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, 2011

Date of reporting period: February 28, 2011

ITEM 1. REPORTS TO STOCKHOLDERS.

2

SEMI-ANNUAL REPORT

AllianceBernstein Retirement Strategies

2000 Retirement Strategy

2005 Retirement Strategy

2010 Retirement Strategy

2015 Retirement Strategy

2020 Retirement Strategy

2025 Retirement Strategy

2030 Retirement Strategy

2035 Retirement Strategy

2040 Retirement Strategy

2045 Retirement Strategy

2050 Retirement Strategy

2055 Retirement Strategy

February 28, 2011

Semi-Annual Report

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our website 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 website at www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

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

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

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

April 25, 2011

Semi-Annual Report

This report provides management’s discussion of fund performance for the AllianceBernstein Retirement Strategies (collectively, the “Strategies”) for the semi-annual reporting period ended February 28, 2011.

The Portfolio invests primarily in instruments that AllianceBernstein L.P. (the “Adviser”) expects to outperform broad equity indices during periods of rising inflation. Under normal circumstances, the Portfolio expects to invest its assets principally in the following instruments that, in the judgment of the Adviser, are affected directly or indirectly by the level and change in the rate of inflation: inflation protected fixed-income securities, such as Treasury Inflation-Protected Securities or TIPS, and similar bonds issued by governments outside of the U.S., commodities, commodity-related stocks, real estate securities, utility securities, infra-structure related securities, currencies, and securities and derivatives linked to the price of other assets (such as commodities, stock indices and real estate.)

Investment Objective and Strategies

Each Strategy’s investment objective is to seek the highest total return (total return includes capital appreciation and income) over time, consistent with its asset mix. To achieve its investment objective, the Strategy invests in a combination of portfolios of The AllianceBernstein Pooling Portfolios representing a variety of asset classes and investment styles (the

“Underlying Portfolios”). The 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 the Strategy, its asset mix seeks to minimize the likelihood that an investor in the Strategy experiences a significant loss of capital at a more advanced age. The asset mix for the Strategy will continue to change after the Strategy’s retirement date with an increasing exposure to investments in fixed-income securities and short-term bonds until fifteen years after the Strategy’s retirement date. Thereafter, the target asset allocation for the Strategy will generally be fixed. The static allocation of the Strategies’ asset mix will be 27.5% short-duration bonds, 37.5% other fixed-income securities, 12.5% Volatility Management Portfolio, 15.5% other equities and 7% Multi-Asset Real Return Portfolio.

Volatility Management Portfolio, one of the Underlying Portfolios, is designed to reduce the overall equity

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 1

market volatility of the Strategy and the effects of adverse equity market conditions on its performance. 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 Portfolio’s equity investments and invest in fixed-income securities or other non-equity asset classes to reduce the risks of the Strategy’s investments in equity securities.

Effective December 31, 2010, the Global Real Estate Investment Portfolio, another of the Underlying Portfolios, was renamed the Multi-Asset Real Return Portfolio and its investment objective and certain investment policies were changed. The Portfolio’s new investment goals are 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 estate operating companies, was eliminated and the Portfolio instead pursues an aggressive strategy involving a variety of asset classes.

The asset allocations of the Strategies were changed 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. The total asset allocation for the Multi-Asset Real Return Portfolio for all Strategies is 10% or less.

The Adviser will allow the relative weightings of a Strategy’s asset classes to vary in response to the markets, but ordinarily only by +/-5%. Beyond those ranges, the Adviser will generally rebalance the portfolio toward the target asset allocation for that Strategy. However, there may be occasions when those ranges will expand to 10% of the Strategy’s portfolio due to, among other things, appreciation of one of the asset classes.

Investment Results

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

2 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

The Strategies’ Class A shares without sales charges for the vintages 2030, 2035, 2040, 2045, 2050 and 2055 outperformed their composite benchmarks for the six-month period ended February 28, 2011. The 2000, 2005, 2010, 2015, 2020 and 2025 Strategies’ Class A shares without sales charges, despite having positive absolute returns, lagged their composite benchmarks during the six-month period. Absolute returns of the vintages for early and mid-life savers, due to their higher allocations to equities, did best during the semi-annual reporting period as equity markets were very strong. In this period, all the Underlying Portfolios except International Growth, Multi-Asset Real Return and Volatility Management outperformed their benchmarks. The Volatility Management Underlying Portfolio lagged its benchmark, the S&P 500 Stock Index, primarily because it contained a small amount of bonds in a period when equities vastly outperformed.

For the 12-month period ended February 28, 2011, the Strategies’ Class A shares without sales charges for the 2000 vintage outperformed its composite benchmark. All other vintages, despite having positive absolute returns, lagged their composite benchmarks during the 12-month period. Positive relative returns in the Fixed Income Underlying Portfolios and the Small-Mid Cap Growth Portfolio had the greatest positive relative impact on vintages intended for early retirees (2000, 2005, 2010 and 2015) and as such have the largest fixed income allocations, and the least

impact on vintages with limited fixed- income exposure. Similarly, negative relative returns in the U.S. Large Cap Growth, U.S. Value, International Value and International Growth Underlying Portfolios had a greater impact on the vintages with more equity exposure and a smaller impact on those with less equity exposure. The Volatility Management component contributed to relative returns in all vintages that include it, primarily because it reduced overall exposure to equities during the market drop from April through August 2010.

During the reporting period, the following Underlying Portfolios held derivatives. International Growth Portfolio held forward currency and futures for hedging and non-hedging purposes, which contributed positively to performance. International Value Portfolio held forward currency and futures to implement active currency management, which was positive to performance. Short Duration Bond held Treasury future positions to manage interest rate exposure, which had no material impact on performance. Intermediate Duration Bond Portfolio utilized derivative instruments including Treasury futures and interest rate swaps in order to manage its duration and yield curve positioning. Overall yield curve positioning detracted for the six-month period, while duration positioning had no material impact. For the 12-month period, both yield curve and duration positioning contributed positively. Intermediate Duration Bond Portfolio also utilized currency forwards for hedging purposes, resulting in no

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 3

currency impact. Bond Inflation Protection Portfolio utilized Treasury futures and interest rate swaps in order to manage duration and yield curve positioning. High Yield Portfolio held credit default swaps for hedging and non-hedging purposes, which contributed positively for both periods, while interest rate swaps and currencies, for hedging purposes, and purchase options for non-hedging purposes, had no meaningful impact on performance for either period. Multi-Asset Real Return utilized derivative instruments including total return swaps, futures and currencies for hedging and non-hedging purposes, which had a positive impact on performance. Volatility Management used stock index and bond futures for investment purposes that positively impacted performance.

Market Review and Investment Strategy

Financial markets rallied over the 12-month period ended February 28, 2011, despite a sharp downturn during the second quarter of 2010. Heightened investor anxiety about the sovereign-debt crisis in the euro-area and fears of a double-dip recession resulted in a steep decline in global equity markets, as well as a widening of credit spreads in bond markets in the second quarter of 2010. Actions taken by policy makers in the third quarter, notably the European Central Bank’s deal with Greece in July and

U.S. Federal Reserve Chairman Ben Bernanke’s announcement of plans to inject liquidity into the financial markets in August ignited another rally in equity markets. It continued through the rest of 2010 and the first two months of 2011, aided by the market response in December to the U.S. tax package and encouraging economic data. Capital flows into bond markets, meanwhile, were diminished as investors shifted into the equity markets.

Two years after the market collapse, global financial markets have recovered much of their losses, yet equities remain attractively valued versus history and the fixed-income alternative. The Team believes the Strategies are well positioned to invest opportunistically across a wide range of asset classes and market circumstances. The value team has taken decisive action to position its portfolio to capture the large upside potential it sees in undervalued companies with strong free cash flows and companies recovering from the economic downturn. The growth team has focused its holdings on companies that have strong market share, strong pricing power and high reinvestment rates, as well as those that are gaining from strong secular trends. The fixed-income team continues to emphasize corporate bonds and commercial mortgage backed securities over U.S. Treasuries.

4 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

HISTORICAL PERFORMANCE

An Important Note About the Value of Historical Performance

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

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 Retirement Strategy Fund is a customized benchmark that has the same target asset allocation as the Fund 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 Fund’s monthly target allocation for each asset class. Target allocations adjust quarterly in accordance with the Retirement Strategy Fund’s standard glide path. The Russell 1000^® Value Index was used to represent the allocation to U.S. Value, Russell 1000^® Growth to represent U.S. Large Cap Growth, Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index to represent International Value and International Growth, Bank of America Merrill Lynch^® (BofAML) 1-3 Year Treasury Index to represent Short-Term Bonds, Barclays Capital U.S. Aggregate Bond Index to represent Intermediate-Term Bonds, Barclays Capital 1-10 Year Inflation Protected Securities (TIPS) Index to represent Bond Inflation Protection, Barclays Capital U.S. High Yield 2% Issuer Cap Index to represent High Yield Bonds, Russell 2500^™ Value Index to represent Small Cap Value, Russell 2500^™ Growth to represent Small Cap Growth, MSCI All Country (AC) World Commodity Producers Index and Financial Times Stock Exchange^® (FTSE) European Public Real Estate Association (EPRA)/National Association of Real Estate Investment Trusts (NAREIT) Developed Real Estate Index to represent Multi-Asset Real Return and Standard & Poor’s (S&P^®) 500 Stock Index to represent Volatility Management.

None of the unmanaged indices reflects fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of 1000 large-cap value companies within the U.S. The Russell 1000 Growth Index represents the performance of 1000 large-cap growth companies within the U.S. The MSCI EAFE Index (free float-adjusted market capitalization weighted) represents the equity market performance of developed

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 5

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

markets, excluding the U.S. & Canada. The MSCI EAFE Growth Index (Europe, Australasia, Far East) (free float-adjusted market capitalization weighted) represents the growth equity market performance of developed markets, excluding the U.S. & Canada. BofAML 1-3 Year Treasury Index represents the performance of U.S. dollar-denominated sovereign debt publicly issued by the U.S. government in its domestic market with a remaining term to final maturity of 1-3 years. The Barclays Capital U.S. Bond Aggregate Index represents the performance of securities within the U.S. investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities, and commercial mortgage backed securities. The Barclays Capital 1-10 Year TIPS Index represents the performance of Inflation-Protection securities issued by the U.S. Treasury. The Barclays Capital High Yield 2% Issuer Cap Index is the 2% Issuer Cap component of the U.S. 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. The Russell 2500 Value Index represents the performance of 2500 small to mid-cap value companies within the U.S. The Russell 2500 Growth Index represents the performance of 2500 small to mid-cap growth companies within the U.S. The MSCI AC World Commodity Producers Index is a free float-adjusted market capitalization-weighted index comprised of commodity producer companies based on the Global Industry Classification Standard. The FTSE EPRA/NAREIT Developed Real Estate Index is designed to track the performance of listed real estate companies and REITs worldwide. The S&P 500 Stock Index includes 500 U.S. stocks and is a common representation of the performance of the overall U.S. stock market. 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 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-U.S. securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets. Portfolios that hold a smaller number of securities may be more volatile than more diversified portfolios, since gains or losses from each security will have a greater impact on the portfolio’s overall value. Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market. Trying to enhance investment returns by borrowing money or using other leverage tools—magnify both gains and losses, resulting in greater volatility. 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)

6 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2000 Retirement Strategy
Class A		11.65%		13.37%
Class B*		11.29%		12.67%
Class C		11.29%		12.56%
Advisor Class**		11.74%		13.68%
Class R**		11.64%		13.27%
Class K**		11.76%		13.52%
Class I**		11.82%		13.81%
Composite Benchmark†		11.69%		13.28%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 7

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2005 Retirement Strategy
Class A		14.57%		15.68%
Class B*		14.17%		14.91%
Class C		14.20%		14.82%
Advisor Class**		14.85%		16.09%
Class R**		14.48%		15.47%
Class K**		14.61%		15.72%
Class I**		14.77%		16.13%
Composite Benchmark†		14.76%		15.76%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †      For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

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8 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2010 Retirement Strategy
Class A		17.72%		17.85%
Class B*		17.14%		16.88%
Class C		17.27%		16.89%
Advisor Class**		17.87%		18.13%
Class R**		17.52%		17.52%
Class K**		17.73%		17.86%
Class I**		17.79%		18.17%
Composite Benchmark†		17.81%		18.20%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †      For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 9

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2015 Retirement Strategy
Class A		19.67%		18.88%
Class B*		19.27%		17.96%
Class C		19.27%		18.09%
Advisor Class**		19.78%		19.26%
Class R**		19.53%		18.62%
Class K**		19.71%		18.93%
Class I**		19.91%		19.26%
Composite Benchmark†		19.87%		19.59%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †      For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

10 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2020 Retirement Strategy
Class A		21.58%		19.95%
Class B*		21.11%		19.06%
Class C		21.20%		19.15%
Advisor Class**		21.77%		20.28%
Class R**		21.51%		19.74%
Class K**		21.68%		20.05%
Class I**		21.83%		20.34%
Composite Benchmark†		21.78%		20.80%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †      For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 11

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2025 Retirement Strategy
Class A		23.63%		20.75%
Class B*		23.40%		20.08%
Class C		23.37%		20.05%
Advisor Class**		23.85%		21.11%
Class R**		23.60%		20.57%
Class K**		23.77%		20.88%
Class I**		23.85%		21.24%
Composite Benchmark†		23.71%		21.98%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

12 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2030 Retirement Strategy
Class A		25.26%		21.03%
Class B*		24.85%		20.16%
Class C		24.85%		20.16%
Advisor Class**		25.46%		21.39%
Class R**		25.12%		20.75%
Class K**		25.23%		21.01%
Class I**		25.46%		21.38%
Composite Benchmark†		24.89%		22.37%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 13

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2035 Retirement Strategy
Class A		26.36%		21.07%
Class B*		26.09%		20.34%
Class C		25.94%		20.34%
Advisor Class**		26.58%		21.59%
Class R**		26.29%		20.97%
Class K**		26.44%		21.15%
Class I**		26.64%		21.64%
Composite Benchmark†		25.81%		22.61%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

14 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2040 Retirement Strategy
Class A		26.87%		21.11%
Class B*		26.42%		20.22%
Class C		26.42%		20.22%
Advisor Class**		27.05%		21.45%
Class R**		26.82%		20.89%
Class K**		26.93%		21.15%
Class I**		27.09%		21.47%
Composite Benchmark†		25.93%		22.69%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 15

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2045 Retirement Strategy
Class A		27.10%		20.80%
Class B*		26.60%		19.96%
Class C		26.48%		19.98%
Advisor Class**		27.30%		21.15%
Class R**		27.03%		20.54%
Class K**		27.03%		20.84%
Class I**		27.20%		21.15%
Composite Benchmark†		25.93%		22.70%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

16 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2050 Retirement Strategy
Class A		27.16%		20.74%
Class B*		26.62%		19.84%
Class C		26.72%		19.95%
Advisor Class**		27.45%		21.21%
Class R**		27.06%		20.62%
Class K**		27.16%		20.74%
Class I**		27.18%		21.10%
Composite Benchmark†		25.93%		22.70%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 17

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

THE STRATEGY VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein 2055 Retirement Strategy
Class A		27.20%		20.98%
Class B*		26.89%		20.25%
Class C		26.93%		20.28%
Advisor Class**		27.53%		21.49%
Class R**		27.05%		20.84%
Class K**		27.22%		21.04%
Class I**		27.59%		21.57%
Composite Benchmark†		25.93%		22.70%
S&P 500 Stock Index		27.73%		22.58%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information. **  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds. †       For a description of the composite benchmark, please see pages 5-6.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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

(Historical Performance continued on next page)

18 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

EACH UNDERLYING PORTFOLIO*† VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	Returns
	6 Months		12 Months
AllianceBernstein U.S. Value Portfolio		28.17%		19.69%
Russell 1000 Value Index		26.30%		22.16%
AllianceBernstein U.S. Large Cap Growth Portfolio		34.44%		21.61%
Russell 1000 Growth Index		31.04%		24.94%
AllianceBernstein International Value Portfolio		26.51%		18.79%
MSCI EAFE Index		23.77%		20.00%
AllianceBernstein International Growth Portfolio		14.04%		11.48%
MSCI EAFE Index		23.77%		20.00%
MSCI EAFE Growth Index		23.49%		21.33%
AllianceBernstein Short Duration Bond Portfolio		1.20%		3.54%
BofAML 1-3 Year Treasury Index		0.09%		1.46%
AllianceBernstein Intermediate Duration Bond Portfolio		0.36%		7.19%
Barclays Capital U.S. Aggregate Bond Index		-0.83%		4.93%
AllianceBernstein Bond Inflation Protection Portfolio		4.12%		8.17%
Barclays Capital 1-10 Year TIPS Index		2.62%		5.91%
AllianceBernstein High-Yield Portfolio		10.35%		18.15%
Barclays Capital U.S. High Yield 2% Issuer Cap Index		10.05%		17.34%
AllianceBernstein Small-Mid Cap Value Portfolio		36.03%		29.68%
Russell 2500 Value Index		32.49%		29.55%
AllianceBernstein Small-Mid Cap Growth Portfolio		49.48%		54.04%
Russell 2500 Growth Index		40.13%		36.42%
AllianceBernstein Multi-Asset Real Return Portfolio		22.37%		30.62%
MSCI AC World Commodity Producers Index		36.08%		29.26%
FTSE EPRA/NAREIT Developed Real Estate Index		20.26%		29.26%
AllianceBernstein Volatility Management Portfolio**		24.50%		15.91%
S&P 500 Stock Index		27.73%		11.50%
*    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 12-month return is since inception (4/16/10). †      The Underlying Portfolios do not contain sales charges or management fees.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 19

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		13.37	%		8.58	%
5 Year		3.62	%		2.73	%
Since Inception*		4.41	%		3.60	%
Class B Shares
1 Year		12.67	%		8.67	%
5 Year		2.87	%		2.87	%
Since Inception*		3.67	%		3.67	%
Class C Shares
1 Year		12.56	%		11.56	%
5 Year		2.87	%		2.87	%
Since Inception*		3.67	%		3.67	%
Advisor Class Shares†
1 Year		13.68	%		13.68	%
5 Year		3.89	%		3.89	%
Since Inception*		4.69	%		4.69	%
Class R Shares†
1 Year		13.27	%		13.27	%
5 Year		3.40	%		3.40	%
Since Inception*		4.19	%		4.19	%
Class K Shares†
1 Year		13.52	%		13.52	%
5 Year		3.66	%		3.66	%
Since Inception*		4.47	%		4.47	%
Class I Shares†
1 Year		13.81	%		13.81	%
5 Year		3.92	%		3.92	%
Since Inception*		4.72	%		4.72	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 2.29%, 3.07%, 3.01%, 1.99%, 2.42%, 2.15% and 1.83% 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.

^† 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 is listed above.

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

(Historical Performance continued on next page)

20 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		5.17	%
5 Year		2.51	%
Since Inception*		3.52	%
Class B Shares
1 Year		5.17	%
5 Year		2.68	%
Since Inception*		3.59	%
Class C Shares
1 Year		8.06	%
5 Year		2.68	%
Since Inception*		3.59	%
Advisor Class Shares†
1 Year		10.19	%
5 Year		3.70	%
Since Inception*		4.62	%
Class R Shares†
1 Year		9.74	%
5 Year		3.19	%
Since Inception*		4.11	%
Class K Shares†
1 Year		9.95	%
5 Year		3.47	%
Since Inception*		4.38	%
Class I Shares†
1 Year		10.23	%
5 Year		3.73	%
Since Inception*		4.65	%

* Inception date: 9/1/05.

^† 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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 21

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		15.68	%		10.78	%
5 Year		3.42	%		2.53	%
Since Inception*		4.35	%		3.53	%
Class B Shares
1 Year		14.91	%		10.91	%
5 Year		2.71	%		2.71	%
Since Inception*		3.63	%		3.63	%
Class C Shares
1 Year		14.82	%		13.82	%
5 Year		2.68	%		2.68	%
Since Inception*		3.60	%		3.60	%
Advisor Class Shares†
1 Year		16.09	%		16.09	%
5 Year		3.74	%		3.74	%
Since Inception*		4.66	%		4.66	%
Class R Shares†
1 Year		15.47	%		15.47	%
5 Year		3.21	%		3.21	%
Since Inception*		4.13	%		4.13	%
Class K Shares†
1 Year		15.72	%		15.72	%
5 Year		3.50	%		3.50	%
Since Inception*		4.40	%		4.40	%
Class I Shares†
1 Year		16.13	%		16.13	%
5 Year		3.75	%		3.75	%
Since Inception*		4.67	%		4.67	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.76%, 2.48%, 2.47%, 1.46%, 2.02%, 1.76% and 1.43% 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.

^† 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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

22 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		6.60	%
5 Year		2.31	%
Since Inception*		3.48	%
Class B Shares
1 Year		6.50	%
5 Year		2.48	%
Since Inception*		3.56	%
Class C Shares
1 Year		9.52	%
5 Year		2.47	%
Since Inception*		3.53	%
Advisor Class Shares†
1 Year		11.55	%
5 Year		3.49	%
Since Inception*		4.57	%
Class R Shares†
1 Year		11.03	%
5 Year		2.98	%
Since Inception*		4.04	%
Class K Shares†
1 Year		11.29	%
5 Year		3.25	%
Since Inception*		4.32	%
Class I Shares†
1 Year		11.57	%
5 Year		3.50	%
Since Inception*		4.58	%

* Inception date: 9/1/05.

^† 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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 23

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		17.85	%		12.80	%
5 Year		3.29	%		2.40	%
Since Inception*		4.38	%		3.56	%
Class B Shares
1 Year		16.88	%		12.88	%
5 Year		2.56	%		2.56	%
Since Inception*		3.63	%		3.63	%
Class C Shares
1 Year		16.89	%		15.89	%
5 Year		2.56	%		2.56	%
Since Inception*		3.63	%		3.63	%
Advisor Class Shares†
1 Year		18.13	%		18.13	%
5 Year		3.60	%		3.60	%
Since Inception*		4.67	%		4.67	%
Class R Shares†
1 Year		17.52	%		17.52	%
5 Year		3.09	%		3.09	%
Since Inception*		4.15	%		4.15	%
Class K Shares†
1 Year		17.86	%		17.86	%
5 Year		3.34	%		3.34	%
Since Inception*		4.42	%		4.42	%
Class I Shares†
1 Year		18.17	%		18.17	%
5 Year		3.60	%		3.60	%
Since Inception*		4.68	%		4.68	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.23%, 1.97%, 1.96%, 0.93%, 1.55%, 1.24% and 0.91% 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.

^† 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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

24 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		7.52	%
5 Year		2.10	%
Since Inception*		3.47	%
Class B Shares
1 Year		7.62	%
5 Year		2.30	%
Since Inception*		3.56	%
Class C Shares
1 Year		10.52	%
5 Year		2.28	%
Since Inception*		3.54	%
Advisor Class Shares†
1 Year		12.62	%
5 Year		3.31	%
Since Inception*		4.58	%
Class R Shares†
1 Year		12.02	%
5 Year		2.78	%
Since Inception*		4.05	%
Class K Shares†
1 Year		12.47	%
5 Year		3.06	%
Since Inception*		4.34	%
Class I Shares†
1 Year		12.66	%
5 Year		3.32	%
Since Inception*		4.59	%

* Inception date: 9/1/05.

^† 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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 25

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		18.88	%		13.79	%
5 Year		2.93	%		2.04	%
Since Inception*		4.20	%		3.38	%
Class B Shares
1 Year		17.96	%		13.96	%
5 Year		2.22	%		2.22	%
Since Inception*		3.47	%		3.47	%
Class C Shares
1 Year		18.09	%		17.09	%
5 Year		2.22	%		2.22	%
Since Inception*		3.47	%		3.47	%
Advisor Class Shares†
1 Year		19.26	%		19.26	%
5 Year		3.25	%		3.25	%
Since Inception*		4.51	%		4.51	%
Class R Shares†
1 Year		18.62	%		18.62	%
5 Year		2.73	%		2.73	%
Since Inception*		3.98	%		3.98	%
Class K Shares†
1 Year		18.93	%		18.93	%
5 Year		2.98	%		2.98	%
Since Inception*		4.25	%		4.25	%
Class I Shares†
1 Year		19.26	%		19.26	%
5 Year		3.26	%		3.26	%
Since Inception*		4.53	%		4.53	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.18%, 1.91%, 1.91%, 0.88%, 1.51%, 1.20% and 0.81% 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.

^† 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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

26 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.03	%
5 Year		1.68	%
Since Inception*		3.30	%
Class B Shares
1 Year		8.07	%
5 Year		1.86	%
Since Inception*		3.38	%
Class C Shares
1 Year		11.07	%
5 Year		1.86	%
Since Inception*		3.38	%
Advisor Class Shares†
1 Year		13.23	%
5 Year		2.89	%
Since Inception*		4.42	%
Class R Shares†
1 Year		12.60	%
5 Year		2.37	%
Since Inception*		3.88	%
Class K Shares†
1 Year		12.92	%
5 Year		2.63	%
Since Inception*		4.15	%
Class I Shares†
1 Year		13.25	%
5 Year		2.89	%
Since Inception*		4.42	%

* Inception date: 9/1/05.

^† 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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 27

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		19.95	%		14.81	%
5 Year		2.39	%		1.50	%
Since Inception*		3.89	%		3.08	%
Class B Shares
1 Year		19.06	%		15.06	%
5 Year		1.66	%		1.66	%
Since Inception*		3.15	%		3.15	%
Class C Shares
1 Year		19.15	%		18.15	%
5 Year		1.70	%		1.70	%
Since Inception*		3.18	%		3.18	%
Advisor Class Shares†
1 Year		20.28	%		20.28	%
5 Year		2.72	%		2.72	%
Since Inception*		4.21	%		4.21	%
Class R Shares†
1 Year		19.74	%		19.74	%
5 Year		2.20	%		2.20	%
Since Inception*		3.70	%		3.70	%
Class K Shares†
1 Year		20.05	%		20.05	%
5 Year		2.46	%		2.46	%
Since Inception*		3.96	%		3.96	%
Class I Shares†
1 Year		20.34	%		20.34	%
5 Year		2.71	%		2.71	%
Since Inception*		4.20	%		4.20	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.17%, 1.91%, 1.90%, 0.87%, 1.48%, 1.18% and 0.84% 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

28 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.44	%
5 Year		1.13	%
Since Inception*		3.00	%
Class B Shares
1 Year		8.49	%
5 Year		1.29	%
Since Inception*		3.07	%
Class C Shares
1 Year		11.48	%
5 Year		1.29	%
Since Inception*		3.08	%
Advisor Class Shares†
1 Year		13.61	%
5 Year		2.31	%
Since Inception*		4.11	%
Class R Shares†
1 Year		13.06	%
5 Year		1.79	%
Since Inception*		3.59	%
Class K Shares†
1 Year		13.38	%
5 Year		2.05	%
Since Inception*		3.86	%
Class I Shares†
1 Year		13.66	%
5 Year		2.30	%
Since Inception*		4.10	%

* Inception date: 9/1/05.

^†  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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 29

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		20.75	%		15.60	%
5 Year		2.10	%		1.21	%
Since Inception*		4.07	%		3.26	%
Class B Shares
1 Year		20.08	%		16.08	%
5 Year		1.38	%		1.38	%
Since Inception*		3.34	%		3.34	%
Class C Shares
1 Year		20.05	%		19.05	%
5 Year		1.40	%		1.40	%
Since Inception*		3.35	%		3.35	%
Advisor Class Shares†
1 Year		21.11	%		21.11	%
5 Year		2.41	%		2.41	%
Since Inception*		4.37	%		4.37	%
Class R Shares†
1 Year		20.57	%		20.57	%
5 Year		1.89	%		1.89	%
Since Inception*		3.86	%		3.86	%
Class K Shares†
1 Year		20.88	%		20.88	%
5 Year		2.15	%		2.15	%
Since Inception*		4.11	%		4.11	%
Class I Shares†
1 Year		21.24	%		21.24	%
5 Year		2.42	%		2.42	%
Since Inception*		4.39	%		4.39	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.24%, 1.99%, 1.97%, 0.94%, 1.56%, 1.25% and 0.92% 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

30 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.78	%
5 Year		0.80	%
Since Inception*		3.17	%
Class B Shares
1 Year		8.66	%
5 Year		0.95	%
Since Inception*		3.21	%
Class C Shares
1 Year		11.75	%
5 Year		0.97	%
Since Inception*		3.25	%
Advisor Class Shares†
1 Year		13.94	%
5 Year		1.97	%
Since Inception*		4.27	%
Class R Shares†
1 Year		13.40	%
5 Year		1.48	%
Since Inception*		3.76	%
Class K Shares†
1 Year		13.61	%
5 Year		1.71	%
Since Inception*		3.99	%
Class I Shares†
1 Year		13.94	%
5 Year		1.99	%
Since Inception*		4.28	%

* Inception date: 9/1/05.

^†  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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 31

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		21.03	%		15.95	%
5 Year		1.91	%		1.03	%
Since Inception*		3.59	%		2.78	%
Class B Shares
1 Year		20.16	%		16.16	%
5 Year		1.19	%		1.19	%
Since Inception*		2.83	%		2.83	%
Class C Shares
1 Year		20.16	%		19.16	%
5 Year		1.17	%		1.17	%
Since Inception*		2.83	%		2.83	%
Advisor Class Shares†
1 Year		21.39	%		21.39	%
5 Year		2.21	%		2.21	%
Since Inception*		3.89	%		3.89	%
Class R Shares†
1 Year		20.75	%		20.75	%
5 Year		1.69	%		1.69	%
Since Inception*		3.40	%		3.40	%
Class K Shares†
1 Year		21.01	%		21.01	%
5 Year		1.95	%		1.95	%
Since Inception*		3.62	%		3.62	%
Class I Shares†
1 Year		21.38	%		21.38	%
5 Year		2.20	%		2.20	%
Since Inception*		3.88	%		3.88	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.28%, 2.03%, 2.02%, 0.99%, 1.56%, 1.25% and 0.93% 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

32 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.59	%
5 Year		0.56	%
Since Inception*		2.68	%
Class B Shares
1 Year		8.65	%
5 Year		0.73	%
Since Inception*		2.73	%
Class C Shares
1 Year		11.65	%
5 Year		0.71	%
Since Inception*		2.73	%
Advisor Class Shares†
1 Year		13.78	%
5 Year		1.72	%
Since Inception*		3.77	%
Class R Shares†
1 Year		13.26	%
5 Year		1.22	%
Since Inception*		3.30	%
Class K Shares†
1 Year		13.53	%
5 Year		1.45	%
Since Inception*		3.51	%
Class I Shares†
1 Year		13.76	%
5 Year		1.73	%
Since Inception*		3.76	%

* Inception date: 9/1/05.

^† 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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 33

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		21.07	%		15.95	%
5 Year		1.47	%		0.60	%
Since Inception*		3.34	%		2.53	%
Class B Shares
1 Year		20.34	%		16.34	%
5 Year		0.75	%		0.75	%
Since Inception*		2.61	%		2.61	%
Class C Shares
1 Year		20.34	%		19.34	%
5 Year		0.75	%		0.75	%
Since Inception*		2.61	%		2.61	%
Advisor Class Shares†
1 Year		21.59	%		21.59	%
5 Year		1.76	%		1.76	%
Since Inception*		3.64	%		3.64	%
Class R Shares†
1 Year		20.97	%		20.97	%
5 Year		1.25	%		1.25	%
Since Inception*		3.11	%		3.11	%
Class K Shares†
1 Year		21.15	%		21.15	%
5 Year		1.50	%		1.50	%
Since Inception*		3.38	%		3.38	%
Class I Shares†
1 Year		21.64	%		21.64	%
5 Year		1.78	%		1.78	%
Since Inception*		3.65	%		3.65	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.35%, 2.09%, 2.09%, 1.05%, 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

34 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.67	%
5 Year		0.10	%
Since Inception*		2.45	%
Class B Shares
1 Year		8.67	%
5 Year		0.28	%
Since Inception*		2.52	%
Class C Shares
1 Year		11.67	%
5 Year		0.28	%
Since Inception*		2.52	%
Advisor Class Shares†
1 Year		13.79	%
5 Year		1.27	%
Since Inception*		3.54	%
Class R Shares†
1 Year		13.27	%
5 Year		0.76	%
Since Inception*		3.01	%
Class K Shares†
1 Year		13.48	%
5 Year		1.03	%
Since Inception*		3.29	%
Class I Shares†
1 Year		13.71	%
5 Year		1.27	%
Since Inception*		3.54	%

* Inception date: 9/1/05.

^†  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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 35

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		21.11	%		15.98	%
5 Year		1.61	%		0.73	%
Since Inception*		3.57	%		2.76	%
Class B Shares
1 Year		20.22	%		16.22	%
5 Year		0.89	%		0.89	%
Since Inception*		2.85	%		2.85	%
Class C Shares
1 Year		20.22	%		19.22	%
5 Year		0.89	%		0.89	%
Since Inception*		2.85	%		2.85	%
Advisor Class Shares†
1 Year		21.45	%		21.45	%
5 Year		1.92	%		1.92	%
Since Inception*		3.87	%		3.87	%
Class R Shares†
1 Year		20.89	%		20.89	%
5 Year		1.42	%		1.42	%
Since Inception*		3.37	%		3.37	%
Class K Shares†
1 Year		21.15	%		21.15	%
5 Year		1.66	%		1.66	%
Since Inception*		3.63	%		3.63	%
Class I Shares†
1 Year		21.47	%		21.47	%
5 Year		1.91	%		1.91	%
Since Inception*		3.87	%		3.87	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.40%, 2.15%, 2.16%, 1.11%, 1.65%, 1.32% and 1.01% 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

36 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.52	%
5 Year		0.21	%
Since Inception*		2.66	%
Class B Shares
1 Year		8.59	%
5 Year		0.39	%
Since Inception*		2.75	%
Class C Shares
1 Year		11.59	%
5 Year		0.39	%
Since Inception*		2.75	%
Advisor Class Shares†
1 Year		13.72	%
5 Year		1.38	%
Since Inception*		3.76	%
Class R Shares†
1 Year		13.12	%
5 Year		0.89	%
Since Inception*		3.26	%
Class K Shares†
1 Year		13.49	%
5 Year		1.16	%
Since Inception*		3.53	%
Class I Shares†
1 Year		13.69	%
5 Year		1.40	%
Since Inception*		3.78	%

* Inception date: 9/1/05.

^†  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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 37

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		20.80	%		15.71	%
5 Year		1.32	%		0.44	%
Since Inception*		3.39	%		2.58	%
Class B Shares
1 Year		19.96	%		15.96	%
5 Year		0.61	%		0.61	%
Since Inception*		2.65	%		2.65	%
Class C Shares
1 Year		19.98	%		18.98	%
5 Year		0.59	%		0.59	%
Since Inception*		2.64	%		2.64	%
Advisor Class Shares†
1 Year		21.15	%		21.15	%
5 Year		1.61	%		1.61	%
Since Inception*		3.68	%		3.68	%
Class R Shares†
1 Year		20.54	%		20.54	%
5 Year		1.11	%		1.11	%
Since Inception*		3.17	%		3.17	%
Class K Shares†
1 Year		20.84	%		20.84	%
5 Year		1.35	%		1.35	%
Since Inception*		3.42	%		3.42	%
Class I Shares†
1 Year		21.15	%		21.15	%
5 Year		1.60	%		1.60	%
Since Inception*		3.67	%		3.67	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.58%, 2.37%, 2.34%, 1.29%, 1.78%, 1.45% and 1.12% 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

38 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.35	%
5 Year		-0.04	%
Since Inception*		2.51	%
Class B Shares
1 Year		8.42	%
5 Year		0.13	%
Since Inception*		2.58	%
Class C Shares
1 Year		11.44	%
5 Year		0.11	%
Since Inception*		2.56	%
Advisor Class Shares†
1 Year		13.54	%
5 Year		1.11	%
Since Inception*		3.59	%
Class R Shares†
1 Year		12.88	%
5 Year		0.60	%
Since Inception*		3.07	%
Class K Shares†
1 Year		13.18	%
5 Year		0.85	%
Since Inception*		3.33	%
Class I Shares†
1 Year		13.48	%
5 Year		1.10	%
Since Inception*		3.58	%

* Inception date: 9/1/05.

^†  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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 39

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		20.74	%		15.67	%
Since Inception*		-1.23	%		-2.38	%
Class B Shares
1 Year		19.84	%		15.84	%
Since Inception*		-1.93	%		-2.18	%
Class C Shares
1 Year		19.95	%		18.95	%
Since Inception*		-1.87	%		-1.87	%
Advisor Class Shares†
1 Year		21.21	%		21.21	%
Since Inception*		-0.92	%		-0.92	%
Class R Shares†
1 Year		20.62	%		20.62	%
Since Inception*		-1.42	%		-1.42	%
Class K Shares†
1 Year		20.74	%		20.74	%
Since Inception*		-1.15	%		-1.15	%
Class I Shares†
1 Year		21.10	%		21.10	%
Since Inception*		-0.94	%		-0.94	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 3.58%, 4.46%, 4.33%, 3.27%, 3.55%, 3.22% and 2.96% 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 1.06%, 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

40 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.25	%
Since Inception*		-2.39	%
Class B Shares
1 Year		8.36	%
Since Inception*		-2.19	%
Class C Shares
1 Year		11.35	%
Since Inception*		-1.91	%
Advisor Class Shares†
1 Year		13.43	%
Since Inception*		-0.96	%
Class R Shares†
1 Year		12.83	%
Since Inception*		-1.45	%
Class K Shares†
1 Year		13.22	%
Since Inception*		-1.15	%
Class I Shares†
1 Year		13.57	%
Since Inception*		-0.95	%

* Inception date: 6/29/07.

^†  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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 41

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		20.98	%		15.80	%
Since Inception*		-1.78	%		-2.92	%
Class B Shares
1 Year		20.25	%		16.25	%
Since Inception*		-2.44	%		-2.69	%
Class C Shares
1 Year		20.28	%		19.28	%
Since Inception*		-2.47	%		-2.47	%
Advisor Class Shares†
1 Year		21.49	%		21.49	%
Since Inception*		-1.50	%		-1.50	%
Class R Shares†
1 Year		20.84	%		20.84	%
Since Inception*		-1.99	%		-1.99	%
Class K Shares†
1 Year		21.04	%		21.04	%
Since Inception*		-1.71	%		-1.71	%
Class I Shares†
1 Year		21.57	%		21.57	%
Since Inception*		-1.43	%		-1.43	%

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 11.85%, 12.89%, 12.46%, 11.35%, 10.51%, 10.27% and 10.25% 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.

^†  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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

42 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		8.49	%
Since Inception*		-2.91	%
Class B Shares
1 Year		8.55	%
Since Inception*		-2.72	%
Class C Shares
1 Year		11.57	%
Since Inception*		-2.50	%
Advisor Class Shares†
1 Year		13.55	%
Since Inception*		-1.55	%
Class R Shares†
1 Year		13.13	%
Since Inception*		-2.01	%
Class K Shares†
1 Year		13.22	%
Since Inception*		-1.73	%
Class I Shares†
1 Year		13.59	%
Since Inception*		-1.49	%

* Inception date: 6/29/07.

^†  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 is listed above.

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

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 43

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTOFLIOS^~ AS OF FEBRUARY 28, 2011
	NAV/SEC Returns†
AllianceBernstein U.S. Value Portfolio
1 Year		19.69	%
5 Year		0.10	%
Since Inception*		1.90	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		21.61	%
5 Year		1.83	%
Since Inception*		4.88	%
AllianceBernstein International Value Portfolio
1 Year		18.79	%
5 Year		0.00	%
Since Inception*		4.87	%
AllianceBernstein International Growth Portfolio
1 Year		11.48	%
5 Year		-0.85	%
Since Inception*		2.82	%
AllianceBernstein Short Duration Bond Portfolio
1 Year		3.54	%
5 Year		3.42	%
Since Inception*		3.26	%
AllianceBernstein Intermediate Duration Bond Portfolio
1 Year		7.19	%
5 Year		6.51	%
Since Inception*		6.00	%
AllianceBernstein Bond Inflation Protection Portfolio
1 Year		8.17	%
5 Year		6.29	%
Since Inception*		5.54	%
AllianceBernstein High-Yield Portfolio
1 Year		18.15	%
5 Year		9.71	%
Since Inception*		9.47	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year		29.68	%
5 Year		7.30	%
Since Inception*		8.54	%
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year		54.04	%
5 Year		9.53	%
Since Inception*		12.80	%
AllianceBernstein Multi-Asset Real Return Portfolio
1 Year		30.62	%
5 Year		3.73	%
Since Inception*		6.86	%
AllianceBernstein Volatility Management Portfolio
1 Year		24.50	%
Since Inception**		15.91	%

* Inception date: 5/20/05.

** Inception date: 4/16/10.

^†  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 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 and Benchmark disclosures on pages 5 and 6.

(Historical Performance continued on next page)

44 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS^~ AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	NAV/SEC Returns†
AllianceBernstein U.S. Value Portfolio
1 Year		12.12	%
5 Year		-0.09	%
Since Inception*		1.88	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		14.62	%
5 Year		1.83	%
Since Inception*		4.78	%
AllianceBernstein International Value Portfolio
1 Year		4.94	%
5 Year		-1.79	%
Since Inception*		3.95	%
AllianceBernstein International Growth Portfolio
1 Year		4.77	%
5 Year		-1.57	%
Since Inception*		2.84	%
AllianceBernstein Short Duration Bond Portfolio
1 Year		3.45	%
5 Year		3.40	%
Since Inception*		3.22	%
AllianceBernstein Intermediate Duration Bond Portfolio
1 Year		6.90	%
5 Year		6.72	%
Since Inception*		5.92	%
AllianceBernstein Bond Inflation Protection Portfolio
1 Year		9.17	%
5 Year		6.66	%
Since Inception*		5.60	%
AllianceBernstein High-Yield Portfolio
1 Year		14.04	%
5 Year		9.76	%
Since Inception*		9.38	%
AllianceBernstein Small-Mid Cap Value Portfolio
1 Year		21.00	%
5 Years		7.10	%
Since Inception*		8.71	%
AllianceBernstein Small-Mid Cap Growth Portfolio
1 Year		49.32	%
5 Year		9.54	%
Since Inception*		13.47	%
AllianceBernstein Multi-Asset Real Return Portfolio
1 Year		23.49	%
5 Year		3.05	%
Since Inception*		6.87	%
AllianceBernstein Volatility Management Portfolio
6 Months		14.96	%
Since Inception**		15.07	%

* Inception date: 5/20/05.

** Inception date: 4/16/10.

^†  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 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 and Benchmark disclosures on pages 5 and 6.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 45

Historical Performance

FUND EXPENSES

(unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

46 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2000 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,116.49	$	4.25		0.81	%
Hypothetical**	$	1,000	$	1,020.78	$	4.06		0.81	%
Class B
Actual	$	1,000	$	1,112.88	$	7.91		1.51	%
Hypothetical**	$	1,000	$	1,017.31	$	7.55		1.51	%
Class C
Actual	$	1,000	$	1,112.88	$	7.91		1.51	%
Hypothetical**	$	1,000	$	1,017.31	$	7.55		1.51	%
Advisor Class
Actual	$	1,000	$	1,117.39	$	2.68		0.51	%
Hypothetical**	$	1,000	$	1,022.27	$	2.56		0.51	%
Class R
Actual	$	1,000	$	1,116.43	$	5.30		1.01	%
Hypothetical**	$	1,000	$	1,019.79	$	5.06		1.01	%
Class K
Actual	$	1,000	$	1,117.58	$	3.99		0.76	%
Hypothetical**	$	1,000	$	1,021.03	$	3.81		0.76	%
Class I
Actual	$	1,000	$	1,118.18	$	2.68		0.51	%
Hypothetical**	$	1,000	$	1,022.27	$	2.56		0.51	%

2005 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,145.68	$	4.63		0.87	%
Hypothetical**	$	1,000	$	1,020.48	$	4.36		0.87	%
Class B
Actual	$	1,000	$	1,141.71	$	8.34		1.57	%
Hypothetical**	$	1,000	$	1,017.01	$	7.85		1.57	%
Class C
Actual	$	1,000	$	1,142.02	$	8.34		1.57	%
Hypothetical**	$	1,000	$	1,017.01	$	7.85		1.57	%
Advisor Class
Actual	$	1,000	$	1,148.53	$	3.04		0.57	%
Hypothetical**	$	1,000	$	1,021.97	$	2.86		0.57	%
Class R
Actual	$	1,000	$	1,144.78	$	5.69		1.07	%
Hypothetical**	$	1,000	$	1,019.49	$	5.36		1.07	%
Class K
Actual	$	1,000	$	1,146.10	$	4.36		0.82	%
Hypothetical**	$	1,000	$	1,020.73	$	4.11		0.82	%
Class I
Actual	$	1,000	$	1,147.69	$	3.04		0.57	%
Hypothetical**	$	1,000	$	1,021.97	$	2.86		0.57	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 47

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2010 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,177.20	$	4.80		0.89	%
Hypothetical**	$	1,000	$	1,020.38	$	4.46		0.89	%
Class B
Actual	$	1,000	$	1,171.43	$	8.56		1.59	%
Hypothetical**	$	1,000	$	1,016.91	$	7.95		1.59	%
Class C
Actual	$	1,000	$	1,172.75	$	8.57		1.59	%
Hypothetical**	$	1,000	$	1,016.91	$	7.95		1.59	%
Advisor Class
Actual	$	1,000	$	1,178.71	$	3.19		0.59	%
Hypothetical**	$	1,000	$	1,021.87	$	2.96		0.59	%
Class R
Actual	$	1,000	$	1,175.18	$	5.88		1.09	%
Hypothetical**	$	1,000	$	1,019.39	$	5.46		1.09	%
Class K
Actual	$	1,000	$	1,177.27	$	4.53		0.84	%
Hypothetical**	$	1,000	$	1,020.63	$	4.21		0.84	%
Class I
Actual	$	1,000	$	1,177.86	$	3.19		0.59	%
Hypothetical**	$	1,000	$	1,021.87	$	2.96		0.59	%

2015 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,196.69	$	5.12		0.94	%
Hypothetical**	$	1,000	$	1,020.13	$	4.71		0.94	%
Class B
Actual	$	1,000	$	1,192.69	$	8.92		1.64	%
Hypothetical**	$	1,000	$	1,016.66	$	8.20		1.64	%
Class C
Actual	$	1,000	$	1,192.69	$	8.92		1.64	%
Hypothetical**	$	1,000	$	1,016.66	$	8.20		1.64	%
Advisor Class
Actual	$	1,000	$	1,197.78	$	3.49		0.64	%
Hypothetical**	$	1,000	$	1,021.62	$	3.21		0.64	%
Class R
Actual	$	1,000	$	1,195.34	$	6.21		1.14	%
Hypothetical**	$	1,000	$	1,019.14	$	5.71		1.14	%
Class K
Actual	$	1,000	$	1,197.13	$	4.85		0.89	%
Hypothetical**	$	1,000	$	1,020.38	$	4.46		0.89	%
Class I
Actual	$	1,000	$	1,199.15	$	3.49		0.64	%
Hypothetical**	$	1,000	$	1,021.62	$	3.21		0.64	%

48 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2020 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,215.81	$	5.38		0.98	%
Hypothetical**	$	1,000	$	1,019.93	$	4.91		0.98	%
Class B
Actual	$	1,000	$	1,211.11	$	9.21		1.68	%
Hypothetical**	$	1,000	$	1,016.46	$	8.40		1.68	%
Class C
Actual	$	1,000	$	1,212.01	$	9.21		1.68	%
Hypothetical**	$	1,000	$	1,016.46	$	8.40		1.68	%
Advisor Class
Actual	$	1,000	$	1,217.72	$	3.74		0.68	%
Hypothetical**	$	1,000	$	1,021.42	$	3.41		0.68	%
Class R
Actual	$	1,000	$	1,215.14	$	6.48		1.18	%
Hypothetical**	$	1,000	$	1,018.94	$	5.91		1.18	%
Class K
Actual	$	1,000	$	1,216.81	$	5.11		0.93	%
Hypothetical**	$	1,000	$	1,020.18	$	4.66		0.93	%
Class I
Actual	$	1,000	$	1,218.32	$	3.74		0.68	%
Hypothetical**	$	1,000	$	1,021.42	$	3.41		0.68	%

2025 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,236.34	$	5.54		1.00	%
Hypothetical**	$	1,000	$	1,019.84	$	5.01		1.00	%
Class B
Actual	$	1,000	$	1,234.03	$	9.42		1.70	%
Hypothetical**	$	1,000	$	1,016.36	$	8.50		1.70	%
Class C
Actual	$	1,000	$	1,233.74	$	9.42		1.70	%
Hypothetical**	$	1,000	$	1,016.36	$	8.50		1.70	%
Advisor Class
Actual	$	1,000	$	1,238.53	$	3.89		0.70	%
Hypothetical**	$	1,000	$	1,021.32	$	3.51		0.70	%
Class R
Actual	$	1,000	$	1,235.97	$	6.65		1.20	%
Hypothetical**	$	1,000	$	1,018.84	$	6.01		1.20	%
Class K
Actual	$	1,000	$	1,237.66	$	5.27		0.95	%
Hypothetical**	$	1,000	$	1,020.08	$	4.76		0.95	%
Class I
Actual	$	1,000	$	1,238.53	$	3.89		0.70	%
Hypothetical**	$	1,000	$	1,021.32	$	3.51		0.70	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 49

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2030 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,252.58	$	5.70		1.02	%
Hypothetical**	$	1,000	$	1,019.74	$	5.11		1.02	%
Class B
Actual	$	1,000	$	1,248.47	$	9.59		1.72	%
Hypothetical**	$	1,000	$	1,016.27	$	8.60		1.72	%
Class C
Actual	$	1,000	$	1,248.47	$	9.59		1.72	%
Hypothetical**	$	1,000	$	1,016.27	$	8.60		1.72	%
Advisor Class
Actual	$	1,000	$	1,254.62	$	4.02		0.72	%
Hypothetical**	$	1,000	$	1,021.22	$	3.61		0.72	%
Class R
Actual	$	1,000	$	1,251.15	$	6.81		1.22	%
Hypothetical**	$	1,000	$	1,018.74	$	6.11		1.22	%
Class K
Actual	$	1,000	$	1,252.35	$	5.42		0.97	%
Hypothetical**	$	1,000	$	1,019.98	$	4.86		0.97	%
Class I
Actual	$	1,000	$	1,254.64	$	4.02		0.72	%
Hypothetical**	$	1,000	$	1,021.22	$	3.61		0.72	%

2035 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,263.60	$	5.78		1.03	%
Hypothetical**	$	1,000	$	1,019.69	$	5.16		1.03	%
Class B
Actual	$	1,000	$	1,260.94	$	9.70		1.73	%
Hypothetical**	$	1,000	$	1,016.22	$	8.65		1.73	%
Class C
Actual	$	1,000	$	1,259.45	$	9.69		1.73	%
Hypothetical**	$	1,000	$	1,016.22	$	8.65		1.73	%
Advisor Class
Actual	$	1,000	$	1,265.83	$	4.10		0.73	%
Hypothetical**	$	1,000	$	1,021.17	$	3.66		0.73	%
Class R
Actual	$	1,000	$	1,262.89	$	6.90		1.23	%
Hypothetical**	$	1,000	$	1,018.70	$	6.16		1.23	%
Class K
Actual	$	1,000	$	1,264.44	$	5.50		0.98	%
Hypothetical**	$	1,000	$	1,019.93	$	4.91		0.98	%
Class I
Actual	$	1,000	$	1,266.44	$	4.10		0.73	%
Hypothetical**	$	1,000	$	1,021.17	$	3.66		0.73	%

50 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2040 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,268.73	$	5.79		1.03	%
Hypothetical**	$	1,000	$	1,019.69	$	5.16		1.03	%
Class B
Actual	$	1,000	$	1,264.24	$	9.71		1.73	%
Hypothetical**	$	1,000	$	1,016.22	$	8.65		1.73	%
Class C
Actual	$	1,000	$	1,264.24	$	9.71		1.73	%
Hypothetical**	$	1,000	$	1,016.22	$	8.65		1.73	%
Advisor Class
Actual	$	1,000	$	1,270.46	$	4.11		0.73	%
Hypothetical**	$	1,000	$	1,021.17	$	3.66		0.73	%
Class R
Actual	$	1,000	$	1,268.18	$	6.92		1.23	%
Hypothetical**	$	1,000	$	1,018.70	$	6.16		1.23	%
Class K
Actual	$	1,000	$	1,269.27	$	5.51		0.98	%
Hypothetical**	$	1,000	$	1,019.93	$	4.91		0.98	%
Class I
Actual	$	1,000	$	1,270.95	$	4.11		0.73	%
Hypothetical**	$	1,000	$	1,021.17	$	3.66		0.73	%

2045 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,271.02	$	5.86		1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21		1.04	%
Class B
Actual	$	1,000	$	1,266.02	$	9.78		1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70		1.74	%
Class C
Actual	$	1,000	$	1,264.82	$	9.77		1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70		1.74	%
Advisor Class
Actual	$	1,000	$	1,272.99	$	4.17		0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71		0.74	%
Class R
Actual	$	1,000	$	1,270.31	$	6.98		1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21		1.24	%
Class K
Actual	$	1,000	$	1,270.28	$	5.57		0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96		0.99	%
Class I
Actual	$	1,000	$	1,271.95	$	4.17		0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71		0.74	%

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 51

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

2050 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,271.57	$	5.86		1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21		1.04	%
Class B
Actual	$	1,000	$	1,266.16	$	9.78		1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70		1.74	%
Class C
Actual	$	1,000	$	1,267.21	$	9.78		1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70		1.74	%
Advisor Class
Actual	$	1,000	$	1,274.45	$	4.17		0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71		0.74	%
Class R
Actual	$	1,000	$	1,270.61	$	6.98		1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21		1.24	%
Class K
Actual	$	1,000	$	1,271.61	$	5.58		0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96		0.99	%
Class I
Actual	$	1,000	$	1,271.81	$	4.17		0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71		0.74	%

2055 Retirement Strategy

	Beginning Account Value September 1, 2010		Ending Account Value February 28, 2011		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,271.95	$	5.86		1.04	%
Hypothetical**	$	1,000	$	1,019.64	$	5.21		1.04	%
Class B
Actual	$	1,000	$	1,268.90	$	9.79		1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70		1.74	%
Class C
Actual	$	1,000	$	1,269.28	$	9.79		1.74	%
Hypothetical**	$	1,000	$	1,016.17	$	8.70		1.74	%
Advisor Class
Actual	$	1,000	$	1,275.27	$	4.17		0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71		0.74	%
Class R
Actual	$	1,000	$	1,270.51	$	6.98		1.24	%
Hypothetical**	$	1,000	$	1,018.65	$	6.21		1.24	%
Class K
Actual	$	1,000	$	1,272.18	$	5.58		0.99	%
Hypothetical**	$	1,000	$	1,019.89	$	4.96		0.99	%
Class I
Actual	$	1,000	$	1,275.91	$	4.18		0.74	%
Hypothetical**	$	1,000	$	1,021.12	$	3.71		0.74	%

* Expenses are equal to each Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses of the underlying portfolios in which the Strategies invest are not included herein.

** Assumes 5% return before expenses.

52 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

2000 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $32,078

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 53

Portfolio Summary

2005 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $37,495

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

54 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2010 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $173,644

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 55

Portfolio Summary

2015 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $334,866

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

56 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2020 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $436,942

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 57

Portfolio Summary

2025 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $359,180

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

58 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2030 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $321,574

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 59

Portfolio Summary

2035 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $220,547

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

60 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2040 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $188,054

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 61

Portfolio Summary

2045 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $127,018

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

62 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2050 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $22,206

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 63

Portfolio Summary

2055 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $4,869

* All data are as of February 28, 2011. The Strategy’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Strategy invests in the Underlying Portfolios. For more details regarding the Strategy’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 233-401. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 19. Additional performance for the Underlying Portfolios may be found on pages 44-45.

64 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2000 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.1%
The AllianceBernstein Pooling Portfolios - Fixed Income – 73.2%
High-Yield Portfolio		61,741	$	637,164
Bond Inflation Protection Portfolio		441,316		4,775,043
Intermediate Duration Bond Portfolio		607,090		6,410,865
Short Duration Bond Portfolio		662,032		6,335,645
Volatility Management Portfolio		482,807		5,339,850
				23,498,567
The AllianceBernstein Pooling Portfolios - Equity – 26.9%
International Growth Portfolio		102,386		925,565
International Value Portfolio		107,236		926,516
Multi-Asset Real Return Portfolio		236,310		2,287,481
Small-Mid Cap Growth Portfolio		21,289		374,055
Small-Mid Cap Value Portfolio		30,388		374,070
U.S. Large Cap Growth Portfolio		155,859		1,864,077
U.S. Value Portfolio		205,194		1,867,269
				8,619,033
Total Investments – 100.1% (cost $27,794,355)				32,117,600
Other assets less liabilities – (0.1)%				(39,119	)
Net Assets – 100.0%			$	32,078,481

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 65

2000 Retirement Strategy—Portfolio of Investments

2005 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.2%
The AllianceBernstein Pooling Portfolios - Fixed Income – 66.8%
High-Yield Portfolio		163,495	$	1,687,268
Bond Inflation Protection Portfolio		525,329		5,684,061
Intermediate Duration Bond Portfolio		599,099		6,326,482
Short Duration Bond Portfolio		424,577		4,063,204
Volatility Management Portfolio		658,627		7,284,415
				25,045,430
The AllianceBernstein Pooling Portfolios - Equity – 33.4%
International Growth Portfolio		164,093		1,483,398
International Value Portfolio		172,749		1,492,551
Multi-Asset Real Return Portfolio		276,069		2,672,346
Small-Mid Cap Growth Portfolio		34,595		607,831
Small-Mid Cap Value Portfolio		49,549		609,955
U.S. Large Cap Growth Portfolio		235,175		2,812,692
U.S. Value Portfolio		311,473		2,834,410
				12,513,183
Total Investments – 100.2% (cost $31,145,795)				37,558,613
Other assets less liabilities – (0.2)%				(63,436	)
Net Assets – 100.0%			$	37,495,177

See notes to financial statements.

66 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2005 Retirement Strategy—Portfolio of Investments

2010 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.2%
The AllianceBernstein Pooling Portfolios - Fixed Income – 56.8%
High-Yield Portfolio		1,107,775	$	11,432,234
Bond Inflation Protection Portfolio		2,262,250		24,477,550
Intermediate Duration Bond Portfolio		2,355,018		24,868,997
Short Duration Bond Portfolio		300,682		2,877,523
Volatility Management Portfolio		3,161,524		34,966,453
				98,622,757
The AllianceBernstein Pooling Portfolios - Equity – 43.4%
International Growth Portfolio		1,025,685		9,272,195
International Value Portfolio		1,115,095		9,634,421
Multi-Asset Real Return Portfolio		1,276,617		12,357,654
Small-Mid Cap Growth Portfolio		237,023		4,164,495
Small-Mid Cap Value Portfolio		340,079		4,186,365
U.S. Large Cap Growth Portfolio		1,485,857		17,770,854
U.S. Value Portfolio		1,968,300		17,911,530
				75,297,514
Total Investments – 100.2% (cost $146,617,176)				173,920,271
Other assets less liabilities – (0.2)%				(276,035	)
Net Assets – 100.0%			$	173,644,236

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 67

2010 Retirement Strategy—Portfolio of Investments

2015 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.3%
The AllianceBernstein Pooling Portfolios - Equity – 50.7%
International Growth Portfolio		2,412,881	$	21,812,443
International Value Portfolio		2,557,045		22,092,868
Multi-Asset Real Return Portfolio		2,463,018		23,842,016
Small-Mid Cap Growth Portfolio		623,621		10,957,026
Small-Mid Cap Value Portfolio		892,347		10,984,790
U.S. Large Cap Growth Portfolio		3,343,522		39,988,521
U.S. Value Portfolio		4,404,588		40,081,752
				169,759,416
The AllianceBernstein Pooling Portfolios - Fixed Income – 49.6%
High-Yield Portfolio		2,281,832		23,548,510
Bond Inflation Protection Portfolio		3,107,665		33,624,930
Intermediate Duration Bond Portfolio		3,948,044		41,691,346
Volatility Management Portfolio		6,081,359		67,259,827
				166,124,613
Total Investments – 100.3% (cost $284,435,328)				335,884,029
Other assets less liabilities – (0.3)%				(1,018,484	)
Net Assets – 100.0%			$	334,865,545

See notes to financial statements.

68 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2015 Retirement Strategy—Portfolio of Investments

2020 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.2%
The AllianceBernstein Pooling Portfolios - Equity – 57.7%
International Growth Portfolio		3,640,566	$	32,910,715
International Value Portfolio		3,853,336		33,292,819
Multi-Asset Real Return Portfolio		3,192,813		30,906,433
Small-Mid Cap Growth Portfolio		1,016,637		17,862,308
Small-Mid Cap Value Portfolio		1,454,557		17,905,600
U.S. Large Cap Growth Portfolio		4,969,995		59,441,138
U.S. Value Portfolio		6,586,961		59,941,344
				252,260,357
The AllianceBernstein Pooling Portfolios - Fixed Income – 42.5%
High-Yield Portfolio		2,963,279		30,581,044
Bond Inflation Protection Portfolio		2,020,726		21,864,252
Intermediate Duration Bond Portfolio		4,294,516		45,350,087
Volatility Management Portfolio		7,937,163		87,785,025
				185,580,408
Total Investments – 100.2% (cost $375,122,060)				437,840,765
Other assets less liabilities – (0.2)%				(898,712	)
Net Assets – 100.0%			$	436,942,053

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 69

2020 Retirement Strategy—Portfolio of Investments

2025 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.0%
The AllianceBernstein Pooling Portfolios - Equity – 66.7%
International Growth Portfolio		3,562,556	$	32,205,505
International Value Portfolio		3,741,865		32,329,719
Multi-Asset Real Return Portfolio		2,615,887		25,321,784
Small-Mid Cap Growth Portfolio		986,720		17,336,675
Small-Mid Cap Value Portfolio		1,415,715		17,427,454
U.S. Large Cap Growth Portfolio		4,795,120		57,349,633
U.S. Value Portfolio		6,336,785		57,664,741
				239,635,511
The AllianceBernstein Pooling Portfolios - Fixed Income – 33.3%
High-Yield Portfolio		2,414,627		24,918,954
Bond Inflation Protection Portfolio		249,889		2,703,798
Intermediate Duration Bond Portfolio		2,563,494		27,070,491
Volatility Management Portfolio		5,855,884		64,766,078
				119,459,321
Total Investments – 100.0% (cost $307,525,413)				359,094,832
Other assets less liabilities – 0.0%				85,095
Net Assets – 100.0%			$	359,179,927

See notes to financial statements.

70 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2025 Retirement Strategy—Portfolio of Investments

2030 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.4%
The AllianceBernstein Pooling Portfolios - Equity – 76.1%
International Growth Portfolio		3,807,297	$	34,417,969
International Value Portfolio		3,989,858		34,472,375
Multi-Asset Real Return Portfolio		1,812,968		17,549,534
Small-Mid Cap Growth Portfolio		1,059,178		18,609,763
Small-Mid Cap Value Portfolio		1,519,708		18,707,601
U.S. Large Cap Growth Portfolio		5,034,664		60,214,576
U.S. Value Portfolio		6,653,501		60,546,855
				244,518,673
The AllianceBernstein Pooling Portfolios - Fixed Income – 24.3%
High-Yield Portfolio		1,673,996		17,275,633
Intermediate Duration Bond Portfolio		1,637,434		17,291,305
Volatility Management Portfolio		3,946,581		43,649,184
				78,216,122
Total Investments – 100.4% (cost $274,058,077)				322,734,795
Other assets less liabilities – (0.4)%				(1,160,595	)
Net Assets – 100.0%			$	321,574,200

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 71

2030 Retirement Strategy—Portfolio of Investments

2035 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.1%
The AllianceBernstein Pooling Portfolios - Equity – 83.6%
International Growth Portfolio		2,883,133	$	26,063,526
International Value Portfolio		3,025,217		26,137,870
Multi-Asset Real Return Portfolio		1,146,821		11,101,231
Small-Mid Cap Growth Portfolio		823,348		14,466,228
Small-Mid Cap Value Portfolio		1,181,325		14,542,105
U.S. Large Cap Growth Portfolio		3,837,624		45,897,986
U.S. Value Portfolio		5,070,109		46,137,990
				184,346,936
The AllianceBernstein Pooling Portfolios - Fixed Income – 16.5%
High-Yield Portfolio		212,743		2,195,510
Intermediate Duration Bond Portfolio		1,041,069		10,993,684
Volatility Management Portfolio		2,098,239		23,206,521
				36,395,715
Total Investments – 100.1% (cost $187,575,665)				220,742,651
Other assets less liabilities – (0.1)%				(195,416	)
Net Assets – 100.0%			$	220,547,235

See notes to financial statements.

72 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2035 Retirement Strategy—Portfolio of Investments

2040 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.3%
The AllianceBernstein Pooling Portfolios - Equity – 89.3%
International Growth Portfolio		2,624,065	$	23,721,544
International Value Portfolio		2,764,601		23,886,148
Multi-Asset Real Return Portfolio		981,118		9,497,224
Small-Mid Cap Growth Portfolio		741,565		13,029,302
Small-Mid Cap Value Portfolio		1,063,973		13,097,508
U.S. Large Cap Growth Portfolio		3,532,305		42,246,372
U.S. Value Portfolio		4,668,005		42,478,846
				167,956,944
The AllianceBernstein Pooling Portfolios - Fixed Income – 11.0%
Intermediate Duration Bond Portfolio		885,876		9,354,853
Volatility Management Portfolio		1,025,827		11,345,649
				20,700,502
Total Investments – 100.3% (cost $155,587,789)				188,657,446
Other assets less liabilities – (0.3)%				(603,829	)
Net Assets – 100.0%			$	188,053,617

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 73

2040 Retirement Strategy—Portfolio of Investments

2045 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.2%
The AllianceBernstein Pooling Portfolios - Equity – 94.2%
International Growth Portfolio		1,880,867	$	17,003,039
International Value Portfolio		1,969,868		17,019,657
Multi-Asset Real Return Portfolio		661,956		6,407,735
Small-Mid Cap Growth Portfolio		532,633		9,358,357
Small-Mid Cap Value Portfolio		764,212		9,407,448
U.S. Large Cap Growth Portfolio		2,520,301		30,142,808
U.S. Value Portfolio		3,327,022		30,275,900
				119,614,944
The AllianceBernstein Pooling Portfolios - Fixed Income – 6.0%
Intermediate Duration Bond Portfolio		601,021		6,346,781
Volatility Management Portfolio		113,472		1,254,998
				7,601,779
Total Investments – 100.2% (cost $105,035,722)				127,216,723
Other assets less liabilities – (0.2)%				(198,986	)
Net Assets – 100.0%			$	127,017,737

See notes to financial statements.

74 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2045 Retirement Strategy—Portfolio of Investments

2050 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.0%
The AllianceBernstein Pooling Portfolios - Equity – 95.0%
International Growth Portfolio		331,729	$	2,998,827
International Value Portfolio		348,411		3,010,269
Multi-Asset Real Return Portfolio		115,304		1,116,147
Small-Mid Cap Growth Portfolio		94,077		1,652,941
Small-Mid Cap Value Portfolio		134,984		1,661,661
U.S. Large Cap Growth Portfolio		444,270		5,313,468
U.S. Value Portfolio		587,125		5,342,835
				21,096,148
The AllianceBernstein Pooling Portfolios - Fixed Income – 5.0%
Intermediate Duration Bond Portfolio		104,673		1,105,343
Total Investments – 100.0% (cost $16,823,743)				22,201,491
Other assets less liabilities – 0.0%				4,847
Net Assets – 100.0%			$	22,206,338

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 75

2050 Retirement Strategy—Portfolio of Investments

2055 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 104.2%
The AllianceBernstein Pooling Portfolios - Equity – 99.0%
International Growth Portfolio		75,696	$	684,288
International Value Portfolio		79,376		685,809
Multi-Asset Real Return Portfolio		26,535		256,862
Small-Mid Cap Growth Portfolio		21,510		377,932
Small-Mid Cap Value Portfolio		30,877		380,095
U.S. Large Cap Growth Portfolio		101,617		1,215,341
U.S. Value Portfolio		133,790		1,217,483
				4,817,810
The AllianceBernstein Pooling Portfolios - Fixed Income – 5.2%
Intermediate Duration Bond Portfolio		24,092		254,417
Total Investments – 104.2% (cost $4,110,830)				5,072,227
Other assets less liabilities – (4.2)%				(203,074	)
Net Assets – 100.0%			$	4,869,153

See notes to financial statements.

76 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2055 Retirement Strategy—Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

February 28, 2011 (unaudited)

	2000 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $27,794,355)	$	32,117,600
Receivable for capital stock sold		48,858
Receivable for investments sold		20,372
Receivable due from Adviser		13,540
Total assets		32,200,370
Liabilities
Payable for capital stock redeemed		49,623
Audit fee payable		18,543
Legal fee payable		14,215
Printing fee payable		8,220
Registration fee payable		8,073
Distribution fee payable		6,923
Transfer Agent fee payable		3,152
Accrued expenses		13,140
Total liabilities		121,889
Net Assets	$	32,078,481
Composition of Net Assets
Capital stock, at par	$	3,031
Additional paid-in capital		31,382,133
Undistributed net investment income		55,746
Accumulated net realized loss on investment transactions		(3,685,674	)
Net unrealized appreciation on investments		4,323,245
	$	32,078,481

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	6,634,678		616,081	$	10.77	*
B	$	148,124		13,895	$	10.66
C	$	798,439		74,873	$	10.66
Advisor	$	303,226		28,070	$	10.80
R	$	2,655,515		250,350	$	10.61
K	$	19,947,986		1,896,377	$	10.52
I	$	1,590,513		150,901	$	10.54

* The maximum offering price per share for Class A shares was $11.25 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 77

Statement of Assets & Liabilities

	2005 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $31,145,795)	$	37,558,613
Receivable for investments sold		33,675
Receivable for capital stock sold		25,937
Receivable due from Adviser		6,242
Total assets		37,624,467
Liabilities
Payable for capital stock redeemed		51,410
Audit fee payable		18,543
Legal fee payable		13,670
Printing fee payable		11,564
Distribution fee payable		8,960
Registration fee payable		8,356
Transfer Agent fee payable		2,329
Accrued expenses		14,458
Total liabilities		129,290
Net Assets	$	37,495,177
Composition of Net Assets
Capital stock, at par	$	3,597
Additional paid-in capital		42,189,079
Distributions in excess of net investment income		(36,163	)
Accumulated net realized loss on investment transactions		(11,074,154	)
Net unrealized appreciation on investments		6,412,818
	$	37,495,177

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	21,012,573		2,013,877	$	10.43	*
B	$	462,208		44,353	$	10.42
C	$	340,498		32,738	$	10.40
Advisor	$	472,455		45,093	$	10.48
R	$	3,703,346		356,779	$	10.38
K	$	11,106,084		1,065,762	$	10.42
I	$	398,013		38,134	$	10.44

* The maximum offering price per share for Class A shares was $10.89 which reflects a sales charge of 4.25%.

See notes to financial statements.

78 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2010 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $146,617,176)	$	173,920,271
Receivable for capital stock sold		702,794
Receivable for investments sold		208,156
Total assets		174,831,221
Liabilities
Payable for capital stock redeemed		982,925
Distribution fee payable		35,763
Advisory fee payable		32,755
Administrative fee payable		18,682
Transfer Agent fee payable		8,700
Accrued expenses		108,160
Total liabilities		1,186,985
Net Assets	$	173,644,236
Composition of Net Assets
Capital stock, at par	$	16,555
Additional paid-in capital		189,105,019
Distributions in excess of net investment income		(14,803	)
Accumulated net realized loss on investment transactions		(42,765,630	)
Net unrealized appreciation on investments		27,303,095
	$	173,644,236

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	57,627,898		5,500,884	$	10.48	*
B	$	674,436		64,761	$	10.41
C	$	2,330,822		223,940	$	10.41
Advisor	$	15,483,616		1,471,881	$	10.52
R	$	15,813,231		1,510,459	$	10.47
K	$	73,876,412		7,036,823	$	10.50
I	$	7,837,821		745,815	$	10.51

* The maximum offering price per share for Class A shares was $10.95 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 79

Statement of Assets & Liabilities

	2015 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $284,435,328)	$	335,884,029
Receivable for capital stock sold		535,680
Receivable for investments sold		420,488
Total assets		336,840,197
Liabilities
Payable for capital stock redeemed		1,589,112
Advisory fee payable		118,464
Distribution fee payable		68,633
Transfer Agent fee payable		19,411
Administrative fee payable		18,182
Accrued expenses		160,850
Total liabilities		1,974,652
Net Assets	$	334,865,545
Composition of Net Assets
Capital stock, at par	$	31,605
Additional paid-in capital		345,795,024
Distributions in excess of net investment income		(230,891	)
Accumulated net realized loss on investment transactions		(62,178,894	)
Net unrealized appreciation on investments		51,448,701
	$	334,865,545

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	98,112,240		9,277,642	$	10.58	*
B	$	2,358,706		224,365	$	10.51
C	$	4,353,065		414,095	$	10.51
Advisor	$	13,878,165		1,305,053	$	10.63
R	$	43,553,789		4,123,635	$	10.56
K	$	127,038,474		11,967,114	$	10.62
I	$	45,571,106		4,293,000	$	10.62

* The maximum offering price per share for Class A shares was $11.05 which reflects a sales charge of 4.25%.

See notes to financial statements.

