N-CSR 1 d409943dncsr.htm ALLIANCEBERNSTEIN BLENDED STYLE SERIES - ALLIANCEBERNSTEIN RETIREMENT STRATEGIES AllianceBernstein Blended Style Series - AllianceBernstein Retirement Strategies

 

 

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, 2012

Date of reporting period: August 31, 2012

 

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

ANNUAL REPORT

 

AllianceBernstein Retirement Strategies

2000 Retirement Strategy

2005 Retirement Strategy

2010 Retirement Strategy

2015 Retirement Strategy

2020 Retirement Strategy

2025 Retirement Strategy

2030 Retirement Strategy

2035 Retirement Strategy

2040 Retirement Strategy

2045 Retirement Strategy

2050 Retirement Strategy

2055 Retirement Strategy

 

 

 

 

 

August 31, 2012

 

Annual Report

 

LOGO

 

Investment Products Offered

 

•Are Not FDIC Insured

•May Lose Value

•Are Not Bank Guaranteed

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

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.

October 25, 2012

 

Annual Report

This report provides management’s discussion of fund performance for the AllianceBernstein Retirement Strategies (collectively, the “Strategies”, individually a “Strategy”) for the annual reporting period ended August 31, 2012.

Investment Objective and Policies

Each Strategy’s investment objective is to seek the highest total return (total return includes capital growth 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 15 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.

The Underlying Portfolios will include the Volatility Management Underlying Portfolio, which is designed to reduce the overall equity market volatility of the Strategy and the effects of adverse equity market conditions on its performance. Under normal market conditions, this Underlying Portfolio will invest predominantly in equity securities. If AllianceBernstein L.P. (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.

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

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     1   

those ranges will expand to 10% of the Strategy’s portfolio due to, among other things, appreciation of one of the asset classes.

Effective December 31, 2011, the Global Core Bond Underlying Portfolio changed its name from the Intermediate Duration Bond Underlying Portfolio, eliminated its policy of limiting its investments in debt securities denominated in currencies other than the U.S. dollar to 20% of its total assets, and adopted non-fundamental policies to invest at least 40% of its assets in securities of non-U.S. issuers. The performance information shown includes periods prior to implementation of these changes and may not be representative of performance the Portfolio will achieve under its new policies. The Underlying Portfolio’s broad-based index used for comparison purposes has changed from the Barclays Capital (“BC”) U.S. Aggregate Bond Index to the BC Global Aggregate Bond Index (U.S. dollar hedged) because the holdings of the new index more closely reflect the Portfolio’s investment strategy.

Effective January 1, 2012, the Strategies’ primary benchmark changed. For a Strategy with a bond allocation of greater than 50%, the primary benchmark is the BC U.S. Aggregate Bond Index, while its secondary benchmarks are the Standard & Poor’s (“S&P”) 500 Index and the composite benchmark. For a Strategy with a bond allocation of less than 50%, the primary benchmark is the S&P 500 Index and the secondary benchmarks

are the BC U.S. Aggregate Bond Index and the composite benchmark. Prior to January 1, 2012, for all vintages, the primary benchmark was the S&P 500 Index and the secondary benchmark was the BC U.S. Aggregate Bond Index and the composite benchmark. Accordingly, the primary benchmark applicable to the 2000 Retirement Strategy changed from the S&P 500 Index to the BC U.S. Aggregate Bond Index, and the secondary benchmark changed from the BC U.S. Aggregate Bond Index to the S&P 500 Index.

Investment Results

The tables on pages 9–32 show each individual Retirement Strategy’s performance compared to its primary, secondary and composite benchmarks. Additional performance can be found on page 34–61. 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 Disclosures and Risks on pages 6-8. The composite benchmark matches each Strategy’s allocations directly, so that each benchmark reflects its respective Strategy at any point in time. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58–61.

For the 12-month period ended August 31, 2012 returns of Class A shares were all positive in absolute

 

2   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

returns. All vintages underperformed both their primary, secondary and composite respective benchmarks, before sales charges. The exception was 2055, which outperformed its secondary benchmark. All Underlying Portfolios of the vintages posted positive returns except for the International Value, International Growth and Multi-Asset Real Return Underlying Portfolios, which detracted most from overall performance. The U.S. Value, U.S. Large Cap Growth, Small-Mid Cap Value and Volatility Management Underlying Portfolios posted positive absolute returns but underperformed their respective benchmarks. The Small-Mid Cap Growth Underlying Portfolio outperformed its benchmark which helped to offset the deficit in relative performance to the vintages’ benchmarks. The fixed-income components of the different vintages all had positive absolute returns and outperformed their benchmarks. The Short Duration Bond and Bond Inflation Protection Underlying Portfolios helped boost relative returns for those approaching and in retirement, as did positive relative performance from the Global Core Bond Underlying Portfolio, which benefitted all vintages.

For the six-month period ended August 31, 2012, all vintages with the exception of the 2000 vintage posted negative returns and underperformed their primary, secondary and composite benchmarks, before sales charges. Class A shares of the 2000 vintage did outperform its composite benchmark. The Small-Mid Cap Growth, International Value, International Growth, Volatility Management and

Multi-Asset Real Return Underlying Portfolios posted negative returns while all other Underlying Portfolios across all vintages posted absolute gains. Though it posted a negative return, the Small-Mid Cap Growth Underlying Portfolio outperformed its benchmark as did the Multi-Asset Real Return. The U.S. Value, U.S. Large Cap Growth and Small-Mid Cap Value Underlying Portfolios underperformed their respective benchmarks, while posting positive returns. The fixed income Underlying Portfolios of the different vintages all had positive absolute returns and outperformed their benchmarks, including High-Yield, Global Core Bond, Bond Inflation Protection and Short Duration Bond. The fixed income Underlying Portfolios of the vintages contributed the most to the overall Strategy returns.

The International Value Underlying Portfolio utilized derivatives in the form of futures for hedging and non-hedging purposes, which detracted from performance for the six-month period and added for the 12-month period; forwards and purchased options for hedging and non-hedging purposes, which had a negative impact during both periods. During both periods, the International Growth Underlying Portfolio utilized derivatives in the form of written options for hedging purposes, which added to performance, and purchased options for hedging purposes, which detracted. Foreign currency forwards for hedging and non-hedging purposes were also employed during both periods, which had a negative impact on performance.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     3   

In the Short Duration Bond Underlying Portfolio, yield curve positioning contributed positively, helped by an overweight position in intermediate maturities. During both periods, Treasury futures, were used in order to manage duration and yield curve positioning. Currency forwards were also utilized for hedging purposes, which had an immaterial impact. In the Global Core Bond Underlying Portfolio, overall yield curve positioning, helped by an overweight to the intermediate part of the U.S. yield curve, added to relative returns. During both periods, Treasury futures were used in order to manage duration and yield curve positioning. Currency forwards were used during both periods to implement overall currency strategy, and credit default swaps for non-hedging purposes were used, which detracted slightly from performance. The Bond Inflation Underlying Portfolio used credit default swaps, which had an immaterial impact on performance. Overall currency positioning was a modest detractor for both periods. For the 12-month period, long positions in the Norwegian krone and Indian rupee, as well as short positions in the euro and Canadian dollar, were mostly offset by a short in the Japanese yen and long position in the Mexican peso. For the six-month period, long positions in the Australian dollar, Indian rupee, Norwegian krone and Swedish krona detracted from performance. A short position in the euro contributed positively, offsetting some of the long positions. Currency forwards were used during both periods for both hedging and non-hedging purposes. As interest rates declined significantly, the longer-duration positioning contributed positively for both periods, as did an overweight to the intermediate part of

the curve. During both periods Treasury futures and interest rate swaps were utilized in order to manage duration and yield curve positioning. Leverage, through reverse repurchase agreements, was used and enhanced returns. Within the High-Yield Underlying Portfolio’s derivative positions during both periods, high yield credit default swap exposure contributed positively, while interest rate swaps had an immaterial impact. Currency forwards were used for hedging purposes, resulting in no currency impact. Written options were used for hedging purposed, which had a positive impact for both periods.

The Multi-Asset Real Return Underlying Portfolio utilized derivatives including interest rate swaps for hedging purposes, which detracted from performance during both the six- and 12-month periods; purchased options for hedging and non-hedging purposes, which detracted for both periods; futures for hedging and non-hedging purposes, which contributed for both periods; forwards for hedging and non-hedging purposes, as part of its currency management strategies, which contributed for both periods; written options for hedging and non-hedging purposes, which contributed for both periods, and total return swaps for hedging and non-hedging purposes, which detracted for both periods. The Volatility Management Underlying Portfolio utilized derivatives including purchased options for hedging and non-hedging purposes, which detracted from performance during the six- and 12-month periods; futures for hedging and non-hedging purposes, which detracted for the six-month period and contributed for the 12-month period;

 

4   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

forwards for hedging purposes, which detracted for both periods; and total return swaps for non-hedging purposes, which contributed for both periods.

Market Review and Investment Strategy

Amid eroding investor confidence, debt overhang continued to weigh on the U.S. and Europe and growth in emerging markets slowed. In the final months of 2011, encouraging US economic data suggesting that the world’s largest economy may be gaining momentum, coupled with supportive actions by the European Central Bank (ECB), ignited a relief rally that carried over into the first three months of 2012. However, the market upturn ended in April on the return of worries that the euro area was teetering on the brink of disintegration due to the possible exit of Greece from the common currency union and Spain’s deepening banking crisis. A rescue plan put forth in June by European political leaders to tentatively address the structural imbalances in the euro area, along with a vow made the following month by the head of the ECB to do “whatever it takes” within the institution’s mandate to preserve the beleaguered euro, boosted market sentiment and led to another rally that extended into the end of August.

The Value Team has navigated current market conditions by investing across a wide range of sectors with an eye toward risk control in light of the recent volatility. The large move, together with investors’ focus on macro-economic factors rather than company specific issues, has created

wide dispersion in valuations. The Value Underlying Portfolios are positioned in stocks that combine low valuation, both absolute and relative to the market, together with high quality as characterized by cash flow and balance sheet strength. Meanwhile, the Growth Team continued to focus on companies they believe have solid, durable growth potential, sustainable competitive advantages and high return on invested capital. The superior longer-term potential growth of these holdings is bolstered by exposure to powerful long-term secular trends such as the rising affluence and elevated spending habits of the middle-class consumer in developing countries. At the same time, the Growth Team remained underweight in some of what it regards as the riskier areas of the market right now. These include parts of the financial sector, where the Growth Team believes further fundraising and restructuring are likely to continue to depress share prices. The Growth Team also remained generally underweight in the euro area, where uncertainty over the economic and currency outlooks will likely persist. The Fixed-Income Team continued to emphasize corporate bonds and commercial mortgage-backed securities over U.S. Treasuries.

The Multi-Asset Solution Team remained focused on a long-term strategy: combining low correlation asset classes, blending growth and value investment styles, globalizing its holdings and ensuring the Underlying Portfolios are aligned with their strategic asset allocation targets over time through a disciplined rebalancing process.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     5   

DISCLOSURES AND RISKS

 

Benchmark Disclosure

The composite benchmark for a Strategy is a customized benchmark that has the same target asset allocation as the Strategy and uses index returns to represent performance of the asset classes. The benchmark returns were calculated by weighting the monthly index returns of each asset class by the Strategy’s monthly target allocation for each asset class. Target allocations adjust quarterly in accordance with the Strategy’s standard glidepath. The Russell 1000® Value Index was used to represent the allocation to U.S. Value, the Russell 1000® Growth to represent U.S. Large Cap Growth, the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex-U.S. to represent International Value and International Growth, the MSCI ACWI ex-U.S. Growth to represent International Growth, the Bank of America Merrill Lynch® (“BofA ML”) 1-3 Year Treasury Index to represent Short Duration Bond, BC Global Aggregate Bond Index to represent Global Core Bond, the BC 1-10 Year Inflation Protected Securities (“TIPS”) Index to represent Bond Inflation Protection, the BC U.S. High Yield 2% Issuer Cap Index to represent High-Yield, the Russell 2500™ Value Index to represent Small-Mid Cap Value, the Russell 2500™ Growth to represent Small-Mid Cap Growth, the MSCI AC World Commodity Producers Index to represent Multi-Asset Real Return and the MSCI ACWI and the S&P® 500 Index to represent Volatility Management.

None of the indices reflects fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of 1,000 large-cap value companies within the U.S. The Russell 1000 Growth Index represents the performance of 1,000 large-cap growth companies within the U.S. The MSCI ACWI ex-U.S. (free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the United States. The MSCI ex-U.S. Growth (free float-adjusted, market capitalization weighted) represents the growth equity market performance of developed and emerging markets, excluding the United States. The BofA ML 1-3 Year U.S. 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 BC Global Aggregate Bond Index represents the performance of global investment-grade developed fixed income markets. The BC 1-10 Year TIPS Index represents the performance of inflation-protected securities issued by the U.S. Treasury. The BC U.S. High Yield 2% Issuer Constrained 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 2,500 small to mid-cap value companies within the U.S. The Russell 2500 Growth Index represents the performance of 2,500 small to mid-cap growth companies within the U.S. The MSCI AC Commodity Producers Index (free float-adjusted, market capitalization-weighted) is comprised of commodity producer companies based on the Global Industry Classification Standard (“GICS”). 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. The S&P 500 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.

 

(Disclosures, Risks and Note about Historical Performance continued on next page)

 

6   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

 

A Word About Risk

The value of your investment in the Strategy will change with changes in the values of the Strategy’s investments in the Underlying Portfolios. There is no assurance that the Strategy will provide an investor with adequate income at or through retirement. The degree to which the following risks apply varies according to the Strategy’s asset allocation.

Market Risk: The value of the Strategy’s investments will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock market generally.

Interest Rate Risk: Changes in interest rates will affect the value of the Strategy’s investments in Underlying Portfolios that invest in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed income securities with longer maturities or durations. Investments in fixed-income securities with lower credit ratings (“junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Allocation Risk: The allocation of investments among the Underlying Portfolios’ different investment styles, such as growth or value, equity or debt securities, or U.S. or non-U.S. securities, may have a more significant effect on the Strategy’s net asset value (“NAV”) when one of these investments is performing more poorly than the other.

Inflation Risk: This is the risk that the value of assets or income from the Strategy’s investments in the Underlying Portfolios will be less in the future as inflation decreases the value of money. As inflation increases, the value of each Underlying Portfolio’s assets can decline as can the value of that Underlying Portfolio’s distributions.

Foreign (Non-U.S.) Risk: The Strategy’s investments in Underlying Portfolios that invest in securities of non-U.S. issuers may experience more rapid and extreme changes in value than investments in securities of U.S. issuers. The securities markets of many non-U.S. countries are relatively small, with a limited number of companies typically representing a small number of industries. Non-U.S. issuers usually are not subject to the same degree of regulation as U.S. issuers. Reporting, accounting and auditing standards of non-U.S. countries differ, in some cases significantly, from U.S. standards. Nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments could adversely affect the Strategy’s investments in a country other than the United States. To the extent the Strategy invests in a particular country or geographic region, the Strategy may have more significant risk due to market changes or other factors affecting that country or region, including political instability and unpredictable economic conditions. This risk is greater when the Strategy has a higher asset allocation of Underlying Portfolios that invest in non-U.S. issuers.

Emerging Market Risk: Investments in emerging market countries may involve more risk than investments in other foreign countries because the markets in emerging market countries are less developed and less liquid as well as subject to increased economic, political, regulatory and other uncertainties.

 

(Disclosures, Risks and Note about Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     7   

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

 

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Strategy’s investments or reduce its returns.

Capitalization Risk: Investments in small- and mid-capitalization companies by Underlying Portfolios tend to be more volatile than investments in large-cap companies. Investments in small-cap companies may have additional risks because these companies often have limited product lines, markets, or financial resources.

Focused Portfolio Risk: The Underlying Portfolios that invest in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Strategy’s NAV.

Derivatives Risk: Investments in derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses, and may be subject to counterparty risk to a greater degree than more traditional investments.

Leverage Risk: Borrowing money or other leverage may make an Underlying Portfolio’s investments more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of its investments. An Underlying Portfolio may create leverage through the use of certain portfolio management techniques such as reverse repurchase agreements or forward commitments, or by borrowing money.

Management Risk: The Strategy is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Strategy, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Strategies’ prospectus.

An Important Note About 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 Strategies 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 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.

 

8   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Disclosures and Risks

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

 

        
THE STRATEGY VS. ITS BENCHMARKS
PERIODS ENDED AUGUST 31, 2012		   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2000 Retirement Strategy

         

Class A

     0.19%           4.16%     

 

Class B*

     -0.19%           3.36%     

 

Class C

     -0.19%           3.36%     

 

Advisor Class**

     0.28%           4.46%     

 

Class R**

     0.00%           3.90%     

 

Class K**

     0.19%           4.15%     

 

Class I**

     0.29%           4.43%     

 

Primary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Secondary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Composite Benchmark†

     0.05%           6.27%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     9   

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2000 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

10   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2005 Retirement Strategy

         

Class A

     -0.29%           4.47%     

 

Class B*

     -0.68%           3.75%     

 

Class C

     -0.68%           3.75%     

 

Advisor Class**

     -0.19%           4.87%     

 

Class R**

     -0.39%           4.28%     

 

Class K**

     -0.39%           4.42%     

 

Class I**

     -0.19%           4.79%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.15%           7.34%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     11   

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2005 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†  

For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

12   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2010 Retirement Strategy

         

Class A

     -0.68%           5.01%     

 

Class B*

     -1.08%           4.34%     

 

Class C

     -1.08%           4.28%     

 

Advisor Class**

     -0.68%           5.28%     

 

Class R**

     -0.88%           4.76%     

 

Class K**

     -0.78%           5.05%     

 

Class I**

     -0.58%           5.32%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.42%           8.19%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     13   

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2010 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†   For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

14   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2015 Retirement Strategy

         

Class A

     -1.26%           5.20%     

 

Class B*

     -1.56%           4.46%     

 

Class C

     -1.57%           4.43%     

 

Advisor Class**

     -1.06%           5.59%     

 

Class R**

     -1.26%           5.08%     

 

Class K**

     -1.16%           5.35%     

 

Class I**

     -0.97%           5.64%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.65%           8.74%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES   •     15   

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2015 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

16   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2020 Retirement Strategy

         

Class A

     -1.68%           5.15%     

 

Class B*

     -1.99%           4.49%     

 

Class C

     -1.99%           4.41%     

 

Advisor Class**

     -1.47%           5.38%     

 

Class R**

     -1.78%           4.92%     

 

Class K**

     -1.67%           5.24%     

 

Class I**

     -1.57%           5.42%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.85%           9.07%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     17   

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2020 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

18   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS
PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2025 Retirement Strategy

         

Class A

     -2.06%           5.39%     

 

Class B*

     -2.47%           4.64%     

 

Class C

     -2.47%           4.59%     

 

Advisor Class**

     -1.95%           5.61%     

 

Class R**

     -2.25%           5.07%     

 

Class K**

     -2.05%           5.43%     

 

Class I**

     -1.95%           5.70%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.94%           9.49%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     19   

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2025 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

20   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2030 Retirement Strategy

         

Class A

     -2.47%           5.44%     

 

Class B*

     -2.89%           4.70%     

 

Class C

     -2.79%           4.74%     

 

Advisor Class**

     -2.36%           5.78%     

 

Class R**

     -2.57%           5.17%     

 

Class K**

     -2.47%           5.46%     

 

Class I**

     -2.37%           5.63%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.89%           9.76%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     21   

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2030 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

22   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2035 Retirement Strategy

         

Class A

     -2.97%           5.36%     

 

Class B*

     -3.19%           4.76%     

 

Class C

     -3.29%           4.67%     

 

Advisor Class**

     -2.76%           5.76%     

 

Class R**

     -2.98%           5.25%     

 

Class K**

     -2.87%           5.52%     

 

Class I**

     -2.77%           5.80%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.84%           9.95%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     23   

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2035 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

24   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2040 Retirement Strategy

         

Class A

     -3.19%           5.52%     

 

Class B*

     -3.51%           4.68%     

 

Class C

     -3.50%           4.85%     

 

Advisor Class**

     -2.99%           5.82%     

 

Class R**

     -3.21%           5.37%     

 

Class K**

     -3.11%           5.59%     

 

Class I**

     -3.00%           5.86%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.82%           9.92%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     25   

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2040 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†   For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

26   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE STRATEGY VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2045 Retirement Strategy

         

Class A

     -3.25%           5.75%     

 

Class B*

     -3.49%           5.02%     

 

Class C

     -3.49%           5.06%     

 

Advisor Class**

     -3.05%           6.19%     

 

Class R**

     -3.28%           5.45%     

 

Class K**

     -3.18%           5.84%     

 

Class I**

     -3.08%           6.06%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.75%           9.78%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     27   

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 9/1/05* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2045 Retirement Strategy Class A shares (from 9/1/05* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 9/1/05.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

28   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        
THE STRATEGY VS. ITS BENCHMARKS
PERIODS ENDED AUGUST 31, 2012		   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2050 Retirement Strategy

         

Class A

     -3.13%           5.74%     

 

Class B*

     -3.51%           5.06%     

 

Class C

     -3.50%           5.13%     

 

Advisor Class**

     -2.99%           6.10%     

 

Class R**

     -3.26%           5.61%     

 

Class K**

     -3.14%           5.81%     

 

Class I**

     -2.90%           6.25%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.73%           9.74%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

 

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

 

†      For a description of the composite benchmark, please see page 6.

        

 

 

 

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     29   

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY

6/29/07* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2050 Retirement Strategy Class A shares (from 6/29/07* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 6/29/07.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

30   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

        
THE STRATEGY VS. ITS BENCHMARKS
PERIODS ENDED AUGUST 31, 2012		   NAV Returns      
  6 Months        12 Months       

AllianceBernstein 2055 Retirement Strategy

         

Class A

     -3.20%           5.95%     

 

Class B*

     -3.52%           5.16%     

 

Class C

     -3.53%           5.14%     

 

Advisor Class**

     -3.06%           6.18%     

 

Class R**

     -3.36%           5.63%     

 

Class K**

     -3.21%           5.94%     

 

Class I**

     -3.09%           6.16%     

 

Primary Benchmark: S&P 500 Index

     4.14%           18.00%     

 

Secondary Benchmark: BC U.S. Aggregate Bond Index

     2.97%           5.78%     

 

Composite Benchmark†

     -0.73%           9.74%     

 

*    Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. See Note A for additional information.

**  Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Strategies.

†     For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     31   

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

GROWTH OF A $10,000 INVESTMENT IN THE STRATEGY 6/29/07* TO 8/31/12

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein 2055 Retirement Strategy Class A shares (from 6/29/07* to 8/31/12) as compared to the performance of the Strategy’s individual benchmarks, in addition to the composite benchmark†. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Strategy and assumes the reinvestment of dividends and capital gains distributions.

 

*   Since inception of the Strategy’s Class A shares on 6/29/07.

 

†    For a description of the composite benchmark, please see page 6.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

32   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

 

     

EACH UNDERLYING PORTFOLIO* VS. ITS BENCHMARKS

PERIODS ENDED AUGUST 31, 2012

   Returns      
  6 Months     12 Months       

AllianceBernstein U.S. Value Portfolio

     0.29%        12.75%     

 

Russell 1000 Value Index

     3.95%        17.30%    

 

AllianceBernstein U.S. Large Cap Growth Portfolio

     1.64%        16.99%     

 

Russell 1000 Growth Index

     3.17%        17.37%     

 

AllianceBernstein International Value Portfolio

     -11.49%        -6.69%     

 

Current Benchmark: MSCI ACWI Ex U.S.

     -5.66%        -1.92%     

 

Prior Benchmark: MSCI EAFE Index

     -4.00%        -0.04%     

 

AllianceBernstein International Growth Portfolio

     -6.08%        -7.19%     

 

Current Benchmark: MSCI ACWI Ex U.S.

     -5.66%        -1.92%     

 

Prior Benchmark: MSCI EAFE Index

     -4.00%        -0.04%     

 

MSCI EAFE Growth Index

     -3.70%        -0.22%     

 

AllianceBernstein Short Duration Bond Portfolio

     0.86%        1.24%     

 

ML 1-3 Year Treasury Index

     0.39%        0.41%     

 

AllianceBernstein Global Core Bond Portfolio

     4.11%        6.98%     

 

Current Benchmark: BC Aggregate Bond Index (USD Hedged)

     2.97%        5.91%     

 

Prior Benchmark: BC U.S. Aggregate Index

     2.97%        5.78%     

 

AllianceBernstein Bond Inflation Protection Portfolio

     3.13%        6.59%     

 

BC 1-10 Year TIPS Index

     2.17%        5.07%    

 

AllianceBernstein High-Yield Portfolio

     5.73%        13.95%     

 

BC U.S. High Yield 2% Issuer Cap Index

     4.80%        13.84%     

 

AllianceBernstein Small-Mid Cap Value Portfolio

     0.25%        14.21%     

 

Russell 2500 Value Index

     2.37%       14.72%    

 

AllianceBernstein Small-Mid Cap Growth Portfolio

     -0.76%        17.77%     

 

Russell 2500 Growth Index

     -1.02%        12.81%    

 

AllianceBernstein Multi-Asset Real Return Portfolio

     -2.25%        -0.45%     

 

MSCI AC World Commodity Producers Index

     -12.51%        -8.56%     

 

AllianceBernstein Volatility Management Portfolio

     -2.75%        3.10%     

 

Current Benchmark: MSCI ACWI

     -1.54%        6.22%     

 

Prior Benchmark: S&P 500 Index

     4.14%        18.00%     

 

*    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 Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     33   

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      4.16 %         -0.27 % 

5 Year

      1.57 %         0.69 % 

Since Inception*

      3.79 %         3.15 % 
       
Class B Shares        

1 Year

      3.36 %         -0.64 % 

5 Year

      0.84 %         0.84 % 

Since Inception*

      3.05 %         3.05 % 
       
Class C Shares        

1 Year

      3.36 %         2.36 % 

5 Year

      0.84 %         0.84 % 

Since Inception*

      3.05 %         3.05 % 
       
Advisor Class Shares†        

1 Year

      4.46 %         4.46 % 

5 Year

      1.85 %         1.85 % 

Since Inception*

      4.08 %         4.08 % 
       
Class R Shares†        

1 Year

      3.90 %         3.90 % 

5 Year

      1.36 %         1.36 % 

Since Inception*

      3.56 %         3.56 % 
       
Class K Shares†        

1 Year

      4.15 %         4.15 % 

5 Year

      1.62 %         1.62 % 

Since Inception*

      3.84 %         3.84 % 
       
Class I Shares†        

1 Year

      4.43 %         4.43 % 

5 Year

      1.89 %         1.89 % 

Since Inception*

      4.09 %         4.09 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 2.02%, 2.74%, 2.77%, 1.73%, 2.30%, 2.04%, and 1.71%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 0.86%, 1.56%, 1.56%, 0.56%, 1.06%, 0.81%, and 0.56% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

34   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2000 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      3.95 % 

5 Years

      0.33 % 

Since Inception*

      3.28 % 
  
Class B Shares   

1 Year

      3.83 % 

5 Years

      0.49 % 

Since Inception*

      3.17 % 
  
Class C Shares   

1 Year

      6.83 % 

5 Years

      0.49 % 

Since Inception*

      3.18 % 
  
Advisor Class Shares†   

1 Year

      8.90 % 

5 Year

      1.48 % 

Since Inception*

      4.19 % 
  
Class R Shares†   

1 Year

      8.30 % 

5 Year

      1.00 % 

Since Inception*

      3.68 % 
  
Class K Shares†   

1 Year

      8.60 % 

5 Year

      1.26 % 

Since Inception*

      3.96 % 
  
Class I Shares†   

1 Year

      8.87 % 

5 Year

      1.51 % 

Since Inception*

      4.21 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     35   

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      4.47 %         0.01 % 

5 Year

      1.10 %         0.23 % 

Since Inception*

      3.55 %         2.92 % 
       
Class B Shares        

1 Year

      3.75 %         -0.25 % 

5 Year

      0.39 %         0.39 % 

Since Inception*

      2.83 %         2.83 % 
       
Class C Shares        

1 Year

      3.75 %         2.75 % 

5 Year

      0.39 %         0.39 % 

Since Inception*

      2.81 %         2.81 % 
       
Advisor Class Shares†        

1 Year

      4.87 %         4.87 % 

5 Year

      1.41 %         1.41 % 

Since Inception*

      3.86 %         3.86 % 
       
Class R Shares†        

1 Year

      4.28 %         4.28 % 

5 Year

      0.88 %         0.88 % 

Since Inception*

      3.32 %         3.32 % 
       
Class K Shares†        

1 Year

      4.42 %         4.42 % 

5 Year

      1.14 %         1.14 % 

Since Inception*

      3.59 %         3.59 % 
       
Class I Shares†        

1 Year

      4.79 %         4.79 % 

5 Year

      1.41 %         1.41 % 

Since Inception*

      3.85 %         3.85 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.86%, 2.58%, 2.63%, 1.58%, 2.20%, 1.90%, and 1.58%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 0.92%, 1.62%, 1.62%, 0.62%, 1.12%, 0.87%, and 0.62% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†   These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

36   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2005 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      5.47 % 

5 Years

      -0.17 % 

Since Inception*

      3.08 % 
  
Class B Shares   

1 Year

      5.31 % 

5 Years

      0.00 % 

Since Inception*

      2.98 % 
  
Class C Shares   

1 Year

      8.33 % 

5 Years

      -0.02 % 

Since Inception*

      2.96 % 
  
Advisor Class Shares†   

1 Year

      10.43 % 

5 Year

      1.00 % 

Since Inception*

      4.01 % 
  
Class R Shares†   

1 Year

      9.87 % 

5 Year

      0.50 % 

Since Inception*

      3.48 % 
  
Class K Shares†   

1 Year

      10.11 % 

5 Year

      0.74 % 

Since Inception*

      3.75 % 
  
Class I Shares†   

1 Year

      10.37 % 

5 Year

      0.99 % 

Since Inception*

      4.01 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     37   

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.01 %         0.57 % 

5 Year

      0.58 %         -0.29 % 

Since Inception*

      3.40 %         2.77 % 
       
Class B Shares        

1 Year

      4.34 %         0.34 % 

5 Year

      -0.12 %         -0.12 % 

Since Inception*

      2.68 %         2.68 % 
       
Class C Shares        

1 Year

      4.28 %         3.28 % 

5 Year

      -0.15 %         -0.15 % 

Since Inception*

      2.67 %         2.67 % 
       
Advisor Class Shares†        

1 Year

      5.28 %         5.28 % 

5 Year

      0.85 %         0.85 % 

Since Inception*

      3.69 %         3.69 % 
       
Class R Shares†        

1 Year

      4.76 %         4.76 % 

5 Year

      0.34 %         0.34 % 

Since Inception*

      3.18 %         3.18 % 
       
Class K Shares†        

1 Year

      5.05 %         5.05 % 

5 Year

      0.61 %         0.61 % 

Since Inception*

      3.45 %         3.45 % 
       
Class I Shares†        

1 Year

      5.32 %         5.32 % 

5 Year

      0.88 %         0.88 % 

Since Inception*

      3.72 %         3.72 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.20%, 1.94%, 1.94%, 0.89%, 1.53%, 1.24%, 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 0.94%, 1.64%, 1.64%, 0.64%, 1.14%, 0.89%, and 0.64% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

38   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2010 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      7.30 % 

5 Years

      -0.74 % 

Since Inception*

      2.96 % 
  
Class B Shares   

1 Year

      7.30 % 

5 Years

      -0.58 % 

Since Inception*

      2.86 % 
  
Class C Shares   

1 Year

      10.25 % 

5 Years

      -0.61 % 

Since Inception*

      2.86 % 
  
Advisor Class Shares†   

1 Year

      12.42 % 

5 Year

      0.41 % 

Since Inception*

      3.89 % 
  
Class R Shares†   

1 Year

      11.91 % 

5 Year

      -0.08 % 

Since Inception*

      3.38 % 
  
Class K Shares†   

1 Year

      12.19 % 

5 Year

      0.17 % 

Since Inception*

      3.65 % 
  
Class I Shares†   

1 Year

      12.47 % 

5 Year

      0.42 % 

Since Inception*

      3.90 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     39   

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.20 %         0.74 % 

5 Year

      -0.20 %         -1.06 % 

Since Inception*

      3.09 %         2.46 % 
       
Class B Shares        

1 Year

      4.46 %         0.46 % 

5 Year

      -0.89 %         -0.89 % 

Since Inception*

      2.39 %         2.39 % 
       
Class C Shares        

1 Year

      4.43 %         3.43 % 

5 Year

      -0.90 %         -0.90 % 

Since Inception*

      2.38 %         2.38 % 
       
Advisor Class Shares†        

1 Year

      5.59 %         5.59 % 

5 Year

      0.11 %         0.11 % 

Since Inception*

      3.42 %         3.42 % 
       
Class R Shares†        

1 Year

      5.08 %         5.08 % 

5 Year

      -0.39 %         -0.39 % 

Since Inception*

      2.90 %         2.90 % 
       
Class K Shares†        

1 Year

      5.35 %         5.35 % 

5 Year

      -0.14 %         -0.14 % 

Since Inception*

      3.16 %         3.16 % 
       
Class I Shares†        

1 Year

      5.64 %         5.64 % 

5 Year

      0.12 %         0.12 % 

Since Inception*

      3.43 %         3.43 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.15%, 1.87%, 1.88%, 0.85%, 1.52%, 1.21%, and 0.87%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 0.98%, 1.68%, 1.68%, 0.68%, 1.18%, 0.93%, and 0.68% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

40   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2015 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
Class A Shares   

1 Year

      8.59 % 

5 Years

      -1.50 % 

Since Inception*

      2.70 % 
  
Class B Shares   

1 Year

      8.74 % 

5 Years

      -1.33 % 

Since Inception*

      2.62 % 
  
Class C Shares   

1 Year

      11.71 % 

5 Years

      -1.32 % 

Since Inception*

      2.61 % 
  
Advisor Class Shares†   

1 Year

      13.81 % 

5 Year

      -0.32 % 

Since Inception*

      3.65 % 
  
Class R Shares†   

1 Year

      13.22 % 

5 Year

      -0.83 % 

Since Inception*

      3.12 % 
  
Class K Shares†   

1 Year

      13.46 % 

5 Year

      -0.59 % 

Since Inception*

      3.37 % 
  
Class I Shares†   

1 Year

      13.87 % 

5 Year

      -0.33 % 

Since Inception*

      3.66 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     41   

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.15 %         0.69 % 

5 Year

      -1.01 %         -1.87 % 

Since Inception*

      2.67 %         2.04 % 
       
Class B Shares        

1 Year

      4.49 %         0.49 % 

5 Year

      -1.71 %         -1.71 % 

Since Inception*

      1.95 %         1.95 % 
       
Class C Shares        

1 Year

      4.41 %         3.41 % 

5 Year

      -1.69 %         -1.69 % 

Since Inception*

      1.97 %         1.97 % 
       
Advisor Class Shares†        

1 Year

      5.38 %         5.38 % 

5 Year

      -0.74 %         -0.74 % 

Since Inception*

      2.97 %         2.97 % 
       
Class R Shares†        

1 Year

      4.92 %         4.92 % 

5 Year

      -1.22 %         -1.22 % 

Since Inception*

      2.47 %         2.47 % 
       
Class K Shares†        

1 Year

      5.24 %         5.24 % 

5 Year

      -0.97 %         -0.97 % 

Since Inception*

      2.72 %         2.72 % 
       
Class I Shares†        

1 Year

      5.42 %         5.42 % 

5 Year

      -0.74 %         -0.74 % 

Since Inception*

      2.97 %         2.97 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.13%, 1.86%, 1.86%, 0.83%, 1.48%, 1.17%, 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 for all share classes.

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

42   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2020 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      9.52 % 

5 Years

      -2.33 % 

Since Inception*

      2.29 % 
  
Class B Shares   

1 Year

      9.50 % 

5 Years

      -2.19 % 

Since Inception*

      2.19 % 
  
Class C Shares   

1 Year

      12.52 % 

5 Years

      -2.17 % 

Since Inception*

      2.20 % 
  
Advisor Class Shares†   

1 Year

      14.65 % 

5 Year

      -1.21 % 

Since Inception*

      3.21 % 
  
Class R Shares†   

1 Year

      14.12 % 

5 Year

      -1.68 % 

Since Inception*

      2.72 % 
  
Class K Shares†   

1 Year

      14.41 % 

5 Year

      -1.44 % 

Since Inception*

      2.96 % 
  
Class I Shares†   

1 Year

      14.69 % 

5 Year

      -1.19 % 

Since Inception*

      3.22 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     43   

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.39 %         0.91 % 

5 Year

      -1.72 %         -2.57 % 

Since Inception*

      2.62 %         1.99 % 
       
Class B Shares        

1 Year

      4.64 %         0.64 % 

5 Year

      -2.39 %         -2.39 % 

Since Inception*

      1.89 %         1.89 % 
       
Class C Shares        

1 Year

      4.59 %         3.59 % 

5 Year

      -2.42 %         -2.42 % 

Since Inception*

      1.89 %         1.89 % 
       
Advisor Class Shares†        

1 Year

      5.61 %         5.61 % 

5 Year

      -1.44 %         -1.44 % 

Since Inception*

      2.90 %         2.90 % 
       
Class R Shares†        

1 Year

      5.07 %         5.07 % 

5 Year

      -1.92 %         -1.92 % 

Since Inception*

      2.41 %         2.41 % 
       
Class K Shares†        

1 Year

      5.43 %         5.43 % 

5 Year

      -1.66 %         -1.66 % 

Since Inception*

      2.66 %         2.66 % 
       
Class I Shares†        

1 Year

      5.70 %         5.70 % 

5 Year

      -1.42 %         -1.42 % 

Since Inception*

      2.93 %         2.93 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.17%, 1.92%, 1.93%, 0.88%, 1.52%, 1.19%, and 0.88%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.04%, 1.74%, 1.74%, 0.74%, 1.24%, 0.99%, and 0.74% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

44   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2025 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      10.81 % 

5 Years

      -3.05 % 

Since Inception*

      2.26 % 
  
Class B Shares   

1 Year

      10.95 % 

5 Years

      -2.88 % 

Since Inception*

      2.15 % 
  
Class C Shares   

1 Year

      14.00 % 

5 Years

      -2.86 % 

Since Inception*

      2.17 % 
  
Advisor Class Shares†   

1 Year

      16.15 % 

5 Year

      -1.90 % 

Since Inception*

      3.19 % 
  
Class R Shares†   

1 Year

      15.51 % 

5 Year

      -2.39 % 

Since Inception*

      2.68 % 
  
Class K Shares†   

1 Year

      15.87 % 

5 Year

      -2.14 % 

Since Inception*

      2.93 % 
  
Class I Shares†   

1 Year

      16.25 % 

5 Year

      -1.87 % 

Since Inception*

      3.21 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     45   

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.44 %         0.99 % 

5 Year

      -2.23 %         -3.06 % 

Since Inception*

      2.09 %         1.47 % 
       
Class B Shares        

1 Year

      4.70 %         0.70 % 

5 Year

      -2.91 %         -2.91 % 

Since Inception*

      1.36 %         1.36 % 
       
Class C Shares        

1 Year

      4.74 %         3.74 % 

5 Year

      -2.93 %         -2.93 % 

Since Inception*

      1.36 %         1.36 % 
       
Advisor Class Shares†        

1 Year

      5.78 %         5.78 % 

5 Year

      -1.93 %         -1.93 % 

Since Inception*

      2.39 %         2.39 % 
       
Class R Shares†        

1 Year

      5.17 %         5.17 % 

5 Year

      -2.44 %         -2.44 % 

Since Inception*

      1.91 %         1.91 % 
       
Class K Shares†        

1 Year

      5.46 %         5.46 % 

5 Year

      -2.19 %         -2.19 % 

Since Inception*

      2.14 %         2.14 % 
       
Class I Shares†        

1 Year

      5.63 %         5.63 % 

5 Year

      -1.96 %         -1.96 % 

Since Inception*

      2.37 %         2.37 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.23%, 1.97%, 1.94%, 0.93%, 1.55%, 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 for all share classes.

 

†   These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

46   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2030 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      12.13 % 

5 Years

      -3.54 % 

Since Inception*

      1.78 % 
  
Class B Shares   

1 Year

      12.34 % 

5 Years

      -3.38 % 

Since Inception*

      1.66 % 
  
Class C Shares   

1 Year

      15.39 % 

5 Years

      -3.39 % 

Since Inception*

      1.67 % 
  
Advisor Class Shares†   

1 Year

      17.54 % 

5 Year

      -2.41 % 

Since Inception*

      2.70 % 
  
Class R Shares†   

1 Year

      16.85 % 

5 Year

      -2.92 % 

Since Inception*

      2.20 % 
  
Class K Shares†   

1 Year

      17.25 % 

5 Year

      -2.66 % 

Since Inception*

      2.44 % 
  
Class I Shares†   

1 Year

      17.52 % 

5 Year

      -2.42 % 

Since Inception*

      2.69 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     47   

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.36 %         0.88 % 

5 Year

      -2.75 %         -3.6 % 

Since Inception*

      1.78 %         1.15 % 
       
Class B Shares        

1 Year

      4.76 %         0.76 % 

5 Year

      -3.41 %         -3.41 % 

Since Inception*

      1.07 %         1.07 % 
       
Class C Shares        

1 Year

      4.67 %         3.67 % 

5 Year

      -3.43 %         -3.43 % 

Since Inception*

      1.06 %         1.06 % 
       
Advisor Class Shares†        

1 Year

      5.76 %         5.76 % 

5 Year

      -2.47 %         -2.47 % 

Since Inception*

      2.07 %         2.07 % 
       
Class R Shares†        

1 Year

      5.25 %         5.25 % 

5 Year

      -2.94 %         -2.94 % 

Since Inception*

      1.56 %         1.56 % 
       
Class K Shares†        

1 Year

      5.52 %         5.52 % 

5 Year

      -2.69 %         -2.69 % 

Since Inception*

      1.83 %         1.83 % 
       
Class I Shares†        

1 Year

      5.80 %         5.80 % 

5 Year

      -2.45 %         -2.45 % 

Since Inception*

      2.09 %         2.09 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.28%, 2.02%, 2.04%, 0.99%, 1.60%, 1.29%, and 0.98%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01%, and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

48   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2035 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      13.20 % 

5 Years

      -4.04 % 

Since Inception*

      1.50 % 
  
Class B Shares   

1 Year

      13.28 % 

5 Years

      -3.87 % 

Since Inception*

      1.40 % 
  
Class C Shares   

1 Year

      16.31 % 

5 Years

      -3.88 % 

Since Inception*

      1.40 % 
  
Advisor Class Shares†   

1 Year

      18.55 % 

5 Year

      -2.91 % 

Since Inception*

      2.41 % 
  
Class R Shares†   

1 Year

      17.91 % 

5 Year

      -3.40 % 

Since Inception*

      1.89 % 
  
Class K Shares†   

1 Year

      18.11 % 

5 Year

      -3.15 % 

Since Inception*

      2.16 % 
  
Class I Shares†   

1 Year

      18.50 % 

5 Year

      -2.90 % 

Since Inception*

      2.42 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     49   

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.52 %         1.00 % 

5 Year

      -2.75 %         -3.59 % 

Since Inception*

      1.91 %         1.28 % 
       
Class B Shares        

1 Year

      4.68 %         0.68 % 

5 Year

      -3.45 %         -3.45 % 

Since Inception*

      1.19 %         1.19 % 
       
Class C Shares        

1 Year

      4.85 %         3.85 % 

5 Year

      -3.42 %         -3.42 % 

Since Inception*

      1.21 %         1.21 % 
       
Advisor Class Shares†        

1 Year

      5.82 %         5.82 % 

5 Year

      -2.46 %         -2.46 % 

Since Inception*

      2.21 %         2.21 % 
       
Class R Shares†        

1 Year

      5.37 %         5.37 % 

5 Year

      -2.94 %         -2.94 % 

Since Inception*

      1.72 %         1.72 % 
       
Class K Shares†        

1 Year

      5.59 %         5.59 % 

5 Year

      -2.71 %         -2.71 % 

Since Inception*

      1.97 %         1.97 % 
       
Class I Shares†        

1 Year

      5.86 %         5.86 % 

5 Year

      -2.46 %         -2.46 % 

Since Inception*

      2.22 %         2.22 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.30%, 2.04%, 2.09%, 1.01%, 1.62%, 1.31%, and 0.99%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01%, and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

50   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2040 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      13.82 % 

5 Years

      -4.03 % 

Since Inception*

      1.64 % 
  
Class B Shares   

1 Year

      14.12 % 

5 Years

      -3.87 % 

Since Inception*

      1.55 % 
  
Class C Shares   

1 Year

      17.18 % 

5 Years

      -3.86 % 

Since Inception*

      1.56 % 
  
Advisor Class Shares†   

1 Year

      19.37 % 

5 Year

      -2.90 % 

Since Inception*

      2.57 % 
  
Class R Shares†   

1 Year

      18.82 % 

5 Year

      -3.37 % 

Since Inception*

      2.07 % 
  
Class K Shares†   

1 Year

      19.02 % 

5 Year

      -3.15 % 

Since Inception*

      2.32 % 
  
Class I Shares†   

1 Year

      19.38 % 

5 Year

      -2.88 % 

Since Inception*

      2.58 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     51   

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.75 %         1.24 % 

5 Year

      -2.92 %         -3.76 % 

Since Inception*

      1.77 %         1.15 % 
       
Class B Shares        

1 Year

      5.02 %         1.02 % 

5 Year

      -3.58 %         -3.58 % 

Since Inception*

      1.07 %         1.07 % 
       
Class C Shares        

1 Year

      5.06 %         4.06 % 

5 Year

      -3.59 %         -3.59 % 

Since Inception*

      1.06 %         1.06 % 
       
Advisor Class Shares†        

1 Year

      6.19 %         6.19 % 

5 Year

      -2.6 %         -2.6 % 

Since Inception*

      2.08 %         2.08 % 
       
Class R Shares†        

1 Year

      5.45 %         5.45 % 

5 Year

      -3.12 %         -3.12 % 

Since Inception*

      1.56 %         1.56 % 
       
Class K Shares†        

1 Year

      5.84 %         5.84 % 

5 Year

      -2.85 %         -2.85 % 

Since Inception*

      1.83 %         1.83 % 
       
Class I Shares†        

1 Year

      6.06 %         6.06 % 

5 Year

      -2.62 %         -2.62 % 

Since Inception*

      2.07 %         2.07 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 1.46%, 2.23%, 2.25%, 1.16%, 1.72%, 1.40%, and 1.08%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01%, and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

52   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2045 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      14.89 % 

5 Years

      -4.14 % 

Since Inception*

      1.52 % 
  
Class B Shares   

1 Year

      15.28 % 

5 Years

      -3.98 % 

Since Inception*

      1.43 % 
  
Class C Shares   

1 Year

      18.08 % 

5 Years

      -4.00 % 

Since Inception*

      1.41 % 
  
Advisor Class Shares†   

1 Year

      20.41 % 

5 Year

      -3.01 % 

Since Inception*

      2.45 % 
  
Class R Shares†   

1 Year

      19.82 % 

5 Year

      -3.50 % 

Since Inception*

      1.93 % 
  
Class K Shares†   

1 Year

      20.07 % 

5 Year

      -3.27 % 

Since Inception*

      2.18 % 
  
Class I Shares†   

1 Year

      20.40 % 

5 Year

      -3.02 % 

Since Inception*

      2.44 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     53   

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.74 %         1.27 % 

5 Year

      -1.8 %         -2.66 % 

Since Inception*

      -2.01 %         -2.82 % 
       
Class B Shares        

1 Year

      5.06 %         1.06 % 

5 Year

      -2.49 %         -2.49 % 

Since Inception*

      -2.69 %         -2.69 % 
       
Class C Shares        

1 Year

      5.13 %         4.13 % 

5 Year

      -2.45 %         -2.45 % 

Since Inception*

      -2.65 %         -2.65 % 
       
Advisor Class Shares†        

1 Year

      6.10 %         6.10 % 

5 Year

      -1.51 %         -1.51 % 

Since Inception*

      -1.71 %         -1.71 % 
       
Class R Shares†        

1 Year

      5.61 %         5.61 % 

5 Year

      -2.01 %         -2.01 % 

Since Inception*

      -2.21 %         -2.21 % 
       
Class K Shares†        

1 Year

      5.81 %         5.81 % 

5 Year

      -1.72 %         -1.72 % 

Since Inception*

      -1.93 %         -1.93 % 
       
Class I Shares†        

1 Year

      6.25 %         6.25 % 

5 Year

      -1.5 %         -1.5 % 

Since Inception*

      -1.70 %         -1.70 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 2.79%, 3.59%, 3.52%, 2.52%, 2.96%, 2.68%, and 2.34%, for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Strategy’s annual operating expense ratios to 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01%, and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

54   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2050 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      15.30 % 

5 Years

      -3.37 % 

Since Inception*

      -2.26 % 
  
Class B Shares   

1 Year

      15.57 % 

5 Years

      -3.22 % 

Since Inception*

      -2.14 % 
  
Class C Shares   

1 Year

      18.61 % 

5 Years

      -3.18 % 

Since Inception*

      -2.11 % 
  
Advisor Class Shares†   

1 Year

      20.76 % 

5 Year

      -2.24 % 

Since Inception*

      -1.16 % 
  
Class R Shares†   

1 Year

      20.28 % 

5 Year

      -2.72 % 

Since Inception*

      -1.64 % 
  
Class K Shares†   

1 Year

      20.62 % 

5 Year

      -2.45 % 

Since Inception*

      -1.37 % 
  
Class I Shares†   

1 Year

      20.93 % 

5 Year

      -2.24 % 

Since Inception*

      -1.16 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     55   

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2012  
     NAV Returns        SEC Returns  
       
Class A Shares        

1 Year

      5.95 %         1.45 % 

5 Year

      -2.22 %         -3.07 % 

Since Inception*

      -2.43 %         -3.24 % 
       
Class B Shares        

1 Year

      5.16 %         1.16 % 

5 Year

      -2.90 %         -2.90 % 

Since Inception*

      -3.11 %         -3.11 % 
       
Class C Shares        

1 Year

      5.14 %         4.14 % 

5 Year

      -2.93 %         -2.93 % 

Since Inception*

      -3.13 %         -3.13 % 
       
Advisor Class Shares†        

1 Year

      6.18 %         6.18 % 

5 Year

      -1.99 %         -1.99 % 

Since Inception*

      -2.19 %         -2.19 % 
       
Class R Shares†        

1 Year

      5.63 %         5.63 % 

5 Year

      -2.45 %         -2.45 % 

Since Inception*

      -2.65 %         -2.65 % 
       
Class K Shares†        

1 Year

      5.94 %         5.94 % 

5 Year

      -2.17 %         -2.17 % 

Since Inception*

      -2.38 %         -2.38 % 
       
Class I Shares†        

1 Year

      6.16 %         6.16 % 

5 Year

      -1.93 %         -1.93 % 

Since Inception*

      -2.14 %         -2.14 % 

The Strategy’s current prospectus fee table shows the Strategy’s total annual operating expense ratios as 8.56%, 9.41%, 9.14%, 9.46%, 7.98%, 7.71%, and 7.43% 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 1.06%, 1.76%, 1.76%, 0.76%, 1.26%, 1.01%, and 0.76% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements extend through the Strategy’s current fiscal year and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Strategy and the indirect expenses of the Strategy’s Underlying Portfolios, as based upon the allocation of the Strategy’s assets among the Underlying Portfolios, and may be higher or lower than those shown. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

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

 

†    These share classes are offered at 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 Strategies. The inception date for these share classes is listed above.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

56   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

2055 RETIREMENT STRATEGY

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES)

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     SEC Returns  
  
Class A Shares   

1 Year

      15.53 % 

5 Years

      -3.77 % 

Since Inception*

      -2.68 % 
  
Class B Shares   

1 Year

      15.87 % 

5 Years

      -3.61 % 

Since Inception*

      -2.55 % 
  
Class C Shares   

1 Year

      18.87 % 

5 Years

      -3.63 % 

Since Inception*

      -2.58 % 
  
Advisor Class Shares†   

1 Year

      21.07 % 

5 Year

      -2.71 % 

Since Inception*

      -1.64 % 
  
Class R Shares†   

1 Year

      20.44 % 

5 Year

      -3.14 % 

Since Inception*

      -2.09 % 
  
Class K Shares†   

1 Year

      20.67 % 

5 Year

      -2.89 % 

Since Inception*

      -1.83 % 
  
Class I Shares†   

1 Year

      20.87 % 

5 Year

      -2.66 % 

Since Inception*

      -1.59 % 

 

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

 

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

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     57   

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

 

AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS†

AS OF AUGUST 31, 2012

  
     NAV/SEC Returns†  
  
AllianceBernstein U.S. Value Portfolio   

1 Year

      12.75 % 

5 Year

      -3.63 % 

Since Inception*

      1.45 % 
  
AllianceBernstein U.S. Large Cap Growth Portfolio   

1 Year

      16.99 % 

5 Year

      1.37 % 

Since Inception*

      4.51 % 
  
AllianceBernstein International Value Portfolio   

1 Year

      -6.69 % 

5 Year

      -10.27 % 

Since Inception*

      0.24 % 
  
AllianceBernstein International Growth Portfolio   

1 Year

      -7.19 % 

5 Year

      -7.84 % 

Since Inception*

      0.07 % 
  
Alliance Bernstein Short Duration Bond Portfolio   

1 Year

      1.24 % 

5 Year

      2.50 % 

Since Inception*

      2.91 % 
  
AllianceBernstein Global Core Bond Portfolio   

1 Year

      6.98 % 

5 Year

      7.55 % 

Since Inception*

      6.42 % 
  
AllianceBernstein Bond Inflation Protection Portfolio   

1 Year

      6.59 % 

5 Year

      7.45 % 

Since Inception*

      6.12 % 
  

 

 

*   Inception date: 5/20/05.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

58   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

 

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS†

AS OF AUGUST 31, 2012

  
     NAV/SEC Returns†  
  
AllianceBernstein High-Yield Portfolio   

1 Year

      13.95 % 

5 Year

      10.28 % 

Since Inception*

      9.07 % 
  
AllianceBernstein Small-Mid Cap Value Portfolio   

1 Year

      14.21 % 

5 Years

      3.22 % 

Since Inception*

      6.31 % 
  
AllianceBernstein Small-Mid Cap Growth Portfolio   

1 Year

      17.77 % 

5 Year

      7.46 % 

Since Inception*

      11.22 % 
  
AllianceBernstein Multi-Asset Real Return Potfolio   

1 Year

      -0.45 % 

5 Year

      -2.54 % 

Since Inception*

      4.50 % 
  
AllianceBernstein Volatility Management Portfolio   

1 Year

      3.10 % 

Since Inception**

      4.48 % 

 

*   Inception date: 5/20/05.

