-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PCP9lxosL3tji4TbqhQfG1/Iw0dExy8e2i+DLCoaMIGUrLvbfIAK0Tpe9DDqYZxe WyjGr0Y53YcE0coDCP1cGw== 0001193125-08-037518.txt : 20080225 0001193125-08-037518.hdr.sgml : 20080225 20080225164452 ACCESSION NUMBER: 0001193125-08-037518 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 20080225 DATE AS OF CHANGE: 20080225 EFFECTIVENESS DATE: 20080225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCEBERNSTEIN PORTFOLIOS CENTRAL INDEX KEY: 0000812015 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-12988 FILM NUMBER: 08639924 BUSINESS ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE PORTFOLIOS DATE OF NAME CHANGE: 19930812 FORMER COMPANY: FORMER CONFORMED NAME: EQUITABLE FUNDS DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCEBERNSTEIN PORTFOLIOS CENTRAL INDEX KEY: 0000812015 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05088 FILM NUMBER: 08639925 BUSINESS ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE PORTFOLIOS DATE OF NAME CHANGE: 19930812 FORMER COMPANY: FORMER CONFORMED NAME: EQUITABLE FUNDS DATE OF NAME CHANGE: 19920703 0000812015 S000010514 AllianceBernstein Wealth Appreciation Strategy C000029026 Class A AWAAX C000029027 Class B AWABX C000029028 Class C AWACX C000029029 Advisor Class AWAYX C000029030 Class R AWARX C000029031 Class K AWAKX C000029032 Class I AWAIX 485BPOS 1 d485bpos.htm ALLIANCEBERNSTEIN WEALTH STRATEGIES 485B XBRL AllianceBernstein Wealth Strategies 485B XBRL

As filed with the Securities and Exchange Commission On February 25, 2008

File Nos. 33-12988

811-05088

 

 

Securities and Exchange Commission

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

  THE SECURITIES ACT OF 1933   ¨
  Pre-Effective Amendment No.   ¨
  Post-Effective Amendment No. 70   x

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

  Amendment No. 72   x

 

 

THE ALLIANCEBERNSTEIN PORTFOLIOS

(Exact Name of Registrant as Specified in Charter)

 

 

1345 Avenue of the Americas, New York, N.Y. 10105

(800) 221-5672

(Registrant’s Telephone Number, including Area Code)

 

 

EMILIE D. WRAPP

AllianceBernstein L.P.

1345 Avenue of the Americas, New York, N.Y. 10105

(Name and address of Agent for Service)

 

 

Copies of communications to:

Kathleen K. Clarke

Seward & Kissel LLP

1200 G Street, NW

Suite 350

Washington, DC 20005

 

 

It is proposed that this filing will become effective (check appropriate box)

 

  x immediately upon filing pursuant to paragraph (b)

 

  ¨ on (date), pursuant to paragraph (b)

 

  ¨ 60 days after filing pursuant to paragraph (a)(1) on (date) pursuant to paragraph (a)(1)

 

  ¨ 75 days after filing pursuant to paragraph (a)(2)

 

  ¨ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

 

  ¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and the State of New York, on the 25nd day of February, 2008.

 

THE ALLIANCEBERNSTEIN PORTFOLIOS
By:  

Marc O. Mayer*

  Marc O. Mayer
  President

Pursuant to the requirements of the Securities Act of l933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Signature

        

Title

   

Date

1)    Principal Executive Officer         
   Marc O. Mayer*       President and Chief Executive Officer    February 25, 2008
2)    Principal Financial and Accounting Officer         
  

/s/ Joseph J. Mantineo

Joseph J. Mantineo

       Treasurer and Chief Financial Officer    February 25, 2008
3)    The Trustees:         
   David H. Dievler*         
   John H. Dobkin*         
   Michael J. Downey*         
   William H. Foulk, Jr.*         
   D. James Guzy*         
   Nancy P. Jacklin*         
   Marc O. Mayer*         
   Marshall C. Turner, Jr.*         
   Earl D. Weiner*         
*By:   

/s/ Andrew L. Gangolf

          February 25, 2008
   Andrew L. Gangolf         
   (Attorney-in-fact)         

 

* By Powers of Attorney dated January 7, 2007 for Earl D. Weiner and previously filed with Post-Effective Amendment No. 68 to the Registrant’s Registration Statement (File No. 33-12988), filed via EDGAR on October 31, 2007 and incorporated herein by reference, and Powers of Attorney dated February 9, 2006 for all other Trustees and previously filed with Post-Effective Amendment No. 64 to the Registrant’s Registration Statement (File No. 33-12988), filed via EDGAR on August 30, 2006 and incorporated herein by reference.

