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: August 31, 2010

ITEM 1. REPORTS TO STOCKHOLDERS.

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

August 31, 2010

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.

October 26, 2010

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 August 31, 2010.

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

Effective April 16, 2010, Inflation-Protected Securities Portfolio, one of the Underlying Portfolios was renamed the Bond Inflation Protection Portfolio. At that time the investment objective and certain investment policies also changed. Please consult the Strategies’ prospectus for additional information regarding this Portfolio.

Also effective April 16, 2010, a new Underlying Portfolio, the Volatility Management (“VM”) Portfolio, was added as an allocation of certain of the Strategies’ investment blends. The VM Portfolio is intended to reduce portfolio volatility in the blended style investment strategies used by the Strategies. The Investment Results and Market Review and Investment Strategy sections below do not address the VM Portfolio in light of the VM Portfolio’s short investment history. Please see the prospectus for more details.

One of the other Underlying Portfolios is the AllianceBernstein Global Real Estate Investment Portfolio (the

“Portfolio”). On September 22, 2010, the Board of Trustees (the “Trustees”) of the Trust approved proposals to rename the Portfolio the “AllianceBernstein Real Asset Portfolio” (the “Real Asset Portfolio”) and to change its investment objective and certain investment policies. The Portfolio’s new investment goals are to maximize real return over inflation. These will be submitted to the Shareholders’ meeting on November 5, 2010.

The Strategies’ allocation of investments is intended to diversify their investments among various asset classes, such as stocks and bonds. The Portfolio was intended to provide additional diversification. AllianceBernstein L.P., the Strategies’ investment adviser (the “Adviser”), recommended the changes to the Portfolio’s investment objective and policies because it concluded that the Real Asset Portfolio’s dynamic allocation among inflation-sensitive asset classes, including real estate securities, would provide better diversification than the Portfolio’s current focus principally on real estate securities.

As approved by the Trustees, the Portfolio’s new non-fundamental investment objective would be changed from “total return from a combination of income and long-term growth of capital” to “to maximize real return over inflation”.

Consistent with the change in its name, the Portfolio’s investment policy of investing at least 80% of its net assets in equity securities of real estate investment trusts and other real estate industry companies, such as real

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 1

estate operating companies, would be eliminated and the Portfolio would instead pursue an aggressive strategy involving a variety of asset classes. The Portfolio’s investment objective, name and policy changes are currently expected to become effective on or about December 31, 2010.

The asset allocation of the Strategies will change slightly for certain of the Strategies that are intended for older investors reflecting their vulnerability to inflation risk. These Strategies are the 2000 through 2035 Retirement Strategies. These changes are reflected in the glidepaths found in the prospectus supplement dated September 23, 2010 and range from 1.5% to 3%. The total asset allocation for the Real Asset Portfolio is for all Strategies 10% or less.

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 combination of portfolios of the Underlying Portfolios representing a variety of asset classes and investment styles. Each Strategy is managed to the specific year of planned retirement included in its name (the “retirement date”). The Strategy’s 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 retirement, the Strategy’s investment mix anticipates that an investor may take withdrawals from his or her account to provide supplemental retirement income.

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 the target date. Thereafter, the target asset allocation for that Strategy will generally be fixed. Effective January 1, 2011, the static allocation of a Strategy’s asset mix will be 27.5% short-duration bonds, 37.5% other fixed-income securities, 15.5% equities, 12.5% VM Portfolio and 7% Real Asset Portfolio.

The Underlying Portfolios include the VM Portfolio, which is designed to reduce the overall equity market volatility of the Strategy and the effects of adverse equity market conditions on its performance. The VM Portfolio is a component of the Strategy’s equity asset allocation. Under normal market conditions, this Underlying Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce (or eliminate) the VM Portfolio’s equity investments and invest in fixed-income securities or other

2 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

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 9-31 show each individual Retirement Strategy’s (RS) performance compared to its composite benchmark. Additional performance can be found on pages 34-57. 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 7-8. 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 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

The Strategies’ Class A shares without sales charges for the 2000, 2005, 2010, 2015 and 2020 vintages had positive absolute returns and outperformed their composite benchmarks for the 12-month period ended August 31, 2010. The 2025, 2030, 2035, 2040, 2045, 2050 and 2055 Strategies’ Class A shares without sales charges, despite having positive absolute returns, lagged their composite benchmarks during the 12-month period ended August 31, 2010.

For the 12-month period ended August 31, 2010, the Small-Mid Cap Value, Small-Mid Cap Growth, Global REIT, Intermediate Duration Bond and High-Yield Underlying Portfolios were top contributors on an absolute basis, while the International Value and US Large Cap Growth Underlying Portfolios had negative absolute returns. Relative performance was driven by a number of underlying components. Overweights in investment grade corporates and commercial mortgage-backed securities (CMBS) drove the premium within the Intermediate Duration Bond and Short Duration Bond Underlying Portfolios, while outperformance in the High-Yield Underlying Portfolio was mostly attributable to an overweight in lower quality bonds. Broad-based strength in stock selection within the International Growth and Small-Mid Cap Value Underlying Portfolios also contributed to positive

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 3

relative returns. Weighing the most on relative returns in the International Value Underlying Portfolio was our underweight and security selection within the consumer staples sector, while the largest detractors in the US Large Cap Growth Underlying Portfolio were holdings in the financials and consumer discretionary sectors.

The Strategies’ Class A shares without sales charges for the 2000 and 2005 vintages outperformed their respective composite benchmarks for the six-month period ended August 31, 2010, while all other vintages were negative on both an absolute and relative basis during this time period.

For the six-month period ended August 31, 2010, the Short Duration Bond, Intermediate Duration Bond, Bond Inflation Protection, High-Yield, Global REIT and Small-Mid Cap Growth Underlying Portfolios were the top performing asset classes in absolute terms. The US and International Equity Underlying Portfolios had negative absolute returns, along with the Small-Mid Cap Value Underlying Portfolio. While relative returns were mixed in equity Underlying Portfolios, the fixed-income Underlying Portfolios outperformed their benchmarks. The Intermediate Duration Bond and Short Duration Bond Underlying Portfolios contributed the most, due to overweights in investment-grade credit and CMBS, while outperformance in the High-Yield Underlying Portfolio is mostly attributable to an overweight in lower quality bonds. Broad-based strength in stock selection within the Small-Mid

Cap Growth Underlying Portfolio also contributed positively to relative returns. Relative underperformance within the equity Underlying Portfolios was primarily driven by the US Value Underlying Portfolio as well as the US Large Cap Growth Underlying Portfolio and International Value Underlying Portfolio, and resulted from the effect of the spike in risk aversion beginning in May 2010.

The Retirement Strategies designed for young savers—RS 2035, 2040, 2045, 2050 and 2055—posted negative returns and underperformed their composite benchmarks during the six-month period ended August 31, 2010. During the 12-month period ended August 31, 2010 these vintages posted positive absolute returns but underperformed their composite benchmarks. The US Large-Cap equities, International equities and Small-Mid Cap Value Underlying Portfolios detracted from the Strategies’ absolute performance and led to underperformance relative to their composite benchmarks over this time period. These Strategies have target allocations of 90% in equities (including Volatility Management, 5% in global REITs and 5% in bonds.

The Strategies created for mid-life savers—RS 2010, 2015, 2020, 2025 and 2030—also posted negative absolute and relative returns, with the exception of the 2010 vintage, which posted positive absolute returns during the six-month period ended August 31, 2010. Their losses during this six-month period were mitigated by the inclusion of bonds, which were positive on an absolute and relative

4 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

basis. During the 12-month period ended August 31, 2010, all vintages for mid-life savers had positive returns and outperformed their composite benchmarks, with the exception of the 2025 and 2030 vintages, which underperformed their benchmarks. The Strategies benefited from an allocation between 5% and 7% to the High-Yield Underlying Portfolio, which outperformed its benchmark. These Strategies currently have target allocations ranging between 58%-85% in equities (including Volatility Management), 10%-35% in bonds and 5%-7% in global REITs. As a hedge against inflation, the RS 2010, 2015 and 2020 vintages also include Bond Inflation Protection Portfolio.

The vintages intended for early retirees—RS 2000 and 2005—have larger target allocations in bonds (between 45% and 55%), and target allocations in equities (including Volatility Management) and global REITs comprise between 45% and 55% of these Strategies’ holdings. These two Strategies also outperformed their composite benchmarks and posted positive returns for the six-month and 12-month periods ended August 31, 2010. The strategies benefited from strong absolute and relative returns from the fixed-income Underlying Portfolios.

Market Review and Investment Strategy

Following a spectacular yearlong market rally in 2009, volatility returned to global financial markets in May 2010. Investors grew increasingly concerned about unsustainable levels of government debt in Greece and other peripheral euro-area countries. Markets whipsawed as investors reacted to these concerns and a host of other new uncertainties, from the oil spill in the Gulf of Mexico to rising tensions between North and South Korea. As volatility rose, stocks fell in both developed and emerging markets and credit spreads widened. But while risk aversion increased, it remains far below levels seen during the recent financial crisis.

Despite these concerns, the global economic backdrop has improved, and the Strategies continue to be diversified across a broad set of 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 Strategies continue to feature a balanced blend of growth and value investment styles along with their fixed income allocations, and will continue to adhere to their strategic style allocation targets through a disciplined rebalancing process.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 5

INTENTIONALLY LEFT BLANK

6 •  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.

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. 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 website at www.alliancebernstein.com or call your financial advisor or AllianceBernstein Investments at 800.227.4618. You should read the prospectus carefully before you invest.

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 benchmark for a Strategy is a customized benchmark that has the same target asset allocation as the Strategy and uses index returns to represent performance of the asset classes. The benchmark returns were calculated by weighting the monthly index returns of each asset class by the Strategy’s monthly target allocation for each asset class. Target allocations adjust quarterly in accordance with the Strategy’s standard glide path. The S&P 500 Index was used to represent the allocation to US Large Cap Stocks, Russell 2500 Value to represent the allocation to US Small/Mid Cap Value Stocks, Russell 2500 Growth to represent the allocation to US Small/Mid Cap Growth Stocks, MSCI EAFE to represent International Stocks, FTSE EPRA/NAREIT to represent Global REITs, Barclays Capital US Intermediate Credit to represent Intermediate-Term Bonds, Barclays Capital High Yield (2% Constrained) to represent High Yield Bonds, Barclays Capital TIPS to represent Bond Inflation Protection, and Merrill 1-3 Year Treasury to represent Short-Term Bonds.

None of the indices reflects fees and expenses associated with the active management of a mutual fund portfolio. The unmanaged Standard & Poor’s (S&P^®) 500 Stock Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. The unmanaged Russell 3000^® Index represents the performance of the largest 3000 US companies as a representation of

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 7

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

the broad market. The unmanaged MSCI EAFE Index (Europe, Australasia, Far East) (free float-adjusted market capitalization weighted) represents the equity market performance of developed markets, excluding the US & Canada. It reflects the reinvestment of dividends. The Financial Times Stock Exchange^® (FTSE) European Public Real Estate Association (EPRA)/National Association of Real Estate Investment Trusts (NAREIT) Global Real Estate (RE) Index (market-value-weighted index based upon the last closing price of the month) represents the performance of tax-qualified REITs listed on the NYSE, AMEX and the NASDAQ. The unmanaged Barclays Capital US Aggregate Index represents the performance of securities within the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities, and commercial mortgaged-backed securities.

The Merrill Lynch^® 1-3 Year US Treasury Index represents the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market with a remaining term to final maturity of 1-3 years. The Barclays Capital 1-10 Yr TIPS Index represents the performance of Inflation-Protection securities issued by the US Treasury. The Barclays Capital High Yield 2% Issuer Constrained Index is the 2% Issuer Cap component of the US Corporate High Yield Index, which represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. An investor cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Strategies.

MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI.

A Word About Risk

The market values of the Underlying Portfolio’s holdings rise and fall from day to day, so investments may lose value. As interest rates rise, bond prices fall and vice versa—long-term securities tend to rise and fall more than short-term securities. A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline. Allocating to different types of assets may have a large impact on returns if one of these asset classes significantly underperforms the others. Non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange risk may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets. Small- and mid-cap stocks are often more volatile than large-cap stocks—smaller companies generally face higher risks due to their limited product lines, markets and financial resources.

(Historical Performance continued on next page)

8 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV  Returns
	6 Months		12 Months
AllianceBernstein 2000 Retirement Strategy
Class A		1.54%		8.07%
Class B*		1.24%		7.30%
Class C		1.14%		7.30%
Advisor Class**		1.74%		8.43%
Class R**		1.46%		7.81%
Class K**		1.57%		8.06%
Class I**		1.78%		8.48%
Composite Benchmark†		1.42%		6.77%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 9

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2000 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

10 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV  Returns
	6 Months		12 Months
AllianceBernstein 2005 Retirement Strategy
Class A		0.97%		8.16%
Class B*		0.65%		7.43%
Class C		0.54%		7.32%
Advisor Class**		1.07%		8.41%
Class R**		0.87%		7.87%
Class K**		0.97%		8.20%
Class I**		1.19%		8.50%
Composite Benchmark†		0.88%		7.04%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 11

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2005 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

12 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2010 Retirement Strategy
Class A		0.11%		7.73%
Class B*		-0.22%		7.13%
Class C		-0.33%		7.02%
Advisor Class**		0.22%		8.11%
Class R**		0.00%		7.57%
Class K**		0.11%		7.77%
Class I**		0.33%		8.20%
Composite Benchmark†		0.33%		7.18%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 13

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2010 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

14 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2015 Retirement Strategy
Class A		-0.66%		7.16%
Class B*		-1.10%		6.42%
Class C		-0.99%		6.42%
Advisor Class**		-0.44%		7.53%
Class R**		-0.77%		6.94%
Class K**		-0.65%		7.27%
Class I**		-0.54%		7.47%
Composite Benchmark†		-0.23%		6.78%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 15

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2015 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

16 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2020 Retirement Strategy
Class A		-1.34%		6.66%
Class B*		-1.69%		5.85%
Class C		-1.69%		5.84%
Advisor Class**		-1.22%		6.91%
Class R**		-1.46%		6.35%
Class K**		-1.34%		6.68%
Class I**		-1.22%		6.85%
Composite Benchmark†		-0.80%		6.32%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 17

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2020 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

18 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2025 Retirement Strategy
Class A		-2.34%		5.69%
Class B*		-2.70%		4.86%
Class C		-2.69%		4.85%
Advisor Class**		-2.21%		6.05%
Class R**		-2.45%		5.41%
Class K**		-2.33%		5.72%
Class I**		-2.11%		5.98%
Composite Benchmark†		-1.39%		5.85%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 19

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2025 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

20 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2030 Retirement Strategy
Class A		-3.37%		4.42%
Class B*		-3.75%		3.65%
Class C		-3.75%		3.65%
Advisor Class**		-3.25%		4.68%
Class R**		-3.49%		4.23%
Class K**		-3.37%		4.51%
Class I**		-3.26%		4.78%
Composite Benchmark†		-2.01%		5.12%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 21

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2030 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

22 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV  Returns
	6 Months		12 Months
AllianceBernstein 2035 Retirement Strategy
Class A		-4.19%		3.14%
Class B*		-4.56%		2.33%
Class C		-4.45%		2.45%
Advisor Class**		-3.95%		3.50%
Class R**		-4.21%		2.98%
Class K**		-4.19%		3.07%
Class I**		-3.96%		3.48%
Composite Benchmark†		-2.55%		4.24%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 23

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2035 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

24 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV  Returns
	6 Months		12 Months
AllianceBernstein 2040 Retirement Strategy
Class A		-4.54%		2.71%
Class B*		-4.91%		2.04%
Class C		-4.91%		1.92%
Advisor Class**		-4.41%		3.09%
Class R**		-4.68%		2.48%
Class K**		-4.55%		2.74%
Class I**		-4.43%		2.99%
Composite Benchmark†		-2.57%		4.21%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 25

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2040 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

26 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2045 Retirement Strategy
Class A		-4.96%		2.34%
Class B*		-5.25%		1.58%
Class C		-5.14%		1.70%
Advisor Class**		-4.83%		2.58%
Class R**		-5.11%		2.11%
Class K**		-4.87%		2.35%
Class I**		-4.75%		2.64%
Composite Benchmark†		-2.56%		4.22%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 27

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2045 Retirement Strategy Class A shares (from 9/1/05 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

28 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2050 Retirement Strategy
Class A		-5.05%		2.29%
Class B*		-5.35%		1.66%
Class C		-5.34%		1.80%
Advisor Class**		-4.89%		2.66%
Class R**		-5.07%		2.16%
Class K**		-5.05%		2.33%
Class I**		-4.78%		2.84%
Composite Benchmark†		-2.56%		4.22%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 29

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 6/29/07* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2000 Retirement Strategy Class A shares (from 6/29/07 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

30 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein 2055 Retirement Strategy
Class A		-4.88%		2.19%
Class B*		-5.23%		1.48%
Class C		-5.24%		1.48%
Advisor Class**		-4.74%		2.43%
Class R**		-4.89%		1.97%
Class K**		-4.85%		2.22%
Class I**		-4.72%		2.44%
Composite Benchmark†		-2.56%		4.22%
S&P 500 Stock Index		-4.04%		4.91%
Barclays Capital US Aggregate Index		5.81%		9.18%
*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 Strategies. †For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 31

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 6/29/07* TO 8/31/10

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2055 Retirement Strategy Class A shares (from 6/29/07 to 8/31/10) as compared to the performance of its composite benchmark**, along with the S&P 500 Stock Index and the Barclays Capital US Aggregate Index. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

* Inception date.

** For a description of the composite benchmark, please see pages 7-8.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

32 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

EACH UNDERLYING PORTFOLIO*† VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein US Value Portfolio		-6.61%		1.64%
Russell 1000 Value Index		-3.28%		4.96%
AllianceBernstein US Large Cap Growth Portfolio		-9.54%		-2.23%
Russell 1000 Growth Index		-4.65%		6.14%
AllianceBernstein Global Real Estate Investment Portfolio		6.74%		14.68%
FTSE/EPRA NAREIT Global Index		7.48%		15.12%
AllianceBernstein International Value Portfolio		-6.11%		-5.15%
MSCI EAFE Index		-3.04%		-2.34%
AllianceBernstein International Growth Portfolio		-2.24%		4.20%
MSCI EAFE Index		-3.04%		-2.34%
MSCI EAFE Growth Index		-1.75%		2.08%
AllianceBernstein Small-Mid Cap Value Portfolio		-4.66%		13.56%
Russell 2500 Value Index		-2.22%		9.82%
AllianceBernstein Small-Mid Cap Growth Portfolio		3.05%		16.13%
Russell 2500 Growth Index		-2.65%		10.34%
AllianceBernstein Short Duration Bond Portfolio		2.31%		6.26%
ML 1-3 Year Treasury Index		1.37%		2.61%
AllianceBernstein Intermediate Duration Bond Portfolio		6.81%		12.84%
Barclays Capital US Aggregate Index		5.81%		9.18%
AllianceBernstein Bond Inflation Protection Portfolio		3.88%		9.31%
Barclays Capital 1-10 Year TIPS Index		3.21%		8.12%
AllianceBernstein High-Yield Portfolio		7.06%		27.01%
Barclays Capital US High Yield 2% Issuer Cap		6.62%		21.40%
*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 to the general public. †The Underlying Portfolios do not contain sales charges or management fees.

See Historical Performance and Benchmark disclosures on pages 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 33

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		8.07	%		3.43	%
Since Inception*		2.57	%		1.69	%
Class B Shares
1 Year		7.30	%		3.30	%
Since Inception*		1.84	%		1.84	%
Class C Shares
1 Year		7.30	%		6.30	%
Since Inception*		1.84	%		1.84	%
Advisor Class Shares†
1 Year		8.43	%		8.43	%
Since Inception*		2.86	%		2.86	%
Class R Shares†
1 Year		7.81	%		7.81	%
Since Inception*		2.34	%		2.34	%
Class K Shares†
1 Year		8.06	%		8.06	%
Since Inception*		2.61	%		2.61	%
Class I Shares†
1 Year		8.48	%		8.48	%
Since Inception*		2.88	%		2.88	%

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 7-8.

(Historical Performance continued on next page)

34 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		4.39	%
5 Years		2.42	%
Since Inception*		2.52	%
Class B Shares
1 Year		4.28	%
5 Years		2.59	%
Since Inception*		2.65	%
Class C Shares
1 Year		7.28	%
5 Years		2.59	%
Since Inception*		2.65	%
Advisor Class Shares†
1 Year		9.28	%
5 Years		3.61	%
Since Inception*		3.67	%
Class R Shares†
1 Year		8.90	%
5 Years		3.10	%
Since Inception*		3.17	%
Class K Shares†
1 Year		9.06	%
5 Years		3.36	%
Since Inception*		3.43	%
Class I Shares†
1 Year		9.36	%
5 Years		3.63	%
Since Inception*		3.69	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 35

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		8.16	%		3.59	%
Since Inception*		1.98	%		1.10	%
Class B Shares
1 Year		7.43	%		3.43	%
Since Inception*		1.28	%		1.28	%
Class C Shares
1 Year		7.32	%		6.32	%
Since Inception*		1.24	%		1.24	%
Advisor Class Shares†
1 Year		8.41	%		8.41	%
Since Inception*		2.26	%		2.26	%
Class R Shares†
1 Year		7.87	%		7.87	%
Since Inception*		1.75	%		1.75	%
Class K Shares†
1 Year		8.20	%		8.20	%
Since Inception*		2.03	%		2.03	%
Class I Shares†
1 Year		8.50	%		8.50	%
Since Inception*		2.29	%		2.29	%

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 7-8.

(Historical Performance continued on next page)

36 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		4.80	%
5 Years		1.98	%
Since Inception*		2.12	%
Class B Shares
1 Year		4.74	%
5 Years		2.18	%
Since Inception*		2.29	%
Class C Shares
1 Year		7.64	%
5 Years		2.14	%
Since Inception*		2.25	%
Advisor Class Shares†
1 Year		9.84	%
5 Years		3.18	%
Since Inception*		3.29	%
Class R Shares†
1 Year		9.20	%
5 Years		2.64	%
Since Inception*		2.76	%
Class K Shares†
1 Year		9.52	%
5 Years		2.93	%
Since Inception*		3.05	%
Class I Shares†
1 Year		9.82	%
5 Years		3.19	%
Since Inception*		3.30	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 37

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		7.73	%		3.21	%
Since Inception*		1.45	%		0.58	%
Class B Shares
1 Year		7.13	%		3.13	%
Since Inception*		0.76	%		0.76	%
Class C Shares
1 Year		7.02	%		6.02	%
Since Inception*		0.74	%		0.74	%
Advisor Class Shares†
1 Year		8.11	%		8.11	%
Since Inception*		1.75	%		1.75	%
Class R Shares†
1 Year		7.57	%		7.57	%
Since Inception*		1.25	%		1.25	%
Class K Shares†
1 Year		7.77	%		7.77	%
Since Inception*		1.50	%		1.50	%
Class I Shares†
1 Year		8.20	%		8.20	%
Since Inception*		1.77	%		1.77	%

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 7-8.

(Historical Performance continued on next page)

38 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		4.99	%
5 Years		1.71	%
Since Inception*		1.80	%
Class B Shares
1 Year		4.91	%
5 Years		1.91	%
Since Inception*		1.96	%
Class C Shares
1 Year		7.80	%
5 Years		1.89	%
Since Inception*		1.94	%
Advisor Class Shares†
1 Year		9.99	%
5 Years		2.91	%
Since Inception*		2.97	%
Class R Shares†
1 Year		9.46	%
5 Years		2.40	%
Since Inception*		2.46	%
Class K Shares†
1 Year		9.77	%
5 Years		2.67	%
Since Inception*		2.73	%
Class I Shares†
1 Year		9.96	%
5 Years		2.91	%
Since Inception*		2.97	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 39

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		7.16	%		2.65	%
Since Inception*		0.93	%		0.07	%
Class B Shares
1 Year		6.42	%		2.42	%
Since Inception*		0.23	%		0.23	%
Class C Shares
1 Year		6.42	%		5.42	%
Since Inception*		0.23	%		0.23	%
Advisor Class Shares†
1 Year		7.53	%		7.53	%
Since Inception*		1.24	%		1.24	%
Class R Shares†
1 Year		6.94	%		6.94	%
Since Inception*		0.72	%		0.72	%
Class K Shares†
1 Year		7.27	%		7.27	%
Since Inception*		0.98	%		0.98	%
Class I Shares†
1 Year		7.47	%		7.47	%
Since Inception*		1.24	%		1.24	%

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 7-8.

(Historical Performance continued on next page)

40 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		4.88	%
5 Years		1.19	%
Since Inception*		1.41	%
Class B Shares
1 Year		4.67	%
5 Years		1.37	%
Since Inception*		1.57	%
Class C Shares
1 Year		7.67	%
5 Years		1.37	%
Since Inception*		1.57	%
Advisor Class Shares†
1 Year		9.74	%
5 Years		2.38	%
Since Inception*		2.58	%
Class R Shares†
1 Year		9.29	%
5 Years		1.86	%
Since Inception*		2.07	%
Class K Shares†
1 Year		9.49	%
5 Years		2.11	%
Since Inception*		2.32	%
Class I Shares†
1 Year		9.80	%
5 Years		2.39	%
Since Inception*		2.60	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 41

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		6.66	%		2.17	%
Since Inception*		0.29	%		-0.57	%
Class B Shares
1 Year		5.85	%		1.85	%
Since Inception*		-0.42	%		-0.42	%
Class C Shares
1 Year		5.84	%		4.84	%
Since Inception*		-0.40	%		-0.40	%
Advisor Class Shares†
1 Year		6.91	%		6.91	%
Since Inception*		0.60	%		0.60	%
Class R Shares†
1 Year		6.35	%		6.35	%
Since Inception*		0.09	%		0.09	%
Class K Shares†
1 Year		6.68	%		6.68	%
Since Inception*		0.34	%		0.34	%
Class I Shares†
1 Year		6.85	%		6.85	%
Since Inception*		0.57	%		0.57	%

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 7-8.

(Historical Performance continued on next page)

42 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		4.58	%
5 Years		0.57	%
Since Inception*		0.88	%
Class B Shares
1 Year		4.40	%
5 Years		0.74	%
Since Inception*		1.02	%
Class C Shares
1 Year		7.39	%
5 Years		0.76	%
Since Inception*		1.04	%
Advisor Class Shares†
1 Year		9.54	%
5 Years		1.77	%
Since Inception*		2.06	%
Class R Shares†
1 Year		9.01	%
5 Years		1.27	%
Since Inception*		1.55	%
Class K Shares†
1 Year		9.32	%
5 Years		1.51	%
Since Inception*		1.81	%
Class I Shares†
1 Year		9.60	%
5 Years		1.77	%
Since Inception*		2.06	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 43

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		5.69	%		1.14	%
Since Inception*		0.14	%		-0.72	%
Class B Shares
1 Year		4.86	%		0.86	%
Since Inception*		-0.60	%		-0.60	%
Class C Shares
1 Year		4.85	%		3.85	%
Since Inception*		-0.58	%		-0.58	%
Advisor Class Shares†
1 Year		6.05	%		6.05	%
Since Inception*		0.42	%		0.42	%
Class R Shares†
1 Year		5.41	%		5.41	%
Since Inception*		-0.08	%		-0.08	%
Class K Shares†
1 Year		5.72	%		5.72	%
Since Inception*		0.16	%		0.16	%
Class I Shares†
1 Year		5.98	%		5.98	%
Since Inception*		0.44	%		0.44	%

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 7-8.

(Historical Performance continued on next page)

44 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		4.34	%
5 Years		0.50	%
Since Inception*		0.88	%
Class B Shares
1 Year		4.01	%
5 Years		0.62	%
Since Inception*		1.01	%
Class C Shares
1 Year		7.12	%
5 Years		0.64	%
Since Inception*		1.03	%
Advisor Class Shares†
1 Year		9.15	%
5 Years		1.63	%
Since Inception*		2.02	%
Class R Shares†
1 Year		8.65	%
5 Years		1.16	%
Since Inception*		1.53	%
Class K Shares†
1 Year		8.83	%
5 Years		1.39	%
Since Inception*		1.76	%
Class I Shares†
1 Year		9.09	%
5 Years		1.64	%
Since Inception*		2.04	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 45

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		4.42	%		-0.01	%
Since Inception*		-0.63	%		-1.48	%
Class B Shares
1 Year		3.65	%		-0.35	%
Since Inception*		-1.36	%		-1.36	%
Class C Shares
1 Year		3.65	%		2.65	%
Since Inception*		-1.36	%		-1.36	%
Advisor Class Shares†
1 Year		4.68	%		4.68	%
Since Inception*		-0.35	%		-0.35	%
Class R Shares†
1 Year		4.23	%		4.23	%
Since Inception*		-0.80	%		-0.80	%
Class K Shares†
1 Year		4.51	%		4.51	%
Since Inception*		-0.59	%		-0.59	%
Class I Shares†
1 Year		4.78	%		4.78	%
Since Inception*		-0.36	%		-0.36	%

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 7-8.

(Historical Performance continued on next page)

46 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		3.49	%
5 Years		-0.14	%
Since Inception*		0.22	%
Class B Shares
1 Year		3.24	%
5 Years		-0.03	%
Since Inception*		0.32	%
Class C Shares
1 Year		6.24	%
5 Years		-0.03	%
Since Inception*		0.32	%
Advisor Class Shares†
1 Year		8.45	%
5 Years		1.03	%
Since Inception*		1.37	%
Class R Shares†
1 Year		7.78	%
5 Years		0.54	%
Since Inception*		0.88	%
Class K Shares†
1 Year		8.18	%
5 Years		0.77	%
Since Inception*		1.11	%
Class I Shares†
1 Year		8.32	%
5 Years		1.00	%
Since Inception*		1.34	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 47

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		3.14	%		-1.25	%
Since Inception*		-1.07	%		-1.92	%
Class B Shares
1 Year		2.33	%		-1.67	%
Since Inception*		-1.79	%		-1.79	%
Class C Shares
1 Year		2.45	%		1.45	%
Since Inception*		-1.77	%		-1.77	%
Advisor Class Shares†
1 Year		3.50	%		3.50	%
Since Inception*		-0.79	%		-0.79	%
Class R Shares†
1 Year		2.98	%		2.98	%
Since Inception*		-1.30	%		-1.30	%
Class K Shares†
1 Year		3.07	%		3.07	%
Since Inception*		-1.04	%		-1.04	%
Class I Shares†
1 Year		3.48	%		3.48	%
Since Inception*		-0.78	%		-0.78	%

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 7-8.

(Historical Performance continued on next page)

48 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		2.64
5 Years		-0.47
Since Inception*		-0.15
Class B Shares
1 Year		2.55
5 Years		-0.32
Since Inception*		0.00
Class C Shares
1 Year		5.55
5 Years		-0.32
Since Inception*		0.00
Advisor Class Shares†
1 Year		7.68
5 Years		0.69
Since Inception*		0.99
Class R Shares†
1 Year		7.07
5 Years		0.17
Since Inception*		0.48
Class K Shares†
1 Year		7.39
5 Years		0.45
Since Inception*		0.75
Class I Shares†
1 Year		7.67
5 Years		0.70
Since Inception*		1.00

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 49

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		2.71	%		-1.69	%
Since Inception*		-0.91	%		-1.76	%
Class B Shares
1 Year		2.04	%		-1.96	%
Since Inception*		-1.60	%		-1.60	%
Class C Shares
1 Year		1.92	%		0.92	%
Since Inception*		-1.60	%		-1.60	%
Advisor Class Shares†
1 Year		3.09	%		3.09	%
Since Inception*		-0.62	%		-0.62	%
Class R Shares†
1 Year		2.48	%		2.48	%
Since Inception*		-1.11	%		-1.11	%
Class K Shares†
1 Year		2.74	%		2.74	%
Since Inception*		-0.85	%		-0.85	%
Class I Shares†
1 Year		2.99	%		2.99	%
Since Inception*		-0.62	%		-0.62	%

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 as 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 7-8.

(Historical Performance continued on next page)

50 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		2.57	%
5 Years		-0.27	%
Since Inception*		0.07	%
Class B Shares
1 Year		2.30	%
5 Years		-0.11	%
Since Inception*		0.21	%
Class C Shares
1 Year		5.42	%
5 Years		-0.09	%
Since Inception*		0.23	%
Advisor Class Shares†
1 Year		7.42	%
5 Years		0.88	%
Since Inception*		1.20	%
Class R Shares†
1 Year		6.96	%
5 Years		0.42	%
Since Inception*		0.73	%
Class K Shares†
1 Year		7.10	%
5 Years		0.65	%
Since Inception*		0.98	%
Class I Shares†
Year		7.46	%
5 Years		0.90	%
Since Inception*		1.22	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 51

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		2.34	%		-1.99	%
Since Inception*		-1.13	%		-1.98	%
Class B Shares
1 Year		1.58	%		-2.42	%
Since Inception*		-1.82	%		-1.82	%
Class C Shares
1 Year		1.70	%		0.70	%
Since Inception*		-1.82	%		-1.82	%
Advisor Class Shares†
1 Year		2.58	%		2.58	%
Since Inception*		-0.85	%		-0.85	%
Class R Shares†
1 Year		2.11	%		2.11	%
Since Inception*		-1.35	%		-1.35	%
Class K Shares†
1 Year		2.35	%		2.35	%
Since Inception*		-1.08	%		-1.08	%
Class I Shares†
1 Year		2.64	%		2.64	%
Since Inception*		-0.85	%		-0.85	%

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 7-8.

(Historical Performance continued on next page)

52 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		2.29	%
5 Years		-0.46	%
Since Inception*		-0.13	%
Class B Shares
1 Year		1.97	%
5 Years		-0.32	%
Since Inception*		0.00	%
Class C Shares
1 Year		5.09	%
5 Years		-0.32	%
Since Inception*		0.00	%
Advisor Class Shares†
1 Year		7.15	%
5 Years		0.70	%
Since Inception*		1.00	%
Class R Shares†
1 Year		6.62	%
5 Years		0.20	%
Since Inception*		0.51	%
Class K Shares†
1 Year		6.85	%
5 Years		0.46	%
Since Inception*		0.77	%
Class I Shares†
1 Year		7.14	%
5 Years		0.69	%
Since Inception*		1.00	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 53

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		2.29	%		-2.01	%
Since Inception*		-8.61	%		-9.84	%
Class B Shares
1 Year		1.66	%		-2.34	%
Since Inception*		-9.23	%		-9.51	%
Class C Shares
1 Year		1.80	%		0.80	%
Since Inception*		-9.19	%		-9.19	%
Advisor Class Shares†
1 Year		2.66	%		2.66	%
Since Inception*		-8.34	%		-8.34	%
Class R Shares†
1 Year		2.16	%		2.16	%
Since Inception*		-8.80	%		-8.80	%
Class K Shares†
1 Year		2.33	%		2.33	%
Since Inception*		-8.53	%		-8.53	%
Class I Shares†
1 Year		2.84	%		2.84	%
Since Inception*		-8.30	%		-8.30	%

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 7-8.

(Historical Performance continued on next page)

54 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		2.30	%
Since Inception*		-6.97	%
Class B Shares
1 Year		1.97	%
Since Inception*		-6.69	%
Class C Shares
1 Year		5.25	%
Since Inception*		-6.34	%
Advisor Class Shares†
1 Year		7.21	%
Since Inception*		-5.44	%
Class R Shares†
1 Year		6.76	%
Since Inception*		-5.91	%
Class K Shares†
1 Year		6.93	%
Since Inception*		-5.65	%
Class I Shares†
1 Year		7.15	%
Since Inception*		-5.47	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 55

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		2.19	%		-2.09	%
Since Inception*		-9.20	%		-10.43	%
Class B Shares
1 Year		1.48	%		-2.52	%
Since Inception*		-9.84	%		-10.11	%
Class C Shares
1 Year		1.48	%		0.48	%
Since Inception*		-9.88	%		-9.88	%
Advisor Class Shares†
1 Year		2.43	%		2.43	%
Since Inception*		-8.98	%		-8.98	%
Class R Shares†
1 Year		1.97	%		1.97	%
Since Inception*		-9.40	%		-9.40	%
Class K Shares†
1 Year		2.22	%		2.22	%
Since Inception*		-9.14	%		-9.14	%
Class I Shares†
1 Year		2.44	%		2.44	%
Since Inception*		-8.92	%		-8.92	%

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 7-8.

(Historical Performance continued on next page)

56 •  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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		2.28	%
Since Inception*		-7.55	%
Class B Shares
1 Year		2.04	%
Since Inception*		-7.26	%
Class C Shares
1 Year		5.05	%
Since Inception*		-7.02	%
Advisor Class Shares†
1 Year		7.18	%
Since Inception*		-6.07	%
Class R Shares†
1 Year		6.51	%
Since Inception*		-6.56	%
Class K Shares†
1 Year		6.73	%
Since Inception*		-6.27	%
Class I Shares†
1 Year		7.10	%
Since Inception*		-6.02	%

* 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 7-8.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 57

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTOFLIOS^~ AS OF AUGUST 31, 2010
	NAV/SEC Returns†
AllianceBernstein US Value Portfolio
1 Year		1.64	%
5 Years		-3.43	%
Since Inception*		-2.60	%
AllianceBernstein US Large Cap Growth Portfolio
1 Year		-2.23	%
5 Years		-1.82	%
Since Inception*		-0.39	%
AllianceBernstein Global Real Estate Investment Portfolio
1 Year		14.68	%
5 Years		2.16	%
Since Inception*		3.50	%
AllianceBernstein International Value Portfolio
1 Year		-5.15	%
5 Years		-1.06	%
Since Inception*		0.75	%
AllianceBernstein International Growth Portfolio
1 Year		4.20	%
5 Years		-0.56	%
Since Inception*		0.56	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year		13.56	%
5 Years		2.04	%
Since Inception*		3.19	%
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year		16.13	%
5 Years		4.06	%
Since Inception*		5.72	%
AllianceBernstein Short Duration Bond Portfolio
1 Year		6.26	%
5 Years		3.35	%
Since Inception*		3.33	%
AllianceBernstein Intermediate Duration Bond Portfolio
1 Year		12.84	%
5 Years		6.48	%
Since Inception*		6.51	%
AllianceBernstein Bond Inflation Protection Portfolio
1 Year		9.31	%
5 Years		5.38	%
Since Inception*		5.26	%
AllianceBernstein High-Yield Portfolio
1 Year		27.01	%
5 Years		7.92	%
Since Inception*		8.36	%

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

† 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.

^ 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.

See Historical Performance disclosures on pages 7-8.

(Historical Performance continued on next page)

58 •  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 (SEPTEMBER 30, 2010)
	NAV/SEC Returns†
AllianceBernstein US Value Portfolio
1 Year		5.52	%
5 Years		-2.10	%
Since Inception*		-1.15	%
AllianceBernstein US Large Cap Growth Portfolio
1 Year		2.89	%
5 Years		-0.48	%
Since Inception*		1.48	%
AllianceBernstein Global Real Estate Investment Portfolio
1 Year		19.22	%
5 Years		3.80	%
Since Inception*		5.21	%
AllianceBernstein International Value Portfolio
1 Year		-0.50	%
5 Years		0.19	%
Since Inception*		2.67	%
AllianceBernstein International Growth Portfolio
1 Year		7.32	%
5 Years		0.50	%
Since Inception*		2.38	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year		18.16	%
5 Years		4.64	%
Since Inception*		5.33	%
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year		27.09	%
5 Years		6.71	%
Since Inception*		8.60	%
AllianceBernstein Short Duration Bond Portfolio
1 Year		5.89	%
5 Years		3.45	%
Since Inception*		3.35	%
AllianceBernstein Intermediate Duration Bond Portfolio
1 Year		11.31	%
5 Years		6.76	%
Since Inception*		6.51	%
AllianceBernstein Bond Inflation Protection Portfolio
1 Year		8.96	%
5 Years		5.65	%
Since Inception*		5.47	%
AllianceBernstein High-Yield Portfolio
1 Year		20.71	%
5 Years		8.81	%
Since Inception*		8.86	%

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

† 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.

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

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

See Historical Performance disclosures on pages 7-8.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 59

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.

60 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2000 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,015.38	$	4.17		0.82	%
Hypothetical**	$	1,000	$	1,021.07	$	4.18		0.82	%
Class B
Actual	$	1,000	$	1,012.44	$	7.71		1.52	%
Hypothetical**	$	1,000	$	1,017.54	$	7.73		1.52	%
Class C
Actual	$	1,000	$	1,011.40	$	7.71		1.52	%
Hypothetical**	$	1,000	$	1,017.54	$	7.73		1.52	%
Advisor Class
Actual	$	1,000	$	1,017.38	$	2.64		0.52	%
Hypothetical**	$	1,000	$	1,022.58	$	2.65		0.52	%
Class R
Actual	$	1,000	$	1,014.55	$	5.18		1.02	%
Hypothetical**	$	1,000	$	1,020.06	$	5.19		1.02	%
Class K
Actual	$	1,000	$	1,015.73	$	3.91		0.77	%
Hypothetical**	$	1,000	$	1,021.32	$	3.92		0.77	%
Class I
Actual	$	1,000	$	1,017.79	$	2.64		0.52	%
Hypothetical**	$	1,000	$	1,022.58	$	2.65		0.52	%

2005 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,009.70	$	4.46		0.88	%
Hypothetical**	$	1,000	$	1,020.77	$	4.48		0.88	%
Class B
Actual	$	1,000	$	1,006.49	$	7.99		1.58	%
Hypothetical**	$	1,000	$	1,017.24	$	8.03		1.58	%
Class C
Actual	$	1,000	$	1,005.41	$	7.99		1.58	%
Hypothetical**	$	1,000	$	1,017.24	$	8.03		1.58	%
Advisor Class
Actual	$	1,000	$	1,010.73	$	2.94		0.58	%
Hypothetical**	$	1,000	$	1,022.28	$	2.96		0.58	%
Class R
Actual	$	1,000	$	1,008.66	$	5.47		1.08	%
Hypothetical**	$	1,000	$	1,019.76	$	5.50		1.08	%
Class K
Actual	$	1,000	$	1,009.71	$	4.20		0.83	%
Hypothetical**	$	1,000	$	1,021.02	$	4.23		0.83	%
Class I
Actual	$	1,000	$	1,011.86	$	2.94		0.58	%
Hypothetical**	$	1,000	$	1,022.28	$	2.96		0.58	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 61

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2010 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,001.10	$	4.59		0.91	%
Hypothetical**	$	1,000	$	1,020.62	$	4.63		0.91	%
Class B
Actual	$	1,000	$	997.80	$	8.11		1.61	%
Hypothetical**	$	1,000	$	1,017.09	$	8.19		1.61	%
Class C
Actual	$	1,000	$	996.70	$	8.10		1.61	%
Hypothetical**	$	1,000	$	1,017.09	$	8.19		1.61	%
Advisor Class
Actual	$	1,000	$	1,002.18	$	3.08		0.61	%
Hypothetical**	$	1,000	$	1,022.13	$	3.11		0.61	%
Class R
Actual	$	1,000	$	1,000.00	$	5.60		1.11	%
Hypothetical**	$	1,000	$	1,019.61	$	5.65		1.11	%
Class K
Actual	$	1,000	$	1,001.09	$	4.34		0.86	%
Hypothetical**	$	1,000	$	1,020.87	$	4.38		0.86	%
Class I
Actual	$	1,000	$	1,003.26	$	3.08		0.61	%
Hypothetical**	$	1,000	$	1,022.13	$	3.11		0.61	%

2015 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	993.45	$	4.77		0.95	%
Hypothetical**	$	1,000	$	1,020.42	$	4.84		0.95	%
Class B
Actual	$	1,000	$	989.01	$	8.27		1.65	%
Hypothetical**	$	1,000	$	1,016.89	$	8.39		1.65	%
Class C
Actual	$	1,000	$	990.10	$	8.28		1.65	%
Hypothetical**	$	1,000	$	1,016.89	$	8.39		1.65	%
Advisor Class
Actual	$	1,000	$	995.65	$	3.27		0.65	%
Hypothetical**	$	1,000	$	1,021.93	$	3.31		0.65	%
Class R
Actual	$	1,000	$	992.33	$	5.78		1.15	%
Hypothetical**	$	1,000	$	1,019.41	$	5.85		1.15	%
Class K
Actual	$	1,000	$	993.46	$	4.52		0.90	%
Hypothetical**	$	1,000	$	1,020.67	$	4.58		0.90	%
Class I
Actual	$	1,000	$	994.56	$	3.27		0.65	%
Hypothetical**	$	1,000	$	1,021.93	$	3.31		0.65	%

62 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2020 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	986.58	$	4.96		0.99	%
Hypothetical**	$	1,000	$	1,020.21	$	5.04		0.99	%
Class B
Actual	$	1,000	$	983.09	$	8.45		1.69	%
Hypothetical**	$	1,000	$	1,016.69	$	8.59		1.69	%
Class C
Actual	$	1,000	$	983.11	$	8.45		1.69	%
Hypothetical**	$	1,000	$	1,016.69	$	8.59		1.69	%
Advisor Class
Actual	$	1,000	$	987.77	$	3.46		0.69	%
Hypothetical**	$	1,000	$	1,021.73	$	3.52		0.69	%
Class R
Actual	$	1,000	$	985.43	$	5.96		1.19	%
Hypothetical**	$	1,000	$	1,019.21	$	6.06		1.19	%
Class K
Actual	$	1,000	$	986.62	$	4.71		0.94	%
Hypothetical**	$	1,000	$	1,020.47	$	4.79		0.94	%
Class I
Actual	$	1,000	$	987.75	$	3.46		0.69	%
Hypothetical**	$	1,000	$	1,021.73	$	3.52		0.69	%

2025 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	976.64	$	5.03		1.01	%
Hypothetical**	$	1,000	$	1,020.11	$	5.14		1.01	%
Class B
Actual	$	1,000	$	973.04	$	8.50		1.71	%
Hypothetical**	$	1,000	$	1,016.59	$	8.69		1.71	%
Class C
Actual	$	1,000	$	973.06	$	8.50		1.71	%
Hypothetical**	$	1,000	$	1,016.59	$	8.69		1.71	%
Advisor Class
Actual	$	1,000	$	977.85	$	3.54		0.71	%
Hypothetical**	$	1,000	$	1,021.63	$	3.62		0.71	%
Class R
Actual	$	1,000	$	975.50	$	6.03		1.21	%
Hypothetical**	$	1,000	$	1,019.11	$	6.16		1.21	%
Class K
Actual	$	1,000	$	976.69	$	4.78		0.96	%
Hypothetical**	$	1,000	$	1,020.37	$	4.89		0.96	%
Class I
Actual	$	1,000	$	978.94	$	3.54		0.71	%
Hypothetical**	$	1,000	$	1,021.63	$	3.62		0.71	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 63

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2030 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	966.25	$	5.10		1.03	%
Hypothetical**	$	1,000	$	1,020.01	$	5.24		1.03	%
Class B
Actual	$	1,000	$	962.50	$	8.56		1.73	%
Hypothetical**	$	1,000	$	1,016.48	$	8.79		1.73	%
Class C
Actual	$	1,000	$	962.50	$	8.56		1.73	%
Hypothetical**	$	1,000	$	1,016.48	$	8.79		1.73	%
Advisor Class
Actual	$	1,000	$	967.52	$	3.62		0.73	%
Hypothetical**	$	1,000	$	1,021.53	$	3.72		0.73	%
Class R
Actual	$	1,000	$	965.09	$	6.09		1.23	%
Hypothetical**	$	1,000	$	1,019.00	$	6.26		1.23	%
Class K
Actual	$	1,000	$	966.30	$	4.86		0.98	%
Hypothetical**	$	1,000	$	1,020.27	$	4.99		0.98	%
Class I
Actual	$	1,000	$	967.45	$	3.62		0.73	%
Hypothetical**	$	1,000	$	1,021.53	$	3.72		0.73	%

2035 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	958.14	$	5.13		1.04	%
Hypothetical**	$	1,000	$	1,019.96	$	5.30		1.04	%
Class B
Actual	$	1,000	$	954.39	$	8.57		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Class C
Actual	$	1,000	$	955.53	$	8.58		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Advisor Class
Actual	$	1,000	$	960.54	$	3.66		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%
Class R
Actual	$	1,000	$	957.86	$	6.12		1.24	%
Hypothetical**	$	1,000	$	1,018.95	$	6.31		1.24	%
Class K
Actual	$	1,000	$	958.14	$	4.89		0.99	%
Hypothetical**	$	1,000	$	1,020.21	$	5.04		0.99	%
Class I
Actual	$	1,000	$	960.45	$	3.66		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%

64 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2040 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	954.60	$	5.12		1.04	%
Hypothetical**	$	1,000	$	1,019.96	$	5.30		1.04	%
Class B
Actual	$	1,000	$	950.89	$	8.56		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Class C
Actual	$	1,000	$	950.89	$	8.56		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Advisor Class
Actual	$	1,000	$	955.95	$	3.65		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%
Class R
Actual	$	1,000	$	953.23	$	6.10		1.24	%
Hypothetical**	$	1,000	$	1,018.95	$	6.31		1.24	%
Class K
Actual	$	1,000	$	954.50	$	4.88		0.99	%
Hypothetical**	$	1,000	$	1,020.21	$	5.04		0.99	%
Class I
Actual	$	1,000	$	955.70	$	3.65		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%

2045 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	950.40	$	5.11		1.04	%
Hypothetical**	$	1,000	$	1,019.96	$	5.30		1.04	%
Class B
Actual	$	1,000	$	947.55	$	8.54		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Class C
Actual	$	1,000	$	948.63	$	8.55		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Advisor Class
Actual	$	1,000	$	951.74	$	3.64		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%
Class R
Actual	$	1,000	$	948.86	$	6.09		1.24	%
Hypothetical**	$	1,000	$	1,018.95	$	6.31		1.24	%
Class K
Actual	$	1,000	$	951.30	$	4.87		0.99	%
Hypothetical**	$	1,000	$	1,020.21	$	5.04		0.99	%
Class I
Actual	$	1,000	$	952.49	$	3.64		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 65

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2050 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	949.53	$	5.11		1.04	%
Hypothetical**	$	1,000	$	1,019.96	$	5.30		1.04	%
Class B
Actual	$	1,000	$	946.53	$	8.54		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Class C
Actual	$	1,000	$	946.59	$	8.54		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Advisor Class
Actual	$	1,000	$	951.06	$	3.64		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%
Class R
Actual	$	1,000	$	949.33	$	6.09		1.24	%
Hypothetical**	$	1,000	$	1,018.95	$	6.31		1.24	%
Class K
Actual	$	1,000	$	949.47	$	4.86		0.99	%
Hypothetical**	$	1,000	$	1,020.21	$	5.04		0.99	%
Class I
Actual	$	1,000	$	952.19	$	3.64		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%

2055 Retirement Strategy

	Beginning Account Value March 1, 2010		Ending Account Value August 31, 2010		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	951.15	$	5.11		1.04	%
Hypothetical**	$	1,000	$	1,019.96	$	5.30		1.04	%
Class B
Actual	$	1,000	$	947.66	$	8.54		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Class C
Actual	$	1,000	$	947.59	$	8.54		1.74	%
Hypothetical**	$	1,000	$	1,016.43	$	8.84		1.74	%
Advisor Class
Actual	$	1,000	$	952.64	$	3.64		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%
Class R
Actual	$	1,000	$	951.12	$	6.10		1.24	%
Hypothetical**	$	1,000	$	1,018.95	$	6.31		1.24	%
Class K
Actual	$	1,000	$	951.45	$	4.87		0.99	%
Hypothetical**	$	1,000	$	1,020.21	$	5.04		0.99	%
Class I
Actual	$	1,000	$	952.84	$	3.64		0.74	%
Hypothetical**	$	1,000	$	1,021.48	$	3.77		0.74	%

* Expenses are equal to each Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

66 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

2000 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $29,403

* All data are as of August 31, 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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.63%. 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 67

Portfolio Summary

2005 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $38,274

* All data are as of August 31, 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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.41%. 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

68 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2010 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $160,904

* All data are as of August 31, 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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.19%. 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 69

Portfolio Summary

2015 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $290,503

* All data are as of August 31, 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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.16%. 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

70 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2020 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $373,940

* All data are as of August 31, 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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.14%. 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 71

Portfolio Summary

2025 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $307,666

* All data are as of August 31, 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 August 31, 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

72 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2030 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $270,616

* All data are as of August 31, 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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.08%. 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 73

Portfolio Summary

2035 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $181,023

* All data are as of August 31, 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 August 31, 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

74 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2040 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $157,594

* All data are as of August 31, 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 August 31, 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 75

Portfolio Summary

2045 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $102,470

* All data are as of August 31, 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 August 31, 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

76 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2050 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $17,658

* All data are as of August 31, 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 August 31, 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 77

Portfolio Summary

2055 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $3,912

* All data are as of August 31, 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 August 31, 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 268-417. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-59.

78 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2000 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.7%
The AllianceBernstein Pooling Portfolios - Fixed Income – 73.5%
Bond Inflation Protection Portfolio		415,350	$	4,444,245
High-Yield Portfolio		67,288		662,789
Intermediate Duration Bond Portfolio		544,118		5,865,593
Short Duration Bond Portfolio		586,137		5,603,466
Volatility Management Portfolio(a)		539,718		5,024,779
				21,600,872
The AllianceBernstein Pooling Portfolios - Equity – 27.2%
Global Real Estate Investment Portfolio		243,112		2,083,467
International Growth Portfolio		106,150		868,305
International Value Portfolio		125,112		867,027
Small-Mid Cap Growth Portfolio		30,019		353,316
Small-Mid Cap Value Portfolio		38,957		353,731
U.S. Large Cap Growth Portfolio		194,439		1,738,288
U.S. Value Portfolio		242,225		1,739,177
				8,003,311
Total Investments – 100.7% (cost $27,453,634)				29,604,183
Other assets less liabilities – (0.7)%				(200,839	)
Net Assets – 100.0%			$	29,403,344

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.63% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 79

2000 Retirement Strategy—Portfolio of Investments

2005 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.6%
The AllianceBernstein Pooling Portfolios - Fixed Income – 66.4%
Bond Inflation Protection Portfolio		544,141	$	5,822,313
High-Yield Portfolio		186,553		1,837,548
Intermediate Duration Bond Portfolio		588,351		6,342,422
Short Duration Bond Portfolio		401,441		3,837,773
Volatility Management Portfolio(a)		813,046		7,569,454
				25,409,510
The AllianceBernstein Pooling Portfolios - Equity – 34.2%
Global Real Estate Investment Portfolio		313,844		2,689,643
International Growth Portfolio		194,413		1,590,303
International Value Portfolio		228,042		1,580,331
Small-Mid Cap Growth Portfolio		54,697		643,783
Small-Mid Cap Value Portfolio		71,034		644,987
U.S. Large Cap Growth Portfolio		333,242		2,979,185
U.S. Value Portfolio		415,353		2,982,232
				13,110,464
Total Investments – 100.6% (cost $35,613,760)				38,519,974
Other assets less liabilities – (0.6)%				(246,395	)
Net Assets – 100.0%			$	38,273,579

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.40% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

80 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2005 Retirement Strategy—Portfolio of Investments

2010 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.1%
The AllianceBernstein Pooling Portfolios -Fixed Income – 56.5%
Bond Inflation Protection Portfolio		2,157,740	$	23,087,823
High-Yield Portfolio		1,133,598		11,165,936
Intermediate Duration Bond Portfolio		2,160,744		23,292,818
Short Duration Bond Portfolio		140,164		1,339,965
Volatility Management Portfolio(a)		3,444,753		32,070,654
				90,957,196
The AllianceBernstein Pooling Portfolios - Equity – 43.6%
Global Real Estate Investment Portfolio		1,326,044		11,364,195
International Growth Portfolio		1,103,988		9,030,620
International Value Portfolio		1,273,329		8,824,168
Small-Mid Cap Growth Portfolio		325,661		3,833,038
Small-Mid Cap Value Portfolio		412,507		3,745,561
U.S. Large Cap Growth Portfolio		1,864,493		16,668,571
U.S. Value Portfolio		2,326,104		16,701,427
				70,167,580
Total Investments – 100.1% (cost $157,589,039)				161,124,776
Other assets less liabilities – (0.1)%				(220,590	)
Net Assets – 100.0%			$	160,904,186

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.17% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 81

2010 Retirement Strategy—Portfolio of Investments

2015 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.3%
The AllianceBernstein Pooling Portfolios - Equity – 50.9%
Global Real Estate Investment Portfolio		2,415,785	$	20,703,274
International Growth Portfolio		2,383,638		19,498,156
International Value Portfolio		2,744,597		19,020,056
Small-Mid Cap Growth Portfolio		837,372		9,855,874
Small-Mid Cap Value Portfolio		1,056,258		9,590,819
U.S. Large Cap Growth Portfolio		3,865,544		34,557,965
U.S. Value Portfolio		4,818,708		34,598,325
				147,824,469
The AllianceBernstein Pooling Portfolios - Fixed Income – 49.4%
Bond Inflation Protection Portfolio		2,636,016		28,205,369
High-Yield Portfolio		2,116,610		20,848,605
Intermediate Duration Bond Portfolio		3,346,205		36,072,096
Volatility Management Portfolio(a)		6,265,305		58,329,989
				143,456,059
Total Investments – 100.3% (cost $292,581,662)				291,280,528
Other assets less liabilities – (0.3)%				(777,997	)
Net Assets – 100.0%			$	290,502,531

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.16% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

82 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2015 Retirement Strategy—Portfolio of Investments

2020 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.2%
The AllianceBernstein Pooling Portfolios - Equity – 57.9%
Global Real Estate Investment Portfolio		3,124,798	$	26,779,521
International Growth Portfolio		3,531,610		28,888,569
International Value Portfolio		4,046,387		28,041,464
Small-Mid Cap Growth Portfolio		1,316,473		15,494,885
Small-Mid Cap Value Portfolio		1,667,702		15,142,737
U.S. Large Cap Growth Portfolio		5,702,800		50,983,030
U.S. Value Portfolio		7,106,471		51,024,458
				216,354,664
The AllianceBernstein Pooling Portfolios - Fixed Income – 42.3%
Bond Inflation Protection Portfolio		1,634,550		17,489,687
High-Yield Portfolio		2,728,450		26,875,232
Intermediate Duration Bond Portfolio		3,612,431		38,942,014
Volatility Management Portfolio(a)		8,039,584		74,848,525
				158,155,458
Total Investments – 100.2% (cost $388,096,181)				374,510,122
Other assets less liabilities – (0.2)%				(570,441	)
Net Assets – 100.0%			$	373,939,681

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.14% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 83

2020 Retirement Strategy—Portfolio of Investments

2025 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.2%
The AllianceBernstein Pooling Portfolios - Equity – 67.4%
Global Real Estate Investment Portfolio		2,603,023	$	22,307,907
International Growth Portfolio		3,482,106		28,483,624
International Value Portfolio		4,011,363		27,798,745
Small-Mid Cap Growth Portfolio		1,275,880		15,017,107
Small-Mid Cap Value Portfolio		1,610,620		14,624,429
U.S. Large Cap Growth Portfolio		5,538,799		49,516,866
U.S. Value Portfolio		6,907,920		49,598,868
				207,347,546
The AllianceBernstein Pooling Portfolios - Fixed Income – 32.8%
Bond Inflation Protection Portfolio		98,793		1,057,082
High-Yield Portfolio		2,249,240		22,155,014
Intermediate Duration Bond Portfolio		2,147,009		23,144,760
Volatility Management Portfolio(a)		5,876,670		54,711,796
				101,068,652
Total Investments – 100.2% (cost $327,546,884)				308,416,198
Other assets less liabilities – (0.2)%				(749,728	)
Net Assets – 100.0%			$	307,666,470

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.08% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

84 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2025 Retirement Strategy—Portfolio of Investments

2030 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.2%
The AllianceBernstein Pooling Portfolios - Equity – 76.7%
Global Real Estate Investment Portfolio		1,656,978	$	14,200,302
International Growth Portfolio		3,603,877		29,479,712
International Value Portfolio		4,232,155		29,328,836
Small-Mid Cap Growth Portfolio		1,355,080		15,949,288
Small-Mid Cap Value Portfolio		1,745,221		15,846,607
U.S. Large Cap Growth Portfolio		5,749,086		51,396,824
U.S. Value Portfolio		7,173,224		51,503,751
				207,705,320
The AllianceBernstein Pooling Portfolios - Fixed Income – 23.5%
High-Yield Portfolio		1,431,650		14,101,747
Intermediate Duration Bond Portfolio		1,311,954		14,142,866
Volatility Management Portfolio(a)		3,794,533		35,327,105
				63,571,718
Total Investments – 100.2% (cost $290,495,034)				271,277,038
Other assets less liabilities – (0.2)%				(660,628	)
Net Assets – 100.0%			$	270,616,410

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.06% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 85

2030 Retirement Strategy—Portfolio of Investments

2035 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.6%
The AllianceBernstein Pooling Portfolios - Equity – 84.5%
Global Real Estate Investment Portfolio		1,096,397	$	9,396,119
International Growth Portfolio		2,686,587		21,976,283
International Value Portfolio		3,107,859		21,537,460
Small-Mid Cap Growth Portfolio		1,035,615		12,189,193
Small-Mid Cap Value Portfolio		1,318,903		11,975,639
U.S. Large Cap Growth Portfolio		4,247,029		37,968,443
U.S. Value Portfolio		5,297,394		38,035,287
				153,078,424
The AllianceBernstein Pooling Portfolios - Fixed Income – 16.1%
High-Yield Portfolio		88,004		866,844
Intermediate Duration Bond Portfolio		868,134		9,358,482
Volatility Management Portfolio(a)		2,026,186		18,863,795
				29,089,121
Total Investments – 100.6% (cost $198,105,284)				182,167,545
Other assets less liabilities – (0.6)%				(1,144,886	)
Net Assets – 100.0%			$	181,022,659

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.04% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

86 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2035 Retirement Strategy—Portfolio of Investments

2040 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 101.6%
The AllianceBernstein Pooling Portfolios - Equity – 90.8%
Global Real Estate Investment Portfolio		963,638	$	8,258,382
International Growth Portfolio		2,514,654		20,569,869
International Value Portfolio		2,912,010		20,180,231
Small-Mid Cap Growth Portfolio		948,148		11,159,701
Small-Mid Cap Value Portfolio		1,215,242		11,034,394
U.S. Large Cap Growth Portfolio		4,015,928		35,902,398
U.S. Value Portfolio		5,007,002		35,950,274
				143,055,249
The AllianceBernstein Pooling Portfolios - Fixed Income – 10.8%
Intermediate Duration Bond Portfolio		763,002		8,225,160
Volatility Management Portfolio(a)		951,407		8,857,601
				17,082,761
Total Investments – 101.6% (cost $172,227,705)				160,138,010
Other assets less liabilities – (1.6)%				(2,543,919	)
Net Assets – 100.0%			$	157,594,091

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.04% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 87

2040 Retirement Strategy—Portfolio of Investments

2045 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.3%
The AllianceBernstein Pooling Portfolios - Equity – 94.5%
Global Real Estate Investment Portfolio		619,828	$	5,311,926
International Growth Portfolio		1,720,170		14,070,991
International Value Portfolio		1,975,458		13,689,924
Small-Mid Cap Growth Portfolio		648,585		7,633,844
Small-Mid Cap Value Portfolio		827,808		7,516,490
U.S. Large Cap Growth Portfolio		2,718,224		24,300,923
U.S. Value Portfolio		3,389,238		24,334,731
				96,858,829
The AllianceBernstein Pooling Portfolios - Fixed Income – 5.8%
Intermediate Duration Bond Portfolio		498,943		5,378,608
Volatility Management Portfolio(a)		52,931		492,788
				5,871,396
Total Investments – 100.3% (cost $110,248,643)				102,730,225
Other assets less liabilities – (0.3)%				(260,312	)
Net Assets – 100.0%			$	102,469,913

(a) Non-income producing security.

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.04% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

88 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2045 Retirement Strategy—Portfolio of Investments

2050 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.1%
The AllianceBernstein Pooling Portfolios - Equity – 94.9%
Global Real Estate Investment Portfolio		104,210	$	893,081
International Growth Portfolio		292,855		2,395,554
International Value Portfolio		343,499		2,380,446
Small-Mid Cap Growth Portfolio		111,756		1,315,369
Small-Mid Cap Value Portfolio		144,360		1,310,793
U.S. Large Cap Growth Portfolio		472,417		4,223,409
U.S. Value Portfolio		589,558		4,233,026
				16,751,678
The AllianceBernstein Pooling Portfolios - Fixed Income – 5.2%
Intermediate Duration Bond Portfolio		85,576		922,507
Total Investments – 100.1% (cost $16,054,517)				17,674,185
Other assets less liabilities – (0.1)%				(16,042	)
Net Assets – 100.0%			$	17,658,143

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.04% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 89

2050 Retirement Strategy—Portfolio of Investments

2055 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 101.3%
The AllianceBernstein Pooling Portfolios - Equity – 96.2%
Global Real Estate Investment Portfolio		23,522	$	201,588
International Growth Portfolio		65,578		536,430
International Value Portfolio		77,153		534,669
Small-Mid Cap Growth Portfolio		25,153		296,058
Small-Mid Cap Value Portfolio		32,621		296,196
U.S. Large Cap Growth Portfolio		106,034		947,941
U.S. Value Portfolio		132,541		951,643
				3,764,525
The AllianceBernstein Pooling Portfolios - Fixed Income – 5.1%
Intermediate Duration Bond Portfolio		18,555		200,018
Total Investments – 101.3% (cost $3,872,571)				3,964,543
Other assets less liabilities – (1.3)%				(52,566	)
Net Assets – 100.0%			$	3,911,977

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 August 31, 2010, the Strategy’s total exposure to subprime investments was 0.04% of net assets. These investments are valued in accordance with the Underlying Portfolio’s Valuation Policies.

See notes to financial statements.

90 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2055 Retirement Strategy—Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

August 31, 2010

	2000 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $27,453,634)	$	29,604,183
Receivable for capital stock sold		50,114
Receivable for investments sold		45,939
Receivable due from Adviser		10,439
Total assets		29,710,675
Liabilities
Payable for capital stock redeemed		218,256
Audit fee payable		29,259
Legal fee payable		18,341
Distribution fee payable		6,948
Transfer Agent fee payable		2,927
Accrued expenses		31,600
Total liabilities		307,331
Net Assets	$	29,403,344
Composition of Net Assets
Capital stock, at par	$	3,015
Additional paid-in capital		31,292,443
Undistributed net investment income		268,844
Accumulated net realized loss on investment transactions		(4,311,507	)
Net unrealized appreciation on investments		2,150,549
	$	29,403,344

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	6,422,142		648,940	$	9.90	*
B	$	168,572		17,273	$	9.76
C	$	823,181		84,314	$	9.76
Advisor	$	742,325		74,619	$	9.95
R	$	2,600,001		266,284	$	9.76
K	$	17,245,418		1,779,142	$	9.69
I	$	1,401,705		144,105	$	9.73

* The maximum offering price per share for Class A shares was $10.34 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 91

Statement of Assets & Liabilities

	2005 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $35,613,760)	$	38,519,974
Receivable for investments sold		30,781
Receivable for capital stock sold		19,567
Receivable due from Adviser		8,674
Total assets		38,578,996
Liabilities
Payable for capital stock redeemed		212,581
Audit fee payable		29,259
Legal fee payable		17,798
Distribution fee payable		9,883
Transfer Agent fee payable		2,830
Accrued expenses		33,066
Total liabilities		305,417
Net Assets	$	38,273,579
Composition of Net Assets
Capital stock, at par	$	4,087
Additional paid-in capital		47,144,496
Undistributed net investment income		223,555
Accumulated net realized loss on investment transactions		(12,004,773	)
Net unrealized appreciation on investments		2,906,214
	$	38,273,579

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	22,042,615		2,351,966	$	9.37	*
B	$	409,958		44,084	$	9.30
C	$	350,503		37,761	$	9.28
Advisor	$	697,380		73,995	$	9.42
R	$	3,113,362		334,045	$	9.32
K	$	11,258,902		1,202,867	$	9.36
I	$	400,859		42,695	$	9.39

* The maximum offering price per share for Class A shares was $9.79 which reflects a sales charge of 4.25%.

See notes to financial statements.

92 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2010 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $157,589,039)	$	161,124,776
Receivable for capital stock sold		535,638
Total assets		161,660,414
Liabilities
Payable for capital stock redeemed		423,708
Payable for investments purchased		136,592
Distribution fee payable		36,679
Advisory fee payable		17,676
Administrative fee payable		17,491
Transfer Agent fee payable		9,809
Accrued expenses		114,273
Total liabilities		756,228
Net Assets	$	160,904,186
Composition of Net Assets
Capital stock, at par	$	17,538
Additional paid-in capital		199,131,099
Undistributed net investment income		1,125,949
Accumulated net realized loss on investment transactions		(42,906,137	)
Net unrealized appreciation on investments		3,535,737
	$	160,904,186

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	56,195,971		6,132,497	$	9.16	*
B	$	685,253		75,486	$	9.08
C	$	2,015,944		222,194	$	9.07
Advisor	$	13,460,975		1,460,804	$	9.21
R	$	15,196,615		1,662,637	$	9.14
K	$	66,383,050		7,228,000	$	9.18
I	$	6,966,378		756,591	$	9.21

* The maximum offering price per share for Class A shares was $9.57 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 93

Statement of Assets & Liabilities

	2015 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $292,581,662)	$	291,280,528
Receivable for capital stock sold		934,346
Receivable for investments sold		94,941
Total assets		292,309,815
Liabilities
Payable for capital stock redeemed		1,512,060
Distribution fee payable		66,812
Advisory fee payable		55,956
Transfer Agent fee payable		18,407
Administrative fee payable		17,491
Accrued expenses		136,558
Total liabilities		1,807,284
Net Assets	$	290,502,531
Composition of Net Assets
Capital stock, at par	$	31,914
Additional paid-in capital		349,871,994
Undistributed net investment income		1,928,399
Accumulated net realized loss on investment transactions		(60,028,642	)
Net unrealized depreciation on investments		(1,301,134	)
	$	290,502,531

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	90,837,148		9,996,792	$	9.09	*
B	$	2,150,772		238,852	$	9.00
C	$	3,257,496		361,784	$	9.00
Advisor	$	13,781,142		1,506,303	$	9.15
R	$	37,765,446		4,167,753	$	9.06
K	$	110,449,904		12,113,187	$	9.12
I	$	32,260,623		3,529,295	$	9.14

* The maximum offering price per share for Class A shares was $9.49 which reflects a sales charge of 4.25%.

