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: 811-21081

ALLIANCEBERNSTEIN BLENDED STYLE SERIES, INC.

(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, 2010

Date of reporting period: February 28, 2010

ITEM 1. REPORTS TO STOCKHOLDERS.

SEMI-ANNUAL REPORT

AllianceBernstein Retirement Strategies

2000 Retirement Strategy

2005 Retirement Strategy

2010 Retirement Strategy

2015 Retirement Strategy

2020 Retirement Strategy

2025 Retirement Strategy

2030 Retirement Strategy

2035 Retirement Strategy

2040 Retirement Strategy

2045 Retirement Strategy

2050 Retirement Strategy

2055 Retirement Strategy

February 28, 2010

Semi-Annual Report

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

The investment return and principal value of an investment in the Fund 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. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our web site at www.alliancebernstein.com or call your financial advisor or AllianceBernstein^® at (800) 227-4618. Please read the prospectus carefully before you invest.

You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

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 web site at www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”) web site 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 web site 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 21, 2010

Semi-Annual Report

This report provides management’s discussion of fund performance for the AllianceBernstein Retirement Strategies (collectively, the “Strategies”) for the annual reporting period ended February 28, 2010.

Effective April 16, 2010, Inflation- Protected Securities Portfolio, one of the Underlying Portfolios in which certain of the Strategies invest, will be renamed the Bond Inflation Protection Portfolio. The Portfolio’s new non-fundamental investment objective will be “to maximize real return without assuming what the Adviser considers to be undue risk”. Consistent with the change in the Portfolio’s name, the Portfolio’s investment policy of investing at least 80% of its net assets in inflation-protected securities will be changed to a policy of investing at least 80% of its net assets in fixed-income securities. Changes to the Portfolio’s investment policies also include:

• the use of leverage through investments in reverse repurchase agreements;

• expanded flexibility to invest in derivatives, such as total return swaps;

• permitting the Portfolio to invest up to 15% of its total assets in below investment-grade fixed-income securities rated BB or B or the equivalent by at least one national ratings agency, or deemed by the Adviser to be of comparable quality; and

• permitting the Portfolio to invest in fixed-income securities of any maturity and duration.

There will be no change to the Portfolio’s benchmark, the Barclays Capital 1-10 Year Inflation Protected Securities (TIPS) Index.

Also effective at this time, a new Underlying Portfolio, the Volatility Management (“VM”) Portfolio, will be added as a component of the investment blend of certain of the Strategies. The VM Portfolio is intended to reduce portfolio volatility in the blended style investment strategies used by the Strategies. The VM Portfolio’s purpose is to reduce a Strategy’s exposure to equity securities when the VM Portfolio’s Adviser, AllianceBernstein L.P., determines that the risks in the equity markets have risen to a level that is not compensated by the potential returns offered. The VM Portfolio has the risk that it may not accomplish its purpose if the Adviser does not correctly assess the risks in the equity markets and that consequently its performance could suffer. For additional information regarding these changes, including information regarding the percentages of each Strategy invested among the Underlying Portfolios, please see the Strategies’ prospectus supplement dated February 9, 2010.

Investment Objective and Strategies

The investment objective of each Strategy is to seek the highest total return over time consistent with its asset mix. Total return includes capital growth and income. Each Strategy will seek to achieve its objective by investing in a

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 1

combination of portfolios of the AllianceBernstein Underlying Pooling Portfolios representing a variety of asset classes and investment styles (the “Underlying Portfolios”). Each Strategy is managed to the specific year of planned retirement included in its name (the “retirement date”). The Strategies’ asset mixes will become more conservative each year until reaching the year approximately fifteen years after the retirement date (the “target year”) at which time the asset allocation mix will become static. This reflects the objective of pursuing the maximum amount of capital growth, consistent with a reasonable amount of risk, during the investor’s pre-retirement and early retirement years. After the retirement date of a Strategy, that Strategy’s asset mix seeks to minimize the likelihood that an investor in that Strategy experiences a significant loss of capital at a more advanced age. The asset mix will continue to change with an increasing exposure to investments in fixed-income securities and short-term bonds until fifteen years after a Strategy’s retirement date. Thereafter, the target asset allocation for that Strategy will generally be fixed. The static allocation of a Strategy’s asset mix will be 27.5% short-duration bonds, 37.5% other fixed-income securities, 25% equities and 10% real estate investment trusts (REITs). AllianceBernstein L.P. (the “Adviser”) will allow the relative weightings of a Strategy’s asset classes to vary in response to the markets, but ordinarily only by +/-5%. Beyond those ranges, the Adviser will generally rebalance the portfolio toward the target asset

allocation for that Strategy. However, there may be occasions when those ranges will expand to 10% of the Strategy’s portfolio due to, among other things, appreciation of one of the asset classes.

Investment Results

The tables on pages 7-18 show each individual Retirement Strategy’s (RS) performance compared to its composite benchmark. Additional performance can be found on pages 20-43. Each Strategy’s composite benchmark is derived by applying the Strategies’ target allocations over time to the results of specific benchmarks as outlined in the “Benchmark Disclosures” section of Historical Performance on pages 5-6. The Multi-Asset Solutions Team (the “Team”) believes that a composite benchmark is a better benchmark for the measurement of the Adviser’s active management performance within the underlying asset classes than a broad-market benchmark. The composite benchmark matches each Strategy’s allocations directly, so that each benchmark reflects its respective Strategy at any point in time, providing a more accurate measure of each Strategy’s active management performance. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

The Strategies’ Class A shares without sales charges outperformed their respective composite benchmarks for the six- and 12-month periods ended

2 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

February 28, 2010. All Underlying Portfolios had positive absolute performance during both time periods, and most outperformed their respective benchmarks; two Underlying Portfolios underperformed for the six-month period, while four underperformed for the 12-month period. The fixed-income and Small-Mid Cap Value Underlying Portfolios were key contributors to relative performance for both periods, while the International Growth Underlying Portfolio was the chief contributor to returns for the six- month period.

For the six-month period ended February 28, 2010, the Small-Mid Cap Value, Small-Mid Cap Growth and High-Yield Underlying Portfolios posted double-digit absolute returns. The Intermediate Duration Bond and Short Duration Bond, International Growth and Small-Mid Cap Value Underlying Portfolios were leading contributors to relative performance. US Large Cap Growth and Small-Mid Cap Growth had negative relative performance. Overweights in investment-grade corporates and commercial mortgage-backed securities (CMBS) drove the premium within Intermediate Duration Bond, while strong security selection contributed the most to the International Growth and Small-Mid Cap Value Underlying Portfolios.

For the 12-month period ended February 28, 2010, the Small-Mid Cap Value and Global REIT Underlying Portfolios were the top performers on an absolute basis. However, relative performance was

driven by a number of Underlying Portfolios: Intermediate Duration Bond, Small-Mid Cap Value, International Value and High-Yield. Intermediate Duration Bond and Small-Mid Cap Value contributed the most due to overweights within investment-grade credit and CMBS within Intermediate Duration Bond and broad-based strength in stock selection within Small-Mid Cap Value. US Large Cap Growth, Global REIT, International Growth and Small-Mid Cap Growth had negative relative performance.

As of February 28, 2010, the Strategies designed for young savers—RS 2035, 2040, 2045, 2050 and 2055—had target allocations of 90% in equities, 5% in global REITs and 5% in bonds. The Strategies created for mid-life savers—RS 2015, 2020, 2025 and 2030—had target allocations ranging between 62%-83% in equities, 10%-28% in bonds and 7%-10% in global REITs for the period. As a hedge against inflation, the RS 2015 and 2020 vintages also include Inflation-Protected Securities.

The vintages intended for early retirees—RS 2000, 2005, 2010—have larger target allocations in bonds (between 35% and 55%), and target allocations in equities and global REITs comprise between 45% and 65% of these Strategies’ holdings.

Market Review and Investment Strategy

Stocks rebounded strongly from their March 2009 lows as the global economy regained its footing and investors began looking toward future

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 3

profits. Nongovernment debt also soared and outperformed government bonds as credit conditions improved. The global economic recovery broadened in late 2009, as evidence emerged that the US and the euro area had returned to positive growth. However, at the start of 2010, markets moderately retreated from their steady climb; expectations of increased financial regulation, China’s move to rein in bank lending and fiscal concerns in Greece and other European countries all served to create uncertainty for the markets.

Despite these concerns, the global economic backdrop has improved, and the Strategies continue to be diversified across a broad set of risk and return opportunities. The growth components are focused on finding

firms with sound growth characteristics, while the value components currently have significant exposure to many attractively valued, cyclically sensitive companies. The bond components maintain an overweight in investment-grade corporates and a more modest overweight in CMBS. In the Team’s view, the yield advantage of corporates over Treasuries remains attractive despite the recent narrowing. As always, the Team remains focused on achieving the Strategies’ long-term objectives: combining low correlation asset classes, blending growth and value investment styles, globalizing their holdings and ensuring that the Strategies are aligned with their strategic asset allocation targets over time through a disciplined rebalancing process.

4 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

HISTORICAL PERFORMANCE

An Important Note About the Value of Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio 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.

All fees and expenses related to the operation of the Strategies have been deducted. Strategy returns are at net asset value (NAV), without the imposition of sales charges that would apply if shares were purchased outside of a group retirement plan. NAV returns do not reflect sales charges; if sales charges were reflected, the Strategy’s quoted performance would be lower. SEC returns reflect the 4.25% maximum front-end sales charge for Class A shares. Performance assumes reinvestment of distributions and does not account for taxes. For shareholders who have purchased their shares through certain group retirement plans, which are eligible to purchase Class A, Class B, Class C, Advisor Class, Class R, Class K or Class I shares at NAV without the imposition of an initial sales charge, the following fees and charges apply: Class A shares carry no front-end sales charge or CDSC, but are subject to a 0.30% Rule 12b-1 distribution fee and Class A shares may be subject to a 1% redemption fee if a non-AllianceBernstein sponsored group retirement plan terminates a Strategy as an investment option within one year of initiation; Class R shares carry no front-end sales charges or CDSC but are subject to a 0.50% Rule 12b-1 distribution fee; Class K shares carry no front-end sales charge or CDSC but are subject to a 0.25% Rule 12b-1 distribution fee; Class I shares carry no front-end sales charges or CDSC.

Benchmark Disclosures

The composite benchmark is derived by applying the Strategies’ target allocations over time to the results of the following benchmarks: for US stocks, Russell 3000 Index; for non-US stocks, Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index; for real estate investment trusts (REITs), FTSE EPRA/NAREIT Developed RE Index; for intermediate bonds, Barclays Capital US Aggregate Index; for short-term bonds, Bank of America Merrill Lynch (BofAML) 1-3 Year Treasury Index; for Inflation-Protected Securities, Barclays Capital 1-10 Year TIPS Index; for high-yield bonds, Barclays Capital US High Yield 2% Issuer Cap Index.

The MSCI EAFE Index values are calculated using net returns. Net returns approximate the minimum possible dividend reinvestment—the dividend is reinvested after deduction of withholding tax, applying the highest rate applicable to non-resident institutional individuals who do not benefit from double taxation treaties.

None of the indices reflects fees and expenses associated with the active management of a mutual fund portfolio. The unmanaged S&P 500 Stock Index measures 500 US stocks and is a common measure of the performance of the overall US stock market. The unmanaged Russell 3000 Index is composed of 3,000 of the largest capitalized companies that are traded in the United States. The unmanaged MSCI EAFE Index is a market capitalization-weighted index that measures stock

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 5

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

performance in 21 countries in Europe, Australasia and the Far East. The Financial Times Stock Exchange (FTSE) European Public Real Estate Association (EPRA)/National Association of Real Estate Investment Trusts (NAREIT) Developed RE Index is a free-floating, market-capitalization weighted index structured in such a way that it can be considered to represent general trends in all eligible real estate stocks worldwide. The index is designed to reflect the stock performance of companies engaged in specific aspects of the North American, European and Asian real estate markets. The unmanaged Barclays Capital US Aggregate Index covers the US investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

The BofAML 1-3 Year Treasury Index is an unmanaged index composed of US government securities, including agency securities, with remaining maturities, at month end, of one to three years. The Barclays Capital 1-10 Year TIPS Index is the 1-10 year maturity component of the unmanaged US Treasury Inflation Notes Index and consists of Inflation-Protection securities issued by the US Treasury. The Barclays Capital US High Yield 2% Issuer Cap Index covers the universe of fixed- rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zeroes, step-up coupon structures, and 144-As are also included. An investor cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Strategies.

A Word About Risk

All the Retirement Strategies allocate their investments among multiple asset classes, which will include US and foreign securities, as well as equity and fixed-income securities. Within each of these, the Strategies will also allocate their investments to different types of securities, such as growth and value stocks, real estate investment trusts and corporate and US government bonds. International investing involves risks not associated with US investments, including currency fluctuations and political and economic changes. The Strategies may at times use certain types of investment derivatives such as options, futures, forwards and swaps. The use of derivatives involves specific risks and is not suitable for all investors. The Strategies systematically rebalance their allocations in these asset classes to maintain their target weightings. Systematic rebalancing does involve transactional trading costs to the portfolios. While diversification and shifting to a more conservative investment mix over time helps to manage risk, it does not guarantee earnings growth. There is the potential to lose money in any investment program. You do not have the ability to actively manage the investments within a Retirement Strategy. The portfolio managers control security selection and asset allocation. The risks associated with an investment in the Strategies are more fully described in the Strategies’ prospectus.

(Historical Performance continued on next page)

6 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2000 Retirement Strategy
Class A	6.44%	35.58%
Class B*	5.98%	34.41%
Class C	6.09%	34.55%
Advisor Class**	6.58%	35.98%
Class R**	6.26%	35.24%
Class K**	6.39%	35.50%
Class I**	6.59%	35.82%
Composite Benchmark†	5.27%	31.94%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 7

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2005 Retirement Strategy
Class A	7.12%	41.55%
Class B*	6.74%	40.60%
Class C	6.74%	40.66%
Advisor Class**	7.26%	41.90%
Class R**	6.95%	41.31%
Class K**	7.16%	41.66%
Class I**	7.23%	42.01%
Composite Benchmark†	6.11%	38.62%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

8 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2010 Retirement Strategy
Class A	7.61%	46.93%
Class B*	7.37%	46.17%
Class C	7.37%	46.17%
Advisor Class**	7.88%	47.51%
Class R**	7.57%	46.77%
Class K**	7.65%	47.10%
Class I**	7.84%	47.46%
Composite Benchmark†	6.83%	44.88%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 9

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2015 Retirement Strategy
Class A	7.87%	50.57%
Class B*	7.60%	49.29%
Class C	7.49%	49.37%
Advisor Class**	8.00%	50.88%
Class R**	7.77%	50.15%
Class K**	7.98%	50.58%
Class I**	8.06%	50.97%
Composite Benchmark†	7.02%	48.28%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

10 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2020 Retirement Strategy
Class A	8.11%	53.50%
Class B*	7.67%	52.46%
Class C	7.66%	52.37%
Advisor Class**	8.23%	53.99%
Class R**	7.93%	53.14%
Class K**	8.13%	53.56%
Class I**	8.17%	53.91%
Composite Benchmark†	7.17%	51.72%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 11

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2025 Retirement Strategy
Class A	8.21%	56.31%
Class B*	7.77%	55.15%
Class C	7.76%	55.32%
Advisor Class**	8.45%	56.85%
Class R**	8.05%	55.89%
Class K**	8.24%	56.45%
Class I**	8.26%	56.77%
Composite Benchmark†	7.35%	54.81%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

12 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2030 Retirement Strategy
Class A	8.07%	56.39%
Class B*	7.69%	55.32%
Class C	7.69%	55.32%
Advisor Class**	8.19%	56.69%
Class R**	8.00%	55.92%
Class K**	8.16%	56.44%
Class I**	8.31%	56.76%
Composite Benchmark†	7.28%	54.96%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 13

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2035 Retirement Strategy
Class A	7.65%	55.85%
Class B*	7.22%	54.54%
Class C	7.22%	54.54%
Advisor Class**	7.75%	55.94%
Class R**	7.51%	55.33%
Class K**	7.58%	55.93%
Class I**	7.74%	56.00%
Composite Benchmark†	6.96%	54.42%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

14 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2040 Retirement Strategy
Class A	7.59%	55.61%
Class B*	7.31%	54.62%
Class C	7.18%	54.62%
Advisor Class**	7.84%	56.10%
Class R**	7.50%	55.37%
Class K**	7.64%	55.76%
Class I**	7.76%	55.96%
Composite Benchmark†	6.96%	54.42%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 15

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2045 Retirement Strategy
Class A	7.68%	55.58%
Class B*	7.20%	54.45%
Class C	7.21%	54.54%
Advisor Class**	7.78%	56.12%
Class R**	7.61%	55.25%
Class K**	7.59%	55.62%
Class I**	7.76%	55.96%
Composite Benchmark†	6.96%	54.42%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

16 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2050 Retirement Strategy
Class A	7.72%	55.85%
Class B*	7.40%	55.01%
Class C	7.55%	54.90%
Advisor Class**	7.95%	56.51%
Class R**	7.61%	55.37%
Class K**	7.78%	56.04%
Class I**	8.01%	56.60%
Composite Benchmark†	6.96%	54.42%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 17

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein 2055 Retirement Strategy
Class A	7.44%	55.39%
Class B*	7.08%	54.14%
Class C	7.09%	53.93%
Advisor Class**	7.52%	55.54%
Class R**	7.21%	54.88%
Class K**	7.43%	55.13%
Class I**	7.51%	55.80%
Composite Benchmark†	6.96%	54.42%
S&P 500 Stock Index	9.32%	53.62%
Barclays Capital US Aggregate Index	3.19%	9.32%
*    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 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. †   For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

18 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

EACH UNDERLYING PORTFOLIO*† VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein US Value Portfolio	8.83%	59.48%
Russell 1000 Value Index	8.52%	56.50%
AllianceBernstein US Large Cap Growth Portfolio	8.09%	48.66%
Russell 1000 Growth Index	11.32%	54.19%
AllianceBernstein Global Real Estate Investment Portfolio	7.43%	80.15%
FTSE/EPRA NAREIT Developed RE Index	7.11%	84.55%
AllianceBernstein International Value Portfolio	1.02%	63.95%
MSCI EAFE Index	0.72%	54.58%
AllianceBernstein International Growth Portfolio	6.58%	46.30%
MSCI EAFE Index	0.72%	54.58%
MSCI EAFE Growth Index	3.89%	49.44%
AllianceBernstein Small-Mid Cap Value Portfolio	19.11%	88.87%
Russell 2500 Value Index	12.31%	69.33%
AllianceBernstein Small-Mid Cap Growth Portfolio	12.69%	65.89%
Russell 2500 Growth Index	13.34%	66.26%
AllianceBernstein Short Duration Bond Portfolio	3.85%	9.24%
BofAML 1-3 Year Treasury Index	1.23%	2.19%
AllianceBernstein Intermediate Duration Bond Portfolio	5.65%	19.96%
Barclays Capital US Aggregate Index	3.19%	9.32%
AllianceBernstein Inflation Protected Securities Portfolio	5.22%	12.12%
Barclays Capital 1-10 Year TIPS Index	4.76%	11.54%
AllianceBernstein High-Yield Portfolio	18.63%	64.52%
Barclays Capital US High Yield 2% Issuer Cap	13.86%	55.20%
*  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.     Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 19

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	35.58	%	29.75	%
Since Inception*	2.52	%	1.54	%
Class B Shares
1 Year	34.41	%	30.41	%
Since Inception*	1.76	%	1.76	%
Class C Shares
1 Year	34.55	%	33.55	%
Since Inception*	1.79	%	1.79	%
Advisor Class Shares†
1 Year	35.98	%	35.98	%
Since Inception*	2.79	%	2.79	%
Class R Shares†
1 Year	35.24	%	35.24	%
Since Inception*	2.27	%	2.27	%
Class K Shares†
1 Year	35.50	%	35.50	%
Since Inception*	2.55	%	2.55	%
Class I Shares†
1 Year	35.82	%	35.82	%
Since Inception*	2.80	%	2.80	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 2.68%, 3.47%, 3.40%, 2.36%, 2.73%, 2.46% and 2.10% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 0.86%, 1.56%, 1.56%, 0.56%, 1.06%, 0.81% and 0.56% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

20 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2000 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	27.11	%
Since Inception*	2.19	%
Class B Shares
1 Year	27.70	%
Since Inception*	2.41	%
Class C Shares
1 Year	30.84	%
Since Inception*	2.44	%
Advisor Class Shares†
1 Year	33.06	%
Since Inception*	3.44	%
Class R Shares†
1 Year	32.25	%
Since Inception*	2.92	%
Class K Shares†
1 Year	32.35	%
Since Inception*	3.20	%
Class I Shares†
1 Year	33.21	%
Since Inception*	3.47	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 21

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	41.55	%	35.47	%
Since Inception*	1.98	%	1.01	%
Class B Shares
1 Year	40.60	%	36.60	%
Since Inception*	1.28	%	1.28	%
Class C Shares
1 Year	40.66	%	39.66	%
Since Inception*	1.25	%	1.25	%
Advisor Class Shares†
1 Year	41.90	%	41.90	%
Since Inception*	2.28	%	2.28	%
Class R Shares†
1 Year	41.31	%	41.31	%
Since Inception*	1.76	%	1.76	%
Class K Shares†
1 Year	41.66	%	41.66	%
Since Inception*	2.04	%	2.04	%
Class I Shares†
1 Year	42.01	%	42.01	%
Since Inception*	2.28	%	2.28	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.83%, 2.56%, 2.55%, 1.55%, 2.10%, 1.80% and 1.46% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 0.92%, 1.62%, 1.62%, 0.62%, 1.12%, 0.87% and 0.62% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

22 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2005 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	32.39	%
Since Inception*	1.83	%
Class B Shares
1 Year	33.60	%
Since Inception*	2.10	%
Class C Shares
1 Year	36.31	%
Since Inception*	2.06	%
Advisor Class Shares†
1 Year	38.85	%
Since Inception*	3.11	%
Class R Shares†
1 Year	38.11	%
Since Inception*	2.58	%
Class K Shares†
1 Year	38.45	%
Since Inception*	2.85	%
Class I Shares†
1 Year	38.95	%
Since Inception*	3.11	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 23

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	46.93	%	40.73	%
Since Inception*	1.59	%	0.62	%
Class B Shares
1 Year	46.17	%	42.17	%
Since Inception*	0.89	%	0.89	%
Class C Shares
1 Year	46.17	%	45.17	%
Since Inception*	0.89	%	0.89	%
Advisor Class Shares†
1 Year	47.51	%	47.51	%
Since Inception*	1.89	%	1.89	%
Class R Shares†
1 Year	46.77	%	46.77	%
Since Inception*	1.39	%	1.39	%
Class K Shares†
1 Year	47.10	%	47.10	%
Since Inception*	1.65	%	1.65	%
Class I Shares†
1 Year	47.46	%	47.46	%
Since Inception*	1.89	%	1.89	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.29%, 2.02%, 2.01%, 0.99%, 1.56%, 1.24% and 0.90% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 0.94%, 1.64%, 1.64%, 0.64%, 1.14%, 0.89% and 0.64% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

24 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2010 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	37.78	%
Since Inception*	1.63	%
Class B Shares
1 Year	38.94	%
Since Inception*	1.88	%
Class C Shares
1 Year	41.94	%
Since Inception*	1.88	%
Advisor Class Shares†
1 Year	44.58	%
Since Inception*	2.91	%
Class R Shares†
1 Year	43.70	%
Since Inception*	2.39	%
Class K Shares†
1 Year	44.03	%
Since Inception*	2.64	%
Class I Shares†
1 Year	44.54	%
Since Inception*	2.90	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 25

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	50.57	%	44.27	%
Since Inception*	1.19	%	0.22	%
Class B Shares
1 Year	49.29	%	45.29	%
Since Inception*	0.50	%	0.50	%
Class C Shares
1 Year	49.37	%	48.37	%
Since Inception*	0.47	%	0.47	%
Advisor Class Shares†
1 Year	50.88	%	50.88	%
Since Inception*	1.48	%	1.48	%
Class R Shares†
1 Year	50.15	%	50.15	%
Since Inception*	0.97	%	0.97	%
Class K Shares†
1 Year	50.58	%	50.58	%
Since Inception*	1.24	%	1.24	%
Class I Shares†
1 Year	50.97	%	50.97	%
Since Inception*	1.50	%	1.50	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.22%, 1.96%, 1.96%, 0.92%, 1.53%, 1.23% and 0.87% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 0.98%, 1.68%, 1.68%, 0.68%, 1.18%, 0.93% and 0.68% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

26 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2015 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	40.99	%
Since Inception*	1.32	%
Class B Shares
1 Year	42.17	%
Since Inception*	1.58	%
Class C Shares
1 Year	45.39	%
Since Inception*	1.58	%
Advisor Class Shares†
1 Year	47.61	%
Since Inception*	2.59	%
Class R Shares†
1 Year	46.94	%
Since Inception*	2.07	%
Class K Shares†
1 Year	47.38	%
Since Inception*	2.32	%
Class I Shares†
1 Year	47.54	%
Since Inception*	2.58	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 27

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	53.50	%	47.06	%
Since Inception*	0.62	%	-0.34	%
Class B Shares
1 Year	52.46	%	48.46	%
Since Inception*	-0.09	%	-0.09	%
Class C Shares
1 Year	52.37	%	51.37	%
Since Inception*	-0.07	%	-0.07	%
Advisor Class Shares†
1 Year	53.99	%	53.99	%
Since Inception*	0.94	%	0.94	%
Class R Shares†
1 Year	53.14	%	53.14	%
Since Inception*	0.43	%	0.43	%
Class K Shares†
1 Year	53.56	%	53.56	%
Since Inception*	0.68	%	0.68	%
Class I Shares†
1 Year	53.91	%	53.91	%
Since Inception*	0.91	%	0.91	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.22%, 1.96%, 1.95%, 0.92%, 1.52%, 1.20% and 0.88% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.02%, 1.72%, 1.72%, 0.72%, 1.22%, 0.97% and 0.72% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

28 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2020 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	44.48	%
Since Inception*	0.88	%
Class B Shares
1 Year	45.62	%
Since Inception*	1.11	%
Class C Shares
1 Year	48.78	%
Since Inception*	1.14	%
Advisor Class Shares†
1 Year	51.30	%
Since Inception*	2.15	%
Class R Shares†
1 Year	50.54	%
Since Inception*	1.63	%
Class K Shares†
1 Year	50.88	%
Since Inception*	1.89	%
Class I Shares†
1 Year	51.23	%
Since Inception*	2.12	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 29

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	56.31	%	49.66	%
Since Inception*	0.68	%	-0.28	%
Class B Shares
1 Year	55.15	%	51.15	%
Since Inception*	-0.06	%	-0.06	%
Class C Shares
1 Year	55.32	%	54.32	%
Since Inception*	-0.04	%	-0.04	%
Advisor Class Shares†
1 Year	56.85	%	56.85	%
Since Inception*	0.97	%	0.97	%
Class R Shares†
1 Year	55.89	%	55.89	%
Since Inception*	0.47	%	0.47	%
Class K Shares†
1 Year	56.45	%	56.45	%
Since Inception*	0.71	%	0.71	%
Class I Shares†
1 Year	56.77	%	56.77	%
Since Inception*	0.97	%	0.97	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.33%, 2.09%, 2.07%, 1.03%, 1.59%, 1.28% and 0.96% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.04%, 1.74%, 1.74%, 0.74%, 1.24%, 0.99% and 0.74% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

30 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2025 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	47.02	%
Since Inception*	1.03	%
Class B Shares
1 Year	48.63	%
Since Inception*	1.26	%
Class C Shares
1 Year	51.54	%
Since Inception*	1.28	%
Advisor Class Shares†
1 Year	54.07	%
Since Inception*	2.27	%
Class R Shares†
1 Year	53.14	%
Since Inception*	1.77	%
Class K Shares†
1 Year	53.68	%
Since Inception*	2.00	%
Class I Shares†
1 Year	54.16	%
Since Inception*	2.28	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 31

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	56.39	%	49.65	%
Since Inception*	0.06	%	-0.89	%
Class B Shares
1 Year	55.32	%	51.32	%
Since Inception*	-0.67	%	-0.67	%
Class C Shares
1 Year	55.32	%	54.32	%
Since Inception*	-0.67	%	-0.67	%
Advisor Class Shares†
1 Year	56.69	%	56.69	%
Since Inception*	0.35	%	0.35	%
Class R Shares†
1 Year	55.92	%	55.92	%
Since Inception*	-0.11	%	-0.11	%
Class K Shares†
1 Year	56.44	%	56.44	%
Since Inception*	0.10	%	0.10	%
Class I Shares†
1 Year	56.76	%	56.76	%
Since Inception*	0.34	%	0.34	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.37%, 2.13%, 2.11%, 1.07%, 1.62%, 1.31% and 0.98% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01%, and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

32 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2030 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	47.05	%
Since Inception*	0.48	%
Class B Shares
1 Year	48.66	%
Since Inception*	0.69	%
Class C Shares
1 Year	51.66	%
Since Inception*	0.69	%
Advisor Class Shares†
1 Year	53.95	%
Since Inception*	1.71	%
Class R Shares†
1 Year	53.27	%
Since Inception*	1.24	%
Class K Shares†
1 Year	53.53	%
Since Inception*	1.44	%
Class I Shares†
1 Year	54.02	%
Since Inception*	1.70	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 33

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	55.85	%	49.34	%
Since Inception*	-0.24	%	-1.20	%
Class B Shares
1 Year	54.54	%	50.54	%
Since Inception*	-0.97	%	-0.97	%
Class C Shares
1 Year	54.54	%	53.54	%
Since Inception*	-0.97	%	-0.97	%
Advisor Class Shares†
1 Year	55.94	%	55.94	%
Since Inception*	0.02	%	0.02	%
Class R Shares†
1 Year	55.33	%	55.33	%
Since Inception*	-0.49	%	-0.49	%
Class K Shares†
1 Year	55.93	%	55.93	%
Since Inception*	-0.21	%	-0.21	%
Class I Shares†
1 Year	56.00	%	56.00	%
Since Inception*	0.03	%	0.03	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.47%, 2.23%, 2.21%, 1.17%, 1.69%, 1.39% and 1.06% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01% and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

34 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2035 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	46.05	%
Since Inception*	0.18	%
Class B Shares
1 Year	47.82	%
Since Inception*	0.42	%
Class C Shares
1 Year	50.82	%
Since Inception*	0.42	%
Advisor Class Shares†
1 Year	53.29	%
Since Inception*	1.43	%
Class R Shares†
1 Year	52.34	%
Since Inception*	0.89	%
Class K Shares†
1 Year	52.85	%
Since Inception*	1.19	%
Class I Shares†
1 Year	53.35	%
Since Inception*	1.45	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 35

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	55.61	%	49.01	%
Since Inception*	0.02	%	-0.93	%
Class B Shares
1 Year	54.62	%	50.62	%
Since Inception*	-0.67	%	-0.67	%
Class C Shares
1 Year	54.62	%	53.62	%
Since Inception*	-0.67	%	-0.67	%
Advisor Class Shares†
1 Year	56.10	%	56.10	%
Since Inception*	0.32	%	0.32	%
Class R Shares†
1 Year	55.37	%	55.37	%
Since Inception*	-0.17	%	-0.17	%
Class K Shares†
1 Year	55.76	%	55.76	%
Since Inception*	0.08	%	0.08	%
Class I Shares†
1 Year	55.96	%	55.96	%
Since Inception*	0.32	%	0.32	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.55%, 2.31%, 2.32%, 1.25%, 1.74%, 1.43% and 1.11% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01% and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

36 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2040 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	46.33	%
Since Inception*	0.46	%
Class B Shares
1 Year	47.86	%
Since Inception*	0.72	%
Class C Shares
1 Year	50.62	%
Since Inception*	0.72	%
Advisor Class Shares†
1 Year	53.25	%
Since Inception*	1.70	%
Class R Shares†
1 Year	52.52	%
Since Inception*	1.23	%
Class K Shares†
1 Year	52.91	%
Since Inception*	1.48	%
Class I Shares†
1 Year	53.29	%
Since Inception*	1.73	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 37

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	55.58	%	48.91	%
Since Inception*	-0.13	%	-1.08	%
Class B Shares
1 Year	54.45	%	50.45	%
Since Inception*	-0.84	%	-0.84	%
Class C Shares
1 Year	54.54	%	53.54	%
Since Inception*	-0.87	%	-0.87	%
Advisor Class Shares†
1 Year	56.12	%	56.12	%
Since Inception*	0.15	%	0.15	%
Class R Shares†
1 Year	55.25	%	55.25	%
Since Inception*	-0.34	%	-0.34	%
Class K Shares†
1 Year	55.62	%	55.62	%
Since Inception*	-0.10	%	-0.10	%
Class I Shares†
1 Year	55.96	%	55.96	%
Since Inception*	0.13	%	0.13	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.80%, 2.62%, 2.57%, 1.50%, 1.94%, 1.64% and 1.31% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01% and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 9/1/05 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

38 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2045 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	46.33	%
Since Inception*	0.32	%
Class B Shares
1 Year	47.79	%
Since Inception*	0.55	%
Class C Shares
1 Year	50.63	%
Since Inception*	0.52	%
Advisor Class Shares†
1 Year	53.12	%
Since Inception*	1.54	%
Class R Shares†
1 Year	52.35	%
Since Inception*	1.04	%
Class K Shares†
1 Year	52.88	%
Since Inception*	1.30	%
Class I Shares†
1 Year	53.23	%
Since Inception*	1.53	%

* Inception Date: 9/1/05 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 39

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	55.85	%	49.12	%
Since Inception*	-8.39	%	-9.86	%
Class B Shares
1 Year	55.01	%	51.01	%
Since Inception*	-9.02	%	-9.68	%
Class C Shares
1 Year	54.90	%	53.90	%
Since Inception*	-8.98	%	-8.98	%
Advisor Class Shares†
1 Year	56.51	%	56.51	%
Since Inception*	-8.13	%	-8.13	%
Class R Shares†
1 Year	55.37	%	55.37	%
Since Inception*	-8.60	%	-8.60	%
Class K Shares†
1 Year	56.04	%	56.04	%
Since Inception*	-8.29	%	-8.29	%
Class I Shares†
1 Year	56.60	%	56.60	%
Since Inception*	-8.12	%	-8.12	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 7.15%, 8.68%, 8.09%, 6.79%, 6.42%, 6.18% and 6.06% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01% and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 6/29/07 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

40 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2010)
	SEC Returns
Class A Shares
1 Year	46.21	%
Since Inception*	-7.47	%
Class B Shares
1 Year	47.81	%
Since Inception*	-7.32	%
Class C Shares
1 Year	51.00	%
Since Inception*	-6.62	%
Advisor Class Shares†
1 Year	53.38	%
Since Inception*	-5.71	%
Class R Shares†
1 Year	52.90	%
Since Inception*	-6.17	%
Class K Shares†
1 Year	53.07	%
Since Inception*	-5.90	%
Class I Shares†
1 Year	53.31	%
Since Inception*	-5.74	%

* Inception Date: 6/29/07 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 41

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	55.39	%	48.81	%
Since Inception*	-9.16	%	-10.61	%
Class B Shares
1 Year	54.14	%	50.14	%
Since Inception*	-9.79	%	-10.44	%
Class C Shares
1 Year	53.93	%	52.93	%
Since Inception*	-9.83	%	-9.83	%
Advisor Class Shares†
1 Year	55.54	%	55.54	%
Since Inception*	-8.95	%	-8.95	%
Class R Shares†
1 Year	54.88	%	54.88	%
Since Inception*	-9.39	%	-9.39	%
Class K Shares†
1 Year	55.13	%	55.13	%
Since Inception*	-9.09	%	-9.09	%
Class I Shares†
1 Year	55.80	%	55.80	%
Since Inception*	-8.88	%	-8.88	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 23.07%, 24.69%, 24.83%, 22.49%, 20.54%, 19.88% and 19.89% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01% and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’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 net and gross 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, and may be higher or lower than those shown. 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: 6/29/07 for all share classes.

† These share classes are offered at net asset value (NAV) to eligible investors and their SEC returns are the same as their 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

42 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2055 RETIREMENT 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, 2010)
	SEC Returns
Class A Shares
1 Year	45.86	%
Since Inception*	-8.21	%
Class B Shares
1 Year	47.27	%
Since Inception*	-8.06	%
Class C Shares
1 Year	50.37	%
Since Inception*	-7.45	%
Advisor Class Shares†
1 Year	52.72	%
Since Inception*	-6.52	%
Class R Shares†
1 Year	52.10	%
Since Inception*	-6.98	%
Class K Shares†
1 Year	52.55	%
Since Inception*	-6.66	%
Class I Shares†
1 Year	52.89	%
Since Inception*	-6.45	%

* Inception Date: 6/29/07 for all share classes.

† 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 advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. The inception date for these share classes is listed above.

See Historical Performance disclosures on pages 5-6.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 43

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS FOR THE UNDERLYING  PORTFOLIOS^~ AS OF FEBRUARY 28, 2010
	NAV/SEC Returns†
AllianceBernstein US Value Portfolio
1 Year	59.48	%
Since Inception*	-1.47	%
AllianceBernstein US Large Cap Growth Portfolio
1 Year	48.66	%
Since Inception*	1.68	%
AllianceBernstein Global Real Estate Investment Portfolio
1 Year	80.15	%
Since Inception*	2.47	%
AllianceBernstein International Value Portfolio
1 Year	63.95	%
Since Inception*	2.17	%
AllianceBernstein International Growth Portfolio
1 Year	46.30	%
Since Inception*	1.10	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year	88.87	%
Since Inception*	4.57	%
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year	65.89	%
Since Inception*	5.68	%
AllianceBernstein Short Duration Bond Portfolio
1 Year	9.24	%
Since Inception*	3.20	%
AllianceBernstein Intermediate Duration Bond Portfolio
1 Year	19.96	%
Since Inception*	5.76	%
AllianceBernstein Inflation Protected Securities Portfolio
1 Year	12.12	%
Since Inception*	5.00	%
AllianceBernstein High-Yield Portfolio
1 Year	64.52	%
Since Inception*	7.73	%

^ 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. The Underlying Portfolios are not currently offered for direct investment from the general public.

~ The Underlying Portfolios do not bear sales charges or management fees.

† These Portfolios are offered at net asset value (NAV) and their SEC returns are the same as their NAV returns. The Underlying Portfolios can be purchased at the relevant net asset value (NAV) without a sales charge or other fee. However, there may be sales charges in connection with purchases of other AllianceBernstein funds which invest in these Underlying Portfolios.

* Inception date: 5/20/05 for all Portfolios.

See Historical Performance disclosures on pages 5-6.

44 •  ALLIANCEBERNSTEIN RETIREMENT 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, 2010)
	NAV/SEC Returns†
AllianceBernstein US Value Portfolio
1 Year	54.54	%
Since Inception*	-0.10
AllianceBernstein US Large Cap Growth Portfolio
1 Year	45.32	%
Since Inception*	2.86	%
AllianceBernstein Global Real Estate Investment Portfolio
1 Year	76.68	%
Since Inception*	3.74	%
AllianceBernstein International Value Portfolio
1 Year	62.38	%
Since Inception*	3.74	%
AllianceBernstein International Growth Portfolio
1 Year	48.07	%
Since Inception*	2.45	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year	85.08	%
Since Inception*	6.35	%
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year	60.99	%
Since Inception*	7.24	%
AllianceBernstein Short Duration Bond Portfolio
1 Year	8.87	%
Since Inception*	3.17	%
AllianceBernstein Intermediate Duration Bond Portfolio
1 Year	17.88	%
Since Inception*	5.72	%
AllianceBernstein Inflation Protected Securities Portfolio
1 Year	6.96	%
Since Inception*	4.89	%
AllianceBernstein High-Yield Portfolio
1 Year	66.00	%
Since Inception*	8.45	%

^ 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 net asset value (NAV) and their SEC returns are the same as their NAV returns. The Underlying Portfolios can be purchased at the relevant net asset value (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 for all Portfolios.

See Historical Performance disclosures on pages 5-6.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 45

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.

46 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2000 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,064.37	$	4.25	0.83	%
Hypothetical**	$	1,000	$	1,020.68	$	4.16	0.83	%
Class B
Actual	$	1,000	$	1,059.79	$	7.81	1.53	%
Hypothetical**	$	1,000	$	1,017.21	$	7.65	1.53	%
Class C
Actual	$	1,000	$	1,060.89	$	7.82	1.53	%
Hypothetical**	$	1,000	$	1,017.21	$	7.65	1.53	%
Advisor Class
Actual	$	1,000	$	1,065.80	$	2.71	0.53	%
Hypothetical**	$	1,000	$	1,022.17	$	2.66	0.53	%
Class R
Actual	$	1,000	$	1,062.62	$	5.27	1.03	%
Hypothetical**	$	1,000	$	1,019.69	$	5.16	1.03	%
Class K
Actual	$	1,000	$	1,063.89	$	3.99	0.78	%
Hypothetical**	$	1,000	$	1,020.93	$	3.91	0.78	%
Class I
Actual	$	1,000	$	1,065.87	$	2.71	0.53	%
Hypothetical**	$	1,000	$	1,022.17	$	2.66	0.53	%

2005 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,071.20	$	4.57	0.89	%
Hypothetical**	$	1,000	$	1,020.38	$	4.46	0.89	%
Class B
Actual	$	1,000	$	1,067.36	$	8.15	1.59	%
Hypothetical**	$	1,000	$	1,016.91	$	7.95	1.59	%
Class C
Actual	$	1,000	$	1,067.44	$	8.15	1.59	%
Hypothetical**	$	1,000	$	1,016.91	$	7.95	1.59	%
Advisor Class
Actual	$	1,000	$	1,072.63	$	3.03	0.59	%
Hypothetical**	$	1,000	$	1,021.87	$	2.96	0.59	%
Class R
Actual	$	1,000	$	1,069.47	$	5.59	1.09	%
Hypothetical**	$	1,000	$	1,019.39	$	5.46	1.09	%
Class K
Actual	$	1,000	$	1,071.64	$	4.31	0.84	%
Hypothetical**	$	1,000	$	1,020.63	$	4.21	0.84	%
Class I
Actual	$	1,000	$	1,072.31	$	3.03	0.59	%
Hypothetical**	$	1,000	$	1,021.87	$	2.96	0.59	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 47

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2010 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,076.14	$	4.68	0.91	%
Hypothetical**	$	1,000	$	1,020.28	$	4.56	0.91	%
Class B
Actual	$	1,000	$	1,073.69	$	8.28	1.61	%
Hypothetical**	$	1,000	$	1,016.81	$	8.05	1.61	%
Class C
Actual	$	1,000	$	1,073.69	$	8.28	1.61	%
Hypothetical**	$	1,000	$	1,016.81	$	8.05	1.61	%
Advisor Class
Actual	$	1,000	$	1,078.79	$	3.14	0.61	%
Hypothetical**	$	1,000	$	1,021.77	$	3.06	0.61	%
Class R
Actual	$	1,000	$	1,075.74	$	5.71	1.11	%
Hypothetical**	$	1,000	$	1,019.29	$	5.56	1.11	%
Class K
Actual	$	1,000	$	1,076.55	$	4.43	0.86	%
Hypothetical**	$	1,000	$	1,020.53	$	4.31	0.86	%
Class I
Actual	$	1,000	$	1,078.45	$	3.14	0.61	%
Hypothetical**	$	1,000	$	1,021.77	$	3.06	0.61	%

2015 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,078.70	$	4.90	0.95	%
Hypothetical**	$	1,000	$	1,020.08	$	4.76	0.95	%
Class B
Actual	$	1,000	$	1,076.03	$	8.49	1.65	%
Hypothetical**	$	1,000	$	1,016.61	$	8.25	1.65	%
Class C
Actual	$	1,000	$	1,074.87	$	8.49	1.65	%
Hypothetical**	$	1,000	$	1,016.61	$	8.25	1.65	%
Advisor Class
Actual	$	1,000	$	1,079.98	$	3.35	0.65	%
Hypothetical**	$	1,000	$	1,021.57	$	3.26	0.65	%
Class R
Actual	$	1,000	$	1,077.70	$	5.92	1.15	%
Hypothetical**	$	1,000	$	1,019.09	$	5.76	1.15	%
Class K
Actual	$	1,000	$	1,079.81	$	4.64	0.90	%
Hypothetical**	$	1,000	$	1,020.33	$	4.51	0.90	%
Class I
Actual	$	1,000	$	1,080.58	$	3.35	0.65	%
Hypothetical**	$	1,000	$	1,021.57	$	3.26	0.65	%

48 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2020 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,081.10	$	5.11	0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96	0.99	%
Class B
Actual	$	1,000	$	1,076.71	$	8.70	1.69	%
Hypothetical**	$	1,000	$	1,016.41	$	8.45	1.69	%
Class C
Actual	$	1,000	$	1,076.61	$	8.70	1.69	%
Hypothetical**	$	1,000	$	1,016.41	$	8.45	1.69	%
Advisor Class
Actual	$	1,000	$	1,082.32	$	3.56	0.69	%
Hypothetical**	$	1,000	$	1,021.37	$	3.46	0.69	%
Class R
Actual	$	1,000	$	1,079.27	$	6.13	1.19	%
Hypothetical**	$	1,000	$	1,018.89	$	5.96	1.19	%
Class K
Actual	$	1,000	$	1,081.28	$	4.85	0.94	%
Hypothetical**	$	1,000	$	1,020.13	$	4.71	0.94	%
Class I
Actual	$	1,000	$	1,081.70	$	3.56	0.69	%
Hypothetical**	$	1,000	$	1,021.37	$	3.46	0.69	%

2025 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,082.14	$	5.21	1.01	%
Hypothetical**	$	1,000	$	1,019.79	$	5.06	1.01	%
Class B
Actual	$	1,000	$	1,077.66	$	8.81	1.71	%
Hypothetical**	$	1,000	$	1,016.31	$	8.55	1.71	%
Class C
Actual	$	1,000	$	1,077.57	$	8.81	1.71	%
Hypothetical**	$	1,000	$	1,016.31	$	8.55	1.71	%
Advisor Class
Actual	$	1,000	$	1,084.50	$	3.67	0.71	%
Hypothetical**	$	1,000	$	1,021.27	$	3.56	0.71	%
Class R
Actual	$	1,000	$	1,080.54	$	6.24	1.21	%
Hypothetical**	$	1,000	$	1,018.79	$	6.06	1.21	%
Class K
Actual	$	1,000	$	1,082.42	$	4.96	0.96	%
Hypothetical**	$	1,000	$	1,020.03	$	4.81	0.96	%
Class I
Actual	$	1,000	$	1,082.62	$	3.67	0.71	%
Hypothetical**	$	1,000	$	1,021.27	$	3.56	0.71	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 49

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2030 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,080.69	$	5.37	1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21	1.04	%
Class B
Actual	$	1,000	$	1,076.89	$	8.96	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Class C
Actual	$	1,000	$	1,076.89	$	8.96	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Advisor Class
Actual	$	1,000	$	1,081.91	$	3.82	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%
Class R
Actual	$	1,000	$	1,080.03	$	6.40	1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21	1.24	%
Class K
Actual	$	1,000	$	1,081.57	$	5.11	0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96	0.99	%
Class I
Actual	$	1,000	$	1,083.07	$	3.82	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%

2035 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,076.48	$	5.35	1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21	1.04	%
Class B
Actual	$	1,000	$	1,072.20	$	8.94	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Class C
Actual	$	1,000	$	1,072.20	$	8.94	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Advisor Class
Actual	$	1,000	$	1,077.55	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%
Class R
Actual	$	1,000	$	1,075.08	$	6.38	1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21	1.24	%
Class K
Actual	$	1,000	$	1,075.77	$	5.10	0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96	0.99	%
Class I
Actual	$	1,000	$	1,077.42	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%

50 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2040 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,075.92	$	5.35	1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21	1.04	%
Class B
Actual	$	1,000	$	1,073.12	$	8.94	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Class C
Actual	$	1,000	$	1,071.84	$	8.94	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Advisor Class
Actual	$	1,000	$	1,078.42	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%
Class R
Actual	$	1,000	$	1,075.05	$	6.38	1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21	1.24	%
Class K
Actual	$	1,000	$	1,076.36	$	5.10	0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96	0.99	%
Class I
Actual	$	1,000	$	1,077.62	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%

2045 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,076.84	$	5.36	1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21	1.04	%
Class B
Actual	$	1,000	$	1,071.98	$	8.94	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Class C
Actual	$	1,000	$	1,072.06	$	8.94	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Advisor Class
Actual	$	1,000	$	1,077.82	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%
Class R
Actual	$	1,000	$	1,076.13	$	6.38	1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21	1.24	%
Class K
Actual	$	1,000	$	1,075.93	$	5.10	0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96	0.99	%
Class I
Actual	$	1,000	$	1,077.58	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 51

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2050 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,077.25	$	5.36	1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21	1.04	%
Class B
Actual	$	1,000	$	1,074.02	$	8.95	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Class C
Actual	$	1,000	$	1,075.45	$	8.95	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Advisor Class
Actual	$	1,000	$	1,079.48	$	3.82	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%
Class R
Actual	$	1,000	$	1,076.12	$	6.38	1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21	1.24	%
Class K
Actual	$	1,000	$	1,077.77	$	5.10	0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96	0.99	%
Class I
Actual	$	1,000	$	1,080.07	$	3.82	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%

2055 Retirement Strategy

	Beginning Account Value September 1, 2009		Ending Account Value February 28, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,074.38	$	5.35	1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21	1.04	%
Class B
Actual	$	1,000	$	1,070.80	$	8.93	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Class C
Actual	$	1,000	$	1,070.90	$	8.93	1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70	1.74	%
Advisor Class
Actual	$	1,000	$	1,075.24	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%
Class R
Actual	$	1,000	$	1,072.07	$	6.37	1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21	1.24	%
Class K
Actual	$	1,000	$	1,074.31	$	5.09	0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96	0.99	%
Class I
Actual	$	1,000	$	1,075.09	$	3.81	0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71	0.74	%

* Expenses are equal to each Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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.

52 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

2000 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $28,069

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.87%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 53

Portfolio Summary

2005 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $43,433

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.49%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

54 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2010 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $174,877

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.12%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 55

Portfolio Summary

2015 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $319,529

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.11%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

56 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2020 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $381,742

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.09%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 57

Portfolio Summary

2025 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $329,281

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.06%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

58 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2030 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $275,789

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.04%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 59

Portfolio Summary

2035 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $192,632

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.05%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

60 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2040 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $162,786

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.05%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 61

Portfolio Summary

2045 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $107,091

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.05%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

62 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2050 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $14,179

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.04%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 63

Portfolio Summary

2055 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $3,288

* All data are as of February 28, 2010. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

Through its investments in the Underlying Portfolios, the Strategy currently has exposure to investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the Strategy’s total exposure to subprime investments was 0.05%. These investments are valued in accordance with the Underlying Portfolios’ Valuation Policies.

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 221-323. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

64 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

STATEMENT OF NET ASSETS

February 28, 2010 (unaudited)

	2000 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein Intermediate Duration Bond (shares of 533,205)	$	5,492,014
AllianceBernstein Short Duration Bond (shares of 534,404)		5,060,809
AllianceBernstein Inflation Protected Securities (shares of 409,977)		4,222,764
AllianceBernstein U.S. Value (shares of 371,644)		2,883,954
AllianceBernstein U.S. Large Cap Growth (shares of 289,808)		2,880,688
AllianceBernstein Global Real Estate Investment (shares of 346,876)		2,830,512
AllianceBernstein International Value (shares of 194,343)		1,467,291
AllianceBernstein International Growth (shares of 172,980)		1,458,219
AllianceBernstein High-Yield (shares of 73,361)		705,737
AllianceBernstein Small-Mid Cap Value (shares of 59,414)		570,968
AllianceBernstein Small-Mid Cap Growth (shares of 48,829)		559,576
Total investments (cost $26,054,518)		28,132,532
Receivable for investments sold		72,881
Receivable for capital stock sold		29,260
Receivable due from Adviser		14,478
Total assets		28,249,151
Liabilities
Payable for capital stock redeemed		94,605
Registration fee payable		26,608
Audit fee payable		18,723
Legal fee payable		14,902
Distribution fee payable		5,846
Transfer Agent fee payable		3,569
Accrued expenses		16,000
Total liabilities		180,253
Net Assets	$	28,068,898
Composition of Net Assets
Capital stock, at par	$	2,921
Additional paid-in capital		30,424,572
Undistributed net investment income		70,324
Accumulated net realized loss on investment transactions		(4,506,933	)
Net unrealized appreciation on investments		2,078,014
	$	28,068,898

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	6,732,833	690,892	$	9.75	*
B	$	136,807	14,185	$	9.64
C	$	871,279	90,300	$	9.65
Advisor	$	859,586	87,871	$	9.78
R	$	1,806,366	187,689	$	9.62
K	$	15,473,082	1,621,345	$	9.54
I	$	2,188,945	228,915	$	9.56

* The maximum offering price per share for Class A shares was $10.18 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 65

Statement of Net Assets

	2005 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein Intermediate Duration Bond (shares of 679,673)	$	7,000,630
AllianceBernstein Inflation Protected Securities (shares of 634,989)		6,540,381
AllianceBernstein U.S. Value (shares of 728,183)		5,650,703
AllianceBernstein U.S. Large Cap Growth (shares of 567,526)		5,641,203
AllianceBernstein Global Real Estate Investment (shares of 536,763)		4,379,989
AllianceBernstein Short Duration Bond (shares of 414,044)		3,920,997
AllianceBernstein International Value (shares of 386,008)		2,914,361
AllianceBernstein International Growth (shares of 343,571)		2,896,305
AllianceBernstein High-Yield (shares of 226,646)		2,180,335
AllianceBernstein Small-Mid Cap Growth (shares of 104,395)		1,196,366
AllianceBernstein Small-Mid Cap Value (shares of 124,360)		1,195,100
Total investments (cost $42,296,580)		43,516,370
Receivable for capital stock sold		39,822
Receivable for investments sold		16,744
Receivable due from Adviser		6,014
Total assets		43,578,950
Liabilities
Payable for capital stock redeemed		55,186
Registration fee payable		26,891
Audit fee payable		18,723
Legal fee payable		14,364
Distribution fee payable		10,159
Transfer Agent fee payable		3,565
Accrued expenses		16,651
Total liabilities		145,539
Net Assets	$	43,433,411
Composition of Net Assets
Capital stock, at par	$	4,683
Additional paid-in capital		52,791,389
Distributions in excess of net investment income		(54,701	)
Accumulated net realized loss on investment transactions		(10,527,750	)
Net unrealized appreciation on investments		1,219,790
	$	43,433,411

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	23,939,581	2,578,817	$	9.28	*
B	$	435,400	47,098	$	9.24
C	$	680,621	73,746	$	9.23
Advisor	$	680,182	72,967	$	9.32
R	$	3,349,664	362,443	$	9.24
K	$	12,586,148	1,357,690	$	9.27
I	$	1,761,815	189,801	$	9.28

* The maximum offering price per share for Class A shares was $9.69 which reflects a sales charge of 4.25%.

See notes to financial statements.

66 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Net Assets

	2010 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 3,522,081)	$	27,331,350
AllianceBernstein U.S. Large Cap Growth (shares of 2,742,135)		27,256,819
AllianceBernstein Intermediate Duration Bond (shares of 2,356,886)		24,275,931
AllianceBernstein Inflation Protected Securities (shares of 2,342,930)		24,132,180
AllianceBernstein Global Real Estate Investment (shares of 2,175,425)		17,751,469
AllianceBernstein International Growth (shares of 1,705,195)		14,374,794
AllianceBernstein International Value (shares of 1,885,607)		14,236,332
AllianceBernstein High-Yield (shares of 1,273,836)		12,254,301
AllianceBernstein Small-Mid Cap Value (shares of 700,734)		6,734,050
AllianceBernstein Small-Mid Cap Growth (shares of 581,612)		6,665,276
Total investments (cost $186,199,508)		175,012,502
Receivable for capital stock sold		309,032
Total assets		175,321,534
Liabilities
Payable for capital stock redeemed		151,015
Payable for investments purchased		84,338
Distribution fee payable		35,576
Advisory fee payable		32,108
Administrative fee payable		31,121
Transfer Agent out of pocket fee payable		27,817
Registration fees		23,492
Transfer Agent fee payable		8,491
Accrued expenses		50,349
Total liabilities		444,307
Net Assets	$	174,877,227
Composition of Net Assets
Capital stock, at par	$	19,083
Additional paid-in capital		213,725,373
Distributions in excess of net investment income		(40,960	)
Accumulated net realized loss on investment transactions		(27,639,263	)
Net unrealized depreciation on investments		(11,187,006	)
	$	174,877,227

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	64,184,666	7,011,486	$	9.15	*
B	$	888,927	97,677	$	9.10
C	$	2,044,864	224,805	$	9.10
Advisor	$	13,210,124	1,437,188	$	9.19
R	$	16,869,780	1,845,764	$	9.14
K	$	64,182,328	6,996,962	$	9.17
I	$	13,496,538	1,469,548	$	9.18

* The maximum offering price per share for Class A shares was $9.56 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 67

Statement of Net Assets

	2015 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 7,014,630)	$	54,433,531
AllianceBernstein U.S. Large Cap Growth (shares of 5,470,707)		54,378,830
AllianceBernstein Intermediate Duration Bond (shares of 3,726,531)		38,383,270
AllianceBernstein Global Real Estate Investment (shares of 3,934,849)		32,108,371
AllianceBernstein International Value (shares of 3,882,567)		29,313,384
AllianceBernstein International Growth (shares of 3,460,462)		29,171,696
AllianceBernstein Inflation Protected Securities (shares of 2,763,638)		28,465,467
AllianceBernstein High-Yield (shares of 2,353,287)		22,638,616
AllianceBernstein Small-Mid Cap Growth (shares of 1,343,204)		15,393,118
AllianceBernstein Small-Mid Cap Value (shares of 1,593,357)		15,312,165
Total investments (cost $354,106,532)		319,598,448
Receivable for capital stock sold		700,296
Total assets		320,298,744
Liabilities
Payable for capital stock redeemed		395,604
Advisory fee payable		97,549
Distribution fee payable		61,943
Payable for investments purchased		61,363
Administrative fee payable		31,121
Transfer Agent fee payable		11,294
Accrued expenses		110,601
Total liabilities		769,475
Net Assets	$	319,529,269
Composition of Net Assets
Capital stock, at par	$	34,875
Additional paid-in capital		377,902,947
Distributions in excess of net investment income		(189,762	)
Accumulated net realized loss on investment transactions		(23,710,707	)
Net unrealized depreciation on investments		(34,508,084	)
	$	319,529,269

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	98,609,113	10,781,437	$	9.15	*
B	$	2,336,912	256,926	$	9.10
C	$	3,345,066	367,951	$	9.09
Advisor	$	14,318,773	1,557,316	$	9.19
R	$	37,388,991	4,095,262	$	9.13
K	$	113,712,492	12,393,342	$	9.18
I	$	49,817,922	5,422,489	$	9.19

* The maximum offering price per share for Class A shares was $9.56 which reflects a sales charge of 4.25%.

See notes to financial statements.

68 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Net Assets

	2020 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 9,101,044)	$	70,624,104
AllianceBernstein U.S. Large Cap Growth (shares of 7,070,471)		70,280,484
AllianceBernstein International Value (shares of 5,259,339)		39,708,009
AllianceBernstein International Growth (shares of 4,687,632)		39,516,733
AllianceBernstein Intermediate Duration Bond (shares of 3,726,496)		38,382,909
AllianceBernstein Global Real Estate Investment (shares of 4,686,252)		38,239,812
AllianceBernstein High-Yield (shares of 2,797,094)		26,908,043
AllianceBernstein Small-Mid Cap Growth (shares of 1,862,880)		21,348,608
AllianceBernstein Small-Mid Cap Value (shares of 2,213,847)		21,275,073
AllianceBernstein Inflation Protected Securities (shares of 1,501,136)		15,461,703
Total investments (cost $433,481,898)		381,745,478
Receivable for capital stock sold		827,572
Total assets		382,573,050
Liabilities
Payable for investments purchased		230,899
Payable for capital stock redeemed		219,167
Advisory fee payable		120,505
Distribution fee payable		79,069
Transfer Agent out of pocket fee payable		57,876
Administrative fee payable		31,121
Transfer Agent fee payable		13,549
Accrued expenses		78,583
Total liabilities		830,769
Net Assets	$	381,742,281
Composition of Net Assets
Capital stock, at par	$	42,630
Additional paid-in capital		458,776,344
Distributions in excess of net investment income		(275,572	)
Accumulated net realized loss on investment transactions		(25,064,701	)
Net unrealized depreciation on investments		(51,736,420	)
	$	381,742,281

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	114,391,077	12,795,594	$	8.94	*
B	$	2,338,508	263,633	$	8.87
C	$	5,107,696	575,100	$	8.88
Advisor	$	13,567,022	1,509,809	$	8.99
R	$	42,878,830	4,808,014	$	8.92
K	$	169,038,620	18,846,278	$	8.97
I	$	34,420,528	3,832,046	$	8.98

* The maximum offering price per share for Class A shares was $9.34 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 69

Statement of Net Assets

	2025 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 8,717,058)	$	67,644,367
AllianceBernstein U.S. Large Cap Growth (shares of 6,767,426)		67,268,219
AllianceBernstein International Value (shares of 4,974,430)		37,556,945
AllianceBernstein International Growth (shares of 4,433,613)		37,375,361
AllianceBernstein Global Real Estate Investment (shares of 4,054,236)		33,082,565
AllianceBernstein Intermediate Duration Bond (shares of 2,281,073)		23,495,048
AllianceBernstein High-Yield (shares of 2,415,528)		23,237,381
AllianceBernstein Small-Mid Cap Growth (shares of 1,745,785)		20,006,694
AllianceBernstein Small-Mid Cap Value (shares of 2,071,101)		19,903,281
Total investments (cost $377,930,924)		329,569,861
Receivable for capital stock sold		765,566
Total assets		330,335,427
Liabilities
Payable for capital stock redeemed		568,032
Payable for investments purchased		137,919
Advisory fee payable		106,430
Distribution fee payable		69,020
Administrative fee payable		31,121
Transfer Agent fee payable		12,438
Accrued expenses		129,014
Total liabilities		1,053,974
Net Assets	$	329,281,453
Composition of Net Assets
Capital stock, at par	$	36,591
Additional paid-in capital		396,365,423
Distributions in excess of net investment income		(430,741	)
Accumulated net realized loss on investment transactions		(18,328,757	)
Net unrealized depreciation on investments		(48,361,063	)
	$	329,281,453

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	114,646,770	12,756,959	$	8.99	*
B	$	1,451,610	163,029	$	8.90
C	$	3,165,131	355,115	$	8.91
Advisor	$	11,550,991	1,279,763	$	9.03
R	$	41,423,991	4,611,387	$	8.98
K	$	128,310,210	14,241,166	$	9.01
I	$	28,732,750	3,183,887	$	9.02

* The maximum offering price per share for Class A shares was $9.39 which reflects a sales charge of 4.25%.

See notes to financial statements.

