,982

	Principal Amount (000)		U.S. $ Value
Connecticut - 3.8%
Connecticut GO
Series 2014C
5.00%, 6/15/17		3,275		3,632,368
Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax)
Series 2012
5.00%, 1/01/27		2,390		2,799,742
				6,432,110
District of Columbia - 0.8%
District of Columbia GO
AMBAC Series 2007B
5.25%, 6/01/18		1,200		1,380,072
Florida - 4.8%
Citizens Ppty Ins Corp. FL
NATL Series 2007A
5.00%, 3/01/15-3/01/16		4,000		4,180,630
Heritage Plantation CDD FL
Series 2006B
5.10%, 11/01/13 (a)(b)		105		37,800
Miami Dade Cnty FL Spl Tax
Series 2012A
5.00%, 10/01/25		560		655,480
Overoaks Community Development District
Series 2004B
5.125%, 5/01/09 (a)(c)		25		12,500
Series 2010A-1
6.125%, 5/01/35 (a)		15		15,192
Series 2010A-2
6.125%, 5/01/35 (a)		35		35,085
Series 2010B
5.125%, 5/01/17 (a)		50		50,183
Parkway Center Community Development District
Series 2004B
7.00%, 5/01/23		85		85,111
Sarasota Cnty FL Sch Brd COP
Series 2010B
5.00%, 7/01/22		1,165		1,355,932
Tampa Bay Reg Wtr Supply Auth FL
Series 2011A
5.00%, 10/01/23		1,380		1,637,149
Villages of Westport Community Development District
Series 2005A
5.125%, 5/01/15 (a)(b)(d)		80		24,928
				8,089,990
Georgia - 1.4%
Atlanta GA Arpt (Hartsfield Jackson Atlanta Intl Arpt)
Series 2014A
5.00%, 1/01/28		1,980		2,323,530

	Principal Amount (000)		U.S. $ Value
Hawaii - 1.8%
Hawaii GO
Series 2013E
5.00%, 8/01/16		485		522,233
State of Hawaii
Series 2013E
5.00%, 8/01/15		2,465		2,543,954
				3,066,187
Illinois - 1.0%
Illinois GO
NATL Series 2007
5.00%, 4/01/15		785		796,445
Illinois Toll Hwy Auth
Series 2013B
5.00%, 12/01/18		305		354,608
State of Illinois
Series 2013
5.00%, 7/01/22		315		352,652
Series 2014
5.00%, 4/01/20		75		83,939
				1,587,644
Indiana - 1.4%
Indiana Bond Bank Gas (JPMorgan Chase)
Series 2007A
5.25%, 10/15/19		1,945		2,254,313
Indiana Finance Authority (I-69 Development Partners LLC)
Series 2014
5.25%, 9/01/29		145		162,609
				2,416,922
Massachusetts - 1.0%
Massachusetts School Building Authority
AGM Series 2005A
5.00%, 8/15/15 (Pre-refunded/ETM)		1,690		1,747,071
Michigan - 1.6%
Michigan Finance Auth (Michigan Unemployment)
Series 2012A
5.00%, 7/01/19		955		1,115,240
Michigan Finance Authority (City of Detroit MI Sewage Disposal System Revenue)
AGM Series 2014C
5.00%, 7/01/28		325		365,781
Michigan Finance Authority (City of Detroit MI Water Supply System Revenue)
AGM Series 2014D2
5.00%, 7/01/28		1,000		1,125,480
				2,606,501
Minnesota - 0.3%
Minneapolis Special School District No 1 COP
Series 2013D
5.00%, 2/01/16		460		484,541

	Principal Amount (000)		U.S. $ Value
Nebraska - 0.1%
Douglas County Hospital Authority No 2 (Madonna Rehabilitation Hospital)
Series 2014
5.00%, 5/15/21		155		179,549
New Jersey - 3.4%
New Jersey EDA (NYNJ Link LLC)
Series 2013
5.25%, 1/01/25		1,195		1,387,670
New Jersey State Turnpike Authority
Series 2014A
5.00%, 1/01/29		1,870		2,175,913
New Jersey Transportation Trust Fund Authority
Series 2013A
5.00%, 6/15/18		700		782,467
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund)
Series 2013A
5.00%, 6/15/20		1,140		1,298,426
				5,644,476
New York - 4.9%
Metropolitan Trnsp Auth NY
Series 2012C
5.00%, 11/15/23		460		549,392
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2012B
5.00%, 11/01/15-11/01/26		2,780		3,233,408
5.00%, 11/01/15 (Pre-refunded/ETM)		95		99,157
New York NY GO
Series 2012G
5.00%, 4/01/16		870		923,897
New York St Dormitory Auth (New York Dorm Facs)
Series 2013A
5.00%, 7/01/26		205		242,779
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road)
Series 2013A
5.00%, 5/01/19		425		490,025
Triborough Brdg & Tunl Auth NY
Series 2012B
5.00%, 11/15/26		1,000		1,180,010
Triborough Bridge & Tunnel Authority
Series 2013B
5.00%, 11/15/20		1,215		1,450,844
				8,169,512
North Carolina - 2.0%
North Carolina Eastern Municipal Power Agency
Series 2012B
5.00%, 1/01/21		150		174,047

	Principal Amount (000)		U.S. $ Value
State of North Carolina
Series 2010B
5.00%, 6/01/17		2,450		2,718,446
State of North Carolina (State of North Carolina Lease)
Series 2013A
5.00%, 5/01/16		385		409,894
				3,302,387
Ohio - 0.0%
Columbiana County Port Authority (ELS Transportation LLC)
Series 2004A
7.00%, 8/01/21 (a)(b)		32		12,800
Pennsylvania - 0.0%
Philadelphia Authority for Industrial Development (LLPCS Foundation)
Series 2005A
4.60%, 7/01/15 (a)		55		51,350
Texas - 6.9%
Grand Parkway Trnsp Corp. TX
Series 2014A
3.00%, 12/15/16		1,710		1,795,671
Houston TX Arpt Sys
Series 2009A
5.00%, 7/01/21-7/01/22		2,815		3,199,621
Houston TX GO
NATL Series 2007A
5.00%, 3/01/15		3,300		3,338,346
Texas A & M Univ
Series 2009D
5.00%, 5/15/18		2,765		3,160,395
				11,494,033
Utah - 0.9%
Utah GO
Series 2010C
5.00%, 7/01/17		1,345		1,498,357
Virginia - 0.9%
Virginia Trnsp Brd (Virginia Fed Hwy Grant)
Series 2013
5.00%, 3/15/16		1,370		1,452,227
Washington - 2.3%
Chelan Cnty WA PUD #1
Series 2011B
5.50%, 7/01/24		1,815		2,143,333
King Cnty WA GO
Series 2012
5.00%, 6/01/15		380		389,143
Washington Fed Hwy Grant
Series 2012F
5.00%, 9/01/16		700		755,531
Series 2012F-1
5.00%, 9/01/22		535		639,432
				3,927,439
Total Long-Term Municipal Bonds (cost $83,315,913)				86,870,112

	Principal Amount (000)		U.S. $ Value
Short-Term Municipal Notes - 0.8%
Alaska - 0.8%
City of Valdez AK (Exxon Mobil Corp.)
Series 1993A
0.05%, 12/01/33 (e)		200		200,000
0.04%, 12/01/33 (e)		1,100		1,100,000
Total Short-Term Municipal Notes (cost $1,300,000)				1,300,000
Total Municipal Obligations (cost $84,615,913)				88,170,112
	Shares
COMMON STOCKS - 26.8%
Financials - 5.4%
Banks - 1.7%
Axis Bank Ltd.		7,250		56,175
Bank Hapoalim BM		8,520		42,554
Bank Mandiri Persero Tbk PT		43,000		37,146
Bank of America Corp.		22,500		383,400
Bank of Baroda		2,970		52,011
Bank of Montreal		620		45,468
Bank of Nova Scotia (The)		700		43,157
Bank of Queensland Ltd.		2,150		22,488
Citigroup, Inc.		2,500		134,925
Comerica, Inc.		1,700		79,237
Danske Bank A/S		4,590		130,283
Fifth Third Bancorp		1,200		24,144
HDFC Bank Ltd.		5,950		91,347
HSBC Holdings PLC		16,050		159,709
ICICI Bank Ltd.		2,110		59,425
ING Groep NV (c)		6,714		98,155
Intesa Sanpaolo SpA		23,150		71,250
Itausa - Investimentos Itau SA (Preference Shares)		11,000		44,790
JPMorgan Chase & Co.		4,200		252,672
Kasikornbank PCL (NVDR)		7,900		59,435
Mitsubishi UFJ Financial Group, Inc.		18,000		103,668
PNC Financial Services Group, Inc. (The)		650		56,855
Shinhan Financial Group Co., Ltd.		1,240		55,450
Societe Generale SA		2,605		129,288
Sumitomo Mitsui Financial Group, Inc.		1,900		71,336
Toronto-Dominion Bank (The)		1,680		84,654
UniCredit SpA		23,290		172,022
Wells Fargo & Co.		6,900		375,912
				2,936,956