See notes to financial statements.

94 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2020 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $388,096,181)	$	374,510,122
Receivable for capital stock sold		922,752
Receivable for investments sold		136,195
Total assets		375,569,069
Liabilities
Payable for capital stock redeemed		1,236,428
Advisory fee payable		93,705
Distribution fee payable		89,881
Transfer Agent fee payable		21,170
Administrative fee payable		17,491
Accrued expenses		170,713
Total liabilities		1,629,388
Net Assets	$	373,939,681
Composition of Net Assets
Capital stock, at par	$	42,342
Additional paid-in capital		455,772,701
Undistributed net investment income		2,311,523
Accumulated net realized loss on investment transactions		(70,600,826	)
Net unrealized depreciation on investments		(13,586,059	)
	$	373,939,681

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	108,556,719		12,312,509	$	8.82	*
B	$	2,093,135		240,156	$	8.72
C	$	5,196,390		595,345	$	8.73
Advisor	$	14,255,849		1,606,137	$	8.88
R	$	46,261,182		5,264,841	$	8.79
K	$	175,827,981		19,871,288	$	8.85
I	$	21,748,425		2,451,657	$	8.87

* The maximum offering price per share for Class A shares was $9.21 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 95

Statement of Assets & Liabilities

	2025 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $327,546,884)	$	308,416,198
Receivable for capital stock sold		531,443
Receivable for investments sold		227,910
Total assets		309,175,551
Liabilities
Payable for capital stock redeemed		1,163,363
Distribution fee payable		75,195
Advisory fee payable		75,001
Transfer Agent fee payable		19,460
Administrative fee payable		17,741
Accrued expenses		158,321
Total liabilities		1,509,081
Net Assets	$	307,666,470
Composition of Net Assets
Capital stock, at par	$	35,012
Additional paid-in capital		381,196,444
Undistributed net investment income		1,789,867
Accumulated net realized loss on investment transactions		(56,224,167	)
Net unrealized depreciation on investments		(19,130,686	)
	$	307,666,470

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	109,018,057		12,421,864	$	8.78	*
B	$	1,238,734		142,964	$	8.66
C	$	3,367,162		388,182	$	8.67
Advisor	$	11,878,960		1,345,621	$	8.83
R	$	43,554,000		4,969,798	$	8.76
K	$	120,931,496		13,740,439	$	8.80
I	$	17,678,061		2,002,664	$	8.83

* The maximum offering price per share for Class A shares was $9.17 which reflects a sales charge of 4.25%.

See notes to financial statements.

96 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2030 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $290,495,034)	$	271,277,038
Receivable for investments sold		877,046
Receivable for capital stock sold		616,719
Total assets		272,770,803
Liabilities
Payable for capital stock redeemed		1,849,887
Distribution fee payable		67,432
Advisory fee payable		59,542
Transfer Agent fee payable		17,818
Administrative fee payable		17,741
Accrued expenses		141,973
Total liabilities		2,154,393
Net Assets	$	270,616,410
Composition of Net Assets
Capital stock, at par	$	31,508
Additional paid-in capital		330,240,956
Undistributed net investment income		1,175,695
Accumulated net realized loss on investment transactions		(41,613,753	)
Net unrealized depreciation on investments		(19,217,996	)
	$	270,616,410

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	88,919,162		10,356,782	$	8.59	*
B	$	1,145,294		135,212	$	8.47
C	$	4,474,964		528,319	$	8.47
Advisor	$	10,226,280		1,183,737	$	8.64
R	$	37,223,166		4,345,689	$	8.57
K	$	114,730,904		13,346,223	$	8.60
I	$	13,896,640		1,612,292	$	8.62

* The maximum offering price per share for Class A shares was $8.97 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 97

Statement of Assets & Liabilities

	2035 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $198,105,284)	$	182,167,545
Receivable for capital stock sold		526,386
Receivable for investments sold		265,661
Total assets		182,959,592
Liabilities
Payable for capital stock redeemed		1,695,560
Distribution fee payable		45,087
Advisory fee payable		28,179
Administrative fee payable		17,741
Transfer Agent fee payable		16,265
Accrued expenses		134,101
Total liabilities		1,936,933
Net Assets	$	181,022,659
Composition of Net Assets
Capital stock, at par	$	21,394
Additional paid-in capital		221,481,493
Undistributed net investment income		1,132,215
Accumulated net realized loss on investment transactions		(25,674,704	)
Net unrealized depreciation on investments		(15,937,739	)
	$	181,022,659

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	62,369,330		7,366,895	$	8.47	*
B	$	821,556		98,099	$	8.37
C	$	2,683,744		320,426	$	8.38
Advisor	$	7,818,596		918,160	$	8.52
R	$	24,873,100		2,958,903	$	8.41
K	$	72,858,368		8,601,679	$	8.47
I	$	9,597,965		1,129,623	$	8.50

* The maximum offering price per share for Class A shares was $8.85 which reflects a sales charge of 4.25%.

See notes to financial statements.

98 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2040 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $172,227,705)	$	160,138,010
Receivable for capital stock sold		502,278
Receivable for investments sold		278,850
Total assets		160,919,138
Liabilities
Payable for capital stock redeemed		3,105,023
Distribution fee payable		39,870
Administrative fee payable		17,991
Advisory fee payable		12,900
Transfer Agent fee payable		12,179
Accrued expenses		137,084
Total liabilities		3,325,047
Net Assets	$	157,594,091
Composition of Net Assets
Capital stock, at par	$	18,313
Additional paid-in capital		187,657,311
Undistributed net investment income		1,027,993
Accumulated net realized loss on investment transactions		(19,019,831	)
Net unrealized depreciation on investments		(12,089,695	)
	$	157,594,091

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	52,835,831		6,131,261	$	8.62	*
B	$	828,792		97,298	$	8.52
C	$	2,743,151		321,934	$	8.52
Advisor	$	7,788,299		897,697	$	8.68
R	$	23,639,927		2,760,336	$	8.56
K	$	60,470,829		7,028,708	$	8.60
I	$	9,287,262		1,075,572	$	8.63

* The maximum offering price per share for Class A shares was $9.00 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 99

Statement of Assets & Liabilities

	2045 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $110,248,643)	$	102,730,225
Receivable for capital stock sold		393,128
Receivable for investments sold		39,178
Receivable due from Adviser		9,637
Total assets		103,172,168
Liabilities
Payable for capital stock redeemed		520,662
Printing fee payable		43,802
Distribution fee payable		25,636
Administrative fee payable		17,482
Transfer Agent fee payable		8,480
Accrued expenses		86,193
Total liabilities		702,255
Net Assets	$	102,469,913
Composition of Net Assets
Capital stock, at par	$	12,186
Additional paid-in capital		119,507,131
Undistributed net investment income		312,432
Accumulated net realized loss on investment transactions		(9,843,418	)
Net unrealized depreciation on investments		(7,518,418	)
	$	102,469,913

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	38,527,977		4,569,785	$	8.43	*
B	$	295,953		35,606	$	8.31
C	$	1,550,050		186,631	$	8.31
Advisor	$	6,481,055		764,062	$	8.48
R	$	16,926,353		2,025,913	$	8.35
K	$	33,954,206		4,041,904	$	8.40
I	$	4,734,319		562,493	$	8.42

* The maximum offering price per share for Class A shares was $8.80 which reflects a sales charge of 4.25%.

See notes to financial statements.

100 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2050 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $16,054,517)	$	17,674,185
Receivable for capital stock sold		84,884
Receivable due from Adviser		15,037
Receivable for investments sold		713
Total assets		17,774,819
Liabilities
Payable for capital stock redeemed		33,207
Audit fee payable		29,259
Legal fee payable		16,886
Registration fee payable		12,503
Printing fee payable		9,404
Distribution fee payable		3,903
Transfer Agent fee payable		2,031
Accrued expenses		9,483
Total liabilities		116,676
Net Assets	$	17,658,143
Composition of Net Assets
Capital stock, at par	$	2,470
Additional paid-in capital		17,148,044
Undistributed net investment income		48,837
Accumulated net realized loss on investment transactions		(1,160,876	)
Net unrealized appreciation on investments		1,619,668
	$	17,658,143

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	4,426,635		618,751	$	7.15	*
B	$	30,916		4,367	$	7.08
C	$	200,536		28,282	$	7.09
Advisor	$	2,236,826		310,915	$	7.19
R	$	2,442,729		342,896	$	7.12
K	$	7,613,518		1,065,627	$	7.14
I	$	706,983		98,667	$	7.17

* The maximum offering price per share for Class A shares was $7.47 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 101

Statement of Assets & Liabilities

	2055 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value: (cost $3,872,571)	$	3,964,543
Receivable for capital stock sold		17,698
Receivable due from Adviser		9,908
Total assets		3,992,149
Liabilities
Audit fee payable		29,125
Legal fee payable		17,008
Registration fee payable		9,794
Payable for investments purchased		5,544
Custody fee payable		4,984
Payable for capital stock redeemed		3,801
Transfer Agent fee payable		1,993
Distribution fee payable		867
Accrued expenses		7,056
Total liabilities		80,172
Net Assets	$	3,911,977
Composition of Net Assets
Capital stock, at par	$	566
Additional paid-in capital		4,090,775
Undistributed net investment income		19,296
Accumulated net realized loss on investment transactions		(290,632	)
Net unrealized appreciation on investments		91,972
	$	3,911,977

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	866,776		123,685	$	7.01	*
B	$	19,212		2,792	$	6.88
C	$	44,579		6,486	$	6.87
Advisor	$	530,777		75,366	$	7.04
R	$	484,409		71,164	$	6.81
K	$	1,906,395		277,947	$	6.86
I	$	59,829		8,704	$	6.87

* The maximum offering price per share for Class A shares was $7.32 which reflects a sales charge of 4.25%.

See notes to financial statements.

102 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Year Ended August 31, 2010

	2000 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	713,149
Expenses
Advisory fee (see Note B)	$	152,029
Distribution fee – Class A		19,982
Distribution fee – Class B		1,078
Distribution fee – Class C		8,936
Distribution fee – Class R		9,105
Distribution fee – Class K		38,979
Transfer agency – Class A		19,018
Transfer agency – Class B		389
Transfer agency – Class C		2,748
Transfer agency – Advisor Class		2,311
Transfer agency – Class R		4,123
Transfer agency – Class K		31,183
Transfer agency – Class I		1,997
Registration fees		82,402
Administrative		77,225
Custodian		59,800
Legal		33,901
Audit		30,069
Printing		10,164
Directors’ fees		4,765
Miscellaneous		8,380
Total expenses		598,584
Less: expenses waived and reimbursed by the Adviser (see Note B)		(376,768	)
Net expenses					221,816
Net investment income					491,333
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(234,808	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					1,859,260
Net gain on investment transactions					1,624,452
Net Increase in Net Assets from Operations				$	2,115,785

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 103

Statement of Operations

	2005 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	1,146,692
Expenses
Advisory fee (see Note B)	$	238,046
Distribution fee – Class A		70,693
Distribution fee – Class B		4,631
Distribution fee – Class C		6,843
Distribution fee – Class R		16,718
Distribution fee – Class K		33,448
Transfer agency – Class A		34,659
Transfer agency – Class B		813
Transfer agency – Class C		1,149
Transfer agency – Advisor Class		1,005
Transfer agency – Class R		6,894
Transfer agency – Class K		26,759
Transfer agency – Class I		1,398
Registration fees		82,402
Administrative		77,225
Custodian		59,800
Legal		33,901
Audit		30,069
Printing		14,836
Directors’ fees		4,765
Miscellaneous		8,180
Total expenses		754,234
Less: expenses waived and reimbursed by the Adviser (see Note B)		(370,870	)
Net expenses					383,364
Net investment income					763,328
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(2,888,737	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					5,680,933
Net gain on investment transactions					2,792,196
Net Increase in Net Assets from Operations				$	3,555,524

See notes to financial statements.

104 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2010 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	4,585,314
Expenses
Advisory fee (see Note B)	$	988,337
Distribution fee – Class A		192,118
Distribution fee – Class B		8,828
Distribution fee – Class C		20,797
Distribution fee – Class R		81,456
Distribution fee – Class K		166,212
Transfer agency – Class A		87,998
Transfer agency – Class B		1,572
Transfer agency – Class C		3,431
Transfer agency – Advisor Class		18,708
Transfer agency – Class R		40,951
Transfer agency – Class K		130,137
Transfer agency – Class I		12,443
Registration fees		86,442
Administrative		77,225
Custodian		59,800
Printing		42,276
Legal		33,901
Audit		30,069
Directors’ fees		4,765
Miscellaneous		8,828
Total expenses		2,096,294
Less: expenses waived and reimbursed by the Adviser (see Note B)		(563,863	)
Net expenses					1,532,431
Net investment income					3,052,883
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(21,691,040	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					32,403,130
Net gain on investment transactions					10,712,090
Net Increase in Net Assets from Operations				$	13,764,973

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 105

Statement of Operations

	2015 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	8,008,044
Expenses
Advisory fee (see Note B)	$	1,854,518
Distribution fee – Class A		292,620
Distribution fee – Class B		23,764
Distribution fee – Class C		32,940
Distribution fee – Class R		181,494
Distribution fee – Class K		280,266
Transfer agency – Class A		124,861
Transfer agency – Class B		3,868
Transfer agency – Class C		5,169
Transfer agency – Advisor Class		18,005
Transfer agency – Class R		94,377
Transfer agency – Class K		224,212
Transfer agency – Class I		28,984
Registration fees		86,547
Administrative		77,225
Printing		64,956
Custodian		59,800
Legal		33,901
Audit		30,069
Directors’ fees		4,765
Miscellaneous		10,957
Total expenses		3,533,298
Less: expenses waived and reimbursed by the Adviser (see Note B)		(713,153	)
Net expenses					2,820,145
Net investment income					5,187,899
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(40,077,636	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					56,683,953
Net gain on investment transactions					16,606,317
Net Increase in Net Assets from Operations				$	21,794,216

See notes to financial statements.

106 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2020 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	9,654,977
Expenses
Advisory fee (see Note B)	$	2,267,538
Distribution fee – Class A		346,533
Distribution fee – Class B		23,518
Distribution fee – Class C		50,265
Distribution fee – Class R		220,607
Distribution fee – Class K		420,490
Transfer agency – Class A		156,835
Transfer agency – Class B		4,093
Transfer agency – Class C		8,312
Transfer agency – Advisor Class		18,627
Transfer agency – Class R		110,798
Transfer agency – Class K		336,392
Transfer agency – Class I		31,295
Registration fees		88,752
Printing		80,808
Administrative		77,225
Custodian		59,800
Legal		33,901
Audit		30,069
Directors’ fees		4,765
Miscellaneous		12,019
Total expenses		4,382,642
Less: expenses waived and reimbursed by the Adviser (see Note B)		(713,561	)
Net expenses					3,669,081
Net investment income					5,985,896
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(56,837,211	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					74,346,229
Net gain on investment transactions					17,509,018
Net Increase in Net Assets from Operations				$	23,494,914

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 107

Statement of Operations

	2025 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	8,045,080
Expenses
Advisory fee (see Note B)	$	2,070,617
Distribution fee – Class A		341,371
Distribution fee – Class B		14,572
Distribution fee – Class C		33,086
Distribution fee – Class R		206,944
Distribution fee – Class K		309,282
Transfer agency – Class A		159,428
Transfer agency – Class B		2,767
Transfer agency – Class C		5,739
Transfer agency – Advisor Class		16,038
Transfer agency – Class R		107,611
Transfer agency – Class K		247,425
Transfer agency – Class I		28,250
Registration fees		87,077
Printing		79,850
Administrative		77,225
Custodian		59,800
Legal		33,901
Audit		30,069
Directors’ fees		4,765
Miscellaneous		10,698
Total expenses		3,926,515
Less: expenses waived and reimbursed by the Adviser (see Note B)		(759,509	)
Net expenses					3,167,006
Net investment income					4,878,074
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(42,000,057	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					54,498,915
Net gain on investment transactions					12,498,858
Net Increase in Net Assets from Operations				$	17,376,932

See notes to financial statements.

108 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2030 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	6,396,039
Expenses
Advisory fee (see Note B)	$	1,783,559
Distribution fee – Class A		271,785
Distribution fee – Class B		14,229
Distribution fee – Class C		47,071
Distribution fee – Class R		185,720
Distribution fee – Class K		284,968
Transfer agency – Class A		152,233
Transfer agency – Class B		3,051
Transfer agency – Class C		9,362
Transfer agency – Advisor Class		15,810
Transfer agency – Class R		91,820
Transfer agency – Class K		204,843
Transfer agency – Class I		19,936
Registration fees		86,402
Administrative		77,225
Printing		75,279
Custodian		59,800
Legal		31,801
Audit		30,069
Directors’ fees		4,765
Miscellaneous		10,400
Total expenses		3,460,128
Less: expenses waived and reimbursed by the Adviser (see Note B)		(653,281	)
Net expenses					2,806,847
Net investment income					3,589,192
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(33,919,574	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					41,483,122
Net gain on investment transactions					7,563,548
Net Increase in Net Assets from Operations				$	11,152,740

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 109

Statement of Operations

	2035 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	3,761,689
Expenses
Advisory fee (see Note B)	$	1,227,975
Distribution fee – Class A		201,468
Distribution fee – Class B		9,884
Distribution fee – Class C		26,231
Distribution fee – Class R		125,019
Distribution fee – Class K		181,865
Transfer agency – Class A		124,740
Transfer agency – Class B		2,315
Transfer agency – Class C		5,848
Transfer agency – Advisor Class		14,027
Transfer agency – Class R		64,066
Transfer agency – Class K		139,522
Transfer agency – Class I		14,956
Registration fees		86,402
Administrative		77,225
Printing		63,270
Custodian		59,800
Legal		33,901
Audit		30,069
Directors’ fees		4,765
Miscellaneous		9,392
Total expenses		2,502,740
Less: expenses waived and reimbursed by the Adviser (see Note B)		(560,271	)
Net expenses					1,942,469
Net investment income					1,819,220
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(22,582,358	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					26,186,262
Net gain on investment transactions					3,603,904
Net Increase in Net Assets from Operations				$	5,423,124

See notes to financial statements.

110 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2040 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	3,248,132
Expenses
Advisory fee (see Note B)	$	1,053,599
Distribution fee – Class A		176,251
Distribution fee – Class B		9,517
Distribution fee – Class C		27,157
Distribution fee – Class R		116,804
Distribution fee – Class K		144,806
Transfer agency – Class A		121,796
Transfer agency – Class B		2,419
Transfer agency – Class C		7,125
Transfer agency – Advisor Class		14,990
Transfer agency – Class R		58,748
Transfer agency – Class K		98,407
Transfer agency – Class I		13,141
Registration fees		86,402
Administrative		77,225
Printing		66,202
Custodian		59,800
Legal		33,901
Audit		30,069
Directors’ fees		4,765
Miscellaneous		9,270
Total expenses		2,212,394
Less: expenses waived and reimbursed by the Adviser (see Note B)		(538,378	)
Net expenses					1,674,016
Net investment income					1,574,116
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(13,968,526	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					16,060,754
Net gain on investment transactions					2,092,228
Net Increase in Net Assets from Operations				$	3,666,344

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 111

Statement of Operations

	2045 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	2,106,958
Expenses
Advisory fee (see Note B)	$	673,639
Distribution fee – Class A		122,649
Distribution fee – Class B		3,352
Distribution fee – Class C		15,201
Distribution fee – Class R		78,181
Distribution fee – Class K		80,274
Transfer agency – Class A		110,638
Transfer agency – Class B		1,201
Transfer agency – Class C		4,971
Transfer agency – Advisor Class		16,406
Transfer agency – Class R		40,654
Transfer agency – Class K		58,582
Transfer agency – Class I		7,851
Registration fees		84,152
Administrative		77,225
Custodian		59,800
Printing		59,245
Legal		32,856
Audit		30,069
Directors’ fees		4,765
Miscellaneous		8,645
Total expenses		1,570,356
Less: expenses waived and reimbursed by the Adviser (see Note B)		(503,787	)
Net expenses					1,066,569
Net investment income					1,040,389
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(6,648,115	)
Net change in unrealized appreciation/ depreciation of investments in affiliated Underlying Portfolios					7,486,956
Net gain on investment transactions					838,841
Net Increase in Net Assets from Operations				$	1,879,230

See notes to financial statements.

112 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2050 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	287,008
Expenses
Advisory fee (see Note B)	$	94,010
Distribution fee – Class A		11,261
Distribution fee – Class B		325
Distribution fee – Class C		1,509
Distribution fee – Class R		10,197
Distribution fee – Class K		14,863
Transfer agency – Class A		17,229
Transfer agency – Class B		203
Transfer agency – Class C		734
Transfer agency – Advisor Class		8,412
Transfer agency – Class R		4,906
Transfer agency – Class K		10,100
Transfer agency – Class I		721
Registration fees		80,427
Administrative		77,225
Custodian		59,800
Legal		32,966
Audit		30,069
Printing		15,162
Directors’ fees		4,765
Miscellaneous		9,663
Total expenses		484,547
Less: expenses waived and reimbursed by the Adviser (see Note B)		(339,365	)
Net expenses					145,182
Net investment income					141,826
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain on sale of affiliated Underlying Portfolio shares					235,880
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					(478,726	)
Net loss on investment transactions					(242,846	)
Net Decrease in Net Assets from Operations				$	(101,020	)

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 113

Statement of Operations

	2055 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	67,801
Expenses
Advisory fee (see Note B)	$	22,022
Distribution fee – Class A		2,419
Distribution fee – Class B		199
Distribution fee – Class C		324
Distribution fee – Class R		1,855
Distribution fee – Class K		4,155
Transfer agency – Class A		13,577
Transfer agency – Class B		386
Transfer agency – Class C		555
Transfer agency – Advisor Class		6,647
Transfer agency – Class R		979
Transfer agency – Class K		3,707
Transfer agency – Class I		111
Registration fees		88,302
Administrative		77,225
Custodian		59,800
Legal		32,856
Audit		30,219
Printing		6,629
Directors’ fees		4,840
Miscellaneous		9,710
Total expenses		366,517
Less: expenses waived and reimbursed by the Adviser (see Note B)		(332,494	)
Net expenses					34,023
Net investment income					33,778
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain on sale of affiliated Underlying Portfolio shares					218,203
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					(294,229	)
Net loss on investment transactions					(76,026	)
Net Decrease in Net Assets from Operations				$	(42,248	)

See notes to financial statements.

114 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	2000 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	491,333		$	672,865
Net realized loss on sale of affiliated Underlying Portfolio shares		(234,808	)		(3,247,567	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		91,535
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		1,859,260			1,505,586
Net increase (decrease) in net assets from operations		2,115,785			(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		1,875,634			4,572,726
Total increase		3,409,451			2,680,947
Net Assets
Beginning of period		25,993,893			23,312,946
End of period (including undistributed net investment income of $268,844 and $359,479, respectively)	$	29,403,344		$	25,993,893

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 115

Statement of Changes in Net Assets

	2005 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	763,328		$	1,294,571
Net realized loss on sale of affiliated Underlying Portfolio shares		(2,888,737	)		(8,173,724	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		270,187
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		5,680,933			1,682,486
Net increase (decrease) in net assets from operations		3,555,524			(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)		(8,779,510	)		7,308,577
Total decrease		(6,140,965	)		(63,472	)
Net Assets
Beginning of period		44,414,544			44,478,016
End of period (including undistributed net investment income of $223,555 and $377,206, respectively)	$	38,273,579		$	44,414,544

See notes to financial statements.

116 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2010 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,052,883		$	4,458,080
Net realized loss on sale of affiliated Underlying Portfolio shares		(21,691,040	)		(16,603,876	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		1,107,298
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		32,403,130			(8,772,392	)
Net increase (decrease) in net assets from operations		13,764,973			(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)		(21,228,134	)		23,096,277
Total decrease		(10,979,817	)		(6,556,518	)
Net Assets
Beginning of period		171,884,003			178,440,521
End of period (including undistributed net investment income of $1,125,949 and $1,589,722, respectively)	$	160,904,186		$	171,884,003

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 117

Statement of Changes in Net Assets

	2015 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	5,187,899		$	6,452,995
Net realized loss on sale of affiliated Underlying Portfolio shares		(40,077,636	)		(20,447,841	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		1,986,409
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		56,683,953			(18,997,263	)
Net increase (decrease) in net assets from operations		21,794,216			(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 (decrease)		(10,182,546	)		44,953,553
Total increase		5,738,713			64,142
Net Assets
Beginning of period		284,763,818			284,699,676
End of period (including undistributed net investment income of $1,928,399 and $2,613,457, respectively)	$	290,502,531		$	284,763,818

See notes to financial statements.

118 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2020 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	5,985,896		$	6,806,422
Net realized loss on sale of affiliated Underlying Portfolio shares		(56,837,211	)		(15,647,698	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		2,646,707
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		74,346,229			(32,978,921	)
Net increase (decrease) in net assets from operations		23,494,914			(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		4,443,711			77,291,523
Total increase		21,188,127			21,430,422
Net Assets
Beginning of period		352,751,554			331,321,132
End of period (including undistributed net investment income of $2,311,523 and $3,076,125, respectively)	$	373,939,681		$	352,751,554

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 119

Statement of Changes in Net Assets

	2025 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	4,878,074		$	4,943,763
Net realized loss on sale of affiliated Underlying Portfolio shares		(42,000,057	)		(15,860,755	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		2,469,086
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		54,498,915			(27,479,779	)
Net increase (decrease) in net assets from operations		17,376,932			(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		6,893,982			64,278,681
Total increase		18,853,985			14,563,027
Net Assets
Beginning of period		288,812,485			274,249,458
End of period (including undistributed net investment income of $1,789,867 and $2,328,722, respectively)	$	307,666,470		$	288,812,485

See notes to financial statements.

120 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2030 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,589,192		$	3,657,311
Net realized loss on sale of affiliated Underlying Portfolio shares		(33,919,574	)		(9,275,877	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		2,232,260
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		41,483,122			(23,712,130	)
Net increase (decrease) in net assets from operations		11,152,740			(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		9,509,451			74,556,584
Total increase		16,589,139			37,420,020
Net Assets
Beginning of period		254,027,271			216,607,251
End of period (including undistributed net investment income of $1,175,695 and $1,659,555, respectively)	$	270,616,410		$	254,027,271

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 121

Statement of Changes in Net Assets

	2035 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,819,220		$	2,074,967
Net realized loss on sale of affiliated Underlying Portfolio shares		(22,582,358	)		(3,452,850	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		1,582,925
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		26,186,262			(18,390,673	)
Net increase (decrease) in net assets from operations		5,423,124			(18,185,631	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(561,984	)		(712,690	)
Class B		(2,680	)		(7,009	)
Class C		(6,562	)		(11,438	)
Advisor Class		(77,021	)		(62,440	)
Class R		(155,426	)		(202,113	)
Class K		(625,381	)		(705,866	)
Class I		(176,768	)		(171,823	)
Net realized gain on investment transactions
Class A		(233,455	)		(1,649,199	)
Class B		(3,592	)		(34,429	)
Class C		(8,598	)		(56,434	)
Advisor Class		(24,538	)		(121,411	)
Class R		(81,406	)		(519,189	)
Class K		(241,855	)		(1,660,861	)
Class I		(53,355	)		(329,523	)
Capital Stock Transactions
Net increase		5,951,905			50,708,508
Total increase		9,122,408			26,278,452
Net Assets
Beginning of period		171,900,251			145,621,799
End of period (including undistributed net investment income of $1,132,215 and $918,817, respectively)	$	181,022,659		$	171,900,251

See notes to financial statements.

122 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2040 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,574,116		$	1,696,677
Net realized loss on sale of affiliated Underlying Portfolio shares		(13,968,526	)		(4,940,175	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		1,291,470
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		16,060,754			(9,971,620	)
Net increase (decrease) in net assets from operations		3,666,344			(11,923,648	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(444,877	)		(640,414	)
Class B		(2,188	)		(6,970	)
Class C		(6,035	)		(12,759	)
Advisor Class		(68,546	)		(54,601	)
Class R		(148,437	)		(162,097	)
Class K		(505,543	)		(434,130	)
Class I		(149,100	)		(138,722	)
Net realized gain on investment transactions
Class A		(207,930	)		(1,340,025	)
Class B		(3,486	)		(26,702	)
Class C		(9,565	)		(48,875	)
Advisor Class		(23,608	)		(97,113	)
Class R		(82,017	)		(424,865	)
Class K		(199,216	)		(931,880	)
Class I		(46,689	)		(241,551	)
Capital Stock Transactions
Net increase		6,627,912			54,982,101
Total increase		8,397,019			38,497,749
Net Assets
Beginning of period		149,197,072			110,699,323
End of period (including undistributed net investment income of $1,027,993 and $778,603, respectively)	$	157,594,091		$	149,197,072

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 123

Statement of Changes in Net Assets

	2045 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,040,389		$	1,005,323
Net realized loss on sale of affiliated Underlying Portfolio shares		(6,648,115	)		(3,033,766	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		751,878
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		7,486,956			(4,721,685	)
Net increase (decrease) in net assets from operations		1,879,230			(5,998,250	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(465,885	)		(373,489	)
Class B		(1,731	)		(2,358	)
Class C		(6,930	)		(8,995	)
Advisor Class		(76,815	)		(37,230	)
Class R		(142,825	)		(105,423	)
Class K		(378,793	)		(236,780	)
Class I		(138,721	)		(77,238	)
Net realized gain on investment transactions
Class A		(231,195	)		(852,234	)
Class B		(1,995	)		(8,703	)
Class C		(7,819	)		(33,203	)
Advisor Class		(31,183	)		(69,736	)
Class R		(78,362	)		(249,634	)
Class K		(168,438	)		(499,427	)
Class I		(51,882	)		(132,786	)
Capital Stock Transactions
Net increase		11,192,156			33,388,458
Total increase		11,288,812			24,702,972
Net Assets
Beginning of period		91,181,101			66,478,129
End of period (including undistributed net investment income of $312,432 and $483,743, respectively)	$	102,469,913		$	91,181,101

See notes to financial statements.

124 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2050 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	141,826		$	79,225
Net realized gain (loss) on sale of affiliated Underlying Portfolio shares		235,880			(1,336,709	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		46,429
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		(478,726	)		2,229,636
Net increase (decrease) in net assets from operations		(101,020	)		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		6,843,344			7,723,180
Total increase		6,581,975			8,660,590
Net Assets
Beginning of period		11,076,168			2,415,578
End of period (including undistributed net investment income of $48,837 and $67,360, respectively)	$	17,658,143		$	11,076,168

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 125

Statement of Changes in Net Assets

	2055 Retirement Strategy
	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income	$	33,778		$	21,325
Net realized gain (loss) on sale of affiliated Underlying Portfolio shares		218,203			(504,338	)
Net realized gain distributions from affiliated Underlying Portfolios		– 0	–		15,032
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		(294,229	)		443,161
Net decrease in net assets from operations		(42,248	)		(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		1,292,317			1,698,216
Total increase		1,216,682			1,660,075
Net Assets
Beginning of period		2,695,295			1,035,220
End of period (including undistributed net investment income of $19,296 and $18,905, respectively)	$	3,911,977		$	2,695,295

See notes to financial statements.

126 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

August 31, 2010

NOTE A

Significant Accounting Policies

The AllianceBernstein Retirement Strategies (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 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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 127

Notes to Financial Statements

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)

The following table summarizes the valuation of the Strategies’ investments by the above fair value hierarchy levels as of August 31, 2010:

Investments in Securities	Level 1		Level 2		Level 3		Total
2000 Retirement Strategy
Investment Companies	$	29,604,183	$	—	$	—	$	29,604,183
2005 Retirement Strategy
Investment Companies		38,519,974		—		—		38,519,974

128 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

Investments in Securities	Level 1		Level 2		Level 3		Total
2010 Retirement Strategy
Investment Companies	$	161,124,776	$	—	$	—	$	161,124,776
2015 Retirement Strategy
Investment Companies		291,280,528		—		—		291,280,528
2020 Retirement Strategy
Investment Companies		374,510,122		—		—		374,510,122
2025 Retirement Strategy
Investment Companies		308,416,198		—		—		308,416,198
2030 Retirement Strategy
Investment Companies		271,277,038		—		—		271,277,038
2035 Retirement Strategy
Investment Companies		182,167,545		—		—		182,167,545
2040 Retirement Strategy
Investment Companies		160,138,010		—		—		160,138,010
2045 Retirement Strategy
Investment Companies		102,730,225		—		—		102,730,225
2050 Retirement Strategy
Investment Companies		17,674,185		—		—		17,674,185
2055 Retirement Strategy
Investment Companies		3,964,543		—		—		3,964,543

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.

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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 129

Notes to Financial Statements

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(b), 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.

^(b) Effective October 1, 2010, Strategy 2025’s advisory fee rates will be 0.60%, 0.50%, and 0.45% of the asset levels described above, respectively.

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.

130 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

For the year ended August 31, 2010, such waivers and reimbursement amounted to:

Strategy	Amount		Strategy	Amount
2000	$	299,543	2030	$	653,281
2005		293,645	2035		560,271
2010		563,863	2040		538,378
2015		713,153	2045		503,787
2020		713,561	2050		262,140
2025		759,509	2055		255,269

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 year ended August 31, 2010, such fees amounted to:

Strategy	Administrative Fees
2000	$	77,225
2005		77,225
2010		77,225
2015		77,225
2020		77,225
2025		77,225
2030		77,225
2035		77,225
2040		77,225
2045		77,225
2050		77,225
2055		77,225

For the year ended August 31, 2010 the Adviser voluntarily agreed to waive such fees for the following Strategies:

Strategy	Administrative Fees
2000	$	77,225
2005		77,225
2050		77,225
2055		77,225

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 year ended August 31, 2010, such compensation retained by ABIS was as follows:

Strategy	Amount		Strategy	Amount
2000	$	17,909	2030	$	110,785
2005		17,834	2035		76,597
2010		61,720	2040		70,181

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 131

Notes to Financial Statements

Strategy	Amount		Strategy	Amount
2015	$	109,505	2045	$	49,846
2020		143,958	2050		17,850
2025		117,302	2055		17,824

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 year ended August 31, 2010 as follows:

	Front-End Sales Charges		Contingent Deferred Sales Charges
Strategy	Class A		Class A		Class B			Class C
2000	$	61	$	268	$	6		$	162
2005		145		286		855			9
2010		1,545		2,579		1,274			41
2015		867		4,941		1,594			73
2020		2,342		3,817		1,651			215
2025		2,028		2,199		2,112			416
2030		2,679		5,713		3,689			307
2035		1,271		5,628		1,213			607
2040		1,146		7,198		1,083			406
2045		629		3,944		1,099			338
2050		125		413		– 0	–		195
2055		178		28		21			9

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.

132 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

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	$	63,249	$	116,744	$	305,686	$	1,046,103
2005		77,580		125,726		304,867		568,688
2010		63,914		107,905		415,886		855,771
2015		117,499		96,487		502,823		981,525
2020		118,670		118,327		580,507		1,241,057
2025		82,417		99,268		523,788		1,175,392
2030		95,961		126,070		556,140		1,080,051
2035		92,651		107,774		440,792		973,183
2040		130,577		88,008		495,211		804,331
2045		80,972		90,984		446,113		701,005
2050		7,636		21,909		422,263		287,482
2055		22,593		64,904		148,386		462,149

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.

NOTE D

Investment Transactions

Purchases and sales of investments in the Underlying Portfolios for the year ended August 31, 2010 were as follows:

Strategy	Purchases		Sales
2000	$	13,259,138	$	11,262,924
2005		14,646,994		23,379,630
2010		62,188,816		83,770,176
2015		116,386,669		126,496,606
2020		145,565,489		141,421,131
2025		113,670,528		106,878,853
2030		90,145,138		80,837,137
2035		57,652,154		52,182,452
2040		41,198,121		32,367,721
2045		26,714,851		16,248,222
2050		9,242,846		2,374,593
2055		2,917,291		1,581,321

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 133

Notes to Financial Statements

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

			Gross Unrealized					Net Unrealized Appreciation (Depreciation)
Strategy	Cost		Appreciation		(Depreciation)
2000	$	29,150,713	$	2,363,765	$	(1,910,295	)	$	453,470
2005		39,848,814		3,228,059		(4,556,899	)		(1,328,840	)
2010		173,945,753		8,932,958		(21,753,935	)		(12,820,977	)
2015		315,820,640		13,717,444		(38,257,556	)		(24,540,112	)
2020		413,360,749		12,801,985		(51,652,612	)		(38,850,627	)
2025		354,055,093		10,519,316		(56,158,211	)		(45,638,895	)
2030		313,012,753		7,986,959		(49,722,674	)		(41,735,715	)
2035		214,070,800		2,941,087		(34,844,342	)		(31,903,255	)
2040		186,674,165		3,632,509		(30,168,664	)		(26,536,155	)
2045		118,891,363		2,305,911		(18,467,049	)		(16,161,138	)
2050		17,338,678		1,619,668		(1,284,161	)		335,507
2055		4,070,624		125,918		(231,999	)		(106,081	)

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

134 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

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
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2000 Retirement Strategy
Class A
Shares sold		174,528			457,901		$	1,719,567		$	3,969,037
Shares issued in reinvestment of dividends and distributions		14,378			28,327			139,611			227,465
Shares converted from Class B		3,636			2,400			36,416			20,647
Shares redeemed		(250,701	)		(344,172	)		(2,453,296	)		(2,931,164	)
Net increase (decrease)		(58,159	)		144,456		$	(557,702	)	$	1,285,985
Class B
Shares sold		13,857			8,599		$	135,250		$	73,873
Shares issued in reinvestment of dividends and distributions		122			445			1,176			3,539
Shares converted to Class A		(3,683	)		(2,442	)		(36,416	)		(20,647	)
Shares redeemed		(2,528	)		(14,356	)		(24,638	)		(116,822	)
Net increase (decrease)		7,768			(7,754	)	$	75,372		$	(60,057	)
Class C
Shares sold		8,899			64,908		$	88,009		$	551,145
Shares issued in reinvestment of dividends and distributions		1,263			4,335			12,151			34,502
Shares redeemed		(21,531	)		(101,120	)		(209,056	)		(821,555	)
Net decrease		(11,369	)		(31,877	)	$	(108,896	)	$	(235,908	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 135

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2000 Retirement Strategy
Advisor Class
Shares sold		48,709			12,431		$	480,205		$	105,257
Shares issued in reinvestment of dividends and distributions		1,085			2,530			10,566			20,366
Shares redeemed		(30,623	)		(11,549	)		(301,872	)		(104,252	)
Net increase		19,171			3,412		$	188,899		$	21,371
Class R
Shares sold		168,222			151,547		$	1,634,120		$	1,229,597
Shares issued in reinvestment of dividends and distributions		3,432			2,408			32,917			19,125
Shares redeemed		(60,988	)		(31,777	)		(590,824	)		(267,703	)
Net increase		110,666			122,178		$	1,076,213		$	981,019
Class K
Shares sold		669,229			1,183,348		$	6,458,045		$	9,438,881
Shares issued in reinvestment of dividends and distributions		34,770			66,381			330,312			522,419
Shares redeemed		(504,142	)		(1,034,822	)		(4,886,844	)		(8,505,831	)
Net increase		199,857			214,907		$	1,901,513		$	1,455,469
Class I
Shares sold		42,059			176,204		$	408,297		$	1,408,805
Shares issued in reinvestment of dividends and distributions		5,577			10,267			53,094			81,012
Shares redeemed		(118,747	)		(44,832	)		(1,161,156	)		(364,970	)
Net increase (decrease)		(71,111	)		141,639		$	(699,765	)	$	1,124,847

136 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2005 Retirement Strategy
Class A
Shares sold		343,555			2,299,601		$	3,238,067		$	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		103			4,727			962			35,897
Shares redeemed		(681,705	)		(1,653,074	)		(6,453,514	)		(14,286,341	)
Net increase (decrease)		(286,405	)		818,389		$	(2,736,285	)	$	7,829,868
Class B
Shares sold		418			16,425		$	3,880		$	132,952
Shares issued in reinvestment of dividends and distributions		658			3,192			6,070			23,717
Shares converted to Class A		(103	)		(4,785	)		(962	)		(35,897	)
Shares redeemed		(17,008	)		(10,472	)		(155,007	)		(85,163	)
Net increase (decrease)		(16,035	)		4,360		$	(146,019	)	$	35,609
Class C
Shares sold		10,874			47,511		$	102,337		$	430,738
Shares issued in reinvestment of dividends and distributions		829			5,459			7,642			40,507
Shares redeemed		(83,476	)		(31,575	)		(773,148	)		(249,200	)
Net increase (decrease)		(71,773	)		21,395		$	(663,169	)	$	222,045
Advisor Class
Shares sold		6,584			28,222		$	62,116		$	225,525
Shares issued in reinvestment of dividends and distributions		1,602			3,153			14,886			23,617
Shares redeemed		(1,683	)		(496	)		(16,035	)		(4,096	)
Net increase		6,503			30,879		$	60,967		$	245,046

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 137

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2005 Retirement Strategy
Class R
Shares sold		83,788			235,869		$	782,322		$	1,835,501
Shares issued in reinvestment of dividends and distributions		6,732			22,482			62,070			167,258
Shares redeemed		(126,982	)		(226,180	)		(1,176,976	)		(1,756,326	)
Net increase (decrease)		(36,462	)		32,171		$	(332,584	)	$	246,433
Class K
Shares sold		463,410			1,017,829		$	4,355,734		$	7,765,552
Shares issued in reinvestment of dividends and distributions		33,030			114,769			305,201			855,031
Shares redeemed		(888,852	)		(1,337,791	)		(8,249,483	)		(10,059,828	)
Net decrease		(392,412	)		(205,193	)	$	(3,588,548	)	$	(1,439,245	)
Class I
Shares sold		20,105			102,693		$	188,226		$	820,287
Shares issued in reinvestment of dividends and distributions		4,443			11,430			41,100			85,266
Shares redeemed		(168,655	)		(93,599	)		(1,603,198	)		(736,732	)
Net increase (decrease)		(144,107	)		20,524		$	(1,373,872	)	$	168,821

138 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2010 Retirement Strategy
Class A
Shares sold		1,867,990			4,168,987		$	17,327,607		$	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		15,040			7,445			140,877			56,830
Shares redeemed		(3,507,782	)		(3,902,774	)		(32,615,228	)		(29,321,852	)
Net increase (decrease)		(1,485,847	)		826,288		$	(13,877,151	)	$	7,653,041
Class B
Shares sold		7,717			35,389		$	70,891		$	281,677
Shares issued in reinvestment of dividends and distributions		1,257			7,303			11,435			52,433
Shares converted to Class A		(15,140	)		(7,498	)		(140,877	)		(56,830	)
Shares redeemed		(30,090	)		(40,391	)		(277,944	)		(291,005	)
Net decrease		(36,256	)		(5,197	)	$	(336,495	)	$	(13,725	)
Class C
Shares sold		60,497			105,452		$	559,572		$	795,538
Shares issued in reinvestment of dividends and distributions		2,951			15,946			26,851			114,489
Shares redeemed		(59,379	)		(135,513	)		(542,043	)		(1,029,215	)
Net increase (decrease)		4,069			(14,115	)	$	44,380		$	(119,188	)
Advisor Class
Shares sold		260,531			626,936		$	2,421,012		$	5,161,698
Shares issued in reinvestment of dividends and distributions		32,268			107,847			296,219			779,737
Shares redeemed		(293,828	)		(515,475	)		(2,725,527	)		(3,939,748	)
Net increase (decrease)		(1,029	)		219,308		$	(8,296	)	$	2,001,687

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 139

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2010 Retirement Strategy
Class R
Shares sold		886,139			1,249,343		$	8,182,987		$	9,722,051
Shares issued in reinvestment of dividends and distributions		31,123			97,030			284,154			698,614
Shares redeemed		(898,115	)		(754,644	)		(8,338,349	)		(5,750,577	)
Net increase		19,147			591,729		$	128,792		$	4,670,088
Class K
Shares sold		2,354,742			3,494,775		$	21,906,863		$	26,195,952
Shares issued in reinvestment of dividends and distributions		144,125			460,252			1,320,190			3,323,019
Shares redeemed		(2,468,346	)		(2,640,690	)		(22,837,824	)		(20,350,473	)
Net increase		30,521			1,314,337		$	389,229		$	9,168,498
Class I
Shares sold		287,927			900,766		$	2,680,769		$	7,087,421
Shares issued in reinvestment of dividends and distributions		32,959			118,932			302,235			859,876
Shares redeemed		(1,122,158	)		(1,069,967	)		(10,551,597	)		(8,211,421	)
Net decrease		(801,272	)		(50,269	)	$	(7,568,593	)	$	(264,124	)

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2015 Retirement Strategy
Class A
Shares sold		2,643,879			6,724,222		$	24,539,837		$	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		42,540			15,571			387,748			118,576
Shares redeemed		(3,936,472	)		(4,955,519	)		(36,535,087	)		(37,773,944	)
Net increase (decrease)		(1,051,086	)		2,438,041		$	(9,786,955	)	$	18,240,306

140 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2015 Retirement Strategy
Class B
Shares sold		20,923			58,620		$	193,872		$	432,509
Shares issued in reinvestment of dividends and distributions		3,007			18,707			27,394			133,007
Shares converted to Class A		(42,933	)		(15,673	)		(387,748	)		(118,576	)
Shares redeemed		(24,244	)		(107,883	)		(222,048	)		(787,740	)
Net decrease		(43,247	)		(46,229	)	$	(388,530	)	$	(340,800	)
Class C
Shares sold		133,160			182,616		$	1,220,096		$	1,348,344
Shares issued in reinvestment of dividends and distributions		4,300			17,930			39,131			127,481
Shares redeemed		(115,966	)		(118,208	)		(1,075,443	)		(858,839	)
Net increase		21,494			82,338		$	183,784		$	616,986
Advisor Class
Shares sold		367,552			654,280		$	3,418,363		$	5,040,984
Shares issued in reinvestment of dividends and distributions		32,768			79,518			301,136			569,349
Shares redeemed		(319,260	)		(240,905	)		(3,005,170	)		(1,878,860	)
Net increase		81,060			492,893		$	714,329		$	3,731,473
Class R
Shares sold		1,890,370			2,424,309		$	17,475,151		$	17,802,855
Shares issued in reinvestment of dividends and distributions		58,935			172,942			538,078			1,231,347
Shares redeemed		(1,223,651	)		(1,444,698	)		(11,255,619	)		(10,949,374	)
Net increase		725,654			1,152,553		$	6,757,610		$	8,084,828
Class K
Shares sold		3,736,934			4,478,158		$	34,880,630		$	33,462,581
Shares issued in reinvestment of dividends and distributions		222,020			669,855			2,035,919			4,789,460
Shares redeemed		(3,604,973	)		(3,323,625	)		(33,582,310	)		(25,024,468	)
Net increase		353,981			1,824,388		$	3,334,239		$	13,227,573

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 141

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2015 Retirement Strategy
Class I
Shares sold		1,972,352			2,098,146		$	18,048,681		$	15,279,943
Shares issued in reinvestment of dividends and distributions		108,695			329,270			997,821			2,357,575
Shares redeemed		(3,174,522	)		(2,283,491	)		(30,043,525	)		(16,244,331	)
Net increase (decrease)		(1,093,475	)		143,925		$	(10,997,023	)	$	1,393,187

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2020 Retirement Strategy
Class A
Shares sold		3,835,276			7,516,013		$	34,847,531		$	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		15,919			13,327			143,573			95,692
Shares redeemed		(5,769,188	)		(4,720,037	)		(52,082,388	)		(34,375,717	)
Net increase (decrease)		(1,690,945	)		3,662,591		$	(15,059,202	)	$	29,225,624
Class B
Shares sold		16,365			60,473		$	147,267		$	474,857
Shares issued in reinvestment of dividends and distributions		3,219			19,424			28,615			134,028
Shares converted to Class A		(16,063	)		(13,435	)		(143,573	)		(95,692	)
Shares redeemed		(51,635	)		(99,112	)		(459,734	)		(721,966	)
Net decrease		(48,114	)		(32,650	)	$	(427,425	)	$	(208,773	)

142 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2020 Retirement Strategy
Class C
Shares sold		239,497			332,795		$	2,139,605		$	2,421,925
Shares issued in reinvestment of dividends and distributions		6,525			26,998			58,069			186,558
Shares redeemed		(156,537	)		(244,983	)		(1,394,324	)		(1,714,448	)
Net increase		89,485			114,810		$	803,350		$	894,035
Advisor Class
Shares sold		463,313			638,355		$	4,220,426		$	4,852,434
Shares issued in reinvestment of dividends and distributions		30,102			75,913			270,619			529,115
Shares redeemed		(213,323	)		(270,235	)		(1,958,208	)		(1,971,534	)
Net increase		280,092			444,033		$	2,532,837		$	3,410,015
Class R
Shares sold		2,602,252			2,726,411		$	23,626,143		$	19,777,255
Shares issued in reinvestment of dividends and distributions		75,671			228,463			675,740			1,583,251
Shares redeemed		(1,763,332	)		(1,782,787	)		(15,904,276	)		(13,318,720	)
Net increase		914,591			1,172,087		$	8,397,607		$	8,041,786
Class K
Shares sold		6,197,652			7,996,661		$	56,151,498		$	57,129,921
Shares issued in reinvestment of dividends and distributions		330,690			955,015			2,969,590			6,646,905
Shares redeemed		(4,185,805	)		(4,434,033	)		(38,370,255	)		(32,599,708	)
Net increase		2,342,537			4,517,643		$	20,750,833		$	31,177,118
Class I
Shares sold		943,147			1,462,784		$	8,586,891		$	11,002,296
Shares issued in reinvestment of dividends and distributions		74,627			219,267			670,902			1,528,282
Shares redeemed		(2,362,498	)		(1,080,375	)		(21,812,082	)		(7,778,860	)
Net increase (decrease)		(1,344,724	)		601,676		$	(12,554,289	)	$	4,751,718

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 143

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2025 Retirement Strategy
Class A
Shares sold		3,806,427			7,018,366		$	34,784,248		$	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		10,207			10,834			91,888			77,459
Shares redeemed		(4,278,930	)		(4,605,741	)		(39,165,971	)		(33,543,740	)
Net increase (decrease)		(250,441	)		3,190,937		$	(2,397,965	)	$	24,704,511
Class B
Shares sold		12,279			31,908		$	113,443		$	235,488
Shares issued in reinvestment of dividends and distributions		3,833			10,785			15,462			73,120
Shares converted to Class A		(10,321	)		(10,943	)		(91,888	)		(77,459	)
Shares redeemed		(30,869	)		(32,257	)		(272,686	)		(229,891	)
Net increase (decrease)		(25,078	)		(507	)	$	(217,669	)	$	1,258
Class C
Shares sold		176,154			186,827		$	1,573,538		$	1,342,122
Shares issued in reinvestment of dividends and distributions		1,952			19,380			35,199			131,589
Shares redeemed		(141,354	)		(120,936	)		(1,262,739	)		(851,120	)
Net increase		36,752			85,271		$	345,998		$	622,591
Advisor Class
Shares sold		320,616			686,507		$	2,970,318		$	4,982,933
Shares issued in reinvestment of dividends and distributions		29,383			57,495			213,206			393,845
Shares redeemed		(141,497	)		(220,695	)		(1,323,848	)		(1,587,329	)
Net increase		208,502			523,307		$	1,859,676		$	3,789,449

144 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2025 Retirement Strategy
Class R
Shares sold		2,223,253			2,295,983		$	20,109,291		$	16,312,653
Shares issued in reinvestment of dividends and distributions		62,118			188,944			604,612			1,290,486
Shares redeemed		(1,162,251	)		(920,380	)		(10,521,514	)		(6,752,492	)
Net increase		1,123,120			1,564,547		$	10,192,389		$	10,850,647
Class K
Shares sold		4,090,792			5,199,273		$	37,370,161		$	38,416,908
Shares issued in reinvestment of dividends and distributions		237,946			799,353			2,110,430			5,475,565
Shares redeemed		(3,637,616	)		(3,313,892	)		(33,658,119	)		(24,663,780	)
Net increase		691,122			2,684,734		$	5,822,472		$	19,228,693
Class I
Shares sold		927,764			1,165,276		$	8,494,934		$	8,741,454
Shares issued in reinvestment of dividends and distributions		58,364			170,957			542,153			1,171,057
Shares redeemed		(1,893,225	)		(645,605	)		(17,748,006	)		(4,830,979	)
Net increase (decrease)		(907,097	)		690,628		$	(8,710,919	)	$	5,081,532

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2030 Retirement Strategy
Class A
Shares sold		3,498,617			6,638,793		$	31,507,621		$	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		6,754			5,468			59,931			37,375
Shares redeemed		(4,052,729	)		(3,350,093	)		(36,227,153	)		(24,192,105	)
Net increase (decrease)		(400,651	)		3,840,591		$	(3,362,718	)	$	30,136,815

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 145

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2030 Retirement Strategy
Class B
Shares sold		15,393			25,162		$	139,301		$	188,452
Shares issued in reinvestment of dividends and distributions		1,497			9,433			13,117			63,481
Shares converted to Class A		(6,833	)		(5,521	)		(59,931	)		(37,375	)
Shares redeemed		(48,563	)		(39,560	)		(438,717	)		(299,850	)
Net decrease		(38,506	)		(10,486	)	$	(346,230	)	$	(85,292	)
Class C
Shares sold		219,881			360,430		$	1,943,945		$	2,591,736
Shares issued in reinvestment of dividends and distributions		5,016			21,029			43,940			141,522
Shares redeemed		(214,293	)		(193,361	)		(1,891,435	)		(1,342,732	)
Net increase		10,604			188,098		$	96,450		$	1,390,526
Advisor Class
Shares sold		385,933			539,703		$	3,491,277		$	4,116,307
Shares issued in reinvestment of dividends and distributions		16,941			42,115			150,268			286,383
Shares redeemed		(96,347	)		(188,836	)		(886,307	)		(1,471,191	)
Net increase		306,527			392,982		$	2,755,238		$	2,931,499
Class R
Shares sold		2,039,418			2,597,167		$	18,367,656		$	18,674,600
Shares issued in reinvestment of dividends and distributions		51,203			181,724			452,119			1,230,275
Shares redeemed		(1,653,294	)		(1,361,079	)		(14,791,272	)		(9,909,310	)
Net increase		437,327			1,417,812		$	4,028,503		$	9,995,565

146 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2030 Retirement Strategy
Class K
Shares sold		4,283,568			5,357,037		$	38,618,186		$	37,879,355
Shares issued in reinvestment of dividends and distributions		197,468			559,643			1,745,619			3,799,979
Shares redeemed		(3,189,814	)		(2,158,430	)		(29,101,267	)		(15,888,718	)
Net increase		1,291,222			3,758,250		$	11,262,538		$	25,790,616
Class I
Shares sold		974,360			1,084,909		$	8,782,400		$	8,293,386
Shares issued in reinvestment of dividends and distributions		41,278			118,772			365,314			806,461
Shares redeemed		(1,529,085	)		(634,323	)		(14,072,044	)		(4,702,992	)
Net increase (decrease)		(513,447	)		569,358		$	(4,924,330	)	$	4,396,855

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2035 Retirement Strategy
Class A
Shares sold		2,630,088			4,710,355		$	23,542,933		$	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		3,431			1,653			29,615			11,804
Shares redeemed		(3,026,432	)		(2,304,135	)		(27,107,180	)		(16,699,200	)
Net increase (decrease)		(302,561	)		2,754,820		$	(2,740,437	)	$	20,642,566

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 147

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2035 Retirement Strategy
Class B
Shares sold		6,484			12,879		$	56,891		$	95,855
Shares issued in reinvestment of dividends and distributions		695			5,995			6,077			40,586
Shares converted to Class A		(3,466	)		(1,667	)		(29,615	)		(11,804	)
Shares redeemed		(22,212	)		(23,010	)		(202,994	)		(163,546	)
Net decrease		(18,499	)		(5,803	)	$	(169,641	)	$	(38,909	)
Class C
Shares sold		126,677			164,865		$	1,123,658		$	1,198,859
Shares issued in reinvestment of dividends and distributions		1,678			9,845			14,666			66,598
Shares redeemed		(70,016	)		(99,945	)		(625,101	)		(707,989	)
Net increase		58,339			74,765		$	513,223		$	557,468
Advisor Class
Shares sold		330,912			425,443		$	2,954,950		$	3,100,068
Shares issued in reinvestment of dividends and distributions		11,502			26,958			101,558			183,851
Shares redeemed		(127,124	)		(66,269	)		(1,162,560	)		(473,585	)
Net increase		215,290			386,132		$	1,893,948		$	2,810,334
Class R
Shares sold		1,543,314			1,640,454		$	13,768,741		$	11,635,510
Shares issued in reinvestment of dividends and distributions		27,098			106,701			236,832			721,302
Shares redeemed		(1,237,562	)		(544,897	)		(10,884,111	)		(4,060,885	)
Net increase		332,850			1,202,258		$	3,121,462		$	8,295,927

148 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2035 Retirement Strategy
Class K
Shares sold		3,044,114			3,223,550		$	27,270,239		$	23,062,299
Shares issued in reinvestment of dividends and distributions		98,549			348,048			867,237			2,366,727
Shares redeemed		(2,240,914	)		(1,441,443	)		(20,259,111	)		(10,865,714	)
Net increase		901,749			2,130,155		$	7,878,365		$	14,563,312
Class I
Shares sold		645,322			809,649		$	5,799,290		$	5,971,646
Shares issued in reinvestment of dividends and distributions		26,114			73,619			230,060			501,346
Shares redeemed		(1,156,155	)		(341,800	)		(10,574,365	)		(2,595,182	)
Net increase (decrease)		(484,719	)		541,468		$	(4,545,015	)	$	3,877,810

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2040 Retirement Strategy
Class A
Shares sold		2,394,200			4,792,526		$	21,789,829		$	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		2,205			1,256			20,216			8,905
Shares redeemed		(3,413,742	)		(2,073,908	)		(30,796,485	)		(15,523,992	)
Net increase (decrease)		(944,920	)		3,005,018		$	(8,335,406	)	$	23,808,979

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 149

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2040 Retirement Strategy
Class B
Shares sold		7,757			20,464		$	71,756		$	156,768
Shares issued in reinvestment of dividends and distributions		636			4,870			5,674			33,650
Shares converted to Class A		(2,226	)		(1,267	)		(20,216	)		(8,905	)
Shares redeemed		(17,689	)		(16,879	)		(156,249	)		(109,659	)
Net increase (decrease)		(11,522	)		7,188		$	(99,035	)	$	71,854
Class C
Shares sold		153,787			212,093		$	1,387,099		$	1,546,272
Shares issued in reinvestment of dividends and distributions		1,746			8,912			15,591			61,582
Shares redeemed		(95,361	)		(104,375	)		(856,670	)		(747,804	)
Net increase		60,172			116,630		$	546,020		$	860,050
Advisor Class
Shares sold		379,078			387,315		$	3,504,338		$	2,862,061
Shares issued in reinvestment of dividends and distributions		10,206			21,766			92,154			151,714
Shares redeemed		(120,003	)		(78,437	)		(1,110,527	)		(587,782	)
Net increase		269,281			330,644		$	2,485,965		$	2,425,993
Class R
Shares sold		1,322,374			1,846,532		$	12,022,358		$	13,428,543
Shares issued in reinvestment of dividends and distributions		25,778			84,944			230,453			586,961
Shares redeemed		(1,072,437	)		(790,160	)		(9,715,193	)		(5,803,274	)
Net increase		275,715			1,141,316		$	2,537,618		$	8,212,230

150 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2040 Retirement Strategy
Class K
Shares sold		2,645,948			3,174,072		$	24,047,269		$	22,807,462
Shares issued in reinvestment of dividends and distributions		78,409			196,831			703,330			1,366,011
Shares redeemed		(1,408,150	)		(1,013,754	)		(12,869,800	)		(7,605,485	)
Net increase		1,316,207			2,357,149		$	11,880,799		$	16,567,988
Class I
Shares sold		592,640			782,384		$	5,410,587		$	5,779,096
Shares issued in reinvestment of dividends and distributions		21,778			54,716			195,789			380,273
Shares redeemed		(857,541	)		(406,890	)		(7,994,425	)		(3,124,362	)
Net increase (decrease)		(243,123	)		430,210		$	(2,388,049	)	$	3,035,007

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2045 Retirement Strategy
Class A
Shares sold		1,917,433			2,958,582		$	17,163,198		$	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		768			914			6,863			6,932
Shares redeemed		(1,935,900	)		(1,556,974	)		(17,355,596	)		(11,455,569	)
Net increase		61,298			1,581,107		$	511,210		$	11,319,615

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 151

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2045 Retirement Strategy
Class B
Shares sold		3,415			11,532		$	30,243		$	86,398
Shares issued in reinvestment of dividends and distributions		421			1,563			3,676			10,634
Shares converted to Class A		(778	)		(925	)		(6,863	)		(6,932	)
Shares redeemed		(6,311	)		(2,871	)		(58,780	)		(20,149	)
Net increase (decrease)		(3,253	)		9,299		$	(31,724	)	$	69,951
Class C
Shares sold		106,299			156,573		$	940,636		$	1,169,394
Shares issued in reinvestment of dividends and distributions		1,687			6,203			14,745			42,181
Shares redeemed		(95,678	)		(81,889	)		(819,699	)		(573,833	)
Net increase		12,308			80,887		$	135,682		$	637,742
Advisor Class
Shares sold		332,294			381,179		$	2,979,271		$	2,728,128
Shares issued in reinvestment of dividends and distributions		12,189			15,525			107,998			106,965
Shares redeemed		(111,138	)		(54,997	)		(1,007,696	)		(406,410	)
Net increase		233,345			341,707		$	2,079,573		$	2,428,683
Class R
Shares sold		1,107,299			1,087,311		$	9,887,167		$	7,918,555
Shares issued in reinvestment of dividends and distributions		25,250			52,061			221,187			355,055
Shares redeemed		(650,267	)		(309,587	)		(5,750,255	)		(2,366,187	)
Net increase		482,282			829,785		$	4,358,099		$	5,907,423

152 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2045 Retirement Strategy
Class K
Shares sold		1,765,820			1,879,848		$	15,765,043		$	13,420,490
Shares issued in reinvestment of dividends and distributions		62,256			107,633			547,232			736,207
Shares redeemed		(973,533	)		(618,784	)		(8,727,042	)		(4,782,476	)
Net increase		854,543			1,368,697		$	7,585,233		$	9,374,221
Class I
Shares sold		480,253			667,399		$	4,274,167		$	4,886,587
Shares issued in reinvestment of dividends and distributions		21,674			30,652			190,520			209,965
Shares redeemed		(857,520	)		(191,536	)		(7,910,604	)		(1,445,729	)
Net increase (decrease)		(355,593	)		506,515		$	(3,445,917	)	$	3,650,823

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2050 Retirement Strategy
Class A
Shares sold		429,585			544,115		$	3,252,158		$	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		(305,872	)		(152,176	)		(2,289,036	)		(863,393	)
Net increase		128,155			398,084		$	996,395		$	2,436,841

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 153

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2050 Retirement Strategy
Class B
Shares sold		40			768		$	300		$	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		(10	)		(9	)		(75	)		(50	)
Net increase		47			588		$	351		$	3,740
Class C
Shares sold		17,352			11,982		$	128,586		$	71,337
Shares issued in reinvestment of dividends and distributions		98			187			732			1,059
Shares redeemed		(6,276	)		(1,181	)		(47,149	)		(6,621	)
Net increase		11,174			10,988		$	82,169		$	65,775
Advisor Class
Shares sold		166,829			137,084		$	1,264,492		$	826,691
Shares issued in reinvestment of dividends and distributions		2,612			1,749			19,645			9,967
Shares redeemed		(24,593	)		(8,155	)		(183,800	)		(49,002	)
Net increase		144,848			130,678		$	1,100,337		$	787,656
Class R
Shares sold		268,747			250,493		$	2,032,496		$	1,535,052
Shares issued in reinvestment of dividends and distributions		3,004			1,493			22,439			8,512
Shares redeemed		(146,892	)		(63,955	)		(1,109,066	)		(418,251	)
Net increase		124,859			188,031		$	945,869		$	1,125,313

154 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2050 Retirement Strategy
Class K
Shares sold		713,670			960,790		$	5,372,371		$	5,490,991
Shares issued in reinvestment of dividends and distributions		9,520			3,527			71,210			20,107
Shares redeemed		(216,945	)		(493,008	)		(1,629,674	)		(2,734,623	)
Net increase		506,245			471,309		$	3,813,907		$	2,776,475
Class I
Shares sold		79,045			99,165		$	597,858		$	609,200
Shares issued in reinvestment of dividends and distributions		1,675			1,259			12,543			7,178
Shares redeemed		(93,068	)		(14,448	)		(706,085	)		(88,998	)
Net increase (decrease)		(12,348	)		85,976		$	(95,684	)	$	527,380
	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2055 Retirement Strategy
Class A
Shares sold		61,780			212,456		$	459,012		$	1,407,619
Shares issued in reinvestment of dividends and distributions		159			503			1,159			2,829
Shares redeemed		(38,680	)		(153,502	)		(287,378	)		(945,552	)
Net increase		23,259			59,457		$	172,793		$	464,896
Class B
Shares sold		451			1,101		$	3,300		$	6,239
Shares issued in reinvestment of dividends and distributions		– 0	–		7			– 0	–		38
Shares redeemed		(311	)		(4	)		(2,444	)		(25	)
Net increase		140			1,104		$	856		$	6,252

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 155

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
2055 Retirement Strategy
Class C
Shares sold		3,849			6,733		$	27,996		$	37,914
Shares issued in reinvestment of dividends and distributions		– 0	–		29			– 0	–		159
Shares redeemed		(337	)		(8,268	)		(2,437	)		(50,120	)
Net increase (decrease)		3,512			(1,506	)	$	25,559		$	(12,047	)
Advisor Class
Shares sold		48,524			45,872		$	360,679		$	263,579
Shares issued in reinvestment of dividends and distributions		192			109			1,411			619
Shares redeemed		(9,278	)		(15,977	)		(68,810	)		(94,141	)
Net increase		39,438			30,004		$	293,280		$	170,057
Class R
Shares sold		58,412			56,330		$	418,820		$	334,732
Shares issued in reinvestment of dividends and distributions		779			269			5,565			1,498
Shares redeemed		(27,534	)		(45,911	)		(198,986	)		(259,349	)
Net increase		31,657			10,688		$	225,399		$	76,881
Class K
Shares sold		284,754			224,054		$	2,090,871		$	1,306,560
Shares issued in reinvestment of dividends and distributions		3,335			1,243			23,946			6,949
Shares redeemed		(195,369	)		(75,932	)		(1,403,357	)		(447,469	)
Net increase		92,720			149,365		$	711,460		$	866,040
Class I
Shares sold		17,278			22,360		$	122,622		$	132,089
Shares issued in reinvestment of dividends and distributions		146			182			1,055			1,012
Shares redeemed		(35,902	)		(1,114	)		(260,707	)		(6,964	)
Net increase (decrease)		(18,478	)		21,428		$	(137,030	)	$	126,137

156 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

NOTE F

Risks Involved in Investing in the Strategies

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of 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 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. Therefore, the Strategies have not accrued any liability in connection with these indemnification provisions.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 157

Notes to Financial Statements

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Strategies, participate in a $140 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Strategies did not utilize the Facility during the year ended August 31, 2010.