THE ALLIANCEBERNSTEIN PORTFOLIOS

Post-Effective Amendment no. 70

Users of this data are advised pursuant to the rules and regulations governing the filing of voluntary XBRL disclosure that the following XBRL documents are not the official publicly filed disclosure of The AllianceBernstein Portfolios. The purpose of submitting these XBRL formatted documents is to test the related format and technology and, as a result, investors should continue to rely on the official version of the furnished documents and not rely on this information in making investment decisions.

Index to Exhibits

 

Exhibit No.

   

Description

Ex-100.INS

    XBRL Instance Document

Ex-100.SCH

    XBRL Taxonomy Extension Schema Document

Ex-100.DEF

    XBRL Taxonomy Extension Definition Linkbase

Ex-100.LAB

    XBRL Taxonomy Extension Labels Linkbase
 EX-100.INS 2 abretailinstance.xml XBRL INSTANCE DOCUMENT iso4217:USD pure 0000812015 ici-rr:Registrant_item 2008-02-25 0000812015 allbe:S000010514 2008-02-25 0000812015 allbe:C000029026 2008-02-25 0000812015 allbe:C000029027 2008-02-25 0000812015 allbe:C000029028 2008-02-25 0000812015 allbe:C000029029 2008-02-25 OBJECTIVE AND PRINCIPAL STRATEGIES: The Strategy’s investment objective is long-term growth ofcapital. The Strategy seeks to achieve its objective by investing in a combination of Underlying Portfolios representing a variety of asset classes and investment styles that are also managed by the Adviser. By allocating its assets among the Underlying Portfolios, the Strategy creates a portfolio that is designed as a solution for investors who seek equity returns without regard to taxes but also want broad diversification of the related risks across styles, capitalization ranges and geographic regions. Through investments in the Underlying Portfolios, the Adviser efficiently diversifies the Strategy between growth and value equity investment styles, and between U.S. and non-U.S. markets. Normally, the Strategy’s targeted blend is an equal weighting of growth and value style Underlying Portfolios (50% each). The following table shows the target percentages of its net assets that the Strategy will invest in each of the Underlying Portfolios indicated as of the date of this Prospectus. Asset Class/Underlying Portfolio/Targeted BlendStock; U.S. Large Cap Growth-24.00%; U.S. Value-24.00%; U.S. Small/Mid-Cap Growth-7.50%; U.S. Small/Mid-Cap Value-7.50%; International Growth-13.50%; International Value=13.50%; Real Estate: Global Real Estate Investment-10.00% In addition to blending growth and value styles, the Strategy blends each style component across Underlying Portfolios that invest in U.S. and non-U.S. companies and various capitalization ranges. Within each of the value and growth components, the Strategy’s targeted blend is approximately 70% in Underlying Portfolios that invest in U.S. companies and the remaining 30% in Underlying Portfolios that invest in non-U.S. companies. The Adviser will allow the relative weightings of the Strategy’s investments in growth and value and U.S. and non-U.S. Underlying Portfolios to vary in response to markets, but ordinarily only by ±5% of the Strategy’s net assets. Beyond those ranges, the Adviser will generally rebalance the portfolio toward the targeted blend. However, under extraordinary circumstances, such as when market conditions favoring one investment component are compelling, the range may expand to 10% of the Strategy& #x2019;s net assets. The Strategy’s targeted blend may change from time to time without notice to shareholders based on the Adviser’s assessment of market conditions. In managing the Underlying Portfolios, the Adviser selects growth and value equity securities by drawing from a variety of its fundamental growth and value investment disciplines to produce a blended portfolio. Within each investment discipline, the Adviser is able to draw on the resources and expertise of multiple growth and value equity investment teams, specializing in different capitalization ranges and geographic regions (U.S. and non-U.S.), which are supported by more than 50 equity research analysts specializing in growth research, and more than 50 equity research analysts specializing in value research. Each growth investment team selects stocks using a process that seeks to identify companies with strong management, superior industry positions, excellent balance sheets and superior earnings growth prospects. This discipline relies heavily upon the fundamental analysis and research of the Adviser’s large internal growth research staff, which follows over 1,500 U.S. and non-U.S. companies. The Adviser’s growth analysts prepare their own earnings estimates and financial models for each company followed. Research emphasis is placed on identifying companies whose substantially above-average prospective earnings growth is not fully reflected in current market valuations. Each growth investment team constructs a portfolio that emphasizes equity securities of a limited number of carefully selected, high-quality