80 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2020 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $375,122,060)	$	437,840,765
Receivable for capital stock sold		1,036,451
Receivable for investments sold		565,631
Total assets		439,442,847
Liabilities
Payable for capital stock redeemed		2,041,362
Advisory fee payable		160,818
Distribution fee payable		95,972
Transfer Agent fee payable		22,722
Administrative fee payable		18,182
Accrued expenses		161,738
Total liabilities		2,500,794
Net Assets	$	436,942,053
Composition of Net Assets
Capital stock, at par	$	41,699
Additional paid-in capital		448,662,187
Distributions in excess of net investment income		(245,042	)
Accumulated net realized loss on investment transactions		(74,235,496	)
Net unrealized appreciation on investments		62,718,705
	$	436,942,053

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	124,758,142		11,925,510	$	10.46	*
B	$	2,283,571		220,125	$	10.37
C	$	6,011,070		578,585	$	10.39
Advisor	$	15,134,041		1,438,586	$	10.52
R	$	56,134,103		5,378,323	$	10.44
K	$	203,394,862		19,376,404	$	10.50
I	$	29,226,264		2,780,981	$	10.51

* The maximum offering price per share for Class A shares was $10.92 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 81

Statement of Assets & Liabilities

	2025 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $307,525,413)	$	359,094,832
Receivable for capital stock sold		2,260,305
Receivable for investments sold		1,316,148
Total assets		362,671,285
Liabilities
Payable for capital stock redeemed		3,079,622
Advisory fee payable		125,215
Distribution fee payable		81,660
Transfer Agent fee payable		21,338
Administrative fee payable		18,932
Accrued expenses		164,591
Total liabilities		3,491,358
Net Assets	$	359,179,927
Composition of Net Assets
Capital stock, at par	$	33,834
Additional paid-in capital		368,794,929
Distributions in excess of net investment income		(310,106	)
Accumulated net realized loss on investment transactions		(60,908,149	)
Net unrealized appreciation on investments		51,569,419
	$	359,179,927

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	122,861,494		11,588,108	$	10.60	*
B	$	1,504,533		143,345	$	10.50
C	$	4,427,705		421,382	$	10.51
Advisor	$	10,390,952		975,580	$	10.65
R	$	52,246,306		4,926,975	$	10.60
K	$	151,416,420		14,244,784	$	10.63
I	$	16,332,517		1,533,470	$	10.65

* The maximum offering price per share for Class A shares was $11.07 which reflects a sales charge of 4.25%.

See notes to financial statements.

82 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2030 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $274,058,077)	$	322,734,795
Receivable for investments sold		1,101,397
Receivable for capital stock sold		678,250
Total assets		324,514,442
Liabilities
Payable for capital stock redeemed		2,569,786
Advisory fee payable		104,803
Distribution fee payable		73,859
Transfer Agent fee payable		19,279
Administrative fee payable		18,682
Accrued expenses		153,833
Total liabilities		2,940,242
Net Assets	$	321,574,200
Composition of Net Assets
Capital stock, at par	$	30,492
Additional paid-in capital		319,841,623
Distributions in excess of net investment income		(489,769	)
Accumulated net realized loss on investment transactions		(46,484,864	)
Net unrealized appreciation on investments		48,676,718
	$	321,574,200

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	103,206,400		9,786,135	$	10.55	*
B	$	1,363,754		130,626	$	10.44
C	$	5,510,230		527,813	$	10.44
Advisor	$	9,116,307		860,118	$	10.60
R	$	47,715,505		4,532,256	$	10.53
K	$	139,099,874		13,182,424	$	10.55
I	$	15,562,130		1,472,438	$	10.57

* The maximum offering price per share for Class A shares was $11.02 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 83

Statement of Assets & Liabilities

	2035 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $187,575,665)	$	220,742,651
Receivable for capital stock sold		1,027,573
Receivable for investments sold		619,943
Total assets		222,390,167
Liabilities
Payable for capital stock redeemed		1,549,551
Advisory fee payable		67,140
Distribution fee payable		49,703
Administrative fee payable		18,932
Transfer Agent fee payable		18,092
Accrued expenses		139,514
Total liabilities		1,842,932
Net Assets	$	220,547,235
Composition of Net Assets
Capital stock, at par	$	20,946
Additional paid-in capital		217,055,614
Undistributed net investment income		278,199
Accumulated net realized loss on investment transactions		(29,974,510	)
Net unrealized appreciation on investments		33,166,986
	$	220,547,235

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	69,462,458		6,587,698	$	10.54	*
B	$	950,057		90,818	$	10.46
C	$	3,370,201		322,147	$	10.46
Advisor	$	7,027,561		663,528	$	10.59
R	$	33,000,079		3,152,019	$	10.47
K	$	95,517,064		9,066,651	$	10.53
I	$	11,219,815		1,062,798	$	10.56

* The maximum offering price per share for Class A shares was $11.01 which reflects a sales charge of 4.25%.

See notes to financial statements.

84 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2040 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $155,587,789)	$	188,657,446
Receivable for capital stock sold		500,148
Receivable for investments sold		426,017
Total assets		189,583,611
Liabilities
Payable for capital stock redeemed		1,260,893
Advisory fee payable		52,042
Distribution fee payable		43,286
Administrative fee payable		19,182
Transfer Agent fee payable		13,431
Accrued expenses		141,160
Total liabilities		1,529,994
Net Assets	$	188,053,617
Composition of Net Assets
Capital stock, at par	$	17,490
Additional paid-in capital		178,944,449
Undistributed net investment income		231,190
Accumulated net realized loss on investment transactions		(24,209,169	)
Net unrealized appreciation on investments		33,069,657
	$	188,053,617

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	61,411,473		5,698,559	$	10.78	*
B	$	981,647		91,845	$	10.69
C	$	3,210,846		300,300	$	10.69
Advisor	$	6,682,820		616,774	$	10.84
R	$	30,263,680		2,825,891	$	10.71
K	$	74,518,157		6,936,984	$	10.74
I	$	10,984,994		1,019,634	$	10.77

* The maximum offering price per share for Class A shares was $11.26 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 85

Statement of Assets & Liabilities

	2045 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $105,035,722)	$	127,216,723
Receivable for capital stock sold		496,608
Receivable for investments sold		311,438
Total assets		128,024,769
Liabilities
Payable for capital stock redeemed		789,681
Printing fee payable		57,043
Distribution fee payable		29,122
Advisory fee payable		26,053
Administrative fee payable		19,423
Transfer Agent fee payable		8,476
Accrued expenses		77,234
Total liabilities		1,007,032
Net Assets	$	127,017,737
Composition of Net Assets
Capital stock, at par	$	12,068
Additional paid-in capital		118,221,393
Distributions in excess of net investment income		(240,297	)
Accumulated net realized loss on investment transactions		(13,156,428	)
Net unrealized appreciation on investments		22,181,001
	$	127,017,737

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	46,098,328		4,362,885	$	10.57	*
B	$	374,466		35,826	$	10.45
C	$	1,948,936		186,605	$	10.44
Advisor	$	6,798,726		640,325	$	10.62
R	$	22,714,242		2,170,218	$	10.47
K	$	44,218,837		4,209,697	$	10.50
I	$	4,864,202		462,444	$	10.52

* The maximum offering price per share for Class A shares was $11.04 which reflects a sales charge of 4.25%.

See notes to financial statements.

86 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

	2050 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $16,823,743)	$	22,201,491
Receivable for investments sold		204,430
Receivable for capital stock sold		160,813
Receivable due from Adviser		15,971
Total assets		22,582,705
Liabilities
Payable for capital stock redeemed		304,726
Distribution fee payable		4,800
Transfer Agent fee payable		3,437
Accrued expenses		63,404
Total liabilities		376,367
Net Assets	$	22,206,338
Composition of Net Assets
Capital stock, at par	$	2,504
Additional paid-in capital		17,419,930
Distributions in excess of net investment income		(113,235	)
Accumulated net realized loss on investment transactions		(480,609	)
Net unrealized appreciation on investments		5,377,748
	$	22,206,338

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	5,085,448		571,307	$	8.90	*
B	$	34,405		3,899	$	8.82
C	$	306,603		34,700	$	8.84
Advisor	$	1,180,562		131,919	$	8.95
R	$	3,452,458		390,642	$	8.84
K	$	11,068,384		1,250,242	$	8.85
I	$	1,078,478		121,578	$	8.87

* The maximum offering price per share for Class A shares was $9.30 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 87

Statement of Assets & Liabilities

	2055 Retirement Strategy
Assets
Investments in affiliated Underlying Portfolios, at value (cost $4,110,830)	$	5,072,227
Receivable for capital stock sold		51,412
Receivable due from Adviser		26,721
Receivable for investments sold		1,710
Total assets		5,152,070
Liabilities
Payable for capital stock redeemed		218,963
Audit fee payable		18,410
Transfer Agent fee payable		4,034
Distribution fee payable		1,118
Accrued expenses		40,392
Total liabilities		282,917
Net Assets	$	4,869,153
Composition of Net Assets
Capital stock, at par	$	564
Additional paid-in capital		4,050,033
Distributions in excess of net investment income		(2,953	)
Accumulated net realized loss on investment transactions		(139,888	)
Net unrealized appreciation on investments		961,397
	$	4,869,153

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	1,048,930		118,093	$	8.88	*
B	$	26,914		3,084	$	8.73
C	$	60,610		6,953	$	8.72
Advisor	$	190,103		21,321	$	8.92
R	$	779,346		91,660	$	8.50
K	$	2,678,610		312,746	$	8.56
I	$	84,640		9,869	$	8.58

* The maximum offering price per share for Class A shares was $9.27 which reflects a sales charge of 4.25%.

See notes to financial statements.

88 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2011 (unaudited)

	2000 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	775,610
Expenses
Advisory fee (see Note B)	$	85,871
Distribution fee – Class A		9,827
Distribution fee – Class B		825
Distribution fee – Class C		4,124
Distribution fee – Class R		6,586
Distribution fee – Class K		23,625
Transfer agency – Class A		4,836
Transfer agency – Class B		146
Transfer agency – Class C		823
Transfer agency – Advisor Class		478
Transfer agency – Class R		2,442
Transfer agency – Class K		18,900
Transfer agency – Class I		959
Registration fees		40,725
Administrative		38,191
Custodian		29,655
Legal		20,152
Audit		14,842
Printing		6,864
Directors’ fees		2,172
Miscellaneous		4,163
Total expenses		316,206
Less: expenses waived and reimbursed by the Adviser (see Note B)		(191,593	)
Net expenses					124,613
Net investment income					650,997
Realized and Unrealized Gain on Investment Transactions
Net realized gain on sale of affiliated Underlying Portfolio shares					510,145
Net realized gain distributions from affiliated Underlying Portfolios					115,688
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					2,172,696
Net gain on investment transactions					2,798,529
Net Increase in Net Assets from Operations				$	3,449,526

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 89

Statement of Operations

	2005 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	1,006,287
Expenses
Advisory fee (see Note B)	$	105,862
Distribution fee – Class A		33,082
Distribution fee – Class B		2,191
Distribution fee – Class C		1,643
Distribution fee – Class R		8,721
Distribution fee – Class K		14,017
Transfer agency – Class A		15,270
Transfer agency – Class B		325
Transfer agency – Class C		325
Transfer agency – Advisor Class		405
Transfer agency – Class R		3,802
Transfer agency – Class K		11,214
Transfer agency – Class I		243
Registration fees		40,725
Administrative		38,191
Custodian		29,655
Legal		20,152
Audit		14,842
Printing		9,556
Directors’ fees		2,172
Miscellaneous		3,983
Total expenses		356,376
Less: expenses waived and reimbursed by the Adviser (see Note B)		(187,010	)
Net expenses					169,366
Net investment income					836,921
Realized and Unrealized Gain on Investment Transactions
Net realized gain on sale of affiliated Underlying Portfolio shares					769,065
Net realized gain distributions from affiliated Underlying Portfolios					161,554
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					3,506,604
Net gain on investment transactions					4,437,223
Net Increase in Net Assets from Operations				$	5,274,144

See notes to financial statements.

90 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2010 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	4,534,825
Expenses
Advisory fee (see Note B)	$	470,742
Distribution fee – Class A		88,450
Distribution fee – Class B		3,414
Distribution fee – Class C		11,270
Distribution fee – Class R		39,221
Distribution fee – Class K		88,990
Transfer agency – Class A		37,287
Transfer agency – Class B		581
Transfer agency – Class C		1,887
Transfer agency – Advisor Class		9,116
Transfer agency – Class R		17,652
Transfer agency – Class K		71,192
Transfer agency – Class I		4,438
Registration fees		42,716
Administrative		38,191
Custodian		29,655
Printing		23,063
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		4,344
Total expenses		1,019,375
Less: expenses waived and reimbursed by the Adviser (see Note B)		(283,052	)
Net expenses					736,323
Net investment income					3,798,502
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(576,453	)
Net realized gain distributions from affiliated Underlying Portfolios					716,960
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					23,767,358
Net gain on investment transactions					23,907,865
Net Increase in Net Assets from Operations				$	27,706,367

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 91

Statement of Operations

	2015 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	8,139,566
Expenses
Advisory fee (see Note B)	$	967,575
Distribution fee – Class A		145,742
Distribution fee – Class B		11,627
Distribution fee – Class C		19,231
Distribution fee – Class R		106,504
Distribution fee – Class K		148,066
Transfer agency – Class A		52,133
Transfer agency – Class B		1,565
Transfer agency – Class C		2,727
Transfer agency – Advisor Class		7,525
Transfer agency – Class R		55,382
Transfer agency – Class K		118,454
Transfer agency – Class I		20,903
Registration fees		42,716
Administrative		38,191
Printing		30,215
Custodian		29,655
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		5,430
Total expenses		1,840,807
Less: expenses waived and reimbursed by the Adviser (see Note B)		(377,557	)
Net expenses					1,463,250
Net investment income					6,676,316
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(3,472,506	)
Net realized gain distributions from affiliated Underlying Portfolios					1,322,254
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					52,749,835
Net gain on investment transactions					50,599,583
Net Increase in Net Assets from Operations				$	57,275,899

See notes to financial statements.

92 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2020 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	9,988,274
Expenses
Advisory fee (see Note B)	$	1,252,269
Distribution fee – Class A		182,712
Distribution fee – Class B		11,252
Distribution fee – Class C		28,888
Distribution fee – Class R		132,791
Distribution fee – Class K		242,141
Transfer agency – Class A		75,812
Transfer agency – Class B		1,789
Transfer agency – Class C		4,852
Transfer agency – Advisor Class		9,297
Transfer agency – Class R		57,871
Transfer agency – Class K		160,712
Transfer agency – Class I		12,098
Registration fees		43,802
Administrative		38,191
Printing		37,120
Custodian		29,655
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		5,973
Total expenses		2,364,391
Less: expenses waived and reimbursed by the Adviser (see Note B)		(347,369	)
Net expenses					2,017,022
Net investment income					7,971,252
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(5,306,634	)
Net realized gain distributions from affiliated Underlying Portfolios					1,671,964
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					76,304,764
Net gain on investment transactions					72,670,094
Net Increase in Net Assets from Operations				$	80,641,346

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 93

Statement of Operations

	2025 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	7,762,999
Expenses
Advisory fee (see Note B)	$	1,043,218
Distribution fee – Class A		179,787
Distribution fee – Class B		7,070
Distribution fee – Class C		19,841
Distribution fee – Class R		123,470
Distribution fee – Class K		173,953
Transfer agency – Class A		76,611
Transfer agency – Class B		1,186
Transfer agency – Class C		3,581
Transfer agency – Advisor Class		7,580
Transfer agency – Class R		64,204
Transfer agency – Class K		115,976
Transfer agency – Class I		10,704
Registration fees		43,078
Administrative		38,191
Printing		36,862
Custodian		29,655
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		5,250
Total expenses		2,017,383
Less: expenses waived and reimbursed by the Adviser (see Note B)		(311,867	)
Net expenses					1,705,516
Net investment income					6,057,483
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(5,898,488	)
Net realized gain distributions from affiliated Underlying Portfolios					1,214,506
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					70,700,105
Net gain on investment transactions					66,016,123
Net Increase in Net Assets from Operations				$	72,073,606

See notes to financial statements.

94 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2030 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	6,013,040
Expenses
Advisory fee (see Note B)	$	990,848
Distribution fee – Class A		148,416
Distribution fee – Class B		6,399
Distribution fee – Class C		25,525
Distribution fee – Class R		109,592
Distribution fee – Class K		162,761
Transfer agency – Class A		81,103
Transfer agency – Class B		1,354
Transfer agency – Class C		5,565
Transfer agency – Advisor Class		8,511
Transfer agency – Class R		49,756
Transfer agency – Class K		113,744
Transfer agency – Class I		9,194
Registration fees		42,716
Administrative		38,191
Printing		35,156
Custodian		29,655
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		5,068
Total expenses		1,900,720
Less: expenses waived and reimbursed by the Adviser (see Note B)		(350,473	)
Net expenses					1,550,247
Net investment income					4,462,793
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(5,675,985	)
Net realized gain distributions from affiliated Underlying Portfolios					804,874
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					67,894,714
Net gain on investment transactions					63,023,603
Net Increase in Net Assets from Operations				$	67,486,396

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 95

Statement of Operations

	2035 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	3,509,845
Expenses
Advisory fee (see Note B)	$	667,073
Distribution fee – Class A		101,430
Distribution fee – Class B		4,459
Distribution fee – Class C		15,506
Distribution fee – Class R		74,025
Distribution fee – Class K		106,631
Transfer agency – Class A		61,735
Transfer agency – Class B		1,010
Transfer agency – Class C		3,689
Transfer agency – Advisor Class		7,358
Transfer agency – Class R		33,577
Transfer agency – Class K		74,704
Transfer agency – Class I		6,497
Registration fees		42,716
Administrative		38,191
Printing		31,607
Custodian		29,655
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		4,706
Total expenses		1,341,735
Less: expenses waived and reimbursed by the Adviser (see Note B)		(290,509	)
Net expenses					1,051,226
Net investment income					2,458,619
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(4,725,496	)
Net realized gain distributions from affiliated Underlying Portfolios					425,690
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					49,104,725
Net gain on investment transactions					44,804,919
Net Increase in Net Assets from Operations				$	47,263,538

See notes to financial statements.

96 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2040 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	2,911,188
Expenses
Advisory fee (see Note B)	$	585,293
Distribution fee – Class A		90,650
Distribution fee – Class B		4,711
Distribution fee – Class C		15,527
Distribution fee – Class R		69,046
Distribution fee – Class K		87,402
Transfer agency – Class A		59,736
Transfer agency – Class B		1,134
Transfer agency – Class C		4,501
Transfer agency – Advisor Class		7,745
Transfer agency – Class R		31,309
Transfer agency – Class K		61,110
Transfer agency – Class I		6,289
Registration fees		42,716
Administrative		38,191
Printing		31,996
Custodian		29,655
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		4,526
Total expenses		1,208,703
Less: expenses waived and reimbursed by the Adviser (see Note B)		(284,037	)
Net expenses					924,666
Net investment income					1,986,522
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(5,406,833	)
Net realized gain distributions from affiliated Underlying Portfolios					217,495
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					45,159,352
Net gain on investment transactions					39,970,014
Net Increase in Net Assets from Operations				$	41,956,536

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 97

Statement of Operations

	2045 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	1,812,574
Expenses
Advisory fee (see Note B)	$	383,884
Distribution fee – Class A		65,503
Distribution fee – Class B		1,722
Distribution fee – Class C		8,750
Distribution fee – Class R		50,710
Distribution fee – Class K		50,128
Transfer agency – Class A		51,125
Transfer agency – Class B		527
Transfer agency – Class C		2,859
Transfer agency – Advisor Class		8,198
Transfer agency – Class R		26,369
Transfer agency – Class K		35,100
Transfer agency – Class I		2,965
Registration fees		41,630
Administrative		38,191
Printing		30,268
Custodian		29,655
Legal		20,152
Audit		14,842
Directors’ fees		2,172
Miscellaneous		4,526
Total expenses		869,276
Less: expenses waived and reimbursed by the Adviser (see Note B)		(255,425	)
Net expenses					613,851
Net investment income					1,198,723
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on sale of affiliated Underlying Portfolio shares					(3,342,142	)
Net realized gain distributions from affiliated Underlying Portfolios					29,132
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					29,699,419
Net gain on investment transactions					26,386,409
Net Increase in Net Assets from Operations				$	27,585,132

See notes to financial statements.

98 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

	2050 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	303,168
Expenses
Advisory fee (see Note B)	$	66,695
Distribution fee – Class A		7,613
Distribution fee – Class B		156
Distribution fee – Class C		1,302
Distribution fee – Class R		7,432
Distribution fee – Class K		11,883
Transfer agency – Class A		10,187
Transfer agency – Class B		76
Transfer agency – Class C		546
Transfer agency – Advisor Class		3,974
Transfer agency – Class R		3,375
Transfer agency – Class K		9,507
Transfer agency – Class I		547
Registration fees		39,639
Administrative		38,191
Custodian		29,655
Legal		20,152
Audit		14,842
Printing		14,696
Directors’ fees		2,172
Miscellaneous		4,706
Total expenses		287,346
Less: expenses waived and reimbursed by the Adviser (see Note B)		(183,030	)
Net expenses					104,316
Net investment income					198,852
Realized and Unrealized Gain on Investment Transactions
Net realized gain on sale of affiliated Underlying Portfolio shares					814,404
Net realized gain distributions from affiliated Underlying Portfolios					2,005
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					3,758,080
Net gain on investment transactions					4,574,489
Net Increase in Net Assets from Operations				$	4,773,341

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 99

Statement of Operations

	2055 Retirement Strategy
Investment Income
Income distributions from affiliated Underlying Portfolios				$	67,400
Expenses
Advisory fee (see Note B)	$	14,844
Distribution fee – Class A		1,517
Distribution fee – Class B		118
Distribution fee – Class C		260
Distribution fee – Class R		1,611
Distribution fee – Class K		2,977
Transfer agency – Class A		9,059
Transfer agency – Class B		225
Transfer agency – Class C		521
Transfer agency – Advisor Class		2,958
Transfer agency – Class R		486
Transfer agency – Class K		2,092
Transfer agency – Class I		46
Registration fees		44,888
Administrative		38,191
Custodian		29,655
Legal		20,152
Audit		14,842
Printing		6,683
Directors’ fees		2,172
Miscellaneous		4,706
Total expenses		198,003
Less: expenses waived and reimbursed by the Adviser (see Note B)		(174,621	)
Net expenses					23,382
Net investment income					44,018
Realized and Unrealized Gain on Investment Transactions
Net realized gain on sale of affiliated Underlying Portfolio shares					150,297
Net realized gain distributions from affiliated Underlying Portfolios					447
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					869,425
Net gain on investment transactions					1,020,169
Net Increase in Net Assets from Operations				$	1,064,187

See notes to financial statements.

100 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	2000 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	650,997		$	491,333
Net realized gain (loss) on sale of affiliated Underlying Portfolio shares		510,145			(234,808	)
Net realized gain distributions from affiliated Underlying Portfolios		115,688			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		2,172,696			1,859,260
Net increase in net assets from operations		3,449,526			2,115,785
Dividends to Shareholders from
Net investment income
Class A		(166,738	)		(140,012	)
Class B		(3,288	)		(1,237	)
Class C		(14,936	)		(12,151	)
Advisor Class		(9,591	)		(12,243	)
Class R		(69,626	)		(32,917	)
Class K		(549,714	)		(330,312	)
Class I		(50,202	)		(53,096	)
Capital Stock Transactions
Net increase		89,706			1,875,634
Total increase		2,675,137			3,409,451
Net Assets
Beginning of period		29,403,344			25,993,893
End of period (including undistributed net investment income of $55,746 and $268,844, respectively)	$	32,078,481		$	29,403,344

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 101

Statement of Changes in Net Assets

	2005 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	836,921		$	763,328
Net realized gain (loss) on sale of affiliated Underlying Portfolio shares		769,065			(2,888,737	)
Net realized gain distributions from affiliated Underlying Portfolios		161,554			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		3,506,604			5,680,933
Net increase in net assets from operations		5,274,144			3,555,524
Dividends to Shareholders from
Net investment income
Class A		(627,180	)		(480,010	)
Class B		(8,245	)		(6,070	)
Class C		(6,181	)		(7,642	)
Advisor Class		(14,418	)		(14,886	)
Class R		(97,183	)		(62,071	)
Class K		(330,009	)		(305,201	)
Class I		(13,423	)		(41,099	)
Capital Stock Transactions
Net decrease		(4,955,907	)		(8,779,510	)
Total decrease		(778,402	)		(6,140,965	)
Net Assets
Beginning of period		38,273,579			44,414,544
End of period (including distributions in excess of net investment income of ($36,163) and undistributed net investment income of $223,555, respectively)	$	37,495,177		$	38,273,579

See notes to financial statements.

102 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2010 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,798,502		$	3,052,883
Net realized loss on sale of affiliated Underlying Portfolio shares		(576,453	)		(21,691,040	)
Net realized gain distributions from affiliated Underlying Portfolios		716,960			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		23,767,358			32,403,130
Net increase in net assets from operations		27,706,367			13,764,973
Dividends to Shareholders from
Net investment income
Class A		(1,706,787	)		(1,273,343	)
Class B		(14,645	)		(13,321	)
Class C		(48,552	)		(26,851	)
Advisor Class		(456,524	)		(296,219	)
Class R		(386,463	)		(284,252	)
Class K		(2,081,233	)		(1,320,434	)
Class I		(245,050	)		(302,236	)
Capital Stock Transactions
Net decrease		(10,027,063	)		(21,228,134	)
Total increase (decrease)		12,740,050			(10,979,817	)
Net Assets
Beginning of period		160,904,186			171,884,003
End of period (including distributions in excess of net investment income of ($14,803) and undistributed net investment income of $1,125,949, respectively)	$	173,644,236		$	160,904,186

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 103

Statement of Changes in Net Assets

	2015 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	6,676,316		$	5,187,899
Net realized loss on sale of affiliated Underlying Portfolio shares		(3,472,506	)		(40,077,636	)
Net realized gain distributions from affiliated Underlying Portfolios		1,322,254			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		52,749,835			56,683,953
Net increase in net assets from operations		57,275,899			21,794,216
Dividends to Shareholders from
Net investment income
Class A		(2,691,668	)		(1,824,055	)
Class B		(49,253	)		(28,409	)
Class C		(79,245	)		(39,738	)
Advisor Class		(393,906	)		(301,136	)
Class R		(1,076,712	)		(538,078	)
Class K		(3,233,318	)		(2,035,919	)
Class I		(1,311,504	)		(1,105,622	)
Capital Stock Transactions
Net decrease		(4,077,279	)		(10,182,546	)
Total increase		44,363,014			5,738,713
Net Assets
Beginning of period		290,502,531			284,763,818
End of period (including distributions in excess of net investment income of ($230,891) and undistributed net investment income of $1,928,399, respectively)	$	334,865,545		$	290,502,531

See notes to financial statements.

104 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2020 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	7,971,252		$	5,985,896
Net realized loss on sale of affiliated Underlying Portfolio shares		(5,306,634	)		(56,837,211	)
Net realized gain distributions from affiliated Underlying Portfolios		1,671,964			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		76,304,764			74,346,229
Net increase in net assets from operations		80,641,346			23,494,914
Dividends to Shareholders from
Net investment income
Class A		(3,052,445	)		(2,035,061	)
Class B		(40,206	)		(29,200	)
Class C		(108,767	)		(58,889	)
Advisor Class		(381,402	)		(270,620	)
Class R		(1,207,396	)		(675,856	)
Class K		(4,964,092	)		(2,972,617	)
Class I		(773,509	)		(708,255	)
Capital Stock Transactions
Net increase (decrease)		(7,111,157	)		4,443,711
Total increase		63,002,372			21,188,127
Net Assets
Beginning of period		373,939,681			352,751,554
End of period (including distributions in excess of net investment income of ($245,042) and undistributed net investment income of $2,311,523, respectively)	$	436,942,053		$	373,939,681

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 105

Statement of Changes in Net Assets

	2025 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	6,057,483		$	4,878,074
Net realized loss on sale of affiliated Underlying Portfolio shares		(5,898,488	)		(42,000,057	)
Net realized gain distributions from affiliated Underlying Portfolios		1,214,506			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		70,700,105			54,498,915
Net increase in net assets from operations		72,073,606			17,376,932
Dividends to Shareholders from
Net investment income
Class A		(2,892,298	)		(1,894,355	)
Class B		(25,640	)		(16,403	)
Class C		(71,679	)		(35,672	)
Advisor Class		(274,208	)		(213,206	)
Class R		(1,043,083	)		(604,613	)
Class K		(3,417,444	)		(2,110,430	)
Class I		(433,104	)		(542,250	)
Capital Stock Transactions
Net increase (decrease)		(12,402,693	)		6,893,982
Total increase		51,513,457			18,853,985
Net Assets
Beginning of period		307,666,470			288,812,485
End of period (including distributions in excess of net investment income of ($310,106) and undistributed net investment income of $1,789,867, respectively)	$	359,179,927		$	307,666,470

See notes to financial statements.

106 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2030 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	4,462,793		$	3,589,192
Net realized loss on sale of affiliated Underlying Portfolio shares		(5,675,985	)		(33,919,574	)
Net realized gain distributions from affiliated Underlying Portfolios		804,874			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		67,894,714			41,483,122
Net increase in net assets from operations		67,486,396			11,152,740
Dividends to Shareholders from
Net investment income
Class A		(1,984,492	)		(1,300,506	)
Class B		(16,551	)		(14,034	)
Class C		(66,408	)		(44,404	)
Advisor Class		(199,484	)		(150,269	)
Class R		(799,913	)		(452,119	)
Class K		(2,725,822	)		(1,746,128	)
Class I		(335,587	)		(365,592	)
Capital Stock Transactions
Net increase (decrease)		(10,400,349	)		9,509,451
Total increase		50,957,790			16,589,139
Net Assets
Beginning of period		270,616,410			254,027,271
End of period (including distributions in excess of net investment income of ($489,769) and undistributed net investment income of $1,175,695, respectively)	$	321,574,200		$	270,616,410

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 107

Statement of Changes in Net Assets

	2035 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	2,458,619		$	1,819,220
Net realized loss on sale of affiliated Underlying Portfolio shares		(4,725,496	)		(22,582,358	)
Net realized gain distributions from affiliated Underlying Portfolios		425,690			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		49,104,725			26,186,262
Net increase in net assets from operations		47,263,538			5,423,124
Dividends and Distributions to Shareholders from
Net investment income
Class A		(1,038,884	)		(561,984	)
Class B		(7,965	)		(2,680	)
Class C		(28,993	)		(6,562	)
Advisor Class		(128,461	)		(77,021	)
Class R		(429,191	)		(155,426	)
Class K		(1,473,894	)		(625,381	)
Class I		(205,247	)		(176,768	)
Net realized gain on investment transactions
Class A		– 0	–		(233,455	)
Class B		– 0	–		(3,592	)
Class C		– 0	–		(8,598	)
Advisor Class		– 0	–		(24,538	)
Class R		– 0	–		(81,406	)
Class K		– 0	–		(241,855	)
Class I		– 0	–		(53,355	)
Capital Stock Transactions
Net increase (decrease)		(4,426,327	)		5,951,905
Total increase		39,524,576			9,122,408
Net Assets
Beginning of period		181,022,659			171,900,251
End of period (including undistributed net investment income of $278,199 and $1,132,215, respectively)	$	220,547,235		$	181,022,659

See notes to financial statements.

108 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2040 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,986,522		$	1,574,116
Net realized loss on sale of affiliated Underlying Portfolio shares		(5,406,833	)		(13,968,526	)
Net realized gain distributions from affiliated Underlying Portfolios		217,495			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		45,159,352			16,060,754
Net increase in net assets from operations		41,956,536			3,666,344
Dividends and Distributions to Shareholders from
Net investment income
Class A		(895,318	)		(444,877	)
Class B		(7,254	)		(2,188	)
Class C		(24,261	)		(6,035	)
Advisor Class		(115,241	)		(68,546	)
Class R		(377,223	)		(148,437	)
Class K		(1,177,581	)		(505,543	)
Class I		(186,447	)		(149,100	)
Net realized gain on investment transactions
Class A		– 0	–		(207,930	)
Class B		– 0	–		(3,486	)
Class C		– 0	–		(9,565	)
Advisor Class		– 0	–		(23,608	)
Class R		– 0	–		(82,017	)
Class K		– 0	–		(199,216	)
Class I		– 0	–		(46,689	)
Capital Stock Transactions
Net increase (decrease)		(8,713,685	)		6,627,912
Total increase		30,459,526			8,397,019
Net Assets
Beginning of period		157,594,091			149,197,072
End of period (including undistributed net investment income of $231,190 and $1,027,993, respectively)	$	188,053,617		$	157,594,091

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 109

Statement of Changes in Net Assets

	2045 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,198,723		$	1,040,389
Net realized loss on sale of affiliated Underlying Portfolio shares		(3,342,142	)		(6,648,115	)
Net realized gain distributions from affiliated Underlying Portfolios		29,132			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		29,699,419			7,486,956
Net increase in net assets from operations		27,585,132			1,879,230
Dividends and Distributions to Shareholders from
Net investment income
Class A		(607,796	)		(465,885	)
Class B		(2,380	)		(1,731	)
Class C		(11,981	)		(6,930	)
Advisor Class		(102,799	)		(76,815	)
Class R		(268,413	)		(142,825	)
Class K		(671,669	)		(378,793	)
Class I		(86,414	)		(138,721	)
Net realized gain on investment transactions
Class A		– 0	–		(231,195	)
Class B		– 0	–		(1,995	)
Class C		– 0	–		(7,819	)
Advisor Class		– 0	–		(31,183	)
Class R		– 0	–		(78,362	)
Class K		– 0	–		(168,438	)
Class I		– 0	–		(51,882	)
Capital Stock Transactions
Net increase (decrease)		(1,285,856	)		11,192,156
Total increase		24,547,824			11,288,812
Net Assets
Beginning of period		102,469,913			91,181,101
End of period (including distributions in excess of net investment income of ($240,297) and undistributed net investment income of $312,432, respectively)	$	127,017,737		$	102,469,913

See notes to financial statements.

110 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

	2050 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	198,852		$	141,826
Net realized gain on sale of affiliated Underlying Portfolio shares		814,404			235,880
Net realized gain distributions from affiliated Underlying Portfolios		2,005			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		3,758,080			(478,726	)
Net increase (decrease) in net assets from operations		4,773,341			(101,020	)
Dividends and Distributions to Shareholders from
Net investment income
Class A		(78,953	)		(33,273	)
Class B		(293	)		(164	)
Class C		(2,563	)		(770	)
Advisor Class		(19,667	)		(19,645	)
Class R		(49,324	)		(22,634	)
Class K		(190,371	)		(71,210	)
Class I		(19,753	)		(12,653	)
Net realized gain on investment transactions
Class A		(35,019	)		– 0	–
Class B		(201	)		– 0	–
Class C		(1,762	)		– 0	–
Advisor Class		(7,512	)		– 0	–
Class R		(19,658	)		– 0	–
Class K		(65,852	)		– 0	–
Class I		(6,138	)		– 0	–
Capital Stock Transactions
Net increase		271,920			6,843,344
Total increase		4,548,195			6,581,975
Net Assets
Beginning of period		17,658,143			11,076,168
End of period (including distributions in excess of net investment income of ($113,235) and undistributed net investment income of $48,837, respectively)	$	22,206,338		$	17,658,143

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 111

Statement of Changes in Net Assets

	2055 Retirement Strategy
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment income	$	44,018		$	33,778
Net realized gain on sale of affiliated Underlying Portfolio shares		150,297			218,203
Net realized gain distributions from affiliated Underlying Portfolios		447			– 0	–
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		869,425			(294,229	)
Net increase (decrease) in net assets from operations		1,064,187			(42,248	)
Dividends to Shareholders from
Net investment income
Class A		(4,586	)		(1,158	)
Advisor Class		(1,223	)		(1,440	)
Class R		(11,681	)		(5,565	)
Class K		(47,050	)		(23,947	)
Class I		(1,727	)		(1,277	)
Capital Stock Transactions
Net increase (decrease)		(40,744	)		1,292,317
Total increase		957,176			1,216,682
Net Assets
Beginning of period		3,911,977			2,695,295
End of period (including distributions in excess of net investment income of ($2,953) and undistributed net investment income of $19,296, respectively)	$	4,869,153		$	3,911,977

See notes to financial statements.

112 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

February 28, 2011 (unaudited)

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 Mutual Fund, (ii) for purposes of dividend reinvestment, (iii) through the Strategies’ Automatic Investment Program (the “Program”) for accounts that established the Program prior to January 31, 2009, and (iv) for purchases of additional shares by Class B shareholders as of January 31, 2009. The ability to establish a new Program for accounts containing Class B shares was suspended as of January 31, 2009. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class and Class I shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All seven classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 113

Notes to Financial Statements

distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The Strategies invest primarily in a combination of portfolios of the AllianceBernstein Pooling Portfolios (the “Underlying Portfolios”) representing a variety of asset classes and investment styles that are managed by AllianceBernstein L.P. (the “Adviser”). The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Strategies.

1. Security Valuation

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategies would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Strategies. Unobservable inputs reflect the Strategies’ own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

114 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

The following table summarizes the valuation of the Strategies’ investments by the above fair value hierarchy levels as of February 28, 2011:

Investments in Securities	Level 1		Level 2		Level 3		Total
2000 Retirement Strategy
Investment Companies	$	32,117,600	$	—	$	—	$	32,117,600
2005 Retirement Strategy
Investment Companies		37,558,613		—		—		37,558,613
2010 Retirement Strategy
Investment Companies		173,920,271		—		—		173,920,271
2015 Retirement Strategy
Investment Companies		335,884,029		—		—		335,884,029
2020 Retirement Strategy
Investment Companies		437,840,765		—		—		437,840,765
2025 Retirement Strategy
Investment Companies		359,094,832		—		—		359,094,832
2030 Retirement Strategy
Investment Companies		322,734,795		—		—		322,734,795
2035 Retirement Strategy
Investment Companies		220,742,651		—		—		220,742,651
2040 Retirement Strategy
Investment Companies		188,657,446		—		—		188,657,446
2045 Retirement Strategy
Investment Companies		127,216,723		—		—		127,216,723
2050 Retirement Strategy
Investment Companies		22,201,491		—		—		22,201,491
2055 Retirement Strategy
Investment Companies		5,072,227		—		—		5,072,227

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 or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Strategies’ financial statements.

4. Investment Income and Investment Transactions

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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 115

Notes to Financial Statements

5. Class Allocations

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

6. Dividends and Distributions

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

NOTE B

Advisory Fee and Other Transactions With Affiliates

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

	Average Daily Net Assets
Strategy	First $2.5 Billion			Next $2.5 Billion			In Excess of $5 Billion
2000, 2005 and 2010(a)		0.55	%		0.45	%		0.40	%
2015, 2020 and 2025(b)		0.60	%		0.50	%		0.45	%
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) Prior to October 1, 2010, Strategy 2025’s advisory fee rates were 0.65%, 0.55%, and 0.50% 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%

116 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Effective March 1, 2007
Strategy	Class A		Class B		Class C		Advisor Class		Class R		Class K		Class I
2020		1.02%		1.72%		1.72%		0.72%		1.22%		0.97%		0.72%
2025		1.04%		1.74%		1.74%		0.74%		1.24%		0.99%		0.74%
2030		1.06%		1.76%		1.76%		0.76%		1.26%		1.01%		0.76%
2035		1.06%		1.76%		1.76%		0.76%		1.26%		1.01%		0.76%
2040		1.06%		1.76%		1.76%		0.76%		1.26%		1.01%		0.76%
2045		1.06%		1.76%		1.76%		0.76%		1.26%		1.01%		0.76%
2050(a)		1.06%		1.76%		1.76%		0.76%		1.26%		1.01%		0.76%
2055(a)		1.06%		1.76%		1.76%		0.76%		1.26%		1.01%		0.76%

^(a) Effective June 29, 2007.

For the six months ended February 28, 2011, such waivers and reimbursement amounted to:

Strategy	Amount	Strategy	Amount
2000	$    153,402	2030	$    350,473
2005	148,819	2035	290,509
2010	283,052	2040	284,037
2015	377,557	2045	255,425
2020	347,369	2050	144,839
2025	311,867	2055	136,430

Pursuant to the investment advisory agreement, the Strategies may reimburse the Adviser for certain legal and accounting services provided to the Strategies by the Adviser. For the six months ended February 28, 2011, such fees amounted to:

Strategy	Administrative Fees
2000	$	38,191
2005		38,191
2010		38,191
2015		38,191
2020		38,191
2025		38,191
2030		38,191
2035		38,191
2040		38,191
2045		38,191
2050		38,191
2055		38,191

For the six months ended February 28, 2011 the Adviser voluntarily agreed to waive such fees for the following Strategies:

Strategy	Administrative Fees
2000	$	38,191
2005		38,191
2050		38,191
2055		38,191

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 117

Notes to Financial Statements

The Strategies compensate AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Strategies. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. For the six months ended February 28, 2011, such compensation retained by ABIS was as follows:

Strategy	Amount	Strategy	Amount
2000	$8,892	2030	$    59,407
2005	8,877	2035	40,698
2010	31,358	2040	37,743
2015	56,337	2045	26,011
2020	79,267	2050	8,860
2025	62,264	2055	8,788

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Strategies’ shares. The Distributor has advised the Strategies that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares for each Strategy for the six months ended February 28, 2011 as follows:

	Front-End Sales Charges		Contingent Deferred Sales Charges
Strategy	Class A		Class A		Class B			Class C
2000	$	26	$	155	$	– 0	–	$	17
2005		4		1,484		– 0	–		– 0	–
2010		253		1,077		627			– 0	–
2015		1,578		7,969		608			110
2020		1,143		5,116		262			120
2025		744		9,935		1,032			580
2030		946		8,353		748			116
2035		568		10,589		186			7
2040		342		8,861		378			251
2045		295		10,499		87			85
2050		176		1,665		134			4
2055		84		441		1			2

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.

118 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

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

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

Strategy	Class B			Class C		Class R		Class K
2000	$	– 0	–	$	670	$	24,983	$	99,286
2005		– 0	–		762		22,064		46,978
2010		– 0	–		3,504		35,937		68,654
2015		– 0	–		4,085		50,101		71,922
2020		– 0	–		5,462		77,666		122,200
2025		– 0	–		3,972		66,199		110,547
2030		– 0	–		5,746		64,317		100,050
2035		– 0	–		2,855		49,041		90,330
2040		– 0	–		3,391		48,592		77,427
2045		– 0	–		2,447		40,736		64,034
2050		– 0	–		2,514		26,555		63,297
2055		210			1,413		25,451		67,143

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 six months ended February 28, 2011 were as follows:

Strategy	Purchases		Sales
2000	$	3,761,767	$	3,931,191
2005		2,499,261		7,736,291
2010		12,790,152		23,185,562
2015		36,488,049		41,161,878
2020		38,265,791		45,933,278
2025		26,670,873		40,793,855
2030		22,035,432		32,796,404
2035		17,436,164		23,240,287
2040		13,061,127		24,294,211
2045		11,906,670		13,777,449
2050		4,864,023		4,909,201
2055		1,161,653		1,073,692

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 119

Notes to Financial Statements

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

	Gross Unrealized					Net Unrealized Appreciation
Strategy	Appreciation		(Depreciation)
2000	$	4,323,245	$	– 0	–	$	4,323,245
2005		6,412,818		– 0	–		6,412,818
2010		27,377,071		(73,976	)		27,303,095
2015		51,767,045		(318,344	)		51,448,701
2020		62,718,705		– 0	–		62,718,705
2025		52,690,219		(1,120,800	)		51,569,419
2030		49,000,549		(323,831	)		48,676,718
2035		33,262,093		(95,107	)		33,166,986
2040		33,069,657		– 0	–		33,069,657
2045		22,181,001		– 0	–		22,181,001
2050		5,377,748		– 0	–		5,377,748
2055		961,397		– 0	–		961,397

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).

120 •  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
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2000 Retirement Strategy
Class A
Shares sold		73,113			174,528		$	770,366		$	1,719,567
Shares issued in reinvestment of dividends		16,100			14,378			166,474			139,611
Shares converted from Class B		549			3,636			5,783			36,416
Shares redeemed		(122,621	)		(250,701	)		(1,291,924	)		(2,453,296	)
Net decrease		(32,859	)		(58,159	)	$	(349,301	)	$	(557,702	)
Class B
Shares sold		– 0	–		13,857		$	– 0	–	$	135,250
Shares issued in reinvestment of dividends		228			122			2,336			1,176
Shares converted to Class A		(556	)		(3,683	)		(5,783	)		(36,416	)
Shares redeemed		(3,050	)		(2,528	)		(31,482	)		(24,638	)
Net increase (decrease)		(3,378	)		7,768		$	(34,929	)	$	75,372
Class C
Shares sold		1,763			8,899		$	18,389		$	88,009
Shares issued in reinvestment of dividends		1,457			1,263			14,936			12,151
Shares redeemed		(12,661	)		(21,531	)		(131,831	)		(209,056	)
Net decrease		(9,441	)		(11,369	)	$	(98,506	)	$	(108,896	)
Advisor Class
Shares sold		13,653			48,709		$	142,904		$	480,205
Shares issued in reinvestment of dividends		708			1,085			7,338			10,566
Shares redeemed		(60,910	)		(30,623	)		(642,870	)		(301,872	)
Net increase (decrease)		(46,549	)		19,171		$	(492,628	)	$	188,899

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 121

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2000 Retirement Strategy
Class R
Shares sold		20,129			168,222		$	207,601		$	1,634,120
Shares issued in reinvestment of dividends		6,833			3,432			69,625			32,917
Shares redeemed		(42,896	)		(60,988	)		(442,038	)		(590,824	)
Net increase (decrease)		(15,934	)		110,666		$	(164,812	)	$	1,076,213
Class K
Shares sold		322,765			669,229		$	3,285,049		$	6,458,045
Shares issued in reinvestment of dividends		54,232			34,770			547,745			330,312
Shares redeemed		(259,762	)		(504,142	)		(2,665,260	)		(4,886,844	)
Net increase		117,235			199,857		$	1,167,534		$	1,901,513
Class I
Shares sold		22,330			42,059		$	225,100		$	408,297
Shares issued in reinvestment of dividends		4,966			5,577			50,202			53,094
Shares redeemed		(20,500	)		(118,747	)		(212,954	)		(1,161,156	)
Net increase (decrease)		6,796			(71,111	)	$	62,348		$	(699,765	)

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2005 Retirement Strategy
Class A
Shares sold		110,157			343,555		$	1,115,685		$	3,238,067
Shares issued in reinvestment of dividends		62,742			51,642			624,284			478,200
Shares converted from Class B		43			103			439			962
Shares redeemed		(511,031	)		(681,705	)		(5,175,021	)		(6,453,514	)
Net decrease		(338,089	)		(286,405	)	$	(3,434,613	)	$	(2,736,285	)

122 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2005 Retirement Strategy
Class B
Shares sold		289			418		$	2,929		$	3,880
Shares issued in reinvestment of dividends		794			658			7,902			6,070
Shares converted to Class A		(44	)		(103	)		(439	)		(962	)
Shares redeemed		(770	)		(17,008	)		(7,746	)		(155,007	)
Net increase (decrease)		269			(16,035	)	$	2,646		$	(146,019	)
Class C
Shares sold		1,740			10,874		$	17,589		$	102,337
Shares issued in reinvestment of dividends		623			829			6,181			7,642
Shares redeemed		(7,386	)		(83,476	)		(72,482	)		(773,148	)
Net decrease		(5,023	)		(71,773	)	$	(48,712	)	$	(663,169	)
Advisor Class
Shares sold		25,552			6,584		$	258,865		$	62,116
Shares issued in reinvestment of dividends		1,445			1,602			14,418			14,886
Shares redeemed		(55,899	)		(1,683	)		(562,829	)		(16,035	)
Net increase (decrease)		(28,902	)		6,503		$	(289,546	)	$	60,967
Class R
Shares sold		43,229			83,788		$	433,146		$	782,322
Shares issued in reinvestment of dividends		9,816			6,732			97,183			62,070
Shares redeemed		(30,311	)		(126,982	)		(306,289	)		(1,176,976	)
Net increase (decrease)		22,734			(36,462	)	$	224,040		$	(332,584	)
Class K
Shares sold		83,430			463,410		$	844,697		$	4,355,734
Shares issued in reinvestment of dividends		33,227			33,030			329,943			305,201
Shares redeemed		(253,762	)		(888,852	)		(2,537,847	)		(8,249,483	)
Net decrease		(137,105	)		(392,412	)	$	(1,363,207	)	$	(3,588,548	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 123

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2005 Retirement Strategy
Class I
Shares sold		3,535			20,105		$	35,570		$	188,226
Shares issued in reinvestment of dividends		1,337			4,443			13,302			41,100
Shares redeemed		(9,433	)		(168,655	)		(95,387	)		(1,603,198	)
Net decrease		(4,561	)		(144,107	)	$	(46,515	)	$	(1,373,872	)

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2010 Retirement Strategy
Class A
Shares sold		591,061			1,867,990		$	5,916,329		$	17,327,607
Shares issued in reinvestment of dividends		171,450			138,905			1,700,790			1,269,593
Shares converted from Class B		2,286			15,040			23,012			140,877
Shares redeemed		(1,396,410	)		(3,507,782	)		(14,056,436	)		(32,615,228	)
Net decrease		(631,613	)		(1,485,847	)	$	(6,416,305	)	$	(13,877,151	)
Class B
Shares sold		466			7,717		$	4,777		$	70,891
Shares issued in reinvestment of dividends		1,375			1,257			13,583			11,435
Shares converted to Class A		(2,300	)		(15,140	)		(23,012	)		(140,877	)
Shares redeemed		(10,266	)		(30,090	)		(102,111	)		(277,944	)
Net decrease		(10,725	)		(36,256	)	$	(106,763	)	$	(336,495	)
Class C
Shares sold		37,726			60,497		$	369,922		$	559,572
Shares issued in reinvestment of dividends		4,919			2,951			48,552			26,851
Shares redeemed		(40,899	)		(59,379	)		(408,012	)		(542,043	)
Net increase		1,746			4,069		$	10,462		$	44,380

124 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2010 Retirement Strategy
Advisor Class
Shares sold		141,064			260,531		$	1,422,608		$	2,421,012
Shares issued in reinvestment of dividends		45,836			32,268			456,524			296,219
Shares redeemed		(175,823	)		(293,828	)		(1,791,757	)		(2,725,527	)
Net increase (decrease)		11,077			(1,029	)	$	87,375		$	(8,296	)
Class R
Shares sold		199,617			886,139		$	1,985,905		$	8,182,987
Shares issued in reinvestment of dividends		38,958			31,123			386,463			284,154
Shares redeemed		(390,753	)		(898,115	)		(3,897,137	)		(8,338,349	)
Net increase (decrease)		(152,178	)		19,147		$	(1,524,769	)	$	128,792
Class K
Shares sold		914,282			2,354,742		$	9,231,463		$	21,906,863
Shares issued in reinvestment of dividends		209,206			144,125			2,079,509			1,320,190
Shares redeemed		(1,314,665	)		(2,468,346	)		(13,264,218	)		(22,837,824	)
Net increase (decrease)		(191,177	)		30,521		$	(1,953,246	)	$	389,229
Class I
Shares sold		133,476			287,927		$	1,345,633		$	2,680,769
Shares issued in reinvestment of dividends		24,608			32,959			244,841			302,235
Shares redeemed		(168,860	)		(1,122,158	)		(1,714,291	)		(10,551,597	)
Net decrease		(10,776	)		(801,272	)	$	(123,817	)	$	(7,568,593	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 125

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2015 Retirement Strategy
Class A
Shares sold		1,609,066			2,643,879		$	16,194,514		$	24,539,837
Shares issued in reinvestment of dividends		268,255			198,967			2,677,180			1,820,547
Shares converted from Class B		4,501			42,540			45,497			387,748
Shares redeemed		(2,600,972	)		(3,936,472	)		(26,307,906	)		(36,535,087	)
Net decrease		(719,150	)		(1,051,086	)	$	(7,390,715	)	$	(9,786,955	)
Class B
Shares sold		3,035			20,923		$	30,275		$	193,872
Shares issued in reinvestment of dividends		4,784			3,007			47,556			27,394
Shares converted to Class A		(4,537	)		(42,933	)		(45,497	)		(387,748	)
Shares redeemed		(17,769	)		(24,244	)		(181,523	)		(222,048	)
Net decrease		(14,487	)		(43,247	)	$	(149,189	)	$	(388,530	)
Class C
Shares sold		99,188			133,160		$	990,590		$	1,220,096
Shares issued in reinvestment of dividends		7,845			4,300			77,978			39,131
Shares redeemed		(54,722	)		(115,966	)		(553,727	)		(1,075,443	)
Net increase		52,311			21,494		$	514,841		$	183,784
Advisor Class
Shares sold		156,277			367,552		$	1,581,544		$	3,418,363
Shares issued in reinvestment of dividends		39,273			32,768			393,906			301,136
Shares redeemed		(396,800	)		(319,260	)		(4,040,133	)		(3,005,170	)
Net increase (decrease)		(201,250	)		81,060		$	(2,064,683	)	$	714,329
Class R
Shares sold		679,761			1,890,370		$	6,754,857		$	17,475,151
Shares issued in reinvestment of dividends		107,887			58,935			1,076,712			538,078
Shares redeemed		(831,766	)		(1,223,651	)		(8,443,580	)		(11,255,619	)
Net increase (decrease)		(44,118	)		725,654		$	(612,011	)	$	6,757,610

126 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2015 Retirement Strategy
Class K
Shares sold		1,370,457			3,736,934		$	14,002,505		$	34,880,630
Shares issued in reinvestment of dividends		321,678			222,020			3,223,214			2,035,919
Shares redeemed		(1,838,208	)		(3,604,973	)		(18,662,902	)		(33,582,310	)
Net increase (decrease)		(146,073	)		353,981		$	(1,437,183	)	$	3,334,239
Class I
Shares sold		1,662,660			1,972,352		$	16,265,116		$	18,048,681
Shares issued in reinvestment of dividends		127,954			108,695			1,282,105			997,821
Shares redeemed		(1,026,909	)		(3,174,522	)		(10,485,560	)		(30,043,525	)
Net increase (decrease)		763,705			(1,093,475	)	$	7,061,661		$	(10,997,023	)

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2020 Retirement Strategy
Class A
Shares sold		2,250,287			3,835,276		$	22,147,462		$	34,847,531
Shares issued in reinvestment of dividends		309,527			227,048			3,048,838			2,032,082
Shares converted from Class B		3,756			15,919			37,242			143,573
Shares redeemed		(2,950,569	)		(5,769,188	)		(29,486,388	)		(52,082,388	)
Net decrease		(386,999	)		(1,690,945	)	$	(4,252,846	)	$	(15,059,202	)
Class B
Shares sold		9,406			16,365		$	91,053		$	147,267
Shares issued in reinvestment of dividends		4,064			3,219			39,748			28,615
Shares converted to Class A		(3,796	)		(16,063	)		(37,242	)		(143,573	)
Shares redeemed		(29,705	)		(51,635	)		(293,477	)		(459,734	)
Net decrease		(20,031	)		(48,114	)	$	(199,918	)	$	(427,425	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 127

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2020 Retirement Strategy
Class C
Shares sold		81,163			239,497		$	797,525		$	2,139,605
Shares issued in reinvestment of dividends		10,945			6,525			107,261			58,069
Shares redeemed		(108,868	)		(156,537	)		(1,076,861	)		(1,394,324	)
Net increase (decrease)		(16,760	)		89,485		$	(172,075	)	$	803,350
Advisor Class
Shares sold		181,414			463,313		$	1,823,466		$	4,220,426
Shares issued in reinvestment of dividends		38,525			30,102			381,402			270,619
Shares redeemed		(387,490	)		(213,323	)		(3,865,464	)		(1,958,208	)
Net increase (decrease)		(167,551	)		280,092		$	(1,660,596	)	$	2,532,837
Class R
Shares sold		1,126,654			2,602,252		$	11,059,587		$	23,626,143
Shares issued in reinvestment of dividends		122,828			75,671			1,207,397			675,740
Shares redeemed		(1,136,000	)		(1,763,332	)		(11,282,853	)		(15,904,276	)
Net increase		113,482			914,591		$	984,131		$	8,397,607
Class K
Shares sold		1,891,298			6,197,652		$	18,770,740		$	56,151,498
Shares issued in reinvestment of dividends		497,785			330,690			4,918,112			2,969,590
Shares redeemed		(2,883,967	)		(4,185,805	)		(28,793,520	)		(38,370,255	)
Net increase (decrease)		(494,884	)		2,342,537		$	(5,104,668	)	$	20,750,833
Class I
Shares sold		1,019,003			943,147		$	10,221,806		$	8,586,891
Shares issued in reinvestment of dividends		56,349			74,627			557,296			670,902
Shares redeemed		(746,028	)		(2,362,498	)		(7,484,287	)		(21,812,082	)
Net increase (decrease)		329,324			(1,344,724	)	$	3,294,815		$	(12,554,289	)

128 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2025 Retirement Strategy
Class A
Shares sold		1,717,568			3,806,427		$	17,185,554		$	34,784,248
Shares issued in reinvestment of dividends		290,378			211,855			2,883,447			1,891,870
Shares converted from Class B		3,013			10,207			30,440			91,888
Shares redeemed		(2,844,715	)		(4,278,930	)		(28,587,721	)		(39,165,971	)
Net decrease		(833,756	)		(250,441	)	$	(8,488,280	)	$	(2,397,965	)
Class B
Shares sold		16,452			12,279		$	162,733		$	131,443
Shares issued in reinvestment of dividends		2,413			3,833			23,745			15,462
Shares converted to Class A		(3,046	)		(10,321	)		(30,440	)		(91,888	)
Shares redeemed		(15,438	)		(30,869	)		(153,727	)		(272,686	)
Net increase (decrease)		381			(25,078	)	$	2,311		$	(217,669	)
Class C
Shares sold		77,640			176,154		$	767,124		$	1,573,538
Shares issued in reinvestment of dividends		7,126			1,952			70,265			35,199
Shares redeemed		(51,566	)		(141,354	)		(511,582	)		(1,262,739	)
Net increase		33,200			36,752		$	325,807		$	345,998
Advisor Class
Shares sold		142,172			320,616		$	1,421,523		$	2,970,318
Shares issued in reinvestment of dividends		27,331			29,383			272,488			213,206
Shares redeemed		(539,544	)		(141,497	)		(5,435,935	)		(1,323,848	)
Net increase (decrease)		(370,041	)		208,502		$	(3,741,924	)	$	1,859,676

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 129

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2025 Retirement Strategy
Class R
Shares sold		876,490			2,223,253		$	8,657,988		$	20,109,291
Shares issued in reinvestment of dividends		104,938			62,118			1,043,083			604,612
Shares redeemed		(1,024,251	)		(1,162,251	)		(10,254,405	)		(10,521,514	)
Net increase (decrease)		(42,823	)		1,123,120		$	(553,334	)	$	10,192,389
Class K
Shares sold		2,184,114			4,090,792		$	21,899,205		$	37,370,161
Shares issued in reinvestment of dividends		343,117			237,946			3,417,444			2,110,430
Shares redeemed		(2,022,886	)		(3,637,616	)		(20,497,953	)		(33,658,119	)
Net increase		504,345			691,122		$	4,818,696		$	5,822,472
Class I
Shares sold		288,297			927,764		$	2,883,967		$	8,494,934
Shares issued in reinvestment of dividends		43,426			58,364			432,960			542,153
Shares redeemed		(800,917	)		(1,893,225	)		(8,082,896	)		(17,748,006	)
Net decrease		(469,194	)		(907,097	)	$	(4,765,969	)	$	(8,710,919	)

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2030 Retirement Strategy
Class A
Shares sold		1,727,402			3,498,617		$	17,095,372		$	31,507,621
Shares issued in reinvestment of dividends		200,795			146,707			1,979,836			1,296,883
Shares converted from Class B		3,105			6,754			31,235			59,931
Shares redeemed		(2,501,949	)		(4,052,729	)		(24,815,396	)		(36,227,153	)
Net decrease		(570,647	)		(400,651	)	$	(5,708,953	)	$	(3,362,718	)

130 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2030 Retirement Strategy
Class B
Shares sold		5,328			15,393		$	52,668		$	139,301
Shares issued in reinvestment of dividends		1,622			1,497			15,854			13,117
Shares converted to Class A		(3,142	)		(6,833	)		(31,235	)		(59,931	)
Shares redeemed		(8,394	)		(48,563	)		(81,675	)		(438,717	)
Net decrease		(4,586	)		(38,506	)	$	(44,388	)	$	(346,230	)
Class C
Shares sold		131,596			219,881		$	1,301,006		$	1,943,945
Shares issued in reinvestment of dividends		6,776			5,016			66,264			43,940
Shares redeemed		(138,878	)		(214,293	)		(1,364,289	)		(1,891,435	)
Net increase (decrease)		(506	)		10,604		$	2,981		$	96,450
Advisor Class
Shares sold		205,743			385,933		$	1,996,711		$	3,491,277
Shares issued in reinvestment of dividends		20,150			16,941			199,484			150,268
Shares redeemed		(549,512	)		(96,347	)		(5,439,522	)		(886,307	)
Net increase (decrease)		(323,619	)		306,527		$	(3,243,327	)	$	2,755,238
Class R
Shares sold		900,204			2,039,418		$	8,856,483		$	18,367,656
Shares issued in reinvestment of dividends		81,208			51,203			799,912			452,119
Shares redeemed		(794,845	)		(1,653,294	)		(7,903,093	)		(14,791,272	)
Net increase		186,567			437,327		$	1,753,302		$	4,028,503
Class K
Shares sold		1,662,323			4,283,568		$	16,495,890		$	38,618,186
Shares issued in reinvestment of dividends		276,172			197,468			2,725,822			1,745,619
Shares redeemed		(2,102,294	)		(3,189,814	)		(20,938,205	)		(29,101,267	)
Net increase (decrease)		(163,799	)		1,291,222		$	(1,716,493	)	$	11,262,538

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 131

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2030 Retirement Strategy
Class I
Shares sold		271,955			974,360		$	2,665,522		$	8,782,400
Shares issued in reinvestment of dividends		33,927			41,278			335,199			365,314
Shares redeemed		(445,736	)		(1,529,085	)		(4,444,192	)		(14,072,044	)
Net decrease		(139,854	)		(513,447	)	$	(1,443,471	)	$	(4,924,330	)

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2035 Retirement Strategy
Class A
Shares sold		1,098,832			2,630,088		$	10,823,811		$	23,542,933
Shares issued in reinvestment of dividends and distributions		105,226			90,352			1,036,470			794,195
Shares converted from Class B		980			3,431			9,657			29,615
Shares redeemed		(1,984,235	)		(3,026,432	)		(19,539,299	)		(27,107,180	)
Net decrease		(779,197	)		(302,561	)	$	(7,669,361	)	$	(2,740,437	)
Class B
Shares sold		2,816			6,484		$	27,188		$	56,891
Shares issued in reinvestment of dividends and distributions		802			695			7,841			6,077
Shares converted to Class A		(989	)		(3,466	)		(9,657	)		(29,615	)
Shares redeemed		(9,910	)		(22,212	)		(92,819	)		(202,994	)
Net decrease		(7,281	)		(18,499	)	$	(67,447	)	$	(169,641	)
Class C
Shares sold		46,416			126,677		$	453,514		$	1,123,658
Shares issued in reinvestment of dividends and distributions		2,908			1,678			28,438			14,666
Shares redeemed		(47,603	)		(70,016	)		(466,314	)		(625,101	)
Net increase		1,721			58,339		$	15,638		$	513,223

132 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2035 Retirement Strategy
Advisor Class
Shares sold		117,172			330,912		$	1,142,651		$	2,954,950
Shares issued in reinvestment of dividends and distributions		12,989			11,502			128,461			101,558
Shares redeemed		(384,793	)		(127,124	)		(3,784,547	)		(1,162,560	)
Net increase (decrease)		(254,632	)		215,290		$	(2,513,435	)	$	1,893,948
Class R
Shares sold		521,111			1,543,314		$	5,088,254		$	13,768,741
Shares issued in reinvestment of dividends and distributions		43,884			27,098			429,191			236,832
Shares redeemed		(371,879	)		(1,237,562	)		(3,658,896	)		(10,884,111	)
Net increase		193,116			332,850		$	1,858,549		$	3,121,462
Class K
Shares sold		1,437,417			3,044,114		$	14,261,617		$	27,270,239
Shares issued in reinvestment of dividends and distributions		149,782			98,549			1,473,857			867,237
Shares redeemed		(1,122,227	)		(2,240,914	)		(11,099,729	)		(20,259,111	)
Net increase		464,972			901,749		$	4,635,745		$	7,878,365
Class I
Shares sold		181,715			645,322		$	1,772,515		$	5,799,290
Shares issued in reinvestment of dividends and distributions		20,833			26,114			205,209			230,060
Shares redeemed		(269,373	)		(1,156,155	)		(2,663,740	)		(10,574,365	)
Net decrease		(66,825	)		(484,719	)	$	(686,016	)	$	(4,545,015	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 133

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2040 Retirement Strategy
Class A
Shares sold		1,039,156			2,394,200		$	10,351,739		$	21,789,829
Shares issued in reinvestment of dividends and distributions		88,659			72,417			891,910			651,034
Shares converted from Class B		3,755			2,205			38,892			20,216
Shares redeemed		(1,564,272	)		(3,413,742	)		(15,909,602	)		(30,796,485	)
Net decrease		(432,702	)		(944,920	)	$	(4,627,061	)	$	(8,335,406	)
Class B
Shares sold		2,303			7,757		$	22,274		$	71,756
Shares issued in reinvestment of dividends and distributions		725			636			7,244			5,674
Shares converted to Class A		(3,786	)		(2,226	)		(38,892	)		(20,216	)
Shares redeemed		(4,695	)		(17,689	)		(47,123	)		(156,249	)
Net decrease		(5,453	)		(11,522	)	$	(56,497	)	$	(99,035	)
Class C
Shares sold		55,379			153,787		$	548,620		$	1,387,099
Shares issued in reinvestment of dividends and distributions		2,412			1,746			24,093			15,591
Shares redeemed		(79,425	)		(95,361	)		(792,515	)		(856,670	)
Net increase (decrease)		(21,634	)		60,172		$	(219,802	)	$	546,020
Advisor Class
Shares sold		124,667			379,078		$	1,246,869		$	3,504,338
Shares issued in reinvestment of dividends and distributions		11,399			10,206			115,241			92,154
Shares redeemed		(416,989	)		(120,003	)		(4,181,341	)		(1,110,527	)
Net increase (decrease)		(280,923	)		269,281		$	(2,819,231	)	$	2,485,965

134 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2040 Retirement Strategy
Class R
Shares sold		544,231			1,322,374		$	5,420,759		$	12,022,358
Shares issued in reinvestment of dividends and distributions		36,427			25,778			364,273			230,453
Shares redeemed		(515,103	)		(1,072,437	)		(5,139,689	)		(9,715,193	)
Net increase		65,555			275,715		$	645,343		$	2,537,618
Class K
Shares sold		1,063,903			2,645,948		$	10,619,197		$	24,047,269
Shares issued in reinvestment of dividends and distributions		118,818			78,409			1,190,531			703,330
Shares redeemed		(1,274,445	)		(1,408,150	)		(12,853,998	)		(12,869,800	)
Net increase (decrease)		(91,724	)		1,316,207		$	(1,044,270	)	$	11,880,799
Class I
Shares sold		186,640			592,640		$	1,857,528		$	5,410,587
Shares issued in reinvestment of dividends and distributions		18,546			21,778			186,387			195,789
Shares redeemed		(261,124	)		(857,541	)		(2,636,082	)		(7,994,425	)
Net decrease		(55,938	)		(243,123	)	$	(592,167	)	$	(2,388,049	)

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2045 Retirement Strategy
Class A
Shares sold		890,594			1,917,433		$	8,749,093		$	17,163,198
Shares issued in reinvestment of dividends and distributions		61,576			78,997			607,144			696,745
Shares converted from Class B		409			768			4,073			6,863
Shares redeemed		(1,159,479	)		(1,935,900	)		(11,441,153	)		(17,355,596	)
Net increase (decrease)		(206,900	)		61,298		$	(2,080,843	)	$	511,210

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 135

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2045 Retirement Strategy
Class B
Shares sold		1,142			3,415		$	11,072		$	30,243
Shares issued in reinvestment of dividends and distributions		240			421			2,342			3,676
Shares converted to Class A		(414	)		(778	)		(4,073	)		(6,863	)
Shares redeemed		(748	)		(6,311	)		(7,481	)		(58,780	)
Net increase (decrease)		220			(3,253	)	$	1,860		$	(31,724	)
Class C
Shares sold		30,236			106,299		$	295,303		$	940,636
Shares issued in reinvestment of dividends and distributions		1,219			1,687			11,894			14,745
Shares redeemed		(31,481	)		(95,678	)		(300,740	)		(819,699	)
Net increase (decrease)		(26	)		12,308		$	6,457		$	135,682
Advisor Class
Shares sold		163,207			332,294		$	1,601,303		$	2,979,271
Shares issued in reinvestment of dividends and distributions		10,384			12,189			102,799			107,998
Shares redeemed		(297,328	)		(111,138	)		(2,905,150	)		(1,007,696	)
Net increase (decrease)		(123,737	)		233,345		$	(1,201,048	)	$	2,079,573
Class R
Shares sold		427,589			1,107,299		$	4,167,198		$	9,887,167
Shares issued in reinvestment of dividends and distributions		27,473			25,250			268,413			221,187
Shares redeemed		(310,757	)		(650,267	)		(3,048,353	)		(5,750,255	)
Net increase		144,305			482,282		$	1,387,258		$	4,358,099

136 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2045 Retirement Strategy
Class K
Shares sold		832,492			1,765,820		$	8,167,733		$	15,765,043
Shares issued in reinvestment of dividends and distributions		68,538			62,256			671,669			547,232
Shares redeemed		(733,237	)		(973,533	)		(7,239,089	)		(8,727,042	)
Net increase		167,793			854,543		$	1,600,313		$	7,585,233
Class I
Shares sold		116,453			480,253		$	1,137,351		$	4,274,167
Shares issued in reinvestment of dividends and distributions		8,764			21,674			85,980			190,520
Shares redeemed		(225,266	)		(857,520	)		(2,223,184	)		(7,910,604	)
Net decrease		(100,049	)		(355,593	)	$	(999,853	)	$	(3,445,917	)

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2050 Retirement Strategy
Class A
Shares sold		230,833			429,585		$	1,917,889		$	3,252,158
Shares issued in reinvestment of dividends and distributions		13,703			4,442			113,877			33,273
Shares redeemed		(291,980	)		(305,872	)		(2,460,388	)		(2,289,036	)
Net increase (decrease)		(47,444	)		128,155		$	(428,622	)	$	996,395
Class B
Shares sold		258			40		$	2,188		$	300
Shares issued in reinvestment of dividends and distributions		43			17			359			126
Shares redeemed		(769	)		(10	)		(6,015	)		(75	)
Net increase (decrease)		(468	)		47		$	(3,468	)	$	351

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 137

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2050 Retirement Strategy
Class C
Shares sold		13,130			17,352		$	109,318		$	128,586
Shares issued in reinvestment of dividends and distributions		390			98			3,218			732
Shares redeemed		(7,102	)		(6,276	)		(60,546	)		(47,149	)
Net increase		6,418			11,174		$	51,990		$	82,169
Advisor Class
Shares sold		63,214			166,829		$	519,976		$	1,264,492
Shares issued in reinvestment of dividends and distributions		3,253			2,612			27,158			19,645
Shares redeemed		(245,463	)		(24,593	)		(2,011,196	)		(183,800	)
Net increase (decrease)		(178,996	)		144,848		$	(1,464,062	)	$	1,100,337
Class R
Shares sold		125,259			268,747		$	1,035,515		$	2,032,496
Shares issued in reinvestment of dividends and distributions		8,344			3,004			68,830			22,439
Shares redeemed		(85,857	)		(146,892	)		(704,982	)		(1,109,066	)
Net increase		47,746			124,859		$	399,363		$	945,869
Class K
Shares sold		397,500			713,670		$	3,317,595		$	5,372,371
Shares issued in reinvestment of dividends and distributions		31,019			9,520			256,223			71,210
Shares redeemed		(243,904	)		(216,945	)		(2,045,148	)		(1,629,674	)
Net increase		184,615			506,245		$	1,528,670		$	3,813,907
Class I
Shares sold		37,320			79,045		$	307,088		$	597,858
Shares issued in reinvestment of dividends and distributions		3,093			1,675			25,582			12,543
Shares redeemed		(17,502	)		(93,068	)		(144,621	)		(706,085	)
Net increase (decrease)		22,911			(12,348	)	$	188,049		$	(95,684	)

138 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2055 Retirement Strategy
Class A
Shares sold		40,773			61,780		$	336,471		$	459,012
Shares issued in reinvestment of dividends		552			159			4,577			1,159
Shares redeemed		(46,917	)		(38,680	)		(392,289	)		(287,378	)
Net increase (decrease)		(5,592	)		23,259		$	(51,241	)	$	172,793
Class B
Shares sold		300			451		$	2,415		$	3,300
Shares redeemed		(8	)		(311	)		(66	)		(2,444	)
Net increase		292			140		$	2,349		$	856
Class C
Shares sold		1,946			3,849		$	16,081		$	27,996
Shares redeemed		(1,479	)		(337	)		(11,909	)		(2,437	)
Net increase		467			3,512		$	4,172		$	25,559
Advisor Class
Shares sold		16,677			48,524		$	133,371		$	360,679
Shares issued in reinvestment of dividends		147			192			1,223			1,411
Shares redeemed		(70,869	)		(9,278	)		(569,892	)		(68,810	)
Net increase (decrease)		(54,045	)		39,438		$	(435,298	)	$	293,280
Class R
Shares sold		28,039			58,412		$	220,526		$	418,820
Shares issued in reinvestment of dividends		1,473			779			11,681			5,565
Shares redeemed		(9,016	)		(27,534	)		(71,449	)		(198,986	)
Net increase		20,496			31,657		$	160,758		$	225,399
Class K
Shares sold		82,294			284,754		$	661,215		$	2,090,871
Shares issued in reinvestment of dividends		5,889			3,335			47,050			23,946
Shares redeemed		(53,384	)		(195,369	)		(438,530	)		(1,403,357	)
Net increase		34,799			92,720		$	269,735		$	711,460

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 139

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
2055 Retirement Strategy
Class I
Shares sold		2,727			17,278		$	21,612		$	122,622
Shares issued in reinvestment of dividends		194			146			1,554			1,055
Shares redeemed		(1,756	)		(35,902	)		(14,385	)		(260,707	)
Net increase (decrease)		1,165			(18,478	)	$	8,781		$	(137,030	)

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.

140 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

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

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Strategies, participate in a $140 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Strategies did not utilize the Facility during the six months ended February 28, 2011.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2011 will be determined at the end of the current fiscal year. 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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 141

Notes to Financial Statements

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
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

142 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

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

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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 143

Notes to Financial Statements

NOTE I

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.

