----

----

| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |   |
|---|-----------------------------------------------------------------------------------------|--------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |   |
|---|------------------------------------------------------------------------------------------|--------|

| Delaware                                                       | 13-3434400                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| Yes x | No o |
|------------|------|

| Yes x | No o |
|------------|------|

| Large accelerated filer x                                             | Accelerated filer o         |
|-----------------------------------------------------------------------|-----------------------------|
|                                                                  |                        |
| Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |

| Yes o | No x |
|-------|------|

----

----

----

Index to 

|      |   |                                                                                        |   | Page   |
|-----------|--------|---------------------------------------------------------------------------------------------|--------|--------|
|      |   |                                                                                        |   |   |
|      |   | Part I                                                                                      |   |   |
|      |   |                                                                                        |   |   |
|      |   | FINANCIAL INFORMATION                                                                       |   |   |
|      |   |                                                                                        |   |   |
| Item 1.   |   | Financial Statements                                                                        |   |   |
|      |   |                                                                                        |   |   |
|      |   | Condensed Statements of Financial Condition                                                 |   | 1      |
|      |   |                                                                                        |   |   |
|      |   | Condensed Statements of Income                                                              |   | 2      |
|      |   |                                                                                        |   |   |
|      |   | Condensed Statements of Cash Flows                                                          |   | 3      |
|      |   |                                                                                        |   |   |
|      |   | Notes to Condensed Financial Statements                                                     |   | 4-9    |
|      |   |                                                                                        |   |   |
|      |   | Report of Independent Registered Public Accounting Firm                                     |   | 10     |
|      |   |                                                                                        |   |   |
| Item 2.   |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   | 11-14  |
|      |   |                                                                                        |   |   |
| Item 3.   |   | Quantitative and Qualitative Disclosures About Market Risk                                  |   | 14     |
|      |   |                                                                                        |   |   |
| Item 4.   |   | Controls and Procedures                                                                     |   | 14     |
|      |   |                                                                                        |   |   |
|      |   | Part II                                                                                     |   |   |
|      |   |                                                                                        |   |   |
|      |   | OTHER INFORMATION                                                                           |   |   |
|      |   |                                                                                        |   |   |
| Item 1.   |   | Legal Proceedings                                                                           |   | 15     |
|      |   |                                                                                        |   |   |
| Item 1A.  |   | Risk Factors                                                                                |   | 15     |
|      |   |                                                                                        |   |   |
| Item 2.   |   | Unregistered Sales of Equity Securities and Use of Proceeds                                 |   | 15-16  |
|      |   |                                                                                        |   |   |
| Item 3.   |   | Defaults Upon Senior Securities                                                             |   | 16     |
|      |   |                                                                                        |   |   |
| Item 4.   |   | (Removed and Reserved)                                                                      |   | 16     |
|      |   |                                                                                        |   |   |
| Item 5.   |   | Other Information                                                                           |   | 16     |
|      |   |                                                                                        |   |   |
| Item 6.   |   | Exhibits                                                                                    |   | 17     |
|      |   |                                                                                        |   |   |
| SIGNATURE |   | 18                                                                                          |