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended August 31, 2010 and August 31, 2009 were as follows:

2000 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	581,968		$	513,304
Long-term capital gains		– 0	–		400,895
Total distributions paid	$	581,968		$	914,199
2005 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	916,979		$	1,300,009
Long-term capital gains		– 0	–		1,145,559
Total distributions paid	$	916,979		$	2,445,568
2010 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	3,516,656		$	4,475,192
Long-term capital gains		– 0	–		5,366,714
Total distributions paid	$	3,516,656		$	9,841,906
2015 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	5,872,957		$	6,190,510
Long-term capital gains		– 0	–		7,693,201
Total distributions paid	$	5,872,957		$	13,883,711
2020 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	6,750,498		$	6,543,545
Long-term capital gains		– 0	–		10,144,067
Total distributions paid	$	6,750,498		$	16,687,612

158 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

2025 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	5,416,928		$	4,757,391
Long-term capital gains		– 0	–		9,030,578
Total distributions paid	$	5,416,928		$	13,787,969
2030 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	4,073,052		$	3,321,614
Long-term capital gains		– 0	–		6,716,514
Total distributions paid	$	4,073,052		$	10,038,128
2035 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	1,605,822		$	1,873,379
Long-term capital gains		646,799			4,371,046
Total distributions paid	$	2,252,621		$	6,244,425
2040 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	1,324,726		$	1,449,693
Long-term capital gains		572,511			3,111,011
Total distributions paid	$	1,897,237		$	4,560,704
2045 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	1,211,700		$	841,513
Long-term capital gains		570,874			1,845,722
Total distributions paid	$	1,782,574		$	2,687,235
2050 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	160,349		$	81,171
Long-term capital gains		– 0	–		– 0	–
Total distributions paid	$	160,349		$	81,171
2055 Retirement Strategy	2010			2009
Distributions paid from:
Ordinary income	$	33,387		$	13,321
Long-term capital gains		– 0	–		– 0	–
Total distributions paid	$	33,387		$	13,321

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 159

Notes to Financial Statements

As of August 31, 2010, 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	$	268,843	$	– 0 –	$	(2,614,428	)	$	453,470		$	(1,892,115	)
2005		223,554		– 0 –		(7,769,727	)		(1,328,840	)		(8,875,013	)
2010		1,125,948		– 0 –		(26,549,422	)		(12,820,977	)		(38,244,451	)
2015		1,928,399		– 0 –		(36,789,664	)		(24,540,112	)		(59,401,377	)
2020		2,311,524		– 0 –		(45,336,256	)		(38,850,627	)		(81,875,359	)
2025		1,789,869		– 0 –		(29,715,962	)		(45,638,895	)		(73,564,988	)
2030		1,175,695		– 0 –		(19,096,036	)		(41,735,715	)		(59,656,056	)
2035		1,132,215		– 0 –		(9,709,188	)		(31,903,255	)		(40,480,228	)
2040		1,027,993		– 0 –		(4,573,375	)		(26,536,155	)		(30,081,537	)
2045		312,433		– 0 –		(1,200,698	)		(16,161,138	)		(17,049,403	)
2050		172,122		– 0 –		– 0	–		335,507			507,629
2055		19,297		– 0 –		(92,580	)		(106,081	)		(179,364	)

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

^(b) Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Strategy’s next taxable year. 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, and 2055 Retirement Strategies elect to defer $1,139,146, $3,948,376, $17,527,033, $30,080,731, $34,080,205, $29,138,915, $15,108,532, $8,740,665, $2,798,139, $1,181,344 and $15,053, respectively, of capital losses that are deemed to arise in the next taxable year. Additionally, on August 31, 2010, certain Retirement Strategies had capital loss carryovers for federal income tax purposes.

On August 31, 2010, the following Retirement Strategies had capital loss carryovers for federal income tax purposes which will expire in the years shown below:

	Capital Losses Expiring in 2017			Capital Losses Expiring in 2018		Total Capital Losses
2000 Retirement Strategy	$	94,755		$	1,380,527	$	1,475,282
2005 Retirement Strategy		– 0	–		3,821,351		3,821,351
2010 Retirement Strategy		181,777			8,840,612		9,022,389
2015 Retirement Strategy		242,201			6,466,732		6,708,933
2020 Retirement Strategy		297,110			10,958,941		11,256,051
2025 Retirement Strategy		– 0	–		577,047		577,047
2030 Retirement Strategy		23,961			3,963,543		3,987,504
2035 Retirement Strategy		– 0	–		968,523		968,523
2040 Retirement Strategy		– 0	–		1,775,236		1,775,236
2045 Retirement Strategy		– 0	–		19,354		19,354
2055 Retirement Strategy		4,078			73,449		77,527

2050 Retirement Strategy utilized $19,921 of its capital loss carryforwards to offset current year net realized gains.

160 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

Permanent differences have no effect on net assets. The effect of such permanent differences on each Strategy, due to dividend redesignations, are reflected as an adjustment to the components of capital as of August 31, 2010 as show below:

	Increase (Decrease) to Additional Paid-in Capital			Increase (Decrease) to Undistributed Net Investment Income (Loss)			Increase (Decrease) to Accumulated Net Realized Gain (Loss) on Investments
2000	$	– 0	–	$	– 0	–	$	– 0	–
2005		– 0	–		– 0	–		– 0	–
2010		– 0	–		– 0	–		– 0	–
2015		– 0	–		– 0	–		– 0	–
2020		– 0	–		– 0	–		– 0	–
2025		– 0	–		– 0	–		– 0	–
2030		– 0	–		– 0	–		– 0	–
2035		– 0	–		(67,942	)		67,942
2040		– 0	–		(32,478	)		32,478
2045		– 0	–		(37,738	)		37,738
2050		– 0	–		– 0	–		– 0	–
2055		– 0	–		– 0	–		– 0	–

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.

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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 161

Notes to Financial Statements

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 has been documented by a stipulation of settlement, which has been approved by the court. 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

Change of Independent Registered Public Accounting Firm

On May 5, 2010, Ernst & Young LLP (“E&Y”) was selected as the Strategies’ independent registered public accounting firm for the 2010 fiscal year. A majority of the Strategies’ Board of Directors, including a majority of the Independent Directors, approved the appointment of E&Y. The predecessor independent registered public accounting firm’s reports on the Strategies’ financial statements for each of the years ended August 31, 2009 and 2008 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through May 5, 2010, there were no disagreements between the Strategies and the predecessor independent registered public accounting firm on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which such disagreements, if not resolved to the satisfaction of the predecessor independent registered public accounting firm, would have caused them to make reference to the subject matter of the disagreement in connection with their reports on the financial statements for such periods.

NOTE K

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.

162 •  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
	Year Ended August 31,
	2010			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)		.18			.26			.44			.31			.15
Net realized and unrealized gain (loss) on investment transactions		.57			(1.10	)		(1.07	)		.80			.73
Net increase (decrease) in net asset value from operations		.75			(.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		$  9.90			$  9.35			$  10.58			$  11.73			$  10.88
Total Return
Total investment return based on net asset value(c)		8.07	%		(7.29	)%		(5.59	)%		10.32	%		8.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,422			$6,608			$5,952			$5,462			$938
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.82	%(e)		.82	%		.82	%		.92	%(f)		1.05	%(f)
Expenses, before waivers/reimbursements(d)		2.25	%(e)		2.64	%		2.77	%		8.86	%(f)		104.94	%(f)
Net investment income(b)		1.81	%(e)		3.14	%		3.87	%		2.82	%		1.73	%
Portfolio turnover rate		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 163

Financial Highlights

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

	2000 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.09			.23			.35			.20			.14
Net realized and unrealized gain (loss) on investment transactions		.58			(1.11	)		(1.04	)		.81			.67
Net increase (decrease) in net asset value from operations		.67			(.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		$  9.76			$  9.22			$  10.41			$  11.60			$  10.81
Total Return
Total investment return based on net asset value(c)		7.30	%		(8.02	)%		(6.21	)%		9.45	%		8.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$169			$88			$180			$184			$29
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.52	%(e)		1.52	%		1.52	%		1.59	%(f)		1.75	%(f)
Expenses, before waivers/reimbursements(d)		3.03	%(e)		3.43	%		3.50	%		7.63	%(f)		169.75	%(f)
Net investment income(b)		.90	%(e)		2.75	%		3.14	%		1.74	%		1.40	%
Portfolio turnover rate		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 247.

164 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2000 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.11			.23			.36			.19			.11
Net realized and unrealized gain (loss) on investment transactions		.56			(1.11	)		(1.05	)		.82			.70
Net increase (decrease) in net asset value from operations		.67			(.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		$  9.76			$  9.22			$  10.41			$  11.60			$  10.81
Total Return
Total investment return based on net asset value(c)		7.30	%		(8.02	)%		(6.21	)%		9.45	%		8.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$823			$882			$1,327			$425			$34
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.52	%(e)		1.52	%		1.52	%		1.60	%(f)		1.75	%(f)
Expenses, before waivers/reimbursements(d)		2.97	%(e)		3.36	%		3.42	%		9.09	%(f)		172.05	%(f)
Net investment income(b)		1.10	%(e)		2.71	%		3.11	%		1.86	%		1.10	%
Portfolio turnover rate		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 165

Financial Highlights

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

	2000 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.19			.31			.45			.38			.27
Net realized and unrealized gain (loss) on investment transactions		.60			(1.13	)		(1.05	)		.76			.65
Net increase (decrease) in net asset value from operations		.79			(.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		$  9.95			$  9.39			$  10.63			$  11.78			$  10.92
Total Return
Total investment return based on net asset value(c)		8.43	%		(7.01	)%		(5.39	)%		10.52	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$742			$521			$553			$13			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.52	%(e)		.52	%		.52	%		.65	%(f)		.75	%(f)
Expenses, before waivers/reimbursements(d)		1.95	%(e)		2.32	%		2.35	%		9.96	%(f)		189.29	%(f)
Net investment income(b)		1.90	%(e)		3.57	%		3.78	%		3.32	%		2.61	%
Portfolio turnover rate		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 247.

166 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2000 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.14			.20			.49			.17			.22
Net realized and unrealized gain (loss) on investment transactions		.58			(1.04	)		(1.13	)		.89			.65
Net increase (decrease) in net asset value from operations		.72			(.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		$  9.76			$  9.24			$  10.46			$  11.54			$  10.87
Total Return
Total investment return based on net asset value(c)		7.81	%		(7.46	)%		(5.78	)%		9.85	%		8.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,600			$1,437			$350			$381			$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.02	%(e)		1.02	%		1.02	%		1.06	%(f)		1.25	%(f)
Expenses, before waivers/reimbursements(d)		2.38	%(e)		2.69	%		2.91	%		6.87	%(f)		180.27	%(f)
Net investment income(b)		1.47	%(e)		2.39	%		3.27	%		1.85	%		2.10	%
Portfolio turnover rate		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 167

Financial Highlights

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

	2000 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.17			.26			.38			.20			.23
Net realized and unrealized gain (loss) on investment transactions		.57			(1.08	)		(.98	)		.91			.66
Net increase (decrease) in net asset value from operations		.74			(.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		$  9.69			$  9.17			$  10.40			$  11.55			$  10.89
Total Return
Total investment return based on net asset value(c)		8.06	%		(7.27	)%		(5.50	)%		10.31	%		8.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,245			$14,477			$14,183			$5,041			$19
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.77	%(e)		.77	%		.77	%		.83	%(f)		1.00	%(f)
Expenses, before waivers/reimbursements(d)		2.11	%(e)		2.42	%		2.63	%		4.40	%(f)		167.47	%(f)
Net investment income(b)		1.79	%(e)		3.18	%		3.40	%		1.83	%		2.27	%
Portfolio turnover rate		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 247.

168 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2000 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.22			.23			.48			.22			.27
Net realized and unrealized gain (loss) on investment transactions		.56			(1.03	)		(1.06	)		.90			.65
Net increase (decrease) in net asset value from operations		.78			(.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		$  9.73			$  9.20			$  10.44			$  11.60			$  10.92
Total Return
Total investment return based on net asset value(c)		8.48	%		(7.00	)%		(5.28	)%		10.43	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,402			$1,981			$768			$681			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.52	%(e)		.52	%		.52	%		.55	%(f)		.75	%(f)
Expenses, before waivers/reimbursements(d)		1.79	%(e)		2.06	%		2.35	%		7.92	%(f)		180.50	%(f)
Net investment income(b)		2.20	%(e)		2.68	%		4.20	%		2.09	%		2.61	%
Portfolio turnover rate		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 169

Financial Highlights

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

	2005 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.16			.26			.41			.29			.13
Net realized and unrealized gain (loss) on investment transactions		.56			(1.27	)		(1.24	)		.87			.79
Net increase (decrease) in net asset value from operations		.72			(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		$  9.37			$  8.84			$  10.35			$  11.78			$  10.92
Total Return
Total investment return based on net asset value(c)		8.16	%		(8.92	)%		(7.39	)%		10.69	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$22,043			$23,328			$18,835			$13,775			$3,898
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.88	%(e)		.88	%		.88	%		.95	%		1.03	%
Expenses, before waivers/reimbursements(d)		1.72	%(e)		1.79	%		1.85	%		3.16	%		13.72	%
Net investment income(b)		1.75	%(e)		3.20	%		3.66	%		2.45	%		1.36	%
Portfolio turnover rate		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 247.

170 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2005 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.10			.19			.33			.23			.05
Net realized and unrealized gain (loss) on investment transactions		.55			(1.23	)		(1.23	)		.85			.79
Net increase (decrease) in net asset value from operations		.65			(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		$  9.30			$  8.76			$  10.20			$  11.66			$  10.84
Total Return
Total investment return based on net asset value(c)		7.43	%		(9.52	)%		(8.08	)%		10.01	%		8.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$410			$527			$569			$604			$357
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.58	%(e)		1.58	%		1.58	%		1.66	%		1.73	%
Expenses, before waivers/reimbursements(d)		2.44	%(e)		2.52	%		2.56	%		4.03	%		19.10	%
Net investment income(b)		1.08	%(e)		2.45	%		2.96	%		2.01	%		.49	%
Portfolio turnover rate		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 171

Financial Highlights

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

	2005 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.10			.20			.39			.10			.07
Net realized and unrealized gain (loss) on investment transactions		.54			(1.24	)		(1.28	)		.97			.76
Net increase (decrease) in net asset value from operations		.64			(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		$  9.28			$  8.75			$  10.19			$  11.64			$  10.83
Total Return
Total investment return based on net asset value(c)		7.32	%		(9.53	)%		(8.01	)%		9.92	%		8.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$351			$958			$898			$2,228			$167
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.58	%(e)		1.58	%		1.58	%		1.63	%		1.73	%
Expenses, before waivers/reimbursements(d)		2.43	%(e)		2.51	%		2.57	%		3.83	%		22.53	%
Net investment income(b)		1.10	%(e)		2.48	%		3.49	%		1.01	%		.73	%
Portfolio turnover rate		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 247.

172 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2005 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.19			.26			.39			.15			.20
Net realized and unrealized gain (loss) on investment transactions		.56			(1.25	)		(1.18	)		1.04			.75
Net increase (decrease) in net asset value from operations		.75			(.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		$  9.42			$  8.89			$  10.40			$  11.82			$  10.95
Total Return
Total investment return based on net asset value(c)		8.41	%		(8.62	)%		(7.08	)%		10.94	%		9.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$697			$600			$381			$162			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.58	%(e)		.58	%		.58	%		.61	%		.73	%
Expenses, before waivers/reimbursements(d)		1.42	%(e)		1.51	%		1.54	%		2.47	%		45.94	%
Net investment income(b)		2.00	%(e)		3.26	%		3.48	%		1.49	%		1.87	%
Portfolio turnover rate		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 173

Financial Highlights

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

	2005 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.14			.23			.37			.08			.13
Net realized and unrealized gain (loss) on investment transactions		.55			(1.24	)		(1.22	)		1.05			.76
Net increase (decrease) in net asset value from operations		.69			(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		$  9.32			$  8.80			$  10.27			$  11.72			$  10.89
Total Return
Total investment return based on net asset value(c)		7.87	%		(9.02	)%		(7.61	)%		10.46	%		8.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,113			$3,259			$3,475			$3,593			$28
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.08	%(e)		1.08	%		1.08	%		1.09	%		1.23	%
Expenses, before waivers/reimbursements(d)		1.98	%(e)		2.06	%		2.08	%		3.24	%		34.65	%
Net investment income(b)		1.52	%(e)		2.97	%		3.38	%		.63	%		1.26	%
Portfolio turnover rate		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 247.

174 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2005 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.17			.26			.34			.14			.18
Net realized and unrealized gain (loss) on investment transactions		.55			(1.27	)		(1.16	)		1.03			.73
Net increase (decrease) in net asset value from operations		.72			(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		$  9.36			$  8.83			$  10.33			$  11.75			$  10.91
Total Return
Total investment return based on net asset value(c)		8.20	%		(8.85	)%		(7.31	)%		10.85	%		9.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,259			$14,088			$18,597			$6,734			$164
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.83	%(e)		.83	%		.83	%		.87	%		.98	%
Expenses, before waivers/reimbursements(d)		1.72	%(e)		1.76	%		1.82	%		2.45	%		16.01	%
Net investment income(b)		1.85	%(e)		3.25	%		3.15	%		1.27	%		1.80	%
Portfolio turnover rate		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 175

Financial Highlights

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

	2005 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.22			.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		.75			(.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		$  9.39			$  8.86			$  10.36			$  11.79			$  10.95
Total Return
Total investment return based on net asset value(c)		8.50	%		(8.55	)%		(7.11	)%		10.94	%		9.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$401			$1,655			$1,723			$1,398			$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.58	%(e)		.58	%		.58	%		.58	%		.73	%
Expenses, before waivers/reimbursements(d)		1.39	%(e)		1.42	%		1.49	%		2.84	%		45.07	%
Net investment income(b)		2.34	%(e)		3.34	%		3.97	%		1.48	%		1.86	%
Portfolio turnover rate		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 247.

176 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.16			.23			.38			.27			.13
Net realized and unrealized gain (loss) on investment transactions		.51			(1.53	)		(1.36	)		1.00			.87
Net increase (decrease) in net asset value from operations		.67			(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		$  9.16			$  8.67			$  10.53			$  12.00			$  11.00
Total Return
Total investment return based on net asset value(c)		7.73	%		(11.23	)%		(8.48	)%		11.64	%		10.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$56,196			$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)		1.20	%(e)		1.30	%		1.15	%		1.65	%		8.18	%
Net investment income(b)		1.73	%(e)		3.00	%		3.31	%		2.28	%		1.39	%
Portfolio turnover rate		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 177

Financial Highlights

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

	2010 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.10			.18			.30			.19			.05
Net realized and unrealized gain (loss) on investment transactions		.51			(1.53	)		(1.33	)		.99			.87
Net increase (decrease) in net asset value from operations		.61			(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		$  9.08			$  8.59			$  10.43			$  11.88			$  10.92
Total Return
Total investment return based on net asset value(c)		7.13	%		(12.01	)%		(9.00	)%		10.86	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$685			$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)		1.94	%(e)		2.03	%		1.86	%		2.42	%		9.35	%
Net investment income(b)		1.09	%(e)		2.36	%		2.63	%		1.58	%		.47	%
Portfolio turnover rate		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 247.

178 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.09			.19			.31			.18			.03
Net realized and unrealized gain (loss) on investment transactions		.51			(1.53	)		(1.36	)		1.01			.89
Net increase (decrease) in net asset value from operations		.60			(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		$  9.07			$  8.59			$  10.42			$  11.89			$  10.92
Total Return
Total investment return based on net asset value(c)		7.02	%		(11.93	)%		(9.16	)%		10.95	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,016			$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)		1.93	%(e)		2.02	%		1.86	%		2.35	%		8.39	%
Net investment income(b)		.96	%(e)		2.48	%		2.77	%		1.50	%		.28	%
Portfolio turnover rate		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 179

Financial Highlights

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

	2010 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.19			.26			.43			.29			.19
Net realized and unrealized gain (loss) on investment transactions		.52			(1.55	)		(1.38	)		1.04			.83
Net increase (decrease) in net asset value from operations		.71			(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		$  9.21			$  8.71			$  10.59			$  12.06			$  11.02
Total Return
Total investment return based on net asset value(c)		8.11	%		(11.04	)%		(8.25	)%		12.12	%		10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$13,461			$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)		.90	%(e)		1.00	%		.85	%		1.36	%		9.17	%
Net investment income(b)		2.00	%(e)		3.31	%		3.59	%		2.44	%		1.93	%
Portfolio turnover rate		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 247.

180 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.14			.21			.34			.11			.09
Net realized and unrealized gain (loss) on investment transactions		.52			(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)		$15,197			$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)		1.52	%(e)		1.57	%		1.54	%		1.87	%		11.87	%
Net investment income(b)		1.49	%(e)		2.68	%		2.99	%		.90	%		1.01	%
Portfolio turnover rate		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 181

Financial Highlights

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

	2010 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.16			.23			.39			.18			.13
Net realized and unrealized gain (loss) on investment transactions		.52			(1.52	)		(1.37	)		1.11			.87
Net increase (decrease) in net asset value from operations		.68			(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		$  9.18			$  8.69			$  10.54			$  12.01			$  11.00
Total Return
Total investment return based on net asset value(c)		7.77	%		(11.20	)%		(8.46	)%		11.80	%		10.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$66,383			$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)		1.21	%(e)		1.25	%		1.24	%		1.59	%		7.99	%
Net investment income(b)		1.75	%(e)		2.96	%		3.36	%		1.75	%		1.28	%
Portfolio turnover rate		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 247.

182 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.20			.26			.38			.18			.11
Net realized and unrealized gain (loss) on investment transactions		.51			(1.55	)		(1.33	)		1.14			.92
Net increase (decrease) in net asset value from operations		.71			(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		$  9.21			$  8.71			$  10.59			$  12.05			$  11.03
Total Return
Total investment return based on net asset value(c)		8.20	%		(11.10	)%		(8.18	)%		12.04	%		10.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,966			$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)		2.18	%(e)		3.39	%		3.28	%		1.56	%		1.21	%
Portfolio turnover rate		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 183

Financial Highlights

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

	2015 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.15			.20			.37			.26			.11
Net realized and unrealized gain (loss) on investment transactions		.47			(1.66	)		(1.60	)		1.14			.98
Net increase (decrease) in net asset value from operations		.62			(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		$  9.09			$  8.64			$  10.60			$  12.25			$  11.09
Total Return
Total investment return based on net asset value(c)		7.16	%		(12.80	)%		(10.35	)%		12.75	%		10.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$90,837			$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)		1.15	%(e)		1.18	%		1.10	%		1.42	%		8.93	%
Net investment income(b)		1.66	%(e)		2.69	%		3.21	%		2.12	%		1.12	%
Portfolio turnover rate		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 247.

184 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2015 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.09			.16			.29			.18			.05
Net realized and unrealized gain (loss) on investment transactions		.46			(1.66	)		(1.59	)		1.13			.97
Net increase (decrease) in net asset value from operations		.55			(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		$  9.00			$  8.56			$  10.49			$  12.14			$  11.02
Total Return
Total investment return based on net asset value(c)		6.42	%		(13.46	)%		(11.00	)%		11.96	%		10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,151			$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)		1.88	%(e)		1.92	%		1.81	%		2.12	%		10.01	%
Net investment income(b)		.93	%(e)		2.17	%		2.57	%		1.49	%		.48	%
Portfolio turnover rate		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 185

Financial Highlights

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

	2015 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.08			.15			.30			.13			.07
Net realized and unrealized gain (loss) on investment transactions		.47			(1.65	)		(1.60	)		1.18			.95
Net increase (decrease) in net asset value from operations		.55			(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		$  9.00			$  8.56			$  10.49			$  12.14			$  11.02
Total Return
Total investment return based on net asset value(c)		6.42	%		(13.46	)%		(11.00	)%		11.96	%		10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,258			$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)		1.88	%(e)		1.92	%		1.81	%		2.05	%		10.90	%
Net investment income(b)		.91	%(e)		2.01	%		2.61	%		1.06	%		.68	%
Portfolio turnover rate		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 247.

186 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2015 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.18			.23			.33			.28			.07
Net realized and unrealized gain (loss) on investment transactions		.48			(1.69	)		(1.53	)		1.17			1.06
Net increase (decrease) in net asset value from operations		.66			(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		$  9.15			$  8.69			$  10.67			$  12.32			$  11.13
Total Return
Total investment return based on net asset value(c)		7.53	%		(12.60	)%		(10.10	)%		13.11	%		11.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$13,781			$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)		.85	%(e)		.88	%		.82	%		.99	%		24.93	%
Net investment income(b)		1.95	%(e)		2.96	%		2.87	%		2.15	%		.90	%
Portfolio turnover rate		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 187

Financial Highlights

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

	2015 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.13			.18			.30			.14			.10
Net realized and unrealized gain (loss) on investment transactions		.47			(1.65	)		(1.55	)		1.24			.97
Net increase (decrease) in net asset value from operations		.60			(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		$  9.06			$  8.61			$  10.56			$  12.22			$  11.07
Total Return
Total investment return based on net asset value(c)		6.94	%		(13.00	)%		(10.59	)%		12.56	%		10.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$37,765			$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)		1.48	%(e)		1.49	%		1.49	%		1.76	%		9.30	%
Net investment income(b)		1.38	%(e)		2.42	%		2.67	%		1.21	%		.98	%
Portfolio turnover rate		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 247.

188 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2015 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.16			.21			.36			.17			.09
Net realized and unrealized gain (loss) on investment transactions		.47			(1.67	)		(1.59	)		1.23			1.01
Net increase (decrease) in net asset value from operations		.63			(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		$  9.12			$  8.66			$  10.61			$  12.26			$  11.10
Total Return
Total investment return based on net asset value(c)		7.27	%		(12.79	)%		(10.35	)%		12.77	%		11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$110,450			$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)		1.17	%(e)		1.19	%		1.18	%		1.38	%		8.55	%
Net investment income(b)		1.67	%(e)		2.75	%		3.15	%		1.55	%		.96	%
Portfolio turnover rate		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 189

Financial Highlights

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

	2015 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.19			.24			.37			.18			.10
Net realized and unrealized gain (loss) on investment transactions		.46			(1.69	)		(1.57	)		1.26			1.03
Net increase (decrease) in net asset value from operations		.65			(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		$  9.14			$  8.69			$  10.66			$  12.31			$  11.13
Total Return
Total investment return based on net asset value(c)		7.47	%		(12.53	)%		(10.12	)%		13.09	%		11.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,261			$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)		2.00	%(e)		3.13	%		3.24	%		1.46	%		1.10	%
Portfolio turnover rate		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 247.

190 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.14			.18			.35			.26			.09
Net realized and unrealized gain (loss) on investment transactions		.42			(1.83	)		(1.79	)		1.21			1.09
Net increase (decrease) in net asset value from operations		.56			(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		$  8.82			$  8.42			$  10.57			$  12.41			$  11.18
Total Return
Total investment return based on net asset value(c)		6.66	%		(14.62	)%		(11.97	)%		13.20	%		11.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$108,557			$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)		1.14	%(e)		1.18	%		1.09	%		1.41	%		8.52	%
Net investment income(b)		1.58	%(e)		2.41	%		3.02	%		2.02	%		.93	%
Portfolio turnover rate		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 191

Financial Highlights

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

	2020 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.08			.13			.27			.16			.04
Net realized and unrealized gain (loss) on investment transactions		.41			(1.81	)		(1.78	)		1.21			1.06
Net increase (decrease) in net asset value from operations		.49			(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		$  8.72			$  8.34			$  10.45			$  12.29			$  11.10
Total Return
Total investment return based on net asset value(c)		5.85	%		(15.19	)%		(12.60	)%		12.42	%		11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,093			$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)		1.88	%(e)		1.92	%		1.81	%		2.10	%		9.59	%
Net investment income(b)		.91	%(e)		1.82	%		2.38	%		1.31	%		.41	%
Portfolio turnover rate		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 247.

192 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.07			.13			.25			.13			.03
Net realized and unrealized gain (loss) on investment transactions		.42			(1.81	)		(1.75	)		1.24			1.07
Net increase (decrease) in net asset value from operations		.49			(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		$  8.73			$  8.35			$  10.46			$  12.29			$  11.10
Total Return
Total investment return based on net asset value(c)		5.84	%		(15.18	)%		(12.52	)%		12.42	%		11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$5,196			$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)		1.87	%(e)		1.91	%		1.80	%		2.07	%		9.83	%
Net investment income(b)		.81	%(e)		1.78	%		2.18	%		1.09	%		.32	%
Portfolio turnover rate		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 193

Financial Highlights

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

	2020 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.17			.20			.35			.25			.10
Net realized and unrealized gain (loss) on investment transactions		.42			(1.84	)		(1.77	)		1.27			1.11
Net increase (decrease) in net asset value from operations		.59			(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		$  8.88			$  8.48			$  10.64			$  12.48			$  11.21
Total Return
Total investment return based on net asset value(c)		6.91	%		(14.33	)%		(11.72	)%		13.66	%		12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$14,256			$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)		.84	%(e)		.88	%		.80	%		.98	%		29.32	%
Net investment income(b)		1.83	%(e)		2.69	%		3.01	%		1.94	%		1.14	%
Portfolio turnover rate		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 247.

194 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.12			.16			.31			.08			.03
Net realized and unrealized gain (loss) on investment transactions		.42			(1.81	)		(1.77	)		1.37			1.13
Net increase (decrease) in net asset value from operations		.54			(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		$  8.79			$  8.40			$  10.52			$  12.37			$  11.16
Total Return
Total investment return based on net asset value(c)		6.35	%		(14.76	)%		(12.16	)%		13.05	%		11.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$46,261			$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)		1.45	%(e)		1.48	%		1.46	%		1.77	%		9.73	%
Net investment income(b)		1.35	%(e)		2.17	%		2.73	%		.69	%		.28	%
Portfolio turnover rate		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 195

Financial Highlights

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

	2020 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.14			.18			.35			.15			.09
Net realized and unrealized gain (loss) on investment transactions		.43			(1.83	)		(1.79	)		1.33			1.09
Net increase (decrease) in net asset value from operations		.57			(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		$  8.85			$  8.45			$  10.59			$  12.43			$  11.18
Total Return
Total investment return based on net asset value(c)		6.68	%		(14.58	)%		(11.94	)%		13.36	%		11.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$175,828			$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)		1.59	%(e)		2.43	%		2.98	%		1.41	%		.96	%
Portfolio turnover rate		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 247.

196 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.18			.20			.39			.19			.09
Net realized and unrealized gain (loss) on investment transactions		.40			(1.83	)		(1.81	)		1.32			1.12
Net increase (decrease) in net asset value from operations		.58			(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		$  8.87			$  8.48			$  10.63			$  12.47			$  11.21
Total Return
Total investment return based on net asset value(c)		6.85	%		(14.31	)%		(11.76	)%		13.61	%		12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,749			$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)		.81	%(e)		.84	%		.83	%		1.08	%		8.67	%
Net investment income(b)		1.96	%(e)		2.74	%		3.34	%		1.46	%		.98	%
Portfolio turnover rate		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 197

Financial Highlights

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

	2025 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.14			.16			.33			.25			.08
Net realized and unrealized gain (loss) on investment transactions		.34			(2.01	)		(1.96	)		1.37			1.36
Net increase (decrease) in net asset value from operations		.48			(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		$  8.78			$  8.45			$  10.79			$  12.82			$  11.44
Total Return
Total investment return based on net asset value(c)		5.69	%		(16.07	)%		(13.13	)%		14.22	%		14.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$109,018			$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)		1.21	%(e)		1.29	%		1.17	%		1.41	%		8.73	%
Net investment income(b)		1.52	%(e)		2.13	%		2.81	%		1.92	%		.79	%
Portfolio turnover rate		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 247.

198 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2025 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.08			.11			.26			.15			.01
Net realized and unrealized gain (loss) on investment transactions		.33			(1.99	)		(1.95	)		1.36			1.34
Net increase (decrease) in net asset value from operations		.41			(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		$  8.66			$  8.35			$  10.65			$  12.67			$  11.35
Total Return
Total investment return based on net asset value(c)		4.86	%		(16.69	)%		(13.66	)%		13.36	%		13.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,239			$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)		1.96	%(e)		2.05	%		1.90	%		2.10	%		10.10	%
Net investment income(b)		.83	%(e)		1.52	%		2.16	%		1.17	%		.06	%
Portfolio turnover rate		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 199

Financial Highlights

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

	2025 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.07			.10			.24			.12			.00	(g)
Net realized and unrealized gain (loss) on investment transactions		.34			(1.97	)		(1.95	)		1.40			1.36
Net increase (decrease) in net asset value from operations		.41			(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		$  8.67			$  8.36			$  10.65			$  12.69			$  11.36
Total Return
Total investment return based on net asset value(c)		4.85	%		(16.60	)%		(13.80	)%		13.44	%		13.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,367			$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)		1.94	%(e)		2.03	%		1.89	%		2.09	%		9.47	%
Net investment income(b)		.80	%(e)		1.42	%		2.00	%		.95	%		.04	%
Portfolio turnover rate		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 247.

200 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2025 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.16			.18			.29			.27			.12
Net realized and unrealized gain (loss) on investment transactions		.36			(2.02	)		(1.90	)		1.39			1.35
Net increase (decrease) in net asset value from operations		.52			(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		$  8.83			$  8.49			$  10.85			$  12.88			$  11.47
Total Return
Total investment return based on net asset value(c)		6.05	%		(15.87	)%		(12.87	)%		14.55	%		14.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,879			$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)		.91	%(e)		.99	%		.90	%		1.09	%		9.42	%
Net investment income(b)		1.79	%(e)		2.40	%		2.51	%		2.12	%		1.09	%
Portfolio turnover rate		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 201

Financial Highlights

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

	2025 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.12			.14			.27			.07			.07
Net realized and unrealized gain (loss) on investment transactions		.34			(2.00	)		(1.93	)		1.53			1.34
Net increase (decrease) in net asset value from operations		.46			(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		$  8.76			$  8.44			$  10.77			$  12.81			$  11.41
Total Return
Total investment return based on net asset value(c)		5.41	%		(16.25	)%		(13.30	)%		14.07	%		14.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$43,554			$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)		1.53	%(e)		1.55	%		1.53	%		1.76	%		7.73	%
Net investment income(b)		1.29	%(e)		1.89	%		2.35	%		.57	%		.69	%
Portfolio turnover rate		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 247.

202 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2025 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.14			.17			.33			.17			.10
Net realized and unrealized gain (loss) on investment transactions		.35			(2.02	)		(1.95	)		1.45			1.34
Net increase (decrease) in net asset value from operations		.49			(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		$  8.80			$  8.47			$  10.81			$  12.83			$  11.44
Total Return
Total investment return based on net asset value(c)		5.72	%		(16.10	)%		(13.02	)%		14.22	%		14.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$120,931			$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)		1.22	%(e)		1.24	%		1.24	%		1.41	%		6.67	%
Net investment income(b)		1.56	%(e)		2.24	%		2.79	%		1.44	%		.96	%
Portfolio turnover rate		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 203

Financial Highlights

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

	2025 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.18			.18			.38			.17			.07
Net realized and unrealized gain (loss) on investment transactions		.33			(2.02	)		(1.99	)		1.49			1.40
Net increase (decrease) in net asset value from operations		.51			(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		$  8.83			$  8.50			$  10.85			$  12.88			$  11.47
Total Return
Total investment return based on net asset value(c)		5.98	%		(15.78	)%		(12.88	)%		14.60	%		14.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,678			$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)		.89	%(e)		.92	%		.90	%		1.08	%		7.62	%
Net investment income(b)		1.91	%(e)		2.45	%		3.15	%		1.27	%		.79	%
Portfolio turnover rate		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 247.

204 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.12			.14			.30			.19			.03
Net realized and unrealized gain (loss) on investment transactions		.25			(2.05	)		(2.00	)		1.50			1.21
Net increase (decrease) in net asset value from operations		.37			(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		$  8.59			$  8.35			$  10.69			$  12.70			$  11.24
Total Return
Total investment return based on net asset value(c)		4.42	%		(16.91	)%		(13.67	)%		15.08	%		12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$88,919			$89,797			$73,959			$47,575			$4,240
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.03	%(e)		1.02	%		1.02	%		1.09	%		1.19	%(f)
Expenses, before waivers/reimbursements(d)		1.25	%(e)		1.33	%		1.23	%		1.72	%		13.11	%(f)
Net investment income(b)		1.31	%(e)		1.88	%		2.53	%		1.54	%		.35	%
Portfolio turnover rate		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 205

Financial Highlights

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

	2030 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.06			.09			.22			.11			(.01	)
Net realized and unrealized gain (loss) on investment transactions		.24			(2.02	)		(1.98	)		1.49			1.15
Net increase (decrease) in net asset value from operations		.30			(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		$  8.47			$  8.25			$  10.55			$  12.56			$  11.14
Total Return
Total investment return based on net asset value(c)		3.65	%		(17.49	)%		(14.29	)%		14.35	%		11.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,145			$1,433			$1,944			$1,580			$374
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.73	%(e)		1.72	%		1.72	%		1.78	%		1.89	%(f)
Expenses, before waivers/reimbursements(d)		2.00	%(e)		2.09	%		1.96	%		2.38	%		16.08	%(f)
Net investment income (loss)(b)		.63	%(e)		1.27	%		1.87	%		.89	%		(.14	)%
Portfolio turnover rate		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 247.

206 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.05			.08			.20			.03			(.03	)
Net realized and unrealized gain (loss) on investment transactions		.25			(2.02	)		(1.97	)		1.58			1.18
Net increase (decrease) in net asset value from operations		.30			(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		$  8.47			$  8.25			$  10.56			$  12.58			$  11.15
Total Return
Total investment return based on net asset value(c)		3.65	%		(17.57	)%		(14.34	)%		14.42	%		11.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$4,475			$4,270			$3,480			$2,217			$230
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.73	%(e)		1.72	%		1.72	%		1.76	%		1.89	%(f)
Expenses, before waivers/reimbursements(d)		1.99	%(e)		2.07	%		1.95	%		2.26	%		15.16	%(f)
Net investment income (loss)(b)		.60	%(e)		1.14	%		1.72	%		.26	%		(.26	)%
Portfolio turnover rate		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 207

Financial Highlights

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

	2030 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.14			.16			.24			.27			.09
Net realized and unrealized gain (loss) on investment transactions		.26			(2.06	)		(1.90	)		1.47			1.17
Net increase (decrease) in net asset value from operations		.40			(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		$  8.64			$  8.40			$  10.76			$  12.76			$  11.26
Total Return
Total investment return based on net asset value(c)		4.68	%		(16.71	)%		(13.36	)%		15.53	%		12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,226			$7,365			$5,209			$480			$31
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.73	%(e)		.72	%		.72	%		.80	%		.89	%(f)
Expenses, before waivers/reimbursements(d)		.96	%(e)		1.03	%		.94	%		1.48	%		22.50	%(f)
Net investment income(b)		1.56	%(e)		2.16	%		2.10	%		2.06	%		.88	%
Portfolio turnover rate		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 247.

208 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.10			.12			.26			.06			(.01	)
Net realized and unrealized gain (loss) on investment transactions		.26			(2.04	)		(1.98	)		1.61			1.25
Net increase (decrease) in net asset value from operations		.36			(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		$  8.57			$  8.33			$  10.66			$  12.69			$  11.24
Total Return
Total investment return based on net asset value(c)		4.23	%		(17.15	)%		(13.87	)%		14.88	%		12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$37,223			$32,551			$26,546			$9,026			$636
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.23	%(e)		1.22	%		1.22	%		1.26	%		1.39	%(f)
Expenses, before waivers/reimbursements(d)		1.53	%(e)		1.58	%		1.57	%		2.00	%		13.25	%(f)
Net investment income (loss)(b)		1.08	%(e)		1.64	%		2.19	%		.54	%		(.10	)%
Portfolio turnover rate		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 209

Financial Highlights

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

	2030 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.12			.14			.29			.12			.04
Net realized and unrealized gain (loss) on investment transactions		.26			(2.05	)		(1.98	)		1.59			1.20
Net increase (decrease) in net asset value from operations		.38			(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		$  8.60			$  8.36			$  10.70			$  12.71			$  11.24
Total Return
Total investment return based on net asset value(c)		4.51	%		(16.97	)%		(13.64	)%		15.24	%		12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$114,731			$100,789			$88,751			$42,433			$2,800
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.98	%(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)		1.34	%(e)		1.93	%		2.47	%		1.07	%		.43	%
Portfolio turnover rate		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 247.

210 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.15			.16			.32			.14			.09
Net realized and unrealized gain (loss) on investment transactions		.26			(2.06	)		(1.99	)		1.60			1.17
Net increase (decrease) in net asset value from operations		.41			(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		$  8.62			$  8.38			$  10.74			$  12.75			$  11.26
Total Return
Total investment return based on net asset value(c)		4.78	%		(16.75	)%		(13.46	)%		15.54	%		12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$13,897			$17,822			$16,718			$13,213			$755
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.73	%(e)		.72	%		.72	%		.75	%		.89	%(f)
Expenses, before waivers/reimbursements(d)		.90	%(e)		.94	%		.95	%		1.26	%		14.42	%(f)
Net investment income(b)		1.67	%(e)		2.19	%		2.72	%		1.08	%		.88	%
Portfolio turnover rate		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 211

Financial Highlights

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

	2035 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.09			.11			.27			.19			.03
Net realized and unrealized gain (loss) on investment transactions		.18			(2.11	)		(2.02	)		1.50			1.27
Net increase (decrease) in net asset value from operations		.27			(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		$  8.47			$  8.31			$  10.71			$  12.78			$  11.30
Total Return
Total investment return based on net asset value(c)		3.14	%		(17.83	)%		(14.02	)%		15.09	%		13.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$62,369			$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)		1.33	%(e)		1.43	%		1.36	%		1.96	%		17.78	%(f)
Net investment income(b)		.96	%(e)		1.57	%		2.31	%		1.48	%		.35	%
Portfolio turnover rate		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 247.

212 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2035 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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		.17			(2.09	)		(2.01	)		1.49			1.27
Net increase (decrease) in net asset value from operations		.19			(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		$  8.37			$  8.23			$  10.59			$  12.65			$  11.22
Total Return
Total investment return based on net asset value(c)		2.33	%		(18.42	)%		(14.64	)%		14.27	%		12.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$822			$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)		2.07	%(e)		2.19	%		2.08	%		2.65	%		20.23	%(f)
Net investment income (loss)(b)		.27	%(e)		.99	%		1.58	%		.79	%		(.47	)%
Portfolio turnover rate		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 213

Financial Highlights

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

	2035 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.02			.06			.17			.08			(.04	)
Net realized and unrealized gain (loss) on investment transactions		.18			(2.08	)		(1.99	)		1.52			1.25
Net increase (decrease) in net asset value from operations		.20			(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		$  8.38			$  8.23			$  10.59			$  12.65			$  11.21
Total Return
Total investment return based on net asset value(c)		2.45	%		(18.42	)%		(14.64	)%		14.37	%		12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,684			$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)		2.07	%(e)		2.17	%		2.08	%		2.63	%		19.62	%(f)
Net investment income (loss)(b)		.21	%(e)		.90	%		1.48	%		.61	%		(.38	)%
Portfolio turnover rate		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 247.

214 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2035 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.11			.13			.26			.22			.05
Net realized and unrealized gain (loss) on investment transactions		.19			(2.13	)		(1.98	)		1.52			1.27
Net increase (decrease) in net asset value from operations		.30			(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		$  8.52			$  8.35			$  10.77			$  12.84			$  11.32
Total Return
Total investment return based on net asset value(c)		3.50	%		(17.65	)%		(13.77	)%		15.54	%		13.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$7,819			$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)		1.03	%(e)		1.13	%		1.08	%		1.63	%		19.84	%(f)
Net investment income(b)		1.23	%(e)		1.82	%		2.21	%		1.68	%		.54	%
Portfolio turnover rate		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 215

Financial Highlights

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

	2035 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.06			.10			.19			.07			(.02	)
Net realized and unrealized gain (loss) on investment transactions		.19			(2.10	)		(1.96	)		1.59			1.28
Net increase (decrease) in net asset value from operations		.25			(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		$  8.41			$  8.25			$  10.64			$  12.72			$  11.26
Total Return
Total investment return based on net asset value(c)		2.98	%		(18.00	)%		(14.23	)%		14.86	%		12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$24,873			$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)		1.60	%(e)		1.65	%		1.67	%		2.27	%		17.88	%(f)
Net investment income (loss)(b)		.73	%(e)		1.36	%		1.71	%		.56	%		(.25	)%
Portfolio turnover rate		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 247.

216 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2035 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.09			.12			.27			.09			.03
Net realized and unrealized gain (loss) on investment transactions		.17			(2.10	)		(2.02	)		1.61			1.27
Net increase (decrease) in net asset value from operations		.26			(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		$  8.47			$  8.32			$  10.70			$  12.78			$  11.30
Total Return
Total investment return based on net asset value(c)		3.07	%		(17.68	)%		(14.03	)%		15.16	%		13.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$72,858			$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)		1.29	%(e)		1.35	%		1.37	%		1.75	%		18.95	%(f)
Net investment income(b)		.99	%(e)		1.65	%		2.29	%		.86	%		.28	%
Portfolio turnover rate		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 217

Financial Highlights

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

	2035 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.12			.14			.32			.11			.05
Net realized and unrealized gain (loss) on investment transactions		.18			(2.12	)		(2.05	)		1.64			1.27
Net increase (decrease) in net asset value from operations		.30			(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		$  8.50			$  8.34			$  10.75			$  12.83			$  11.32
Total Return
Total investment return based on net asset value(c)		3.48	%		(17.57	)%		(13.83	)%		15.56	%		13.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,598			$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)		.96	%(e)		1.02	%		1.03	%		1.43	%		16.65	%(f)
Net investment income(b)		1.32	%(e)		1.88	%		2.62	%		.81	%		.54	%
Portfolio turnover rate		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 247.

218 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.09			.12			.25			.17			.02
Net realized and unrealized gain (loss) on investment transactions		.14			(2.12	)		(2.00	)		1.57			1.36
Net increase (decrease) in net asset value from operations		.23			(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		$  8.62			$  8.49			$  10.86			$  12.89			$  11.38
Total Return
Total investment return based on net asset value(c)		2.71	%		(17.68	)%		(13.89	)%		15.32	%		13.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$52,836			$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)		1.38	%(e)		1.51	%		1.49	%		2.94	%(f)		32.68	%(f)
Net investment income(b)		.99	%(e)		1.57	%		2.12	%		1.32	%		.20	%
Portfolio turnover rate		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 219

Financial Highlights

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

	2040 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.03			.07			.20			.11			(.05	)
Net realized and unrealized gain (loss) on investment transactions		.14			(2.11	)		(2.03	)		1.52			1.36
Net increase (decrease) in net asset value from operations		.17			(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		$  8.52			$  8.40			$  10.75			$  12.78			$  11.31
Total Return
Total investment return based on net asset value(c)		2.04	%		(18.31	)%		(14.50	)%		14.48	%		13.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$829			$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)		2.13	%(e)		2.27	%		2.21	%		4.15	%(f)		35.10	%(f)
Net investment income (loss)(b)		.29	%(e)		.95	%		1.69	%		.91	%		(.50	)%
Portfolio turnover rate		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 247.

220 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.02			.06			.15			.08			(.03	)
Net realized and unrealized gain (loss) on investment transactions		.14			(2.09	)		(1.98	)		1.55			1.34
Net increase (decrease) in net asset value from operations		.16			(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		$  8.52			$  8.41			$  10.75			$  12.78			$  11.31
Total Return
Total investment return based on net asset value(c)		1.92	%		(18.21	)%		(14.50	)%		14.48	%		13.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,743			$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)		2.14	%(e)		2.28	%		2.22	%		3.94	%(f)		42.81	%(f)
Net investment income (loss)(b)		.22	%(e)		.86	%		1.30	%		.63	%		(.32	)%
Portfolio turnover rate		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 221

Financial Highlights

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

	2040 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.11			.14			.21			.31			.10
Net realized and unrealized gain (loss) on investment transactions		.16			(2.14	)		(1.93	)		1.46			1.32
Net increase (decrease) in net asset value from operations		.27			(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		$  8.68			$  8.54			$  10.93			$  12.95			$  11.42
Total Return
Total investment return based on net asset value(c)		3.09	%		(17.51	)%		(13.61	)%		15.56	%		14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$7,788			$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)		1.09	%(e)		1.21	%		1.20	%		3.06	%(f)		55.18	%(f)
Net investment income(b)		1.23	%(e)		1.82	%		1.81	%		2.37	%		.97	%
Portfolio turnover rate		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 247.

222 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.07			.10			.25			.00	(g)		.01
Net realized and unrealized gain (loss) on investment transactions		.14			(2.11	)		(2.02	)		1.71			1.36
Net increase (decrease) in net asset value from operations		.21			(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		$  8.56			$  8.44			$  10.79			$  12.84			$  11.37
Total Return
Total investment return based on net asset value(c)		2.48	%		(17.89	)%		(14.09	)%		15.08	%		13.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$23,640			$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)		1.63	%(e)		1.70	%		1.76	%		3.07	%(f)		36.08	%(f)
Net investment income(b)		.76	%(e)		1.31	%		2.06	%		.01	%		.06	%
Portfolio turnover rate		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 223

Financial Highlights

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

	2040 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.09			.12			.27			.09			.05
Net realized and unrealized gain (loss) on investment transactions		.15			(2.12	)		(2.01	)		1.66			1.35
Net increase (decrease) in net asset value from operations		.24			(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		$  8.60			$  8.48			$  10.85			$  12.88			$  11.40
Total Return
Total investment return based on net asset value(c)		2.74	%		(17.73	)%		(13.83	)%		15.40	%		14.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$60,471			$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)		1.30	%(e)		1.39	%		1.47	%		2.46	%(f)		33.28	%(f)
Net investment income(b)		.99	%(e)		1.60	%		2.27	%		.85	%		.53	%
Portfolio turnover rate		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 247.

224 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.12			.14			.31			.11			.05
Net realized and unrealized gain (loss) on investment transactions		.14			(2.14	)		(2.03	)		1.67			1.37
Net increase (decrease) in net asset value from operations		.26			(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		$  8.63			$  8.51			$  10.90			$  12.92			$  11.42
Total Return
Total investment return based on net asset value(c)		2.99	%		(17.52	)%		(13.60	)%		15.67	%		14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,287			$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)		.99	%(e)		1.07	%		1.14	%		1.92	%(f)		29.45	%(f)
Net investment income(b)		1.32	%(e)		1.87	%		2.59	%		.86	%		.48	%
Portfolio turnover rate		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 225

Financial Highlights

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

	2045 Retirement Strategy
	Class A
	Year Ended August 31,
	2010			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)		.09			.12			.26			.19			.04
Net realized and unrealized gain (loss) on investment transactions		.11			(2.14	)		(2.03	)		1.49			1.38
Net increase (decrease) in net asset value from operations		.20			(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		$  8.43			$  8.38			$  10.76			$  12.90			$  11.42
Total Return
Total investment return based on net asset value(c)		2.34	%		(18.02	)%		(14.12	)%		14.85	%		14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$38,528			$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)		1.56	%(e)		1.76	%		1.82	%		2.91	%(f)		44.80	%(f)
Net investment income(b)		1.01	%(e)		1.58	%		2.23	%		1.49	%		.44	%
Portfolio turnover rate		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 247.

226 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2045 Retirement Strategy
	Class B
	Year Ended August 31,
	2010			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)		.03			.06			.21			.10			(.03	)
Net realized and unrealized gain (loss) on investment transactions		.11			(2.11	)		(2.03	)		1.47			1.37
Net increase (decrease) in net asset value from operations		.14			(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		$  8.31			$  8.27			$  10.64			$  12.76			$  11.34
Total Return
Total investment return based on net asset value(c)		1.58	%		(18.63	)%		(14.60	)%		13.96	%		13.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$296			$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)		2.35	%(e)		2.58	%		2.54	%		3.97	%(f)		54.54	%(f)
Net investment income (loss)(b)		.31	%(e)		.87	%		1.73	%		.77	%		(.28	)%
Portfolio turnover rate		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 227

Financial Highlights

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

	2045 Retirement Strategy
	Class C
	Year Ended August 31,
	2010			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)		.03			.06			.16			.11			(.07	)
Net realized and unrealized gain (loss) on investment transactions		.12			(2.11	)		(1.99	)		1.46			1.41
Net increase (decrease) in net asset value from operations		.15			(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		$  8.31			$  8.26			$  10.63			$  12.76			$  11.34
Total Return
Total investment return based on net asset value(c)		1.70	%		(18.65	)%		(14.68	)%		13.96	%		13.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,550			$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)		2.32	%(e)		2.53	%		2.55	%		4.04	%(f)		66.89	%(f)
Net investment income (loss)(b)		.31	%(e)		.85	%		1.35	%		.91	%		(.73	)%
Portfolio turnover rate		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 247.

228 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2045 Retirement Strategy
	Advisor Class
	Year Ended August 31,
	2010			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)		.11			.13			.25			.24			.09
Net realized and unrealized gain (loss) on investment transactions		.12			(2.14	)		(1.98	)		1.47			1.36
Net increase (decrease) in net asset value from operations		.23			(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		$  8.48			$  8.43			$  10.83			$  12.95			$  11.45
Total Return
Total investment return based on net asset value(c)		2.58	%		(17.81	)%		(13.74	)%		15.08	%		14.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,481			$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)		1.27	%(e)		1.46	%		1.52	%		3.13	%(f)		52.18	%(f)
Net investment income(b)		1.26	%(e)		1.81	%		2.19	%		1.85	%		.85	%
Portfolio turnover rate		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 229

Financial Highlights

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

	2045 Retirement Strategy
	Class R
	Year Ended August 31,
	2010			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)		.07			.10			.20			.05			.02
Net realized and unrealized gain (loss) on investment transactions		.11			(2.13	)		(1.98	)		1.59			1.38
Net increase (decrease) in net asset value from operations		.18			(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		$  8.35			$  8.31			$  10.70			$  12.84			$  11.40
Total Return
Total investment return based on net asset value(c)		2.11	%		(18.27	)%		(14.22	)%		14.50	%		14.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,927			$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)		1.76	%(e)		1.90	%		2.01	%		3.18	%(f)		45.90	%(f)
Net investment income(b)		.76	%(e)		1.34	%		1.72	%		.40	%		.17	%
Portfolio turnover rate		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 247.

230 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2045 Retirement Strategy
	Class K
	Year Ended August 31,
	2010			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)		.09			.12			.27			.11			.04
Net realized and unrealized gain (loss) on investment transactions		.11			(2.13	)		(2.03	)		1.56			1.39
Net increase (decrease) in net asset value from operations		.20			(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		$  8.40			$  8.36			$  10.74			$  12.88			$  11.43
Total Return
Total investment return based on net asset value(c)		2.35	%		(17.95	)%		(14.03	)%		14.76	%		14.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$33,954			$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)		1.02	%(e)		1.60	%		2.29	%		1.04	%		.43	%
Portfolio turnover rate		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 231

Financial Highlights

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

	2045 Retirement Strategy
	Class I
	Year Ended August 31,
	2010			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)		.13			.13			.30			.12			.04
Net realized and unrealized gain (loss) on investment transactions		.10			(2.13	)		(2.04	)		1.59			1.41
Net increase (decrease) in net asset value from operations		.23			(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		$  8.42			$  8.38			$  10.78			$  12.92			$  11.45
Total Return
Total investment return based on net asset value(c)		2.64	%		(17.76	)%		(13.85	)%		15.08	%		14.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$4,734			$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)		1.10	%(e)		1.27	%		1.37	%		2.13	%(f)		52.64	%(f)
Net investment income(b)		1.40	%(e)		1.81	%		2.48	%		.78	%		.39	%
Portfolio turnover rate		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 247.

232 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class A
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.07			.09			.15	(i)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		.10			(1.48	)		(1.27	)		(.12	)
Net increase (decrease) in net asset value from operations		.17			(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		$  7.15			$  7.06			$  8.59			$  9.86
Total Return
Total investment return based on net asset value(c)		2.29	%		(15.77	)%		(11.53	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$4,427			$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	%(f)(j)
Expenses, before waivers/reimbursements(d)		3.56	%(e)		7.11	%		54.01	%		649.75	%(f)(j)
Net investment income (loss)(b)		1.00	%(e)		1.40	%		1.66	%(i)		(1.02	)%(j)
Portfolio turnover rate		17	%		46	%		893	%		8	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 233

Financial Highlights

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

	2050 Retirement Strategy
	Class B
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.02			.06			.11	(i)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		.10			(1.50	)		(1.29	)		(.12	)
Net increase (decrease) in net asset value from operations		.12			(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		$  7.08			$  7.00			$  8.56			$  9.85
Total Return
Total investment return based on net asset value(c)		1.66	%		(16.44	)%		(12.11	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$31			$30			$32			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)		1.72	%		1.72	%		1.79	%(f)(j)
Expenses, before waivers/reimbursements(d)		4.44	%(e)		8.64	%		71.00	%		649.78	%(f)(j)
Net investment income (loss)(b)		.31	%(e)		.93	%		1.27	%(i)		(1.72	)%(j)
Portfolio turnover rate		17	%		46	%		893	%		8	%

See footnote summary on page 247.

234 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class C
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.02			.05			.08	(i)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		.11			(1.49	)		(1.26	)		(.12	)
Net increase (decrease) in net asset value from operations		.13			(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		$  7.09			$  7.00			$  8.56			$  9.85
Total Return
Total investment return based on net asset value(c)		1.80	%		(16.44	)%		(12.11	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$200			$120			$52			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)		1.72	%		1.72	%		1.79	%(f)(j)
Expenses, before waivers/reimbursements(d)		4.31	%(e)		8.05	%		61.58	%		649.72	%(f)(j)
Net investment income (loss)(b)		.22	%(e)		.81	%		.94	%(i)		(1.72	)%(j)
Portfolio turnover rate		17	%		46	%		893	%		8	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 235

Financial Highlights

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

	2050 Retirement Strategy
	Advisor Class
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.09			.10			.14			(.01	)
Net realized and unrealized gain (loss) on investment transactions		.10			(1.48	)		(1.23	)		(.12	)
Net increase (decrease) in net asset value from operations		.19			(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		$  7.19			$  7.09			$  8.62			$  9.87
Total Return
Total investment return based on net asset value(c)		2.66	%		(15.66	)%		(11.25	)%		(1.30	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,237			$1,178			$305			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)		.72	%		.72	%		.79	%(f)(j)
Expenses, before waivers/reimbursements(d)		3.25	%(e)		6.75	%		41.52	%		648.81	%(f)(j)
Net investment income (loss)(b)		1.24	%(e)		1.69	%		1.64	%		(.72	)%(j)
Portfolio turnover rate		17	%		46	%		893	%		8	%

See footnote summary on page 247.

236 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class R
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.06			.07			(.03	)(i)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		.10			(1.48	)		(1.10	)		(.12	)
Net increase (decrease) in net asset value from operations		.16			(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		$  7.12			$  7.06			$  8.60			$  9.86
Total Return
Total investment return based on net asset value(c)		2.16	%		(16.08	)%		(11.67	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,443			$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	%(f)(j)
Expenses, before waivers/reimbursements(d)		3.53	%(e)		6.38	%		23.00	%		596.22	%(f)(j)
Net investment income (loss)(b)		.77	%(e)		1.12	%		(.12	)%(i)		(1.22	)%(j)
Portfolio turnover rate		17	%		46	%		893	%		8	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 237

Financial Highlights

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

	2050 Retirement Strategy
	Class K
	Year Ended August 31,									June 29, 2007(h) to August  31, 2007
	2010			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)		.07			.07			.08	(i)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		.10			(1.46	)		(1.18	)		(.12	)
Net increase (decrease) in net asset value from operations		.17			(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		$  7.14			$  7.08			$  8.61			$  9.86
Total Return
Total investment return based on net asset value(c)		2.33	%		(15.76	)%		(11.32	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$7,613			$3,959			$758			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.99	%(e)		.97	%		.97	%		1.04	%(f)(j)
Expenses, before waivers/reimbursements(d)		3.20	%(e)		6.14	%		30.40	%		595.99	%(f)(j)
Net investment income (loss)(b)		.95	%(e)		1.32	%		.95	%(i)		(.97	)%(j)
Portfolio turnover rate		17	%		46	%		893	%		8	%

See footnote summary on page 247.

238 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class I
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.10			.10			.14			(.01	)
Net realized and unrealized gain (loss) on investment transactions		.11			(1.48	)		(1.24	)		(.12	)
Net increase (decrease) in net asset value from operations		.21			(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		$  7.17			$  7.09			$  8.61			$  9.87
Total Return
Total investment return based on net asset value(c)		2.84	%		(15.59	)%		(11.35	)%		(1.30	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$707			$787			$216			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)		.72	%		.72	%		.79	%(f)(j)
Expenses, before waivers/reimbursements(d)		2.94	%(e)		6.02	%		41.80	%		595.86	%(f)(j)
Net investment income (loss)(b)		1.31	%(e)		1.67	%		1.51	%		(.72	)%(j)
Portfolio turnover rate		17	%		46	%		893	%		8	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 239

Financial Highlights

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

	2055 Retirement Strategy
	Class A
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.07			.07			.13	(i)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		.08			(1.54	)		(1.20	)		(.13	)
Net increase (decrease) in net asset value from operations		.15			(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		$  7.01			$  6.87			$  8.38			$  9.85
Total Return
Total investment return based on net asset value(c)		2.19	%		(17.45	)%		(11.40	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$867			$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	%(f)(j)
Expenses, before waivers/reimbursements(d)		11.83	%(e)		23.03	%		98.75	%(f)		643.42	%(f)(j)
Net investment income (loss)(b)		.99	%(e)		1.20	%		1.45	%(i)		(1.02	)%(j)
Portfolio turnover rate		47	%		83	%		42	%		8	%

See footnote summary on page 247.

240 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2055 Retirement Strategy
	Class B
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.02			.05			.15	(i)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		.08			(1.57	)		(1.28	)		(.13	)
Net increase (decrease) in net asset value from operations		.10			(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		$  6.88			$  6.78			$  8.34			$  9.84
Total Return
Total investment return based on net asset value(c)		1.48	%		(18.14	)%		(11.93	)%		(1.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$19			$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	%(f)(j)
Expenses, before waivers/reimbursements(d)		12.87	%(e)		24.65	%		189.38	%(f)		638.66	%(f)(j)
Net investment income (loss)(b)		.30	%(e)		.85	%		1.61	%(i)		(1.72	)%(j)
Portfolio turnover rate		47	%		83	%		42	%		8	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 241

Financial Highlights

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

	2055 Retirement Strategy
	Class C
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.02			.08			.16	(i)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		.08			(1.61	)		(1.29	)		(.13	)
Net increase (decrease) in net asset value from operations		.10			(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		$6.87			$6.77			$8.34			$9.84
Total Return
Total investment return based on net asset value(c)		1.48	%		(18.26	)%		(11.93	)%		(1.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$45			$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	%(f)(j)
Expenses, before waivers/reimbursements(d)		12.44	%(e)		24.79	%		190.03	%(f)		638.66	%(f)(j)
Net investment income (loss)(b)		.21	%(e)		1.34	%		1.74	%(i)		(1.72	)%(j)
Portfolio turnover rate		47	%		83	%		42	%		8	%

See footnote summary on page 247.

242 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2055 Retirement Strategy
	Advisor Class
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.09			.10			.18			(.01	)
Net realized and unrealized gain (loss) on investment transactions		.08			(1.57	)		(1.22	)		(.13	)
Net increase (decrease) in net asset value from operations		.17			(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		$  7.04			$  6.90			$  8.41			$  9.86
Total Return
Total investment return based on net asset value(c)		2.43	%		(17.39	)%		(11.09	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$531			$248			$50			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)		.72	%		.74	%(f)		.73	%(f)(j)
Expenses, before waivers/reimbursements(d)		11.33	%(e)		22.45	%		127.65	%(f)		637.93	%(f)(j)
Net investment income (loss)(b)		1.23	%(e)		1.68	%		2.04	%		(.72	)%(j)
Portfolio turnover rate		47	%		83	%		42	%		8	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 243

Financial Highlights

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

	2055 Retirement Strategy
	Class R
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.05			.08			.04	(i)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		.09			(1.58	)		(1.13	)		(.13	)
Net increase (decrease) in net asset value from operations		.14			(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		$  6.81			$  6.79			$  8.38			$  9.85
Total Return
Total investment return based on net asset value(c)		1.97	%		(17.71	)%		(11.55	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$484			$268			$242			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.24	%(e)		1.22	%		1.22	%		1.23	%(f)(j)
Expenses, before waivers/reimbursements(d)		10.49	%(e)		20.50	%		89.30	%		586.71	%(f)(j)
Net investment income (loss)(b)		.72	%(e)		1.33	%		.51	%(i)		(1.22	)%(j)
Portfolio turnover rate		47	%		83	%		42	%		8	%

See footnote summary on page 247.

244 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2055 Retirement Strategy
	Class K
	Year Ended August 31,									June 29, 2007(h) to August  31, 2007
	2010			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)		.07			.08			.19	(i)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		.09			(1.57	)		(1.25	)		(.13	)
Net increase (decrease) in net asset value from operations		.16			(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		$  6.86			$  6.83			$  8.41			$  9.85
Total Return
Total investment return based on net asset value(c)		2.22	%		(17.42	)%		(11.26	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,906			$1,265			$302			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.99	%(e)		.97	%		.97	%		.98	%(f)(j)
Expenses, before waivers/reimbursements(d)		10.25	%(e)		19.84	%		87.41	%		586.41	%(f)(j)
Net investment income (loss)(b)		1.00	%(e)		1.46	%		2.17	%(i)		(.97	)%(j)
Portfolio turnover rate		47	%		83	%		42	%		8	%

See footnote summary on page 247.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 245

Financial Highlights

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

	2055 Retirement Strategy
	Class I
	Year Ended August 31,									June 29, 2007(h) to August 31, 2007
	2010			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)		.11			.10			.17			(.01	)
Net realized and unrealized gain (loss) on investment transactions		.06			(1.57	)		(1.21	)		(.13	)
Net increase (decrease) in net asset value from operations		.17			(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		$  6.87			$  6.84			$  8.41			$  9.86
Total Return
Total investment return based on net asset value(c)		2.44	%		(17.21	)%		(11.09	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$60			$186			$48			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)		.72	%		.72	%		.73	%(f)(j)
Expenses, before waivers/reimbursements(d)		10.23	%(e)		19.85	%		129.39	%		586.25	%(f)(j)
Net investment income (loss)(b)		1.58	%(e)		1.62	%		2.01	%		(.72	)%(j)
Portfolio turnover rate		47	%		83	%		42	%		8	%

See footnote summary on page 247.

246 •  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 year ended August 31, 2010, the estimated annualized blended expense ratio was .04% for Strategies 2000 and 2005, and .03% for Strategies 2010, 2015, 2020, 2025 and 2030 and .02% for Strategies 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) The ratio includes expenses attributable to costs of proxy solicitation.

(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.

(j) Annualized.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 247

Financial Highlights

Report of Independent Registered

Public Accounting Firm

To the Board of Directors of AllianceBernstein Blended Style Series, Inc. and Shareholders of 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 and 2055 Retirement Strategy

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of 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 and 2055 Retirement Strategy (the “Strategies”), each a series of AllianceBernstein Blended Style Series, Inc., as of August 31,2010, and the related statements of operations, statements of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Strategies’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statements of changes in net assets for the year ended August 31, 2009 and the financial highlights for each of the periods presented prior to September 1, 2009 were audited by other auditors whose report dated October 27, 2009 expressed an unqualified opinion on those statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Strategies’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Strategies’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2010 by correspondence with the custodian and others or by other appropriate auditing procedure where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of 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 and 2055 Retirement Strategy of AllianceBernstein Blended Style Series, Inc. at August 31, 2010, and the results of their operations, changes in their net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

October 28, 2010

248 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Report of Independent Registered Public Accounting Firm

2010 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Strategy during the taxable year ended August 31, 2010. For corporate shareholders, the following percentages of dividends paid by each Strategy qualify for the dividends received deduction. Additionally, for foreign shareholders the following percentages of dividends paid by each Strategy may be considered to be qualifying to be taxed as interest-related dividends.

Strategy	Dividends Received Deduction % (corporate shareholders)			% of Qualified Interest Income (foreign shareholders)
2000 Retirement Strategy		15.79	%		65.16	%
2005 Retirement Strategy		21.05	%		55.94	%
2010 Retirement Strategy		25.46	%		49.45	%
2015 Retirement Strategy		29.90	%		44.77	%
2020 Retirement Strategy		35.90	%		37.49	%
2025 Retirement Strategy		42.83	%		30.12	%
2030 Retirement Strategy		53.98	%		22.61	%
2035 Retirement Strategy		73.42	%		10.52	%
2040 Retirement Strategy		73.86	%		10.31	%
2045 Retirement Strategy		73.91	%		9.72	%
2050 Retirement Strategy		72.72	%		9.90	%
2055 Retirement Strategy		72.60	%		10.01	%

For the taxable year ended August 31, 2010, each Strategy designates the following amounts as capital gain dividends. Additionally, for individual shareholders each Strategy designates the following amounts as the maximum amount that may be considered qualified dividend income.

Strategy	Capital Gain Dividends		Qualified Dividend Income
2000 Retirement Strategy	$	—	$	581,968
2005 Retirement Strategy		—		916,979
2010 Retirement Strategy		—		3,516,656
2015 Retirement Strategy		—		5,872,957
2020 Retirement Strategy		—		6,750,498
2025 Retirement Strategy		—		5,416,928
2030 Retirement Strategy		—		4,073,052
2035 Retirement Strategy		646,799		1,605,822
2040 Retirement Strategy		572,511		1,324,726
2045 Retirement Strategy		570,874		1,211,700
2050 Retirement Strategy		—		160,349
2055 Retirement Strategy		—		33,387

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2011.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 249

2010 Federal Tax Information

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 Ernst & Young LLP
5 Times Square
New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee. Mr. Foulk 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.

