UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT 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, 2012

Date of reporting period: February 29, 2012

ITEM 1. REPORTS TO STOCKHOLDERS.

SEMI-ANNUAL REPORT

AllianceBernstein

Tax-Managed Wealth Strategies

Wealth Appreciation Strategy

Balanced Wealth Strategy

Conservative Wealth Strategy

February 29, 2012

Semi-Annual Report

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the
Fund carefully before investing. For copies of our prospectus or summary prospectus, which
contain this and other information, visit us online at www.alliancebernstein.com or contact your
AllianceBernstein Investments representative. Please read the prospectus and/or summary
prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals
who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information
regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30, without charge. Simply visit AllianceBernstein’s website at
www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”)
website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third
quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s
website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the
Commission’s Public Reference Room in Washington, DC; information on the operation of the Public
Reference Room may be obtained by calling (800) SEC-0330. AllianceBernstein publishes full portfolio
holdings for the Fund monthly at www.alliancebernstein.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of
mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of
the funds.

AllianceBernstein^® and the AB Logo are registered trademarks and service marks used by permission
of the owner, AllianceBernstein L.P.

April 13, 2012

Semi-Annual Report

This report provides management’s discussion of fund performance for the portfolios of AllianceBernstein Tax-Managed Wealth Strategies (the “Strategies” and individually a “Strategy”) for the semi-annual reporting period ended February 29, 2012.

AllianceBernstein Tax-Managed Wealth Appreciation Strategy

Investment Objective and Policies

AllianceBernstein Tax-Managed Wealth Appreciation Strategy’s investment objective is long-term growth of capital. The Strategy invests in a portfolio of equity securities that is designed as a solution for investors who seek tax-efficient equity returns but also want broad diversification of the related risks across styles, capitalization ranges and geographic regions. In managing the Strategy, AllianceBernstein L.P. (the “Adviser”) efficiently diversifies between growth and value equity investment styles, and between U.S. and non-U.S. markets. Normally, the Strategy targets an equal weighting of growth and value style stocks (50% each), with approximately 60% of each equity style invested in U.S. companies and the remaining 40% in non-U.S. companies. The Adviser will allow the relative weightings of the Strategy’s growth and value components, and U.S. and non-U.S. companies (and the subcomponents defined by capitalization ranges) to change in response to market conditions, but ordinarily only by ±5% of the portfolio. Beyond those ranges, the Adviser will rebalance the portfolio toward the targeted blends. However, under extraordinary circumstances, such as when the Adviser believes that market

conditions favoring one investment style are compelling, the range may expand to ±10% of the portfolio.

The Strategy invests approximately 20% of its assets in the Volatility Management Portfolio (the “Portfolio”), which is managed by the Adviser. The Portfolio is designed to reduce the overall effect of equity market volatility on the Strategy’s portfolio and the effects of adverse market conditions on its performance. The Portfolio will normally be considered to be part of the Strategy’s equity asset allocation. Under normal market conditions, the Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce the Portfolio’s equity investments and invest in fixed-income securities or other non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

The Strategy also may enter into forward commitments, make short sales of securities or maintain a short position, invest in rights or warrants, and may invest in the securities of companies in emerging markets.

Effective January 1, 2012, the Strategy’s secondary benchmark changed to the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex U.S. from the MSCI Europe Australasia Far East (“EAFE”) Index. Its composite benchmark changed from 70% Standard & Poor’s (“S&P”) 500 Index/30% MSCI EAFE Index to 60% S&P 500 Index/40% ACWI ex U.S.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 1

AllianceBernstein Tax-Managed Balanced Wealth Strategy

Investment Objective and Policies

AllianceBernstein Tax-Managed Balanced Wealth Strategy’s investment objective is to achieve the highest total return consistent with the Adviser’s determination of reasonable risk. The Strategy invests in a portfolio of equity and debt securities that is designed as a solution for investors who seek a moderate tilt toward tax-efficient equity returns but also want the risk diversification offered by tax-exempt debt securities and the broad diversification of their equity risk across styles, capitalization ranges and geographic regions. In managing the Strategy, the Adviser efficiently diversifies between the debt and equity components to produce the desired risk/return profile of the Strategy. The Strategy targets a weighting of 50% equities and 50% tax-exempt debt securities with a goal of providing moderate upside potential without excessive volatility.

Within the Strategy’s equity component, the targeted blend is an equal weighting of growth and value style stocks (50% each), with approximately 60% of each equity style invested in U.S. companies and the remaining 40% in non-U.S. companies. The Adviser will allow the relative weightings of the Strategy’s debt and equity components, the equity component’s growth and value and U.S. and non-U.S. companies’ weightings (and the equity subcomponents defined by capitalization ranges) to change in response to market conditions, but ordinarily only by ±5% of the portfolio. However, under extraordinary

circumstances, such as when market conditions favoring one investment style are compelling, the range may expand to ±10% of the portfolio.

The Strategy invests approximately 15% of its assets in the Volatility Management Portfolio (the “Portfolio”), which is managed by the Adviser. The Portfolio is designed to reduce the overall effect of equity market volatility on the Strategy’s portfolio and the effects of adverse market conditions on its performance. The Portfolio will normally be considered to be part of the Strategy’s equity asset allocation. Under normal market conditions, the Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce the Portfolio’s equity investments and invest in fixed-income securities or other non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

The Strategy intends to meet the tax requirement for passing municipal bond interest through to Strategy shareholders as tax exempt interest dividends (currently requires that at least 50% of the Strategy’s assets be invested in tax-exempt debt securities). In the event that the Internal Revenue Code or the related rules, regulations and interpretations of the Internal Revenue Service should, in the future, change so as to permit the Strategy to pass through tax-exempt dividends when the Strategy invests less than 50% of its assets in tax-exempt debt securities, the targeted blend for the

2 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Strategy will become 60% equity securities and 40% debt securities.

With the goal of protecting against inflation risk, the Strategy may (i) allocate approximately 10% of the Strategy’s portfolio from traditional municipal bonds to inflation-protected securities, including inflation-protected municipal securities, (ii) enter into inflation (“CPI”) swap agreements or other types of swap agreements that the Adviser believes offer protection against inflation risk, with a combined notional amount of approximately 10% of the Strategy’s assets, or (iii) use a combination of the foregoing so that approximately 10% of the Strategy’s assets are “inflation-protected”.

The Strategy also may enter into forward commitments, make short sales of securities or maintain a short position, invest in rights and warrants, and invest up to 10% of its total assets in the securities of companies in emerging markets.

Effective January 1, 2012, the Strategy’s primary benchmark changed from the S&P 500 Index to the Barclays Capital (“BC”) 5-Year General Obligation (“GO”) Municipal Bond Index. Its composite benchmark is 50% S&P 500 Index/50% BC 5-Year GO Municipal Bond Index.

AllianceBernstein Tax-Managed Conservative Wealth Strategy

Investment Objective and Policies

AllianceBernstein Tax-Managed Conservative Wealth Strategy’s investment objective is to achieve a high total return without, in the opinion of the Adviser,

undue risk to principal. The Strategy invests in a portfolio of equity and debt securities that is designed as a solution for investors who seek some opportunity for tax-efficient equity returns if the related risks are broadly diversified and overall portfolio volatility reflects a preponderance of debt securities. The Strategy targets a weighting of 30% equity securities and 70% tax-exempt debt securities with a goal of providing reduced volatility and modest upside potential. In managing the Strategy, the Adviser efficiently diversifies between the debt and equity components to produce the desired risk/return profile of the Strategy. Within the equity component, the Strategy’s targeted blend is an equal weighting of growth and value style stocks (50% each), with approximately 60% of each equity style invested in U.S. companies and the remaining 40% in non-U.S. companies. The Adviser will allow the relative weightings of the Strategy’s debt and equity components, the equity component’s growth and value weightings and U.S. and non-U.S. companies (and the equity subcomponents defined by capitalization ranges) to change in response to market conditions, but ordinarily only by ±5% of the portfolio. However, under extraordinary circumstances, such as when market conditions favoring one investment style are compelling, the range may expand to ±10% of the portfolio.

The Strategy invests approximately 10% of its assets in the Volatility Management Portfolio (the “Portfolio”), which is managed by the Adviser. The Portfolio is designed to reduce the overall effect of equity market volatility

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 3

on the Strategy’s portfolio and the effects of adverse market conditions on its performance. The Portfolio will normally be considered to be part of the Strategy’s equity asset allocation. Under normal market conditions, the Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce the Portfolio’s equity investments and invest in fixed income securities or other non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

All fixed income securities held by the Strategy will be of investment grade at the time of purchase. In the event that the rating of any security held by the Strategy falls below investment grade, the Strategy will not be obligated to dispose of such security and may continue to hold the obligation if, in the opinion of the Adviser, such investment is appropriate under the circumstances.

With the goal of protecting against inflation risk, the Strategy may (i) allocate approximately 10% of the Strategy’s portfolio from traditional municipal bonds to inflation-protected securities, including inflation-protected municipal securities, (ii) enter into inflation (“CPI”) swap agreements or other types of swap agreements that the Adviser believes offer protection against inflation risk, with a combined notional amount of approximately 10% of the Strategy’s assets, or (iii) use a combination of the foregoing so that approximately 10% of the Strategy’s assets are inflation-protected.

The Strategy also may enter into forward commitments, make short sales of securities or maintain a short position, invest in rights or warrants, and invest up to 10% of its total assets in the securities of companies in emerging markets.

Investment Results

The tables on pages 10-12 show performance for each Strategy compared to their respective benchmarks for the six- and 12-month periods ended February 29, 2012. Each Strategy’s composite benchmark is as follows: AllianceBernstein Tax-Managed Wealth Appreciation Strategy, 60% S&P 500 Index/40% MSCI ACWI ex U.S.; AllianceBernstein Tax-Managed Balanced Wealth Strategy, 50% S&P 500 Index/50% BC 5-Year GO Municipal Bond Index; and AllianceBernstein Tax-Managed Conservative Wealth Strategy, 70% BC 5-Year GO Municipal Bond Index/30% S&P 500 Index.

For the six-month period ended February 29, 2012, the Tax-Managed Balanced Wealth Strategy and Tax-Managed Conservative Wealth Strategy outperformed their primary benchmark, the BC 5-Year GO Municipal Bond Index, although both Strategies lagged their secondary benchmark, the S&P 500 Index, before sales charges. All three Strategies trailed their composite benchmarks for the six-month period. The Tax-Managed Wealth Appreciation Strategy underperformed its primary benchmark, before sales charges. At the component level, Non-U.S. Growth underperformed in all of the Strategies, while U.S. Value lagged in

4 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

both Tax-Managed Wealth Appreciation and Tax-Managed Conservative Wealth. On the positive side, U.S. Growth and Non-U.S. Value outperformed their respective benchmarks in all three Strategies. Intermediate-Term Municipal Bonds made a positive contribution to the Tax-Managed Balanced Wealth and Tax-Managed Conservative Wealth Strategies, while Short-Term Municipal Bonds added to the Tax-Managed Conservative Wealth Strategy’s outperformance.

For the 12-month period ended February 29, 2012, the Tax-Managed Wealth Appreciation Strategy declined in absolute terms, while the Tax-Managed Balanced Wealth and Tax-Managed Conservative Wealth Strategies gained. All three Strategies underperformed their respective primary benchmarks, and their composite benchmarks for the 12-month period, before sales charges. At the component level, all equity sleeves—U.S. Value, U.S. Growth, Non-U.S. Value and Non-U.S. Growth—trailed their style benchmarks, with non-U.S. Value detracting most heavily from performance, as global equities fell for much of 2011 on deteriorating macroeconomic conditions. Inflation-Linked Securities detracted significantly from the Tax Managed Conservative Wealth Strategy, as well. Intermediate-Term Municipal Bonds boosted the performance of the Tax-Managed Balanced Wealth and the Tax-Managed Conservative Wealth Strategies, the latter of which also benefited from holding Short-Term Municipal Bonds.

The Tax-Managed Wealth Appreciation Strategy utilized derivatives in the form of futures for hedging purposes, which added to performance for the six-month period, and detracted for the 12-month period. It also used forwards for hedging and investment purposes, which detracted from performance for the six-month period, and added to performance for the 12-month period. The Tax-Managed Balanced Wealth Strategy utilized derivatives in the form of interest rate swaps for hedging purposes, which added to returns for both the six- and 12-month periods. It utilized futures for hedging purposes, which added to performance for the six-month period, and detracted for the 12-month period. It utilized forwards for hedging and investment purposes which detracted from performance for both periods. The Tax-Managed Conservative Wealth Strategy utilized derivatives in the form of interest rate swaps for hedging purposes, which added to returns for both the six- and 12-month periods. It utilized futures for hedging purposes, which added to performance for the six-month period, and detracted for the 12-month period. It utilized forwards for hedging and investment purposes which detracted from performance for the six-month period and added to performance for the 12-month period.

Market Review and Investment Strategy

Global equity markets fell in March 2011 as oil prices rose and the earthquake, tsunami and nuclear disaster triggered a sharp drop in Japanese equities. Performance deteriorated again in

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 5

the second quarter on the European sovereign-debt crisis, supply chain disruption concerns following the disasters in Japan and the U.S. deficit, and then plunged in the third quarter as investors were unnerved by further deteriorating macroeconomic conditions and the inability of policymakers to find credible solutions to deal with them. Global equities rose sharply in the fourth quarter as the rescue plan put forth by European leaders in October—subsequently deemed to be insufficient to resolve the two year-old crisis—sparked a large recovery, and then in the final weeks of December the European Central Bank injected significant amounts of liquidity into the undercapitalized European banking system bringing about a late-year rally. Global equities rose strongly in the first two months of 2012, as 2011’s year-end rally continued into the new year. The period saw stronger-than-expected global macroeconomic data points and increased investor risk appetite due to encouraging developments surrounding the European sovereign-debt crisis and a second Greek bailout.

Although the macro picture is as uncertain as it has been for some time, the Multi-Asset Solution Team (the “Team”) believes positive economic data points and improving earnings fundamentals are likely to boost equity market returns in 2012. The Team also sees significant outperformance potential in high-growth stocks, which haven’t traded at such a low premium in decades, and in attractively valued stocks, which are of unusually high quality. The Team believes that each Strategy’s style sleeves are accordingly positioned to capture these opportunities.

The Value Team has been taking advantage of the indiscriminate sell-off among economically sensitive stocks to add to energy, technology and consumer names where research indicates a high degree of conviction in their upside potential, while also seeking opportunities across industries and regions by focusing on dislocations induced by the recession. The Value Team expects these companies to perform well even if economic growth remains muted, because they benefit from leaner cost structures, solid competitive advantages and/or restructurings that are just beginning to bear fruit. The Growth Team maintains its disciplined investment approach of finding stocks that offer strong, sustainable earnings growth potential and superior positive earnings revisions. The Growth Team has concentrated its holdings on companies that have strong market share, strong pricing power and high reinvestment rates, as well as those that are gaining from strong secular growth trends. Lastly, the Fixed-Income Team significantly reduced risk in the second half of 2011, moving portfolios closer to their benchmarks. Specifically, they have meaningfully reduced the overweight in investment-grade corporate debt and cut exposure to financials. The investment-grade corporate positions, in the Fixed Income Team’s view, are well diversified in order to minimize idiosyncratic risk.

The Multi-Asset Solution Team remains focused on a long-term strategy: combining low correlation asset classes, blending growth and value

6 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

investment styles, globalizing its holdings and ensuring the Underlying Portfolios are aligned with their

strategic asset allocation targets over time through a disciplined rebalancing process.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 7

HISTORICAL PERFORMANCE

An Important Note About Historical Performance

The investment return and principal value of an investment in the Strategies will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following pages represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

All fees and expenses related to the operation of the Strategies have been deducted. Net Asset Value (“NAV”) returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares; the applicable contingent deferred sales charge for Class B shares (4% year 1, 3% year 2, 2% year 3, 1% year 4); a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

Benchmark Disclosure

The unmanaged S&P 500^® Index, the unmanaged MSCI ACWI ex-U.S., and the unmanaged BC 5-Year GO Municipal Bond Index do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The S&P 500 Index includes 500 U.S. stocks and is a common representation of the performance of the overall U.S. stock market. The BC 5-Year GO Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. The MSCI ACWI ex-U.S. (free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the United States. Net returns include the reinvestment of dividends after deduction of non-U.S. withholding tax; gross returns include reinvestment of dividends prior to such deduction. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Strategies.

A Word About Risk

The Strategies may employ strategies that take into account the tax impact of buy and sell decisions on the Strategies’ shareholders. While the Strategies seek to maximize after-tax returns, there can be no assurance that the strategies will be effective, and the use of these strategies may affect the gross returns of the Strategies. The Strategies may not be suitable for tax-advantaged accounts, such as qualified retirement plans. The Strategies allocate their investments among multiple asset classes which will include U.S. and foreign securities. AllianceBernstein Tax-Managed Balanced Wealth Strategy and AllianceBernstein Tax-Managed Conservative Wealth Strategy will include both equity and fixed income securities.

Credit Risk: (Tax-Managed Balanced Wealth and Tax-Managed Conservative Wealth Strategies) A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline.

(Historical Performance continued on next page)

8 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

Interest Rate Risk: (Tax-Managed Balanced Wealth and Tax-Managed Conservative Wealth Strategies) As interest rates rise, bond prices fall and vice versa—long-term securities tend to rise and fall more than short-term securities.

Municipal Market Risk: (Tax-Managed Balanced Wealth and Tax-Managed Conservative Wealth Strategies) Debt securities issued by state or local governments may be subject to special political, legal, economic and market factors that can have a significant effect on the portfolio’s yield or value.

Market Risk: The market values of the Strategies’ holdings rise and fall from day to day, so investments may lose value.

Capitalization Size Risk: Small- and mid-cap stocks are often more volatile than large-cap stocks—smaller companies generally face higher risks due to their limited product lines, markets and financial resources.

Foreign (non-U.S.) Risk: Non-U.S. securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets.

The risks associated with an investment in the Strategies are more fully discussed in the prospectus.

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ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 9

Historical Performance

TAX-MANAGED WEALTH APPRECIATION STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARKS PERIODS ENDED FEBRUARY 29, 2012	NAV Returns
	6 Months		12 Months
AllianceBernstein Tax-Managed Wealth Appreciation Strategy*
Class A		9.33%		-3.42%
Class B**		8.95%		-4.13%
Class C		8.96%		-4.10%
Advisor Class†		9.51%		-3.13%
Primary Benchmark: S&P 500 Index		13.31%		5.12%
Secondary Benchmark: MSCI ACWI ex-U.S.		3.97%		-6.10%
Composite Benchmark: 60% S&P 500 Index/ 40% MSCI ACWI ex-U.S.		9.55%		0.57%
*    Includes the impact of proceeds received and credited to the Strategy resulting from class action settlements, which enhanced the Strategy’s performance by 0.01% for the 12-month period ended February 29, 2012. **  Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. †    Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds

See Historical Performance and Benchmark disclosures on pages 8-9.

(Historical Performance continued on next page)

10 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Historical Performance

TAX-MANAGED BALANCED WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARKS PERIODS ENDED FEBRUARY 29, 2012	NAV Returns
	6 Months		12 Months
AllianceBernstein Tax-Managed Balanced Wealth Strategy*
Class A		6.32%		2.63%
Class B**		6.03%		1.91%
Class C		5.93%		1.93%
Advisor Class†		6.57%		3.02%
Primary Benchmark: BC 5-Year GO Municipal Bond Index		2.44%		7.94%
Secondary Benchmark: S&P 500 Index		13.31%		5.12%
Composite Benchmark: 50% S&P 500 Index/50% BC 5-Year GO Municipal Bond Index		8.01%		6.87%
*    Includes the impact of proceeds received and credited to the Strategy resulting from class action settlements, which enhanced the Strategy’s performance by 0.01% for the 12-month period ended February 29, 2012. **  Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. †     Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

See Historical Performance and Benchmark disclosures on pages 8-9.

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ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 11

Historical Performance

TAX-MANAGED CONSERVATIVE WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARKS PERIODS ENDED FEBRUARY 29, 2012	NAV Returns
	6 Months		12 Months
AllianceBernstein Tax-Managed Conservative Wealth Strategy
Class A		4.27%		2.43%
Class B*		3.86%		1.67%
Class C		3.95%		1.69%
Advisor Class†		4.43%		2.67%
Primary Benchmark: BC 5-Year GO Municipal Bond Index		2.44%		7.94%
Secondary Benchmark: S&P 500 Index		13.31%		5.12%
Composite Benchmark: 70% BC 5-Year GO Municipal Bond Index/30% S&P 500 Index		5.81%		7.38%
†     Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. *    Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

See Historical Performance and Benchmark disclosures on pages 8-9.

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12 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Historical Performance

TAX-MANAGED WEALTH APPRECIATION STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2012
	NAV Returns			SEC Returns
Class A Shares
1 Year		-3.42	%		-7.52	%
5 Years		-2.43	%		-3.28	%
Since Inception*		3.71	%		3.18	%
Class B Shares
1 Year		-4.13	%		-7.95	%
5 Years		-3.17	%		-3.17	%
Since Inception*		3.00	%		3.00	%
Class C Shares
1 Year		-4.10	%		-5.06	%
5 Years		-3.15	%		-3.15	%
Since Inception*		2.98	%		2.98	%
Advisor Class Shares†
1 Year		-3.13	%		-3.13	%
5 Years		-2.16	%		-2.16	%
Since Inception*		4.02	%		4.02	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.05%, 1.81%, 1.78% and 0.77% for Class A, Class B, Class C and Advisor Class shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

* Inception date: 9/2/03.

^†   This share class is offered at NAV to eligible investors and its SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed above.

See Historical Performance disclosures on pages 8-9.

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ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 13

Historical Performance

TAX-MANAGED WEALTH APPRECIATION STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	SEC Returns
Class A Shares
1 Year		-5.38	%
5 Years		-3.28	%
Since Inception*		3.34	%
Class B Shares
1 Year		-5.76	%
5 Years		-3.17	%
Since Inception*		3.16	%
Class C Shares
1 Year		-2.80	%
5 Years		-3.14	%
Since Inception*		3.14	%
Advisor Class Shares†
1 Year		-0.78	%
5 Years		-2.17	%
Since Inception*		4.17	%

* Inception date: 9/2/03.

^†   Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

14 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Historical Performance

TAX-MANAGED WEALTH APPRECIATION STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

RETURNS AFTER TAXES ON DISTRIBUTIONS AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	Returns
Class A Shares
1 Year		-5.57	%
5 Years		-3.52	%
Since Inception*		3.15	%
Class B Shares
1 Year		-5.82	%
5 Years		-3.29	%
Since Inception*		3.04	%
Class C Shares
1 Year		-2.87	%
5 Years		-3.27	%
Since Inception*		3.03	%
Advisor Class Shares†
1 Year		-1.04	%
5 Years		-2.46	%
Since Inception*		3.94	%
RETURNS AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
Class A Shares
1 Year		-3.29	%
5 Years		-2.76	%
Since Inception*		2.89	%
Class B Shares
1 Year		-3.68	%
5 Years		-2.66	%
Since Inception*		2.73	%
Class C Shares
1 Year		-1.74	%
5 Years		-2.64	%
Since Inception*		2.72	%
Advisor Class Shares†
1 Year		-0.24	%
5 Years		-1.84	%
Since Inception*		3.61	%

* Inception date: 9/2/03.

^†   Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 15

Historical Performance

TAX-MANAGED BALANCED WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2012
	NAV Returns			SEC Returns
Class A Shares
1 Year		2.63	%		-1.70	%
5 Years		1.86	%		0.98	%
10 Years		3.41	%		2.97	%
Class B Shares
1 Year		1.91	%		-2.09	%
5 Years		1.14	%		1.14	%
10 Years(a)		2.80	%		2.80	%
Class C Shares
1 Year		1.93	%		0.93	%
5 Years		1.14	%		1.14	%
10 Years		2.67	%		2.67	%
Advisor Class Shares†
1 Year		3.02	%		3.02	%
5 Years		2.18	%		2.18	%
Since Inception*		4.55	%		4.55	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.17%, 1.89%, 1.87% and 0.87% for Class A, Class B, Class C and Advisor Class shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

(a) Assumes conversion of Class B shares into Class A shares after eight years.

^†  This share class is offered at NAV to eligible investors and its SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed below.

* Inception date: 9/2/03.

Until 9/2/03 this Strategy was managed using a different investment strategy. Most notably the Strategy was not tax-managed. As a result, the long-term returns shown are not reflective of returns that would have occurred using the Strategies’ current tax-managed strategy. In all likelihood, returns would have been lower than those shown if the Strategy had been using a tax-managed strategy.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

16 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Historical Performance

TAX-MANAGED BALANCED WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	SEC Returns
Class A Shares
1 Year		-1.00	%
5 Years		0.89	%
10 Years		2.88	%
Class B Shares
1 Year		-1.32	%
5 Years		1.04	%
10 Years(a)		2.72	%
Class C Shares
1 Year		1.74	%
5 Years		1.05	%
10 Years		2.59	%
Advisor Class Shares†
1 Year		3.74	%
5 Years		2.07	%
Since Inception*		4.55	%

(a) Assumes conversion of Class B shares into Class A shares after eight years.

^†  Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed below.

* Inception date: 9/2/03.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 17

Historical Performance

TAX-MANAGED BALANCED WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

RETURNS AFTER TAXES ON DISTRIBUTIONS AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	Returns
Class A Shares
1 Year		-1.33	%
5 Years		0.74	%
10 Years		2.72	%
Class B Shares
1 Year		-1.49	%
5 Years		0.95	%
10 Years(a)		2.63	%
Class C Shares
1 Year		1.55	%
5 Years		0.96	%
10 Years		2.52	%
Advisor Class Shares†
1 Year		3.33	%
5 Years		1.88	%
Since Inception*		4.40	%
RETURNS AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
Class A Shares
1 Year		-0.34	%
5 Years		0.87	%
10 Years		2.54	%
Class B Shares
1 Year		-0.64	%
5 Years		0.97	%
10 Years(a)		2.40	%
Class C Shares
1 Year		1.35	%
5 Years		0.98	%
10 Years		2.29	%
Advisor Class Shares†
1 Year		2.80	%
5 Years		1.90	%
Since Inception*		4.08	%

(a) Assumes conversion of Class B shares into Class A shares after eight years.

^†  Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed below.

* Inception date: 9/2/03.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

18 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Historical Performance

TAX-MANAGED CONSERVATIVE WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2012
	NAV Returns			SEC Returns
Class A Shares
1 Year		2.43	%		-1.92	%
5 Years		2.13	%		1.24	%
10 Years		3.36	%		2.92	%
Class B Shares
1 Year		1.67	%		-2.33	%
5 Years		1.39	%		1.39	%
10 Years(a)		2.77	%		2.77	%
Class C Shares
1 Year		1.69	%		0.69	%
5 Years		1.41	%		1.41	%
10 Years		2.64	%		2.64	%
Advisor Class Shares†
1 Year		2.67	%		2.67	%
5 Years		2.42	%		2.42	%
Since Inception*		3.68	%		3.68	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.35%, 2.07%, 2.05% and 1.05% for Class A, Class B and Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios to 1.20%, 1.90%, 1.90% and 0.90% for Class A, Class B, Class C and Advisor Class, respectively. These waivers/reimbursements extend through the Fund’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

(a) Assumes conversion of Class B shares into Class A shares after eight years.

^†  This share class is offered at NAV to eligible investors and its SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed below.

* Inception date: 9/2/03.

Until 9/2/03 this Strategy was managed using a different investment strategy. Most notably the Strategy was not tax-managed. As a result, the long-term returns shown are not reflective of returns that would have occurred using the Strategies’ current tax-managed strategy. In all likelihood, returns would have been lower than those shown if the Strategy had been using a tax-managed strategy.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 19

Historical Performance

TAX-MANAGED CONSERVATIVE WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	SEC Returns
Class A Shares
1 Year		-1.66	%
5 Years		1.14	%
10 Years		3.04	%
Class B Shares
1 Year		-1.90	%
5 Years		1.30	%
10 Years(a)		2.91	%
Class C Shares
1 Year		0.99	%
5 Years		1.30	%
10 Years		2.77	%
Advisor Class Shares†
1 Year		3.06	%
5 Years		2.33	%
Since Inception*		3.67	%

(a) Assumes conversion of Class B shares into Class A shares after eight years.

^†   Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed below.

* Inception date: 9/2/03.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

20 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Historical Performance

TAX-MANAGED CONSERVATIVE WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

RETURNS AFTER TAXES ON DISTRIBUTIONS AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
Class A Shares
1 Year	-1.89	%
5 Years	0.92	%
10 Years	2.77	%
Class B Shares
1 Year	-1.97	%
5 Years	1.14	%
10 Years(a)	2.69	%
Class C Shares
1 Year	0.91	%
5 Years	1.13	%
10 Years	2.57	%
Advisor Class Shares†
1 Year	2.76	%
5 Years	2.09	%
Since Inception*	3.47	%
RETURNS AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
Class A Shares
1 Year	-0.79	%
5 Years	1.12	%
10 Years	2.67	%
Class B Shares
1 Year	-1.06	%
5 Years	1.21	%
10 Years(a)	2.53	%
Class C Shares
1 Year	0.83	%
5 Years	1.21	%
10 Years	2.40	%
Advisor Class Shares†
1 Year	2.34	%
5 Years	2.16	%
Since Inception*	3.33	%

(a) Assumes conversion of Class B shares into Class A shares after eight years.

^†  Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for this share class is listed below.

* Inception date: 9/2/03.

See Historical Performance disclosures on pages 8-9.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 21

Historical Performance

FUND EXPENSES

(unaudited)

As a shareholder of the Strategy, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Strategy expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Strategy and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Strategy’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Strategy’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Strategy and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Tax-Managed Wealth Appreciation Strategy

	Beginning Account Value September 1, 2011		Ending Account Value February 29, 2012		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,093.30	$	5.62		1.08	%
Hypothetical**	$	1,000	$	1,019.49	$	5.42		1.08	%
Class B
Actual	$	1,000	$	1,089.50	$	9.40		1.81	%
Hypothetical**	$	1,000	$	1,015.86	$	9.07		1.81	%
Class C
Actual	$	1,000	$	1,089.60	$	9.30		1.79	%
Hypothetical**	$	1,000	$	1,015.96	$	8.97		1.79	%
Advisor Class
Actual	$	1,000	$	1,095.10	$	4.06		0.78	%
Hypothetical**	$	1,000	$	1,020.98	$	3.92		0.78	%

22 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

Tax-Managed Balanced Wealth Strategy

	Beginning Account Value September 1, 2011		Ending Account Value February 29, 2012		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,063.20	$	6.16		1.20	%
Hypothetical**	$	1,000	$	1,018.90	$	6.02		1.20	%
Class B
Actual	$	1,000	$	1,060.30	$	9.78		1.91	%
Hypothetical**	$	1,000	$	1,015.37	$	9.57		1.91	%
Class C
Actual	$	1,000	$	1,059.30	$	9.78		1.91	%
Hypothetical**	$	1,000	$	1,015.37	$	9.57		1.91	%
Advisor Class
Actual	$	1,000	$	1,065.70	$	4.67		0.91	%
Hypothetical**	$	1,000	$	1,020.34	$	4.57		0.91	%

Tax-Managed Conservative Wealth Strategy

	Beginning Account Value September 1, 2011		Ending Account Value February 29, 2012		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,042.70	$	6.09		1.20	%
Hypothetical**	$	1,000	$	1,018.90	$	6.02		1.20	%
Class B
Actual	$	1,000	$	1,038.60	$	9.63		1.90	%
Hypothetical**	$	1,000	$	1,015.42	$	9.52		1.90	%
Class C
Actual	$	1,000	$	1,039.50	$	9.63		1.90	%
Hypothetical**	$	1,000	$	1,015.42	$	9.52		1.90	%
Advisor Class
Actual	$	1,000	$	1,044.30	$	4.57		0.90	%
Hypothetical**	$	1,000	$	1,020.39	$	4.52		0.90	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% return before expenses.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 23

Fund Expenses

TAX-MANAGED WEALTH APPRECIATION STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $663.3

* All data are as of February 29, 2012. The Strategy’s security type and sector breakdown are expressed as a percentage of total investments and may vary over time. The Strategy also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Strategy’s prospectus.

24 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Portfolio Summary

TAX-MANAGED BALANCED WEALTH STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $185.9

* All data are as of February 29, 2012. The Strategy’s security type and sector breakdown are expressed as a percentage of total investments and may vary over time. The Strategy also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Strategy’s prospectus.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 25

Portfolio Summary

TAX-MANAGED BALANCED WEALTH STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

(continued from previous page)

* All data are as of February 29, 2012. The Strategy’s quality rating distribution is expressed as a percentage of the Strategy’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the Standard & Poor’s Rating Services (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). A measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is highest (best) and D is lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government Securities and therefore have been deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization.

26 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Portfolio Summary

TAX-MANAGED CONSERVATIVE WEALTH STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $83.5

* All data are as of February 29, 2012. The Strategy’s security type and sector breakdowns are expressed as a percentage of total investments and may vary over time. The Strategy also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Strategy’s prospectus.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 27

Portfolio Summary

TAX-MANAGED CONSERVATIVE WEALTH STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

(continued from previous page)

* All data are as of February 29, 2012. The Strategy’s quality rating distribution is expressed as a percentage of the Strategy’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the Standard & Poor’s Ratings Services (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). A measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government Securities and therefore have been deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization.

28 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Portfolio Summary

TAX-MANAGED WEALTH APPRECIATION

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 78.2%
Financials – 14.5%
Capital Markets – 2.0%
Blackstone Group LP		190,626	$	2,977,578
Deutsche Bank AG		23,500		1,096,611
Goldman Sachs Group, Inc. (The)		32,705		3,765,653
Legg Mason, Inc.		32,500		890,175
Macquarie Group Ltd.		40,120		1,143,987
Morgan Stanley		96,100		1,781,694
UBS AG(a)		106,899		1,497,081
				13,152,779
Commercial Banks – 5.3%
Australia & New Zealand Banking Group Ltd.		19,800		463,177
Banco Bilbao Vizcaya Argentaria SA		94,549		846,438
Banco do Brasil SA		97,400		1,568,269
Banco Santander Brasil SA/Brazil (ADR)		79,330		847,244
Banco Santander Chile (ADR)		12,150		984,272
Banco Santander SA		99,412		822,900
Barclays PLC		270,160		1,046,140
BB&T Corp.		16,159		472,651
BNP Paribas SA		55,309		2,691,699
CIT Group, Inc.(a)		62,800		2,556,588
HDFC Bank Ltd.		105,170		1,113,764
HSBC Holdings PLC		249,154		2,207,393
Intesa Sanpaolo SpA		725,220		1,413,631
Itau Unibanco Holding SA (ADR)		121,540		2,558,417
KB Financial Group, Inc.		40,920		1,502,618
KBC Groep NV		18,300		430,735
KeyCorp		21,900		177,390
Lloyds Banking Group PLC(a)		1,407,820		783,718
Mitsubishi UFJ Financial Group, Inc.		209,800		1,084,270
National Australia Bank Ltd.		58,530		1,477,526
PNC Financial Services Group, Inc.		12,100		720,192
Regions Financial Corp.		29,000		167,040
Sberbank of Russia (Sponsored ADR)(a)		41,518		568,797
Societe Generale SA		27,614		888,859
Standard Chartered PLC		60,960		1,568,233
Sumitomo Mitsui Financial Group, Inc.		27,700		940,156
Turkiye Is Bankasi – Class C		257,100		609,622
Turkiye Vakiflar Bankasi Tao – Class D		315,876		558,161
US Bancorp		22,900		673,260
Wells Fargo & Co.		105,900		3,313,611
				35,056,771
Consumer Finance – 0.2%
Shriram Transport Finance Co., Ltd.		127,848		1,427,880

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 29

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Diversified Financial Services – 2.9%
Bank of America Corp.		234,800	$	1,871,356
Citigroup, Inc.		138,000		4,598,160
IG Group Holdings PLC		139,924		984,981
ING Groep NV(a)		141,003		1,242,606
JPMorgan Chase & Co.		231,670		9,090,731
Moody’s Corp.		29,200		1,127,412
ORIX Corp.		6,940		668,840
				19,584,086
Insurance – 2.7%
ACE Ltd.		14,800		1,061,308
Admiral Group PLC		94,960		1,627,044
Aegon NV(a)		143,530		751,159
AIA Group Ltd.		572,200		2,159,845
Allianz SE		12,940		1,569,314
Aviva PLC		78,850		461,446
Berkshire Hathaway, Inc.(a)		10,700		839,415
Chubb Corp. (The)		8,900		604,844
Industrial Alliance Insurance & Financial Services, Inc.		14,320		390,473
Lancashire Holdings Ltd.		51,630		628,113
Legal & General Group PLC		542,590		1,040,935
MetLife, Inc.		22,309		860,012
Muenchener Rueckversicherungs AG		6,280		915,686
Prudential PLC		90,310		1,024,574
Reinsurance Group of America, Inc. – Class A		15,800		911,186
Suncorp Group Ltd.		65,110		569,209
Travelers Cos., Inc. (The)		35,100		2,034,747
XL Group PLC		10,100		210,080
				17,659,390
Real Estate Investment Trusts (REITs) – 0.0%
British Land Co. PLC		5,657		42,226
Real Estate Management & Development – 1.2%
CBRE Group, Inc.(a)		119,756		2,195,127
Daito Trust Construction Co., Ltd.		18,400		1,623,582
Evergrande Real Estate Group Ltd.		522,000		328,914
Hang Lung Group Ltd.		44,000		296,301
Hang Lung Properties Ltd.		756,000		2,854,325
New World Development Co Ltd.		322,252		444,176
Sun Hung Kai Properties Ltd.		17,000		261,281
				8,003,706
Thrifts & Mortgage Finance – 0.2%
Housing Development Finance Corp.		113,940		1,537,872
				96,464,710

30 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Information Technology – 12.1%
Communications Equipment – 1.6%
Cisco Systems, Inc.		222,670	$	4,426,679
Motorola Solutions, Inc.		6,900		343,620
QUALCOMM, Inc.		98,565		6,128,772
				10,899,071
Computers & Peripherals – 3.3%
Apple, Inc.(a)		23,190		12,579,184
Dell, Inc.(a)		9,600		166,080
EMC Corp./Massachusetts(a)		113,652		3,147,024
Fujitsu Ltd.		172,000		935,733
Hewlett-Packard Co.		136,100		3,444,691
Pegatron Corp.		123,000		166,468
Seagate Technology PLC		22,690		595,839
Wistron Corp.		334,000		554,249
				21,589,268
Electronic Equipment, Instruments & Components – 0.6%
AU Optronics Corp.		1,927,660		1,035,364
Corning, Inc.		128,600		1,676,944
LG Display Co., Ltd.(a)		59,360		1,562,487
				4,274,795
Internet Software & Services – 1.4%
Baidu, Inc./China (Sponsored ADR)(a)		7,951		1,086,902
Google, Inc. – Class A(a)		11,440		7,072,780
Telecity Group PLC(a)		118,884		1,301,427
				9,461,109
IT Services – 0.3%
Visa, Inc. – Class A		16,950		1,972,471
Office Electronics – 0.1%
Konica Minolta Holdings, Inc.		37,000		313,261
Semiconductors & Semiconductor Equipment – 3.0%
Advanced Semiconductor Engineering, Inc.		1,452,329		1,412,667
Advanced Semiconductor Engineering, Inc. (ADR)		78,700		384,056
Applied Materials, Inc.		149,000		1,823,760
Broadcom Corp. – Class A(a)		73,094		2,715,442
GCL-Poly Energy Holdings Ltd.		1,993,000		678,416
Intel Corp.		108,600		2,919,168
Lam Research Corp.(a)		25,400		1,059,180
Marvell Technology Group Ltd.(a)		183,718		2,755,770
Micron Technology, Inc.(a)		165,800		1,417,590
Powertech Technology, Inc.		91,000		207,915

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 31

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Samsung Electronics Co., Ltd.		2,250	$	2,419,567
Samsung Electronics Co., Ltd. (Preference Shares)		3,100		1,939,060
Sumco Corp.(a)		7,400		80,047
				19,812,638
Software – 1.8%
Citrix Systems, Inc.(a)		32,530		2,431,292
Informatica Corp.(a)		9,980		490,617
Intuit, Inc.		33,050		1,911,612
Nintendo Co., Ltd.		1,900		284,001
Oracle Corp.		137,510		4,024,918
Salesforce.com, Inc.(a)		6,210		889,023
SAP AG		12,650		854,040
Temenos Group AG(a)		66,852		1,312,806
				12,198,309
				80,520,922
Consumer Discretionary – 12.1%
Auto Components – 1.3%
BorgWarner, Inc.(a)		24,978		2,069,178
Bridgestone Corp.		46,500		1,121,694
Faurecia		7,200		200,702
GKN PLC		280,770		975,114
Lear Corp.		28,000		1,265,880
Magna International, Inc. – Class A		16,630		792,129
NGK Spark Plug Co., Ltd.		25,000		338,570
Sumitomo Rubber Industries Ltd.		21,600		272,315
TRW Automotive Holdings Corp.(a)		29,500		1,349,330
				8,384,912
Automobiles – 1.5%
Bayerische Motoren Werke AG		8,750		807,939
Dongfeng Motor Group Co., Ltd. – Class H		124,000		240,958
Ford Motor Co.		78,600		973,068
General Motors Co.(a)		77,000		2,003,540
Harley-Davidson, Inc.		22,291		1,038,315
Kia Motors Corp.		4,270		269,214
Mazda Motor Corp.(a)		319,000		530,728
Nissan Motor Co., Ltd.		130,300		1,344,106
Renault SA		24,190		1,276,513
Volkswagen AG (Preference Shares)		7,960		1,486,128
				9,970,509
Distributors – 0.6%
Imperial Holdings Ltd.		13,818		269,727
Li & Fung Ltd.		1,474,000		3,376,331
				3,646,058

32 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Diversified Consumer Services – 0.5%
Anhanguera Educacional Participacoes SA		51,000	$	670,299
Apollo Group, Inc. – Class A(a)		27,100		1,155,544
Estacio Participacoes SA		148,800		1,804,923
				3,630,766
Hotels, Restaurants & Leisure – 1.2%
Ajisen China Holdings Ltd.		728,000		996,233
Las Vegas Sands Corp.(a)		32,210		1,791,198
MGM Resorts International(a)		87,200		1,200,744
Sands China Ltd.		315,600		1,176,531
Shangri-La Asia Ltd.		162,500		405,382
Starbucks Corp.		48,630		2,361,473
				7,931,561
Household Durables – 0.6%
MRV Engenharia e Participacoes SA		189,500		1,528,359
Newell Rubbermaid, Inc.		40,300		737,490
NVR, Inc.(a)		725		501,700
Sharp Corp./Japan		126,000		890,270
Sony Corp.		25,900		559,021
				4,216,840
Internet & Catalog Retail – 0.4%
Amazon.com, Inc.(a)		13,285		2,387,182
Rakuten, Inc.		394		391,602
				2,778,784
Leisure Equipment & Products – 0.0%
Namco Bandai Holdings, Inc.		20,000		280,722
Media – 3.0%
CBS Corp. – Class B		41,100		1,228,890
Comcast Corp. – Class A		148,170		4,353,235
DIRECTV(a)		24,900		1,153,368
Fairfax Media Ltd.		202,800		172,974
Gannett Co., Inc.		102,400		1,519,616
Informa PLC		48,200		332,061
McGraw-Hill Cos., Inc. (The)		16,300		758,602
Naspers Ltd.		5,030		277,401
News Corp. – Class A		52,400		1,041,188
Time Warner Cable, Inc. – Class A		26,700		2,118,378
Viacom, Inc. – Class B		29,100		1,385,742
Walt Disney Co. (The)		136,715		5,740,663
				20,082,118
Multiline Retail – 0.8%
Dollar General Corp.(a)		33,834		1,423,058
Don Quijote Co., Ltd.		19,900		686,982
Golden Eagle Retail Group Ltd.		682,000		1,678,396

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 33

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Macy’s, Inc.		31,800	$	1,207,446
				4,995,882
Specialty Retail – 1.7%
Belle International Holdings Ltd.		932,000		1,522,656
Fast Retailing Co., Ltd.		1,300		269,811
GameStop Corp. – Class A		20,700		471,546
Hennes & Mauritz AB – Class B		67,873		2,443,347
Home Depot, Inc. (The)		14,800		704,036
L’Occitane International SA		187,250		444,034
Limited Brands, Inc.		36,300		1,689,039
Lowe’s Cos., Inc.		34,500		979,110
Nitori Holdings Co., Ltd.		8,200		693,434
Staples, Inc.		16,400		240,424
Yamada Denki Co., Ltd.		25,040		1,629,488
				11,086,925
Textiles, Apparel & Luxury Goods – 0.5%
Cie Financiere Richemont SA		6,040		370,401
PVH Corp.		16,750		1,423,917
Trinity Ltd.		1,692,000		1,332,566
Yue Yuen Industrial Holdings Ltd.		92,500		314,143
				3,441,027
				80,446,104
Energy – 9.9%
Energy Equipment & Services – 2.3%
AMEC PLC		81,130		1,427,127
FMC Technologies, Inc.(a)		32,220		1,624,855
National Oilwell Varco, Inc.		14,350		1,184,305
Saipem SpA		9,570		483,719
Schlumberger Ltd.		83,975		6,517,300
Seadrill Ltd.		17,740		734,586
Technip SA		13,940		1,519,943
Transocean Ltd./Switzerland		32,300		1,722,882
				15,214,717
Oil, Gas & Consumable Fuels – 7.6%
Afren PLC(a)		512,424		1,088,843
Anadarko Petroleum Corp.		40,520		3,408,542
BG Group PLC		130,840		3,157,603
BP PLC		462,590		3,619,577
BP PLC (Sponsored ADR)		50,000		2,358,000
Chevron Corp.		32,600		3,557,312
China Petroleum & Chemical Corp. – Class H		750,000		852,071
Devon Energy Corp.		24,900		1,825,419
ENI SpA		40,200		924,573
EOG Resources, Inc.		29,940		3,408,968
Exxon Mobil Corp.		38,800		3,356,200

34 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Gazprom OAO (Sponsored ADR)		184,120	$	2,430,384
JX Holdings, Inc.		131,400		825,597
LUKOIL OAO (London) (Sponsored ADR)		19,270		1,228,463
Marathon Oil Corp.		61,800		2,094,402
Marathon Petroleum Corp.		34,200		1,421,010
Nexen, Inc. (New York)		21,300		434,094
Nexen, Inc. (Toronto)		51,171		1,043,124
Noble Energy, Inc.		39,151		3,823,095
NovaTek OAO (Sponsored GDR)(b)		5,400		783,540
Petroleo Brasileiro SA (Sponsored ADR)		68,440		1,949,856
PTT PCL		50,900		610,497
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		64,879		2,368,102
Suncor Energy, Inc. (New York)		44,810		1,610,471
Total SA		28,400		1,588,711
Valero Energy Corp.		12,600		308,574
				50,077,028
				65,291,745
Health Care – 8.0%
Biotechnology – 0.4%
Gilead Sciences, Inc.(a)		51,330		2,335,515
Vertex Pharmaceuticals, Inc.(a)		11,400		443,688
				2,779,203
Health Care Equipment & Supplies – 0.9%
Covidien PLC		66,900		3,495,525
Stryker Corp.		41,740		2,238,934
				5,734,459
Health Care Providers & Services – 1.6%
Aetna, Inc.		8,800		411,488
Express Scripts, Inc. – Class A(a)		56,240		2,999,279
Health Net, Inc.(a)		23,700		894,438
UnitedHealth Group, Inc.		55,800		3,110,850
WellPoint, Inc.		44,400		2,913,972
				10,330,027
Life Sciences Tools & Services – 0.2%
Illumina, Inc.(a)		26,833		1,375,191
Pharmaceuticals – 4.9%
Allergan, Inc./United States		29,390		2,633,050
Aspen Pharmacare Holdings Ltd.(a)		79,219		1,144,150
AstraZeneca PLC		61,245		2,740,569
AstraZeneca PLC (Sponsored ADR)		52,800		2,370,192
GlaxoSmithKline PLC		47,200		1,043,017
Johnson & Johnson		73,400		4,776,872
Merck & Co., Inc.		92,500		3,530,725
Novartis AG		25,790		1,405,714

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 35

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Novo Nordisk A/S – Class B		11,690	$	1,638,678
Otsuka Holdings Co., Ltd.		9,100		256,329
Perrigo Co.		13,340		1,374,821
Pfizer, Inc.		296,400		6,254,040
Roche Holding AG		8,210		1,428,987
Roche Holding AG (Sponsored ADR)		24,000		1,045,920
Shire PLC		26,400		920,740
				32,563,804
				52,782,684
Industrials – 7.5%
Aerospace & Defense – 1.3%
Boeing Co. (The)		45,270		3,392,986
Northrop Grumman Corp.		25,700		1,537,117
Precision Castparts Corp.		22,120		3,703,552
Saab AB		8,000		161,715
				8,795,370
Air Freight & Logistics – 0.8%
Kuehne & Nagel International AG		6,960		917,149
United Parcel Service, Inc. – Class B		53,090		4,082,090
				4,999,239
Airlines – 0.3%
Cathay Pacific Airways Ltd.		101,000		199,868
Delta Air Lines, Inc.(a)		117,000		1,147,770
Deutsche Lufthansa (REG)		54,700		759,650
				2,107,288
Building Products – 0.3%
Asahi Glass Co., Ltd.		132,000		1,191,700
Fortune Brands Home & Security, Inc.(a)		34,900		674,966
				1,866,666
Commercial Services & Supplies – 0.3%
Aggreko PLC		25,479		895,068
Edenred		14,778		393,568
Serco Group PLC		58,236		513,390
				1,802,026
Construction & Engineering – 0.3%
Bouygues SA		44,769		1,418,216
Larsen & Toubro Ltd.		28,470		755,923
				2,174,139
Electrical Equipment – 0.6%
Emerson Electric Co.		33,720		1,696,454
Rockwell Automation, Inc.		15,490		1,238,890
Sumitomo Electric Industries Ltd.		88,500		1,160,099
				4,095,443

36 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Industrial Conglomerates – 1.8%
Bidvest Group Ltd.		20,400	$	475,231
Danaher Corp.		81,858		4,324,558
General Electric Co.		246,900		4,703,445
Jardine Strategic Holdings Ltd.		6,000		182,942
Keppel Corp., Ltd.		125,000		1,100,620
Tyco International Ltd.		26,200		1,357,684
				12,144,480
Machinery – 0.5%
Flowserve Corp.		21,381		2,535,145
IHI Corp.		91,000		231,133
Parker Hannifin Corp.		4,200		377,202
				3,143,480
Marine – 0.0%
AP Moeller – Maersk A/S (Line of B Shares)		33		265,385
Professional Services – 1.0%
Bureau Veritas SA		16,999		1,400,959
Capita PLC		182,010		2,216,636
Experian PLC		34,790		521,962
Intertek Group PLC		65,661		2,412,735
				6,552,292
Road & Rail – 0.2%
Localiza Rent a Car SA		62,900		1,161,851
Trading Companies & Distributors – 0.1%
Mitsubishi Corp.		27,000		663,532
				49,771,191
Consumer Staples – 5.7%
Beverages – 0.6%
Anheuser-Busch InBev NV		28,488		1,913,857
Asahi Group Holdings Ltd.		27,600		604,634
Constellation Brands, Inc. – Class A(a)		73,300		1,600,872
				4,119,363
Food & Staples Retailing – 1.6%
CVS Caremark Corp.		31,200		1,407,120
Delhaize Group SA		9,217		506,311
Jeronimo Martins SGPS SA(a)		92,627		1,705,400
Koninklijke Ahold NV		79,870		1,102,921
Kroger Co. (The)		99,500		2,367,105
Olam International Ltd.		1,768,105		3,346,763
				10,435,620
Food Products – 0.9%
Archer-Daniels-Midland Co.		15,500		483,600
ConAgra Foods, Inc.		33,300		874,125

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 37

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
General Mills, Inc.		65,350	$	2,503,559
Hershey Co. (The)		22,710		1,378,497
Nestle SA		4,230		258,600
Tyson Foods Inc – Class A		30,600		578,646
				6,077,027
Household Products – 0.6%
Procter & Gamble Co. (The)		53,000		3,578,560
Personal Products – 0.2%
Natura Cosmeticos SA		45,700		1,077,533
Tobacco – 1.8%
Altria Group, Inc.		64,200		1,932,420
British American Tobacco PLC		48,670		2,454,936
Imperial Tobacco Group PLC		26,561		1,051,733
Japan Tobacco, Inc.		483		2,565,925
KT&G Corp.		21,390		1,399,583
Lorillard, Inc.		16,100		2,110,388
Philip Morris International, Inc.		5,400		451,008
Reynolds American, Inc.		5,300		222,229
				12,188,222
				37,476,325
Materials – 4.7%
Chemicals – 2.4%
Agrium, Inc. (Toronto)		9,480		806,535
Air Water, Inc.		10,000		130,658
DIC Corp.		111,000		229,855
Dow Chemical Co. (The)		55,030		1,844,055
Filtrona PLC		70,690		505,435
Koninklijke DSM NV		27,254		1,514,226
LyondellBasell Industries NV		31,800		1,373,124
Mitsubishi Gas Chemical Co., Inc.		51,000		323,720
Monsanto Co.		41,977		3,248,180
OCI Co., Ltd.		3,100		740,764
Orica Ltd.		27,907		811,632
Potash Corp. of Saskatchewan, Inc.		86,016		4,004,045
Ube Industries Ltd./Japan		81,000		234,915
				15,767,144
Construction Materials – 0.0%
Taiheiyo Cement Corp.		110,000		234,006
Metals & Mining – 2.3%
Anglo American PLC		15,940		671,946
ArcelorMittal (Euronext Amsterdam)		13,920		293,388
BHP Billiton PLC		32,160		1,040,141
Exxaro Resources Ltd.		12,850		358,895
Freeport-McMoRan Copper & Gold, Inc.		49,320		2,099,059

38 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
JFE Holdings, Inc.		18,300	$	395,831
KGHM Polska Miedz SA		19,410		923,178
Kinross Gold Corp.		52,310		578,902
New Gold, Inc.(a)		15,275		178,462
Newcrest Mining Ltd.		13,620		486,087
OneSteel Ltd.		194,200		219,410
Randgold Resources Ltd.		4,020		460,409
Rio Tinto PLC		61,040		3,462,760
ThyssenKrupp AG		38,800		1,047,029
Vale SA (Sponsored ADR) (Local Preference Shares)		102,880		2,528,791
Xstrata PLC		28,860		550,907
				15,295,195
				31,296,345
Telecommunication Services – 1.9%
Diversified Telecommunication Services – 1.5%
AT&T, Inc.		93,400		2,857,106
CenturyLink, Inc.		73,600		2,962,400
Chorus Ltd.(a)		1,632		4,446
Nippon Telegraph & Telephone Corp.		45,300		2,132,379
Telecom Italia SpA (ordinary shares)		1,224,770		1,406,972
Telecom Italia SpA (savings shares)		228,800		215,473
Vivendi SA		30,250		648,388
				10,227,164
Wireless Telecommunication Services – 0.4%
China Mobile Ltd.		30,000		319,306
NTT DoCoMo, Inc.		114		194,453
Vodafone Group PLC		653,600		1,760,745
				2,274,504
				12,501,668
Utilities – 1.8%
Electric Utilities – 0.8%
American Electric Power Co., Inc.		27,800		1,045,558
E.ON AG		41,040		940,852
Edison International		10,200		427,074
EDP – Energias de Portugal SA		244,110		709,526
Great Plains Energy, Inc.		40,700		805,046
NV Energy, Inc.		76,600		1,201,088
				5,129,144
Gas Utilities – 0.3%
Atmos Energy Corp.		26,400		811,272
Gas Natural SDG SA		63,240		1,069,491
UGI Corp.		16,100		454,825
				2,335,588

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 39

Tax-Managed Wealth Appreciation—Portfolio of Investments

Company	Shares		U.S. $ Value
Multi-Utilities – 0.7%
CenterPoint Energy, Inc.		52,400	$	1,021,276
CMS Energy Corp.		15,200		325,432
DTE Energy Co.		23,400		1,263,366
National Grid PLC		62,270		634,197
NiSource, Inc.		24,400		585,600
Public Service Enterprise Group, Inc.		11,600		357,048
TECO Energy, Inc.		25,600		459,520
				4,646,439
				12,111,171
Total Common Stocks (cost $445,384,444)				518,662,865
INVESTMENT COMPANIES – 20.0%
Funds and Investment Trusts – 20.0%
Volatility Management Portfolio (cost $129,569,336)		12,597,379		132,524,426
SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 1.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(c) (cost $9,875,367)		9,875,367		9,875,367
Total Investments – 99.7% (cost $584,829,147)				661,062,658
Other assets less liabilities – 0.3%				2,242,753
Net Assets – 100.0%			$	663,305,411

FUTURES CONTRACTS (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		31		March 2012	$	983,577	$	1,036,662	$	53,085

40 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Wealth Appreciation—Portfolio of Investments

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale: Brazilian Real settling 5/03/12		1,621	$	919,091	$	930,301	$	11,210
Japanese Yen settling 5/15/12		34,878		456,162		429,341		(26,821	)
Singapore Dollar settling 5/15/12		474		380,648		379,048		(1,600	)
Citibank NA: Australian Dollar settling 5/15/12		767		821,285		815,682		(5,603	)
Australian Dollar settling 5/15/12		2,318		2,482,056		2,465,125		(16,931	)
Swiss Franc settling 5/15/12		1,738		1,906,233		1,922,732		16,499
Credit Suisse London Branch (GFX): Australian Dollar settling 5/15/12		4,373		4,618,675		4,650,558		31,883
Great British Pound settling 5/15/12		690		1,085,957		1,097,133		11,176
Deutsche Bank AG London: Norwegian Krone settling 5/15/12		29,879		5,163,035		5,329,019		165,984
HSBC BankUSA: Norwegian Krone settling 5/15/12		3,338		551,923		595,344		43,421
Norwegian Krone settling 5/15/12		3,991		713,660		711,808		(1,852	)
Royal Bank of Scotland PLC: Canadian Dollar settling 5/15/12		1,533		1,548,798		1,546,758		(2,040	)
Swedish Krona settling 5/15/12		7,854		1,171,277		1,183,584		12,307
Standard Chartered Bank: Singapore Dollar settling 5/15/12		816		654,030		652,538		(1,492	)
State Street Bank and Trust Co.: Great British Pound settling 5/15/12		820		1,300,438		1,303,838		3,400
UBS AG: Australian Dollar settling 5/15/12		4,118		4,225,467		4,379,373		153,906
Canadian Dollar settling 5/15/12		6,410		6,262,304		6,467,528		205,224
Japanese Yen settling 5/15/12		533,797		6,948,356		6,570,933		(377,423	)
Swedish Krona settling 5/15/12		26,961		4,036,380		4,062,976		26,596
Westpac Banking Corp.: New Zealand Dollar settling 5/15/12		1,121		888,771		930,584		41,813
New Zealand Dollar settling 5/15/12		5,162		4,244,455		4,285,173		40,718
Sale Contracts
Bank of America NA: Canadian Dollar settling 5/15/12		3,203		3,189,651		3,231,745		(42,094	)
Canadian Dollar settling 5/15/12		3,288		3,274,297		3,317,508		(43,211	)
Barclays Bank PLC Wholesale: Euro settling 5/15/12		4,837		6,167,030		6,446,521		(279,491	)
Hong Kong Dollar settling 5/15/12		5,013		646,303		646,429		(126	)
Indian Rupee settling 5/15/12(1)		31,280		624,663		625,456		(793	)
Japanese Yen settling 5/15/12		291,515		3,597,596		3,588,491		9,105
Citibank NA: Canadian Dollar settling 5/15/12		383		382,281		386,437		(4,156	)
Euro settling 5/15/12		795		1,044,117		1,059,538		(15,421	)
Credit Suisse London Branch (GFX): Japanese Yen settling 5/15/12		175,663		2,289,479		2,162,376		127,103
Norwegian Krone settling 5/15/12		3,338		577,745		595,344		(17,599	)
Deutsche Bank AG London: Euro settling 5/15/12		4,231		5,580,266		5,638,873		(58,607	)
Goldman Sachs International: Euro settling 5/15/12		5,116		6,776,551		6,818,358		(41,807	)
Great British Pound settling 5/15/12		1,698		2,618,995		2,699,899		(80,904	)

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 41

Tax-Managed Wealth Appreciation—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
HSBC BankUSA: Brazilian Real settling 5/03/12		3,398	$	1,910,277	$	1,950,130	$	(39,853	)
Hong Kong Dollar settling 5/15/12		34,098		4,397,983		4,396,954		1,029
Hong Kong Dollar settling 5/15/12		6,960		897,497		897,495		2
Royal Bank of Scotland PLC: Great British Pound settling 5/15/12		621		989,216		987,419		1,797
Standard Chartered Bank: Hong Kong Dollar settling 5/15/12		3,150		406,218		406,194		24
State Street Bank and Trust Co.: Great British Pound settling 5/15/12		1,673		2,653,211		2,660,148		(6,937	)
UBS AG: Japanese Yen settling 5/15/12		155,587		2,025,253		1,915,245		110,008
Swiss Franc settling 5/15/12		1,175		1,281,387		1,299,890		(18,503	)
Swiss Franc settling 5/15/12		1,738		1,895,362		1,922,731		(27,369	)
							$	(97,428	)

(1) Contract represents a non-deliverable forward where payment is received from or paid to a counterparty based on the net realized gain/loss on settlement date.

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2012, the market value of this security amounted to $783,540 or 0.1% of net assets.

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

Glossary:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

REG – Registered Shares

See notes to financial statements.

42 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Wealth Appreciation—Portfolio of Investments

TAX-MANAGED BALANCED WEALTH

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 52.9%
Long-Term Municipal Bonds – 48.8%
Alabama – 7.1%
Alabama Pub Sch & Clg Auth NPFGC-RE 5.00%, 12/01/21	$	1,700	$	1,795,081
Series 2010A 5.00%, 5/01/18		2,040		2,470,318
Birmingham AL Wtrwks Brd Series 2010A 5.00%, 1/01/25		3,980		4,520,126
Jefferson Cnty AL Swr FGIC 5.25%, 2/01/24 (Pre-refunded/ETM)		1,595		1,627,171
5.125%, 2/01/42 (Pre-refunded/ETM)		1,650		1,682,439
FGIC Series 02 5.00%, 2/01/41 (Pre-refunded/ETM)		1,100		1,119,932
				13,215,067
Arizona – 2.0%
Arizona Hlth Fac Auth (Phoenix Children’s Hospital) 1.16%, 2/01/42(a)		785		731,683
Arizona Trnsp Brd Hwy Series 2011A 5.00%, 7/01/25		2,100		2,518,635
Pima Cnty AZ IDA (Horizon Learning Ctr) 4.45%, 6/01/14		40		39,770
Pima Cnty AZ IDA (Global Water Resources) 5.45%, 12/01/17		350		367,308
				3,657,396
California – 5.4%
California Dept Wtr Res Pwr Series 2010L 5.00%, 5/01/20		1,905		2,368,696
California Econ Recovery (California Econ Rec Spl Tax) Series A 5.00%, 7/01/20		2,450		2,966,827
California GO 5.00%, 3/01/16		2,225		2,567,450
California Infra & Eco Dev BK (J Paul Getty Trust) Series 2010A-2 0.07%, 10/01/47(b)		1,750		1,750,000

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 43

Tax-Managed Balanced Wealth—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Los Angeles CA Dept Arpts (Los Angeles Intl Airport) 5.00%, 5/15/23	$	365	$	438,208
				10,091,181
Colorado – 0.2%
PV Wtr & San Met Dist CO Series 06 Zero Coupon, 12/15/17(c)(d)		710		248,500
Todd Creek Farms Met Dist #1 CO 5.60%, 12/01/14(c)		260		143,000
				391,500
District of Columbia – 0.8%
District of Columbia GO AMBAC Series 2007 5.25%, 6/01/18		1,200		1,469,436
Florida – 6.1%
Citizens Ppty Ins Corp. FL NPFGC Series A 5.00%, 3/01/15-3/01/16		4,000		4,409,360
Dade Cnty FL SD GO NPFGC Series 94 5.00%, 8/01/12		1,100		1,120,702
Heritage Plantation CDD FL Series B 5.10%, 11/01/13(c)(d)		105		31,500
Lake Ashton II CDD FL Series B 4.875%, 11/01/10(c)(d)		100		80,000
Midtown Miami CDD FL Series 04A 6.00%, 5/01/24		245		246,548
Overoaks CDD FL Series 2010A-1 6.125%, 5/01/35(c)		15		15,245
Series 2010A-2 6.125%, 5/01/35(c)(e)		35		26,983
Series 2010B 5.125%, 5/01/17(c)(e)		75		66,432
Series 4B 5.125%, 5/01/09(c)(f)		25		0
Palm Beach Cnty FL Sch Brd COP NPFGC-RE 5.00%, 8/01/13		1,030		1,095,889
Parkway Center CDD FL Series B 5.625%, 5/01/14		125		111,286

44 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Sarasota Cnty FL Sch Brd COP 5.00%, 7/01/22	$	1,165	$	1,340,985
Tampa Bay Reg Wtr Supply Auth FL Series 2011A 5.00%, 10/01/23		1,380		1,698,476
Verano CDD FL Series B 5.00%, 11/01/13		630		589,617
Villages of Westport CDD FL Series 05A 5.125%, 5/01/15		105		94,554
Waterset North CDD FL Series B 6.55%, 11/01/15		485		334,820
				11,262,397
Guam – 0.1%
Guam Wtrworks Auth Series 05 5.00%, 7/01/13		225		230,045
Illinois – 5.3%
Cook Cnty IL GO 5.00%, 11/15/25		3,755		4,276,532
Illinois Finance Auth (Northwestern Univ) 1.75%, 12/01/34		3,605		3,703,020
Illinois GO NPFGC-RE 5.00%, 4/01/15		1,545		1,704,305
Pingree Grove SSA #1 IL (Pingree Grove SSA #1 Cambridge) Series 5-1 5.25%, 3/01/15		100		100,027
				9,783,884
Indiana – 1.2%
Indiana Bond Bank Gas (JP Morgan Chase) Series A 5.25%, 10/15/19		1,945		2,198,356
Louisiana – 0.6%
Morehouse Parish LA PCR (International Paper Co.) Series A 5.25%, 11/15/13		1,000		1,064,400

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 45

Tax-Managed Balanced Wealth—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Nevada – 0.1%
Henderson NV LID # T-16 (Henderson NV LID # T-16 Falls) 4.75%, 3/01/13(c)	$	35	$	27,760
Las Vegas NV SID #607 (Las Vegas NV SID #607 Providence) 5.35%, 6/01/12		245		245,392
				273,152
New Jersey – 1.0%
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund) AMBAC Series A 5.50%, 12/15/13		1,775		1,928,555
New York – 0.7%
New York NY GO Series 04G 5.00%, 8/01/12		1,315		1,341,116
North Carolina – 0.5%
North Carolina Eastern Mun Pwr Agy Series A 5.00%, 1/01/15		785		874,247
Ohio – 1.6%
Cleveland OH Mun SD GO AGM 5.25%, 12/01/19		1,000		1,082,010
Columbiana Cnty Port Auth OH (Liberty Waste Trnsp Llc) Series A 7.00%, 8/01/21(c)(f)		230		195,567
Ohio Wtr Dev Auth (Cleveland Electric Illum) Series 2008C 7.25%, 11/01/32		1,620		1,675,047
				2,952,624
Pennsylvania – 0.2%
Allegheny Cnty PA Redev Auth (Pittsburgh Mills Spl Tax) 5.10%, 7/01/14		145		146,315
Philadelphia PA IDA (Leadership Learning Partners) Series 05A 4.60%, 7/01/15(c)		205		197,706
				344,021

46 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Puerto Rico – 4.8%
Puerto Rico Elec Pwr Auth Series 2010ZZ 5.25%, 7/01/18	$	2,300	$	2,664,757
Puerto Rico Pub Bldgs Auth (Puerto Rico GO) 5.75%, 7/01/14		2,820		3,074,167
Puerto Rico Sales Tax Fin Corp. Series 2009A 5.50%, 8/01/23		2,750		3,195,500
				8,934,424
South Carolina – 1.4%
South Carolina Pub Svc Auth AGM 5.00%, 1/01/14		2,450		2,657,686
Texas – 8.5%
Austin TX Utils Sys AGM 5.00%, 11/15/13		3,945		4,259,535
Houston TX Arpt Sys Series 2009 A 5.00%, 7/01/21-7/01/22		2,815		3,217,774
Houston TX GO NPFGC 5.00%, 3/01/15		3,300		3,729,462
Lower Neches Valley Auth TX (Exxon Mobil Corp.) 0.06%, 11/01/51(b)		1,250		1,250,000
Texas A & M Univ Series 2009 D 5.00%, 5/15/18		2,765		3,412,701
				15,869,472
Washington – 1.2%
Chelan Cnty WA PUD #1 Series 2011B 5.50%, 7/01/24		1,815		2,144,277
Total Long-Term Municipal Bonds (cost $85,582,441)				90,683,236
Short-Term Municipal Notes – 4.1%
Louisiana – 0.6%
East Baton Rouge Parish LA (Exxon Mobil Corp.) 0.06%, 11/01/19(b)		1,145		1,145,000

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 47

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Principal Amount (000)		U.S. $ Value
Mississippi – 2.8%
Mississippi Business Fin Corp. (Chevron USA, Inc.) 0.08%, 11/01/35(b)	$	3,100	$	3,100,000
Series 2009A 0.07%, 12/01/30(b)		2,170		2,170,000
				5,270,000
Texas – 0.7%
Houston TX HGR ED Fin Corp. (Rice University) Series 2008B 0.07%, 5/15/48(b)		400		400,000
Lower Neches Valley Auth TX (Exxon Mobil Corp.) 0.06%, 11/01/51(b)		850		850,000
				1,250,000
Total Short-Term Municipal Notes (cost $7,665,000)				7,665,000
Total Municipal Obligations (cost $93,247,441)				98,348,236
	Shares
COMMON STOCKS – 31.6%
Financials – 5.7%
Capital Markets – 0.8%
Blackstone Group LP		21,149		330,347
Deutsche Bank AG		2,440		113,861
Goldman Sachs Group, Inc. (The)		3,835		441,562
Legg Mason, Inc.		3,200		87,648
Macquarie Group Ltd.		4,890		139,434
Morgan Stanley		9,900		183,546
UBS AG(g)		13,203		184,903
				1,481,301
Commercial Banks – 1.9%
Banco Bilbao Vizcaya Argentaria SA		11,072		99,121
Banco do Brasil SA		11,200		180,335
Banco Santander Brasil SA/Brazil (ADR)		3,230		34,496
Banco Santander Chile (ADR)		740		59,947
Banco Santander SA		11,428		94,598
Barclays PLC		26,820		103,855
BNP Paribas SA		6,074		295,601
CIT Group, Inc.(g)		7,400		301,254
HDFC Bank Ltd.		11,590		122,740
HSBC Holdings PLC		26,790		237,347

48 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Intesa Sanpaolo SpA		82,390	$	160,598
Itau Unibanco Holding SA (ADR)		13,650		287,332
KB Financial Group, Inc.		4,898		179,859
KBC Groep NV		1,970		46,369
Lloyds Banking Group PLC(g)		151,530		84,355
Mitsubishi UFJ Financial Group, Inc.		20,800		107,497
National Australia Bank Ltd.		6,800		171,659
PNC Financial Services Group, Inc.		800		47,616
Regions Financial Corp.		6,200		35,712
Sberbank of Russia (Sponsored ADR)(g)		4,718		64,636
Societe Generale SA		3,175		102,199
Standard Chartered PLC		5,850		150,495
Sumitomo Mitsui Financial Group, Inc.		3,700		125,580
Turkiye Is Bankasi – Class C		24,750		58,686
Turkiye Vakiflar Bankasi Tao – Class D		28,000		49,477
Wells Fargo & Co.		13,300		416,157
				3,617,521
Consumer Finance – 0.1%
Shriram Transport Finance Co., Ltd.		10,820		120,844
Diversified Financial Services – 1.2%
Bank of America Corp.		14,100		112,377
Citigroup, Inc.		16,200		539,784
IG Group Holdings PLC		17,052		120,036
ING Groep NV(g)		19,314		170,207
JPMorgan Chase & Co.		27,415		1,075,764
Moody’s Corp.		3,800		146,718
ORIX Corp.		910		87,701
				2,252,587
Insurance – 1.1%
ACE Ltd.		2,300		164,933
Admiral Group PLC		11,690		200,296
Aegon NV(g)		15,900		83,212
AIA Group Ltd.		64,600		243,841
Allianz SE		1,410		171,000
Aviva PLC		7,940		46,467
Berkshire Hathaway, Inc.(g)		1,200		94,140
Chubb Corp. (The)		1,400		95,144
Industrial Alliance Insurance & Financial Services, Inc.		1,930		52,627
Lancashire Holdings Ltd.		5,470		66,546
Legal & General Group PLC		71,980		138,090
MetLife, Inc.		2,124		81,880
Muenchener Rueckversicherungs AG		730		106,441
Prudential PLC		10,070		114,245
Suncorp Group Ltd.		8,020		70,113
Travelers Cos., Inc. (The)		4,200		243,474
XL Group PLC		1,600		33,280
				2,005,729

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 49

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Real Estate Management & Development – 0.5%
CBRE Group, Inc.(g)		14,022	$	257,023
Daito Trust Construction Co., Ltd.		2,000		176,476
Evergrande Real Estate Group Ltd.		75,000		47,258
Hang Lung Group Ltd.		6,200		41,752
Hang Lung Properties Ltd.		77,000		290,718
New World Development Co., Ltd.		36,523		50,342
				863,569
Thrifts & Mortgage Finance – 0.1%
Housing Development Finance Corp.		13,480		181,943
				10,523,494
Information Technology – 5.1%
Communications Equipment – 0.7%
Cisco Systems, Inc.		28,520		566,978
Motorola Solutions, Inc.		850		42,330
QUALCOMM, Inc.		11,345		705,432
				1,314,740
Computers & Peripherals – 1.3%
Apple, Inc.(g)		2,600		1,410,344
Dell, Inc.(g)		1,200		20,760
EMC Corp./Massachusetts(g)		13,445		372,292
Fujitsu Ltd.		20,000		108,806
Hewlett-Packard Co.		14,700		372,057
Pegatron Corp.		18,000		24,361
Quanta Computer, Inc.		9,000		22,158
Seagate Technology PLC		3,400		89,284
Wistron Corp.		36,000		59,740
				2,479,802
Electronic Equipment, Instruments & Components – 0.3%
AU Optronics Corp.		223,070		119,813
Corning, Inc.		15,300		199,512
LG Display Co., Ltd.(g)		7,440		195,837
				515,162
Internet Software & Services – 0.6%
Baidu, Inc./China (Sponsored ADR)(g)		940		128,498
Google, Inc. – Class A(g)		1,335		825,364
Telecity Group PLC(g)		13,940		152,601
				1,106,463
IT Services – 0.1%
Visa, Inc. – Class A		1,945		226,340
Office Electronics – 0.0%
Konica Minolta Holdings, Inc.		4,500		38,099