----

Index

| Item 1. | Financial Statements |
|---------|----------------------|

Condensed Statements of Financial Condition

|                                                                                           |   | June 30,2011 |      |   | December 31,2010 |   |
|------------------------------------------------------------------------------------------------|--------|-------------------|-----------|--------|-----------------------|--------|
|                                                                                           |   | (unaudited)       |      |   |                  |   |
|                                                                                           |   |              |      |   |                  |   |
| ASSETS                                                                                         |   |              |      |   |                  |   |
|                                                                                           |   |              |      |   |                  |   |
| Investment in AllianceBernstein                                                                |   | $                 | 1,779,944 |   |                  | $      | 1,786,291 |   |
| Due from AllianceBernstein                                                                     |   |              | 1,586     |   |                  |   | 1,277 |   |
| Other assets                                                                                   |   |              | 203       |   |                  |   | — |   |
| Total assets                                                                                   |   | $                 | 1,781,733 |   |                  | $      | 1,787,568 |   |
|                                                                                           |   |              |      |   |                  |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                        |   |              |      |   |                  |   |   |   |
|                                                                                           |   |              |      |   |                  |   |   |   |
| Liabilities:                                                                                   |   |              |      |   |                  |   |   |   |
| Payable to AllianceBernstein                                                                   |   | $                 | —   |   |                  | $      | — |   |
| Other liabilities                                                                              |   |              | 152       |   |                  |   | 458 |   |
| Total liabilities                                                                              |   |              | 152       |   |                  |   | 458 |   |
|                                                                                           |   |              |      |   |                  |   |   |   |
| Commitments and contingencies (See Note 7)                                                     |   |              |      |   |                  |   |   |   |
|                                                                                           |   |              |      |   |                  |   |   |   |
| Partners’ capital:                                                                       |   |              |      |   |                  |   |   |   |
| General Partner: 100,000 general partnership units issued and outstanding                      |   |              | 1,639     |   |                  |   | 1,648 |   |
| Limited partners: 105,073,342 and 104,986,799 limited partnership units issued and outstanding |   |              | 1,991,767 |   |                  |   | 1,997,642 |   |
| Holding Units held by AllianceBernstein to fund deferred compensation plans                    |   |              | (207,667  | )      |                  |   | (200,284 | ) |
| Accumulated other comprehensive income (loss)                                                  |   |              | (4,158    | )      |                  |   | (11,896 | ) |
| Total partners’ capital                                                                  |   |              | 1,781,581 |   |                  |   | 1,787,110 |   |
| Total liabilities and partners’ capital                                                  |   | $                 | 1,781,733 |   |                  | $      | 1,787,568 |   |

----

Index

Condensed Statements of Income

|                                                               |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|--------------------------------------------------------------------|--------|----------------------------------|--------|--------|--------------------------------|--------|
|                                                               |   | 2011                             |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                                                               |   |                             |   |   |                           |   |   |   |   |   |   |   |
| Equity in net income attributable to AllianceBernstein Unitholders |   | $                                | 42,745 |   |                           | $      | 38,925 |   |   | $ | 93,803 |   |   | $ | 93,135 |   |
|                                                               |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income taxes                                                       |   |                             | 7,233  |   |                           |   | 7,153 |   |   |   | 14,611 |   |   |   | 14,117 |   |
|                                                               |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                         |   | $                                | 35,512 |   |                           | $      | 31,772 |   |   | $ | 79,192 |   |   | $ | 79,018 |   |
|                                                               |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income per unit:                                               |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                              |   | $                                | 0.34   |   |                           | $      | 0.31 |   |   | $ | 0.76 |   |   | $ | 0.78 |   |
| Diluted                                                            |   | $                                | 0.34   |   |                           | $      | 0.31 |   |   | $ | 0.76 |   |   | $ | 0.78 |   |