250 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Board of Directors

MANAGEMENT OF THE FUND

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS
William H. Foulk, Jr., #, ## 78 (2002) Chairman of the Board	Investment Adviser and an Independent Consultant since prior to 2005. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AllianceBernstein Funds since 1983 and has been Chairman of the AllianceBernstein Funds and of the Independent Directors Committee of such Funds since 2003. He is also active in a number of mutual fund related organizations and committees.		97	None
John H. Dobkin, # 68 (2002)	Independent Consultant since prior to 2005. Formerly, President of Save Venice, Inc. (preservation organization) from 2001-2002, Senior Advisor from June 1999-June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989-May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AllianceBernstein Funds since 1992, and as Chairman of the Audit Committees of a number of such Funds from 2001-2008.		95	None

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 251

Management of the Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, # 66 (2005)	Private Investor since prior to 2005. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential Mutual Funds and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AllianceBernstein Funds since 2005 and is a director of two other registered investment companies (and Chairman of one of them).		95	Asia Pacific Fund, Inc. and The Merger Fund since prior to 2005 and Prospect Acquisition Corp. (financial services) since 2007 until 2009
D. James Guzy, # 74 (2005)	Chairman of the Board of PLX Technology (semi-conductors) and of SRC Computers Inc., with which he has been associated since prior to 2005. He was a Director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AllianceBernstein Funds since 1982.		95	Cirrus Logic Corporation (semi-conductors) and PLX Technology, Inc (semi-conductors) since prior to 2005 and Intel Corporation (semi-conductors) since prior to 2005 until 2008

252 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Management of the Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, # 62 (2006)	Professorial Lecturer at the Johns Hopkins School of Advanced International Studies since 2008. Formerly, U.S. Executive Director of the International Monetary Fund (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AllianceBernstein Funds since 2006.		95	None

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 253

Management of the Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, # 58 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995); and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services. He is also a member of the Governing Council of the Independent Directors Council (IDC), an organization of independent directors of mutual funds, and serves on that organization’s Education and Communications Committee. He has served as a director or trustee, and as Chairman of the Audit Committee, of most of the AllianceBernstein Funds since 2008.		92	None

254 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Management of the Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)
Marshall C. Turner, Jr., # 69 (2005)	Private Investor since prior to 2005. Interim CEO of MEMC Electronic Materials, Inc. (semi-conductor and solar cell substrates) from November 2008 until March 2009. He was Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing), 2003-2005, and President and CEO, 2005-2006, after the company was acquired and renamed Toppan Photomasks, Inc. He has extensive experience in venture capital investing including prior service as general partner of three institutional venture capital partnerships, and serves on the boards of a number of education and science-related non-profit organizations. He has served as a director or trustee of one or more of the AllianceBernstein Funds since 1992.		95	Xilinx, Inc. (programmable logic semi-conductors) and MEMC Electronic Materials, Inc. (semi-conductor and solar cell substrates) since prior to 2005
Earl D. Weiner, # 71 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and member of ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AllianceBernstein Funds since 2007 and is Chairman of the Governance and Nominating Committees of most of the Funds.		95	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attn: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director of the Fund.

# Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

## Member of the Fair Value Pricing Committee.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 255

Management of the Fund

Officer Information

Certain information concerning the Fund’s Officers is listed below.

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 50	President and Chief Executive Officer	Senior Vice President of the AllianceBernstein L.P. (the “Adviser”)** and head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AllianceBernstein Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.
Philip L. Kirstein 65	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AllianceBernstein Funds with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Seth J. Masters 51	Senior Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2005.
Thomas J. Fontaine 45	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2005.
Dokyoung Lee 44	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2005.
Christopher H. Nikolich 41	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2005.
Patrick J. Rudden 47	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2005.
Emilie D. Wrapp 54	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2005.

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Management of the Fund

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST 5 YEARS
Joseph J. Mantineo 51	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2005.
Phyllis J. Clarke 49	Controller	Vice President of ABIS**, with which she has been associated since prior to 2005.

* The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AllianceBernstein at 1-800-227-4618 for a free prospectus or SAI.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 257

Management of the Fund

Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Strategy

The disinterested directors (the “directors”) of AllianceBernstein Blended Style Series, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of each of 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 at a meeting held on August 3-5, 2010. Each Retirement Strategy is referred to individually as a “Strategy” and collectively as the “Strategies”.

Prior to approval of the continuance of the Advisory Agreement in respect of a Strategy the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fees in the Advisory Agreement wherein the Senior Officer concluded that the contractual fees for the Strategies were reasonable. The directors also discussed the proposed continuances in private sessions with counsel and the Company’s Senior Officer.

The directors noted that each Strategy is managed to the specific year of planned retirement included in its name. The directors also noted that instead of investing directly in portfolio securities, each Strategy pursues its investment objective by investing in a combination of the portfolios of The AllianceBernstein Pooling Portfolios (“Pooling”), each of which represents a particular investment style. The directors further noted that the portfolios of Pooling do not pay advisory fees to the Adviser. In reviewing the advisory fee for each Strategy, the directors considered that, although the Strategies invest substantially all of their assets in various portfolios of Pooling (and therefore hold very few securities), a portion of the advisory fee was attributable to the advisory services the Adviser provides to such portfolios of Pooling.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Strategies gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and

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attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AllianceBernstein Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Strategies and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, the directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage each Strategy and the overall arrangements between each Strategy and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Strategies. They also noted the professional experience and qualifications of each Strategy’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Strategies will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services provided to the Strategies by employees of the Adviser or its affiliates. Requests for these reimbursements are approved by the directors on a quarterly basis and, to the extent requested and paid, result in a higher rate of total compensation from the Strategies to the Adviser than the fee rates stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The directors noted that the Adviser had waived reimbursement payments from the 2000, 2005, 2050 and 2055 Strategies since each such Strategy’s inception. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of each Strategy’s other service providers, also were considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Strategies under the Advisory Agreement.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 259

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of each Strategy to the Adviser for calendar years 2008 and 2009 that had been prepared with an updated expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and noted that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationships with the Strategies and the relevant portfolios of Pooling, including those relating to its subsidiaries which provide transfer agency, distribution and brokerage services to the Strategies and such portfolios of Pooling. The directors recognized that it is difficult to make comparisons of profitability between fund advisory contracts because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationships with the Strategies before taxes and distribution expenses. The directors noted that the 2000, 2005, 2010, 2035, 2040, 2045, 2050 and 2055 Strategies were not profitable to the Adviser in 2008 or 2009. The directors concluded that they were satisfied that the Adviser’s level of profitability from its relationship with the 2015, 2020, 2025 and 2030 Strategies was not unreasonable.

Fall-Out Benefits

The directors considered the benefits to the Adviser and its affiliates from their relationships with the Strategies (and the portfolios of Pooling in which the Strategies invest) other than the fees and expense reimbursements payable under the Advisory Agreement, including but not limited to benefits relating to soft dollar arrangements (whereby the Adviser receives brokerage and research services from many of the brokers that execute purchases and sales of securities on behalf of its clients (and the portfolios of Pooling in which the Strategies invest) on an agency basis), 12b-1 fees and sales charges received by the Company’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Strategies’ shares, transfer agency fees paid by the Strategies to a wholly owned subsidiary of the Adviser, and brokerage commissions paid by portfolios of Pooling in which the Strategies invest to brokers affiliated with the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Strategies.

Investment Results

In addition to the information reviewed by the directors in connection with the meeting, the directors receive detailed performance information for each Strategy at each regular Board meeting during the year. At the August meeting, the

260 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

directors reviewed information prepared by Lipper showing the performance of the Class A Shares of each Strategy as compared with that of a group of similar funds selected by Lipper (the “Performance Group”) and as compared with that of a broader array of funds selected by Lipper (the “Performance Universe”), and information prepared by the Adviser showing performance of the Class A Shares as compared with a composite index (the “Composite Index”) in each case for the 1- and 3-year and since inception periods ended May 31, 2010. The Composite Index for a Strategy consisted of some or all of the following underlying benchmarks: the Russell 3000 Index, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net), the Financial Times Stock Exchange (FTSE) European Public Real Estate Association (EPRA) National Association of Real Estate Investment Trusts (NAREIT) Developed RE Index, the Barclays Capital (BC) U.S. Aggregate Bond Index, the BofA Merrill Lynch 1-3 Year Treasury Index, the BC 1-10 Year TIPS Index, the Standard & Poor’s 500 Stock Index and the BC High Yield (2% constrained) Index. The directors noted that the weighting of the Composite Index differed for the various Strategies, depending on the extent to which the Strategy invested in equity securities.

AllianceBernstein 2000 Retirement Strategy

The directors noted that the Strategy was in the 3rd quintile of the Performance Group and the Performance Universe for the 1-year period and in the 4th quintile of the Performance Group and the Performance Universe for the 3-year period, and that the Strategy outperformed the Composite Index in the 1-year period but lagged the Composite Index in the 3-year and the since inception periods (inception September 2005). Based on their review, the directors concluded that the Strategy’s relative performance was satisfactory.

AllianceBernstein 2005 Retirement Strategy

The directors noted that the Strategy was in the 2nd quintile of the Performance Group and the Performance Universe for the 1-year period and in the 5th quintile of the Performance Group and the Performance Universe for the 3-year period, and that the Strategy outperformed the Composite Index in the 1-year period but lagged the Composite Index in the 3-year and the since inception periods (inception September 2005). Based on their review, the directors concluded that the Strategy’s relative performance was satisfactory.

AllianceBernstein 2010 Retirement Strategy

The directors noted that the Strategy was in the 2nd quintile of the Performance Group and 1st quintile of the Performance Universe for the 1-year period and in the 5th quintile of the Performance Group and the Performance Universe for the 5-year period, and that the Strategy outperformed the Composite Index in the 1-year period but lagged the Composite Index in the 3-year and the since inception periods (inception September 2005). Based on their review, the directors concluded that the Strategy’s relative performance was satisfactory.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 261

AllianceBernstein 2015 Retirement Strategy

The directors noted that the Strategy was 2nd out of 4 of the Performance Group and in the 1st quintile of the Performance Universe for the 1-year period and 4th out of 4 of the Performance Group and in the 5th quintile of the Performance Universe for the 3-year period, and that the Strategy outperformed the Composite Index in the 1-year period but lagged the Composite Index in the 3-year and the since inception periods (inception September 2005). Based on their review, the directors concluded that the Strategy’s relative performance was satisfactory.

AllianceBernstein 2020 Retirement Strategy

The directors noted that the Strategy was in the 2nd quintile of the Performance Group and 1st quintile of the Performance Universe for the 1-year period and in the 5th quintile of the Performance Group and the Performance Universe for the 3-year period, and that the Strategy outperformed the Composite Index in the 1-year period but lagged the Composite Index in the 3-year and the since inception periods (inception September 2005). Based on their review, the directors concluded that the Strategy’s relative performance was satisfactory.

AllianceBernstein 2025 Retirement Strategy

The directors noted that the Strategy was in the 4th quintile of the Performance Group and 2nd quintile of the Performance Universe for the 1-year period and in the 5th quintile of the Performance Group and the Performance Universe for the 3-year period, and that the Strategy outperformed the Composite Index in the 1-year period but lagged the Composite Index in the 3-year and the since inception periods (inception September 2005). Based on their review the directors concluded that the Strategy’s relative performance was acceptable.

AllianceBernstein 2030 Retirement Strategy

The directors noted that the Strategy was in the 5th quintile of the Performance Group and 2nd quintile of the Performance Universe for the 1-year period and in the 5th quintile of the Performance Group and the Performance Universe for the 3-year period, and that the Strategy matched the Composite Index in the 1-year period but lagged the Composite Index in the 3-year and the since inception periods (inception September 2005). Based on their review the directors concluded that the Strategy’s relative performance was acceptable.

AllianceBernstein 2035 Retirement Strategy

The directors noted that the Strategy was 3rd out of 3 of the Performance Group and in the 4th quintile of the Performance Universe for the 1-year period and 3rd out of 3 of the Performance Group and in the 5th quintile of the Performance Universe for the 3­year period, and that the Strategy lagged the Composite Index in the 1- and 3-year and the since inception periods (inception September 2005). The Directors noted the small number of funds in the Performance Group. Based on their review and their discussion with the Adviser of

262 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

the reasons for the Strategy’s performance, the directors concluded that they retained confidence in the Adviser’s ability to advise the Strategy.

AllianceBernstein 2040 Retirement Strategy

The directors noted that the Strategy was in the 5th quintile of the Performance Group and 4th quintile of the Performance Universe for the 1-year period and in the 5th quintile of the Performance Group and the Performance Universe for the 3-year period, and that the Strategy underperformed the Composite Index in the 1- and 3-year and the since inception periods (inception September 2005). The directors noted the small number of funds in the Performance Group. Based on their review and their discussion with the Adviser of the reasons for the Strategy’s performance, the directors concluded that they retained confidence in the Adviser’s ability to advise the Strategy.

AllianceBernstein 2045 Retirement Strategy

The directors noted that the Strategy was 4th out of 4 of the Performance Group and in the 5th quintile of the Performance Universe for the 1- and 3-year periods, and that the Strategy underperformed the Composite Index in the 1- and 3-year and the since inception periods (inception September 2005). The directors noted the small number of funds in the Performance Group. Based on their review and their discussion with the Adviser of the reasons for the Strategy’s performance, the directors concluded that they retained confidence in the Adviser’s ability to advise the Strategy.

AllianceBernstein 2050 Retirement Strategy

The directors noted that the Strategy was in the 4th quintile of the Performance Group and the Performance Universe for the 1-year period and that the Strategy lagged the Composite Index in the 1-year period but outperformed the Composite Index in the since inception period (inception June 2007). Based on their review, and taking into account the Strategy’s limited performance record, the directors concluded that the Strategy’s relative performance was acceptable.

AllianceBernstein 2055 Retirement Strategy

The directors noted that the Strategy was in the 4th quintile of the Performance Group and the Performance Universe for the 1-year period and that the Strategy lagged the Composite Index in the 1-year and the since inception periods (inception June 2007). Based on their review, and taking into account the Strategy’s limited performance record, the directors concluded that the Strategy’s relative performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by each Strategy to the Adviser and information prepared by Lipper concerning fee rates paid by other funds in the same Lipper category as the Strategy at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 263

The directors also considered the fees the Adviser charges other clients with an investment style substantially similar to that of each of the Strategies. For this purpose, they reviewed the relevant fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer disclosing the institutional fee schedule for institutional products managed by the Adviser that have an investment style substantially similar to that of each of the Strategies. The directors noted that the institutional fee schedule had breakpoints at lower asset levels than those in the fee schedule applicable to the Strategies although the institutional fee schedule provided for a higher fee rate on the first $25 million of assets (the first $50 million of assets in the case of the 2000 Strategy and the 2005 Strategy) and that the application of the institutional fee schedule to the level of assets of a Strategy would result in a fee rate lower than that in the Strategies’ Advisory Agreement (except in the case of the 2000, 2005, 2050 and 2055 Strategies). The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those on the schedule reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Strategies relative to institutional clients. The Adviser also noted that because mutual funds are constantly issuing and redeeming shares, they are more difficult to manage than an institutional account, where the assets tend to be relatively stable. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to funds such as the Strategies, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of each Strategy in comparison to the fees and expenses of funds within a comparison group of funds created by Lipper (an Expense Group, which Lipper described as a representative sample of funds similar to a Strategy). In the case of each of the 2015, 2025, 2035, 2045 and 2055 Strategies, because of the small number of funds in the Lipper category for each such Strategy, at the request of the Adviser and the Company’s Senior Officer, Lipper had expanded each such Strategy’s Expense Group to include mixed asset funds of various target dates. Comparison information for an Expense Universe (described by Lipper as a broader group, consisting of all funds in a Strategy’s investment classification/objective with a similar load type as the Strategy) was not provided by Lipper in light of the small number of funds in the Strategy’s Lipper category. The Class A expense ratio of each Strategy was based on the Strategy’s latest fiscal year. The expense ratio of each Strategy reflected fee waivers and/or expense reimbursements as a result of undertakings by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in a Strategy’s Lipper category also were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary and temporary. The directors view the

264 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Strategies by others.

AllianceBernstein 2000 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 55 basis points was lower than the Expense Group median. The directors noted that, in the Strategy’s latest fiscal year, the administrative expense reimbursement of 36 basis points had been waived by the Adviser. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2005 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 55 basis points was lower than the Expense Group median. The directors noted that, in the Strategy’s latest fiscal year, the administrative expense reimbursement of 19 basis points had been waived by the Adviser. The directors also noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2010 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 55 basis points, plus the 5 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2015 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 60 basis points, plus the 3 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2020 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 60 basis points, plus the 3 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that the Strategy’s total expense

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 265

ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2025 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 65 basis points, plus the 3 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2030 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 65 basis points, plus the 4 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2035 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 65 basis points, plus the 6 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2040 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 65 basis points, plus the 7 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2045 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 65 basis points, plus the 2 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors noted that, in the Strategy’s latest fiscal

266 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

year, a portion or 10 basis points of the administrative expense reimbursement of 12 basis points had been waived by the Adviser. The directors noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2050 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 65 basis points was lower than the Expense Group median. The directors noted that, in the Strategy’s latest fiscal year, the administrative expense reimbursement of 1.34% had been waived by the Adviser. The directors also noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

AllianceBernstein 2055 Retirement Strategy

The directors noted that, at the Strategy’s current size, its contractual effective advisory fee rate of 65 basis points was lower than the Expense Group median. The directors noted that, in the Strategy’s latest fiscal year, the administrative expense reimbursement of 5.01% had been waived by the Adviser. The directors also noted that the Strategy’s total expense ratio, which had been capped by the Adviser, was lower than the Expense Group median. The directors concluded that the Strategy’s expense ratio was satisfactory.

Economies of Scale

The directors noted that the advisory fee schedules for the Strategies contain breakpoints that reduce the fee rates on assets above specified levels. The directors also considered presentations by an independent consultant discussing economies of scale in the mutual fund industry and for the AllianceBernstein Funds, as well as a presentation by the Adviser concerning certain of its views on economies of scale. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for establishing breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Strategies, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that each Strategy’s breakpoint arrangements would result in a sharing of economies of scale in the event the Strategy’s net assets exceed a breakpoint in the future.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 267

Pages 268-417 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 August 31, 2010 financial statements, which have been audited by E&Y LLP, independent registered public accounting firm, whose report, along with each fund’s financial statements, is included in each fund’s annual report, which is available upon request.

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

U.S. VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,937.8

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,923.6

* All data are as of August 31, 2010. The Portfolio’s sector type 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.

268 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

GLOBAL REAL ESTATE INVESTMENT PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $925.0

* All data are as of August 31, 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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 269

Portfolio Summary

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,013.1

* All data are as of August 31, 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 1.4% or less in the following countries: Austria, Belgium, China, Denmark, India, Kazakhstan, New Zealand, Norway, South Africa, Spain, 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.

270 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,037.2

* All data are as of August 31, 2010. The Fund’s sector and country breakdowns are expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.1% or less in the following countries: Denmark, Germany, India, Indonesia, Italy, South Africa, Sweden and United States.

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  • 271

Portfolio Summary

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $500.5

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $520.6

* All data are as of August 31, 2010. The Portfolio’s sector type 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.

272 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

SHORT DURATION BOND PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,218.0

INTERMEDIATE DURATION BOND PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,353.4

* All data are as of August 31, 2010. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 273

Portfolio Summary

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $667.8

HIGH-YIELD PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $487.8

* All data are as of August 31, 2010. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time.

274 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

VOLATILITY MANAGEMENT

PORTFOLIO STATISTICS

Net Assets ($mil): $296.3

* All data are as of August 31, 2010. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time.

** Long-term investments.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 275

Portfolio Summary

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.0%
Consumer Discretionary – 19.1%
Auto Components – 1.3%
Lear Corp.(a)		152,900	$	11,262,614
TRW Automotive Holdings Corp.(a)		382,500		13,295,700
				24,558,314
Automobiles – 0.8%
Ford Motor Co.(a)		1,377,700		15,554,233
Hotels, Restaurants & Leisure – 0.5%
Royal Caribbean Cruises Ltd.(a)		376,600		9,249,296
Household Durables – 2.3%
DR Horton, Inc.		686,400		7,042,464
Garmin Ltd.		656,600		17,472,126
NVR, Inc.(a)		24,000		14,499,840
Pulte Group, Inc.(a)		738,400		5,929,352
				44,943,782
Media – 9.8%
Cablevision Systems Corp.		735,700		18,458,713
CBS Corp. – Class B		1,180,200		16,310,364
Comcast Corp. – Class A		1,669,000		28,573,280
DIRECTV(a)		504,000		19,111,680
Gannett Co., Inc.		874,400		10,571,496
News Corp. – Class A		1,998,600		25,122,402
Time Warner Cable, Inc. – Class A		752,600		38,841,686
Time Warner, Inc.		1,086,100		32,561,278
				189,550,899
Multiline Retail – 0.8%
Kohl’s Corp.(a)		348,700		16,381,926
Specialty Retail – 2.9%
Foot Locker, Inc.		540,900		6,350,166
Gap, Inc. (The)		1,141,700		19,283,313
Office Depot, Inc.(a)		1,962,100		6,690,761
Ross Stores, Inc.		306,700		15,221,521
TJX Cos., Inc.		223,700		8,878,653
				56,424,414
Textiles, Apparel & Luxury Goods – 0.7%
Jones Apparel Group, Inc.		864,600		13,297,548
				369,960,412
Financials – 18.2%
Capital Markets – 2.1%
Goldman Sachs Group, Inc. (The)		135,500		18,555,370
Morgan Stanley		927,500		22,899,975
				41,455,345

276 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Commercial Banks – 5.2%
BB&T Corp.		631,200	$	13,962,144
Comerica, Inc.		325,300		11,193,573
Fifth Third Bancorp		1,587,200		17,538,560
Wells Fargo & Co.		2,466,200		58,079,010
				100,773,287
Consumer Finance – 0.8%
Capital One Financial Corp.		386,300		14,625,318
Diversified Financial Services – 6.6%
Bank of America Corp.		3,544,600		44,130,270
Citigroup, Inc.(a)		3,631,500		13,509,180
JPMorgan Chase & Co.		1,937,200		70,436,592
				128,076,042
Insurance – 3.5%
ACE Ltd.		139,700		7,469,759
Allstate Corp. (The)		381,400		10,526,640
Berkshire Hathaway, Inc.(a)		250,300		19,718,634
Travelers Cos., Inc. (The)		499,500		24,465,510
XL Group PLC		343,200		6,146,712
				68,327,255
				353,257,247
Consumer Staples – 13.7%
Beverages – 0.6%
Constellation Brands, Inc. – Class A(a)		732,900		12,210,114
Food & Staples Retailing – 0.9%
Safeway, Inc.		905,800		17,029,040
Food Products – 5.4%
Archer-Daniels-Midland Co.		445,100		13,700,178
Bunge Ltd.		335,600		17,786,800
ConAgra Foods, Inc.		346,500		7,480,935
Kraft Foods, Inc. – Class A		663,400		19,868,830
Sara Lee Corp.		1,560,700		22,536,508
Smithfield Foods, Inc.(a)		1,052,500		16,976,825
Tyson Foods, Inc. – Class A		426,100		6,979,518
				105,329,594
Household Products – 4.6%
Kimberly-Clark Corp.		271,200		17,465,280
Procter & Gamble Co. (The)		1,204,300		71,860,581
				89,325,861
Tobacco – 2.2%
Altria Group, Inc.		1,061,300		23,688,216
Reynolds American, Inc.		325,600		17,758,224
				41,446,440
				265,341,049

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 277

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care – 11.9%
Biotechnology – 1.4%
Amgen, Inc.(a)		267,500	$	13,653,200
Gilead Sciences, Inc.(a)		433,900		13,824,054
				27,477,254
Health Care Providers & Services – 1.2%
Community Health Systems, Inc.(a)		480,900		12,537,063
UnitedHealth Group, Inc.		294,400		9,338,368
				21,875,431
Pharmaceuticals – 9.3%
AstraZeneca PLC (Sponsored ADR)		457,300		22,604,339
Eli Lilly & Co.		190,900		6,406,604
Johnson & Johnson		1,091,900		62,260,138
Merck & Co., Inc.		711,400		25,012,824
Pfizer, Inc.		4,042,000		64,389,060
				180,672,965
				230,025,650
Energy – 10.9%
Energy Equipment & Services – 1.6%
Ensco PLC (Sponsored ADR)		470,100		19,335,213
Rowan Cos., Inc.(a)		414,300		10,651,653
				29,986,866
Oil, Gas & Consumable Fuels – 9.3%
Apache Corp.		114,200		10,260,870
Chevron Corp.		272,600		20,216,016
ConocoPhillips		607,200		31,835,496
Devon Energy Corp.		400,100		24,118,028
Forest Oil Corp.(a)		519,300		13,564,116
Hess Corp.		385,100		19,351,275
Marathon Oil Corp.		803,700		24,504,813
Newfield Exploration Co.(a)		236,500		11,354,365
Nexen, Inc. (New York)		1,013,600		18,761,736
Occidental Petroleum Corp.		92,100		6,730,668
				180,697,383
				210,684,249
Industrials – 6.6%
Aerospace & Defense – 1.5%
Northrop Grumman Corp.		455,300		24,640,836
Raytheon Co.		121,600		5,340,672
				29,981,508
Airlines – 0.7%
Delta Air Lines, Inc.(a)		1,304,400		13,644,024
Electrical Equipment – 0.4%
Cooper Industries PLC		167,600		7,054,284

278 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Industrial Conglomerates – 1.7%
General Electric Co.		2,245,500	$	32,514,840
Machinery – 2.3%
Ingersoll-Rand PLC		523,700		17,035,961
Parker Hannifin Corp.		276,000		16,328,160
SPX Corp.		104,800		5,875,088
Terex Corp.(a)		312,700		5,694,267
				44,933,476
				128,128,132
Telecommunication Services – 5.6%
Diversified Telecommunication Services – 4.1%
AT&T, Inc.		2,200,300		59,474,109
Frontier Communications Corp.		24,436		188,890
Verizon Communications, Inc.		676,900		19,975,319
				79,638,318
Wireless Telecommunication Services – 1.5%
Sprint Nextel Corp.(a)		2,841,200		11,592,096
Vodafone Group PLC (Sponsored ADR)		717,800		17,356,404
				28,948,500
				108,586,818
Information Technology – 5.2%
Communications Equipment – 0.8%
Motorola, Inc.(a)		2,067,300		15,566,769
Computers & Peripherals – 1.7%
Dell, Inc.(a)		1,204,700		14,179,319
Hewlett-Packard Co.		489,800		18,847,504
				33,026,823
Electronic Equipment, Instruments & Components – 0.8%
Tyco Electronics Ltd.		628,000		15,398,560
IT Services – 0.1%
Accenture PLC		70,300		2,572,980
Semiconductors & Semiconductor Equipment – 0.8%
Intel Corp.		580,600		10,288,232
Teradyne, Inc.(a)		470,900		4,228,682
				14,516,914
Software – 1.0%
Microsoft Corp.		860,600		20,206,888
				101,288,934

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 279

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Materials – 3.2%
Chemicals – 0.8%
Agrium, Inc.		78,700	$	5,475,159
CF Industries Holdings, Inc.		79,959		7,396,208
Huntsman Corp.		191,248		1,742,269
				14,613,636
Metals & Mining – 2.4%
Cliffs Natural Resources, Inc.		156,403		9,570,300
Commercial Metals Co.		423,200		5,514,296
Freeport-McMoRan Copper & Gold, Inc.		306,800		22,083,464
Steel Dynamics, Inc.		721,000		9,877,700
				47,045,760
				61,659,396
Utilities – 2.6%
Electric Utilities – 1.1%
Edison International		420,800		14,202,000
Pepco Holdings, Inc.		377,600		6,777,920
				20,979,920
Independent Power Producers & Energy Traders – 0.6%
Constellation Energy Group, Inc.		409,100		11,998,903
Multi-Utilities – 0.9%
CMS Energy Corp.		277,400		4,854,500
NiSource, Inc.		731,600		12,685,944
				17,540,444
				50,519,267
Total Common Stocks (cost $1,893,244,087)				1,879,451,154
SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(b) (cost $15,636,137)		15,636,137		15,636,137
Total Investments – 97.8% (cost $1,908,880,224)		1,895,087,291
Other assets less liabilities – 2.2%				42,740,674
Net Assets – 100.0%			$	1,937,827,965

(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.

280 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.4%
Information Technology – 25.6%
Communications Equipment – 3.0%
Cisco Systems, Inc.(a)		2,422,100	$	48,563,105
Juniper Networks, Inc.(a)		355,000		9,656,000
				58,219,105
Computers & Peripherals – 12.6%
Apple, Inc.(a)		571,690		139,132,195
EMC Corp.(a)		2,952,000		53,844,480
Hewlett-Packard Co.		1,295,850		49,864,308
				242,840,983
Internet Software & Services – 5.0%
Google, Inc. – Class A(a)		211,490		95,174,730
IT Services – 0.8%
Visa, Inc. – Class A		210,000		14,485,800
Semiconductors & Semiconductor Equipment – 3.5%
Broadcom Corp. – Class A		810,600		24,293,682
Intel Corp.		1,145,396		20,296,417
KLA-Tencor Corp.		471,000		13,192,710
NVIDIA Corp.(a)		996,800		9,300,144
				67,082,953
Software – 0.7%
Microsoft Corp.		603,500		14,170,180
				491,973,751
Consumer Discretionary – 17.2%
Auto Components – 1.6%
Johnson Controls, Inc.		1,149,600		30,498,888
Automobiles – 1.9%
Ford Motor Co.(a)		3,175,800		35,854,782
Hotels, Restaurants & Leisure – 0.4%
Hyatt Hotels Corp.(a)		178,900		6,737,374
Internet & Catalog Retail – 1.0%
Amazon.com, Inc.(a)		161,800		20,197,494
Media – 5.4%
Comcast Corp. – Class A		2,405,800		41,187,296
News Corp. – Class A		2,226,100		27,982,077
Walt Disney Co. (The)		1,074,200		35,008,178
				104,177,551
Multiline Retail – 4.8%
Kohl’s Corp.(a)		1,127,600		52,974,648

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 281

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

Company	Shares		U.S. $ Value
Target Corp.		787,700	$	40,298,732
				93,273,380
Specialty Retail – 1.4%
Lowe’s Cos., Inc.		1,310,900		26,611,270
Textiles, Apparel & Luxury Goods – 0.7%
Polo Ralph Lauren Corp. – Class A		180,700		13,686,218
				331,036,957
Health Care – 15.6%
Biotechnology – 6.1%
Celgene Corp.(a)		597,400		30,778,048
Gilead Sciences, Inc.(a)		2,000,350		63,731,151
Vertex Pharmaceuticals, Inc.(a)		695,000		23,171,300
				117,680,499
Health Care Equipment & Supplies – 6.3%
Alcon, Inc.		654,350		106,135,570
Covidien PLC		407,500		14,401,050
				120,536,620
Health Care Providers & Services – 1.0%
Express Scripts, Inc. – Class A(a)		458,100		19,515,060
Pharmaceuticals – 2.2%
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		848,900		42,937,362
				300,669,541
Financials – 11.6%
Capital Markets – 4.2%
Blackstone Group LP		2,625,800		26,494,322
Franklin Resources, Inc.		119,000		11,484,690
Goldman Sachs Group, Inc. (The)		322,000		44,094,680
				82,073,692
Commercial Banks – 1.1%
Wells Fargo & Co.		894,600		21,067,830
Diversified Financial Services – 6.3%
CME Group, Inc. – Class A		109,875		27,257,790
JPMorgan Chase & Co.		2,575,700		93,652,452
				120,910,242
				224,051,764
Industrials – 11.4%
Aerospace & Defense – 2.2%
Goodrich Corp.		352,700		24,152,896
Honeywell International, Inc.		446,500		17,453,685
				41,606,581
Air Freight & Logistics – 1.4%
FedEx Corp.		118,200		9,225,510

282 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

Company	Shares		U.S. $ Value
United Parcel Service, Inc. – Class B		290,300	$	18,521,140
				27,746,650
Electrical Equipment – 1.9%
Cooper Industries PLC		848,700		35,721,783
Machinery – 5.9%
Danaher Corp.		1,275,500		46,338,915
Dover Corp.		571,800		25,593,768
Illinois Tool Works, Inc.		1,022,200		42,175,972
				114,108,655
				219,183,669
Energy – 9.7%
Energy Equipment & Services – 4.5%
Cameron International Corp.(a)		427,000		15,705,060
Schlumberger Ltd.		1,336,035		71,250,746
				86,955,806
Oil, Gas & Consumable Fuels – 5.2%
EOG Resources, Inc.		230,000		19,980,100
Noble Energy, Inc.		585,500		40,856,190
Occidental Petroleum Corp.		248,700		18,174,996
Suncor Energy, Inc. (New York)		655,000		19,820,300
				98,831,586
				185,787,392
Materials – 4.4%
Chemicals – 3.1%
Dow Chemical Co. (The)		1,589,600		38,738,552
Monsanto Co.		385,637		20,303,788
				59,042,340
Metals & Mining – 1.3%
ArcelorMittal (New York)		118,550		3,429,652
Freeport-McMoRan Copper & Gold, Inc.		295,000		21,234,100
				24,663,752
				83,706,092
Consumer Staples – 3.9%
Beverages – 2.1%
PepsiCo, Inc.		644,600		41,370,428
Food & Staples Retailing – 1.8%
Costco Wholesale Corp.		607,000		34,325,850
				75,696,278
Total Common Stocks (cost $1,816,564,929)				1,912,105,444

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 283

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

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(b) (cost $9,035,866)		9,035,866	$	9,035,866
Total Investments – 99.9% (cost $1,825,600,795)				1,921,141,310
Other assets less liabilities – 0.1%				2,479,210
Net Assets – 100.0%			$	1,923,620,520

(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.

284 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

GLOBAL REAL ESTATE INVESTMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.1%
Equity: Other – 39.2%
Diversified/Specialty – 33.7%
BioMed Realty Trust, Inc.		420,445	$	7,185,405
British Land Co. PLC		1,421,777		9,906,044
Canadian Real Estate Investment Trust		171,162		5,003,160
CB Richard Ellis Group, Inc. – Class A(a)		285,400		4,686,268
Cheung Kong Holdings Ltd.		659,000		8,378,452
Crown Castle International Corp.(a)		121,700		5,004,304
Dexus Property Group		6,788,000		5,033,654
Digital Realty Trust, Inc.		235,300		13,946,231
DuPont Fabros Technology, Inc.		255,922		6,323,833
GPT Group		2,705,400		7,220,507
H&R Real Estate Investment Trust		274,300		4,926,005
Jones Lang LaSalle, Inc.		77,600		5,859,576
Kerry Properties Ltd.		3,289,191		16,594,353
Lend Lease Group		2,152,275		13,310,765
Mitchells & Butlers PLC(a)		1,250,500		5,530,934
Mitsui Fudosan Co., Ltd.		2,381,000		38,637,223
Morguard Real Estate Investment Trust		442,700		5,637,798
New World Development Ltd.		7,947,157		12,817,933
Savills PLC		1,384,400		6,594,615
Sumitomo Realty & Development Co., Ltd.		809,000		15,438,848
Sun Hung Kai Properties Ltd.		3,459,600		48,788,449
Swire Pacific Ltd.		462,500		5,602,707
Telecity Group PLC(a)		1,210,225		8,926,707
Unibail-Rodamco SE		150,518		28,267,530
UOL Group Ltd.		2,322,000		6,846,709
Vornado Realty Trust		172,212		13,959,505
Weyerhaeuser Co.		91,800		1,441,260
				311,868,775
Health Care – 5.5%
Chartwell Seniors Housing Real Estate Investment Trust		873,000		6,942,411
Health Care REIT, Inc.		324,500		14,907,530
National Health Investors, Inc.		47,969		2,010,860
Nationwide Health Properties, Inc.		253,400		9,748,298
Ventas, Inc.		342,610		17,305,231
				50,914,330
				362,783,105
Residential – 20.3%
Multi-Family – 14.6%
AvalonBay Communities, Inc.		38,700		4,072,014
BRE Properties, Inc.		190,600		7,791,728
Camden Property Trust		360,500		16,496,480
Colonial Properties Trust		164,800		2,613,728
Equity Residential		369,000		16,911,270
Essex Property Trust, Inc.		99,100		10,481,807

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Company	Shares		U.S. $ Value
Home Properties, Inc.		96,000	$	4,848,000
KWG Property Holding Ltd.		12,132,000		8,286,714
Mid-America Apartment Communities, Inc.		208,100		11,751,407
MRV Engenharia e Participacoes SA		592,500		4,942,420
Rossi Residencial SA		648,200		5,595,281
Shimao Property Holdings Ltd.		5,764,000		9,405,031
Stockland		3,322,460		11,695,670
Wing Tai Holdings Ltd.		7,655,000		9,171,119
Yanlord Land Group Ltd.		8,803,000		11,476,891
				135,539,560
Self Storage – 3.8%
Big Yellow Group PLC		1,068,460		4,763,236
Extra Space Storage, Inc.		549,067		8,395,234
Public Storage		229,750		22,520,095
				35,678,565
Student Housing – 0.9%
American Campus Communities, Inc.		266,300		7,933,077
Triple Net – 1.0%
Entertainment Properties Trust		207,200		8,928,248
				188,079,450
Retail – 20.1%
Regional Mall – 13.3%
BR Malls Participacoes SA		551,400		8,634,021
CapitaMall Trust		4,189,420		6,021,722
CBL & Associates Properties, Inc.		532,978		6,502,332
Macerich Co. (The)		126,548		5,241,618
Multiplan Empreendimentos Imobiliarios SA		885,605		16,791,827
Simon Property Group, Inc.		453,842		41,050,009
Taubman Centers, Inc.		87,300		3,622,077
Westfield Group		3,137,816		35,074,609
				122,938,215
Shopping Center/Other Retail – 6.8%
Eurocommercial Properties N.V.		30,200		1,158,353
Kimco Realty Corp.		806,400		12,023,424
Klepierre		563,641		17,177,912
Link REIT (The)		2,330,500		6,856,886
Primaris Retail Real Estate Investment Trust		305,799		5,514,620
RioCan Real Estate Investment Trust (New York)(b)		132,100		2,586,625
RioCan Real Estate Investment Trust (Toronto)		243,700		4,771,844
Tanger Factory Outlet Centers		171,300		7,917,486
Weingarten Realty Investors		231,496		4,671,589
				62,678,739
				185,616,954

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Company	Shares		U.S. $ Value
Office – 9.3%
Office – 9.3%
Allied Properties Real Estate Investment Trust		386,700	$	7,579,153
Boston Properties, Inc.		104,300		8,490,020
Brandywine Realty Trust		449,485		4,939,840
Brookfield Properties Corp.		506,656		7,326,246
Castellum AB		683,900		6,982,215
Douglas Emmett, Inc.		57,200		922,064
Great Portland Estates PLC		1,081,300		5,224,509
Highwoods Properties, Inc.		151,700		4,745,176
Hongkong Land Holdings Ltd.		2,688,000		14,450,306
ING Office Fund		13,448,600		7,206,989
Japan Real Estate Investment Corp.		844		7,494,055
Orix JREIT, Inc.		1,076		5,075,320
PSP Swiss Property AG(a)		80,800		5,463,014
				85,898,907
Lodging – 6.5%
Lodging – 6.5%
DiamondRock Hospitality Co.(a)		913,933		8,006,053
Great Eagle Holdings Ltd.		1,816,000		4,963,968
Hersha Hospitality Trust		942,600		4,467,924
Hyatt Hotels Corp.(a)		170,986		6,439,333
InnVest Real Estate Investment Trust		1,167,600		6,931,034
Intercontinental Hotels Group PLC		391,800		5,889,756
LaSalle Hotel Properties		76,100		1,603,427
Sunstone Hotel Investors, Inc.(a)		980,241		8,400,665
Whitbread PLC		428,600		9,139,555
Wyndham Worldwide Corp.		185,900		4,311,021
				60,152,736
Industrials – 2.7%
Industrial Warehouse Distribution – 2.4%
Ascendas Real Estate Investment Trust		6,358,000		9,744,251
First Potomac Realty Trust		306,800		4,549,844
ProLogis		738,457		8,012,258
				22,306,353
Mixed Office Industrial – 0.3%
ING Industrial Fund		5,601,800		2,276,198
				24,582,551
Total Common Stocks (cost $752,873,636)				907,113,703
WARRANTS – 0.0%
Equity: Other – 0.0%
Diversified/Specialty – 0.0%
Henderson Land Development, expiring 6/01/11(a) (cost $0)		368,400		49,728

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 287

Global Real Estate Investment Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(c) (cost $5,548,810)		5,548,810	$	5,548,810
Total Investments – 98.7% (cost $758,422,446)				912,712,241
Other assets less liabilities – 1.3%				12,330,082
Net Assets – 100.0%			$	925,042,323

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 10/15/10		12,670	$	11,130,722	$	11,215,287	$	84,565
Australian Dollar settling 10/15/10		4,774		4,194,007		4,225,871		31,864
Euro settling 10/15/10		3,581		4,596,393		4,537,777		(58,616	)
Japanese Yen settling 10/15/10		1,931,927		21,849,187		23,006,919		1,157,732
Japanese Yen settling 10/15/10		1,218,227		13,899,244		14,507,614		608,370
New Zealand Dollar settling 10/15/10		32,654		22,895,025		22,691,603		(203,422	)
Norwegian Krone settling 10/15/10		81,403		12,462,911		12,876,678		413,767
Norwegian Krone settling 10/15/10		64,771		10,126,640		10,245,757		119,117
Pound Sterling settling 10/15/10		8,707		13,045,176		13,349,578		304,402
Swedish Krona settling 10/15/10		172,462		23,136,312		23,316,574		180,262
Swedish Krona settling 10/15/10		22,049		2,935,913		2,980,988		45,075
Sale Contracts:
Australian Dollar settling 10/15/10		12,670		10,962,844		11,215,287		(252,443	)
Canadian Dollar settling 10/15/10		49,001		47,438,380		45,920,283		1,518,097
Canadian Dollar settling 10/15/10		4,805		4,658,897		4,502,907		155,990
Euro settling 10/15/10		12,311		15,167,521		15,600,271		(432,750	)
Japanese Yen settling 10/15/10		596,981		7,114,878		7,109,323		5,555
Pound Sterling settling 10/15/10		4,605		7,076,319		7,060,388		15,931

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(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 August 31, 2010, the market value of this security amounted to $2,586,625 or 0.3% of net assets.

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

Glossary:

REIT – Real Estate Investment Trust

See notes to financial statements.

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INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.3%
Financials – 22.6%
Capital Markets – 1.3%
Deutsche Bank AG		173,500	$	10,788,827
Macquarie Group Ltd.		77,900		2,615,838
				13,404,665
Commercial Banks – 13.3%
Banco do Brasil SA		762,700		12,368,226
Barclays PLC		3,189,800		14,644,435
BNP Paribas		284,565		17,629,182
Danske Bank A/S(a)		272,300		6,014,529
DnB NOR ASA		248,300		2,726,467
Hana Financial Group, Inc.		176,800		4,551,719
KB Financial Group, Inc.		306,062		12,436,921
KBC Groep NV(a)		92,900		3,835,146
National Australia Bank Ltd.		770,300		15,973,080
National Bank of Canada		90,400		5,220,455
Societe Generale		213,770		10,779,980
Sumitomo Mitsui Financial Group, Inc.		382,900		11,363,287
Turkiye Garanti Bankasi AS		920,200		4,421,352
UniCredit SpA		5,615,900		13,091,044
				135,055,823
Consumer Finance – 1.3%
ORIX Corp.		169,100		12,715,307
Insurance – 4.2%
Allianz SE		181,600		18,538,852
Aviva PLC		1,304,000		7,532,589
Muenchener Rueckversicherungs AG (MunichRe)		73,000		9,302,603
Old Mutual PLC		3,571,900		6,941,556
				42,315,600
Real Estate Management & Development – 2.5%
Lend Lease Group		453,200		2,802,820
Mitsui Fudosan Co., Ltd.		728,000		11,813,481
New World Development Ltd.		3,805,224		6,137,428
Sumitomo Realty & Development Co., Ltd.		226,000		4,312,954
				25,066,683
				228,558,078
Energy – 12.3%
Oil, Gas & Consumable Fuels – 12.3%
BP PLC		3,490,800		20,146,252
ENI SpA		621,800		12,285,579
Gazprom OAO (Sponsored ADR)		443,900		9,077,755
JX Holdings, Inc.(a)		928,000		4,698,396
KazMunaiGas Exploration Production (GDR)(b)		192,600		3,397,464
LUKOIL OAO (London) (Sponsored ADR)		98,750		5,218,938

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Company	Shares		U.S. $ Value
Nexen, Inc. (Toronto)		518,966	$	9,611,833
OMV AG		201,100		6,465,186
Penn West Energy Trust		464,100		8,717,516
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		1,152,052		30,500,638
Suncor Energy, Inc. (Toronto)		327,548		9,924,580
Yanzhou Coal Mining Co., Ltd. – Class H		2,130,000		4,401,810
				124,445,947
Consumer Discretionary – 11.3%
Auto Components – 0.4%
NGK Spark Plug Co., Ltd.		307,000		3,582,666
Automobiles – 3.5%
Bayerische Motoren Werke AG		226,000		11,874,709
Nissan Motor Co., Ltd.(a)		2,134,900		16,272,196
Renault SA(a)		170,200		6,875,520
				35,022,425
Hotels, Restaurants & Leisure – 0.6%
Thomas Cook Group PLC		974,200		2,702,846
TUI Travel PLC		1,205,700		3,709,343
				6,412,189
Household Durables – 1.8%
Sharp Corp.		915,000		8,754,564
Sony Corp.		353,300		9,902,294
				18,656,858
Media – 2.4%
Informa PLC		1,155,300		6,770,558
Lagardere SCA		174,400		6,255,793
Vivendi SA		471,330		10,935,523
				23,961,874
Multiline Retail – 1.5%
Marks & Spencer Group PLC		2,071,600		10,945,419
PPR		31,200		4,044,550
				14,989,969
Specialty Retail – 0.8%
Esprit Holdings Ltd.		1,464,100		8,260,479
Textiles, Apparel & Luxury Goods – 0.3%
Yue Yuen Industrial Holdings Ltd.		1,049,000		3,446,096
				114,332,556
Materials – 10.1%
Chemicals – 1.5%
Agrium, Inc.		79,400		5,528,626
Air Water, Inc.		165,000		1,835,863
Arkema SA		101,900		4,243,691
Incitec Pivot Ltd.		1,123,100		3,392,267
				15,000,447

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International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Metals & Mining – 8.6%
Dowa Holdings Co., Ltd.		488,000	$	2,520,912
Eurasian Natural Resources Corp. PLC		435,600		5,628,899
JFE Holdings, Inc.		170,600		5,033,890
Kazakhmys PLC		282,900		4,979,277
Rio Tinto PLC		382,000		19,213,856
Tata Steel Ltd.		720,200		7,999,003
ThyssenKrupp AG		366,000		9,996,504
Vale SA (Sponsored ADR) (Local Preference Shares)		614,200		14,507,404
Xstrata PLC		1,146,500		17,891,562
				87,771,307
				102,771,754
Industrials – 10.0%
Aerospace & Defense – 1.2%
BAE Systems PLC		2,110,300		9,500,773
Rolls-Royce Group PLC(a)		295,851		2,503,188
				12,003,961
Building Products – 0.9%
Asahi Glass Co., Ltd.		980,000		9,562,036
Cie de St-Gobain		678		24,765
				9,586,801
Commercial Services & Supplies – 0.5%
Rentokil Initial PLC(a)		3,345,942		4,796,665
Construction & Engineering – 1.4%
Bouygues SA		364,900		14,731,680
Industrial Conglomerates – 1.0%
Bidvest Group Ltd.		536,453		9,894,810
Machinery – 0.6%
Vallourec SA		75,690		6,479,471
Professional Services – 0.8%
Randstad Holding NV(a)		210,693		7,814,421
Road & Rail – 0.8%
East Japan Railway Co.		61,400		3,970,866
Firstgroup PLC		700,200		3,723,507
				7,694,373
Trading Companies & Distributors – 2.8%
ITOCHU Corp.		953,000		7,769,152
Mitsubishi Corp.		548,400		11,750,794
Mitsui & Co., Ltd.		710,200		9,245,027
				28,764,973
				101,767,155

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International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Telecommunication Services – 8.9%
Diversified Telecommunication Services – 5.4%
France Telecom SA		640,800	$	13,025,348
Nippon Telegraph & Telephone Corp.		351,000		15,092,206
Telecom Corp. of New Zealand Ltd.		2,460,332		3,438,763
Telecom Italia SpA (ordinary shares)		6,603,400		8,898,000
Telecom Italia SpA (savings shares)		4,931,400		5,409,667
Telefonica SA		383,100		8,467,222
				54,331,206
Wireless Telecommunication Services – 3.5%
KDDI Corp.		1,415		6,824,061
Vodafone Group PLC		11,990,537		28,789,966
				35,614,027
				89,945,233
Health Care – 7.5%
Health Care Providers & Services – 0.1%
Celesio AG		32,180		650,143
Pharmaceuticals – 7.4%
AstraZeneca PLC		482,000		23,692,898
Bayer AG		256,500		15,645,423
Novartis AG		375,110		19,663,895
Sanofi-Aventis SA		283,319		16,218,962
				75,221,178
				75,871,321
Consumer Staples – 6.3%
Beverages – 0.5%
Asahi Breweries Ltd.		261,300		4,925,409
Food & Staples Retailing – 1.9%
Aeon Co., Ltd.		685,700		7,310,040
Casino Guichard Perrachon SA		91,600		7,399,859
Delhaize Group SA		62,855		4,201,007
				18,910,906
Tobacco – 3.9%
British American Tobacco PLC		484,000		16,399,434
Imperial Tobacco Group PLC		409,200		11,261,566
Japan Tobacco, Inc.		3,975		12,348,772
				40,009,772
				63,846,087
Information Technology – 5.3%
Computers & Peripherals – 1.1%
Toshiba Corp.(a)		2,253,000		10,589,866

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International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components – 1.1%
AU Optronics Corp.(a)		10,533,790	$	9,052,469
Hitachi High-Technologies Corp.		150,400		2,447,695
				11,500,164
IT Services – 0.8%
Cap Gemini SA		200,800		8,465,647
Semiconductors & Semiconductor Equipment – 2.3%
Samsung Electronics Co., Ltd.		22,330		14,118,051
Samsung Electronics Co., Ltd. (Preference Shares)		11,500		5,115,656
United Microelectronics Corp.		9,291,000		3,734,074
				22,967,781
				53,523,458
Utilities – 4.0%
Electric Utilities – 3.7%
E.ON AG		572,800		16,076,909
EDF SA		208,700		8,291,698
Tokyo Electric Power Co., Inc. (The)		436,500		12,690,257
				37,058,864
Gas Utilities – 0.3%
Tokyo Gas Co., Ltd.		745,000		3,472,116
				40,530,980
Total Common Stocks (cost $1,068,172,506)				995,592,569
SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(c) (cost $8,376,836)		8,376,836		8,376,836
Total Investments – 99.1% (cost $1,076,549,342)				1,003,969,405
Other assets less liabilities – 0.9%				9,103,296
Net Assets – 100.0%			$	1,013,072,701

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
TOPIX INDEX		50		September 2010	$	5,074,229	$	4,764,314	$	(309,915)

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FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 11/15/10		16,958	$	14,842,829	$	14,955,716	$	112,887
Australian Dollar settling 11/15/10		10,450		9,146,571		9,216,136		69,565
Japanese Yen settling 11/15/10		1,803,329		20,781,905		21,483,289		701,384
New Zealand Dollar settling 11/15/10		10,631		7,425,009		7,368,754		(56,255	)
New Zealand Dollar settling 11/15/10		18,071		13,158,941		12,525,703		(633,238	)
Norwegian Krone settling 11/15/10		309,042		51,788,384		48,804,125		(2,984,259	)
Pound Sterling settling 11/15/10		24,133		37,288,381		36,993,458		(294,923	)
Pound Sterling settling 11/15/10		18,884		29,178,046		28,947,269		(230,777	)
Swedish Krona settling 11/15/10		369,664		52,146,142		49,949,267		(2,196,875	)
Swiss Franc settling 11/15/10		34,066		32,417,875		33,577,216		1,159,341
Swiss Franc settling 11/15/10		19,294		18,599,853		19,017,167		417,314
Swiss Franc settling 11/15/10		11,953		11,611,054		11,781,497		170,443
Sale Contracts:
Australian Dollar settling 11/15/10		16,958		14,522,831		14,955,716		(432,885	)
Canadian Dollar settling 11/15/10		38,556		37,594,703		36,110,546		1,484,157
Euro settling 11/15/10		44,493		56,260,509		56,377,783		(117,274	)
Euro settling 11/15/10		84,058		111,857,662		106,511,218		5,346,444
Japanese Yen settling 11/15/10		1,157,427		13,799,428		13,788,576		10,852
Japanese Yen settling 11/15/10		1,803,329		21,500,197		21,483,289		16,908
Japanese Yen settling 11/15/10		442,467		5,227,388		5,271,166		(43,778	)
New Zealand Dollar settling 11/15/10		12,235		8,543,211		8,480,548		62,663
Pound Sterling settling 11/15/10		18,884		28,771,662		28,947,269		(175,607	)

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(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 August 31, 2010, the market value of this security amounted to $3,397,464 or 0.3% 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

See notes to financial statements.

296 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.3%
Financials – 23.9%
Capital Markets – 4.3%
Credit Suisse Group AG		367,495	$	16,071,927
GP Investments Ltd.(a)		1,442,500		5,585,196
Julius Baer Group Ltd.		334,619		11,752,660
Man Group PLC		3,602,053		11,444,822
				44,854,605
Commercial Banks – 8.0%
Banco Santander Brasil SA (ADR)		409,300		5,148,994
Banco Santander SA		1,659,379		19,322,266
Bank Rakyat Indonesia		5,139,500		5,310,251
HDFC Bank Ltd.		155,300		7,069,178
Itau Unibanco Holding SA (ADR)		727,580		15,693,901
Standard Chartered PLC		1,141,742		30,490,338
				83,034,928
Diversified Financial Services – 2.4%
BM&F Bovespa SA		777,500		5,666,619
Hong Kong Exchanges and Clearing Ltd.		651,700		10,280,526
IG Group Holdings PLC		1,132,877		9,028,564
				24,975,709
Insurance – 3.3%
Admiral Group PLC		961,953		22,367,951
Prudential PLC		1,284,800		11,144,772
				33,512,723
Real Estate Management & Development – 5.5%
CapitaLand Ltd.		4,358,000		12,606,860
CapitaMalls Asia Ltd.		128,000		199,119
China Overseas Land & Investment Ltd.		4,846,000		10,389,150
Daito Trust Construction Co., Ltd.		100,800		5,788,505
Hang Lung Group Ltd.		787,800		4,752,750
Hang Lung Properties Ltd.		5,167,000		23,205,978
				56,942,362
Thrifts & Mortgage Finance – 0.4%
Housing Development Finance Corp.		316,000		4,214,364
				247,534,691
Consumer Staples – 17.3%
Beverages – 3.5%
Anheuser-Busch InBev NV		587,457		30,427,489
Cia de Bebidas das Americas (Preference Shares)		50,800		5,596,750
				36,024,239
Food & Staples Retailing – 4.2%
Olam International Ltd.		5,622,000		11,123,870
Tesco PLC		5,138,080		31,974,645
				43,098,515

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 297

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Food Products – 0.9%
Chaoda Modern Agriculture Holdings Ltd.		6,644,000	$	5,024,948
China Green Holdings Ltd.		5,064,000		4,796,422
				9,821,370
Household Products – 2.4%
Reckitt Benckiser Group PLC		492,686		24,556,552
Tobacco – 6.3%
British American Tobacco PLC		916,160		31,042,366
Imperial Tobacco Group PLC		546,000		15,026,430
Japan Tobacco, Inc.		6,312		19,608,918
				65,677,714
				179,178,390
Consumer Discretionary – 12.7%
Distributors – 3.5%
Li & Fung Ltd.		7,290,000		36,808,875
Diversified Consumer Services – 0.5%
Anhanguera Educacional Participacoes SA		302,300		5,094,992
Hotels, Restaurants & Leisure – 0.8%
Ajisen China Holdings Ltd.		1,229,800		1,858,272
Carnival PLC		207,911		6,723,412
				8,581,684
Media – 0.8%
Jupiter Telecommunications Co., Ltd.		7,558		8,041,129
Specialty Retail – 5.0%
Fast Retailing Co., Ltd.		69,100		9,544,159
Hennes & Mauritz AB – Class B		497,850		16,223,985
Inditex SA		243,670		16,204,808
Yamada Denki Co., Ltd.		163,070		10,145,394
				52,118,346
Textiles, Apparel & Luxury Goods – 2.1%
Anta Sports Products Ltd.		2,660,000		5,497,418
Cie Financiere Richemont SA		401,300		15,519,122
Ports Design Ltd.		133,400		327,032
				21,343,572
				131,988,598
Industrials – 12.5%
Air Freight & Logistics – 0.6%
Kuehne & Nagel International AG		59,738		6,212,360
Commercial Services & Supplies – 3.9%
Aggreko PLC		390,600		8,467,953
G4S PLC		2,536,800		9,788,459
Serco Group PLC		2,420,800		21,553,711
				39,810,123

298 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Electrical Equipment – 0.8%
Vestas Wind Systems A/S(a)		230,817	$	8,533,698
Machinery – 1.3%
Atlas Copco AB – Class A		332,573		5,038,531
Jain Irrigation Systems Ltd.		98,990		2,606,548
Vallourec SA		68,600		5,872,529
				13,517,608
Professional Services – 4.9%
Bureau Veritas SA		94,100		5,719,590
Capita Group PLC (The)		3,142,300		33,796,104
Intertek Group PLC		217,790		5,608,643
SGS SA		4,066		5,878,944
				51,003,281
Transportation Infrastructure – 1.0%
China Merchants Holdings International Co., Ltd.		3,158,000		10,722,733
				129,799,803
Materials – 9.2%
Chemicals – 3.9%
Huabao International Holdings Ltd.		3,312,000		4,798,997
Israel Chemicals Ltd.		909,700		11,508,554
K&S AG		321,500		16,762,738
Syngenta AG		29,216		6,728,521
				39,798,810
Metals & Mining – 5.3%
Agnico-Eagle Mines Ltd.		185,600		12,058,432
ArcelorMittal (Euronext Amsterdam)		516,600		14,972,982
BHP Billiton PLC		357,860		9,979,146
Impala Platinum Holdings Ltd.		83,051		1,955,675
Vale SA (Sponsored ADR) – Class B		609,300		16,298,775
				55,265,010
				95,063,820
Health Care – 9.0%
Health Care Equipment & Supplies – 2.0%
Alcon, Inc.		131,800		21,377,960
Life Sciences Tools & Services – 1.0%
QIAGEN NV(a)		574,601		10,291,927
Pharmaceuticals – 6.0%
Aspen Pharmacare Holdings Ltd.(a)		599,104		6,817,196
Novo Nordisk A/S – Class B		107,796		9,210,071
Roche Holding AG		137,543		18,657,646
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		536,700		27,146,286
				61,831,199
				93,501,086

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 299

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Energy – 7.9%
Energy Equipment & Services – 5.2%
AMEC PLC		1,196,600	$	16,759,107
Petrofac Ltd.		784,600		16,787,814
Saipem SpA		304,000		10,581,399
Technip SA		154,300		10,059,709
				54,188,029
Oil, Gas & Consumable Fuels – 2.7%
Afren PLC(a)		1,224,965		1,921,866
Petroleo Brasileiro SA (ADR)		414,600		13,826,910
Suncor Energy, Inc. (Toronto)		395,600		11,986,530
				27,735,306
				81,923,335
Information Technology – 5.8%
Communications Equipment – 1.1%
Research In Motion Ltd.(a)		257,600		11,040,736
Computers & Peripherals – 0.5%
Logitech International SA(a)		346,600		5,128,537
Electronic Equipment, Instruments & Components – 0.9%
Hirose Electric Co. Ltd.		52,500		5,076,573
Keyence Corp.		21,700		4,491,732
				9,568,305
Internet Software & Services – 1.0%
Telecity Group PLC(a)		93,857		692,296
Yahoo! Japan Corp.		27,561		9,902,832
				10,595,128
IT Services – 0.5%
Infosys Technologies Ltd.		88,540		5,099,057
Semiconductors & Semiconductor Equipment – 0.4%
ASML Holding NV		172,900		4,278,205
Software – 1.4%
Nintendo Co., Ltd.		53,800		14,914,967
				60,624,935
Total Common Stocks (cost $971,551,640)				1,019,614,658

300 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.6%
Investment Companies – 1.6%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(b) (cost $16,753,612)		16,753,612	$	16,753,612
Total Investments – 99.9% (cost $988,305,252)				1,036,368,270
Other assets less liabilities – 0.1%				880,884
Net Assets – 100.0%			$	1,037,249,154

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
FTSE 100 Index Futures		42		September 2010	$	3,316,772	$	3,350,459	$	33,687
EURO STOXX 50		298		September 2010		9,812,707		9,875,302		62,595
Topix Index Futures		35		September 2010		3,462,388		3,335,020		(127,368)
									$	(31,086	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 9/15/10		16,052	$	14,014,038	$	14,259,538	$	245,500
Australian Dollar settling 9/15/10		52,695		46,004,843		46,810,763		805,920
Canadian Dollar settling 9/15/10		4,167		3,940,388		3,906,885		(33,503	)
Canadian Dollar settling 9/15/10		2,955		2,778,405		2,770,541		(7,864	)
Canadian Dollar settling 9/15/10		21,806		20,651,968		20,444,812		(207,156	)
Euro settling 9/15/10		7,217		8,945,688		9,145,600		199,912
Euro settling 9/15/10		7,711		9,611,299		9,771,612		160,313
Euro settling 9/15/10		14,145		17,818,881		17,924,970		106,089
Euro settling 9/15/10		11,127		13,944,245		14,100,470		156,225
Euro settling 9/15/10		7,752		9,743,024		9,823,568		80,544
Euro settling 9/15/10		5,311		6,892,456		6,730,259		(162,197	)
Euro settling 9/15/10		8,173		10,470,594		10,357,072		(113,522	)
Japanese Yen settling 9/15/10		2,368,347		25,989,235		28,195,007		2,205,772

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 301

International Growth Portfolio—Portfolio of Investments

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Japanese Yen settling 9/15/10		2,495,556	$	27,423,994	$	29,709,422	$	2,285,428
Japanese Yen settling 9/15/10		6,514,303		70,322,265		77,552,327		7,230,062
Norwegian Krone settling 9/15/10		76,689		11,355,109		12,150,353		795,244
Norwegian Krone settling 9/15/10		66,704		10,463,619		10,568,363		104,744
Norwegian Krone settling 9/15/10		185,054		28,696,682		29,319,347		622,665
Pound Sterling settling 9/15/10		36,885		55,696,424		56,563,607		867,183
Pound Sterling settling 9/15/10		51,241		79,200,139		78,578,711		(621,428	)
Swedish Krona settling 9/15/10		159,396		19,759,508		21,560,418		1,800,910
Swedish Krona settling 9/15/10		186,265		24,035,527		25,194,805		1,159,278
Swiss Franc settling 9/15/10		20,866		19,280,738		20,554,959		1,274,221
Swiss Franc settling 9/15/10		20,691		19,521,469		20,382,567		861,098
Swiss Franc settling 9/15/10		16,411		15,603,963		16,166,367		562,404
Sale Contracts:
Australian Dollar settling 9/15/10		16,052		13,309,034		14,259,538		(950,504	)
Australian Dollar settling 9/15/10		46,084		39,868,651		40,937,986		(1,069,335	)
Australian Dollar settling 9/15/10		6,611		5,559,653		5,872,777		(313,124	)
Canadian Dollar settling 9/15/10		3,292		3,118,340		3,086,505		31,835
Canadian Dollar settling 9/15/10		53,238		52,208,449		49,914,743		2,293,706
Canadian Dollar settling 9/15/10		7,673		7,361,675		7,194,031		167,644
Euro settling 9/15/10		55,210		69,822,983		69,963,776		(140,793	)
Japanese Yen settling 9/15/10		2,648,141		29,067,231		31,525,936		(2,458,705	)
Japanese Yen settling 9/15/10		3,889,936		43,648,294		46,309,419		(2,661,125	)
Japanese Yen settling 9/15/10		582,497		6,662,667		6,934,586		(271,919	)
Japanese Yen settling 9/15/10		621,496		7,313,611		7,398,867		(85,256	)
Pound Sterling settling 9/15/10		66,154		95,053,706		101,447,983		(6,394,277	)
Pound Sterling settling 9/15/10		13,728		20,845,694		21,052,059		(206,365	)
Pound Sterling settling 9/15/10		27,086		40,837,833		41,536,718		(698,885	)

302 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Pound Sterling settling 9/15/10		15,829	$	24,263,483	$	24,273,969	$	(10,486	)
Pound Sterling settling 9/15/10		4,977		7,649,798		7,632,291		17,507
Swiss Franc settling 9/15/10		58,061		50,477,731		57,195,507		(6,717,776	)
Swiss Franc settling 9/15/10		22,489		20,211,743		22,153,765		(1,942,022	)
Swiss Franc settling 9/15/10		9,748		8,630,979		9,602,691		(971,712	)

(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  • 303

International Growth Portfolio—Portfolio of Investments

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.5%
Financials – 26.3%
Capital Markets – 0.6%
MF Global Holdings Ltd.(a)		442,400	$	2,919,840
Commercial Banks – 7.9%
Associated Banc-Corp		357,900		4,316,274
CapitalSource, Inc.		624,000		3,151,200
City National Corp.		58,400		2,828,896
Comerica, Inc.		162,600		5,595,066
Marshall & Ilsley Corp.		730,200		4,782,810
Popular, Inc.(a)		1,515,666		3,880,105
Susquehanna Bancshares, Inc.		592,900		4,689,839
Umpqua Holdings Corp.		286,000		2,974,400
Webster Financial Corp.		241,700		3,888,953
Whitney Holding Corp.		444,900		3,305,607
				39,413,150
Insurance – 7.0%
Aspen Insurance Holdings Ltd.		238,400		6,770,560
Endurance Specialty Holdings Ltd.		142,600		5,253,384
Fidelity National Financial, Inc. – Class A		254,500		3,692,795
Platinum Underwriters Holdings Ltd.		159,100		6,397,411
Reinsurance Group of America, Inc. – Class A		131,600		5,756,184
StanCorp Financial Group, Inc.		74,700		2,661,561
Unum Group		217,300		4,356,865
				34,888,760
Real Estate Investment Trusts (REITs) – 6.0%
Brandywine Realty Trust		311,400		3,422,286
BRE Properties, Inc.		78,575		3,212,146
Camden Property Trust		142,700		6,529,952
CBL & Associates Properties, Inc.		254,900		3,109,780
DiamondRock Hospitality Co.(a)		508,900		4,457,964
Sunstone Hotel Investors, Inc.(a)		504,101		4,320,146
Tanger Factory Outlet Centers		109,900		5,079,578
				30,131,852
Real Estate Management & Development – 1.7%
CB Richard Ellis Group, Inc. – Class A(a)		268,500		4,408,770
Jones Lang LaSalle, Inc.		58,900		4,447,539
				8,856,309
Thrifts & Mortgage Finance – 3.1%
Astoria Financial Corp.		244,642		2,950,383
First Niagara Financial Group, Inc.		463,318		5,230,860
People’s United Financial, Inc.		223,800		2,846,736
Washington Federal, Inc.		311,150		4,440,110
				15,468,089
				131,678,000

304 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Consumer Discretionary – 16.4%
Auto Components – 3.8%
Cooper Tire & Rubber Co.		235,300	$	3,809,507
Dana Holding Corp.(a)		560,400		5,749,704
Federal-Mogul Corp.(a)		340,400		5,206,418
TRW Automotive Holdings Corp.(a)		121,700		4,230,292
				18,995,921
Hotels, Restaurants & Leisure – 2.7%
Boyd Gaming Corp.(a)		371,000		2,574,740
Royal Caribbean Cruises Ltd.(a)		225,300		5,533,368
Wyndham Worldwide Corp.		239,300		5,549,367
				13,657,475
Household Durables – 2.4%
American Greetings Corp.		315,975		6,098,318
NVR, Inc.(a)		5,075		3,066,112
Pulte Group, Inc.(a)		368,600		2,959,858
				12,124,288
Leisure Equipment & Products – 0.6%
Callaway Golf Co.		439,300		2,745,625
Media – 2.9%
CBS Corp. – Class B		231,000		3,192,420
Gannett Co., Inc.		249,200		3,012,828
Interpublic Group of Cos., Inc. (The)(a)		624,800		5,329,544
Meredith Corp.		102,400		2,996,224
				14,531,016
Specialty Retail – 3.0%
AnnTaylor Stores Corp.(a)		271,900		4,168,227
Foot Locker, Inc.		241,500		2,835,210
Men’s Wearhouse, Inc. (The)		85,704		1,652,373
Office Depot, Inc.(a)		1,043,350		3,557,823
Signet Jewelers Ltd.(a)		105,324		2,784,767
				14,998,400
Textiles, Apparel & Luxury Goods – 1.0%
Jones Apparel Group, Inc.		327,600		5,038,488
				82,091,213
Industrials – 10.7%
Airlines – 0.6%
Alaska Air Group, Inc.(a)		65,200		2,883,796
Building Products – 1.3%
AO Smith Corp.		59,300		3,045,055
Masco Corp.		314,800		3,302,252
				6,347,307
Electrical Equipment – 3.0%
EnerSys(a)		201,800		4,453,726
General Cable Corp.(a)		197,100		4,385,475

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 305

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Thomas & Betts Corp.(a)		165,450	$	6,113,377
				14,952,578
Machinery – 3.2%
Briggs & Stratton Corp.		264,900		4,807,935
Mueller Industries, Inc.		237,100		5,590,818
Terex Corp.(a)		318,600		5,801,706
				16,200,459
Professional Services – 0.6%
Kelly Services, Inc. – Class A(a)		259,841		2,712,740
Road & Rail – 1.2%
Con-way, Inc.		112,900		2,959,109
Hertz Global Holdings, Inc.(a)		381,000		3,242,310
				6,201,419
Trading Companies & Distributors – 0.8%
WESCO International, Inc.(a)		128,300		4,141,524
				53,439,823
Utilities – 9.5%
Electric Utilities – 5.4%
Northeast Utilities		225,100		6,521,147
NV Energy, Inc.		490,000		6,272,000
Pepco Holdings, Inc.		403,700		7,246,415
Portland General Electric Co.		353,725		7,067,425
				27,106,987
Gas Utilities – 1.0%
UGI Corp.		180,000		4,968,000
Multi-Utilities – 3.1%
CMS Energy Corp.		451,200		7,896,000
NiSource, Inc.		441,400		7,653,876
				15,549,876
				47,624,863
Information Technology – 8.7%
Communications Equipment – 0.9%
CommScope, Inc.(a)		238,600		4,473,750
Computers & Peripherals – 0.8%
NCR Corp.(a)		292,200		3,754,770
Electronic Equipment, Instruments & Components – 4.6%
Anixter International, Inc.(a)		126,700		5,812,996
Arrow Electronics, Inc.(a)		126,700		2,898,896
AU Optronics Corp. (Sponsored ADR)(a)		417,624		3,595,743
Avnet, Inc.(a)		121,100		2,773,190
Flextronics International Ltd.(a)		676,200		3,333,666
Insight Enterprises, Inc.(a)		349,000		4,585,860
				23,000,351

306 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
IT Services – 1.8%
Amdocs Ltd.(a)		118,400	$	3,105,632
Convergys Corp.(a)		567,500		5,748,775
				8,854,407
Semiconductors & Semiconductor Equipment – 0.6%
Siliconware Precision Industries Co. (Sponsored ADR)		336,100		1,502,367
Teradyne, Inc.(a)		185,500		1,665,790
				3,168,157
				43,251,435
Energy – 8.1%
Energy Equipment & Services – 3.7%
Helix Energy Solutions Group, Inc.(a)		458,500		4,172,350
Helmerich & Payne, Inc.		118,500		4,389,240
Oil States International, Inc.(a)		81,900		3,376,737
Rowan Cos., Inc.(a)		253,300		6,512,343
				18,450,670
Oil, Gas & Consumable Fuels – 4.4%
Forest Oil Corp.(a)		205,200		5,359,824
Southern Union Co.		281,600		6,336,000
Swift Energy Co.(a)		125,300		3,376,835
Teekay Corp.		174,300		4,237,233
Whiting Petroleum Corp.(a)		34,100		2,893,044
				22,202,936
				40,653,606
Materials – 8.0%
Chemicals – 5.1%
Arch Chemicals, Inc.		158,900		4,881,408
Cytec Industries, Inc.		108,300		5,136,669
Huntsman Corp.		518,900		4,727,179
PolyOne Corp.(a)		513,800		5,009,550
Rockwood Holdings, Inc.(a)		221,600		5,728,360
				25,483,166
Metals & Mining – 2.9%
Commercial Metals Co.		436,500		5,687,595
Reliance Steel & Aluminum Co.		141,300		5,263,425
Steel Dynamics, Inc.		267,500		3,664,750
				14,615,770
				40,098,936
Health Care – 5.9%
Health Care Equipment & Supplies – 1.8%
Kinetic Concepts, Inc.(a)		152,000		4,851,840
Teleflex, Inc.		88,600		4,258,116
				9,109,956
Health Care Providers & Services – 3.4%
AMERIGROUP Corp.(a)		127,800		4,715,820

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 307

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Community Health Systems, Inc.(a)		165,600	$	4,317,192
LifePoint Hospitals, Inc.(a)		171,178		5,207,235
Molina Healthcare, Inc.(a)		108,025		2,739,514
				16,979,761
Pharmaceuticals – 0.7%
Par Pharmaceutical Cos., Inc.(a)		127,600		3,364,812
				29,454,529
Consumer Staples – 4.9%
Beverages – 1.3%
Constellation Brands, Inc. – Class A(a)		381,094		6,349,026
Food & Staples Retailing – 0.4%
Supervalu, Inc.		223,900		2,176,308
Food Products – 2.6%
Bunge Ltd.		74,400		3,943,200
Smithfield Foods, Inc.(a)		369,900		5,966,487
Tyson Foods, Inc. – Class A		194,400		3,184,272
				13,093,959
Tobacco – 0.6%
Universal Corp.		81,400		2,902,724
				24,522,017
Total Common Stocks (cost $484,062,558)				492,814,422
SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 1.3%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(b) (cost $6,704,525)		6,704,525		6,704,525
Total Investments – 99.8% (cost $490,767,083)				499,518,947
Other assets less liabilities – 0.2%				1,006,106
Net Assets – 100.0%			$	500,525,053

(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.