50 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Semiconductors & Semiconductor Equipment – 1.3%
Advanced Semiconductor Engineering, Inc.		155,974	$	151,715
Advanced Semiconductor Engineering, Inc. (ADR)		12,600		61,488
Applied Materials, Inc.		19,400		237,456
Broadcom Corp. – Class A(g)		8,836		328,257
GCL-Poly Energy Holdings Ltd.		232,000		78,973
Intel Corp.		15,000		403,200
Lam Research Corp.(g)		3,400		141,780
Marvell Technology Group Ltd.(g)		20,583		308,745
Micron Technology, Inc.(g)		21,400		182,970
Samsung Electronics Co., Ltd.		260		279,594
Samsung Electronics Co., Ltd. (Preference Shares)		380		237,691
Sumco Corp.(g)		2,700		29,206
				2,441,075
Software – 0.8%
Citrix Systems, Inc.(g)		3,605		269,438
Informatica Corp.(g)		1,170		57,517
Intuit, Inc.		3,810		220,370
Microsoft Corp.		1,200		38,088
Nintendo Co., Ltd.		300		44,842
Oracle Corp.		14,450		422,952
Salesforce.com, Inc.(g)		770		110,233
SAP AG		1,440		97,219
Temenos Group AG(g)		8,232		161,656
				1,422,315
				9,543,996
Consumer Discretionary – 5.0%
Auto Components – 0.5%
BorgWarner, Inc.(g)		2,908		240,899
Bridgestone Corp.		5,300		127,849
Faurecia		1,509		42,064
GKN PLC		29,550		102,627
Lear Corp.		3,600		162,756
Magna International, Inc. – Class A		2,000		95,265
Sumitomo Rubber Industries Ltd.		2,800		35,300
TRW Automotive Holdings Corp.(g)		3,300		150,942
				957,702
Automobiles – 0.6%
Bayerische Motoren Werke AG		940		86,796
Dongfeng Motor Group Co., Ltd. – Class H		16,000		31,091
Ford Motor Co.		10,000		123,800
General Motors Co.(g)		8,800		228,976
Harley-Davidson, Inc.		2,552		118,872

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 51

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Kia Motors Corp.		870	$	54,852
Mazda Motor Corp.(g)		38,000		63,221
Nissan Motor Co., Ltd.		14,400		148,543
Renault SA		2,700		142,480
Volkswagen AG (Preference Shares)		890		166,162
				1,164,793
Distributors – 0.3%
Imperial Holdings Ltd.		2,060		40,211
Li & Fung Ltd.		170,000		389,401
				429,612
Diversified Consumer Services – 0.2%
Anhanguera Educacional Participacoes SA		5,900		77,544
Apollo Group, Inc. – Class A(g)		2,700		115,128
Estacio Participacoes SA		16,400		198,930
				391,602
Hotels, Restaurants & Leisure – 0.5%
Ajisen China Holdings Ltd.		88,000		120,424
Las Vegas Sands Corp.(g)		3,760		209,094
MGM Resorts International(g)		12,400		170,748
Sands China Ltd.		35,600		132,714
Shangri-La Asia Ltd.		23,833		59,455
Starbucks Corp.		5,600		271,936
				964,371
Household Durables – 0.3%
MRV Engenharia e Participacoes SA		22,100		178,242
Newell Rubbermaid, Inc.		4,400		80,520
NVR, Inc.(g)		100		69,200
Sharp Corp./Japan		16,000		113,050
Sony Corp.		4,000		86,335
				527,347
Internet & Catalog Retail – 0.2%
Amazon.com, Inc.(g)		1,645		295,590
Rakuten, Inc.		54		53,671
				349,261
Media – 1.2%
CBS Corp. – Class B		5,300		158,470
Comcast Corp. – Class A		16,320		479,482
DIRECTV(g)		2,900		134,328
Fairfax Media Ltd.		38,970		33,239
Gannett Co., Inc.		13,100		194,404
McGraw-Hill Cos., Inc. (The)		2,100		97,734
Naspers Ltd.		570		31,435
News Corp. – Class A		6,800		135,116
Time Warner Cable, Inc. – Class A		3,200		253,888
Viacom, Inc. – Class B		3,900		185,718
Walt Disney Co. (The)		13,080		549,229
				2,253,043

52 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Multiline Retail – 0.4%
Dollar General Corp.(g)		3,999	$	168,198
Don Quijote Co., Ltd.		2,500		86,304
Golden Eagle Retail Group Ltd.		88,000		216,567
Macy’s, Inc.		4,200		159,474
				630,543
Specialty Retail – 0.6%
Belle International Holdings Ltd.		115,000		187,881
Fast Retailing Co., Ltd.		100		20,755
GameStop Corp. – Class A		2,700		61,506
Hennes & Mauritz AB – Class B		7,524		270,855
Home Depot, Inc. (The)		1,100		52,327
L’Occitane International SA		27,500		65,212
Limited Brands, Inc.		2,500		116,325
Lowe’s Cos., Inc.		3,700		105,006
Nitori Holdings Co., Ltd.		1,000		84,565
Yamada Denki Co., Ltd.		3,080		200,432
				1,164,864
Textiles, Apparel & Luxury Goods – 0.2%
Cie Financiere Richemont SA		740		45,380
PVH Corp.		1,959		166,535
Trinity Ltd.		198,000		155,939
Yue Yuen Industrial Holdings Ltd.		15,000		50,942
				418,796
				9,251,934
Energy – 4.1%
Energy Equipment & Services – 0.9%
AMEC PLC		9,221		162,203
FMC Technologies, Inc.(g)		3,740		188,608
National Oilwell Varco, Inc.		1,670		137,825
Saipem SpA		1,240		62,676
Schlumberger Ltd.		10,040		779,205
Seadrill Ltd.		2,080		86,130
Technip SA		1,646		179,471
Transocean Ltd./Switzerland		3,700		197,358
				1,793,476
Oil, Gas & Consumable Fuels – 3.2%
Afren PLC(g)		54,656		116,138
Anadarko Petroleum Corp.		4,965		417,656
BG Group PLC		14,710		355,001
BP PLC		53,760		420,650
BP PLC (Sponsored ADR)		5,900		278,244
Chevron Corp.		4,000		436,480
China Petroleum & Chemical Corp. – Class H		96,000		109,065
Devon Energy Corp.		3,000		219,930
ENI SpA		5,610		129,026

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 53

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
EOG Resources, Inc.		3,550	$	404,203
Exxon Mobil Corp.		4,200		363,300
Gazprom OAO (Sponsored ADR)		20,960		276,672
JX Holdings, Inc.		16,100		101,158
LUKOIL OAO (London) (Sponsored ADR)		2,240		142,800
Marathon Oil Corp.		7,250		245,702
Marathon Petroleum Corp.		4,200		174,510
Nexen, Inc. (New York)		3,000		61,140
Nexen, Inc. (Toronto)		5,504		112,199
Noble Energy, Inc.		4,661		455,147
NovaTek OAO (Sponsored GDR)(h)		670		97,217
Petroleo Brasileiro SA (Sponsored ADR)		7,520		214,245
PTT PCL		7,500		89,955
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		7,430		271,197
Suncor Energy, Inc. (New York)		5,520		198,389
Total SA		3,190		178,450
Valero Energy Corp.		1,900		46,531
				5,915,005
				7,708,481
Health Care – 3.2%
Biotechnology – 0.2%
Gilead Sciences, Inc.(g)		5,930		269,815
Vertex Pharmaceuticals, Inc.(g)		1,600		62,272
				332,087
Health Care Equipment & Supplies – 0.3%
Covidien PLC		7,650		399,713
Stryker Corp.		4,950		265,518
				665,231
Health Care Providers & Services – 0.6%
Aetna, Inc.		1,100		51,436
Express Scripts, Inc. – Class A(g)		5,730		305,581
Health Net, Inc.(g)		3,400		128,316
UnitedHealth Group, Inc.		6,300		351,225
WellPoint, Inc.		5,050		331,431
				1,167,989
Life Sciences Tools & Services – 0.1%
Illumina, Inc.(g)		3,132		160,515
Pharmaceuticals – 2.0%
Allergan, Inc./United States		3,395		304,158
Aspen Pharmacare Holdings Ltd.(g)		8,764		126,577
AstraZeneca PLC		7,360		329,343
AstraZeneca PLC (Sponsored ADR)		6,000		269,340
GlaxoSmithKline PLC		5,740		126,842
Johnson & Johnson		8,800		572,704

54 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Merck & Co., Inc.		8,800	$	335,896
Novartis AG		2,890		157,523
Novo Nordisk A/S – Class B		1,320		185,035
Perrigo Co.		1,490		153,559
Pfizer, Inc.		33,800		713,180
Roche Holding AG		940		163,611
Roche Holding AG (Sponsored ADR)		2,300		100,234
Shire PLC		2,960		103,234
				3,641,236
				5,967,058
Industrials – 3.0%
Aerospace & Defense – 0.5%
Boeing Co. (The)		4,160		311,792
Northrop Grumman Corp.		2,800		167,468
Precision Castparts Corp.		2,575		431,132
				910,392
Air Freight & Logistics – 0.3%
Kuehne & Nagel International AG		808		106,473
United Parcel Service, Inc. – Class B		6,065		466,338
				572,811
Airlines – 0.1%
Delta Air Lines, Inc.(g)		15,400		151,074
Deutsche Lufthansa (REG)		5,700		79,159
				230,233
Building Products – 0.1%
Asahi Glass Co., Ltd.		14,000		126,393
Fortune Brands Home & Security, Inc.(g)		3,400		65,756
				192,149
Commercial Services & Supplies – 0.1%
Aggreko PLC		3,037		106,689
Edenred		2,418		64,396
Serco Group PLC		6,843		60,326
				231,411
Construction & Engineering – 0.1%
Bouygues SA		5,062		160,357
Larsen & Toubro Ltd.		3,210		85,230
				245,587
Electrical Equipment – 0.3%
Emerson Electric Co.		3,920		197,215
Rockwell Automation, Inc.		1,910		152,762
Sumitomo Electric Industries Ltd.		9,900		129,774
				479,751
Industrial Conglomerates – 0.8%
Danaher Corp.		9,586		506,429

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 55

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
General Electric Co.		30,400	$	579,120
Keppel Corp., Ltd.		14,800		130,313
Tyco International Ltd.		3,400		176,188
				1,392,050
Machinery – 0.2%
Flowserve Corp.		2,501		296,544
IHI Corp.		14,000		35,559
				332,103
Professional Services – 0.4%
Bureau Veritas SA		1,903		156,834
Capita PLC		19,990		243,451
Experian PLC		3,910		58,663
Intertek Group PLC		7,505		275,774
				734,722
Road & Rail – 0.1%
Localiza Rent a Car SA		7,300		134,841
Trading Companies & Distributors – 0.0%
Mitsubishi Corp.		3,300		81,098
				5,537,148
Consumer Staples – 2.2%
Beverages – 0.2%
Anheuser-Busch InBev NV		3,161		212,360
Asahi Group Holdings Ltd.		3,600		78,865
Constellation Brands, Inc. – Class A(g)		8,500		185,640
				476,865
Food & Staples Retailing – 0.5%
Delhaize Group SA		1,500		82,398
Jeronimo Martins SGPS SA(g)		9,500		174,909
Koninklijke Ahold NV		8,680		119,862
Kroger Co. (The)		11,700		278,343
Olam International Ltd.		206,136		390,185
				1,045,697
Food Products – 0.4%
Archer-Daniels-Midland Co.		1,900		59,280
ConAgra Foods, Inc.		4,150		108,938
General Mills, Inc.		6,480		248,249
Hershey Co. (The)		2,670		162,069
Nestle SA		640		39,126
Tyson Foods Inc – Class A		3,300		62,403
				680,065
Household Products – 0.2%
Procter & Gamble Co. (The)		4,800		324,096
Personal Products – 0.1%
Natura Cosmeticos SA		5,000		117,892

56 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Tobacco – 0.8%
Altria Group, Inc.		8,400	$	252,840
British American Tobacco PLC		5,389		271,824
Imperial Tobacco Group PLC		3,110		123,146
Japan Tobacco, Inc.		53		281,561
KT&G Corp.		2,220		145,258
Lorillard, Inc.		2,100		275,268
Philip Morris International, Inc.		700		58,464
Reynolds American, Inc.		650		27,255
				1,435,616
				4,080,231
Materials – 1.9%
Chemicals – 1.0%
Agrium, Inc. (Toronto)		1,180		100,391
DIC Corp.		18,000		37,274
Dow Chemical Co. (The)		6,170		206,757
Filtrona PLC		7,550		53,982
Koninklijke DSM NV		3,023		167,957
LyondellBasell Industries NV		4,100		177,038
Mitsubishi Gas Chemical Co., Inc.		5,000		31,737
Monsanto Co.		4,902		379,317
OCI Co., Ltd.		390		93,193
Orica Ltd.		3,400		98,884
Potash Corp. of Saskatchewan, Inc.		10,238		476,579
Ube Industries Ltd./Japan		5,000		14,501
				1,837,610
Metals & Mining – 0.9%
Anglo American PLC		2,090		88,103
BHP Billiton PLC		3,616		116,951
Exxaro Resources Ltd.		1,990		55,580
Freeport-McMoRan Copper & Gold, Inc.		5,780		245,997
KGHM Polska Miedz SA		2,050		97,502
Kinross Gold Corp.		5,200		57,547
New Gold, Inc.(g)		3,441		40,202
Newcrest Mining Ltd.		1,810		64,598
OneSteel Ltd.		15,600		17,625
Randgold Resources Ltd.		530		60,701
Rio Tinto PLC		7,196		408,225
ThyssenKrupp AG		4,730		127,640
Vale SA (Sponsored ADR) (Local Preference Shares)		11,830		290,781
				1,671,452
				3,509,062

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 57

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Telecommunication Services – 0.8%
Diversified Telecommunication Services – 0.7%
AT&T, Inc.		12,100	$	370,139
CenturyLink, Inc.		8,600		346,150
Nippon Telegraph & Telephone Corp.		5,600		263,605
Telecom Italia SpA (ordinary shares)		146,500		168,294
Telecom Italia SpA (savings shares)		54,100		50,949
Vivendi SA		3,900		83,594
				1,282,731
Wireless Telecommunication Services – 0.1%
NTT DoCoMo, Inc.		17		28,997
Vodafone Group PLC		78,417		211,249
				240,246
				1,522,977
Utilities – 0.6%
Electric Utilities – 0.2%
E.ON AG		5,630		129,069
Edison International		1,400		58,618
EDP – Energias de Portugal SA		27,380		79,582
Great Plains Energy, Inc.		4,100		81,098
NV Energy, Inc.		10,000		156,800
				505,167
Gas Utilities – 0.1%
Atmos Energy Corp.		2,300		70,679
Gas Natural SDG SA		7,700		130,220
				200,899
Multi-Utilities – 0.3%
CenterPoint Energy, Inc.		6,400		124,736
DTE Energy Co.		3,300		178,167
National Grid PLC		8,180		83,310
NiSource, Inc.		3,300		79,200
Public Service Enterprise Group, Inc.		1,400		43,092
				508,505
				1,214,571
Total Common Stocks (cost $48,776,505)				58,858,952

58 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES – 14.4%
Funds and Investment Trusts – 14.4%
Volatility Management Portfolio (cost $26,116,666)		2,540,507	$	26,726,133
Total Investments – 98.9% (cost $168,140,612)				183,933,321
Other assets less liabilities – 1.1%				1,993,715
Net Assets – 100.0%			$	185,927,036

FUTURES CONTRACTS (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		2		March 2012	$	60,750	$	66,882	$	6,132

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholselale:
Brazilian Real settling 5/03/12		273	$	154,788	$	156,676	$	1,888
Credit Suisse London Branch (GFX):
Australian Dollar settling 5/15/12		493		520,697		524,291		3,594
Deutsche Bank AG London:
Norwegian Krone settling 5/15/12		3,026		522,887		539,697		16,810
State Street Bank and Trust Co.:
Australian Dollar settling 5/15/12		76		81,402		80,824		(578	)
Australian Dollar settling 5/15/12		299		320,253		317,978		(2,275	)
Euro settling 5/15/12		162		218,211		215,906		(2,305	)
Great British Pound settling 5/15/12		106		166,651		168,545		1,894
Great British Pound settling 5/15/12		127		200,048		201,936		1,888
Great British Pound settling 5/15/12		38		60,264		60,422		158
Japanese Yen settling 5/15/12		12,318		158,936		151,632		(7,304	)
Japanese Yen settling 5/15/12		14,667		189,166		180,548		(8,618	)
New Zealand Dollar settling 5/15/12		132		104,730		109,578		4,848
Norwegian Krone settling 5/15/12		509		84,046		90,782		6,736
Norwegian Krone settling 5/15/12		573		99,203		102,196		2,993
Norwegian Krone settling 5/15/12		453		81,230		80,794		(436	)
Singapore Dollar settling 5/15/12		129		103,592		103,158		(434	)
Swiss Franc settling 5/15/12		216		236,938		238,958		2,020

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 59

Tax-Managed Balanced Wealth—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
UBS AG:
Canadian Dollar settling 5/15/12		981	$	958,396	$	989,804	$	31,408
Japanese Yen settling 5/15/12		55,889		727,499		687,982		(39,517	)
Swedish Krona settling 5/15/12		4,417		661,277		665,634		4,357
Westpac Banking Corp:
Australian Dollar settling 5/15/12		649		665,937		690,193		24,256
New Zealand Dollar settling 5/15/12		650		534,463		539,590		5,127
Sale Contracts
Bank of America NA:
Canadian Dollar settling 5/15/12		443		441,154		446,976		(5,822	)
Barclays Bank PLC Wholselale:
Euro settling 5/15/12		672		856,780		895,609		(38,829	)
Indian Rupee settling 5/15/12(1)		5,003		99,910		100,037		(127	)
Japanese Yen settling 5/15/12		42,867		529,023		527,684		1,339
Deutsche Bank AG London:
Euro settling 5/15/12		470		619,883		626,393		(6,510	)
Goldman Sachs International Euro settling 5/15/12		804		1,064,962		1,071,532		(6,570	)
HSBC BankUSA:
Brazilian Real settling 5/03/12		496		278,840		284,657		(5,817	)
Hong Kong Dollar settling 5/15/12		5,035		649,418		649,266		152
State Street Bank and Trust Co.:
Australian Dollar settling 5/15/12		28		30,029		29,777		252
Australian Dollar settling 5/15/12		84		89,227		89,332		(105	)
Canadian Dollar settling 5/15/12		67		66,470		67,601		(1,131	)
Canadian Dollar settling 5/15/12		177		176,242		178,588		(2,346	)
Canadian Dollar settling 5/15/12		295		294,861		297,647		(2,786	)
Great British Pound settling 5/15/12		260		412,334		413,412		(1,078	)
Great British Pound settling 5/15/12		208		320,320		330,730		(10,410	)
Hong Kong Dollar settling 5/15/12		598		77,117		77,112		5
Japanese Yen settling 5/15/12		18,995		247,547		233,825		13,722
New Zealand Dollar settling 5/15/12		58		48,261		48,148		113
Norwegian Krone settling 5/15/12		373		66,710		66,526		184
Norwegian Krone settling 5/15/12		509		87,049		90,781		(3,732	)
Swedish Krona settling 5/15/12		416		63,252		62,691		561
Swiss Franc settling 5/15/12		195		212,822		215,727		(2,905	)
Swiss Franc settling 5/15/12		216		235,741		238,959		(3,218	)
UBS AG:
Japanese Yen settling 5/15/12		31,698		412,608		390,196		22,412
							$	(6,136	)

(1) Contract represents non-deliverable forward where payment is received from or paid to a counterparty based on the net realized gain/loss on settlement date.

60 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Balanced Wealth—Portfolio of Investments

INTEREST RATE SWAP TRANSACTIONS (see Note D)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio			Payments received by the Portfolio			Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	2,000		1/31/19		2.385	%		CPI	#	$	17,248
Barclays Bank PLC		1,800		1/31/27		2.628	%		CPI	#		(16,778	)
Goldman Sachs International		6,000		1/31/15		1.990	%		CPI	#		35,867
Goldman Sachs International		1,400		1/31/22		2.515	%		CPI	#		15,916
											$	52,253

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

(a) Floating Rate Security. Stated interest rate was in effect at February 29, 2012.

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

(c) Illiquid security.

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

(e) Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the stated coupon rate becomes effective until final maturity.

(f) Fair valued.

(g) Non-income producing security.

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2012, the market value of this security amounted to $97,217 or 0.1% of net assets.

As of February 29, 2012, the Strategy held 53.5% of its total investments in municipal bonds. Of the total investments in municipal bonds, 30.2% is insured (14.9% of this amount represents the Strategy’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:

ADR – American Depositary Receipt

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corporation

CDD – Community Development District

COP – Certificate of Participation

ETM – Escrowed to Maturity

FGIC – Financial Guaranty Insurance Company

GDR – Global Depositary Receipt

GO – General Obligation

IDA – Industrial Development Authority/Agency

LID – Local Improvement District

NPFGC – National Public Finance Guarantee Corporation

NPFGC-RE – National Public Finance Guarantee Corporation Reinsuring FGIC

PCR – Pollution Control Revenue Bond

PUD – Public Utility District

REG – Registered Shares

SD – School District

SID – Special Improvement District

SSA – Special Services Area

See notes to financial statements.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 61

Tax-Managed Balanced Wealth—Portfolio of Investments

TAX-MANAGED CONSERVATIVE WEALTH

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 70.1%
Long-Term Municipal Bonds – 65.9%
Alabama – 3.0%
Alabama Pub Sch & Clg Auth NPFGC-RE 5.00%, 12/01/21	$	400	$	422,372
Series 2009 A 5.00%, 5/01/12		1,065		1,072,945
Jefferson Cnty AL Swr FGIC Series 02 5.00%, 2/01/41 (Pre-refunded/ETM)		1,000		1,018,120
				2,513,437
Arizona – 3.1%
Arizona Hlth Fac Auth (Phoenix Children’s Hospital) 1.16%, 2/01/42(a)		235		219,039
Arizona Trans Brd Fed Hwy Grant AMBAC Series 2004B 5.00%, 7/01/15		565		615,647
Arizona Trnsp Brd Hwy Series 2011A 5.00%, 7/01/24		675		815,778
Pima Cnty AZ Swr Series 2011A 5.00%, 7/01/12		910		923,249
				2,573,713
California – 2.2%
California Dept Wtr Res Pwr Series 2010 5.00%, 5/01/13		1,020		1,075,988
California Statewide CDA (California General Fund Obl) Series 2009 5.00%, 6/15/13		735		777,556
				1,853,544
Colorado – 2.6%
Adonea Met Dist #2 CO 4.375%, 12/01/15		490		485,227
Denver CO City & Cnty Arpt (Denver Intl Airport) 5.25%, 11/15/18		500		585,600
Series 2011B 4.00%, 11/15/14		500		534,660
Regional Trnsp Dist CO COP AMBAC 5.00%, 12/01/12		555		571,589
				2,177,076

62 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

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	Principal Amount (000)		U.S. $ Value
Delaware – 1.7%
Delaware Trnsp Auth NPFGC Series 2003 5.00%, 7/01/12	$	1,380	$	1,401,459
District of Columbia – 0.4%
Metro Washington Arpt Auth VA Series 2010B 5.00%, 10/01/16		275		317,639
Florida – 6.6%
Dade Cnty FL SD GO NPFGC Series 94 5.00%, 8/01/12		1,000		1,018,820
Florida Brd of Ed GO Series 2012A 5.00%, 6/01/15(b)		210		240,175
Florida Dept Envrn Protn FL Forever (Florida Documentary Stamp Tax)
Series 2008B 5.25%, 7/01/16-7/01/17		910		1,077,939
Florida Hurricane Catastr Fd Fin Corp. Series 2008A 5.00%, 7/01/14		130		141,622
Series 2010A 5.00%, 7/01/16		365		415,961
Jacksonville FL Elec Auth Series 2011-23 5.00%, 10/01/13		740		794,634
Jacksonville FL Spl Rev Appropriation 5.00%, 10/01/19		1,140		1,396,238
Sunshine St Govtl Fing Commn FL (Miami-Dade Cnty FL Non-Ad Valorem) 5.00%, 9/01/13		410		437,142
				5,522,531
Georgia – 1.9%
Fulton & De Kalb Cnty GA Hosp AGM 5.00%, 1/01/13		240		248,748
Fulton Cnty GA Dev Auth (Robert W. Woodruff Arts Ctr) Series 2009 B 5.25%, 3/15/24		385		426,903
Georgia Mun Elec Auth Series 2008A 5.25%, 1/01/17		430		506,269
Main Street Nat Gas, Inc. (JP Morgan Chase) Series A 5.00%, 3/15/17		385		431,755
				1,613,675

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 63

Tax-Managed Conservative Wealth—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Illinois – 0.8%
Illinois GO AMBAC Series B 5.00%, 3/01/14	$	600	$	648,756
Indiana – 0.3%
Indiana Bond Bank Gas (JP Morgan Chase) Series 2007A 5.25%, 10/15/20		150		169,960
Jasper Cnty IN PCR (No. Indiana Pub Serv Co.) NPFGC 5.60%, 11/01/16		75		84,418
				254,378
Louisiana – 1.3%
Louisiana Offshore Term Auth (Loop, Inc.) 1.60%, 10/01/37		330		332,129
Morehouse Parish LA PCR (International Paper Co.) Series A 5.25%, 11/15/13		265		282,066
New Orleans LA GO NPFGC 5.25%, 12/01/20		450		482,242
				1,096,437
Massachusetts – 2.5%
Massachusetts GO AGM Series 2006C 3.842%, 11/01/19(c)		300		309,699
Series 2011B 4.00%, 8/01/13		1,115		1,173,303
Massachusetts Hlth & Ed Facs Auth (Caregroup, Inc.) Series 2008 5.00%, 7/01/16		540		607,938
				2,090,940
Michigan – 0.3%
Detroit MI Swr Disp AGM 0.989%, 7/01/32(a)		410		288,591
Mississippi – 0.3%
Mississippi Business Fin Corp. (Mississippi Power Co.) 2.25%, 12/01/40		245		245,956

64 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

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	Principal Amount (000)		U.S. $ Value
Missouri – 1.3%
Bi-State Dev Agy MO (St. Louis MO City & Cnty Sales Tax) Series 2010B 4.00%, 10/15/13	$	630	$	660,020
St. Louis MO Arpt (Lambert-St. Louis Intl Airport) NPFGC 5.50%, 7/01/16		375		425,580
				1,085,600
Nevada – 2.8%
Clark Cnty NV SD GO NPFGC Series 2003D 5.50%, 6/15/13		780		829,085
AGM Series C 5.00%, 6/15/19		750		843,690
Nevada GO Series 2008C 5.00%, 6/01/15(d)		565		641,298
				2,314,073
New Jersey – 0.6%
New Jersey EDA (New Jersey Trnst Pj Lease)
Series 2008A 5.00%, 5/01/17		420		499,321
New Mexico – 0.6%
New Mexico Severance Tax Series 2010D 4.00%, 7/01/13		500		524,530
New York – 6.5%
Metropolitan Trnsp Auth NY (New York St Lease Mta Svc Cont) NPFGC-RE Series B 5.50%, 7/01/12		445		452,605
New York NY GO Series 04G 5.00%, 8/01/12		685		698,604
Series C 5.25%, 8/01/17		160		195,693
New York St Dormitory Auth (New York St Lease CUNY) Series 2008B 5.00%, 7/01/16		150		176,640
New York St Dormitory Auth (New York St Lease Svc Contract)
Series 2009 A 5.00%, 7/01/18		1,000		1,209,670

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 65

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	Principal Amount (000)		U.S. $ Value
New York St Dormitory Auth (New York St Pers Income Tax)
Series 2009 D 5.00%, 6/15/12	$	1,365	$	1,383,414
New York St Thruway Auth (New York St Pers Income Tax)
Series 2008A 5.00%, 3/15/18		540		657,223
New York St Thruway Auth (New York St Thruway Auth Ded Tax)
Series 2008B 5.00%, 4/01/16		550		642,367
				5,416,216
North Carolina – 2.6%
North Carolina Eastern Mun Pwr Agy 5.375%, 1/01/17		225		233,037
Series C 5.30%, 1/01/15		800		829,032
North Carolina Mun Pwr Agy #1 5.50%, 1/01/13 (Pre-refunded/ETM)		140		146,022
Series A 5.50%, 1/01/13		295		307,310
Noth Carolina Turnpike Auth 4.00%, 7/01/14		580		623,030
				2,138,431
Ohio – 2.0%
Cleveland OH Arpt Sys AMBAC Series 2006A 5.00%, 1/01/16		490		545,160
Cleveland OH Mun SD GO AGM 5.25%, 12/01/19		585		632,976
Cuyahoga Cnty OH Econ Dev (Cuyahoga Cnty OH Lease)
Series 2010G 5.25%, 12/01/25		285		335,157
Ohio Wtr Dev Auth (Cleveland Electric Illum) Series 2008C 7.25%, 11/01/32		140		144,757
				1,658,050
Oregon – 1.1%
Tri-County Met Trnsp Dist OR NPFGC 5.00%, 5/01/12		890		896,666

66 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

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	Principal Amount (000)		U.S. $ Value
Pennsylvania – 3.0%
Pennsylvania Econ Dev Fin Auth (First Energy Corp.)
Series 2010A 3.00%, 11/01/41	$	245	$	247,908
Philadelphia PA Parking Auth (Philadelphia Airport Parking)
Series 2009 5.125%, 9/01/22		800		901,640
Philadelphia PA SD GO Series 2010 C 5.00%, 9/01/12		1,020		1,042,379
Pittsburgh PA GO 5.00%, 9/01/14		285		309,718
				2,501,645
Puerto Rico – 3.4%
Puerto Rico Elec Pwr Auth 5.00%, 7/01/21		750		842,670
Puerto Rico GO 5.25%, 7/01/12		700		709,744
Puerto Rico Govt Dev Bank 5.00%, 12/01/12		400		412,016
Puerto Rico Hwy & Trnsp Auth (Puerto Rico Hwy & Trnsp Spl Tax)
AMBAC Series 2007N 4.514%, 7/01/28(c)		280		208,258
Puerto Rico Sales Tax Fin Corp. Series 2009A 5.50%, 8/01/23		605		703,010
				2,875,698
Rhode Island – 0.9%
Rhode Island Higher Ed Svgs Tr (Rhode Island Dot Fed Hwy Grant)
Series 2009A 5.25%, 6/15/18		600		731,898
Texas – 9.0%
Austin TX Utils Sys AGM 5.00%, 11/15/13		555		599,250
Dallas Fort Worth TX Intl Arpt Series 2009A 5.00%, 11/01/15		1,010		1,153,470
Garland TX ISD GO Series 2005 5.00%, 2/15/13		700		731,689
Lower Colorado River Auth TX 5.00%, 5/15/24		295		341,047

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 67

Tax-Managed Conservative Wealth—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
SA Energy Acq Pub Fac Corp. Gas (Goldman Sachs Group, Inc.)
Series 2007 5.50%, 8/01/22	$	460	$	503,070
San Antonio TX Wtr NPFGC-RE 5.50%, 5/15/16		540		646,207
Spring TX ISD GO 5.00%, 8/15/24		600		723,174
Texas A & M Univ Series 2009 D 5.00%, 5/15/12		1,400		1,413,216
Texas PFA (Texas Workforce Commission) Series 2010A 5.00%, 7/01/13		1,200		1,275,684
Texas Trnsp Comm (Central Texas Turnpike) Series 2009 2.75%, 8/15/42(c)		110		110,624
				7,497,431
Virginia – 1.2%
Virginia Trnsp Brd (Virginia Fed Hwy Grant) Series 2012A 4.00%, 3/15/14(b)		940		1,008,272
Washington – 2.7%
Energy Northwest WA (Bonneville Power Admin) Series 2012A 5.00%, 7/01/19(b)		620		757,466
Washington St GO 5.00%, 2/01/23		1,200		1,463,856
				2,221,322
Wisconsin – 1.2%
Badger Tob Asset Sec Corp. WI 6.375%, 6/01/32 (Pre-refunded/ETM)		1,000		1,014,810
Total Long-Term Municipal Bonds (cost $52,693,414)				54,982,095
Short-Term Municipal Notes – 4.2%
Massachusetts – 0.3%
Massachusetts Hlth & Ed Facs Auth (Harvard Univ) Series 1999R 0.07%, 11/01/49(e)		250		250,000

68 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

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	Principal Amount (000)		U.S. $ Value
Mississippi – 1.6%
Mississippi Business Fin Corp. (Chevron Usa, Inc.) Series 2009 C 0.08%, 12/01/30(e)	$	565	$	565,000
Series 2010C 0.08%, 12/01/30(e)		750		750,000
				1,315,000
Texas – 2.3%
Lower Neches Valley Auth TX (Exxon Mobil Corp.) 0.06%, 11/01/51(e)		1,920		1,920,000
Total Short-Term Municipal Notes (cost $3,485,000)				3,485,000
Total Municipal Obligations (cost $56,178,414)				58,467,095
	Shares
COMMON STOCKS – 19.5%
Financials – 3.4%
Capital Markets – 0.5%
Blackstone Group LP		5,900		92,158
Deutsche Bank AG		760		35,465
Goldman Sachs Group, Inc. (The)		1,068		122,970
Legg Mason, Inc.		1,000		27,390
Macquarie Group Ltd.		1,300		37,068
Morgan Stanley		2,600		48,204
UBS AG(f)		3,783		52,979
				416,234
Commercial Banks – 1.2%
Banco Bilbao Vizcaya Argentaria SA		3,530		31,602
Banco do Brasil SA		3,100		49,914
Banco Santander Brasil SA/Brazil (ADR)		860		9,185
Banco Santander Chile (ADR)		210		17,012
Banco Santander SA		3,168		26,224
Barclays PLC		7,180		27,803
BNP Paribas SA		1,734		84,388
CIT Group, Inc.(f)		2,100		85,491
HDFC Bank Ltd.		3,410		36,112
HSBC Holdings PLC		7,510		66,536
Intesa Sanpaolo SpA		23,830		46,450
Itau Unibanco Holding SA (ADR)		3,890		81,884
KB Financial Group, Inc.		1,279		46,966
KBC Groep NV		630		14,829
Lloyds Banking Group PLC(f)		42,750		23,798
Mitsubishi UFJ Financial Group, Inc.		5,900		30,492
National Australia Bank Ltd.		1,800		45,439

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 69

Tax-Managed Conservative Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Regions Financial Corp.		1,800	$	10,368
Sberbank of Russia (Sponsored ADR)(f)		1,309		17,933
Societe Generale SA		938		30,193
Standard Chartered PLC		1,594		41,007
Sumitomo Mitsui Financial Group, Inc.		1,100		37,335
Turkiye Is Bankasi – Class C		5,070		12,022
Turkiye Vakiflar Bankasi Tao – Class D		7,800		13,783
Wells Fargo & Co.		3,500		109,515
				996,281
Consumer Finance – 0.0%
Shriram Transport Finance Co., Ltd.		2,900		32,389
Diversified Financial Services – 0.8%
Bank of America Corp.		3,700		29,489
Citigroup, Inc.		4,700		156,604
IG Group Holdings PLC		3,193		22,477
ING Groep NV(f)		5,120		45,121
JPMorgan Chase & Co.		7,615		298,812
Moody’s Corp.		1,000		38,610
ORIX Corp.		270		26,021
				617,134
Insurance – 0.6%
ACE Ltd.		400		28,684
Admiral Group PLC		3,127		53,578
Aegon NV(f)		4,670		24,440
AIA Group Ltd.		19,200		72,473
Allianz SE		420		50,936
Aviva PLC		1,500		8,778
Berkshire Hathaway, Inc.(f)		375		29,419
Chubb Corp. (The)		300		20,388
Lancashire Holdings Ltd.		1,460		17,762
Legal & General Group PLC		19,090		36,623
MetLife, Inc.		264		10,177
Muenchener Rueckversicherungs AG		225		32,807
Prudential PLC		2,900		32,901
Suncorp Group Ltd.		2,100		18,359
Travelers Cos., Inc. (The)		1,200		69,564
				506,889
Real Estate Management & Development – 0.3%
CBRE Group, Inc.(f)		3,880		71,120
Daito Trust Construction Co., Ltd.		300		26,471
Evergrande Real Estate Group Ltd.		23,000		14,492
Hang Lung Properties Ltd.		24,000		90,614
New World Development Co., Ltd.		12,280		16,926
Sun Hung Kai Properties Ltd.		1,000		15,370
				234,993

70 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

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Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance – 0.0%
Housing Development Finance Corp.		1,950	$	26,320
				2,830,240
Information Technology – 3.1%
Communications Equipment – 0.4%
Cisco Systems, Inc.		7,670		152,480
Motorola Solutions, Inc.		225		11,205
QUALCOMM, Inc.		3,105		193,069
				356,754
Computers & Peripherals – 0.8%
Apple, Inc.(f)		731		396,524
Dell, Inc.(f)		300		5,190
EMC Corp./Massachusetts(f)		3,573		98,936
Fujitsu Ltd.		4,000		21,761
Hewlett-Packard Co.		4,200		106,302
Quanta Computer, Inc.		5,000		12,310
Seagate Technology PLC		900		23,634
Wistron Corp.		8,649		14,353
				679,010
Electronic Equipment, Instruments & Components – 0.2%
AU Optronics Corp.		67,710		36,367
Corning, Inc.		4,400		57,376
LG Display Co., Ltd.(f)		1,970		51,855
				145,598
Internet Software & Services – 0.4%
Baidu, Inc./China (Sponsored ADR)(f)		230		31,441
Google, Inc. – Class A(f)		368		227,516
Telecity Group PLC(f)		4,370		47,839
				306,796
IT Services – 0.1%
Visa, Inc. – Class A		525		61,094
Office Electronics – 0.0%
Konica Minolta Holdings, Inc.		1,500		12,700
Semiconductors & Semiconductor Equipment – 0.7%
Advanced Semiconductor Engineering, Inc.		42,838		41,668
Advanced Semiconductor Engineering, Inc. (ADR)		3,300		16,104
Applied Materials, Inc.		5,100		62,424
Broadcom Corp. – Class A(f)		2,425		90,089
GCL-Poly Energy Holdings Ltd.		70,000		23,828
Intel Corp.		3,700		99,456
Lam Research Corp.(f)		850		35,445
Marvell Technology Group Ltd.(f)		5,795		86,925

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Tax-Managed Conservative Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Micron Technology, Inc.(f)		5,800	$	49,590
Samsung Electronics Co., Ltd.		70		75,275
Samsung Electronics Co., Ltd. (Preference Shares)		60		37,530
				618,334
Software – 0.5%
Citrix Systems, Inc.(f)		1,025		76,609
Informatica Corp.(f)		320		15,731
Intuit, Inc.		1,045		60,443
Nintendo Co., Ltd.		100		14,947
Oracle Corp.		4,215		123,373
Salesforce.com, Inc.(f)		215		30,779
SAP AG		420		28,355
Temenos Group AG(f)		2,200		43,203
				393,440
				2,573,726
Consumer Discretionary – 3.0%
Auto Components – 0.3%
BorgWarner, Inc.(f)		800		66,272
Bridgestone Corp.		1,500		36,184
GKN PLC		8,830		30,667
Lear Corp.		950		42,949
Magna International, Inc. – Class A		600		28,579
Sumitomo Rubber Industries Ltd.		800		10,086
TRW Automotive Holdings Corp.(f)		1,000		45,740
				260,477
Automobiles – 0.4%
Bayerische Motoren Werke AG		260		24,007
Ford Motor Co.		3,200		39,616
General Motors Co.(f)		2,500		65,050
Harley-Davidson, Inc.		700		32,606
Kia Motors Corp.		190		11,979
Mazda Motor Corp.(f)		14,000		23,292
Nissan Motor Co., Ltd.		4,300		44,357
Renault SA		770		40,633
Volkswagen AG (Preference Shares)		260		48,542
				330,082
Distributors – 0.2%
Imperial Holdings Ltd.		580		11,322
Li & Fung Ltd.		50,000		114,529
				125,851
Diversified Consumer Services – 0.1%
Anhanguera Educacional Participacoes SA		1,800		23,658
Apollo Group, Inc. – Class A(f)		700		29,848
Estacio Participacoes SA		5,300		64,288
				117,794

72 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

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Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure – 0.3%
Ajisen China Holdings Ltd.		28,000	$	38,317
Las Vegas Sands Corp.(f)		1,020		56,722
MGM Resorts International(f)		3,800		52,326
Sands China Ltd.		10,800		40,262
Shangri-La Asia Ltd.		5,833		14,551
Starbucks Corp.		1,565		75,996
				278,174
Household Durables – 0.2%
MRV Engenharia e Participacoes SA		6,200		50,004
Newell Rubbermaid, Inc.		1,700		31,110
NVR, Inc.(f)		25		17,300
Sharp Corp./Japan		4,000		28,263
Sony Corp.		1,300		28,059
				154,736
Internet & Catalog Retail – 0.1%
Amazon.com, Inc.(f)		454		81,579
Rakuten, Inc.		14		13,915
				95,494
Media – 0.8%
CBS Corp. – Class B		1,400		41,860
Comcast Corp. – Class A		4,645		136,470
DIRECTV(f)		850		39,372
Fairfax Media Ltd.		12,300		10,491
Gannett Co., Inc.		3,500		51,940
McGraw-Hill Cos., Inc. (The)		550		25,597
Naspers Ltd.		160		8,824
News Corp. – Class A		1,800		35,766
Time Warner Cable, Inc. – Class A		1,000		79,340
Viacom, Inc. – Class B		1,000		47,620
Walt Disney Co. (The)		3,575		150,114
				627,394
Multiline Retail – 0.2%
Dollar General Corp.(f)		1,100		46,266
Don Quijote Co., Ltd.		500		17,261
Golden Eagle Retail Group Ltd.		25,000		61,525
Macy’s, Inc.		1,100		41,767
				166,819
Specialty Retail – 0.3%
Belle International Holdings Ltd.		31,000		50,646
GameStop Corp. – Class A		700		15,946
Hennes & Mauritz AB – Class B		1,860		66,958
Home Depot, Inc. (The)		500		23,785
L’Occitane International SA		8,000		18,971
Lowe’s Cos., Inc.		1,000		28,380
Nitori Holdings Co., Ltd.		250		21,141

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Tax-Managed Conservative Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Yamada Denki Co., Ltd.		660	$	42,950
				268,777
Textiles, Apparel & Luxury Goods – 0.1%
Cie Financiere Richemont SA		200		12,265
PVH Corp.		557		47,350
Trinity Ltd.		58,000		45,679
				105,294
				2,530,892
Energy – 2.5%
Energy Equipment & Services – 0.6%
AMEC PLC		2,748		48,339
FMC Technologies, Inc.(f)		990		49,926
National Oilwell Varco, Inc.		450		37,138
Saipem SpA		320		16,175
Schlumberger Ltd.		2,745		213,039
Seadrill Ltd.		680		28,158
Technip SA		503		54,844
Transocean Ltd./Switzerland		1,100		58,674
				506,293
Oil, Gas & Consumable Fuels – 1.9%
Afren PLC(f)		14,729		31,297
Anadarko Petroleum Corp.		1,318		110,870
BG Group PLC		4,090		98,705
BP PLC		14,790		115,726
BP PLC (Sponsored ADR)		1,700		80,172
Chevron Corp.		1,050		114,576
China Petroleum & Chemical Corp. – Class H		26,000		29,538
Devon Energy Corp.		850		62,314
ENI SpA		1,360		31,279
EOG Resources, Inc.		1,005		114,429
Exxon Mobil Corp.		1,100		95,150
Gazprom OAO (Sponsored ADR)		5,810		76,692
JX Holdings, Inc.		4,900		30,787
LUKOIL OAO (London) (Sponsored ADR)		690		43,988
Marathon Oil Corp.		2,100		71,169
Marathon Petroleum Corp.		1,100		45,705
Nexen, Inc. (New York)		700		14,266
Nexen, Inc. (Toronto)		1,594		32,494
Noble Energy, Inc.		1,277		124,699
NovaTek OAO (Sponsored GDR)(g)		180		26,118
Petroleo Brasileiro SA (Sponsored ADR)		1,990		56,695
PTT PCL		2,400		28,786
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		2,057		75,081
Suncor Energy, Inc. (New York)		1,470		52,832
Total SA		890		49,787

74 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

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Company	Shares		U.S. $ Value
Valero Energy Corp.		500	$	12,245
				1,625,400
				2,131,693
Health Care – 2.0%
Biotechnology – 0.1%
Gilead Sciences, Inc.(f)		1,690		76,895
Vertex Pharmaceuticals, Inc.(f)		400		15,568
				92,463
Health Care Equipment & Supplies – 0.2%
Covidien PLC		2,185		114,166
Stryker Corp.		1,390		74,560
				188,726
Health Care Providers & Services – 0.4%
Aetna, Inc.		300		14,028
Express Scripts, Inc. – Class A(f)		1,770		94,394
Health Net, Inc.(f)		900		33,966
UnitedHealth Group, Inc.		1,900		105,925
WellPoint, Inc.		1,400		91,882
				340,195
Life Sciences Tools & Services – 0.1%
Illumina, Inc.(f)		871		44,639
Pharmaceuticals – 1.2%
Allergan, Inc./United States		935		83,766
Aspen Pharmacare Holdings Ltd.(f)		2,520		36,396
AstraZeneca PLC		2,018		90,301
AstraZeneca PLC (Sponsored ADR)		1,600		71,824
GlaxoSmithKline PLC		1,530		33,810
Johnson & Johnson		2,500		162,700
Merck & Co., Inc.		1,800		68,706
Novartis AG		840		45,785
Novo Nordisk A/S – Class B		370		51,866
Perrigo Co.		423		43,594
Pfizer, Inc.		9,400		198,340
Roche Holding AG		260		45,254
Roche Holding AG (Sponsored ADR)		1,000		43,580
Shire PLC		860		29,994
				1,005,916
				1,671,939
Industrials – 1.9%
Aerospace & Defense – 0.3%
Boeing Co. (The)		1,430		107,179
Northrop Grumman Corp.		875		52,334
Precision Castparts Corp.		717		120,047
				279,560

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 75

Tax-Managed Conservative Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Air Freight & Logistics – 0.2%
Kuehne & Nagel International AG		250	$	32,944
United Parcel Service, Inc. – Class B		1,655		127,253
				160,197
Airlines – 0.1%
Cathay Pacific Airways Ltd.		5,000		9,895
Delta Air Lines, Inc.(f)		2,100		20,601
Deutsche Lufthansa (REG)		1,600		22,220
				52,716
Building Products – 0.1%
Asahi Glass Co., Ltd.		4,000		36,112
Fortune Brands Home & Security, Inc.(f)		900		17,406
				53,518
Commercial Services & Supplies – 0.1%
Aggreko PLC		909		31,933
Edenred		770		20,507
Serco Group PLC		2,130		18,777
				71,217
Construction & Engineering – 0.1%
Bouygues SA		1,480		46,884
Larsen & Toubro Ltd.		890		23,631
				70,515
Electrical Equipment – 0.1%
Emerson Electric Co.		1,090		54,838
Rockwell Automation, Inc.		532		42,549
Sumitomo Electric Industries Ltd.		2,600		34,082
				131,469
Industrial Conglomerates – 0.5%
Danaher Corp.		2,638		139,365
General Electric Co.		8,400		160,020
Keppel Corp., Ltd.		4,200		36,981
Tyco International Ltd.		900		46,638
				383,004
Machinery – 0.1%
Flowserve Corp.		693		82,169
IHI Corp.		4,000		10,160
				92,329
Marine – 0.0%
AP Moeller – Maersk A/S		1		8,042
Professional Services – 0.2%
Bureau Veritas SA		560		46,152
Capita PLC		5,620		68,444
Experian PLC		1,090		16,353

76 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Conservative Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Intertek Group PLC		2,220	$	81,575
				212,524
Road & Rail – 0.1%
Localiza Rent a Car SA		3,000		55,414
Trading Companies & Distributors – 0.0%
Mitsubishi Corp.		1,000		24,575
				1,595,080
Consumer Staples – 1.5%
Beverages – 0.2%
Anheuser-Busch InBev NV		885		59,455
Asahi Group Holdings Ltd.		1,000		21,907
Constellation Brands, Inc. – Class A(f)		2,500		54,600
				135,962
Food & Staples Retailing – 0.3%
Delhaize Group SA		400		21,973
Jeronimo Martins SGPS SA(f)		2,850		52,473
Koninklijke Ahold NV		2,610		36,041
Kroger Co. (The)		3,400		80,886
Olam International Ltd.		57,636		109,097
				300,470
Food Products – 0.3%
Archer-Daniels-Midland Co.		500		15,600
ConAgra Foods, Inc.		1,300		34,125
General Mills, Inc.		2,120		81,217
Hershey Co. (The)		740		44,918
Nestle SA		190		11,616
Smithfield Foods, Inc.(f)		1,500		35,145
Tyson Foods Inc – Class A		900		17,019
				239,640
Household Products – 0.1%
Procter & Gamble Co. (The)		1,700		114,784
Personal Products – 0.1%
Natura Cosmeticos SA		2,100		49,515
Tobacco – 0.5%
Altria Group, Inc.		2,200		66,220
British American Tobacco PLC		1,510		76,165
Imperial Tobacco Group PLC		704		27,876
Japan Tobacco, Inc.		16		84,999
KT&G Corp.		590		38,605
Lorillard, Inc.		550		72,094
Philip Morris International, Inc.		150		12,528
Reynolds American, Inc.		175		7,338
				385,825
				1,226,196

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 77

Tax-Managed Conservative Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Materials – 1.1%
Chemicals – 0.6%
Agrium, Inc. (Toronto)		340	$	28,926
DIC Corp.		4,000		8,283
Dow Chemical Co. (The)		1,740		58,307
Filtrona PLC		2,390		17,089
Koninklijke DSM NV		893		49,615
LyondellBasell Industries NV		1,100		47,498
Mitsubishi Gas Chemical Co., Inc.		2,000		12,695
Monsanto Co.		1,302		100,749
OCI Co., Ltd.		70		16,727
Orica Ltd.		1,070		31,119
Potash Corp. of Saskatchewan, Inc.		2,733		127,221
Ube Industries Ltd./Japan		4,000		11,601
				509,830
Metals & Mining – 0.5%
Anglo American PLC		550		23,185
BHP Billiton PLC		1,007		32,569
Exxaro Resources Ltd.		570		15,920
Freeport-McMoRan Copper & Gold, Inc.		1,600		68,096
KGHM Polska Miedz SA		450		21,403
Kinross Gold Corp.		1,500		16,600
New Gold, Inc.(f)		1,200		14,020
Randgold Resources Ltd.		150		17,179
Rio Tinto PLC		2,095		118,848
ThyssenKrupp AG		1,250		33,732
Vale SA (Sponsored ADR) (Local Preference Shares)		3,460		85,047
				446,599
				956,429
Telecommunication Services – 0.5%
Diversified Telecommunication Services – 0.4%
AT&T, Inc.		3,200		97,888
CenturyLink, Inc.		2,500		100,625
Nippon Telegraph & Telephone Corp.		1,400		65,901
Telecom Italia SpA (ordinary shares)		31,330		35,991
Telecom Italia SpA (savings shares)		28,200		26,558
Vivendi SA		1,100		23,578
				350,541
Wireless Telecommunication Services – 0.1%
NTT DoCoMo, Inc.		6		10,234
Vodafone Group PLC		21,145		56,963
				67,197
				417,738

78 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Conservative Wealth—Portfolio of Investments

Company	Shares		U.S. $ Value
Utilities – 0.5%
Electric Utilities – 0.2%
E.ON AG		1,620	$	37,139
Edison International		900		37,683
EDP – Energias de Portugal SA		7,870		22,875
Great Plains Energy, Inc.		1,400		27,692
NV Energy, Inc.		2,600		40,768
				166,157
Gas Utilities – 0.1%
Atmos Energy Corp.		900		27,657
Gas Natural SDG SA		2,120		35,852
				63,509
Multi-Utilities – 0.2%
CenterPoint Energy, Inc.		1,600		31,184
CMS Energy Corp.		2,000		42,820
DTE Energy Co.		800		43,192
National Grid PLC		2,320		23,628
NiSource, Inc.		600		14,400
Public Service Enterprise Group, Inc.		375		11,543
				166,767
				396,433
Total Common Stocks (cost $13,495,591)				16,330,366
WARRANTS – 0.0%
Financials – 0.0%
Thrifts & Mortgage Finance – 0.0%
Housing Development Finance Corp., Merrill Lynch International, expiring 8/19/15(f) (cost $22,644)		1,920		25,979
INVESTMENT COMPANIES – 10.0%
Funds and Investment Trusts – 10.0%
Volatility Management Portfolio (cost $8,141,126)		791,938		8,331,192
SHORT-TERM INVESTMENTS – 2.2%
Investment Companies – 2.2%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(h) (cost $1,818,678)		1,818,678		1,818,678
Total Investments – 101.8% (cost $79,656,453)				84,973,310
Other assets less liabilities – (1.8)%				(1,517,734	)
Net Assets – 100.0%			$	83,455,576

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 79

Tax-Managed Conservative Wealth—Portfolio of Investments

FUTURES CONTRACTS (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		1		March 2012	$	30,375	$	33,441	$	3,066

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholselale:
Brazilian Real settling 5/03/12		86	$	48,761	$	49,356	$	595
Standard Chartered Bank
Indian Rupee settling 5/15/12(1)		608		12,004		12,157		153
State Street Bank and Trust Co.:
Australian Dollar settling 5/15/12		207		212,359		220,138		7,779
Australian Dollar settling 5/15/12		120		126,726		127,616		890
Australian Dollar settling 5/15/12		100		107,108		106,347		(761	)
Canadian Dollar settling 5/15/12		282		275,315		284,530		9,215
Canadian Dollar settling 5/15/12		33		33,322		33,296		(26	)
Euro settling 5/15/12		12		15,959		15,993		34
Great British Pound settling 5/15/12		30		47,255		47,701		446
Great British Pound settling 5/15/12		20		31,444		31,801		357
Great British Pound settling 5/15/12		13		20,617		20,671		54
Japanese Yen settling 5/15/12		2,987		38,525		36,770		(1,755	)
Japanese Yen settling 5/15/12		4,136		53,366		50,914		(2,452	)
Japanese Yen settling 5/15/12		15,239		198,430		187,589		(10,841	)
New Zealand Dollar settling 5/15/12		59		46,811		48,978		2,167
New Zealand Dollar settling 5/15/12		146		120,168		121,200		1,032
Norwegian Krone settling 5/15/12		883		152,235		157,486		5,251
Norwegian Krone settling 5/15/12		146		24,108		26,040		1,932
Norwegian Krone settling 5/15/12		71		12,292		12,663		371
Norwegian Krone settling 5/15/12		126		22,588		22,473		(115	)
Singapore Dollar settling 5/15/12		20		16,068		15,993		(75	)
Swedish Krona settling 5/15/12		1,034		154,843		155,822		979
Swedish Krona settling 5/15/12		102		15,198		15,371		173
Swiss Franc settling 5/15/12		77		83,916		84,632		716
Sale Contracts
Bank of America NA:
Indian Rupee settling 5/15/12(1)		513		10,072		10,257		(185	)
Barclays Bank PLC Wholselale:
Indian Rupee settling 5/15/12(1)		1,376		27,479		27,514		(35	)
HSBC BankUSA:
Brazilian Real settling 5/03/12		145		81,516		83,217		(1,701	)
State Street Bank and Trust Co.:
Australian Dollar settling 5/15/12		10		10,516		10,635		(119	)
Canadian Dollar settling 5/15/12		21		20,656		21,189		(533	)
Canadian Dollar settling 5/15/12		38		37,699		38,340		(641	)
Canadian Dollar settling 5/15/12		52		51,777		52,466		(689	)
Canadian Dollar settling 5/15/12		104		103,951		104,933		(982	)
Canadian Dollar settling 5/15/12		102		101,658		102,915		(1,257	)
Euro settling 5/15/12		101		133,224		134,608		(1,384	)

80 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Conservative Wealth—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Euro settling 5/15/12		222	$	294,730	$	296,271	$	(1,541	)
Euro settling 5/15/12		198		252,236		263,885		(11,649	)
Great British Pound settling 5/15/12		16		25,492		25,441		51
Great British Pound settling 5/15/12		56		88,810		89,042		(232	)
Great British Pound settling 5/15/12		62		95,480		98,583		(3,103	)
Hong Kong Dollar settling 5/15/12		1,297		167,293		167,249		44
Hong Kong Dollar settling 5/15/12		91		11,737		11,735		2
Hong Kong Dollar settling 5/15/12		245		31,567		31,593		(26	)
Japanese Yen settling 5/15/12		8,260		107,646		101,679		5,967
Japanese Yen settling 5/15/12		5,191		67,593		63,900		3,693
Japanese Yen settling 5/15/12		8,469		104,921		104,252		669
Norwegian Krone settling 5/15/12		146		24,522		26,040		(1,518	)
Swiss Franc settling 5/15/12		52		56,207		56,974		(767	)
Swiss Franc settling 5/15/12		77		83,491		84,630		(1,139	)
							$	(956	)

(1) Contract represents non-deliverable forward where payment is received from or paid to a counterparty based on the net realized gain/loss on settlement date.

INTEREST RATE SWAP TRANSACTIONS (see Note D)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio			Payments received by the Portfolio			Unrealized Appreciation/ (Depreciation)
Barclays Bank	$	3,500		7/29/13		1.830	%		CPI	#	$	(77,056	)
Barclays Bank		3,000		8/11/15		2.030	%		CPI	#		(90,035	)
Barclays Bank		500		7/19/17		2.0375	%		CPI	#		15,537
Morgan Stanley		1,500		10/31/18		1.960	%		CPI	#		12,945
											$	(138,609	)

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

(a) Floating Rate Security. Stated interest rate was in effect at February 29, 2012.

(b) When-Issued or delayed delivery security.

(c) Variable rate coupon, rate shown as of February 29, 2012.

(d) Position, or a portion thereof, has been segregated to collateralize interest rate swaps. The aggregate market value of these securities amounted to $265,599.

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

(f) Non-income producing security.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 81

Tax-Managed Conservative Wealth—Portfolio of Investments

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2012, the market value of this security amounted to $26,118 or 0.0% of net assets.

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

As of February 29, 2012, the Strategy held 64.7% of its total investments in municipal bonds. Of the total investments in municipal bonds, 24.0% is insured (7.7% of this amount represents the Strategy’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:

ADR – American Depositary Receipt

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corporation

CDA – Community Development Authority

COP – Certificate of Participation

EDA – Economic Development Agency

ETM – Escrowed to Maturity

FGIC – Financial Guaranty Insurance Company

GDR – Global Depositary Receipt

GO – General Obligation

ISD – Independent School District

NPFGC – National Public Finance Guarantee Corporation

NPFGC-RE – National Public Finance Guarantee Corporation Reinsuring FGIC

PCR – Pollution Control Revenue Bond

PFA – Public Finance Authority

REG – Registered Shares

SD – School District

See notes to financial statements.

82 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Tax-Managed Conservative Wealth—Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

February 29, 2012 (unaudited)

	Tax-Managed Wealth Appreciation Strategy			Tax-Managed Balanced Wealth Strategy			Tax-Managed Conservative Wealth Strategy
Assets
Investments in securities, at value
Unaffiliated issuers (cost $445,384,444, $142,023,946 and $69,696,649, respectively)	$	518,662,865		$	157,207,188		$	74,823,441
Affiliated issuers (cost $139,444,703, $26,116,666 and $9,959,804, respectively)		142,399,793			26,726,133			10,149,869
Cash(a)		78,690			7,615			2,538
Foreign currencies, at value (cost $900,595, $110,649 and $16,583, respectively)		902,753			110,414			16,533
Receivable for investment securities sold and foreign currency transactions		6,182,939			1,499,844			267,600
Receivable for shares of beneficial interest sold		2,481,501			499,344			177,313
Interest and dividends receivable		1,418,623			1,204,787			635,384
Unrealized appreciation of forward currency exchange contracts		1,013,205			146,717			42,570
Unrealized appreciation on interest rate swap contracts		– 0	–		69,031			28,482
Total assets		673,140,369			187,471,073			86,143,730
Liabilities
Due to custodian		– 0	–		416,170			– 0	–
Payable for investment securities purchased and foreign currency transactions		6,392,602			165,354			2,074,425
Payable for shares of beneficial interest redeemed		1,807,447			514,726			249,393
Unrealized depreciation of forward currency exchange contracts		1,110,633			152,853			43,526
Advisory fee payable		338,505			81,373			13,454
Distribution fee payable		31,563			70,678			33,943
Transfer Agent fee payable		13,075			289			6,422
Payable for variation margin on futures contracts		5,149			263			180
Unrealized depreciation on interest rate swap contracts		– 0	–		16,778			167,091
Accrued expenses and other liabilities		135,984			125,553			99,720
Total liabilities		9,834,958			1,544,037			2,688,154
Net Assets	$	663,305,411		$	185,927,036		$	83,455,576
Composition of Net Assets
Shares of beneficial interest, at par	$	540		$	148		$	73
Additional paid-in capital		719,633,924			181,808,352			79,638,524
Undistributed net investment income		20,232			1,058,698			277,814
Accumulated net realized loss on investment and foreign currency transactions		(132,516,598	)		(12,783,977	)		(1,641,177	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		76,167,313			15,843,815			5,180,342
Net Assets	$	663,305,411		$	185,927,036		$	83,455,576

See notes to financial statements.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 83

Statement of Assets & Liabilities

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

Tax-Managed Wealth Appreciation Strategy	Net Assets		Shares Outstanding		Net Asset Value
Class A	$	38,367,017		3,131,528	$	12.25	*
Class B	$	5,855,728		484,176	$	12.09
Class C	$	22,183,054		1,832,704	$	12.10
Advisor Class	$	596,899,612		48,581,788	$	12.29
Tax-Managed Balanced Wealth Strategy
Class A	$	108,743,331		8,664,393	$	12.55	*
Class B	$	15,899,924		1,268,113	$	12.54
Class C	$	39,898,904		3,172,990	$	12.57
Advisor Class	$	21,384,877		1,700,558	$	12.58
Tax-Managed Conservative Wealth Strategy
Class A	$	50,141,765		4,423,499	$	11.34	*
Class B	$	6,150,555		529,295	$	11.62
Class C	$	21,254,375		1,826,655	$	11.64
Advisor Class	$	5,908,881		519,805	$	11.37

* The maximum offering price per share for Class A shares of Tax-Managed Wealth Appreciation Strategy, Tax-Managed Balanced Wealth Strategy and Tax-Managed Conservative Wealth Strategy was $12.79, $13.11 and $11.84, respectively, which reflects a sales charge of 4.25%.

(a) Amounts of $78,690, $7,615 and $2,538, respectively, have been segregated to collateralize margin requirements for the open futures contracts outstanding at February 29, 2012.

See notes to financial statements.

84 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Six Months Ended February 29, 2012 (unaudited)

	Tax-Managed Wealth Appreciation Strategy			Tax-Managed Balanced Wealth Strategy			Tax-Managed Conservative Wealth Strategy
Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $128,898, $18,612 and $5,387, respectively)	$	5,690,648		$	837,281		$	240,840
Affiliated issuers		5,236			1,381			636
Interest		153			1,772,129			829,665
Total income		5,696,037			2,610,791			1,071,141
Expenses
Advisory fee (see Note B)		1,883,414			509,463			232,523
Distribution fee – Class A		54,869			161,964			76,858
Distribution fee – Class B		32,119			88,243			33,927
Distribution fee – Class C		106,155			200,991			107,017
Transfer agency – Class A		6,064			42,684			23,282
Transfer agency – Class B		2,329			7,775			4,307
Transfer agency – Class C		4,597			16,416			10,515
Transfer agency – Advisor Class		85,100			7,860			2,323
Custodian		113,899			86,782			71,427
Registration fees		44,307			34,414			34,459
Audit		27,588			30,695			30,105
Trustees’ fees		26,957			27,378			27,012
Legal		21,872			26,693			21,556
Printing		19,441			33,295			15,229
Miscellaneous		17,722			14,742			12,392
Total expenses		2,446,433			1,289,395			702,932
Less: expenses waived and reimbursed by the Adviser (see Note B)		– 0	–		– 0	–		(104,638	)
Net expenses		2,446,433			1,289,395			598,294
Net investment income		3,249,604			1,321,396			472,847
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		11,720,937			5,347,920			1,751,397	(a)
Futures contracts		(79,224	)		(19,811	)		(6,499	)
Swap contracts		– 0	–		16,563			2,500
Foreign currency transactions		(119,291	)		(65,664	)		(13,519	)
Net change in unrealized appreciation/depreciation of:
Investments(b)		42,446,701			4,318,440			1,054,719
Futures contracts		111,863			30,012			9,748
Swap contracts		– 0	–		36,217			134,099
Foreign currency denominated assets and liabilities		(713,902	)		(77,854	)		(21,060	)
Net gain on investment and foreign currency transactions		53,367,084			9,585,823			2,911,385
Net Increase in Net Assets from Operations	$	56,616,688		$	10,907,219		$	3,384,232

(a) Net of foreign capital gains taxes of $76.

(b) Net of increase in accrued foreign capital gains taxes of $45,398, $6,503 and $1,881, respectively.

See notes to financial statements.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 85

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	Tax-Managed Wealth Appreciation Strategy
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Increase in Net Assets from Operations
Net investment income	$	3,249,604		$	6,550,160
Net realized gain on investment and foreign currency transactions		11,522,422			52,890,491
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		41,844,662			11,421,600
Net increase in net assets from operations		56,616,688			70,862,251
Dividends to Shareholders from
Net investment income
Class A		(476,438	)		(553,402	)
Class B		(23,476	)		(27,998	)
Class C		(99,071	)		(86,949	)
Advisor Class		(8,439,747	)		(7,036,450	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		34,681,184			(19,576,334	)
Total increase		82,259,140			43,581,118
Net Assets
Beginning of period		581,046,271			537,465,153
End of period (including undistributed net investment income of $20,232 and $5,809,360, respectively)	$	663,305,411		$	581,046,271

See notes to financial statements.

86 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Statement of Changes in Net Assets

	Tax-Managed Balanced Wealth Strategy
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,321,396		$	3,344,474
Net realized gain on investment and foreign currency transactions		5,279,008			16,557,272
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		4,306,815			(2,932,961	)
Net increase in net assets from operations		10,907,219			16,968,785
Dividends to Shareholders from
Net investment income
Class A		(707,914	)		(2,724,680	)
Class B		(81,529	)		(306,819	)
Class C		(184,039	)		(664,033	)
Advisor Class		(125,681	)		(344,959	)
Transactions in Shares of Beneficial Interest
Net decrease		(19,451,990	)		(47,642,039	)
Capital Contributions
Proceeds from third party regulatory settlement (see Note E)		5,573			– 0	–
Total decrease		(9,638,361	)		(34,713,745	)
Net Assets
Beginning of period		195,565,397			230,279,142
End of period (including undistributed net investment income of $1,058,698 and $836,465, respectively)	$	185,927,036		$	195,565,397

See notes to financial statements.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 87

Statement of Changes in Net Assets

	Tax-Managed Conservative Wealth Strategy
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	472,847		$	1,300,528
Net realized gain on investment and foreign currency transactions		1,733,879			5,201,796
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		1,177,506			(976,342	)
Net increase in net assets from operations		3,384,232			5,525,982
Dividends to Shareholders from
Net investment income
Class A		(309,403	)		(1,129,281	)
Class B		(25,622	)		(101,508	)
Class C		(81,608	)		(262,384	)
Advisor Class		(31,898	)		(104,471	)
Transactions in Shares of Beneficial Interest
Net decrease		(8,766,531	)		(24,134,326	)
Total decrease		(5,830,830	)		(20,205,988	)
Net Assets
Beginning of period		89,286,406			109,492,394
End of period (including undistributed net investment income of $277,814 and $253,498, respectively)	$	83,455,576		$	89,286,406

See notes to financial statements.

88 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

February 29, 2012 (unaudited)

NOTE A

Significant Accounting Policies

The AllianceBernstein Portfolios (the “Trust”) was organized as a Massachusetts Business Trust on March 26, 1987 and is registered under the Investment Company Act of 1940 as a diversified, open end management investment company. The Trust operates as a series company currently comprised of seven series: the AllianceBernstein Growth Fund, the Wealth Appreciation Strategy, the Balanced Wealth Strategy, the Conservative Wealth Strategy, the Tax-Managed Wealth Appreciation Strategy, the Tax-Managed Balanced Wealth Strategy and the Tax-Managed Conservative Wealth Strategy. Each series is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the Tax-Managed Wealth Appreciation Strategy, the Tax-Managed Balanced Wealth Strategy and the Tax-Managed Conservative Wealth Strategy (the “Strategies”). The Strategies offer Class A, Class B, Class C and Advisor Class shares. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class B shares are currently sold with a contingent deferred sales charge which declines from 4% to zero depending on the period of time the shares are held. Effective January 31, 2009, sales of Class B shares of the Strategies to new investors were suspended. Class B shares will only be issued (i) upon the exchange of Class B shares from another AllianceBernstein Mutual Fund, (ii) for purposes of dividend reinvestment, (iii) through the Strategies’ Automatic Investment Program (the “Program”) for accounts that established the Program prior to January 31, 2009, and (iv) for purchases of additional shares by Class B shareholders as of January 31, 2009. The ability to establish a new Program for accounts containing Class B shares was suspended as of January 31, 2009. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase. Advisor Class shares are sold without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All four classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Strategies.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 89

Notes to Financial Statements

are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Trust’s Board of Trustees.

In general, the market value of securities which are readily available and deemed reliable are determined as follows: Securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter market (“OTC”) put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g. last trade price in the case of listed options); open futures contracts are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. government securities and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost if their original maturity was 60 days or less; or by amortizing their fair value as of the 61st day prior to maturity if their original term to maturity exceeded 60 days; fixed-income securities, including mortgage backed and asset backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker/dealers. In cases where broker/dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Investments in money market funds are valued at their net asset value each day.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Strategies may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Strategies value their securities at 4:00 p.m., Eastern Time. The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred between the close of the foreign markets and the time at which

90 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

the Strategies value their securities which may materially affect the value of securities trading in such markets.

2. Fair Value Measurements

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

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 91

Notes to Financial Statements

The following tables summarize the valuation of the Strategies’ investments by the above fair value hierarchy levels as of February 29, 2012:

Tax-Managed Wealth Appreciation Strategy
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	48,317,512		$	48,147,198		$	– 0	–	$	96,464,710
Information Technology		65,463,414			15,057,508			– 0	–		80,520,922
Consumer Discretionary		51,068,610			29,377,494			– 0	–		80,446,104
Energy		40,482,093			24,809,652			– 0	–		65,291,745
Health Care		41,158,580			11,624,104			– 0	–		52,782,684
Industrials		31,933,710			17,837,481			– 0	–		49,771,191
Consumer Staples		20,565,662			16,910,663			– 0	–		37,476,325
Materials		14,132,362			17,163,983			– 0	–		31,296,345
Telecommunication Services		5,823,952			6,677,716			– 0	–		12,501,668
Utilities		8,757,105			3,354,066			– 0	–		12,111,171
Investment Companies		132,524,426			– 0	–		– 0	–		132,524,426
Short-Term Investments		9,875,367			– 0	–		– 0	–		9,875,367
Total Investments in Securities		470,102,793			190,959,865	+		– 0	–		661,062,658
Other Financial Instruments*:
Assets:
Futures Contracts		53,085			– 0	–		– 0	–		53,085	#
Forward Currency Exchange Contracts		– 0	–		1,013,205			– 0	–		1,013,205
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(1,110,633	)		– 0	–		(1,110,633	)
Total	$	470,155,878		$	190,862,437		$	– 0	–	$	661,018,315

92 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

Tax-Managed Balanced Wealth Strategy
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Municipal Obligations	$	– 0	–	$	94,427,993		$	3,920,243		$	98,348,236
Common Stocks:
Financials		5,216,060			5,307,434			– 0	–		10,523,494
Information Technology		7,741,685			1,802,311			– 0	–		9,543,996
Consumer Discretionary		5,806,182			3,445,752			– 0	–		9,251,934
Energy		4,813,644			2,894,837			– 0	–		7,708,481
Health Care		4,674,659			1,292,399			– 0	–		5,967,058
Industrials		3,636,659			1,900,489			– 0	–		5,537,148
Consumer Staples		2,160,737			1,919,494			– 0	–		4,080,231
Materials		1,683,828			1,825,234			– 0	–		3,509,062
Telecommunication Services		716,289			806,688			– 0	–		1,522,977
Utilities		792,390			422,181			– 0	–		1,214,571
Investment Companies		26,726,133			– 0	–		– 0	–		26,726,133
Total Investments in Securities		63,968,266			116,044,812	+		3,920,243			183,933,321
Other Financial Instruments*:
Assets:
Futures Contracts		6,132			– 0	–		– 0	–		6,132	#
Forward Currency Exchange Contracts		– 0	–		146,717			– 0	–		146,717
Interest Rate Swap Contracts		– 0	–		69,031			– 0	–		69,031
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(152,853	)		– 0	–		(152,853	)
Interest Rate Swap Contracts		– 0	–		(16,778	)		– 0	–		(16,778	)
Total	$	63,974,398		$	116,090,929		$	3,920,243		$	183,985,570

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 93

Notes to Financial Statements

Tax-Managed Conservative Wealth Strategy
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Municipal Obligations	$	– 0	–	$	58,102,034		$	365,061		$	58,467,095
Common Stocks:
Financials		1,378,652			1,451,588			– 0	–		2,830,240
Information Technology		2,111,735			461,991			– 0	–		2,573,726
Consumer Discretionary		1,615,216			915,676			– 0	–		2,530,892
Energy		1,315,816			815,877			– 0	–		2,131,693
Health Care		1,294,953			376,986			– 0	–		1,671,939
Industrials		1,025,813			569,267			– 0	–		1,595,080
Consumer Staples		685,989			540,207			– 0	–		1,226,196
Materials		461,417			495,012			– 0	–		956,429
Telecommunication Services		198,513			219,225			– 0	–		417,738
Utilities		276,939			119,494			– 0	–		396,433
Warrants		– 0	–		– 0	–		25,979			25,979
Investment Companies		8,331,192									8,331,192
Short-Term Investments		1,818,678			– 0	–		– 0	–		1,818,678
Total Investments in Securities		20,514,913			64,067,357	+		391,040			84,973,310
Other Financial Instruments*:
Assets:
Futures Contracts		3,066			– 0	–		– 0	–		3,066	#
Forward Currency Exchange Contracts		– 0	–		42,570			– 0	–		42,570
Interest Rate Swap Contracts		– 0	–		28,482			– 0	–		28,482
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(43,526	)		– 0	–		(43,526	)
Interest Rate Swap Contracts		– 0	–		(167,091	)		– 0	–		(167,091	)
Total	$	20,517,979		$	63,927,792		$	391,040		$	84,836,811

* 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, see Note A.1.

# Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of futures contracts as reported in the portfolio of investments.

94 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the beginning of the reporting period.

Tax-Managed Wealth Appreciation Strategy	Energy			Total
Balance as of 8/31/11	$	199,793		$	199,793
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		– 0	–		– 0	–
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		(199,793	)		(199,793	)
Balance as of 2/29/12	$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 2/29/12*	$	– 0	–	$	– 0	–

Tax-Managed Balanced Wealth Strategy	Municipal Obligations			Energy			Interest Rate Swap Contract
Balance as of 8/31/11	$	– 0	–	$	54,888		$	16,036
Accrued discounts/(premiums)		(134,275	)		– 0	–		– 0	–
Realized gain (loss)		27			– 0	–		16,563
Change in unrealized appreciation/depreciation		158,840			– 0	–		(16,036	)
Purchases		101,518			– 0	–		– 0	–
Sales		(75,000	)		– 0	–		– 0	–
Settlements		– 0	–		– 0	–		(16,563	)
Transfers in to Level 3		3,869,133			– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(54,888	)		– 0	–
Balance as of 2/29/12	$	3,920,243		$	– 0	–	$	– 0	–
Net change in unrealized appreciation/depreciation from Investments held as of 2/29/12*	$	158,840		$	– 0	–	$	– 0	–

	Total
Balance as of 8/31/11	$	70,924
Accrued discounts/(premiums)		(134,275	)
Realized gain (loss)		16,590
Change in unrealized appreciation/depreciation		142,804
Purchases		101,518
Sales		(75,000	)
Settlements		(16,563	)
Transfers in to Level 3		3,869,133
Transfers out of Level 3		(54,888	)
Balance as of 2/29/12	$	3,920,243
Net change in unrealized appreciation/depreciation from Investments held as of 2/29/12*	$	158,840

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 95

Notes to Financial Statements

Tax-Managed Conservative Wealth Strategy	Municipal Obligations			Energy			Warrants
Balance as of 8/31/11	$	– 0	–	$	15,369		$	– 0	–
Accrued discounts/(premiums)		(1,390	)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–		1,378
Change in unrealized appreciation/depreciation		(342	)		– 0	–		(3,373	)
Purchases		– 0	–		– 0	–		– 0	–
Sales		– 0	–		– 0	–		(8,219	)
Transfers in to Level 3		366,793			– 0	–		36,193
Transfers out of Level 3		– 0	–		(15,369	)		– 0	–
Balance as of 2/29/12	$	365,061		$	– 0	–	$	25,979
Net change in unrealized appreciation/depreciation from Investments held as of 2/29/12*	$	(342	)	$	– 0	–	$	(3,373	)

	Total
Balance as of 8/31/11	$	15,369
Accrued discounts/(premiums)		(1,390	)
Realized gain (loss)		1,378
Change in unrealized appreciation/depreciation		(3,715	)
Purchases		– 0	–
Sales		(8,219	)
Transfers in to Level 3		402,986
Transfers out of Level 3		(15,369	)
Balance as of 2/29/12	$	391,040
Net change in unrealized appreciation/depreciation from Investments held as of 2/29/12*	$	(3,715	)

* The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation of investments in the accompanying statement of operations.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Strategies’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and

96 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of investments and foreign currency denominated assets and liabilities.

4. Taxes

It is the Strategies’ policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Strategies may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Strategies’ tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Strategies’ financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Strategies are informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Strategies amortize premiums and accrete discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Strategies are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Strategy represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Trust are charged to each Strategy in proportion to each Strategy’s respective net assets. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 97

Notes to Financial Statements

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Strategies pay the Adviser at the annual rates as follows:

	Average Daily Net Assets
Tax-Managed Strategy	First $2.5 Billion			Next $2.5 Billion			In Excess of $5 Billion
Wealth Appreciation		.65	%		.55	%		.50	%
Balanced Wealth		.55	%		.45	%		.40	%
Conservative Wealth		.55	%		.45	%		.40	%

Such fees are accrued daily and paid monthly.

The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) as follows:

Tax-Managed Strategy	Class A			Class B			Class C			Advisor Class
Conservative Wealth		1.20	%		1.90	%		1.90	%		.90	%

For the six months ended February 29, 2012, such reimbursement amounted to $104,638 for the Tax-Managed Conservative Wealth Strategy.

The Strategies compensate AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Strategies. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $353,362, $46,708 and $18,141 for the Tax-Managed Wealth Appreciation Strategy, Tax-Managed Balanced Wealth Strategy and Tax-Managed Conservative Wealth Strategy, respectively, for the six months ended February 29, 2012.

98 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

The Strategies may invest in the AllianceBernstein Fixed-Income Shares, Inc.—Government STIF Portfolio (“Government STIF Portfolio”), an open-end management investment company managed by the Adviser. The Government STIF Portfolio is offered as a cash management option to mutual funds and other institutional accounts of the Adviser, and is not available for direct purchase by members of the public. The Government STIF Portfolio pays no investment management fees but does bear its own expenses. A summary of the Strategies’ transactions in shares of the Government STIF Portfolio for the six months ended February 29, 2012 is as follows:

Tax-Managed Strategy	Market Value August 31, 2011 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value February 29, 2012 (000)			Dividend Income (000)
Wealth Appreciation	$	13,204	$	89,256	$	92,585	$	9,875		$	5
Balanced Wealth		3,623		30,174		33,797		– 0	–		1
Conservative Wealth		95		17,538		15,814		1,819			1

The Strategies may invest in the AllianceBernstein Pooling Portfolios—Volatility Management Portfolio (“Volatility Management Portfolio”), an open-end management investment company managed by the Adviser. A summary of the Strategies’ transactions in shares of the Volatility Management Portfolio for the six months ended February 29, 2012 is as follows:

Tax-Managed Strategy	Market Value August 31, 2011 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Unrealized Appreciation (000)		Market Value February 29, 2012 (000)		Dividend Income (000)
Wealth Appreciation	$	– 0	–	$	130,113	$	560	$	2,955	$	132,525	$	– 0	–
Balanced Wealth		– 0	–		27,799		1,719		609		26,726		– 0	–
Conservative Wealth		– 0	–		8,486		350		190		8,331		– 0	–

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Strategies’ shares. The Distributor has advised the Strategies that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares for each Strategy for the six months ended February 29, 2012 as follows:

	Front-End Sales Charges		Contingent Deferred Sales Charges
Tax-Managed Strategy	Class A		Class A			Class B		Class C
Wealth Appreciation	$	988	$	– 0	–	$	1,122	$	397
Balanced Wealth		1,693		101			1,953		663
Conservative Wealth		1,784		2			1,125		660

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 99

Notes to Financial Statements

Brokerage commissions paid on investment transactions for the six months ended February 29, 2012 amounted to $412,277, $67,300 and $19,489 for the Tax-Managed Wealth Appreciation Strategy, Tax-Managed Balanced Wealth Strategy and Tax-Managed Conservative Wealth Strategy, respectively, of which $0 and $188; $0 and $53; and $2 and $18 were paid, respectively, to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C

Distribution Plans

The Strategies have adopted a Plan for each class of shares of the Strategies pursuant to Rule 12b-1 under the Investment Company Act of 1940 (each a “Plan” and collectively the “Plans”). Under the Plans, the Strategies pay distribution and servicing fees to the Distributor at an annual rate of up to .50% of the Strategies’ average daily net assets attributable to Class A shares and 1% of the Strategies’ average daily net assets attributable to both Class B and Class C shares. There are no distribution and servicing fees on the Advisor Class shares. The fees are accrued daily and paid monthly. Payments under the Class A plan are currently limited to .27% of the Tax-Managed Wealth Appreciation Strategy and .30% of the Tax-Managed Balanced Wealth Strategy and Tax-Managed Conservative Wealth Strategy’s average daily net assets attributable to Class A shares. The Plans provide that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Strategies are not obligated under the Plans to pay any distribution services fee in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plans is to compensate the Distributor for its distribution services with respect to the sale of the Strategies’ shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plans are characterized by the staff of the Securities Exchange Commission as being a “compensation” plan.

In the event that the Plan is terminated or not continued, no distribution services fees (other than current amounts accrued but not yet paid) would be owed by the Strategies to the Distributor with respect to the relevant class. The Plan also provides that the Adviser may use its own resources to finance the distribution of the Strategies’ shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended February 29, 2012, were as follows:

Tax-Managed Strategy	Purchases		Sales
Wealth Appreciation	$	365,005,718	$	335,383,696
Balanced Wealth		61,290,328		88,716,575
Conservative Wealth		21,589,058		32,993,052

100 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

There were no investment transactions in U.S. government securities during the six months ended February 29, 2012.

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding futures, foreign currency and swap transactions) are as follows:

	Gross Unrealized				Net Unrealized Appreciation
Tax-Managed Strategy	Appreciation		(Depreciation)
Wealth Appreciation	$	89,563,542	$	(13,330,031)	$	76,233,511
Balanced Wealth		17,849,131		(2,056,422)		15,792,709
Conservative Wealth		5,829,458		(512,601)		5,316,857

1. Derivative Financial Instruments

The Strategies may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Strategies, as well as the methods in which they may be used are:

• Futures Contracts

The Strategies may buy or sell futures contracts for investment purposes or for the purpose of hedging their portfolios against adverse effects of potential movements in the market or for investment purposes. The Strategy bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures contracts and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Strategy may purchase or sell futures contracts for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Strategy enters into a futures contract, the Strategy deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Pursuant to the contract, the Strategy agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Strategy as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse,

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 101

Notes to Financial Statements

which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. This guarantee is supported by a daily payment system (i.e., margin requirements). When the contract is closed, the Strategy records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures contracts subjects the Strategy to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Strategy to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended February 29, 2012, the Strategies held futures contracts for hedging purposes.

• Forward Currency Exchange Contracts

The Strategies may enter into forward currency exchange contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Strategy. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Strategy has in that particular currency contract.

During the six months ended February 29, 2012, the Strategies held forward currency exchange contracts for hedging and non-hedging purposes.

• Swap Agreements

The Strategies may enter into swaps to hedge their exposure to interest rates, credit risk, or currencies. The Strategies may also enter into swaps for non-hedging purposes as a means of gaining market exposures including by making direct investments in foreign currencies, as described below

102 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

under “Currency Transactions”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Strategy in accordance with the terms of the respective swap agreements to provide value and recourse to the Strategy or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap agreement.

Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Strategy, and/or the termination value at the end of the contract. Therefore, the Strategy considers the creditworthiness of each counterparty to a swap contract in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Strategy and the counterparty and by the posting of collateral by the counterparty to the Strategy to cover the Strategies exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Strategy accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swap contracts on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swap contracts. Fluctuations in the value of swap contracts are recorded as a component of net change in unrealized appreciation/depreciation of swap contracts on the statement of operations.

Interest Rate Swaps:

The Strategy is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Strategy holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Strategy may enter into interest rate swap contracts. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Strategy may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, a Strategy may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 103

Notes to Financial Statements

Strategy anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Strategy with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Strategy receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended February 29, 2012, Tax-Managed Balanced Wealth Strategy and Tax-Managed Conservative Wealth Strategy held interest rate swaps for hedging purposes. Tax-Managed Wealth Appreciation Strategy did not hold interest rate swaps during the six months ended February 29, 2012.

Documentation governing the Strategies’ swap transactions may contain provisions for early termination of a swap in the event the net assets of the Strategy decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Strategies’ counterparty has the right to terminate the swap and require the Strategy to pay or receive a settlement amount in connection with the terminated swap transaction. As of February 29, 2012, the Conservative Wealth Strategy had open interest rate swap contracts with contingent features in net liability positions of $151,554. The fair value of assets pledged as collateral by the Strategy for such swap contracts was $234,000 at February 29, 2012. If a trigger event had occurred at February 29, 2012, for those swap contracts in a net liability position, no additional amounts would be required to be posted by the Strategy since the aggregate fair value of the required collateral posted exceeded the settlement amounts of open derivative contracts.

At February 29, 2012, the Strategies had entered into the following derivatives:

Tax-Managed Wealth Appreciation Strategy	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation of forward currency exchange contracts	$	1,013,205		Unrealized depreciation of forward currency exchange contracts	$	1,110,633
Equity contracts	Receivable/Payable for variation margin on futures contracts		53,085	*
Total		$	1,066,290			$	1,110,633

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of futures contracts as reported in the portfolio of investments.

104 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2012:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities	$	(135	)	$	(694,386	)
Equity contracts	Net realized gain (loss) on futures contracts; Net change in unrealized appreciation/depreciation of futures contracts		(79,224	)		111,863
Total		$	(79,359	)	$	(582,523)

For the six months ended February 29, 2012, the average monthly principal amount of foreign currency exchange contracts was $104,736,925 and the average monthly original value of futures contracts was $689,420.

Tax-Managed Balanced Wealth Strategy	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation of forward currency exchange contracts	$	146,717		Unrealized depreciation of forward currency exchange contracts	$	152,853
Interest rate contracts	Unrealized appreciation on interest rate swap contracts		69,031		Unrealized depreciation on interest rate swap contracts		16,778
Equity contracts	Receivable/Payable for variation margin on futures contracts		6,132	*
Total		$	221,880			$	169,631

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of futures contracts as reported in the portfolio of investments.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 105

Notes to Financial Statements

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2012:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities	$	(82,058	)	$	(71,987	)
Interest rate contracts	Net realized gain (loss) on swap contracts; Net change in unrealized appreciation/depreciation of swap contracts		16,563			36,217
Equity contracts	Net realized gain (loss) on futures contracts; Net change in unrealized appreciation/depreciation of futures contracts		(19,811	)		30,012
Total		$	(85,306	)	$	(5,758	)

For the six months ended February 29, 2012, the average monthly principal amount of foreign currency exchange contracts was $16,126,538, the average monthly original value of futures contracts was $85,932, and the average monthly notional amount of interest rate swap contracts was $4,031,429.

106 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

Tax-Managed Conservative Wealth Strategy	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation of forward currency exchange contracts	$	42,570		Unrealized depreciation of forward currency exchange contracts	$	43,526
Interest rate contracts	Unrealized appreciation on interest rate swap contracts		28,482		Unrealized depreciation on interest rate swap contracts		167,091
Equity contracts	Receivable/Payable for variation margin on futures contracts		3,066	*
Total		$	74,118			$	210,617

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of futures contracts as reported in the portfolio of investments.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 107

Notes to Financial Statements

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2012:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities	$	(2,443	)	$	(19,829	)
Interest rate contracts	Net realized gain (loss) on swap contracts; Net change in unrealized appreciation/depreciation of swap contracts		2,500			134,099
Equity contracts	Net realized gain (loss) on futures contracts; Net change in unrealized appreciation/depreciation of futures contracts		(6,499	)		9,748
Total		$	(6,442	)	$	124,018

For the six months ended February 29, 2012, the average monthly principal amount of foreign currency exchange contracts was $4,712,243, the average monthly notional amount of interest rate swap contracts was $9,214,286 and the average monthly original value of futures contracts was $29,908.

2. Currency Transactions

The Strategies may invest in non-U.S. Dollar securities on a currency hedged or unhedged basis. The Strategies may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Strategies may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Strategies and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Strategies may also conduct currency exchange

108 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:

	Tax-Managed Wealth Appreciation Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class A
Shares sold		40,622			198,759		$	454,933		$	2,394,672
Shares issued in reinvestment of dividends		40,912			39,988			436,534			479,852
Shares converted from Class B		93,498			14,799			1,071,473			179,294
Shares redeemed		(515,581	)		(1,884,577	)		(5,810,437	)		(22,689,401	)
Net decrease		(340,549	)		(1,631,031	)	$	(3,847,497	)	$	(19,635,583	)
Class B
Shares sold		3,430			6,995		$	37,988		$	82,920
Shares issued in reinvestment of dividends		2,061			2,130			21,723			25,193
Shares converted to Class A		(94,953	)		(15,071	)		(1,071,473	)		(179,294	)
Shares redeemed		(81,329	)		(268,603	)		(894,036	)		(3,184,803	)
Net decrease		(170,791	)		(274,549	)	$	(1,905,798	)	$	(3,255,984	)
Class C
Shares sold		17,760			90,255		$	203,357		$	1,076,243
Shares issued in reinvestment of dividends		7,357			6,075			77,611			71,995
Shares redeemed		(218,607	)		(845,462	)		(2,429,374	)		(10,070,836	)
Net decrease		(193,490	)		(749,132	)	$	(2,148,406	)	$	(8,922,598	)
Advisor Class
Shares sold		10,055,280			13,789,003		$	114,385,192		$	168,203,504
Shares issued in reinvestment of dividends		272,450			266,705			2,912,492			3,208,460
Shares redeemed		(6,571,487	)		(13,057,212	)		(74,714,799	)		(159,174,133	)
Net increase		3,756,243			998,496		$	42,582,885		$	12,237,831

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 109

Notes to Financial Statements

	Tax-Managed Balanced Wealth Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class A
Shares sold		108,590			612,302		$	1,287,207		$	7,410,929
Shares issued in reinvestment of dividends		55,041			200,330			643,303			2,401,177
Shares converted from Class B		254,163			55,731			3,043,520			678,768
Shares redeemed		(1,472,422	)		(3,601,195	)		(17,424,924	)		(43,640,091	)
Net decrease		(1,054,628	)		(2,732,832	)	$	(12,450,894	)	$	(33,149,217	)
Class B
Shares sold		15,343			33,656		$	184,091		$	407,881
Shares issued in reinvestment of dividends		6,412			23,780			74,495			286,373
Shares converted to Class A		(254,121	)		(55,663	)		(3,043,520	)		(678,768	)
Shares redeemed		(149,345	)		(548,455	)		(1,789,618	)		(6,645,147	)
Net decrease		(381,711	)		(546,682	)	$	(4,574,552	)	$	(6,629,661	)
Class C
Shares sold		43,249			251,256		$	517,058		$	3,061,227
Shares issued in reinvestment of dividends		14,034			48,982			164,580			591,612
Shares redeemed		(513,368	)		(1,254,775	)		(6,098,119	)		(15,252,377	)
Net decrease		(456,085	)		(954,537	)	$	(5,416,481	)	$	(11,599,538	)
Advisor Class
Shares sold		670,608			549,638		$	7,938,811		$	6,661,024
Shares issued in reinvestment of dividends		6,508			19,825			76,145			238,052
Shares redeemed		(427,375	)		(261,375	)		(5,025,019	)		(3,162,699	)
Net increase		249,741			308,088		$	2,989,937		$	3,736,377

110 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

	Tax-Managed Conservative Wealth Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class A
Shares sold		174,459			383,247		$	1,899,181		$	4,240,102
Shares issued in reinvestment of dividends		25,243			90,779			272,902			995,895
Shares converted from Class B		107,135			108,197			1,167,851			1,201,589
Shares redeemed		(824,582	)		(1,848,450	)		(9,019,870	)		(20,458,712	)
Net decrease		(517,745	)		(1,266,227	)	$	(5,679,936	)	$	(14,021,126	)
Class B
Shares sold		7,406			7,735		$	81,955		$	88,119
Shares issued in reinvestment of dividends		2,123			7,882			23,551			88,949
Shares converted to Class A		(104,337	)		(105,396	)		(1,167,851	)		(1,201,589	)
Shares redeemed		(67,009	)		(306,843	)		(751,005	)		(3,492,497	)
Net decrease		(161,817	)		(396,622	)	$	(1,813,350	)	$	(4,517,018	)
Class C
Shares sold		41,253			142,216		$	463,650		$	1,618,775
Shares issued in reinvestment of dividends		6,310			19,626			70,081			221,962
Shares redeemed		(229,790	)		(643,794	)		(2,583,327	)		(7,331,646	)
Net decrease		(182,227	)		(481,952	)	$	(2,049,596	)	$	(5,490,909	)
Advisor Class
Shares sold		112,479			19,952		$	1,228,968		$	224,178
Shares issued in reinvestment of dividends		2,374			7,465			25,722			82,053
Shares redeemed		(43,342	)		(36,936	)		(478,339	)		(411,504	)
Net increase (decrease)		71,511			(9,519	)	$	776,351		$	(105,273	)

For the six months ended February 29, 2012, the Tax-Managed Balanced Wealth Strategy received $5,573 related to a third-party’s settlement of regulatory proceedings involving allegations of improper trading. This amount is presented in the Strategy’s statement of changes in net assets. Neither the Strategy nor its affiliates were involved in the proceedings or the calculation of the payment.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 111

Notes to Financial Statements

NOTE F

Risks Involved in Investing in the Strategies

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Strategies’ investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Strategies’ investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit risk rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Foreign Securities Risk—Investing in securities of foreign companies or foreign governments involves special risks which include changes in foreign currency exchange rates and the possibility of future political and economic developments which could adversely affect the value of such securities. Moreover, securities of many foreign companies or foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies or of the U.S. government.

Currency Risk—This is the risk that changes in foreign currency exchange rates may negatively affect the value of the Strategies’ investments or reduce the returns of the Strategies. For example, the value of the Strategies’ investments in foreign currency-denominated securities or currencies may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the U.S. Dollar). Currency markets are generally not as regulated as securities markets. Independent of the Strategies’ investments denominated in foreign currencies, the Strategies’ positions in various foreign currencies may cause the Strategies to experience investment losses due to the changes in exchange rates and interest rates.

Derivatives Risk—The Strategies may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Strategies, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected in the statement of assets and liabilities.

Indemnification Risk—In the ordinary course of business, the Strategies enter into contracts that contain a variety of indemnifications. The Strategies’ maximum exposure under these arrangements is unknown. However, the Strategies have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Strategies have not accrued any liability in connection with these indemnification provisions.

112 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Strategies, participate in a $140 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Strategies did not utilize the Facility during the six months ended February 29, 2012.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2012 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2011 and August 31, 2010 were as follows:

Tax-Managed Wealth Appreciation Strategy	2011		2010
Distributions paid from:
Ordinary income	$	7,704,799	$	7,907,873
Total taxable distributions		7,704,799		7,907,873
Total distributions paid	$	7,704,799	$	7,907,873
Tax-Managed Balanced Wealth Strategy	2011		2010
Distributions paid from:
Ordinary income	$	1,912,723	$	1,175,720
Total taxable distributions		1,912,723		1,175,720
Tax exempt distributions		2,127,768		2,806,573
Total distributions paid	$	4,040,491	$	3,982,293
Tax-Managed Conservative Wealth Strategy	2011		2010
Distributions paid from:
Ordinary income	$	453,831	$	268,533
Total taxable distributions		453,831		268,533
Tax exempt distributions		1,143,813		1,374,799
Total distributions paid	$	1,597,644	$	1,643,332

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 113

Notes to Financial Statements

As of August 31, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Tax-Managed Strategy	Undistributed Ordinary Income			Accumulated Capital and Other (Losses)(b)			Unrealized Appreciation/ (Depreciation)(c)		Accumulated Earnings/ (Deficit)
Wealth Appreciation	$	6,345,631		$	(133,183,422	)	$	22,930,779	$	(103,907,012	)
Balanced Wealth		883,399	(a)		(17,218,108	)		10,644,989		(5,689,720	)
Conservative Wealth		266,028	(a)		(3,125,644	)		3,740,895		881,279

^(a)  Includes tax exempt income as shown below:

Balanced Wealth	$	300,456
Conservative Wealth		20,589

^(b)  During the fiscal year ended August 31, 2011, the Strategies had capital loss carryforwards: the Tax-Managed Wealth Appreciation Strategy had a net capital loss carryforward of $133,183,422 of which $3,841,277 expires in 2017 and $129,342,145 expires in 2018. This Strategy utilized capital loss carryforwards of $41,814,253 during the fiscal year. The Tax-Managed Balanced Wealth Strategy had a net capital loss carryforward of $17,218,108 which expires in 2018, and this Strategy utilized capital loss carryforwards of $14,942,041 during the fiscal year. The Tax-Managed Conservative Wealth Strategy had a net capital loss carryforward of $3,125,644 which expires in 2018, and this Strategy utilized capital loss carryforwards of $4,877,251 during the fiscal year.

^(c)  The differences between book-basis and tax-basis unrealized appreciation (depreciation) are primarily attributable to the tax deferral of losses on wash sales and the tax treatment of swap income (loss) accrual, partnership interests, passive foreign investment companies (PFICs) and derivatives.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Under the Regulated Investment Company Modernization Act of 2010, funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-enactment capital losses must be utilized prior to the pre-enactment capital losses, which are subject to expiration. Post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation.

NOTE I

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments are intended to improve the comparability of fair value measurements presented and disclosed in the financial statements prepared in accordance with U.S. GAAP and IFRS. The ASU is effective during interim or annual periods beginning after December 15, 2011. At this time, management is evaluating the implication of this ASU and its impact on the financial statements has not been determined.

114 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Notes to Financial Statements

In December 2011, the FASB issued an ASU related to disclosures about offsetting assets and liabilities in financial statements. The amendments in this update require an entity to disclose both gross and net information for derivatives and other financial instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implication of this ASU and its impact on the financial statements has not been determined.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Strategies’ financial statements through this date.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 115

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Wealth Appreciation Strategy
	Class A
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.36			$  10.18			$  10.35			$  12.98			$  15.94			$  14.00
Income From Investment Operations
Net investment income(a)		.05			.10			.09			.14			.17			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.99			1.20			(.12	)		(2.65	)		(2.58	)		1.93
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		1.04			1.30			(.03	)		(2.51	)		(2.41	)		2.07
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.12	)		(.14	)		(.12	)		(.14	)		(.08	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		– 0	–		(.41	)		(.05	)
Total dividends and distributions		(.15	)		(.12	)		(.14	)		(.12	)		(.55	)		(.13	)
Net asset value, end of period		$  12.25			$  11.36			$  10.18			$  10.35			$  12.98			$  15.94
Total Return
Total investment return based on net asset value(c)		9.33	%		12.74	%*		(.37	)%*		(19.21	)%		(15.63	)%		14.76	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$38,367			$39,441			$51,952			$72,253			$121,356			$144,257
Ratio to average net assets of:
Expenses		1.08	%(d)		1.05	%(e)		1.05	%(e)		1.11	%		1.10	%		1.14	%
Net investment income		.89	%(d)		.82	%(e)		.83	%(e)		1.58	%		1.18	%		.89	%
Portfolio turnover rate		58	%		73	%		82	%		111	%		50	%		48	%

See footnote summary on page 128.

116 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Wealth Appreciation Strategy
	Class B
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.14			$  9.99			$  10.16			$  12.70			$  15.61			$  13.75
Income From Investment Operations
Net investment income(a)		.01			.01			.01			.07			.07			.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.98			1.17			(.11	)		(2.59	)		(2.54	)		1.89
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		.99			1.18			(.10	)		(2.52	)		(2.47	)		1.91
Less: Dividends and Distributions
Dividends from net investment income		(.04	)		(.03	)		(.07	)		(.02	)		(.03	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		– 0	–		(.41	)		(.05	)
Total dividends and distributions		(.04	)		(.03	)		(.07	)		(.02	)		(.44	)		(.05	)
Net asset value, end of period		$  12.09			$  11.14			$  9.99			$  10.16			$  12.70			$  15.61
Total Return
Total investment return based on net asset value(c)		8.95	%		11.83	%*		(1.06	)%*		(19.85	)%		(16.24	)%		13.87	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$5,856			$7,297			$9,283			$12,827			$22,322			$31,029
Ratio to average net assets of:
Expenses		1.81	%(d)		1.81	%(e)		1.81	%(e)		1.86	%		1.82	%		1.86	%
Net investment income		.15	%(d)		.07	%(e)		.06	%(e)		.81	%		.45	%		.14	%
Portfolio turnover rate		58	%		73	%		82	%		111	%		50	%		48	%

See footnote summary on page 128.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 117

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Wealth Appreciation Strategy
	Class C
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.16			$  10.00			$  10.17			$  12.71			$  15.62			$  13.75
Income From Investment Operations
Net investment income(a)		.01			.01			.01			.08			.07			.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.98			1.18			(.11	)		(2.60	)		(2.54	)		1.89
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		.99			1.19			(.10	)		(2.52	)		(2.47	)		1.92
Less: Dividends and Distributions
Dividends from net investment income		(.05	)		(.03	)		(.07	)		(.02	)		(.03	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		– 0	–		(.41	)		(.05	)
Total dividends and distributions		(.05	)		(.03	)		(.07	)		(.02	)		(.44	)		(.05	)
Net asset value, end of period		$  12.10			$  11.16			$  10.00			$  10.17			$  12.71			$  15.62
Total Return
Total investment return based on net asset value(c)		8.96	%		11.92	%*		(1.06	)%*		(19.84	)%		(16.23	)%		13.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$22,183			$22,611			$27,754			$34,643			$57,982			$70,425
Ratio to average net assets of:
Expenses		1.79	%(d)		1.78	%(e)		1.78	%(e)		1.83	%		1.81	%		1.85	%
Net investment income		.18	%(d)		.10	%(e)		.09	%(e)		.84	%		.48	%		.18	%
Portfolio turnover rate		58	%		73	%		82	%		111	%		50	%		48	%

See footnote summary on page 128.

118 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Wealth Appreciation Strategy
	Advisor Class
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.42			$  10.23			$  10.40			$  13.07			$  16.05			$  14.09
Income From Investment Operations
Net investment income(a)		.07			.14			.12			.17			.22			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.99			1.21			(.12	)		(2.68	)		(2.61	)		1.92
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		1.06			1.35			– 0	–		(2.51	)		(2.39	)		2.12
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.16	)		(.17	)		(.16	)		(.18	)		(.11	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		– 0	–		(.41	)		(.05	)
Total dividends and distributions		(.19	)		(.16	)		(.17	)		(.16	)		(.59	)		(.16	)
Net asset value, end of period		$  12.29			$  11.42			$  10.23			$  10.40			$  13.07			$  16.05
Total Return
Total investment return based on net asset value(c)		9.51	%		13.13	%*		(.11	)%*		(19.00	)%		(15.41	)%		15.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$596,899			$511,697			$448,476			$409,753			$346,868			$275,563
Ratio to average net assets of:
Expenses		.78	%(d)		.77	%(e)		.78	%(e)		.82	%		.80	%		.84	%
Net investment income		1.19	%(d)		1.13	%(e)		1.12	%(e)		1.83	%		1.52	%		1.26	%
Portfolio turnover rate		58	%		73	%		82	%		111	%		50	%		48	%

See footnote summary on page 128.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 119

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Balanced Wealth Strategy
	Class A
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.88			$  11.29			$  11.07			$  11.94			$  12.86			$  12.09
Income From Investment Operations
Net investment income(a)		.10			.21			.20			.23			.25			.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.65			.63			.22			(.87	)		(.92	)		.77
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		.75			.84			.42			(.64	)		(.67	)		.99
Less: Dividends
Dividends from net investment income		(.08	)		(.25	)		(.20	)		(.23	)		(.25	)		(.22	)
Net asset value, end of period		$  12.55			$  11.88			$  11.29			$  11.07			$  11.94			$  12.86
Total Return
Total investment return based on net asset value(c)		6.32	%		7.39	%*		3.76	%*		(5.14	)%		(5.26	)%		8.26	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$108,743			$115,446			$140,601			$174,795			$209,200			$224,147
Ratio to average net assets of:
Expenses		1.20	%(d)		1.17	%(e)		1.11	%(e)		1.10	%		1.08	%		1.10	%
Net investment income		1.61	%(d)		1.71	%(e)		1.72	%(e)		2.21	%		2.03	%		1.76	%
Portfolio turnover rate		34	%		41	%		44	%		54	%		48	%		51	%

See footnote summary on page 128.

120 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Balanced Wealth Strategy
	Class B
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.88			$  11.30			$  11.08			$  11.94			$  12.87			$  12.10
Income From Investment Operations
Net investment income(a)		.05			.12			.12			.15			.16			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.66			.62			.22			(.85	)		(.93	)		.77
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		.71			.74			.34			(.70	)		(.77	)		.90
Less: Dividends
Dividends from net investment income		(.05	)		(.16	)		(.12	)		(.16	)		(.16	)		(.13	)
Net asset value, end of period		$  12.54			$  11.88			$  11.30			$  11.08			$  11.94			$  12.87
Total Return
Total investment return based on net asset value(c)		6.03	%		6.54	%*		3.02	%*		(5.78	)%		(6.03	)%		7.49	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,900			$19,606			$24,819			$31,658			$44,855			$57,171
Ratio to average net assets of:
Expenses		1.91	%(d)		1.89	%(e)		1.83	%(e)		1.83	%		1.81	%		1.82	%
Net investment income		.90	%(d)		.98	%(e)		1.00	%(e)		1.48	%		1.29	%		1.03	%
Portfolio turnover rate		34	%		41	%		44	%		54	%		48	%		51	%

See footnote summary on page 128.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 121

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Balanced Wealth Strategy
	Class C
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.92			$  11.33			$  11.11			$  11.97			$  12.89			$  12.13
Income From Investment Operations
Net investment income(a)		.05			.12			.12			.15			.17			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.65			.63			.22			(.85	)		(.93	)		.75
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		.70			.75			.34			(.70	)		(.76	)		.89
Less: Dividends
Dividends from net investment income		(.05	)		(.16	)		(.12	)		(.16	)		(.16	)		(.13	)
Net asset value, end of period		$  12.57			$  11.92			$  11.33			$  11.11			$  11.97			$  12.89
Total Return
Total investment return based on net asset value(c)		5.93	%		6.62	%*		3.01	%*		(5.76	)%		(5.94	)%		7.39	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,899			$43,257			$51,940			$61,986			$76,247			$83,433
Ratio to average net assets of:
Expenses		1.91	%(d)		1.87	%(e)		1.82	%(e)		1.81	%		1.79	%		1.80	%
Net investment income		.91	%(d)		1.00	%(e)		1.02	%(e)		1.50	%		1.32	%		1.07	%
Portfolio turnover rate		34	%		41	%		44	%		54	%		48	%		51	%

See footnote summary on page 128.

122 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Balanced Wealth Strategy
	Advisor Class
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.89			$  11.31			$  11.08			$  11.95			$  12.88			$  12.11
Income From Investment Operations
Net investment income(a)		.11			.25			.23			.26			.30			.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.67			.61			.23			(.86	)		(.94	)		.77
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		.00	(b)		.00	(b)
Net increase (decrease) in net asset value from operations		.78			.86			.46			(.60	)		(.64	)		1.03
Less: Dividends
Dividends from net investment income		(.09	)		(.28	)		(.23	)		(.27	)		(.29	)		(.26	)
Net asset value, end of period		$  12.58			$  11.89			$  11.31			$  11.08			$  11.95			$  12.88
Total Return
Total investment return based on net asset value(c)		6.57	%		7.59	%*		4.16	%*		(4.85	)%		(5.05	)%		8.57	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,385			$17,257			$12,919			$8,687			$8,927			$10,326
Ratio to average net assets of:
Expenses		.91	%(d)		.87	%(e)		.82	%(e)		.80	%		.78	%		.79	%
Net investment income		1.92	%(d)		2.02	%(e)		2.06	%(e)		2.50	%		2.34	%		2.07	%
Portfolio turnover rate		34	%		41	%		44	%		54	%		48	%		51	%

See footnote summary on page 128.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 123

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Conservative Wealth Strategy
	Class A
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  10.94			$  10.59			$  10.44			$  11.01			$  11.83			$  11.51
Income From Investment Operations
Net investment income(a)(f)		.07			.16			.18			.22			.24			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.39			.39			.14			(.52	)		(.42	)		.47
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		– 0	–		.00	(b)
Net increase (decrease) in net asset value from operations		.46			.55			.32			(.30	)		(.18	)		.70
Less: Dividends and Distributions
Dividends from net investment income		(.06	)		(.20	)		(.17	)		(.23	)		(.24	)		(.23	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.04	)		(.40	)		(.15	)
Total dividends and distributions		(.06	)		(.20	)		(.17	)		(.27	)		(.64	)		(.38	)
Net asset value, end of period		$  11.34			$  10.94			$  10.59			$  10.44			$  11.01			$  11.83
Total Return
Total investment return based on net asset value(c)		4.27	%		5.19	%		3.07	%		(2.57	)%		(1.65	)%		6.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$50,142			$54,035			$65,732			$73,643			$82,615			$85,786
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.20	%(d)		1.20	%(e)		1.20	%(e)		1.20	%		1.20	%		1.20	%
Expenses, before waivers/reimbursements		1.44	%(d)		1.35	%(e)		1.27	%(e)		1.25	%		1.24	%		1.26	%
Net investment income(f)		1.33	%(d)		1.49	%(e)		1.63	%(e)		2.23	%		2.10	%		1.93	%
Portfolio turnover rate		26	%		37	%		41	%		48	%		65	%		59	%

See footnote summary on page 128.

124 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Conservative Wealth Strategy
	Class B
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.23			$  10.86			$  10.70			$  11.27			$  12.10			$  11.76
Income From Investment Operations
Net investment income(a)(f)		.04			.09			.10			.16			.16			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.39			.40			.15			(.54	)		(.44	)		.48
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		– 0	–		.00	(b)
Net increase (decrease) in net asset value from operations		.43			.49			.25			(.38	)		(.28	)		.63
Less: Dividends and Distributions
Dividends from net investment income		(.04	)		(.12	)		(.09	)		(.15	)		(.15	)		(.14	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.04	)		(.40	)		(.15	)
Total dividends and distributions		(.04	)		(.12	)		(.09	)		(.19	)		(.55	)		(.29	)
Net asset value, end of period		$  11.62			$  11.23			$  10.86			$  10.70			$  11.27			$  12.10
Total Return
Total investment return based on net asset value(c)		3.86	%		4.46	%		2.35	%		(3.25	)%		(2.42	)%		5.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,151			$7,758			$11,813			$16,376			$24,534			$32,293
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.90	%(d)		1.90	%(e)		1.90	%(e)		1.90	%		1.90	%		1.90	%
Expenses, before waivers/reimbursements		2.18	%(d)		2.07	%(e)		1.99	%(e)		1.98	%		1.97	%		1.98	%
Net investment income(f)		.64	%(d)		.78	%(e)		.92	%(e)		1.54	%		1.40	%		1.22	%
Portfolio turnover rate		26	%		37	%		41	%		48	%		65	%		59	%

See footnote summary on page 128.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 125

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Conservative Wealth Strategy
	Class C
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.24			$  10.88			$  10.71			$  11.28			$  12.11			$  11.77
Income From Investment Operations
Net investment income(a)(f)		.04			.09			.10			.16			.16			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.40			.39			.16			(.54	)		(.44	)		.48
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		– 0	–		.00	(b)
Net increase (decrease) in net asset value from operations		.44			.48			.26			(.38	)		(.28	)		.63
Less: Dividends and Distributions
Dividends from net investment income		(.04	)		(.12	)		(.09	)		(.15	)		(.15	)		(.14	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.04	)		(.40	)		(.15	)
Total dividends and distributions		(.04	)		(.12	)		(.09	)		(.19	)		(.55	)		(.29	)
Net asset value, end of period		$  11.64			$  11.24			$  10.88			$  10.71			$  11.28			$  12.11
Total Return
Total investment return based on net asset value(c)		3.95	%		4.37	%		2.44	%		(3.25	)%		(2.42	)%		5.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,254			$22,580			$27,088			$30,079			$36,443			$33,937
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.90	%(d)		1.90	%(e)		1.90	%(e)		1.90	%		1.90	%		1.90	%
Expenses, before waivers/reimbursements		2.15	%(d)		2.05	%(e)		1.97	%(e)		1.96	%		1.95	%		1.96	%
Net investment income(f)		.63	%(d)		.79	%(e)		.93	%(e)		1.53	%		1.40	%		1.24	%
Portfolio turnover rate		26	%		37	%		41	%		48	%		65	%		59	%

See footnote summary on page 128.

126 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Tax-Managed Conservative Wealth Strategy
	Advisor Class
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  10.96			$  10.61			$  10.46			$  11.03			$  11.85			$  11.53
Income From Investment Operations
Net investment income(a)(f)		.09			.20			.21			.25			.28			.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.39			.38			.14			(.52	)		(.43	)		.48
Contributions from Adviser		– 0	–		– 0	–		– 0	–		.00	(b)		– 0	–		.00	(b)
Net increase (decrease) in net asset value from operations		.48			.58			.35			(.27	)		(.15	)		.74
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.23	)		(.20	)		(.26	)		(.27	)		(.27	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.04	)		(.40	)		(.15	)
Total dividends and distributions		(.07	)		(.23	)		(.20	)		(.30	)		(.67	)		(.42	)
Net asset value, end of period		$  11.37			$  10.96			$  10.61			$  10.46			$  11.03			$  11.85
Total Return
Total investment return based on net asset value(c)		4.43	%		5.51	%		3.37	%		(2.27	)%		(1.36	)%		6.46	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$5,909			$4,913			$4,859			$5,423			$5,693			$7,531
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%(d)		.90	%(e)		.90	%(e)		.90	%		.90	%		.90	%
Expenses, before waivers/reimbursements		1.15	%(d)		1.05	%(e)		.97	%(e)		.95	%		.95	%		.96	%
Net investment income(f)		1.62	%(d)		1.79	%(e)		1.93	%(e)		2.54	%		2.41	%		2.24	%
Portfolio turnover rate		26	%		37	%		41	%		48	%		65	%		59	%

See footnote summary on page 128.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 127

Financial Highlights

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on strategy distributions or the redemption of strategy shares. Total investment return calculated for a period of less than one year is not annualized.

(d) Annualized.

(e) The ratio includes expenses attributable to costs of proxy solicitation.

(f) Net of fees and expenses waived/reimbursed by the Adviser.

* Includes the impact of proceeds received and credited to the Strategy resulting from class action settlements, which enhanced the performance for the Tax-Managed Wealth Appreciation Strategy for the years ended August 31, 2011 and August 31, 2010 by 0.01% and 0.01%, respectively, and of Tax-Managed Balanced Wealth Strategy for the years ended August 31, 2011 and August 31, 2010 by 0.01% and 0.04%, respectively.

See notes to financial statements.

128 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

Financial Highlights

TRUSTEES

William H. Foulk, Jr.⁽¹⁾ , Chairman John H. Dobkin⁽¹⁾ Michael J. Downey⁽¹⁾ D. James Guzy⁽¹⁾ Nancy P. Jacklin⁽¹⁾ Robert M. Keith, President and
Chief Executive Officer Garry L. Moody⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾ Earl D. Weiner⁽¹⁾

OFFICERS

Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Thomas J. Fontaine⁽²⁾, Vice President Dokyoung Lee⁽²⁾, Vice President Seth J. Masters⁽²⁾, Vice President Christopher H. Nikolich⁽²⁾, Vice President Patrick J. Rudden⁽²⁾ , Vice President Emilie D. Wrapp, Clerk Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller and Chief Accounting Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Lincoln Street Boston, MA 02111   Principal Underwriter AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672   Independent Registered Public Accounting Firm Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee. Mr. Foulk and Ms. Jacklin are members of the Fair Value Pricing Committee.

(2) The day-to-day management of, and investment decisions for, each Strategy’s portfolio are made by the Adviser’s Multi-Asset Solutions Team. Messrs. Fontaine, Lee, Masters, Nikolich and Rudden are the members of the Adviser’s Multi-Asset Solutions Team primarily responsible for the day-to-day management of each Strategy’s portfolio.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 129

Trustees

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and The AllianceBernstein Portfolios (the “Trust”) in respect of AllianceBernstein Tax-Managed Balanced Wealth Strategy, AllianceBernstein Tax-Managed Wealth Appreciation Strategy and AllianceBernstein Tax-Managed Conservative Wealth Strategy² (each a “Strategy” and collectively the “Strategies”),³ prepared by Philip L. Kirstein, the Senior Officer of the Trust for the Trustees of the Trust, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Strategies which was provided to the Trustees in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement.

The investment objective of the Strategies is to achieve the highest total return consistent with the Adviser’s determination of reasonable risk. The Strategies seek to maximize after-tax returns by pursuing a number of strategies that take into account the tax impact of buy and sell investment decisions on shareholders as well as investing their debt portion in tax-exempt securities. The Adviser utilizes separate portfolio accounts (or “portfolio sleeves”) to manage the equity and fixed income (tax-exempt) securities of Tax-Managed Balanced Wealth Strategy, Tax-Managed Wealth Appreciation Strategy and Tax-Managed Conservative Wealth Strategy.⁴ Each portfolio sleeve is managed according to the investment style/asset class of the portfolio securities held within the sleeve.

The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

1 It should be noted that the information in the fee evaluation was completed on July 21, 2011 and discussed with the Board of Trustees on August 2-4, 2011.

2 Formerly known as Tax-Managed Wealth Preservation Strategy.

3 Future references to the Strategies do not include “AllianceBernstein.” References in the fee summary pertaining to performance and expense ratios refer to Class A shares of the Strategies.

4 To cite an example, Tax-Managed Balanced Wealth Strategy is managed using separate sleeves for Intermediate Municipal, U.S. Growth, U.S. Value, Non-U.S. Growth and Non-U.S. Value.

130 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Strategies grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Strategies.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what §36(b) requires: to face liability under §36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arms length bargaining.” Jones v. Harris Associates L.P., 130 U.S. 1418 (2010). In Jones, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arms-length bargaining as the benchmark for reviewing challenged fees.”

ADVISORY FEES, NET ASSETS, & EXPENSE RATIOS

The Adviser proposed that each Strategy pay the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.⁵

Category	Advisory Fees6	Net Assets 6/30/11 ($MIL)		Strategy
Balanced	55 bp on 1st $2.5 billion 45 bp on next $2.5 billion 40 bp on the balance	$	212.7	Tax-Managed Balanced Wealth
Blend	65 bp on 1st $2.5 billion 55 bp on next $2.5 billion 50 bp on the balance	$	646.5	Tax-Managed Wealth Appreciation
Balanced	55 bp on 1st $2.5 billion 45 bp on next $2.5 billion 40 bp on the balance	$	95.5	Tax-Managed Conservative Wealth

5 Most of the AllianceBernstein Mutual Funds, which the Adviser manages, were affected by the Adviser’s settlement with the NYAG.

6 The advisory fees for the Strategies are based on a percentage of the average daily net assets of the Strategies and paid on a monthly basis.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 131

With respect to Tax-Managed Wealth Appreciation Strategy, the Strategy’s Investment Advisory Agreement provides for the Adviser to be reimbursed for certain clerical, legal, accounting, administrative and other services provided to the Strategy. To date, the Trustees have not authorized reimbursement payments pending further review.

With respect to Tax-Managed Conservative Wealth Strategy, the Adviser has agreed to reimburse the Strategy for that portion of the Strategy’s total operating expenses to the degree necessary to limit the Strategy’s expense ratios to the amounts set forth below for the Strategy’s fiscal year. The agreement for such reimbursement is terminable by the Adviser at the end of the Strategy’s fiscal year upon at least 60 days written notice prior to the termination date of the undertaking. In addition, set forth below is the gross expense ratio of the Strategy for the most recent semi-annual period⁷:

Fund	Expense Cap Pursuant to Expense Limitation Undertaking		Gross Expense Ratio8 (2/28/11)		Fiscal Year End
Tax-Managed Conservative Wealth Strategy	Advisor Class A Class B Class C	0.90% 1.20% 1.90% 1.90%		1.00% 1.30% 2.03% 2.01%	August 31 (ratios as of February 28, 2011)

Set forth below are Tax-Managed Balanced Wealth and Tax-Managed Wealth Appreciation Strategy’s total expense ratios for the most recent semi-annual period⁷:

Strategy	Total Expense Ratio (2/28/11)8			Fiscal Year End
Tax-Managed Balanced Wealth Strategy	Advisor Class A Class B Class C	0.84 1.14 1.86 1.85	%  %  %  %	August 31 (ratios as of February 28, 2011)
Tax-Managed Wealth Appreciation Strategy	Advisor Class A Class B Class C	0.77 1.03 1.80 1.77	%  %  %  %	August 31 (ratios as of February 28, 2011)

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to

7 Semi-annual total expense ratios are unaudited.

8 Annualized

132 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

the Strategies that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Strategies’ third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Strategies are more costly than those for institutional assets due to the greater complexities and time required for investment companies. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Strategies’ investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund since establishing a new mutual fund requires a large upfront investment and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. Finally, in recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Strategies.⁹ With respect to the Strategies, the Adviser represented that there are no categories in the Form ADV for institutional products that have a substantially similar investment styles as the Strategies.

The Adviser represented that it does not sub-advise any registered investment companies with a substantially similar investment style as any of the Strategies.

9 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 133

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Strategies with fees charged to other investment companies for similar services offered by other investment advisers.¹⁰ Lipper’s analysis included each Strategy’s ranking with respect to the contractual management fee relative to the median of the Strategy’s Lipper Expense Group (“EG”)¹¹ at the approximate current asset level of the Strategy.¹²

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

The original EG for Tax-Managed Wealth Appreciation Strategy had an insufficient number of peers. Consequently, Lipper expanded the Strategy’s EG to include peers that have a similar but not the same Lipper investment classification/objective as the Strategy.

Strategy	Contractual Management Fee (%)		Lipper Exp. Group Median (%)		Rank
Tax-Managed Balanced Wealth Strategy		0.550		0.736	1/10
Tax-Managed Wealth Appreciation Strategy13		0.650		0.837	1/12
Tax-Managed Conservative Wealth Strategy		0.550		0.655	2/10

10 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arms length.” Jones v. Harris at 1429.

11 Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratio than comparable sized funds that have relatively large average account sizes. Note that there are limitations on Lipper expense category data because different funds categorize expenses differently.

12 The contractual management fee is calculated by Lipper using each Strategy’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of each Strategy, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Strategy had the lowest effective fee rate in the Lipper peer group.

13 The Strategy’s EG includes the Strategy, six other Global Large-Cap Core funds (“GLCC”), one Global Large-Cap Value (“GLCV”) and four Global Large-Cap Growth funds (“GLCG”).

134 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

However, because Lipper had expanded the EG of Tax-Managed Wealth Appreciation Strategy, under Lipper’s standard guidelines, the Lipper Expense Universe (“EU”) was also expanded to include the universe of those peers that had a similar but not the same Lipper investment classification/objective.¹⁴ A “normal” EU will include funds that have the same investment classification/objective as the subject Strategy.

Set forth below is a comparison of the Strategies’ total expense ratios and the medians of the Strategies’ EG and EU. The Strategies’ total expense ratio rankings are also shown.

Strategy	Expense Ratio (%)15	Lipper Exp. Group Median (%)		Lipper Group Rank		Lipper Universe Median (%)		Lipper Universe Rank
Tax-Managed Balanced Wealth Strategy	1.111		1.233		3/10		1.143		16/36
Tax-Managed Wealth Appreciation Strategy16	1.055		1.414		1/12		1.400		5/41
Tax-Managed Conservative Wealth Strategy	1.199		1.150		8/10		1.105		21/24

Based on this analysis, except for Tax-Managed Wealth Appreciation Strategy, which has equally favorable rankings, the Strategies have a more favorable ranking on a management fee basis than a total expense basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE MANAGEMENT FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Strategies. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

14 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

15 Most recently completed fiscal year Class A share total expense ratio.

16 The Strategy’s EU includes the Strategy, the EG, and all other retail front-end GLCC, GLCV and GLCG, excluding outliers.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 135

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Strategies’ profitability information, prepared by the Adviser for the Board of Trustees, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Strategies decreased during calendar year 2010, relative to 2009.¹⁷

In addition to the Adviser’s direct profits from managing the Strategies, certain of the Adviser’s affiliates have business relationships with the Strategies and may earn a profit from providing other services to the Strategies. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Strategies and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive and the relationship otherwise complies with the 40 Act restrictions. These affiliates provide transfer agent, distribution and brokerage related services to the Strategies and receive transfer agent fees, Rule 12b-1 payments, front-end sales loads, contingent deferred sales charges (“CDSC”) and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

AllianceBernstein Investments, Inc. (“ABI”), an affiliate of the Adviser, is the Fund’s principal underwriter. ABI and the Adviser have disclosed in the Strategies’ prospectus that they may make revenue sharing payments from their own resources, in addition to resources derived from sales loads and Rule 12b-1 fees, to firms that sell shares of the Fund. In 2010, ABI paid approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $13.8 million for distribution services and educational support (revenue sharing payments).

After payments to third party intermediaries, ABI retained the following amounts for Class A front-end load sales charges from sales of the Strategies’ Class A shares during the Strategies’ most recently completed fiscal year:

Strategy	Amount Received
Tax-Managed Balanced Wealth Strategy	$	28,214
Tax-Managed Wealth Appreciation Strategy	$	7,865
Tax-Managed Conservative Wealth Strategy	$	19,144

17 It should be noted that at the August 2, 2011 meeting, the Adviser presented to the Board revised profitability figures with respect to the Strategies.

136 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

ABI received the amounts set forth below in Rule 12b-1 fees and CDSC for the Strategies during the Strategies’ most recently completed fiscal year:

Strategy	12b-1 Fees Received		CDSC Received
Tax-Managed Balanced Wealth Strategy	$	1,377,736	$	34,640
Tax-Managed Wealth Appreciation Strategy	$	635,812	$	12,998
Tax-Managed Conservative Wealth Strategy	$	655,068	$	11,859

Fees and reimbursements for out of pocket expenses charged by AllianceBernstein Investor Services, Inc. (“ABIS”), the affiliated transfer agent for the Strategies, are based on the level of the network account and the class of shares held by the account. ABIS also receives a fee per shareholder sub-account for each account maintained by an intermediary on an omnibus basis. ABIS received the following net fees from the Strategies in the most recently completed fiscal year:

Strategy	ABIS Fee
Tax-Managed Balanced Wealth Strategy	$	133,721
Tax-Managed Wealth Appreciation Strategy	$	138,436
Tax-Managed Conservative Wealth Strategy	$	54,839

The Tax-Managed Wealth Strategies effected brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and paid commissions for such transactions during the Strategies’ most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted with the Strategies is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients, including the Strategies. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Strategies and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through fee structures,¹⁸ subsidies and enhancement to services. Based on some of the professional literature that has considered economies of scale in the mutual fund industry, it is thought that to the extent economies of scale exist, they may more often exist across a fund family as opposed to a specific fund. This is because the costs incurred by the Adviser, such as investment research or technology for trading or compliance systems can be spread across a greater asset base as the fund family increases in size. It is also possible that as the level of services required to operate a successful investment company has

18 Fee structures include fee reductions, pricing at scale and breakpoints in advisory fee schedules.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 137

increased over time, and advisory firms make such investments in their business to provide services, there may be a sharing of economies of scale without a reduction in advisory fees.

In February 2008, an independent consultant retained by the Senior Officer, provided the Board of Trustees an update of the Deli¹⁹ study on advisory fees and various fund characteristics.²⁰ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Trustees.²¹ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AllianceBernstein Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE FUND

With assets under management of approximately $461 billion as of June 30, 2011, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Strategies.

19 The Deli study was originally published in 2002 based on 1997 data.

20 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arms length. See Jones V. Harris at 1429.

21 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

138 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

The information prepared by Lipper shows the 1, 3, 5 and 10 year performance rankings²² of the Strategies relative to their Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)²³ for the periods ended May 31, 2011.²⁴

Strategy	Portfolio Return (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Tax-Managed Balanced Wealth Strategy
1 year		12.40		19.14		18.68		10/10		82/82
3 year		1.53		4.33		3.25		7/10		63/76
5 year		2.94		4.43		4.69		8/9		60/66
10 year		2.07		4.05		4.44		8/9		36/38
Tax-Managed Wealth Appreciation Strategy
1 year		23.39		28.53		28.92		7/7		19/22
3 year		-3.50		-1.80		-1.26		7/7		19/21
5 year		0.28		3.92		4.10		7/7		18/19
Tax-Managed Conservative Wealth Strategy
1 year		7.95		16.28		13.59		10/10		80/83
3 year		1.66		5.30		4.50		10/10		70/76
5 year		2.80		5.78		5.01		8/8		61/64
10 year		2.98		4.92		4.65		4/5		17/20

Set forth below are the 1, 3, 5, 10 year and since inception performance returns of the Strategies (in bold)²⁵ versus their benchmarks.²⁶

22 The performance returns and rankings of the Strategies are for the Strategies’ Class A shares. It should be noted that performance returns of the Strategies were provided by Lipper.

23 A Strategy’s PG/PU may not necessarily be identical to its respective EG/EU. Strategies with negative management fees are excluded from EGs/EUs but not necessarily from PGs/PUs. In addition, PGs/PUs only include funds of the same Lipper investment classification/objective as the Strategies, in contrast to certain of the Strategies’ EGs/EUs, which may include strategies of similar but not the same investment classification/objective.

24 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of each Strategy even if a Strategy had a different investment classification/objective at a different point in time.

25 The performance returns and risk measures shown in the table are for the Class A shares of the Strategies.

26 The Adviser provided Strategy and benchmark performance return information for periods through May 31, 2011.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 139

	Periods Ending May 31, 2011 Annualized Net Performance (%)
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)
Tax-Managed Balanced Wealth Strategy		12.39		1.53		2.94		2.07		6.16
50% S&P 500 / 50% Barclays Capital 5 Year GO Muni Bond Index		15.01		3.92		4.84		4.07		7.20
S&P 500 Stock Index		25.95		0.91		3.32		2.64		8.44
Barclays Capital 5 Year GO Muni Bond Index27		4.32		5.76		5.51		4.78		5.28
Inception Date: May 4, 1992
Tax-Managed Wealth Appreciation Strategy		23.39		-3.50		0.28		N/A		4.54
70% S&P 500 / 30% MSCI EAFE Net Index		27.45		-0.52		2.92		N/A		7.01
S&P 500 Index		25.95		0.91		3.32		N/A		5.69
MSCI EAFE Net Index		30.69		-4.12		1.73		N/A		9.02
Inception Date: September 2, 2003
Tax-Managed Conservative Wealth Strategy		7.95		1.66		2.80		2.98		5.18
70% Barclays Capital 5 Year GO Muni / 30% S&P 500 Index		10.70		4.80		5.21		4.44		6.50
Barclays Capital 5 Year GO Muni Bond Index		4.32		5.76		5.51		4.78		5.28
S&P 500 Index		25.95		0.91		3.32		2.64		8.44
Inception Date: May 4, 1992

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for each Strategy is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Strategy is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: August 30, 2011

27 Since inception return is from the nearest month end after the Fund’s actual inception date.

140 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

THIS PAGE IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

ALLIANCEBERNSTEIN FAMILY OF FUNDS

Wealth Strategies Funds

Balanced Wealth Strategy

Conservative Wealth Strategy

Wealth Appreciation Strategy

Tax-Managed Balanced Wealth Strategy

Tax-Managed Conservative Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

Asset Allocation/Multi-Asset

Dynamic All Market Fund

Emerging Markets Multi-Asset

International Portfolio

Real Asset Strategy

Tax-Managed International Portfolio

Growth Funds

Domestic

Growth Fund

Large Cap Growth Fund

Select U.S. Equity Portfolio

Small Cap Growth Portfolio

Small/Mid Cap Growth Fund

U.S. Strategic Research Portfolio

Global & International

Global Thematic Growth Fund

Greater China ’97 Fund

International Discovery Equity Portfolio

International Focus 40 Portfolio

International Growth Fund

Value Funds

Domestic

Core Opportunities Fund

Equity Income Fund

Growth & Income Fund

Small/Mid Cap Value Fund

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

Unconstrained Bond Fund

Municipal Bond Funds

Arizona California High Income Massachusetts Michigan Minnesota Municipal Bond    Inflation Strategy National New Jersey New York Ohio Pennsylvania Virginia

Intermediate Municipal Bond Funds

Intermediate California

Intermediate Diversified

Intermediate New York

Closed-End Funds

Alliance California Municipal Income Fund

Alliance New York Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein Income Fund

AllianceBernstein National Municipal Income Fund

Alternatives

Market Neutral Strategy-Global

Market Neutral Strategy-U.S.

Balanced

Balanced Shares

Retirement Strategies Funds

2000 Retirement Strategy	2020 Retirement Strategy	2040 Retirement Strategy
2005 Retirement Strategy	2025 Retirement Strategy	2045 Retirement Strategy
2010 Retirement Strategy	2030 Retirement Strategy	2050 Retirement Strategy
2015 Retirement Strategy	2035 Retirement Strategy	2055 Retirement Strategy

We also offer Exchange Reserves,** which serves as the money market fund exchange vehicle for the AllianceBernstein mutual funds.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com or contact your AllianceBernstein investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

** An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 141

AllianceBernstein Family of Funds

NOTES

142 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

NOTES

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES  • 143

NOTES

144 •  ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

ALLIANCEBERNSTEIN TAX-MANAGED WEALTH STRATEGIES

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

TMW-0152-0212

SEMI-ANNUAL REPORT

AllianceBernstein Wealth Strategies

Wealth Appreciation Strategy

Balanced Wealth Strategy

Conservative Wealth Strategy

February 29, 2012

Semi-Annual Report

Investment Products Offered

•Are Not FDIC Insured

•May Lose Value

•Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the
Fund carefully before investing. For copies of our prospectus or summary prospectus, which
contain this and other information, visit us online at www.alliancebernstein.com or contact your
AllianceBernstein Investments representative. Please read the prospectus and/or summary
prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals
who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information
regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30, without charge. Simply visit AllianceBernstein’s website at
www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”)
website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third
quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s
website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the
Commission’s Public Reference Room in Washington, DC; information on the operation of the Public
Reference Room may be obtained by calling (800) SEC-0330. AllianceBernstein publishes full portfolio
holdings for the Fund monthly at www.alliancebernstein.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of
mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of
the funds.

AllianceBernstein^® and the AB Logo are registered trademarks and service marks used by permission
of the owner, AllianceBernstein L.P.

April 18, 2012

Semi-Annual Report

This report provides management’s discussion of fund performance for the portfolios of AllianceBernstein Wealth Strategies (the “Strategies”, and individually a “Strategy”) for the semi-annual reporting period ended February 29, 2012.

The Strategies invest in a combination of Portfolios (the “Underlying Portfolios”) of the AllianceBernstein Pooling Portfolios (the “Trust”) representing a variety of asset classes and investment styles.

Effective December 31, 2011, the Global Core Bond Underlying Portfolio changed its name from the Intermediate Duration Bond Underlying Portfolio, eliminated its policy of limiting its investments in debt securities denominated in currencies other than the U.S. dollar to 20% of its total assets, and adopted non-fundamental policies to invest at least 40% of its assets in securities of non-U.S. issuers. The performance information shown includes periods prior to implementation of these changes and may not be representative of performance the Portfolio will achieve under its new policies. The Underlying Portfolio’s broad-based index used for comparison purposes has changed from the Barclays Capital (“BC”) U.S. Aggregate Bond Index to the BC Global Aggregate Bond Index (U.S. dollar hedged) because the new index more closely resembles its investments.

AllianceBernstein Wealth Appreciation Strategy

Investment Objective and Policies

AllianceBernstein Wealth Appreciation Strategy’s investment objective is long-term growth of capital. 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 AllianceBernstein L.P. (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, for its equity investments, is an equal weighting of growth and value style Underlying Portfolios (50% each).

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 growth and value components, the Strategy’s targeted blend is approximately 60% in Underlying Portfolios that invest in U.S. companies and the remaining 40% in Underlying Portfolios that invest in non-U.S. companies. The Strategy invests approximately 20% of its assets in the Volatility Management Underlying Portfolio,

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 1

which is designed to reduce the overall effect of equity market volatility on the Strategy’s portfolio and the effects of adverse market conditions on its performance. The Volatility Management Underlying Portfolio will normally be considered to be part of the Strategy’s equity asset allocation. Under normal market conditions, this Underlying Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce the Portfolio’s equity investments and invest in fixed-income securities or other non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

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 market conditions, 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’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.

Effective January 1, 2012, the Strategy’s secondary benchmark changed to the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex U.S. from the MSCI Europe, Australasia, Far

East (“EAFE”) Index and its composite benchmark changed from 70% Standard & Poor’s (“S&P”) 500 Index/30% MSCI EAFE Index to 60% S&P 500 Index/40% MSCI ACWI ex U.S.

AllianceBernstein Balanced Wealth Strategy

Investment Objective and Policies

AllianceBernstein Balanced Wealth Strategy’s investment objective is to achieve the highest total return consistent with the Adviser’s determination of reasonable risk. 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 a moderate tilt toward equity returns without regard to taxes but also want the risk diversification offered by debt securities and the broad diversification of their equity risk across styles, capitalization ranges and geographic regions. Through investments in the Underlying Portfolios, the Adviser efficiently diversifies between the debt and equity components to produce the desired risk/return profile of the Strategy. The Strategy targets a weighting of 65% of Underlying Portfolios that invest primarily in equity securities and 35% of Underlying Portfolios that invest primarily in debt securities with a goal of providing moderate upside potential without excessive volatility. An investment in the Multi-Asset Real Return Underlying Portfolio is treated

2 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

as 100% equity for the purpose of these allocations.

Within the Strategy’s equity component, the targeted blend is an equal weighting of Underlying Portfolios that invest primarily in growth and value-style stocks (50% each), with approximately 60% of each equity style invested in Underlying Portfolios that invest in U.S. companies and the remaining 40% in Underlying Portfolios that invest in non-U.S. companies. The Strategy invests approximately 20% of its assets in the Volatility Management Underlying Portfolio, which is designed to reduce the overall effect of equity market volatility on the Strategy’s portfolio and the effects of adverse market conditions on its performance. The Volatility Management Portfolio will normally be considered to be part of the Strategy’s equity asset allocation. Under normal market conditions, this Underlying Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce the Portfolio’s equity investments and invest in fixed-income securities or other non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

The Adviser will allow the relative weightings of the Strategy’s investments in equity and debt, growth and value, and in U.S. and non-U.S. company Underlying Portfolios to change in response to market conditions, but ordinarily, only by ±5% of the Strategy’s net assets. Beyond those ranges, the Adviser will rebalance the Strategy toward the

targeted blend. However, under extraordinary circumstances, such as when market conditions favoring one investment style are compelling, the range may expand to ±10% of the Strategy’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.

The Underlying Portfolios’ fixed income securities will primarily be investment-grade debt securities, but are expected to include lower-rated securities (“junk bonds”) and preferred stock. The Strategy will not invest more than 25% of its total assets in Underlying Portfolios investing in securities rated, at the time of purchase, below investment-grade.

Effective January 1, 2012, the Strategy’s composite benchmark changed from 60% S&P 500 Index/40% BC U.S. Aggregate Bond Index to 65% S&P 500 Index/35% BC U.S. Aggregate Bond Index.

AllianceBernstein Conservative Wealth Strategy

Investment Objective and Policies

AllianceBernstein Conservative Wealth Strategy’s investment objective is to achieve a high total return without, in the opinion of the Adviser, undue risk to principal. The Strategy seeks to achieve its objective by investing in a combination of portfolios of the 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

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 3

as a solution for investors who seek some opportunities for equity returns without regard to taxes if the related risks are broadly diversified and overall portfolio volatility reflects a preponderance of debt securities. Through investments in the Underlying Portfolios, the Adviser efficiently diversifies between debt and equity components to produce the desired risk/return profile of the Strategy. The Strategy targets a weighting of 35% in Underlying Portfolios that invest primarily in equity securities and 65% in Underlying Portfolios that invest in debt securities with a goal of providing reduced volatility and modest upside potential. An investment in the Multi-Asset Real Return Underlying Portfolio is treated as 100% equity for the purpose of these allocations.

Within the Strategy’s equity component, the targeted blend is an equal weighting of Underlying Portfolios that invest in growth and value-style stocks (50% each), with approximately 60% of each equity style invested in Underlying Portfolios that invest in U.S. companies and the remaining 40% in Underlying Portfolios that invest in non-U.S. companies. The Strategy invests approximately 12% of its assets in the Volatility Management Underlying Portfolio, which is designed to reduce the overall effect of equity market volatility on the Strategy’s portfolio and the effects of adverse market conditions on its performance. The Volatility Management Underlying Portfolio will normally be considered to be part of the Strategy’s equity asset allocation. Under normal market conditions, this

Underlying Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce the Portfolio’s equity investments and invest in fixed-income securities or other non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

The Adviser will allow the relative weightings of the Strategy’s investments in equity and debt, growth and value, and in U.S. and non-U.S. company Underlying Portfolios to change in response to market conditions, but ordinarily only by ±5% of the Strategy’s net assets. Beyond those ranges, the Adviser will rebalance the Strategy toward the targeted blends. However, under extraordinary circumstances, such as when market conditions favoring one investment style are compelling, the range may expand to ±10% of the Strategy’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.

All fixed income securities of the Underlying Portfolios in which the Strategy invests will be of investment-grade at the time of purchase. In the event that the rating of any security held by the Underlying Portfolios falls below investment-grade, the Strategy will not be obligated to dispose of its investment in such Underlying Portfolio and may continue to hold such investment if, in the opinion of the Adviser, such investment is appropriate under the circumstances.

4 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Effective January 1, 2012, the Strategy’s primary benchmark changed from the S&P 500 Index to the BC U.S. Aggregate Bond Index. Its secondary benchmark changed from the BC U.S. Aggregate Bond Index to the S&P 500 Index. Its composite benchmark changed from 30% S&P 500 Index/70% BC U.S. Aggregate Bond Index to 35% S&P 500 Index/ 65% BC U.S. Aggregate Bond Index.

Investment Results

The tables on pages 10-12 show performance for each Strategy compared to its respective benchmarks for the six- and 12-month periods ended February 29, 2012. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 13. Additional performance for the Underlying Portfolios may be found on pages 20-23.

For the six-month period ended February 29, 2012, all three Strategies gained in absolute terms, but only the Conservative Wealth Strategy outperformed its primary benchmark, the BC U.S. Aggregate Bond Index, before sales charges. The Wealth Appreciation Strategy and Balanced Wealth Strategy both underperformed their primary benchmark, the S&P 500 Index. All Strategies underperformed their composite benchmarks. The performance of the individual sleeves benchmarks was mostly positive, with only the International Growth Underlying Portfolio posting negative returns. In the recent rally, the Multi-Asset Real Return, Volatility Management, International Growth and U.S. Value Underlying Portfolios proved to be

comparative laggards while the U.S. Large Cap Growth, International Value, Small-Mid Cap Growth and Small-Mid Cap Value Underlying Portfolios outperformed their respective benchmarks across all three Strategies. The Bond Inflation Protection and Short Duration Bond Underlying Portfolios outperformed in the Conservative Wealth Strategy, as well. The High-Yield Underlying Portfolio underperformed in the Balanced Wealth Strategy. The Global Core Bond Underlying Portfolio underperformed its benchmark for both the Balanced Wealth and Conservative Wealth Strategies.

In the 12-month period ended February 29, 2012, all three Strategies underperformed their primary and composite benchmarks, before sales charges. The performance of the individual equity Underlying Portfolios against their style benchmarks was broadly negative amid the large global equities sell-off in 2011, with only the Small-Mid Cap Growth and Multi-Asset Real Return Underlying Portfolios outperforming their benchmarks, although Multi-Asset Real Return Underlying Portfolio declined in absolute terms. The U.S. Value, Small-Mid Cap Value and the Volatility Management Underlying Portfolios declined and underperformed their benchmarks, while the U.S. Large Cap Growth Underlying Portfolio rose in absolute terms but underperformed its benchmark. The International Value and International Growth Underlying Portfolios posted significant negative returns, detracting most heavily from overall performance. The Bond Inflation Protection and Short Duration Bond Underlying Portfolios outperformed their benchmarks

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 5

modestly for the Conservative Wealth Strategy. The High-Yield Underlying Portfolio underperformed its benchmark in the Balanced Wealth Strategy. The Global Core Bond Underlying Portfolio outperformed its benchmark in both Strategies.

The following Underlying Portfolios utilized derivatives for the six- and 12-month periods ended February 29, 2012: International Value, International Growth, Short Duration Bond, Global Core Bond, Bond Inflation Protection, High-Yield, Multi-Asset Real Return and Volatility Management. For more information regarding derivative exposure and the effect it had on performance for these Underlying Portfolios, please see the semi-annual and annual reports for the Pooling Portfolios.

Market Review and Investment Strategy

Global equity markets fell in March 2011 as oil prices rose and the earthquake, tsunami and nuclear disaster triggered a sharp drop in Japanese equities. Performance deteriorated again in the second quarter on the European sovereign debt crisis, supply chain disruption concerns following the disasters in Japan and the U.S. deficit, and then plunged in the third quarter as investors were unnerved by further deteriorating macroeconomic conditions and the inability of policymakers to find credible solutions to deal with them. Global equities rose sharply in the fourth quarter as the rescue plan put forth by European leaders in October—subsequently deemed to be insufficient to resolve

the two year old crisis—sparked a large recovery, and then in the final weeks of December the European Central Bank injected significant amounts of liquidity into the undercapitalized European banking system bringing about a late-year rally. Global equities rose strongly in the first two months of 2012, as 2011’s year-end rally continued into 2012. The period saw stronger-than-expected global macroeconomic data points and increased investor risk appetite due to encouraging developments surrounding the European sovereign debt crisis and a second Greek bailout.

Although the macro picture is as uncertain as it has been for some time, the Multi-Asset Solution Team (the “Team”) believes positive economic data points and improving earnings fundamentals are likely to boost equity market returns in 2012. The Team also sees significant outperformance potential in high-growth stocks, which haven’t traded at such a low premium in decades, and in attractively valued stocks, which are of unusually high quality. Each Strategy’s style sleeves, in the Team’s view, are accordingly positioned to capture these opportunities.