----

Index

Condensed Statements of Cash Flows

|                                                                                                      |   | Six Months Ended June 30, |                                                 |
|-----------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------------------------------------------------|
|                                                                                                      |   | 2011                           |                                                 |   | 2010 |   |
| Cash flows from operating activities:                                                                     |   |                           |                                                 |   |   |   |
| Net income                                                                                                |   | $                              | 79,192                                               |   |   | $ | 79,018 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                         |   |                           |                                                 |   |   |   |   |   |
| Equity in net income attributable to AllianceBernstein Unitholders                                        |   |                           | (93,803                                              | ) |   |   | (93,135 | ) |
| Cash distributions received from AllianceBernstein                                                        |   |                           | 101,981                                              |   |   |   | 125,169 |   |
| Changes in assets and liabilities:                                                                        |   |                           |                                                 |   |   |   |   |   |
| (Increase) in due from AllianceBernstein                                                                  |   |                           | (309                                                 | ) |   |   | — |   |
| (Increase) decrease in other assets                                                                       |   |                           |         (203 | ) |   |   | 10 |   |
| (Decrease) in payable to AllianceBernstein                                                                |   |                           | —                                              |   |   |   | (1,324 | ) |
| (Decrease) in other liabilities                                                                           |   |                           | (306                                                 | ) |   |   | (645 | ) |
| Net cash provided by operating activities                                                                 |   |                           | 86,552                                               |   |   |   | 109,093 |   |
|                                                                                                      |   |                           |                                                 |   |   |   |   |   |
| Cash flows from investing activities:                                                                     |   |                           |                                                 |   |   |   |   |   |
| Investments in AllianceBernstein with proceeds from exercise of compensatory options to buy Holding Units |   |                           | (1,476                                               | ) |   |   | (8,101 | ) |
| Net cash used in investing activities                                                                     |   |                           | (1,476                                               | ) |   |   | (8,101 | ) |
|                                                                                                      |   |                           |                                                 |   |   |   |   |   |
| Cash flows from financing activities:                                                                     |   |                           |                                                 |   |   |   |   |   |
| Cash distributions to unitholders                                                                         |   |                           | (86,552                                              | ) |   |   | (109,093 | ) |
| Proceeds from exercise of compensatory options to buy Holding Units                                       |   |                           | 1,476                                                |   |   |   | 8,101 |   |
| Net cash used in financing activities                                                                     |   |                           | (85,076                                              | ) |   |   | (100,992 | ) |
|                                                                                                      |   |                           |                                                 |   |   |   |   |   |
| Change in cash and cash equivalents                                                                       |   |                           | —                                              |   |   |   | — |   |
| Cash and cash equivalents as of beginning of period                                                       |   |                           | —                                              |   |   |   | — |   |
| Cash and cash equivalents as of end of period                                                             |   | $                              | —                                              |   |   | $ | — |   |
|                                                                                                      |   |                           |                                                 |   |   |   |   |   |
| Non-cash investing activities:                                                                            |   |                           |                                                 |   |   |   |   |   |
| Changes in accumulated other comprehensive income (loss)                                                  |   | $                              | 7,738                                                |   |   | $ | (11,020 | ) |
| Issuance of Holding Units to fund deferred compensation plan awards                                       |   |                           | —                                              |   |   |   | 10,700 |   |

----

Index

Notes to Condensed Financial Statements

| 1. | Business Description and Organization |
|----|---------------------------------------|

|   | • | Institutional Services – servicing its institutional clients, including unaffiliated corporate and public employee pension funds, endowment funds, domestic and foreign institutions and governments, and affiliates such as AXA and certain of its insurance company subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Retail Services – servicing its retail clients, primarily by means of retail mutual funds sponsored by AllianceBernstein or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Private Client Services – servicing its private clients, including high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Bernstein Research Services – servicing institutional investors seeking high-quality research, portfolio analysis and brokerage-related services, and issuers of publicly-traded securities seeking equity capital markets services. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Value equities, generally targeting stocks that are out of favor and considered undervalued; |
|--------|---------|----------------------------------------------------------------------------------------------|

|   | • | Growth equities, generally targeting stocks with under-appreciated growth potential; |
|--------|---------|--------------------------------------------------------------------------------------|

|   | • | Fixed income securities, including taxable and tax-exempt securities; |
|--------|---------|-----------------------------------------------------------------------|

|   | • | Blend strategies, combining style-pure investment components with systematic rebalancing; |
|--------|---------|-------------------------------------------------------------------------------------------|

|   | • | Passive management, including index and enhanced index strategies; |
|--------|---------|--------------------------------------------------------------------|

|   | • | Alternative investments, including hedge funds, fund of funds, currency management strategies and private capital (e.g., direct real estate investing); and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Asset allocation services, by which AllianceBernstein offers strategies specifically-tailored for its clients (e.g., customized target-date fund retirement services for defined contribution plan sponsors and Dynamic Asset Allocation, a service which is designed to mitigate the effects of extreme market volatility on a portfolio in order to deliver more consistent returns). |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| AXA and its subsidiaries |   |   | 60.9  | %      |
|--------------------------|--------|--------|-------|--------|
| Holding                  |   |   | 37.5  |   |
| Unaffiliated holders     |   |   | 1.6   |   |
|                     |   |   | 100.0 | %      |

| 2. | Summary of Significant Accounting Policies |
|----|--------------------------------------------|