companies that are judged likely to achieve superior earnings growth. Each value investment team seeks to identify companies whose long-term earning power and dividend paying capability are not reflected in the current market price of their securities. This fundamental value discipline relies heavily upon the large internal value research staff of the Adviser’s Bernstein unit (“Bernstein”), which follows over 1,500 U.S. and non-U.S. companies. Teams within the value research staff cover a given industry worldwide, to better understand each company’s competitive position in a global context. Bernstein’s staff of company and industry analysts prepares its own earnings estimates and financial models for each company analyzed. Bernstein identifies and quantifies the critical variables that control a business’s performance and analyzes the results in order to forecast each company’s long-term prospects and expected returns. Through application of this value investment process, each value investment team constructs a portfolio that emphasizes equity securities of a limited number of value companies. PRINCIPAL RISKS: • Market Risk • Foreign (Non-U.S.) Risk • Currency Risk • Capitalization Risk In this Summary, we describe the principal and other risks thatmay affect a Strategy’s portfolio (including the UnderlyingPortfolios for those Strategies investing in Underlying Portfolios)as a whole. This Prospectus has additional descriptions ofrisks applicable to specific investments in the discussions belowunder “More Information About the Strategies and TheirInvestments.” MARKET RISKThis is the risk that the value of a Strategy’s investments willfluctuate as the stock or bond markets fluctuate and that pricesoverall will decline over short- or long-term periods. It includesthe risk that a particular style of investing, such asgrowth or value, may be underperforming the stock marketgenerally. INFLATION RISKThis is the risk that the value of assets or income from investmentswill be less in the future as inflation decreases the valueof money. As inflation increases, the value of each Strategy’sassets can decline as can the value of the Strategy’s distributions.This risk is significantly greater for those Strategiesthat invest a significant portion of their assets in fixed-incomesecurities with longer maturities. ALLOCATION RISKThe allocation of investments among the Underlying Portfolios,different investment styles, such as growth or value, equityand debt securities, or U.S. and non-U.S. securities may have amore significant effect on a Strategy’s net asset value, or NAV,when one of these investment strategies is performing morepoorly than others. FOREIGN (NON-U.S.) RISKA Strategy’s investments in securities of non-U.S. issuers mayexperience more rapid and extreme changes in value than investmentsin securities of U.S. companies. The securities marketsof many foreign countries are relatively small, with alimited number of companies representing a small number ofsecurities. Non-U.S. issuers usually are not subject to the samedegree of regulation as U.S. issuers. Reporting, accounting andauditing standards of foreign countries differ, in some cases significantly,from U.S. standards. Nationalization, expropriationor confiscatory taxation, currency blockage or political changesor diplomatic developments could adversely affect a Strategy’sinvestments in a country other than the United States. To theextent a Strategy invests in a particular country or geographicregion, the Strategy may have more significant risk due tomarket changes or other factors affecting that country or regi on,including political instability and unpredictable economicconditions. EMERGING MARKET RISKForeign investment risk may be particularly high to the extenta Strategy invests in emerging market securities of issuers basedin countries with developing economies. These securities maypresent market, credit, currency, liquidity, legal, political andother risks different from, or greater than, the risks of investingin developed foreign (non-U.S.) countries. CURRENCY RISKThis is the risk that changes in foreign (non-U.S.) currencyexchange rates may negatively affect the value of a Strategy’sinvestments or reduce the returns of a Strategy. For example,the value of a Strategy’s investments in foreign stocks orcurrencies may decrease if the U.S. Dollar is strong (i.e., gainingvalue relative to other currencies) and other currencies areweak (i.e., losing value relative to the U.S. Dollar). Currencymarkets generally are not as regulated as securities markets. CAPITALIZATION RISKThis is the risk of investments in small- to mid-capitalizationcompanies. Investments in small- and mid-cap companies maybe more volatile than investments in large-cap companies. Investmentsin small-cap companies tend to be more volatile thaninvestments in mid- or large-cap companies. A Strategy’sinvestments in smaller capitalization companies may have additionalrisks because these companies often have limited productlines, markets