144 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

	2000 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.90			$  9.35			$  10.58			$  11.73			$  10.88			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.21			.18			.26			.44			.31			.15
Net realized and unrealized gain (loss) on investment transactions		.93			.57			(1.10	)		(1.07	)		.80			.73
Net increase (decrease) in net asset value from operations		1.14			.75			(.84	)		(.63	)		1.11			.88
Less: Dividends and Distributions
Dividends from net investment income		(.27	)		(.20	)		(.21	)		(.36	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.18	)		(.16	)		(.03	)		– 0	–
Total dividends and distributions		(.27	)		(.20	)		(.39	)		(.52	)		(.26	)		– 0	–
Net asset value, end of period		$  10.77			$  9.90			$  9.35			$  10.58			$  11.73			$  10.88
Total Return
Total investment return based on net asset value(c)		11.65	%		8.07	%		(7.29	)%		(5.59	)%		10.32	%		8.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,635			$6,422			$6,608			$5,952			$5,462			$938
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.81	%(e)(f)		.82	%(f)		.82	%		.82	%		.92	%(g)		1.05	%(g)
Expenses, before waivers/reimbursements(d)		2.00	%(e)(f)		2.25	%(f)		2.64	%		2.77	%		8.86	%(g)		104.94	%(g)
Net investment income(b)		4.06	%(e)(f)		1.81	%(f)		3.14	%		3.87	%		2.82	%		1.73	%
Portfolio turnover rate		12	%		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 145

Financial Highlights

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

	2000 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.76			$  9.22			$  10.41			$  11.60			$  10.81			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.19			.09			.23			.35			.20			.14
Net realized and unrealized gain (loss) on investment transactions		.90			.58			(1.11	)		(1.04	)		.81			.67
Net increase (decrease) in net asset value from operations		1.09			.67			(.88	)		(.69	)		1.01			.81
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.13	)		(.13	)		(.34	)		(.19	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.18	)		(.16	)		(.03	)		– 0	–
Total dividends and distributions		(.19	)		(.13	)		(.31	)		(.50	)		(.22	)		– 0	–
Net asset value, end of period		$  10.66			$  9.76			$  9.22			$  10.41			$  11.60			$  10.81
Total Return
Total investment return based on net asset value(c)		11.29	%		7.30	%		(8.02	)%		(6.21	)%		9.45	%		8.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$148			$169			$88			$180			$184			$29
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.51	%(e)(f)		1.52	%(f)		1.52	%		1.52	%		1.59	%(g)		1.75	%(g)
Expenses, before waivers/reimbursements(d)		2.73	%(e)(f)		3.03	%(f)		3.43	%		3.50	%		7.63	%(g)		169.75	%(g)
Net investment income(b)		3.69	%(e)(f)		.90	%(f)		2.75	%		3.14	%		1.74	%		1.40	%
Portfolio turnover rate		12	%		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 229.

146 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2000 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.76			$  9.22			$  10.41			$  11.60			$  10.81			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.11			.23			.36			.19			.11
Net realized and unrealized gain (loss) on investment transactions		.91			.56			(1.11	)		(1.05	)		.82			.70
Net increase (decrease) in net asset value from operations		1.09			.67			(.88	)		(.69	)		1.01			.81
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.13	)		(.13	)		(.34	)		(.19	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.18	)		(.16	)		(.03	)		– 0	–
Total dividends and distributions		(.19	)		(.13	)		(.31	)		(.50	)		(.22	)		– 0	–
Net asset value, end of period		$  10.66			$  9.76			$  9.22			$  10.41			$  11.60			$  10.81
Total Return
Total investment return based on net asset value(c)		11.29	%		7.30	%		(8.02	)%		(6.21	)%		9.45	%		8.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$798			$823			$882			$1,327			$425			$34
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.51	%(e)(f)		1.52	%(f)		1.52	%		1.52	%		1.60	%(g)		1.75	%(g)
Expenses, before waivers/reimbursements(d)		2.75	%(e)(f)		2.97	%(f)		3.36	%		3.42	%		9.09	%(g)		172.05	%(g)
Net investment income(b)		3.44	%(e)(f)		1.10	%(f)		2.71	%		3.11	%		1.86	%		1.10	%
Portfolio turnover rate		12	%		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 147

Financial Highlights

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

	2000 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.95			$  9.39			$  10.63			$  11.78			$  10.92			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.21			.19			.31			.45			.38			.27
Net realized and unrealized gain (loss) on investment transactions		.95			.60			(1.13	)		(1.05	)		.76			.65
Net increase (decrease) in net asset value from operations		1.16			.79			(.82	)		(.60	)		1.14			.92
Less: Dividends and Distributions
Dividends from net investment income		(.31	)		(.23	)		(.24	)		(.39	)		(.25	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.18	)		(.16	)		(.03	)		– 0	–
Total dividends and distributions		(.31	)		(.23	)		(.42	)		(.55	)		(.28	)		– 0	–
Net asset value, end of period		$  10.80			$  9.95			$  9.39			$  10.63			$  11.78			$  10.92
Total Return
Total investment return based on net asset value(c)		11.74	%		8.43	%		(7.01	)%		(5.39	)%		10.52	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$303			$742			$521			$553			$13			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.51	%(e)(f)		.52	%(f)		.52	%		.52	%		.65	%(g)		.75	%(g)
Expenses, before waivers/reimbursements(d)		1.71	%(e)(f)		1.95	%(f)		2.32	%		2.35	%		9.96	%(g)		189.29	%(g)
Net investment income(b)		3.88	%(e)(f)		1.90	%(f)		3.57	%		3.78	%		3.32	%		2.61	%
Portfolio turnover rate		12	%		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 229.

148 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2000 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.76			$  9.24			$  10.46			$  11.54			$  10.87			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.20			.14			.20			.49			.17			.22
Net realized and unrealized gain (loss) on investment transactions		.93			.58			(1.04	)		(1.13	)		.89			.65
Net increase (decrease) in net asset value from operations		1.13			.72			(.84	)		(.64	)		1.06			.87
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.20	)		(.20	)		(.28	)		(.36	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.18	)		(.16	)		(.03	)		– 0	–
Total dividends and distributions		(.28	)		(.20	)		(.38	)		(.44	)		(.39	)		– 0	–
Net asset value, end of period		$  10.61			$  9.76			$  9.24			$  10.46			$  11.54			$  10.87
Total Return
Total investment return based on net asset value(c)		11.64	%		7.81	%		(7.46	)%		(5.78	)%		9.85	%		8.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,656			$2,600			$1,437			$350			$381			$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.01	%(e)(f)		1.02	%(f)		1.02	%		1.02	%		1.06	%(g)		1.25	%(g)
Expenses, before waivers/reimbursements(d)		2.24	%(e)(f)		2.38	%(f)		2.69	%		2.91	%		6.87	%(g)		180.27	%(g)
Net investment income(b)		3.90	%(e)(f)		1.47	%(f)		2.39	%		3.27	%		1.85	%		2.10	%
Portfolio turnover rate		12	%		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 149

Financial Highlights

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

	2000 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.69			$  9.17			$  10.40			$  11.55			$  10.89			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.22			.17			.26			.38			.20			.23
Net realized and unrealized gain (loss) on investment transactions		.91			.57			(1.08	)		(.98	)		.91			.66
Net increase (decrease) in net asset value from operations		1.13			.74			(.82	)		(.60	)		1.11			.89
Less: Dividends and Distributions
Dividends from net investment income		(.30	)		(.22	)		(.23	)		(.39	)		(.42	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.18	)		(.16	)		(.03	)		– 0	–
Total dividends and distributions		(.30	)		(.22	)		(.41	)		(.55	)		(.45	)		– 0	–
Net asset value, end of period		$  10.52			$  9.69			$  9.17			$  10.40			$  11.55			$  10.89
Total Return
Total investment return based on net asset value(c)		11.76	%		8.06	%		(7.27	)%		(5.50	)%		10.31	%		8.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$19,948			$17,245			$14,477			$14,183			$5,041			$19
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.76	%(e)(f)		.77	%(f)		.77	%		.77	%		.83	%(g)		1.00	%(g)
Expenses, before waivers/reimbursements(d)		2.01	%(e)(f)		2.11	%(f)		2.42	%		2.63	%		4.40	%(g)		167.47	%(g)
Net investment income(b)		4.27	%(e)(f)		1.79	%(f)		3.18	%		3.40	%		1.83	%		2.27	%
Portfolio turnover rate		12	%		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 229.

150 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2000 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.73			$  9.20			$  10.44			$  11.60			$  10.92			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.23			.22			.23			.48			.22			.27
Net realized and unrealized gain (loss) on investment transactions		.91			.56			(1.03	)		(1.06	)		.90			.65
Net increase (decrease) in net asset value from operations		1.14			.78			(.80	)		(.58	)		1.12			.92
Less: Dividends and Distributions
Dividends from net investment income		(.33	)		(.25	)		(.26	)		(.42	)		(.41	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.18	)		(.16	)		(.03	)		– 0	–
Total dividends and distributions		(.33	)		(.25	)		(.44	)		(.58	)		(.44	)		– 0	–
Net asset value, end of period		$  10.54			$  9.73			$  9.20			$  10.44			$  11.60			$  10.92
Total Return
Total investment return based on net asset value(c)		11.82	%		8.48	%		(7.00	)%		(5.28	)%		10.43	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,590			$1,402			$1,981			$768			$681			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.51	%(e)(f)		.52	%(f)		.52	%		.52	%		.55	%(g)		.75	%(g)
Expenses, before waivers/reimbursements(d)		1.68	%(e)(f)		1.79	%(f)		2.06	%		2.35	%		7.92	%(g)		180.50	%(g)
Net investment income(b)		4.47	%(e)(f)		2.20	%(f)		2.68	%		4.20	%		2.09	%		2.61	%
Portfolio turnover rate		12	%		41	%		40	%		66	%		99	%		51	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 151

Financial Highlights

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

	2005 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.37			$  8.84			$  10.35			$  11.78			$  10.92			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.22			.16			.26			.41			.29			.13
Net realized and unrealized gain (loss) on investment transactions		1.13			.56			(1.27	)		(1.24	)		.87			.79
Net increase (decrease) in net asset value from operations		1.35			.72			(1.01	)		(.83	)		1.16			.92
Less: Dividends and Distributions
Dividends from net investment income		(.29	)		(.19	)		(.27	)		(.35	)		(.27	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.23	)		(.25	)		(.03	)		– 0	–
Total dividends and distributions		(.29	)		(.19	)		(.50	)		(.60	)		(.30	)		– 0	–
Net asset value, end of period		$  10.43			$  9.37			$  8.84			$  10.35			$  11.78			$  10.92
Total Return
Total investment return based on net asset value(c)		14.57	%		8.16	%		(8.92	)%		(7.39	)%		10.69	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,013			$22,043			$23,328			$18,835			$13,775			$3,898
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.87	%(e)(f)		.88	%(f)		.88	%		.88	%		.95	%		1.03	%
Expenses, before waivers/reimbursements(d)		1.81	%(e)(f)		1.72	%(f)		1.79	%		1.85	%		3.16	%		13.72	%
Net investment income(b)		4.32	%(e)(f)		1.75	%(f)		3.20	%		3.66	%		2.45	%		1.36	%
Portfolio turnover rate		6	%		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 229.

152 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2005 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.30			$  8.76			$  10.20			$  11.66			$  10.84			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.10			.19			.33			.23			.05
Net realized and unrealized gain (loss) on investment transactions		1.13			.55			(1.23	)		(1.23	)		.85			.79
Net increase (decrease) in net asset value from operations		1.31			.65			(1.04	)		(.90	)		1.08			.84
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.11	)		(.17	)		(.31	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.23	)		(.25	)		(.03	)		– 0	–
Total dividends and distributions		(.19	)		(.11	)		(.40	)		(.56	)		(.26	)		– 0	–
Net asset value, end of period		$  10.42			$  9.30			$  8.76			$  10.20			$  11.66			$  10.84
Total Return
Total investment return based on net asset value(c)		14.17	%		7.43	%		(9.52	)%		(8.08	)%		10.01	%		8.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$462			$410			$527			$569			$604			$357
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.57	%(e)(f)		1.58	%(f)		1.58	%		1.58	%		1.66	%		1.73	%
Expenses, before waivers/reimbursements(d)		2.53	%(e)(f)		2.44	%(f)		2.52	%		2.56	%		4.03	%		19.10	%
Net investment income(b)		3.62	%(e)(f)		1.08	%(f)		2.45	%		2.96	%		2.01	%		.49	%
Portfolio turnover rate		6	%		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 153

Financial Highlights

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

	2005 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.28			$  8.75			$  10.19			$  11.64			$  10.83			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.10			.20			.39			.10			.07
Net realized and unrealized gain (loss) on investment transactions		1.13			.54			(1.24	)		(1.28	)		.97			.76
Net increase (decrease) in net asset value from operations		1.31			.64			(1.04	)		(.89	)		1.07			.83
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.11	)		(.17	)		(.31	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.23	)		(.25	)		(.03	)		– 0	–
Total dividends and distributions		(.19	)		(.11	)		(.40	)		(.56	)		(.26	)		– 0	–
Net asset value, end of period		$  10.40			$  9.28			$  8.75			$  10.19			$  11.64			$  10.83
Total Return
Total investment return based on net asset value(c)		14.20	%		7.32	%		(9.53	)%		(8.01	)%		9.92	%		8.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$341			$351			$958			$898			$2,228			$167
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.57	%(e)(f)		1.58	%(f)		1.58	%		1.58	%		1.63	%		1.73	%
Expenses, before waivers/reimbursements(d)		2.58	%(e)(f)		2.43	%(f)		2.51	%		2.57	%		3.83	%		22.53	%
Net investment income(b)		3.59	%(e)(f)		1.10	%(f)		2.48	%		3.49	%		1.01	%		.73	%
Portfolio turnover rate		6	%		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 229.

154 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2005 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.42			$  8.89			$  10.40			$  11.82			$  10.95			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.24			.19			.26			.39			.15			.20
Net realized and unrealized gain (loss) on investment transactions		1.14			.56			(1.25	)		(1.18	)		1.04			.75
Net increase (decrease) in net asset value from operations		1.38			.75			(.99	)		(.79	)		1.19			.95
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.22	)		(.29	)		(.38	)		(.29	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.23	)		(.25	)		(.03	)		– 0	–
Total dividends and distributions		(.32	)		(.22	)		(.52	)		(.63	)		(.32	)		– 0	–
Net asset value, end of period		$  10.48			$  9.42			$  8.89			$  10.40			$  11.82			$  10.95
Total Return
Total investment return based on net asset value(c)		14.85	%		8.41	%		(8.62	)%		(7.08	)%		10.94	%		9.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$472			$697			$600			$381			$162			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.57	%(e)(f)		.58	%(f)		.58	%		.58	%		.61	%		.73	%
Expenses, before waivers/reimbursements(d)		1.52	%(e)(f)		1.42	%(f)		1.51	%		1.54	%		2.47	%		45.94	%
Net investment income(b)		4.70	%(e)(f)		2.00	%(f)		3.26	%		3.48	%		1.49	%		1.87	%
Portfolio turnover rate		6	%		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 155

Financial Highlights

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

	2005 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.32			$  8.80			$  10.27			$  11.72			$  10.89			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.21			.14			.23			.37			.08			.13
Net realized and unrealized gain (loss) on investment transactions		1.13			.55			(1.24	)		(1.22	)		1.05			.76
Net increase (decrease) in net asset value from operations		1.34			.69			(1.01	)		(.85	)		1.13			.89
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.17	)		(.23	)		(.35	)		(.27	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.23	)		(.25	)		(.03	)		– 0	–
Total dividends and distributions		(.28	)		(.17	)		(.46	)		(.60	)		(.30	)		– 0	–
Net asset value, end of period		$  10.38			$  9.32			$  8.80			$  10.27			$  11.72			$  10.89
Total Return
Total investment return based on net asset value(c)		14.48	%		7.87	%		(9.02	)%		(7.61	)%		10.46	%		8.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,703			$3,113			$3,259			$3,475			$3,593			$28
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.07	%(e)(f)		1.08	%(f)		1.08	%		1.08	%		1.09	%		1.23	%
Expenses, before waivers/reimbursements(d)		2.10	%(e)(f)		1.98	%(f)		2.06	%		2.08	%		3.24	%		34.65	%
Net investment income(b)		4.17	%(e)(f)		1.52	%(f)		2.97	%		3.38	%		.63	%		1.26	%
Portfolio turnover rate		6	%		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 229.

156 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2005 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.36			$  8.83			$  10.33			$  11.75			$  10.91			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.22			.17			.26			.34			.14			.18
Net realized and unrealized gain (loss) on investment transactions		1.13			.55			(1.27	)		(1.16	)		1.03			.73
Net increase (decrease) in net asset value from operations		1.35			.72			(1.01	)		(.82	)		1.17			.91
Less: Dividends and Distributions
Dividends from net investment income		(.29	)		(.19	)		(.26	)		(.35	)		(.30	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.23	)		(.25	)		(.03	)		– 0	–
Total dividends and distributions		(.29	)		(.19	)		(.49	)		(.60	)		(.33	)		– 0	–
Net asset value, end of period		$  10.42			$  9.36			$  8.83			$  10.33			$  11.75			$  10.91
Total Return
Total investment return based on net asset value(c)		14.61	%		8.20	%		(8.85	)%		(7.31	)%		10.85	%		9.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,106			$11,259			$14,088			$18,597			$6,734			$164
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.82	%(e)(f)		.83	%(f)		.83	%		.83	%		.87	%		.98	%
Expenses, before waivers/reimbursements(d)		1.83	%(e)(f)		1.72	%(f)		1.76	%		1.82	%		2.45	%		16.01	%
Net investment income(b)		4.47	%(e)(f)		1.85	%(f)		3.25	%		3.15	%		1.27	%		1.80	%
Portfolio turnover rate		6	%		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 157

Financial Highlights

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

	2005 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.39			$  8.86			$  10.36			$  11.79			$  10.95			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.24			.22			.27			.46			.22			.19
Net realized and unrealized gain (loss) on investment transactions		1.13			.53			(1.25	)		(1.25	)		.97			.76
Net increase (decrease) in net asset value from operations		1.37			.75			(.98	)		(.79	)		1.19			.95
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.22	)		(.29	)		(.39	)		(.32	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.23	)		(.25	)		(.03	)		– 0	–
Total dividends and distributions		(.32	)		(.22	)		(.52	)		(.64	)		(.35	)		– 0	–
Net asset value, end of period		$  10.44			$  9.39			$  8.86			$  10.36			$  11.79			$  10.95
Total Return
Total investment return based on net asset value(c)		14.77	%		8.50	%		(8.55	)%		(7.11	)%		10.94	%		9.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$398			$401			$1,655			$1,723			$1,398			$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.57	%(e)(f)		.58	%(f)		.58	%		.58	%		.58	%		.73	%
Expenses, before waivers/reimbursements(d)		1.49	%(e)(f)		1.39	%(f)		1.42	%		1.49	%		2.84	%		45.07	%
Net investment income(b)		4.73	%(e)(f)		2.34	%(f)		3.34	%		3.97	%		1.48	%		1.86	%
Portfolio turnover rate		6	%		34	%		43	%		29	%		45	%		44	%

See footnote summary on page 229.

158 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.16			$  8.67			$  10.53			$  12.00			$  11.00			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.22			.16			.23			.38			.27			.13
Net realized and unrealized gain (loss) on investment transactions		1.39			.51			(1.53	)		(1.36	)		1.00			.87
Net increase (decrease) in net asset value from operations		1.61			.67			(1.30	)		(.98	)		1.27			1.00
Less: Dividends and Distributions
Dividends from net investment income		(.29	)		(.18	)		(.25	)		(.33	)		(.25	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.16	)		(.02	)		– 0	–
Total dividends and distributions		(.29	)		(.18	)		(.56	)		(.49	)		(.27	)		– 0	–
Net asset value, end of period		$  10.48			$  9.16			$  8.67			$  10.53			$  12.00			$  11.00
Total Return
Total investment return based on net asset value(c)		17.72	%		7.73	%		(11.23	)%		(8.48	)%		11.64	%		10.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$57,628			$56,196			$66,020			$71,541			$47,201			$9,180
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.89	%(e)(f)		.91	%(f)		.90	%		.90	%		.99	%		1.13	%
Expenses, before waivers/reimbursements(d)		1.18	%(e)(f)		1.20	%(f)		1.30	%		1.15	%		1.65	%		8.18	%
Net investment income(b)		4.43	%(e)(f)		1.73	%(f)		3.00	%		3.31	%		2.28	%		1.39	%
Portfolio turnover rate		7	%		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 159

Financial Highlights

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

	2010 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.08			$  8.59			$  10.43			$  11.88			$  10.92			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.10			.18			.30			.19			.05
Net realized and unrealized gain (loss) on investment transactions		1.37			.51			(1.53	)		(1.33	)		.99			.87
Net increase (decrease) in net asset value from operations		1.55			.61			(1.35	)		(1.03	)		1.18			.92
Less: Dividends and Distributions
Dividends from net investment income		(.22	)		(.12	)		(.18	)		(.26	)		(.20	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.16	)		(.02	)		– 0	–
Total dividends and distributions		(.22	)		(.12	)		(.49	)		(.42	)		(.22	)		– 0	–
Net asset value, end of period		$  10.41			$  9.08			$  8.59			$  10.43			$  11.88			$  10.92
Total Return
Total investment return based on net asset value(c)		17.14	%		7.13	%		(12.01	)%		(9.00	)%		10.86	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$674			$685			$960			$1,219			$1,043			$622
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.59	%(e)(f)		1.61	%(f)		1.60	%		1.60	%		1.71	%		1.83	%
Expenses, before waivers/reimbursements(d)		1.92	%(e)(f)		1.94	%(f)		2.03	%		1.86	%		2.42	%		9.35	%
Net investment income(b)		3.67	%(e)(f)		1.09	%(f)		2.36	%		2.63	%		1.58	%		.47	%
Portfolio turnover rate		7	%		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 229.

160 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.07			$  8.59			$  10.42			$  11.89			$  10.92			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.09			.19			.31			.18			.03
Net realized and unrealized gain (loss) on investment transactions		1.38			.51			(1.53	)		(1.36	)		1.01			.89
Net increase (decrease) in net asset value from operations		1.56			.60			(1.34	)		(1.05	)		1.19			.92
Less: Dividends and Distributions
Dividends from net investment income		(.22	)		(.12	)		(.18	)		(.26	)		(.20	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.16	)		(.02	)		– 0	–
Total dividends and distributions		(.22	)		(.12	)		(.49	)		(.42	)		(.22	)		– 0	–
Net asset value, end of period		$  10.41			$  9.07			$  8.59			$  10.42			$  11.89			$  10.92
Total Return
Total investment return based on net asset value(c)		17.27	%		7.02	%		(11.93	)%		(9.16	)%		10.95	%		9.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,331			$2,016			$1,873			$2,420			$2,247			$899
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.59	%(e)(f)		1.61	%(f)		1.60	%		1.60	%		1.69	%		1.83	%
Expenses, before waivers/reimbursements(d)		1.92	%(e)(f)		1.93	%(f)		2.02	%		1.86	%		2.35	%		8.39	%
Net investment income(b)		3.61	%(e)(f)		.96	%(f)		2.48	%		2.77	%		1.50	%		.28	%
Portfolio turnover rate		7	%		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 161

Financial Highlights

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

	2010 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.21			$  8.71			$  10.59			$  12.06			$  11.02			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.23			.19			.26			.43			.29			.19
Net realized and unrealized gain (loss) on investment transactions		1.40			.52			(1.55	)		(1.38	)		1.04			.83
Net increase (decrease) in net asset value from operations		1.63			.71			(1.29	)		(.95	)		1.33			1.02
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.21	)		(.28	)		(.36	)		(.27	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.16	)		(.02	)		– 0	–
Total dividends and distributions		(.32	)		(.21	)		(.59	)		(.52	)		(.29	)		– 0	–
Net asset value, end of period		$  10.52			$  9.21			$  8.71			$  10.59			$  12.06			$  11.02
Total Return
Total investment return based on net asset value(c)		17.87	%		8.11	%		(11.04	)%		(8.25	)%		12.12	%		10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,484			$13,461			$12,735			$13,164			$710			$272
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.59	%(e)(f)		.61	%(f)		.60	%		.60	%		.69	%		.83	%
Expenses, before waivers/reimbursements(d)		.88	%(e)(f)		.90	%(f)		1.00	%		.85	%		1.36	%		9.17	%
Net investment income(b)		4.58	%(e)(f)		2.00	%(f)		3.31	%		3.59	%		2.44	%		1.93	%
Portfolio turnover rate		7	%		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 229.

162 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.14			$  8.65			$  10.50			$  11.98			$  10.98			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.20			.14			.21			.34			.11			.09
Net realized and unrealized gain (loss) on investment transactions		1.39			.52			(1.52	)		(1.34	)		1.14			.89
Net increase (decrease) in net asset value from operations		1.59			.66			(1.31	)		(1.00	)		1.25			.98
Less: Dividends and Distributions
Dividends from net investment income		(.26	)		(.17	)		(.23	)		(.32	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.16	)		(.02	)		– 0	–
Total dividends and distributions		(.26	)		(.17	)		(.54	)		(.48	)		(.25	)		– 0	–
Net asset value, end of period		$  10.47			$  9.14			$  8.65			$  10.50			$  11.98			$  10.98
Total Return
Total investment return based on net asset value(c)		17.52	%		7.57	%		(11.50	)%		(8.70	)%		11.47	%		9.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,813			$15,197			$14,210			$11,039			$5,428			$142
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.09	%(e)(f)		1.11	%(f)		1.10	%		1.10	%		1.15	%		1.33	%
Expenses, before waivers/reimbursements(d)		1.48	%(e)(f)		1.52	%(f)		1.57	%		1.54	%		1.87	%		11.87	%
Net investment income(b)		4.03	%(e)(f)		1.49	%(f)		2.68	%		2.99	%		.90	%		1.01	%
Portfolio turnover rate		7	%		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 163

Financial Highlights

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

	2010 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.18			$  8.69			$  10.54			$  12.01			$  11.00			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.23			.16			.23			.39			.18			.13
Net realized and unrealized gain (loss) on investment transactions		1.38			.52			(1.52	)		(1.37	)		1.11			.87
Net increase (decrease) in net asset value from operations		1.61			.68			(1.29	)		(.98	)		1.29			1.00
Less: Dividends and Distributions
Dividends from net investment income		(.29	)		(.19	)		(.25	)		(.33	)		(.26	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.16	)		(.02	)		– 0	–
Total dividends and distributions		(.29	)		(.19	)		(.56	)		(.49	)		(.28	)		– 0	–
Net asset value, end of period		$  10.50			$  9.18			$  8.69			$  10.54			$  12.01			$  11.00
Total Return
Total investment return based on net asset value(c)		17.73	%		7.77	%		(11.20	)%		(8.46	)%		11.80	%		10.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$73,876			$66,383			$62,515			$62,033			$37,059			$1,988
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.84	%(e)(f)		.86	%(f)		.85	%		.85	%		.93	%		1.08	%
Expenses, before waivers/reimbursements(d)		1.20	%(e)(f)		1.21	%(f)		1.25	%		1.24	%		1.59	%		7.99	%
Net investment income(b)		4.51	%(e)(f)		1.75	%(f)		2.96	%		3.36	%		1.75	%		1.28	%
Portfolio turnover rate		7	%		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 229.

164 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2010 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.21			$  8.71			$  10.59			$  12.05			$  11.03			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.23			.20			.26			.38			.18			.11
Net realized and unrealized gain (loss) on investment transactions		1.39			.51			(1.55	)		(1.33	)		1.14			.92
Net increase (decrease) in net asset value from operations		1.62			.71			(1.29	)		(.95	)		1.32			1.03
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.21	)		(.28	)		(.35	)		(.28	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.16	)		(.02	)		– 0	–
Total dividends and distributions		(.32	)		(.21	)		(.59	)		(.51	)		(.30	)		– 0	–
Net asset value, end of period		$  10.51			$  9.21			$  8.71			$  10.59			$  12.05			$  11.03
Total Return
Total investment return based on net asset value(c)		17.79	%		8.20	%		(11.10	)%		(8.18	)%		12.04	%		10.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$7,838			$6,966			$13,571			$17,024			$11,154			$181
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.59	%(e)(f)		.61	%(f)		.60	%		.60	%		.64	%		.83	%
Expenses, before waivers/reimbursements(d)		.87	%(e)(f)		.88	%(f)		.91	%		.90	%		1.29	%		13.40	%
Net investment income(b)		4.68	%(e)(f)		2.18	%(f)		3.39	%		3.28	%		1.56	%		1.21	%
Portfolio turnover rate		7	%		36	%		20	%		31	%		25	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 165

Financial Highlights

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

	2015 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.09			$  8.64			$  10.60			$  12.25			$  11.09			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.21			.15			.20			.37			.26			.11
Net realized and unrealized gain (loss) on investment transactions		1.56			.47			(1.66	)		(1.60	)		1.14			.98
Net increase (decrease) in net asset value from operations		1.77			.62			(1.46	)		(1.23	)		1.40			1.09
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.17	)		(.22	)		(.32	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.28	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.28	)		(.17	)		(.50	)		(.42	)		(.24	)		– 0	–
Net asset value, end of period		$  10.58			$  9.09			$  8.64			$  10.60			$  12.25			$  11.09
Total Return
Total investment return based on net asset value(c)		19.67	%		7.16	%		(12.80	)%		(10.35	)%		12.75	%		10.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$98,112			$90,837			$95,400			$91,231			$66,921			$8,277
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.94	%(e)(f)		.95	%(f)		.94	%		.94	%		1.02	%		1.13	%
Expenses, before waivers/reimbursements(d)		1.12	%(e)(f)		1.15	%(f)		1.18	%		1.10	%		1.42	%		8.93	%
Net investment income(b)		4.15	%(e)(f)		1.66	%(f)		2.69	%		3.21	%		2.12	%		1.12	%
Portfolio turnover rate		11	%		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 229.

166 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2015 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.00			$  8.56			$  10.49			$  12.14			$  11.02			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.17			.09			.16			.29			.18			.05
Net realized and unrealized gain (loss) on investment transactions		1.55			.46			(1.66	)		(1.59	)		1.13			.97
Net increase (decrease) in net asset value from operations		1.72			.55			(1.50	)		(1.30	)		1.31			1.02
Less: Dividends and Distributions
Dividends from net investment income		(.21	)		(.11	)		(.15	)		(.25	)		(.18	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.28	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.21	)		(.11	)		(.43	)		(.35	)		(.19	)		– 0	–
Net asset value, end of period		$  10.51			$  9.00			$  8.56			$  10.49			$  12.14			$  11.02
Total Return
Total investment return based on net asset value(c)		19.27	%		6.42	%		(13.46	)%		(11.00	)%		11.96	%		10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,359			$2,151			$2,416			$3,445			$3,487			$1,207
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.64	%(e)(f)		1.65	%(f)		1.64	%		1.64	%		1.72	%		1.83	%
Expenses, before waivers/reimbursements(d)		1.85	%(e)(f)		1.88	%(f)		1.92	%		1.81	%		2.12	%		10.01	%
Net investment income(b)		3.40	%(e)(f)		.93	%(f)		2.17	%		2.57	%		1.49	%		.48	%
Portfolio turnover rate		11	%		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 167

Financial Highlights

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

	2015 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.00			$  8.56			$  10.49			$  12.14			$  11.02			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.16			.08			.15			.30			.13			.07
Net realized and unrealized gain (loss) on investment transactions		1.56			.47			(1.65	)		(1.60	)		1.18			.95
Net increase (decrease) in net asset value from operations		1.72			.55			(1.50	)		(1.30	)		1.31			1.02
Less: Dividends and Distributions
Dividends from net investment income		(.21	)		(.11	)		(.15	)		(.25	)		(.18	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.28	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.21	)		(.11	)		(.43	)		(.35	)		(.19	)		– 0	–
Net asset value, end of period		$  10.51			$  9.00			$  8.56			$  10.49			$  12.14			$  11.02
Total Return
Total investment return based on net asset value(c)		19.27	%		6.42	%		(13.46	)%		(11.00	)%		11.96	%		10.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$4,353			$3,258			$2,912			$2,705			$2,356			$378
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.64	%(e)(f)		1.65	%(f)		1.64	%		1.64	%		1.70	%		1.83	%
Expenses, before waivers/reimbursements(d)		1.86	%(e)(f)		1.88	%(f)		1.92	%		1.81	%		2.05	%		10.90	%
Net investment income(b)		3.22	%(e)(f)		.91	%(f)		2.01	%		2.61	%		1.06	%		.68	%
Portfolio turnover rate		11	%		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 229.

168 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2015 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.15			$  8.69			$  10.67			$  12.32			$  11.13			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.21			.18			.23			.33			.28			.07
Net realized and unrealized gain (loss) on investment transactions		1.58			.48			(1.69	)		(1.53	)		1.17			1.06
Net increase (decrease) in net asset value from operations		1.79			.66			(1.46	)		(1.20	)		1.45			1.13
Less: Dividends and Distributions
Dividends from net investment income		(.31	)		(.20	)		(.24	)		(.35	)		(.25	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.28	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.31	)		(.20	)		(.52	)		(.45	)		(.26	)		– 0	–
Net asset value, end of period		$  10.63			$  9.15			$  8.69			$  10.67			$  12.32			$  11.13
Total Return
Total investment return based on net asset value(c)		19.78	%		7.53	%		(12.60	)%		(10.10	)%		13.11	%		11.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$13,878			$13,781			$12,387			$9,945			$726			$124
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.64	%(e)(f)		.65	%(f)		.64	%		.64	%		.69	%		.83	%
Expenses, before waivers/reimbursements(d)		.82	%(e)(f)		.85	%(f)		.88	%		.82	%		.99	%		24.93	%
Net investment income(b)		4.17	%(e)(f)		1.95	%(f)		2.96	%		2.87	%		2.15	%		.90	%
Portfolio turnover rate		11	%		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 169

Financial Highlights

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

	2015 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.06			$  8.61			$  10.56			$  12.22			$  11.07			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.19			.13			.18			.30			.14			.10
Net realized and unrealized gain (loss) on investment transactions		1.57			.47			(1.65	)		(1.55	)		1.24			.97
Net increase (decrease) in net asset value from operations		1.76			.60			(1.47	)		(1.25	)		1.38			1.07
Less: Dividends and Distributions
Dividends from net investment income		(.26	)		(.15	)		(.20	)		(.31	)		(.22	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.28	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.26	)		(.15	)		(.48	)		(.41	)		(.23	)		– 0	–
Net asset value, end of period		$  10.56			$  9.06			$  8.61			$  10.56			$  12.22			$  11.07
Total Return
Total investment return based on net asset value(c)		19.53	%		6.94	%		(13.00	)%		(10.59	)%		12.56	%		10.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$43,554			$37,765			$29,635			$24,178			$9,928			$410
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.14	%(e)(f)		1.15	%(f)		1.14	%		1.14	%		1.18	%		1.33	%
Expenses, before waivers/reimbursements(d)		1.47	%(e)(f)		1.48	%(f)		1.49	%		1.49	%		1.76	%		9.30	%
Net investment income(b)		3.88	%(e)(f)		1.38	%(f)		2.42	%		2.67	%		1.21	%		.98	%
Portfolio turnover rate		11	%		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 229.

170 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2015 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.12			$  8.66			$  10.61			$  12.26			$  11.10			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.21			.16			.21			.36			.17			.09
Net realized and unrealized gain (loss) on investment transactions		1.57			.47			(1.67	)		(1.59	)		1.23			1.01
Net increase (decrease) in net asset value from operations		1.78			.63			(1.46	)		(1.23	)		1.40			1.10
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.17	)		(.21	)		(.32	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.28	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.28	)		(.17	)		(.49	)		(.42	)		(.24	)		– 0	–
Net asset value, end of period		$  10.62			$  9.12			$  8.66			$  10.61			$  12.26			$  11.10
Total Return
Total investment return based on net asset value(c)		19.71	%		7.27	%		(12.79	)%		(10.35	)%		12.77	%		11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$127,039			$110,450			$101,850			$105,443			$63,056			$4,342
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.89	%(e)(f)		.90	%(f)		.89	%		.89	%		.95	%		1.08	%
Expenses, before waivers/reimbursements(d)		1.16	%(e)(f)		1.17	%(f)		1.19	%		1.18	%		1.38	%		8.55	%
Net investment income(b)		4.12	%(e)(f)		1.67	%(f)		2.75	%		3.15	%		1.55	%		.96	%
Portfolio turnover rate		11	%		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 171

Financial Highlights

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

	2015 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  9.14			$  8.69			$  10.66			$  12.31			$  11.13			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.23			.19			.24			.37			.18			.10
Net realized and unrealized gain (loss) on investment transactions		1.57			.46			(1.69	)		(1.57	)		1.26			1.03
Net increase (decrease) in net asset value from operations		1.80			.65			(1.45	)		(1.20	)		1.44			1.13
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.20	)		(.24	)		(.35	)		(.25	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.28	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.32	)		(.20	)		(.52	)		(.45	)		(.26	)		– 0	–
Net asset value, end of period		$  10.62			$  9.14			$  8.69			$  10.66			$  12.31			$  11.13
Total Return
Total investment return based on net asset value(c)		19.91	%		7.47	%		(12.53	)%		(10.12	)%		13.09	%		11.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$45,571			$32,261			$40,164			$47,753			$26,459			$308
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.64	%(e)(f)		.65	%(f)		.64	%		.64	%		.66	%		.83	%
Expenses, before waivers/reimbursements(d)		.81	%(e)(f)		.78	%(f)		.83	%		.84	%		1.07	%		11.87	%
Net investment income(b)		4.54	%(e)(f)		2.00	%(f)		3.13	%		3.24	%		1.46	%		1.10	%
Portfolio turnover rate		11	%		38	%		16	%		6	%		13	%		12	%

See footnote summary on page 229.

172 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.82			$  8.42			$  10.57			$  12.41			$  11.18			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.19			.14			.18			.35			.26			.09
Net realized and unrealized gain (loss) on investment transactions		1.70			.42			(1.83	)		(1.79	)		1.21			1.09
Net increase (decrease) in net asset value from operations		1.89			.56			(1.65	)		(1.44	)		1.47			1.18
Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.16	)		(.20	)		(.30	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.30	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.25	)		(.16	)		(.50	)		(.40	)		(.24	)		– 0	–
Net asset value, end of period		$  10.46			$  8.82			$  8.42			$  10.57			$  12.41			$  11.18
Total Return
Total investment return based on net asset value(c)		21.58	%		6.66	%		(14.62	)%		(11.97	)%		13.20	%		11.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$124,758			$108,557			$117,976			$109,315			$70,858			$9,573
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.98	%(e)(f)		.99	%(f)		.98	%		.98	%		1.06	%		1.18	%
Expenses, before waivers/reimbursements(d)		1.12	%(e)(f)		1.14	%(f)		1.18	%		1.09	%		1.41	%		8.52	%
Net investment income(b)		3.84	%(e)(f)		1.58	%(f)		2.41	%		3.02	%		2.02	%		.93	%
Portfolio turnover rate		9	%		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 173

Financial Highlights

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

	2020 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.72			$  8.34			$  10.45			$  12.29			$  11.10			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.15			.08			.13			.27			.16			.04
Net realized and unrealized gain (loss) on investment transactions		1.68			.41			(1.81	)		(1.78	)		1.21			1.06
Net increase (decrease) in net asset value from operations		1.83			.49			(1.68	)		(1.51	)		1.37			1.10
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.11	)		(.13	)		(.23	)		(.17	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.30	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.18	)		(.11	)		(.43	)		(.33	)		(.18	)		– 0	–
Net asset value, end of period		$  10.37			$  8.72			$  8.34			$  10.45			$  12.29			$  11.10
Total Return
Total investment return based on net asset value(c)		21.11	%		5.85	%		(15.19	)%		(12.60	)%		12.42	%		11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,284			$2,093			$2,404			$3,354			$3,029			$982
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.68	%(e)(f)		1.69	%(f)		1.68	%		1.68	%		1.76	%		1.88	%
Expenses, before waivers/reimbursements(d)		1.85	%(e)(f)		1.88	%(f)		1.92	%		1.81	%		2.10	%		9.59	%
Net investment income(b)		3.08	%(e)(f)		.91	%(f)		1.82	%		2.38	%		1.31	%		.41	%
Portfolio turnover rate		9	%		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 229.

174 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.73			$  8.35			$  10.46			$  12.29			$  11.10			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.15			.07			.13			.25			.13			.03
Net realized and unrealized gain (loss) on investment transactions		1.69			.42			(1.81	)		(1.75	)		1.24			1.07
Net increase (decrease) in net asset value from operations		1.84			.49			(1.68	)		(1.50	)		1.37			1.10
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.11	)		(.13	)		(.23	)		(.17	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.30	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.18	)		(.11	)		(.43	)		(.33	)		(.18	)		– 0	–
Net asset value, end of period		$  10.39			$  8.73			$  8.35			$  10.46			$  12.29			$  11.10
Total Return
Total investment return based on net asset value(c)		21.20	%		5.84	%		(15.18	)%		(12.52	)%		12.42	%		11.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,011			$5,196			$4,224			$4,089			$2,484			$585
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.68	%(e)(f)		1.69	%(f)		1.68	%		1.68	%		1.74	%		1.88	%
Expenses, before waivers/reimbursements(d)		1.86	%(e)(f)		1.87	%(f)		1.91	%		1.80	%		2.07	%		9.83	%
Net investment income(b)		3.16	%(e)(f)		.81	%(f)		1.78	%		2.18	%		1.09	%		.32	%
Portfolio turnover rate		9	%		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 175

Financial Highlights

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

	2020 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.88			$  8.48			$  10.64			$  12.48			$  11.21			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.19			.17			.20			.35			.25			.10
Net realized and unrealized gain (loss) on investment transactions		1.73			.42			(1.84	)		(1.77	)		1.27			1.11
Net increase (decrease) in net asset value from operations		1.92			.59			(1.64	)		(1.42	)		1.52			1.21
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.19	)		(.22	)		(.32	)		(.24	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.30	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.28	)		(.19	)		(.52	)		(.42	)		(.25	)		– 0	–
Net asset value, end of period		$  10.52			$  8.88			$  8.48			$  10.64			$  12.48			$  11.21
Total Return
Total investment return based on net asset value(c)		21.77	%		6.91	%		(14.33	)%		(11.72	)%		13.66	%		12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,134			$14,256			$11,243			$9,382			$1,769			$41
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.68	%(e)(f)		.69	%(f)		.68	%		.68	%		.71	%		.88	%
Expenses, before waivers/reimbursements(d)		.82	%(e)(f)		.84	%(f)		.88	%		.80	%		.98	%		29.32	%
Net investment income(b)		3.93	%(e)(f)		1.83	%(f)		2.69	%		3.01	%		1.94	%		1.14	%
Portfolio turnover rate		9	%		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 229.

176 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.79			$  8.40			$  10.52			$  12.37			$  11.16			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.17			.12			.16			.31			.08			.03
Net realized and unrealized gain (loss) on investment transactions		1.71			.42			(1.81	)		(1.77	)		1.37			1.13
Net increase (decrease) in net asset value from operations		1.88			.54			(1.65	)		(1.46	)		1.45			1.16
Less: Dividends and Distributions
Dividends from net investment income		(.23	)		(.15	)		(.17	)		(.29	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.30	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.23	)		(.15	)		(.47	)		(.39	)		(.24	)		– 0	–
Net asset value, end of period		$  10.44			$  8.79			$  8.40			$  10.52			$  12.37			$  11.16
Total Return
Total investment return based on net asset value(c)		21.51	%		6.35	%		(14.76	)%		(12.16	)%		13.05	%		11.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$56,134			$46,261			$36,531			$33,421			$15,551			$502
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.18	%(e)(f)		1.19	%(f)		1.18	%		1.18	%		1.21	%		1.38	%
Expenses, before waivers/reimbursements(d)		1.41	%(e)(f)		1.45	%(f)		1.48	%		1.46	%		1.77	%		9.73	%
Net investment income(b)		3.54	%(e)(f)		1.35	%(f)		2.17	%		2.73	%		.69	%		.28	%
Portfolio turnover rate		9	%		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 177

Financial Highlights

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

	2020 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.85			$  8.45			$  10.59			$  12.43			$  11.18			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.19			.14			.18			.35			.15			.09
Net realized and unrealized gain (loss) on investment transactions		1.71			.43			(1.83	)		(1.79	)		1.33			1.09
Net increase (decrease) in net asset value from operations		1.90			.57			(1.65	)		(1.44	)		1.48			1.18
Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.17	)		(.19	)		(.30	)		(.22	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.30	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.25	)		(.17	)		(.49	)		(.40	)		(.23	)		– 0	–
Net asset value, end of period		$  10.50			$  8.85			$  8.45			$  10.59			$  12.43			$  11.18
Total Return
Total investment return based on net asset value(c)		21.68	%		6.68	%		(14.58	)%		(11.94	)%		13.36	%		11.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$203,395			$175,828			$148,184			$137,794			$69,380			$4,303
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.93	%(e)(f)		.94	%(f)		.93	%		.93	%		.99	%		1.13	%
Expenses, before waivers/reimbursements(d)		1.11	%(e)(f)		1.15	%(f)		1.16	%		1.16	%		1.40	%		7.64	%
Net investment income(b)		3.93	%(e)(f)		1.59	%(f)		2.43	%		2.98	%		1.41	%		.96	%
Portfolio turnover rate		9	%		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 229.

178 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2020 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.87			$  8.48			$  10.63			$  12.47			$  11.21			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.18			.20			.39			.19			.09
Net realized and unrealized gain (loss) on investment transactions		1.74			.40			(1.83	)		(1.81	)		1.32			1.12
Net increase (decrease) in net asset value from operations		1.92			.58			(1.63	)		(1.42	)		1.51			1.21
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.19	)		(.22	)		(.32	)		(.24	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.30	)		(.10	)		(.01	)		– 0	–
Total dividends and distributions		(.28	)		(.19	)		(.52	)		(.42	)		(.25	)		– 0	–
Net asset value, end of period		$  10.51			$  8.87			$  8.48			$  10.63			$  12.47			$  11.21
Total Return
Total investment return based on net asset value(c)		21.83	%		6.85	%		(14.31	)%		(11.76	)%		13.61	%		12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$29,226			$21,749			$32,190			$33,966			$29,077			$1,127
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.68	%(e)(f)		.69	%(f)		.68	%		.68	%		.70	%		.88	%
Expenses, before waivers/reimbursements(d)		.78	%(e)(f)		.81	%(f)		.84	%		.83	%		1.08	%		8.67	%
Net investment income(b)		3.58	%(e)(f)		1.96	%(f)		2.74	%		3.34	%		1.46	%		.98	%
Portfolio turnover rate		9	%		38	%		8	%		4	%		16	%		5	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 179

Financial Highlights

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

	2025 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.78			$  8.45			$  10.79			$  12.82			$  11.44			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.14			.16			.33			.25			.08
Net realized and unrealized gain (loss) on investment transactions		1.88			.34			(2.01	)		(1.96	)		1.37			1.36
Net increase (decrease) in net asset value from operations		2.06			.48			(1.85	)		(1.63	)		1.62			1.44
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.15	)		(.17	)		(.29	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.32	)		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.24	)		(.15	)		(.49	)		(.40	)		(.24	)		– 0	–
Net asset value, end of period		$  10.60			$  8.78			$  8.45			$  10.79			$  12.82			$  11.44
Total Return
Total investment return based on net asset value(c)		23.63	%		5.69	%		(16.07	)%		(13.13	)%		14.22	%		14.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$122,861			$109,018			$107,068			$102,304			$78,182			$7,332
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.00	%(e)(f)		1.01	%(f)		1.00	%		1.00	%		1.08	%		1.18	%
Expenses, before waivers/reimbursements(d)		1.15	%(e)(f)		1.21	%(f)		1.29	%		1.17	%		1.41	%		8.73	%
Net investment income(b)		3.57	%(e)(f)		1.52	%(f)		2.13	%		2.81	%		1.92	%		.79	%
Portfolio turnover rate		8	%		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 229.

180 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2025 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.66			$  8.35			$  10.65			$  12.67			$  11.35			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.14			.08			.11			.26			.15			.01
Net realized and unrealized gain (loss) on investment transactions		1.88			.33			(1.99	)		(1.95	)		1.36			1.34
Net increase (decrease) in net asset value from operations		2.02			.41			(1.88	)		(1.69	)		1.51			1.35
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.10	)		(.10	)		(.22	)		(.18	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.32	)		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.18	)		(.10	)		(.42	)		(.33	)		(.19	)		– 0	–
Net asset value, end of period		$  10.50			$  8.66			$  8.35			$  10.65			$  12.67			$  11.35
Total Return
Total investment return based on net asset value(c)		23.40	%		4.86	%		(16.69	)%		(13.66	)%		13.36	%		13.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,505			$1,239			$1,403			$1,795			$1,596			$525
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.70	%(e)(f)		1.71	%(f)		1.70	%		1.70	%		1.78	%		1.88	%
Expenses, before waivers/reimbursements(d)		1.89	%(e)(f)		1.96	%(f)		2.05	%		1.90	%		2.10	%		10.10	%
Net investment income(b)		2.91	%(e)(f)		.83	%(f)		1.52	%		2.16	%		1.17	%		.06	%
Portfolio turnover rate		8	%		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 181

Financial Highlights

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

	2025 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.67			$  8.36			$  10.65			$  12.69			$  11.36			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.14			.07			.10			.24			.12			.00	(h)
Net realized and unrealized gain (loss) on investment transactions		1.88			.34			(1.97	)		(1.95	)		1.40			1.36
Net increase (decrease) in net asset value from operations		2.02			.41			(1.87	)		(1.71	)		1.52			1.36
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.10	)		(.10	)		(.22	)		(.18	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.32	)		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.18	)		(.10	)		(.42	)		(.33	)		(.19	)		– 0	–
Net asset value, end of period		$  10.51			$  8.67			$  8.36			$  10.65			$  12.69			$  11.36
Total Return
Total investment return based on net asset value(c)		23.37	%		4.85	%		(16.60	)%		(13.80	)%		13.44	%		13.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$4,428			$3,367			$2,937			$2,835			$1,821			$386
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.70	%(e)(f)		1.71	%(f)		1.70	%		1.70	%		1.76	%		1.88	%
Expenses, before waivers/reimbursements(d)		1.90	%(e)(f)		1.94	%(f)		2.03	%		1.89	%		2.09	%		9.47	%
Net investment income(b)		2.82	%(e)(f)		.80	%(f)		1.42	%		2.00	%		.95	%		.04	%
Portfolio turnover rate		8	%		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 229.

182 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2025 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.83			$  8.49			$  10.85			$  12.88			$  11.47			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.16			.18			.29			.27			.12
Net realized and unrealized gain (loss) on investment transactions		1.91			.36			(2.02	)		(1.90	)		1.39			1.35
Net increase (decrease) in net asset value from operations		2.09			.52			(1.84	)		(1.61	)		1.66			1.47
Less: Dividends and Distributions
Dividends from net investment income		(.27	)		(.18	)		(.20	)		(.31	)		(.24	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.32	)		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.27	)		(.18	)		(.52	)		(.42	)		(.25	)		– 0	–
Net asset value, end of period		$  10.65			$  8.83			$  8.49			$  10.85			$  12.88			$  11.47
Total Return
Total investment return based on net asset value(c)		23.85	%		6.05	%		(15.87	)%		(12.87	)%		14.55	%		14.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,391			$11,879			$9,659			$6,660			$684			$236
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.70	%(e)(f)		.71	%(f)		.70	%		.70	%		.77	%		.88	%
Expenses, before waivers/reimbursements(d)		.85	%(e)(f)		.91	%(f)		.99	%		.90	%		1.09	%		9.42	%
Net investment income(b)		3.54	%(e)(f)		1.79	%(f)		2.40	%		2.51	%		2.12	%		1.09	%
Portfolio turnover rate		8	%		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 183

Financial Highlights

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

	2025 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.76			$  8.44			$  10.77			$  12.81			$  11.41			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.16			.12			.14			.27			.07			.07
Net realized and unrealized gain (loss) on investment transactions		1.89			.34			(2.00	)		(1.93	)		1.53			1.34
Net increase (decrease) in net asset value from operations		2.05			.46			(1.86	)		(1.66	)		1.60			1.41
Less: Dividends and Distributions
Dividends from net investment income		(.21	)		(.14	)		(.15	)		(.27	)		(.19	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.32	)		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.21	)		(.14	)		(.47	)		(.38	)		(.20	)		– 0	–
Net asset value, end of period		$  10.60			$  8.76			$  8.44			$  10.77			$  12.81			$  11.41
Total Return
Total investment return based on net asset value(c)		23.60	%		5.41	%		(16.25	)%		(13.30	)%		14.07	%		14.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$52,246			$43,554			$32,469			$24,582			$10,812			$478
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.20	%(e)(f)		1.21	%(f)		1.20	%		1.20	%		1.23	%		1.38	%
Expenses, before waivers/reimbursements(d)		1.48	%(e)(f)		1.53	%(f)		1.55	%		1.53	%		1.76	%		7.73	%
Net investment income(b)		3.28	%(e)(f)		1.29	%(f)		1.89	%		2.35	%		.57	%		.69	%
Portfolio turnover rate		8	%		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 229.

184 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2025 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.80			$  8.47			$  10.81			$  12.83			$  11.44			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.14			.17			.33			.17			.10
Net realized and unrealized gain (loss) on investment transactions		1.90			.35			(2.02	)		(1.95	)		1.45			1.34
Net increase (decrease) in net asset value from operations		2.08			.49			(1.85	)		(1.62	)		1.62			1.44
Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.16	)		(.17	)		(.29	)		(.22	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.32	)		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.25	)		(.16	)		(.49	)		(.40	)		(.23	)		– 0	–
Net asset value, end of period		$  10.63			$  8.80			$  8.47			$  10.81			$  12.83			$  11.44
Total Return
Total investment return based on net asset value(c)		23.77	%		5.72	%		(16.10	)%		(13.02	)%		14.22	%		14.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$151,416			$120,931			$110,551			$111,995			$60,216			$6,981
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.95	%(e)(f)		.96	%(f)		.95	%		.95	%		1.01	%		1.13	%
Expenses, before waivers/reimbursements(d)		1.14	%(e)(f)		1.22	%(f)		1.24	%		1.24	%		1.41	%		6.67	%
Net investment income(b)		3.60	%(e)(f)		1.56	%(f)		2.24	%		2.79	%		1.44	%		.96	%
Portfolio turnover rate		8	%		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 185

Financial Highlights

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

	2025 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$8.83			$8.50			$10.85			$12.88			$11.47			$10.00
Income From Investment Operations
Net investment income(a)(b)		.18			.18			.18			.38			.17			.07
Net realized and unrealized gain (loss) on investment transactions		1.91			.33			(2.02	)		(1.99	)		1.49			1.40
Net increase (decrease) in net asset value from operations		2.09			.51			(1.84	)		(1.61	)		1.66			1.47
Less: Dividends and Distributions
Dividends from net investment income		(.27	)		(.18	)		(.19	)		(.31	)		(.24	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.32	)		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.27	)		(.18	)		(.51	)		(.42	)		(.25	)		– 0	–
Net asset value, end of period		$10.65			$8.83			$8.50			$10.85			$12.88			$11.47
Total Return
Total investment return based on net asset value(c)		23.85	%		5.98	%		(15.78	)%		(12.88	)%		14.60	%		14.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,333			$17,678			$24,725			$24,079			$19,306			$639
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.70	%(e)(f)		.71	%(f)		.70	%		.70	%		.72	%		.88	%
Expenses, before waivers/reimbursements(d)		.84	%(e)(f)		.89	%(f)		.92	%		.90	%		1.08	%		7.62	%
Net investment income(b)		3.65	%(e)(f)		1.91	%(f)		2.45	%		3.15	%		1.27	%		.79	%
Portfolio turnover rate		8	%		34	%		9	%		3	%		11	%		6	%

See footnote summary on page 229.

186 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.59			$  8.35			$  10.69			$  12.70			$  11.24			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.14			.12			.14			.30			.19			.03
Net realized and unrealized gain (loss) on investment transactions		2.02			.25			(2.05	)		(2.00	)		1.50			1.21
Net increase (decrease) in net asset value from operations		2.16			.37			(1.91	)		(1.70	)		1.69			1.24
Less: Dividends and Distributions
Dividends from net investment income		(.20	)		(.13	)		(.14	)		(.24	)		(.21	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.29	)		(.07	)		(.02	)		– 0	–
Total dividends and distributions		(.20	)		(.13	)		(.43	)		(.31	)		(.23	)		– 0	–
Net asset value, end of period		$  10.55			$  8.59			$  8.35			$  10.69			$  12.70			$  11.24
Total Return
Total investment return based on net asset value(c)		25.26	%		4.42	%		(16.91	)%		(13.67	)%		15.08	%		12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$103,206			$88,919			$89,797			$73,959			$47,575			$4,240
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.02	%(e)(f)		1.03	%(f)		1.02	%		1.02	%		1.09	%		1.19	%(g)
Expenses, before waivers/reimbursements(d)		1.24	%(e)(f)		1.25	%(f)		1.33	%		1.23	%		1.72	%		13.11	%(g)
Net investment income(b)		2.95	%(e)(f)		1.31	%(f)		1.88	%		2.53	%		1.54	%		.35	%
Portfolio turnover rate		7	%		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 187

Financial Highlights

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

	2030 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.47			$  8.25			$  10.55			$  12.56			$  11.14			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.11			.06			.09			.22			.11			(.01	)
Net realized and unrealized gain (loss) on investment transactions		1.99			.24			(2.02	)		(1.98	)		1.49			1.15
Net increase (decrease) in net asset value from operations		2.10			.30			(1.93	)		(1.76	)		1.60			1.14
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.08	)		(.08	)		(.18	)		(.16	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.29	)		(.07	)		(.02	)		– 0	–
Total dividends and distributions		(.13	)		(.08	)		(.37	)		(.25	)		(.18	)		– 0	–
Net asset value, end of period		$  10.44			$  8.47			$  8.25			$  10.55			$  12.56			$  11.14
Total Return
Total investment return based on net asset value(c)		24.85	%		3.65	%		(17.49	)%		(14.29	)%		14.35	%		11.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,364			$1,145			$1,433			$1,944			$1,580			$374
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.72	%(e)(f)		1.73	%(f)		1.72	%		1.72	%		1.78	%		1.89	%(g)
Expenses, before waivers/reimbursements(d)		1.99	%(e)(f)		2.00	%(f)		2.09	%		1.96	%		2.38	%		16.08	%(g)
Net investment income (loss)(b)		2.21	%(e)(f)		.63	%(f)		1.27	%		1.87	%		.89	%		(.14	)%
Portfolio turnover rate		7	%		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 229.

188 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.47			$  8.25			$  10.56			$  12.58			$  11.15			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.11			.05			.08			.20			.03			(.03	)
Net realized and unrealized gain (loss) on investment transactions		1.99			.25			(2.02	)		(1.97	)		1.58			1.18
Net increase (decrease) in net asset value from operations		2.10			.30			(1.94	)		(1.77	)		1.61			1.15
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.08	)		(.08	)		(.18	)		(.16	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.29	)		(.07	)		(.02	)		– 0	–
Total dividends and distributions		(.13	)		(.08	)		(.37	)		(.25	)		(.18	)		– 0	–
Net asset value, end of period		$  10.44			$  8.47			$  8.25			$  10.56			$  12.58			$  11.15
Total Return
Total investment return based on net asset value(c)		24.85	%		3.65	%		(17.57	)%		(14.34	)%		14.42	%		11.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$5,510			$4,475			$4,270			$3,480			$2,217			$230
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.72	%(e)(f)		1.73	%(f)		1.72	%		1.72	%		1.76	%		1.89	%(g)
Expenses, before waivers/reimbursements(d)		1.99	%(e)(f)		1.99	%(f)		2.07	%		1.95	%		2.26	%		15.16	%(g)
Net investment income (loss)(b)		2.28	%(e)(f)		.60	%(f)		1.14	%		1.72	%		.26	%		(.26	)%
Portfolio turnover rate		7	%		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 189

Financial Highlights

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

	2030 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.64			$  8.40			$  10.76			$  12.76			$  11.26			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.14			.14			.16			.24			.27			.09
Net realized and unrealized gain (loss) on investment transactions		2.04			.26			(2.06	)		(1.90	)		1.47			1.17
Net increase (decrease) in net asset value from operations		2.18			.40			(1.90	)		(1.66	)		1.74			1.26
Less: Dividends and Distributions
Dividends from net investment income		(.22	)		(.16	)		(.17	)		(.27	)		(.22	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.29	)		(.07	)		(.02	)		– 0	–
Total dividends and distributions		(.22	)		(.16	)		(.46	)		(.34	)		(.24	)		– 0	–
Net asset value, end of period		$  10.60			$  8.64			$  8.40			$  10.76			$  12.76			$  11.26
Total Return
Total investment return based on net asset value(c)		25.46	%		4.68	%		(16.71	)%		(13.36	)%		15.53	%		12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,116			$10,226			$7,365			$5,209			$480			$31
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.72	%(e)(f)		.73	%(f)		.72	%		.72	%		.80	%		.89	%(g)
Expenses, before waivers/reimbursements(d)		.94	%(e)(f)		.96	%(f)		1.03	%		.94	%		1.48	%		22.50	%(g)
Net investment income(b)		2.90	%(e)(f)		1.56	%(f)		2.16	%		2.10	%		2.06	%		.88	%
Portfolio turnover rate		7	%		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 229.

190 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.57			$  8.33			$  10.66			$  12.69			$  11.24			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.13			.10			.12			.26			.06			(.01	)
Net realized and unrealized gain (loss) on investment transactions		2.01			.26			(2.04	)		(1.98	)		1.61			1.25
Net increase (decrease) in net asset value from operations		2.14			.36			(1.92	)		(1.72	)		1.67			1.24
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.12	)		(.12	)		(.24	)		(.20	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.29	)		(.07	)		(.02	)		– 0	–
Total dividends and distributions		(.18	)		(.12	)		(.41	)		(.31	)		(.22	)		– 0	–
Net asset value, end of period		$  10.53			$  8.57			$  8.33			$  10.66			$  12.69			$  11.24
Total Return
Total investment return based on net asset value(c)		25.12	%		4.23	%		(17.15	)%		(13.87	)%		14.88	%		12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$47,716			$37,223			$32,551			$26,546			$9,026			$636
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.22	%(e)(f)		1.23	%(f)		1.22	%		1.22	%		1.26	%		1.39	%(g)
Expenses, before waivers/reimbursements(d)		1.50	%(e)(f)		1.53	%(f)		1.58	%		1.57	%		2.00	%		13.25	%(g)
Net investment income (loss)(b)		2.69	%(e)(f)		1.08	%(f)		1.64	%		2.19	%		.54	%		(.10	)%
Portfolio turnover rate		7	%		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 191

Financial Highlights

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

	2030 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.60			$  8.36			$  10.70			$  12.71			$  11.24			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.15			.12			.14			.29			.12			.04
Net realized and unrealized gain (loss) on investment transactions		2.01			.26			(2.05	)		(1.98	)		1.59			1.20
Net increase (decrease) in net asset value from operations		2.16			.38			(1.91	)		(1.69	)		1.71			1.24
Less: Dividends and Distributions
Dividends from net investment income		(.21	)		(.14	)		(.14	)		(.25	)		(.22	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.29	)		(.07	)		(.02	)		– 0	–
Total dividends and distributions		(.21	)		(.14	)		(.43	)		(.32	)		(.24	)		– 0	–
Net asset value, end of period		$  10.55			$  8.60			$  8.36			$  10.70			$  12.71			$  11.24
Total Return
Total investment return based on net asset value(c)		25.23	%		4.51	%		(16.97	)%		(13.64	)%		15.24	%		12.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$139,100			$114,731			$100,789			$88,751			$42,433			$2,800
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.97	%(e)(f)		.98	%(f)		.97	%		.97	%		1.02	%		1.14	%(g)
Expenses, before waivers/reimbursements(d)		1.20	%(e)(f)		1.22	%(f)		1.27	%		1.28	%		1.60	%		10.94	%(g)
Net investment income(b)		3.00	%(e)(f)		1.34	%(f)		1.93	%		2.47	%		1.07	%		.43	%
Portfolio turnover rate		7	%		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 229.

192 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2030 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.62			$  8.38			$  10.74			$  12.75			$  11.26			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.15			.15			.16			.32			.14			.09
Net realized and unrealized gain (loss) on investment transactions		2.03			.26			(2.06	)		(1.99	)		1.60			1.17
Net increase (decrease) in net asset value from operations		2.18			.41			(1.90	)		(1.67	)		1.74			1.26
Less: Dividends and Distributions
Dividends from net investment income		(.23	)		(.17	)		(.17	)		(.27	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.29	)		(.07	)		(.02	)		– 0	–
Total dividends and distributions		(.23	)		(.17	)		(.46	)		(.34	)		(.25	)		– 0	–
Net asset value, end of period		$  10.57			$  8.62			$  8.38			$  10.74			$  12.75			$  11.26
Total Return
Total investment return based on net asset value(c)		25.46	%		4.78	%		(16.75	)%		(13.46	)%		15.54	%		12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,562			$13,897			$17,822			$16,718			$13,213			$755
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.72	%(e)(f)		.73	%(f)		.72	%		.72	%		.75	%		.89	%(g)
Expenses, before waivers/reimbursements(d)		.89	%(e)(f)		.90	%(f)		.94	%		.95	%		1.26	%		14.42	%(g)
Net investment income(b)		3.12	%(e)(f)		1.67	%(f)		2.19	%		2.72	%		1.08	%		.88	%
Portfolio turnover rate		7	%		30	%		6	%		4	%		6	%		7	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 193

Financial Highlights

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

	2035 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.47			$  8.31			$  10.71			$  12.78			$  11.30			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.12			.09			.11			.27			.19			.03
Net realized and unrealized gain (loss) on investment transactions		2.10			.18			(2.11	)		(2.02	)		1.50			1.27
Net increase (decrease) in net asset value from operations		2.22			.27			(2.00	)		(1.75	)		1.69			1.30
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.08	)		(.12	)		(.24	)		(.20	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.28	)		(.08	)		(.01	)		– 0	–
Total dividends and distributions		(.15	)		(.11	)		(.40	)		(.32	)		(.21	)		– 0	–
Net asset value, end of period		$  10.54			$  8.47			$  8.31			$  10.71			$  12.78			$  11.30
Total Return
Total investment return based on net asset value(c)		26.36	%		3.14	%		(17.83	)%		(14.02	)%		15.09	%		13.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$69,462			$62,369			$63,738			$52,620			$34,491			$3,290
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.03	%(e)(f)		1.04	%(f)		1.02	%		1.02	%		1.09	%		1.20	%(g)
Expenses, before waivers/reimbursements(d)		1.31	%(e)(f)		1.33	%(f)		1.43	%		1.36	%		1.96	%		17.78	%(g)
Net investment income(b)		2.42	%(e)(f)		.96	%(f)		1.57	%		2.31	%		1.48	%		.35	%
Portfolio turnover rate		9	%		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 229.

194 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2035 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.37			$  8.23			$  10.59			$  12.65			$  11.22			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.08			.02			.07			.19			.10			(.05	)
Net realized and unrealized gain (loss) on investment transactions		2.10			.17			(2.09	)		(2.01	)		1.49			1.27
Net increase (decrease) in net asset value from operations		2.18			.19			(2.02	)		(1.82	)		1.59			1.22
Less: Dividends and Distributions
Dividends from net investment income		(.09	)		(.02	)		(.06	)		(.16	)		(.15	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.28	)		(.08	)		(.01	)		– 0	–
Total dividends and distributions		(.09	)		(.05	)		(.34	)		(.24	)		(.16	)		– 0	–
Net asset value, end of period		$  10.46			$  8.37			$  8.23			$  10.59			$  12.65			$  11.22
Total Return
Total investment return based on net asset value(c)		26.09	%		2.33	%		(18.42	)%		(14.64	)%		14.27	%		12.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$950			$822			$960			$1,296			$1,051			$350
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.73	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.78	%		1.90	%(g)
Expenses, before waivers/reimbursements(d)		2.06	%(e)(f)		2.07	%(f)		2.19	%		2.08	%		2.65	%		20.23	%(g)
Net investment income (loss)(b)		1.69	%(e)(f)		.27	%(f)		.99	%		1.58	%		.79	%		(.47	)%
Portfolio turnover rate		9	%		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 195

Financial Highlights

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

	2035 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.38			$  8.23			$  10.59			$  12.65			$  11.21			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.08			.02			.06			.17			.08			(.04	)
Net realized and unrealized gain (loss) on investment transactions		2.09			.18			(2.08	)		(1.99	)		1.52			1.25
Net increase (decrease) in net asset value from operations		2.17			.20			(2.02	)		(1.82	)		1.60			1.21
Less: Dividends and Distributions
Dividends from net investment income		(.09	)		(.02	)		(.06	)		(.16	)		(.15	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.28	)		(.08	)		(.01	)		– 0	–
Total dividends and distributions		(.09	)		(.05	)		(.34	)		(.24	)		(.16	)		– 0	–
Net asset value, end of period		$  10.46			$  8.38			$  8.23			$  10.59			$  12.65			$  11.21
Total Return
Total investment return based on net asset value(c)		25.94	%		2.45	%		(18.42	)%		(14.64	)%		14.37	%		12.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,370			$2,684			$2,158			$1,984			$1,196			$398
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.73	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.78	%		1.90	%(g)
Expenses, before waivers/reimbursements(d)		2.07	%(e)(f)		2.07	%(f)		2.17	%		2.08	%		2.63	%		19.62	%(g)
Net investment income (loss)(b)		1.73	%(e)(f)		.21	%(f)		.90	%		1.48	%		.61	%		(.38	)%
Portfolio turnover rate		9	%		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 229.

196 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2035 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.52			$  8.35			$  10.77			$  12.84			$  11.32			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.12			.11			.13			.26			.22			.05
Net realized and unrealized gain (loss) on investment transactions		2.13			.19			(2.13	)		(1.98	)		1.52			1.27
Net increase (decrease) in net asset value from operations		2.25			.30			(2.00	)		(1.72	)		1.74			1.32
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.10	)		(.14	)		(.27	)		(.21	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.28	)		(.08	)		(.01	)		– 0	–
Total dividends and distributions		(.18	)		(.13	)		(.42	)		(.35	)		(.22	)		– 0	–
Net asset value, end of period		$  10.59			$  8.52			$  8.35			$  10.77			$  12.84			$  11.32
Total Return
Total investment return based on net asset value(c)		26.58	%		3.50	%		(17.65	)%		(13.77	)%		15.54	%		13.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$7,028			$7,819			$5,872			$3,410			$942			$228
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.73	%(e)(f)		.74	%(f)		.72	%		.72	%		.78	%		.90	%(g)
Expenses, before waivers/reimbursements(d)		1.02	%(e)(f)		1.03	%(f)		1.13	%		1.08	%		1.63	%		19.84	%(g)
Net investment income(b)		2.44	%(e)(f)		1.23	%(f)		1.82	%		2.21	%		1.68	%		.54	%
Portfolio turnover rate		9	%		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 197

Financial Highlights

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

	2035 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.41			$  8.25			$  10.64			$  12.72			$  11.26			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.10			.06			.10			.19			.07			(.02	)
Net realized and unrealized gain (loss) on investment transactions		2.10			.19			(2.10	)		(1.96	)		1.59			1.28
Net increase (decrease) in net asset value from operations		2.20			.25			(2.00	)		(1.77	)		1.66			1.26
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.06	)		(.11	)		(.23	)		(.19	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.28	)		(.08	)		(.01	)		– 0	–
Total dividends and distributions		(.14	)		(.09	)		(.39	)		(.31	)		(.20	)		– 0	–
Net asset value, end of period		$  10.47			$  8.41			$  8.25			$  10.64			$  12.72			$  11.26
Total Return
Total investment return based on net asset value(c)		26.29	%		2.98	%		(18.00	)%		(14.23	)%		14.86	%		12.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$33,000			$24,873			$21,675			$15,155			$4,446			$587
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.23	%(e)(f)		1.24	%(f)		1.22	%		1.22	%		1.27	%		1.40	%(g)
Expenses, before waivers/reimbursements(d)		1.56	%(e)(f)		1.60	%(f)		1.65	%		1.67	%		2.27	%		17.88	%(g)
Net investment income (loss)(b)		2.17	%(e)(f)		.73	%(f)		1.36	%		1.71	%		.56	%		(.25	)%
Portfolio turnover rate		9	%		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 229.

198 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2035 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.47			$  8.32			$  10.70			$  12.78			$  11.30			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.12			.09			.12			.27			.09			.03
Net realized and unrealized gain (loss) on investment transactions		2.11			.17			(2.10	)		(2.02	)		1.61			1.27
Net increase (decrease) in net asset value from operations		2.23			.26			(1.98	)		(1.75	)		1.70			1.30
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.08	)		(.12	)		(.25	)		(.21	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.28	)		(.08	)		(.01	)		– 0	–
Total dividends and distributions		(.17	)		(.11	)		(.40	)		(.33	)		(.22	)		– 0	–
Net asset value, end of period		$  10.53			$  8.47			$  8.32			$  10.70			$  12.78			$  11.30
Total Return
Total investment return based on net asset value(c)		26.44	%		3.07	%		(17.68	)%		(14.03	)%		15.16	%		13.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$95,517			$72,858			$64,028			$59,621			$27,908			$1,511
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.98	%(e)(f)		.99	%(f)		.97	%		.97	%		1.02	%		1.15	%(g)
Expenses, before waivers/reimbursements(d)		1.25	%(e)(f)		1.29	%(f)		1.35	%		1.37	%		1.75	%		18.95	%(g)
Net investment income(b)		2.45	%(e)(f)		.99	%(f)		1.65	%		2.29	%		.86	%		.28	%
Portfolio turnover rate		9	%		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 199

Financial Highlights

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

	2035 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.50			$  8.34			$  10.75			$  12.83			$  11.32			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.13			.12			.14			.32			.11			.05
Net realized and unrealized gain (loss) on investment transactions		2.12			.18			(2.12	)		(2.05	)		1.64			1.27
Net increase (decrease) in net asset value from operations		2.25			.30			(1.98	)		(1.73	)		1.75			1.32
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.11	)		(.15	)		(.27	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.28	)		(.08	)		(.01	)		– 0	–
Total dividends and distributions		(.19	)		(.14	)		(.43	)		(.35	)		(.24	)		– 0	–
Net asset value, end of period		$  10.56			$  8.50			$  8.34			$  10.75			$  12.83			$  11.32
Total Return
Total investment return based on net asset value(c)		26.64	%		3.48	%		(17.57	)%		(13.83	)%		15.56	%		13.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,220			$9,598			$13,469			$11,536			$8,530			$539
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.73	%(e)(f)		.74	%(f)		.72	%		.72	%		.74	%		.90	%(g)
Expenses, before waivers/reimbursements(d)		.95	%(e)(f)		.96	%(f)		1.02	%		1.03	%		1.43	%		16.65	%(g)
Net investment income(b)		2.64	%(e)(f)		1.32	%(f)		1.88	%		2.62	%		.81	%		.54	%
Portfolio turnover rate		9	%		28	%		4	%		4	%		5	%		10	%

See footnote summary on page 229.