----

Index

----

Index

| 3. | Net Income Per Unit |
|----|---------------------|

|                                                                                                                                           |   | Three Months Ended June 30,        |    |   | Six Months Ended June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|--------|--------------------------------|--------|
|                                                                                                                                           |   | 2011                                    |    |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                                                                                                                                           |   | (in thousands, except per unit amounts) |    |
|                                                                                                                                           |   |                                    |    |   |                           |   |   |   |   |   |   |   |
| Net income – basic                                                                                                                       |   | $                                       | 35,512  |   |                           | $      | 31,772 |   |   | $ | 79,192 |   |   | $ | 79,018 |   |
| Additional allocation of equity in net income attributable to AllianceBernstein resulting from assumed dilutive effect of compensatory options |   |                                    | 141     |   |                           |   | 484 |   |   |   | 379 |   |   |   | 1,109 |   |
| Net income – diluted                                                                                                                     |   | $                                       | 35,653  |   |                           | $      | 32,256 |   |   | $ | 79,571 |   |   | $ | 80,127 |   |
|                                                                                                                                           |   |                                    |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average units outstanding – basic                                                                                               |   |                                    | 103,969 |   |                           |   | 101,442 |   |   |   | 104,339 |   |   |   | 101,409 |   |
| Dilutive effect of compensatory options                                                                                                        |   |                                    | 556     |   |                           |   | 2,026 |   |   |   | 682 |   |   |   | 1,933 |   |
| Weighted average units outstanding – diluted                                                                                             |   |                                    | 104,525 |   |                           |   | 103,468 |   |   |   | 105,021 |   |   |   | 103,342 |   |
|                                                                                                                                           |   |                                    |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic net income per unit                                                                                                                      |   | $                                       | 0.34    |   |                           | $      | 0.31 |   |   | $ | 0.76 |   |   | $ | 0.78 |   |
| Diluted net income per unit                                                                                                                    |   | $                                       | 0.34    |   |                           | $      | 0.31 |   |   | $ | 0.76 |   |   | $ | 0.78 |   |

----

Index

| 4. |  Investment in AllianceBernstein |
|----|---------------------------------------|

| Investment in AllianceBernstein as of December 31, 2010                                               |   | $      | 1,786,291 |   |
|-------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
| Equity in net income attributable to AllianceBernstein Unitholders                                    |   |   | 93,803    |   |
| Changes in accumulated other comprehensive income (loss)                                              |   |   | 7,738     |   |
| Additional investments with proceeds from exercises of compensatory options to buy Holding Units, net |   |   | 1,476     |   |
| Cash distributions received from AllianceBernstein                                                    |   |   | (101,981  | )      |
| Issuance of Holding Units to AllianceBernstein to fund deferred compensation plan awards              |   |   | —   |   |
| Change in Holding Units held by AllianceBernstein for deferred compensation plans                     |   |   | (7,383    | )      |
| Investment in AllianceBernstein as of June 30, 2011                                                   |   | $      | 1,779,944 |   |

| 5. | Units Outstanding |
|----|-------------------|

| Outstanding as of December 31, 2010 |   |   | 105,086,799 |   |
|-------------------------------------|--------|--------|-------------|--------|
| Options exercised                   |   |   | 86,543      |   |
| Units issued                        |   |   | —     |   |
| Units forfeited                     |   |   | —     |   |
| Outstanding as of June 30, 2011     |   |   | 105,173,342 |   |

| 6. | Income Taxes |
|----|--------------|

| 7. | Commitments and Contingencies |
|----|-------------------------------|

----

Index

| 8. | Comprehensive Income |
|----|----------------------|

|                                           |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|------------------------------------------------|--------|----------------------------------|--------|--------|--------------------------------|--------|
|                                           |   | 2011                             |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                                           |   | (in thousands)                   |   |
|                                           |   |                             |   |   |                           |   |   |   |   |   |   |   |
| Net income                                     |   | $                                | 35,512 |   |                           | $      | 31,772 |   |   | $ | 79,192 |   |   | $ | 79,018 |   |
| Other comprehensive income (loss), net of tax: |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized gains (losses) on investments       |   |                             | 54     |   |                           |   | (458 | ) |   |   | 186 |   |   |   | (416 | ) |
| Foreign currency translation adjustment        |   |                             | 2,493  |   |                           |   | (3,771 | ) |   |   | 7,539 |   |   |   | (10,590 | ) |
| Changes in employee benefit related items      |   |                             | 36     |   |                           |   | (6 | ) |   |   | 13 |   |   |   | (14 | ) |
|                                           |   |                             | 2,583  |   |                           |   | (4,235 | ) |   |   | 7,738 |   |   |   | (11,020 | ) |
| Comprehensive income                           |   | $                                | 38,095 |   |                           | $      | 27,537 |   |   | $ | 86,930 |   |   | $ | 67,998 |   |