 

**   Inception date: 4/16/10.

 

†    These Portfolios are offered at 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 Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     59   

Historical Performance

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS†

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     NAV/SEC Returns†  
  
AllianceBernstein U.S. Value Portfolio   

1 Year

      26.78 % 

5 Year

      -3.52 % 

Since Inception*

      1.89 % 
  
AllianceBernstein U.S. Large Cap Growth Portfolio   

1 Year

      32.22 % 

5 Year

      0.85 % 

Since Inception*

      4.89 % 
  
AllianceBernstein International Value Portfolio   

1 Year

      8.59 % 

5 Year

      -10.60 % 

Since Inception*

      0.68 % 
  
AllianceBernstein International Growth Portfolio   

1 Year

      11.67 % 

5 Year

      -8.74 % 

Since Inception*

      0.50 % 
  
AllianceBernstein Short Duration Bond Portfolio   

1 Year

      1.74 % 

5 Year

      2.42 % 

Since Inception*

      2.91 % 
  
AllianceBernstein Global Core Bond Portfolio   

1 Year

      6.96 % 

5 Year

      7.53 % 

Since Inception*

      6.42 % 

 

*   Inception date: 5/20/05.

See Disclosures, Risks and Note about Historical Performance on pages 6-8.

(Historical Performance continued on next page)

 

60   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Historical Performance

 

THE UNDERLYING PORTFOLIOS

HISTORICAL PERFORMANCE

(continued from previous page)

 

 

SEC AVERAGE ANNUAL RETURNS FOR THE UNDERLYING PORTFOLIOS†

AS OF THE MOST RECENT CALENDAR QUARTER-END (SEPTEMBER 30, 2012)

  
     NAV/SEC Returns†  
  
AllianceBernstein Bond Inflation Protection Portfolio   

1 Year

      8.77 % 

5 Year

      7.42 % 

Since Inception*

      6.19 % 
  
AllianceBernstein High-Yield Portfolio   

1 Year

      19.86 % 

5 Year

      10.02 % 

Since Inception*

      9.19 % 
  
AllianceBernstein Small-Mid Cap Value Portfolio   

1 Year

      29.88 % 

5 Years

      3.35 % 

Since Inception*

      6.50 % 
  
AllianceBernstein Small-Mid Cap Growth Portfolio   

1 Year

      31.02 % 

5 Year

      6.73 % 

Since Inception*

      11.29 % 
  
AllianceBernstein Multi-Asset Real Return Potfolio   

1 Year

      17.23 % 

5 Year

      -3.20 % 

Since Inception*

      4.81 % 
  
AllianceBernstein Volatility Management Portfolio   

1 Year

      3.51 % 

Since Inception**

      4.70 % 

 

*   Inception date: 5/20/05.

 

**   Inception date: 4/16/10.

 

†   These Portfolios are offered at 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.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     61   

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.

2000 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $     1,001.90      $     4.28        0.85 % 

Hypothetical**

   $ 1,000      $ 1,020.86      $ 4.32        0.85 % 
Class B        

Actual

   $ 1,000      $ 998.10      $ 7.73        1.54 % 

Hypothetical**

   $ 1,000      $ 1,017.39      $ 7.81        1.54 % 
Class C        

Actual

   $ 1,000      $ 998.10      $ 7.73        1.54 % 

Hypothetical**

   $ 1,000      $ 1,017.39      $ 7.81        1.54 % 

 

62   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Advisor Class        

Actual

   $     1,000      $     1,002.80      $     2.72        0.54 % 

Hypothetical**

   $ 1,000      $ 1,022.42      $ 2.75        0.54 % 
Class R        

Actual

   $ 1,000      $ 1,000.00      $ 5.23        1.04 % 

Hypothetical**

   $ 1,000      $ 1,019.91      $ 5.28        1.04 % 
Class K        

Actual

   $ 1,000      $ 1,001.90      $ 3.98        0.79 % 

Hypothetical**

   $ 1,000      $ 1,021.17      $ 4.01        0.79 % 
Class I        

Actual

   $ 1,000      $ 1,002.90      $ 2.67        0.53 % 

Hypothetical**

   $ 1,000      $ 1,022.47      $ 2.69        0.53 % 

2005 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 997.10      $     4.42        0.88 % 

Hypothetical**

   $ 1,000      $ 1,020.71      $ 4.47        0.88 % 
Class B        

Actual

   $ 1,000      $ 993.20      $ 7.92        1.58 % 

Hypothetical**

   $ 1,000      $     1,017.19      $ 8.01        1.58 % 
Class C        

Actual

   $ 1,000      $ 993.20      $ 7.92        1.58 % 

Hypothetical**

   $ 1,000      $ 1,017.19      $ 8.01        1.58 % 
Advisor Class        

Actual

   $ 1,000      $ 998.10      $ 2.91        0.58 % 

Hypothetical**

   $ 1,000      $ 1,022.22      $ 2.95        0.58 % 
Class R        

Actual

   $ 1,000      $ 996.10      $ 5.42        1.08 % 

Hypothetical**

   $ 1,000      $ 1,019.71      $ 5.48        1.08 % 
Class K        

Actual

   $ 1,000      $ 996.10      $ 4.16        0.83 % 

Hypothetical**

   $ 1,000      $ 1,020.96      $ 4.22        0.83 % 
Class I        

Actual

   $ 1,000      $ 998.10      $ 2.91        0.58 % 

Hypothetical**

   $ 1,000      $ 1,022.22      $ 2.95        0.58 % 

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     63   

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

 

2010 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 993.20      $     4.51        0.90 % 

Hypothetical**

   $ 1,000      $     1,020.61      $ 4.57        0.90 % 
Class B        

Actual

   $ 1,000      $ 989.20      $ 8.00        1.60 % 

Hypothetical**

   $ 1,000      $ 1,017.09      $ 8.11        1.60 % 
Class C        

Actual

   $ 1,000      $ 989.20      $ 8.00        1.60 % 

Hypothetical**

   $ 1,000      $ 1,017.09      $ 8.11        1.60 % 
Advisor Class        

Actual

   $ 1,000      $ 993.20      $ 3.01        0.60 % 

Hypothetical**

   $ 1,000      $ 1,022.12      $ 3.05        0.60 % 
Class R        

Actual

   $ 1,000      $ 991.20      $ 5.51        1.10 % 

Hypothetical**

   $ 1,000      $ 1,019.61      $ 5.58        1.10 % 
Class K        

Actual

   $ 1,000      $ 992.20      $ 4.26        0.85 % 

Hypothetical**

   $ 1,000      $ 1,020.86      $ 4.32        0.85 % 
Class I        

Actual

   $ 1,000      $ 994.20      $ 3.01        0.60 % 

Hypothetical**

   $ 1,000      $ 1,022.12      $ 3.05        0.60 % 

2015 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 987.40      $     4.70        0.94 % 

Hypothetical**

   $ 1,000      $     1,020.41      $ 4.77        0.94 % 
Class B        

Actual

   $ 1,000      $ 984.40      $ 8.18        1.64 % 

Hypothetical**

   $ 1,000      $ 1,016.89      $ 8.31        1.64 % 
Class C        

Actual

   $ 1,000      $ 984.30      $ 8.18        1.64 % 

Hypothetical**

   $ 1,000      $ 1,016.89      $ 8.31        1.64 % 
Advisor Class        

Actual

   $ 1,000      $ 989.40      $ 3.20        0.64 % 

Hypothetical**

   $ 1,000      $ 1,021.92      $ 3.25        0.64 % 
Class R        

Actual

   $ 1,000      $ 987.40      $ 5.70        1.14 % 

Hypothetical**

   $ 1,000      $ 1,019.41      $ 5.79        1.14 % 
Class K        

Actual

   $ 1,000      $ 988.40      $ 4.45        0.89 % 

Hypothetical**

   $ 1,000      $ 1,020.66      $ 4.52        0.89 % 
Class I        

Actual

   $ 1,000      $ 990.30      $ 3.20        0.64 % 

Hypothetical**

   $ 1,000      $ 1,021.92      $ 3.25        0.64 % 

 

64   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

 

2020 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 983.20      $     4.89        0.98 % 

Hypothetical**

   $ 1,000      $     1,020.21      $ 4.98        0.98 % 
Class B        

Actual

   $ 1,000      $ 980.10      $ 8.36        1.68 % 

Hypothetical**

   $ 1,000      $ 1,016.69      $ 8.52        1.68 % 
Class C        

Actual

   $ 1,000      $ 980.10      $ 8.36        1.68 % 

Hypothetical**

   $ 1,000      $ 1,016.69      $ 8.52        1.68 % 
Advisor Class        

Actual

   $ 1,000      $ 985.30      $ 3.39        0.68 % 

Hypothetical**

   $ 1,000      $ 1,021.72      $ 3.46        0.68 % 
Class R        

Actual

   $ 1,000      $ 982.20      $ 5.88        1.18 % 

Hypothetical**

   $ 1,000      $ 1,019.20      $ 5.99        1.18 % 
Class K        

Actual

   $ 1,000      $ 983.30      $ 4.64        0.93 % 

Hypothetical**

   $ 1,000      $ 1,020.46      $ 4.72        0.93 % 
Class I        

Actual

   $ 1,000      $ 984.30      $ 3.39        0.68 % 

Hypothetical**

   $ 1,000      $ 1,021.72      $ 3.46        0.68 % 

2025 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 979.40      $     4.98        1.00 % 

Hypothetical**

   $ 1,000      $     1,020.11      $ 5.08        1.00 % 
Class B        

Actual

   $ 1,000      $ 975.30      $ 8.44        1.70 % 

Hypothetical**

   $ 1,000      $ 1,016.59      $ 8.62        1.70 % 
Class C        

Actual

   $ 1,000      $ 975.30      $ 8.44        1.70 % 

Hypothetical**

   $ 1,000      $ 1,016.59      $ 8.62        1.70 % 
Advisor Class        

Actual

   $ 1,000      $ 980.50      $ 3.48        0.70 % 

Hypothetical**

   $ 1,000      $ 1,021.62      $ 3.56        0.70 % 
Class R        

Actual

   $ 1,000      $ 977.50      $ 5.96        1.20 % 

Hypothetical**

   $ 1,000      $ 1,019.10      $ 6.09        1.20 % 
Class K        

Actual

   $ 1,000      $ 979.50      $ 4.73        0.95 % 

Hypothetical**

   $ 1,000      $ 1,020.36      $ 4.82        0.95 % 
Class I        

Actual

   $ 1,000      $ 980.50      $ 3.48        0.70 % 

Hypothetical**

   $ 1,000      $ 1,021.62      $ 3.56        0.70 % 

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     65   

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

 

2030 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 975.30      $     5.06        1.02 % 

Hypothetical**

   $ 1,000      $     1,020.01      $ 5.18        1.02 % 
Class B        

Actual

   $ 1,000      $ 971.10      $ 8.52        1.72 % 

Hypothetical**

   $ 1,000      $ 1,016.49      $ 8.72        1.72 % 
Class C        

Actual

   $ 1,000      $ 972.10      $ 8.53        1.72 % 

Hypothetical**

   $ 1,000      $ 1,016.49      $ 8.72        1.72 % 
Advisor Class        

Actual

   $ 1,000      $ 976.40      $ 3.58        0.72 % 

Hypothetical**

   $ 1,000      $ 1,021.52      $ 3.66        0.72 % 
Class R        

Actual

   $ 1,000      $ 974.30      $ 6.05        1.22 % 

Hypothetical**

   $ 1,000      $ 1,019.00      $ 6.19        1.22 % 
Class K        

Actual

   $ 1,000      $ 975.30      $ 4.82        0.97 % 

Hypothetical**

   $ 1,000      $ 1,020.26      $ 4.93        0.97 % 
Class I        

Actual

   $ 1,000      $ 976.30      $ 3.58        0.72 % 

Hypothetical**

   $ 1,000      $ 1,021.52      $ 3.66        0.72 % 

2035 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 970.30      $     5.05        1.02 % 

Hypothetical**

   $ 1,000      $     1,020.01      $ 5.18        1.02 % 
Class B        

Actual

   $ 1,000      $ 968.10      $ 8.51        1.72 % 

Hypothetical**

   $ 1,000      $ 1,016.49      $ 8.72        1.72 % 
Class C        

Actual

   $ 1,000      $ 967.10      $ 8.50        1.72 % 

Hypothetical**

   $ 1,000      $ 1,016.49      $ 8.72        1.72 % 
Advisor Class        

Actual

   $ 1,000      $ 972.40      $ 3.57        0.72 % 

Hypothetical**

   $ 1,000      $ 1,021.52      $ 3.66        0.72 % 
Class R        

Actual

   $ 1,000      $ 970.20      $ 6.04        1.22 % 

Hypothetical**

   $ 1,000      $ 1,019.00      $ 6.19        1.22 % 
Class K        

Actual

   $ 1,000      $ 971.30      $ 4.81        0.97 % 

Hypothetical**

   $ 1,000      $ 1,020.26      $ 4.93        0.97 % 
Class I        

Actual

   $ 1,000      $ 972.30      $ 3.57        0.72 % 

Hypothetical**

   $ 1,000      $ 1,021.52      $ 3.66        0.72 % 

 

66   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

 

2040 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 968.10      $     5.15        1.04 % 

Hypothetical**

   $ 1,000      $     1,019.91      $ 5.28        1.04 % 
Class B        

Actual

   $ 1,000      $ 964.90      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Class C        

Actual

   $ 1,000      $ 965.00      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Advisor Class        

Actual

   $ 1,000      $ 970.10      $ 3.66        0.74 % 

Hypothetical**

   $ 1,000      $ 1,021.42      $ 3.76        0.74 % 
Class R        

Actual

   $ 1,000      $ 967.90      $ 6.13        1.24 % 

Hypothetical**

   $ 1,000      $ 1,018.90      $ 6.29        1.24 % 
Class K        

Actual

   $ 1,000      $ 968.90      $ 4.90        0.99 % 

Hypothetical**

   $ 1,000      $ 1,020.16      $ 5.03        0.99 % 
Class I        

Actual

   $ 1,000      $ 970.00      $ 3.66        0.74 % 

Hypothetical**

   $ 1,000      $ 1,021.42      $ 3.76        0.74 % 

2045 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $     967.50      $     5.14        1.04 % 

Hypothetical**

   $ 1,000      $ 1,019.91      $ 5.28        1.04 % 
Class B        

Actual

   $ 1,000      $ 965.10      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Class C        

Actual

   $ 1,000      $ 965.10      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Advisor Class        

Actual

   $ 1,000      $ 969.50      $ 3.66        0.74 % 

Hypothetical**

   $ 1,000      $ 1,021.42      $ 3.76        0.74 % 
Class R        

Actual

   $ 1,000      $ 967.20      $ 6.13        1.24 % 

Hypothetical**

   $ 1,000      $ 1,018.90      $ 6.29        1.24 % 
Class K        

Actual

   $ 1,000      $ 968.20      $ 4.90        0.99 % 

Hypothetical**

   $ 1,000      $ 1,020.16      $ 5.03        0.99 % 
Class I        

Actual

   $ 1,000      $ 969.20      $ 3.66        0.74 % 

Hypothetical**

   $ 1,000      $ 1,021.42      $ 3.76        0.74 % 

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     67   

Fund Expenses

FUND EXPENSES

(unaudited)

(continued from previous page)

 

2050 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 968.70      $     5.15        1.04 % 

Hypothetical**

   $ 1,000      $     1,019.91      $ 5.28        1.04 % 
Class B        

Actual

   $ 1,000      $ 964.90      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Class C        

Actual

   $ 1,000      $ 965.00      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Advisor Class        

Actual

   $ 1,000      $ 970.10      $ 3.71        0.75 % 

Hypothetical**

   $ 1,000      $ 1,021.37      $ 3.81        0.75 % 
Class R        

Actual

   $ 1,000      $ 967.40      $ 6.13        1.24 % 

Hypothetical**

   $ 1,000      $ 1,018.90      $ 6.29        1.24 % 
Class K        

Actual

   $ 1,000      $ 968.60      $ 4.90        0.99 % 

Hypothetical**

   $ 1,000      $ 1,020.16      $ 5.03        0.99 % 
Class I        

Actual

   $ 1,000      $ 971.00      $ 3.62        0.73 % 

Hypothetical**

   $ 1,000      $ 1,021.47      $ 3.71        0.73 % 

2055 Retirement Strategy

 

    Beginning
Account Value
March 1, 2012		     Ending
Account Value
August 31, 2012		     Expenses
Paid During
Period*		     Annualized
Expense
Ratio*		  
Class A        

Actual

   $     1,000      $ 968.00      $     5.14        1.04 % 

Hypothetical**

   $ 1,000      $     1,019.91      $ 5.28        1.04 % 
Class B        

Actual

   $ 1,000      $ 964.80      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Class C        

Actual

   $ 1,000      $ 964.70      $ 8.59        1.74 % 

Hypothetical**

   $ 1,000      $ 1,016.39      $ 8.82        1.74 % 
Advisor Class        

Actual

   $ 1,000      $ 969.40      $ 3.66        0.74 % 

Hypothetical**

   $ 1,000      $ 1,021.42      $ 3.76        0.74 % 
Class R        

Actual

   $ 1,000      $ 966.40      $ 6.13        1.24 % 

Hypothetical**

   $ 1,000      $ 1,018.90      $ 6.29        1.24 % 
Class K        

Actual

   $ 1,000      $ 967.90      $ 4.90        0.99 % 

Hypothetical**

   $ 1,000      $ 1,020.16      $ 5.03        0.99 % 
Class I        

Actual

   $ 1,000      $ 969.10      $ 3.61        0.73 % 

Hypothetical**

   $ 1,000      $ 1,021.47      $ 3.71        0.73 % 
*   Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 (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.

 

68   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Fund Expenses

2000 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $22,695

 

LOGO

 

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     69   

Portfolio Summary

2005 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $22,710

 

LOGO

 

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

70   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2010 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $83,169

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     71   

Portfolio Summary

2015 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $197,729

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

72   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2020 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $280,453

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     73   

Portfolio Summary

2025 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $242,780

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

74   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2030 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $210,734

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     75   

Portfolio Summary

2035 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $152,364

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

76   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2040 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $127,741

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     77   

Portfolio Summary

2045 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $91,334

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

78   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2050 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $22,464

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     79   

Portfolio Summary

2055 RETIREMENT STRATEGY

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($thousand): $6,464

 

LOGO

 

*   All data are as of August 31, 2012. 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 266-426. Performance for each of the Underlying Portfolios compared to its benchmark may be found on page 33. Additional performance for the Underlying Portfolios may be found on pages 58-61.

 

80   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

2000 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 101.3%

     

The AllianceBernstein Pooling
Portfolios - Fixed Income – 61.0%

     

Bond Inflation Protection Portfolio

      309,024      $ 3,467,253   

Global Core Bond Portfolio

      440,596        4,846,555   

High-Yield Portfolio

      27,989        288,565   

Short Duration Bond Portfolio

      547,349        5,232,656   
    

 

 

  
       13,835,029   
    

 

 

  

The AllianceBernstein
Pooling Portfolios - Equity – 40.3%

     

International Growth Portfolio

      105,889        798,406   

International Value Portfolio

      123,706        790,481   

Multi-Asset Real Return Portfolio

      184,559        1,600,126   

Small-Mid Cap Growth Portfolio

      15,245        201,694   

Small-Mid Cap Value Portfolio

      17,114        200,570   

U.S. Large Cap Growth Portfolio

      86,690        1,066,284   

U.S. Value Portfolio

      121,230        1,058,337   

Volatility Management Portfolio

      335,557        3,436,104   
    

 

 

  
       9,152,002   
    

 

 

  

Total Investments – 101.3%
(cost $21,756,294)

        22,987,031   

Other assets less liabilities – (1.3)%

        (291,620 ) 
    

 

 

  

Net Assets – 100.0%

      $ 22,695,411   
    

 

 

  

 

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     81   

2000 Retirement Strategy—Portfolio of Investments

2005 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.3%

     

The AllianceBernstein Pooling
Portfolios - Equity – 50.2%

     

International Growth Portfolio

      140,596      $ 1,060,093   

International Value Portfolio

      163,632        1,045,609   

Multi-Asset Real Return Portfolio

      204,096        1,769,510   

Small-Mid Cap Growth Portfolio

      21,695        287,022   

Small-Mid Cap Value Portfolio

      24,321        285,043   

U.S. Large Cap Growth Portfolio

      108,705        1,337,067   

U.S. Value Portfolio

      152,551        1,331,774   

Volatility Management Portfolio

      417,856        4,278,848   
    

 

 

  
       11,394,966   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 50.1%

     

Bond Inflation Protection Portfolio

      305,077        3,422,967   

Global Core Bond Portfolio

      367,498        4,042,476   

High-Yield Portfolio

      83,156        857,338   

Short Duration Bond Portfolio

      321,145        3,070,143   
    

 

 

  
       11,392,924   
    

 

 

  

Total Investments – 100.3%
(cost $19,765,609)

        22,787,890   

Other assets less liabilities – (0.3)%

        (77,656 ) 
    

 

 

  

Net Assets – 100.0%

      $ 22,710,234   
    

 

 

  

 

 

See notes to financial statements.

 

82   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2005 Retirement Strategy—Portfolio of Investments

2010 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.8%

     

The AllianceBernstein Pooling
Portfolios - Equity – 60.4%

     

International Growth Portfolio

      684,789      $ 5,163,309   

International Value Portfolio

      800,290        5,113,852   

Multi-Asset Real Return Portfolio

      893,435        7,746,083   

Small-Mid Cap Growth Portfolio

      110,805        1,465,958   

Small-Mid Cap Value Portfolio

      125,031        1,465,367   

U.S. Large Cap Growth Portfolio

      506,742        6,232,924   

U.S. Value Portfolio

      716,633        6,256,203   

Volatility Management Portfolio

      1,633,808        16,730,190   
    

 

 

  
       50,173,886   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 40.4%

     

Bond Inflation Protection Portfolio

      1,086,031        12,185,273   

Global Core Bond Portfolio

      1,146,917        12,616,084   

High-Yield Portfolio

      488,992        5,041,509   

Short Duration Bond Portfolio

      395,267        3,778,754   
    

 

 

  
       33,621,620   
    

 

 

  

Total Investments – 100.8%
(cost $70,655,632)

        83,795,506   

Other assets less liabilities – (0.8)%

        (626,907 ) 
    

 

 

  

Net Assets – 100.0%

      $ 83,168,599   
    

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     83   

2010 Retirement Strategy—Portfolio of Investments

2015 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.3%

     

The AllianceBernstein Pooling
Portfolios - Equity – 68.6%

     

International Growth Portfolio

      2,034,487      $ 15,340,033   

International Value Portfolio

      2,364,393        15,108,473   

Multi-Asset Real Return Portfolio

      2,283,470        19,797,686   

Small-Mid Cap Growth Portfolio

      359,347        4,754,158   

Small-Mid Cap Value Portfolio

      405,323        4,750,382   

U.S. Large Cap Growth Portfolio

      1,470,118        18,082,451   

U.S. Value Portfolio

      2,072,808        18,095,619   

Volatility Management Portfolio

      3,874,720        39,677,129   
    

 

 

  
       135,605,931   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 31.7%

     

Bond Inflation Protection Portfolio

      2,046,274        22,959,191   

Global Core Bond Portfolio

      2,350,474        25,855,213   

High-Yield Portfolio

      1,354,923        13,969,261   
    

 

 

  
       62,783,665   
    

 

 

  

Total Investments – 100.3%
(cost $167,258,410)

        198,389,596   

Other assets less liabilities – (0.3)%

        (661,078 ) 
    

 

 

  

Net Assets – 100.0%

      $ 197,728,518   
    

 

 

  

 

See notes to financial statements.

 

84   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2015 Retirement Strategy—Portfolio of Investments

2020 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.5%

     

The AllianceBernstein Pooling
Portfolios - Equity – 75.7%

     

International Growth Portfolio

      3,409,151      $ 25,704,997   

International Value Portfolio

      3,972,393        25,383,590   

Multi-Asset Real Return Portfolio

      3,244,708        28,131,620   

Small-Mid Cap Growth Portfolio

      671,469        8,883,527   

Small-Mid Cap Value Portfolio

      757,655        8,879,714   

U.S. Large Cap Growth Portfolio

      2,403,793        29,566,657   

U.S. Value Portfolio

      3,381,679        29,522,061   

Volatility Management Portfolio

      5,509,155        56,413,748   
    

 

 

  
       212,485,914   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 24.8%

     

Bond Inflation Protection Portfolio

      1,643,011        18,434,588   

Global Core Bond Portfolio

      2,831,922        31,151,139   

High-Yield Portfolio

      1,927,217        19,869,606   
    

 

 

  
       69,455,333   
    

 

 

  

Total Investments – 100.5%
(cost $241,837,082)

        281,941,247   

Other assets less liabilities – (0.5)%

        (1,488,593 ) 
    

 

 

  

Net Assets – 100.0%

      $ 280,452,654   
    

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     85   

2020 Retirement Strategy—Portfolio of Investments

2025 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.2%

     

The AllianceBernstein Pooling
Portfolios - Equity – 82.6%

     

International Growth Portfolio

      3,506,534      $ 26,439,267   

International Value Portfolio

      4,093,758        26,159,114   

Multi-Asset Real Return Portfolio

      2,589,505        22,451,006   

Small-Mid Cap Growth Portfolio

      718,182        9,501,542   

Small-Mid Cap Value Portfolio

      810,384        9,497,705   

U.S. Large Cap Growth Portfolio

      2,470,531        30,387,536   

U.S. Value Portfolio

      3,481,279        30,391,568   

Volatility Management Portfolio

      4,460,582        45,676,354   
    

 

 

  
       200,504,092   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 17.6%

     

Bond Inflation Protection Portfolio

      434,966        4,880,323   

Global Core Bond Portfolio

      1,893,848        20,832,327   

High-Yield Portfolio

      1,661,436        17,129,405   
    

 

 

  
       42,842,055   
    

 

 

  

Total Investments – 100.2%
(cost $209,441,874)

        243,346,147   

Other assets less liabilities – (0.2)%

        (565,906 ) 
    

 

 

  

Net Assets – 100.0%

      $ 242,780,241   
    

 

 

  

 

See notes to financial statements.

 

86   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2025 Retirement Strategy—Portfolio of Investments

2030 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.7%

     

The AllianceBernstein Pooling
Portfolios - Equity – 88.6%

     

International Growth Portfolio

      3,674,362      $ 27,704,691   

International Value Portfolio

      4,310,652        27,545,064   

Multi-Asset Real Return Portfolio

      1,897,917        16,454,942   

Small-Mid Cap Growth Portfolio

      742,093        9,817,895   

Small-Mid Cap Value Portfolio

      837,362        9,813,887   

U.S. Large Cap Growth Portfolio

      2,579,260        31,724,897   

U.S. Value Portfolio

      3,644,115        31,813,126   

Volatility Management Portfolio

      3,106,349        31,809,009   
    

 

 

  
       186,683,511   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 12.1%

     

Global Core Bond Portfolio

      1,162,930        12,792,229   

High-Yield Portfolio

      1,239,781        12,782,137   
    

 

 

  
       25,574,366   
    

 

 

  

Total Investments – 100.7%
(cost $180,555,557)

        212,257,877   

Other assets less liabilities – (0.7)%

        (1,524,205 ) 
    

 

 

  

Net Assets – 100.0%

      $ 210,733,672   
    

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     87   

2030 Retirement Strategy—Portfolio of Investments

2035 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.4%

     

The AllianceBernstein Pooling
Portfolios - Equity – 92.8%

     

International Growth Portfolio

      3,049,367      $ 22,992,231   

International Value Portfolio

      3,550,875        22,690,089   

Multi-Asset Real Return Portfolio

      1,059,507        9,185,928   

Small-Mid Cap Growth Portfolio

      626,232        8,285,045   

Small-Mid Cap Value Portfolio

      703,523        8,245,288   

U.S. Large Cap Growth Portfolio

      2,145,470        26,389,277   

U.S. Value Portfolio

      3,022,655        26,387,780   

Volatility Management Portfolio

      1,682,476        17,228,557   
    

 

 

  
       141,404,195   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 7.6%

     

Global Core Bond Portfolio

      697,679        7,674,469   

High-Yield Portfolio

      371,683        3,832,050   
    

 

 

  
       11,506,519   
    

 

 

  

Total Investments – 100.4%
(cost $130,939,324)

        152,910,714   

Other assets less liabilities – (0.4)%

        (546,480 ) 
    

 

 

  

Net Assets – 100.0%

      $ 152,364,234   
    

 

 

  

 

See notes to financial statements.

 

88   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2035 Retirement Strategy—Portfolio of Investments

2040 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.6%

     

The AllianceBernstein Pooling
Portfolios - Equity – 95.5%

     

International Growth Portfolio

      2,811,390      $ 21,197,881   

International Value Portfolio

      3,288,175        21,011,438   

Multi-Asset Real Return Portfolio

      741,433        6,428,221   

Small-Mid Cap Growth Portfolio

      573,865        7,592,239   

Small-Mid Cap Value Portfolio

      649,470        7,611,788   

U.S. Large Cap Growth Portfolio

      1,973,786        24,277,561   

U.S. Value Portfolio

      2,779,949        24,268,956   

Volatility Management Portfolio

      938,593        9,611,196   
    

 

 

  
       121,999,280   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 5.1%

     

Global Core Bond Portfolio

      586,367        6,450,035   
    

 

 

  

Total Investments – 100.6%
(cost $106,821,019)

        128,449,315   

Other assets less liabilities – (0.6)%

        (708,333 ) 
    

 

 

  

Net Assets – 100.0%

      $ 127,740,982   
    

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     89   

2040 Retirement Strategy—Portfolio of Investments

2045 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 101.9%

     

The AllianceBernstein Pooling
Portfolios - Equity – 96.7%

     

International Growth Portfolio

      2,157,564      $ 16,268,030   

International Value Portfolio

      2,515,787        16,075,881   

Multi-Asset Real Return Portfolio

      538,934        4,672,562   

Small-Mid Cap Growth Portfolio

      443,018        5,861,128   

Small-Mid Cap Value Portfolio

      498,839        5,846,388   

U.S. Large Cap Growth Portfolio

      1,515,229        18,637,322   

U.S. Value Portfolio

      2,137,181        18,657,589   

Volatility Management Portfolio

      226,940        2,323,869   
    

 

 

  
       88,342,769   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 5.2%

     

Global Core Bond Portfolio

      429,160        4,720,757   
    

 

 

  

Total Investments – 101.9%
(cost $78,285,537)

        93,063,526   

Other assets less liabilities – (1.9)%

        (1,730,024 ) 
    

 

 

  

Net Assets – 100.0%

      $ 91,333,502   
    

 

 

  

 

See notes to financial statements.

 

90   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2045 Retirement Strategy—Portfolio of Investments

2050 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.1%

     

The AllianceBernstein Pooling
Portfolios - Equity – 95.0%

     

International Growth Portfolio

      534,984      $ 4,033,778   

International Value Portfolio

      627,643        4,010,637   

Multi-Asset Real Return Portfolio

      128,924        1,117,775   

Small-Mid Cap Growth Portfolio

      110,936        1,467,682   

Small-Mid Cap Value Portfolio

      125,211        1,467,476   

U.S. Large Cap Growth Portfolio

      376,321        4,628,748   

U.S. Value Portfolio

      529,038        4,618,502   
    

 

 

  
       21,344,598   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 5.1%

     

Global Core Bond Portfolio

      103,445        1,137,896   
    

 

 

  

Total Investments – 100.1%
(cost $19,530,497)

        22,482,494   

Other assets less liabilities – (0.1)%

        (18,090 ) 
    

 

 

  

Net Assets – 100.0%

      $ 22,464,404   
    

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     91   

2050 Retirement Strategy—Portfolio of Investments

2055 RETIREMENT STRATEGY

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company    Shares     U.S. $ Value  

 

  
    

MUTUAL FUNDS – 100.1%

     

The AllianceBernstein Pooling
Portfolios - Equity – 95.0%

     

International Growth Portfolio

      154,639      $ 1,165,979   

International Value Portfolio

      181,424        1,159,301   

Multi-Asset Real Return Portfolio

      37,259        323,037   

Small-Mid Cap Growth Portfolio

      31,805        420,780   

Small-Mid Cap Value Portfolio

      35,741        418,881   

U.S. Large Cap Growth Portfolio

      108,160        1,330,364   

U.S. Value Portfolio

      151,790        1,325,130   
    

 

 

  
       6,143,472   
    

 

 

  

The AllianceBernstein Pooling
Portfolios - Fixed Income – 5.1%

     

Global Core Bond Portfolio

      29,773        327,501   
    

 

 

  

Total Investments – 100.1%
(cost $5,873,262)

        6,470,973   

Other assets less liabilities – (0.1)%

        (7,278 ) 
    

 

 

  

Net Assets – 100.0%

      $ 6,463,695   
    

 

 

  

 

See notes to financial statements.

 

92   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

2055 Retirement Strategy—Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

August 31, 2012

 

    2000 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $21,756,294)

   $ 22,987,031   

Receivable for capital stock sold

     34,867   
 

 

 

  

Total assets

     23,021,898   
 

 

 

  
Liabilities  

Payable for capital stock redeemed

     208,657   

Advisory fee payable

     30,755   

Audit fee payable

     28,868   

Registration fee payable

     19,741   

Distribution fee payable

     4,923   

Payable for investments purchased

     1,772   

Transfer Agent fee payable

     751   

Accrued expenses

     31,020   
 

 

 

  

Total liabilities

     326,487   
 

 

 

  

Net Assets

   $ 22,695,411   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 2,152   

Additional paid-in capital

     22,255,750   

Undistributed net investment income

     135,930   

Accumulated net realized loss on investment transactions

     (929,158 ) 

Net unrealized appreciation on investments

     1,230,737   
 

 

 

  
  $     22,695,411   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   3,166,663           294,693         $   10.75 * 

 

  
B   $ 181,989           17,036         $ 10.68   

 

  
C   $ 463,279           43,525         $ 10.64   

 

  
Advisor   $ 60,002           5,557         $ 10.80   

 

  
R   $ 1,137,438           107,192         $ 10.61   

 

  
K   $   14,161,221           1,348,745         $ 10.50   

 

  
I   $ 3,524,819           335,090         $ 10.52   

 

  

 

*   The maximum offering price per share for Class A shares was $11.23 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     93   

Statement of Assets & Liabilities

 

 

 

    2005 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $19,765,609)

   $ 22,787,890   

Receivable for investments sold

     92,782   

Receivable for capital stock sold

     23,643   

Receivable due from Adviser

     5,398   
 

 

 

  

Total assets

     22,909,713   
 

 

 

  
Liabilities  

Payable for capital stock redeemed

     120,535   

Audit fee payable

     29,868   

Registration fee payable

     19,624   

Legal fee payable

     11,028   

Distribution fee payable

     5,645   

Transfer Agent fee payable

     960   

Accrued expenses

     11,819   
 

 

 

  

Total liabilities

     199,479   
 

 

 

  

Net Assets

   $ 22,710,234   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 2,214   

Additional paid-in capital

     28,015,845   

Undistributed net investment income

     28,417   

Accumulated net realized loss on investment transactions

     (8,358,523 ) 

Net unrealized appreciation on investments

     3,022,281   
 

 

 

  
  $     22,710,234   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   7,611,869           741,427         $   10.27 * 

 

  
B   $ 304,681           29,766         $ 10.24   

 

  
C   $ 248,279           24,366         $ 10.19   

 

  
Advisor   $ 461,153           44,693         $ 10.32   

 

  
R   $ 2,552,099           249,705         $ 10.22   

 

  
K   $ 9,452,466           921,757         $ 10.25   

 

  
I   $ 2,079,687           202,494         $ 10.27   

 

  

 

*   The maximum offering price per share for Class A shares was $10.73 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

94   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

 

 

 

    2010 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $70,655,632)

   $ 83,795,506   

Receivable for capital stock sold

     102,528   
 

 

 

  

Total assets

     83,898,034   
 

 

 

  
Liabilities  

Payable for capital stock redeemed

     571,834   

Payable for investments purchased

     24,193   

Distribution fee payable

     21,074   

Advisory fee payable

     21,060   

Administrative fee payable

     10,509   

Transfer Agent fee payable

     1,540   

Accrued expenses

     79,225   
 

 

 

  

Total liabilities

     729,435   
 

 

 

  

Net Assets

   $ 83,168,599   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 8,158   

Additional paid-in capital

     103,893,921   

Undistributed net investment income

     272,221   

Accumulated net realized loss on investment transactions

     (34,145,575 ) 

Net unrealized appreciation on investments

     13,139,874   
 

 

 

  
  $     83,168,599   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   24,330,561           2,390,986         $   10.18 * 

 

  
B   $ 426,296           42,220         $ 10.10   

 

  
C   $ 2,096,878           208,493         $ 10.06   

 

  
Advisor   $ 5,656,837           553,378         $ 10.22   

 

  
R   $ 9,552,586           938,122         $ 10.18   

 

  
K   $ 36,508,388           3,575,502         $ 10.21   

 

  
I   $ 4,597,053           449,528         $ 10.23   

 

  

 

*   The maximum offering price per share for Class A shares was $10.63 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     95   

Statement of Assets & Liabilities

 

 

 

    2015 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $167,258,410)

   $ 198,389,596   

Receivable for capital stock sold

     254,267   

Receivable for investments sold

     31,474   
 

 

 

  

Total assets

     198,675,337   
 

 

 

  
Liabilities  

Payable for capital stock redeemed

     539,683   

Advisory fee payable

     210,068   

Distribution fee payable

     51,199   

Administrative fee payable

     20,254   

Transfer Agent fee payable

     1,300   

Accrued expenses

     124,315   
 

 

 

  

Total liabilities

     946,819   
 

 

 

  

Net Assets

   $ 197,728,518   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 19,366   

Additional paid-in capital

     221,265,155   

Undistributed net investment income

     512,219   

Accumulated net realized loss on investment transactions

     (55,199,408 ) 

Net unrealized appreciation on investments

     31,131,186   
 

 

 

  
  $     197,728,518   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   59,820,278           5,873,395         $   10.18 * 

 

  
B   $ 1,581,257           156,670         $ 10.09   

 

  
C   $ 5,156,799           512,392         $ 10.06   

 

  
Advisor   $ 3,662,193           356,902         $ 10.26   

 

  
R   $ 26,931,404           2,641,601         $ 10.20   

 

  
K   $ 86,772,054           8,477,031         $ 10.24   

 

  
I   $ 13,804,533           1,348,479         $ 10.24   

 

  

 

*   The maximum offering price per share for Class A shares was $10.63 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

96   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

 

 

     2020 Retirement
Strategy		  
Assets   

Investments in affiliated Underlying Portfolios, at value
(cost $241,837,082)

    $ 281,941,247   

Receivable for capital stock sold

      385,221   
  

 

 

  

Total assets

      282,326,468   
  

 

 

  
Liabilities   

Payable for capital stock redeemed

      1,475,015   

Advisory fee payable

      190,213   

Distribution fee payable

      68,672   

Payable for investments purchased

      23,454   

Administrative fee payable

      9,329   

Transfer Agent fee payable

      2,410   

Accrued expenses

      104,721   
  

 

 

  

Total liabilities

      1,873,814   
  

 

 

  

Net Assets

    $ 280,452,654   
  

 

 

  
Composition of Net Assets   

Capital stock, at par

    $ 28,079   

Additional paid-in capital

      313,099,389   

Undistributed net investment income

      588,295   

Accumulated net realized loss on investment transactions

      (73,367,274 ) 

Net unrealized appreciation on investments

      40,104,165   
  

 

 

  
   $     280,452,654   
  

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $ 72,536,403           7,278,327         $ 9.97 * 

 

  
B   $ 1,684,301           170,906         $ 9.86   

 

  
C   $ 5,405,037           547,835         $ 9.87   

 

  
Advisor   $ 4,805,356           479,247         $ 10.03   

 

  
R   $ 38,244,117           3,841,405         $ 9.96   

 

  
K   $   128,651,189           12,854,450         $ 10.01   

 

  
I   $ 29,126,251           2,906,707         $   10.02   

 

  

 

 

*   The maximum offering price per share for Class A shares was $10.41 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     97   

Statement of Assets & Liabilities

 

 

     2025 Retirement
Strategy		  
Assets   

Investments in affiliated Underlying Portfolios, at value
(cost $209,441,874)

    $ 243,346,147   

Receivable for capital stock sold

      316,723   
  

 

 

  

Total assets

      243,662,870   
  

 

 

  
Liabilities   

Payable for capital stock redeemed

      494,002   

Advisory fee payable

      154,033   

Distribution fee payable

      61,147   

Payable for investments purchased

      33,780   

Administrative fee payable

      16,087   

Transfer Agent fee payable

      15,419   

Accrued expenses

      108,161   
  

 

 

  

Total liabilities

      882,629   
  

 

 

  

Net Assets

    $ 242,780,241   
  

 

 

  
Composition of Net Assets   

Capital stock, at par

    $ 24,240   

Additional paid-in capital

      273,004,221   

Undistributed net investment income

      365,180   

Accumulated net realized loss on investment transactions

      (64,517,673 ) 

Net unrealized appreciation on investments

      33,904,273   
  

 

 

  
   $     242,780,241   
  

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $ 65,744,732           6,575,249         $ 10.00 * 

 

  
B   $ 1,172,109           118,754         $ 9.87   

 

  
C   $ 4,254,058           430,810         $ 9.87   

 

  
Advisor   $ 3,239,518           322,317         $ 10.05   

 

  
R   $ 33,543,178           3,350,305         $ 10.01   

 

  
K   $   118,521,649           11,819,676         $ 10.03   

 

  
I   $ 16,304,997           1,622,499         $   10.05   

 

  

 

 

*   The maximum offering price per share for Class A shares was $10.44 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

98   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

 

 

     2030 Retirement
Strategy		  
Assets   

Investments in affiliated Underlying Portfolios, at value
(cost $180,555,557)

    $ 212,257,877   

Receivable for capital stock sold

      472,361   
  

 

 

  

Total assets

      212,730,238   
  

 

 

  
Liabilities   

Payable for capital stock redeemed

      1,466,971   

Payable for investments purchased

      298,459   

Distribution fee payable

      54,824   

Advisory fee payable

      42,111   

Transfer Agent fee payable

      10,065   

Administrative fee payable

      9,629   

Accrued expenses

      114,507   
  

 

 

  

Total liabilities

      1,996,566   
  

 

 

  

Net Assets

    $ 210,733,672   
  

 

 

  
Composition of Net Assets   

Capital stock, at par

    $ 21,351   

Additional paid-in capital

      228,621,228   

Undistributed net investment income

      98,497   

Accumulated net realized loss on investment transactions

      (49,709,724 ) 

Net unrealized appreciation on investments

      31,702,320   
  

 

 

  
   $     210,733,672   
  

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   59,593,356           6,039,656         $   9.87 * 

 

  
B   $ 960,312           98,512         $ 9.75   

 

  
C   $ 4,832,228           495,854         $ 9.75   

 

  
Advisor   $ 2,995,369           301,787         $ 9.93   

 

  
R   $ 34,876,507           3,538,294         $ 9.86   

 

  
K   $ 90,629,084           9,174,039         $ 9.88   

 

  
I   $ 16,846,816           1,702,619         $ 9.89   

 

  

 

 

*   The maximum offering price per share for Class A shares was $10.31 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     99   

Statement of Assets & Liabilities

 

 

     2035 Retirement
Strategy		  
Assets   

Investments in affiliated Underlying Portfolios, at value
(cost $130,939,324)

    $ 152,910,714   

Receivable for capital stock sold

      287,834   

Receivable for investments sold

      165,490   

Receivable due from Adviser

      492   
  

 

 

  

Total assets

      153,364,530   
  

 

 

  
Liabilities   

Payable for capital stock redeemed

      835,972   

Distribution fee payable

      36,878   

Administrative fee payable

      9,859   

Transfer Agent fee payable

      6,659   

Accrued expenses

      110,928   
  

 

 

  

Total liabilities

      1,000,296   
  

 

 

  

Net Assets

    $ 152,364,234   
  

 

 

  
Composition of Net Assets   

Capital stock, at par

    $ 15,542   

Additional paid-in capital

      163,798,034   

Undistributed net investment income

      575,975   

Accumulated net realized loss on investment transactions

      (33,996,707 ) 

Net unrealized appreciation on investments

      21,971,390   
  

 

 

  
   $     152,364,234   
  

 

 

  

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

 

Class   Net Assets       

Shares

Outstanding

        Net Asset
Value		  

 

  
A   $   38,154,816           3,888,341         $   9.81 * 

 

  
B   $ 723,513           74,529         $ 9.71   

 

  
C   $ 3,015,310           310,458         $ 9.71   

 

  
Advisor   $ 3,834,800           388,908         $ 9.86   

 

  
R   $ 21,448,249           2,197,947         $ 9.76   

 

  
K   $ 69,370,105           7,072,617         $ 9.81   

 

  
I   $ 15,817,441           1,608,796         $ 9.83   

 

  

 

 

*   The maximum offering price per share for Class A shares was $10.25 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

100   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

 

 

    2040 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $106,821,019)

   $ 128,449,315   

Receivable for capital stock sold

     293,504   
 

 

 

  

Total assets

     128,742,819   
 

 

 

  
Liabilities  

Payable for capital stock redeemed

     762,253   

Payable for investments purchased

     80,327   

Distribution fee payable

     31,564   

Advisory fee payable

     15,597   

Administrative fee payable

     9,559   

Transfer Agent fee payable

     6,156   

Accrued expenses

     96,381   
 

 

 

  

Total liabilities

     1,001,837   
 

 

 

  

Net Assets

   $ 127,740,982   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 12,787   

Additional paid-in capital

     130,913,823   

Undistributed net investment income

     415,151   

Accumulated net realized loss on investment transactions

     (25,229,075 ) 

Net unrealized appreciation on investments

     21,628,296   
 

 

 

  
  $     127,740,982   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   35,232,921           3,519,689         $   10.01 * 

 

  
B   $ 842,525           85,153         $ 9.89   

 

  
C   $ 2,519,083           254,042         $ 9.92   

 

  
Advisor   $ 4,398,179           436,737         $ 10.07   

 

  
R   $ 22,256,686           2,235,375         $ 9.96   

 

  
K   $ 47,774,066           4,785,861         $ 9.98   

 

  
I   $ 14,717,522           1,469,700         $ 10.01   

 

  

 

*   The maximum offering price per share for Class A shares was $10.45 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     101   

Statement of Assets & Liabilities

 

 

    2045 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $78,285,537)

   $ 93,063,526   

Receivable for capital stock sold

     223,293   

Receivable for investments sold

     1,457   
 

 

 

  

Total assets

     93,288,276   
 

 

 

  
Liabilities  

Payable for capital stock redeemed

     1,818,802   

Distribution fee payable

     22,315   

Administrative fee payable

     9,580   

Advisory fee payable

     7,797   

Transfer Agent fee payable

     3,447   

Accrued expenses

     92,833   
 

 

 

  

Total liabilities

     1,954,774   
 

 

 

  

Net Assets

   $ 91,333,502   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 9,349   

Additional paid-in capital

     91,310,953   

Distributions in excess of net investment income

     (67,795 ) 

Accumulated net realized loss on investment transactions

     (14,696,994 ) 

Net unrealized appreciation on investments

     14,777,989   
 

 

 

  
  $     91,333,502   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   25,489,060           2,597,965         $   9.81 * 

 

  
B   $ 320,599           33,125         $ 9.68   

 

  
C   $ 1,806,814           186,925         $ 9.67   

 

  
Advisor   $ 6,623,263           671,286         $ 9.87   

 

  
R   $ 16,214,470           1,667,562         $ 9.72   

 

  
K   $ 32,339,370           3,317,619         $ 9.75   

 

  
I   $ 8,539,926           874,182         $ 9.77   

 

  

 

*   The maximum offering price per share for Class A shares was $10.25 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

102   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

 

 

    2050 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $19,530,497)

   $ 22,482,494   

Receivable for capital stock sold

     107,788   

Receivable due from Adviser

     4,283   
 

 

 

  

Total assets

     22,594,565   
 

 

 

  
Liabilities  

Payable for investments purchased

     29,027   

Audit fee payable

     28,767   

Registration fee payable

     22,108   

Payable for capital stock redeemed

     15,253   

Legal fee payable

     11,212   

Transfer Agent fee payable

     6,465   

Distribution fee payable

     4,478   

Accrued expenses

     12,851   
 

 

 

  

Total liabilities

     130,161   
 

 

 

  

Net Assets

   $     22,464,404   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 2,798   

Additional paid-in capital

     19,638,373   

Undistributed net investment income

     6,871   

Accumulated net realized loss on investment transactions

     (135,635 ) 

Net unrealized appreciation on investments

     2,951,997   
 

 

 

  
  $ 22,464,404   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   4,769,978           591,503         $   8.06 * 

 

  
B   $ 31,680           3,974         $ 7.97   

 

  
C   $ 344,873           43,111         $ 8.00   

 

  
Advisor   $ 91,272           11,235         $ 8.12   

 

  
R   $ 3,403,530           425,260         $ 8.00   

 

  
K   $ 7,617,198           950,749         $ 8.01   

 

  
I   $ 6,205,873           772,232         $ 8.04   

 

  

 

*   The maximum offering price per share for Class A shares was $8.42 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     103   

Statement of Assets & Liabilities

 

 

    2055 Retirement
Strategy		  
Assets  

Investments in affiliated Underlying Portfolios, at value
(cost $5,873,262)

   $ 6,470,973   

Receivable for capital stock sold

     79,513   

Receivable due from Adviser

     4,341   
 

 

 

  

Total assets

     6,554,827   
 

 

 

  
Liabilities  

Audit fee payable

     28,807   

Payable for investments purchased

     17,704   

Registration fee payable

     14,127   

Legal fee payable

     11,300   

Payable for capital stock redeemed

     7,898   

Custody fee payable

     6,028   

Distribution fee payable

     1,325   

Transfer Agent fee payable

     260   

Accrued expenses

     3,683   
 

 

 

  

Total liabilities

     91,132   
 

 

 

  

Net Assets

   $ 6,463,695   
 

 

 

  
Composition of Net Assets  

Capital stock, at par

   $ 819   

Additional paid-in capital

     5,948,765   

Undistributed net investment income

     50,014   

Accumulated net realized loss on investment transactions

     (133,614 ) 

Net unrealized appreciation on investments

     597,711   
 

 

 

  
  $     6,463,695   
 

 

 

  

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

 

Class   Net Assets        Shares
Outstanding		        Net Asset
Value		  

 

  
A   $   1,215,539           148,785         $   8.17 * 

 

  
B   $ 30,704           3,868         $ 7.94   

 

  
C   $ 190,814           24,094         $ 7.92   

 

  
Advisor   $ 46,065           5,598         $ 8.23   

 

  
R   $ 749,727           96,588         $ 7.76   

 

  
K   $ 2,563,183           327,257         $ 7.83   

 

  
I   $ 1,667,663           212,372         $ 7.85   

 

  

 

*   The maximum offering price per share for Class A shares was $8.53 which reflects a sales charge of 4.25%.