or financial resources. INDUSTRY/SECTOR RISKThis is the risk of investments in a particular industry or industrysector. Market or economic factors affecting that industryor group of related industries could have a major effecton the value of a Strategy’s investments. FOCUSED PORTFOLIO RISKThis is the risk that investments in a limited number of companiesmay have more risk because changes in the value of a singlesecurity may have a more significant effect, either negativeor positive, on the Strategy’s NAV. DERIVATIVES RISKThe Strategies may use derivatives transactions. These investmentstrategies may be riskier than other investment strategiesand may result in greater volatility for a Strategy, particularlyduring periods of market declines      LEVERAGE RISKWhen a Strategy borrows money or otherwise leverages itsportfolio, it may be more volatile because leverage tends toexaggerate the effect of any increase or decrease in the value ofa Strategy’s investments. A Strategy may create leveragethrough the use of reverse repurchase arrangements, forwardcontracts or dollar rolls or by borrowing money. LIQUIDITY RISKLiquidity risk exists when particular investments are difficult topurchase or sell, possibly preventing a Strategy from selling outof these illiquid securities at an advantageous time or price.Derivatives and securities involving substantial market andcredit risk tend to involve greater liquidity risk. MANAGEMENT RISKEach Strategy is subject to management risk because it is anactively managed investment portfolio. The Adviser will applyits investment techniques and risk analyses in making investmentdecisions for the Strategies, but there can be no guaranteethat its techniques will produce the intended result. Strategy MarketRisk InflationRisk AllocationRisk Foreign(Non-U.S.)Risk EmergingMarketRisk CurrencyRisk CapitalizationRisk Industry/SectorRisk FocusedPortfolioRisk DerivativesRisk LeverageRisk LiquidityRisk ManagementRisk InterestRate Risk CreditRisk AllianceBernsteinWealth AppreciationStrategy x x x x x x x x x x x x x The table and bar chart provide an indication of the historicalrisk of an investment in the Strategy. The annual returns in the bar chart are for the Strategy’s Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through September 30, 2007, the year-to-date unannualized return for Class A shares was 10.32%. Calendar Year End (%) 2004 13.6800000000 2005 10.8800000000 2006 17.4800000000 You should consider an investment in the Strategy as a longterminvestment. The Strategy’s returns will fluctuate over longand short periods. For example, during the period shown inthe bar chart, the Strategy’s: Best quarter was up 10.82%, 4th quarter, 2004; and worst quarter was down -3.27%, 2nd quarter, 2005. Average Annual Total Returns(For the periods ended December 31, 2006) * Class A Return Before Taxes Class B Return Before Taxes Class C Return Before Taxes Advisor Class Return Before Taxes 0.1247000000 0.1260000000 0.1568000000 0.1786000000 0.1391000000 0.1434000000 0.1456000000 0.1570000000 Class A Return After Taxes on Distributions *** 0.1190000000 0.1363000000 Class A Return After Taxes on Distributionsand Sale of Strategy Shares 0.0836000000 0.1196000000 S&P 500 Index (reflects no deduction for fees,expenses, or taxes) 70% S&P 500Index/30%MSCI EAFEIndex(reflects no deduction for fees,expenses, or taxes) # 0.1578000000 0.1895000000 0.1353000000 0.1671000000 * Average annual total returns reflect imposition of the maximum front-end or contingent deferred sales charges as well as conversion of Class B shares to Class A shares after the applicable period. ** Inception Date for all Classes is 9/2/03. *** After-tax returns:—Are shown for Class A shares only and will vary for Class B, Class C and Advisor Class shares because these Classes have different expense ratios;—Are an estimate, which is based on the highest historical individual federalmarginal income tax rates, and do not reflect the impact of state and localtaxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and—Are not relevant to investors who hold fund shares through tax-deferred arrangementssuch as 401(k) plans or individual retirement accounts. # The information in the 70% S&P 500 Index/ 30% MSCI EAFE Index shows how the Strategy’s performance compares with the returns of an index of securities similar to those in which the Strategy invests. SHAREHOLDER FEES (fees paid directly from your investment) Class AShares Class BShares Class CShare Advisor ClassShares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 0.0425000000 Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds,whichever is lower) 0.0400000000 0.0100000000 Exchange Fee (a) Class A sales charges may be reduced or eliminated in certain circumstances, typically for large purchases. In some cases, however, a 1%, 1-year contingent deferred sales charge, or CDSC, may apply. CDSCs for Class A, B and C shares may also be subject to waiver in certain circumstances. See “Investing in the Strategies—CDSC Waivers and Other