200 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.62			$  8.49			$  10.86			$  12.89			$  11.38			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.11			.09			.12			.25			.17			.02
Net realized and unrealized gain (loss) on investment transactions		2.20			.14			(2.12	)		(2.00	)		1.57			1.36
Net increase (decrease) in net asset value from operations		2.31			.23			(2.00	)		(1.75	)		1.74			1.38
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.06	)		(.12	)		(.23	)		(.21	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.04	)		(.25	)		(.05	)		(.02	)		– 0	–
Total dividends and distributions		(.15	)		(.10	)		(.37	)		(.28	)		(.23	)		– 0	–
Net asset value, end of period		$  10.78			$  8.62			$  8.49			$  10.86			$  12.89			$  11.38
Total Return
Total investment return based on net asset value(c)		26.87	%		2.71	%		(17.68	)%		(13.89	)%		15.32	%		13.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$61,411			$52,836			$60,063			$44,222			$19,340			$1,764
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.03	%(e)(f)		1.04	%(f)		1.02	%		1.02	%		1.10	%(g)		1.21	%(g)
Expenses, before waivers/reimbursements(d)		1.35	%(e)(f)		1.38	%(f)		1.51	%		1.49	%		2.94	%(g)		32.68	%(g)
Net investment income(b)		2.23	%(e)(f)		.99	%(f)		1.57	%		2.12	%		1.32	%		.20	%
Portfolio turnover rate		7	%		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 201

Financial Highlights

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

	2040 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.52			$  8.40			$  10.75			$  12.78			$  11.31			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			.03			.07			.20			.11			(.05	)
Net realized and unrealized gain (loss) on investment transactions		2.18			.14			(2.11	)		(2.03	)		1.52			1.36
Net increase (decrease) in net asset value from operations		2.25			.17			(2.04	)		(1.83	)		1.63			1.31
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.01	)		(.06	)		(.15	)		(.14	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.04	)		(.25	)		(.05	)		(.02	)		– 0	–
Total dividends and distributions		(.08	)		(.05	)		(.31	)		(.20	)		(.16	)		– 0	–
Net asset value, end of period		$  10.69			$  8.52			$  8.40			$  10.75			$  12.78			$  11.31
Total Return
Total investment return based on net asset value(c)		26.42	%		2.04	%		(18.31	)%		(14.50	)%		14.48	%		13.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$982			$829			$914			$1,093			$925			$530
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.73	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.82	%(g)		1.91	%(g)
Expenses, before waivers/reimbursements(d)		2.10	%(e)(f)		2.13	%(f)		2.27	%		2.21	%		4.15	%(g)		35.10	%(g)
Net investment income (loss)(b)		1.50	%(e)(f)		.29	%(f)		.95	%		1.69	%		.91	%		(.50	)%
Portfolio turnover rate		7	%		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 229.

202 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.52			$  8.41			$  10.75			$  12.78			$  11.31			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			.02			.06			.15			.08			(.03	)
Net realized and unrealized gain (loss) on investment transactions		2.18			.14			(2.09	)		(1.98	)		1.55			1.34
Net increase (decrease) in net asset value from operations		2.25			.16			(2.03	)		(1.83	)		1.63			1.31
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.01	)		(.06	)		(.15	)		(.14	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.04	)		(.25	)		(.05	)		(.02	)		– 0	–
Total dividends and distributions		(.08	)		(.05	)		(.31	)		(.20	)		(.16	)		– 0	–
Net asset value, end of period		$  10.69			$  8.52			$  8.41			$  10.75			$  12.78			$  11.31
Total Return
Total investment return based on net asset value(c)		26.42	%		1.92	%		(18.21	)%		(14.50	)%		14.48	%		13.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,211			$2,743			$2,200			$1,561			$563			$155
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.73	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.80	%(g)		1.91	%(g)
Expenses, before waivers/reimbursements(d)		2.14	%(e)(f)		2.14	%(f)		2.28	%		2.22	%		3.94	%(g)		42.81	%(g)
Net investment income (loss)(b)		1.52	%(e)(f)		.22	%(f)		.86	%		1.30	%		.63	%		(.32	)%
Portfolio turnover rate		7	%		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 203

Financial Highlights

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

	2040 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.68			$  8.54			$  10.93			$  12.95			$  11.42			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.11			.11			.14			.21			.31			.10
Net realized and unrealized gain (loss) on investment transactions		2.23			.16			(2.14	)		(1.93	)		1.46			1.32
Net increase (decrease) in net asset value from operations		2.34			.27			(2.00	)		(1.72	)		1.77			1.42
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.09	)		(.14	)		(.25	)		(.22	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.04	)		(.25	)		(.05	)		(.02	)		– 0	–
Total dividends and distributions		(.18	)		(.13	)		(.39	)		(.30	)		(.24	)		– 0	–
Net asset value, end of period		$  10.84			$  8.68			$  8.54			$  10.93			$  12.95			$  11.42
Total Return
Total investment return based on net asset value(c)		27.05	%		3.09	%		(17.51	)%		(13.61	)%		15.56	%		14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,683			$7,788			$5,368			$3,254			$242			$74
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.73	%(e)(f)		.74	%(f)		.72	%		.72	%		.81	%(g)		.91	%(g)
Expenses, before waivers/reimbursements(d)		1.06	%(e)(f)		1.09	%(f)		1.21	%		1.20	%		3.06	%(g)		55.18	%(g)
Net investment income(b)		2.25	%(e)(f)		1.23	%(f)		1.82	%		1.81	%		2.37	%		.97	%
Portfolio turnover rate		7	%		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 229.

204 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.56			$  8.44			$  10.79			$  12.84			$  11.37			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.10			.07			.10			.25			.00	(h)		.01
Net realized and unrealized gain (loss) on investment transactions		2.19			.14			(2.11	)		(2.02	)		1.71			1.36
Net increase (decrease) in net asset value from operations		2.29			.21			(2.01	)		(1.77	)		1.71			1.37
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.05	)		(.09	)		(.23	)		(.22	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.04	)		(.25	)		(.05	)		(.02	)		– 0	–
Total dividends and distributions		(.14	)		(.09	)		(.34	)		(.28	)		(.24	)		– 0	–
Net asset value, end of period		$  10.71			$  8.56			$  8.44			$  10.79			$  12.84			$  11.37
Total Return
Total investment return based on net asset value(c)		26.82	%		2.48	%		(17.89	)%		(14.09	)%		15.08	%		13.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$30,264			$23,640			$20,975			$14,496			$5,335			$177
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.23	%(e)(f)		1.24	%(f)		1.22	%		1.22	%		1.26	%(g)		1.41	%(g)
Expenses, before waivers/reimbursements(d)		1.58	%(e)(f)		1.63	%(f)		1.70	%		1.76	%		3.07	%(g)		36.08	%(g)
Net investment income(b)		1.96	%(e)(f)		.76	%(f)		1.31	%		2.06	%		.01	%		.06	%
Portfolio turnover rate		7	%		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 205

Financial Highlights

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

	2040 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.60			$  8.48			$  10.85			$  12.88			$  11.40			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.11			.09			.12			.27			.09			.05
Net realized and unrealized gain (loss) on investment transactions		2.19			.15			(2.12	)		(2.01	)		1.66			1.35
Net increase (decrease) in net asset value from operations		2.30			.24			(2.00	)		(1.74	)		1.75			1.40
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.08	)		(.12	)		(.24	)		(.25	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.04	)		(.25	)		(.05	)		(.02	)		– 0	–
Total dividends and distributions		(.16	)		(.12	)		(.37	)		(.29	)		(.27	)		– 0	–
Net asset value, end of period		$  10.74			$  8.60			$  8.48			$  10.85			$  12.88			$  11.40
Total Return
Total investment return based on net asset value(c)		26.93	%		2.74	%		(17.73	)%		(13.83	)%		15.40	%		14.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$74,518			$60,471			$48,452			$36,392			$16,181			$501
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.98	%(e)(f)		.99	%(f)		.97	%		.97	%		1.03	%(g)		1.16	%(g)
Expenses, before waivers/reimbursements(d)		1.28	%(e)(f)		1.30	%(f)		1.39	%		1.47	%		2.46	%(g)		33.28	%(g)
Net investment income(b)		2.29	%(e)(f)		.99	%(f)		1.60	%		2.27	%		.85	%		.53	%
Portfolio turnover rate		7	%		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 229.

206 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2040 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.63			$  8.51			$  10.90			$  12.92			$  11.42			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.12			.12			.14			.31			.11			.05
Net realized and unrealized gain (loss) on investment transactions		2.21			.14			(2.14	)		(2.03	)		1.67			1.37
Net increase (decrease) in net asset value from operations		2.33			.26			(2.00	)		(1.72	)		1.78			1.42
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.10	)		(.14	)		(.25	)		(.26	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.04	)		(.25	)		(.05	)		(.02	)		– 0	–
Total dividends and distributions		(.19	)		(.14	)		(.39	)		(.30	)		(.28	)		– 0	–
Net asset value, end of period		$  10.77			$  8.63			$  8.51			$  10.90			$  12.92			$  11.42
Total Return
Total investment return based on net asset value(c)		27.09	%		2.99	%		(17.52	)%		(13.60	)%		15.67	%		14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,985			$9,287			$11,225			$9,682			$6,087			$272
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.73	%(e)(f)		.74	%(f)		.72	%		.72	%		.76	%(g)		.91	%(g)
Expenses, before waivers/reimbursements(d)		.97	%(e)(f)		.99	%(f)		1.07	%		1.14	%		1.92	%(g)		29.45	%(g)
Net investment income(b)		2.41	%(e)(f)		1.32	%(f)		1.87	%		2.59	%		.86	%		.48	%
Portfolio turnover rate		7	%		20	%		5	%		6	%		7	%		20	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 207

Financial Highlights

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

	2045 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.43			$  8.38			$  10.76			$  12.90			$  11.42			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.10			.09			.12			.26			.19			.04
Net realized and unrealized gain (loss) on investment transactions		2.18			.11			(2.14	)		(2.03	)		1.49			1.38
Net increase (decrease) in net asset value from operations		2.28			.20			(2.02	)		(1.77	)		1.68			1.42
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.10	)		(.11	)		(.23	)		(.19	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.05	)		(.25	)		(.14	)		(.01	)		– 0	–
Total dividends and distributions		(.14	)		(.15	)		(.36	)		(.37	)		(.20	)		– 0	–
Net asset value, end of period		$  10.57			$  8.43			$  8.38			$  10.76			$  12.90			$  11.42
Total Return
Total investment return based on net asset value(c)		27.10	%		2.34	%		(18.02	)%		(14.12	)%		14.85	%		14.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$46,099			$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)(f)		1.04	%(f)		1.02	%		1.02	%		1.11	%(g)		1.23	%(g)
Expenses, before waivers/reimbursements(d)		1.49	%(e)(f)		1.56	%(f)		1.76	%		1.82	%		2.91	%(g)		44.80	%(g)
Net investment income(b)		2.05	%(e)(f)		1.01	%(f)		1.58	%		2.23	%		1.49	%		.44	%
Portfolio turnover rate		10	%		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 229.

208 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2045 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.31			$  8.27			$  10.64			$  12.76			$  11.34			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.06			.03			.06			.21			.10			(.03	)
Net realized and unrealized gain (loss) on investment transactions		2.15			.11			(2.11	)		(2.03	)		1.47			1.37
Net increase (decrease) in net asset value from operations		2.21			.14			(2.05	)		(1.82	)		1.57			1.34
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.05	)		(.07	)		(.16	)		(.14	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.05	)		(.25	)		(.14	)		(.01	)		– 0	–
Total dividends and distributions		(.07	)		(.10	)		(.32	)		(.30	)		(.15	)		– 0	–
Net asset value, end of period		$  10.45			$  8.31			$  8.27			$  10.64			$  12.76			$  11.34
Total Return
Total investment return based on net asset value(c)		26.60	%		1.58	%		(18.63	)%		(14.60	)%		13.96	%		13.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$374			$296			$321			$314			$319			$140
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.81	%(g)		1.93	%(g)
Expenses, before waivers/reimbursements(d)		2.26	%(e)(f)		2.35	%(f)		2.58	%		2.54	%		3.97	%(g)		54.54	%(g)
Net investment income (loss)(b)		1.33	%(e)(f)		.31	%(f)		.87	%		1.73	%		.77	%		(.28	)%
Portfolio turnover rate		10	%		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 209

Financial Highlights

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

	2045 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.31			$  8.26			$  10.63			$  12.76			$  11.34			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			.03			.06			.16			.11			(.07	)
Net realized and unrealized gain (loss) on investment transactions		2.13			.12			(2.11	)		(1.99	)		1.46			1.41
Net increase (decrease) in net asset value from operations		2.20			.15			(2.05	)		(1.83	)		1.57			1.34
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.05	)		(.07	)		(.16	)		(.14	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.05	)		(.25	)		(.14	)		(.01	)		– 0	–
Total dividends and distributions		(.07	)		(.10	)		(.32	)		(.30	)		(.15	)		– 0	–
Net asset value, end of period		$  10.44			$  8.31			$  8.26			$  10.63			$  12.76			$  11.34
Total Return
Total investment return based on net asset value(c)		26.48	%		1.70	%		(18.65	)%		(14.68	)%		13.96	%		13.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,949			$1,550			$1,440			$993			$344			$129
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.81	%(g)		1.93	%(g)
Expenses, before waivers/reimbursements(d)		2.28	%(e)(f)		2.32	%(f)		2.53	%		2.55	%		4.04	%(g)		66.89	%(g)
Net investment income (loss)(b)		1.39	%(e)(f)		.31	%(f)		.85	%		1.35	%		.91	%		(.73	)%
Portfolio turnover rate		10	%		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 229.

210 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2045 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.48			$  8.43			$  10.83			$  12.95			$  11.45			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.10			.11			.13			.25			.24			.09
Net realized and unrealized gain (loss) on investment transactions		2.20			.12			(2.14	)		(1.98	)		1.47			1.36
Net increase (decrease) in net asset value from operations		2.30			.23			(2.01	)		(1.73	)		1.71			1.45
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.13	)		(.14	)		(.25	)		(.20	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.05	)		(.25	)		(.14	)		(.01	)		– 0	–
Total dividends and distributions		(.16	)		(.18	)		(.39	)		(.39	)		(.21	)		– 0	–
Net asset value, end of period		$  10.62			$  8.48			$  8.43			$  10.83			$  12.95			$  11.45
Total Return
Total investment return based on net asset value(c)		27.30	%		2.58	%		(17.81	)%		(13.74	)%		15.08	%		14.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,799			$6,481			$4,473			$2,046			$596			$245
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)(f)		.74	%(f)		.72	%		.72	%		.80	%(g)		.93	%(g)
Expenses, before waivers/reimbursements(d)		1.20	%(e)(f)		1.27	%(f)		1.46	%		1.52	%		3.13	%(g)		52.18	%(g)
Net investment income(b)		2.12	%(e)(f)		1.26	%(f)		1.81	%		2.19	%		1.85	%		.85	%
Portfolio turnover rate		10	%		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 211

Financial Highlights

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

	2045 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.35			$  8.31			$  10.70			$  12.84			$  11.40			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.09			.07			.10			.20			.05			.02
Net realized and unrealized gain (loss) on investment transactions		2.16			.11			(2.13	)		(1.98	)		1.59			1.38
Net increase (decrease) in net asset value from operations		2.25			.18			(2.03	)		(1.78	)		1.64			1.40
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.09	)		(.11	)		(.22	)		(.19	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.05	)		(.25	)		(.14	)		(.01	)		– 0	–
Total dividends and distributions		(.13	)		(.14	)		(.36	)		(.36	)		(.20	)		– 0	–
Net asset value, end of period		$  10.47			$  8.35			$  8.31			$  10.70			$  12.84			$  11.40
Total Return
Total investment return based on net asset value(c)		27.03	%		2.11	%		(18.27	)%		(14.22	)%		14.50	%		14.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$22,714			$16,927			$12,833			$7,636			$2,620			$210
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.24	%(e)(f)		1.24	%(f)		1.22	%		1.22	%		1.27	%(g)		1.43	%(g)
Expenses, before waivers/reimbursements(d)		1.72	%(e)(f)		1.76	%(f)		1.90	%		2.01	%		3.18	%(g)		45.90	%(g)
Net investment income(b)		1.81	%(e)(f)		.76	%(f)		1.34	%		1.72	%		.40	%		.17	%
Portfolio turnover rate		10	%		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 229.

212 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2045 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.40			$  8.36			$  10.74			$  12.88			$  11.43			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.10			.09			.12			.27			.11			.04
Net realized and unrealized gain (loss) on investment transactions		2.16			.11			(2.13	)		(2.03	)		1.56			1.39
Net increase (decrease) in net asset value from operations		2.26			.20			(2.01	)		(1.76	)		1.67			1.43
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.11	)		(.12	)		(.24	)		(.21	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.05	)		(.25	)		(.14	)		(.01	)		– 0	–
Total dividends and distributions		(.16	)		(.16	)		(.37	)		(.38	)		(.22	)		– 0	–
Net asset value, end of period		$  10.50			$  8.40			$  8.36			$  10.74			$  12.88			$  11.43
Total Return
Total investment return based on net asset value(c)		27.03	%		2.35	%		(17.95	)%		(14.03	)%		14.76	%		14.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$44,219			$33,954			$26,638			$19,539			$9,458			$484
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.99	%(e)(f)		.99	%(f)		.97	%		.97	%		1.04	%(g)		1.18	%(g)
Expenses, before waivers/reimbursements(d)		1.38	%(e)(f)		1.43	%(f)		1.60	%		1.72	%		2.62	%(g)		44.54	%(g)
Net investment income(b)		2.11	%(e)(f)		1.02	%(f)		1.60	%		2.29	%		1.04	%		.43	%
Portfolio turnover rate		10	%		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 213

Financial Highlights

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

	2045 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.42			$  8.38			$  10.78			$  12.92			$  11.45			$  10.00
Income From Investment Operations
Net investment income(a)(b)		.11			.13			.13			.30			.12			.04
Net realized and unrealized gain (loss) on investment transactions		2.17			.10			(2.13	)		(2.04	)		1.59			1.41
Net increase (decrease) in net asset value from operations		2.28			.23			(2.00	)		(1.74	)		1.71			1.45
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.14	)		(.15	)		(.26	)		(.23	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.05	)		(.25	)		(.14	)		(.01	)		– 0	–
Total dividends and distributions		(.18	)		(.19	)		(.40	)		(.40	)		(.24	)		– 0	–
Net asset value, end of period		$  10.52			$  8.42			$  8.38			$  10.78			$  12.92			$  11.45
Total Return
Total investment return based on net asset value(c)		27.20	%		2.64	%		(17.76	)%		(13.85	)%		15.08	%		14.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$4,864			$4,734			$7,694			$4,439			$2,213			$97
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)(f)		.74	%(f)		.72	%		.72	%		.75	%(g)		.93	%(g)
Expenses, before waivers/reimbursements(d)		1.07	%(e)(f)		1.10	%(f)		1.27	%		1.37	%		2.13	%(g)		52.64	%(g)
Net investment income(b)		2.24	%(e)(f)		1.40	%(f)		1.81	%		2.48	%		.78	%		.39	%
Portfolio turnover rate		10	%		16	%		6	%		5	%		13	%		13	%

See footnote summary on page 229.

214 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.15			$  7.06			$  8.59			$  9.86			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.08			.07			.09			.15	(j)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		1.85			.10			(1.48	)		(1.27	)		(.12	)
Net increase (decrease) in net asset value from operations		1.93			.17			(1.39	)		(1.12	)		(.14	)
Less: Dividends and Distributions
Dividends from net investment income		(.12	)		(.08	)		(.03	)		(.14	)		– 0	–
Distributions from net realized gain on investment transactions		(.06	)		– 0	–		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.18	)		(.08	)		(.14	)		(.15	)		– 0	–
Net asset value, end of period		$  8.90			$  7.15			$  7.06			$  8.59			$  9.86
Total Return
Total investment return based on net asset value(c)		27.16	%		2.29	%		(15.77	)%		(11.53	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$5,085			$4,427			$3,462			$795			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.04	%(e)(f)		1.04	%(f)		1.02	%		1.02	%		1.09	%(e)(g)
Expenses, before waivers/reimbursements(d)		2.94	%(e)(f)		3.56	%(f)		7.11	%		54.01	%		649.75	%(e)(g)
Net investment income (loss)(b)		2.01	%(e)(f)		1.00	%(f)		1.40	%		1.66	%(j)		(1.02	)%(e)
Portfolio turnover rate		24	%		17	%		46	%		893	%		8	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 215

Financial Highlights

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

	2050 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.08			$  7.00			$  8.56			$  9.85			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.05			.02			.06			.11	(j)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		1.83			.10			(1.50	)		(1.29	)		(.12	)
Net increase (decrease) in net asset value from operations		1.88			.12			(1.44	)		(1.18	)		(.15	)
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.04	)		(.01	)		(.10	)		– 0	–
Distributions from net realized gain on investment transactions		(.06	)		– 0	–		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.14	)		(.04	)		(.12	)		(.11	)		– 0	–
Net asset value, end of period		$  8.82			$  7.08			$  7.00			$  8.56			$  9.85
Total Return
Total investment return based on net asset value(c)		26.62	%		1.66	%		(16.44	)%		(12.11	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$34			$31			$30			$32			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.79	%(e)(g)
Expenses, before waivers/reimbursements(d)		3.74	%(e)(f)		4.44	%(f)		8.64	%		71.00	%		649.78	%(e)(g)
Net investment income (loss)(b)		1.30	%(e)(f)		.31	%(f)		.93	%		1.27	%(j)		(1.72	)%(e)
Portfolio turnover rate		24	%		17	%		46	%		893	%		8	%

See footnote summary on page 229.

216 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.09			$  7.00			$  8.56			$  9.85			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.05			.02			.05			.08	(j)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		1.84			.11			(1.49	)		(1.26	)		(.12	)
Net increase (decrease) in net asset value from operations		1.89			.13			(1.44	)		(1.18	)		(.15	)
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.04	)		(.01	)		(.10	)		– 0	–
Distributions from net realized gain on investment transactions		(.06	)		– 0	–		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.14	)		(.04	)		(.12	)		(.11	)		– 0	–
Net asset value, end of period		$  8.84			$  7.09			$  7.00			$  8.56			$  9.85
Total Return
Total investment return based on net asset value(c)		26.72	%		1.80	%		(16.44	)%		(12.11	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$307			$200			$120			$52			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)(f)		1.74	%(f)		1.72	%		1.72	%		1.79	%(e)(g)
Expenses, before waivers/reimbursements(d)		3.67	%(e)(f)		4.31	%(f)		8.05	%		61.58	%		649.72	%(e)(g)
Net investment income (loss)(b)		1.18	%(e)(f)		.22	%(f)		.81	%		.94	%(j)		(1.72	)%(e)
Portfolio turnover rate		24	%		17	%		46	%		893	%		8	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 217

Financial Highlights

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

	2050 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.19			$  7.09			$  8.62			$  9.87			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			.09			.10			.14			(.01	)
Net realized and unrealized gain (loss) on investment transactions		1.89			.10			(1.48	)		(1.23	)		(.12	)
Net increase (decrease) in net asset value from operations		1.96			.19			(1.38	)		(1.09	)		(.13	)
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.09	)		(.04	)		(.15	)		– 0	–
Distributions from net realized gain on investment transactions		(.06	)		– 0	–		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.20	)		(.09	)		(.15	)		(.16	)		– 0	–
Net asset value, end of period		$  8.95			$  7.19			$  7.09			$  8.62			$  9.87
Total Return
Total investment return based on net asset value(c)		27.45	%		2.66	%		(15.66	)%		(11.25	)%		(1.30	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,181			$2,237			$1,178			$305			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)(f)		.74	%(f)		.72	%		.72	%		.79	%(e)(g)
Expenses, before waivers/reimbursements(d)		2.67	%(e)(f)		3.25	%(f)		6.75	%		41.52	%		648.81	%(e)(g)
Net investment income (loss)(b)		1.73	%(e)(f)		1.24	%(f)		1.69	%		1.64	%		(.72	)%(e)
Portfolio turnover rate		24	%		17	%		46	%		893	%		8	%

See footnote summary on page 229.

218 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.12			$  7.06			$  8.60			$  9.86			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			.06			.07			(.03	)(j)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		1.84			.10			(1.48	)		(1.10	)		(.12	)
Net increase (decrease) in net asset value from operations		1.91			.16			(1.41	)		(1.13	)		(.14	)
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.10	)		(.02	)		(.12	)		– 0	–
Distributions from net realized gain on investment transactions		(.06	)		– 0	–		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.19	)		(.10	)		(.13	)		(.13	)		– 0	–
Net asset value, end of period		$  8.84			$  7.12			$  7.06			$  8.60			$  9.86
Total Return
Total investment return based on net asset value(c)		27.06	%		2.16	%		(16.08	)%		(11.67	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,452			$2,443			$1,540			$258			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.24	%(e)(f)		1.24	%(f)		1.22	%		1.22	%		1.29	%(e)(g)
Expenses, before waivers/reimbursements(d)		2.98	%(e)(f)		3.53	%(f)		6.38	%		23.00	%		596.22	%(e)(g)
Net investment income (loss)(b)		1.70	%(e)(f)		.77	%(f)		1.12	%		(.12	)%(j)		(1.22	)%(e)
Portfolio turnover rate		24	%		17	%		46	%		893	%		8	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 219

Financial Highlights

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

	2050 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.14			$  7.08			$  8.61			$  9.86			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.08			.07			.07			.08	(j)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		1.84			.10			(1.46	)		(1.18	)		(.12	)
Net increase (decrease) in net asset value from operations		1.92			.17			(1.39	)		(1.10	)		(.14	)
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.11	)		(.03	)		(.14	)		– 0	–
Distributions from net realized gain on investment transactions		(.06	)		– 0	–		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.21	)		(.11	)		(.14	)		(.15	)		– 0	–
Net asset value, end of period		$  8.85			$  7.14			$  7.08			$  8.61			$  9.86
Total Return
Total investment return based on net asset value(c)		27.16	%		2.33	%		(15.76	)%		(11.32	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,068			$7,613			$3,959			$758			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.99	%(e)(f)		.99	%(f)		.97	%		.97	%		1.04	%(e)(g)
Expenses, before waivers/reimbursements(d)		2.71	%(e)(f)		3.20	%(f)		6.14	%		30.40	%		595.99	%(e)(g)
Net investment income (loss)(b)		2.00	%(e)(f)		.95	%(f)		1.32	%		.95	%(j)		(.97	)%(e)
Portfolio turnover rate		24	%		17	%		46	%		893	%		8	%

See footnote summary on page 229.

220 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2050 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.17			$  7.09			$  8.61			$  9.87			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.09			.10			.10			.14			(.01	)
Net realized and unrealized gain (loss) on investment transactions		1.84			.11			(1.48	)		(1.24	)		(.12	)
Net increase (decrease) in net asset value from operations		1.93			.21			(1.38	)		(1.10	)		(.13	)
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.13	)		(.03	)		(.15	)		– 0	–
Distributions from net realized gain on investment transactions		(.06	)		– 0	–		(.11	)		(.01	)		– 0	–
Total dividends and distributions		(.23	)		(.13	)		(.14	)		(.16	)		– 0	–
Net asset value, end of period		$  8.87			$  7.17			$  7.09			$  8.61			$  9.87
Total Return
Total investment return based on net asset value(c)		27.18	%		2.84	%		(15.59	)%		(11.35	)%		(1.30	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,078			$707			$787			$216			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)(f)		.74	%(f)		.72	%		.72	%		.79	%(e)(g)
Expenses, before waivers/reimbursements(d)		2.38	%(e)(f)		2.94	%(f)		6.02	%		41.80	%		595.86	%(e)(g)
Net investment income (loss)(b)		2.26	%(e)(f)		1.31	%(f)		1.67	%		1.51	%		(.72	)%(e)
Portfolio turnover rate		24	%		17	%		46	%		893	%		8	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 221

Financial Highlights

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

	2055 Retirement Strategy
	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.01			$  6.87			$  8.38			$  9.85			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.08			.07			.07			.13	(j)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		1.82			.08			(1.54	)		(1.20	)		(.13	)
Net increase (decrease) in net asset value from operations		1.90			.15			(1.47	)		(1.07	)		(.15	)
Less: Dividends and Distributions
Dividends from net investment income		(.03	)		(.01	)		– 0	–		(.27	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		(.13	)		– 0	–
Total dividends and distributions		(.03	)		(.01	)		(.04	)		(.40	)		– 0	–
Net asset value, end of period		$  8.88			$  7.01			$  6.87			$  8.38			$  9.85
Total Return
Total investment return based on net asset value(c)		27.20	%		2.19	%		(17.45	)%		(11.40	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,049			$867			$690			$343			$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.04	%(e)(f)		1.04	%(f)		1.02	%		1.04	%(g)		1.03	%(e)(g)
Expenses, before waivers/reimbursements(d)		9.79	%(e)(f)		11.83	%(f)		23.03	%		98.75	%(g)		643.42	%(e)(g)
Net investment income (loss)(b)		2.05	%(e)(f)		.99	%(f)		1.20	%		1.45	%(j)		(1.02	)%(e)
Portfolio turnover rate		23	%		47	%		83	%		42	%		8	%

See footnote summary on page 229.

222 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2055 Retirement Strategy
	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  6.88			$  6.78			$  8.34			$  9.84			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.05			.02			.05			.15	(j)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		1.80			.08			(1.57	)		(1.28	)		(.13	)
Net increase (decrease) in net asset value from operations		1.85			.10			(1.52	)		(1.13	)		(.16	)
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		– 0	–		(.24	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		(.13	)		– 0	–
Total dividends and distributions		– 0	–		– 0	–		(.04	)		(.37	)		– 0	–
Net asset value, end of period		$  8.73			$  6.88			$  6.78			$  8.34			$  9.84
Total Return
Total investment return based on net asset value(c)		26.89	%		1.48	%		(18.14	)%		(11.93	)%		(1.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$27			$19			$18			$13			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)(f)		1.74	%(f)		1.72	%		1.74	%(g)		1.73	%(e)(g)
Expenses, before waivers/reimbursements(d)		10.65	%(e)(f)		12.87	%(f)		24.65	%		189.38	%(g)		638.66	%(e)(g)
Net investment income (loss)(b)		1.28	%(e)(f)		.30	%(f)		.85	%		1.61	%(j)		(1.72	)%(e)
Portfolio turnover rate		23	%		47	%		83	%		42	%		8	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 223

Financial Highlights

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

	2055 Retirement Strategy
	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  6.87			$  6.77			$  8.34			$  9.84			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.05			.02			.08			.16	(j)		(.03	)
Net realized and unrealized gain (loss) on investment transactions		1.80			.08			(1.61	)		(1.29	)		(.13	)
Net increase (decrease) in net asset value from operations		1.85			.10			(1.53	)		(1.13	)		(.16	)
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		– 0	–		(.24	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		(.13	)		– 0	–
Total dividends and distributions		– 0	–		– 0	–		(.04	)		(.37	)		– 0	–
Net asset value, end of period		$  8.72			$  6.87			$  6.77			$  8.34			$  9.84
Total Return
Total investment return based on net asset value(c)		26.93	%		1.48	%		(18.26	)%		(11.93	)%		(1.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$60			$45			$20			$37			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.74	%(e)(f)		1.74	%(f)		1.72	%		1.74	%(g)		1.73	%(e)(g)
Expenses, before waivers/reimbursements(d)		10.73	%(e)(f)		12.44	%(f)		24.79	%		190.03	%(g)		638.66	%(e)(g)
Net investment income (loss)(b)		1.35	%(e)(f)		.21	%(f)		1.34	%		1.74	%(j)		(1.72	)%(e)
Portfolio turnover rate		23	%		47	%		83	%		42	%		8	%

See footnote summary on page 229.

224 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2055 Retirement Strategy
	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  7.04			$  6.90			$  8.41			$  9.86			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.06			.09			.10			.18			(.01	)
Net realized and unrealized gain (loss) on investment transactions		1.87			.08			(1.57	)		(1.22	)		(.13	)
Net increase (decrease) in net asset value from operations		1.93			.17			(1.47	)		(1.04	)		(.14	)
Less: Dividends and Distributions
Dividends from net investment income		(.05	)		(.03	)		– 0	–		(.28	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		(.13	)		– 0	–
Total dividends and distributions		(.05	)		(.03	)		(.04	)		(.41	)		– 0	–
Net asset value, end of period		$  8.92			$  7.04			$  6.90			$  8.41			$  9.86
Total Return
Total investment return based on net asset value(c)		27.53	%		2.43	%		(17.39	)%		(11.09	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$190			$531			$248			$50			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)(f)		.74	%(f)		.72	%		.74	%(g)		.73	%(e)(g)
Expenses, before waivers/reimbursements(d)		9.12	%(e)(f)		11.33	%(f)		22.45	%		127.65	%(g)		637.93	%(e)(g)
Net investment income (loss)(b)		1.54	%(e)(f)		1.23	%(f)		1.68	%		2.04	%		(.72	)%(e)
Portfolio turnover rate		23	%		47	%		83	%		42	%		8	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 225

Financial Highlights

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

	2055 Retirement Strategy
	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  6.81			$  6.79			$  8.38			$  9.85			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			.05			.08			.04	(j)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		1.76			.09			(1.58	)		(1.13	)		(.13	)
Net increase (decrease) in net asset value from operations		1.83			.14			(1.50	)		(1.09	)		(.15	)
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.12	)		(.05	)		(.25	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		(.13	)		– 0	–
Total dividends and distributions		(.14	)		(.12	)		(.09	)		(.38	)		– 0	–
Net asset value, end of period		$  8.50			$  6.81			$  6.79			$  8.38			$  9.85
Total Return
Total investment return based on net asset value(c)		27.05	%		1.97	%		(17.71	)%		(11.55	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$779			$484			$268			$242			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.24	%(e)(f)		1.24	%(f)		1.22	%		1.22	%		1.23	%(e)(g)
Expenses, before waivers/reimbursements(d)		8.40	%(e)(f)		10.49	%(f)		20.50	%		89.30	%		586.71	%(e)(g)
Net investment income (loss)(b)		1.71	%(e)(f)		.72	%(f)		1.33	%		.51	%(j)		(1.22	)%(e)
Portfolio turnover rate		23	%		47	%		83	%		42	%		8	%

See footnote summary on page 229.

226 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

	2055 Retirement Strategy
	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  6.86			$  6.83			$  8.41			$  9.85			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.08			.07			.08			.19	(j)		(.02	)
Net realized and unrealized gain (loss) on investment transactions		1.78			.09			(1.57	)		(1.25	)		(.13	)
Net increase (decrease) in net asset value from operations		1.86			.16			(1.49	)		(1.06	)		(.15	)
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.13	)		(.05	)		(.25	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		(.13	)		– 0	–
Total dividends and distributions		(.16	)		(.13	)		(.09	)		(.38	)		– 0	–
Net asset value, end of period		$  8.56			$  6.86			$  6.83			$  8.41			$  9.85
Total Return
Total investment return based on net asset value(c)		27.22	%		2.22	%		(17.42	)%		(11.26	)%		(1.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,679			$1,906			$1,265			$302			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.99	%(e)(f)		.99	%(f)		.97	%		.97	%		.98	%(e)(g)
Expenses, before waivers/reimbursements(d)		8.16	%(e)(f)		10.25	%(f)		19.84	%		87.41	%		586.41	%(e)(g)
Net investment income (loss)(b)		2.00	%(e)(f)		1.00	%(f)		1.46	%		2.17	%(j)		(.97	)%(e)
Portfolio turnover rate		23	%		47	%		83	%		42	%		8	%

See footnote summary on page 229.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 227

Financial Highlights

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

	2055 Retirement Strategy
	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,									June 29, 2007(i) to August 31, 2007
				2010			2009			2008
Net asset value, beginning of period		$  6.87			$  6.84			$  8.41			$  9.86			$  10.00
Income From Investment Operations
Net investment income (loss)(a)(b)		.09			.11			.10			.17			(.01	)
Net realized and unrealized gain (loss) on investment transactions		1.79			.06			(1.57	)		(1.21	)		(.13	)
Net increase (decrease) in net asset value from operations		1.88			.17			(1.47	)		(1.04	)		(.14	)
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.14	)		(.06	)		(.28	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		(.13	)		– 0	–
Total dividends and distributions		(.17	)		(.14	)		(.10	)		(.41	)		– 0	–
Net asset value, end of period		$  8.58			$  6.87			$  6.84			$  8.41			$  9.86
Total Return
Total investment return based on net asset value(c)		27.59	%		2.44	%		(17.21	)%		(11.09	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$85			$60			$186			$48			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.74	%(e)(f)		.74	%(f)		.72	%		.72	%		.73	%(e)(g)
Expenses, before waivers/reimbursements(d)		7.84	%(e)(f)		10.23	%(f)		19.85	%		129.39	%		586.25	%(e)(g)
Net investment income (loss)(b)		2.35	%(e)(f)		1.58	%(f)		1.62	%		2.01	%		(.72	)%(e)
Portfolio turnover rate		23	%		47	%		83	%		42	%		8	%

See footnote summary on page 229.

228 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

(a) Based on average shares outstanding.

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

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

(d) Expense ratios do not include expenses of the Underlying Portfolios in which the Strategy invests. For the six months ended February 28, 2011, the estimated annualized blended expense ratios were .05% for Strategies 2000, 2005 and 2010, and .04% for Strategies 2015, 2020, 2025 and 2030 and .03% for Strategies 2035 and 2040 and .02% for Strategies 2045, 2050 and 2055. For the year ended August 31, 2010, the estimated annualized blended expense ratios 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) Annualized.

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

(g) 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	%

(h) Amount is less than $.005.

(i) Commencement of operations.

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

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 229

Financial Highlights

RESULTS OF SHAREHOLDERS MEETING

(unaudited)

The Annual Meeting of Shareholders of the AllianceBernstein Retirement Strategies (the “Strategies”) was held on November 5, 2010 and adjourned until December 16, 2010 and January 5, 2011. At the December 16, 2010 Meeting, with respect to the first item of business, the election of Directors, the required number of outstanding shares were voted in favor of the proposal for the Strategies, and the proposal was approved. At the January 5, 2011 Meeting, with respect to the fourth item of business to amend and restate the Charter of the Fund, and with respect to the fifth item of business, changes to the fundamental policy regarding commodities, an insufficient number of required outstanding shares were voted in favor of the proposal for the Strategies, and therefore the proposals were not approved. A description of each proposal and number of shares voted at the Meetings are as follows (the proposal numbers shown below correspond to the proposal numbers in the Strategies’ proxy statement):

1. The election of the Directors, each such Director to serve a term of an indefinite duration and until his or her successor is duly elected and qualifies.

	Voted For		Withheld Authority
John H. Dobkin		40,173,919		651,500
Michael J. Downey		40,171,229		654,189
William H. Foulk, Jr.		40,171,163		654,255
D. James Guzy		40,171,141		654,278
Nancy P. Jacklin		40,128,724		696,694
Robert M. Keith		40,154,485		670,934
Garry L. Moody		40,160,794		664,624
Marshall C. Turner, Jr.		40,171,789		653,629
Earl D. Weiner		40,159,608		665,810

	Voted For		Voted Against		Abstained		Broker Non- Votes
4. Approve the amendment and restatement of the Fund’s Charter, which would repeal in its entirety all currently existing charter provisions and substitute in lieu thereof the new provisions set forth in the Form of Articles of Amendment and Restatement attached to the Proxy Statement as Appendix C.		56,215,286		4,340,220		7,511,920		12,063,480

230 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Results of Shareholders Meeting

	Voted For		Voted Against		Abstained		Broker Non- Votes
5. Approve the Amendment of the Strategies’ fundamental policy regarding commodities.
2000 Retirement Strategy		761,762		5,956		22,244		18,629
2005 Retirement Strategy		1,194,452		70,979		37,712		449,307
2010 Retirement Strategy		5,650,314		131,905		318,369		617,493
2015 Retirement Strategy		10,600,933		232,952		653,208		1,507,655
2020 Retirement Strategy		10,247,746		349,114		1,482,126		2,500,342
2025 Retirement Strategy		8,068,452		205,963		1,263,030		2,005,578
2030 Retirement Strategy		7,630,609		124,118		1,370,751		1,823,439
2035 Retirement Strategy		5,487,748		37,823		824,024		1,097,854
2040 Retirement Strategy		4,503,659		64,931		689,867		867,327
2045 Retirement Strategy		2,547,771		41,820		364,219		552,445
2050 Retirement Strategy		513,830		3,201		205,080		21,651
2055 Retirement Strategy		155,528		5,319		41,775		39,781

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 231

Results of Shareholders Meeting

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⁾

Robert M. Keith, President and Chief Executive Officer

Garry L. Moody⁽¹⁾

Marshall C. Turner, Jr.⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

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

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.

232 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Board of Directors

Pages 233-401 represent the holdings of the Underlying Portfolios in which the Strategies may invest, including specific breakdowns within Underlying Portfolios. This holdings information has been derived from each fund’s February 28, 2011 financial statements. A copy of the underlying Portfolios’ unaudited semi-annual report is available upon request.

U.S. VALUE PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $2,334.0

* All data are as of February 28, 2011. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 233

Portfolio Summary

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $2,324.3

* All data are as of February 28, 2011. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

234 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,213.2

* All data are as of February 28, 2011. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.6% or less in the following countries: Austria, China, Denmark, Hong Kong, India, New Zealand, Norway, Portugal, Singapore, South Africa, Taiwan and Turkey.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and 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  • 235

Portfolio Summary

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,154.8

* All data are as of February 28, 2011. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 2.0% or less in the following countries: Australia, Canada, China, Denmark, Indonesia, Italy, South Africa and Taiwan.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and 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.

236 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

SHORT DURATION BOND PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,318.4

* All data are as of February 28, 2011. The Portfolio’s security breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 237

Portfolio Summary

INTERMEDIATE DURATION BOND PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,405.1

* All data are as of February 28, 2011. The Portfolio’s security breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

238 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $725.0

* All data are as of February 28, 2011. The Portfolio’s security breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 239

Portfolio Summary

HIGH-YIELD PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $533.6

* All data are as of February 28, 2011. The Portfolio’s security breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

240 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $617.8

* All data are as of February 28, 2011. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 241

Portfolio Summary

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $620.2

* All data are as of February 28, 2011. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

242 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

MULTI-ASSET REAL RETURN PORTFOLIO

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,047.6

* All data are as of February 28, 2011. The Portfolio’s security and country breakdowns are expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.4% or less in the following countries: Finland, Germany, India, Israel, Luxembourg, Mongolia, Norway, Poland, South Africa, South Korea and Sweden.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 243

Portfolio Summary

VOLATILITY MANAGEMENT

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $346.8

* All data are as of February 28, 2011. The Portfolio’s security breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

244 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.2%
Consumer Discretionary – 20.2%
Auto Components – 1.6%
Lear Corp.(a)		152,900	$	16,176,820
TRW Automotive Holdings Corp.(a)		382,500		21,726,000
				37,902,820
Automobiles – 0.9%
Ford Motor Co.(a)		1,010,000		15,200,500
General Motors Co.(a)		163,600		5,485,508
				20,686,008
Hotels, Restaurants & Leisure – 0.5%
Royal Caribbean Cruises Ltd.(a)		246,200		10,781,098
Household Durables – 1.9%
Fortune Brands, Inc.		178,400		11,035,824
Garmin Ltd.		525,700		17,847,515
NVR, Inc.(a)		21,100		15,357,846
				44,241,185
Media – 9.2%
Cablevision Systems Corp.		80,400		2,962,740
Comcast Corp. – Class A		1,931,000		49,742,560
DIRECTV(a)		553,000		25,421,410
Gannett Co., Inc.		874,400		14,436,344
Interpublic Group of Cos., Inc. (The)(a)		791,100		10,442,520
News Corp. – Class A		1,800,400		31,272,948
Time Warner Cable, Inc. – Class A		495,800		35,786,844
Time Warner, Inc.		658,900		25,169,980
Viacom, Inc. – Class B		453,700		20,262,242
				215,497,588
Multiline Retail – 1.5%
Kohl’s Corp.(a)		348,700		18,791,443
Macy’s, Inc.		637,600		15,238,640
				34,030,083
Specialty Retail – 4.6%
Foot Locker, Inc.		783,900		15,576,093
Gap, Inc. (The)		857,500		19,319,475
Limited Brands, Inc.		362,300		11,600,846
Lowe’s Cos., Inc.		793,400		20,763,278
Office Depot, Inc.(a)		1,962,100		10,418,751
Ross Stores, Inc.		269,300		19,400,372
TJX Cos., Inc.		223,700		11,155,919
				108,234,734
				471,373,516

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 245

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Financials – 16.5%
Capital Markets – 2.1%
Goldman Sachs Group, Inc. (The)		135,500	$	22,192,190
Morgan Stanley		927,500		27,528,200
				49,720,390
Commercial Banks – 4.8%
BB&T Corp.		631,200		17,421,120
Comerica, Inc.		325,300		12,654,170
Fifth Third Bancorp		753,600		11,002,560
Wells Fargo & Co.		2,203,100		71,072,006
				112,149,856
Consumer Finance – 0.8%
Capital One Financial Corp.		369,300		18,380,061
Diversified Financial Services – 5.5%
Bank of America Corp.		770,900		11,016,161
Citigroup, Inc.(a)		4,849,800		22,697,064
JPMorgan Chase & Co.		2,000,700		93,412,683
				127,125,908
Insurance – 3.3%
ACE Ltd.		284,400		17,988,300
Allstate Corp. (The)		189,300		6,015,954
Berkshire Hathaway, Inc.(a)		184,400		16,094,432
Chubb Corp.		116,800		7,087,424
Travelers Cos., Inc. (The)		499,500		29,935,035
				77,121,145
				384,497,360
Energy – 15.3%
Energy Equipment & Services – 2.2%
Ensco PLC (Sponsored ADR)		426,900		23,949,090
McDermott International, Inc.(a)		532,000		12,209,400
Nabors Industries Ltd.(a)		477,200		13,585,884
				49,744,374
Oil, Gas & Consumable Fuels – 13.1%
Chevron Corp.		514,400		53,369,000
ConocoPhillips		490,900		38,226,383
Devon Energy Corp.		553,400		50,602,896
Forest Oil Corp.(a)		519,300		18,429,957
Hess Corp.		326,400		28,406,592
Marathon Oil Corp.		803,700		39,863,520
Newfield Exploration Co.(a)		341,300		24,843,227
Nexen, Inc. (New York)		1,013,600		27,681,416
Occidental Petroleum Corp.		43,000		4,384,710
Southern Union Co.		478,800		13,655,376

246 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Tesoro Corp.(a)		292,900	$	6,965,162
				306,428,239
				356,172,613
Health Care – 11.1%
Biotechnology – 1.7%
Amgen, Inc.(a)		344,100		17,662,653
Gilead Sciences, Inc.(a)		565,800		22,054,884
				39,717,537
Health Care Providers & Services – 1.1%
Health Net, Inc.(a)		305,800		8,996,636
UnitedHealth Group, Inc.		406,400		17,304,512
				26,301,148
Pharmaceuticals – 8.3%
AstraZeneca PLC (Sponsored ADR)		734,300		36,105,531
Forest Laboratories, Inc.(a)		98,700		3,197,880
Johnson & Johnson		1,175,500		72,222,720
Merck & Co., Inc.		81,900		2,667,483
Pfizer, Inc.		4,153,500		79,913,340
				194,106,954
				260,125,639
Industrials – 8.5%
Aerospace & Defense – 2.4%
Northrop Grumman Corp.		626,000		41,741,680
Raytheon Co.		255,600		13,089,276
				54,830,956
Airlines – 0.9%
Delta Air Lines, Inc.(a)		1,967,800		22,118,072
Industrial Conglomerates – 2.0%
General Electric Co.		2,245,500		46,975,860
Machinery – 3.2%
Eaton Corp.		167,122		18,513,775
Ingersoll-Rand PLC		523,700		23,723,610
Parker Hannifin Corp.		295,600		26,361,608
SPX Corp.		47,400		3,780,624
Terex Corp.(a)		77,550		2,617,313
				74,996,930
				198,921,818
Consumer Staples – 7.7%
Beverages – 0.8%
Constellation Brands, Inc. – Class A(a)		952,000		19,344,640

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 247

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Food & Staples Retailing – 0.7%
Kroger Co. (The)		518,600	$	11,875,940
Safeway, Inc.		250,350		5,462,637
				17,338,577
Food Products – 3.0%
Archer-Daniels-Midland Co.		537,400		19,980,532
Bunge Ltd.		335,600		24,220,252
ConAgra Foods, Inc.		346,500		8,024,940
Sara Lee Corp.		273,525		4,682,748
Smithfield Foods, Inc.(a)		512,500		11,864,375
				68,772,847
Household Products – 2.5%
Kimberly-Clark Corp.		303,400		19,994,060
Procter & Gamble Co. (The)		622,700		39,261,235
				59,255,295
Tobacco – 0.7%
Altria Group, Inc.		607,000		15,399,590
				180,110,949
Telecommunication Services – 4.9%
Diversified Telecommunication Services – 3.9%
AT&T, Inc.		1,672,800		47,474,064
CenturyLink, Inc.		447,200		18,415,696
Verizon Communications, Inc.		676,900		24,991,148
				90,880,908
Wireless Telecommunication Services – 1.0%
Vodafone Group PLC (Sponsored ADR)		818,200		23,416,884
				114,297,792
Utilities – 4.8%
Electric Utilities – 1.2%
Edison International		420,800		15,620,096
NV Energy, Inc.		865,500		12,714,195
				28,334,291
Gas Utilities – 1.1%
Atmos Energy Corp.		396,300		13,402,866
UGI Corp.		378,917		12,083,663
				25,486,529
Independent Power Producers & Energy Traders – 0.7%
Constellation Energy Group, Inc.		540,500		16,793,335

248 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Multi-Utilities – 1.8%
Ameren Corp.		273,500	$	7,647,060
CenterPoint Energy, Inc.		383,800		6,087,068
CMS Energy Corp.		666,800		12,842,568
NiSource, Inc.		731,600		14,017,456
				40,594,152
				111,208,307
Materials – 4.2%
Chemicals – 2.2%
Dow Chemical Co. (The)		888,900		33,031,524
EI du Pont de Nemours & Co.		149,800		8,219,526
LyondellBasell Industries NV(a)		277,700		10,574,816
				51,825,866
Metals & Mining – 2.0%
Alcoa, Inc.		1,517,700		25,573,245
Commercial Metals Co.		423,200		7,054,744
Reliance Steel & Aluminum Co.		133,000		7,358,890
Steel Dynamics, Inc.		396,800		7,324,928
				47,311,807
				99,137,673
Information Technology – 4.0%
Communications Equipment – 0.2%
Motorola Solutions, Inc.(a)		117,228		4,529,690
Computers & Peripherals – 2.8%
Dell, Inc.(a)		2,580,400		40,847,732
Hewlett-Packard Co.		541,200		23,612,556
				64,460,288
Electronic Equipment, Instruments & Components – 0.5%
Tyco Electronics Ltd.		309,400		11,150,776
Semiconductors & Semiconductor Equipment – 0.5%
Advanced Semiconductor Engineering, Inc. (ADR)		38,100		217,932
Intel Corp.		580,600		12,465,482
				12,683,414
				92,824,168
Total Common Stocks (cost $1,863,722,167)				2,268,669,835

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 249

U.S. Value 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, 0.17%(b) (cost $36,476,008)		36,476,008	$	36,476,008
Total Investments – 98.8% (cost $1,900,198,175)				2,305,145,843
Other assets less liabilities – 1.2%				28,806,198
Net Assets – 100.0%			$	2,333,952,041

(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.

250 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.3%
Information Technology – 30.4%
Communications Equipment – 4.0%
Cisco Systems, Inc.(a)		928,200	$	17,227,392
Juniper Networks, Inc.(a)		549,500		24,178,000
QUALCOMM, Inc.		511,300		30,463,254
Riverbed Technology, Inc.(a)		536,500		22,152,085
				94,020,731
Computers & Peripherals – 9.8%
Apple, Inc.(a)		462,000		163,183,020
EMC Corp.(a)		2,351,407		63,981,784
				227,164,804
Internet Software & Services – 4.6%
Google, Inc. – Class A(a)		174,050		106,762,270
IT Services – 1.5%
Accenture PLC		705,581		36,323,310
Semiconductors & Semiconductor Equipment – 3.4%
Broadcom Corp. – Class A		964,857		39,771,406
Intel Corp.		782,696		16,804,483
Marvell Technology Group Ltd.(a)		1,207,400		22,071,272
				78,647,161
Software – 7.1%
Citrix Systems, Inc.(a)		579,300		40,643,688
Intuit, Inc.(a)		572,900		30,123,082
Oracle Corp.		2,082,100		68,501,090
Rovi Corp.(a)		461,500		25,576,330
				164,844,190
				707,762,466
Consumer Discretionary – 15.8%
Auto Components – 3.0%
BorgWarner, Inc.(a)		256,900		19,938,009
Johnson Controls, Inc.		1,193,300		48,686,640
				68,624,649
Automobiles – 0.6%
Ford Motor Co.(a)		992,100		14,931,105
Hotels, Restaurants & Leisure – 2.4%
Carnival Corp.		533,300		22,755,911
Starbucks Corp.		983,500		32,435,830
				55,191,741
Household Durables – 0.7%
Stanley Black & Decker, Inc.		217,800		16,515,774

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 251

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

Company	Shares		U.S. $ Value
Internet & Catalog Retail – 1.4%
Amazon.com, Inc.(a)		186,040	$	32,238,872
Media – 4.0%
Comcast Corp. – Class A		566,200		14,585,312
News Corp. – Class A		2,040,600		35,445,222
Walt Disney Co. (The)		997,200		43,617,528
				93,648,062
Multiline Retail – 1.0%
Kohl’s Corp.(a)		423,300		22,811,637
Specialty Retail – 2.7%
Limited Brands, Inc.		1,115,100		35,705,502
Lowe’s Cos., Inc.		1,033,800		27,054,546
				62,760,048
				366,721,888
Financials – 13.7%
Capital Markets – 6.0%
Blackstone Group LP		2,077,300		36,975,940
Goldman Sachs Group, Inc. (The)		625,595		102,459,949
				139,435,889
Commercial Banks – 0.4%
Wells Fargo & Co.		278,800		8,994,088
Diversified Financial Services – 6.2%
CME Group, Inc. – Class A		68,575		21,346,026
JPMorgan Chase & Co.		2,654,300		123,929,267
				145,275,293
Insurance – 1.1%
AON Corp.		491,300		25,862,032
				319,567,302
Industrials – 12.9%
Aerospace & Defense – 2.3%
Goodrich Corp.		346,200		29,852,826
Honeywell International, Inc.		416,100		24,096,351
				53,949,177
Air Freight & Logistics – 2.7%
United Parcel Service, Inc. – Class B		858,370		63,347,706
Electrical Equipment – 4.2%
Cooper Industries PLC		659,300		42,425,955
Emerson Electric Co.		574,411		34,269,360
Rockwell Automation, Inc.		240,700		21,116,611
				97,811,926

252 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

Company	Shares		U.S. $ Value
Machinery – 3.5%
Danaher Corp.		1,097,300	$	55,523,380
Deere & Co.		37,520		3,382,428
Flowserve Corp.		167,065		20,878,113
				79,783,921
Professional Services – 0.2%
Nielsen Holdings NV(a)		167,347		4,449,757
				299,342,487
Energy – 12.8%
Energy Equipment & Services – 6.1%
Cameron International Corp.(a)		519,100		30,694,383
Schlumberger Ltd.		1,185,095		110,711,575
				141,405,958
Oil, Gas & Consumable Fuels – 6.7%
EOG Resources, Inc.		368,255		41,358,719
Noble Energy, Inc.		626,400		58,042,224
Occidental Petroleum Corp.		254,900		25,992,153
Southwestern Energy Co.(a)		413,800		16,336,824
Suncor Energy, Inc. (New York)		281,600		13,240,832
				154,970,752
				296,376,710
Health Care – 8.1%
Biotechnology – 2.2%
Celgene Corp.(a)		568,458		30,185,120
Gilead Sciences, Inc.(a)		528,620		20,605,608
				50,790,728
Health Care Equipment & Supplies – 0.9%
Alcon, Inc.		123,305		20,398,346
Health Care Providers & Services – 2.1%
Express Scripts, Inc. – Class A(a)		626,815		35,239,539
McKesson Corp.		175,200		13,889,856
				49,129,395
Pharmaceuticals – 2.9%
Allergan, Inc.		509,000		37,752,530
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		583,000		29,208,300
				66,960,830
				187,279,299
Materials – 5.1%
Chemicals – 5.1%
Dow Chemical Co. (The)		1,444,300		53,670,188
Monsanto Co.		601,661		43,253,409

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 253

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

Company	Shares		U.S. $ Value
Potash Corp. of Saskatchewan, Inc.		336,600	$	20,734,560
				117,658,157
Consumer Staples – 0.5%
Food & Staples Retailing – 0.5%
Costco Wholesale Corp.		170,400		12,744,216
Total Common Stocks (cost $1,757,909,012)				2,307,452,525
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(b) (cost $20,738,048)		20,738,048		20,738,048
Total Investments – 100.2% (cost $1,778,647,060)				2,328,190,573
Other assets less liabilities – (0.2)%				(3,888,994	)
Net Assets – 100.0%			$	2,324,301,579

(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.

254 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.0%
Financials – 23.7%
Capital Markets – 0.3%
Macquarie Group Ltd.		77,900	$	3,028,077
Commercial Banks – 15.1%
Australia & New Zealand Banking Group Ltd.		372,300		9,201,518
Banco do Brasil SA		486,200		8,693,623
Bank of China Ltd.		5,987,000		3,159,140
Barclays PLC		3,189,800		16,553,872
BNP Paribas		153,465		11,977,201
Danske Bank A/S(a)		165,247		3,873,596
DnB NOR ASA		457,000		7,073,110
Hana Financial Group, Inc.		217,460		8,711,133
KB Financial Group, Inc.		155,362		7,612,994
KBC Groep NV(a)		275,400		11,517,184
Lloyds Banking Group PLC(a)		5,447,800		5,501,548
National Australia Bank Ltd.		898,400		23,752,681
National Bank of Canada		90,400		6,965,513
Societe Generale		310,470		21,830,911
Sumitomo Mitsui Financial Group, Inc.		382,900		14,489,586
Turkiye Garanti Bankasi AS		490,400		2,173,130
Turkiye Is Bankasi – Class C		1,849,600		5,764,457
UniCredit SpA		5,670,100		14,588,076
				183,439,273
Diversified Financial Services – 2.0%
ING Groep NV(a)		1,130,900		14,186,598
ORIX Corp.		84,240		9,487,250
				23,673,848
Insurance – 5.0%
Aegon NV(a)		1,156,227		8,899,904
Allianz SE		181,600		26,224,870
Aviva PLC		1,824,600		13,849,521
Muenchener Rueckversicherungs AG		73,000		12,205,309
				61,179,604
Real Estate Management & Development – 1.3%
Evergrande Real Estate Group Ltd.		6,165,000		2,921,500
Mitsui Fudosan Co., Ltd.		283,000		6,048,145
New World Development Ltd.		3,805,224		6,914,630
				15,884,275
				287,205,077

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 255

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Consumer Discretionary – 13.7%
Auto Components – 2.6%
Bridgestone Corp.		159,300	$	3,275,607
Faurecia(a)		6,842		266,432
GKN PLC		2,965,900		10,116,882
Magna International, Inc. – Class A		139,200		6,855,766
NGK Spark Plug Co., Ltd.		503,000		7,535,952
Sumitomo Rubber Industries Ltd.		272,400		2,953,595
				31,004,234
Automobiles – 4.3%
Nissan Motor Co., Ltd.		1,702,400		17,492,327
Renault SA(a)		259,400		15,907,064
Toyota Motor Corp.		399,500		18,667,585
				52,066,976
Hotels, Restaurants & Leisure – 0.3%
Thomas Cook Group PLC		974,200		2,995,823
Household Durables – 2.4%
LG Electronics, Inc.		65,790		6,494,648
Sharp Corp.		915,000		9,968,612
Sony Corp.		353,300		13,008,012
				29,471,272
Media – 2.7%
Informa PLC		1,155,300		8,163,083
Lagardere SCA		137,957		6,209,441
Vivendi SA		638,860		18,208,047
				32,580,571
Multiline Retail – 0.4%
Marks & Spencer Group PLC		96,793		544,995
PPR		31,200		4,733,544
				5,278,539
Specialty Retail – 0.7%
Esprit Holdings Ltd.		1,820,500		8,960,195
Textiles, Apparel & Luxury Goods – 0.3%
Yue Yuen Industrial Holdings Ltd.		1,049,000		3,309,568
				165,667,178
Energy – 11.5%
Oil, Gas & Consumable Fuels – 11.5%
BP PLC		3,490,800		28,141,634
China Petroleum & Chemical Corp. – Class H		3,398,000		3,448,706
ENI SpA		493,300		12,027,921
Gazprom OAO (Sponsored ADR)		436,300		12,792,316
JX Holdings, Inc.		928,000		6,537,269

256 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
LUKOIL OAO (London) (Sponsored ADR)		98,750	$	7,030,012
Nexen, Inc. (Toronto)		521,520		14,230,349
OMV AG		201,100		8,545,740
Penn West Petroleum Ltd.		356,314		10,301,951
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		808,086		29,090,813
Suncor Energy, Inc. (Toronto)		152,248		7,155,209
				139,301,920
Materials – 10.3%
Chemicals – 2.7%
Agrium, Inc. (Toronto)		118,800		11,264,326
Air Water, Inc.		165,000		2,189,654
Clariant AG(a)		200,500		3,309,488
DIC Corp.		1,557,000		4,152,483
Incitec Pivot Ltd.		699,700		3,156,984
Koninklijke DSM NV		138,706		8,148,051
				32,220,986
Metals & Mining – 7.6%
Dowa Holdings Co., Ltd.		488,000		3,449,095
Hindalco Industries Ltd.		385,000		1,726,236
JFE Holdings, Inc.		334,200		10,583,892
Rio Tinto PLC		353,000		24,857,056
Tata Steel Ltd.		573,100		7,740,689
ThyssenKrupp AG		276,500		11,539,110
Vale SA (Sponsored ADR) (Local Preference Shares)		747,900		22,414,563
Xstrata PLC		431,480		9,868,416
				92,179,057
				124,400,043
Industrials – 9.7%
Aerospace & Defense – 0.9%
BAE Systems PLC		2,110,300		11,285,228
Building Products – 1.7%
Asahi Glass Co., Ltd.		980,000		13,702,626
Cie de St-Gobain		107,000		6,390,990
				20,093,616
Construction & Engineering – 1.8%
Bouygues SA		479,200		22,135,068
Electrical Equipment – 1.9%
Furukawa Electric Co., Ltd.		1,048,000		4,475,607
Mitsubishi Electric Corp.		553,000		6,571,002
Sumitomo Electric Industries Ltd.		795,800		11,678,123
				22,724,732

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 257

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Industrial Conglomerates – 0.8%
Bidvest Group Ltd.		245,253	$	5,495,857
SembCorp Industries Ltd.		1,130,000		4,249,434
				9,745,291
Road & Rail – 0.7%
East Japan Railway Co.		61,400		4,281,385
Firstgroup PLC		700,200		4,154,992
				8,436,377
Trading Companies & Distributors – 1.9%
Mitsubishi Corp.		548,400		15,257,724
Mitsui & Co., Ltd.		460,800		8,423,402
				23,681,126
				118,101,438
Telecommunication Services – 7.5%
Diversified Telecommunication Services – 5.3%
France Telecom SA		640,800		14,180,137
Nippon Telegraph & Telephone Corp.		351,000		17,170,174
Telecom Corp. of New Zealand Ltd.		2,460,332		3,870,055
Telecom Italia SpA (ordinary shares)		9,707,700		15,155,870
Telecom Italia SpA (savings shares)		4,931,400		6,526,981
Telenor ASA		441,800		7,329,709
				64,232,926
Wireless Telecommunication Services – 2.2%
Vodafone Group PLC		9,552,537		27,120,543
				91,353,469
Health Care – 6.5%
Pharmaceuticals – 6.5%
AstraZeneca PLC		654,700		32,035,962
Novartis AG		375,110		21,079,912
Roche Holding AG		103,700		15,642,352
Sanofi-Aventis SA		154,919		10,712,325
				79,470,551
Information Technology – 6.0%
Computers & Peripherals – 1.6%
Fujitsu Ltd.		1,372,000		9,303,828
Lite-On Technology Corp.		1,232,000		1,545,387
Pegatron Corp.(a)		2,027,000		2,413,747
Toshiba Corp.		993,000		6,525,056
				19,788,018

258 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components – 1.0%
AU Optronics Corp.(a)		13,470,790	$	12,178,250
IT Services – 1.3%
Cap Gemini SA		265,900		15,545,998
Office Electronics – 0.4%
Konica Minolta Holdings, Inc.		527,500		4,887,160
Semiconductors & Semiconductor Equipment – 1.7%
Powertech Technology, Inc.		708,000		2,483,900
Samsung Electronics Co., Ltd.		22,330		18,313,942
				20,797,842
				73,197,268
Consumer Staples – 5.2%
Beverages – 0.4%
Asahi Breweries Ltd.		261,300		5,051,171
Food & Staples Retailing – 1.7%
Delhaize Group SA		156,300		12,073,276
Koninklijke Ahold NV		640,300		8,600,332
				20,673,608
Tobacco – 3.1%
Imperial Tobacco Group PLC		492,200		15,794,833
Japan Tobacco, Inc.		5,361		22,176,309
				37,971,142
				63,695,921
Utilities – 3.9%
Electric Utilities – 3.9%
E.ON AG		730,600		23,996,404
EDP – Energias de Portugal SA		2,210,300		8,385,194
Tokyo Electric Power Co., Inc. (The)		566,000		14,650,834
				47,032,432
Total Common Stocks (cost $1,046,995,767)				1,189,425,297

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 259

International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.7%
Investment Companies – 0.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(b) (cost $8,099,845)		8,099,845	$	8,099,845
Total Investments – 98.7% (cost $1,055,095,612)				1,197,525,142
Other assets less liabilities – 1.3%				15,718,082
Net Assets – 100.0%			$	1,213,243,224

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		51		March 2011	$	2,004,970	$	2,120,473	$	115,503
Topix Index Futures		50		March 2011		5,369,916		5,812,603		442,687
									$	558,190

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Bank of America NA:
Swedish Krona settling 5/16/11		234,489	$	36,402,856	$	36,883,341	$	480,485
Credit Suisse London Branch (GFX):
Great British Pound settling 5/16/11		3,801		6,101,555		6,174,424		72,869
Norwegian Krone settling 5/16/11		32,371		5,610,517		5,757,141		146,624
Deutsche Bank AG London:
Norwegian Krone settling 5/16/11		298,812		50,661,901		53,143,331		2,481,430
Swedish Krona settling 5/16/11		155,331		23,092,396		24,432,388		1,339,992
Swiss Franc settling 5/16/11		46,191		47,958,760		49,749,186		1,790,426
Swiss Franc settling 5/16/11		45,578		47,625,915		49,088,966		1,463,051
HSBC BankUSA:
Great British Pound settling 5/16/11		29,001		45,979,055		47,109,836		1,130,781
UBS AG:
Euro settling 5/16/11		77,512		105,290,750		106,860,503		1,569,753
Westpac Banking Corp.:
Australian Dollar settling 5/16/11		27,136		27,183,488		27,371,862		188,374

260 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Sale Contracts:
Barclays Bank PLC Wholesale:
Japanese Yen settling 5/16/11		4,235,551	$	51,662,512	$	51,803,995	$	(141,483	)
BNP Paribas SA:
Australian Dollar settling 5/16/11		27,136		27,001,107		27,371,861		(370,754	)
Canadian Dollar settling 5/16/11		41,436		41,796,706		42,577,241		(780,535	)
Citibank NA:
Canadian Dollar settling 5/16/11		8,806		8,843,647		9,048,537		(204,890	)
Great British Pound settling 5/16/11		3,016		4,891,430		4,899,254		(7,824	)
Deutsche Bank AG London:
Euro settling 5/16/11		118,588		158,222,481		163,489,180		(5,266,699	)
Euro settling 5/16/11		22,163		30,272,552		30,554,615		(282,063	)
State Street Bank and Trust Co.:
Great British Pound settling 5/16/11		8,753		14,121,653		14,218,558		(96,905	)
UBS AG:
Swiss Franc settling 5/16/11		46,493		48,925,580		50,074,450		(1,148,870	)

(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  • 261

International Value Portfolio—Portfolio of Investments

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.3%
Financials – 19.6%
Capital Markets – 2.7%
GP Investments Ltd. (BDR)(a)		1,442,500	$	5,722,142
Man Group PLC		2,882,052		13,466,524
UBS AG(a)		593,662		11,779,901
				30,968,567
Commercial Banks – 6.6%
Banco Santander Brasil SA (ADR)		370,500		4,512,690
Bank Rakyat Indonesia Persero TBK PT		5,269,000		2,823,961
BNP Paribas		146,900		11,464,834
HDFC Bank Ltd.		144,800		6,567,083
HSBC Holdings PLC		1,473,200		16,224,568
Itau Unibanco Holding SA (ADR)		517,780		11,505,072
Standard Chartered PLC		860,742		22,765,595
				75,863,803
Consumer Finance – 0.2%
Shriram Transport Finance Co., Ltd.		176,300		2,891,189
Diversified Financial Services – 0.9%
BM&F Bovespa SA		239,100		1,625,328
IG Group Holdings PLC		1,280,052		9,324,535
				10,949,863
Insurance – 3.0%
Admiral Group PLC		632,053		17,351,513
AIA Group Ltd.(a)		3,111,000		9,087,731
Prudential PLC		732,900		8,477,954
				34,917,198
Real Estate Management & Development – 5.8%
CapitaLand Ltd.		6,066,000		15,612,328
CapitaMalls Asia Ltd.		3,345,000		4,543,004
China Overseas Land & Investment Ltd.		2,994,000		5,004,420
Hang Lung Group Ltd.		787,800		4,836,271
Hang Lung Properties Ltd.		7,209,000		30,883,924
Mitsubishi Estate Co., Ltd.		291,000		5,966,377
				66,846,324
Thrifts & Mortgage Finance – 0.4%
Housing Development Finance Corp.		316,000		4,420,135
				226,857,079
Consumer Staples – 15.7%
Beverages – 2.7%
Anheuser-Busch InBev NV		565,437		31,578,384

262 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Food & Staples Retailing – 4.2%
Olam International Ltd.		9,956,000	$	21,840,010
Sugi Holdings Co., Ltd.		20,500		492,550
Tesco PLC		4,017,680		26,389,128
				48,721,688
Food Products – 0.4%
China Green Holdings Ltd.		5,622,000		4,419,931
Household Products – 1.4%
Reckitt Benckiser Group PLC		311,517		16,060,506
Personal Products – 0.5%
Hypermarcas SA(a)		507,300		5,793,184
Tobacco – 6.5%
British American Tobacco PLC		649,104		26,005,688
Imperial Tobacco Group PLC		734,700		23,576,725
Japan Tobacco, Inc.		6,075		25,129,841
				74,712,254
				181,285,947
Materials – 15.5%
Chemicals – 8.3%
Huabao International Holdings Ltd.		3,312,000		4,180,400
Israel Chemicals Ltd.		2,353,700		39,194,849
K&S AG		528,500		40,854,721
Potash Corp. of Saskatchewan, Inc.		186,900		11,513,040
				95,743,010
Metals & Mining – 7.2%
Agnico-Eagle Mines Ltd.		81,600		5,740,560
Centamin Egypt Ltd.(a)		1,091,700		2,105,092
Newcrest Mining Ltd.		150,900		5,832,320
Rio Tinto PLC		457,200		32,194,465
Vale SA (Sponsored ADR) – Class B		669,200		22,906,716
Xstrata PLC		620,720		14,196,541
				82,975,694
				178,718,704
Industrials – 14.2%
Air Freight & Logistics – 0.7%
Kuehne & Nagel International AG		55,707		7,492,779
Commercial Services & Supplies – 3.5%
Aggreko PLC		410,600		9,661,903
G4S PLC		796,014		3,416,264
Serco Group PLC		3,119,730		27,622,953
				40,701,120

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 263

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Construction & Engineering – 0.4%
Larsen & Toubro Ltd.		95,700	$	3,233,556
Larsen & Toubro Ltd. (GDR)		33,600		1,139,712
				4,373,268
Electrical Equipment – 1.1%
Bharat Heavy Electricals Ltd.		116,700		5,196,304
Vestas Wind Systems A/S(a)		209,917		7,209,702
				12,406,006
Machinery – 2.9%
Fanuc Corp.		143,100		22,353,527
Jain Irrigation Systems Ltd.		2,105,612		8,530,768
Komatsu Ltd.		95,300		2,923,677
				33,807,972
Professional Services – 4.2%
Capita Group PLC (The)		3,006,400		35,456,981
Experian PLC		680,200		8,626,055
Intertek Group PLC		160,550		4,707,089
				48,790,125
Road & Rail – 0.4%
DSV A/S		210,847		4,870,318
Transportation Infrastructure – 1.0%
China Merchants Holdings International Co., Ltd.		2,600,000		11,033,676
				163,475,264
Consumer Discretionary – 12.8%
Distributors – 3.6%
Li & Fung Ltd.		6,916,000		42,078,243
Diversified Consumer Services – 0.5%
Anhanguera Educacional Participacoes SA		239,400		5,352,615
Hotels, Restaurants & Leisure – 0.4%
Ajisen China Holdings Ltd.		1,226,800		1,880,118
Shangri-La Asia Ltd.		1,174,333		2,768,288
				4,648,406
Household Durables – 0.4%
MRV Engenharia e Participacoes SA		564,800		4,484,318
Multiline Retail – 0.3%
Don Quijote Co., Ltd.		98,400		3,440,476
Specialty Retail – 7.1%
Fast Retailing Co., Ltd.		66,500		10,440,813
Hennes & Mauritz AB – Class B		1,015,950		33,195,459
Inditex SA		372,230		26,975,235