Company	Shares		U.S. $ Value
Capital Markets - 0.6%
Affiliated Managers Group, Inc. (c)		918		186,896
Bank of New York Mellon Corp. (The)		2,100		84,063
BlackRock, Inc.-Class A		590		211,857
Daiwa Securities Group, Inc.		33,000		265,653
Partners Group Holding AG		80		22,962
UBS Group AG (c)		15,943		286,273
				1,057,704
Consumer Finance - 0.4%
Capital One Financial Corp.		3,500		291,200
Discover Financial Services		2,400		157,320
Muthoot Finance Ltd.		18,170		57,419
Shriram Transport Finance Co., Ltd.		7,110		124,090
SLM Corp.		11,800		114,224
				744,253
Diversified Financial Services - 0.5%
Berkshire Hathaway, Inc.-Class B (c)		950		141,256
Cerved Information Solutions SpA (c)		16,085		84,843
Friends Life Group Ltd.		8,870		51,099
Intercontinental Exchange, Inc.		830		187,572
ORIX Corp.		12,800		169,180
Voya Financial, Inc.		3,400		142,392
				776,342
Insurance - 1.6%
ACE Ltd.		425		48,595
Admiral Group PLC		8,640		167,154
AIA Group Ltd.		57,800		333,261
Allstate Corp. (The)		4,000		272,600
American Financial Group, Inc./OH		1,800		108,702
American International Group, Inc.		4,050		221,940
AON PLC		1,650		152,608
Aspen Insurance Holdings Ltd.		950		42,019
Assurant, Inc.		1,800		121,662
Aviva PLC		2,452		19,501
BB Seguridade Participacoes SA		11,700		152,603
Chubb Corp. (The)		681		70,177
Hanover Insurance Group, Inc. (The)		1,200		85,536
Lancashire Holdings Ltd.		1,127		9,506
Lincoln National Corp.		1,750		99,102
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		810		166,681
PartnerRe Ltd.		1,400		163,114
Progressive Corp. (The)		850		23,154
Prudential PLC		10,510		253,672
Suncorp Group Ltd.		3,580		43,634
Travelers Cos., Inc. (The)		1,100		114,895
Unum Group		550		18,271
				2,688,387
Real Estate Management & Development - 0.4%
Ayala Land, Inc.		93,900		70,946
China Overseas Land & Investment Ltd.		12,000		35,894
Daito Trust Construction Co., Ltd.		1,600		181,134
Global Logistic Properties Ltd.		107,000		214,890
Lend Lease Group		4,720		61,490

Company	Shares		U.S. $ Value
Mitsubishi Estate Co., Ltd.		1,000		22,530
Mitsui Fudosan Co., Ltd.		1,000		28,930
				615,814
Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp. Ltd.		12,820		238,491
LIC Housing Finance Ltd.		7,570		51,620
				290,111
				9,109,567
Consumer Discretionary - 4.6%
Auto Components - 0.4%
Aisin Seiki Co., Ltd.		1,900		67,938
Bridgestone Corp.		1,900		65,336
Cie Generale des Etablissements Michelin-Class B		1,278		117,501
GKN PLC		10,720		57,711
Lear Corp.		850		81,523
Plastic Omnium SA		1,940		50,677
Sumitomo Electric Industries Ltd.		8,800		114,531
Valeo SA		1,096		134,842
				690,059
Automobiles - 0.5%
Ford Motor Co.		12,600		198,198
Great Wall Motor Co., Ltd.-Class H		16,000		80,866
Honda Motor Co., Ltd.		5,200		157,238
Hyundai Motor Co.		330		53,016
Tata Motors Ltd.		7,380		62,836
Tata Motors Ltd.-Class A		2,910		15,830
Toyota Motor Corp.		4,300		264,362
Volkswagen AG (Preference Shares)		270		62,192
				894,538
Diversified Consumer Services - 0.2%
Estacio Participacoes SA		14,100		152,789
Kroton Educacional SA		26,600		185,305
				338,094
Hotels, Restaurants & Leisure - 0.5%
Ajisen China Holdings Ltd.		46,000		33,256
Galaxy Entertainment Group Ltd.		11,000		75,312
Melco International Development Ltd.		54,000		127,886
Merlin Entertainments PLC (f)		8,967		52,946
Sands China Ltd.		12,800		76,479
Sodexo SA		910		91,788
Starbucks Corp.		4,060		329,713
Yum! Brands, Inc.		540		41,715
				829,095
Household Durables - 0.1%
PulteGroup, Inc.		5,800		125,454
Internet & Catalog Retail - 0.3%
Just Eat PLC (c)		12,977		70,925
Priceline Group, Inc. (The) (c)		268		310,931
Vipshop Holdings Ltd. (ADR) (c)		4,140		94,640
				476,496

Company	Shares		U.S. $ Value
Leisure Products - 0.1%
Polaris Industries, Inc.		1,237		193,850
Media - 0.9%
Comcast Corp.-Class A		5,878		335,281
CTS Eventim AG & Co. KGaA		1,400		43,277
Liberty Global PLC-Class A (c)		1,079		56,098
Liberty Global PLC-Series C (c)		5,312		265,175
Naspers Ltd.-Class N		2,420		313,202
Time Warner, Inc.		2,476		210,757
Twenty-First Century Fox, Inc.-Class A		3,200		117,760
Walt Disney Co. (The)		2,632		243,486
				1,585,036
Multiline Retail - 0.2%
B&M European Value Retail SA (c)		19,515		81,525
Dillard’s, Inc.-Class A		500		58,940
Dollar General Corp. (c)		2,300		153,502
Matahari Department Store Tbk PT		16,000		19,670
				313,637
Specialty Retail - 0.9%
Foot Locker, Inc.		2,600		148,954
GameStop Corp.-Class A		3,500		132,335
Home Depot, Inc. (The)		3,550		352,870
Kingfisher PLC		9,240		45,080
L’Occitane International SA		13,250		33,931
Mr. Price Group Ltd.		1,630		34,733
O’Reilly Automotive, Inc. (c)		900		164,466
Office Depot, Inc. (c)		26,600		176,358
Shimamura Co., Ltd.		600		50,184
Sports Direct International PLC (c)		13,372		137,711
Ulta Salon Cosmetics & Fragrance, Inc. (c)		1,061		134,206
Yamada Denki Co., Ltd.		19,200		63,179
				1,474,007
Textiles, Apparel & Luxury Goods - 0.5%
Cie Financiere Richemont SA		2,015		189,271
Eclat Textile Co., Ltd.		6,080		60,556
Global Brands Group Holding Ltd. (c)		118,000		26,323
Hugo Boss AG		590		77,558
Kering		170		35,109
NIKE, Inc.-Class B		2,856		283,572
Ralph Lauren Corp.		340		62,866
Samsonite International SA		13,600		45,266
Titan Co., Ltd.		1,370		8,192
				788,713
				7,708,979
Information Technology - 4.2%
Communications Equipment - 0.2%
Brocade Communications Systems, Inc.		10,600		119,886

Company	Shares		U.S. $ Value
Cisco Systems, Inc.		1,000		27,640
F5 Networks, Inc. (c)		840		108,520
Harris Corp.		1,117		80,055
				336,101
Electronic Equipment, Instruments & Components - 0.1%
Amphenol Corp.-Class A		3,163		169,632
Internet Software & Services - 0.9%
Alibaba Group Holding Ltd. (ADR) (c)		1,219		136,089
Baidu, Inc. (Sponsored ADR) (c)		1,049		257,120
Facebook, Inc.-Class A (c)		3,430		266,511
Google, Inc.-Class A (c)		482		264,657
Google, Inc.-Class C (c)		492		266,580
LinkedIn Corp.-Class A (c)		470		106,347
Telecity Group PLC		9,488		120,168
				1,417,472
IT Services - 0.5%
Booz Allen Hamilton Holding Corp.		2,200		59,862
HCL Technologies Ltd.		1,090		29,269
Tata Consultancy Services Ltd.		780		33,216
Visa, Inc.-Class A		2,255		582,218
Xerox Corp.		12,800		178,688
				883,253
Semiconductors & Semiconductor Equipment - 0.9%
Advanced Semiconductor Engineering, Inc.		56,000		67,922
Altera Corp.		3,480		130,918
Applied Materials, Inc.		5,700		137,085
Intel Corp.		8,300		309,175
Lam Research Corp.		1,100		90,904
Linear Technology Corp.		2,540		116,916
Micron Technology, Inc. (c)		1,600		57,520
Novatek Microelectronics Corp.		14,000		79,001
NXP Semiconductor NV (c)		1,698		132,121
Samsung Electronics Co., Ltd.		150		173,787
Sumco Corp.		5,500		70,411
Taiwan Semiconductor Manufacturing Co., Ltd.		13,000		59,818
Tokyo Electron Ltd.		700		48,784
				1,474,362
Software - 0.6%
ANSYS, Inc. (c)		3,096		258,578
Aspen Technology, Inc. (c)		2,280		86,047
Dassault Systemes		290		18,941
Electronic Arts, Inc. (c)		3,500		153,755
Microsoft Corp.		7,200		344,232
NetSuite, Inc. (c)		969		102,472
ServiceNow, Inc. (c)		1,433		91,654
				1,055,679
Technology Hardware, Storage & Peripherals - 1.0%
Apple, Inc.		9,097		1,081,906
Asustek Computer, Inc.		7,000		76,249