Programs” in this Prospectus and “Purchase of Shares” in the Statement of Additional Information or SAI. * Class B shares automatically convert to Class A shares after eight years. The CDSC decreases over time. For Class B shares, the CDSC decreases 1.00% annually to 0% after the fourth year. ** For Class C shares the CDSC is 0% after the first year. AllianceBernstein Wealth Appreciation Strategy Operating Expenses Class A Class B Class C Advisor Class Management Fees 0.0065000000 0.0065000000 0.0065000000 0.0065000000 Distribution and/or Service (Rule 12b-1) Fees 0.0030000000 0.0100000000 0.0100000000 Total Other Expenses 0.0012000000 0.0014000000 0.0012000000 0.0012000000 Transfer Agent 0.0009000000 0.0011000000 0.0009000000 0.0009000000 Other Expenses 0.0003000000 0.0003000000 0.0003000000 0.0003000000 Acquired Fund Fees and Expenses (UnderlyingPortfolios) (a) 0.0004000000 0.0004000000 0.0004000000 0.0004000000 Total Strategy Operating Expenses 0.0111000000 0.0183000000 0.0181000000 0.0081000000 (a) “Acquired Fund Fees and Expenses” are based upon the target allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown above. ANNUAL OPERATING EXPENSES (expenses that are deducted from Strategy assets) AND EXAMPLES Each Strategy’s operating expense table shows the fees and expenses (including the pro rata share of expenses of the Underlying Portfolio for the Strategies that invest in them) that you may pay if you buy and hold shares of a Strategy. The Examples are intended to help you compare the cost of investing in the Strategies with the cost of investing in other funds. They assume that you invest $10,000 in a Strategy for the time periods indicated and then redeem all of your shares at the end of those periods. They also assume that your investment has a 5% return each year, that the Strategy’s operating expenses stay the same and that all dividends and distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions your costs as reflected in the Examples would be: AllianceBernstein Wealth Appreciation Strategy Examples + ++ + ++ Class A Class B Class B Class C Class C Advisor Class After 1 Year 533.0000000000 586.0000000000 186.0000000000 284.0000000000 184.0000000000 83.0000000000 After 3 Years 763.0000000000 776.0000000000 576.0000000000 569.0000000000 569.0000000000 259.0000000000 After 5 Years 1011.0000000000 990.0000000000 990.0000000000 980.0000000000 980.0000000000 450.0000000000 After 10 Years 1719.0000000000 1959.0000000000 1959.0000000000 2127.0000000000 2127.0000000000 1002.0000000000 + Assumes redemption at the end of period and, with respect to shares held for ten years, conversion of Class B shares to Class A shares after eight years. ++ Assumes no redemption at end of period and, with respect to shares held for ten years, conversion of Class B shares to Class A shares after eight years. 2008-02-25 2008-02-25 Users of the data are advised that pursuant to the rules and regulations governing the filing of voluntary XBRL disclosure that the following XBRL documents are not the official publicly filed disclosure of the AllianceBernstein Portfolios. The purpose of submitting these XBRL formatted documents is to test the related format and technology and, as a result, investors should continue to rely on the official version of the furnished documents and not rely on this information in making investment decisions. EX-100.SCH 3 allbe-rr.xsd XBRL TAXONOMY EXTENSION SCHEMA EX-100.DEF 4 definition.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-100.LAB 5 label.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-100.INS-1 6 abretireinstance.xml XBRL INSTANCE DOCUMENT iso4217:USD pure 0000812015 ici-rr:Registrant_item 2008-02-25 0000812015 allbe:S000010514 2008-02-25 0000812015 allbe:C000029026 2008-02-25 0000812015 allbe:C000029030 2008-02-25 0000812015 allbe:C000029031 2008-02-25 0000812015 allbe:C000029032 2008-02-25 OBJECTIVE AND PRINCIPAL STRATEGIES: The Strategy’s investment objective is long-term growth ofcapital. The Strategy seeks to achieve its objective by investing in a combination of Underlying Portfolios representing a variety of asset classes and investment styles that are also managed by the Adviser. By allocating its assets among the Underlying Portfolios, the Strategy creates a portfolio that is designed as a solution for investors who seek equity returns without regard to taxes but also want broad diversification of the related risks across styles, capitalization ranges and geographic regions. Through investments in the Underlying Portfolios, the Adviser efficiently diversifies the Strategy between growth and value equity investment styles, and between U.S. and non-U.S. markets. Normally, the Strategy’s targeted blend is an equal weighting of growth and value style Underlying Portfolios (50% each). The following table shows the target percentages of its net assets that the Strategy will invest in each of the Underlying Portfolios indicated as of the date of this Prospectus. Asset Class/Underlying Portfolio/Targeted