The Value Team has been taking advantage of the indiscriminate sell-off among economically sensitive stocks to add to energy, technology and consumer names where research indicates a high degree of conviction in their upside potential, while also seeking opportunities across industries and regions by focusing on dislocations induced by the recession. The Value Team expects these companies to perform well even if economic growth

6 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

remains muted, because they benefit from leaner cost structures, solid competitive advantages and/or restructurings that are just beginning to bear fruit. The Growth Team maintains its disciplined investment approach of finding stocks that offer strong, sustainable earnings growth potential and superior positive earnings revisions. The Growth Team has concentrated its holdings on companies that have strong market share, strong pricing power and high reinvestment rates, as well as those that are gaining from strong secular growth trends. Lastly, the Fixed Income Team significantly reduced risk in the second half of 2011, moving portfolios closer to their benchmarks. Specifically, they have

meaningfully reduced the overweight in investment-grade corporate debt and cut exposure to financials. The investment-grade corporate positions, in the Fixed Income Team’s view, are well diversified in order to minimize idiosyncratic risk.

The Multi-Asset Solution Team remains focused on a long-term strategy: combining low correlation asset classes, blending growth and value investment styles, globalizing its holdings and ensuring the Underlying Portfolios are aligned with their strategic asset allocation targets over time through a disciplined rebalancing process.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 7

HISTORICAL PERFORMANCE

An Important Note About Historical Performance

The investment return and principal value of an investment in the Strategies will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following pages represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

All fees and expenses related to the operation of the Strategies have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares; the applicable contingent deferred sales charge for Class B shares (4% year 1, 3% year 2, 2% year 3, 1% year 4); a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

Benchmark Disclosure

The unmanaged S&P 500^® Index, MSCI ACWI ex U.S. and the BC U.S. Aggregate Bond Index do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The BC U.S. Aggregate Bond Index represents the performance of securities within the U.S. investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. The S&P 500 Index includes 500 U.S. stocks and is a common representation of the performance of the overall U.S. stock market. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. The MSCI ACWI ex U.S. (free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the United States. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Strategies.

A Word About Risk

The Strategies allocate their investments among multiple asset classes which will include U.S. and foreign securities. AllianceBernstein Balanced Wealth Strategy and AllianceBernstein Conservative Wealth Strategy will include both equity and fixed-income securities. Price fluctuation in the Underlying Portfolio securities may be caused by changes in the general level of interest rates or changes in bond credit quality ratings.

Market Risk: The value of the Strategy’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock market generally.

Interest Rate Risk: (Balanced Wealth and Conservative Wealth Strategies) Changes in interest rates will affect the value of the Strategy’s investments in Underlying Portfolios that invest in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tend to fall and this decrease in value may not

(Historical Performance continued on next page)

8 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Investments in fixed-income securities with lower credit ratings (“junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Credit Risk: (Balanced Wealth and Conservative Wealth Strategies) The issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Foreign (Non-U.S.) Risk: The Strategies’ investments in Underlying Portfolios that invest in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Strategy’s investments or reduce its returns.

Capitalization Risk: Investments in small- and mid-capitalization companies by Underlying Portfolios may be more volatile than investments in large-cap companies. Investments in small-cap companies may have additional risks because these companies have limited product lines, markets, or financial resources.

These risks are more fully discussed in the Strategies’ prospectus.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 9

Historical Performance

WEALTH APPRECIATION STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARKS PERIODS ENDED FEBRUARY 29, 2012	NAV Returns
	6 Months		12 Months
AllianceBernstein Wealth Appreciation Strategy
Class A		8.90%		-3.60%
Class B*		8.47%		-4.31%
Class C		8.57%		-4.29%
Advisor Class**		9.07%		-3.34%
Class R**		8.72%		-4.03%
Class K**		8.89%		-3.69%
Class I**		9.06%		-3.39%
Primary Benchmark: S&P 500 Index		13.31%		5.12%
Secondary Benchmark: MSCI ACWI ex U.S.		3.97%		-6.10%
Composite Benchmark: 60% S&P 500 Index/40% MSCI ACWI ex U.S.		9.55%		0.57%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. Please see Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

See Historical Performance and Benchmark disclosures on pages 8-9.

(Historical Performance continued on next page)

10 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

BALANCED WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARKS PERIODS ENDED FEBRUARY 29, 2012	NAV Returns
	6 Months		12 Months
AllianceBernstein Balanced Wealth Strategy
Class A		6.76%		0.11%
Class B*		6.28%		-0.73%
Class C		6.36%		-0.57%
Advisor Class**		6.84%		0.33%
Class R**		6.48%		-0.27%
Class K**		6.79%		0.10%
Class I**		6.85%		0.32%
Primary Benchmark: S&P 500 Index		13.31%		5.12%
Secondary Benchmark: BC U.S. Aggregate Bond Index		2.73%		8.37%
Composite Benchmark: 65% S&P 500 Index/35% BC U.S. Aggregate Bond Index		9.74%		6.58%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. Please see Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

See Historical Performance and Benchmark disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 11

Historical Performance

CONSERVATIVE WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARKS PERIODS ENDED FEBRUARY 29, 2012	NAV Returns
	6 Months		12 Months
AllianceBernstein Conservative Wealth Strategy
Class A		3.72%		1.96%
Class B*		3.32%		1.12%
Class C		3.34%		1.14%
Advisor Class**		3.88%		2.27%
Class R**		3.43%		1.51%
Class K**		3.63%		1.85%
Class I**		3.88%		2.24%
Primary Benchmark: BC U.S. Aggregate Bond Index		2.73%		8.37%
Secondary Benchmark: S&P 500 Index		13.31%		5.12%
Composite Benchmark: 65% BC U.S. Aggregate Bond Index/35% S&P 500 Index		6.56%		7.55%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. Please see Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

See Historical Performance and Benchmark disclosures on pages 8-9.

(Historical Performance continued on next page)

12 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

EACH UNDERLYING PORTFOLIO* VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 29, 2012	Returns
	6 Months		12 Months
AllianceBernstein U.S. Value Portfolio		12.42%		-0.70%
Russell 1000 Value Index		12.84%		2.18%
AllianceBernstein U.S. Large Cap Growth Portfolio		15.09%		3.03%
Russell 1000 Growth Index		13.76%		7.62%
AllianceBernstein International Value Portfolio		5.42%		-12.66%
Current Benchmark: MSCI ACWI ex U.S.		3.97%		-6.10%
Prior Benchmark: MSCI EAFE Index (net)		4.13%		-7.45%
AllianceBernstein International Growth Portfolio		-1.18%		-8.88%
Current Benchmark: MSCI ACWI ex U.S.		3.97%		-6.10%
MSCI ACWI ex U.S. Growth		2.69%		-5.18%
Prior Benchmark: MSCI EAFE Index (net)		4.13%		-7.45%
MSCI EAFE Growth Index		3.62%		-5.04%
AllianceBernstein Short Duration Bond Portfolio		0.38%		1.53%
Bank of America Merrill Lynch 1-3 Year Treasury Index		0.02%		1.44%
AllianceBernstein Global Core Bond Portfolio		2.75%		7.90%
Current Benchmark: BC Global Aggregate Bond Index (U.S. dollar hedged)		2.85%		6.96%
Prior Benchmark: BC U.S. Aggregate Bond Index		2.73%		8.37%
AllianceBernstein Bond Inflation Protection Portfolio		3.36%		9.48%
BC 1-10 Year TIPS Index		2.84%		9.30%
AllianceBernstein High-Yield Portfolio		7.78%		5.55%
BC U.S. High Yield 2% Issuer Cap Index		8.62%		6.92%
AllianceBernstein Small-Mid Cap Value Portfolio		13.93%		-2.98%
Russell 2500 Value Index		12.07%		-0.80%
AllianceBernstein Small-Mid Cap Growth Portfolio		18.66%		9.00%
Russell 2500 Growth Index		13.97%		3.95%
AllianceBernstein Multi-Asset Real Return Portfolio		1.85%		-3.94%
MSCI AC World Commodity Producers Index		4.51%		-8.25%
AllianceBernstein Volatility Management Portfolio		6.02%		-1.55%
Current Benchmark: MSCI ACWI		7.87%		-1.49%
Prior Benchmark: S&P 500 Index		13.31%		5.12%
*    Please note, shares of the Underlying Portfolios are offered exclusively to mutual funds advised by, and certain institutional clients of, AllianceBernstein that seek a blend of asset classes for investment, like the Strategies. These share classes are not currently offered for direct investment from the general public. The Underlying Portfolios do not contain sales charges or management fees.

See Historical Performance and Benchmark disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 13

Historical Performance

WEALTH APPRECIATION STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2012
	NAV Returns			SEC Returns
Class A Shares
1 Year		-3.60	%		-7.66	%
5 Years		-2.00	%		-2.84	%
Since Inception*		4.62	%		4.09	%
Class B Shares
1 Year		-4.31	%		-8.11	%
5 Years		-2.73	%		-2.73	%
Since Inception*		3.89	%		3.89	%
Class C Shares
1 Year		-4.29	%		-5.24	%
5 Years		-2.69	%		-2.69	%
Since Inception*		3.87	%		3.87	%
Advisor Class Shares†
1 Year		-3.34	%		-3.34	%
5 Years		-1.70	%		-1.70	%
Since Inception*		4.91	%		4.91	%
Class R Shares†
1 Year		-4.03	%		-4.03	%
5 Years		-2.35	%		-2.35	%
Since Inception*		2.93	%		2.93	%
Class K Shares†
1 Year		-3.69	%		-3.69	%
5 Years		-2.02	%		-2.02	%
Since Inception*		2.50	%		2.50	%
Class I Shares†
1 Year		-3.39	%		-3.39	%
5 Years		-1.70	%		-1.70	%
Since Inception*		2.83	%		2.83	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.12%, 1.86%, 1.83%, 0.82%, 1.49%, 1.18% and 0.85% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. The expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

* Inception dates: 9/2/03 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

^†  These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as the NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception dates for each class are listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

14 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

WEALTH APPRECIATION STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	SEC Returns
Class A Shares
1 Year		-6.52	%
5 Years		-2.98	%
Since Inception*		4.17	%
Class B Shares
1 Year		-6.89	%
5 Years		-2.84	%
Since Inception*		3.98	%
Class C Shares
1 Year		-4.06	%
5 Years		-2.82	%
Since Inception*		3.95	%
Advisor Class Shares†
1 Year		-2.14	%
5 Years		-1.83	%
Since Inception*		4.99	%
Class R Shares†
1 Year		-2.74	%
5 Years		-2.46	%
Since Inception*		3.03	%
Class K Shares†
1 Year		-2.41	%
5 Years		-2.15	%
Since Inception*		2.63	%
Class I Shares†
1 Year		-2.11	%
5 Years		-1.83	%
Since Inception*		2.96	%

* Inception dates: 9/2/03 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

^†  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception dates for each class are listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 15

Historical Performance

BALANCED WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2012
	NAV Returns			SEC Returns
Class A Shares
1 Year		0.11	%		-4.16	%
5 Years		1.33	%		0.46	%
Since Inception*		5.51	%		4.97	%
Class B Shares
1 Year		-0.73	%		-4.64	%
5 Years		0.59	%		0.59	%
Since Inception*		4.79	%		4.79	%
Class C Shares
1 Year		-0.57	%		-1.55	%
5 Years		0.63	%		0.63	%
Since Inception*		4.77	%		4.77	%
Advisor Class Shares†
1 Year		0.33	%		0.33	%
5 Years		1.63	%		1.63	%
Since Inception*		5.82	%		5.82	%
Class R Shares†
1 Year		-0.27	%		-0.27	%
5 Years		0.97	%		0.97	%
Since Inception*		4.18	%		4.18	%
Class K Shares†
1 Year		0.10	%		0.10	%
5 Years		1.30	%		1.30	%
Since Inception*		4.11	%		4.11	%
Class I Shares†
1 Year		0.32	%		0.32	%
5 Years		1.62	%		1.62	%
Since Inception*		4.44	%		4.44	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.02%, 1.75%, 1.73%, 0.72%, 1.38%, 1.07% and 0.74% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. The expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

* Inception dates: 9/2/03 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

^†  These share classes are offered at NAV to eligible investors and their SEC returns are the same as the NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception dates for each class are listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

16 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

BALANCED WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	SEC Returns
Class A Shares
1 Year		-3.43	%
5 Years		0.37	%
Since Inception*		5.00	%
Class B Shares
1 Year		-3.93	%
5 Years		0.49	%
Since Inception*		4.81	%
Class C Shares
1 Year		-0.88	%
5 Years		0.52	%
Since Inception*		4.77	%
Advisor Class Shares†
1 Year		1.16	%
5 Years		1.55	%
Since Inception*		5.84	%
Class R Shares†
1 Year		0.43	%
5 Years		0.88	%
Since Inception*		4.21	%
Class K Shares†
1 Year		0.77	%
5 Years		1.20	%
Since Inception*		4.14	%
Class I Shares†
1 Year		1.15	%
5 Years		1.54	%
Since Inception*		4.49	%

* Inception dates: 9/2/03 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

^†  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception dates for each class are listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 17

Historical Performance

CONSERVATIVE WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2012
	NAV Returns			SEC Returns
Class A Shares
1 Year		1.96	%		-2.37	%
5 Years		2.38	%		1.48	%
Since Inception*		4.68	%		4.15	%
Class B Shares
1 Year		1.12	%		-2.86	%
5 Years		1.64	%		1.64	%
Since Inception*		3.98	%		3.98	%
Class C Shares
1 Year		1.14	%		0.15	%
5 Years		1.66	%		1.66	%
Since Inception*		3.94	%		3.94	%
Advisor Class Shares†
1 Year		2.27	%		2.27	%
5 Years		2.69	%		2.69	%
Since Inception*		4.99	%		4.99	%
Class R Shares†
1 Year		1.51	%		1.51	%
5 Years		2.00	%		2.00	%
Since Inception*		3.74	%		3.74	%
Class K Shares†
1 Year		1.85	%		1.85	%
5 Years		2.33	%		2.33	%
Since Inception*		3.88	%		3.88	%
Class I Shares†
1 Year		2.24	%		2.24	%
5 Years		2.68	%		2.68	%
Since Inception*		4.21	%		4.21	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.04%, 1.77%, 1.75%, 0.74%, 1.42%, 1.11% and 0.77% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. The expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

* Inception dates: 9/2/03 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

^†  These share classes are offered at NAV to eligible investors and their SEC returns are the same as the NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception dates for each class are listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

18 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

CONSERVATIVE WEALTH STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	SEC Returns
Class A Shares
1 Year		-2.25	%
5 Years		1.40	%
Since Inception*		4.14	%
Class B Shares
1 Year		-2.60	%
5 Years		1.56	%
Since Inception*		3.96	%
Class C Shares
1 Year		0.42	%
5 Years		1.58	%
Since Inception*		3.92	%
Advisor Class Shares†
1 Year		2.54	%
5 Years		2.61	%
Since Inception*		4.98	%
Class R Shares†
1 Year		1.80	%
5 Years		1.92	%
Since Inception*		3.73	%
Class K Shares†
1 Year		2.20	%
5 Years		2.27	%
Since Inception*		3.88	%
Class I Shares†
1 Year		2.51	%
5 Years		2.59	%
Since Inception*		4.20	%

* Inception dates: 9/2/03 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

^†  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception dates for each class are listed above.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 19

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS^ AS OF FEBRUARY 29, 2012
	NAV/SEC Returns†
AllianceBernstein U.S. Value Portfolio
1 Year		-0.70	%
5 Years		-3.05	%
Since Inception*		1.51	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		3.03	%
5 Years		2.64	%
Since Inception*		4.60	%
AllianceBernstein International Value Portfolio
1 Year		-12.66	%
5 Years		-6.95	%
Since Inception*		2.08	%
AllianceBernstein International Growth Portfolio
1 Year		-8.88	%
5 Years		-5.29	%
Since Inception*		1.01	%
AllianceBernstein Short Duration Bond Portfolio
1 Year		1.53	%
5 Years		2.65	%
Since Inception*		3.00	%
AllianceBernstein Global Core Bond Portfolio
1 Year		7.90	%
5 Years		6.97	%
Since Inception*		6.28	%
AllianceBernstein Bond Inflation Protection Portfolio
1 Year		9.48	%
5 Years		7.44	%
Since Inception*		6.11	%
AllianceBernstein High Yield Portfolio
1 Year		5.55	%
5 Years		8.72	%
Since Inception*		8.88	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year		-2.98	%
5 Years		3.84	%
Since Inception*		6.76	%

(Historical Performance continued on next page)

20 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS^ AS OF FEBRUARY 29, 2012
	NAV/SEC Returns†
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year		9.00	%
5 Years		10.12	%
Since Inception*		12.23	%
AllianceBernstein Multi-Asset Real Return Portfolio
1 Year		-3.94	%
5 Years		-3.63	%
Since Inception*		5.20	%
AllianceBernstein Volatility Management Portfolio
1 Year		-1.55	%
Since Inception**		7.31	%

^{^}  Please note, shares of the Underlying Portfolios are offered exclusively to mutual funds advised by, and certain institutional clients of, AllianceBernstein that seek a blend of asset classes for investment, like the Strategies. These share classes are not currently offered for direct investment from the general public. The Underlying Portfolios do not contain sales charges or management fees.

^†  These Portfolios are offered at NAV and their SEC returns are the same as their NAV returns. The Underlying Portfolios can be purchased at the relevant NAV without a sales charge or other fee. However, there are sales charges in connection to purchases of other AllianceBernstein share classes invested in these Underlying Portfolios.

* Inception date: 5/20/05.

** Inception date: 4/16/10.

See Historical Performance disclosures on pages 8-9.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 21

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS^ AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	NAV/SEC Returns†
AllianceBernstein U.S. Value Portfolio
1 Year		2.64	%
5 Years		-2.69	%
Since Inception*		1.99	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		7.22	%
5 Years		3.11	%
Since Inception*		5.13	%
AllianceBernstein International Value Portfolio
1 Year		-10.15	%
5 Years		-7.65	%
Since Inception*		1.76	%
AllianceBernstein International Growth Portfolio
1 Year		-9.49	%
5 Years		-5.90	%
Since Inception*		0.94	%
AllianceBernstein Short Duration Bond Portfolio
1 Year		1.49	%
5 Years		2.57	%
Since Inception*		2.96	%
AllianceBernstein Global Core Bond Portfolio
1 Year		7.50	%
5 Years		6.88	%
Since Inception*		6.15	%
AllianceBernstein Bond Inflation Protection Portfolio
1 Year		8.17	%
5 Years		7.21	%
Since Inception*		5.97	%
AllianceBernstein High-Yield Portfolio
1 Year		5.06	%
5 Years		8.64	%
Since Inception*		8.74	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year		-1.57	%
5 Years		3.88	%
Since Inception*		7.15	%

(Historical Performance continued on next page)

22 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS^ AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2012)
	NAV/SEC Returns†
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year		5.39	%
5 Years		9.95	%
Since Inception*		12.26	%
AllianceBernstein Multi-Asset Real Return Portfolio
1 Year		-6.68	%
5 Years		-4.19	%
Since Inception*		4.78	%
AllianceBernstein Volatility Management Portfolio
1 Year		0.49	%
Since Inception**		7.71	%

^{^}  Please note, shares of the Underlying Portfolios are offered exclusively to mutual funds advised by, and certain institutional clients of, AllianceBernstein that seek a blend of asset classes for investment, like the Strategies. These share classes are not currently offered for direct investment from the general public. The Underlying Portfolios do not contain sales charges or management fees.

^†  These Portfolios are offered at NAV and their SEC returns are the same as their NAV returns. The Underlying Portfolios can be purchased at the relevant NAV without a sales charge or other fee. However, there are sales charges in connection to purchases of other AllianceBernstein share classes invested in these Underlying Portfolios.

* Inception date: 5/20/05.

** Inception date: 4/16/10.

See Historical Performance disclosures on pages 8-9.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 23

Historical Performance

FUND EXPENSES

(unaudited)

As a shareholder of the Strategy, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Strategy expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Strategy and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Each Strategy will indirectly bear its pro rata share of the expenses incurred by the Underlying Portfolios in which the Strategies invest. These expenses are not included in the table below.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Strategy’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Strategy’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Strategy and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Each Strategy will indirectly bear its pro rata share of the expenses incurred by the Underlying Portfolios in which the Strategies invest. These expenses are not included in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

24 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

Wealth Appreciation Strategy

	Beginning Account Value September 1, 2011		Ending Account Value February 29, 2012		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,089.00	$	5.77		1.11	%
Hypothetical**	$	1,000	$	1,019.34	$	5.57		1.11	%
Class B
Actual	$	1,000	$	1,084.70	$	9.49		1.83	%
Hypothetical**	$	1,000	$	1,015.76	$	9.17		1.83	%
Class C
Actual	$	1,000	$	1,085.70	$	9.39		1.81	%
Hypothetical**	$	1,000	$	1,015.86	$	9.07		1.81	%
Advisor Class
Actual	$	1,000	$	1,090.70	$	4.21		0.81	%
Hypothetical**	$	1,000	$	1,020.84	$	4.07		0.81	%
Class R
Actual	$	1,000	$	1,087.20	$	7.52		1.45	%
Hypothetical**	$	1,000	$	1,017.65	$	7.27		1.45	%
Class K
Actual	$	1,000	$	1,088.90	$	5.82		1.12	%
Hypothetical**	$	1,000	$	1,019.29	$	5.62		1.12	%
Class I
Actual	$	1,000	$	1,090.60	$	4.16		0.80	%
Hypothetical**	$	1,000	$	1,020.89	$	4.02		0.80	%

Balanced Wealth Strategy

	Beginning Account Value September 1, 2011		Ending Account Value February 29, 2012		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,067.60	$	5.14		1.00	%
Hypothetical**	$	1,000	$	1,019.89	$	5.02		1.00	%
Class B
Actual	$	1,000	$	1,062.80	$	8.82		1.72	%
Hypothetical**	$	1,000	$	1,016.31	$	8.62		1.72	%
Class C
Actual	$	1,000	$	1,063.60	$	8.77		1.71	%
Hypothetical**	$	1,000	$	1,016.36	$	8.57		1.71	%
Advisor Class
Actual	$	1,000	$	1,068.40	$	3.60		0.70	%
Hypothetical**	$	1,000	$	1,021.38	$	3.52		0.70	%
Class R
Actual	$	1,000	$	1,064.80	$	6.93		1.35	%
Hypothetical**	$	1,000	$	1,018.15	$	6.77		1.35	%
Class K
Actual	$	1,000	$	1,067.90	$	5.19		1.01	%
Hypothetical**	$	1,000	$	1,019.84	$	5.07		1.01	%
Class I
Actual	$	1,000	$	1,068.50	$	3.60		0.70	%
Hypothetical**	$	1,000	$	1,021.38	$	3.52		0.70	%

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 25

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

Conservative Wealth Strategy

	Beginning Account Value September 1, 2011		Ending Account Value February 29, 2012		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,037.20	$	5.22		1.03	%
Hypothetical**	$	1,000	$	1,019.74	$	5.17		1.03	%
Class B
Actual	$	1,000	$	1,033.20	$	8.85		1.75	%
Hypothetical**	$	1,000	$	1,016.16	$	8.77		1.75	%
Class C
Actual	$	1,000	$	1,033.40	$	8.75		1.73	%
Hypothetical**	$	1,000	$	1,016.26	$	8.67		1.73	%
Advisor Class
Actual	$	1,000	$	1,038.80	$	3.65		0.72	%
Hypothetical**	$	1,000	$	1,021.28	$	3.62		0.72	%
Class R
Actual	$	1,000	$	1,034.30	$	7.03		1.39	%
Hypothetical**	$	1,000	$	1,017.95	$	6.97		1.39	%
Class K
Actual	$	1,000	$	1,036.30	$	5.21		1.03	%
Hypothetical**	$	1,000	$	1,019.74	$	5.17		1.03	%
Class I
Actual	$	1,000	$	1,038.80	$	3.70		0.73	%
Hypothetical**	$	1,000	$	1,021.23	$	3.67		0.73	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses of the underlying portfolios in which the Strategies invest are not included herein.

** Assumes 5% return before expenses.

26 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Fund Expenses

WEALTH APPRECIATION STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,581.7

* All data are as of February 29, 2012. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 77-236. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 13. Additional performance for the Underlying Portfolios may be found on pages 20-23.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 27

Portfolio Summary

BALANCED WEALTH STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,680.6

* All data are as of February 29, 2012. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 77-236. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 13. Additional performance for the Underlying Portfolios may be found on pages 20-23.

28 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Portfolio Summary

CONSERVATIVE WEALTH STRATEGY

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $537.6

* All data are as of February 29, 2012. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 77-236. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 13. Additional performance for the Underlying Portfolios may be found on pages 20-23.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 29

Portfolio Summary

WEALTH APPRECIATION STRATEGY

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.5%
The AllianceBernstein Pooling Portfolios - Equity – 100.5%
International Growth Portfolio		28,777,681	$	231,660,334
International Value Portfolio		31,967,397		231,763,629
Multi-Asset Real Return Portfolio		14,357,066		127,347,180
Small-Mid Cap Growth Portfolio		6,217,712		83,068,626
Small-Mid Cap Value Portfolio		7,058,258		83,075,694
U.S. Large Cap Growth Portfolio		21,322,218		259,278,174
U.S. Value Portfolio		29,315,872		258,272,832
Volatility Management Portfolio		30,027,599		315,890,336
Total Investments – 100.5% (cost $1,614,127,315)				1,590,356,805
Other assets less liabilities – (0.5)%				(8,615,741	)
Net Assets – 100.0%			$	1,581,741,064

See notes to financial statements.

30 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Wealth Appreciation Strategy—Portfolio of Investments

BALANCED WEALTH STRATEGY

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.3%
The AllianceBernstein Pooling Portfolios - Equity – 65.2%
International Growth Portfolio		16,751,457	$	134,849,227
International Value Portfolio		18,607,774		134,906,360
Multi-Asset Real Return Portfolio		9,520,799		84,449,485
Small-Mid Cap Growth Portfolio		2,841,360		37,960,577
Small-Mid Cap Value Portfolio		3,215,119		37,841,949
U.S. Large Cap Growth Portfolio		13,546,659		164,727,377
U.S. Value Portfolio		18,648,519		164,293,450
Volatility Management Portfolio		32,043,554		337,098,190
				1,096,126,615
The AllianceBernstein Pooling Portfolios - Fixed Income – 35.1%
Bond Inflation Protection Portfolio		12,401,187		134,924,914
Global Core Bond Portfolio		31,396,177		336,253,054
High-Yield Portfolio		11,808,490		119,147,663
				590,325,631
Total Investments – 100.3% (cost $1,616,710,199)				1,686,452,246
Other assets less liabilities – (0.3)%				(5,832,005	)
Net Assets – 100.0%			$	1,680,620,241

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 31

Balanced Wealth Strategy—Portfolio of Investments

CONSERVATIVE WEALTH STRATEGY

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.6%
The AllianceBernstein Pooling Portfolios - Fixed Income – 65.5%
Bond Inflation Protection Portfolio		4,971,846	$	54,093,681
Global Core Bond Portfolio		13,923,265		149,118,167
Short Duration Bond Portfolio		15,585,516		148,685,827
				351,897,675
The AllianceBernstein Pooling Portfolios - Equity – 35.1%
International Growth Portfolio		2,848,456		22,930,076
International Value Portfolio		3,164,160		22,940,160
Multi-Asset Real Return Portfolio		915,211		8,117,920
Small-Mid Cap Growth Portfolio		302,680		4,043,804
Small-Mid Cap Value Portfolio		343,597		4,044,136
U.S. Large Cap Growth Portfolio		2,445,530		29,737,646
U.S. Value Portfolio		3,369,468		29,685,012
Volatility Management Portfolio		6,408,409		67,416,460
				188,915,214
Total Investments – 100.6% (cost $506,336,636)				540,812,889
Other assets less liabilities – (0.6)%				(3,242,540	)
Net Assets – 100.0%			$	537,570,349

See notes to financial statements.

32 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Conservative Wealth Strategy—Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

February 29, 2012 (unaudited)

	Wealth Appreciation Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $1,614,127,315)	$	1,590,356,805
Receivable for shares of beneficial interest sold		3,513,124
Receivable for investments sold		1,075,836
Total assets		1,594,945,765
Liabilities
Payable for shares of beneficial interest redeemed		11,554,797
Advisory fee payable		815,870
Distribution fee payable		351,466
Transfer Agent fee payable		179,762
Accrued expenses		302,806
Total liabilities		13,204,701
Net Assets	$	1,581,741,064
Composition of Net Assets
Shares of beneficial interest, at par	$	1,315
Additional paid-in capital		1,890,334,907
Undistributed net investment income		13,493,664
Accumulated net realized loss on investment transactions		(298,318,312	)
Net unrealized depreciation on investments		(23,770,510	)
	$	1,581,741,064

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	459,513,047		38,132,695	$	12.05	*
B	$	124,896,515		10,464,954	$	11.93
C	$	166,050,025		13,899,877	$	11.95
Advisor	$	793,128,699		65,833,187	$	12.05
R	$	16,555,900		1,393,139	$	11.88
K	$	16,582,014		1,382,815	$	11.99
I	$	5,014,864		417,604	$	12.01

* The maximum offering price per share for Class A shares was $12.58 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 33

Statement of Assets & Liabilities

	Balanced Wealth Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $1,616,710,199)	$	1,686,452,246
Receivable for shares of beneficial interest sold		5,290,174
Receivable for investments sold		1,495,664
Total assets		1,693,238,084
Liabilities
Payable for shares of beneficial interest redeemed		10,587,191
Advisory fee payable		735,642
Distribution fee payable		723,662
Transfer Agent fee payable		224,155
Accrued expenses		347,193
Total liabilities		12,617,843
Net Assets	$	1,680,620,241
Composition of Net Assets
Shares of beneficial interest, at par	$	1,393
Additional paid-in capital		1,919,993,306
Undistributed net investment income		10,562,849
Accumulated net realized loss on investment transactions		(319,679,354	)
Net unrealized appreciation on investments		69,742,047
	$	1,680,620,241

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	868,716,914		71,876,888	$	12.09	*
B	$	279,622,535		23,272,843	$	12.01
C	$	341,339,679		28,360,213	$	12.04
Advisor	$	104,493,644		8,620,179	$	12.12
R	$	34,557,209		2,867,366	$	12.05
K	$	32,683,244		2,708,897	$	12.07
I	$	19,207,016		1,588,180	$	12.09

* The maximum offering price per share for Class A shares was $12.63 which reflects a sales charge of 4.25%.

See notes to financial statements.

34 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Statement of Assets & Liabilities

	Conservative Wealth Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $506,336,636)	$	540,812,889
Receivable for shares of beneficial interest sold		1,123,142
Receivable for investments sold		521,493
Total assets		542,457,524
Liabilities
Payable for shares of beneficial interest redeemed		4,222,191
Distribution fee payable		255,234
Advisory fee payable		236,621
Transfer Agent fee payable		33,951
Accrued expenses		139,178
Total liabilities		4,887,175
Net Assets	$	537,570,349
Composition of Net Assets
Shares of beneficial interest, at par	$	470
Additional paid-in capital		562,474,698
Undistributed net investment income		4,888,038
Accumulated net realized loss on investment transactions		(64,269,110	)
Net unrealized appreciation on investments		34,476,253
	$	537,570,349

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	268,879,277		23,445,638	$	11.47	*
B	$	91,101,329		7,989,768	$	11.40
C	$	137,919,558		12,095,552	$	11.40
Advisor	$	14,067,599		1,224,616	$	11.49
R	$	14,954,079		1,302,065	$	11.48
K	$	9,421,604		822,566	$	11.45
I	$	1,226,903		106,983	$	11.47

* The maximum offering price per share for Class A shares was $11.98 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 35

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Six Months Ended February 29, 2012 (unaudited)

	Wealth Appreciation Strategy			Balanced Wealth Strategy			Conservative Wealth Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios	$	22,175,374		$	35,647,416		$	13,070,966
Expenses
Advisory fee (see Note B)		4,795,059			4,609,103			1,513,435
Distribution fee – Class A		662,613			1,295,508			410,879
Distribution fee – Class B		622,444			1,427,168			472,656
Distribution fee – Class C		804,161			1,722,676			700,906
Distribution fee – Class R		39,558			81,072			36,813
Distribution fee – Class K		20,427			34,911			10,307
Transfer agency – Class A		254,085			509,203			138,143
Transfer agency – Class B		82,661			186,456			60,508
Transfer agency – Class C		97,635			210,088			76,055
Transfer agency – Advisor Class		404,892			59,258			8,024
Transfer agency – Class R		20,571			42,157			19,143
Transfer agency – Class K		14,351			24,218			6,472
Transfer agency – Class I		5,439			12,570			1,504
Printing		122,851			134,252			44,925
Registration fees		71,304			55,774			53,314
Custodian		32,979			29,186			32,989
Trustees’ fees		27,954			28,016			26,635
Legal		21,617			22,330			21,820
Audit		14,625			10,529			16,028
Miscellaneous		23,814			27,504			10,660
Total expenses		8,139,040			10,521,979			3,661,216
Net investment income		14,036,334			25,125,437			9,409,750
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on sale of affiliated Underlying Portfolio shares		(65,130,747	)		(41,628,630	)		8,788,594
Net realized gain distributions from affiliated Underlying Portfolios		33,210,915			26,539,579			5,460,502
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		145,666,924			92,664,597			(5,402,545	)
Net gain on investment transactions		113,747,092			77,575,546			8,846,551
Net Increase in Net Assets from Operations	$	127,783,426		$	102,700,983		$	18,256,301

See notes to financial statements.

36 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	Wealth Appreciation Strategy
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	14,036,334		$	26,339,593
Net realized loss on sale of affiliated Underlying Portfolio shares		(65,130,747	)		(40,296,349	)
Net realized gain distributions from affiliated Underlying Portfolios		33,210,915			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		145,666,924			230,511,931
Net increase in net assets from operations		127,783,426			216,555,175
Dividends to Shareholders from
Net investment income
Class A		(7,328,579	)		(5,073,207	)
Class B		(867,442	)		(229,877	)
Class C		(1,146,831	)		(300,094	)
Advisor Class		(14,412,267	)		(8,300,091	)
Class R		(190,898	)		(103,687	)
Class K		(206,904	)		(179,383	)
Class I		(213,663	)		(124,024	)
Transactions in Shares of Beneficial Interest
Net decrease		(68,154,664	)		(168,247,958	)
Total increase		35,262,178			33,996,854
Net Assets
Beginning of period		1,546,478,886			1,512,482,032
End of period (including undistributed net investment income of $13,493,664 and $23,823,914, respectively)	$	1,581,741,064		$	1,546,478,886

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 37

Statement of Changes in Net Assets

	Balanced Wealth Strategy
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	25,125,437		$	50,777,888
Net realized loss on sale of affiliated Underlying Portfolio shares		(41,628,630	)		(58,636,207	)
Net realized gain distributions from affiliated Underlying Portfolios		26,539,579			1,152,002
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		92,664,597			222,990,041
Net increase in net assets from operations		102,700,983			216,283,724
Dividends to Shareholders from
Net investment income
Class A		(11,223,289	)		(26,742,464	)
Class B		(2,591,193	)		(6,609,924	)
Class C		(3,123,968	)		(8,016,904	)
Advisor Class		(1,452,144	)		(2,561,644	)
Class R		(348,540	)		(755,788	)
Class K		(359,269	)		(632,354	)
Class I		(309,969	)		(613,026	)
Transactions in Shares of Beneficial Interest
Net decrease		(201,336,318	)		(333,596,787	)
Total decrease		(118,043,707	)		(163,245,167	)
Net Assets
Beginning of period		1,798,663,948			1,961,909,115
End of period (including undistributed net investment income of $10,562,849 and $4,845,784, respectively)	$	1,680,620,241		$	1,798,663,948

See notes to financial statements.

38 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Statement of Changes in Net Assets

	Conservative Wealth Strategy
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	9,409,750		$	13,338,762
Net realized gain (loss) on sale of affiliated Underlying Portfolio shares		8,788,594			(3,795,094	)
Net realized gain distributions from affiliated Underlying Portfolios		5,460,502			386,298
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		(5,402,545	)		37,481,578
Net increase in net assets from operations		18,256,301			47,411,544
Dividends to Shareholders from
Net investment income
Class A		(2,756,687	)		(7,676,656	)
Class B		(564,130	)		(1,875,350	)
Class C		(857,996	)		(2,694,808	)
Advisor Class		(182,442	)		(513,792	)
Class R		(117,163	)		(292,079	)
Class K		(77,703	)		(144,089	)
Class I		(33,821	)		(73,758	)
Transactions in Shares of Beneficial Interest
Net decrease		(62,375,457	)		(132,171,224	)
Total decrease		(48,709,098	)		(98,030,212	)
Net Assets
Beginning of period		586,279,447			684,309,659
End of period (including undistributed net investment income of $4,888,038 and $68,230, respectively)	$	537,570,349		$	586,279,447

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 39

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

February 29, 2012 (unaudited)

NOTE A

Significant Accounting Policies

The AllianceBernstein Portfolios (the “Trust”) was organized as a Massachusetts Business Trust on March 26, 1987 and is registered under the Investment Company Act of 1940 as a diversified, open end management investment company. The Trust operates as a series company currently comprised of seven series: the AllianceBernstein Growth Fund, the Wealth Appreciation Strategy, the Balanced Wealth Strategy, the Conservative Wealth Strategy, the Tax-Managed Wealth Appreciation Strategy, the Tax-Managed Balanced Wealth Strategy and the Tax-Managed Conservative Wealth Strategy. Each series is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the Wealth Appreciation Strategy, the Balanced Wealth Strategy and the Conservative Wealth Strategy (the “Strategies”). The Strategies offer Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class B shares are currently sold with a contingent deferred sales charge which declines from 4% to zero depending on the period of time the shares are held. Effective January 31, 2009, sales of Class B shares of the Strategies to new investors were suspended. Class B shares will only be issued (i) upon the exchange of Class B shares from another AllianceBernstein Mutual Fund, (ii) for purposes of dividend reinvestment, (iii) through the Strategies’ Automatic Investment Program (the “Program”) for accounts that established the Program prior to January 31, 2009, and (iv) for purchases of additional shares by Class B shareholders as of January 31, 2009. The ability to establish a new Program for accounts containing Class B shares was suspended as of January 31, 2009. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class and Class I shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All seven classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The Strategies invest primarily in a combination of portfolios of The AllianceBernstein Pooling Portfolios (the “Underlying Portfolios”) representing a variety of asset classes and investment styles that are managed by AllianceBernstein L.P. (the “Adviser”). The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during

40 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Notes to Financial Statements

the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Strategies.

1. Security Valuation

Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m., Eastern Time. Investments in the Underlying Portfolios are valued at their net asset value each business day.

2. Fair Value Measurements

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

The following table summarizes the valuation of the Strategies’ investments by the above fair value hierarchy levels as of February 29, 2012:

Investments in Underlying Portfolios	Level 1		Level 2			Level 3			Total
Wealth Appreciation Strategy
Mutual Funds	$	1,590,356,805	$	– 0	–	$	– 0	–	$	1,590,356,805
Balanced Wealth Strategy
Mutual Funds		1,686,452,246		– 0	–		– 0	–		1,686,452,246
Conservative Wealth Strategy
Mutual Funds		540,812,889		– 0	–		– 0	–		540,812,889

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 41

Notes to Financial Statements

3. Taxes

It is each Strategy’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Strategies’ tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Strategies’ financial statements.

4. Investment Income and Investment Transactions

Income and capital gain distributions from the Underlying Portfolios, if any, are recorded on the ex-dividend date. Transactions in shares of the Underlying Portfolios are accounted for on the trade date. Investment gains and losses are determined on the identified cost basis.

5. Class Allocations

All income earned and expenses incurred by the Strategies are borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in each Strategy represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Trust are charged to each Strategy in proportion to each Strategy’s respective net assets. Expenses included in the accompanying statement of operations do not include any expenses of the Underlying Portfolios. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

42 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Notes to Financial Statements

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Strategies pay the Adviser at the annual rates as follows:

	Average Daily Net Assets
Strategy	First $2.5 Billion			Next $2.5 Billion			In Excess of $5 Billion
Wealth Appreciation		.65	%		.55	%		.50	%
Balanced Wealth		.55	%		.45	%		.40	%
Conservative Wealth		.55	%		.45	%		.40	%

Such fees are accrued daily and paid monthly.

The Strategies compensate AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Strategies. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $353,362, $324,329 and $90,516 for the Wealth Appreciation Strategy, Balanced Wealth Strategy and Conservative Wealth Strategy, respectively, for the six months ended February 29, 2012.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Strategies’ shares. The Distributor has advised the Strategies that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares for each Strategy for the six months ended February 29, 2012 as follows:

	Front-End Sales Charges		Contingent Deferred Sales Charges
Strategy	Class A		Class A		Class B		Class C
Wealth Appreciation	$	12,713	$	4,992	$	23,581	$	6,238
Balanced Wealth		37,110		20,773		63,307		13,255
Conservative Wealth		13,876		5,106		22,434		4,926

NOTE C

Distribution Plans

The Strategies have adopted a Plan for each class of shares of the Strategies pursuant to Rule 12b-1 under the Investment Company Act of 1940 (each a “Plan” and collectively the “Plans”). Under the Plans, the Strategies pay distribution and servicing fees to the Distributor at an annual rate of up to .50% of each Strategies’ average daily net assets attributable to Class A shares, 1% of the Strategies’ average daily net assets attributable to both Class B and Class C shares, .50% of the Strategies’ average daily net assets attributable to Class R shares and .25% of the Strategies’ average daily net assets attributable to Class K shares.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 43

Notes to Financial Statements

There are no distribution and servicing fees on the Advisor Class and Class I shares. The fees are accrued daily and paid monthly. The Trustees currently limit payments under the Class A plan to .30% of each Strategies’ average daily net assets attributable to Class A shares. The Plans provide that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Strategies are not obligated under the Plans to pay any distribution services fee in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plans is to compensate the Distributor for its distribution services with respect to the sale of each Strategies’ shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plans are characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that a Plan is terminated or not continued, no distribution services fees (other than current amounts accrued but not yet paid) would be owed by the Strategies to the Distributor with respect to the relevant class. The Plans also provide that the Adviser may use its own resources to finance the distribution of each Strategy’s shares.

NOTE D

Investment Transactions

Purchases and sales of investments in the Underlying Portfolios for the six months ended February 29, 2012 were as follows:

Strategy	Purchases		Sales
Wealth Appreciation	$	424,485,849	$	462,691,873
Balanced Wealth		536,864,499		704,082,219
Conservative Wealth		106,989,533		157,000,138

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

	Gross Unrealized					Net Unrealized Appreciation (Depreciation)
Strategy	Appreciation		(Depreciation)
Wealth Appreciation	$	107,321,143	$	(131,091,653	)	$	(23,770,510	)
Balanced Wealth		117,884,434		(48,142,387	)		69,742,047
Conservative Wealth		37,343,042		(2,866,789	)		34,476,253

1. Currency Transactions

A Strategy may invest in non-U.S. Dollar securities on a currency hedged or unhedged basis through its investments in an Underlying Portfolio. A Strategy or an Underlying Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives,

44 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Notes to Financial Statements

including forward currency exchange contracts, futures and options on futures, swaps, and other options. A Strategy or an Underlying Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Strategy or the Underlying Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. A Strategy or an Underlying Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:

	Wealth Appreciation Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class A
Shares sold		1,371,852			4,381,127		$	15,159,035		$	52,697,457
Shares issued in reinvestment of dividends		672,332			410,451			7,052,804			4,855,632
Shares converted from Class B		625,155			392,016			7,018,035			4,738,753
Shares redeemed		(6,382,054	)		(15,182,301	)		(70,702,091	)		(182,422,715	)
Net decrease		(3,712,715	)		(9,998,707	)	$	(41,472,217	)	$	(120,130,873	)
Class B
Shares sold		96,354			309,066		$	1,045,210		$	3,672,754
Shares issued in reinvestment of dividends		79,501			18,645			826,799			218,145
Shares converted to Class A		(633,276	)		(397,951	)		(7,018,035	)		(4,738,753	)
Shares redeemed		(1,277,412	)		(3,091,911	)		(14,061,579	)		(36,535,875	)
Net decrease		(1,734,833	)		(3,162,151	)	$	(19,207,605	)	$	(37,383,729	)
Class C
Shares sold		288,181			1,170,611		$	3,149,652		$	13,945,778
Shares issued in reinvestment of dividends		101,671			23,357			1,058,313			273,739
Shares redeemed		(2,127,621	)		(5,731,200	)		(23,347,670	)		(67,792,409	)
Net decrease		(1,737,769	)		(4,537,232	)	$	(19,139,705	)	$	(53,572,892	)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 45

Notes to Financial Statements

	Wealth Appreciation Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Advisor Class
Shares sold		9,540,081			18,049,447		$	106,498,235		$	216,598,161
Shares issued in reinvestment of dividends		616,865			388,738			6,464,740			4,598,774
Shares redeemed		(7,841,969	)		(14,359,987	)		(87,213,145	)		(173,203,288	)
Net increase		2,314,977			4,078,198		$	25,749,830		$	47,993,647
Class R
Shares sold		119,218			298,810		$	1,289,955		$	3,518,515
Shares issued in reinvestment of dividends		18,444			8,893			190,898			103,687
Shares redeemed		(323,166	)		(520,427	)		(3,543,341	)		(6,079,686	)
Net decrease		(185,504	)		(212,724	)	$	(2,062,488	)	$	(2,457,484	)
Class K
Shares sold		239,844			459,044		$	2,613,785		$	5,458,616
Shares issued in reinvestment of dividends		19,818			15,266			206,903			179,382
Shares redeemed		(815,846	)		(554,254	)		(8,541,021	)		(6,473,814	)
Net decrease		(556,184	)		(79,944	)	$	(5,720,333	)	$	(835,816	)
Class I
Shares sold		59,211			97,194		$	641,501		$	1,104,970
Shares issued in reinvestment of dividends		20,446			10,510			213,663			124,024
Shares redeemed		(599,717	)		(280,385	)		(7,157,310	)		(3,089,805	)
Net decrease		(520,060	)		(172,681	)	$	(6,302,146	)	$	(1,860,811	)

46 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Notes to Financial Statements

	Balanced Wealth Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class A
Shares sold		2,722,049			9,646,659		$	30,953,308		$	114,897,788
Shares issued in reinvestment of dividends		961,774			2,178,243			10,700,234			25,421,839
Shares converted from Class B		1,221,945			438,659			13,965,813			5,232,316
Shares redeemed		(13,801,089	)		(27,789,213	)		(156,077,919	)		(329,892,806	)
Net decrease		(8,895,321	)		(15,525,652	)	$	(100,458,564	)	$	(184,340,863	)
Class B
Shares sold		158,368			578,160		$	1,782,186		$	6,848,633
Shares issued in reinvestment of dividends		223,067			539,846			2,472,916			6,276,847
Shares converted to Class A		(1,228,541	)		(441,122	)		(13,965,813	)		(5,232,316	)
Shares redeemed		(3,066,658	)		(7,127,765	)		(34,614,353	)		(84,150,290	)
Net decrease		(3,913,764	)		(6,450,881	)	$	(44,325,064	)	$	(76,257,126	)
Class C
Shares sold		540,463			2,817,057		$	6,115,021		$	33,470,655
Shares issued in reinvestment of dividends		256,568			626,230			2,849,510			7,294,317
Shares redeemed		(5,335,993	)		(11,262,689	)		(60,226,207	)		(133,092,944	)
Net decrease		(4,538,962	)		(7,819,402	)	$	(51,261,676	)	$	(92,327,972	)
Advisor Class
Shares sold		1,016,539			3,430,835		$	11,574,395		$	40,937,825
Shares issued in reinvestment of dividends		94,049			192,553			1,048,085			2,252,513
Shares redeemed		(1,508,013	)		(2,524,376	)		(17,123,363	)		(30,074,663	)
Net increase (decrease)		(397,425	)		1,099,012		$	(4,500,883	)	$	13,115,675
Class R
Shares sold		263,734			1,234,152		$	3,008,094		$	14,562,325
Shares issued in reinvestment of dividends		31,528			64,723			350,845			755,788
Shares redeemed		(453,494	)		(632,245	)		(5,119,094	)		(7,570,278	)
Net increase (decrease)		(158,232	)		666,630		$	(1,760,155	)	$	7,747,835

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 47

Notes to Financial Statements

	Balanced Wealth Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class K
Shares sold		1,155,389			736,451		$	13,052,277		$	8,869,510
Shares issued in reinvestment of dividends		32,417			54,290			359,268			632,332
Shares redeemed		(779,876	)		(835,705	)		(8,686,059	)		(9,910,803	)
Net increase (decrease)		407,930			(44,964	)	$	4,725,486		$	(408,961	)
Class I
Shares sold		58,089			114,539		$	652,962		$	1,342,062
Shares issued in reinvestment of dividends		27,835			52,378			309,466			611,453
Shares redeemed		(396,261	)		(266,420	)		(4,717,890	)		(3,078,890	)
Net decrease		(310,337	)		(99,503	)	$	(3,755,462	)	$	(1,125,375	)

	Conservative Wealth Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class A
Shares sold		1,379,422			3,949,434		$	15,301,858		$	44,529,002
Shares issued in reinvestment of dividends		234,682			633,562			2,568,285			7,061,030
Shares converted from Class B		296,107			155,628			3,302,094			1,764,504
Shares redeemed		(4,675,735	)		(11,019,835	)		(51,798,245	)		(124,180,274	)
Net decrease		(2,765,524	)		(6,281,211	)	$	(30,626,008	)	$	(70,825,738	)
Class B
Shares sold		122,799			295,578		$	1,357,035		$	3,302,424
Shares issued in reinvestment of dividends		49,025			157,802			533,470			1,752,558
Shares converted to Class A		(297,716	)		(156,497	)		(3,302,094	)		(1,764,504	)
Shares redeemed		(1,061,101	)		(2,436,114	)		(11,694,070	)		(27,336,443	)
Net decrease		(1,186,993	)		(2,139,231	)	$	(13,105,659	)	$	(24,045,965	)

48 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Notes to Financial Statements

	Conservative Wealth Strategy
	Shares						Amount
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011			Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31, 2011
Class C
Shares sold		405,969			1,234,593		$	4,457,882		$	13,842,492
Shares issued in reinvestment of dividends		70,702			215,171			769,364			2,389,755
Shares redeemed		(1,732,017	)		(4,253,679	)		(19,111,018	)		(47,740,304	)
Net decrease		(1,255,346	)		(2,803,915	)	$	(13,883,772	)	$	(31,508,057	)
Advisor Class
Shares sold		90,968			382,756		$	1,001,424		$	4,336,013
Shares issued in reinvestment of dividends		13,615			39,822			149,242			443,774
Shares redeemed		(461,949	)		(1,053,963	)		(5,136,443	)		(11,912,816	)
Net decrease		(357,366	)		(631,385	)	$	(3,985,777	)	$	(7,133,029	)
Class R
Shares sold		147,965			341,710		$	1,635,467		$	3,870,186
Shares issued in reinvestment of dividends		10,688			26,109			117,121			291,948
Shares redeemed		(203,551	)		(400,383	)		(2,273,156	)		(4,506,834	)
Net decrease		(44,898	)		(32,564	)	$	(520,568	)	$	(344,700	)
Class K
Shares sold		183,200			247,023		$	2,014,923		$	2,785,011
Shares issued in reinvestment of dividends		6,867			11,848			74,958			132,079
Shares redeemed		(56,200	)		(81,718	)		(623,337	)		(918,631	)
Net increase		133,867			177,153		$	1,466,544		$	1,998,459
Class I
Shares sold		34,080			44,865		$	381,197		$	500,933
Shares issued in reinvestment of dividends		3,093			6,622			33,821			73,758
Shares redeemed		(186,910	)		(79,850	)		(2,135,235	)		(886,885	)
Net decrease		(149,737	)		(28,363	)	$	(1,720,217	)	$	(312,194	)

NOTE F

Risks Involved in Investing in the Strategies

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of an Underlying Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 49

Notes to Financial Statements

may cause the value of the Underlying Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit risk rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Foreign Securities Risk—An Underlying Portfolio’s investments in securities of foreign companies or foreign governments involves special risks which include changes in foreign currency exchange rates and the possibility of future political and economic developments which could adversely affect the value of such securities. Moreover, securities of many foreign companies or foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies or of the U.S. government.

Currency Risk—This is the risk that changes in foreign currency exchange rates may negatively affect the value of an Underlying Portfolio’s investments or reduce the returns of the Underlying Portfolio. For example, the value of the Underlying Portfolio’s investments in foreign currency-denominated securities or currencies may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the U.S. Dollar). Currency markets are generally not as regulated as securities markets. Independent of the Underlying Portfolio’s investments denominated in foreign currencies, the Underlying Portfolio’s positions in various foreign currencies may cause the Underlying Portfolio to experience investment losses due to the changes in exchange rates and interest rates.

Indemnification Risk—In the ordinary course of business, the Strategies enter into contracts that contain a variety of indemnifications. The Strategies’ maximum exposure under these arrangements is unknown. However, the Strategies have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Strategies have not accrued any liability in connection with these indemnification provisions.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Strategies, participate in a $140 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Strategies did not utilize the Facility during the six months ended February 29, 2012.

50 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Notes to Financial Statements

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2012 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2011 and August 31, 2010 were as follows:

Wealth Appreciation Strategy	2011			2010
Distributions paid from:
Ordinary income	$	14,310,363		$	16,921,937
Total taxable distributions		14,310,363			16,921,937
Total distributions paid	$	14,310,363		$	16,921,937
Balanced Wealth Strategy	2011			2010
Distributions paid from:
Ordinary income	$	45,932,104		$	41,630,033
Total taxable distributions		45,932,104			41,630,033
Tax return of capital		– 0	–		283,692
Total distributions paid	$	45,932,104		$	41,913,725
Conservative Wealth Strategy	2011			2010
Distributions paid from:
Ordinary income	$	13,270,532		$	11,843,148
Total taxable distributions		13,270,532			11,843,148
Tax return of capital		– 0	–		271,218
Total distributions paid	$	13,270,532		$	12,114,366

As of August 31, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Strategy	Undistributed Ordinary Income		Undistributed Long-Term Gains			Accumulated Capital and Other Gains (Losses)(b)			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
Wealth Appreciation	$	23,823,914	$	– 0	–	$	(179,556,927	)	$	(256,278,986	)	$	(412,011,999	)
Balanced Wealth		4,845,784		– 0	–		(258,685,139	)		(68,827,709	)		(322,667,064	)
Conservative Wealth		68,230		– 0	–		(68,530,934	)		29,891,526			(38,571,178	)

^(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

^(b) Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Strategy’s next taxable year. Wealth Appreciation, Balanced Wealth, and Conservative Wealth Strategies elected to defer $18,629,196, $27,758,508 and $107,713, respectively, of capital losses that are deemed to arise in the next taxable year. Additionally, on August 31, 2011, Wealth Appreciation, Balanced Wealth, and Conservative Wealth Strategies had capital loss carryforwards for federal income tax purposes.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 51

Notes to Financial Statements

On August 31, 2011, each Strategy had capital loss carryforwards for federal income tax purposes which will expire in the years shown below:

	Wealth Appreciation		Balanced Wealth		Conservative Wealth
Capital Losses Expiring in 2017	$	21,540,462	$	10,504,401	$	5,315,809
Capital Losses Expiring in 2018		91,501,019		140,364,791		49,466,977
Capital Losses Expiring in 2019		47,886,250		80,057,439		13,640,435
Total Capital Losses	$	160,927,731	$	230,926,631	$	68,423,221

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Under the Regulated Investment Company Modernization Act of 2010, funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-enactment capital losses must be utilized prior to the pre-enactment capital losses, which are subject to expiration. Post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation.

NOTE I

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments are intended to improve the comparability of fair value measurements presented and disclosed in the financial statements prepared in accordance with U.S. GAAP and IFRS. The ASU is effective during interim or annual periods beginning after December 15, 2011. At this time, management is evaluating the implication of this ASU and its impact on the financial statements has not been determined.

In December 2011, the FASB issued an ASU related to disclosures about offsetting assets and liabilities in financial statements. The amendments in this update require an entity to disclose both gross and net information for derivatives and other financial instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implication of this ASU and its impact on the financial statements has not been determined.

52 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Notes to Financial Statements

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Strategies’ financial statements through this date.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 53

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Wealth Appreciation Strategy
	Class A
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.26			$  10.00			$  9.89			$  13.38			$  16.32			$  14.39
Income From Investment Operations
Net investment income(a)		.11			.19			.09			.12			.36			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.87			1.17			.14			(2.91	)		(2.70	)		2.00
Net increase (decrease) in net asset value from operations		.98			1.36			.23			(2.79	)		(2.34	)		2.27
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.10	)		(.12	)		(.07	)		(.32	)		(.30	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.63	)		(.28	)		(.04	)
Total dividends and distributions		(.19	)		(.10	)		(.12	)		(.70	)		(.60	)		(.34	)
Net asset value, end of period		$  12.05			$  11.26			$  10.00			$  9.89			$  13.38			$  16.32
Total Return
Total investment return based on net asset value(b)		8.90	%		13.58	%		2.27	%		(19.63	)%		(14.86	)%		15.88	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$459,513			$471,196			$518,314			$569,413			$825,949			$906,379
Ratio to average net assets of:
Expenses(c)		1.11	%(d)		1.09	%(e)		1.10	%(e)		1.14	%		1.08	%		1.07	%
Net investment income		1.93	%(d)		1.60	%(e)		.86	%(e)		1.33	%		2.39	%		1.68	%
Portfolio turnover rate		28	%		4	%		4	%		9	%		4	%		5	%

See footnote summary on page 75.

54 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Wealth Appreciation Strategy
	Class B
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.08			$  9.84			$  9.73			$  13.17			$  16.08			$  14.21
Income From Investment Operations
Net investment income(a)		.07			.10			.01			.05			.25			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.86			1.16			.15			(2.86	)		(2.67	)		1.95
Net increase (decrease) in net asset value from operations		.93			1.26			.16			(2.81	)		(2.42	)		2.12
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.02	)		(.05	)		– 0	–		(.21	)		(.21	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.63	)		(.28	)		(.04	)
Total dividends and distributions		(.08	)		(.02	)		(.05	)		(.63	)		(.49	)		(.25	)
Net asset value, end of period		$  11.93			$  11.08			$  9.84			$  9.73			$  13.17			$  16.08
Total Return
Total investment return based on net asset value(b)		8.47	%		12.76	%		1.57	%		(20.24	)%		(15.49	)%		15.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$124,896			$135,139			$151,107			$184,655			$291,413			$365,429
Ratio to average net assets of:
Expenses(c)		1.83	%(d)		1.83	%(e)		1.84	%(e)		1.89	%		1.80	%		1.79	%
Net investment income		1.21	%(d)		.85	%(e)		.13	%(e)		.60	%		1.70	%		1.05	%
Portfolio turnover rate		28	%		4	%		4	%		9	%		4	%		5	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 55

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Wealth Appreciation Strategy
	Class C
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.09			$  9.85			$  9.74			$  13.18			$  16.08			$  14.21
Income From Investment Operations
Net investment income(a)		.07			.10			.02			.05			.25			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.87			1.16			.14			(2.86	)		(2.66	)		1.97
Net increase (decrease) in net asset value from operations		.94			1.26			.16			(2.81	)		(2.41	)		2.12
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.02	)		(.05	)		– 0	–		(.21	)		(.21	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.63	)		(.28	)		(.04	)
Total dividends and distributions		(.08	)		(.02	)		(.05	)		(.63	)		(.49	)		(.25	)
Net asset value, end of period		$  11.95			$  11.09			$  9.85			$  9.74			$  13.18			$  16.08
Total Return
Total investment return based on net asset value(b)		8.57	%		12.74	%		1.57	%		(20.23	)%		(15.43	)%		15.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$166,050			$173,437			$198,641			$236,908			$378,541			$440,098
Ratio to average net assets of:
Expenses(c)		1.81	%(d)		1.80	%(e)		1.82	%(e)		1.86	%		1.79	%		1.77	%
Net investment income		1.22	%(d)		.88	%(e)		.15	%(e)		.63	%		1.70	%		.96	%
Portfolio turnover rate		28	%		4	%		4	%		9	%		4	%		5	%

See footnote summary on page 75.

56 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Wealth Appreciation Strategy
	Advisor Class
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.29			$  10.02			$  9.91			$  13.44			$  16.39			$  14.44
Income From Investment Operations
Net investment income(a)		.12			.22			.12			.13			.38			.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.87			1.19			.14			(2.91	)		(2.69	)		2.00
Net increase (decrease) in net asset value from operations		.99			1.41			.26			(2.78	)		(2.31	)		2.32
Less: Dividends and Distributions
Dividends from net investment income		(.23	)		(.14	)		(.15	)		(.12	)		(.36	)		(.33	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.63	)		(.28	)		(.04	)
Total dividends and distributions		(.23	)		(.14	)		(.15	)		(.75	)		(.64	)		(.37	)
Net asset value, end of period		$  12.05			$  11.29			$  10.02			$  9.91			$  13.44			$  16.39
Total Return
Total investment return based on net asset value(b)		9.07	%		13.99	%		2.54	%		(19.39	)%		(14.62	)%		16.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$793,129			$716,998			$595,665			$529,636			$552,028			$477,616
Ratio to average net assets of:
Expenses(c)		.81	%(d)		.79	%(e)		.80	%(e)		.84	%		.78	%		.77	%
Net investment income		2.16	%(d)		1.79	%(e)		1.13	%(e)		1.54	%		2.50	%		2.00	%
Portfolio turnover rate		28	%		4	%		4	%		9	%		4	%		5	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 57

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Wealth Appreciation Strategy
	Class R
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.07			$  9.83			$  9.75			$  13.20			$  16.13			$  14.27
Income From Investment Operations
Net investment income(a)		.08			.14			.05			.08			.27			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.87			1.16			.14			(2.85	)		(2.64	)		1.99
Net increase (decrease) in net asset value from operations		.95			1.30			.19			(2.77	)		(2.37	)		2.19
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.06	)		(.11	)		(.05	)		(.28	)		(.29	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.63	)		(.28	)		(.04	)
Total dividends and distributions		(.14	)		(.06	)		(.11	)		(.68	)		(.56	)		(.33	)
Net asset value, end of period		$  11.88			$  11.07			$  9.83			$  9.75			$  13.20			$  16.13
Total Return
Total investment return based on net asset value(b)		8.72	%		13.21	%		1.85	%		(19.86	)%		(15.17	)%		15.44	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,556			$17,480			$17,617			$16,317			$16,705			$12,568
Ratio to average net assets of:
Expenses(c)		1.45	%(d)		1.46	%(e)		1.45	%(e)		1.45	%		1.43	%		1.44	%
Net investment income		1.54	%(d)		1.17	%(e)		.50	%(e)		.94	%		1.84	%		1.26	%
Portfolio turnover rate		28	%		4	%		4	%		9	%		4	%		5	%

See footnote summary on page 75.

58 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Wealth Appreciation Strategy
	Class K
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.18			$  9.93			$  9.83			$  13.32			$  16.25			$  14.35
Income From Investment Operations
Net investment income(a)		.10			.17			.08			.11			.36			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.87			1.18			.15			(2.89	)		(2.70	)		1.98
Net increase (decrease) in net asset value from operations		.97			1.35			.23			(2.78	)		(2.34	)		2.25
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.10	)		(.13	)		(.08	)		(.31	)		(.31	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.63	)		(.28	)		(.04	)
Total dividends and distributions		(.16	)		(.10	)		(.13	)		(.71	)		(.59	)		(.35	)
Net asset value, end of period		$  11.99			$  11.18			$  9.93			$  9.83			$  13.32			$  16.25
Total Return
Total investment return based on net asset value(b)		8.89	%		13.53	%		2.28	%		(19.66	)%		(14.89	)%		15.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,582			$21,677			$20,044			$16,494			$15,393			$15,478
Ratio to average net assets of:
Expenses(c)		1.12	%(d)		1.15	%(e)		1.13	%(e)		1.14	%		1.07	%		1.13	%
Net investment income		1.95	%(d)		1.45	%(e)		.78	%(e)		1.23	%		2.39	%		1.67	%
Portfolio turnover rate		28	%		4	%		4	%		9	%		4	%		5	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 59

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Wealth Appreciation Strategy
	Class I
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.25			$  9.99			$  9.88			$  13.41			$  16.34			$  14.41
Income From Investment Operations
Net investment income(a)		.13			.22			.13			.14			.41			.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.86			1.18			.13			(2.91	)		(2.70	)		1.96
Net increase (decrease) in net asset value from operations		.99			1.40			.26			(2.77	)		(2.29	)		2.30
Less: Dividends and Distributions
Dividends from net investment income		(.23	)		(.14	)		(.15	)		(.13	)		(.36	)		(.33	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.63	)		(.28	)		(.04	)
Total dividends and distributions		(.23	)		(.14	)		(.15	)		(.76	)		(.64	)		(.37	)
Net asset value, end of period		$  12.01			$  11.25			$  9.99			$  9.88			$  13.41			$  16.34
Total Return
Total investment return based on net asset value(b)		9.06	%		13.90	%		2.58	%		(19.38	)%		(14.56	)%		16.11	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$5,015			$10,552			$11,094			$12,584			$17,025			$19,072
Ratio to average net assets of:
Expenses(c)		.80	%(d)		.82	%(e)		.80	%(e)		.81	%		.74	%		.80	%
Net investment income		2.16	%(d)		1.82	%(e)		1.18	%(e)		1.61	%		2.72	%		2.12	%
Portfolio turnover rate		28	%		4	%		4	%		9	%		4	%		5	%

See footnote summary on page 75.

60 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Balanced Wealth Strategy
	Class A
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.47			$  10.61			$  10.14			$  12.04			$  13.94			$  12.86
Income From Investment Operations
Net investment income(a)		.18			.33			.24			.27			.48			.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.58			.83			.47			(1.50	)		(1.75	)		1.12
Net increase (decrease) in net asset value from operations		.76			1.16			.71			(1.23	)		(1.27	)		1.49
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.30	)		(.24	)		(.28	)		(.48	)		(.39	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.39	)		(.15	)		(.02	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.14	)		(.30	)		(.24	)		(.67	)		(.63	)		(.41	)
Net asset value, end of period		$  12.09			$  11.47			$  10.61			$  10.14			$  12.04			$  13.94
Total Return
Total investment return based on net asset value(b)		6.76	%		10.86	%		6.98	%		(9.09	)%		(9.49	)%		11.68	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$869			$927			$1,022			$1,069			$1,404			$1,482
Ratio to average net assets of:
Expenses(c)		1.00	%(d)		.99	%(e)		.99	%(e)		1.01	%		.93	%		.95	%
Net investment income		3.26	%(d)		2.77	%(e)		2.19	%(e)		3.05	%		3.62	%		2.72	%
Portfolio turnover rate		32	%		4	%		5	%		9	%		6	%		3	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 61

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Balanced Wealth Strategy
	Class B
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.40			$  10.55			$  10.09			$  11.97			$  13.86			$  12.80
Income From Investment Operations
Net investment income(a)		.14			.24			.16			.21			.38			.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.57			.82			.46			(1.49	)		(1.73	)		1.10
Net increase (decrease) in net asset value from operations		.71			1.06			.62			(1.28	)		(1.35	)		1.38
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.21	)		(.16	)		(.21	)		(.39	)		(.30	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.39	)		(.15	)		(.02	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.10	)		(.21	)		(.16	)		(.60	)		(.54	)		(.32	)
Net asset value, end of period		$  12.01			$  11.40			$  10.55			$  10.09			$  11.97			$  13.86
Total Return
Total investment return based on net asset value(b)		6.28	%		10.04	%		6.16	%		(9.69	)%		(10.12	)%		10.85	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$279,623			$309,895			$354,756			$405,281			$571,333			$648,527
Ratio to average net assets of:
Expenses(c)		1.72	%(d)		1.72	%(e)		1.72	%(e)		1.74	%		1.66	%		1.66	%
Net investment income		2.53	%(d)		2.06	%(e)		1.47	%(e)		2.33	%		2.91	%		2.04	%
Portfolio turnover rate		32	%		4	%		5	%		9	%		6	%		3	%

See footnote summary on page 75.

62 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Balanced Wealth Strategy
	Class C
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.42			$  10.56			$  10.10			$  11.98			$  13.87			$  12.80
Income From Investment Operations
Net investment income(a)		.14			.24			.16			.21			.39			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.58			.83			.46			(1.49	)		(1.74	)		1.12
Net increase (decrease) in net asset value from operations		.72			1.07			.62			(1.28	)		(1.35	)		1.39
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.21	)		(.16	)		(.21	)		(.39	)		(.30	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.39	)		(.15	)		(.02	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.10	)		(.21	)		(.16	)		(.60	)		(.54	)		(.32	)
Net asset value, end of period		$  12.04			$  11.42			$  10.56			$  10.10			$  11.98			$  13.87
Total Return
Total investment return based on net asset value(b)		6.36	%		10.12	%		6.15	%		(9.69	)%		(10.11	)%		10.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$341,340			$375,644			$430,059			$472,336			$683,989			$750,829
Ratio to average net assets of:
Expenses(c)		1.71	%(d)		1.70	%(e)		1.70	%(e)		1.72	%		1.64	%		1.65	%
Net investment income		2.53	%(d)		2.07	%(e)		1.49	%(e)		2.37	%		2.93	%		1.99	%
Portfolio turnover rate		32	%		4	%		5	%		9	%		6	%		3	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 63

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Balanced Wealth Strategy
	Advisor Class
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.51			$  10.64			$  10.17			$  12.07			$  13.97			$  12.89
Income From Investment Operations
Net investment income(a)		.20			.35			.26			.30			.49			.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.57			.85			.48			(1.50	)		(1.72	)		1.11
Net increase (decrease) in net asset value from operations		.77			1.20			.74			(1.20	)		(1.23	)		1.53
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.33	)		(.27	)		(.31	)		(.52	)		(.43	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.39	)		(.15	)		(.02	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.16	)		(.33	)		(.27	)		(.70	)		(.67	)		(.45	)
Net asset value, end of period		$  12.12			$  11.51			$  10.64			$  10.17			$  12.07			$  13.97
Total Return
Total investment return based on net asset value(b)		6.84	%		11.24	%		7.27	%		(8.79	)%		(9.19	)%		11.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$104,494			$103,772			$84,269			$85,434			$113,428			$112,984
Ratio to average net assets of:
Expenses(c)		.70	%(d)		.69	%(e)		.69	%(e)		.71	%		.63	%		.65	%
Net investment income		3.47	%(d)		2.93	%(e)		2.45	%(e)		3.35	%		3.74	%		3.01	%
Portfolio turnover rate		32	%		4	%		5	%		9	%		6	%		3	%

See footnote summary on page 75.

64 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Balanced Wealth Strategy
	Class R
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.44			$  10.58			$  10.12			$  12.02			$  13.91			$  12.85
Income From Investment Operations
Net investment income(a)		.16			.25			.19			.23			.38			.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.57			.87			.47			(1.49	)		(1.69	)		1.14
Net increase (decrease) in net asset value from operations		.73			1.12			.66			(1.26	)		(1.31	)		1.43
Less: Dividends and Distributions
Dividends from net investment income		(.12	)		(.26	)		(.20	)		(.25	)		(.43	)		(.35	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.39	)		(.15	)		(.02	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.12	)		(.26	)		(.20	)		(.64	)		(.58	)		(.37	)
Net asset value, end of period		$  12.05			$  11.44			$  10.58			$  10.12			$  12.02			$  13.91
Total Return
Total investment return based on net asset value(b)		6.48	%		10.55	%		6.52	%		(9.37	)%		(9.75	)%		11.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$34,557			$34,602			$24,966			$22,659			$21,129			$15,254
Ratio to average net assets of:
Expenses(c)		1.35	%(d)		1.35	%(e)		1.35	%(e)		1.33	%		1.31	%		1.33	%
Net investment income		2.82	%(d)		2.08	%(e)		1.80	%(e)		2.59	%		2.99	%		2.11	%
Portfolio turnover rate		32	%		4	%		5	%		9	%		6	%		3	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 65

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Balanced Wealth Strategy
	Class K
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.45			$  10.60			$  10.13			$  12.03			$  13.92			$  12.85
Income From Investment Operations
Net investment income(a)		.20			.32			.22			.26			.47			.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.56			.82			.49			(1.49	)		(1.73	)		1.10
Net increase (decrease) in net asset value from operations		.76			1.14			.71			(1.23	)		(1.26	)		1.47
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.29	)		(.24	)		(.28	)		(.48	)		(.38	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.39	)		(.15	)		(.02	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.14	)		(.29	)		(.24	)		(.67	)		(.63	)		(.40	)
Net asset value, end of period		$  12.07			$  11.45			$  10.60			$  10.13			$  12.03			$  13.92
Total Return
Total investment return based on net asset value(b)		6.79	%		10.74	%		6.95	%		(9.12	)%		(9.45	)%		11.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,683			$26,355			$24,859			$16,961			$14,144			$15,411
Ratio to average net assets of:
Expenses(c)		1.01	%(d)		1.04	%(e)		1.03	%(e)		1.03	%		.94	%		1.02	%
Net investment income		3.59	%(d)		2.72	%(e)		2.06	%(e)		2.83	%		3.57	%		2.69	%
Portfolio turnover rate		32	%		4	%		5	%		9	%		6	%		3	%

See footnote summary on page 75.

66 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Balanced Wealth Strategy
	Class I
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.48			$  10.62			$  10.15			$  12.04			$  13.94			$  12.86
Income From Investment Operations
Net investment income(a)		.20			.36			.26			.28			.52			.43
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.57			.83			.48			(1.47	)		(1.75	)		1.09
Net increase (decrease) in net asset value from operations		.77			1.19			.74			(1.19	)		(1.23	)		1.52
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.33	)		(.27	)		(.31	)		(.52	)		(.42	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.39	)		(.15	)		(.02	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.16	)		(.33	)		(.27	)		(.70	)		(.67	)		(.44	)
Net asset value, end of period		$  12.09			$  11.48			$  10.62			$  10.15			$  12.04			$  13.94
Total Return
Total investment return based on net asset value(b)		6.85	%		11.14	%		7.27	%		(8.73	)%		(9.21	)%		11.96	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$19,207			$21,796			$21,211			$31,728			$28,153			$21,371
Ratio to average net assets of:
Expenses(c)		.70	%(d)		.71	%(e)		.69	%(e)		.71	%		.63	%		.69	%
Net investment income		3.50	%(d)		3.00	%(e)		2.49	%(e)		3.18	%		3.94	%		3.09	%
Portfolio turnover rate		32	%		4	%		5	%		9	%		6	%		3	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 67

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Conservative Wealth Strategy
	Class A
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.17			$  10.66			$  10.14			$  11.09			$  12.14			$  11.66
Income From Investment Operations
Net investment income(a)		.21			.26			.20			.31			.46			.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.20			.51			.53			(.71	)		(.94	)		.52
Net increase (decrease) in net asset value from operations		.41			.77			.73			(.40	)		(.48	)		.89
Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.26	)		(.21	)		(.33	)		(.47	)		(.38	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.22	)		(.10	)		(.03	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.11	)		(.26	)		(.21	)		(.55	)		(.57	)		(.41	)
Net asset value, end of period		$  11.47			$  11.17			$  10.66			$  10.14			$  11.09			$  12.14
Total Return
Total investment return based on net asset value(b)		3.72	%		7.23	%		7.21	%		(3.01	)%		(4.15	)%		7.66	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$268,879			$292,825			$346,347			$354,786			$444,466			$400,294
Ratio to average net assets of:
Expenses(c)		1.03	%(d)		1.01	%(e)		1.00	%(e)		1.00	%		.96	%		.98	%
Net investment income		3.74	%(d)		2.34	%(e)		1.87	%(e)		3.35	%		3.88	%		3.06	%
Portfolio turnover rate		19	%		4	%		5	%		13	%		5	%		3	%

See footnote summary on page 75.