See notes to financial statements.

 

104   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Year Ended August 31, 2012

 

     2000 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 895,002   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $     153,246     

Distribution fee – Class A

      14,001     

Distribution fee – Class B

      1,678     

Distribution fee – Class C

      4,741     

Distribution fee – Class R

      6,744     

Distribution fee – Class K

      45,067     

Transfer agency – Class A

      16,128     

Transfer agency – Class B

      575     

Transfer agency – Class C

      1,565     

Transfer agency – Advisor Class

      1,478     

Transfer agency – Class R

      3,507     

Transfer agency – Class K

      32,804     

Transfer agency – Class I

      2,332     

Registration fees

      82,965     

Custodian

      70,296     

Administrative

      63,200     

Audit

      34,500     

Legal

      27,813     

Printing

      13,631     

Directors’ fees

      5,278     

Miscellaneous

      7,454     
  

 

 

    

Total expenses

      589,003     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (369,098 )   
  

 

 

    

Net expenses

        219,905   
    

 

 

  

Net investment income

        675,097   
    

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions     

Net realized gain on sale of affiliated
Underlying Portfolio shares

        1,848,902   

Net realized gain distributions from affiliated Underlying Portfolios

        383,339   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        (1,779,917 ) 
    

 

 

  

Net gain on investment transactions

        452,324   
    

 

 

  

Net Increase in Net Assets from Operations

      $     1,127,421   
    

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     105   

Statement of Operations

     2005 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 934,809   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $     157,519     

Distribution fee – Class A

      38,159     

Distribution fee – Class B

      3,128     

Distribution fee – Class C

      2,980     

Distribution fee – Class R

      13,910     

Distribution fee – Class K

      25,743     

Transfer agency – Class A

      19,777     

Transfer agency – Class B

      320     

Transfer agency – Class C

      400     

Transfer agency – Advisor Class

      619     

Transfer agency – Class R

      7,233     

Transfer agency – Class K

      19,324     

Transfer agency – Class I

      1,572     

Registration fees

      81,964     

Custodian

      70,296     

Administrative

      63,200     

Audit

      34,500     

Legal

      27,314     

Printing

      10,361     

Directors’ fees

      5,085     

Miscellaneous

      7,473     
  

 

 

    

Total expenses

      590,877     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (340,846 )   
  

 

 

    

Net expenses

        250,031   
    

 

 

  

Net investment income

        684,778   
    

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions     

Net realized gain on sale of affiliated
Underlying Portfolio shares

        1,491,716   

Net realized gain distributions from affiliated Underlying Portfolios

        443,067   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        (1,397,038 ) 
    

 

 

  

Net gain on investment transactions

        537,745   
    

 

 

  

Net Increase in Net Assets from Operations

      $     1,222,523   
    

 

 

  

 

See notes to financial statements.

 

106   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

 

     2010 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 3,921,985   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $ 624,075     

Distribution fee – Class A

      102,685     

Distribution fee – Class B

      4,778     

Distribution fee – Class C

      23,692     

Distribution fee – Class R

      57,049     

Distribution fee – Class K

      125,177     

Transfer agency – Class A

      42,153     

Transfer agency – Class B

      852     

Transfer agency – Class C

      3,236     

Transfer agency – Advisor Class

      13,512     

Transfer agency – Class R

      28,673     

Transfer agency – Class K

      93,704     

Transfer agency – Class I

      4,585     

Registration fees

      102,009     

Custodian

      70,296     

Administrative

      58,403     

Audit

      34,500     

Legal

      28,547     

Printing

      14,459     

Directors’ fees

      5,085     

Miscellaneous

      8,767     
  

 

 

    

Total expenses

      1,446,237     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (452,047 )   
  

 

 

    

Net expenses

        994,190   
    

 

 

  

Net investment income

        2,927,795   
    

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions     

Net realized gain on sale of affiliated
Underlying Portfolio shares

        4,873,005   

Net realized gain distributions from affiliated Underlying Portfolios

        1,965,791   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        (4,530,259 ) 
    

 

 

  

Net gain on investment transactions

        2,308,537   
    

 

 

  

Net Increase in Net Assets from Operations

      $     5,236,332   
    

 

 

  

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     107   

Statement of Operations

    2015 Retirement
Strategy		        
Investment Income    

Income distributions from affiliated Underlying Portfolios

     $ 7,835,464   
   

 

 

  
Expenses    

Advisory fee (see Note B)

   $     1,496,847     

Distribution fee – Class A

     199,572     

Distribution fee – Class B

     18,886     

Distribution fee – Class C

     51,628     

Distribution fee – Class R

     149,068     

Distribution fee – Class K

     249,915     

Transfer agency – Class A

     36,248     

Transfer agency – Class B

     1,862     

Transfer agency – Class C

     3,502     

Transfer agency – Advisor Class

     3,238     

Transfer agency – Class R

     73,739     

Transfer agency – Class K

     187,282     

Transfer agency – Class I

     26,633     

Registration fees

     80,424     

Custodian

     70,296     

Administrative

     68,148     

Audit

     34,500     

Legal

     33,057     

Printing

     27,632     

Directors’ fees

     5,084     

Miscellaneous

     14,245     
 

 

 

    

Total expenses

     2,831,806     

Less: expenses waived and reimbursed by the Adviser (see Note B)

     (566,100 )   
 

 

 

    

Net expenses

       2,265,706   
   

 

 

  

Net investment income

       5,569,758   
   

 

 

  
Realized and Unrealized Gain on Investment Transactions    

Net realized gain on sale of affiliated
Underlying Portfolio shares

       1,853,279   

Net realized gain distributions from affiliated Underlying Portfolios

       4,394,951   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

       367,637   
   

 

 

  

Net gain on investment transactions

       6,615,867   
   

 

 

  

Net Increase in Net Assets from Operations

     $     12,185,625   
   

 

 

  

See notes to financial statements.

 

108   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

 

 

 

    2020 Retirement
Strategy		        
Investment Income    

Income distributions from affiliated Underlying Portfolios

     $ 9,309,946   
   

 

 

  
Expenses    

Advisory fee (see Note B)

   $     1,940,615     

Distribution fee – Class A

     241,146     

Distribution fee – Class B

     18,125     

Distribution fee – Class C

     57,509     

Distribution fee – Class R

     205,574     

Distribution fee – Class K

     400,984     

Transfer agency – Class A

     97,841     

Transfer agency – Class B

     2,954     

Transfer agency – Class C

     8,660     

Transfer agency – Advisor Class

     8,021     

Transfer agency – Class R

     105,930     

Transfer agency – Class K

     300,364     

Transfer agency – Class I

     16,738     

Registration fees

     80,508     

Custodian

     70,297     

Administrative

     56,924     

Audit

     34,500     

Printing

     28,884     

Legal

     27,750     

Directors’ fees

     5,084     

Miscellaneous

     14,378     
 

 

 

    

Total expenses

     3,722,786     

Less: expenses waived and reimbursed by the Adviser (see Note B)

     (600,085 )   
 

 

 

    

Net expenses

       3,122,701   
   

 

 

  

Net investment income

       6,187,245   
   

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions    

Net realized loss on sale of affiliated
Underlying Portfolio shares

       (4,080,724 ) 

Net realized gain distributions from affiliated Underlying Portfolios

       6,194,748   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

       7,793,149   
   

 

 

  

Net gain on investment transactions

       9,907,173   
   

 

 

  

Net Increase in Net Assets from Operations

     $     16,094,418   
   

 

 

  

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     109   

Statement of Operations

    2025 Retirement
Strategy		        
Investment Income    

Income distributions from affiliated Underlying Portfolios

     $ 6,798,950   
   

 

 

  
Expenses    

Advisory fee (see Note B)

   $     1,602,575     

Distribution fee – Class A

     228,508     

Distribution fee – Class B

     11,949     

Distribution fee – Class C

     39,582     

Distribution fee – Class R

     186,853     

Distribution fee – Class K

     318,810     

Transfer agency – Class A

     86,347     

Transfer agency – Class B

     1,740     

Transfer agency – Class C

     5,620     

Transfer agency – Advisor Class

     5,301     

Transfer agency – Class R

     91,512     

Transfer agency – Class K

     239,283     

Transfer agency – Class I

     11,194     

Registration fees

     80,041     

Custodian

     70,297     

Administrative

     63,732     

Audit

     34,500     

Printing

     32,021     

Legal

     27,309     

Directors’ fees

     5,274     

Miscellaneous

     12,655     
 

 

 

    

Total expenses

     3,155,103     

Less: expenses waived and reimbursed by the Adviser (see Note B)

     (499,730 )   
 

 

 

    

Net expenses

       2,655,373   
   

 

 

  

Net investment income

       4,143,577   
   

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions    

Net realized loss on sale of affiliated
Underlying Portfolio shares

       (5,674,237 ) 

Net realized gain distributions from affiliated Underlying Portfolios

       5,241,868   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

       9,870,975   
   

 

 

  

Net gain on investment transactions

       9,438,606   
   

 

 

  

Net Increase in Net Assets from Operations

     $     13,582,183   
   

 

 

  

See notes to financial statements.

 

110   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

 

 

    2030 Retirement
Strategy		        
Investment Income    

Income distributions from affiliated Underlying Portfolios

     $ 5,576,858   
   

 

 

  
Expenses    

Advisory fee (see Note B)

   $     1,530,057     

Distribution fee – Class A

     197,669     

Distribution fee – Class B

     10,273     

Distribution fee – Class C

     45,371     

Distribution fee – Class R

     189,848     

Distribution fee – Class K

     264,193     

Transfer agency – Class A

     130,541     

Transfer agency – Class B

     2,539     

Transfer agency – Class C

     11,442     

Transfer agency – Advisor Class

     7,597     

Transfer agency – Class R

     94,910     

Transfer agency – Class K

     196,204     

Transfer agency – Class I

     12,731     

Registration fees

     74,164     

Custodian

     70,296     

Administrative

     57,100     

Audit

     34,500     

Printing

     30,832     

Legal

     26,630     

Directors’ fees

     4,364     

Miscellaneous

     12,648     
 

 

 

    

Total expenses

     3,003,909     

Less: expenses waived and reimbursed by the Adviser (see Note B)

     (601,723 )   
 

 

 

    

Net expenses

       2,402,186   
   

 

 

  

Net investment income

       3,174,672   
   

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions    

Net realized loss on sale of affiliated
Underlying Portfolio shares

       (4,175,817 ) 

Net realized gain distributions from affiliated Underlying Portfolios

       4,891,276   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

       9,099,605   
   

 

 

  

Net gain on investment transactions

       9,815,064   
   

 

 

  

Net Increase in Net Assets from Operations

     $     12,989,736   
   

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     111   

Statement of Operations

 

 

     2035 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 3,475,676   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $     1,074,894     

Distribution fee – Class A

      133,228     

Distribution fee – Class B

      7,920     

Distribution fee – Class C

      28,314     

Distribution fee – Class R

      114,607     

Distribution fee – Class K

      188,631     

Transfer agency – Class A

      105,491     

Transfer agency – Class B

      2,279     

Transfer agency – Class C

      8,440     

Transfer agency – Advisor Class

      10,456     

Transfer agency – Class R

      58,298     

Transfer agency – Class K

      134,542     

Transfer agency – Class I

      10,867     

Registration fees

      73,300     

Custodian

      70,296     

Administrative

      57,380     

Audit

      34,500     

Printing

      27,933     

Legal

      27,712     

Directors’ fees

      5,074     

Miscellaneous

      10,562     
  

 

 

    

Total expenses

      2,184,724     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (521,373 )   
  

 

 

    

Net expenses

        1,663,351   
    

 

 

  

Net investment income

        1,812,325   
    

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions     

Net realized loss on sale of affiliated
Underlying Portfolio shares

        (4,059,117 ) 

Net realized gain distributions from affiliated Underlying Portfolios

        3,669,714   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        7,842,595   
    

 

 

  

Net gain on investment transactions

        7,453,192   
    

 

 

  

Net Increase in Net Assets from Operations

      $     9,265,517   
    

 

 

  

 

See notes to financial statements.

 

112   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

 

 

 

     2040 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 2,850,149   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $     914,984     

Distribution fee – Class A

      118,430     

Distribution fee – Class B

      8,370     

Distribution fee – Class C

      24,842     

Distribution fee – Class R

      115,947     

Distribution fee – Class K

      141,717     

Transfer agency – Class A

      121,376     

Transfer agency – Class B

      3,028     

Transfer agency – Class C

      9,858     

Transfer agency – Advisor Class

      14,686     

Transfer agency – Class R

      57,196     

Transfer agency – Class K

      95,088     

Transfer agency – Class I

      8,748     

Registration fees

      73,448     

Custodian

      70,296     

Administrative

      58,080     

Audit

      34,500     

Legal

      27,613     

Printing

      21,856     

Directors’ fees

      4,638     

Miscellaneous

      8,960     
  

 

 

    

Total expenses

      1,933,661     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (496,758 )   
  

 

 

    

Net expenses

        1,436,903   
    

 

 

  

Net investment income

        1,413,246   
    

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions     

Net realized loss on sale of affiliated
Underlying Portfolio shares

        (1,482,885 ) 

Net realized gain distributions from affiliated Underlying Portfolios

        3,275,826   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        5,252,639   
    

 

 

  

Net gain on investment transactions

        7,045,580   
    

 

 

  

Net Increase in Net Assets from Operations

      $     8,458,826   
    

 

 

  

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     113   

Statement of Operations

 

 

     2045 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 2,027,457   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $      648,590     

Distribution fee – Class A

      92,374     

Distribution fee – Class B

      3,102     

Distribution fee – Class C

      17,269     

Distribution fee – Class R

      84,274     

Distribution fee – Class K

      91,556     

Transfer agency – Class A

      87,414     

Transfer agency – Class B

      1,182     

Transfer agency – Class C

      6,174     

Transfer agency – Advisor Class

      18,530     

Transfer agency – Class R

      40,708     

Transfer agency – Class K

      60,127     

Transfer agency – Class I

      4,304     

Registration fees

      72,994     

Custodian

      70,297     

Administrative

      57,860     

Audit

      34,488     

Legal

      27,930     

Printing

      22,086     

Directors’ fees

      4,656     

Miscellaneous

      8,286     
  

 

 

    

Total expenses

      1,454,201     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (437,209 )   
  

 

 

    

Net expenses

        1,016,992   
    

 

 

  

Net investment income

        1,010,465   
    

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions     

Net realized loss on sale of affiliated
Underlying Portfolio shares

        (1,926,066 ) 

Net realized gain distributions from affiliated Underlying Portfolios

        2,239,690   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        4,545,448   
    

 

 

  

Net gain on investment transactions

        4,859,072   
    

 

 

  

Net Increase in Net Assets from Operations

      $     5,869,537   
    

 

 

  

See notes to financial statements.

 

114   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

 

 

 

     2050 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 448,598   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $     145,249     

Distribution fee – Class A

      12,921     

Distribution fee – Class B

      308     

Distribution fee – Class C

      2,950     

Distribution fee – Class R

      16,798     

Distribution fee – Class K

      24,073     

Transfer agency – Class A

      20,879     

Transfer agency – Class B

      173     

Transfer agency – Class C

      1,490     

Transfer agency – Advisor Class

      3,034     

Transfer agency – Class R

      8,735     

Transfer agency – Class K

      19,087     

Transfer agency – Class I

      2,509     

Registration fees

      76,950     

Custodian

      70,296     

Administrative

      63,500     

Audit

      36,488     

Printing

      29,174     

Legal

      28,370     

Directors’ fees

      4,656     

Miscellaneous

      7,674     
  

 

 

    

Total expenses

      575,314     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (355,139 )   
  

 

 

    

Net expenses

        220,175   
    

 

 

  

Net investment income

        228,423   
    

 

 

  
Realized and Unrealized Gain on Investment Transactions     

Net realized gain on sale of affiliated Underlying Portfolio shares

        475,792   

Net realized gain distributions from affiliated Underlying Portfolios

        499,419   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        306,197   
    

 

 

  

Net gain on investment transactions

        1,281,408   
    

 

 

  

Net Increase in Net Assets from Operations

      $     1,509,831   
    

 

 

  

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     115   

Statement of Operations

 

 

     2055 Retirement
Strategy		        
Investment Income     

Income distributions from affiliated Underlying Portfolios

      $ 107,554   
    

 

 

  
Expenses     

Advisory fee (see Note B)

    $     36,439     

Distribution fee – Class A

      3,204     

Distribution fee – Class B

      284     

Distribution fee – Class C

      1,239     

Distribution fee – Class R

      3,905     

Distribution fee – Class K

      6,479     

Transfer agency – Class A

      16,680     

Transfer agency – Class B

      456     

Transfer agency – Class C

      1,945     

Transfer agency – Advisor Class

      1,338     

Transfer agency – Class R

      1,989     

Transfer agency – Class K

      4,764     

Transfer agency – Class I

      457     

Registration fees

      70,968     

Custodian

      68,968     

Administrative

      63,500     

Audit

      34,572     

Printing

      28,295     

Legal

      14,870     

Directors’ fees

      4,656     

Miscellaneous

      6,344     
  

 

 

    

Total expenses

      371,352     

Less: expenses waived and reimbursed by the Adviser (see Note B)

      (315,318 )   
  

 

 

    

Net expenses

        56,034   
    

 

 

  

Net investment income

        51,520   
    

 

 

  
Realized and Unrealized Gain (Loss) on Investment Transactions     

Net realized loss on sale of affiliated
Underlying Portfolio shares

        (98,043 ) 

Net realized gain distributions from affiliated Underlying Portfolios

        115,956   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

        338,970   
    

 

 

  

Net gain on investment transactions

        356,883   
    

 

 

  

Net Increase in Net Assets from Operations

      $     408,403   
    

 

 

  

See notes to financial statements.

 

116   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

 

 

     2000 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 675,097      $ 784,897   

Net realized gain on sale of affiliated Underlying Portfolio shares

      1,848,902        1,034,420   

Net realized gain distributions from affiliated Underlying Portfolios

      383,339        115,688   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      (1,779,917 )      860,105   
  

 

 

    

 

 

  

Net increase in net assets from operations

      1,127,421        2,795,110   
Dividends to Shareholders from     

Net investment income

     

Class A

      (143,095 )      (166,738 ) 

Class B

      (1,478 )      (3,288 ) 

Class C

      (6,455 )      (14,936 ) 

Advisor Class

      (6,390 )      (9,591 ) 

Class R

      (28,083 )      (69,626 ) 

Class K

      (495,446 )      (549,714 ) 

Class I

      (47,866 )      (50,202 ) 
Capital Stock Transactions     

Net decrease

      (7,904,573 )      (1,132,983 ) 
  

 

 

    

 

 

  

Total increase (decrease)

      (7,505,965 )      798,032   
Net Assets     

Beginning of period

      30,201,376        29,403,344   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $135,930 and $189,646, respectively)

    $     22,695,411      $     30,201,376   
  

 

 

    

 

 

  

 

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     117   

Statement of Changes in Net Assets

 

 

     2005 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 684,778      $ 980,363   

Net realized gain on sale of affiliated Underlying Portfolio shares

      1,491,716        1,549,913   

Net realized gain distributions from affiliated Underlying Portfolios

      443,067        161,554   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      (1,397,038 )      1,513,105   
  

 

 

    

 

 

  

Net increase in net assets from operations

      1,222,523        4,204,935   
Dividends to Shareholders from     

Net investment income

     

Class A

      (346,240 )      (627,180 ) 

Class B

      (5,210 )      (8,245 ) 

Class C

      (7,016 )      (6,181 ) 

Advisor Class

      (18,943 )      (14,418 ) 

Class R

      (62,999 )      (97,183 ) 

Class K

      (296,092 )      (330,009 ) 

Class I

      (27,140 )      (13,423 ) 
Capital Stock Transactions     

Net decrease

      (8,728,139 )      (10,402,385 ) 
  

 

 

    

 

 

  

Total decrease

      (8,269,256 )      (7,294,089 ) 
Net Assets     

Beginning of period

      30,979,490        38,273,579   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $28,417 and $107,279, respectively)

    $     22,710,234      $     30,979,490   
  

 

 

    

 

 

  

See notes to financial statements.

 

118   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

 

     2010 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 2,927,795      $ 4,557,847   

Net realized gain on sale of affiliated Underlying Portfolio shares

      4,873,005        1,204,806   

Net realized gain distributions from affiliated Underlying Portfolios

      1,965,791        716,960   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      (4,530,259 )      14,134,396   
  

 

 

    

 

 

  

Net increase in net assets from operations

      5,236,332        20,614,009   
Dividends to Shareholders from     

Net investment income

     

Class A

      (1,000,258 )      (1,706,787 ) 

Class B

      (9,392 )      (14,645 ) 

Class C

      (55,821 )      (48,552 ) 

Advisor Class

      (327,256 )      (456,524 ) 

Class R

      (273,546 )      (386,463 ) 

Class K

      (1,573,287 )      (2,081,233 ) 

Class I

      (160,556 )      (245,050 ) 
Capital Stock Transactions     

Net decrease

      (53,099,093 )      (42,147,465 ) 
  

 

 

    

 

 

  

Total decrease

      (51,262,877 )      (26,472,710 ) 
Net Assets     

Beginning of period

      134,431,476        160,904,186   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $272,221 and $744,542, respectively)

    $     83,168,599      $     134,431,476   
  

 

 

    

 

 

  

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     119   

Statement of Changes in Net Assets

 

 

     2015 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 5,569,758      $ 8,234,688   

Net realized gain (loss) on sale of affiliated Underlying Portfolio shares

      1,853,279        (2,741,250 ) 

Net realized gain distributions from affiliated Underlying Portfolios

      4,394,951        1,322,254   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      367,637        32,064,683   
  

 

 

    

 

 

  

Net increase in net assets from operations

      12,185,625        38,880,375   
Dividends to Shareholders from     

Net investment income

     

Class A

      (1,691,828 )      (2,691,668 ) 

Class B

      (36,538 )      (49,253 ) 

Class C

      (109,470 )      (79,245 ) 

Advisor Class

      (129,880 )      (393,906 ) 

Class R

      (596,848 )      (1,076,712 ) 

Class K

      (2,621,021 )      (3,233,318 ) 

Class I

      (1,199,435 )      (1,311,504 ) 
Capital Stock Transactions     

Net decrease

      (88,891,920 )      (39,727,467 ) 
  

 

 

    

 

 

  

Total decrease

      (83,091,315 )      (9,682,698 ) 
Net Assets     

Beginning of period

      280,819,833        290,502,531   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $512,219 and $1,327,481, respectively)

    $     197,728,518      $     280,819,833   
  

 

 

    

 

 

  

See notes to financial statements.

 

120   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

 

 

 

     2020 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 6,187,245      $ 9,977,247   

Net realized loss on sale of affiliated Underlying Portfolio shares

      (4,080,724 )      (6,552,436 ) 

Net realized gain distributions from affiliated Underlying Portfolios

      6,194,748        1,671,964   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      7,793,149        45,897,075   
  

 

 

    

 

 

  

Net increase in net assets from operations

      16,094,418        50,993,850   
Dividends to Shareholders from     

Net investment income

     

Class A

      (1,820,950 )      (3,052,445 ) 

Class B

      (26,566 )      (40,206 ) 

Class C

      (83,346 )      (108,767 ) 

Advisor Class

      (156,610 )      (381,402 ) 

Class R

      (745,446 )      (1,207,396 ) 

Class K

      (3,900,377 )      (4,964,092 ) 

Class I

      (626,608 )      (773,509 ) 
Capital Stock Transactions     

Net decrease

      (88,951,495 )      (53,736,080 ) 
  

 

 

    

 

 

  

Total decrease

      (80,216,980 )      (13,270,047 ) 
Net Assets     

Beginning of period

      360,669,634        373,939,681   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $588,295 and $1,760,953, respectively)

    $     280,452,654      $     360,669,634   
  

 

 

    

 

 

  

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     121   

Statement of Changes in Net Assets

 

 

 

     2025 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 4,143,577      $ 7,783,656   

Net realized loss on sale of affiliated Underlying Portfolio shares

      (5,674,237 )      (9,075,643 ) 

Net realized gain distributions from affiliated Underlying Portfolios

      5,241,868        1,214,506   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      9,870,975        43,163,984   
  

 

 

    

 

 

  

Net increase in net assets from operations

      13,582,183        43,086,503   
Dividends to Shareholders from     

Net investment income

     

Class A

      (1,519,249 )      (2,892,298 ) 

Class B

      (14,375 )      (25,640 ) 

Class C

      (47,439 )      (71,679 ) 

Advisor Class

      (94,625 )      (274,208 ) 

Class R

      (580,730 )      (1,043,083 ) 

Class K

      (2,616,919 )      (3,417,444 ) 

Class I

      (321,127 )      (433,104 ) 
Capital Stock Transactions     

Net decrease

      (63,745,621 )      (44,457,374 ) 
  

 

 

    

 

 

  

Total decrease

      (55,357,902 )      (9,528,327 ) 
Net Assets     

Beginning of period

      298,138,143        307,666,470   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $365,180 and $1,416,067, respectively)

    $     242,780,241      $     298,138,143   
  

 

 

    

 

 

  

See notes to financial statements.

 

122   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

 

 

 

     2030 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 3,174,672      $ 5,939,684   

Net realized loss on sale of affiliated Underlying Portfolio shares

      (4,175,817 )      (9,616,304 ) 

Net realized gain distributions from affiliated Underlying Portfolios

      4,891,276        804,874   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      9,099,605        41,820,711   
  

 

 

    

 

 

  

Net increase in net assets from operations

      12,989,736        38,948,965   
Dividends to Shareholders from     

Net investment income

     

Class A

      (1,145,074 )      (1,984,492 ) 

Class B

      (9,218 )      (16,551 ) 

Class C

      (39,986 )      (66,408 ) 

Advisor Class

      (83,483 )      (199,484 ) 

Class R

      (510,162 )      (799,913 ) 

Class K

      (1,988,137 )      (2,725,822 ) 

Class I

      (287,237 )      (335,587 ) 
Capital Stock Transactions     

Net decrease

      (57,074,208 )      (44,555,677 ) 
  

 

 

    

 

 

  

Total decrease

      (48,147,769 )      (11,734,969 ) 
Net Assets     

Beginning of period

      258,881,441        270,616,410   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $98,497 and $987,122, respectively)

    $     210,733,672      $     258,881,441   
  

 

 

    

 

 

  

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     123   

Statement of Changes in Net Assets

 

 

 

     2035 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 1,812,325      $ 3,274,485   

Net realized loss on sale of affiliated Underlying Portfolio shares

      (4,059,117 )      (8,358,290 ) 

Net realized gain distributions from affiliated Underlying Portfolios

      3,669,714        425,690   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      7,842,595        30,066,534   
  

 

 

    

 

 

  

Net increase in net assets from operations

      9,265,517        25,408,419   
Dividends to Shareholders from     

Net investment income

     

Class A

      (630,073 )      (1,038,884 ) 

Class B

      (5,806 )      (7,965 ) 

Class C

      (17,317 )      (28,993 ) 

Advisor Class

      (70,786 )      (128,461 ) 

Class R

      (222,596 )      (429,191 ) 

Class K

      (1,181,350 )      (1,473,894 ) 

Class I

      (202,487 )      (205,247 ) 
Capital Stock Transactions     

Net decrease

      (35,794,944 )      (21,894,367 ) 
  

 

 

    

 

 

  

Total increase (decrease)

      (28,859,842 )      201,417   
Net Assets     

Beginning of period

      181,224,076        181,022,659   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $575,975 and $1,094,065, respectively)

    $     152,364,234      $     181,224,076   
  

 

 

    

 

 

  

 

See notes to financial statements.

 

124   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

     2040 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 1,413,246      $ 2,665,124   

Net realized loss on sale of affiliated Underlying Portfolio shares

      (1,482,885 )      (8,219,680 ) 

Net realized gain distributions from affiliated Underlying Portfolios

      3,275,826        217,495   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      5,252,639        28,465,352   
  

 

 

    

 

 

  

Net increase in net assets from operations

      8,458,826        23,128,291   
Dividends to Shareholders from     

Net investment income

     

Class A

      (524,120 )      (895,318 ) 

Class B

      (5,106 )      (7,254 ) 

Class C

      (12,026 )      (24,261 ) 

Advisor Class

      (78,203 )      (115,241 ) 

Class R

      (221,398 )      (377,223 ) 

Class K

      (894,407 )      (1,177,581 ) 

Class I

      (172,627 )      (186,447 ) 
Capital Stock Transactions     

Net decrease

      (31,013,906 )      (25,735,108 ) 
  

 

 

    

 

 

  

Total decrease

      (24,462,967 )      (5,390,142 ) 
Net Assets     

Beginning of period

      152,203,949        157,594,091   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $415,151 and $909,792, respectively)

    $     127,740,982      $     152,203,949   
  

 

 

    

 

 

  

 

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     125   

Statement of Changes in Net Assets

     2045 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 1,010,465      $ 1,719,893   

Net realized loss on sale of affiliated Underlying Portfolio shares

      (1,926,066 )      (5,196,332 ) 

Net realized gain distributions from affiliated Underlying Portfolios

      2,239,690        29,132   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      4,545,448        17,750,959   
  

 

 

    

 

 

  

Net increase in net assets from operations

      5,869,537        14,303,652   
Dividends to Shareholders from     

Net investment income

     

Class A

      (411,744 )      (607,796 ) 

Class B

      (1,968 )      (2,380 ) 

Class C

      (11,675 )      (11,981 ) 

Advisor Class

      (105,245 )      (102,799 ) 

Class R

      (171,775 )      (268,413 ) 

Class K

      (610,886 )      (671,669 ) 

Class I

      (70,960 )      (86,414 ) 
Capital Stock Transactions     

Net decrease

      (20,727,931 )      (7,445,964 ) 
  

 

 

    

 

 

  

Total increase (decrease)

      (16,242,647 )      5,106,236   
Net Assets     

Beginning of period

      107,576,149        102,469,913   
  

 

 

    

 

 

  

End of period (including distributions in excess of net investment income of ($67,795) and undistributed net investment income of $280,873, respectively)

    $     91,333,502      $     107,576,149   
  

 

 

    

 

 

  

 

 

See notes to financial statements.

 

126   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

 

 

 

     2050 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  
Increase in Net Assets from Operations     

Net investment income

    $ 228,423      $ 294,430   

Net realized gain on sale of affiliated Underlying Portfolio shares

      475,792        954,621   

Net realized gain distributions from affiliated Underlying Portfolios

      499,419        2,005   

Net change in unrealized appreciation/depreciation of investments in affiliated Underlying Portfolios

      306,197        1,026,132   
  

 

 

    

 

 

  

Net increase in net assets from operations

      1,509,831        2,277,188   
Dividends and Distributions to Shareholders from     

Net investment income

     

Class A

      (35,789 )      (78,953 ) 

Class B

      (51 )      (293 ) 

Class C

      – 0 –      (2,563 ) 

Advisor Class

      (5,244 )      (19,667 ) 

Class R

      (20,755 )      (49,324 ) 

Class K

      (142,619 )      (190,371 ) 

Class I

      (17,094 )      (19,753 ) 

Net realized gain on investment
transactions

     

Class A

      (105,898 )      (35,019 ) 

Class B

      (842 )      (201 ) 

Class C

      (6,317 )      (1,762 ) 

Advisor Class

      (12,312 )      (7,512 ) 

Class R

      (86,214 )      (19,658 ) 

Class K

      (362,419 )      (65,852 ) 

Class I

      (34,507 )      (6,138 ) 
Capital Stock Transactions     

Net increase

      174,381        2,171,988   
  

 

 

    

 

 

  

Total increase

      854,151        3,952,110   
Net Assets     

Beginning of period

      21,610,253        17,658,143   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $6,871 and $0, respectively)

    $     22,464,404      $     21,610,253   
  

 

 

    

 

 

  

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     127   

Statement of Changes in Net Assets

 

 

 

     2055 Retirement Strategy  
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		  

Increase (Decrease) in Net Assets

from Operations

     

Net investment income

    $ 51,520      $ 65,227   

Net realized gain (loss) on sale of affiliated Underlying Portfolio shares

      (98,043 )      249,976   

Net realized gain distributions from affiliated Underlying Portfolios

      115,956        447   

Net change in unrealized appreciation/
depreciation of investments in affiliated
Underlying Portfolios

      338,970        166,769   
  

 

 

    

 

 

  

Net increase in net assets from operations

      408,403        482,419   

Dividends and Distributions to

Shareholders from

     

Net investment income

     

Class A

      – 0 –      (4,586 ) 

Class C

      (111 )      – 0 – 

Advisor Class

      – 0 –      (1,223 ) 

Class R

      (2,465 )      (11,681 ) 

Class K

      (15,992 )      (47,050 ) 

Class I

      (1,194 )      (1,727 ) 

Net realized gain on investment transactions

     

Class A

      (18,929 )      – 0 – 

Class B

      (570 )      – 0 – 

Class C

      (2,526 )      – 0 – 

Advisor Class

      (1,756 )      – 0 – 

Class R

      (17,043 )      – 0 – 

Class K

      (66,913 )      – 0 – 

Class I

      (3,581 )      – 0 – 
Capital Stock Transactions     

Net increase

      1,228,351        629,892   
  

 

 

    

 

 

  

Total increase

      1,505,674        1,046,044   
Net Assets     

Beginning of period

      4,958,021        3,911,977   
  

 

 

    

 

 

  

End of period (including undistributed net investment income of $50,014 and $18,256, respectively)

    $     6,463,695      $ 4,958,021   
  

 

 

    

 

 

  

See notes to financial statements.

 

128   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

August 31, 2012

 

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 12 portfolios, which are the twelve Strategies. The AllianceBernstein Blended Style Series Global Blend Portfolio and AllianceBernstein Blended Style Series U.S. Large Cap Portfolio, each formerly a series of the Company, ceased operations on November 24, 2008 and August 16, 2011, respectively. Each Strategy 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 Strategies 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

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     129   

Notes to Financial Statements

 

 

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

1. Security Valuation

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Strategies would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes 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)

 

130   •  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 August 31, 2012:

 

Investments in Underlying
Portfolios*		   Level 1     Level 2     Level 3     Total  

2000 Retirement Strategy

        

Mutual Funds

   $     22,987,031      $     – 0  –    $     – 0  –    $     22,987,031   
 

 

 

    

 

 

    

 

 

    

 

 

  

2005 Retirement Strategy

        

Mutual Funds

     22,787,890        – 0  –      – 0  –      22,787,890   
 

 

 

    

 

 

    

 

 

    

 

 

  

2010 Retirement Strategy

        

Mutual Funds

     83,795,506        – 0  –      – 0  –      83,795,506   
 

 

 

    

 

 

    

 

 

    

 

 

  

2015 Retirement Strategy

        

Mutual Funds

     198,389,596        – 0  –      – 0  –      198,389,596   
 

 

 

    

 

 

    

 

 

    

 

 

  

2020 Retirement Strategy

        

Mutual Funds

     281,941,247        – 0  –      – 0  –      281,941,247   
 

 

 

    

 

 

    

 

 

    

 

 

  

2025 Retirement Strategy

        

Mutual Funds

     243,346,147        – 0  –      – 0  –      243,346,147   
 

 

 

    

 

 

    

 

 

    

 

 

  

2030 Retirement Strategy

        

Mutual Funds

     212,257,877        – 0  –      – 0  –      212,257,877   
 

 

 

    

 

 

    

 

 

    

 

 

  

2035 Retirement Strategy

        

Mutual Funds

     152,910,714        – 0  –      – 0  –      152,910,714   
 

 

 

    

 

 

    

 

 

    

 

 

  

2040 Retirement Strategy

        

Mutual Funds

     128,449,315        – 0  –      – 0  –      128,449,315   
 

 

 

    

 

 

    

 

 

    

 

 

  

2045 Retirement Strategy

        

Mutual Funds

     93,063,526        – 0  –      – 0  –      93,063,526   
 

 

 

    

 

 

    

 

 

    

 

 

  

2050 Retirement Strategy

        

Mutual Funds

     22,482,494        – 0  –      – 0  –      22,482,494   
 

 

 

    

 

 

    

 

 

    

 

 

  

2055 Retirement Strategy

        

Mutual Funds

     6,470,973        – 0  –      – 0  –      6,470,973   
 

 

 

    

 

 

    

 

 

    

 

 

  

 

*   There were no transfers between Level 1 and Level 2 during the reporting period.

3. Taxes

It is each Strategy’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 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  •     131   

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 the 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 statements 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

      0.55 %      0.45 %      0.40 % 

2015, 2020 and 2025(a)

      0.60 %      0.50 %      0.45 % 

2030, 2035, 2040, 2045,

2050 and 2055

      0.65 %      0.55 %      0.50 % 

 

(a)   

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%   

2020

     1.02%        1.72%        1.72%        0.72%        1.22%        0.97%        0.72%   

 

132   •  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  

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 year ended August 31, 2012, such waivers and reimbursement amounted to:

 

Strategy    Amount      Strategy    Amount  

2000

    $     305,898      

2030

    $     601,723   

2005

      277,646      

2035

      521,373   

2010

      452,047      

2040

      496,758   

2015

      566,100      

2045

      437,209   

2020

      600,085      

2050

      291,639   

2025

      499,730      

2055

      251,818   

Pursuant to the investment advisory agreement, the Strategies may reimburse the Adviser for certain legal and accounting services provided to the Strategies by the Adviser. For the year ended August 31, 2012, such fees amounted to:

 

Strategy    Administrative
Fees		  

2000

    $     63,200   

2005

      63,200   

2010

      58,403   

2015

      68,148   

2020

      56,924   

2025

      63,732   

2030

      57,100   

2035

      57,380   

2040

      58,080   

2045

      57,860   

2050

      63,500   

2055

      63,500   

For the year ended August 31, 2012 the Adviser voluntarily agreed to waive such fees for the following Strategies:

 

Strategy    Administrative
Fees		  

2000

    $     63,200   

2005

      63,200   

2050

      63,500   

2055

      63,500   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     133   

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 year ended August 31, 2012, such compensation retained by ABIS was as follows:

 

Strategy    Amount      Strategy    Amount  

2000

    $     17,685      

2030

    $     100,667   

2005

      17,685      

2035

      70,790   

2010

      46,880      

2040

      63,491   

2015

      91,721      

2045

      45,167   

2020

      132,024      

2050

      17,821   

2025

      109,081      

2055

      17,775   

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Strategies’ shares. The Distributor has advised the Strategies that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares for each Strategy for the year ended August 31, 2012 as follows:

 

     Front-End Sales
Charges		      Contingent Deferred Sales
Charges		  
Strategy    Class A      Class A      Class B     Class C  

2000

    $ 52       $ 668       $ – 0 –    $ 167   

2005

      282         2,129         413        112   

2010

      232         3,063         569        – 0 – 

2015

          1,196         17,987         1,636            560   

2020

      1,091         17,223         665        320   

2025

      1,213         19,933         962        221   

2030

      1,145         17,573         1,140        193   

2035

      631             20,742         1,175        105   

2040

      420         13,804         150        122   

2045

      540         15,305         8        206   

2050

      107         2,526         – 0 –      12   

2055

      115         321         – 0 –      – 0 – 

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.

 

134   •  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

    $ 60,958       $ 119,693       $ 354,706       $ 1,396,356   

2005

      74,833         131,266         366,754         722,406   

2010

      54,955         133,965         554,234         1,057,256   

2015

      90,302         127,430         706,888         1,239,298   

2020

      93,628         146,667         814,535         1,632,079   

2025

      65,481         118,654         739,235         1,558,109   

2030

      81,702         152,051         783,640         1,421,294   

2035

      80,868         121,578         597,227         1,307,643   

2040

      119,746         101,199         659,567         1,095,942   

2045

      77,431         104,200         593,759         953,742   

2050

      7,171         29,819         534,514         525,773   

2055

      23,158         74,002         234,660         706,953   

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

NOTE D

Investment Transactions

Purchases and sales of investments in the Underlying Portfolios for the year ended August 31, 2012 were as follows:

 

Strategy    Purchases      Sales  

2000

    $ 12,122,238       $ 19,315,877   

2005

      6,561,341         14,912,791   

2010

      20,229,618         71,511,312   

2015

      43,328,447             128,778,379   

2020

          54,534,293         138,242,181   

2025

      51,347,727         111,095,980   

2030

      51,821,848         104,498,924   

2035

      40,558,766         72,919,638   

2040

      35,518,998         63,776,053   

2045

      28,985,318         46,379,392   

2050

      12,887,792         12,820,089   

2055

      3,789,393         2,621,780   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     135   

Notes to Financial Statements

 

 

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

 

            Gross Unrealized     Net
Unrealized
Appreciation		  

Strategy

    Cost      Appreciation      (Depreciation)    

2000

    $ 22,355,156       $ 1,234,190       $ (602,315 )    $ 631,875   

2005

      21,638,513         3,022,281         (1,872,904 )      1,149,377   

2010

      77,911,422         13,139,874         (7,255,790 )      5,884,084   

2015

      184,317,500         31,131,186         (17,059,090 )      14,072,096   

2020

          261,524,227             40,368,115         (19,951,095 )          20,417,020   

2025

      235,991,107         34,968,140             (27,613,100 )      7,355,040   

2030

      200,136,089         32,032,928         (19,911,140 )      12,121,788   

2035

      146,822,454         22,615,423         (16,527,163 )      6,088,260   

2040

      118,671,994         21,660,254         (11,882,933 )      9,777,321   

2045

      87,261,484         15,003,801         (9,201,759 )      5,802,042   

2050

      21,032,266         2,973,324         (1,523,096 )      1,450,228   

2055

      6,191,335         626,297         (346,659 )      279,638   

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).

 

136   •  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:

 

            
     2000 Retirement Strategy
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      100,208        142,303        $ 1,059,861      $ 1,518,420     

 

    

Shares issued in reinvestment of dividends

      14,015        16,100          143,094        166,474     

 

    

Shares converted from Class B

      997        1,041          10,540        11,102     

 

    

Shares redeemed

      (408,035 )      (220,876 )        (4,326,476 )      (2,349,750 )   

 

    

Net decrease

      (292,815 )      (61,432 )      $ (3,112,981 )    $ (653,754 )   

 

    
            
Class B             

Shares sold

      5,781        834        $ 61,866      $ 9,044     

 

    

Shares issued in reinvestment of dividends

      94        228          979        2,336     

 

    

Shares converted to Class A

      (1,004 )      (1,054 )        (10,540 )      (11,102 )   

 

    

Shares redeemed

      (2,066 )      (3,050 )        (21,972 )      (31,481 )   

 

    

Net increase (decrease)

      2,805        (3,042 )      $ 30,333      $ (31,203 )   

 

    
            
Class C             

Shares sold

      5,873        3,446        $ 61,962      $ 36,221     

 

    

Shares issued in reinvestment of dividends

      618        1,457          6,285        14,936     

 

    

Shares redeemed

      (13,212 )      (38,971 )        (137,474 )      (412,758 )   

 

    

Net decrease

      (6,721 )      (34,068 )      $ (69,227 )    $ (361,601 )   

 

    
            
Advisor Class             

Shares sold

      7,360        16,532        $ 78,264      $ 174,231     

 

    

Shares issued in reinvestment of dividends

      624        708          6,390        7,338     

 

    

Shares redeemed

      (22,268 )      (72,018 )        (232,767 )      (763,009 )   

 

    

Net decrease

      (14,284 )      (54,778 )      $ (148,113 )    $ (581,440 )   

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     137   

Notes to Financial Statements

 

 

 

            
     2000 Retirement Strategy
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class R             

Shares sold

      28,097        39,963        $ 292,942      $ 417,263     

 

    

Shares issued in reinvestment of dividends

      2,781        6,833          28,083        69,625     

 

    

Shares redeemed

      (70,108 )      (166,658 )        (733,130 )      (1,743,929 )   

 

    

Net decrease

      (39,230 )      (119,862 )      $ (412,105 )    $ (1,257,041 )   

 

    
            
Class K             

Shares sold

      962,993        956,873        $ 9,911,581      $ 10,000,092     

 

    

Shares issued in reinvestment of dividends

      49,694        54,232          495,446        547,745     

 

    

Shares redeemed

      (1,591,144 )      (863,045 )        (16,344,419 )      (8,906,678 )   

 

    

Net increase (decrease)

      (578,457 )      148,060        $ (5,937,392 )    $ 1,641,159     

 

    
            
Class I             

Shares sold

      253,078        169,178        $ 2,558,914      $ 1,726,767     

 

    

Shares issued in reinvestment of dividends

      4,801        4,966          47,866        50,202     

 

    

Shares redeemed

      (82,520 )      (158,518 )        (861,868 )      (1,666,072 )   

 

    

Net increase

      175,359        15,626        $ 1,744,912      $ 110,897     

 

    

 

            
     2005 Retirement Strategy
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      179,301        235,173        $ 1,796,272      $ 2,416,439     

 

    

Shares issued in reinvestment of dividends

      35,515        62,742          343,789        624,284     

 

    

Shares converted from Class B

      – 0  –      43          – 0  –      439     

 

    

Shares redeemed

      (999,224 )      (1,124,089 )        (10,050,903 )      (11,520,492 )   

 

    

Net decrease

      (784,408 )      (826,131 )      $ (7,910,842 )    $ (8,479,330 )   

 

    

 

138   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2005 Retirement Strategy
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class B             

Shares sold

      3,589        577        $ 37,141      $ 5,915     

 

    

Shares issued in reinvestment of dividends

      439        794          4,256        7,902     

 

    

Shares converted to Class A

      – 0  –      (44 )        – 0  –      (439 )   

 

    

Shares redeemed

      (5,368 )      (14,305 )        (54,688 )      (144,443 )   

 

    

Net decrease

      (1,340 )      (12,978 )      $ (13,291 )    $ (131,065 )   

 

    
            
Class C             

Shares sold

      5,369        4,826        $ 53,449      $ 49,462     

 

    

Shares issued in reinvestment of dividends

      727        623          7,016        6,181     

 

    

Shares redeemed

      (15,028 )      (9,912 )        (150,508 )      (98,747 )   

 

    

Net decrease

      (8,932 )      (4,463 )      $ (90,043 )    $ (43,104 )   

 

    
            
Advisor Class             

Shares sold

      26,483        68,120        $ 259,766      $ 681,661     

 

    

Shares issued in reinvestment of dividends

      1,461        1,445          14,187        14,418     

 

    

Shares redeemed

      (68,977 )      (57,834 )        (693,408 )      (583,369 )   

 

    

Net increase (decrease)

      (41,033 )      11,731        $ (419,455 )    $ 112,710     

 

    
            
Class R             

Shares sold

      33,894        67,937        $ 336,705      $ 685,206     

 

    

Shares issued in reinvestment of dividends

      6,528        9,816          62,999        97,183     

 

    

Shares redeemed

      (91,728 )      (110,787 )        (927,228 )      (1,140,331 )   

 

    

Net decrease

      (51,306 )      (33,034 )      $ (527,524 )    $ (357,942 )   

 

    
            
Class K             

Shares sold

      410,556        172,941        $ 4,101,224      $ 1,768,660     

 

    

Shares issued in reinvestment of dividends

      30,620        33,227          296,093        329,943     

 

    

Shares redeemed

      (538,464 )      (389,990 )        (5,388,285 )      (3,953,513 )   

 

    

Net decrease

      (97,288 )      (183,822 )      $ (990,968 )    $ (1,854,910 )   

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     139   

Notes to Financial Statements

 

 

            
     2005 Retirement Strategy
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class I             

Shares sold

      158,160        46,549        $ 1,563,870      $ 465,022     

 

    

Shares issued in reinvestment of dividends

      2,810        1,337          27,140        13,302     

 

    

Shares redeemed

      (36,571 )      (12,486 )        (367,026 )      (127,068 )   

 

    

Net increase

      124,399        35,400        $ 1,223,984      $ 351,256     

 

    

 

            
     2010 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      439,669        1,031,538        $ 4,364,998      $ 10,465,676     

 

    

Shares issued in reinvestment of dividends

      105,128        171,451          998,713        1,700,790     

 

    

Shares converted from Class B

      2,440        3,601          24,332        36,792     

 

    

Shares redeemed

      (2,210,536 )      (3,284,802 )        (22,003,005 )      (33,713,279 )   

 

    

Net decrease

      (1,663,299 )      (2,078,212 )      $ (16,614,962 )    $ (21,510,021 )   

 

    
            
Class B             

Shares sold

      493        2,187        $ 4,975      $ 22,490     

 

    

Shares issued in reinvestment of dividends

      924        1,375          8,754        13,583     

 

    

Shares converted to Class A

      (2,456 )      (3,625 )        (24,332 )      (36,792 )   

 

    

Shares redeemed

      (10,659 )      (21,505 )        (106,658 )      (218,193 )   

 

    

Net decrease

      (11,698 )      (21,568 )      $ (117,261 )    $ (218,912 )   

 

    
            
Class C             

Shares sold

      97,420        65,383        $ 953,943      $ 653,959     

 

    

Shares issued in reinvestment of dividends

      5,881        4,919          55,455        48,552     

 

    

Shares redeemed

      (107,006 )      (80,298 )        (1,066,680 )      (813,534 )   

 

    

Net decrease

      (3,705 )      (9,996 )      $ (57,282 )    $ (111,023 )   

 

    

 

140   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2010 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Advisor Class             

Shares sold

      259,801        320,620        $ 2,590,563      $ 3,293,276     

 

    

Shares issued in reinvestment of dividends

      34,376        45,836          327,256        456,524     

 

    

Shares redeemed

      (1,110,368 )      (457,691 )        (10,856,792 )      (4,724,396 )   

 

    

Net decrease

      (816,191 )      (91,235 )      $ (7,938,973 )    $ (974,596 )   

 

    
            
Class R             

Shares sold

      317,290        421,936        $ 3,156,034      $ 4,261,912     

 

    

Shares issued in reinvestment of dividends

      28,733        38,958          273,543        386,463     

 

    

Shares redeemed

      (691,231 )      (840,201 )        (6,921,970 )      (8,579,346 )   

 

    

Net decrease

      (345,208 )      (379,307 )      $ (3,492,393 )    $ (3,930,971 )   

 

    
            
Class K             

Shares sold

      789,259        1,488,303        $ 7,865,715      $ 15,161,976     

 

    

Shares issued in reinvestment of dividends

      165,088        209,206          1,573,287        2,079,509     

 

    

Shares redeemed

      (3,360,479 )      (2,943,875 )        (33,523,245 )      (30,198,102 )   

 

    

Net decrease

      (2,406,132 )      (1,246,366 )      $ (24,084,243 )    $ (12,956,617 )   

 

    
            
Class I             

Shares sold

      447,641        297,290        $ 4,365,506      $ 3,063,411     

 

    

Shares issued in reinvestment of dividends

      16,844        24,607          160,360        244,841     

 

    

Shares redeemed

      (528,336 )      (565,109 )        (5,319,845 )      (5,753,577 )   

 

    

Net decrease

      (63,851 )      (243,212 )      $ (793,979 )    $ (2,445,325 )   

 

    

 

            
     2015 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      1,424,198        2,991,012        $ 14,123,030      $ 30,584,332     

 

    

Shares issued in reinvestment of dividends

      178,649        268,255          1,686,451        2,677,180     

 

    

Shares converted from Class B

      8,618        8,495          86,734        87,904     

 

    

Shares redeemed

      (3,331,670 )      (5,670,954 )        (33,089,434 )      (58,424,857 )   

 

    

Net decrease

      (1,720,205 )      (2,403,192 )      $ (17,193,219 )    $ (25,075,441 )   

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     141   

Notes to Financial Statements

 

            
     2015 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class B             

Shares sold

      7,330        8,687        $ 72,331      $ 89,450     

 

    

Shares issued in reinvestment of dividends

      3,714        4,784          34,907        47,556     

 

    

