NXP Nuveen Select Tax Free Income

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05088

THE ALLIANCEBERNSTEIN PORTFOLIOS

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: August 31, 2013

Date of reporting period: May 31, 2013

 

 

 

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ITEM 1.

SCHEDULE OF INVESTMENTS.

---

AllianceBernstein Wealth Appreciation Strategy

Portfolio of Investments

May 31, 2013 (unaudited)

 

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

 

(a)

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

---

AllianceBernstein Wealth Appreciation Strategy

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Strategy. Unobservable inputs reflect the Strategy’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Strategy’s own assumptions in determining the fair value of investments)

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

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

 

Investments in Securities*:

Level 1

Level 2

Level 3

Total

Assets:

Mutual Funds

$

1,458,655,445

$

– 0

–

$

– 0

–

$

1,458,655,445

 

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

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

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

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

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

---

AllianceBernstein Balanced Wealth Strategy

Portfolio of Investments

May 31, 2013 (unaudited)

 

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

 

 

(a)

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

---

AllianceBernstein Balanced Wealth Strategy

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Strategy. Unobservable inputs reflect the Strategy’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Strategy’s own assumptions in determining the fair value of investments)

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

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

 

Investments in Securities*:

Level 1

Level 2

Level 3

Total

Assets:

Mutual Funds

$

1,378,145,694

$

– 0

–

$

– 0

–

$

1,378,145,694

 

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

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

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

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

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

---

AllianceBernstein Conservative Wealth Strategy

Portfolio of Investments

May 31, 2013 (unaudited)

 

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

 

(a)

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

---

AllianceBernstein Conservative Wealth Strategy

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Strategy. Unobservable inputs reflect the Strategy’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Strategy’s own assumptions in determining the fair value of investments)

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

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

 

Investments in Securities*:

Level 1

Level 2

Level 3

Total

Assets:

Mutual Funds

$

427,481,359

$

– 0

–

$

– 0

–

$

427,481,359

 

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

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

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

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

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

---

AllianceBernstein Wealth Strategies

Tax-Managed Wealth Appreciation

Portfolio of Investments

May 31, 2013 (unaudited)

 

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

FUTURES CONTRACTS

 

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

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty

Contracts to Deliver (000)

In Exchange For (000)

Settlement Date

Unrealized Appreciation/ (Depreciation)

Barclays Bank PLC Wholselale

USD

766

JPY

78,908

8/16/13

$

19,739

BNP Paribas SA

AUD

6,816

USD

6,594

8/16/13

104,453

BNP Paribas SA

KRW

4,329,633

USD

3,910

8/16/13

97,050

---

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

 

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

 

(a)	Non-income producing security.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2013, the aggregate market value of these securities amounted to $2,493,248 or 0.4% of net assets.

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

(d)

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

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

---

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

Currency Abbreviations:

 

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

Glossary:

 

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

---

AllianceBernstein Wealth Strategies

Tax-Managed Wealth Appreciation

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Strategy. Unobservable inputs reflect the Strategy’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Strategy’s own assumptions in determining the fair value of investments)

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

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

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

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

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

 

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

---

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

 

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

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

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

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

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

 

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

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

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

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

---

AllianceBernstein Wealth Strategies

Tax-Managed Balanced Wealth

Portfolio of Investments

May 31, 2013 (unaudited)

 

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

---

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

---

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

---

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

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

 

---

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

 

---

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

---

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

 

---

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

FUTURES CONTRACTS

 

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

FORWARD CURRENCY EXCHANGE CONTRACTS

 

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

---

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

INFLATION (CPI) SWAP CONTRACTS

 

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

 

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

 

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

 

(a)	Illiquid security.

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

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

(d)	Fair valued by the Adviser.

(e)	Non-income producing security.

(f)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2013, the aggregate market value of these securities amounted to $281,496 or 0.2% of net assets.

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

(h)

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

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

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

Currency Abbreviations:

 

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

---

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

---

AllianceBernstein Wealth Strategies

Tax-Managed Balanced Wealth

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Strategy. Unobservable inputs reflect the Strategy’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Strategy’s own assumptions in determining the fair value of investments)

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

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

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

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

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

 

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

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

 

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

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

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

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

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

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

 

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

 

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

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

Quantitative Information about Level 3 Fair Value Measurements

 

Fair Value at 5/31/13

Valuation Technique

Unobservable Input

Range/ Weighted Average

Municipal Obligations

$    1,649,737

Third Party Vendor

Evaluated Quotes

$30.00 - $104.83/ $76.30

$0.00

Qualitative Assesment

$0.00

Warrants

$36,286

Indicative Market Quotations

Broker Quotes

$2.25/ N/A

Corporates - Non-Investment Grades

$31,474

Third Party Vendor

Evaluated Quotes

$98.55/ N/A

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

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

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

 

21

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AllianceBernstein Wealth Strategies

Tax-Managed Conservative Wealth

Portfolio of Investments

May 31, 2013 (unaudited)

 

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

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

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

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

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

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

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

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

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

---

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

 

---

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

 

---

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

 

---

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

---

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

 

---

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

---

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

 

---

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

FORWARD CURRENCY EXCHANGE CONTRACTS

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

---

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

INFLATION (CPI) SWAP CONTRACTS

 

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

 

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

 

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

 

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

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

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

(d)	Non-income producing security.

---

(e)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2013, the aggregate market value of these securities amounted to $70,561 or 0.1% of net assets.

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

(g)

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

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

Currency Abbreviations:

 

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

Glossary:

 

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

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AllianceBernstein Wealth Strategies - Tax-Managed Conservative Wealth

May 31, 2013 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategy would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Strategy. Unobservable inputs reflect the Strategy’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

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Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Strategy’s own assumptions in determining the fair value of investments)

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

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

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

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

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

 

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

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

 

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

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

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

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

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

 

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

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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).

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ITEM 2.

CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3.

EXHIBITS.

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

 

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

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SIGNATURES

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

(Registrant): The AllianceBernstein Portfolios

 

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

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