Company	Shares		U.S. $ Value
Casetek Holdings Ltd.		10,000		61,726
Catcher Technology Co., Ltd.		14,000		118,267
Hewlett-Packard Co.		8,300		324,198
				1,662,346
				6,998,845
Health Care - 3.3%
Biotechnology - 0.7%
Actelion Ltd. (REG) (c)		1,500		177,857
Biogen Idec, Inc. (c)		1,200		369,228
Gilead Sciences, Inc. (c)		5,695		571,322
				1,118,407
Health Care Equipment & Supplies - 0.2%
Align Technology, Inc. (c)		566		32,206
Covidien PLC		850		85,850
Intuitive Surgical, Inc. (c)		525		271,829
				389,885
Health Care Providers & Services - 0.8%
Aetna, Inc.		2,100		183,204
Catamaran Corp. (c)		670		33,849
Express Scripts Holding Co. (c)		1,100		91,465
McKesson Corp.		640		134,886
Premier, Inc.-Class A (c)		1,994		67,836
UnitedHealth Group, Inc.		5,357		528,361
WellPoint, Inc.		2,000		255,820
				1,295,421
Life Sciences Tools & Services - 0.3%
Eurofins Scientific SE		856		207,738
Mettler-Toledo International, Inc. (c)		373		109,386
Quintiles Transnational Holdings, Inc. (c)		2,970		171,725
				488,849
Pharmaceuticals - 1.3%
Allergan, Inc./United States		2,333		499,005
Astellas Pharma, Inc.		7,400		106,476
GlaxoSmithKline PLC		9,770		226,657
Johnson & Johnson		3,200		346,400
Lupin Ltd.		420		10,005
Merck & Co., Inc.		3,300		199,320
Novo Nordisk A/S-Class B		1,920		87,391
Pfizer, Inc.		13,700		426,755
Roche Holding AG		750		224,430
Sun Pharmaceutical Industries Ltd.		9,990		134,971
				2,261,410
				5,553,972
Industrials - 3.0%
Aerospace & Defense - 0.5%
Airbus Group NV		3,300		201,025
Boeing Co. (The)		1,950		262,002
General Dynamics Corp.		425		61,778

Company	Shares		U.S. $ Value
L-3 Communications Holdings, Inc.		125		15,575
MTU Aero Engines AG		260		23,165
Northrop Grumman Corp.		700		98,651
Precision Castparts Corp.		477		113,478
Safran SA		1,530		98,952
Zodiac Aerospace		335		11,106
				885,732
Air Freight & Logistics - 0.1%
Royal Mail PLC		10,920		71,243
Airlines - 0.2%
Delta Air Lines, Inc.		5,100		238,017
International Consolidated Airlines Group SA (c)		13,290		94,746
Qantas Airways Ltd. (c)		33,100		54,005
				386,768
Commercial Services & Supplies - 0.3%
Babcock International Group PLC		12,970		229,777
Edenred		6,004		173,052
				402,829
Construction & Engineering - 0.0%
Larsen & Toubro Ltd.		690		18,170
Electrical Equipment - 0.2%
Amara Raja Batteries Ltd.		2,900		34,821
AMETEK, Inc.		4,406		224,530
				259,351
Industrial Conglomerates - 0.4%
Alliance Global Group, Inc.		37,500		20,679
Bidvest Group Ltd. (The)		2,030		53,604
Danaher Corp.		4,186		349,782
General Electric Co.		5,900		156,291
Hutchison Whampoa Ltd.		3,000		37,570
Toshiba Corp.		23,000		102,338
				720,264
Machinery - 0.5%
Caterpillar, Inc.		1,200		120,720
Dover Corp.		1,400		107,786
ITT Corp.		2,400		99,360
JTEKT Corp.		6,400		106,195
Pall Corp.		2,320		222,975
Wabtec Corp./DE		2,550		225,650
				882,686
Marine - 0.1%
AP Moeller-Maersk A/S-Class B		22		45,887
Nippon Yusen KK		31,000		87,512
				133,399
Professional Services - 0.5%
51job, Inc. (ADR) (c)		476		17,493
Applus Services SA (c)		5,094		62,274
Bureau Veritas SA		8,232		196,209

Company	Shares		U.S. $ Value
Capita PLC		19,298		322,158
Intertek Group PLC		6,896		251,248
Teleperformance		310		21,644
				871,026
Road & Rail - 0.1%
Canadian National Railway Co.		510		36,229
Central Japan Railway Co.		600		87,148
Globaltrans Investment PLC (Sponsored GDR) (f)		4,740		33,180
				156,557
Trading Companies & Distributors - 0.1%
Brenntag AG		820		45,144
Bunzl PLC		2,390		66,576
Mitsubishi Corp.		2,700		51,025
				162,745
				4,950,770
Consumer Staples - 2.2%
Beverages - 0.3%
Asahi Group Holdings Ltd.		1,100		34,287
Molson Coors Brewing Co.-Class B		200		15,470
Monster Beverage Corp. (c)		4,328		485,385
				535,142
Food & Staples Retailing - 0.8%
Costco Wholesale Corp.		1,730		245,868
CVS Health Corp.		6,860		626,730
Koninklijke Ahold NV		7,282		128,538
Kroger Co. (The)		2,600		155,584
Lenta Ltd. (GDR) (c)(f)		9,091		71,092
Magnit PJSC (Sponsored GDR) (f)		880		50,908
Olam International Ltd.		51,136		84,694
Tsuruha Holdings, Inc.		400		22,548
				1,385,962
Food Products - 0.3%
Archer-Daniels-Midland Co.		850		44,778
Hain Celestial Group, Inc. (The) (c)		800		90,576
Keurig Green Mountain, Inc.		710		100,919
Mead Johnson Nutrition Co.-Class A		1,745		181,201
				417,474
Household Products - 0.0%
Procter & Gamble Co. (The)		900		81,387
Personal Products - 0.1%
Estee Lauder Cos., Inc. (The)-Class A		1,430		106,020
Tobacco - 0.7%
British American Tobacco PLC		5,475		323,721
Imperial Tobacco Group PLC		2,210		102,019
Japan Tobacco, Inc.		10,300		330,173

Company	Shares		U.S. $ Value
Philip Morris International, Inc.		4,889		425,001
				1,180,914
				3,706,899
Energy - 1.7%
Energy Equipment & Services - 0.4%
Aker Solutions ASA (c)(f)		5,430		32,586
Baker Hughes, Inc.		300		17,100
FMC Technologies, Inc. (c)		3,730		178,182
Helmerich & Payne, Inc.		175		12,171
Nabors Industries Ltd.		3,700		48,544
National Oilwell Varco, Inc.		400		26,816
Schlumberger Ltd.		3,286		282,432
				597,831
Oil, Gas & Consumable Fuels - 1.3%
BG Group PLC		10,090		141,712
Canadian Natural Resources Ltd.		1,450		48,135
Chesapeake Energy Corp.		1,100		22,286
Chevron Corp.		1,200		130,644
China Petroleum & Chemical Corp.-Class H		63,000		50,997
Exxon Mobil Corp.		5,600		507,024
Hess Corp.		2,900		211,497
JX Holdings, Inc.		34,000		126,511
LUKOIL OAO (London) (Sponsored ADR)		850		38,887
LUKOIL OAO (Sponsored ADR)		160		7,448
Marathon Oil Corp.		475		13,737
Marathon Petroleum Corp.		950		85,585
Murphy Oil Corp.		1,900		91,998
Occidental Petroleum Corp.		2,500		199,425
Petroleo Brasileiro SA (Sponsored ADR)		4,670		47,681
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		3,018		100,442
SM Energy Co.		400		17,380
Suncor Energy, Inc. (Toronto)		1,400		44,210
Total SA		2,770		154,572
Valero Energy Corp.		3,500		170,135
				2,210,306
				2,808,137
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.5%
AT&T, Inc.		6,700		237,046
Bezeq The Israeli Telecommunication Corp., Ltd.		18,048		31,935
CenturyLink, Inc.		750		30,578
Nippon Telegraph & Telephone Corp.		2,800		149,727
Orange SA		9,780		172,347
Telecom Italia SpA (savings shares)		110,360		97,769
Vivendi SA (c)		2,600		66,119
				785,521
Wireless Telecommunication Services - 0.4%
China Mobile Ltd.		7,500		92,533
Rogers Communications, Inc.-Class B		780		31,220
SoftBank Corp.		3,600		239,831
Tower Bersama Infrastructure Tbk PT		67,000		51,767

Company	Shares		U.S. $ Value
Turkcell Iletisim Hizmetleri AS (c)		9,300		58,943
Vodafone Group PLC		40,608		148,638
Vodafone Group PLC (Sponsored ADR)		3,200		116,960
				739,892
				1,525,413
Materials - 0.8%
Chemicals - 0.7%
Arkema SA		950		64,628
BASF SE		370		33,531
CF Industries Holdings, Inc.		100		26,815
Chr Hansen Holding A/S		1,560		65,951
Denki Kagaku Kogyo KK		13,000		44,396
Eastman Chemical Co.		1,250		103,650
Essentra PLC		19,386		228,227
IMCD Group NV (c)		616		17,874
JSR Corp.		6,300		112,670
Koninklijke DSM NV		1,520		99,927
LyondellBasell Industries NV-Class A		1,700		134,062
Mitsubishi Gas Chemical Co., Inc.		11,000		62,945
Monsanto Co.		824		98,806
				1,093,482
Construction Materials - 0.0%
Grasim Industries Ltd. (GDR) (f)		371		21,195
Metals & Mining - 0.1%
Alcoa, Inc.		1,600		27,664
Barrick Gold Corp.		3,100		36,707
Dowa Holdings Co., Ltd.		4,000		33,110
Rio Tinto PLC		1,520		70,654
Tata Steel Ltd.		5,890		44,793
				212,928
Paper & Forest Products - 0.0%
Mondi PLC		3,610		61,616
				1,389,221
Utilities - 0.7%
Electric Utilities - 0.3%
American Electric Power Co., Inc.		1,900		109,345
Edison International		2,700		171,612
EDP-Energias de Portugal SA		11,210		45,985
Electricite de France SA		2,230		66,750
Enel SpA		13,200		63,676
Westar Energy, Inc.		2,000		78,180
				535,548
Gas Utilities - 0.1%
Atmos Energy Corp.		700		37,590
UGI Corp.		4,050		152,725
				190,315
Independent Power Producers & Energy Traders - 0.2%
APR Energy PLC		8,855		41,811
Calpine Corp. (c)		5,900		135,464