70 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Net Assets

	2030 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 7,919,948)	$	61,458,800
AllianceBernstein U.S. Large Cap Growth (shares of 6,166,857)		61,298,558
AllianceBernstein International Value (shares of 4,525,818)		34,169,923
AllianceBernstein International Growth (shares of 4,045,665)		34,104,953
AllianceBernstein Global Real Estate Investment (shares of 2,381,300)		19,431,412
AllianceBernstein Small-Mid Cap Value (shares of 1,977,457)		19,003,366
AllianceBernstein Small-Mid Cap Growth (shares of 1,646,343)		18,867,096
AllianceBernstein Intermediate Duration Bond (shares of 1,341,005)		13,812,347
AllianceBernstein High-Yield (shares of 1,433,881)		13,793,933
Total investments (cost $309,530,016)		275,940,388
Receivable for capital stock sold		732,842
Receivable for investments sold		30,703
Total assets		276,703,933
Liabilities
Payable for capital stock redeemed		597,156
Advisory fee payable		87,982
Distribution fee payable		59,679
Administrative fee payable		31,121
Transfer Agent fee payable		11,468
Accrued expenses		127,150
Total liabilities		914,556
Net Assets	$	275,789,377
Composition of Net Assets
Capital stock, at par	$	31,018
Additional paid-in capital		326,164,392
Distributions in excess of net investment income		(508,071	)
Accumulated net realized loss on investment transactions		(16,308,334	)
Net unrealized depreciation on investments		(33,589,628	)
	$	275,789,377

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	88,556,459	9,962,735	$	8.89	*
B	$	1,461,570	166,082	$	8.80
C	$	4,676,031	531,395	$	8.80
Advisor	$	9,259,059	1,036,882	$	8.93
R	$	36,097,741	4,066,777	$	8.88
K	$	115,329,327	12,962,782	$	8.90
I	$	20,409,190	2,290,903	$	8.91

* The maximum offering price per share for Class A shares was $9.28 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 71

Statement of Net Assets

	2035 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 5,971,620)	$	46,339,769
AllianceBernstein U.S. Large Cap Growth (shares of 4,657,029)		46,290,872
AllianceBernstein International Value (shares of 3,430,506)		25,900,321
AllianceBernstein International Growth (shares of 3,053,368)		25,739,893
AllianceBernstein Small-Mid Cap Growth (shares of 1,271,433)		14,570,628
AllianceBernstein Small-Mid Cap Value (shares of 1,515,660)		14,565,488
AllianceBernstein Intermediate Duration Bond (shares of 946,993)		9,754,024
AllianceBernstein Global Real Estate Investment (shares of 1,181,609)		9,641,929
Total investments (cost $217,464,133)		192,802,924
Receivable for capital stock sold		721,103
Receivable for investments sold		331,307
Total assets		193,855,334
Liabilities
Payable for capital stock redeemed		984,509
Advisory fee payable		52,562
Distribution fee payable		41,119
Administrative fee payable		31,121
Transfer Agent fee payable		8,216
Accrued expenses		105,683
Total liabilities		1,223,210
Net Assets	$	192,632,124
Composition of Net Assets
Capital stock, at par	$	21,814
Additional paid-in capital		225,402,904
Undistributed net investment income		364,671
Accumulated net realized loss on investment transactions		(8,496,056	)
Net unrealized depreciation on investments		(24,661,209	)
	$	192,632,124

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	67,249,452	7,611,638	$	8.84	*
B	$	1,021,774	116,502	$	8.77
C	$	2,691,763	306,884	$	8.77
Advisor	$	7,591,121	855,517	$	8.87
R	$	24,902,567	2,835,937	$	8.78
K	$	73,682,641	8,337,639	$	8.84
I	$	15,492,806	1,749,861	$	8.85

* The maximum offering price per share for Class A shares was $9.23 which reflects a sales charge of 4.25%.

See notes to financial statements.

72 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Net Assets

	2040 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 5,024,700)	$	38,991,673
AllianceBernstein U.S. Large Cap Growth (shares of 3,912,712)		38,892,354
AllianceBernstein International Value (shares of 2,888,747)		21,810,038
AllianceBernstein International Growth (shares of 2,574,665)		21,704,423
AllianceBernstein Small-Mid Cap Value (shares of 1,298,373)		12,477,366
AllianceBernstein Small-Mid Cap Growth (shares of 1,073,547)		12,302,854
AllianceBernstein Intermediate Duration Bond (shares of 806,616)		8,308,148
AllianceBernstein Global Real Estate Investment (shares of 989,266)		8,072,410
Total investments (cost $174,205,015)		162,559,266
Receivable for capital stock sold		821,703
Total assets		163,380,969
Liabilities
Payable for capital stock redeemed		302,273
Payable for investments purchased		74,152
Advisory fee payable		39,229
Distribution fee payable		35,063
Administrative fee payable		31,121
Transfer Agent fee payable		7,515
Accrued expenses		105,739
Total liabilities		595,092
Net Assets	$	162,785,877
Composition of Net Assets
Capital stock, at par	$	18,050
Additional paid-in capital		185,175,763
Undistributed net investment income		316,473
Accumulated net realized loss on investment transactions		(11,078,660	)
Net unrealized depreciation on investments		(11,645,749	)
	$	162,785,877

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	57,485,479	6,365,441	$	9.03	*
B	$	955,086	106,615	$	8.96
C	$	2,781,695	310,426	$	8.96
Advisor	$	7,009,694	772,171	$	9.08
R	$	22,617,867	2,517,625	$	8.98
K	$	58,714,229	6,514,008	$	9.01
I	$	13,221,827	1,463,447	$	9.03

* The maximum offering price per share for Class A shares was $9.43 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 73

Statement of Net Assets

	2045 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 3,308,429)	$	25,673,407
AllianceBernstein U.S. Large Cap Growth (shares of 2,577,437)		25,619,719
AllianceBernstein International Value (shares of 1,910,305)		14,422,806
AllianceBernstein International Growth (shares of 1,702,628)		14,353,156
AllianceBernstein Small-Mid Cap Value (shares of 844,611)		8,116,716
AllianceBernstein Small-Mid Cap Growth (shares of 703,693)		8,064,317
AllianceBernstein Intermediate Duration Bond (shares of 524,737)		5,404,793
AllianceBernstein Global Real Estate Investment (shares of 655,551)		5,349,298
Total investments (cost $113,907,962)		107,004,212
Receivable for capital stock sold		476,883
Total assets		107,481,095
Liabilities
Payable for investments purchased		127,591
Payable for capital stock redeemed		100,536
Administrative fee payable		30,946
Registration fee payable		30,067
Distribution fee payable		22,365
Advisory fee payable		13,674
Transfer Agent fee payable		6,747
Accrued expenses		58,330
Total liabilities		390,256
Net Assets	$	107,090,839
Composition of Net Assets
Capital stock, at par	$	12,109
Additional paid-in capital		119,077,335
Distributions in excess of net investment income		(164,373	)
Accumulated net realized loss on investment transactions		(4,930,482	)
Net unrealized depreciation on investments		(6,903,750	)
	$	107,090,839

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	41,359,021	4,664,944	$	8.87	*
B	$	345,266	39,361	$	8.77
C	$	1,521,788	173,628	$	8.76
Advisor	$	6,061,018	680,502	$	8.91
R	$	15,216,991	1,730,166	$	8.80
K	$	32,834,649	3,717,794	$	8.83
I	$	9,752,106	1,102,969	$	8.84

* The maximum offering price per share for Class A shares was $9.26 which reflects a sales charge of 4.25%.

See notes to financial statements.

74 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Net Assets

	2050 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 438,260)	$	3,400,898
AllianceBernstein U.S. Large Cap Growth (shares of 341,755)		3,397,040
AllianceBernstein International Value (shares of 254,050)		1,918,080
AllianceBernstein International Growth (shares of 226,433)		1,908,832
AllianceBernstein Small-Mid Cap Growth (shares of 92,753)		1,062,946
AllianceBernstein Small-Mid Cap Value (shares of 110,607)		1,062,936
AllianceBernstein Global Real Estate Investment (shares of 87,098)		710,718
AllianceBernstein Intermediate Duration Bond (shares of 68,694)		707,547
Total investments (cost $11,418,907)		14,168,997
Receivable for capital stock sold		102,446
Receivable due from Adviser		21,558
Total assets		14,293,001
Liabilities
Registration fee payable		28,814
Payable for investments purchased		22,980
Audit fee payable		18,723
Legal fee payable		14,382
Payable for capital stock redeemed		12,814
Transfer Agent fee payable		4,693
Distribution fee payable		2,641
Accrued expenses		9,416
Total liabilities		114,463
Net Assets	$	14,178,538
Composition of Net Assets
Capital stock, at par	$	1,885
Additional paid-in capital		12,723,019
Distributions in excess of net investment income		(28,404	)
Accumulated net realized loss on investment transactions		(1,268,052	)
Net unrealized appreciation on investments		2,750,090
	$	14,178,538

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	3,500,818	465,002	$	7.53	*
B	$	32,429	4,337	$	7.48
C	$	137,522	18,366	$	7.49
Advisor	$	1,835,226	242,774	$	7.56
R	$	1,941,018	258,662	$	7.50
K	$	5,901,595	785,143	$	7.52
I	$	829,930	110,232	$	7.53

* The maximum offering price per share for Class A shares was $7.86 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 75

Statement of Net Assets

	2055 Retirement Strategy
Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 103,036)	$	799,556
AllianceBernstein U.S. Large Cap Growth (shares of 80,347)		798,650
AllianceBernstein International Value (shares of 59,766)		451,235
AllianceBernstein International Growth (shares of 53,269)		449,062
AllianceBernstein Small-Mid Cap Value (shares of 25,990)		249,764
AllianceBernstein Small-Mid Cap Growth (shares of 21,759)		249,355
AllianceBernstein Global Real Estate Investment (shares of 20,591)		168,019
AllianceBernstein Intermediate Duration Bond (shares of 16,271)		167,594
Total investments (cost $2,786,970)		3,333,235
Receivable for capital stock sold		19,833
Receivable due from Adviser		7,194
Total assets		3,360,262
Liabilities
Audit fee payable		18,439
Registration fee payable		19,199
Legal fee payable		14,613
Payable for investments purchased		6,249
Payable for capital stock redeemed		3,189
Transfer Agent fee payable		1,595
Distribution fee payable		605
Accrued expenses		8,223
Total liabilities		72,112
Net Assets	$	3,288,150
Composition of Net Assets
Capital stock, at par	$	453
Additional paid-in capital		3,230,528
Undistributed net investment income		1,324
Accumulated net realized loss on investment transactions		(490,420	)
Net unrealized appreciation on investments		546,265
	$	3,288,150

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	780,408	105,948	$	7.37	*
B	$	20,436	2,816	$	7.26
C	$	33,564	4,630	$	7.25
Advisor	$	419,282	56,727	$	7.39
R	$	328,176	45,828	$	7.16
K	$	1,595,638	221,364	$	7.21
I	$	110,646	15,341	$	7.21

* The maximum offering price per share for Class A shares was $7.70 which reflects a sales charge of 4.25%.

See notes to financial statements.

76 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Net Assets

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2010 (unaudited)

	2000 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	400,991
Expenses
Advisory fee (see Note B)	$	73,499
Distribution fee – Class A		9,901
Distribution fee – Class B		483
Distribution fee – Class C		4,459
Distribution fee – Class R		3,968
Distribution fee – Class K		18,541
Transfer agency – Class A		8,210
Transfer agency – Class B		173
Transfer agency – Class C		1,182
Transfer agency – Advisor Class		810
Transfer agency – Class R		1,866
Transfer agency – Class K		14,832
Transfer agency – Class I		1,086
Registration fees		49,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		2,186
Directors’ fees		1,991
Miscellaneous		4,180
Total expenses		298,510
Less: expenses waived and reimbursed by the Adviser (see Note B)		(190,332	)
Net expenses					108,178
Net investment income					292,813
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(430,234	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					1,786,725
Net gain on investment transactions					1,356,491
Net Increase in Net Assets from Operations				$	1,649,304

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 77

Statement of Operations

	2005 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	687,373
Expenses
Advisory fee (see Note B)	$	124,851
Distribution fee – Class A		35,951
Distribution fee – Class B		2,484
Distribution fee – Class C		3,452
Distribution fee – Class R		8,301
Distribution fee – Class K		18,182
Transfer agency – Class A		15,469
Transfer agency – Class B		393
Transfer agency – Class C		510
Transfer agency – Advisor Class		418
Transfer agency – Class R		3,212
Transfer agency – Class K		14,545
Transfer agency – Class I		1,040
Registration fees		49,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		2,777
Directors’ fees		1,991
Miscellaneous		4,180
Total expenses		388,899
Less: expenses waived and reimbursed by the Adviser (see Note B)		(186,598	)
Net expenses					202,301
Net investment income					485,072
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(1,411,714	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					3,994,509
Net gain on investment transactions					2,582,795
Net Increase in Net Assets from Operations				$	3,067,867

See notes to financial statements.

78 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2010 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	2,660,404
Expenses
Advisory fee (see Note B)	$	516,659
Distribution fee – Class A		98,752
Distribution fee – Class B		4,847
Distribution fee – Class C		9,983
Distribution fee – Class R		38,723
Distribution fee – Class K		82,238
Transfer agency – Class A		39,333
Transfer agency – Class B		771
Transfer agency – Class C		1,431
Transfer agency – Advisor Class		7,946
Transfer agency – Class R		20,136
Transfer agency – Class K		65,790
Transfer agency – Class I		7,594
Registration fees		48,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		9,364
Directors’ fees		1,991
Miscellaneous		5,328
Total expenses		1,061,029
Less: expenses waived and reimbursed by the Adviser (see Note B)		(286,599	)
Net expenses					774,430
Net investment income					1,885,974
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(6,424,166	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					17,680,387
Net gain on investment transactions					11,256,221
Net Increase in Net Assets from Operations				$	13,142,195

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 79

Statement of Operations

	2015 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	4,471,466
Expenses
Advisory fee (see Note B)	$	929,606
Distribution fee – Class A		147,034
Distribution fee – Class B		12,026
Distribution fee – Class C		16,069
Distribution fee – Class R		83,175
Distribution fee – Class K		136,351
Transfer agency – Class A		48,614
Transfer agency – Class B		1,617
Transfer agency – Class C		2,008
Transfer agency – Advisor Class		6,881
Transfer agency – Class R		40,475
Transfer agency – Class K		109,081
Transfer agency – Class I		18,179
Registration fees		48,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		13,415
Directors’ fees		1,991
Miscellaneous		7,257
Total expenses		1,723,922
Less: expenses waived and reimbursed by the Adviser (see Note B)		(322,194	)
Net expenses					1,401,728
Net investment income					3,069,738
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(3,759,701	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					23,477,003
Net gain on investment transactions					19,717,302
Net Increase in Net Assets from Operations				$	22,787,040

See notes to financial statements.

80 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2020 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	5,184,688
Expenses
Advisory fee (see Note B)	$	1,108,961
Distribution fee – Class A		172,841
Distribution fee – Class B		11,834
Distribution fee – Class C		23,917
Distribution fee – Class R		101,331
Distribution fee – Class K		200,659
Transfer agency – Class A		67,658
Transfer agency – Class B		1,852
Transfer agency – Class C		3,453
Transfer agency – Advisor Class		7,416
Transfer agency – Class R		52,692
Transfer agency – Class K		160,527
Transfer agency – Class I		17,361
Registration fees		48,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		16,621
Directors’ fees		1,991
Miscellaneous		7,519
Total expenses		2,106,776
Less: expenses waived and reimbursed by the Adviser (see Note B)		(320,889	)
Net expenses					1,785,887
Net investment income					3,398,801
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(11,301,086	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					36,195,868
Net gain on investment transactions					24,894,782
Net Increase in Net Assets from Operations				$	28,293,583

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 81

Statement of Operations

	2025 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	4,206,224
Expenses
Advisory fee (see Note B)	$	1,017,759
Distribution fee – Class A		167,720
Distribution fee – Class B		7,363
Distribution fee – Class C		15,937
Distribution fee – Class R		94,979
Distribution fee – Class K		151,055
Transfer agency – Class A		68,232
Transfer agency – Class B		1,274
Transfer agency – Class C		2,403
Transfer agency – Advisor Class		6,576
Transfer agency – Class R		49,389
Transfer agency – Class K		120,844
Transfer agency – Class I		16,243
Registration fees		50,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		13,205
Directors’ fees		1,991
Miscellaneous		6,496
Total expenses		1,893,609
Less: expenses waived and reimbursed by the Adviser (see Note B)		(344,851	)
Net expenses					1,548,758
Net investment income					2,657,466
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(4,104,647	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					25,268,538
Net gain on investment transactions					21,163,891
Net Increase in Net Assets from Operations				$	23,821,357

See notes to financial statements.

82 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2030 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	3,281,021
Expenses
Advisory fee (see Note B)	$	867,887
Distribution fee – Class A		132,891
Distribution fee – Class B		7,379
Distribution fee – Class C		23,064
Distribution fee – Class R		87,323
Distribution fee – Class K		136,882
Transfer agency – Class A		62,055
Transfer agency – Class B		1,396
Transfer agency – Class C		3,880
Transfer agency – Advisor Class		5,899
Transfer agency – Class R		45,408
Transfer agency – Class K		105,223
Transfer agency – Class I		10,897
Registration fees		53,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		10,225
Directors’ fees		1,991
Miscellaneous		6,400
Total expenses		1,663,943
Less: expenses waived and reimbursed by the Adviser (see Note B)		(288,348	)
Net expenses					1,375,595
Net investment income					1,905,426
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(8,614,155	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					27,111,490
Net gain on investment transactions					18,497,335
Net Increase in Net Assets from Operations				$	20,402,761

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 83

Statement of Operations

	2035 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	1,928,777
Expenses
Advisory fee (see Note B)	$	599,836
Distribution fee – Class A		99,607
Distribution fee – Class B		5,085
Distribution fee – Class C		12,183
Distribution fee – Class R		58,288
Distribution fee – Class K		86,991
Transfer agency – Class A		47,467
Transfer agency – Class B		985
Transfer agency – Class C		2,133
Transfer agency – Advisor Class		4,945
Transfer agency – Class R		29,366
Transfer agency – Class K		69,593
Transfer agency – Class I		8,308
Registration fees		53,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		6,822
Directors’ fees		1,991
Miscellaneous		5,491
Total expenses		1,194,234
Less: expenses waived and reimbursed by the Adviser (see Note B)		(249,191	)
Net expenses					945,043
Net investment income					983,734
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(5,335,768	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					17,462,792
Net gain on investment transactions					12,127,024
Net Increase in Net Assets from Operations				$	13,110,758

See notes to financial statements.

84 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2040 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	1,639,273
Expenses
Advisory fee (see Note B)	$	510,364
Distribution fee – Class A		87,747
Distribution fee – Class B		4,733
Distribution fee – Class C		12,783
Distribution fee – Class R		55,202
Distribution fee – Class K		67,660
Transfer agency – Class A		48,032
Transfer agency – Class B		1,008
Transfer agency – Class C		2,705
Transfer agency – Advisor Class		5,194
Transfer agency – Class R		28,705
Transfer agency – Class K		52,049
Transfer agency – Class I		6,990
Registration fees		53,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		6,271
Directors’ fees		1,991
Miscellaneous		5,470
Total expenses		1,052,047
Less: expenses waived and reimbursed by the Adviser (see Note B)		(242,892	)
Net expenses					809,155
Net investment income					830,118
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(5,994,877	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					16,504,700
Net gain on investment transactions					10,509,823
Net Increase in Net Assets from Operations				$	11,339,941

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 85

Statement of Operations

	2045 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	1,036,136
Expenses
Advisory fee (see Note B)	$	324,383
Distribution fee – Class A		60,282
Distribution fee – Class B		1,714
Distribution fee – Class C		6,994
Distribution fee – Class R		34,978
Distribution fee – Class K		37,024
Transfer agency – Class A		42,252
Transfer agency – Class B		511
Transfer agency – Class C		1,811
Transfer agency – Advisor Class		5,668
Transfer agency – Class R		18,188
Transfer agency – Class K		29,619
Transfer agency – Class I		4,606
Registration fees		53,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Printing		4,481
Directors’ fees		1,991
Miscellaneous		4,779
Total expenses		734,424
Less: expenses waived and reimbursed by the Adviser (see Note B)		(224,134	)
Net expenses					510,290
Net investment income					525,846
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(1,697,441	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					8,101,624
Net gain on investment transactions					6,404,183
Net Increase in Net Assets from Operations				$	6,930,029

See notes to financial statements.

86 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2050 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	126,495
Expenses
Advisory fee (see Note B)	$	40,099
Distribution fee – Class A		4,996
Distribution fee – Class B		160
Distribution fee – Class C		722
Distribution fee – Class R		4,352
Distribution fee – Class K		6,028
Transfer agency – Class A		9,657
Transfer agency – Class B		117
Transfer agency – Class C		438
Transfer agency – Advisor Class		4,525
Transfer agency – Class R		1,961
Transfer agency – Class K		4,823
Transfer agency – Class I		301
Registration fees		48,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Directors’ fees		1,991
Printing		724
Miscellaneous		2,388
Total expenses		233,425
Less: expenses waived and reimbursed by the Adviser (see Note B)		(171,515	)
Net expenses					61,910
Net investment income					64,585
Realized and Unrealized Gain on Investment Transactions
Net realized gain on sale of Underlying Portfolio shares					128,704
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					651,696
Net gain on investment transactions					780,400
Net Increase in Net Assets from Operations				$	844,985

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 87

Statement of Operations

	2055 Retirement Strategy
Investment Income
Income distributions from Underlying Portfolios				$	30,453
Expenses
Advisory fee (see Note B)	$	9,477
Distribution fee – Class A		1,108
Distribution fee – Class B		98
Distribution fee – Class C		130
Distribution fee – Class R		784
Distribution fee – Class K		1,737
Transfer agency – Class A		7,815
Transfer agency – Class B		223
Transfer agency – Class C		306
Transfer agency – Advisor Class		3,709
Transfer agency – Class R		209
Transfer agency – Class K		916
Transfer agency – Class I		22
Registration fees		48,162
Administrative		37,105
Custodian		29,900
Legal		18,143
Audit		16,833
Directors’ fees		1,991
Printing		362
Miscellaneous		2,061
Total expenses		181,091
Less: expenses waived and reimbursed by the Adviser (see Note B)		(166,444	)
Net expenses					14,647
Net investment income					15,806
Realized and Unrealized Gain on Investment Transactions
Net realized gain on sale of Underlying Portfolio shares					18,415
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					160,064
Net gain on investment transactions					178,479
Net Increase in Net Assets from Operations				$	194,285

See notes to financial statements.

88 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	2000 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	292,813		$	672,865
Net realized loss on sale of Underlying Portfolio shares		(430,234	)		(3,247,567	)
Net realized gain distributions from Underlying Portfolios		– 0	–		91,535
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		1,786,725			1,505,586
Net increase (decrease) in net assets from operations		1,649,304			(977,581	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(140,012	)		(126,065	)
Class B		(1,237	)		(1,551	)
Class C		(12,151	)		(14,497	)
Advisor Class		(12,243	)		(13,633	)
Class R		(32,917	)		(10,119	)
Class K		(330,312	)		(293,941	)
Class I		(53,096	)		(48,014	)
Net realized gain on investment transactions
Class A		– 0	–		(103,886	)
Class B		– 0	–		(2,141	)
Class C		– 0	–		(20,004	)
Advisor Class		– 0	–		(9,865	)
Class R		– 0	–		(9,006	)
Class K		– 0	–		(228,478	)
Class I		– 0	–		(32,998	)
Capital Stock Transactions
Net increase		1,007,669			4,572,726
Total increase		2,075,005			2,680,947
Net Assets
Beginning of period		25,993,893			23,312,946
End of period (including undistributed net investment income of $70,324 and $359,479, respectively)	$	28,068,898		$	25,993,893

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 89

Statement of Changes in Net Assets

	2005 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	485,072		$	1,294,571
Net realized loss on sale of Underlying Portfolio shares		(1,411,714	)		(8,173,724	)
Net realized gain distributions from Underlying Portfolios		– 0	–		270,187
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		3,994,509			1,682,486
Net increase (decrease) in net assets from operations		3,067,867			(4,926,480	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(480,010	)		(661,565	)
Class B		(6,070	)		(9,832	)
Class C		(7,642	)		(16,905	)
Advisor Class		(14,886	)		(12,973	)
Class R		(62,071	)		(82,538	)
Class K		(305,201	)		(451,747	)
Class I		(41,099	)		(46,839	)
Net realized gain on investment transactions
Class A		– 0	–		(588,338	)
Class B		– 0	–		(13,885	)
Class C		– 0	–		(23,871	)
Advisor Class		– 0	–		(10,644	)
Class R		– 0	–		(84,720	)
Class K		– 0	–		(403,284	)
Class I		– 0	–		(38,428	)
Capital Stock Transactions
Net increase (decrease)		(3,132,021	)		7,308,577
Total decrease		(981,133	)		(63,472	)
Net Assets
Beginning of period		44,414,544			44,478,016
End of period (including undistributed/(distributions in excess of) net investment income of ($54,701) and $377,206, respectively)	$	43,433,411		$	44,414,544

See notes to financial statements.

90 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2010 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,885,974		$	4,458,080
Net realized loss on sale of Underlying Portfolio shares		(6,424,166	)		(16,603,876	)
Net realized gain distributions from Underlying Portfolios		– 0	–		1,107,298
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		17,680,387			(8,772,392	)
Net increase (decrease) in net assets from operations		13,142,195			(19,810,890	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(1,273,343	)		(1,808,305	)
Class B		(13,321	)		(21,143	)
Class C		(26,851	)		(42,784	)
Advisor Class		(296,219	)		(371,366	)
Class R		(284,252	)		(295,126	)
Class K		(1,320,434	)		(1,476,233	)
Class I		(302,236	)		(405,685	)
Net realized gain on investment transactions
Class A		– 0	–		(2,199,867	)
Class B		– 0	–		(35,897	)
Class C		– 0	–		(72,638	)
Advisor Class		– 0	–		(408,371	)
Class R		– 0	–		(403,513	)
Class K		– 0	–		(1,846,786	)
Class I		– 0	–		(454,191	)
Capital Stock Transactions
Net increase (decrease)		(6,632,315	)		23,096,277
Total increase (decrease)		2,993,224			(6,556,518	)
Net Assets
Beginning of period		171,884,003			178,440,521
End of period (including undistributed/(distributions in excess of) net investment income of ($40,960) and $1,589,722, respectively)	$	174,877,227		$	171,884,003

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 91

Statement of Changes in Net Assets

	2015 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,069,738		$	6,452,995
Net realized loss on sale of Underlying Portfolio shares		(3,759,701	)		(20,447,841	)
Net realized gain distributions from Underlying Portfolios		– 0	–		1,986,409
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		23,477,003			(18,997,263	)
Net increase (decrease) in net assets from operations		22,787,040			(31,005,700	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(1,824,055	)		(2,071,494	)
Class B		(28,409	)		(48,488	)
Class C		(39,738	)		(45,943	)
Advisor Class		(301,136	)		(268,376	)
Class R		(538,078	)		(516,359	)
Class K		(2,035,919	)		(2,081,949	)
Class I		(1,105,622	)		(1,110,105	)
Net realized gain on investment transactions
Class A		– 0	–		(2,596,397	)
Class B		– 0	–		(87,786	)
Class C		– 0	–		(83,178	)
Advisor Class		– 0	–		(300,972	)
Class R		– 0	–		(715,157	)
Class K		– 0	–		(2,707,511	)
Class I		– 0	–		(1,249,996	)
Capital Stock Transactions
Net increase		17,851,368			44,953,553
Total increase		34,765,451			64,142
Net Assets
Beginning of period		284,763,818			284,699,676
End of period (including undistributed/(distributions in excess of) net investment income of ($189,762) and $2,613,457, respectively)	$	319,529,269		$	284,763,818

See notes to financial statements.

92 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2020 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,398,801		$	6,806,422
Net realized loss on sale of Underlying Portfolio shares		(11,301,086	)		(15,647,698	)
Net realized gain distributions from Underlying Portfolios		– 0	–		2,646,707
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		36,195,868			(32,978,921	)
Net increase (decrease) in net assets from operations		28,293,583			(39,173,490	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(2,035,061	)		(2,322,421	)
Class B		(29,200	)		(41,141	)
Class C		(58,889	)		(56,747	)
Advisor Class		(270,620	)		(221,985	)
Class R		(675,856	)		(558,375	)
Class K		(2,972,617	)		(2,545,047	)
Class I		(708,255	)		(690,806	)
Net realized gain on investment transactions
Class A		– 0	–		(3,608,745	)
Class B		– 0	–		(96,634	)
Class C		– 0	–		(133,289	)
Advisor Class		– 0	–		(307,130	)
Class R		– 0	–		(1,025,329	)
Class K		– 0	–		(4,101,858	)
Class I		– 0	–		(978,104	)
Capital Stock Transactions
Net increase		7,447,642			77,291,523
Total increase		28,990,727			21,430,422
Net Assets
Beginning of period		352,751,554			331,321,132
End of period (including undistributed/(distributions in excess of) net investment income of ($275,572) and $3,076,125, respectively)	$	381,742,281		$	352,751,554

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 93

Statement of Changes in Net Assets

	2025 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	2,657,466		$	4,943,763
Net realized loss on sale of Underlying Portfolio shares		(4,104,647	)		(15,860,755	)
Net realized gain distributions from Underlying Portfolios		– 0	–		2,469,086
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		25,268,538			(27,479,779	)
Net increase (decrease) in net assets from operations		23,821,357			(35,927,685	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(1,894,355	)		(1,799,605	)
Class B		(16,403	)		(17,959	)
Class C		(35,672	)		(32,119	)
Advisor Class		(213,206	)		(147,596	)
Class R		(604,613	)		(404,481	)
Class K		(2,110,430	)		(1,840,242	)
Class I		(542,250	)		(437,437	)
Net realized gain on investment transactions
Class A		– 0	–		(3,449,243	)
Class B		– 0	–		(56,694	)
Class C		– 0	–		(101,396	)
Advisor Class		– 0	–		(246,249	)
Class R		– 0	–		(886,005	)
Class K		– 0	–		(3,635,324	)
Class I		– 0	–		(733,619	)
Capital Stock Transactions
Net increase		22,064,540			64,278,681
Total increase		40,468,968			14,563,027
Net Assets
Beginning of period		288,812,485			274,249,458
End of period (including undistributed/(distributions in excess of) net investment income of ($430,741) and $2,328,722, respectively)	$	329,281,453		$	288,812,485

See notes to financial statements.

94 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2030 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,905,426		$	3,657,311
Net realized loss on sale of Underlying Portfolio shares		(8,614,155	)		(9,275,877	)
Net realized gain distributions from Underlying Portfolios		– 0	–		2,232,260
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		27,111,490			(23,712,130	)
Net increase (decrease) in net assets from operations		20,402,761			(27,098,436	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(1,300,506	)		(1,227,058	)
Class B		(14,034	)		(14,593	)
Class C		(44,404	)		(31,391	)
Advisor Class		(150,269	)		(104,483	)
Class R		(452,119	)		(358,830	)
Class K		(1,746,128	)		(1,222,059	)
Class I		(365,592	)		(294,248	)
Net realized gain on investment transactions
Class A		– 0	–		(2,479,858	)
Class B		– 0	–		(51,432	)
Class C		– 0	–		(110,636	)
Advisor Class		– 0	–		(181,900	)
Class R		– 0	–		(871,445	)
Class K		– 0	–		(2,577,920	)
Class I		– 0	–		(512,275	)
Capital Stock Transactions
Net increase		5,432,397			74,556,584
Total increase		21,762,106			37,420,020
Net Assets
Beginning of period		254,027,271			216,607,251
End of period (including undistributed/(distributions in excess of) net investment income of ($508,071) and $1,659,555, respectively)	$	275,789,377		$	254,027,271

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 95

Statement of Changes in Net Assets

	2035 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	983,734		$	2,074,967
Net realized loss on sale of Underlying Portfolio shares		(5,335,768	)		(3,452,850	)
Net realized gain distributions from Underlying Portfolios		– 0	–		1,582,925
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		17,462,792			(18,390,673	)
Net increase (decrease) in net assets from operations		13,110,758			(18,185,631	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(537,868	)		(712,690	)
Class B		(2,323	)		(7,009	)
Class C		(5,615	)		(11,438	)
Advisor Class		(74,370	)		(62,440	)
Class R		(146,357	)		(202,113	)
Class K		(599,181	)		(705,866	)
Class I		(172,166	)		(171,823	)
Net realized gain on investment transactions
Class A		(257,571	)		(1,649,199	)
Class B		(3,949	)		(34,429	)
Class C		(9,545	)		(56,434	)
Advisor Class		(27,189	)		(121,411	)
Class R		(90,475	)		(519,189	)
Class K		(268,055	)		(1,660,861	)
Class I		(57,957	)		(329,523	)
Capital Stock Transactions
Net increase		9,873,736			50,708,508
Total increase		20,731,873			26,278,452
Net Assets
Beginning of period		171,900,251			145,621,799
End of period (including undistributed net investment income of $364,671 and $918,817, respectively)	$	192,632,124		$	171,900,251

See notes to financial statements.

96 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2040 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	830,118		$	1,696,677
Net realized loss on sale of Underlying Portfolio shares		(5,994,877	)		(4,940,175	)
Net realized gain distributions from Underlying Portfolios		– 0	–		1,291,470
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		16,504,700			(9,971,620	)
Net increase (decrease) in net assets from operations		11,339,941			(11,923,648	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(433,112	)		(640,414	)
Class B		(1,996	)		(6,970	)
Class C		(5,489	)		(12,759	)
Advisor Class		(67,151	)		(54,601	)
Class R		(143,724	)		(162,097	)
Class K		(493,934	)		(434,130	)
Class I		(146,842	)		(138,722	)
Net realized gain on investment transactions
Class A		(219,695	)		(1,340,025	)
Class B		(3,678	)		(26,702	)
Class C		(10,111	)		(48,875	)
Advisor Class		(25,003	)		(97,113	)
Class R		(86,730	)		(424,865	)
Class K		(210,825	)		(931,880	)
Class I		(48,947	)		(241,551	)
Capital Stock Transactions
Net increase		4,146,101			54,982,101
Total increase		13,588,805			38,497,749
Net Assets
Beginning of period		149,197,072			110,699,323
End of period (including undistributed net investment income of $316,473 and $778,603, respectively)	$	162,785,877		$	149,197,072

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 97

Statement of Changes in Net Assets

	2045 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	525,846		$	1,005,323
Net realized loss on sale of Underlying Portfolio shares		(1,697,441	)		(3,033,766	)
Net realized gain distributions from Underlying Portfolios		– 0	–		751,878
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		8,101,624			(4,721,685	)
Net increase (decrease) in net assets from operations		6,930,029			(5,998,250	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(451,052	)		(373,489	)
Class B		(1,608	)		(2,358	)
Class C		(6,365	)		(8,995	)
Advisor Class		(74,673	)		(37,230	)
Class R		(137,074	)		(105,423	)
Class K		(367,045	)		(236,780	)
Class I		(136,145	)		(77,238	)
Net realized gain on investment transactions
Class A		(246,028	)		(852,234	)
Class B		(2,118	)		(8,703	)
Class C		(8,384	)		(33,203	)
Advisor Class		(33,325	)		(69,736	)
Class R		(84,113	)		(249,634	)
Class K		(180,186	)		(499,427	)
Class I		(54,458	)		(132,786	)
Capital Stock Transactions
Net increase		10,762,283			33,388,458
Total increase		15,909,738			24,702,972
Net Assets
Beginning of period		91,181,101			66,478,129
End of period (including undistributed/(distributions in excess of) net investment income of ($164,373) and $483,743, respectively)	$	107,090,839		$	91,181,101

See notes to financial statements.

98 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2050 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	64,585		$	79,225
Net realized gain (loss) on sale of Underlying Portfolio shares		128,704			(1,336,709	)
Net realized gain distributions from Underlying Portfolios		– 0	–		46,429
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		651,696			2,229,636
Net increase in net assets from operations		844,985			1,018,581
Dividends and Distributions to Shareholders from
Net investment income
Class A		(33,273	)		(6,675	)
Class B		(164	)		(45	)
Class C		(770	)		(105	)
Advisor Class		(19,645	)		(2,199	)
Class R		(22,634	)		(950	)
Class K		(71,210	)		(3,761	)
Class I		(12,653	)		(1,506	)
Net realized gain on investment transactions
Class A		– 0	–		(26,939	)
Class B		– 0	–		(461	)
Class C		– 0	–		(1,078	)
Advisor Class		– 0	–		(7,767	)
Class R		– 0	–		(7,667	)
Class K		– 0	–		(16,346	)
Class I		– 0	–		(5,672	)
Capital Stock Transactions
Net increase		2,417,734			7,723,180
Total increase		3,102,370			8,660,590
Net Assets
Beginning of period		11,076,168			2,415,578
End of period (including undistributed/(distributions in excess of) net investment income of ($28,404) and $67,360, respectively)	$	14,178,538		$	11,076,168

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 99

Statement of Changes in Net Assets

	2055 Retirement Strategy
	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	15,806		$	21,325
Net realized gain (loss) on sale of Underlying Portfolio shares		18,415			(504,338	)
Net realized gain distributions from Underlying Portfolios		– 0	–		15,032
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		160,064			443,161
Net increase (decrease) in net assets from operations		194,285			(24,820	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(1,158	)		– 0	–
Advisor Class		(1,440	)		– 0	–
Class R		(5,565	)		(826	)
Class K		(23,947	)		(4,066	)
Class I		(1,277	)		(679	)
Net realized gain on investment transactions
Class A		– 0	–		(2,829	)
Class B		– 0	–		(77	)
Class C		– 0	–		(198	)
Advisor Class		– 0	–		(657	)
Class R		– 0	–		(672	)
Class K		– 0	–		(2,883	)
Class I		– 0	–		(434	)
Capital Stock Transactions
Net increase		431,957			1,698,216
Total increase		592,855			1,660,075
Net Assets
Beginning of period		2,695,295			1,035,220
End of period (including undistributed net investment income of $1,324 and $18,905, respectively)	$	3,288,150		$	2,695,295

See notes to financial statements.

100 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

February 28, 2010 (unaudited)

NOTE A

Significant Accounting Policies

The AllianceBernstein Retirement Strategies Portfolios (the “Strategies”) commenced operations on September 1, 2005 and each is a portfolio of the AllianceBernstein Blended Style Series, Inc. (the “Company”). The Company was organized as a Maryland corporation on April 24, 2002 and is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Company operates as a series company currently comprised of 13 portfolios, which are the twelve Strategies and the AllianceBernstein Blended Style Series U.S. Large Cap Portfolio. The AllianceBernstein Blended Style Series Global Blend Portfolio, formerly a series of the Company, ceased operations on November 24, 2008. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AllianceBernstein 2000 Retirement Strategy, AllianceBernstein 2005 Retirement Strategy, AllianceBernstein 2010 Retirement Strategy, AllianceBernstein 2015 Retirement Strategy, AllianceBernstein 2020 Retirement Strategy, AllianceBernstein 2025 Retirement Strategy, AllianceBernstein 2030 Retirement Strategy, AllianceBernstein 2035 Retirement Strategy, AllianceBernstein 2040 Retirement Strategy, AllianceBernstein 2045 Retirement Strategy, AllianceBernstein 2050 Retirement Strategy and AllianceBernstein 2055 Retirement Strategy (each a “Strategy” together, the “Strategies”). The AllianceBernstein 2050 Retirement Strategy and AllianceBernstein 2055 Retirement Strategy commenced operations on June 29, 2007. 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 Fund to new investors were suspended. Class B shares will only be issued (i) upon the exchange of Class B shares from another AllianceBernstein 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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 101

Notes to Financial Statements

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 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)

102 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

The following table summarizes the valuation of the Strategies’ investments by the above fair value hierarchy levels as of February 28, 2010:

Investments in Securities	Level 1		Level 2		Level 3		Total
2000 Retirement Strategy
Investment Companies	$	28,132,532	$	—	$	—	$	28,132,532
2005 Retirement Strategy
Investment Companies	$	43,516,370	$	—	$	—	$	43,516,370
2010 Retirement Strategy
Investment Companies	$	175,012,502	$	—	$	—	$	175,012,502
2015 Retirement Strategy
Investment Companies	$	319,598,448	$	—	$	—	$	319,598,448
2020 Retirement Strategy
Investment Companies	$	381,745,478	$	—	$	—	$	381,745,478
2025 Retirement Strategy
Investment Companies	$	329,569,861	$	—	$	—	$	329,569,861
2030 Retirement Strategy
Investment Companies	$	275,940,388	$	—	$	—	$	275,940,388
2035 Retirement Strategy
Investment Companies	$	192,802,924	$	—	$	—	$	192,802,924
2040 Retirement Strategy
Investment Companies	$	162,559,266	$	—	$	—	$	162,559,266
2045 Retirement Strategy
Investment Companies	$	107,004,212	$	—	$	—	$	107,004,212
2050 Retirement Strategy
Investment Companies	$	14,168,997	$	—	$	—	$	14,168,997
2055 Retirement Strategy
Investment Companies	$	3,333,235	$	—	$	—	$	3,333,235

3. Taxes

It is each 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.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Strategies’ tax positions 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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 103

Notes to Financial Statements

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 Company are charged to each Strategy in proportion to its 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.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Strategies currently 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
2000, 2005 and 2010(a)	0.55	%	0.45	%	0.40	%
2015 and 2020	0.60	%	0.50	%	0.45	%
2025, 2030, 2035, 2040, 2045, 2050 and 2055	0.65	%	0.55	%	0.50	%

^(a) Prior to January 1, 2010, Strategy 2010’s advisory fee rates were 0.60%, 0.50%, and 0.45% of the asset levels described above, respectively.

104 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

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 (including expenses of the Underlying Portfolios) as follows:

	Effective March 1, 2007
Strategy	Class A		Class B		Class C		Advisor Class		Class R		Class K		Class I
2000	0.86	%	1.56	%	1.56	%	0.56	%	1.06	%	0.81	%	0.56	%
2005	0.92	%	1.62	%	1.62	%	0.62	%	1.12	%	0.87	%	0.62	%
2010	0.94	%	1.64	%	1.64	%	0.64	%	1.14	%	0.89	%	0.64	%
2015	0.98	%	1.68	%	1.68	%	0.68	%	1.18	%	0.93	%	0.68	%
2020	1.02	%	1.72	%	1.72	%	0.72	%	1.22	%	0.97	%	0.72	%
2025	1.04	%	1.74	%	1.74	%	0.74	%	1.24	%	0.99	%	0.74	%
2030	1.06	%	1.76	%	1.76	%	0.76	%	1.26	%	1.01	%	0.76	%
2035	1.06	%	1.76	%	1.76	%	0.76	%	1.26	%	1.01	%	0.76	%
2040	1.06	%	1.76	%	1.76	%	0.76	%	1.26	%	1.01	%	0.76	%
2045	1.06	%	1.76	%	1.76	%	0.76	%	1.26	%	1.01	%	0.76	%
2050(a)	1.06	%	1.76	%	1.76	%	0.76	%	1.26	%	1.01	%	0.76	%
2055(a)	1.06	%	1.76	%	1.76	%	0.76	%	1.26	%	1.01	%	0.76	%

^(a) Effective June 29, 2007.

For the six months ended February 28, 2010, such waivers and reimbursement amounted to:

Strategy	Amount		Strategy	Amount
2000	$	153,227	2030	$	288,348
2005		149,493	2035		249,191
2010		286,599	2040		242,892
2015		322,194	2045		224,134
2020		320,889	2050		134,410
2025		344,851	2055		129,339

Pursuant to the investment advisory agreement, the Strategies may reimburse the Adviser for certain legal and accounting services provided to the Strategies by the Adviser. For the six months ended February 28, 2010, such fees amounted to:

Strategy	Administrative Fees
2000	$	37,105
2005		37,105
2010		37,105
2015		37,105
2020		37,105
2025		37,105
2030		37,105
2035		37,105
2040		37,105
2045		37,105
2050		37,105
2055		37,105

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 105

Notes to Financial Statements

For the six months ended February 28, 2010 the Adviser voluntarily agreed to waive such fees for the following Strategies:

Strategy	Administrative Fees
2000	$	37,105
2005		37,105
2050		37,105
2055		37,105

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. For the six months ended February 28, 2010, such compensation retained by ABIS was as follows:

Strategy	Amount		Strategy	Amount
2000	$	9,000	2030	$	54,875
2005		9,000	2035		38,574
2010		31,041	2040		34,958
2015		54,855	2045		25,450
2020		70,439	2050		9,000
2025		58,712	2055		9,000

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 28, 2010 as follows:

	Front-End Sales Charges		Contingent Deferred Sales Charges
Strategy	Class A		Class A			Class B			Class C
2000	$	25	$	59		$	6		$	162
2005		134		56			808			– 0	–
2010		1,042		319			948			1
2015		558		1,474			1,099			37
2020		657		2,772			1,067			59
2025		1,124		251			1,060			371
2030		1,244		4,376			895			1
2035		589		2,893			170			406
2040		350		5,857			510			208
2045		285		1,358			292			33
2050		65		268			– 0	–		176
2055		36		– 0	–		– 0	–		– 0	–

106 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

NOTE C

Distribution Services Agreement

The Strategies have adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Strategy pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the average daily net assets attributable to Class A shares, 1% of the average daily net assets attributable to both Class B and Class C shares, .50% of the average daily net assets attributable to Class R shares and .25% of the average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class and Class I shares.

The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

Since the commencement of the Strategies’ operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by each Strategy for Class B, Class C, Class R and Class K as follows:

Strategy	Class B		Class C		Class R		Class K
2000	$	63,646	$	115,077	$	264,395	$	954,228
2005		79,045		122,168		281,703		475,829
2010		67,504		105,617		367,594		721,709
2015		124,332		92,673		411,203		815,873
2020		126,326		109,705		483,093		1,026,743
2025		88,056		92,254		443,581		985,015
2030		100,390		115,836		477,203		911,531
2035		96,494		103,497		367,819		832,919
2040		133,322		81,832		431,501		698,631
2045		82,494		86,155		383,294		615,154
2050		7,757		19,296		381,589		213,284
2055		22,348		63,456		119,625		369,330

While such costs may be recovered from the Strategies in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Strategies’ shares.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 107

Notes to Financial Statements

NOTE D

Investment Transactions

Purchases and sales of investments in the Underlying Portfolios for the six months ended February 28, 2010 were as follows:

Strategy	Purchases		Sales
2000	$	3,409,502	$	2,616,976
2005		2,560,104		6,086,944
2010		11,228,924		19,466,688
2015		29,704,987		14,607,991
2020		28,370,628		24,376,678
2025		29,118,975		9,838,671
2030		21,846,912		18,809,350
2035		18,255,266		10,673,307
2040		14,898,187		12,064,127
2045		13,099,684		3,924,410
2050		4,013,314		1,673,494
2055		1,052,977		602,821

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)
2000	$	2,185,623	$	(107,609	)	$	2,078,014
2005		1,897,695		(677,905	)		1,219,790
2010		3,363,181		(14,550,187	)		(11,187,006	)
2015		5,094,611		(39,602,695	)		(34,508,084	)
2020		3,801,663		(55,538,083	)		(51,736,420	)
2025		3,275,023		(51,636,086	)		(48,361,063	)
2030		3,076,091		(36,665,719	)		(33,589,628	)
2035		1,285,291		(25,946,500	)		(24,661,209	)
2040		2,038,715		(13,684,464	)		(11,645,749	)
2045		1,506,217		(8,409,967	)		(6,903,750	)
2050		2,750,090		– 0	–		2,750,090
2055		546,265		– 0	–		546,265

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, including forward currency exchange contracts, futures and options on futures, swaps, and 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

108 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

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

Capital Stock

Class A, Class B, Class C, Advisor Class and Class R shares each consist of 6,000,000,000 authorized shares and Class K and Class I shares each consist of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2000 Retirement Strategy
Class A
Shares sold	118,911		457,901		$	1,167,008		$	3,969,037
Shares issued in reinvestment of dividends and distributions	14,378		28,327			139,611			227,465
Shares converted from Class B	93		2,400			902			20,647
Shares redeemed	(149,589	)	(344,172	)		(1,444,836	)		(2,931,164	)
Net increase (decrease)	(16,207	)	144,456		$	(137,315	)	$	1,285,985
Class B
Shares sold	4,693		8,599		$	45,151		$	73,873
Shares issued in reinvestment of dividends and distributions	122		445			1,176			3,539
Shares converted to Class A	(94	)	(2,442	)		(902	)		(20,647	)
Shares redeemed	(41	)	(14,356	)		(398	)		(116,822	)
Net increase (decrease)	4,680		(7,754	)	$	45,027		$	(60,057	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 109

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2000 Retirement Strategy
Class C
Shares sold	2,254		64,908		$	21,689		$	551,145
Shares issued in reinvestment of dividends and distributions	1,263		4,335			12,151			34,502
Shares redeemed	(8,900	)	(101,120	)		(85,377	)		(821,555	)
Net decrease	(5,383	)	(31,877	)	$	(51,537	)	$	(235,908	)
Advisor Class
Shares sold	37,967		12,431		$	372,922		$	105,257
Shares issued in reinvestment of dividends and distributions	1,085		2,530			10,566			20,366
Shares redeemed	(6,629	)	(11,549	)		(64,704	)		(104,252	)
Net increase	32,423		3,412		$	318,784		$	21,371
Class R
Shares sold	66,830		151,547		$	640,220		$	1,229,597
Shares issued in reinvestment of dividends and distributions	3,432		2,408			32,917			19,125
Shares redeemed	(38,191	)	(31,777	)		(369,852	)		(267,703	)
Net increase	32,071		122,178		$	303,285		$	981,019
Class K
Shares sold	235,405		1,183,348		$	2,246,769		$	9,438,881
Shares issued in reinvestment of dividends and distributions	34,770		66,381			330,312			522,419
Shares redeemed	(228,115	)	(1,034,822	)		(2,177,770	)		(8,505,831	)
Net increase	42,060		214,907		$	399,311		$	1,455,469
Class I
Shares sold	15,913		176,204		$	151,891		$	1,408,805
Shares issued in reinvestment of dividends and distributions	5,577		10,267			53,094			81,012
Shares redeemed	(7,791	)	(44,832	)		(74,871	)		(364,970	)
Net increase	13,699		141,639		$	130,114		$	1,124,847

110 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2005 Retirement Strategy
Class A
Shares sold	150,373		2,299,601		$	1,401,551		$	20,833,484
Shares issued in reinvestment of dividends and distributions	51,642		167,135			478,200			1,246,828
Shares converted from Class B	37		4,727			344			35,897
Shares redeemed	(261,606	)	(1,653,074	)		(2,434,614	)		(14,286,341	)
Net increase (decrease)	(59,554	)	818,389		$	(554,519	)	$	7,829,868
Class B
Shares sold	143		16,425		$	1,303		$	132,952
Shares issued in reinvestment of dividends and distributions	658		3,192			6,070			23,717
Shares converted to Class A	(37	)	(4,785	)		(344	)		(35,897	)
Shares redeemed	(13,785	)	(10,472	)		(124,985	)		(85,163	)
Net increase (decrease)	(13,021	)	4,360		$	(117,956	)	$	35,609
Class C
Shares sold	5,836		47,511		$	54,346		$	430,738
Shares issued in reinvestment of dividends and distributions	829		5,459			7,642			40,507
Shares redeemed	(42,453	)	(31,575	)		(389,081	)		(249,200	)
Net increase (decrease)	(35,788	)	21,395		$	(327,093	)	$	222,045
Advisor Class
Shares sold	4,122		28,222		$	38,484		$	225,525
Shares issued in reinvestment of dividends and distributions	1,602		3,153			14,886			23,617
Shares redeemed	(249	)	(496	)		(2,329	)		(4,096	)
Net increase	5,475		30,879		$	51,041		$	245,046

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 111

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2005 Retirement Strategy
Class R
Shares sold	42,726		235,869		$	392,740		$	1,835,501
Shares issued in reinvestment of dividends and distributions	6,732		22,482			62,070			167,258
Shares redeemed	(57,522	)	(226,180	)		(524,290	)		(1,756,326	)
Net increase (decrease)	(8,064	)	32,171		$	(69,480	)	$	246,433
Class K
Shares sold	192,437		1,017,829		$	1,785,011		$	7,765,552
Shares issued in reinvestment of dividends and distributions	33,030		114,769			305,201			855,031
Shares redeemed	(463,056	)	(1,337,791	)		(4,231,011	)		(10,059,828	)
Net decrease	(237,589	)	(205,193	)	$	(2,140,799	)	$	(1,439,245	)
Class I
Shares sold	14,516		102,693		$	135,237		$	820,287
Shares issued in reinvestment of dividends and distributions	4,443		11,430			41,100			85,266
Shares redeemed	(15,960	)	(93,599	)		(149,552	)		(736,732	)
Net increase	2,999		20,524		$	26,785		$	168,821

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2010 Retirement Strategy
Class A
Shares sold	864,552		4,168,987		$	7,923,214		$	32,933,596
Shares issued in reinvestment of dividends and distributions	138,905		552,630			1,269,593			3,984,467
Shares converted from Class B	6,977		7,445			63,707			56,830
Shares redeemed	(1,617,292	)	(3,902,774	)		(14,844,468	)		(29,321,852	)
Net increase (decrease)	(606,858	)	826,288		$	(5,587,954	)	$	7,653,041

112 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2010 Retirement Strategy
Class B
Shares sold	3,145		35,389		$	29,208		$	281,677
Shares issued in reinvestment of dividends and distributions	1,257		7,303			11,435			52,433
Shares converted to Class A	(7,021	)	(7,498	)		(63,707	)		(56,830	)
Shares redeemed	(11,446	)	(40,391	)		(105,550	)		(291,005	)
Net decrease	(14,065	)	(5,197	)	$	(128,614	)	$	(13,725	)
Class C
Shares sold	22,531		105,452		$	206,539		$	795,538
Shares issued in reinvestment of dividends and distributions	2,951		15,946			26,851			114,489
Shares redeemed	(18,802	)	(135,513	)		(170,173	)		(1,029,215	)
Net increase (decrease)	6,680		(14,115	)	$	63,217		$	(119,188	)
Advisor Class
Shares sold	133,595		626,936		$	1,229,103		$	5,161,698
Shares issued in reinvestment of dividends and distributions	32,268		107,847			296,219			779,737
Shares redeemed	(190,508	)	(515,475	)		(1,760,143	)		(3,939,748	)
Net increase (decrease)	(24,645	)	219,308		$	(234,821	)	$	2,001,687
Class R
Shares sold	478,988		1,249,343		$	4,378,411		$	9,722,051
Shares issued in reinvestment of dividends and distributions	31,123		97,030			284,154			698,614
Shares redeemed	(307,837	)	(754,644	)		(2,797,399	)		(5,750,577	)
Net increase	202,274		591,729		$	1,865,166		$	4,670,088

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 113

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2010 Retirement Strategy
Class K
Shares sold	914,211		3,494,775		$	8,399,660		$	26,195,952
Shares issued in reinvestment of dividends and distributions	144,125		460,252			1,320,190			3,323,019
Shares redeemed	(1,258,853	)	(2,640,690	)		(11,492,919	)		(20,350,473	)
Net increase (decrease)	(200,517	)	1,314,337		$	(1,773,069	)	$	9,168,498
Class I
Shares sold	171,482		900,766		$	1,578,201		$	7,087,421
Shares issued in reinvestment of dividends and distributions	32,959		118,932			302,235			859,876
Shares redeemed	(292,756	)	(1,069,967	)		(2,716,676	)		(8,211,421	)
Net decrease	(88,315	)	(50,269	)	$	(836,240	)	$	(264,124	)

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2015 Retirement Strategy
Class A
Shares sold	1,306,577		6,724,222		$	11,987,590		$	51,234,315
Shares issued in reinvestment of dividends and distributions	198,967		653,767			1,820,547			4,661,359
Shares converted from Class B	30,444		15,571			273,343			118,576
Shares redeemed	(1,802,429	)	(4,955,519	)		(16,451,763	)		(37,773,944	)
Net increase (decrease)	(266,441	)	2,438,041		$	(2,370,283	)	$	18,240,306

114 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2015 Retirement Strategy
Class B
Shares sold	15,968		58,620		$	147,564		$	432,509
Shares issued in reinvestment of dividends and distributions	3,007		18,707			27,394			133,007
Shares converted to Class A	(30,743	)	(15,673	)		(273,343	)		(118,576	)
Shares redeemed	(13,405	)	(107,883	)		(122,940	)		(787,740	)
Net decrease	(25,173	)	(46,229	)	$	(221,325	)	$	(340,800	)
Class C
Shares sold	63,829		182,616		$	579,931		$	1,348,344
Shares issued in reinvestment of dividends and distributions	4,300		17,930			39,131			127,481
Shares redeemed	(40,468	)	(118,208	)		(368,004	)		(858,839	)
Net increase	27,661		82,338		$	251,058		$	616,986
Advisor Class
Shares sold	205,012		654,280		$	1,892,532		$	5,040,984
Shares issued in reinvestment of dividends and distributions	32,768		79,518			301,136			569,349
Shares redeemed	(105,707	)	(240,905	)		(965,058	)		(1,878,860	)
Net increase	132,073		492,893		$	1,228,610		$	3,731,473
Class R
Shares sold	1,111,459		2,424,309		$	10,171,036		$	17,802,855
Shares issued in reinvestment of dividends and distributions	58,935		172,942			538,078			1,231,347
Shares redeemed	(517,231	)	(1,444,698	)		(4,679,691	)		(10,949,374	)
Net increase	653,163		1,152,553		$	6,029,423		$	8,084,828
Class K
Shares sold	1,446,911		4,478,158		$	13,214,718		$	33,462,581
Shares issued in reinvestment of dividends and distributions	222,020		669,855			2,035,919			4,789,460
Shares redeemed	(1,034,795	)	(3,323,625	)		(9,490,602	)		(25,024,468	)
Net increase	634,136		1,824,388		$	5,760,035		$	13,227,573

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 115

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2015 Retirement Strategy
Class I
Shares sold	1,525,366		2,098,146		$	13,830,753		$	15,279,943
Shares issued in reinvestment of dividends and distributions	108,695		329,270			997,821			2,357,575
Shares redeemed	(834,342	)	(2,283,491	)		(7,654,724	)		(16,244,331	)
Net increase	799,719		143,925		$	7,173,850		$	1,393,187

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2020 Retirement Strategy
Class A
Shares sold	1,719,471		7,516,013		$	15,390,416		$	57,583,895
Shares issued in reinvestment of dividends and distributions	227,048		853,288			2,032,082			5,921,754
Shares converted from Class B	8,171		13,327			72,738			95,692
Shares redeemed	(3,162,550	)	(4,720,037	)		(28,166,743	)		(34,375,717	)
Net increase (decrease)	(1,207,860	)	3,662,591		$	(10,671,507	)	$	29,225,624
Class B
Shares sold	6,764		60,473		$	59,994		$	474,857
Shares issued in reinvestment of dividends and distributions	3,219		19,424			28,615			134,028
Shares converted to Class A	(8,240	)	(13,435	)		(72,738	)		(95,692	)
Shares redeemed	(26,380	)	(99,112	)		(233,185	)		(721,966	)
Net decrease	(24,637	)	(32,650	)	$	(217,314	)	$	(208,773	)

116 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2020 Retirement Strategy
Class C
Shares sold	124,484		332,795		$	1,108,440		$	2,421,925
Shares issued in reinvestment of dividends and distributions	6,525		26,998			58,069			186,558
Shares redeemed	(61,769	)	(244,983	)		(544,284	)		(1,714,448	)
Net increase	69,240		114,810		$	622,225		$	894,035
Advisor Class
Shares sold	241,687		638,355		$	2,175,935		$	4,852,434
Shares issued in reinvestment of dividends and distributions	30,102		75,913			270,619			529,115
Shares redeemed	(88,025	)	(270,235	)		(801,737	)		(1,971,534	)
Net increase	183,764		444,033		$	1,644,817		$	3,410,015
Class R
Shares sold	1,113,624		2,726,411		$	9,939,045		$	19,777,255
Shares issued in reinvestment of dividends and distributions	75,671		228,463			675,740			1,583,251
Shares redeemed	(731,531	)	(1,782,787	)		(6,560,132	)		(13,318,720	)
Net increase	457,764		1,172,087		$	4,054,653		$	8,041,786
Class K
Shares sold	2,450,624		7,996,661		$	21,931,274		$	57,129,921
Shares issued in reinvestment of dividends and distributions	330,690		955,015			2,969,590			6,646,905
Shares redeemed	(1,463,787	)	(4,434,033	)		(13,216,209	)		(32,599,708	)
Net increase	1,317,527		4,517,643		$	11,684,655		$	31,177,118
Class I
Shares sold	643,946		1,462,784		$	5,829,793		$	11,002,296
Shares issued in reinvestment of dividends and distributions	74,627		219,267			670,902			1,528,282
Shares redeemed	(682,908	)	(1,080,375	)		(6,170,582	)		(7,778,860	)
Net increase	35,665		601,676		$	330,113		$	4,751,718

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 117

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2025 Retirement Strategy
Class A
Shares sold	1,703,224		7,018,366		$	15,353,755		$	52,928,919
Shares issued in reinvestment of dividends and distributions	211,855		767,478			1,891,870			5,241,873
Shares converted from Class B	2,971		10,834			26,481			77,459
Shares redeemed	(1,833,396	)	(4,605,741	)		(16,515,263	)		(33,543,740	)
Net increase	84,654		3,190,937		$	756,843		$	24,704,511
Class B
Shares sold	4,014		31,908		$	37,379		$	235,488
Shares issued in reinvestment of dividends and distributions	3,833		10,785			33,977			73,120
Shares converted to Class A	(3,002	)	(10,943	)		(26,481	)		(77,459	)
Shares redeemed	(9,858	)	(32,257	)		(87,854	)		(229,891	)
Net increase (decrease)	(5,013	)	(507	)	$	(42,979	)	$	1,258
Class C
Shares sold	90,874		186,827		$	808,513		$	1,342,122
Shares issued in reinvestment of dividends and distributions	1,952		19,380			17,311			131,589
Shares redeemed	(89,141	)	(120,936	)		(795,016	)		(851,120	)
Net increase	3,685		85,271		$	30,808		$	622,591
Advisor Class
Shares sold	157,758		686,507		$	1,427,497		$	4,982,933
Shares issued in reinvestment of dividends and distributions	29,383		57,495			263,098			393,845
Shares redeemed	(44,497	)	(220,695	)		(400,958	)		(1,587,329	)
Net increase	142,644		523,307		$	1,289,637		$	3,789,449

118 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2025 Retirement Strategy
Class R
Shares sold	1,262,134		2,295,983		$	11,319,866		$	16,312,653
Shares issued in reinvestment of dividends and distributions	62,118		188,944			554,720			1,290,486
Shares redeemed	(559,543	)	(920,380	)		(5,015,227	)		(6,752,492	)
Net increase	764,709		1,564,547		$	6,859,359		$	10,850,647
Class K
Shares sold	1,892,981		5,199,273		$	17,086,718		$	38,416,908
Shares issued in reinvestment of dividends and distributions	237,946		799,353			2,129,640			5,475,565
Shares redeemed	(939,078	)	(3,313,892	)		(8,526,351	)		(24,663,780	)
Net increase	1,191,849		2,684,734		$	10,690,007		$	19,228,693
Class I
Shares sold	584,514		1,165,276		$	5,327,353		$	8,741,454
Shares issued in reinvestment of dividends and distributions	58,364		170,957			522,943			1,171,057
Shares redeemed	(368,752	)	(645,605	)		(3,369,431	)		(4,830,979	)
Net increase	274,126		690,628		$	2,480,865		$	5,081,532

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2030 Retirement Strategy
Class A
Shares sold	1,579,570		6,638,793		$	14,106,788		$	50,586,794
Shares issued in reinvestment of dividends and distributions	146,707		546,423			1,296,883			3,704,751
Shares converted from Class B	2,684		5,468			23,626			37,375
Shares redeemed	(2,523,659	)	(3,350,093	)		(22,362,933	)		(24,192,105	)
Net increase (decrease)	(794,698	)	3,840,591		$	(6,935,636	)	$	30,136,815

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 119

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2030 Retirement Strategy
Class B
Shares sold	5,782		25,162		$	50,932		$	188,452
Shares issued in reinvestment of dividends and distributions	1,497		9,433			13,117			63,481
Shares converted to Class A	(2,712	)	(5,521	)		(23,626	)		(37,375	)
Shares redeemed	(12,203	)	(39,560	)		(108,709	)		(299,850	)
Net decrease	(7,636	)	(10,486	)	$	(68,286	)	$	(85,292	)
Class C
Shares sold	99,407		360,430		$	876,410		$	2,591,736
Shares issued in reinvestment of dividends and distributions	5,016		21,029			43,940			141,522
Shares redeemed	(90,743	)	(193,361	)		(800,569	)		(1,342,732	)
Net increase	13,680		188,098		$	119,781		$	1,390,526
Advisor Class
Shares sold	174,671		539,703		$	1,560,475		$	4,116,307
Shares issued in reinvestment of dividends and distributions	16,941		42,115			150,268			286,383
Shares redeemed	(31,940	)	(188,836	)		(282,921	)		(1,471,191	)
Net increase	159,672		392,982		$	1,427,822		$	2,931,499
Class R
Shares sold	947,344		2,597,167		$	8,445,742		$	18,674,600
Shares issued in reinvestment of dividends and distributions	51,203		181,724			452,119			1,230,275
Shares redeemed	(840,132	)	(1,361,079	)		(7,507,280	)		(9,909,310	)
Net increase	158,415		1,417,812		$	1,390,581		$	9,995,565
Class K
Shares sold	1,713,993		5,357,037		$	15,299,038		$	37,879,355
Shares issued in reinvestment of dividends and distributions	197,468		559,643			1,745,619			3,799,979
Shares redeemed	(1,003,680	)	(2,158,430	)		(9,005,958	)		(15,888,718	)
Net increase	907,781		3,758,250		$	8,038,699		$	25,790,616