| 9. | Accounting Pronouncements |
|----|---------------------------|

----

Index

Report of Independent Registered Public Accounting Firm

| /s/ PricewaterhouseCoopers LLP |   |
|--------------------------------|--------|
| New York, New York             |
| July 29, 2011                  |

----

Index

| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

|                                                               |   | Three Months EndedJune 30,             |   |   |   |   |   | Six Months EndedJune 30, |   |   |   |   |
|--------------------------------------------------------------------|--------|----------------------------------------|--------|--------|--------|--------|--------|--------------------------|--------|--------|--------|--------|
|                                                               |   | 2011                                   |   |   | 2010   |   |   | % Change                 |   |   | 2011   |   |   | 2010 |   |   | % Change |   |
|                                                               |   | (in millions, except per unit amounts) |   |
|                                                               |   |                                   |   |   |   |   |   |                     |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to AllianceBernstein Unitholders           |   | $                                      | 114.1  |   |   | $      | 106.1  |                     |   |   | 7.6    | %      |   | $ | 250.6 |   |   | $ | 254.4 |   |   |   | (1.5 | )% |
| Weighted average equity ownership interest                         |   |                                   | 37.4   | %      |   |   | 36.7   | %                        |   |   |   |   |   |   | 37.4 | % |   |   | 36.6 | % |   |   |   |   |
| Equity in net income attributable to AllianceBernstein Unitholders |   | $                                      | 42.7   |   |   | $      | 38.9   |                     |   |   | 9.8    |   |   | $ | 93.8 |   |   | $ | 93.1 |   |   |   | 0.7 |   |
| Net income of Holding                                              |   | $                                      | 35.5   |   |   | $      | 31.8   |                     |   |   | 11.8   |   |   | $ | 79.2 |   |   | $ | 79.0 |   |   |   | 0.2 |   |
| Diluted net income per Holding Unit                                |   | $                                      | 0.34   |   |   | $      | 0.31   |                     |   |   | 9.7    |   |   | $ | 0.76 |   |   | $ | 0.78 |   |   |   | (2.6 | ) |
| Distribution per Holding Unit                                      |   | $                                      | 0.34   |   |   | $      | 0.31   |                     |   |   | 9.7    |   |   | $ | 0.76 |   |   | $ | 0.77 |   |   |   | (1.3 | ) |

----

Index

|                                                           |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|----------------------------------------------------------------|--------|----------------------------------|--------|--------|--------------------------------|--------|
|                                                           |   | 2011                             |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                                                           |   | (in thousands)                   |   |
|                                                           |   |                             |   |   |                           |   |   |   |   |   |   |   |
| Net income – diluted, GAAP basis                         |   | $                                | 35,653 |   |                           | $      | 32,256 |   |   | $ | 79,571 |   |   | $ | 80,127 |   |
| Impact on net income of AllianceBernstein non-GAAP adjustments |   |                             | 1,162  |   |                           |   | 6,290 |   |   |   | 440 |   |   |   | 6,657 |   |
| Adjusted net income – diluted                            |   | $                                | 36,815 |   |                           | $      | 38,546 |   |   | $ | 80,011 |   |   | $ | 86,784 |   |
|                                                           |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income per Holding Unit, GAAP basis                |   | $                                | 0.34   |   |                           | $      | 0.31 |   |   | $ | 0.76 |   |   | $ | 0.78 |   |
| Impact of AllianceBernstein non-GAAP adjustments               |   |                             | 0.01   |   |                           |   | 0.06 |   |   |   | — |   |   |   | 0.06 |   |
| Adjusted diluted net income per Holding Unit                   |   | $                                | 0.35   |   |                           | $      | 0.37 |   |   | $ | 0.76 |   |   | $ | 0.84 |   |