Company	Shares		U.S. $ Value
NRG Energy, Inc.		2,800		87,528
				264,803
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.		3,500		83,790
CMS Energy Corp.		1,700		56,270
Public Service Enterprise Group, Inc.		700		29,246
				169,306
Water Utilities - 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo		6,300		47,021
				1,206,993
Total Common Stocks (cost $35,267,606)				44,958,796
INVESTMENT COMPANIES - 19.1%
Funds and Investment Trusts - 19.1%
AB Cap Fund-Multi-Manager Alternative Strategies Fund Class Z (c)(g)		959,128		9,715,963
AB Pooling Portfolio-Multi-Asset Real Return Portfolio (g)		597,682		4,655,945
AB Pooling Portfolio-Volatility Management Portfolio (g)		1,403,732		17,630,878
Total Investment Companies (cost $29,801,392)				32,002,786
WARRANTS - 0.0%
Financials - 0.0%
Real Estate Management & Development - 0.0%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 9/24/15 (c)		8,689		25,904
Industrials - 0.0%
Industrial Conglomerates - 0.0%
John Keells Holdings PLC, Deutsche Bank AG, expiring 7/05/19 (c)		8,869		16,316
Total Warrants (cost $24,711)				42,220
RIGHTS - 0.0%
Materials - 0.0%
Chemicals - 0.0%
Arkema SA, expiring 12/03/14 (c) (cost $0)		1,050		3,089
SHORT-TERM INVESTMENTS - 1.1%
Investment Companies - 1.1%
AB Fixed-Income Shares, Inc.-Government STIF Portfolio, 0.08% (g)(h) (cost $1,780,509)		1,780,509		1,780,509

Company	Shares	U.S. $ Value
Total Investments - 99.6% (cost $151,490,131) (i)		$	166,957,512
Other assets less liabilities - 0.4% (j)			719,193
Net Assets - 100.0%		$	167,676,705

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at November 30, 2014		Unrealized Appreciation/ (Depreciation)
Long Future
Purchased Contracts
Euro STOXX 50 Index Futures		1		December 2014	$	38,151	$	40,338	$	2,187

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts  to Deliver (000)		In  Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank	USD	98	SEK	725		2/18/15	$	(915	)
Deutsche Bank AG	GBP	423	USD	670		2/18/15		9,286
Deutsche Bank AG	USD	653	CAD	743		2/18/15		(4,470	)
Goldman Sachs Bank USA	JPY	51,713	USD	456		2/18/15		20,258
HSBC Bank USA	JPY	61,164	USD	534		2/18/15		18,080
State Street Bank & Trust Co.	CHF	271	USD	282		2/18/15		808
State Street Bank & Trust Co.	EUR	198	USD	249		2/18/15		2,451
State Street Bank & Trust Co.	EUR	333	USD	413		2/18/15		(842	)
State Street Bank & Trust Co.	GBP	396	USD	630		2/18/15		12,156
State Street Bank & Trust Co.	HKD	3,487	USD	450		2/18/15		156
State Street Bank & Trust Co.	JPY	96,648	USD	840		2/18/15		24,881
State Street Bank & Trust Co.	NOK	198	USD	29		2/18/15		608
State Street Bank & Trust Co.	USD	373	AUD	433		2/18/15		(6,867	)
State Street Bank & Trust Co.	USD	311	CAD	350		2/18/15		(4,997	)
State Street Bank & Trust Co.	USD	33	CAD	38		2/18/15		17
State Street Bank & Trust Co.	USD	199	CHF	191		2/18/15		(1,394	)
State Street Bank & Trust Co.	USD	409	CHF	396		2/18/15		1,554
State Street Bank & Trust Co.	USD	134	EUR	107		2/18/15		(942	)
State Street Bank & Trust Co.	USD	166	GBP	106		2/18/15		(592	)
State Street Bank & Trust Co.	USD	63	NOK	433		2/18/15		(1,524	)
State Street Bank & Trust Co.	USD	224	NZD	293		2/18/15		3,654
State Street Bank & Trust Co.	USD	97	SEK	719		2/18/15		(841	)
State Street Bank & Trust Co.	USD	244	SGD	315		2/18/15	$	(2,255	)
							$	68,270

INFLATION (CPI) SWAPS

								Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Bank of America, NA	$	900		3/04/24		2.493	%		CPI	#	$	(39,691	)	$	(500	)	$	(39,191	)
Bank of America, NA		600		7/09/24		2.613	%		CPI	#		(32,925	)		– 0	–		(32,925	)
Barclays Bank PLC		2,000		1/31/19		2.385	%		CPI	#		(107,963	)		– 0	–		(107,963	)
Barclays Bank PLC		1,800		1/31/27		2.628	%		CPI	#		(147,403	)		– 0	–		(147,403	)
Citibank		450		8/26/20		2.298	%		CPI	#		(12,859	)		– 0	–		(12,859	)
Citibank		300		5/24/23		2.533	%		CPI	#		(17,210	)		– 0	–		(17,210	)
Goldman Sachs International		6,000		1/31/15		1.990	%		CPI	#		(88,964	)		– 0	–		(88,964	)
Goldman Sachs International		1,400		1/31/22		2.515	%		CPI	#		(88,017	)		– 0	–		(88,017	)
Morgan Stanley Capital Services LLC		250		4/16/23		2.690	%		CPI	#		(18,587	)		– 0	–		(18,587	)
											$	(553,619	)	$	(500	)	$	(553,119	)

# 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) Non-income producing security.

(d) Fair valued by the Adviser.

(e) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(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 November 30, 2014, the aggregate market value of these securities amounted to $261,907 or 0.2% of net assets.

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

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

(i) As of November 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,754,650 and gross unrealized depreciation of investments was $(2,287,269), resulting in net unrealized appreciation of $15,467,381.

(j) An amount of U.S. $3,733 has been segregated to collateralize margin requirements for the open futures contracts at November 30, 2014.

As of November 30, 2014, the Strategy held 52.8% of its total investments in municipal bonds. Of the total investments in municipal bonds, 14.7% is insured (13.5% 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
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
EDA	-	Economic Development Agency
ETM	-	Escrowed to Maturity
GDR	-	Global Depositary Receipt
GO	-	General Obligation
NATL	-	National Interstate Corporation
NVDR	-	Non Voting Depositary Receipt
PJSC	-	Public Joint Stock Company
PUD	-	Public Utility District
REG	-	Registered Shares

AB Wealth Strategies

Tax-Managed Balanced Wealth

November 30, 2014 (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 November 30, 2014:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Municipal Obligations	$	– 0	–	$	87,262,455		$	907,657		$	88,170,112
Common Stock:
Financials		5,090,170			4,019,397			– 0	–		9,109,567
Consumer Discretionary		4,741,923			2,967,056			– 0	–		7,708,979
Information Technology		6,074,502			924,343			– 0	–		6,998,845
Health Care		4,378,447			1,175,525			– 0	–		5,553,972
Industrials		2,405,141			2,545,629			– 0	–		4,950,770
Consumer Staples		2,765,613			941,286			– 0	–		3,706,899
Energy		2,226,455			581,682			– 0	–		2,808,137
Telecommunication Services		415,804			1,109,609			– 0	–		1,525,413
Materials		466,773			922,448			– 0	–		1,389,221
Utilities		988,771			218,222			– 0	–		1,206,993
Investment Companies		32,002,786			– 0	–		– 0	–		32,002,786
Warrants		– 0	–		42,220			– 0	–		42,220
Rights		3,089			– 0	–		– 0	–		3,089
Short-Term Investments		1,780,509			– 0	–		– 0	–		1,780,509
Total Investments in Securities		63,339,983			102,709,872			907,657			166,957,512
Other Financial Instruments* :
Assets:
Futures		– 0	–		2,187			– 0	–		2,187
Forward Currency Exchange Contracts		– 0	–		93,909			– 0	–		93,909
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(25,639	)		– 0	–		(25,639	)
Inflation (CPI) Swaps		– 0	–		(553,119	)		– 0	–		(553,119	)
Total^	$	63,339,983		$	102,227,210		$	907,657		$	166,474,850

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

^ There were de minimis transfers under 1% 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			Total
Balance as of 8/31/14	$	940,771		$	940,771
Accrued discounts/(premiums)		693			693
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		11,193			11,193
Purchases		– 0	–		– 0	–
Sales		(45,000	)		(45,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 11/30/14	$	907,657		$	907,657
Net change in unrealized appreciation/depreciation from Investments held as of 11/30/14	$	11,193		$	11,193

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).