Shares converted to Class A

      (8,687 )      (8,562 )        (86,734 )      (87,904 )   

 

    

Shares redeemed

      (57,008 )      (32,440 )        (568,215 )      (331,585 )   

 

    

Net decrease

      (54,651 )      (27,531 )      $ (547,711 )    $ (282,483 )   

 

    
            
Class C             

Shares sold

      203,205        195,022        $ 1,990,998      $ 1,991,141     

 

    

Shares issued in reinvestment of dividends

      11,494        7,845          107,816        77,978     

 

    

Shares redeemed

      (138,353 )      (128,605 )        (1,353,306 )      (1,324,204 )   

 

    

Net increase

      76,346        74,262        $ 745,508      $ 744,915     

 

    
            
Advisor Class             

Shares sold

      155,448        270,761        $ 1,555,789      $ 2,787,993     

 

    

Shares issued in reinvestment of dividends

      13,686        39,273          129,880        393,906     

 

    

Shares redeemed

      (1,122,192 )      (506,377 )        (10,841,507 )      (5,198,408 )   

 

    

Net decrease

      (953,058 )      (196,343 )      $ (9,155,838 )    $ (2,016,509 )   

 

    
            
Class R             

Shares sold

      824,588        1,114,123        $ 8,177,487      $ 11,265,902     

 

    

Shares issued in reinvestment of dividends

      63,087        107,887          596,799        1,076,712     

 

    

Shares redeemed

      (1,482,401 )      (2,153,436 )        (14,816,869 )      (22,236,338 )   

 

    

Net decrease

      (594,726 )      (931,426 )      $ (6,042,583 )    $ (9,893,724 )   

 

    
            
Class K             

Shares sold

      1,979,542        2,292,588        $ 19,676,279      $ 23,570,517     

 

    

Shares issued in reinvestment of dividends

      276,187        321,678          2,621,021        3,223,214     

 

    

Shares redeemed

      (4,869,865 )      (3,636,286 )        (48,428,588 )      (37,525,031 )   

 

    

Net decrease

      (2,614,136 )      (1,022,020 )      $ (26,131,288 )    $ (10,731,300 )   

 

    

 

142   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

            
     2015 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class I             

Shares sold

      1,051,943        2,071,726        $ 10,288,268      $ 20,545,120     

 

    

Shares issued in reinvestment of dividends

      123,831        127,954          1,172,679        1,282,105     

 

    

Shares redeemed

      (4,162,534 )      (1,393,736 )        (42,027,736 )      (14,300,150 )   

 

    

Net increase (decrease)

      (2,986,760 )      805,944        $ (30,566,789 )    $ 7,527,075     

 

    

 

            
     2020 Retirement Strategy      
     Shares         Amount      
    

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

        

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

      
  

 

 

    
Class A             

Shares sold

      1,809,811        4,035,488        $ 17,618,919      $ 40,457,019     

 

    

Shares issued in reinvestment of dividends

      197,519        309,527          1,819,151        3,048,838     

 

    

Shares converted from Class B

      9,071        8,260          88,407        84,292     

 

    

Shares redeemed

      (3,926,037 )      (7,477,821 )        (38,209,917 )      (75,653,234 )   

 

    

Net decrease

      (1,909,636 )      (3,124,546 )      $ (18,683,440 )    $ (32,063,085 )   

 

    
            
Class B             

Shares sold

      11,372        18,282        $ 111,048      $ 180,074     

 

    

Shares issued in reinvestment of dividends

      2,855        4,064          26,119        39,748     

 

    

Shares converted to Class A

      (9,160 )      (8,345 )        (88,407 )      (84,292 )   

 

    

Shares redeemed

      (35,339 )      (52,979 )        (341,706 )      (531,554 )   

 

    

Net decrease

      (30,272 )      (38,978 )      $ (292,946 )    $ (396,024 )   

 

    
            
Class C             

Shares sold

      167,356        232,975        $ 1,611,381      $ 2,338,971     

 

    

Shares issued in reinvestment of dividends

      8,928        10,945          81,779        107,262     

 

    

Shares redeemed

      (287,592 )      (180,122 )        (2,771,846 )      (1,804,962 )   

 

    

Net increase (decrease)

      (111,308 )      63,798        $ (1,078,686 )    $ 641,271     

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     143   

Notes to Financial Statements

 

 

            
     2020 Retirement Strategy      
     Shares         Amount      
    

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

        

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

      
  

 

 

    
Advisor Class             

Shares sold

      184,471        313,228        $ 1,789,191      $ 3,185,965     

 

    

Shares issued in reinvestment of dividends

      16,930        38,525          156,610        381,402     

 

    

Shares redeemed

      (986,666 )      (693,378 )        (9,321,418 )      (7,041,182 )   

 

    

Net decrease

      (785,265 )      (341,625 )      $ (7,375,617 )    $ (3,473,815 )   

 

    
            
Class R             

Shares sold

      788,797        1,842,614        $ 7,653,134      $ 18,354,638     

 

    

Shares issued in reinvestment of dividends

      80,935        122,828          745,412        1,207,397     

 

    

Shares redeemed

      (1,558,149 )      (2,700,461 )        (15,286,013 )      (27,234,034 )   

 

    

Net decrease

      (688,417 )      (735,019 )      $ (6,887,467 )    $ (7,671,999 )   

 

    
            
Class K             

Shares sold

      3,166,552        3,645,812        $ 30,872,345      $ 36,869,878     

 

    

Shares issued in reinvestment of dividends

      422,119        497,785          3,900,376        4,918,112     

 

    

Shares redeemed

      (9,545,899 )      (5,203,207 )        (93,064,753 )      (52,555,395 )   

 

    

Net decrease

      (5,957,228 )      (1,059,610 )      $ (58,292,032 )    $ (10,767,405 )   

 

    
            
Class I             

Shares sold

      1,858,656        1,343,712        $ 17,685,783      $ 13,572,026     

 

    

Shares issued in reinvestment of dividends

      44,205        56,349          408,450        557,295     

 

    

Shares redeemed

      (1,462,522 )      (1,385,350 )        (14,435,540 )      (14,134,344 )   

 

    

Net increase (decrease)

      440,339        14,711        $ 3,658,693      $ (5,023 )   

 

    

 

            
     2025 Retirement Strategy      
     Shares         Amount      
    

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

        

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

      
  

 

 

    
Class A             

Shares sold

      1,542,864        3,512,199        $ 15,006,321      $ 35,773,089     

 

    

Shares issued in reinvestment of dividends

      164,926        290,378          1,514,024        2,883,447     

 

    

Shares converted from Class B

      7,192        6,065          70,875        62,648     

 

    

Shares redeemed

      (4,588,582 )      (6,781,657 )        (44,684,613 )      (69,089,929 )   

 

    

Net decrease

      (2,873,600 )      (2,973,015 )      $ (28,093,393 )    $ (30,370,745 )   

 

    

 

144   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2025 Retirement Strategy      
     Shares         Amount      
    

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

        

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

      
  

 

 

    
Class B             

Shares sold

      8,773        18,413        $ 84,500      $ 182,598     

 

    

Shares issued in reinvestment of dividends

      1,429        2,413          13,016        23,745     

 

    

Shares converted to Class A

      (7,274 )      (6,136 )        (70,875 )      (62,648 )   

 

    

Shares redeemed

      (15,446 )      (26,382 )        (148,643 )      (265,627 )   

 

    

Net decrease

      (12,518 )      (11,692 )      $ (122,002 )    $ (121,932 )   

 

    
            
Class C             

Shares sold

      116,450        155,700        $ 1,121,301      $ 1,564,028     

 

    

Shares issued in reinvestment of dividends

      5,143        7,126          46,850        70,265     

 

    

Shares redeemed

      (83,688 )      (158,103 )        (801,796 )      (1,610,353 )   

 

    

Net increase

      37,905        4,723        $ 366,355      $ 23,940     

 

    
            
Advisor Class             

Shares sold

      126,599        242,366        $ 1,234,166      $ 2,470,716     

 

    

Shares issued in reinvestment of dividends

      10,123        27,331          93,232        272,488     

 

    

Shares redeemed

      (750,859 )      (678,864 )        (7,061,774 )      (6,883,760 )   

 

    

Net decrease

      (614,137 )      (409,167 )      $ (5,734,376 )    $ (4,140,556 )   

 

    
            
Class R             

Shares sold

      891,445        1,469,736        $ 8,686,834      $ 14,732,147     

 

    

Shares issued in reinvestment of dividends

      63,052        104,938          580,709        1,043,083     

 

    

Shares redeemed

      (1,843,880 )      (2,304,784 )        (18,037,879 )      (23,503,471 )   

 

    

Net decrease

      (889,383 )      (730,110 )      $ (8,770,336 )    $ (7,728,241 )   

 

    
            
Class K             

Shares sold

      3,286,477        4,013,287        $ 32,056,159      $ 40,755,505     

 

    

Shares issued in reinvestment of dividends

      284,448        343,117          2,616,918        3,417,444     

 

    

Shares redeemed

      (5,918,657 )      (3,929,435 )        (57,273,168 )      (40,408,883 )   

 

    

Net increase (decrease)

      (2,347,732 )      426,969        $ (22,600,091 )    $ 3,764,066     

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     145   

Notes to Financial Statements

 

 

            
     2025 Retirement Strategy      
     Shares         Amount      
    

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

        

Year Ended

August 31,

2012

    

Year Ended

August 31,

2011

      
  

 

 

    
Class I             

Shares sold

      1,607,892        543,284        $ 15,250,762      $ 5,558,654     

 

    

Shares issued in reinvestment of dividends

      34,781        43,426          320,337        432,960     

 

    

Shares redeemed

      (1,443,658 )      (1,165,890 )        (14,362,877 )      (11,875,520 )   

 

    

Net increase (decrease)

      199,015        (579,180 )      $ 1,208,222      $ (5,883,906 )   

 

    

 

            
     2030 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      1,795,324        3,150,754        $ 17,399,643      $ 31,686,023     

 

    

Shares issued in reinvestment of dividends

      127,945        200,795          1,141,270        1,979,836     

 

    

Shares converted from Class B

      5,364        5,552          52,051        56,727     

 

    

Shares redeemed

      (3,662,377 )      (5,940,483 )        (35,198,721 )      (59,894,078 )   

 

    

Net decrease

      (1,733,744 )      (2,583,382 )      $ (16,605,757 )    $ (26,171,492 )   

 

    
            
Class B             

Shares sold

      4,883        10,065        $ 45,980      $ 100,868     

 

    

Shares issued in reinvestment of dividends

      993        1,621          8,793        15,854     

 

    

Shares converted to Class A

      (5,424 )      (5,618 )        (52,051 )      (56,727 )   

 

    

Shares redeemed

      (23,345 )      (19,875 )        (222,233 )      (193,724 )   

 

    

Net decrease

      (22,893 )      (13,807 )      $ (219,511 )    $ (133,729 )   

 

    
            
Class C             

Shares sold

      202,512        207,446        $ 1,909,375      $ 2,065,919     

 

    

Shares issued in reinvestment of dividends

      4,487        6,775          39,706        66,264     

 

    

Shares redeemed

      (182,035 )      (271,650 )        (1,731,279 )      (2,724,577 )   

 

    

Net increase (decrease)

      24,964        (57,429 )      $ 217,802      $ (592,394 )   

 

    

 

146   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2030 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Advisor Class             

Shares sold

      141,280        308,797        $ 1,352,680      $ 3,052,342     

 

    

Shares issued in reinvestment of dividends

      9,328        20,150          83,483        199,484     

 

    

Shares redeemed

      (607,644 )      (753,861 )        (5,636,959 )      (7,544,880 )   

 

    

Net decrease

      (457,036 )      (424,914 )      $ (4,200,796 )    $ (4,293,054 )   

 

    
            
Class R             

Shares sold

      921,681        1,638,636        $ 8,838,078      $ 16,346,283     

 

    

Shares issued in reinvestment of dividends

      57,193        81,209          510,162        799,912     

 

    

Shares redeemed

      (1,666,794 )      (1,839,320 )        (16,110,353 )      (18,590,453 )   

 

    

Net decrease

      (687,920 )      (119,475 )      $ (6,762,113 )    $ (1,444,258 )   

 

    
            
Class K             

Shares sold

      2,831,176        2,935,881        $ 27,063,449      $ 29,564,427     

 

    

Shares issued in reinvestment of dividends

      222,885        276,173          1,988,137        2,725,822     

 

    

Shares redeemed

      (6,207,037 )      (4,231,262 )        (59,890,910 )      (42,884,624 )   

 

    

Net decrease

      (3,152,976 )      (1,019,208 )      $ (30,839,324 )    $ (10,594,375 )   

 

    
            
Class I             

Shares sold

      1,590,402        536,358        $ 14,862,557      $ 5,384,428     

 

    

Shares issued in reinvestment of dividends

      32,164        33,927          286,903        335,199     

 

    

Shares redeemed

      (1,400,775 )      (701,749 )        (13,813,969 )      (7,046,002 )   

 

    

Net increase (decrease)

      221,791        (131,464 )      $ 1,335,491      $ (1,326,375 )   

 

    

 

            
     2035 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      1,296,172        2,083,334        $ 12,405,056      $ 20,921,386     

 

    

Shares issued in reinvestment of dividends

      71,151        105,226          628,265        1,036,470     

 

    

Shares converted from Class B

      346        1,742          3,248        17,470     

 

    

Shares redeemed

      (2,930,640 )      (4,105,885 )        (28,036,520 )      (40,995,310 )   

 

    

Net decrease

      (1,562,971 )      (1,915,583 )      $ (14,999,951 )    $ (19,019,984 )   

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     147   

Notes to Financial Statements

 

 

            
     2035 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class B             

Shares sold

      7,805        3,553        $ 77,326      $ 34,691     

 

    

Shares issued in reinvestment of dividends

      647        802          5,675        7,841     

 

    

Shares converted to Class A

      (350 )      (1,759 )        (3,248 )      (17,470 )   

 

    

Shares redeemed

      (20,342 )      (13,926 )        (193,984 )      (133,201 )   

 

    

Net decrease

      (12,240 )      (11,330 )      $ (114,231 )    $ (108,139 )   

 

    
            
Class C             

Shares sold

      78,816        92,638        $ 745,559      $ 923,062     

 

    

Shares issued in reinvestment of dividends

      1,931        2,908          16,957        28,438     

 

    

Shares redeemed

      (64,320 )      (121,941 )        (596,891 )      (1,225,983 )   

 

    

Net increase (decrease)

      16,427        (26,395 )      $ 165,625      $ (274,483 )   

 

    
            
Advisor Class             

Shares sold

      124,943        218,926        $ 1,191,776      $ 2,171,674     

 

    

Shares issued in reinvestment of dividends

      7,998        12,989          70,786        128,461     

 

    

Shares redeemed

      (391,050 )      (503,058 )        (3,589,456 )      (4,981,093 )   

 

    

Net decrease

      (258,109 )      (271,143 )      $ (2,326,894 )    $ (2,680,958 )   

 

    
            
Class R             

Shares sold

      601,785        917,456        $ 5,703,067      $ 9,099,787     

 

    

Shares issued in reinvestment of dividends

      25,324        43,884          222,596        429,191     

 

    

Shares redeemed

      (1,162,868 )      (1,186,537 )        (11,004,437 )      (11,956,611 )   

 

    

Net decrease

      (535,759 )      (225,197 )      $ (5,078,774 )    $ (2,427,633 )   

 

    
            
Class K             

Shares sold

      2,503,134        2,592,937        $ 23,733,966      $ 26,108,694     

 

    

Shares issued in reinvestment of dividends

      133,937        149,782          1,181,322        1,473,857     

 

    

Shares redeemed

      (4,418,607 )      (2,490,245 )        (41,994,905 )      (25,120,982 )   

 

    

Net increase (decrease)

      (1,781,536 )      252,474        $ (17,079,617 )    $ 2,461,569     

 

    

 

148   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2035 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class I             

Shares sold

      1,553,081        415,861        $ 14,330,692      $ 4,173,425     

 

    

Shares issued in reinvestment of dividends

      22,954        20,833          202,454        205,209     

 

    

Shares redeemed

      (1,111,874 )      (421,682 )        (10,894,248 )      (4,223,373 )   

 

    

Net increase

      464,161        15,012        $ 3,638,898      $ 155,261     

 

    

 

            
     2040 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      

 

    
Class A             

Shares sold

      1,209,864        1,845,920        $ 11,788,852      $ 18,773,829     

 

    

Shares issued in reinvestment of dividends

      58,051        88,659          520,717        891,910     

 

    

Shares converted from Class B

      1,892        4,485          18,845        46,640     

 

    

Shares redeemed

      (2,408,417 )      (3,412,026 )        (23,459,207 )      (35,105,202 )   

 

    

Net decrease

      (1,138,610 )      (1,472,962 )      $ (11,130,793 )    $ (15,392,823 )   

 

    
            
Class B             

Shares sold

      5,173        4,792        $ 50,159      $ 47,814     

 

    

Shares issued in reinvestment of dividends

      573        725          5,106        7,244     

 

    

Shares converted to Class A

      (1,911 )      (4,523 )        (18,845 )      (46,640 )   

 

    

Shares redeemed

      (5,568 )      (11,406 )        (54,670 )      (118,069 )   

 

    

Net decrease

      (1,733 )      (10,412 )      $ (18,250 )    $ (109,651 )   

 

    
            
Class C             

Shares sold

      75,828        98,692        $ 732,967      $ 987,794     

 

    

Shares issued in reinvestment of dividends

      1,340        2,412          11,970        24,093     

 

    

Shares redeemed

      (87,287 )      (158,877 )        (853,825 )      (1,612,270 )   

 

    

Net decrease

      (10,119 )      (57,773 )      $ (108,888 )    $ (600,383 )   

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     149   

Notes to Financial Statements

 

 

            
     2040 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Advisor Class             

Shares sold

      161,055        236,465        $ 1,555,516      $ 2,417,885     

 

    

Shares issued in reinvestment of dividends

      8,689        11,399          78,203        115,241     

 

    

Shares redeemed

      (318,349 )      (560,219 )        (3,013,698 )      (5,673,475 )   

 

    

Net decrease

      (148,605 )      (312,355 )      $ (1,379,979 )    $ (3,140,349 )   

 

    
            
Class R             

Shares sold

      653,721        964,115        $ 6,329,644      $ 9,770,143     

 

    

Shares issued in reinvestment of dividends

      24,793        36,427          221,398        364,273     

 

    

Shares redeemed

      (992,401 )      (1,211,616 )        (9,699,785 )      (12,381,129 )   

 

    

Net decrease

      (313,887 )      (211,074 )      $ (3,148,743 )    $ (2,246,713 )   

 

    
            
Class K             

Shares sold

      2,087,828        1,976,160        $ 20,097,289      $ 20,113,252     

 

    

Shares issued in reinvestment of dividends

      99,829        118,818          892,466        1,190,531     

 

    

Shares redeemed

      (4,120,386 )      (2,405,096 )        (40,151,123 )      (24,662,645 )   

 

    

Net decrease

      (1,932,729 )      (310,118 )      $ (19,161,368 )    $ (3,358,862 )   

 

    
            
Class I             

Shares sold

      1,480,585        366,788        $ 13,909,332      $ 3,748,684     

 

    

Shares issued in reinvestment of dividends

      19,282        18,546          172,574        186,387     

 

    

Shares redeemed

      (1,023,098 )      (467,975 )        (10,147,791 )      (4,821,398 )   

 

    

Net increase (decrease)

      476,769        (82,641 )      $ 3,934,115      $ (886,327 )   

 

    

 

            
     2045 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      1,139,906        1,664,027        $ 10,866,254      $ 16,647,299     

 

    

Shares issued in reinvestment of dividends

      47,026        61,576          411,006        607,144     

 

    

Shares converted from Class B

      1,327        652          12,242        6,557     

 

    

Shares redeemed

      (2,463,637 )      (2,422,697 )        (23,383,271 )      (24,357,828 )   

 

    

Net decrease

      (1,275,378 )      (696,442 )      $ (12,093,769 )    $ (7,096,828 )   

 

    

 

150   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2045 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class B             

Shares sold

      2,438        2,526        $ 23,175      $ 25,136     

 

    

Shares issued in reinvestment of dividends

      223        240          1,936        2,342     

 

    

Shares converted to Class A

      (1,340 )      (660 )        (12,242 )      (6,557 )   

 

    

Shares redeemed

      (1,045 )      (4,863 )        (10,156 )      (50,496 )   

 

    

Net increase (decrease)

      276        (2,757 )      $ 2,713      $ (29,575 )   

 

    
            
Class C             

Shares sold

      74,216        66,810        $ 704,707      $ 666,509     

 

    

Shares issued in reinvestment of dividends

      1,340        1,219          11,594        11,894     

 

    

Shares redeemed

      (72,640 )      (70,651 )        (681,262 )      (697,834 )   

 

    

Net increase (decrease)

      2,916        (2,622 )      $ 35,039      $ (19,431 )   

 

    
            
Advisor Class             

Shares sold

      288,193        294,084        $ 2,743,039      $ 2,946,284     

 

    

Shares issued in reinvestment of dividends

      11,960        10,384          104,888        102,799     

 

    

Shares redeemed

      (336,206 )      (361,191 )        (3,116,158 )      (3,553,098 )   

 

    

Net decrease

      (36,053 )      (56,723 )      $ (268,231 )    $ (504,015 )   

 

    
            
Class R             

Shares sold

      537,713        827,825        $ 5,044,429      $ 8,219,839     

 

    

Shares issued in reinvestment of dividends

      19,813        27,473          171,775        268,413     

 

    

Shares redeemed

      (881,710 )      (889,465 )        (8,326,683 )      (8,873,691 )   

 

    

Net decrease

      (324,184 )      (34,167 )      $ (3,110,479 )    $ (385,439 )   

 

    
            
Class K             

Shares sold

      1,620,885        1,546,878        $ 15,194,811      $ 15,431,183     

 

    

Shares issued in reinvestment of dividends

      70,379        68,538          610,886        671,669     

 

    

Shares redeemed

      (2,623,659 )      (1,407,306 )        (24,834,162 )      (14,188,991 )   

 

    

Net increase (decrease)

      (932,395 )      208,110        $ (9,028,465 )    $ 1,913,861     

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     151   

Notes to Financial Statements

 

 

            
     2045 Retirement Strategy      
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class I             

Shares sold

      877,714        223,060        $ 8,032,149      $ 2,236,625     

 

    

Shares issued in reinvestment of dividends

      8,122        8,764          70,500        85,980     

 

    

Shares redeemed

      (443,681 )      (362,290 )        (4,367,388 )      (3,647,142 )   

 

    

Net increase (decrease)

      442,155        (130,466 )      $ 3,735,261      $ (1,324,537 )   

 

    

 

            
     2050 Retirement Strategy
     Shares         Amount      
    

Year Ended

August 31,
2012

     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      388,035        434,411        $ 3,085,978      $ 3,668,111     

 

    

Shares issued in reinvestment of dividends and distributions

      19,744        13,703          141,566        113,877     

 

    

Shares redeemed

      (348,875 )      (534,266 )        (2,749,578 )      (4,553,645 )   

 

    

Net increase (decrease)

      58,904        (86,152 )      $ 477,966      $ (771,657 )   

 

    
            
Class B             

Shares sold

      – 0  –      258        $ – 0  –    $ 2,190     

 

    

Shares issued in reinvestment of dividends and distributions

      94        43          664        359     

 

    

Shares redeemed

      (19 )      (769 )        (140 )      (6,015 )   

 

    

Net increase (decrease)

      75        (468 )      $ 524      $ (3,466 )   

 

    
            
Class C             

Shares sold

      22,917        20,169        $ 178,183      $ 168,237     

 

    

Shares issued in reinvestment of dividends and distributions

      595        390          4,250        3,218     

 

    

Shares redeemed

      (20,555 )      (8,687 )        (156,977 )      (74,216 )   

 

    

Net increase

      2,957        11,872        $ 25,456      $ 97,239     

 

    

 

152   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2050 Retirement Strategy
     Shares         Amount      
    

Year Ended

August 31,
2012

     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Advisor Class             

Shares sold

      28,285        95,896        $ 223,551      $ 804,963     

 

    

Shares issued in reinvestment of dividends and distributions

      2,435        3,253          17,556        27,158     

 

    

Shares redeemed

      (139,549 )      (290,000 )        (1,059,453 )      (2,395,835 )   

 

    

Net decrease

      (108,829 )      (190,851 )      $ (818,346 )    $ (1,563,714 )   

 

    
            
Class R             

Shares sold

      415,994        276,768        $ 3,333,070      $ 2,330,315     

 

    

Shares issued in reinvestment of dividends and distributions

      14,971        8,344          106,593        68,830     

 

    

Shares redeemed

      (415,312 )      (218,401 )        (3,341,466 )      (1,849,972 )   

 

    

Net increase

      15,653        66,711        $ 98,197      $ 549,173     

 

    
            
Class K             

Shares sold

      837,760        816,905        $ 6,542,560      $ 6,857,423     

 

    

Shares issued in reinvestment of dividends and distributions

      70,932        31,019          505,038        256,223     

 

    

Shares redeemed

      (1,452,123 )      (419,371 )        (11,363,555 )      (3,563,002 )   

 

      

 

 

    

Net increase (decrease)

      (543,431 )      428,553        $ (4,315,957 )    $ 3,550,644     

 

    
            
Class I             

Shares sold

      790,843        78,690        $ 5,947,545      $ 663,316     

 

    

Shares issued in reinvestment of dividends and distributions

      7,106        3,093          50,668        25,582     

 

    

Shares redeemed

      (161,786 )      (44,381 )        (1,291,672 )      (375,129 )   

 

    

Net increase

      636,163        37,402        $ 4,706,541      $ 313,769     

 

    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     153   

Notes to Financial Statements

 

 

 

            
     2055 Retirement Strategy
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class A             

Shares sold

      79,302        117,881        $ 636,566      $ 982,477     

 

    

Shares issued in reinvestment of dividends and distributions

      2,601        552          18,885        4,577     

 

    

Shares redeemed

      (59,691 )      (115,545 )        (479,056 )      (977,594 )   

 

    

Net increase

      22,212        2,888        $ 176,395      $ 9,460     

 

    
            
Class B             

Shares sold

      445        815        $ 3,400      $ 6,728     

 

    

Shares issued in reinvestment of distributions

      58        – 0 –        411        – 0 –   

 

    

Shares redeemed

      (7 )      (235 )        (50 )      (1,989 )   

 

    

Net increase

      496        580        $ 3,761      $ 4,739     

 

    
            
Class C             

Shares sold

      15,308        4,869        $ 116,806      $ 40,731     

 

    

Shares issued in reinvestment of dividends and distributions

      350        – 0 –        2,471        – 0 –   

 

    

Shares redeemed

      (617 )      (2,302 )        (4,637 )      (19,062 )   

 

    

Net increase

      15,041        2,567        $ 114,640      $ 21,669     

 

    
            
Advisor Class             

Shares sold

      2,940        22,224        $ 23,248      $ 181,506     

 

    

Shares issued in reinvestment of dividends and distributions

      240        147          1,754        1,223     

 

    

Shares redeemed

      (14,997 )      (80,322 )        (116,178 )      (650,081 )   

 

    

Net decrease

      (11,817 )      (57,951 )      $ (91,176 )    $ (467,352 )   

 

    
            
Class R             

Shares sold

      66,203        70,715        $ 498,677      $ 571,143     

 

    

Shares issued in reinvestment of dividends and distributions

      2,823        1,473          19,509        11,681     

 

    

Shares redeemed

      (73,932 )      (41,858 )        (573,680 )      (341,564 )   

 

    

Net increase (decrease)

      (4,906 )      30,330        $ (55,494 )    $ 241,260     

 

    

 

154   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

            
     2055 Retirement Strategy
     Shares         Amount      
     Year Ended
August 31,
2012		     Year Ended
August 31,
2011		         Year Ended
August 31,
2012		     Year Ended
August 31,
2011		      
  

 

 

    
Class K             

Shares sold

      257,041        230,036        $ 1,926,782      $ 1,873,358     

 

    

Shares issued in reinvestment of dividends and distributions

      11,911        5,889          82,905        47,050     

 

    

Shares redeemed

      (315,842 )      (139,725 )        (2,368,214 )      (1,156,787 )   

 

    

Net increase (decrease)

      (46,890 )      96,200        $ (358,527 )    $ 763,621     

 

    
            
Class I             

Shares sold

      295,054        10,937        $ 2,194,645      $ 90,865     

 

    

Shares issued in reinvestment of dividends and distributions

      656        194          4,562        1,554     

 

    

Shares redeemed

      (98,866 )      (4,307 )        (760,455 )      (35,924 )   

 

    

Net increase

      196,844        6,824        $ 1,438,752      $ 56,495     

 

    

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 Underlying 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 involves 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

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     155   

Notes to Financial Statements

 

 

reduce the returns of the Underlying Portfolio. For example, the value of the Underlying 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 Underlying Portfolio’s investments denominated in foreign currencies, the Underlying Portfolio’s positions in various foreign currencies may cause the Underlying Portfolio to experience investment losses due to the changes in exchange rates and interest rates.

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

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Strategies, participate in a $140 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Strategies did not utilize the Facility during the year ended August 31, 2012.

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended August 31, 2012 and August 31, 2011 were as follows:

 

2000 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $     728,813       $ 864,095   
  

 

 

     

 

 

  

Total distributions paid

    $ 728,813       $ 864,095   
  

 

 

     

 

 

  
     
2005 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $     763,640       $     1,096,639   
  

 

 

     

 

 

  

Total distributions paid

    $ 763,640       $ 1,096,639   
  

 

 

     

 

 

  
     
2010 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $     3,400,116       $     4,939,254   
  

 

 

     

 

 

  

Total distributions paid

    $ 3,400,116       $ 4,939,254   
  

 

 

     

 

 

  
     

 

156   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

2015 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $     6,385,020       $     8,835,606   
  

 

 

     

 

 

  

Total distributions paid

    $ 6,385,020       $ 8,835,606   
  

 

 

     

 

 

  
     
2020 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 7,359,903       $ 10,527,817   
  

 

 

     

 

 

  

Total distributions paid

    $ 7,359,903       $ 10,527,817   
  

 

 

     

 

 

  
     
2025 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 5,194,464       $ 8,157,456   
  

 

 

     

 

 

  

Total distributions paid

    $ 5,194,464       $ 8,157,456   
  

 

 

     

 

 

  
     
2030 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 4,063,297       $ 6,128,257   
  

 

 

     

 

 

  

Total distributions paid

    $ 4,063,297       $ 6,128,257   
  

 

 

     

 

 

  
     
2035 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 2,330,415       $ 3,312,635   
  

 

 

     

 

 

  

Total distributions paid

    $ 2,330,415       $ 3,312,635   
  

 

 

     

 

 

  
     
2040 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 1,907,887       $ 2,783,325   
  

 

 

     

 

 

  

Total distributions paid

    $ 1,907,887       $ 2,783,325   
  

 

 

     

 

 

  
     
2045 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 1,384,253       $ 1,751,452   
  

 

 

     

 

 

  

Total distributions paid

    $ 1,384,253       $ 1,751,452   
  

 

 

     

 

 

  
     
2050 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 221,552       $ 466,550   

Long-term capital gains

      608,509         30,516   
  

 

 

     

 

 

  

Total distributions paid

    $ 830,061       $ 497,066   
  

 

 

     

 

 

  
     
2055 Retirement Strategy    2012      2011  

Distributions paid from:

      

Ordinary income

    $ 19,762       $ 66,267   

Long-term capital gains

      111,318         – 0  – 
  

 

 

     

 

 

  

Total distributions paid

    $ 131,080       $ 66,267   
  

 

 

     

 

 

  
     

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     157   

Notes to Financial Statements

 

 

As of August 31, 2012, 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 Losses(a)		     Unrealized
Appreciation/
(Depreciation)(b) 		    Total
Accumulated
Earnings/
(Deficit)		  

2000

   $     135,929      $ – 0 –      $ (330,296 )    $ 631,875      $ 437,508   

2005

     28,416        – 0 –        (6,485,626 )      1,149,377        (5,307,833 ) 

2010

     272,221        – 0 –        (26,889,783 )      5,884,084        (20,733,478 ) 

2015

     512,219        – 0 –        (38,140,318 )          14,072,096            (23,556,003)   

2020

     588,296        – 0 –        (53,680,127 )      20,417,020        (32,674,811 ) 

2025

     365,181        – 0 –        (37,968,444 )      7,355,040        (30,248,223 ) 

2030

     98,496        – 0 –        (30,129,193 )      12,121,788        (17,908,909 ) 

2035

     575,976        – 0 –        (18,113,578 )      6,088,260        (11,449,342 ) 

2040

     415,151        – 0 –            (13,378,104)        9,777,321        (3,185,632 ) 

2045

     – 0 –        – 0 –        (5,788,843 )      5,802,042        13,199   

2050

     6,871            1,366,132        – 0 –        1,450,228        2,823,231   

2055

     54,398        180,075        – 0 –        279,638        514,111   

 

(a)   

During the fiscal year ended August 31, 2012, the 2000, 2005, 2010, and 2055 Retirement Strategies utilized capital loss carryforwards of $1,625,056, $594,147, $270,419, and $77,527, respectively, to offset current year net realized gains. Net 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. In this regard, the 2045 Retirement Strategy elected to defer $67,795 of qualified late-year losses that are deemed to arise on September 1, 2012. Additionally, as of August 31, 2012 certain Strategies had capital loss carryforwards for federal income tax purposes.

 

(b)   

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

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Under the Regulated Investment Company Modernization Act of 2010, funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-enactment capital losses must be utilized prior to the pre-enactment capital losses, which are subject to expiration. Post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation.

As of August 31, 2012, the Strategies had net capital loss carryforwards of which will expire as follows:

 

Strategy    Short-Term
Amount		      Long-Term
Amount		    Expiration

2000

    $ 330,296       n/a    2019

2005

      3,227,204       n/a    2018

2005

      3,258,422       n/a    2019

2010

      8,751,970       n/a    2018

2010

      18,137,813       n/a    2019

2015

      242,201       n/a    2017

2015

      6,466,732       n/a    2018

 

158   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

 

 

Strategy    Short-Term
Amount		     Long-Term
Amount		    Expiration

2015

    $ 30,406,097      n/a    2019

2015

      – 0 –    $1,025,288    No expiration

2020

      297,110      n/a    2017

2020

      10,958,941      n/a    2018

2020

      35,102,920      n/a    2019

2020

      – 0 –     7,321,156    No expiration

2025

      577,047      n/a    2018

2025

      30,541,585      n/a    2019

2025

      – 0 –     6,849,812    No expiration

2030

      23,961      n/a    2017

2030

      3,963,543      n/a    2018

2030

      16,084,738      n/a    2019

2030

      – 0 –     10,056,951    No expiration

2035

      968,523      n/a    2018

2035

      9,716,343      n/a    2019

2035

      – 0 –     7,428,712    No expiration

2040

      1,775,236      n/a    2018

2040

      3,497,835      n/a    2019

2040

      – 0 –     8,105,033    No expiration

2045

      19,354      n/a    2018

2045

      1,336,881      n/a    2019

2045

      – 0 –     4,364,813    No expiration

2050

      – 0  –    – 0 –    n/a

2055

      – 0  –    – 0 –    n/a

During the current fiscal year, certain Strategies had adjustments due to permanent differences. Permanent differences have no effect on net assets. The effect of such permanent differences on each Strategy—primarily due to the redesignation of dividends and the utilization of earnings and profits distributed to shareholders on redemption of shares—is reflected as an adjustment to the components of capital as of August 31, 2012 as shown below:

 

Strategy    Increase(Decrease)
to Additional
Paid-In Capital		     Increase
(Decrease) to
Undistributed
Net Investment
Income(Loss)		     Increase
(Decrease) to
Accumulated
Net Realized
Gain(Loss)
on Investments		  

2000

    $ – 0  –    $ – 0  –    $ – 0  – 

2005

      – 0  –      – 0  –      – 0  – 

2010

      – 0  –      – 0  –      – 0  – 

2015

      – 0  –      – 0  –      – 0  – 

2020

      – 0  –      – 0  –      – 0  – 

2025

      – 0  –      – 0  –      – 0  – 

2030

      – 0  –      – 0  –      – 0  – 

2035

      – 0  –      – 0  –      – 0  – 

2040

      – 0  –      – 0  –      – 0  – 

2045

      (25,120 )          25,120        – 0  – 

2050

          144,288        – 0  –          (144,288)   

2055

      – 0  –      – 0  –      – 0  – 

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     159   

Notes to Financial Statements

 

 

NOTE I

Recent Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”) related to disclosures about offsetting assets and liabilities in financial statements. The amendments in this update require an entity to disclose both gross and net information for derivatives and other financial instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implication of this ASU and its impact on the financial statements has not been determined.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Strategies’ financial statements through this date.

 

160   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

 

    2000 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.58        $  9.90        $  9.35        $  10.58        $  11.73   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .29        .26        .18        .26        .44   

Net realized and unrealized gain (loss) on investment transactions

     .14        .69        .57        (1.10 )      (1.07 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        .95        .75        (.84 )      (.63 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.26 )      (.27 )      (.20 )      (.21 )      (.36 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.18 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.26 )      (.27 )      (.20 )      (.39 )      (.52 ) 
 

 

 

  

Net asset value, end of period

     $  10.75        $  10.58        $  9.90        $  9.35        $  10.58   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.16  %      9.68  %      8.07  %      (7.29 )%      (5.59 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $3,167        $6,215        $6,422        $6,608        $5,952   

Ratio to average net
assets of:

          

Expenses, net of waivers/reimbursements(d)

     .83  %      .81  %(e)      .82  %(e)      .82  %      .82  % 

Expenses, before waivers/reimbursements(d)

     2.28  %      1.97  %(e)      2.25  %(e)      2.64  %      2.77  % 

Net investment income(b)

     2.73  %      2.46  %(e)      1.81  %(e)      3.14  %      3.87  % 

Portfolio turnover rate

     43  %      36  %      41  %      40  %      66  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     161   

Financial Highlights

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

 

    2000 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.44        $  9.76        $  9.22        $  10.41        $  11.60   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .13        .21        .09        .23        .35   

Net realized and unrealized gain (loss) on investment transactions

     .22        .66        .58        (1.11 )      (1.04 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .35        .87        .67        (.88 )      (.69 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.11 )      (.19 )      (.13 )      (.13 )      (.34 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.18 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.11 )      (.19 )      (.13 )      (.31 )      (.50 ) 
 

 

 

  

Net asset value, end of period

     $  10.68        $  10.44        $  9.76        $  9.22        $  10.41   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     3.36  %      8.99  %      7.30  %      (8.02 )%      (6.21 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $182        $149        $169        $88        $180   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.53  %      1.51  %(e)      1.52  %(e)      1.52  %      1.52  % 

Expenses, before waivers/reimbursements(d)

     3.02  %      2.69  %(e)      3.03  %(e)      3.43  %      3.50  % 

Net investment income(b)

     1.28  %      1.98  %(e)      .90  %(e)      2.75  %      3.14  % 

Portfolio turnover rate

     43  %      36  %      41  %      40  %      66  % 

See footnote summary on page 245.

 

162   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2000 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value, beginning of period

     $  10.44        $  9.76        $  9.22        $  10.41        $  11.60   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .16        .21        .11        .23        .36   

Net realized and unrealized gain (loss) on investment transactions

     .18        .66        .56        (1.11 )      (1.05 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .34        .87        .67        (.88 )      (.69 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.14 )      (.19 )      (.13 )      (.13 )      (.34 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.18 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.14 )      (.19 )      (.13 )      (.31 )      (.50 ) 
 

 

 

  

Net asset value, end of period

     $  10.64        $  10.44        $  9.76        $  9.22        $  10.41   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     3.36  %      8.99  %      7.30  %      (8.02 )%      (6.21 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $463        $524        $823        $882        $1,327   

Ratio to average net assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.53  %      1.51  %(e)      1.52  %(e)      1.52  %      1.52  % 

Expenses, before waivers/reimbursements(d)

     2.98  %      2.72  %(e)      2.97  %(e)      3.36  %      3.42  % 

Net investment income(b)

     1.54  %      2.03  %(e)      1.10  %(e)      2.71  %      3.11  % 

Portfolio turnover rate

     43  %      36  %      41  %      40  %      66  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     163   

Financial Highlights

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

 

    2000 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.63        $  9.95        $  9.39        $  10.63        $  11.78   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .34        .31        .19        .31        .45   

Net realized and unrealized gain (loss) on investment transactions

     .12        .68        .60        (1.13 )      (1.05 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .46        .99        .79        (.82 )      (.60 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.29 )      (.31 )      (.23 )      (.24 )      (.39 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.18 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.29 )      (.31 )      (.23 )      (.42 )      (.55 ) 
 

 

 

  

Net asset value, end of period

     $  10.80        $  10.63        $  9.95        $  9.39        $  10.63   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.46  %      9.98  %      8.43  %      (7.01 )%      (5.39 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $60        $211        $742        $521        $553   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .53  %      .51  %(e)      .52  %(e)      .52  %      .52  % 

Expenses, before waivers/reimbursements(d)

     2.40  %      1.68  %(e)      1.95  %(e)      2.32  %      2.35  % 

Net investment income(b)

     3.02  %      2.92  %(e)      1.90  %(e)      3.57  %      3.78  % 

Portfolio turnover rate

     43  %      36  %      41  %      40  %      66  % 

See footnote summary on page 245.

 

164   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2000 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.41        $  9.76        $  9.24        $  10.46        $  11.54   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .24        .25        .14        .20        .49   

Net realized and unrealized gain (loss) on investment transactions

     .16        .68        .58        (1.04 )      (1.13 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .40        .93        .72        (.84 )      (.64 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.20 )      (.28 )      (.20 )      (.20 )      (.28 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.18 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.20 )      (.28 )      (.20 )      (.38 )      (.44 ) 
 

 

 

  

Net asset value, end of period

     $  10.61        $  10.41        $  9.76        $  9.24        $  10.46   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     3.90  %      9.54  %      7.81  %      (7.46 )%      (5.78 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $1,137        $1,524        $2,600        $1,437        $350   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.03  %      1.01  %(e)      1.02  %(e)      1.02  %      1.02  % 

Expenses, before waivers/reimbursements(d)

     2.41  %      2.25  %(e)      2.38  %(e)      2.69  %      2.91  % 

Net investment income(b)

     2.27  %      2.38  %(e)      1.47  %(e)      2.39  %      3.27  % 

Portfolio turnover rate

     43  %      36  %      41  %      40  %      66  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     165   

Financial Highlights

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

 

    2000 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         
         

Net asset value,
beginning of period

     $  10.34        $  9.69        $  9.17        $  10.40        $  11.55   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .26        .26        .17        .26        .38   

Net realized and unrealized gain (loss) on investment transactions

     .16        .69        .57        (1.08 )      (.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .42        .95        .74        (.82 )      (.60 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.26 )      (.30 )      (.22 )      (.23 )      (.39 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.18 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.26 )      (.30 )      (.22 )      (.41 )      (.55 ) 
 

 

 

  

Net asset value, end of period

     $  10.50        $  10.34        $  9.69        $  9.17        $  10.40   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.15  %      9.85  %      8.06  %      (7.27 )%      (5.50 )% 

Ratios/Supplemental Data

          

Net assets, end of period
(000’s omitted)

     $14,161        $19,922        $17,245        $14,477        $14,183   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .78  %      .76  %(e)      .77  %(e)      .77  %      .77  % 

Expenses, before waivers/reimbursements(d)

     2.07  %      1.99  %(e)      2.11  %(e)      2.42  %      2.63  % 

Net investment income(b)

     2.51  %      2.50  %(e)      1.79  %(e)      3.18  %      3.40  % 

Portfolio turnover rate

     43  %      36  %      41  %      40  %      66  % 

See footnote summary on page 245.

 

166   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2000 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.37        $  9.73        $  9.20        $  10.44        $  11.60   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .17        .33        .22        .23        .48   

Net realized and unrealized gain (loss) on investment transactions

     .27        .64        .56        (1.03 )      (1.06 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .44        .97        .78        (.80 )      (.58 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.29 )      (.33 )      (.25 )      (.26 )      (.42 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.18 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.29 )      (.33 )      (.25 )      (.44 )      (.58 ) 
 

 

 

  

Net asset value, end of period

     $  10.52        $  10.37        $  9.73        $  9.20        $  10.44   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.43  %      10.01  %      8.48  %      (7.00 )%      (5.28 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $3,525        $1,656        $1,402        $1,981        $768   

Ratio to average net
assets of:

          

Expenses, net of
waivers/
reimbursements(d)

     .53  %      .51  %(e)      .52  %(e)      .52  %      .52  % 

Expenses, before
waivers/
reimbursements(d)

     1.76  %      1.66  %(e)      1.79  %(e)      2.06  %      2.35  % 

Net investment income(b)

     1.68  %      3.15  %(e)      2.20  %(e)      2.68  %      4.20  % 

Portfolio turnover rate

     43  %      36  %      41  %      40  %      66  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     167   

Financial Highlights

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

 

    2005 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.09        $  9.37        $  8.84        $  10.35        $  11.78   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .25        .28        .16        .26        .41   

Net realized and unrealized gain (loss) on investment transactions

     .19        .73        .56        (1.27 )      (1.24 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .44        1.01        .72        (1.01 )      (.83 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.26 )      (.29 )      (.19 )      (.27 )      (.35 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.23 )      (.25 ) 
 

 

 

  

Total dividends and distributions

     (.26 )      (.29 )      (.19 )      (.50 )      (.60 ) 
 

 

 

  

Net asset value, end of period

     $  10.27        $  10.09        $  9.37        $  8.84        $  10.35   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.47  %      10.83  %      8.16  %      (8.92 )%      (7.39 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $7,612        $15,389        $22,043        $23,328        $18,835   

Ratio to average net
assets of:

          

Expenses, net of
waivers/
reimbursements(d)

     .88  %      .87  %(e)      .88  %(e)      .88  %      .88  % 

Expenses, before waivers/
reimbursements(d)

     2.04  %      1.81  %(e)      1.72  %(e)      1.79  %      1.85  % 

Net investment income(b)

     2.47  %      2.74  %(e)      1.75  %(e)      3.20  %      3.66  % 

Portfolio turnover rate

     23  %      13  %      34  %      43  %      29  % 

See footnote summary on page 245.

 

168   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2005 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.04        $  9.30        $  8.76        $  10.20        $  11.66   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .15        .20        .10        .19        .33   

Net realized and unrealized gain (loss) on investment transactions

     .22        .73        .55        (1.23 )      (1.23 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .37        .93        .65        (1.04 )      (.90 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.17 )      (.19 )      (.11 )      (.17 )      (.31 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.23 )      (.25 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      (.19 )      (.11 )      (.40 )      (.56 ) 
 

 

 

  

Net asset value, end of period

     $  10.24        $  10.04        $  9.30        $  8.76        $  10.20   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     3.75  %      10.01  %      7.43  %      (9.52 )%      (8.08 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $305        $312        $410        $527        $569   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.58  %      1.57  %(e)      1.58  %(e)      1.58  %      1.58  % 

Expenses, before waivers/reimbursements(d)

     2.72  %      2.53  %(e)      2.44  %(e)      2.52  %      2.56  % 

Net investment income(b)

     1.54  %      1.90  %(e)      1.08  %(e)      2.45  %      2.96  % 

Portfolio turnover rate

     23  %      13  %      34  %      43  %      29  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     169   

Financial Highlights

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

 

    2005 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.02        $  9.28        $  8.75        $  10.19        $  11.64   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .19        .18        .10        .20        .39   

Net realized and unrealized gain (loss) on investment transactions

     .18        .75        .54        (1.24 )      (1.28 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .37        .93        .64        (1.04 )      (.89 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.20 )      (.19 )      (.11 )      (.17 )      (.31 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.23 )      (.25 ) 
 

 

 

  

Total dividends and distributions

     (.20 )      (.19 )      (.11 )      (.40 )      (.56 ) 
 

 

 

  

Net asset value, end of period

     $  10.19        $  10.02        $  9.28        $  8.75        $   10.19   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     3.75  %      10.03  %      7.32  %      (9.53 )%      (8.01 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $248        $334        $351        $958        $898   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.58  %      1.57  %(e)      1.58  %(e)      1.58  %      1.58  % 

Expenses, before waivers/reimbursements(d)

     2.73  %      2.58  %(e)      2.43  %(e)      2.51  %      2.57  % 

Net investment income(b)

     1.93  %      1.81  %(e)      1.10  %(e)      2.48  %      3.49  % 

Portfolio turnover rate

     23  %      13  %      34  %      43  %      29  % 

See footnote summary on page 245.

 

170   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2005 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.14        $  9.42        $  8.89        $  10.40        $  11.82   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .27        .30        .19        .26        .39   

Net realized and unrealized gain (loss) on investment transactions

     .21        .74        .56        (1.25 )      (1.18 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .48        1.04        .75        (.99 )      (.79 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.30 )      (.32 )      (.22 )      (.29 )      (.38 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.23 )      (.25 ) 
 

 

 

  

Total dividends and distributions

     (.30 )      (.32 )      (.22 )      (.52 )      (.63 ) 
 

 

 

  

Net asset value, end of period

     $  10.32        $  10.14        $  9.42        $  8.89        $  10.40   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.87  %      11.13  %      8.41  %      (8.62 )%      (7.08 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $461        $870        $697        $600        $381   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .58  %      .57  %(e)      .58  %(e)      .58  %      .58  % 

Expenses, before waivers/reimbursements(d)

     1.67  %      1.53  %(e)      1.42  %(e)      1.51  %      1.54  % 

Net investment income(b)

     2.63  %      2.97  %(e)      2.00  %(e)      3.26  %      3.48  % 

Portfolio turnover rate

     23  %      13  %      34  %      43  %      29  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     171   

Financial Highlights

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

 

    2005 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         
         

Net asset value,
beginning of period

     $  10.02        $  9.32        $  8.80        $  10.27        $  11.72   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .21        .24        .14        .23        .37   

Net realized and unrealized gain (loss) on investment transactions

     .21        .74        .55        (1.24 )      (1.22 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .42        .98        .69        (1.01 )      (.85 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.22 )      (.28 )      (.17 )      (.23 )      (.35 ) 

Distributions from net
realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.23 )      (.25 ) 
 

 

 

  

Total dividends and distributions

     (.22 )      (.28 )      (.17 )      (.46 )      (.60 ) 
 

 

 

  

Net asset value, end of period

     $  10.22        $  10.02        $  9.32        $   8.80        $  10.27   
 

 

 

  

Total Return

          

Total investment return based on net asset
value(c)

     4.28 %      10.51 %      7.87 %      (9.02 )%      (7.61 )% 

Ratios/Supplemental
Data

          

Net assets, end of period
(000’s omitted)

     $2,552        $3,017        $3,113        $3,259        $3,475   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.08  %      1.07  %(e)      1.08  %(e)      1.08  %      1.08  % 

Expenses, before
waivers/reimbursements(d)

     2.37  %      2.15  %(e)      1.98  %(e)      2.06  %      2.08  % 

Net investment income(b)

     2.14  %      2.38  %(e)      1.52  %(e)      2.97  %      3.38  % 

Portfolio turnover rate

     23  %      13  %      34  %      43  %      29  % 

See footnote summary on page 245.

 

172   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2005 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.08        $   9.36        $  8.83        $  10.33        $  11.75   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .25        .28        .17        .26        .34   

Net realized and unrealized gain (loss) on investment transactions

     .18        .73        .55        (1.27 )      (1.16 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        1.01        .72        (1.01 )      (.82 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.26 )      (.29 )      (.19 )      (.26 )      (.35 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.23 )      (.25 ) 
 

 

 

  

Total dividends and distributions

     (.26 )      (.29 )      (.19 )      (.49 )      (.60 ) 
 

 

 

  

Net asset value, end of period

     $  10.25        $  10.08        $  9.36        $  8.83        $  10.33   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.42  %      10.87  %      8.20  %      (8.85 )%      (7.31 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $9,452        $10,268        $11,259        $14,088        $18,597   

Ratio to average net
assets of:

          

Expenses, net of
waivers/ reimbursements(d)

     .83 %      .82  %(e)      .83  %(e)      .83  %      .83  % 

Expenses, before waivers/reimbursements(d)

     2.05  %      1.85  %(e)      1.72  %(e)      1.76  %      1.82  % 

Net investment income(b)

     2.50  %      2.71  %(e)      1.85  %(e)      3.25  %      3.15  % 

Portfolio turnover rate

     23  %      13  %      34  %      43  %      29  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     173   

Financial Highlights

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

 

    2005 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.10        $  9.39        $  8.86        $  10.36        $  11.79   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .17        .28        .22        .27        .46   

Net realized and unrealized gain (loss) on investment transactions

     .30        .75        .53        (1.25 )      (1.25 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .47        1.03        .75        (.98 )      (.79 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.30 )      (.32 )      (.22 )      (.29 )      (.39 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.23 )      (.25 ) 
 

 

 

  

Total dividends and distributions

     (.30 )      (.32 )      (.22 )      (.52 )      (.64 ) 
 

 

 

  

Net asset value, end of period

     $  10.27        $  10.10        $  9.39        $  8.86        $  10.36   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.79  %      11.03  %      8.50  %      (8.55 )%      (7.11 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $2,080        $789        $401        $1,655        $1,723   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .58  %      .57  %(e)      .58  %(e)      .58  %      .58  % 

Expenses, before waivers/reimbursements(d)

     1.75  %      1.53  %(e)      1.39  %(e)      1.42  %      1.49  % 

Net investment income(b)

     1.67  %      2.81  %(e)      2.34  %(e)      3.34  %      3.97  % 

Portfolio turnover rate

     23  %      13  %      34  %      43  %      29  % 

See footnote summary on page 245.