308 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.1%
Information Technology – 24.6%
Communications Equipment – 5.6%
ADTRAN, Inc.		233,100	$	7,326,333
Aruba Networks, Inc.(a)		445,000		8,174,650
F5 Networks, Inc.(a)		80,700		7,055,601
Riverbed Technology, Inc.(a)		174,330		6,687,299
				29,243,883
Computers & Peripherals – 1.4%
Netezza Corp.(a)		382,100		7,435,666
IT Services – 3.0%
Alliance Data Systems Corp.(a)		123,000		6,911,370
VeriFone Systems, Inc.(a)		356,400		8,617,752
				15,529,122
Semiconductors & Semiconductor Equipment – 5.7%
Atheros Communications, Inc.(a)		187,590		4,625,969
Fairchild Semiconductor International, Inc.(a)		502,700		3,885,871
Hittite Microwave Corp.(a)		96,300		4,097,565
Netlogic Microsystems, Inc.(a)		141,800		3,424,470
ON Semiconductor Corp.(a)		563,300		3,481,194
Skyworks Solutions, Inc.(a)		274,800		4,907,928
Teradyne, Inc.(a)		577,900		5,189,542
				29,612,539
Software – 8.9%
Concur Technologies, Inc.(a)		126,600		5,921,082
Fortinet, Inc.(a)		317,890		6,481,777
Informatica Corp.(a)		256,610		8,252,578
MICROS Systems, Inc.(a)		73,200		2,788,920
Red Hat, Inc.(a)		225,100		7,777,205
SuccessFactors, Inc.(a)		301,600		6,363,760
TIBCO Software, Inc.(a)		600,400		8,699,796
				46,285,118
				128,106,328
Industrials – 21.8%
Aerospace & Defense – 1.3%
Hexcel Corp.(a)		409,900		6,992,894
Air Freight & Logistics – 2.1%
Atlas Air Worldwide Holdings, Inc.(a)		98,540		4,270,724
Expeditors International of Washington, Inc.		169,600		6,714,464
				10,985,188
Building Products – 1.0%
Simpson Manufacturing Co., Inc.		227,800		5,020,712
Electrical Equipment – 3.2%
AMETEK, Inc.		187,600		8,064,924

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 309

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Baldor Electric Co.		239,500	$	8,401,660
				16,466,584
Machinery – 7.6%
Actuant Corp. – Class A		336,200		6,663,484
Bucyrus International, Inc. – Class A		131,500		7,559,935
IDEX Corp.		195,175		5,814,263
Joy Global, Inc.		136,555		7,748,131
Lincoln Electric Holdings, Inc.		143,800		7,128,166
Valmont Industries, Inc.		68,600		4,598,258
				39,512,237
Marine – 1.0%
Kirby Corp.(a)		142,500		5,248,275
Professional Services – 2.4%
Manpower, Inc.		134,800		5,729,000
Robert Half International, Inc.		303,600		6,551,688
				12,280,688
Road & Rail – 2.1%
Genesee & Wyoming, Inc. – Class A(a)		148,700		5,771,047
Knight Transportation, Inc.		277,200		5,222,448
				10,993,495
Trading Companies & Distributors – 1.1%
MSC Industrial Direct Co. – Class A		131,100		5,843,127
				113,343,200
Consumer Discretionary – 20.6%
Distributors – 1.4%
LKQ Corp.(a)		403,600		7,506,960
Diversified Consumer Services – 0.9%
Strayer Education, Inc.		32,700		4,734,306
Hotels, Restaurants & Leisure – 5.7%
Chipotle Mexican Grill, Inc. – Class A(a)		51,300		7,737,579
Orient-Express Hotels Ltd. – Class A(a)		764,400		6,604,416
Panera Bread Co. – Class A(a)		87,700		7,010,738
Wyndham Worldwide Corp.		358,500		8,313,615
				29,666,348
Household Durables – 1.4%
Tempur-Pedic International, Inc.(a)		269,500		7,222,600
Internet & Catalog Retail – 1.3%
NetFlix, Inc.(a)		51,900		6,514,488
Media – 2.9%
Lamar Advertising Co. – Class A(a)		244,100		6,397,861
National CineMedia, Inc.		547,200		8,695,008
				15,092,869

310 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Multiline Retail – 1.7%
Dollar Tree, Inc.(a)		197,600	$	8,957,208
Specialty Retail – 5.3%
CarMax, Inc.(a)		377,400		7,521,582
Dick’s Sporting Goods, Inc.(a)		307,300		7,519,631
J Crew Group, Inc.(a)		178,400		5,439,416
Ulta Salon Cosmetics & Fragrance, Inc.(a)		320,400		7,257,060
				27,737,689
				107,432,468
Health Care – 17.2%
Biotechnology – 4.7%
Alexion Pharmaceuticals, Inc.(a)		106,600		6,019,702
Dendreon Corp.(a)		68,500		2,455,040
Human Genome Sciences, Inc.(a)		170,300		4,954,027
Ironwood Pharmaceuticals, Inc.(a)		194,800		1,805,796
Regeneron Pharmaceuticals, Inc.(a)		115,900		2,547,482
Seattle Genetics, Inc.(a)		106,400		1,218,280
United Therapeutics Corp.(a)		116,900		5,403,118
				24,403,445
Health Care Equipment & Supplies – 4.1%
Align Technology, Inc.(a)		376,100		6,027,002
Edwards Lifesciences Corp.(a)		4,500		259,065
NuVasive, Inc.(a)		139,400		4,091,390
ResMed, Inc.(a)		198,200		5,973,748
Sirona Dental Systems, Inc.(a)		154,600		4,872,992
				21,224,197
Health Care Providers & Services – 5.5%
Centene Corp.(a)		299,800		6,061,956
Emergency Medical Services Corp.(a)		148,400		7,130,620
Healthspring, Inc.(a)		22,292		462,782
HMS Holdings Corp.(a)		144,300		7,529,574
Magellan Health Services, Inc.(a)		170,600		7,473,986
				28,658,918
Health Care Technology – 1.5%
SXC Health Solutions Corp.(a)		103,500		8,052,300
Life Sciences Tools & Services – 0.7%
Illumina, Inc.(a)		89,330		3,831,364
Pharmaceuticals – 0.7%
Salix Pharmaceuticals Ltd.(a)		93,100		3,524,766
				89,694,990
Financials – 6.2%
Capital Markets – 4.5%
Affiliated Managers Group, Inc.(a)		79,150		5,082,221
Greenhill & Co., Inc.		93,020		6,551,399

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 311

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Lazard Ltd. – Class A		198,800	$	6,214,488
Stifel Financial Corp.(a)		125,500		5,431,640
				23,279,748
Commercial Banks – 0.8%
Iberiabank Corp.		84,500		4,119,375
Thrifts & Mortgage Finance – 0.9%
People’s United Financial, Inc.		367,500		4,674,600
				32,073,723
Energy – 4.6%
Energy Equipment & Services – 2.3%
FMC Technologies, Inc.(a)		113,400		7,013,790
Oceaneering International, Inc.(a)		102,800		5,141,028
				12,154,818
Oil, Gas & Consumable Fuels – 2.3%
Concho Resources, Inc.(a)		92,200		5,386,324
Range Resources Corp.		78,700		2,660,847
SM Energy Co.		94,570		3,592,714
				11,639,885
				23,794,703
Materials – 2.3%
Chemicals – 1.2%
Solutia, Inc.(a)		481,600		6,520,864
Metals & Mining – 1.1%
Molycorp, Inc.(a)		334,200		5,597,850
				12,118,714
Consumer Staples – 1.8%
Food Products – 1.8%
Green Mountain Coffee Roasters, Inc.(a)		301,450		9,290,689
Total Common Stocks (cost $445,746,608)				515,854,815
SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 1.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(b) (cost $7,891,306)		7,891,306		7,891,306
Total Investments – 100.6% (cost $453,637,914)				523,746,121
Other assets less liabilities – (0.6)%				(3,153,009	)
Net Assets – 100.0%			$	520,593,112

(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.

312 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 44.1%
United States – 44.1%
U.S. Treasury Notes 0.75%, 11/30/11-5/31/12	$	167,410	$	168,223,155
1.375%, 11/15/12		153,061		155,835,231
1.75%, 11/15/11-8/15/12		175,822		179,515,201
2.375%, 8/31/14		19,760		20,786,591
2.50%, 4/30/15		12,000		12,687,192
Total Governments - Treasuries (cost $530,959,351)				537,047,370
MORTGAGE PASS-THRU’S – 15.9%
Agency Fixed Rate 30-Year – 10.0%
Federal Home Loan Mortgage Corp. Gold Series 2007 6.00%, 7/01/37-9/01/37		2,125		2,287,031
Federal National Mortgage Association Series 2007 6.50%, 10/01/37		33,187		36,235,308
Series 2008
6.00%, 5/01/38-8/01/38		43,443		46,845,081
6.50%, 12/01/28-7/01/35		21,148		23,294,123
Government National Mortgage Association Series 2008 6.50%, 9/15/38		11,545		12,692,351
				121,353,894
Agency ARMs – 5.4%
Federal Home Loan Mortgage Corp. Series 2005 2.808%, 5/01/35(a)		4,192		4,416,425
Series 2007 5.919%, 11/01/36(b)		3,928		4,140,070
6.069%, 1/01/37(b)		3,219		3,406,874
Federal National Mortgage Association Series 2003 4.775%, 12/01/33(a)		1,111		1,166,664
Series 2005 2.57%, 2/01/35(b)		6,403		6,678,553
3.359%, 10/01/35(a)		3,209		3,383,304
5.344%, 1/01/36(a)		2,165		2,272,532
Series 2006 2.825%, 1/01/36(a)		10,124		10,566,700
5.509%, 5/01/36(b)		5,390		5,660,103
5.685%, 7/01/36(a)		4,077		4,274,950
5.707%, 11/01/36(b)		4,610		4,886,527

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 313

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Series 2007 3.034%, 11/01/35(b)	$	5,781	$	6,100,227
5.412%, 2/01/37(b)		4,299		4,528,073
6.312%, 1/01/37(b)		1,889		1,988,666
Series 2009 4.66%, 7/01/38(a)		2,850		2,998,486
				66,468,154
Agency Fixed Rate 15-Year – 0.5%
Federal National Mortgage Association Series 1998 6.00%, 10/01/13-12/01/13		20		20,903
Series 2001 6.00%, 11/01/16		107		115,980
Series 2002 6.00%, 12/01/17		68		73,498
Series 2005 6.00%, 6/01/17-6/01/20		200		216,107
Series 2006 6.00%, 5/01/21-1/01/22		3,750		4,060,778
Series 2007 6.00%, 2/01/22		1,018		1,101,280
				5,588,546
Total Mortgage Pass-Thru’s (cost $186,361,881)				193,410,594
CORPORATES - INVESTMENT GRADES – 12.1%
Industrial – 9.7%
Capital Goods – 1.0%
General Dynamics Corp. 1.80%, 7/15/11		5,637		5,704,864
John Deere Capital Corp. 5.25%, 10/01/12		2,735		2,962,662
Raytheon Co. 5.50%, 11/15/12		3,156		3,456,050
				12,123,576
Communications - Telecommunications – 0.9%
AT&T, Inc. 4.95%, 1/15/13		2,875		3,132,347
New Cingular Wireless Services, Inc. 8.125%, 5/01/12		5,160		5,756,289
Verizon Global Funding Corp. 7.375%, 9/01/12		2,142		2,404,845
				11,293,481

314 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive – 0.8%
American Honda Finance Corp. 2.375%, 3/18/13(c)	$	6,114	$	6,245,714
Toyota Motor Credit Corp. 1.375%, 8/12/13		3,065		3,073,420
				9,319,134
Consumer Cyclical - Entertainment – 0.3%
Walt Disney Co. (The) 4.50%, 12/15/13		3,624		4,034,338
Consumer Cyclical - Restaurants – 0.3%
McDonald’s Corp. 4.30%, 3/01/13		3,595		3,895,833
Consumer Cyclical - Retailers – 0.6%
Costco Wholesale Corp. 5.30%, 3/15/12		2,740		2,933,329
Wal-Mart Stores, Inc. 4.55%, 5/01/13		3,500		3,834,488
				6,767,817
Consumer Non-Cyclical – 3.1%
Abbott Laboratories 5.15%, 11/30/12		2,717		2,979,343
Avon Products, Inc. 5.625%, 3/01/14		2,450		2,780,297
Baxter FinCo BV 4.75%, 10/15/10		3,432		3,449,534
Baxter International, Inc. 1.80%, 3/15/13		2,021		2,062,291
Bottling Group LLC 5.00%, 11/15/13		3,599		4,028,307
Campbell Soup Co. 6.75%, 2/15/11		3,460		3,562,745
GlaxoSmithKline Capital, Inc. 4.85%, 5/15/13		2,844		3,124,393
Merck & Co., Inc. 5.30%, 12/01/13		2,810		3,169,056
PepsiCo, Inc. 4.65%, 2/15/13		2,802		3,054,115
Pfizer, Inc. 4.45%, 3/15/12		6,003		6,331,790
Procter & Gamble Co. (The) 1.375%, 8/01/12		3,132		3,171,422
				37,713,293

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 315

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Energy – 0.9%
Apache Corp. 5.25%, 4/15/13	$	2,890	$	3,154,785
Chevron Corp. 3.95%, 3/03/14		3,665		3,998,317
ConocoPhillips 4.75%, 2/01/14		3,650		4,046,780
				11,199,882
Technology – 1.5%
Cisco Systems, Inc. 5.25%, 2/22/11		1,866		1,907,304
Dell, Inc. 3.375%, 6/15/12		2,134		2,213,229
Hewlett-Packard Co. 2.95%, 8/15/12		1,408		1,463,043
International Business Machines Corp. 2.10%, 5/06/13		6,055		6,244,292
Microsoft Corp. 2.95%, 6/01/14		3,045		3,245,763
Oracle Corp. 4.95%, 4/15/13		2,885		3,183,551
				18,257,182
Transportation - Services – 0.3%
United Parcel Service, Inc. 3.875%, 4/01/14		3,095		3,370,186
				117,974,722
Financial Institutions – 2.2%
Banking – 1.3%
Bank of New York Mellon Corp. (The) 4.30%, 5/15/14		1,785		1,951,885
Royal Bank of Canada 5.65%, 7/20/11		4,960		5,183,041
State Street Corp. 4.30%, 5/30/14		3,015		3,310,545
UnionBanCal Corp. 5.25%, 12/16/13		5,212		5,695,575
				16,141,046
Insurance – 0.6%
Metropolitan Life Global Funding I 2.875%, 9/17/12(c)		7,700		7,903,426
Other Finance – 0.3%
ORIX Corp. 5.48%, 11/22/11		3,130		3,261,439
				27,305,911

316 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Utility – 0.2%
Electric – 0.2%
Southern Co. 4.15%, 5/15/14	$	2,001	$	2,169,220
Total Corporates - Investment Grades (cost $142,079,217)				147,449,853
ASSET-BACKED SECURITIES – 12.0%
Autos - Fixed Rate – 4.2%
Bank of America Auto Trust Series 2009-2A, Class A4 3.03%, 10/15/16(c)		8,610		9,013,236
Series 2009-3A, Class A4 2.67%, 12/15/16(c)		12,380		12,892,053
Chrysler Financial Auto Securitization Trust Series 2009-A, Class A3 2.82%, 1/15/16		6,418		6,541,950
Honda Auto Receivables Owner Trust Series 2009-3, Class A3 2.31%, 5/15/13		3,420		3,473,162
Mercedes-Benz Auto Receivables Trust Series 2009-1, Class A4 2.43%, 3/15/16		7,560		7,830,773
Nissan Auto Lease Trust Series 2009-B, Class A4 2.65%, 1/15/15		10,555		10,784,949
				50,536,123
Credit Cards - Floating Rate – 3.7%
Chase Issuance Trust Series 2007-A1, Class A1 0.296%, 3/15/13(b)		4,825		4,823,166
Series 2009-A2, Class A2 1.826%, 4/15/14(b)		13,000		13,285,684
Discover Card Master Trust Series 2009-A1, Class A1 1.576%, 12/15/14(b)+		14,835		15,080,318
Series 2009-A2, Class A 1.576%, 2/17/15(b)		1,320		1,343,337
Series 2010-A1, Class A1 0.926%, 9/15/15(b)		7,206		7,247,239
MBNA Credit Card Master Note Trust Series 2006-A2, Class A2 0.336%, 6/15/15(b)		3,130		3,111,628
				44,891,372

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 317

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Other ABS - Floating Rate – 1.2%
CNH Wholesale Master Note Trust Series 2009-1A, Class A 1.976%, 7/15/15(b)(c)+	$	14,000	$	14,370,602
Petra CRE CDO Ltd. Series 2007-1A, Class C 1.364%, 2/25/47(b)(d)		1,865		9,325
				14,379,927
Autos - Floating Rate – 1.1%
GE Dealer Floorplan Master Note Trust Series 2006-2, Class A 0.336%, 4/20/13(b)		4,360		4,356,400
Wheels SPV LLC Series 2009-1, Class A 1.826%, 3/15/18(b)(c)+		9,249		9,360,954
				13,717,354
Home Equity Loans - Floating Rate – 0.8%
BNC Mortgage Loan Trust Series 2007-2, Class M5 1.164%, 5/25/37(b)(e)		1,200		16,097
First Franklin Mortgage Loan Asset Backed Certificates Series 2004-FF4, Class A2 0.554%, 6/25/34(b)		28		21,513
HSBC Home Equity Loan Trust Series 2006-1, Class M1 0.546%, 1/20/36(b)		1,233		993,998
Lehman ABS Mortgage Loan Trust Series 2007-1, Class 2A2 0.464%, 6/25/37(b)(c)		3,492		1,419,242
Lehman XS Trust Series 2005-2, Class 1M1 0.764%, 8/25/35(b)(e)		5,000		107,436
Series 2006-1, Class 1M1 0.714%, 2/25/36(b)(e)		4,000		63,202
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2A 0.384%, 4/25/37(b)		155		154,592
Newcastle Mortgage Securities Trust Series 2007-1, Class 2A1 0.394%, 4/25/37(b)		2,130		1,541,215
Novastar Home Equity Loan Series 2007-2, Class M1 0.564%, 9/25/37(b)(e)		4,935		139,438

318 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Option One Mortgage Loan Trust Series 2006-2, Class 2A2 0.364%, 7/25/36(b)	$	2,193	$	1,565,562
Security National Mortgage Loan Trust Series 2007-1A, Class 1A1 5.91%, 4/25/37(a)(c)		618		608,838
Soundview Home Equity Loan Trust Series 2007-OPT2, Class 2A2 0.394%, 7/25/37(b)		4,185		2,543,173
Specialty Underwriting & Residential Finance Series 2005-AB2, Class M1 0.714%, 6/25/36(b)		2,000		869,546
				10,043,852
Home Equity Loans - Fixed Rate – 0.6%
American General Mortgage Loan Trust Series 2003-1, Class A3 4.03%, 4/25/33		2,543		2,333,130
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33		1,308		1,170,235
Series 2003-CB3, Class AF1 2.879%, 12/25/32		2,180		1,719,483
Series 2005-CB4, Class AF2 4.751%, 8/25/35		430		428,451
Series 2005-RP2, Class AF2 5.75%, 9/25/35(c)		197		195,547
Home Equity Mortgage Trust Series 2006-5, Class A1 5.50%, 1/25/37		2,347		325,591
Nationstar NIM Trust Series 2007-A, Class A 9.79%, 3/25/37(d)(f)		35		0
Structured Asset Securities Corp. Series 2007-RM1, Class AIO 5.00%, 5/25/47(c)(g)		8,954		1,410,275
				7,582,712
Other ABS - Fixed Rate – 0.4%
Dunkin Securitization Series 2006-1, Class A2 5.779%, 6/20/31(c)		1,600		1,588,000

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	Principal Amount (000)		U.S. $ Value
John Deere Owner Trust Series 2009-A, Class A3 2.59%, 10/15/13	$	3,389	$	3,432,494
				5,020,494
Total Asset-Backed Securities (cost $170,100,514)				146,171,834
CMOs – 7.2%
Agency Floating Rate – 6.1%
Fannie Mae REMICs Series 2003-52, Class FV 1.264%, 5/25/31(b)		734		735,761
Series 2005-17, Class FA 0.564%, 3/25/35(b)		21,424		21,362,822
Series 2005-38, Class F 0.564%, 5/25/35(b)		15,657		15,608,639
Fannie Mae Whole Loan Series 2003-W13, Class AV2 0.544%, 10/25/33(b)		216		188,211
Freddie Mac REMICs Series 2976, Class DF 0.576%, 10/15/34(b)		19,967		19,917,634
Series 3001, Class HN 0.576%, 5/15/35(b)		15,735		15,685,923
Series R008, Class FK 0.676%, 7/15/23(b)		790		781,436
				74,280,426
Non-Agency Floating Rate – 0.8%
Adjustable Rate Mortgage Trust Series 2005-11, Class 5M1 0.734%, 2/25/36(b)(e)		3,843		34,510
Countrywide Alternative Loan Trust Series 2006-OA14, Class 3A1 1.236%, 11/25/46(b)		1,963		889,336
Homebanc Mortgage Trust Series 2005-4, Class A2 0.594%, 10/25/35(b)		2,977		1,752,974
Mortgage Equity Conversion Asset Trust Series 2007-FF2, Class A 0.82%, 2/25/42(b)(c)		3,207		3,094,228
Sequoia Mortgage Trust Series 2007-3, Class 1A1 0.466%, 7/20/36(b)		2,901		2,318,981
Structured Adjustable Rate Mortgage Loan Trust Series 2005-5, Class A3 0.494%, 5/25/35(b)		131		105,077

320 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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	Principal Amount (000)		U.S. $ Value
Structured Asset Mortgage Investments, Inc. Series 2004-AR5, Class 1A1 0.597%, 10/19/34(b)	$	647	$	550,794
WaMu Mortgage Pass Through Certificates Series 2006-AR4, Class 1A1B 1.326%, 5/25/46(b)		1,176		480,694
Series 2006-AR9, Class 1AB2 0.484%, 8/25/46(b)		2,870		840,886
				10,067,480
Agency Fixed Rate – 0.2%
Fannie Mae REMICs Series 2005-86, Class WH 5.00%, 11/25/25		619		617,727
Series 2006-50, Class PA 5.00%, 4/25/27		1,965		1,990,217
				2,607,944
Non-Agency Fixed Rate – 0.1%
Merrill Lynch Mortgage Investors, Inc. Series 2005-A8, Class A1C1 5.25%, 8/25/36		898		881,467
Total CMOs (cost $96,981,040)				87,837,317
AGENCIES – 5.5%
Agency Debentures – 5.5%
Bank of America Corp. – FDIC Insured 2.10%, 4/30/12		8,760		8,977,993
Citibank NA – FDIC Insured 1.875%, 5/07/12		18,659		19,048,208
Goldman Sachs Group, Inc. (The) – FDIC Insured 3.25%, 6/15/12		13,670		14,293,516
JPMorgan Chase & Co. – FDIC Insured 3.125%, 12/01/11		10,565		10,918,769
Morgan Stanley – FDIC Insured 2.25%, 3/13/12		6,000		6,154,410
Wells Fargo & Co. – FDIC Insured 3.00%, 12/09/11		7,493		7,736,530
Total Agencies (cost $65,178,313)				67,129,426

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	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.1%
Non-Agency Floating Rate CMBS – 1.6%
Banc of America Large Loan, Inc. Series 2005-MIB1, Class C 0.586%, 3/15/22(b)(c)	$	2,500	$	2,197,546
Commercial Mortgage Pass Through Certificates Series 2005-F10A, Class A1 0.376%, 4/15/17(b)(c)		30		29,667
Series 2005-FL11, Class D 0.616%, 11/15/17(b)(c)		1,096		1,001,229
Series 2007-FL14, Class C 0.576%, 6/15/22(b)(c)		3,871		2,864,888
Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class SVD 0.746%, 10/15/21(b)(c)		4,900		4,323,914
Series 2007-TFLA, Class A2 0.396%, 2/15/22(b)(c)		8,000		6,471,671
Wachovia Bank Commercial Mortgage Trust Series 2006-WL7A, Class H 0.672%, 9/15/21(b)(c)		2,600		973,814
Series 2007-WHL8, Class E 0.676%, 6/15/20(b)(c)		2,725		1,326,807
				19,189,536
Non-Agency Fixed Rate CMBS – 0.5%
GE Capital Commercial Mortgage Corp. Series 2005-C3, Class A3FX 4.863%, 7/10/45		60		59,650
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LDPX, Class A2S 5.305%, 1/15/49		5,950		5,968,768
				6,028,418
Total Commercial Mortgage-Backed Securities (cost $31,702,034)				25,217,954
	Shares
SHORT-TERM INVESTMENTS – 3.3%
Investment Companies – 2.2%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(h)		26,878,720		26,878,720

322 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Certificates of Deposit – 1.1%
Royal Bank of Canada NY 2.25%, 3/15/13	$	12,810	$	13,146,941
Total Short-Term Investments (cost $39,682,765)				40,025,661
Total Investments – 102.2% (cost $1,263,045,115)				1,244,290,009
Other assets less liabilities – (2.2)%				(26,278,988	)
Net Assets – 100.0%			$	1,218,011,021

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr Futures		1,328		December 2010	$	291,009,621	$	291,018,751	$	9,130
U.S. T-Note 5 Yr Futures		189		December 2010		22,703,021		22,740,539		37,518
Sold Contracts
U.S. T-Note 10 Yr Futures		176		December 2010	$	21,968,051	$	22,110,000		(141,949	)
									$	(95,301	)

(a) Variable rate coupon, rate shown as of August 31, 2010.

(b) Floating Rate Security. Stated interest rate was in effect at August 31, 2010.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2010, the aggregate market value of these securities amounted to $87,291,651 or 7.2% of net assets.

(d) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of August 31, 2010, are considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Nationstar NIM Trust Series 2007-A, Class A 9.79%, 3/25/37		4/04/07	$	35,213	$	0		0.00	%
Petra CRE CDO Ltd. Series 2007-1A, Class C 1.364%, 2/25/47		5/25/07		1,822,742		9,325		0.00	%

(e) Illiquid security.

(f) Fair valued.

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Short Duration Bond Portfolio—Portfolio of Investments

(g) IO – Interest Only

(h) 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 market value of the collateral amounted to $34,913,457.

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 August 31, 2010, the fund’s total exposure to subprime investments was 2.23% of net assets. These investments are valued in accordance with the fund’s Valuation Policies (see Note A for additional details).

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CDO – Collateralized Debt Obligations

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

FDIC – Federal Deposit Insurance Corporation

REMICs – Real Estate Mortgage Investment Conduits

See notes to financial statements.

324 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

INTERMEDIATE DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES – 32.0%
Industrial – 14.2%
Basic – 2.3%
Anglo American Capital PLC 9.375%, 4/08/19(a)	$	1,901	$	2,534,789
AngloGold Ashanti Holdings PLC 5.375%, 4/15/20		2,110		2,204,279
ArcelorMittal 6.125%, 6/01/18		3,570		3,787,549
BHP Billiton Finance USA Ltd. 7.25%, 3/01/16		3,132		3,768,209
Dow Chemical Co. (The) 7.375%, 11/01/29		200		229,550
8.55%, 5/15/19		4,115		5,158,091
Eastman Chemical Co. 5.50%, 11/15/19		686		760,054
International Paper Co. 5.30%, 4/01/15		2,625		2,834,714
7.50%, 8/15/21		797		950,024
Packaging Corp. of America 5.75%, 8/01/13		1,329		1,441,110
PPG Industries, Inc. 5.75%, 3/15/13		3,190		3,500,537
Rio Tinto Finance USA Ltd. 6.50%, 7/15/18		3,260		3,858,608
				31,027,514
Capital Goods – 0.6%
Holcim US Finance Sarl & Cie SCS 6.00%, 12/30/19(a)		299		323,382
Lafarge SA 6.15%, 7/15/11		2,204		2,269,924
Republic Services, Inc. 5.25%, 11/15/21		1,213		1,347,687
5.50%, 9/15/19		1,768		1,984,617
Tyco International Finance SA 8.50%, 1/15/19		1,265		1,689,877
				7,615,487
Communications - Media – 2.0%
BSKYB Finance UK PLC 5.625%, 10/15/15(a)		3,710		4,228,855
CBS Corp. 5.75%, 4/15/20		905		1,005,154
Comcast Cable Communications Holdings, Inc. 9.455%, 11/15/22		2,746		3,859,415

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Comcast Corp. 5.50%, 3/15/11	$	2,767	$	2,836,291
DirecTV Holdings LLC / DirecTV Financing Co., Inc. 4.75%, 10/01/14		1,200		1,296,241
News America Holdings, Inc. 9.25%, 2/01/13		670		785,058
News America, Inc. 6.55%, 3/15/33		1,383		1,575,219
Reed Elsevier Capital, Inc. 8.625%, 1/15/19		1,345		1,768,921
RR Donnelley & Sons Co. 4.95%, 4/01/14		710		734,118
Time Warner Cable, Inc. 7.50%, 4/01/14		1,325		1,559,257
Time Warner Entertainment Co. LP 8.375%, 3/15/23		2,680		3,506,212
WPP Finance UK 5.875%, 6/15/14		376		415,207
8.00%, 9/15/14		2,616		3,077,698
				26,647,646
Communications - Telecommunications – 2.3%
America Movil SAB de CV 5.00%, 3/30/20		2,987		3,255,089
American Tower Corp. 5.05%, 9/01/20		2,750		2,773,488
AT&T Corp. 8.00%, 11/15/31(b)		295		404,322
British Telecommunications PLC 9.375%, 12/15/10(b)		3,066		3,134,307
Embarq Corp. 7.082%, 6/01/16		3,780		4,120,941
Qwest Corp. 7.50%, 10/01/14		3,270		3,641,963
8.875%, 3/15/12(b)		660		726,000
Telecom Italia Capital SA 6.175%, 6/18/14		2,510		2,751,833
6.375%, 11/15/33		375		372,263
7.175%, 6/18/19		1,450		1,670,993
United States Cellular Corp. 6.70%, 12/15/33		4,720		5,047,653
Vodafone Group PLC 5.50%, 6/15/11		3,015		3,124,547
				31,023,399

326 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive – 0.6%
Daimler Finance North America LLC 5.75%, 9/08/11	$	1,105	$	1,156,422
7.30%, 1/15/12		1,178		1,267,827
7.75%, 1/18/11		437		448,120
Harley-Davidson Funding Corp. 5.75%, 12/15/14(a)		2,465		2,594,326
Nissan Motor Acceptance Corp. 4.50%, 1/30/15(a)		2,530		2,687,596
				8,154,291
Consumer Cyclical - Entertainment – 0.6%
Time Warner, Inc. 4.70%, 1/15/21		1,460		1,532,177
7.625%, 4/15/31		2,810		3,502,440
Viacom, Inc. 5.625%, 9/15/19		2,895		3,336,635
				8,371,252
Consumer Cyclical - Other – 0.7%
Marriott International, Inc. Series J 5.625%, 2/15/13		4,120		4,403,007
MDC Holdings, Inc. 5.50%, 5/15/13		4,540		4,693,379
				9,096,386
Consumer Cyclical - Retailers – 0.1%
CVS Caremark Corp. 6.60%, 3/15/19		1,460		1,751,999
Consumer Non-Cyclical – 1.9%
Ahold Finance USA LLC 6.875%, 5/01/29		3,105		3,797,213
Altria Group, Inc. 9.70%, 11/10/18		1,675		2,215,621
Baxter FinCo BV 4.75%, 10/15/10		2,678		2,691,682
Bunge Ltd. Finance Corp. 5.10%, 7/15/15		1,711		1,800,414
5.875%, 5/15/13		2,720		2,918,848
Cadbury Schweppes US Finance LLC 5.125%, 10/01/13(a)		3,480		3,814,741
ConAgra Foods, Inc. 7.875%, 9/15/10		68		68,155
Delhaize Group SA 5.875%, 2/01/14		775		874,948
Diageo Capital PLC 7.375%, 1/15/14		2,340		2,766,519

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Fortune Brands, Inc. 4.875%, 12/01/13	$	2,016	$	2,171,041
Kroger Co. (The) 6.80%, 12/15/18		2,175		2,659,057
Safeway, Inc. 6.50%, 3/01/11		453		464,846
				26,243,085
Energy – 1.8%
Anadarko Petroleum Corp. 5.95%, 9/15/16		3,050		3,020,711
6.45%, 9/15/36		877		760,645
Baker Hughes, Inc. 6.50%, 11/15/13		1,300		1,493,094
BP Capital Markets PLC 4.75%, 3/10/19		505		495,442
Canadian Natural Resources Ltd. 5.15%, 2/01/13		1,220		1,320,297
Hess Corp. 7.875%, 10/01/29		1,793		2,319,846
Marathon Oil Corp. 7.50%, 2/15/19		995		1,264,533
Nabors Industries, Inc. 9.25%, 1/15/19		2,995		3,856,308
Noble Energy, Inc. 8.25%, 3/01/19		2,858		3,699,170
Noble Holding International Ltd. 4.90%, 8/01/20		251		268,287
Valero Energy Corp. 6.125%, 2/01/20		1,635		1,783,806
Weatherford International Ltd. 5.15%, 3/15/13		1,600		1,713,158
9.625%, 3/01/19		1,540		2,020,545
				24,015,842
Other Industrial – 0.2%
Noble Group Ltd. 6.75%, 1/29/20(a)		3,341		3,516,402
Technology – 0.6%
Agilent Technologies, Inc. 5.00%, 7/15/20		505		536,082
Computer Sciences Corp. 5.50%, 3/15/13		2,290		2,494,644
Dell, Inc. 5.625%, 4/15/14		1,645		1,863,724
Motorola, Inc. 6.50%, 9/01/25		1,800		1,992,127

328 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
7.50%, 5/15/25	$	290	$	345,024
7.625%, 11/15/10		146		148,137
Xerox Corp. 8.25%, 5/15/14		310		371,496
				7,751,234
Transportation - Airlines – 0.2%
Southwest Airlines Co. 5.25%, 10/01/14		1,695		1,830,846
5.75%, 12/15/16		1,115		1,223,068
				3,053,914
Transportation - Services – 0.3%
Con-way, Inc. 6.70%, 5/01/34		2,269		2,205,867
Ryder System, Inc. 5.85%, 11/01/16		930		1,040,300
7.20%, 9/01/15		908		1,067,978
				4,314,145
				192,582,596
Financial Institutions – 14.2%
Banking – 7.1%
American Express Co. 7.25%, 5/20/14		1,900		2,209,880
8.125%, 5/20/19		2,785		3,583,574
Bank of America Corp. 4.875%, 1/15/13		4,230		4,450,607
5.625%, 7/01/20		1,710		1,761,676
7.625%, 6/01/19		1,700		1,989,779
Series L 5.65%, 5/01/18		1,400		1,455,143
Bank of Tokyo-Mitsubishi UFJ Ltd./New York NY 7.40%, 6/15/11		170		177,218
BankAmerica Capital II Series 2 8.00%, 12/15/26		1,950		1,986,563
Bear Stearns Cos. LLC (The) 5.55%, 1/22/17		5,410		5,816,913
Citigroup, Inc. 5.50%, 4/11/13		2,900		3,079,029
6.50%, 8/19/13		2,770		3,029,471
8.50%, 5/22/19		2,750		3,362,639
Compass Bank 5.50%, 4/01/20		4,989		4,959,989
Deutsche Bank AG 5.00%, 10/12/10		2,730		2,743,806
Goldman Sachs Group, Inc. (The) 6.00%, 6/15/20		2,700		2,908,505
7.50%, 2/15/19		2,855		3,329,407

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
JPMorgan Chase & Co. 4.40%, 7/22/20	$	3,955	$	4,009,049
Lloyds TSB Bank PLC 4.375%, 1/12/15(a)		3,820		3,924,133
M&I Marshall & Ilsley Bank 5.00%, 1/17/17		3,700		3,508,314
Macquarie Group Ltd. 4.875%, 8/10/17(a)		3,420		3,461,430
Merrill Lynch & Co., Inc. 6.05%, 5/16/16		1,607		1,702,242
Morgan Stanley 5.45%, 1/09/17		1,615		1,695,695
5.50%, 7/24/20		2,100		2,115,693
6.60%, 4/01/12		960		1,030,118
National Australia Bank Ltd. 3.75%, 3/02/15(a)		3,175		3,344,069
National City Bank/Cleveland OH 6.25%, 3/15/11		4,245		4,357,633
Nationwide Building Society 6.25%, 2/25/20(a)		3,415		3,780,542
SouthTrust Corp. 5.80%, 6/15/14		3,315		3,622,801
Standard Chartered PLC 6.409%, 1/30/17(a)		4,800		4,360,248
UFJ Finance Aruba AEC 6.75%, 7/15/13		1,913		2,151,578
Union Bank NA 5.95%, 5/11/16		1,005		1,086,694
Wachovia Corp. 5.50%, 5/01/13		4,155		4,561,338
				95,555,776
Brokerage – 0.1%
Jefferies Group, Inc. 6.875%, 4/15/21		1,330		1,412,500
Finance – 0.9%
General Electric Capital Corp. 4.80%, 5/01/13		2,795		3,015,394
Series A 4.375%, 11/21/11		2,713		2,830,866
HSBC Finance Corp. 7.00%, 5/15/12		2,095		2,262,148
SLM Corp. Series A 5.375%, 1/15/13-5/15/14		4,650		4,348,272
				12,456,680
Insurance – 4.3%
Aetna, Inc. 6.00%, 6/15/16		1,010		1,171,081

330 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Aflac, Inc. 3.45%, 8/15/15	$	555	$	570,625
Allied World Assurance Co. Holdings Ltd. 7.50%, 8/01/16		1,820		2,051,164
Assurant, Inc. 5.625%, 2/15/14		1,028		1,096,704
CIGNA Corp. 5.125%, 6/15/20		1,155		1,248,982
Coventry Health Care, Inc. 5.95%, 3/15/17		665		665,480
6.125%, 1/15/15		260		270,399
6.30%, 8/15/14		2,060		2,196,821
Genworth Financial, Inc. 6.515%, 5/22/18		4,100		4,102,054
Guardian Life Insurance Co. of America 7.375%, 9/30/39(a)		1,605		1,941,395
Hartford Financial Services Group, Inc. 4.00%, 3/30/15		685		696,485
5.50%, 3/30/20		3,221		3,241,618
Humana, Inc. 6.30%, 8/01/18		1,514		1,648,551
6.45%, 6/01/16		285		315,633
7.20%, 6/15/18		610		698,779
Liberty Mutual Group, Inc. 5.75%, 3/15/14(a)		2,683		2,814,014
Lincoln National Corp. 8.75%, 7/01/19		791		1,009,988
Markel Corp. 7.125%, 9/30/19		1,685		1,933,103
Massachusetts Mutual Life Insurance Co. 8.875%, 6/01/39(a)		1,510		2,144,482
MetLife, Inc. 4.75%, 2/08/21		1,460		1,526,586
7.717%, 2/15/19		1,159		1,453,052
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		2,585		3,140,087
Principal Financial Group, Inc. 7.875%, 5/15/14		2,220		2,626,766
Prudential Financial, Inc. 5.15%, 1/15/13		2,545		2,721,519
6.20%, 1/15/15		265		297,923
Series D 7.375%, 6/15/19		200		243,276
Swiss Re Solutions Holding Corp. 7.00%, 2/15/26		3,065		3,373,042
UnitedHealth Group, Inc. 5.25%, 3/15/11		4,300		4,395,967

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	Principal Amount (000)		U.S. $ Value
WellPoint, Inc. 4.35%, 8/15/20	$	2,865	$	2,951,322
5.875%, 6/15/17		270		311,239
7.00%, 2/15/19		655		798,380
XL Capital Ltd. 5.25%, 9/15/14		4,520		4,801,022
				58,457,539
Other Finance – 0.3%
ORIX Corp. 4.71%, 4/27/15		3,328		3,414,265
REITS – 1.5%
ERP Operating LP 5.25%, 9/15/14		4,570		5,046,601
HCP, Inc. 6.00%, 1/30/17		4,630		4,923,241
Health Care REIT, Inc. 6.20%, 6/01/16		3,980		4,416,335
Healthcare Realty Trust, Inc. 5.125%, 4/01/14		2,373		2,468,406
Simon Property Group LP 4.375%, 3/01/21		3,575		3,612,377
				20,466,960
				191,763,720
Utility – 2.3%
Electric – 1.2%
Allegheny Energy Supply Co. LLC 5.75%, 10/15/19(a)		3,175		3,281,902
FirstEnergy Corp. Series B 6.45%, 11/15/11		58		60,912
Series C 7.375%, 11/15/31		2,291		2,537,949
FPL Group Capital, Inc. 5.625%, 9/01/11		2,855		2,987,229
Nisource Finance Corp. 6.80%, 1/15/19		3,445		4,059,202
SPI Electricity & Gas Australia Holdings Pty Ltd. 6.15%, 11/15/13(a)		1,447		1,552,650
Teco Finance, Inc. 4.00%, 3/15/16		745		779,194
5.15%, 3/15/20		915		999,305
Union Electric Co. 6.70%, 2/01/19		315		383,293
				16,641,636

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	Principal Amount (000)		U.S. $ Value
Natural Gas – 0.9%
Energy Transfer Partners LP 6.70%, 7/01/18	$	972	$	1,100,971
7.50%, 7/01/38		3,329		3,879,181
EQT Corp. 8.125%, 6/01/19		1,707		2,097,406
Williams Partners LP 5.25%, 3/15/20		4,178		4,509,771
				11,587,329
Other Utility – 0.2%
Veolia Environnement 6.00%, 6/01/18		2,785		3,207,579
				31,436,544
Non Corporate Sectors – 1.3%
Agencies - Not Government Guaranteed – 1.3%
Gaz Capital SA for Gazprom 6.212%, 11/22/16(a)		7,890		8,264,775
Petrobras International Finance Co. 5.75%, 1/20/20		5,100		5,466,573
TransCapitalInvest Ltd. for OJSC AK Transneft 8.70%, 8/07/18(a)		3,055		3,772,925
				17,504,273
Total Corporates - Investment Grades (cost $396,839,710)				433,287,133
GOVERNMENTS - TREASURIES – 20.6%
United States – 20.6%
U.S. Treasury Bonds 4.50%, 2/15/36		22,695		26,780,100
4.625%, 2/15/40		8,000		9,597,504
U.S. Treasury Notes 0.75%, 5/31/12		21,000		21,107,520
0.875%, 2/28/11		6,220		6,240,408
2.125%, 5/31/15		8,635		8,978,414
2.25%, 1/31/15		33,584		35,123,710
2.375%, 8/31/14		31,515		33,152,299
2.50%, 3/31/15		63,975		67,633,730
3.375%, 11/15/19		15,870		17,140,838
3.625%, 2/15/20		10,105		11,121,027
3.75%, 11/15/18		37,815		42,340,666
Total Governments - Treasuries (cost $261,521,224)				279,216,216

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	Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THRU’S – 18.5%
Agency Fixed Rate 30-Year – 17.4%
Federal Home Loan Mortgage Corp. Gold 6.50%, TBA	$	4,610	$	5,009,775
Series 2005 4.50%, 8/01/35-10/01/35		2,769		2,924,768
Series 2006 4.50%, 1/01/36-5/01/36		151		158,747
Series 2007 5.50%, 7/01/35		3,879		4,189,946
Series 2008 6.50%, 5/01/35		3,975		4,405,211
Federal National Mortgage Association 5.50%, 1/01/35-9/01/40		31,459		33,691,703
6.00%, 5/01/31-2/01/39		44,865		48,387,805
Series 2003 5.00%, 11/01/33		11,737		12,582,790
5.50%, 4/01/33-7/01/33		13,708		14,814,808
Series 2004 5.50%, 4/01/34-11/01/34		10,703		11,551,456
Series 2005 4.50%, 8/01/35-10/01/35		18,765		19,836,537
5.50%, 2/01/35		2,610		2,821,075
6.00%, 4/01/35		8,303		9,119,035
Series 2006 5.00%, 1/01/36-2/01/36		14,095		15,049,672
Series 2007 4.50%, 9/01/35-8/01/37		11,502		12,209,080
5.50%, 8/01/37		19,196		20,745,611
Series 2008 6.00%, 3/01/37		16,318		17,686,935
				235,184,954
Agency ARMs – 1.1%
Federal Home Loan Mortgage Corp. Series 2007 5.996%, 2/01/37(c)		2,179		2,295,254
Series 2009 3.481%, 4/01/36(d)		5,214		5,479,384
Federal National Mortgage Association Series 2003 4.775%, 12/01/33(d)		1,542		1,618,916
Series 2006 5.396%, 2/01/36(d)		1,666		1,747,543
6.089%, 3/01/36(d)		1,159		1,199,196

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	Principal Amount (000)		U.S. $ Value
Series 2007 4.66%, 3/01/34(d)	$	3,117	$	3,250,712
				15,591,005
Total Mortgage Pass-Thru’s (cost $237,673,885)				250,775,959
COMMERCIAL MORTGAGE-BACKED SECURITIES – 8.9%
Non-Agency Fixed Rate CMBS – 8.8%
Banc of America Commercial Mortgage, Inc. Series 2007-1, Class A4 5.451%, 1/15/49		6,845		7,130,620
Series 2007-4, Class A4 5.843%, 2/10/51		6,835		7,289,131
Bear Stearns Commercial Mortgage Securities Series 2007-PW18, Class A4 5.70%, 6/13/50		6,455		6,849,215
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A4 6.294%, 12/10/49		8,585		9,160,462
Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A4 5.306%, 12/10/46		3,065		3,157,081
Credit Suisse Mortgage Capital Certificates Series 2006-C4, Class A3 5.467%, 9/15/39		6,475		6,718,052
Series 2006-C5, Class A3 5.311%, 12/15/39		4,500		4,637,059
Greenwich Capital Commercial Funding Corp. Series 2007-GG11, Class A4 5.736%, 12/10/49		1,470		1,520,811
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LD11, Class A4 6.006%, 6/15/49		855		875,510
LB-UBS Commercial Mortgage Trust Series 2004-C4, Class A4 5.437%, 6/15/29		6,015		6,344,276
Series 2006-C6, Class A4 5.372%, 9/15/39		8,090		8,723,313
Series 2007-C1, Class A4 5.424%, 2/15/40		8,825		9,262,334
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-2, Class A4 6.103%, 6/12/46		3,075		3,406,005
Series 2006-3, Class A4 5.414%, 7/12/46		6,885		7,287,446

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	Principal Amount (000)		U.S. $ Value
Morgan Stanley Capital I Series 2007-HQ13, Class A3 5.569%, 12/15/44	$	8,155	$	7,852,081
Series 2007-IQ13, Class A4 5.364%, 3/15/44		4,035		4,135,521
Wachovia Bank Commercial Mortgage Trust Series 2006-C27, Class A3 5.765%, 7/15/45		8,565		9,306,198
Series 2006-C28, Class A4 5.572%, 10/15/48		7,235		7,535,645
Series 2007-C32, Class A3 5.933%, 6/15/49		6,885		6,857,791
				118,048,551
Non-Agency Floating Rate CMBS – 0.1%
GS Mortgage Securities Corp. II Series 2007-EOP, Class E 0.735%, 3/06/20(a)(c)		1,855		1,651,388
Total Commercial Mortgage-Backed Securities (cost $113,821,109)				119,699,939
CMOs – 2.9%
Agency Floating Rate – 2.0%
Fannie Mae REMICs Series 2004-92, Class FD 0.614%, 5/25/34(c)		4,161		4,152,219
Series 2005-21, Class FM 0.614%, 3/25/35(c)		5,126		5,118,441
Series 2005-72, Class AF 0.564%, 8/25/35(c)		3,753		3,742,813
Series 2005-99, Class AF 0.614%, 12/25/35(c)		3,655		3,648,959
Series 2006-42, Class JF 0.774%, 6/25/36(c)		3,030		3,033,659
Freddie Mac REMICs Series 2920, Class F 0.576%, 1/15/35(c)		3,764		3,743,091
Series 3001, Class HN 0.576%, 5/15/35(c)		3,916		3,903,276
				27,342,458
Non-Agency Fixed Rate – 0.5%
Bear Stearns Alt-A Trust Series 2006-1, Class 22A1 4.84%, 2/25/36		2,884		1,786,425
Series 2006-3, Class 22A1 5.399%, 5/25/36		1,301		618,111
Series 2007-1, Class 21A1 5.423%, 1/25/47		1,957		1,098,809

336 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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	Principal Amount (000)		U.S. $ Value
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 5.113%, 5/25/35	$	2,519	$	2,242,688
Indymac Index Mortgage Loan Trust Series 2006-AR7, Class 4A1 5.605%, 5/25/36		1,667		870,646
				6,616,679
Non-Agency Floating Rate – 0.2%
Countrywide Alternative Loan Trust Series 2005-62, Class 2A1 1.386%, 12/25/35(c)		1,190		655,768
Series 2006-OA14, Class 3A1 1.236%, 11/25/46(c)		4,445		2,014,031
Countrywide Home Loan Mortgage Pass Through Trust Series 2004-25, Class M1 0.794%, 2/25/35(c)(e)		2,909		90,853
				2,760,652
Non-Agency ARMs – 0.2%
Citigroup Mortgage Loan Trust, Inc. Series 2006-AR1, Class 3A1 5.50%, 3/25/36(c)		3,256		2,240,716
Agency Fixed Rate – 0.0%
Fannie Mae Grantor Trust Series 2004-T5, Class AB4 0.599%, 5/28/35		392		297,255
Total CMOs (cost $49,634,151)				39,257,760
AGENCIES – 2.3%
Agency Debentures – 2.3%
Federal National Mortgage Association 6.25%, 5/15/29		12,375		16,357,077
6.625%, 11/15/30		10,490		14,587,740
Total Agencies (cost $27,484,397)				30,944,817
GOVERNMENTS - SOVEREIGN BONDS – 1.9%
Brazil – 0.5%
Republic of Brazil 8.25%, 1/20/34		4,730		6,763,900
Croatia – 0.3%
Republic of Croatia 6.75%, 11/05/19(a)		3,365		3,759,826

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	Principal Amount (000)		U.S. $ Value
Lithuania – 0.1%
Republic of Lithuania 6.75%, 1/15/15(a)	$	1,130	$	1,224,637
Peru – 0.5%
Republic of Peru 8.75%, 11/21/33		4,292		6,373,620
Poland – 0.2%
Republic of Poland 3.875%, 7/16/15		2,894		2,980,820
6.375%, 7/15/19		460		539,580
				3,520,400
Russia – 0.3%
Russian Federation 7.50%, 3/31/30(a)(b)		3,419		4,059,730
Total Governments - Sovereign Bonds (cost $21,864,345)				25,702,113
ASSET-BACKED SECURITIES – 1.8%
Credit Cards - Floating Rate – 0.8%
Discover Card Master Trust Series 2009-A1, Class A1 1.576%, 12/15/14(c)+		11,000		11,181,900
Autos - Floating Rate – 0.7%
Wheels SPV LLC Series 2009-1, Class A 1.826%, 3/15/18(a)(c)+		9,249		9,360,954
Home Equity Loans - Floating Rate – 0.1%
Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class M1 0.534%, 5/25/37(c)(e)		3,715		167,944
HSBC Home Equity Loan Trust Series 2005-3, Class A1 0.526%, 1/20/35(c)		831		719,499
Lehman XS Trust Series 2005-4, Class 1M1 0.764%, 10/25/35(c)(e)		4,029		34,843
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2A 0.384%, 4/25/37(c)		142		141,091
Option One Mortgage Loan Trust Series 2006-3, Class M1 0.494%, 2/25/37(c)(e)		1,785		17,554
				1,080,931

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	Principal Amount (000)		U.S. $ Value
Other ABS - Fixed Rate – 0.1%
Dunkin Securitization Series 2006-1, Class A2 5.779%, 6/20/31(a)	$	1,000	$	992,500
Home Equity Loans - Fixed Rate – 0.1%
Asset Backed Funding Certificates Series 2003-WF1, Class A2 1.454%, 12/25/32		584		520,609
Citifinancial Mortgage Securities, Inc. Series 2003-1, Class AFPT 3.36%, 1/25/33		517		444,795
				965,404
Other ABS - Floating Rate – 0.0%
Petra CRE CDO Ltd. Series 2007-1A, Class C 1.364%, 2/25/47(c)(e)(f)		2,220		11,100
SLM Student Loan Trust Series 2003-C, Class A1 0.637%, 9/15/16(c)		27		26,508
				37,608
Total Asset-Backed Securities (cost $35,030,222)				23,619,297
CORPORATES - NON-INVESTMENT GRADES – 1.6%
Industrial – 1.3%
Basic – 0.1%
Westvaco Corp. 8.20%, 1/15/30		670		745,506
Capital Goods – 0.4%
Masco Corp. 4.80%, 6/15/15		4,795		4,629,021
Consumer Cyclical - Other – 0.3%
Wyndham Worldwide Corp. 6.00%, 12/01/16		4,535		4,628,194
Consumer Non-Cyclical – 0.2%
Universal Health Services, Inc. 7.125%, 6/30/16		2,345		2,506,078
Technology – 0.3%
Xerox Capital Trust I 8.00%, 2/01/27		4,410		4,497,345
				17,006,144

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	Principal Amount (000)		U.S. $ Value
Financial Institutions – 0.3%
Banking – 0.3%
RBS Capital Trust III 5.512%, 9/30/14	$	562	$	330,175
Regions Financial Corp. 6.375%, 5/15/12		975		989,087
Union Planters Corp. 7.75%, 3/01/11		2,817		2,852,306
				4,171,568
Finance – 0.0%
International Lease Finance Corp. 5.65%, 6/01/14		524		486,010
				4,657,578
Total Corporates - Non-Investment Grades (cost $21,531,197)				21,663,722
GOVERNMENTS - SOVEREIGN AGENCIES – 1.6%
Germany – 0.2%
Landwirtschaftliche Rentenbank 5.125%, 2/01/17		2,695		3,131,013
South Korea – 0.1%
Korea Development Bank 4.625%, 9/16/10		1,335		1,336,840
United Kingdom – 1.3%
Royal Bank of Scotland PLC (The) 1.45%, 10/20/11(a)		10,450		10,525,679
2.625%, 5/11/12(a)		6,000		6,151,116
				16,676,795
Total Governments - Sovereign Agencies (cost $20,547,285)				21,144,648
INFLATION-LINKED SECURITIES – 1.0%
United States – 1.0%
U.S. Treasury Inflation Index 3.00%, 7/15/12 (TIPS) (cost $13,261,178)		12,814		13,585,850
QUASI-SOVEREIGNS – 0.9%
Quasi-Sovereign Bonds – 0.9%
Kazakhstan – 0.1%
KazMunaiGaz Finance Sub BV 7.00%, 5/05/20(a)		1,990		2,129,300

340 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Malaysia – 0.3%
Petronas Capital Ltd. 5.25%, 8/12/19(a)	$	3,390	$	3,811,845
Russia – 0.5%
RSHB Capital SA for OJSC Russian Agricultural Bank 7.75%, 5/29/18(a)		5,677		6,415,010
Total Quasi-Sovereigns (cost $10,788,857)				12,356,155
SUPRANATIONALS – 0.4%
European Investment Bank 4.875%, 2/15/36		1,970		2,265,994
International Bank for Reconstruction & Development 9.25%, 7/15/17		2,340		3,369,055
Total Supranationals (cost $4,993,032)				5,635,049
LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.3%
California – 0.3%
State of California 7.625%, 3/01/40 (cost $3,379,590)		3,310		3,782,734
SHORT-TERM INVESTMENTS – 8.5%
Investment Companies – 8.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(g) (cost $115,478,509)		115,478,509		115,478,509
Total Investments – 103.2% (cost $1,333,848,691)				1,396,149,901
Other assets less liabilities – (3.2)%				(42,727,156	)
Net Assets – 100.0%			$	1,353,422,745

(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 August 31, 2010, the aggregate market value of these securities amounted to $115,564,728 or 8.5% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2010.

(c) Floating Rate Security. Stated interest rate was in effect at August 31, 2010.

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(d) Variable rate coupon, rate shown as of August 31, 2010.

(e) Illiquid security.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of August 31, 2010, are considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Petra CRE CDO Ltd. Series 2007-1A, Class C 1.364%, 2/25/47		5/25/07	$	2,169,698	$	11,100		0.00	%

(g) 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 market value of the collateral amounted to $20,542,854.

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 August 31, 2010, the fund’s total exposure to subprime investments was 1.01% of net assets. These investments are valued in accordance with the fund’s Valuation Policies (see Note A for additional details).

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CDO – Collateralized Debt Obligations

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

342 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 100.0%
United States – 100.0%
U.S. Treasury Inflation Index 1.375%, 1/15/20 (TIPS)(a)	U.S.	$ 36,937	$	38,547,677
1.625%, 1/15/15 (TIPS)(a)		106,260		112,536,194
1.625%, 1/15/18 (TIPS)		54,328		58,147,502
1.875%, 7/15/13-7/15/19 (TIPS)		93,781		99,842,421
1.875%, 7/15/15 (TIPS)(a)		41,413		44,579,907
2.00%, 7/15/14 (TIPS)(a)		72,250		77,550,185
2.00%, 1/15/16-1/15/26 (TIPS)		29,882		32,556,171
2.125%, 1/15/19 (TIPS)(a)		32,945		36,558,159
2.375%, 1/15/17 (TIPS)		60,993		67,992,844
2.375%, 1/15/25 (TIPS)(a)		6,314		7,237,663
3.00%, 7/15/12 (TIPS)(a)		43,000		45,590,360
3.375%, 1/15/12 (TIPS)(a)		44,266		46,368,440
Total Inflation-Linked Securities (cost $625,573,538)				667,507,523
CORPORATES - INVESTMENT GRADES – 17.7%
Industrial – 9.0%
Basic – 1.8%
Alcoa, Inc. 5.375%, 1/15/13		1,580		1,679,485
ArcelorMittal 6.125%, 6/01/18		1,570		1,665,673
Dow Chemical Co. (The) 8.55%, 5/15/19		1,370		1,717,274
Eastman Chemical Co. 5.50%, 11/15/19		1,615		1,789,339
Freeport-McMoRan Copper & Gold, Inc. 8.25%, 4/01/15		1,525		1,631,750
International Paper Co. 9.375%, 5/15/19		1,315		1,702,629
Xstrata Canada Financial Corp. 5.875%, 5/27/11	EUR	1,215		1,582,452
				11,768,602
Capital Goods – 0.5%
CRH Finance BV 7.375%, 5/28/14		1,100		1,571,847
Republic Services, Inc. 5.25%, 11/15/21	U.S.$	1,675		1,860,985
				3,432,832
Communications - Media – 0.5%
RR Donnelley & Sons Co. 4.95%, 4/01/14		1,650		1,706,049

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	Principal Amount (000)		U.S. $ Value
Time Warner Cable, Inc. 7.50%, 4/01/14	U.S.$	1,435	$	1,688,705
				3,394,754
Communications - Telecommunications – 1.3%
American Tower Corp. 5.05%, 9/01/20		1,355		1,366,573
Deutsche Telekom International Finance BV 7.125%, 9/26/12	GBP	1,355		2,280,316
Embarq Corp. 7.082%, 6/01/16	U.S.$	1,510		1,646,196
Koninklijke KPN NV 5.00%, 11/13/12	EUR	1,185		1,599,091
United States Cellular Corp. 6.70%, 12/15/33	U.S.$	1,715		1,834,052
				8,726,228
Consumer Cyclical - Automotive – 0.2%
Harley-Davidson Funding Corp. 5.75%, 12/15/14(b)		1,640		1,726,043
Consumer Cyclical - Entertainment – 0.2%
Viacom, Inc. 6.25%, 4/30/16		1,495		1,742,587
Consumer Cyclical - Other – 0.2%
Carnival PLC 4.25%, 11/27/13	EUR	1,225		1,624,130
Consumer Cyclical - Retailers – 0.3%
CVS Caremark Corp. 6.60%, 3/15/19	U.S.$	1,485		1,781,998
Consumer Non-Cyclical – 1.3%
Altria Group, Inc. 9.25%, 8/06/19		1,365		1,788,869
Bunge Ltd. Finance Corp. 5.10%, 7/15/15		1,610		1,694,136
Delhaize Group SA 5.875%, 2/01/14		1,515		1,710,382
Fortune Brands, Inc. 5.125%, 1/15/11		1,615		1,639,026
Reynolds American, Inc. 7.625%, 6/01/16		1,480		1,736,561
				8,568,974

344 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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	Principal Amount (000)		U.S. $ Value
Energy – 1.8%
Anadarko Petroleum Corp. 5.95%, 9/15/16	U.S.$	1,500	$	1,485,596
Hess Corp. 8.125%, 2/15/19		1,355		1,765,997
Nabors Industries, Inc. 9.25%, 1/15/19		1,330		1,712,484
Noble Energy, Inc. 8.25%, 3/01/19		1,370		1,773,220
Noble Holding International Ltd. 4.90%, 8/01/20		124		132,540
Valero Energy Corp. 6.875%, 4/15/12		1,525		1,642,274
Weatherford International Ltd. 5.15%, 3/15/13		1,560		1,670,329
Williams Cos., Inc. (The) 7.875%, 9/01/21		1,410		1,712,372
				11,894,812
Technology – 0.6%
Agilent Technologies, Inc. 5.00%, 7/15/20		249		264,326
Motorola, Inc. 7.50%, 5/15/25		1,540		1,832,196
Xerox Corp. 8.25%, 5/15/14		1,425		1,707,683
				3,804,205
Transportation - Railroads – 0.3%
CSX Corp. 7.375%, 2/01/19		1,445		1,825,775
				60,290,940
Financial Institutions – 6.6%
Banking – 3.0%
Bank of Scotland PLC 5.625%, 5/23/13	EUR	1,190		1,603,913
Barclays Bank PLC 5.45%, 9/12/12	U.S.$	1,535		1,655,883
BBVA Senior Finance SAU Series G 3.625%, 5/14/12	EUR	1,200		1,548,634
Capital One Financial Corp. 7.375%, 5/23/14	U.S.$	1,445		1,683,347
Citigroup, Inc. 5.50%, 4/11/13		1,565		1,661,614
Goldman Sachs Group, Inc. (The) 6.00%, 6/15/20		1,565		1,685,856
Macquarie Group Ltd. 7.625%, 8/13/19(b)		1,470		1,719,008

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	Principal Amount (000)		U.S. $ Value
Morgan Stanley 5.50%, 7/24/20	U.S.$	1,670	$	1,682,480
Santander International Debt SA 5.125%, 4/11/11	EUR	1,200		1,546,974
Standard Chartered Bank 5.875%, 9/26/17(b)		1,150		1,652,924
UBS AG/Stamford CT 5.875%, 7/15/16	U.S.$	1,610		1,775,435
Wachovia Corp. 5.50%, 5/01/13		1,535		1,685,115
				19,901,183
Brokerage – 0.1%
Jefferies Group, Inc. 6.875%, 4/15/21		654		694,568
Insurance – 3.5%
Aetna, Inc. 6.75%, 12/15/37		1,550		1,864,788
Allstate Corp. (The) 6.125%, 5/15/37		1,725		1,565,438
CIGNA Corp. 5.125%, 6/15/20		583		630,439
Genworth Financial, Inc. 6.515%, 5/22/18		1,675		1,675,839
Humana, Inc. 7.20%, 6/15/18		1,520		1,741,219
Lincoln National Corp. 8.75%, 7/01/19		1,350		1,723,746
Markel Corp. 7.125%, 9/30/19		543		622,952
Marsh & McLennan Cos., Inc. 5.375%, 7/15/14		1,585		1,697,822
Metropolitan Life Global Funding I 5.125%, 4/10/13(b)		1,545		1,682,950
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(b)		1,410		1,712,775
Principal Financial Group, Inc. 7.875%, 5/15/14		1,445		1,709,765
Prudential Financial, Inc. Series D 7.375%, 6/15/19		1,425		1,733,344
Swiss Re Capital I LP 6.854%, 5/25/16(b)		1,815		1,572,933
UnitedHealth Group, Inc. 5.25%, 3/15/11		1,600		1,635,709
XL Capital Ltd. 5.25%, 9/15/14		1,590		1,688,855
				23,258,574
				43,854,325

346 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Utility – 2.1%
Electric – 0.8%
Nisource Finance Corp. 6.15%, 3/01/13	U.S.$	1,530	$	1,679,036
Ohio Power Co. Series F 5.50%, 2/15/13		350		380,837
PPL Energy Supply LLC 6.50%, 5/01/18		1,550		1,772,744
Teco Finance, Inc. 4.00%, 3/15/16		1,680		1,757,108
				5,589,725
Natural Gas – 1.3%
DCP Midstream LLC 9.75%, 3/15/19(b)		1,290		1,713,613
Enterprise Products Operating LLC Series G 5.60%, 10/15/14		1,525		1,703,731
EQT Corp. 8.125%, 6/01/19		1,385		1,701,762
Spectra Energy Capital LLC 8.00%, 10/01/19		1,395		1,771,636
Williams Partners LP 3.80%, 2/15/15		1,660		1,736,704
				8,627,446
				14,217,171
Total Corporates - Investment Grades (cost $116,229,011)				118,362,436
GOVERNMENTS - SOVEREIGN AGENCIES – 7.4%
Australia – 0.4%
Suncorp-Metway Ltd. 2.026%, 7/16/12(b)(c)		2,600		2,665,965
Netherlands – 2.0%
NIBC Bank NV 3.125%, 2/17/12	EUR	5,050		6,589,651
SNS Bank NV 2.875%, 1/30/12		5,090		6,612,285
				13,201,936
United Kingdom – 1.4%
Lloyds TSB Bank PLC 2.75%, 3/16/12	GBP	1,465		2,308,437
Skipton Building Society 2.00%, 4/05/12		1,485		2,306,620

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Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
West Bromwich Building Society 2.00%, 4/05/12	GBP	1,490	$	2,323,084
Yorkshire Building Society 2.00%, 3/30/12		1,490		2,323,201
				9,261,342
United States – 3.6%
Goldman Sachs Group, Inc. (The) FDIC Insured 3.50%, 12/08/11	EUR	18,510		24,181,926
Total Governments - Sovereign Agencies (cost $49,998,950)				49,311,169
COMMERCIAL MORTGAGE - BACKED SECURITIES – 5.6%
Non-Agency Fixed Rate CMBS – 5.6%
Banc of America Commercial Mortgage, Inc. Series 2007-4, Class A4 5.843%, 2/10/51	U.S.$	3,275		3,492,598
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A4 6.294%, 12/10/49		3,445		3,675,922
Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A4 5.306%, 12/10/46		3,350		3,450,643
Series 2007-C9, Class A4 6.01%, 12/10/49		4,250		4,599,964
Greenwich Capital Commercial Funding Corp. Series 2007-GG9, Class A4 5.444%, 3/10/39		3,455		3,618,715
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2006-CB15, Class A4 5.814%, 6/12/43		3,925		4,265,975
Series 2007-C1, Class A4 5.716%, 2/15/51		3,375		3,513,922
LB-UBS Commercial Mortgage Trust Series 2006-C4, Class A4 6.08%, 6/15/38		3,220		3,525,587
Series 2007-C1, Class A4 5.424%, 2/15/40		3,335		3,500,270
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-3, Class A4 5.414%, 7/12/46		3,265		3,455,848
Total Commercial Mortgage-Backed Securities (cost $35,191,832)				37,099,444

348 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES –2.7%
United States – 2.7%
U.S. Treasury Notes 2.50%, 4/30/15(a) (cost $17,229,700)	U.S.$	16,905	$	17,873,082
SUPRANATIONALS – 2.0%
European Bank for Reconstruction & Development Series G 9.25%, 9/10/12	BRL	5,675		3,273,776
European Investment Bank 0.596%, 3/05/12(c)	U.S.$	3,500		3,518,407
Inter-American Development Bank 0.737%, 3/16/11(c)		6,610		6,621,296
Total Supranationals (cost $13,299,980)				13,413,479
ASSET - BACKED SECURITIES – 1.0%
Credit Cards - Floating Rate – 0.5%
American Express Credit Account Master Trust Series 2007-8, Class A 0.576%, 5/15/15(c)		3,676		3,682,752
Autos - Fixed Rate – 0.5%
Ford Credit Auto Owner Trust Series 2009-D, Class A4 2.98%, 8/15/14		3,120		3,258,932
Total Asset - Backed Securities (cost $6,892,737)				6,941,684
QUASI-SOVEREIGNS – 0.7%
Quasi-Sovereign Bonds – 0.7%
Russia – 0.7%
RSHB Capital SA for OJSC Russian Agricultural Bank 7.75%, 5/29/18(b) (cost $4,975,122)		4,365		4,932,450
CORPORATES - NON-INVESTMENT GRADES – 0.4%
Industrial – 0.2%
Consumer Non-Cyclical – 0.2%
Universal Health Services, Inc. 7.125%, 6/30/16		1,485		1,587,005

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Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Financial Institutions – 0.2%
Finance – 0.2%
Ziggo Bond Co. BV 8.00%, 5/15/18(b)	EUR	760	$	977,557
Total Corporates - Non-Investment Grades (cost $2,627,911)				2,564,562
GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Poland – 0.1%
Republic of Poland 3.875%, 7/16/15 (cost $774,746)	U.S.	$ 777		800,310
EMERGING MARKETS - CORPORATE BONDS – 0.1%
Industrial – 0.1%
Energy – 0.1%
Ecopetrol SA 7.625%, 7/23/19 (cost $662,361)		590		703,575
	Shares
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(d) (cost $4,138,117)		4,138,117		4,138,117
Total Investments – 138.3%(cost $877,594,005)				923,647,831
Other assets less liabilities – (38.3)%				(255,883,916	)
Net Assets – 100.0%			$	667,763,915

350 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
German Euro Schatz Futures		206		September 2010	$	28,566,142	$	28,664,990	$	98,848
Sold Contracts
Japan Government Bonds 10 Yr Futures		8		September 2010		13,383,106		13,616,474		(233,368)
									$	(134,520	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Australian Dollar settling 10/26/10		8,072	$	7,086,375	$	7,135,905	$	49,530
Brazilian Real settling 9/02/10		5,928		3,371,057		3,375,376		4,319
Brazilian Real settling 9/02/10		5,928		3,375,857		3,375,376		(481	)
Canadian Dollar settling 9/22/10		6,897		6,600,846		6,465,555		(135,291	)
Euro settling 10/08/10(1)		5,184		6,598,548		6,569,479		(29,069	)
Malaysian Ringgit settling 9/27/10		10,754		3,428,114		3,421,151		(6,963	)
Norwegian Krone settling 9/02/10		353		54,747		55,903		1,156
Norwegian Krone settling 9/02/10		26,690		4,257,685		4,231,527		(26,158	)
Norwegian Krone settling 11/04/10		16,546		2,621,914		2,614,512		(7,402	)
South Korean Won settling 9/30/10		16,545,519		13,795,405		13,780,468		(14,937	)
Swedish Krona settling 10/20/10		31,907		4,320,795		4,313,350		(7,445	)
Sale Contracts:
Brazilian Real settling 9/02/10		5,928		3,375,857		3,375,376		481
Brazilian Real settling 9/02/10		5,928		3,366,845		3,375,376		(8,531	)
Brazillian Real settling 10/04/10		5,928		3,348,965		3,354,271		(5,306	)
Canadian Dollar settling 9/22/10		6,891		6,638,511		6,459,693		178,818
Euro settling 10/28/10		46,316		58,695,573		58,689,509		6,064
Japanese Yen settling 9/16/10		1,437,797		16,277,926		17,117,045		(839,119)
Norwegian Krone settling 9/02/10		10,496		1,719,837		1,664,123		55,714

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Bond Inflation Protection Portfolio—Portfolio of Investments

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Pound Sterling settling 9/27/10		7,571	$	11,548,085	$	11,608,611	$	(60,526	)
South Korean Won settling 9/30/10		1,410,111		1,181,987		1,174,456		7,531
Swiss Franc settling 10/08/10(1)		6,758		6,598,548		6,658,894		(60,346	)
Swiss Franc settling 10/08/10		4,248		4,063,762		4,185,988		(122,226	)

(1) Represents a cross-currency purchase of Euro and a sale of Swiss Franc.