68 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Conservative Wealth Strategy
	Class B
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.10			$  10.60			$  10.08			$  11.03			$  12.08			$  11.61
Income From Investment Operations
Net investment income(a)		.16			.18			.12			.25			.37			.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.21			.50			.53			(.72	)		(.93	)		.52
Net increase (decrease) in net asset value from operations		.37			.68			.65			(.47	)		(.56	)		.80
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.18	)		(.13	)		(.26	)		(.39	)		(.30	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.22	)		(.10	)		(.03	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.07	)		(.18	)		(.13	)		(.48	)		(.49	)		(.33	)
Net asset value, end of period		$  11.40			$  11.10			$  10.60			$  10.08			$  11.03			$  12.08
Total Return
Total investment return based on net asset value(b)		3.32	%		6.43	%		6.48	%		(3.75	)%		(4.85	)%		6.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$91,101			$101,883			$119,926			$138,128			$185,022			$172,580
Ratio to average net assets of:
Expenses(c)		1.75	%(d)		1.74	%(e)		1.72	%(e)		1.73	%		1.68	%		1.70	%
Net investment income		3.00	%(d)		1.61	%(e)		1.17	%(e)		2.64	%		3.17	%		2.37	%
Portfolio turnover rate		19	%		4	%		5	%		13	%		5	%		3	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 69

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Conservative Wealth Strategy
	Class C
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.10			$  10.60			$  10.08			$  11.02			$  12.07			$  11.60
Income From Investment Operations
Net investment income(a)		.17			.18			.12			.25			.38			.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.20			.50			.53			(.71	)		(.94	)		.52
Net increase (decrease) in net asset value from operations		.37			.68			.65			(.46	)		(.56	)		.80
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.18	)		(.13	)		(.26	)		(.39	)		(.30	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.22	)		(.10	)		(.03	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.07	)		(.18	)		(.13	)		(.48	)		(.49	)		(.33	)
Net asset value, end of period		$  11.40			$  11.10			$  10.60			$  10.08			$  11.02			$  12.07
Total Return
Total investment return based on net asset value(b)		3.34	%		6.43	%		6.48	%		(3.66	)%		(4.85	)%		6.93	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$137,919			$148,245			$171,195			$183,559			$246,147			$230,707
Ratio to average net assets of:
Expenses(c)		1.73	%(d)		1.72	%(e)		1.71	%(e)		1.71	%		1.67	%		1.69	%
Net investment income		3.01	%(d)		1.63	%(e)		1.17	%(e)		2.65	%		3.23	%		2.34	%
Portfolio turnover rate		19	%		4	%		5	%		13	%		5	%		3	%

See footnote summary on page 75.

70 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Conservative Wealth Strategy
	Advisor Class
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.19			$  10.68			$  10.15			$  11.11			$  12.16			$  11.67
Income From Investment Operations
Net investment income(a)		.21			.29			.23			.32			.47			.43
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.22			.51			.54			(.70	)		(.91	)		.50
Net increase (decrease) in net asset value from operations		.43			.80			.77			(.38	)		(.44	)		.93
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.29	)		(.23	)		(.36	)		(.51	)		(.41	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.22	)		(.10	)		(.03	)
Tax return of capital		– 0	–		– 0	–		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.13	)		(.29	)		(.24	)		(.58	)		(.61	)		(.44	)
Net asset value, end of period		$  11.49			$  11.19			$  10.68			$  10.15			$  11.11			$  12.16
Total Return
Total investment return based on net asset value(b)		3.88	%		7.52	%		7.62	%		(2.79	)%		(3.86	)%		8.05	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$14,068			$17,706			$23,631			$29,458			$30,719			$25,415
Ratio to average net assets of:
Expenses(c)		.72	%(d)		.71	%(e)		.70	%(e)		.70	%		.66	%		.68	%
Net investment income		3.92	%(d)		2.63	%(e)		2.15	%(e)		3.43	%		4.02	%		3.53	%
Portfolio turnover rate		19	%		4	%		5	%		13	%		5	%		3	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 71

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Conservative Wealth Strategy
	Class R
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.19			$  10.67			$  10.15			$  11.11			$  12.16			$  11.69
Income From Investment Operations
Net investment income(a)		.18			.21			.16			.26	(g)		.41			.31	(g)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.20			.53			.53			(.70	)		(.93	)		.53
Net increase (decrease) in net asset value from operations		.38			.74			.69			(.44	)		(.52	)		.84
Less: Dividends and Distributions
Dividends from net investment income		(.09	)		(.22	)		(.17	)		(.30	)		(.43	)		(.34	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.22	)		(.10	)		(.03	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.09	)		(.22	)		(.17	)		(.52	)		(.53	)		(.37	)
Net asset value, end of period		$  11.48			$  11.19			$  10.67			$  10.15			$  11.11			$  12.16
Total Return
Total investment return based on net asset value(b)		3.43	%		6.93	%		6.83	%		(3.40	)%		(4.52	)%		7.26	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$14,954			$15,068			$14,726			$12,756			$10,045			$9,774
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(c)		1.39	%(d)		1.39	%(e)		1.37	%(e)		1.35	%		1.34	%		1.36	%
Expenses, before waivers/reimbursements		1.39	%(d)		1.39	%(e)		1.37	%(e)		1.35	%		1.34	%		1.38	%
Net investment income		3.31	%(d)		1.86	%(e)		1.49	%(e)		2.77	%(g)		3.53	%		2.53	%(g)
Portfolio turnover rate		19	%		4	%		5	%		13	%		5	%		3	%

See footnote summary on page 75.

72 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Conservative Wealth Strategy
	Class K
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.16			$  10.65			$  10.13			$  11.09			$  12.13			$  11.66
Income From Investment Operations
Net investment income(a)		.19			.23			.19			.27			.46			.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.21			.53			.53			(.68	)		(.93	)		.46
Net increase (decrease) in net asset value from operations		.40			.76			.72			(.41	)		(.47	)		.88
Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.25	)		(.20	)		(.33	)		(.47	)		(.38	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.22	)		(.10	)		(.03	)
Tax return of capital		– 0	–		– 0	–		(.00	)(f)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.11	)		(.25	)		(.20	)		(.55	)		(.57	)		(.41	)
Net asset value, end of period		$  11.45			$  11.16			$  10.65			$  10.13			$  11.09			$  12.13
Total Return
Total investment return based on net asset value(b)		3.63	%		7.18	%		7.16	%		(3.05	)%		(4.08	)%		7.57	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,422			$7,684			$5,447			$4,730			$1,793			$1,780
Ratio to average net assets of:
Expenses(c)		1.03	%(d)		1.08	%(e)		1.05	%(e)		1.05	%		.96	%		1.06	%
Net investment income		3.52	%(d)		2.05	%(e)		1.80	%(e)		2.74	%		3.94	%		3.42	%
Portfolio turnover rate		19	%		4	%		5	%		13	%		5	%		3	%

See footnote summary on page 75.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 73

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Conservative Wealth Strategy
	Class I
	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Net asset value, beginning of period		$  11.17			$  10.66			$  10.14			$  11.09			$  12.14			$  11.66
Income From Investment Operations
Net investment income(a)		.24			.28			.22			.34			.50			.41
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.19			.52			.54			(.71	)		(.94	)		.51
Net increase (decrease) in net asset value from operations		.43			.80			.76			(.37	)		(.44	)		.92
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.29	)		(.23	)		(.36	)		(.51	)		(.41	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.22	)		(.10	)		(.03	)
Tax return of capital		– 0	–		– 0	–		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.13	)		(.29	)		(.24	)		(.58	)		(.61	)		(.44	)
Net asset value, end of period		$  11.47			$  11.17			$  10.66			$  10.14			$  11.09			$  12.14
Total Return
Total investment return based on net asset value(b)		3.88	%		7.49	%		7.50	%		(2.72	)%		(3.86	)%		7.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,227			$2,868			$3,038			$2,728			$2,990			$2,158
Ratio to average net assets of:
Expenses(c)		.73	%(d)		.74	%(e)		.73	%(e)		.72	%		.64	%		.73	%
Net investment income		4.05	%(d)		2.45	%(e)		2.12	%(e)		3.64	%		4.22	%		3.39	%
Portfolio turnover rate		19	%		4	%		5	%		13	%		5	%		3	%

See footnote summary on page 75.

74 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Financial Highlights

(a) Based on average shares outstanding.

(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on strategy distributions or the redemption of strategy shares. Total investment return calculated for a period of less than one year is not annualized.

(c) Expense ratios do not include expenses of the Underlying Portfolios in which the Strategy invests. For the periods shown below, the estimated annualized blended expense ratios of the Underlying Portfolios were as follows:

	Six Months Ended February 29, 2012 (unaudited)			Year Ended August 31,
				2011			2010			2009			2008			2007
Wealth Appreciation Strategy		.04	%		.03	%		.02	%		.04	%		.04	%		.04	%
Balanced Wealth Strategy		.04	%		.03	%		.03	%		.04	%		.04	%		.04	%
Conservative Wealth Strategy		.03	%		.03	%		.03	%		.04	%		.04	%		.04	%

(d) Annualized

(e) The ratio includes expenses attributable to costs of proxy solicitation.

(f) Amount is less than $.005.

(g) Net of fees and expenses waived/reimbursed by the Adviser.

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 75

Financial Highlights

TRUSTEES

William H. Foulk, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Garry L. Moody(1) Marshall C. Turner, Jr.(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Thomas J. Fontaine(2), Vice President Dokyoung Lee(2), Vice President Seth J. Masters(2), Vice President Christopher H. Nikolich(2), Vice President	Patrick J. Rudden(2), Vice President Emilie D. Wrapp, Clerk Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller

Custodian and Accounting Agent State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111   Principal Underwriter AllianceBernstein Investments, Inc.
1345 Avenue of the Americas
New York, NY 10105   Legal Counsel Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004 Transfer Agent AllianceBernstein Investor
Services, Inc.
P.O. Box 786003
San Antonio, TX 78278-6003
Toll-Free (800) 221-5672   Independent Registered Public Accounting Firm Ernst & Young LLP
5 Times Square
New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee. Mr. Foulk and Ms. Jacklin are members of the Fair Value Pricing Committee.

(2) The day-to-day management of, and investment decisions for, each Strategy’s portfolio are made by the Adviser’s Multi-Asset Solutions Team. Messrs. Fontaine, Lee, Masters, Nikolich and Rudden are the members of the Adviser’s Multi-Asset Solutions Team primarily responsible for the day-to-day management of each Strategy’s portfolio.

76 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Trustees

The information on pages 77-236 represent the holdings of the Underlying Portfolios in which the Strategies may invest, including specific breakdowns within Underlying Portfolios. The Portfolio of Investments information has been derived from each fund’s February 29, 2012 audited financial statements which is available upon request.

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

U.S. VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,309.7

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,317.1

* All data are as of February 29, 2012. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 77

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,126.6

* All data are as of February 29, 2012. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.9% or less in the following countries: Belgium, China, Czech Republic, Denmark, Hong Kong, New Zealand, Norway, Poland, Portugal, South Africa, Spain, Sweden, Thailand and Turkey.

Please Note: The industry 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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

78 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,120.5

* All data are as of February 29, 2012. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.8% or less in the following countries: Australia, Belgium, Chile, Germany, Italy, Luxembourg, Portugal, Russia, South Africa and Spain.

Please Note: The industry 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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 79

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

SHORT DURATION BOND PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $951.9

* All data are as of February 29, 2012. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

80 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

GLOBAL CORE BOND PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,208.1

* All data are as of February 29, 2012. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 81

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $831.9

* All data are as of February 29, 2012. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

82 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

HIGH-YIELD PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $435.2

* All data are as of February 29, 2012. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 83

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $367.6

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $369.2

* All data are as of February 29, 2012. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

84 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

MULTI-ASSET REAL RETURN PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $612.5

* All data are as of February 29, 2012. The Portfolio’s security type and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 0.7% or less in the following countries: Germany, Norway, South Africa and Sweden.

Please Note: The industry 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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 85

Portfolio Summary

PORTFOLIO SUMMARY

February 29, 2012 (unaudited)

VOLATILITY MANAGEMENT PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,853.8

TEN LARGEST HOLDINGS^**

February 29, 2012 (unaudited)

Company	U.S. $ Value		Percent of Net Assets
Vanguard MSCI Emerging Markets ETF	$	93,598,929		5.0	%
iShares MSCI Emerging Markets Index Fund		51,004,798		2.8
Apple, Inc.		8,245,088		0.4
Exxon Mobil Corp.		6,781,600		0.4
Simon Property Group, Inc.		4,642,900		0.2
Microsoft Corp.		3,884,976		0.2
International Business Machines Corp.		3,796,889		0.2
Chevron Corp.		3,557,312		0.2
General Electric Co.		3,289,935		0.2
Procter & Gamble Co. (The)		3,038,400		0.2
	$	181,840,827		9.8	%

* All data are as of February 29, 2012. The Portfolio’s security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

** Long-term investments.

86 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Portfolio Summary and Ten Largest Holdings

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.4%
Financials – 17.6%
Capital Markets – 2.1%
Goldman Sachs Group, Inc. (The)		70,100	$	8,071,314
Legg Mason, Inc.		224,900		6,160,011
Morgan Stanley		686,600		12,729,564
				26,960,889
Commercial Banks – 4.0%
CIT Group, Inc.(a)		525,200		21,380,892
KeyCorp		182,300		1,476,630
Regions Financial Corp.		403,000		2,321,280
Wells Fargo & Co.		881,300		27,575,877
				52,754,679
Diversified Financial Services – 7.7%
Bank of America Corp.		973,600		7,759,592
Citigroup, Inc.		1,218,300		40,593,756
JPMorgan Chase & Co.		1,084,000		42,536,160
Moody’s Corp.		251,800		9,721,998
				100,611,506
Insurance – 3.8%
ACE Ltd.		153,800		11,028,998
Berkshire Hathaway, Inc.(a)		93,100		7,303,695
Chubb Corp. (The)		72,100		4,899,916
Reinsurance Group of America, Inc. – Class A		130,900		7,549,003
Travelers Cos., Inc. (The)		295,300		17,118,541
XL Group PLC		96,500		2,007,200
				49,907,353
				230,234,427
Health Care – 16.8%
Biotechnology – 1.2%
Gilead Sciences, Inc.(a)		266,000		12,103,000
Vertex Pharmaceuticals, Inc.(a)		109,400		4,257,848
				16,360,848
Health Care Providers & Services – 4.9%
Aetna, Inc.		95,900		4,484,284
Health Net, Inc.(a)		230,800		8,710,392
UnitedHealth Group, Inc.		481,200		26,826,900
WellPoint, Inc.		360,700		23,672,741
				63,694,317
Pharmaceuticals – 10.7%
AstraZeneca PLC (Sponsored ADR)		415,700		18,660,773
Johnson & Johnson		645,700		42,022,156
Merck & Co., Inc.		592,300		22,608,091
Pfizer, Inc.		2,407,200		50,791,920

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 87

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Roche Holding AG (Sponsored ADR)		145,000	$	6,319,100
				140,402,040
				220,457,205
Consumer Discretionary – 15.5%
Auto Components – 1.8%
Lear Corp.		240,900		10,891,089
TRW Automotive Holdings Corp.(a)		261,800		11,974,732
				22,865,821
Automobiles – 2.0%
Ford Motor Co.		781,400		9,673,732
General Motors Co.(a)		643,600		16,746,472
				26,420,204
Diversified Consumer Services – 0.6%
Apollo Group, Inc. – Class A(a)		181,700		7,747,688
Hotels, Restaurants & Leisure – 1.0%
MGM Resorts International(a)		989,000		13,618,530
Household Durables – 0.8%
Newell Rubbermaid, Inc.		287,760		5,266,008
NVR, Inc.(a)		7,400		5,120,800
				10,386,808
Media – 6.6%
CBS Corp. – Class B		358,800		10,728,120
DIRECTV(a)		216,800		10,042,176
Gannett Co., Inc.		862,970		12,806,475
Interpublic Group of Cos., Inc. (The)		268,500		3,146,820
McGraw-Hill Cos., Inc. (The)		146,400		6,813,456
News Corp. – Class A		569,100		11,308,017
Time Warner Cable, Inc. – Class A		237,600		18,851,184
Viacom, Inc. – Class B		265,700		12,652,634
				86,348,882
Multiline Retail – 0.8%
Macy’s, Inc.		271,500		10,308,855
Specialty Retail – 1.9%
GameStop Corp. – Class A(b)		142,700		3,250,706
Home Depot, Inc. (The)		120,200		5,717,914
Limited Brands, Inc.		157,500		7,328,475
Lowe’s Cos., Inc.		246,600		6,998,508
Staples, Inc.		136,700		2,004,022
				25,299,625
				202,996,413

88 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Energy – 11.3%
Energy Equipment & Services – 1.1%
Transocean Ltd./Switzerland		271,200	$	14,465,808
Oil, Gas & Consumable Fuels – 10.2%
Anadarko Petroleum Corp.		75,800		6,376,296
BP PLC (Sponsored ADR)		433,800		20,458,008
Chevron Corp.		268,500		29,298,720
Devon Energy Corp.		217,500		15,944,925
Exxon Mobil Corp.		285,100		24,661,150
Marathon Oil Corp.		527,900		17,890,531
Marathon Petroleum Corp.		286,200		11,891,610
Nexen, Inc. (New York)		215,500		4,391,890
Valero Energy Corp.		111,900		2,740,431
				133,653,561
				148,119,369
Information Technology – 11.2%
Communications Equipment – 1.8%
Cisco Systems, Inc.		1,034,800		20,571,824
Motorola Solutions, Inc.		57,700		2,873,460
				23,445,284
Computers & Peripherals – 2.5%
Dell, Inc.(a)		79,500		1,375,350
Hewlett-Packard Co.		1,123,400		28,433,254
Seagate Technology PLC		105,785		2,777,914
				32,586,518
Electronic Equipment, Instruments & Components – 1.1%
Corning, Inc.		1,128,200		14,711,728
IT Services – 0.7%
Visa, Inc. – Class A		70,300		8,180,811
Semiconductors & Semiconductor Equipment – 5.1%
Advanced Semiconductor Engineering, Inc. (ADR)(b)		754,358		3,681,267
Applied Materials, Inc.		1,317,500		16,126,200
Intel Corp.		930,000		24,998,400
Lam Research Corp.(a)		233,600		9,741,120
Micron Technology, Inc.(a)		1,469,100		12,560,805
				67,107,792
				146,032,133
Consumer Staples – 10.0%
Beverages – 1.0%
Constellation Brands, Inc. – Class A(a)		617,300		13,481,832

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 89

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Food & Staples Retailing – 2.4%
CVS Caremark Corp.		259,900	$	11,721,490
Kroger Co. (The)		832,500		19,805,175
				31,526,665
Food Products – 1.8%
Archer-Daniels-Midland Co.		133,100		4,152,720
ConAgra Foods, Inc.		346,500		9,095,625
Tyson Foods Inc – Class A		546,708		10,338,248
				23,586,593
Household Products – 1.6%
Procter & Gamble Co. (The)		302,300		20,411,296
Tobacco – 3.2%
Altria Group, Inc.(b)		560,700		16,877,070
Lorillard, Inc.		143,500		18,809,980
Philip Morris International, Inc.		40,700		3,399,264
Reynolds American, Inc.		69,100		2,897,363
				41,983,677
				130,990,063
Industrials – 6.4%
Aerospace & Defense – 1.3%
General Dynamics Corp.		48,400		3,544,332
Northrop Grumman Corp.		214,700		12,841,207
				16,385,539
Airlines – 0.8%
Delta Air Lines, Inc.(a)		1,027,100		10,075,851
Building Products – 0.3%
Fortune Brands Home & Security, Inc.(a)		216,885		4,194,556
Industrial Conglomerates – 4.0%
General Electric Co.		2,162,700		41,199,435
Tyco International Ltd.		225,800		11,700,956
				52,900,391
				83,556,337
Utilities – 4.8%
Electric Utilities – 1.6%
Edison International		99,500		4,166,065
Great Plains Energy, Inc.		340,100		6,727,178
NV Energy, Inc.		668,000		10,474,240
				21,367,483
Gas Utilities – 0.9%
Atmos Energy Corp.		223,400		6,865,082

90 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
UGI Corp.		176,917	$	4,997,905
				11,862,987
Multi-Utilities – 2.3%
CenterPoint Energy, Inc.		390,800		7,616,692
DTE Energy Co.		270,200		14,588,098
NiSource, Inc.		231,600		5,558,400
Public Service Enterprise Group, Inc.		81,100		2,496,258
				30,259,448
				63,489,918
Telecommunication Services – 3.9%
Diversified Telecommunication Services – 3.9%
AT&T, Inc.		810,300		24,787,077
CenturyLink, Inc.		643,700		25,908,925
				50,696,002
Materials – 0.9%
Chemicals – 0.9%
LyondellBasell Industries NV		276,100		11,921,998
Total Common Stocks (cost $1,145,976,782)				1,288,493,865
SHORT-TERM INVESTMENTS – 1.6%
Investment Companies – 1.6%
AllianceBernstein Fixed-Income Shares, Inc. –Government STIF Portfolio, 0.09%(c) (cost $21,053,619)		21,053,619		21,053,619
Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% (cost $1,167,030,401)				1,309,547,484
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 0.3%
Investment Companies – 0.3%
AllianceBernstein Exchange Reserves –Class I, 0.22%(c) (cost $4,230,960)		4,230,960		4,230,960
Total Investments – 100.3% (cost $1,171,261,361)				1,313,778,444
Other assets less liabilities – (0.3)%				(3,636,703	)
Net Assets – 100.0%			$	1,310,141,741

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 91

U.S. Value Portfolio—Portfolio of Investments

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note D for securities lending information.

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

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

92 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.9%
Information Technology – 29.9%
Communications Equipment – 5.1%
Cisco Systems, Inc.		847,740	$	16,853,071
QUALCOMM, Inc.		820,860		51,041,075
				67,894,146
Computers & Peripherals – 9.9%
Apple, Inc.(a)		191,530		103,893,533
EMC Corp./Massachusetts(a)		957,577		26,515,307
				130,408,840
Internet Software & Services – 4.5%
Google, Inc. – Class A(a)		95,735		59,188,164
IT Services – 0.7%
Visa, Inc. – Class A		74,380		8,655,601
Semiconductors & Semiconductor Equipment – 3.5%
Broadcom Corp. – Class A(a)		635,646		23,614,249
Marvell Technology Group Ltd.(a)		1,517,411		22,761,165
				46,375,414
Software – 6.2%
Citrix Systems, Inc.(a)		268,700		20,082,638
Informatica Corp.(a)		83,820		4,120,591
Intuit, Inc.		275,200		15,917,568
Oracle Corp.		1,160,690		33,973,396
Salesforce.com, Inc.(a)		53,990		7,729,209
				81,823,402
				394,345,567
Consumer Discretionary – 13.7%
Auto Components – 1.3%
BorgWarner, Inc.(a)		208,672		17,286,388
Automobiles – 0.7%
Harley-Davidson, Inc.		184,277		8,583,623
Hotels, Restaurants & Leisure – 2.6%
Las Vegas Sands Corp.(a)		269,100		14,964,651
Starbucks Corp.		406,250		19,727,500
				34,692,151
Internet & Catalog Retail – 1.6%
Amazon.com, Inc.(a)		115,510		20,755,992
Media – 5.7%
Comcast Corp. – Class A		1,223,220		35,938,204
Walt Disney Co. (The)		938,440		39,405,095
				75,343,299

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 93

U.S. Large Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Multiline Retail – 0.9%
Dollar General Corp.(a)		285,114	$	11,991,895
Textiles, Apparel & Luxury Goods – 0.9%
PVH Corp.		145,605		12,377,881
				181,031,229
Industrials – 13.4%
Aerospace & Defense – 4.5%
Boeing Co. (The)		377,210		28,271,889
Precision Castparts Corp.		184,820		30,944,413
				59,216,302
Air Freight & Logistics – 2.6%
United Parcel Service, Inc. – Class B		443,545		34,104,175
Electrical Equipment – 1.9%
Emerson Electric Co.		281,710		14,172,830
Rockwell Automation, Inc.		134,634		10,768,028
				24,940,858
Industrial Conglomerates – 2.8%
Danaher Corp.		688,059		36,350,157
Machinery – 1.6%
Flowserve Corp.		179,734		21,311,060
				175,922,552
Energy – 12.4%
Energy Equipment & Services – 5.9%
FMC Technologies, Inc.(a)		266,600		13,444,638
National Oilwell Varco, Inc.		119,910		9,896,172
Schlumberger Ltd.		707,535		54,911,792
				78,252,602
Oil, Gas & Consumable Fuels – 6.5%
Anadarko Petroleum Corp.		270,810		22,780,537
EOG Resources, Inc.		260,195		29,625,803
Noble Energy, Inc.		333,358		32,552,408
				84,958,748
				163,211,350
Health Care – 9.6%
Biotechnology – 0.6%
Gilead Sciences, Inc.(a)		182,815		8,318,083
Health Care Equipment & Supplies – 3.7%
Covidien PLC		572,990		29,938,727
Stryker Corp.		347,100		18,618,444
				48,557,171

94 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

U.S. Large Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care Providers & Services – 1.9%
Express Scripts, Inc. – Class A(a)		464,135	$	24,752,320
Life Sciences Tools & Services – 0.9%
Illumina, Inc.(a)(b)		225,570		11,560,462
Pharmaceuticals – 2.5%
Allergan, Inc./United States		243,400		21,806,206
Perrigo Co.		110,180		11,355,151
				33,161,357
				126,349,393
Financials – 8.0%
Capital Markets – 3.4%
Blackstone Group LP		1,584,009		24,742,221
Goldman Sachs Group, Inc. (The)		175,130		20,164,468
				44,906,689
Diversified Financial Services – 2.7%
JPMorgan Chase & Co.		894,270		35,091,155
Insurance – 0.5%
MetLife, Inc.		186,717		7,197,940
Real Estate Management & Development – 1.4%
CBRE Group, Inc.(a)		1,006,646		18,451,821
				105,647,605
Materials – 6.4%
Chemicals – 5.1%
Dow Chemical Co. (The)		454,540		15,231,635
Monsanto Co.		353,727		27,371,395
Potash Corp. of Saskatchewan, Inc.		511,870		23,827,549
				66,430,579
Metals & Mining – 1.3%
Freeport-McMoRan Copper & Gold, Inc.		414,530		17,642,397
				84,072,976
Consumer Staples – 2.5%
Food Products – 2.5%
General Mills, Inc.		548,740		21,022,229
Hershey Co. (The)		191,410		11,618,587
				32,640,816
Total Common Stocks (cost $1,001,115,076)				1,263,221,488

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 95

U.S. Large Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.4%
Investment Companies – 1.4%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(c) (cost $17,761,586)		17,761,586	$	17,761,586
Total Investments Before Security Lending Collateral for Securities Loaned – 97.3% (cost $1,018,876,662)				1,280,983,074
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 0.9%
Investment Companies – 0.9%
AllianceBernstein Exchange Reserves – Class I, 0.22%(c) (cost $11,842,425)		11,842,425		11,842,425
Total Investments – 98.2% (cost $1,030,719,087)				1,292,825,499
Other assets less liabilities – 1.8%				23,996,495
Net Assets – 100.0%			$	1,316,821,994

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note D for securities lending information.

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

See notes to financial statements.

96 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

U.S. Large Cap Growth Portfolio—Portfolio of Investments

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.6%
Financials – 22.2%
Capital Markets – 1.9%
Deutsche Bank AG		199,200	$	9,295,527
Macquarie Group Ltd.		414,190		11,810,268
				21,105,795
Commercial Banks – 12.4%
Banco do Brasil SA		1,082,500		17,429,684
Barclays PLC		2,812,300		10,890,065
BNP Paribas SA		263,755		12,836,049
HSBC Holdings PLC		631,070		5,590,997
KB Financial Group, Inc.		450,822		16,554,578
KBC Groep NV		200,930		4,729,377
Komercni Banka AS		17,400		3,396,187
Lloyds Banking Group PLC(a)		14,026,950		7,808,653
Mitsubishi UFJ Financial Group, Inc.		1,963,400		10,147,073
National Australia Bank Ltd.		628,370		15,862,518
Societe Generale SA		302,604		9,740,436
Sumitomo Mitsui Financial Group, Inc.		339,500		11,522,847
Turkiye Is Bankasi – Class C		2,849,730		6,757,130
Turkiye Vakiflar Bankasi Tao – Class D		3,829,550		6,766,909
				140,032,503
Diversified Financial Services – 1.9%
ING Groep NV(a)		1,551,040		13,668,730
ORIX Corp.		84,240		8,118,596
				21,787,326
Insurance – 5.1%
Aegon NV(a)		1,676,000		8,771,288
Allianz SE		138,640		16,813,731
Aviva PLC		465,280		2,722,914
Legal & General Group PLC		6,230,020		11,952,015
Muenchener Rueckversicherungs AG		75,960		11,075,714
Suncorp Group Ltd.		675,580		5,906,105
				57,241,767
Real Estate Investment Trusts (REITs) – 0.1%
British Land Co. PLC		84,696		632,196
Real Estate Management & Development – 0.8%
Evergrande Real Estate Group Ltd.(b)		7,936,000		5,000,494
New World Development Co Ltd.		3,136,836		4,323,653
				9,324,147
				250,123,734

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 97

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Energy – 15.4%
Energy Equipment & Services – 0.8%
Seadrill Ltd.		206,770	$	8,562,033
Oil, Gas & Consumable Fuels – 14.6%
BP PLC		5,084,880		39,787,104
China Petroleum & Chemical Corp. – Class H		7,802,000		8,863,807
ENI SpA		410,260		9,435,705
Gazprom OAO (Sponsored ADR)		1,940,170		25,610,244
JX Holdings, Inc.		1,352,100		8,495,355
LUKOIL OAO (London) (Sponsored ADR)(b)		219,770		14,010,338
Nexen, Inc. (Toronto)		538,033		10,967,836
Petroleo Brasileiro SA (Sponsored ADR)		629,050		17,921,634
PTT PCL		440,500		5,283,380
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		675,187		24,644,513
				165,019,916
				173,581,949
Materials – 12.9%
Chemicals – 3.9%
Agrium, Inc. (Toronto)		105,080		8,939,951
Air Water, Inc.		165,000		2,155,853
DIC Corp.		1,557,000		3,224,188
Koninklijke DSM NV		273,876		15,216,484
Mitsubishi Gas Chemical Co., Inc.		620,000		3,935,413
OCI Co., Ltd.(b)		33,890		8,098,221
Ube Industries Ltd./Japan		960,000		2,784,183
				44,354,293
Metals & Mining – 9.0%
Anglo American PLC		173,270		7,304,143
ArcelorMittal (Euronext Amsterdam)		154,650		3,259,512
Dowa Holdings Co., Ltd.		133,000		880,038
Exxaro Resources Ltd.		154,110		4,304,230
JFE Holdings, Inc.		200,500		4,336,838
KGHM Polska Miedz SA		214,950		10,223,452
Kinross Gold Corp.		382,180		4,229,492
New Gold, Inc.(a)		164,592		1,922,971
OneSteel Ltd.		2,822,393		3,188,775
Rio Tinto PLC		254,170		14,418,898
ThyssenKrupp AG		408,330		11,018,905
Vale SA (Sponsored ADR) (Local Preference Shares)		1,130,830		27,795,801
Xstrata PLC		412,690		7,877,818
				100,760,873
				145,115,166

98 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Consumer Discretionary – 12.2%
Auto Components – 3.6%
Bridgestone Corp.		452,600	$	10,917,818
Faurecia		92,342		2,574,063
GKN PLC		2,965,900		10,300,571
Magna International, Inc. – Class A		197,800		9,421,713
NGK Spark Plug Co., Ltd.		370,000		5,010,838
Sumitomo Rubber Industries Ltd.		207,300		2,613,470
				40,838,473
Automobiles – 5.5%
Bayerische Motoren Werke AG		67,710		6,252,063
Dongfeng Motor Group Co., Ltd. – Class H		2,222,000		4,317,805
Kia Motors Corp.		49,140		3,098,172
Mazda Motor Corp.(a)(b)		3,561,000		5,924,524
Nissan Motor Co., Ltd.		1,335,100		13,772,183
Renault SA		254,880		13,450,088
Volkswagen AG (Preference Shares)		81,890		15,288,824
				62,103,659
Distributors – 0.4%
Imperial Holdings Ltd.		256,620		5,009,216
Household Durables – 1.6%
Sharp Corp./Japan		1,360,000		9,609,259
Sony Corp.		377,000		8,137,101
				17,746,360
Leisure Equipment & Products – 0.3%
Namco Bandai Holdings, Inc.		197,500		2,772,126
Media – 0.5%
Fairfax Media Ltd.(b)		3,170,950		2,704,597
Informa PLC		418,700		2,884,518
				5,589,115
Textiles, Apparel & Luxury Goods – 0.3%
Yue Yuen Industrial Holdings Ltd.		1,049,000		3,562,556
				137,621,505
Information Technology – 9.7%
Computers & Peripherals – 2.0%
Fujitsu Ltd.		1,859,000		10,113,535
Lite-On Technology Corp.		621,300		840,978
Pegatron Corp.		2,027,000		2,743,335
Quanta Computer, Inc.		1,276,000		3,141,523
Wistron Corp.		3,628,000		6,020,404
				22,859,775

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 99

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components – 2.5%
AU Optronics Corp.		20,511,790	$	11,017,069
LG Display Co., Ltd.(a)		636,790		16,761,725
				27,778,794
Office Electronics – 0.3%
Konica Minolta Holdings, Inc.		385,000		3,259,613
Semiconductors & Semiconductor Equipment – 4.6%
Advanced Semiconductor Engineering, Inc.		15,912,314		15,477,760
GCL-Poly Energy Holdings Ltd.(b)		20,442,000		6,958,439
Powertech Technology, Inc.		778,800		1,779,386
Samsung Electronics Co., Ltd.		23,890		25,690,426
Sumco Corp.(a)(b)		233,700		2,527,958
				52,433,969
Software – 0.3%
Nintendo Co., Ltd.		21,600		3,228,645
				109,560,796
Health Care – 6.3%
Pharmaceuticals – 6.3%
AstraZeneca PLC		638,720		28,581,212
GlaxoSmithKline PLC		525,790		11,618,814
Novartis AG		250,070		13,630,359
Otsuka Holdings Co., Ltd.		104,800		2,952,012
Roche Holding AG		78,280		13,624,984
				70,407,381
Industrials – 5.9%
Aerospace & Defense – 0.4%
Saab AB		206,600		4,176,285
Airlines – 0.7%
Cathay Pacific Airways Ltd.		1,186,000		2,346,968
Deutsche Lufthansa (REG)		427,400		5,935,548
				8,282,516
Building Products – 1.0%
Asahi Glass Co., Ltd.		1,306,000		11,790,610
Construction & Engineering – 1.2%
Bouygues SA		434,310		13,758,305
Electrical Equipment – 1.1%
Sumitomo Electric Industries Ltd.		948,600		12,434,689
Industrial Conglomerates – 0.3%
Jardine Strategic Holdings Ltd.		93,000		2,835,594

100 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Machinery – 0.2%
IHI Corp.		1,003,000	$	2,547,542
Marine – 0.3%
AP Moller – Maersk A/S (Line of B Shares)		357		2,870,987
Trading Companies & Distributors – 0.7%
Mitsubishi Corp.		326,500		8,023,825
				66,720,353
Telecommunication Services – 5.9%
Diversified Telecommunication Services – 4.0%
Chorus Ltd.(a)		13,384		36,458
Nippon Telegraph & Telephone Corp.		452,500		21,300,249
Telecom Italia SpA (ordinary shares)		9,707,700		11,151,862
Telecom Italia SpA (savings shares)		4,931,400		4,644,168
Vivendi SA		356,050		7,631,688
				44,764,425
Wireless Telecommunication Services – 1.9%
China Mobile Ltd.		328,000		3,491,077
NTT DoCoMo, Inc.		1,319		2,249,856
Vodafone Group PLC		5,995,507		16,151,409
				21,892,342
				66,656,767
Consumer Staples – 5.0%
Beverages – 0.6%
Asahi Group Holdings Ltd.		305,400		6,690,404
Food & Staples Retailing – 1.7%
Delhaize Group SA		110,289		6,058,429
Empire Co., Ltd.		41,800		2,407,582
Koninklijke Ahold NV		759,400		10,486,518
				18,952,529
Food Products – 0.3%
Nestle SA		49,420		3,021,280
Tobacco – 2.4%
Imperial Tobacco Group PLC		284,720		11,274,030
Japan Tobacco, Inc.		3,039		16,144,607
				27,418,637
				56,082,850
Utilities – 3.1%
Electric Utilities – 1.5%
E.ON AG		457,620		10,491,055

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 101

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
EDP – Energias de Portugal SA		2,210,300	$	6,424,421
				16,915,476
Gas Utilities – 1.0%
Gas Natural SDG SA		652,280		11,031,114
Multi-Utilities – 0.6%
National Grid PLC		684,740		6,973,824
				34,920,414
Total Common Stocks (cost $1,078,236,301)				1,110,790,915
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(c) (cost $5,857,075)		5,857,075		5,857,075
Total Investments Before Security Lending Collateral for Securities Loaned – 99.1% (cost $1,084,093,376)				1,116,647,990
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 2.2%
Investment Companies – 2.2%
AllianceBernstein Exchange Reserves – Class I, 0.22%(c) (cost $24,451,319)		24,451,319		24,451,319
Total Investments – 101.3% (cost $1,108,544,695)				1,141,099,309
Other assets less liabilities – (1.3)%				(14,525,402	)
Net Assets – 100.0%			$	1,126,573,907

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50 Futures		143		March 2012	$	4,343,604	$	4,782,023	$	438,419
Topix Index Futures		38		March 2012		3,467,971		3,896,297		428,326
									$	866,745

102 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

International Value Portfolio—Portfolio of Investments

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank NA:
Australian Dollar settling 5/15/12		13,006	$	13,926,500	$	13,831,503	$	(94,997	)
Swiss Franc settling 5/15/12		15,255		16,731,634		16,876,448		144,814
Credit Suisse London Branch (GFX):
Australian Dollar settling 5/15/12		32,871		34,717,693		34,957,352		239,659
Deutsche Bank AG London:
Norwegian Krone settling 5/15/12		282,848		48,875,603		50,446,881		1,571,278
HSBC BankUSA:
Norwegian Krone settling 5/15/12		34,375		5,940,089		6,130,895		190,806
Royal Bank of Scotland PLC:
Swedish Krona settling 5/15/12		94,333		14,068,004		14,215,821		147,817
State Street Bank and Trust Co.:
Great British Pound settling 5/15/12		5,975		9,475,753		9,500,529		24,776
UBS AG:
Australian Dollar settling 5/15/12		48,837		50,111,499		51,936,728		1,825,229
Japanese Yen settling 5/15/12		777,690		10,028,796		9,573,206		(455,590	)
Swedish Krona settling 5/15/12		279,822		41,892,657		42,168,695		276,038
Westpac Banking Corp.:
New Zealand Dollar settling 5/15/12		20,489		16,244,458		17,008,697		764,239
New Zealand Dollar settling 5/15/12		47,216		38,823,356		39,195,793		372,437
Sale Contracts
Bank of America NA:
Canadian Dollar settling 5/15/12		32,043		31,909,459		32,330,575		(421,116	)
Barclays Bank PLC Wholesale:
Euro settling 5/15/12		49,547		63,170,939		66,033,858		(2,862,919	)
Credit Suisse London Branch (GFX):
Japanese Yen settling 5/15/12		1,742,493		22,710,534		21,449,735		1,260,799
Deutsche Bank AG London:
Euro settling 5/15/12		42,599		56,183,821		56,773,897		(590,076	)
Goldman Sachs International:
Euro settling 5/15/12		57,294		75,890,487		76,358,687		(468,200	)
UBS AG:
Japanese Yen settling 5/15/12		2,568,548		33,434,405		31,618,305		1,816,100
Swiss Franc settling 5/15/12		13,756		15,001,500		15,218,121		(216,621	)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 103

International Value Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Swiss Franc settling 5/15/12		15,255	$	16,636,222	$	16,876,448	$	(240,226	)
							$	3,284,247

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note D for securities lending information.

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

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

See notes to financial statements.

104 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

International Value Portfolio—Portfolio of Investments

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.3%
Financials – 27.5%
Capital Markets – 1.3%
UBS AG(a)		1,086,113	$	15,210,609
Commercial Banks – 13.6%
Banco Bilbao Vizcaya Argentaria SA		1,121,137		10,036,838
Banco Santander Brasil SA/Brazil (ADR)		1,549,700		16,550,796
Banco Santander Chile (ADR)		135,330		10,963,083
Banco Santander SA		1,057,002		8,749,501
BNP Paribas SA		292,300		14,225,236
HDFC Bank Ltd.		1,507,000		15,959,330
HSBC Holdings PLC		2,223,350		19,697,882
Intesa Sanpaolo SpA		7,468,940		14,558,792
Itau Unibanco Holding SA (ADR)		1,310,240		27,580,552
Sberbank of Russia (Sponsored ADR)(a)		218,223		2,989,655
Standard Chartered PLC		441,492		11,357,648
				152,669,313
Consumer Finance – 1.4%
Shriram Transport Finance Co., Ltd.		1,405,030		15,692,183
Diversified Financial Services – 0.9%
IG Group Holdings PLC		1,476,050		10,390,507
Insurance – 5.4%
Admiral Group PLC		1,021,773		17,507,052
AIA Group Ltd.		6,444,600		24,326,004
Lancashire Holdings Ltd.		544,090		6,619,208
Prudential PLC		1,024,310		11,620,880
				60,073,144
Real Estate Management & Development – 4.0%
Daito Trust Construction Co., Ltd.		192,600		16,994,672
Hang Lung Group Ltd.		482,800		3,251,227
Hang Lung Properties Ltd.		6,428,000		24,269,315
				44,515,214
Thrifts & Mortgage Finance – 0.9%
Housing Development Finance Corp.		716,810		9,674,936
				308,225,906
Consumer Discretionary – 20.6%
Distributors – 3.0%
Li & Fung Ltd.(b)		14,886,000		34,097,740
Diversified Consumer Services – 2.4%
Anhanguera Educacional Participacoes SA		553,300		7,272,081
Estacio Participacoes SA		1,636,500		19,850,514
				27,122,595

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 105

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure – 2.5%
Ajisen China Holdings Ltd.(b)		7,155,800	$	9,792,370
Sands China Ltd.		3,539,600		13,195,341
Shangri-La Asia Ltd.		1,978,333		4,935,266
				27,922,977
Household Durables – 1.4%
MRV Engenharia e Participacoes SA		1,914,900		15,444,091
Internet & Catalog Retail – 0.4%
Rakuten, Inc.		4,439		4,411,987
Media – 0.3%
Naspers Ltd.		52,950		2,920,161
Multiline Retail – 2.3%
Don Quijote Co., Ltd.		214,200		7,394,551
Golden Eagle Retail Group Ltd.(b)		7,444,000		18,319,618
				25,714,169
Specialty Retail – 6.6%
Belle International Holdings Ltd.		9,959,000		16,270,527
Fast Retailing Co., Ltd.(b)		13,800		2,864,147
Hennes & Mauritz AB – Class B		710,657		25,582,802
L’Occitane International SA(b)		2,033,750		4,822,723
Nitori Holdings Co., Ltd.		87,300		7,382,537
Yamada Denki Co., Ltd.		267,430		17,403,112
				74,325,848
Textiles, Apparel & Luxury Goods – 1.7%
Cie Financiere Richemont SA		64,860		3,977,516
Trinity Ltd.		19,160,000		15,089,810
				19,067,326
				231,026,894
Industrials – 11.8%
Air Freight & Logistics – 0.9%
Kuehne & Nagel International AG		76,897		10,133,041
Commercial Services & Supplies – 1.9%
Aggreko PLC		313,068		10,997,960
Edenred		161,821		4,309,621
Serco Group PLC		656,170		5,784,588
				21,092,169
Construction & Engineering – 0.7%
Larsen & Toubro Ltd.		300,650		7,982,722
Industrial Conglomerates – 0.5%
Keppel Corp., Ltd.		695,000		6,119,446

106 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Professional Services – 6.3%
Bureau Veritas SA		181,490	$	14,957,357
Capita PLC(b)		1,911,610		23,280,832
Experian PLC		366,180		5,493,876
Intertek Group PLC		727,671		26,738,509
				70,470,574
Road & Rail – 1.5%
DSV A/S		210,847		4,899,201
Localiza Rent a Car SA		625,900		11,561,245
				16,460,446
				132,258,398
Consumer Staples – 11.7%
Beverages – 1.8%
Anheuser-Busch InBev NV		300,497		20,187,746
Food & Staples Retailing – 4.4%
Jeronimo Martins SGPS SA(a)		780,575		14,371,535
Olam International Ltd.		18,212,370		34,473,345
				48,844,880
Personal Products – 1.0%
Natura Cosmeticos SA		498,500		11,753,830
Tobacco – 4.5%
British American Tobacco PLC		513,424		25,897,335
Japan Tobacco, Inc.		2,187		11,618,379
KT&G Corp.		194,560		12,730,378
				50,246,092
				131,032,548
Energy – 11.4%
Energy Equipment & Services – 3.6%
AMEC PLC		1,073,411		18,881,965
Saipem SpA		109,550		5,537,240
Technip SA		151,570		16,526,386
				40,945,591
Oil, Gas & Consumable Fuels – 7.8%
Afren PLC(a)		5,374,906		11,421,069
BG Group PLC		1,377,200		33,236,398
NovaTek OAO (Sponsored GDR)(c)		57,720		8,375,172
Suncor Energy, Inc. (New York)		482,040		17,324,518
Total SA		298,900		16,720,619
				87,077,776
				128,023,367

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Company	Shares		U.S. $ Value
Materials – 6.5%
Chemicals – 2.4%
Filtrona PLC		1,006,234	$	7,194,589
Orica Ltd.		303,003		8,812,376
Potash Corp. of Saskatchewan, Inc.		242,176		11,273,293
				27,280,258
Metals & Mining – 4.1%
BHP Billiton PLC		338,530		10,948,971
Newcrest Mining Ltd.		150,330		5,365,162
Randgold Resources Ltd.		46,180		5,288,981
Rio Tinto PLC		421,440		23,908,016
				45,511,130
				72,791,388
Information Technology – 6.2%
Internet Software & Services – 2.3%
Baidu, Inc./China (Sponsored ADR)(a)		83,511		11,415,953
Telecity Group PLC(a)		1,264,159		13,838,788
				25,254,741
Semiconductors & Semiconductor Equipment – 1.8%
Samsung Electronics Co., Ltd. (Preference Shares)		32,740		20,478,980
Software – 2.1%
SAP AG		137,140		9,258,736
Temenos Group AG(a)(b)		720,752		14,153,767
				23,412,503
				69,146,224
Health Care – 3.6%
Pharmaceuticals – 3.6%
Aspen Pharmacare Holdings Ltd.(a)		835,724		12,070,250
Novo Nordisk A/S – Class B		124,680		17,477,364
Shire PLC		290,340		10,126,045
				39,673,659
Total Common Stocks (cost $1,037,287,118)				1,112,178,384
SHORT-TERM INVESTMENTS – 0.1%
Investment Companies – 0.1%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(d) (cost $1,360,989)		1,360,989		1,360,989
Total Investments Before Security Lending Collateral for Securities Loaned – 99.4% (cost $1,038,648,107)				1,113,539,373

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Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 2.8%
Investment Companies – 2.8%
AllianceBernstein Exchange Reserves – Class I, 0.22%(d) (cost $31,106,287)		31,106,287	$	31,106,287
Total Investments – 102.2% (cost $1,069,754,394)				1,144,645,660
Other assets less liabilities – (2.2)%				(24,182,352	)
Net Assets – 100.0%			$	1,120,463,308

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale:
Brazilian Real settling 5/03/12		15,271	$	8,658,502	$	8,764,104	$	105,602
Japanese Yen settling 3/15/12		589,263		7,700,358		7,249,675		(450,683	)
Japanese Yen settling 6/15/12		706,330		9,114,088		8,697,807		(416,281	)
Singapore Dollar settling 3/15/12		20,505		15,876,887		16,395,584		518,697
Citibank NA:
Australian Dollar settling 3/15/12		13,266		13,486,468		14,206,168		719,700
Credit Suisse London Branch (GFX):
Great British Pound settling 3/15/12		7,878		12,404,462		12,531,954		127,492
Deutsche Bank AG London:
Euro settling 3/15/12		31,475		42,565,027		41,936,237		(628,790	)
Swiss Franc settling 3/15/12		10,528		11,499,049		11,638,572		139,523
Goldman Sachs International:
Japanese Yen settling 3/15/12		1,373,317		17,884,992		16,895,855		(989,137	)
HSBC BankUSA:
Hong Kong Dollar settling 3/15/12		70,140		9,032,491		9,043,323		10,832
Norwegian Krone settling 3/15/12		36,576		6,071,885		6,540,214		468,329
Morgan Stanley and Co. Inc.:
Japanese Yen settling 3/15/12		1,559,986		20,084,019		19,192,435		(891,584	)
Royal Bank of Canada:
Norwegian Krone settling 6/15/12		42,116		7,551,920		7,502,029		(49,891	)
Royal Bank of Scotland PLC:
Canadian Dollar settling 6/15/12		14,040		14,174,659		14,155,650		(19,009	)
Great British Pound settling 3/15/12		10,747		16,392,936		17,095,825		702,889
Great British Pound settling 3/15/12		8,562		13,541,231		13,620,029		78,798
Japanese Yen settling 3/15/12		4,138,713		53,545,075		50,918,392		(2,626,683	)
Japanese Yen settling 6/15/12		391,665		5,151,792		4,822,996		(328,796	)

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Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Standard Chartered Bank:
Australian Dollar settling 3/15/12		6,713	$	6,783,285	$	7,188,753	$	405,468
Euro settling 3/15/12		9,968		13,284,653		13,281,030		(3,623	)
Singapore Dollar settling 6/15/12		6,922		5,549,298		5,536,570		(12,728	)
UBS AG:
Canadian Dollar settling 3/15/12		69,910		68,385,683		70,634,177		2,248,494
Canadian Dollar settling 3/15/12		14,760		14,438,173		14,912,894		474,721
Westpac Banking Corp:
Australian Dollar settling 3/15/12		5,254		5,256,049		5,626,353		370,304
Sale Contracts
Bank of America NA:
Canadian Dollar settling 3/15/12		35,242		35,145,175		35,607,061		(461,886	)
Euro settling 3/15/12		41,443		52,725,857		55,217,268		(2,491,411	)
Hong Kong Dollar settling 6/15/12		30,240		3,899,916		3,899,702		214
Barclays Bank PLC Wholselale:
Hong Kong Dollar settling 3/15/12		67,206		8,663,280		8,665,035		(1,755	)
Indian Rupee settling 3/15/12		274,109		5,542,034		5,568,456		(26,422	)
Japanese Yen settling 3/15/12		3,187,327		39,313,557		39,213,534		100,023
Citibank NA:
Canadian Dollar settling 3/15/12		5,355		5,352,896		5,410,471		(57,575	)
Japanese Yen settling 3/15/12		1,682,592		21,877,614		20,700,850		1,176,764
Swiss Franc settling 3/15/12		10,528		11,011,447		11,638,572		(627,125	)
Credit Suisse London Branch (GFX):
Canadian Dollar settling 3/15/12		14,760		14,511,562		14,912,894		(401,332	)
Norwegian Krone settling 3/15/12		36,576		6,259,407		6,540,214		(280,807	)
Deutsche Bank AG London:
Great British Pound settling 3/15/12		5,348		8,291,582		8,507,349		(215,767	)
Goldman Sachs International:
Great British Pound settling 3/15/12		25,974		40,088,012		41,318,225		(1,230,213	)
HSBC BankUSA:
Brazilian Real settling 5/03/12		34,525		19,409,152		19,814,072		(404,920	)
Great British Pound settling 3/15/12		34,000		53,213,060		54,085,611		(872,551	)
Hong Kong Dollar settling 3/15/12		440,953		56,702,544		56,853,156		(150,612	)
Morgan Stanley and Co. Inc.:
Japanese Yen settling 3/15/12		1,134,806		14,721,107		13,961,465		759,642
Standard Chartered Bank:
Hong Kong Dollar settling 6/15/12		25,368		3,271,598		3,271,417		181
Indian Rupee settling 6/15/12		159,939		3,139,136		3,182,129		(42,993	)
Singapore Dollar settling 3/15/12		5,779		4,462,514		4,620,828		(158,314	)
UBS AG:
Euro settling 6/15/12		3,949		5,289,713		5,264,027		25,686
							$	(5,407,529	)

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note D for securities lending information.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2012, the market value of this security amounted to $8,375,172 or 0.7% of net assets.

110 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

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

Glossary:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

See notes to financial statements.

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SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 43.9%
Canada – 4.0%
Canadian Government Bond 1.00%, 2/01/14	CAD		37,840	$	38,166,982
United States – 39.9%
U.S. Treasury Notes 0.25%, 1/31/14-2/28/14	U.S.$		43,320		43,278,849
0.50%, 10/15/14			10,225		10,253,753
0.625%, 4/30/13			33,270		33,425,970
0.75%, 8/15/13			37,505		37,771,623
1.00%, 8/31/16-10/31/16			49,892		50,373,029
1.375%, 11/15/12-1/15/13			157,201		158,558,261
2.875%, 1/31/13			44,685		45,784,653
					379,446,138
Total Governments – Treasuries (cost $415,999,924)					417,613,120
ASSET-BACKED SECURITIES – 16.0%
Autos - Fixed Rate – 4.9%
Bank of America Auto Trust Series 2009-2A, Class A4 3.03%, 10/15/16(a)			8,610		8,746,171
BMW Vehicle Lease Trust Series 2011-1, Class A2 0.64%, 4/22/13			4,712		4,712,201
Chrysler Financial Auto Securitization Trust Series 2009-A, Class A3 2.82%, 1/15/16			1,408		1,415,848
Ford Auto Securitization Trust Series 2011-R3A, Class A1 1.708%, 8/15/13(a)	CAD		2,058		2,107,685
Ford Credit Auto Lease Trust Series 2010-B, Class A2 0.75%, 10/15/12(a)	U.S.$		171		171,359
Hyundai Auto Lease Securitization Trust Series 2011-A, Class A2 0.69%, 11/15/13(a)			2,089		2,089,371
Mercedes-Benz Auto Lease Trust Series 2011-1A, Class A2 0.79%, 4/15/13(a)			3,075		3,075,830
Series 2011-B, Class A2 0.90%, 1/15/14(a)			3,285		3,287,411
Mercedes-Benz Auto Receivables Trust Series 2009-1, Class A4 2.43%, 3/15/16			7,560		7,680,807

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Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Nissan Auto Receivables Owner Trust Series 2010-A, Class A3 0.87%, 7/15/14	U.S.$		3,628	$	3,635,272
Porsche Innovative Lease Owner Trust Series 2011-1, Class A2 0.92%, 2/20/14(a)			3,988		3,992,458
SMART Trust/Australia Series 2011-2USA, Class A2A 1.22%, 11/14/13(a)			4,580		4,580,207
Volkswagen Auto Lease Trust Series 2010-A, Class A2 0.77%, 1/22/13			1,459		1,459,693
					46,954,313
Credit Cards - Floating Rate – 4.0%
Capital One Multi-Asset Execution Trust Series 2006-A12, Class A 0.309%, 7/15/16(b)			6,000		5,992,928
Chase Issuance Trust Series 2011-A3, Class A3 0.369%, 12/15/15(b)			5,010		5,009,845
Citibank Omni Master Trust Series 2009-A8, Class A8 2.349%, 5/16/16(a)(b)			4,135		4,147,238
Discover Card Master Trust Series 2009-A1, Class A1 1.549%, 12/15/14(b)			3,835		3,848,466
Series 2009-A2, Class A 1.549%, 2/17/15(b)			1,320		1,326,926
Series 2010-A1, Class A1 0.899%, 9/15/15(b)			7,206		7,248,257
GE Capital Credit Card Master Note Trust Series 2011-1, Class A 0.799%, 1/15/17(b)			2,700		2,722,074
Penarth Master Issuer PLC Series 2010-2A, Class A2 0.996%, 12/18/14(a)(b)			7,390		7,406,205
					37,701,939
Autos - Floating Rate – 3.1%
BMW Floorplan Master Owner Trust Series 2009-1A, Class A 1.399%, 9/15/14(a)(b)			4,360		4,381,925
Ford Credit Floorplan Master Owner Trust Series 2010-1, Class A 1.899%, 12/15/14(a)(b)			6,070		6,135,178
Series 2010-3, Class A2 1.949%, 2/15/17(a)(b)			3,025		3,123,450
Series 2012-1, Class A 0.719%, 1/15/16(b)			4,546		4,546,432

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		Principal Amount (000)		U.S. $ Value
GE Dealer Floorplan Master Note Trust Series 2009-2A, Class A 1.799%, 10/20/14(a)(b)	U.S.$		5,438	$	5,481,532
Hyundai Floorplan Master Owner Trust Series 2009-1A, Class A 1.499%, 11/17/14(a)(b)			3,765		3,782,844
Wheels SPV LLC Series 2009-1, Class A 1.799%, 3/15/18(a)(b)			2,080		2,084,596
					29,535,957
Other ABS - Floating Rate – 1.8%
CNH Wholesale Master Note Trust Series 2009-1A, Class A 1.949%, 7/15/15(a)(b)			14,000		14,067,138
GE Dealer Floorplan Master Note Trust Series 2012-1, Class A 0.816%, 2/20/17(b)			3,510		3,509,986
					17,577,124
Other ABS - Fixed Rate – 1.1%
CNH Equipment Trust Series 2010-C, Class A3 1.17%, 5/15/15			4,313		4,330,558
GE Equipment Small Ticket LLC Series 2011-1A, Class A2 0.88%, 8/21/13(a)			2,824		2,824,991
John Deere Owner Trust Series 2011-A, Class A2 0.64%, 6/16/14			3,111		3,111,648
					10,267,197
Credit Cards - Fixed Rate – 0.7%
Discover Card Master Trust Series 2012-A1, Class A1 0.81%, 8/15/17			1,322		1,321,826
GE Capital Credit Card Master Note Trust Series 2012-1, Class A 1.03%, 1/15/18			5,170		5,172,732
					6,494,558
Home Equity Loans - Floating Rate – 0.3%
American General Mortgage Loan Trust Series 2003-1, Class A3 4.53%, 4/25/33(c)			1,926		1,797,086
HSBC Home Equity Loan Trust Series 2006-1, Class M1 0.526%, 1/20/36(b)			951		787,541
					2,584,627

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		Principal Amount (000)		U.S. $ Value
Home Equity Loans - Fixed Rate – 0.1%
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33	U.S.$		1,022	$	908,816
Nationstar NIM Trust Series 2007-A, Class A 9.79%, 3/25/37(d)(e)			35		– 0	–
					908,816
Total Asset-Backed Securities (cost $152,059,475)					152,024,531
MORTGAGE PASS - THROUGHS – 15.2%
Agency ARMs – 5.7%
Federal Home Loan Mortgage Corp. 2.458%, 8/01/36(c)			3,014		3,211,500
2.737%, 6/01/37(c)			10,441		11,151,942
Series 2005 2.641%, 5/01/35(c)			3,378		3,600,057
Series 2007 2.554%, 11/01/36(b)			2,277		2,421,359
2.608%, 1/01/37(b)			2,150		2,291,625
Federal National Mortgage Association 2.397%, 1/01/36(c)			1,780		1,892,964
3.428%, 6/01/37(b)			2,833		3,003,992
4.777%, 10/01/39(c)			2,657		2,831,092
Series 2003 2.781%, 12/01/33(c)			885		939,456
Series 2005 2.404%, 2/01/35(b)			4,664		4,912,525
2.74%, 10/01/35(c)			2,630		2,802,541
Series 2006 2.548%, 11/01/36(b)			2,838		3,023,714
2.571%, 5/01/36(b)			3,240		3,452,916
2.786%, 7/01/36(c)			2,390		2,546,311
Series 2007 2.027%, 1/01/37(b)			1,162		1,208,194
4.598%, 2/01/37(b)			2,909		3,080,360
Series 2009 2.833%, 7/01/38(c)			2,029		2,124,336
					54,494,884
Agency Fixed Rate 30-Year – 5.2%
Federal Home Loan Mortgage Corp. Gold Series 2007 6.00%, 7/01/37-9/01/37			1,407		1,545,368
Federal National Mortgage Association 5.50%, TBA			12,990		14,153,010

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Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
6.00%, 9/01/38	U.S.$		9,344	$	10,267,475
Series 2008 6.00%, 5/01/38-8/01/38			18,906		20,774,104
Series 2010 6.00%, 4/01/40			2,734		3,004,539
					49,744,496
Agency Fixed Rate 15-Year – 4.3%
Federal National Mortgage Association 3.50%, 3/01/26-9/01/26			35,295		37,031,308
Series 1998 6.00%, 10/01/13-12/01/13			6		6,203
Series 2001 6.00%, 11/01/16			65		69,685
Series 2002 6.00%, 12/01/17			53		57,825
Series 2005 6.00%, 6/01/17-6/01/20			114		122,997
Series 2006 6.00%, 5/01/21-1/01/22			2,240		2,428,718
Series 2007 6.00%, 2/01/22			590		638,170
					40,354,906
Total Mortgage Pass-Throughs (cost $141,962,984)					144,594,286
CORPORATES - INVESTMENT GRADES – 10.2%
Industrial – 8.9%
Basic – 0.4%
BHP Billiton Finance USA Ltd. 1.00%, 2/24/15			3,325		3,335,693
Capital Goods – 1.3%
Caterpillar Financial Services Corp. 1.375%, 5/20/14			4,990		5,065,763
Eaton Corp. 0.885%, 6/16/14(b)			2,469		2,472,163
General Dynamics Corp. 5.25%, 2/01/14			2,750		2,994,602
John Deere Capital Corp. 5.25%, 10/01/12			2,030		2,087,611
					12,620,139
Communications - Telecommunications – 1.3%
AT&T, Inc. 4.95%, 1/15/13			2,135		2,215,199

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		Principal Amount (000)		U.S. $ Value
Cellco Partnership / Verizon Wireless Capital LLC 5.55%, 2/01/14	U.S.$		4,375	$	4,758,373
Verizon Communications, Inc. 1.25%, 11/03/14			1,685		1,707,107
1.95%, 3/28/14			3,130		3,213,214
					11,893,893
Consumer Cyclical - Automotive – 0.8%
American Honda Finance Corp. 2.375%, 3/18/13(a)			4,534		4,615,100
Toyota Motor Credit Corp. 1.25%, 11/17/14			3,360		3,404,721
					8,019,821
Consumer Cyclical - Entertainment – 0.1%
Walt Disney Co. (The) 4.50%, 12/15/13			934		1,000,018
Consumer Cyclical - Retailers – 1.0%
Target Corp. 0.61%, 1/11/13(b)			7,016		7,025,002
Wal-Mart Stores, Inc. 4.55%, 5/01/13			2,595		2,718,989
					9,743,991
Consumer Non-Cyclical – 1.8%
Baxter International, Inc. 1.80%, 3/15/13			1,051		1,065,799
Bottling Group LLC 5.00%, 11/15/13			2,669		2,869,444
Eli Lilly & Co. 4.20%, 3/06/14			2,845		3,042,634
GlaxoSmithKline Capital, Inc. 4.85%, 5/15/13			2,109		2,219,900
Novartis Capital Corp. 4.125%, 2/10/14			2,855		3,050,667
PepsiCo, Inc./NC 4.65%, 2/15/13			2,077		2,160,304
Sanofi 1.625%, 3/28/14			2,445		2,497,289
					16,906,037
Energy – 0.6%
Chevron Corp. 3.95%, 3/03/14			2,885		3,082,219
ConocoPhillips 4.75%, 2/01/14			2,710		2,924,857
					6,007,076

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		Principal Amount (000)		U.S. $ Value
Technology – 1.6%
Cisco Systems, Inc. 1.625%, 3/14/14	U.S.$		4,905	$	5,015,936
Hewlett-Packard Co. 2.95%, 8/15/12			1,043		1,050,901
International Business Machines Corp. 0.55%, 2/06/15			1,887		1,877,748
Oracle Corp. 4.95%, 4/15/13			2,140		2,249,283
Texas Instruments, Inc. 1.375%, 5/15/14			4,990		5,074,062
					15,267,930
					84,794,598
Financial Institutions – 0.9%
Banking – 0.4%
UnionBanCal Corp. 5.25%, 12/16/13			3,867		4,006,285
Finance – 0.5%
General Electric Capital Corp. 1.875%, 9/16/13			4,791		4,855,904
					8,862,189
Utility – 0.4%
Natural Gas – 0.4%
Transcanada Pipelines Ltd. 0.875%, 3/02/15			3,330		3,317,646
Total Corporates - Investment Grades (cost $95,476,481)					96,974,433
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.2%
Non-Agency Fixed Rate CMBS – 2.9%
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LDPX, Class A2S 5.305%, 1/15/49			4,949		4,950,348
Series 2011-C3, Class A1 1.875%, 2/15/46(a)			5,719		5,760,147
Series 2011-C4, Class A1 1.525%, 7/15/46(a)			2,649		2,650,465
Merrill Lynch Mortgage Trust Series 2005-CIP1, Class A2 4.96%, 7/12/38			2,993		3,037,903
Morgan Stanley Capital I Series 2011-C1, Class A1 2.602%, 9/15/47(a)			5,704		5,827,206

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		Principal Amount (000)		U.S. $ Value
Wachovia Bank Commercial Mortgage Trust Series 2005-C19, Class A4 4.612%, 5/15/44	U.S.$		2,362	$	2,373,118
WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A1 2.501%, 2/15/44(a)			2,601		2,658,222
					27,257,409
Non-Agency Floating Rate CMBS – 1.8%
Banc of America Large Loan, Inc. Series 2005-MIB1, Class C 0.559%, 3/15/22(a)(b)			2,500		2,450,000
Commercial Mortgage Pass Through Certificates Series 2005-FL11, Class D 0.589%, 11/15/17(a)(b)			831		769,602
Series 2007-FL14, Class C 0.549%, 6/15/22(a)(b)			2,839		2,590,176
Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class SVD 0.719%, 10/15/21(a)(b)			4,900		4,205,523
Series 2007-TFLA, Class A2 0.369%, 2/15/22(a)(b)			8,000		7,440,000
					17,455,301
Agency CMBS – 0.5%
NCUA Guaranteed Notes Series 2010-C1, Class A1 1.60%, 10/29/20			5,229		5,291,740
Total Commercial Mortgage-Backed Securities (cost $51,465,138)					50,004,450
AGENCIES – 3.3%
Agency Debentures – 3.3%
Bank of America Corp.-FDIC Insured 2.10%, 4/30/12			8,760		8,787,533
Citibank NA-FDIC Insured 1.875%, 5/07/12			9,299		9,325,502
Goldman Sachs Group, Inc. (The)-FDIC Insured 3.25%, 6/15/12			6,800		6,858,575
Morgan Stanley-FDIC Insured 2.25%, 3/13/12			6,000		6,002,952
Total Agencies (cost $30,856,081)					30,974,562

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		Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7%
Agency Fixed Rate – 2.3%
Federal Home Loan Mortgage Corp. Series 3948, Class DA 3.00%, 12/15/24	U.S.$		9,652	$	9,934,410
Federal National Mortgage Association Series 2010-9, Class EA 3.50%, 1/25/24			5,246		5,480,325
Series 2011-39, Class DA 3.50%, 7/25/24			6,746		7,009,338
					22,424,073
Non-Agency Floating Rate – 0.3%
Mortgage Equity Conversion Asset Trust Series 2007-FF2, Class A 0.64%, 2/25/42(a)(b)			3,049		2,691,934
Non-Agency Fixed Rate – 0.1%
Merrill Lynch Mortgage Investors, Inc. Series 2005-A8, Class A1C1 5.25%, 8/25/36			512		498,530
Agency Floating Rate – 0.0%
Fannie Mae Whole Loan Series 2003-W13, Class AV2 0.524%, 10/25/33(b)			120		114,853
Freddie Mac Reference REMICs Series R008, Class FK 0.649%, 7/15/23(b)			334		333,602
					448,455
Total Collateralized Mortgage Obligations (cost $26,516,103)					26,062,992
INFLATION-LINKED SECURITIES – 1.1%
United States – 1.1%
U.S. Treasury Inflation Index 1.875%, 7/15/13 (TIPS)			3,421		3,627,097
2.00%, 1/15/14 (TIPS)			6,770		7,278,622
Total Inflation-Linked Securities (cost $10,728,130)					10,905,719
GOVERNMENTS - SOVEREIGN AGENCIES – 0.7%
Netherlands – 0.7%
Achmea Hypotheekbank NV 0.887%, 11/03/14(a)(b) (cost $6,454,411)			6,456		6,389,703

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Short Duration Bond Portfolio—Portfolio of Investments

	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 4.3%
Investment Companies – 2.6%
AllianceBernstein Fixed-Income Shares, Inc. –Government STIF Portfolio, 0.09%(f) (cost $24,864,308)		24,864,308	$	24,864,308
	Principal Amount (000)
Certificates of Deposit – 1.4%
Royal Bank of Canada NY 2.25%, 3/15/13 (cost $12,807,522)	$	12,810		12,985,164
Commercial Paper – 0.3%
Vodafone Group PLC Zero Coupon, 7/09/12 (cost $3,286,892)		3,300		3,286,892
Total Short-Term Investments (cost $40,958,722)				41,136,364
Total Investments – 102.6% (cost $972,477,449)				976,680,160
Other assets less liabilities – (2.6)%				(24,792,327	)
Net Assets – 100.0%			$	951,887,833

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr Futures		1,167		June 2012	$	257,051,608	$	257,013,517	$	(38,091)
U.S. T-Note 5 Yr Futures		185		June 2012		22,779,927		22,786,797		6,870
Sold Contracts
U.S. T-Note 10 Yr Futures		112		June 2012		14,716,609		14,666,750		49,859
									$	18,638

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FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
UBS AG:
Canadian Dollar settling 3/02/12		277	$	276,526	$	279,675	$	3,149
Sale Contracts
Citibank NA:
Canadian Dollar settling 3/02/12		37,851		37,919,281		38,253,523		(334,242)
Morgan Stanley and Co. Inc:
Canadian Dollar settling 4/03/12		40,048		40,487,916		40,446,109		41,807
Canadian Dollar settling 4/03/12		40,048		40,487,916		40,446,109		41,807
State Street Bank and Trust Co.:
Canadian Dollar settling 3/02/12		2,474		2,480,256		2,500,105		(19,849)
							$	(267,328	)

(a) 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 February 29, 2012, the aggregate market value of these securities amounted to $129,533,667 or 13.6% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at February 29, 2012.

(c) Variable rate coupon, rate shown as of February 29, 2012.