----

Index

|   | • | Our belief that the cash flow Holding realizes from its investment in AllianceBernstein will provide Holding with the resources necessary to meet its financial obligations: Holding’s cash flow is dependent on the quarterly cash distributions it receives from AllianceBernstein. Accordingly, Holding’s ability to meet its financial obligations is dependent on AllianceBernstein’s cash flow from its operations, which is subject to the performance of the capital markets and other factors beyond our control. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our financial condition and ability to issue public and private debt providing adequate liquidity for our general business needs: Our financial condition is dependent on our cash flow from operations, which is subject to the performance of the capital markets, our ability to maintain and grow client assets under management and other factors beyond our control. Our ability to issue public and private debt on reasonable terms, as well as the market for such debt or equity, may be limited by adverse market conditions, our profitability and changes in government regulations, including tax rates and interest rates. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The possibility that prolonged weakness in the value of client assets under management may result in impairment of goodwill: To the extent that securities valuations are depressed for prolonged periods of time or we experience significant net redemptions, client assets under management and our revenues, profitability and unit price may be adversely affected. As a result, subsequent impairment tests may be based upon different assumptions and future cash flow projections, which may result in an impairment of goodwill. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The outcome of litigation: Litigation is inherently unpredictable, and excessive damage awards do occur. Though we have stated that we do not expect certain legal proceedings to have a material adverse effect on our results of operations or financial condition, any settlement or judgment with respect to a legal proceeding could be significant, and could have such an effect. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our anticipation that the proposed 12b-1 fee-related rule changes will not have a material effect on us: The impact of this rule change is dependent upon the final rules adopted by the SEC, any phase-in or grandfathering period, and any other changes made with respect to share class distribution arrangements. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our intention to continue to engage in open market purchases of Holding Units, from time to time, to help fund anticipated obligations under our incentive compensation award program:  The number of Holding Units needed in future periods to make incentive compensation awards is dependent upon various factors, some of which are beyond our control, including the fluctuation in the price of a Holding Unit (NYSE: AB). |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our determination that adjusted employee compensation expense should not exceed 50% of our adjusted net revenues:  Aggregate employee compensation reflects employee performance and competitive compensation levels.  Fluctuations in our revenues and/or changes in competitive compensation levels could result in adjusted employee compensation expense being higher than 50% of our adjusted net revenues. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The degree to which the $89.6 million real estate charge we recorded during the third quarter of 2010 will reduce occupancy costs on existing real estate in 2011 and subsequent years:  The charge we recorded during the third quarter of 2010 and our estimates of reduced occupancy costs in future years are based on existing sub-leases, as well as our current assumptions of when we can sub-lease the remaining space and current market rental rates, which are factors largely beyond our control.  If our assumptions prove to be incorrect, we may be forced to take an additional charge and/or our estimated occupancy cost reductions may be less than we currently anticipate. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The pipeline of new institutional mandates not yet funded: Before they are funded, institutional mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be funded in the amounts and at the times currently anticipated. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Index

|   | • | Our belief that our long-term strategy is the right one and will ultimately drive stronger performance, flows and operating results: Changes and volatility in political, economic, capital market or industry conditions can result in changes in demand for our products and services or impact the value of our assets under management, all of which may significantly hinder our ability to execute on our strategy. The actual performance of the capital markets and other factors beyond our control will affect our investment success for clients and asset flows.  Furthermore, improved flows depend on a number of factors, including our ability to deliver consistent, competitive investment performance, which cannot be assured, conditions of financial markets, consultant recommendations, and changes in our clients’ investment preferences, risk tolerances and liquidity needs. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
|---------|------------------------------------------------------------|