 

174   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2010 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.97        $  9.16        $  8.67        $  10.53        $  12.00   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .25        .29        .16        .23        .38   

Net realized and unrealized gain (loss) on investment transactions

     .23        .81        .51        (1.53 )      (1.36 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .48        1.10        .67        (1.30 )      (.98 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.27 )      (.29 )      (.18 )      (.25 )      (.33 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.31 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.27 )      (.29 )      (.18 )      (.56 )      (.49 ) 
 

 

 

  

Net asset value, end of period

     $  10.18        $  9.97        $  9.16        $  8.67        $  10.53   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.01  %      11.99  %      7.73  %      (11.23 )%      (8.48 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $24,331        $40,407        $56,196        $66,020        $71,541   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .90  %      .89  %(e)      .91  %(e)      .90  %      .90  % 

Expenses, before waivers/reimbursements(d)

     1.26  %      1.15  %(e)      1.20  %(e)      1.30  %      1.15  % 

Net investment income(b)

     2.50  %      2.84  %(e)      1.73  %(e)      3.00  %      3.31  % 

Portfolio turnover rate

     18  %      11  %      36  %      20  %      31  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     175   

Financial Highlights

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

 

    2010 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.87        $  9.08        $  8.59        $  10.43        $  11.88   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .17        .21        .10        .18        .30   

Net realized and unrealized gain (loss) on investment transactions

     .25        .80        .51        (1.53 )      (1.33 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .42        1.01        .61        (1.35 )      (1.03 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.19 )      (.22 )      (.12 )      (.18 )      (.26 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.31 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.19 )      (.22 )      (.12 )      (.49 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.10        $  9.87        $  9.08        $  8.59        $  10.43   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.34  %      11.07  %      7.13  %      (12.01 )%      (9.00 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $426        $532        $685        $960        $1,219   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.60  %      1.59  %(e)      1.61  %(e)      1.60  %      1.60  % 

Expenses, before waivers/reimbursements(d)

     2.02  %      1.89  %(e)      1.94  %(e)      2.03  %      1.86  % 

Net investment income(b)

     1.70  %      2.03  %(e)      1.09  %(e)      2.36  %      2.63  % 

Portfolio turnover rate

     18  %      11  %      36  %      20  %      31  % 

See footnote summary on page 245.

 

176   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2010 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.87        $  9.07        $  8.59        $  10.42        $  11.89   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .17        .19        .09        .19        .31   

Net realized and unrealized gain (loss) on investment transactions

     .24        .83        .51        (1.53 )      (1.36 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .41        1.02        .60        (1.34 )      (1.05 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.22 )      (.22 )      (.12 )      (.18 )      (.26 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.31 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.22 )      (.22 )      (.12 )      (.49 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.06        $  9.87        $  9.07        $  8.59        $  10.42   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.28  %      11.19  %      7.02  %      (11.93 )%      (9.16 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $2,097        $2,094        $2,016        $1,873        $2,420   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.60  %      1.59  %(e)      1.61  %(e)      1.60  %      1.60  % 

Expenses, before waivers/reimbursements(d)

     1.98  %      1.89  %(e)      1.93  %(e)      2.02  %      1.86  % 

Net investment income(b)

     1.70  %      1.89  %(e)      .96  %(e)      2.48  %      2.77  % 

Portfolio turnover rate

     18  %      11  %      36  %      20  %      31  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     177   

Financial Highlights

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

 

    2010 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.02        $  9.21        $  8.71        $  10.59        $  12.06   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .30        .29        .19        .26        .43   

Net realized and unrealized gain (loss) on investment transactions

     .21        .84        .52        (1.55 )      (1.38 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.13        .71        (1.29 )      (.95 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.31 )      (.32 )      (.21 )      (.28 )      (.36 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.31 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.31 )      (.32 )      (.21 )      (.59 )      (.52 ) 
 

 

 

  

Net asset value, end of period

     $  10.22        $  10.02        $  9.21        $  8.71        $  10.59   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.28  %      12.27  %      8.11  %      (11.04 )%      (8.25 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $5,657        $13,728        $13,461        $12,735        $13,164   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .60  %      .59  %(e)      .61  %(e)      .60  %      .60  % 

Expenses, before waivers/reimbursements(d)

     .96  %      .84  %(e)      .90  %(e)      1.00  %      .85  % 

Net investment income(b)

     2.87  %      2.85  %(e)      2.00  %(e)      3.31  %      3.59  % 

Portfolio turnover rate

     18  %      11  %      36  %      20  %      31  % 

See footnote summary on page 245.

 

178   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2010 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.95        $  9.14        $  8.65        $  10.50        $  11.98   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .22        .24        .14        .21        .34   

Net realized and unrealized gain (loss) on investment transactions

     .24        .83        .52        (1.52 )      (1.34 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .46        1.07        .66        (1.31 )      (1.00 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.23 )      (.26 )      (.17 )      (.23 )      (.32 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.31 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.23 )      (.26 )      (.17 )      (.54 )      (.48 ) 
 

 

 

  

Net asset value, end of period

     $  10.18        $  9.95        $  9.14        $  8.65        $  10.50   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.76  %      11.68  %      7.57  %      (11.50 )%      (8.70 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $9,553        $12,769        $15,197        $14,210        $11,039   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.10  %      1.09  %(e)      1.11  %(e)      1.10  %      1.10  % 

Expenses, before waivers/reimbursements(d)

     1.59  %      1.48  %(e)      1.52  %(e)      1.57  %      1.54  % 

Net investment income(b)

     2.23  %      2.41  %(e)      1.49  %(e)      2.68  %      2.99  % 

Portfolio turnover rate

     18  %      11  %      36  %      20  %      31  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     179   

Financial Highlights

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

 

    2010 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.99        $  9.18        $  8.69        $  10.54        $  12.01   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .27        .28        .16        .23        .39   

Net realized and unrealized gain (loss) on investment transactions

     .22        .82        .52        (1.52 )      (1.37 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .49        1.10        .68        (1.29 )      (.98 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.27 )      (.29 )      (.19 )      (.25 )      (.33 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.31 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.27 )      (.29 )      (.19 )      (.56 )      (.49 ) 
 

 

 

  

Net asset value, end of period

     $  10.21        $  9.99        $  9.18        $  8.69        $  10.54   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.05  %      12.01  %      7.77  %      (11.20 )%      (8.46 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $36,508        $59,760        $66,383        $62,515        $62,033   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .85  %      .84  %(e)      .86  %(e)      .85  %      .85  % 

Expenses, before waivers/reimbursements(d)

     1.27  %      1.19  %(e)      1.21  %(e)      1.25  %      1.24  % 

Net investment income(b)

     2.70  %      2.75  %(e)      1.75  %(e)      2.96  %      3.36  % 

Portfolio turnover rate

     18  %      11  %      36  %      20  %      31  % 

See footnote summary on page 245.

 

180   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2010 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.02        $    9.21        $  8.71        $  10.59        $  12.05   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .26        .30        .20        .26        .38   

Net realized and unrealized gain (loss) on investment transactions

     .25        .83        .51        (1.55 )      (1.33 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.13        .71        (1.29 )      (.95 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net
investment income

     (.30 )      (.32 )      (.21 )      (.28 )      (.35 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.31 )      (.16 ) 
 

 

 

  

Total dividends and distributions

     (.30 )      (.32 )      (.21 )      (.59 )      (.51 ) 
 

 

 

  

Net asset value, end of period

     $  10.23        $  10.02        $  9.21        $    8.71        $  10.59   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.32  %      12.29  %      8.20  %      (11.10 )%      (8.18 )% 

Ratios/Supplemental
Data

          

Net assets, end of period
(000’s omitted)

     $4,597        $5,141        $6,966        $13,571        $17,024   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .60  %      .59  %(e)      .61  %(e)      .60  %      .60  % 

Expenses, before waivers/reimbursements(d)

     .93  %      .87  %(e)      .88  %(e)      .91  %      .90  % 

Net investment income(b)

     2.62  %      2.94  %(e)      2.18  %(e)      3.39  %      3.28  % 

Portfolio turnover rate

     18  %      11  %      36  %      20  %      31  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     181   

Financial Highlights

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

 

    2015 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.93        $  9.09        $  8.64        $  10.60        $  12.25   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .21        .26        .15        .20        .37   

Net realized and unrealized gain (loss) on investment transactions

     .29        .86        .47        (1.66 )      (1.60 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .50        1.12        .62        (1.46 )      (1.23 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.25 )      (.28 )      (.17 )      (.22 )      (.32 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.28 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.25 )      (.28 )      (.17 )      (.50 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.18        $  9.93        $  9.09        $  8.64        $  10.60   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.20  %      12.32  %      7.16  %      (12.80 )%      (10.35 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $59,820        $75,411        $90,837        $95,400        $91,231   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .94  %      .93  %(e)      .95  %(e)      .94  %      .94  % 

Expenses, before waivers/reimbursements(d)

     1.09  %      1.10  %(e)      1.15  %(e)      1.18  %      1.10  % 

Net investment income(b)

     2.16  %      2.59  %(e)      1.66  %(e)      2.69  %      3.21  % 

Portfolio turnover rate

     17  %      16  %      38  %      16  %      6  % 

See footnote summary on page 245.

 

182   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2015 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.84        $  9.00        $  8.56        $  10.49        $  12.14   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .15        .19        .09        .16        .29   

Net realized and unrealized gain (loss) on investment transactions

     .28        .86        .46        (1.66 )      (1.59 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        1.05        .55        (1.50 )      (1.30 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.18 )      (.21 )      (.11 )      (.15 )      (.25 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.28 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.18 )      (.21 )      (.11 )      (.43 )      (.35 ) 
 

 

 

  

Net asset value, end of period

     $  10.09        $  9.84        $  9.00        $  8.56        $  10.49   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.46  %      11.67  %      6.42  %      (13.46 )%      (11.00 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $1,581        $2,079        $2,151        $2,416        $3,445   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.64  %      1.63  %(e)      1.65  %(e)      1.64  %      1.64  % 

Expenses, before waivers/reimbursements(d)

     1.83  %      1.82  %(e)      1.88  %(e)      1.92  %      1.81  % 

Net investment income(b)

     1.56  %      1.82  %(e)      .93  %(e)      2.17  %      2.57  % 

Portfolio turnover rate

     17  %      16  %      38  %      16  %      6  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     183   

Financial Highlights

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

 

    2015 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.84        $  9.00        $  8.56        $  10.49        $  12.14   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .13        .16        .08        .15        .30   

Net realized and unrealized gain (loss) on investment transactions

     .29        .89        .47        (1.65 )      (1.60 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .42        1.05        .55        (1.50 )      (1.30 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.20 )      (.21 )      (.11 )      (.15 )      (.25 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.28 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.20 )      (.21 )      (.11 )      (.43 )      (.35 ) 
 

 

 

  

Net asset value, end of period

     $  10.06        $  9.84        $  9.00        $  8.56        $  10.49   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.43  %      11.67  %      6.42  %      (13.46 )%      (11.00 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $5,157        $4,289        $3,258        $2,912        $2,705   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.64  %      1.63  %(e)      1.65  %(e)      1.64  %      1.64  % 

Expenses, before waivers/reimbursements(d)

     1.80  %      1.83  %(e)      1.88  %(e)      1.92  %      1.81  % 

Net investment income(b)

     1.37  %      1.60  %(e)      .91  %(e)      2.01  %      2.61  % 

Portfolio turnover rate

     17  %      16  %      38  %      16  %      6  % 

See footnote summary on page 245.

 

184   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2015 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  10.00        $  9.15        $  8.69        $  10.67        $  12.32   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .28        .28        .18        .23        .33   

Net realized and unrealized gain (loss) on investment transactions

     .26        .88        .48        (1.69 )      (1.53 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .54        1.16        .66        (1.46 )      (1.20 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.28 )      (.31 )      (.20 )      (.24 )      (.35 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.28 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.28 )      (.31 )      (.20 )      (.52 )      (.45 ) 
 

 

 

  

Net asset value, end of period

     $  10.26        $  10.00        $  9.15        $  8.69        $  10.67   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.59  %      12.68  %      7.53  %      (12.60 )%      (10.10 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $3,662        $13,101        $13,781        $12,387        $9,945   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .64  %      .63  %(e)      .65  %(e)      .64  %      .64  % 

Expenses, before waivers/reimbursements(d)

     .78  %      .80  %(e)      .85  %(e)      .88  %      .82  % 

Net investment income(b)

     2.73  %      2.69  %(e)      1.95  %(e)      2.96  %      2.87  % 

Portfolio turnover rate

     17  %      16  %      38  %      16  %      6  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     185   

Financial Highlights

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

 

    2015 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.91        $  9.06        $  8.61        $  10.56        $  12.22   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .19        .24        .13        .18        .30   

Net realized and unrealized gain (loss) on investment transactions

     .30        .87        .47        (1.65 )      (1.55 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .49        1.11        .60        (1.47 )      (1.25 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.20 )      (.26 )      (.15 )      (.20 )      (.31 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.28 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.20 )      (.26 )      (.15 )      (.48 )      (.41 ) 
 

 

 

  

Net asset value, end of period

     $  10.20        $  9.91        $  9.06        $  8.61        $  10.56   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.08  %      12.18  %      6.94  %      (13.00 )%      (10.59 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $26,932        $32,067        $37,765        $29,635        $24,178   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.14  %      1.13  %(e)      1.15  %(e)      1.14  %      1.14  % 

Expenses, before waivers/reimbursements(d)

     1.48  %      1.47  %(e)      1.48  %(e)      1.49  %      1.49  % 

Net investment income(b)

     1.94  %      2.36  %(e)      1.38  %(e)      2.42  %      2.67  % 

Portfolio turnover rate

     17  %      16  %      38  %      16  %      6  % 

See footnote summary on page 245.

 

186   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2015 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.97        $  9.12        $  8.66        $  10.61        $  12.26   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .23        .26        .16        .21        .36   

Net realized and unrealized gain (loss) on investment transactions

     .28        .87        .47        (1.67 )      (1.59 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.13        .63        (1.46 )      (1.23 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.24 )      (.28 )      (.17 )      (.21 )      (.32 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.28 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.24 )      (.28 )      (.17 )      (.49 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.24        $  9.97        $  9.12        $  8.66        $  10.61   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.35  %      12.39  %      7.27  %      (12.79 )%      (10.35 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $86,772        $110,593        $110,450        $101,850        $105,443   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .89  %      .88  %(e)      .90  %(e)      .89  %      .89  % 

Expenses, before waivers/reimbursements(d)

     1.17  %      1.16  %(e)      1.17  %(e)      1.19  %      1.18  % 

Net investment income(b)

     2.29  %      2.53  %(e)      1.67  %(e)      2.75  %      3.15  % 

Portfolio turnover rate

     17  %      16  %      38  %      16  %      6  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     187   

Financial Highlights

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

 

    2015 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.98        $  9.14        $  8.69        $  10.66        $  12.31   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .25        .29        .19        .24        .37   

Net realized and unrealized gain (loss) on investment transactions

     .29        .87        .46        (1.69 )      (1.57 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .54        1.16        .65        (1.45 )      (1.20 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.28 )      (.32 )      (.20 )      (.24 )      (.35 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.28 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.28 )      (.32 )      (.20 )      (.52 )      (.45 ) 
 

 

 

  

Net asset value, end of period

     $  10.24        $  9.98        $  9.14        $  8.69        $  10.66   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.64  %      12.69  %      7.47  %      (12.53 )%      (10.12 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $13,805        $43,280        $32,261        $40,164        $47,753   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .64  %      .63  %(e)      .65  %(e)      .64  %      .64  % 

Expenses, before waivers/reimbursements(d)

     .80  %      .82  %(e)      .78  %(e)      .83  %      .84  % 

Net investment income(b)

     2.49  %      2.84  %(e)      2.00  %(e)      3.13  %      3.24  % 

Portfolio turnover rate

     17  %      16  %      38  %      16  %      6  % 

See footnote summary on page 245.

 

188   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2020 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.70        $  8.82        $  8.42        $  10.57        $  12.41   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .18        .25        .14        .18        .35   

Net realized and unrealized gain (loss) on investment transactions

     .30        .88        .42        (1.83 )      (1.79 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .48        1.13        .56        (1.65 )      (1.44 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.21 )      (.25 )      (.16 )      (.20 )      (.30 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.30 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.21 )      (.25 )      (.16 )      (.50 )      (.40 ) 
 

 

 

  

Net asset value, end of period

     $  9.97        $  9.70        $  8.82        $  8.42        $  10.57   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.15  %      12.75  %      6.66  %      (14.62 )%      (11.97 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $72,537        $89,111        $108,557        $117,976        $109,315   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .98  %      .97  %(e)      .99  %(e)      .98  %      .98  % 

Expenses, before waivers/reimbursements(d)

     1.12  %      1.08  %(e)      1.14  %(e)      1.18  %      1.09  % 

Net investment income(b)

     1.86  %      2.43  %(e)      1.58  %(e)      2.41  %      3.02  % 

Portfolio turnover rate

     17  %      14  %      38  %      8  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     189   

Financial Highlights

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

 

    2020 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.58        $  8.72        $  8.34        $  10.45        $  12.29   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .11        .17        .08        .13        .27   

Net realized and unrealized gain (loss) on investment transactions

     .31        .87        .41        (1.81 )      (1.78 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .42        1.04        .49        (1.68 )      (1.51 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.14 )      (.18 )      (.11 )      (.13 )      (.23 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.30 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.14 )      (.18 )      (.11 )      (.43 )      (.33 ) 
 

 

 

  

Net asset value, end of period

     $  9.86        $  9.58        $  8.72        $  8.34        $  10.45   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.49  %      11.88  %      5.85  %      (15.19 )%      (12.60 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $1,684        $1,928        $2,093        $2,404        $3,354   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.68  %      1.67  %(e)      1.69  %(e)      1.68  %      1.68  % 

Expenses, before waivers/reimbursements(d)

     1.86  %      1.81  %(e)      1.88  %(e)      1.92  %      1.81  % 

Net investment income(b)

     1.13  %      1.70  %(e)      .91  %(e)      1.82  %      2.38  % 

Portfolio turnover rate

     17  %      14  %      38  %      8  %      4  % 

See footnote summary on page 245.

 

190   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2020 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.60        $  8.73        $  8.35        $  10.46        $  12.29   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .10        .16        .07        .13        .25   

Net realized and unrealized gain (loss) on investment transactions

     .31        .89        .42        (1.81 )      (1.75 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .41        1.05        .49        (1.68 )      (1.50 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.14 )      (.18 )      (.11 )      (.13 )      (.23 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.30 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.14 )      (.18 )      (.11 )      (.43 )      (.33 ) 
 

 

 

  

Net asset value, end of period

     $  9.87        $  9.60        $  8.73        $  8.35        $  10.46   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.41  %      11.99  %      5.84  %      (15.18 )%      (12.52 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $5,405        $6,326        $5,196        $4,224        $4,089   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.68  %      1.67  %(e)      1.69  %(e)      1.68  %      1.68  % 

Expenses, before waivers/reimbursements(d)

     1.85  %      1.81  %(e)      1.87  %(e)      1.91  %      1.80  % 

Net investment income(b)

     1.04  %      1.60  %(e)      .81  %(e)      1.78  %      2.18  % 

Portfolio turnover rate

     17  %      14  %      38  %      8  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     191   

Financial Highlights

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

 

    2020 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.77        $  8.88        $  8.48        $  10.64        $  12.48   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .23        .26        .17        .20        .35   

Net realized and unrealized gain (loss) on investment transactions

     .28        .91        .42        (1.84 )      (1.77 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.17        .59        (1.64 )      (1.42 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.25 )      (.28 )      (.19 )      (.22 )      (.32 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.30 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.25 )      (.28 )      (.19 )      (.52 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.03        $  9.77        $  8.88        $  8.48        $  10.64   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.38  %      13.09  %      6.91  %      (14.33 )%      (11.72 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $4,806        $12,351        $14,256        $11,243        $9,382   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .68  %      .67  %(e)      .69  %(e)      .68  %      .68  % 

Expenses, before waivers/reimbursements(d)

     .82  %      .78  %(e)      .84  %(e)      .88  %      .80  % 

Net investment income(b)

     2.35  %      2.60  %(e)      1.83  %(e)      2.69  %      3.01  % 

Portfolio turnover rate

     17  %      14  %      38  %      8  %      4  % 

See footnote summary on page 245.

 

192   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2020 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.67        $  8.79        $  8.40        $  10.52        $  12.37   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .16        .22        .12        .16        .31   

Net realized and unrealized gain (loss) on investment transactions

     .30        .89        .42        (1.81 )      (1.77 ) 
 

 

 

  

Net increase (decrease) in
net asset value from operations

     .46        1.11        .54        (1.65 )      (1.46 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.17 )      (.23 )      (.15 )      (.17 )      (.29 ) 

Distributions from net
realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.30 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      (.23 )      (.15 )      (.47 )      (.39 ) 
 

 

 

  

Net asset value, end of period

     $  9.96        $  9.67        $  8.79        $  8.40        $  10.52   
 

 

 

  

Total Return

          

Total investment return
based on net asset value(c)

     4.92  %      12.55  %      6.35  %      (14.76 )%      (12.16 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $38,244        $43,784        $46,261        $36,531        $33,421   

Ratio to average net
assets of:

          

Expenses, net of
waivers/
reimbursements(d)

     1.18  %      1.17  %(e)      1.19  %(e)      1.18  %      1.18  % 

Expenses, before
waivers/
reimbursements(d)

     1.46  %      1.43  %(e)      1.45  %(e)      1.48  %      1.46  % 

Net investment income(b)

     1.64  %      2.15  %(e)      1.35  %(e)      2.17  %      2.73  % 

Portfolio turnover rate

     17  %      14  %      38  %      8  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     193   

Financial Highlights

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

 

    2020 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.73        $  8.85        $  8.45        $  10.59        $  12.43   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .20        .25        .14        .18        .35   

Net realized and unrealized gain (loss) on investment transactions

     .29        .88        .43        (1.83 )      (1.79 ) 
 

 

 

  

Net increase (decrease) in
net asset value from operations

     .49        1.13        .57        (1.65 )      (1.44 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.21 )      (.25 )      (.17 )      (.19 )      (.30 ) 

Distributions from net
realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.30 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.21 )      (.25 )      (.17 )      (.49 )      (.40 ) 
 

 

 

  

Net asset value, end of period

     $  10.01        $  9.73        $  8.85        $  8.45        $  10.59   
 

 

 

  

Total Return

          

Total investment return
based on net asset value(c)

     5.24  %      12.76  %      6.68  %      (14.58 )%      (11.94 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $128,651        $183,105        $175,828        $148,184        $137,794   

Ratio to average net assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .93  %      .92  %(e)      .94  %(e)      .93  %      .93  % 

Expenses, before
waivers/
reimbursements(d)

     1.14  %      1.12  %(e)      1.15  %(e)      1.16  %      1.16  % 

Net investment income(b)

     2.04  %      2.44  %(e)      1.59  %(e)      2.43  %      2.98  % 

Portfolio turnover rate

     17  %      14  %      38  %      8  %      4  % 

See footnote summary on page 245.

 

194   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2020 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.76        $  8.87        $  8.48        $  10.63        $  12.47   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .18        .24        .18        .20        .39   

Net realized and unrealized gain (loss) on investment transactions

     .33        .93        .40        (1.83 )      (1.81 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.17        .58        (1.63 )      (1.42 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.25 )      (.28 )      (.19 )      (.22 )      (.32 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.30 )      (.10 ) 
 

 

 

  

Total dividends and distributions

     (.25 )      (.28 )      (.19 )      (.52 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.02        $  9.76        $  8.87        $  8.48        $  10.63   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.42  %      13.14  %      6.85  %      (14.31 )%      (11.76 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $29,126        $24,065        $21,749        $32,190        $33,966   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .68  %      .67  %(e)      .69  %(e)      .68  %      .68  % 

Expenses, before waivers/reimbursements(d)

     .76  %      .79  %(e)      .81  %(e)      .84  %      .83  % 

Net investment income(b)

     1.87  %      2.39  %(e)      1.96  %(e)      2.74  %      3.34  % 

Portfolio turnover rate

     17  %      14  %      38  %      8  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     195   

Financial Highlights

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

 

    2025 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $    9.68        $  8.78        $  8.45        $  10.79        $  12.82   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .15        .23        .14        .16        .33   

Net realized and unrealized gain (loss) on investment transactions

     .36        .91        .34        (2.01 )      (1.96 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.14        .48        (1.85 )      (1.63 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.19 )      (.24 )      (.15 )      (.17 )      (.29 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.32 )      (.11 ) 
 

 

 

  

Total dividends and distributions

     (.19 )      (.24 )      (.15 )      (.49 )      (.40 ) 
 

 

 

  

Net asset value, end of period

     $  10.00        $  9.68        $  8.78        $    8.45        $  10.79   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.39  %      12.90  %      5.69  %      (16.07 )%      (13.13 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $65,745        $91,511        $109,018        $107,068        $102,304   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.00  %      .99  %(e)      1.01  %(e)      1.00  %      1.00  % 

Expenses, before waivers/reimbursements(d)

     1.13  %      1.12  %(e)      1.21  %(e)      1.29  %      1.17  % 

Net investment income(b)

     1.58  %      2.31  %(e)      1.52  %(e)      2.13  %      2.81  % 

Portfolio turnover rate

     19  %      14  %      34  %      9  %      3  % 

See footnote summary on page 245.

 

196   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2025 Retirement Strategy  
          Class B              
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.55        $  8.66        $  8.35        $  10.65        $  12.67   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .08        .16        .08        .11        .26   

Net realized and unrealized gain (loss) on investment transactions

     .35        .91        .33        (1.99 )      (1.95 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        1.07        .41        (1.88 )      (1.69 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.11 )      (.18 )      (.10 )      (.10 )      (.22 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.32 )      (.11 ) 
 

 

 

  

Total dividends and distributions

     (.11 )      (.18 )      (.10 )      (.42 )      (.33 ) 
 

 

 

  

Net asset value, end of period

     $  9.87        $  9.55        $  8.66        $  8.35        $  10.65   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.64  %      12.24  %      4.86  %      (16.69 )%      (13.66 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $1,172        $1,254        $1,239        $1,403        $1,795   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.70  %      1.69  %(e)      1.71  %(e)      1.70  %      1.70  % 

Expenses, before waivers/reimbursements(d)

     1.87  %      1.87  %(e)      1.96  %(e)      2.05  %      1.90  % 

Net investment income(b)

     .81  %      1.60  %(e)      .83  %(e)      1.52  %      2.16  % 

Portfolio turnover rate

     19  %      14  %      34  %      9  %      3  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     197   

Financial Highlights

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

 

    2025 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.56        $  8.67        $  8.36        $  10.65        $  12.69   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .07        .15        .07        .10        .24   

Net realized and unrealized gain (loss) on investment transactions

     .36        .92        .34        (1.97 )      (1.95 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        1.07        .41        (1.87 )      (1.71 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.12 )      (.18 )      (.10 )      (.10 )      (.22 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.32 )      (.11 ) 
 

 

 

  

Total dividends and distributions

     (.12 )      (.18 )      (.10 )      (.42 )      (.33 ) 
 

 

 

  

Net asset value, end of period

     $  9.87        $  9.56        $  8.67        $  8.36        $  10.65   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.59  %      12.22  %      4.85  %      (16.60 )%      (13.80 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $4,254        $3,758        $3,367        $2,937        $2,835   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.70  %      1.69  %(e)      1.71  %(e)      1.70  %      1.70  % 

Expenses, before waivers/reimbursements(d)

     1.87  %      1.88  %(e)      1.94  %(e)      2.03  %      1.89  % 

Net investment income(b)

     .72  %      1.51  %(e)      .80  %(e)      1.42  %      2.00  % 

Portfolio turnover rate

     19  %      14  %      34  %      9  %      3  % 

See footnote summary on page 245.

 

198   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2025 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.74        $  8.83        $  8.49        $  10.85        $  12.88   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .21        .25        .16        .18        .29   

Net realized and unrealized gain (loss) on investment transactions

     .32        .93        .36        (2.02 )      (1.90 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .53        1.18        .52        (1.84 )      (1.61 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.22 )      (.27 )      (.18 )      (.20 )      (.31 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.32 )      (.11 ) 
 

 

 

  

Total dividends and distributions

     (.22 )      (.27 )      (.18 )      (.52 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.05        $  9.74        $  8.83        $  8.49        $  10.85   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.61  %      13.27  %      6.05  %      (15.87 )%      (12.87 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $3,239        $9,124        $11,879        $9,659        $6,660   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .70  %      .69  %(e)      .71  %(e)      .70  %      .70  % 

Expenses, before waivers/reimbursements(d)

     .83  %      .83  %(e)      .91  %(e)      .99  %      .90  % 

Net investment income(b)

     2.10  %      2.48  %(e)      1.79  %(e)      2.40  %      2.51  % 

Portfolio turnover rate

     19  %      14  %      34  %      9  %      3  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     199   

Financial Highlights

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

 

    2025 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.68        $  8.76        $  8.44        $  10.77        $  12.81   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .13        .21        .12        .14        .27   

Net realized and unrealized gain (loss) on investment transactions

     .35        .92        .34        (2.00 )      (1.93 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .48        1.13        .46        (1.86 )      (1.66 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.15 )      (.21 )      (.14 )      (.15 )      (.27 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.32 )      (.11 ) 
 

 

 

  

Total dividends and distributions

     (.15 )      (.21 )      (.14 )      (.47 )      (.38 ) 
 

 

 

  

Net asset value, end of period

     $  10.01        $  9.68        $  8.76        $  8.44        $  10.77   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.07  %      12.87  %      5.41  %      (16.25 )%      (13.30 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $33,543        $41,027        $43,554        $32,469        $24,582   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.20  %      1.19  %(e)      1.21  %(e)      1.20  %      1.20  % 

Expenses, before waivers/reimbursements(d)

     1.47  %      1.47  %(e)      1.53  %(e)      1.55  %      1.53  % 

Net investment income(b)

     1.36  %      2.05  %(e)      1.29  %(e)      1.89  %      2.35  % 

Portfolio turnover rate

     19  %      14  %      34  %      9  %      3  % 

See footnote summary on page 245.

 

200   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2025 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.71        $  8.80        $  8.47        $  10.81        $  12.83   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .16        .23        .14        .17        .33   

Net realized and unrealized gain (loss) on investment transactions

     .35        .93        .35        (2.02 )      (1.95 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.16        .49        (1.85 )      (1.62 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.19 )      (.25 )      (.16 )      (.17 )      (.29 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.32 )      (.11 ) 
 

 

 

  

Total dividends and distributions

     (.19 )      (.25 )      (.16 )      (.49 )      (.40 ) 
 

 

 

  

Net asset value, end of period

     $  10.03        $  9.71        $  8.80        $  8.47        $  10.81   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.43  %      13.05  %      5.72  %      (16.10 )%      (13.02 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $118,522        $137,594        $120,931        $110,551        $111,995   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .95  %      .94  %(e)      .96  %(e)      .95  %      .95  % 

Expenses, before
waivers/reimbursements(d)

     1.16  %      1.14  %(e)      1.22  %(e)      1.24  %      1.24  % 

Net investment income(b)

     1.61  %      2.26  %(e)      1.56  %(e)      2.24  %      2.79  % 

Portfolio turnover rate

     19  %      14  %      34  %      9  %      3  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     201   

Financial Highlights

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

 

    2025 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.74        $  8.83        $  8.50        $  10.85        $  12.88   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .15        .26        .18        .18        .38   

Net realized and unrealized gain (loss) on investment transactions

     .39        .92        .33        (2.02 )      (1.99 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .54        1.18        .51        (1.84 )      (1.61 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net
investment income

     (.23 )      (.27 )      (.18 )      (.19 )      (.31 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.32 )      (.11 ) 
 

 

 

  

Total dividends and distributions

     (.23 )      (.27 )      (.18 )      (.51 )      (.42 ) 
 

 

 

  

Net asset value, end of period

     $  10.05        $  9.74        $  8.83        $  8.50        $  10.85   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.70  %      13.27  %      5.98  %      (15.78 )%      (12.88 )% 

Ratios/Supplemental
Data

          

Net assets, end of period
(000’s omitted)

     $16,305        $13,870        $17,678        $24,725        $24,079   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .70  %      .69  %(e)      .71  %(e)      .70  %      .70  % 

Expenses, before waivers/reimbursements(d)

     .79  %      .83  %(e)      .89  %(e)      .92  %      .90  % 

Net investment income(b)

     1.54  %      2.53  %(e)      1.91  %(e)      2.45  %      3.15  % 

Portfolio turnover rate

     19  %      14  %      34  %      9  %      3  % 

See footnote summary on page 245.

 

202   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2030 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.53        $  8.59        $  8.35        $  10.69        $  12.70   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .13        .20        .12        .14        .30   

Net realized and unrealized gain (loss) on investment transactions

     .37        .94        .25        (2.05 )      (2.00 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .50        1.14        .37        (1.91 )      (1.70 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net
investment income

     (.16 )      (.20 )      (.13 )      (.14 )      (.24 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.29 )      (.07 ) 
 

 

 

  

Total dividends and distributions

     (.16 )      (.20 )      (.13 )      (.43 )      (.31 ) 
 

 

 

  

Net asset value, end of period

     $  9.87        $  9.53        $  8.59        $  8.35        $  10.69   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.44  %      13.15  %      4.42  %      (16.91 )%      (13.67 )% 

Ratios/Supplemental
Data

          

Net assets, end of period
(000’s omitted)

     $59,593        $74,095        $88,919        $89,797        $73,959   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.02  %      1.02  %(e)      1.03  %(e)      1.02  %      1.02  % 

Expenses, before waivers/reimbursements(d)

     1.28  %      1.19  %(e)      1.25  %(e)      1.33  %      1.23  % 

Net investment income(b)

     1.34  %      1.99  %(e)      1.31  %(e)      1.88  %      2.53  % 

Portfolio turnover rate

     22  %      12  %      30  %      6  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     203   

Financial Highlights

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

 

    2030 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.40        $  8.47        $  8.25        $  10.55        $  12.56   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .06        .12        .06        .09        .22   

Net realized and unrealized gain (loss) on investment transactions

     .37        .94        .24        (2.02 )      (1.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        1.06        .30        (1.93 )      (1.76 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net
investment income

     (.08 )      (.13 )      (.08 )      (.08 )      (.18 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.29 )      (.07 ) 
 

 

 

  

Total dividends and distributions

     (.08 )      (.13 )      (.08 )      (.37 )      (.25 ) 
 

 

 

  

Net asset value, end of period

     $  9.75        $  9.40        $  8.47        $  8.25        $  10.55   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.70  %      12.41  %      3.65  %      (17.49 )%      (14.29 )% 

Ratios/Supplemental
Data

          

Net assets, end of period
(000’s omitted)

     $960        $1,141        $1,145        $1,433        $1,944   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.72  %      1.72  %(e)      1.73  %(e)      1.72  %      1.72  % 

Expenses, before waivers/reimbursements(d)

     2.03  %      1.93  %(e)      2.00  %(e)      2.09  %      1.96  % 

Net investment income(b)

     .62  %      1.23  %(e)      .63  %(e)      1.27  %      1.87  % 

Portfolio turnover rate

     22  %      12  %      30  %      6  %      4  % 

See footnote summary on page 245.

 

204   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2030 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.40        $  8.47        $  8.25        $  10.56        $  12.58   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .05        .13        .05        .08        .20   

Net realized and unrealized gain (loss) on investment transactions

     .39        .93        .25        (2.02 )      (1.97 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .44        1.06        .30        (1.94 )      (1.77 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.09 )      (.13 )      (.08 )      (.08 )      (.18 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.29 )      (.07 ) 
 

 

 

  

Total dividends and distributions

     (.09 )      (.13 )      (.08 )      (.37 )      (.25 ) 
 

 

 

  

Net asset value, end of period

     $  9.75        $  9.40        $  8.47        $  8.25        $  10.56   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.74  %      12.41  %      3.65  %      (17.57 )%      (14.34 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $4,832        $4,428        $4,475        $4,270        $3,480   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.72  %      1.72  %(e)      1.73  %(e)      1.72  %      1.72  % 

Expenses, before waivers/reimbursements(d)

     2.03  %      1.94  %(e)      1.99  %(e)      2.07  %      1.95  % 

Net investment income(b)

     .50  %      1.28  %(e)      .60  %(e)      1.14  %      1.72  % 

Portfolio turnover rate

     22  %      12  %      30  %      6  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     205   

Financial Highlights

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

 

    2030 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.59        $  8.64        $  8.40        $  10.76        $  12.76   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .18        .21        .14        .16        .24   

Net realized and unrealized gain (loss) on investment transactions

     .35        .96        .26        (2.06 )      (1.90 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .53        1.17        .40        (1.90 )      (1.66 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.19 )      (.22 )      (.16 )      (.17 )      (.27 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.29 )      (.07 ) 
 

 

 

  

Total dividends and distributions

     (.19 )      (.22 )      (.16 )      (.46 )      (.34 ) 
 

 

 

  

Net asset value, end of period

     $  9.93        $  9.59        $  8.64        $  8.40        $  10.76   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.78  %      13.51  %      4.68  %      (16.71 )%      (13.36 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $2,996        $7,280        $10,226        $7,365        $5,209   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .72  %      .72  %(e)      .73  %(e)      .72  %      .72  % 

Expenses, before waivers/reimbursements(d)

     .96  %      .89  %(e)      .96  %(e)      1.03  %      .94  % 

Net investment income(b)

     1.85  %      2.14  %(e)      1.56  %(e)      2.16  %      2.10  % 

Portfolio turnover rate

     22  %      12  %      30  %      6  %      4  % 

See footnote summary on page 245.

 

206   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2030 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.51        $  8.57        $  8.33        $  10.66        $  12.69   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .11        .17        .10        .12        .26   

Net realized and unrealized gain (loss) on investment transactions

     .37        .95        .26        (2.04 )      (1.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .48        1.12        .36        (1.92 )      (1.72 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.13 )      (.18 )      (.12 )      (.12 )      (.24 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      – 0  –      (.29 )      (.07 ) 
 

 

 

  

Total dividends and distributions

     (.13 )      (.18 )      (.12 )      (.41 )      (.31 ) 
 

 

 

  

Net asset value, end of period

     $  9.86        $  9.51        $  8.57        $  8.33        $  10.66   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.17  %      13.00  %      4.23  %      (17.15 )%      (13.87 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $34,877        $40,174        $37,223        $32,551        $26,546   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.22  %      1.22  %(e)      1.23  %(e)      1.22  %      1.22  % 

Expenses, before waivers/reimbursements(d)

     1.53  %      1.51  %(e)      1.53  %(e)      1.58  %      1.57  % 

Net investment income(b)

     1.11  %      1.72  %(e)      1.08  %(e)      1.64  %      2.19  % 

Portfolio turnover rate

     22  %      12  %      30  %      6  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     207   

Financial Highlights

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

 

    2030 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.54        $  8.60        $  8.36        $  10.70        $  12.71   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .14        .20        .12        .14        .29   

Net realized and unrealized gain (loss) on investment transactions

     .36        .95        .26        (2.05 )      (1.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .50        1.15        .38        (1.91 )      (1.69 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.16 )      (.21 )      (.14 )      (.14 )      (.25 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.29 )      (.07 ) 
 

 

 

  

Total dividends and distributions

     (.16 )      (.21 )      (.14 )      (.43 )      (.32 ) 
 

 

 

  

Net asset value, end of period

     $  9.88        $  9.54        $  8.60        $  8.36        $  10.70   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.46  %      13.25  %      4.51  %      (16.97 )%      (13.64 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $90,629        $117,596        $114,731        $100,789        $88,751   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .97  %      .97  %(e)      .98  %(e)      .97  %      .97  % 

Expenses, before
waivers/reimbursements(d)

     1.22  %      1.21  %(e)      1.22  %(e)      1.27  %      1.28  % 

Net investment income(b)

     1.46  %      1.99  %(e)      1.34  %(e)      1.93  %      2.47  % 

Portfolio turnover rate

     22  %      12  %      30  %      6  %      4  % 

See footnote summary on page 245.

 

208   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2030 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.57        $  8.62        $  8.38        $  10.74        $  12.75   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .13        .22        .15        .16        .32   

Net realized and unrealized gain (loss) on investment transactions

     .39        .96        .26        (2.06 )      (1.99 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .52        1.18        .41        (1.90 )      (1.67 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.20 )      (.23 )      (.17 )      (.17 )      (.27 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      – 0 –      (.29 )      (.07 ) 
 

 

 

  

Total dividends and distributions

     (.20 )      (.23 )      (.17 )      (.46 )      (.34 ) 
 

 

 

  

Net asset value, end of period

     $  9.89        $  9.57        $  8.62        $  8.38        $  10.74   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.63  %      13.59  %      4.78  %      (16.75 )%      (13.46 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $16,847        $14,167        $13,897        $17,822        $16,718   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .72  %      .72  %(e)      .73  %(e)      .72  %      .72  % 

Expenses, before
waivers/reimbursements(d)

     .86  %      .89  %(e)      .90  %(e)      .94  %      .95  % 

Net investment income(b)

     1.37  %      2.18  %(e)      1.67  %(e)      2.19  %      2.72  % 

Portfolio turnover rate

     22  %      12  %      30  %      6  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     209   

Financial Highlights

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

 

    2035 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.45        $  8.47        $  8.31        $  10.71        $  12.78   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .10        .16        .09        .11        .27   

Net realized and unrealized gain (loss) on investment transactions

     .39        .97        .18        (2.11 )      (2.02 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .49        1.13        .27        (2.00 )      (1.75 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.13 )      (.15 )      (.08 )      (.12 )      (.24 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.03 )      (.28 )      (.08 ) 
 

 

 

  

Total dividends and distributions

     (.13 )      (.15 )      (.11 )      (.40 )      (.32 ) 
 

 

 

  

Net asset value, end of period

     $  9.81        $  9.45        $  8.47        $  8.31        $  10.71   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.36  %      13.29  %      3.14  %      (17.83 )%      (14.02 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $38,155        $51,488        $62,369        $63,738        $52,620   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.02  %      1.02  %(e)      1.04  %(e)      1.02  %      1.02  % 

Expenses, before
waivers/reimbursements(d)

     1.37  %      1.24  %(e)      1.33  %(e)      1.43  %      1.36  % 

Net investment income(b)

     1.09  %      1.62  %(e)      .96  %(e)      1.57  %      2.31  % 

Portfolio turnover rate

     24  %      14  %      28  %      4  %      4  % 

See footnote summary on page 245.

 

210   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2035 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.34        $  8.37        $  8.23        $  10.59        $  12.65   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .03        .09        .02        .07        .19   

Net realized and unrealized gain (loss) on investment transactions

     .41        .97        .17        (2.09 )      (2.01 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .44        1.06        .19        (2.02 )      (1.82 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.07 )      (.09 )      (.02 )      (.06 )      (.16 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      (.03 )      (.28 )      (.08 ) 
 

 

 

  

Total dividends and distributions

     (.07 )      (.09 )      (.05 )      (.34 )      (.24 ) 
 

 

 

  

Net asset value, end of period

     $  9.71        $  9.34        $  8.37        $  8.23        $  10.59   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.76  %      12.59  %      2.33  %      (18.42 )%      (14.64 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $724        $810        $822        $960        $1,296   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.72  %      1.72  %(e)      1.74  %(e)      1.72  %      1.72  % 

Expenses, before
waivers/reimbursements(d)

     2.12  %      1.98  %(e)      2.07  %(e)      2.19  %      2.08  % 

Net investment income(b)

     .36  %      .88  %(e)      .27  %(e)      .99  %      1.58  % 

Portfolio turnover rate

     24  %      14  %      28  %      4  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     211   

Financial Highlights

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

 

    2035 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.34        $  8.38        $  8.23        $  10.59        $  12.65   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .03        .09        .02        .06        .17   

Net realized and unrealized gain (loss) on investment transactions

     .40        .96        .18        (2.08 )      (1.99 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        1.05        .20        (2.02 )      (1.82 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.06 )      (.09 )      (.02 )      (.06 )      (.16 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      (.03 )      (.28 )      (.08 ) 
 

 

 

  

Total dividends and distributions

     (.06 )      (.09 )      (.05 )      (.34 )      (.24 ) 
 

 

 

  

Net asset value, end of period

     $  9.71        $  9.34        $  8.38        $  8.23        $  10.59   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.67  %      12.46  %      2.45  %      (18.42 )%      (14.64 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $3,015        $2,746        $2,684        $2,158        $1,984   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.72  %      1.72  %(e)      1.74  %(e)      1.72  %      1.72  % 

Expenses, before
waivers/reimbursements(d)

     2.13  %      2.00  %(e)      2.07  %(e)      2.17  %      2.08  % 

Net investment income(b)

     .30  %      .89  %(e)      .21  %(e)      .90  %      1.48  % 

Portfolio turnover rate

     24  %      14  %      28  %      4  %      4  % 

See footnote summary on page 245.

 

212   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2035 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.50        $  8.52        $  8.35        $  10.77        $  12.84   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .14        .18        .11        .13        .26   

Net realized and unrealized gain (loss) on investment transactions

     .39        .98        .19        (2.13 )      (1.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .53        1.16        .30        (2.00 )      (1.72 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.17 )      (.18 )      (.10 )      (.14 )      (.27 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      (.03 )      (.28 )      (.08 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      (.18 )      (.13 )      (.42 )      (.35 ) 
 

 

 

  

Net asset value, end of period

     $  9.86        $  9.50        $  8.52        $  8.35        $  10.77   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.76  %      13.55  %      3.50  %      (17.65 )%      (13.77 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $3,835        $6,148        $7,819        $5,872        $3,410   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .72  %      .72  %(e)      .74  %(e)      .72  %      .72  % 

Expenses, before
waivers/reimbursements(d)

     1.07  %      .95  %(e)      1.03  %(e)      1.13  %      1.08  % 

Net investment income(b)

     1.44  %      1.79  %(e)      1.23  %(e)      1.82  %      2.21  % 

Portfolio turnover rate

     24  %      14  %      28  %      4  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     213   

Financial Highlights

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

 

    2035 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.37        $  8.41        $  8.25        $  10.64        $  12.72   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .08        .14        .06        .10        .19   

Net realized and unrealized gain (loss) on investment transactions

     .40        .96        .19        (2.10 )      (1.96 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .48        1.10        .25        (2.00 )      (1.77 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.09 )      (.14 )      (.06 )      (.11 )      (.23 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.03 )      (.28 )      (.08 ) 
 

 

 

  

Total dividends and distributions

     (.09 )      (.14 )      (.09 )      (.39 )      (.31 ) 
 

 

 

  

Net asset value, end of period

     $  9.76        $  9.37        $  8.41        $  8.25        $  10.64   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.25  %      13.02  %      2.98  %      (18.00 )%      (14.23 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $21,448        $25,612        $24,873        $21,675        $15,155   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.22  %      1.22  %(e)      1.24  %(e)      1.22  %      1.22  % 

Expenses, before
waivers/reimbursements(d)

     1.59  %      1.56  %(e)      1.60  %(e)      1.65  %      1.67  % 

Net investment income(b)

     .88  %      1.35  %(e)      .73  %(e)      1.36  %      1.71  % 

Portfolio turnover rate

     24  %      14  %      28  %      4  %      4  % 

See footnote summary on page 245.

 

214   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2035 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.44        $  8.47        $  8.32        $  10.70        $  12.78   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .11        .16        .09        .12        .27   

Net realized and unrealized gain (loss) on investment transactions

     .40        .98        .17        (2.10 )      (2.02 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .51        1.14        .26        (1.98 )      (1.75 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.14 )      (.17 )      (.08 )      (.12 )      (.25 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.03 )      (.28 )      (.08 ) 
 

 

 

  

Total dividends and distributions

     (.14 )      (.17 )      (.11 )      (.40 )      (.33 ) 
 

 

 

  

Net asset value, end of period

     $  9.81        $  9.44        $  8.47        $  8.32        $  10.70   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.52  %      13.36  %      3.07  %      (17.68 )%      (14.03 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $69,370        $83,579        $72,858        $64,028        $59,621   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .97  %      .97  %(e)      .99  %(e)      .97  %      .97  % 

Expenses, before
waivers/reimbursements(d)

     1.26  %      1.25  %(e)      1.29  %(e)      1.35  %      1.37  % 

Net investment income(b)

     1.19  %      1.59  %(e)      .99  %(e)      1.65  %      2.29  % 

Portfolio turnover rate

     24  %      14  %      28  %      4  %      4  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     215   

Financial Highlights

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

 

    2035 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.47        $  8.50        $  8.34        $  10.75        $  12.83   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .10        .18        .12        .14        .32   

Net realized and unrealized gain (loss) on investment transactions

     .43        .98        .18        (2.12 )      (2.05 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .53        1.16        .30        (1.98 )      (1.73 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.17 )      (.19 )      (.11 )      (.15 )      (.27 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.03 )      (.28 )      (.08 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      (.19 )      (.14 )      (.43 )      (.35 ) 
 

 

 

  

Net asset value, end of period

     $  9.83        $  9.47        $  8.50        $  8.34        $  10.75   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.80  %      13.57  %      3.48  %      (17.57 )%      (13.83 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $15,817        $10,841        $9,598        $13,469        $11,536   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .72  %      .72  %(e)      .74  %(e)      .72  %      .72  % 

Expenses, before
waivers/reimbursements(d)

     .91  %      .94  %(e)      .96  %(e)      1.02  %      1.03  % 

Net investment income(b)

     1.03  %      1.82  %(e)      1.32  %(e)      1.88  %      2.62  % 

Portfolio turnover rate

     24  %      14  %      28  %      4  %      4  % 

See footnote summary on page 245.

 

216   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2040 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         
         

Net asset value,
beginning of period

     $  9.62        $  8.62        $  8.49        $  10.86        $  12.89   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .10        .16        .09        .12        .25   

Net realized and unrealized gain (loss) on investment transactions

     .42        .99        .14        (2.12 )      (2.00 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .52        1.15        .23        (2.00 )      (1.75 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.13 )      (.15 )      (.06 )      (.12 )      (.23 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.04 )      (.25 )      (.05 ) 
 

 

 

  

Total dividends and distributions

     (.13 )      (.15 )      (.10 )      (.37 )      (.28 ) 
 

 

 

  

Net asset value, end of period

     $  10.01        $  9.62        $  8.62        $  8.49        $  10.86   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.52  %      13.22  %      2.71  %      (17.68 )%      (13.89 )% 

Ratios/Supplemental
Data

          

Net assets, end of period
(000’s omitted)

     $35,232        $44,823        $52,836        $60,063        $44,222   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.03  %      1.03  %(e)      1.04  %(e)      1.02  %      1.02  % 

Expenses, before
waivers/reimbursements(d)

     1.47  %      1.27  %(e)      1.38  %(e)      1.51  %      1.49  % 

Net investment income(b)

     1.00  %      1.54  %(e)      .99  %(e)      1.57  %      2.12  % 

Portfolio turnover rate

     25  %      12  %      20  %      5  %      6  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     217   

Financial Highlights

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

 

    2040 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         
         

Net asset value,
beginning of period

     $  9.51        $  8.52        $  8.40        $  10.75        $  12.78   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .02        .08        .03        .07        .20   

Net realized and unrealized gain (loss) on investment transactions

     .42        .99        .14        (2.11 )      (2.03 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .44        1.07        .17        (2.04 )      (1.83 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.06 )      (.08 )      (.01 )      (.06 )      (.15 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.04 )      (.25 )      (.05 ) 
 

 

 

  

Total dividends and distributions

     (.06 )      (.08 )      (.05 )      (.31 )      (.20 ) 
 

 

 

  

Net asset value, end of period

     $  9.89        $  9.51        $  8.52        $  8.40        $  10.75   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.68  %      12.47  %      2.04  %      (18.31 )%      (14.50 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $843        $826        $829        $914        $1,093   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.73  %(e)      1.74  %(e)      1.72  %      1.72  % 

Expenses, before
waivers/reimbursements(d)

     2.23  %      2.01  %(e)      2.13  %(e)      2.27  %      2.21  % 

Net investment income(b)

     .21  %      .79  %(e)      .29  %(e)      .95  %      1.69  % 

Portfolio turnover rate

     25  %      12  %      20  %      5  %      6  % 

See footnote summary on page 245.