120 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2030 Retirement Strategy
Class I
Shares sold	556,248		1,084,909		$	5,011,364		$	8,293,386
Shares issued in reinvestment of dividends and distributions	41,278		118,772			365,314			806,461
Shares redeemed	(432,362	)	(634,323	)		(3,917,242	)		(4,702,992	)
Net increase	165,164		569,358		$	1,459,436		$	4,396,855

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2035 Retirement Strategy
Class A
Shares sold	1,269,620		4,710,355		$	11,277,911		$	34,970,723
Shares issued in reinvestment of dividends and distributions	90,352		346,947			794,195			2,359,239
Shares converted from Class B	2,539		1,653			21,759			11,804
Shares redeemed	(1,420,329	)	(2,304,135	)		(12,605,401	)		(16,699,200	)
Net increase (decrease)	(57,818	)	2,754,820		$	(511,536	)	$	20,642,566
Class B
Shares sold	4,236		12,879		$	36,702		$	95,855
Shares issued in reinvestment of dividends and distributions	695		5,995			6,077			40,586
Shares converted to Class A	(2,565	)	(1,667	)		(21,759	)		(11,804	)
Shares redeemed	(2,462	)	(23,010	)		(21,783	)		(163,546	)
Net decrease	(96	)	(5,803	)	$	(763	)	$	(38,909	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 121

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2035 Retirement Strategy
Class C
Shares sold	73,589		164,865		$	646,474		$	1,198,859
Shares issued in reinvestment of dividends and distributions	1,678		9,845			14,666			66,598
Shares redeemed	(30,470	)	(99,945	)		(267,199	)		(707,989	)
Net increase	44,797		74,765		$	393,941		$	557,468
Advisor Class
Shares sold	173,953		425,443		$	1,546,154		$	3,100,068
Shares issued in reinvestment of dividends and distributions	11,502		26,958			101,558			183,851
Shares redeemed	(32,808	)	(66,269	)		(292,960	)		(473,585	)
Net increase	152,647		386,132		$	1,354,752		$	2,810,334
Class R
Shares sold	782,256		1,640,454		$	6,896,254		$	11,635,510
Shares issued in reinvestment of dividends and distributions	27,098		106,701			236,832			721,302
Shares redeemed	(599,470	)	(544,897	)		(5,284,049	)		(4,060,885	)
Net increase	209,884		1,202,258		$	1,849,037		$	8,295,927
Class K
Shares sold	1,314,224		3,223,550		$	11,628,701		$	23,062,299
Shares issued in reinvestment of dividends and distributions	98,549		348,048			867,237			2,366,727
Shares redeemed	(775,064	)	(1,441,443	)		(6,906,395	)		(10,865,714	)
Net increase	637,709		2,130,155		$	5,589,543		$	14,563,312
Class I
Shares sold	415,908		809,649		$	3,710,827		$	5,971,646
Shares issued in reinvestment of dividends and distributions	26,114		73,619			230,060			501,346
Shares redeemed	(306,503	)	(341,800	)		(2,742,125	)		(2,595,182	)
Net increase	135,519		541,468		$	1,198,762		$	3,877,810

122 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2040 Retirement Strategy
Class A
Shares sold	1,098,908		4,792,526		$	9,921,593		$	37,345,163
Shares issued in reinvestment of dividends and distributions	72,417		285,144			651,034			1,978,903
Shares converted from Class B	805		1,256			7,163			8,905
Shares redeemed	(1,882,870	)	(2,073,908	)		(16,976,345	)		(15,523,992	)
Net increase (decrease)	(710,740	)	3,005,018		$	(6,396,555	)	$	23,808,979
Class B
Shares sold	3,272		20,464		$	29,305		$	156,768
Shares issued in reinvestment of dividends and distributions	636		4,870			5,674			33,650
Shares converted to Class A	(812	)	(1,267	)		(7,163	)		(8,905	)
Shares redeemed	(5,301	)	(16,879	)		(46,117	)		(109,659	)
Net increase (decrease)	(2,205	)	7,188		$	(18,301	)	$	71,854
Class C
Shares sold	84,906		212,093		$	766,945		$	1,546,272
Shares issued in reinvestment of dividends and distributions	1,746		8,912			15,591			61,582
Shares redeemed	(37,988	)	(104,375	)		(340,868	)		(747,804	)
Net increase	48,664		116,630		$	441,668		$	860,050
Advisor Class
Shares sold	176,014		387,315		$	1,601,700		$	2,862,061
Shares issued in reinvestment of dividends and distributions	10,206		21,766			92,154			151,714
Shares redeemed	(42,465	)	(78,437	)		(382,214	)		(587,782	)
Net increase	143,755		330,644		$	1,311,640		$	2,425,993

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 123

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2040 Retirement Strategy
Class R
Shares sold	603,181		1,846,532		$	5,415,312		$	13,428,543
Shares issued in reinvestment of dividends and distributions	25,778		84,944			230,453			586,961
Shares redeemed	(595,955	)	(790,160	)		(5,392,167	)		(5,803,274	)
Net increase	33,004		1,141,316		$	253,598		$	8,212,230
Class K
Shares sold	1,278,184		3,174,072		$	11,581,044		$	22,807,462
Shares issued in reinvestment of dividends and distributions	78,409		196,831			703,330			1,366,011
Shares redeemed	(555,086	)	(1,013,754	)		(5,042,277	)		(7,605,485	)
Net increase	801,507		2,357,149		$	7,242,097		$	16,567,988
Class I
Shares sold	356,095		782,384		$	3,232,110		$	5,779,096
Shares issued in reinvestment of dividends and distributions	21,778		54,716			195,789			380,273
Shares redeemed	(233,121	)	(406,890	)		(2,115,945	)		(3,124,362	)
Net increase	144,752		430,210		$	1,311,954		$	3,035,007

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2045 Retirement Strategy
Class A
Shares sold	882,956		2,958,582		$	7,883,219		$	21,543,156
Shares issued in reinvestment of dividends and distributions	78,997		178,585			696,745			1,225,096
Shares converted from Class B	320		914			2,822			6,932
Shares redeemed	(805,816	)	(1,556,974	)		(7,180,678	)		(11,455,569	)
Net increase	156,457		1,581,107		$	1,402,108		$	11,319,615

124 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2045 Retirement Strategy
Class B
Shares sold	2,055		11,532		$	18,070		$	86,398
Shares issued in reinvestment of dividends and distributions	421		1,563			3,676			10,634
Shares converted to Class A	(324	)	(925	)		(2,822	)		(6,932	)
Shares redeemed	(1,650	)	(2,871	)		(14,322	)		(20,149	)
Net increase	502		9,299		$	4,602		$	69,951
Class C
Shares sold	48,604		156,573		$	429,255		$	1,169,394
Shares issued in reinvestment of dividends and distributions	1,687		6,203			14,745			42,181
Shares redeemed	(50,986	)	(81,889	)		(437,291	)		(573,833	)
Net increase (decrease)	(695	)	80,887		$	6,709		$	637,742
Advisor Class
Shares sold	174,685		381,179		$	1,563,956		$	2,728,128
Shares issued in reinvestment of dividends and distributions	12,189		15,525			107,998			106,965
Shares redeemed	(37,089	)	(54,997	)		(330,283	)		(406,410	)
Net increase	149,785		341,707		$	1,341,671		$	2,428,683
Class R
Shares sold	530,780		1,087,311		$	4,693,187		$	7,918,555
Shares issued in reinvestment of dividends and distributions	25,250		52,061			221,187			355,055
Shares redeemed	(369,495	)	(309,587	)		(3,267,056	)		(2,366,187	)
Net increase	186,535		829,785		$	1,647,318		$	5,907,423

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 125

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2045 Retirement Strategy
Class K
Shares sold	879,932		1,879,848		$	7,851,930		$	13,420,490
Shares issued in reinvestment of dividends and distributions	62,256		107,633			547,232			736,207
Shares redeemed	(411,755	)	(618,784	)		(3,669,211	)		(4,782,476	)
Net increase	530,433		1,368,697		$	4,729,951		$	9,374,221
Class I
Shares sold	338,169		667,399		$	3,001,317		$	4,886,587
Shares issued in reinvestment of dividends and distributions	21,674		30,652			190,520			209,965
Shares redeemed	(174,960	)	(191,536	)		(1,561,913	)		(1,445,729	)
Net increase	184,883		506,515		$	1,629,924		$	3,650,823

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2050 Retirement Strategy
Class A
Shares sold	210,244		544,115		$	1,585,550		$	3,265,462
Shares issued in reinvestment of dividends and distributions	4,442		5,908			33,273			33,614
Shares converted from Class B	– 0	–	237			– 0	–		1,158
Shares redeemed	(240,280	)	(152,176	)		(1,794,980	)		(863,393	)
Net increase (decrease)	(25,594	)	398,084		$	(176,157	)	$	2,436,841

126 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2050 Retirement Strategy
Class B
Shares sold	– 0	–	768		$	– 0	–	$	4,566
Shares issued in reinvestment of dividends and distributions	17		67			126			382
Shares converted to Class A	– 0	–	(238	)		– 0	–		(1,158	)
Shares redeemed	– 0	–	(9	)		– 0	–		(50	)
Net increase	17		588		$	126		$	3,740
Class C
Shares sold	6,286		11,982		$	46,781		$	71,337
Shares issued in reinvestment of dividends and distributions	98		187			732			1,059
Shares redeemed	(5,126	)	(1,181	)		(38,078	)		(6,621	)
Net increase	1,258		10,988		$	9,435		$	65,775
Advisor Class
Shares sold	83,043		137,084		$	626,250		$	826,691
Shares issued in reinvestment of dividends and distributions	2,612		1,749			19,645			9,967
Shares redeemed	(8,948	)	(8,155	)		(66,221	)		(49,002	)
Net increase	76,707		130,678		$	579,674		$	787,656
Class R
Shares sold	116,145		250,493		$	870,994		$	1,535,052
Shares issued in reinvestment of dividends and distributions	3,004		1,493			22,439			8,512
Shares redeemed	(78,524	)	(63,955	)		(594,917	)		(418,251	)
Net increase	40,625		188,031		$	298,516		$	1,125,313
Class K
Shares sold	291,300		960,790		$	2,207,836		$	5,490,991
Shares issued in reinvestment of dividends and distributions	9,520		3,527			71,210			20,107
Shares redeemed	(75,059	)	(493,008	)		(567,079	)		(2,734,623	)
Net increase	225,761		471,309		$	1,711,967		$	2,776,475

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 127

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2050 Retirement Strategy
Class I
Shares sold	49,101		99,165		$	371,137		$	609,200
Shares issued in reinvestment of dividends and distributions	1,042		1,259			7,799			7,178
Shares redeemed	(50,926	)	(14,448	)		(384,763	)		(88,998	)
Net increase (decrease)	(783	)	85,976		$	(5,827	)	$	527,380

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2055 Retirement Strategy
Class A
Shares sold	29,804		212,456		$	219,066		$	1,407,619
Shares issued in reinvestment of dividends and distributions	159		503			1,159			2,829
Shares redeemed	(24,441	)	(153,502	)		(180,208	)		(945,552	)
Net increase	5,522		59,457		$	40,017		$	464,896
Class B
Shares sold	164		1,101		$	1,200		$	6,239
Shares issued in reinvestment of distributions	– 0	–	7			– 0	–		38
Shares redeemed	– 0	–	(4	)		– 0	–		(25	)
Net increase	164		1,104		$	1,200		$	6,252
Class C
Shares sold	1,755		6,733		$	12,850		$	37,914
Shares issued in reinvestment of distributions	– 0	–	29			– 0	–		159
Shares redeemed	(99	)	(8,268	)		(728	)		(50,120	)
Net increase (decrease)	1,656		(1,506	)	$	12,122		$	(12,047	)

128 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
2055 Retirement Strategy
Advisor Class
Shares sold	23,602		45,872		$	173,635		$	263,579
Shares issued in reinvestment of dividends and distributions	192		109			1,411			619
Shares redeemed	(2,995	)	(15,977	)		(22,030	)		(94,141	)
Net increase	20,799		30,004		$	153,016		$	170,057
Class R
Shares sold	19,632		56,330		$	141,149		$	334,732
Shares issued in reinvestment of dividends and distributions	779		269			5,565			1,498
Shares redeemed	(14,090	)	(45,911	)		(102,674	)		(259,349	)
Net increase	6,321		10,688		$	44,040		$	76,881
Class K
Shares sold	94,817		224,054		$	685,503		$	1,306,560
Shares issued in reinvestment of dividends and distributions	3,335		1,243			23,946			6,949
Shares redeemed	(62,015	)	(75,932	)		(440,369	)		(447,469	)
Net increase	36,137		149,365		$	269,080		$	866,040
Class I
Shares sold	11,283		22,360		$	79,827		$	132,089
Shares issued in reinvestment of dividends and distributions	146		182			1,055			1,012
Shares redeemed	(23,270	)	(1,114	)		(168,400	)		(6,964	)
Net increase (decrease)	(11,841	)	21,428		$	(87,518	)	$	126,137

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 may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 129

Notes to Financial Statements

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 involve 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 Portfolio. For example, the value of the 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 Portfolio’s investments denominated in foreign currencies, the Portfolio’s positions in various foreign currencies may cause the 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. As such, 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 28, 2010.

130 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2010 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2009 and August 31, 2008 were as follows:

2000 Retirement Strategy	2009		2008
Distributions paid from:
Ordinary income	$	513,304	$	534,880
Long-term capital gains		400,895		195,352
Total distributions paid	$	914,199	$	730,232
2005 Retirement Strategy	2009		2008
Distributions paid from:
Ordinary income	$	1,300,009	$	986,918
Long-term capital gains		1,145,559		723,451
Total distributions paid	$	2,445,568	$	1,710,369
2010 Retirement Strategy	2009		2008
Distributions paid from:
Ordinary income	$	4,475,192	$	4,071,398
Long-term capital gains		5,366,714		1,990,917
Total distributions paid	$	9,841,906	$	6,062,315
2015 Retirement Strategy	2009		2008
Distributions paid from:
Ordinary income	$	6,190,510	$	5,497,336
Long-term capital gains		7,693,201		1,664,490
Total distributions paid	$	13,883,711	$	7,161,826
2020 Retirement Strategy	2009		2008
Distributions paid from:
Ordinary income	$	6,543,545	$	6,127,730
Long-term capital gains		10,144,067		2,082,040
Total distributions paid	$	16,687,612	$	8,209,770
2025 Retirement Strategy	2009		2008
Distributions paid from:
Ordinary income	$	4,757,391	$	4,716,904
Long-term capital gains		9,030,578		1,854,278
Total distributions paid	$	13,787,969	$	6,571,182

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 131

Notes to Financial Statements

2030 Retirement Strategy	2009			2008
Distributions paid from:
Ordinary income	$	3,321,614		$	3,160,320
Long-term capital gains		6,716,514			823,222
Total distributions paid	$	10,038,128		$	3,983,542
2035 Retirement Strategy	2009			2008
Distributions paid from:
Ordinary income	$	1,873,379		$	1,977,727
Long-term capital gains		4,371,046			669,092
Total distributions paid	$	6,244,425		$	2,646,819
2040 Retirement Strategy	2009			2008
Distributions paid from:
Ordinary income	$	1,449,693		$	1,369,602
Long-term capital gains		3,111,011			320,632
Total distributions paid	$	4,560,704		$	1,690,234
2045 Retirement Strategy	2009			2008
Distributions paid from:
Ordinary income	$	841,513		$	837,758
Long-term capital gains		1,845,722			484,357
Total distributions paid	$	2,687,235		$	1,322,115
2050 Retirement Strategy	2009			2008
Distributions paid from:
Ordinary income	$	81,171		$	6,258
Long-term capital gains		– 0	–		– 0	–
Total distributions paid	$	81,171		$	6,258
2055 Retirement Strategy	2009			2008
Distributions paid from:
Ordinary income	$	13,321		$	4,284
Long-term capital gains		– 0	–		– 0	–
Total distributions paid	$	13,321		$	4,284

132 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

As of August 31, 2009, 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)
2000	$	359,479	$	– 0	–	$	(1,116,986	)	$	(2,668,424	)	$	(3,425,931	)
2005		377,206		– 0	–		(3,372,396	)		(8,518,359	)		(11,513,549	)
2010		1,589,722		– 0	–		(6,615,433	)		(43,467,057	)		(48,492,768	)
2015		2,613,457		– 0	–		(5,977,264	)		(71,958,829	)		(75,322,636	)
2020		3,076,125		– 0	–		(5,756,478	)		(95,939,425	)		(98,619,778	)
2025		2,328,722		– 0	–		– 0	–		(87,853,711	)		(85,524,989	)
2030		1,659,555		– 0	–		(775,986	)		(67,619,311	)		(66,735,742	)
2035		918,817		646,799			– 0	–		(45,216,347	)		(43,650,731	)
2040		778,603		572,515			– 0	–		(33,201,758	)		(31,850,640	)
2045		483,743		570,874			– 0	–		(18,200,677	)		(17,146,060	)
2050		67,360		– 0	–		(54,298	)		755,936			768,998
2055		18,905		– 0	–		(4,078	)		(118,556	)		(103,729	)

^(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) On August 31, 2009, 2000, 2010, 2015, 2020, 2030, 2050, 2055 Retirement Strategies had a capital loss carryover for federal income tax purposes of $94,755, $181,777, $242,201, $297,110, $23,961, $19,921, $4,078 of which $94,755, $181,777, $242,201, $297,110, $23,961, $19,921, $4,078 expires in the year 2017. 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. 2000, 2005, 2010, 2015, 2020, 2030, 2050 Retirement Strategies elect to defer $1,022,230, $3,372,403, $6,433,656, $5,735,063, $5,459,365, $752,026, $34,376 of capital losses that are deemed to arise in the next taxable year.

NOTE I

Legal Proceedings

On October 2, 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. (“Hindo Complaint”) was filed against the Adviser, Alliance Capital Management Holding L.P. (“Alliance Holding”), Alliance Capital Management Corporation, AXA Financial, Inc., the AllianceBernstein Funds, certain officers of the Adviser (“AllianceBernstein defendants”), and certain other unaffiliated defendants, as well as unnamed Doe defendants. The Hindo Complaint was filed in the United States District Court for the Southern District of New York by alleged shareholders of two of the AllianceBernstein Funds. The Hindo Complaint alleges that certain of the AllianceBernstein defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in “late trading” and “market timing” of AllianceBernstein Fund securities, violating Sections 11 and 15 of the Securities Act, Sections 10(b) and 20(a) of the Exchange Act and Sections 206 and 215 of the Advisers Act. Plaintiffs seek an unspecified amount of compensatory damages and rescission of their contracts with the Adviser, including recovery of all fees paid to the Adviser pursuant to such contracts.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 133

Notes to Financial Statements

Following October 2, 2003, 43 additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various federal and state courts against the Adviser and certain other defendants. On September 29, 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of Alliance Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of the Adviser. All four complaints include substantially identical factual allegations, which appear to be based in large part on the Order of the SEC dated December 18, 2003 as amended and restated January 15, 2004 (“SEC Order”) and the New York State Attorney General Assurance of Discontinuance dated September 1, 2004 (“NYAG Order”).

On April 21, 2006, the Adviser and attorneys for the plaintiffs in the mutual fund shareholder claims, mutual fund derivative claims, and ERISA claims entered into a confidential memorandum of understanding containing their agreement to settle these claims. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. The settlement amount ($30 million), which the Adviser previously accrued and disclosed, has been disbursed. The derivative claims brought on behalf of Alliance Holding, in which plaintiffs seek an unspecified amount of damages, remain pending.

It is possible that these matters and/or other developments resulting from these matters could result in increased redemptions of the AllianceBernstein Mutual Funds’ shares or other adverse consequences to the AllianceBernstein Mutual Funds. This may require the AllianceBernstein Mutual Funds to sell investments held by those funds to provide for sufficient liquidity and could also have an adverse effect on the investment performance of the AllianceBernstein Mutual Funds. However, the Adviser believes that these matters are not likely to have a material adverse effect on its ability to perform advisory services relating to the AllianceBernstein Mutual Funds.

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.

134 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2000 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  9.35		$  10.58		$  11.73		$  10.88		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.11		.26		.44		.31		.15
Net realized and unrealized gain (loss) on investment transactions	.49		(1.10	)	(1.07	)	.80		.73
Net increase (decrease) in net asset value from operations	.60		(.84	)	(.63	)	1.11		.88
Less: Dividends and Distributions
Dividends from net investment income	(.20	)	(.21	)	(.36	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.18	)	(.16	)	(.03	)	– 0	–
Total dividends and distributions	(.20	)	(.39	)	(.52	)	(.26	)	– 0	–
Net asset value, end of period	$  9.75		$  9.35		$  10.58		$  11.73		$  10.88
Total Return
Total investment return based on net asset value(c)	6.44	%	(7.29	)%	(5.59	)%	10.32	%	8.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$6,733		$6,608		$5,952		$5,462		$938
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.83	%(e)	.82	%	.82	%	.92	%(f)	1.05	%(f)
Expenses, before waivers/reimbursements(d)	2.29	%(e)	2.64	%	2.77	%	8.86	%(f)	104.94	%(f)
Net investment income(b)	2.23	%(e)	3.14	%	3.87	%	2.82	%	1.73	%
Portfolio turnover rate	10	%	40	%	66	%	99	%	51	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 135

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2000 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  9.22		$  10.41		$  11.60		$  10.81		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.23		.35		.20		.14
Net realized and unrealized gain (loss) on investment transactions	.49		(1.11	)	(1.04	)	.81		.67
Net increase (decrease) in net asset value from operations	.55		(.88	)	(.69	)	1.01		.81
Less: Dividends and Distributions
Dividends from net investment income	(.13	)	(.13	)	(.34	)	(.19	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.18	)	(.16	)	(.03	)	– 0	–
Total dividends and distributions	(.13	)	(.31	)	(.50	)	(.22	)	– 0	–
Net asset value, end of period	$  9.64		$  9.22		$  10.41		$  11.60		$  10.81
Total Return
Total investment return based on net asset value(c)	5.98	%	(8.02	)%	(6.21	)%	9.45	%	8.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$137		$88		$180		$184		$29
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.53	%(e)	1.52	%	1.52	%	1.59	%(f)	1.75	%(f)
Expenses, before waivers/reimbursements(d)	3.11	%(e)	3.43	%	3.50	%	7.63	%(f)	169.75	%(f)
Net investment income(b)	1.37	%(e)	2.75	%	3.14	%	1.74	%	1.40	%
Portfolio turnover rate	10	%	40	%	66	%	99	%	51	%

See footnote summary on page 219.

136 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2000 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  9.22		$  10.41		$  11.60		$  10.81		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.07		.23		.36		.19		.11
Net realized and unrealized gain (loss) on investment transactions	.49		(1.11	)	(1.05	)	.82		.70
Net increase (decrease) in net asset value from operations	.56		(.88	)	(.69	)	1.01		.81
Less: Dividends and Distributions
Dividends from net investment income	(.13	)	(.13	)	(.34	)	(.19	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.18	)	(.16	)	(.03	)	– 0	–
Total dividends and distributions	(.13	)	(.31	)	(.50	)	(.22	)	– 0	–
Net asset value, end of period	$  9.65		$  9.22		$  10.41		$  11.60		$  10.81
Total Return
Total investment return based on net asset value(c)	6.09	%	(8.02	)%	(6.21	)%	9.45	%	8.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$871		$882		$1,327		$425		$34
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.53	%(e)	1.52	%	1.52	%	1.60	%(f)	1.75	%(f)
Expenses, before waivers/reimbursements(d)	3.01	%(e)	3.36	%	3.42	%	9.09	%(f)	172.05	%(f)
Net investment income(b)	1.51	%(e)	2.71	%	3.11	%	1.86	%	1.10	%
Portfolio turnover rate	10	%	40	%	66	%	99	%	51	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 137

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2000 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  9.39		$  10.63		$  11.78		$  10.92		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.31		.45		.38		.27
Net realized and unrealized gain (loss) on investment transactions	.52		(1.13	)	(1.05	)	.76		.65
Net increase (decrease) in net asset value from operations	.62		(.82	)	(.60	)	1.14		.92
Less: Dividends and Distributions
Dividends from net investment income	(.23	)	(.24	)	(.39	)	(.25	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.18	)	(.16	)	(.03	)	– 0	–
Total dividends and distributions	(.23	)	(.42	)	(.55	)	(.28	)	– 0	–
Net asset value, end of period	$  9.78		$  9.39		$  10.63		$  11.78		$  10.92
Total Return
Total investment return based on net asset value(c)	6.58	%	(7.01	)%	(5.39	)%	10.52	%	9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$860		$521		$553		$13		$11
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.53	%(e)	.52	%	.52	%	.65	%(f)	.75	%(f)
Expenses, before waivers/reimbursements(d)	2.00	%(e)	2.32	%	2.35	%	9.96	%(f)	189.29	%(f)
Net investment income(b)	2.11	%(e)	3.57	%	3.78	%	3.32	%	2.61	%
Portfolio turnover rate	10	%	40	%	66	%	99	%	51	%

See footnote summary on page 219.

138 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2000 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  9.24		$  10.46		$  11.54		$  10.87		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.20		.49		.17		.22
Net realized and unrealized gain (loss) on investment transactions	.49		(1.04	)	(1.13	)	.89		.65
Net increase (decrease) in net asset value from operations	.58		(.84	)	(.64	)	1.06		.87
Less: Dividends and Distributions
Dividends from net investment income	(.20	)	(.20	)	(.28	)	(.36	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.18	)	(.16	)	(.03	)	– 0	–
Total dividends and distributions	(.20	)	(.38	)	(.44	)	(.39	)	– 0	–
Net asset value, end of period	$  9.62		$  9.24		$  10.46		$  11.54		$  10.87
Total Return
Total investment return based on net asset value(c)	6.26	%	(7.46	)%	(5.78	)%	9.85	%	8.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,806		$1,437		$350		$381		$12
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.03	%(e)	1.02	%	1.02	%	1.06	%(f)	1.25	%(f)
Expenses, before waivers/reimbursements(d)	2.48	%(e)	2.69	%	2.91	%	6.87	%(f)	180.27	%(f)
Net investment income(b)	1.95	%(e)	2.39	%	3.27	%	1.85	%	2.10	%
Portfolio turnover rate	10	%	40	%	66	%	99	%	51	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 139

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2000 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  9.17		$  10.40		$  11.55		$  10.89		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.26		.38		.20		.23
Net realized and unrealized gain (loss) on investment transactions	.49		(1.08	)	(.98	)	.91		.66
Net increase (decrease) in net asset value from operations	.59		(.82	)	(.60	)	1.11		.89
Less: Dividends and Distributions
Dividends from net investment income	(.22	)	(.23	)	(.39	)	(.42	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.18	)	(.16	)	(.03	)	– 0	–
Total dividends and distributions	(.22	)	(.41	)	(.55	)	(.45	)	– 0	–
Net asset value, end of period	$  9.54		$  9.17		$  10.40		$  11.55		$  10.89
Total Return
Total investment return based on net asset value(c)	6.39	%	(7.27	)%	(5.50	)%	10.31	%	8.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$15,473		$14,477		$14,183		$5,041		$19
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.78	%(e)	.77	%	.77	%	.83	%(f)	1.00	%(f)
Expenses, before waivers/reimbursements(d)	2.19	%(e)	2.42	%	2.63	%	4.40	%(f)	167.47	%(f)
Net investment income(b)	2.21	%(e)	3.18	%	3.40	%	1.83	%	2.27	%
Portfolio turnover rate	10	%	40	%	66	%	99	%	51	%

See footnote summary on page 219.

140 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2000 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  9.20		$  10.44		$  11.60		$  10.92		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.12		.23		.48		.22		.27
Net realized and unrealized gain (loss) on investment transactions	.49		(1.03	)	(1.06	)	.90		.65
Net increase (decrease) in net asset value from operations	.61		(.80	)	(.58	)	1.12		.92
Less: Dividends and Distributions
Dividends from net investment income	(.25	)	(.26	)	(.42	)	(.41	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.18	)	(.16	)	(.03	)	– 0	–
Total dividends and distributions	(.25	)	(.44	)	(.58	)	(.44	)	– 0	–
Net asset value, end of period	$  9.56		$  9.20		$  10.44		$  11.60		$  10.92
Total Return
Total investment return based on net asset value(c)	6.59	%	(7.00	)%	(5.28	)%	10.43	%	9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$2,189		$1,981		$768		$681		$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.53	%(e)	.52	%	.52	%	.55	%(f)	.75	%(f)
Expenses, before waivers/reimbursements(d)	1.85	%(e)	2.06	%	2.35	%	7.92	%(f)	180.50	%(f)
Net investment income(b)	2.48	%(e)	2.68	%	4.20	%	2.09	%	2.61	%
Portfolio turnover rate	10	%	40	%	66	%	99	%	51	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 141

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2005 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.84		$  10.35		$  11.78		$  10.92		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.26		.41		.29		.13
Net realized and unrealized gain (loss) on investment transactions	.53		(1.27	)	(1.24	)	.87		.79
Net increase (decrease) in net asset value from operations	.63		(1.01	)	(.83	)	1.16		.92
Less: Dividends and Distributions
Dividends from net investment income	(.19	)	(.27	)	(.35	)	(.27	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.23	)	(.25	)	(.03	)	– 0	–
Total dividends and distributions	(.19	)	(.50	)	(.60	)	(.30	)	– 0	–
Net asset value, end of period	$  9.28		$  8.84		$  10.35		$  11.78		$  10.92
Total Return
Total investment return based on net asset value(c)	7.12	%	(8.92	)%	(7.39	)%	10.69	%	9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$23,939		$23,328		$18,835		$13,775		$3,898
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.89	%(e)	.88	%	.88	%	.95	%	1.03	%
Expenses, before waivers/reimbursements(d)	1.69	%(e)	1.79	%	1.85	%	3.16	%	13.72	%
Net investment income(b)	2.12	%(e)	3.20	%	3.66	%	2.45	%	1.36	%
Portfolio turnover rate	6	%	43	%	29	%	45	%	44	%

See footnote summary on page 219.

142 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2005 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.76		$  10.20		$  11.66		$  10.84		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.07		.19		.33		.23		.05
Net realized and unrealized gain (loss) on investment transactions	.52		(1.23	)	(1.23	)	.85		.79
Net increase (decrease) in net asset value from operations	.59		(1.04	)	(.90	)	1.08		.84
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.17	)	(.31	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.23	)	(.25	)	(.03	)	– 0	–
Total dividends and distributions	(.11	)	(.40	)	(.56	)	(.26	)	– 0	–
Net asset value, end of period	$  9.24		$  8.76		$  10.20		$  11.66		$  10.84
Total Return
Total investment return based on net asset value(c)	6.74	%	(9.52	)%	(8.08	)%	10.01	%	8.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$435		$527		$569		$604		$357
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.59	%(e)	1.58	%	1.58	%	1.66	%	1.73	%
Expenses, before waivers/reimbursements(d)	2.41	%(e)	2.52	%	2.56	%	4.03	%	19.10	%
Net investment income(b)	1.47	%(e)	2.45	%	2.96	%	2.01	%	.49	%
Portfolio turnover rate	6	%	43	%	29	%	45	%	44	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 143

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2005 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.75		$  10.19		$  11.64		$  10.83		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.07		.20		.39		.10		.07
Net realized and unrealized gain (loss) on investment transactions	.52		(1.24	)	(1.28	)	.97		.76
Net increase (decrease) in net asset value from operations	.59		(1.04	)	(.89	)	1.07		.83
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.17	)	(.31	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.23	)	(.25	)	(.03	)	– 0	–
Total dividends and distributions	(.11	)	(.40	)	(.56	)	(.26	)	– 0	–
Net asset value, end of period	$  9.23		$  8.75		$  10.19		$  11.64		$  10.83
Total Return
Total investment return based on net asset value(c)	6.74	%	(9.53	)%	(8.01	)%	9.92	%	8.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$681		$958		$898		$2,228		$167
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.59	%(e)	1.58	%	1.58	%	1.63	%	1.73	%
Expenses, before waivers/reimbursements(d)	2.40	%(e)	2.51	%	2.57	%	3.83	%	22.53	%
Net investment income(b)	1.52	%(e)	2.48	%	3.49	%	1.01	%	.73	%
Portfolio turnover rate	6	%	43	%	29	%	45	%	44	%

See footnote summary on page 219.

144 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2005 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.89		$  10.40		$  11.82		$  10.95		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.11		.26		.39		.15		.20
Net realized and unrealized gain (loss) on investment transactions	.54		(1.25	)	(1.18	)	1.04		.75
Net increase (decrease) in net asset value from operations	.65		(.99	)	(.79	)	1.19		.95
Less: Dividends and Distributions
Dividends from net investment income	(.22	)	(.29	)	(.38	)	(.29	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.23	)	(.25	)	(.03	)	– 0	–
Total dividends and distributions	(.22	)	(.52	)	(.63	)	(.32	)	– 0	–
Net asset value, end of period	$  9.32		$  8.89		$  10.40		$  11.82		$  10.95
Total Return
Total investment return based on net asset value(c)	7.26	%	(8.62	)%	(7.08	)%	10.94	%	9.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$680		$600		$381		$162		$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.59	%(e)	.58	%	.58	%	.61	%	.73	%
Expenses, before waivers/reimbursements(d)	1.39	%(e)	1.51	%	1.54	%	2.47	%	45.94	%
Net investment income(b)	2.40	%(e)	3.26	%	3.48	%	1.49	%	1.87	%
Portfolio turnover rate	6	%	43	%	29	%	45	%	44	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 145

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2005 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.80		$  10.27		$  11.72		$  10.89		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.23		.37		.08		.13
Net realized and unrealized gain (loss) on investment transactions	.52		(1.24	)	(1.22	)	1.05		.76
Net increase (decrease) in net asset value from operations	.61		(1.01	)	(.85	)	1.13		.89
Less: Dividends and Distributions
Dividends from net investment income	(.17	)	(.23	)	(.35	)	(.27	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.23	)	(.25	)	(.03	)	– 0	–
Total dividends and distributions	(.17	)	(.46	)	(.60	)	(.30	)	– 0	–
Net asset value, end of period	$  9.24		$  8.80		$  10.27		$  11.72		$  10.89
Total Return
Total investment return based on net asset value(c)	6.95	%	(9.02	)%	(7.61	)%	10.46	%	8.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$3,350		$3,259		$3,475		$3,593		$28
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.09	%(e)	1.08	%	1.08	%	1.09	%	1.23	%
Expenses, before waivers/reimbursements(d)	1.95	%(e)	2.06	%	2.08	%	3.24	%	34.65	%
Net investment income(b)	1.92	%(e)	2.97	%	3.38	%	.63	%	1.26	%
Portfolio turnover rate	6	%	43	%	29	%	45	%	44	%

See footnote summary on page 219.

146 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2005 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.83		$  10.33		$  11.75		$  10.91		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.26		.34		.14		.18
Net realized and unrealized gain (loss) on investment transactions	.53		(1.27	)	(1.16	)	1.03		.73
Net increase (decrease) in net asset value from operations	.63		(1.01	)	(.82	)	1.17		.91
Less: Dividends and Distributions
Dividends from net investment income	(.19	)	(.26	)	(.35	)	(.30	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.23	)	(.25	)	(.03	)	– 0	–
Total dividends and distributions	(.19	)	(.49	)	(.60	)	(.33	)	– 0	–
Net asset value, end of period	$  9.27		$  8.83		$  10.33		$  11.75		$  10.91
Total Return
Total investment return based on net asset value(c)	7.16	%	(8.85	)%	(7.31	)%	10.85	%	9.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$12,586		$14,088		$18,597		$6,734		$164
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.84	%(e)	.83	%	.83	%	.87	%	.98	%
Expenses, before waivers/reimbursements(d)	1.70	%(e)	1.76	%	1.82	%	2.45	%	16.01	%
Net investment income(b)	2.22	%(e)	3.25	%	3.15	%	1.27	%	1.80	%
Portfolio turnover rate	6	%	43	%	29	%	45	%	44	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 147

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2005 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.86		$  10.36		$  11.79		$  10.95		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.11		.27		.46		.22		.19
Net realized and unrealized gain (loss) on investment transactions	.53		(1.25	)	(1.25	)	.97		.76
Net increase (decrease) in net asset value from operations	.64		(.98	)	(.79	)	1.19		.95
Less: Dividends and Distributions
Dividends from net investment income	(.22	)	(.29	)	(.39	)	(.32	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.23	)	(.25	)	(.03	)	– 0	–
Total dividends and distributions	(.22	)	(.52	)	(.64	)	(.35	)	– 0	–
Net asset value, end of period	$  9.28		$  8.86		$  10.36		$  11.79		$  10.95
Total Return
Total investment return based on net asset value(c)	7.23	%	(8.55	)%	(7.11	)%	10.94	%	9.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,762		$1,655		$1,723		$1,398		$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.59	%(e)	.58	%	.58	%	.58	%	.73	%
Expenses, before waivers/reimbursements(d)	1.38	%(e)	1.42	%	1.49	%	2.84	%	45.07	%
Net investment income(b)	2.41	%(e)	3.34	%	3.97	%	1.48	%	1.86	%
Portfolio turnover rate	6	%	43	%	29	%	45	%	44	%

See footnote summary on page 219.

148 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2010 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.67		$  10.53		$  12.00		$  11.00		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.23		.38		.27		.13
Net realized and unrealized gain (loss) on investment transactions	.56		(1.53	)	(1.36	)	1.00		.87
Net increase (decrease) in net asset value from operations	.66		(1.30	)	(.98	)	1.27		1.00
Less: Dividends and Distributions
Dividends from net investment income	(.18	)	(.25	)	(.33	)	(.25	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.31	)	(.16	)	(.02	)	– 0	–
Total dividends and distributions	(.18	)	(.56	)	(.49	)	(.27	)	– 0	–
Net asset value, end of period	$  9.15		$  8.67		$  10.53		$  12.00		$  11.00
Total Return
Total investment return based on net asset value(c)	7.61	%	(11.23	)%	(8.48	)%	11.64	%	10.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$64,185		$66,020		$71,541		$47,201		$9,180
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.91	%(e)	.90	%	.90	%	.99	%	1.13	%
Expenses, before waivers/reimbursements(d)	1.19	%(e)	1.30	%	1.15	%	1.65	%	8.18	%
Net investment income(b)	2.10	%(e)	3.00	%	3.31	%	2.28	%	1.39	%
Portfolio turnover rate	6	%	20	%	31	%	25	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 149

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2010 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.59		$  10.43		$  11.88		$  10.92		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.18		.30		.19		.05
Net realized and unrealized gain (loss) on investment transactions	.57		(1.53	)	(1.33	)	.99		.87
Net increase (decrease) in net asset value from operations	.63		(1.35	)	(1.03	)	1.18		.92
Less: Dividends and Distributions
Dividends from net investment income	(.12	)	(.18	)	(.26	)	(.20	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.31	)	(.16	)	(.02	)	– 0	–
Total dividends and distributions	(.12	)	(.49	)	(.42	)	(.22	)	– 0	–
Net asset value, end of period	$  9.10		$  8.59		$  10.43		$  11.88		$  10.92
Total Return
Total investment return based on net asset value(c)	7.37	%	(12.01	)%	(9.00	)%	10.86	%	9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$889		$960		$1,219		$1,043		$622
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.61	%(e)	1.60	%	1.60	%	1.71	%	1.83	%
Expenses, before waivers/reimbursements(d)	1.93	%(e)	2.03	%	1.86	%	2.42	%	9.35	%
Net investment income(b)	1.43	%(e)	2.36	%	2.63	%	1.58	%	.47	%
Portfolio turnover rate	6	%	20	%	31	%	25	%	7	%

See footnote summary on page 219.

150 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2010 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.59		$  10.42		$  11.89		$  10.92		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.19		.31		.18		.03
Net realized and unrealized gain (loss) on investment transactions	.57		(1.53	)	(1.36	)	1.01		.89
Net increase (decrease) in net asset value from operations	.63		(1.34	)	(1.05	)	1.19		.92
Less: Dividends and Distributions
Dividends from net investment income	(.12	)	(.18	)	(.26	)	(.20	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.31	)	(.16	)	(.02	)	– 0	–
Total dividends and distributions	(.12	)	(.49	)	(.42	)	(.22	)	– 0	–
Net asset value, end of period	$  9.10		$  8.59		$  10.42		$  11.89		$  10.92
Total Return
Total investment return based on net asset value(c)	7.37	%	(11.93	)%	(9.16	)%	10.95	%	9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$2,045		$1,873		$2,420		$2,247		$899
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.61	%(e)	1.60	%	1.60	%	1.69	%	1.83	%
Expenses, before waivers/reimbursements(d)	1.92	%(e)	2.02	%	1.86	%	2.35	%	8.39	%
Net investment income(b)	1.36	%(e)	2.48	%	2.77	%	1.50	%	.28	%
Portfolio turnover rate	6	%	20	%	31	%	25	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 151

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2010 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.71		$  10.59		$  12.06		$  11.02		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.11		.26		.43		.29		.19
Net realized and unrealized gain (loss) on investment transactions	.58		(1.55	)	(1.38	)	1.04		.83
Net increase (decrease) in net asset value from operations	.69		(1.29	)	(.95	)	1.33		1.02
Less: Dividends and Distributions
Dividends from net investment income	(.21	)	(.28	)	(.36	)	(.27	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.31	)	(.16	)	(.02	)	– 0	–
Total dividends and distributions	(.21	)	(.59	)	(.52	)	(.29	)	– 0	–
Net asset value, end of period	$  9.19		$  8.71		$  10.59		$  12.06		$  11.02
Total Return
Total investment return based on net asset value(c)	7.88	%	(11.04	)%	(8.25	)%	12.12	%	10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$13,210		$12,735		$13,164		$710		$272
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.61	%(e)	.60	%	.60	%	.69	%	.83	%
Expenses, before waivers/reimbursements(d)	.89	%(e)	1.00	%	.85	%	1.36	%	9.17	%
Net investment income(b)	2.40	%(e)	3.31	%	3.59	%	2.44	%	1.93	%
Portfolio turnover rate	6	%	20	%	31	%	25	%	7	%

See footnote summary on page 219.

152 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2010 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.65		$  10.50		$  11.98		$  10.98		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.21		.34		.11		.09
Net realized and unrealized gain (loss) on investment transactions	.57		(1.52	)	(1.34	)	1.14		.89
Net increase (decrease) in net asset value from operations	.66		(1.31	)	(1.00	)	1.25		.98
Less: Dividends and Distributions
Dividends from net investment income	(.17	)	(.23	)	(.32	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.31	)	(.16	)	(.02	)	– 0	–
Total dividends and distributions	(.17	)	(.54	)	(.48	)	(.25	)	– 0	–
Net asset value, end of period	$  9.14		$  8.65		$  10.50		$  11.98		$  10.98
Total Return
Total investment return based on net asset value(c)	7.57	%	(11.50	)%	(8.70	)%	11.47	%	9.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$16,870		$14,210		$11,039		$5,428		$142
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.11	%(e)	1.10	%	1.10	%	1.15	%	1.33	%
Expenses, before waivers/reimbursements(d)	1.53	%(e)	1.57	%	1.54	%	1.87	%	11.87	%
Net investment income(b)	1.90	%(e)	2.68	%	2.99	%	.90	%	1.01	%
Portfolio turnover rate	6	%	20	%	31	%	25	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 153

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2010 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.69		$  10.54		$  12.01		$  11.00		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.23		.39		.18		.13
Net realized and unrealized gain (loss) on investment transactions	.57		(1.52	)	(1.37	)	1.11		.87
Net increase (decrease) in net asset value from operations	.67		(1.29	)	(.98	)	1.29		1.00
Less: Dividends and Distributions
Dividends from net investment income	(.19	)	(.25	)	(.33	)	(.26	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.31	)	(.16	)	(.02	)	– 0	–
Total dividends and distributions	(.19	)	(.56	)	(.49	)	(.28	)	– 0	–
Net asset value, end of period	$  9.17		$  8.69		$  10.54		$  12.01		$  11.00
Total Return
Total investment return based on net asset value(c)	7.65	%	(11.20	)%	(8.46	)%	11.80	%	10.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$64,182		$62,515		$62,033		$37,059		$1,988
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.86	%(e)	.85	%	.85	%	.93	%	1.08	%
Expenses, before waivers/reimbursements(d)	1.22	%(e)	1.25	%	1.24	%	1.59	%	7.99	%
Net investment income(b)	2.13	%(e)	2.96	%	3.36	%	1.75	%	1.28	%
Portfolio turnover rate	6	%	20	%	31	%	25	%	7	%

See footnote summary on page 219.

154 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2010 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.71		$  10.59		$  12.05		$  11.03		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.11		.26		.38		.18		.11
Net realized and unrealized gain (loss) on investment transactions	.57		(1.55	)	(1.33	)	1.14		.92
Net increase (decrease) in net asset value from operations	.68		(1.29	)	(.95	)	1.32		1.03
Less: Dividends and Distributions
Dividends from net investment income	(.21	)	(.28	)	(.35	)	(.28	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.31	)	(.16	)	(.02	)	– 0	–
Total dividends and distributions	(.21	)	(.59	)	(.51	)	(.30	)	– 0	–
Net asset value, end of period	$  9.18		$  8.71		$  10.59		$  12.05		$  11.03
Total Return
Total investment return based on net asset value(c)	7.84	%	(11.10	)%	(8.18	)%	12.04	%	10.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$13,496		$13,571		$17,024		$11,154		$181
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.61	%(e)	.60	%	.60	%	.64	%	.83	%
Expenses, before waivers/reimbursements(d)	.88	%(e)	.91	%	.90	%	1.29	%	13.40	%
Net investment income(b)	2.42	%(e)	3.39	%	3.28	%	1.56	%	1.21	%
Portfolio turnover rate	6	%	20	%	31	%	25	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 155

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2015 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.64		$  10.60		$  12.25		$  11.09		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.20		.37		.26		.11
Net realized and unrealized gain (loss) on investment transactions	.59		(1.66	)	(1.60	)	1.14		.98
Net increase (decrease) in net asset value from operations	.68		(1.46	)	(1.23	)	1.40		1.09
Less: Dividends and Distributions
Dividends from net investment income	(.17	)	(.22	)	(.32	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.28	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.17	)	(.50	)	(.42	)	(.24	)	– 0	–
Net asset value, end of period	$  9.15		$  8.64		$  10.60		$  12.25		$  11.09
Total Return
Total investment return based on net asset value(c)	7.87	%	(12.80	)%	(10.35	)%	12.75	%	10.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$98,609		$95,400		$91,231		$66,921		$8,277
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.95	%(e)	.94	%	.94	%	1.02	%	1.13	%
Expenses, before waivers/reimbursements(d)	1.11	%(e)	1.18	%	1.10	%	1.42	%	8.93	%
Net investment income(b)	1.97	%(e)	2.69	%	3.21	%	2.12	%	1.12	%
Portfolio turnover rate	5	%	16	%	6	%	13	%	12	%

See footnote summary on page 219.

156 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2015 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.56		$  10.49		$  12.14		$  11.02		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.16		.29		.18		.05
Net realized and unrealized gain (loss) on investment transactions	.59		(1.66	)	(1.59	)	1.13		.97
Net increase (decrease) in net asset value from operations	.65		(1.50	)	(1.30	)	1.31		1.02
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.15	)	(.25	)	(.18	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.28	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.11	)	(.43	)	(.35	)	(.19	)	– 0	–
Net asset value, end of period	$  9.10		$  8.56		$  10.49		$  12.14		$  11.02
Total Return
Total investment return based on net asset value(c)	7.60	%	(13.46	)%	(11.00	)%	11.96	%	10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$2,337		$2,416		$3,445		$3,487		$1,207
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.65	%(e)	1.64	%	1.64	%	1.72	%	1.83	%
Expenses, before waivers/reimbursements(d)	1.85	%(e)	1.92	%	1.81	%	2.12	%	10.01	%
Net investment income(b)	1.23	%(e)	2.17	%	2.57	%	1.49	%	.48	%
Portfolio turnover rate	5	%	16	%	6	%	13	%	12	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 157

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2015 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.56		$  10.49		$  12.14		$  11.02		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.15		.30		.13		.07
Net realized and unrealized gain (loss) on investment transactions	.59		(1.65	)	(1.60	)	1.18		.95
Net increase (decrease) in net asset value from operations	.64		(1.50	)	(1.30	)	1.31		1.02
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.15	)	(.25	)	(.18	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.28	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.11	)	(.43	)	(.35	)	(.19	)	– 0	–
Net asset value, end of period	$  9.09		$  8.56		$  10.49		$  12.14		$  11.02
Total Return
Total investment return based on net asset value(c)	7.49	%	(13.46	)%	(11.00	)%	11.96	%	10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$3,345		$2,912		$2,705		$2,356		$378
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.65	%(e)	1.64	%	1.64	%	1.70	%	1.83	%
Expenses, before waivers/reimbursements(d)	1.84	%(e)	1.92	%	1.81	%	2.05	%	10.90	%
Net investment income(b)	1.21	%(e)	2.01	%	2.61	%	1.06	%	.68	%
Portfolio turnover rate	5	%	16	%	6	%	13	%	12	%

See footnote summary on page 219.

158 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2015 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.69		$  10.67		$  12.32		$  11.13		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.23		.33		.28		.07
Net realized and unrealized gain (loss) on investment transactions	.60		(1.69	)	(1.53	)	1.17		1.06
Net increase (decrease) in net asset value from operations	.70		(1.46	)	(1.20	)	1.45		1.13
Less: Dividends and Distributions
Dividends from net investment income	(.20	)	(.24	)	(.35	)	(.25	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.28	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.20	)	(.52	)	(.45	)	(.26	)	– 0	–
Net asset value, end of period	$  9.19		$  8.69		$  10.67		$  12.32		$  11.13
Total Return
Total investment return based on net asset value(c)	8.00	%	(12.60	)%	(10.10	)%	13.11	%	11.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$14,319		$12,387		$9,945		$726		$124
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.65	%(e)	.64	%	.64	%	.69	%	.83	%
Expenses, before waivers/reimbursements(d)	.81	%(e)	.88	%	.82	%	.99	%	24.93	%
Net investment income(b)	2.26	%(e)	2.96	%	2.87	%	2.15	%	.90	%
Portfolio turnover rate	5	%	16	%	6	%	13	%	12	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 159

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2015 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.61		$  10.56		$  12.22		$  11.07		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.08		.18		.30		.14		.10
Net realized and unrealized gain (loss) on investment transactions	.59		(1.65	)	(1.55	)	1.24		.97
Net increase (decrease) in net asset value from operations	.67		(1.47	)	(1.25	)	1.38		1.07
Less: Dividends and Distributions
Dividends from net investment income	(.15	)	(.20	)	(.31	)	(.22	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.28	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.15	)	(.48	)	(.41	)	(.23	)	– 0	–
Net asset value, end of period	$  9.13		$  8.61		$  10.56		$  12.22		$  11.07
Total Return
Total investment return based on net asset value(c)	7.77	%	(13.00	)%	(10.59	)%	12.56	%	10.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$37,389		$29,635		$24,178		$9,928		$410
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.15	%(e)	1.14	%	1.14	%	1.18	%	1.33	%
Expenses, before waivers/reimbursements(d)	1.46	%(e)	1.49	%	1.49	%	1.76	%	9.30	%
Net investment income(b)	1.69	%(e)	2.42	%	2.67	%	1.21	%	.98	%
Portfolio turnover rate	5	%	16	%	6	%	13	%	12	%

See footnote summary on page 219.

160 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2015 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.66		$  10.61		$  12.26		$  11.10		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.21		.36		.17		.09
Net realized and unrealized gain (loss) on investment transactions	.60		(1.67	)	(1.59	)	1.23		1.01
Net increase (decrease) in net asset value from operations	.69		(1.46	)	(1.23	)	1.40		1.10
Less: Dividends and Distributions
Dividends from net investment income	(.17	)	(.21	)	(.32	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.28	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.17	)	(.49	)	(.42	)	(.24	)	– 0	–
Net asset value, end of period	$  9.18		$  8.66		$  10.61		$  12.26		$  11.10
Total Return
Total investment return based on net asset value(c)	7.98	%	(12.79	)%	(10.35	)%	12.77	%	11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$113,712		$101,850		$105,443		$63,056		$4,342
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.90	%(e)	.89	%	.89	%	.95	%	1.08	%
Expenses, before waivers/reimbursements(d)	1.16	%(e)	1.19	%	1.18	%	1.38	%	8.55	%
Net investment income(b)	1.99	%(e)	2.75	%	3.15	%	1.55	%	.96	%
Portfolio turnover rate	5	%	16	%	6	%	13	%	12	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 161

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2015 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.69		$  10.66		$  12.31		$  11.13		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.10		.24		.37		.18		.10
Net realized and unrealized gain (loss) on investment transactions	.60		(1.69	)	(1.57	)	1.26		1.03
Net increase (decrease) in net asset value from operations	.70		(1.45	)	(1.20	)	1.44		1.13
Less: Dividends and Distributions
Dividends from net investment income	(.20	)	(.24	)	(.35	)	(.25	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.28	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.20	)	(.52	)	(.45	)	(.26	)	– 0	–
Net asset value, end of period	$  9.19		$  8.69		$  10.66		$  12.31		$  11.13
Total Return
Total investment return based on net asset value(c)	8.06	%	(12.53	)%	(10.12	)%	13.09	%	11.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$49,818		$40,164		$47,753		$26,459		$308
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.65	%(e)	.64	%	.64	%	.66	%	.83	%
Expenses, before waivers/reimbursements(d)	.78	%(e)	.83	%	.84	%	1.07	%	11.87	%
Net investment income(b)	2.19	%(e)	3.13	%	3.24	%	1.46	%	1.10	%
Portfolio turnover rate	5	%	16	%	6	%	13	%	12	%

See footnote summary on page 219.

162 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2020 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.42		$  10.57		$  12.41		$  11.18		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.08		.18		.35		.26		.09
Net realized and unrealized gain (loss) on investment transactions	.60		(1.83	)	(1.79	)	1.21		1.09
Net increase (decrease) in net asset value from operations	.68		(1.65	)	(1.44	)	1.47		1.18
Less: Dividends and Distributions
Dividends from net investment income	(.16	)	(.20	)	(.30	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.30	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.16	)	(.50	)	(.40	)	(.24	)	– 0	–
Net asset value, end of period	$  8.94		$  8.42		$  10.57		$  12.41		$  11.18
Total Return
Total investment return based on net asset value(c)	8.11	%	(14.62	)%	(11.97	)%	13.20	%	11.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$114,391		$117,976		$109,315		$70,858		$9,573
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.99	%(e)	.98	%	.98	%	1.06	%	1.18	%
Expenses, before waivers/reimbursements(d)	1.11	%(e)	1.18	%	1.09	%	1.41	%	8.52	%
Net investment income(b)	1.83	%(e)	2.41	%	3.02	%	2.02	%	.93	%
Portfolio turnover rate	7	%	8	%	4	%	16	%	5	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 163

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2020 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.34		$  10.45		$  12.29		$  11.10		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.13		.27		.16		.04
Net realized and unrealized gain (loss) on investment transactions	.59		(1.81	)	(1.78	)	1.21		1.06
Net increase (decrease) in net asset value from operations	.64		(1.68	)	(1.51	)	1.37		1.10
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.13	)	(.23	)	(.17	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.30	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.11	)	(.43	)	(.33	)	(.18	)	– 0	–
Net asset value, end of period	$  8.87		$  8.34		$  10.45		$  12.29		$  11.10
Total Return
Total investment return based on net asset value(c)	7.67	%	(15.19	)%	(12.60	)%	12.42	%	11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$2,338		$2,404		$3,354		$3,029		$982
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.69	%(e)	1.68	%	1.68	%	1.76	%	1.88	%
Expenses, before waivers/reimbursements(d)	1.85	%(e)	1.92	%	1.81	%	2.10	%	9.59	%
Net investment income(b)	1.16	%(e)	1.82	%	2.38	%	1.31	%	.41	%
Portfolio turnover rate	7	%	8	%	4	%	16	%	5	%

See footnote summary on page 219.

164 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2020 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.35		$  10.46		$  12.29		$  11.10		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.13		.25		.13		.03
Net realized and unrealized gain (loss) on investment transactions	.59		(1.81	)	(1.75	)	1.24		1.07
Net increase (decrease) in net asset value from operations	.64		(1.68	)	(1.50	)	1.37		1.10
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.13	)	(.23	)	(.17	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.30	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.11	)	(.43	)	(.33	)	(.18	)	– 0	–
Net asset value, end of period	$  8.88		$  8.35		$  10.46		$  12.29		$  11.10
Total Return
Total investment return based on net asset value(c)	7.66	%	(15.18	)%	(12.52	)%	12.42	%	11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$5,108		$4,224		$4,089		$2,484		$585
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.69	%(e)	1.68	%	1.68	%	1.74	%	1.88	%
Expenses, before waivers/reimbursements(d)	1.84	%(e)	1.91	%	1.80	%	2.07	%	9.83	%
Net investment income(b)	1.05	%(e)	1.78	%	2.18	%	1.09	%	.32	%
Portfolio turnover rate	7	%	8	%	4	%	16	%	5	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 165

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2020 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.48		$  10.64		$  12.48		$  11.21		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.20		.35		.25		.10
Net realized and unrealized gain (loss) on investment transactions	.61		(1.84	)	(1.77	)	1.27		1.11
Net increase (decrease) in net asset value from operations	.70		(1.64	)	(1.42	)	1.52		1.21
Less: Dividends and Distributions
Dividends from net investment income	(.19	)	(.22	)	(.32	)	(.24	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.30	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.19	)	(.52	)	(.42	)	(.25	)	– 0	–
Net asset value, end of period	$  8.99		$  8.48		$  10.64		$  12.48		$  11.21
Total Return
Total investment return based on net asset value(c)	8.23	%	(14.33	)%	(11.72	)%	13.66	%	12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$13,567		$11,243		$9,382		$1,769		$41
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.69	%(e)	.68	%	.68	%	.71	%	.88	%
Expenses, before waivers/reimbursements(d)	.81	%(e)	.88	%	.80	%	.98	%	29.32	%
Net investment income(b)	2.09	%(e)	2.69	%	3.01	%	1.94	%	1.14	%
Portfolio turnover rate	7	%	8	%	4	%	16	%	5	%

See footnote summary on page 219.

166 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2020 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.40		$  10.52		$  12.37		$  11.16		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.07		.16		.31		.08		.03
Net realized and unrealized gain (loss) on investment transactions	.60		(1.81	)	(1.77	)	1.37		1.13
Net increase (decrease) in net asset value from operations	.67		(1.65	)	(1.46	)	1.45		1.16
Less: Dividends and Distributions
Dividends from net investment income	(.15	)	(.17	)	(.29	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.30	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.15	)	(.47	)	(.39	)	(.24	)	– 0	–
Net asset value, end of period	$  8.92		$  8.40		$  10.52		$  12.37		$  11.16
Total Return
Total investment return based on net asset value(c)	7.93	%	(14.76	)%	(12.16	)%	13.05	%	11.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$42,879		$36,531		$33,421		$15,551		$502
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.19	%(e)	1.18	%	1.18	%	1.21	%	1.38	%
Expenses, before waivers/reimbursements(d)	1.46	%(e)	1.48	%	1.46	%	1.77	%	9.73	%
Net investment income(b)	1.63	%(e)	2.17	%	2.73	%	.69	%	.28	%
Portfolio turnover rate	7	%	8	%	4	%	16	%	5	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 167

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2020 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.45		$  10.59		$  12.43		$  11.18		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.08		.18		.35		.15		.09
Net realized and unrealized gain (loss) on investment transactions	.61		(1.83	)	(1.79	)	1.33		1.09
Net increase (decrease) in net asset value from operations	.69		(1.65	)	(1.44	)	1.48		1.18
Less: Dividends and Distributions
Dividends from net investment income	(.17	)	(.19	)	(.30	)	(.22	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.30	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.17	)	(.49	)	(.40	)	(.23	)	– 0	–
Net asset value, end of period	$  8.97		$  8.45		$  10.59		$  12.43		$  11.18
Total Return
Total investment return based on net asset value(c)	8.13	%	(14.58	)%	(11.94	)%	13.36	%	11.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$169,039		$148,184		$137,794		$69,380		$4,303
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.94	%(e)	.93	%	.93	%	.99	%	1.13	%
Expenses, before waivers/reimbursements(d)	1.15	%(e)	1.16	%	1.16	%	1.40	%	7.64	%
Net investment income(b)	1.86	%(e)	2.43	%	2.98	%	1.41	%	.96	%
Portfolio turnover rate	7	%	8	%	4	%	16	%	5	%

See footnote summary on page 219.

168 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2020 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.48		$  10.63		$  12.47		$  11.21		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.20		.39		.19		.09
Net realized and unrealized gain (loss) on investment transactions	.60		(1.83	)	(1.81	)	1.32		1.12
Net increase (decrease) in net asset value from operations	.69		(1.63	)	(1.42	)	1.51		1.21
Less: Dividends and Distributions
Dividends from net investment income	(.19	)	(.22	)	(.32	)	(.24	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.30	)	(.10	)	(.01	)	– 0	–
Total dividends and distributions	(.19	)	(.52	)	(.42	)	(.25	)	– 0	–
Net asset value, end of period	$  8.98		$  8.48		$  10.63		$  12.47		$  11.21
Total Return
Total investment return based on net asset value(c)	8.17	%	(14.31	)%	(11.76	)%	13.61	%	12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$34,420		$32,190		$33,966		$29,077		$1,127
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.69	%(e)	.68	%	.68	%	.70	%	.88	%
Expenses, before waivers/reimbursements(d)	.80	%(e)	.84	%	.83	%	1.08	%	8.67	%
Net investment income(b)	2.10	%(e)	2.74	%	3.34	%	1.46	%	.98	%
Portfolio turnover rate	7	%	8	%	4	%	16	%	5	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 169

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2025 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.45		$  10.79		$  12.82		$  11.44		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.08		.16		.33		.25		.08
Net realized and unrealized gain (loss) on investment transactions	.61		(2.01	)	(1.96	)	1.37		1.36
Net increase (decrease) in net asset value from operations	.69		(1.85	)	(1.63	)	1.62		1.44
Less: Dividends and Distributions
Dividends from net investment income	(.15	)	(.17	)	(.29	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.32	)	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.15	)	(.49	)	(.40	)	(.24	)	– 0	–
Net asset value, end of period	$  8.99		$  8.45		$  10.79		$  12.82		$  11.44
Total Return
Total investment return based on net asset value(c)	8.21	%	(16.07	)%	(13.13	)%	14.22	%	14.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$114,647		$107,068		$102,304		$78,182		$7,332
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.01	%(e)	1.00	%	1.00	%	1.08	%	1.18	%
Expenses, before waivers/reimbursements(d)	1.18	%(e)	1.29	%	1.17	%	1.41	%	8.73	%
Net investment income(b)	1.69	%(e)	2.13	%	2.81	%	1.92	%	.79	%
Portfolio turnover rate	3	%	9	%	3	%	11	%	6	%

See footnote summary on page 219.

