UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08294

ALLIANCEBERNSTEIN EXCHANGE RESERVES

(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: September 30, 2012

Date of reporting period: June 30, 2012

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Exchange Reserves

Portfolio of Investments

June 30, 2012 (unaudited)

	Yield*			Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 99.9%
Certificates of Deposit - 39.7%
Australia & New Zealand Banking Group Ltd.
4/12/13 (a)		0.469	%	$	55,000	$	55,000,000
Bank of Montreal Chicago
7/03/12		0.150	%		55,000		55,000,000
Bank of Nova Scotia Houston
9/07/12 (a)		0.318	%		12,600		12,600,000
7/27/12 (a)		0.666	%		4,950		4,951,072
10/05/12 (a)		0.669	%		16,650		16,666,747
10/18/12 (a)		0.766	%		4,500		4,505,834
7/16/12 (a)		1.367	%		15,000		15,005,545
Bank of Tokyo Mitsubishi UFJ NY
1/03/13		0.540	%		50,000		50,000,000
Canadian Imp Bank Comm NY
8/06/12 (a)		0.254	%		38,250		38,250,000
10/15/12 (a)		0.542	%		4,300		4,302,930
11/05/12 (a)		0.666	%		750		750,425
Credit Suisse NY
9/24/12 (a)		0.718	%		42,500		42,505,067
Dnb Nor Bank ASA NY
8/14/12 (a)		0.517	%		42,500		42,500,000
National Australia Bank NY
5/06/13 (a)		0.536	%		2,000		2,000,309
10/12/12 (a)		0.569	%		43,800		43,800,000
Nordea Bank Finland NY
7/05/12 (a)		0.669	%		10,000		10,000,266
Norinchukin Bank NY
7/10/12		0.430	%		55,100		55,100,000
Rabobank Nederland NV NY
5/07/13 (a)		0.616	%		55,000		55,000,000
Royal Bank of Canada NY
9/27/12 (a)		0.370	%		26,100		26,100,000
7/09/12 (a)		0.479	%		11,050		11,050,019
3/04/13 (a)		0.517	%		15,000		15,000,000
Standard Chartered Bank NY
11/20/12		0.500	%		50,000		50,000,000
Sumitomo Mitsui Banking Corp.
11/01/12		0.450	%		50,000		50,000,000
Sumitomo Mitsui Trust NY
7/19/12		0.200	%		35,000		34,999,174
Svenska Handelsbanken NY
7/23/12		0.250	%		19,550		19,550,000
8/06/12		0.295	%		10,000		10,000,242
7/23/12		0.630	%		15,000		15,000,087
Toronto-Dominion Bank NY
2/04/13 (a)		0.466	%		30,000		30,000,363
Westpac Banking Corp. NY
7/11/12 (a)		0.331	%		10,277		10,276,538
7/17/12 (a)		0.343	%		27,000		26,997,760

	Yield*			Principal Amount (000)		U.S. $ Value
1/17/13 (a)		0.646	%	$	15,000	$	15,000,000
							821,912,378
Commercial Paper - 21.5%
Banque Et Caisse D’Epargne
9/25/12		0.431	%		50,000		49,949,236
Coca-Cola Co. (The)
8/15/12		0.220	%		25,000		24,993,278
Commonwealth Bank of Australia
5/31/13 (a)		0.537	%		28,000		28,000,000
DBS Bank Ltd.
8/06/12		0.481	%		35,000		34,983,667
HSBC Bank USA
10/01/12		0.341	%		55,000		54,952,731
Oversea-Chinese Banking Corp.
11/05/12		0.411	%		40,000		39,942,600
State Street Corp.
11/07/12		0.321	%		24,550		24,522,067
Straight-A Funding LLC
Series 1
7/12/12		0.180	%		20,000		19,999,000
7/19/12		0.180	%		25,000		24,997,875
Toyota Motor Credit Corp.
7/23/12		0.381	%		45,000		44,990,025
Unilever Capital Corp.
8/15/12		0.210	%		8,000		7,997,947
UOB Funding LLC
11/06/12		0.331	%		40,000		39,953,433
US Bank NA
7/05/12		0.200	%		15,000		15,000,000
US Bank Natl Assoc
8/27/12		0.270	%		35,000		34,985,300
							445,267,159
Repurchase Agreements - 13.2%
Bank of America 0.13%, dated 6/29/12 due 7/02/12 in the amount of $30,000,325 (collateralized by $28,703,300 U.S. Treasury Note, 2.125%, due 8/15/21, value $30,600,048)					30,000		30,000,000
Barclays Capital 0.15%, dated 6/29/12 due 7/02/12 in the amount of $25,000,313 (collateralized by $23,802,500 U.S. Treasury Note, 0.875%-2.750%, due 2/28/17 to 2/15/19, value $25,500,033)					25,000		25,000,000
HSBC Bank USA 0.15%, dated 6/29/12 due 7/02/12 in the amount of $40,000,500 (collateralized by $29,875,000 U.S. Treasury Bond, 4.375%, due 2/15/38, value $40,806,734)					40,000		40,000,000
Mizuho Securities USA 0.25%, dated 6/29/12 due 7/02/12 in the amount of $95,001,979 (collateralized by $96,934,000 Federal Agricultural Mortgage Corp., Zero coupon, due 9/24/12 to 12/21/12, value $96,900,931)					95,000		95,000,000