264 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Yamada Denki Co., Ltd.		154,340	$	11,789,818
				82,401,325
Textiles, Apparel & Luxury Goods – 0.5%
Cie Financiere Richemont SA		98,200		5,619,394
				148,024,777
Energy – 11.4%
Energy Equipment & Services – 8.0%
AMEC PLC		1,532,021		28,992,906
Petrofac Ltd.		1,288,000		29,163,076
Saipem SpA		337,000		17,024,679
Technip SA		177,100		17,502,672
				92,683,333
Oil, Gas & Consumable Fuels – 3.4%
Afren PLC(a)		4,514,400		11,753,715
Petroleo Brasileiro SA (ADR)		676,900		26,960,927
				38,714,642
				131,397,975
Information Technology – 7.9%
Communications Equipment – 0.5%
HTC Corp.		171,000		6,176,617
Computers & Peripherals – 2.3%
Logitech International SA(a)		1,422,061		27,028,806
Internet Software & Services – 1.0%
Yahoo! Japan Corp.		30,919		11,656,654
Semiconductors & Semiconductor Equipment – 0.5%
Trina Solar Ltd. (Sponsored ADR)(a)		195,200		5,387,520
Software – 3.6%
Aveva Group PLC		256,960		6,662,279
SAP AG		388,500		23,476,535
Temenos Group AG(a)		297,370		11,277,485
				41,416,299
				91,665,896
Health Care – 1.2%
Pharmaceuticals – 1.2%
Aspen Pharmacare Holdings Ltd.(a)		1,193,544		13,972,575
Total Common Stocks (cost $1,009,539,757)				1,135,398,217

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 265

International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.7%
Investment Companies – 0.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(b) (cost $8,460,708)		8,460,708	$	8,460,708
Total Investments – 99.0% (cost $1,018,000,465)				1,143,858,925
Other assets less liabilities – 1.0%				10,980,076
Net Assets – 100.0%			$	1,154,839,001

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Bank of America NA:
Japanese Yen settling 3/15/11		1,573,425	$	18,864,424	$	19,235,354	$	370,930
Barclays Bank PLC:
Japanese Yen settling 3/15/11		6,628,198		78,854,550		81,030,704		2,176,154
Japanese Yen settling 3/15/11		2,704,239		32,486,864		33,059,723		572,859
Citibank NA:
Canadian Dollar settling 3/15/11		2,285		2,251,963		2,351,245		99,282
Deutsche Bank AG London:
Canadian Dollar settling 3/15/11		2,160		2,181,598		2,222,621		41,023
Euro settling 3/15/11		117,419		155,427,530		162,005,962		6,578,432
Swedish Krona settling 3/15/11		84,503		12,594,530		13,333,682		739,152
Swedish Krona settling 3/15/11		80,310		11,969,595		12,672,071		702,476
Swiss Franc settling 3/15/11		9,046		9,386,252		9,737,378		351,126
HSBC BankUSA:
Great British Pound settling 3/15/11		14,910		23,654,864		24,235,898		581,034
Hong Kong Dollar settling 3/15/11		29,074		3,740,359		3,733,632		(6,727	)
JP Morgan Chase Bank NA:
Canadian Dollar settling 3/15/11		3,834		3,844,110		3,945,153		101,043
Morgan Stanley and Co.:
Australian Dollar settling 3/15/11		76,620		74,317,569		77,885,955		3,568,386
Royal Bank of Canada:
Swedish Krona settling 6/15/11		222,244		34,174,035		34,896,387		722,352
UBS AG:
Hong Kong Dollar settling 3/15/11		761,885		98,040,250		97,839,947		(200,303	)
Swedish Krona settling 3/15/11		48,910		7,558,816		7,717,482		158,666
Westpac Banking Corp.:
Canadian Dollar settling 3/15/11		2,721		2,728,840		2,799,886		71,046

266 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Sale Contracts:
Bank of America NA:
Australian Dollar settling 3/15/11		76,620	$	75,309,032	$	77,885,955	$	(2,576,923	)
BNP Paribas SA:
Japanese Yen settling 3/15/11		1,403,887		17,048,636		17,162,727		(114,091	)
Calyon:
Canadian Dollar settling 3/15/11		12,221		12,091,620		12,575,303		(483,683	)
Citibank NA:
Canadian Dollar settling 3/15/11		2,647		2,616,603		2,723,740		(107,137	)
Credit Suisse London Branch (GFX):
Great British Pound settling 3/15/11		7,295		11,499,838		11,857,872		(358,034	)
Japanese Yen settling 3/15/11		3,364,589		40,676,891		41,132,600		(455,709	)
Swedish Krona settling 3/15/11		44,678		6,478,171		7,049,718		(571,547	)
Deutsche Bank AG London:
Euro settling 3/15/11		36,320		48,487,200		50,111,622		(1,624,422	)
Hong Kong Dollar settling 3/15/11		56,040		7,218,998		7,196,559		22,439
Hong Kong Dollar settling 3/15/11		44,370		5,718,917		5,697,918		20,999
Swedish Krona settling 3/15/11		39,825		5,764,220		6,283,965		(519,745	)
HSBC BankUSA:
Canadian Dollar settling 6/15/11		10,965		11,076,541		11,257,964		(181,423	)
Great British Pound settling 6/15/11		4,744		7,585,229		7,702,533		(117,304	)
Hong Kong Dollar settling 3/15/11		33,752		4,350,163		4,334,373		15,790
Hong Kong Dollar settling 3/15/11		635,662		81,853,500		81,630,609		222,891
Morgan Stanley and Co.:
Great British Pound settling 3/15/11		132,124		208,523,382		214,764,843		(6,241,461	)
Swiss Franc settling 3/15/11		9,046		9,157,029		9,737,377		(580,348	)
Royal Bank of Canada:
Euro settling 3/15/11		10,588		14,266,377		14,608,531		(342,154	)
Societe Generale:
Great British Pound settling 3/15/11		1,795		2,833,767		2,917,736		(83,969	)
Standard Chartered Bank:
Hong Kong Dollar settling 3/15/11		21,135		2,727,765		2,714,120		13,645

(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

BDR – Brazilian Depositary Receipt

GDR – Global Depositary Receipt

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 267

International Growth Portfolio—Portfolio of Investments

SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 44.2%
United States – 44.2%
U.S. Treasury Notes 0.375%, 10/31/12	$	31,285	$	31,199,467
0.625%, 2/28/13		73,405		73,313,243
0.75%, 11/30/11-5/31/12		141,000		141,693,720
1.375%, 11/15/12-1/15/13		240,773		244,069,833
1.75%, 8/15/12		91,037		92,775,989
Total Governments - Treasuries (cost $580,149,509)				583,052,252
ASSET-BACKED SECURITIES – 15.1%
Autos - Fixed Rate – 6.1%
Ally Auto Receivables Trust Series 2011-1, Class A2 0.81%, 10/15/13		4,618		4,604,312
Bank of America Auto Trust Series 2009-2A, Class A4 3.03%, 10/15/16(a)		8,610		8,913,897
Series 2009-3A, Class A4 2.67%, 12/15/16(a)		12,380		12,759,260
Chrysler Financial Auto Securitization Trust Series 2009-A, Class A3 2.82%, 1/15/16		5,013		5,082,918
Ford Credit Auto Owner Trust Series 2011-A, Class A3 0.97%, 1/15/15		6,545		6,452,783
Harley-Davidson Motorcycle Trust Series 2010-1, Class A2 0.83%, 11/15/13		2,905		2,905,640
Mercedes-Benz Auto Lease Trust Series 2011-1A, Class A2 0.79%, 4/15/13(a)		6,540		6,523,042
Mercedes-Benz Auto Receivables Trust Series 2009-1, Class A4 2.43%, 3/15/16		7,560		7,750,430
Nissan Auto Lease Trust Series 2009-B, Class A4 2.65%, 1/15/15		10,555		10,696,536
Series 2010-B, Class A2 0.90%, 5/15/13		4,475		4,477,562
Nissan Auto Receivables Owner Trust Series 2010-A, Class A3 0.87%, 7/15/14		3,628		3,614,251
Volkswagen Auto Lease Trust Series 2010-A, Class A2 0.77%, 1/22/13		6,225		6,234,582
				80,015,213

268 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Autos - Floating Rate – 3.8%
BMW Floorplan Master Owner Trust Series 2009-1A, Class A 1.416%, 9/15/14(a)(b)	$	4,360	$	4,404,121
CNH Wholesale Master Note Trust Series 2009-1A, Class A 1.966%, 7/15/15(a)(b)+		14,000		14,135,117
Ford Credit Floorplan Master Owner Trust Series 2010-1, Class A 1.916%, 12/15/14(a)(b)		6,070		6,174,244
GE Dealer Floorplan Master Note Trust Series 2006-2, Class A 0.332%, 4/20/13(b)		4,360		4,355,761
1.812%, 10/20/14(a)(b)		5,438		5,515,582
Nissan Master Owner Trust Receivables Series 2010-AA, Class A 1.416%, 1/15/15(a)(b)		8,345		8,447,285
Wheels SPV LLC Series 2009-1, Class A 1.816%, 3/15/18(a)(b)+		6,541		6,577,548
				49,609,658
Credit Cards - Floating Rate – 3.0%
Chase Issuance Trust Series 2009-A2, Class A2 1.816%, 4/15/14(b)		13,000		13,198,567
Discover Card Master Trust Series 2009-A1, Class A1 1.566%, 12/15/14(b)+		14,835		15,025,011
Series 2009-A2, Class A 1.566%, 2/17/15(b)		1,320		1,337,433
Series 2010-A1, Class A1 0.916%, 9/15/15(b)		7,206		7,249,584
MBNA Credit Card Master Note Trust Series 2006-A2, Class A2 0.326%, 6/15/15(b)		3,130		3,116,101
				39,926,696
Home Equity Loans - Floating Rate – 1.0%
BNC Mortgage Loan Trust Series 2007-2, Class M5 1.162%, 5/25/37(b)(c)		1,200		16,671
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB3, Class AF 1 2.89%, 12/25/32(b)		2,180		1,797,115

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 269

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
HSBC Home Equity Loan Trust Series 2006-1, Class M1 0.542%, 1/20/36(b)	$	1,121	$	895,304
Lehman ABS Mortgage Loan Trust Series 2007-1, Class 2A2 0.462%, 6/25/37(a)(b)		3,370		1,503,211
Lehman XS Trust Series 2005-2, Class 1M1 0.762%, 8/25/35(b)(c)		5,000		177,362
Series 2006-1, Class 1M1 0.712%, 2/25/36(b)(c)		4,000		203,088
Newcastle Mortgage Securities Trust Series 2007-1, Class 2A1 0.392%, 4/25/37(b)		1,901		1,656,941
Novastar Home Equity Loan Series 2007-2, Class M1 0.562%, 9/25/37(b)(c)		4,935		694,190
Option One Mortgage Loan Trust Series 2006-2, Class 2A2 0.362%, 7/25/36(b)		2,009		1,631,647
Security National Mortgage Loan Trust Series 2007-1A, Class 1A1 5.91%, 4/25/37(a)(d)		258		255,542
Soundview Home Equity Loan Trust Series 2007-OPT2, Class 2A2 0.392%, 7/25/37(b)		4,185		2,929,367
Specialty Underwriting & Residential Finance Series 2005-AB2, Class M1 0.712%, 6/25/36(b)		2,000		1,095,226
				12,855,664
Other ABS - Fixed Rate – 0.8%
CNH Equipment Trust Series 2010-C, Class A3 1.17%, 5/15/15		5,261		5,245,221
GE Equipment Small Ticket LLC Series 2011-1A, Class A2 0.88%, 8/21/13(a)		3,910		3,896,583
John Deere Owner Trust Series 2009-A, Class A3 2.59%, 10/15/13		1,891		1,906,413
				11,048,217
Home Equity Loans - Fixed Rate – 0.4%
American General Mortgage Loan Trust Series 2003-1, Class A3 4.03%, 4/25/33		2,308		2,187,961

270 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33	$	1,188	$	1,046,083
Series 2005-CB4, Class AF2 4.751%, 8/25/35		160		159,976
Home Equity Mortgage Trust Series 2006-5, Class A1 5.50%, 1/25/37		2,295		353,373
Nationstar NIM Trust Series 2007-A, Class A 9.79%, 3/25/37(e)(f)		35		0
Structured Asset Securities Corp. Series 2007-RM1, Class AIO 5.00%, 5/25/47(a)(c)(g)		8,495		1,327,815
				5,075,208
Total Asset-Backed Securities (cost $219,457,468)				198,530,656
MORTGAGE PASS-THRU’S – 14.9%
Agency Fixed Rate 30-Year – 10.2%
Federal Home Loan Mortgage Corp. Gold Series 2007 6.00%, 7/01/37-9/01/37		1,871		2,033,791
Federal National Mortgage Association Series 2007 6.50%, 10/01/37		28,444		31,708,683
Series 2008 6.00%, 5/01/38-8/01/38		36,039		39,183,065
6.50%, 12/01/28-7/01/35		18,448		20,631,105
Series 2010 6.00%, 4/01/40		28,881		31,395,760
Government National Mortgage Association Series 2008 6.50%, 9/15/38		9,064		10,226,062
				135,178,466
Agency ARMs – 4.3%
Federal Home Loan Mortgage Corp. Series 2005 2.699%, 5/01/35(d)		3,887		4,086,810
Series 2007 5.861%, 11/01/36(b)		3,221		3,405,435
6.089%, 1/01/37(b)		2,719		2,880,825
Federal National Mortgage Association 2.522%, 1/01/36(d)		1,844		1,947,535
Series 2003 2.685%, 12/01/33(d)		982		1,032,504

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 271

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Series 2005 2.527%, 2/01/35(b)	$	5,337	$	5,596,127
3.097%, 10/01/35(d)		3,125		3,286,218
Series 2006 2.704%, 1/01/36(d)		9,276		9,793,550
5.507%, 5/01/36(b)		3,713		3,898,921
5.661%, 7/01/36(d)		3,077		3,234,673
5.716%, 11/01/36(b)		3,890		4,111,578
Series 2007 2.883%, 11/01/35(b)		5,226		5,501,243
5.444%, 2/01/37(b)		3,552		3,763,254
6.25%, 1/01/37(b)		1,569		1,649,083
Series 2009 3.304%, 7/01/38(d)		2,488		2,626,544
				56,814,300
Agency Fixed Rate 15-Year – 0.4%
Federal National Mortgage Association Series 1998 6.00%, 10/01/13-12/01/13		14		14,984
Series 2001 6.00%, 11/01/16		92		99,870
Series 2002 6.00%, 12/01/17		62		67,367
Series 2005 6.00%, 6/01/17-6/01/20		167		181,676
Series 2006 6.00%, 5/01/21-1/01/22		3,070		3,352,997
Series 2007 6.00%, 2/01/22		933		1,017,882
				4,734,776
Total Mortgage Pass-Thru’s (cost $188,843,202)				196,727,542
CORPORATES - INVESTMENT GRADES – 12.7%
Industrial – 9.1%
Capital Goods – 1.1%
Caterpillar, Inc. 7.00%, 12/15/13		2,067		2,376,242
General Dynamics Corp. 5.25%, 2/01/14		4,560		5,015,416
John Deere Capital Corp. 1.60%, 3/03/14		3,605		3,601,431
5.25%, 10/01/12		2,735		2,923,072
				13,916,161

272 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 1.3%
AT&T, Inc. 4.95%, 1/15/13	$	2,875	$	3,076,813
Cellco Partnership / Verizon Wireless Capital LLC 5.55%, 2/01/14		5,900		6,522,179
New Cingular Wireless Services, Inc. 8.125%, 5/01/12		5,160		5,593,471
Verizon Global Funding Corp. 7.375%, 9/01/12		2,142		2,342,770
				17,535,233
Consumer Cyclical - Automotive – 0.7%
American Honda Finance Corp. 2.375%, 3/18/13(a)		6,114		6,198,159
Toyota Motor Credit Corp. 1.375%, 8/12/13		3,065		3,075,075
				9,273,234
Consumer Cyclical - Entertainment – 0.3%
Walt Disney Co. (The) 4.50%, 12/15/13		3,624		3,951,490
Consumer Cyclical - Restaurants – 0.3%
McDonald’s Corp. 4.30%, 3/01/13		3,595		3,811,660
Consumer Cyclical - Retailers – 0.5%
Costco Wholesale Corp. 5.30%, 3/15/12		2,740		2,872,830
Wal-Mart Stores, Inc. 4.55%, 5/01/13		3,500		3,760,928
				6,633,758
Consumer Non-Cyclical – 2.3%
Abbott Laboratories 5.15%, 11/30/12		2,717		2,917,401
Avon Products, Inc. 5.625%, 3/01/14		2,450		2,695,492
Baxter International, Inc. 1.80%, 3/15/13		2,021		2,049,324
Bottling Group LLC 5.00%, 11/15/13		3,599		3,941,682
GlaxoSmithKline Capital, Inc. 4.85%, 5/15/13		2,844		3,076,796
Merck & Co., Inc. 5.30%, 12/01/13		2,810		3,104,949

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	Principal Amount (000)		U.S. $ Value
PepsiCo, Inc. 4.65%, 2/15/13	$	2,802	$	2,997,823
Pfizer, Inc. 4.45%, 3/15/12		6,003		6,235,172
Procter & Gamble Co. (The) 1.375%, 8/01/12		3,132		3,163,308
				30,181,947
Energy – 1.1%
Apache Corp. 5.25%, 4/15/13		2,890		3,127,333
BP Capital Markets PLC 5.25%, 11/07/13		2,975		3,229,913
Chevron Corp. 3.95%, 3/03/14		3,665		3,921,451
ConocoPhillips 4.75%, 2/01/14		3,650		3,981,427
				14,260,124
Technology – 1.3%
Hewlett-Packard Co. 2.95%, 8/15/12		1,408		1,449,508
International Business Machines Corp. 2.10%, 5/06/13		6,055		6,192,897
Microsoft Corp. 0.875%, 9/27/13		3,060		3,043,868
2.95%, 6/01/14		3,045		3,181,583
Oracle Corp. 4.95%, 4/15/13		2,885		3,120,958
				16,988,814
Transportation - Services – 0.2%
United Parcel Service, Inc. 3.875%, 4/01/14		3,095		3,317,475
				119,869,896
Financial Institutions – 3.4%
Banking – 1.7%
Bank of New York Mellon Corp. (The) 4.30%, 5/15/14		1,785		1,924,653
JPMorgan Chase & Co. 3.45%, 3/01/16		3,280		3,294,704
National Australia Bank Ltd. 1.70%, 12/10/13(a)		3,130		3,117,511
Royal Bank of Canada 5.65%, 7/20/11		4,960		5,059,651
State Street Corp. 4.30%, 5/30/14		3,015		3,252,736

274 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
UnionBanCal Corp. 5.25%, 12/16/13	$	5,212	$	5,622,086
				22,271,341
Finance – 0.5%
General Electric Capital Corp. 1.875%, 9/16/13		6,461		6,483,484
Insurance – 1.0%
Berkshire Hathaway Finance Corp 1.50%, 1/10/14		5,705		5,704,669
Metropolitan Life Global Funding I 2.875%, 9/17/12(a)		7,700		7,873,982
				13,578,651
Other Finance – 0.2%
ORIX Corp. 5.48%, 11/22/11		3,130		3,221,071
				45,554,547
Utility – 0.2%
Electric – 0.2%
Southern Co. 4.15%, 5/15/14		2,001		2,119,987
Total Corporates - Investment Grades (cost $163,613,253)				167,544,430
AGENCIES – 5.1%
Agency Debentures – 5.1%
Bank of America Corp. – FDIC Insured 2.10%, 4/30/12		8,760		8,938,941
Citibank NA – FDIC Insured 1.875%, 5/07/12		18,659		18,971,613
Goldman Sachs Group, Inc. (The) – FDIC Insured 3.25%, 6/15/12		13,670		14,149,188
JPMorgan Chase & Co. – FDIC Insured 3.125%, 12/01/11		10,565		10,787,266
Morgan Stanley – FDIC Insured 2.25%, 3/13/12		6,000		6,113,022
Wells Fargo & Co. – FDIC Insured 3.00%, 12/09/11		7,493		7,647,993
Total Agencies (cost $65,168,343)				66,608,023
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.0%
Non-Agency Fixed Rate CMBS – 1.9%
DBUBS Mortgage Trust Series 2011-LC1A, Class A1 3.742%, 11/10/46(a)		6,480		6,613,633

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	Principal Amount (000)		U.S. $ Value
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LDPX, Class A2S 5.305%, 1/15/49	$	5,950	$	6,085,440
Morgan Stanley Capital I Series 2011-C1, Class A1 2.602%, 9/15/47(a)		3,125		3,170,333
NCUA Guaranteed Notes Series 2010-C1, Class A1 1.60%, 10/29/20		5,776		5,646,181
WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A1 2.501%, 2/15/44(a)		3,125		3,162,655
				24,678,242
Non-Agency Floating Rate CMBS – 1.6%
Banc of America Large Loan, Inc. Series 2005-MIB1, Class C 0.576%, 3/15/22(a)(b)		2,500		2,329,256
Commercial Mortgage Pass Through Certificates Series 2005-FL11, Class D 0.606%, 11/15/17(a)(b)		831		800,514
Series 2007-FL14, Class C 0.566%, 6/15/22(a)(b)		3,317		2,938,331
Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class SVD 0.736%, 10/15/21(a)(b)		4,900		4,764,456
Series 2007-TFLA, Class A2 0.386%, 2/15/22(a)(b)		8,000		7,514,393
Wachovia Bank Commercial Mortgage Trust Series 2006-WL7A, Class H 0.664%, 9/15/21(a)(b)		2,600		1,452,915
Series 2007-WHL8, Class E 0.666%, 6/15/20(a)(b)		2,725		1,883,741
				21,683,606
Agency CMBS – 1.5%
FHLMC Multifamily Structured Pass Through Certificates Series K008, Class A1 2.746%, 12/25/19		12,203		11,983,314
Series K009, Class A1 2.757%, 5/25/20		3,466		3,423,952

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Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Series K010, Class A1 3.32%, 7/25/20	$	4,020	$	4,059,510
				19,466,776
Total Commercial Mortgage-Backed Securities (cost $69,309,411)				65,828,624
CMOs – 2.1%
Non-Agency Floating Rate – 1.5%
Adjustable Rate Mortgage Trust Series 2005-11, Class 5M1 0.732%, 2/25/36(b)(c)		2,290		7,756
Countrywide Alternative Loan Trust Series 2006-OA14, Class 3A1 1.142%, 11/25/46(b)		1,913		1,051,243
Homebanc Mortgage Trust Series 2005-4, Class A2 0.592%, 10/25/35(b)		2,862		2,167,932
Mortgage Equity Conversion Asset Trust Series 2007-FF2, Class A 0.74%, 2/25/42(a)(b)		3,145		3,016,234
NCUA Guaranteed Notes Series 2010-R3, Class 1A 0.823%, 12/08/20(b)		8,808		8,847,507
Sequoia Mortgage Trust Series 2007-3, Class 1A1 0.462%, 7/20/36(b)		2,767		2,263,958
Structured Adjustable Rate Mortgage Loan Trust Series 2005-5, Class A3 0.492%, 5/25/35(b)		120		98,640
Structured Asset Mortgage Investments, Inc. Series 2004-AR5, Class 1A1 0.592%, 10/19/34(b)		630		562,603
WaMu Mortgage Pass Through Certificates Series 2006-AR4, Class 1A1B 1.232%, 5/25/46(b)		1,101		674,199
Series 2006-AR9, Class 1AB2 0.482%, 8/25/46(b)		2,363		799,340
				19,489,412
Non-Agency Fixed Rate – 0.5%
Ford Credit Auto Lease Trust Series 2010-B, Class A2 0.75%, 10/15/12(a)		6,220		6,220,883
Merrill Lynch Mortgage Investors, Inc. Series 2005-A8, Class A1C1 5.25%, 8/25/36		763		743,300
				6,964,183

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Short Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Agency Floating Rate – 0.1%
Fannie Mae REMIC Series 2003-52, Class FV 1.26%, 5/25/31(b)	$	244	$	244,580
Fannie Mae Whole Loan Series 2003-W13, Class AV2 0.542%, 10/25/33(b)		161		150,377
Freddie Mac Reference REMIC Series R008, Class FK 0.666%, 7/15/23(b)		572		571,193
				966,150
Agency Fixed Rate – 0.0%
Fannie Mae REMIC Series 2006-50, Class PA 5.00%, 4/25/27		624		622,861
Total CMOs (cost $34,589,748)				28,042,606
GOVERNMENTS - SOVEREIGN AGENCIES – 0.5%
Netherlands – 0.5%
Achmea Hypotheekbank NV 0.661%, 11/03/14(a)(b) (cost $6,453,823)		6,456		6,420,724
	Shares
SHORT-TERM INVESTMENTS – 1.7%
Investment Companies – 0.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(h)		8,982,215		8,982,215
	Principal Amount (000)
Certificates of Deposit – 1.0%
Royal Bank of Canada NY 2.25%, 3/15/13	$	12,810		13,199,309
Total Short-Term Investments (cost $21,787,405)				22,181,524
Total Investments – 101.3% (cost $1,349,372,162)				1,334,936,381
Other assets less liabilities – (1.3)%				(16,558,232	)
Net Assets – 100.0%			$	1,318,378,149

278 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr Futures		1,289		June 2011	$	280,923,977	$	281,384,673	$	460,696
Sold Contracts
U.S. T-Note 5 Yr Futures		93		June 2011		10,860,473		10,875,187		(14,714	)
U.S. T-Note 10 Yr Futures		397		June 2011		47,112,595		47,261,609		(149,014	)
									$	296,968

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, the aggregate market value of these securities amounted to $147,910,967 or 11.2% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at February 28, 2011.

(c) Illiquid security.

(d) Variable rate coupon, rate shown as of February 28, 2011.

(e) Fair valued.

(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 February 28, 2011, 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	%

(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 $31,853,556.

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

FDIC – Federal Deposit Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

REMIC – Real Estate Mortgage Investment Conduit

See notes to financial statements.

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Short Duration Bond Portfolio—Portfolio of Investments

INTERMEDIATE DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES – 29.6%
Financial Institutions – 13.3%
Banking – 6.8%
American Express Co. 7.25%, 5/20/14	U.S.$	1,900	$	2,172,857
Bank of America Corp. 5.625%, 7/01/20		1,710		1,778,752
7.625%, 6/01/19		1,700		1,987,599
Series L 5.65%, 5/01/18		5,630		5,949,896
Bank of Tokyo-Mitsubishi UFJ Ltd./New York NY 7.40%, 6/15/11		170		173,175
BankAmerica Capital II Series 2 8.00%, 12/15/26		1,950		1,979,250
Bear Stearns Cos. LLC (The) 5.55%, 1/22/17		5,410		5,796,144
Citigroup, Inc. 5.50%, 4/11/13		2,900		3,108,800
6.50%, 8/19/13		2,770		3,052,900
8.50%, 5/22/19		2,750		3,412,222
Compass Bank 5.50%, 4/01/20		4,989		4,978,548
Goldman Sachs Group, Inc. (The) 6.00%, 6/15/20		2,700		2,894,905
7.50%, 2/15/19		2,855		3,365,206
JPMorgan Chase & Co. 4.40%, 7/22/20		3,955		3,861,512
Lloyds TSB Bank PLC 4.375%, 1/12/15(a)		3,820		3,850,724
M&I Marshall & Ilsley Bank 5.00%, 1/17/17		3,700		3,856,181
Macquarie Group Ltd. 4.875%, 8/10/17(a)		3,420		3,380,694
Morgan Stanley 5.45%, 1/09/17		1,615		1,702,895
5.50%, 7/24/20		5,325		5,380,630
6.60%, 4/01/12		960		1,018,123
National City Bank/Cleveland OH 6.25%, 3/15/11		4,245		4,252,662
Nationwide Building Society 6.25%, 2/25/20(a)		3,415		3,505,935
Royal Bank of Scotland PLC (The) 6.125%, 1/11/21		2,740		2,784,511
Santander US Debt SA Unipersonal 2.991%, 10/07/13(a)		3,400		3,317,156

280 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Societe Generale 2.50%, 1/15/14(a)	U.S.$	3,380	$	3,360,126
SouthTrust Corp. 5.80%, 6/15/14		3,315		3,609,455
Standard Chartered PLC 6.409%, 12/31/49(a)		4,800		4,553,530
UFJ Finance Aruba AEC 6.75%, 7/15/13		1,913		2,118,544
Unicredit Luxembourg Finance SA 6.00%, 10/31/17(a)		1,580		1,485,993
Union Bank NA 5.95%, 5/11/16		1,005		1,090,762
Wachovia Corp. 5.50%, 5/01/13		1,225		1,328,642
				95,108,329
Brokerage – 0.1%
Jefferies Group, Inc. 6.875%, 4/15/21		1,330		1,426,706
Finance – 0.9%
General Electric Capital Corp. 4.80%, 5/01/13		2,795		2,982,497
Series A 4.375%, 11/21/11		2,713		2,787,266
HSBC Finance Corp. 7.00%, 5/15/12		2,095		2,230,706
SLM Corp. Series A 5.375%, 5/15/14-5/15/14		4,650		4,802,579
				12,803,048
Insurance – 4.4%
Aetna, Inc. 6.00%, 6/15/16		1,010		1,144,566
Aflac, Inc. 3.45%, 8/15/15		555		568,086
Allied World Assurance Co. Holdings Ltd. 7.50%, 8/01/16		1,820		2,039,725
Allstate Corp. (The) 7.45%, 5/16/19		3,420		4,113,118
Assurant, Inc. 5.625%, 2/15/14		1,028		1,089,804
CIGNA Corp. 5.125%, 6/15/20		1,155		1,210,043
Coventry Health Care, Inc. 5.95%, 3/15/17		665		690,362
6.125%, 1/15/15		260		276,870
6.30%, 8/15/14		2,060		2,200,712

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Genworth Financial, Inc. 6.515%, 5/22/18	U.S.$	4,100	$	4,119,705
Guardian Life Insurance Co. of America 7.375%, 9/30/39(a)		1,605		1,867,122
Hartford Financial Services Group, Inc. 4.00%, 3/30/15		685		692,699
5.50%, 3/30/20		3,221		3,310,357
Humana, Inc. 6.30%, 8/01/18		1,514		1,636,136
6.45%, 6/01/16		285		314,496
7.20%, 6/15/18		610		695,186
Liberty Mutual Group, Inc. 5.75%, 3/15/14(a)		2,683		2,851,618
Lincoln National Corp. 8.75%, 7/01/19		791		996,484
Markel Corp. 7.125%, 9/30/19		1,685		1,912,763
Massachusetts Mutual Life Insurance Co. 8.875%, 6/01/39(a)		1,510		2,032,433
MetLife, Inc. 4.75%, 2/08/21		1,460		1,497,163
7.717%, 2/15/19		1,159		1,426,636
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		2,585		3,081,584
Principal Financial Group, Inc. 7.875%, 5/15/14		2,220		2,569,663
Prudential Financial, Inc. 5.15%, 1/15/13		2,545		2,702,413
6.20%, 1/15/15		265		293,725
Series D 7.375%, 6/15/19		200		237,780
Swiss Re Solutions Holding Corp. 7.00%, 2/15/26		3,065		3,216,215
UnitedHealth Group, Inc. 5.25%, 3/15/11		4,300		4,306,510
WellPoint, Inc. 4.35%, 8/15/20		2,865		2,860,542
5.875%, 6/15/17		270		304,849
7.00%, 2/15/19		655		778,773
XL Group PLC 5.25%, 9/15/14		4,520		4,772,004
				61,810,142
Other Finance – 0.2%
ORIX Corp. 4.71%, 4/27/15		3,328		3,394,906

282 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
REITS – 0.9%
ERP Operating LP 5.25%, 9/15/14	U.S.$	3,300	$	3,615,361
HCP, Inc. 6.00%, 1/30/17		3,180		3,455,763
Healthcare Realty Trust, Inc. 5.125%, 4/01/14		2,373		2,497,773
Simon Property Group LP 4.375%, 3/01/21		3,575		3,539,336
				13,108,233
				187,651,364
Industrial – 12.8%
Basic – 2.2%
Anglo American Capital PLC 9.375%, 4/08/19(a)		1,901		2,544,795
AngloGold Ashanti Holdings PLC 5.375%, 4/15/20		2,110		2,148,062
ArcelorMittal 6.125%, 6/01/18		3,570		3,839,531
BHP Billiton Finance USA Ltd. 7.25%, 3/01/16		3,132		3,701,877
Dow Chemical Co. (The) 7.375%, 11/01/29		200		242,066
8.55%, 5/15/19		4,115		5,217,684
International Paper Co. 5.30%, 4/01/15		2,625		2,827,855
7.50%, 8/15/21		797		952,586
Packaging Corp. of America 5.75%, 8/01/13		1,329		1,430,719
PPG Industries, Inc. 5.75%, 3/15/13		3,190		3,453,724
Rio Tinto Finance USA Ltd. 6.50%, 7/15/18		3,260		3,774,487
Teck Resources Ltd. 6.00%, 8/15/40		205		209,286
				30,342,672
Capital Goods – 0.4%
Holcim US Finance Sarl & Cie SCS 6.00%, 12/30/19(a)		299		311,138
Lafarge SA 6.15%, 7/15/11		2,204		2,242,874
Republic Services, Inc. 5.25%, 11/15/21		1,213		1,277,487
5.50%, 9/15/19		1,768		1,916,340
				5,747,839

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Communications - Media – 2.4%
BSKYB Finance UK PLC 5.625%, 10/15/15(a)	U.S.$	3,710	$	4,120,727
CBS Corp. 5.75%, 4/15/20		3,655		3,886,533
Comcast Cable Communications Holdings, Inc. 9.455%, 11/15/22		1,906		2,598,985
Comcast Corp. 5.50%, 3/15/11		2,767		2,771,422
DirecTV Holdings LLC / DirecTV Financing Co., Inc. 4.60%, 2/15/21		1,870		1,829,933
4.75%, 10/01/14		1,200		1,290,811
News America Holdings, Inc. 9.25%, 2/01/13		670		771,874
News America, Inc. 6.15%, 3/01/37		2,177		2,205,329
6.55%, 3/15/33		1,383		1,464,139
Reed Elsevier Capital, Inc. 8.625%, 1/15/19		2,894		3,673,728
RR Donnelley & Sons Co. 4.95%, 4/01/14		710		736,078
Time Warner Cable, Inc. 7.50%, 4/01/14		1,325		1,530,102
Time Warner Entertainment Co. LP 8.375%, 3/15/23		2,680		3,369,497
WPP Finance UK 5.875%, 6/15/14		376		410,601
8.00%, 9/15/14		2,616		3,045,260
				33,705,019
Communications - Telecommunications – 1.4%
American Tower Corp. 5.05%, 9/01/20		2,750		2,703,233
AT&T Corp. 8.00%, 11/15/31		295		374,691
Embarq Corp. 7.082%, 6/01/16		3,780		4,301,784
Qwest Corp. 7.50%, 10/01/14		3,270		3,744,150
8.875%, 3/15/12		660		708,675
Telecom Italia Capital SA 6.175%, 6/18/14		2,510		2,671,531
6.375%, 11/15/33		375		346,495
7.175%, 6/18/19		1,450		1,570,275

284 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
United States Cellular Corp. 6.70%, 12/15/33	U.S.$	3,150	$	3,070,670
				19,491,504
Consumer Cyclical - Automotive – 0.5%
Daimler Finance North America LLC 5.75%, 9/08/11		1,105		1,133,872
7.30%, 1/15/12		1,178		1,243,635
Harley-Davidson Funding Corp. 5.75%, 12/15/14(a)		2,465		2,622,553
Nissan Motor Acceptance Corp. 4.50%, 1/30/15(a)		2,530		2,646,453
				7,646,513
Consumer Cyclical - Entertainment – 0.6%
Time Warner, Inc. 4.70%, 1/15/21		1,460		1,467,486
7.625%, 4/15/31		2,810		3,320,692
Viacom, Inc. 5.625%, 9/15/19		2,895		3,169,993
				7,958,171
Consumer Cyclical - Other – 0.6%
Marriott International, Inc. Series J 5.625%, 2/15/13		4,120		4,395,088
MDC Holdings, Inc. 5.50%, 5/15/13		3,300		3,428,845
				7,823,933
Consumer Cyclical - Retailers – 0.1%
CVS Caremark Corp. 6.60%, 3/15/19		1,460		1,692,489
Consumer Non-Cyclical – 1.2%
Ahold Finance USA LLC 6.875%, 5/01/29		3,105		3,409,985
Altria Group, Inc. 9.70%, 11/10/18		1,675		2,205,982
Bunge Ltd. Finance Corp. 5.10%, 7/15/15		1,711		1,755,286
5.875%, 5/15/13		2,720		2,897,649
Cadbury Schweppes US Finance LLC 5.125%, 10/01/13(a)		3,480		3,775,438
Delhaize Group SA 5.875%, 2/01/14		775		849,577
Fortune Brands, Inc. 4.875%, 12/01/13		2,016		2,135,601

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Safeway, Inc. 6.50%, 3/01/11	U.S.$	453	$	453,000
				17,482,518
Energy – 1.7%
Anadarko Petroleum Corp. 5.95%, 9/15/16		3,050		3,344,786
6.45%, 9/15/36		877		883,555
Baker Hughes, Inc. 6.50%, 11/15/13		1,300		1,473,043
Canadian Natural Resources Ltd. 5.15%, 2/01/13		1,220		1,302,899
Hess Corp. 7.875%, 10/01/29		1,793		2,207,890
Marathon Petroleum Corp. 3.50%, 3/01/16(a)		448		450,191
5.125%, 3/01/21(a)		760		770,901
Nabors Industries, Inc. 9.25%, 1/15/19		2,995		3,757,284
Noble Energy, Inc. 8.25%, 3/01/19		2,858		3,601,660
Noble Holding International Ltd. 4.90%, 8/01/20		251		255,844
Valero Energy Corp. 6.125%, 2/01/20		1,635		1,763,985
Weatherford International Ltd. 5.15%, 3/15/13		1,600		1,690,358
9.625%, 3/01/19		1,540		2,017,740
				23,520,136
Other Industrial – 0.3%
Noble Group Ltd. 6.75%, 1/29/20(a)		3,341		3,541,460
Technology – 0.7%
Agilent Technologies, Inc. 5.00%, 7/15/20		505		512,900
Computer Sciences Corp. 5.50%, 3/15/13		2,290		2,446,487
Motorola, Inc. 6.50%, 9/01/25		1,800		1,866,159
7.50%, 5/15/25		290		325,392
Xerox Capital Trust I 8.00%, 2/01/27		4,410		4,487,175
Xerox Corp. 8.25%, 5/15/14		310		362,760
				10,000,873

286 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Transportation - Airlines – 0.2%
Southwest Airlines Co. 5.25%, 10/01/14	U.S.$	1,695	$	1,824,105
5.75%, 12/15/16		1,115		1,202,949
				3,027,054
Transportation - Services – 0.5%
Asciano Finance Ltd. 3.125%, 9/23/15(a)		3,375		3,227,820
Con-way, Inc. 6.70%, 5/01/34		2,269		2,070,648
Ryder System, Inc. 5.85%, 11/01/16		930		1,028,772
7.20%, 9/01/15		908		1,053,560
				7,380,800
				179,360,981
Utility – 2.4%
Electric – 1.4%
Allegheny Energy Supply Co. LLC 5.75%, 10/15/19(a)		3,175		3,269,501
Constellation Energy Group, Inc. 5.15%, 12/01/20		2,700		2,707,168
FirstEnergy Corp. Series B 6.45%, 11/15/11		58		59,974
Series C 7.375%, 11/15/31		2,291		2,497,740
FPL Group Capital, Inc. 5.625%, 9/01/11		2,855		2,925,144
Nisource Finance Corp. 6.80%, 1/15/19		3,445		3,970,311
SPI Electricity & Gas Australia Holdings Pty Ltd. 6.15%, 11/15/13(a)		1,447		1,572,613
Teco Finance, Inc. 4.00%, 3/15/16		745		757,363
5.15%, 3/15/20		915		947,461
Union Electric Co. 6.70%, 2/01/19		315		366,054
				19,073,329
Natural Gas – 0.8%
Energy Transfer Partners LP 6.70%, 7/01/18		972		1,108,129
7.50%, 7/01/38		3,329		3,880,276
EQT Corp. 8.125%, 6/01/19		1,707		2,023,754

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Williams Partners LP 5.25%, 3/15/20	U.S.$	4,178	$	4,350,480
				11,362,639
Other Utility – 0.2%
Veolia Environnement SA 6.00%, 6/01/18		2,785		3,101,501
				33,537,469
Non Corporate Sectors – 1.1%
Agencies - Not Government Guaranteed – 1.1%
Gazprom Via Gaz Capital SA 6.212%, 11/22/16(a)		6,255		6,630,300
Petrobras International Finance Co. – Pifco 5.75%, 1/20/20		5,100		5,292,005
TransCapitalInvest Ltd. for OJSC AK Transneft 8.70%, 8/07/18(a)		3,055		3,727,100
				15,649,405
Total Corporates - Investment Grades (cost $389,109,646)				416,199,219
GOVERNMENTS - TREASURIES – 26.8%
Mexico – 1.0%
Mexican Bonos Series M 10 7.25%, 12/15/16	MXN	160,215		13,628,025
United States – 25.8%
U.S. Treasury Bonds 4.50%, 2/15/36	U.S.$	16,860		17,083,918
4.625%, 2/15/40		27,085		27,702,863
5.375%, 2/15/31		20,720		23,815,050
U.S. Treasury Notes 2.125%, 5/31/15-12/31/15		50,720		51,270,311
2.25%, 1/31/15		17,104		17,509,811
2.50%, 3/31/15		63,975		66,019,001
2.625%, 11/15/20		18,725		17,519,578
3.375%, 11/15/19		15,870		16,091,926
3.625%, 2/15/20		83,460		85,950,780
3.75%, 11/15/18		37,815		39,909,294
				362,872,532
Total Governments - Treasuries (cost $376,521,795)				376,500,557

288 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THRU’S – 15.2%
Agency Fixed Rate 30-Year – 14.2%
Federal Home Loan Mortgage Corp. Gold 6.50%, TBA	U.S.$	4,610	$	5,143,751
Series 2006 4.50%, 5/01/36		103		105,459
Series 2007 5.50%, 7/01/35		3,154		3,390,986
Series 2008 6.50%, 5/01/35		3,615		4,055,711
Federal National Mortgage Association 4.00%, 1/01/41		3,123		3,083,371
5.50%, 1/01/35-5/01/38		8,975		9,625,704
5.50%, 6/01/38		17,385		18,618,344
6.00%, 5/01/31-10/01/37		773		840,583
6.00%, 3/01/38-7/01/39		32,263		35,072,235
6.50%, 6/01/39		2,282		2,554,007
Series 2003 5.00%, 11/01/33		9,481		9,991,211
5.50%, 4/01/33-7/01/33		11,118		11,961,902
Series 2004 5.50%, 4/01/34		437		470,405
5.50%, 5/01/34-11/01/34		8,532		9,175,040
Series 2005 4.50%, 8/01/35-9/01/35		11,115		11,440,479
4.50%, 9/01/35-10/01/35		2,260		2,322,984
5.50%, 2/01/35		2,193		2,357,977
6.00%, 4/01/35		7,249		7,968,210
Series 2006 5.00%, 1/01/36		9		9,918
5.00%, 2/01/36		11,582		12,187,270
Series 2007 4.50%, 9/01/35-8/01/37		9,437		9,721,990
5.50%, 8/01/37		16,173		17,390,551
Series 2008 6.00%, 3/01/37-5/01/38		18,401		20,062,674
Series 2010 6.00%, 4/01/40		2,194		2,385,341
				199,936,103
Agency ARMs – 1.0%
Federal Home Loan Mortgage Corp. Series 2007 5.997%, 2/01/37(b)		1,867		1,971,827
Series 2009 2.709%, 4/01/36(c)		4,717		4,956,939

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Series 2003 2.685%, 12/01/33(c)	U.S.$	1,363	$	1,432,749
Series 2006 2.315%, 2/01/36(c)		1,418		1,479,147
5.477%, 3/01/36(c)		999		1,034,322
Series 2007 2.836%, 3/01/34(c)		2,627		2,757,172
				13,632,156
Total Mortgage Pass-Thru’s (cost $203,799,900)				213,568,259
AGENCIES – 10.4%
Agency Debentures – 10.4%
Federal Farm Credit Bank 0.284%, 10/12/12(b)		8,500		8,500,705
0.312%, 4/26/13(b)		78,125		78,145,234
0.322%, 6/26/13(b)		16,400		16,405,199
Federal National Mortgage Association 0.282%, 11/23/12(b)		11,645		11,645,007
0.293%, 10/18/12(b)		3,400		3,400,003
6.25%, 5/15/29		12,375		14,835,509
6.625%, 11/15/30		10,490		13,168,066
Total Agencies (cost $145,455,439)				146,099,723
COMMERCIAL MORTGAGE-BACKED SECURITIES – 9.1%
Non-Agency Fixed Rate CMBS – 8.6%
Banc of America Commercial Mortgage, Inc. Series 2007-1, Class A4 5.451%, 1/15/49		6,845		7,294,241
Series 2007-4, Class A4 5.742%, 2/10/51		6,835		7,452,956
Bear Stearns Commercial Mortgage Securities Series 2007-PW18, Class A4 5.70%, 6/13/50		6,455		6,974,517
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A4 6.099%, 12/10/49		8,585		9,431,726
Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A4 5.306%, 12/10/46		3,065		3,240,974

290 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Credit Suisse Mortgage Capital Certificates Series 2006-C4, Class A3 5.467%, 9/15/39	U.S.$	6,475	$	6,924,594
Series 2006-C5, Class A3 5.311%, 12/15/39		4,500		4,772,708
Greenwich Capital Commercial Funding Corp. Series 2007-GG11, Class A4 5.736%, 12/10/49		1,470		1,575,702
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LD11, Class A4 5.818%, 6/15/49		855		920,912
LB-UBS Commercial Mortgage Trust Series 2004-C4, Class A4 5.256%, 6/15/29		6,015		6,451,939
Series 2006-C6, Class A4 5.372%, 9/15/39		8,090		8,703,137
Series 2007-C1, Class A4 5.424%, 2/15/40		8,825		9,468,749
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-2, Class A4 5.904%, 6/12/46		3,075		3,394,183
Series 2006-3, Class A4 5.414%, 7/12/46		6,885		7,332,172
Morgan Stanley Capital I Series 2007-HQ13, Class A3 5.569%, 12/15/44		8,155		8,612,865
Series 2007-IQ13, Class A4 5.364%, 3/15/44		4,035		4,211,793
Wachovia Bank Commercial Mortgage Trust Series 2006-C27, Class A3 5.765%, 7/15/45		8,565		9,281,689
Series 2006-C28, Class A4 5.572%, 10/15/48		7,235		7,748,760
Series 2007-C32, Class A3 5.746%, 6/15/49		6,885		7,339,479
				121,133,096
Agency CMBS – 0.3%
FHLMC Multifamily Structured Pass Through Certificates Series K008, Class A2 3.531%, 6/25/20		4,653		4,473,369

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate CMBS – 0.2%
GS Mortgage Securities Corp. II Series 2007-EOP, Class E 2.669%, 3/06/20(a)(b)	U.S.$	1,855	$	1,801,942
Total Commercial Mortgage-Backed Securities (cost $118,552,949)				127,408,407
ASSET - BACKED SECURITIES – 1.9%
Credit Cards - Floating Rate – 0.8%
Discover Card Master Trust Series 2009-A1, Class A1 1.566%, 12/15/14(b)+		11,000		11,140,891
Autos - Floating Rate – 0.4%
Wheels SPV LLC Series 2009-1, Class A 1.816%, 3/15/18(a)(b)+		6,541		6,577,548
Autos - Fixed Rate – 0.3%
Ally Auto Receivables Trust Series 2011-1, Class A3 1.38%, 1/15/15		4,555		4,567,056
Other ABS - Fixed Rate – 0.2%
CNH Equipment Trust Series 2010-C, Class A3 1.17%, 5/15/15		2,905		2,896,935
Home Equity Loans - Floating Rate – 0.1%
Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class M1 0.532%, 5/25/37(b)(d)		3,715		579,101
HSBC Home Equity Loan Trust Series 2005-3, Class A1 0.523%, 1/20/35(b)		768		686,719
Lehman XS Trust Series 2005-4, Class 1M1 0.762%, 10/25/35(b)(d)		3,539		54,695
Option One Mortgage Loan Trust Series 2006-3, Class M1 0.492%, 2/25/37(b)(d)		1,785		13,452
				1,333,967

292 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Home Equity Loans - Fixed Rate – 0.1%
Asset Backed Funding Certificates Series 2003-WF1, Class A2 1.01%, 12/25/32	U.S.$	510	$	485,933
Citifinancial Mortgage Securities, Inc. Series 2003-1, Class AFPT 3.36%, 1/25/33		480		449,417
				935,350
Total Asset-Backed Securities (cost $35,788,120)				27,451,747
GOVERNMENTS - SOVEREIGN AGENCIES – 1.4%
Germany – 0.2%
Landwirtschaftliche Rentenbank 5.125%, 2/01/17		2,695		3,024,898
United Kingdom – 1.2%
Royal Bank of Scotland PLC (The) 1.45%, 10/20/11(a)		10,450		10,498,603
2.625%, 5/11/12(a)		6,000		6,140,952
				16,639,555
Total Governments - Sovereign Agencies (cost $19,209,647)				19,664,453
CMOs – 0.9%
Non-Agency Fixed Rate – 0.5%
Bear Stearns Alt-A Trust Series 2006-1, Class 22A1 2.72%, 2/25/36		2,817		2,045,306
Series 2006-3, Class 22A1 5.085%, 5/25/36		1,226		590,095
Series 2007-1, Class 21A1 5.265%, 1/25/47		1,906		1,155,999
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 5.104%, 5/25/35		2,178		2,068,201
Indymac Index Mortgage Loan Trust Series 2006-AR7, Class 4A1 5.528%, 5/25/36		1,596		914,709
				6,774,310
Non-Agency Floating Rate – 0.2%
Countrywide Alternative Loan Trust Series 2005-62, Class 2A1 1.292%, 12/25/35(b)		1,045		697,979
Series 2006-OA14, Class 3A1 1.142%, 11/25/46(b)		4,332		2,380,694

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Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Countrywide Home Loan Mortgage Pass Through Trust Series 2004-25, Class M1 0.79%, 2/25/35(b)(d)	U.S.$	2,874	$	109,809
				3,188,482
Non-Agency ARMs – 0.2%
Citigroup Mortgage Loan Trust, Inc. Series 2006-AR1, Class 3A1 5.50%, 3/25/36(b)		3,037		2,288,805
Agency Fixed Rate – 0.0%
Fannie Mae Grantor Trust Series 2004-T5, Class AB4 0.548%, 5/28/35		392		296,904
Total CMOs (cost $21,395,423)				12,548,501
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Kazakhstan – 0.1%
KazMunayGas National Co. 7.00%, 5/05/20(a)		1,990		2,134,275
Malaysia – 0.3%
Petronas Capital Ltd. 5.25%, 8/12/19(a)		3,390		3,612,421
Russia – 0.4%
RSHB Capital SA for OJSC Russian Agricultural Bank 7.75%, 5/29/18(a)		5,677		6,236,185
Total Quasi-Sovereigns (cost $10,800,990)				11,982,881
CORPORATES - NON-INVESTMENT GRADES – 0.6%
Industrial – 0.6%
Basic – 0.1%
Westvaco Corp. 8.20%, 1/15/30		670		718,511
Consumer Cyclical - Other – 0.3%
Wyndham Worldwide Corp. 6.00%, 12/01/16		4,535		4,828,968

294 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 0.2%
Universal Health Services, Inc. 7.125%, 6/30/16	U.S.$	2,345	$	2,556,453
Total Corporates - Non-Investment Grades (cost $7,723,383)				8,103,932
GOVERNMENTS - SOVEREIGN BONDS – 0.5%
Poland – 0.2%
Poland Government International Bond 3.875%, 7/16/15		2,894		2,930,175
6.375%, 7/15/19		460		511,750
				3,441,925
Russia – 0.3%
Russian Foreign Bond – Eurobond 7.50%, 3/31/30(a)		3,326		3,849,637
Total Governments – Sovereign Bonds (cost $6,990,087)				7,291,562
SUPRANATIONALS – 0.4%
European Investment Bank 4.875%, 2/15/36		1,970		1,982,724
International Bank for Reconstruction & Development 9.25%, 7/15/17		2,340		3,163,083
Total Supranationals (cost $4,950,069)				5,145,807
LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.3%
United States – 0.3%
California State 7.625%, 3/01/40 (cost $3,379,249)		3,310		3,599,658
	Shares
SHORT-TERM INVESTMENTS – 4.0%
Investment Companies – 4.0%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(e) (cost $56,955,913)		56,955,913		56,955,913
Total Investments – 101.9% (cost $1,400,632,610)				1,432,520,619
Other assets less liabilities – (1.9)%				(27,385,589	)
Net Assets – 100.0%			$	1,405,135,030

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 295

Intermediate Duration Bond Portfolio—Portfolio of Investments

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Sale Contracts:
HSBC Bank USA:
Mexican Nuevo Peso settling 4/11/11		166,993	$	13,828,489	$	13,748,509	$	79,980

INTEREST RATE SWAP TRANSACTIONS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio			Payments received by the Portfolio		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA	$	76,380		11/17/13		1.026	%		3 Month LIBOR	$	317,550

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, the aggregate market value of these securities amounted to $113,349,468 or 8.1% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at February 28, 2011.

(c) Variable rate coupon, rate shown as of February 28, 2011.

(d) Illiquid security.

(e) 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 $17,718,439.

Currency Abbreviations:

MXN – Mexican Nuevo Peso

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

FHLMC – Federal Home Loan Mortgage Corporation

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

TBA – To Be Announced

See notes to financial statements.

296 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Intermediate Duration Bond Portfolio—Portfolio of Investments

BOND INFLATION PROTECTION PORTFOLIO

Portfolio of Investments

February 28, 2011 (unaudited)

	Principal Amount (000)		U.S. $ Value
INFLATION - LINKED SECURITIES – 100.2%
United States – 100.2%
U.S. Treasury Inflation Index 0.50%, 4/15/15 (TIPS)	U.S.$	17,344	$	17,990,485
1.25%, 7/15/20 (TIPS)		36,841		37,932,306
1.375%, 1/15/20 (TIPS)		39,891		41,723,889
1.625%, 1/15/15-1/15/18 (TIPS)(a)		154,518		167,147,822
1.875%, 7/15/13-7/15/19 (TIPS)		97,248		105,193,238
1.875%, 7/15/15 (TIPS)(a)		43,284		47,599,429
2.00%, 7/15/14 (TIPS)(a)		72,645		79,597,888
2.00%, 1/15/16-1/15/26 (TIPS)		30,725		33,347,894
2.125%, 1/15/19 (TIPS)(a)		25,403		28,315,982
2.375%, 1/15/17-1/15/25 (TIPS)(a)		70,870		79,772,247
3.00%, 7/15/12 (TIPS)(a)		44,948		48,063,203
3.375%, 1/15/12 (TIPS)(a)		37,936		39,764,528
Total Inflation - Linked Securities (cost $677,505,634)				726,448,911
CORPORATES - INVESTMENT GRADES – 21.2%
Industrial – 9.8%
Basic – 1.6%
Alcoa, Inc. 5.375%, 1/15/13		1,580		1,684,901
AngloGold Ashanti Holdings PLC 5.375%, 4/15/20		980		997,678
ArcelorMittal 6.125%, 6/01/18		1,570		1,688,533
Dow Chemical Co. (The) 8.55%, 5/15/19		1,370		1,737,115
International Paper Co. 9.375%, 5/15/19		1,315		1,715,569
Lubrizol Corp. 8.875%, 2/01/19		1,370		1,718,291
Xstrata Canada Financial Corp. 5.875%, 5/27/11	EUR	1,215		1,693,171
				11,235,258
Capital Goods – 0.5%
CRH Finance BV 7.375%, 5/28/14		1,100		1,675,902
Republic Services, Inc. 5.25%, 11/15/21	U.S.$	1,675		1,764,048
				3,439,950
Communications – Media – 1.6%
CBS Corp. 5.75%, 4/15/20		1,290		1,371,718

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	Principal Amount (000)		U.S. $ Value
Comcast Corp. 5.15%, 3/01/20	U.S.$	1,295	$	1,350,467
News America, Inc. 6.15%, 3/01/37		1,739		1,761,630
Reed Elsevier Capital, Inc. 8.625%, 1/15/19		1,340		1,701,035
RR Donnelley & Sons Co. 4.95%, 4/01/14		1,650		1,710,603
Time Warner Cable, Inc. 7.50%, 4/01/14		1,435		1,657,129
WPP Finance UK 5.875%, 6/15/14		1,565		1,709,017
				11,261,599
Communications - Telecommunications – 1.5%
American Tower Corp. 5.05%, 9/01/20		1,355		1,331,957
Deutsche Telekom International Finance BV 7.125%, 9/26/12	GBP	1,000		1,745,703
Embarq Corp. 7.082%, 6/01/16	U.S.$	1,510		1,718,437
Koninklijke KPN NV 5.00%, 11/13/12	EUR	1,185		1,708,128
Qwest Corp. 7.50%, 10/01/14	U.S.$	1,500		1,717,500
Telecom Italia Capital SA 6.375%, 11/15/33		1,165		1,076,444
United States Cellular Corp. 6.70%, 12/15/33		1,715		1,671,810
				10,969,979
Consumer Cyclical - Automotive – 0.4%
Daimler Finance North America LLC 7.30%, 1/15/12		1,275		1,346,039
Harley-Davidson Funding Corp. 5.75%, 12/15/14(b)		1,640		1,744,822
				3,090,861
Consumer Cyclical - Entertainment – 0.2%
Viacom, Inc. 6.25%, 4/30/16		1,495		1,715,061
Consumer Cyclical - Other – 0.2%
Carnival PLC 4.25%, 11/27/13	EUR	1,225		1,734,870

298 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 0.2%
Nordstrom, Inc. 6.25%, 1/15/18	U.S.$	1,515	$	1,732,672
Consumer Non-Cyclical – 1.0%
Altria Group, Inc. 9.25%, 8/06/19		1,365		1,772,954
Bunge Ltd. Finance Corp. 5.10%, 7/15/15		1,610		1,651,672
Delhaize Group SA 5.875%, 2/01/14		1,515		1,660,785
Reynolds American, Inc. 7.625%, 6/01/16		1,480		1,758,583
				6,843,994
Energy – 1.7%
Anadarko Petroleum Corp. 5.95%, 9/15/16		1,500		1,644,977
Hess Corp. 8.125%, 2/15/19		1,355		1,701,755
Marathon Petroleum Corp. 3.50%, 3/01/16(b)		230		231,125
5.125%, 3/01/21(b)		390		395,594
Nabors Industries, Inc. 9.25%, 1/15/19		1,330		1,668,510
Noble Energy, Inc. 8.25%, 3/01/19		1,370		1,726,478
Valero Energy Corp. 6.875%, 4/15/12		1,525		1,617,317
Weatherford International Ltd. 5.15%, 3/15/13		1,560		1,648,099
Williams Cos., Inc. (The) 7.875%, 9/01/21		1,410		1,762,334
				12,396,189
Technology – 0.5%
Agilent Technologies, Inc. 5.00%, 7/15/20		249		252,895
Motorola, Inc. 7.50%, 5/15/25		1,540		1,727,942
Xerox Corp. 8.25%, 5/15/14		1,425		1,667,528
				3,648,365
Transportation - Airlines – 0.2%
Southwest Airlines Co. 5.75%, 12/15/16		1,615		1,742,388

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Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Transportation - Services – 0.2%
Ryder System, Inc. 3.15%, 3/02/15	U.S.$	909	$	918,539
5.85%, 11/01/16		630		696,911
				1,615,450
				71,426,636
Financial Institutions – 8.3%
Banking – 3.9%
American Express Co. 7.25%, 5/20/14		1,490		1,703,977
Bank of America Corp. 5.625%, 7/01/20		1,710		1,778,752
Bank of Scotland PLC 5.625%, 5/23/13	EUR	1,190		1,704,338
Barclays Bank PLC 5.45%, 9/12/12	U.S.$	1,535		1,631,928
BBVA Senior Finance SAU Series G 3.625%, 5/14/12	EUR	1,200		1,667,194
Capital One Financial Corp. 7.375%, 5/23/14	U.S.$	1,445		1,665,286
Citigroup, Inc. 5.50%, 4/11/13		1,565		1,677,680
Goldman Sachs Group, Inc. (The) 6.00%, 6/15/20		1,565		1,677,973
HSBC BANK PLC 01/14 FLT 1.103%, 1/17/14(b)(c)		1,725		1,722,551
JPMorgan Chase & Co. 4.40%, 7/22/20		1,745		1,703,752
M&I Marshall & Ilsley Bank 5.00%, 1/17/17		1,770		1,844,713
Macquarie Group Ltd. 7.625%, 8/13/19(b)		1,470		1,650,810
Morgan Stanley 5.50%, 7/24/20		1,670		1,687,446
National Australia Bank Ltd. 3.75%, 3/02/15(b)		1,050		1,087,635
Royal Bank of Scotland PLC (The) 3.25%, 1/11/14		1,715		1,732,987
Santander International Debt SA 5.125%, 4/11/11	EUR	1,200		1,660,845
UBS AG/Stamford CT 5.875%, 7/15/16	U.S.$	1,610		1,731,885
				28,329,752
Brokerage – 0.3%
Jefferies Group, Inc. 6.875%, 4/15/21		1,639		1,758,173

300 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Finance – 0.2%
SLM Corp. Series A 5.375%, 1/15/13	U.S.$	1,670	$	1,734,071
Insurance – 3.7%
Aetna, Inc. 6.75%, 12/15/37		1,550		1,768,733
Allstate Corp. (The) 6.125%, 5/15/37		1,725		1,759,500
CIGNA Corp. 5.125%, 6/15/20		583		610,783
Genworth Financial, Inc. 6.515%, 5/22/18		1,675		1,683,050
Hartford Financial Services Group, Inc. 6.10%, 10/01/41		1,850		1,807,321
Humana, Inc. 7.20%, 6/15/18		1,520		1,732,267
Lincoln National Corp. 8.75%, 7/01/19		1,350		1,700,699
Markel Corp. 7.125%, 9/30/19		543		616,398
Marsh & McLennan Cos., Inc. 5.375%, 7/15/14		1,585		1,693,468
Metropolitan Life Global Funding I 5.125%, 4/10/13(b)		1,545		1,654,338
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(b)		1,410		1,680,864
Principal Financial Group, Inc. 7.875%, 5/15/14		1,445		1,672,596
Prudential Financial, Inc. Series D 7.375%, 6/15/19		1,425		1,694,185
Swiss Re Capital I LP 6.854%, 5/25/16(b)		1,815		1,796,850
UnitedHealth Group, Inc. 5.25%, 3/15/11		1,600		1,602,422
WellPoint, Inc. 4.35%, 8/15/20		685		683,934
7.00%, 2/15/19		890		1,058,181
XL Group PLC 5.25%, 9/15/14		1,590		1,678,647
				26,894,236
REITS – 0.2%
HCP, Inc. 5.375%, 2/01/21		1,167		1,192,820
				59,909,052

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 301

Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Utility – 2.3%
Electric – 1.1%
Allegheny Energy Supply Co. LLC 5.75%, 10/15/19(b)	U.S.$	1,355	$	1,395,330
Constellation Energy Group, Inc. 5.15%, 12/01/20		1,355		1,358,598
Nisource Finance Corp. 6.15%, 3/01/13		1,530		1,658,870
Ohio Power Co. Series F 5.50%, 2/15/13		350		374,785
PPL Energy Supply LLC 6.50%, 5/01/18		1,550		1,716,475
Teco Finance, Inc. 4.00%, 3/15/16		1,680		1,707,878
				8,211,936
Natural Gas – 1.2%
DCP Midstream LLC 9.75%, 3/15/19(b)		1,290		1,670,016
Enterprise Products Operating LLC Series G 5.60%, 10/15/14		1,525		1,690,996
EQT Corp. 8.125%, 6/01/19		1,385		1,642,003
Spectra Energy Capital LLC 8.00%, 10/01/19		1,395		1,687,261
Williams Partners LP 3.80%, 2/15/15		1,660		1,722,529
				8,412,805
				16,624,741
Non Corporate Sectors – 0.8%
Agencies - Not Government Guaranteed – 0.8%
Gazprom Via Gaz Capital SA 6.212%, 11/22/16(b)		2,760		2,925,600
Petrobras International Finance Co. – Pifco 5.75%, 1/20/20		2,805		2,910,603
				5,836,203
Total Corporates - Investment Grades (cost $150,521,947)				153,796,632
GOVERNMENTS - SOVEREIGN AGENCIES – 7.2%
Australia – 0.4%
Suncorp-Metway Ltd. 1.803%, 7/16/12(b)(c)		2,600		2,648,503

302 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Netherlands – 1.9%
NIBC Bank NV 3.125%, 2/17/12	EUR	5,050	$	7,069,083
SNS Bank NV 2.875%, 1/30/12		5,090		7,113,865
				14,182,948
United Kingdom – 1.3%
Lloyds TSB Bank PLC 2.75%, 3/16/12	GBP	1,465		2,418,366
Skipton Building Society 2.00%, 4/05/12		1,485		2,433,145
West Bromwich Building Society 2.00%, 4/05/12		1,490		2,447,662
Yorkshire Building Society 2.00%, 3/30/12		1,490		2,438,831
				9,738,004
United States – 3.6%
Goldman Sachs Group, Inc. (The) – FDIC Insured 3.50%, 12/08/11	EUR	18,510		25,948,979
Total Governments - Sovereign Agencies (cost $49,557,857)				52,518,434
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.8%
Non-Agency Fixed Rate CMBS – 5.4%
Banc of America Commercial Mortgage, Inc. Series 2007-4, Class A4 5.742%, 2/10/51	U.S.$	3,275		3,571,094
Bear Stearns Commercial Mortgage Securities Series 2007-PW18, Class A4 5.70%, 6/13/50		1,390		1,501,871
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A4 6.099%, 12/10/49		3,445		3,784,775
Commercial Mortgage Pass Through Certificates Series 2006-C8, Class A4 5.306%, 12/10/46		3,350		3,542,337
Series 2007-C9, Class A4 5.815%, 12/10/49		4,250		4,643,243

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Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Greenwich Capital Commercial Funding Corp. Series 2007-GG9, Class A4 5.444%, 3/10/39	U.S.$	3,455	$	3,690,988
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2006-CB15, Class A4 5.814%, 6/12/43		3,925		4,293,890
Series 2007-C1, Class A4 5.716%, 2/15/51		3,375		3,568,424
LB-UBS Commercial Mortgage Trust Series 2006-C4, Class A4
5.883%, 6/15/38		3,220		3,547,307
Series 2007-C1, Class A4 5.424%, 2/15/40		3,335		3,578,275
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-3, Class A4 5.414%, 7/12/46		3,265		3,477,058
				39,199,262
Agency CMBS – 0.4%
FHLMC Multifamily Structured Pass Through Certificates Series K008, Class A1 2.746%, 12/25/19		3,258		3,199,042
Total Commercial Mortgage-Backed Securities (cost $39,952,969)				42,398,304
SUPRANATIONALS – 1.9%
European Bank for Reconstruction & Development Series G 9.25%, 9/10/12	BRL	5,675		3,407,797
European Investment Bank 0.603%, 3/05/12(c)	U.S.$	3,500		3,512,299
Inter-American Development Bank 0.502%, 3/16/11(c)		6,610		6,610,601
Total Supranationals (cost $13,280,548)				13,530,697
ASSET - BACKED SECURITIES – 1.2%
Credit Cards - Floating Rate – 0.5%
American Express Credit Account Master Trust Series 2007-8, Class A 0.566%, 5/15/15(c)		3,676		3,680,816

304 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Autos - Fixed Rate – 0.5%
Ford Credit Auto Owner Trust Series 2009-D, Class A4 2.98%, 8/15/14	U.S.$	3,120	$	3,229,209
Other ABS - Fixed Rate – 0.2%
CNH Equipment Trust Series 2010-C, Class A3 1.17%, 5/15/15		1,467		1,462,804
Total Asset-Backed Securities (cost $8,347,731)				8,372,829
GOVERNMENTS - TREASURIES – 0.9%
Mexico – 0.9%
Mexican Bonos Series M 10 7.25%, 12/15/16 (cost $6,815,346)	MXN	80,365		6,835,916
CORPORATES - NON-INVESTMENT GRADES – 0.8%
Industrial – 0.8%
Basic – 0.1%
United States Steel Corp. 6.65%, 6/01/37	U.S.$	815	$	723,313
Capital Goods – 0.1%
Case New Holland, Inc. 7.875%, 12/01/17(b)		618		690,615
Communications - Media – 0.2%
Ziggo Bond Co. BV 8.00%, 5/15/18(b)	EUR	760		1,124,797
Consumer Non-Cyclical – 0.3%
Fresenius Medical Care US Finance, Inc. 5.75%, 2/15/21(b)	U.S.$	715		691,763
Universal Health Services, Inc. 7.125%, 6/30/16		1,485		1,618,905
				2,310,668
Energy – 0.1%
Chesapeake Energy Corp. 6.125%, 2/15/21		707		721,140
Total Corporates - Non-Investment Grades (cost $5,438,308)				5,570,533

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Bond Inflation Protection Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
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 $4,943,244)	U.S.$	4,365	$	4,794,952
GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Poland – 0.1%
Poland Government International Bond 3.875%, 7/16/15 (cost $774,956)		777		786,713
EMERGING MARKETS - CORPORATE BONDS – 0.1%
Industrial – 0.1%
Energy – 0.1%
Ecopetrol SA 7.625%, 7/23/19 (cost $659,240)		590		682,925
	Shares
SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(d) (cost $1,321,471)		1,321,471		1,321,471
Total Investments – 140.3% (cost $959,119,251)				1,017,058,317
Other assets less liabilities – (40.3)%				(292,101,340	)
Net Assets – 100.0%			$	724,956,977

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
German Euro Bobl Futures		62		March 2011	$	10,177,963	$	10,025,556	$	(152,407)

306 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

Type	Number of Contracts		Expiration Month		Original Value		Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Sold Contracts
Japan Government Bonds 10 Yr Futures		8		March 2011	$	13,675,383	$	13,646,109	$	29,274
U.S. T-Note 5 Yr Futures		643		June 2011		75,089,077		75,190,812		(101,735)
U.S. T-Note 10 Yr Futures		41		June 2011		4,865,532		4,880,922		(15,390	)
									$	(240,258	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Barclays Bank PLC Wholesale:
Norwegian Krone settling 4/15/11		21,203	$	3,702,554	$	3,777,351	$	74,797
BNP Paribas SA:
Euro settling 3/07/11		146		199,658		201,926		2,268
Citibank N.A.:
Brazilian Real settling 3/02/11		5,928		3,568,937		3,562,931		(6,006	)
Credit Suisse London Branch (GFX):
Norwegian Krone settling 4/15/11		20,320		3,466,394		3,620,067		153,673
South Korean Won settling 4/18/11		10,025,843		8,881,073		8,859,734		(21,339	)
Goldman Sachs International:
Brazilian Real settling 3/02/11		5,928		3,568,507		3,562,931		(5,576	)
HSBC Bank USA:
Euro settling 3/07/11		158		215,869		217,760		1,891
Morgan Stanley and Co. Inc:
Swedish Krona settling 4/15/11		25,171		3,877,827		3,965,732		87,905
Standard Chartered Bank:
Indonesian Rupiah settling 3/25/11(1)		32,447,175		3,532,627		3,674,999		142,372
State Street Bank and Trust Co.:
Great British Pound settling 4/04/11		392		636,363		637,669		1,306
New Zealand Dollar settling 4/08/11		4,692		3,507,809		3,520,816		13,007
Sale Contracts:
Barclays Bank PLC Wholesale:
Japanese Yen settling 3/24/11		883,095		10,612,088		10,796,559		(184,471	)
Citibank N.A.:
Brazilian Real settling 3/02/11		5,928		3,568,507		3,562,931		5,576

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Bond Inflation Protection Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Brazilian Real settling 4/04/11		5,928	$	3,546,518	$	3,543,126	$	3,392
Credit Suisse London Branch (GFX):
Canadian Dollar settling 3/25/11		6,803		6,849,738		6,998,975		(149,237	)
Goldman Sachs International:
Brazilian Real settling 3/02/11		5,928		3,520,402		3,562,931		(42,529	)
Royal Bank of Scotland PLC:
Great British Pound settling 4/04/11		7,592		12,102,490		12,337,933		(235,443	)
Mexican Nuevo Peso settling 4/11/11		39,868		3,281,349		3,282,330		(981	)
UBS AG:
Euro settling 3/07/11		5,253		7,195,514		7,247,827		(52,313	)
Euro settling 3/07/11		43,101		57,623,450		59,473,495		(1,850,045	)

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

INTEREST RATE SWAP TRANSACTIONS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio			Payments received by the Portfolio		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	50,940		11/17/13		1.059	%		3 Month LIBOR	$	162,187

CREDIT DEFAULT SWAP CONTRACTS ON CREDIT INDICES (see Note C)

Swap Counterparty & Index	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at February 28, 2011			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	%		3.52	%	$	19,880	$	1,295,602	$	103,454	$	1,192,148
Bank of America: CDX – NAIGS14V1 – 5 Year Index, 6/20/15*		1.00			0.74			52,860		677,413		295,550		381,863

* Termination date

308 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

REVERSE REPURCHASE AGREEMENTS (see Note C)

Broker	Interest Rate			Maturity		U.S. $ Value at February 28, 2011
Bank of America		0.17	%		3/04/11	$	24,920,044
Bank of America		0.18	%		12/30/11		37,138,093
Barclays Bank		0.17	%		3/04/11		2,956,404
Barclays Bank		0.17	%		3/08/11		88,839,812
Barclays Bank		0.17	%		3/18/11		87,363,788
Barclays Bank		0.19	%		3/08/11		21,526,704
Barclays Bank		0.23	%		12/30/11		2,445,843
Barclays Bank		0.24	%		12/30/11		24,789,810
						$	289,980,498

(a) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The market value of the collateral amounted to $296,752,473.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, the aggregate market value of these securities amounted to $27,906,165 or 3.8% of net assets.

(c) Floating Rate Security. Stated interest rate was in effect at February 28, 2011.