AB Tax-Managed Conservative Wealth Strategy

Portfolio of Investments

November 30, 2014 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 67.1%
Long-Term Municipal Bonds - 67.1%
Alaska - 1.4%
Anchorage AK GO
Series 2012B
5.00%, 8/01/15	$	775	$	799,932
Arizona -1.4%
Arizona Department of Transportation State Highway Fund Revenue
Series 2011A
5.00%, 7/01/24		675		798,761
Arkansas - 0.3%
State of Arkansas
Series 2014
5.00%, 10/01/16 (a)		140		151,636
California - 0.6%
California GO
Series 2012
5.00%, 9/01/20		270		322,148
Colorado - 3.8%
City & County of Denver Co. Airport System Revenue (Denver Intl Airport)
Series 2011A
5.25%, 11/15/18		500		579,570
Denver CO City & Cnty Wtr Commr
Series 2012B
5.00%, 12/15/15		800		839,960
Denver CO Urban Renewal Auth (Stapleton)
Series 2013A
5.00%, 12/01/16-12/01/21		415		457,220
Northern Colorado Water Conservancy District
AMBAC Series 2007J
5.00%, 12/01/14		230		230,000
				2,106,750
Connecticut - 0.1%
Connecticut GO
Series 2014A
5.00%, 3/01/30		70		82,214
District of Columbia - 0.5%
Metro Washington Arpt Auth VA
Series 2010B
5.00%, 10/01/16		275		296,962
Florida - 8.0%
Broward Cnty FL Arpt Sys (Fort Lauderdale Hollywood Intl Arpt FL)
Series 2012Q
5.00%, 10/01/24		205		239,479
Citizens Property Insurance Corp.
Series 2012A
5.00%, 6/01/22		110		129,676

	Principal Amount (000)		U.S. $ Value
City of Jacksonville FL (City of Jacksonville FL Lease)
Series 2010A-1
5.00%, 10/01/19		1,140		1,331,497
County of Miami-Dade FL Aviation Revenue (Miami-Dade Intl Airport)
Series 2012A
4.00%, 10/01/15		375		386,333
Florida Dept Envrn Protn FL Forever (Florida Documentary Stamp Tax)
Series 2008B
5.25%, 7/01/16-7/01/17		910		995,904
Florida GO
Series 2012B
5.00%, 7/01/17		550		611,209
Florida State Hurricane Catastrophe Fund Finance Corp.
Series 2010A
5.00%, 7/01/16 (Pre-refunded/ETM)		300		321,831
Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.)
Series 2012
3.00%, 11/15/15		200		204,828
Orlando & Orange Cnty Expwy Auth FL
Series 2013B
5.00%, 7/01/22		155		184,780
				4,405,537
Georgia - 3.4%
Fulton Cnty GA Dev Auth (Robert W. Woodruff Arts Ctr)
Series 2009B
5.25%, 3/15/24		305		343,616
Georgia Mun Elec Auth
Series 2008A
5.25%, 1/01/17		190		208,050
Main Street Natural Gas, Inc. (JPMorgan Chase & Co.)
Series 2007A
5.00%, 3/15/17		385		417,667
Municipal Electric Authority of Georgia
Series 2012B
5.00%, 1/01/18		555		624,819
State of Georgia
Series 2012A
5.00%, 7/01/16		265		284,414
				1,878,566
Illinois - 2.8%
Illinois Finance Auth (Illinois Unemployment)
Series 2012A
5.00%, 12/15/15		300		314,922
State of Illinois
Series 2012
5.00%, 8/01/15-8/01/23		335		358,745
Series 2014
5.00%, 5/01/22-5/01/28		160		176,352

	Principal Amount (000)		U.S. $ Value
State of Illinois Unemployment Compensation Trust Fund
Series 2012A
5.00%, 6/15/16		385		412,231
Series 2012B
5.00%, 6/15/19		255		261,395
				1,523,645
Indiana - 1.0%
County of Jasper IN (Northern Indiana Public Service Co.)
NATL Series 1988B
5.60%, 11/01/16		75		81,230
Indiana Bond Bank Gas (JP Morgan Chase)
Series 2007A
5.25%, 10/15/20		150		176,675
Indiana Finance Auth (Indiana SRF)
Series 2012B
5.00%, 2/01/27		275		321,029
				578,934
Kentucky - 1.0%
Kentucky Asset Liability Comm (Kentucky Fed Hwy Grant)
Series 2014A
5.00%, 9/01/25		440		528,687
Louisiana - 0.9%
City of New Orleans LA
NATL Series 2005
5.25%, 12/01/20		450		469,337
Massachusetts - 1.6%
Commonwealth of Massachusetts
AGM Series 2006C
2.538%, 11/01/19 (b)		300		316,443
Massachusetts Hlth & Ed Facs Auth (Caregroup, Inc.)
Series 2008E-2
5.00%, 7/01/16		540		577,341
				893,784
Michigan - 2.6%
City of Detroit MI Sewage Disposal System Revenue
AGM Series 2006D
0.757%, 7/01/32 (c)		410		346,553
Michigan Fin Auth (Michigan Unemployment)
Series 2012B
5.00%, 7/01/20		915		1,066,752
				1,413,305

	Principal Amount (000)		U.S. $ Value
Missouri - 2.3%
City of St Louis MO Airport Revenue (Lambert-St Louis Intl Airport)
NATL Series 2005
5.50%, 7/01/16		375		403,376
Springfield Public Utilities Board
Series 2012
5.00%, 12/01/14		850		850,000
				1,253,376
Nevada - 2.5%
Nevada Hwy Motor Veh Fuel Tax
Series 2012
5.00%, 12/01/16		325		353,785
Nevada Unemployment
Series 2013
5.00%, 12/01/16		685		747,677
State of Nevada
Series 2008C
5.00%, 6/01/15		260		266,243
				1,367,705
New Jersey - 1.1%
New Jersey Economic Development Authority (New Jersey Cigarette Tax)
Series 2012
5.00%, 6/15/16		330		350,661
New Jersey EDA (New Jersey Lease Trnsp Pj)
Series 2008A
5.00%, 5/01/17		250		271,760
				622,421
New York - 8.2%
Metropolitan Transportation Authority
Series 2012F
5.00%, 11/15/23-11/15/26		475		561,358
New York NY GO
Series 2008C
5.25%, 8/01/17		160		179,114
New York St Dormitory Auth (New York St Lease CUNY)
Series 2008B
5.00%, 7/01/16		150		160,965
New York St Dormitory Auth (New York St Lease Svc Contract)
Series 2009A
5.00%, 7/01/18		1,000		1,137,960
New York St Thruway Auth (New York St Pers Income Tax)
Series 2008A
5.00%, 3/15/18		270		306,391
New York St Thruway Auth (New York St Thruway Auth Ded Tax)
Series 2008B
5.00%, 4/01/16		280		297,385

	Principal Amount (000)		U.S. $ Value
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2009A
5.00%, 3/15/17		385		423,912
Series 2013A
5.00%, 2/15/20		355		419,262
Series 2014A
5.00%, 2/15/28		190		224,703
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road)
Series 2013A
5.00%, 5/01/19		165		190,245
New York State Urban Development Corp. (State of New York Pers Income Tax)
Series 2013C
5.00%, 3/15/16		480		509,001
Port Authority of New York & New Jersey
Series 20131
5.00%, 12/01/28		120		137,879
				4,548,175
North Carolina - 0.5%
State of North Carolina
Series 2013E
5.00%, 5/01/16		240		255,907
Ohio - 2.8%
Cleveland OH Arpt Sys
AMBAC Series 2006A
5.00%, 1/01/16		490		513,069
County of Cuyahoga OH (County of Cuyahoga OH Lease)
Series 2010F
5.25%, 12/01/25		285		327,525
Ohio GO
Series 2009C
5.00%, 8/01/16		680		731,612
				1,572,206
Pennsylvania - 3.3%
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Unemployment)
Series 2012A
5.00%, 7/01/17		220		244,543
Pennsylvania IDA (Pennsylvania IDA Econ Dev)
Series 2012
5.00%, 7/01/15		655		672,914
Philadelphia PA Parking Auth (Philadelphia Airport Parking)
Series 2009
5.125%, 9/01/22		800		906,201
				1,823,658

	Principal Amount (000)		U.S. $ Value
Rhode Island - 1.2%
Rhode Island Higher Ed Svgs Tr (Rhode Island DOT Fed Hwy Grant)
AGC Series 2009A
5.25%, 6/15/18		600		679,140
Texas - 9.2%
City of Houston TX Combined Utility System Revenue
Series 2014C
5.00%, 5/15/28		160		191,101
City Public Service Board of San Antonio TX
Series 2012B
2.00%, 12/01/27		635		645,262
Series 2014
5.00%, 2/01/17		70		76,698
Dallas/Fort Worth International Airport
Series 2009A
5.00%, 11/01/15		1,010		1,053,632
Denton Independent School District
Series 2012A
2.125%, 8/01/42		180		182,095
Houston Independent School District
Series 2014
5.00%, 2/15/17 (a)		755		828,711
SA Energy Acq Pub Fac Corp. Gas (Goldman Sachs Group, Inc./The)
Series 2007
5.50%, 8/01/22		460		543,347
San Antonio TX Util Drainage Sys
Series 2013
5.00%, 2/01/27		135		158,899
San Antonio TX Wtr
NATL Series 2007
5.50%, 5/15/16		680		730,606
Spring TX ISD GO
Series 2011
5.00%, 8/15/24		600		699,660
				5,110,011
Virginia - 1.8%
County of Fairfax VA
Series 2011A
5.00%, 4/01/17		580		640,465
Virginia Trnsp Brd (Virginia Fed Hwy Grant)
Series 2013
5.00%, 3/15/16		310		328,606
				969,071
Washington - 3.3%
City of Seattle WA
Series 2014
5.00%, 5/01/16		335		357,154
Energy Northwest (Bonneville Power Administration)
Series 2012A
5.00%, 7/01/19		620		723,428