 

218   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2040 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         
         

Net asset value,
beginning of period

     $  9.51        $  8.52        $  8.41        $  10.75        $  12.78   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .02        .08        .02        .06        .15   

Net realized and unrealized gain (loss) on investment transactions

     .44        .99        .14        (2.09 )      (1.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .46        1.07        .16        (2.03 )      (1.83 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.05 )      (.08 )      (.01 )      (.06 )      (.15 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.04 )      (.25 )      (.05 ) 
 

 

 

  

Total dividends and distributions

     (.05 )      (.08 )      (.05 )      (.31 )      (.20 ) 
 

 

 

  

Net asset value, end of period

     $  9.92        $  9.51        $  8.52        $  8.41        $  10.75   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     4.85  %      12.47  %      1.92  %      (18.21 )%      (14.50 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $2,519        $2,513        $2,743        $2,200        $1,561   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.73  %(e)      1.74  %(e)      1.72  %      1.72  % 

Expenses, before
waivers/reimbursements(d)

     2.26  %      2.06  %(e)      2.14  %(e)      2.28  %      2.22  % 

Net investment income(b)

     .25  %      .81  %(e)      .22  %(e)      .86  %      1.30  % 

Portfolio turnover rate

     25  %      12  %      20  %      5  %      6  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     219   

Financial Highlights

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

 

    2040 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.69        $  8.68        $  8.54        $  10.93        $  12.95   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .13        .17        .11        .14        .21   

Net realized and unrealized gain (loss) on investment transactions

     .41        1.02        .16        (2.14 )      (1.93 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .54        1.19        .27        (2.00 )      (1.72 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.16 )      (.18 )      (.09 )      (.14 )      (.25 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.04 )      (.25 )      (.05 ) 
 

 

 

  

Total dividends and distributions

     (.16 )      (.18 )      (.13 )      (.39 )      (.30 ) 
 

 

 

  

Net asset value, end of period

     $  10.07        $  9.69        $  8.68        $  8.54        $  10.93   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.82  %      13.57  %      3.09  %      (17.51 )%      (13.61 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $4,398        $5,671        $7,788        $5,368        $3,254   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .73  %(e)      .74  %(e)      .72  %      .72  % 

Expenses, before
waivers/reimbursements(d)

     1.17  %      .98  %(e)      1.09  %(e)      1.21  %      1.20  % 

Net investment income(b)

     1.29  %      1.69  %(e)      1.23  %(e)      1.82  %      1.81  % 

Portfolio turnover rate

     25  %      12  %      20  %      5  %      6  % 

See footnote summary on page 245.

 

220   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2040 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.55        $  8.56        $  8.44        $  10.79        $  12.84   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .07        .13        .07        .10        .25   

Net realized and unrealized gain (loss) on investment transactions

     .43        1.00        .14        (2.11 )      (2.02 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .50        1.13        .21        (2.01 )      (1.77 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.09 )      (.14 )      (.05 )      (.09 )      (.23 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.04 )      (.25 )      (.05 ) 
 

 

 

  

Total dividends and distributions

     (.09 )      (.14 )      (.09 )      (.34 )      (.28 ) 
 

 

 

  

Net asset value, end of period

     $  9.96        $  9.55        $  8.56        $  8.44        $  10.79   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.37  %      13.08  %      2.48  %      (17.89 )%      (14.09 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $22,257        $24,351        $23,640        $20,975        $14,496   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.23  %      1.23  %(e)      1.24  %(e)      1.22  %      1.22  % 

Expenses, before
waivers/reimbursements(d)

     1.61  %      1.59  %(e)      1.63  %(e)      1.70  %      1.76  % 

Net investment income(b)

     .76  %      1.25  %(e)      .76  %(e)      1.31  %      2.06  % 

Portfolio turnover rate

     25  %      12  %      20  %      5  %      6  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     221   

Financial Highlights

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

 

    2040 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.59        $  8.60        $  8.48        $  10.85        $  12.88   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .11        .16        .09        .12        .27   

Net realized and unrealized gain (loss) on investment transactions

     .41        .99        .15        (2.12 )      (2.01 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .52        1.15        .24        (2.00 )      (1.74 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.13 )      (.16 )      (.08 )      (.12 )      (.24 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.04 )      (.25 )      (.05 ) 
 

 

 

  

Total dividends and distributions

     (.13 )      (.16 )      (.12 )      (.37 )      (.29 ) 
 

 

 

  

Net asset value, end of period

     $  9.98        $  9.59        $  8.60        $  8.48        $  10.85   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.59  %      13.34  %      2.74  %      (17.73 )%      (13.83 )% 

Ratios/Supplemental
Data

          

Net assets, end of period (000’s omitted)

     $47,774        $64,454        $60,471        $48,452        $36,392   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .98  %      .98  %(e)      .99  %(e)      .97  %      .97  % 

Expenses, before
waivers/reimbursements(d)

     1.28  %      1.28  %(e)      1.30  %(e)      1.39  %      1.47  % 

Net investment income(b)

     1.15  %      1.53  %(e)      .99  %(e)      1.60  %      2.27  % 

Portfolio turnover rate

     25  %      12  %      20  %      5  %      6  % 

See footnote summary on page 245.

 

222   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2040 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.63        $  8.63        $  8.51        $  10.90        $  12.92   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .09        .18        .12        .14        .31   

Net realized and unrealized gain (loss) on investment transactions

     .46        1.01        .14        (2.14 )      (2.03 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .55        1.19        .26        (2.00 )      (1.72 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.17 )      (.19 )      (.10 )      (.14 )      (.25 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.04 )      (.25 )      (.05 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      (.19 )      (.14 )      (.39 )      (.30 ) 
 

 

 

  

Net asset value, end of period

     $  10.01        $  9.63        $  8.63        $  8.51        $  10.90   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.86  %      13.64  %      2.99  %      (17.52 )%      (13.60 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $14,718        $9,566        $9,287        $11,225        $9,682   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .73  %(e)      .74  %(e)      .72  %      .72  % 

Expenses, before waivers/reimbursements(d)

     .93  %      .96  %(e)      .99  %(e)      1.07  %      1.14  % 

Net investment income(b)

     .91  %      1.72  %(e)      1.32  %(e)      1.87  %      2.59  % 

Portfolio turnover rate

     25  %      12  %      20  %      5  %      6  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     223   

Financial Highlights

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

 

    2045 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.41        $  8.43        $  8.38        $  10.76        $  12.90   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .10        .15        .09        .12        .26   

Net realized and unrealized gain (loss) on investment transactions

     .43        .97        .11        (2.14 )      (2.03 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .53        1.12        .20        (2.02 )      (1.77 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.13 )      (.14 )      (.10 )      (.11 )      (.23 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      (.05 )      (.25 )      (.14 ) 
 

 

 

  

Total dividends and distributions

     (.13 )      (.14 )      (.15 )      (.36 )      (.37 ) 
 

 

 

  

Net asset value, end of period

     $  9.81        $  9.41        $  8.43        $  8.38        $  10.76   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.75  %      13.15  %      2.34  %      (18.02 )%      (14.12 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $25,489        $36,465        $38,528        $37,782        $31,511   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.03  %      1.03  %      1.04  %(e)      1.02  %      1.02  % 

Expenses, before waivers/reimbursements(d)

     1.53  %      1.43  %      1.56  %(e)      1.76  %      1.82  % 

Net investment income(b)

     1.03  %      1.46  %      1.01  %(e)      1.58  %      2.23  % 

Portfolio turnover rate

     29  %      17  %      16  %      6  %      5  % 

See footnote summary on page 245.

 

224   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2045 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.28        $  8.31        $  8.27        $  10.64        $  12.76   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .02        .07        .03        .06        .21   

Net realized and unrealized gain (loss) on investment transactions

     .44        .97        .11        (2.11 )      (2.03 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .46        1.04        .14        (2.05 )      (1.82 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.06 )      (.07 )      (.05 )      (.07 )      (.16 ) 

Distributions from net realized gain on investment transactions

     – 0  –      – 0  –      (.05 )      (.25 )      (.14 ) 
 

 

 

  

Total dividends and distributions

     (.06 )      (.07 )      (.10 )      (.32 )      (.30 ) 
 

 

 

  

Net asset value, end of period

     $  9.68        $  9.28        $  8.31        $  8.27        $  10.64   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.02  %      12.43  %      1.58  %      (18.63 )%      (14.60 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $321        $305        $296        $321        $314   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.73  %      1.74  %(e)      1.72  %      1.72  % 

Expenses, before waivers/reimbursements(d)

     2.33  %      2.20  %      2.35  %(e)      2.58  %      2.54  % 

Net investment income(b)

     .25  %      .75  %      .31  %(e)      .87  %      1.73  % 

Portfolio turnover rate

     29  %      17  %      16  %      6  %      5  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     225   

Financial Highlights

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

 

    2045 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         
         

Net asset value,
beginning of period

     $  9.27        $  8.31        $  8.26        $  10.63        $  12.76   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .02        .07        .03        .06        .16   

Net realized and unrealized gain (loss) on investment transactions

     .44        .96        .12        (2.11 )      (1.99 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .46        1.03        .15        (2.05 )      (1.83 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.06 )      (.07 )      (.05 )      (.07 )      (.16 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.05 )      (.25 )      (.14 ) 
 

 

 

  

Total dividends and distributions

     (.06 )      (.07 )      (.10 )      (.32 )      (.30 ) 
 

 

 

  

Net asset value, end of period

     $  9.67        $  9.27        $  8.31        $  8.26        $  10.63   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.06  %      12.31  %      1.70  %      (18.65 )%      (14.68 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $1,807        $1,706        $1,550        $1,440        $993   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.73  %      1.74  %(e)      1.72  %      1.72  % 

Expenses, before waivers/reimbursements(d)

     2.31  %      2.22  %      2.32  %(e)      2.53  %      2.55  % 

Net investment income(b)

     .24  %      .76  %      .31  %(e)      .85  %      1.35  % 

Portfolio turnover rate

     29  %      17  %      16  %      6  %      5  % 

See footnote summary on page 245.

 

226   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2045 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.47        $  8.48        $  8.43        $  10.83        $  12.95   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .12        .16        .11        .13        .25   

Net realized and unrealized gain (loss) on investment transactions

     .45        .99        .12        (2.14 )      (1.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .57        1.15        .23        (2.01 )      (1.73 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.17 )      (.16 )      (.13 )      (.14 )      (.25 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.05 )      (.25 )      (.14 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      (.16 )      (.18 )      (.39 )      (.39 ) 
 

 

 

  

Net asset value, end of period

     $  9.87        $  9.47        $  8.48        $  8.43        $  10.83   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     6.19  %      13.51  %      2.58  %      (17.81 )%      (13.74 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $6,623        $6,702        $6,481        $4,473        $2,046   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .73  %      .74  %(e)      .72  %      .72  % 

Expenses, before waivers/reimbursements(d)

     1.24  %      1.13  %      1.27  %(e)      1.46  %      1.52  % 

Net investment income(b)

     1.25  %      1.62  %      1.26  %(e)      1.81  %      2.19  % 

Portfolio turnover rate

     29  %      17  %      16  %      6  %      5  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     227   

Financial Highlights

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

 

    2045 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.32        $  8.35        $  8.31        $  10.70        $  12.84   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .08        .12        .07        .10        .20   

Net realized and unrealized gain (loss) on investment transactions

     .42        .98        .11        (2.13 )      (1.98 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .50        1.10        .18        (2.03 )      (1.78 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.10 )      (.13 )      (.09 )      (.11 )      (.22 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.05 )      (.25 )      (.14 ) 
 

 

 

  

Total dividends and distributions

     (.10 )      (.13 )      (.14 )      (.36 )      (.36 ) 
 

 

 

  

Net asset value, end of period

     $  9.72        $  9.32        $  8.35        $  8.31        $  10.70   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.45  %      13.08  %      2.11  %      (18.27 )%      (14.22 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $16,215        $18,555        $16,927        $12,833        $7,636   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.23  %      1.23  %      1.24  %(e)      1.22  %      1.22  % 

Expenses, before waivers/reimbursements(d)

     1.69  %      1.69  %      1.76  %(e)      1.90  %      2.01  % 

Net investment income(b)

     .80  %      1.22  %      .76  %(e)      1.34  %      1.72  % 

Portfolio turnover rate

     29  %      17  %      16  %      6  %      5  % 

See footnote summary on page 245.

 

228   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2045 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.36        $  8.40        $  8.36        $  10.74        $  12.88   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .11        .15        .09        .12        .27   

Net realized and unrealized gain (loss) on investment transactions

     .42        .97        .11        (2.13 )      (2.03 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .53        1.12        .20        (2.01 )      (1.76 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.14 )      (.16 )      (.11 )      (.12 )      (.24 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.05 )      (.25 )      (.14 ) 
 

 

 

  

Total dividends and distributions

     (.14 )      (.16 )      (.16 )      (.37 )      (.38 ) 
 

 

 

  

Net asset value, end of period

     $  9.75        $  9.36        $  8.40        $  8.36        $  10.74   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.84  %      13.24  %      2.35  %      (17.95 )%      (14.03 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $32,339        $39,787        $33,954        $26,638        $19,539   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .98  %      .98  %      .99  %(e)      .97  %      .97  % 

Expenses, before waivers/reimbursements(d)

     1.36  %      1.37  %      1.43  %(e)      1.60  %      1.72  % 

Net investment income(b)

     1.14  %      1.48  %      1.02  %(e)      1.60  %      2.29  % 

Portfolio turnover rate

     29  %      17  %      16  %      6  %      5  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     229   

Financial Highlights

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

 

    2045 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  9.39        $  8.42        $  8.38        $  10.78        $  12.92   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .07        .17        .13        .13        .30   

Net realized and unrealized gain (loss) on investment transactions

     .48        .98        .10        (2.13 )      (2.04 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .55        1.15        .23        (2.00 )      (1.74 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.17 )      (.18 )      (.14 )      (.15 )      (.26 ) 

Distributions from net realized gain on investment transactions

     – 0 –      – 0 –      (.05 )      (.25 )      (.14 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      (.18 )      (.19 )      (.40 )      (.40 ) 
 

 

 

  

Net asset value, end of period

     $  9.77        $  9.39        $  8.42        $  8.38        $  10.78   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     6.06  %      13.53  %      2.64  %      (17.76 )%      (13.85 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $8,540        $4,055        $4,734        $7,694        $4,439   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .73  %      .74  %(e)      .72  %      .72  % 

Expenses, before waivers/reimbursements(d)

     1.01  %      1.05  %      1.10  %(e)      1.27  %      1.37  % 

Net investment income(b)

     .77  %      1.71  %      1.40  %(e)      1.81  %      2.48  % 

Portfolio turnover rate

     29  %      17  %      16  %      6  %      5  % 

See footnote summary on page 245.

 

230   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2050 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.93        $  7.15        $  7.06        $  8.59        $  9.86   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .07        .12        .07        .09        .15 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .35        .84        .10        (1.48 )      (1.27 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .42        .96        .17        (1.39 )      (1.12 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.07 )      (.12 )      (.08 )      (.03 )      (.14 ) 

Distributions from net realized gain on investment transactions

     (.22 )      (.06 )      – 0 –      (.11 )      (.01 ) 
 

 

 

  

Total dividends and distributions

     (.29 )      (.18 )      (.08 )      (.14 )      (.15 ) 
 

 

 

  

Net asset value, end of period

     $  8.06        $  7.93        $  7.15        $  7.06        $  8.59   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.74  %      13.30  %      2.29  %      (15.77 )%      (11.53 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $4,770        $4,223        $4,427        $3,462        $795   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.03  %      1.04  %(e)      1.04  %(e)      1.02  %      1.02  % 

Expenses, before waivers/reimbursements(d)

     2.86  %      2.77  %(e)      3.56  %(e)      7.11  %      54.01  % 

Net investment income(b)

     .94  %      1.45  %(e)      1.00  %(e)      1.40  %      1.66  %(f) 

Portfolio turnover rate

     57  %      32  %      17  %      46  %      893  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     231   

Financial Highlights

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

 

    2050 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.83        $  7.08        $  7.00        $  8.56        $  9.85   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .02        .06        .02        .06        .11 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .35        .83        .10        (1.50 )      (1.29 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .37        .89        .12        (1.44 )      (1.18 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.01 )      (.08 )      (.04 )      (.01 )      (.10 ) 

Distributions from net realized gain on investment transactions

     (.22 )      (.06 )      – 0 –      (.11 )      (.01 ) 
 

 

 

  

Total dividends and distributions

     (.23 )      (.14 )      (.04 )      (.12 )      (.11 ) 
 

 

 

  

Net asset value, end of period

     $  7.97        $  7.83        $  7.08        $  7.00        $  8.56   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.06  %      12.40  %      1.66  %      (16.44 )%      (12.11 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $32        $31        $31        $30        $32   

Ratio to average net assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.74  %(e)      1.74  %(e)      1.72  %      1.72  % 

Expenses, before waivers/reimbursements(d)

     3.64  %      3.57  %(e)      4.44  %(e)      8.64  %      71.00  % 

Net investment income(b)

     .27  %      .71  %(e)      .31  %(e)      .93  %      1.27  %(f) 

Portfolio turnover rate

     57  %      32  %      17  %      46  %      893  % 

See footnote summary on page 245.

 

232   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2050 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.84        $  7.09        $  7.00        $  8.56        $  9.85   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .00 (g)      .05        .02        .05        .08 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .38        .84        .11        (1.49 )      (1.26 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .38        .89        .13        (1.44 )      (1.18 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     – 0 –      (.08 )      (.04 )      (.01 )      (.10 ) 

Distributions from net realized gain on investment transactions

     (.22 )      (.06 )      – 0 –      (.11 )      (.01 ) 
 

 

 

  

Total dividends and distributions

     (.22 )      (.14 )      (.04 )      (.12 )      (.11 ) 
 

 

 

  

Net asset value, end of period

     $  8.00        $  7.84        $  7.09        $  7.00        $  8.56   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.13  %      12.39  %      1.80  %      (16.44 )%      (12.11 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $345        $315        $200        $120        $52   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.74  %(e)      1.74  %(e)      1.72  %      1.72  % 

Expenses, before waivers/reimbursements(d)

     3.57  %      3.50  %(e)      4.31  %(e)      8.05  %      61.58  % 

Net investment income(b)

     .01  %      .60  %(e)      .22  %(e)      .81  %      .94  %(f) 

Portfolio turnover rate

     57  %      32  %      17  %      46  %      893  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     233   

Financial Highlights

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

 

    2050 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.98        $  7.19        $  7.09        $  8.62        $  9.87   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .16        .12        .09        .10        .14   

Net realized and unrealized gain (loss) on investment transactions

     .29        .87        .10        (1.48 )      (1.23 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .45        .99        .19        (1.38 )      (1.09 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.09 )      (.14 )      (.09 )      (.04 )      (.15 ) 

Distributions from net realized gain on investment transactions

     (.22 )      (.06 )      – 0 –      (.11 )      (.01 ) 
 

 

 

  

Total dividends and distributions

     (.31 )      (.20 )      (.09 )      (.15 )      (.16 ) 
 

 

 

  

Net asset value, end of period

     $  8.12        $  7.98        $  7.19        $  7.09        $  8.62   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     6.10  %      13.63  %      2.66  %      (15.66 )%      (11.25 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $91        $958        $2,237        $1,178        $305   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .74  %(e)      .74  %(e)      .72  %      .72  % 

Expenses, before waivers/reimbursements(d)

     2.72  %      2.50  %(e)      3.25  %(e)      6.75  %      41.52  % 

Net investment income(b)

     1.87  %      1.51  %(e)      1.24  %(e)      1.69  %      1.64  % 

Portfolio turnover rate

     57  %      32  %      17  %      46  %      893  % 

See footnote summary on page 245.

 

234   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2050 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.86        $  7.12        $  7.06        $  8.60        $  9.86   
 

 

 

  

Income From Investment Operations

          

Net investment income (loss)(a)(b)

     .06        .09        .06        .07        (.03 )(f) 

Net realized and unrealized gain (loss) on investment transactions

     .35        .84        .10        (1.48 )      (1.10 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .41        .93        .16        (1.41 )      (1.13 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.05 )      (.13 )      (.10 )      (.02 )      (.12 ) 

Distributions from net realized gain on investment transactions

     (.22 )      (.06 )      – 0 –      (.11 )      (.01 ) 
 

 

 

  

Total dividends and distributions

     (.27 )      (.19 )      (.10 )      (.13 )      (.13 ) 
 

 

 

  

Net asset value, end of period

     $  8.00        $  7.86        $  7.12        $  7.06        $  8.60   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.61  %      12.97  %      2.16  %      (16.08 )%      (11.67 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $3,403        $3,221        $2,443        $1,540        $258   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.23  %      1.24  %(e)      1.24  %(e)      1.22  %      1.22  % 

Expenses, before waivers/reimbursements(d)

     2.83  %      2.94  %(e)      3.53  %(e)      6.38  %      23.00  % 

Net investment income (loss)(b)

     .77  %      1.12  %(e)      .77  %(e)      1.12  %      (.12 )%(f) 

Portfolio turnover rate

     57  %      32  %      17  %      46  %      893  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     235   

Financial Highlights

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

 

    2050 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.89        $  7.14        $  7.08        $  8.61        $  9.86   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .11        .12        .07        .07        .08 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .31        .84        .10        (1.46 )      (1.18 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .42        .96        .17        (1.39 )      (1.10 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.08 )      (.15 )      (.11 )      (.03 )      (.14 ) 

Distributions from net realized gain on investment transactions

     (.22 )      (.06 )      – 0 –      (.11 )      (.01 ) 
 

 

 

  

Total dividends and distributions

     (.30 )      (.21 )      (.11 )      (.14 )      (.15 ) 
 

 

 

  

Net asset value, end of period

     $  8.01        $  7.89        $  7.14        $  7.08        $  8.61   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.81  %      13.37  %      2.33  %      (15.76 )%      (11.32 )% 

Ratios/Supplemental Data

          

Net assets, end of period
(000’s omitted)

     $7,617        $11,785        $7,613        $3,959        $758   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .98  %      .99  %(e)      .99  %(e)      .97  %      .97  % 

Expenses, before waivers/reimbursements(d)

     2.50  %      2.65  %(e)      3.20  %(e)      6.14  %      30.40  % 

Net investment income(b)

     1.39  %      1.38  %(e)      .95  %(e)      1.32  %      .95  %(f) 

Portfolio turnover rate

     57  %      32  %      17  %      46  %      893  % 

See footnote summary on page 245.

 

236   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2050 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.91        $  7.17        $  7.09        $  8.61        $  9.87   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .04        .14        .10        .10        .14   

Net realized and unrealized gain (loss) on investment transactions

     .41        .83        .11        (1.48 )      (1.24 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .45        .97        .21        (1.38 )      (1.10 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.10 )      (.17 )      (.13 )      (.03 )      (.15 ) 

Distributions from net realized gain on investment transactions

     (.22 )      (.06 )      – 0 –      (.11 )      (.01 ) 
 

 

 

  

Total dividends and distributions

     (.32 )      (.23 )      (.13 )      (.14 )      (.16 ) 
 

 

 

  

Net asset value, end of period

     $  8.04        $  7.91        $  7.17        $  7.09        $  8.61   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     6.25  %      13.42  %      2.84  %      (15.59 )%      (11.35 )% 

Ratios/Supplemental Data

          

Net assets, end of period
(000’s omitted)

     $6,206        $1,077        $707        $787        $216   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .74  %(e)      .74  %(e)      .72  %      .72  % 

Expenses, before waivers/reimbursements(d)

     2.17  %      2.32  %(e)      2.94  %(e)      6.02  %      41.80  % 

Net investment income(b)

     .46  %      1.63  %(e)      1.31  %(e)      1.67  %      1.51  % 

Portfolio turnover rate

     57  %      32  %      17  %      46  %      893  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     237   

Financial Highlights

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

 

    2055 Retirement Strategy  
    Class A  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.88        $  7.01        $  6.87        $  8.38        $  9.85   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .07        .12        .07        .07        .13 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .38        .78        .08        (1.54 )      (1.20 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .45        .90        .15        (1.47 )      (1.07 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     – 0 –      (.03 )      (.01 )      – 0 –      (.27 ) 

Distributions from net realized gain on investment transactions

     (.16 )      – 0 –      – 0 –      (.04 )      (.13 ) 
 

 

 

  

Total dividends and distributions

     (.16 )      (.03 )      (.01 )      (.04 )      (.40 ) 
 

 

 

  

Net asset value, end of period

     $  8.17        $  7.88        $  7.01        $  6.87        $  8.38   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.95  %      12.87  %      2.19  %      (17.45 )%      (11.40 )% 

Ratios/Supplemental Data

          

Net assets, end of period
(000’s omitted)

     $1,215        $997        $867        $690        $343   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.03  %      1.04  %(e)      1.04  %(e)      1.02  %      1.04  %(h) 

Expenses, before waivers/reimbursements(d)

     7.71  %      8.54  %(e)      11.83  %(e)      23.03  %      98.75  %(h) 

Net investment income(b)

     .88  %      1.43  %(e)      .99  %(e)      1.20  %      1.45  %(f) 

Portfolio turnover rate

     46  %      49  %      47  %      83  %      42  % 

See footnote summary on page 245.

 

238   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2055 Retirement Strategy  
    Class B  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.72        $  6.88        $  6.78        $  8.34        $  9.84   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .02        .06        .02        .05        .15 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .36        .78        .08        (1.57 )      (1.28 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .38        .84        .10        (1.52 )      (1.13 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     – 0 –      – 0 –      – 0 –      – 0 –      (.24 ) 

Distributions from net realized gain on investment transactions

     (.16 )      – 0 –      – 0 –      (.04 )      (.13 ) 
 

 

 

  

Total dividends and distributions

     (.16 )      – 0 –      – 0 –      (.04 )      (.37 ) 
 

 

 

  

Net asset value, end of period

     $  7.94        $  7.72        $  6.88        $  6.78        $  8.34   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.16  %      12.21  %      1.48  %      (18.14 )%      (11.93 )% 

Ratios/Supplemental Data

          

Net assets, end of period
(000’s omitted)

     $31        $26        $19        $18        $13   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.74  %(e)      1.74  %(e)      1.72  %      1.74  %(h) 

Expenses, before waivers/reimbursements(d)

     8.48  %      9.39  %(e)      12.87  %(e)      24.65  %      189.38  %(h) 

Net investment income(b)

     .24  %      .69  %(e)      .30  %(e)      .85  %      1.61  %(f) 

Portfolio turnover rate

     46  %      49  %      47  %      83  %      42  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     239   

Financial Highlights

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

 

    2055 Retirement Strategy  
    Class C  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.71        $  6.87        $  6.77        $  8.34        $  9.84   
 

 

 

  

Income From Investment Operations

          

Net investment income (loss)(a)(b)

     (.02 )      .05        .02        .08        .16 (f) 

Net realized and
unrealized gain (loss) on investment transactions

     .40        .79        .08        (1.61 )      (1.29 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .38        .84        .10        (1.53 )      (1.13 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.01 )      – 0 –      – 0 –      – 0 –      (.24 ) 

Distributions from net realized gain on investment transactions

     (.16 )      – 0 –      – 0 –      (.04 )      (.13 ) 
 

 

 

  

Total dividends and distributions

     (.17 )      – 0 –      – 0 –      (.04 )      (.37 ) 
 

 

 

  

Net asset value, end of period

     $  7.92        $  7.71        $  6.87        $  6.77        $  8.34   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.14  %      12.23  %      1.48  %      (18.26 )%      (11.93 )% 

Ratios/Supplemental Data

          

Net assets, end of period
(000’s omitted)

     $191        $70        $45        $20        $37   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.73  %      1.74  %(e)      1.74  %(e)      1.72  %      1.74  %(h) 

Expenses, before waivers/reimbursements(d)

     8.31  %      9.12  %(e)      12.44  %(e)      24.79  %      190.03  %(h) 

Net investment income (loss)(b)

     (.21 )%      .60  %(e)      .21  %(e)      1.34  %      1.74  %(f) 

Portfolio turnover rate

     46  %      49  %      47  %      83  %      42  % 

See footnote summary on page 245.

 

240   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2055 Retirement Strategy  
    Advisor Class  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.92        $  7.04        $  6.90        $  8.41        $  9.86   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .14        .12        .09        .10        .18   

Net realized and unrealized gain (loss) on investment transactions

     .33        .81        .08        (1.57 )      (1.22 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .47        .93        .17        (1.47 )      (1.04 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     – 0 –      (.05 )      (.03 )      – 0 –      (.28 ) 

Distributions from net realized gain on investment transactions

     (.16 )      – 0 –      – 0 –      (.04 )      (.13 ) 
 

 

 

  

Total dividends and distributions

     (.16 )      (.05 )      (.03 )      (.04 )      (.41 ) 
 

 

 

  

Net asset value, end of period

     $  8.23        $  7.92        $  7.04        $  6.90        $  8.41   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     6.18  %      13.23  %      2.43  %      (17.39 )%      (11.09 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $46        $138        $531        $248        $50   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .74  %(e)      .74  %(e)      .72  %      .74  %(h) 

Expenses, before waivers/reimbursements(d)

     7.72  %      9.44  %(e)      11.33  %(e)      22.45  %      127.65  %(h) 

Net investment income(b)

     1.70  %      1.43  %(e)      1.23  %(e)      1.68  %      2.04  % 

Portfolio turnover rate

     46  %      49  %      47  %      83  %      42  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     241   

Financial Highlights

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

 

    2055 Retirement Strategy  
    Class R  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.54        $  6.81        $  6.79        $  8.38        $  9.85   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .06        .09        .05        .08        .04 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .34        .78        .09        (1.58 )      (1.13 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .40        .87        .14        (1.50 )      (1.09 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.02 )      (.14 )      (.12 )      (.05 )      (.25 ) 

Distributions from net realized gain on investment transactions

     (.16 )      – 0 –      – 0 –      (.04 )      (.13 ) 
 

 

 

  

Total dividends and distributions

     (.18 )      (.14 )      (.12 )      (.09 )      (.38 ) 
 

 

 

  

Net asset value, end of period

     $  7.76        $  7.54        $  6.81        $  6.79        $  8.38   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.63  %      12.70  %      1.97  %      (17.71 )%      (11.55 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $750        $765        $484        $268        $242   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     1.23  %      1.24  %(e)      1.24  %(e)      1.22  %      1.22  % 

Expenses, before waivers/reimbursements(d)

     6.70  %      7.96  %(e)      10.49  %(e)      20.50  %      89.30  % 

Net investment income(b)

     .82  %      1.10  %(e)      .72  %(e)      1.33  %      .51  %(f) 

Portfolio turnover rate

     46  %      49  %      47  %      83  %      42  % 

See footnote summary on page 245.

 

242   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

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

 

    2055 Retirement Strategy  
    Class K  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.60        $  6.86        $  6.83        $  8.41        $  9.85   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .09        .11        .07        .08        .19 (f) 

Net realized and unrealized gain (loss) on investment transactions

     .34        .79        .09        (1.57 )      (1.25 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .43        .90        .16        (1.49 )      (1.06 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.04 )      (.16 )      (.13 )      (.05 )      (.25 ) 

Distributions from net realized gain on investment transactions

     (.16 )      – 0 –      – 0 –      (.04 )      (.13 ) 
 

 

 

  

Total dividends and distributions

     (.20 )      (.16 )      (.13 )      (.09 )      (.38 ) 
 

 

 

  

Net asset value, end of period

     $  7.83        $  7.60        $  6.86        $  6.83        $  8.41   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     5.94  %      12.95  %      2.22  %      (17.42 )%      (11.26 )% 

Ratios/Supplemental Data

          

Net assets, end of period (000’s omitted)

     $2,563        $2,844        $1,906        $1,265        $302   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .98  %      .99  %(e)      .99  %(e)      .97  %      .97  % 

Expenses, before waivers/reimbursements(d)

     6.35  %      7.69  %(e)      10.25  %(e)      19.84  %      87.41  % 

Net investment income(b)

     1.21  %      1.37  %(e)      1.00  %(e)      1.46  %      2.17  %(f) 

Portfolio turnover rate

     46  %      49  %      47  %      83  %      42  % 

See footnote summary on page 245.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     243   

Financial Highlights

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

 

    2055 Retirement Strategy  
    Class I  
    Year Ended August 31,  
    2012     2011     2010     2009     2008  
 

 

 

  
         

Net asset value,
beginning of period

     $  7.62        $  6.87        $  6.84        $  8.41        $  9.86   
 

 

 

  

Income From Investment Operations

          

Net investment income(a)(b)

     .03        .14        .11        .10        .17   

Net realized and unrealized gain (loss) on investment transactions

     .41        .78        .06        (1.57 )      (1.21 ) 
 

 

 

  

Net increase (decrease) in net asset value from operations

     .44        .92        .17        (1.47 )      (1.04 ) 
 

 

 

  

Less: Dividends and Distributions

          

Dividends from net investment income

     (.05 )      (.17 )      (.14 )      (.06 )      (.28 ) 

Distributions from net realized gain on investment transactions

     (.16 )      – 0 –      – 0 –      (.04 )      (.13 ) 
 

 

 

  

Total dividends and distributions

     (.21 )      (.17 )      (.14 )      (.10 )      (.41 ) 
 

 

 

  

Net asset value, end of period

     $  7.85        $  7.62        $  6.87        $  6.84        $  8.41   
 

 

 

  

Total Return

          

Total investment return based on net asset value(c)

     6.16  %      13.32  %      2.44  %      (17.21 )%      (11.09 )% 

Ratios/Supplemental
Data

          

Net assets, end of period
(000’s omitted)

     $1,668        $118        $60        $186        $48   

Ratio to average net
assets of:

          

Expenses, net of
waivers/reimbursements(d)

     .73  %      .74  %(e)      .74  %(e)      .72  %      .72  % 

Expenses, before waivers/reimbursements(d)

     5.71  %      7.41  %(e)      10.23  %(e)      19.85  %      129.39  % 

Net investment income(b)

     .33  %      1.69  %(e)      1.58  %(e)      1.62  %      2.01  % 

Portfolio turnover rate

     46  %      49  %      47  %      83  %      42  % 

See footnote summary on page 245.

 

244   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Financial Highlights

(a)   Based on average shares outstanding.

 

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

 

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

 

(d)   Expense ratios do not include expenses of the Underlying Portfolios in which the Strategy invests. For the year ended August 31, 2012, the estimated annualized blended expense ratios were .03% for Strategies 2000, 2040, 2045, 2050 and 2055, and .04% for Strategies 2005, 2010, 2015, 2020, 2025, 2030 and 2035. For the year ended August 31, 2011, the estimated annualized blended expense ratios were .05% for Strategies 2000, 2005, 2010, 2015, 2020 and 2025, and .04% for Strategies 2030 and 2035 and .03% for Strategies 2040 and 2045 and .02% for Strategies 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 and August 31, 2008, the estimated annualized blended expense ratios were .04% and .04%, respectively, for each of the Strategies.

 

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

 

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

 

(g)   Amount is less than $.005.

 

(h)   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		  
     2055
Strategy		  

Class A

      1.02 % 

Class B

      1.72 % 

Class C

      1.72 % 

Advisor Class

      .72 % 

Class R

      – 0  – 

Class K

      – 0  – 

Class I

      – 0  – 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     245   

Financial Highlights

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Directors of AllianceBernstein Blended Style Series, Inc. and Shareholders of AllianceBernstein 2000 Retirement Strategy, AllianceBernstein 2005 Retirement Strategy, AllianceBernstein 2010 Retirement Strategy, AllianceBernstein 2015 Retirement Strategy, AllianceBernstein 2020 Retirement Strategy, AllianceBernstein 2025 Retirement Strategy, AllianceBernstein 2030 Retirement Strategy, AllianceBernstein 2035 Retirement Strategy, AllianceBernstein 2040 Retirement Strategy, AllianceBernstein 2045 Retirement Strategy, AllianceBernstein 2050 Retirement Strategy and AllianceBernstein 2055 Retirement Strategy

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of AllianceBernstein Blended Style Series, Inc. (the “Fund”) (comprising, respectively, 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, collectively the “Strategies”) as of August 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the periods presented prior to September 1, 2009, were audited by other auditors whose report dated October 27, 2009 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2012 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Strategies constituting AllianceBernstein Blended Style Series, Inc. at August 31, 2012, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

 

 

LOGO

New York, New York

October 29, 2012

 

246   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Report of Independent Registered Public Accounting Firm

 

 

2012 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Strategy during the taxable year ended August 31, 2012. For corporate shareholders, the following percentages of dividends paid by each Strategy qualify for the dividends received deduction. Additionally, for foreign shareholders the following percentages of dividends paid by each Strategy may be considered to be qualifying to be taxed as interest-related dividends.

 

Strategy    Dividends Received
Deduction %
(corporate shareholders)		     % of Qualified
Interest Income
(foreign shareholders)		  

2000 Retirement Strategy

     21.10 %      68.35 % 

2005 Retirement Strategy

      30.33 %      65.62 % 

2010 Retirement Strategy

     34.25 %      57.66 % 

2015 Retirement Strategy

      46.89 %      50.04 % 

2020 Retirement Strategy

     63.64 %      40.21 % 

2025 Retirement Strategy

     79.54 %      29.19 % 

2030 Retirement Strategy

     83.49 %      21.81 % 

2035 Retirement Strategy

     73.03 %      12.51 % 

2040 Retirement Strategy

     74.61 %      8.84 % 

2045 Retirement Strategy

     89.74 %      8.43 % 

2050 Retirement Strategy

     100.00 %      8.64 % 

2055 Retirement Strategy

     55.19 %      7.45 % 

For the taxable year ended August 31, 2012, each Strategy designates the following amounts as the maximum amount that may be considered qualified dividend income for individual shareholders:

 

Strategy    Qualified
Dividend Income		  

2000 Retirement Strategy

    $ 214,716   

2005 Retirement Strategy

      286,832   

2010 Retirement Strategy

      1,468,143   

2015 Retirement Strategy

      3,785,783   

2020 Retirement Strategy

      5,865,736   

2025 Retirement Strategy

      5,574,455   

2030 Retirement Strategy

          5,647,595   

2035 Retirement Strategy

      4,396,589   

2040 Retirement Strategy

      4,027,859   

2045 Retirement Strategy

      2,886,094   

2050 Retirement Strategy

      647,133   

2055 Retirement Strategy

      152,782   

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2013.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     247   

2012 Federal Tax Information

BOARD OF DIRECTORS

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

John H. Dobkin(1)

Michael J. Downey(1)

D. James Guzy(1)

Nancy P. Jacklin(1)

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

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, 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.

 

248   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Board of Directors

MANAGEMENT OF THE FUND

 

Board of Directors Information

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

 

NAME, ADDRESS*,
AGE AND
(YEAR FIRST ELECTED**)		   PRINCIPAL
OCCUPATION(S)
DURING PAST FIVE YEARS
AND OTHER RELEVANT
QUALIFICATIONS***		   PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
DIRECTOR		     OTHER
DIRECTORSHIPS
HELD BY
DIRECTOR IN THE
PAST FIVE YEARS
INTERESTED DIRECTOR    
Robert M. Keith, +
1345 Avenue of the Americas New York, NY 10105
52
(2010)		   Senior Vice President of the AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AllianceBernstein Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.     100      None
     

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     249   

Management of the Fund

 

NAME, ADDRESS*,
AGE AND
(YEAR FIRST ELECTED**)		   PRINCIPAL
OCCUPATION(S)
DURING PAST FIVE YEARS
AND OTHER RELEVANT
QUALIFICATIONS***		   PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
DIRECTOR		     OTHER
DIRECTORSHIPS
HELD BY
DIRECTOR IN THE
PAST FIVE YEARS
DISINTERESTED DIRECTORS    
William H. Foulk, Jr., #, ##
80
(2002)
Chairman of the Board		   Investment Adviser and an Independent Consultant since prior to 2007. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AllianceBernstein Funds since 1983 and has been Chairman of the AllianceBernstein Funds and of the Independent Directors Committee of such Funds since 2003. He is also active in a number of mutual fund related organizations and committees.     100      None
     
John H. Dobkin, #
70
(2002)		   Independent Consultant since prior to 2007. Formerly, President of Save Venice, Inc. (preservation organization) from 2001-2002, Senior Advisor from June 1999-June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989-May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AllianceBernstein Funds since 1992, and as Chairman of the Audit Committees of a number of such Funds from 2001-2008.     100      None

 

250   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Management of the Fund

 

NAME, ADDRESS*,
AGE AND
(YEAR FIRST ELECTED**)		   PRINCIPAL
OCCUPATION(S)
DURING PAST FIVE YEARS
AND OTHER RELEVANT
QUALIFICATIONS***		   PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
DIRECTOR		     OTHER
DIRECTORSHIPS
HELD BY
DIRECTOR IN THE
PAST FIVE YEARS
DISINTERESTED DIRECTORS
(continued)		    
Michael J. Downey, #
68
(2005)		   Private Investor since prior to 2007. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AllianceBernstein Funds since 2005 and is a director of two other registered investment companies (and Chairman of one of them).     100      Asia Pacific Fund, Inc. and The Merger Fund since prior to 2007 and Prospect Acquisition Corp. (financial services) from 2007 until 2009
     
D. James Guzy, #
76
(2005)		   Chairman of the Board of PLX Technology (semi-conductors) and of SRC Computers Inc., with which he has been associated since prior to 2007. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AllianceBernstein Funds since 1982.     100      Cirrus Logic Corporation (semi-conductors) and PLX Technology (semi-conductors) since prior to 2007 and Intel Corporation (semi-conductors) since prior to 2007 until 2008

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     251   

Management of the Fund

 

NAME, ADDRESS*,
AGE AND
(YEAR FIRST ELECTED**)		   PRINCIPAL
OCCUPATION(S)
DURING PAST FIVE YEARS
AND OTHER RELEVANT
QUALIFICATIONS***		   PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
DIRECTOR		     OTHER
DIRECTORSHIPS
HELD BY
DIRECTOR IN THE
PAST FIVE YEARS
DISINTERESTED DIRECTORS
(continued)		    
Nancy P. Jacklin, #
64
(2006)		   Professorial Lecturer at the Johns Hopkins School of Advanced International Studies since 2008. Formerly, U.S. Executive Director of the International Monetary Fund (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AllianceBernstein Funds since 2006.     100      None
     

 

252   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Management of the Fund

 

NAME, ADDRESS*,
AGE AND
(YEAR FIRST ELECTED**)		   PRINCIPAL
OCCUPATION(S)
DURING PAST FIVE YEARS
AND OTHER RELEVANT
QUALIFICATIONS***		   PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
DIRECTOR		     OTHER
DIRECTORSHIPS
HELD BY
DIRECTOR IN THE
PAST FIVE YEARS
DISINTERESTED DIRECTORS
(continued)		    

Garry L. Moody, #

60

(2008)

   Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995); and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services. He is also a member of the Governing Council of the Independent Directors Council (IDC), an organization of independent directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committee, of the AllianceBernstein Funds since 2008.     100      None

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     253   

Management of the Fund

 

 

NAME, ADDRESS*,
AGE AND
(YEAR FIRST ELECTED**)		   PRINCIPAL
OCCUPATION(S)
DURING PAST FIVE YEARS
AND OTHER RELEVANT
QUALIFICATIONS***		   PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
DIRECTOR		     OTHER
DIRECTORSHIPS
HELD BY
DIRECTOR IN THE
PAST FIVE YEARS
DISINTERESTED DIRECTORS
(continued)		    
Marshall C. Turner, Jr., #
71
(2005)		   Private Investor since prior to 2007. Interim CEO of MEMC Electronic Materials, Inc. (semi-conductor and solar cell substrates) from November 2008 until March 2009. He was Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing), 2003-2005, and President and CEO, 2005-2006, after the company was acquired and renamed Toppan Photomasks, Inc. He has extensive experience in venture capital investing including prior service as general partner of three institutional venture capital partnerships, and serves on the boards of a number of education and science-related non-profit organizations. He has served as a director or trustee of one or more of the AllianceBernstein Funds since 1992.     100      Xilinx, Inc. (programmable logic semi-conductors) and MEMC Electronic Materials, Inc. (semi-conductor and solar cell substrates) since prior to 2007
     

Earl D. Weiner, #

73

(2007)

   Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and member of ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AllianceBernstein Funds since 2007 and is Chairman of the Governance and Nominating Committees of the Funds.     100      None

 

254   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Management of the Fund

 

 

 

 

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

 

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

 

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

 

+   Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

 

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

 

## Member of the Fair Value Pricing Committee.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     255   

Management of the Fund

 

 

Officer Information

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

 

NAME,
ADDRESS* AND AGE		    POSITION(S)
HELD WITH FUND		    PRINCIPAL OCCUPATION
DURING PAST FIVE YEARS

Robert M. Keith

52

    President and Chief Executive Officer    See biography above.
     
Philip L. Kirstein
67		    Senior Vice President and Independent Compliance Officer    Senior Vice President and Independent Compliance Officer of the AllianceBernstein Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
     
Seth J. Masters
53		    Senior Vice President    Senior Vice President of the Adviser**, with which he has been associated since prior to 2007.
     
Dokyoung Lee
46		    Vice President    Senior Vice President of the Adviser**, with which he has been associated since prior to 2007.
     
Christopher H. Nikolich
43		    Vice President    Senior Vice President of the Adviser**, with which he has been associated since prior to 2007.
     
Patrick J. Rudden
49		    Vice President    Senior Vice President of the Adviser**, with which he has been associated since prior to 2007.
     
Emilie D. Wrapp
56		    Secretary    Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2007.
     
Joseph J. Mantineo
53		    Treasurer and Chief Financial Officer    Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2007.
     
Phyllis J. Clarke
51		    Controller    Vice President of ABIS**, with which she has been associated since prior to 2007.

 

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

 

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

 

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

 

256   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Management of the Fund

 

 

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

The disinterested directors (the “directors”) of AllianceBernstein Blended Style Series, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a “Strategy” and collectively, the “Strategies”) at a meeting held on July 31-August 2, 2012:

 

•   AllianceBernstein 2000 Retirement Strategy

   

•   AllianceBernstein 2030 Retirement Strategy

•   AllianceBernstein 2005 Retirement Strategy

   

•   AllianceBernstein 2035 Retirement Strategy

•   AllianceBernstein 2010 Retirement Strategy

   

•   AllianceBernstein 2040 Retirement Strategy

•   AllianceBernstein 2015 Retirement Strategy

   

•   AllianceBernstein 2045 Retirement Strategy

•   AllianceBernstein 2020 Retirement Strategy

   

•   AllianceBernstein 2050 Retirement Strategy

•   AllianceBernstein 2025 Retirement Strategy

   

•   AllianceBernstein 2055 Retirement Strategy

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

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

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     257   

 

 

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Strategies gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AllianceBernstein Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Strategies and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

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

 

258   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

coordinating the activities of each Strategy’s other service providers, also were considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Strategies under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of each Strategy to the Adviser for calendar years 2010 and 2011 that had been prepared with an updated expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and noted that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationships with the Strategies and the relevant portfolios of Pooling, including those relating to its subsidiaries which provide transfer agency, distribution and brokerage services to the Strategies and such portfolios of Pooling. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationships with the Strategies before taxes and distribution expenses. The directors noted that the Adviser’s relationship with the following Strategies was not profitable to it for the years indicated: (i) the 2025 and 2035 Retirement Strategies in 2011, and (ii) the 2000, 2005, 2010, 2015, 2040, 2045, 2050 and 2055 Strategies in 2010 or 2011. The directors concluded that they were satisfied that the Adviser’s level of profitability from its relationship with the 2025 and 2035 Strategies in 2010, and the 2020 and 2030 Strategies in 2010 and 2011, was not unreasonable.

Fall-Out Benefits

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

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     259   

 

 

Investment Results

In addition to the information reviewed by the directors in connection with the meeting, the directors receive detailed performance information for each Strategy at each regular Board meeting during the year. At the August 2012 meeting, the directors reviewed information prepared by Lipper showing the performance of the Class A Shares of each Strategy as compared with that of a group of similar funds selected by Lipper (the “Performance Group”), and as compared with that of a broader array of funds selected by Lipper (the “Performance Universe”), and information prepared by the Adviser showing performance of the Class A Shares as compared with the Standard & Poor’s (S&P) 500 Index, the Barclays Capital U.S. Aggregate Bond Index, and a composite index (the “Composite Index”) in each case for various periods ended May 31, 2012 and (in the case of comparisons with the Composite Index) the period since inception. The Composite Index for a Strategy consisted of some or all of the following underlying benchmarks: the Russell 3000 Index, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net), the MSCI All Country World (ACW) Commodity Producers Index, the Barclays Capital (BC) U.S. Aggregate Bond Index, the BofA Merrill Lynch 1-3 Year Treasury Index, the BC 1-10 Year TIPS Index, the Standard & Poor’s 500 Stock Index and the BC High Yield (2% constrained) Index. The directors noted that the weighting of the Composite Index differed for the various Strategies, depending on the extent to which a Strategy invested in equity securities.

AllianceBernstein 2000 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 4th quintile of the Performance Group and the Performance Universe for the 1-year period, in the 5th quintile of the Performance Group and the Performance Universe for the 3-year period, and in the 5th quintile of the Performance Group and 4th quintile of the Performance Universe for the 5-year period. The Strategy outperformed the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s primary benchmark since January 1, 2012) in the 3-year period and the S&P 500 Index (the Strategy’s secondary benchmark since January 1, 2012) in the 5-year and the since inception periods, and essentially matched its Composite Index in the 3-year period. The Strategy lagged the three indices in all other periods. The directors noted that at their November 2011 meeting they had approved changes to the Strategy’s primary benchmark (to the Barclays Index from the S&P Index) and the secondary benchmark (to the S&P Index from the Barclays Index). Based on their review, the directors concluded that the Strategy’s performance was acceptable.

AllianceBernstein 2005 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1- and 5-year periods, and in the 4th quintile of the Performance Group and the Performance Universe for the 3-year period. The Strategy lagged the S&P 500

 

260   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the S&P Index in the 5-year period (both reference points showed negative results) and the Barclays Index in the 3-year period. Based on their review and their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy.

AllianceBernstein 2010 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1- and 5-year periods, and in the 3rd quintile of the Performance Group and the Performance Universe for the 3-year period. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their review and their discussion with the Adviser of the reasons for the Strategy’s recent performance, the directors concluded that the Strategy’s performance was acceptable.

AllianceBernstein 2015 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1- and 5-year periods, and in the 3rd quintile of the Performance Group and the Performance Universe for the 3-year period. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their review, and their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

AllianceBernstein 2020 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1- and 5-year periods, and in the 5th quintile of the Performance Group and 4th quintile of the Performance Universe for the 3-year period. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their review, and their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     261   

 

 

AllianceBernstein 2025 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was 4th out of 4 of the Performance Group and in the 5th quintile of the Performance Universe for the 1- and 3-year periods, and 3rd out of 3 of the Performance Group and in the 5th quintile of the Performance Universe for the 5-year period. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

AllianceBernstein 2030 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1-, 3- and 5-year periods. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

AllianceBernstein 2035 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1-, 3- and 5-year periods. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

AllianceBernstein 2040 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1-, 3- and 5-year periods. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

 

262   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

AllianceBernstein 2045 Retirement Strategy

The directors noted that the Strategy (September 2005 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1-, 3- and 5-year periods. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

AllianceBernstein 2050 Retirement Strategy

The directors noted that the Strategy (June 2007 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1- and 3-year periods. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

AllianceBernstein 2055 Retirement Strategy

The directors noted that the Strategy (June 2007 inception) was in the 5th quintile of the Performance Group and the Performance Universe for the 1- and 3-year periods. The Strategy lagged the S&P 500 Index (the Strategy’s primary benchmark), the Barclays Capital U.S. Aggregate Bond Index (the Strategy’s secondary benchmark) and its Composite Index in all periods except that it outperformed the Barclays Index in the 3-year period. Based on their discussion with the Adviser of the reasons for the Strategy’s performance, the directors retained confidence in the Adviser’s ability to manage the Strategy. The directors determined to continue to monitor the Strategy’s performance closely.