(d) Fair valued.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of February 29, 2012, are considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Nationstar NIM Trust Series 2007-A, Class A 9.79%, 3/25/37		4/04/07	$	35,213	$	– 0	–		0.00	%

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

Currency Abbreviations:

CAD – Canadian Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

FDIC – Federal Deposit Insurance Corporation

NCUA – National Credit Union Administration

REMICs – Real Estate Mortgage Investment Conduits

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

122 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

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GLOBAL CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 38.6%
Canada – 1.0%
Canadian Government Bond 3.25%, 6/01/21	CAD		10,762	$	12,035,124
Finland – 6.0%
Finland Government Bond 3.375%, 4/15/20	EUR		33,005		48,062,430
3.875%, 9/15/17			15,972		23,927,294
					71,989,724
Germany – 4.8%
Bundesrepublik Deutschland Series 05 3.50%, 1/04/16			31,029		46,005,130
Series 06 3.75%, 1/04/17			8,050		12,245,281
					58,250,411
Japan – 7.7%
Japan Government Ten Year Bond Series 288 1.70%, 9/20/17	JPY		2,812,550		37,119,689
Japan Government Twenty Year Bond Series 112 2.10%, 6/20/29			847,800		11,115,045
Series 48 2.50%, 12/21/20			2,384,400		33,484,086
Series 60 1.40%, 12/20/22			880,150		11,190,248
					92,909,068
Netherlands – 4.4%
Netherlands Government Bond 2.25%, 7/15/22	EUR		4,900		6,504,962
4.50%, 7/15/17			30,450		47,022,970
					53,527,932
South Africa – 2.1%
South Africa Government Bond Series R204 8.00%, 12/21/18	ZAR		183,357		25,036,013
United Kingdom – 8.5%
United Kingdom Gilt 2.00%, 1/22/16	GBP		3,998		6,666,291
3.75%, 9/07/20			9,087		16,597,518
4.00%, 9/07/16			12,818		23,237,882
4.25%, 6/07/32			6,950		13,103,140
4.50%, 3/07/19			5,211		9,967,698

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Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
4.75%, 12/07/30	GBP		16,349	$	32,778,109
					102,350,638
United States – 4.1%
U.S. Treasury Bonds 4.625%, 2/15/40	U.S.$		18,561		24,247,679
U.S. Treasury Notes 2.625%, 11/15/20			21,234		22,751,891
3.625%, 2/15/20			2,780		3,208,512
					50,208,082
Total Governments - Treasuries (cost $458,033,448)					466,306,992
CORPORATES - INVESTMENT GRADES – 24.3%
Financial Institutions – 11.5%
Banking – 7.5%
Bank of America Corp. 5.875%, 2/07/42			2,896		2,888,954
7.625%, 6/01/19			1,700		1,922,110
Series L 5.65%, 5/01/18			4,350		4,513,069
Bear Stearns Cos. LLC (The) 5.55%, 1/22/17			5,410		5,899,583
BNP Paribas SA 5.00%, 1/15/21			2,966		3,034,678
Capital One Financial Corp. 4.75%, 7/15/21			2,470		2,604,072
Citigroup, Inc. 4.50%, 1/14/22			465		477,709
5.50%, 4/11/13			2,900		3,008,823
6.50%, 8/19/13			2,770		2,935,316
8.50%, 5/22/19			790		980,149
Compass Bank 5.50%, 4/01/20			4,989		4,776,568
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrect 3.875%, 2/08/22			3,060		3,051,934
DNB Bank ASA 4.375%, 2/24/21(a)	EUR		1,675		2,348,091
Goldman Sachs Group, Inc. (The) 5.25%, 7/27/21	U.S.$		1,148		1,149,876
6.00%, 6/15/20			2,700		2,870,230
7.50%, 2/15/19			2,855		3,250,118
ING Bank NV 3.75%, 3/07/17(a)			3,020		3,004,477

124 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

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		Principal Amount (000)		U.S. $ Value
JPMorgan Chase & Co. 4.40%, 7/22/20	U.S.$		1,335	$	1,399,113
4.625%, 5/10/21			857		910,845
Lloyds TSB Bank PLC 4.375%, 1/12/15(a)			3,820		3,901,511
Macquarie Group Ltd. 4.875%, 8/10/17(a)			3,420		3,363,905
Morgan Stanley 5.45%, 1/09/17			1,615		1,661,543
5.50%, 7/24/20			2,455		2,418,128
6.60%, 4/01/12			960		964,017
Nationwide Building Society 6.25%, 2/25/20(a)			3,415		3,572,397
Royal Bank of Scotland PLC (The) 6.125%, 1/11/21			2,740		2,977,051
Santander US Debt SAU 2.991%, 10/07/13(a)			3,400		3,360,431
Societe Generale SA 2.50%, 1/15/14(a)			1,670		1,636,112
5.20%, 4/15/21(a)			1,355		1,310,509
SouthTrust Corp. 5.80%, 6/15/14			3,315		3,585,444
Standard Chartered PLC 6.409%, 1/30/17(a)			4,800		4,497,523
UFJ Finance Aruba AEC 6.75%, 7/15/13			1,913		2,041,016
Unicredit Luxembourg Finance SA 6.00%, 10/31/17(a)			1,386		1,228,539
Union Bank NA 5.95%, 5/11/16			1,005		1,084,758
Wachovia Corp. 5.50%, 5/01/13			1,225		1,291,064
					89,919,663
Finance – 0.4%
General Electric Capital Corp. 4.80%, 5/01/13			2,795		2,920,957
SLM Corp. Series A 5.375%, 5/15/14			2,085		2,162,145
					5,083,102
Insurance – 2.8%
Allied World Assurance Co., Ltd. 7.50%, 8/01/16			1,820		2,071,326
Berkshire Hathaway, Inc. 3.40%, 1/31/22			2,800		2,859,814
Coventry Health Care, Inc. 5.95%, 3/15/17			665		754,091

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		Principal Amount (000)		U.S. $ Value
6.125%, 1/15/15	U.S.$		260	$	282,755
6.30%, 8/15/14			2,060		2,254,691
Genworth Financial, Inc. 6.515%, 5/22/18			2,299		2,344,488
Guardian Life Insurance Co. of America 7.375%, 9/30/39(a)			1,305		1,665,199
Hartford Financial Services Group, Inc. 4.00%, 3/30/15			685		705,541
5.50%, 3/30/20			1,727		1,798,000
Humana, Inc. 6.30%, 8/01/18			369		428,618
6.45%, 6/01/16			285		322,937
7.20%, 6/15/18			610		735,981
Lincoln National Corp. 8.75%, 7/01/19			791		1,008,481
Markel Corp. 7.125%, 9/30/19			1,685		1,922,282
Massachusetts Mutual Life Insurance Co. 8.875%, 6/01/39(a)			815		1,195,985
MetLife, Inc. 4.75%, 2/08/21			1,085		1,203,352
7.717%, 2/15/19			1,159		1,476,268
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)			2,585		3,316,850
QBE Capital Funding III Ltd. 7.25%, 5/24/41(a)			1,630		1,484,617
Swiss Re Solutions Holding Corp. 7.00%, 2/15/26			3,065		3,543,618
XL Group PLC 5.25%, 9/15/14			1,920		2,032,514
					33,407,408
Other Finance – 0.2%
ORIX Corp. 4.71%, 4/27/15			2,683		2,835,303
REITS – 0.6%
ERP Operating LP 5.25%, 9/15/14			2,600		2,810,540
HCP, Inc. 6.00%, 1/30/17			2,195		2,446,973
Healthcare Realty Trust, Inc. 5.125%, 4/01/14			2,373		2,457,502
					7,715,015
					138,960,491

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Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Industrial – 10.3%
Basic – 1.3%
AngloGold Ashanti Holdings PLC 5.375%, 4/15/20	U.S.$		2,110	$	2,162,750
ArcelorMittal 6.125%, 6/01/18			2,271		2,403,163
Dow Chemical Co. (The) 8.55%, 5/15/19			1,640		2,181,441
International Paper Co. 5.30%, 4/01/15			2,625		2,876,076
Packaging Corp. of America 5.75%, 8/01/13			1,329		1,400,540
PPG Industries, Inc. 5.75%, 3/15/13			1,642		1,717,734
Vale Overseas Ltd. 4.375%, 1/11/22			2,353		2,438,320
					15,180,024
Capital Goods – 0.3%
Holcim US Finance Sarl & Cie SCS 6.00%, 12/30/19(a)			299		309,965
Republic Services, Inc. 3.80%, 5/15/18			85		91,937
5.25%, 11/15/21			1,213		1,399,442
5.50%, 9/15/19			1,768		2,041,044
					3,842,388
Communications - Media – 2.0%
CBS Corp. 5.75%, 4/15/20			1,410		1,639,761
Comcast Cable Communications Holdings, Inc. 9.455%, 11/15/22			1,906		2,818,715
DirecTV Holdings LLC/DirecTV Financing Co., Inc. 4.60%, 2/15/21			1,870		2,028,714
4.75%, 10/01/14			1,200		1,307,543
News America, Inc. 4.50%, 2/15/21			890		959,459
6.55%, 3/15/33			1,383		1,584,860
9.25%, 2/01/13			670		717,776
Reed Elsevier Capital, Inc. 8.625%, 1/15/19			2,894		3,644,958
Time Warner Cable, Inc. 7.50%, 4/01/14			1,325		1,498,220
Time Warner Entertainment Co. LP 8.375%, 3/15/23			2,680		3,666,058
Virgin Media Secured Finance PLC 5.25%, 1/15/21			1,080		1,182,621

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Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
WPP Finance 2010 4.75%, 11/21/21(a)	U.S.$		417	$	444,464
WPP Finance UK 8.00%, 9/15/14			2,616		3,021,289
					24,514,438
Communications - Telecommunications – 1.1%
American Tower Corp. 5.05%, 9/01/20			2,750		2,840,634
AT&T Corp. 8.00%, 11/15/31			295		424,859
AT&T, Inc. 4.45%, 5/15/21			1,694		1,900,595
Deutsche Telekom International 4.875%, 3/06/42(a)			2,586		2,549,899
Telecom Italia Capital SA 6.175%, 6/18/14			2,510		2,585,300
6.375%, 11/15/33			375		323,438
7.175%, 6/18/19			1,450		1,497,125
United States Cellular Corp. 6.70%, 12/15/33			1,550		1,526,772
					13,648,622
Consumer Cyclical - Automotive – 0.5%
Harley-Davidson Funding Corp. 5.75%, 12/15/14(a)			2,465		2,675,060
Toyota Motor Credit Corp. 3.30%, 1/12/22			3,270		3,323,128
					5,998,188
Consumer Cyclical - Entertainment – 0.7%
Time Warner, Inc. 4.70%, 1/15/21			1,460		1,628,116
7.625%, 4/15/31			2,810		3,769,039
Viacom, Inc. 5.625%, 9/15/19			2,895		3,402,152
					8,799,307
Consumer Cyclical - Other – 0.3%
Marriott International, Inc./DE Series J 5.625%, 2/15/13			3,270		3,408,589
Consumer Cyclical - Retailers – 0.2%
CVS Caremark Corp. 6.60%, 3/15/19			1,460		1,830,009

128 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 1.2%
Ahold Finance USA LLC 6.875%, 5/01/29	U.S.$		3,105	$	3,901,647
Bunge Ltd. Finance Corp. 5.10%, 7/15/15			481		513,366
5.875%, 5/15/13			2,720		2,840,034
Cadbury Schweppes US Finance LLC 5.125%, 10/01/13(a)			3,480		3,694,831
Delhaize Group SA 5.875%, 2/01/14			775		833,868
Pepsico, Inc. 4.00%, 3/05/42			2,972		2,962,727
					14,746,473
Energy – 1.3%
Anadarko Petroleum Corp. 5.95%, 9/15/16			735		850,927
6.45%, 9/15/36			877		1,073,810
Marathon Petroleum Corp. 3.50%, 3/01/16			448		464,475
5.125%, 3/01/21			760		825,396
Nabors Industries, Inc. 9.25%, 1/15/19			2,393		3,012,696
Noble Energy, Inc. 8.25%, 3/01/19			2,858		3,626,759
Noble Holding International Ltd. 4.90%, 8/01/20			251		274,916
Reliance Holdings USA, Inc. 5.40%, 2/14/22(a)			2,345		2,374,161
Southwestern Energy Co. 4.10%, 3/15/22(a)			823		821,988
Weatherford International Ltd./Bermuda 9.625%, 3/01/19			1,540		2,086,401
					15,411,529
Other Industrial – 0.3%
Noble Group Ltd. 6.75%, 1/29/20(a)			3,341		3,307,590
Technology – 0.2%
Agilent Technologies, Inc. 5.00%, 7/15/20			505		562,305
Hewlett-Packard Co. 4.65%, 12/09/21			1,498		1,615,282
Motorola Solutions, Inc. 7.50%, 5/15/25			290		338,596
Xerox Corp. 8.25%, 5/15/14			310		348,161
					2,864,344

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		Principal Amount (000)		U.S. $ Value
Transportation - Airlines – 0.3%
Southwest Airlines Co. 5.25%, 10/01/14	U.S.$		1,695	$	1,810,350
5.75%, 12/15/16			1,115		1,235,033
					3,045,383
Transportation - Services – 0.6%
Asciano Finance Ltd. 3.125%, 9/23/15(a)			3,375		3,333,605
Con-way, Inc. 6.70%, 5/01/34			2,144		2,064,402
Ryder System, Inc. 5.85%, 11/01/16			930		1,050,581
7.20%, 9/01/15			908		1,063,201
					7,511,789
					124,108,673
Utility – 1.9%
Electric – 1.1%
Allegheny Energy Supply Co. LLC 5.75%, 10/15/19(a)			1,610		1,740,878
Constellation Energy Group, Inc. 5.15%, 12/01/20			1,181		1,328,737
FirstEnergy Corp. Series C 7.375%, 11/15/31			2,291		2,922,945
Nisource Finance Corp. 6.80%, 1/15/19			3,445		4,131,275
SPI Electricity & Gas Australia Holdings Pty Ltd. 6.15%, 11/15/13(a)			1,447		1,532,761
TECO Finance, Inc. 4.00%, 3/15/16			745		788,295
5.15%, 3/15/20			915		1,028,233
Union Electric Co. 6.70%, 2/01/19			315		384,406
					13,857,530
Natural Gas – 0.8%
Energy Transfer Partners LP 6.70%, 7/01/18			972		1,112,878
7.50%, 7/01/38			2,264		2,655,803
EQT Corp. 8.125%, 6/01/19			1,707		2,024,382
Kinder Morgan Energy Partners LP 4.15%, 3/01/22			1,340		1,392,582
Williams Partners LP 5.25%, 3/15/20			2,198		2,482,054
					9,667,699
					23,525,229

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Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Non Corporate Sectors – 0.6%
Agencies - Not Government Guaranteed – 0.6%
Abu Dhabi National Energy Co. 4.125%, 3/13/17(a)	U.S.$		757	$	770,291
IPIC GMTN Ltd. 3.75%, 3/01/17(a)			3,300		3,324,750
Petrobras International Finance Co. - Pifco 5.375%, 1/27/21			2,500		2,687,795
					6,782,836
Total Corporates - Investment Grades (cost $271,927,636)					293,377,229
MORTGAGE PASS-THROUGHS – 13.9%
Agency Fixed Rate 30-Year – 10.8%
Federal Home Loan Mortgage Corp. Gold Series 2006 4.50%, 5/01/36			88		93,412
Series 2007 5.50%, 7/01/35			2,507		2,733,248
Federal National Mortgage Association 3.50%, 12/01/41			19,319		19,982,697
4.00%, TBA			47,405		49,886,358
6.00%, 5/01/31-5/01/38			15,841		17,405,928
Series 2003 5.50%, 4/01/33			2,134		2,332,204
Series 2004 5.50%, 4/01/34-11/01/34			6,759		7,383,796
Series 2005 5.50%, 2/01/35			1,652		1,805,095
6.00%, 4/01/35			5,659		6,316,954
Series 2006 5.00%, 1/01/36			7		7,110
Series 2007 4.50%, 8/01/37			553		588,720
Series 2008 6.00%, 3/01/37-5/01/38			18,445		20,335,098
Series 2011 6.00%, 4/01/40			1,803		1,981,251
					130,851,871
Agency ARMs – 2.1%
Federal Home Loan Mortgage Corp. 2.458%, 8/01/36(b)			3,133		3,338,785
2.665%, 4/01/36(b)			4,337		4,621,040
5.057%, 5/01/38(b)			3,129		3,316,169
Series 2007 2.252%, 2/01/37(c)			1,451		1,524,166

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Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association 3.428%, 6/01/37(c)	U.S.$		3,002	$	3,184,150
4.777%, 10/01/39(b)			2,725		2,903,684
Series 2003 2.781%, 12/01/33(b)			1,228		1,303,632
Series 2006 2.117%, 3/01/36(b)			765		803,460
2.373%, 2/01/36(b)			1,265		1,348,159
Series 2007 2.362%, 3/01/34(b)			2,250		2,354,339
					24,697,584
Agency Fixed Rate 15-Year – 1.0%
Federal National Mortgage Association 4.50%, TBA			11,145		11,925,150
Total Mortgage Pass-Throughs (cost $163,677,435)					167,474,605
ASSET-BACKED SECURITIES – 7.0%
Autos - Fixed Rate – 3.8%
AmeriCredit Automobile Receivables Trust Series 2011-3, Class A2 0.84%, 11/10/14			4,515		4,519,064
Series 2011-4, Class A2 0.92%, 3/09/15			2,250		2,253,641
Series 2011-5, Class A2 1.19%, 8/08/15			1,592		1,598,540
BMW Vehicle Lease Trust Series 2011-1, Class A2 0.64%, 4/22/13			4,983		4,983,314
Ford Auto Securitization Trust Series 2011-R3A, Class A2 1.96%, 7/15/15(a)	CAD		4,552		4,604,538
Ford Credit Auto Lease Trust Series 2011-A, Class A2
0.74%, 9/15/13	U.S.$		5,550		5,552,037
Series 2011-B, Class A2 0.82%, 1/15/14			2,257		2,259,686
Huntington Auto Trust Series 2011-1A, Class A3 1.01%, 1/15/16(a)			2,315		2,326,389
Hyundai Auto Lease Securitization Trust Series 2011-A, Class A2 0.69%, 11/15/13(a)			2,173		2,173,386

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Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Santander Drive Auto Receivables Trust Series 2011-4, Class A2 1.37%, 3/16/15	U.S.$		1,841	$	1,842,186
SMART Trust/Australia Series 2011-2USA, Class A2A 1.22%, 11/14/13(a)			4,730		4,730,214
Volkswagen Auto Lease Trust Series 2011-A, Class A2 1.00%, 2/20/14			3,414		3,407,709
World Omni Automobile Lease Securitization Trust Series 2011-A, Class A2 0.81%, 10/15/13			5,748		5,752,284
					46,002,988
Credit Cards - Floating Rate – 2.1%
American Express Credit Account Master Trust Series 2011-1, Class A 0.419%, 4/17/17(c)			6,685		6,693,537
Capital One Multi-Asset Execution Trust Series 2006-A12, Class A 0.309%, 7/15/16(c)			5,500		5,493,518
Chase Issuance Trust Series 2008-A10, Class A10 0.999%, 8/17/15(c)			5,500		5,559,510
GE Capital Credit Card Master Note Trust Series 2011-1, Class A 0.799%, 1/15/17(c)			2,830		2,853,137
Series 2011-2, Class A 0.729%, 5/15/19(c)			5,020		5,033,487
					25,633,189
Other ABS - Fixed Rate – 0.6%
CNH Equipment Trust Series 2010-C, Class A3 1.17%, 5/15/15			2,382		2,391,767
GE Equipment Midticket LLC Series 2011-1, Class A3 1.00%, 8/24/15			1,408		1,408,649
John Deere Owner Trust Series 2011-A, Class A2 0.64%, 6/16/14			3,290		3,290,478
					7,090,894
Autos - Floating Rate – 0.3%
Navistar Financial Dealer Note Master Trust Series 2011-1, Class A 1.394%, 10/25/16(a)(c)			1,703		1,719,177

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Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Wheels SPV LLC Series 2009-1, Class A 1.799%, 3/15/18(a)(c)	U.S.$		2,080	$	2,084,597
					3,803,774
Home Equity Loans - Fixed Rate – 0.1%
Asset Backed Funding Certificates Series 2003-WF1, Class A2 1.419%, 12/25/32			459		406,434
Citifinancial Mortgage Securities, Inc. Series 2003-1, Class AFPT 3.36%, 1/25/33			466		424,093
					830,527
Home Equity Loans - Floating Rate – 0.1%
Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class M1 0.514%, 5/25/37(c)(d)			3,715		69,823
HSBC Home Equity Loan Trust Series 2005-3, Class A1 0.506%, 1/20/35(c)			644		586,076
Option One Mortgage Loan Trust Series 2006-3, Class M1 0.474%, 2/25/37(c)(d)			1,610		8,350
					664,249
Total Asset-Backed Securities (cost $89,297,976)					84,025,621
COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.2%
Non-Agency Fixed Rate CMBS – 3.7%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD3, Class A2 5.56%, 10/15/48			5,791		5,879,070
Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A4 5.306%, 12/10/46			3,065		3,432,837
Credit Suisse Mortgage Capital Certificates Series 2006-C4, Class A3 5.467%, 9/15/39			6,475		7,148,057

134 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LD11, Class A4 5.819%, 6/15/49	U.S.$		9,364	$	10,339,130
LB-UBS Commercial Mortgage Trust Series 2004-C4, Class A4 5.32%, 6/15/29			6,015		6,482,919
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-2, Class A4 5.902%, 6/12/46			3,075		3,498,584
Series 2006-3, Class A4 5.414%, 7/12/46			6,885		7,773,021
					44,553,618
Agency CMBS – 0.4%
FHLMC Multifamily Structured Pass Through Certificates Series K008, Class A2 3.531%, 6/25/20			4,653		4,977,371
Non-Agency Floating Rate CMBS – 0.1%
GS Mortgage Securities Corp. II Series 2007-EOP, Class E 2.476%, 3/06/20(a)(c)			1,855		1,788,591
Total Commercial Mortgage-Backed Securities (cost $47,667,530)					51,319,580
GOVERNMENTS - SOVEREIGN AGENCIES – 4.2%
Canada – 4.2%
Canada Housing Trust No 1 3.35%, 12/15/20(a)	CAD		38,670		42,195,225
4.10%, 12/15/18(a)			7,960		9,077,111
Total Governments - Sovereign Agencies (cost $50,973,155)					51,272,336
AGENCIES – 2.2%
Agency Debentures – 2.2%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $23,380,217)	U.S.$		32,305		26,912,617

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 135

Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 1.5%
United States – 1.5%
U.S. Treasury Inflation Index 2.00%, 4/15/12-1/15/14 (TIPS) (cost $17,809,055)	U.S.$		16,815	$	18,077,387
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Kazakhstan – 0.2%
KazMunayGas National Co. 7.00%, 5/05/20(a)			1,990		2,288,500
Malaysia – 0.3%
Petronas Capital Ltd. 5.25%, 8/12/19(a)			3,390		3,828,158
Russia – 0.3%
Russian Agricultural Bank OJSC Via RSHB Capital SA 7.75%, 5/29/18(a)			2,782		3,136,705
Total Quasi-Sovereigns (cost $8,032,295)					9,253,363
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.7%
Non-Agency Fixed Rate – 0.3%
Bear Stearns Alt-A Trust Series 2006-1, Class 22A1 2.593%, 2/25/36			2,605		1,500,578
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 4.742%, 5/25/35			1,770		1,601,514
Indymac Index Mortgage Loan Trust Series 2006-AR7, Class 4A1 5.401%, 5/25/36			1,367		607,166
					3,709,258
Non-Agency Floating Rate – 0.2%
Countrywide Alternative Loan Trust Series 2005-62, Class 2A1 1.182%, 12/25/35(c)			927		520,251
Series 2006-OA14, Class 3A1 1.032%, 11/25/46(c)			4,057		1,790,685
Countrywide Home Loan Mortgage Pass Through Trust Series 2004-25, Class M1 0.774%, 2/25/35(c)(d)			2,801		135,776
					2,446,712

136 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Non-Agency ARMs – 0.2%
Citigroup Mortgage Loan Trust, Inc. Series 2006-AR1, Class 3A1 2.52%, 3/25/36(c)	U.S.$		2,559	$	1,588,383
Agency Fixed Rate – 0.0%
Fannie Mae Grantor Trust Series 2004-T5, Class AB4 0.806%, 5/28/35			392		278,718
Total Collateralized Mortgage Obligations (cost $16,466,091)					8,023,071
GOVERNMENTS - SOVEREIGN BONDS – 0.6%
Lithuania – 0.2%
Lithuania Government International Bond 6.625%, 2/01/22(a)			1,768		1,898,390
Qatar – 0.2%
Qatar Government International Bond 4.50%, 1/20/22(a)			2,944		3,057,344
Russia – 0.2%
Russian Foreign Bond - Eurobond 7.50%, 3/31/30(a)			2,038		2,428,047
Total Governments - Sovereign Bonds (cost $6,887,843)					7,383,781
LOCAL GOVERNMENTS – MUNICIPAL BONDS – 0.4%
United States – 0.4%
California GO 7.625%, 3/01/40 (cost $3,378,529)			3,310		4,398,262
COVERED BONDS – 0.3%
Covered Bonds – 0.3%
Credit Agricole Home Loan SFH 3.50%, 6/14/18(a) (cost $4,129,611)	EUR		3,000		4,172,378
SUPRANATIONALS – 0.3%
International Bank for Reconstruction & Development 9.25%, 7/15/17 (cost $2,893,675)	U.S.$		2,340		3,242,973

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 137

Global Core Bond Portfolio—Portfolio of Investments

	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 4.4%
Investment Companies – 4.4%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(e) (cost $53,343,138)		53,343,138	$	53,343,138
Total Investments – 103.4% (cost $1,217,897,634)		1,248,583,333
Other assets less liabilities – (3.4)%				(40,523,588	)
Net Assets – 100.0%			$	1,208,059,745

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Sold Contracts
U.S. T-Note 2 Yr Futures		127		June 2012	$	27,969,516	$	27,969,766	$	(250	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Barclays Bank PLC Wholesale:
Canadian Dollar settling 3/02/12		11,952	$	11,987,705	$	12,079,524	$	(91,819	)
Canadian Dollar settling 3/02/12		11,915		11,889,798		12,041,477		(151,679	)
Canadian Dollar settling 3/02/12		19,452		19,452,502		19,658,902		(206,400	)
BNP Paribas SA:
Canadian Dollar settling 4/03/12		67,646		68,416,280		68,318,341		97,939
Japanese Yen settling 3/21/12		912,670		11,654,350		11,229,086		425,264
Citibank N.A.:
Canadian Dollar settling 3/02/12		10,664		10,696,144		10,777,832		(81,688	)
Japanese Yen settling 3/21/12		6,677,328		84,134,949		82,154,914		1,980,035
Deutsche Bank AG London:
Euro settling 3/29/12		18,217		24,461,143		24,273,393		187,750
Goldman Sachs International:
Euro settling 3/29/12		126,248		166,975,284		168,217,159		(1,241,875	)
South African Rand settling 3/26/12		191,258		24,667,098		25,371,539		(704,441	)

138 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Royal Bank of Canada:
Canadian Dollar settling 3/02/12		13,662	$	13,690,052	$	13,807,638	$	(117,586	)
UBS AG:
Great British Pound settling 3/29/12		65,328		103,203,662		103,910,723		(707,061	)
							$	(611,561	)

(a) 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 February 29, 2012, the aggregate market value of these securities amounted to $154,275,139 or 12.8% of net assets.

(b) Variable rate coupon, rate shown as of February 29, 2012.

(c) Floating Rate Security. Stated interest rate was in effect at February 29, 2012.

(d) Illiquid security.

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

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

FHLMC – Federal Home Loan Mortgage Corporation

GO – General Obligation

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 139

Global Core Bond Portfolio—Portfolio of Investments

BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

		Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 96.7%
United States – 96.7%
U.S. Treasury Inflation Index 0.125%, 1/15/22 (TIPS)(a)	U.S.$		18,682	$	19,455,331
0.625%, 7/15/21 (TIPS)(a)			70,235		77,176,614
1.125%, 1/15/21 (TIPS)			13,577		15,516,456
1.25%, 7/15/20 (TIPS)(a)			60,680		70,279,977
1.375%, 7/15/18-1/15/20 (TIPS)(a)			48,101		55,942,332
1.625%, 1/15/15 (TIPS)(a)			46,440		50,905,791
1.625%, 1/15/18 (TIPS)			53,229		61,771,060
1.875%, 7/15/13-7/15/19 (TIPS)			118,391		131,711,363
1.875%, 7/15/15 (TIPS)(a)			81,024		90,861,301
2.00%, 7/15/14 (TIPS)(a)			99,851		109,437,747
2.125%, 1/15/19 (TIPS)(a)			26,159		31,697,192
2.375%, 1/15/17 (TIPS)(a)(b)			41,565		49,134,195
2.375%, 1/15/25 (TIPS)			1,197		1,556,236
2.50%, 7/15/16 (TIPS)			28,134		33,139,164
2.625%, 7/15/17 (TIPS)			4,955		6,015,340
Total Inflation-Linked Securities (cost $740,460,643)					804,600,099
CORPORATES - INVESTMENT GRADES – 16.1%
Industrial – 8.1%
Basic – 0.5%
AngloGold Ashanti Holdings PLC 5.375%, 4/15/20			980		1,004,500
ArcelorMittal 6.125%, 6/01/18			769		813,753
Dow Chemical Co. (The) 5.25%, 11/15/41			945		1,041,123
8.55%, 5/15/19			637		847,304
					3,706,680
Capital Goods – 0.4%
CRH Finance BV 7.375%, 5/28/14	EUR		1,100		1,617,663
Republic Services, Inc. 5.25%, 11/15/21	U.S.$		1,675		1,932,453
					3,550,116
Communications - Media – 1.7%
CBS Corp. 3.375%, 3/01/22			1,309		1,298,904
5.75%, 4/15/20			1,755		2,040,979
Comcast Corp. 5.15%, 3/01/20			1,745		2,045,309

140 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
DirecTV Holdings LLC/DirecTV Financing Co., Inc. 4.60%, 2/15/21	U.S.$		660	$	716,017
Interpublic Group of Cos. Inc. (The) 4.00%, 3/15/22			199		196,487
News America, Inc. 6.15%, 3/01/37-2/15/41			1,584		1,860,526
Reed Elsevier Capital, Inc. 8.625%, 1/15/19			1,340		1,687,714
Time Warner Cable, Inc. 7.50%, 4/01/14			1,435		1,622,600
Virgin Media Secured Finance PLC 5.25%, 1/15/21			428		468,668
WPP Finance 2010 4.75%, 11/21/21(c)			1,737		1,851,402
					13,788,606
Communications - Telecommunications – 1.6%
American Tower Corp. 5.05%, 9/01/20			1,355		1,399,658
AT&T, Inc. 5.35%, 9/01/40			1,397		1,573,958
Deutsche Telekom International 4.875%, 3/06/42(c)			1,777		1,752,193
Koninklijke KPN NV 5.00%, 11/13/12	EUR		1,185		1,617,597
Telecom Italia Capital SA 6.375%, 11/15/33	U.S.$		1,165		1,004,812
Telefonica Emisiones SAU 5.462%, 2/16/21			835		839,961
United States Cellular Corp. 6.70%, 12/15/33			835		822,487
Verizon Communications, Inc. 7.35%, 4/01/39			1,510		2,080,747
Vodafone Group PLC 6.15%, 2/27/37			1,660		2,088,167
					13,179,580
Consumer Cyclical - Automotive – 0.2%
Harley-Davidson Funding Corp. 5.75%, 12/15/14(c)			1,640		1,779,756
Consumer Cyclical - Entertainment – 0.2%
Viacom, Inc. 6.25%, 4/30/16			1,495		1,732,378

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Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 0.4%
Carnival PLC 4.25%, 11/27/13	EUR		1,225	$	1,664,839
Marriott International, Inc./DE Series J 5.625%, 2/15/13	U.S.$		1,700		1,772,049
					3,436,888
Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings, Inc. 3.875%, 1/15/22			1,542		1,585,412
Consumer Non-Cyclical – 0.4%
Bunge Ltd. Finance Corp. 5.10%, 7/15/15			1,610		1,718,337
Delhaize Group SA 5.875%, 2/01/14			1,515		1,630,078
					3,348,415
Energy – 1.0%
Anadarko Petroleum Corp. 5.95%, 9/15/16			430		497,821
Marathon Petroleum Corp. 3.50%, 3/01/16			230		238,458
5.125%, 3/01/21			390		423,558
Nabors Industries, Inc. 9.25%, 1/15/19			1,064		1,339,536
Noble Energy, Inc. 8.25%, 3/01/19			1,370		1,738,509
Reliance Holdings USA, Inc. 5.40%, 2/14/22(c)			2,065		2,090,679
Southwestern Energy Co. 4.10%, 3/15/22(c)			568		567,301
Transocean, Inc. 6.375%, 12/15/21			1,450		1,711,218
					8,607,080
Technology – 0.7%
Agilent Technologies, Inc. 5.00%, 7/15/20			249		277,255
Hewlett-Packard Co. 4.65%, 12/09/21			778		838,911
Intel Corp. 4.80%, 10/01/41			1,130		1,279,093
Motorola Solutions, Inc. 7.50%, 5/15/25			1,540		1,798,061
Xerox Corp. 8.25%, 5/15/14			1,425		1,600,419
					5,793,739

142 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Transportation - Airlines – 0.2%
Southwest Airlines Co. 5.75%, 12/15/16	U.S.$		1,615	$	1,788,860
Transportation - Railroads – 0.3%
CSX Corp. 4.75%, 5/30/42			1,970		2,056,059
Transportation - Services – 0.3%
Asciano Finance Ltd. 5.00%, 4/07/18(c)			950		973,744
Ryder System, Inc. 3.15%, 3/02/15			1,105		1,145,965
5.85%, 11/01/16			630		711,684
					2,831,393
					67,184,962
Financial Institutions – 5.4%
Banking – 3.2%
Bank of America Corp. 5.625%, 7/01/20			705		731,387
Bank of Scotland PLC 5.625%, 5/23/13	EUR		1,190		1,641,684
Barclays Bank PLC 5.125%, 1/08/20	U.S.$		790		835,266
5.45%, 9/12/12			665		679,393
BBVA Senior Finance SAU Series G 3.625%, 5/14/12	EUR		1,200		1,602,246
Capital One Financial Corp. 7.375%, 5/23/14	U.S.$		1,445		1,608,148
Citigroup, Inc. 4.50%, 1/14/22			1,940		1,993,022
5.50%, 4/11/13			865		897,459
Goldman Sachs Group, Inc. (The) 5.75%, 1/24/22			2,120		2,212,941
6.00%, 6/15/20			685		728,188
HSBC Holdings PLC 5.10%, 4/05/21			1,130		1,236,735
JPMorgan Chase & Co. 4.40%, 7/22/20			715		749,338
4.50%, 1/24/22			2,075		2,204,781
Macquarie Group Ltd. 7.625%, 8/13/19(c)			1,470		1,515,871
Morgan Stanley 5.50%, 7/24/20-7/28/21			2,413		2,386,438
National Capital Trust II 5.486%, 3/23/15(c)			1,090		1,045,394
Royal Bank of Scotland PLC (The) 3.25%, 1/11/14			980		983,456

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Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
UBS AG/Stamford CT 5.875%, 7/15/16	U.S.$		1,610	$	1,699,609
Union Bank NA 5.95%, 5/11/16			1,675		1,807,930
					26,559,286
Finance – 0.1%
SLM Corp. Series A 5.375%, 1/15/13			925		948,125
Insurance – 2.0%
Allstate Corp. (The) 6.125%, 5/15/37			1,145		1,120,669
American International Group, Inc. 6.40%, 12/15/20			1,660		1,851,181
Genworth Financial, Inc. 6.515%, 5/22/18			936		954,520
Hartford Financial Services Group, Inc. 6.10%, 10/01/41			760		720,048
Humana, Inc. 7.20%, 6/15/18			1,520		1,833,919
Lincoln National Corp. 8.75%, 7/01/19			550		701,220
Markel Corp. 7.125%, 9/30/19			1,628		1,857,255
Marsh & McLennan Cos., Inc. 5.375%, 7/15/14			1,585		1,695,864
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(c)			1,410		1,809,191
QBE Capital Funding III Ltd. 7.25%, 5/24/41(c)			760		692,214
Swiss Re Capital I LP 6.854%, 5/25/16(c)			1,815		1,637,647
XL Group PLC 5.25%, 9/15/14			1,590		1,683,176
					16,556,904
REITS – 0.1%
HCP, Inc. 5.375%, 2/01/21			972		1,065,422
					45,129,737
Utility – 2.0%
Electric – 0.7%
Allegheny Energy Supply Co. LLC 5.75%, 10/15/19(c)			1,355		1,465,149
Constellation Energy Group, Inc. 5.15%, 12/01/20			615		691,933
Nisource Finance Corp. 6.15%, 3/01/13			695		731,829

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Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Ohio Power Co. Series F 5.50%, 2/15/13	U.S.$		350	$	365,547
Pacific Gas & Electric Co. 4.50%, 12/15/41			800		836,042
TECO Finance, Inc. 4.00%, 3/15/16			1,680		1,777,632
					5,868,132
Natural Gas – 1.3%
DCP Midstream LLC 9.75%, 3/15/19(c)			1,290		1,673,615
Energy Transfer Partners LP 6.125%, 2/15/17			1,645		1,825,662
Enterprise Products Operating LLC 5.20%, 9/01/20			720		816,740
EQT Corp. 8.125%, 6/01/19			1,385		1,642,513
Kinder Morgan Energy Partners LP 4.15%, 3/01/22			969		1,007,023
Spectra Energy Capital LLC 8.00%, 10/01/19			1,395		1,786,129
Williams Partners LP 3.80%, 2/15/15			1,660		1,756,252
					10,507,934
					16,376,066
Non Corporate Sectors – 0.6%
Agencies – Not Government Guaranteed – 0.6%
Abu Dhabi National Energy Co. 4.125%, 3/13/17(c)			344		350,040
Gazprom OAO Via Gaz Capital SA 6.212%, 11/22/16(c)			1,292		1,416,355
IPIC GMTN Ltd. 3.75%, 3/01/17(c)			1,695		1,707,712
Petrobras International Finance Co. – Pifco 5.375%, 1/27/21			1,570		1,687,935
					5,162,042
Total Corporates – Investment Grades (cost $130,136,107)					133,852,807
ASSET-BACKED SECURITIES – 5.9%
Autos - Fixed Rate – 2.7%
AmeriCredit Automobile Receivables Trust Series 2011-3, Class A2 0.84%, 11/10/14			2,382		2,383,585
Series 2011-4, Class A2 0.92%, 3/09/15			1,200		1,201,942

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 145

Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
CarMax Auto Owner Trust Series 2011-3, Class A3 1.07%, 6/15/16	U.S.$		825	$	825,328
Exeter Automobile Receivables Trust Series 2012-1A, Class A 2.02%, 8/15/16(c)			1,710		1,710,012
Ford Credit Auto Lease Trust Series 2011-A, Class A2 0.74%, 9/15/13			2,940		2,941,079
Ford Credit Auto Owner Trust Series 2009-D, Class A4 2.98%, 8/15/14			3,120		3,183,790
Huntington Auto Trust Series 2011-1A, Class A3 1.01%, 1/15/16(c)			1,240		1,246,100
Hyundai Auto Lease Securitization Trust Series 2011-A, Class A2 0.69%, 11/15/13(c)			1,177		1,177,209
Mercedes-Benz Auto Lease Trust Series 2011-B, Class A2 0.90%, 1/15/14(c)			2,396		2,397,759
Porsche Innovative Lease Owner Trust Series 2011-1, Class A3 1.09%, 9/22/14(c)			2,190		2,194,055
Santander Drive Auto Receivables Trust Series 2011-4, Class A2 1.37%, 3/16/15			923		923,594
SMART Trust/Australia Series 2011-2USA, Class A2A 1.22%, 11/14/13(c)			2,440		2,440,110
					22,624,563
Credit Cards - Floating Rate – 1.9%
American Express Credit Account Master Trust Series 2007-8, Class A 0.549%, 5/15/15(d)			3,676		3,682,307
Series 2011-1, Class A 0.419%, 4/17/17(d)			3,350		3,354,278
GE Capital Credit Card Master Note Trust Series 2011-1, Class A 0.799%, 1/15/17(d)			1,495		1,507,223
Series 2011-2, Class A 0.729%, 5/15/19(d)			2,625		2,632,052
Penarth Master Issuer PLC Series 2010-2A, Class A2 0.996%, 12/18/14(c)(d)			4,090		4,098,969
					15,274,829

146 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Autos - Floating Rate – 0.7%
Ford Credit Floorplan Master Owner Trust Series 2012-1, Class A 0.719%, 1/15/16(d)	U.S.$		3,956	$	3,956,376
Hyundai Floorplan Master Owner Trust Series 2009-1A, Class A 1.499%, 11/17/14(c)(d)			2,075		2,084,835
					6,041,211
Other ABS - Floating Rate – 0.4%
GE Dealer Floorplan Master Note Trust Series 2012-1, Class A 0.816%, 2/20/17(d)			3,065		3,064,988
Other ABS - Fixed Rate – 0.2%
CNH Equipment Trust Series 2010-C, Class A3 1.17%, 5/15/15			1,203		1,207,720
GE Equipment Midticket LLC Series 2011-1, Class A3 1.00%, 8/24/15			707		707,553
					1,915,273
Total Asset-Backed Securities (cost $48,881,426)					48,920,864
MORTGAGE PASS-THROUGHS – 5.4%
Agency Fixed Rate 30-Year – 3.7%
Federal National Mortgage Association 3.50%, 12/01/41			10,044		10,388,951
6.00%, 10/01/40			18,337		20,149,030
					30,537,981
Agency ARMs – 1.7%
Federal Home Loan Mortgage Corp. 3.521%, 10/01/39(e)			1,600		1,698,524
5.057%, 5/01/38(e)			1,615		1,711,571
5.148%, 11/01/35(d)			3,083		3,258,267
Federal National Mortgage Association 3.905%, 10/01/37(e)			2,879		3,038,884
4.53%, 8/01/38(d)			2,988		3,174,821
4.777%, 10/01/39(e)			1,533		1,633,322
					14,515,389
Total Mortgage Pass-Throughs (cost $44,953,596)					45,053,370

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 147

Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.2%
Non-Agency Fixed Rate CMBS – 2.8%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD3, Class A2 5.56%, 10/15/48	U.S.$		2,982	$	3,027,753
Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A4 5.306%, 12/10/46			3,350		3,752,040
Greenwich Capital Commercial Funding Corp. Series 2007-GG9, Class A4 5.444%, 3/10/39			3,780		4,196,560
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2006-CB15, Class A4 5.814%, 6/12/43			2,255		2,531,826
LB-UBS Commercial Mortgage Trust Series 2006-C4, Class A4 5.874%, 6/15/38			3,220		3,692,181
Merrill Lynch Mortgage Trust Series 2005-CIP1, Class A2 4.96%, 7/12/38			2,085		2,116,346
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-3, Class A4 5.414%, 7/12/46			3,265		3,686,116
					23,002,822
Agency CMBS – 0.4%
FHLMC Multifamily Structured Pass Through Certificates Series K008, Class A1 2.746%, 12/25/19			3,146		3,302,063
Total Commercial Mortgage-Backed Securities (cost $24,698,139)					26,304,885
GOVERNMENTS - TREASURIES – 1.5%
Canada – 1.5%
Canadian Government Bond 3.25%, 6/01/21 (cost $12,276,084)	CAD		11,050		12,357,193
GOVERNMENTS - SOVEREIGN AGENCIES – 1.2%
Australia – 0.3%
Suncorp-Metway Ltd. 2.067%, 7/16/12(c)(d)	U.S.$		2,600		2,614,906

148 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
United Kingdom – 0.9%
Lloyds TSB Bank PLC 2.75%, 3/16/12	GBP		1,465	$	2,331,927
Skipton Building Society 2.00%, 4/05/12			1,485		2,364,849
West Bromwich Building Society 2.00%, 4/05/12			1,490		2,372,553
					7,069,329
Total Governments – Sovereign Agencies (cost $9,408,098)					9,684,235
AGENCIES – 1.0%
Agency Debentures – 1.0%
Federal Home Loan Mortgage Corp. 2.375%, 1/13/22 (cost $7,886,377)	U.S.$		7,932		8,021,877
QUASI-SOVEREIGNS – 0.5%
Quasi-Sovereign Bonds – 0.5%
Indonesia – 0.1%
Perusahaan Listrik Negara PT 5.50%, 11/22/21(c)			1,083		1,161,517
Kazakhstan – 0.2%
KazMunayGas National Co. 7.00%, 5/05/20(c)			1,328		1,527,200
Malaysia – 0.2%
Petronas Capital Ltd. 5.25%, 8/12/19(c)			1,500		1,693,875
Total Quasi-Sovereigns (cost $4,225,260)					4,382,592
SUPRANATIONALS – 0.4%
European Investment Bank 0.827%, 3/05/12(d) (cost $3,500,163)			3,500		3,500,000
GOVERNMENTS - SOVEREIGN BONDS – 0.3%
Indonesia – 0.1%
Republic of Indonesia 5.25%, 1/17/42(c)			1,025		1,092,906

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 149

Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Qatar – 0.2%
State of Qatar 4.50%, 1/20/22(c)	U.S.$		1,445	$	1,500,633
Total Governments – Sovereign Bonds (cost $2,436,174)					2,593,539
CORPORATES – NON-INVESTMENT GRADE – 0.0%
Industrial – 0.0%
Capital Goods – 0.0%
Ball Corp. 5.00%, 3/15/22 (cost $264,000)			264		269,940
Total Investments – 132.2% (cost $1,029,126,067)					1,099,541,401
Other assets less liabilities – (32.2)%					(267,680,929	)
Net Assets – 100.0%				$	831,860,472

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 10 Yr Futures		8		June 2012	$	1,051,141	$	1,047,625	$	(3,516	)
Sold Contracts
U.S. T-Note 30 Yr Futures		173		June 2012		24,604,520		24,506,532		97,988
U.S. T-Note 5 Yr Futures		395		June 2012		48,634,356		48,652,891		(18,535	)
									$	75,937

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank N.A.:
Canadian Dollar settling 3/02/12		4,437	$	4,428,337	$	4,484,252	$	55,915
Royal Bank of Scotland PLC:
Mexican Nuevo Peso settling 3/26/12		53,384		4,146,682		4,149,169		2,487
South African Rand settling 3/26/12		32,022		4,184,455		4,247,862		63,407
Swedish Krona settling 3/28/12		55,711		8,483,494		8,410,914		(72,580	)
Standard Chartered Bank:
Indian Rupee settling 3/30/12		203,477		4,108,993		4,112,834		3,841

150 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
UBS AG:
Australian Dollar settling 3/09/12		7,778	$	8,380,362	$	8,334,475	$	(45,887	)
Sale Contracts
Barclays Bank PLC Wholesale:
Euro settling 3/29/12		6,324		8,519,234		8,426,878		92,356
BNP Paribas SA:
Japanese Yen settling 3/21/12		315,223		4,025,248		3,878,368		146,880
Credit Suisse London Branch (GFX):
Great British Pound settling 3/29/12		4,462		7,045,922		7,097,528		(51,606	)
Deutsche Bank AG London:
Euro settling 3/29/12		3,131		4,193,053		4,172,124		20,929
HSBC BankUSA:
Canadian Dollar settling 4/03/12		16,113		16,306,467		16,272,996		33,471
Morgan Stanley and Co Inc.:
Canadian Dollar settling 3/02/12		8,278		8,284,134		8,365,670		(81,536	)
Royal Bank of Canada:
Canadian Dollar settling 3/02/12		12,272		12,312,890		12,402,781		(89,891	)
Standard Chartered Bank:
Euro settling 3/29/12		12,536		16,623,988		16,703,325		(79,337	)
							$	(1,551	)

INTEREST RATE SWAP TRANSACTIONS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio			Payments received by the Portfolio		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	33,270		6/7/13		0.627	%		3 Month LIBOR	$	(60,598	)
Barclays Bank PLC		50,940		11/17/13		1.059	%		3 Month LIBOR		(599,759	)
Barclays Bank PLC		7,590		1/17/22		2.05	%		3 Month LIBOR		(8,482	)
JPMorgan Chase Bank, N.A.		8,040		5/17/21		3.268	%		3 Month LIBOR		(975,088	)
JPMorgan Chase Bank, N.A.		9,340		2/7/22		2.04	%		3 Month LIBOR		9,041
Morgan Stanley Capital Services Inc.		5,480		2/21/42		2.813	%		3 Month LIBOR		(38,661	)
										$	(1,673,547	)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 151

Bond Inflation Protection Portfolio—Portfolio of Investments

REVERSE REPURCHASE AGREEMENTS (see Note C)

Broker	Interest Rate			Maturity		U.S. $ Value at February 29, 2012
Bank of America†		0.00	%		—	$	22,837,500
Bank of America		0.18	%		3/01/12		27,867,632
Bank of America		0.18	%		4/04/12		7,775,936
Bank of America†		0.18	%		—		3,292,500
Bank of America†		0.18	%		—		3,736,250
Bank of America†		0.18	%		—		4,128,800
Bank of America†		0.18	%		—		4,340,000
Bank of America†		0.18	%		—		9,097,888
Bank of America		0.19	%		3/27/12		28,637,364
Bank of America		0.19	%		5/03/12		32,266,807
Bank of America		0.20	%		4/04/12		32,430,781
Bank of America		0.21	%		5/10/12		6,028,984
Bank of America		0.22	%		3/05/12		21,160,000
Bank of America		0.22	%		3/05/12		29,092,340
Bank of America		0.22	%		4/11/12		27,882,840
Barclays†		0.17	%		—		4,324,668
Barclays†		0.17	%		—		9,123,750
Barclays†		0.17	%		—		10,637,500
Goldman		0.18	%		4/03/12		5,494,415
Goldman		0.21	%		5/10/12		11,894,200
						$	(302,050,155	)

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on February 29, 2012

(a) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The market value of the collateral amounted to $554,890,480.

(b) Position, or a portion thereof, has been segregated to collateralize interest rate swap contracts. The aggregate market value of these securities amounted to $2,042,628.

(c) 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 February 29, 2012, the aggregate market value of these securities amounted to $49,268,349 or 5.9% of net assets.

(d) Floating Rate Security. Stated interest rate was in effect at February 29, 2012.

(e) Variable rate coupon, rate shown as of February 29, 2012.

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

FHLMC – Federal Home Loan Mortgage Corporation

LIBOR – London Interbank Offered Rates

REIT – Real Estate Investment Trust

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

152 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

HIGH-YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

		Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES – 71.8%
Industrial – 58.6%
Basic – 4.1%
AK Steel Corp. 7.625%, 5/15/20	U.S.$		243	$	244,519
Aleris International, Inc. 7.625%, 2/15/18			1,100		1,155,000
Arch Coal, Inc. 7.00%, 6/15/19(a)			451		451,000
7.25%, 6/15/21(a)			1,184		1,181,040
Arch Western Finance LLC 6.75%, 7/01/13			696		699,480
Calcipar SA 6.875%, 5/01/18(a)			479		471,815
Commercial Metals Co. 6.50%, 7/15/17			1,366		1,372,830
Consol Energy, Inc. 8.25%, 4/01/20			525		572,250
Huntsman International LLC 5.50%, 6/30/16			400		399,500
8.625%, 3/15/21			891		1,006,830
Ineos Finance PLC 8.375%, 2/15/19(a)			425		451,562
Ineos Group Holdings Ltd. 8.50%, 2/15/16(a)			1,000		912,500
JMC Steel Group 8.25%, 3/15/18(a)			236		246,325
Kinove German Bondco GmbH 9.625%, 6/15/18(a)			317		324,133
Lyondell Chemical Co. 11.00%, 5/01/18			357		391,203
LyondellBasell Industries NV 6.00%, 11/15/21(a)			339		372,053
Momentive Performance Materials, Inc. 11.50%, 12/01/16			270		226,800
NewMarket Corp. 7.125%, 12/15/16			615		633,450
NewPage Corp. 10.00%, 5/01/12(b)			397		20,843
Nova Chemicals Corp. 8.625%, 11/01/19			501		574,897
Peabody Energy Corp. 6.00%, 11/15/18(a)			275		288,063
6.25%, 11/15/21(a)			659		690,302
7.375%, 11/01/16			545		615,850
Polypore International, Inc. 7.50%, 11/15/17			380		398,050

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High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Rain CII Carbon LLC/CII Carbon Corp. 8.00%, 12/01/18(a)	U.S.$		501	$	531,060
Smurfit Kappa Acquisitions 7.75%, 11/15/19(a)	EUR		500		717,776
Steel Dynamics, Inc. 7.75%, 4/15/16	U.S.$		625		650,000
TPC Group LLC 8.25%, 10/01/17			1,047		1,104,585
Verso Paper Holdings LLC/Verso Paper, Inc. Series B 11.375%, 8/01/16			529		235,405
Weyerhaeuser Co. 7.375%, 3/15/32			685		744,948
					17,684,069
Capital Goods – 6.7%
Alliant Techsystems, Inc. 6.875%, 9/15/20			320		340,000
Ardagh Packaging Finance PLC 7.375%, 10/15/17(a)			620		666,500
Ball Corp. 5.00%, 3/15/22			233		238,243
Berry Plastics Corp. 9.75%, 1/15/21			1,205		1,289,350
Bombardier, Inc. 7.50%, 3/15/18(a)			624		709,800
Building Materials Corp. of America 7.00%, 2/15/20(a)			689		747,565
7.50%, 3/15/20(a)			499		545,781
CNH America LLC 7.25%, 1/15/16			935		1,030,837
CNH Capital LLC 6.25%, 11/01/16(a)			262		281,650
Graphic Packaging International, Inc. 7.875%, 10/01/18			500		550,000
Griffon Corp. 7.125%, 4/01/18			287		298,480
Grohe Holding GmbH 8.625%, 10/01/14(a)	EUR		354		474,582
KUKA AG 8.75%, 11/15/17(a)			361		514,627
Manitowoc Co., Inc. (The) 8.50%, 11/01/20	U.S.$		922		1,028,030
Masco Corp. 7.125%, 3/15/20			900		960,376
Mohawk Industries, Inc. 6.875%, 1/15/16			1,377		1,519,864

154 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Nordenia International AG 9.75%, 7/15/17(a)	EUR		517	$	737,015
Nortek, Inc. 8.50%, 4/15/21	U.S.$		712		688,860
Plastipak Holdings, Inc. 8.50%, 12/15/15(a)			1,180		1,215,400
Polymer Group, Inc. 7.75%, 2/01/19			1,300		1,391,000
Pregis Corp. 6.245%, 4/15/13(c)	EUR		56		71,392
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 7.125%, 4/15/19(a)	U.S.$		712		752,940
7.875%, 8/15/19(a)			2,365		2,589,675
8.25%, 2/15/21(a)			1,850		1,766,750
8.75%, 10/15/16(a)			118		125,670
9.00%, 4/15/19(a)			638		638,000
9.875%, 8/15/19(a)			526		543,753
RSC Equipment Rental, Inc./RSC Holdings III LLC 8.25%, 2/01/21			750		795,000
Sealed Air Corp. 6.875%, 7/15/33(a)			1,320		1,267,200
8.125%, 9/15/19(a)			235		265,550
8.375%, 9/15/21(a)			241		275,945
Solo Cup Co./Solo Cup Operating Corp. 10.50%, 11/01/13			850		859,562
Sterling Merger, Inc. 11.00%, 10/01/19(a)			413		434,683
Summit Materials LLC/Summit Materials Finance Corp. 10.50%, 1/31/20(a)			340		351,050
TransDigm, Inc. 7.75%, 12/15/18			1,200		1,320,000
United Rentals North America, Inc. 8.375%, 9/15/20			267		276,345
9.25%, 12/15/19			650		718,250
USG Corp. 6.30%, 11/15/16			1,115		1,045,312
					29,325,037
Communications - Media – 7.8%
Allbritton Communications Co. 8.00%, 5/15/18			510		539,325
Cablevision Systems Corp. 8.00%, 4/15/20			1,750		1,964,375

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 155

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
CCO Holdings LLC/CCO Holdings Capital Corp. 7.00%, 1/15/19	U.S.$		2,250	$	2,430,000
7.375%, 6/01/20			750		825,000
7.875%, 4/30/18			664		725,420
8.125%, 4/30/20			219		245,280
Cequel Communications Holdings I LLC and Cequel Capital Corp. 8.625%, 11/15/17(a)			1,015		1,088,588
Clear Channel Communications, Inc. 5.50%, 9/15/14			1,180		1,057,575
9.00%, 3/01/21			457		420,440
Clear Channel Worldwide Holdings, Inc. 7.625%, 3/15/20			544		544,000
Series A 7.625%, 3/15/20			100		100,000
Series B 9.25%, 12/15/17			1,440		1,584,000
Crown Media Holdings, Inc. 10.50%, 7/15/19			470		501,725
CSC Holdings LLC 7.625%, 7/15/18			535		604,550
7.875%, 2/15/18			640		723,200
Cumulus Media, Inc. 7.75%, 5/01/19(a)			648		633,420
Dex One Corp. 12.00%, 1/29/17(d)			338		81,182
DISH DBS Corp. 6.625%, 10/01/14			970		1,057,300
6.75%, 6/01/21			1,100		1,221,000
Hughes Satellite Systems Corp. 7.625%, 6/15/21			965		1,047,025
Intelsat Jackson Holdings SA 7.25%, 10/15/20			1,900		1,999,750
11.25%, 6/15/16			212		224,190
Intelsat Luxembourg SA 11.25%, 2/04/17			1,725		1,778,906
11.50%, 2/04/17(a)(d)			300		306,000
11.50%, 2/04/17(d)			1,598		1,646,081
Kabel BW GmbH 7.50%, 3/15/19(a)			402		434,160
Lamar Media Corp. 5.875%, 2/01/22(a)			459		479,081
6.625%, 8/15/15			940		961,150
New York Times Co. (The) 6.625%, 12/15/16			500		521,250

156 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Quebecor Media, Inc. 7.75%, 3/15/16	U.S.$		1,985	$	2,044,550
RR Donnelley & Sons Co. 7.25%, 5/15/18			824		817,820
Sinclair Television Group, Inc. 8.375%, 10/15/18			600		652,500
Univision Communications, Inc. 6.875%, 5/15/19(a)			1,000		1,020,000
8.50%, 5/15/21(a)			550		545,875
UPCB Finance III Ltd. 6.625%, 7/01/20(a)			550		566,500
UPCB Finance V Ltd. 7.25%, 11/15/21(a)			665		699,913
Virgin Media Finance PLC 5.25%, 2/15/22			650		650,000
XM Satellite Radio, Inc. 7.625%, 11/01/18(a)			975		1,067,625
					33,808,756
Communications - Telecommunications – 4.7%
Crown Castle International Corp. 7.125%, 11/01/19			1,000		1,095,000
eAccess Ltd. 8.25%, 4/01/18(a)			646		618,545
Fairpoint Communications Inc/Old Series 1 13.125%, 4/02/18(b)			1,966		19,661
Frontier Communications Corp. 6.25%, 1/15/13			851		878,657
9.00%, 8/15/31			545		531,375
Level 3 Communications, Inc. 11.875%, 2/01/19			1,575		1,791,562
Level 3 Financing, Inc. 8.625%, 7/15/20(a)			314		335,195
8.75%, 2/15/17			685		715,825
9.375%, 4/01/19			550		607,750
MetroPCS Wireless, Inc. 7.875%, 9/01/18			550		589,875
NII Capital Corp. 7.625%, 4/01/21			749		765,853
PAETEC Holding Corp. 9.875%, 12/01/18			1,045		1,170,400
Phones4u Finance PLC 9.50%, 4/01/18(a)	GBP		345		481,625
Sprint Capital Corp. 6.875%, 11/15/28	U.S.$		1,740		1,357,200
8.75%, 3/15/32			1,180		1,050,200

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 157

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Sunrise Communications Holdings SA 8.50%, 12/31/18(a)	EUR		350	$	495,449
Telenet Finance III Luxembourg S.C.A. 6.625%, 2/15/21(a)			420		570,757
tw telecom holdings, Inc. 8.00%, 3/01/18	U.S.$		1,039		1,139,004
VimpelCom Holdings BV 7.504%, 3/01/22(a)			800		784,400
Wind Acquisition Finance SA 7.25%, 2/15/18(a)			1,850		1,813,000
Windstream Corp. 7.50%, 4/01/23			1,750		1,841,875
7.875%, 11/01/17			675		761,063
8.125%, 9/01/18			900		985,500
					20,399,771
Consumer Cyclical - Automotive – 4.0%
Affinia Group, Inc. 9.00%, 11/30/14			380		384,750
Allison Transmission, Inc. 7.125%, 5/15/19(a)			975		1,004,250
11.00%, 11/01/15(a)			53		55,981
Commercial Vehicle Group, Inc. 7.875%, 4/15/19(a)			427		431,270
Dana Holding Corp. 6.50%, 2/15/19			140		151,200
6.75%, 2/15/21			111		120,158
Delphi Corp. 5.875%, 5/15/19(a)			433		456,815
6.125%, 5/15/21(a)			325		348,562
Exide Technologies 8.625%, 2/01/18			331		257,352
Ford Motor Co. 7.45%, 7/16/31			1,000		1,283,750
Ford Motor Credit Co. LLC 3.875%, 1/15/15			1,125		1,153,320
7.00%, 10/01/13			2,734		2,927,551
8.00%, 12/15/16			2,665		3,167,065
Goodyear Tire & Rubber Co. (The) 8.25%, 8/15/20			964		1,053,170
8.75%, 8/15/20			857		943,771
Navistar International Corp. 8.25%, 11/01/21			909		994,219
Pharmaceutical Product Development, Inc. 9.50%, 12/01/19(a)			995		1,088,281
Schaeffler Finance BV 8.50%, 2/15/19(a)			800		866,000

158 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Tenneco, Inc. 6.875%, 12/15/20	U.S.$		330	$	353,925
UCI International, Inc. 8.625%, 2/15/19			402		411,045
					17,452,435
Consumer Cyclical - Entertainment – 0.8%
AMC Entertainment, Inc. 9.75%, 12/01/20			425		397,375
ClubCorp Club Operations, Inc. 10.00%, 12/01/18			775		798,250
Greektown Holdings LLC 10.75%, 12/01/13(b)(e)			525		– 0	–
NAI Entertainment Holdings LLC 8.25%, 12/15/17(a)			930		1,025,325
Regal Entertainment Group 9.125%, 8/15/18			1,020		1,116,900
					3,337,850
Consumer Cyclical - Other – 4.9%
Beazer Homes USA, Inc. 12.00%, 10/15/17			425		463,250
Boyd Gaming Corp. 9.125%, 12/01/18			525		544,687
Broder Brothers Co. 12.00%, 10/15/13(a)(d)			354		355,791
Caesars Entertainment Operating Co., Inc. 10.00%, 12/15/18			825		637,312
Chester Downs & Marina LLC 9.25%, 2/01/20(a)			326		341,485
Chukchansi Economic Development Authority 8.00%, 11/15/13(a)			1,015		700,350
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625%, 1/15/16			1,111		1,172,105
DR Horton, Inc. 6.50%, 4/15/16			1,180		1,274,400
Host Hotels & Resorts LP 6.875%, 11/01/14			385		392,700
Series Q 6.75%, 6/01/16			935		966,556
Isle of Capri Casinos, Inc. 7.75%, 3/15/19			545		543,638
KB Home 8.00%, 3/15/20			650		661,375

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 159

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Lennar Corp. Series B 6.50%, 4/15/16	U.S.$		1,260	$	1,330,875
Levi Strauss & Co. 8.875%, 4/01/16			742		766,122
M/I Homes, Inc. 8.625%, 11/15/18			790		762,350
Marina District Finance Co., Inc. 9.875%, 8/15/18			745		707,750
Meritage Homes Corp. 7.15%, 4/15/20			133		137,323
MGM Resorts International 6.625%, 7/15/15			1,222		1,237,275
8.625%, 2/01/19(a)			415		441,975
NCL Corp. Ltd. 9.50%, 11/15/18(a)			161		173,075
11.75%, 11/15/16			500		580,000
Royal Caribbean Cruises Ltd. 7.00%, 6/15/13			1,885		1,983,962
Ryland Group, Inc. (The) 6.625%, 5/01/20			335		341,700
Seminole Indian Tribe of Florida 6.535%, 10/01/20(a)			94		91,710
7.75%, 10/01/17(a)			631		684,635
Shea Homes LP/Shea Homes Funding Corp. 8.625%, 5/15/19(a)			703		713,545
Standard Pacific Corp. 8.375%, 5/15/18			500		535,000
Station Casinos, Inc. 6.625%, 3/15/18(b)(e)			3,610		– 0	–
Toll Brothers Finance Corp. 5.875%, 2/15/22			525		544,548
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.75%, 8/15/20			1,900		2,142,250
					21,227,744
Consumer Cyclical - Restaurants – 0.4%
Burger King Corp. 9.875%, 10/15/18			640		723,200
CKE Restaurants, Inc. 11.375%, 7/15/18			675		769,500
Landry’s, Inc. 11.625%, 12/01/15			455		497,087
					1,989,787

160 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 1.4%
Asbury Automotive Group, Inc. 8.375%, 11/15/20	U.S.$		357	$	382,882
Bon-Ton Department Stores, Inc. (The) 10.25%, 3/15/14			371		237,440
JC Penney Corp., Inc. 6.375%, 10/15/36			250		220,313
7.40%, 4/01/37			275		268,125
Limited Brands, Inc. 6.625%, 4/01/21			400		440,000
6.90%, 7/15/17			1,063		1,185,245
Ltd. Brands, Inc. 5.625%, 2/15/22			503		518,090
Michaels Stores, Inc. 7.75%, 11/01/18			500		528,750
Rite Aid Corp. 8.00%, 8/15/20			1,000		1,140,000
Toys R US – Delaware, Inc. 7.375%, 9/01/16(a)			805		827,137
Toys R US, Inc. 7.375%, 10/15/18			370		334,850
					6,082,832
Consumer Non-Cyclical – 9.3%
ACCO Brands Corp. 7.625%, 8/15/15			500		513,745
10.625%, 3/15/15			760		838,858
Alere, Inc. 8.625%, 10/01/18			800		845,000
AMGH Merger Sub, Inc. 9.25%, 11/01/18(a)			720		778,500
ARAMARK Corp. 8.50%, 2/01/15			1,710		1,754,905
Aurora Diagnostics Holdings/Aurora Diagnostics Financing, Inc. 10.75%, 1/15/18			775		763,375
Biomet, Inc. 11.625%, 10/15/17			520		567,450
Capsugel FinanceCo SCA 9.875%, 8/01/19(a)	EUR		740		1,074,633
Catalent Pharma Solutions, Inc. 9.50%, 4/15/15(d)	U.S.$		375		387,188
CHS/Community Health Systems, Inc. 8.875%, 7/15/15			537		562,507
ConvaTec Healthcare E SA 10.50%, 12/15/18(a)			1,096		1,130,250
Del Monte Corp. 7.625%, 2/15/19			1,555		1,558,887

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 161

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
DJO Finance LLC/DJO Finance Corp. 7.75%, 4/15/18	U.S.$		165	$	141,900
10.875%, 11/15/14			520		529,100
Dole Food Co., Inc. 8.00%, 10/01/16(a)			500		530,000
Elan Finance PLC/Elan Finance Corp. 8.75%, 10/15/16			500		550,000
Elizabeth Arden, Inc. 7.375%, 3/15/21			445		479,487
Emergency Medical Services Corp. 8.125%, 6/01/19			1,123		1,179,150
Endo Pharmaceuticals Holdings, Inc. 7.00%, 7/15/19			195		214,500
7.25%, 1/15/22			255		283,688
Fresenius Medical Care US Finance, Inc. 6.50%, 9/15/18(a)			385		426,388
Grifols, Inc. 8.25%, 2/01/18			700		759,500
HCA Holdings, Inc. 7.75%, 5/15/21			700		736,750
HCA, Inc. 6.375%, 1/15/15			2,748		2,912,880
6.50%, 2/15/16-2/15/20			4,645		4,962,762
Health Management Associates, Inc. 7.375%, 1/15/20(a)			270		281,475
IASIS Healthcare LLC/IASIS Capital Corp. 8.375%, 5/15/19			1,145		1,093,475
Jarden Corp. 7.50%, 1/15/20			280		306,250
JBS Finance II Ltd. 8.25%, 1/29/18(a)			1,000		1,020,000
JBS USA LLC/JBS USA Finance, Inc. 7.25%, 6/01/21(a)			550		539,000
8.25%, 2/01/20(a)			764		786,920
Kindred Healthcare, Inc. 8.25%, 6/01/19			210		197,138
Kinetic Concepts, Inc./KCI USA, Inc. 10.50%, 11/01/18(a)			1,015		1,055,600
Mylan, Inc./PA 7.875%, 7/15/20(a)			750		838,125
New Albertsons, Inc. 7.45%, 8/01/29			1,870		1,453,925
Pilgrim’s Pride Corp. 7.875%, 12/15/18			78		77,220
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. 8.25%, 9/01/17			825		893,062

162 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Post Holdings, Inc. 7.375%, 2/15/22(a)	U.S.$		319	$	339,735
PSS World Medical, Inc. 6.375%, 3/01/22(a)			500		520,000
R&R Ice Cream PLC 8.375%, 11/15/17(a)	EUR		600		803,377
Select Medical Holdings Corp. 6.267%, 9/15/15(c)	U.S.$		500		447,500
Stater Bros Holdings, Inc. 7.375%, 11/15/18			275		298,031
STHI Holding Corp. 8.00%, 3/15/18(a)			175		186,375
Tenet Healthcare Corp. 8.875%, 7/01/19			900		1,026,000
Universal Hospital Services, Inc. 4.121%, 6/01/15(c)			895		848,012
Valeant Pharmaceuticals International 6.875%, 12/01/18(a)			825		843,562
7.00%, 10/01/20(a)			1,215		1,231,706
7.25%, 7/15/22(a)			210		211,313
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc. 7.75%, 2/01/19			600		615,000
					40,394,204
Energy – 6.9%
Antero Resources Finance Corp. 7.25%, 8/01/19(a)			384		405,120
9.375%, 12/01/17			495		544,500
ATP Oil & Gas Corp./United States 11.875%, 5/01/15			410		266,500
Atwood Oceanics, Inc. 6.50%, 2/01/20			180		189,450
Basic Energy Services, Inc. 7.75%, 2/15/19			500		515,000
Bill Barrett Corp. 7.625%, 10/01/19			400		418,000
Bluewater Holding BV 3.572%, 7/17/14(a)(c)			600		492,000
Chesapeake Energy Corp. 6.50%, 8/15/17			2,025		2,126,250
6.625%, 8/15/20			300		313,500
Cie Generale de Geophysique – Veritas 6.50%, 6/01/21			800		820,000
Citgo Petroleum Corp. 11.50%, 7/01/17(a)			891		997,920
Complete Production Services, Inc. 8.00%, 12/15/16			675		702,540

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 163

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Continental Resources, Inc./OK 7.125%, 4/01/21	U.S.$		150	$	166,500
Denbury Resources, Inc. 6.375%, 8/15/21			1,202		1,325,205
8.25%, 2/15/20			95		108,300
Edgen Murray Corp. 12.25%, 1/15/15			300		306,000
Energy XXI Gulf Coast, Inc. 7.75%, 6/15/19			900		949,500
9.25%, 12/15/17			800		886,000
Forest Oil Corp. 7.25%, 6/15/19			1,915		1,929,362
Key Energy Services, Inc. 6.75%, 3/01/21			466		488,135
Linn Energy LLC 6.25%, 11/01/19(a)			369		368,959
McJunkin Red Man Corp. 9.50%, 12/15/16			1,000		1,075,000
Newfield Exploration Co. 7.125%, 5/15/18			1,135		1,208,775
Offshore Group Investments Ltd. 11.50%, 8/01/15			1,100		1,226,500
Oil States International, Inc. 6.50%, 6/01/19			722		776,150
Parker Drilling Co. 9.125%, 4/01/18			520		557,700
Perpetual Energy, Inc. 8.75%, 3/15/18(a)	CAD		775		713,741
Petroleum Geo-Services ASA 7.375%, 12/15/18(a)	U.S.$		348		365,400
PHI, Inc. 8.625%, 10/15/18			400		410,000
Pioneer Drilling Co. 9.875%, 3/15/18(a)			375		401,250
Pioneer Natural Resources Co. 5.875%, 7/15/16			995		1,105,706
Plains Exploration & Production Co. 6.625%, 5/01/21			500		540,000
6.75%, 2/01/22			1,485		1,626,075
Precision Drilling Corp. 6.50%, 12/15/21(a)			299		319,183
Qep Resources, Inc. 5.375%, 10/01/22			946		955,460
Range Resources Corp. 5.75%, 6/01/21			1,060		1,134,200
SandRidge Energy, Inc. 7.50%, 3/15/21			361		364,610
8.75%, 1/15/20			775		825,375

164 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
SESI LLC 6.375%, 5/01/19	U.S.$		144	$	151,200
7.125%, 12/15/21(a)			563		622,115
Tesoro Corp. 6.25%, 11/01/12			680		697,000
W&T Offshore, Inc. 8.50%, 6/15/19			550		591,938
					29,986,119
Other Industrial – 1.2%
A123 Systems, Inc. 3.75%, 4/15/16			650		309,563
Briggs & Stratton Corp. 6.875%, 12/15/20			152		160,740
Brightstar Corp. 9.50%, 12/01/16(a)			883		918,320
Exova Ltd. 10.50%, 10/15/18(a)	GBP		500		688,064
Interline Brands, Inc. 7.00%, 11/15/18	U.S.$		704		743,600
Liberty Tire Recycling 11.00%, 10/01/16(a)			440		407,000
Neenah Foundry Co. 15.00%, 7/29/15(e)			347		347,284
New Enterprise Stone & Lime Co. 11.00%, 9/01/18			950		802,750
Pipe Holdings PLC 9.50%, 11/01/15(a)	GBP		439		659,993
					5,037,314
Services – 1.5%
Ceridian Corp. 11.25%, 11/15/15	U.S.$		1,000		955,000
Mobile Mini, Inc. 7.875%, 12/01/20			309		324,450
Realogy Corp. 7.625%, 1/15/20(a)			449		463,592
Service Corp. International/US 6.75%, 4/01/16			1,560		1,731,600
ServiceMaster Co./TN 8.00%, 2/15/20(a)			118		124,490
10.75%, 7/15/15(a)(d)			149		157,488
Ticketmaster Entertainment LLC/Ticketmaster Noteco, Inc. 10.75%, 8/01/16			440		474,100
Travelport LLC 11.875%, 9/01/16			399		126,683

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High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
West Corp. 7.875%, 1/15/19	U.S.$		1,750	$	1,892,187
8.625%, 10/01/18			133		145,968
					6,395,558
Technology – 3.8%
Advanced Micro Devices, Inc. 7.75%, 8/01/20			121		134,159
8.125%, 12/15/17			202		221,695
Amkor Technology, Inc. 6.625%, 6/01/21			275		287,375
Aspect Software, Inc. 10.625%, 5/15/17			500		538,750
Avaya, Inc. 7.00%, 4/01/19(a)			102		103,403
9.75%, 11/01/15			895		895,000
CDW LLC/CDW Finance Corp. 8.00%, 12/15/18			671		728,035
8.50%, 4/01/19			1,049		1,122,430
CommScope, Inc. 8.25%, 1/15/19(a)			1,500		1,578,750
CPI International, Inc. 8.00%, 2/15/18			704		612,480
DCP LLC/DCP Corp. 10.75%, 8/15/15(a)			680		511,700
First Data Corp. 7.375%, 6/15/19(a)			1,600		1,628,000
11.25%, 3/31/16			700		663,250
Freescale Semiconductor, Inc. 8.875%, 12/15/14			460		473,225
10.125%, 12/15/16			614		648,537
Interactive Data Corp. 10.25%, 8/01/18			750		845,625
Iron Mountain, Inc. 6.625%, 1/01/16			860		861,075
NXP BV/NXP Funding LLC 3.322%, 10/15/13(c)			118		118,000
9.50%, 10/15/15			420		441,000
Sanmina-SCI Corp. 7.00%, 5/15/19(a)			603		618,075
8.125%, 3/01/16			191		197,685
Seagate HDD Cayman 7.00%, 11/01/21(a)			769		851,667
Sensata Technologies BV 6.50%, 5/15/19(a)			800		828,000
Serena Software, Inc. 10.375%, 3/15/16			875		906,719