Blend; Stock: U.S. Large Cap Growth-24.00%; U.S. Value=24.00%; U.S. Small/Mid-Cap Growth-7.50%; U.S. Small/Mid-Cap Value-7.50%; International Growth-13.50%;International Value-13.50%; Real Estate: Global Real Estate Investment-10.00% In addition to blending growth and value styles, the Strategy blends each style component across Underlying Portfolios that invest in U.S. and non-U.S. companies and various capitalization ranges. Within each of the value and growth components, the Strategy’s targeted blend is approximately 70% in Underlying Portfolios that invest in U.S. companies and the remaining 30% in Underlying Portfolios that invest in non-U.S. companies. The Adviser will allow the relative weightings of the Strategy’s investments in growth and value and U.S. and non-U.S. Underlying Portfolios to vary in response to markets, but ordinarily only by ±5% of the Strategy’s net assets. Beyond those ranges, the Adviser will generally rebalance the portfolio toward the targeted blend. However, under extraordinary circumstances, such as when market conditions favoring one investment component are compelling, the range may expand to 10% of the Strategy& #x2019;s net assets. The Strategy’s targeted blend may change from time to time without notice to shareholders based on the Adviser’s assessment of market conditions. In managing the Underlying Portfolios, the Adviser selects growth and value equity securities by drawing from a variety of its fundamental growth and value investment disciplines to produce a blended portfolio. Within each investment discipline, the Adviser is able to draw on the resources and expertise of multiple growth and value equity investment teams, specializing in different capitalization ranges and geographic regions (U.S. and non-U.S.), which are supported by more than 50 equity research analysts specializing in growth research, and more than 50 equity research analysts specializing in value research. Each growth investment team selects stocks using a process that seeks to identify companies with strong management, superior industry positions, excellent balance sheets and superior earnings growth prospects. This discipline relies heavily upon the fundamental analysis and research of the Adviser’s large internal growth research staff, which follows over 1,500 U.S. and non-U.S. companies. The Adviser’s growth analysts prepare their own earnings estimates and financial models for each company followed. Research emphasis is placed on identifying companies whose substantially above-average prospective earnings growth is not fully reflected in current market valuations. Each growth investment team constructs a portfolio that emphasizes equity securities of a limited number of carefully selected, high-quality companies that are judged likely to achieve superior earnings growth. Each value investment team seeks to identify companies whose long-term earning power and dividend paying capability are not reflected in the current market price of their securities. This fundamental value discipline relies heavily upon the large internal value research staff of the Adviser’s Bernstein unit (“Bernstein”), which follows over 1,500 U.S. and non-U.S. companies. Teams within the value research staff cover a given industry worldwide, to better understand each company’s competitive position in a global context. Bernstein’s staff of company and industry analysts prepares its own earnings estimates and financial models for each company analyzed. Bernstein identifies and quantifies the critical variables that control a business’s performance and analyzes the results in order to forecast each company’s long-term prospects and expected returns. Through application of this value investment process, each value investment team constructs a portfolio that emphasizes equity securities of a limited number of value companies. PRINCIPAL RISKS: • Market Risk • Foreign (Non-U.S.) Risk • Currency Risk • Capitalization Risk RISKS SUMMARY In this Summary, we describe the principal and other risks thatmay affect a Strategy’s portfolio (including the UnderlyingPortfolios for those Strategies investing in Underlying Portfolios)as a whole. This Prospectus has additional descriptions ofrisks applicable to specific investments in the discussions belowunder “More Information About the Strategies and TheirInvestments.” MARKET RISKThis is the risk that the value of a Strategy’s investments willfluctuate as the stock or bond markets fluctuate and that pricesoverall will decline over short- or long-term periods. It includesthe risk that a particular style of investing, such asgrowth, may be underperforming the stock market generally. INFLATION RISKThis is the risk that the value of assets or income from investmentswill be less in the future as inflation decreases the valueof money. As inflation increases, the value of each Strategy’sassets can decline as can the value of the Strategy’s distributions.This risk is significantly greater for those Strategiesthat invest a significant portion of their