(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 – Great British Pound

MXN – Mexican Nuevo Peso

Glossary:

ABS – Asset-Backed Securities

CMBS – Commercial Mortgage-Backed Securities

FDIC – Federal Deposit Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 309

Bond Inflation Protection Portfolio—Portfolio of Investments

HIGH-YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES – 75.2%
Industrial – 59.9%
Basic – 6.9%
AK Steel Corp. 7.625%, 5/15/20	U.S.$	1,043	$	1,063,860
Aleris International, Inc. 7.625%, 2/15/18(a)		1,100		1,119,250
Algoma Acquisition Corp. 9.875%, 6/15/15(a)		1,050		956,812
Appleton Papers, Inc. 10.50%, 6/15/15(a)		435		450,225
Arch Western Finance LLC 6.75%, 7/01/13		696		702,960
Basell Finance Co. BV 8.10%, 3/15/27(a)		569		642,970
Boise Paper Holdings LLC / Boise Finance Co. 9.00%, 11/01/17		267		297,705
Celanese US Holdings LLC 6.625%, 10/15/18(a)		172		179,740
Consol Energy, Inc. 8.25%, 4/01/20(a)		525		578,813
Domtar Corp. Series GLOB 7.125%, 8/15/15		626		688,600
Drummond Co., Inc. 7.375%, 2/15/16		530		548,550
Evraz Group SA 8.25%, 11/10/15(a)		394		429,460
8.875%, 4/24/13(a)		200		217,750
9.50%, 4/24/18(a)		720		826,200
FMG Resources August 2006 Pty Ltd. 7.00%, 11/01/15(a)		425		440,938
Georgia-Pacific LLC 7.125%, 1/15/17(a)		595		632,188
8.25%, 5/01/16(a)		375		422,813
Graphic Packaging International, Inc. 7.875%, 10/01/18		500		537,500
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC 4.813%, 11/15/14(b)		279		269,584
Huntsman International LLC 5.50%, 6/30/16		400		395,000
8.625%, 3/15/21(a)		241		267,510
Ineos Group Holdings PLC 8.50%, 2/15/16(a)		1,725		1,742,250
Kerling PLC 10.625%, 2/01/17(a)	EUR	885		1,386,125

310 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
KRATON Polymers LLC/KRATON Polymers Capital Corp. 6.75%, 3/01/19(a)	U.S.$	101	$	103,020
Lecta SA 5.093%, 2/15/14(a)(b)	EUR	484		649,529
Lyondell Chemical Co. 11.00%, 5/01/18	U.S.$	715		820,462
MacDermid, Inc. 9.50%, 4/15/17(a)		675		718,875
Nalco Co. 6.625%, 1/15/19(a)		291		300,821
NewMarket Corp. 7.125%, 12/15/16		615		641,137
NewPage Corp. 10.00%, 5/01/12		397		262,020
11.375%, 12/31/14		750		748,125
Norske Skogindustrier ASA 6.125%, 10/15/15(a)		661		588,290
Nova Chemicals Corp. 8.625%, 11/01/19		501		553,605
Novelis, Inc. 8.75%, 12/15/20(a)		1,976		2,178,540
Omnova Solutions, Inc. 7.875%, 11/01/18(a)		809		830,236
Peabody Energy Corp. 7.375%, 11/01/16		545		615,850
Polymer Group, Inc. 7.75%, 2/01/19(a)		1,300		1,353,625
Polypore International, Inc. 7.50%, 11/15/17(a)		380		393,300
Rain CII Carbon LLC/CII Carbon Corp. 8.00%, 12/01/18(a)		501		534,818
Rhodia SA 3.748%, 10/15/13(a)(b)	EUR	419		575,962
6.875%, 9/15/20(a)	U.S.$	406		415,643
Severstal OAO Via Steel Capital SA 9.25%, 4/19/14(a)		1,438		1,621,345
Solutia, Inc. 7.875%, 3/15/20		268		294,800
Steel Dynamics, Inc. 7.75%, 4/15/16		2,230		2,369,375
TPC Group LLC 8.25%, 10/01/17(a)		747		794,621
United States Steel Corp. 7.00%, 2/01/18		825		860,062
7.375%, 4/01/20		370		391,275
Vedanta Resources PLC 8.75%, 1/15/14(a)		1,400		1,491,000

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 311

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Verso Paper Holdings LLC / Verso Paper, Inc. 8.75%, 2/01/19(a)	U.S.$	360	$	376,200
Series B 11.375%, 8/01/16		900		956,250
Weyerhaeuser Co. 7.375%, 3/15/32		685		744,849
				36,980,438
Capital Goods – 5.1%
Alliant Techsystems, Inc. 6.875%, 9/15/20		320		330,800
Ardagh Packaging Finance PLC 7.375%, 10/15/17(a)		320		340,800
BE Aerospace, Inc. 6.875%, 10/01/20		333		347,153
Berry Plastics Corp. 9.75%, 1/15/21(a)		1,300		1,303,250
Bombardier, Inc. 7.50%, 3/15/18(a)		624		670,800
Building Materials Corp. of America 7.00%, 2/15/20(a)		689		726,034
7.50%, 3/15/20(a)		499		520,831
CNH America LLC 7.25%, 1/15/16		935		1,021,487
CPI International Acquisition, Inc. 8.00%, 2/15/18(a)		529		532,968
Grohe Holding GMBH 8.625%, 10/01/14(a)	EUR	834		1,186,843
Manitowoc Co., Inc. (The) 8.50%, 11/01/20	U.S.$	700		761,250
Masco Corp. 6.125%, 10/03/16		160		163,724
7.125%, 3/15/20		1,500		1,562,208
Mohawk Industries, Inc. 6.875%, 1/15/16		1,377		1,476,832
Nordenia Holdings AG 9.75%, 7/15/17(a)	EUR	517		796,906
Owens-Brockway Glass Container, Inc. 6.75%, 12/01/14	U.S.$	1,780		1,822,275
Plastipak Holdings, Inc. 8.50%, 12/15/15(a)		1,180		1,233,100
Ply Gem Industries, Inc. 8.25%, 2/15/18(a)		1,100		1,126,125
Pregis Corp. 5.998%, 4/15/13(b)	EUR	500		669,276
RBS Global, Inc. / Rexnord LLC 11.75%, 8/01/16	U.S.$	365		395,113

312 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 7.125%, 4/15/19(a)	U.S.$	712	$	729,800
7.75%, 10/15/16(a)		118		125,670
8.25%, 2/15/21(a)		1,850		1,854,625
9.00%, 4/15/19(a)		638		665,115
RSC Equipment Rental Inc/RSC Holdings III LLC 8.25%, 2/01/21(a)		750		793,125
10.25%, 11/15/19		500		570,000
Smurfit Kappa Acquisitions 7.75%, 11/15/19(a)	EUR	1,000		1,476,546
Terex Corp. 8.00%, 11/15/17	U.S.$	536		561,460
TransDigm, Inc. 7.75%, 12/15/18(a)		1,200		1,293,000
United Rentals North America, Inc. 8.375%, 9/15/20		825		873,469
USG Corp. 6.30%, 11/15/16		1,115		1,056,462
				26,987,047
Communications - Media – 7.7%
Allbritton Communications Co. 8.00%, 5/15/18		1,410		1,476,975
Cablevision Systems Corp. 8.00%, 4/15/20		1,750		1,907,500
CCH II LLC / CCH II Capital Corp. 13.50%, 11/30/16		1,000		1,211,250
CCO Holdings LLC / CCO Holdings Capital Corp. 7.00%, 1/15/19		1,625		1,653,438
7.00%, 1/15/19(a)		625		634,375
7.875%, 4/30/18		664		708,820
8.125%, 4/30/20		219		236,246
Cengage Learning Acquisitions, Inc. 10.50%, 1/15/15(a)		850		881,875
Central European Media Enterprises Ltd. 11.625%, 9/15/16(a)	EUR	650		946,301
Cequel Communications Holdings I LLC and Cequel Capital Corp. 8.625%, 11/15/17(a)	U.S.$	1,015		1,073,363
CET 21 spol sro 9.00%, 11/01/17(a)	EUR	66		97,907
Charter Communications Operating LLC / Charter Communications Operating Capital 8.00%, 4/30/12(a)	U.S.$	800		842,000

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 313

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Citadel Broadcasting Corp. 7.75%, 12/15/18(a)	U.S.$	220	$	235,950
Clear Channel Communications, Inc. 5.75%, 1/15/13		391		383,180
10.75%, 8/01/16		1,635		1,594,125
Clear Channel Worldwide Holdings, Inc. 9.25%, 12/15/17		35		38,850
Series B 9.25%, 12/15/17		1,440		1,602,000
Columbus International, Inc. 11.50%, 11/20/14(a)		1,128		1,291,560
CSC Holdings LLC 6.75%, 4/15/12		73		76,011
7.625%, 7/15/18		535		588,500
7.875%, 2/15/18		640		713,600
Dex One Corp. 12.00%, 1/29/17(c)		338		233,398
DISH DBS Corp. 6.625%, 10/01/14		970		1,028,200
7.125%, 2/01/16		650		693,875
Intelsat Jackson Holdings SA 7.25%, 10/15/20(a)		1,100		1,130,250
11.25%, 6/15/16		612		654,840
Intelsat Luxembourg SA 11.25%, 2/04/17		1,725		1,908,281
11.50%, 2/04/17(c)		873		969,182
Lamar Media Corp. 6.625%, 8/15/15		1,440		1,476,000
Liberty Media LLC 5.70%, 5/15/13		545		568,163
LIN Television Corp. 6.50%, 5/15/13		725		728,625
Local TV Finance LLC 9.25%, 6/15/15(a)(c)		525		509,250
New York Times Co. (The) 6.625%, 12/15/16(a)		500		508,750
Nielsen Finance LLC / Nielsen Finance Co. 7.75%, 10/15/18(a)		360		389,250
Quebecor Media, Inc. 7.75%, 3/15/16		2,455		2,553,200
Rainbow National Services LLC 8.75%, 9/01/12(a)		1,224		1,228,590
10.375%, 9/01/14(a)		473		492,511
Sinclair Television Group, Inc. 8.375%, 10/15/18(a)		600		634,500
9.25%, 11/01/17(a)		160		180,800

314 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Univision Communications, Inc. 8.50%, 5/15/21(a)	U.S.$	470	$	489,975
9.75%, 3/15/15(a)(c)		406		426,123
12.00%, 7/01/14(a)		650		708,500
UPCB Finance III Ltd. 6.625%, 7/01/20(a)		385		383,556
Valassis Communications, Inc. 6.625%, 2/01/21(a)		500		493,750
WMG Holdings Corp. 9.50%, 12/15/14		2,096		2,111,720
XM Satellite Radio, Inc. 7.625%, 11/01/18(a)		975		1,033,500
Ziggo Bond Co. BV 8.00%, 5/15/18(a)	EUR	800		1,183,997
				40,912,612
Communications - Telecommunications – 4.9%
Cincinnati Bell, Inc. 8.75%, 3/15/18	U.S.$	750		719,063
Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/01/15(a)		1,200		1,308,000
Cricket Communications, Inc. 7.75%, 5/15/16-10/15/20		1,060		1,094,950
Crown Castle International Corp. 7.125%, 11/01/19		1,000		1,063,750
Digicel Group Ltd. 10.50%, 4/15/18(a)		1,083		1,234,620
Fairpoint Communications, Inc. Series 1 13.125%, 4/02/18(d)		1,966		9,830
Frontier Communications Corp. 6.25%, 1/15/13		851		903,124
9.00%, 8/15/31		545		573,613
Level 3 Financing, Inc. 8.75%, 2/15/17		685		673,013
9.25%, 11/01/14		1,200		1,239,000
MetroPCS Wireless, Inc. 7.875%, 9/01/18		1,950		2,059,687
Mobile Telesystems Finance SA 8.00%, 1/28/12(a)		1,558		1,635,900
PAETEC Holdings Corp. 9.875%, 12/01/18(a)		1,045		1,125,987
Qwest Communications International, Inc. 7.50%, 2/15/14		350		355,250
Sprint Capital Corp. 6.875%, 11/15/28		1,315		1,185,144
8.75%, 3/15/32		1,180		1,227,200

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 315

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Sprint Nextel Corp. 6.00%, 12/01/16	U.S.$	1,000	$	997,500
Sunrise Communications Holdings SA 8.50%, 12/31/18(a)	EUR	350		524,036
tw telecom holdings, Inc 8.00%, 3/01/18	U.S.$	1,039		1,114,327
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 8.375%, 4/30/13(a)		1,560		1,688,700
Wind Acquisition Finance SA 7.25%, 2/15/18(a)		2,600		2,704,000
Windstream Corp. 7.875%, 11/01/17		675		733,219
8.125%, 9/01/18		900		963,000
8.625%, 8/01/16		1,070		1,131,525
				26,264,438
Consumer Cyclical - Automotive – 3.6%
Affinia Group, Inc. 9.00%, 11/30/14(a)		305		311,100
9.00%, 11/30/14		545		555,900
Allison Transmission, Inc. 11.00%, 11/01/15(a)		560		609,000
ArvinMeritor, Inc. 8.125%, 9/15/15		500		536,250
Cooper-Standard Automotive, Inc. 8.50%, 5/01/18		625		675,000
Dana Holding Corp. 6.50%, 2/15/19		140		141,400
6.75%, 2/15/21		111		112,388
Exide Technologies 8.625%, 2/01/18(a)		268		285,755
Ford Motor Co. 7.45%, 7/16/31		1,000		1,088,447
Ford Motor Credit Co. LLC 3.053%, 1/13/12(b)		2,785		2,813,379
7.00%, 10/01/13		2,734		2,969,047
8.00%, 12/15/16		2,665		3,018,550
Goodyear Tire & Rubber Co. (The) 8.25%, 8/15/20		1,464		1,573,800
8.75%, 8/15/20		857		944,842
Keystone Automotive Operations, Inc. 9.75%, 11/01/13(e)		1,436		574,400
Lear Corp. 7.875%, 3/15/18		150		165,375
8.125%, 3/15/20		250		280,000

316 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Navistar International Corp. 8.25%, 11/01/21	U.S.$	1,010	$	1,118,575
Tenneco, Inc. 6.875%, 12/15/20(a)		330		342,375
Tower Automotive Holdings USA LLC / TA Holdings Finance, Inc. 10.625%, 9/01/17(a)		746		835,520
Uncle Acquisition 2010 Corp. 8.625%, 2/15/19(a)		402		428,130
				19,379,233
Consumer Cyclical - Entertainment – 0.8%
AMC Entertainment Holdings, Inc. 9.75%, 12/01/20(a)		425		455,812
ClubCorp Club Operations, Inc. 10.00%, 12/01/18(a)		775		783,719
Greektown Holdings LLC 10.75%, 12/01/13(d) (e)		525		0
NAI Entertainment Holdings LLC 8.25%, 12/15/17(a)		930		999,750
Pinnacle Entertainment, Inc. 7.50%, 6/15/15		600		609,000
8.75%, 5/15/20		625		666,406
Regal Entertainment Group 9.125%, 8/15/18		770		823,900
				4,338,587
Consumer Cyclical - Other – 6.1%
Beazer Homes USA, Inc. 12.00%, 10/15/17		425		494,063
Boyd Gaming Corp. 7.125%, 2/01/16		900		861,750
9.125%, 12/01/18(a)		525		551,250
Broder Brothers Co. 12.00%, 10/15/13(c)(f)		354		345,600
Caesars Entertainment Operating Co., Inc 10.00%, 12/15/18		1,700		1,598,000
10.75%, 2/01/16		1,016		1,003,300
11.25%, 6/01/17		1,100		1,248,500
Chukchansi Economic Development Authority 8.00%, 11/15/13(a)		540		405,000
CityCenter Holdings LLC / CityCenter Finance Corp. 7.625%, 1/15/16(a)		1,111		1,158,217

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 317

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
DR Horton, Inc. 6.50%, 4/15/16	U.S.$	1,180	$	1,233,100
Host Hotels & Resorts LP 6.875%, 11/01/14		385		398,475
Series Q 6.75%, 6/01/16		935		970,062
Isle of Capri Casinos, Inc. 7.00%, 3/01/14		620		614,575
K Hovnanian Enterprises, Inc. 6.25%, 1/15/16		655		520,725
10.625%, 10/15/16		500		541,875
KB Home 6.375%, 8/15/11		125		126,875
Lennar Corp. Series B 6.50%, 4/15/16		2,500		2,493,750
Levi Strauss & Co. 8.875%, 4/01/16		742		776,318
M/I Homes, Inc. 8.625%, 11/15/18(a)		540		549,450
Marina District Finance Co., Inc. 9.50%, 10/15/15(a)		255		265,838
9.875%, 8/15/18(a)		745		776,663
MCE Finance Ltd. 10.25%, 5/15/18		460		529,000
MGM Resorts International 6.625%, 7/15/15		1,222		1,160,900
7.625%, 1/15/17		1,610		1,543,587
NCL Corp. Ltd. 9.50%, 11/15/18(a)		800		866,000
11.75%, 11/15/16		500		590,625
Quiksilver, Inc. 6.875%, 4/15/15		650		645,125
Realogy Corp. Class A 11.00%, 4/15/18(a)		570		592,800
Royal Caribbean Cruises Ltd. 7.00%, 6/15/13		2,385		2,557,912
Seminole Indian Tribe of Florida 6.535%, 10/01/20(a)		94		92,592
7.75%, 10/01/17(a)		531		563,524
Standard Pacific Corp. 8.375%, 5/15/18(a)		500		530,000
10.75%, 9/15/16		555		652,125
Starwood Hotels & Resorts Worldwide, Inc. 6.25%, 2/15/13		2,065		2,199,225
7.875%, 5/01/12		539		567,298

318 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Station Casinos, Inc. 6.625%, 3/15/18(d)	U.S.$	3,610	$	361
William Lyon Homes, Inc. 10.75%, 4/01/13		847		724,185
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.75%, 8/15/20		1,900		2,009,250
				32,757,895
Consumer Cyclical - Restaurants – 0.5%
Burger King Corp. 9.875%, 10/15/18		640		683,200
CKE Restaurants, Inc. 11.375%, 7/15/18		750		841,875
Dunkin Finance Corp. 9.625%, 12/01/18(a)		384		388,800
Landry’s Restaurants, Inc. Series 144 11.625%, 12/01/15(a)		455		493,675
				2,407,550
Consumer Cyclical - Retailers – 2.7%
Asbury Automotive Group, Inc. 7.625%, 3/15/17		77		78,925
8.375%, 11/15/20(a)		357		374,850
AutoNation, Inc. 6.75%, 4/15/18		120		124,800
Bon-Ton Department Stores, Inc. (The) 10.25%, 3/15/14		1,195		1,226,369
Burlington Coat Factory Warehouse Corp. 10.00%, 2/15/19(a)		121		122,210
Giraffe Acquisition Corp. 9.125%, 12/01/18(a)		1,100		1,127,500
JC Penney Corp., Inc. 7.40%, 4/01/37		525		504,000
Limited Brands, Inc. 5.25%, 11/01/14		328		343,170
6.90%, 7/15/17		1,645		1,764,262
Macy’s Retail Holdings, Inc. 5.75%, 7/15/14		960		1,024,800
5.90%, 12/01/16		1,495		1,595,912
Michaels Stores, Inc. 7.75%, 11/01/18(a)		500		516,250
11.375%, 11/01/16		565		617,263
Neiman Marcus Group, Inc. (The) 9.00%, 10/15/15(c)		619		648,519
Penske Automotive Group, Inc. 7.75%, 12/15/16		250		258,125

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 319

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Rite Aid Corp. 6.875%, 8/15/13	U.S.$	580	$	566,950
8.00%, 8/15/20		1,000		1,081,250
9.50%, 6/15/17		445		409,400
Toys R US – Delaware, Inc. 7.375%, 9/01/16(a)		805		848,269
Toys R US, Inc. 7.375%, 10/15/18		900		902,250
YCC Holdings LLC / Yankee Finance, Inc. 10.25%, 2/15/16(a)		130		133,900
				14,268,974
Consumer Non-Cyclical – 7.0%
ACCO Brands Corp. 7.625%, 8/15/15		1,000		1,018,750
10.625%, 3/15/15		760		858,800
Alere, Inc. 8.625%, 10/01/18		800		848,000
AMGH Merger Sub, Inc. 9.25%, 11/01/18(a)		720		775,800
ARAMARK Corp. 8.50%, 2/01/15		1,710		1,786,950
Aurora Diagnostics Holdings / Aurora Diagnostics Financing, Inc. 10.75%, 1/15/18(a)		775		800,187
Bakkavor Finance 2 PLC 8.25%, 2/15/18(a)	GBP	500		800,632
Bausch & Lomb, Inc. 9.875%, 11/01/15	U.S.$	390		422,175
Biomet, Inc. 11.625%, 10/15/17		520		586,300
BioScrip, Inc. 10.25%, 10/01/15		500		527,500
Blue Merger Sub, Inc. 7.625%, 2/15/19(a)		255		257,550
Care UK Health & Social Care PLC 9.75%, 8/01/17(a)	GBP	525		923,877
Catalent Pharma Solutions, Inc. 9.50%, 4/15/15(c)	U.S.$	1,320		1,356,645
CHS/Community Health Systems, Inc. 8.875%, 7/15/15		891		944,460
ConvaTec Healthcare E SA 10.50%, 12/15/18(a)		521		556,167
Del Monte Corp. 6.75%, 2/15/15		395		400,925
DJO Finance LLC / DJO Finance Corp. 10.875%, 11/15/14		520		570,050

320 •  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	$	533,750
Elan Finance PLC / Elan Finance Corp. 8.75%, 10/15/16(a)		500		526,250
Elizabeth Arden, Inc. 7.375%, 3/15/21(a)		445		467,250
Gentiva Health Services, Inc. 11.50%, 9/01/18		425		478,656
Giant Funding Corp. 8.25%, 2/01/18(a)		700		719,250
HCA Holdings, Inc. 7.75%, 5/15/21(a)		700		736,750
HCA, Inc. 6.375%, 1/15/15		3,348		3,456,810
6.50%, 2/15/16		1,520		1,561,800
9.625%, 11/15/16(c)		2,803		3,041,255
Healthsouth Corp. 10.75%, 6/15/16		480		513,600
IASIS Healthcare LLC / IASIS Capital Corp. 8.75%, 6/15/14		424		435,130
Jarden Corp. 7.50%, 1/15/20		280		295,400
Mylan, Inc./PA 7.625%, 7/15/17(a)		125		137,344
7.875%, 7/15/20(a)		750		838,125
NBTY, Inc. 9.00%, 10/01/18(a)		250		271,250
New Albertsons, Inc. 7.45%, 8/01/29		1,220		972,950
Picard Bondco SA 9.00%, 10/01/18(a)	EUR	575		858,933
Pilgrim’s Pride Corp. 7.875%, 12/15/18(a)	U.S.$	950		933,375
R&R Ice Cream PLC 8.375%, 11/15/17(a)	EUR	600		863,159
Select Medical Corp. 6.237%, 9/15/15(b)	U.S.$	500		485,000
7.625%, 2/01/15		1,015		1,031,494
Stater Bros Holdings, Inc. 7.375%, 11/15/18(a)		275		286,687
SUPERVALU, Inc. 8.00%, 5/01/16		1,205		1,198,975
Tenet Healthcare Corp. 8.875%, 7/01/19		900		1,023,750
Universal Hospital Services, Inc. 3.834%, 6/01/15(b)		895		859,200

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 321

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II Inc. 7.75%, 2/01/19(a)	U.S.$	600	$	610,500
Visant Corp. 10.00%, 10/01/17		550		595,375
Voyager Learning Exchange 8.375%, 12/01/14(d)(e)(g)		982		1
				37,166,787
Energy – 6.0%
Antero Resources Finance Corp. 9.375%, 12/01/17		495		534,600
ATP Oil & Gas Corp. 11.875%, 5/01/15		635		647,700
Basic Energy Services, Inc. 7.75%, 2/15/19(a)		500		518,750
Bluewater Holding BV 3.303%, 7/17/14(a)(b)		600		480,000
Calfrac Holdings LP 7.50%, 12/01/20(a)		289		296,225
Chaparral Energy, Inc. 8.25%, 9/01/21(a)		300		305,250
8.875%, 2/01/17		900		949,500
Chesapeake Energy Corp. 6.50%, 8/15/17		2,350		2,520,375
6.625%, 8/15/20		500		525,000
Cie Generale de Geophysique-Veritas 7.50%, 5/15/15		167		172,845
7.75%, 5/15/17		195		206,213
Citgo Petroleum Corp. 11.50%, 7/01/17(a)		891		1,024,650
Complete Production Services, Inc. 8.00%, 12/15/16		1,325		1,401,187
Continental Resources, Inc./OK 7.125%, 4/01/21		150		159,750
Deepsea Metro I 11.00%, 12/09/15		200		204,155
Denbury Resources, Inc. 6.375%, 8/15/21		1,202		1,214,020
8.25%, 2/15/20		95		105,688
Energy XXI Gulf Coast, Inc. 7.75%, 6/15/19(a)		900		909,000
9.25%, 12/15/17(a)		800		860,000
Expro Finance Luxembourg SCA 8.50%, 12/15/16(a)		114		117,135
Forest Oil Corp. 7.25%, 6/15/19		1,915		1,982,025

322 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Hercules Offshore, Inc. 10.50%, 10/15/17(a)	U.S.$	604	$	599,470
Hilcorp Energy I LP/Hilcorp Finance Co. 7.75%, 11/01/15(a)		1,425		1,482,000
McJunkin Red Man Corp. 9.50%, 12/15/16(a)		1,000		990,000
Newfield Exploration Co. 7.125%, 5/15/18		1,135		1,211,612
Offshore Group Investments Ltd. 11.50%, 8/01/15(a)		1,100		1,232,000
OPTI Canada, Inc. 8.25%, 12/15/14		1,588		865,460
Parker Drilling Co. 9.125%, 4/01/18		520		559,000
Petrohawk Energy Corp. 7.25%, 8/15/18(a)		500		517,500
7.25%, 8/15/18		800		828,000
PHI, Inc. 8.625%, 10/15/18		400		419,000
Pioneer Natural Resources Co. 5.875%, 7/15/16		995		1,038,512
Plains Exploration & Production Co. 7.00%, 3/15/17		847		882,998
7.75%, 6/15/15		1,089		1,143,450
Range Resources Corp. 7.50%, 5/15/16		940		982,300
SandRidge Energy, Inc. 8.75%, 1/15/20		775		837,000
Southwestern Energy Co. 7.50%, 2/01/18		1,025		1,165,938
Tesoro Corp. 6.25%, 11/01/12		680		715,700
6.50%, 6/01/17		1,460		1,503,800
				32,107,808
Other Industrial – 1.7%
Briggs & Stratton Corp. 6.875%, 12/15/20		152		160,360
Brightstar Corp. 9.50%, 12/01/16(a)		650		695,500
Exova Ltd. 10.50%, 10/15/18(a)	GBP	500		815,995
Interline Brands, Inc. 7.00%, 11/15/18	U.S.$	704		730,400
KUKA AG 8.75%, 11/15/17(a)	EUR	711		1,054,667
Liberty Tire Recycling 11.00%, 10/01/16(a)	U.S.$	1,100		1,226,500

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 323

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Mueller Water Products, Inc. 8.75%, 9/01/20	U.S.$	322	$	356,615
Neenah Foundry Co. 15.00%, 7/29/15(e)		315		311,848
New Enterprise Stone & Lime Co. 11.00%, 9/01/18(a)		950		971,375
Pipe Holdings PLC 9.50%, 11/01/15(a)	GBP	439		752,911
Sensus USA, Inc. 8.625%, 12/15/13	U.S.$	655		664,825
Yioula Glassworks SA 9.00%, 12/01/15(f)	EUR	900		1,068,081
				8,809,077
Services – 1.5%
Mobile Mini, Inc. 7.875%, 12/01/20(a)	U.S.$	309		329,085
Realogy Corp. 12.375%, 4/15/15		305		308,050
Service Corp. International/US 6.75%, 4/01/16		2,000		2,125,000
ServiceMaster Co. (The) 10.75%, 7/15/15(a)(c)		835		897,625
Ticketmaster Entertainment LLC / Ticketmaster Noteco, Inc. 10.75%, 8/01/16		940		1,031,650
Travelport LLC 9.875%, 9/01/14		1,635		1,596,169
West Corp. 7.875%, 1/15/19(a)		1,750		1,795,937
8.625%, 10/01/18(a)		133		140,980
				8,224,496
Technology – 3.4%
Advanced Micro Devices, Inc. 7.75%, 8/01/20		121		126,445
8.125%, 12/15/17		202		215,130
Alcatel-Lucent USA, Inc. 6.45%, 3/15/29		1,260		1,096,200
Amkor Technology, Inc. 9.25%, 6/01/16		260		275,600
Aspect Software, Inc. 10.625%, 5/15/17(a)		500		532,500
Buccaneer Merger Sub, Inc. 9.125%, 1/15/19(a)		250		270,000
CDW LLC / CDW Finance Corp. 8.00%, 12/15/18(a)		671		721,325
11.50%, 10/12/15(c)		500		542,500

324 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Ceridian Corp. 11.25%, 11/15/15	U.S.$	450	$	471,375
CommScope, Inc. 8.25%, 1/15/19(a)		1,500		1,556,250
DCP LLC/DCP Corp. 10.75%, 8/15/15(a)		680		659,600
Eastman Kodak Co. 7.25%, 11/15/13		251		242,843
First Data Corp. 9.875%, 9/24/15		831		839,310
11.25%, 3/31/16		1,100		1,061,500
Freescale Semiconductor, Inc. 8.875%, 12/15/14		1,380		1,443,825
10.125%, 12/15/16		1,200		1,296,000
Interactive Data Corp. 10.25%, 8/01/18(a)		750		840,000
Iron Mountain, Inc. 6.625%, 1/01/16		1,360		1,366,800
NXP BV / NXP Funding LLC 3.053%, 10/15/13(b)		1,000		995,000
9.50%, 10/15/15		920		982,100
Sanmina-SCI Corp. 8.125%, 3/01/16		500		515,000
Seagate Technology HDD Holdings 6.375%, 10/01/11		503		514,317
Serena Software, Inc. 10.375%, 3/15/16		875		918,750
SunGard Data Systems, Inc. 7.625%, 11/15/20(a)		800		826,000
				18,308,370
Transportation - Airlines – 0.8%
Air Canada 12.00%, 2/01/16(a)		500		538,750
AMR Corp. 9.00%, 8/01/12		1,570		1,609,250
Continental Airlines 2003-ERJ1 Pass Through Trust Series RJ03 7.875%, 7/02/18		444		445,789
Continental Airlines, Inc. 8.75%, 12/01/11		1,330		1,371,562
Delta Air Lines, Inc. 9.50%, 9/15/14(a)		391		426,190
				4,391,541

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 325

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Transportation - Railroads – 0.1%
Florida East Coast Railway Corp. 8.125%, 2/01/17(a)	U.S.$	164	$	171,380
Kansas City Southern Railway 13.00%, 12/15/13		311		371,645
				543,025
Transportation - Services – 1.1%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 7.75%, 5/15/16		1,660		1,730,550
Hapag-Lloyd AG 9.75%, 10/15/17(a)		500		548,750
Hertz Corp. (The) 6.75%, 4/15/19(a)		636		648,720
7.375%, 1/15/21(a)		1,775		1,854,875
8.875%, 1/01/14		421		432,051
Swift Services Holdings, Inc. 10.00%, 11/15/18(a)		413		452,235
				5,667,181
				319,515,058
Financial Institutions – 8.9%
Banking – 2.1%
ABN Amro Bank NV 4.31%, 3/10/16	EUR	980		1,041,310
HBOS Capital Funding LP 6.071%, 6/30/14(a)		U.S.$ 1,325		1,185,875
HT1 Funding GMBH 6.352%, 6/30/17	EUR	825		899,382
LBG Capital No.1 PLC 8.00%, 6/15/20(a)	U.S.$	1,750		1,650,250
Regions Bank/Birmingham AL 6.45%, 6/26/37		600		549,780
Royal Bank of Scotland Group PLC 6.99%, 10/05/17(a)(d)		2,715		2,334,900
Swedbank AB 5.75%, 3/17/16	GBP	850		1,291,984
Telenet Finance III Luxembourg S.C.A. 6.625%, 2/15/21(a)	EUR	1,000		1,380,709
UT2 Funding PLC 5.321%, 6/30/16		634		778,651
				11,112,841
Brokerage – 0.6%
E*Trade Financial Corp. 7.375%, 9/15/13	U.S.$	995		997,487

326 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Lehman Brothers Holdings, Inc. 5.625%, 1/24/13(d)	U.S.$	5,500	$	1,423,125
Nuveen Investments, Inc. 10.50%, 11/15/15		900		920,250
				3,340,862
Finance – 4.2%
AGFC Capital Trust I 6.00%, 1/15/67(a)		2,245		1,347,000
Ally Financial, Inc. 6.75%, 12/01/14		760		822,458
6.875%, 9/15/11		1,935		1,978,537
8.00%, 11/01/31		1,332		1,525,140
Series 8 6.75%, 12/01/14		1,657		1,772,990
Capmark Financial Group, Inc. 5.875%, 5/10/12(d)		1,666		781,892
CIT Group, Inc. 7.00%, 5/01/13-5/01/17		6,252		6,312,207
International Lease Finance Corp. 6.375%, 3/25/13		1,715		1,787,888
iStar Financial, Inc. Series B 5.125%, 4/01/11		850		850,531
5.70%, 3/01/14		1,100		1,056,000
Residential Capital LLC 9.625%, 5/15/15		2,195		2,216,950
Springleaf Finance Corp. 6.90%, 12/15/17		1,930		1,732,175
				22,183,768
Insurance – 1.4%
Genworth Financial, Inc. 6.15%, 11/15/66		1,445		1,136,131
Hartford Financial Services Group, Inc. 8.125%, 6/15/38		1,000		1,105,000
ING Capital Funding Trust III Series 9 3.903%, 3/31/11(b)		1,294		1,241,632
Liberty Mutual Group, Inc. 7.80%, 3/15/37(a)		495		495,000
MBIA Insurance Corp. 14.00%, 1/15/33(a)		2,385		1,502,550
Stoneheath RE 6.868%, 10/15/11		250		221,250
XL Group PLC Series E 6.50%, 4/15/17		2,100		1,942,500
				7,644,063

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 327

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Other Finance – 0.4%
FTI Consulting, Inc. 6.75%, 10/01/20(a)	U.S.$	500	$	500,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 8.00%, 1/15/18		750		776,250
iPayment, Inc. 9.75%, 5/15/14		675		669,094
				1,945,344
REITS – 0.2%
Developers Diversified Realty Corp. 7.875%, 9/01/20		1,000		1,170,932
Sabra Health Care LP/Sabra Capital Corp. 8.125%, 11/01/18(a)		174		183,570
				1,354,502
				47,581,380
Utility – 6.4%
Electric – 4.8%
AES Corp. (The) 7.75%, 3/01/14		1,430		1,555,125
8.00%, 10/15/17		1,240		1,345,400
Calpine Corp. 7.25%, 10/15/17(a)		2,250		2,356,875
7.875%, 1/15/23(a)		500		513,750
CMS Energy Corp. 6.25%, 2/01/20		1,000		1,051,210
Dynegy Holdings, Inc. 7.75%, 6/01/19		1,960		1,416,100
8.375%, 5/01/16		780		625,950
Dynegy Roseton / Danskammer Pass Through Trust Series B 7.67%, 11/08/16		1,222		1,188,395
Edison Mission Energy 7.00%, 5/15/17		2,090		1,698,125
7.50%, 6/15/13		360		360,450
7.75%, 6/15/16		295		264,025
Energy Future Holdings Corp. 10.25%, 1/15/20(a)		448		466,526
10.875%, 11/01/17		304		252,320
Series P 5.55%, 11/15/14		957		634,013
Series Q 6.50%, 11/15/24		3,106		1,452,055
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.00%, 12/01/20		792		826,731

328 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
GenOn Energy, Inc. 7.875%, 6/15/17	U.S.$	840	$	842,100
9.50%, 10/15/18(a)		650		680,875
9.875%, 10/15/20(a)		1,265		1,331,412
Homer City Funding LLC 8.137%, 10/01/19		77		74,161
8.734%, 10/01/26		140		128,219
Mirant Americas Generation LLC 8.50%, 10/01/21		725		764,875
NRG Energy, Inc. 7.375%, 2/01/16-1/15/17		2,955		3,093,769
8.25%, 9/01/20(a)		975		1,026,187
PPL Capital Funding, Inc. Series A 6.70%, 3/30/67		800		786,000
Texas Competitive Electric Holdings Co. LLC Series A 10.25%, 11/01/15		1,401		788,062
				25,522,710
Natural Gas – 1.6%
El Paso Corp. Series G 7.375%, 12/15/12		385		409,939
7.75%, 1/15/32		855		905,271
El Paso Pipeline Partners Operating Co. LLC 6.50%, 4/01/20		550		606,882
Enterprise Products Operating LLC Series A 8.375%, 8/01/66		1,620		1,747,575
Inergy LP/Inergy Finance Corp. 6.875%, 8/01/21(a)		1,000		1,022,500
Kinder Morgan Finance Co. ULC 5.70%, 1/05/16		1,765		1,840,012
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. 6.50%, 8/15/21		1,600		1,598,000
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 6.875%, 2/01/21(a)		330		326,700
				8,456,879
				33,979,589
Total Corporates - Non-Investment Grades (cost $366,049,541)				401,076,028

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 329

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES – 9.0%
Financial Institutions – 5.5%
Banking – 3.5%
American Express Co. 6.80%, 9/01/66	U.S.$	900	$	914,940
Assured Guaranty Municipal Holdings, Inc. 6.40%, 12/15/66(a)		1,400		882,000
Barclays Bank PLC 4.75%, 3/15/20	EUR	520		509,478
5.926%, 12/15/16(a)	U.S.$	1,300		1,199,250
BBVA International Preferred SA Unipersonal 5.919%, 4/18/17		400		324,534
Series E 8.50%, 10/21/14	EUR	750		1,060,836
Bear Stearns Cos. LLC (The) 5.55%, 1/22/17	U.S.$	435		466,049
Capital One Financial Corp. 6.75%, 9/15/17		663		765,245
Citigroup, Inc. 5.50%, 4/11/13		400		428,800
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 8.375%, 7/26/16		1,100		1,149,500
Countrywide Financial Corp. 6.25%, 5/15/16		1,221		1,308,085
Countrywide Home Loans, Inc. Series L 4.00%, 3/22/11		56		56,111
Credit Agricole SA 6.637%, 5/31/17(a)		1,100		981,750
Huntington BancShares, Inc. 7.00%, 12/15/20		170		186,224
Itau Unibanco Holding SA 10.50%, 11/23/15(a)	BRL	900		562,462
Merrill Lynch & Co., Inc. 5.70%, 5/02/17	U.S.$	365		379,748
National Capital Trust II 5.486%, 3/23/15(a)		647		646,645
Societe Generale 6.999%, 12/19/17	EUR	700		934,571
UBS AG/Jersey 4.28%, 4/15/15		820		1,007,087
Unicredito Italiano Capital Trust III 4.028%, 10/27/15		1,300		1,385,815
Wachovia Bank NA 6.75%, 5/25/17	AUD	2,050		1,888,761

330 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Zions Bancorporation 7.75%, 9/23/14	U.S.$	1,480	$	1,609,109
				18,647,000
Finance – 0.2%
SLM Corp. 5.125%, 8/27/12		255		264,619
8.00%, 3/25/20		525		557,156
Series A
5.00%, 10/01/13		400		413,578
				1,235,353
Insurance – 1.6%
American International Group, Inc.
6.25%, 3/15/37		1,461		1,336,815
8.175%, 5/15/58		725		795,687
Assured Guaranty US Holdings, Inc. Series A 6.40%, 12/15/66		952		718,760
Coventry Health Care, Inc.
5.875%, 1/15/12		683		709,147
5.95%, 3/15/17		60		62,288
6.125%, 1/15/15		30		31,946
6.30%, 8/15/14		185		197,637
Crum & Forster Holdings Corp. 7.75%, 5/01/17		760		797,050
Liberty Mutual Group, Inc. 5.75%, 3/15/14(a)		450		478,281
Metlife Capital Trust IV 7.875%, 12/15/37(a)		750		808,125
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		575		685,459
Suncorp Metway Insurance Ltd. Series 1 6.75%, 9/23/24	AUD	1,000		905,238
XL Capital Finance Europe PLC 6.50%, 1/15/12	U.S.$	1,000		1,045,337
				8,571,770
REITS – 0.2%
Entertainment Properties Trust 7.75%, 7/15/20(a)		842		886,205
ProLogis 6.875%, 3/15/20		72		80,153
				966,358
				29,420,481

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 331

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Industrial – 3.0%
Basic – 0.4%
Commercial Metals Co. 6.50%, 7/15/17	U.S.$	500	$	514,039
Freeport-McMoRan Copper & Gold, Inc. 8.375%, 4/01/17		485		538,350
Mosaic Co. (The) 7.625%, 12/01/16(a)		875		947,187
				1,999,576
Capital Goods – 0.1%
Tyco International Finance SA 8.50%, 1/15/19		375		485,140
Communications - Media – 0.5%
DirecTV Holdings LLC / DirecTV Financing Co., Inc. 6.375%, 6/15/15		811		836,344
Virgin Media Secured Finance PLC 6.50%, 1/15/18		1,500		1,642,500
				2,478,844
Communications - Telecommunications – 0.3%
American Tower Corp. 7.00%, 10/15/17		310		349,954
Qwest Corp. 6.875%, 9/15/33		1,240		1,235,350
				1,585,304
Consumer Cyclical - Other – 0.3%
Toll Brothers Finance Corp. 5.15%, 5/15/15		1,443		1,481,768
Consumer Cyclical - Retailers – 0.1%
CVS Caremark Corp. 6.302%, 6/01/37		575		566,375
Consumer Non-Cyclical – 0.3%
Reynolds American, Inc. 7.25%, 6/01/12-6/01/12		745		817,292
Ventas Realty LP / Ventas Capital Corp. 6.75%, 4/01/17		832		882,688
				1,699,980
Energy – 0.4%
National Oilwell Varco, Inc. Series B 6.125%, 8/15/15		856		884,367

332 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
TNK-BP Finance SA
7.25%, 2/02/20(a)	U.S.$	204	$	222,115
7.50%, 7/18/16(a)		520		579,150
7.875%, 3/13/18(a)		680		770,984
				2,456,616
Other Industrial – 0.1%
Noble Group Ltd. 6.625%, 3/17/15(a)		650		666,250
Services – 0.2%
Expedia, Inc. 8.50%, 7/01/16		1,070		1,175,662
Technology – 0.1%
Motorola, Inc. 7.50%, 5/15/25		470		527,359
Transportation - Services – 0.2%
Aviation Capital Group 7.125%, 10/15/20(a)		920		966,364
				16,089,238
Utility – 0.5%
Electric – 0.5%
Allegheny Energy Supply Co. LLC 8.25%, 4/15/12(a)		380		405,873
KCP&L Greater Missouri Operations Co. 11.875%, 7/01/12		596		668,158
Oncor Electric Delivery Co. LLC 5.95%, 9/01/13		490		538,275
6.80%, 9/01/18		315		365,786
Sierra Pacific Power Co. Series M 6.00%, 5/15/16		440		496,629
				2,474,721
Total Corporates - Investment Grades (cost $40,299,349)				47,984,440
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.5%
Non-Agency Fixed Rate CMBS – 2.5%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class AJ 5.222%, 7/15/44		1,170		1,189,855
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C6, Class AJ 5.23%, 12/15/40		1,000		1,021,617

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High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Credit Suisse Mortgage Capital Certificates Series 2006-C3, Class A3 5.826%, 6/15/38	U.S.$	2,375	$	2,601,692
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-C1, Class A4 5.716%, 2/15/51		1,100		1,163,042
Series 2007-CB18, Class A4 5.44%, 6/12/47		1,875		1,992,516
Series 2007-LD11, Class A4 5.818%, 6/15/49		2,000		2,154,180
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class A3 5.347%, 11/15/38		1,875		2,008,567
Morgan Stanley Capital I Series 2005-HQ6, Class AJ 5.073%, 8/13/42		1,125		1,156,351
Total Commercial Mortgage-Backed Securities (cost $11,441,903)				13,287,820
BANK LOANS – 2.1%
Industrial – 1.8%
Basic – 0.0%
Novelis, Inc. 5.25%, 12/17/16(b)		90		91,097
Capital Goods – 0.5%
Harbor Freight Tools USA, Inc. / Central Purchasing, LLC 6.50%, 12/22/17(b)		1,300		1,311,921
Hawker Beechcraft Acquisition Company LLC 10.50%, 3/26/14(b)		1,234		1,249,187
				2,561,108
Communications - Telecommunications – 0.2%
Lightsquared LP 12.00%, 10/01/14(b)		1,320		1,301,571
Consumer Cyclical - Entertainment –0.4%
ClubCorp Club Operations Inc. 6.00%, 11/30/16(b)		550		555,500
Las Vegas Sands, LLC 3.04%, 11/23/16(b)		1,588		1,577,887
				2,133,387

334 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 0.0%
Great Atlantic & Pacific Tea Company, Inc., The 8.75%, 6/14/12(b)	U.S.$	50	$	50,563
Other Industrial – 0.2%
Metaldyne LLC 7.75%, 10/22/16(b)		773		786,591
Services – 0.3%
Advantage Sales & Marketing Inc. 5.25%, 12/17/17(b)		225		226,179
Koosharem LLC 10.25%, 6/30/14(b)(c)		1,408		1,238,835
				1,465,014
Technology – 0.2%
EchoStar Satellite Services, LLC 6/30/19(h)		1,000		1,000,000
				9,389,331
Financial Institutions – 0.3%
Finance – 0.3%
CIT Group, Inc. 6.25%, 8/11/15(b)		821		832,086
Springleaf Funding Company (fka AGFS Funding Company) 7.25%, 4/21/15(b)		875		882,437
				1,714,523
Total Bank Loans (cost $10,762,893)				11,103,854
GOVERNMENTS - TREASURIES – 1.5%
Brazil – 0.4%
Brazilian Government International Bond 12.50%, 1/05/16	BRL	2,950		2,025,709
Greece – 0.5%
Hellenic Republic Government Bond Series 30YR 4.60%, 9/20/40	EUR	3,300		2,523,735
Mexico – 0.3%
Mexican Bonos Series MI10 9.50%, 12/18/14	MXN	20,000		1,827,070
United States – 0.3%
U.S. Treasury Notes 2.125%, 2/29/16	U.S.$	1,700		1,698,938
Total Governments - Treasuries (cost $7,525,465)				8,075,452

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 335

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
LOCAL GOVERNMENTS - MUNICIPAL BONDS – 1.4%
United States – 1.4%
Allegheny Cnty PA Hosp Dev Auth (West Penn Allegheny Hlth Sys) Series 2007A 5.375%, 11/15/40	U.S.$	555	$	359,512
Buckeye OH Tob Stlmnt Fin Auth Series 2007A-2 5.875%, 6/01/47		605		399,899
California State (California GO) 7.60%, 11/01/40		325		353,191
7.95%, 3/01/36		700		736,456
California Statewide CDA (Thomas Jefferson Sch Law) Series 2008A 7.25%, 10/01/38		325		326,284
Cumberland Cnty PA Mun Auth (Asbury Atlantic, Inc.) 6.125%, 1/01/45		335		290,264
Illinois Finance Auth Series 2010A 8.125%, 2/15/40		575		543,064
Illinois Finance Auth (Illinois Institute of Technology) Series 06A 5.00%, 4/01/31		275		207,229
Indiana Finance Auth (Kings Daughters Hospital) 5.50%, 8/15/40		450		362,966
Kentucky Economic Development Finance Auth 6.50%, 3/01/45		335		317,513
Los Angeles CA Regl Arpts Impt Corp (American Airlines, Inc.) Series 2002C 7.50%, 12/01/24		395		395,695
Louisiana Pub Fac Auth (Ochsner Clinic Fndtn) Series 2007A 5.375%, 5/15/43		560		455,594
Mid-Bay Bridge Auth FL Series 2011A 7.25%, 10/01/40		665		664,940
Regional Transportation District (Denver Transit Partners) 6.00%, 1/15/41		800		729,928

336 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Texas Private Acvty Bond Srfc Trnsp Corp. (NTE Mobility Partners LLC Project) 6.875%, 12/31/39	U.S $	550	$	551,908
Tobacco Settlement Financing Corp. NJ Series 2007 1A 5.00%, 6/01/41		570		341,590
Tobacco Settlement Financing Corp. VA Series 2007B1 5.00%, 6/01/47		445		255,590
Turlock CA Hlth Fac COP(Emanuel Medical Center) 5.375%, 10/15/34		550		442,579
Total Local Governments - Municipal Bonds (cost $7,492,303)				7,734,202
EMERGING MARKETS - CORPORATE BONDS – 1.4%
Financial Institutions – 0.1%
Banking – 0.1%
Banco Cruzeiro do Sul SA/Brazil 8.25%, 1/20/16(a)		500		493,212
8.875%, 9/22/20(a)		390		376,350
				869,562
Industrial – 1.3%
Capital Goods – 0.1%
Cemex SAB de CV 9.00%, 1/11/18(a)		500		517,500
Consumer Cyclical - Retailers – 0.2%
Edcon Holdings Proprietary Ltd. 6.526%, 6/15/15(a)(b)	EUR	850		1,032,203
Consumer Non-Cyclical – 0.6%
CEDC Finance Corp. International, Inc. 9.125%, 12/01/16(a)	U.S.$	1,000		1,082,500
Foodcorp Pty Ltd. 8.75%, 3/01/18(a)	EUR	282		389,146
8.875%, 6/15/12(a)		378		530,749
JBS Finance II Ltd. 8.25%, 1/29/18(a)	U.S.$	1,000		1,010,000
				3,012,395
Other Industrial – 0.3%
New Reclamation Group Pty Ltd. (The) 8.125%, 2/01/13(a)	EUR	689		836,300

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 337

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
Savcio Holdings Pty Ltd. 8.00%, 2/15/13(a)	EUR	450	$	600,796
				1,437,096
Transportation - Services – 0.1%
Inversiones Alsacia SA 8.00%, 8/18/18(a)	U.S.$	800		810,091
				6,809,285
Total Emerging Markets - Corporate Bonds (cost $6,825,529)				7,678,847
QUASI-SOVEREIGNS – 1.2%
Quasi-Sovereign Bonds – 1.2%
Kazakhstan – 0.5%
Kazatomprom 6.25%, 5/20/15(a)		875		941,762
KazMunayGas National Co. 8.375%, 7/02/13(a)		400		441,000
9.125%, 7/02/18(a)		950		1,149,500
				2,532,262
Russia – 0.3%
RSHB Capital SA for OJSC Russian Agricultural Bank 6.299%, 5/15/17(a)		1,455		1,495,013
Trinidad & Tobago – 0.2%
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/19(a)		750		915,000
Venezuela – 0.2%
Petroleos de Venezuela SA 5.25%, 4/12/17		2,250		1,305,000
Total Quasi-Sovereigns (cost $5,063,558)				6,247,275
	Shares
PREFERRED STOCKS – 0.9%
Financial Institutions – 0.9%
Banking – 0.2%
Zions Bancorporation. 9.50%		46,400		1,210,576
Finance – 0.5%
Ally Financial, Inc. 7.00% (a)		1,687		1,607,764
Citigroup Capital XII 8.50%		39,000		1,036,191

338 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Shares		U.S. $ Value
Citigroup Capital XIII 7.875% (i)		5,000	$	135,600
				2,779,555
REITS – 0.2%
Sovereign Real Estate Investment Trust 12.00% (a)		624		711,360
				4,701,491
Non Corporate Sectors – 0.0%
Agencies - Government Sponsored – 0.0%
Federal Home Loan Mortgage Corp. Series Z 8.375%		36,525		70,858
Federal National Mortgage Association 8.25%		54,625		106,519
				177,377
Total Preferred Stocks (cost $5,554,260)				4,878,868
	Principal Amount (000)
ASSET-BACKED SECURITIES – 0.9%
Home Equity Loans - Fixed Rate – 0.5%
Countrywide Asset-Backed Certificates Series 2005-7, Class AF5W 5.054%, 10/25/35	U.S.$	737		492,733
Series 2006-15, Class A6
5.826%, 10/25/46		1,472		1,114,057
Lehman XS Trust Series 2007-6, Class 3A5 5.72%, 5/25/37		1,551		1,073,526
				2,680,316
Home Equity Loans - Floating Rate – 0.4%
Credit-Based Asset Servicing and Securitization LLC Series 2007-CB2, Class A2C 4.764%, 2/25/37(b)		1,750		999,357
GSAA Home Equity Trust Series 2006-6, Class AF5 5.168%, 3/25/36(b)		1,581		925,164
				1,924,521
Total Asset-Backed Securities (cost $4,697,768)				4,604,837

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 339

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - SOVEREIGNS – 0.6%
Argentina – 0.3%
Argentina Bonos 7.00%, 10/03/15	U.S.$	2,100	$	1,918,000
Ukraine – 0.3%
Ukraine Government International Bond
6.75%, 11/14/17(a)		930		912,563
6.875%, 3/04/11(a)		700		700,000
				1,612,563
Total Emerging Markets - Sovereigns (cost $2,651,317)				3,530,563
CMOs – 0.4%
Non-Agency Floating Rate – 0.4%
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1 1.792%, 8/25/47(b)		1,454		886,317
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2007-OA4, Class A1A 1.083%, 4/25/47(b)		2,064		1,191,749
Total CMOs (cost $1,984,216)				2,078,066
EMERGING MARKETS - TREASURIES – 0.3%
Turkey – 0.3%
Turkey Government Bond 11.00%, 8/06/14 (cost $1,651,891)	TRY	2,450		1,616,732
	Shares
COMMON STOCKS – 0.1%
Broder Brothers Co.		28,873		0
Fairpoint Communications, Inc.(j)		7,175		165,025
Greektown Superholdings, Inc.(e)(g)(j)		397		29,775
Neenah Enterprises, Inc.(e)(g)		58,199		261,896
Total Common Stocks (cost $2,167,495)				456,696
WARRANTS – 0.0%
Fairpoint Communications, Inc., expiring 1/24/18(j)		12,231		0

340 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
New Koosharem Corp. expiring 1/01/49(e)(g)(j)	U.S.$	1,991	$	2
Total Warrants (cost $2)				2
	Contracts(k)
OPTION PURCHASED - CALL – 0.0%
IRS USD RTR Expiration: May 2011, Exercise Price: $2.2 (j) (cost $40,500)		150,000		0
	Shares
SHORT-TERM INVESTMENTS – 1.1%
Investment Companies – 1.1%
AllianceBernstein Fixed-Income Shares, Inc.—Government STIF Portfolio, 0.17%(l) (cost $5,802,841)		5,802,841		5,802,841
Total Investments – 98.6% (cost $480,010,831)				526,156,523
Other assets less liabilities – 1.4%				7,420,553
Net Assets – 100.0%			$	533,577,076

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
3MO EURIBOR Interest Rate Futures		1,570		June 2011	$	111,597	$	54,163		$    (57,434)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
State Street Bank and Trust Co.:
Australian Dollar settling 4/18/11		103	$	101,652	$	104,199	$	2,547
Great British Pound settling 4/04/11		27		43,914		44,138		224

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 341

High-yield Portfolio—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Sale Contracts:
State Street Bank and Trust Co.:
Euro settling 3/07/11		435	$	590,836	$	599,747	$	(8,911	)
Euro settling 3/07/11		1,025		1,392,639		1,414,924		(22,285	)
Euro settling 3/07/11		1,003		1,358,058		1,383,631		(25,573	)
Euro settling 3/07/11		18,448		24,542,171		25,455,592		(913,421	)
Great British Pound settling 4/04/11		503		812,010		817,022		(5,012	)
Great British Pound settling 4/04/11		2,228		3,551,761		3,620,347		(68,586	)

INTEREST RATE SWAP TRANSACTIONS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio	Payments received by the Portfolio	Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, N.A.	$	38,350		12/23/17	3 Month LIBOR	2.805%		$    (154,038	)
JPMorgan Chase Bank, N.A.		51,250		12/23/15	2.14%	3 Month LIBOR		125,704
Morgan Stanley		52,200		1/5/16	2.18%	3 Month LIBOR		96,075
Morgan Stanley		39,100		1/5/18	3 Month LIBOR	2.84%		(133,355	)

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 February 28, 2011			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	)%		9.643	%	$	4,250	$	67,194		$	—		$	67,194
Morgan Stanley Capital Services Inc.: XL Capital LTD 5.25%, 9/15/14, 3/20/12*		(5.00	)		1.03			1,260		(65,610	)		44,545			(110,155	)
Sale Contracts
Credit Suisse International: MGM Resorts International 5.875%, 02/27/14, 03/20/16*		5.00			6.811			1,700		(98,534	)		(55,250	)		(43,284	)

* Termination date

342 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

CREDIT DEFAULT SWAP CONTRACTS ON INDICES (see Note C)

Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at February 28, 2011			Notional Amount (000)		Market Value		Upfront Premiums (Paid) Received		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Barclays Capital Inc.: CDX NAIG-15V1 5 Year Index, 12/20/15*		1.00	%		4.20	%	$	500	$	(63,069)	$	(71,178)	$	8,109

* 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 February 28, 2011, the aggregate market value of these securities amounted to $166,521,786 or 31.2% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at February 28, 2011.

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

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

(e) Illiquid security.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.26% of net assets as of February 28, 2011, 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	$	540,383	$	345,600		0.06	%
Yioula Glassworks SA 9.00%, 12/01/15		6/09/09		579,169		1,068,081		0.20

(g) Fair valued.

(h) This position or a portion of this position represents an unsettled loan purchase. At February 28, 2011, the market value and unrealized gain of these unsettled loan purchases amounted to $1,000,000 and $0, respectively. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(i) Variable rate coupon, rate shown as of February 28, 2011.

(j) Non-income producing security.

(k) One contract relates to 100 shares.

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

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

EUR – Euro

GBP – Great British Pound

MXN – Mexican Nuevo Peso

TRY – Turkish Lira

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 343

High-yield Portfolio—Portfolio of Investments

Glossary:

CDA – Community Development Authority

CMBS – Commercial Mortgage-Backed Securities

CMOs – Collateralized Mortgage Obligations

COP – Certificate of Participation

LIBOR – London Interbank Offered Rates

GO – General Obligation

MBIA – MBIA Insurance Corporation

OJSC – Open Joint Stock Company

REIT – Real Estate Investment Trust

See notes to financial statements.

344 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-yield Portfolio—Portfolio of Investments

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.8%
Financials – 24.9%
Capital Markets – 0.9%
MF Global Holdings Ltd.(a)		659,400	$	5,716,998
Commercial Banks – 7.4%
Associated Banc - Corp		380,800		5,510,176
CapitalSource, Inc.		815,000		6,177,700
City National Corp.		63,900		3,764,349
Comerica, Inc.		177,300		6,896,970
Popular, Inc.(a)		1,591,066		5,170,965
Susquehanna Bancshares, Inc.		417,000		3,986,520
Umpqua Holdings Corp.		281,000		3,214,640
Webster Financial Corp.		238,800		5,535,384
Whitney Holding Corp.		363,900		5,160,102
				45,416,806
Insurance – 6.0%
Amtrust Financial Services, Inc.		201,300		3,870,999
Aspen Insurance Holdings Ltd.		221,100		6,533,505
Endurance Specialty Holdings Ltd.		148,300		7,354,197
Fidelity National Financial, Inc. – Class A		229,700		3,181,345
Platinum Underwriters Holdings Ltd.		134,000		5,587,800
Reinsurance Group of America, Inc. – Class A		92,400		5,580,036
Unum Group		189,300		5,022,129
				37,130,011
Real Estate Investment Trusts (REITs) – 7.4%
BioMed Realty Trust, Inc.		297,700		5,403,255
BRE Properties, Inc.		116,275		5,524,225
Camden Property Trust		128,400		7,597,428
CBL & Associates Properties, Inc.		204,600		3,652,110
DiamondRock Hospitality Co.(a)		585,500		6,885,480
Entertainment Properties Trust		118,900		5,667,963
Sunstone Hotel Investors, Inc.(a)		519,001		5,574,071
Tanger Factory Outlet Centers		195,600		5,212,740
				45,517,272
Real Estate Management & Development – 0.7%
Forest City Enterprises, Inc.(a)		241,600		4,566,240
Thrifts & Mortgage Finance – 2.5%
First Niagara Financial Group, Inc.		402,718		5,831,357
People’s United Financial, Inc.		281,200		3,706,216
Washington Federal, Inc.		315,250		5,601,992
				15,139,565
				153,486,892

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 345

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Consumer Discretionary – 17.1%
Auto Components – 3.5%
Cooper Tire & Rubber Co.		219,500	$	5,149,470
Dana Holding Corp.(a)		300,400		5,671,552
Federal-Mogul Corp.(a)		228,500		4,800,785
TRW Automotive Holdings Corp.(a)		103,100		5,856,080
				21,477,887
Hotels, Restaurants & Leisure – 2.0%
Royal Caribbean Cruises Ltd.(a)		119,400		5,228,526
Wyndham Worldwide Corp.		236,600		7,400,848
				12,629,374
Household Durables – 2.0%
American Greetings Corp.		315,575		6,832,199
NVR, Inc.(a)		7,690		5,597,243
				12,429,442
Media – 2.5%
Gannett Co., Inc.		344,200		5,682,742
Interpublic Group of Cos., Inc. (The)(a)		440,800		5,818,560
Meredith Corp.		102,800		3,624,728
				15,126,030
Multiline Retail – 2.0%
Big Lots, Inc.(a)		163,700		6,716,611
Saks, Inc.(a)		439,100		5,378,975
				12,095,586
Specialty Retail – 4.1%
AnnTaylor Stores Corp.(a)		323,900		7,517,719
Foot Locker, Inc.		372,300		7,397,601
Office Depot, Inc.(a)		971,850		5,160,524
Signet Jewelers Ltd.(a)		125,824		5,519,899
				25,595,743
Textiles, Apparel & Luxury Goods – 1.0%
Jones Group, Inc. (The)		460,200		6,120,660
				105,474,722
Industrials – 11.8%
Airlines – 0.6%
Alaska Air Group, Inc.(a)		58,300		3,465,935
Building Products – 0.6%
Masco Corp.		282,200		3,835,098
Commercial Services & Supplies – 0.8%
Avery Dennison Corp.		122,300		4,882,216
Electrical Equipment – 3.0%
EnerSys(a)		107,500		3,816,250

346 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
General Cable Corp.(a)		167,000	$	7,251,140
Thomas & Betts Corp.(a)		135,250		7,491,498
				18,558,888
Machinery – 3.8%
Briggs & Stratton Corp.		277,000		5,576,010
Mueller Industries, Inc.		210,100		7,139,198
Terex Corp.(a)		119,975		4,049,156
Trinity Industries, Inc.		224,200		6,983,830
				23,748,194
Professional Services – 0.6%
Kelly Services, Inc. – Class A(a)		180,400		3,792,008
Road & Rail – 0.6%
Con-way, Inc.		112,900		3,676,024
Trading Companies & Distributors – 1.8%
Aircastle Ltd.		322,300		3,893,384
WESCO International, Inc.(a)		120,800		7,032,976
				10,926,360
				72,884,723
Energy – 10.2%
Energy Equipment & Services – 3.9%
Bristow Group, Inc.(a)		121,700		5,831,864
Helix Energy Solutions Group, Inc.(a)		416,900		6,420,260
Helmerich & Payne, Inc.		112,100		7,285,379
Oil States International, Inc.(a)		65,800		4,789,582
				24,327,085
Oil, Gas & Consumable Fuels – 6.3%
Forest Oil Corp.(a)		216,300		7,676,487
Petroleum Development Corp.(a)		119,900		5,626,907
Southern Union Co.		274,100		7,817,332
Swift Energy Co.(a)		156,400		6,717,380
Teekay Corp.		209,700		7,215,777
Tesoro Corp.(a)		159,100		3,783,398
				38,837,281
				63,164,366
Utilities – 9.3%
Electric Utilities – 4.6%
NV Energy, Inc.		489,800		7,195,162
Pepco Holdings, Inc.		390,800		7,319,684
Portland General Electric Co.		297,025		6,956,325
Unisource Energy Corp.		193,700		7,062,302
				28,533,473

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 347

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Gas Utilities – 2.3%
Atmos Energy Corp.		218,700	$	7,396,434
UGI Corp.		221,100		7,050,879
				14,447,313
Multi-Utilities – 2.4%
CMS Energy Corp.		376,300		7,247,538
NiSource, Inc.		391,000		7,491,560
				14,739,098
				57,719,884
Information Technology – 7.9%
Computers & Peripherals – 0.6%
NCR Corp.(a)		192,200		3,671,020
Electronic Equipment, Instruments & Components – 5.2%
Anixter International, Inc.		81,700		5,851,354
Arrow Electronics, Inc.(a)		126,700		4,966,640
AU Optronics Corp. (Sponsored ADR)(a)		614,424		5,517,527
Avnet, Inc.(a)		121,100		4,142,831
Flextronics International Ltd.(a)		676,200		5,470,458
Insight Enterprises, Inc.(a)		318,900		5,832,681
				31,781,491
IT Services – 1.7%
Amdocs Ltd.(a)		118,400		3,533,056
Convergys Corp.(a)		492,600		6,930,882
				10,463,938
Software – 0.4%
Take-Two Interactive Software, Inc.(a)		170,000		2,731,900
				48,648,349
Materials – 6.4%
Chemicals – 3.5%
Arch Chemicals, Inc.		153,200		5,507,540
Cytec Industries, Inc.		101,800		5,785,294
Huntsman Corp.		361,600		6,382,240
PolyOne Corp.(a)		272,900		3,787,852
				21,462,926
Metals & Mining – 2.9%
Commercial Metals Co.		335,200		5,587,784
Reliance Steel & Aluminum Co.		130,500		7,220,565
Steel Dynamics, Inc.		292,800		5,405,088
				18,213,437
				39,676,363
Health Care – 6.4%
Health Care Equipment & Supplies – 1.1%
Kinetic Concepts, Inc.(a)		145,900		7,144,723

348 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care Providers & Services – 4.3%
AMERIGROUP Corp.(a)		100,300	$	5,752,205
Health Net, Inc.(a)		266,800		7,849,256
LifePoint Hospitals, Inc.(a)		201,678		7,861,408
Molina Healthcare, Inc.(a)		139,025		4,870,046
				26,332,915
Pharmaceuticals – 1.0%
Par Pharmaceutical Cos., Inc.(a)		197,200		6,089,536
				39,567,174
Consumer Staples – 4.8%
Beverages – 1.2%
Constellation Brands, Inc. – Class A(a)		372,294		7,565,014
Food Products – 3.6%
Bunge Ltd.		76,800		5,542,656
Dole Food Co., Inc.(a)		314,538		4,639,436
Smithfield Foods, Inc.(a)		332,100		7,688,115
Tyson Foods, Inc. – Class A		227,600		4,240,188
				22,110,395
				29,675,409
Total Common Stocks (cost $468,359,453)				610,297,882
SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(b) (cost $4,769,678)		4,769,678		4,769,678
Total Investments – 99.6% (cost $473,129,131)				615,067,560
Other assets less liabilities – 0.4%				2,747,984
Net Assets – 100.0%			$	617,815,544

(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  • 349

Small-Mid Cap Value Portfolio—Portfolio of Investments

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.8%
Information Technology – 26.3%
Communications Equipment – 4.9%
ADTRAN, Inc.		135,670	$	6,170,272
Aruba Networks, Inc.(a)		251,628		7,662,072
Polycom, Inc.(a)		175,700		8,398,460
Riverbed Technology, Inc.(a)		203,942		8,420,765
				30,651,569
Internet Software & Services – 1.5%
WebMD Health Corp. – Class A(a)		155,770		9,034,660
IT Services – 2.1%
Alliance Data Systems Corp.(a)		57,760		4,548,022
VeriFone Systems, Inc.(a)		179,734		8,167,113
				12,715,135
Semiconductors & Semiconductor Equipment – 8.5%
Fairchild Semiconductor International, Inc.(a)		439,120		7,732,903
Hittite Microwave Corp.(a)		88,880		5,455,454
International Rectifier Corp.(a)		244,380		7,854,373
Netlogic Microsystems, Inc.(a)		163,618		6,772,149
ON Semiconductor Corp.(a)		770,630		8,592,525
Skyworks Solutions, Inc.(a)		245,090		8,808,535
Teradyne, Inc.(a)		415,390		7,738,716
				52,954,655
Software – 9.3%
Aspen Technology, Inc.(a)		469,842		7,155,694
Concur Technologies, Inc.(a)		93,360		4,857,521
Fortinet, Inc.(a)		186,981		7,636,304
Informatica Corp.(a)		176,490		8,296,795
MICROS Systems, Inc.(a)		158,110		7,532,360
Red Hat, Inc.(a)		165,790		6,843,811
SuccessFactors, Inc.(a)		206,673		7,421,628
TIBCO Software, Inc.(a)		313,460		7,717,385
				57,461,498
				162,817,517
Industrials – 23.5%
Aerospace & Defense – 1.2%
Hexcel Corp.(a)		389,285		7,221,237
Air Freight & Logistics – 2.2%
Atlas Air Worldwide Holdings, Inc.(a)		105,304		7,190,157
Expeditors International of Washington, Inc.		135,370		6,470,686
				13,660,843

350 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Building Products – 0.9%
Simpson Manufacturing Co., Inc.		204,130	$	5,905,481
Electrical Equipment – 1.6%
AMETEK, Inc.		237,310		9,955,154
Machinery – 10.1%
Actuant Corp. – Class A		305,140		8,635,462
Bucyrus International, Inc. – Class A		68,160		6,206,650
Gardner Denver, Inc.		59,990		4,387,669
IDEX Corp.		195,655		8,068,812
Joy Global, Inc.		107,965		10,513,632
Lincoln Electric Holdings, Inc.		128,800		9,193,744
Middleby Corp.(a)		92,020		8,251,433
Valmont Industries, Inc.		70,140		7,159,891
				62,417,293
Marine – 1.3%
Kirby Corp.(a)		144,948		8,021,422
Professional Services – 2.7%
Manpower, Inc.		125,790		7,987,665
Robert Half International, Inc.		274,440		8,754,636
				16,742,301
Road & Rail – 2.0%
Genesee & Wyoming, Inc. – Class A(a)		129,690		6,755,552
Knight Transportation, Inc.		301,240		5,606,076
				12,361,628
Trading Companies & Distributors – 1.5%
MSC Industrial Direct Co. – Class A		144,430		9,126,532
				145,411,891
Consumer Discretionary – 18.4%
Distributors – 1.5%
LKQ Corp.(a)		407,670		9,686,239
Hotels, Restaurants & Leisure – 5.8%
Chipotle Mexican Grill, Inc. – Class A(a)		27,950		6,847,750
Life Time Fitness, Inc.(a)		97,200		3,727,620
Orient-Express Hotels Ltd. – Class A(a)		685,980		8,657,068
Panera Bread Co. – Class A(a)		69,570		8,122,297
Wyndham Worldwide Corp.		273,080		8,541,942
				35,896,677
Household Durables – 1.5%
Tempur-Pedic International, Inc.(a)		195,670		9,184,750

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 351

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Internet & Catalog Retail – 0.9%
NetFlix, Inc.(a)		27,150	$	5,611,091
Media – 2.6%
Lamar Advertising Co.(a)		193,690		7,509,361
National CineMedia, Inc.		444,250		8,391,883
				15,901,244
Multiline Retail – 1.4%
Dollar Tree, Inc.(a)		174,280		8,769,770
Specialty Retail – 4.7%
CarMax, Inc.(a)		269,000		9,514,530
Dick’s Sporting Goods, Inc.(a)		248,930		9,245,260
Ulta Salon Cosmetics & Fragrance, Inc.(a)		248,500		10,369,905
				29,129,695
				114,179,466
Health Care – 15.5%
Biotechnology – 3.9%
Alexion Pharmaceuticals, Inc.(a)		73,640		7,090,059
Human Genome Sciences, Inc.(a)		159,040		3,980,771
InterMune, Inc.(a)		84,490		3,093,179
Ironwood Pharmaceuticals, Inc.(a)		138,069		1,688,584
Pharmasset, Inc.(a)		20,273		1,013,650
United Therapeutics Corp.(a)		110,960		7,482,033
				24,348,276
Health Care Equipment & Supplies – 3.1%
NxStage Medical, Inc.(a)		279,400		5,764,022
Sirona Dental Systems, Inc.(a)		149,790		7,558,403
Volcano Corp.(a)		235,650		6,183,456
				19,505,881
Health Care Providers & Services – 5.6%
Centene Corp.(a)		246,340		7,505,980
Healthspring, Inc.(a)		243,270		9,156,683
HMS Holdings Corp.(a)		140,115		10,587,090
Magellan Health Services, Inc.(a)		154,780		7,426,344
				34,676,097
Health Care Technology – 1.6%
SXC Health Solutions Corp.(a)		197,330		9,738,236
Life Sciences Tools & Services – 0.9%
Illumina, Inc.(a)		79,400		5,510,360

352 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Pharmaceuticals – 0.4%
Salix Pharmaceuticals Ltd.(a)		78,760	$	2,625,858
				96,404,708
Energy – 6.3%
Energy Equipment & Services – 2.8%
FMC Technologies, Inc.(a)		73,440		6,907,032
Oceaneering International, Inc.(a)		63,100		5,277,053
Oil States International, Inc.(a)		71,410		5,197,934
				17,382,019
Oil, Gas & Consumable Fuels – 3.5%
Concho Resources, Inc.(a)		67,490		7,189,035
Range Resources Corp.		115,170		6,253,731
SM Energy Co.		113,753		8,243,680
				21,686,446
				39,068,465
Financials – 5.6%
Capital Markets – 4.3%
Affiliated Managers Group, Inc.(a)		66,630		7,112,753
Greenhill & Co., Inc.		75,330		5,410,954
Lazard Ltd. – Class A		145,910		6,420,040
Stifel Financial Corp.(a)		103,611		7,433,053
				26,376,800
Commercial Banks – 0.7%
Iberiabank Corp.		78,388		4,490,848
Thrifts & Mortgage Finance – 0.6%
BankUnited, Inc.(a)		137,231		3,890,499
				34,758,147
Consumer Staples – 1.7%
Food Products – 1.7%
Green Mountain Coffee Roasters, Inc.(a)		258,408		10,537,878
Materials – 1.5%
Chemicals – 1.5%
Solutia, Inc.(a)		410,820		9,535,132
Total Common Stocks (cost $405,194,240)				612,713,204

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 353

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.7%
Investment Companies – 1.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(b) (cost $10,352,473)		10,352,473	$	10,352,473
Total Investments – 100.5% (cost $415,546,713)				623,065,677
Other assets less liabilities – (0.5)%				(2,827,364	)
Net Assets – 100.0%			$	620,238,313

(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.