170 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2025 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.35		$  10.65		$  12.67		$  11.35		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.04		.11		.26		.15		.01
Net realized and unrealized gain (loss) on investment transactions	.61		(1.99	)	(1.95	)	1.36		1.34
Net increase (decrease) in net asset value from operations	.65		(1.88	)	(1.69	)	1.51		1.35
Less: Dividends and Distributions
Dividends from net investment income	(.10	)	(.10	)	(.22	)	(.18	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.32	)	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.10	)	(.42	)	(.33	)	(.19	)	– 0	–
Net asset value, end of period	$  8.90		$  8.35		$  10.65		$  12.67		$  11.35
Total Return
Total investment return based on net asset value(c)	7.77	%	(16.69	)%	(13.66	)%	13.36	%	13.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,451		$1,403		$1,795		$1,596		$525
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.71	%(e)	1.70	%	1.70	%	1.78	%	1.88	%
Expenses, before waivers/reimbursements(d)	1.93	%(e)	2.05	%	1.90	%	2.10	%	10.10	%
Net investment income(b)	1.02	%(e)	1.52	%	2.16	%	1.17	%	.06	%
Portfolio turnover rate	3	%	9	%	3	%	11	%	6	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 171

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2025 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.36		$  10.65		$  12.69		$  11.36		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.04		.10		.24		.12		.00	(g)
Net realized and unrealized gain (loss) on investment transactions	.61		(1.97	)	(1.95	)	1.40		1.36
Net increase (decrease) in net asset value from operations	.65		(1.87	)	(1.71	)	1.52		1.36
Less: Dividends and Distributions
Dividends from net investment income	(.10	)	(.10	)	(.22	)	(.18	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.32	)	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.10	)	(.42	)	(.33	)	(.19	)	– 0	–
Net asset value, end of period	$  8.91		$  8.36		$  10.65		$  12.69		$  11.36
Total Return
Total investment return based on net asset value(c)	7.76	%	(16.60	)%	(13.80	)%	13.44	%	13.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$3,165		$2,937		$2,835		$1,821		$386
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.71	%(e)	1.70	%	1.70	%	1.76	%	1.88	%
Expenses, before waivers/reimbursements(d)	1.91	%(e)	2.03	%	1.89	%	2.09	%	9.47	%
Net investment income(b)	1.00	%(e)	1.42	%	2.00	%	.95	%	.04	%
Portfolio turnover rate	3	%	9	%	3	%	11	%	6	%

See footnote summary on page 219.

172 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2025 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.49		$  10.85		$  12.88		$  11.47		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.18		.29		.27		.12
Net realized and unrealized gain (loss) on investment transactions	.63		(2.02	)	(1.90	)	1.39		1.35
Net increase (decrease) in net asset value from operations	.72		(1.84	)	(1.61	)	1.66		1.47
Less: Dividends and Distributions
Dividends from net investment income	(.18	)	(.20	)	(.31	)	(.24	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.32	)	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.18	)	(.52	)	(.42	)	(.25	)	– 0	–
Net asset value, end of period	$  9.03		$  8.49		$  10.85		$  12.88		$  11.47
Total Return
Total investment return based on net asset value(c)	8.45	%	(15.87	)%	(12.87	)%	14.55	%	14.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$11,551		$9,659		$6,660		$684		$236
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.71	%(e)	.70	%	.70	%	.77	%	.88	%
Expenses, before waivers/reimbursements(d)	.88	%(e)	.99	%	.90	%	1.09	%	9.42	%
Net investment income(b)	1.97	%(e)	2.40	%	2.51	%	2.12	%	1.09	%
Portfolio turnover rate	3	%	9	%	3	%	11	%	6	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 173

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2025 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.44		$  10.77		$  12.81		$  11.41		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.07		.14		.27		.07		.07
Net realized and unrealized gain (loss) on investment transactions	.61		(2.00	)	(1.93	)	1.53		1.34
Net increase (decrease) in net asset value from operations	.68		(1.86	)	(1.66	)	1.60		1.41
Less: Dividends and Distributions
Dividends from net investment income	(.14	)	(.15	)	(.27	)	(.19	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.32	)	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.14	)	(.47	)	(.38	)	(.20	)	– 0	–
Net asset value, end of period	$  8.98		$  8.44		$  10.77		$  12.81		$  11.41
Total Return
Total investment return based on net asset value(c)	8.05	%	(16.25	)%	(13.30	)%	14.07	%	14.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$41,424		$32,469		$24,582		$10,812		$478
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.21	%(e)	1.20	%	1.20	%	1.23	%	1.38	%
Expenses, before waivers/reimbursements(d)	1.52	%(e)	1.55	%	1.53	%	1.76	%	7.73	%
Net investment income(b)	1.47	%(e)	1.89	%	2.35	%	.57	%	.69	%
Portfolio turnover rate	3	%	9	%	3	%	11	%	6	%

See footnote summary on page 219.

174 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2025 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.47		$  10.81		$  12.83		$  11.44		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.08		.17		.33		.17		.10
Net realized and unrealized gain (loss) on investment transactions	.62		(2.02	)	(1.95	)	1.45		1.34
Net increase (decrease) in net asset value from operations	.70		(1.85	)	(1.62	)	1.62		1.44
Less: Dividends and Distributions
Dividends from net investment income	(.16	)	(.17	)	(.29	)	(.22	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.32	)	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.16	)	(.49	)	(.40	)	(.23	)	– 0	–
Net asset value, end of period	$  9.01		$  8.47		$  10.81		$  12.83		$  11.44
Total Return
Total investment return based on net asset value(c)	8.24	%	(16.10	)%	(13.02	)%	14.22	%	14.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$128,310		$110,551		$111,995		$60,216		$6,981
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.96	%(e)	.95	%	.95	%	1.01	%	1.13	%
Expenses, before waivers/reimbursements(d)	1.21	%(e)	1.24	%	1.24	%	1.41	%	6.67	%
Net investment income(b)	1.71	%(e)	2.24	%	2.79	%	1.44	%	.96	%
Portfolio turnover rate	3	%	9	%	3	%	11	%	6	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 175

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2025 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.50		$  10.85		$  12.88		$  11.47		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.09		.18		.38		.17		.07
Net realized and unrealized gain (loss) on investment transactions	.61		(2.02	)	(1.99	)	1.49		1.40
Net increase (decrease) in net asset value from operations	.70		(1.84	)	(1.61	)	1.66		1.47
Less: Dividends and Distributions
Dividends from net investment income	(.18	)	(.19	)	(.31	)	(.24	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.32	)	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.18	)	(.51	)	(.42	)	(.25	)	– 0	–
Net asset value, end of period	$  9.02		$  8.50		$  10.85		$  12.88		$  11.47
Total Return
Total investment return based on net asset value(c)	8.26	%	(15.78	)%	(12.88	)%	14.60	%	14.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$28,733		$24,725		$24,079		$19,306		$639
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.71	%(e)	.70	%	.70	%	.72	%	.88	%
Expenses, before waivers/reimbursements(d)	.88	%(e)	.92	%	.90	%	1.08	%	7.62	%
Net investment income(b)	1.97	%(e)	2.45	%	3.15	%	1.27	%	.79	%
Portfolio turnover rate	3	%	9	%	3	%	11	%	6	%

See footnote summary on page 219.

176 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2030 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.35		$  10.69		$  12.70		$  11.24		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.14		.30		.19		.03
Net realized and unrealized gain (loss) on investment transactions	.61		(2.05	)	(2.00	)	1.50		1.21
Net increase (decrease) in net asset value from operations	.67		(1.91	)	(1.70	)	1.69		1.24
Less: Dividends and Distributions
Dividends from net investment income	(.13	)	(.14	)	(.24	)	(.21	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.29	)	(.07	)	(.02	)	– 0	–
Total dividends and distributions	(.13	)	(.43	)	(.31	)	(.23	)	– 0	–
Net asset value, end of period	$  8.89		$  8.35		$  10.69		$  12.70		$  11.24
Total Return
Total investment return based on net asset value(c)	8.07	%	(16.91	)%	(13.67	)%	15.08	%	12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$88,556		$89,797		$73,959		$47,575		$4,240
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.04	%(e)	1.02	%	1.02	%	1.09	%	1.19	%(f)
Expenses, before waivers/ reimbursements(d)	1.22	%(e)	1.33	%	1.23	%	1.72	%	13.11	%(f)
Net investment income(b)	1.45	%(e)	1.88	%	2.53	%	1.54	%	.35	%
Portfolio turnover rate	7	%	6	%	4	%	6	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 177

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2030 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.25		$  10.55		$  12.56		$  11.14		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.03		.09		.22		.11		(.01	)
Net realized and unrealized gain (loss) on investment transactions	.60		(2.02	)	(1.98	)	1.49		1.15
Net increase (decrease) in net asset value from operations	.63		(1.93	)	(1.76	)	1.60		1.14
Less: Dividends and Distributions
Dividends from net investment income	(.08	)	(.08	)	(.18	)	(.16	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.29	)	(.07	)	(.02	)	– 0	–
Total dividends and distributions	(.08	)	(.37	)	(.25	)	(.18	)	– 0	–
Net asset value, end of period	$  8.80		$  8.25		$  10.55		$  12.56		$  11.14
Total Return
Total investment return based on net asset value(c)	7.69	%	(17.49	)%	(14.29	)%	14.35	%	11.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,462		$1,433		$1,944		$1,580		$374
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.78	%	1.89	%(f)
Expenses, before waivers/reimbursements(d)	1.97	%(e)	2.09	%	1.96	%	2.38	%	16.08	%(f)
Net investment income (loss)(b)	.73	%(e)	1.27	%	1.87	%	.89	%	(.14	)%
Portfolio turnover rate	7	%	6	%	4	%	6	%	7	%

See footnote summary on page 219.

178 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2030 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.25		$  10.56		$  12.58		$  11.15		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.03		.08		.20		.03		(.03	)
Net realized and unrealized gain (loss) on investment transactions	.60		(2.02	)	(1.97	)	1.58		1.18
Net increase (decrease) in net asset value from operations	.63		(1.94	)	(1.77	)	1.61		1.15
Less: Dividends and Distributions
Dividends from net investment income	(.08	)	(.08	)	(.18	)	(.16	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.29	)	(.07	)	(.02	)	– 0	–
Total dividends and distributions	(.08	)	(.37	)	(.25	)	(.18	)	– 0	–
Net asset value, end of period	$  8.80		$  8.25		$  10.56		$  12.58		$  11.15
Total Return
Total investment return based on net asset value(c)	7.69	%	(17.57	)%	(14.34	)%	14.42	%	11.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$4,676		$4,270		$3,480		$2,217		$230
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.76	%	1.89	%(f)
Expenses, before waivers/ reimbursements(d)	1.95	%(e)	2.07	%	1.95	%	2.26	%	15.16	%(f)
Net investment income (loss)(b)	.71	%(e)	1.14	%	1.72	%	.26	%	(.26	)%
Portfolio turnover rate	7	%	6	%	4	%	6	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 179

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2030 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.40		$  10.76		$  12.76		$  11.26		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.07		.16		.24		.27		.09
Net realized and unrealized gain (loss) on investment transactions	.62		(2.06	)	(1.90	)	1.47		1.17
Net increase (decrease) in net asset value from operations	.69		(1.90	)	(1.66	)	1.74		1.26
Less: Dividends and Distributions
Dividends from net investment income	(.16	)	(.17	)	(.27	)	(.22	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.29	)	(.07	)	(.02	)	– 0	–
Total dividends and distributions	(.16	)	(.46	)	(.34	)	(.24	)	– 0	–
Net asset value, end of period	$  8.93		$  8.40		$  10.76		$  12.76		$  11.26
Total Return
Total investment return based on net asset value(c)	8.19	%	(16.71	)%	(13.36	)%	15.53	%	12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$9,259		$7,365		$5,209		$480		$31
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.74	%(e)	.72	%	.72	%	.80	%	.89	%(f)
Expenses, before waivers/ reimbursements(d)	.92	%(e)	1.03	%	.94	%	1.48	%	22.50	%(f)
Net investment income(b)	1.68	%(e)	2.16	%	2.10	%	2.06	%	.88	%
Portfolio turnover rate	7	%	6	%	4	%	6	%	7	%

See footnote summary on page 219.

180 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2030 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.33		$  10.66		$  12.69		$  11.24		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.05		.12		.26		.06		(.01	)
Net realized and unrealized gain (loss) on investment transactions	.62		(2.04	)	(1.98	)	1.61		1.25
Net increase (decrease) in net asset value from operations	.67		(1.92	)	(1.72	)	1.67		1.24
Less: Dividends and Distributions
Dividends from net investment income	(.12	)	(.12	)	(.24	)	(.20	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.29	)	(.07	)	(.02	)	– 0	–
Total dividends and distributions	(.12	)	(.41	)	(.31	)	(.22	)	– 0	–
Net asset value, end of period	$  8.88		$  8.33		$  10.66		$  12.69		$  11.24
Total Return
Total investment return based on net asset value(c)	8.00	%	(17.15	)%	(13.87	)%	14.88	%	12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$36,098		$32,551		$26,546		$9,026		$636
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.24	%(e)	1.22	%	1.22	%	1.26	%	1.39	%(f)
Expenses, before waivers/ reimbursements(d)	1.54	%(e)	1.58	%	1.57	%	2.00	%	13.25	%(f)
Net investment income (loss)(b)	1.21	%(e)	1.64	%	2.19	%	.54	%	(.10	)%
Portfolio turnover rate	7	%	6	%	4	%	6	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 181

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2030 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.36		$  10.70		$  12.71		$  11.24		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.14		.29		.12		.04
Net realized and unrealized gain (loss) on investment transactions	.62		(2.05	)	(1.98	)	1.59		1.20
Net increase (decrease) in net asset value from operations	.68		(1.91	)	(1.69	)	1.71		1.24
Less: Dividends and Distributions
Dividends from net investment income	(.14	)	(.14	)	(.25	)	(.22	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.29	)	(.07	)	(.02	)	– 0	–
Total dividends and distributions	(.14	)	(.43	)	(.32	)	(.24	)	– 0	–
Net asset value, end of period	$  8.90		$  8.36		$  10.70		$  12.71		$  11.24
Total Return
Total investment return based on net asset value(c)	8.16	%	(16.97	)%	(13.64	)%	15.24	%	12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$115,329		$100,789		$88,751		$42,433		$2,800
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.99	%(e)	.97	%	.97	%	1.02	%	1.14	%(f)
Expenses, before waivers/ reimbursements(d)	1.22	%(e)	1.27	%	1.28	%	1.60	%	10.94	%(f)
Net investment income(b)	1.45	%(e)	1.93	%	2.47	%	1.07	%	.43	%
Portfolio turnover rate	7	%	6	%	4	%	6	%	7	%

See footnote summary on page 219.

182 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2030 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.38		$  10.74		$  12.75		$  11.26		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.08		.16		.32		.14		.09
Net realized and unrealized gain (loss) on investment transactions	.62		(2.06	)	(1.99	)	1.60		1.17
Net increase (decrease) in net asset value from operations	.70		(1.90	)	(1.67	)	1.74		1.26
Less: Dividends and Distributions
Dividends from net investment income	(.17	)	(.17	)	(.27	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.29	)	(.07	)	(.02	)	– 0	–
Total dividends and distributions	(.17	)	(.46	)	(.34	)	(.25	)	– 0	–
Net asset value, end of period	$  8.91		$  8.38		$  10.74		$  12.75		$  11.26
Total Return
Total investment return based on net asset value(c)	8.31	%	(16.75	)%	(13.46	)%	15.54	%	12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$20,409		$17,822		$16,718		$13,213		$755
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.74	%(e)	.72	%	.72	%	.75	%	.89	%(f)
Expenses, before waivers/ reimbursements(d)	.89	%(e)	.94	%	.95	%	1.26	%	14.42	%(f)
Net investment income(b)	1.73	%(e)	2.19	%	2.72	%	1.08	%	.88	%
Portfolio turnover rate	7	%	6	%	4	%	6	%	7	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 183

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2035 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.31		$  10.71		$  12.78		$  11.30		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.11		.27		.19		.03
Net realized and unrealized gain (loss) on investment transactions	.59		(2.11	)	(2.02	)	1.50		1.27
Net increase (decrease) in net asset value from operations	.64		(2.00	)	(1.75	)	1.69		1.30
Less: Dividends and Distributions
Dividends from net investment income	(.08	)	(.12	)	(.24	)	(.20	)	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.28	)	(.08	)	(.01	)	– 0	–
Total dividends and distributions	(.11	)	(.40	)	(.32	)	(.21	)	– 0	–
Net asset value, end of period	$  8.84		$  8.31		$  10.71		$  12.78		$  11.30
Total Return
Total investment return based on net asset value(c)	7.65	%	(17.83	)%	(14.02	)%	15.09	%	13.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$67,249		$63,738		$52,620		$34,491		$3,290
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.04	%(e)	1.02	%	1.02	%	1.09	%	1.20	%(f)
Expenses, before waivers/reimbursements(d)	1.28	%(e)	1.43	%	1.36	%	1.96	%	17.78	%(f)
Net investment income(b)	1.08	%(e)	1.57	%	2.31	%	1.48	%	.35	%
Portfolio turnover rate	6	%	4	%	4	%	5	%	10	%

See footnote summary on page 219.

184 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2035 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.23		$  10.59		$  12.65		$  11.22		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.02		.07		.19		.10		(.05	)
Net realized and unrealized gain (loss) on investment transactions	.57		(2.09	)	(2.01	)	1.49		1.27
Net increase (decrease) in net asset value from operations	.59		(2.02	)	(1.82	)	1.59		1.22
Less: Dividends and Distributions
Dividends from net investment income	(.02	)	(.06	)	(.16	)	(.15	)	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.28	)	(.08	)	(.01	)	– 0	–
Total dividends and distributions	(.05	)	(.34	)	(.24	)	(.16	)	– 0	–
Net asset value, end of period	$  8.77		$  8.23		$  10.59		$  12.65		$  11.22
Total Return
Total investment return based on net asset value(c)	7.22	%	(18.42	)%	(14.64	)%	14.27	%	12.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,022		$960		$1,296		$1,051		$350
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.78	%	1.90	%(f)
Expenses, before waivers/ reimbursements(d)	2.03	%(e)	2.19	%	2.08	%	2.65	%	20.23	%(f)
Net investment income (loss)(b)	.36	%(e)	.99	%	1.58	%	.79	%	(.47	)%
Portfolio turnover rate	6	%	4	%	4	%	5	%	10	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 185

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2035 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.23		$  10.59		$  12.65		$  11.21		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.01		.06		.17		.08		(.04	)
Net realized and unrealized gain (loss) on investment transactions	.58		(2.08	)	(1.99	)	1.52		1.25
Net increase (decrease) in net asset value from operations	.59		(2.02	)	(1.82	)	1.60		1.21
Less: Dividends and Distributions
Dividends from net investment income	(.02	)	(.06	)	(.16	)	(.15	)	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.28	)	(.08	)	(.01	)	– 0	–
Total dividends and distributions	(.05	)	(.34	)	(.24	)	(.16	)	– 0	–
Net asset value, end of period	$  8.77		$  8.23		$  10.59		$  12.65		$  11.21
Total Return
Total investment return based on net asset value(c)	7.22	%	(18.42	)%	(14.64	)%	14.37	%	12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$2,692		$2,158		$1,984		$1,196		$398
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.78	%	1.90	%(f)
Expenses, before waivers/reimbursements(d)	2.01	%(e)	2.17	%	2.08	%	2.63	%	19.62	%(f)
Net investment income (loss)(b)	.30	%(e)	.90	%	1.48	%	.61	%	(.38	)%
Portfolio turnover rate	6	%	4	%	4	%	5	%	10	%

See footnote summary on page 219.

186 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2035 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.35		$  10.77		$  12.84		$  11.32		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.13		.26		.22		.05
Net realized and unrealized gain (loss) on investment transactions	.59		(2.13	)	(1.98	)	1.52		1.27
Net increase (decrease) in net asset value from operations	.65		(2.00	)	(1.72	)	1.74		1.32
Less: Dividends and Distributions
Dividends from net investment income	(.10	)	(.14	)	(.27	)	(.21	)	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.28	)	(.08	)	(.01	)	– 0	–
Total dividends and distributions	(.13	)	(.42	)	(.35	)	(.22	)	– 0	–
Net asset value, end of period	$  8.87		$  8.35		$  10.77		$  12.84		$  11.32
Total Return
Total investment return based on net asset value(c)	7.75	%	(17.65	)%	(13.77	)%	15.54	%	13.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$7,591		$5,872		$3,410		$942		$228
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.74	%(e)	.72	%	.72	%	.78	%	.90	%(f)
Expenses, before waivers/reimbursements(d)	.98	%(e)	1.13	%	1.08	%	1.63	%	19.84	%(f)
Net investment income(b)	1.32	%(e)	1.82	%	2.21	%	1.68	%	.54	%
Portfolio turnover rate	6	%	4	%	4	%	5	%	10	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 187

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2035 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.25		$  10.64		$  12.72		$  11.26		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.04		.10		.19		.07		(.02	)
Net realized and unrealized gain (loss) on investment transactions	.58		(2.10	)	(1.96	)	1.59		1.28
Net increase (decrease) in net asset value from operations	.62		(2.00	)	(1.77	)	1.66		1.26
Less: Dividends and Distributions
Dividends from net investment income	(.06	)	(.11	)	(.23	)	(.19	)	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.28	)	(.08	)	(.01	)	– 0	–
Total dividends and distributions	(.09	)	(.39	)	(.31	)	(.20	)	– 0	–
Net asset value, end of period	$  8.78		$  8.25		$  10.64		$  12.72		$  11.26
Total Return
Total investment return based on net asset value(c)	7.51	%	(18.00	)%	(14.23	)%	14.86	%	12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$24,902		$21,675		$15,155		$4,446		$587
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.24	%(e)	1.22	%	1.22	%	1.27	%	1.40	%(f)
Expenses, before waivers/reimbursements(d)	1.59	%(e)	1.65	%	1.67	%	2.27	%	17.88	%(f)
Net investment income (loss)(b)	.83	%(e)	1.36	%	1.71	%	.56	%	(.25	)%
Portfolio turnover rate	6	%	4	%	4	%	5	%	10	%

See footnote summary on page 219.

188 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2035 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.32		$  10.70		$  12.78		$  11.30		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.12		.27		.09		.03
Net realized and unrealized gain (loss) on investment transactions	.58		(2.10	)	(2.02	)	1.61		1.27
Net increase (decrease) in net asset value from operations	.63		(1.98	)	(1.75	)	1.70		1.30
Less: Dividends and Distributions
Dividends from net investment income	(.08	)	(.12	)	(.25	)	(.21	)	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.28	)	(.08	)	(.01	)	– 0	–
Total dividends and distributions	(.11	)	(.40	)	(.33	)	(.22	)	– 0	–
Net asset value, end of period	$  8.84		$  8.32		$  10.70		$  12.78		$  11.30
Total Return
Total investment return based on net asset value(c)	7.58	%	(17.68	)%	(14.03	)%	15.16	%	13.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$73,683		$64,028		$59,621		$27,908		$1,511
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.99	%(e)	.97	%	.97	%	1.02	%	1.15	%(f)
Expenses, before waivers/reimbursements(d)	1.28	%(e)	1.35	%	1.37	%	1.75	%	18.95	%(f)
Net investment income(b)	1.09	%(e)	1.65	%	2.29	%	.86	%	.28	%
Portfolio turnover rate	6	%	4	%	4	%	5	%	10	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 189

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2035 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010		Year Ended August 31,
	(unaudited)		2009		2008		2007		2006
Net asset value, beginning of period	$  8.34		$  10.75		$  12.83		$  11.32		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.14		.32		.11		.05
Net realized and unrealized gain (loss) on investment transactions	.59		(2.12	)	(2.05	)	1.64		1.27
Net increase (decrease) in net asset value from operations	.65		(1.98	)	(1.73	)	1.75		1.32
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.15	)	(.27	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.28	)	(.08	)	(.01	)	– 0	–
Total dividends and distributions	(.14	)	(.43	)	(.35	)	(.24	)	– 0	–
Net asset value, end of period	$  8.85		$  8.34		$  10.75		$  12.83		$  11.32
Total Return
Total investment return based on net asset value(c)	7.74	%	(17.57	)%	(13.83	)%	15.56	%	13.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$15,493		$13,469		$11,536		$8,530		$539
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	.74	%(e)	.72	%	.72	%	.74	%	.90	%(f)
Expenses, before waivers/reimbursements(d)	.95	%(e)	1.02	%	1.03	%	1.43	%	16.65	%(f)
Net investment income(b)	1.35	%(e)	1.88	%	2.62	%	.81	%	.54	%
Portfolio turnover rate	6	%	4	%	4	%	5	%	10	%

See footnote summary on page 219.

190 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2040 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.49		$  10.86		$  12.89		$  11.38		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.12		.25		.17		.02
Net realized and unrealized gain (loss) on investment transactions	.59		(2.12	)	(2.00	)	1.57		1.36
Net increase (decrease) in net asset value from operations	.64		(2.00	)	(1.75	)	1.74		1.38
Less: Dividends and Distributions
Dividends from net investment income	(.06	)	(.12	)	(.23	)	(.21	)	– 0	–
Distributions from net realized gain on investment transactions	(.04	)	(.25	)	(.05	)	(.02	)	– 0	–
Total dividends and distributions	(.10	)	(.37	)	(.28	)	(.23	)	– 0	–
Net asset value, end of period	$  9.03		$  8.49		$  10.86		$  12.89		$  11.38
Total Return
Total investment return based on net asset value(c)	7.59	%	(17.68	)%	(13.89	)%	15.32	%	13.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$57,485		$60,063		$44,222		$19,340		$1,764
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(d)	1.04	%(e)	1.02	%	1.02	%	1.10	%(f)	1.21	%(f)
Expenses, before waivers/reimbursements(d)	1.33	%(e)	1.51	%	1.49	%	2.94	%(f)	32.68	%(f)
Net investment income(b)	1.08	%(e)	1.57	%	2.12	%	1.32	%	.20	%
Portfolio turnover rate	8	%	5	%	6	%	7	%	20	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 191

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2040 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.40		$  10.75		$  12.78		$  11.31		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.02		.07		.20		.11		(.05	)
Net realized and unrealized gain (loss) on investment transactions	.59		(2.11	)	(2.03	)	1.52		1.36
Net increase (decrease) in net asset value from operations	.61		(2.04	)	(1.83	)	1.63		1.31
Less: Dividends and Distributions
Dividends from net investment income	(.01	)	(.06	)	(.15	)	(.14	)	– 0	–
Distributions from net realized gain on investment transactions	(.04	)	(.25	)	(.05	)	(.02	)	– 0	–
Total dividends and distributions	(.05	)	(.31	)	(.20	)	(.16	)	– 0	–
Net asset value, end of period	$  8.96		$  8.40		$  10.75		$  12.78		$  11.31
Total Return
Total investment return based on net asset value(c)	7.31	%	(18.31	)%	(14.50	)%	14.48	%	13.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$955		$914		$1,093		$925		$530
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.82	%(f)	1.91	%(f)
Expenses, before waivers/reimbursements(d)	2.08	%(e)	2.27	%	2.21	%	4.15	%(f)	35.10	%(f)
Net investment income (loss)(b)	.36	%(e)	.95	%	1.69	%	.91	%	(.50	)%
Portfolio turnover rate	8	%	5	%	6	%	7	%	20	%

See footnote summary on page 219.

192 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2040 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.41		$  10.75		$  12.78		$  11.31		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.01		.06		.15		.08		(.03	)
Net realized and unrealized gain (loss) on investment transactions	.59		(2.09	)	(1.98	)	1.55		1.34
Net increase (decrease) in net asset value from operations	.60		(2.03	)	(1.83	)	1.63		1.31
Less: Dividends and Distributions
Dividends from net investment income	(.01	)	(.06	)	(.15	)	(.14	)	– 0	–
Distributions from net realized gain on investment transactions	(.04	)	(.25	)	(.05	)	(.02	)	– 0	–
Total dividends and distributions	(.05	)	(.31	)	(.20	)	(.16	)	– 0	–
Net asset value, end of period	$  8.96		$  8.41		$  10.75		$  12.78		$  11.31
Total Return
Total investment return based on net asset value(c)	7.18	%	(18.21	)%	(14.50	)%	14.48	%	13.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$2,782		$2,200		$1,561		$563		$155
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.80	%(f)	1.91	%(f)
Expenses, before waivers/reimbursements(d)	2.08	%(e)	2.28	%	2.22	%	3.94	%(f)	42.81	%(f)
Net investment income (loss)(b)	.29	%(e)	.86	%	1.30	%	.63	%	(.32	)%
Portfolio turnover rate	8	%	5	%	6	%	7	%	20	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 193

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2040 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.54		$  10.93		$  12.95		$  11.42		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.14		.21		.31		.10
Net realized and unrealized gain (loss) on investment transactions	.61		(2.14	)	(1.93	)	1.46		1.32
Net increase (decrease) in net asset value from operations	.67		(2.00	)	(1.72	)	1.77		1.42
Less: Dividends and Distributions
Dividends from net investment income	(.09	)	(.14	)	(.25	)	(.22	)	– 0	–
Distributions from net realized gain on investment transactions	(.04	)	(.25	)	(.05	)	(.02	)	– 0	–
Total dividends and distributions	(.13	)	(.39	)	(.30	)	(.24	)	– 0	–
Net asset value, end of period	$  9.08		$  8.54		$  10.93		$  12.95		$  11.42
Total Return
Total investment return based on net asset value(c)	7.84	%	(17.51	)%	(13.61	)%	15.56	%	14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$7,010		$5,368		$3,254		$242		$74
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.72	%	.81	%(f)	.91	%(f)
Expenses, before waivers/reimbursements(d)	1.03	%(e)	1.21	%	1.20	%	3.06	%(f)	55.18	%(f)
Net investment income(b)	1.31	%(e)	1.82	%	1.81	%	2.37	%	.97	%
Portfolio turnover rate	8	%	5	%	6	%	7	%	20	%

See footnote summary on page 219.

194 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2040 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.44		$  10.79		$  12.84		$  11.37		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.04		.10		.25		.00	(g)	.01
Net realized and unrealized gain (loss) on investment transactions	.59		(2.11	)	(2.02	)	1.71		1.36
Net increase (decrease) in net asset value from operations	.63		(2.01	)	(1.77	)	1.71		1.37
Less: Dividends and Distributions
Dividends from net investment income	(.05	)	(.09	)	(.23	)	(.22	)	– 0	–
Distributions from net realized gain on investment transactions	(.04	)	(.25	)	(.05	)	(.02	)	– 0	–
Total dividends and distributions	(.09	)	(.34	)	(.28	)	(.24	)	– 0	–
Net asset value, end of period	$  8.98		$  8.44		$  10.79		$  12.84		$  11.37
Total Return
Total investment return based on net asset value(c)	7.50	%	(17.89	)%	(14.09	)%	15.08	%	13.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$22,618		$20,975		$14,496		$5,335		$177
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.24	%(e)	1.22	%	1.22	%	1.26	%(f)	1.41	%(f)
Expenses, before waivers/reimbursements(d)	1.62	%(e)	1.70	%	1.76	%	3.07	%(f)	36.08	%(f)
Net investment income(b)	.87	%(e)	1.31	%	2.06	%	.01	%	.06	%
Portfolio turnover rate	8	%	5	%	6	%	7	%	20	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 195

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2040 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.48		$  10.85		$  12.88		$  11.40		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.12		.27		.09		.05
Net realized and unrealized gain (loss) on investment transactions	.60		(2.12	)	(2.01	)	1.66		1.35
Net increase (decrease) in net asset value from operations	.65		(2.00	)	(1.74	)	1.75		1.40
Less: Dividends and Distributions
Dividends from net investment income	(.08	)	(.12	)	(.24	)	(.25	)	– 0	–
Distributions from net realized gain on investment transactions	(.04	)	(.25	)	(.05	)	(.02	)	– 0	–
Total dividends and distributions	(.12	)	(.37	)	(.29	)	(.27	)	– 0	–
Net asset value, end of period	$  9.01		$  8.48		$  10.85		$  12.88		$  11.40
Total Return
Total investment return based on net asset value(c)	7.64	%	(17.73	)%	(13.83	)%	15.40	%	14.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$58,714		$48,452		$36,392		$16,181		$501
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.99	%(e)	.97	%	.97	%	1.03	%(f)	1.16	%(f)
Expenses, before waivers/reimbursements(d)	1.31	%(e)	1.39	%	1.47	%	2.46	%(f)	33.28	%(f)
Net investment income(b)	1.07	%(e)	1.60	%	2.27	%	.85	%	.53	%
Portfolio turnover rate	8	%	5	%	6	%	7	%	20	%

See footnote summary on page 219.

196 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2040 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.51		$  10.90		$  12.92		$  11.42		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.14		.31		.11		.05
Net realized and unrealized gain (loss) on investment transactions	.60		(2.14	)	(2.03	)	1.67		1.37
Net increase (decrease) in net asset value from operations	.66		(2.00	)	(1.72	)	1.78		1.42
Less: Dividends and Distributions
Dividends from net investment income	(.10	)	(.14	)	(.25	)	(.26	)	– 0	–
Distributions from net realized gain on investment transactions	(.04	)	(.25	)	(.05	)	(.02	)	– 0	–
Total dividends and distributions	(.14	)	(.39	)	(.30	)	(.28	)	– 0	–
Net asset value, end of period	$  9.03		$  8.51		$  10.90		$  12.92		$  11.42
Total Return
Total investment return based on net asset value(c)	7.76	%	(17.52	)%	(13.60	)%	15.67	%	14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$13,222		$11,225		$9,682		$6,087		$272
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.72	%	.76	%(f)	.91	%(f)
Expenses, before waivers/reimbursements(d)	.98	%(e)	1.07	%	1.14	%	1.92	%(f)	29.45	%(f)
Net investment income(b)	1.33	%(e)	1.87	%	2.59	%	.86	%	.48	%
Portfolio turnover rate	8	%	5	%	6	%	7	%	20	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 197

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2045 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.38		$  10.76		$  12.90		$  11.42		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.12		.26		.19		.04
Net realized and unrealized gain (loss) on investment transactions	.59		(2.14	)	(2.03	)	1.49		1.38
Net increase (decrease) in net asset value from operations	.64		(2.02	)	(1.77	)	1.68		1.42
Less: Dividends and Distributions
Dividends from net investment income	(.10	)	(.11	)	(.23	)	(.19	)	– 0	–
Distributions from net realized gain on investment transactions	(.05	)	(.25	)	(.14	)	(.01	)	– 0	–
Total dividends and distributions	(.15	)	(.36	)	(.37	)	(.20	)	– 0	–
Net asset value, end of period	$  8.87		$  8.38		$  10.76		$  12.90		$  11.42
Total Return
Total investment return based on net asset value(c)	7.68	%	(18.02	)%	(14.12	)%	14.85	%	14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$41,359		$37,782		$31,511		$18,710		$1,057
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.04	%(e)	1.02	%	1.02	%	1.11	%(f)	1.23	%(f)
Expenses, before waivers/reimbursements(d)	1.49	%(e)	1.76	%	1.82	%	2.91	%(f)	44.80	%(f)
Net investment income(b)	1.06	%(e)	1.58	%	2.23	%	1.49	%	.44	%
Portfolio turnover rate	4	%	6	%	5	%	13	%	13	%

See footnote summary on page 219.

198 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2045 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.27		$  10.64		$  12.76		$  11.34		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.02		.06		.21		.10		(.03	)
Net realized and unrealized gain (loss) on investment transactions	.58		(2.11	)	(2.03	)	1.47		1.37
Net increase (decrease) in net asset value from operations	.60		(2.05	)	(1.82	)	1.57		1.34
Less: Dividends and Distributions
Dividends from net investment income	(.05	)	(.07	)	(.16	)	(.14	)	– 0	–
Distributions from net realized gain on investment transactions	(.05	)	(.25	)	(.14	)	(.01	)	– 0	–
Total dividends and distributions	(.10	)	(.32	)	(.30	)	(.15	)	– 0	–
Net asset value, end of period	$  8.77		$  8.27		$  10.64		$  12.76		$  11.34
Total Return
Total investment return based on net asset value(c)	7.20	%	(18.63	)%	(14.60	)%	13.96	%	13.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$345		$321		$314		$319		$140
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.81	%(f)	1.93	%(f)
Expenses, before waivers/reimbursements(d)	2.28	%(e)	2.58	%	2.54	%	3.97	%(f)	54.54	%(f)
Net investment income (loss)(b)	.36	%(e)	.87	%	1.73	%	.77	%	(.28	)%
Portfolio turnover rate	4	%	6	%	5	%	13	%	13	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 199

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2045 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.26		$  10.63		$  12.76		$  11.34		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.02		.06		.16		.11		(.07	)
Net realized and unrealized gain (loss) on investment transactions	.58		(2.11	)	(1.99	)	1.46		1.41
Net increase (decrease) in net asset value from operations	.60		(2.05	)	(1.83	)	1.57		1.34
Less: Dividends and Distributions
Dividends from net investment income	(.05	)	(.07	)	(.16	)	(.14	)	– 0	–
Distributions from net realized gain on investment transactions	(.05	)	(.25	)	(.14	)	(.01	)	– 0	–
Total dividends and distributions	(.10	)	(.32	)	(.30	)	(.15	)	– 0	–
Net asset value, end of period	$  8.76		$  8.26		$  10.63		$  12.76		$  11.34
Total Return
Total investment return based on net asset value(c)	7.21	%	(18.65	)%	(14.68	)%	13.96	%	13.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,522		$1,440		$993		$344		$129
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.81	%(f)	1.93	%(f)
Expenses, before waivers/reimbursements(d)	2.24	%(e)	2.53	%	2.55	%	4.04	%(f)	66.89	%(f)
Net investment income (loss)(b)	.37	%(e)	.85	%	1.35	%	.91	%	(.73	)%
Portfolio turnover rate	4	%	6	%	5	%	13	%	13	%

See footnote summary on page 219.

200 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2045 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.43		$  10.83		$  12.95		$  11.45		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.13		.25		.24		.09
Net realized and unrealized gain (loss) on investment transactions	.60		(2.14	)	(1.98	)	1.47		1.36
Net increase (decrease) in net asset value from operations	.66		(2.01	)	(1.73	)	1.71		1.45
Less: Dividends and Distributions
Dividends from net investment income	(.13	)	(.14	)	(.25	)	(.20	)	– 0	–
Distributions from net realized gain on investment transactions	(.05	)	(.25	)	(.14	)	(.01	)	– 0	–
Total dividends and distributions	(.18	)	(.39	)	(.39	)	(.21	)	– 0	–
Net asset value, end of period	$  8.91		$  8.43		$  10.83		$  12.95		$  11.45
Total Return
Total investment return based on net asset value(c)	7.78	%	(17.81	)%	(13.74	)%	15.08	%	14.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$6,061		$4,473		$2,046		$596		$245
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.72	%	.80	%(f)	.93	%(f)
Expenses, before waivers/reimbursements(d)	1.19	%(e)	1.46	%	1.52	%	3.13	%(f)	52.18	%(f)
Net investment income(b)	1.30	%(e)	1.81	%	2.19	%	1.85	%	.85	%
Portfolio turnover rate	4	%	6	%	5	%	13	%	13	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 201

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2045 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.31		$  10.70		$  12.84		$  11.40		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.04		.10		.20		.05		.02
Net realized and unrealized gain (loss) on investment transactions	.59		(2.13	)	(1.98	)	1.59		1.38
Net increase (decrease) in net asset value from operations	.63		(2.03	)	(1.78	)	1.64		1.40
Less: Dividends and Distributions
Dividends from net investment income	(.09	)	(.11	)	(.22	)	(.19	)	– 0	–
Distributions from net realized gain on investment transactions	(.05	)	(.25	)	(.14	)	(.01	)	– 0	–
Total dividends and distributions	(.14	)	(.36	)	(.36	)	(.20	)	– 0	–
Net asset value, end of period	$  8.80		$  8.31		$  10.70		$  12.84		$  11.40
Total Return
Total investment return based on net asset value(c)	7.61	%	(18.27	)%	(14.22	)%	14.50	%	14.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$15,217		$12,833		$7,636		$2,620		$210
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.24	%(e)	1.22	%	1.22	%	1.27	%(f)	1.43	%(f)
Expenses, before waivers/reimbursements(d)	1.74	%(e)	1.90	%	2.01	%	3.18	%(f)	45.90	%(f)
Net investment income(b)	.82	%(e)	1.34	%	1.72	%	.40	%	.17	%
Portfolio turnover rate	4	%	6	%	5	%	13	%	13	%

See footnote summary on page 219.

202 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2045 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.36		$  10.74		$  12.88		$  11.43		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.05		.12		.27		.11		.04
Net realized and unrealized gain (loss) on investment transactions	.58		(2.13	)	(2.03	)	1.56		1.39
Net increase (decrease) in net asset value from operations	.63		(2.01	)	(1.76	)	1.67		1.43
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.12	)	(.24	)	(.21	)	– 0	–
Distributions from net realized gain on investment transactions	(.05	)	(.25	)	(.14	)	(.01	)	– 0	–
Total dividends and distributions	(.16	)	(.37	)	(.38	)	(.22	)	– 0	–
Net asset value, end of period	$  8.83		$  8.36		$  10.74		$  12.88		$  11.43
Total Return
Total investment return based on net asset value(c)	7.59	%	(17.95	)%	(14.03	)%	14.76	%	14.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$32,835		$26,638		$19,539		$9,458		$484
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.99	%(e)	.97	%	.97	%	1.04	%(f)	1.18	%(f)
Expenses, before waivers/reimbursements(d)	1.43	%(e)	1.60	%	1.72	%	2.62	%(f)	44.54	%(f)
Net investment income(b)	1.07	%(e)	1.60	%	2.29	%	1.04	%	.43	%
Portfolio turnover rate	4	%	6	%	5	%	13	%	13	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 203

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2045 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.38		$  10.78		$  12.92		$  11.45		$  10.00
Income From Investment Operations
Net investment income(a)(b)	.06		.13		.30		.12		.04
Net realized and unrealized gain (loss) on investment transactions	.59		(2.13	)	(2.04	)	1.59		1.41
Net increase (decrease) in net asset value from operations	.65		(2.00	)	(1.74	)	1.71		1.45
Less: Dividends and Distributions
Dividends from net investment income	(.14	)	(.15	)	(.26	)	(.23	)	– 0	–
Distributions from net realized gain on investment transactions	(.05	)	(.25	)	(.14	)	(.01	)	– 0	–
Total dividends and distributions	(.19	)	(.40	)	(.40	)	(.24	)	– 0	–
Net asset value, end of period	$  8.84		$  8.38		$  10.78		$  12.92		$  11.45
Total Return
Total investment return based on net asset value(c)	7.76	%	(17.76	)%	(13.85	)%	15.08	%	14.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$9,752		$7,694		$4,439		$2,213		$97
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.72	%	.75	%(f)	.93	%(f)
Expenses, before waivers/reimbursements(d)	1.09	%(e)	1.27	%	1.37	%	2.13	%(f)	52.64	%(f)
Net investment income(b)	1.31	%(e)	1.81	%	2.48	%	.78	%	.39	%
Portfolio turnover rate	4	%	6	%	5	%	13	%	13	%

See footnote summary on page 219.

204 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2050 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  7.06		$  8.59		$  9.86		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.04		.09		.15	(i)	(.02	)
Net realized and unrealized gain (loss) on investment transactions	.51		(1.48	)	(1.27	)	(.12	)
Net increase (decrease) in net asset value from operations	.55		(1.39	)	(1.12	)	(.14	)
Less: Dividends and Distributions
Dividends from net investment income	(.08	)	(.03	)	(.14	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.08	)	(.14	)	(.15	)	– 0	–
Net asset value, end of period	$  7.53		$  7.06		$  8.59		$  9.86
Total Return
Total investment return based on net asset value(c)	7.72	%	(15.77	)%	(11.53	)%	(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$3,501		$3,462		$795		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.04	%(e)	1.02	%	1.02	%	1.09	%(e)(f)
Expenses, before waivers/reimbursements(d)	4.04	%(e)	7.11	%	54.01	%	649.75	%(e)(f)
Net investment income (loss)(b)	1.09	%(e)	1.40	%	1.66	%(i)	(1.02	)%(e)
Portfolio turnover rate	14	%	46	%	893	%	8	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 205

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2050 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  7.00		$  8.56		$  9.85		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.01		.06		.11	(i)	(.03	)
Net realized and unrealized gain (loss) on investment transactions	.51		(1.50	)	(1.29	)	(.12	)
Net increase (decrease) in net asset value from operations	.52		(1.44	)	(1.18	)	(.15	)
Less: Dividends and Distributions
Dividends from net investment income	(.04	)	(.01	)	(.10	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.04	)	(.12	)	(.11	)	– 0	–
Net asset value, end of period	$  7.48		$  7.00		$  8.56		$  9.85
Total Return
Total investment return based on net asset value(c)	7.40	%	(16.44	)%	(12.11	)%	(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$32		$30		$32		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.79	%(e)(f)
Expenses, before waivers/reimbursements(d)	4.88	%(e)	8.64	%	71.00	%	649.78	%(e)(f)
Net investment income (loss)(b)	.36	%(e)	.93	%	1.27	%(i)	(1.72	)%(e)
Portfolio turnover rate	14	%	46	%	893	%	8	%

See footnote summary on page 219.

206 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2050 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  7.00		$  8.56		$  9.85		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.01		.05		.08	(i)	(.03	)
Net realized and unrealized gain (loss) on investment transactions	.52		(1.49	)	(1.26	)	(.12	)
Net increase (decrease) in net asset value from operations	.53		(1.44	)	(1.18	)	(.15	)
Less: Dividends and Distributions
Dividends from net investment income	(.04	)	(.01	)	(.10	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.04	)	(.12	)	(.11	)	– 0	–
Net asset value, end of period	$  7.49		$  7.00		$  8.56		$  9.85
Total Return
Total investment return based on net asset value(c)	7.55	%	(16.44	)%	(12.11	)%	(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$138		$120		$52		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.72	%	1.79	%(e)(f)
Expenses, before waivers/reimbursements(d)	4.76	%(e)	8.05	%	61.58	%	649.72	%(e)(f)
Net investment income (loss)(b)	.33	%(e)	.81	%	.94	%(i)	(1.72	)%(e)
Portfolio turnover rate	14	%	46	%	893	%	8	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 207

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2050 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  7.09		$  8.62		$  9.87		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.05		.10		.14		(.01	)
Net realized and unrealized gain (loss) on investment transactions	.51		(1.48	)	(1.23	)	(.12	)
Net increase (decrease) in net asset value from operations	.56		(1.38	)	(1.09	)	(.13	)
Less: Dividends and Distributions
Dividends from net investment income	(.09	)	(.04	)	(.15	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.09	)	(.15	)	(.16	)	– 0	–
Net asset value, end of period	$  7.56		$  7.09		$  8.62		$  9.87
Total Return
Total investment return based on net asset value(c)	7.95	%	(15.66	)%	(11.25	)%	(1.30	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,835		$1,178		$305		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.72	%	.79	%(e)(f)
Expenses, before waivers/reimbursements(d)	3.76	%(e)	6.75	%	41.52	%	648.81	%(e)(f)
Net investment income (loss)(b)	1.26	%(e)	1.69	%	1.64	%	(.72	)%(e)
Portfolio turnover rate	14	%	46	%	893	%	8	%

See footnote summary on page 219.

208 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2050 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  7.06		$  8.60		$  9.86		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.03		.07		(.03	)(i)	(.02	)
Net realized and unrealized gain (loss) on investment transactions	.51		(1.48	)	(1.10	)	(.12	)
Net increase (decrease) in net asset value from operations	.54		(1.41	)	(1.13	)	(.14	)
Less: Dividends and Distributions
Dividends from net investment income	(.10	)	(.02	)	(.12	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.10	)	(.13	)	(.13	)	– 0	–
Net asset value, end of period	$  7.50		$  7.06		$  8.60		$  9.86
Total Return
Total investment return based on net asset value(c)	7.61	%	(16.08	)%	(11.67	)%	(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,941		$1,540		$258		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.24	%(e)	1.22	%	1.22	%	1.29	%(e)(f)
Expenses, before waivers/reimbursements(d)	3.89	%(e)	6.38	%	23.00	%	596.22	%(e)(f)
Net investment income (loss)(b)	.89	%(e)	1.12	%	(.12	)%(i)	(1.22	)%(e)
Portfolio turnover rate	14	%	46	%	893	%	8	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 209

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2050 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  7.08		$  8.61		$  9.86		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.04		.07		.08	(i)	(.02	)
Net realized and unrealized gain (loss) on investment transactions	.51		(1.46	)	(1.18	)	(.12	)
Net increase (decrease) in net asset value from operations	.55		(1.39	)	(1.10	)	(.14	)
Less: Dividends and Distributions
Dividends from net investment income	(.11	)	(.03	)	(.14	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.11	)	(.14	)	(.15	)	– 0	–
Net asset value, end of period	$  7.52		$  7.08		$  8.61		$  9.86
Total Return
Total investment return based on net asset value(c)	7.78	%	(15.76	)%	(11.32	)%	(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$5,902		$3,959		$758		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.99	%(e)	.97	%	.97	%	1.04	%(e)(f)
Expenses, before waivers/reimbursements(d)	3.62	%(e)	6.14	%	30.40	%	595.99	%(e)(f)
Net investment income (loss)(b)	.98	%(e)	1.32	%	.95	%(i)	(.97	)%(e)
Portfolio turnover rate	14	%	46	%	893	%	8	%

See footnote summary on page 219.

210 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2050 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  7.09		$  8.61		$  9.87		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.05		.10		.14		(.01	)
Net realized and unrealized gain (loss) on investment transactions	.52		(1.48	)	(1.24	)	(.12	)
Net increase (decrease) in net asset value from operations	.57		(1.38	)	(1.10	)	(.13	)
Less: Dividends and Distributions
Dividends from net investment income	(.13	)	(.03	)	(.15	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.11	)	(.01	)	– 0	–
Total dividends and distributions	(.13	)	(.14	)	(.16	)	– 0	–
Net asset value, end of period	$  7.53		$  7.09		$  8.61		$  9.87
Total Return
Total investment return based on net asset value(c)	8.01	%	(15.59	)%	(11.35	)%	(1.30	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$830		$787		$216		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.72	%	.79	%(e)(f)
Expenses, before waivers/reimbursements(d)	3.25	%(e)	6.02	%	41.80	%	595.86	%(e)(f)
Net investment income (loss)(b)	1.38	%(e)	1.67	%	1.51	%	(.72	)%(e)
Portfolio turnover rate	14	%	46	%	893	%	8	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 211

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2055 Retirement Strategy
	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  6.87		$  8.38		$  9.85		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.04		.07		.13	(i)	(.02	)
Net realized and unrealized gain (loss) on investment transactions	.47		(1.54	)	(1.20	)	(.13	)
Net increase (decrease) in net asset value from operations	.51		(1.47	)	(1.07	)	(.15	)
Less: Dividends and Distributions
Dividends from net investment income	(.01	)	– 0	–	(.27	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.04	)	(.13	)	– 0	–
Total dividends and distributions	(.01	)	(.04	)	(.40	)	– 0	–
Net asset value, end of period	$  7.37		$  6.87		$  8.38		$  9.85
Total Return
Total investment return based on net asset value(c)	7.44	%	(17.45	)%	(11.40	)%	(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$780		$690		$343		$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.04	%(e)	1.02	%	1.04	%(f)	1.03	%(e)(f)
Expenses, before waivers/reimbursements(d)	13.64	%(e)	23.03	%	98.75	%(f)	643.42	%(e)(f)
Net investment income (loss)(b)	1.07	%(e)	1.20	%	1.45	%(i)	(1.02	)%(e)
Portfolio turnover rate	20	%	83	%	42	%	8	%

See footnote summary on page 219.

212 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2055 Retirement Strategy
	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  6.78		$  8.34		$  9.84		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.01		.05		.15	(i)	(.03	)
Net realized and unrealized gain (loss) on investment transactions	.47		(1.57	)	(1.28	)	(.13	)
Net increase (decrease) in net asset value from operations	.48		(1.52	)	(1.13	)	(.16	)
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	– 0	–	(.24	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.04	)	(.13	)	– 0	–
Total dividends and distributions	– 0	–	(.04	)	(.37	)	– 0	–
Net asset value, end of period	$  7.26		$  6.78		$  8.34		$  9.84
Total Return
Total investment return based on net asset value(c)	7.08	%	(18.14	)%	(11.93	)%	(1.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$20		$18		$13		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.74	%(f)	1.73	%(e)(f)
Expenses, before waivers/reimbursements(d)	14.50	%(e)	24.65	%	189.38	%(f)	638.66	%(e)(f)
Net investment income (loss)(b)	.36	%(e)	.85	%	1.61	%(i)	(1.72	)%(e)
Portfolio turnover rate	20	%	83	%	42	%	8	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 213

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2055 Retirement Strategy
	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  6.77		$  8.34		$  9.84		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.01		.08		.16	(i)	(.03	)
Net realized and unrealized gain (loss) on investment transactions	.47		(1.61	)	(1.29	)	(.13	)
Net increase (decrease) in net asset value from operations	.48		(1.53	)	(1.13	)	(.16	)
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	– 0	–	(.24	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.04	)	(.13	)	– 0	–
Total dividends and distributions	– 0	–	(.04	)	(.37	)	– 0	–
Net asset value, end of period	$  7.25		$  6.77		$  8.34		$  9.84
Total Return
Total investment return based on net asset value(c)	7.09	%	(18.26	)%	(11.93	)%	(1.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$34		$20		$37		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.74	%(e)	1.72	%	1.74	%(f)	1.73	%(e)(f)
Expenses, before waivers/reimbursements(d)	14.66	%(e)	24.79	%	190.03	%(f)	638.66	%(e)(f)
Net investment income (loss)(b)	.21	%(e)	1.34	%	1.74	%(i)	(1.72	)%(e)
Portfolio turnover rate	20	%	83	%	42	%	8	%

See footnote summary on page 219.

214 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2055 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  6.90		$  8.41		$  9.86		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.05		.10		.18		(.01	)
Net realized and unrealized gain (loss) on investment transactions	.47		(1.57	)	(1.22	)	(.13	)
Net increase (decrease) in net asset value from operations	.52		(1.47	)	(1.04	)	(.14	)
Less: Dividends and Distributions
Dividends from net investment income	(.03	)	– 0	–	(.28	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.04	)	(.13	)	– 0	–
Total dividends and distributions	(.03	)	(.04	)	(.41	)	– 0	–
Net asset value, end of period	$  7.39		$  6.90		$  8.41		$  9.86
Total Return
Total investment return based on net asset value(c)	7.52	%	(17.39	)%	(11.09	)%	(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$419		$248		$50		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.74	%(f)	.73	%(e)(f)
Expenses, before waivers/reimbursements(d)	13.44	%(e)	22.45	%	127.65	%(f)	637.93	%(e)(f)
Net investment income (loss)(b)	1.25	%(e)	1.68	%	2.04	%	(.72	)%(e)
Portfolio turnover rate	20	%	83	%	42	%	8	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 215

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2055 Retirement Strategy
	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  6.79		$  8.38		$  9.85		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.03		.08		.04	(i)	(.02	)
Net realized and unrealized gain (loss) on investment transactions	.46		(1.58	)	(1.13	)	(.13	)
Net increase (decrease) in net asset value from operations	.49		(1.50	)	(1.09	)	(.15	)
Less: Dividends and Distributions
Dividends from net investment income	(.12	)	(.05	)	(.25	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.04	)	(.13	)	– 0	–
Total dividends and distributions	(.12	)	(.09	)	(.38	)	– 0	–
Net asset value, end of period	$  7.16		$  6.79		$  8.38		$  9.85
Total Return
Total investment return based on net asset value(c)	7.21	%	(17.71	)%	(11.55	)%	(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$328		$268		$242		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	1.24	%(e)	1.22	%	1.22	%	1.23	%(e)(f)
Expenses, before waivers/reimbursements(d)	11.86	%(e)	20.50	%	89.30	%	586.71	%(e)(f)
Net investment income (loss)(b)	.89	%(e)	1.33	%	.51	%(i)	(1.22	)%(e)
Portfolio turnover rate	20	%	83	%	42	%	8	%

See footnote summary on page 219.

216 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2055 Retirement Strategy
	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  6.83		$  8.41		$  9.85		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.04		.08		.19	(i)	(.02	)
Net realized and unrealized gain (loss) on investment transactions	.47		(1.57	)	(1.25	)	(.13	)
Net increase (decrease) in net asset value from operations	.51		(1.49	)	(1.06	)	(.15	)
Less: Dividends and Distributions
Dividends from net investment income	(.13	)	(.05	)	(.25	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.04	)	(.13	)	– 0	–
Total dividends and distributions	(.13	)	(.09	)	(.38	)	– 0	–
Net asset value, end of period	$  7.21		$  6.83		$  8.41		$  9.85
Total Return
Total investment return based on net asset value(c)	7.43	%	(17.42	)%	(11.26	)%	(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,596		$1,265		$302		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.99	%(e)	.97	%	.97	%	.98	%(e)(f)
Expenses, before waivers/reimbursements(d)	11.64	%(e)	19.84	%	87.41	%	586.41	%(e)(f)
Net investment income (loss)(b)	1.07	%(e)	1.46	%	2.17	%(i)	(.97	)%(e)
Portfolio turnover rate	20	%	83	%	42	%	8	%

See footnote summary on page 219.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 217

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	2055 Retirement Strategy
	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,				June 29, 2007(h) to August 31, 2007
			2009		2008
Net asset value, beginning of period	$  6.84		$  8.41		$  9.86		$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)	.07		.10		.17		(.01	)
Net realized and unrealized gain (loss) on investment transactions	.44		(1.57	)	(1.21	)	(.13	)
Net increase (decrease) in net asset value from operations	.51		(1.47	)	(1.04	)	(.14	)
Less: Dividends and Distributions
Dividends from net investment income	(.14	)	(.06	)	(.28	)	– 0	–
Distributions from net realized gain on investment transactions	– 0	–	(.04	)	(.13	)	– 0	–
Total dividends and distributions	(.14	)	(.10	)	(.41	)	– 0	–
Net asset value, end of period	$  7.21		$  6.84		$  8.41		$  9.86
Total Return
Total investment return based on net asset value(c)	7.51	%	(17.21	)%	(11.09	)%	(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$111		$186		$48		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)	.74	%(e)	.72	%	.72	%	.73	%(e)(f)
Expenses, before waivers/reimbursements(d)	11.37	%(e)	19.85	%	129.39	%	586.25	%(e)(f)
Net investment income (loss)(b)	1.90	%(e)	1.62	%	2.01	%	(.72	)%(e)
Portfolio turnover rate	20	%	83	%	42	%	8	%

See footnote summary on page 219.

218 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(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 redemption of strategy shares. Total investment return calculated for a period less than one year is not annualized.

(d) Expense ratios do not include expenses of the Underlying Portfolios in which the Strategy invests. For the six months ended February 28, 2010, the estimated annualized blended expense ratios were .03% for Strategies 2000, 2005, 2010, 2015, 2020 and 2025, and .02% for Strategies 2030, 2035, 2040, 2045, 2050 and 2055. For the years ended August 31, 2009, August 31, 2008, August 31, 2007 and August 31, 2006, the estimated annualized blended expense ratios were .04%, .04%, .04% and .07%, respectively, for each of the Strategies.

(e) Annualized.

(f) Ratios reflect expenses grossed up, where applicable for expense offset arrangement with the Transfer Agent. For the periods shown below, the net expense ratios were as follows:

	Year Ended August 31, 2008
Strategy	Class A		Class B		Class C		Advisor Class		Class R		Class K		Class I
2055	1.02	%	1.72	%	1.72	%	.72	%	—		—		—
	Year Ended August 31, 2007
Strategy	Class A		Class B		Class C		Advisor Class		Class R		Class K		Class I
2000	.90	%	1.57	%	1.59	%	.63	%	1.05	%	.82	%	.54	%
2040	1.08	%	1.80	%	1.78	%	.79	%	1.24	%	1.02	%	.74	%
2045	1.09	%	1.79	%	1.79	%	.79	%	1.25	%	1.02	%	.73	%
2050	1.02	%	1.72	%	1.72	%	.72	%	1.22	%	.97	%	.72	%
2055	1.02	%	1.72	%	1.72	%	.72	%	1.22	%	.97	%	.72	%
	Year Ended August 31, 2006
Strategy	Class A		Class B		Class C		Advisor Class		Class R		Class K		Class I
2000	1.03	%	1.73	%	1.73	%	0.73	%	1.23	%	0.98	%	0.73	%
2030	1.18	%	1.88	%	1.88	%	0.88	%	1.38	%	1.13	%	0.88	%
2035	1.18	%	1.88	%	1.88	%	0.88	%	1.38	%	1.13	%	0.88	%
2040	1.18	%	1.88	%	1.88	%	0.88	%	1.38	%	1.13	%	0.88	%
2045	1.18	%	1.88	%	1.88	%	0.88	%	1.38	%	1.13	%	0.88	%

(g) Amount is less than $.005.

(h) Commencement of operations.

(i) Net of fees and expenses waived by the Distributor.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 219

Financial Highlights

BOARD OF DIRECTORS

William H. Foulk, Jr.^(1),Chairman

John H. Dobkin⁽¹⁾

Michael J. Downey⁽¹⁾

D. James Guzy⁽¹⁾

Nancy P. Jacklin⁽¹⁾

Garry L. Moody⁽¹⁾

Marshall C. Turner, Jr.⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

Robert M. Keith, President and Chief Executive Officer

Philip L. Kirstein, Senior Vice President and Independent Compliance Officer

Seth J. Masters⁽²⁾ , Senior Vice President

Thomas J. Fontaine^{(2 )}, Vice President

Dokyoung Lee⁽²⁾ , Vice President

Christopher H. Nikolich⁽²⁾, Vice President

Patrick J. Rudden⁽²⁾, Vice President

Emilie D. Wrapp, Secretary

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 KPMG LLP
345 Park Avenue
New York, NY 10154

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee. Mr. Foulk is the sole member of the Fair Value Pricing Committee.

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

220 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Board of Directors

The information on pages 221-323 represent the holdings of the Underlying Portfolios in which the Strategies may invest, including specific breakdowns within Underlying Portfolios. This holdings information has been derived from each fund’s February 29, 2010 financial statements. A copy of the underlying Portfolios’ unaudited semi-annual report is available upon request.

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

U.S. VALUE PORTFOLIO

U.S. LARGE CAP GROWTH PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s sector breakdown is expressed as a percentage of total investments 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 RETIREMENT STRATEGIES  • 221

Portfolio Summary

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

GLOBAL REAL ESTATE INVESTMENT PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s industry and country breakdowns are expressed as a percentage of total investments and may vary over time.

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

222 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments and may vary over time. ‘Other’ country weightings represent 1.9% or less in the following countries: Brazil, China, Denmark, India, Israel, Kazakhstan, New Zealand, Russia, South Africa, Taiwan and Turkey.

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 RETIREMENT STRATEGIES  • 223

Portfolio Summary

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments and may vary over time. ‘Other’ country weightings represent 2.3% or less into the following countries: Canada, Denmark, Hong Kong, India, Ireland, Norway, South Africa, South Korea, Sweden and Taiwan.

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.

224 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

SMALL-MID CAP VALUE PORTFOLIO

SMALL-MID CAP GROWTH PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s sector breakdown is expressed as a percentage of total investments 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 RETIREMENT STRATEGIES  • 225

Portfolio Summary

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

SHORT DURATION BOND PORTFOLIO

INTERMEDIATE DURATION BOND PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time.