Advisory Fees and Other Expenses

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

The directors also considered the advisory fees the Adviser charges other non-fund clients pursuing a similar investment style. For this purpose, they reviewed the relevant fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer. The directors noted that the

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     263   

 

 

institutional fee schedule had lower fee rates and breakpoints at lower asset levels. As a result, the application of the institutional fee schedule to the level of assets of any Strategy would result in a fee rate lower than that being paid by the Strategy. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those on the schedule reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

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

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

The directors noted that, at each Strategy’s current size, its contractual effective advisory fee rate plus the administrative expense reimbursement (where it had not been waived by the Adviser) was lower than its Expense Group median. The directors noted that each Strategy’s total expense ratio, which reflected a cap by the Adviser, was lower than the Expense Group median. The directors concluded that each Strategy’s expense ratio was satisfactory.

 

264   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

Economies of Scale

The directors noted that the advisory fee schedules for the Strategies contain breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AllianceBernstein Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale at the May 2012 meetings. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Strategies, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Strategies’ shareholders would benefit from a sharing of economies of scale in the event a Strategy’s net assets exceed a breakpoint in the future.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     265   

Pages 266-426 represent the holdings of the Underlying Portfolios in which the Strategies may invest, including specific breakdowns within Underlying Portfolios. The Portfolio of Investments information has been derived from each fund’s August 31, 2012 audited financial statements, which is available upon request.

U.S. VALUE PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,173.2

 

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*   All data are as of August 31, 2012. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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.

 

266   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,172.8

 

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*   All data are as of August 31, 2012. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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  •     267   

Portfolio Summary

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $985.6

 

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*   All data are as of August 31, 2012. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) 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 2.2% or less in the following countries: Belgium, Czech Republic, Hong Kong, Italy, Mexico, Norway, Poland, Portugal, South Africa, Sweden, Thailand and Turkey.

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

 

268   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $998.7

 

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*   All data are as of August 31, 2012. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) 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 1.5% or less in the following countries: Argentina, Cyprus, Denmark, Germany, Indonesia, Italy, Luxembourg, Portugal and Sri Lanka.

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  •     269   

Portfolio Summary

SHORT DURATION BOND PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $932.8

 

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*   All data are as of August 31, 2012. The Portfolio’s security type 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).

 

270   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

GLOBAL CORE BOND PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,124.2

 

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*   All data are as of August 31, 2012. The Portfolio’s security type 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).

(Portfolio Summary continued on next page)

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     271   

Portfolio Summary

GLOBAL CORE BOND PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,124.2

 

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*   All data are as of August 31, 2012. The Portfolio’s country 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). “Other” country weightings represent 0.8% or less in the following countries: Brazil, China, Hong Kong, India, Ireland, Italy, Kazakhstan, Lithuania, Luxembourg, Malaysia, Mexico, Norway, Qatar, Russia, South Korea, Spain, Supranational, Sweden, Switzerland and United Arab Emirates.

 

272   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $792.7

 

INFLATION PROTECTION BREAKDOWN*       

U.S. Inflation Protected Exposure

      100.1 %   

Non-U.S. Inflation Protected Exposure

      —     

Non Inflation Protected Exposure

      (0.1 )%   
  

 

 

    
     100.0     

 

SECTOR BREAKDOWN, EXCLUDING TREASURY SECURITIES, TIPS AND
INTEREST RATE DERIVATIVES*		        

Agencies

      1.1 %    

Asset-Backed Securities

      8.3 %    

Bank Loans

      0.1 %    

Commercial Mortgage-Backed Securities

      4.7 %    

Corporates – Investment Grade

      20.8 %    

Corporates – Non-Investment Grade

      1.0 %    

Governments – Sovereign Bonds

      0.4 %    

Mortgage Pass-Thrus

      3.7 %    

Quasi-Sovereigns

      1.1 %    

Net Cash Equivalents

      1.1 %    

 

*   All data are as of August 31, 2012. The Portfolio’s sector and inflation protection exposure breakdowns are expressed as an approximate percentage of the Portfolio’s total net assets inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     273   

Portfolio Summary

HIGH-YIELD PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $397.2

 

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*   All data are as of August 31, 2012. The Portfolio’s security type 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).

 

274   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $328.7

 

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*   All data are as of August 31, 2012. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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  •     275   

Portfolio Summary

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $328.6

 

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*   All data are as of August 31, 2012. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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.

 

276   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

MULTI-ASSET REAL RETURN PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $547.9

 

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*   All data are as of August 31, 2012. The Portfolio’s security type breakdown is expressed as an approximate percentage of the Portfolio’s net assets inclusive of derivative exposure, based on the Adviser’s internal classification guidelines. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 0.8% or less in the following countries: Belgium, Germany, Italy, Mexico, Norway, Peru, Sweden, Switzerland, Thailand and Turkey.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     277   

Portfolio Summary

VOLATILITY MANAGEMENT PORTFOLIO

PORTFOLIO SUMMARY

August 31, 2012 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,688.3

 

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TEN LARGEST HOLDINGS**

August 31, 2012 (unaudited)

 

Company    U.S. $ Value        Percent of
Net Assets		  

Vanguard MSCI Emerging Markets ETF

    $ 51,280,383           3.0 % 

iShares MSCI Emerging Markets Index Fund

      24,716,547           1.5   

Apple, Inc.

      16,937,010           1.0   

Exxon Mobil Corp.

      11,079,243           0.7   

Microsoft Corp.

      6,253,378           0.4   

Simon Property Group, Inc.

      6,128,994           0.4   

International Business Machines Corp.

      6,098,805           0.4   

Chevron Corp.

      6,011,776           0.3   

General Electric Co.

      5,954,125           0.3   

AT&T, Inc.

      5,829,424           0.3   
   $   140,289,685           8.3 % 

 

*   All data are as of August 31, 2012. The Portfolio’s security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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).

 

**   Long-term investments.

 

278   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Portfolio Summary

U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		     U.S. $ Value  

 

  
    

COMMON STOCKS – 98.8%

     

Financials – 18.7%

     

Capital Markets – 1.7%

     

Morgan Stanley(a)

      667,400      $ 10,011,000   

State Street Corp.

      239,800        9,975,680   
    

 

 

  
       19,986,680   
    

 

 

  

Commercial Banks – 6.5%

     

BB&T Corp.

      123,100        3,882,574   

CIT Group, Inc.(b)

      494,200        18,660,992   

KeyCorp

      182,300        1,536,789   

Regions Financial Corp.

      403,000        2,804,880   

US Bancorp

      276,600        9,241,206   

Wells Fargo & Co.

      1,177,500        40,070,325   
    

 

 

  
       76,196,766   
    

 

 

  

Consumer Finance – 0.3%

     

Discover Financial Services

      90,800        3,516,684   
    

 

 

  

Diversified Financial Services – 6.7%

     

Bank of America Corp.(a)

      1,812,400        14,481,076   

Citigroup, Inc.

      1,083,300        32,184,843   

JPMorgan Chase & Co.

      622,900        23,134,506   

Leucadia National Corp.

      166,900        3,568,322   

Moody’s Corp.

      150,900        5,975,640   
    

 

 

  
       79,344,387   
    

 

 

  

Insurance – 3.5%

     

Berkshire Hathaway, Inc.(b)

      93,100        7,852,054   

Chubb Corp. (The)

      72,100        5,327,469   

Fidelity National Financial, Inc. – Class A

      325,000        6,123,000   

Reinsurance Group of America, Inc. – Class A

      130,900        7,689,066   

Torchmark Corp.

      129,500        6,627,810   

Travelers Cos., Inc. (The)

      74,500        4,823,130   

Validus Holdings Ltd.

      67,600        2,265,276   
    

 

 

  
       40,707,805   
    

 

 

  
       219,752,322   
    

 

 

  

Health Care – 18.1%

     

Biotechnology – 1.5%

     

Gilead Sciences, Inc.(b)

      201,500        11,624,535   

Vertex Pharmaceuticals, Inc.(b)

      106,000        5,652,980   
    

 

 

  
       17,277,515   
    

 

 

  

Health Care Providers & Services – 4.4%

     

Aetna, Inc.

      95,900        3,683,519   

Health Net, Inc.(b)

      230,800        5,366,100   

UnitedHealth Group, Inc.

      380,200        20,644,860   

WellPoint, Inc.

      371,000        22,211,770   
    

 

 

  
       51,906,249   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     279   

U.S. Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Pharmaceuticals – 12.2%

     

AstraZeneca PLC (Sponsored ADR)

      366,300      $ 17,139,177   

Johnson & Johnson

      590,700        39,830,901   

Merck & Co., Inc.

      755,500        32,524,275   

Pfizer, Inc.

      1,969,400        46,989,884   

Roche Holding AG (Sponsored ADR)

      145,000        6,597,500   
    

 

 

  
       143,081,737   
    

 

 

  
       212,265,501   
    

 

 

  

Consumer Discretionary – 16.2%

     

Auto Components – 1.6%

     

Lear Corp.

      240,900        9,354,147   

Magna International, Inc. – Class A(a)

      58,100        2,513,406   

TRW Automotive Holdings Corp.(b)

      160,100        6,997,971   
    

 

 

  
       18,865,524   
    

 

 

  

Automobiles – 1.8%

     

Ford Motor Co.

      781,400        7,298,276   

General Motors Co.(a)(b)

      643,600        13,740,860   
    

 

 

  
       21,039,136   
    

 

 

  

Diversified Consumer Services – 0.6%

     

Apollo Group, Inc. – Class A(b)

      270,800        7,270,980   
    

 

 

  

Hotels, Restaurants & Leisure – 1.1%

     

MGM Resorts International(b)

      1,288,800        12,707,568   
    

 

 

  

Household Durables – 1.7%

     

Newell Rubbermaid, Inc.

      558,300        10,010,319   

NVR, Inc.(b)

      7,400        6,128,532   

Pulte Group, Inc.(b)

      239,300        3,273,624   
    

 

 

  
       19,412,475   
    

 

 

  

Media – 6.9%

     

CBS Corp. – Class B

      358,800        13,038,792   

DIRECTV(b)

      188,400        9,813,756   

Gannett Co., Inc.

      435,400        6,644,204   

McGraw-Hill Cos., Inc. (The)

      236,100        12,088,320   

News Corp. – Class A

      569,100        13,311,249   

Time Warner Cable, Inc. – Class A

      138,800        12,328,216   

Viacom, Inc. – Class B

      265,700        13,287,657   
    

 

 

  
       80,512,194   
    

 

 

  

Multiline Retail – 1.0%

     

Macy’s, Inc.

      298,400        12,028,504   
    

 

 

  

Specialty Retail – 1.5%

     

GameStop Corp. – Class A(a)

      142,700        2,722,716   

Home Depot, Inc. (The)

      120,200        6,821,350   

Lowe’s Cos., Inc.

      246,600        7,023,168   

Staples, Inc.

      136,700        1,492,764   
    

 

 

  
       18,059,998   
    

 

 

  
       189,896,379   
    

 

 

  

 

280   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Energy – 13.0%

     

Energy Equipment & Services – 1.8%

     

Helmerich & Payne, Inc.

      198,800      $ 9,073,232   

Transocean Ltd.

      244,700        11,997,641   
    

 

 

  
       21,070,873   
    

 

 

  

Oil, Gas & Consumable Fuels – 11.2%

     

BP PLC (Sponsored ADR)

      427,600        17,984,856   

Chevron Corp.

      268,500        30,114,960   

Exxon Mobil Corp.

      816,800        71,306,640   

Marathon Oil Corp.

      315,300        8,771,646   

Valero Energy Corp.

      111,900        3,497,994   
    

 

 

  
       131,676,096   
    

 

 

  
       152,746,969   
    

 

 

  

Information Technology – 9.7%

     

Communications Equipment – 2.1%

     

Cisco Systems, Inc.

      1,315,900        25,107,372   
    

 

 

  

Computers & Peripherals – 2.2%

     

Dell, Inc.(a)(b)

      248,000        2,626,320   

Hewlett-Packard Co.

      1,340,800        22,632,704   
    

 

 

  
       25,259,024   
    

 

 

  

IT Services – 0.7%

     

Visa, Inc. – Class A

      60,900        7,810,425   
    

 

 

  

Semiconductors & Semiconductor Equipment – 4.6%

     

Applied Materials, Inc.

      1,317,500        15,401,575   

Intel Corp.

      920,200        22,848,566   

Lam Research Corp.(b)

      203,600        6,948,868   

Micron Technology, Inc.(b)

      1,469,100        9,123,111   
    

 

 

  
       54,322,120   
    

 

 

  

Software – 0.1%

     

CA, Inc.

      47,600        1,239,028   
    

 

 

  
       113,737,969   
    

 

 

  

Consumer Staples – 8.5%

     

Food & Staples Retailing – 2.2%

     

CVS Caremark Corp.

      187,400        8,536,070   

Kroger Co. (The)

      781,100        17,402,908   
    

 

 

  
       25,938,978   
    

 

 

  

Food Products – 1.1%

     

Archer-Daniels-Midland Co.

      133,100        3,560,425   

Tyson Foods, Inc. – Class A

      625,300        9,792,198   
    

 

 

  
       13,352,623   
    

 

 

  

Household Products – 2.1%

     

Procter & Gamble Co. (The)

      364,600        24,497,474   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     281   

U.S. Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Tobacco – 3.1%

     

Altria Group, Inc.

      475,100      $ 16,134,396   

Lorillard, Inc.

      141,800        17,797,318   

Philip Morris International, Inc.

      27,700        2,473,610   
    

 

 

  
       36,405,324   
    

 

 

  
       100,194,399   
    

 

 

  

Industrials – 6.5%

     

Aerospace & Defense – 1.1%

     

General Dynamics Corp.

      152,200        9,970,622   

Northrop Grumman Corp.

      47,900        3,204,031   
    

 

 

  
       13,174,653   
    

 

 

  

Airlines – 0.7%

     

Delta Air Lines, Inc.(b)

      920,200        7,959,730   
    

 

 

  

Building Products – 0.5%

     

Fortune Brands Home & Security, Inc.(b)

      216,885        5,530,568   
    

 

 

  

Industrial Conglomerates – 3.4%

     

General Electric Co.

      1,913,000        39,618,230   
    

 

 

  

Machinery – 0.8%

     

Cummins, Inc.

      104,300        10,128,573   
    

 

 

  
       76,411,754   
    

 

 

  

Utilities – 3.6%

     

Electric Utilities – 2.3%

     

Edison International

      197,800        8,661,662   

Great Plains Energy, Inc.

      340,100        7,250,932   

NV Energy, Inc.

      668,000        11,716,720   
    

 

 

  
       27,629,314   
    

 

 

  

Gas Utilities – 0.9%

     

Atmos Energy Corp.

      223,400        7,805,596   

UGI Corp.

      77,067        2,349,002   
    

 

 

  
       10,154,598   
    

 

 

  

Multi-Utilities – 0.4%

     

DTE Energy Co.

      28,400        1,658,560   

Public Service Enterprise Group, Inc.

      81,100        2,567,626   
    

 

 

  
       4,226,186   
    

 

 

  
       42,010,098   
    

 

 

  

Telecommunication Services – 3.3%

     

Diversified Telecommunication
Services – 3.3%

     

AT&T, Inc.

      618,400        22,658,176   

CenturyLink, Inc.

      376,600        15,915,116   
    

 

 

  
       38,573,292   
    

 

 

  

 

282   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

U.S. Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Materials – 1.2%

     

Chemicals – 1.2%

     

LyondellBasell Industries NV(a)

      276,100      $ 13,484,724   
    

 

 

  

Total Common Stocks
(cost $1,065,601,822)

        1,159,073,407   
    

 

 

  
    

SHORT-TERM INVESTMENTS – 1.1%

     

Investment Companies – 1.1%

     

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(c)
(cost $12,230,426)

      12,230,426        12,230,426   
    

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.9%
(cost $1,077,832,248)

        1,171,303,833   
    

 

 

  
    

INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 1.6%

     

Investment Companies – 1.6%

     

AllianceBernstein Exchange Reserves – Class I, 0.18%(c)
(cost $19,132,325)

      19,132,325        19,132,325   
    

 

 

  

Total Investments – 101.5%
(cost $1,096,964,573)

        1,190,436,158   

Other assets less liabilities – (1.5)%

        (17,199,684 ) 
    

 

 

  

Net Assets – 100.0%

      $ 1,173,236,474   
    

 

 

  

 

(a)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

(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 Depositary Receipt

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     283   

U.S. Value Portfolio—Portfolio of Investments

U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		     U.S. $ Value  

 

  
    

COMMON STOCKS – 97.2%

     

Information Technology – 35.6%

     

Communications Equipment – 2.7%

     

F5 Networks, Inc.(a)

      179,180      $ 17,468,258   

QUALCOMM, Inc.

      223,600        13,742,456   
    

 

 

  
       31,210,714   
    

 

 

  

Computers & Peripherals – 9.6%

     

Apple, Inc.

      153,180        101,901,463   

EMC Corp./MA(a)

      380,337        9,999,060   
    

 

 

  
       111,900,523   
    

 

 

  

Internet Software & Services – 7.6%

     

eBay, Inc.(a)

      418,323        19,857,793   

Google, Inc. – Class A(a)

      77,925        53,385,638   

LinkedIn Corp.(a)

      63,100        6,770,630   

Rackspace Hosting, Inc.(a)

      154,210        9,249,516   
    

 

 

  
       89,263,577   
    

 

 

  

IT Services – 4.0%

     

Cognizant Technology Solutions Corp. – Class A(a)

      493,270        31,707,396   

Visa, Inc. – Class A

      118,830        15,239,947   
    

 

 

  
       46,947,343   
    

 

 

  

Semiconductors & Semiconductor Equipment – 1.4%

     

Broadcom Corp. – Class A(a)

      243,956        8,667,757   

Xilinx, Inc.

      240,030        8,139,417   
    

 

 

  
       16,807,174   
    

 

 

  

Software – 10.3%

     

ANSYS, Inc.(a)

      277,040        19,309,688   

Citrix Systems, Inc.(a)

      385,180        29,924,634   

Intuit, Inc.

      275,100        16,104,354   

Oracle Corp.

      661,110        20,924,132   

Red Hat, Inc.(a)

      265,210        14,862,368   

TIBCO Software, Inc.(a)

      672,847        20,131,582   
    

 

 

  
       121,256,758   
    

 

 

  
       417,386,089   
    

 

 

  

Consumer Discretionary – 15.6%

     

Automobiles – 0.7%

     

Harley-Davidson, Inc.

      184,857        7,756,600   
    

 

 

  

Hotels, Restaurants & Leisure – 3.5%

     

Chipotle Mexican Grill, Inc. – Class A(a)

      62,480        18,034,227   

Las Vegas Sands Corp.

      213,530        9,051,537   

Starbucks Corp.

      283,010        14,040,126   
    

 

 

  
       41,125,890   
    

 

 

  

Internet & Catalog Retail – 1.3%

     

priceline.com, Inc.(a)

      24,820        15,005,427   
    

 

 

  

 

284   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

Company        
    
Shares		     U.S. $ Value  

 

  
    

Media – 5.8%

     

Comcast Corp. – Class A

      638,230      $ 21,399,852   

Discovery Communications, Inc. – Class A(a)

      163,146        8,946,927   

Walt Disney Co. (The)

      760,570        37,625,398   
    

 

 

  
       67,972,177   
    

 

 

  

Multiline Retail – 0.9%

     

Dollar General Corp.(a)

      214,384        10,948,591   
    

 

 

  

Textiles, Apparel & Luxury Goods – 3.4%

     

Coach, Inc.

      387,220        22,509,098   

VF Corp.

      117,570        17,950,588   
    

 

 

  
       40,459,686   
    

 

 

  
       183,268,371   
    

 

 

  

Health Care – 14.2%

     

Biotechnology – 4.0%

     

Biogen Idec, Inc.(a)

      124,311        18,222,749   

Celgene Corp.(a)

      198,310        14,286,252   

Gilead Sciences, Inc.(a)

      248,575        14,340,292   
    

 

 

  
       46,849,293   
    

 

 

  

Health Care Equipment &
Supplies – 2.6%

     

IDEXX Laboratories, Inc.(a)

      206,180        19,599,471   

Intuitive Surgical, Inc.(a)

      20,960        10,307,918   
    

 

 

  
       29,907,389   
    

 

 

  

Health Care Providers & Services – 4.6%

     

McKesson Corp.

      157,530        13,722,438   

UnitedHealth Group, Inc.

      746,506        40,535,276   
    

 

 

  
       54,257,714   
    

 

 

  

Life Sciences Tools & Services – 0.6%

     

Illumina, Inc.(a)(b)

      159,160        6,697,453   
    

 

 

  

Pharmaceuticals – 2.4%

     

Allergan, Inc./United States

      258,590        22,272,357   

Perrigo Co.

      57,530        6,326,574   
    

 

 

  
       28,598,931   
    

 

 

  
       166,310,780   
    

 

 

  

Industrials – 10.7%

     

Aerospace & Defense – 3.3%

     

Boeing Co. (The)

      286,900        20,484,660   

Precision Castparts Corp.

      116,890        18,828,641   
    

 

 

  
       39,313,301   
    

 

 

  

Electrical Equipment – 3.7%

     

AMETEK, Inc.

      303,377        10,408,865   

Emerson Electric Co.

      324,510        16,459,147   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     285   

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

Company        
    
Shares		     U.S. $ Value  

 

  
    

Rockwell Automation, Inc.

      111,104      $ 8,006,154   

Roper Industries, Inc.

      82,700        8,500,733   
    

 

 

  
       43,374,899   
    

 

 

  

Industrial Conglomerates – 2.2%

     

Danaher Corp.

      482,459        25,845,329   
    

 

 

  

Machinery – 1.5%

     

Dover Corp.

      160,590        9,283,708   

Flowserve Corp.

      63,814        8,146,495   
    

 

 

  
       17,430,203   
    

 

 

  
       125,963,732   
    

 

 

  

Energy – 9.9%

     

Energy Equipment & Services – 7.9%

     

FMC Technologies, Inc.(a)

      181,530        8,502,865   

Halliburton Co.

      235,560        7,716,946   

National Oilwell Varco, Inc.

      232,490        18,320,212   

Oceaneering International, Inc.

      296,940        15,898,167   

Schlumberger Ltd.

      579,305        41,930,096   
    

 

 

  
       92,368,286   
    

 

 

  

Oil, Gas & Consumable Fuels – 2.0%

     

EOG Resources, Inc.

      84,715        9,174,635   

Noble Energy, Inc.

      170,887        15,020,967   
    

 

 

  
       24,195,602   
    

 

 

  
       116,563,888   
    

 

 

  

Consumer Staples – 5.3%

     

Food Products – 0.9%

     

Hershey Co. (The)

      148,920        10,695,434   
    

 

 

  

Personal Products – 1.2%

     

Estee Lauder Cos., Inc. (The) – Class A

      233,980        14,027,101   
    

 

 

  

Tobacco – 3.2%

     

Philip Morris International, Inc.

      423,245        37,795,779   
    

 

 

  
       62,518,314   
    

 

 

  

Financials – 4.1%

     

Capital Markets – 1.9%

     

Affiliated Managers Group, Inc.(a)

      103,140        12,131,327   

Blackstone Group LP

      766,619        10,341,690   
    

 

 

  
       22,473,017   
    

 

 

  

Diversified Financial Services – 2.2%

     

IntercontinentalExchange, Inc.(a)

      183,434        25,075,428   
    

 

 

  
       47,548,445   
    

 

 

  

Materials – 1.8%

     

Chemicals – 1.4%

     

Monsanto Co.

      185,017        16,116,831   
    

 

 

  

 

286   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

Company        
    
Shares		     U.S. $ Value  

 

  
    

Metals & Mining – 0.4%

     

Freeport-McMoRan Copper & Gold, Inc.

      127,880      $ 4,617,747   
    

 

 

  
       20,734,578   
    

 

 

  

Total Common Stocks
(cost $934,742,798)

        1,140,294,197   
    

 

 

  
    

SHORT-TERM INVESTMENTS – 3.1%

  

Investment Companies – 3.1%

     

AllianceBernstein Fixed-Income Shares, Inc. –Government STIF Portfolio, 0.15%(c)
(cost $36,691,232)

      36,691,232        36,691,232   
    

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 100.3% (cost $971,434,030)

        1,176,985,429   
    

 

 

  
    

INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 0.6%

     

Investment Companies – 0.6%

     

AllianceBernstein Exchange Reserves – Class I, 0.18%(c)
(cost $6,843,880)

      6,843,880        6,843,880   
    

 

 

  

Total Investments – 100.9%
(cost $978,277,910)

        1,183,829,309   

Other assets less liabilities – (0.9)%

        (10,993,938 ) 
    

 

 

  

Net Assets – 100.0%

      $ 1,172,835,371   
    

 

 

  

 

 

 

(a)   Non-income producing security.

 

(b)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

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

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     287   

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

INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		     U.S. $ Value  

 

  
    

COMMON STOCKS – 98.4%

     

Financials – 22.0%

     

Capital Markets – 3.3%

     

Credit Suisse Group AG(a)

      573,010      $ 11,041,627   

Deutsche Bank AG

      199,200        7,061,496   

Macquarie Group Ltd.

      508,000        14,193,684   
    

 

 

  
       32,296,807   
    

 

 

  

Commercial Banks – 12.8%

     

Banco do Brasil SA

      1,297,200        14,813,092   

Banco do Estado do Rio Grande do Sul SA (Preference Shares)

      303,400        2,473,654   

Banco Santander Brasil SA/Brazil (ADR)(b)

      506,690        3,840,710   

Bank of Montreal

      126,890        7,417,096   

HSBC Holdings PLC

      1,522,600        13,263,811   

KB Financial Group, Inc.

      450,822        14,655,076   

Komercni Banka AS

      17,400        3,383,350   

Lloyds Banking Group PLC(a)

      14,026,950        7,402,245   

Mitsubishi UFJ Financial Group, Inc.

      2,819,800        12,889,857   

National Australia Bank Ltd.

      518,110        13,563,793   

Societe Generale SA(a)

      520,884        13,731,939   

Sumitomo Mitsui Financial Group, Inc.

      339,500        10,574,012   

Turkiye Vakiflar Bankasi Tao – Class D

      3,376,770        7,644,471   

Westpac Banking Corp.

      40,894        1,050,932   
    

 

 

  
       126,704,038   
    

 

 

  

Diversified Financial Services – 2.4%

     

ING Groep NV(a)

      1,700,390        12,964,160   

ORIX Corp.

      73,640        6,852,237   

Resolution Ltd.

      1,090,463        3,744,433   
    

 

 

  
       23,560,830   
    

 

 

  

Insurance – 2.7%

     

Aegon NV

      1,356,641        6,963,824   

Allianz SE

      64,680        7,081,483   

Aviva PLC

      982,260        5,090,950   

Suncorp Group Ltd.

      830,820        7,921,724   
    

 

 

  
       27,057,981   
    

 

 

  

Real Estate Management &
Development – 0.8%

     

Evergrande Real Estate Group Ltd.(b)

      9,529,000        3,671,142   

New World Development Co., Ltd.(b)

      3,136,836        3,920,527   
    

 

 

  
       7,591,669   
    

 

 

  
       217,211,325   
    

 

 

  

Energy – 14.5%

     

Energy Equipment & Services – 0.9%

     

Seadrill Ltd.

      210,680        8,647,195   
    

 

 

  

 

288   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Oil, Gas & Consumable Fuels – 13.6%

     

Banpu PCL

      180,050      $ 2,585,687   

BP PLC

      4,874,310        34,190,973   

China Petroleum & Chemical Corp. – Class H

      7,802,000        7,369,881   

ENI SpA

      410,260        9,052,272   

Exxaro Resources Ltd.

      154,110        2,736,817   

Gazprom OAO (Sponsored ADR)

      1,677,110        16,333,374   

JX Holdings, Inc.

      1,352,100        7,040,088   

LUKOIL OAO (London) (Sponsored ADR)

      219,770        12,487,331   

Petroleo Brasileiro SA (Sponsored ADR)

      1,055,730        21,726,923   

PTT PCL

      440,500        4,639,062   

Royal Dutch Shell PLC (Euronext Amsterdam) – Class A

      453,682        15,870,864   
    

 

 

  
       134,033,272   
    

 

 

  
       142,680,467   
    

 

 

  

Consumer Discretionary – 13.3%

     

Auto Components – 3.6%

     

Cie Generale des Etablissements Michelin – Class B

      154,192        11,035,641   

GKN PLC

      2,077,630        7,044,710   

Magna International, Inc. – Class A(b)

      173,050        7,467,966   

NGK Spark Plug Co., Ltd.

      209,000        2,265,691   

Valeo SA

      156,660        7,393,003   
    

 

 

  
       35,207,011   
    

 

 

  

Automobiles – 6.7%

     

Bayerische Motoren Werke AG

      67,710        4,896,552   

Dongfeng Motor Group Co., Ltd. – Class H

      4,526,000        5,904,338   

Honda Motor Co., Ltd.

      315,900        10,064,671   

Kia Motors Corp.

      49,140        3,222,023   

Mazda Motor Corp.(a)

      4,223,000        5,099,021   

Nissan Motor Co., Ltd.

      1,639,600        15,376,190   

Renault SA

      149,130        6,954,889   

Volkswagen AG (Preference Shares)

      81,890        14,422,617   
    

 

 

  
       65,940,301   
    

 

 

  

Distributors – 0.4%

     

Imperial Holdings Ltd.

      162,480        3,943,128   
    

 

 

  

Household Durables – 0.4%

     

Sony Corp.

      377,000        4,270,320   
    

 

 

  

Leisure Equipment & Products – 0.3%

     

Namco Bandai Holdings, Inc.

      197,500        3,131,630   
    

 

 

  

Media – 0.4%

     

Fairfax Media Ltd.(b)

      3,170,950        1,385,717   

Informa PLC

      418,700        2,700,295   
    

 

 

  
       4,086,012   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     289   

International Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Specialty Retail – 1.2%

     

Mr. Price Group Ltd.

      327,240      $ 5,295,346   

Yamada Denki Co., Ltd.

      126,080        6,086,617   
    

 

 

  
       11,381,963   
    

 

 

  

Textiles, Apparel & Luxury Goods – 0.3%

     

Yue Yuen Industrial Holdings Ltd.

      1,049,000        3,051,406   
    

 

 

  
       131,011,771   
    

 

 

  

Materials – 10.1%

     

Chemicals – 3.4%

     

Agrium, Inc. (Toronto)

      85,250        8,389,655   

Air Water, Inc.

      165,000        1,927,071   

Arkema SA

      9,284        789,248   

DIC Corp.

      1,557,000        2,580,549   

Koninklijke DSM NV

      261,029        12,253,516   

OCI Co., Ltd.(b)

      33,890        5,705,901   

Ube Industries Ltd./Japan

      960,000        2,107,167   
    

 

 

  
       33,753,107   
    

 

 

  

Construction Materials – 0.2%

     

China Shanshui Cement Group Ltd.

      3,239,000        1,704,126   
    

 

 

  

Metals & Mining – 6.5%

     

Anglo American PLC

      339,820        9,436,942   

Arrium Ltd.

      2,742,721        1,844,179   

Dowa Holdings Co., Ltd.

      133,000        878,753   

Goldcorp, Inc.

      129,860        5,331,407   

KGHM Polska Miedz SA

      184,720        7,234,709   

Kinross Gold Corp.

      686,250        6,098,453   

Rio Tinto PLC

      254,170        11,096,866   

Vale SA (Sponsored ADR) (Local Preference Shares)

      1,365,450        22,011,054   
    

 

 

  
       63,932,363   
    

 

 

  
       99,389,596   
    

 

 

  

Information Technology – 8.7%

     

Computers & Peripherals – 1.4%

     

Fujitsu Ltd.

      2,255,000        9,221,862   

Lite-On Technology Corp.

      624,406        758,463   

Wistron Corp.

      3,809,400        4,279,294   
    

 

 

  
       14,259,619   
    

 

 

  

Electronic Equipment, Instruments & Components – 2.8%

     

AU Optronics Corp.(a)

      20,511,790        6,299,762   

Hon Hai Precision Industry Co., Ltd.

      1,330,000        3,785,782   

LG Display Co., Ltd.(a)

      746,170        17,287,622   
    

 

 

  
       27,373,166   
    

 

 

  

Office Electronics – 0.3%

     

Konica Minolta Holdings, Inc.

      385,000        2,868,416   
    

 

 

  

 

290   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Semiconductors & Semiconductor Equipment – 3.8%

     

Advanced Semiconductor Engineering, Inc.

      10,424,579      $ 7,847,891   

GCL-Poly Energy Holdings Ltd.(b)

      28,393,000        4,382,830   

Samsung Electronics Co., Ltd.

      7,160        7,813,579   

SK Hynix, Inc.(a)(b)

      469,020        8,811,075   

Sumco Corp.(a)

      367,700        2,791,179   

Tokyo Electron Ltd.

      129,400        6,113,245   
    

 

 

  
       37,759,799   
    

 

 

  

Software – 0.4%

     

Nintendo Co., Ltd.

      32,000        3,609,231   
    

 

 

  
       85,870,231   
    

 

 

  

Telecommunication Services – 7.0%

     

Diversified Telecommunication
Services – 4.2%

     

Nippon Telegraph & Telephone Corp.

      452,500        20,981,745   

Telecom Italia SpA (ordinary shares)

      9,707,700        9,019,403   

Telecom Italia SpA (savings shares)

      4,931,400        3,899,951   

Vivendi SA

      367,917        7,200,612   
    

 

 

  
       41,101,711   
    

 

 

  

Wireless Telecommunication
Services – 2.8%

     

America Movil SAB de CV Series L (ADR)

      289,640        7,411,887   

China Mobile Ltd.

      328,000        3,510,820   

Vodafone Group PLC

      5,995,507        17,290,773   
    

 

 

  
       28,213,480   
    

 

 

  
       69,315,191   
    

 

 

  

Health Care – 6.8%

     

Pharmaceuticals – 6.8%

     

AstraZeneca PLC

      571,770        26,745,559   

GlaxoSmithKline PLC

      421,910        9,563,078   

Novartis AG

      226,660        13,366,273   

Roche Holding AG

      96,500        17,543,072   
    

 

 

  
       67,217,982   
    

 

 

  

Industrials – 6.5%

     

Aerospace & Defense – 1.5%

     

Saab AB

      206,600        3,678,444   

Safran SA

      315,589        11,033,607   
    

 

 

  
       14,712,051   
    

 

 

  

Airlines – 0.2%

     

Cathay Pacific Airways Ltd.

      1,186,000        1,942,400   
    

 

 

  

Building Products – 1.0%

     

Asahi Glass Co., Ltd.

      1,648,000        10,028,916   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     291   

International Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Commercial Services & Supplies – 0.2%

     

Downer EDI Ltd.(a)

      486,658      $ 1,799,879   
    

 

 

  

Construction & Engineering – 1.1%

     

Bouygues SA

      434,310        10,793,289   
    

 

 

  

Electrical Equipment – 1.0%

     

Sumitomo Electric Industries Ltd.

      850,900        9,624,246   
    

 

 

  

Industrial Conglomerates – 0.7%

     

Jardine Matheson Holdings Ltd.

      63,200        3,406,176   

Jardine Strategic Holdings Ltd.

      93,000        3,093,564   
    

 

 

  
       6,499,740   
    

 

 

  

Machinery – 0.2%

     

IHI Corp.

      1,003,000        2,163,467   
    

 

 

  

Trading Companies & Distributors – 0.6%

     

Mitsubishi Corp.

      326,500        6,045,421   
    

 

 

  
       63,609,409   
    

 

 

  

Consumer Staples – 6.2%

     

Beverages – 0.7%

     

Asahi Group Holdings Ltd.

      301,500        7,316,694   
    

 

 

  

Food & Staples Retailing – 1.9%

     

Delhaize Group SA

      110,289        4,368,321   

George Weston Ltd.

      57,070        3,674,596   

Koninklijke Ahold NV

      848,300        10,491,360   
    

 

 

  
       18,534,277   
    

 

 

  

Food Products – 0.3%

     

Nestle SA

      49,420        3,070,148   
    

 

 

  

Tobacco – 3.3%

     

British American Tobacco PLC

      104,970        5,501,374   

Imperial Tobacco Group PLC

      243,910        9,516,133   

Japan Tobacco, Inc.

      455,000        13,796,154   

KT&G Corp.

      45,890        3,474,232   
    

 

 

  
       32,287,893   
    

 

 

  
       61,209,012   
    

 

 

  

Utilities – 3.3%

     

Electric Utilities – 1.1%

     

EDP – Energias de Portugal SA

      2,982,950        7,276,716   

Electricite de France SA

      185,860        3,780,085   
    

 

 

  
       11,056,801   
    

 

 

  

Multi-Utilities – 2.2%

     

E.ON AG

      457,620        10,502,189   

National Grid PLC

      684,740        7,433,151   

 

292   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Veolia Environnement SA

      335,910      $ 3,550,344   
    

 

 

  
       21,485,684   
    

 

 

  
       32,542,485   
    

 

 

  

Total Common Stocks
(cost $1,053,435,585)

        970,057,469   
    

 

 

  

SHORT-TERM INVESTMENTS – 1.1%

     

Investment Companies – 1.1%

     

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(c)
(cost $11,296,821)

      11,296,821        11,296,821   
    

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.5%
(cost $1,064,732,406)

        981,354,290   
    

 

 

  
    

INVESTMENTS OF CASH COLLATERAL
FOR SECURITY LOANED – 2.7%

     

Investment Companies – 2.7%

     

AllianceBernstein Exchange Reserves –
Class I, 0.18%(c)
(cost $26,420,345)

      26,420,345        26,420,345   
    

 

 

  

Total Investments – 102.2%
(cost $1,091,152,751)

        1,007,774,635   

Other assets less liabilities – (2.2)%

        (22,129,589 ) 
    

 

 

  

Net Assets – 100.0%

      $ 985,645,046   
    

 

 

  

FUTURES CONTRACTS (see Note C)

 

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

Purchased Contracts

  

  

Euro STOXX 50 Index Futures

     143        September 2012      $     3,851,154      $     4,381,521      $     530,367   

Topix Index Futures

     38        September 2012        3,381,740        3,526,023        144,283   
         

 

 

  
          $ 674,650   
         

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     293   

International Value Portfolio—Portfolio of Investments

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)		  

Barclays Bank PLC Wholesale

      USD         34,531         GBP         22,047         11/15/12       $ 468,169   

Credit Suisse London Branch (GFX)

      USD         17,587         AUD         16,926         11/15/12         (214,399)   

Credit Suisse London Branch (GFX)

      USD         19,564         NOK         119,384         11/15/12         980,831   

Goldman Sachs Capital Markets LP

      GBP         10,742         USD         17,045         11/15/12         (7,638 ) 

Goldman Sachs International

      EUR         6,714         USD         8,205         11/15/12         (247,298 ) 

HSBC Bank USA

      EUR         4,857         USD         5,977         11/15/12         (136,886 ) 

HSBC Bank USA

      USD         36,770         EUR         29,289         11/15/12         100,263   

Royal Bank of Canada

      CAD         28,143         USD         28,248         11/15/12         (257,406 ) 

Royal Bank of Canada

      USD         8,647         CAD         8,593         11/15/12         56,967   

Royal Bank of Scotland PLC

      JPY         1,599,681         USD         20,381         11/15/12         (63,029 ) 

Standard Chartered Bank

      JPY         3,057,431         USD         38,703         11/15/12         (371,031 ) 

State Street Bank & Trust Co.

      EUR         117,612         USD         145,414         11/15/12             (2,640,180)   

State Street Bank & Trust Co.

      USD         4,434         EUR         3,510         11/15/12         (15,556 ) 

UBS AG

      USD         26,061         NOK         153,846         11/15/12         414,547   

UBS AG

      USD         48,560         SEK         326,157         11/15/12         558,344   

Westpac Banking Corp.

      USD         21,270         AUD         20,948         11/15/12         230,892   
                 

 

 

  
                  $ (1,143,410 ) 
                 

 

 

  

 

 

(a)   Non-income producing security.

 

(b)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

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

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

 

294   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Value Portfolio—Portfolio of Investments

INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		     U.S. $ Value  

 

  
    

COMMON STOCKS – 99.1%

     

Financials – 27.4%

     

Capital Markets – 2.0%

     

UBS AG

      1,800,393      $ 20,087,696   
    

 

 

  

Commercial Banks – 10.2%

     

Banco Bilbao Vizcaya Argentaria SA

      1,562,300        11,884,014   

Banco Santander Brasil SA/Brazil (ADR)(a)

      1,549,700        11,746,726   

Banco Santander SA

      1,777,599        12,649,103   

BNP Paribas SA

      276,559        11,969,507   

HDFC Bank Ltd.

      1,054,820        11,288,815   

HSBC Holdings PLC

      2,407,350        20,971,125   

Intesa Sanpaolo SpA

      6,458,160        10,120,277   

Itau Unibanco Holding SA (ADR)

      576,180        9,109,406   

Sberbank of Russia (Sponsored ADR)

      218,223        2,518,293   
    

 

 

  
       102,257,266   
    

 

 

  

Consumer Finance – 1.4%

     

Shriram Transport Finance Co., Ltd.

      1,257,880        14,401,283   
    

 

 

  

Diversified Financial Services – 1.1%

     

IG Group Holdings PLC

      1,622,120        11,082,124   
    

 

 

  

Insurance – 8.8%

     

Admiral Group PLC(a)

      1,152,831        21,691,472   

AIA Group Ltd.

      8,539,600        29,514,526   

Lancashire Holdings Ltd.

      1,294,612        16,458,897   

Prudential PLC

      1,586,240        19,815,054   
    

 

 

  
       87,479,949   
    

 

 

  

Real Estate Management & Development – 2.9%

     

Daito Trust Construction Co., Ltd.

      57,300        5,610,532   

Hang Lung Properties Ltd.

      6,838,000        23,384,887   
    

 

 

  
       28,995,419   
    

 

 

  

Thrifts & Mortgage Finance – 1.0%

     

Housing Development Finance Corp.

      716,810        9,436,250   
    

 

 

  
       273,739,987   
    

 

 

  

Consumer Discretionary – 21.0%

     

Auto Components – 0.1%

     

Bharat Forge Ltd.

      185,690        933,032   
    

 

 

  

Distributors – 2.8%

     

Li & Fung Ltd.

      17,224,000        28,052,143   
    

 

 

  

Diversified Consumer Services – 2.5%

     

Anhanguera Educacional Participacoes SA

      634,500        9,442,950   

Estacio Participacoes SA

      984,100        15,271,270   
    

 

 

  
       24,714,220   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     295   

International Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Hotels, Restaurants & Leisure – 3.9%

     

Ajisen China Holdings Ltd.(a)

      11,220,800      $ 6,950,841   

Sands China Ltd.

      7,765,600        27,649,942   

Sodexo

      59,726        4,718,627   
    

 

 

  
       39,319,410   
    

 

 

  

Household Durables – 1.4%

     

MRV Engenharia e Participacoes SA

      2,349,300        13,633,555   
    

 

 

  

Media – 1.4%

     

Focus Media Holding Ltd. (ADR)(a)

      590,070        14,191,183   
    

 

 

  

Multiline Retail – 1.4%

     

Golden Eagle Retail Group Ltd.(a)

      7,444,000        13,765,839   
    

 

 

  

Specialty Retail – 5.6%

     

Belle International Holdings Ltd.

      9,959,000        18,015,228   

Indomobil Sukses Internasional TBK PT

      3,242,000        1,940,609   

L’Occitane International SA(a)

      2,414,250        6,177,145   

Nitori Holdings Co., Ltd.

      134,150        13,451,810   

Yamada Denki Co., Ltd.

      338,460        16,339,440   
    

 

 

  
       55,924,232   
    

 

 

  

Textiles, Apparel & Luxury Goods – 1.9%

     

Cie Financiere Richemont SA

      159,830        9,778,066   

LVMH Moet Hennessy Louis Vuitton SA

      15,480        2,522,253   

Trinity Ltd.

      9,862,000        6,495,172   
    

 

 

  
       18,795,491   
    

 

 

  
       209,329,105   
    

 

 

  

Industrials – 16.8%

     

Air Freight & Logistics – 2.0%

     

Kuehne & Nagel International AG

      177,862        20,214,699   
    

 

 

  

Commercial Services & Supplies – 1.4%

     

Edenred

      161,821        4,317,588   

Serco Group PLC

      1,098,230        9,814,521   
    

 

 

  
       14,132,109   
    

 

 

  

Construction & Engineering – 0.9%

     

Larsen & Toubro Ltd.

      250,480        6,066,852   

Samsung Engineering Co., Ltd.

      14,500        2,472,283   
    

 

 

  
       8,539,135   
    

 

 

  

Industrial Conglomerates – 1.4%

     

Keppel Corp., Ltd.

      1,551,000        13,944,631   
    

 

 

  

Professional Services – 10.1%

     

Bureau Veritas SA(a)

      197,260        18,179,497   

Capita PLC

      3,248,537        37,224,573   

Hays PLC

      7,819,368        8,536,751   

 

296   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Intertek Group PLC

      776,819      $ 34,720,628   

SGS SA

      929        1,871,589   
    

 

 

  
       100,533,038   
    

 

 

  

Road & Rail – 1.0%

     

DSV A/S

      115,187        2,500,751   

Globaltrans Investment PLC (Sponsored GDR)(b)

      402,760        7,571,888   
    

 

 

  
       10,072,639   
    

 

 

  
       167,436,251   
    

 

 

  

Consumer Staples – 11.8%

     

Food & Staples Retailing – 4.9%

     

Jeronimo Martins SGPS SA

      886,677        14,825,449   

Magnit OJSC (Sponsored GDR)(b)

      187,890        5,983,375   

Olam International Ltd.(a)

      18,212,370        28,164,112   
    

 

 

  
       48,972,936   
    

 

 

  

Food Products – 1.0%

     

Unilever PLC

      280,373        10,076,645   
    

 

 

  

Household Products – 1.1%

     

Henkel AG & Co. KGaA

      10,977        680,903   

Reckitt Benckiser Group PLC

      172,293        9,743,626   
    

 

 

  
       10,424,529   
    

 

 

  

Tobacco – 4.8%

     

British American Tobacco PLC

      726,344        38,066,970   

KT&G Corp.

      135,409        10,251,522   
    

 

 

  
       48,318,492   
    

 

 

  
       117,792,602   
    

 

 

  

Energy – 10.9%

     

Energy Equipment & Services – 2.4%

     

AMEC PLC

      585,361        10,293,563   

Saipem SpA

      109,550        5,187,723   

Technip SA

      87,020        9,144,347   
    

 

 

  
       24,625,633   
    

 

 

  

Oil, Gas & Consumable Fuels – 8.5%

     

Afren PLC(c)

      2,152,764        4,394,410   

BG Group PLC

      969,460        19,825,742   

NovaTek OAO (Sponsored GDR)(b)

      140,170        16,710,720   

Suncor Energy, Inc. (New York)(a)

      742,370        23,221,333   

Total SA

      413,650        20,623,222   
    

 

 

  
       84,775,427   
    

 

 

  
       109,401,060   
    

 

 

  

Information Technology – 8.0%

     

Internet Software & Services – 2.9%

     

Baidu, Inc. (Sponsored ADR)(c)

      149,640        16,675,882   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     297   

International Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

MercadoLibre, Inc.

      28,920      $ 2,301,454   

Telecity Group PLC

      733,919        10,135,101   
    

 

 

  
       29,112,437   
    

 

 

  

IT Services – 1.6%

     

Tata Consultancy Services Ltd.

      629,678        15,205,037   
    

 

 

  

Semiconductors & Semiconductor Equipment – 3.5%

     

Samsung Electronics Co., Ltd.
(Preference Shares)

      54,487        35,157,057   
    

 

 

  
       79,474,531   
    

 

 

  

Utilities – 1.2%

     

Independent Power Producers & Energy Traders – 1.2%

     

APR Energy PLC(a)

      994,581        12,239,160   
    

 

 

  

Materials – 1.0%

     

Chemicals – 1.0%

     

Filtrona PLC

      1,242,017        10,539,184   
    

 

 

  

Health Care – 1.0%

     

Health Care Providers & Services – 0.3%

     

Odontoprev SA

      490,900        2,660,180   
    

 

 

  

Life Sciences Tools & Services – 0.4%

     

Eurofins Scientific

      32,625        4,240,721   
    

 

 

  

Pharmaceuticals – 0.3%

     

Lupin Ltd.

      248,500        2,661,427   
    

 

 

  
       9,562,328   
    

 

 

  

Total Common Stocks
(cost $1,005,186,410)

        989,514,208   
    

 

 

  
     Contracts        

OPTIONS PURCHASED - PUTS – 0.2%

     

Options on Equity Indices – 0.2%

     

STOXX Europe Mid 200 Index
Expiration: Dec 2012,
Exercise Price: EUR 230.00(c)(d)
(cost $7,385,295)

      350,000        1,452,759   
    

 

 

  
     Shares        

WARRANTS – 0.1%

     

Industrials – 0.1%

     

Industrial Conglomerates – 0.1%

     

John Keells Holdings PLC, Deutsche Bank AG London, expiring 7/05/19(c)
(cost $1,464,275)

      923,120        1,379,326   
    

 

 

  

 

298   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

SHORT-TERM INVESTMENTS – 0.2%

     

Investment Companies – 0.2%

     

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(e)
(cost $2,418,529)

      2,418,529      $ 2,418,529   
    

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.6%
(cost $1,016,454,509)

        994,764,822   
    

 

 

  
    

INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 10.0%

     

Investment Companies – 10.0%

     

AllianceBernstein Exchange Reserves –
Class I, 0.18%(e)
(cost $100,018,471)

      100,018,471        100,018,471   
    

 

 

  

Total Investments – 109.6%
(cost $1,116,472,980)

        1,094,783,293   

Other assets less liabilities – (9.6)%

        (96,041,395 ) 
    

 

 

  

Net Assets – 100.0%

      $ 998,741,898   
    

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty  

Contracts to
Deliver

(000)

     In Exchange
For
(000)		     Settlement
Date		     Unrealized
Appreciation/
(Depreciation)		  

Barclays Bank PLC Wholesale

     USD        31,093        EUR        24,929        9/14/12      $ 265,093   

Barclays Bank PLC Wholesale

     USD        15,147        JPY        1,201,227        12/14/12        209,901   

BNP Paribas SA

     USD        19,581        CHF        18,757        9/14/12        68,698   

Citibank NA

     USD        33,878        JPY        2,652,199        9/14/12        (1,164 ) 

Citibank NA

     USD        4,905        SGD        6,246        9/14/12        105,885   

Credit Suisse London Branch (GFX)

     AUD        8,392        USD        8,083        9/14/12        (579,778 ) 

Credit Suisse London Branch (GFX)

     CHF        7,181        USD        7,326        9/14/12        (197,242 ) 

Deutsche Bank AG London

     GBP        10,753        USD        16,545        9/14/12        (529,014 ) 

Goldman Sachs International

     GBP        46,228        USD        71,924        9/14/12          (1,476,940)   

Goldman Sachs International

     USD        56,587        JPY          4,455,416        9/14/12        321,868   

HSBC BankUSA

     EUR        26,491        USD        33,491        9/14/12        167,675   

HSBC BankUSA

     GBP        11,515        USD        18,174        9/14/12        (109,474 ) 

HSBC BankUSA

     HKD          758,294        USD        97,761        9/14/12        (9,748 ) 

HSBC BankUSA

     USD        6,943        NOK        42,116        9/14/12        321,466   

HSBC BankUSA

     USD        6,879        SGD        8,828        9/14/12        202,842   

JPMorgan Chase Bank, NA

     GBP        4,690        USD        7,394        12/14/12        (51,196 ) 

Royal Bank of Canada

     EUR        4,989        USD        6,230        9/14/12        (45,993 ) 

Royal Bank of Canada

     USD        28,376        CAD        29,303        9/14/12        1,344,242   

Royal Bank of Scotland PLC

     USD        21,642        AUD        20,822        12/14/12        (322,191 ) 

Standard Chartered Bank

     USD        9,464        BRL        19,254        10/02/12        (21,257 ) 

State Street Bank and Trust Co.

     INR        434,048        USD        7,647        9/14/12        (151,694 ) 

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     299   

International Growth Portfolio—Portfolio of Investments

Counterparty  

Contracts to
Deliver

(000)

     In Exchange
For
(000)		     Settlement
Date		     Unrealized
Appreciation/
(Depreciation)		  

State Street Bank and Trust Co.