| Item 4. | Controls and Procedures |
|---------|-------------------------|

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Index

| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| Period                    |   | (a)Total Numberof Holding UnitsPurchased |      |   | (b)Average PricePaidPer Holding Unit, net ofCommissions |   |   | (c)Total Number ofHolding Units Purchased asPart of PubliclyAnnounced Plansor Programs |   |   | (d)Maximum Number(or ApproximateDollar Value) ofHolding Units that May YetBe Purchased Underthe Plans orPrograms |   |
|---------------------------|--------|------------------------------------------|-----------|--------|---------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------|--------|
| 4/1/11 - 4/30/11(1)       |   |                                     | 1,109     |   |                                                    | $      | 21.82  |                                                                                   |   |   | —                                                                                                          |   |   |   | — |   |
| 5/1/11 – 5/31/11(2) |   |                                     | 1,442,805 |   |                                                    |   | 21.41  |                                                                                   |   |   | —                                                                                                          |   |   |   | — |   |
| 6/1/11 - 6/30/11(3) (4)   |   |                                     | 1,041,005 |   |                                                    |   | 19.62  |                                                                                   |   |   | —                                                                                                          |   |   |   | — |   |
| Total                     |   |                                     | 2,484,919 |   |                                                    | $      | 20.66  |                                                                                   |   |   | —                                                                                                          |   |   |   | — |   |

|   | (1) | During April 2011, AllianceBernstein purchased from employees 1,109 Holding Units to allow them to fulfill statutory withholding tax requirements at the time of distribution of long-term incentive compensation awards. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Between May 4, 2011 and May 31, 2011, AllianceBernstein purchased 1,442,805 Holding Units on the open market to help fund anticipated obligations under its incentive compensation award program. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | During June 2011, AllianceBernstein purchased from employees 52 Holding Units to allow them to fulfill statutory withholding tax requirements at the time of distribution of long-term incentive compensation awards. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Between June 1, 2011 and June 15, 2011, AllianceBernstein purchased 1,040,953 Holding Units on the open market to help fund anticipated obligations under its incentive compensation award program. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Index

| Period              |   | (a)Total Numberof AllianceBernstein UnitsPurchased |    |   | (b)Average PricePaid PerAllianceBernstein Unit, net ofCommissions |   |    | (c)Total Number ofAllianceBernstein Units Purchased asPart of PubliclyAnnounced Plansor Programs |   |   | (d)Maximum Number(or ApproximateDollar Value) ofAllianceBernstein Units that May YetBe Purchased Underthe Plans orPrograms |   |
|---------------------|--------|----------------------------------------------------|---------|--------|------------------------------------------------------------------------|--------|---------|--------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|
| 4/1/11 - 4/30/11    |   |                                               | — |   |                                                                   | $      | — |                                                                                             |   |   | —                                                                                                                    |   |   |   | — |   |
| 5/1/11 - 5/31/11    |   |                                               | — |   |                                                                   |   | — |                                                                                             |   |   | —                                                                                                                    |   |   |   | — |   |
| 6/1/11 - 6/30/11(1) |   |                                               | 1,200   |   |                                                                   |   | 20.05   |                                                                                             |   |   | —                                                                                                                    |   |   |   | — |   |
| Total               |   |                                               | 1,200   |   |                                                                   | $      | 20.05   |                                                                                             |   |   | —                                                                                                                    |   |   |   | — |   |

|   | (1) | During June 2011, AllianceBernstein purchased 1,200 AllianceBernstein Units in private transactions. |
|--------|-----|------------------------------------------------------------------------------------------------------|

| Item 3. | Defaults Upon Senior Securities |
|---------|---------------------------------|

| Item 4. | (Removed and Reserved) |
|---------|------------------------|

| Item 5. | Other Information |
|---------|-------------------|

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Index

| Item 6.   | Exhibits |
|---------------------|----------|

|   | 15.1 | Letter from PricewaterhouseCoopers LLP, our independent registered public accounting firm, regarding unaudited interim financial information. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.1 | Certification of Mr. Kraus furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Mr. Farrell furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of Mr. Kraus furnished for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Mr. Farrell furnished for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 99.1 | Part I, Items 1 through 4 of the AllianceBernstein L.P. Quarterly Report on Form 10-Q for the quarter ended June 30, 2011. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

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Index

SIGNATURE

| Date: July 29, 2011 | AllianceBernstein Holding l.p. |
|---------------------|--------------------------------|
|                |                           |   |   |
|                | By:                            | /s/ Edward J. Farrell |   |
|                |                           | Edward J. Farrell |   |
|                |                           | Chief Accounting Officer and |
|                |                           | Interim Chief Financial Officer |

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