226 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

INFLATION PROTECTED SECURITIES PORTFOLIO

HIGH-YIELD PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 227

Portfolio Summary

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 97.2%
Financials – 21.1%
Capital Markets – 6.0%
Ameriprise Financial, Inc.	552,700	$	22,124,581
Deutsche Bank AG	309,100		19,627,850
Goldman Sachs Group, Inc. (The)	411,300		64,306,755
Morgan Stanley	927,500		26,136,950
			132,196,136
Commercial Banks – 5.2%
BB&T Corp.	757,400		21,608,622
US Bancorp	921,900		22,687,959
Wells Fargo & Co.	2,531,400		69,208,476
			113,505,057
Diversified Financial Services – 6.1%
Bank of America Corp.	3,498,800		58,290,008
Citigroup, Inc.(a)	3,631,500		12,347,100
JPMorgan Chase & Co.	1,523,800		63,953,886
			134,590,994
Insurance – 3.8%
ACE Ltd.(a)	181,400		9,068,186
Allstate Corp. (The)	381,400		11,918,750
Everest Re Group Ltd.	65,500		5,595,010
PartnerRe Ltd.	66,100		5,262,221
Travelers Cos., Inc. (The)	414,500		21,798,555
Unum Group	555,100		11,551,631
XL Capital Ltd. – Class A	951,600		17,385,732
			82,580,085
			462,872,272
Energy – 16.9%
Energy Equipment & Services – 1.7%
Ensco International PLC (Sponsored ADR)	390,000		17,226,300
Noble Corp.(a)	260,600		11,012,956
Rowan Cos., Inc.(a)	386,318		10,051,994
			38,291,250
Oil, Gas & Consumable Fuels – 15.2%
Apache Corp.	114,200		11,835,688
Chevron Corp.	545,100		39,410,730
Cimarex Energy Co.	398,100		23,790,456
ConocoPhillips	1,272,300		61,070,400
Devon Energy Corp.	552,500		38,045,150
Exxon Mobil Corp.	1,076,000		69,940,000
Forest Oil Corp.(a)	519,300		14,073,030
Newfield Exploration Co.(a)	287,300		14,672,411
Nexen, Inc.	1,013,600		22,806,000

228 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Occidental Petroleum Corp.	192,500	$	15,371,125
Valero Energy Corp.	1,308,500		22,924,920
			333,939,910
			372,231,160
Consumer Discretionary – 16.0%
Auto Components – 0.5%
TRW Automotive Holdings Corp.(a)	382,500		10,277,775
Automobiles – 1.3%
Ford Motor Co.(a)	2,532,800		29,735,072
Hotels, Restaurants & Leisure – 0.5%
Royal Caribbean Cruises Ltd.(a)	408,500		11,548,295
Household Durables – 2.3%
DR Horton, Inc.	686,400		8,483,904
Fortune Brands, Inc.	41,500		1,818,945
Garmin Ltd.	386,600		12,351,870
NVR, Inc.(a)	24,000		16,999,200
Pulte Homes, Inc.(a)	1,042,900		11,294,607
			50,948,526
Media – 6.2%
CBS Corp. – Class B	1,544,900		20,068,251
News Corp. – Class A	2,154,400		28,804,328
Time Warner Cable, Inc. – Class A	752,600		35,138,894
Time Warner, Inc.	1,086,100		31,540,344
Viacom, Inc. – Class B(a)	699,500		20,740,175
			136,291,992
Multiline Retail – 1.0%
JC Penney Co., Inc.	312,300		8,613,234
Macy’s, Inc.	725,800		13,899,070
			22,512,304
Specialty Retail – 3.5%
Foot Locker, Inc.	540,900		7,015,473
Home Depot, Inc.	763,300		23,814,960
Limited Brands, Inc.	477,800		10,564,158
Lowe’s Cos., Inc.	486,000		11,523,060
Office Depot, Inc.(a)	1,962,100		14,166,362
Ross Stores, Inc.	190,200		9,302,682
			76,386,695
Textiles, Apparel & Luxury Goods – 0.7%
Jones Apparel Group, Inc.	864,600		14,577,156
			352,277,815

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 229

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Health Care – 9.2%
Health Care Providers & Services – 2.3%
Aetna, Inc.	656,700	$	19,694,433
UnitedHealth Group, Inc.(a)	294,400		9,968,384
WellPoint, Inc.(a)	339,200		20,986,304
			50,649,121
Pharmaceuticals – 6.9%
Merck & Co., Inc.	1,592,700		58,738,776
Mylan, Inc.(a)	646,000		13,785,640
Pfizer, Inc.	4,445,400		78,016,770
			150,541,186
			201,190,307
Consumer Staples – 8.9%
Beverages – 1.2%
Coca-Cola Enterprises, Inc.	596,200		15,232,910
Constellation Brands, Inc. – Class A(a)	732,900		11,022,816
			26,255,726
Food & Staples Retailing – 0.7%
Supervalu, Inc.	961,100		14,675,997
Food Products – 4.0%
Archer-Daniels-Midland Co.	733,100		21,523,816
Bunge Ltd.	228,000		13,586,520
Dean Foods Co.(a)	593,200		8,654,788
Kraft Foods, Inc. – Class A	663,400		18,860,462
Sara Lee Corp.	953,700		12,932,172
Smithfield Foods, Inc.(a)	330,700		5,691,347
Tyson Foods, Inc. – Class A	426,100		7,260,744
			88,509,849
Household Products – 1.4%
Kimberly-Clark Corp.	70,300		4,270,022
Procter & Gamble Co. (The)	436,300		27,609,064
			31,879,086
Tobacco – 1.6%
Altria Group, Inc.	840,600		16,912,872
Reynolds American, Inc.	325,600		17,191,680
			34,104,552
			195,425,210
Information Technology – 8.0%
Communications Equipment – 3.4%
Ciena Corp.(a)	35,325		506,561
JDS Uniphase Corp.(a)	722,800		7,755,644
Motorola, Inc.(a)	6,007,900		40,613,404

230 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Nokia Oyj (Sponsored ADR) – Class A	1,294,900	$	17,442,303
Tellabs, Inc.	1,150,200		7,947,882
			74,265,794
Computers & Peripherals – 1.4%
Dell, Inc.(a)	1,168,000		15,452,640
Seagate Technology(a)	610,000		12,145,100
Western Digital Corp.(a)	72,800		2,812,264
			30,410,004
Electronic Equipment, Instruments & Components – 1.6%
Corning, Inc.	680,800		12,002,504
Tyco Electronics Ltd.	851,200		21,816,256
Vishay Intertechnology, Inc.(a)	83,800		858,950
			34,677,710
Internet Software & Services – 0.1%
AOL, Inc.(a)	114,236		2,830,768
IT Services – 0.5%
Accenture PLC	267,400		10,687,978
Semiconductors & Semiconductor Equipment – 0.2%
Teradyne, Inc.(a)	556,400		5,558,436
Software – 0.8%
Symantec Corp.(a)	1,008,287		16,687,150
			175,117,840
Industrials – 6.6%
Aerospace & Defense – 1.1%
Northrop Grumman Corp.	294,400		18,034,944
Raytheon Co.	121,600		6,838,784
			24,873,728
Electrical Equipment – 0.3%
Cooper Industries PLC	167,600		7,602,336
Industrial Conglomerates – 3.6%
General Electric Co.	4,435,200		71,229,312
Textron, Inc.	381,500		7,599,480
			78,828,792
Machinery – 1.3%
Ingersoll-Rand PLC	666,400		21,264,824
SPX Corp.	104,800		6,234,552
			27,499,376

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 231

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Road & Rail – 0.3%
Hertz Global Holdings, Inc.(a)	581,300	$	5,464,220
			144,268,452
Telecommunication Services – 5.8%
Diversified Telecommunication Services – 4.2%
AT&T, Inc.	2,800,362		69,476,981
Verizon Communications, Inc.	780,700		22,585,651
			92,062,632
Wireless Telecommunication Services – 1.6%
Sprint Nextel Corp.(a)	5,664,200		18,861,786
Vodafone Group PLC (Sponsored ADR)	717,800		15,626,506
			34,488,292
			126,550,924
Materials – 4.0%
Chemicals – 1.4%
EI du Pont de Nemours & Co.	733,900		24,747,108
Huntsman Corp.	520,580		7,147,563
			31,894,671
Containers & Packaging – 0.3%
Sonoco Products Co.	210,400		6,223,632
Metals & Mining – 2.3%
AK Steel Holding Corp.	552,300		11,891,019
Freeport-McMoRan Copper & Gold, Inc.	350,200		26,321,032
Steel Dynamics, Inc.	721,000		11,773,930
			49,985,981
			88,104,284
Utilities – 0.7%
Electric Utilities – 0.2%
Edison International	172,800		5,638,464
Independent Power Producers & Energy Traders – 0.2%
RRI Energy, Inc.(a)	982,400		4,175,200
Multi-Utilities – 0.3%
CMS Energy Corp.	277,400		4,235,898
NiSource, Inc.	164,300		2,467,786
			6,703,684
			16,517,348
Total Common Stocks (cost $2,017,437,693)			2,134,555,612

232 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
SHORT-TERM INVESTMENTS – 2.7%
Investment Companies – 2.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(b) (cost $57,915,741)	57,915,741	$	57,915,741
Total Investments – 99.9% (cost $2,075,353,434)			2,192,471,353
Other assets less liabilities – 0.1%			2,975,360
Net Assets – 100.0%		$	2,195,446,713

(a) Non-income producing security.

(b) 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 RETIREMENT STRATEGIES  • 233

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 98.8%
Information Technology – 30.3%
Communications Equipment – 3.6%
Cisco Systems, Inc.(a)	1,633,500	$	39,743,055
QUALCOMM, Inc.	812,400		29,806,956
Research In Motion Ltd.(a)	126,500		8,966,320
			78,516,331
Computers & Peripherals – 12.5%
Apple, Inc.(a)	750,160		153,497,739
EMC Corp.(a)	2,710,200		47,401,398
Hewlett-Packard Co.	1,408,350		71,530,097
			272,429,234
Internet Software & Services – 6.0%
Google, Inc. – Class A(a)	250,290		131,852,772
Semiconductors & Semiconductor Equipment – 6.1%
Broadcom Corp. – Class A	824,400		25,820,208
Intel Corp.	4,122,600		84,636,978
KLA-Tencor Corp.	811,000		23,624,430
			134,081,616
Software – 2.1%
Microsoft Corp.	1,606,100		46,030,826
			662,910,779
Health Care – 17.4%
Biotechnology – 6.1%
Celgene Corp.(a)	276,800		16,475,136
Gilead Sciences, Inc.(a)	2,049,950		97,598,119
Vertex Pharmaceuticals, Inc.(a)	438,000		17,787,180
			131,860,435
Health Care Equipment & Supplies – 8.3%
Alcon, Inc.	756,350		120,804,222
Baxter International, Inc.	563,700		32,091,441
Covidien PLC	594,800		29,216,576
			182,112,239
Health Care Providers & Services – 0.5%
Medco Health Solutions, Inc.(a)	183,200		11,585,568
Pharmaceuticals – 2.5%
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)	915,100		54,915,151
			380,473,393

234 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

Company	Shares	U.S. $ Value
Financials – 16.0%
Capital Markets – 8.5%
Blackstone Group LP	2,693,500	$	37,655,130
Credit Suisse Group AG (Sponsored ADR)	291,500		13,000,900
Franklin Resources, Inc.	264,800		26,935,456
Goldman Sachs Group, Inc. (The)	687,000		107,412,450
			185,003,936
Diversified Financial Services – 7.2%
Bank of America Corp.	1,801,700		30,016,322
CME Group, Inc. – Class A	54,775		16,525,070
JPMorgan Chase & Co.	2,648,400		111,153,348
			157,694,740
Insurance – 0.3%
Principal Financial Group, Inc.	332,900		7,726,609
			350,425,285
Consumer Discretionary – 9.0%
Auto Components – 1.6%
Johnson Controls, Inc.	1,105,500		34,381,050
Automobiles – 1.2%
Ford Motor Co.(a)	2,232,300		26,207,202
Hotels, Restaurants & Leisure – 0.5%
Hyatt Hotels Corp.(a)	291,800		9,754,874
Media – 1.3%
Comcast Corp. – Class A	1,165,400		19,159,176
Walt Disney Co. (The)	324,300		10,131,132
			29,290,308
Multiline Retail – 4.2%
Kohl’s Corp.(a)	943,600		50,784,552
Target Corp.	807,300		41,592,096
			92,376,648
Specialty Retail – 0.2%
Home Depot, Inc.	140,200		4,374,240
			196,384,322
Industrials – 9.0%
Air Freight & Logistics – 0.3%
FedEx Corp.	81,400		6,899,464
Electrical Equipment – 2.3%
Cooper Industries PLC	773,000		35,063,280
Vestas Wind Systems A/S (ADR)(a)	822,800		13,576,200
			48,639,480

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 235

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

Company	Shares	U.S. $ Value
Machinery – 6.4%
Danaher Corp.	682,600	$	50,491,922
Dover Corp.	633,300		28,663,158
Illinois Tool Works, Inc.	1,340,000		60,996,800
			140,151,880
			195,690,824
Energy – 8.2%
Energy Equipment & Services – 5.2%
Cameron International Corp.(a)	721,700		29,683,521
Schlumberger Ltd.	1,371,935		83,825,228
			113,508,749
Oil, Gas & Consumable Fuels – 3.0%
EOG Resources, Inc.	85,200		8,013,060
Noble Energy, Inc.	483,500		35,121,440
Occidental Petroleum Corp.	93,800		7,489,930
Suncor Energy, Inc.	535,500		15,481,305
			66,105,735
			179,614,484
Consumer Staples – 5.1%
Beverages – 2.2%
Anheuser-Busch InBev NV (Sponsored ADR)(a)	164,100		8,196,795
PepsiCo, Inc.	652,300		40,749,181
			48,945,976
Food & Staples Retailing – 2.7%
Costco Wholesale Corp.	750,900		45,782,373
CVS Caremark Corp.	243,000		8,201,250
Wal-Mart Stores, Inc.	80,050		4,328,304
			58,311,927
Tobacco – 0.2%
Philip Morris International, Inc.	96,400		4,721,672
			111,979,575
Materials – 3.8%
Chemicals – 1.2%
Air Products & Chemicals, Inc.	161,320		11,063,326
Dow Chemical Co. (The)	537,500		15,216,625
			26,279,951
Metals & Mining – 2.6%
ArcelorMittal (New York)	547,250		20,915,895
Freeport-McMoRan Copper & Gold, Inc.	416,700		31,319,172
Vale SA (Sponsored ADR) – Class B	133,600		3,722,096
			55,957,163
			82,237,114
Total Common Stocks (cost $1,779,371,020)			2,159,715,776

236 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

Company	Shares	U.S. $ Value
SHORT-TERM INVESTMENTS – 1.0%
Investment Companies – 1.0%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(b) (cost $21,820,040)	21,820,040	$	21,820,040
Total Investments – 99.8% (cost $1,801,191,060)			2,181,535,816
Other assets less liabilities – 0.2%			3,481,577
Net Assets – 100.0%		$	2,185,017,393

(a) Non-income producing security.

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

Glossary:

ADR – American Depositary Receipt

LP – Limited Partnership

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 237

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

GLOBAL REAL ESTATE INVESTMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 96.3%
Equity: Other – 41.7%
Diversified/Specialty – 36.7%
Alexandria Real Estate Equities, Inc.	79,306	$	4,886,836
BioMed Realty Trust, Inc.	621,945		9,609,050
British Land Co. PLC	1,628,812		10,931,703
Canadian Real Estate Investment Trust	314,162		8,404,923
CB Richard Ellis Group, Inc. – Class A(a)	467,600		6,172,320
Crown Castle International Corp.(a)	138,600		5,239,080
Dexus Property Group	6,788,000		5,005,130
Digital Realty Trust, Inc.	259,700		13,395,326
DuPont Fabros Technology, Inc.(a)	274,659		5,383,316
Entertainment Properties Trust	265,400		10,143,588
Fonciere Des Regions	66,600		6,640,962
GPT Group	20,552,000		10,553,975
H&R Real Estate Investment Trust	335,100		5,222,999
Henderson Land Development Co., Ltd.	1,739,000		11,746,862
Jones Lang LaSalle, Inc.	77,600		4,942,344
Kerry Properties Ltd.	2,432,191		11,523,412
Land Securities Group PLC	701,209		6,765,718
Lend Lease Group	1,932,655		16,789,735
Mitchells & Butlers PLC(a)	1,649,700		7,139,033
Mitsubishi Estate Co., Ltd.	489,000		7,667,101
Mitsui Fudosan Co., Ltd.	2,381,000		40,231,343
Morguard Real Estate Investment Trust	560,500		6,887,726
New World Development Ltd.	9,754,157		17,815,157
Savills PLC	1,384,400		6,575,847
Sumitomo Realty & Development Co., Ltd.	674,000		11,949,153
Sun Hung Kai Properties Ltd.	3,109,600		43,147,407
Swire Pacific Ltd.	462,500		5,170,138
Telecity Group PLC(a)	1,093,525		6,222,378
Unibail-Rodamco SE	238,118		46,982,159
UOL Group Ltd.	868,000		2,454,177
Vornado Realty Trust	124,212		8,163,213
Wereldhave NV	84,500		7,601,942
			371,364,053
Health Care – 4.5%
Chartwell Seniors Housing Real Estate Investment Trust	873,000		6,330,536
HCP, Inc.	240,915		6,933,534
Health Care REIT, Inc.	236,900		10,035,084
Omega Healthcare Investors, Inc.	394,051		7,475,147
Ventas, Inc.	317,210		14,017,510
			44,791,811

238 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Real Estate Investment Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Triple Net – 0.5%
National Retail Properties, Inc.	245,300	$	5,205,266
			421,361,130
Retail – 19.1%
Regional Mall – 12.3%
BR Malls Participacoes SA(a)	330,200		4,293,888
CapitaMall Trust	4,189,420		5,267,049
CBL & Associates Properties, Inc.	690,737		8,212,863
Macerich Co. (The)	90,400		3,221,856
Multiplan Empreendimentos Imobiliarios SA	1,056,505		18,263,684
Simon Property Group, Inc.	582,542		45,607,213
Taubman Centers, Inc.	35,200		1,363,296
Westfield Group	3,505,816		37,691,737
			123,921,586
Shopping Center/Other Retail – 6.8%
Corio NV	143,500		8,875,217
Kimco Realty Corp.	484,500		6,729,705
Klepierre(a)	611,429		22,757,056
Macquarie CountryWide Trust	3,711,064		1,892,669
Primaris Retail Real Estate Investment Trust	398,199		6,482,749
RioCan Real Estate Investment Trust(b)	132,100		2,391,660
RioCan Real Estate Investment Trust (Toronto)	267,689		4,846,489
Tanger Factory Outlet Centers	125,600		5,233,752
Weingarten Realty Investors	482,296		9,930,475
			69,139,772
			193,061,358
Residential – 15.1%
Multi-Family – 12.1%
Agile Property Holdings Ltd.	5,122,000		6,528,415
Camden Property Trust	18,800		752,940
Equity Residential	265,800		9,590,064
Essex Property Trust, Inc.	67,600		5,806,840
GAGFAH SA	528,800		4,847,967
Home Properties, Inc.	124,700		5,711,260
KWG Property Holding Ltd.	5,266,000		3,494,570
Mid-America Apartment Communities, Inc.	199,400		10,356,836
MRV Engenharia e Participacoes SA	1,512,500		10,964,087
NVR, Inc.(a)	10,800		7,649,640
Shimao Property Holdings Ltd.	2,125,000		3,537,276
Sino-Ocean Land Holdings Ltd.	6,837,000		6,032,625
Stockland	4,217,660		15,289,499
UDR, Inc.	607,900		10,212,720
Wing Tai Holdings Ltd.	8,420,000		10,061,214
Yanlord Land Group Ltd.	8,803,000		11,199,073
			122,035,026

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 239

Global Real Estate Investment Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Self Storage – 2.7%
Extra Space Storage, Inc.	664,067	$	7,490,676
Public Storage	247,500		20,342,025
			27,832,701
Student Housing – 0.3%
Education Realty Trust, Inc.	553,100		3,014,395
			152,882,122
Office – 12.3%
Office – 12.3%
Allied Properties Real Estate Investment Trust	326,200		5,921,327
Brandywine Realty Trust	863,685		9,681,909
Brookfield Properties Corp.	406,656		5,640,319
Cominar Real Estate Investment Trust	431,589		7,822,089
Corporate Office Properties Trust	268,926		9,904,545
Duke Realty Corp.	998,650		11,085,015
Government Properties Income Trust	296,400		6,980,220
Great Portland Estates PLC	1,081,300		4,635,494
Hongkong Land Holdings Ltd.	4,180,000		19,213,846
ING Office Fund	13,448,600		7,252,350
Japan Real Estate Investment Corp.	52		449,374
Kilroy Realty Corp.	170,800		4,838,764
Mack-Cali Realty Corp.	223,390		7,492,501
Nippon Building Fund, Inc.	571		5,056,142
Nomura Real Estate Office Fund, Inc.	1,263		7,411,785
NTT Urban Development Corp.	7,434		5,916,037
Orix JREIT, Inc.	1,076		5,167,386
			124,469,103
Lodging – 5.6%
Lodging – 5.6%
DiamondRock Hospitality Co.(a)	702,033		6,276,175
Great Eagle Holdings Ltd.	503,000		1,418,933
Host Hotels & Resorts, Inc.(a)	459,774		5,383,954
Hyatt Hotels Corp.(a)	170,986		5,716,062
InnVest Real Estate Investment Trust	924,700		4,956,575
LaSalle Hotel Properties	230,378		4,471,637
Sunstone Hotel Investors, Inc.(a)	1,140,741		10,198,224
Whitbread PLC	452,500		9,800,341
Wyndham Worldwide Corp.	382,000		8,782,180
			57,004,081
Industrials – 2.5%
Industrial Warehouse Distribution – 2.5%
Ascendas Real Estate Investment Trust	8,708,000		11,963,653
ProLogis	1,007,057		12,980,965
			24,944,618
Total Common Stocks (cost $814,640,024)			973,722,412

240 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Real Estate Investment Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
WARRANTS – 0.6%
Equity: Other – 0.6%
Diversified/Specialty – 0.6%
Aldar Properties PJSC, expiring 10/22/12(a)	1,685,300	$	1,629,685
Aldar Properties PJSC, expiring 5/15/10(a)	4,606,600		4,454,582
Fonciere Des Regions, expiring 12/31/10(a)	66,600		44,527
Total Warrants (cost $10,331,251)			6,128,794
SHORT-TERM INVESTMENTS – 2.0%
Investment Companies – 2.0%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(c) (cost $20,192,200)	20,192,200		20,192,200
Total Investments – 98.9% (cost $845,163,475)			1,000,043,406
Other assets less liabilities – 1.1%			11,437,604
Net Assets – 100.0%		$	1,011,481,010

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 4/15/10	6,476	$	5,585,939	$	5,777,296	$	191,357
Australian Dollar settling 4/15/10	6,441		5,884,498		5,746,072		(138,426	)
Australian Dollar settling 4/15/10	33,298		30,644,149		29,705,433		(938,716	)
British Pound settling 4/15/10	16,812		27,091,866		25,627,139		(1,464,727	)
Japanese Yen settling 4/15/10	486,343		5,265,903		5,475,153		209,250
Japanese Yen settling 4/15/10	976,720		10,924,058		10,995,720		71,662
New Zealand Dollar settling 4/15/10	40,035		29,434,533		27,871,675		(1,562,858	)
Norwegian Krone settling 4/15/10	173,989		30,835,445		29,383,432		(1,452,013	)
Swedish Krona settling 4/15/10	140,937		20,082,217		19,768,895		(313,322	)
Sale Contracts:
Canadian Dollar settling 4/15/10	11,483		11,064,433		10,912,534		151,899
Canadian Dollar settling 4/15/10	12,885		12,014,098		12,244,883		(230,785	)
Euro settling 4/15/10	30,451		44,170,698		41,461,073		2,709,625
Euro settling 4/15/10	15,621		22,640,452		21,269,036		1,371,416
Japanese Yen settling 4/15/10	486,343		5,350,014		5,475,153		(125,139	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 241

Global Real Estate Investment Portfolio—Portfolio of Investments

(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 28, 2010, the market value of this security amounted to $2,391,660 or 0.2% of net assets.

(c) 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.

242 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Real Estate Investment Portfolio—Portfolio of Investments

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 96.0%
Financials – 25.9%
Capital Markets – 2.0%
Deutsche Bank AG	249,600	$	15,850,627
Macquarie Group Ltd.	154,000		6,232,091
			22,082,718
Commercial Banks – 15.2%
Australia & New Zealand Banking Group Ltd.	449,600		9,304,715
Banco do Brasil SA	762,700		12,564,302
Banco Santander SA	1,362,661		17,716,230
Barclays PLC	2,544,200		12,158,410
BNP Paribas	276,870		20,002,894
Credit Agricole SA	816,582		12,124,016
Danske Bank A/S(a)	272,300		6,190,656
KB Financial Group, Inc.	306,062		12,842,236
National Australia Bank Ltd.	651,400		14,842,398
National Bank of Canada	90,400		5,176,392
Societe Generale	309,070		16,986,573
Sumitomo Mitsui Financial Group, Inc.	309,300		9,935,241
Turkiye Garanti Bankasi AS	2,280,300		8,393,831
UniCredit SpA(a)	4,084,800		10,323,500
			168,561,394
Consumer Finance – 1.2%
ORIX Corp.	169,100		12,957,190
Insurance – 3.9%
Allianz SE	157,100		18,125,265
Aviva PLC	791,395		4,714,188
Muenchener Rueckversicherungs AG (MunichRe)	73,000		11,290,277
Old Mutual PLC(a)	3,571,900		6,179,607
Sun Life Financial, Inc.	112,900		3,218,970
			43,528,307
Real Estate Investment Trusts (REITs) – 1.1%
Klepierre	132,700		4,939,022
Unibail-Rodamco SE	34,400		6,787,334
			11,726,356
Real Estate Management & Development – 2.5%
Lend Lease Group	453,200		3,937,127
Mitsui Fudosan Co., Ltd.	728,000		12,300,889
New World Development Ltd.	3,805,224		6,949,926
Sumitomo Realty & Development Co., Ltd.	226,000		4,006,689
			27,194,631
			286,050,596

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 243

International Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Industrials – 11.6%
Aerospace & Defense – 2.2%
BAE Systems PLC	2,110,300	$	12,053,365
Rolls-Royce Group PLC(a)	1,430,900		12,181,373
			24,234,738
Air Freight & Logistics – 0.7%
Deutsche Post AG	506,100		8,230,725
Airlines – 0.6%
Qantas Airways Ltd.	2,703,029		6,375,500
Building Products – 0.7%
Compagnie de St-Gobain	166,300		7,805,826
Construction & Engineering – 0.5%
Bouygues SA	112,500		5,162,385
Industrial Conglomerates – 0.8%
Bidvest Group Ltd.	536,453		9,177,484
Machinery – 0.6%
Vallourec SA	37,004		7,052,426
Professional Services – 1.3%
Adecco SA	90,200		4,484,985
Randstad Holding NV(a)	238,600		9,977,318
			14,462,303
Road & Rail – 0.4%
East Japan Railway Co.	61,400		4,228,095
Trading Companies & Distributors – 3.5%
ITOCHU Corp.	420,000		3,379,166
Mitsubishi Corp.	548,400		13,679,254
Mitsui & Co., Ltd.	710,200		11,007,159
Wolseley PLC(a)	438,400		10,348,551
			38,414,130
Transportation Infrastructure – 0.3%
Intoll Group	3,219,500		3,229,711
			128,373,323
Energy – 10.9%
Oil, Gas & Consumable Fuels – 10.9%
BP PLC	2,310,500		20,357,445
ENI SpA	621,800		14,033,416
Gazprom OAO (Sponsored ADR)	320,900		7,136,816
KazMunaiGas Exploration Production (GDR)(b)	192,600		4,649,364

244 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
LUKOIL OAO (London) (Sponsored ADR)	165,900	$	8,709,750
Nexen, Inc. (Toronto)	516,623		11,661,087
Nippon Mining Holdings, Inc.	928,000		4,620,111
Penn West Energy Trust	169,400		3,472,684
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A	1,152,052		31,472,123
Suncor Energy, Inc. (Toronto)	327,548		9,466,579
Yanzhou Coal Mining Co., Ltd. – Class H	2,130,000		4,535,661
			120,115,036
Consumer Discretionary – 9.4%
Automobiles – 2.3%
Bayerische Motoren Werke AG	226,000		9,160,922
Nissan Motor Co., Ltd.(a)	2,134,900		16,882,887
			26,043,809
Hotels, Restaurants & Leisure – 1.2%
TABCORP Holdings Ltd.	712,900		4,315,901
Thomas Cook Group PLC	974,200		3,503,297
TUI Travel PLC	1,205,700		5,043,501
			12,862,699
Household Durables – 1.8%
Sharp Corp.	744,000		8,609,152
Sony Corp.	322,000		10,964,677
			19,573,829
Media – 2.5%
Lagardere SCA	174,400		6,364,126
Vivendi SA	471,330		11,859,232
WPP PLC	991,100		9,097,936
			27,321,294
Multiline Retail – 0.4%
Marks & Spencer Group PLC	936,000		4,713,564
Specialty Retail – 0.9%
Esprit Holdings Ltd.	1,464,100		10,461,576
Textiles, Apparel & Luxury Goods – 0.3%
Yue Yuen Industrial Holdings Ltd.	1,049,000		3,114,173
			104,090,944
Telecommunication Services – 8.8%
Diversified Telecommunication Services – 5.6%
Bezeq Israeli Telecommunication Corp. Ltd.	1,443,100		3,752,278
France Telecom SA	521,200		12,192,760
Nippon Telegraph & Telephone Corp.	351,000		15,306,825
Telecom Corp. of New Zealand Ltd.	2,404,100		3,807,556
Telecom Italia SpA (ordinary shares)	6,603,400		9,406,165

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 245

International Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Telecom Italia SpA (savings shares)	4,931,400	$	5,233,903
Telefonica SA	383,100		8,983,867
TELUS Corp.	112,200		3,530,642
			62,213,996
Wireless Telecommunication Services – 3.2%
KDDI Corp.	1,415		7,541,002
Vodafone Group PLC	12,642,937		27,319,446
			34,860,448
			97,074,444
Information Technology – 8.4%
Communications Equipment – 1.9%
Nokia Oyj	1,518,700		20,508,820
Computers & Peripherals – 1.9%
Compal Electronics, Inc. (GDR)(a)(b)	1,314,800		9,428,825
Toshiba Corp.(a)	2,253,000		11,269,746
			20,698,571
Electronic Equipment, Instruments & Components – 2.2%
AU Optronics Corp.	10,533,790		10,878,160
Hitachi High-Technologies Corp.	159,600		3,267,223
Murata Manufacturing Co., Ltd.	201,000		10,658,199
			24,803,582
Semiconductors & Semiconductor Equipment – 2.4%
Hynix Semiconductor, Inc.(a)	429,600		7,774,521
Samsung Electronics Co., Ltd.	22,330		14,315,400
Samsung Electronics Co., Ltd. (Preference Shares)	11,500		4,831,646
			26,921,567
			92,932,540
Health Care – 7.3%
Health Care Providers & Services – 0.3%
Celesio AG	101,700		2,962,527
Pharmaceuticals – 7.0%
AstraZeneca PLC	373,800		16,510,686
Bayer AG	256,500		16,998,354
GlaxoSmithKline PLC	150,300		2,778,741
Novartis AG	375,110		20,784,536
Sanofi-Aventis SA	283,319		20,677,256
			77,749,573
			80,712,100

246 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Materials – 6.2%
Chemicals – 1.2%
BASF SE	130,400	$	7,322,841
Koninklijke DSM NV	148,100		6,185,357
			13,508,198
Metals & Mining – 5.0%
JFE Holdings, Inc.	170,600		6,331,646
Kazakhmys PLC(a)	282,900		5,786,853
MMC Norilsk Nickel (ADR)(a)	203,370		3,068,853
Rio Tinto PLC	310,500		16,034,386
Tata Steel Ltd.	1,000,900		12,475,857
Xstrata PLC(a)	730,040		11,474,984
			55,172,579
			68,680,777
Consumer Staples – 4.0%
Beverages – 1.4%
Asahi Breweries Ltd.	261,300		5,008,298
Carlsberg A/S(a)	135,300		10,456,422
			15,464,720
Food & Staples Retailing – 2.0%
Aeon Co., Ltd.	685,700		7,054,031
Casino Guichard Perrachon SA	91,600		7,359,499
Koninklijke Ahold NV	615,640		7,529,201
Metro AG	5,900		302,536
			22,245,267
Tobacco – 0.6%
Japan Tobacco, Inc.	1,866		6,777,869
			44,487,856
Utilities – 3.5%
Electric Utilities – 2.7%
E.ON AG	453,100		16,123,889
EDF SA	208,700		10,459,090
Tokyo Electric Power Co., Inc. (The)	141,700		3,890,960
			30,473,939
Gas Utilities – 0.3%
Tokyo Gas Co., Ltd.	745,000		3,246,610
Multi-Utilities – 0.5%
RWE AG	63,340		5,364,142
			39,084,691
Total Common Stocks (cost $1,062,958,477)			1,061,602,307

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 247

International Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
SHORT-TERM INVESTMENTS – 2.7%
Investment Companies – 2.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(c) (cost $29,768,403)	29,768,403	$	29,768,403
Total Investments – 98.7% (cost $1,092,726,880)			1,091,370,710
Other assets less liabilities – 1.3%			14,611,080
Net Assets – 100.0%		$	1,105,981,790

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts	Expiration Month	Original Value		Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50	80	March 2010	$	3,063,311	$	2,967,308	$	(96,003	)
FTSE 100 Index Futures	70	March 2010		5,507,696		5,695,964		188,268
TOPIX Index Futures	132	March 2010		13,595,930		13,237,886		(358,044	)
							$	(265,779	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 5/18/10	59,093	$	51,224,767	$	52,529,712	$	1,304,945
Japanese Yen settling 5/18/10	578,471		6,465,314		6,513,568		48,254
New Zealand Dollar settling 5/18/10	72,523		49,980,676		50,375,867		395,191
Norwegian Krone settling 5/18/10	284,987		47,877,663		48,052,034		174,371
Swedish Krona settling 5/18/10	369,049		50,497,243		51,768,850		1,271,607
Swedish Krona settling 5/18/10	33,648		4,735,240		4,720,019		(15,221	)
Sale Contracts:
Canadian Dollar settling 5/18/10	33,129		31,060,088		31,481,859		(421,771	)
Euro settling 5/18/10	86,028		118,157,737		117,127,570		1,030,167
Euro settling 5/18/10	29,208		40,146,396		39,766,844		379,552

248 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2010, the aggregate market value of these securities amounted to $14,078,189 or 1.3% 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

REIT – Real Estate Investment Trust

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 249

International Value Portfolio—Portfolio of Investments

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 97.2%
Financials – 19.2%
Capital Markets – 6.3%
Credit Suisse Group AG	609,106	$	27,117,904
Julius Baer Group Ltd.	398,019		12,382,402
Macquarie Group Ltd.	481,700		19,493,495
Man Group PLC	3,203,053		10,983,549
			69,977,350
Commercial Banks – 11.3%
Banco Santander SA	1,526,579		19,847,360
BNP Paribas	100,005		7,225,013
HDFC Bank Ltd.	155,300		5,752,235
HSBC Holdings PLC	2,114,800		23,297,420
Industrial & Commercial Bank of China Ltd. – Class H	10,376,000		7,337,097
Itau Unibanco Holding SA (ADR)	1,266,780		25,284,929
Standard Chartered PLC	1,557,342		37,117,822
			125,861,876
Diversified Financial Services – 1.0%
Hong Kong Exchanges and Clearing Ltd.	669,200		11,201,757
Insurance – 0.6%
QBE Insurance Group Ltd.	305,302		5,845,612
			212,886,595
Consumer Staples – 12.5%
Beverages – 2.5%
Anheuser-Busch InBev NV	551,577		27,544,202
Food & Staples Retailing – 2.2%
Tesco PLC	3,750,180		24,013,506
Food Products – 4.8%
Nestle SA	697,186		34,705,969
Unilever NV	606,800		18,241,649
			52,947,618
Personal Products – 0.9%
L’Oreal SA	98,856		10,225,694
Tobacco – 2.1%
British American Tobacco PLC	704,860		23,965,712
			138,696,732
Materials – 11.5%
Chemicals – 2.0%
Syngenta AG	41,228		10,682,970
Yara International ASA	287,000		11,822,797
			22,505,767

250 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Construction Materials – 0.7%
CRH PLC (London)	354,300	$	8,065,589
Metals & Mining – 8.8%
ArcelorMittal (Euronext Amsterdam)	525,900		20,067,965
BHP Billiton PLC	710,060		21,797,522
Impala Platinum Holdings Ltd.	358,300		8,725,409
Rio Tinto PLC	378,200		19,530,451
Vale SA (Sponsored ADR) – Class B	609,300		16,975,098
Xstrata PLC(a)	670,010		10,531,415
			97,627,860
			128,199,216
Health Care – 11.5%
Health Care Providers & Services – 1.0%
Fresenius Medical Care AG & Co. KGaA	215,600		11,265,830
Pharmaceuticals – 10.5%
Bayer AG(a)	258,613		17,138,384
Novartis AG	40,410		2,239,085
Novo Nordisk A/S – Class B	133,846		9,499,487
Roche Holding AG	176,743		29,528,342
Sanofi-Aventis	358,193		26,141,728
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)	531,800		31,913,318
			116,460,344
			127,726,174
Industrials – 11.1%
Aerospace & Defense – 1.4%
BAE Systems PLC	2,725,425		15,566,765
Airlines – 0.3%
British Airways PLC(a)	1,079,900		3,484,788
Electrical Equipment – 2.0%
ABB Ltd.(a)	725,100		14,690,896
Vestas Wind Systems A/S(a)	154,152		7,623,437
			22,314,333
Industrial Conglomerates – 2.1%
Siemens AG	273,800		23,476,758
Machinery – 1.8%
Atlas Copco AB – Class A	580,673		8,218,003
NGK Insulators Ltd.	554,000		11,918,485
			20,136,488

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 251

International Growth Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Trading Companies & Distributors – 3.5%
Mitsubishi Corp.	927,200	$	23,128,016
Mitsui & Co., Ltd.	991,200		15,362,287
			38,490,303
			123,469,435
Energy – 10.8%
Energy Equipment & Services – 4.4%
Saipem SpA(a)	699,700		23,167,487
Technip SA	78,400		5,577,445
Tenaris SA	953,889		19,845,773
			48,590,705
Oil, Gas & Consumable Fuels – 6.4%
BG Group PLC	1,459,824		25,515,363
China Coal Energy Co. – Class H	4,211,000		6,687,956
CNOOC Ltd.	3,455,000		5,408,043
Petroleo Brasileiro SA (ADR)	223,900		9,549,335
Suncor Energy, Inc. (Toronto)	479,100		13,846,636
Tullow Oil PLC	562,690		10,212,807
			71,220,140
			119,810,845
Information Technology – 10.3%
Computers & Peripherals – 1.4%
Toshiba Corp.(a)	3,205,000		16,031,751
Electronic Equipment, Instruments & Components – 3.8%
Hon Hai Precision Industry Co., Ltd.	4,264,350		16,887,216
LG Display Co., Ltd.	303,300		9,084,301
Nippon Electric Glass Co., Ltd.	1,290,000		16,708,648
			42,680,165
Internet Software & Services – 0.8%
Tencent Holdings Ltd.	472,800		9,248,342
IT Services – 0.8%
Infosys Technologies Ltd.	156,160		8,825,954
Semiconductors & Semiconductor Equipment – 2.8%
ASML Holding NV	528,700		16,266,742
Samsung Electronics Co., Ltd.	22,260		14,270,524
			30,537,266
Software – 0.7%
SAP AG	170,400		7,601,997
			114,925,475

252 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Consumer Discretionary – 8.0%
Automobiles – 3.7%
Honda Motor Co., Ltd.	509,100	$	17,609,125
Suzuki Motor Corp.	394,900		8,398,154
Volkswagen AG (Preference Shares)	188,900		15,382,838
			41,390,117
Distributors – 0.3%
Li & Fung Ltd.	870,000		4,042,454
Hotels, Restaurants & Leisure – 2.3%
Carnival PLC	525,638		19,981,271
Ctrip.com International Ltd. (ADR)(a)	136,600		5,222,218
			25,203,489
Media – 1.7%
British Sky Broadcasting Group PLC	672,800		5,583,605
SES SA (FDR)	544,618		13,180,223
			18,763,828
			89,399,888
Telecommunication Services – 1.7%
Diversified Telecommunication Services – 1.5%
Telefonica SA	703,449		16,496,196
Wireless Telecommunication Services – 0.2%
Vodafone Group PLC	1,024,400		2,213,571
			18,709,767
Utilities – 0.6%
Multi-Utilities – 0.6%
Centrica PLC	1,474,251		6,292,974
Total Common Stocks (cost $964,825,068)			1,080,117,101
WARRANTS – 0.1%
Information Technology – 0.1%
Electronic Equipment, Instruments & Components – 0.1%
Hon Hai Precision, Credit Suisse(a) (cost $778,900)	183,900		726,037

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 253

International 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(b) (cost $15,900,281)	15,900,281	$	15,900,281
Total Investments – 98.7% (cost $981,504,249)			1,096,743,419
Other assets less liabilities – 1.3%			14,776,860
Net Assets – 100.0%		$	1,111,520,279

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 3/15/10	119,045	$	107,083,358	$	106,545,019	$	(538,339	)
British Pound settling 3/15/10	33,298		53,238,840		50,768,191		(2,470,649	)
British Pound settling 3/15/10	12,791		20,841,783		19,501,950		(1,339,833	)
British Pound settling 3/15/10	27,986		45,412,882		42,669,187		(2,743,695	)
British Pound settling 3/15/10	4,360		7,032,767		6,647,526		(385,241	)
Canadian Dollar settling 3/15/10	3,645		3,437,479		3,464,096		26,617
Canadian Dollar settling 3/15/10	7,450		7,034,607		7,080,251		45,644
Euro settling 3/15/10	50,316		74,034,459		68,511,483		(5,522,976	)
Japanese Yen settling 3/15/10	692,708		7,854,812		7,797,233		(57,579	)
Japanese Yen settling 3/15/10	243,560		2,702,319		2,741,551		39,232
Japanese Yen settling 3/15/10	2,803,395		31,103,905		31,555,464		451,559
Japanese Yen settling 3/15/10	581,736		6,459,786		6,548,114		88,328
Japanese Yen settling 6/17/10	3,071,039		34,330,546		34,586,415		255,869
Japanese Yen settling 6/17/10	632,511		7,033,058		7,123,416		90,358
New Zealand Dollar settling 3/15/10	24,299		17,121,561		16,951,951		(169,610	)
Norwegian Krone settling 3/15/10	273,279		47,160,733		46,218,559		(942,174	)

254 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Norwegian Krone settling 3/15/10	33,944	$	5,945,387	$	5,740,810	$	(204,577	)
Swedish Krona settling 3/15/10	334,325		47,007,916		46,892,267		(115,649	)
Swedish Krona settling 3/15/10	50,774		7,140,707		7,121,537		(19,170	)
Sale Contracts:
Australian Dollar settling 3/15/10	6,518		5,946,371		5,833,596		112,775
Australian Dollar settling 3/15/10	9,830		8,563,405		8,797,829		(234,424	)
British Pound settling 3/15/10	115,753		188,552,377		176,484,188		12,068,189
British Pound settling 6/17/10	3,835		5,995,102		5,843,450		151,652
British Pound settling 6/17/10	3,384		5,213,796		5,156,254		57,542
Canadian Dollar settling 3/15/10	24,488		23,060,986		23,272,642		(211,656	)
Euro settling 3/15/10	2,618		3,833,485		3,564,732		268,753
Euro settling 3/15/10	33,709		48,281,064		45,898,991		2,382,073
Euro settling 3/15/10	11,796		17,068,812		16,061,719		1,007,093
Euro settling 3/15/10	2,193		3,102,744		2,986,042		116,702
Euro settling 3/15/10	41,865		59,232,277		57,004,398		2,227,879
Euro settling 3/15/10	20,651		28,835,817		28,118,901		716,916
Euro settling 6/17/10	12,212		16,800,781		16,625,338		175,443
Euro settling 6/17/10	5,034		6,888,223		6,853,255		34,968
Japanese Yen settling 3/15/10	474,897		5,471,416		5,345,517		125,899
Japanese Yen settling 3/15/10	2,012,793		22,822,594		22,656,321		166,273
Japanese Yen settling 3/15/10	1,008,413		11,041,663		11,350,859		(309,196	)
Norwegian Krone settling 3/15/10	15,700		2,648,368		2,655,277		(6,909	)
Swiss Franc settling 3/15/10	52,943		51,683,978		49,287,606		2,396,372
Swiss Franc settling 3/15/10	5,118		4,962,284		4,764,633		197,651

(a) Non-income producing security.

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

Glossary:

ADR – American Depositary Receipt

FDR – Fiduciary Depositary Receipt

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 255

International Growth Portfolio—Portfolio of Investments

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 100.0%
Financials – 20.4%
Commercial Banks – 6.2%
Associated Banc-Corp	536,200	$	6,922,342
City National Corp.	88,000		4,392,960
Comerica, Inc.	194,000		6,999,520
Marshall & Ilsley Corp.	532,400		3,769,392
Umpqua Holdings Corp.	234,400		2,925,312
Umpqua Holdings Corp. (ADR)	51,600		637,260
Webster Financial Corp.	303,500		4,856,000
Whitney Holding Corp.	444,900		5,716,965
			36,219,751
Insurance – 6.0%
Arch Capital Group Ltd.(a)	50,100		3,706,398
Aspen Insurance Holdings Ltd.	190,500		5,383,530
Endurance Specialty Holdings Ltd.	151,900		5,842,074
Fidelity National Financial, Inc. – Class A	305,000		4,346,250
Reinsurance Group of America, Inc. – Class A	142,000		6,749,260
StanCorp Financial Group, Inc.	87,500		3,760,750
Unum Group	259,400		5,398,114
			35,186,376
Real Estate Investment Trusts (REITs) – 3.7%
Brandywine Realty Trust	378,100		4,238,501
CBL & Associates Properties, Inc.	391,300		4,652,557
Digital Realty Trust, Inc.	73,700		3,801,446
Sunstone Hotel Investors, Inc.(a)	431,401		3,856,725
Tanger Factory Outlet Centers	121,600		5,067,072
			21,616,301
Real Estate Management & Development – 1.5%
CB Richard Ellis Group, Inc. – Class A(a)	308,900		4,077,480
Jones Lang LaSalle, Inc.	75,700		4,821,333
			8,898,813
Thrifts & Mortgage Finance – 3.0%
Astoria Financial Corp.	299,642		3,976,249
First Niagara Financial Group, Inc.	484,818		6,806,845
Washington Federal, Inc.	354,250		6,904,332
			17,687,426
			119,608,667
Consumer Discretionary – 19.6%
Auto Components – 3.6%
Dana Holding Corp.(a)	543,500		6,179,595
Federal Mogul Corp.(a)	390,200		7,542,566
TRW Automotive Holdings Corp.(a)	276,200		7,421,494
			21,143,655

256 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Hotels, Restaurants & Leisure – 3.6%
Boyd Gaming Corp.(a)	416,300	$	3,180,532
Darden Restaurants, Inc.	162,800		6,601,540
Royal Caribbean Cruises Ltd.(a)	188,600		5,331,722
Wyndham Worldwide Corp.	261,500		6,011,885
			21,125,679
Household Durables – 2.0%
NVR, Inc.(a)	5,475		3,877,942
Pulte Homes, Inc.(a)	309,700		3,354,051
Whirlpool Corp.	53,035		4,463,426
			11,695,419
Leisure Equipment & Products – 0.7%
Callaway Golf Co.	501,800		3,979,274
Media – 0.6%
CBS Corp. – Class B	258,500		3,357,915
Multiline Retail – 0.5%
JC Penney Co., Inc.	117,500		3,240,650
Specialty Retail – 7.6%
AnnTaylor Stores Corp.(a)	339,300		5,839,353
Dress Barn, Inc.(a)	237,600		5,906,736
Foot Locker, Inc.	544,400		7,060,868
Limited Brands, Inc.	279,100		6,170,901
Men’s Wearhouse, Inc. (The)	301,100		6,431,496
Office Depot, Inc.(a)	854,200		6,167,324
Signet Jewelers Ltd.(a)	241,924		6,969,831
			44,546,509
Textiles, Apparel & Luxury Goods – 1.0%
Jones Apparel Group, Inc.	339,000		5,715,540
			114,804,641
Information Technology – 13.2%
Communications Equipment – 0.8%
CommScope, Inc.(a)	195,100		4,973,099
Computers & Peripherals – 2.2%
NCR Corp.(a)	330,700		4,173,434
SanDisk Corp.(a)	131,200		3,821,856
Western Digital Corp.(a)	134,500		5,195,735
			13,191,025
Electronic Equipment, Instruments & Components – 5.4%
Anixter International, Inc.(a)	153,700		6,415,438
Arrow Electronics, Inc.(a)	176,700		4,984,707
AU Optronics Corp. (Sponsored ADR)	461,524		4,786,004

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 257

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Avnet, Inc.(a)	186,000	$	5,135,460
Flextronics International Ltd.(a)	763,500		5,313,960
Insight Enterprises, Inc.(a)	368,900		4,718,231
			31,353,800
IT Services – 1.9%
Amdocs Ltd.(a)	117,400		3,413,992
Convergys Corp.(a)	615,300		7,592,802
			11,006,794
Semiconductors & Semiconductor Equipment – 2.9%
Amkor Technology, Inc.(a)	506,000		3,046,120
Lam Research Corp.(a)	135,100		4,581,241
Siliconware Precision Industries Co. (Sponsored ADR)	809,800		4,729,232
Teradyne, Inc.(a)	437,600		4,371,624
			16,728,217
			77,252,935
Industrials – 11.8%
Airlines – 0.6%
Alaska Air Group, Inc.(a)	111,700		3,909,500
Building Products – 0.6%
Masco Corp.	254,600		3,404,002
Electrical Equipment – 3.5%
AO Smith Corp.	106,000		4,801,800
EnerSys(a)	225,500		5,139,145
General Cable Corp.(a)	149,300		3,647,399
Thomas & Betts Corp.(a)	191,550		6,914,955
			20,503,299
Machinery – 3.2%
Briggs & Stratton Corp.	178,900		3,132,539
Gardner Denver, Inc.	86,500		3,772,265
Mueller Industries, Inc.	254,800		5,702,424
Terex Corp.(a)	310,000		6,035,700
			18,642,928
Professional Services – 1.1%
Kelly Services, Inc. – Class A(a)	403,200		6,342,336
Road & Rail – 1.7%
Con-way, Inc.	175,200		5,692,248
Hertz Global Holdings, Inc.(a)	442,900		4,163,260
			9,855,508

258 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Trading Companies & Distributors – 1.1%
WESCO International, Inc.(a)	230,300	$	6,653,367
			69,310,940
Energy – 9.5%
Energy Equipment & Services – 4.6%
Helix Energy Solutions Group, Inc.(a)	619,700		7,132,747
Helmerich & Payne, Inc.	119,700		4,850,244
Oil States International, Inc.(a)	163,300		7,025,166
Rowan Cos., Inc.(a)	304,500		7,923,090
			26,931,247
Oil, Gas & Consumable Fuels – 4.9%
Cimarex Energy Co.	126,400		7,553,664
Forest Oil Corp.(a)	267,700		7,254,670
Mariner Energy, Inc.(a)	406,025		6,098,495
Patriot Coal Corp.(a)	203,666		3,393,076
Whiting Petroleum Corp.(a)	54,500		4,079,325
			28,379,230
			55,310,477
Materials – 8.8%
Chemicals – 4.1%
Arch Chemicals, Inc.	167,600		5,173,812
Cytec Industries, Inc.	144,900		6,182,883
Huntsman Corp.	388,600		5,335,478
Rockwood Holdings, Inc.(a)	291,100		6,983,489
			23,675,662
Containers & Packaging – 1.1%
Owens-Illinois, Inc.(a)	123,200		3,651,648
Sonoco Products Co.	99,500		2,943,210
			6,594,858
Metals & Mining – 3.6%
AK Steel Holding Corp.	144,400		3,108,932
Commercial Metals Co.	432,200		7,088,080
Reliance Steel & Aluminum Co.	140,100		6,212,034
Steel Dynamics, Inc.	284,900		4,652,417
			21,061,463
			51,331,983
Consumer Staples – 6.7%
Beverages – 1.1%
Constellation Brands, Inc. – Class A(a)	419,494		6,309,190
Food & Staples Retailing – 0.8%
Supervalu, Inc.	308,900		4,716,903
Food Products – 3.9%
Bunge Ltd.	78,500		4,677,815
Dean Foods Co.(a)	282,900		4,127,511

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 259

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Del Monte Foods Co.	319,700	$	3,746,884
Smithfield Foods, Inc.(a)	369,900		6,365,979
Tyson Foods, Inc. – Class A	246,600		4,202,064
			23,120,253
Tobacco – 0.9%
Universal Corp.	99,200		5,262,560
			39,408,906
Utilities – 6.0%
Electric Utilities – 2.9%
Northeast Utilities	138,600		3,548,160
Pepco Holdings, Inc.	403,700		6,790,234
Portland General Electric Co.	355,725		6,399,493
			16,737,887
Independent Power Producers & Energy Traders – 0.3%
RRI Energy, Inc.(a)	456,000		1,938,000
Multi-Utilities – 2.8%
CMS Energy Corp.	455,600		6,957,012
NiSource, Inc.	347,000		5,211,940
Wisconsin Energy Corp.	82,200		3,980,946
			16,149,898
			34,825,785
Health Care – 4.0%
Health Care Equipment & Supplies – 1.0%
Teleflex, Inc.	96,400		5,874,616
Health Care Providers & Services – 3.0%
AMERIGROUP Corp.(a)	138,800		3,647,664
Community Health Systems, Inc.(a)	156,100		5,349,547
LifePoint Hospitals, Inc.(a)	171,878		5,242,279
Molina Healthcare, Inc.(a)	156,925		3,355,056
			17,594,546
			23,469,162
Total Investments – 100.0% (cost $512,638,947)			585,323,496
Other assets less liabilities – 0.0%			46,969
Net Assets – 100.0%		$	585,370,465

(a) Non-income producing security.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.

260 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 99.3%
Information Technology – 22.6%
Communications Equipment – 4.3%
Blue Coat Systems, Inc.(a)	321,600	$	9,319,968
F5 Networks, Inc.(a)	154,500		8,621,100
Riverbed Technology, Inc.(a)	249,600		6,801,600
			24,742,668
Internet Software & Services – 1.8%
VistaPrint NV(a)	185,300		10,695,516
IT Services – 2.7%
Alliance Data Systems Corp.(a)	111,900		6,203,736
Cybersource Corp.(a)	567,200		9,716,136
			15,919,872
Semiconductors & Semiconductor Equipment – 7.3%
Atheros Communications, Inc.(a)	155,500		5,580,895
Fairchild Semiconductor International, Inc.(a)	641,500		6,620,280
Hittite Microwave Corp.(a)	123,400		5,150,716
ON Semiconductor Corp.(a)	997,100		7,936,916
RF Micro Devices, Inc.(a)	974,600		4,103,066
Skyworks Solutions, Inc.(a)	439,800		6,715,746
Teradyne, Inc.(a)	668,800		6,681,312
			42,788,931
Software – 6.5%
Concur Technologies, Inc.(a)	82,900		3,261,286
Informatica Corp.(a)	193,800		4,945,776
Red Hat, Inc.(a)	270,300		7,581,915
SolarWinds, Inc.(a)	311,000		5,849,910
Sybase, Inc.(a)	177,900		7,896,981
TIBCO Software, Inc.(a)	919,700		8,433,649
			37,969,517
			132,116,504
Consumer Discretionary – 22.0%
Distributors – 1.5%
LKQ Corp.(a)	468,600		8,973,690
Diversified Consumer Services – 1.9%
Strayer Education, Inc.	47,600		10,797,108
Hotels, Restaurants & Leisure – 4.2%
Chipotle Mexican Grill, Inc.(a)	63,900		6,690,969
Orient-Express Hotels Ltd. – Class A(a)	708,400		8,097,012
Panera Bread Co. – Class A(a)	95,200		6,929,608
Wyndham Worldwide Corp.	128,100		2,945,019
			24,662,608

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 261

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Household Durables – 2.0%
Tempur-Pedic International, Inc.(a)	417,600	$	11,859,840
Internet & Catalog Retail – 1.6%
NetFlix, Inc.(a)	142,200		9,392,310
Media – 2.9%
Lamar Advertising Co.(a)	260,400		7,832,832
National CineMedia, Inc.	571,300		9,192,217
			17,025,049
Multiline Retail – 2.1%
Dollar Tree, Inc.(a)	221,500		12,346,410
Specialty Retail – 4.3%
CarMax, Inc.(a)	328,200		6,626,358
Dick’s Sporting Goods, Inc.(a)	375,100		9,126,183
J Crew Group, Inc.(a)	173,400		7,296,672
Williams-Sonoma, Inc.	89,800		1,927,108
			24,976,321
Textiles, Apparel & Luxury Goods – 1.5%
Carter’s, Inc.(a)	294,000		8,426,040
			128,459,376
Health Care – 19.1%
Biotechnology – 8.1%
Alexion Pharmaceuticals, Inc.(a)	140,500		6,957,560
Dendreon Corp.(a)	171,500		5,355,945
Human Genome Sciences, Inc.(a)	234,400		6,598,360
Ironwood Pharmaceuticals, Inc.(a)	162,500		2,112,500
Medivation, Inc.(a)	53,000		1,908,530
Onyx Pharmaceuticals, Inc.(a)	152,100		4,222,296
OSI Pharmaceuticals, Inc.(a)	97,800		3,620,556
Regeneron Pharmaceuticals, Inc.(a)	141,200		3,453,752
Seattle Genetics, Inc.(a)	158,200		1,613,640
United Therapeutics Corp.(a)	115,800		6,648,078
Vertex Pharmaceuticals, Inc.(a)	109,500		4,446,795
			46,938,012
Health Care Equipment & Supplies – 4.2%
Edwards Lifesciences Corp.(a)	72,800		6,685,224
Masimo Corp.(a)	202,900		5,618,301
NuVasive, Inc.(a)	109,800		4,386,510
ResMed, Inc.(a)	138,500		7,905,580
			24,595,615
Health Care Providers & Services – 4.3%
Emergency Medical Services Corp.(a)	172,600		8,985,556
HMS Holdings Corp.(a)	201,100		9,258,644

262 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Magellan Health Services, Inc.(a)	166,600	$	6,983,872
			25,228,072
Health Care Technology – 0.1%
athenahealth, Inc.(a)	21,600		795,744
Life Sciences Tools & Services – 1.3%
QIAGEN NV(a)	353,900		7,718,559
Pharmaceuticals – 1.1%
Medicis Pharmaceutical Corp.	287,900		6,477,750
			111,753,752
Industrials – 17.3%
Aerospace & Defense – 0.9%
Hexcel Corp.(a)	498,000		5,487,960
Air Freight & Logistics – 1.1%
Expeditors International of Washington, Inc.	170,400		6,214,488
Building Products – 0.8%
Simpson Manufacturing Co., Inc.	184,800		4,542,384
Electrical Equipment – 2.9%
AMETEK, Inc.	226,400		8,838,656
Baldor Electric Co.	267,200		8,395,424
			17,234,080
Machinery – 7.6%
Actuant Corp. – Class A	358,400		6,490,624
Bucyrus International, Inc. – Class A	171,500		10,729,040
IDEX Corp.	209,375		6,490,625
Joy Global, Inc.	153,755		7,810,754
Lincoln Electric Holdings, Inc.	158,900		7,579,530
Valmont Industries, Inc.	70,400		5,012,480
			44,113,053
Marine – 0.8%
Kirby Corp.(a)	137,600		4,542,176
Professional Services – 0.9%
Resources Connection, Inc.(a)	301,700		5,140,968
Road & Rail – 2.3%
Genesee & Wyoming, Inc. – Class A(a)	155,000		4,936,750
Knight Transportation, Inc.	297,800		5,881,550
RailAmerica, Inc.(a)	236,700		2,802,528
			13,620,828
			100,895,937

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 263

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Energy – 6.5%
Energy Equipment & Services – 4.0%
Complete Production Services, Inc.(a)	474,300	$	6,621,228
FMC Technologies, Inc.(a)	113,300		6,364,061
Oceaneering International, Inc.(a)	79,700		4,817,865
Superior Energy Services, Inc.(a)	259,500		5,363,865
			23,167,019
Oil, Gas & Consumable Fuels – 2.5%
Cabot Oil & Gas Corp.	142,100		5,703,894
Concho Resources, Inc.(a)	100,900		4,686,805
Newfield Exploration Co.(a)	83,900		4,284,773
			14,675,472
			37,842,491
Financials – 6.4%
Capital Markets – 4.8%
Affiliated Managers Group, Inc.(a)	99,050		7,045,426
Greenhill & Co., Inc.	100,420		7,175,009
Lazard Ltd. – Class A	194,100		6,974,013
Stifel Financial Corp.(a)	126,600		6,925,020
			28,119,468
Commercial Banks – 0.5%
PrivateBancorp, Inc.	228,800		2,974,400
Thrifts & Mortgage Finance – 1.1%
People’s United Financial, Inc.	406,900		6,416,813
			37,510,681
Telecommunication Services – 2.3%
Diversified Telecommunication Services – 1.1%
tw telecom, Inc.(a)	416,400		6,616,596
Wireless Telecommunication Services – 1.2%
SBA Communications Corp. – Class A(a)	197,800		6,994,208
			13,610,804
Materials – 1.8%
Chemicals – 1.8%
Airgas, Inc.	62,700		4,021,578
Solutia, Inc.(a)	455,000		6,401,850
			10,423,428
Consumer Staples – 1.3%
Food Products – 1.3%
Green Mountain Coffee Roasters, Inc.(a)	86,450		7,295,516
Total Common Stocks (cost $475,814,533)			579,908,489

264 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
SHORT-TERM INVESTMENTS – 1.0%
Investment Companies – 1.0%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(b) (cost $5,761,846)	5,761,846	$	5,761,846
Total Investments – 100.3% (cost $481,576,379)			585,670,335
Other assets less liabilities – (0.3)%			(1,872,822	)
Net Assets – 100.0%		$	583,797,513

(a) Non-income producing security.