CREDIT DEFAULT SWAP CONTRACTS ON INDICES (see Note C)

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at August 31, 2010			Notional Amount (000)		Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Sale Contracts:
Bank of America: CDX - NAHYS14V1 - 5 Year Index, 6/20/15*		5.00	%		611.62	%	$	19,880	$	(633,779	)	$	(115,366)		$	(749,140)
Bank of America: CDX - NAIGS14V1 - 5 Year Index, 6/20/15*		1.00			114.75			66,270		(311,138	)		(413,190	)		(724,328	)

* Termination date

REVERSE REPURCHASE AGREEMENTS (see Note C)

Broker	Interest Rate			Maturity		U.S. $ Value at August 31, 2010
Bank of America		0.21	%		12/31/10	$	24,643,818
Bank of America		0.22	%		9/13/10		6,994,022
Bank of America		0.24	%		9/02/10		40,375,304
Bank of America		0.24	%		9/23/10		25,257,597
Bank of America		0.24	%		12/31/10		8,873,577
Bank of America		0.36	%		12/31/10		25,042,012
Barclays Bank		0.15	%		12/31/10		17,583,398
Barclays Bank		0.24	%		9/13/10		20,680,276
Barclays Bank		0.24	%		12/31/10		6,715,616
Jefferies Group, Inc.		0.25	%		9/30/10		39,729,783
Paribas		0.25	%		9/30/10		42,358,823
						$	258,254,226

352 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

(a) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The market value of the collateral amounted to $228,815,850.

(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 August 31, 2010, the aggregate market value of these securities amounted to $20,356,218 or 3.0% of net assets.

(c) Floating Rate Security. Stated interest rate was in effect at August 31, 2010.

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

Currency Abbreviations:

BRL – Brazilian Real

EUR – Euro

GBP – Pound Sterling

Glossary:

CMBS – Commercial Mortgage-Backed Securities

FDIC – Federal Deposit Insurance Corporation

OJSC – Open Joint Stock Company

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

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Bond Inflation Protection Portfolio—Portfolio of Investments

HIGH-YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES – 75.5%
Industrial – 54.9%
Basic – 7.4%
AK Steel Corp. 7.625%, 5/15/20	U.S.$	318	$	320,385
Algoma Acquisition Corp. 9.875%, 6/15/15(a)		1,050		918,750
Appleton Papers, Inc. 10.50%, 6/15/15(a)		435		403,463
Arch Western Finance LLC 6.75%, 7/01/13		696		699,480
Boise Paper Holdings LLC / Boise Finance Co. 9.00%, 11/01/17		267		281,018
Consol Energy, Inc. 8.25%, 4/01/20(a)		525		557,156
Domtar Corp. 7.125%, 8/15/15		626		666,690
Drummond Co., Inc. 7.375%, 2/15/16		530		530,663
Evraz Group SA 8.25%, 11/10/15(a)		394		406,805
8.875%, 4/24/13(a)		200		208,500
9.50%, 4/24/18(a)		1,220		1,358,775
Georgia-Pacific LLC 7.125%, 1/15/17(a)		595		627,725
8.25%, 5/01/16(a)		375		410,625
8.875%, 5/15/31		1,330		1,476,300
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 4.876%, 11/15/14(b)		525		431,813
8.875%, 2/01/18		486		449,550
9.75%, 11/15/14		525		515,813
Huntsman International LLC 5.50%, 6/30/16		400		376,500
7.875%, 11/15/14		1,330		1,339,975
Ineos Group Holdings PLC 8.50%, 2/15/16(a)		1,725		1,367,062
Kerling PLC 10.625%, 1/28/17(a)	EUR	885		1,141,154
Kronos International, Inc. 6.50%, 4/15/13		825		940,933
LBI Escrow Corp. 8.00%, 11/01/17(a)	U.S.$	490		526,138
Lyondell Chemical Co. 11.00%, 5/01/18		715		776,669

354 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
MacDermid, Inc. 9.50%, 4/15/17(a)	U.S.$	675	$	684,281
Momentive Performance Materials, Inc. 10.125%, 12/01/14(c)		1,032		982,956
New Enterprise Stone & Lime Co. 11.00%, 9/01/18(a)		950		945,250
NewMarket Corp. 7.125%, 12/15/16		615		608,850
NewPage Corp. 10.00%, 5/01/12		1,647		547,627
Norske Skogindustrier ASA 6.125%, 10/15/15(a)		761		509,870
Nova Chemicals Corp. 8.625%, 11/01/19		501		516,030
Novelis, Inc. 7.25%, 2/15/15		2,190		2,195,475
Peabody Energy Corp. 5.875%, 4/15/16		900		906,750
7.375%, 11/01/16		545		594,050
Rhodia SA 3.585%, 10/15/13(a)(b)	EUR	980		1,204,648
Solutia, Inc. 7.875%, 3/15/20	U.S.$	268		280,060
Steel Capital SA for OAO Severstal 9.25%, 4/19/14(a)		1,438		1,553,040
Steel Dynamics, Inc. 7.75%, 4/15/16		2,230		2,296,900
United States Steel Corp. 7.00%, 2/01/18		1,825		1,834,125
7.375%, 4/01/20		370		374,625
Verso Paper Holdings LLC/Verso Paper, Inc. Series B 11.375%, 8/01/16		900		720,000
Weyerhaeuser Co. 7.375%, 3/15/32		2,485		2,522,471
				36,008,950
Capital Goods – 4.3%
Alion Science and Technology Corp. 10.25%, 2/01/15		620		471,975
AMH Holdings, Inc. 11.25%, 3/01/14		1,135		1,150,606
Berry Plastics Corp. 8.875%, 9/15/14		1,260		1,200,150
Bombardier, Inc. 7.50%, 3/15/18(a)		624		664,560
8.00%, 11/15/14(a)		1,120		1,170,400

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High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Building Materials Corp. of America 7.00%, 2/15/20(a)	U.S.$	689	$	685,555
7.50%, 3/15/20(a)		499		492,763
CNH America LLC 7.25%, 1/15/16		935		965,388
Goodman Global Group, Inc. Zero Coupon, 12/15/14		1,047		664,845
Grohe Holding GMBH 8.625%, 10/01/14(a)	EUR	834		1,025,180
L-3 Communications Corp. 5.875%, 1/15/15	U.S.$	1,248		1,271,400
Masco Corp. 6.125%, 10/03/16		920		924,496
7.125%, 3/15/20		1,500		1,520,101
Mohawk Industries, Inc. 6.875%, 1/15/16		1,377		1,421,752
Nordenia Holdings GMBH 9.75%, 7/15/17(a)	EUR	517		681,375
Owens-Brockway Glass Container, Inc. 6.75%, 12/01/14	U.S.$	2,530		2,605,900
Plastipak Holdings, Inc. 8.50%, 12/15/15(a)		1,180		1,191,800
Pregis Corp. 5.835%, 4/15/13(b)	EUR	500		579,767
RBS Global, Inc./Rexnord LLC 11.75%, 8/01/16	U.S.$	365		390,550
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 7.75%, 10/15/16(a)		118		118,885
RSC Equipment Rental Inc/RSC Holdings III LLC 10.25%, 11/15/19		500		520,000
Terex Corp. 8.00%, 11/15/17		786		750,630
United Rentals North America, Inc. 7.75%, 11/15/13		825		827,063
				21,295,141
Communications - Media – 6.8%
Allbritton Communications Co. 8.00%, 5/15/18		1,410		1,388,850
Cablevision Systems Corp. 8.00%, 4/15/20		1,750		1,868,125
CCH II LLC / CCH II Capital Corp. 13.50%, 11/30/16		1,000		1,185,000

356 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
CCO Holdings LLC/CCO Holdings Capital Corp. 7.875%, 4/30/18(a)	U.S.$	664	$	687,240
8.125%, 4/30/20(a)		219		230,498
Central European Media Enterprises Ltd. 11.625%, 9/15/16(a)	EUR	650		799,001
Charter Communications Operating LLC/Charter Communications Operating Capital 8.00%, 4/30/12(a)	U.S.$	800		842,000
Clear Channel Communications, Inc. 5.50%, 9/15/14		4,809		2,969,557
5.75%, 1/15/13		716		576,380
Clear Channel Worldwide Holdings, Inc. 9.25%, 12/15/17		175		183,138
Columbus International, Inc. 11.50%, 11/20/14(a)		1,128		1,240,800
CSC Holdings LLC 6.75%, 4/15/12		73		76,103
7.625%, 7/15/18		535		569,775
7.875%, 2/15/18		640		688,000
Dex One Corp. 12.00%, 1/29/17		338		247,774
DISH DBS Corp. 6.625%, 10/01/14		970		991,825
7.125%, 2/01/16		650		664,625
Intelsat Corp. 9.25%, 6/15/16		1,650		1,749,000
Intelsat Jackson Holdings SA 11.25%, 6/15/16		612		658,665
Intelsat Luxembourg SA 11.25%, 2/04/17		1,725		1,785,375
11.50%, 2/04/17(c)		847		872,079
Lamar Media Corp. 6.625%, 8/15/15		1,440		1,440,000
Liberty Media LLC 5.70%, 5/15/13		545		557,944
LIN Television Corp. 6.50%, 5/15/13		725		715,937
Nielsen Finance LLC/Nielsen Finance Co. 12.50%, 8/01/16(d)		630		624,487
Quebecor Media, Inc. 7.75%, 3/15/16		2,455		2,504,100
Rainbow National Services LLC 8.75%, 9/01/12(a)		1,224		1,225,530

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 357

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
10.375%, 9/01/14(a)	U.S.$	473	$	490,738
Sinclair Television Group, Inc. 9.25%, 11/01/17(a)		160		164,800
Truvo Subsidiary Corp. 8.375%, 12/01/14(e)(f)		982		35,352
Umbrella Acquisition, Inc. 9.75%, 3/15/15(a)(c)		2,004		1,803,176
Virgin Media Secured Finance PLC 6.50%, 1/15/18		1,500		1,560,000
WMG Holdings Corp. 9.50%, 12/15/14		2,096		1,991,200
				33,387,074
Communications - Telecommunications – 4.3%
Cincinnati Bell, Inc. 8.75%, 3/15/18		1,250		1,193,750
Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/01/15(a)		750		751,875
Cricket Communications, Inc. 7.75%, 5/15/16		800		826,000
9.375%, 11/01/14		1,335		1,351,687
Crown Castle International Corp. 7.125%, 11/01/19		1,000		1,037,500
Digicel Group Ltd. 10.50%, 4/15/18(a)		1,083		1,161,518
Fairpoint Communications, Inc. Series 1 13.125%, 4/02/18(e)		1,966		152,372
Frontier Communications Corp. 6.25%, 1/15/13		1,351		1,398,285
9.00%, 8/15/31		545		554,538
Level 3 Financing, Inc. 8.75%, 2/15/17		1,685		1,428,037
9.25%, 11/01/14		1,200		1,057,500
Mobile Telesystems Finance SA 8.00%, 1/28/12(a)		1,558		1,635,900
Qwest Communications International, Inc. 7.50%, 2/15/14		350		356,563
Sprint Capital Corp. 6.875%, 11/15/28		1,315		1,098,025
8.75%, 3/15/32		1,180		1,137,225
Sprint Nextel Corp. 6.00%, 12/01/16		1,000		933,750
tw telecom holdings, Inc 8.00%, 3/01/18		1,039		1,080,560

358 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Windstream Corp. 7.875%, 11/01/17	U.S.$	675	$	685,125
8.125%, 9/01/18(a)		1,900		1,933,250
8.625%, 8/01/16		1,070		1,104,775
				20,878,235
Consumer Cyclical - Automotive – 3.9%
Affinia Group, Inc. 9.00%, 11/30/14		495		507,375
Allison Transmission, Inc. 11.00%, 11/01/15(a)		560		602,000
Cooper-Standard Automotive, Inc. 8.50%, 5/01/18(a)		625		639,062
Ford Motor Credit Co. LLC 3.277%, 1/13/12(b)		2,785		2,729,300
7.00%, 10/01/13		4,474		4,671,268
8.00%, 12/15/16		2,665		2,894,017
Goodyear Tire & Rubber Co. (The) 8.625%, 12/01/11		550		574,750
9.00%, 7/01/15		2,007		2,102,332
Keystone Automotive Operations, Inc. 9.75%, 11/01/13(f)		1,436		552,860
Lear Corp. 7.875%, 3/15/18		150		155,250
8.125%, 3/15/20		250		259,375
Navistar International Corp. 8.25%, 11/01/21		1,010		1,057,975
Tenneco, Inc. 8.625%, 11/15/14		1,475		1,511,875
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc. 10.625%, 9/01/17(a)		829		791,695
				19,049,134
Consumer Cyclical - Entertainment – 0.5%
AMC Entertainment, Inc. 11.00%, 2/01/16		520		549,900
Greektown Holdings LLC 10.75%, 12/01/13(e)(g)		525		30,188
Pinnacle Entertainment, Inc. 7.50%, 6/15/15		600		580,500
8.75%, 5/15/20		625		603,125
Regal Entertainment Group 9.125%, 8/15/18		770		789,250
				2,552,963

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 359

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 5.6%
Beazer Homes USA, Inc. 12.00%, 10/15/17	U.S.$	425	$	478,656
Boyd Gaming Corp. 7.125%, 2/01/16		900		756,000
7.75%, 12/15/12		512		515,200
Broder Brothers Co. 12.00%, 10/15/13(c)(g)		330		273,678
Chukchansi Economic Development Authority 8.00%, 11/15/13(a)		540		313,200
DR Horton, Inc. 6.50%, 4/15/16		1,180		1,184,425
Harrah’s Operating Co., Inc. 5.75%, 10/01/17		514		322,535
10.75%, 2/01/16		1,016		789,940
11.25%, 6/01/17		750		802,500
Host Hotels & Resorts LP 6.875%, 11/01/14		385		393,663
Series Q 6.75%, 6/01/16		935		949,025
Isle of Capri Casinos, Inc. 7.00%, 3/01/14		620		534,750
K Hovnanian Enterprises, Inc. 6.25%, 1/15/16		1,355		894,300
10.625%, 10/15/16		500		485,000
KB Home 6.375%, 8/15/11		125		126,563
Lennar Corp. Series B 6.50%, 4/15/16		2,500		2,350,000
Levi Strauss & Co. 8.875%, 4/01/16		742		780,955
Marina District Finance Co., Inc. 9.875%, 8/15/18(a)		95		94,763
MGM Mirage 6.625%, 7/15/15		1,222		966,907
7.625%, 1/15/17		2,060		1,617,100
8.375%, 2/01/11		524		524,000
Mohegan Tribal Gaming Authority 7.125%, 8/15/14		645		370,875
NCL Corp. Ltd. 11.75%, 11/15/16		1,000		1,105,000
Pulte Group, Inc. 5.25%, 1/15/14		590		579,675
Quiksilver, Inc. 6.875%, 4/15/15		650		601,250

360 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Royal Caribbean Cruises Ltd. 7.00%, 6/15/13	U.S.$	2,385	$	2,435,681
8.75%, 2/02/11		346		352,920
Standard Pacific Corp. 10.75%, 9/15/16		555		584,137
Starwood Hotels & Resorts Worldwide, Inc. 6.25%, 2/15/13		2,065		2,178,575
7.875%, 5/01/12		539		575,383
Station Casinos, Inc. 6.625%, 3/15/18(e)		3,610		9,025
William Lyon Homes, Inc. 10.75%, 4/01/13		847		723,126
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.75%, 8/15/20(a)		2,650		2,676,500
				27,345,307
Consumer Cyclical - Restaurants – 0.1%
Sbarro, Inc. 10.375%, 2/01/15		415		269,750
Consumer Cyclical - Retailers – 3.5%
Asbury Automotive Group, Inc. 7.625%, 3/15/17		77		73,535
AutoNation, Inc. 6.75%, 4/15/18		120		120,450
Bon-Ton Department Stores, Inc. (The) 10.25%, 3/15/14		1,195		1,111,350
Burlington Coat Factory Warehouse Corp. 11.125%, 4/15/14		700		724,500
Couche-Tard US LP/Couche-Tard Finance Corp. 7.50%, 12/15/13		1,006		1,022,347
Dollar General Corp. 10.625%, 7/15/15		425		466,438
GameStop Corp./GameStop, Inc. 8.00%, 10/01/12		790		806,787
JC Penney Corp., Inc. 7.40%, 4/01/37		525		533,531
Limited Brands, Inc. 5.25%, 11/01/14		1,028		1,035,710
6.90%, 7/15/17		1,645		1,702,575
Ltd. Brands, Inc. 7.00%, 5/01/20		500		522,500

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 361

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Macy’s Retail Holdings, Inc. 5.75%, 7/15/14	U.S.$	960	$	986,400
5.90%, 12/01/16		1,495		1,539,850
Michaels Stores, Inc. 10.00%, 11/01/14		345		359,663
11.375%, 11/01/16		565		605,962
MU Finance PLC 8.375%, 2/01/17(a)		750		723,750
Neiman Marcus Group, Inc. (The) 9.00%, 10/15/15(c)		619		626,850
Rite Aid Corp. 6.875%, 8/15/13		1,080		966,600
8.00%, 8/15/20(a)		1,000		993,750
9.50%, 6/15/17		445		352,663
Toys R US - Delaware, Inc. 7.375%, 9/01/16(a)		805		813,050
Toys R US, Inc. 7.375%, 10/15/18		900		857,250
				16,945,511
Consumer Non-Cyclical – 6.1%
ACCO Brands Corp. 7.625%, 8/15/15		1,000		955,000
10.625%, 3/15/15		760		836,000
ARAMARK Corp. 8.50%, 2/01/15		1,710		1,763,437
Bausch & Lomb, Inc. 9.875%, 11/01/15		390		404,625
Biomet, Inc. 11.625%, 10/15/17		520		572,000
BioScrip, Inc. 10.25%, 10/01/15		500		505,625
Care UK Health & Social Care PLC 9.75%, 8/01/17(a)	GBP	525		815,231
Catalent Pharma Solutions, Inc. 9.50%, 4/15/15(c)	U.S.$	1,320		1,318,686
CHS/Community Health Systems, Inc. 8.875%, 7/15/15		891		924,412
DaVita, Inc. 6.625%, 3/15/13		739		742,695
7.25%, 3/15/15		719		743,266
Dean Foods Co. 7.00%, 6/01/16		921		863,438
Del Monte Corp. 6.75%, 2/15/15		395		406,356
DJO Finance LLC / DJO Finance Corp. 10.875%, 11/15/14		520		557,050

362 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Dole Food Co., Inc. 8.00%, 10/01/16(a)	U.S.$	500	$	515,625
Elan Finance PLC/Elan Finance Corp. 8.75%, 10/15/16(a)		500		482,500
Gentiva Health Services, Inc. 11.50%, 9/01/18(a)		425		439,875
Hanger Orthopedic Group, Inc. 10.25%, 6/01/14		670		703,500
HCA, Inc. 6.375%, 1/15/15		3,348		3,272,670
6.50%, 2/15/16		1,520		1,472,500
6.75%, 7/15/13		650		656,500
9.625%, 11/15/16(c)		2,803		3,009,721
Healthsouth Corp. 10.75%, 6/15/16		480		523,200
IASIS Healthcare LLC/IASIS Capital Corp. 8.75%, 6/15/14		424		432,480
Jarden Corp. 7.50%, 1/15/20		780		792,675
Mylan, Inc. 7.625%, 7/15/17(a)		125		129,063
7.875%, 7/15/20(a)		750		781,875
New Albertsons, Inc. 7.45%, 8/01/29		1,220		988,200
Select Medical Corp. 7.625%, 2/01/15		1,015		956,637
Stater Brothers Holdings 8.125%, 6/15/12		594		595,485
Sun Healthcare Group, Inc. 9.125%, 4/15/15		750		782,813
Universal Hospital Services, Inc. 4.134%, 6/01/15(b)		895		762,988
Visant Corp. 7.625%, 10/01/12		883		881,896
				29,588,024
Energy – 5.8%
Antero Resources Finance Corp. 9.375%, 12/01/17		495		511,087
ATP Oil & Gas Corp. 11.875%, 5/01/15(a)		635		512,762
Chaparral Energy, Inc. 8.875%, 2/01/17		900		864,000
Chesapeake Energy Corp. 6.50%, 8/15/17		2,350		2,385,250
6.625%, 8/15/20		500		501,875

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 363

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Cie Generale de Geophysique-Veritas 7.50%, 5/15/15	U.S.$	1,285	$	1,272,150
7.75%, 5/15/17		195		193,538
Citgo Petroleum Corp. 11.50%, 7/01/17(a)		891		953,370
Complete Production Services, Inc. 8.00%, 12/15/16		1,325		1,341,562
Denbury Resources, Inc. 8.25%, 2/15/20		95		101,413
Energy XXI Gulf Coast, Inc. 10.00%, 6/15/13		1,010		1,007,475
Expro Finance Luxembourg SCA 8.50%, 12/15/16(a)		114		106,590
Forest Oil Corp. 7.25%, 6/15/19		1,915		1,917,394
Hercules Offshore, Inc. 10.50%, 10/15/17(a)		604		549,640
Hilcorp Energy I LP/Hilcorp Finance Co. 7.75%, 11/01/15(a)		1,425		1,442,812
Mariner Energy, Inc. 11.75%, 6/30/16		361		456,665
Newfield Exploration Co. 7.125%, 5/15/18		1,135		1,187,494
Offshore Group Investments Ltd. 11.50%, 8/01/15(a)		1,100		1,097,250
OPTI Canada, Inc. 8.25%, 12/15/14		1,588		1,238,640
Parker Drilling Co. 9.125%, 4/01/18(a)		520		520,000
Petrohawk Energy Corp. 7.25%, 8/15/18(a)		800		794,000
Pioneer Natural Resources Co. 5.875%, 7/15/16		995		1,023,907
Plains Exploration & Production Co. 7.75%, 6/15/15		2,015		2,045,225
Pride International, Inc. 7.375%, 7/15/14		634		649,584
Range Resources Corp. 7.50%, 5/15/16		940		977,600
SandRidge Energy, Inc. 8.75%, 1/15/20(a)		525		498,750
Southwestern Energy Co. 7.50%, 2/01/18		1,025		1,155,687
Tesoro Corp. 6.25%, 11/01/12		680		697,000
6.50%, 6/01/17		2,260		2,175,250
				28,177,970

364 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Other Industrial – 0.4%
Mueller Water Products, Inc. 8.75%, 9/01/20(a)	U.S.$	322	$	322,805
Neenah Foundry Co. 15.00%, 7/29/15(f)		300		280,499
Sensus USA, Inc. 8.625%, 12/15/13		655		655,000
Yioula Glassworks SA 9.00%, 12/01/15(g)	EUR	900		741,342
				1,999,646
Services – 1.5%
Realogy Corp. 10.50%, 4/15/14	U.S.$	895		729,425
12.375%, 4/15/15		1,605		1,187,700
Service Corp. International/US 6.75%, 4/01/16		2,000		2,050,000
ServiceMaster Co. (The) 10.75%, 7/15/15(a)(c)		835		874,662
Ticketmaster Entertainment LLC/Ticketmaster Noteco, Inc. 10.75%, 8/01/16		940		1,001,100
Travelport LLC 9.875%, 9/01/14		635		649,288
West Corp. 9.50%, 10/15/14		750		765,000
				7,257,175
Technology – 3.0%
Advanced Micro Devices, Inc. 7.75%, 8/01/20(a)		121		119,790
8.125%, 12/15/17		202		206,545
Alcatel-Lucent USA, Inc. 6.45%, 3/15/29		1,260		850,500
Amkor Technology, Inc. 9.25%, 6/01/16		860		909,450
Ceridian Corp. 11.25%, 11/15/15		450		416,813
DCP LLC/DCP Corp. 10.75%, 8/15/15(a)		680		666,400
First Data Corp. 9.875%, 9/24/15		831		631,560
11.25%, 3/31/16		1,100		723,250
Freescale Semiconductor, Inc. 8.875%, 12/15/14		1,380		1,279,950
10.125%, 12/15/16		1,200		984,000
Interactive Data Corp. 10.25%, 8/01/18(a)		500		515,625

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 365

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Iron Mountain, Inc. 6.625%, 1/01/16	U.S.$	1,360	$	1,360,000
7.75%, 1/15/15		241		243,410
NXP BV/NXP Funding LLC 3.276%, 10/15/13(b)		1,000		935,000
9.50%, 10/15/15		920		894,700
Sanmina-SCI Corp. 8.125%, 3/01/16		500		503,750
Seagate Technology HDD Holdings 6.375%, 10/01/11		1,753		1,801,207
Serena Software, Inc. 10.375%, 3/15/16		875		868,437
SunGard Data Systems, Inc. 9.125%, 8/15/13		1,012		1,033,505
				14,943,892
Transportation - Airlines – 0.8%
AMR Corp. 9.00%, 8/01/12		1,570		1,532,712
Continental Airlines, Inc. 8.75%, 12/01/11		1,330		1,366,575
Series 2003-ERJ1 7.875%, 7/02/18		458		435,374
Delta Air Lines, Inc. 9.50%, 9/15/14(a)		391		419,348
				3,754,009
Transportation - Railroads – 0.3%
Kansas City Southern Railway 13.00%, 12/15/13		311		375,533
Trinity Industries, Inc. 6.50%, 3/15/14		1,300		1,329,250
				1,704,783
Transportation - Services – 0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 7.75%, 5/15/16		1,660		1,606,050
Hertz Corp. (The) 8.875%, 1/01/14		1,145		1,176,488
				2,782,538
				267,940,102
Financial Institutions – 9.8%
Banking – 2.2%
ABN Amro Bank NV 4.31%, 3/10/16	EUR	980		844,496
HBOS Capital Funding LP 6.071%, 6/30/14(a)	U.S.$	1,325		1,033,500

366 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
HT1 Funding GMBH 6.352%, 6/30/17	EUR	825	$	690,007
LBG Capital No.1 PLC 8.00%, 6/15/20(a)	U.S.$	1,750		1,531,250
Royal Bank of Scotland Group PLC 6.99%, 10/05/17(a)		2,715		1,981,950
Smurfit Kappa Acquisitions 7.75%, 11/15/19(a)	EUR	1,000		1,298,932
Swedbank AB 5.75%, 3/17/16	GBP	1,350		1,739,160
UT2 Funding PLC 5.321%, 6/30/16	EUR	634		646,767
Zions Bancorporation 5.50%, 11/16/15	U.S.$	665		631,444
6.00%, 9/15/15		220		211,593
				10,609,099
Brokerage – 0.6%
E*Trade Financial Corp. 7.375%, 9/15/13		995		945,250
Lehman Brothers Holdings, Inc. 5.625%, 1/24/13(e)		5,500		1,189,375
Nuveen Investments, Inc. 10.50%, 11/15/15		900		855,000
				2,989,625
Finance – 4.6%
Ally Financial, Inc. 6.75%, 12/01/14		760		751,162
6.875%, 9/15/11		2,435		2,477,612
8.00%, 11/01/31		1,332		1,312,020
Series 8 6.75%, 12/01/14		1,657		1,644,573
American General Finance Corp. 6.90%, 12/15/17		1,930		1,495,750
Capmark Financial Group, Inc. 5.875%, 5/10/12(e)		3,666		1,255,744
CIT Group, Inc. 7.00%, 5/01/13-5/01/17		6,302		6,000,459
International Lease Finance Corp. 6.375%, 3/25/13		1,715		1,657,119
iStar Financial, Inc. 10.00%, 6/15/14		350		346,500
Series B 5.125%, 4/01/11		1,725		1,617,188
Residential Capital LLC 9.625%, 5/15/15		2,945		2,915,550
Ziggo Bond Co. BV 8.00%, 5/15/18(a)	EUR	800		1,029,007
				22,502,684

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 367

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Insurance – 2.1%
AGFC Capital Trust I 6.00%, 1/15/67(a)	U.S.$	2,245	$	1,010,250
American International Group, Inc. 6.25%, 3/15/87		2,711		1,965,475
8.175%, 5/15/68		1,575		1,350,563
Genworth Financial, Inc. 6.15%, 11/15/66		1,445		1,011,500
ING Capital Funding TR III 8.439%, 12/31/10		1,294		1,229,300
Liberty Mutual Group, Inc. 7.80%, 3/15/37(a)		995		875,600
MBIA Insurance Corp. 14.00%, 1/15/33(a)		2,385		1,073,250
XL Capital Ltd. Series E 6.50%, 4/15/17		2,100		1,582,980
				10,098,918
Other Finance – 0.3%
Aiful Corp. 6.00%, 12/12/11(a)		1,341		1,173,375
iPayment, Inc. 9.75%, 5/15/14		675		610,031
				1,783,406
				47,983,732
Utility – 6.5%
Electric – 5.0%
AES Corp. (The) 7.75%, 3/01/14		1,430		1,496,137
8.00%, 10/15/17		1,240		1,305,100
8.75%, 5/15/13(a)		59		59,959
Calpine Corp. 7.25%, 10/15/17(a)		2,250		2,244,375
CMS Energy Corp. 6.25%, 2/01/20		1,000		1,019,224
Dynegy Holdings, Inc. 7.75%, 6/01/19		2,360		1,522,200
8.375%, 5/01/16		980		732,550
Dynegy Roseton/Danskammer Pass Through Trust Series A 7.27%, 11/08/10		44		43,488
Series B 7.67%, 11/08/16		1,222		1,112,020
Edison Mission Energy 7.00%, 5/15/17		3,840		2,620,800

368 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
7.50%, 6/15/13	U.S.$	360	$	328,050
7.75%, 6/15/16		295		217,194
Energy Future Holdings Corp. 10.875%, 11/01/17		304		180,880
Series P 5.55%, 11/15/14		957		480,893
Series Q 6.50%, 11/15/24		3,106		1,211,340
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc. 10.00%, 12/01/20		792		761,098
Mirant Americas Generation LLC 8.50%, 10/01/21		2,325		2,098,312
NRG Energy, Inc. 7.25%, 2/01/14		420		428,400
7.375%, 2/01/16-1/15/17		2,955		2,977,162
8.25%, 9/01/20(a)		975		981,094
RRI Energy, Inc. 7.625%, 6/15/14		765		751,612
7.875%, 6/15/17		840		774,900
Texas Competitive Electric Holdings Co. LLC Series A 10.25%, 11/01/15		1,401		893,137
				24,239,925
Natural Gas – 1.5%
El Paso Corp. Series G 7.375%, 12/15/12		745		790,331
7.75%, 1/15/32		855		860,666
El Paso Pipeline Partners Operating Co. LLC 6.50%, 4/01/20		1,050		1,120,944
Enterprise Products Operating LLC Series A 8.375%, 8/01/66		1,620		1,668,600
Kinder Morgan Finance Co. ULC 5.70%, 1/05/16		1,765		1,778,238
Regency Energy Partners LP/Regency Energy Finance Corp. 8.375%, 12/15/13		1,089		1,138,005
				7,356,784
				31,596,709

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High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Credit Default Index Holdings – 4.3%
DJ CDX.NA.HY-100 – 4.3%
CDX North America High Yield Series 5-T2 7.25%, 12/29/10(a)	U.S.$	3,881	$	3,968,299
Series 8-T1 7.625%, 6/29/12(a)		15,660		16,717,050
				20,685,349
Total Corporates - Non-Investment Grades (cost $350,203,311)				368,205,892
CORPORATES - INVESTMENT GRADES – 11.3%
Industrial – 5.2%
Basic – 0.7%
ArcelorMittal USA, Inc. 6.50%, 4/15/14		581		639,707
Freeport-McMoRan Copper & Gold, Inc. 8.375%, 4/01/17		485		538,350
Mosaic Co. (The) 7.625%, 12/01/16(a)		1,375		1,496,279
Teck Resources Ltd. 9.75%, 5/15/14		680		842,496
				3,516,832
Capital Goods – 0.5%
Owens Corning 6.50%, 12/01/16		710		760,424
7.00%, 12/01/36		1,055		1,076,598
Tyco International Finance SA 8.50%, 1/15/19		375		500,952
				2,337,974
Communications - Media – 0.2%
DirecTV Holdings LLC/DirecTV Financing Co., Inc. 6.375%, 6/15/15		811		839,385
Communications - Telecommunications – 0.8%
Alltel Corp. 7.875%, 7/01/32		450		603,427
American Tower Corp. 7.00%, 10/15/17		310		358,438

370 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Qwest Corp. 6.50%, 6/01/17	U.S.$	770	$	826,787
6.875%, 9/15/33		2,240		2,200,800
				3,989,452
Consumer Cyclical - Automotive – 0.3%
Volvo Treasury AB 5.95%, 4/01/15(a)		1,250		1,353,116
Consumer Cyclical - Other – 0.3%
Toll Brothers Finance Corp. 5.15%, 5/15/15		1,443		1,458,478
Consumer Cyclical - Retailers – 0.1%
CVS Caremark Corp. 6.302%, 6/01/62		575		527,563
Consumer Non-Cyclical – 0.3%
Reynolds American, Inc. 7.25%, 6/01/12-6/01/13		745		826,937
Ventas Realty LP/Ventas Capital Corp. 6.75%, 4/01/17		832		867,330
				1,694,267
Energy – 1.0%
Anadarko Petroleum Corp. 5.95%, 9/15/16		1,435		1,421,220
BP Capital Markets PLC 4.75%, 3/10/19		279		273,719
National Oilwell Varco, Inc. Series B 6.125%, 8/15/15		856		884,267
TNK-BP Finance SA 7.25%, 2/02/20(a)		204		223,380
7.50%, 7/18/16(a)		520		577,200
Transocean, Inc. 6.80%, 3/15/38		844		807,163
Williams Cos., Inc. (The) 7.875%, 9/01/21		470		570,790
				4,757,739
Other Industrial – 0.3%
Noble Group Ltd. 6.625%, 3/17/15(a)		1,400		1,443,750
Services – 0.2%
Expedia, Inc. 8.50%, 7/01/16		1,070		1,168,975

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High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Technology – 0.5%
Motorola, Inc. 7.50%, 5/15/25	U.S.$	1,470	$	1,748,915
Xerox Corp. 6.40%, 3/15/16		535		617,047
				2,365,962
				25,453,493
Financial Institutions – 5.0%
Banking – 3.0%
Allied Irish Banks PLC 12.50%, 6/25/19	EUR	769		999,016
American Express Co. 6.80%, 9/01/66	U.S.$	900		877,500
Assured Guaranty Municipal Holdings, Inc. 6.40%, 12/15/66(a)		1,400		910,000
Barclays Bank PLC 4.75%, 3/15/20	EUR	520		439,698
5.926%, 12/15/16(a)	U.S.$	1,300		1,137,500
Bear Stearns Cos. LLC (The) 5.55%, 1/22/17		435		467,718
Capital One Financial Corp. 6.75%, 9/15/17		663		786,248
Citigroup, Inc. 5.50%, 4/11/13		400		424,694
Countrywide Financial Corp. 5.80%, 6/07/12		515		547,739
6.25%, 5/15/16		1,221		1,309,127
Countrywide Home Loans, Inc.
Series L 4.00%, 3/22/11		56		57,022
Merrill Lynch & Co., Inc. 5.70%, 5/02/17		1,565		1,629,204
National Capital Trust II 5.486%, 3/23/15(a)		647		597,816
Unicredito Italiano Capital Trust III 4.028%, 10/27/15	EUR	1,300		1,227,365
Wachovia Bank NA 6.75%, 5/25/17	AUD	2,050		1,669,682
Zions Bancorporation 7.75%, 9/23/14	U.S.$	1,480		1,554,542
				14,634,871
Finance – 0.2%
SLM Corp.
5.125%, 8/27/12		255		250,209
8.00%, 3/25/20		525		459,375
Series A 5.00%, 10/01/13		400		377,000
				1,086,584

372 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Insurance – 1.4%
Assured Guaranty US Holdings, Inc. Series A 6.40%, 12/15/66	U.S.$	952	$	647,360
Coventry Health Care, Inc. 5.875%, 1/15/12		683		710,446
5.95%, 3/15/17		60		60,043
6.125%, 1/15/15		30		31,200
6.30%, 8/15/14		185		197,287
Crum & Forster Holdings Corp. 7.75%, 5/01/17		760		785,650
Liberty Mutual Group, Inc. 5.75%, 3/15/14(a)		450		471,974
Metlife Capital Trust IV 7.875%, 12/15/67(a)		750		761,250
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		1,075		1,305,839
Suncorp Metway Insurance Ltd. Series 1 6.75%, 9/23/24	AUD	1,000		769,807
XL Capital Finance Europe PLC 6.50%, 1/15/12	U.S.$	1,000		1,046,779
				6,787,635
REITS – 0.4%
Entertainment Properties Trust 7.75%, 7/15/20(a)		842		829,370
ProLogis 6.875%, 3/15/20		1,250		1,220,019
				2,049,389
				24,558,479
Utility – 0.9%
Electric – 0.8%
Allegheny Energy Supply Co. LLC 8.25%, 4/15/12(a)		380		410,385
KCP&L Greater Missouri Operations Co. 11.875%, 7/01/12		596		685,464
Oncor Electric Delivery Co. LLC 5.95%, 9/01/13		490		546,181
6.80%, 9/01/18		640		777,259
Sierra Pacific Power Co. Series M 6.00%, 5/15/16		440		507,642
Teco Finance, Inc. 6.572%, 11/01/17		500		586,869
7.00%, 5/01/12		332		359,347
				3,873,147

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High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Natural Gas – 0.1%
Tennessee Gas Pipeline Co. 7.00%, 10/15/28	U.S.$	570	$	633,402
				4,506,549
Non Corporate Sectors – 0.2%
Agencies - Not Government Guaranteed – 0.2%
TransCapitalInvest Ltd. for OJSC AK Transneft 7.70%, 8/07/13(a)		640		710,824
Total Corporates - Investment Grades (cost $48,074,060)				55,229,345
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.6%
Non-Agency Fixed Rate CMBS – 2.4%
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C6, Class AJ 5.23%, 12/15/40		1,000		888,451
Credit Suisse Mortgage Capital Certificates Series 2006-C3, Class A3 6.019%, 6/15/38		2,375		2,584,597
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-C1, Class A4 5.716%, 2/15/51		1,100		1,145,278
Series 2007-CB18, Class A4 5.44%, 6/12/47		1,875		1,962,932
Series 2007-LD11, Class A4 6.006%, 6/15/49		2,000		2,047,976
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class A3 5.347%, 11/15/38		1,875		1,988,053
Morgan Stanley Capital I 5.073%, 8/13/42		1,125		995,028
				11,612,315
Non-Agency Floating Rate CMBS – 0.2%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class AJ 5.396%, 7/15/44		1,170		996,792
Total Commercial Mortgage-Backed Securities (cost $11,348,351)				12,609,107

374 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS – 1.9%
Industrial – 1.9%
Basic – 0.3%
Vedanta Resources PLC 8.75%, 1/15/14(a)	U.S.$	1,400	$	1,459,500
Communications - Telecommunications – 0.3%
VIP Finance Ireland Ltd. for OJSC Vimpel Communications 8.375%, 4/30/13(a)		1,560		1,649,700
Consumer Cyclical - Other – 0.1%
MCE Finance Ltd. 10.25%, 5/15/18(a)		460		492,200
Consumer Cyclical - Retailers – 0.2%
Edcon Holdings Proprietary Ltd. 6.219%, 6/15/15(a)(b)	EUR	1,200		1,026,473
Consumer Non-Cyclical – 0.7%
CEDC Finance Corp. International, Inc. 9.125%, 12/01/16(a)	U.S.$	1,000		1,025,000
Foodcorp Ltd. 8.875%, 6/15/12(a)	EUR	1,128		1,452,687
JBS Finance II Ltd. 8.25%, 1/29/18(a)	U.S.$	1,000		1,028,750
				3,506,437
Other Industrial – 0.3%
New Reclamation Group Pty Ltd. (The) 8.125%, 2/01/13(a)	EUR	689		637,091
Savcio Holdings Pty Ltd. 8.00%, 2/15/13(a)	U.S.$	450		558,857
				1,195,948
Total Emerging Markets - Corporate Bonds (cost $8,791,084)				9,330,258
BANK LOANS – 1.5%
Industrial – 1.2%
Capital Goods – 0.3%
Hawker Beechcraft Acquisition Company LLC 10.50%, 3/26/14(b)		1,241		1,227,697

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High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 0.3%
Las Vegas Sands 3.01%, 11/23/16(b)	U.S.$	1,595	$	1,445,285
Energy – 0.4%
Ashmore Energy International 3.53%, 3/30/12(b)		250		230,920
3.53%, 3/30/14(b)		2,072		1,916,857
				2,147,777
Services – 0.2%
Koosharem LLC 10.25%, 6/30/14(b)		1,403		1,080,193
				5,900,952
Financial Institutions – 0.3%
Finance – 0.3%
AGFS Funding Company 7.25%, 4/21/15(b)		875		862,348
CIT Group, Inc. 6.25%, 8/11/15(b)		821		818,250
				1,680,598
Total Bank Loans (cost $7,232,696)				7,581,550
QUASI-SOVEREIGNS – 1.1%
Quasi-Sovereign Bonds – 1.1%
Kazakhstan – 0.3%
KazMunaiGaz Finance Sub BV 8.375%, 7/02/13(a)		400		436,000
9.125%, 7/02/18(a)		950		1,140,000
				1,576,000
Russia – 0.3%
RSHB Capital SA for OJSC Russian Agricultural Bank 6.299%, 5/15/17(a)		1,455		1,509,562
Trinidad & Tobago – 0.2%
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/19(a)		750		900,000
Venezuela – 0.3%
Petroleos de Venezuela SA 5.25%, 4/12/17		2,250		1,288,125
Total Quasi-Sovereigns (cost $4,125,830)				5,273,687

376 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES – 1.0%
Home Equity Loans - Fixed Rate – 0.6%
Countrywide Asset-Backed Certificates 5.054%, 10/25/35	U.S.$	737	$	516,985
Series 2006-15, Class A3 5.689%, 10/25/46		1,525		1,104,701
Lehman XS Trust 5.72%, 5/25/37		1,580		967,302
				2,588,988
Home Equity Loans - Floating Rate – 0.4%
Credit-Based Asset Servicing and Securitization LLC Series 2007-CB2, Class A2C 4.949%, 2/25/37(b)		1,750		1,082,830
GSAA Home Equity Trust Series 2006-6, Class AF5 6.105%, 3/25/36(b)		1,630		985,737
				2,068,567
Total Asset-Backed Securities (cost $4,553,627)				4,657,555
GOVERNMENTS - TREASURIES – 0.9%
Brazil – 0.5%
Brazilian Government International Bond 12.50%, 1/05/16	BRL	3,700		2,408,029
Greece – 0.4%
Hellenic Republic Government Bond Series 30YR 4.60%, 9/20/40	EUR	3,300		2,184,889
Total Governments - Treasuries (cost $4,470,185)				4,592,918
EMERGING MARKETS - SOVEREIGNS – 0.7%
Argentina – 0.4%
Argentina Bonos 7.00%, 10/03/15	U.S.$	2,100		1,763,650

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High-Yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Ukraine – 0.3%
Ukraine Government International Bond 6.75%, 11/14/17(a)	U.S.$	930	$	924,048
6.875%, 3/04/11(a)		700		701,750
				1,625,798
Total Emerging Markets - Sovereigns (cost $2,564,140)				3,389,448
CMOS – 0.7%
Non-Agency Floating Rate – 0.4%
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1 1.886%, 8/25/47(b)		1,466		887,636
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2007-OA4, Class A1A 1.13%, 4/25/47(b)		2,131		1,151,839
				2,039,475
Non-Agency ARMs – 0.3%
Morgan Stanley Mortgage Loan Trust Series 2007-15AR, Class 2A1 5.325%, 11/25/37		1,716		1,161,079
Total CMOs (cost $3,078,965)				3,200,554
	Shares
PREFERRED STOCKS – 0.6%
Financial Institutions – 0.6%
Finance – 0.4%
Ally Financial, Inc. 7.00%(a)		1,687		1,393,515
Citigroup Capital XII 8.50%		29,000		761,250
				2,154,765
REITS – 0.2%
Sovereign Real Estate Investment Trust 12.00%(a)		624		725,400
				2,880,165
Non Corporate Sectors – 0.0%
Agencies - Government Sponsored – 0.0%
Federal Home Loan Mortgage Corp. Series Z 8.375%		36,525		12,053

378 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

	Shares		U.S. $ Value
Federal National Mortgage Association 8.25%		54,625	$	18,846
				30,899
Total Preferred Stocks (cost $4,245,973)				2,911,064
COMMON STOCKS – 0.5%
Broder Brothers Co.		28,873		0
Charter Communications, Inc.(h)		11,716		401,273
CIT Group, Inc.(h)		32,389		1,188,028
Greektown Superholdings, Inc.(g)(i)		397		38
Neenah Enterprises, Inc.(f)(i)		58,199		174,597
Smurfit-Stone Container(h)		40,641		697,806
Total Common Stocks (cost $3,552,707)				2,461,742
	Principal Amount (000)
EMERGING MARKETS - TREASURIES – 0.4%
Turkey – 0.4%
Turkey Government Bond 11.00%, 8/06/14 (cost $1,662,073)	TRY	2,450		1,731,148
GOVERNMENTS - SOVEREIGN AGENCIES – 0.2%
Kazakhstan – 0.2%
Kazatomprom 6.25%, 5/20/15(a) (cost $866,235)	U.S.$	875		929,688
LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.1%
California ST 7.95%, 3/01/36 (cost $703,057)		700		753,410
	Shares
WARRANTS – 0.0%
Charter Communications, Inc., expiring 11/30/14(h) (cost $46,050)		23,024		161,168

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 379

High-Yield Portfolio—Portfolio of Investments

	Notional Amount		U.S. $ Value
OPTION PURCHASED - CALL – 0.0%
IRS USD RTR Expiration: May `11, Exercise Price: $2.2(h) (cost $40,500)		15,000,000	$	83,509
Total Investments – 99.0% (cost $455,558,844)				483,102,043
Other assets less liabilities – 1.0%				4,648,677
Net Assets – 100.0%			$	487,750,720

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Sold Contracts
Euro settling 10/28/10		16,500	$	20,905,583	$	20,908,125		$    (2,542)
Pound Sterling settling 9/27/10		1,028		1,566,184		1,576,046		(9,862)

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

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at August 31, 2010			Notional Amount (000)		Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Goldman Sachs Bank: Hellenic Republic 5.90%, 10/22/22, 6/20/15*		(0.00	)%		9.2524	%	$	4,250	$	114,553		$	—		$	114,553
Morgan Stanley Capital Services Inc.: XL Capital LTD 5.25%, 9/15/14, 3/20/12*		(5.00	)		1.3319			1,260		(84,019	)		(65,488	)		(149,507	)

* Termination date

(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 August 31, 2010, the aggregate market value of these securities amounted to $117,222,624 or 24.0% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at August 31, 2010.

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

(d) 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.

380 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

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

(f) Illiquid security.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.21% of net assets as of August 31, 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		8/31/07	$	571,271	$	273,678		0.05	%
Greektown Holdings LLC 10.75%, 12/01/13		7/19/10		34,702		30,188		0.01	%
Greektown Superholdings, Inc.		7/19/10		38		38		0.00	%
Yioula Glassworks SA 9.00%, 12/01/15		6/09/09		549,976		741,342		0.15	%

(h) Non-income producing security.

(i) Fair valued.

Currency Abbreviations

AUD – Australian Dollar

BRL – Brazilian Real

EUR – Euro

GBP – Pound Sterling

TRY – Turkish Lira

Glossary:

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 381

High-Yield Portfolio—Portfolio of Investments

VOLATILITY MANAGEMENT

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 26.8%
Equity:Other – 4.2%
Diversified/Specialty – 3.5%
Affine		1,000	$	21,401
Alexandria Real Estate Equities, Inc.		1,860		129,028
Allgreen Properties Ltd.		41,800		31,579
American Campus Communities, Inc.		2,120		63,155
Artis Real Estate Investment Trust		2,000		22,957
Azrieli Group(a)		1,400		31,586
Babis Vovos International Construction SA(a)		580		2,413
BioMed Realty Trust, Inc.		4,750		81,178
British Land Co. PLC		40,018		278,820
CA Immobilien Anlagen AG(a)		3,640		42,893
Canadian Real Estate Investment Trust		2,700		78,922
CapitaLand Ltd.		136,500		394,868
CapLease, Inc.		4,800		24,672
CB Richard Ellis Group, Inc. – Class A(a)		900		14,778
City Developments Ltd.		29,600		239,431
Cofinimmo		570		68,196
Corrections Corp. of America(a)		4,720		105,303
Country Garden Holdings Co.		161,800		48,830
Cousins Properties, Inc.		3,465		22,765
Daejan Holdings PLC		200		7,718
Dexus Property Group		197,780		146,664
DIC Asset AG		1,600		12,617
Digital Realty Trust, Inc.		3,560		211,001
DuPont Fabros Technology, Inc.		2,490		61,528
Entertainment Properties Trust		1,910		82,302
Eurobank Properties Real Estate Investment Co.		420		3,142
F&C Commercial Property Trust Ltd.		6,000		8,259
FKP Property Group		39,940		27,293
Fonciere Des Regions		1,470		136,469
Forest City Enterprises, Inc. – Class A(a)		5,660		63,788
Franklin Street Properties Corp.		3,320		38,944
Gecina SA		810		80,645
GPT Group		80,630		215,195
H&R Real Estate Investment Trust		6,000		107,751
Hang Lung Properties Ltd.		89,500		401,961
Heiwa Real Estate Co., Ltd.		6,660		15,914
Helical Bar PLC		4,470		19,428
Henderson Land Development Co., Ltd.		46,300		282,847
Hopson Development Holdings Ltd.		26,400		31,343
Hysan Development Co., Ltd.		32,500		104,464
ICADE		1,051		99,571
ING UK Real Estate Income Trust Ltd.		7,260		4,946
Inmobiliaria Colonial SA(a)		140,500		16,856

382 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Investors Real Estate Trust		2,610	$	21,402
Invista Foundation Property		15,600		9,211
IRP Property Investments Ltd.		8,810		11,485
ISIS Property Ltd.		8,480		12,258
Kenedix Realty Investment Corp. – Class A		9		31,503
Keppel Land Ltd.		29,500		84,742
Kerry Properties Ltd.		32,000		161,444
Kiwi Income Property Trust		26,000		17,341
Klovern AB		5,190		18,635
Kungsleden AB		5,000		32,570
Land Securities Group PLC		34,052		317,905
Lexington Realty Trust		5,580		37,219
Minerva PLC(a)		3,670		5,080
Mitsubishi Estate Co., Ltd.		45,440		683,469
Mitsui Fudosan Co., Ltd.		39,040		633,514
Morguard Real Estate Investment Trust		1,600		20,376
Mucklow < A & J > Group PLC		2,100		8,647
New World China Land Ltd.		73,800		24,395
New World Development Ltd.		127,800		206,128
Nieuwe Steen Investments Funds NV		1,300		23,641
Nomura Real Estate Holdings, Inc.		3,680		48,677
Premier Investment Corp.		4		17,333
Quintain Estates & Development PLC(a)		11,770		6,769
Shui On Land Ltd.		104,200		46,451
Singapore Land Ltd.		7,000		35,009
Sino Land Co., Ltd.		108,600		191,175
Soho China Ltd.		86,100		55,478
ST Modwen Properties PLC		6,210		16,512
Standard Life Investment Property Income Trust PLC		13,300		13,207
Sumitomo Realty & Development Co., Ltd.		20,990		400,570
Sun Hung Kai Properties Ltd.		83,500		1,177,545
Suntec Real Estate Investment Trust		75,000		78,698
TAG Immobilien AG(a)		2,220		13,363
Tokyu Land Corp.		16,870		66,675
Tokyu REIT, Inc.		7		38,082
Top REIT, Inc.		6		32,194
UK Commercial Property Trust Ltd.		14,800		17,625
Unibail-Rodamco SE		3,932		738,436
Unite Group PLC(a)		6,580		18,831
United Urban Investment Corp.		8		51,692
Vornado Realty Trust		8,070		654,154
Washington Real Estate Investment Trust		2,490		76,294
Wereldhave Belgium NV		150		11,688
Wereldhave NV		870		71,671
Wharf Holdings Ltd.		60,500		327,620
Wihlborgs Fastigheter AB		1,560		33,578

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 383

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Winthrop Realty Trust		1,900	$	26,030
				10,509,743
Health Care – 0.6%
Chartwell Seniors Housing Real Estate Investment Trust		4,900		38,967
Cogdell Spencer, Inc.		2,420		14,956
Extendicare Real Estate Investment Trust		2,800		26,179
HCP, Inc.		13,260		467,017
Health Care REIT, Inc.		5,520		253,589
Healthcare Realty Trust, Inc.		2,550		59,695
LTC Properties, Inc.		800		19,744
Medical Properties Trust, Inc.		4,180		41,131
National Health Investors, Inc.		1,200		50,304
National Healthcare Corp.		420		14,578
Nationwide Health Properties, Inc.		5,000		192,350
Omega Healthcare Investors, Inc.		3,890		83,440
Primary Health Properties PLC		1,340		6,443
Senior Housing Properties Trust		5,230		122,905
Universal Health Realty Income Trust		460		14,633
Ventas, Inc.		7,000		353,570
				1,759,501
Triple Net – 0.1%
Agree Realty Corp.		400		9,500
Getty Realty Corp.		900		22,347
National Retail Properties, Inc.		3,470		84,529
Realty Income Corp.		4,320		140,789
				257,165
				12,526,409
Financials – 3.0%
Capital Markets – 0.4%
Ameriprise Financial, Inc.		900		39,222
Bank of New York Mellon Corp. (The)		4,200		101,934
Charles Schwab Corp. (The)		3,350		42,746
Credit Suisse Group AG		2,120		92,715
Daiwa Securities Group, Inc.		3,000		12,181
Deutsche Bank AG		1,111		69,086
E*Trade Financial Corp.(a)		670		8,315
Federated Investors, Inc. – Class B		300		6,255
Franklin Resources, Inc.		600		57,906
Goldman Sachs Group, Inc. (The)		1,800		246,492
Invesco Ltd.		1,600		28,960
Janus Capital Group, Inc.		600		5,448
Julius Baer Group Ltd.		788		27,676
Legg Mason, Inc.		500		12,665
Macquarie Group Ltd.		627		21,054
Man Group PLC		7,387		23,471

384 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Mizuho Securities Co., Ltd.		3,000	$	6,720
Morgan Stanley		4,900		120,981
Nomura Holdings, Inc.		7,000		39,649
Northern Trust Corp.		850		39,219
SBI Holdings, Inc.		45		5,574
State Street Corp.		1,750		61,390
T Rowe Price Group, Inc.		900		39,402
UBS AG(a)		6,701		112,429
				1,221,490
Commercial Banks – 1.2%
Australia & New Zealand Banking Group Ltd.		4,718		95,279
Banca Monte dei Paschi di Siena SpA(a)		20,753		24,696
Banco Bilbao Vizcaya Argentaria SA		6,706		80,776
Banco de Sabadell SA		3,491		16,846
Banco Espirito Santo SA		1,729		7,446
Banco Popular Espanol SA		2,801		16,571
Banco Santander SA		15,498		180,463
Bank of Cyprus Public Co., Ltd.		5,748		30,340
Bank of East Asia Ltd.		3,600		13,591
Bank of Kyoto Ltd. (The)		1,000		7,960
Bank of Yokohama Ltd. (The)		2,000		8,670
Bankinter SA		1,056		6,826
Barclays PLC		21,491		98,666
BB&T Corp.		2,400		53,088
BNP Paribas		1,784		110,521
BOC Hong Kong Holdings Ltd.		7,000		18,486
Chiba Bank Ltd. (The)		1,000		5,630
Chugoku Bank Ltd. (The)		1,000		11,781
Chuo Mitsui Trust Holdings, Inc.		2,000		7,083
Comerica, Inc.		600		20,646
Commerzbank AG(a)		3,179		24,934
Commonwealth Bank of Australia		2,890		129,890
Credit Agricole SA		1,849		23,097
Danske Bank A/S(a)		1,107		24,451
DBS Group Holdings Ltd.		3,000		30,815
DnB NOR ASA		2,255		24,761
EFG Eurobank Ergasias SA(a)		1,039		6,707
Erste Group Bank AG		207		7,466
Fifth Third Bancorp		2,750		30,388
First Horizon National Corp.(a)		759		7,651
Fukuoka Financial Group, Inc.		2,000		7,989
Governor & Co. of the Bank of Ireland (The)(a)		6,526		6,153
Hachijuni Bank Ltd. (The)		2,000		10,835
Hang Seng Bank Ltd.		1,400		19,264
Hiroshima Bank Ltd. (The)		2,000		7,992
Hokuhoku Financial Group, Inc.		4,000		6,991

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 385

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
HSBC Holdings PLC		34,387	$	336,809
Huntington Bancshares, Inc.		2,450		12,961
Intesa Sanpaolo SpA		14,506		40,420
Iyo Bank Ltd. (The)		1,000		8,467
Joyo Bank Ltd. (The)		2,000		8,147
KBC Groep NV(a)		589		24,315
KeyCorp		3,000		22,110
Lloyds Banking Group PLC(a)		71,823		75,600
M&T Bank Corp.		300		25,692
Marshall & Ilsley Corp.		1,800		11,790
Mitsubishi UFJ Financial Group, Inc.		24,600		116,641
Mizuho Financial Group, Inc.		38,803		59,513
Mizuho Trust & Banking Co., Ltd.(a)		9,000		7,274
National Australia Bank Ltd.		3,947		81,846
National Bank of Greece SA(a)		1,700		21,107
Nordea Bank AB		6,083		54,245
Oversea-Chinese Banking Corp. Ltd.		5,000		32,064
PNC Financial Services Group, Inc.		1,850		94,276
Raiffeisen International Bank Holding AG		360		14,640
Regions Financial Corp.		4,350		27,971
Resona Holdings, Inc.		900		8,890
Royal Bank of Scotland Group PLC(a)		34,764		23,544
Shizuoka Bank Ltd. (The)		1,000		8,360
Skandinaviska Enskilda Banken AB		4,240		26,250
Societe Generale		1,184		59,707
Standard Chartered PLC		3,810		101,746
Sumitomo Mitsui Financial Group, Inc.		2,600		77,160
Sumitomo Trust & Banking Co., Ltd. (The)		3,000		15,910
SunTrust Banks, Inc.		1,700		38,233
Svenska Handelsbanken AB		956		24,847
Swedbank AB(a)		1,608		17,927
UniCredit SpA		30,847		71,906
Unione di Banche Italiane SCPA		2,261		19,761
United Overseas Bank Ltd.		2,000		27,677
US Bancorp		6,700		139,360
Wells Fargo & Co.		18,150		427,433
Westpac Banking Corp.		5,542		107,402
Yamaguchi Financial Group, Inc.		1,000		9,440
Zions BanCorp.		550		10,137
				3,476,327
Consumer Finance – 0.1%
American Express Co.		4,150		165,460
Capital One Financial Corp.		1,600		60,576
Discover Financial Services		1,850		26,843
ORIX Corp.		200		15,039
SLM Corp.(a)		1,650		18,233
				286,151

386 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Diversified Financial Services – 0.5%
ASX Ltd.		531	$	13,805
Bank of America Corp.		34,850		433,882
Citigroup, Inc.(a)		78,588		292,347
CME Group, Inc. – Class A		250		62,020
Deutsche Boerse AG		367		22,345
Eurazeo		295		17,136
Groupe Bruxelles Lambert SA		318		23,379
Hong Kong Exchanges and Clearing Ltd.		1,900		29,972
ING Groep NV(a)		6,855		60,534
IntercontinentalExchange, Inc.(a)		250		23,890
Investor AB		1,435		24,672
JPMorgan Chase & Co.		13,900		505,404
Leucadia National Corp.(a)		650		13,878
Mitsubishi UFJ Lease & Finance Co., Ltd.		220		7,821
Moody’s Corp.		650		13,741
NASDAQ OMX Group, Inc. (The)(a)		500		8,955
NYSE Euronext		900		24,966
Pargesa Holding SA		214		13,914
Singapore Exchange Ltd.		2,000		11,123
				1,603,784
Insurance – 0.7%
ACE Ltd.		1,245		66,570
Aegon NV(a)		3,860		19,665
Aflac, Inc.		1,650		77,962
Allianz SE		855		87,284
Allstate Corp. (The)		1,850		51,060
American International Group, Inc.(a)		450		15,269
AMP Ltd.		4,786		21,533
AON Corp.		950		34,428
Assicurazioni Generali SpA		2,199		39,532
Assurant, Inc.		400		14,624
Aviva PLC		5,211		30,101
Berkshire Hathaway, Inc.(a)		5,750		452,985
Chubb Corp.		1,150		63,388
Cincinnati Financial Corp.		550		14,674
Genworth Financial, Inc. – Class A(a)		1,650		17,870
Hartford Financial Services Group, Inc.		1,500		30,240
Insurance Australia Group Ltd.		7,513		23,108
Legal & General Group PLC		20,187		28,557
Lincoln National Corp.		1,000		23,360
Loews Corp.		1,200		42,168
Mapfre SA		2,198		6,285
Marsh & McLennan Cos., Inc.		1,850		43,882
MetLife, Inc.		3,111		116,974
MS&AD Insurance Group Holdings		1,000		22,377

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 387

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Muenchener Rueckversicherungs AG (MunichRe)		372	$	47,405
NKSJ Holdings, Inc.(a)		3,000		16,749
Principal Financial Group, Inc.		1,100		25,355
Progressive Corp. (The)		2,300		45,540
Prudential Financial, Inc.		1,600		80,912
Prudential PLC		4,769		41,368
QBE Insurance Group Ltd.		1,929		28,322
RSA Insurance Group PLC		13,580		25,536
Sampo Oyj – Class A		1,093		26,259
SCOR SE		854		18,516
Sony Financial Holdings, Inc.		2		6,552
Suncorp-Metway Ltd.		3,312		24,676
Swiss Reinsurance Co., Ltd.		650		26,840
T&D Holdings, Inc.		550		10,442
Tokio Marine Holdings, Inc.		1,400		37,557
Torchmark Corp.		300		14,805
Travelers Cos., Inc. (The)		1,650		80,817
Unum Group		1,150		23,057
XL Group PLC		1,150		20,597
Zurich Financial Services AG		277		61,553
				2,006,754
Real Estate Investment Trusts (REITs) – 0.0%
Plum Creek Timber Co., Inc.		550		18,958
Real Estate Management & Development – 0.1%
CapitaMalls Asia Ltd.		70,500		109,671
Cheung Kong Holdings Ltd.		3,000		38,141
Daito Trust Construction Co., Ltd.		200		11,485
Daiwa House Industry Co., Ltd.		1,000		9,365
Hang Lung Group Ltd.		3,000		18,099
Swire Pacific Ltd.		1,500		18,171
				204,932
Thrifts & Mortgage Finance – 0.0%
Hudson City Bancorp, Inc.		1,600		18,440
People’s United Financial, Inc.		1,250		15,900
				34,340
				8,852,736
Information Technology – 2.3%
Communications Equipment – 0.3%
Cisco Systems, Inc.(a)		19,900		398,995
Harris Corp.		450		18,931
JDS Uniphase Corp.(a)		750		6,893
Juniper Networks, Inc.(a)		1,800		48,960