	Principal Amount (000)		U.S. $ Value
State of Washington
Series 2011R
5.00%, 7/01/17		650		721,981
				1,802,563
Wisconsin - 1.5%
State of Wisconsin
Series 20143
5.00%, 11/01/21		190		229,341
Series 2014B
5.00%, 5/01/16		575		611,760
				841,101
Total Municipal Obligations (cost $35,896,920)				37,095,532
	Shares
COMMON STOCKS - 18.1%
Financials - 3.7%
Banks - 1.2%
Axis Bank Ltd.		1,670		12,940
Bank Hapoalim BM		2,070		10,339
Bank Mandiri Persero Tbk PT		10,500		9,070
Bank of America Corp.		5,000		85,200
Bank of Baroda		660		11,558
Bank of Montreal		140		10,267
Bank of Nova Scotia (The)		160		9,864
Bank of Queensland Ltd.		490		5,125
Citigroup, Inc.		500		26,985
Comerica, Inc.		375		17,479
Danske Bank A/S		1,090		30,939
Fifth Third Bancorp		350		7,042
HDFC Bank Ltd.		1,310		20,112
HSBC Holdings PLC		3,500		34,827
ICICI Bank Ltd.		480		13,518
ING Groep NV (d)		1,520		22,222
Intesa Sanpaolo SpA		5,250		16,158
Itausa-Investimentos Itau SA (Preference Shares)		2,500		10,179
JPMorgan Chase & Co.		750		45,120
Kasikornbank PCL (NVDR)		1,800		13,542
Mitsubishi UFJ Financial Group, Inc.		3,900		22,461
PNC Financial Services Group, Inc. (The)		100		8,747
Shinhan Financial Group Co., Ltd.		260		11,627
Societe Generale SA		629		31,218
Sumitomo Mitsui Financial Group, Inc.		500		18,773
Toronto-Dominion Bank (The)		380		19,148
UniCredit SpA		5,610		41,436
Wells Fargo & Co.		1,500		81,720
				647,616
Capital Markets - 0.4%
Affiliated Managers Group, Inc. (d)		207		42,143
Bank of New York Mellon Corp. (The)		450		18,013
BlackRock, Inc.-Class A		133		47,758

Company	Shares		U.S. $ Value
Daiwa Securities Group, Inc.		7,000		56,351
Partners Group Holding AG		20		5,741
State Street Corp.		100		7,673
UBS Group AG		3,478		62,451
				240,130
Consumer Finance - 0.3%
Capital One Financial Corp.		750		62,400
Discover Financial Services		575		37,691
Muthoot Finance Ltd.		4,250		13,431
Shriram Transport Finance Co., Ltd.		1,630		28,448
SLM Corp.		2,600		25,168
				167,138
Diversified Financial Services - 0.3%
Berkshire Hathaway, Inc.-Class B (d)		200		29,738
Cerved Information Solutions SpA (d)		2,788		14,706
Friends Life Group Ltd.		2,210		12,732
Intercontinental Exchange, Inc.		181		40,904
ORIX Corp.		2,900		38,330
Voya Financial, Inc.		850		35,598
				172,008
Insurance - 1.1%
ACE Ltd.		100		11,434
Admiral Group PLC		2,002		38,732
AIA Group Ltd.		13,200		76,108
Allstate Corp. (The)		850		57,927
American Financial Group, Inc./OH		550		33,214
American International Group, Inc.		875		47,950
AON PLC		350		32,372
Aspen Insurance Holdings Ltd.		200		8,846
Assurant, Inc.		450		30,416
Aviva PLC		1,250		9,942
BB Seguridade Participacoes SA		2,700		35,216
Chubb Corp. (The)		144		14,839
Hanover Insurance Group, Inc. (The)		125		8,910
Lancashire Holdings Ltd.		905		7,633
Lincoln National Corp.		400		22,652
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		185		38,069
PartnerRe Ltd.		275		32,040
Progressive Corp. (The)		175		4,767
Prudential PLC		2,430		58,651
Suncorp Group Ltd.		820		9,994
Travelers Cos., Inc. (The)		175		18,279
Unum Group		125		4,153
				602,144
Real Estate Management & Development - 0.3%
Ayala Land, Inc.		21,600		16,320
China Overseas Land & Investment Ltd.		2,000		5,982
Daito Trust Construction Co., Ltd.		400		45,283
Global Logistic Properties Ltd.		24,000		48,200
Lend Lease Group		1,120		14,591
				130,376

Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp. Ltd.		2,830		52,647
LIC Housing Finance Ltd.		1,660		11,319
				63,966
				2,023,378
Consumer Discretionary - 3.1%
Auto Components - 0.3%
Aisin Seiki Co., Ltd.		500		17,879
Bridgestone Corp.		400		13,755
Cie Generale des Etablissements Michelin-Class B		272		25,008
GKN PLC		2,460		13,243
Lear Corp.		345		33,089
Plastic Omnium SA		490		12,800
Sumitomo Electric Industries Ltd.		1,900		24,728
Valeo SA		250		30,758
				171,260
Automobiles - 0.4%
Ford Motor Co.		3,000		47,190
Great Wall Motor Co., Ltd.-Class H		4,000		20,217
Honda Motor Co., Ltd.		1,200		36,285
Hyundai Motor Co.		60		9,639
Tata Motors Ltd.		1,710		14,560
Tata Motors Ltd.2-Class A		670		3,645
Toyota Motor Corp.		1,000		61,479
Volkswagen AG (Preference Shares)		58		13,360
				206,375
Diversified Consumer Services - 0.1%
Estacio Participacoes SA		3,300		35,759
Kroton Educacional SA		6,200		43,191
				78,950
Hotels, Restaurants & Leisure - 0.3%
Ajisen China Holdings Ltd.		11,000		7,952
Galaxy Entertainment Group Ltd.		3,000		20,540
Melco International Development Ltd.		12,000		28,419
Merlin Entertainments PLC (e)		2,080		12,282
Sands China Ltd.		2,800		16,730
Sodexo SA		220		22,190
Starbucks Corp.		869		70,572
Yum! Brands, Inc.		125		9,656
				188,341
Household Durables - 0.0%
PulteGroup, Inc.		468		10,123
Internet & Catalog Retail - 0.2%
Just Eat PLC (d)		2,168		11,849
Priceline Group, Inc. (The) (d)		59		68,451
Vipshop Holdings Ltd. (ADR) (d)		970		22,174
				102,474

Company	Shares		U.S. $ Value
Leisure Products - 0.1%
Polaris Industries, Inc.		270		42,312
Media - 0.7%
Comcast Corp.-Class A		1,283		73,182
CTS Eventim AG & Co. KGaA		300		9,274
Liberty Global PLC-Class A (d)		261		13,569
Liberty Global PLC-Series C (d)		1,279		63,847
Naspers Ltd.-Class N		550		71,182
Smiles SA		600		10,957
Thomson Reuters Corp.		100		3,960
Time Warner, Inc.		540		45,965
Twenty-First Century Fox, Inc.-Class A		700		25,760
Walt Disney Co. (The)		574		53,101
				370,797
Multiline Retail - 0.1%
B&M European Value Retail SA (d)		4,500		18,799
Dillard’s, Inc.-Class A		75		8,841
Dollar General Corp. (d)		500		33,370
Matahari Department Store Tbk PT		3,500		4,303
				65,313
Specialty Retail - 0.6%
Foot Locker, Inc.		650		37,239
GameStop Corp.-Class A		775		29,303
Home Depot, Inc. (The)		775		77,035
Kingfisher PLC		2,150		10,489
L’Occitane International SA		3,500		8,963
Mr. Price Group Ltd.		380		8,097
O’Reilly Automotive, Inc. (d)		179		32,711
Office Depot, Inc. (d)		6,100		40,443
Shimamura Co., Ltd.		100		8,364
Sports Direct International PLC (d)		3,129		32,224
Ulta Salon Cosmetics & Fragrance, Inc. (d)		227		28,713
Yamada Denki Co., Ltd.		4,200		13,820
				327,401
Textiles, Apparel & Luxury Goods - 0.3%
Cie Financiere Richemont SA		469		44,054
Eclat Textile Co., Ltd.		1,040		10,358
Global Brands Group Holding Ltd. (d)		28,000		6,246
Hugo Boss AG		138		18,141
Kering		40		8,261
NIKE, Inc.-Class B		612		60,765
Ralph Lauren Corp.		73		13,498
Samsonite International SA		3,000		9,985
Titan Co., Ltd.		530		3,169
				174,477
				1,737,823
Information Technology - 2.7%
Communications Equipment - 0.1%
Brocade Communications Systems, Inc.		2,400		27,144
Cisco Systems, Inc.		250		6,910
F5 Networks, Inc. (d)		183		23,642