assets in fixed-incomesecurities with longer maturities. ALLOCATION RISKThe allocation of investments among the Underlying Portfolios,different investment styles, such as growth or value, equityand debt securities, or U.S. and non-U.S. securities may have amore significant effect on a Strategy’s net asset value, or NAV,when one of these investment strategies is performing morepoorly than others. FOREIGN (NON-U.S.) RISKA Strategy’s investments in securities of non-U.S. issuers mayexperience more rapid and extreme changes in value thaninvestments in securities of U.S. companies. The securitiesmarkets of many foreign countries are relatively small, with alimited number of companies representing a small number ofsecurities. Non-U.S. issuers usually are not subject to the samedegree of regulation as U.S. issuers. Reporting, accounting andauditing standards of foreign countries differ, in some cases significantly,from U.S. standards. Nationalization, expropriationor confiscatory taxation, currency blockage or political changesor diplomatic developments could adversely affect a Strategy’sinvestments in a country other than the United States. To theextent a Strategy invests in a particular country or geographicregion, the Strategy may have more significant risk due tomarket changes or other factors affecting that country or regi on,including political instability and unpredictable economicconditions. EMERGING MARKET RISKForeign investment risk may be particularly high to the extenta Strategy invests in emerging market securities of issuers basedin countries with developing economies. These securities maypresent market, credit, currency, liquidity, legal, political andother risks different from, or greater than, the risks of investingin developed foreign (non-U.S.) countries. CURRENCY RISKThis is the risk that changes in foreign (non-U.S.) currencyexchange rates may negatively affect the value of a Strategy’sinvestments or reduce the returns of a Strategy. For example,the value of a Strategy’s investments in foreign stocks orcurrencies may decrease if the U.S. Dollar is strong (i.e., gainingvalue relative to other currencies) and other currencies areweak (i.e., losing value relative to the U.S. Dollar). Currencymarkets generally are not as regulated as securities markets. CAPITALIZATION RISKThis is the risk of investments in small- to mid-capitalizationcompanies. Investments in small- and mid-cap companies maybe more volatile than investments in large-cap companies. Investmentsin small-cap companies tend to be more volatile thaninvestments in mid- or large-cap companies. A Strategy’sinvestments in smaller capitalization companies may have additionalrisks because these companies often have limited productlines, markets or financial resources. INDUSTRY/SECTOR RISKThis is the risk of investments in a particular industry or industrysector. Market or economic factors affecting that industryor group of related industries could have a major effecton the value of a Strategy’s investments. FOCUSED PORTFOLIO RISKThis is the risk that investments in a limited number of companiesmay have more risk because changes in the value of a singlesecurity may have a more significant effect, either negativeor positive, on the Strategy’s NAV. DERIVATIVES RISKThe Strategies may use derivatives transactions. These investmentstrategies may be riskier than other investment strategiesand may result in greater volatility for a Strategy, particularlyduring periods of market declines. LEVERAGE RISKWhen a Strategy borrows money or otherwise leverages itsportfolio, it may be more volatile because leverage tends toexaggerate the effect of any increase or decrease in the value ofa Strategy’s investments. A Strategy may create leveragethrough the use of reverse repurchase arrangements, forwardcontracts or dollar rolls or by borrowing money. LIQUIDITY RISKLiquidity risk exists when particular investments are difficult topurchase or sell, possibly preventing a Strategy from selling outof these illiquid securities at an advantageous time or price.Derivatives and securities involving substantial market andcredit risk tend to involve greater liquidity risk. MANAGEMENT RISKEach Strategy is subject to management risk because it is an activelymanaged investment portfolio. The Adviser will apply itsinvestment techniques and risk analyses in making investmentdecisions for the Strategies, but there can be no guarantee thatits techniques will produce the intended result. Strategy MarketRisk InflationRisk AllocationRisk Foreign(Non-U.S.)Risk EmergingMarketRisk CurrencyRisk CapitalizationRisk Industry/SectorRisk FocusedPortfolioRisk DerivativesRisk LeverageRisk LiquidityRisk ManagementRisk InterestRate Risk CreditRisk AllianceBernsteinWealth AppreciationStrategy x x x x x x x x x x x x x The table and bar chart provide an indication of the historicalrisk of an investment in the Strategy. The annual returns in the bar chart are for the Strategy’sClass A shares and do not reflect sales loads. If sales loads