388 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Motorola, Inc.(a)		8,050	$	60,616
Nokia Oyj		7,053		60,099
QUALCOMM, Inc.		5,700		218,367
Telefonaktiebolaget LM Ericsson – Class B		5,672		54,769
Tellabs, Inc.		1,300		9,230
				876,860
Computers & Peripherals – 0.5%
Apple, Inc.(a)		3,200		778,784
Dell, Inc.(a)		5,950		70,031
EMC Corp.(a)		7,100		129,504
Fujitsu Ltd.		4,000		27,697
Hewlett-Packard Co.		8,100		311,688
Lexmark International, Inc. – Class A(a)		250		8,748
NEC Corp.		5,000		12,732
NetApp, Inc.(a)		1,200		48,528
QLogic Corp.(a)		350		5,213
SanDisk Corp.(a)		800		26,592
Seiko Epson Corp.		400		5,141
Toshiba Corp.(a)		8,000		37,603
Western Digital Corp.(a)		750		18,112
				1,480,373
Electronic Equipment & Instruments & Components – 0.1%
Agilent Technologies, Inc.(a)		1,200		32,364
Amphenol Corp. – Class A		600		24,432
Corning, Inc.		5,400		84,672
FLIR Systems, Inc.(a)		500		12,560
Foxconn International Holdings Ltd.(a)		7,000		4,705
Fujifilm Holdings Corp.		900		27,313
Hirose Electric Co. Ltd.		100		9,670
Hitachi High-Technologies Corp.		400		6,510
Hitachi Ltd.(a)		8,000		32,510
Hoya Corp.		800		17,626
Ibiden Co., Ltd.		200		4,825
Jabil Circuit, Inc.		650		6,663
Keyence Corp.		100		20,699
Kyocera Corp.		300		25,482
Molex, Inc.		450		7,942
Murata Manufacturing Co., Ltd.		400		19,004
Nippon Electric Glass Co., Ltd.		1,000		11,193
Omron Corp.		400		8,507
TDK Corp.		200		10,493
				367,170
Internet Software & Services – 0.2%
Akamai Technologies, Inc.(a)		650		29,946
eBay, Inc.(a)		4,000		92,960

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 389

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Google, Inc. – Class A(a)		850	$	382,517
Monster Worldwide, Inc.(a)		400		4,412
VeriSign, Inc.(a)		600		17,478
Yahoo! Japan Corp.		27		9,701
Yahoo!, Inc.(a)		4,050		52,974
				589,988
IT Services – 0.3%
Automatic Data Processing, Inc.		1,750		67,568
Cap Gemini SA		502		21,164
Cognizant Technology Solutions Corp. – Class A(a)		1,050		60,485
Computer Sciences Corp.		550		21,896
Fidelity National Information Services, Inc.		850		21,964
Fiserv, Inc.(a)		550		27,517
International Business Machines Corp.		4,550		560,696
Mastercard, Inc. – Class A		350		69,426
Nomura Research Institute Ltd.		300		5,837
NTT Data Corp.		2		6,263
Paychex, Inc.		1,100		27,379
SAIC, Inc.(a)		1,000		14,880
Teradata Corp.(a)		550		18,007
Total System Services, Inc.		650		9,230
Visa, Inc. – Class A		1,600		110,368
Western Union Co. (The) – Class W		2,300		36,064
				1,078,744
Office Electronics – 0.1%
Brother Industries Ltd.		700		7,505
Canon, Inc.		2,200		90,069
Konica Minolta Holdings, Inc.		1,000		8,712
Ricoh Co., Ltd.		1,000		12,817
Xerox Corp.		4,750		40,090
				159,193
Semiconductors & Semiconductor Equipment – 0.3%
Advanced Micro Devices, Inc.(a)		1,950		10,959
Advantest Corp.		300		5,688
Altera Corp.		1,000		24,670
Analog Devices, Inc.		1,000		27,880
Applied Materials, Inc.		4,650		48,313
ASML Holding NV		812		20,092
Broadcom Corp. – Class A		1,500		44,955
Elpida Memory, Inc.(a)		400		4,796
Infineon Technologies AG(a)		3,835		21,266
Intel Corp.		19,350		342,882
KLA-Tencor Corp.		550		15,406
Linear Technology Corp.		750		21,487

390 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
LSI Corp.(a)		2,250	$	9,045
MEMC Electronic Materials, Inc.(a)		750		7,718
Microchip Technology, Inc.		650		17,999
Micron Technology, Inc.(a)		2,950		19,072
National Semiconductor Corp.		800		10,088
Novellus Systems, Inc.(a)		300		6,990
NVIDIA Corp.(a)		1,950		18,193
Rohm Co., Ltd.		200		12,073
STMicroelectronics NV		2,898		19,128
Sumco Corp.(a)		400		6,810
Teradyne, Inc.(a)		600		5,388
Texas Instruments, Inc.		4,200		96,726
Tokyo Electron Ltd.		300		14,075
Xilinx, Inc.		850		20,527
				852,226
Software – 0.5%
Adobe Systems, Inc.(a)		1,800		49,968
Autodesk, Inc.(a)		800		22,200
Autonomy Corp. PLC(a)		942		22,456
BMC Software, Inc.(a)		600		21,636
CA, Inc.		1,350		24,313
Citrix Systems, Inc.(a)		650		37,661
Compuware Corp.(a)		750		5,385
Electronic Arts, Inc.(a)		1,100		16,764
Intuit, Inc.(a)		1,100		47,080
Konami Corp.		500		8,042
McAfee, Inc.(a)		550		25,877
Microsoft Corp.		26,500		622,220
Nintendo Co., Ltd.		200		55,446
Novell, Inc.(a)		1,200		6,744
Oracle Corp.		13,650		298,662
Red Hat, Inc.(a)		650		22,458
Salesforce.com, Inc.(a)		400		43,952
SAP AG		1,616		70,370
Symantec Corp.(a)		2,750		37,482
Trend Micro, Inc.		300		8,157
				1,446,873
				6,851,427
Industrials – 2.3%
Aerospace & Defense – 0.4%
BAE Systems PLC		6,668		30,020
Boeing Co. (The)		2,650		161,994
European Aeronautic Defence and Space Co. NV(a)		1,281		28,101
General Dynamics Corp.		1,350		75,425
Goodrich Corp.		450		30,816

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 391

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Honeywell International, Inc.		2,650	$	103,589
ITT Corp.		650		27,625
L-3 Communications Holdings, Inc.		400		26,640
Lockheed Martin Corp.		1,100		76,472
Northrop Grumman Corp.		1,050		56,826
Precision Castparts Corp.		500		56,590
Raytheon Co.		1,300		57,096
Rockwell Collins, Inc.		550		29,662
Rolls-Royce Group PLC(a)		3,492		29,546
Safran SA		878		21,563
Singapore Technologies Engineering Ltd.		4,000		9,472
United Technologies Corp.		3,250		211,932
				1,033,369
Air Freight & Logistics – 0.2%
C.H. Robinson Worldwide, Inc.		600		38,994
Deutsche Post AG		1,594		26,014
Expeditors International of Washington, Inc.		750		29,692
FedEx Corp.		1,100		85,855
Kuehne & Nagel International AG		245		25,478
TNT NV		963		24,340
United Parcel Service, Inc. – Class B		3,450		220,110
Yamato Holdings Co., Ltd.		700		8,236
				458,719
Airlines – 0.0%
All Nippon Airways Co., Ltd.(a)		3,000		10,852
Cathay Pacific Airways Ltd.		4,000		9,921
Deutsche Lufthana (REG)		1,662		26,202
Singapore Airlines Ltd.		1,000		11,149
Southwest Airlines Co.		2,550		28,177
				86,301
Building Products – 0.0%
Asahi Glass Co., Ltd.		2,000		19,515
Assa Abloy AB		442		8,800
Cie de St-Gobain		725		26,482
Daikin Industries Ltd.		400		13,638
JS Group Corp.		500		9,541
Masco Corp.		1,200		12,588
TOTO Ltd.		1,000		6,352
				96,916
Commercial Services & Supplies – 0.1%
Avery Dennison Corp.		350		11,382
Babcock International Group PLC		685		5,299
Brambles Ltd.		4,045		21,126
Capita Group PLC (The)		2,071		22,274
Cintas Corp.		450		11,471
Dai Nippon Printing Co., Ltd.		1,000		11,628

392 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Edenred(a)		469	$	8,083
G4S PLC		6,179		23,842
Iron Mountain, Inc.		600		12,168
Pitney Bowes, Inc.		700		13,468
Republic Services, Inc. – Class A		1,100		32,373
RR Donnelley & Sons Co.		700		10,602
Secom Co., Ltd.		400		17,445
Stericycle, Inc.(a)		300		19,650
Toppan Printing Co., Ltd.		1,000		7,601
Waste Management, Inc.		1,650		54,598
				283,010
Construction & Engineering – 0.1%
ACS Actividades de Construccion y Servicios SA		399		16,520
Bouygues SA		547		22,083
Fluor Corp.		600		26,796
Fomento de Construcciones y Contratas SA		242		5,685
Jacobs Engineering Group, Inc.(a)		400		13,872
Kajima Corp.		4,000		9,364
Leighton Holdings Ltd.		815		22,342
Obayashi Corp.		2,000		7,608
Quanta Services, Inc.(a)		700		12,558
Shimizu Corp.		2,000		7,084
Skanska AB		1,000		15,319
Vinci SA		832		36,321
				195,552
Electrical Equipment – 0.2%
ABB Ltd. (REG)(a)		4,156		80,221
Alstom SA		464		22,042
Emerson Electric Co.		2,600		121,290
First Solar, Inc.(a)		200		25,570
Furukawa Electric Co., Ltd.		2,000		7,261
GS Yuasa Corp.		1,000		5,886
Legrand SA		499		15,116
Mitsubishi Electric Corp.		4,000		31,921
Nidec Corp.		200		17,615
Rockwell Automation, Inc.		500		25,570
Roper Industries, Inc.		350		20,328
Schneider Electric SA		444		46,923
Sumitomo Electric Industries Ltd.		1,400		15,006
Vestas Wind Systems A/S(a)		468		17,303
				452,052
Industrial Conglomerates – 0.4%
3M Co.		2,500		196,375
Fraser and Neave Ltd.		2,000		8,216
General Electric Co.		37,100		537,208

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 393

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Hankyu Hanshin Holdings, Inc.		2,000	$	9,182
Hutchison Whampoa Ltd.		4,000		29,670
Keppel Corp. Ltd.		2,000		13,254
Koninklijke Philips Electronics NV		1,831		51,024
Orkla ASA		1,127		9,393
SembCorp Industries Ltd.		3,000		9,464
Siemens AG		1,550		140,504
Smiths Group PLC		1,491		26,074
Textron, Inc.		900		15,363
Tyco International Ltd.		1,773		66,097
				1,111,824
Industrial Warehouse Distribution – 0.3%
AMB Property Corp.		7,020		167,006
Ascendas Real Estate Investment Trust		83,000		127,206
DCT Industrial Trust, Inc.		8,260		38,244
EastGroup Properties, Inc.		1,080		38,070
First Industrial Realty Trust, Inc.(a)		4,150		17,637
First Potomac Realty Trust		1,200		17,796
Mapletree Logistics Trust		64,000		39,710
ProLogis		21,250		230,562
ProLogis European Properties(a)		5,850		34,489
Segro PLC		30,440		125,576
Warehouses De Pauw SCA		390		17,298
				853,594
Machinery – 0.3%
Amada Co., Ltd.		1,000		5,937
Atlas Copco AB – Class A		1,646		24,937
Caterpillar, Inc.		2,200		143,352
Cummins, Inc.		700		52,087
Danaher Corp.		1,800		65,394
Deere & Co.		1,500		94,905
Dover Corp.		650		29,094
Eaton Corp.		600		41,688
Fanuc Ltd.		400		43,049
Flowserve Corp.		200		17,876
Hino Motors Ltd.		2,000		8,808
Hitachi Construction Machinery Co., Ltd.		400		7,958
IHI Corp.		4,000		7,085
Illinois Tool Works, Inc.		1,350		55,701
Japan Steel Works Ltd. (The)		1,000		8,871
JTEKT Corp.		700		5,727
Kawasaki Heavy Industries Ltd.		3,000		8,005
Komatsu Ltd.		1,800		36,548
Kone Oyj		585		26,830
Kubota Corp.		2,000		16,020
Kurita Water Industries Ltd.		300		7,881
Makita Corp.		300		8,529

394 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
MAN SE		273	$	23,477
Minebea Co. Ltd.		1,000		4,609
Mitsubishi Heavy Industries Ltd.		6,000		21,612
NSK Ltd.		1,000		5,951
NTN Corp.		1,000		3,773
PACCAR, Inc.		1,250		51,237
Pall Corp.		400		13,676
Parker Hannifin Corp.		550		32,538
Sandvik AB		1,923		22,689
Scania AB		1,009		18,554
SembCorp Marine Ltd.		3,000		8,462
SKF AB		1,285		22,966
SMC Corp.		100		12,331
Snap-On, Inc.		200		8,246
Sumitomo Heavy Industries Ltd.		1,000		4,628
THK Co., Ltd.		400		6,579
Vallourec SA		260		22,257
Volvo AB – Class B(a)		2,178		25,110
Zardoya Otis SA		473		7,360
				1,032,337
Marine – 0.0%
AP Moller – Maersk A/S		4		29,970
Kawasaki Kisen Kaisha Ltd.(a)		2,000		7,448
Mitsui OSK Lines Ltd.		2,000		12,572
Neptune Orient Lines Ltd.(a)		5,000		7,074
Nippon Yusen KK		3,000		11,555
				68,619
Mixed Office Industrial – 0.1%
Goodman Group		257,490		146,255
ING Industrial Fund		107,570		43,709
				189,964
Professional Services – 0.0%
Adecco SA		448		20,825
Dun & Bradstreet Corp.		200		13,180
Equifax, Inc.		400		11,788
Experian PLC		2,795		26,567
Randstad Holding NV(a)		339		12,573
Robert Half International, Inc.		500		10,790
SGS SA		13		18,797
				114,520
Road & Rail – 0.1%
Central Japan Railway Co.		3		24,193
CSX Corp.		1,350		67,352
East Japan Railway Co.		700		45,270
Keihin Electric Express Railway Co., Ltd.		1,000		10,131
Keio Corp.		1,000		6,862

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 395

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Kintetsu Corp.		3,000	$	10,020
MTR Corp.		3,500		12,543
Nippon Express Co., Ltd.		2,000		6,981
Norfolk Southern Corp.		1,300		69,784
Odakyu Electric Railway Co., Ltd.		1,000		9,237
Ryder System, Inc.		200		7,674
Tobu Railway Co., Ltd.		2,000		11,419
Tokyu Corp.		2,000		9,139
Union Pacific Corp.		1,750		127,645
West Japan Railway Co.		3		11,135
				429,385
Trading Companies & Distributors – 0.1%
Fastenal Co.		450		20,372
ITOCHU Corp.		3,000		24,457
Marubeni Corp.		3,000		15,445
Mitsubishi Corp.		2,600		55,711
Mitsui & Co., Ltd.		3,300		42,958
Noble Group Ltd.		6,181		7,208
Sumitomo Corp.		2,100		24,057
Toyota Tsusho Corp.		600		8,587
Wolseley PLC(a)		1,073		20,635
WW Grainger, Inc.		250		26,447
				245,877
Transportation Infrastructure – 0.0%
Abertis Infraestructuras SA		1,041		17,216
Atlantia SpA		1,286		24,170
Transurban Group		5,712		24,693
				66,079
				6,718,118
Retail – 2.0%
Regional Mall – 1.0%
Alexander’s, Inc.		40		12,182
CapitaMall Trust		104,600		150,348
CBL & Associates Properties, Inc.		5,690		69,418
CFS Retail Property Trust		87,271		150,469
Glimcher Realty Trust		3,180		18,889
Macerich Co. (The)		5,370		222,425
Pennsylvania Real Estate Investment Trust		1,910		19,979
Simon Property Group, Inc.		13,120		1,186,704
Taubman Centers, Inc.		1,650		68,459
Westfield Group		99,692		1,114,361
				3,013,234
Shopping Center/Other Retail – 1.0%
Acadia Realty Trust		2,160		38,750
Aeon Mall Co., Ltd.		4,120		94,424
Bunnings Warehouse Property Trust		14,460		23,771

396 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Calloway Real Estate Investment Trust		3,500	$	75,852
Capital & Counties Properties PLC(a)		25,780		46,615
Capital Shopping Centres Group		25,780		130,607
Cedar Shopping Centers, Inc.		3,050		16,836
Charter Hall Retail REIT		72,630		38,641
Citycon Oyj		5,480		18,491
Corio NV		3,760		215,483
Deutsche Euroshop AG		1,880		55,642
Developers Diversified Realty Corp.		10,370		107,433
Development Securities PLC		4,870		18,952
Equity One, Inc.		1,930		30,861
Eurocommercial Properties N.V.		1,690		64,822
Federal Realty Investment Trust		2,530		200,604
First Capital Realty, Inc.		2,580		35,615
Hammerson PLC		29,360		161,390
Immobiliare Grande Distribuzione		3,000		4,328
Inland Real Estate Corp.		2,900		22,359
Japan Retail Fund Investment Corp.		64		85,648
Kimco Realty Corp.		18,080		269,573
Kite Realty Group Trust		2,100		8,757
Klepierre		3,900		118,859
Link REIT (The)		90,500		266,272
Mercialys SA		1,890		61,638
Primaris Retail Real Estate Investment Trust		2,800		50,494
Ramco-Gershenson Properties Trust		1,430		14,929
Regency Centers Corp.		3,420		124,693
RioCan Real Estate Investment Trust (Toronto)		10,000		195,808
Saul Centers, Inc.		490		20,257
Shaftesbury PLC		9,360		59,580
Tanger Factory Outlet Centers		1,670		77,187
Urstadt Biddle Properties, Inc.		1,300		23,868
Vastned Retail NV		710		38,403
Weingarten Realty Investors		4,970		100,295
				2,917,737
				5,930,971
Consumer Staples – 2.0%
Beverages – 0.5%
Anheuser-Busch InBev NV		1,359		70,390
Asahi Breweries Ltd.		700		13,195
Brown-Forman Corp. – Class B		400		24,516
Carlsberg A/S		306		28,714
Coca Cola Hellenic Bottling Co. SA		672		15,822
Coca-Cola Amatil Ltd.		2,530		26,872
Coca-Cola Co. (The)		8,100		452,952
Coca-Cola Enterprises, Inc.		1,100		31,306
Diageo PLC		4,713		76,607

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 397

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Dr Pepper Snapple Group, Inc.		850	$	31,297
Foster’s Group Ltd.		5,254		28,387
Heineken NV		609		27,219
Kirin Holdings Co., Ltd.		2,000		27,635
Molson Coors Brewing Co. – Class B		550		23,958
PepsiCo, Inc.		5,600		359,408
Pernod-Ricard SA		373		29,043
SABMiller PLC		1,779		50,517
				1,317,838
Food & Staples Retailing – 0.4%
Aeon Co., Ltd.		1,200		12,793
Carrefour SA		1,195		53,988
Casino Guichard Perrachon SA		195		15,753
Costco Wholesale Corp.		1,550		87,652
CVS Caremark Corp.		4,700		126,900
Delhaize Group SA		310		20,719
FamilyMart Co., Ltd.		200		7,235
J Sainsbury PLC		3,160		17,647
Koninklijke Ahold NV		2,245		27,559
Kroger Co. (The)		2,200		43,406
Lawson, Inc.		200		9,099
Metro AG		437		22,194
Olam International Ltd.		2,000		3,957
Safeway, Inc.		1,300		24,440
Seven & I Holdings Co., Ltd.		1,500		34,222
Supervalu, Inc.		700		6,804
Sysco Corp.		2,050		56,354
Tesco PLC		14,955		93,066
Wal-Mart Stores, Inc.		7,300		366,022
Walgreen Co.		3,450		92,736
Wesfarmers Ltd.		1,893		53,978
Whole Foods Market, Inc.(a)		600		20,874
WM Morrison Supermarkets PLC		6,241		27,673
Woolworths Ltd.		2,334		57,694
				1,282,765
Food Products – 0.4%
Ajinomoto Co., Inc.		1,000		9,797
Archer-Daniels-Midland Co.		2,200		67,716
Campbell Soup Co.		650		24,219
ConAgra Foods, Inc.		1,500		32,385
Danone		1,036		55,459
Dean Foods Co.(a)		600		6,138
General Mills, Inc.		2,300		83,168
Golden Agri-Resources Ltd.		22,000		9,129
Hershey Co. (The)		550		25,558
HJ Heinz Co.		1,100		50,864
Hormel Foods Corp.		250		10,788

398 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
JM Smucker Co. (The)		400	$	23,392
Kellogg Co.		900		44,712
Kraft Foods, Inc. – Class A		6,050		181,197
McCormick & Co., Inc.		450		17,942
Mead Johnson Nutrition Co. – Class A		700		36,533
MEIJI Holdings Co., Ltd.		200		9,312
Nestle SA		6,853		354,271
Nisshin Seifun Group, Inc.		500		6,396
Nissin Foods Holdings Co., Ltd.		300		10,671
Sara Lee Corp.		2,250		32,490
Tyson Foods, Inc. – Class A		1,050		17,199
Unilever NV		3,068		81,871
Unilever PLC		2,417		63,676
Wilmar International Ltd.		2,000		9,262
Yakult Honsha Co., Ltd.		300		8,967
				1,273,112
Household Products – 0.3%
Clorox Co.		500		32,410
Colgate-Palmolive Co.		1,700		125,528
Kimberly-Clark Corp.		1,450		93,380
Procter & Gamble Co. (The)		10,100		602,667
Reckitt Benckiser Group PLC		1,147		57,169
Unicharm Corp.		100		12,191
				923,345
Personal Products – 0.1%
Avon Products, Inc.		1,450		42,195
Beiersdorf AG		454		24,271
Estee Lauder Cos., Inc. (The) – Class A		400		22,428
Kao Corp.		1,000		23,279
L’Oreal SA		451		44,656
Shiseido Co., Ltd.		700		15,712
				172,541
Tobacco – 0.3%
Altria Group, Inc.		7,200		160,704
British American Tobacco PLC		4,270		144,681
Imperial Tobacco Group PLC		1,914		52,675
Japan Tobacco, Inc.		8		24,853
Lorillard, Inc.		550		41,806
Philip Morris International, Inc.		6,500		334,360
Reynolds American, Inc.		600		32,724
Swedish Match AB		435		10,003
				801,806
				5,771,407

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 399

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care – 1.8%
Biotechnology – 0.2%
Actelion Ltd.(a)		688	$	29,436
Amgen, Inc.(a)		3,400		173,536
Biogen Idec, Inc.(a)		850		45,730
Celgene Corp.(a)		1,600		82,432
Cephalon, Inc.(a)		250		14,153
CSL Ltd.		1,061		31,192
Genzyme Corp.(a)		950		66,604
Gilead Sciences, Inc.(a)		2,900		92,394
				535,477
Health Care Equipment & Supplies – 0.3%
Baxter International, Inc.		2,050		87,248
Becton Dickinson and Co.		800		54,552
BioMerieux		250		25,378
Boston Scientific Corp.(a)		5,250		27,247
CareFusion Corp.(a)		600		12,948
Cie Generale d’Optique Essilor International SA		421		25,471
Coloplast A/S		139		14,775
CR Bard, Inc.		350		26,891
DENTSPLY International, Inc.		500		13,910
Fresenius SE		235		16,680
Fresenius SE (Preference Shares)		378		26,821
Getinge AB		769		15,415
Hospira, Inc.(a)		600		30,816
Intuitive Surgical, Inc.(a)		150		39,754
Medtronic, Inc.		3,800		119,624
Olympus Corp.		400		9,561
Smith & Nephew PLC		2,561		21,194
Sonova Holding AG		213		27,185
St Jude Medical, Inc.(a)		1,100		38,027
Stryker Corp.		1,050		45,349
Synthes, Inc.		219		24,086
Terumo Corp.		300		14,871
Varian Medical Systems, Inc.(a)		450		23,958
Zimmer Holdings, Inc.(a)		700		33,019
				774,780
Health Care Providers & Services – 0.2%
Aetna, Inc.		1,450		38,744
AmerisourceBergen Corp. – Class A		950		25,916
Cardinal Health, Inc.		1,250		37,450
CIGNA Corp.		950		30,609
Coventry Health Care, Inc.(a)		500		9,675
DaVita, Inc.(a)		350		22,617
Express Scripts, Inc. – Class A(a)		1,900		80,940
Fresenius Medical Care AG & Co. KGaA		508		28,733

400 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Humana, Inc.(a)		600	$	28,674
Laboratory Corp. of America Holdings(a)		350		25,417
McKesson Corp.		950		55,147
Medco Health Solutions, Inc.(a)		1,500		65,220
Patterson Cos., Inc.		300		7,587
Quest Diagnostics, Inc.		500		21,750
Sonic Healthcare Ltd.		2,147		21,122
Suzuken Co., Ltd.		200		6,946
Tenet Healthcare Corp.(a)		1,500		5,880
UnitedHealth Group, Inc.		3,950		125,294
WellPoint, Inc.(a)		1,400		69,552
				707,273
Health Care Technology – 0.0%
Cerner Corp.(a)		250		18,213
Life Sciences Tools & Services – 0.0%
Life Technologies Corp.(a)		650		27,800
PerkinElmer, Inc.		400		8,404
Thermo Fisher Scientific, Inc.(a)		1,400		58,968
Waters Corp.(a)		350		21,182
				116,354
Pharmaceuticals – 1.1%
Abbott Laboratories		5,350		263,969
Allergan, Inc.		1,050		64,491
Astellas Pharma, Inc.		900		31,079
AstraZeneca PLC		2,731		134,243
Bayer AG		1,557		94,970
Bristol-Myers Squibb Co.		5,950		155,176
Chugai Pharmaceutical Co., Ltd.		500		8,548
Daiichi Sankyo Co., Ltd.		1,300		25,973
Dainippon Sumitomo Pharma Co., Ltd.		1,100		9,147
Eisai Co., Ltd.		500		18,038
Eli Lilly & Co.		3,500		117,460
Forest Laboratories, Inc.(a)		950		25,926
GlaxoSmithKline PLC		9,773		182,378
Hisamitsu Pharmaceutical Co., Inc.		200		8,254
Johnson & Johnson		9,650		550,243
King Pharmaceuticals, Inc.(a)		850		7,404
Kyowa Hakko Kirin Co., Ltd.		1,000		9,802
Merck & Co., Inc.		10,900		383,244
Mitsubishi Tanabe Pharma Corp.		1,000		15,668
Mylan, Inc.(a)		1,050		18,018
Novartis AG		3,974		208,324
Novo Nordisk A/S – Class B		820		70,061
Ono Pharmaceutical Co., Ltd.		200		8,780
Pfizer, Inc.		28,050		446,837
Roche Holding AG		1,323		179,464

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 401

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Sanofi-Aventis SA		1,983	$	113,519
Shionogi & Co., Ltd.		600		10,495
Shire PLC		1,135		24,418
Takeda Pharmaceutical Co., Ltd.		1,400		64,346
Watson Pharmaceuticals, Inc.(a)		350		15,075
				3,265,350
				5,417,447
Consumer Discretionary – 1.8%
Auto Components – 0.1%
Aisin Seiki Co., Ltd.		400		10,333
Bridgestone Corp.		1,100		19,072
Cie Generale des Etablissements Michelin – Class B		350		25,855
Denso Corp.		900		24,405
Goodyear Tire & Rubber Co. (The)(a)		800		7,392
Johnson Controls, Inc.		2,300		61,019
NGK Spark Plug Co., Ltd.		1,000		11,670
Nokian Renkaat Oyj		624		17,817
Stanley Electric Co., Ltd.		400		6,171
Toyoda Gosei Co., Ltd.		300		6,133
Toyota Boshoku Corp.		700		10,185
Toyota Industries Corp.		300		7,535
				207,587
Automobiles – 0.3%
Bayerische Motoren Werke AG		624		32,787
Daihatsu Motor Co., Ltd.		1,000		12,628
Daimler AG(a)		1,698		82,149
Fiat SpA		2,088		24,330
Ford Motor Co.(a)		11,800		133,222
Harley-Davidson, Inc.		800		19,456
Honda Motor Co., Ltd.		3,100		102,679
Isuzu Motors Ltd.		3,000		9,953
Mazda Motor Corp.		3,000		6,707
Mitsubishi Motors Corp.(a)		7,000		8,881
Nissan Motor Co., Ltd.(a)		4,700		35,823
Renault SA(a)		587		23,713
Suzuki Motor Corp.		700		13,893
Toyota Motor Corp.		5,300		179,807
Volkswagen AG		282		25,548
Volkswagen AG (Preference Shares)		320		31,776
Yamaha Motor Co., Ltd.(a)		600		8,052
				751,404
Distributors – 0.0%
Genuine Parts Co.		550		23,061
Jardine Cycle & Carriage Ltd.		1,000		24,040
Li & Fung Ltd.		4,000		20,197
				67,298

402 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Diversified Consumer Services – 0.0%
Apollo Group, Inc. – Class A(a)		450	$	19,116
Benesse Holdings, Inc.		200		9,010
DeVry, Inc.		200		7,622
H&R Block, Inc.		1,100		14,135
				49,883
Hotels, Restaurants & Leisure – 0.3%
Accor SA		469		14,347
Carnival Corp.		1,500		46,770
Carnival PLC		612		19,791
Compass Group PLC		3,493		28,478
Crown Ltd.		3,417		25,270
Darden Restaurants, Inc.		500		20,630
Genting Singapore PLC(a)		12,000		15,008
International Game Technology		1,000		14,600
Marriott International, Inc. – Class A		900		28,809
McDonald’s Corp.		3,750		273,975
Orient-Express Hotels Ltd. – Class A(a)		4,730		40,867
Oriental Land Co., Ltd.		100		8,863
Sky City Entertainment Group Ltd.		12,398		24,859
Sodexo		418		23,921
Starbucks Corp.		2,550		58,625
Starwood Hotels & Resorts Worldwide, Inc.		650		30,375
Wyndham Worldwide Corp.		600		13,914
Wynn Macau Ltd.(a)		16,000		27,767
Wynn Resorts Ltd.		250		20,153
Yum! Brands, Inc.		1,600		66,720
				803,742
Household Durables – 0.1%
DR Horton, Inc.		950		9,747
Electrolux AB		609		11,698
Fortune Brands, Inc.		550		24,634
Harman International Industries, Inc.(a)		250		7,793
Husqvarna AB		1,322		8,271
Leggett & Platt, Inc.		500		9,585
Lennar Corp. – Class A		550		7,244
Newell Rubbermaid, Inc.		950		14,269
Panasonic Corp.		3,700		46,835
Pulte Group, Inc.(a)		1,100		8,833
Sanyo Electric Co., Ltd.(a)		5,000		8,141
Sekisui Chemical Co., Ltd.		1,000		5,861
Sekisui House Ltd.		1,000		8,663
Sharp Corp.		2,000		19,136
Sony Corp.		1,900		53,253
Stanley Black & Decker, Inc.		550		29,502
Whirlpool Corp.		250		18,540
				292,005

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 403

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Internet & Catalog Retail – 0.1%
Amazon.com, Inc.(a)		1,200	$	149,796
Dena Co., Ltd.		300		9,031
Expedia, Inc.		700		16,002
priceline.com, Inc.(a)		200		58,296
Rakuten, Inc.		14		10,611
				243,736
Leisure Equipment & Products – 0.0%
Eastman Kodak Co.(a)		900		3,141
Hasbro, Inc.		450		18,162
Mattel, Inc.		1,250		26,237
Nikon Corp.		600		9,999
Sankyo Co., Ltd.		200		10,117
Sega Sammy Holdings, Inc.		700		10,395
Shimano, Inc.		200		9,796
				87,847
Media – 0.4%
British Sky Broadcasting Group PLC		2,800		30,226
CBS Corp. – Class B		2,350		32,477
Comcast Corp. – Class A		9,750		166,920
Dentsu, Inc.		300		6,828
DIRECTV(a)		3,150		119,448
Discovery Communications, Inc. – Class A(a)		1,000		37,750
Fuji Media Holdings, Inc.		5		6,779
Gannett Co., Inc.		800		9,672
Interpublic Group of Cos., Inc. (The)(a)		1,650		14,075
Jupiter Telecommunications Co., Ltd.		8		8,511
McGraw-Hill Cos., Inc. (The)		1,100		30,415
Meredith Corp.		100		2,926
New York Times Co. (The) – Class A(a)		400		2,872
News Corp. – Class A		7,800		98,046
Omnicom Group, Inc.		1,050		36,760
Pearson PLC		1,676		24,853
Reed Elsevier NV		2,281		27,203
Reed Elsevier PLC		3,309		26,480
Scripps Networks Interactive, Inc. – Class A		300		12,054
Time Warner Cable, Inc. – Class A		1,250		64,512
Time Warner, Inc.		3,950		118,421
Viacom, Inc. – Class B		2,100		65,982
Vivendi SA		2,314		53,688
Walt Disney Co. (The)		6,800		221,612
Washington Post Co. (The) – Class B		50		18,012
WPP PLC		2,396		23,687
				1,260,209
Multiline Retail – 0.1%
Big Lots, Inc.(a)		250		7,815
Family Dollar Stores, Inc.		450		19,256
Isetan Mitsukoshi Holdings Ltd.		700		7,367

404 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
JC Penney Co., Inc.		800	$	16,000
Kohl’s Corp.(a)		1,050		49,329
Macy’s, Inc.		1,450		28,188
Marks & Spencer Group PLC		4,790		25,308
Next PLC		484		14,636
Nordstrom, Inc.		550		15,906
PPR		190		24,630
Sears Holdings Corp.(a)		150		9,285
Target Corp.		2,550		130,458
				348,178
Specialty Retail – 0.3%
Abercrombie & Fitch Co. – Class A		300		10,380
AutoNation, Inc.(a)		250		5,645
AutoZone, Inc.(a)		100		20,978
Bed Bath & Beyond, Inc.(a)		900		32,373
Best Buy Co., Inc.		1,200		37,668
CarMax, Inc.(a)		773		15,406
Esprit Holdings Ltd.		2,200		12,412
Fast Retailing Co., Ltd.		100		13,812
GameStop Corp. – Class A(a)		500		8,965
Gap, Inc. (The)		1,550		26,179
Hennes & Mauritz AB – Class B		1,926		62,765
Home Depot, Inc.		5,900		164,079
Inditex SA		412		27,399
Kingfisher PLC		7,188		22,434
Limited Brands, Inc.		900		21,240
Lowe’s Cos., Inc.		4,950		100,485
Nitori Co., Ltd.		100		8,714
O’Reilly Automotive, Inc.(a)		500		23,635
Office Depot, Inc.(a)		950		3,240
RadioShack Corp.		400		7,392
Ross Stores, Inc.		450		22,334
Shimamura Co., Ltd.		100		9,106
Staples, Inc.		2,500		44,425
Tiffany & Co.		450		17,834
TJX Cos., Inc.		1,400		55,566
Urban Outfitters, Inc.(a)		450		13,644
Yamada Denki Co., Ltd.		160		9,954
				798,064
Textiles, Apparel & Luxury Goods – 0.1%
Adidas AG		447		22,670
Christian Dior SA		238		24,007
Cie Financiere Richemont SA		983		38,015
Coach, Inc.		1,050		37,632
Hermes International		182		32,891
Luxottica Group SpA		932		21,478
LVMH Moet Hennessy Louis Vuitton SA		462		53,526

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 405

Volatility of Management—Portfolio of Investments

Company	Shares		U.S. $ Value
NIKE, Inc. – Class B		1,350	$	94,500
Polo Ralph Lauren Corp. – Class A		250		18,935
Swatch Group AG (The)		84		26,946
VF Corp.		300		21,186
				391,786
				5,301,739
Energy – 1.7%
Energy Equipment & Services – 0.3%
Baker Hughes, Inc.		1,500		56,370
Cameron International Corp.(a)		850		31,263
Diamond Offshore Drilling, Inc.		250		14,545
FMC Technologies, Inc.(a)		450		27,832
Fugro NV		427		23,927
Halliburton Co.		3,200		90,272
Helmerich & Payne, Inc.		350		12,964
Nabors Industries Ltd.(a)		950		14,896
National Oilwell Varco, Inc.		1,450		54,505
Petrofac Ltd.		951		20,348
Rowan Cos., Inc.(a)		350		8,999
Saipem SpA		720		25,061
Schlumberger Ltd.		4,742		252,891
Seadrill Ltd.		1,247		28,828
Technip SA		343		22,362
Tenaris SA		1,276		21,520
WorleyParsons Ltd.		668		12,378
				718,961
Oil, Gas & Consumable Fuels – 1.4%
Anadarko Petroleum Corp.		1,700		78,183
Apache Corp.		1,250		112,312
BG Group PLC		6,347		101,658
BP PLC		37,298		215,256
Cabot Oil & Gas Corp.		350		9,744
Cairn Energy PLC(a)		4,172		29,763
Chesapeake Energy Corp.		2,250		46,530
Chevron Corp.		7,050		522,828
ConocoPhillips		5,250		275,257
Consol Energy, Inc.		750		24,150
Denbury Resources, Inc.(a)		1,350		19,899
Devon Energy Corp.		1,550		93,434
El Paso Corp.		2,400		27,336
ENI SpA		4,903		96,874
EOG Resources, Inc.		900		78,183
Exxon Mobil Corp.		17,813		1,053,817
Galp Energia SGPS SA		1,695		27,497
Hess Corp.		1,000		50,250
Idemitsu Kosan Co., Ltd.		100		7,896

406 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility of Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Inpex Corp.		4	$	18,112
JX Holdings, Inc.(a)		4,000		20,252
Marathon Oil Corp.		2,450		74,701
Massey Energy Co.		350		10,063
Mongolia Energy Co., Ltd.(a)		5,000		2,000
Murphy Oil Corp.		650		34,814
Noble Energy, Inc.		600		41,868
Occidental Petroleum Corp.		2,850		208,278
OMV AG		461		14,821
Origin Energy Ltd.		1,818		24,739
Peabody Energy Corp.		950		40,660
Pioneer Natural Resources Co.		400		23,128
QEP Resources, Inc.		568		16,489
Range Resources Corp.		550		18,596
Repsol YPF SA		1,380		31,412
Royal Dutch Shell PLC – Class A		6,678		176,859
Royal Dutch Shell PLC – Class B		5,077		129,398
Santos Ltd.		2,162		27,363
Southwestern Energy Co.(a)		1,200		39,264
Spectra Energy Corp.		2,200		44,748
Statoil ASA		2,115		39,580
Sunoco, Inc.		400		13,472
Tesoro Corp.		450		5,054
TonenGeneral Sekiyu KK		1,000		9,035
Total SA		3,978		185,034
Tullow Oil PLC		1,666		31,010
Valero Energy Corp.		1,950		30,752
Williams Cos., Inc. (The)		2,000		36,260
Woodside Petroleum Ltd.		1,025		38,335
				4,256,964
				4,975,925
Residential – 1.5%
Manufactured Homes – 0.0%
Equity Lifestyle Properties, Inc.		1,240		64,145
Sun Communities, Inc.		1,090		31,185
				95,330
Multi-Family – 1.2%
Agile Property Holdings Ltd.		59,500		69,938
Apartment Investment & Management Co. – Class A		5,290		108,128
Associated Estates Realty Corp.		1,300		17,628
AvalonBay Communities, Inc.		3,750		394,575
Boardwalk Real Estate Investment Trust		2,000		83,631
BRE Properties, Inc.		2,670		109,150
Camden Property Trust		2,700		123,552
Canadian Apartment Properties REIT		2,800		43,719

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 407

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
China Overseas Land & Investment Ltd.		169,400	$	363,170
China Resources Land Ltd.		78,200		150,208
Colonia Real Estate AG(a)		630		3,225
Colonial Properties Trust		2,900		45,994
Conwert Immobilien Invest SE		3,580		41,358
Deutsche Wohnen AG(a)		3,400		33,078
Equity Residential		12,650		579,750
Essex Property Trust, Inc.		1,230		130,097
GAGFAH SA		3,700		26,413
Grainger PLC		10,080		16,839
Hilltop Holdings, Inc.(a)		1,730		17,075
Home Properties, Inc.		1,550		78,275
Killam Properties, Inc.		1,900		16,482
Kowloon Development Co., Ltd.		13,000		13,554
KWG Property Holding Ltd.		48,000		32,786
Mid-America Apartment Communities, Inc.		1,230		69,458
Mirvac Group		148,140		177,260
Northern Property Real Estate Investment Trust		1,300		31,331
Patrizia Immobilien AG(a)		4,100		16,242
Post Properties, Inc.		2,350		59,690
Shenzhen Investment Ltd.		109,800		38,399
Shimao Property Holdings Ltd.		58,700		95,780
Stockland		106,053		373,326
UDR, Inc.		6,680		137,474
Wing Tai Holdings Ltd.		20,600		24,680
Yanlord Land Group Ltd.		23,100		30,117
				3,552,382
Self Storage – 0.3%
Big Yellow Group PLC		4,250		18,947
Extra Space Storage, Inc.		3,600		55,044
Public Storage		5,770		565,575
Safestore Holdings PLC		10,640		19,908
Sovran Self Storage, Inc.		1,180		44,569
U-Store-It Trust		4,780		38,240
				742,283
Student Housing – 0.0%
Education Realty Trust, Inc.		2,330		15,937
				4,405,932
Office – 1.4%
Office – 1.4%
Allied Properties Real Estate Investment Trust		1,600		31,359
Allreal Holding AG		130		16,288
Alstria Office REIT-AG		620		6,694
Befimmo SCA Sicafi		670		50,055
Beni Stabili SpA		39,700		31,648

408 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Boston Properties, Inc.		6,250	$	508,750
Brandywine Realty Trust		5,500		60,445
Brookfield Properties Corp.		15,600		223,536
CapitaCommercial Trust		87,700		90,783
Castellum AB		7,160		73,099
Champion REIT		100,100		49,309
Charter Hall Office REIT		202,130		44,290
CLS Holdings PLC(a)		1,720		13,585
Cominar Real Estate Investment Trust		2,400		46,229
Commonwealth Property Office Fund		82,890		69,860
CommonWealth REIT		2,730		65,848
Corporate Office Properties Trust SBI MD		2,450		88,445
Daibiru Corp.		2,400		17,702
Derwent London PLC		4,200		90,419
Douglas Emmett, Inc.		3,790		61,095
Duke Realty Corp.		10,460		117,257
Dundee Real Estate Investment Trust		1,500		35,772
Fabege AB		6,840		47,750
Government Properties Income Trust		1,220		31,317
Great Portland Estates PLC		12,980		62,715
Highwoods Properties, Inc.		2,930		91,650
Hongkong Land Holdings Ltd.		70,000		376,310
Hufvudstaden AB – Class A		6,280		54,568
ING Office Fund		113,230		60,679
Intervest Offices		550		15,532
Japan Prime Realty Investment Corp.		29		64,722
Japan Real Estate Investment Corp.		21		186,464
Kilroy Realty Corp.		2,120		65,953
Liberty Property Trust		4,630		140,613
Mack-Cali Realty Corp.		3,320		102,422
Mori Trust Sogo Reit, Inc.		3		24,805
Nippon Building Fund, Inc.		23		195,248
Nomura Real Estate Office Fund, Inc.		13		64,432
Norwegian Property ASA(a)		17,900		25,901
NTT Urban Development Corp.		64		49,871
Orix JREIT, Inc.		10		47,168
Parkway Properties Inc.		860		12,573
Piedmont Office Realty Trust, Inc.		1,300		23,868
PS Business Parks, Inc.		790		44,453
PSP Swiss Property AG(a)		1,930		130,490
SL Green Realty Corp.		3,180		191,690
Societe de la Tour Eiffel		220		14,420
Societe Immobiliere de Location pour l’Industrie et le Commerce		490		53,965
Sponda Oyj		8,610		32,801
Swiss Prime Site AG(a)		1,680		109,311
Technopolis PLC		3,460		15,251

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 409

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Tokyo Tatemono Co., Ltd.		15,860	$	55,487
Vastned Offices/Industrial NV		700		10,056
Workspace Group PLC		25,940		7,658
Zueblin Immobilien Holding AG(a)		990		3,540
				4,206,151
Materials – 1.0%
Chemicals – 0.4%
Air Liquide SA		504		52,130
Air Products & Chemicals, Inc.		750		55,522
Airgas, Inc.		300		19,740
Akzo Nobel NV		488		25,652
Asahi Kasei Corp.		2,000		9,884
BASF SE		1,730		90,991
CF Industries Holdings, Inc.		250		23,125
Daicel Chemical Industries Ltd.		1,000		6,129
Dow Chemical Co. (The)		4,000		97,480
Eastman Chemical Co.		250		15,388
Ecolab, Inc.		800		37,920
EI du Pont de Nemours & Co.		3,150		128,425
FMC Corp.		250		15,570
Givaudan SA		29		27,631
Hitachi Chemical Co., Ltd.		400		6,931
Incitec Pivot Ltd.		9,134		27,589
International Flavors & Fragrances, Inc.		250		11,423
JSR Corp.		400		5,882
K& S AG		360		18,770
Koninklijke DSM NV		374		15,476
Kuraray Co., Ltd.		500		5,659
Linde AG		286		32,155
Mitsubishi Chemical Holdings Corp.		2,500		11,828
Mitsubishi Gas Chemical Co., Inc.		1,000		5,404
Mitsui Chemicals, Inc.		3,000		7,676
Monsanto Co.		1,900		100,035
Nitto Denko Corp.		300		9,627
Orica Ltd.		1,047		23,443
PPG Industries, Inc.		600		39,498
Praxair, Inc.		1,050		90,331
Sherwin-Williams Co. (The)		350		24,633
Shin-Etsu Chemical Co., Ltd.		800		37,035
Showa Denko KK		4,000		7,106
Sigma-Aldrich Corp.		400		21,268
Solvay SA		268		24,243
Sumitomo Chemical Co., Ltd.		3,000		12,310
Syngenta AG		178		40,994
Taiyo Nippon Sanso Corp.		1,000		7,902
Teijin Ltd.		3,000		9,218

410 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Toray Industries, Inc.		3,000	$	15,864
Ube Industries Ltd.		3,000		6,370
Yara International ASA		733		29,261
				1,253,518
Construction Materials – 0.0%
CRH PLC (London)		1,348		20,681
HeidelbergCement AG		415		16,578
Holcim Ltd.		462		27,700
Lafarge SA		387		17,754
Vulcan Materials Co.		450		16,542
				99,255
Containers & Packaging – 0.1%
Amcor Ltd.		4,327		25,996
Ball Corp.		300		16,824
Bemis Co., Inc.		350		10,105
Owens-Illinois, Inc.(a)		550		13,783
Pactiv Corp.(a)		450		14,436
Sealed Air Corp.		550		11,280
Toyo Seikan Kaisha Ltd.		500		7,956
				100,380
Metals & Mining – 0.5%
AK Steel Holding Corp.		350		4,459
Alcoa, Inc.		3,500		35,735
Allegheny Technologies, Inc.		350		14,252
Anglo American PLC		2,479		88,417
Antofagasta PLC		1,780		27,999
ArcelorMittal (Euronext Amsterdam)		1,617		46,867
BHP Billiton Ltd.		6,321		209,717
BHP Billiton PLC		4,157		115,920
Boliden AB		2,087		23,560
Cliffs Natural Resources, Inc.		450		27,536
Eramet		52		13,136
Eurasian Natural Resources Corp. PLC		1,537		19,861
Fortescue Metals Group Ltd.(a)		6,655		27,866
Freeport-McMoRan Copper & Gold, Inc.		1,650		118,767
Hitachi Metals Ltd.		1,000		10,776
JFE Holdings, Inc.		900		26,556
Kazakhmys PLC		866		15,242
Kobe Steel Ltd.		5,000		10,344
Mitsubishi Materials Corp.(a)		3,000		7,932
Newcrest Mining Ltd.		1,491		49,659
Newmont Mining Corp.		1,700		104,244
Nippon Steel Corp.		10,000		32,994
Nucor Corp.		1,100		40,458

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 411

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Randgold Resources Ltd.		278	$	25,701
Rio Tinto Ltd.		821		51,563
Rio Tinto PLC		2,583		129,920
Sumitomo Metal Industries Ltd.		6,000		14,058
Sumitomo Metal Mining Co., Ltd.		1,000		12,839
ThyssenKrupp AG		819		22,369
Titanium Metals Corp.(a)		250		4,530
United States Steel Corp.		500		21,255
Vedanta Resources PLC		442		12,735
Voestalpine AG		901		26,652
Xstrata PLC		3,591		56,039
				1,449,958
Paper & Forest Products – 0.0%
International Paper Co.		1,500		30,690
MeadWestvaco Corp.		550		11,968
Nippon Paper Group, Inc.		300		7,787
OJI Paper Co., Ltd.		2,000		9,473
UPM-Kymmene Oyj		1,838		25,152
Weyerhaeuser Co.		700		10,990
				96,060
				2,999,171
Utilities – 0.8%
Electric Utilities – 0.4%
Allegheny Energy, Inc.		550		12,403
American Electric Power Co., Inc.		1,650		58,426
Cheung Kong Infrastructure Holdings Ltd.		2,000		7,728
Chubu Electric Power Co., Inc.		1,200		31,589
Chugoku Electric Power Co., Inc. (The)		500		10,916
CLP Holdings Ltd.		4,000		30,539
Contact Energy Ltd.(a)		901		3,549
Duke Energy Corp.		4,550		78,214
E.ON AG		3,580		100,481
EDF SA		513		20,382
Edison International		1,100		37,125
EDP-Energias de Portugal SA		4,658		14,170
Enel SpA		12,397		58,830
Entergy Corp.		650		51,246
Exelon Corp.		2,300		93,656
FirstEnergy Corp.		1,050		38,356
Fortum Oyj		1,035		23,766
Hokuriku Electric Power Co.		400		9,565
Hongkong Electric Holdings Ltd.		2,500		15,236
Iberdrola SA		6,924		48,585
Kansai Electric Power Co., Inc. (The)		1,400		35,869
Kyushu Electric Power Co., Inc.		700		16,629
NextEra Energy, Inc.		1,450		77,908
Northeast Utilities		600		17,382

412 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Pepco Holdings, Inc.		750	$	13,463
Pinnacle West Capital Corp.		350		13,948
PPL Corp.		1,600		43,456
Progress Energy, Inc.		1,000		42,910
Red Electrica Corp. SA		368		15,107
Scottish & Southern Energy PLC		1,738		30,494
Shikoku Electric Power Co., Inc.		300		9,290
Southern Co.		2,850		104,566
Tohoku Electric Power Co., Inc.		800		18,532
Tokyo Electric Power Co., Inc. (The)		2,300		66,867
				1,251,183
Gas Utilities – 0.1%
Enagas		1,530		26,959
EQT Corp.		500		16,300
Hong Kong & China Gas Co., Ltd.		7,000		16,964
Nicor, Inc.		150		6,343
Oneok, Inc.		350		15,018
Osaka Gas Co., Ltd.		4,000		15,083
Snam Rete Gas SpA		5,586		25,824
Toho Gas Co., Ltd.		3,000		15,491
Tokyo Gas Co., Ltd.		5,000		23,303
				161,285
Independent Power Producers & Energy Traders – 0.0%
AES Corp. (The)(a)		2,300		23,552
Constellation Energy Group, Inc.		700		20,531
Electric Power Development Co., Ltd.		300		9,647
Iberdrola Renovables SA		1,900		6,206
International Power PLC		5,295		30,053
NRG Energy, Inc.(a)		850		17,272
				107,261
Multi-Utilities – 0.3%
AGL Energy Ltd.		1,906		25,514
Ameren Corp.		800		22,456
CenterPoint Energy, Inc.		1,400		20,706
Centrica PLC		9,662		48,066
CMS Energy Corp.		750		13,125
Consolidated Edison, Inc.		1,000		47,530
Dominion Resources, Inc.		2,050		87,658
DTE Energy Co.		600		28,110
GDF Suez		2,341		72,190
Integrys Energy Group, Inc.		250		12,113
National Grid PLC		8,016		67,496
NiSource, Inc.		950		16,473
PG&E Corp.		1,300		60,788
Public Service Enterprise Group, Inc.		1,750		55,930
RWE AG		789		51,642
SCANA Corp.		400		15,612

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 413

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Sempra Energy		850	$	43,282
Suez Environnement Co.		822		13,187
TECO Energy, Inc.		700		11,816
Veolia Environnement		828		19,255
Wisconsin Energy Corp.		400		22,296
Xcel Energy, Inc.		1,550		34,581
				789,826
				2,309,555
Telecommunication Services – 0.7%
Diversified Telecommunication Services – 0.6%
AT&T, Inc.		20,550		555,466
Belgacom SA		812		28,868
BT Group PLC		14,600		29,774
CenturyTel, Inc.		1,050		37,968
Deutsche Telekom AG		5,339		70,139
Elisa Oyj(a)		912		18,049
France Telecom SA		3,492		70,981
Frontier Communications Corp.		3,396		26,251
Hellenic Telecommunications Organization SA		713		4,864
Iliad SA		300		28,175
Inmarsat PLC		2,133		21,814
Koninklijke KPN NV		3,147		45,499
Nippon Telegraph & Telephone Corp.		1,000		42,998
PCCW Ltd.		7,000		2,284
Portugal Telecom SGPS SA		1,580		18,529
Qwest Communications International, Inc.		5,150		29,097
Singapore Telecommunications Ltd.		15,000		33,945
Swisscom AG		74		28,723
Tele2 AB – Class B		968		17,407
Telecom Italia SpA (ordinary shares)		18,901		25,469
Telecom Italia SpA (savings shares)		14,099		15,466
Telefonica SA		7,975		176,262
Telekom Austria AG		684		8,721
Telenor ASA		1,783		26,006
TeliaSonera AB		4,229		30,376
Telstra Corp. Ltd.		9,442		23,191
Verizon Communications, Inc.		9,800		289,198
Windstream Corp.		1,650		19,033
				1,724,553
Wireless Telecommunication Services – 0.1%
American Tower Corp. – Class A(a)		1,400		65,604
KDDI Corp.		7		33,759
MetroPCS Communications, Inc.(a)		900		8,046

414 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Millicom International Cellular SA		107	$	9,797
NTT DoCoMo, Inc.		29		49,141
Softbank Corp.		1,400		40,130
Sprint Nextel Corp.(a)		10,300		42,024
StarHub Ltd.		2,000		3,633
Vodafone Group PLC		99,067		237,865
				489,999
				2,214,552
Lodging – 0.3%
Lodging – 0.3%
Ashford Hospitality Trust, Inc.(a)		2,410		19,352
CDL Hospitality Trusts		25,800		38,116
DiamondRock Hospitality Co.(a)		6,420		56,239
FelCor Lodging Trust, Inc.(a)		3,990		15,880
Hersha Hospitality Trust		4,790		22,705
Hospitality Properties Trust		5,110		99,900
Host Hotels & Resorts, Inc.		29,360		385,497
InnVest Real Estate Investment Trust		4,800		28,493
LaSalle Hotel Properties		2,850		60,050
Strategic Hotels & Resorts, Inc.(a)		6,300		22,491
Sunstone Hotel Investors, Inc.(a)		3,580		30,681
				779,404
Total Common Stocks (cost $82,105,156)				79,260,944
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 17.6%
United States – 17.6%
U.S. Treasury Bonds 4.75%, 2/15/37	$	1,665		2,043,788
6.875%, 8/15/25		3,185		4,681,950
U.S. Treasury Notes 0.75%, 11/30/11		4,270		4,290,184
1.00%, 9/30/11-10/31/11		10,457		10,533,633
1.75%, 3/31/14		3,658		3,768,025
1.875%, 2/28/14		5,180		5,358,062
2.25%, 5/31/14		4,120		4,318,918
2.75%, 10/31/13-2/15/19		4,581		4,792,327
3.25%, 3/31/17		2,018		2,194,575
4.625%, 8/31/11		6,105		6,367,326
4.75%, 8/15/17		3,175		3,768,080
Total Governments - Treasuries (cost $50,319,862)				52,116,868

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 415

Volatility Management—Portfolio of Investments

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS – 51.2%
Investment Companies – 51.2%
AllianceBernstein Fixed-Income Shares, Inc.- Government STIF Portfolio, 0.19%(b) (cost $151,708,015)	$	151,708,015	$	151,708,015
Total Investments – 95.6% (cost $284,133,033)				283,085,827
Other assets less liabilities – 4.4%				13,166,498
Net Assets – 100.0%			$	296,252,325

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at August 31, 2010		Unrealized Appreciation/ (Depreciation)
Buy Contracts
MSCI EAFE Mini Index Futures		452		September 2010	$	33,606,418	$	32,137,200	$	(1,469,218)
RUSSELL 2000 Mini Index Futures		112		September 2010		7,179,532		6,737,920		(441,612	)
S&P 500 Mini Index Futures		6		December 2010		314,722		312,990		(1,732	)
S&P 500 Mini Index Futures		1,619		September 2010		89,010,679		84,859,885		(4,150,794	)
S&P MidCap 400 Mini Index Futures		228		September 2010		17,352,652		16,441,080		(911,572	)
									$	(6,974,928	)

TOTAL RETURN SWAP CONTRACTS ON INDICES (see Note C)

Swap Counterparty & Index	Receive/ (Pay Rate)			Notional Amount		Maturity Date		Unrealized Appreciation/ (Depreciation)
Pay Total Return on Reference Index
Citibank Real Time Russell 2000		0.33894	%	$	3,111,186		5/15/11	$	(64,842	)
Citibank MSCI Daily		0.4375	%		13,704,520		5/16/11		(288,652	)
Credit Suisse International Real Time Russell 2000		0.07594	%		999,996		8/16/11		(2,335	)
Credit Suisse International Real Time Russell 2000		0.26156	%		3,702,906		9/15/11		55,911
Morgan Stanley Real Time Russell 2000		0.2575	%		1,088,095		5/16/11		(22,678	)
Morgan Stanley Real Time Russell 2000		0.34131	%		1,615,739		6/15/11		(33,675	)

416 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Swap Counterparty & Index	Receive/ (Pay Rate)			Notional Amount		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Citibank Real Time Russell 2000		(1 Month LIBOR	)	$	3,111,186		5/15/11	$	618
Morgan Stanley Real Time Russell 2000		(1 Month LIBOR	)		1,088,095		4/16/11		246
Morgan Stanley Real Time Russell 2000		(1 Month LIBOR	)		1,615,739		6/15/11		292

(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:

LIBOR – London Interbank Offered Rates

REG – Registered Shares

REIT – Real Estate Investment Trust

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 417

Volatility Management—Portfolio of Investments

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

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and 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

1 It should be noted that the information in the fee evaluation was completed on July 23, 2010 and presented to the Board of Directors on August 3-5, 2010.

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, Bond Inflation Protection Portfolio (prior to April 16, 2010 known as Inflation Protected Securities Portfolio), High Yield Portfolio and Volatility Management Portfolio.

418 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

classes and investment styles. As a result, certain expenses will be minimal, such as custodian charges, or non-existent, such as brokerage commissions, except as incurred indirectly through the Pooling Portfolios.

The Senior Officer’s evaluation 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  • 419

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
2000, 2005, 2010		0.55	%		0.45	%		0.40	%
2015, 2020		0.60	%		0.50	%		0.45	%
2025, 2030, 2035, 2040, 2045, 2050, 2055		0.65	%		0.55	%		0.50	%

It should be noted that there are no management fees charged by the Adviser for managing the Pooling Portfolios in which the Retirement Strategies invest, although the Retirement Strategies do bear expenses incurred by the Pooling Portfolios, which, for the six month period ending February 28, 2010, approximates to 0.03% of each Strategy’s average net assets for 2000-2025 Retirement Strategies, and 0.02% for 2030-2055 Retirement Strategies.

The Strategies’ net assets on June 30, 2010 are set forth below:

Strategy	06/30/10 Net Assets ($millions)
2000 Retirement Strategy	$	27.5
2005 Retirement Strategy	$	38.6
2010 Retirement Strategy	$	162.4
2015 Retirement Strategy	$	285.2
2020 Retirement Strategy	$	359.8
2025 Retirement Strategy	$	296.8
2030 Retirement Strategy	$	259.7
2035 Retirement Strategy	$	176.8
2040 Retirement Strategy	$	152.1
2045 Retirement Strategy	$	97.6
2050 Retirement Strategy	$	15.6
2055 Retirement Strategy	$	3.5

420 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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 received during the Strategies’ most recently completed fiscal year:

Strategy	Amount		As a % of Average Daily Net Assets
2000 Retirement Strategy5	$	77,266		0.36	%
2005 Retirement Strategy5	$	77,266		0.19	%
2010 Retirement Strategy	$	77,266		0.05	%
2015 Retirement Strategy	$	77,266		0.03	%
2020 Retirement Strategy	$	77,266		0.03	%
2025 Retirement Strategy	$	77,266		0.03	%
2030 Retirement Strategy	$	77,266		0.04	%
2035 Retirement Strategy	$	77,266		0.06	%
2040 Retirement Strategy	$	77,266		0.07	%
2045 Retirement Strategy6	$	77,266		0.12	%
2050 Retirement Strategy5	$	77,266		1.34	%
2055 Retirement Strategy5	$	77,266		5.01	%

The Adviser agreed to waive that portion of its management fees and/or reimburse the Retirement 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 Retirement 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, 2010, each of the 2000-2025 Retirement Strategies had a blended underlying expense ratio of 0.03%, and each of 2030-2055 Retirement Strategies had a blended underlying expense ratio of 0.02%. Also set forth below are the Retirement Strategies’ gross expense ratios for the most recent semi-annual period:

Strategy	Expense Cap Pursuant to Expense Limitation Undertaking			Gross Expense Ratio 02/28/107			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	%  %  %  %  %  %  %		2.32 3.14 3.04 2.51 2.22 1.88 2.03	%  %  %  %  %  %  %		August 31

5 For the most recently completed fiscal year, the expense reimbursement amount was waived in its entirety by the Adviser.

6 The Adviser waived $64,425 of the expense reimbursement.

7 Annualized.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 421

Strategy	Expense Cap Pursuant to Expense Limitation Undertaking			Gross Expense Ratio 02/28/107			Fiscal Year End
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	%  %  %  %  %  %  %		1.72 2.44 2.43 1.98 1.73 1.41 1.42	%  %  %  %  %  %  %		August 31
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	%  %  %  %  %  %  %		1.22 1.96 1.95 1.56 1.25 0.91 0.92	%  %  %  %  %  %  %		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	%  %  %  %  %  %  %		1.14 1.88 1.87 1.49 1.19 0.81 0.84	%  %  %  %  %  %  %		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	%  %  %  %  %  %  %		1.14 1.88 1.87 1.49 1.18 0.83 0.84	%  %  %  %  %  %  %		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	%  %  %  %  %  %  %		1.21 1.96 1.94 1.55 1.24 0.91 0.91	%  %  %  %  %  %  %		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	%  %  %  %  %  %  %		1.24 1.99 1.97 1.56 1.24 0.91 0.94	%  %  %  %  %  %  %		August 31

422 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Strategy	Expense Cap Pursuant to Expense Limitation Undertaking			Gross Expense Ratio 02/28/107			Fiscal Year End
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	%  %  %  %  %  %  %		1.30 2.05 2.03 1.61 1.30 0.97 1.00	%  %  %  %  %  %  %		August 31
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	%  %  %  %  %  %  %		1.35 2.10 2.10 1.64 1.33 1.00 1.05	%  %  %  %  %  %  %		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	%  %  %  %  %  %  %		1.51 2.30 2.26 1.76 1.45 1.11 1.21	%  %  %  %  %  %  %		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	%  %  %  %  %  %  %		4.06 4.90 4.78 3.91 3.64 3.27 3.78	%  %  %  %  %  %  %		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	%  %  %  %  %  %  %		13.66 14.52 14.68 11.88 11.66 11.39 13.46	%  %  %  %  %  %  %		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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 423

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 noted, the Adviser is reimbursed for providing such services. 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, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Retirement Strategies.⁸ In addition to the AllianceBernstein Institutional fee schedule, set forth below is a comparison of the advisory fees for

8 The Supreme Court recently held the Gartenberg decision was correct in its basic formulation of what §36(b) requires: to face liability under §36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arms length bargaining.” Jones v. Harris Associates L.P., (No. 08-586), slip op. at 9, 559 U.S.             2010. In the Jones v. Harris decision, the Supreme Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of section §36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arms-length bargaining as the benchmark for reviewing challenged fees.” Jones v. Harris at 11.

424 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

the Retirement Strategies and what would have been the effective advisory fees of the Strategies had the AllianceBernstein Institutional fee schedule been applicable to the Strategies based on June 30, 2010 net assets:

AB Institutional Fee Schedule	Strategy	Net Assets 06/30/10 ($MM)		AB Inst. Fee (%)			Advisory Fee (%)9
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)	2000 Retirement Strategy	$	27.5		0.736	%		0.550	%
	2005 Retirement Strategy	$	38.6		0.697	%		0.550	%
	2010 Retirement Strategy	$	162.4		0.515	%		0.550	%
	2015 Retirement Strategy	$	285.2		0.451	%		0.600	%
	2020 Retirement Strategy	$	359.8		0.430	%		0.600	%
	2025 Retirement Strategy	$	296.8		0.447	%		0.650	%
	2030 Retirement Strategy	$	259.7		0.461	%		0.650	%
Minimum Account Size: $50M or plan assets of $500M	2035 Retirement Strategy	$	176.8		0.506	%		0.650	%
	2040 Retirement Strategy	$	152.1		0.523	%		0.650	%
	2045 Retirement Strategy	$	97.6		0.590	%		0.650	%
	2050 Retirement Strategy	$	15.6		0.750	%		0.650	%
	2055 Retirement Strategy	$	3.5		0.750	%		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 Retirement Strategies with fees charged to other investment companies for similar services offered by other investment advisers.¹⁰ Lipper’s analysis included each Retirement Strategy’s ranking with respect to the contractual management fee relative to the median of each Strategy’s Lipper Expense Group (“EG”)¹¹ at the approximate current asset level of the subject Strategy.¹²

9 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.

10 In considering this section, it should be noted that the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arms length.” Jones v. Harris at 14.

11 Note that Lipper does not consider average account size when constructing EGs. As the Directors are aware, 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.

12 The contractual management fee is calculated by Lipper using the Retirement Strategy’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Retirement 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 RetirementStrategy had the lowest effective fee rate in the Lipper peer group.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 425

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

The original EGs for Retirement Strategies 2015, 2025, 2035, 2045, 2050, 2055 had an insufficient number of peers in Lipper’s view. Consequently, Lipper expanded the EGs of those Strategies to include other out-of-category target date peers in addition to their respective in-category target date peers.

Strategy	Contractual Management Fee (%)13		Lipper Exp. Group Median (%)		Rank
2000 Retirement Strategy		0.550		0.647	3/10
2005 Retirement Strategy		0.550		0.647	3/10
2010 Retirement Strategy		0.550		0.647	3/10
2015 Retirement Strategy		0.600		0.699	1/9
2020 Retirement Strategy		0.600		0.699	1/9
2025 Retirement Strategy		0.650		0.751	1/8
2030 Retirement Strategy		0.650		0.760	1/8
2035 Retirement Strategy		0.650		0.760	1/9
2040 Retirement Strategy		0.650		0.771	1/8
2045 Retirement Strategy		0.650		0.748	3/10
2050 Retirement Strategy		0.650		0.849	1/9
2055 Retirement Strategy		0.650		0.861	1/10

Set forth below is a comparison of the Retirement Strategies’ total expense ratios provided by Lipper (inclusive of the Strategies’ underlying expenses) and the medians of the Strategies’ EGs. The Strategies’ total expense ratio rankings are also shown.

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 always follows but given the volatile market conditions during 2008 and 2009, notably the last three months of 2008 through the first three months of 2009, when equity markets declined substantially, and conversely through the

13 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. 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.

426 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

remainder of 2009, when equity markets rallied the effects on the funds’ total expense ratio caused by the differences in fiscal year ends may be more pronounced in 2008 and 2009 compared to other years under more normal market conditions.¹⁴

Strategy	Total Expense Ratio (%)15		Lipper Exp. Group Median (%)		Lipper Group Rank
2000 Retirement Strategy		0.860		1.187	1/10
2005 Retirement Strategy		0.918		1.187	3/10
2010 Retirement Strategy		0.939		1.187	3/10
2015 Retirement Strategy		0.983		1.321	2/9
2020 Retirement Strategy		1.016		1.321	2/9
2025 Retirement Strategy		1.037		1.359	1/8
2030 Retirement Strategy		1.065		1.364	1/8
2035 Retirement Strategy		1.061		1.381	1/9
2040 Retirement Strategy		1.058		1.391	1/8
2045 Retirement Strategy		1.064		1.315	2/10
2050 Retirement Strategy		1.060		1.360	1/9
2055 Retirement Strategy		1.061		1.375	2/10

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.

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 4, 2010 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.

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 2009.

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.

14 To cite an example, the average net assets and total expense ratio of a fund with a fiscal year end of March 31, 2009 will not be reflective of the market rally that occurred post March 2009, in contrast to a fund with a fiscal year end of December 31, 2009.