354 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

MULTI-ASSET REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 64.5%
Energy – 18.7%
Coal & Consumable Fuels – 0.2%
China Shenhua Energy Co., Ltd. – Class H		227,000	$	946,473
Peabody Energy Corp.		18,600		1,218,114
				2,164,587
Integrated Oil & Gas – 12.7%
BG Group PLC		205,400		5,001,614
BP PLC		1,530,300		12,336,755
Chevron Corp.		132,700		13,767,625
China Petroleum & Chemical Corp. – Class H		3,048,000		3,093,483
ConocoPhillips		98,500		7,670,195
ENI SpA		247,200		6,027,371
Exxon Mobil Corp.		296,300		25,342,539
Gazprom OAO (Sponsored ADR)		258,800		7,588,016
Hess Corp.		40,900		3,559,527
LUKOIL OAO (London) (Sponsored ADR)		75,800		5,396,202
Marathon Oil Corp.		94,300		4,677,280
Murphy Oil Corp.		13,000		955,890
PetroChina Co., Ltd. – Class H		610,000		832,405
Petroleo Brasileiro SA		25,400		497,680
Petroleo Brasileiro SA (ADR)		99,200		3,951,136
Petroleo Brasileiro SA (Sponsored ADR)		51,200		1,800,704
Rosneft Oil Co. (GDR)(a)		231,450		2,184,888
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		268,100		9,651,506
Royal Dutch Shell PLC – Class B		142,500		5,094,131
Statoil ASA		77,600		2,048,959
Suncor Energy, Inc. (Toronto)		43,800		2,058,472
Total SA		146,600		8,986,580
				132,522,958
Oil & Gas Exploration & Production – 5.8%
Afren PLC(b)		493,100		1,283,838
Alliance Oil Co., Ltd. (GDR)(b)		71,000		1,277,829
Anadarko Petroleum Corp.		31,600		2,585,828
Canadian Natural Resources Ltd.		159,300		8,022,798
Chesapeake Energy Corp.		45,900		1,634,499
Cimarex Energy Co.		6,000		696,780
CNOOC Ltd.		1,677,000		3,824,569
Devon Energy Corp.		68,100		6,227,064
EnCana Corp.		52,200		1,696,748
EOG Resources, Inc.		19,200		2,156,352
Inpex Corp.		83		583,231
Newfield Exploration Co.(b)		28,600		2,081,794
Nexen, Inc. (Toronto)		239,100		6,524,153
Noble Energy, Inc.		47,800		4,429,148
Occidental Petroleum Corp.		58,300		5,944,851

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 355

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
OGX Petroleo e Gas Participacoes SA(b)		111,100	$	1,298,771
Penn West Petroleum Ltd.		113,400		3,278,685
Talisman Energy, Inc.		71,400		1,771,863
Tatneft (Sponsored ADR)		14,200		592,850
Tullow Oil PLC		99,410		2,322,438
Woodside Petroleum Ltd.		67,100		2,922,677
				61,156,766
				195,844,311
Equity:Other – 14.9%
Diversified/Specialty – 12.9%
BioMed Realty Trust, Inc.		135,245		2,454,697
British Land Co. PLC		706,573		6,703,686
Canadian Real Estate Investment Trust		118,500		4,045,746
Cheung Kong Holdings Ltd.		296,000		4,631,838
Dexus Property Group		5,823,000		5,094,062
Digital Realty Trust, Inc.		117,700		6,923,114
Dundee Real Estate Investment Trust		75,556		2,448,930
Evergrande Real Estate Group Ltd.		7,616,000		3,609,107
Fonciere Des Regions		31,200		3,389,795
Forest City Enterprises, Inc.(b)		100,909		1,907,180
Hysan Development Co., Ltd.		997,000		4,535,869
Kerry Properties Ltd.		900,691		4,394,038
Land Securities Group PLC		307,940		3,837,869
Lend Lease Group		383,294		3,578,394
Mitsubishi Estate Co., Ltd.		541,000		11,092,131
Mitsui Fudosan Co., Ltd.		642,000		13,720,527
New World Development Ltd.		1,591,157		2,891,357
Overseas Union Enterprise Ltd.		589,000		1,335,448
Savills PLC		282,059		1,735,426
Soho China Ltd.		2,192,500		1,583,829
Sumitomo Realty & Development Co., Ltd.		206,000		5,555,487
Sun Hung Kai Properties Ltd.		973,600		15,822,578
Swire Pacific Ltd.		198,000		2,778,698
Telecity Group PLC(b)		463,179		3,587,002
Unibail-Rodamco SE		36,098		7,263,580
UOL Group Ltd.		452,000		1,585,141
Vornado Realty Trust		47,700		4,451,841
Wereldhave NV		37,000		3,758,804
Wheelock & Co., Ltd.		202,000		738,073
				135,454,247
Health Care – 1.5%
Chartwell Seniors Housing Real Estate Investment Trust		519,900		4,676,986
HCP, Inc.		73,000		2,774,000
Health Care REIT, Inc.		122,200		6,381,284
Ventas, Inc.		32,300		1,790,066
				15,622,336

356 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Triple Net – 0.5%
Entertainment Properties Trust		109,300	$	5,210,331
				156,286,914
Materials – 10.9%
Aluminum – 0.2%
Alcoa, Inc.		75,000		1,263,750
Hindalco Industries Ltd.		119,400		535,357
				1,799,107
Diversified Metals & Mining – 5.4%
African Rainbow Minerals Ltd.		15,800		479,116
Anglo American PLC		90,900		4,930,755
BHP Billiton Ltd.		199,300		9,417,750
BHP Billiton PLC		151,800		6,017,255
Capstone Mining Corp.(b)		462,100		2,068,998
Dowa Holdings Co., Ltd.		168,000		1,187,393
Freeport-McMoRan Copper & Gold, Inc.		81,600		4,320,720
KGHM Polska Miedz SA		32,000		1,960,886
Lundin Mining Corp.(b)		294,300		2,317,323
Lynas Corp. Ltd.(b)		267,600		539,035
Mitsubishi Materials Corp.(b)		207,000		801,710
Mongolian Mining Corp.(b)		369,000		468,120
Rio Tinto Ltd.		35,600		3,108,434
Rio Tinto PLC		136,800		9,632,990
Sumitomo Metal Mining Co., Ltd.		88,000		1,667,099
Teck Resources Ltd.		58,600		3,241,985
Xstrata PLC		209,930		4,801,327
				56,960,896
Fertilizers & Agricultural Chemicals – 0.7%
Incitec Pivot Ltd.		320,100		1,444,262
Israel Chemicals Ltd.		29,100		484,586
K&S AG		17,300		1,337,345
Monsanto Co.		38,900		2,796,521
Mosaic Co. (The)		10,200		875,670
Yara International ASA		13,000		690,249
				7,628,633
Forest Products – 0.2%
West Fraser Timber Co., Ltd.		48,300		2,311,718
Gold – 1.6%
Barrick Gold Corp.		67,000		3,536,370
Gold Fields Ltd. (Sponsored ADR)		101,800		1,823,238
Goldcorp, Inc.		114,900		5,488,661
IAMGOLD Corp.		116,600		2,471,097
Newmont Mining Corp.		34,600		1,912,342

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 357

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Real Gold Mining Ltd.(b)		451,000	$	681,861
Yamana Gold, Inc.		50,900		647,023
				16,560,592
Paper Products – 0.3%
Mondi PLC		186,700		1,665,672
OJI Paper Co., Ltd.		111,000		552,563
Svenska Cellulosa AB – Class B		39,300		649,491
				2,867,726
Precious Metals & Minerals – 0.1%
Kazakhmys PLC		38,800		911,999
Northam Platinum Ltd.		94,600		673,133
				1,585,132
Steel – 2.4%
Angang Steel Co., Ltd. – Class H		644,000		892,208
APERAM(b)		2,970		122,810
ArcelorMittal (Euronext Amsterdam)		59,400		2,181,550
Gerdau SA		43,300		572,285
Hyundai Steel Co.		17,500		2,019,000
JFE Holdings, Inc.		114,000		3,610,304
Nippon Steel Corp.		359,000		1,305,612
POSCO (ADR)		18,300		1,886,364
Sumitomo Metal Industries Ltd.		230,000		584,454
United States Steel Corp.		8,000		459,920
Usinas Siderurgicas de Minas Gerais SA		60,500		975,243
Vale SA		52,300		1,769,738
Vale SA (Preference Shares)		42,600		1,269,960
Vale SA (Sponsored ADR) (Local Preference Shares)		174,900		5,241,753
Vale SA (Sponsored ADR) – Class B		58,800		2,012,724
				24,903,925
				114,617,729
Retail – 5.9%
Regional Mall – 3.3%
BR Malls Participacoes SA		399,500		3,805,791
CBL & Associates Properties, Inc.		96,287		1,718,723
General Growth Properties, Inc.		11,663		185,675
Multiplan Empreendimentos Imobiliarios SA		113,205		2,208,579
Simon Property Group, Inc.		140,302		15,438,832
Taubman Centers, Inc.		50,100		2,779,548
Westfield Group		847,696		8,451,648
				34,588,796
Shopping Center/Other Retail – 2.6%
Eurocommercial Properties N.V.		73,844		3,540,479
Kimco Realty Corp.		239,872		4,648,719
Klepierre		140,141		5,471,522

358 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Link REIT (The)		571,812	$	1,773,656
RioCan Real Estate Investment Trust (New York)(a)		132,100		3,293,152
RioCan Real Estate Investment Trust (Toronto)		76,248		1,900,805
Tanger Factory Outlet Centers		58,749		1,565,661
Weingarten Realty Investors		198,637		5,138,739
				27,332,733
				61,921,529
Residential – 5.3%
Multi-Family – 4.0%
BRE Properties, Inc.		89,350		4,245,019
Camden Property Trust		80,400		4,757,268
Colonial Properties Trust		205,216		4,044,807
Equity Residential		93,500		5,152,785
Essex Property Trust, Inc.		36,904		4,567,977
GAGFAH SA		83,200		985,354
Home Properties, Inc.		51,072		3,009,162
Mid-America Apartment Communities, Inc.		43,400		2,819,698
Rossi Residencial SA		376,600		2,919,906
Stockland		1,029,185		4,004,728
UDR, Inc.		143,300		3,485,056
Wing Tai Holdings Ltd.		1,257,000		1,468,151
				41,459,911
Self Storage – 1.3%
Big Yellow Group PLC		546,760		2,870,874
Extra Space Storage, Inc.		211,967		4,186,348
Public Storage		43,717		4,907,233
U-Store-It Trust		178,900		1,833,725
				13,798,180
				55,258,091
Office – 3.6%
Office – 3.6%
Allied Properties Real Estate Investment Trust		116,200		2,658,768
Beni Stabili SpA		2,158,846		2,214,815
Boston Properties, Inc.		91,535		8,780,037
Castellum AB		184,744		2,643,057
Cominar Real Estate Investment Trust		80,093		1,819,415
Douglas Emmett, Inc.		185,548		3,479,025
Duke Realty Corp.		195,600		2,752,092
Great Portland Estates PLC		452,900		2,854,674
Hongkong Land Holdings Ltd.		569,000		3,913,271
Kilroy Realty Corp.		66,453		2,575,054
NTT Urban Development Corp.		1,489		1,551,899
Sponda Oyj		339,340		1,850,252
				37,092,359

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 359

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Lodging – 3.0%
Lodging – 3.0%
DiamondRock Hospitality Co.(b)		292,565	$	3,440,564
Great Eagle Holdings Ltd.		536,000		1,789,717
Host Hotels & Resorts, Inc.		286,600		5,273,440
Hyatt Hotels Corp.(b)		69,286		3,169,834
InnVest Real Estate Investment Trust		594,266		4,263,326
Intercontinental Hotels Group PLC		159,400		3,544,785
LaSalle Hotel Properties		155,000		4,372,550
Whitbread PLC		102,800		2,978,410
Wyndham Worldwide Corp.		85,300		2,668,184
				31,500,810
Industrials – 1.8%
Industrial Warehouse Distribution – 1.5%
AMB Property Corp.		67,713		2,463,399
Ascendas Real Estate Investment Trust		1,455,000		2,297,912
First Potomac Realty Trust		100,181		1,615,919
Global Logistic Properties Ltd.(b)		1,001,000		1,495,439
ProLogis		350,057		5,691,927
ProLogis European Properties(b)		264,700		1,827,637
				15,392,233
Mixed Office Industrial – 0.3%
Goodman Group		5,089,400		3,647,583
				19,039,816
Food Beverage & Tobacco – 0.4%
Agricultural Products – 0.4%
Archer-Daniels-Midland Co.		55,100		2,048,618
Bunge Ltd.		29,100		2,100,147
				4,148,765
Total Common Stocks (cost $571,018,104)				675,710,324
INFLATION-LINKED SECURITIES – 32.7%
United States – 32.7%
U.S. Treasury Inflation Index
0.625%, 4/15/13 (TIPS)		37,795		39,416,071
2.00%, 4/15/12 (TIPS)		82,126		85,776,666
3.00%, 7/15/12 (TIPS)		59,807		63,951,757
3.375%, 1/15/12 (TIPS)		146,405		153,462,483
Total Inflation-Linked Securities (cost $340,016,228)				342,606,977

360 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
WARRANTS – 0.0%
Equity:Other – 0.0%
Diversified/Specialty – 0.0%
Henderson Land Development Co., Ltd., expiring 6/01/11(b) (cost $0)		368,400	$	26,490
SHORT-TERM INVESTMENTS – 0.7%
Investment Companies – 0.7%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(c) (cost $7,324,653)		7,324,653		7,324,653
Total Investments – 97.9% (cost $918,358,985)				1,025,668,444
Other assets less liabilities – 2.1%				21,979,916
Net Assets – 100.0%			$	1,047,648,360

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Aluminum HG Futures		181		March 2011	$	10,824,198	$	11,654,138	$	829,940
Platinum Futures		80		April 2011		7,247,222		7,236,800		(10,422	)
Soybean Futures		208		May 2011		13,843,041		14,193,400		350,359
Sold Contracts
Brent Crude Oil Futures		38		April 2011		3,659,721		4,248,400		(588,679	)
Gasoline RBOB Futures		17		May 2011		2,070,584		2,077,097		(6,513	)
Gold 100 OZ Futures		38		April 2011		5,122,306		5,357,620		(235,314	)
Live Cattle Futures		283		April 2011		12,772,687		12,780,280		(7,593	)
Nickel Futures		47		March 2011		7,164,135		8,171,514		(1,007,379	)
									$	(675,601	)

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 361

Multi-Asset Real Return Portfolio—Portfolio of Investments

TOTAL RETURN SWAP CONTRACTS ON INDICES (see Note C)

Receive Total Return on Reference Index

Index

# of Shares or Units

Floating Rate

Notional Amount (000)

Maturity Date

Counterparty

Unrealized Appreciation/ (Depreciation)

Receive

Dow Jones-UBS Commodity Index 2 Month Forward

145,358

1-Month USD-LIBOR-BBA Plus a specified spread*

$

49,451

3/15/11

Barclays Bank PLC

$

1,287,811

Receive

Dow Jones-UBS Commodity Index 2 Month Forward

147,817

1-Month USD-LIBOR-BBA Plus a specified spread*

50,288

3/15/11

Barclays Bank PLC

1,309,597

Receive

Dow Jones-UBS Commodity Index 2 Month Forward

43,985

1-Month USD-LIBOR-BBA Plus a specified spread*

14,964

3/15/11

Barclays Bank PLC

389,689

Receive

Dow Jones-UBS Grains Subindex 3 Month Forward

83,834

1-Month USD-LIBOR-BBA Plus a specified spread*

9,858

3/15/11

Citibank, N.A.

(27,359)

Receive

Dow Jones-UBS Commodity Index 2 Month Forward

146,942

1-Month USD-LIBOR-BBA Plus a specified spread*

49,990

4/15/11

Credit Suisse International

1,301,666

Receive

Dow Jones-UBS Commodity Index 2 Month Forward

80,974

1-Month USD-LIBOR-BBA Plus a specified spread*

27,548

4/15/11

Credit Suisse International

717,298

Receive

Dow Jones-UBS Commodity Index 2 Month Forward

108,257

1-Month USD-LIBOR-BBA Plus a specified spread*

36,829

4/15/11

Credit Suisse International

958,981

Receive

Dow Jones-UBS Commodity Index 2 Month Forward

339,535

1-Month USD-LIBOR-BBA Plus a specified spread*

115,511

5/16/11

Goldman Sachs International

3,006,214

$

8,943,897

362 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Portfolio of Investments

* BBA – British Bankers’ Association

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, the aggregate market value of these securities amounted to $5,478,040 or 0.5% of net assets.

(b) Non-income producing security.

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

Glossary:

ADR – American Depository Receipt

GDR – Global Depository Receipt

REIT – Real Estate Investment Trust

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 363

Multi-Asset Real Return Portfolio—Portfolio of Investments

VOLATILITY MANAGEMENT

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 35.5%
Financials – 8.5%
Capital Markets – 0.6%
Ameriprise Financial, Inc.		850	$	53,822
Bank of New York Mellon Corp. (The)		4,250		129,157
Charles Schwab Corp. (The)		3,400		64,498
Credit Suisse Group AG		4,707		217,689
Daiwa Securities Group, Inc.		7,000		37,866
Deutsche Bank AG		3,891		250,932
E*Trade Financial Corp.(a)		670		10,707
Federated Investors, Inc. – Class B		300		8,268
Franklin Resources, Inc.		500		62,810
Goldman Sachs Group, Inc. (The)		1,800		294,804
Invesco Ltd.		1,550		41,602
Investec PLC		3,115		23,932
Janus Capital Group, Inc.		600		8,058
Julius Baer Group Ltd.		788		35,346
Legg Mason, Inc.		500		18,125
Macquarie Group Ltd.		1,440		55,975
Man Group PLC		7,387		34,516
Morgan Stanley		5,200		154,336
Nomura Holdings, Inc.		14,800		93,855
Northern Trust Corp.		850		43,834
Ratos AB		707		26,382
SBI Holdings, Inc.		32		5,069
State Street Corp.		1,750		78,260
T Rowe Price Group, Inc.		900		60,282
UBS AG(a)		15,207		301,749
				2,111,874
Commercial Banks – 2.2%
Alpha Bank AE(a)		3,410		22,731
Australia & New Zealand Banking Group Ltd.		10,586		261,636
Banca Monte dei Paschi di Siena SpA(a)		24,538		32,709
Banco Bilbao Vizcaya Argentaria SA		17,575		216,656
Banco de Sabadell SA		3,491		15,144
Banco de Valencia SA		30		151
Banco Espirito Santo SA		7,004		31,744
Banco Popular Espanol SA		2,801		16,942
Banco Santander SA		32,578		401,092
Bank Hapoalim BM(a)		5,232		23,741
Bank Leumi Le-Israel BM		5,181		23,873
Bank of Cyprus Public Co., Ltd.		1,125		4,343
Bank of East Asia Ltd.		2,200		9,572
Bank of Kyoto Ltd. (The)		3,000		28,916
Bank of Yokohama Ltd. (The)		5,000		26,990
Bankinter SA		1,056		6,966

364 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Barclays PLC		47,810	$	248,116
BB&T Corp.		2,350		64,860
BNP Paribas		3,960		309,059
BOC Hong Kong Holdings Ltd.		15,500		48,199
Chiba Bank Ltd. (The)		3,000		20,585
Chuo Mitsui Trust Holdings, Inc.		7,000		29,897
Comerica, Inc.		600		23,340
Commerzbank AG(a)		3,167		27,396
Commonwealth Bank of Australia		6,471		351,747
Credit Agricole SA		3,877		68,062
Danske Bank A/S(a)		1,107		25,949
DBS Group Holdings Ltd.		7,000		78,210
Dexia SA(a)		87		380
DnB NOR ASA		4,130		63,921
Erste Group Bank AG		790		41,675
Fifth Third Bancorp		3,150		45,990
First Horizon National Corp.(a)		885		10,178
Fukuoka Financial Group, Inc.		7,000		31,786
Governor & Co. of the Bank of Ireland (The)(a)		29,288		14,034
Hachijuni Bank Ltd. (The)		2,000		12,698
Hang Seng Bank Ltd.		3,200		51,064
Hiroshima Bank Ltd. (The)		2,000		9,152
Hokuhoku Financial Group, Inc.		4,000		9,228
HSBC Holdings PLC		73,165		805,777
Huntington Bancshares, Inc.		2,950		20,178
Intesa Sanpaolo SpA		32,183		108,601
Iyo Bank Ltd. (The)		1,000		9,410
Joyo Bank Ltd. (The)		6,000		28,256
KBC Groep NV(a)		573		23,963
KeyCorp		3,000		27,420
Lloyds Banking Group PLC(a)		170,670		172,354
M&T Bank Corp.		400		35,220
Marshall & Ilsley Corp.		1,800		13,986
Mitsubishi UFJ Financial Group, Inc.		53,200		295,527
Mizuho Financial Group, Inc.		83,803		172,745
Mizuho Trust & Banking Co., Ltd.(a)		15,000		16,398
National Australia Bank Ltd.		8,863		234,328
National Bank of Greece SA(a)		3,995		37,141
Natixis(a)		7,272		43,382
Nordea Bank AB		13,514		153,734
Oversea-Chinese Banking Corp. Ltd.		10,000		72,595
PNC Financial Services Group, Inc.		1,800		111,060
Regions Financial Corp.		4,300		32,852
Resona Holdings, Inc.		7,400		40,427
Royal Bank of Scotland Group PLC(a)		72,666		53,302
Shizuoka Bank Ltd. (The)		3,000		28,276
Skandinaviska Enskilda Banken AB		4,240		38,568

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 365

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Societe Generale		2,628	$	184,790
Standard Chartered PLC		9,478		250,682
Sumitomo Mitsui Financial Group, Inc.		5,600		211,914
Sumitomo Trust & Banking Co., Ltd. (The)		6,000		38,230
SunTrust Banks, Inc.		1,700		51,289
Svenska Handelsbanken AB		2,045		69,079
Swedbank AB(a)		3,399		59,891
UniCredit SpA		56,374		145,039
United Overseas Bank Ltd.		5,000		71,127
US Bancorp		6,600		183,018
Wells Fargo & Co.		18,150		585,519
Westpac Banking Corp.		12,441		300,268
Yamaguchi Financial Group, Inc.		1,000		10,372
Zions Bancorporation		600		14,016
				7,459,466
Consumer Finance – 0.1%
American Express Co.		3,592		156,503
Capital One Financial Corp.		1,600		79,632
Discover Financial Services		1,850		40,238
SLM Corp.(a)		1,650		24,453
				300,826
Diversified Financial Services – 0.7%
Bank of America Corp.		34,850		498,006
Citigroup, Inc.(a)		100,420		469,966
CME Group, Inc. – Class A		250		77,820
Criteria Caixacorp SA		4,652		33,694
Deutsche Boerse AG		815		62,668
Eurazeo		295		21,913
Exor SpA		1,030		31,440
Groupe Bruxelles Lambert SA		337		30,976
Hong Kong Exchanges and Clearing Ltd.		4,300		93,539
ING Groep NV(a)		20,704		259,722
IntercontinentalExchange, Inc.(a)		250		32,050
Investor AB		1,435		33,021
JPMorgan Chase & Co.		13,500		630,315
Kinnevik Investment AB		1,317		29,536
Leucadia National Corp.		650		21,535
Moody’s Corp.		700		22,330
NASDAQ OMX Group, Inc. (The)(a)		500		14,305
NYSE Euronext		900		33,300
ORIX Corp.		440		49,554
Pargesa Holding SA		356		32,838
Resolution Ltd.		9,699		45,593
Singapore Exchange Ltd.		2,000		12,463
				2,536,584

366 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Insurance – 1.0%
ACE Ltd.		1,195	$	75,584
Admiral Group PLC		991		27,206
Aegon NV(a)		535		4,118
Aflac, Inc.		1,650		97,119
Ageas		12,730		40,387
AIA Group Ltd.(a)		30,000		87,635
Allianz SE		1,822		263,115
Allstate Corp. (The)		1,850		58,793
American International Group, Inc.(a)		500		18,530
AMP Ltd.		9,684		52,569
AON Corp.		1,150		60,536
Assicurazioni Generali SpA		4,879		110,412
Assurant, Inc.		350		14,221
Aviva PLC		11,722		88,975
Berkshire Hathaway, Inc.(a)		6,000		523,680
Chubb Corp.		1,050		63,714
Cincinnati Financial Corp.		550		18,727
Dai-ichi Life Insurance Co., Ltd. (The)		33		59,687
Genworth Financial, Inc. – Class A(a)		1,650		21,829
Hartford Financial Services Group, Inc.		1,500		44,400
Insurance Australia Group Ltd.		8,282		30,835
Legal & General Group PLC		20,187		39,000
Lincoln National Corp.		1,050		33,306
Loews Corp.		1,100		47,575
Mapfre SA		11,118		41,316
Marsh & McLennan Cos., Inc.		1,850		56,314
MetLife, Inc.		3,111		147,337
MS&AD Insurance Group Holdings		2,200		58,111
Muenchener Rueckversicherungs AG		788		131,750
NKSJ Holdings, Inc.(a)		6,000		45,387
Principal Financial Group, Inc.		1,100		37,686
Progressive Corp. (The)		2,250		46,867
Prudential Financial, Inc.		1,700		111,911
Prudential PLC		10,609		122,722
QBE Insurance Group Ltd.		4,325		80,122
RSA Insurance Group PLC		13,580		30,953
Sampo Oyj – Class A		1,984		61,406
SCOR SE		854		25,086
Sony Financial Holdings, Inc.		7		29,837
Standard Life PLC		7,414		28,803
Suncorp-Metway Ltd.		3,312		28,432
Swiss Reinsurance Co., Ltd.		1,472		90,213
T&D Holdings, Inc.		1,150		33,398
Tokio Marine Holdings, Inc.		3,000		98,639
Torchmark Corp.		300		19,575
Travelers Cos., Inc. (The)		1,500		89,895

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 367

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Tryg AS		450	$	23,438
Unum Group		1,050		27,856
XL Group PLC		1,100		25,685
Zurich Financial Services AG		619		179,809
				3,554,501
Real Estate Investment Trusts (REITs) – 1.8%
Ascendas Real Estate Investment Trust		81,000		127,925
British Land Co. PLC		40,118		380,624
CapitaMall Trust		103,600		147,935
CFS Retail Property Trust		116,541		223,886
Corio NV		4,147		275,224
Gecina SA		966		125,233
GPT Group		93,295		296,323
Hammerson PLC		34,858		264,130
ICADE		1,051		117,842
Japan Real Estate Investment Corp.		23		237,186
Klepierre		4,993		194,942
Land Securities Group PLC		34,052		424,391
Link REIT (The)		99,500		308,630
Mirvac Group		172,998		230,100
Nippon Building Fund, Inc.		25		262,654
Plum Creek Timber Co., Inc.		550		23,078
Stockland		105,253		409,557
Unibail-Rodamco SE		4,141		833,245
Westfield Group		104,141		1,038,301
Westfield Retail Trust		134,791		366,424
				6,287,630
Real Estate Management & Development – 2.1%
Aeon Mall Co., Ltd.		4,120		109,883
CapitaLand Ltd.		141,500		364,185
CapitaMalls Asia Ltd.		84,900		115,307
China Overseas Land & Investment Ltd.		168,000		280,809
City Developments Ltd.		31,600		278,153
Daito Trust Construction Co., Ltd.		200		16,389
Daiwa House Industry Co., Ltd.		2,000		25,697
Hang Lung Group Ltd.		3,000		18,417
Hang Lung Properties Ltd.		100,500		430,550
Henderson Land Development Co., Ltd.		51,300		327,650
IMMOFINANZ AG(a)		6,501		28,708
Keppel Land Ltd.		30,500		101,477
Kerry Properties Ltd.		32,000		156,112
Mitsubishi Estate Co., Ltd.		47,440		972,663
Mitsui Fudosan Co., Ltd.		39,040		834,345
New World Development Ltd.		127,800		232,231
Nomura Real Estate Holdings, Inc.		4,380		89,181

368 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
NTT Urban Development Corp.		84	$	87,548
Sino Land Co., Ltd.		124,600		228,289
Sumitomo Realty & Development Co., Ltd.		19,990		539,098
Sun Hung Kai Properties Ltd.		85,500		1,389,514
Wharf Holdings Ltd.		62,500		412,937
Wheelock & Co., Ltd.		2,000		7,308
				7,046,451
Thrifts & Mortgage Finance – 0.0%
Hudson City Bancorp, Inc.		1,800		20,700
People’s United Financial, Inc.		1,250		16,475
				37,175
				29,334,507
Industrials – 3.5%
Aerospace & Defense – 0.4%
BAE Systems PLC		14,402		77,017
Boeing Co. (The)		2,550		183,625
Cobham PLC		10,443		38,274
European Aeronautic Defence and Space Co. NV(a)		1,281		37,055
Finmeccanica SpA		2,371		29,685
General Dynamics Corp.		1,300		98,956
Goodrich Corp.		450		38,804
Honeywell International, Inc.		2,700		156,357
ITT Corp.		650		37,655
L-3 Communications Holdings, Inc.		400		31,716
Lockheed Martin Corp.		1,050		83,118
Northrop Grumman Corp.		1,000		66,680
Precision Castparts Corp.		500		70,875
Raytheon Co.		1,250		64,012
Rockwell Collins, Inc.		550		35,442
Rolls-Royce Group PLC(a)		7,748		77,767
Singapore Technologies Engineering Ltd.		13,000		32,711
Thales SA		649		24,586
United Technologies Corp.		3,200		267,328
				1,451,663
Air Freight & Logistics – 0.2%
C.H. Robinson Worldwide, Inc.		600		43,434
Deutsche Post AG		3,536		65,017
Expeditors International of Washington, Inc.		750		35,850
FedEx Corp.		1,100		99,022
Kuehne & Nagel International AG		245		32,953
TNT NV		2,764		72,542
United Parcel Service, Inc. – Class B		3,450		254,610
Yamato Holdings Co., Ltd.		1,700		27,360
				630,788

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 369

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Airlines – 0.1%
All Nippon Airways Co., Ltd.(a)		3,000	$	10,851
Cathay Pacific Airways Ltd.		4,000		9,328
Deutsche Lufthansa (REG) (a)		1,666		34,132
International Consolidated Airlines Group SA(a)		8,889		32,441
Qantas Airways Ltd.(a)		13,601		32,448
Singapore Airlines Ltd.		2,000		21,374
Southwest Airlines Co.		2,550		30,166
				170,740
Building Products – 0.1%
Asahi Glass Co., Ltd.		4,000		55,929
Assa Abloy AB		1,453		40,693
Cie de St-Gobain		1,607		95,984
Daikin Industries Ltd.		1,000		33,953
Geberit AG		191		41,194
JS Group Corp.		1,000		24,355
Masco Corp.		1,200		16,308
TOTO Ltd.		1,000		8,401
				316,817
Commercial Services & Supplies – 0.1%
Aggreko PLC		1,053		24,778
Avery Dennison Corp.		350		13,972
Brambles Ltd.		4,045		29,319
Cintas Corp.		400		11,248
Dai Nippon Printing Co., Ltd.		2,000		27,075
Edenred(a)		469		12,358
G4S PLC		6,179		26,519
Iron Mountain, Inc.		650		16,900
Pitney Bowes, Inc.		700		17,626
Republic Services, Inc. – Class A		1,050		31,091
RR Donnelley & Sons Co.		700		13,034
Secom Co., Ltd.		900		45,436
Securitas AB		79		923
Serco Group PLC		3,921		34,718
Stericycle, Inc.(a)		300		25,926
Toppan Printing Co., Ltd.		3,000		27,601
Waste Management, Inc.		1,650		61,149
				419,673
Construction & Engineering – 0.1%
ACS Actividades de Construccion y Servicios SA		399		18,305
Bouygues SA		547		25,267
Ferrovial SA		2,415		29,086
Fluor Corp.		600		42,456
Fomento de Construcciones y Contratas SA		242		7,737
Hochtief AG		500		49,325

370 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Jacobs Engineering Group, Inc.(a)		450	$	22,527
JGC Corp.		1,000		22,707
Kajima Corp.		4,000		10,723
Leighton Holdings Ltd.		815		25,846
Obayashi Corp.		2,000		8,997
Quanta Services, Inc.(a)		700		15,967
Shimizu Corp.		7,000		30,100
Skanska AB		1,000		20,543
Vinci SA		1,822		109,585
				439,171
Electrical Equipment – 0.3%
ABB Ltd. (REG)(a)		9,247		226,421
Alstom SA		464		27,690
Bekaert SA		160		17,357
Emerson Electric Co.		2,600		155,116
First Solar, Inc.(a)		200		29,478
Furukawa Electric Co., Ltd.		2,000		8,541
GS Yuasa Corp.		1,000		7,250
Legrand SA		1,711		71,821
Mitsubishi Electric Corp.		8,000		95,060
Nidec Corp.		500		46,639
Rockwell Automation, Inc.		500		43,865
Roper Industries, Inc.		350		29,445
Schneider Electric SA		1,004		166,296
Sumitomo Electric Industries Ltd.		3,200		46,959
Vestas Wind Systems A/S(a)		1,139		39,119
				1,011,057
Industrial Conglomerates – 0.6%
3M Co.		2,500		230,575
Delek Group Ltd.		2		477
Fraser and Neave Ltd.		2,000		8,855
General Electric Co.		36,800		769,856
Hankyu Hanshin Holdings, Inc.		5,000		24,144
Hutchison Whampoa Ltd.		9,000		106,289
Keppel Corp. Ltd.		5,000		44,431
Koninklijke Philips Electronics NV		4,120		134,629
Orkla ASA		3,785		34,487
SembCorp Industries Ltd.		3,000		11,282
Siemens AG		3,438		464,834
Smiths Group PLC		1,491		32,412
Textron, Inc.		950		25,735
Tyco International Ltd.		1,673		75,854
				1,963,860

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 371

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Industrial Warehouse Distribution – 0.3%
AMB Property Corp.		6,920	$	251,750
DCT Industrial Trust, Inc.		8,660		48,669
EastGroup Properties, Inc.		1,080		49,172
First Industrial Realty Trust, Inc.(a)		2,550		28,586
First Potomac Realty Trust		2,000		32,260
Global Logistic Properties Ltd.(a)		74,200		110,851
Mapletree Logistics Trust		74,800		53,134
ProLogis		25,350		412,191
ProLogis European Properties(a)		5,850		40,392
Segro PLC		30,140		157,795
Warehouses De Pauw SCA		390		20,829
				1,205,629
Machinery – 0.7%
Alfa Laval AB		1,562		31,911
Amada Co., Ltd.		1,000		9,010
Atlas Copco AB		1,516		34,461
Atlas Copco AB – Class A		2,919		73,391
Caterpillar, Inc.		2,200		226,446
Cummins, Inc.		700		70,784
Danaher Corp.		1,850		93,610
Deere & Co.		1,500		135,225
Dover Corp.		650		41,763
Eaton Corp.		600		66,468
Fanuc Corp.		800		124,967
Fiat Industrial SpA(a)		3,629		50,679
Flowserve Corp.		200		24,994
Hexagon AB		1,337		29,525
Hino Motors Ltd.		2,000		11,108
Hitachi Construction Machinery Co., Ltd.		1,200		30,129
IHI Corp.		4,000		10,525
Illinois Tool Works, Inc.		1,725		93,323
Ingersoll-Rand PLC		1,105		50,057
Japan Steel Works Ltd. (The)		1,000		10,476
Joy Global, Inc.		359		34,959
Kawasaki Heavy Industries Ltd.		10,000		40,468
Komatsu Ltd.		4,000		122,715
Kone Oyj		549		29,963
Kubota Corp.		5,000		51,540
Kurita Water Industries Ltd.		1,000		28,454
Makita Corp.		300		12,702
MAN SE		273		34,793
Metso Oyj		538		27,830
Mitsubishi Heavy Industries Ltd.		13,000		55,353
NGK Insulators Ltd.		1,000		18,307
NTN Corp.		1,000		5,384

372 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
PACCAR, Inc.		1,250	$	62,663
Pall Corp.		400		21,744
Parker Hannifin Corp.		550		49,049
Sandvik AB		4,213		80,859
Scania AB		1,009		22,504
Schindler Holding AG		322		36,520
SembCorp Marine Ltd.		7,000		29,608
SKF AB		1,285		35,865
SMC Corp.		200		34,330
Snap-On, Inc.		200		11,486
Sumitomo Heavy Industries Ltd.		4,000		28,218
THK Co., Ltd.		400		10,579
Vallourec SA		260		26,992
Volvo AB—Class B(a)		6,034		104,435
Wartsila Oyj		406		31,218
Weir Group PLC (The)		868		24,197
Zardoya Otis SA		1,413		22,018
				2,313,605
Marine – 0.0%
AP Moller – Maersk A/S (“A” Line of Shares)		5		48,153
AP Moller – Maersk A/S (“B” Line of Shares)		4		39,656
Kawasaki Kisen Kaisha Ltd.		2,000		8,753
Mitsui OSK Lines Ltd.		5,000		33,247
Nippon Yusen KK		6,000		26,537
Orient Overseas International Ltd.		500		4,061
				160,407
Mixed Office Industrial – 0.1%
Goodman Group		262,040		187,804
ING Industrial Fund		106,620		57,692
				245,496
Professional Services – 0.1%
Adecco SA		448		30,208
Bureau Veritas SA		607		46,873
Capita Group PLC (The)		2,071		24,425
Dun & Bradstreet Corp.		200		16,160
Equifax, Inc.		400		14,300
Experian PLC		2,795		35,445
Intertek Group PLC		1,297		38,026
Robert Half International, Inc.		500		15,950
SGS SA		13		22,644
				244,031
Road & Rail – 0.2%
Central Japan Railway Co.		6		53,776
CSX Corp.		1,300		97,058
East Japan Railway Co.		1,400		97,621
Keihin Electric Express Railway Co., Ltd.		1,000		8,267

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 373

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Keio Corp.		4,000	$	26,772
Kintetsu Corp.		7,000		22,129
MTR Corp.		9,000		33,407
Nippon Express Co., Ltd.		7,000		30,253
Norfolk Southern Corp.		1,250		81,975
Odakyu Electric Railway Co., Ltd.		3,000		27,975
QR National Ltd.(a)		7,202		23,465
Ryder System, Inc.		150		7,175
Tobu Railway Co., Ltd.		2,000		9,743
Tokyu Corp.		5,000		23,223
Union Pacific Corp.		1,700		162,197
West Japan Railway Co.		7		29,080
				734,116
Trading Companies & Distributors – 0.2%
Fastenal Co.		500		31,065
ITOCHU Corp.		6,000		62,394
Marubeni Corp.		7,000		53,729
Mitsubishi Corp.		5,700		158,587
Mitsui & Co., Ltd.		7,300		133,444
Noble Group Ltd.		21,181		34,359
Sumitomo Corp.		4,700		69,829
Toyota Tsusho Corp.		600		11,393
Wolseley PLC(a)		1,073		37,360
WW Grainger, Inc.		200		26,642
				618,802
Transportation Infrastructure – 0.0%
Abertis Infraestructuras SA		1,041		20,950
Aeroports de Paris		505		44,769
Atlantia SpA		1,286		29,474
Auckland International Airport Ltd.		343		574
Transurban Group		5,712		31,165
				126,932
				12,052,787
Information Technology – 2.9%
Communications Equipment – 0.4%
Alcatel-lucent(a)		7,334		36,259
Cisco Systems, Inc.(a)		19,150		355,424
F5 Networks, Inc.(a)		300		35,403
Harris Corp.		450		20,997
JDS Uniphase Corp.(a)		750		18,502
Juniper Networks, Inc.(a)		1,800		79,200
Motorola Mobility Holdings, Inc.(a)		981		29,626
Motorola Solutions, Inc.(a)		1,128		43,586
Nokia Oyj		15,648		134,912
QUALCOMM, Inc.		5,600		333,648

374 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Telefonaktiebolaget LM Ericsson – Class B		12,584	$	161,629
Tellabs, Inc.		1,250		6,738
				1,255,924
Computers & Peripherals – 0.6%
Apple, Inc.(a)		3,200		1,130,272
Dell, Inc.(a)		5,800		91,814
EMC Corp.(a)		7,100		193,191
Fujitsu Ltd.		8,000		54,250
Hewlett-Packard Co.		7,850		342,495
Lexmark International, Inc. – Class A(a)		250		9,383
Logitech International SA(a)		147		2,794
NEC Corp.		11,000		30,378
NetApp, Inc.(a)		1,250		64,575
SanDisk Corp.(a)		800		39,680
Toshiba Corp.		17,000		111,708
Western Digital Corp.(a)		800		24,464
				2,095,004
Electronic Equipment & Instruments & Components – 0.2%
Amphenol Corp. – Class A		600		34,488
Corning, Inc.		5,400		124,524
FLIR Systems, Inc.		550		17,765
Foxconn International Holdings Ltd.(a)		21,000		14,955
Fujifilm Holdings Corp.		1,900		66,895
Hamamatsu Photonics KK		300		11,572
Hirose Electric Co. Ltd.		100		11,466
Hitachi High-Technologies Corp.		400		9,328
Hitachi Ltd.		19,000		115,642
Hoya Corp.		1,800		43,189
Ibiden Co., Ltd.		200		6,937
Jabil Circuit, Inc.		650		13,929
Keyence Corp.		200		54,750
Kyocera Corp.		700		73,077
Molex, Inc.		450		12,569
Murata Manufacturing Co., Ltd.		800		59,639
Nippon Electric Glass Co., Ltd.		1,000		16,775
Omron Corp.		800		22,307
TDK Corp.		500		33,845
				743,652
Internet Software & Services – 0.2%
Akamai Technologies, Inc.(a)		600		22,518
eBay, Inc.(a)		3,950		132,345
Google, Inc. – Class A(a)		877		537,952
Monster Worldwide, Inc.(a)		400		6,860
United Internet AG		166		2,880
VeriSign, Inc.		600		21,174

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 375

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Yahoo! Japan Corp.		61	$	22,997
Yahoo!, Inc.(a)		4,500		73,800
				820,526
IT Services – 0.4%
Amadeus IT Holding SA(a)		829		16,156
Automatic Data Processing, Inc.		1,700		85,000
Cap Gemini SA		502		29,350
Cognizant Technology Solutions Corp. – Class A(a)		1,050		80,713
Computer Sciences Corp.		550		26,472
Computershare Ltd.		2,690		26,417
Fidelity National Information Services, Inc.		900		29,151
Fiserv, Inc.(a)		500		31,635
International Business Machines Corp.		4,300		696,084
Mastercard, Inc. – Class A		350		84,196
Nomura Research Institute Ltd.		1,300		30,512
NTT Data Corp.		8		28,591
Paychex, Inc.		1,100		36,993
SAIC, Inc.(a)		1,000		16,340
Teradata Corp.(a)		550		26,301
Total System Services, Inc.		550		9,763
Visa, Inc. – Class A		1,702		124,331
Western Union Co. (The) – Class W		2,250		49,477
				1,427,482
Office Electronics – 0.1%
Brother Industries Ltd.		700		11,056
Canon, Inc.		4,700		227,289
Konica Minolta Holdings, Inc.		2,000		18,529
Ricoh Co., Ltd.		3,000		40,029
Xerox Corp.		4,750		51,062
				347,965
Semiconductors & Semiconductor Equipment – 0.4%
Advanced Micro Devices, Inc.(a)		1,950		17,960
Advantest Corp.		200		4,171
Altera Corp.		1,050		43,953
Analog Devices, Inc.		1,000		39,880
Applied Materials, Inc.		4,600		75,578
ARM Holdings PLC		4,000		39,969
ASML Holding NV		1,802		78,488
Broadcom Corp. – Class A		1,550		63,891
Elpida Memory, Inc.(a)		400		6,036
Infineon Technologies AG		3,835		42,129
Intel Corp.		19,250		413,297
KLA-Tencor Corp.		550		26,851
Linear Technology Corp.		750		25,920

376 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
LSI Corp.(a)		2,100	$	13,209
MEMC Electronic Materials, Inc.(a)		750		10,178
Microchip Technology, Inc.		650		23,992
Micron Technology, Inc.(a)		2,950		32,833
National Semiconductor Corp.		800		12,400
Novellus Systems, Inc.(a)		300		11,988
NVIDIA Corp.(a)		2,000		45,320
Rohm Co., Ltd.		400		28,269
STMicroelectronics NV		2,898		37,231
Sumco Corp.(a)		1,500		27,583
Teradyne, Inc.(a)		600		11,178
Texas Instruments, Inc.		4,050		144,220
Tokyo Electron Ltd.		700		46,046
Xilinx, Inc.		900		29,925
				1,352,495
Software – 0.6%
Adobe Systems, Inc.(a)		1,750		60,375
Autodesk, Inc.(a)		800		33,640
Autonomy Corp. PLC(a)		942		25,173
BMC Software, Inc.(a)		600		29,700
CA, Inc.		1,300		32,214
Citrix Systems, Inc.(a)		650		45,604
Compuware Corp.(a)		750		8,445
Dassault Systemes SA		685		52,464
Electronic Arts, Inc.(a)		1,100		20,680
Intuit, Inc.(a)		950		49,951
Konami Corp.		500		10,570
McAfee, Inc.(a)		550		26,373
Microsoft Corp.		26,000		691,080
Nintendo Co., Ltd.		400		117,634
Novell, Inc.(a)		1,200		7,056
Oracle Corp.		13,350		439,215
Oracle Corp. Japan		300		14,166
Red Hat, Inc.(a)		650		26,832
Sage Group PLC (The)		7,385		34,131
Salesforce.com, Inc.(a)		400		52,908
SAP AG		3,586		216,697
Square Enix Holdings Co., Ltd.		200		3,734
Symantec Corp.(a)		2,650		47,779
Trend Micro, Inc.		400		12,499
				2,058,920
				10,101,968
Energy – 2.7%
Energy Equipment & Services – 0.4%
Baker Hughes, Inc.		1,500		106,575
Cameron International Corp.(a)		850		50,260

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 377

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Diamond Offshore Drilling, Inc.		250	$	19,558
FMC Technologies, Inc.(a)		400		37,620
Fugro NV		457		38,443
Halliburton Co.		3,150		147,861
Helmerich & Payne, Inc.		350		22,747
Nabors Industries Ltd.(a)		950		27,047
National Oilwell Varco, Inc.		1,450		115,376
Noble Corp.		893		39,926
Petrofac Ltd.		951		21,533
Rowan Cos., Inc.(a)		400		17,068
Saipem SpA		758		38,293
Schlumberger Ltd.		4,742		442,998
Seadrill Ltd.		785		29,984
Subsea 7 SA		1,136		29,264
Technip SA		343		33,898
Tenaris SA		2,373		53,615
Transocean Ltd.(a)		1,317		108,542
WorleyParsons Ltd.		2,351		72,715
				1,453,323
Oil, Gas & Consumable Fuels – 2.3%
Anadarko Petroleum Corp.		1,700		139,111
Apache Corp.		1,350		168,237
BG Group PLC		14,129		344,050
BP PLC		78,510		632,921
Cabot Oil & Gas Corp.		350		15,981
Chesapeake Energy Corp.		2,250		80,123
Chevron Corp.		6,950		721,062
ConocoPhillips		5,100		397,137
Consol Energy, Inc.		800		40,568
Denbury Resources, Inc.(a)		1,350		32,711
Devon Energy Corp.		1,500		137,160
El Paso Corp.		2,400		44,640
ENI SpA		10,879		265,258
EOG Resources, Inc.		900		101,079
EQT Corp.		500		24,650
Exxon Mobil Corp.		17,463		1,493,610
Galp Energia SGPS SA		1,473		30,651
Hess Corp.		1,050		91,381
Idemitsu Kosan Co., Ltd.		100		11,825
Inpex Corp.		9		63,242
JX Holdings, Inc.		9,000		63,400
Marathon Oil Corp.		2,450		121,520
Massey Energy Co.		350		22,166
Murphy Oil Corp.		650		47,795
Newfield Exploration Co.(a)		450		32,756
Noble Energy, Inc.		600		55,596
Occidental Petroleum Corp.		2,800		285,516

378 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
OMV AG		455	$	19,335
Origin Energy Ltd.		3,680		62,769
Peabody Energy Corp.		950		62,216
Pioneer Natural Resources Co.		400		40,936
QEP Resources, Inc.		618		24,442
Range Resources Corp.		550		29,865
Repsol YPF SA		3,061		102,755
Royal Dutch Shell PLC – Class A		14,816		532,973
Royal Dutch Shell PLC – Class B		11,265		402,704
Santos Ltd.		2,162		31,663
Southwestern Energy Co.(a)		1,200		47,376
Spectra Energy Corp.		2,200		58,850
Statoil ASA		4,663		123,122
Sunoco, Inc.		400		16,744
Tesoro Corp.(a)		450		10,701
TonenGeneral Sekiyu KK		3,000		35,427
Total SA		8,832		541,402
Tullow Oil PLC		3,706		86,580
Valero Energy Corp.		1,950		54,951
Williams Cos., Inc. (The)		2,000		60,720
Woodside Petroleum Ltd.		2,273		99,005
				7,908,682
				9,362,005
Consumer Discretionary – 2.6%
Auto Components – 0.1%
Aisin Seiki Co., Ltd.		800		30,640
Bridgestone Corp.		2,700		55,519
Cie Generale des Etablissements Michelin – Class B		728		59,337
Continental AG(a)		339		28,724
Denso Corp.		2,000		75,137
Goodyear Tire & Rubber Co. (The)(a)		800		11,344
Johnson Controls, Inc.		2,300		93,840
NGK Spark Plug Co., Ltd.		1,000		14,982
Nokian Renkaat Oyj		624		25,335
Stanley Electric Co., Ltd.		400		7,367
Toyota Boshoku Corp.		700		11,696
Toyota Industries Corp.		700		24,280
				438,201
Automobiles – 0.6%
Bayerische Motoren Werke AG		1,384		112,440
Daihatsu Motor Co., Ltd.		1,000		15,816
Daimler AG(a)		3,769		266,352
Fiat SpA		3,629		33,701
Ford Motor Co.(a)		12,920		194,446
Fuji Heavy Industries Ltd.		4,000		34,468

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 379

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Harley-Davidson, Inc.		800	$	32,656
Honda Motor Co., Ltd.		6,900		301,131
Isuzu Motors Ltd.		3,000		13,566
Mazda Motor Corp.		10,000		25,898
Mitsubishi Motors Corp.(a)		16,000		22,774
Nissan Motor Co., Ltd.		10,400		106,861
Peugeot SA(a)		718		28,758
Porsche Automobil Holding SE (Preference Shares)		289		23,024
Renault SA(a)		587		35,996
Suzuki Motor Corp.		1,400		33,276
Toyota Motor Corp.		11,000		514,001
Volkswagen AG		282		42,898
Volkswagen AG (Preference Shares)		711		120,909
Yamaha Motor Co., Ltd.(a)		1,800		32,017
				1,990,988
Distributors – 0.0%
Genuine Parts Co.		550		28,979
Jardine Cycle & Carriage Ltd.		1,000		26,615
Li & Fung Ltd.		10,000		60,842
				116,436
Diversified Consumer Services – 0.0%
Apollo Group, Inc. – Class A(a)		450		20,367
Benesse Holdings, Inc.		600		27,265
DeVry, Inc.		200		10,850
H&R Block, Inc.		1,050		15,950
				74,432
Hotels, Restaurants & Leisure – 0.3%
Carnival Corp.		1,500		64,005
Carnival PLC		612		27,359
Compass Group PLC		7,861		70,734
Crown Ltd.		3,417		29,176
Darden Restaurants, Inc.		450		21,209
Genting Singapore PLC(a)		25,000		37,645
International Game Technology		1,000		16,460
Marriott International, Inc. – Class A		1,000		39,210
McDonald’s Corp.		3,650		276,232
OPAP SA		1,548		32,321
Oriental Land Co., Ltd.		200		20,024
Sands China Ltd.(a)		18,000		42,788
Sky City Entertainment Group Ltd.		1,522		3,738
Sodexo		418		28,767
Starbucks Corp.		2,550		84,099
Starwood Hotels & Resorts Worldwide, Inc.		650		39,715
TABCORP Holdings Ltd.		6,058		47,064
Wynn Macau Ltd.		16,000		43,238

380 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Wynn Resorts Ltd.		250	$	30,733
Yum! Brands, Inc.		1,600		80,528
				1,035,045
Household Durables – 0.2%
DR Horton, Inc.		950		11,248
Electrolux AB		609		15,272
Fortune Brands, Inc.		550		34,023
Harman International Industries, Inc.		250		12,160
Leggett & Platt, Inc.		500		11,530
Lennar Corp. – Class A		500		10,080
Newell Rubbermaid, Inc.		1,000		19,340
Panasonic Corp.		8,200		110,765
Pulte Group, Inc.(a)		1,150		7,935
Rinnai Corp.		200		12,296
Sekisui Chemical Co., Ltd.		1,000		7,902
Sekisui House Ltd.		2,000		20,750
Sharp Corp.		4,000		43,579
Sony Corp.		4,200		154,638
Stanley Black & Decker, Inc.		600		45,498
Whirlpool Corp.		250		20,625
				537,641
Internet & Catalog Retail – 0.1%
Amazon.com, Inc.(a)		1,250		216,612
Dena Co., Ltd.		939		36,444
Expedia, Inc.		650		12,909
NetFlix, Inc.(a)		150		31,001
priceline.com, Inc.(a)		200		90,776
Rakuten, Inc.		30		26,663
				414,405
Leisure Equipment & Products – 0.1%
Hasbro, Inc.		450		20,205
Mattel, Inc.		1,200		30,072
Nikon Corp.		1,300		30,539
Sankyo Co., Ltd.		200		11,328
Sega Sammy Holdings, Inc.		700		15,973
Shimano, Inc.		200		9,960
				118,077
Media – 0.6%
British Sky Broadcasting Group PLC		5,044		64,532
Cablevision Systems Corp.		800		29,480
CBS Corp. – Class B		2,350		56,071
Comcast Corp. – Class A		9,600		247,296
Dentsu, Inc.		1,100		35,118
DIRECTV – Class A(a)		2,900		133,313
Discovery Communications, Inc. – Class A(a)		950		40,955

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 381

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Eutelsat Communications		1,123	$	44,817
Fuji Media Holdings, Inc.		5		8,449
Gannett Co., Inc.		800		13,208
Interpublic Group of Cos., Inc. (The)(a)		1,650		21,780
McGraw-Hill Cos., Inc. (The)		1,050		40,614
Modern Times Group AB		353		23,624
News Corp. – Class A		7,850		136,354
Omnicom Group, Inc.		1,050		53,445
Pearson PLC		3,391		57,837
Publicis Groupe SA		877		50,025
Reed Elsevier NV		4,977		65,651
Reed Elsevier PLC		3,309		29,545
Scripps Networks Interactive, Inc. – Class A		300		15,582
SES SA (FDR)		1,731		44,569
Singapore Press Holdings Ltd.		1,000		3,053
Time Warner Cable, Inc. – Class A		1,250		90,225
Time Warner, Inc.		3,850		147,070
Viacom, Inc. – Class B		2,100		93,786
Vivendi SA		5,137		146,409
Walt Disney Co. (The)		6,550		286,497
Washington Post Co. (The) – Class B		50		21,655
WPP PLC		5,248		72,225
				2,073,185
Multiline Retail – 0.1%
Big Lots, Inc.(a)		250		10,258
Family Dollar Stores, Inc.		450		22,536
Isetan Mitsukoshi Holdings Ltd.		2,300		27,865
JC Penney Co., Inc.		800		27,968
Kohl’s Corp.(a)		1,000		53,890
Macy’s, Inc.		1,450		34,655
Marks & Spencer Group PLC		4,790		26,970
Next PLC		1,569		50,398
Nordstrom, Inc.		600		27,156
PPR		190		28,826
Sears Holdings Corp.(a)		150		12,497
Target Corp.		2,450		128,747
				451,766
Specialty Retail – 0.3%
Abercrombie & Fitch Co. – Class A		300		17,211
AutoNation, Inc.(a)		200		6,728
AutoZone, Inc.(a)		100		25,795
Bed Bath & Beyond, Inc.(a)		900		43,335
Best Buy Co., Inc.		1,100		35,464
CarMax, Inc.(a)		773		27,341
Esprit Holdings Ltd.		4,000		19,687

382 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Fast Retailing Co., Ltd.		200	$	31,401
GameStop Corp. – Class A(a)		500		9,975
Gap, Inc. (The)		1,500		33,795
Hennes & Mauritz AB – Class B		4,272		139,585
Home Depot, Inc.		5,650		211,705
Inditex SA		912		66,092
Kingfisher PLC		7,188		29,720
Limited Brands, Inc.		900		28,818
Lowe’s Cos., Inc.		4,750		124,307
Nitori Holdings Co., Ltd.		350		30,989
O’Reilly Automotive, Inc.(a)		500		27,790
RadioShack Corp.		350		5,180
Ross Stores, Inc.		400		28,816
Shimamura Co., Ltd.		100		9,687
Staples, Inc.		2,500		53,250
Tiffany & Co.		450		27,698
TJX Cos., Inc.		1,350		67,324
Urban Outfitters, Inc.(a)		450		17,271
Yamada Denki Co., Ltd.		340		25,972
				1,144,936
Textiles, Apparel & Luxury Goods – 0.2%
Adidas AG		874		56,128
Burberry Group PLC		2,317		45,157
Christian Dior SA		238		34,305
Cie Financiere Richemont SA		2,181		124,805
Coach, Inc.		1,000		54,920
Luxottica Group SpA		932		28,954
LVMH Moet Hennessy Louis Vuitton SA		1,023		161,339
NIKE, Inc. – Class B		1,350		120,190
Pandora A/S(a)		235		13,701
Polo Ralph Lauren Corp. – Class A		250		31,678
Swatch Group AG (The) (SWX Exchange)		144		61,338
VF Corp.		300		28,701
				761,216
				9,156,328
Consumer Staples – 2.5%
Beverages – 0.5%
Anheuser-Busch InBev NV		3,017		168,493
Asahi Breweries Ltd.		1,600		30,929
Brown-Forman Corp. – Class B		350		24,203
Carlsberg A/S		534		56,718
Coca Cola Hellenic Bottling Co. SA		672		18,291
Coca-Cola Amatil Ltd.		2,530		30,606
Coca-Cola Co. (The)		8,050		514,556
Coca-Cola Enterprises, Inc.		1,150		30,245
Constellation Brands, Inc. – Class A(a)		600		12,192

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 383

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Diageo PLC		10,468	$	204,655
Dr Pepper Snapple Group, Inc.		750		27,045
Foster’s Group Ltd.		5,254		30,628
Heineken NV		995		51,314
Kirin Holdings Co., Ltd.		3,000		42,953
Molson Coors Brewing Co. – Class B		550		25,152
PepsiCo, Inc.		5,500		348,810
Pernod-Ricard SA		827		76,195
SABMiller PLC		3,969		133,708
				1,826,693
Food & Staples Retailing – 0.6%
Aeon Co., Ltd.		2,500		31,543
Carrefour SA		2,504		122,974
Colruyt SA		451		22,665
Costco Wholesale Corp.		1,500		112,185
CVS Caremark Corp.		4,700		155,382
Delhaize Group SA		310		23,946
FamilyMart Co., Ltd.		500		18,937
J Sainsbury PLC		910		5,622
Jeronimo Martins SGPS SA		227		3,638
Kesko Oyj		31		1,335
Koninklijke Ahold NV		4,980		66,890
Kroger Co. (The)		2,200		50,380
Lawson, Inc.		600		29,545
Metro AG		437		32,017
Safeway, Inc.		1,250		27,275
Seven & I Holdings Co., Ltd.		3,100		86,531
SUPERVALU, Inc.		700		6,041
Sysco Corp.		2,000		55,580
Tesco PLC		33,518		220,155
Wal-Mart Stores, Inc.		6,753		351,021
Walgreen Co.		3,200		138,688
Wesfarmers Ltd.		4,200		141,670
Wesfarmers Ltd. (Partially Protected Shares)		1,163		39,668
Whole Foods Market, Inc.		500		29,280
Woolworths Ltd.		5,184		142,221
				1,915,189
Food Products – 0.7%
Ajinomoto Co., Inc.		3,000		34,559
Archer-Daniels-Midland Co.		2,200		81,796
Aryzta AG		558		26,082
Associated British Foods PLC		1,500		23,573
Campbell Soup Co.		650		21,879
ConAgra Foods, Inc.		1,500		34,740
Danone		2,437		152,744
Dean Foods Co.(a)		600		6,336
General Mills, Inc.		2,200		81,708

384 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Golden Agri-Resources Ltd.		44,000	$	22,569
Hershey Co. (The)		550		28,776
HJ Heinz Co.		1,100		55,242
Hormel Foods Corp.		500		13,700
JM Smucker Co. (The)		400		27,536
Kellogg Co.		900		48,204
Kerry Group PLC		712		25,948
Kraft Foods, Inc. – Class A		6,000		191,040
Lindt & Spruengli AG		1		31,318
McCormick & Co., Inc.		450		21,443
Mead Johnson Nutrition Co. – Class A		700		41,895
MEIJI Holdings Co., Ltd.		600		28,291
Nestle SA		13,790		780,776
Nissin Foods Holdings Co., Ltd.		400		14,379
Parmalat SpA		9,597		29,424
Sara Lee Corp.		2,200		37,664
Tyson Foods, Inc. – Class A		1,000		18,630
Unilever NV		6,807		205,312
Unilever PLC		5,363		159,006
Wilmar International Ltd.		8,000		32,034
Yakult Honsha Co., Ltd.		900		25,472
				2,302,076
Household Products – 0.3%
Clorox Co.		500		33,880
Colgate-Palmolive Co.		1,700		133,484
Henkel AG & Co. KGaA		915		46,718
Henkel AG & Co. KGaA (Preference Shares)		626		37,718
Kimberly-Clark Corp.		1,400		92,260
Procter & Gamble Co. (The)		9,700		611,585
Reckitt Benckiser Group PLC		2,575		132,756
Unicharm Corp.		300		11,615
				1,100,016
Personal Products – 0.1%
Avon Products, Inc.		1,450		40,325
Beiersdorf AG		454		27,253
Estee Lauder Cos., Inc. (The) – Class A		400		37,764
Kao Corp.		2,300		62,125
L’Oreal SA		1,002		116,585
Shiseido Co., Ltd.		1,400		28,571
				312,623
Tobacco – 0.3%
Altria Group, Inc.		7,200		182,664
British American Tobacco PLC		8,344		334,294
Imperial Tobacco Group PLC		4,255		136,544
Japan Tobacco, Inc.		19		78,596
Lorillard, Inc.		500		38,385

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 385

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Philip Morris International, Inc.		6,250	$	392,375
Reynolds American, Inc.		1,150		39,468
Swedish Match AB		501		15,827
				1,218,153
				8,674,750
Health Care – 2.4%
Biotechnology – 0.2%
Actelion Ltd.(a)		892		49,503
Amgen, Inc.(a)		3,250		166,822
Biogen Idec, Inc.(a)		850		58,140
Celgene Corp.(a)		1,600		84,960
Cephalon, Inc.(a)		250		14,078
CSL Ltd.		2,404		87,332
Genzyme Corp.(a)		900		67,905
Gilead Sciences, Inc.(a)		2,800		109,144
				637,884
Health Care Equipment & Supplies – 0.3%
Baxter International, Inc.		2,000		106,300
Becton Dickinson and Co.		800		64,000
Boston Scientific Corp.(a)		5,250		37,590
CareFusion Corp.(a)		750		20,490
Cie Generale d’Optique Essilor International SA		840		60,029
CR Bard, Inc.		350		34,216
DENTSPLY International, Inc.		500		18,685
Fresenius SE		873		79,803
Getinge AB		1,073		26,207
Intuitive Surgical, Inc.(a)		150		49,193
Medtronic, Inc.		3,700		147,704
Olympus Corp.		900		26,455
Smith & Nephew PLC		2,561		29,665
Sonova Holding AG		15		1,994
St Jude Medical, Inc.(a)		1,200		57,456
Stryker Corp.		1,200		75,912
Synthes, Inc.		191		26,222
Terumo Corp.		700		38,441
Varian Medical Systems, Inc.(a)		400		27,712
Zimmer Holdings, Inc.(a)		700		43,638
				971,712
Health Care Providers & Services – 0.3%
Aetna, Inc.		1,350		50,436
AmerisourceBergen Corp. – Class A		950		36,015
Cardinal Health, Inc.		1,200		49,968
CIGNA Corp.		950		39,966
Coventry Health Care, Inc.(a)		500		15,100

386 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
DaVita, Inc.(a)		350	$	27,780
Express Scripts, Inc. – Class A(a)		1,800		101,196
Fresenius Medical Care AG & Co. KGaA		508		33,691
Humana, Inc.(a)		600		39,006
Laboratory Corp. of America Holdings(a)		350		31,546
McKesson Corp.		900		71,352
Medco Health Solutions, Inc.(a)		1,450		89,378
Patterson Cos., Inc.		300		10,014
Quest Diagnostics, Inc.		550		31,213
Sonic Healthcare Ltd.		2,147		24,751
Tenet Healthcare Corp.(a)		1,650		11,847
UnitedHealth Group, Inc.		3,800		161,804
WellPoint, Inc.(a)		1,350		89,734
				914,797
Health Care Technology – 0.0%
Cerner Corp.(a)		250		25,113
Life Sciences Tools & Services – 0.1%
Agilent Technologies, Inc.(a)		1,200		50,496
Life Technologies Corp.(a)		650		34,690
PerkinElmer, Inc.		400		10,600
Thermo Fisher Scientific, Inc.(a)		1,350		75,357
Waters Corp.(a)		300		24,915
				196,058
Pharmaceuticals – 1.5%
Abbott Laboratories		5,350		257,335
Allergan, Inc.		1,050		77,878
Astellas Pharma, Inc.		1,900		74,710
AstraZeneca PLC		6,025		294,817
Bayer AG		3,455		268,486
Bristol-Myers Squibb Co.		5,900		152,279
Chugai Pharmaceutical Co., Ltd.		1,500		28,906
Daiichi Sankyo Co., Ltd.		2,800		60,134
Dainippon Sumitomo Pharma Co., Ltd.		1,000		9,724
Eisai Co., Ltd.		1,100		41,208
Elan Corp. PLC(a)		4,431		28,470
Eli Lilly & Co.		3,500		120,960
Forest Laboratories, Inc.(a)		950		30,780
GlaxoSmithKline PLC		21,697		416,504
Hisamitsu Pharmaceutical Co., Inc.		500		20,223
Hospira, Inc.(a)		600		31,710
Johnson & Johnson		9,500		583,680
Merck & Co., Inc.		10,650		346,870
Mitsubishi Tanabe Pharma Corp.		1,000		16,953
Mylan, Inc.(a)		1,500		34,305
Novartis AG		8,817		495,486
Novo Nordisk A/S – Class B		1,820		229,397
Ono Pharmaceutical Co., Ltd.		600		31,415

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 387

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Pfizer, Inc.		27,650	$	531,986
Roche Holding AG		2,936		442,873
Sanofi-Aventis SA		4,382		303,006
Shionogi & Co., Ltd.		1,200		22,799
Shire PLC		2,349		66,524
Taisho Pharmaceutical Co., Ltd.		1,000		21,912
Takeda Pharmaceutical Co., Ltd.		3,100		154,442
Teva Pharmaceutical Industries Ltd.		3,835		192,620
UCB SA		10		372
Watson Pharmaceuticals, Inc.(a)		450		25,196
				5,413,960
				8,159,524
Equity:Other – 2.0%
Diversified/Specialty – 1.3%
Affine SA		100		2,681
Alexandria Real Estate Equities, Inc.		2,260		181,252
Allgreen Properties Ltd.		32,100		26,353
American Assets Trust, Inc.(a)		1,300		28,028
Artis Real Estate Investment Trust		3,100		43,969
Azrieli Group(a)		1,400		38,443
BioMed Realty Trust, Inc.		5,250		95,287
CA Immobilien Anlagen AG(a)		3,540		60,890
Campus Crest Communities, Inc.		1,200		17,184
Canadian Real Estate Investment Trust		2,700		92,182
CapLease, Inc.		2,300		12,351
CB Richard Ellis Group, Inc. – Class A(a)		1,000		25,040
Cheung Kong Holdings Ltd.		6,000		93,889
Cofinimmo		570		79,504
Corrections Corp. of America(a)		4,520		112,277
Country Garden Holdings Co.		140,500		56,054
Cousins Properties, Inc.		4,214		35,735
Daejan Holdings PLC		200		9,412
Dexus Property Group		199,080		174,159
DIC Asset AG		1,200		17,154
Digital Realty Trust, Inc.		3,660		215,281
Dundee Real Estate Investment Trust		1,700		55,101
DuPont Fabros Technology, Inc.		2,390		58,364
Eurobank Properties Real Estate Investment Co.		820		7,480
F&C Commercial Property Trust Ltd.		20,800		34,355
FKP Property Group		36,190		32,096
Fonciere Des Regions		970		105,388
Forest City Enterprises, Inc.(a)		5,560		105,084
Franklin Street Properties Corp.		3,220		48,397
H&R Real Estate Investment Trust		5,900		129,714
Helical Bar PLC		4,770		21,756
Hopson Development Holdings Ltd.(a)		29,500		32,794

388 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Hysan Development Co., Ltd.		32,500	$	147,859
ING UK Real Estate Income Trust Ltd.		14,200		11,707
Inmobiliaria Colonial SA(a)		139,400		15,199
Investors Real Estate Trust		3,110		28,985
Invista Foundation Property		14,700		9,182
IRP Property Investments Ltd.		3,410		4,543
ISIS Property Ltd.		2,280		3,796
Kenedix Realty Investment Corp. – Class A		10		47,399
Kiwi Income Property Trust		40,000		30,172
Klovern AB		4,890		25,478
Kungsleden AB		5,600		54,824
Lamda Development SA(a)		500		2,656
Lexington Realty Trust		5,480		51,896
London & Stamford Property PLC		22,400		45,700
Minerva PLC(a)		6,670		10,843
Morguard Real Estate Investment Trust		1,700		24,672
Mucklow (A & J) Group PLC		1,000		4,877
New World China Land Ltd.		73,800		28,173
Nieuwe Steen Investments Funds NV		1,750		35,958
Premier Investment Corp.		5		24,350
Quintain Estates & Development PLC(a)		21,370		14,980
Shui On Land Ltd.		108,400		51,392
Singapore Land Ltd.		7,000		39,993
Soho China Ltd.		86,000		62,125
ST Modwen Properties PLC		6,200		16,701
Standard Life Investment Property Income Trust PLC		4,700		4,985
Suntec Real Estate Investment Trust		90,000		104,978
Swire Pacific Ltd.		3,000		42,101
TAG Immobilien AG(a)		2,420		23,543
Tokyu Land Corp.		15,870		91,271
Tokyu REIT, Inc.		5		34,366
Top REIT, Inc.		7		45,356
UK Commercial Property Trust Ltd.		14,800		18,574
Unite Group PLC(a)		6,580		21,444
United Urban Investment Corp.		48		62,835
Vornado Realty Trust		8,070		753,174
Washington Real Estate Investment Trust		2,590		80,912
Wereldhave Belgium NV		50		4,934
Wereldhave NV		870		88,383
Weyerhaeuser Co.		1,842		44,963
Wihlborgs Fastigheter AB		1,560		45,059
Winthrop Realty Trust		800		9,760
				4,317,752
Health Care – 0.6%
Chartwell Seniors Housing Real Estate Investment Trust		5,800		52,177

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 389

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Extendicare Real Estate Investment Trust		3,300	$	34,238
HCP, Inc.		16,460		625,480
Health Care REIT, Inc.		6,470		337,864
Healthcare Realty Trust, Inc.		2,550		59,415
LTC Properties, Inc.		1,000		29,220
Medical Properties Trust, Inc.		4,580		53,723
National Health Investors, Inc.		1,200		57,024
National Healthcare Corp.		420		19,992
Nationwide Health Properties, Inc.		5,200		222,248
Omega Healthcare Investors, Inc.		3,990		95,640
Primary Health Properties PLC		2,540		13,647
Senior Housing Properties Trust		5,830		143,068
Universal Health Realty Income Trust		460		18,294
Ventas, Inc.		7,000		387,940
				2,149,970
Triple Net – 0.1%
Agree Realty Corp.		400		10,212
Entertainment Properties Trust		1,910		91,050
Getty Realty Corp.		900		26,478
National Retail Properties, Inc.		3,470		89,144
Realty Income Corp.		4,720		169,778
				386,662
				6,854,384
Materials – 1.9%
Chemicals – 0.7%
Air Liquide SA		1,182		153,028
Air Products & Chemicals, Inc.		750		69,000
Airgas, Inc.		250		15,645
Akzo Nobel NV		1,204		81,842
Asahi Kasei Corp.		5,000		34,673
BASF SE		3,838		320,012
CF Industries Holdings, Inc.		250		35,320
Daicel Chemical Industries Ltd.		1,000		6,875
Dow Chemical Co. (The)		4,000		148,640
Eastman Chemical Co.		250		23,353
Ecolab, Inc.		800		38,912
EI du Pont de Nemours & Co.		3,150		172,840
FMC Corp.		250		19,360
Givaudan SA		29		28,919
Hitachi Chemical Co., Ltd.		1,400		32,541
Incitec Pivot Ltd.		9,134		41,212
International Flavors & Fragrances, Inc.		250		14,238
Israel Chemicals Ltd.		1,823		30,357
Israel Corp. Ltd. (The)(a)		25		29,649
JSR Corp.		1,500		32,261
K&S AG		15		1,160