166 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
SunGard Data Systems, Inc. 7.625%, 11/15/20	U.S.$		800	$	864,000
					16,678,635
Transportation - Airlines – 0.3%
Air Canada 12.00%, 2/01/16(a)			500		442,500
Delta Air Lines, Inc. 9.50%, 9/15/14(a)			345		370,012
TAM Capital 3, Inc. 8.375%, 6/03/21(a)			465		488,250
					1,300,762
Transportation - Railroads – 0.0%
Florida East Coast Railway Corp. 8.125%, 2/01/17			164		165,640
Transportation - Services – 0.8%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 7.75%, 5/15/16			1,000		1,032,500
Hapag-Lloyd AG 9.75%, 10/15/17(a)			500		470,000
Hertz Corp. (The) 6.75%, 4/15/19			1,236		1,294,710
8.875%, 1/01/14			106		106,001
Swift Services Holdings, Inc. 10.00%, 11/15/18			638		697,813
					3,601,024
					254,867,537
Utility – 6.7%
Electric – 4.8%
AES Corp. (The) 7.375%, 7/01/21(a)			489		557,460
7.75%, 3/01/14			630		685,125
8.00%, 10/15/17			1,240		1,429,100
Calpine Corp. 7.25%, 10/15/17(a)			2,250		2,385,000
7.875%, 1/15/23(a)			500		545,000
CMS Energy Corp. 6.25%, 2/01/20			1,000		1,095,989
DPL Inc 7.25%, 10/15/21(a)			850		969,000
Dynegy Holdings LLC 7.75%, 6/01/19(b)			1,460		949,000
8.375%, 5/01/16(b)			780		510,900
Edison Mission Energy 7.00%, 5/15/17			2,090		1,400,300
7.75%, 6/15/16			295		215,350

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 167

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
EDP Finance BV 4.90%, 10/01/19(a)	U.S.$		105	$	82,814
6.00%, 2/02/18(a)			500		425,620
Energy Future Holdings Corp. 10.00%, 1/15/20(f)			694		750,388
10.875%, 11/01/17			304		258,400
Series Q 6.50%, 11/15/24			481		233,285
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc. 10.00%, 12/01/20			792		860,310
GenOn Americas Generation LLC 8.50%, 10/01/21			725		659,750
GenOn Energy, Inc. 7.875%, 6/15/17			840		779,100
9.50%, 10/15/18			650		620,750
9.875%, 10/15/20			515		482,813
NRG Energy, Inc. 7.375%, 1/15/17			1,385		1,436,937
7.875%, 5/15/21			1,496		1,484,780
8.25%, 9/01/20			975		987,187
PPL Capital Funding, Inc. Series A 6.70%, 3/30/67			800		788,000
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. 11.50%, 10/01/20(a)			761		513,675
					21,106,033
Natural Gas – 1.9%
Chesapeake Midstream Partners LP/CHKM Finance Corp. 6.125%, 7/15/22(a)			216		223,560
El Paso Corp. Series G 7.375%, 12/15/12			385		397,431
7.75%, 1/15/32			855		1,018,047
Enterprise Products Operating LLC Series A 8.375%, 8/01/66			1,620		1,753,666
Inergy LP/Inergy Finance Corp. 6.875%, 8/01/21			1,000		965,000
Kinder Morgan Finance Co. ULC 5.70%, 1/05/16			1,765		1,868,694
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. 6.50%, 8/15/21			1,600		1,728,000

168 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 6.875%, 2/01/21	U.S.$		330	$	352,275
					8,306,673
					29,412,706
Financial Institutions – 6.5%
Banking – 1.1%
ABN Amro Bank NV 4.31%, 3/10/16	EUR		980		959,655
HBOS Capital Funding LP 6.071%, 6/30/14(a)	U.S.$		665		472,150
HT1 Funding GmbH 6.352%, 6/30/17	EUR		825		747,420
LBG Capital No.1 PLC 8.00%, 6/15/20(a)	U.S.$		1,150		931,712
Royal Bank of Scotland Group PLC 6.99%, 10/05/17(a)(b)			1,205		967,012
Swedbank AB 5.75%, 3/17/16	GBP		340		517,654
					4,595,603
Brokerage – 0.5%
E*Trade Financial Corp. 6.75%, 6/01/16	U.S.$		329		334,758
Lehman Brothers Holdings, Inc. 5.625%, 1/24/13(b)			5,500		1,505,625
Nuveen Investments, Inc. 10.50%, 11/15/15			430		449,350
					2,289,733
Finance – 3.3%
AGFC Capital Trust I 6.00%, 1/15/67(a)			1,830		832,650
Ally Financial, Inc. 6.75%, 12/01/14			760		801,523
8.00%, 11/01/31			1,332		1,486,845
Series 8 6.75%, 12/01/14			1,657		1,750,206
Capmark Financial Group, Inc. 5.875%, 5/10/12(b)(g)			1,666		– 0	–
Series B 9.00%, 9/30/15(c)			113		114,632
CIT Group, Inc. 5.50%, 2/15/19(a)			1,300		1,327,625
7.00%, 5/04/15-5/02/17(a)			5,763		5,770,606
7.00%, 5/01/16-5/01/17			1		545
International Lease Finance Corp. 6.375%, 3/25/13			1,715		1,753,587

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 169

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Residential Capital LLC 9.625%, 5/15/15	U.S.$		375	$	315,938
					14,154,157
Insurance – 0.7%
Genworth Financial, Inc. 6.15%, 11/15/66			1,445		991,631
Liberty Mutual Group, Inc. 7.80%, 3/15/37(a)			410		399,750
MBIA Insurance Corp. 14.00%, 1/15/33(a)			1,452		936,540
XL Group PLC Series E 6.50%, 4/15/17			1,020		864,450
					3,192,371
Other Finance – 0.6%
FTI Consulting, Inc. 6.75%, 10/01/20			500		540,625
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 8.00%, 1/15/18			750		795,000
8.00%, 1/15/18(a)			390		413,400
iPayment Holdings, Inc. 10.25%, 5/15/18			860		821,300
15.00%, 11/15/18			283		251,612
					2,821,937
REITS – 0.3%
DDR Corp. 7.875%, 9/01/20			1,000		1,194,830
					28,248,631
Total Corporates - Non-Investment Grades (cost $297,643,684)					312,528,874
CORPORATES - INVESTMENT GRADES – 7.1%
Industrial – 3.4%
Basic – 0.7%
ArcelorMittal 6.25%, 2/25/22			865		893,694
Basell Finance Co. BV 8.10%, 3/15/27(a)			569		651,505
Domtar Corp. 7.125%, 8/15/15			626		694,860
Georgia-Pacific LLC 8.25%, 5/01/16(a)			375		415,435

170 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Rhodia SA 6.875%, 9/15/20(a)	U.S.$		406	$	448,630
					3,104,124
Capital Goods – 0.1%
Tyco International Finance SA 8.50%, 1/15/19			375		482,167
Communications - Media – 0.4%
Virgin Media Secured Finance PLC 6.50%, 1/15/18			1,500		1,635,000
Communications - Telecommunications – 0.2%
Qwest Communications International, Inc. 7.50%, 2/15/14			350		351,225
Qwest Corp. 6.875%, 9/15/33			720		720,000
					1,071,225
Consumer Cyclical - Other – 0.5%
Starwood Hotels & Resorts Worldwide, Inc. 6.25%, 2/15/13			2,065		2,155,344
Consumer Cyclical - Retailers – 0.3%
Macy’s Retail Holdings, Inc. 5.90%, 12/01/16			945		1,087,476
Energy – 1.1%
National Oilwell Varco, Inc. Series B 6.125%, 8/15/15			856		876,285
Petrohawk Energy Corp. 7.25%, 8/15/18			1,300		1,486,875
Reliance Holdings USA, Inc. 5.40%, 2/14/22(a)			1,075		1,088,368
Southwestern Energy Co. 7.50%, 2/01/18			1,025		1,257,447
TNK-BP Finance SA 7.25%, 2/02/20(a)			204		231,030
					4,940,005
Technology – 0.1%
Motorola Solutions, Inc. 7.50%, 5/15/25			470		548,759
					15,024,100

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 171

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Financial Institutions – 3.0%
Banking – 1.1%
Barclays Bank PLC 4.75%, 3/15/20	EUR		520	$	412,352
BBVA International Preferred SAU 5.919%, 4/18/17	U.S.$		400		311,547
Citigroup, Inc. 4.45%, 1/10/17			630		664,932
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 8.375%, 7/26/16			410		427,425
Countrywide Financial Corp. 6.25%, 5/15/16			731		735,057
Macquarie Group Ltd. 7.30%, 8/01/14(a)			660		695,476
National Capital Trust II 5.486%, 3/23/15(a)			647		620,523
UBS AG/Jersey 4.28%, 4/15/15	EUR		820		917,688
					4,785,000
Brokerage – 0.1%
GFI Group, Inc. 8.375%, 7/19/18	U.S.$		500		473,750
Finance – 0.2%
SLM Corp. 8.00%, 3/25/20			525		577,500
Series A 5.00%, 10/01/13			400		409,600
					987,100
Insurance – 0.9%
American International Group, Inc. 6.82%, 11/15/37(a)			722		789,678
Assured Guaranty US Holdings, Inc. Series A 6.40%, 12/15/66			352		271,040
Metlife Capital Trust IV 7.875%, 12/15/37(a)			750		825,000
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)			575		737,791
QBE Capital Funding III Ltd. 7.25%, 5/24/41(a)			440		400,755
Suncorp Metway Insurance Ltd. Series 1 6.75%, 9/23/24	AUD		1,000		1,004,907
					4,029,171

172 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Other Finance – 0.1%
Aviation Capital Group Corp. 6.75%, 4/06/21(a)	U.S.$		325	$	322,153
7.125%, 10/15/20(a)			230		233,728
					555,881
REITS – 0.6%
Entertainment Properties Trust 7.75%, 7/15/20			842		899,181
Senior Housing Properties Trust 6.75%, 12/15/21			600		652,417
Ventas Realty LP/Ventas Capital Corp. 6.75%, 4/01/17			832		860,987
					2,412,585
					13,243,487
Utility – 0.4%
Electric – 0.4%
KCP&L Greater Missouri Operations Co. 11.875%, 7/01/12			596		616,906
Oncor Electric Delivery Co. LLC 5.95%, 9/01/13			490		524,614
Sierra Pacific Power Co. Series M 6.00%, 5/15/16			440		513,839
					1,655,359
Non Corporate Sectors – 0.3%
Agencies - Not Government Guaranteed – 0.3%
Petrobras International Finance Co. – Pifco 5.375%, 1/27/21			1,050		1,128,874
Total Corporates - Investment Grades (cost $27,220,400)					31,051,820
GOVERNMENTS - TREASURIES – 5.6%
Canada – 0.7%
Canadian Government Bond 2.00%, 6/01/16	CAD		550		570,361
2.75%, 9/01/16			2,400		2,568,918
					3,139,279
United Kingdom – 0.7%
United Kingdom Gilt 2.00%, 1/22/16	GBP		1,725		2,876,276
United States – 4.2%
U.S. Treasury Bonds 3.125%, 2/15/42	U.S.$		10,900		10,981,750

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 173

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
U.S. Treasury Notes 1.50%, 7/31/16(h)	U.S.$		6,116	$	6,314,293
2.125%, 8/15/21			1,195		1,219,002
					18,515,045
Total Governments - Treasuries (cost $24,450,891)					24,530,600
EMERGING MARKETS - CORPORATE BONDS – 2.9%
Industrial – 2.9%
Basic – 1.1%
Evraz Group SA 9.50%, 4/24/18(a)			720		799,200
Novelis, Inc./GA 8.75%, 12/15/20			1,976		2,203,240
Severstal OAO Via Steel Capital SA 9.25%, 4/19/14(a)			508		550,545
Vedanta Resources PLC 8.75%, 1/15/14(a)			900		931,500
Winsway Coking Coal Holding Ltd. 8.50%, 4/08/16(a)			620		531,650
					5,016,135
Communications - Media – 0.2%
Columbus International, Inc. 11.50%, 11/20/14(a)			698		753,840
Consumer Cyclical - Other – 0.4%
Desarrolladora Homex SAB de CV 9.75%, 3/25/20(a)			1,050		1,084,533
MCE Finance Ltd. 10.25%, 5/15/18			460		514,050
					1,598,583
Consumer Cyclical - Retailers – 0.1%
Edcon Holdings Pty Ltd. 6.926%, 6/15/15(a)(c)	EUR		425		469,969
Consumer Non-Cyclical – 0.2%
CEDC Finance Corp. International, Inc. 9.125%, 12/01/16(a)	U.S.$		1,000		680,000
Foodcorp Pty Ltd. 8.75%, 3/01/18(a)	EUR		282		368,194
					1,048,194
Energy – 0.2%
Golden Close Maritime Corp,. Ltd 11.00%, 12/09/15	U.S.$		400		432,740

174 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
MIE Holdings Corp. 9.75%, 5/12/16(a)	U.S.$		340	$	334,900
					767,640
Other Industrial – 0.4%
Marfrig Holding Europe BV 8.375%, 5/09/18(a)			1,650		1,501,500
New Reclamation Group Pty Ltd. (The) 8.125%, 2/01/13(a)	EUR		459		428,178
					1,929,678
Technology – 0.1%
MMI International Ltd. 8.00%, 3/01/17(a)	U.S.$		475		491,625
Transportation - Services – 0.2%
Inversiones Alsacia SA 8.00%, 8/18/18(a)			772		733,958
Total Emerging Markets - Corporate Bonds (cost $12,625,006)					12,809,622
BANK LOANS – 2.3%
Industrial – 2.0%
Basic – 0.1%
Newpage Corporation 8.00%, 3/08/13(c)			750		755,625
Capital Goods – 0.3%
Harbor Freight Tools USA, Inc./Central Purchasing, LLC 6.50%, 12/22/17(c)			1,280		1,289,236
Consumer Cyclical - Automotive – 0.1%
Schaeffler AG 1/27/17(i)			450		451,314
Consumer Cyclical - Entertainment – 0.5%
ClubCorp Club Operations Inc. 6.00%, 11/30/16(c)			545		546,030
Las Vegas Sands, LLC 2.75%, 11/23/16(c)			1,572		1,523,524
					2,069,554
Consumer Cyclical - Other – 0.3%
Great Atlantic & Pacific Tea Company, Inc., The 8.75%, 6/14/12(c)			50		49,937

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 175

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Harrah’s Las Vegas Propco, LLC 3.24%, 2/13/13(c)	U.S.$		1,500	$	1,155,540
					1,205,477
Consumer Non-Cyclical – 0.1%
Immucor, Inc. 7.25%, 8/19/18(c)			599		602,540
Other Industrial – 0.1%
Kinetic Concepts, Inc. 7.00%, 5/04/18(c)			400		406,500
Services – 0.1%
Advantage Sales & Marketing Inc. 5.25%, 12/18/17(c)			223		221,567
Technology – 0.4%
Blackboard Inc. 11.50%, 4/04/19(c)			1,100		1,005,818
Eastman Kodak Company 7/20/13(c)(i)			200		202,438
Smart Modular Technologies (Global), Inc. 8.25%, 8/26/17(c)			697		609,437
					1,817,693
					8,819,506
Financial Institutions – 0.3%
Finance – 0.3%
iStar Financial, Inc. 7.00%, 6/30/14(c)			1,100		1,091,717
Total Bank Loans (cost $9,956,601)					9,911,223
EMERGING MARKETS - SOVEREIGNS – 1.9%
Argentina – 0.4%
Argentina Bonos 7.00%, 10/03/15			2,100		1,964,433
Hungary – 0.2%
Hungary Government International Bond 6.375%, 3/29/21			1,130		1,062,200
Turkey – 0.3%
Turkey Government International Bond 6.25%, 9/26/22			1,051		1,121,942

176 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Ukraine – 0.2%
Ukraine Government International Bond 6.75%, 11/14/17(a)	U.S.$		930	$	841,483
Venezuela – 0.8%
Republic of Venezuela 7.00%, 3/31/38(a)			4,675		3,366,000
Total Emerging Markets - Sovereigns (cost $6,912,669)					8,356,058
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3%
Non-Agency Fixed Rate CMBS – 1.1%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class AJ 5.226%, 7/15/44			1,170		1,135,805
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C6, Class AJ 5.23%, 12/15/40			1,000		1,004,280
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LD12, Class AM 6.059%, 2/15/51			285		283,619
Morgan Stanley Capital I Series 2005-HQ6, Class AJ 5.073%, 8/13/42			1,125		1,130,770
WFDB Commercial Mortgage Trust Series 2011-BXR, Class E 6.403%, 7/05/24(a)			1,300		1,334,298
					4,888,772
Non-Agency Floating Rate CMBS – 0.2%
Wachovia Bank Commercial Mortgage Trust Series 2006-WL7A, Class H 0.649%, 9/15/21(a)(c)			510		333,160
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.25%, 6/15/44(a)(f)			390		348,373
					681,533
Total Commercial Mortgage-Backed Securities (cost $5,303,702)					5,570,305

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 177

High-Yield Portfolio—Portfolio of Investments

		Shares		U.S. $ Value
PREFERRED STOCKS – 1.2%
Financial Institutions – 1.1%
Banking – 0.4%
Citigroup Capital XIII 7.875%(f)			5,000	$	135,450
US Bancorp 6.50%			35,000		956,900
Zions Bancorporation 9.50%			27,300		717,171
					1,809,521
Finance – 0.5%
Ally Financial, Inc. 7.00%(a)			1,687		1,463,789
Ally Financial, Inc. 8.50%			21,000		466,830
Citigroup Capital XII 8.50%			19,000		494,000
					2,424,619
REITS – 0.2%
Sovereign Real Estate Investment Trust 12.00%(a)			624		715,878
					4,950,018
Industrial – 0.1%
Consumer Cyclical – Other – 0.1%
Health Care REIT, Inc. 6.50%			13,825		345,625
Non Corporate Sectors – 0.0%
Agencies - Government Sponsored – 0.0%
Federal Home Loan Mortgage Corp. Series Z 8.375%			36,525		54,057
Total Preferred Stocks (cost $5,073,517)					5,349,700
		Principal Amount (000)
QUASI-SOVEREIGNS – 1.0%
Quasi-Sovereign Bonds – 1.0%
Kazakhstan – 0.4%
KazMunayGas National Co. 8.375%, 7/02/13(a)	U.S.$		400		427,000
9.125%, 7/02/18(a)			950		1,181,828
					1,608,828

178 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Russia – 0.2%
Russian Agricultural Bank OJSC Via RSHB Capital SA 6.299%, 5/15/17(a)	U.S.$		955	$	1,009,913
Trinidad & Tobago – 0.2%
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/19(a)			750		912,375
Venezuela – 0.2%
Petroleos de Venezuela SA 5.25%, 4/12/17(a)			800		630,000
Total Quasi-Sovereigns (cost $3,203,657)					4,161,116
ASSET-BACKED SECURITIES – 0.9%
Home Equity Loans - Fixed Rate – 0.5%
Countrywide Asset-Backed Certificates Series 2005-7, Class AF5W 5.054%, 10/25/35			737		408,102
Series 2006-15, Class A6 5.826%, 10/25/46			1,418		995,025
Lehman XS Trust Series 2007-6, Class 3A5 5.72%, 5/25/37			1,451		1,012,480
					2,415,607
Home Equity Loans - Floating Rate – 0.4%
Credit-Based Asset Servicing and Securitization LLC Series 2007-CB2, Class A2C 5.623%, 2/25/37(c)			1,750		812,264
GSAA Trust Series 2006-6, Class AF5 5.070%, 3/25/36(c)			1,503		733,677
					1,545,941
Total Asset-Backed Securities (cost $4,633,416)					3,961,548
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4%
Non-Agency Floating Rate – 0.4%
Greenpoint Mortgage Funding Trust Series 2007-AR3, Class A1 0.464%, 6/25/37(c)			699		422,235

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High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Harborview Mortgage Loan Trust Series 2007-4, Class 2A1 0.466%, 7/19/47(c)	U.S.$		1,042	$	651,639
Lehman XS Trust Series 2007-4N, Class 3A2A 0.932%, 3/25/47(c)			321		192,192
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1 1.682%, 8/25/47(c)			1,054		583,800
					1,849,866
		Shares
COMMON STOCKS – 0.4%
Capmark Financial Group, Inc.(j)			23,422		462,584
Fairpoint Communications, Inc.(j)			7,175		26,978
Greektown Superholdings, Inc.(e)(g)(j)			397		27,790
Keystone Automotive Operations, Inc.(e)			61,065		763,310
Neenah Enterprises, Inc.(e)(g)(j)			58,199		378,294
Rock-Tenn Co.			531		37,430
Voyager Learning Exchange(b)(e)(g)			982,000		1
Total Common Stocks (cost $3,231,411)					1,696,387
		Principal Amount (000)
GOVERNMENTS - SOVEREIGN AGENCIES – 0.3%
Kazakhstan – 0.2%
Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25%, 5/20/15(a)	U.S.$		875		938,438
Norway – 0.1%
Eksportfinans ASA 2.00%, 9/15/15(j)			49		43,107
2.375%, 5/25/16			539		468,415
					511,522
Total Governments - Sovereign Agencies (cost $1,366,167)					1,449,960
LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.3%
United States – 0.3%
California GO 7.60%, 11/01/40			325		434,772

180 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
7.95%, 3/01/36	U.S.$		700	$	825,839
Total Local Governments - Municipal Bonds (cost $1,030,691)					1,260,611
GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Lithuania – 0.2%
Lithuania Government International Bond 6.625%, 2/01/22(a) (cost $747,015)			752		807,460
		Contracts
OPTIONS PURCHASED - PUTS – 0.1%
Options on Funds and Investment Trusts – 0.1%
SPDR S&P 500 ETF Trust Expiration: Mar 2012, Exercise Price: $120.00(j)(k)			482		3,615
SPDR S&P 500 ETF Trust Expiration: Mar 2012, Exercise Price: $118.00(j)(k)			353		2,118
SPDR S&P 500 ETF Trust Expiration: Mar 2012, Exercise Price: $122.00(j)(k)			346		3,633
SPDR S&P 500 ETF Trust Expiration: Mar 2012, Exercise Price: $124.00(j)(k)			256		3,328
SPDR S&P 500 ETF Trust Expiration: Mar 2012, Exercise Price: $126.00(j)(k)			243		4,131
SPDR S&P 500 ETF Trust Expiration: Jun 2012, Exercise Price: $133.00(j)(k)			350		155,050
SPDR S&P 500 ETF Trust Expiration: Jun 2012, Exercise Price: $127.00(j)(k)			447		128,736
					300,611
Options on Forward Contracts – 0.0%
CNY/USD Expiration: Aug 2012, Exercise Price:CNY 7.00(j)(k)			235,000,000		37
Total Options Purchased - Puts (cost $1,855,870)					300,648

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High-Yield Portfolio—Portfolio of Investments

	Shares		U.S. $ Value
WARRANTS – 0.0%
Fairpoint Communications, Inc., expiring 1/24/18(e)(g)(j)		12,231	$	– 0	–
Ipayment Holdings, Inc., expiring 11/15/18(j)		272		– 0	–
Talon Equity Co., expiring 11/15/24(e)(j)		671		– 0	–
Total Warrants (cost $0)				– 0	–
SHORT-TERM INVESTMENTS – 1.9%
Investment Companies – 1.9%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(l) (cost $8,039,615)		8,039,615		8,039,615
Total Investments – 99.6% (cost $415,381,431)				433,635,413
Other assets less liabilities – 0.4%				1,593,563
Net Assets – 100.0%			$	435,228,976

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
State Street Bank and Trust Co.:
Indian Rupee settling 3/30/12(1)		104,998	$	2,119,499	$	2,122,295	$	2,796
South African Rand settling 3/26/12		9,752		1,254,957		1,293,668		38,711
Swedish Krona settling 3/28/12		8,624		1,314,260		1,302,053		(12,207	)
Turkish Lira settling 3/26/12		2,254		1,274,512		1,282,269		7,757
Sale Contracts
State Street Bank and Trust Co.:
Australian Dollar settling 3/09/12		863		929,413		925,027		4,386
Canadian Dollar settling 3/02/12		3,918		3,927,926		3,959,361		(31,435	)
Canadian Dollar settling 4/03/12		3,918		3,963,051		3,956,637		6,414
Euro settling 3/29/12		978		1,316,648		1,303,160		13,488
Euro settling 3/29/12		984		1,301,261		1,311,120		(9,859	)
Euro settling 3/29/12		8,120		10,739,469		10,818,992		(79,523	)
Great British Pound settling 3/29/12		3,279		5,173,784		5,214,849		(41,065	)
Japanese Yen settling 3/21/12		162,661		2,079,821		2,001,306		78,515
							$	(22,022	)

(1) Contract represents non-deliverable forward where payment is received from or paid to a counterparty based on the net realized gain/loss on settlement date.

182 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

CREDIT DEFAULT SWAPTIONS WRITTEN

Description	Counter- party	Buy/Sell Protection		Strike Price			Expiration Date		Notional Amount (000)		Premiums		Market Value
CDX-NAHYS17V3-5 Year Index	Bank of America, N.A.		Sell		93.00	%		6/20/2012	$	8,450	$	257,539	$	(129,543	)
CDX-NAHYS17V3-5 Year Index	Bank of America, N.A.		Sell		98.00			6/20/2012		6,450		200,692		(203,100	)
CDX-NAHYS17V1-5 Year Index	Bank of America, N.A.		Sell		89.00			3/21/2012		4,120		140,080		(2,032	)
CDX-NAHYS17V1-5 Year Index	JPMorgan Chase Bank, N.A.		Sell		91.00			3/21/2012		4,300		223,600		(3,883	)
CDX-NAHYS17V1-5 Year Index	Barclays Bank PLC		Sell		91.00			3/21/2012		4,300		219,300		(3,883	)
CDX-NAHYS17V1-5 Year Index	Barclays Bank PLC		Sell		88.00			3/21/2012		6,075		315,900		(1,804	)
CDX-NAHYS17V2-5 Year Index	Morgan Stanley Capital Services, Inc.		Sell		89.00			3/21/2012		4,200		151,767		(2,071	)
CDX-NAHYS17V1-5 Year Index	Credit Suisse International		Sell		89.00			3/21/2012		6,250		230,794		(3,082	)
													$	(349,398	)

INTEREST RATE SWAP TRANSACTIONS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio		Payments received by the Portfolio		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services Inc.	$	43,000		2/17/17		1.069%		3 Month LIBOR	$	94,861
Morgan Stanley Capital Services Inc		31,700		2/17/19		3 Month LIBOR		1.535%		(92,179	)
Morgan Stanley Capital Services Inc		23,000		2/17/22		2.010%		3 Month LIBOR		104,975
									$	107,657

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 183

High-Yield Portfolio—Portfolio of Investments

CREDIT DEFAULT SWAP CONTRACTS ON CORPORATE, SOVEREIGN ISSUES AND INDICES (see Note C)

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at February 29, 2012			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America, N.A.: Fiat SpA, 6.625% 2/15/13, 3/20/2017*		(5.00	)%		7.21	%	EUR	380	$	36,561		$	43,145		$	(6,584	)
Barclays Bank PLC: Bolivarian Republic of Venezuela, 9.25% 9/15/27, 6/20/16*		(5.00	)		7.08		$	2,800		167,863			479,829			(311,966	)
Liz Claiborne, Inc., 5% 7/8/13, 12/20/13*		(5.00	)		1.88			180		(11,777	)		2,562			(14,339	)
The McClatchy Company, 5.75% 9/1/17, 12/20/13*		(5.00	)		6.56			180		2,810			4,804			(1,994	)
Citibank, N.A.: CDX-NAHYS17V3-5 Year Index, 12/20/2016*		(5.00	)		5.52			2,910		29,100			82,860			(53,760	)
ITRAXX-XOVERS16V1-5 Year Index, 12/20/2016*		(5.00	)		5.68		EUR	3,000		64,111			189,680			(125,569	)
ITRAXX-XOVERS16V1-5 Year Index, 12/20/2016*		(5.00	)		5.68		$	2,500		53,426			159,215			(105,789	)
Goldman Sachs International: CDXNAHYS11V17- 5 Year Index, 12/20/13*		(0.00	)		88.61			909		673,633			360,096			313,537
JPMorgan Chase Bank, NA: CDX-NAIGS17V1-5 Year Index, 12/20/16*		(1.00	)		0.94			8,300		(39,550	)		150,244			(189,794	)
JPMorgan Chase Bank: Fiat SpA, 6.625% 2/15/13, 12/20/16*		(5.00	)		7.41			450		34,540			64,852			(30,312	)
MBIA, Inc., 6.625% 10/1/28, 12/20/13*		(5.00	)		5.89			370		1,749			27,708			(25,959	)
Morgan Stanley Capital Services Inc.: CDX-EMS16V1-5 Year Index, 12/20/16*		(5.00	)		2.51			9,800		(1,156,606	)		(695,680	)		(460,926	)
CDX-NAIGS9V4-10 Year Index, 2/25/2017*		(0.80	)		1.16			17,350		313,202			360,758			(47,556	)

184 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at February 29, 2012			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
ITRAXX-XOVERS16V1-5 Year Index, 12/20/2016*		(5.00	)%		5.68	%	EUR	1,640	$	35,047		$	103,692		$	(68,645	)
XL Capital LTD 5.25%, 9/15/14, 3/20/12*		(5.00	)		0.36		$	1,260		(16,021	)		2,198			(18,219	)
UBS AG Bausch & Lomb Incorporated, 9.875% 11/01/15, 3/20/2017*		(5.00	)		3.04			870		(84,400	)		(72,803	)		(11,597	)
Sale Contracts
Bank of America, N.A.: Boyd Gaming Corp., 6.75% 4/15/14, 3/20/16*		5.00			7.79			860		(66,810	)		(46,616	)		(20,194	)
CDX-NAHYS17V3-5 Year Index, 12/20/2016*		5.00			5.52			3,153		(31,525	)		(99,691	)		68,166
Barclays Bank PLC: Alcatel-Lucent USA Inc., 6.5% 1/15/28, 6/20/16*		5.00			8.05			1,100		(98,351	)		51,687			(150,038	)
Amkor Technology, Inc., 9.25% 6/1/16, 6/20/16*		5.00			4.02			800		37,430			25,579			11,851
CDX NAIGS15V1-5 Year Index, 12/20/15*		1.00			4.22			500		(62,780	)		(56,334	)		(6,446	)
Community Health Systems, Inc., 8.875% 7/15/15, 6/20/16*		5.00			5.06			800		6,299			(21,568	)		27,867
Freescale Semiconductor, Inc., 8.875% 12/15/14, 6/20/16*		5.00			6.13			1,850		(53,845	)		(43,634	)		(10,211	)
NXP BV/NXP Funding LLC, 8.625% 10/15/15, 3/20/16*		5.00			4.46			550		15,932			26,278			(10,346	)
Rite Aid Corporation, 7.7% 2/15/27, 3/20/12*		5.00			2.05			1,000		11,774			825			10,949
Univision Communications Inc. 8.5%, 5/15/21, 6/20/16*		5.00			6.26			550		(18,369	)		(14,597	)		(3,772	)
Citibank, N.A.: CDX-NAHYS17V3-5 Year Index, 12/20/2016*		5.00			5.52			3,153		(31,525	)		(101,645	)		70,120
Credit Suisse International CDX NAHY-15 5 Year Index, 12/20/15*		5.00			8.07			2,800		(288,225	)		(230,782	)		(57,443	)

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High-Yield Portfolio—Portfolio of Investments

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at February 29, 2012			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX NAHYS15V1-5 Year Index, 12/20/15*		5.00	%		8.07	%	$	2,500	$	(257,344	)	$	(207,671	)	$	(49,673	)
Ford Motor Company 6.5%, 8/01/18, 6/20/16*		5.00			2.31			1,100		128,395			87,247			41,148
MGM Resorts International, 5.875% 2/27/14, 3/20/16*		5.00			6.09			1,700		(44,347	)		(44,128	)		(219	)
MGM Resorts International, 7.625% 1/15/17, 6/20/13*		5.00			3.97			800		18,574			11,930			6,644
Wind Acquisition Finance S.A., 11% 12/1/15, 6/20/16*		5.00			8.62			1,320		(139,424	)		51,361			(190,785	)
Goldman Sachs Bank USA: CDX S15V1-5 Year Index, 12/20/15*		1.00			4.61			900		(113,004	)		(102,728	)		(10,276	)
CDX NAHYS15V1-3 Year Index, 12/20/13*		5.00			21.72			4,747		(1,152,050	)		(764,800	)		(387,250	)
Mediacom LLC, 9.125% 8/15/19, 3/20/16*		5.00			4.75			1,070		20,113			(36,618	)		56,731
Tenet Healthcare Corp., 6.875% 11/15/31, 9/20/16*		5.00			5.08			1,050		7,303			(27,371	)		34,674
JPMorgan Chase Bank, N.A.: CDX-NAHYS17V3-5 Year Index, 12/20/2016*		5.00			5.52			1,261		(12,610	)		(39,876	)		27,266
Morgan Stanley Capital Services Inc.: AK Steel Holding Corporation, 7.625% 5/15/20, 3/20/16*		5.00			7.22			550		(33,617	)		7,190			(40,807	)
Boyd Gaming Corp., 6.75% 4/15/14, 6/20/13*		5.00			4.27			550		10,606			7,382			3,224
CDX-NAHYS17V1-5 Year, 12/20/16*		5.00			5.52			1,183		(11,834	)		(127,205	)		115,371
CDX-NAIGS17V1-5 Year Index, 12/20/2016*		1.00			0.94			21,650		103,162			39,814			63,348
															$	(1,559,573	)

* Termination date

186 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

High-Yield Portfolio—Portfolio of Investments

UNFUNDED LOAN COMMITMENTS (see Note C)

As of February 29, 2012, the Fund had the following unfunded loan commitment of $2,175,000, which may be drawn at the option of the borrower:

Borrower	Unfunded Loan Commitments		Cost		Value
Sandridge Energy, Inc., LIBOR+0.00%, 4/15/12	$	900,000	$	—	$	—
General Motors Holding, LLC Revolver LIBOR+2.75%, 10/27/15		1,275,000		—		(134,666	)

(a) 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 February 29, 2012, the aggregate market value of these securities amounted to $120,863,269 or 27.8% of net assets.

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

(c) Floating Rate Security. Stated interest rate was in effect at February 29, 2012.

(d) Pay-In-Kind Payments (PIK).

(e) Illiquid security.

(f) Variable rate coupon, rate shown as of February 29, 2012.

(g) Fair valued.

(h) Position, or a portion thereof, has been segregated to collateralize interest rate and credit default swaps. The aggregate market value of these securities amounted to $3,048,742.

(i) This position or a portion of this position represents an unsettled loan purchase. At February 29, 2012, the market value and unrealized gain of these unsettled loan purchases amounted to $653,752 and $16,752, respectively. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(j) Non-income producing security.

(k) One contract relates to 100 shares.

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

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

Glossary:

CDS-EM – Emerging Market Credit Default Swap Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

GO – General Obligation

LIBOR – London Interbank Offered Rates

MBIA – MBIA Insurance Corporation

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 187

High-Yield Portfolio—Portfolio of Investments

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.6%
Financials – 27.3%
Capital Markets – 0.9%
Legg Mason, Inc.		123,750	$	3,389,513
Commercial Banks – 10.4%
Associated Banc-Corp		348,330		4,611,889
CapitalSource, Inc.		630,310		4,254,593
Comerica, Inc.		158,250		4,698,443
First Niagara Financial Group, Inc.		412,708		3,945,488
Hancock Holding Co.		62,949		2,137,119
Huntington Bancshares, Inc./OH		740,910		4,330,619
Popular, Inc.(a)		1,657,186		3,148,653
Susquehanna Bancshares, Inc.		438,360		4,063,597
Webster Financial Corp.		102,880		2,251,014
Zions Bancorporation		258,730		4,915,870
				38,357,285
Insurance – 7.9%
Amtrust Financial Services, Inc.		108,700		2,935,987
Aspen Insurance Holdings Ltd.		138,090		3,663,528
Endurance Specialty Holdings Ltd.		132,200		5,084,412
Platinum Underwriters Holdings Ltd.		121,530		4,321,607
Reinsurance Group of America, Inc. – Class A		86,830		5,007,486
Torchmark Corp.		91,330		4,424,025
Unum Group		154,410		3,559,150
				28,996,195
Real Estate Investment Trusts (REITs) – 7.4%
BioMed Realty Trust, Inc.		215,240		3,964,721
BRE Properties, Inc.		74,525		3,609,246
Camden Property Trust		49,410		3,063,420
DiamondRock Hospitality Co.		372,180		3,706,913
Entertainment Properties Trust		94,610		4,304,755
Glimcher Realty Trust		384,670		3,808,233
Home Properties, Inc.		44,070		2,539,754
Mid-America Apartment Communities, Inc.		34,830		2,172,347
				27,169,389
Thrifts & Mortgage Finance – 0.7%
Washington Federal, Inc.		145,860		2,362,932
				100,275,314
Information Technology – 18.0%
Communications Equipment – 0.6%
Arris Group, Inc.(a)		189,440		2,157,722
Computers & Peripherals – 0.6%
NCR Corp.(a)		103,240		2,242,373

188 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components – 8.9%
Anixter International, Inc.(a)		34,670	$	2,410,952
Arrow Electronics, Inc.(a)		113,440		4,554,616
AU Optronics Corp. (Sponsored ADR)		805,974		4,279,722
Avnet, Inc.(a)		135,470		4,841,698
Flextronics International Ltd.(a)		555,010		3,912,820
Ingram Micro, Inc.—Class A(a)		114,320		2,186,942
Insight Enterprises, Inc.(a)		148,800		3,109,920
TTM Technologies, Inc.(a)		369,078		4,321,903
Vishay Intertechnology, Inc.(a)		268,530		3,292,178
				32,910,751
IT Services – 2.3%
Amdocs Ltd.(a)		144,460		4,430,588
Convergys Corp.(a)		299,950		3,863,356
				8,293,944
Semiconductors & Semiconductor Equipment – 5.6%
Amkor Technology, Inc.(a)(b)		551,090		3,521,465
Entegris, Inc.(a)		471,500		4,262,360
Lam Research Corp.(a)		103,560		4,318,452
Micron Technology, Inc.(a)		619,020		5,292,621
MKS Instruments, Inc.		108,334		3,244,603
				20,639,501
				66,244,291
Consumer Discretionary – 16.4%
Auto Components – 4.7%
Cooper Tire & Rubber Co.		189,210		3,140,886
Dana Holding Corp.(a)		279,830		4,477,280
Lear Corp.		120,410		5,443,736
TRW Automotive Holdings Corp.(a)		91,520		4,186,125
				17,248,027
Hotels, Restaurants & Leisure – 2.3%
MGM Resorts International(a)		299,112		4,118,772
Royal Caribbean Cruises Ltd.		150,090		4,276,064
				8,394,836
Household Durables – 2.6%
Meritage Homes Corp.(a)		82,450		2,134,631
Newell Rubbermaid, Inc.		236,790		4,333,257
NVR, Inc.(a)		4,290		2,968,680
				9,436,568
Media – 1.1%
Gannett Co., Inc.		269,710		4,002,496
Specialty Retail – 4.5%
ANN, Inc.(a)		174,465		4,167,969

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 189

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Childrens Place Retail Stores, Inc. (The)(a)		56,350	$	2,859,762
GameStop Corp. – Class A(b)		152,760		3,479,873
Office Depot, Inc.(a)		1,046,110		3,452,163
Signet Jewelers Ltd.		58,014		2,720,857
				16,680,624
Textiles, Apparel & Luxury Goods – 1.2%
Jones Group, Inc. (The)		468,660		4,616,301
				60,378,852
Industrials – 12.7%
Air Freight & Logistics – 0.6%
Atlas Air Worldwide Holdings, Inc.(a)		55,070		2,347,083
Building Products – 0.9%
Fortune Brands Home & Security, Inc.(a)		166,993		3,229,645
Commercial Services & Supplies – 1.2%
Avery Dennison Corp.		144,500		4,407,250
Construction & Engineering – 1.0%
Tutor Perini Corp.(a)		219,260		3,459,923
Electrical Equipment – 2.4%
EnerSys(a)		123,088		4,133,295
General Cable Corp.(a)		146,880		4,548,874
				8,682,169
Machinery – 2.0%
Sauer-Danfoss, Inc.(a)		56,040		3,034,005
Timken Co.		83,000		4,349,200
				7,383,205
Road & Rail – 2.4%
Avis Budget Group, Inc.(a)		172,200		2,221,380
Con-way, Inc.		144,880		4,281,204
Hertz Global Holdings, Inc.(a)		162,690		2,326,467
				8,829,051
Trading Companies & Distributors – 2.2%
Aircastle Ltd.		347,400		4,728,114
WESCO International, Inc.(a)		53,760		3,380,966
				8,109,080
				46,447,406
Materials – 6.4%
Chemicals – 3.8%
Ferro Corp.(a)		488,510		2,711,230
Huntsman Corp.		246,780		3,371,015
PolyOne Corp.		291,840		3,919,411
Westlake Chemical Corp.(b)		63,130		3,802,320
				13,803,976

190 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Metals & Mining – 2.6%
Commercial Metals Co.		252,660	$	3,357,851
Reliance Steel & Aluminum Co.		61,340		3,295,185
Steel Dynamics, Inc.		208,150		3,082,702
				9,735,738
				23,539,714
Utilities – 5.9%
Electric Utilities – 4.0%
Great Plains Energy, Inc.		138,820		2,745,860
NV Energy, Inc.		281,780		4,418,310
PNM Resources, Inc.		216,250		3,888,175
Portland General Electric Co.		149,660		3,687,622
				14,739,967
Gas Utilities – 1.9%
Atmos Energy Corp.		127,440		3,916,231
UGI Corp.		105,430		2,978,398
				6,894,629
				21,634,596
Energy – 5.8%
Energy Equipment & Services – 1.1%
Bristow Group, Inc.		89,740		4,236,625
Oil, Gas & Consumable Fuels – 4.7%
Plains Exploration & Production Co.(a)		92,410		4,072,509
Stone Energy Corp.(a)		108,920		3,479,994
Teekay Corp.		111,340		3,206,592
Tesoro Corp.(a)		85,610		2,271,233
Western Refining, Inc.(b)		229,730		4,169,600
				17,199,928
				21,436,553
Consumer Staples – 3.8%
Beverages – 1.5%
Constellation Brands, Inc. – Class A(a)		242,534		5,296,943
Food Products – 2.3%
Dean Foods Co.(a)		368,700		4,520,262
Dole Food Co., Inc.(a)(b)		296,100		2,836,638
Tyson Foods, Inc. – Class A		62,030		1,172,987
				8,529,887
				13,826,830
Health Care – 3.3%
Health Care Providers & Services – 3.3%
Health Net, Inc.(a)		129,070		4,871,102
LifePoint Hospitals, Inc.(a)		105,018		4,092,551

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 191

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Molina Healthcare, Inc.(a)		95,597	$	3,246,474
				12,210,127
Total Common Stocks (cost $330,566,863)				365,993,683
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(c) (cost $3,443,558)		3,443,558		3,443,558
Total Investments Before Security Lending Collateral for Securities Loaned – 100.5% \(cost $334,010,421)				369,437,241
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 3.5%
Investment Companies – 3.5%
AllianceBernstein Exchange Reserves – Class I, 0.22%(c) (cost $12,779,658)		12,779,658		12,779,658
Total Investments – 104.0% (cost $346,790,079)				382,216,899
Other assets less liabilities – (4.0)%				(14,571,987	)
Net Assets – 100.0%			$	367,644,912

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note D for securities lending information.

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

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

192 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.4%
Industrials – 26.0%
Aerospace & Defense – 1.5%
Hexcel Corp.(a)		217,845	$	5,504,943
Air Freight & Logistics – 1.1%
Expeditors International of Washington, Inc.		94,660		4,130,016
Building Products – 0.8%
Simpson Manufacturing Co., Inc.		103,213		3,077,812
Electrical Equipment – 1.7%
AMETEK, Inc.		133,210		6,340,796
Machinery – 11.1%
Actuant Corp. – Class A		173,830		4,896,791
Gardner Denver, Inc.		85,770		5,890,684
IDEX Corp.		128,315		5,363,567
Joy Global, Inc.		77,520		6,741,139
Lincoln Electric Holdings, Inc.		96,350		4,450,406
Middleby Corp.(a)		50,040		4,890,910
Robbins & Myers, Inc.		89,085		4,348,239
Valmont Industries, Inc.		39,391		4,375,158
				40,956,894
Marine – 1.8%
Kirby Corp.(a)		95,208		6,533,173
Professional Services – 3.4%
CoStar Group, Inc.(a)		108,976		6,536,380
Robert Half International, Inc.		208,470		5,926,802
				12,463,182
Road & Rail – 1.2%
Genesee & Wyoming, Inc. – Class A(a)		75,980		4,514,732
Trading Companies & Distributors – 3.4%
MSC Industrial Direct Co., Inc. – Class A		80,390		6,383,770
United Rentals, Inc.(a)(b)		143,530		5,982,330
				12,366,100
				95,887,648
Information Technology – 19.7%
Communications Equipment – 0.6%
ADTRAN, Inc.		64,144		2,261,076
IT Services – 3.0%
Alliance Data Systems Corp.(a)		27,421		3,327,812
ServiceSource International, Inc.(a)		225,417		3,787,006
VeriFone Systems, Inc.(a)		80,364		3,848,632
				10,963,450

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 193

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Semiconductors & Semiconductor Equipment – 6.7%
Fairchild Semiconductor International, Inc.(a)		245,566	$	3,582,808
Hittite Microwave Corp.(a)		39,990		2,286,628
International Rectifier Corp.(a)		111,458		2,502,232
LSI Corp.(a)		592,850		5,098,510
ON Semiconductor Corp.(a)		362,700		3,289,689
Skyworks Solutions, Inc.(a)		156,350		4,216,759
Teradyne, Inc.(a)		238,140		3,910,259
				24,886,885
Software – 9.4%
ANSYS, Inc.(a)		90,580		5,722,845
Aspen Technology, Inc.(a)		234,038		4,811,821
Cadence Design Systems, Inc.(a)		543,225		6,393,758
Fortinet, Inc.(a)		124,360		3,363,938
Informatica Corp.(a)		42,120		2,070,619
MICROS Systems, Inc.(a)		108,590		5,639,079
SolarWinds, Inc.(a)		78,634		2,929,903
TIBCO Software, Inc.(a)		124,770		3,614,587
				34,546,550
				72,657,961
Health Care – 17.7%
Biotechnology – 3.4%
Alexion Pharmaceuticals, Inc.(a)		18,310		1,533,096
Amarin Corp. PLC (ADR)(a)		277,040		2,147,060
Ariad Pharmaceuticals, Inc.(a)		158,495		2,272,818
AVEO Pharmaceuticals, Inc.(a)		118,013		1,538,890
BioMarin Pharmaceutical, Inc.(a)		97,480		3,484,910
Ironwood Pharmaceuticals, Inc.(a)		120,030		1,607,202
				12,583,976
Health Care Equipment & Supplies – 4.0%
NxStage Medical, Inc.(a)		168,600		3,372,000
Sirona Dental Systems, Inc.(a)		87,926		4,387,507
Volcano Corp.(a)		132,760		3,721,263
Zoll Medical Corp.(a)		44,720		3,271,268
				14,752,038
Health Care Providers & Services – 7.7%
AMERIGROUP Corp.(a)		83,470		5,670,117
Catalyst Health Solutions, Inc.(a)		93,000		5,767,860
Centene Corp.(a)		110,660		5,400,208
HMS Holdings Corp.(a)		139,965		4,509,672
Mednax, Inc.(a)		94,283		7,013,713
				28,361,570
Health Care Technology – 1.7%
SXC Health Solutions Corp.(a)		87,129		6,168,733

194 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Pharmaceuticals – 0.9%
Akorn, Inc.(a)		267,269	$	3,348,881
				65,215,198
Consumer Discretionary – 17.1%
Distributors – 1.5%
LKQ Corp.(a)		179,290		5,712,180
Hotels, Restaurants & Leisure – 4.2%
Orient-Express Hotels Ltd. – Class A(a)		438,970		4,341,413
Panera Bread Co. – Class A(a)		37,630		5,816,845
Wyndham Worldwide Corp.		124,740		5,487,313
				15,645,571
Household Durables – 1.8%
Tempur-Pedic International, Inc.(a)		82,605		6,525,795
Media – 2.2%
National CineMedia, Inc.		291,040		4,630,446
Pandora Media, Inc.(a)		255,447		3,336,138
				7,966,584
Multiline Retail – 1.5%
Dollar Tree, Inc.(a)		63,220		5,595,602
Specialty Retail – 5.9%
CarMax, Inc.(a)		120,520		3,698,759
Dick’s Sporting Goods, Inc.		157,610		7,054,624
Tractor Supply Co.		68,785		5,879,054
Ulta Salon Cosmetics & Fragrance, Inc.(a)		63,100		5,252,444
				21,884,881
				63,330,613
Energy – 8.2%
Energy Equipment & Services – 4.6%
FMC Technologies, Inc.(a)		75,040		3,784,267
Oceaneering International, Inc.		82,150		4,458,281
Oil States International, Inc.(a)		61,220		4,972,288
Superior Energy Services, Inc.(a)		130,910		3,840,899
				17,055,735
Oil, Gas & Consumable Fuels – 3.6%
Cabot Oil & Gas Corp.		133,590		4,659,619
Concho Resources, Inc.(a)		30,650		3,274,646
Range Resources Corp.		23,250		1,480,560
SM Energy Co.		48,223		3,796,115
				13,210,940
				30,266,675
Financials – 5.5%
Capital Markets – 3.5%
Affiliated Managers Group, Inc.(a)		42,320		4,502,425

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 195

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Lazard Ltd. – Class A		135,770	$	4,135,554
Stifel Financial Corp.(a)		109,611		4,113,701
				12,751,680
Commercial Banks – 2.0%
Iberiabank Corp.		65,592		3,479,000
Signature Bank/New York NY(a)		66,420		3,942,691
				7,421,691
				20,173,371
Materials – 1.6%
Chemicals – 1.6%
Solutia, Inc.		211,080		5,933,459
Telecommunication Services – 1.5%
Diversified Telecommunication Services – 1.5%
tw telecom, Inc.(a)		258,547		5,584,615
Consumer Staples – 1.1%
Food Products – 1.1%
Green Mountain Coffee Roasters, Inc.(a)(b)		64,418		4,185,237
Total Common Stocks (cost $260,442,472)				363,234,777
SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 1.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(c) (cost $5,615,565)		5,615,565		5,615,565
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% (cost $266,058,037)				368,850,342
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 2.4%
Investment Companies – 2.4%
AllianceBernstein Exchange Reserves – Class I, 0.22%(c) (cost $8,740,611)		8,740,611		8,740,611
Total Investments – 102.3% (cost $274,798,648)				377,590,953
Other assets less liabilities – (2.3)%				(8,383,183	)
Net Assets – 100.0%			$	369,207,770

196 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note D for securities lending information.

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

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 197

Small-Mid Cap Growth Portfolio—Portfolio of Investments

MULTI-ASSET REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 65.2%
Energy – 22.3%
Coal & Consumable Fuels – 0.4%
Banpu PCL		98,100	$	2,120,133
Integrated Oil & Gas – 15.3%
BG Group PLC		238,300		5,750,968
BP PLC		1,453,210		11,370,773
Chevron Corp.		76,210		8,316,035
China Petroleum & Chemical Corp. – Class H		3,476,000		3,949,063
Exxon Mobil Corp.		247,480		21,407,020
Gazprom OAO (Sponsored ADR)		551,440		7,279,008
Hess Corp.		31,530		2,046,928
Petroleo Brasileiro SA (ADR)		177,620		5,300,181
Petroleo Brasileiro SA (Sponsored ADR)		75,018		2,137,263
PTT PCL		195,400		2,343,638
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		284,827		10,396,264
Royal Dutch Shell PLC – Class B		97,360		3,608,849
Suncor Energy, Inc. (Toronto)		163,690		5,892,807
Total SA		67,480		3,774,866
				93,573,663
Oil & Gas Drilling – 1.3%
Ensco PLC (Sponsored ADR)(a)		29,060		1,694,198
Seadrill Ltd.		78,660		3,309,226
Transocean Ltd./Switzerland		53,880		2,873,959
				7,877,383
Oil & Gas Equipment & Services – 0.8%
Halliburton Co.		55,950		2,047,211
Schlumberger Ltd.		40,240		3,123,026
				5,170,237
Oil & Gas Exploration & Production – 4.2%
Anadarko Petroleum Corp.		59,250		4,984,110
Cabot Oil & Gas Corp.		32,000		1,116,160
Devon Energy Corp.		48,770		3,575,329
EOG Resources, Inc.		27,090		3,084,467
Marathon Oil Corp.		62,550		2,119,820
Nexen, Inc. (Toronto)		100,184		2,042,257
Noble Energy, Inc.		24,990		2,440,273
Occidental Petroleum Corp.		49,520		5,168,402
Penn West Petroleum Ltd.		67		1,463
Stone Energy Corp.(b)		33,930		1,084,064
				25,616,345
Oil & Gas Refining & Marketing – 0.3%
Marathon Petroleum Corp.		46,670		1,939,139
				136,296,900

198 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Materials – 10.9%
Diversified Chemicals – 0.5%
BASF SE		30,860	$	2,709,308
Diversified Metals & Mining – 4.6%
Anglo American PLC		124,660		5,255,004
BHP Billiton Ltd.		151,840		5,878,556
BHP Billiton PLC		62,330		2,015,920
Exxaro Resources Ltd.		117,410		3,279,214
Freeport-McMoRan Copper & Gold, Inc.		23,810		1,013,354
Rio Tinto Ltd.		18,600		1,336,245
Rio Tinto PLC		119,280		6,766,676
Teck Resources Ltd.		72,160		2,889,463
				28,434,432
Fertilizers & Agricultural Chemicals – 1.2%
Agrium, Inc. (Toronto)		43,000		3,658,335
Monsanto Co.		46,100		3,567,218
				7,225,553
Gold – 2.0%
Goldcorp, Inc.		105,860		5,132,249
IAMGOLD Corp.		119,500		1,806,782
Kinross Gold Corp.		266,980		2,954,602
New Gold, Inc.(b)		183,290		2,141,424
Real Gold Mining Ltd.(a)(c)(d)		686,500		321,468
				12,356,525
Paper Products – 0.3%
Mondi PLC(e)		193,210		1,803,592
Specialty Chemicals – 0.4%
Koninklijke DSM NV		48,730		2,707,427
Steel – 1.9%
Commercial Metals Co.		147,400		1,958,946
JFE Holdings, Inc.		95,100		2,057,024
OneSteel Ltd.		671,187		758,316
United States Steel Corp.(a)		33,840		921,125
Vale SA (Sponsored ADR) (Local Preference Shares)		245,040		6,023,083
				11,718,494
				66,955,331
Equity: Other – 10.7%
Diversified/Specialty – 9.9%
British Land Co. PLC		382,895		2,858,040
CapitaLand Ltd.		497,000		1,220,386
CBRE Group, Inc.(b)		75,770		1,388,864
Dexus Property Group		1,845,639		1,767,413

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 199

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Digital Realty Trust, Inc.(a)		77,550	$	5,622,375
Duke Realty Corp.		176,160		2,445,101
Dundee Real Estate Investment Trust		57,846		2,011,120
Evergrande Real Estate Group Ltd.		1,644,000		1,035,889
Forest City Enterprises, Inc.(b)		104,309		1,524,997
Hang Lung Properties Ltd.		278,000		1,049,606
Hysan Development Co., Ltd.		623,366		2,701,893
Mitsui Fudosan Co., Ltd.		409,000		7,752,894
Morguard Real Estate Investment Trust		73,100		1,204,235
Soho China Ltd.		3,135,000		2,277,416
Sun Hung Kai Properties Ltd.		512,305		7,873,855
Telecity Group PLC(b)		97,795		1,070,565
Tokyu Land Corp.		532,000		2,567,406
Unibail-Rodamco SE		30,507		5,871,482
UOL Group Ltd.		306,715		1,146,705
Weyerhaeuser Co.		95,520		1,995,413
Wharf Holdings Ltd.		807,000		5,043,873
				60,429,528
Health Care – 0.8%
Ventas, Inc.		92,140		5,152,469
				65,581,997
Retail – 7.4%
Regional Mall – 3.5%
General Growth Properties, Inc.		152,130		2,475,155
Glimcher Realty Trust		407,846		4,037,676
Multiplan Empreendimentos Imobiliarios SA		16,605		377,112
Simon Property Group, Inc.		76,711		10,392,806
Westfield Group		448,967		4,214,009
				21,496,758
Shopping Center/Other Retail – 3.9%
Aeon Mall Co., Ltd.		105,400		2,362,908
Corio NV		57,908		2,773,064
DDR Corp.		209,376		2,958,483
Hammerson PLC		481,810		2,995,969
Klepierre		47,142		1,492,239
Link REIT (The)		537,878		2,011,118
Regency Centers Corp.		57,000		2,439,030
Retail Opportunity Investments Corp.(a)		162,376		1,888,433
RioCan Real Estate Investment Trust (New York)(f)		132,100		3,620,751
RioCan Real Estate Investment Trust (Toronto)		1		27
Weingarten Realty Investors(a)		58,900		1,466,610
				24,008,632
				45,505,390

200 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Residential – 4.6%
Multi-Family – 3.1%
BRE Properties, Inc.		60,290	$	2,919,845
Camden Property Trust		39,530		2,450,860
China Overseas Land & Investment Ltd.(a)		596,000		1,235,945
Equity Residential		23,310		1,326,106
Essex Property Trust, Inc.		13,184		1,845,628
GSW Immobilien AG(b)		31,960		1,005,329
MRV Engenharia e Participacoes SA		116,400		938,792
Northern Property Real Estate Investment Trust		45,176		1,515,835
Post Properties, Inc.		53,860		2,352,066
Rossi Residencial SA		277,000		1,659,822
Stockland		462,400		1,562,939
				18,813,167
Self Storage – 1.5%
Big Yellow Group PLC		451,533		2,079,864
CubeSmart		41,590		469,135
Extra Space Storage, Inc.		75,277		1,985,055
Public Storage		17,427		2,336,438
Sovran Self Storage, Inc.		53,192		2,527,152
				9,397,644
				28,210,811
Office – 4.1%
Office – 4.1%
Allied Properties Real Estate Investment Trust		33,644		904,132
Boston Properties, Inc.		18,703		1,899,290
Castellum AB		184,984		2,434,419
Cominar Real Estate Investment Trust		85,843		1,991,971
Corporate Office Properties Trust		39,011		956,550
Derwent London PLC		55,530		1,489,260
Douglas Emmett, Inc.		210,438		4,433,929
Great Portland Estates PLC		263,330		1,476,798
Hufvudstaden AB – Class A		148,642		1,649,022
Kilroy Realty Corp.		34,909		1,530,410
Nippon Building Fund, Inc.		53		508,820
NTT Urban Development Corp.		612		492,548
PS Business Parks, Inc.		30,560		1,907,555
SL Green Realty Corp.		45,487		3,459,286
				25,133,990
Industrials – 2.4%
Industrial Warehouse Distribution – 1.8%
EastGroup Properties, Inc.		58,340		2,811,405
Global Logistic Properties Ltd.(b)		1,541,000		2,679,160
ProLogis, Inc.		173,996		5,856,705
				11,347,270

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Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Mixed Office Industrial – 0.6%
Goodman Group		4,866,980	$	3,582,762
				14,930,032
Lodging – 2.3%
Lodging – 2.3%
Ashford Hospitality Trust, Inc.		128,614		1,085,502
Great Eagle Holdings Ltd.		859,000		2,500,832
InnVest Real Estate Investment Trust		174,266		961,638
Intercontinental Hotels Group PLC		116,120		2,638,338
LaSalle Hotel Properties		89,810		2,396,131
Pebblebrook Hotel Trust		63,550		1,361,877
Starwood Hotels & Resorts Worldwide, Inc.		34,520		1,860,628
Strategic Hotels & Resorts, Inc.(b)		158,590		988,016
				13,792,962
Food Beverage & Tobacco – 0.5%
Agricultural Products – 0.3%
Bunge Ltd.		23,460		1,579,327
Packaged Foods & Meats – 0.2%
Tyson Foods Inc – Class A		79,540		1,504,103
				3,083,430
Total Common Stocks (cost $361,800,736)				399,490,843
	Principal Amount (000)
INFLATION-LINKED SECURITIES – 13.4%
United States – 13.4%
U.S. Treasury Inflation Index 1.875%, 7/15/15, (TIPS) (cost $80,802,610)	$	73,129		82,006,781
	Contracts
OPTIONS PURCHASED – PUTS – 0.2%
Options on Equity Index – 0.2%
S&P 500 Index Expiration: Dec 2012, Exercise Price: $ 1,300.00(b)(g) (cost $1,014,617)		105		885,675

202 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

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Company	Contracts		U.S. $ Value
OPTION PURCHASED – CALL – 0.0%
Options on Funds and Investment Trusts – 0.0%
United States Oil Fund LP Expiration: Apr 2012, Exercise Price: $ 45.00(b)(g) (cost $370,384)		3,943	$	224,751
	Shares
SHORT-TERM INVESTMENTS – 18.5%
Investment Companies – 7.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio 0.09%(h) (cost $46,136,848)		46,136,848		46,136,848
	Principal Amount (000)
U.S. TREASURY BILLS – 11.0%
U.S. Treasury Bill
Zero Coupon, 3/15/12	$	34,000		33,999,514
Zero Coupon, 4/12/12(i)		33,400		33,398,781
Total U.S. Treasury Bills (cost $67,398,295)				67,398,295
Total Investments Before Security Lending Collateral for Securities Loaned – 97.3% (cost $557,523,490)				596,143,193
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 1.7%
Investment Companies – 1.7%
AllianceBernstein Exchange Reserves – Class I, 0.22%(h) (cost $9,988,082)		9,988,082		9,988,082
Total Investments – 99.0% (cost $567,511,572)				606,131,275
Other assets less liabilities – 1.0%				6,409,422
Net Assets – 100.0%			$	612,540,697

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FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Brent Crude Oil Futures		28		June 2012	$	3,351,903	$	3,383,800	$	31,897
Cocoa Futures		21		May 2012		513,122		490,140		(22,982	)
Gasoline RBOB Futures		3		May 2012		407,425		409,588		2,163
Nickel Futures		8		May 2012		983,432		923,760		(59,672	)
Platinum Futures		93		April 2012		6,718,713		7,870,590		1,151,877
Platinum Futures		56		July 2012		4,834,740		4,752,160		(82,580	)
Soybean Meal Futures		127		May 2012		4,223,426		4,481,830		258,404
Zinc Futures		27		May 2012		1,368,419		1,424,925		56,506
Sold Contracts
Coffee C Futures		38		May 2012		3,146,274		2,896,313		249,961
Copper LME Futures		1		May 2012		210,249		212,500		(2,251	)
Gold 100 OZ Futures		47		April 2012		7,845,940		8,043,110		(197,170	)
Heating Oil Futures		7		May 2012		948,984		942,270		6,714
Lean Hogs Futures		29		April 2012		1,047,058		1,037,330		9,728
Nickel Futures		1		May 2012		129,869		115,470		14,399
Silver Futures		12		May 2012		2,047,752		2,078,520		(30,768	)
Wheat Futures		17		May 2012		584,610		602,225		(17,615	)
Zing Futures		27		May 2012		1,394,639		1,424,925		(30,286	)
									$	1,338,325

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC Wholesale:
Australian Dollar settling 3/15/12		2,857	$	3,008,921	$	3,059,477	$	50,556
Canadian Dollar settling 3/15/12		3,816		3,795,938		3,855,528		59,590
Canadian Dollar settling 3/15/12		2,894		2,872,405		2,923,978		51,573
Euro settling 3/15/12		3,818		5,009,063		5,086,975		77,912
Great British Pound settling 3/15/12		2,199		3,446,851		3,498,066		51,215
Malaysian Ringgit settling 3/02/12(1)		6,085		2,014,367		2,031,380		17,013
South African Rand settling 3/02/12		29,176		3,851,007		3,883,945		32,938
Swedish Krona settling 3/15/12		11,509		1,699,375		1,738,458		39,083
Swiss Franc settling 3/15/12		1,191		1,292,654		1,316,635		23,981
Credit Suisse London Branch (GFX):
Euro settling 3/15/12		1,491		1,952,579		1,986,558		33,979
Great British Pound settling 3/15/12		1,251		1,958,532		1,990,033		31,501
Indian Rupee settling 3/02/12(1)		140,492		2,870,652		2,866,599		(4,053	)
Indian Rupee settling 4/03/12(1)		140,492		2,824,528		2,835,931		11,403
Indonesian Rupiah settling 3/02/12(1)		20,453,303		2,246,381		2,267,550		21,169
Indonesian Rupiah settling 4/03/12(1)		20,453,303		2,209,973		2,244,409		34,436
Japanese Yen settling 3/15/12		445,677		5,751,413		5,483,143		(268,270	)
Malaysian Ringgit settling 3/02/12(1)		6,085		2,030,296		2,031,380		1,084
Malaysian Ringgit settling 4/03/12(1)		6,085		2,007,721		2,023,905		16,184
Singapore Dollar settling 3/15/12		2,352		1,872,928		1,880,635		7,707
South Korean Won settling 3/02/12		2,171,428		1,927,588		1,940,985		13,397
South Korean Won settling 4/03/12		2,171,428		1,916,276		1,936,693		20,417
HSBC Bank USA:
Euro settling 3/15/12		1,627		2,082,511		2,167,760		85,249
Euro settling 3/15/12		1,207		1,581,991		1,608,167		26,176

204 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

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Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Hong Kong Dollar settling 3/15/12		14,055	$	1,812,629	$	1,812,146	$	(483	)
Hong Kong Dollar settling 3/15/12		24,644		3,178,149		3,177,412		(737	)
Mexican Nuevo Peso settling 3/02/12		24,513		1,931,831		1,908,934		(22,897	)
JPMorgan Chase Bank USA:
Great British Pound settling 3/15/12		1,117		1,752,107		1,776,871		24,764
Morgan Stanley & Co., Inc.:
Australian Dollar settling 3/15/12		7,137		7,627,312		7,642,803		15,491
Australian Dollar settling 6/15/12		5,949		6,297,017		6,304,689		7,672
Brazilian Real settling 3/02/12		1,629		946,268		948,610		2,342
Brazilian Real settling 3/02/12		4,498		2,631,641		2,619,305		(12,336	)
Canadian Dollar settling 3/15/12		3,888		3,780,814		3,928,275		147,461
South Korean Won settling 3/02/12		2,171,428		1,931,961		1,940,984		9,023
Royal Bank of Canada:
Canadian Dollar settling 3/15/12		1,896		1,830,293		1,915,641		85,348
Royal Bank of Scotland PLC:
Indian Rupee settling 3/02/12(1)		140,492		2,855,528		2,866,598		11,070
Mexican Nuevo Peso settling 4/03/12		24,513		1,887,080		1,903,974		16,894
South African Rand settling 4/03/12		29,176		3,808,132		3,865,890		57,758
Standard Chartered Bank:
Brazilian Real settling 3/02/12		2,869		1,627,340		1,670,695		43,355
Chinese Yuan Renminbi settling 3/15/12(1)		201,006		31,466,187		31,930,594		464,407
Chinese Yuan Renminbi settling 3/15/12(1)		12,130		1,906,933		1,926,898		19,965
Chinese Yuan Renminbi settling 6/15/12(1)		9,596		1,526,081		1,525,377		(704	)
Great British Pound settling 3/15/12		1,633		2,527,855		2,597,700		69,845
Indonesian Rupiah settling 3/02/12(1)		20,453,303		2,278,920		2,267,551		(11,369	)
Singapore Dollar settling 3/15/12		5,436		4,195,837		4,346,569		150,732
State Street Bank & Trust Co.:
Japanese Yen settling 3/15/12		152,976		1,968,170		1,882,057		(86,113	)
Westpac Banking Corporation:
Australian Dollar settling 6/15/12		1,809		1,913,073		1,917,160		4,087
Sale Contracts
Bank of America, N.A.:
Great British Pound settling 6/15/12		1,288		2,037,745		2,047,471		(9,726	)
Barclays Bank PLC Wholesale
Malaysian Ringgit settling 3/02/12(1)		6,085		2,030,296		2,031,380		(1,084	)
Barclays Bank PLC Wholesale:
Australian Dollar settling 3/15/12		1,860		1,871,861		1,991,819		(119,958	)
Canadian Dollar settling 3/15/12		3,789		3,786,187		3,828,249		(42,062	)
Canadian Dollar settling 3/15/12		17,759		17,327,595		17,942,960		(615,365	)
Great British Pound settling 3/15/12		1,925		3,089,329		3,062,200		27,129
Hong Kong Dollar settling 3/15/12		10,775		1,389,312		1,389,248		64
Japanese Yen settling 3/15/12		217,775		2,855,051		2,679,276		175,775
Singapore Dollar settling 3/15/12		3,180		2,527,888		2,542,695		(14,807	)
Citibank N.A.:
Euro settling 3/15/12		1,357		1,775,902		1,808,022		(32,120	)
Hong Kong Dollar settling 3/15/12		14,046		1,811,072		1,810,986		86
Credit Suisse London Branch (GFX):
Malaysian Ringgit settling 3/02/12(1)		6,085		2,011,105		2,031,381		(20,276	)
Credit Suisse Londong Branch (GFX):
Great British Pound settling 3/15/12		1,516		2,371,066		2,411,581		(40,515	)
Indian Rupee settling 3/02/12(1)		140,492		2,848,003		2,866,598		(18,595	)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 205

Multi-Asset Real Return Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Indonesian Rupiah settling 3/02/12(1)		20,453,303	$	2,228,029	$	2,267,551	$	(39,522	)
South Korean Won settling 3/02/12		2,171,428		1,920,768		1,940,985		(20,217	)
Deutsche Bank AG London:
Great British Pound settling 3/15/12		2,722		4,259,884		4,330,031		(70,147	)
Goldman Sachs International:
Canadian Dollar settling 3/15/12		2,414		2,364,233		2,439,006		(74,773	)
HSBC Bank USA:
Australian Dollar settling 3/15/12		8,134		8,185,960		8,710,460		(524,500	)
Euro settling 3/15/12		16,400		21,930,769		21,850,812		79,957
Great British Pound settling 6/15/12		13,828		21,813,670		21,981,694		(168,024	)
Hong Kong Dollar settling 3/15/12		13,878		1,781,698		1,789,325		(7,627	)
JPMorgan Chase Bank, N.A.:
Euro settling 6/15/12		2,436		3,187,667		3,247,195		(59,528	)
Morgan Stanley & Co., Inc.:
Brazilian Real settling 3/02/12		1,629		953,077		948,609		4,468
Brazilian Real settling 3/02/12		4,498		2,533,514		2,619,305		(85,791	)
Chinese Yuan Renminbi settling 3/15/12(1)		11,748		1,866,243		1,866,216		27
Great British Pound settling 3/15/12		1,356		2,106,831		2,157,062		(50,231	)
Great British Pound settling 3/15/12		2,057		3,206,904		3,272,179		(65,275	)
South Korean Won settling 3/02/12		2,171,428		1,927,588		1,940,985		(13,397	)
Royal Bank of Canada:
Canadian Dollar settling 3/15/12		2,890		2,825,881		2,919,937		(94,056	)
Euro settling 3/15/12		1,454		1,887,365		1,937,261		(49,896	)
Royal Bank of Scotland PLC:
Canadian Dollar settling 3/15/12		2,230		2,231,428		2,253,100		(21,672	)
Indian Rupee settling 3/02/12(1)		140,492		2,870,562		2,866,509		4,053
Mexican Nuevo Peso settling 3/02/12		24,513		1,892,224		1,908,934		(16,710	)
South African Rand settling 3/02/12		29,176		3,825,681		3,883,945		(58,264	)
Standard Chartered Bank:
Brazilian Real settling 3/02/12		2,869		1,678,563		1,670,694		7,869
Chinese Yuan Renminbi settling 3/15/12(1)		35,719		5,668,783		5,674,104		(5,321	)
Chinese Yuan Renminbi settling 3/15/12(1)		11,185		1,746,565		1,776,782		(30,217	)
Indonesian Rupiah settling 3/02/12(1)		20,453,303		2,246,381		2,267,550		(21,169	)
State Street Bank & Trust Co.:
Thailand Baht settling 3/02/12		73,259		2,362,279		2,420,585		(58,306	)
Thailand Baht settling 4/03/12		73,259		2,403,274		2,415,238		(11,964	)
UBS AG:
Canadian Dollar settling 3/15/12		2,020		1,984,965		2,040,924		(55,959	)
Canadian Dollar settling 6/15/12		1,594		1,592,050		1,607,130		(15,080	)
Swedish Krona settling 3/15/12		11,509		1,645,858		1,738,458		(92,600	)
							$	(895,511	)

(1) Contract represents non-deliverable forward where payment is received from or paid to a counterparty based on the net realized gain/loss on settlement date.

206 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

PUT OPTIONS WRITTEN (see Note C)

Description	Contracts		Exercise Price		Expiration Month		U.S. $ Value
S&P 500 Index (premium received $409,182)		105	$	1,075		December 2012	$	(354,900	)

TOTAL RETURN SWAP CONTRACTS ON INDICES (see Note C)

Receive Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	Dow Jones-UBS Commodity Index 2 Month Forward		193,405		0.20	%	$	60,035		3/15/12	Barclays Bank PLC	$	1,263,797
Receive	Dow Jones-UBS 3 Month Forward Grains Excess Return Commodity Index		60,246		0.30	%		6,013		3/15/12	Citibank, N.A.		261,415
Receive	Dow Jones-UBS Commodity Index 2 Month Forward		238,168		0.20	%		73,930		3/15/12	Credit Suisse International		1,556,298
Receive	Dow Jones-UBS Commodity Index 2 Month Forward		23,799		0.20	%		7,387		3/15/12	Goldman Sachs International		155,514
Receive	Dow Jones-UBS Commodity Index 2 Month Forward		18,425		0.20	%		5,719		3/15/12	Goldman Sachs International		120,397
Receive	Dow Jones-UBS Commodity Index 2 Month Forward		10,109		0.20	%		3,138		5/15/12	Goldman Sachs International		66,057
Receive	Dow Jones-UBS Commodity Index		147,944		0.13	%		21,408		3/15/12	JPMorgan Chase Bank, N.A.		492,090
Receive	Dow Jones-UBS Commodity Index		48,714		0.13	%		7,049		3/15/12	JPMorgan Chase Bank, N.A.		162,032

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 207

Multi-Asset Real Return Portfolio—Portfolio of Investments

Receive Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive	Dow Jones-UBS Commodity Index		10,543		0.13	%	$	1,526		3/15/12	JPMorgan Chase Bank, N.A.	$	35,068
Receive	Dow Jones-UBS Commodity Index		40,068		0.13	%		5,798		3/15/12	JPMorgan Chase Bank, N.A.		133,274
												$	4,245,942

(a) Represents entire or partial securities out on loan. See Note D for securities lending information.

(b) Non-income producing security.