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

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 265

Small-Mid Cap Growth Portfolio—Portfolio of Investments

SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 28.3%
Treasuries – 28.3%
United States – 28.3%
U.S. Treasury Notes 0.75%, 11/30/11	$	101,920	$	102,067,274
1.375%, 9/15/12		88,287		88,893,973
1.75%, 8/15/12		76,037		77,343,924
2.375%, 8/31/14		19,760		20,037,865
2.75%, 7/31/10		8,000		8,086,248
4.00%, 11/15/12		42,638		45,889,148
Total Governments - Treasuries (cost $340,497,197)				342,318,432
CORPORATES - INVESTMENT GRADES – 23.4%
Industrial – 14.7%
Basic – 0.9%
Ei Du Pont De Nemours & Co. 3.25%, 1/15/15		4,719		4,763,094
Praxair, Inc. 3.25%, 9/15/15		5,520		5,578,772
				10,341,866
Capital Goods – 1.2%
Boeing Capital Corp. 3.25%, 10/27/14		5,932		6,032,809
General Dynamics Corp. 1.80%, 7/15/11		5,637		5,712,175
John Deere Capital Corp. 5.25%, 10/01/12		2,735		2,981,262
				14,726,246
Communications - Telecommunications – 1.1%
AT&T, Inc. 4.85%, 2/15/14		4,875		5,256,976
New Cingular Wireless Services, Inc. 8.125%, 5/01/12		5,160		5,840,754
Verizon Global Funding Corp. 7.375%, 9/01/12		2,142		2,436,745
				13,534,475
Consumer Cyclical - Automotive – 0.3%
Daimler Finance North America LLC 8.00%, 6/15/10		3,495		3,563,303

266 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Entertainment – 0.3%
The Walt Disney Co. 4.50%, 12/15/13	$	3,624	$	3,940,814
Consumer Cyclical - Restaurants – 0.3%
McDonald’s Corp. 4.30%, 3/01/13		3,595		3,858,639
Consumer Cyclical - Retailers – 0.6%
Costco Wholesale Corp. 5.30%, 3/15/12		2,740		2,964,340
Wal-Mart Stores, Inc. 4.55%, 5/01/13		3,500		3,794,109
				6,758,449
Consumer Non-Cyclical – 5.0%
Abbott Laboratories 5.15%, 11/30/12		2,717		2,978,071
Amgen, Inc. 4.85%, 11/18/14		2,760		3,028,291
Avon Products, Inc. 5.625%, 3/01/14		2,450		2,710,822
Baxter FinCo BV 4.75%, 10/15/10		3,432		3,526,661
Bottling Group LLC 5.00%, 11/15/13		3,599		3,903,821
6.95%, 3/15/14		3,290		3,835,972
Campbell Soup Co. 6.75%, 2/15/11		3,460		3,666,725
Coca-Cola Enterprises, Inc. 4.25%, 3/01/15		3,675		3,926,558
Colgate-Palmolive Co. Series F 3.15%, 8/05/15		1,049		1,079,869
Diageo Finance BV 3.25%, 1/15/15		8,859		8,944,073
Genentech, Inc. 4.40%, 7/15/10		1,910		1,938,579
Merck & Co., Inc. 4.00%, 6/30/15		2,850		3,027,834
Pepsico, Inc. 4.65%, 2/15/13		2,802		3,029,223
Procter & Gamble Co. 3.15%, 9/01/15		11,035		11,366,547
4.60%, 1/15/14		3,485		3,768,090
				60,731,136

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 267

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Energy – 2.4%
Apache Corp. 5.25%, 4/15/13	$	2,890	$	3,138,011
Chevron Corp. 3.95%, 3/03/14		3,665		3,889,067
ConocoPhillips 4.75%, 2/01/14		3,650		3,956,746
Shell International Finance BV 3.25%, 9/22/15		5,924		6,007,356
Statoil ASA 2.90%, 10/15/14		5,952		6,046,512
Total Capital SA 3.125%, 10/02/15		6,016		6,022,636
				29,060,328
Services – 0.4%
The Western Union Co. 5.40%, 11/17/11		4,980		5,316,304
Technology – 2.2%
Cisco Systems, Inc. 2.90%, 11/17/14		1,765		1,797,695
5.25%, 2/22/11		1,866		1,949,393
Dell, Inc. 3.375%, 6/15/12		2,134		2,223,359
Hewlett-Packard Co. 2.95%, 8/15/12		1,408		1,462,957
International Business Machine 2.10%, 5/06/13		12,055		12,167,931
Oracle Corp. 3.75%, 7/08/14		4,116		4,312,737
5.00%, 1/15/11		2,062		2,140,610
				26,054,682
				177,886,242
Financial Institutions – 8.0%
Banking – 5.4%
Bank of America Corp. 4.50%, 8/01/10		3,805		3,860,119
The Bank of New York Mellon Corp. 4.30%, 5/15/14		1,785		1,897,260
BB&T Corp. 3.375%, 9/25/13		3,505		3,594,759
Citigroup, Inc. 6.375%, 8/12/14		2,864		3,039,557
The Goldman Sachs Group, Inc. 3.625%, 8/01/12		3,210		3,330,282
4.75%, 7/15/13		2,844		3,003,156

268 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
JP Morgan Chase & Co. 7.875%, 6/15/10	$	4,685	$	4,775,730
Morgan Stanley 6.00%, 5/13/14		5,650		6,111,176
PNC Funding Corp. 4.25%, 9/21/15		5,755		5,878,917
Royal Bank of Canada 5.65%, 7/20/11		4,960		5,304,105
State Street Corp. 4.30%, 5/30/14		3,015		3,171,129
UnionBanCal Corp. 5.25%, 12/16/13		5,212		5,615,185
US Bancorp 4.20%, 5/15/14		3,822		4,033,288
Wells Fargo & Co. Series I 3.75%, 10/01/14		5,874		5,944,852
Westpac Banking Corp. 4.20%, 2/27/15		5,712		5,892,573
				65,452,088
Finance – 0.6%
HSBC Finance Corp. 4.75%, 4/15/10		4,905		4,926,714
8.00%, 7/15/10		2,923		2,999,095
				7,925,809
Insurance – 1.7%
Berkshire Hathaway, Inc. 3.20%, 2/11/15		12,145		12,264,871
Met Life Global Funding I 2.875%, 9/17/12(a)		7,700		7,844,121
				20,108,992
Other Finance – 0.3%
ORIX Corp. 5.48%, 11/22/11		3,130		3,213,061
				96,699,950
Utility – 0.7%
Electric – 0.7%
National Rural Utilities Cooperative Finance Corp. 3.875%, 9/16/15		5,790		5,979,953
The Southern Co. 4.15%, 5/15/14		2,001		2,111,905
				8,091,858
Total Corporates - Investment Grades (cost $274,624,826)				282,678,050

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 269

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES – 18.9%
Autos - Fixed Rate – 6.8%
Bank of America Auto Trust Series 2009-1A, Class A3 2.67%, 7/15/13(a)	$	11,000	$	11,250,815
Series 2009-2A, Class A4 3.03%, 10/15/16(a)		8,610		8,878,658
Series 2009-3A, Class A4 2.67%, 12/15/16(a)		12,380		12,609,767
BMW Vehicle Lease Trust Series 2009-1, Class A3 2.91%, 3/15/12		8,144		8,306,145
Chrysler Financial Auto Securitization Trust Series 2009-A, Class A3 2.82%, 1/15/16		6,418		6,539,297
Honda Auto Receivables Owner Trust Series 2009-3, Class A3 2.31%, 5/15/13		3,420		3,481,950
Mercedes-Benz Auto Receivables Trust Series 2009-1, Class A4 2.43%, 3/15/16		7,560		7,648,745
Nissan Auto Lease Trust Series 2009-A, Class A4 3.51%, 11/17/14		6,335		6,548,151
Series 2009-B, Class A3 2.07%, 1/15/15		5,515		5,592,281
Series 2009-B, Class A4 2.65%, 1/15/15		10,555		10,801,156
				81,656,965
Credit Cards - Floating Rate – 3.8%
Chase Issuance Trust Series 2007-A1, Class A1 0.252%, 3/15/13(b)		4,825		4,815,685
Citibank Omni Master Trust Series 2009-A14A, Class A14 2.982%, 8/15/18(a)(b)+		14,000		14,450,755
Series 2009-A8, Class A8 2.333%, 5/16/16(a)(b)		8,400		8,482,611
Discover Card Master Trust Series 2009-A1, Class A1 1.531%, 12/15/14(b)+		11,000		11,144,019
Series 2010-A1, Class A1 0.881%, 9/15/15(b)		7,206		7,172,822
				46,065,892
Other ABS - Fixed Rate – 2.0%
DB Master Finance, LLC Series 2006-1, Class A2 5.779%, 6/20/31(a)		1,600		1,549,262

270 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
John Deere Owner Trust Series 2009-A, Class A3 2.59%, 10/15/13	$	4,510	$	4,585,381
Series 2009-A, Class A4 3.96%, 5/16/16		3,390		3,580,353
Series 2009-B, Class A4 2.33%, 5/16/16		8,875		8,959,472
Nissan Auto Lease Trust Series 2009-A, Class A3 2.92%, 12/15/11		5,805		5,923,222
				24,597,690
Home Equity Loans - Floating Rate – 1.5%
ACE Securities Corp. Series 2003-OP1, Class A2 0.589%, 12/25/33(b)		18		12,737
BNC Mortgage Loan Trust Series 2007-2, Class M5 1.129%, 5/25/37(b)		1,200		40,577
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33(b)		1,402		1,220,800
First Franklin Mortgage Loan Trust Series 2004-FF4, Class A2 0.519%, 6/25/34(b)		61		39,964
HFC Home Equity Loan Asset Backed Certificates Series 2006-1, Class M1 0.509%, 1/20/36(b)		1,340		1,094,789
Home Equity Mortgage Trust Series 2005-3, Class M1 1.039%, 11/25/35(b)		27		26,265
Household Home Equity Loan Trust Series 2007-2, Class A2V 0.389%, 7/20/36(b)		2,800		2,572,405
Indymac Residential Asset Backed Trust Series 2007-B, Class 2A2 0.389%, 7/25/37(b)		3,350		2,015,702
Lehman ABS Mortgage Loan Trust Series 2007-1, Class 2A2 0.429%, 6/25/37(a)(b)		3,660		1,333,038
Lehman XS Trust Series 2005-2, Class 1M1 0.729%, 8/25/35(b)		5,000		105,848
Series 2006-1, Class 1M1 0.679%, 2/25/36(b)		4,000		59,106

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 271

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2A 0.349%, 4/25/37(b)	$	895	$	861,256
Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV2 0.359%, 6/25/37(b)		3,100		1,988,432
Newcastle Mortgage Securities Trust Series 2007-1, Class 2A1 0.359%, 4/25/37(b)		2,377		1,682,054
Novastar Home Loan Equity Series 2007-2, Class M1 0.529%, 9/25/37(b)		4,935		153,227
Option One Mortgage Loan Trust Series 2006-2, Class 2A2 0.329%, 7/25/36(b)		2,491		1,669,108
Security National Mortgage Loan Trust Series 2007-1A, Class 1A1 5.91%, 4/25/37(a)(c)		825		800,529
Soundview Home Equity Loan Trust Series 2007-OPT2, Class 2A2 0.359%, 7/25/37(b)		4,185		1,964,704
Specialty Underwriting & Residential Finance Series 2005-AB2, Class M1 0.679%, 6/25/36(b)		2,000		575,378
				18,215,919
Autos - Floating Rate – 1.4%
GE Dealer Floorplan Master Note Trust Series 2006-2, Class A 0.299%, 4/20/13(b)		4,360		4,326,191
Wheels SPV LLC Series 2009-1, Class A 1.782%, 3/15/18(a)(b)+		12,201		12,364,481
				16,690,672
Credit Cards - Fixed Rate – 1.2%
BA Credit Card Trust Series 2006-A16, Class A16 4.72%, 5/15/13		4,600		4,741,198
Citibank Credit Card Issuance Trust Series 2009-A5, Class A5 2.25%, 12/23/14		9,625		9,720,407
				14,461,605
Other ABS - Floating Rate – 1.2%
CNH Wholesale Master Note Trust Series 2009-1A, Class A 1.931%, 7/15/15(a)(b)+		14,000		14,341,677

272 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Petra CRE CDO Ltd. Series 2007-1A, Class C 1.329%, 2/25/47(a)(b)	$	1,865	$	18,650
				14,360,327
Home Equity Loans - Fixed Rate – 1.0%
American General Mortgage Loan Trust Series 2003-1, Class A3 4.03%, 4/25/33		2,767		2,467,779
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF2 2.645%, 4/25/34		6		5,716
Countrywide Asset-Backed Certificates Series 2007-S1, Class A3 5.81%, 11/25/36		2,646		1,042,736
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB3, Class AF1 2.879%, 12/25/32		2,180		1,638,585
Series 2005-CB4, Class AF2 4.751%, 8/25/35		708		682,681
Series 2005-RP2, Class AF2 5.75%, 9/25/35(a)		713		688,754
Series 2007-CB4, Class A2A 5.844%, 4/25/37		1,285		1,188,748
Flagstar Home Equity Loan Trust Series 2007-1A, Class AF2 5.765%, 1/25/35(a)		3,384		3,034,862
Home Equity Mortgage Trust Series 2005-4, Class A3 4.742%, 1/25/36		2		2,401
Series 2006-5, Class A1 5.50%, 1/25/37		2,395		289,330
Nationstar NIM Trust Series 2007-A, Class A 9.97%, 3/25/37(d)(e)		35		0
Structured Asset Securities Corp. Series 2007-RM1, Class AIO 5.00%, 5/25/47(a)(f)		9,431		1,493,363
				12,534,955
Total Asset-Backed Securities (cost $258,208,006)				228,584,025
MORTGAGE PASS-THRU’S – 17.8%
Agency Fixed Rate 30-Year – 9.7%
Federal Home Loan Mortgage Corp. Gold Series 2007 6.00%, 7/01/37-9/01/37		3,092		3,313,023
6.50%, 12/01/33		8,197		8,983,785

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 273

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Series 2007 6.50%, 10/01/37	$	46,595	$	49,873,567
Series 2008 6.00%, 8/01/38		13,358		14,185,322
6.50%, 12/01/28-7/01/35		23,881		25,781,086
Government National Mortgage Association Series 2008 6.50%, 9/15/38		14,673		15,773,144
				117,909,927
Agency ARMS – 7.5%
Federal Home Loan Mortgage Corp. Series 2005 4.422%, 5/01/35(c)		4,650		4,833,604
Series 2007 5.918%, 11/01/36(b)		6,420		6,769,120
6.071%, 1/01/37(b)		5,960		6,283,556
Federal National Mortgage Association Series 2003 4.807%, 12/01/33(c)		1,452		1,524,056
Series 2005 4.545%, 2/01/35(b)		7,623		7,832,822
4.667%, 10/01/35(c)		4,379		4,583,153
5.333%, 1/01/36(c)		3,198		3,335,291
Series 2006 2.91%, 1/01/36(c)		11,502		11,816,626
5.49%, 5/01/36(b)		6,131		6,349,830
5.66%, 7/01/36(c)		5,282		5,515,221
5.81%, 11/01/36(b)		9,364		9,873,564
Series 2007 4.377%, 11/01/35(b)		6,718		7,005,311
5.533%, 2/01/37(b)		6,721		7,086,057
6.415%, 1/01/37(b)		3,843		4,052,211
Series 2009 4.788%, 7/01/38(c)		3,545		3,710,726
				90,571,148
Agency Fixed Rate 15-Year – 0.6%
Federal National Mortgage Association Series 1998 6.00%, 10/01/13-12/01/13		25		27,164
Series 2001 6.00%, 11/01/16		128		137,540
Series 2002 6.00%, 12/01/17		74		79,663
Series 2005 6.00%, 6/01/17-6/01/20		245		263,238

274 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Series 2006 6.00%, 5/01/21-1/01/22	$	4,628	$	4,981,176
Series 2007 6.00%, 2/01/22		1,196		1,284,799
				6,773,580
Total Mortgage Pass-Thru’s (cost $208,322,696)				215,254,655
AGENCIES – 5.6%
Agency Debentures – 5.6%
Bank of America Corp. – FDIC Insured 2.10%, 4/30/12		8,760		8,946,947
Citigroup, Inc. – FDIC Insured 1.875%, 5/07/12		18,659		18,947,020
The Goldman Sachs Group, Inc. – FDIC Insured 3.25%, 6/15/12		13,670		14,311,191
JP Morgan Chase & Co. – FDIC Insured 3.125%, 12/01/11		10,565		10,981,906
Morgan Stanley – FDIC Insured 2.25%, 3/13/12		6,000		6,138,144
Wells Fargo & Co. – FDIC Insured 3.00%, 12/09/11		7,493		7,771,635
Total Agencies (cost $65,188,211)				67,096,843
COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.9%
Non-Agency Fixed Rate CMBS – 2.4%
GE Capital Commercial Mortgage Corp. Series 2005-C3, Class A3FX 4.863%, 7/10/45		5,665		5,683,083
GS Mortgage Securities Corp. II Series 2006-GG8, Class A2 5.479%, 11/10/39+		14,000		14,424,752
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LDPX, Class A2S 5.305%, 1/15/49		5,950		5,876,978
LB Commercial Conduit Mortgage Trust Series 2007-C3, Class C 5.951%, 7/15/44		10,000		2,681,905
				28,666,718
Non-Agency Floating Rate CMBS – 1.5%
Banc of America Large Loan, Inc. Series 2005-MIB1, Class C 0.542%, 3/15/22(a)(b)		2,500		2,005,567

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 275

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Commercial Mortgage Pass-Through Certificates Series 2005-F10A, Class A1 0.332%, 4/15/17(a)(b)	$	279	$	279,392
Series 2005-FL11, Class D 0.572%, 11/15/17(a)(b)		1,127		980,133
Series 2007-FL14, Class C 0.532%, 6/15/22(a)(b)		3,874		2,510,644
Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class SVD 0.702%, 10/15/21(a)(b)		4,900		2,460,731
Series 2007-TFLA, Class A2 0.352%, 2/15/22(a)(b)		8,000		6,529,405
Lehman Brothers Floating Rate Commercial Mortgage Trust Series 2004-LLFA, Class C 0.542%, 10/15/17(a)(b)		2,400		2,332,227
Wachovia Bank Commercial Mortgage Trust Series 2006-WL7A, Class H 0.629%, 9/15/21(a)(b)		2,600		905,971
Series 2007-WHL8, Class E 0.632%, 6/15/20(a)(b)		2,725		849,414
				18,853,484
Total Commercial Mortgage-Backed Securities (cost $63,864,455)				47,520,202
CMOS – 2.4%
Non-Agency Floating Rate – 1.1%
Adjustable Rate Mortgage Trust Series 2005-11, Class 5M1 0.699%, 2/25/36(b)		4,155		62,325
American Home Mortgage Investment Trust Series 2005-2, Class 2A1 1.799%, 9/25/45(b)		79		38,561
Countrywide Alternative Loan Trust Series 2006-OA14, Class 3A1 1.331%, 11/25/46(b)		2,030		874,295
Countrywide Home Loan Mortgage Pass Through Trust Series 2004-25, Class 1A6 0.709%, 2/25/35(b)		130		33,794
Deutsche ALT-A Securities, Inc. Alternate Loan Trust Series 2007-OA4, Class 1A1A 0.419%, 8/25/47(b)		2,561		1,288,059

276 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Homebanc Mortgage Trust Series 2005-4, Class A2 0.559%, 10/25/35(b)	$	3,206	$	1,460,666
Lehman XS Trust Series 2007-2N, Class M1 0.569%, 2/25/37(b)		3,602		9,803
MLCC Mortgage Investors, Inc. Series 2004-A, Class A1 0.459%, 4/25/29(b)		95		80,089
Mortgage Equity Conversion Asset Trust Series 2007-FF2, Class A 0.74%, 2/25/42(a)(b)		3,267		3,083,553
Sequoia Mortgage Trust Series 2007-3, Class 1A1 0.429%, 7/20/36(b)		3,055		2,472,791
Structured Adjustable Rate Mortgage Loan Trust Series 2005-5, Class A3 0.459%, 5/25/35(b)		137		111,840
Structured Asset Mortgage Investment, Inc. Series 2004-AR5, Class 1A1 0.559%, 10/19/34(b)		656		556,473
WaMu Mortgage Pass Through Certificates Series 2006-AR11, Class 1A 1.431%, 9/25/46(b)		3,215		1,859,463
Series 2006-AR4, Class 1A1B 1.411%, 5/25/46(b)		1,260		465,932
Series 2006-AR9, Class 1AB2 3.115%, 8/25/46(b)		3,449		1,125,635
				13,523,279
Non-Agency Fixed Rate – 0.5%
Merrill Lynch Mortgage Investors, Inc. Series 2005-A8, Class A1C1 5.25%, 8/25/36		1,022		954,646
Nomura Asset Acceptance Corp. Series 2006-WF1, Class A2 5.755%, 6/25/36		5,054		4,892,789
				5,847,435
Agency Fixed Rate – 0.5%
Fannie Mae REMICS Series 2005-86, Class WH 5.00%, 11/25/25		2,380		2,408,350
Series 2006-50, Class PA 5.00%, 4/25/27		3,349		3,420,967
				5,829,317

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 277

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Agency Floating Rate – 0.2%
Federal National Mortgage Association Series 2003-52, Class FV 1.229%, 5/25/31(b)	$	1,283	$	1,290,892
Series 2003-W13, Class AV2 0.509%, 10/25/33(b)		268		232,974
Freddie Mac Reference REMIC Series R008, Class FK 0.631%, 7/15/23(b)		1,116		1,102,014
				2,625,880
Non-Agency ARMS – 0.1%
Bear Stearns Alt-A Trust Series 2006-1, Class 22A1 5.158%, 2/25/36(c)		2,883		1,526,720
Total CMOs (cost $48,324,794)				29,352,631
	Shares
SHORT-TERM INVESTMENTS – 4.8%
Investment Companies – 2.1%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(g)		25,106,124		25,106,124
	Principal Amount (000)
Treasury Bills – 1.6%
U.S. Treasury Bills Zero Coupon, 3/25/10	$	20,000		19,999,440
Certificates of Deposit – 1.1%
Royal Bank of Canada NY 2.25%, 3/15/13		12,810		12,802,935
Total Short-Term Investments (cost $57,908,499)				57,908,499
Total Investments – 105.1% (cost $1,316,938,684)				1,270,713,337
Other assets less liabilities – (5.1)%				(61,392,813	)
Net Assets – 100.0%			$	1,209,320,524

278 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts	Expiration Month	Original Value		Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr Futures	2,200	June 2010	$	477,067,053	$	478,362,500	$	1,295,447
Sold Contracts
U.S. T-Note 10 Yr Futures	194	June 2010		22,459,665		22,791,969		(332,304	)
U.S. T-Note 5 Yr Futures	2,064	June 2010		237,130,184		239,295,000		(2,164,816	)
							$	(1,201,673	)

(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 28, 2010, the aggregate market value of these securities amounted to $121,078,380 or 10.0% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at February 28, 2010.

(c) Variable rate coupon, rate shown as of February 28, 2010.

(d) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 0.0% of net assets as of February 28, 2010, is considered illiquid and restricted.

Restricted Securities	Acquisition Date	Acquisition Cost		Market Value		Percentage of Net Assets
Nationstar NIM Trust Series 2007-A, Class A 9.97%, 3/25/37	4/4/2007	$	35,213	$	0	0.0	%

(e) Fair valued.

(f) IO – Interest Only

(g) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end. The fund currently owns investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the fund’s total exposure to subprime investments was 3.94% of net assets. These investments are valued in accordance with the fund’s Valuation Policies (see Note A for additional details).

+ Position, or a portion thereof, has been segregrated to meet the collateral requirements of the Term Asset-Backed Securities Loan Facility (“TALF”) program administered by the Federal Reserve Bank of New York. The aggregate market value of these securities amounted to $66,725,684.

Glossary:

ABS – Asset-Backed Securities

ARMS – Adjustable Rate Mortgages

CDO – Collateralized Debt Obligation

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

FDIC – Federal Deposit Insurance Corporation

REMIC – Real Estate Mortgage Investment Conduit

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 279

Short Duration Bond Portfolio—Portfolio of Investments

INTERMEDIATE DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES – 33.2%
Industrial – 16.1%
Basic – 2.3%
ArcelorMittal 6.125%, 6/01/18	$	3,570	$	3,693,708
BHP Billiton Finance USA Ltd. 7.25%, 3/01/16		3,132		3,674,491
Celulosa Arauco Y Constitucion 8.625%, 8/15/10		999		1,029,539
The Dow Chemical Co. 7.375%, 11/01/29		200		216,907
8.55%, 5/15/19		4,115		4,974,677
Eastman Chemical 5.50%, 11/15/19		686		706,192
EI Du Pont de Nemours & Co. 5.875%, 1/15/14		1,539		1,725,967
Freeport-McMoRan Copper & Gold, Inc. 8.375%, 4/01/17		2,885		3,130,225
International Paper Co. 5.30%, 4/01/15		2,625		2,785,884
7.50%, 8/15/21		797		902,742
Packaging Corp. of America 5.75%, 8/01/13		1,329		1,441,057
PPG Industries, Inc. 5.75%, 3/15/13		3,190		3,477,378
Rio Tinto Finance USA Ltd. 6.50%, 7/15/18		3,260		3,675,542
				31,434,309
Capital Goods – 1.0%
Holcim US Finance Sarl & Cie SCS 6.00%, 12/30/19(a)		299		310,365
John Deere Capital Corp. 5.25%, 10/01/12		2,660		2,899,509
Lafarge SA 6.15%, 7/15/11		2,204		2,310,859
Republic Services, Inc. 5.25%, 11/15/21(a)		1,213		1,226,336
5.50%, 9/15/19(a)		1,768		1,829,876
Tyco International Finance SA 6.00%, 11/15/13		1,250		1,391,885
8.50%, 1/15/19		1,265		1,585,794
United Technologies Corp. 4.875%, 5/01/15		1,591		1,745,548
				13,300,172

280 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Communications - Media – 1.8%
BSKYB Finance UK PLC 5.625%, 10/15/15(a)	$	3,710	$	4,082,269
Comcast Cable Communications Holdings, Inc. 9.455%, 11/15/22		2,746		3,673,601
Comcast Corp. 5.50%, 3/15/11		2,767		2,890,685
DirecTV Holdings LLC/DirecTV Financing Co., Inc. 4.75%, 10/01/14(a)		1,200		1,254,484
News America Holdings, Inc. 9.25%, 2/01/13		670		792,613
News America, Inc. 6.55%, 3/15/33		1,383		1,445,459
Reed Elsevier Capital, Inc. 8.625%, 1/15/19		1,345		1,682,951
RR Donnelley & Sons Co. 4.95%, 4/01/14		710		713,353
Time Warner Cable, Inc. 7.50%, 4/01/14		1,325		1,545,945
Time Warner Entertainment Co. 8.375%, 3/15/23		2,680		3,273,647
WPP Finance UK 5.875%, 6/15/14		376		398,266
8.00%, 9/15/14		2,616		3,017,402
				24,770,675
Communications - Telecommunications – 2.7%
AT&T Corp. 8.00%, 11/15/31(b)		295		360,673
British Telecommunications PLC 9.125%, 12/15/10(b)		3,066		3,257,616
Embarq Corp. 7.082%, 6/01/16		3,780		4,166,834
Pacific Bell Telephone Co. 6.625%, 10/15/34		6,250		6,420,544
Qwest Corp. 7.50%, 10/01/14		3,270		3,482,550
8.875%, 3/15/12(b)		660		715,275
Telecom Italia Capital SA 6.175%, 6/18/14		2,510		2,734,201
6.375%, 11/15/33		375		359,292
US Cellular Corp. 6.70%, 12/15/33		4,720		4,675,066

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 281

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Verizon Communications, Inc. 4.90%, 9/15/15	$	2,540	$	2,751,592
5.25%, 4/15/13		2,310		2,523,164
Verizon New Jersey, Inc. Series A 5.875%, 1/17/12		2,259		2,416,161
Vodafone Group PLC 5.50%, 6/15/11		3,015		3,180,906
				37,043,874
Consumer Cyclical - Automotive – 0.5%
Daimler Finance North America LLC 5.75%, 9/08/11		1,105		1,170,959
7.30%, 1/15/12		1,178		1,286,047
7.75%, 1/18/11		437		462,349
Harley-Davidson Funding Corp. 5.75%, 12/15/14(a)		1,440		1,498,169
Nissan Motor Acceptance Corp. 4.50%, 1/30/15(a)		2,530		2,562,925
				6,980,449
Consumer Cyclical - Entertainment – 0.6%
Time Warner, Inc. 6.875%, 5/01/12		2,130		2,350,102
7.625%, 4/15/31		2,810		3,273,984
Viacom, Inc. 5.625%, 9/15/19		2,895		3,061,642
				8,685,728
Consumer Cyclical - Other – 0.7%
Marriott International, Inc. Series J 5.625%, 2/15/13		4,120		4,336,172
MDC Holdings, Inc. 5.50%, 5/15/13		4,540		4,716,475
				9,052,647
Consumer Non-Cyclical – 2.9%
Altria Group, Inc. 9.70%, 11/10/18		1,675		2,106,421
Baxter FinCo BV 4.75%, 10/15/10		2,678		2,751,865
Bottling Group LLC 6.95%, 3/15/14		2,315		2,699,172
Bunge Ltd. Finance Corp. 5.10%, 7/15/15		1,711		1,770,669
5.875%, 5/15/13		2,720		2,892,598

282 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Cadbury Schweppes US Finance LLC 5.125%, 10/01/13(a)	$	3,480	$	3,709,955
Campbell Soup Co. 6.75%, 2/15/11		2,205		2,336,742
ConAgra Foods, Inc. 7.875%, 9/15/10		68		70,543
Delhaize Group SA 5.875%, 2/01/14		775		854,475
Diageo Capital PLC 7.375%, 1/15/14		2,340		2,755,553
Fisher Scientific International, Inc. 6.125%, 7/01/15		2,336		2,429,440
Fortune Brands, Inc. 4.875%, 12/01/13		2,016		2,108,998
The Kroger Co. 6.80%, 12/15/18		2,175		2,476,879
Pepsico, Inc. 4.65%, 2/15/13		2,505		2,708,138
Pfizer, Inc. 5.35%, 3/15/15		2,620		2,912,429
The Procter & Gamble Co. 4.70%, 2/15/19		2,607		2,705,388
Safeway, Inc. 6.50%, 3/01/11		453		477,431
Wyeth 5.50%, 2/01/14		2,212		2,461,109
				40,227,805
Energy – 1.9%
Amerada Hess Corp. 7.875%, 10/01/29		1,793		2,174,714
Anadarko Petroleum Corp. 5.95%, 9/15/16		3,050		3,334,827
6.45%, 9/15/36		877		919,451
Apache Corp. 5.25%, 4/15/13		1,455		1,579,864
Baker Hughes, Inc. 6.50%, 11/15/13		1,300		1,499,346
Canadian Natural Resources Ltd. 5.15%, 2/01/13		1,220		1,313,371
Marathon Oil Corp. 7.50%, 2/15/19		995		1,159,569
Nabors Industries, Inc. 9.25%, 1/15/19		2,995		3,743,310
Noble Energy, Inc. 8.25%, 3/01/19		2,858		3,468,726
The Premcor Refining Group, Inc. 7.50%, 6/15/15		2,115		2,167,875

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 283

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Valero Energy Corp 6.125%, 2/01/20	$	1,635	$	1,645,698
Weatherford International Ltd. 5.15%, 3/15/13		1,600		1,702,187
9.625%, 3/01/19		1,540		1,962,026
				26,670,964
Other Industrial – 0.2%
Noble Group Ltd. 6.75%, 1/29/20(a)		2,260		2,291,075
Technology – 1.2%
Cisco Systems, Inc. 5.25%, 2/22/11		2,470		2,580,387
Computer Sciences Corp. 5.50%, 3/15/13		2,290		2,482,926
Dell, Inc. 5.625%, 4/15/14		1,645		1,821,752
Electronic Data Systems Corp. Series B 6.00%, 8/01/13(b)		3,850		4,316,847
Motorola, Inc. 6.50%, 9/01/25		1,800		1,760,700
7.50%, 5/15/25		290		309,604
7.625%, 11/15/10		146		151,741
Oracle Corp. 5.00%, 1/15/11		2,480		2,574,545
Xerox Corp. 8.25%, 5/15/14		310		365,128
				16,363,630
Transportation - Airlines – 0.2%
Southwest Airlines Co. 5.25%, 10/01/14		1,695		1,765,497
5.75%, 12/15/16		1,115		1,149,037
				2,914,534
Transportation - Services – 0.1%
Con-way, Inc. 6.70%, 5/01/34		2,269		2,048,920
				221,784,782
Financial Institutions – 13.2%
Banking – 7.6%
American Express Co. 7.25%, 5/20/14		1,900		2,166,044
8.125%, 5/20/19		2,785		3,369,666
ANZ National International Ltd. 6.20%, 7/19/13(a)		1,890		2,096,766

284 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Bank of America Corp. 4.875%, 1/15/13	$	4,230	$	4,439,305
7.625%, 6/01/19		1,700		1,922,452
Series L 5.65%, 5/01/18		1,400		1,396,486
Bank of Tokyo-Mitsubishi UFJ Ltd./New York NY 7.40%, 6/15/11		170		182,207
Barclays Bank PLC 8.55%, 6/15/11(a)(c)		961		936,975
The Bear Stearns Co., Inc. 5.55%, 1/22/17		5,410		5,618,442
Citigroup, Inc. 5.50%, 4/11/13		2,900		3,035,563
6.50%, 8/19/13		2,770		2,979,534
8.50%, 5/22/19		2,750		3,173,382
Compass Bank 5.50%, 4/01/20		4,989		4,696,465
Countrywide Home Loans, Inc. Series L 4.00%, 3/22/11		1,151		1,185,521
Credit Suisse USA, Inc. 5.50%, 8/15/13		1,128		1,240,962
Deutsche Bank AG London 5.00%, 10/12/10		2,730		2,803,423
The Goldman Sachs Group, Inc. 4.75%, 7/15/13		2,806		2,963,029
5.125%, 1/15/15		1,590		1,679,700
6.00%, 5/01/14		1,675		1,838,321
7.50%, 2/15/19		2,855		3,267,533
JPMorgan Chase & Co. 6.75%, 2/01/11		2,925		3,078,405
JPMorgan Chase Capital XXV Series Y 6.80%, 10/01/37		733		716,891
Lloyds TSB Bank PLC 4.375%, 1/12/15(a)		3,820		3,756,187
Marshall & Ilsley Bank 5.00%, 1/17/17		3,700		3,054,072
Merrill Lynch & Co., Inc. 6.05%, 5/16/16		1,607		1,635,720
Morgan Stanley 5.45%, 1/09/17		1,615		1,645,695
5.625%, 1/09/12		3,940		4,192,255
6.60%, 4/01/12		2,565		2,790,266
National Australia Bank Ltd. 3.75%, 3/02/15(a)(d)		3,175		3,201,956

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 285

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
National City Bank of Cleveland Ohio 6.25%, 3/15/11	$	4,245	$	4,422,292
Nationwide Building Society 6.25%, 2/25/20(a)		3,415		3,467,328
Regions Financial Corp. 6.375%, 5/15/12		975		966,840
SouthTrust Corp. 5.80%, 6/15/14		3,315		3,552,039
Standard Chartered PLC 6.409%, 1/30/17(a)(c)		4,800		4,109,323
UBS Preferred Funding Trust I 8.622%, 10/01/10(c)		2,319		2,248,087
UFJ Finance Aruba AEC 6.75%, 7/15/13		1,913		2,148,586
Union Bank of California 5.95%, 5/11/16		1,005		1,062,419
Union Planters Corp. 7.75%, 3/01/11		2,817		2,835,747
Wachovia Corp. 5.50%, 5/01/13		4,155		4,488,206
				104,364,090
Finance – 0.9%
General Electric Capital Corp. 4.80%, 5/01/13		2,795		2,955,341
Series A 4.375%, 11/21/11		2,713		2,837,198
HSBC Finance Corp. 7.00%, 5/15/12		2,095		2,294,727
SLM Corp. Series A 5.375%, 1/15/13-5/15/14		4,650		4,348,147
				12,435,413
Insurance – 3.3%
Aetna, Inc. 6.00%, 6/15/16		1,010		1,113,933
Allied World Assurance Co. Holdings Ltd. 7.50%, 8/01/16		1,820		1,979,223
Assurant, Inc. 5.625%, 2/15/14		1,028		1,071,505
Berkshire Hathaway Finance Corp. 4.20%, 12/15/10		1,656		1,702,860
Coventry Health Care, Inc. 5.95%, 3/15/17		665		630,061
6.125%, 1/15/15		260		259,275
6.30%, 8/15/14		2,060		2,100,617
Genworth Financial, Inc. 6.515%, 5/22/18		4,100		3,861,310

286 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Guardian Life Insurance 7.375%, 9/30/39(a)	$	1,605	$	1,673,530
Humana, Inc. 6.30%, 8/01/18		1,514		1,559,668
6.45%, 6/01/16		285		301,397
7.20%, 6/15/18		610		663,796
Liberty Mutual Group, Inc. 5.75%, 3/15/14(a)		2,683		2,771,437
Lincoln National Corp. 8.75%, 7/01/19		791		953,728
Massachusetts Mutual Life Insurance Co. 8.875%, 6/01/39(a)		1,510		1,864,539
MetLife, Inc. 7.717%, 2/15/19		1,159		1,347,621
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		2,585		2,879,749
Principal Financial Group, Inc. 7.875%, 5/15/14		2,220		2,523,423
Prudential Financial, Inc. 5.15%, 1/15/13		2,545		2,709,565
6.20%, 1/15/15		265		291,604
Series D 7.375%, 6/15/19		200		229,973
Swiss Re Solutions Holding Corp. 7.00%, 2/15/26		3,065		3,143,421
UnitedHealth Group, Inc. 5.25%, 3/15/11		4,300		4,462,579
Wellpoint, Inc. 5.875%, 6/15/17		270		293,542
7.00%, 2/15/19		655		755,731
XL Capital Ltd. 5.25%, 9/15/14		4,520		4,673,364
				45,817,451
REITS – 1.4%
ERP Operating LP 5.25%, 9/15/14		4,570		4,823,923
HCP, Inc. 6.00%, 1/30/17		4,630		4,490,336
Health Care REIT, Inc. 6.20%, 6/01/16		3,980		4,033,085
Healthcare Realty Trust, Inc. 5.125%, 4/01/14		2,373		2,402,527
Simon Property Group LP 5.625%, 8/15/14		3,236		3,475,626
				19,225,497
				181,842,451

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 287

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Utility – 2.7%
Electric – 1.7%
Allegheny Energy Supply Co. LLC 5.75%, 10/15/19(a)	$	3,175	$	3,199,720
Carolina Power & Light Co. 6.50%, 7/15/12		2,595		2,872,066
FirstEnergy Corp. Series B 6.45%, 11/15/11		58		61,972
Series C 7.375%, 11/15/31		2,291		2,477,272
FPL Group Capital, Inc. 5.625%, 9/01/11		2,855		3,032,073
MidAmerican Energy Holdings Co. 5.875%, 10/01/12		2,093		2,300,404
Nisource Finance Corp. 6.80%, 1/15/19		3,445		3,769,467
Pacific Gas & Electric Co. 4.80%, 3/01/14		1,700		1,848,231
The Southern Co. Series A 5.30%, 1/15/12		999		1,070,213
SPI Electricity & Gas Australia Holdings Pty Ltd. 6.15%, 11/15/13(a)		1,447		1,554,404
Union Electric Co. 6.70%, 2/01/19		315		354,485
				22,540,307
Natural Gas – 0.8%
Duke Energy Field Services Corp. 7.875%, 8/16/10		506		521,896
Energy Transfer Partners LP 6.70%, 7/01/18		972		1,066,689
7.50%, 7/01/38		3,329		3,705,743
Enterprise Products Operating LLC Series G 5.60%, 10/15/14		1,278		1,392,579
Williams Partners LP 5.25%, 3/15/20(a)		4,178		4,245,362
				10,932,269
Other Utility – 0.2%
Veolia Environnement 6.00%, 6/01/18		2,785		2,994,401
				36,466,977

288 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Non Corporate Sectors – 1.2%
Agencies - Not Government Guaranteed – 1.2%
Gaz Capital SA 6.212%, 11/22/16(a)	$	7,890	$	7,899,863
Petrobras International Finance 5.75%, 1/20/20		5,100		5,144,375
TransCapitalInvest Ltd. for OJSC AK Transneft 8.70%, 8/07/18(a)		3,055		3,559,075
				16,603,313
Total Corporates - Investment Grades (cost $429,807,553)				456,697,523
GOVERNMENTS - TREASURIES – 28.1%
Germany – 2.2%
Bundesrepublik Deutschland Series 04 3.75%, 1/04/15	EUR	20,300		29,700,515
New Zealand – 0.2%
New Zealand Government Series 413 6.50%, 4/15/13	NZD	3,929		2,900,622
United States – 25.7%
U.S. Treasury Bonds 3.75%, 11/15/18	$	73,505		75,227,503
4.50%, 2/15/36		33,280		33,462,008
U.S. Treasury Notes 0.875%, 2/28/11-5/31/11		31,240		31,418,905
1.75%, 11/15/11		18,785		19,137,219
2.25%, 1/31/15		30,040		30,049,372
2.375%, 8/31/14		50,785		51,499,139
2.625%, 7/31/14		70,855		72,665,133
3.375%, 11/15/19		41,255		40,536,255
				353,995,534
Total Governments - Treasuries (cost $385,419,489)				386,596,671
MORTGAGE PASS-THRU’S – 16.3%
Agency Fixed Rate 30-Year – 14.7%
Federal Home Loan Mortgage Corp. 6.50%, TBA		4,610		4,978,800
Federal Home Loan Mortgage Corp. Gold Series 2005 4.50%, 8/01/35-10/01/35		3,073		3,129,871

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 289

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Series 2006 4.50%, 1/01/36-5/01/36	$	169	$	171,655
Series 2007 5.50%, 7/01/35		4,327		4,594,635
Series 2008 6.50%, 5/01/35		4,573		5,014,307
Federal National Mortgage Association 6.00%, TBA		16,620		17,630,180
Series 2003 5.00%, 11/01/33		12,918		13,461,792
5.50%, 4/01/33-7/01/33		15,553		16,463,959
Series 2004 5.50%, 4/01/34-11/01/34		12,268		12,977,646
Series 2005 4.50%, 8/01/35-10/01/35		20,736		21,152,396
5.50%, 2/01/35		2,994		3,169,962
6.00%, 4/01/35		9,785		10,511,720
Series 2006 5.00%, 1/01/36-2/01/36		16,212		16,861,101
Series 2007 4.50%, 9/01/35-8/01/37		12,288		12,564,772
5.50%, 8/01/37		22,008		23,297,597
Series 2008 6.00%, 3/01/37		21,412		22,868,282
6.50%, 1/01/39		3,296		3,522,382
Government National Mortgage Association 5.50%, TBA		6,625		7,009,045
6.00%, TBA		2,950		3,146,821
				202,526,923
Agency ARMS – 1.6%
Federal Home Loan Mortgage Corp. Series 2007 5.965%, 2/01/37(e)		4,279		4,511,997
Series 2009 4.352%, 4/01/36(c)		6,522		6,805,055
Federal National Mortgage Association Series 2003 4.807%, 12/01/33(c)		2,015		2,114,849
Series 2006 5.45%, 2/01/36(c)		2,528		2,638,211
6.153%, 3/01/36(c)		1,773		1,856,943
Series 2007 4.739%, 3/01/34(c)		3,992		4,158,014
				22,085,069
Total Mortgage Pass-Thru’s (cost $213,609,437)				224,611,992

290 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 9.3%
Non-Agency Fixed Rate CMBS – 9.2%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2007-PW18, Class A4 5.70%, 6/11/50	$	6,455	$	6,131,653
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A4 6.095%, 12/10/49		8,585		8,302,313
Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A4 5.306%, 12/10/46		3,065		2,805,584
Credit Suisse Mortgage Capital Certificates Series 2006-C4, Class A3 5.467%, 9/15/39		6,475		5,809,870
Series 2006-C5, Class A3 5.311%, 12/15/39		4,500		3,958,295
Greenwich Capital Commercial Funding Corp. Series 2007-GG11, Class A4 5.736%, 12/10/49		1,470		1,398,489
GS Mortgage Securities Corp. II Series 2006-GG8, Class A2 5.479%, 11/10/39+		14,000		14,424,752
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2006-LDP8, Class A2 5.289%, 5/15/45+		14,000		14,435,737
Series 2007-LD11, Class A4 5.818%, 6/15/49		855		783,261
LB-UBS Commercial Mortgage Trust Series 2004-C4, Class A4 5.228%, 6/15/29		6,015		6,186,382
Series 2006-C6, Class A4 5.372%, 9/15/39		8,090		8,159,352
Series 2007-C1, Class A3 5.398%, 2/15/40+		20,000		20,493,518
Series 2007-C1, Class A4 5.424%, 2/15/40		5,725		5,299,005
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-2, Class A4 5.91%, 6/12/46		3,075		3,175,817
Morgan Stanley Capital I Series 2007-HQ13, Class A3 5.569%, 12/15/44		8,155		6,949,722

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 291

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Series 2007-IQ13, Class A4 5.364%, 3/15/44	$	4,035	$	3,691,946
Wachovia Bank Commercial Mortgage Trust Series 2006-C27, Class A3 5.765%, 7/15/45		8,565		8,414,714
Series 2007-C32, Class A3 5.74%, 6/15/49		6,885		6,136,501
				126,556,911
Non-Agency Floating Rate CMBS – 0.1%
GS Mortgage Securities Corp. II Series 2007-EOP, Class E 0.668%, 3/06/20(a)(e)		1,855		1,585,018
Total Commercial Mortgage-Backed Securities (cost $130,425,762)				128,141,929
ASSET-BACKED SECURITIES – 3.4%
Credit Cards - Floating Rate – 1.9%
Citibank Omni Master Trust Series 2009-A14A, Class A14 2.982%, 8/15/18(a)(e)+		14,000		14,450,755
Discover Card Master Trust Series 2009-A1, Class A1 1.531%, 12/15/14(e)+		11,000		11,144,019
				25,594,774
Autos - Floating Rate – 0.9%
Wheels SPV LLC Series 2009-1, Class A 1.782%, 3/15/18(a)(e)+		12,201		12,364,481
Credit Cards - Fixed Rate – 0.3%
Capital One Multi-Asset Execution Trust Series 2008-A5, Class A5 4.85%, 2/18/14		4,150		4,333,497
Home Equity Loans - Floating Rate – 0.1%
Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class M1 0.499%, 5/25/37(e)		3,715		163,887
HFC Home Equity Loan Asset Backed Certificates Series 2005-3, Class A1 0.489%, 1/20/35(e)		872		764,132

292 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Lehman XS Trust Series 2005-4, Class 1M1 0.729%, 10/25/35(e)	$	4,865	$	43,612
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2A 0.349%, 4/25/37(e)		817		786,040
Option One Mortgage Loan Trust Series 2006-3, Class M1 0.459%, 2/25/37(e)		1,785		9,487
RAAC Series Series 2006-SP3, Class A1 0.309%, 8/25/36(e)		35		34,390
				1,801,548
Home Equity Loans - Fixed Rate – 0.1%
Asset Backed Funding Certificates Series 2003-WF1, Class A2 1.356%, 12/25/32		668		494,414
Citifinancial Mortgage Securities, Inc. Series 2003-1, Class AFPT 3.36%, 1/25/33		593		502,305
Home Equity Mortgage Trust Series 2005-4, Class A3 4.742%, 1/25/36		1		1,429
				998,148
Other ABS - Fixed Rate – 0.1%
DB Master Finance, LLC Series 2006-1, Class A2 5.779%, 6/20/31(a)		1,000		968,289
Other ABS - Floating Rate – 0.0%
Petra CRE CDO Ltd. Series 2007-1A, Class C 1.329%, 2/25/47(a)(e)		2,220		22,200
SLM Student Loan Trust Series 2003-C, Class A1 0.354%, 9/15/16(e)		115		114,193
				136,393
Total Asset-Backed Securities (cost $58,034,809)				46,197,130
GOVERNMENTS - SOVEREIGN BONDS – 2.0%
Brazil – 0.4%
Republic of Brazil 8.25%, 1/20/34		4,730		5,912,500

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 293

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Croatia – 0.2%
Republic of Croatia 6.75%, 11/05/19(a)	$	3,365	$	3,487,092
Lithuania – 0.3%
Republic of Lithuania 6.75%, 1/15/15(a)		3,300		3,489,169
Peru – 0.6%
Republic of Peru 8.375%, 5/03/16		1,995		2,428,912
9.875%, 2/06/15		4,245		5,361,435
				7,790,347
Poland – 0.2%
Poland Government International Bond 6.375%, 7/15/19		2,570		2,778,813
Russia – 0.3%
Russian Federation 7.50%, 3/31/30(a)(b)		3,493		3,957,964
Total Governments - Sovereign Bonds (cost $24,417,587)				27,415,885
GOVERNMENTS - SOVEREIGN AGENCIES – 1.7%
Germany – 0.4%
Kreditanstalt fuer Wiederaufbau 5.125%, 3/14/16		2,795		3,109,960
Landwirtschaftliche Rentenbank 5.125%, 2/01/17		2,695		2,971,432
				6,081,392
South Korea – 0.1%
Korea Development Bank 4.625%, 9/16/10		1,335		1,354,950
United Kingdom – 1.2%
The Royal Bank of Scotland PLC 1.45%, 10/20/11(a)		10,450		10,506,200
2.625%, 5/11/12(a)		6,000		6,137,436
				16,643,636
Total Governments - Sovereign Agencies (cost $23,428,819)				24,079,978

294 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
CMOS – 1.5%
Non-Agency ARMS – 0.7%
Bear Stearns Alt-A Trust Series 2006-1, Class 22A1 5.158%, 2/25/36(c)	$	3,066	$	1,623,532
Series 2006-3, Class 22A1 5.853%, 5/25/36(c)		1,379		668,261
Series 2007-1, Class 21A1 5.554%, 1/25/47(c)		2,071		1,148,578
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 5.134%, 5/25/35(c)		2,964		2,552,163
Series 2006-AR1, Class 3A1 5.50%, 3/25/36(e)		3,527		2,285,920
Indymac Index Mortgage Loan Trust Series 2006-AR7, Class 4A1 5.848%, 5/25/36(c)		1,775		986,657
				9,265,111
Agency Floating Rate – 0.6%
Fannie Mae REMICS Series 2005-72, Class AF 0.529%, 8/25/35(e)		4,227		4,164,094
Federal National Mortgage Association Series 2006-42, Class JF 0.739%, 6/25/36(e)		4,161		4,125,635
				8,289,729
Non-Agency Floating Rate – 0.2%
Countrywide Alternative Loan Trust Series 2005-62, Class 2A1 1.481%, 12/25/35(e)		1,305		731,835
Series 2006-OA14, Class 3A1 1.331%, 11/25/46(e)		4,598		1,979,969
Countrywide Home Loan Mortgage Pass Through Trust Series 2004-25, Class M1 0.759%, 2/25/35(e)		2,946		138,905
				2,850,709
Agency Fixed Rate – 0.0%
Fannie Mae Grantor Trust Series 2004-T5, Class AB4 0.468%, 5/28/35		392		364,252
Total CMOs (cost $32,309,518)				20,769,801

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 295

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES – 1.4%
Industrial – 1.2%
Basic – 0.3%
United States Steel Corp. 5.65%, 6/01/13	$	2,121	$	2,151,854
7.00%, 2/01/18		1,260		1,189,603
Westvaco Corp. 8.20%, 1/15/30		670		738,044
				4,079,501
Capital Goods – 0.3%
Masco Corp. 4.80%, 6/15/15		4,795		4,480,079
Consumer Cyclical - Other – 0.3%
Wyndham Worldwide Corp. 6.00%, 12/01/16		4,535		4,403,235
Technology – 0.3%
Xerox Capital Trust I 8.00%, 2/01/27		4,410		4,354,875
				17,317,690
Financial Institutions – 0.2%
Banking – 0.2%
BankAmerica Capital II Series 2 8.00%, 12/15/26		1,950		1,872,000
RBS Capital Trust III 5.512%, 9/30/14(c)		562		320,340
				2,192,340
Finance – 0.0%
International Lease Finance Corp. 5.65%, 6/01/14		524		444,854
				2,637,194
Total Corporates - Non-Investment Grades (cost $20,321,191)				19,954,884
AGENCIES – 1.2%
Agency Debentures – 1.2%
Federal National Mortgage Association 6.25%, 5/15/29		12,375		14,530,329
6.625%, 11/15/30		1,710		2,096,693
Total Agencies (cost $16,552,523)				16,627,022

296 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 1.0%
United States – 1.0%
U.S. Treasury Notes 3.00%, 7/15/12 (TIPS) (cost $13,262,578)	$	12,696	$	13,739,398
QUASI-SOVEREIGNS – 0.7%
Quasi-Sovereign Bonds – 0.7%
Malaysia – 0.3%
Petronas Capital Ltd. 5.25%, 8/12/19(a)		3,390		3,442,087
Russia – 0.4%
RSHB Capital SA for OJSC Russian Agricultural Bank 7.75%, 5/29/18(a)		5,677		6,060,198
Total Quasi-Sovereigns (cost $8,822,456)				9,502,285
SUPRANATIONALS – 0.4%
European Investment Bank 4.875%, 2/15/36		1,970		1,959,894
International Bank for Reconstruction & Development 9.25%, 7/15/17		2,340		3,195,541
Total Supranationals (cost $5,036,145)				5,155,435
	Shares
SHORT-TERM INVESTMENTS – 9.7%
Investment Companies – 9.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(f) (cost $134,117,320)		134,117,320		134,117,320
Total Investments – 109.9% (cost $1,495,565,187)				1,513,607,253
Other assets less liabilities – (9.9)%				(136,568,017	)
Net Assets – 100.0%			$	1,377,039,236

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 297

Intermediate Duration Bond Portfolio—Portfolio of Investments

INTEREST RATE SWAP TRANSACTIONS (see Note C)

Swap Counterparty	Notional Amount (000)		Termination Date	Rate Type			Unrealized Appreciation/ (Depreciation)
				Payments made by the Portfolio	Payments received by the Portfolio
Morgan Stanley	$	11,500	9/17/13	3 Month LIBOR	3.565	%	$	820,957

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Sale Contracts:
Euro settling 3/25/10	21,777	$	29,658,133	$	29,651,909	$	6,224
New Zealand Dollar settling 3/24/10	4,169		3,065,592		2,907,020		158,572

(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 28, 2010, the aggregate market value of these securities amounted to $132,452,557 or 9.6% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2010.

(c) Variable rate coupon, rate shown as of February 28, 2010.

(d) When-Issued or delayed delivery security.

(e) Floating Rate Security. Stated interest rate was in effect at February 28, 2010.

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

+ Position, or a portion thereof, has been segregated to meet the collateral requirements of the Term Asset-Backed Securities Loan Facility (“TALF”) program administered by the Federal Reserve Bank of New York. The aggregate market value of these securities amounted to $87,313,262.

The fund currently owns investments collateralized by subprime mortgage loans. Subprime loans are offered to homeowners who do not have a history of debt or who have had problems meeting their debt obligations. Because repayment is less certain, subprime borrowers pay a higher rate of interest than prime borrowers. As of February 28, 2010, the fund’s total exposure to subprime investments was 0.90% of net assets. These investments are valued in accordance with the fund’s Valuation Policies (see Note A for additional details).

Currency Abbreviations:

EUR – Euro Dollar

NZD – New Zealand Dollar

Glossary:

ABS – Asset-Backed Securities

ARMS – Adjustable Rate Mortgages

CDO – Collateralized Debt Obligation

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

LIBOR – London Interbank Offered Rates

LP – Limited Partnership

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

298 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

INFLATION PROTECTED SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 96.7%
United States – 96.7%
U.S. Treasury Inflation Index 1.375%, 1/15/20 (TIPS)	$	16,623	$	16,495,928
1.625%, 1/15/15-1/15/18 (TIPS)		169,287		176,751,158
1.875%, 7/15/13-7/15/15 (TIPS)		101,962		108,478,208
2.00%, 7/15/14-1/15/16 (TIPS)		89,875		96,117,586
2.00%, 1/15/26 (TIPS)		14,036		14,001,399
2.125%, 1/15/19 (TIPS)		32,641		34,724,203
2.375%, 1/15/17 (TIPS)		60,431		65,680,820
3.00%, 7/15/12 (TIPS)		61,101		66,123,292
3.375%, 1/15/12 (TIPS)		48,601		52,269,245
Total Inflation-Linked Securities (cost $595,481,316)				630,641,839
	Shares
SHORT-TERM INVESTMENTS – 3.1%
Investment Companies – 3.1%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(a) (cost $19,813,717)		19,813,717		19,813,717
Total Investments – 99.8% (cost $615,295,033)				650,455,556
Other assets less liabilities – 0.2%				1,565,469
Net Assets – 100.0%			$	652,021,025

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

Glossary:

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 299

Inflation Protected Securities Portfolio—Portfolio of Investments

HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES – 77.2%
Industrial – 54.7%
Basic – 7.6%
Algoma Acquisition Corp. 9.875%, 6/15/15(a)	$	1,050	$	921,375
Appleton Papers, Inc. 10.50%, 6/15/15(a)		435		402,375
Arch Western Finance LLC 6.75%, 7/01/13		1,470		1,473,675
Boise Paper Holdings LLC 9.00%, 11/01/17(a)		267		275,010
Domtar Corp. 7.125%, 8/15/15		2,500		2,506,250
Evraz Group SA 8.25%, 11/10/15(a)		1,604		1,595,980
8.875%, 4/24/13(a)		200		206,500
Georgia-Pacific LLC 7.125%, 1/15/17(a)		595		600,950
8.25%, 5/01/16(a)		375		395,625
Hexion Finance Escrow LLC/Hexion Escrow Corp. 8.875%, 2/01/18(a)		486		464,130
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 4.75%, 11/15/14(b)		525		446,250
9.75%, 11/15/14		525		496,125
Huntsman International LLC 5.50%, 6/30/16(a)		400		352,000
7.875%, 11/15/14		1,330		1,290,100
Ineos Group Holdings PLC 8.50%, 2/15/16(a)		2,400		1,560,000
Jefferson Smurfit Corp. US 8.25%, 10/01/12(c)		630		519,750
Kerling PLC 10.625%, 1/28/17(a)	EUR	885		1,223,136
Kronos International, Inc. 6.50%, 4/15/13		1,275		1,406,244
MacDermid, Inc. 9.50%, 4/15/17(a)	$	675		675,000
Momentive Performance Materials, Inc. 10.125%, 12/01/14(d)		979		898,008
NewMarket Corp. 7.125%, 12/15/16		615		608,850
NewPage Corp. 10.00%, 5/01/12		1,647		947,025
Norske Skogindustrier ASA 6.125%, 10/15/15(a)		761		525,090

300 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Novelis, Inc. 7.25%, 2/15/15	$	2,190	$	2,031,225
Peabody Energy Corp. 5.875%, 4/15/16		900		888,750
7.375%, 11/01/16		545		576,338
Series B 6.875%, 3/15/13		415		420,187
Rhodia SA 3.434%, 10/15/13(a)(b)	EUR	980		1,241,008
Smurfit-Stone Container Enterprises, Inc. 8.00%, 3/15/17(c)	$	650		534,625
Steel Capital SA for OAO Severstal 9.25%, 4/19/14(a)		1,438		1,533,268
Steel Dynamics, Inc. 7.75%, 4/15/16		2,230		2,218,850
Teck Resources Ltd. 9.75%, 5/15/14		1,850		2,183,000
United States Steel Corp. 7.00%, 2/01/18		1,825		1,723,035
Vedanta Resources PLC 8.75%, 1/15/14(a)		1,400		1,477,000
Verso Paper Holdings LLC/Verso Paper, Inc. Series B 11.375%, 8/01/16		900		677,250
Weyerhaeuser Co. 7.375%, 3/15/32		2,485		2,361,970
				37,655,954
Capital Goods – 5.1%
Alion Science and Technology Corp. 10.25%, 2/01/15		1,170		889,200
AMH Holdings, Inc. 11.25%, 3/01/14		1,635		1,618,650
Berry Plastics Holding Corp. 8.875%, 9/15/14		1,260		1,212,750
Bombardier, Inc. 6.30%, 5/01/14(a)		1,515		1,556,663
8.00%, 11/15/14(a)		1,120		1,164,800
Building Materials Corp. Of America 7.00%, 2/15/20(a)		689		689,000
Case New Holland, Inc. 7.125%, 3/01/14		1,490		1,490,000
CNH America LLC 7.25%, 1/15/16		935		932,663
Crown Americas 7.625%, 11/15/13		200		206,000
Goodman Global Group, Inc. Zero Coupon, 12/15/14(a)		1,047		605,951

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 301

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Grohe Holding GMBH 8.625%, 10/01/14(a)	EUR	1,284	$	1,503,589
Hanson Australia Funding Ltd. 5.25%, 3/15/13	$	824		824,096
Hanson Ltd. 6.125%, 8/15/16		706		695,584
L-3 Communications Corp. 5.875%, 1/15/15		1,248		1,252,680
Masco Corp. 6.125%, 10/03/16		920		881,573
Mohawk Industries, Inc. 6.875%, 1/15/16		900		895,500
Owens Brockway Glass Container, Inc. 6.75%, 12/01/14		2,530		2,548,975
Plastipak Holdings, Inc. 8.50%, 12/15/15(a)		1,180		1,180,000
Pregis Corp. 5.684%, 4/15/13(a)(b)	EUR	500		605,934
RSC Equipment Rental Inc/RSC Holdings III LLC 10.25%, 11/15/19(a)	$	900		891,000
Sequa Corp. 11.75%, 12/01/15(a)		1,270		1,244,600
Terex Corp. 8.00%, 11/15/17		786		730,980
United Rentals North America, Inc. 7.75%, 11/15/13		1,575		1,468,687
				25,088,875
Communications - Media – 6.2%
Allbritton Communications Co. 7.75%, 12/15/12		1,771		1,755,504
Cablevision Systems Corp. Series B 8.00%, 4/15/12		1,637		1,724,989
Central European Media Enterprises Ltd. 11.625%, 9/15/16(a)	EUR	650		911,625
Charter Communications Operating LLC 8.00%, 4/30/12(a)	$	800		828,000
Clear Channel Communications, Inc. 5.50%, 9/15/14		4,809		2,861,355
5.75%, 1/15/13		716		544,160
Clear Channel Worldwide Holdings, Inc. 9.25%, 12/15/17(a)		175		179,550
CSC Holdings, Inc. 6.75%, 4/15/12		73		75,738
7.625%, 7/15/18		535		549,713
7.875%, 2/15/18		640		667,200

302 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Echostar DBS Corp. 6.625%, 10/01/14	$	970	$	972,425
7.125%, 2/01/16		650		651,625
Intelsat Bermuda Ltd. 11.25%, 6/15/16		1,612		1,720,810
11.50%, 2/04/17(d)		797		778,945
Intelsat Corp 9.25%, 6/15/16		1,650		1,707,750
Lamar Media Corp. 6.625%, 8/15/15		2,190		2,091,450
Liberty Media Corp. 5.70%, 5/15/13		545		534,100
LIN Television Corp. 6.50%, 5/15/13		725		686,937
Nielsen Finance LLC/Nielsen Finance Co. 12.50%, 8/01/16(e)		630		570,150
Quebecor Media, Inc. 7.75%, 3/15/16		2,455		2,461,137
Rainbow National Services LLC 8.75%, 9/01/12(a)		1,224		1,248,480
10.375%, 9/01/14(a)		473		497,241
RH Donnelley Corp. 12.00%, 1/29/17		338		339,948
Sinclair Television Group, Inc. 9.25%, 11/01/17(a)		160		166,000
Sirius Satellite Radio, Inc. 9.625%, 8/01/13		545		551,813
Univision Communications, Inc. 9.75%, 3/15/15(a)(d)		2,379		2,105,105
Virgin Media Secured Finance PLC 6.50%, 1/15/18(a)		1,500		1,477,500
WDAC Subsidiary Corp. 8.375%, 12/01/14(a)		982		61,375
WMG Holdings Corp. 9.50%, 12/15/14		2,096		2,096,000
				30,816,625
Communications - Telecommunications – 4.6%
Cincinnati Bell, Inc. 8.375%, 1/15/14		1,740		1,753,050
Cricket Communications, Inc. 7.75%, 5/15/16		800		813,000
9.375%, 11/01/14		2,085		2,074,575
Crown Castle International Corp. 7.125%, 11/01/19		1,000		1,000,000

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 303

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Fairpoint Communications, Inc. Series 1 13.125%, 4/02/18(c)	$	1,966	$	255,592
Frontier Communications Corp. 6.25%, 1/15/13		1,901		1,905,752
9.00%, 8/15/31		1,145		1,110,650
Level 3 Financing, Inc. 8.75%, 2/15/17		2,360		2,100,400
9.25%, 11/01/14		1,200		1,137,000
Mobile Telesystems Finance SA 8.00%, 1/28/12(a)		1,558		1,645,560
Qwest Capital Funding, Inc. 7.25%, 2/15/11		1,529		1,593,982
Qwest Communications International, Inc. 7.50%, 2/15/14		350		353,500
Sprint Capital Corp. 6.875%, 11/15/28		1,315		996,113
8.75%, 3/15/32		1,180		1,041,350
Sprint Nextel Corp. 6.00%, 12/01/16		1,000		865,000
Time Warner Telecom Holdings, Inc. 9.25%, 2/15/14		740		762,200
VIP Finance (Vimpelcom) 8.375%, 4/30/13(a)		1,560		1,671,072
Windstream Corp. 7.875%, 11/01/17		675		659,813
8.625%, 8/01/16		1,070		1,088,725
				22,827,334
Consumer Cyclical - Automotive – 3.6%
Affinia Group, Inc. 9.00%, 11/30/14		495		483,244
Allison Transmission, Inc. 11.00%, 11/01/15(a)		560		581,000
Ford Motor Credit Co. LLC 3.001%, 1/13/12(b)		2,785		2,610,937
7.00%, 10/01/13		4,474		4,406,299
8.00%, 12/15/16		2,665		2,676,028
Goodyear Tire & Rubber Co./The 8.625%, 12/01/11		550		570,625
9.00%, 7/01/15		2,007		2,069,719
Keystone Automotive Operations, Inc. 9.75%, 11/01/13(f)		1,436		617,480
Navistar International Corp. 8.25%, 11/01/21		1,010		1,025,150
Tenneco, Inc. 8.625%, 11/15/14		1,475		1,449,188