	Yield*			Principal Amount (000)		U.S. $ Value
UBS Financial Services 0.20%, dated 6/29/12 due 7/02/12 in the amount of $83,601,393 (collateralized by $80,271,317 Federal National Mortgage Association and Federal Agricultural Mortgage Corp., 3.500%-4.500%, due 3/01/26 to 6/01/42, value $85,272,001)				$	83,600	$	83,600,000
							273,600,000
Short-Term Municipal Notes - 12.4%
Municipal Obligations - 12.4%
California Infra & Eco Dev Bk (J Paul Getty Trust)
Series 2010A-2
10/01/47 (b)		0.120	%		25,750		25,750,000
California Statewide CDA (John Muir Health)
Series 2008C
8/15/27 (b)		0.140	%		10,000		10,000,000
Charlotte-Mecklenburg Hosp (Carolinas Hlth Care Sys)
1/15/26 (b)		0.130	%		1,695		1,695,000
Colorado Edl & Cultural Facs Auth (Natl Jewish Fed Bd Prog)
7/01/36 (b)		0.180	%		3,455		3,455,000
Series D
10/01/38 (b)		0.180	%		1,500		1,500,000
Connecticut Hlth & Ed Fac Auth (Yale Univ)
Series 2001V-1
7/01/36 (b)		0.140	%		10,900		10,900,000
Series 2001V-2
7/01/36 (b)		0.100	%		1,800		1,800,000
Series 2005 Y-2
7/01/35 (b)		0.100	%		8,100		8,100,000
Series 2005 Y-3
7/01/35 (b)		0.140	%		2,400		2,400,000
Dallas Fort Worth TX Intl Arpt (United Parcel Service)
5/01/32 (b)		0.150	%		3,500		3,500,000
East Baton Rouge Parish LA (Exxon Mobil Corp.)
11/01/19 (b)		0.140	%		4,775		4,775,000
Houston TX Hgr Ed Fin Corp. (Rice University)
Series 2008 A
5/15/48 (b)		0.140	%		10,870		10,870,000
Series 2008B
5/15/48 (b)		0.160	%		2,400		2,400,000
Illinois Finance Auth (Elmhurst Mem Healthcare)
1/01/48 (b)		0.160	%		16,545		16,545,000

	Yield*			Principal Amount (000)		U.S. $ Value
Jackson Cnty MS PCR (Chevron Corp.)
Series 1993
6/01/23 (b)		0.150	%	$	2,300	$	2,300,000
Lancaster Cnty NE Hosp Auth #1 (BryanLGH Medical Center)
6/01/31 (b)		0.170	%		2,665		2,665,000
Lincoln Cnty WY PCR (Exxon Mobil Corp.)
8/01/15 (b)		0.140	%		12,200		12,200,000
Loudoun Cnty VA IDA (Howard Hughes Med Inst)
2/15/38 (b)		0.140	%		12,950		12,950,000
Lower Neches Valley Auth TX (Exxon Mobil Corp.)
3/01/33 (b)		0.140	%		10,330		10,330,000
11/01/38 (b)		0.140	%		9,200		9,200,000
Massachusetts Dev Fin Agy (Smith College)
7/01/24 (b)		0.160	%		1,421		1,421,000
Massachusetts Hlth & Ed Facs Auth (Harvard Univ)
Series 1999R
11/01/49 (b)		0.100	%		10,425		10,425,000
Mississippi Business Fin Corp. (Chevron USA, Inc.)
11/01/35 (b)		0.140	%		15,000		15,000,000
Series 2009 B
12/01/30 (b)		0.150	%		1,000		1,000,000
Series 2009E
12/01/30 (b)		0.140	%		11,200		11,200,000
Series 2010L
11/01/35 (b)		0.140	%		20,000		20,000,000
New York St HFA MFHR (600 West 42nd Street Proj)
Series A
11/01/41 (b)		0.150	%		8,000		8,000,000
Ohio Air Quality Dev Auth (Dayton Power & Light Co.)
11/01/40 (b)		0.200	%		4,000		4,000,000
Shelby Cnty KY Lease Rev (Shelby Cnty KY Lease)
9/01/34 (b)		0.170	%		3,205		3,205,000
Valdez AK Marine Terminal (Exxon Mobil Corp.)
Series 1993A
12/01/33 (b)		0.130	%		14,915		14,915,000
Series 1993C
12/01/33 (b)		0.130	%		10,750		10,750,000
Washington St Hsg Fin Comm (Summer Ridge AptsProj)
12/01/29 (b)		0.220	%		3,550		3,550,000
							256,801,000