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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 427

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	$	25
2005 Retirement Strategy	$	61
2010 Retirement Strategy	$	1,042
2015 Retirement Strategy	$	1,043
2020 Retirement Strategy	$	2,007
2025 Retirement Strategy	$	1,159
2030 Retirement Strategy	$	1,939
2035 Retirement Strategy	$	1,554
2040 Retirement Strategy	$	704
2045 Retirement Strategy	$	563
2050 Retirement Strategy	$	168
2055 Retirement Strategy	$	48

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	$	62,055	$	1,722
2005 Retirement Strategy	$	124,697	$	1,351
2010 Retirement Strategy	$	389,508	$	6,227
2015 Retirement Strategy	$	612,171	$	7,756
2020 Retirement Strategy	$	780,531	$	12,693
2025 Retirement Strategy	$	636,706	$	7,073
2030 Retirement Strategy	$	567,466	$	9,904
2035 Retirement Strategy	$	373,498	$	4,307
2040 Retirement Strategy	$	320,263	$	5,040
2045 Retirement Strategy	$	187,682	$	3,893
2050 Retirement Strategy	$	15,394	$	348
2055 Retirement Strategy	$	4,281	$	588

428 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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 2009, ABI paid approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $13.8 million for distribution services and educational support (revenue sharing payments).

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 Offset16
2000 Retirement Strategy	$	18,003	$	19
2005 Retirement Strategy	$	18,423	$	24
2010 Retirement Strategy	$	56,042	$	53
2015 Retirement Strategy	$	86,759	$	79
2020 Retirement Strategy	$	110,536	$	96
2025 Retirement Strategy	$	90,533	$	95
2030 Retirement Strategy	$	86,309	$	93
2035 Retirement Strategy	$	60,273	$	85
2040 Retirement Strategy	$	57,331	$	80
2045 Retirement Strategy	$	43,382	$	74
2050 Retirement Strategy	$	18,099	$	11
2055 Retirement Strategy	$	18,100	$	7

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, none of the Pooling Portfolios 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.

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 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  • 429

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.¹⁹ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.²⁰ 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 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arms length. See Jones V. Harris at 14.

20 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.

430 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

With assets under management of approximately $458 billion as of June 30, 2010, 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 returns²¹ and ranking of each Retirement Strategy relative to its Lipper Performance Group (“PG”)²² and Lipper Performance Universe (“PU”)²³ for the periods ended May 31, 2010.

Strategy	Strategy Return (%)		PG Median (%)		PU Median (%)		PG Rank	PU Rank
2000 Retirement Strategy
1 year		15.30		15.30		15.54	5/10	14/25
3 year		-2.85		-2.39		-2.19	6/8	14/21
2005 Retirement Strategy
1 year		16.78		15.45		15.54	3/10	7/25
3 year		-4.19		-2.39		-2.19	7/8	17/21
2010 Retirement Strategy
1 year		18.19		15.89		15.54	3/10	4/25
3 year		-5.51		-2.19		-2.19	8/9	19/21
2015 Retirement Strategy
1 year		18.73		18.56		15.13	2/4	4/21
3 year		-6.89		-4.38		-3.10	4/4	14/17
2020 Retirement Strategy
1 year		19.49		19.10		16.03	3/9	3/28
3 year		-8.23		-5.35		-5.04	7/8	19/21
2025 Retirement Strategy
1 year		19.65		19.79		18.10	5/8	5/13
3 year		-9.29		-7.57		-6.76	7/7	8/9
2030 Retirement Strategy
1 year		18.92		19.56		17.86	7/8	10/26
3 year		-10.01		-7.73		-7.52	7/7	18/20

21 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.

22 The Strategies PGs/PUs may not be identical to the Strategies EGs/EUs as the criteria for including/excluding a fund in/from an EG/EU is different from that of PG/PU.

23 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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 431

Strategy	Strategy Return (%)		PG Median (%)		PU Median (%)		PG Rank	PU Rank
2035 Retirement Strategy
1 year		17.95		19.62		18.78	3/3	9/12
3 year		-10.70		-8.42		-7.96	3/3	9/9
2040 Retirement Strategy
1 year		17.68		19.27		18.60	7/8	19/29
3 year		-10.72		-8.71		-8.61	7/7	20/20
2045 Retirement Strategy
1 year		17.33		19.95		18.49	4/4	12/14
3 year		-10.92		-8.44		-8.76	4/4	11/11
2050 Retirement Strategy
1 year		17.67		18.43		18.71	6/8	13/19
2055 Retirement Strategy
1 year		17.44		18.43		18.71	6/8	14/19

The table below shows the 1 and 3 year and since inception performance returns of the Strategies (in bold) versus their composite benchmarks.²⁴

	Periods Ending May 31, 2010 Annualized Performance (Net)
Strategy	1 Year (%)		3 Year (%)		Since Inception (%)
2000 Retirement Strategy		15.30		-2.85		2.41
Composite Index		13.49		-1.73		3.24
Inception Date: September 1, 2005
2005 Retirement Strategy		16.78		-4.19		1.85
Composite Index		15.57		-3.26		2.79
Inception Date: September 1, 2005
2010 Retirement Strategy		18.19		-5.51		1.41
Composite Index		17.43		-4.62		2.34
Inception Date: September 1, 2005
2015 Retirement Strategy		18.73		-6.89		0.96
Composite Index		18.16		-5.80		1.93
Inception Date: September 1, 2005

24 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 Volatility Management, S&P 500 Stock Index; and for high yield bonds, BC High Yield (2% constrained) Index.

432 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

	Periods Ending May 31, 2010 Annualized Performance (Net)
Strategy	1 Year (%)		3 Year (%)		Since Inception (%)
2020 Retirement Strategy		19.49		-8.23		0.40
Composite Index		18.86		-6.99		1.50
Inception Date: September 1, 2005
2025 Retirement Strategy		19.65		-9.29		0.36
Composite Index		19.39		-7.96		1.18
Inception Date: September 1, 2005
2030 Retirement Strategy		18.92		-10.01		-0.30
Composite Index		18.93		-8.65		0.98
Inception Date: September 1, 2005
2035 Retirement Strategy		17.95		-10.70		-0.66
Composite Index		18.25		-9.25		0.64
Inception Date: September 1, 2005
2040 Retirement Strategy		17.68		-10.72		-0.45
Composite Index		18.13		-9.28		0.62
Inception Date: September 1, 2005
2045 Retirement Strategy		17.33		-10.92		-0.65
Composite Index		18.03		-9.31		0.60
Inception Date: September 1, 2005
2050 Retirement Strategy		17.67		N/A		-8.49
Composite Index		18.02		N/A		-8.97
Inception Date: June 29, 2007
2055 Retirement Strategy		17.44		N/A		-9.12
Composite Index		18.02		N/A		-8.97
Inception Date: June 29, 2007

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 23, 2010

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 433

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

Equity Income Fund*

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Bond Inflation Strategy

Diversified Yield Fund

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Short Duration Portfolio

Municipal Bond Funds

Arizona Municipal Bond    Inflation Strategy California High Income Massachusetts Michigan Minnesota National 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*

Inflation Strategies

Real Asset Strategy

Alternative Strategies

Market Neutral Strategy – U.S.

Market Neutral Strategy – Global

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. 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. Prior to September 1, 2010, Equity Income Fund was named Utility Income Fund. Prior to September 27, 2010, Real Asset Strategy was named Multi-Asset Inflation Strategy.

** 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 Family of Funds

434 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

NOTES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 435

NOTES

436 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

NOTES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 437

NOTES

438 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

NOTES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 439

NOTES

440 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

RS-00-55-0151-0810

ANNUAL REPORT

AllianceBernstein Blended Style Funds

U.S. Large Cap Portfolio

August 31, 2010

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.

October 15, 2010

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 annual reporting period ended August 31, 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 9.

Investment Results

The table on page 5 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 August 31, 2010.

The Fund’s Class A shares without sales charges declined and underperformed the benchmark for the six- and 12-month periods ended August 31, 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). The U.S. Large Cap Growth Underlying Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for both the six and 12-month periods. The U.S. Value Underlying Portfolio also underperformed its benchmark, the Russell 1000 Value Index, for both periods.

While both the U.S. Large Cap Growth and U.S. Value Underlying Portfolios underperformed the S&P 500 Index and their respective style benchmarks for both the six- and 12-month periods ended August 31, 2010, the relative underperformance was more pronounced for the U.S. Large Cap Growth Underlying Portfolio. For the 12-month period, the largest detractor from the Fund’s relative performance was stock selection in the financial, industrial and consumer discretionary groups. Sector exposure proved to be a modest detractor, particularly an overweight in financials, and an under

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 1

weight in the industrial sector. Partially offsetting these factors was the Fund’s overweight in the consumer discretionary sector.

The largest detractor from the Fund’s performance during the six-month period was stock selection in the financial, health care and consumer discretionary sectors. The Fund’s sector exposures were a modest drag, with underweights in traditionally defensive groups such as utilities and consumer staples accounting for the underperformance.

Market Review and Investment Strategy

The U.S. equity market continued to rally in the fourth quarter of 2009, due to growing confidence that the financial crisis had ended, an economic recovery was under way and corporate earnings growth would soon begin to recover. This backdrop powered cyclical sectors such as technology, materials and consumer discretionary higher, as investors’ confidence continued to build, following an improved market environment earlier in the year. Despite a challenging January, the markets still managed to deliver positive results in the first quarter of 2010. The key concerns that drove stock prices lower in January included mixed economic news as well as growing concerns about Greece’s towering debt and policies in various countries that investors feared could slow economic recovery. The markets then reversed course in February, amid signs of accelerating global economic growth, better corporate earnings and increased merger and acquisition activity. Returns were paced again by cyclical

groups such as financials, industrials and smaller-cap companies. However, following a year long rally, risk aversion reentered investors’ mindsets as fears over escalating fiscal troubles in Europe and a potential slowdown in the global economic recovery led them to flee risk. Economically-sensitive sectors such as materials, energy, industrials and technology fell the most, along with financials, which were also hit by concerns about regulatory reform. More defensive sectors fell the least. By design, the Fund is structured to capture the research-driven stock selections of both the U.S. Large Cap Growth and U.S. Value Underlying Portfolios, while mitigating the broad risks such as industry sector deviations from the market. However, considering the market’s heightened level of risk aversion and stock price correlations, combined with the Fund’s pro-cyclical bias, these factors have been key components of the recent underperformance. Despite these near term challenges, the Blend Strategies Team (the “Team”) is still finding attractive investment opportunities.

The U.S. Large Cap Growth and U.S. Value teams are encouraged by investors’ increasingly skeptical view of the equity markets, which creates a more favorable environment for both teams to add value through research-based stock selection. The U.S. Large Cap Growth team believes that growth stocks today offer an uncharacteristic combination of superior and, in their view, sustainable earnings growth at relative valuations near all-time lows. Meanwhile, the U.S. Value team seeks a profitable

2 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

balance between long-term return potential and near-term risk, and has seized the historical opportunity to own attractively valued companies with strong free cash flows, healthy balance sheets and strong competitive

advantages. As a result of the complementary attributes of the U.S. Large Cap Growth and U.S. Value Underlying Portfolios, the Team believes the Fund offers above-market growth potential at a reasonable market price.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 3

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.

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. 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 website at www.alliancebernstein.com or call your financial advisor or AllianceBernstein Investments at 800.227.4618. You should read the prospectus carefully before you invest.

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 Standard & Poor’s (S&P^®) 500 Stock Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. The Russell 1000^® Value Index represents the performance of 1000 large-cap value companies within the US. The Russell 1000^® Growth Index represents the performance of 1000 large-cap growth companies within the US. The unmanaged Russell 1000^® Index represents the performance of 1000 large-cap companies within the US. 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

Allocating to different types of assets may have a large impact on returns if one of these asset classes significantly underperforms the others. The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value. These risks are fully discussed in the Fund’s prospectus.

(Historical Performance continued on next page)

4 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

THE FUND VS. ITS BENCHMARK PERIODS ENDED AUGUST 31, 2010	NAV Returns
	6 Months		12 Months
AllianceBernstein Blended Style Funds U.S. Large Cap Portfolio*
Class A		-8.91%		-1.93%
Class B**		-9.17%		-2.51%
Class C		-9.27%		-2.64%
Advisor Class†		-8.70%		-1.66%
Class R†		-8.96%		-2.09%
Class K†		-8.75%		-1.81%
Class I†		-8.67%		-1.56%
S&P 500 Stock Index		-4.04%		4.91%
*Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance by 0.00% and 0.02% for the six- and 12-month periods ended August 31, 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.

See Historical Performance and Benchmark disclosures on previous page.

(Historical Performance continued on next page.)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 5

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

GROWTH OF A $10,000 INVESTMENT IN THE FUND

7/15/02* TO 8/31/10

*Since inception of the Fund’s Class A shares on 7/15/02.

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein Blended Style Funds U.S. Large Cap Portfolio Class A shares (from 7/15/02* to 8/31/10) as compared to the performance of the Fund’s benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

See Historical Performance and Benchmark disclosures on page 4.

(Historical Performance continued on next page)

6 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV Returns			SEC Returns
Class A Shares
1 Year		-1.93	%		-6.08	%
5 Years		-3.94	%		-4.77	%
Since Inception*		1.12	%		0.58	%
Class B Shares
1 Year		-2.51	%		-6.40	%
5 Years		-4.63	%		-4.63	%
Since Inception*		0.41	%		0.41	%
Class C Shares
1 Year		-2.64	%		-3.61	%
5 Years		-4.64	%		-4.64	%
Since Inception*		0.41	%		0.41	%
Advisor Class Shares†
1 Year		-1.66	%		-1.66	%
5 Years		-3.66	%		-3.66	%
Since Inception*		1.43	%		1.43	%
Class R Shares†
1 Year		-2.09	%		-2.09	%
5 Years		-4.15	%		-4.15	%
Since Inception*		-2.00	%		-2.00	%
Class K Shares†
1 Year		-1.81	%		-1.81	%
5 Years		-3.90	%		-3.90	%
Since Inception*		-2.73	%		-2.73	%
Class I Shares†
1 Year		-1.56	%		-1.56	%
5 Years		-3.58	%		-3.58	%
Since Inception*		-2.41	%		-2.41	%

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.

See Historical Performance disclosures on page 4.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 7

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 (SEPTEMBER 30, 2010)
	SEC Returns
Class A Shares
1 Year		-1.86	%
5 Years		-3.45	%
Since Inception*		1.66	%
Class B Shares
1 Year		-2.11	%
5 Years		-3.32	%
Since Inception*		1.48	%
Class C Shares
1 Year		0.89	%
5 Years		-3.30	%
Since Inception*		1.48	%
Advisor Class Shares†
1 Year		2.85	%
5 Years		-2.33	%
Since Inception*		2.50	%
Class R Shares†
1 Year		2.33	%
5 Years		-2.83	%
Since Inception*		-0.68	%
Class K Shares†
1 Year		2.66	%
5 Years		-2.58	%
Since Inception*		-1.16	%
Class I Shares†
1 Year		2.88	%
5 Years		-2.26	%
Since Inception*		-0.84	%

* 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.

See Historical Performance disclosures on page 4.

(Historical Performance continued on next page)

8 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

EACH UNDERLYING PORTFOLIO* VS. ITS BENCHMARK PERIODS ENDED AUGUST 31,  2010	NAV Returns
	6 Months		12 Months
AllianceBernstein U.S. Value Portfolio		-6.61%		1.64%
Russell 1000 Value Index		-3.28%		4.96%
AllianceBernstein U.S. Large Cap Growth Portfolio		-9.54%		-2.23%
Russell 1000 Growth Index		-4.65%		6.14%

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2010
	NAV/SEC Returns†
AllianceBernstein U.S. Value Portfolio
1 Year		1.64	%
5 Years		-3.43	%
Since Inception^		-2.60	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		-2.23	%
5 Years		-1.82	%
Since Inception^		-0.39	%
SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2010)
	SEC Returns
AllianceBernstein U.S. Value Portfolio
1 Year		5.52	%
5 Years		-2.10	%
Since Inception^		-1.15	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		2.89	%
5 Years		-0.48	%
Since Inception^		1.48	%

* 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  • 9

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 March 1, 2010				Ending Account Value August 31, 2010				Expenses Paid During Period*
	Actual		Hypothetical		Actual		Hypothetical**		Actual		Hypothetical
Class A	$	1,000	$	1,000	$	910.86	$	1,016.89	$	7.95	$	8.39
Class B	$	1,000	$	1,000	$	908.34	$	1,013.36	$	11.30	$	11.93
Class C	$	1,000	$	1,000	$	907.25	$	1,013.36	$	11.30	$	11.93
Advisor Class	$	1,000	$	1,000	$	912.99	$	1,018.40	$	6.51	$	6.87
Class R	$	1,000	$	1,000	$	910.36	$	1,015.88	$	8.91	$	9.40
Class K	$	1,000	$	1,000	$	912.54	$	1,017.14	$	7.71	$	8.13
Class I	$	1,000	$	1,000	$	913.34	$	1,018.40	$	6.51	$	6.87

* Expenses are equal to the classes’ annualized expense ratios of 1.65%, 2.35%, 2.35%, 1.35%, 1.85%, 1.60% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% return before expenses.

10 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Fund Expenses

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $40.9

* All data are as of August 31, 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 page 9.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 11

Portfolio Summary

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.4%
The AllianceBernstein Pooling Portfolios - Equity – 100.4%
U.S. Value Portfolio		2,866,648	$	20,582,534
U.S. Large Cap Growth Portfolio		2,293,314		20,502,229
Total Investments – 100.4% (cost $43,337,775)				41,084,763
Other assets less liabilities – (0.4)%				(170,257	)
Net Assets – 100.0%			$	40,914,506

See notes to financial statements.

12 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

August 31, 2010

Assets
Investments in affiliated Underlying Portfolios, at value (cost $43,337,775)	$	41,084,763
Receivable for capital stock sold		207,748
Receivable for investments sold		34,756
Total assets		41,327,267
Liabilities
Payable for capital stock redeemed		259,917
Audit fee payable		30,382
Legal fee payable		29,815
Distribution fee payable		20,505
Administrative fee payable		15,885
Advisory fee payable		13,300
Transfer Agent fee payable		4,625
Accrued expenses		38,332
Total liabilities		412,761
Net Assets	$	40,914,506
Composition of Net Assets
Capital stock, at par	$	5,228
Additional paid-in capital		51,509,012
Accumulated net realized loss on investment transactions		(8,346,722	)
Net unrealized depreciation on investments		(2,253,012	)
	$	40,914,506

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	17,349,018		2,176,417	$	7.97	*
B	$	9,418,353		1,234,810	$	7.63
C	$	8,433,078		1,104,558	$	7.63
Advisor	$	2,617,041		323,785	$	8.08
R	$	74,914		9,579	$	7.82
K	$	1,517,771		191,502	$	7.93
I	$	1,504,331		187,847	$	8.01

* The maximum offering price per share for Class A shares was $8.32 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 13

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Year Ended August 31, 2010

Investment Income
Income distributions from affiliated Underlying Portfolios				$	897,956
Expenses
Advisory fee (see Note B)	$	346,291
Distribution fee—Class A		67,611
Distribution fee—Class B		121,105
Distribution fee—Class C		108,114
Distribution fee—Class R		516
Distribution fee—Class K		4,557
Transfer agency—Class A		47,429
Transfer agency—Class B		32,197
Transfer agency—Class C		25,159
Transfer agency—Advisor Class		9,022
Transfer agency—Class R		183
Transfer agency—Class K		3,436
Transfer agency—Class I		328
Registration fees		85,943
Administrative		74,669
Custodian		59,803
Directors’ fees		51,403
Legal		45,229
Printing		40,072
Audit		26,257
Miscellaneous		45,517
Total expenses		1,194,841
Less: expenses waived and reimbursed by the Adviser (see Note B)		(179,046	)
Net expenses					1,015,795
Net investment loss					(117,839	)
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(70,963	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					190,793
Net gain on investment transactions					119,830
Net Increase in Net Assets from Operations				$	1,991

See notes to financial statements.

14 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2010			Year Ended August 31, 2009
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(117,839	)	$	233,312
Net realized loss on sale of affiliated Underlying Portfolio shares		(70,963	)		(7,230,335	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		190,793			(12,557,829	)
Net increase (decrease) in net assets from operations		1,991			(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		(15,456,099	)		(11,064,025	)
Total decrease		(15,618,245	)		(36,066,606	)
Net Assets
Beginning of period		56,532,751			92,599,357
End of period (including accumulated net investment loss of $0 and $0, respectively)	$	40,914,506		$	56,532,751

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 15

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

August 31, 2010

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

16 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

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

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 August 31, 2010:

Investments in Underlying Portfolios	Level 1		Level 2		Level 3		Total
Investment Companies	$	41,084,763	$	—	$	—	$	41,084,763

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

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 17

Notes to Financial Statements

and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s 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 voluntarily 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 year ended August 31, 2010, such reimbursement amounted to $179,046. The Expense Caps were removed on January 1, 2009 and were reinstated on September 1, 2009. The current Expense Caps may be removed at any time.

18 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

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 year ended August 31, 2010, such fee amounted to $74,669.

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 $54,201 for the year ended August 31, 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 $857 from the sale of Class A shares and received $238, $5,992 and $42 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the year ended August 31, 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 $631,234, $1,064,141, $17,024, and $94,994 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.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 19

Notes to Financial Statements

NOTE D

Investment Transactions

Purchases and sales of investments in the Underlying Portfolios, aggregated $2,262,212 and $18,086,831, respectively, for the year ended August 31, 2010.

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	45,146,111
Gross unrealized appreciation	$	– 0	–
Gross unrealized depreciation		(4,061,348	)
Net unrealized depreciation	$	(4,061,348	)

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 other 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).

20 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

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
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
Class A
Shares sold		241,864			524,514		$	2,133,080		$	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		101,515			141,750			863,433			1,042,688
Shares redeemed		(1,101,348	)		(1,187,911	)		(9,544,819	)		(8,878,726	)
Net decrease		(750,442	)		(226,345	)	$	(6,483,047	)	$	(1,786,279	)
Class B
Shares sold		34,789			79,603		$	291,509		$	582,797
Shares issued in reinvestment of dividends and distributions		4,188			184,340			34,929			1,222,179
Shares converted to Class A		(105,806	)		(146,933	)		(863,433	)		(1,042,688	)
Shares redeemed		(343,716	)		(695,788	)		(2,882,233	)		(4,933,043	)
Net decrease		(410,545	)		(578,778	)	$	(3,419,228	)	$	(4,170,755	)
Class C
Shares sold		48,404			148,859		$	408,321		$	1,054,578
Shares issued in reinvestment of dividends and distributions		3,738			147,068			31,217			976,530
Shares redeemed		(420,632	)		(618,021	)		(3,518,456	)		(4,416,671	)
Net decrease		(368,490	)		(322,094	)	$	(3,078,918	)	$	(2,385,563	)
Advisor Class
Shares sold		72,259			225,681		$	629,657		$	1,802,258
Shares issued in reinvestment of dividends and distributions		1,169			66,698			10,248			460,879
Shares redeemed		(336,615	)		(712,007	)		(2,927,082	)		(5,854,398	)
Net decrease		(263,187	)		(419,628	)	$	(2,287,177	)	$	(3,591,261	)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 21

Notes to Financial Statements

	Shares						Amount
	Year Ended August 31, 2010			Year Ended August 31, 2009			Year Ended August 31, 2010			Year Ended August 31, 2009
Class R
Shares sold		6,638			5,450		$	57,420		$	38,370
Shares issued in reinvestment of dividends and distributions		37			1,005			319			6,775
Shares redeemed		(10,026	)		(2,551	)		(90,145	)		(16,047	)
Net increase (decrease)		(3,351	)		3,904		$	(32,406	)	$	29,098
Class K
Shares sold		55,361			115,805		$	480,974		$	889,323
Shares issued in reinvestment of dividends and distributions		549			14,340			4,724			97,511
Shares redeemed		(76,145	)		(5,066	)		(645,704	)		(32,406	)
Net increase (decrease)		(20,235	)		125,079		$	(160,006	)	$	954,428
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

22 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

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. Therefore, 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”) 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 year ended August 31, 2010.

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended August 31, 2010 and August 31, 2009 were as follows:

	2010			2009
Distributions paid from:
Ordinary income	$	– 0	–	$	449,402
Long-term capital gains		164,137			4,989,585
Total taxable distributions		164,137			5,438,987
Tax return of capital		– 0	–		8,742
Total distributions paid	$	164,137		$	5,447,729

As of August 31, 2010, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(6,538,387	)(a)
Unrealized appreciation/(depreciation)		(4,061,348	)(b)
Total accumulated earnings/(deficit)	$	(10,599,735	)

^(a) On August 31, 2010, the Fund had a capital loss carryover for federal income tax purposes of $6,538,387 which expires in the year 2018.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 23

Notes to Financial Statements

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

During the current fiscal year, permanent differences for the Blended Style Funds U.S. Large Cap Portfolio were primarily due to a net operating loss and a tax character of distribution that resulted in a net decrease in undistributed net investment loss, a net decrease in accumulated net realized loss on investment transactions, and a net decrease to additional paid in capital. This reclassification had no effect on net assets.

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.

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

24 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

agreement to settle these claims. The agreement has been documented by a stipulation of settlement, which has been approved by the court. 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

Change of Independent Registered Public Accounting Firm

On May 5, 2010, Ernst & Young LLP (“E&Y”) was selected as the Fund’s independent registered public accounting firm for the 2010 fiscal year. A majority of the Fund’s Board of Directors, including a majority of the Independent Directors, approved the appointment of E&Y. The predecessor independent registered public accounting firm’s reports on the Fund’s financial statements for each of the years ended August 31, 2009 and 2008 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through May 5, 2010, there were no disagreements between the Fund and the predecessor independent registered public accounting firm on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which such disagreements, if not resolved to the satisfaction of the predecessor independent registered public accounting firm, would have caused them to make reference to the subject matter of the disagreement in connection with their reports on the financial statements for such periods.

NOTE K

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  • 25

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

	Class A
	Year Ended August 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.15			$  11.11			$  14.18			$  13.31			$  12.89
Income From Investment Operations
Net investment income (loss)(a)		.00	(b)(c)		.05	(c)		.12			.07	(c)		(.02	)(c)
Net realized and unrealized gain (loss) on investment transactions		(.15	)		(2.24	)		(2.18	)		1.59			.98
Net increase (decrease) in net asset value from operations		(.15	)		(2.19	)		(2.06	)		1.66			.96
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.12	)		(.13	)		(.00	)(b)		– 0	–
Distributions from net realized gain on investment transactions		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.03	)		(.77	)		(1.01	)		(.79	)		(.54	)
Net asset value, end of period		$  7.97			$  8.15			$  11.11			$  14.18			$  13.31
Total Return
Total investment return based on net asset value(d)		(1.93	)%*		(18.45	)%		(15.55	)%		12.70	%		7.47	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,349			$23,852			$35,039			$50,062			$51,188
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.64	%(f)		1.82	%		1.42	%		1.31	%		1.36	%(f)
Expenses, before waivers/reimbursements(e)		1.96	%(f)		1.92	%		1.42	%		1.34	%		1.41	%(f)
Net investment income (loss)		.05	%(c)(f)		.66	%(c)		.95	%		.52	%(c)		(.13	)%(c)(f)
Portfolio turnover rate		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 33.

26 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

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

	Class B
	Year Ended August 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period		$  7.85			$  10.68			$  13.65			$  12.93			$  12.63
Income From Investment Operations
Net investment income (loss)(a)		(.05	)(c)		(.00	)(b)(c)		.03			(.02	)(c)		(.11	)(c)
Net realized and unrealized gain (loss) on investment transactions		(.14	)		(2.16	)		(2.11	)		1.53			.95
Net increase (decrease) in net asset value from operations		(.19	)		(2.16	)		(2.08	)		1.51			.84
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.02	)		(.01	)		– 0	–		– 0	–
Distributions from net realized gain on investment transactions		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.03	)		(.67	)		(.89	)		(.79	)		(.54	)
Net asset value, end of period		$  7.63			$  7.85			$  10.68			$  13.65			$  12.93
Total Return
Total investment return based on net asset value(d)		(2.51	)%*		(19.07	)%		(16.19	)%		11.86	%		6.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,418			$12,921			$23,762			$42,459			$51,945
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		2.34	%(f)		2.55	%		2.16	%		2.04	%		2.09	%(f)
Expenses, before waivers/reimbursements(e)		2.72	%(f)		2.69	%		2.16	%		2.07	%		2.14	%(f)
Net investment income (loss)		(.65	)%(c)(f)		0	%(c)(g)		.24	%		(.18	)%(c)		(.84	)%(c)(f)
Portfolio turnover rate		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 33.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 27

Financial Highlights

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

	Class C
	Year Ended August 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period		$  7.86			$  10.69			$  13.66			$  12.93			$  12.63
Income From Investment Operations
Net investment income (loss)(a)		(.05	)(c)		(.00	)(b)(c)		.03			(.03	)(c)		(.11	)(c)
Net realized and unrealized gain (loss) on investment transactions		(.15	)		(2.16	)		(2.11	)		1.55			.95
Net increase (decrease) in net asset value from operations		(.20	)		(2.16	)		(2.08	)		1.52			.84
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.02	)		(.01	)		– 0	–		– 0	–
Distributions from net realized gain on investment transactions		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.03	)		(.67	)		(.89	)		(.79	)		(.54	)
Net asset value, end of period		$  7.63			$  7.86			$  10.69			$  13.66			$  12.93
Total Return
Total investment return based on net asset value(d)		(2.64	)%*		(19.05	)%		(16.18	)%		11.95	%		6.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$8,434			$11,579			$19,192			$31,101			$32,904
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		2.34	%(f)		2.53	%		2.13	%		2.02	%		2.07	%(f)
Expenses, before waivers/reimbursements(e)		2.69	%(f)		2.65	%		2.13	%		2.05	%		2.12	%(f)
Net investment income (loss)		(.64	)%(c)(f)		(.02	)%(c)		.25	%		(.19	)%(c)		(.83	)%(c)(f)
Portfolio turnover rate		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 33.

28 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

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

	Advisor Class
	Year Ended August 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.24			$  11.24			$  14.35			$  13.46			$  12.99
Income From Investment Operations
Net investment income(a)		.03	(c)		.09	(c)		.20			.07	(c)		.03	(c)
Net realized and unrealized gain (loss) on investment transactions		(.16	)		(2.29	)		(2.25	)		1.66			.98
Net increase (decrease) in net asset value from operations		(.13	)		(2.20	)		(2.05	)		1.73			1.01
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.15	)		(.18	)		(.05	)		– 0	–
Distributions from net realized gain on investment transactions		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.03	)		(.80	)		(1.06	)		(.84	)		(.54	)
Net asset value, end of period		$  8.08			$  8.24			$  11.24			$  14.35			$  13.46
Total Return
Total investment return based on net asset value(d)		(1.66	)%*		(18.19	)%		(15.37	)%		13.06	%		7.81	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,617			$4,834			$11,318			$53,956			$12,407
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.34	%(f)		1.51	%		1.09	%		1.02	%		1.05	%(f)
Expenses, before waivers/reimbursements(e)		1.66	%(f)		1.62	%		1.09	%		1.05	%		1.11	%(f)
Net investment income		.36	%(c)(f)		1.21	%(c)		1.47	%		.51	%(c)		.20	%(c)(f)
Portfolio turnover rate		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 33.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 29

Financial Highlights

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

	Class R
	Year Ended August 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.01			$  10.97			$  14.03			$  13.22			$  12.85
Income From Investment Operations
Net investment income (loss)(a)		(.01	)(c)		.03	(c)		.06			.02	(c)		(.05	)(c)
Net realized and unrealized gain (loss) on investment transactions		(.15	)		(2.22	)		(2.12	)		1.61			.96
Net increase (decrease) in net asset value from operations		(.16	)		(2.19	)		(2.06	)		1.63			.91
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.12	)		(.12	)		(.03	)		– 0	–
Distributions from net realized gain on investment transactions		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.03	)		(.77	)		(1.00	)		(.82	)		(.54	)
Net asset value, end of period		$  7.82			$  8.01			$  10.97			$  14.03			$  13.22
Total Return
Total investment return based on net asset value(d)		(2.09	)%*		(18.66	)%		(15.71	)%		12.52	%		7.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$75			$103			$99			$63			$13
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.84	%(f)		2.04	%		1.62	%		1.50	%		1.64	%(f)
Expenses, before waivers/reimbursements(e)		2.12	%(f)		2.10	%		1.62	%		1.53	%		1.69	%(f)
Net investment income (loss)		(.17	)%(c)(f)		.35	%(c)		.49	%		.17	%(c)		(.41	)%(c)(f)
Portfolio turnover rate		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 33.

30 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

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

	Class K
	Year Ended August 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.10			$  11.08			$  14.19			$  13.31			$  12.90
Income From Investment Operations
Net investment income (loss)(a)		(.00	)(b)(c)		.04	(c)		.11			(.10	)(c)		(.02	)(c)
Net realized and unrealized gain (loss) on investment transactions		(.14	)		(2.23	)		(2.17	)		1.78			.97
Net increase (decrease) in net asset value from operations		(.14	)		(2.19	)		(2.06	)		1.68			.95
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.14	)		(.17	)		(.01	)		– 0	–
Distributions from net realized gain on investment transactions		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.03	)		(.79	)		(1.05	)		(.80	)		(.54	)
Net asset value, end of period		$  7.93			$  8.10			$  11.08			$  14.19			$  13.31
Total Return
Total investment return based on net asset value(d)		(1.81	)%*		(18.41	)%		(15.58	)%		12.84	%		7.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,518			$1,715			$960			$1,302			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.59	%(f)		1.81	%		1.43	%		1.58	%		1.37	%(f)
Expenses, before waivers/reimbursements(e)		1.90	%(f)		1.87	%		1.43	%		1.63	%		1.42	%(f)
Net investment income (loss)		(.01	)%(c)(f)		.49	%(c)		.89	%		(1.20	)%(c)		(.13	)%(c)(f)
Portfolio turnover rate		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 33.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 31

Financial Highlights

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

	Class I
	Year Ended August 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.16			$  11.17			$  14.25			$  13.38			$  12.92
Income From Investment Operations
Net investment income (loss)(a)		.03	(c)		.08	(c)		.17			.08	(c)		(.02	)(c)
Net realized and unrealized gain (loss) on investment transactions		(.15	)		(2.27	)		(2.18	)		1.64			1.02
Net increase (decrease) in net asset value from operations		(.12	)		(2.19	)		(2.01	)		1.72			1.00
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.17	)		(.19	)		(.06	)		– 0	–
Distributions from net realized gain on investment transactions		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.03	)		(.82	)		(1.07	)		(.85	)		(.54	)
Net asset value, end of period		$  8.01			$  8.16			$  11.17			$  14.25			$  13.38
Total Return
Total investment return based on net asset value(d)		(1.56	)%*		(18.16	)%		(15.15	)%		13.09	%		7.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,504			$1,529			$2,228			$2,696			$277
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.34	%(f)		1.42	%		1.01	%		.96	%		.97	%(f)
Expenses, before waivers/reimbursements(e)		1.49	%(f)		1.43	%		1.01	%		.99	%		1.02	%(f)
Net investment income (loss)		.30	%(c)(f)		1.12	%(c)		1.33	%		.62	%(c)		(.19	)%(c)(f)
Portfolio turnover rate		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 33.

32 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

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

(d) 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.

(e) Expense ratios do not include expenses of the Underlying Portfolios in which the Fund invests. For the years ended August 31, 2010, 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.

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

(g) Amount is less than .005%.

* 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 year ended August 31, 2010 by 0.02%.

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 33

Financial Highlights

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Directors of AllianceBernstein Blended Style Series, Inc.

and Shareholders of U.S. Large Cap Portfolio

We have audited the accompanying statement of net assets of U.S. Large Cap Portfolio (one of the portfolios constituting AB Blended Style Series, Inc. (the “Fund”), the related statement of operations, statement of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended August 31, 2009 and the financial highlights for each of the four years in the period then ended were audited by other auditors whose report dated October 27, 2009 expressed an unqualified opinion on that statement and financial highlights.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2010 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of U.S. Large Cap Portfolio of AllianceBernstein Blended Style Series, Inc. as of August 31, 2010, and the results of its operations, changes in its net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

October 28, 2010

34 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Report of Independent Registered Public Accounting Firm

TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended August 31, 2010.

The Fund designates $164,137 as a capital gain dividend.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2011.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 35

Tax Information

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
	Ernst & Young LLP 5 Times Square New York, NY 10036
Principal Underwriter	Transfer Agent
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	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.

36 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Board of Directors

MANAGEMENT OF THE FUND

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS,* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS
William H. Foulk, Jr., #, ## 78 (2002) Chairman of the Board	Investment Adviser and an Independent Consultant since prior to 2005. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AllianceBernstein Funds since 1983 and has been Chairman of the AllianceBernstein Funds and of the Independent Directors Committee of such Funds since 2003. He is also active in a number of mutual fund related organizations and committees.		97	None
John H. Dobkin, # 68 (2002)	Independent Consultant since prior to 2005. Formerly, President of Save Venice, Inc. (preservation organization) from 2001-2002, Senior Advisor from June 1999-June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989-May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AllianceBernstein Funds since 1992, and as Chairman of the Audit Committees of a number of such Funds from 2001-2008.		95	None

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 37

Management of the Fund

NAME, ADDRESS,* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS ***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, # 66 (2005)	Private Investor since prior to 2005. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, Director of the Prudential Mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AllianceBernstein Funds since 2005 and is a director of two other registered investment companies (and Chairman of one of them).		95	Asia Pacific Fund, Inc. and The Merger Fund since prior to 2005 and Prospect Acquisition Corp. (financial services) since 2007 until 2009
D. James Guzy, # 74 (2005)	Chairman of the Board of PLX Technology (semi-conductors) and of SRC Computers Inc., with which he has been associated since prior to 2005. He was a Director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AllianceBernstein Funds since 1982.		95	Cirrus Logic Corporation (semi-conductors) and PLX Technology, Inc. (semi-conductors) since prior to 2005 and Intel Corporation (semi-conductors) since prior to 2005 until 2008

38 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Management of the Fund

NAME, ADDRESS,* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, # 62 (2006)	Professorial Lecturer at the Johns Hopkins School of Advanced International Studies since 2008. Formerly, U.S. Executive Director of the International Monetary Fund (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AllianceBernstein Funds since 2006.		95	None
Garry L. Moody, # 58 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995); and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services. He is also a member of the Governing Council of the Independent Directors Council (IDC), and organization of independent directors of mutual funds, and serves on that organization’s Education and Communications Committee. He has served as a director or trustee, and as Chairman of the Audit Committee, of most of the AllianceBernstein Funds since 2008.		92	None

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 39

Management of the Fund

NAME, ADDRESS,* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR IN THE PAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)
Marshall C. Turner, Jr., # 69 (2005)	Private Investor since prior to 2005. Interim CEO of MEMC Electronic Materials, Inc. (semi-conductor and solar cell substrates) from November 2008 until March 2009. He was Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing), 2003-2005, and President and CEO, 2005-2006, after the company was acquired and renamed Toppan Photomasks, Inc. He has extensive experience in venture capital investing including prior service as general partner of three institutional venture capital partnerships, and serves on the boards of a number of education and science-related non-profit organizations. He has served as a director or trustee of one or more of the AllianceBernstein Funds since 1992.		95	Xilinx, Inc. (programmable logic semi-conductors) and MEMC Electronic Materials, Inc. (semi-conductor and solar cell substrates) since prior to 2005
Earl D. Weiner, # 71 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and member of ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AllianceBernstein Funds since 2007 and is Chairman of the Governance and Nominating Committees of most of the Funds.		95	None

40 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Management of the Fund

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

## Member of the Fair Value Pricing Committee.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 41

Management of the Fund

Officer Information

Certain information concerning the Fund’s Officers is listed below.

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST 5 YEARS
Robert M. Keith 50	President and Chief Executive Officer	Senior Vice President of AllianceBernstein L.P. (the “Adviser”),** and the head of AllianceBernstein Investments, Inc. (“ABI”),** since July 2008; Director of ABI and President of the AllianceBernstein Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008.** Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was a Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.
Philip L. Kirstein 65	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AllianceBernstein Funds with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers L.P. since prior to March 2003.
Seth J. Masters 51	Senior Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2005.
Thomas J. Fontaine 45	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2005.
Dokyoung Lee 44	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2005.
Patrick J. Rudden 47	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2005.
Karen A. Sesin 51	Vice President	Senior Vice President of the Adviser,** with which she has been associated since prior to 2005.
Emilie D. Wrapp 54	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI,** with which she has been associated since prior to 2005.

42 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Management of the Fund

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST 5 YEARS
Joseph J. Mantineo 51	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”),** with which he has been associated since prior to 2005.
Phyllis J. Clarke 49	Controller	Vice President of ABIS,** with which she has been associated since prior to 2005.

* The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AllianceBernstein at 1-800-227-4618 for a free prospectus or SAI.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 43

Management of the Fund

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AllianceBernstein Blended Style Series, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of U.S. Large Cap Portfolio (the “Fund”) at a meeting held on August 3-5, 2010.

Prior to approval of the continuance of the Advisory Agreement in respect of the Fund, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee in the Advisory Agreement wherein the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors noted that instead of investing directly in portfolio securities, the Fund pursues its investment objective by investing in a combination of the portfolios of The AllianceBernstein Pooling Portfolios (“Pooling”), each of which represents a particular investment style. The directors also noted that the portfolios of Pooling do not pay advisory fees to the Adviser. In reviewing the advisory fee for the Fund, the directors considered that, although the Fund invests substantially all of its assets in various portfolios of Pooling (and therefore holds very few securities), a portion of the advisory fee was attributable to the advisory services the Adviser provides to such portfolios of Pooling.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AllianceBernstein Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, the directors did not identify any particular information that was all-important or controlling, and

44 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services provided to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are approved by the directors on a quarterly basis and, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Fund’s Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also were considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2008 and 2009 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and noted that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationships with the Fund and the relevant portfolios of Pooling, including those relating to its subsidiaries which provide transfer agency, distribution and brokerage services to the Fund and such portfolios of Pooling. The directors recognized that it is difficult to make comparisons of profitability between fund advisory contracts because comparative information is not generally publicly available and is

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 45

affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that they were satisfied that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the benefits to the Adviser and its affiliates from their relationships with the Fund (and the portfolios of Pooling in which the Fund invests) other than the fees and expense reimbursements payable under the Advisory Agreement, including but not limited to benefits relating to soft dollar arrangements (whereby the Adviser receives brokerage and research services from many of the brokers that execute purchases and sales of securities on behalf of its clients (including the portfolios of Pooling in which the Fund invests) on an agency basis), 12b-1 fees and sales charges received by the Company’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares, transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser, and brokerage commissions paid by the portfolios of Pooling in which the Fund invests to brokers affiliated with the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year. At the August meeting, the directors reviewed information prepared by Lipper showing the performance of the Class A Shares of the Fund as compared with that of a group of similar funds selected by Lipper (the “Performance Group”) and as compared with that of a broader array of funds selected by Lipper (the “Performance Universe”), and information prepared by the Adviser showing performance of the Class A Shares as compared with the Standard & Poor’s 500 Stock Index (the “Index”), in each case for the 1-, 3- and 5-year periods ended May 31, 2010 and (in the case of comparisons with the Index) the since inception period (July 2002 inception). The directors noted that the Fund was in the 4th quintile of the Performance Group and the Performance Universe for the 1-year period and in the 5th quintile of the Performance Group and the Performance Universe for the 3- and 5-year periods, and that the Fund underperformed the Index in all periods reviewed. Based on their review and their discussion with the Adviser of the reasons for the Fund’s performance, the directors concluded that they retained confidence in the Adviser’s ability to advise the Fund.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Lipper concerning fee rates paid by other funds in

46 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

the same Lipper category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The directors also considered the fees the Adviser charges other clients with an investment style substantially similar to that of the Fund. For this purpose, they reviewed the relevant fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer disclosing the institutional fee schedule for institutional products managed by the Adviser that have an investment style substantially similar to that of the Fund. The directors noted that the institutional fee schedule had breakpoints at lower asset levels than those in the fee schedule applicable to the Fund although the institutional fee schedule provided for higher rates on the first $50 million of assets, and that the application of the institutional fee schedule to the level of assets of the Fund would result in a fee rate higher than that in the Fund’s Advisory Agreement prior to taking into account the administrative expense reimbursement made to the Adviser of 15 basis points. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those on the schedule reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. The Adviser also noted that because mutual funds are constantly issuing and redeeming shares, they are more difficult to manage than an institutional account, where the assets tend to be relatively stable. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the fees and expenses of funds within two comparison groups created by Lipper: an Expense Group and an Expense Universe. Lipper described an Expense Group as a representative sample of funds similar to the Fund and an Expense Universe as a broader group, consisting of all funds in the investment classification/objective with a similar load type as the Fund. The Fund’s expense ratio reflected fee waivers and/or expense reimbursements as a result of a voluntary cap by the Adviser. The Class A expense ratio information for the Fund, based on the Fund’s latest fiscal year, also included a pro forma expense ratio provided by the Adviser assuming that the expense cap effective September 1, 2009 had been in effect for the Fund’s full fiscal year. The Adviser stated that the pro forma information could be relevant to prospective expense ratio comparisons. All references to expense ratios for the Fund are to the pro forma expense ratio. The directors noted that it was likely that the expense ratios of some funds in the Fund’s Lipper category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 47

be voluntary and temporary. The directors view the expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others.

The directors noted that, at the Fund’s current size, its contractual effective advisory fee rate of 65 basis points, plus the 15 basis point impact of the administrative expense reimbursement in the latest fiscal year, was lower than the Expense Group median. The directors also noted that the Fund’s pro forma total expense ratio, which reflected a cap, was higher than the Expense Group and the Expense Universe medians. The directors noted that the Fund’s small asset base of approximately $43 million impacted the Fund’s pro forma expense ratio. The directors also noted that the Fund’s high concentration of directly held accounts resulted in relatively high transfer agent expense. The directors noted that the Fund’s Class A 12b-1 fee is higher than the Expense Group median, contributing to the Fund’s relatively high pro forma expense ratio as compared to such median. The directors also noted the expense caps effective September 1, 2009. The directors also noted that the Adviser had reviewed with them steps that are being taken that are intended to reduce the expenses of the AllianceBernstein Funds generally. The directors concluded that the Fund’s pro forma expense ratio, which had been capped by the Adviser, was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors also considered presentations by an independent consultant discussing economies of scale in the mutual fund industry and for the AllianceBernstein Funds, as well as a presentation by the Adviser concerning certain of its views on economies of scale. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for establishing breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s breakpoint arrangements would result in a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

48 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

The information on pages 49 to 58 represents 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 August 31, 2010 financial statements, which have been audited by E&Y LLP, independent registered public accounting firm, whose report, along with each fund’s financial statements, is included in each fund’s annual report, which is available upon request.

PORTFOLIO SUMMARY

August 31, 2010 (unaudited)

U.S. VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,937.8

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $1,923.6

* All data are as of August 31, 2010. The Portfolio’s sector type 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  • 49

Portfolio Summary

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.0%
Consumer Discretionary – 19.1%
Auto Components – 1.3%
Lear Corp.(a)		152,900	$	11,262,614
TRW Automotive Holdings Corp.(a)		382,500		13,295,700
				24,558,314
Automobiles – 0.8%
Ford Motor Co.(a)		1,377,700		15,554,233
Hotels, Restaurants & Leisure – 0.5%
Royal Caribbean Cruises Ltd.(a)		376,600		9,249,296
Household Durables – 2.3%
DR Horton, Inc.		686,400		7,042,464
Garmin Ltd.		656,600		17,472,126
NVR, Inc.(a)		24,000		14,499,840
Pulte Group, Inc.(a)		738,400		5,929,352
				44,943,782
Media – 9.8%
Cablevision Systems Corp.		735,700		18,458,713
CBS Corp. – Class B		1,180,200		16,310,364
Comcast Corp. – Class A		1,669,000		28,573,280
DIRECTV(a)		504,000		19,111,680
Gannett Co., Inc.		874,400		10,571,496
News Corp. – Class A		1,998,600		25,122,402
Time Warner Cable, Inc. – Class A		752,600		38,841,686
Time Warner, Inc.		1,086,100		32,561,278
				189,550,899
Multiline Retail – 0.8%
Kohl’s Corp.(a)		348,700		16,381,926
Specialty Retail – 2.9%
Foot Locker, Inc.		540,900		6,350,166
Gap, Inc. (The)		1,141,700		19,283,313
Office Depot, Inc.(a)		1,962,100		6,690,761
Ross Stores, Inc.		306,700		15,221,521
TJX Cos., Inc.		223,700		8,878,653
				56,424,414
Textiles, Apparel & Luxury Goods – 0.7%
Jones Apparel Group, Inc.		864,600		13,297,548
				369,960,412
Financials – 18.2%
Capital Markets – 2.1%
Goldman Sachs Group, Inc. (The)		135,500		18,555,370
Morgan Stanley		927,500		22,899,975
				41,455,345

50 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Commercial Banks – 5.2%
BB&T Corp.		631,200	$	13,962,144
Comerica, Inc.		325,300		11,193,573
Fifth Third Bancorp		1,587,200		17,538,560
Wells Fargo & Co.		2,466,200		58,079,010
				100,773,287
Consumer Finance – 0.8%
Capital One Financial Corp.		386,300		14,625,318
Diversified Financial Services – 6.6%
Bank of America Corp.		3,544,600		44,130,270
Citigroup, Inc.(a)		3,631,500		13,509,180
JPMorgan Chase & Co.		1,937,200		70,436,592
				128,076,042
Insurance – 3.5%
ACE Ltd.		139,700		7,469,759
Allstate Corp. (The)		381,400		10,526,640
Berkshire Hathaway, Inc.(a)		250,300		19,718,634
Travelers Cos., Inc. (The)		499,500		24,465,510
XL Group PLC		343,200		6,146,712
				68,327,255
				353,257,247
Consumer Staples – 13.7%
Beverages – 0.6%
Constellation Brands, Inc. – Class A(a)		732,900		12,210,114
Food & Staples Retailing – 0.9%
Safeway, Inc.		905,800		17,029,040
Food Products – 5.4%
Archer-Daniels-Midland Co.		445,100		13,700,178
Bunge Ltd.		335,600		17,786,800
ConAgra Foods, Inc.		346,500		7,480,935
Kraft Foods, Inc. – Class A		663,400		19,868,830
Sara Lee Corp.		1,560,700		22,536,508
Smithfield Foods, Inc.(a)		1,052,500		16,976,825
Tyson Foods, Inc. – Class A		426,100		6,979,518
				105,329,594
Household Products – 4.6%
Kimberly-Clark Corp.		271,200		17,465,280
Procter & Gamble Co. (The)		1,204,300		71,860,581
				89,325,861
Tobacco – 2.2%
Altria Group, Inc.		1,061,300		23,688,216
Reynolds American, Inc.		325,600		17,758,224
				41,446,440
				265,341,049

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 51

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care – 11.9%
Biotechnology – 1.4%
Amgen, Inc.(a)		267,500	$	13,653,200
Gilead Sciences, Inc.(a)		433,900		13,824,054
				27,477,254
Health Care Providers & Services – 1.2%
Community Health Systems, Inc.(a)		480,900		12,537,063
UnitedHealth Group, Inc.		294,400		9,338,368
				21,875,431
Pharmaceuticals – 9.3%
AstraZeneca PLC (Sponsored ADR)		457,300		22,604,339
Eli Lilly & Co.		190,900		6,406,604
Johnson & Johnson		1,091,900		62,260,138
Merck & Co., Inc.		711,400		25,012,824
Pfizer, Inc.		4,042,000		64,389,060
				180,672,965
				230,025,650
Energy – 10.9%
Energy Equipment & Services – 1.6%
Ensco PLC (Sponsored ADR)		470,100		19,335,213
Rowan Cos., Inc.(a)		414,300		10,651,653
				29,986,866
Oil, Gas & Consumable Fuels – 9.3%
Apache Corp.		114,200		10,260,870
Chevron Corp.		272,600		20,216,016
ConocoPhillips		607,200		31,835,496
Devon Energy Corp.		400,100		24,118,028
Forest Oil Corp.(a)		519,300		13,564,116
Hess Corp.		385,100		19,351,275
Marathon Oil Corp.		803,700		24,504,813
Newfield Exploration Co.(a)		236,500		11,354,365
Nexen, Inc. (New York)		1,013,600		18,761,736
Occidental Petroleum Corp.		92,100		6,730,668
				180,697,383
				210,684,249
Industrials – 6.6%
Aerospace & Defense – 1.5%
Northrop Grumman Corp.		455,300		24,640,836
Raytheon Co.		121,600		5,340,672
				29,981,508
Airlines – 0.7%
Delta Air Lines, Inc.(a)		1,304,400		13,644,024
Electrical Equipment – 0.4%
Cooper Industries PLC		167,600		7,054,284

52 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Industrial Conglomerates – 1.7%
General Electric Co.		2,245,500	$	32,514,840
Machinery – 2.3%
Ingersoll-Rand PLC		523,700		17,035,961
Parker Hannifin Corp.		276,000		16,328,160
SPX Corp.		104,800		5,875,088
Terex Corp.(a)		312,700		5,694,267
				44,933,476
				128,128,132
Telecommunication Services – 5.6%
Diversified Telecommunication Services – 4.1%
AT&T, Inc.		2,200,300		59,474,109
Frontier Communications Corp.		24,436		188,890
Verizon Communications, Inc.		676,900		19,975,319
				79,638,318
Wireless Telecommunication Services – 1.5%
Sprint Nextel Corp.(a)		2,841,200		11,592,096
Vodafone Group PLC (Sponsored ADR)		717,800		17,356,404
				28,948,500
				108,586,818
Information Technology – 5.2%
Communications Equipment – 0.8%
Motorola, Inc.(a)		2,067,300		15,566,769
Computers & Peripherals – 1.7%
Dell, Inc.(a)		1,204,700		14,179,319
Hewlett-Packard Co.		489,800		18,847,504
				33,026,823
Electronic Equipment, Instruments & Components – 0.8%
Tyco Electronics Ltd.		628,000		15,398,560
IT Services – 0.1%
Accenture PLC		70,300		2,572,980
Semiconductors & Semiconductor Equipment – 0.8%
Intel Corp.		580,600		10,288,232
Teradyne, Inc.(a)		470,900		4,228,682
				14,516,914
Software – 1.0%
Microsoft Corp.		860,600		20,206,888
				101,288,934

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 53

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Materials – 3.2%
Chemicals – 0.8%
Agrium, Inc.		78,700	$	5,475,159
CF Industries Holdings, Inc.		79,959		7,396,208
Huntsman Corp.		191,248		1,742,269
				14,613,636
Metals & Mining – 2.4%
Cliffs Natural Resources, Inc.		156,403		9,570,300
Commercial Metals Co.		423,200		5,514,296
Freeport-McMoRan Copper & Gold, Inc.		306,800		22,083,464
Steel Dynamics, Inc.		721,000		9,877,700
				47,045,760
				61,659,396
Utilities – 2.6%
Electric Utilities – 1.1%
Edison International		420,800		14,202,000
Pepco Holdings, Inc.		377,600		6,777,920
				20,979,920
Independent Power Producers & Energy Traders – 0.6%
Constellation Energy Group, Inc.		409,100		11,998,903
Multi-Utilities – 0.9%
CMS Energy Corp.		277,400		4,854,500
NiSource, Inc.		731,600		12,685,944
				17,540,444
				50,519,267
Total Common Stocks (cost $1,893,244,087)				1,879,451,154
SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(b) (cost $15,636,137)		15,636,137		15,636,137
Total Investments – 97.8% (cost $1,908,880,224)		1,895,087,291
Other assets less liabilities – 2.2%				42,740,674
Net Assets – 100.0%			$	1,937,827,965

(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.

54 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2010

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.4%
Information Technology – 25.6%
Communications Equipment – 3.0%
Cisco Systems, Inc.(a)		2,422,100	$	48,563,105
Juniper Networks, Inc.(a)		355,000		9,656,000
				58,219,105
Computers & Peripherals – 12.6%
Apple, Inc.(a)		571,690		139,132,195
EMC Corp.(a)		2,952,000		53,844,480
Hewlett-Packard Co.		1,295,850		49,864,308
				242,840,983
Internet Software & Services – 5.0%
Google, Inc. – Class A(a)		211,490		95,174,730
IT Services – 0.8%
Visa, Inc. – Class A		210,000		14,485,800
Semiconductors & Semiconductor Equipment – 3.5%
Broadcom Corp. – Class A		810,600		24,293,682
Intel Corp.		1,145,396		20,296,417
KLA-Tencor Corp.		471,000		13,192,710
NVIDIA Corp.(a)		996,800		9,300,144
				67,082,953
Software – 0.7%
Microsoft Corp.		603,500		14,170,180
				491,973,751
Consumer Discretionary – 17.2%
Auto Components – 1.6%
Johnson Controls, Inc.		1,149,600		30,498,888
Automobiles – 1.9%
Ford Motor Co.(a)		3,175,800		35,854,782
Hotels, Restaurants & Leisure – 0.4%
Hyatt Hotels Corp.(a)		178,900		6,737,374
Internet & Catalog Retail – 1.0%
Amazon.com, Inc.(a)		161,800		20,197,494
Media – 5.4%
Comcast Corp. – Class A		2,405,800		41,187,296
News Corp. – Class A		2,226,100		27,982,077
Walt Disney Co. (The)		1,074,200		35,008,178
				104,177,551
Multiline Retail – 4.8%
Kohl’s Corp.(a)		1,127,600		52,974,648

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 55

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

Company	Shares		U.S. $ Value
Target Corp.		787,700	$	40,298,732
				93,273,380
Specialty Retail – 1.4%
Lowe’s Cos., Inc.		1,310,900		26,611,270
Textiles, Apparel & Luxury Goods – 0.7%
Polo Ralph Lauren Corp. – Class A		180,700		13,686,218
				331,036,957
Health Care – 15.6%
Biotechnology – 6.1%
Celgene Corp.(a)		597,400		30,778,048
Gilead Sciences, Inc.(a)		2,000,350		63,731,151
Vertex Pharmaceuticals, Inc.(a)		695,000		23,171,300
				117,680,499
Health Care Equipment & Supplies – 6.3%
Alcon, Inc.		654,350		106,135,570
Covidien PLC		407,500		14,401,050
				120,536,620
Health Care Providers & Services – 1.0%
Express Scripts, Inc. – Class A(a)		458,100		19,515,060
Pharmaceuticals – 2.2%
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		848,900		42,937,362
				300,669,541
Financials – 11.6%
Capital Markets – 4.2%
Blackstone Group LP		2,625,800		26,494,322
Franklin Resources, Inc.		119,000		11,484,690
Goldman Sachs Group, Inc. (The)		322,000		44,094,680
				82,073,692
Commercial Banks – 1.1%
Wells Fargo & Co.		894,600		21,067,830
Diversified Financial Services – 6.3%
CME Group, Inc. – Class A		109,875		27,257,790
JPMorgan Chase & Co.		2,575,700		93,652,452
				120,910,242
				224,051,764
Industrials – 11.4%
Aerospace & Defense – 2.2%
Goodrich Corp.		352,700		24,152,896
Honeywell International, Inc.		446,500		17,453,685
				41,606,581
Air Freight & Logistics – 1.4%
FedEx Corp.		118,200		9,225,510

56 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

Company	Shares		U.S. $ Value
United Parcel Service, Inc. – Class B		290,300	$	18,521,140
				27,746,650
Electrical Equipment – 1.9%
Cooper Industries PLC		848,700		35,721,783
Machinery – 5.9%
Danaher Corp.		1,275,500		46,338,915
Dover Corp.		571,800		25,593,768
Illinois Tool Works, Inc.		1,022,200		42,175,972
				114,108,655
				219,183,669
Energy – 9.7%
Energy Equipment & Services – 4.5%
Cameron International Corp.(a)		427,000		15,705,060
Schlumberger Ltd.		1,336,035		71,250,746
				86,955,806
Oil, Gas & Consumable Fuels – 5.2%
EOG Resources, Inc.		230,000		19,980,100
Noble Energy, Inc.		585,500		40,856,190
Occidental Petroleum Corp.		248,700		18,174,996
Suncor Energy, Inc. (New York)		655,000		19,820,300
				98,831,586
				185,787,392
Materials – 4.4%
Chemicals – 3.1%
Dow Chemical Co. (The)		1,589,600		38,738,552
Monsanto Co.		385,637		20,303,788
				59,042,340
Metals & Mining – 1.3%
ArcelorMittal (New York)		118,550		3,429,652
Freeport-McMoRan Copper & Gold, Inc.		295,000		21,234,100
				24,663,752
				83,706,092
Consumer Staples – 3.9%
Beverages – 2.1%
PepsiCo, Inc.		644,600		41,370,428
Food & Staples Retailing – 1.8%
Costco Wholesale Corp.		607,000		34,325,850
				75,696,278
Total Common Stocks (cost $1,816,564,929)				1,912,105,444

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 57

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

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.19%(b) (cost $9,035,866)		9,035,866	$	9,035,866
Total Investments – 99.9% (cost $1,825,600,795)				1,921,141,310
Other assets less liabilities – 0.1%				2,479,210
Net Assets – 100.0%			$	1,923,620,520

(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.

58 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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 22, 2010 and presented to the Board of Directors on August 3-5, 2010.

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.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 59

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 Assets	Net Assets 06/30/10 ($MIL)		Portfolio
Blend	65 bp on 1st $2.5 billion 55 bp on next $2.5 billion 50 bp on the balance	$	43.6	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 $85,965 (0.15% of the Portfolio’s average daily net assets) for such services.

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

60 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

With respect to the Portfolio, effective September 1, 2009, the Adviser has volunteered to cap the Portfolio’s expense ratios to the levels set forth in the table below:^5,6

Fund	Voluntary Expense Cap			Gross Expense Ratio7 (02/28/10)			Fiscal Year End
U.S. Large Cap Portfolio	Advisor Class A Class B Class C Class R Class K Class I	1.35 1.65 2.35 2.35 1.85 1.60 1.35	%  %  %  %  %  %  %		1.60 1.90 2.66 2.62 2.07 1.81 1.40	%  %  %  %  %  %  %	August 31

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, although as previously noted, the Adviser is reimbursed for providing such services to the Portfolio. 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

5 The Adviser is currently capping the Portfolio’s expenses, but has not issued an Expense Limitation Undertaking in this regard.

6 The expense ratios include expenses of the underlying Pooling Portfolios in which the Portfolio invests. For the six months ended February 28, 2010, the estimated annualized blended expense ratio related to the Pooling Portfolios was 0.01%.

7 Annualized.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 61

a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. Finally, in recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Portfolio.⁸ 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, 2010 net assets:

Portfolio	Net Assets 06/30/10 ($MIL)		AllianceBernstein (AB) Institutional (Inst.) Fee Schedule	Effective AB Inst. Adv. Fee		Effective Fund Adv. Fee
U.S. Large Cap Portfolio		$43.6	U.S. Style 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		0.715%	0.650%

8 The Supreme Court recently held the Gartenberg decision was correct in its basic formulation of what §36(b) requires: to face liability under §36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arms length bargaining.” Jones v. Harris Associates L.P., (No. 08-586), slip op. at 9,559 U.S.          2010. In the Jones v. Harris decision, the Supreme Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of section §36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arms-length bargaining as the benchmark for reviewing challenged fees.” Jones v. Harris at 11.

62 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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 A9	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.

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.¹⁰ 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”)¹¹ at the approximate current asset level of the Portfolio.¹²

9 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.

10 In considering this section, it should be noted that the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arms length.” Jones v. Harris at 14.

11 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 ratio than comparable sized funds that have relatively large average account sizes. Note that there are limitations on Lipper expense category data because different funds categorize expenses differently.

12 The contractual management fee is calculated by Lipper using 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.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 63

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 Fee13	Lipper Group Median (%)		Rank
U.S. Large Cap Portfolio	0.650		0.849		1/13

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 always follows but given the volatile market conditions during 2008 and 2009, notably the last three months of 2008 through the first three months of 2009, when equity markets declined substantially, and conversely through the remainder of 2009, when equity markets rallied the effects on the funds’ total expense ratio caused by the differences in fiscal year ends may be more pronounced in 2008 and 2009 compared to other years under more normal market conditions.¹⁴

Lipper also analyzed the total expense ratio of the Portfolio in comparison to its EG¹⁵ and EU.¹⁶ 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 (%)17		Lipper Group Median (%)		Lipper Group Rank	Lipper Universe Median (%)		Lipper Universe Rank
U.S. Large Cap Portfolio		1.838		1.345	13/13		1.250	235/244
pro-forma		1.650		1.345	13/13		1.250	227/244

13 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.

14 To cite an example, the average net assets and total expense ratio of a fund with a fiscal year end of March 31, 2009 will not be reflective of the market rally that occurred post March 2009, in contrast to a fund with a fiscal year end of December 31, 2009.

15 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.

16 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.

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

64 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Based on this analysis, the Portfolio has a more favorable ranking on a management fee basis than on a total expense ratio basis.

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 4, 2010 Board meeting, members of the Adviser’s Controller’s Office presented the Adviser’s revenue and expenses associated with providing services to the Funds. 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 2009 versus 2008.

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 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 2009, ABI paid approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $13.8 million for distribution services and educational support (revenue sharing payments). During the Portfolio’s most recently completed fiscal year, ABI received from the Portfolio $817, $328,660 and $12,086 in front-end sales charges, Rule 12b-1 and CDSC fees, respectively.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 65

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. During the Portfolio’s most recently completed fiscal year, ABIS received $66,549 in fees from the Portfolio.¹⁸

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 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,¹⁹ 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.

18 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 $302 under the offset agreement between the Portfolio and ABIS.

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

66 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

An independent consultant, retained by the Senior Officer, provided the Board of Directors an update of the Deli²⁰ study on advisory fees and various fund characteristics.²¹ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.²² The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AllianceBernstein Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

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

With assets under management of approximately $458 billion as of June 30, 2010, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

20 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.

21 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arms length. See Jones V. Harris at 14.

22 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  • 67

The information in the table below, prepared by Lipper, shows the 1, 3, and 5 year net performance returns and rankings²³ of the Portfolio relative to its Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)²⁴ for the periods ended May 31, 2010.²⁵

U.S. Large Cap Portfolio	Portfolio Return (%)		PG Median (%)		PU Median (%)		PG Rank	PU Rank
1 year		17.03		18.12		18.64	9/13	98/140
3 year		-11.35		-6.57		-6.37	13/13	121/125
5 year		-1.85		1.19		0.77	12/12	103/111

Set forth below are the 1, 3 and 5 year and since inception performance returns of the Portfolio (in bold)²⁶ versus its benchmark.

	Periods Ending May 31, 2010 Annualized Net Performance (%)
	1 Year (%)		3 Year (%)		5 Year (%)		Since Inception (%)
U.S. Large Cap Portfolio		17.03		-11.35		-1.85		2.03
S&P 500 Index		20.99		-8.69		0.31		4.23
Inception Date: July 15, 2002

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: September 02, 2010

23 The performance returns and 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.

24 The Portfolios’s PG is identical to the Portfolio’s EG. The Portfolio’s PU is not identical to the Portfolio’s EU, as Lipper’s criteria for including or excluding a fund in or from a PU is somewhat different for an EU.

25 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.

26 The performance returns are for the Class A shares of the Portfolio.

68 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

Equity Income Fund*

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Bond Inflation Strategy

Diversified Yield Fund

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Short Duration Portfolio

Municipal Bond Funds

Arizona Municipal Bond    Inflation Strategy California High Income Massachusetts Michigan Minnesota National 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*

Inflation Strategies

Real Asset Strategy*

Alternative Strategies

Market Neutral Strategy – U.S.

Market Neutral Strategy – Global

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. 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. Prior to September 1, 2010, Equity Income Fund was named Utility Income Fund. Prior to September 27, 2010, Real Asset Strategy was named Multi-Asset Inflation Strategy.

** 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 BLENDED STYLE FUNDS  • 69

AllianceBernstein Family of Funds

NOTES

70 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

NOTES

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 71

NOTES

72 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS U.S. LARGE CAP PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

LCB-0151-0810

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors William H. Foulk, Jr. and Garry L. Moody qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firms KPMG LLP in 2009 and Ernst & Young LLP in 2010, for the Fund’s last two fiscal years, for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit-Related Fees	Tax Fees
U.S. Large Cap Portfolio	2009	$	22,172		$	7,500
	2010	$	19,120		$	10,213	*
AllianceBernstein Global Blend Portfolio	2009	$	—		$	—
	2010	$	—		$	—
AllianceBernstein 2000 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2005 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2010 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2015 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2020 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2025 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2030 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2035 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2040 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2045 Retirement Strategy	2009	$	22,731		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2050 Retirement Strategy	2009	$	22,681		$	6,700
	2010	$	19,120		$	11,613	*
AllianceBernstein 2055 Retirement Strategy	2009	$	22,681		$	6,700
	2010	$	19,120		$	11,613	*

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firms. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) - (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund, which include conducting an annual internal control report pursuant to Statement on Auditing Standards No. 70 (“Service Affiliates”):

		All Fees for Non-Audit  Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre- approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
U.S. Large Cap Portfolio	2009	$	256,549	$ $ $	7,500 —   (7,500	)
	2010	$	603,740	$ $ $	137,928 (127,715 (10,213	)  )*
AllianceBernstein Global Blend Portfolio	2009	$	—	$ $ $	—   —   —
	2010	$	—	$ $ $	—   —   —
AllianceBernstein 2000 Retirement Strategy	2009	$	255,749	$ $	6,700 (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2005 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2010 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2015 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2020 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2025 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2030 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2035 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2040 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2045 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2050 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*
AllianceBernstein 2055 Retirement Strategy	2009	$	255,749	$ $ $	6,700 —   (6,700	)
	2010	$	605,140	$ $ $	139,328 (127,715 (11,613	)  )*

* Includes payments to KPMG

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent auditor to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

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 significant changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 12. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (a) (1)	Code of Ethics that is subject to the disclosure of Item 2 hereof
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: October 29, 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: October 29, 2010

By:	/S/    JOSEPH J. MANTINEO
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: October 29, 2010