304 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Visteon Corp. 7.00%, 3/10/14(c)	$	1,795	$	1,238,550
				17,728,220
Consumer Cyclical - Entertainment – 0.1%
AMC Entertainment, Inc. 11.00%, 2/01/16		520		557,700
Consumer Cyclical - Other – 5.7%
Beazer Homes USA, Inc. 8.375%, 4/15/12		1,035		1,019,475
12.00%, 10/15/17(a)		425		473,875
Boyd Gaming Corp. 6.75%, 4/15/14		600		510,750
7.75%, 12/15/12		737		735,158
Broder Brothers Co. 12.00%, 10/15/13(d)(g)		307		236,948
Chukchansi Economic Development Authority 8.00%, 11/15/13(a)		540		437,400
DR Horton, Inc. 6.50%, 4/15/16		1,180		1,162,300
Greektown Holdings LLC 10.75%, 12/01/13(c)(g)		525		31,500
Harrah’s Operating Co., Inc. 5.75%, 10/01/17		514		250,575
6.50%, 6/01/16		1,017		554,265
10.75%, 2/01/16		1,766		1,359,820
11.25%, 6/01/17		750		778,125
Host Hotels & Resorts LP 6.875%, 11/01/14		385		383,075
Series Q 6.75%, 6/01/16		935		920,975
K Hovnanian Enterprises, Inc. 6.25%, 1/15/16		1,355		962,050
10.625%, 10/15/16		500		522,500
KB Home 6.375%, 8/15/11		125		127,187
Levi Strauss & Co. 8.875%, 4/01/16		742		769,825
MGM Mirage 6.625%, 7/15/15		1,222		965,380
7.625%, 1/15/17		2,060		1,637,700
8.375%, 2/01/11		1,024		998,400
Mohegan Tribal Gaming Auth 7.125%, 8/15/14		1,155		854,700
NCL Corp. Ltd. 11.75%, 11/15/16(a)		1,000		1,037,500

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 305

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Pulte Homes, Inc. 5.25%, 1/15/14	$	590	$	567,875
Quiksilver, Inc. 6.875%, 4/15/15		650		554,125
Royal Caribbean Cruises Ltd. 7.00%, 6/15/13		2,385		2,367,112
8.75%, 2/02/11		846		877,725
Standard Pacific Corp. 10.75%, 9/15/16		555		578,587
Starwood Hotels & Resorts Worldwide, Inc. 6.25%, 2/15/13		2,065		2,132,113
7.875%, 5/01/12		539		578,078
Station Casinos, Inc. 6.625%, 3/15/18(c)		3,610		18,772
William Lyon Homes, Inc. 10.75%, 4/01/13		1,597		1,285,585
Wynn Las Vegas LLC/Corp. 6.625%, 12/01/14		2,635		2,549,363
				28,238,818
Consumer Cyclical - Restaurants – 0.1%
Sbarro, Inc. 10.375%, 2/01/15		415		339,263
Consumer Cyclical - Retailers – 2.9%
Asbury Automotive Group, Inc. 7.625%, 3/15/17		77		72,669
8.00%, 3/15/14		550		549,313
Autonation, Inc. 2.251%, 4/15/13(b)		175		165,375
The Bon-Ton Dept Stores, Inc. 10.25%, 3/15/14		1,195		1,072,513
Burlington Coat Factory Warehouse Corp. 11.125%, 4/15/14		700		712,250
Couche-Tard US/Finance 7.50%, 12/15/13		1,006		1,011,030
Dollar General Corp. 10.625%, 7/15/15		425		465,375
GSC Holdings Corp. 8.00%, 10/01/12		790		813,700
Limited Brands, Inc. 5.25%, 11/01/14		1,028		997,160
6.90%, 7/15/17		1,645		1,595,650
Macy’s Retail Holdings, Inc. 5.75%, 7/15/14		960		962,400
5.90%, 12/01/16		1,495		1,450,150

306 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Michaels Stores, Inc. 10.00%, 11/01/14	$	345	$	350,175
11.375%, 11/01/16		565		567,825
Neiman-Marcus Group, Inc. 9.00%, 10/15/15(d)		619		609,824
Rite Aid Corp. 6.875%, 8/15/13		2,080		1,783,600
9.50%, 6/15/17		445		368,237
Toys R US, Inc. 7.375%, 10/15/18		900		846,000
				14,393,246
Consumer Non-Cyclical – 5.7%
ACCO Brands Corp. 7.625%, 8/15/15		1,000		917,500
10.625%, 3/15/15(a)		760		826,120
Aramark Corp. 8.50%, 2/01/15		1,710		1,727,100
Bausch & Lomb, Inc. 9.875%, 11/01/15		390		399,750
Biomet, Inc. 11.625%, 10/15/17		520		574,600
Catalent Pharma Solutions, Inc. 9.50%, 4/15/15(d)		1,866		1,768,005
Community Health Systems, Inc. 8.875%, 7/15/15		891		922,185
DaVita, Inc. 6.625%, 3/15/13		950		952,375
7.25%, 3/15/15		719		721,696
Dean Foods Co. 7.00%, 6/01/16		921		874,950
Del Monte Corp. 6.75%, 2/15/15		395		402,900
DJO Finance LLC / DJO Finance Corp. 10.875%, 11/15/14		520		556,400
Hanger Orthopedic Group, Inc. 10.25%, 6/01/14		670		710,200
HCA, Inc. 6.375%, 1/15/15		3,348		3,147,120
6.50%, 2/15/16		1,520		1,417,400
6.75%, 7/15/13		1,150		1,135,625
9.625%, 11/15/16(d)		2,803		2,999,210
Healthsouth Corp. 10.75%, 6/15/16		980		1,058,400
IASIS Healthcare LLC/IASIS Capital Corp. 8.75%, 6/15/14		424		428,240
Jarden Corp. 7.50%, 1/15/20		780		781,950

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 307

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
New Albertsons, Inc. 7.45%, 8/01/29	$	1,220	$	1,030,900
Select Medical Corp. 7.625%, 2/01/15		1,015		954,100
Stater Brothers Holdings 8.125%, 6/15/12		594		596,970
Sun Healthcare Group, Inc. 9.125%, 4/15/15		750		761,250
Universal Hospital Services, Inc. 3.859%, 6/01/15(b)		895		756,275
Viant Holdings, Inc. 10.125%, 7/15/17(a)		567		552,825
Visant Corp. 7.625%, 10/01/12		883		887,415
				27,861,461
Energy – 5.8%
Antero Resources Finance Corp. 9.375%, 12/01/17(a)		495		499,950
Chaparral Energy, Inc. 8.875%, 2/01/17		900		735,750
Chesapeake Energy Corp. 6.50%, 8/15/17		2,350		2,232,500
6.625%, 1/15/16		2,995		2,890,175
6.875%, 1/15/16		270		265,613
7.50%, 9/15/13		805		817,075
CIE Generale De Geophysique 7.50%, 5/15/15		1,285		1,259,300
7.75%, 5/15/17		195		191,100
Complete Production Services, Inc. 8.00%, 12/15/16		1,325		1,288,562
Denbury Resources, Inc. 8.25%, 2/15/20		95		98,325
Energy XXI Gulf Coast, Inc. 10.00%, 6/15/13		1,010		1,017,575
Expro Finance Luxembourg SCA 8.50%, 12/15/16(a)		114		113,430
Forest Oil Corp. 7.25%, 6/15/19		1,915		1,876,700
Hercules Offshore, Inc. 10.50%, 10/15/17(a)		915		910,425
Hilcorp Energy I LP/Hilcorp Finance Co. 7.75%, 11/01/15(a)		1,425		1,385,812
Mariner Energy, Inc. 11.75%, 6/30/16		361		402,515
Newfield Exploration Co. 7.125%, 5/15/18		1,135		1,135,000

308 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
OPTI Canada, Inc. 8.25%, 12/15/14	$	1,588	$	1,413,320
PetroHawk Energy Corp. 9.125%, 7/15/13		1,206		1,254,240
Pioneer Natural Resources Co. 5.875%, 7/15/16		995		953,270
Plains Exploration & Production Co. 7.75%, 6/15/15		2,015		2,032,631
Pride International, Inc. 7.375%, 7/15/14		634		651,435
Range Resources Corp. 7.50%, 5/15/16		940		961,150
Sandridge Energy, Inc. 8.75%, 1/15/20(a)		525		514,500
Southwestern Energy Co. 7.50%, 2/01/18		1,025		1,081,375
Tesoro Corp. 6.25%, 11/01/12		680		675,750
6.50%, 6/01/17		2,260		2,028,350
				28,685,828
Other Industrial – 0.6%
Neenah Foundary Co. 9.50%, 1/01/17(c)		1,350		688,500
RBS Global, Inc. and Rexnord Corp. 9.50%, 8/01/14		455		460,688
11.75%, 8/01/16		365		379,600
Sensus Metering Systems, Inc. 8.625%, 12/15/13		655		651,725
Yioula Glassworks SA 9.00%, 12/01/15(g)	EUR	900		667,889
				2,848,402
Services – 1.7%
Realogy Corp. 10.50%, 4/15/14	$	895		747,325
12.375%, 4/15/15		1,605		1,099,425
Service Corp. International 6.75%, 4/01/16		2,000		1,960,000
The ServiceMaster Co. 10.75%, 7/15/15(a)(d)		1,760		1,804,000
Ticketmaster Entertainment, Inc. 10.75%, 8/01/16		940		1,034,000
Travelport LLC 9.875%, 9/01/14		1,135		1,160,537
West Corp. 9.50%, 10/15/14		750		744,375
				8,549,662

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 309

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Technology – 3.6%
Advanced Micro Devices, Inc. 8.125%, 12/15/17(a)	$	202	$	204,525
Amkor Technology, Inc. 9.25%, 6/01/16		860		887,950
Ceridian Corp. 11.25%, 11/15/15		450		430,875
First Data Corp. 9.875%, 9/24/15		2,856		2,470,440
11.25%, 3/31/16		1,100		902,000
Flextronics International Ltd. 6.50%, 5/15/13		418		427,405
Freescale Semiconductor, Inc. 8.875%, 12/15/14		2,380		2,112,250
10.125%, 12/15/16		1,200		936,000
Iron Mountain, Inc. 6.625%, 1/01/16		1,360		1,339,600
7.75%, 1/15/15		450		453,375
Lucent Technologies, Inc. 6.45%, 3/15/29		1,260		894,600
NXP BV / NXP Funding LLC 3.001%, 10/15/13(b)		1,000		847,500
9.50%, 10/15/15		920		800,400
Sanmina Corp. 8.125%, 3/01/16		500		492,500
Seagate Technology HDD Holding 6.375%, 10/01/11		1,753		1,805,590
Serena Software, Inc. 10.375%, 3/15/16		875		840,000
Sungard Data Systems, Inc. 9.125%, 8/15/13		1,012		1,036,035
Telcordia Technologies, Inc. 10.00%, 3/15/13(a)		675		636,187
				17,517,232
Transportation - Airlines – 0.6%
AMR Corp. 9.00%, 8/01/12		1,570		1,342,350
Continental Airlines, Inc. 8.75%, 12/01/11		1,330		1,303,400
Series RJO3
7.875%, 7/02/18		492		438,040
				3,083,790
Transportation - Railroads – 0.3%
Trinity Industries, Inc. 6.50%, 3/15/14		1,300		1,309,750

310 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Transportation - Services – 0.5%
Avis Budget Car Rental 7.75%, 5/15/16	$	1,660	$	1,498,150
Hertz Corp. 8.875%, 1/01/14		1,145		1,162,175
				2,660,325
				270,162,485
Financial Institutions – 12.0%
Banking – 3.8%
ABN Amro Bank NV 4.31%, 3/10/16(h)	EUR	1,805		1,523,823
BOI Capital Funding No. 3 6.107%, 2/04/16(a)(h)	$	3,403		1,939,710
Dexia Credit Local 4.30%, 11/18/15(c)(h)	EUR	2,250		1,700,361
HBOS Capital Funding LP 6.071%, 6/30/14(a)(h)	$	2,700		1,971,000
HT1 Funding GMBH 6.352%, 6/30/17(h)	EUR	825		716,143
LBG Capital No.1 PLC 8.00%, 6/15/20(a)	$	3,125		2,437,500
Northern Rock PLC 5.60%, 4/30/14(a)(h)	GBP	3,620		434,400
Royal Bank of Scotland Group PLC 6.99%, 10/05/17(a)(h)	$	2,715		1,791,900
Series U
7.64%, 9/29/17(h)		2,600		1,599,000
Smurfit Kappa Acquisitions 7.75%, 11/15/19(a)	EUR	1,000		1,354,842
Swedbank 5.75%, 3/17/16(h)	GBP	1,350		1,523,274
UT2 Funding PLC 5.321%, 6/30/16	EUR	1,284		1,188,884
Zions Bancorporation 5.50%, 11/16/15	$	665		569,388
6.00%, 9/15/15		220		190,134
				18,940,359
Brokerage – 0.8%
E*Trade Financial Corp. 7.375%, 9/15/13		1,925		1,828,750
Lehman Brothers Holdings Inc 5.625%, 1/24/13(c)		5,500		1,258,125
Nuveen Investments, Inc. 10.50%, 11/15/15		900		814,500
				3,901,375

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 311

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Finance – 3.9%
American General Finance Corp. 6.90%, 12/15/17	$	1,930	$	1,384,294
Capmark Financial Group, Inc. 5.875%, 5/10/12(c)		3,666		1,033,845
CIT Group, Inc. 6.10%, 3/15/67		3,465		0
7.00%, 5/01/13-5/01/17		1,615		1,457,791
Series .
7.00%, 5/01/16		538		476,288
GMAC, Inc. 6.875%, 9/15/11		2,435		2,435,000
8.00%, 11/01/31		1,332		1,228,770
Series 8
6.75%, 12/01/14		1,657		1,582,435
International Lease Finance Corp. 6.375%, 3/25/13		2,465		2,171,064
iStar Financial, Inc. 10.00%, 6/15/14(a)		1,500		1,432,500
Series B
5.125%, 4/01/11		2,325		1,883,250
Residential Capital LLC 8.375%, 6/30/10		1,625		1,568,125
9.625%, 5/15/15		2,945		2,849,287
				19,502,649
Insurance – 2.9%
AGFC Capital Trust I 6.00%, 1/15/67(a)(h)		4,745		2,206,425
American International Group, Inc. 6.25%, 3/15/37		2,711		1,518,160
8.175%, 5/15/58(h)		2,325		1,569,375
Crum & Forster Holdings Corp. 7.75%, 5/01/17		760		748,600
Genworth Financial, Inc. 6.15%, 11/15/66(h)		1,945		1,346,912
ING Capital Funding Trust III 8.439%, 12/31/10(h)		1,294		1,171,070
ING Groep NV 5.775%, 12/08/15(h)		1,291		1,006,597
Liberty Mutual Group, Inc. 7.80%, 3/15/37(a)		1,645		1,406,475
MBIA Insurance Corp. 14.00%, 1/15/33(a)(h)		3,315		1,558,050
XL Capital Ltd. Series E 6.50%, 4/15/17(h)		2,100		1,645,980
				14,177,644

312 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Other Finance – 0.6%
Aiful Corp. 6.00%, 12/12/11(a)	$	3,141	$	2,359,676
iPayment, Inc. 9.75%, 5/15/14		675		588,938
				2,948,614
				59,470,641
Utility – 6.3%
Electric – 5.1%
The AES Corp. 7.75%, 3/01/14		1,430		1,431,788
8.00%, 10/15/17		1,240		1,232,250
8.75%, 5/15/13(a)		140		142,450
CMS Energy Corp. 6.25%, 2/01/20		1,000		978,803
Dynegy Holdings, Inc. 7.75%, 6/01/19		2,360		1,852,600
8.375%, 5/01/16		980		857,500
Dynegy Roseton/Danskammer Pass Through Trust Series A 7.27%, 11/08/10		44		43,870
Series B
7.67%, 11/08/16		1,222		1,179,230
Edison Mission Energy 7.00%, 5/15/17		3,840		2,812,800
7.50%, 6/15/13		360		333,000
7.75%, 6/15/16		1,695		1,356,000
Energy Future Holdings Corp. 10.875%, 11/01/17		1,545		1,170,338
Mirant Americas Generation LLC 8.50%, 10/01/21		2,325		2,173,875
NRG Energy, Inc. 7.25%, 2/01/14		420		423,150
7.375%, 2/01/16-1/15/17		2,955		2,909,656
RRI Energy, Inc. 7.625%, 6/15/14		765		730,575
7.875%, 6/15/17		840		785,400
Texas Competitive Electric Holdings Co. LLC Series A 10.25%, 11/01/15		2,151		1,607,657
TXU Corp. Series P 5.55%, 11/15/14		1,957		1,428,187
Series Q
6.50%, 11/15/24		3,106		1,559,004
				25,008,133

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 313

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Natural Gas – 1.2%
El Paso Corp. Series G 7.375%, 12/15/12	$	745	$	785,101
7.75%, 1/15/32		855		826,130
Enterprise Products Operating LLC Series A 8.375%, 8/01/66(h)		1,620		1,638,225
Kinder Morgan Finance Co. 5.70%, 1/05/16		1,765		1,716,462
Regency Energy Partners 8.375%, 12/15/13		1,089		1,118,948
				6,084,866
				31,092,999
Credit Default Index Holdings – 4.2%
DJ CDX.NA.HY100 – 4.2%
CDX North America High Yield Series 8-T1 7.625%, 6/29/12(a)		15,660		16,657,542
Dow Jones CDX HY Series 5-T2 7.25%, 12/29/10(a)		3,881		4,069,980
				20,727,522
Total Corporates - Non-Investment Grades (cost $360,800,170)				381,453,647
CORPORATES - INVESTMENT GRADES – 11.3%
Financial Institutions – 5.1%
Banking – 3.8%
Allied Irish Banks PLC 12.50%, 6/25/19	EUR	769		1,126,948
American Express Co. 6.80%, 9/01/66(h)	$	900		846,000
Barclays Bank PLC 4.75%, 3/15/20(h)	EUR	520		458,609
5.926%, 12/15/16(a)(h)	$	1,300		1,066,000
BBVA International Preferred SA Unipersonal 3.798%, 9/22/15(h)	EUR	750		875,711
5.919%, 4/18/17	$	640		512,240
The Bear Stearns Co., Inc. 5.55%, 1/22/17		935		971,025
Capital One Financial Corp. 6.75%, 9/15/17		663		727,770
Citigroup, Inc. 5.50%, 4/11/13		400		418,698
Countrywide Financial Corp. 5.80%, 6/07/12		515		548,442
6.25%, 5/15/16		1,221		1,246,280

314 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Countrywide Home Loans, Inc. Series L 4.00%, 3/22/11	$	56	$	57,679
Fifth Third Bancorp 6.25%, 5/01/13		475		510,054
Financial Security Assurance Holdings Ltd. 6.40%, 12/15/66(a)(h)		1,400		966,000
Merrill Lynch & Co., Inc. 5.70%, 5/02/17		1,565		1,537,611
National Capital Trust II 5.486%, 3/23/15(a)(h)		647		566,643
Societe Generale 4.196%, 1/26/15(h)	EUR	1,350		1,465,987
UBS AG/Jersey 4.28%, 4/15/15(h)		1,600		1,683,000
Wachovia Bank 6.75%, 5/25/17	AUD	2,050		1,589,474
Zions Bancorporation 7.75%, 9/23/14	$	1,480		1,423,477
				18,597,648
Finance – 0.1%
SLM Corp. 5.125%, 8/27/12		255		248,999
Series A
5.00%, 10/01/13		400		374,644
				623,643
Insurance – 1.2%
Assured Guaranty US Holdings, Inc. Series A 6.40%, 12/15/66		952		666,400
Coventry Health Care, Inc. 5.875%, 1/15/12		683		700,916
5.95%, 3/15/17		60		56,847
6.125%, 1/15/15		30		29,916
6.30%, 8/15/14		185		188,648
Liberty Mutual Group, Inc. 5.75%, 3/15/14(a)		450		464,833
MetLife, Inc. 10.75%, 8/01/39		695		856,432
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		1,075		1,197,575
Suncorp Metway Insurance Ltd. Series 1 6.75%, 9/23/24(h)	AUD	1,000		738,997
XL Capital Finance Europe PLC 6.50%, 1/15/12	$	1,000		1,058,810
				5,959,374
				25,180,665

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 315

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Industrial – 4.7%
Basic – 0.7%
ArcelorMittal USA, Inc. 6.50%, 4/15/14	$	581	$	632,377
Freeport-McMoRan Copper & Gold, Inc. 8.375%, 4/01/17		1,235		1,339,975
The Mosaic Co. 7.625%, 12/01/16(a)		1,375		1,501,238
				3,473,590
Capital Goods – 0.7%
Allied Waste North America, Inc. Series B 7.125%, 5/15/16		553		597,240
Owens Corning, Inc. 6.50%, 12/01/16		710		729,870
7.00%, 12/01/36		1,555		1,521,686
Tyco International Finance SA 8.50%, 1/15/19		700		877,514
				3,726,310
Communications - Media – 0.2%
DirecTV Holdings LLC/DirecTV Financing Co., Inc. 6.375%, 6/15/15		811		838,371
Communications - Telecommunications – 0.7%
Alltel Corp. 7.875%, 7/01/32		450		541,651
American Tower Corp. 7.00%, 10/15/17		310		345,650
Qwest Corp. 6.50%, 6/01/17		770		774,812
6.875%, 9/15/33		2,240		2,055,200
				3,717,313
Consumer Cyclical - Other – 0.3%
Toll Brothers Finance Corp. 5.15%, 5/15/15		1,443		1,384,983
Consumer Cyclical - Retailers – 0.2%
CVS Caremark Corp. 6.302%, 6/01/37(h)		1,000		915,000
Consumer Non-Cyclical – 0.6%
Cadbury Schweppes US Finance LLC 5.125%, 10/01/13(a)		580		618,326
Reynolds American, Inc. 7.25%, 6/01/12-6/01/13		1,245		1,368,926

316 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Ventas Realty LP/Ventas Capital Corp. 6.75%, 4/01/17	$	832	$	832,000
				2,819,252
Energy – 0.2%
National Oilwell Varco, Inc. Series B 6.125%, 8/15/15		856		873,454
TNK-BP Finance SA 7.25%, 2/02/20(a)		204		202,470
				1,075,924
Other Industrial – 0.3%
Noble Group Ltd. 6.625%, 3/17/15(a)		1,400		1,457,407
Services – 0.2%
Expedia, Inc. 8.50%, 7/01/16		1,070		1,171,650
Technology – 0.6%
Computer Sciences Corp. 5.50%, 3/15/13		600		650,548
Motorola, Inc. 7.50%, 5/15/25		1,470		1,569,371
Xerox Corp. 6.40%, 3/15/16		535		591,358
				2,811,277
				23,391,077
Utility – 1.2%
Electric – 1.0%
Allegheny Energy Supply Co. LLC 8.25%, 4/15/12(a)		830		923,822
Aquila, Inc. 11.875%, 7/01/12		596		696,125
Oncor Electric Delivery Co. 5.95%, 9/01/13		490		537,258
6.80%, 9/01/18		640		719,268
Sierra Pacific Power Co. Series M 6.00%, 5/15/16		440		482,982
Teco Finance, Inc. 6.572%, 11/01/17		500		531,715
7.00%, 5/01/12		722		784,077
				4,675,247
Natural Gas – 0.2%
Tennessee Gas Pipeline Co. 7.00%, 10/15/28		570		608,130

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 317

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Williams Co., Inc. 7.875%, 9/01/21	$	470	$	575,788
				1,183,918
				5,859,165
Non Corporate Sectors – 0.3%
Agencies - Not Government Guaranteed – 0.3%
TransCapitalInvest Ltd. for OJSC AK Transneft 7.70%, 8/07/13(a)		1,200		1,297,500
Total Corporates - Investment Grades (cost $48,141,569)				55,728,407
BANK LOANS – 1.8%
Industrial – 1.4%
Basic – 0.3%
Lyondell Chemical Company 3.73%, 12/20/13(b)		475		332,149
3.98%, 12/22/14(b)		289		202,071
7.00%, 12/22/14(b)		1,253		876,840
				1,411,060
Capital Goods – 0.2%
Hawker Beechcraft Acquisition Co. LLC 10.50%, 3/26/14(b)		1,247		1,150,242
Consumer Cyclical - Other – 0.4%
Las Vegas Sands LLC 2.01%, 5/23/14(b)		2,444		2,140,091
Energy – 0.5%
Ashmore Energy International 3.23%, 3/30/12(b)		250		226,708
3.25%, 3/30/14(b)		2,123		1,928,103
				2,154,811
				6,856,204
Financial Institutions – 0.4%
Finance – 0.4%
CIT Group, Inc. 13.00%, 1/20/12(b)		1,782		1,837,046
Total Bank Loans (cost $6,745,115)				8,693,250
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.8%
Non-Agency Fixed Rate CMBS – 1.8%
Credit Suisse Mortgage Capital Certificates Series 2006-C3, Class A3 5.826%, 6/15/38		2,375		2,219,314

318 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-C1, Class A4 5.716%, 2/15/51	$	1,100	$	964,354
Series 2007-CB18, Class A4 5.44%, 6/12/47		1,875		1,761,203
Series 2007-LD11, Class A4 5.818%, 6/15/49		2,000		1,832,189
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class A3 5.347%, 11/15/38		1,875		1,870,115
Total Commercial Mortgage-Backed Securities (cost $8,413,922)				8,647,175
EMERGING MARKETS - CORPORATE BONDS – 1.1%
Industrial – 1.1%
Capital Goods – 0.0%
Reynolds Group Escrow 7.75%, 10/15/16(a)		118		119,475
Communications - Media – 0.2%
Columbus International, Inc. 11.50%, 11/20/14(a)		1,128		1,195,680
Consumer Cyclical - Retailers – 0.3%
Edcon Holdings Proprietary Ltd. 6.214%, 6/15/15(a)(b)	EUR	1,800		1,397,053
Consumer Non-Cyclical – 0.3%
Foodcorp Ltd. 8.875%, 6/15/12(a)		1,128		1,537,862
Other Industrial – 0.3%
New Reclamation Group 8.125%, 2/01/13(a)		689		703,304
Savcio Holdings Pty Ltd. 8.00%, 2/15/13(a)		450		594,360
				1,297,664
Total Emerging Markets - Corporate Bonds (cost $4,925,968)				5,547,734

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 319

High Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS – 0.9%
Quasi-Sovereign Bonds – 0.9%
Kazakhstan – 0.3%
KazMunaiGaz Finance Sub BV 8.375%, 7/02/13(a)	$	400	$	438,000
9.125%, 7/02/18(a)		950		1,078,250
				1,516,250
Russia – 0.3%
RSHB Capital SA for OJSC Russian Agricultural Bank 6.299%, 5/15/17(a)		1,455		1,447,725
Venezuela – 0.3%
Petroleos de Venezuela SA 5.25%, 4/12/17		2,250		1,366,875
Total Quasi-Sovereigns (cost $3,198,050)				4,330,850
GOVERNMENTS - TREASURIES – 0.8%
Brazil – 0.8%
Republic of Brazil 12.50%, 1/05/16 (cost $3,560,844)	BRL	5,800		3,741,058
EMERGING MARKETS - SOVEREIGNS – 0.6%
Argentina – 0.3%
Argentina Bonos 7.00%, 10/03/15	$	2,100		1,517,950
Ukraine – 0.3%
Government of Ukraine 6.75%, 11/14/17(a)		930		798,033
6.875%, 3/04/11(a)		700		687,750
Total Emerging Markets - Sovereigns (cost $2,483,411)				3,003,733
	Shares
COMMON STOCK – 0.6%
Broder Brothers Co.(i)(j)		28,873		0
Charter Communications, Inc.(i)		11,716		348,551
CIT Group, Inc.(i)		32,389		1,179,931
Dex One Corp.(i)		46,336		1,380,813
Total Common Stock (cost $12,374,265)				2,909,295

320 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

	Shares		U.S. $ Value
PREFERRED STOCKS – 0.4%
Financial Institutions – 0.4%
Finance – 0.2%
GMAC, Inc. 7.00%(a)		1,687	$	1,194,027
REITS – 0.2%
Sovereign REIT 12.00%(a)		624		711,360
				1,905,387
Non Corporate Sectors – 0.0%
Agencies - Government Sponsored – 0.0%
Federal Home Loan Mortgage Corp. Series Z 8.375%(h)		36,525		41,638
Federal National Mortgage Association 8.25%(h)		54,625		58,995
				100,633
Total Preferred Stocks (cost $3,520,973)				2,006,020
	Principal Amount (000)
CMOS – 0.2%
Non-Agency ARMS – 0.2%
Morgan Stanley Mortgage Loan Trust Series 2007-15AR, Class 2A1 5.798%, 11/25/37 (cost $1,111,286)	$	1,797		1,166,382
	Shares
WARRANTS – 0.0%
Warrants – 0.0%
Charter Communications, Inc., expiring 11/30/14(i) (cost $46,050)		23,024		120,876
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(k) (cost $4,612,120)		4,612,120		4,612,120
Total Investments – 97.6% (cost $459,933,743)				481,960,547
Other assets less liabilities – 2.4%				11,984,760
Net Assets – 100.0%			$	493,945,307

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 321

High Yield Portfolio—Portfolio of Investments

CREDIT DEFAULT SWAP CONTRACTS (see Notes C)

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate		Implied Credit Spread at February 28, 2010		Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Morgan Stanley Capital Services Inc.:
Residential Capital, LLC
6.50%, 4/17/13, 6/30/10*	(5.00	)%	11.807	%	$	1,625	$	21,337		$	135,229	$	(113,892	)
XL Capital LTD
5.25%, 9/15/14, 3/20/12*	(5.00	)	0.779			1,260		(121,226	)		86,777		(208,003	)

* Termination date.

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)	U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2010		Unrealized Appreciation/ (Depreciation)
Sale Contracts:
British Pound settling 3/17/10	575	$	914,629	$	876,370	$	38,259
Euro settling 3/25/10	11,081		15,599,539		15,088,082		511,457
Euro settling 3/25/10	404		568,289		549,645		18,644
Euro settling 3/25/10	281		387,323		383,104		4,219

(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 28, 2010, the aggregate market value of these securities amounted to $105,586,184 or 21.4% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at February 28, 2010.

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

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

(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) Illiquid security.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.2% of net assets as of February 28, 2010, are considered illiquid and restricted.

Restricted Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Broder Brothers Co.
12.00%, 10/15/13	8/5/2005	$	587,252	$	236,948	0.05	%
Greektown Holdings LLC
10.75%, 12/01/13	11/22/2005		499,357		31,500	0.01	%
Yioula Glassworks SA
9.00%, 12/01/15	6/9/2009		525,447		667,890	0.14	%

(h) Variable rate coupon, rate shown as of February 28, 2010.

(i) Non-income producing security.

(j) Fair valued.

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

322 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High Yield Portfolio—Portfolio of Investments

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

EUR – Euro Dollar

GBP – Great British Pound

Glossary:

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

LP – Limited Partnership

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 323

High Yield Portfolio—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 AllianceBernstein Blended Style Series, Inc. (the “Fund”), in respect of the following AllianceBernstein Retirement Strategies (each a “Strategy” and collectively, the “Strategies”):²

AllianceBernstein 2000 Retirement Strategy

AllianceBernstein 2005 Retirement Strategy

AllianceBernstein 2010 Retirement Strategy

AllianceBernstein 2015 Retirement Strategy

AllianceBernstein 2020 Retirement Strategy

AllianceBernstein 2025 Retirement Strategy

AllianceBernstein 2030 Retirement Strategy

AllianceBernstein 2035 Retirement Strategy

AllianceBernstein 2040 Retirement Strategy

AllianceBernstein 2045 Retirement Strategy

AllianceBernstein 2050 Retirement Strategy

AllianceBernstein 2055 Retirement Strategy

The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by an August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”).

The investment objective of each Strategy is to seek the highest total return over time consistent with its asset mix. Total return includes capital growth and income. Each Strategy is managed to the specific year of planned retirement included in its name. The Strategies’ asset mixes will become more conservative until reaching the year approaching 15 years after the retirement year at which time the asset allocation will become static. Each Strategy will pursue its investment objectives through investing in a combination of The AllianceBernstein Pooling Portfolios (the “Pooling Portfolios”),³ which represent a variety of asset classes and investment styles. As a result, certain expenses will be minimal, such

1 It should be noted that the information in the fee evaluation was completed on July 23, 2009 and presented to the Board of Directors on August 4-6, 2009.

2 Future references to the Strategies do not include “AllianceBernstein.”

3 The AllianceBernstein Pooling Portfolios include U.S. Value Portfolio, U.S. Large Cap Growth Portfolio, 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, Inflation Protected Securities Portfolio and High Yield Portfolio.

324 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

as custodian charges, or non-existent, such as brokerage commissions, except as incurred indirectly through the Pooling Portfolios.

The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Boards of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. 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 Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. 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;

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

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

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

INVESTMENT ADVISORY FEES, NET ASSETS, EXPENSE CAPS & 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 charged to each Strategy is dependent on the percentage of equity investments and the level of net assets held by each Strategy:

% Invested in Equity Investments4	Advisory Fee
Equal to or less than 60%	0.55%
Greater than 60% and less than 80%	0.60%
Equal to or greater than 80%	0.65%
Net Asset Level	Discount
Assets equal to or less than $2.5 billion	n/a
Assets greater than $2.5 billion and less than $5 billion	10 basis points
Assets greater than $5 billion	15 basis points

4 For purposes of determining the percent of the portfolio that consists of equity investments, 50% of the assets invested in the Global Real Estate Investment Portfolio will be considered to be invested in equity investments.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 325

Accordingly, under the terms of the Investment Advisory Agreement, the Strategies will pay the Adviser at the following annual rates:

	Average Daily Net Assets
Strategy	First $2.5 billion	Next $2.5 billion		In excess of $5 billion
2025, 2030, 2035, 2040, 2045, 2050, 2055	0.65%	0.55	%	0.50	%
2010, 2015, 2020	0.60%	0.50	%	0.45	%
2000, 2005	0.55%	0.45	%	0.40	%

It should be noted that there are no management fees charged by the Adviser for managing the Pooling Portfolios, in which the Strategies invest, although there are other expenses at the Pooling Portfolio level of approximately 0.04% of the Strategies’ average net assets, estimated for the six month period ended February 28, 2009.

The Strategies’ net assets on June 30, 2009 are set forth below:

Strategy	06/30/09 Net Assets ($millions)
2000 Retirement Strategy	$	24.2
2005 Retirement Strategy	$	40.7
2010 Retirement Strategy	$	155.9
2015 Retirement Strategy	$	259.1
2020 Retirement Strategy	$	310.9
2025 Retirement Strategy	$	252.2
2030 Retirement Strategy	$	220.1
2035 Retirement Strategy	$	151.1
2040 Retirement Strategy	$	128.2
2045 Retirement Strategy	$	78.0
2050 Retirement Strategy	$	8.6
2055 Retirement Strategy	$	2.1

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Strategies. Indicated below are the reimbursement amounts, in dollars and as a percentage of average daily net assets, which the Adviser was entitled to receive

326 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

(before expense caps) from the Strategies but waved the amounts in their entirety during the Strategies’ most recently completed fiscal year:

Strategy	Amount		As a % of Average Daily Net Assets
2000 Retirement Strategy	$	81,500	0.45	%
2005 Retirement Strategy	$	81,500	0.22	%
2010 Retirement Strategy	$	81,500	0.05	%
2015 Retirement Strategy	$	81,500	0.04	%
2020 Retirement Strategy	$	81,500	0.03	%
2025 Retirement Strategy	$	81,500	0.04	%
2030 Retirement Strategy	$	81,500	0.05	%
2035 Retirement Strategy	$	81,500	0.07	%
2040 Retirement Strategy	$	81,500	0.10	%
2045 Retirement Strategy	$	81,500	0.16	%
2050 Retirement Strategy	$	81,500	7.91	%
2055 Retirement Strategy	$	81,500	20.77	%

The Adviser agreed to waive that portion of its management fees and/or reimburse the Strategies for that portion of the Strategies’ total operating expenses to the degree necessary to limit the Strategies’ expense ratios to the amounts set forth below for the Strategies’ current fiscal year. The waiver is terminable by the Adviser at the end of the Strategies’ fiscal year, August 31, upon at least 60 days written notice. The expense cap shown below includes the blended expense ratios of the Pooling Portfolios (i.e., the Retirement Strategies’ underlying expense ratios). For the six months ended February 28, 2009 and the fiscal year ended August 31, 2008, each of the 2000-2055 Retirement Strategies had an estimated blended expense ratio related to the Pooling Portfolios of 0.04%. Also set forth below are the Retirement Strategies’ gross expense ratios as of February 28, 2009:

Strategy	Expense Cap Pursuant to Expense Limitation Undertaking		Gross Expense Ratio 02/28/095	Fiscal Year End
2000 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	0.86% 1.56% 1.56% 1.06% 0.81% 0.56% 0.56%	2.80% 3.57% 3.52% 3.05% 2.72% 2.37% 2.51%	August 31
2005 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	0.92% 1.62% 1.62% 1.12% 0.87% 0.62% 0.62%	1.73% 2.46% 2.45% 2.16% 1.85% 1.50% 1.42%	August 31

5 Annualized.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 327

Strategy	Expense Cap Pursuant to Expense Limitation Undertaking		Gross Expense Ratio 02/28/095	Fiscal Year End
2010 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	0.94% 1.64% 1.64% 1.14% 0.89% 0.64% 0.64%	1.33% 2.07% 2.05% 1.64% 1.33% 0.95% 1.04%	August 31
2015 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	0.98% 1.68% 1.68% 1.18% 0.93% 0.68% 0.68%	1.25% 1.97% 1.98% 1.56% 1.25% 0.86% 0.95%	August 31
2020 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.02% 1.72% 1.72% 1.22% 0.97% 0.72% 0.72%	1.24% 1.97% 1.97% 1.54% 1.23% 0.88% 0.94%	August 31
2025 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.04% 1.74% 1.74% 1.24% 0.99% 0.74% 0.74%	1.34% 2.10% 2.09% 1.62% 1.31% 0.98% 1.05%	August 31
2030 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.06% 1.76% 1.76% 1.26% 1.01% 0.76% 0.76%	1.40% 2.15% 2.14% 1.65% 1.34% 0.99% 1.11%	August 31
2035 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.06% 1.76% 1.76% 1.26% 1.01% 0.76% 0.76%	1.52% 2.26% 2.25% 1.76% 1.45% 1.10% 1.22%	August 31

328 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Strategy	Expense Cap Pursuant to Expense Limitation Undertaking		Gross Expense Ratio 02/28/095	Fiscal Year End
2040 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.06% 1.76% 1.76% 1.26% 1.01% 0.76% 0.76%	1.64% 2.38% 2.41% 1.83% 1.52% 1.16% 1.35%	August 31
2045 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.06% 1.76% 1.76% 1.26% 1.01% 0.76% 0.76%	1.92% 2.73% 2.67% 2.10% 1.79% 1.44% 1.63%	August 31
2050 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.06% 1.76% 1.76% 1.26% 1.01% 0.76% 0.76%	10.26% 11.29% 11.06% 9.26% 8.96% 8.97% 9.91%	August 31
2055 Retirement Strategy	Class A Class B Class C Class R Class K Class I Advisor	1.06% 1.76% 1.76% 1.26% 1.01% 0.76% 0.76%	27.61% 30.10% 29.89% 25.55% 26.33% 26.16% 29.69%	August 31

I. MANAGEMENT FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The management 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 that are 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 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 accounts due to the greater complexities and time required for investment companies, although as previously

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 329

noted, the Adviser is entitled to be reimbursed for a portion of their expenses by the Strategies. Also, retail mutual funds managed by the Adviser are widely held and accordingly, servicing the Strategies’ investors is more time consuming and labor intensive compared to servicing 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 open-end 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. 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 these risks are generally 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 and the legal and reputational risks are greater, it is worth considering information regarding the advisory fees charged to institutional accounts that have investment styles similar to those of the Strategies. In addition to the AllianceBernstein Institutional fee schedule, set forth below is a comparison of the advisory fees of the Retirement Strategies and what would have been the effective advisory fees of the Strategies had the AllianceBernstein

330 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Institutional fee schedule been applicable to the Strategies based on June 30, 2009 net assets:⁶

AB Institutional Fee Schedule	Strategy	Net Assets 06/30/09 ($MM)		AB Inst. Fee (%)		Advisory Fee (%)7
Target Date—All Active 75 bp on 1st $25 million 60 bp on next $25 million 50 bp on next $50 million 40 bp on next $100 million 35 bp on the balance +Other operating expenses (capped) Minimum Account Size: $100M or plan assets of $500M	2000 Retirement Strategy 2005 Retirement Strategy 2010 Retirement Strategy 2015 Retirement Strategy 2020 Retirement Strategy 2025 Retirement Strategy 2030 Retirement Strategy 2035 Retirement Strategy 2040 Retirement Strategy 2045 Retirement Strategy 2050 Retirement Strategy 2055 Retirement Strategy	$ $ $ $ $ $ $ $ $ $ $ $	24.2 40.7 155.9 259.1 310.9 252.2 220.1 151.1 128.2 78.0 8.6 2.1	0.750 0.692 0.520 0.461 0.442 0.464 0.481 0.524 0.546 0.612 0.750 0.750	%  %  %  %  %  %  %  %  %  %  %  %	0.550 0.550 0.600 0.600 0.600 0.650 0.650 0.650 0.650 0.650 0.650 0.650	%  %  %  %  %  %  %  %  %  %  %  %

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 by other investment advisers. Lipper’s analysis included each Strategy’s ranking with respect to the proposed management fees relative to the median of each Strategy’s Lipper Expense Group (“EG”)⁸ at the approximate current asset level of the subject Strategy.⁹

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, similar 12b-1/non 12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of

6 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

7 Excludes reimbursements made by the Strategy to the Adviser for certain non-management expenses and any expense reimbursements or advisory fee waivers made by the Adviser to the Strategy related to expense caps.

8 Note that Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have a higher transfer agent expense ratio than comparable sized funds that have relatively large average account sizes.

9 The management fee is calculated by Lipper using the Strategy’s management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the 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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 331

seven to twenty funds. It should be noted that, at the request of the Senior Officer and the Adviser, Lipper included only front-end load funds in consideration of the EGs of the Retirement Strategies.

Lipper classifies the 2000, 2005 and 2010 Retirement Strategies as mixed asset target 2010 funds. Similarly, the 2050 and 2055 Retirement Strategies are classified as mixed asset target 2050+ funds, resulting in identical peer groups of those Strategies. As a result, the peers of these expense groups are the same for the Strategies.

The original EG for 2015-2055 Retirement Strategies had an insufficient number of peers in the view of the Senior Officer and the Adviser. Consequently, at the request of the Senior Officer and the Adviser, Lipper expanded the EG of the Strategies to include other mixed asset funds in addition to their respective mixed asset target date.

Strategy	Contractual Management Fee (%)10	Lipper Exp. Group Median (%)	Rank
2000 Retirement Strategy	0.550	0.681	2/10
2005 Retirement Strategy	0.550	0.681	2/10
2010 Retirement Strategy	0.600	0.681	4/10
2015 Retirement Strategy	0.600	0.727	2/10
2020 Retirement Strategy	0.600	0.724	2/10
2025 Retirement Strategy	0.650	0.745	2/10
2030 Retirement Strategy	0.650	0.752	2/10
2035 Retirement Strategy	0.650	0.755	2/10
2040 Retirement Strategy	0.650	0.753	3/10
2045 Retirement Strategy	0.650	0.768	3/10
2050 Retirement Strategy	0.650	0.748	3/10
2055 Retirement Strategy	0.650	0.748	3/10

Set forth below is a comparison of the Retirement Strategies’ total expense ratios (inclusive of the Strategies’ underlying expenses) and the medians of the Strategies’ EGs. The Strategies’ total expense ratio rankings are also shown. As previously mentioned, the Strategies’ expense caps were reduced on March 1, 2007. It should be noted that Lipper intentionally omitted the Lipper Expense Universe (“EU”) due to the limited number of fund complexes that offer mixed-asset target maturity funds.

10 The contractual management fee does not reflect any expense reimbursements made by the Retirement Strategies to the Adviser for certain clerical, legal, accounting, administrative and other services. Note that the Adviser waived such reimbursements that it was entitled to receive from the Strategies. In addition, the contractual management fee does not reflect any advisory fee waiver or expense reimbursement for expense caps that would effectively reduce the actual management fee.

332 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

It should be noted that Lipper uses expense ratio data from financial statements of the most current fiscal year in their database. This has several implications: the total expense ratio of each fund that Lipper uses in their report is based on each fund’s average net assets during its fiscal year. Since funds have different fiscal year ends, the total expense ratios of the funds may cover different twelve month periods, depending on the funds’ fiscal year ends. This is the process that Lipper utilizes but given bear market conditions during 2008, especially the last three months of 2008, the effects on the Strategies’ total expense ratios caused by the differences in fiscal year ends may be more pronounced in 2008 compared to other years under more normal market conditions.¹¹

Strategy	Total Expense Ratio (%)12	Lipper Exp. Group Median (%)13	Lipper Group Rank
2000 Retirement Strategy	0.856	1.076	1/10
2005 Retirement Strategy	0.919	1.076	2/10
2010 Retirement Strategy	0.940	1.076	3/10
2015 Retirement Strategy	0.981	1.212	2/10
2020 Retirement Strategy	1.017	1.212	3/10
2025 Retirement Strategy	1.039	1.267	2/10
2030 Retirement Strategy	1.058	1.267	2/10
2035 Retirement Strategy	1.063	1.272	2/10
2040 Retirement Strategy	1.063	1.272	3/10
2045 Retirement Strategy	1.058	1.283	3/10
2050 Retirement Strategy	1.059	1.261	3/10
2055 Retirement Strategy	1.058	1.261	3/10

Based on the information provided, the contractual management fees and the total expense ratios of the Retirement Strategies are lower than their respective EG medians. In addition to Lipper’s expense comparisons, the fee evaluation presented the Strategies’ monthly net assets and unaudited advisory fee and total expense ratio run rates from December 31, 2007 through April 30, 2009.¹⁴

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

At the May 5, 2009 Board meeting, members of the Adviser’s Controller’s Office presented the Adviser’s revenue and expenses associated with providing services to the Retirement Strategies. See discussion below in Section IV.

11 To cite an example, the average net assets and total expense ratio of a fund with a fiscal year end of March 31, 2008 will not be reflective of the market declines that occurred in the second half of 2008, in contrast to a fund with a fiscal year end of December 31, 2008.

12 The total expense ratios (inclusive of the Strategies’ underlying expenses) shown are for the Retirement Strategies’ Class A shares.

13 Peer total expense ratios are also inclusive of their respective underlying expenses.

14 Unaudited information on the Strategies’ advisory fee and total expense ratio monthly run rates was provided by the Adviser.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 333

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

The Retirement Strategies’ profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s overall profitability pertaining to the Retirement Strategies in the aggregate was negative in 2008.

In addition to the Adviser’s future direct profits from managing the Retirement Strategies, certain of the Adviser’s affiliates may have a business relationship with the Strategies and may benefit from providing such 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 Retirement 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. These affiliates may 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 commissions for providing brokerage services. In addition, the Adviser may benefit from soft dollar arrangements which offset research expenses the Adviser would otherwise incur.

AllianceBernstein Investments, Inc. (“ABI”), the Strategies’ distribution and affiliate of the Adviser, retained the following front-end load sales charges from sales of Class A shares during the Strategies’ most recently completed fiscal year:

Strategy	Amount Received
2000 Retirement Strategy	$	212
2005 Retirement Strategy	$	490
2010 Retirement Strategy	$	2,103
2015 Retirement Strategy	$	3,400
2020 Retirement Strategy	$	2,887
2025 Retirement Strategy	$	4,120
2030 Retirement Strategy	$	4,156
2035 Retirement Strategy	$	2,931
2040 Retirement Strategy	$	1,730
2045 Retirement Strategy	$	1,187
2050 Retirement Strategy	$	40
2055 Retirement Strategy	$	160

334 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

ABI received the following Rule 12b-1 and CDSC fees from the Strategies during the Strategies’ most recently compensated fiscal year:

Strategy	12b-1 Fee Received		CDSC Received
2000 Retirement Strategy	$	58,685	$	1,661
2005 Retirement Strategy	$	122,232	$	6,652
2010 Retirement Strategy	$	416,581	$	5,096
2015 Retirement Strategy	$	603,315	$	7,628
2020 Retirement Strategy	$	755,276	$	5,627
2025 Retirement Strategy	$	628,907	$	6,153
2030 Retirement Strategy	$	510,859	$	7,106
2035 Retirement Strategy	$	324,277	$	4,060
2040 Retirement Strategy	$	251,387	$	2,956
2045 Retirement Strategy	$	150,051	$	6,593
2050 Retirement Strategy	$	3,011	$	0
2055 Retirement Strategy	$	1,343	$	0

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 Strategies. In 2008, ABI paid approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $21 million for distribution services and educational support (revenue sharing payments).

Fees and reimbursements for out of the pocket expenses charged by AllianceBernstein Investor Services, Inc. (“ABIS”), the affiliated transfer agent for the Strategies, are charged on a per account basis, based on the level of service provided and the class of share held by the account. ABIS also receives a fee per shareholder sub-account for each account maintained by an intermediary on an omnibus basis.

Strategy	ABIS Fee		Expense Offset15
2000 Retirement Strategy	$	31,488	$	195
2005 Retirement Strategy	$	44,194	$	271
2010 Retirement Strategy	$	116,291	$	560
2015 Retirement Strategy	$	260,452	$	856
2020 Retirement Strategy	$	334,776	$	1,024
2025 Retirement Strategy	$	287,653	$	1,021
2030 Retirement Strategy	$	235,220	$	932
2035 Retirement Strategy	$	161,415	$	909
2040 Retirement Strategy	$	134,220	$	823
2045 Retirement Strategy	$	91,520	$	770
2050 Retirement Strategy	$	18,270	$	50
2055 Retirement Strategy	$	18,258	$	43

15 The fees disclosed are net of any expense offsets with ABIS. An expense offset is created by the interest earned on the positive cash balances that occur within the transfer agent account as there is a one day lag with regards to money movement from the shareholder’s account to the transfer agent’s account and then from the transfer agent’s account to the Strategy’s account.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 335

There are no portfolio transactions for the Retirement Strategies since they pursue their investment objectives through investing in a combination of the Pooling Portfolios. However, the Pooling Portfolios do engage in portfolio transactions. The Adviser profits directly from any of the Pooling Portfolios that effect brokerage transactions through and pay commissions to the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC and/or its U.K. affiliate, Sanford C. Bernstein Limited, collectively “SCB.” During the Pooling Portfolios’ most recently completed fiscal year, only Pooling Portfolio—International Value Portfolio effected brokerage transactions or paid commissions to SCB. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio 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,¹⁶ 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 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.

An independent consultant, retained by the Senior Officer, provided the Board of Directors an update of the Deli¹⁷ study on advisory fees and various fund characteristics. The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁸ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on

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

17 The Deli study, which was based on 1997 SEC reported filings, was published in 2002 by Daniel N. Deli. The results of the study with respect to fund size and family size were consistent with economies of scale being shared with shareholders, suggesting a competitive environment.

18 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.

336 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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 STRATEGIES.

With assets under management of approximately $447 billion as of June 30, 2009 the Adviser has the investment experience to manage the Strategies and to provide the non-investment services to the Strategies.

The information prepared by Lipper shows the 1 and 3 year performance return¹⁹ and ranking of each Strategy relative to its Lipper Performance Group (“PG”)²⁰ and Lipper Performance Universe (“PU”)²¹ for the periods ended April 30, 2009.²²

Strategy	Strategy Return (%)	PG Median (%)	PU Median (%)	PG Rank	PU Rank
2000 Retirement Strategy
1 year	-22.98	-21.75	-22.55	7/10	17/32
3 year	-5.13	-4.99	-5.11	4/6	10/18
2005 Retirement Strategy
1 year	-26.57	-21.75	-22.55	9/10	26/32
3 year	-6.89	-5.16	-5.11	6/6	16/18
2010 Retirement Strategy
1 year	-30.09	-21.75	-22.55	10/10	29/32
3 year	-8.40	-5.16	-5.11	6/6	17/18
2015 Retirement Strategy
1 year	-32.59	-24.70	-24.88	5/5	20/23
3 year	-9.70	-7.80	-5.89	2/2	12/13

19 The performance returns of the Strategies shown were provided by the Adviser. Lipper maintains its own database for performance of the Strategies. Rounding differences may cause the Adviser’s performance returns for the Strategies to be one or two basis points different from Lipper’s own returns. To maintain consistency, the Adviser’s returns for the Strategies are shown instead of Lipper’s.

20 Each Strategy’s PG is identical to the respective Strategy’s EG with the exception of 2025 Retirement Strategy.

21 The PU for each Strategy includes the Strategy and all funds of the same Lipper classification/objective and load type as the Strategy. In contrast to the PG, the PU allows for the inclusion of multiple funds managed by the same investment adviser.

22 As previously mentioned, Lipper classifies the 2000, 2005 and 2010 Retirement Strategies as mixed asset target 2010 funds. As a result, the peer groups of those Strategies are identical. Similarly, the 2050 and 2055 Retirement Strategies are classified as mixed asset target 2050+ funds.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 337

Strategy	Strategy Return (%)	PG Median (%)	PU Median (%)	PG Rank	PU Rank
2020 Retirement Strategy
1 year	-35.29	-27.97	-27.10	9/9	27/29
3 year	-11.16	-8.14	-7.38	5/5	15/15
2025 Retirement Strategy
1 year	-37.24	-31.45	-30.97	5/5	14/15
3 year	-12.13	-10.38	-10.38	3/3	7/7
2030 Retirement Strategy
1 year	-37.86	-35.45	-32.20	8/9	24/27
3 year	-12.47	-10.90	-10.62	5/5	14/14
2035 Retirement Strategy
1 year	-38.42	-36.10	-33.74	4/4	14/14
3 year	-12.98	-11.76	-11.43	3/3	6/6
2040 Retirement Strategy
1 year	-38.32	-36.90	-35.08	8/9	24/26
3 year	-12.82	-11.69	-11.58	5/5	12/12
2045 Retirement Strategy
1 year	-38.62	-36.50	-35.26	5/5	13/13
3 year	-13.18	-12.91	-13.06	2/2	3/3
2050 Retirement Strategy
1 year	-36.94	-35.27	-35.93	5/6	12/17
2055 Retirement Strategy
1 year	-38.40	-35.27	-35.93	5/6	12/17

The table below shows the 1 and 3 year and since inception performance returns of the Strategies (in bold) versus their composite benchmarks.²³

	Periods Ending April 30, 2009 Annualized Performance (Net)
Strategy	1 Year (%)	3 Year (%)	Since Inception (%)24
2000 Retirement Strategy	-22.98	-5.13	-2.11
Composite Index	-20.07	-2.92	-0.50
Inception Date: September 1, 2005

23 The composite benchmark is derived by applying the Strategies’ target allocations over time to the results of the following benchmarks: for U.S. stocks, Russell 3000 Index; for non-U.S. stocks, Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net); for real estate investment trusts (REITs), FTSE EPRA/NAREIT Developed Index, for intermediate bonds, Barclays Capital (BC) U.S. Aggregate Index; for short-term bonds, Merrill Lynch (ML) 1-3 Year Treasury Index; for Inflation Protected Securities, BC 1-10 Year TIPS Index; for high yield bonds, BC High Yield (2% constrained) Index.

24 The Adviser provided Retirement Strategy and benchmark performance return information for periods through April 30, 2009.

338 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

	Periods Ending April 30, 2009 Annualized Performance (Net)
Strategy	1 Year (%)	3 Year (%)	Since Inception (%)24
2005 Retirement Strategy	-26.57	-6.89	-3.36
Composite Index	-24.47	-4.83	-1.77
Inception Date: September 1, 2005
2010 Retirement Strategy	-30.09	-8.40	-4.37
Composite Index	-28.15	-6.54	-2.95
Inception Date: September 1, 2005
2015 Retirement Strategy	-32.59	-9.70	-5.13
Composite Index	-30.61	-7.74	-3.71
Inception Date: September 1, 2005
2020 Retirement Strategy	-35.29	-11.16	-6.07
Composite Index	-33.03	-8.95	-4.50
Inception Date: September 1, 2005
2025 Retirement Strategy	-37.24	-12.13	-6.22
Composite Index	-34.90	-9.91	-5.08
Inception Date: September 1, 2005
2030 Retirement Strategy	-37.86	-12.47	-6.85
Composite Index	-35.64	-10.28	-5.23
Inception Date: September 1, 2005
2035 Retirement Strategy	-38.42	-12.98	-7.05
Composite Index	-36.28	-10.61	-5.49
Inception Date: September 1, 2005
2040 Retirement Strategy	-38.32	-12.81	-6.74
Composite Index	-36.28	-10.61	-5.49
Inception Date: September 1, 2005
2045 Retirement Strategy	-38.62	-13.18	-6.92
Composite Index	-36.28	-10.61	-5.49
Inception Date: September 1, 2005
2050 Retirement Strategy	-36.94	N/A	-23.52
Composite Index	-36.28	N/A	-24.27
Inception Date: June 29, 2007
2055 Retirement Strategy	-38.40	N/A	-24.27
Composite Index	-36.28	N/A	-24.27
Inception Date: June 29, 2007

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 339

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed 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 each Strategy is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: August 31, 2009

340 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

ALLIANCEBERNSTEIN FAMILY OF FUNDS

Wealth Strategies Funds

Balanced Wealth Strategy

Wealth Appreciation Strategy

Conservative Wealth Strategy*

Tax-Managed Balanced Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

Tax-Managed Conservative Wealth Strategy*

Blended Style Funds

U.S. Large Cap Portfolio

International Portfolio

Tax-Managed International Portfolio

Growth Funds

Domestic

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

Small/Mid Cap Growth Fund

U.S. Strategic Research Portfolio*

Global & International

Global Growth Fund

Global Thematic Growth Fund

Greater China ‘97 Fund

International Growth Fund

Value Funds

Domestic

Balanced Shares

Core Opportunities Fund*

Growth & Income Fund

Small/Mid Cap Value Fund

Utility Income Fund

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Diversified Yield Fund

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Short Duration Portfolio

Municipal Bond Funds

National Arizona California Massachusetts Michigan Minnesota New Jersey New York Ohio Pennsylvania Virginia

Intermediate Municipal Bond Funds

Intermediate California

Intermediate Diversified

Intermediate New York

Closed-End Funds

AllianceBernstein Global High Income Fund

AllianceBernstein Income Fund

AllianceBernstein National Municipal Income Fund

Alliance California Municipal Income Fund

Alliance New York Municipal Income Fund

The Ibero-America Fund*

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.

You should consider the investment objectives, risks, charges and expenses of any AllianceBernstein fund/portfolio carefully before investing. For free copies of our prospectuses, which contain this and other information, visit us online at www.alliancebernstein.com or contact your financial advisor. Please read the prospectus carefully before investing.

* Prior to December 31, 2009, Conservative Wealth Strategy was named Wealth Preservation Strategy, and Tax-Managed Conservative Wealth Strategy was named Tax-Managed Wealth Preservation Strategy. U.S. Strategic Research Portfolio was incepted on December 23, 2009. Prior to January 20, 2010, The Ibero-America Fund was named The Spain Fund. Prior to March 1, 2010, Core Opportunities Fund was named the Focused Growth & Income Fund.

** 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 RETIREMENT STRATEGIES  • 341

AllianceBernstein Family of Funds

NOTES

342 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

NOTES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 343

NOTES

344 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

RS-00-55-0152-0210

SEMI-ANNUAL REPORT

AllianceBernstein Blended Style Funds

U.S. Large Cap Portfolio

February 28, 2010

Semi-Annual Report

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

The investment return and principal value of an investment in the Fund 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. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our web site at www.alliancebernstein.com or call your financial advisor or AllianceBernstein^® at (800) 227-4618. Please read the prospectus carefully before you invest.

You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

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 web site at www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”) web site 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 web site 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 12, 2010

Semi-Annual Report

This report provides management’s discussion of fund performance for AllianceBernstein Blended Style Funds U.S. Large Cap Portfolio (the “Fund”) for the semi-annual reporting period ended February 28, 2010. The Fund invests in the AllianceBernstein Pooling Portfolios and the Pooling Portfolios’ investment adviser (the “Adviser”) is AllianceBernstein L.P.

Investment Objective and Policies

The Fund’s investment objective is long-term growth of capital. The Fund will seek to achieve its investment objective by investing in two portfolios, AllianceBernstein U.S. Value Portfolio and AllianceBernstein U.S. Large Cap Growth Portfolio of the AllianceBernstein Pooling Portfolios, representing growth and value equity investment styles (the “Underlying Portfolios”). Under normal circumstances, the Fund will invest at least 80% of its net assets in Underlying Portfolios that invest in large capitalization companies. By investing in the Underlying Portfolios, the Adviser efficiently diversifies the Fund between growth and value styles. Normally, approximately 50% of the value of the Fund’s investments in the Underlying Portfolios will consist of growth stocks and 50% of value stocks, although this allocation will vary within a narrow range around this 50/50 target. Beyond this range, the Adviser will rebalance the investments in the Underlying Portfolios as necessary to maintain this targeted allocation. Performance for each of the Underlying Portfolios compared to its benchmark, plus additional performance, may be found on page 7.

Investment Results

The table on page 4 shows the Fund’s performance compared to its benchmark, the Standard & Poor’s (S&P) 500 Stock Index, for the six- and 12-month periods ended February 28, 2010.

The Fund’s Class A shares without sales charges underperformed the benchmark for the six- and 12-month periods ended February 28, 2010. During both time periods, the Fund’s value portfolio (the U.S. Value Underlying Portfolio) outperformed the Fund’s growth portfolio (the U.S. Large Cap Growth Underlying Portfolio). While relative performance was mixed, the Underlying Portfolios both generated positive absolute performance.

For the six-month period, the U.S. Value Underlying Portfolio outperformed its benchmark, the Russell 1000 Value Index, benefiting mainly from its overweight position in the consumer discretionary sector. The U.S. Large Cap Growth Underlying Portfolio underperformed its benchmark, the Russell 1000 Growth Index, during this period, largely due to its sector overweight and stock selection within financials. This underperformance outweighed the positive contribution from the U.S. Value Underlying Portfolio’s holdings.

For the 12-month period, the U.S. Value Underlying Portfolio also outperformed its benchmark. Stock selection was broadly positive, with the largest contributions coming from consumer discretionary and financial holdings. However, this outperformance was outweighed by the

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 1

negative contribution from the U.S. Large Cap Growth Underlying Portfolio, which underperformed its benchmark for the same period. Detracting most from returns of the U.S. Large Cap Growth Underlying Portfolio was its underweight in the health care sector as well as stock selection within the financial sector.

Market Review and Investment Strategy

Stocks rebounded strongly from their March 2009 lows as the global economy regained its footing and investors began looking toward future profits. The global economic recovery broadened in late 2009, as evidence emerged that the U.S. and the euro area had returned to positive growth. However, at the start of 2010, markets moderately retreated from their steady climb; expectations of increased finan-

cial regulation, China’s move to rein in bank lending and fiscal concerns in Greece and other European countries all served to create uncertainty for the markets.

Despite these concerns, the global economic backdrop has improved, and the Blend Solutions Team (the “Team”) continues to diversify the Fund across a broad set of return opportunities. The U.S. Large Cap Growth team is focused on finding firms with sound growth characteristics while the U.S. Value team is maintaining significant exposure to many attractively valued, cyclically sensitive companies. The Fund continues to feature a balanced blend of growth and value investment styles and will continue to adhere to its strategic style of maintaining allocation targets through a disciplined rebalancing process.

2 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

HISTORICAL PERFORMANCE

An Important Note About the Value of Historical Performance

The 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. The investment return and principal value of an investment in the Fund will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost.

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.

All fees and expenses related to the operation of the Fund 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 Stock, the Russell 1000 Value and the Russell 1000 Growth Indexes do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The S&P 500 Index is comprised of 500 U.S. companies and is a common measure of the performance of the overall U.S. stock market. The Russell 1000 Value contains those securities in the Russell 1000 Index with a less-than-average growth orientation. The Russell 1000 Growth Index contains those securities in the Russell 1000 Index with a greater-than-average growth orientation. The unmanaged Russell 1000 Index is comprised of 1,000 of the largest capitalized companies that are traded in 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 Fund.

A Word About Risk

Neither growth investing nor value investing guarantees a profit or eliminates risk. Growth stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. If a growth stock company should fail to meet these high earnings expectations, the price of these stocks can be severely negatively affected. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies, which would result in stock prices that rise as initially expected. Because the Fund allocates its investments between “growth” and “value” stocks, an investment in the Fund is subject to the risk that this allocation will result in lower returns during periods when one style is outperforming another than if the Fund had invested entirely in the outperforming style. The costs associated with this systematic rebalancing may be significant over time. These risks are fully discussed in the Fund’s prospectus.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 3

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

THE FUND VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein Blended Style Funds U.S. Large Cap Portfolio*
Class A	7.67%	51.82%
Class B**	7.33%	50.72%
Class C	7.32%	50.63%
Advisor Class†	7.71%	52.23%
Class R†	7.56%	51.41%
Class K†	7.60%	51.83%
Class I†	7.79%	52.17%
S&P 500 Stock Index	9.32%	53.62%
*    Includes the impact of proceeds received and credited to the Strategy resulting from class action settlements, which enhanced the Fund’s performance by 0.02% and 0.02% for the six- and 12-month periods ended February 28, 2010, respectively. **  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.
Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on previous page.