Company	Shares		U.S. $ Value
Harris Corp.		237		16,986
				74,682
Electronic Equipment, Instruments & Components - 0.1%
Amphenol Corp.-Class A		692		37,112
Internet Software & Services - 0.6%
Alibaba Group Holding Ltd. (ADR) (d)		278		31,036
Baidu, Inc. (Sponsored ADR) (d)		246		60,297
Facebook, Inc.-Class A (d)		750		58,275
Google, Inc.-Class A (d)		105		57,653
Google, Inc.-Class C (d)		106		57,434
LinkedIn Corp.-Class A (d)		102		23,080
Telecity Group PLC		2,220		28,117
				315,892
IT Services - 0.3%
Booz Allen Hamilton Holding Corp.		475		12,925
HCL Technologies Ltd.		250		6,713
Tata Consultancy Services Ltd.		270		11,498
Visa, Inc.-Class A		492		127,029
Xerox Corp.		2,800		39,088
				197,253
Semiconductors & Semiconductor Equipment - 0.6%
Advanced Semiconductor Engineering, Inc.		13,000		15,768
Altera Corp.		759		28,554
Applied Materials, Inc.		1,250		30,062
Intel Corp.		1,800		67,050
Lam Research Corp.		125		10,330
Linear Technology Corp.		544		25,040
Micron Technology, Inc. (d)		550		19,773
Novatek Microelectronics Corp.		3,000		16,929
NXP Semiconductor NV (d)		369		28,712
Samsung Electronics Co., Ltd.		29		33,599
Sumco Corp.		1,200		15,362
Taiwan Semiconductor Manufacturing Co., Ltd.		3,000		13,804
Tokyo Electron Ltd.		200		13,938
				318,921
Software - 0.4%
ANSYS, Inc. (d)		677		56,543
Aspen Technology, Inc. (d)		499		18,832
Dassault Systemes		64		4,180
Electronic Arts, Inc. (d)		775		34,046
Microsoft Corp.		1,500		71,715
NetSuite, Inc. (d)		209		22,102
ServiceNow, Inc. (d)		307		19,635
				227,053
Technology Hardware, Storage & Peripherals - 0.6%
Apple, Inc.		1,681		199,921
Asustek Computer, Inc.		2,000		21,785
Casetek Holdings Ltd.		2,000		12,345
Catcher Technology Co., Ltd.		4,000		33,791

Company	Shares		U.S. $ Value
Hewlett-Packard Co.		1,800		70,308
				338,150
				1,509,063
Health Care - 2.2%
Biotechnology - 0.5%
Actelion Ltd. (REG)		350		41,500
Biogen Idec, Inc. (d)		262		80,614
Gilead Sciences, Inc. (d)		1,368		137,238
				259,352
Health Care Equipment & Supplies - 0.1%
Align Technology, Inc. (d)		130		7,397
Intuitive Surgical, Inc. (d)		114		59,026
				66,423
Health Care Providers & Services - 0.5%
Aetna, Inc.		455		39,694
Catamaran Corp. (d)		170		8,588
Express Scripts Holding Co. (d)		250		20,788
McKesson Corp.		134		28,242
Premier, Inc.-Class A (d)		548		18,643
UnitedHealth Group, Inc.		1,077		106,225
WellPoint, Inc.		450		57,559
				279,739
Life Sciences Tools & Services - 0.2%
Eurofins Scientific SE		198		48,052
Mettler-Toledo International, Inc. (d)		80		23,461
Quintiles Transnational Holdings, Inc. (d)		647		37,409
				108,922
Pharmaceuticals - 0.9%
Allergan, Inc./United States		502		107,373
Astellas Pharma, Inc.		1,700		24,461
GlaxoSmithKline PLC		2,240		51,966
Johnson & Johnson		850		92,012
Lupin Ltd.		80		1,906
Merck & Co., Inc.		650		39,260
Novo Nordisk A/S-Class B		449		20,437
Pfizer, Inc.		3,000		93,450
Roche Holding AG		180		53,863
Sun Pharmaceutical Industries Ltd.		2,250		30,399
				515,127
				1,229,563
Industrials - 2.1%
Aerospace & Defense - 0.4%
Airbus Group NV		730		44,469
Boeing Co. (The)		423		56,834
General Dynamics Corp.		100		14,536
L-3 Communications Holdings, Inc.		212		26,415
MTU Aero Engines AG		60		5,346
Northrop Grumman Corp.		125		17,616

Company	Shares		U.S. $ Value
Precision Castparts Corp.		103		24,504
Safran SA		350		22,636
Zodiac Aerospace		65		2,155
				214,511
Air Freight & Logistics - 0.0%
Royal Mail PLC		1,730		11,287
Airlines - 0.1%
Delta Air Lines, Inc.		1,000		46,670
International Consolidated Airlines Group SA (d)		2,550		18,179
Qantas Airways Ltd. (d)		7,090		11,568
				76,417
Commercial Services & Supplies - 0.2%
Babcock International Group PLC		2,997		53,095
Edenred		1,388		40,006
				93,101
Construction & Engineering - 0.0%
Larsen & Toubro Ltd.		190		5,003
Electrical Equipment - 0.1%
Amara Raja Batteries Ltd.		700		8,405
AMETEK, Inc.		961		48,973
				57,378
Industrial Conglomerates - 0.3%
Alliance Global Group, Inc.		7,400		4,081
Bidvest Group Ltd. (The)		470		12,411
Danaher Corp.		902		75,371
General Electric Co.		2,200		58,278
Hutchison Whampoa Ltd.		1,000		12,523
Toshiba Corp.		5,000		22,247
				184,911
Machinery - 0.3%
Caterpillar, Inc.		250		25,150
Dover Corp.		300		23,097
ITT Corp.		600		24,840
JTEKT Corp.		1,500		24,889
Pall Corp.		507		48,728
Wabtec Corp./DE		557		49,289
				195,993
Marine - 0.1%
AP Moeller-Maersk A/S-Class B		5		10,429
Nippon Yusen KK		7,000		19,761
				30,190
Professional Services - 0.4%
51job, Inc. (ADR) (d)		90		3,308
Applus Services SA (d)		1,215		14,853
Bureau Veritas SA		1,920		45,763
Capita PLC		4,478		74,755
Intertek Group PLC		1,600		58,294

Company	Shares		U.S. $ Value
Teleperformance		80		5,586
				202,559
Road & Rail - 0.1%
Canadian National Railway Co.		130		9,235
Central Japan Railway Co.		100		14,524
Globaltrans Investment PLC (Sponsored GDR) (e)		1,110		7,770
				31,529
Trading Companies & Distributors - 0.1%
Brenntag AG		195		10,735
Bunzl PLC		550		15,321
Mitsubishi Corp.		700		13,229
				39,285
				1,142,164
Consumer Staples - 1.5%
Beverages - 0.2%
Asahi Group Holdings Ltd.		200		6,234
Molson Coors Brewing Co.-Class B		50		3,867
Monster Beverage Corp. (d)		886		99,365
				109,466
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.		378		53,721
CVS Health Corp.		1,521		138,959
Koninklijke Ahold NV		1,670		29,478
Kroger Co. (The)		550		32,912
Lenta Ltd. (GDR) (d)(e)		2,113		16,524
Magnit PJSC (Sponsored GDR) (e)		190		10,991
Olam International Ltd.		11,636		19,272
Tsuruha Holdings, Inc.		100		5,637
				307,494
Food Products - 0.2%
Archer-Daniels-Midland Co.		175		9,219
Hain Celestial Group, Inc. (The) (d)		174		19,700
Keurig Green Mountain, Inc.		154		21,890
Mead Johnson Nutrition Co.-Class A		382		39,667
				90,476
Household Products - 0.0%
Procter & Gamble Co. (The)		200		18,086
Personal Products - 0.0%
Estee Lauder Cos., Inc. (The)-Class A		321		23,799
Tobacco - 0.5%
British American Tobacco PLC		1,265		74,796
Imperial Tobacco Group PLC		514		23,728
Japan Tobacco, Inc.		2,400		76,933
Philip Morris International, Inc.		1,062		92,320
				267,777
				817,098

Company	Shares		U.S. $ Value
Energy - 1.1%
Energy Equipment & Services - 0.2%
Aker Solutions ASA (d)(e)		920		5,521
FMC Technologies, Inc. (d)		814		38,885
National Oilwell Varco, Inc.		100		6,704
Schlumberger Ltd.		717		61,626
				112,736
Oil, Gas & Consumable Fuels - 0.9%
BG Group PLC		2,130		29,915
Canadian Natural Resources Ltd.		350		11,619
Chevron Corp.		650		70,765
China Petroleum & Chemical Corp.-Class H		14,200		11,495
Exxon Mobil Corp.		1,100		99,594
Hess Corp.		650		47,404
JX Holdings, Inc.		7,500		27,907
LUKOIL OAO (London) (Sponsored ADR)		190		8,693
LUKOIL OAO2 (Sponsored ADR)		40		1,862
Marathon Petroleum Corp.		200		18,018
Murphy Oil Corp.		400		19,368
Occidental Petroleum Corp.		550		43,874
Petroleo Brasileiro SA (Sponsored ADR)		900		9,189
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		710		23,629
SM Energy Co.		100		4,345
Suncor Energy, Inc. (Toronto)		350		11,052
Total SA		620		34,597
Valero Energy Corp.		775		37,673
				510,999
				623,735
Materials - 0.6%
Chemicals - 0.5%
Arkema SA		220		14,967
BASF SE		80		7,250
CF Industries Holdings, Inc.		21		5,631
Chr Hansen Holding A/S		348		14,712
Denki Kagaku Kogyo KK		3,000		10,245
Eastman Chemical Co.		325		26,949
Essentra PLC		4,590		54,037
IMCD Group NV (d)		148		4,295
JSR Corp.		1,500		26,826
Koninklijke DSM NV		343		22,549
LyondellBasell Industries NV-Class A		325		25,630
Mitsubishi Gas Chemical Co., Inc.		3,000		17,167
Monsanto Co.		177		21,224
				251,482
Construction Materials - 0.0%
Grasim Industries Ltd. (GDR) (e)		98		5,599
Metals & Mining - 0.1%
Alcoa, Inc.		350		6,051
Barrick Gold Corp.		730		8,644
Dowa Holdings Co., Ltd.		1,000		8,278
Rio Tinto PLC		350		16,269