390 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Kansai Paint Co., Ltd.		1,000	$	9,526
Kuraray Co., Ltd.		1,500		21,304
Lanxess AG		343		25,558
Linde AG		706		107,898
Makhteshim-Agan Industries Ltd.(a)		319		1,593
Mitsubishi Chemical Holdings Corp.		5,500		40,336
Mitsubishi Gas Chemical Co., Inc.		1,000		7,755
Mitsui Chemicals, Inc.		9,000		33,800
Monsanto Co.		1,850		132,997
Nitto Denko Corp.		700		42,448
Novozymes A/S		202		28,233
Orica Ltd.		1,047		27,675
PPG Industries, Inc.		550		48,609
Praxair, Inc.		1,050		104,349
Sherwin-Williams Co. (The)		300		24,636
Shin-Etsu Chemical Co., Ltd.		1,700		98,285
Showa Denko KK		4,000		8,819
Sigma-Aldrich Corp.		400		25,556
Sika AG		1		2,143
Solvay SA		253		29,671
Sumitomo Chemical Co., Ltd.		7,000		37,887
Syngenta AG		395		132,685
Taiyo Nippon Sanso Corp.		3,000		26,823
Toray Industries, Inc.		6,000		45,545
Ube Industries Ltd.		3,000		9,747
Umicore SA		530		26,722
Wacker Chemie AG		219		40,425
Yara International ASA		733		38,919
				2,509,781
Construction Materials – 0.1%
CRH PLC (London)		2,957		68,102
Fletcher Building Ltd.		4,230		28,071
HeidelbergCement AG		941		66,089
Holcim Ltd.		1,025		75,308
Lafarge SA		838		50,907
Vulcan Materials Co.		450		20,632
				309,109
Containers & Packaging – 0.0%
Amcor Ltd.		391		2,772
Ball Corp.		600		21,660
Bemis Co., Inc.		350		11,498
Owens-Illinois, Inc.(a)		550		16,769
Sealed Air Corp.		550		15,136
Toyo Seikan Kaisha Ltd.		1,600		29,442
				97,277

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 391

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Metals & Mining – 1.0%
AK Steel Holding Corp.		350	$	5,593
Alcoa, Inc.		3,500		58,975
Allegheny Technologies, Inc.		350		23,478
Alumina Ltd.		19,342		47,386
Anglo American PLC		5,510		298,883
Antofagasta PLC		1,780		40,765
ArcelorMittal (Euronext Amsterdam)		3,587		131,738
BHP Billiton Ltd.		14,024		662,692
BHP Billiton PLC		9,222		365,554
Boliden AB		1,951		41,718
Cliffs Natural Resources, Inc.		500		48,535
Eramet		52		18,797
Eurasian Natural Resources Corp. PLC		2,481		38,926
Fortescue Metals Group Ltd.(a)		8,833		60,283
Freeport-McMoRan Copper & Gold, Inc.		3,250		172,087
Fresnillo PLC		1,708		44,315
JFE Holdings, Inc.		1,900		60,172
Kazakhmys PLC		928		21,813
Kobe Steel Ltd.		10,000		27,370
Newcrest Mining Ltd.		3,194		123,449
Newmont Mining Corp.		1,700		93,959
Nippon Steel Corp.		21,000		76,373
Norsk Hydro ASA		4,164		34,354
Nucor Corp.		1,100		52,756
Outokumpu Oyj		1,228		22,046
OZ Minerals Ltd.		24,439		40,661
Randgold Resources Ltd.(a)		278		22,513
Rio Tinto Ltd.		1,821		159,002
Rio Tinto PLC		6,057		426,513
SSAB AB – Class A		1,547		24,317
Sumitomo Metal Industries Ltd.		14,000		35,575
Sumitomo Metal Mining Co., Ltd.		2,000		37,889
ThyssenKrupp AG		819		34,179
Titanium Metals Corp.(a)		300		5,697
United States Steel Corp.		500		28,745
Voestalpine AG		727		33,615
Xstrata PLC		8,597		196,623
				3,617,346
Paper & Forest Products – 0.1%
International Paper Co.		1,500		41,670
MeadWestvaco Corp.		550		16,143
Nippon Paper Group, Inc.		1,000		27,505
OJI Paper Co., Ltd.		6,000		29,868
Stora Enso Oyj		2,992		33,705
Svenska Cellulosa AB – Class B		1,716		28,359
UPM-Kymmene Oyj		1,790		35,546
				212,796
				6,746,309

392 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Retail – 1.4%
Regional Mall – 0.7%
Alexander’s, Inc.		140	$	55,402
CBL & Associates Properties, Inc.		5,690		101,567
General Growth Properties, Inc.		19,500		310,440
Glimcher Realty Trust		4,080		37,536
Macerich Co. (The)		5,370		271,937
Pennsylvania Real Estate Investment Trust		2,210		31,912
Simon Property Group, Inc.		13,070		1,438,223
Taubman Centers, Inc.		1,750		97,090
				2,344,107
Shopping Center/Other Retail – 0.7%
Acadia Realty Trust		1,660		32,868
Bunnings Warehouse Property Trust		17,560		31,624
Calloway Real Estate Investment Trust		4,000		102,064
Capital & Counties Properties PLC		25,580		62,210
Capital Shopping Centres Group		26,480		170,225
Cedar Shopping Centers, Inc.		2,550		15,453
Charter Hall Retail REIT		12,576		41,196
Citycon Oyj		7,580		33,472
Crombie Real Estate Investment Trust		1,400		18,834
Deutsche Euroshop AG		2,115		79,839
Developers Diversified Realty Corp.		10,470		149,721
Development Securities PLC		5,070		16,979
Equity One, Inc.		2,030		38,854
Eurocommercial Properties N.V.		1,590		76,233
Federal Realty Investment Trust		2,530		212,975
First Capital Realty, Inc.		2,680		44,880
Immobiliare Grande Distribuzione		4,900		10,278
Inland Real Estate Corp.		3,500		32,970
Japan Retail Fund Investment Corp.		64		110,156
Kimco Realty Corp.		18,180		352,328
Kite Realty Group Trust		2,600		14,664
Mercialys SA		1,890		71,850
Primaris Retail Real Estate Investment Trust		2,800		58,793
Ramco-Gershenson Properties Trust		1,530		20,670
Regency Centers Corp.		3,420		154,755
RioCan Real Estate Investment Trust (Toronto)		10,300		256,771
Saul Centers, Inc.		590		27,140
Shaftesbury PLC		9,260		71,772
Tanger Factory Outlet Centers		3,340		89,011
Urstadt Biddle Properties, Inc.		800		15,512
Vastned Retail NV		810		57,813
Weingarten Realty Investors		4,970		128,574
				2,600,484
				4,944,591

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 393

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Office – 1.3%
Office – 1.3%
Allied Properties Real Estate Investment Trust		1,700	$	38,898
Allreal Holding AG		330		51,040
Alstria Office REIT-AG		1,320		20,219
Befimmo SCA Sicafi		670		55,963
Beni Stabili SpA		39,400		40,421
Boston Properties, Inc.		6,250		599,500
Brandywine Realty Trust		5,400		66,420
Brookfield Properties Corp.		15,500		271,854
CapitaCommercial Trust		86,700		94,135
Castellum AB		7,060		101,005
Champion REIT		103,700		59,691
Charter Hall Office REIT		20,313		66,186
CLS Holdings PLC(a)		1,020		10,115
Cominar Real Estate Investment Trust		2,600		59,062
Commonwealth Property Office Fund		96,290		84,127
CommonWealth REIT		2,930		84,120
Corporate Office Properties Trust		2,750		98,643
Derwent London PLC		4,200		115,912
Douglas Emmett, Inc.		3,790		71,063
Duke Realty Corp.		10,360		145,765
Fabege AB		6,640		71,880
Government Properties Income Trust		1,220		33,147
Great Portland Estates PLC		12,780		80,554
Highwoods Properties, Inc.		2,930		99,415
Hongkong Land Holdings Ltd.		69,000		474,544
Hufvudstaden AB – Class A		6,080		71,307
ING Office Fund		112,230		70,034
Intervest Offices		250		8,260
Japan Prime Realty Investment Corp.		29		80,831
Kilroy Realty Corp.		2,120		82,150
Liberty Property Trust		4,630		156,355
Mack-Cali Realty Corp.		3,220		109,287
Mori Trust Sogo Reit, Inc.		4		41,959
Nomura Real Estate Office Fund, Inc.		13		88,297
Norwegian Property ASA(a)		20,500		36,564
Orix JREIT, Inc.		10		57,687
Parkway Properties, Inc.		900		14,589
Piedmont Office Realty Trust, Inc.		2,900		58,000
PS Business Parks, Inc.		790		49,802
PSP Swiss Property AG(a)		1,830		145,980
SL Green Realty Corp.		3,180		240,821
Societe de la Tour Eiffel		220		19,222
Societe Immobiliere de Location pour l’Industrie et le Commerce		590		76,198
Sponda Oyj		11,410		62,213

394 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Swiss Prime Site AG(a)		1,680	$	124,139
Technopolis PLC		2,560		13,942
Tokyo Tatemono Co., Ltd.		12,860		60,706
Vastned Offices/Industrial NV		700		11,785
Workspace Group PLC		47,540		18,548
Zueblin Immobilien Holding AG(a)		1,790		7,804
				4,600,159
Residential – 1.2%
Manufactured Homes – 0.0%
Equity Lifestyle Properties, Inc.		1,240		71,970
Sun Communities, Inc.		790		27,318
				99,288
Multi-Family – 0.9%
Agile Property Holdings Ltd.		57,600		73,097
Apartment Investment & Management Co. – Class A		5,190		133,123
Associated Estates Realty Corp.		1,600		26,000
AvalonBay Communities, Inc.		3,850		465,965
Boardwalk Real Estate Investment Trust		2,000		94,056
BRE Properties, Inc.		2,670		126,852
Camden Property Trust		2,800		165,676
Canadian Apartment Properties REIT		3,200		63,931
China Resources Land Ltd.		88,600		144,671
Colonia Real Estate AG(a)		1,230		9,665
Colonial Properties Trust		3,100		61,101
Conwert Immobilien Invest SE		3,380		56,402
Deutsche Wohnen AG(a)		3,400		51,071
Equity Residential		12,650		697,141
Essex Property Trust, Inc.		1,330		164,627
GAGFAH SA		3,700		43,820
Grainger PLC		12,880		21,178
Home Properties, Inc.		1,550		91,326
Killam Properties, Inc.		1,800		19,435
KWG Property Holding Ltd.		48,000		31,150
Mid-America Apartment Communities, Inc.		1,430		92,907
Northern Property Real Estate Investment Trust		1,100		31,702
Patrizia Immobilien AG(a)		1,000		8,114
Post Properties, Inc.		2,050		79,950
Shenzhen Investment Ltd.		108,800		33,935
Shimao Property Holdings Ltd.		57,700		79,116
UDR, Inc.		7,480		181,914
Wing Tai Holdings Ltd.		24,200		28,265
Yanlord Land Group Ltd.		23,500		25,218
				3,101,408

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 395

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Self Storage – 0.3%
Big Yellow Group PLC		5,450	$	28,616
Extra Space Storage, Inc.		3,600		71,100
Public Storage		5,770		647,683
Safestore Holdings PLC		7,640		17,885
Sovran Self Storage, Inc.		1,180		45,784
U-Store-It Trust		3,780		38,745
				849,813
Student Housing – 0.0%
American Campus Communities, Inc.		2,720		90,902
Education Realty Trust, Inc.		2,930		24,173
				115,075
				4,165,584
Telecommunication Services – 1.1%
Diversified Telecommunication Services – 0.8%
AT&T, Inc.		20,400		578,952
Belgacom SA		767		28,771
Bezeq Israeli Telecommunication Corp. Ltd.		9,677		26,258
BT Group PLC		32,400		96,235
CenturyLink, Inc.		1,050		43,239
Deutsche Telekom AG		11,846		159,416
Elisa Oyj		1,060		24,216
France Telecom SA		7,747		171,432
Frontier Communications Corp.		3,396		28,832
Hellenic Telecommunications Organization SA		713		7,314
Koninklijke KPN NV		6,761		109,461
Nippon Telegraph & Telephone Corp.		2,000		97,836
PCCW Ltd.		16,000		6,970
Portugal Telecom SGPS SA		1,580		18,432
Qwest Communications International, Inc.		6,000		40,920
Singapore Telecommunications Ltd.		33,000		76,836
Swisscom AG		105		46,359
Tele2 AB – Class B		968		22,102
Telecom Italia SpA (ordinary shares)		39,139		61,105
Telecom Italia SpA (savings shares)		14,099		18,661
Telefonica SA		16,058		408,262
Telekom Austria AG		684		9,768
Telenor ASA		3,467		57,519
TeliaSonera AB		9,382		78,949
Telstra Corp. Ltd.		19,034		54,198
Verizon Communications, Inc.		9,750		359,970
Windstream Corp.		1,650		20,691
				2,652,704

396 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Wireless Telecommunication Services – 0.3%
American Tower Corp. – Class A(a)		1,400	$	75,544
KDDI Corp.		12		77,929
MetroPCS Communications, Inc.(a)		900		12,960
Millicom International Cellular SA		366		32,083
Mobistar SA		10		639
NTT DoCoMo, Inc.		64		120,229
Softbank Corp.		3,200		131,565
Sprint Nextel Corp.(a)		10,300		45,011
StarHub Ltd.		1,000		2,063
Vodafone Group PLC		220,086		624,844
				1,122,867
				3,775,571
Utilities – 1.1%
Electric Utilities – 0.6%
Acciona SA		310		30,178
American Electric Power Co., Inc.		1,650		59,037
Chubu Electric Power Co., Inc.		2,700		71,265
Chugoku Electric Power Co., Inc. (The)		1,200		25,741
CLP Holdings Ltd.		8,000		65,161
Contact Energy Ltd.(a)		901		4,175
Duke Energy Corp.		4,550		81,854
E.ON AG		7,525		247,157
EDF SA		1,102		49,137
Edison International		1,100		40,832
EDP – Energias de Portugal SA		4,658		17,671
Enel SpA		27,505		163,910
Entergy Corp.		650		46,280
Exelon Corp.		2,300		96,048
FirstEnergy Corp.		1,416		54,233
Fortum Oyj		1,927		59,675
Hokkaido Electric Power Co., Inc.		100		2,148
Hokuriku Electric Power Co.		1,100		27,735
Hongkong Electric Holdings Ltd.		6,000		39,176
Iberdrola SA		16,866		147,156
Kansai Electric Power Co., Inc. (The)		3,200		84,041
Kyushu Electric Power Co., Inc.		1,600		37,172
NextEra Energy, Inc.		1,450		80,431
Northeast Utilities		600		20,424
Pepco Holdings, Inc.		750		14,048
Pinnacle West Capital Corp.		350		14,780
PPL Corp.		1,650		41,959
Progress Energy, Inc.		1,000		45,710
Red Electrica Corp. SA		368		19,777
Scottish & Southern Energy PLC		3,857		77,679
Shikoku Electric Power Co., Inc.		700		21,187

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 397

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Southern Co.		2,900	$	110,519
Terna Rete Elettrica Nazionale SpA		7,340		33,858
Tohoku Electric Power Co., Inc.		1,800		41,936
Tokyo Electric Power Co., Inc. (The)		5,900		152,721
Verbund AG		658		25,198
				2,150,009
Gas Utilities – 0.1%
Enagas		209		4,476
Gas Natural SDG SA		1,654		28,260
Hong Kong & China Gas Co., Ltd.		18,000		40,570
Nicor, Inc.		150		7,911
Oneok, Inc.		350		22,599
Osaka Gas Co., Ltd.		8,000		30,465
Snam Rete Gas SpA		5,586		30,564
Tokyo Gas Co., Ltd.		11,000		49,176
				214,021
Independent Power Producers & Energy Traders – 0.0%
AES Corp. (The)(a)		2,250		27,832
Constellation Energy Group, Inc.		700		21,749
EDP Renovaveis SA(a)		4,478		26,885
Electric Power Development Co., Ltd.		200		6,319
Iberdrola Renovables SA		1,621		6,083
International Power PLC		5,295		28,786
NRG Energy, Inc.(a)		850		16,991
				134,645
Multi-Utilities – 0.4%
AGL Energy Ltd.		1,906		28,276
Ameren Corp.		800		22,368
CenterPoint Energy, Inc.		1,450		22,997
Centrica PLC		21,500		118,892
CMS Energy Corp.		800		15,408
Consolidated Edison, Inc.		1,000		49,980
Dominion Resources, Inc.		2,000		91,260
DTE Energy Co.		600		28,248
GDF Suez		5,197		210,793
Integrys Energy Group, Inc.		250		12,243
National Grid PLC		14,467		134,435
NiSource, Inc.		950		18,202
PG&E Corp.		1,350		62,181
Public Service Enterprise Group, Inc.		1,750		57,225
RWE AG		1,750		118,342
SCANA Corp.		400		16,192
Sempra Energy		850		45,245
Suez Environnement Co.		2,173		47,086
TECO Energy, Inc.		700		12,677

398 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
United Utilities Group PLC		4,104	$	39,515
Veolia Environnement		828		27,243
Wisconsin Energy Corp.		400		23,680
Xcel Energy, Inc.		1,550		37,107
				1,239,595
Water Utilities – 0.0%
Severn Trent PLC		63		1,524
				3,739,794
Lodging – 0.4%
Lodging – 0.4%
Ashford Hospitality Trust, Inc.(a)		2,110		21,754
CDL Hospitality Trusts		29,500		45,101
DiamondRock Hospitality Co.(a)		6,320		74,323
FelCor Lodging Trust, Inc.(a)		3,990		30,204
Hersha Hospitality Trust		6,990		45,924
Hospitality Properties Trust		5,110		117,530
Host Hotels & Resorts, Inc.		29,610		544,824
InnVest Real Estate Investment Trust		3,700		26,544
Intercontinental Hotels Group PLC		2,079		46,234
LaSalle Hotel Properties		2,950		83,220
Orient-Express Hotels Ltd. – Class A(a)		4,130		52,121
Strategic Hotels & Resorts, Inc.(a)		6,200		40,300
Sunstone Hotel Investors, Inc.(a)		4,880		52,411
Whitbread PLC		1,438		41,663
Wyndham Worldwide Corp.		600		18,768
				1,240,921
Total Common Stocks (cost $106,076,753)				122,909,182
RIGHTS – 0.0%
Financials – 0.0%
Real Estate Management & Development – 0.0%
Bunnings Warehouse Property Trust(a)		3,628		222
IMMOFINANZ AG(a)		6,501		28,707
Wharf Holdings Ltd.(a)		6,250		11,676
				40,605
Telecommunication Services – 0.0%
Diversified Telecommunication Services – 0.0%
TeliaSonera AB(a)		9,382		463
Total Rights (cost $436)				41,068
SHORT-TERM INVESTMENTS – 60.2%
Investment Companies – 59.8%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(b)		207,440,623		207,440,623

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 399

Volatility Management—Portfolio of Investments

	Principal Amount (000)		U.S. $ Value
U.S. Treasuries – 0.4%
U.S. Treasury Bill Zero Coupon, 4/28/11	$	1,500	$	1,499,555
Total Short-Term Investments (cost $208,940,178)				208,940,178
Total Investments – 95.7% (cost $315,017,367)				331,890,428
Other assets less liabilities – 4.3%				14,909,647
Net Assets – 100.0%			$	346,800,075

FUTURES CONTRACTS (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
ASX SPI 200 Index Futures		3		March 2011	$	365,465	$	368,519	$	3,054
Euro STOXX 50 Futures		30		March 2011		1,175,014		1,247,337		72,323
FTSE 100 Index Futures		7		March 2011		667,194		679,757		12,563
Hang Seng Index Futures		1		March 2011		146,847		149,576		2,729
MSCI EAFE Mini Index Futures		310		March 2011		25,263,645		27,250,550		1,986,905
OMX 30 Index Futures		12		March 2011		215,244		214,143		(1,101	)
Russell 2000 Mini Index Futures		132		March 2011		10,212,437		10,862,280		649,843
S&P 500 E Mini Index Futures		2,027		March 2011		125,321,392		134,400,235		9,078,843
S&P Midcap 400 E Mini Index Futures		247		March 2011		22,136,523		23,857,730		1,721,207
Topix Index Futures		6		March 2011		657,796		697,512		39,716
									$	13,566,082

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts:
Calyon:
Euro settling 3/15/11		5,404	$	7,230,822	$	7,456,035	$	225,213
Credit Suisse London Branch (GFX):
Euro settling 3/15/11		2,575		3,508,412		3,552,793		44,381
Euro settling 3/15/11		2,779		3,805,813		3,834,257		28,444
State Street Bank and Trust Co.:
Australian Dollar settling 3/15/11		375		367,429		381,196		13,767

400 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management—Portfolio of Investments

Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at February 28, 2011		Unrealized Appreciation/ (Depreciation)
Great British Pound settling 3/15/11		492	$	767,185	$	799,736	$	32,551
Japanese Yen settling 3/15/11		66,386		788,995		811,579		22,584
Swiss Franc settling 3/15/11		352		363,659		378,903		15,244
Sale Contracts:
Royal Bank of Scotland PLC:
Euro settling 3/15/11		21,350		29,109,444		29,457,135		(347,691	)
UBS AG:
Euro settling 6/15/11		591		806,721		814,342		(7,621	)

TOTAL RETURN SWAP CONTRACTS ON INDICES (see Note C)

Receive Total Return on Reference Index

Index

# of Shares or Units

Floating Rate

Notional Amount (000)

Maturity Date

Counterparty

Unrealized Appreciation/ (Depreciation)

Receive

MSCI Daily TR Gross EAFE

3,007

1-Month USD-LIBOR-BBA Plus a specified spread*

$

16,447

4/15/11

Citibank

$

172,035

Receive

Russell 2000 Total Return index

1,138

1-Month USD-LIBOR-BBA Less a specified spread*

4,172

5/16/11

Citibank

19,273

Receive

Russell 2000 Total Return index

398

1-Month USD-LIBOR-BBA Less a specified spread*

1,459

4/18/11

Morgan Stanley Capital Services

6,774

Receive

Russell 2000 Total Return index

591

1-Month USD-LIBOR-BBA Less a specified spread*

2,167

6/15/11

Morgan Stanley Capital Services

9,976

$

208,058

* BBA – British Bankers’ Association

(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:

FDR – Fiduciary Depositary Receipt

LIBOR – London Interbank Offered Rates

REG – Registered Shares

REIT – Real Estate Investment Trust

See notes to financial statements.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 401

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, Inflation Protected Securities Portfolio, High Yield Portfolio and Volatility Management Portfolio.

402 •  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  • 403

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

404 •  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

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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 405

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
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

7 Annualized.

406 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Strategy	Expense Cap Pursuant to Expense Limitation Undertaking		Gross Expense Ratio 02/28/107		Fiscal Year End
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
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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 407

I. MANAGEMENT FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The management fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients and different liabilities assumed. Services that are provided by the Adviser to the Strategies that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Strategies’ third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Strategies are more costly than those for institutional accounts due to the greater complexities and time required for investment companies, although as previously 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

408 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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 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) Minimum Account Size: $50M or plan assets of $500M	2000 Retirement Strategy 2005 Retirement Strategy 2010 Retirement Strategy 2015 Retirement Strategy 2020 Retirement Strategy 2025 Retirement Strategy 2030 Retirement Strategy 2035 Retirement Strategy 2040 Retirement Strategy 2045 Retirement Strategy 2050 Retirement Strategy 2055 Retirement Strategy	$ $ $ $ $ $ $ $ $ $ $ $	27.5 38.6 162.4 285.2 359.8 296.8 259.7 176.8 152.1 97.6 15.6 3.5		0.736% 0.697% 0.515% 0.451% 0.430% 0.447% 0.461% 0.506% 0.523% 0.590% 0.750% 0.750%		0.550% 0.550% 0.550% 0.600% 0.600% 0.650% 0.650% 0.650% 0.650% 0.650% 0.650% 0.650%

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

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the 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

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.

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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 409

each Strategy’s Lipper Expense Group (“EG”)¹¹ at the approximate current asset level of the subject Strategy.¹²

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type, 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.

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 Retirement Strategy had the lowest effective fee rate in the Lipper peer group.

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.

410 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

It should be noted that Lipper uses expense ratio data from financial statements of the most current fiscal year in their database. This has several implications: the total expense ratio of each fund that Lipper uses in their report is based on each fund’s average net assets during its fiscal year. Since funds have different fiscal year ends, the total expense ratios of the funds may cover different twelve month periods, depending on the funds’ fiscal year ends. This is the process that Lipper 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

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.

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  • 411

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. 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

412 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

Strategy	12b-1 Fee Received		CDSC Received
2000 Retirement Strategy	$	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

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

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  • 413

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.

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

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.

414 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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 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

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  • 415

Strategy	Strategy Return (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
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
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

416 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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
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

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.

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 417

	Periods Ending May 31, 2010 Annualized Performance (Net)
Strategy	1 Year (%)		3 Year (%)		Since Inception (%)
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

418 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

ALLIANCEBERNSTEIN FAMILY OF FUNDS

Wealth Strategies Funds

Balanced Wealth Strategy

Conservative Wealth Strategy

Wealth Appreciation Strategy

Tax-Managed Balanced Wealth Strategy

Tax-Managed Conservative Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

Blended Style Funds

International Portfolio

Tax-Managed International Portfolio

U.S. Large Cap 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 Discovery Equity Portfolio

International Growth Fund

Value Funds

Domestic

Core Opportunities Fund

Equity Income Fund*

Growth & Income Fund

Small/Mid Cap Value Fund

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Short Duration Portfolio

Unconstrained Bond Fund*

Municipal Bond Funds

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

Intermediate Municipal Bond Funds

Intermediate California

Intermediate Diversified

Intermediate New York

Closed-End Funds

Alliance California Municipal Income Fund

Alliance New York Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein Income Fund

AllianceBernstein National Municipal Income Fund

The Ibero-America Fund

Alternatives

Market Neutral Strategy-Global

Market Neutral Strategy-U.S.

Real-Asset Strategy*

Balanced

Balanced Shares

Retirement Strategies Funds

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

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

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 August 31, 2010, Equity Income Fund was named Utility Income Fund. Prior to September 27, 2010, Real-Asset Strategy was named Multi-Asset Inflation Strategy. Prior to February 3, 2011, Unconstrained Bond Fund was named Diversified Yield Fund.

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

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 419

AllianceBernstein Family of Funds

NOTES

420 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

NOTES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 421

NOTES

422 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

NOTES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  • 423

NOTES

424 •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

RS-00-55-0152-0211

SEMI-ANNUAL REPORT

AllianceBernstein Blended Style Funds

U.S. Large Cap Portfolio

February 28, 2011

Semi-Annual Report

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our website 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 website at www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

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

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

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

April 25, 2011

Semi-Annual Report

This report provides management’s discussion of fund performance for AllianceBernstein Blended Style Funds U.S. Large Cap Portfolio (the “Fund”) for the semi-annual reporting period ended February 28, 2011. 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 value and growth 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 value and growth styles. Normally, approximately 50% of the value of the Fund’s investments in the Underlying Portfolios will consist of value stocks and 50% of growth stocks, although this allocation will vary within a narrow range around this 50/50 target. Beyond this range, the Adviser will rebalance the investments in the Underlying Portfolios as necessary to maintain this targeted allocation. Performance for each of the Underlying Portfolios compared to its benchmark, plus additional performance, may be found on page 7.

Investment Results

The table on page 4 shows the Fund’s performance compared to its benchmark, the Standard & Poor’s (S&P) 500 Stock Index, for the six- and 12-month periods ended February 28, 2011.

The Fund outperformed the benchmark during the six-month period ended February 28, 2011, but underperformed during the 12-month period ended February 28, 2011, without sales charges. The Fund’s value portfolio (the U.S. Value Underlying Portfolio) and growth portfolio (the U.S. Large Cap Growth Underlying Portfolio) outperformed their respective benchmarks, the Russell 1000 Value Index and the Russell 1000 Growth Index, during the six-month period, and both underperformed their respective benchmarks during the 12-month period.

For the six-month period, security selection drove most of the Fund’s premium to the benchmark. Stock selection in materials holdings contributed most, while health care was the only sector in which stock selection meaningfully detracted. In terms of sector selection, an underweight in utilities contributed, but was partially offset by the negative impact of holding operational cash.

For the 12-month period, stock selection depressed performance. Financials and health care holdings were among the largest detractors, while technology and materials holdings led the contributors. Sector positioning contributed modestly to

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 1

performance, most notably the overweight position in consumer discretionary and underweight in consumer staples. Operational cash was the biggest drag on results at the sector level.

The Fund did not utilize leverage or derivatives during either the six- or 12-month periods.

Market Review and Investment Strategy

Despite challenges that threatened to slow the global economic recovery, equity markets, as measured by the S&P 500 Stock Index, delivered strong gains, rising 22.58% for the 12-month period ended February 28, 2011. Regulatory reform, the European sovereign debt crisis and fears of a double-dip recession resulted in a steep decline in equity markets in the second quarter of 2010. No sector was immune from the selloff, with economically sensitive sectors such as materials, energy, industrials and technology hit the hardest, along with financials, which were also weighed down by concerns about regulatory reform. Actions taken by policy makers in the third quarter, notably the

European Central Bank’s deal with Greece in July and U.S. Federal Reserve Chairman Ben Bernanke’s announcement of plans to inject liquidity into the financial markets in August, ignited another rally. This continued through the rest of 2010 and the first two months of 2011, aided by the market response in December to the U.S. tax package and encouraging economic data.

The Fund’s Blend Strategies Team (the “Team”) believes equity markets remain attractively valued versus their own history and are even more compelling versus the fixed-income alternative. The opportunity to add value through research-based active management is also large. Two years after the market collapse, risk-averse investors have focused on macroeconomic trends and hedging equity risk, resulting in pricing anomalies that the Team seeks to identify and exploit. As a result of the complementary attributes of the U.S. Value and U.S. Large Cap Growth Underlying Portfolios, the Team believes the Fund offers above-average growth potential at market-like valuations.

2 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

HISTORICAL PERFORMANCE

An Important Note About the Value of Historical Performance

The performance shown on the following pages represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

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

All fees and expenses related to the operation of the 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 Standard & Poor’s (S&P^®) 500 Stock, Russell 1000^® Value and Russell 1000^® Growth Indices do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The S&P 500 Stock Index includes 500 U.S. stocks and is a common representation of the performance of the overall U.S. stock market. The Russell 1000 Value Index represents the performance of 1000 large-cap value companies within the U.S. The Russell 1000 Growth Index represents the performance of 1000 large-cap growth companies within the U.S. 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)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 3

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

THE FUND VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein Blended Style Funds U.S. Large Cap Portfolio*
Class A		30.36%		18.74%
Class B**		29.88%		17.98%
Class C		30.01%		17.95%
Advisor Class†		30.57%		19.21%
Class R†		30.18%		18.51%
Class K†		30.26%		18.87%
Class I†		30.59%		19.27%
S&P 500 Stock Index		27.73%		22.58%
*    Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the 12-month period ended February 28, 2011 by 0.01% for all share classes. **  Effective January 31, 2009, Class B Shares are no longer available for purchase to new investors. Please see Note A for additional information. †     Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.       Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

See Historical Performance and Benchmark disclosures on previous page.

(Historical Performance continued on next page.)

4 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV Returns			SEC Returns
Class A Shares
1 Year		18.74	%		13.68	%
5 Years		-0.41	%		-1.27	%
Since Inception*		4.21	%		3.69	%
Class B Shares
1 Year		17.98	%		13.98	%
5 Years		-1.12	%		-1.12	%
Since Inception*		3.52	%		3.52	%
Class C Shares
1 Year		17.95	%		16.95	%
5 Years		-1.12	%		-1.12	%
Since Inception*		3.49	%		3.49	%
Advisor Class Shares†
1 Year		19.21	%		19.21	%
5 Years		-0.14	%		-0.14	%
Since Inception*		4.53	%		4.53	%
Class R Shares†
1 Year		18.51	%		18.51	%
5 Years		-0.62	%		-0.62	%
Since Inception*		1.89	%		1.89	%
Class K Shares†
1 Year		18.87	%		18.87	%
5 Years		-0.39	%		-0.39	%
Since Inception*		1.89	%		1.89	%
Class I Shares†
1 Year		19.27	%		19.27	%
5 Years		-0.03	%		-0.03	%
Since Inception*		2.24	%		2.24	%

The Fund’s current prospectus fee table shows the Fund’s total annual expense ratios as 1.97%, 2.73%, 2.70%, 1.67%, 2.13%, 1.91% and 1.50% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

* Inception Dates: 7/15/02 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

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

See Historical Performance disclosures on page 3.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 5

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
Class A Shares
1 Year		6.91	%
5 Years		-1.38	%
Since Inception*		3.63	%
Class B Shares
1 Year		6.76	%
5 Years		-1.24	%
Since Inception*		3.46	%
Class C Shares
1 Year		9.75	%
5 Years		-1.22	%
Since Inception*		3.41	%
Advisor Class Shares†
1 Year		12.01	%
5 Years		-0.21	%
Since Inception*		4.47	%
Class R Shares†
1 Year		11.28	%
5 Years		-0.72	%
Since Inception*		1.84	%
Class K Shares†
1 Year		11.58	%
5 Years		-0.48	%
Since Inception*		1.83	%
Class I Shares†
1 Year		12.02	%
5 Years		-0.14	%
Since Inception*		2.17	%

* Inception Dates: 7/15/02 for Class A, Class B, Class C and Advisor Class shares; 2/17/04 for Class R shares; 3/1/05 for Class K and Class I shares.

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

See Historical Performance disclosures on page 3.

(Historical Performance continued on next page)

6 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

EACH UNDERLYING PORTFOLIO* VS. ITS BENCHMARK PERIODS ENDED FEBRUARY 28, 2011	NAV Returns
	6 Months		12 Months
AllianceBernstein U.S. Value Portfolio		28.17%		19.69%
Russell 1000 Value Index		26.30%		22.16%
AllianceBernstein U.S. Large Cap Growth Portfolio		34.44%		21.61%
Russell 1000 Growth Index		31.04%		24.94%

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 28, 2011
	NAV/SEC Returns†
AllianceBernstein U.S. Value Portfolio
1 Year		19.69	%
5 Years		0.10	%
Since Inception(a)		1.90	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		21.61	%
5 Years		1.83	%
Since Inception(a)		4.88	%
SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (MARCH 31, 2011)
	SEC Returns
AllianceBernstein U.S. Value Portfolio
1 Year		12.12	%
5 Years		-0.09	%
Since Inception(a)		1.88	%
AllianceBernstein U.S. Large Cap Growth Portfolio
1 Year		14.62	%
5 Years		1.83	%
Since Inception(a)		4.78	%

* 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 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.

^(a)  Inception date: 5/20/05.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 7

Historical Performance

FUND EXPENSES

(unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2010				Ending Account Value February 28, 2011				Expenses Paid During Period*
	Actual		Hypothetical		Actual		Hypothetical**		Actual		Hypothetical
Class A	$	1,000	$	1,000	$	1,303.64	$	1,016.66	$	9.37	$	8.20
Class B	$	1,000	$	1,000	$	1,298.82	$	1,013.19	$	13.34	$	11.68
Class C	$	1,000	$	1,000	$	1,300.14	$	1,013.19	$	13.35	$	11.68
Advisor Class	$	1,000	$	1,000	$	1,305.69	$	1,018.15	$	7.66	$	6.71
Class R	$	1,000	$	1,000	$	1,301.79	$	1,015.67	$	10.50	$	9.20
Class K	$	1,000	$	1,000	$	1,302.64	$	1,016.91	$	9.08	$	7.95
Class I	$	1,000	$	1,000	$	1,305.87	$	1,018.15	$	7.66	$	6.71

* Expenses are equal to the classes’ annualized expense ratios of 1.64%, 2.34%, 2.34%, 1.34%, 1.84%, 1.59% and 1.34%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses of the underlying portfolios in which the Fund invests are not included herein.

** Assumes 5% return before expenses.

8 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Fund Expenses

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $46.8

* All data are as of February 28, 2011. The Fund’s holdings breakdown is expressed as a percentage of total investments and may vary over time.

The Fund invests in the AllianceBernstein Underlying Portfolios. For more details regarding the Fund’s holdings, including specific breakdowns within the Underlying Portfolios, please refer to pages 33-43.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 9

Portfolio Summary

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
MUTUAL FUNDS – 100.4%
The AllianceBernstein Pooling Portfolios - Equity – 100.4%
U.S. Large Cap Growth Portfolio		1,960,131	$	23,443,163
U.S. Value Portfolio		2,588,759		23,557,711
Total Investments – 100.4% (cost $38,250,176)				47,000,874
Other assets less liabilities – (0.4)%				(180,053	)
Net Assets – 100.0%			$	46,820,821

See notes to financial statements.

10 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

February 28, 2011 (unaudited)

Assets
Investments in affiliated Underlying Portfolios, at value (cost $38,250,176)	$	47,000,874
Receivable for capital stock sold		330,617
Receivable for investments sold		75,807
Total assets		47,407,298
Liabilities
Payable for capital stock redeemed		456,047
Distribution fee payable		19,874
Administrative fee payable		8,376
Transfer Agent fee payable		7,515
Advisory fee payable		974
Accrued expenses		93,691
Total liabilities		586,477
Net Assets	$	46,820,821
Composition of Net Assets
Capital stock, at par	$	4,586
Additional paid-in capital		45,732,468
Accumulated net investment loss		(65,457	)
Accumulated net realized loss on investment transactions		(7,601,474	)
Net unrealized appreciation on investments		8,750,698
	$	46,820,821

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	24,240,972		2,333,103	$	10.39	*
B	$	8,694,801		877,568	$	9.91
C	$	9,202,933		928,005	$	9.92
Advisor	$	2,732,647		258,941	$	10.55
R	$	99,230		9,744	$	10.18
K	$	1,850,138		179,051	$	10.33
I	$	100.42		9.599	$	10.46

* The maximum offering price per share for Class A shares was $10.85 which reflects a sales charge of 4.25%.

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 11

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2011 (unaudited)

Investment Income
Income distributions from affiliated Underlying Portfolios				$	359,700
Expenses
Advisory fee (see Note B)	$	145,254
Distribution fee—Class A		30,903
Distribution fee—Class B		47,251
Distribution fee—Class C		45,153
Distribution fee—Class R		221
Distribution fee—Class K		2,183
Transfer agency—Class A		25,599
Transfer agency—Class B		14,547
Transfer agency—Class C		12,332
Transfer agency—Advisor Class		3,413
Transfer agency—Class R		82
Transfer agency—Class K		1,747
Transfer agency—Class I		248
Registration fees		51,000
Administrative		32,741
Custodian		29,684
Directors’ fees		25,488
Legal		22,696
Printing		20,606
Audit		14,085
Miscellaneous		18,331
Total expenses		543,564
Less: expenses waived and reimbursed by the Adviser (see Note B)		(118,407	)
Net expenses					425,157
Net investment loss					(65,457	)
Realized and Unrealized Gain on Investment Transactions
Net realized gain on sale of affiliated Underlying Portfolio shares					745,248
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios					11,003,710
Net gain on investment transactions					11,748,958
Net Increase in Net Assets from Operations				$	11,683,501

See notes to financial statements.

12 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(65,457	)	$	(117,839	)
Net realized gain (loss) on sale of affiliated Underlying Portfolio shares		745,248			(70,963	)
Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios		11,003,710			190,793
Net increase in net assets from operations		11,683,501			1,991
Distributions to Shareholders from
Net realized gain on investment transactions
Class A		– 0	–		(69,708	)
Class B		– 0	–		(37,724	)
Class C		– 0	–		(34,122	)
Advisor Class		– 0	–		(12,837	)
Class R		– 0	–		(339	)
Class K		– 0	–		(4,724	)
Class I		– 0	–		(4,683	)
Capital Stock Transactions
Net decrease		(5,777,186	)		(15,456,099	)
Total increase (decrease)		5,906,315			(15,618,245	)
Net Assets
Beginning of period		40,914,506			56,532,751
End of period (including accumulated net investment loss of ($65,457) and ($0), respectively)	$	46,820,821		$	40,914,506

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 13

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

February 28, 2011 (unaudited)

NOTE A

Significant Accounting Policies

AllianceBernstein Blended Style Series, Inc. (the “Company”) was organized as a Maryland corporation on April 24, 2002 and is registered under the Investment Company Act of 1940, as a diversified open-end management investment company. The Company operates as a series company currently comprised of the U.S. Large Cap Portfolio (the “Fund”) and the twelve portfolios of the AllianceBernstein Retirement Strategies (the “Funds”). Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the U.S. Large Cap Portfolio. The 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 Mutual 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

14 •  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 February 28, 2011:

Investments in Underlying Portfolios	Level 1		Level 2		Level 3		Total
Investment Companies	$	47,000,874	$	—	$	—	$	47,000,874

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

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 15

Notes to Financial Statements

taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the 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 six months ended February 28, 2011, such reimbursement amounted to $118,407. 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.

16 •  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 six months ended February 28, 2011, such fee amounted to $32,741.

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 $20,924 for the six months ended February 28, 2011.

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 $416 from the sale of Class A shares and received $68, $929 and $266 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the six months ended February 28, 2011.

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 $0, $12,397, $1,233, and $12,847 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  • 17

Notes to Financial Statements

NOTE D

Investment Transactions

Purchases and sales of investments in the Underlying Portfolios, aggregated $2,139,259 and $7,972,105, respectively, for the six months ended February 28, 2011.

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

Gross unrealized appreciation	$	8,750,698
Gross unrealized depreciation		– 0	–
Net unrealized appreciation	$	8,750,698

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).

18 •  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
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Class A
Shares sold		231,838			241,864		$	2,321,259		$	2,133,080
Shares issued in reinvestment of distributions		– 0	–		7,527			– 0	–		65,259
Shares converted from Class B		215,714			101,515			2,032,082			863,433
Shares redeemed		(290,866	)		(1,101,348	)		(2,783,343	)		(9,544,819	)
Net increase (decrease)		156,686			(750,442	)	$	1,569,998		$	(6,483,047	)
Class B
Shares sold		11,617			34,789		$	104,262		$	291,509
Shares issued in reinvestment of distributions		– 0	–		4,188			– 0	–		34,929
Shares converted to Class A		(225,836	)		(105,806	)		(2,032,082	)		(863,433	)
Shares redeemed		(143,023	)		(343,716	)		(1,280,806	)		(2,882,233	)
Net decrease		(357,242	)		(410,545	)	$	(3,208,626	)	$	(3,419,228	)
Class C
Shares sold		26,409			48,404		$	236,675		$	408,321
Shares issued in reinvestment of distributions		– 0	–		3,738			– 0	–		31,217
Shares redeemed		(202,962	)		(420,632	)		(1,820,311	)		(3,518,456	)
Net decrease		(176,553	)		(368,490	)	$	(1,583,636	)	$	(3,078,918	)
Advisor Class
Shares sold		14,383			72,259		$	136,546		$	629,657
Shares issued in reinvestment of distributions		– 0	–		1,169			– 0	–		10,248
Shares redeemed		(79,227	)		(336,615	)		(751,339	)		(2,927,082	)
Net decrease		(64,844	)		(263,187	)	$	(614,793	)	$	(2,287,177	)

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 19

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010			Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31, 2010
Class R
Shares sold		844			6,638		$	7,967		$	57,420
Shares issued in reinvestment of distributions		– 0	–		37			– 0	–		319
Shares redeemed		(679	)		(10,026	)		(6,408	)		(90,145	)
Net increase (decrease)		165			(3,351	)	$	1,559		$	(32,406	)
Class K
Shares sold		18,357			55,361		$	171,481		$	480,974
Shares issued in reinvestment of distributions		– 0	–		549			– 0	–		4,724
Shares redeemed		(30,808	)		(76,145	)		(294,902	)		(645,704	)
Net decrease		(12,451	)		(20,235	)	$	(123,421	)	$	(160,006	)
Class I
Shares issued in reinvestment of distributions		– 0	–		539		$	– 0	–	$	4,683
Shares redeemed		(187,837	)		– 0	–		(1,818,267	)		– 0	–
Net increase (decrease)		(187,837	)		539		$	(1,818,267	)	$	4,683

NOTE F

Risks Involved in Investing in the Fund

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

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

20 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

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 six months ended February 28, 2011.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2011 will be determined at the end of the current fiscal year. 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.

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

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 21

Notes to Financial Statements

NOTE I

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.

22 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

	Class A
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  7.97			$  8.15			$  11.11			$  14.18			$  13.31			$  12.89
Income From Investment Operations
Net investment income (loss)(a)		(.00	)(b)(c)		.00	(b)(c)		.05	(c)		.12			.07	(c)		(.02	)(c)
Net realized and unrealized gain (loss) on investment transactions		2.42			(.15	)		(2.24	)		(2.18	)		1.59			.98
Net increase (decrease) in net asset value from operations		2.42			(.15	)		(2.19	)		(2.06	)		1.66			.96
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		(.12	)		(.13	)		(.00	)(b)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		– 0	–		(.03	)		(.77	)		(1.01	)		(.79	)		(.54	)
Net asset value, end of period		$  10.39			$  7.97			$  8.15			$  11.11			$  14.18			$  13.31
Total Return
Total investment return based on net asset value(d)		30.36	%		(1.93	)%*		(18.45	)%		(15.55	)%		12.70	%		7.47	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$24,241			$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)(g)		1.64	%(g)		1.82	%		1.42	%		1.31	%		1.36	%(g)
Expenses, before waivers/reimbursements(e)		2.16	%(f)(g)		1.96	%(g)		1.92	%		1.42	%		1.34	%		1.41	%(g)
Net investment income (loss)		(.10	)%(c)(f)(g)		.05	%(c)(g)		.66	%(c)		.95	%		.52	%(c)		(.13	)%(c)(g)
Portfolio turnover rate		5	%		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 30.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 23

Financial Highlights

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

	Class B
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  7.63			$  7.85			$  10.68			$  13.65			$  12.93			$  12.63
Income From Investment Operations
Net investment income (loss)(a)		(.03	)(c)		(.05	)(c)		(.00	)(b)(c)		.03			(.02	)(c)		(.11	)(c)
Net realized and unrealized gain (loss) on investment transactions		2.31			(.14	)		(2.16	)		(2.11	)		1.53			.95
Net increase (decrease) in net asset value from operations		2.28			(.19	)		(2.16	)		(2.08	)		1.51			.84
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		(.02	)		(.01	)		– 0	–		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		– 0	–		(.03	)		(.67	)		(.89	)		(.79	)		(.54	)
Net asset value, end of period		$  9.91			$  7.63			$  7.85			$  10.68			$  13.65			$  12.93
Total Return
Total investment return based on net asset value(d)		29.88	%		(2.51	)%*		(19.07	)%		(16.19	)%		11.86	%		6.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$8,695			$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)(g)		2.34	%(g)		2.55	%		2.16	%		2.04	%		2.09	%(g)
Expenses, before waivers/reimbursements(e)		2.91	%(f)(g)		2.72	%(g)		2.69	%		2.16	%		2.07	%		2.14	%(g)
Net investment income (loss)		(.71	)%(c)(f)(g)		(.65	)%(c)(g)		0	%(c)(h)		.24	%		(.18	)%(c)		(.84	)%(c)(g)
Portfolio turnover rate		5	%		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 30.

24 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

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

	Class C
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  7.63			$  7.86			$  10.69			$  13.66			$  12.93			$  12.63
Income From Investment Operations
Net investment income (loss)(a)		(.03	)(c)		(.05	)(c)		(.00	)(b)(c)		.03			(.03	)(c)		(.11	)(c)
Net realized and unrealized gain (loss) on investment transactions		2.32			(.15	)		(2.16	)		(2.11	)		1.55			.95
Net increase (decrease) in net asset value from operations		2.29			(.20	)		(2.16	)		(2.08	)		1.52			.84
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		(.02	)		(.01	)		– 0	–		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		– 0	–		(.03	)		(.67	)		(.89	)		(.79	)		(.54	)
Net asset value, end of period		$  9.92			$  7.63			$  7.86			$  10.69			$  13.66			$  12.93
Total Return
Total investment return based on net asset value(d)		30.01	%		(2.64	)%*		(19.05	)%		(16.18	)%		11.95	%		6.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,203			$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)(g)		2.34	%(g)		2.53	%		2.13	%		2.02	%		2.07	%(g)
Expenses, before waivers/reimbursements(e)		2.88	%(f)(g)		2.69	%(g)		2.65	%		2.13	%		2.05	%		2.12	%(g)
Net investment income (loss)		(.71	)%(c)(f)(g)		(.64	)%(c)(g)		(.02	)%(c)		.25	%		(.19	)%(c)		(.83	)%(c)(g)
Portfolio turnover rate		5	%		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 30.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 25

Financial Highlights

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

	Advisor Class
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.08			$  8.24			$  11.24			$  14.35			$  13.46			$  12.99
Income From Investment Operations
Net investment income(a)		.01	(c)		.03	(c)		.09	(c)		.20			.07	(c)		.03	(c)
Net realized and unrealized gain (loss) on investment transactions		2.46			(.16	)		(2.29	)		(2.25	)		1.66			.98
Net increase (decrease) in net asset value from operations		2.47			(.13	)		(2.20	)		(2.05	)		1.73			1.01
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		(.15	)		(.18	)		(.05	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		– 0	–		(.03	)		(.80	)		(1.06	)		(.84	)		(.54	)
Net asset value, end of period		$  10.55			$  8.08			$  8.24			$  11.24			$  14.35			$  13.46
Total Return
Total investment return based on net asset value(d)		30.57	%		(1.66	)%*		(18.19	)%		(15.37	)%		13.06	%		7.81	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,733			$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)(g)		1.34	%(g)		1.51	%		1.09	%		1.02	%		1.05	%(g)
Expenses, before waivers/reimbursements(e)		1.86	%(f)(g)		1.66	%(g)		1.62	%		1.09	%		1.05	%		1.11	%(g)
Net investment income		.27	%(c)(f)(g)		.36	%(c)(g)		1.21	%(c)		1.47	%		.51	%(c)		.20	%(c)(g)
Portfolio turnover rate		5	%		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 30.

26 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

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

	Class R
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  7.82			$  8.01			$  10.97			$  14.03			$  13.22			$  12.85
Income From Investment Operations
Net investment income (loss)(a)		(.01	)(c)		(.01	)(c)		.03	(c)		.06			.02	(c)		(.05	)(c)
Net realized and unrealized gain (loss) on investment transactions		2.37			(.15	)		(2.22	)		(2.12	)		1.61			.96
Net increase (decrease) in net asset value from operations		2.36			(.16	)		(2.19	)		(2.06	)		1.63			.91
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		(.12	)		(.12	)		(.03	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		– 0	–		(.03	)		(.77	)		(1.00	)		(.82	)		(.54	)
Net asset value, end of period		$  10.18			$  7.82			$  8.01			$  10.97			$  14.03			$  13.22
Total Return
Total investment return based on net asset value(d)		30.18	%		(2.09	)%*		(18.66	)%		(15.71	)%		12.52	%		7.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$99			$75			$103			$99			$63			$13
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.84	%(f)(g)		1.84	%(g)		2.04	%		1.62	%		1.50	%		1.64	%(g)
Expenses, before waivers/reimbursements(e)		2.30	%(f)(g)		2.12	%(g)		2.10	%		1.62	%		1.53	%		1.69	%(g)
Net investment income (loss)		(.30	)%(c)(f)(g)		(.17	)%(c)(g)		.35	%(c)		.49	%		.17	%(c)		(.41	)%(c)(g)
Portfolio turnover rate		5	%		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 30.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 27

Financial Highlights

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

	Class K
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  7.93			$  8.10			$  11.08			$  14.19			$  13.31			$  12.90
Income From Investment Operations
Net investment income (loss)(a)		.00	(b)(c)		(.00	)(b)(c)		.04	(c)		.11			(.10	)(c)		(.02	)(c)
Net realized and unrealized gain (loss) on investment transactions		2.40			(.14	)		(2.23	)		(2.17	)		1.78			.97
Net increase (decrease) in net asset value from operations		2.40			(.14	)		(2.19	)		(2.06	)		1.68			.95
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		(.14	)		(.17	)		(.01	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		– 0	–		(.03	)		(.79	)		(1.05	)		(.80	)		(.54	)
Net asset value, end of period		$  10.33			$  7.93			$  8.10			$  11.08			$  14.19			$  13.31
Total Return
Total investment return based on net asset value(d)		30.26	%		(1.81	)%*		(18.41	)%		(15.58	)%		12.84	%		7.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,850			$1,518			$1,715			$960			$1,302			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.59	%(f)(g)		1.59	%(g)		1.81	%		1.43	%		1.58	%		1.37	%(g)
Expenses, before waivers/reimbursements(e)		2.06	%(f)(g)		1.90	%(g)		1.87	%		1.43	%		1.63	%		1.42	%(g)
Net investment income (loss)		.02	%(c)(f)(g)		(.01	)%(c)(g)		.49	%(c)		.89	%		(1.20	)%(c)		(.13	)%(c)(g)
Portfolio turnover rate		5	%		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 30.

28 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

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

	Class I
	Six Months Ended February 28, 2011 (unaudited)			Year Ended August 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period		$  8.01			$  8.16			$  11.17			$  14.25			$  13.38			$  12.92
Income From Investment Operations
Net investment income (loss)(a)		.06	(c)		.03	(c)		.08	(c)		.17			.08	(c)		(.02	)(c)
Net realized and unrealized gain (loss) on investment transactions		2.39			(.15	)		(2.27	)		(2.18	)		1.64			1.02
Net increase (decrease) in net asset value from operations		2.45			(.12	)		(2.19	)		(2.01	)		1.72			1.00
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		– 0	–		(.17	)		(.19	)		(.06	)		– 0	–
Distributions from net realized gain on investment transactions		– 0	–		(.03	)		(.65	)		(.88	)		(.79	)		(.54	)
Tax return of capital		– 0	–		– 0	–		(.00	)(b)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		– 0	–		(.03	)		(.82	)		(1.07	)		(.85	)		(.54	)
Net asset value, end of period		$  10.46			$  8.01			$  8.16			$  11.17			$  14.25			$  13.38
Total Return
Total investment return based on net asset value(d)		30.59	%		(1.56	)%*		(18.16	)%		(15.15	)%		13.09	%		7.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$– 0	–(i)		$1,504			$1,529			$2,228			$2,696			$277
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.34	%(f)(g)		1.34	%(g)		1.42	%		1.01	%		.96	%		.97	%(g)
Expenses, before waivers/reimbursements(e)		1.64	%(f)(g)		1.49	%(g)		1.43	%		1.01	%		.99	%		1.02	%(g)
Net investment income (loss)		1.30	%(c)(f)(g)		.30	%(c)(g)		1.12	%(c)		1.33	%		.62	%(c)		(.19	)%(c)(g)
Portfolio turnover rate		5	%		4	%		8	%		10	%		19	%		6	%

See footnote summary on page 30.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 29

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 six months ended February 28, 2011 and 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%, .01%, .02%, .02%, .02%, and .04%, respectively.

(f) Annualized.

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

(h) Amount is less than .005%.

(i) Amount is less than $500.

* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended August 31, 2010 by 0.02%.

See notes to financial statements.

30 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Financial Highlights

RESULTS OF SHAREHOLDERS MEETING

(unaudited)

The Annual Meeting of Shareholders of the AllianceBernstein Blended Style Series, Inc. (the “Fund”) was held on November 5, 2010 and adjourned until December 16, 2010 and January 5, 2011. At the December 16, 2010 Meeting, with respect to the first item of business, the election of Directors for the Fund, the required number of outstanding shares were voted in favor of the proposal. At the January 5, 2011 Meeting, with respect to the fifth item of business, changes to the fundamental policy of the Portfolio regarding commodities, and with respect to the sixth item of business, the reclassification of certain of the Portfolio’s fundamental investment objectives as non-fundamental, the required number of outstanding shares were voted in favor of the proposals, and each proposal was approved. With respect to the fourth item of business, to amend and restate the charter of the Fund, an insufficient number of required outstanding shares were voted in favor of the proposal and, therefore the proposal was not approved. A description of each proposal and number of shares voted at the Meetings are as follows (the proposal numbers shown below correspond to the proposal numbers in the Fund’s proxy statement):

	Voted For	Withheld Authority
1. The election of the Directors, each such Director to serve a term of an indefinite duration and until his or her successor is duly elected and qualifies.
John H. Dobkin	67,008,271	11,718,921
Michael J. Downey	67,027,498	11,699,694
William H. Foulk, Jr.	67,013,067	11,714,125
D. James Guzy	67,003,151	11,724,041
Nancy P. Jacklin	66,971,030	11,756,162
Robert M. Keith	67,002,502	11,724,689
Garry L. Moody	67,001,245	11,725,947
Marshall C. Turner, Jr.	67,004,372	11,722,820
Earl D. Weiner	66,968,278	11,758,914

	Voted For	Voted Against	Abstained	Broker Non-Votes
4. Approve the amendment and restatement of the Fund’s Charter, which would repeal in its entirety all currently existing charter provisions and substitute in lieu thereof the new provisions set forth in the Form of Articles of Amendment and Restatement attached to the Proxy Statement as Appendix C.	56,215,286	4,340,220	7,511,920	12,063,480
5. Approve the amendment of the Portfolio’s fundamental policy regarding commodities.	1,867,468	72,691	217,987	561,970
6. Approve the reclassification of certain of the Portfolio’s fundamental investment objectives as non-fundamental.	1,843,535	96,912	217,699	561,970

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 31

Results of Shareholders Meeting

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⁾

Robert M. Keith, President and Chief Executive Officer

Garry L. Moody⁽¹⁾

Marshall C. Turner, Jr.⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

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

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.

32 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

Board of Directors

The information on pages 33-43 represent the holdings of the Underlying Portfolios in which the Fund may invest, including specific breakdowns within Underlying Portfolios. This holdings information has been derived from each fund’s February 28, 2011 financial statements. A copy of the Underlying Portfolios’ unaudited semi-annual report is available upon request.

PORTFOLIO SUMMARY

February 28, 2011 (unaudited)

U.S. VALUE PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $2,334.0

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO STATISTICS

Net Assets ($mil): $2,324.3

* All data are as of February 28, 2011. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 33

Portfolio Summary

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.2%
Consumer Discretionary – 20.2%
Auto Components – 1.6%
Lear Corp.(a)		152,900	$	16,176,820
TRW Automotive Holdings Corp.(a)		382,500		21,726,000
				37,902,820
Automobiles – 0.9%
Ford Motor Co.(a)		1,010,000		15,200,500
General Motors Co.(a)		163,600		5,485,508
				20,686,008
Hotels, Restaurants & Leisure – 0.5%
Royal Caribbean Cruises Ltd.(a)		246,200		10,781,098
Household Durables – 1.9%
Fortune Brands, Inc.		178,400		11,035,824
Garmin Ltd.		525,700		17,847,515
NVR, Inc.(a)		21,100		15,357,846
				44,241,185
Media – 9.2%
Cablevision Systems Corp.		80,400		2,962,740
Comcast Corp. – Class A		1,931,000		49,742,560
DIRECTV(a)		553,000		25,421,410
Gannett Co., Inc.		874,400		14,436,344
Interpublic Group of Cos., Inc. (The)(a)		791,100		10,442,520
News Corp. – Class A		1,800,400		31,272,948
Time Warner Cable, Inc. – Class A		495,800		35,786,844
Time Warner, Inc.		658,900		25,169,980
Viacom, Inc. – Class B		453,700		20,262,242
				215,497,588
Multiline Retail – 1.5%
Kohl’s Corp.(a)		348,700		18,791,443
Macy’s, Inc.		637,600		15,238,640
				34,030,083
Specialty Retail – 4.6%
Foot Locker, Inc.		783,900		15,576,093
Gap, Inc. (The)		857,500		19,319,475
Limited Brands, Inc.		362,300		11,600,846
Lowe’s Cos., Inc.		793,400		20,763,278
Office Depot, Inc.(a)		1,962,100		10,418,751
Ross Stores, Inc.		269,300		19,400,372
TJX Cos., Inc.		223,700		11,155,919
				108,234,734
				471,373,516

34 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Financials – 16.5%
Capital Markets – 2.1%
Goldman Sachs Group, Inc. (The)		135,500	$	22,192,190
Morgan Stanley		927,500		27,528,200
				49,720,390
Commercial Banks – 4.8%
BB&T Corp.		631,200		17,421,120
Comerica, Inc.		325,300		12,654,170
Fifth Third Bancorp		753,600		11,002,560
Wells Fargo & Co.		2,203,100		71,072,006
				112,149,856
Consumer Finance – 0.8%
Capital One Financial Corp.		369,300		18,380,061
Diversified Financial Services – 5.5%
Bank of America Corp.		770,900		11,016,161
Citigroup, Inc.(a)		4,849,800		22,697,064
JPMorgan Chase & Co.		2,000,700		93,412,683
				127,125,908
Insurance – 3.3%
ACE Ltd.		284,400		17,988,300
Allstate Corp. (The)		189,300		6,015,954
Berkshire Hathaway, Inc.(a)		184,400		16,094,432
Chubb Corp.		116,800		7,087,424
Travelers Cos., Inc. (The)		499,500		29,935,035
				77,121,145
				384,497,360
Energy – 15.3%
Energy Equipment & Services – 2.2%
Ensco PLC (Sponsored ADR)		426,900		23,949,090
McDermott International, Inc.(a)		532,000		12,209,400
Nabors Industries Ltd.(a)		477,200		13,585,884
				49,744,374
Oil, Gas & Consumable Fuels – 13.1%
Chevron Corp.		514,400		53,369,000
ConocoPhillips		490,900		38,226,383
Devon Energy Corp.		553,400		50,602,896
Forest Oil Corp.(a)		519,300		18,429,957
Hess Corp.		326,400		28,406,592
Marathon Oil Corp.		803,700		39,863,520
Newfield Exploration Co.(a)		341,300		24,843,227
Nexen, Inc. (New York)		1,013,600		27,681,416
Occidental Petroleum Corp.		43,000		4,384,710
Southern Union Co.		478,800		13,655,376

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 35

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Tesoro Corp.(a)		292,900	$	6,965,162
				306,428,239
				356,172,613
Health Care – 11.1%
Biotechnology – 1.7%
Amgen, Inc.(a)		344,100		17,662,653
Gilead Sciences, Inc.(a)		565,800		22,054,884
				39,717,537
Health Care Providers & Services – 1.1%
Health Net, Inc.(a)		305,800		8,996,636
UnitedHealth Group, Inc.		406,400		17,304,512
				26,301,148
Pharmaceuticals – 8.3%
AstraZeneca PLC (Sponsored ADR)		734,300		36,105,531
Forest Laboratories, Inc.(a)		98,700		3,197,880
Johnson & Johnson		1,175,500		72,222,720
Merck & Co., Inc.		81,900		2,667,483
Pfizer, Inc.		4,153,500		79,913,340
				194,106,954
				260,125,639
Industrials – 8.5%
Aerospace & Defense – 2.4%
Northrop Grumman Corp.		626,000		41,741,680
Raytheon Co.		255,600		13,089,276
				54,830,956
Airlines – 0.9%
Delta Air Lines, Inc.(a)		1,967,800		22,118,072
Industrial Conglomerates – 2.0%
General Electric Co.		2,245,500		46,975,860
Machinery – 3.2%
Eaton Corp.		167,122		18,513,775
Ingersoll-Rand PLC		523,700		23,723,610
Parker Hannifin Corp.		295,600		26,361,608
SPX Corp.		47,400		3,780,624
Terex Corp.(a)		77,550		2,617,313
				74,996,930
				198,921,818
Consumer Staples – 7.7%
Beverages – 0.8%
Constellation Brands, Inc. – Class A(a)		952,000		19,344,640

36 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Food & Staples Retailing – 0.7%
Kroger Co. (The)		518,600	$	11,875,940
Safeway, Inc.		250,350		5,462,637
				17,338,577
Food Products – 3.0%
Archer-Daniels-Midland Co.		537,400		19,980,532
Bunge Ltd.		335,600		24,220,252
ConAgra Foods, Inc.		346,500		8,024,940
Sara Lee Corp.		273,525		4,682,748
Smithfield Foods, Inc.(a)		512,500		11,864,375
				68,772,847
Household Products – 2.5%
Kimberly-Clark Corp.		303,400		19,994,060
Procter & Gamble Co. (The)		622,700		39,261,235
				59,255,295
Tobacco – 0.7%
Altria Group, Inc.		607,000		15,399,590
				180,110,949
Telecommunication Services – 4.9%
Diversified Telecommunication Services – 3.9%
AT&T, Inc.		1,672,800		47,474,064
CenturyLink, Inc.		447,200		18,415,696
Verizon Communications, Inc.		676,900		24,991,148
				90,880,908
Wireless Telecommunication Services – 1.0%
Vodafone Group PLC (Sponsored ADR)		818,200		23,416,884
				114,297,792
Utilities – 4.8%
Electric Utilities – 1.2%
Edison International		420,800		15,620,096
NV Energy, Inc.		865,500		12,714,195
				28,334,291
Gas Utilities – 1.1%
Atmos Energy Corp.		396,300		13,402,866
UGI Corp.		378,917		12,083,663
				25,486,529
Independent Power Producers & Energy Traders – 0.7%
Constellation Energy Group, Inc.		540,500		16,793,335

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 37

U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Multi-Utilities – 1.8%
Ameren Corp.		273,500	$	7,647,060
CenterPoint Energy, Inc.		383,800		6,087,068
CMS Energy Corp.		666,800		12,842,568
NiSource, Inc.		731,600		14,017,456
				40,594,152
				111,208,307
Materials – 4.2%
Chemicals – 2.2%
Dow Chemical Co. (The)		888,900		33,031,524
EI du Pont de Nemours & Co.		149,800		8,219,526
LyondellBasell Industries NV(a)		277,700		10,574,816
				51,825,866
Metals & Mining – 2.0%
Alcoa, Inc.		1,517,700		25,573,245
Commercial Metals Co.		423,200		7,054,744
Reliance Steel & Aluminum Co.		133,000		7,358,890
Steel Dynamics, Inc.		396,800		7,324,928
				47,311,807
				99,137,673
Information Technology – 4.0%
Communications Equipment – 0.2%
Motorola Solutions, Inc.(a)		117,228		4,529,690
Computers & Peripherals – 2.8%
Dell, Inc.(a)		2,580,400		40,847,732
Hewlett-Packard Co.		541,200		23,612,556
				64,460,288
Electronic Equipment, Instruments & Components – 0.5%
Tyco Electronics Ltd.		309,400		11,150,776
Semiconductors & Semiconductor Equipment – 0.5%
Advanced Semiconductor Engineering, Inc. (ADR)		38,100		217,932
Intel Corp.		580,600		12,465,482
				12,683,414
				92,824,168
Total Common Stocks (cost $1,863,722,167)				2,268,669,835

38 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

U.S. Value 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, 0.17%(b) (cost $36,476,008)		36,476,008	$	36,476,008
Total Investments – 98.8% (cost $1,900,198,175)				2,305,145,843
Other assets less liabilities – 1.2%				28,806,198
Net Assets – 100.0%			$	2,333,952,041

(a) Non-income producing security.

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

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 39

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 28, 2011 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.3%
Information Technology – 30.4%
Communications Equipment – 4.0%
Cisco Systems, Inc.(a)		928,200	$	17,227,392
Juniper Networks, Inc.(a)		549,500		24,178,000
QUALCOMM, Inc.		511,300		30,463,254
Riverbed Technology, Inc.(a)		536,500		22,152,085
				94,020,731
Computers & Peripherals – 9.8%
Apple, Inc.(a)		462,000		163,183,020
EMC Corp.(a)		2,351,407		63,981,784
				227,164,804
Internet Software & Services – 4.6%
Google, Inc. – Class A(a)		174,050		106,762,270
IT Services – 1.5%
Accenture PLC		705,581		36,323,310
Semiconductors & Semiconductor Equipment – 3.4%
Broadcom Corp. – Class A		964,857		39,771,406
Intel Corp.		782,696		16,804,483
Marvell Technology Group Ltd.(a)		1,207,400		22,071,272
				78,647,161
Software – 7.1%
Citrix Systems, Inc.(a)		579,300		40,643,688
Intuit, Inc.(a)		572,900		30,123,082
Oracle Corp.		2,082,100		68,501,090
Rovi Corp.(a)		461,500		25,576,330
				164,844,190
				707,762,466
Consumer Discretionary – 15.8%
Auto Components – 3.0%
BorgWarner, Inc.(a)		256,900		19,938,009
Johnson Controls, Inc.		1,193,300		48,686,640
				68,624,649
Automobiles – 0.6%
Ford Motor Co.(a)		992,100		14,931,105
Hotels, Restaurants & Leisure – 2.4%
Carnival Corp.		533,300		22,755,911
Starbucks Corp.		983,500		32,435,830
				55,191,741
Household Durables – 0.7%
Stanley Black & Decker, Inc.		217,800		16,515,774

40 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

Company	Shares		U.S. $ Value
Internet & Catalog Retail – 1.4%
Amazon.com, Inc.(a)		186,040	$	32,238,872
Media – 4.0%
Comcast Corp. – Class A		566,200		14,585,312
News Corp. – Class A		2,040,600		35,445,222
Walt Disney Co. (The)		997,200		43,617,528
				93,648,062
Multiline Retail – 1.0%
Kohl’s Corp.(a)		423,300		22,811,637
Specialty Retail – 2.7%
Limited Brands, Inc.		1,115,100		35,705,502
Lowe’s Cos., Inc.		1,033,800		27,054,546
				62,760,048
				366,721,888
Financials – 13.7%
Capital Markets – 6.0%
Blackstone Group LP		2,077,300		36,975,940
Goldman Sachs Group, Inc. (The)		625,595		102,459,949
				139,435,889
Commercial Banks – 0.4%
Wells Fargo & Co.		278,800		8,994,088
Diversified Financial Services – 6.2%
CME Group, Inc. – Class A		68,575		21,346,026
JPMorgan Chase & Co.		2,654,300		123,929,267
				145,275,293
Insurance – 1.1%
AON Corp.		491,300		25,862,032
				319,567,302
Industrials – 12.9%
Aerospace & Defense – 2.3%
Goodrich Corp.		346,200		29,852,826
Honeywell International, Inc.		416,100		24,096,351
				53,949,177
Air Freight & Logistics – 2.7%
United Parcel Service, Inc. – Class B		858,370		63,347,706
Electrical Equipment – 4.2%
Cooper Industries PLC		659,300		42,425,955
Emerson Electric Co.		574,411		34,269,360
Rockwell Automation, Inc.		240,700		21,116,611
				97,811,926

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 41

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

Company	Shares		U.S. $ Value
Machinery – 3.5%
Danaher Corp.		1,097,300	$	55,523,380
Deere & Co.		37,520		3,382,428
Flowserve Corp.		167,065		20,878,113
				79,783,921
Professional Services – 0.2%
Nielsen Holdings NV(a)		167,347		4,449,757
				299,342,487
Energy – 12.8%
Energy Equipment & Services – 6.1%
Cameron International Corp.(a)		519,100		30,694,383
Schlumberger Ltd.		1,185,095		110,711,575
				141,405,958
Oil, Gas & Consumable Fuels – 6.7%
EOG Resources, Inc.		368,255		41,358,719
Noble Energy, Inc.		626,400		58,042,224
Occidental Petroleum Corp.		254,900		25,992,153
Southwestern Energy Co.(a)		413,800		16,336,824
Suncor Energy, Inc. (New York)		281,600		13,240,832
				154,970,752
				296,376,710
Health Care – 8.1%
Biotechnology – 2.2%
Celgene Corp.(a)		568,458		30,185,120
Gilead Sciences, Inc.(a)		528,620		20,605,608
				50,790,728
Health Care Equipment & Supplies – 0.9%
Alcon, Inc.		123,305		20,398,346
Health Care Providers & Services – 2.1%
Express Scripts, Inc. – Class A(a)		626,815		35,239,539
McKesson Corp.		175,200		13,889,856
				49,129,395
Pharmaceuticals – 2.9%
Allergan, Inc.		509,000		37,752,530
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		583,000		29,208,300
				66,960,830
				187,279,299
Materials – 5.1%
Chemicals – 5.1%
Dow Chemical Co. (The)		1,444,300		53,670,188
Monsanto Co.		601,661		43,253,409

42 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

Company	Shares		U.S. $ Value
Potash Corp. of Saskatchewan, Inc.		336,600	$	20,734,560
				117,658,157
Consumer Staples – 0.5%
Food & Staples Retailing – 0.5%
Costco Wholesale Corp.		170,400		12,744,216
Total Common Stocks (cost $1,757,909,012)				2,307,452,525
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.17%(b) (cost $20,738,048)		20,738,048		20,738,048
Total Investments – 100.2% (cost $1,778,647,060)				2,328,190,573
Other assets less liabilities – (0.2)%				(3,888,994	)
Net Assets – 100.0%			$	2,324,301,579

(a) Non-income producing security.

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

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 43

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;

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

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.

44 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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.

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

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

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  • 45

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 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

46 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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%

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

8 1 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.

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.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 47

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

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

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.

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.

48 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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

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

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.

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 49

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.

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.

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.

50 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

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.

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.

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

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  • 51

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.

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.

52 •  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

Conservative Wealth Strategy

Wealth Appreciation Strategy

Tax-Managed Balanced Wealth Strategy

Tax-Managed Conservative Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

Blended Style Funds

International Portfolio

Tax-Managed International Portfolio

U.S. Large Cap 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 Discovery Equity Portfolio

International Growth Fund

Value Funds

Domestic

Core Opportunities Fund

Equity Income Fund*

Growth & Income Fund

Small/Mid Cap Value Fund

Value Fund

Global & International

Global Real Estate Investment Fund

Global Value Fund

International Value Fund

Taxable Bond Funds

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Intermediate Bond Portfolio

Short Duration Portfolio

Unconstrained Bond Fund*

Municipal Bond Funds

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

Intermediate Municipal Bond Funds

Intermediate California

Intermediate Diversified

Intermediate New York

Closed-End Funds

Alliance California Municipal Income Fund

Alliance New York Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein Income Fund

AllianceBernstein National Municipal Income Fund

The Ibero-America Fund

Alternatives

Market Neutral Strategy-Global

Market Neutral Strategy-U.S.

Real-Asset Strategy*

Balanced

Balanced Shares

Retirement Strategies Funds

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

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

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 August 31, 2010, Equity Income Fund was named Utility Income Fund. Prior to September 27, 2010, Real-Asset Strategy was named Multi-Asset Inflation Strategy. Prior to February 3, 2011, Unconstrained Bond Fund was named Diversified Yield Fund.

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

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 53

AllianceBernstein Family of Funds

NOTES

54 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

NOTES

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 55

NOTES

56 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

NOTES

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 57

NOTES

58 •  ALLIANCEBERNSTEIN BLENDED STYLE FUNDS

NOTES

ALLIANCEBERNSTEIN BLENDED STYLE FUNDS  • 59

NOTES

60 •  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-0152-0211

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the

3

reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

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

ITEM 12. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

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

(Registrant): AllianceBernstein Blended Style Series, Inc

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

Date: April 25, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: April 25, 2011

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

Date: April 25, 2011

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