werereflected, returns would be less than those shown. ThroughSeptember 30, 2007, the year-to-date unannualized return forClass A shares was 10.32%. Calendar Year End (%) 2004 13.6800000000 2005 10.8800000000 2006 17.4800000000 You should consider an investment in the Strategy as a longterminvestment. The Strategy’s returns will fluctuate over longand short periods. For example, during the period shown inthe bar chart, the Strategy’s: Best quarter was up 10.82%, 4th quarter, 2004; and worst quarter was down -3.27%, 2nd quarter, 2005. Average Annual Total Returns(For the periods ended December 31, 2006) Class A Return Before Taxes Class R Return Before Taxes Class K Return Before Taxes Class I Return Before Taxes ** 0.1648000000 0.1705000000 0.1738000000 0.1790000000 0.1539000000 0.1270000000 0.1571000000 0.1610000000 S&P 500 Index (reflects no deduction for fees,expenses, or taxes) 70% S&P 500Index/30%MSCI EAFEIndex(reflects no deduction for fees,expenses, or taxes) # 0.1578000000 0.1895000000 0.1353000000 0.1671000000 * Inception Date for Class A shares: 9/2/03, for Class R shares: 2/17/04, for Class K and Class I shares: 3/1/05. Performance information for periods prior to the inception of Class R, Class K and Class I shares is the performance of the Strategy’s Class A shares adjusted to reflect the higher expense ratio of Class R shares and he lower expense ratio of Class K and Class I shares, respectively. ** Average annual total returns reflect imposition of the maximum contingent deferredsales charges. # The information in the 70% S&P 500 Index/ 30% MSCI EAFE Index shows how the Strategy’s performance compares with the returns of an index of securities similar to those in which the Strategy invests. SHAREHOLDER FEES (fees paid directly from your investment) Class AShares Class RShares Class KShare Class IShares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds,whichever is lower) Exchange Fee (a) In some cases, a 1%, 1-year contingent deferred sales charge, or CDSC, may apply to Class A shares. CDSCs for Class A may also be subject to waiver in certain circumstances. See “Investing in the Strategies” in this Prospectus and “Purchase of Shares” in the Statement of Additional Information or SAI. AllianceBernstein Wealth Appreciation Strategy Operating Expenses Class A Class R Class K Class I Management Fees 0.0065000000 0.0065000000 0.0065000000 0.0065000000 Distribution and/or Service (Rule 12b-1) Fees 0.0030000000 0.0050000000 0.0025000000 Total Other Expenses 0.0012000000 0.0029000000 0.0023000000 0.0015000000 Transfer Agent 0.0009000000 0.0026000000 0.0020000000 0.0012000000 Other Expenses 0.0003000000 0.0003000000 0.0003000000 0.0003000000 Acquired Fund Fees and Expenses (UnderlyingPortfolios) (a) 0.0004000000 0.0004000000 0.0004000000 0.0004000000 Total Strategy Operating Expenses 0.0111000000 0.0148000000 0.0117000000 0.0084000000 (a) “Acquired Fund Fees and Expenses” are based upon the target allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown above. ANNUAL OPERATING EXPENSES (expenses that are deducted from Strategy assets) AND EXAMPLES Each Strategy’s operating expense table shows the fees and expenses (including the pro rata share of expenses of the Underlying Portfolio for the Strategies that invest in them) that you may pay if you buy and hold shares of a Strategy. The Examples are intended to help you compare the cost of investing in the Strategies with the cost of investing in other funds. They assume that you invest $10,000 in a Strategy for the time periods indicated and then redeem all of your shares at the end of those periods. They also assume that your investment has a 5% return each year, that the Strategy’s operating expenses stay the same and that all dividends and distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions your costs as reflected in the Examples would be: AllianceBernstein Wealth Appreciation Strategy Examples Class A Class R Class K Class I After 1 Year 113.0000000000 151.0000000000 119.0000000000 86.0000000000 After 3 Years 353.0000000000 468.0000000000 372.0000000000 268.0000000000 After 5 Years 612.0000000000 808.0000000000 644.0000000000 466.0000000000 After 10 Years 1352.0000000000 1768.0000000000 1420.0000000000 1037.0000000000 2008-02-25 2008-02-25 Users of the data are advised that pursuant to the rules and regulations governing the filing of voluntary XBRL disclosure that the following XBRL documents are not the official publicly filed disclosure of the AllianceBernstein Portfolios. The purpose of submitting these XBRL formatted documents is to test the related format and technology and, as a result, investors should continue to rely on the official version of the furnished documents and not rely on this information in making investment decisions. EX-100.SCH-1 7 allbe-rr1.xsd XBRL TAXONOMY EXTENSION SCHEMA EX-100.DEF-1 8 definition1.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-100.LAB-1 9 label1.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE -----END PRIVACY-ENHANCED MESSAGE-----