Company	Shares		U.S. $ Value
Tata Steel Ltd.		1,320		10,038
				49,280
Paper & Forest Products - 0.0%
Mondi PLC		842		14,371
				320,732
Telecommunication Services - 0.6%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.		1,100		38,918
Bezeq The Israeli Telecommunication Corp., Ltd.		4,284		7,580
CenturyLink, Inc.		175		7,135
Nippon Telegraph & Telephone Corp.		600		32,085
Orange SA		2,280		40,179
Telecom Italia SpA (savings shares)		24,930		22,086
Vivendi SA		586		14,902
				162,885
Wireless Telecommunication Services - 0.3%
China Mobile Ltd.		1,500		18,507
Rogers Communications, Inc.-Class B		190		7,605
SoftBank Corp.		800		53,296
Tower Bersama Infrastructure Tbk PT		15,500		11,976
Turkcell Iletisim Hizmetleri AS (d)		2,250		14,260
Vodafone Group PLC		9,270		33,931
Vodafone Group PLC (Sponsored ADR)		475		17,361
				156,936
				319,821
Utilities - 0.5%
Electric Utilities - 0.2%
American Electric Power Co., Inc.		425		24,459
Edison International		600		38,136
EDP-Energias de Portugal SA		2,550		10,460
Electricite de France SA		510		15,266
Enel SpA		3,030		14,617
Westar Energy, Inc.		450		17,590
				120,528
Gas Utilities - 0.1%
Atmos Energy Corp.		285		15,305
UGI Corp.		975		36,767
				52,072
Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC		2,197		10,374
Calpine Corp. (d)		1,412		32,419
NRG Energy, Inc.		600		18,756
				61,549
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.		650		15,561
DTE Energy Co.		50		4,073
Public Service Enterprise Group, Inc.		150		6,267
				25,901

Company	Shares		U.S. $ Value
Water Utilities - 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo		1,400		10,449
				270,499
Total Common Stocks (cost $7,667,418)				9,993,876
INVESTMENT COMPANIES - 14.0%
Funds and Investment Trusts - 14.0%
AB Cap Fund-Multi-Manager Alternative Strategies Fund Class Z (d)(f)		220,110		2,229,710
AB Pooling Portfolio-Multi-Asset Real Return Portfolio (f)		66,653		519,224
AB Pooling Portfolio-Volatility Management Portfolio (f)		396,256		4,976,972
Total Investment Companies (cost $6,893,660)				7,725,906
WARRANTS - 0.0%
Industrials - 0.0%
Industrial Conglomerates - 0.0%
John Keells Holdings PLC, Deutsche Bank AG, expiring 7/05/19 (d)		2,440		4,489
Financials - 0.0%
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp., Merrill Lynch International, expiring 8/19/15 (d)		140		2,611
Total Warrants (cost $5,608)				7,100
RIGHTS - 0.0%
Materials - 0.0%
Chemicals - 0.0%
Arkema SA, expiring 12/03/14 (d) (cost $0)		220		647
SHORT-TERM INVESTMENTS - 2.3%
Investment Companies - 2.3%
AB Fixed Income Shares, Inc.-Government STIF Portfolio, 0.08% (f)(g) (cost $1,289,825)		1,289,825		1,289,825
Total Investments - 101.5% (cost $51,753,431) (h)			$	56,112,886
Other assets less liabilities - (1.5)%				(847,690	)
Net Assets - 100.0%			$	55,265,196

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA	USD	22	SEK	165		2/18/15	$	(208	)
State Street Bank & Trust Co.	CHF	59	USD	61		2/18/15		176
State Street Bank & Trust Co.	EUR	34	USD	43		2/18/15		421
State Street Bank & Trust Co.	EUR	102	USD	127		2/18/15		(66	)
State Street Bank & Trust Co.	GBP	176	USD	280		2/18/15		4,786
State Street Bank & Trust Co.	HKD	766	USD	99		2/18/15		34
State Street Bank & Trust Co.	HKD	56	USD	7		2/18/15		(1	)
State Street Bank & Trust Co.	JPY	47,675	USD	417		2/18/15		14,839
State Street Bank & Trust Co.	USD	83	AUD	96		2/18/15		(1,528	)
State Street Bank & Trust Co.	USD	215	CAD	244		2/18/15		(2,010	)
State Street Bank & Trust Co.	USD	4	CAD	5		2/18/15		2
State Street Bank & Trust Co.	USD	43	CHF	41		2/18/15		(299	)
State Street Bank & Trust Co.	USD	94	CHF	91		2/18/15		357
State Street Bank & Trust Co.	USD	11	EUR	9		2/18/15		16
State Street Bank & Trust Co.	USD	43	EUR	34		2/18/15		(299	)
State Street Bank & Trust Co.	USD	22	GBP	14		2/18/15		(157	)
State Street Bank & Trust Co.	USD	16	NOK	108		2/18/15		(380	)
State Street Bank & Trust Co.	USD	52	NZD	68		2/18/15		848
State Street Bank & Trust Co.	USD	22	SEK	163		2/18/15		(191	)
State Street Bank & Trust Co.	USD	57	SGD	74		2/18/15		(525	)
							$	15,815

INFLATION (CPI) SWAPS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Bank of America, NA	$	250		7/09/24		2.613	%		CPI	#	$	(13,719	)
Barclays Bank PLC		3,000		8/11/15		2.030	%		CPI	#		(169,872	)
Barclays Bank PLC		500		7/19/17		2.038	%		CPI	#		(7,588	)
Barclays Bank PLC		300		10/05/22		2.765	%		CPI	#		(24,440	)

INFLATION (CPI) SWAPS

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made  by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Citibank, NA	$	250		8/26/20		2.298	%		CPI	#	$	(7,144	)
JPMorgan Chase Bank, NA		200		3/04/24		2.493			CPI	#		(8,820	)
Morgan Stanley Capital Services LLC		1,500		10/31/18		1.960	%		CPI	#		(81,882	)
Morgan Stanley Capital Services LLC		150		4/16/23		2.690	%		CPI	#		(11,152	)
											$	(324,617	)

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

(a) When-Issued or delayed delivery security.

(b) Variable rate coupon, rate shown as of November 30, 2014.

(c) Floating Rate Security. Stated interest rate was in effect at November 30, 2014.

(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 November 30, 2014, the aggregate market value of these securities amounted to $58,687 or 0.1% of net assets.

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

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

(h) As of November 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,751,655 and gross unrealized depreciation of investments was $(392,200), resulting in net unrealized appreciation of $4,359,455.

As of November 30, 2014, the Strategy held 66.1% of its total investments in municipal bonds. Of the total investments in municipal bonds, 10.2% is insured (0.0% 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
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
CPI	-	Consumer Price Index
DOT	-	Department of Transportation
EDA	-	Economic Development Agency
ETM	-	Escrowed to Maturity
GDR	-	Global Depositary Receipt
GO	-	General Obligation
IDA	-	Industrial Development Authority/Agency
ISD	-	Independent School District
NATL	-	National Interstate Corporation
NVDR	-	Non Voting Depositary Receipt
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
SRF	-	State Revolving Fund

AB Tax-Managed Conservative Wealth Strategy

November 30, 2014 (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 generally 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 November 30, 2014:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Municipal Obligations	$	– 0	–	$	37,095,532		$	– 0	–	$	37,095,532
Common Stock:
Financials		1,115,367			908,011			– 0	–		2,023,378
Consumer Discretionary		1,061,834			675,989			– 0	–		1,737,823
Information Technology		1,292,732			216,331			– 0	–		1,509,063
Health Care		956,979			272,584			– 0	–		1,229,563
Industrials		566,200			575,964			– 0	–		1,142,164
Consumer Staples		600,292			216,806			– 0	–		817,098
Energy		494,330			129,405			– 0	–		623,735
Materials		104,023			216,709			– 0	–		320,732
Telecommunication Services		71,019			248,802			– 0	–		319,821
Utilities		219,782			50,717			– 0	–		270,499
Investment Companies		7,725,906			– 0	–		– 0	–		7,725,906
Warrants		– 0	–		7,100			– 0	–		7,100
Rights		647			– 0	–		– 0	–		647
Short-Term Investments		1,289,825			– 0	–		– 0	–		1,289,825
Total Investments in Securities		15,498,936			40,613,950	+		– 0	–		56,112,886
Other Financial Instruments* :
Assets:
Forward Currency Exchange Contracts		– 0	–		21,479			– 0	–		21,479
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(5,664	)		– 0	–		(5,664	)
Inflation (CPI) Swaps		– 0	–		(324,617	)		– 0	–		(324,617	)
Total^	$	15,498,936		$	40,305,148		$	– 0	–	$	55,804,084

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, 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 no transfers between any levels 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).

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal control over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 3. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
11 (a) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
11 (a) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): The AB Portfolios

By:	/s/    Robert M. Keith
	Robert M. Keith
	President
Date:	January 22, 2015

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:	January 22, 2015
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	January 22, 2015