	Yield*			Principal Amount (000)		U.S. $ Value
U.S. Government & Government Sponsored Agency Obligations - 8.8%
Federal Farm Credit Banks
7/20/12 (a)		0.204	%	$	5,000	$	4,999,925
1/15/14 (a)		0.242	%		1,000		1,000,162
12/16/13 (a)		0.263	%		1,000		1,000,610
Federal Home Loan Bank
12/11/13 (a)		0.248	%		40,000		40,000,000
1/03/14 (a)		0.271	%		15,000		14,995,433
12/20/12 (a)		0.378	%		12,000		12,011,525
Federal Home Loan Mortgage Corp.
11/04/13 (a)		0.209	%		22,500		22,506,253
Federal National Mortgage Association
5/17/13 (a)		0.376	%		10,000		10,016,090
U.S. Treasury Bill
10/11/12		0.132	%		50,000		49,981,483
1/10/13		0.143	%		25,000		24,980,933
							181,492,414
Corporates - Investment Grades - 4.2%
Australia & New Zealand Banking Group Ltd.
7/09/12 (a)(c)		0.669	%		2,100		2,100,077
Commonwealth Bank of Australia
3/19/13 (a)(c)		1.018	%		27,000		27,083,584
Procter & Gamble Co. (The)
11/14/12 (a)		0.507	%		3,000		3,003,033
Royal Bank of Canada
12/12/12 (a)		0.618	%		3,150		3,153,353
Toronto-Dominion Bank (The)
7/26/13 (a)		0.646	%		26,000		26,054,934
Wells Fargo & Co.
10/23/12		5.250	%		25,000		25,364,314
							86,759,295
Bankers Acceptance - 0.1%
US Bank NA
11/26/12		0.501	%		2,000		1,995,917
Total Investments - 99.9% (cost $2,067,828,163) (d)							2,067,828,163
Other assets less liabilities - 0.1%							2,398,108
Net Assets - 100.0%						$	2,070,226,271

(a) Floating Rate Security. Stated interest rate was in effect at June 30, 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) 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 June 30, 2012, the aggregate market value of these securities amounted to $29,183,661 or 1.4% of net assets.

(d) As of June 30, 2012, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

* Represents annualized yield from date of purchase for discount securities, and stated interest rate for interest-bearing securities.

Glossary:

CDA	-	Community Development Authority
HFA	-	Housing Finance Authority
IDA	-	Industrial Development Authority/Agency
MFHR	-	Multi-Family Housing Revenue
PCR	-	Pollution Control Revenue Bond

AllianceBernstein Exchange Reserves

June 30, 2012 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund 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 Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2012:

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Certificates of Deposit	$	– 0	–	$	821,912,378	$	– 0	–	$	821,912,378
Commercial Paper		– 0	–		445,267,159		– 0	–		445,267,159
Repurchase Agreements		– 0	–		273,600,000		– 0	–		273,600,000
Short-Term Municipal Notes		– 0	–		256,801,000		– 0	–		256,801,000
U.S. Government & Government Sponsored Agency Obligations		– 0	–		181,492,414		– 0	–		181,492,414
Corporates - Investment Grades		– 0	–		86,759,295		– 0	–		86,759,295
Bankers Acceptance		– 0	–		1,995,917		– 0	–		1,995,917
Total	$	– 0	–	$	2,067,828,163	$	– 0	–	$	2,067,828,163

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

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

SIGNATURES

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

(Registrant) AllianceBernstein Exchange Reserves

By:	/s/    Robert M. Keith
	Robert M. Keith
	President

Date: August 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: August 23, 2012

By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: August 23, 2012