(Historical Performance continued on next page)

4 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV Returns		SEC Returns
Class A Shares
1 Year	51.82	%	45.29	%
5 Years	-1.16	%	-2.01	%
Since Inception*	2.44	%	1.86	%
Class B Shares
1 Year	50.72	%	46.72	%
5 Years	-1.86	%	-1.86	%
Since Inception*	1.71	%	1.71	%
Class C Shares
1 Year	50.63	%	49.63	%
5 Years	-1.86	%	-1.86	%
Since Inception*	1.72	%	1.72	%
Advisor Class Shares†
1 Year	52.23	%	52.23	%
5 Years	-0.88	%	-0.88	%
Since Inception*	2.74	%	2.74	%
Class R Shares†
1 Year	51.41	%	51.41	%
5 Years	-1.38	%	-1.38	%
Since Inception*	-0.63	%	-0.63	%
Class K Shares†
1 Year	51.83	%	51.83	%
Since Inception*	-1.21	%	-1.21	%
Class I Shares†
1 Year	52.17	%	52.17	%
Since Inception*	-0.87	%	-0.87	%

The Fund’s current prospectus fee table shows the Fund’s total annual expense ratios as 1.94%, 2.71%, 2.67%, 1.64%, 2.12%, 1.89% and 1.45% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I, 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 Dates: 7/15/02 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 these share classes are listed above.

See Historical Performance disclosures on page 3.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 5

Historical Performance

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, 2010)
	SEC Returns
Class A Shares
1 Year	41.38	%
5 Years	-0.21	%
Since Inception*	2.63	%
Class B Shares
1 Year	42.67	%
5 Years	-0.05	%
Since Inception*	2.49	%
Class C Shares
1 Year	45.59	%
5 Years	-0.04	%
Since Inception*	2.50	%
Advisor Class Shares†
1 Year	48.15	%
5 Years	0.97	%
Since Inception*	3.53	%
Class R Shares†
1 Year	47.22	%
5 Years	0.46	%
Since Inception*	0.38	%
Class K Shares†
1 Year	47.56	%
5 Years	0.71	%
Since Inception*	0.01	%
Class I Shares†
1 Year	48.13	%
5 Years	1.03	%
Since Inception*	0.34	%

* Inception Dates: 7/15/02 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 date for Class R, Class K, and Class I is listed above.

See Historical Performance disclosures on page 3.

(Historical Performance continued on next page)

6 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

EACH UNDERLYING PORTFOLIO* VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2010	Returns
	6 Months	12 Months
AllianceBernstein U.S. Value Portfolio	8.83%	59.48%
Russell 1000 Value Index	8.52%	56.50%
AllianceBernstein U.S. Large Cap Growth Portfolio	8.09%	48.66%
Russell 1000 Growth Index	11.32%	54.19%

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2010
	NAV/SEC Returns†
AllianceBernstein U.S. Value Portfolio
1 Year	59.48	%
Since Inception^	-1.47	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year	48.66	%
Since Inception^	1.68	%
SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2010)
	SEC Returns
AllianceBernstein U.S. Value Portfolio
1 Year	54.54	%
Since Inception^	-0.10	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year	45.32	%
Since Inception^	2.86	%

* 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. These share classes are not currently offered for direct investment from the general public. The Underlying Portfolios do not bear sales charges or management fees.

† These Portfolios are offered at net asset value (NAV) and their SEC returns are the same as their NAV returns. The AllianceBernstein Underlying Portfolios can be purchased at the relevant net asset value (NAV) without a sales charge or other fee. However, there may be sales charges in connection with purchases of other AllianceBernstein Funds which invest in these Underlying Portfolios.

^ Inception date: 5/20/05.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 7

Historical Performance

FUND EXPENSES

(unaudited)

As a shareholder of the Fund, 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 Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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. The Fund will indirectly bear its pro rata share of the expenses incurred by the Underlying Portfolios in which the Fund invests. These expenses are not included in the table below.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’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 Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The Fund will indirectly bear its pro rata share of the expenses incurred by the Underlying Portfolios in which the Fund invests. 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 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.

	Beginning Account Value September 1, 2009				Ending Account  Value February 28, 2010				Expenses Paid During Period*
	Actual		Hypothetical		Actual		Hypothetical**		Actual		Hypothetical
Class A	$	1,000	$	1,000	$	1,076.71	$	1,016.66	$	8.44	$	8.20
Class B	$	1,000	$	1,000	$	1,073.28	$	1,013.19	$	12.03	$	11.68
Class C	$	1,000	$	1,000	$	1,073.17	$	1,013.19	$	12.03	$	11.68
Advisor Class	$	1,000	$	1,000	$	1,077.09	$	1,018.15	$	6.90	$	6.71
Class R	$	1,000	$	1,000	$	1,075.55	$	1,015.67	$	9.47	$	9.20
Class K	$	1,000	$	1,000	$	1,075.95	$	1,016.91	$	8.18	$	7.95
Class I	$	1,000	$	1,000	$	1,077.85	$	1,018.15	$	6.90	$	6.71

* Expenses are equal to the classes’ annualized expense ratios of 1.64%, 2.34%, 2.34%, 1.34%, 1.84%, 1.59% and 1.34%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% return before expenses.

8 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Fund Expenses

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $53.2

* All data are as of February 28, 2010. The Fund’s holdings breakdown is expressed as a percentage of total investments and may vary over time. The Fund invests in the AllianceBernstein Underlying Portfolios. For more details regarding the Fund’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 31-41.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 9

Portfolio Summary

STATEMENT OF NET ASSETS

February 28, 2010 (unaudited)

Assets
Investments in Underlying Portfolios, at value:
AllianceBernstein U.S. Value (shares of 3,439,316)	$	26,689,087
AllianceBernstein U.S. Large Cap Growth (shares of 2,684,606)		26,684,987
Total investments (cost $51,575,232)		53,374,074
Receivable for capital stock sold		150,410
Receivable for investments sold		28,630
Total assets		53,553,114
Liabilities
Payable for capital stock redeemed		209,219
Administrative fee payable		35,346
Distribution fee payable		22,917
Audit fee payable		21,773
Advisory fee payable		13,175
Transfer Agent fee payable		6,291
Accrued expenses		64,644
Total liabilities		373,365
Net Assets	$	53,179,749
Composition of Net Assets
Capital stock, at par	$	6,183
Additional paid-in capital		59,869,035
Accumulated net investment loss		(10,579	)
Accumulated net realized loss on investment transactions		(8,483,732	)
Net unrealized appreciation on investments		1,798,842
	$	53,179,749

Net Asset Value Per Share—36 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	22,051,083	2,521,463	$	8.75	*
B	$	12,041,743	1,433,977	$	8.40
C	$	10,860,244	1,292,017	$	8.41
Advisor	$	4,509,802	509,428	$	8.85
R	$	118,410	13,785	$	8.59
K	$	1,950,614	224,401	$	8.69
I	$	1,647,853	187,847	$	8.77

* The maximum offering price per share for Class A shares was $9.14 which reflects a sales charge of 4.25%.

See notes to financial statements.

10 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Statement of Net Assets

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2010 (unaudited)

Investment Income
Income distributions from Underlying Portfolios				$	526,843
Expenses
Advisory fee (see Note B)	$	183,242
Distribution fee—Class A		36,028
Distribution fee—Class B		63,890
Distribution fee—Class C		57,255
Distribution fee—Class R		285
Distribution fee—Class K		2,205
Transfer agency—Class A		27,050
Transfer agency—Class B		17,972
Transfer agency—Class C		14,163
Transfer agency—Advisor Class		5,226
Transfer agency—Class R		106
Transfer agency—Class K		1,554
Transfer agency—Class I		162
Registration fees		40,896
Administrative		40,130
Custodian		29,684
Directors’ fees		25,101
Printing		24,618
Legal		21,621
Audit		17,648
Miscellaneous		5,220
Total expenses		614,056
Less: expenses waived and reimbursed by the Adviser (see Note B)		(76,634	)
Net expenses					537,422
Net investment loss					(10,579	)
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of Underlying Portfolio shares					(43,836	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios					4,242,647
Net gain on investment transactions					4,198,811
Net Increase in Net Assets from Operations				$	4,188,232

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 11

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(10,579	)	$	233,312
Net realized loss on sale of Underlying Portfolio shares		(43,836	)		(7,230,335	)
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		4,242,647			(12,557,829	)
Net increase (decrease) in net assets from operations		4,188,232			(19,554,852	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		– 0	–		(330,569	)
Class B		– 0	–		(38,987	)
Class C		– 0	–		(31,385	)
Advisor Class		– 0	–		(107,063	)
Class R		– 0	–		(1,120	)
Class K		– 0	–		(16,913	)
Class I		– 0	–		(28,475	)
Tax return of capital
Class A		– 0	–		(5,210	)
Class B		– 0	–		(615	)
Class C		– 0	–		(495	)
Advisor Class		– 0	–		(1,688	)
Class R		– 0	–		(18	)
Class K		– 0	–		(267	)
Class I		– 0	–		(449	)
Net realized gain on investment transactions
Class A		(69,708	)		(1,897,881	)
Class B		(37,724	)		(1,287,075	)
Class C		(34,122	)		(1,036,109	)
Advisor Class		(12,837	)		(468,133	)
Class R		(339	)		(6,267	)
Class K		(4,724	)		(80,336	)
Class I		(4,683	)		(108,674	)
Capital Stock Transactions
Net decrease		(7,377,097	)		(11,064,025	)
Total decrease		(3,353,002	)		(36,066,606	)
Net Assets
Beginning of period		56,532,751			92,599,357
End of period (including accumulated net investment loss of ($10,579) and $0, respectively)	$	53,179,749		$	56,532,751

See notes to financial statements.

12 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

February 28, 2010 (unaudited)

NOTE A

Significant Accounting Policies

AllianceBernstein Blended Style Series, Inc. (the “Company”) was organized as a Maryland corporation on April 24, 2002 and is registered under the Investment Company Act of 1940, as a diversified open-end management investment company. The Company operates as a series company currently comprised of the U.S. Large Cap Portfolio (the “Fund”) and the twelve portfolios of the AllianceBernstein Retirement Strategies (the “Funds”). Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the U.S. Large Cap Portfolio. The Global Blend Portfolio, formerly a series of the company, ceased operations on November 24, 2008. The Fund offers 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 Fund to new investors were suspended. Class B shares will only be issued (i) upon the exchange of Class B shares from another AllianceBernstein Fund, (ii) for purposes of dividend reinvestment, (iii) through the Fund’s 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 Fund invests 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”). On May 20, 2005 the Fund acquired shares of the Underlying Portfolios through a tax-free exchange of Fund investment securities at cost for shares of beneficial interest of the Underlying Portfolios. The transfer had no impact on the Fund’s net assets. 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 Fund.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 13

Notes to Financial Statements

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 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 February 28, 2010:

Investments in Securities	Level 1		Level 2		Level 3		Total
Investment Companies	$	53,374,074	$	—	$	—	$	53,374,074

3. Taxes

It is the Fund’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.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions 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 Fund’s financial statements.

14 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to 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 Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged to each Fund in proportion to their 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.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .65% of the first $2.5 billion, .55% of the next $2.5 billion and .50% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit the total operating expenses on an annual basis (including expenses of the Underlying Portfolios) to 1.65% of average daily net assets for Class A shares, 2.35% of average daily net assets for Class B and Class C shares, 1.35% of average daily net assets for Advisor Class shares, 1.85% of average daily net assets for Class R shares, 1.60% of average daily net assets for Class K shares and 1.35% of average daily net assets for Class I shares (the “Expense Caps”). For the six months ended February 28, 2010, such reimbursement amounted to $76,634. The Expense Caps expired on January 1, 2009. The Expense Caps were reinstated on September 1, 2009, and the Adviser has agreed to maintain the reinstated Expense Caps until August 31, 2010.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended February 28, 2010, such fee amounted to $40,130.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 15

Notes to Financial Statements

The Fund compensates 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 Fund. 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 $29,401 for the six months ended February 28, 2010.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $645 from the sale of Class A shares and received $180, $5,050 and $41 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the six months ended February 28, 2010.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to both Class B and Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares and .25% of the Fund’s average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class and Class I shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $651,155, $1,042,366, $13,480 and $74,707 for Class B, Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investments in the Underlying Portfolios, aggregated $1,564,474 and $9,179,286, respectively, for the six months ended February 28, 2010.

16 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

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 appreciation	$	2,502,446
Gross unrealized depreciation		(703,604	)
Net unrealized appreciation	$	1,798,842

1. Currency Transactions

The Fund may invest in non-U.S. Dollar securities on a currency hedged or unhedged basis through its investments in an Underlying Portfolio. The Fund or an Underlying Portfolio 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 options. The Fund 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 Fund 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. The Fund 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

Capital Stock

Class A, Class B, Class C, Advisor Class and Class R shares each consist of 6,000,000,000 authorized shares and Class K and Class I shares each consist of 3,000,000,000 authorized shares. Transactions in capital stock for each class were as follows:

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Class A
Shares sold	171,004		524,514		$	1,502,131		$	4,026,939
Shares issued in reinvestment of dividends and distributions	7,527		295,302			65,259			2,022,820
Shares converted from Class B	37,440		141,750			323,479			1,042,688
Shares redeemed	(621,367	)	(1,187,911	)		(5,446,485	)		(8,878,726	)
Net decrease	(405,396	)	(226,345	)	$	(3,555,616	)	$	(1,786,279	)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 17

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Class B
Shares sold	14,486		79,603		$	122,042		$	582,797
Shares issued in reinvestment of dividends and distributions	4,188		184,340			34,929			1,222,179
Shares converted to Class A	(38,923	)	(146,933	)		(323,479	)		(1,042,688	)
Shares redeemed	(191,129	)	(695,788	)		(1,599,538	)		(4,933,043	)
Net decrease	(211,378	)	(578,778	)	$	(1,766,046	)	$	(4,170,755	)
Class C
Shares sold	29,333		148,859		$	248,511		$	1,054,578
Shares issued in reinvestment of dividends and distributions	3,738		147,068			31,217			976,530
Shares redeemed	(214,102	)	(618,021	)		(1,789,342	)		(4,416,671	)
Net decrease	(181,031	)	(322,094	)	$	(1,509,614	)	$	(2,385,563	)
Advisor Class
Shares sold	34,675		225,681		$	300,474		$	1,802,258
Shares issued in reinvestment of dividends and distributions	1,169		66,698			10,248			460,879
Shares redeemed	(113,388	)	(712,007	)		(984,973	)		(5,854,398	)
Net decrease	(77,544	)	(419,628	)	$	(674,251	)	$	(3,591,261	)
Class R
Shares sold	5,768		5,450		$	49,924		$	38,370
Shares issued in reinvestment of dividends and distributions	37		1,005			319			6,775
Shares redeemed	(4,950	)	(2,551	)		(42,963	)		(16,047	)
Net increase	855		3,904		$	7,280		$	29,098
Class K
Shares sold	43,709		115,805		$	378,916		$	889,323
Shares issued in reinvestment of dividends and distributions	549		14,340			4,724			97,511
Shares redeemed	(31,594	)	(5,066	)		(267,173	)		(32,406	)
Net increase	12,664		125,079		$	116,467		$	954,428

18 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

	Shares				Amount
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31, 2009		Six Months Ended February 28, 2010 (unaudited)			Year Ended August 31, 2009
Class I
Shares sold	– 0	–	– 0	–(a)	$	– 0	–	$	1
Shares issued in reinvestment of dividends and distributions	539		20,116			4,683			137,596
Shares redeemed	– 0	–	(32,299	)		– 0	–		(251,290	)
Net increase (decrease)	539		(12,183	)	$	4,683		$	(113,693	)

(a) Share amount is less than one full share.

NOTE F

Risks Involved in Investing in the Fund

Foreign Securities Risk—An Underlying Portfolio’s investments in securities of foreign companies or foreign governments involve 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 Portfolio. For example, the value of the 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 Portfolio’s investments denominated in foreign currencies, the Portfolio’s positions in various foreign currencies may cause the Portfolio to experience investment losses due to the changes in exchange rates and interest rates.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. As such, the Fund has 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 Fund, participate in a $140 million revolving credit facility (the “Facility”)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 19

Notes to Financial Statements

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 Fund did not utilize the Facility during the six months ended February 28, 2010.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2010 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2009 and August 31, 2008 were as follows:

	2009		2008
Distributions paid from:
Ordinary income	$	449,402	$	1,381,371
Long-term capital gains		4,989,585		10,884,378
Total taxable distributions		5,438,987		12,265,749
Tax return of capital		8,742		– 0	–
Total distributions paid	$	5,447,729	$	12,265,749

As of August 31, 2009, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(6,329,413	)(a)
Unrealized appreciation/(depreciation)		(4,390,151	)(b)
Total accumulated earnings/(deficit)	$	(10,719,564	)

^(a) Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended August 31, 2009 the Fund defers to September 1, 2009 post-October losses of $6,329,413.

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

NOTE I

Legal Proceedings

On October 2, 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. (“Hindo Complaint”) was filed against the Adviser, Alliance Capital Management Holding L.P. (“Alliance Holding”), Alliance Capital Management Corporation, AXA Financial, Inc., the AllianceBernstein Funds, certain officers of the Adviser (“AllianceBernstein defendants”), and certain other unaffiliated defendants, as well as unnamed Doe defendants. The Hindo Complaint was filed in the United States District Court for the Southern District of New York by alleged shareholders of two of the AllianceBernstein Funds. The Hindo Complaint alleges that certain of the AllianceBernstein defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in “late trading”

20 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

and “market timing” of AllianceBernstein Fund securities, violating Sections 11 and 15 of the Securities Act, Sections 10(b) and 20(a) of the Exchange Act and Sections 206 and 215 of the Advisers Act. Plaintiffs seek an unspecified amount of compensatory damages and rescission of their contracts with the Adviser, including recovery of all fees paid to the Adviser pursuant to such contracts.

Following October 2, 2003, 43 additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various federal and state courts against the Adviser and certain other defendants. On September 29, 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of Alliance Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of the Adviser. All four complaints include substantially identical factual allegations, which appear to be based in large part on the Order of the SEC dated December 18, 2003 as amended and restated January 15, 2004 (“SEC Order”) and the New York State Attorney General Assurance of Discontinuance dated September 1, 2004 (“NYAG Order”).

On April 21, 2006, the Adviser and attorneys for the plaintiffs in the mutual fund shareholder claims, mutual fund derivative claims, and ERISA claims entered into a confidential memorandum of understanding containing their agreement to settle these claims. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. The settlement amount ($30 million), which the Adviser previously accrued and disclosed, has been disbursed. The derivative claims brought on behalf of Alliance Holding, in which plaintiffs seek an unspecified amount of damages, remain pending.

It is possible that these matters and/or other developments resulting from these matters could result in increased redemptions of the AllianceBernstein Mutual Funds’ shares or other adverse consequences to the AllianceBernstein Mutual Funds. This may require the AllianceBernstein Mutual Funds to sell investments held by those funds to provide for sufficient liquidity and could also have an adverse effect on the investment performance of the AllianceBernstein Mutual Funds. However, the Adviser believes that these matters are not likely to have a material adverse effect on its ability to perform advisory services relating to the AllianceBernstein Mutual Funds.

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 Fund’s financial statements through this date.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 21

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,								October 1, 2004 to August 31, 2005(a)		July 1, 2004 to September 30, 2004(b)
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.15		$  11.11		$  14.18		$  13.31		$  12.89		$  11.87		$  12.14
Income From Investment Operations
Net investment income (loss)(c)	.01	(d)	.05	(d)	.12		.07	(d)	(.02	)(d)	.01	(d)	.00	(d)(e)
Net realized and unrealized gain (loss) on investment transactions	.62		(2.24	)	(2.18	)	1.59		.98		1.44		(.27	)
Net increase (decrease) in net asset value from operations	.63		(2.19	)	(2.06	)	1.66		.96		1.45		(.27	)
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	(.12	)	(.13	)	.00	(e)	– 0	–	– 0	–	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.65	)	(.88	)	(.79	)	(.54	)	(.43	)	– 0	–
Tax return of capital	– 0	–	(.00	)(e)	– 0	–	– 0	–	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(.03	)	(.77	)	(1.01	)	(.79	)	(.54	)	(.43	)	– 0	–
Net asset value, end of period	$  8.75		$  8.15		$  11.11		$  14.18		$  13.31		$  12.89		$  11.87
Total Return
Total investment return based on net asset value(f)	7.67	%*	(18.45	)%	(15.55	)%	12.70	%	7.47	%	12.35	%	(2.22	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$22,051		$23,852		$35,039		$50,062		$51,188		$55,567		$52,492
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	1.64	%(g)(h)	1.82	%(g)	1.42	%(g)	1.31	%(g)	1.36	%(g)(i)	1.47	%(g)(h)	1.47	%(h)
Expenses, before waivers/reimbursements	1.90	%(g)(h)	1.92	%(g)	1.42	%(g)	1.34	%(g)	1.41	%(g)(i)	1.52	%(g)(h)	1.74	%(h)
Net investment income (loss)	.23	%(d)(h)	.66	%(d)	.95	%	.52	%(d)	(.13	)%(d)(i)	.06	%(d)(h)	.01	%(d)(h)
Portfolio turnover rate	3	%	8	%	10	%	19	%	6	%	44	%	11	%

See footnote summary on page 29.

22 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class B
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,								October 1, 2004 to August 31, 2005(a)		July 1, 2004 to September 30, 2004(b)
			2009		2008		2007		2006
Net asset value, beginning of period	$  7.85		$  10.68		$  13.65		$  12.93		$  12.63		$  11.71		$  11.99
Income From Investment Operations
Net investment income (loss)(c)	(.02	)(d)	(.00	)(d)(e)	.03		(.02	)(d)	(.11	)(d)	(.07	)(d)	(.02	)(d)
Net realized and unrealized gain (loss) on investment transactions	.60		(2.16	)	(2.11	)	1.53		.95		1.42		(.26	)
Net increase (decrease) in net asset value from operations	.58		(2.16	)	(2.08	)	1.51		.84		1.35		(.28	)
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	(.02	)	(.01	)	– 0	–	– 0	–	– 0	–	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.65	)	(.88	)	(.79	)	(.54	)	(.43	)	– 0	–
Tax return of capital	– 0	–	(.00	)(e)	– 0	–	– 0	–	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(.03	)	(.67	)	(.89	)	(.79	)	(.54	)	(.43	)	– 0	–
Net asset value, end of period	$  8.40		$  7.85		$  10.68		$  13.65		$  12.93		$  12.63		$  11.71
Total Return
Total investment return based on net asset value(f)	7.33	%*	(19.07	)%	(16.19	)%	11.86	%	6.65	%	11.64	%	(2.34	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$12,042		$12,921		$23,762		$42,459		$51,945		$64,829		$64,399
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	2.34	%(g)(h)	2.55	%(g)	2.16	%(g)	2.04	%(g)	2.09	%(g)(i)	2.19	%(g)(h)	2.19	%(h)
Expenses, before waivers/reimbursements	2.66	%(g)(h)	2.69	%(g)	2.16	%(g)	2.07	%(g)	2.14	%(g)(i)	2.24	%(g)(h)	2.46	%(h)
Net investment income (loss)	(.47	)%(d)(h)	0	%(d)(j)	.24	%	(.18	)%(d)	(.84	)%(d)(i)	(.66	)%(d)(h)	(.71	)%(d)(h)
Portfolio turnover rate	3	%	8	%	10	%	19	%	6	%	44	%	11	%

See footnote summary on page 29.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 23

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,								October 1, 2004 to August 31, 2005(a)		July 1, 2004 to September 30, 2004(b)
			2009		2008		2007		2006
Net asset value, beginning of period	$  7.86		$  10.69		$  13.66		$  12.93		$  12.63		$  11.71		$  11.99
Income From Investment Operations
Net investment income (loss)(c)	(.02	)(d)	(.00	)(d)(e)	.03		(.03	)(d)	(.11	)(d)	(.07	)(d)	(.02	)(d)
Net realized and unrealized gain (loss) on investment transactions	.60		(2.16	)	(2.11	)	1.55		.95		1.42		(.26	)
Net increase (decrease) in net asset value from operations	.58		(2.16	)	(2.08	)	1.52		.84		1.35		(.28	)
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	(.02	)	(.01	)	– 0	–	– 0	–	– 0	–	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.65	)	(.88	)	(.79	)	(.54	)	(.43	)	– 0	–
Tax return of capital	– 0	–	(.00	)(e)	– 0	–	– 0	–	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(.03	)	(.67	)	(.89	)	(.79	)	(.54	)	(.43	)	– 0	–
Net asset value, end of period	$  8.41		$  7.86		$  10.69		$  13.66		$  12.93		$  12.63		$  11.71
Total Return
Total investment return based on net asset value(f)	7.32	%*	(19.05	)%	(16.18	)%	11.95	%	6.65	%	11.64	%	(2.34	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$10,860		$11,579		$19,192		$31,101		$32,904		$36,807		$39,267
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	2.34	%(g)(h)	2.53	%(g)	2.13	%(g)	2.02	%(g)	2.07	%(g)(i)	2.17	%(g)(h)	2.18	%(h)
Expenses, before waivers/reimbursements	2.62	%(g)(h)	2.65	%(g)	2.13	%(g)	2.05	%(g)	2.12	%(g)(i)	2.22	%(g)(h)	2.45	%(h)
Net investment income (loss)	(.46	)%(d)(h)	(.02	)%(d)	.25	%	(.19	)%(d)	(.83	)%(d)(i)	(.63	)%(d)(h)	(.71	)%(d)(h)
Portfolio turnover rate	3	%	8	%	10	%	19	%	6	%	44	%	11	%

See footnote summary on page 29.

24 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,								October 1, 2004 to August 31, 2005(a)		July 1, 2004 to September 30, 2004(b)
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.24		$  11.24		$  14.35		$  13.46		$  12.99		$  11.92			$  12.18
Income From Investment Operations
Net investment income(c)	.02	(d)	.09	(d)	.20		.07	(d)	.03	(d)	.04	(d)		.01	(d)
Net realized and unrealized gain (loss) on investment transactions	.62		(2.29	)	(2.25	)	1.66		.98		1.46			(.27	)
Net increase (decrease) in net asset value from operations	.64		(2.20	)	(2.05	)	1.73		1.01		1.50			(.26	)
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	(.15	)	(.18	)	(.05	)	– 0	–	– 0	–		– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.65	)	(.88	)	(.79	)	(.54	)	(.43	)		– 0	–
Tax return of capital	– 0	–	(.00	)(e)	– 0	–	– 0	–	– 0	–	– 0	–		– 0	–
Total dividends and distributions	(.03	)	(.80	)	(1.06	)	(.84	)	(.54	)	(.43	)		– 0	–
Net asset value, end of period	$  8.85		$  8.24		$  11.24		$  14.35		$  13.46		$  12.99			$  11.92
Total Return
Total investment return based on net asset value(f)	7.71	%*	(18.19	)%	(15.37	)%	13.06	%	7.81	%	12.73	%		(2.13	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$4,510		$4,834		$11,318		$53,956		$12,407		$9,737			$9,251
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	1.34	%(g)(h)	1.51	%(g)	1.09	%(g)	1.02	%(g)	1.05	%(g)(i)	1.17	%(g)(h)	1.17		%(h)
Expenses, before waivers/reimbursements	1.60	%(g)(h)	1.62	%(g)	1.09	%(g)	1.05	%(g)	1.11	%(g)(i)	1.22	%(g)(h)		1.44	%(h)
Net investment income	.54	%(d)(h)	1.21	%(d)	1.47	%	.51	%(d)	.20	%(d)(i)	.36	%(d)(h)		.31	%(d)(h)
Portfolio turnover rate	3	%	8	%	10	%	19	%	6	%	44	%		11	%

See footnote summary on page 29.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 25

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class R
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,								October 1, 2004 to August 31, 2005(a)		July 1, 2004 to September 30, 2004(b)
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.01		$  10.97		$  14.03		$  13.22		$  12.85		$  11.86		$  12.13
Income From Investment Operations
Net investment income (loss)(c)	(.00	)(d)(e)	.03	(d)	.06		.02	(d)	(.05	)(d)	(.02	)(d)	(.01	)(d)
Net realized and unrealized gain (loss) on investment transactions	.61		(2.22	)	(2.12	)	1.61		.96		1.44		(.26	)
Net increase (decrease) in net asset value from operations	.61		(2.19	)	(2.06	)	1.63		.91		1.42		(.27	)
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	(.12	)	(.12	)	(.03	)	– 0	–	– 0	–	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.65	)	(.88	)	(.79	)	(.54	)	(.43	)	– 0	–
Tax return of capital	– 0	–	(.00	)(e)	– 0	–	– 0	–	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(.03	)	(.77	)	(1.00	)	(.82	)	(.54	)	(.43	)	– 0	–
Net asset value, end of period	$  8.59		$  8.01		$  10.97		$  14.03		$  13.22		$  12.85		$  11.86
Total Return
Total investment return based on net asset value(f)	7.56	%*	(18.66	)%	(15.71	)%	12.52	%	7.09	%	12.10	%	(2.23	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$118		$103		$99		$63		$13		$11		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	1.84	%(g)(h)	2.04	%(g)	1.62	%(g)	1.50	%(g)	1.64	%(g)(i)	1.72	%(g)(h)	1.66	%(h)
Expenses, before waivers/reimbursements	2.07	%(g)(h)	2.10	%(g)	1.62	%(g)	1.53	%(g)	1.69	%(g)(i)	1.77	%(g)(h)	1.93	%(h)
Net investment income (loss)	(.03	)%(d)(h)	.35	%(d)	.49	%	.17	%(d)	(.41	)%(d)(i)	(.20	)%(d)(h)	(.18	)%(d)(h)
Portfolio turnover rate	3	%	8	%	10	%	19	%	6	%	44	%	11	%

See footnote summary on page 29.

26 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class K
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,								March 1, 2005(k) to August 31, 2005
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.10		$  11.08		$  14.19		$  13.31		$  12.90		$  12.31
Income From Investment Operations
Net investment income (loss)(c)	.01	(d)	.04	(d)	.11		(.10	)(d)	(.02	)(d)	(.03	)(d)
Net realized and unrealized gain (loss) on investment transactions	.61		(2.23	)	(2.17	)	1.78		.97		.62
Net increase (decrease) in net asset value from operations	.62		(2.19	)	(2.06	)	1.68		.95		.59
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	(.14	)	(.17	)	(.01	)	– 0	–	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.65	)	(.88	)	(.79	)	(.54	)	– 0	–
Tax return of capital	– 0	–	(.00	)(e)	– 0	–	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(.03	)	(.79	)	(1.05	)	(.80	)	(.54	)	– 0	–
Net asset value, end of period	$  8.69		$  8.10		$  11.08		$  14.19		$  13.31		$  12.90
Total Return
Total investment return based on net asset value(f)	7.60	%*	(18.41	)%	(15.58	)%	12.84	%	7.38	%	4.79	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,951		$1,715		$960		$1,302		$11		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)	1.59	%(h)	1.81	%	1.43	%	1.58	%	1.37	%(i)	1.51	%(h)
Expenses, before waivers/reimbursements(g)	1.81	%(h)	1.87	%	1.43	%	1.63	%	1.42	%(i)	1.56	%(h)
Net investment income (loss)	.13	%(d)(h)	.49	%(d)	.89	%	(1.20	)%(d)	(.13	)%(d)(i)	(.50	)%(d)(h)
Portfolio turnover rate	3	%	8	%	10	%	19	%	6	%	44	%

See footnote summary on page 29.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 27

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class I
	Six Months Ended February 28, 2010 (unaudited)		Year Ended August 31,								March 1, 2005(k) to August 31, 2005
			2009		2008		2007		2006
Net asset value, beginning of period	$  8.16		$  11.17		$  14.25		$  13.38		$  12.92		$  12.31
Income From Investment Operations
Net investment income (loss)(c)	.02	(d)	.08	(d)	.17		.08	(d)	(.02	)(d)	(.01	)(d)
Net realized and unrealized gain (loss) on investment transactions	.62		(2.27	)	(2.18	)	1.64		1.02		.62
Net increase (decrease) in net asset value from operations	.64		(2.19	)	(2.01	)	1.72		1.00		.61
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	(.17	)	(.19	)	(.06	)	– 0	–	– 0	–
Distributions from net realized gain on investment transactions	(.03	)	(.65	)	(.88	)	(.79	)	(.54	)	– 0	–
Tax return of capital	– 0	–	(.00	)(e)	– 0	–	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(.03	)	(.82	)	(1.07	)	(.85	)	(.54	)	– 0	–
Net asset value, end of period	$  8.77		$  8.16		$  11.17		$  14.25		$  13.38		$  12.92
Total Return
Total investment return based on net asset value(f)	7.79	%*	(18.16	)%	(15.15	)%	13.09	%	7.77	%	4.96	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$1,648		$1,529		$2,228		$2,696		$277		$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)	1.34	%(h)	1.42	%	1.01	%	.96	%	.97	%(i)	1.19	%(h)
Expenses, before waivers/reimbursements(g)	1.40	%(h)	1.43	%	1.01	%	.99	%	1.02	%(i)	1.24	%(h)
Net investment income (loss)	.49	%(d)(h)	1.12	%(d)	1.33	%	.62	%(d)	(.19	)%(d)(i)	(.17	)%(d)(h)
Portfolio turnover rate	3	%	8	%	10	%	19	%	6	%	44	%

See footnote summary on page 29.

28 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

(a) The Fund changed its fiscal year end from September 30 to August 31.

(b) The Fund changed its fiscal year end from June 30 to September 30.

(c) Based on average shares outstanding.

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

(e) Amount is less than $.005.

(f) 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 fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(g) Expense ratios do not include expenses of the Underlying Portfolios in which the Fund invests. For the six months ended February 28, 2010 and the years ended August 31, 2009, August 31, 2008, August 31, 2007 and August 31, 2006, the estimated annualized blended expense ratios were .01%, .02%, .02%, .02%, and .04%, respectively.

(h) Annualized.

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

(j) Amount is less than 0.005%.

(k) Commencement of distributions.

* Includes the impact of proceeds received and credited to the Fund resulting from the class action settlements, which enhanced the Fund’s performance for the six months ended February 28, 2010 by 0.02%.

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 29

Financial Highlights

BOARD OF DIRECTORS

William H. Foulk, Jr.⁽¹⁾, Chairman

John H. Dobkin⁽¹⁾

Michael J. Downey⁽¹⁾

D. James Guzy⁽¹⁾

Nancy P. Jacklin⁽¹⁾

Garry L. Moody⁽¹⁾

Marshall C. Turner, Jr.⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

Robert M. Keith, President and Chief Executive Officer

Philip L. Kirstein, Senior Vice President and Independent Compliance Officer

Seth J. Masters⁽²⁾, Senior Vice President

Thomas J. Fontaine⁽²⁾ , Vice President

Dokyoung Lee⁽²⁾, Vice President

Patrick J. Rudden⁽²⁾ , Vice President

Karen A. Sesin⁽²⁾ , Vice President

Emilie D. Wrapp, Secretary

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	Independent Registered Public Accounting Firm
	KPMG LLP 345 Park Avenue New York, NY 10154
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

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee. Mr. Foulk is the sole member of the Fair Value Pricing Committee.

(2) The management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Blend Solutions Team. Messrs. Masters, Fontaine, Lee and Rudden and Ms. Sesin are the members of the Blend Solutions Team with the most significant responsibilities for the day-to-day management of the Fund’s portfolio.

30 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Board of Directors

The information on pages 31-41 represent the holdings of the Underlying Portfolios in which the Fund may invest, including specific breakdowns within Underlying Portfolios. This holdings information has been derived from each fund’s February 28, 2010 financial statements. A copy of the Underlying Portfolios’ unaudited semi-annual report is available upon request.

PORTFOLIO SUMMARY

February 28, 2010 (unaudited)

U.S. VALUE PORTFOLIO

U.S. LARGE CAP GROWTH PORTFOLIO

* All data are as of February 28, 2010. The Portfolio’s sector breakdown is expressed as a percentage of total investments 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 BLENDED STYLE FUNDS  • 31

Portfolio Summary

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 97.2%
Financials – 21.1%
Capital Markets – 6.0%
Ameriprise Financial, Inc.	552,700	$	22,124,581
Deutsche Bank AG	309,100		19,627,850
Goldman Sachs Group, Inc. (The)	411,300		64,306,755
Morgan Stanley	927,500		26,136,950
			132,196,136
Commercial Banks – 5.2%
BB&T Corp.	757,400		21,608,622
US Bancorp	921,900		22,687,959
Wells Fargo & Co.	2,531,400		69,208,476
			113,505,057
Diversified Financial Services – 6.1%
Bank of America Corp.	3,498,800		58,290,008
Citigroup, Inc.(a)	3,631,500		12,347,100
JPMorgan Chase & Co.	1,523,800		63,953,886
			134,590,994
Insurance – 3.8%
ACE Ltd.(a)	181,400		9,068,186
Allstate Corp. (The)	381,400		11,918,750
Everest Re Group Ltd.	65,500		5,595,010
PartnerRe Ltd.	66,100		5,262,221
Travelers Cos., Inc. (The)	414,500		21,798,555
Unum Group	555,100		11,551,631
XL Capital Ltd. – Class A	951,600		17,385,732
			82,580,085
			462,872,272
Energy – 16.9%
Energy Equipment & Services – 1.7%
Ensco International PLC (Sponsored ADR)	390,000		17,226,300
Noble Corp.(a)	260,600		11,012,956
Rowan Cos., Inc.(a)	386,318		10,051,994
			38,291,250
Oil, Gas & Consumable Fuels – 15.2%
Apache Corp.	114,200		11,835,688
Chevron Corp.	545,100		39,410,730
Cimarex Energy Co.	398,100		23,790,456
ConocoPhillips	1,272,300		61,070,400
Devon Energy Corp.	552,500		38,045,150
Exxon Mobil Corp.	1,076,000		69,940,000
Forest Oil Corp.(a)	519,300		14,073,030
Newfield Exploration Co.(a)	287,300		14,672,411
Nexen, Inc.	1,013,600		22,806,000

32 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Occidental Petroleum Corp.	192,500	$	15,371,125
Valero Energy Corp.	1,308,500		22,924,920
			333,939,910
			372,231,160
Consumer Discretionary – 16.0%
Auto Components – 0.5%
TRW Automotive Holdings Corp.(a)	382,500		10,277,775
Automobiles – 1.3%
Ford Motor Co.(a)	2,532,800		29,735,072
Hotels, Restaurants & Leisure – 0.5%
Royal Caribbean Cruises Ltd.(a)	408,500		11,548,295
Household Durables – 2.3%
DR Horton, Inc.	686,400		8,483,904
Fortune Brands, Inc.	41,500		1,818,945
Garmin Ltd.	386,600		12,351,870
NVR, Inc.(a)	24,000		16,999,200
Pulte Homes, Inc.(a)	1,042,900		11,294,607
			50,948,526
Media – 6.2%
CBS Corp. – Class B	1,544,900		20,068,251
News Corp. – Class A	2,154,400		28,804,328
Time Warner Cable, Inc. – Class A	752,600		35,138,894
Time Warner, Inc.	1,086,100		31,540,344
Viacom, Inc. – Class B(a)	699,500		20,740,175
			136,291,992
Multiline Retail – 1.0%
JC Penney Co., Inc.	312,300		8,613,234
Macy’s, Inc.	725,800		13,899,070
			22,512,304
Specialty Retail – 3.5%
Foot Locker, Inc.	540,900		7,015,473
Home Depot, Inc.	763,300		23,814,960
Limited Brands, Inc.	477,800		10,564,158
Lowe’s Cos., Inc.	486,000		11,523,060
Office Depot, Inc.(a)	1,962,100		14,166,362
Ross Stores, Inc.	190,200		9,302,682
			76,386,695
Textiles, Apparel & Luxury Goods – 0.7%
Jones Apparel Group, Inc.	864,600		14,577,156
			352,277,815

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 33

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Health Care – 9.2%
Health Care Providers & Services – 2.3%
Aetna, Inc.	656,700	$	19,694,433
UnitedHealth Group, Inc.(a)	294,400		9,968,384
WellPoint, Inc.(a)	339,200		20,986,304
			50,649,121
Pharmaceuticals – 6.9%
Merck & Co., Inc.	1,592,700		58,738,776
Mylan, Inc.(a)	646,000		13,785,640
Pfizer, Inc.	4,445,400		78,016,770
			150,541,186
			201,190,307
Consumer Staples – 8.9%
Beverages – 1.2%
Coca-Cola Enterprises, Inc.	596,200		15,232,910
Constellation Brands, Inc. – Class A(a)	732,900		11,022,816
			26,255,726
Food & Staples Retailing – 0.7%
Supervalu, Inc.	961,100		14,675,997
Food Products – 4.0%
Archer-Daniels-Midland Co.	733,100		21,523,816
Bunge Ltd.	228,000		13,586,520
Dean Foods Co.(a)	593,200		8,654,788
Kraft Foods, Inc. – Class A	663,400		18,860,462
Sara Lee Corp.	953,700		12,932,172
Smithfield Foods, Inc.(a)	330,700		5,691,347
Tyson Foods, Inc. – Class A	426,100		7,260,744
			88,509,849
Household Products – 1.4%
Kimberly-Clark Corp.	70,300		4,270,022
Procter & Gamble Co. (The)	436,300		27,609,064
			31,879,086
Tobacco – 1.6%
Altria Group, Inc.	840,600		16,912,872
Reynolds American, Inc.	325,600		17,191,680
			34,104,552
			195,425,210
Information Technology – 8.0%
Communications Equipment – 3.4%
Ciena Corp.(a)	35,325		506,561
JDS Uniphase Corp.(a)	722,800		7,755,644
Motorola, Inc.(a)	6,007,900		40,613,404

34 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Nokia Oyj (Sponsored ADR) – Class A	1,294,900	$	17,442,303
Tellabs, Inc.	1,150,200		7,947,882
			74,265,794
Computers & Peripherals – 1.4%
Dell, Inc.(a)	1,168,000		15,452,640
Seagate Technology(a)	610,000		12,145,100
Western Digital Corp.(a)	72,800		2,812,264
			30,410,004
Electronic Equipment, Instruments & Components – 1.6%
Corning, Inc.	680,800		12,002,504
Tyco Electronics Ltd.	851,200		21,816,256
Vishay Intertechnology, Inc.(a)	83,800		858,950
			34,677,710
Internet Software & Services – 0.1%
AOL, Inc.(a)	114,236		2,830,768
IT Services – 0.5%
Accenture PLC	267,400		10,687,978
Semiconductors & Semiconductor Equipment – 0.2%
Teradyne, Inc.(a)	556,400		5,558,436
Software – 0.8%
Symantec Corp.(a)	1,008,287		16,687,150
			175,117,840
Industrials – 6.6%
Aerospace & Defense – 1.1%
Northrop Grumman Corp.	294,400		18,034,944
Raytheon Co.	121,600		6,838,784
			24,873,728
Electrical Equipment – 0.3%
Cooper Industries PLC	167,600		7,602,336
Industrial Conglomerates – 3.6%
General Electric Co.	4,435,200		71,229,312
Textron, Inc.	381,500		7,599,480
			78,828,792
Machinery – 1.3%
Ingersoll-Rand PLC	666,400		21,264,824
SPX Corp.	104,800		6,234,552
			27,499,376

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 35

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
Road & Rail – 0.3%
Hertz Global Holdings, Inc.(a)	581,300	$	5,464,220
			144,268,452
Telecommunication Services – 5.8%
Diversified Telecommunication Services – 4.2%
AT&T, Inc.	2,800,362		69,476,981
Verizon Communications, Inc.	780,700		22,585,651
			92,062,632
Wireless Telecommunication Services – 1.6%
Sprint Nextel Corp.(a)	5,664,200		18,861,786
Vodafone Group PLC (Sponsored ADR)	717,800		15,626,506
			34,488,292
			126,550,924
Materials – 4.0%
Chemicals – 1.4%
EI du Pont de Nemours & Co.	733,900		24,747,108
Huntsman Corp.	520,580		7,147,563
			31,894,671
Containers & Packaging – 0.3%
Sonoco Products Co.	210,400		6,223,632
Metals & Mining – 2.3%
AK Steel Holding Corp.	552,300		11,891,019
Freeport-McMoRan Copper & Gold, Inc.	350,200		26,321,032
Steel Dynamics, Inc.	721,000		11,773,930
			49,985,981
			88,104,284
Utilities – 0.7%
Electric Utilities – 0.2%
Edison International	172,800		5,638,464
Independent Power Producers & Energy Traders – 0.2%
RRI Energy, Inc.(a)	982,400		4,175,200
Multi-Utilities – 0.3%
CMS Energy Corp.	277,400		4,235,898
NiSource, Inc.	164,300		2,467,786
			6,703,684
			16,517,348
Total Common Stocks (cost $2,017,437,693)			2,134,555,612

36 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

Company	Shares	U.S. $ Value
SHORT-TERM INVESTMENTS – 2.7%
Investment Companies – 2.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(b) (cost $57,915,741)	57,915,741	$	57,915,741
Total Investments – 99.9% (cost $2,075,353,434)			2,192,471,353
Other assets less liabilities – 0.1%			2,975,360
Net Assets – 100.0%		$	2,195,446,713

(a) Non-income producing security.

(b) 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 BLENDED STYLE FUNDS  • 37

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2010 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 98.8%
Information Technology – 30.3%
Communications Equipment – 3.6%
Cisco Systems, Inc.(a)	1,633,500	$	39,743,055
QUALCOMM, Inc.	812,400		29,806,956
Research In Motion Ltd.(a)	126,500		8,966,320
			78,516,331
Computers & Peripherals – 12.5%
Apple, Inc.(a)	750,160		153,497,739
EMC Corp.(a)	2,710,200		47,401,398
Hewlett-Packard Co.	1,408,350		71,530,097
			272,429,234
Internet Software & Services – 6.0%
Google, Inc. – Class A(a)	250,290		131,852,772
Semiconductors & Semiconductor Equipment – 6.1%
Broadcom Corp. – Class A	824,400		25,820,208
Intel Corp.	4,122,600		84,636,978
KLA-Tencor Corp.	811,000		23,624,430
			134,081,616
Software – 2.1%
Microsoft Corp.	1,606,100		46,030,826
			662,910,779
Health Care – 17.4%
Biotechnology – 6.1%
Celgene Corp.(a)	276,800		16,475,136
Gilead Sciences, Inc.(a)	2,049,950		97,598,119
Vertex Pharmaceuticals, Inc.(a)	438,000		17,787,180
			131,860,435
Health Care Equipment & Supplies – 8.3%
Alcon, Inc.	756,350		120,804,222
Baxter International, Inc.	563,700		32,091,441
Covidien PLC	594,800		29,216,576
			182,112,239
Health Care Providers & Services – 0.5%
Medco Health Solutions, Inc.(a)	183,200		11,585,568
Pharmaceuticals – 2.5%
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)	915,100		54,915,151
			380,473,393

38 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

Company	Shares	U.S. $ Value
Financials – 16.0%
Capital Markets – 8.5%
Blackstone Group LP	2,693,500	$	37,655,130
Credit Suisse Group AG (Sponsored ADR)	291,500		13,000,900
Franklin Resources, Inc.	264,800		26,935,456
Goldman Sachs Group, Inc. (The)	687,000		107,412,450
			185,003,936
Diversified Financial Services – 7.2%
Bank of America Corp.	1,801,700		30,016,322
CME Group, Inc. – Class A	54,775		16,525,070
JPMorgan Chase & Co.	2,648,400		111,153,348
			157,694,740
Insurance – 0.3%
Principal Financial Group, Inc.	332,900		7,726,609
			350,425,285
Consumer Discretionary – 9.0%
Auto Components – 1.6%
Johnson Controls, Inc.	1,105,500		34,381,050
Automobiles – 1.2%
Ford Motor Co.(a)	2,232,300		26,207,202
Hotels, Restaurants & Leisure – 0.5%
Hyatt Hotels Corp.(a)	291,800		9,754,874
Media – 1.3%
Comcast Corp. – Class A	1,165,400		19,159,176
Walt Disney Co. (The)	324,300		10,131,132
			29,290,308
Multiline Retail – 4.2%
Kohl’s Corp.(a)	943,600		50,784,552
Target Corp.	807,300		41,592,096
			92,376,648
Specialty Retail – 0.2%
Home Depot, Inc.	140,200		4,374,240
			196,384,322
Industrials – 9.0%
Air Freight & Logistics – 0.3%
FedEx Corp.	81,400		6,899,464
Electrical Equipment – 2.3%
Cooper Industries PLC	773,000		35,063,280
Vestas Wind Systems A/S (ADR)(a)	822,800		13,576,200
			48,639,480

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 39

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

Company	Shares	U.S. $ Value
Machinery – 6.4%
Danaher Corp.	682,600	$	50,491,922
Dover Corp.	633,300		28,663,158
Illinois Tool Works, Inc.	1,340,000		60,996,800
			140,151,880
			195,690,824
Energy – 8.2%
Energy Equipment & Services – 5.2%
Cameron International Corp.(a)	721,700		29,683,521
Schlumberger Ltd.	1,371,935		83,825,228
			113,508,749
Oil, Gas & Consumable Fuels – 3.0%
EOG Resources, Inc.	85,200		8,013,060
Noble Energy, Inc.	483,500		35,121,440
Occidental Petroleum Corp.	93,800		7,489,930
Suncor Energy, Inc.	535,500		15,481,305
			66,105,735
			179,614,484
Consumer Staples – 5.1%
Beverages – 2.2%
Anheuser-Busch InBev NV (Sponsored ADR)(a)	164,100		8,196,795
PepsiCo, Inc.	652,300		40,749,181
			48,945,976
Food & Staples Retailing – 2.7%
Costco Wholesale Corp.	750,900		45,782,373
CVS Caremark Corp.	243,000		8,201,250
Wal-Mart Stores, Inc.	80,050		4,328,304
			58,311,927
Tobacco – 0.2%
Philip Morris International, Inc.	96,400		4,721,672
			111,979,575
Materials – 3.8%
Chemicals – 1.2%
Air Products & Chemicals, Inc.	161,320		11,063,326
Dow Chemical Co. (The)	537,500		15,216,625
			26,279,951
Metals & Mining – 2.6%
ArcelorMittal (New York)	547,250		20,915,895
Freeport-McMoRan Copper & Gold, Inc.	416,700		31,319,172
Vale SA (Sponsored ADR) – Class B	133,600		3,722,096
			55,957,163
			82,237,114
Total Common Stocks (cost $1,779,371,020)			2,159,715,776

40 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

Company	Shares	U.S. $ Value
SHORT-TERM INVESTMENTS – 1.0%
Investment Companies – 1.0%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.11%(b) (cost $21,820,040)	21,820,040	$	21,820,040
Total Investments – 99.8% (cost $1,801,191,060)			2,181,535,816
Other assets less liabilities – 0.2%			3,481,577
Net Assets – 100.0%		$	2,185,017,393

(a) Non-income producing security.

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

Glossary:

ADR – American Depositary Receipt

LP – Limited Partnership

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 41

U.S. Large Cap Growth Portfolio—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 AllianceBernstein Blended Style Series, Inc. (the “Fund”), in respect of the AllianceBernstein U.S. Large Cap Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”).

The Portfolio seeks long term growth of capital through investing in a combination of shares of The AllianceBernstein Pooling Portfolios (the “Pooling Portfolios”),³ which represent a variety of asset classes and investment styles, rather than making direct investments in portfolio securities. 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 of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. 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 Fund which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement.

The Senior Officer’s evaluation considered the following factors:

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

2. Management 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 summary was completed on July 23, 2009 and presented to the Board of Directors on August 4-6, 2009.

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

3 The Portfolio invests in a combination of the following Pooling Portfolios: U.S. Value Portfolio and U.S. Large Cap Growth Portfolio.

42 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

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

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

INVESTMENT ADVISORY FEES, NET ASSETS & RATIOS

The Adviser proposed that the Portfolio 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.⁴

Category	Advisory Fee Based on % of Average Daily Net Assets5	Net Assets 06/30/09 ($MIL)		Portfolio
Blend	65 bp on 1st $2.5 billion 55 bp on next $2.5 billion 50 bp on the balance	$	51.9	U.S. Large Cap Portfolio

It should be noted that there are no management fees charged by the Adviser for managing the Pooling Portfolios in which the Portfolio invests, although those Funds do bear expenses incurred by the Pooling Portfolios.

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $105,413 (0.07% of the Portfolio’s average daily net assets) for such services.

Set forth below are the total expense ratios of the Portfolio for the most recent semi-annual period:

Portfolio	Total Expense Ratio			Fiscal Year End
U.S. Large Cap Portfolio	Class A Class B Class C Class R Class K Class I Advisor	1.96 2.72 2.69 2.06 1.86 1.40 1.65	%  %  %  %  %  %  %	August 31 (ratio as of February 28, 2009)

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

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

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 43

The expense ratios set forth in the table above for U.S. Large Cap Portfolio includes the estimated annualized blended expense ratios of the Pooling Portfolios (i.e., the Portfolio’s underlying expense ratio). For the six months ended February 28, 2009, the estimated underlying expense ratio for the Portfolio was 0.03%.

I. MANAGEMENT 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 Portfolio 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 Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio 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 Portfolio’s 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 and legal and reputational risks are greater, it is worth

44 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

considering information regarding the advisory fees charged to institutional accounts with a substantially similar investment style as the Portfolio.⁶ In addition to the AllianceBernstein Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AllianceBernstein Institutional fee schedule been applicable to the Portfolio versus the Portfolio’s advisory fee based on June 30, 2009 net assets:

Portfolio	Net Assets 06/30/09 ($MIL)	AllianceBernstein (“AB”) Institutional (“Inst.”) Fee Schedule	Effective AB Inst. Adv. Fee	Portfolio Advisory Fee
U.S. Large Cap Portfolio	$51.9	U.S. Blend Schedule 80 bp on 1st $25 million 60 bp on next $25 million 50 bp on next $50 million 40 bp on next $100 million 30 bp on the balance Minimum account size: $50m	0.693%	0.650%

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 following fees for American Equity Blend Portfolio, which is a Luxembourg fund that has a somewhat similar investment style as the Portfolio.

Portfolio	Luxembourg Fund	Fee
U.S. Large Cap Portfolio	American Equity Blend Portfolio
	Class A7	1.50%
	Class I (Institutional)	0.70%

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

6 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

7 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.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 45

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 Portfolio with fees charged to other investment companies for similar services offered by other investment advisers. Lipper’s analysis included the Portfolio’s ranking with respect to the proposed management fee relative to the median of the Portfolio’s Lipper Expense Group (“EG”)⁸ at the approximate current asset level of the Portfolio.⁹

Lipper describes an EG as a representative sample of comparable funds and a Lipper Expense Universe (“EU”) as a broader group, consisting of all funds in the same investment classification/objective with a similar load type as the subject Portfolio.

Portfolio	Contractual Management Fee10	Lipper Group Median (%)	Rank
U.S. Large Cap Portfolio	0.650	0.763	1/18

It should be noted that Lipper uses expense ratio data from financial statements of the most current fiscal year in their database. This has several implications: the total expense ratio of each fund that Lipper uses in their report is based on each fund’s average net assets during its fiscal year. Since funds have different fiscal year ends, the total expense ratios of the funds may cover different twelve month periods, depending on the funds’ fiscal year ends. This is the process that Lipper utilizes but given bear market conditions during 2008, especially the last three months of 2008, the effects on the Portfolio’s total expense ratios caused by the differences in fiscal year ends may be more pronounced in 2008 compared to other years under more normal market conditions.¹¹

8 It should be noted that Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios 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.

9 The contractual management fee is calculated by Lipper using the Portfolio’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 the Portfolio, 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 Portfolio had the lowest effective fee rate in the Lipper peer group.

10 The contractual management fee would not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

11 To cite an example, the average net assets and total expense ratio of a fund with a fiscal year end of March 31, 2008 will not be reflective of the market declines that occurred in the second half of 2008, in contrast to a fund with a fiscal year end of December 31, 2008.

46 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Lipper also analyzed the total expense ratio of the Portfolio in comparison to its EG¹² and EU.¹³ It should be noted that the Portfolio’s total expense ratio is inclusive of the Portfolio’s underlying expenses. The result of that analysis is set forth below:

Portfolio	Expense Ratio (%)14	Lipper Group Median (%)	Lipper Group Rank	Lipper Universe Median (%)	Lipper Universe Rank
U.S. Large Cap Portfolio	1.444	1.228	17/18	1.238	112/138

Based on this analysis, the Portfolio has a more favorable ranking on a management fee basis than on a total expense ratio basis. In addition to Lipper’s expense comparisons, the fee evaluation presented the Portfolio’s monthly net assets and unaudited advisory fee and total expense ratio run rates from December 31, 2007 through April 30, 2009.¹⁵

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

At the May 5, 2009 Board meeting, members of the Adviser’s Controller’s Office presented the Adviser’s revenue and expenses associated with providing services to the Portfolio. See discussion below in Section IV.

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

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability percentage from providing investment advisory services to the Portfolio decreased during calendar year 2008 versus 2007.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser

12 Lipper uses the following criteria in screening funds to be included in the Portfolio’s expense group: fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, and expense components and attributes. A Lipper Expense Group will typically consist of seven to twenty funds.

13 Except for asset (size) comparability and load type, Lipper uses the same criteria for selecting a Lipper Expense Group when selecting a Lipper Expense Universe. Unlike the Lipper Expense Group, the Lipper Expense Universe allows for the same adviser to be represented by more than just one fund.

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

15 Unaudited information on the Portfolio’s advisory fee and total expense ratio monthly run rates was provided by the Adviser.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 47

and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio 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. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and/or 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 research expenses the Adviser would otherwise incur.

AllianceBernstein Investments, Inc. (“ABI”), an affiliate of the Adviser, is the Portfolio’s principal underwriter. ABI and the Adviser have disclosed in the Portfolio’s 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 Portfolio. In 2008, ABI paid approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $21 million for distribution services and educational support (revenue sharing payments). During the Portfolio’s most recently completed fiscal year, ABI received from the Portfolio $1,375, $717,636 and $23,016 in front-end sales charges, Rule 12b-1 and CDSC fees, respectively.

Fees and reimbursements for out of pocket expenses charged by AllianceBernstein Investor Services, Inc. (“ABIS”), the affiliated transfer agent for the Portfolio, are charged on a per account basis, based on the level of service provided and the class of share 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’ after-tax profitability increased in 2008 in comparison to 2007. During the Portfolio’s most recently completed fiscal year, ABIS received $105,887 in fees from the Portfolio.¹⁶

There are no portfolio transactions for the Portfolio since the Portfolio pursues its investment objectives through investing in a combination of the Pooling Portfolios. However, the Pooling Portfolios do engage in portfolio transactions. During the most recently completed fiscal year, neither U.S. Value Portfolio nor U.S. Large Cap Growth Portfolio effected brokerage transactions through and paid commissions to 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”. The Pooling Portfolios may in the future effect

16 The fees disclosed are net of any expense offsets with ABIS. An expense offset is created by the interest earned on the positive cash balance that occurs within the transfer agent account as there is a one day lag with regards to money movement from the shareholder’s account to the transfer agent’s account and then the transfer agent’s account to the Portfolio’s account. During the Portfolio’s most recently completed fiscal year, the fees paid by the Portfolio to ABIS were reduced by $7,074 under the offset agreement between the Portfolio and ABIS.

48 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

brokerage transactions through SCB and pay commissions for such transactions. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Pooling Portfolios and other clients. These soft dollar benefits reduce the Adviser’s research expenses 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,¹⁷ 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 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.

An independent consultant, retained by the Senior Officer, provided the Board of Directors an update of the Deli¹⁸ study on advisory fees and various fund characteristics. The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁹ 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.

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

18 The Deli study, which was based on 1997 SEC reported filings, was published in 2002 by Daniel N. Deli. The results of the study with respect to fund size and family size were consistent with economies of scale being shared with shareholders, suggesting a competitive environment.

19 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.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 49

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

With assets under management of approximately $447 billion as of June 30, 2009, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information in the table below, prepared by Lipper, shows the 1, 3, and 5 year net performance returns and rankings²⁰ of the Portfolio relative to its Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)²¹ for the periods ended April 30, 2009.²²

U.S. Large Cap Portfolio	Portfolio Return	PG Median	PU Median	PG Rank	PU Rank
1 year	-37.54	-33.31	-32.83	16/17	131/157
3 year	-13.90	-9.11	-9.11	17/17	130/139
5 year	-4.17	-2.96	-2.28	11/15	100/125

Set forth below are the 1, 3 and 5 year and since inception performance returns of the Portfolio (in bold)²³ versus its benchmark.

	Periods Ending April 30, 2009 Annualized Net Performance (%)
	1 Year (%)	3 Year (%)	5 Year (%)	Since Inception (%)24
U.S. Large Cap Portfolio	-37.54	-13.90	-4.17	-0.83
S&P 500 Stock Index	-35.31	-10.76	-2.70	1.21
Inception Date: July 15, 2002

20 The performance rankings are for the Class A shares of the Portfolio. It should be noted that the performance returns of the Portfolio shown were provided by the Adviser. Lipper maintains its own database that includes the Portfolio’s performance returns. Rounding differences may cause the Adviser’s Portfolio returns to be one or two basis points different from Lipper’s own Portfolio returns. To maintain consistency, the performance returns of the Portfolio, as reported by the Adviser, are provided instead of Lipper.

21 A Portfolios’s PG/PU may not be identical to the Portfolio’s corresponding EG/EU as Lipper’s criteria for including or excluding a fund in or from a PG/PU is somewhat different for an EG/EU.

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

23 The performance returns are for the Class A shares of the Portfolio.

24 The Adviser provided Portfolio and benchmark performance return information for periods through April 30, 2009.

50 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio 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 Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: August 31, 2009

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 51

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

ALLIANCEBERNSTEIN FAMILY OF FUNDS

Wealth Strategies Funds

Balanced Wealth Strategy

Wealth Appreciation Strategy

Conservative Wealth Strategy*

Tax-Managed Balanced Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

Tax-Managed Conservative Wealth Strategy*

Blended Style Funds

U.S. Large Cap Portfolio

International Portfolio

Tax-Managed International Portfolio

Growth Funds

Domestic

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

Small/Mid Cap Growth Fund

U.S. Strategic Research Portfolio*

Global & International

Global Growth Fund

Global Thematic Growth Fund

Greater China ‘97 Fund

International Growth Fund

Value Funds

Domestic

Balanced Shares

Core Opportunities Fund*

Growth & Income Fund

Small/Mid Cap Value Fund

Utility Income Fund

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Diversified Yield Fund

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Short Duration Portfolio

Municipal Bond Funds

National Arizona California Massachusetts Michigan Minnesota New Jersey New York Ohio Pennsylvania Virginia

Intermediate Municipal Bond Funds

Intermediate California

Intermediate Diversified

Intermediate New York

Closed-End Funds

AllianceBernstein Global High Income Fund

AllianceBernstein Income Fund

AllianceBernstein National Municipal Income Fund

Alliance California Municipal Income Fund

Alliance New York Municipal Income Fund

The Ibero-America Fund*

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.

You should consider the investment objectives, risks, charges and expenses of any AllianceBernstein fund/portfolio carefully before investing. For free copies of our prospectuses, which contain this and other information, visit us online at www.alliancebernstein.com or contact your financial advisor. Please read the prospectus carefully before investing.

* Prior to December 31, 2009, Conservative Wealth Strategy was named Wealth Preservation Strategy, and Tax-Managed Conservative Wealth Strategy was named Tax-Managed Wealth Preservation Strategy. U.S. Strategic Research Portfolio was incepted on December 23, 2009. Prior to January 20, 2010, The Ibero-America Fund was named The Spain Fund. Prior to March 1, 2010, Core Opportunities Fund was named the Focused Growth & Income Fund.

** 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.

52 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

AllianceBernstein Family of Funds

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS U.S. LARGE CAP PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

LCB-0152-0210

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): AllianceBernstein Blended Style Series, Inc

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

Date: April 22, 2010

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 22, 2010

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

Date: April 22, 2010