(c) Fair valued.

(d) Illiquid security.

(e) When-Issued or delayed delivery security.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2012, the market value of this security amounted to $3,620,751 or 0.6% of net assets.

(g) One contract relates to 100 shares.

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

(i) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. The market value of the collateral amounted to $2,999,883.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

208 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

VOLATILITY MANAGEMENT

PORTFOLIO OF INVESTMENTS

February 29, 2012 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 15.5%
Information Technology – 2.2%
Communications Equipment – 0.2%
Cisco Systems, Inc.		87,900	$	1,747,452
F5 Networks, Inc.(a)		1,300		162,448
Harris Corp.		1,900		82,897
JDS Uniphase Corp.(a)		3,700		48,248
Juniper Networks, Inc.(a)		8,600		195,736
Motorola Mobility Holdings, Inc.(a)		4,300		170,710
Motorola Solutions, Inc.		4,700		234,060
QUALCOMM, Inc.		27,500		1,709,950
				4,351,501
Computers & Peripherals – 0.6%
Apple, Inc.(a)		15,200		8,245,088
Dell, Inc.(a)		24,900		430,770
EMC Corp./Massachusetts(a)		33,300		922,077
Hewlett-Packard Co.		32,500		822,575
Lexmark International, Inc. – Class A		1,100		40,568
NetApp, Inc.(a)		5,800		249,400
SanDisk Corp.(a)		3,900		192,894
Western Digital Corp.(a)		3,800		149,150
				11,052,522
Electronic Equipment & Instruments & Components – 0.1%
Amphenol Corp. – Class A		2,700		151,092
Corning, Inc.		25,700		335,128
FLIR Systems, Inc.		2,500		65,425
Jabil Circuit, Inc.		2,900		74,907
Molex, Inc.		2,200		59,620
TE Connectivity Ltd.		6,900		252,195
				938,367
Internet Software & Services – 0.2%
Akamai Technologies, Inc.(a)		2,900		104,400
eBay, Inc.(a)		18,700		668,338
Google, Inc. – Class A(a)		4,200		2,596,650
VeriSign, Inc.		2,600		96,070
Yahoo!, Inc.(a)		20,200		299,566
				3,765,024
IT Services – 0.4%
Accenture PLC		10,500		625,170
Automatic Data Processing, Inc.		8,000		434,560
Cognizant Technology Solutions Corp. – Class A(a)		4,900		347,655
Computer Sciences Corp.		2,500		79,400
Fidelity National Information Services, Inc.		3,900		123,747

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 209

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Fiserv, Inc.(a)		2,300	$	152,490
International Business Machines Corp.		19,300		3,796,889
Mastercard, Inc. – Class A		1,800		756,000
Paychex, Inc.		5,200		162,760
SAIC, Inc.(a)		4,500		54,990
Teradata Corp.(a)		2,700		179,685
Total System Services, Inc.		2,600		56,888
Visa, Inc. – Class A		8,300		965,871
Western Union Co. (The) – Class W		10,100		176,447
				7,912,552
Office Electronics – 0.0%
Xerox Corp.		22,600		185,998
Semiconductors & Semiconductor Equipment – 0.3%
Advanced Micro Devices, Inc.(a)		9,500		69,825
Altera Corp.		5,200		199,940
Analog Devices, Inc.		4,800		188,208
Applied Materials, Inc.		21,300		260,712
Broadcom Corp. – Class A(a)		7,900		293,485
Intel Corp.		83,300		2,239,104
KLA-Tencor Corp.		2,700		130,680
Linear Technology Corp.		3,700		123,876
LSI Corp.(a)		9,200		79,120
Microchip Technology, Inc.(b)		3,100		111,817
Micron Technology, Inc.(a)		16,100		137,655
Novellus Systems, Inc.(a)		1,100		51,128
NVIDIA Corp.(a)		9,900		149,985
Teradyne, Inc.(a)		3,000		49,260
Texas Instruments, Inc.		18,600		620,310
Xilinx, Inc.		4,300		158,799
				4,863,904
Software – 0.4%
Adobe Systems, Inc.(a)		8,000		263,120
Autodesk, Inc.(a)		3,700		140,045
BMC Software, Inc.(a)		2,700		101,088
CA, Inc.		6,000		162,180
Citrix Systems, Inc.(a)		3,100		231,694
Electronic Arts, Inc.(a)		5,400		88,182
Intuit, Inc.		4,900		283,416
Microsoft Corp.		122,400		3,884,976
Oracle Corp.		64,300		1,882,061
Red Hat, Inc.(a)		3,100		153,326
Salesforce.com, Inc.(a)		2,200		314,952
Symantec Corp.(a)		12,000		214,080
				7,719,120
				40,788,988

210 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Equity: Other – 1.8%
Diversified/Specialty – 1.4%
Affine SA		450	$	8,665
Alexandria Real Estate Equities, Inc.		6,210		445,195
American Assets Trust, Inc.		3,900		83,928
Artis Real Estate Investment Trust		8,400		134,899
Azrieli Group		6,550		151,329
BioMed Realty Trust, Inc.		15,300		281,826
British Land Co. PLC		89,150		665,442
CA Immobilien Anlagen AG(a)		8,869		92,368
Campus Crest Communities, Inc.		3,000		31,770
Canadian Real Estate Investment Trust		6,750		260,872
CapLease, Inc.		6,600		26,598
City Developments Ltd.		69,600		617,827
Cofinimmo		1,420		170,841
Country Garden Holdings Co., Ltd.(b)		333,300		150,324
Cousins Properties, Inc.		10,314		76,221
Daejan Holdings PLC		555		25,261
Dexus Property Group		487,580		466,914
DIC Asset AG		3,450		30,630
Digital Realty Trust, Inc.(b)		10,760		780,100
Duke Realty Corp.		25,060		347,833
Dundee Real Estate Investment Trust		6,650		231,199
DuPont Fabros Technology, Inc.		6,190		141,751
Eurobank Properties Real Estate Investment Co.		1,870		9,966
F&C Commercial Property Trust Ltd.		50,933		83,298
FKP Property Group		89,590		52,751
Fonciere Des Regions		2,720		196,596
Forest City Enterprises, Inc.(a)		14,960		218,715
Gecina SA		1,910		182,665
GPT Group		185,030		617,724
H&R Real Estate Investment Trust		16,750		399,853
Helical Bar PLC		11,766		34,945
Henderson Land Development Co., Ltd.		118,050		738,823
Hopson Development Holdings Ltd.		69,950		56,398
Hysan Development Co., Ltd.		79,750		345,665
ICADE		2,150		177,507
Inmobiliaria Colonial SA(a)		3,445		8,721
Investors Real Estate Trust		8,060		61,498
Invista Foundation Property Trust Ltd.		35,513		19,774
Kenedix Realty Investment Corp. – Class A		29		100,363
Keppel Land Ltd.(b)		75,300		204,908
Kerry Properties Ltd.		71,950		342,052
Kiwi Income Property Trust		98,000		82,989
Klovern AB		12,390		46,762
Klovern AB (Preference Shares)(a)		34		707

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 211

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Kungsleden AB		13,800	$	102,967
Land Securities Group PLC		78,469		842,403
Lexington Realty Trust		15,380		133,037
London & Stamford Property PLC		54,427		98,869
Mitsubishi Estate Co., Ltd.		104,440		1,892,166
Mitsui Fudosan Co., Ltd.		88,040		1,668,863
Mobimo Holding AG(a)		650		155,880
Morguard Real Estate Investment Trust		4,250		70,014
Mucklow A & J Group PLC		2,368		12,055
New World China Land Ltd.		258,700		70,126
New World Development Co., Ltd.		449,650		619,774
Nieuwe Steen Investments NV		6,024		71,160
Nomura Real Estate Holdings, Inc.		7,580		131,995
Picton Property Income Ltd.		34,284		22,865
Premier Investment Corp.		20		72,864
Quintain Estates & Development PLC(a)		51,612		34,075
Shui On Land Ltd.(b)		260,050		111,536
Sino Land Co., Ltd.		290,160		516,956
Soho China Ltd.		207,050		150,411
ST Modwen Properties PLC		14,923		38,641
Standard Life Investment Property Income Trust PLC		13,600		13,177
Sumitomo Realty & Development Co., Ltd.		46,990		1,101,375
Sun Hung Kai Properties Ltd.		194,400		2,987,825
Suntec Real Estate Investment Trust		221,500		217,369
TAG Immobilien AG(a)		7,520		61,561
Tokyu Land Corp.		39,870		192,411
Tokyu REIT, Inc.		13		71,557
Top REIT, Inc.		16		84,781
Unibail-Rodamco SE		9,210		1,772,588
Unite Group PLC		15,823		46,592
United Urban Investment Corp.		210		230,512
Vornado Realty Trust		21,570		1,762,916
Wallenstam AB		12,050		122,554
Wereldhave Belgium NV		250		22,816
Wereldhave NV		2,170		161,803
Weyerhaeuser Co.		8,700		181,743
Wharf Holdings Ltd.		152,850		955,336
Whiterock Real Estate Investment Trust		3,600		59,015
Wihlborgs Fastigheter AB		7,770		107,434
Winthrop Realty Trust		2,450		27,906
				26,202,401
Health Care – 0.3%
Chartwell Seniors Housing Real Estate Investment Trust		14,600		135,309
Extendicare Real Estate Investment Trust		7,950		68,296

212 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
HCP, Inc.		47,510	$	1,876,645
Health Care REIT, Inc.		22,520		1,225,989
Healthcare Realty Trust, Inc.		7,750		160,192
LTC Properties, Inc.		3,050		94,123
Medical Properties Trust, Inc.		11,030		107,212
National Health Investors, Inc.		2,800		131,964
Omega Healthcare Investors, Inc.(b)		10,240		208,589
Primary Health Properties PLC		6,759		35,807
Senior Housing Properties Trust		16,180		346,252
Universal Health Realty Income Trust		1,260		47,615
Ventas, Inc.		33,690		1,883,945
				6,321,938
Triple Net – 0.1%
Agree Realty Corp.		900		21,600
Entertainment Properties Trust		4,610		209,755
Getty Realty Corp.(b)		2,450		41,650
National Retail Properties, Inc.		10,400		277,160
Realty Income Corp.(b)		13,770		507,975
				1,058,140
				33,582,479
Financials – 1.5%
Capital Markets – 0.2%
Ameriprise Financial, Inc.		3,700		206,312
Bank of New York Mellon Corp. (The)		19,800		437,778
BlackRock, Inc. – Class A		1,700		338,300
Charles Schwab Corp. (The)		17,600		244,288
E*Trade Financial Corp.(a)		4,100		39,483
Federated Investors, Inc. – Class B(b)		1,500		30,735
Franklin Resources, Inc.		2,400		282,936
Goldman Sachs Group, Inc. (The)		8,100		932,634
Invesco Ltd.		7,300		180,821
Legg Mason, Inc.		2,000		54,780
Morgan Stanley		24,200		448,668
Northern Trust Corp.		3,900		173,199
State Street Corp.		8,000		337,840
T Rowe Price Group, Inc.		4,100		252,519
				3,960,293
Commercial Banks – 0.3%
BB&T Corp.		11,400		333,450
Comerica, Inc.		3,200		95,008
Fifth Third Bancorp		15,000		204,150
First Horizon National Corp.		4,300		40,420
Huntington Bancshares, Inc./OH		14,100		82,415
KeyCorp		15,500		125,550
M&T Bank Corp.		2,100		171,402
PNC Financial Services Group, Inc.		8,600		511,872

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 213

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Regions Financial Corp.		20,500	$	118,080
SunTrust Banks, Inc.		8,700		199,752
US Bancorp		31,200		917,280
Wells Fargo & Co.		86,200		2,697,198
Zions Bancorporation		3,000		57,000
				5,553,577
Consumer Finance – 0.1%
American Express Co.		16,500		872,685
Capital One Financial Corp.		8,885		449,581
Discover Financial Services		8,900		267,089
SLM Corp.		8,300		130,808
				1,720,163
Diversified Financial Services – 0.3%
Bank of America Corp.		165,800		1,321,426
Citigroup, Inc.		47,800		1,592,696
CME Group, Inc. – Class A		1,100		318,439
IntercontinentalExchange, Inc.(a)		1,200		165,552
JPMorgan Chase & Co.		62,100		2,436,804
Leucadia National Corp.		3,200		91,168
Moody’s Corp.		3,200		123,552
NASDAQ OMX Group, Inc. (The)(a)		2,000		52,680
NYSE Euronext		4,200		125,034
				6,227,351
Insurance – 0.4%
ACE Ltd.		5,500		394,405
Aflac, Inc.		7,600		359,100
Allstate Corp. (The)		8,200		257,726
American International Group, Inc.(a)		7,100		207,462
AON Corp.		5,300		248,093
Assurant, Inc.		1,500		63,705
Berkshire Hathaway, Inc.(a)		28,800		2,259,360
Chubb Corp. (The)		4,600		312,616
Cincinnati Financial Corp.		2,600		91,442
Genworth Financial, Inc. – Class A(a)		8,000		72,720
Hartford Financial Services Group, Inc.		7,200		149,112
Lincoln National Corp.		4,900		121,716
Loews Corp.		5,000		195,700
Marsh & McLennan Cos., Inc.		8,800		274,560
MetLife, Inc.		17,300		666,915
Principal Financial Group, Inc.		4,900		135,534
Progressive Corp. (The)		10,000		214,200
Prudential Financial, Inc.		7,700		470,932
Torchmark Corp.		1,700		82,348
Travelers Cos., Inc. (The)		6,700		388,399
Unum Group		4,700		108,335
XL Group PLC		5,200		108,160
				7,182,540

214 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Real Estate Investment Trusts (REITs) – 0.0%
American Tower Corp.		6,400	$	400,512
Plum Creek Timber Co., Inc.		2,600		101,816
				502,328
Real Estate Management & Development – 0.2%
CapitaLand Ltd.		319,300		784,043
CapitaMalls Asia Ltd.		156,446		191,916
CBRE Group, Inc.(a)		5,300		97,149
China Overseas Land & Investment Ltd.(b)		411,300		852,926
Hang Lung Properties Ltd.		224,850		848,935
				2,774,969
Thrifts & Mortgage Finance – 0.0%
Hudson City Bancorp, Inc.		8,600		58,910
People’s United Financial, Inc.		5,900		74,281
				133,191
				28,054,412
Industrials – 1.4%
Aerospace & Defense – 0.3%
Boeing Co. (The)		12,200		914,390
General Dynamics Corp.		5,800		424,734
Goodrich Corp.		2,100		264,537
Honeywell International, Inc.		12,700		756,539
L-3 Communications Holdings, Inc.		1,600		112,400
Lockheed Martin Corp.		4,400		389,004
Northrop Grumman Corp.		4,300		257,183
Precision Castparts Corp.		2,400		401,832
Raytheon Co.		5,600		282,912
Rockwell Collins, Inc.		2,500		148,225
Textron, Inc.		4,500		123,795
United Technologies Corp.		14,800		1,241,276
				5,316,827
Air Freight & Logistics – 0.1%
CH Robinson Worldwide, Inc.		2,700		178,659
Expeditors International of Washington, Inc.		3,400		148,342
FedEx Corp.		5,200		467,948
United Parcel Service, Inc. – Class B		15,800		1,214,862
				2,009,811
Airlines – 0.0%
Southwest Airlines Co.		12,700		114,046
Building Products – 0.0%
Masco Corp.		5,800		68,904

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 215

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Commercial Services & Supplies – 0.1%
Avery Dennison Corp.		1,700	$	51,850
Cintas Corp.		1,800		69,408
Iron Mountain, Inc.		3,000		93,150
Pitney Bowes, Inc.(b)		3,200		58,016
Republic Services, Inc. – Class A		5,100		152,133
RR Donnelley & Sons Co.(b)		3,000		41,460
Stericycle, Inc.(a)		1,400		121,478
Waste Management, Inc.		7,500		262,350
				849,845
Construction & Engineering – 0.0%
Fluor Corp.		2,800		169,344
Jacobs Engineering Group, Inc.(a)		2,100		97,062
Quanta Services, Inc.(a)		3,400		71,060
				337,466
Electrical Equipment – 0.1%
Cooper Industries PLC		2,600		159,172
Emerson Electric Co.		12,000		603,720
First Solar, Inc.(a)(b)		900		29,070
Rockwell Automation, Inc.		2,300		183,954
Roper Industries, Inc.		1,600		146,432
				1,122,348
Industrial Conglomerates – 0.3%
3M Co.		11,500		1,007,400
Danaher Corp.		9,300		491,319
General Electric Co.		172,700		3,289,935
Tyco International Ltd.		7,500		388,650
				5,177,304
Industrial Warehouse Distribution –0.2%
Ascendas Real Estate Investment Trust		209,150		344,032
DCT Industrial Trust, Inc.		24,410		138,161
EastGroup Properties, Inc.		2,680		129,149
First Industrial Realty Trust, Inc.(a)		8,550		101,061
Global Logistic Properties Ltd.(a)		185,165		321,925
Hansteen Holdings PLC		63,763		75,808
Mapletree Industrial Trust		122,962		115,829
Mapletree Logistics Trust		183,305		131,663
ProLogis, Inc.		53,785		1,810,403
Segro PLC		74,825		278,950
Warehouses De Pauw SCA		990		50,622
				3,497,603
Machinery – 0.2%
Caterpillar, Inc.		10,600		1,210,626
Cummins, Inc.		3,200		385,824

216 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Deere & Co.		6,800	$	563,924
Dover Corp.		3,000		192,060
Eaton Corp.		5,500		287,045
Flowserve Corp.		900		106,713
Illinois Tool Works, Inc.		7,900		439,951
Ingersoll-Rand PLC		5,100		203,388
Joy Global, Inc.		1,700		147,832
PACCAR, Inc.		5,800		266,858
Pall Corp.		1,900		120,555
Parker Hannifin Corp.		2,500		224,525
Snap-On, Inc.		900		55,017
Stanley Black & Decker, Inc.		2,800		215,040
Xylem, Inc.		3,000		77,940
				4,497,298
Mixed Office Industrial – 0.0%
Goodman Group		745,040		548,451
Professional Services – 0.0%
Dun & Bradstreet Corp. (The)		800		66,120
Equifax, Inc.		2,000		84,080
Robert Half International, Inc.		2,300		65,389
				215,589
Road & Rail – 0.1%
CSX Corp.		17,100		359,271
Norfolk Southern Corp.		5,500		378,950
Ryder System, Inc.		800		42,584
Union Pacific Corp.		7,900		870,975
				1,651,780
Trading Companies & Distributors – 0.0%
Fastenal Co.		4,800		252,864
WW Grainger, Inc.		1,000		207,730
				460,594
				25,867,866
Energy – 1.3%
Energy Equipment & Services – 0.2%
Baker Hughes, Inc.		7,100		356,988
Cameron International Corp.(a)		4,000		222,840
Diamond Offshore Drilling, Inc.(b)		1,100		75,317
FMC Technologies, Inc.(a)		3,900		196,677
Halliburton Co.		15,000		548,850
Helmerich & Payne, Inc.		1,800		110,340
Nabors Industries Ltd.(a)		4,700		102,366
National Oilwell Varco, Inc.		6,900		569,457
Noble Corp.(a)		4,100		164,738
Rowan Cos., Inc.(a)		2,000		73,740

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 217

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Schlumberger Ltd.		22,000	$	1,707,420
				4,128,733
Oil, Gas & Consumable Fuels – 1.1%
Alpha Natural Resources, Inc.(a)		3,500		64,960
Anadarko Petroleum Corp.		8,200		689,784
Apache Corp.		6,300		679,959
Cabot Oil & Gas Corp.		3,400		118,592
Chesapeake Energy Corp.		10,700		267,500
Chevron Corp.		32,600		3,557,312
ConocoPhillips		21,700		1,661,135
Consol Energy, Inc.		3,700		132,534
Denbury Resources, Inc.(a)		6,400		127,424
Devon Energy Corp.		6,600		483,846
El Paso Corp.		12,600		350,406
EOG Resources, Inc.		4,400		500,984
EQT Corp.		2,400		127,248
Exxon Mobil Corp.		78,400		6,781,600
Hess Corp.		4,900		318,108
Marathon Oil Corp.		11,400		386,346
Marathon Petroleum Corp.		5,800		240,990
Murphy Oil Corp.		3,200		204,608
Newfield Exploration Co.(a)		2,100		75,600
Noble Energy, Inc.		2,900		283,185
Occidental Petroleum Corp.		13,300		1,388,121
Peabody Energy Corp.		4,400		153,472
Pioneer Natural Resources Co.		2,000		219,280
QEP Resources, Inc.		2,800		95,592
Range Resources Corp.		2,600		165,568
Southwestern Energy Co.(a)		5,600		185,136
Spectra Energy Corp.		10,600		332,628
Sunoco, Inc.		1,700		65,671
Tesoro Corp.(a)		2,300		61,019
Valero Energy Corp.		9,100		222,859
Williams Cos., Inc. (The)		9,600		286,848
WPX Energy, Inc.(a)		3,200		58,112
				20,286,427
				24,415,160
Health Care – 1.2%
Biotechnology – 0.1%
Amgen, Inc.		13,000		883,350
Biogen Idec, Inc.(a)		4,000		465,880
Celgene Corp.(a)		7,300		535,273
Gilead Sciences, Inc.(a)		12,300		559,650
				2,444,153

218 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care Equipment & Supplies – 0.2%
Baxter International, Inc.		9,200	$	534,796
Becton Dickinson and Co.		3,500		266,770
Boston Scientific Corp.(a)		24,200		150,524
CareFusion Corp.(a)		3,600		92,916
Covidien PLC		7,900		412,775
CR Bard, Inc.		1,400		131,068
DENTSPLY International, Inc.		2,300		88,964
Edwards Lifesciences Corp.(a)		1,900		138,947
Intuitive Surgical, Inc.(a)		700		358,134
Medtronic, Inc.		17,200		655,664
St Jude Medical, Inc.		5,200		219,024
Stryker Corp.		5,300		284,292
Varian Medical Systems, Inc.(a)		1,800		117,450
Zimmer Holdings, Inc.(a)		2,900		176,175
				3,627,499
Health Care Providers & Services – 0.2%
Aetna, Inc.		5,900		275,884
AmerisourceBergen Corp. – Class A		4,200		156,870
Cardinal Health, Inc.		5,600		232,680
CIGNA Corp.		4,700		207,317
Coventry Health Care, Inc.(a)		2,300		75,187
DaVita, Inc.(a)		1,500		129,825
Express Scripts, Inc. – Class A(a)		7,900		421,307
Humana, Inc.		2,700		235,170
Laboratory Corp. of America Holdings(a)		1,600		143,824
McKesson Corp.		4,000		334,040
Medco Health Solutions, Inc.(a)		6,300		425,817
Patterson Cos., Inc.		1,400		44,688
Quest Diagnostics, Inc./DE		2,600		150,930
Tenet Healthcare Corp.(a)		7,100		40,115
UnitedHealth Group, Inc.		17,400		970,050
WellPoint, Inc.		5,700		374,091
				4,217,795
Health Care Technology – 0.0%
Cerner Corp.(a)		2,400		177,192
Life Sciences Tools & Services – 0.1%
Agilent Technologies, Inc.(a)		5,700		248,634
Life Technologies Corp.(a)		2,900		137,199
PerkinElmer, Inc.		1,800		48,600
Thermo Fisher Scientific, Inc.(a)		6,200		351,044
Waters Corp.(a)		1,500		134,400
				919,877

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 219

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Pharmaceuticals – 0.6%
Abbott Laboratories		25,500	$	1,443,555
Allergan, Inc./United States		5,000		447,950
Bristol-Myers Squibb Co.		27,700		891,109
Eli Lilly & Co.		16,600		651,384
Forest Laboratories, Inc.(a)		4,300		139,836
Hospira, Inc.(a)		2,700		96,174
Johnson & Johnson		44,700		2,909,076
Merck & Co., Inc.		49,800		1,900,866
Mylan, Inc./PA(a)		6,900		161,736
Perrigo Co.		1,500		154,590
Pfizer, Inc.		125,700		2,652,270
Watson Pharmaceuticals, Inc.(a)		2,100		122,472
				11,571,018
				22,957,534
Consumer Discretionary – 1.2%
Auto Components – 0.0%
BorgWarner, Inc.(a)		1,800		149,112
Goodyear Tire & Rubber Co. (The)(a)		3,900		50,154
Johnson Controls, Inc.		11,100		362,193
				561,459
Automobiles – 0.1%
Ford Motor Co.		62,100		768,798
Harley-Davidson, Inc.		3,800		177,004
				945,802
Distributors – 0.0%
Genuine Parts Co.		2,500		156,700
Diversified Consumer Services – 0.0%
Apollo Group, Inc. – Class A(a)		1,900		81,016
DeVry, Inc.		1,000		35,530
H&R Block, Inc.		4,700		76,610
				193,156
Hotels, Restaurants & Leisure – 0.2%
Carnival Corp.		7,400		224,146
Chipotle Mexican Grill, Inc. – Class A(a)		600		234,132
Darden Restaurants, Inc.		2,100		107,079
International Game Technology		4,800		72,096
Marriott International, Inc./DE – Class A		4,300		151,704
McDonald’s Corp.		16,800		1,667,904
Starbucks Corp.		12,200		592,432
Starwood Hotels & Resorts Worldwide, Inc.		3,100		167,090
Wynn Resorts Ltd.		1,300		154,102
Yum! Brands, Inc.		7,500		496,800
				3,867,485

220 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Household Durables – 0.0%
DR Horton, Inc.		4,500	$	64,530
Harman International Industries, Inc.		1,100		54,043
Leggett & Platt, Inc.(b)		2,200		49,786
Lennar Corp. – Class A		2,600		60,788
Newell Rubbermaid, Inc.		4,700		86,010
Pulte Group, Inc.(a)		5,500		48,510
Whirlpool Corp.		1,200		90,684
				454,351
Internet & Catalog Retail – 0.1%
Amazon.com, Inc.(a)		6,000		1,078,140
Expedia, Inc.(b)		1,500		51,075
NetFlix, Inc.(a)(b)		900		99,657
priceline.com, Inc.(a)		900		564,318
TripAdvisor, Inc.(a)		1,500		48,345
				1,841,535
Leisure Equipment & Products – 0.0%
Hasbro, Inc.		1,900		67,108
Mattel, Inc.		5,500		178,420
				245,528
Media – 0.4%
Cablevision Systems Corp.		3,600		51,228
CBS Corp. – Class B		10,700		319,930
Comcast Corp. – Class A		44,500		1,307,410
DIRECTV(a)		11,500		532,680
Discovery Communications, Inc. – Class A(a)		4,300		200,595
Gannett Co., Inc.		3,800		56,392
Interpublic Group of Cos., Inc. (The)		7,500		87,900
McGraw-Hill Cos., Inc. (The)		4,800		223,392
News Corp. – Class A		35,800		711,346
Omnicom Group, Inc.		4,500		222,480
Scripps Networks Interactive, Inc. – Class A		1,600		72,320
Time Warner Cable, Inc. – Class A		5,200		412,568
Time Warner, Inc.		16,300		606,523
Viacom, Inc. – Class B		9,000		428,580
Walt Disney Co. (The)		29,400		1,234,506
Washington Post Co. (The) – Class B(b)		100		39,390
				6,507,240
Multiline Retail – 0.1%
Big Lots, Inc.(a)		1,000		43,850
Dollar Tree, Inc.(a)		2,000		177,020
Family Dollar Stores, Inc.		1,900		102,581
JC Penney Co., Inc.(b)		2,300		91,080
Kohl’s Corp.		4,100		203,688

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 221

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Macy’s, Inc.		6,800	$	258,196
Nordstrom, Inc.		2,600		139,412
Sears Holdings Corp.(a)(b)		600		41,796
Target Corp.		11,000		623,590
				1,681,213
Specialty Retail – 0.2%
Abercrombie & Fitch Co. – Class A		1,400		64,106
AutoNation, Inc.(a)(b)		700		23,856
AutoZone, Inc.(a)		500		187,240
Bed Bath & Beyond, Inc.(a)		3,900		232,986
Best Buy Co., Inc.		4,800		118,560
CarMax, Inc.(a)		3,700		113,553
GameStop Corp. – Class A(b)		2,200		50,116
Gap, Inc. (The)		5,600		130,816
Home Depot, Inc. (The)		25,200		1,198,764
Limited Brands, Inc.		4,000		186,120
Lowe’s Cos., Inc.		20,400		578,952
O’Reilly Automotive, Inc.(a)		2,100		181,650
Ross Stores, Inc.		3,800		202,654
Staples, Inc.		11,400		167,124
Tiffany & Co.		2,100		136,521
TJX Cos., Inc.		12,200		446,642
Urban Outfitters, Inc.(a)		1,800		51,102
				4,070,762
Textiles, Apparel & Luxury Goods – 0.1%
Coach, Inc.		4,800		359,232
NIKE, Inc. – Class B		6,100		658,312
Ralph Lauren Corp.		1,100		191,103
VF Corp.		1,500		219,075
				1,427,722
				21,952,953
Consumer Staples – 1.2%
Beverages – 0.3%
Beam, Inc.		2,500		137,700
Brown-Forman Corp. – Class B		1,700		138,805
Coca-Cola Co. (The)		37,200		2,598,792
Coca-Cola Enterprises, Inc.		5,100		147,390
Constellation Brands, Inc. – Class A(a)		2,800		61,152
Dr Pepper Snapple Group, Inc.		3,500		133,175
Molson Coors Brewing Co. – Class B		2,600		114,244
PepsiCo, Inc./NC		25,600		1,611,264
				4,942,522
Food & Staples Retailing – 0.3%
Costco Wholesale Corp.		7,100		611,026
CVS Caremark Corp.		21,300		960,630

222 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Kroger Co. (The)		9,700	$	230,763
Safeway, Inc.(b)		5,500		117,975
SUPERVALU, Inc.(b)		3,400		22,202
Sysco Corp.		9,600		282,432
Wal-Mart Stores, Inc.		28,600		1,689,688
Walgreen Co.		14,500		480,820
Whole Foods Market, Inc.		2,600		209,924
				4,605,460
Food Products – 0.2%
Archer-Daniels-Midland Co.		10,900		340,080
Campbell Soup Co.(b)		2,900		96,628
ConAgra Foods, Inc.		6,700		175,875
Dean Foods Co.(a)		3,000		36,780
General Mills, Inc.		10,500		402,255
Hershey Co. (The)		2,500		151,750
HJ Heinz Co.		5,200		274,092
Hormel Foods Corp.		2,200		62,634
JM Smucker Co. (The)		1,900		143,108
Kellogg Co.		4,000		209,400
Kraft Foods, Inc. – Class A		28,700		1,092,609
McCormick & Co., Inc./MD		2,200		110,990
Mead Johnson Nutrition Co. – Class A		3,300		256,575
Sara Lee Corp.		9,600		194,400
Tyson Foods, Inc. – Class A		4,700		88,877
				3,636,053
Household Products – 0.2%
Clorox Co. (The)		2,200		148,742
Colgate-Palmolive Co.		7,900		736,122
Kimberly-Clark Corp.		6,500		473,720
Procter & Gamble Co. (The)		45,000		3,038,400
				4,396,984
Personal Products – 0.0%
Avon Products, Inc.		7,000		130,830
Estee Lauder Cos., Inc. (The) – Class A		3,700		216,598
				347,428
Tobacco – 0.2%
Altria Group, Inc.		33,600		1,011,360
Lorillard, Inc.		2,200		288,376
Philip Morris International, Inc.		28,400		2,371,968
Reynolds American, Inc.		5,500		230,615
				3,902,319
				21,830,766
Retail – 1.1%
Regional Mall – 0.6%
Alexander’s, Inc.		240		91,068
CapitaMall Trust		251,750		361,641

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 223

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
CBL & Associates Properties, Inc.		14,740	$	259,866
CFS Retail Property Trust		213,180		405,099
General Growth Properties, Inc.		48,000		780,960
Glimcher Realty Trust		10,680		105,732
Macerich Co. (The)		13,570		732,644
Pennsylvania Real Estate Investment Trust		5,510		73,944
Simon Property Group, Inc.		34,270		4,642,900
Taubman Centers, Inc.		6,050		417,874
Westfield Group		232,580		2,182,999
				10,054,727
Shopping Center/Other Retail – 0.5%
Acadia Realty Trust		4,160		88,150
Aeon Mall Co., Ltd.		9,120		204,457
BWP Trust		51,860		101,040
Calloway Real Estate Investment Trust		10,800		295,364
Capital & Counties Properties PLC		68,965		207,906
Capital Shopping Centres Group PLC		64,973		343,003
Cedar Realty Trust, Inc.		6,750		32,130
Charter Hall Retail REIT		30,176		101,191
Citycon Oyj		20,980		70,704
Corio NV		9,310		445,832
Crombie Real Estate Investment Trust		4,150		60,397
DDR Corp.		27,570		389,564
Deutsche Euroshop AG		5,265		181,237
Development Securities PLC		12,113		32,243
Equity One, Inc.		5,630		107,083
Eurocommercial Properties N.V.		4,140		148,781
Federal Realty Investment Trust		6,530		622,635
First Capital Realty, Inc.(b)		6,880		124,535
Hammerson PLC		71,378		443,839
Immobiliare Grande Distribuzione		12,000		13,056
Inland Real Estate Corp.		8,850		76,730
Japan Retail Fund Investment Corp.(b)		188		282,386
Kimco Realty Corp.		48,180		885,548
Kite Realty Group Trust		6,300		30,933
Klepierre		9,550		302,297
Link REIT (The)		226,500		846,880
Mercialys SA		4,590		159,091
Primaris Retail Real Estate Investment Trust		8,100		177,726
Ramco-Gershenson Properties Trust		3,830		42,398
Regency Centers Corp.		9,420		403,082
Retail Opportunity Investments Corp.(b)		4,800		55,824
RioCan Real Estate Investment Trust (Toronto)		27,550		755,123
Rouse Properties, Inc.(a)(b)		1,700		24,871

224 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Saul Centers, Inc.		1,440	$	54,518
Shaftesbury PLC		25,283		196,578
Tanger Factory Outlet Centers		8,540		250,051
Urstadt Biddle Properties, Inc.		2,000		38,040
Vastned Retail NV		1,910		85,234
Weingarten Realty Investors(b)		12,020		299,298
Westfield Retail Trust		307,780		826,684
				9,806,439
				19,861,166
Residential – 0.7%
Manufactured Homes – 0.0%
Equity Lifestyle Properties, Inc.		4,140		275,351
Sun Communities, Inc.		2,640		109,270
				384,621
Multi-Family – 0.6%
Agile Property Holdings Ltd.(b)		138,600		184,899
Apartment Investment & Management Co. – Class A		13,940		346,270
Associated Estates Realty Corp.		4,150		61,918
AvalonBay Communities, Inc.		11,150		1,445,821
Boardwalk Real Estate Investment Trust		4,850		272,780
BRE Properties, Inc.		7,820		378,723
Camden Property Trust		7,100		440,200
Canadian Apartment Properties REIT		8,550		199,006
China Resources Land Ltd.(b)		234,750		444,509
Colonia Real Estate AG(a)		2,180		9,410
Colonial Properties Trust(b)		8,650		177,498
Conwert Immobilien Invest SE		8,194		92,600
Deutsche Wohnen AG		10,250		136,177
Equity Residential		34,500		1,962,705
Essex Property Trust, Inc.		3,380		473,166
GAGFAH SA		9,000		50,804
Grainger PLC		31,015		54,138
GSW Immobilien AG(a)		4,150		130,542
Home Properties, Inc.		4,850		279,506
Killam Properties, Inc.		4,900		62,349
Mid-America Apartment Communities, Inc.		3,830		238,877
Mirvac Group		344,250		441,362
Nippon Accommodations Fund, Inc.(b)		15		98,172
Northern Property Real Estate Investment Trust		2,950		98,984
Patrizia Immobilien AG(a)		2,550		15,295
Post Properties, Inc.		5,200		227,084
Shenzhen Investment Ltd.		266,500		63,819
Shimao Property Holdings Ltd.(b)		141,300		183,602
Stockland		235,950		797,525

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 225

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Transglobe Apartment Real Estate Investment Trust		5,750	$	72,002
UDR, Inc.		22,630		566,203
Wing Tai Holdings Ltd.		59,375		60,458
Yanlord Land Group Ltd.(b)		58,288		64,084
				10,130,488
Self Storage – 0.1%
Big Yellow Group PLC		12,954		59,669
CubeSmart		12,230		137,954
Extra Space Storage, Inc.		9,350		246,560
Public Storage		15,320		2,053,953
Safestore Holdings PLC		18,633		35,177
Sovran Self Storage, Inc.		2,830		134,453
				2,667,766
Student Housing – 0.0%
American Campus Communities, Inc.		7,070		290,931
Education Realty Trust, Inc.		9,180		94,370
				385,301
				13,568,176
Office – 0.7%
Office – 0.7%
Allied Properties Real Estate Investment Trust		5,150		138,399
Allreal Holding AG(a)		680		109,119
Alstria Office REIT-AG		7,170		80,616
Befimmo SCA Sicafi		1,770		113,274
Beni Stabili SpA		96,550		53,806
Boston Properties, Inc.		17,250		1,751,737
Brandywine Realty Trust		13,350		144,314
Brookfield Office Properties, Inc.		37,850		657,579
CapitaCommercial Trust		212,500		200,872
Castellum AB		17,310		227,802
Champion REIT		246,000		109,879
Charter Hall Office REIT(b)		49,713		162,919
CLS Holdings PLC(a)		2,254		22,377
Cominar Real Estate Investment Trust		10,955		254,209
Commonwealth Property Office Fund		246,840		257,511
CommonWealth REIT		8,330		154,938
Corporate Office Properties Trust		7,100		174,092
Derwent London PLC		10,270		275,431
Douglas Emmett, Inc.		9,540		201,008
Fabege AB		16,640		149,891
First Potomac Realty Trust		4,950		65,489
Franklin Street Properties Corp.		8,220		84,748
Government Properties Income Trust		3,470		80,955
Great Portland Estates PLC		31,581		177,111

226 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Highwoods Properties, Inc.		7,180	$	229,760
Hongkong Land Holdings Ltd.		175,400		966,359
Hufvudstaden AB – Class A		15,380		170,624
Intervest Offices & Warehouses		650		17,168
Investa Office Fund		265,230		177,375
IVG Immobilien AG(a)		15,700		45,624
Japan Prime Realty Investment Corp.		72		191,762
Japan Real Estate Investment Corp.(b)		50		442,897
Kilroy Realty Corp.		5,870		257,341
Liberty Property Trust		11,580		392,794
Mack-Cali Realty Corp.		8,670		247,962
Mori Trust Sogo Reit, Inc.		13		119,359
Nippon Building Fund, Inc.		58		556,822
Nomura Real Estate Office Fund, Inc.		31		180,373
NorthWest Healthcare Properties Real Estate Investment Trust		3,450		43,062
Norwegian Property ASA		50,250		74,442
NTT Urban Development Corp.		132		106,236
Orix JREIT, Inc.(b)		22		103,303
Parkway Properties Inc./MD		2,100		20,979
Piedmont Office Realty Trust, Inc.(b)		17,200		303,064
Prime Office REIT-AG(a)		3,900		21,618
PS Business Parks, Inc.		1,790		111,732
PSP Swiss Property AG(a)		4,680		406,112
SL Green Realty Corp.		8,580		652,509
Societe de la Tour Eiffel		570		29,652
Societe Immobiliere de Location pour l’Industrie et le Commerce		1,340		138,961
Sponda Oyj		28,560		120,392
Swiss Prime Site AG(a)		4,030		314,588
Technopolis PLC		6,410		33,288
Tokyo Tatemono Co., Ltd.(a)		31,860		130,278
Washington Real Estate Investment Trust		6,540		193,715
Workspace Group PLC		14,297		51,233
Zueblin Immobilien Holding AG(a)		4,490		11,708
				12,511,168
Materials – 0.4%
Chemicals – 0.3%
Air Products & Chemicals, Inc.		3,500		315,840
Airgas, Inc.		1,100		90,563
CF Industries Holdings, Inc.		1,100		204,600
Dow Chemical Co. (The)		19,300		646,743
Eastman Chemical Co.		2,200		119,086
Ecolab, Inc.		4,900		294,000
EI du Pont de Nemours & Co.		15,100		767,835
FMC Corp.		1,200		118,764

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 227

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
International Flavors & Fragrances, Inc.		1,300	$	74,139
Monsanto Co.		8,800		680,944
Mosaic Co. (The)		4,900		282,975
PPG Industries, Inc.		2,500		228,125
Praxair, Inc.		4,900		534,100
Sherwin-Williams Co. (The)		1,400		144,410
Sigma-Aldrich Corp.		2,000		143,580
				4,645,704
Construction Materials – 0.0%
Vulcan Materials Co.(b)		2,100		93,576
Containers & Packaging – 0.0%
Ball Corp.		2,600		104,208
Bemis Co., Inc.		1,600		50,192
Owens-Illinois, Inc.(a)		2,600		62,140
Sealed Air Corp.		3,100		60,853
				277,393
Metals & Mining – 0.1%
Alcoa, Inc.		17,400		176,958
Allegheny Technologies, Inc.		1,700		74,579
Cliffs Natural Resources, Inc.		2,300		146,004
Freeport-McMoRan Copper & Gold, Inc.		15,500		659,680
Newmont Mining Corp.		8,100		481,140
Nucor Corp.		5,200		226,356
Titanium Metals Corp.(b)		1,300		19,058
United States Steel Corp.(b)		2,300		62,606
				1,846,381
Paper & Forest Products – 0.0%
International Paper Co.		7,100		249,565
MeadWestvaco Corp.		2,700		81,756
				331,321
				7,194,375
Utilities – 0.4%
Electric Utilities – 0.2%
American Electric Power Co., Inc.		7,900		297,119
Duke Energy Corp.		21,800		456,056
Edison International		5,300		221,911
Entergy Corp.		2,900		193,227
Exelon Corp.		10,800		421,956
FirstEnergy Corp.		6,800		301,172
NextEra Energy, Inc.		6,900		410,619
Northeast Utilities		2,900		104,110
Pepco Holdings, Inc.		3,700		71,928
Pinnacle West Capital Corp.		1,800		84,654
PPL Corp.		9,400		268,370
Progress Energy, Inc.		4,800		254,784

228 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Southern Co. (The)		14,100	$	623,079
				3,708,985
Gas Utilities – 0.0%
AGL Resources, Inc.		1,900		75,753
Oneok, Inc.		1,700		140,488
				216,241
Independent Power Producers & Energy Traders – 0.0%
AES Corp. (The)(a)		10,500		142,380
Constellation Energy Group, Inc.		3,300		119,658
NRG Energy, Inc.(a)		3,700		63,270
				325,308
Multi-Utilities – 0.2%
Ameren Corp.		3,900		125,073
CenterPoint Energy, Inc.		6,900		134,481
CMS Energy Corp.		4,100		87,781
Consolidated Edison, Inc.		4,800		278,880
Dominion Resources, Inc./VA		9,300		469,371
DTE Energy Co.		2,800		151,172
Integrys Energy Group, Inc.		1,300		67,639
NiSource, Inc.		4,500		108,000
PG&E Corp.		6,600		275,088
Public Service Enterprise Group, Inc.		8,200		252,396
SCANA Corp.		1,900		85,500
Sempra Energy		3,900		231,036
TECO Energy, Inc.		3,500		62,825
Wisconsin Energy Corp.		3,700		126,096
Xcel Energy, Inc.		7,900		209,271
				2,664,609
				6,915,143
Telecommunication Services – 0.3%
Diversified Telecommunication Services – 0.3%
AT&T, Inc.		96,900		2,964,171
CenturyLink, Inc.		10,100		406,525
Frontier Communications Corp.(b)		16,200		74,358
Verizon Communications, Inc.		46,300		1,764,493
Windstream Corp.		9,500		114,760
				5,324,307
Wireless Telecommunication Services – 0.0%
MetroPCS Communications, Inc.(a)		4,800		49,440
Sprint Nextel Corp.(a)		49,000		121,030
				170,470
				5,494,777

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 229

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Lodging – 0.1%
Lodging – 0.1%
Ashford Hospitality Trust, Inc.		6,710	$	56,632
CDL Hospitality Trusts		72,288		98,937
Chesapeake Lodging Trust		3,150		55,535
DiamondRock Hospitality Co.		16,620		165,535
FelCor Lodging Trust, Inc.(a)		12,340		47,386
Hersha Hospitality Trust		16,840		84,705
Hospitality Properties Trust		12,260		303,190
Host Hotels & Resorts, Inc.		82,610		1,303,586
InnVest Real Estate Investment Trust		9,300		51,319
LaSalle Hotel Properties		8,300		221,444
Pebblebrook Hotel Trust		5,050		108,222
RLJ Lodging Trust		10,550		184,836
Strategic Hotels & Resorts, Inc.(a)		18,450		114,943
Sunstone Hotel Investors, Inc.(a)		11,680		104,886
Wyndham Worldwide Corp.		2,500		109,975
				3,011,131
Total Common Stocks (cost $277,960,139)				288,006,094
INVESTMENT COMPANIES – 7.8%
Funds and Investment Trusts – 7.8%
IRP Property Investments Ltd.		11,010		13,305
iShares MSCI Emerging Markets Index Fund		1,151,090		51,004,798
UK Commercial Property Trust Ltd./fund		35,849		41,907
Vanguard MSCI Emerging Markets ETF		2,097,220		93,598,929
Total Investment Companies (cost $140,492,384)				144,658,939
	Contracts
OPTIONS PURCHASED – CALLS – 0.0%
Options on Equity Indices – 0.0%
Euro STOXX 50 Index Expiration: Mar 2012, Exercise Price: EUR 2,750.00(a)(c)		1,369		10,032
S&P 500 Index: Expiration: Mar 2012, Exercise Price: $ 1,425.00(a)(d)		1,314		108,405
S&P 500 Index: Expiration: Mar 2012, Exercise Price: $ 1,450.00(a)(d)		4,905		147,150
Total Options Purchased – Calls (cost $4,141,042)				265,587

230 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
WARRANTS – 0.0%
Equity: Other – 0.0%
Diversified/Specialty – 0.0%
Nieuwe Steen Investments NV, expiring 4/01/13(a) (cost $0)		250	$	– 0 –
RIGHTS – 0.0%
Retail – 0.0%
Shopping Center/Other Retail – 0.0%
Rouse Properties, Inc.(a) (cost $0)		1,700		– 0 –
SHORT-TERM INVESTMENTS – 74.3%
Investment Companies – 74.3%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.09%(e) (cost $1,376,439,264)		1,376,439,264		1,376,439,264
Total Investments Before Security Lending Collateral for Securities Loaned: – 97.6% (cost $1,799,032,829)				1,809,369,884
INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 0.3%
Investment Companies – 0.3%
AllianceBernstein Exchange Reserves – Class I, 0.22%(e) (cost $5,610,052)		5,610,052		5,610,052
Total Investments – 97.9% (cost $1,804,642,881)				1,814,979,936
Other assets less liabilities – 2.1%				38,824,524
Net Assets – 100.0%			$	1,853,804,460

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Japan Govt Bond Futures		18		March 2012	$	31,578,454	$	31,604,625	$	26,171
ASX SPI 200 Index Futures		480		March 2012		54,486,859		55,184,011		697,152

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 231

Volatility Management—Portfolio of Investments

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Australian T-Bond 10 Yr Futures		17		March 2012	$	2,141,060	$	2,117,198	$	(23,862	)
FTSE 100 Index Futures		1,560		March 2012		141,929,661		145,259,992		3,330,331
German Euro Bund Futures		6		March 2012		1,110,328		1,118,252		7,924
German Euro Buxl Futures		27		March 2012		4,515,787		4,597,233		81,446
Hang Seng Index Futures		157		March 2012		21,692,073		21,911,825		219,752
S&P 500 E Mini Index Futures		9,153		March 2012		598,882,352		624,417,660		25,535,308
S&P Midcap 400 EMini Index Futures		1,168		March 2012		110,002,473		114,066,880		4,064,407
S&P TSE 60 Index Futures		533		March 2012		76,728,904		77,333,347		604,443
Topix Index Futures		1,207		March 2012		112,569,869		123,758,703		11,188,834
U.S. T-Note 10 Yr Futures		28		June 2012		3,665,860		3,666,688		828
UK Long GILT Bond Futures		54		June 2012		9,837,488		9,882,067		44,579
									$	45,777,313

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America NA:
Great British Pound settling 3/15/12		12,788	$	19,601,063	$	20,342,553	$	741,490
Great British Pound settling 3/15/12		32,184		50,605,156		51,196,803		591,647
Great British Pound settling 3/15/12		4,013		6,203,560		6,383,693		180,133
Barclays Bank PLC Wholesale:
Canadian Dollar settling 6/15/12		1,856		1,853,481		1,871,288		17,807
Great British Pound settling 6/15/12		3,516		5,577,276		5,589,213		11,937
Japanese Yen settling 3/15/12		151,389		1,949,164		1,862,532		(86,632	)
Japanese Yen settling 3/15/12		260,150		3,348,220		3,200,613		(147,607	)
Japanese Yen settling 3/15/12		489,245		6,363,376		6,019,158		(344,218	)
Japanese Yen settling 6/15/12		899,651		11,136,624		11,078,379		(58,245	)
Citibank NA:
Australian Dollar settling 3/15/12		18,435		19,544,345		19,741,498		197,153
Australian Dollar settling 3/15/12		1,817		1,850,705		1,945,771		95,066
Great British Pound settling 3/15/12		3,151		4,947,476		5,012,463		64,987
Japanese Yen settling 3/15/12		354,928		4,580,088		4,366,662		(213,426	)
Swiss Franc settling 3/15/12		1,639		1,777,985		1,811,894		33,909
Credit Suisse London Branch (GFX):
Great British Pound settling 3/15/12		2,790		4,363,850		4,438,201		74,351
Goldman Sachs International:
Canadian Dollar settling 6/15/12		12,251		12,281,706		12,351,915		70,209
Canadian Dollar settling 6/15/12		8,456		8,523,077		8,525,653		2,576
Great British Pound settling 6/15/12		10,398		16,541,970		16,529,191		(12,779	)

232 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 29, 2012		Unrealized Appreciation/ (Depreciation)
HSBC BankUSA:
Australian Dollar settling 6/15/12		9,550	$	10,179,727	$	10,120,991	$	(58,736	)
Great British Pound settling 6/15/12		14,535		23,071,260		23,105,577		34,317
Japanese Yen settling 3/15/12		1,403,380		18,305,116		17,265,719		(1,039,397	)
Morgan Stanley and Co., Inc.:
Japanese Yen settling 3/15/12		3,723,485		48,560,017		45,809,861		(2,750,156	)
Royal Bank of Scotland PLC:
Australian Dollar settling 3/15/12		6,967		7,148,490		7,460,754		312,264
Canadian Dollar settling 3/15/12		50,869		50,776,333		51,395,937		619,604
Euro settling 3/15/12		4,333		5,656,948		5,773,144		116,196
Great British Pound settling 3/15/12		2,301		3,602,791		3,660,324		57,533
Japanese Yen settling 6/15/12		1,329,315		16,366,843		16,369,298		2,455
Japanese Yen settling 6/15/12		2,054,241		26,760,822		25,296,099		(1,464,723	)
Standard Chartered Bank:
Australian Dollar settling 3/15/12		2,101		2,114,362		2,249,899		135,537
Great British Pound settling 3/15/12		1,075		1,667,089		1,710,060		42,971
UBS AG:
Australian Dollar settling 3/15/12		2,345		2,425,480		2,511,191		85,711
Australian Dollar settling 6/15/12		5,527		5,860,610		5,857,458		(3,152	)
Japanese Yen settling 3/15/12		292,008		3,813,235		3,592,560		(220,675	)
Westpac Banking Corp.:
Australian Dollar settling 3/15/12		1,520		1,564,688		1,627,723		63,035
Sale Contracts
Bank of America NA:
Euro settling 6/15/12		1,680		2,227,174		2,239,444		(12,270	)
Barclays Bank PLC Wholesale:
Euro settling 3/15/12		1,296		1,762,110		1,726,747		35,363
BNP Paribas SA:
Euro settling 3/15/12		2,901		3,831,061		3,865,196		(34,135	)
HSBC BankUSA:
Euro settling 3/15/12		4,684		6,263,642		6,240,805		22,837
Royal Bank of Scotland PLC:
Swiss Franc settling 3/15/12		1,476		1,576,805		1,631,699		(54,894	)
State Street Bank and Trust Co.:
Swiss Franc settling 3/15/12		163		180,156		180,118		(38	)
UBS AG:
Euro settling 3/15/12		1,243		1,602,575		1,656,132		(53,557	)
							$	(2,945,552	)

TOTAL RETURN SWAP CONTRACTS ON INDICES (see Note C)

Receive/ Pay Total Return on Reference Index

Index

# of Shares or Units

Rate Paid by the Fund

Notional Amount (000)

Maturity Date

Counterparty

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Index

Receive

Russell 2000 Total Return Index

528

0.25

%

$

1,948

10/15/12

Citibank, N.A.

$

(6,187

)

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 233

Volatility Management—Portfolio of Investments

Receive/ Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		4,457		0.25	%	$	13,498		2/15/13	Deutsche Bank AG	$	106,100
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		2,846		—			8,671		3/15/13	Deutsche Bank AG		18,909
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		1,601		0.00	%		4,881		3/15/13	Deutsche Bank AG		6,819
Receive	Russell 2000 Total Return Index		1,614		0.24	%		6,050		3/15/13	Deutsche Bank AG		(115,534	)
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		349		0.25	%		1,057		12/17/12	JPMorgan Chase Bank, N.A.		8,316
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		5,866		0.25	%		17,766		12/17/12	JPMorgan Chase Bank, N.A.		139,776
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		2,264		0.25	%		6,857		1/15/13	JPMorgan Chase Bank, N.A.		53,947
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		6,411		0.25	%		19,416		1/15/13	JPMorgan Chase Bank, N.A.		152,762

234 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

Receive/ Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		341		0.25	%	$	1,033		1/15/13	JPMorgan Chase Bank, N.A.	$	8,125
Receive	Russell 2000 Total Return Index		3,533		0.00	%		12,990		3/15/13	JPMorgan Chase Bank, N.A.		(766	)
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		5,390		0.25	%		16,324		2/15/13	Morgan Stanley Capital Services Inc.		129,046
Receive	Russell 2000 Total Return Index		244		0.25	%		900		6/15/12	Morgan Stanley Capital Services Inc.		(2,904	)
Receive	Russell 2000 Total Return Index		1,346		0.25	%		4,965		2/15/13	Morgan Stanley Capital Services Inc.		(15,858	)
Receive	FTSE EPRA/NAREIT Developed Real Estate Index		3,269		0.25	%		9,900		10/15/12	UBS AG		78,018
Receive	Russell 2000 Total Return Index		5,069		0.25	%		18,699		2/15/13	UBS AG		(59,909	)
Receive	Russell 2000 Total Return Index		13,044		0.25	%		48,117		2/15/13	UBS AG		(152,478	)
												$	348,182

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 235

Volatility Management—Portfolio of Investments

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note D for securities lending information.

(c) One contract relates to 10 shares.

(d) One contract relates to 100 shares.

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

Glossary:

REIT – Real Estate Investment Trust

See notes to financial statements.

236 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

Volatility Management—Portfolio of Investments

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and The AllianceBernstein Portfolios (the “Trust”) in respect of AllianceBernstein Balanced Wealth Strategy, AllianceBernstein Wealth Appreciation Strategy and AllianceBernstein Conservative Wealth Strategy² (each a “Strategy” and collectively the “Strategies”),³ prepared by Philip L. Kirstein, the Senior Officer of the Trust for the Trustees of the Trust, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Strategies which was provided to the Trustees in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement.

The Strategies seek to achieve their investment objectives by investing in a combination of the AllianceBernstein Pooling Portfolios (the “Pooling Portfolios”),⁴ which represent a variety of asset classes and investment styles. As a result, certain expenses will be minimal, such as custodian charges, or non-existent, such as brokerage commissions, except as incurred indirectly through the Pooling Portfolios.

The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

1 It should be noted that the information in the fee evaluation was completed on July 21, 2011 and discussed with the Board of Trustees on August 2-4, 2011.

2 Formerly known as Wealth Preservation Strategy.

3 Future references to the Strategies do not include “AllianceBernstein.” References in the fee summary pertaining to performance and expense ratios refer to Class A shares of the Strategies.

4 The AllianceBernstein Pooling Portfolios include U.S. Value Portfolio, U.S. Large Cap Growth Portfolio, Multi-Asset Real Return Portfolio (formerly Global Real Estate Investment Portfolio), International Value Portfolio, International Growth Portfolio, Small-Mid Cap Value Portfolio, Small-Mid Cap Growth Portfolio, Short Duration Bond Portfolio, Intermediate Duration Bond Portfolio, Bond Inflation Protection Portfolio (formerly Inflation Protected Securities Portfolio), High Yield Portfolio and Volatility Management Portfolio.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 237

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Strategies grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Strategies.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what §36(b) requires: to face liability under §36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arms length bargaining.” Jones v. Harris Associates L.P., 130 U.S. 1418 (2010). In Jones, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arms-length bargaining as the benchmark for reviewing challenged fees.”

ADVISORY FEES, NET ASSETS, & EXPENSE RATIOS

The Adviser proposed that each Strategy pay the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.⁵

Category	Advisory Fees6	Net Assets 06/30/11 ($MIL)		Strategy
Balanced	55 bp on 1st $2.5 billion 45 bp on next $2.5 billion 40 bp on the balance	$	1,987.6	Balanced Wealth Strategy
Blend	65 bp on 1st $2.5 billion 55 bp on next $2.5 billion 50 bp on the balance	$	1,753.3	Wealth Appreciation Strategy
Balanced	55 bp on 1st $2.5 billion 45 bp on next $2.5 billion 40 bp on the balance	$	625.4	Conservative Wealth Strategy

5 Most of the AllianceBernstein Mutual Funds, which the Adviser manages, were affected by the Adviser’s settlement with the NYAG.

6 The advisory fees for the Strategies are based on a percentage of the average daily net assets of the Strategies and paid on a monthly basis.

238 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

With respect to Wealth Appreciation Strategy, the Strategy’s Investment Advisory Agreement provides for the Adviser to be reimbursed for certain clerical, legal, accounting, administrative and other services provided to the Strategy. To date, the Trustees have not authorized reimbursement payments pending further review.

Set forth below are the total expense ratios⁷ of the Strategies for the most recent semi-annual period:⁸

Strategy	Total Expense Ratio (2/28/11)			Fiscal Year End
Balanced Wealth Strategy	Advisor Class A Class B Class C Class R Class K Class I	0.72 1.02 1.74 1.73 1.37 1.06 0.73	%  %  %  %  %  %  %	August 31 (ratios as of February 28, 2011)
Wealth Appreciation Strategy	Advisor Class A Class B Class C Class R Class K Class I	0.82 1.12 1.86 1.83 1.47 1.16 0.83	%  %  %  %  %  %  %	August 31 (ratios as of February 28, 2011)
Conservative Wealth Strategy	Advisor Class A Class B Class C Class R Class K Class I	0.72 1.03 1.75 1.73 1.40 1.09 0.72	%  %  %  %  %  %  %	August 31 (ratios as of February 28, 2011)

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Strategies that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel

7 Expense ratios include expenses of the underlying Pooling Portfolios in which the Funds invest. With respect to Balanced Wealth Strategy, Wealth Appreciation Strategy and Conservative Wealth Strategy, for the six months ended February 28, 2011, the estimated annualized blended expense ratios related to the Pooling Portfolios were 0.01%, 0.02%, 0.02% and 0.02%, respectively.

8 Semi-annual total expense ratios are unaudited.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 239

to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Strategies’ third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Strategies are more costly than those for institutional assets due to the greater complexities and time required for investment companies. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Strategies’ investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund since establishing a new mutual fund requires a large upfront investment and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. Finally, in recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Strategies.⁹ With respect to the Strategies, the Adviser represented that there are no categories in the Form ADV for institutional products that have a substantially similar investment styles as the Strategies.

The Adviser manages the AllianceBernstein Variable Products Series Fund, Inc. (“AVPS”), which is available through variable annuity and variable life contracts offered by other financial institutions and offers policyholders the option to utilize certain AVPS portfolios as the investment option underlying their insurance

9 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

240 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

contracts. Set forth below is the fee schedule of the AVPS portfolio that has a substantially similar investment style as Balanced Wealth Strategy.¹⁰

Fund	AVPS Portfolio	Fee Schedule
Balanced Wealth Strategy	Balanced Wealth Strategy Portfolio	0.55% on first $2.5 billion 0.45% on next $2.5 billion 0.40% Excess of $5 billion

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the fees set forth below for the Luxembourg funds that have a somewhat similar investment style as the Strategies:

Fund	Luxembourg Fund	Fee11
Balanced Wealth Strategy	Global Balanced Portfolio Class A Class I (Institutional)	1.40% 0.70%
Conservative Wealth Strategy	Global Conservative Portfolio Class A Class I (Institutional)	1.15% 0.60%

The AllianceBernstein Investment Trust Management mutual funds (“ITM”), which are offered to investors in Japan, have an “all-in” fee to compensate the Adviser for investment advisory as well as fund accounting and administrative services, but not for distribution-related services. The fee schedules of the ITM mutual funds that have a somewhat similar investment style as certain of the Strategies are as follows:

Strategy	ITM Mutual Fund	Fee
Balanced Wealth Strategy	Alliance Global Balance Neutral12	0.70%
Wealth Appreciation Strategy	Aggressive12	0.75%
Conservative Wealth Strategy	Conservative12	0.65%

10 The AVPS portfolio was also affected by the settlement between the Adviser and the NYAG. As a result, Balanced Wealth Strategy has the same breakpoints in its advisory fee schedule as the AVPS portfolio.

11 Class A shares of the Luxembourg funds are charged an “all-in” fee, which covers investment advisory and distribution-related services, unlike Class I shares, whose fee is only for investment advisory services.

12 This ITM fund is privately placed or institutional.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 241

The Adviser represented that it does not sub-advise any registered investment companies with a substantially similar investment style as any of the Strategies.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Strategies with fees charged to other investment companies for similar services offered by other investment advisers.¹³ Lipper’s analysis included each Strategy’s ranking with respect to the contractual management fee relative to the median of the Strategy’s Lipper Expense Group (“EG”)¹⁴ at the approximate current asset level of the Strategy.¹⁵

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

The original EG for Wealth Appreciation Strategy had an insufficient number of peers. Consequently, Lipper expanded the Strategy’s EG to include peers that have a similar but not the same Lipper investment classification/objective as the Strategy.

Strategy	Contractual Management Fee (%)		Lipper Group Median (%)		Rank
Balanced Wealth Strategy		0.550		0.598	4/9
Wealth Appreciation Strategy16		0.650		0.759	1/10
Conservative Wealth Strategy		0.550		0.570	5/11

13 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arms length.” Jones v. Harris at 1429.

14 Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratio than comparable sized funds that have relatively large average account sizes. Note that there are limitations on Lipper expense category data because different funds categorize expenses differently.

15 The contractual management fee is calculated by Lipper using each Strategy’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of each Strategy, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Strategy had the lowest effective fee rate in the Lipper peer group.

16 The Strategy’s EG includes the Strategy, four other Global Multi-Cap Core (“GMLC”), one Global Large-Cap Value (“GLCV”) and four Global Large-Cap Growth (“GLCG”) funds.

242 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

However, because Lipper had expanded the EG of Wealth Appreciation Strategy, under Lipper’s standard guidelines, the Lipper Expense Universe (“EU”) was also expanded to include the universe of those peers that had a similar but not the same Lipper investment classification/objective.¹⁷ A “normal” EU will include funds that have the same investment classification/objective as the subject Strategy.

Set forth below is a comparison of the Strategies’ total expense ratios (inclusive of their underlying expenses) and the medians of the Strategies’ EG and EU. The Strategies’ total expense ratio rankings are also shown.

Strategy	Expense Ratio (%)18		Lipper Group Median (%)		Lipper Group Rank	Lipper Universe Median (%)		Lipper Universe Rank
Balanced Wealth Strategy		1.019		1.136	3/9		1.136	11/37
Wealth Appreciation Strategy19		1.124		1.404	1/10		1.400	6/34
Conservative Wealth Strategy		1.029		1.065	3/11		1.079	8/24

Based on this analysis, except for Wealth Appreciation Strategy, which has equally favorable rankings, the Strategies have a more favorable ranking on a total expense ratio basis than on a contractual management fee basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE MANAGEMENT FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Strategies. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Strategies’ profitability information, prepared by the Adviser for the Board of Trustees, was reviewed by the Senior Officer and the consultant. Expect for

17 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

18 Most recently completed fiscal year end Class A total expense ratio.

19 The Strategy’s EU includes the Strategy, the EG, and all other retail front-end GMLC, GLCV and GLCG, excluding outliers.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 243

Conservative Wealth Strategy, the Adviser’s profitability from providing investment advisory services to the Strategies decreased during calendar year 2010, relative to 2009.²⁰

In addition to the Adviser’s direct profits from managing the Strategies, certain of the Adviser’s affiliates have business relationships with the Strategies and may earn a profit from providing other services to the Strategies. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Strategies and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive and the relationship otherwise complies with the 40 Act restrictions. These affiliates provide transfer agent, distribution and brokerage related services to the Strategies and/or the Pooling Portfolios and receive transfer agent fees, Rule 12b-1 payments, front-end sales loads, contingent deferred sales charges (“CDSC”) and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

AllianceBernstein Investments, Inc. (“ABI”), an affiliate of the Adviser, is the Fund’s principal underwriter. ABI and the Adviser have disclosed in the Strategies’ prospectus that they may make revenue sharing payments from their own resources, in addition to resources derived from sales loads and Rule 12b-1 fees, to firms that sell shares of the Fund. In 2010, ABI paid approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $13.8 million for distribution services and educational support (revenue sharing payments).

After payments to third party intermediaries, ABI retained the following amounts for Class A front-end load sales charges from sales of the Strategies’ Class A shares during the Strategies’ most recently completed fiscal year:

Strategy	Amount Received
Balanced Wealth Strategy	$	311,508
Wealth Appreciation Strategy	$	93,116
Conservative Wealth Strategy	$	101,099

20 It should be noted that at the August 2, 2011 meeting, the Adviser presented to the Board revised profitability figures with respect to the Strategies. The Strategy in which the Adviser’s 2010 profitability changed from a decrease to an increase was Conservative Wealth Strategy.

244 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

ABI received the amounts set forth below in Rule 12b-1 fees and CDSC for the Strategies during the Strategies’ most recently completed fiscal year:

Strategy	12b-1 Fees Received		CDSC Received
Balanced Wealth Strategy	$	12,282,781	$	481,409
Wealth Appreciation Strategy	$	6,032,051	$	234,351
Conservative Wealth Strategy	$	4,320,809	$	202,530

Fees and reimbursements for out of pocket expenses charged by AllianceBernstein Investor Services, Inc. (“ABIS”), the affiliated transfer agent for the Strategies are based on the level of the network account and the class of shares held by the account. ABIS also receives a fee per shareholder sub-account for each account maintained by an intermediary on an omnibus basis. ABIS received the following net fees from the Strategies in the most recently completed fiscal year:

Strategy	ABIS Fee
Balanced Wealth Strategy	$	1,056,845
Wealth Appreciation Strategy	$	982,422
Conservative Wealth Strategy	$	299,545

There are no portfolio transactions for the Strategies since the Strategies pursue their investment objectives through investing in combinations of the Pooling Portfolios. However, the Pooling Portfolios do engage in portfolio transactions. International Value Portfolio effected brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and paid commissions for such transactions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted with the Pooling Portfolios is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for its clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through fee structures,²¹ subsidies and enhancement to services. Based on some of the professional literature that has considered economies of scale in the mutual fund industry, it is thought that to the extent economies of scale exist, they may more often exist across a fund family as opposed to a specific

21 Fee structures include fee reductions, pricing at scale and breakpoints in advisory fee schedules.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 245

fund. This is because the costs incurred by the Adviser, such as investment research or technology for trading or compliance systems can be spread across a greater asset base as the fund family increases in size. It is also possible that as the level of services required to operate a successful investment company has increased over time, and advisory firms make such investments in their business to provide services, there may be a sharing of economies of scale without a reduction in advisory fees.

In February 2008, an independent consultant, retained by the Senior Officer, provided the Board of Trustees an update of the Deli²² study on advisory fees and various fund characteristics.²³ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Trustees.²⁴ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AllianceBernstein Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE FUND

With assets under management of approximately $461 billion as of June 30, 2011, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Strategies.

22 The Deli study was originally published in 2002 based on 1997 data.

23 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arms length. See Jones V. Harris at 1429.

24 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

246 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

The information prepared by Lipper shows the 1, 3 and 5 year performance rankings²⁵ of the Strategies relative to their Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)²⁶ for the periods ended May 31, 2011.²⁷

Strategy	Fund Return		PG Median (%)		PU Median (%)		PG Rank	PU Rank
Balanced Wealth Strategy
1 year		19.98		19.04		18.68	4/9	21/82
3 year		2.15		1.62		3.25	4/9	58/76
5 year		3.88		4.03		4.69	6/9	49/66
Wealth Appreciation Strategy
1 year		25.65		27.92		27.29	5/5	16/23
3 year		-2.27		-0.22		-0.02	4/5	13/15
5 year		1.30		1.74		2.71	2/2	9/10
Conservative Wealth Strategy
1 year		12.51		15.21		13.57	10/11	55/82
3 year		3.14		4.69		4.50	9/11	57/75
5 year		4.10		4.67		5.02	8/9	50/63

25 The performance returns and rankings of the Strategies are for the Strategies’ Class A shares. It should be noted that performance returns of the Strategies were provided by Lipper.

26 A Strategy’s PG/PU may not necessarily be identical to its respective EG/EU. Strategies with negative management fees are excluded from EGs/EUs but not necessarily from PGs/PUs. In addition, PGs/PUs only include strategies of the same Lipper investment classification/objective as the Strategies, in contrast to certain of the Strategies’ EGs/EUs, which may include strategies of similar but not the same investment classification/objective.

27 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of each Strategy even if a Strategy had a different investment classification/objective at a different point in time.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 247

Set forth below are the 1, 3, 5 year and since inception performance returns of the Strategies (in bold)²⁸ versus their benchmarks.²⁹

	Periods Ending May 31, 2011 Annualized Net Performance (%)
	1 Year (%)		3 Year (%)		5 Year (%)		Since Inception (%)
Balanced Wealth Strategy		19.98		2.15		3.88		6.20
60% S&P 500 / 40% Barclays Capital U.S. Aggregate Index		17.88		3.69		5.03		6.00
S&P 500 Index		25.95		0.91		3.32		5.69
Barclays Capital U.S. Aggregate Index		5.84		6.53		6.63		5.47
Inception Date: September 2, 2003
Wealth Appreciation Strategy		25.65		-2.27		1.30		5.63
70% S&P 500 / 30% MSCI EAFE Net Index		27.45		-0.52		2.92		7.01
S&P 500 Index		25.95		0.91		3.32		5.69
MSCI EAFE Net Index		30.69		-4.12		1.73		9.02
Inception Date: September 2, 2003
Conservative Wealth Strategy		12.51		3.14		4.10		5.07
70% Barclays Capital U.S. Aggregate / 30% S&P 500 Index		11.84		5.31		5.98		5.66
Barclays Capital U.S. Aggregate Index		5.84		6.53		6.63		5.47
S&P 500 Index		25.95		0.91		3.32		5.69
Inception Date: September 2, 2003

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for each Strategy is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Strategy is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: August 30, 2011

28 The performance returns and risk measures shown in the table are for the Class A shares of the Strategies.

29 The Adviser provided Fund and benchmark performance return information for periods through May 31, 2011.

248 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

THIS PAGE IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

ALLIANCEBERNSTEIN FAMILY OF FUNDS

Wealth Strategies Funds

Balanced Wealth Strategy

Conservative Wealth Strategy

Wealth Appreciation Strategy

Tax-Managed Balanced Wealth Strategy

Tax-Managed Conservative Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

Asset Allocation/Multi-Asset

Dynamic All Market Fund

Emerging Markets Multi-Asset

International Portfolio

Real Asset Strategy

Tax-Managed International Portfolio

Growth Funds

Domestic

Growth Fund

Large Cap Growth Fund

Select U.S. Equity Portfolio

Small Cap Growth Portfolio

Small/Mid Cap Growth Fund

U.S. Strategic Research Portfolio

Global & International

Global Thematic Growth Fund

Greater China ’97 Fund

International Discovery Equity Portfolio

International Focus 40 Portfolio

International Growth Fund

Value Funds

Domestic

Core Opportunities Fund

Equity Income Fund

Growth & Income Fund

Small/Mid Cap Value Fund

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

Unconstrained Bond Fund

Municipal Bond Funds

Arizona California High Income Massachusetts Michigan Minnesota Municipal Bond    Inflation Strategy National New Jersey New York Ohio Pennsylvania Virginia

Intermediate Municipal Bond Funds

Intermediate California

Intermediate Diversified

Intermediate New York

Closed-End Funds

Alliance California Municipal Income Fund

Alliance New York Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein Income Fund

AllianceBernstein National Municipal Income Fund

Alternatives

Market Neutral Strategy-Global

Market Neutral Strategy-U.S.

Balanced

Balanced Shares

Retirement Strategies Funds

2000 Retirement Strategy	2020 Retirement Strategy	2040 Retirement Strategy
2005 Retirement Strategy	2025 Retirement Strategy	2045 Retirement Strategy
2010 Retirement Strategy	2030 Retirement Strategy	2050 Retirement Strategy
2015 Retirement Strategy	2035 Retirement Strategy	2055 Retirement Strategy

We also offer Exchange Reserves,** which serves as the money market fund exchange vehicle for the AllianceBernstein mutual funds.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com or contact your AllianceBernstein investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

** An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 249

AllianceBernstein Family of Funds

NOTES

250 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

NOTES

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 251

NOTES

252 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

NOTES

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 253

NOTES

254 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

NOTES

ALLIANCEBERNSTEIN WEALTH STRATEGIES  • 255

NOTES

256 •  ALLIANCEBERNSTEIN WEALTH STRATEGIES

ALLIANCEBERNSTEIN WEALTH STRATEGIES

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

WS-0152-0212

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. 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-2(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 12. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

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

(Registrant): The AllianceBernstein Portfolios
By:	/s/    ROBERT M. KEITH
	Robert M. Keith President

Date: April 23, 2012

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: April 23, 2012

By:	/s/    JOSEPH J. MANTINEO
	Joseph J. Mantineo Treasurer and Chief Financial Officer

Date: April 23, 2012