     BRL        19,254        USD        9,126        10/02/12      $ (316,078 ) 

UBS AG

     EUR          10,449        USD          12,931        9/14/12        (213,096 ) 

UBS AG

     USD        5,411        AUD        5,163        9/14/12        (81,488 ) 

Westpac Banking Corp

     USD        3,286        AUD        3,229        9/14/12        47,295   
           

 

 

  
            $   (1,051,388)   
           

 

 

  

CALL OPTIONS WRITTEN (see Note C)

 

Description   Contracts     Exercise
Price		     Expiration
Month		     U.S. $ Value  

STOXX Europe Mid 200 Index (d)

     350,000        EUR        190.00        December 2012      $   (176,092)   

(premium received $2,625,105)

          

 

(a)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

(b)   Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2012, the aggregate market value of these securities amounted to $30,265,983 or 3.0% of net assets.

 

(c)   Non-income producing security.

 

(d)   One contract relates to 50 shares.

 

(e)   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
CAD   – Canadian Dollar
CHF   – Swiss Franc
EUR   – Euro
GBP   – Great British Pound
HKD   – Hong Kong Dollar
INR   – Indian Rupee
JPY   – Japanese Yen
NOK   – Norwegian Krone
SGD   – Singapore Dollar

Glossary:

 

ADR   – American Depositary Receipt
GDR   – Global Depositary Receipt
OJSC   – Open Joint Stock Company

See notes to financial statements.

 

300   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

International Growth Portfolio—Portfolio of Investments

SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

MORTGAGE PASS-THROUGHS – 36.9%

       

Agency ARMs – 14.6%

       

Federal Home Loan Mortgage Corp.
2.024%, 8/01/42(a)

   U.S.$     9,484       $ 9,823,206   

2.488%, 7/01/42(a)

       12,327         12,904,084   

3.002%, 6/01/37(a)

       9,602         10,351,402   

Series 2005
2.896%, 5/01/35(a)

       3,182         3,413,851   

Federal National Mortgage Association
2.138%, 8/01/42(a)

       8,294         8,595,825   

2.26%, 8/01/42(a)

       6,690         6,949,632   

2.386%, 6/01/42(a)

       6,060         6,309,805   

2.397%, 1/01/36(a)

       1,651         1,769,764   

2.451%, 5/01/42(a)

       10,561         11,008,296   

2.497%, 6/01/42(b)

       9,835         10,257,466   

2.655%, 8/01/42(a)

       12,375         12,977,253   

2.666%, 8/01/42(a)

       12,444         13,050,597   

2.726%, 6/01/42(a)

       14,632         15,351,860   

Series 2003
2.78%, 12/01/33(a)

       814         870,699   

Series 2005
2.317%, 2/01/35(b)

       4,257         4,538,503   

2.998%, 10/01/35(a)

       2,502         2,694,419   

Series 2006
3.092%, 7/01/36(a)

       2,012         2,160,122   

Series 2007
2.151%, 1/01/37(b)

       1,030         1,091,438   

Series 2009
2.739%, 7/01/38(a)

       1,838         1,972,507   
      

 

 

  
         136,090,729   
      

 

 

  

Agency Fixed Rate 15-Year – 13.9%

       

Federal Home Loan Mortgage Corp. Gold
3.50%, 7/01/27

       8,751         9,365,609   

4.50%, 6/01/25

       8,438         9,075,619   

5.00%, 7/01/25

       3,709         4,017,295   

Series 2011
3.50%, 6/01/26

       11,033         11,680,406   

Federal National Mortgage Association
3.00%, TBA

       27,480         28,987,108   

3.50%, 3/01/26-9/01/26

       42,584         45,310,009   

Series 1998
6.00%, 10/01/13-12/01/13

       3         3,338   

Series 2001
6.00%, 11/01/16

       54         58,103   

Series 2002
6.00%, 12/01/17

       49         53,070   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     301   

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Series 2005
6.00%, 6/01/17-6/01/20

   U.S.$     95       $ 99,900   

Series 2006
6.00%, 5/01/21-1/01/22

       1,863         2,050,162   

Series 2007
6.00%, 2/01/22

       546         603,553   

Series 2012
3.00%, 3/01/27-8/01/27

       17,552         18,608,688   
      

 

 

  
         129,912,860   
      

 

 

  

Agency Fixed Rate 30-Year – 8.4%

       

Federal Home Loan Mortgage Corp. Gold
Series 2007
6.00%, 7/01/37-9/01/37

       1,223         1,344,644   

Series 2009
5.50%, 10/01/39

       4,827         5,283,968   

Federal National Mortgage Association
4.50%, 8/01/39-4/01/41

       8,469         9,432,396   

5.50%, 5/01/39

       4,132         4,533,328   

6.00%, 2/01/37-10/01/38

       22,989         25,372,856   

Series 2008
5.50%, 6/01/38

       9,485         10,406,176   

6.00%, 5/01/38-8/01/38

       17,459         19,276,153   

Series 2010
6.00%, 4/01/40

       2,145         2,367,321   
      

 

 

  
         78,016,842   
      

 

 

  

Total Mortgage Pass-Throughs
(cost $340,618,673)

          344,020,431   
      

 

 

  
      

GOVERNMENTS - TREASURIES – 32.9%

       

Canada – 2.0%

       

Canadian Government Bond
0.75%, 5/01/14

   CAD     18,610         18,754,424   
      

 

 

  

United States – 30.9%

       

U.S. Treasury Notes
0.25%, 2/28/14-4/30/14

   U.S.$     45,625         45,645,813   

0.625%, 4/30/13

       33,270         33,370,076   

0.875%, 4/30/17

       5,890         5,978,350   

1.00%, 8/31/16-10/31/16

       25,764         26,336,470   

1.375%, 11/15/12

       131,466         131,789,538   

2.875%, 1/31/13

       44,685         45,178,993   
      

 

 

  
         288,299,240   
      

 

 

  

Total Governments - Treasuries
(cost $306,023,692)

          307,053,664   
      

 

 

  
      

 

302   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

ASSET-BACKED SECURITIES – 15.3%

       

Autos - Fixed Rate – 5.8%

       

Ally Auto Receivables Trust
Series 2010-1, Class B
3.29%, 3/15/15(c)

   U.S.$     5,740       $ 5,945,928   

Series 2012-A, Class C
2.40%, 11/15/17(c)

       2,415         2,481,672   

AmeriCredit Automobile Receivables Trust
Series 2012-2, Class A3
1.05%, 10/11/16

       3,560         3,591,097   

Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class A
2.10%, 3/20/19(c)

       1,730         1,761,590   

Bank of America Auto Trust
Series 2009-2A, Class A4
3.03%, 10/15/16(c)

       5,298         5,341,414   

Series 2012-1, Class A4
1.03%, 12/15/16

       1,650         1,666,912   

Series 2012-1, Class C
2.09%, 7/17/17

       2,960         3,005,022   

BMW Vehicle Lease Trust
Series 2011-1, Class A2
0.64%, 4/22/13

       88         87,957   

Chrysler Financial Auto Securitization Trust
Series 2009-A, Class A3
2.82%, 1/15/16

       136         136,498   

Ford Auto Securitization Trust
Series 2011-R3A, Class A1
1.708%, 8/15/13(c)

   CAD     610         626,853   

Hyundai Auto Lease Securitization Trust
Series 2011-A, Class A2
0.69%, 11/15/13(c)

   U.S.$     944         943,868   

Mercedes-Benz Auto Lease Trust
Series 2011-B, Class A2
0.90%, 1/15/14(c)

       2,471         2,474,527   

Mercedes-Benz Auto Receivables Trust
Series 2009-1, Class A4
2.43%, 3/15/16

       7,560         7,632,425   

Navistar Financial Corp. Owner Trust
Series 2012-A, Class A2
0.85%, 3/18/15(c)

       2,873         2,875,787   

Nissan Auto Lease Trust
Series 2012-A, Class A2A
0.68%, 7/15/14

       2,155         2,163,303   

Nissan Auto Receivables Owner Trust
Series 2010-A, Class A3
0.87%, 7/15/14

       2,339         2,344,246   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     303   

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Porsche Innovative Lease Owner Trust
Series 2011-1, Class A2
0.92%, 2/20/14(c)

   U.S.$     2,523       $ 2,525,592   

Santander Drive Auto Receivables Trust
Series 2012-3, Class A2
0.83%, 4/15/15

       3,475         3,484,713   

SMART Trust/Australia
Series 2011-2USA, Class A2A
1.22%, 11/14/13(c)

       2,243         2,246,319   

World Omni Automobile Lease Securitization Trust
Series 2012-A, Class A3
0.93%, 11/16/15

       2,852         2,862,883   
      

 

 

  
         54,198,606   
      

 

 

  

Autos - Floating Rate – 2.9%

       

BMW Floorplan Master Owner Trust
Series 2009-1A, Class A
1.39%, 9/15/14(b)(c)

       4,360         4,362,180   

Ford Credit Floorplan Master Owner Trust
Series 2010-1, Class A
1.89%, 12/15/14(b)(c)

       6,070         6,096,955   

Series 2010-3, Class A2
1.94%, 2/15/17(b)(c)

       3,025         3,116,433   

Series 2012-1, Class A
0.71%, 1/15/16(b)

       4,546         4,560,548   

GE Dealer Floorplan Master Note Trust
Series 2009-2A, Class A
1.79%, 10/20/14(b)(c)

       5,438         5,449,333   

Hyundai Floorplan Master Owner Trust
Series 2009-1A, Class A
1.49%, 11/17/14(b)(c)

       3,765         3,773,436   
      

 

 

  
         27,358,885   
      

 

 

  

Credit Cards - Floating Rate – 2.7%

       

Capital One Multi-Asset Execution Trust
Series 2006-A12, Class A
0.30%, 7/15/16(b)

       6,000         5,994,300   

Chase Issuance Trust
Series 2011-A3, Class A3
0.36%, 12/15/15(b)

       5,010         5,014,298   

Discover Card Master Trust
Series 2010-A1, Class A1
0.89%, 9/15/15(b)

       7,206         7,226,768   

Gracechurch Card Funding PLC
Series 2012-1A, Class A2
0.935%, 2/15/17(b)(c)

   EUR     2,140         2,704,606   

 

304   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Penarth Master Issuer PLC
Series 2010-2A, Class A2
0.987%, 12/18/14(b)(c)

   U.S.$     2,010       $ 2,013,053   

Series 2012-1A, Class A1
0.807%, 3/18/14(b)(c)

       2,796         2,797,723   
      

 

 

  
         25,750,748   
      

 

 

  

Credit Cards - Fixed Rate – 2.1%

       

American Express Credit Account Master
Trust
Series 2012-2, Class A
0.68%, 3/15/18

       4,975         4,975,114   

Discover Card Master Trust
Series 2012-A1, Class A1
0.81%, 8/15/17

       1,322         1,332,806   

Series 2012-A3, Class A3
0.86%, 11/15/17

       1,621         1,634,894   

GE Capital Credit Card Master Note Trust
Series 2012-1, Class A
1.03%, 1/15/18

       5,170         5,220,475   

Series 2012-6, Class A
1.36%, 8/17/20

       4,670         4,684,594   

World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21

       1,540         1,548,248   
      

 

 

  
         19,396,131   
      

 

 

  

Other ABS - Fixed Rate – 1.2%

       

CIT Canada Equipment Receivables Trust
Series 2012-1A, Class A1
1.705%, 7/22/13(c)

   CAD     1,059         1,074,452   

CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15

   U.S.$     3,051         3,061,854   

GE Equipment Small Ticket LLC
Series 2011-1A, Class A2
0.88%, 8/21/13(c)

       881         881,020   

GE Equipment Transportation LLC
Series 2012-1, Class A3
0.99%, 11/23/15

       4,980         5,014,745   

John Deere Owner Trust
Series 2011-A, Class A2
0.64%, 6/16/14

       802         802,359   
      

 

 

  
         10,834,430   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     305   

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Other ABS - Floating Rate – 0.4%

       

GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.727%, 6/20/17(b)

   U.S.$     3,880       $ 3,899,734   
      

 

 

  

Home Equity Loans - Fixed Rate – 0.1%

       

Credit-Based Asset Servicing and
Securitization LLC
Series 2003-CB1, Class AF
3.95%, 1/25/33

       890         847,312   

Nationstar NIM Trust
Series 2007-A, Class A
9.79%, 3/25/37(d)(e)

       35         – 0 – 
      

 

 

  
         847,312   
      

 

 

  

Home Equity Loans - Floating
Rate – 0.1%

       

HSBC Home Equity Loan Trust
Series 2006-1, Class M1
0.517%, 1/20/36(b)

       885         800,944   
      

 

 

  

Total Asset-Backed Securities
(cost $142,830,512)

          143,086,790   
      

 

 

  
      

CORPORATES - INVESTMENT
GRADES – 7.7%

       

Industrial – 6.8%

       

Capital Goods – 1.1%

       

Caterpillar Financial Services Corp.
1.375%, 5/20/14

       4,990         5,061,656   

Eaton Corp.
0.798%, 6/16/14(b)

       2,469         2,474,548   

General Dynamics Corp.
5.25%, 2/01/14

       2,750         2,933,238   
      

 

 

  
         10,469,442   
      

 

 

  

Communications - Telecommunications – 1.0%

       

Cellco Partnership/Verizon Wireless
Capital LLC
5.55%, 2/01/14

       4,375         4,664,397   

Verizon Communications, Inc.
1.25%, 11/03/14

       1,685         1,712,166   

1.95%, 3/28/14

       3,130         3,204,040   
      

 

 

  
         9,580,603   
      

 

 

  

Consumer Cyclical - Automotive – 0.5%

       

American Honda Finance Corp.
2.375%, 3/18/13(c)

       4,534         4,578,978   
      

 

 

  

 

306   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Consumer Cyclical - Entertainment – 0.1%

       

Walt Disney Co. (The)
4.50%, 12/15/13

   U.S.$     934       $ 983,287   
      

 

 

  

Consumer Cyclical - Retailers – 0.8%

       

Target Corp.
0.488%, 1/11/13(b)

       7,016         7,021,571   
      

 

 

  

Consumer Non-Cyclical – 1.6%

       

Baxter International, Inc.
1.80%, 3/15/13

       1,051         1,058,554   

Bottling Group LLC
5.00%, 11/15/13

       2,669         2,813,214   

Eli Lilly & Co.
4.20%, 3/06/14

       2,845         3,006,166   

GlaxoSmithKline Capital, Inc.
4.85%, 5/15/13

       2,109         2,175,126   

Novartis Capital Corp.
4.125%, 2/10/14

       2,855         3,001,661   

Sanofi
1.625%, 3/28/14

       2,445         2,487,543   
      

 

 

  
         14,542,264   
      

 

 

  

Energy – 0.4%

       

Chevron Corp.
3.95%, 3/03/14

       2,885         3,033,707   

ConocoPhillips
4.75%, 2/01/14

       723         764,029   
      

 

 

  
         3,797,736   
      

 

 

  

Technology – 1.3%

       

Cisco Systems, Inc.
1.625%, 3/14/14

       4,905         5,002,271   

Oracle Corp.
4.95%, 4/15/13

       2,140         2,201,255   

Texas Instruments, Inc.
1.375%, 5/15/14

       4,990         5,072,106   
      

 

 

  
         12,275,632   
      

 

 

  
         63,249,513   
      

 

 

  

Financial Institutions – 0.9%

       

Banking – 0.4%

       

UnionBanCal Corp.
5.25%, 12/16/13

       3,867         4,048,347   
      

 

 

  

Finance – 0.5%

       

General Electric Capital Corp.
1.875%, 9/16/13

       4,791         4,858,198   
      

 

 

  
         8,906,545   
      

 

 

  

Total Corporates - Investment Grades
(cost $71,151,131)

          72,156,058   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     307   

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.0%

       

Non-Agency Fixed Rate CMBS – 3.0%

       

JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-LDPX, Class A2S
5.305%, 1/15/49

   U.S.$     3,856       $ 3,887,072   

Series 2010-C2, Class A1
2.749%, 11/15/43(c)

       1,934         2,026,089   

Series 2011-C3, Class A1
1.875%, 2/15/46(c)

       5,150         5,224,653   

Series 2011-C4, Class A1
1.525%, 7/15/46(c)

       2,323         2,342,034   

Series 2012-CBX, Class A1
0.958%, 6/16/45

       4,561         4,567,810   

Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2
4.96%, 7/12/38

       1,952         1,989,134   

Morgan Stanley Capital I, Inc.
Series 2011-C1, Class A1
2.602%, 9/15/47(c)

       5,063         5,216,121   

WF-RBS Commercial Mortgage Trust
Series 2011-C2, Class A1
2.501%, 2/15/44(c)

       2,291         2,348,123   
      

 

 

  
         27,601,036   
      

 

 

  

Non-Agency Floating Rate CMBS – 1.5%

       

Banc of America Large Loan, Inc.
Series 2005-MIB1, Class C
0.55%, 3/15/22(b)(c)

       2,500         2,475,352   

Commercial Mortgage Pass Through Certificates
Series 2005-FL11, Class D
0.58%, 11/15/17(b)(c)

       669         621,971   

Series 2007-FL14, Class C
0.54%, 6/15/22(b)(c)

       2,839         2,547,544   

Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class SVD
0.71%, 10/15/21(b)(c)

       4,900         4,591,560   

Series 2007-TFLA, Class A2
0.36%, 2/15/22(b)(c)

       4,126         4,007,391   
      

 

 

  
         14,243,818   
      

 

 

  

Agency CMBS – 0.5%

       

NCUA Guaranteed Notes
Series 2010-C1, Class A1
1.60%, 10/29/20

       4,828         4,897,285   
      

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $47,214,734)

          46,742,139   
      

 

 

  

 

308   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

COLLATERALIZED MORTGAGE OBLIGATIONS – 2.4%

       

Agency Fixed Rate – 2.0%

       

Federal Home Loan Mortgage Corp.
Series 3948, Class DA
3.00%, 12/15/24

   U.S.$     8,650       $ 8,972,170   

Federal National Mortgage Association
Series 2010-9, Class EA
3.50%, 1/25/24

       4,425         4,603,930   

Series 2011-39, Class DA
3.50%, 7/25/24

       5,149         5,301,956   
      

 

 

  
         18,878,056   
      

 

 

  

Non-Agency Floating Rate – 0.3%

       

Mortgage Equity Conversion Asset Trust
Series 2007-FF2, Class A
0.66%, 2/25/42(b)(c)

       2,968         2,424,470   
      

 

 

  

Non-Agency Fixed Rate – 0.1%

       

Merrill Lynch Mortgage Investors, Inc.
Series 2005-A8, Class A1C1
5.25%, 8/25/36

       378         383,313   
      

 

 

  

Agency Floating Rate – 0.0%

       

Fannie Mae Whole Loan
Series 2003-W13, Class AV2
0.516%, 10/25/33(b)

       114         113,433   

Freddie Mac Reference REMICs
Series R008, Class FK
0.64%, 7/15/23(b)

       167         166,840   
      

 

 

  
         280,273   
      

 

 

  

Total Collateralized Mortgage Obligations
(cost $22,534,597)

          21,966,112   
      

 

 

  

INFLATION-LINKED SECURITIES – 1.2%

       

United States – 1.2%

       

U.S. Treasury Inflation Index
1.875%, 7/15/13 (TIPS)

       3,479         3,582,966   

2.00%, 1/15/14 (TIPS)

       6,884         7,185,469   
      

 

 

  

Total Inflation-Linked Securities
(cost $10,740,919)

          10,768,435   
      

 

 

  

GOVERNMENTS - SOVEREIGN
AGENCIES – 0.7%

       

Netherlands – 0.7%

       

Achmea Hypotheekbank NV
0.792%, 11/03/14(b)(c)
(cost $6,454,707)

       6,456         6,435,225   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     309   

Short Duration Bond 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, 0.15%(f)
(cost $6,761,140)

      6,761,140      $ 6,761,140   
    

 

 

  

Total Investments – 102.8%
(cost $954,330,105)

        958,989,994   

Other assets less liabilities – (2.8)%

        (26,201,788 ) 
    

 

 

  

Net Assets – 100.0%

      $ 932,788,206   
    

 

 

  

FUTURES CONTRACTS (see Note C)

 

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

Purchased Contracts

  

        

U.S. T-Note 2 Yr Futures

     1,196        December 2012      $     263,639,795      $     263,811,439      $ 171,644   

U.S. T-Note 5 Yr Futures

     127        December 2012        15,766,263        15,832,336        66,073   

Sold Contracts

  

        

U.S. T-Note 10 Yr Futures

     197        December 2012        26,136,486        26,342,594            (206,108)   
         

 

 

  
          $ 31,609   
         

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)		  

Deutsche Bank AG London

      CAD         20,581         USD         20,763         9/27/12       $     (105,246)   

CROSS CURRENCY SWAP CONTRACTS (see Note C)

 

Counterparty    Expiration
Date		     

Pay

Currency

      Pay Rate     

Receive

Currency

      Receive
Rate		      Unrealized
Appreciation/
(Depreciation)		  

Barclays Bank PLC

      2/15/15         EUR        
 

 
 
 

 1 Month
EURIBOR

Plus a
Specified
Spread

   
  

  
  
  

      USD        
 

 
 
 

 1 Month
LIBOR

Plus a
Specified
Spread

   
  

  
  
  

    $     175,156   

 

(a)   Variable rate coupon, rate shown as of August 31, 2012.

 

(b)   Floating Rate Security. Stated interest rate was in effect at August 31, 2012.

 

(c)   Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2012, the aggregate market value of these securities amounted to $104,332,252 or 11.2% of net assets.

 

310   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Short Duration Bond Portfolio—Portfolio of Investments

(d)   Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 0.00% of net assets as of August 31, 2012, is 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 % 

 

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

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

Glossary:

 

ABS   – Asset-Backed Securities
ARMs   – Adjustable Rate Mortgages
CMBS   – Commercial Mortgage-Backed Securities
EURIBOR   – Euro Interbank Offered Rate
LIBOR   – London Interbank Offered Rates
NCUA   – National Credit Union Administration
REMICs   – Real Estate Mortgage Investment Conduits
TBA   – To Be Announced
TIPS   – Treasury Inflation Protected Security

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     311   

Short Duration Bond Portfolio—Portfolio of Investments

GLOBAL CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

GOVERNMENTS - TREASURIES – 38.1%

     

Austria – 1.0%

       

Austria Government Bond
3.50%, 9/15/21(a)

   EUR     8,285       $ 11,847,156   
      

 

 

  

Belgium – 3.1%

       

Belgium Government Bond
4.00%, 3/28/18

       8,285         11,798,512   

Series 46
3.75%, 9/28/15

       16,675         22,900,258   
      

 

 

  
         34,698,770   
      

 

 

  

Finland – 7.1%

       

Finland Government Bond
3.375%, 4/15/20

       33,335         48,180,339   

3.875%, 9/15/17

       21,968         32,118,680   
      

 

 

  
         80,299,019   
      

 

 

  

Germany – 1.5%

       

Bundesobligation
Series 162
0.75%, 2/24/17

       6,340         8,127,162   

Bundesrepublik Deutschland
4.25%, 7/04/39

       4,903         8,879,237   
      

 

 

  
         17,006,399   
      

 

 

  

Japan – 8.5%

       

Japan Government Ten Year Bond
Series 288
1.70%, 9/20/17

   JPY     2,306,350         31,632,618   

Japan Government Thirty Year Bond
Series 36
2.00%, 3/20/42

       560,250         7,308,609   

Japan Government Twenty Year Bond
Series 112
2.10%, 6/20/29

       2,053,350         28,555,924   

Series 48
2.50%, 12/21/20

       1,880,000         27,674,719   
      

 

 

  
         95,171,870   
      

 

 

  

Mexico – 0.5%

       

Mexican Bonos
Series M 10
7.75%, 12/14/17

   MXN     60,165         5,130,862   
      

 

 

  

Netherlands – 4.6%

       

Netherlands Government Bond
2.25%, 7/15/22(a)

   EUR     4,900         6,459,547   

4.50%, 7/15/17(a)

       30,450         45,201,670   
      

 

 

  
         51,661,217   
      

 

 

  

 

 

312   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Singapore – 1.0%

       

Singapore Government Bond
3.125%, 9/01/22

   SGD     11,900       $ 11,093,779   
      

 

 

  

South Africa – 1.2%

       

South Africa Government Bond
Series R204
8.00%, 12/21/18

   ZAR     100,722         13,046,034   
      

 

 

  

United Kingdom – 6.6%

       

United Kingdom Gilt
1.75%, 1/22/17

   GBP     14,110         23,629,884   

2.00%, 1/22/16

       5,808         9,751,319   

4.50%, 12/07/42

       2,978         6,188,535   

4.75%, 12/07/30

       16,349         35,083,080   
      

 

 

  
         74,652,818   
      

 

 

  

United States – 3.0%

       

U.S. Treasury Bonds
4.625%, 2/15/40

   U.S.$     18,561         26,135,645   

U.S. Treasury Notes
2.625%, 11/15/20

       7,266         8,052,203   
      

 

 

  
         34,187,848   
      

 

 

  

Total Governments - Treasuries
(cost $416,676,834)

          428,795,772   
      

 

 

  
      

CORPORATES - INVESTMENT GRADES – 29.1%

     

Financial Institutions – 13.7%

       

Banking – 9.2%

       

Bank of America Corp.
5.875%, 2/07/42

       2,896         3,285,584   

7.625%, 6/01/19

       1,700         2,076,099   

Series L
5.65%, 5/01/18

       4,350         4,859,716   

Barclays Bank PLC
6.625%, 3/30/22(a)

   EUR     1,800         2,251,554   

Bear Stearns Cos. LLC (The)
5.55%, 1/22/17

   U.S.$     5,410         6,122,199   

BNP Paribas SA
5.00%, 1/15/21

       2,966         3,194,038   

Capital One Financial Corp.
4.75%, 7/15/21

       2,470         2,770,888   

Citigroup, Inc.
4.50%, 1/14/22

       465         491,458   

5.50%, 4/11/13

       2,900         2,978,755   

6.50%, 8/19/13

       2,770         2,913,256   

8.50%, 5/22/19

       790         1,010,645   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     313   

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Compass Bank
5.50%, 4/01/20

   U.S.$     4,989       $ 4,849,977   

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.875%, 2/08/22

       3,060         3,186,868   

DNB Bank ASA
4.375%, 2/24/21(a)

   EUR     1,675         2,404,761   

Goldman Sachs Group, Inc. (The)
6.00%, 6/15/20

   U.S.$     2,700         3,020,854   

7.50%, 2/15/19

       2,855         3,424,233   

HSBC Holdings PLC
4.00%, 3/30/22

       5,990         6,421,957   

ING Bank NV
3.75%, 3/07/17(a)

       3,020         3,130,016   

JPMorgan Chase & Co.
4.40%, 7/22/20

       1,335         1,479,850   

4.625%, 5/10/21

       857         958,366   

Lloyds TSB Bank PLC
4.20%, 3/28/17

       3,575         3,791,716   

Macquarie Bank Ltd.
5.00%, 2/22/17(a)

       651         680,035   

Macquarie Group Ltd.
4.875%, 8/10/17(a)

       1,850         1,943,138   

Morgan Stanley
5.45%, 1/09/17

       1,615         1,698,454   

5.50%, 7/24/20

       2,455         2,524,037   

Nationwide Building Society
6.25%, 2/25/20(a)

       3,415         3,770,467   

Nordea Bank AB
3.125%, 3/20/17(a)

       2,990         3,107,507   

PNC Funding Corp.
3.30%, 3/08/22

       3,020         3,205,558   

Royal Bank of Scotland PLC (The)
6.125%, 1/11/21

       2,740         3,138,703   

Santander US Debt SAU
2.991%, 10/07/13(a)

       3,400         3,355,018   

Societe Generale SA
2.50%, 1/15/14(a)

       1,670         1,659,312   

5.20%, 4/15/21(a)

       1,355         1,395,650   

SouthTrust Corp.
5.80%, 6/15/14

       3,315         3,538,411   

Svenska Handelsbanken AB
2.875%, 4/04/17

       3,000         3,124,500   

UFJ Finance Aruba AEC
6.75%, 7/15/13

       1,913         2,006,775   

Unicredit Luxembourg Finance SA
6.00%, 10/31/17(a)

       1,386         1,218,126   

Vesey Street Investment Trust I
4.404%, 9/01/16

       948         988,196   

 

314   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Wachovia Corp.
5.50%, 5/01/13

   U.S.$     1,225       $ 1,265,184   
      

 

 

  
         103,241,861   
      

 

 

  

Finance – 0.6%

       

General Electric Capital Corp.
2.30%, 4/27/17

       4,200         4,335,551   

SLM Corp.
Series A
5.375%, 5/15/14

       2,085         2,180,858   
      

 

 

  
         6,516,409   
      

 

 

  

Insurance – 3.0%

       

Allied World Assurance Co., Ltd.
7.50%, 8/01/16

       1,820         2,110,272   

Berkshire Hathaway, Inc.
3.40%, 1/31/22

       2,800         3,002,126   

Coventry Health Care, Inc.
5.95%, 3/15/17

       665         777,594   

6.125%, 1/15/15

       260         283,050   

6.30%, 8/15/14

       2,060         2,232,859   

Guardian Life Insurance Co. of America
7.375%, 9/30/39(a)

       1,305         1,734,107   

Hartford Financial Services Group, Inc.
4.00%, 3/30/15

       685         720,281   

5.125%, 4/15/22

       600         644,854   

5.50%, 3/30/20

       1,727         1,884,986   

Humana, Inc.
6.30%, 8/01/18

       369         431,454   

6.45%, 6/01/16

       285         325,604   

7.20%, 6/15/18

       610         737,113   

Lincoln National Corp.
8.75%, 7/01/19

       791         1,023,547   

Markel Corp.
7.125%, 9/30/19

       1,105         1,296,247   

Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39(a)

       815         1,210,519   

MetLife, Inc.
4.75%, 2/08/21

       1,085         1,254,898   

7.717%, 2/15/19

       1,159         1,506,080   

Nationwide Mutual Insurance Co.
9.375%, 8/15/39(a)

       2,585         3,517,019   

Swiss Re Solutions Holding Corp.
7.00%, 2/15/26

       3,065         3,672,324   

UnitedHealth Group, Inc.
4.375%, 3/15/42

       3,020         3,215,019   

XL Group PLC
5.25%, 9/15/14

       1,920         2,040,539   
      

 

 

  
         33,620,492   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     315   

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Other Finance – 0.2%

       

ORIX Corp.
4.71%, 4/27/15

   U.S.$     2,467       $ 2,606,635   
      

 

 

  

REITS – 0.7%

       

ERP Operating LP
5.25%, 9/15/14

       2,600         2,808,504   

HCP, Inc.
6.00%, 1/30/17

       2,195         2,504,704   

Healthcare Realty Trust, Inc.
5.125%, 4/01/14

       2,373         2,478,411   
      

 

 

  
         7,791,619   
      

 

 

  
         153,777,016   
      

 

 

  

Industrial – 12.8%

       

Basic – 1.7%

       

AngloGold Ashanti Holdings PLC
5.375%, 4/15/20

       2,110         2,233,025   

ArcelorMittal
6.125%, 6/01/18

       2,271         2,253,967   

Dow Chemical Co. (The)
8.55%, 5/15/19

       1,640         2,213,833   

Eastman Chemical Co.
2.40%, 6/01/17

       760         788,111   

3.60%, 8/15/22

       780         820,252   

International Paper Co.
5.30%, 4/01/15

       2,625         2,880,851   

PPG Industries, Inc.
5.75%, 3/15/13

       1,642         1,686,106   

Rio Tinto Finance USA PLC
1.625%, 8/21/17

       2,795         2,796,188   

Teck Resources Ltd.
2.50%, 2/01/18

       678         682,235   

Vale Overseas Ltd.
4.375%, 1/11/22

       2,353         2,411,540   
      

 

 

  
         18,766,108   
      

 

 

  

Capital Goods – 0.7%

       

ADT Corp. (The)
3.50%, 7/15/22(a)

       657         682,440   

Holcim US Finance Sarl & Cie SCS
6.00%, 12/30/19(a)

       299         320,666   

John Deere Capital Corp.
2.80%, 1/27/23

       2,870         2,966,369   

Republic Services, Inc.
3.80%, 5/15/18

       85         93,257   

5.25%, 11/15/21

       1,213         1,436,985   

5.50%, 9/15/19

       1,768         2,093,761   
      

 

 

  
         7,593,478   
      

 

 

  

 

316   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Communications - Media – 2.4%

       

CBS Corp.
5.75%, 4/15/20

   U.S.$     1,410       $ 1,692,834   

Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22

       1,906         2,846,257   

DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.60%, 2/15/21

       1,870         2,043,196   

4.75%, 10/01/14

       1,200         1,289,929   

Globo Comunicacao e Participacoes SA
5.307%, 5/11/22(a)(b)

       681         742,290   

News America, Inc.
4.50%, 2/15/21

       890         1,021,632   

6.55%, 3/15/33

       1,383         1,613,556   

9.25%, 2/01/13

       670         691,484   

Omnicom Group, Inc.
3.625%, 5/01/22

       1,008         1,056,804   

Reed Elsevier Capital, Inc.
8.625%, 1/15/19

       2,894         3,713,306   

Time Warner Cable, Inc.
7.50%, 4/01/14

       1,325         1,459,470   

Time Warner Entertainment Co. LP
8.375%, 3/15/23

       2,680         3,749,124   

Virgin Media Secured Finance PLC
5.25%, 1/15/21

       1,080         1,240,180   

WPP Finance 2010
4.75%, 11/21/21

       417         454,896   

WPP Finance UK
8.00%, 9/15/14

       2,616         2,935,524   
      

 

 

  
         26,550,482   
      

 

 

  

Communications -
Telecommunications – 1.1%

       

American Tower Corp.
5.05%, 9/01/20

       2,750         3,006,250   

AT&T Corp.
8.00%, 11/15/31

       295         456,416   

AT&T, Inc.
4.45%, 5/15/21

       1,694         1,987,846   

British Telecommunications PLC
2.00%, 6/22/15

       1,215         1,242,192   

Deutsche Telekom International Finance BV
4.875%, 3/06/42(a)

       2,586         2,758,036   

Telecom Italia Capital SA
6.375%, 11/15/33

       375         316,875   

7.175%, 6/18/19

       1,450         1,515,250   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     317   

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

United States Cellular Corp.
6.70%, 12/15/33

   U.S.$     1,550       $ 1,618,752   
      

 

 

  
         12,901,617   
      

 

 

  

Consumer Cyclical - Automotive – 0.5%

     

Harley-Davidson Funding Corp.
5.75%, 12/15/14(a)

       2,465         2,660,448   

Toyota Motor Credit Corp.
3.30%, 1/12/22

       3,270         3,503,203   
      

 

 

  
         6,163,651   
      

 

 

  

Consumer Cyclical - Entertainment – 0.5%

       

Time Warner, Inc.
4.70%, 1/15/21

       1,460         1,674,544   

7.625%, 4/15/31

       2,810         3,814,595   
      

 

 

  
         5,489,139   
      

 

 

  

Consumer Cyclical - Other – 0.3%

       

Marriott International, Inc./DE
5.625%, 2/15/13

       3,270         3,336,780   
      

 

 

  

Consumer Cyclical - Retailers – 0.2%

       

CVS Caremark Corp.
6.60%, 3/15/19

       1,460         1,867,673   
      

 

 

  

Consumer Non-Cyclical – 1.7%

       

Ahold Finance USA LLC
6.875%, 5/01/29

       3,105         3,972,245   

Baxter International, Inc.
2.40%, 8/15/22

       2,810         2,826,843   

Bunge Ltd. Finance Corp.
5.10%, 7/15/15

       481         514,823   

5.875%, 5/15/13

       2,720         2,805,849   

Cadbury Schweppes US Finance LLC
5.125%, 10/01/13(a)

       3,480         3,629,703   

Delhaize Group SA
5.875%, 2/01/14

       775         815,016   

Laboratory Corp. of America Holdings
2.20%, 8/23/17

       708         718,149   

3.75%, 8/23/22

       341         353,901   

Pepsico, Inc.
4.00%, 3/05/42

       2,972         3,177,383   
      

 

 

  
         18,813,912   
      

 

 

  

Energy – 1.9%

       

Anadarko Petroleum Corp.
5.95%, 9/15/16

       735         849,942   

6.45%, 9/15/36

       877         1,082,430   

 

318   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Marathon Petroleum Corp.
3.50%, 3/01/16

   U.S.$     448       $ 475,245   

5.125%, 3/01/21

       760         873,327   

Nabors Industries, Inc.
9.25%, 1/15/19

       2,393         3,097,908   

Noble Energy, Inc.
8.25%, 3/01/19

       2,858         3,694,991   

Noble Holding International Ltd.
4.90%, 8/01/20

       251         279,986   

Occidental Petroleum Corp.
1.50%, 2/15/18

       2,558         2,600,890   

Phillips 66
4.30%, 4/01/22(a)

       3,010         3,274,916   

Reliance Holdings USA, Inc.
5.40%, 2/14/22(a)

       2,345         2,447,269   

Southwestern Energy Co.
4.10%, 3/15/22(a)

       823         865,287   

Weatherford International Ltd./Bermuda
9.625%, 3/01/19

       1,540         2,013,926   
      

 

 

  
         21,556,117   
      

 

 

  

Other Industrial – 0.2%

       

Noble Group Ltd.
6.75%, 1/29/20(a)

       2,741         2,809,525   
      

 

 

  

Technology – 0.6%

       

Agilent Technologies, Inc.
5.00%, 7/15/20

       505         576,665   

Hewlett-Packard Co.
4.65%, 12/09/21

       1,498         1,533,922   

Motorola Solutions, Inc.
7.50%, 5/15/25

       290         362,424   

Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22

       2,995         3,048,314   

Xerox Corp.
2.95%, 3/15/17

       1,024         1,048,629   

8.25%, 5/15/14

       310         344,657   
      

 

 

  
         6,914,611   
      

 

 

  

Transportation - Airlines – 0.3%

       

Southwest Airlines Co.
5.25%, 10/01/14

       1,695         1,829,152   

5.75%, 12/15/16

       1,115         1,291,120   
      

 

 

  
         3,120,272   
      

 

 

  

Transportation - Services – 0.7%

       

Asciano Finance Ltd.
3.125%, 9/23/15(a)

       3,375         3,405,979   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     319   

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Con-way, Inc.
6.70%, 5/01/34

   U.S.$     2,144       $ 2,164,077   

Ryder System, Inc.
5.85%, 11/01/16

       930         1,066,533   

7.20%, 9/01/15

       908         1,055,891   
      

 

 

  
         7,692,480   
      

 

 

  
         143,575,845   
      

 

 

  

Utility – 2.3%

       

Electric – 1.2%

       

Allegheny Energy Supply Co. LLC
5.75%, 10/15/19(a)

       1,610         1,760,670   

Constellation Energy Group, Inc.
5.15%, 12/01/20

       504         582,056   

FirstEnergy Corp.
Series C
7.375%, 11/15/31

       2,291         3,019,366   

Nisource Finance Corp.
6.80%, 1/15/19

       3,445         4,128,674   

SPI Electricity & Gas Australia Holdings Pty Ltd.
6.15%, 11/15/13(a)

       1,447         1,502,001   

TECO Finance, Inc.
4.00%, 3/15/16

       745         807,750   

5.15%, 3/15/20

       915         1,065,916   

Union Electric Co.
6.70%, 2/01/19

       315         404,382   
      

 

 

  
         13,270,815   
      

 

 

  

Natural Gas – 1.1%

       

Energy Transfer Partners LP
6.70%, 7/01/18

       972         1,152,069   

7.50%, 7/01/38

       2,264         2,700,966   

EQT Corp.
8.125%, 6/01/19

       1,707         2,056,139   

Kinder Morgan Energy Partners LP
3.95%, 9/01/22

       495         525,348   

4.15%, 3/01/22

       863         927,278   

Talent Yield Investments Ltd.
4.50%, 4/25/22(a)

       2,400         2,565,991   

Williams Partners LP
5.25%, 3/15/20

       2,198         2,528,586   
      

 

 

  
         12,456,377   
      

 

 

  
         25,727,192   
      

 

 

  

 

320   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Non Corporate Sectors – 0.3%

       

Agencies - Not Government Guaranteed – 0.3%

     

Abu Dhabi National Energy Co.
4.125%, 3/13/17(a)

   U.S.$     757       $ 811,800   

Petrobras International Finance Co. – Pifco
5.375%, 1/27/21

       2,500         2,782,075   
      

 

 

  
         3,593,875   
      

 

 

  

Total Corporates - Investment Grades
(cost $297,447,099)

          326,673,928   
      

 

 

  
      

MORTGAGE PASS-THROUGHS – 10.5%

     

Agency Fixed Rate 30-Year – 8.9%

       

Federal Home Loan Mortgage Corp. Gold
Series 2006
4.50%, 5/01/36

       82         87,879   

Series 2007
5.50%, 7/01/35

       2,128         2,345,920   

Federal National Mortgage Association
3.50%, 12/01/41

       16,923         17,951,258   

4.00%, 12/01/41

       39,351         42,250,639   

6.00%, 5/01/31-3/01/38

       4,313         4,763,242   

Series 2003
5.50%, 4/01/33

       1,745         1,928,445   

Series 2004
5.50%, 4/01/34-11/01/34

       5,574         6,158,496   

Series 2005
5.50%, 2/01/35

       1,370         1,513,659   

6.00%, 4/01/35

       4,824         5,422,211   

Series 2006
5.00%, 1/01/36

       5         5,297   

Series 2007
4.50%, 8/01/37

       485         525,122   

Series 2008
6.00%, 3/01/37-5/01/38

       14,951         16,577,274   
      

 

 

  
         99,529,442   
      

 

 

  

Agency Fixed Rate 15-Year – 1.1%

       

Federal National Mortgage Association
4.50%, TBA

       11,145         12,031,375   
      

 

 

  

Agency ARMs – 0.5%

       

Federal Home Loan Mortgage Corp.
2.963%, 5/01/38(c)

       2,438         2,631,570   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     321   

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Federal National Mortgage Association
Series 2003
2.78%, 12/01/33(c)

   U.S.$     1,129       $ 1,208,222   

Series 2007
2.337%, 3/01/34(c)

       2,111         2,244,762   
      

 

 

  
         6,084,554   
      

 

 

  

Total Mortgage Pass-Throughs
(cost $112,916,093)

          117,645,371   
      

 

 

  
      

ASSET-BACKED SECURITIES – 4.4%

       

Autos - Fixed Rate – 2.3%

       

AmeriCredit Automobile Receivables
Trust
Series 2011-3, Class A2
0.84%, 11/10/14

       2,334         2,336,132   

Series 2011-4, Class A2
0.92%, 3/09/15

       1,544         1,546,680   

Series 2011-5, Class A2
1.19%, 8/08/15

       1,231         1,235,534   

BMW Vehicle Lease Trust
Series 2011-1, Class A2
0.64%, 4/22/13

       93         93,018   

Ford Auto Securitization Trust
Series 2011-R3A, Class A2
1.96%, 7/15/15(a)

   CAD     4,552         4,627,455   

Ford Credit Auto Lease Trust
Series 2011-A, Class A2
0.74%, 9/15/13

   U.S.$     2,724         2,725,904   

Series 2011-B, Class A2
0.82%, 1/15/14

       1,969         1,972,495   

Huntington Auto Trust
Series 2011-1A, Class A3
1.01%, 1/15/16(a)

       2,315         2,328,314   

Hyundai Auto Lease Securitization Trust
Series 2011-A, Class A2
0.69%, 11/15/13(a)

       982         981,821   

SMART Trust/Australia
Series 2011-2USA, Class A2A
1.22%, 11/14/13(a)

       2,317         2,319,888   

Volkswagen Auto Lease Trust
Series 2011-A, Class A2
1.00%, 2/20/14

       2,622         2,629,992   

World Omni Automobile Lease
Securitization Trust
Series 2011-A, Class A2
0.81%, 10/15/13

       3,247         3,250,505   
      

 

 

  
         26,047,738   
      

 

 

  

 

322   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Credit Cards - Floating Rate – 1.6%

       

American Express Credit Account Master
Trust
Series 2011-1, Class A
0.41%, 4/17/17(d)

   U.S.$     6,685       $ 6,702,996   

Capital One Multi-Asset Execution Trust
Series 2006-A12, Class A
0.30%, 7/15/16(d)

       5,500         5,494,775   

Chase Issuance Trust
Series 2008-A10, Class A10
0.99%, 8/17/15(d)

       5,500         5,539,935   
      

 

 

  
         17,737,706   
      

 

 

  

Other ABS - Fixed Rate – 0.3%

       

CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15

       1,685         1,691,062   

GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15

       1,408         1,411,931   

John Deere Owner Trust
Series 2011-A, Class A2
0.64%, 6/16/14

       848         848,471   
      

 

 

  
         3,951,464   
      

 

 

  

Home Equity Loans - Fixed
Rate – 0.1%

       

Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.37%, 12/25/32

       417         374,373   

Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.36%, 1/25/33

       422         385,860   
      

 

 

  
         760,233   
      

 

 

  

Home Equity Loans - Floating
Rate – 0.1%

       

Citigroup Mortgage Loan Trust, Inc.
Series 2007-AMC4, Class M1
0.506%, 5/25/37(d)(e)

       3,715         132,893   

HSBC Home Equity Loan Trust
Series 2005-3, Class A1
0.497%, 1/20/35(d)

       599         562,791   

Option One Mortgage Loan Trust
Series 2006-3, Class M1
0.466%, 2/25/37(d)(e)

       1,222         3,621   
      

 

 

  
         699,305   
      

 

 

  

Total Asset-Backed Securities
(cost $53,995,929)

          49,196,446   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     323   

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.1%

       

Non-Agency Fixed Rate CMBS – 3.5%

       

Commercial Mortgage Pass Through Certificates
Series 2006-C8, Class A4
5.306%, 12/10/46

   U.S.$     3,065       $ 3,511,071   

Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class A3
5.467%, 9/15/39

       6,475         7,316,212   

JP Morgan Chase Commercial Mortgage
Securities Corp.
Series 2007-LD11, Class A4
6.003%, 6/15/49

       9,364         10,653,505   

LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A4
5.447%, 6/15/29

       6,015         6,429,704   

Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-2, Class A4
6.093%, 6/12/46

       3,075         3,554,242   

Series 2006-3, Class A4
5.414%, 7/12/46

       6,885         7,831,013   
      

 

 

  
         39,295,747   
      

 

 

  

Agency CMBS – 0.4%

       

FHLMC Multifamily Structured Pass Through Certificates
Series K008, Class A2
3.531%, 6/25/20

       4,653         5,181,621   
      

 

 

  

Non-Agency Floating Rate
CMBS – 0.2%

       

GS Mortgage Securities Corp. II
Series 2007-EOP, Class E
2.476%, 3/06/20(a)(d)

       1,855         1,838,728   
      

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $41,759,972)

          46,316,096   
      

 

 

  
      

GOVERNMENTS - SOVEREIGN AGENCIES – 3.8%

       

Canada – 2.7%

       

Canada Housing Trust No 1
3.35%, 12/15/20(a)

   CAD     27,715         30,751,490   
      

 

 

  

 

324   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Germany – 1.1%

       

KFW
4.375%, 7/04/18

   EUR     7,865       $ 11,777,265   
      

 

 

  

Total Governments - Sovereign Agencies
(cost $41,716,922)

          42,528,755   
      

 

 

  
      

AGENCIES – 3.6%

       

Agency Debentures – 3.6%

       

Federal Home Loan Mortgage Corp.
1.75%, 5/30/19

   U.S.$     12,000         12,445,056   

Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20

       32,305         28,582,786   
      

 

 

  

Total Agencies
(cost $35,867,842)

          41,027,842   
      

 

 

  
      

COVERED BONDS – 2.2%

       

Banco Santander SA
4.625%, 6/21/16

   EUR     1,300         1,636,736   

Bank of Nova Scotia
1.75%, 3/22/17(a)

   U.S.$     2,900         3,001,790   

BPCE SFH SA
2.75%, 2/16/17

   EUR     1,800         2,417,179   

3.625%, 5/12/16(a)

       400         551,138   

Caisse de Refinancement de l’Habitat SA
2.60%, 4/26/16

       1,403         1,878,156   

Cie de Financement Foncier SA
3.375%, 1/18/16

       3,457         4,690,984   

Credit Agricole Home Loan SFH
3.50%, 6/14/18(a)

       3,000         4,183,583   

Dexia Municipal Agency SA
3.50%, 9/16/16

       883         1,167,280   

Nationwide Building Society
3.125%, 10/13/16

       2,610         3,563,083   

Societe Generale SFH
3.25%, 6/06/16(a)

       900         1,225,072   
      

 

 

  

Total Covered Bonds
(cost $23,917,130)

          24,315,001   
      

 

 

  
      

QUASI-SOVEREIGNS – 1.4%

       

Quasi-Sovereign Bonds – 1.4%

       

Kazakhstan – 0.2%

       

KazMunayGas National Co.
7.00%, 5/05/20(a)

   U.S.$     1,990         2,424,795   
      

 

 

  

Malaysia – 0.3%

       

Petronas Capital Ltd.
5.25%, 8/12/19(a)

       3,390         3,988,976   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     325   

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Russia – 0.3%

       

Russian Agricultural Bank OJSC Via RSHB Capital SA
7.75%, 5/29/18(a)

   U.S.$     2,782       $ 3,275,805   
      

 

 

  

South Korea – 0.3%

       

Korea National Oil Corp.
3.125%, 4/03/17(a)

       2,995         3,114,120   
      

 

 

  

United Arab Emirates – 0.3%

       

IPIC GMTN Ltd.
3.75%, 3/01/17(a)

       3,300         3,460,875   
      

 

 

  

Total Quasi-Sovereigns
(cost $14,321,557)

          16,264,571   
      

 

 

  
      

GOVERNMENTS - SOVEREIGN
BONDS – 0.7%

       

Lithuania – 0.2%

       

Republic of Lithuania
6.625%, 2/01/22(a)

       1,768         2,099,500   
      

 

 

  

Qatar – 0.3%

       

State of Qatar
4.50%, 1/20/22(a)

       2,944         3,300,960   
      

 

 

  

Russia – 0.2%

       

Russian Foreign Bond – Eurobond
7.50%, 3/31/30(a)

       1,965         2,451,344   
      

 

 

  

Total Governments - Sovereign Bonds
(cost $6,807,251)

          7,851,804   
      

 

 

  
      

LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.4%

       

United States – 0.4%

       

California GO
7.625%, 3/01/40
(cost $3,378,149)

       3,310         4,452,115   
      

 

 

  
      

SUPRANATIONALS – 0.3%

       

International Bank for Reconstruction & Development
9.25%, 7/15/17
(cost $2,846,909)

       2,340         3,243,879   
      

 

 

  
      

 

326   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%

       

Non-Agency Fixed Rate – 0.1%

       

Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.746%, 5/25/35

   U.S.$     1,548       $ 1,429,322   
      

 

 

  

Non-Agency Floating Rate – 0.1%

       

Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1
1.148%, 12/25/35(d)

       864         530,220   

Countrywide Home Loan Mortgage Pass Through Trust
Series 2004-25, Class M1
0.766%, 2/25/35(d)(e)

       2,764         60,223   
      

 

 

  
         590,443   
      

 

 

  

Agency Fixed Rate – 0.0%

       

Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.865%, 5/28/35

       392         338,032   
      

 

 

  

Total Collateralized Mortgage Obligations
(cost $5,553,922)

          2,357,797   
      

 

 

  
        Shares         

SHORT-TERM INVESTMENTS – 2.1%

     

Investment Companies – 2.1%

       

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(f)
(cost $23,524,259)

       23,524,259         23,524,259   
      

 

 

  

Total Investments – 100.9%
(cost $1,080,729,868)

          1,134,193,636   

Other assets less liabilities – (0.9)%

          (9,986,795 ) 
      

 

 

  

Net Assets – 100.0%

        $ 1,124,206,841   
      

 

 

  

FUTURES CONTRACTS (see Note C)

 

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

Sold Contracts

  

        

U.S. T-Bond 30 Yr Futures

     205        December 2012      $     30,700,946      $     31,038,281      $     (337,335 ) 

U.S. T-Note 2 Yr Futures

     98        December 2012        21,599,619        21,616,656        (17,037 ) 
         

 

 

  
          $ (354,372 ) 
         

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     327   

Global Core Bond Portfolio—Portfolio of Investments

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)		  

Barclays Bank PLC Wholesale

      MXN         68,729         USD         5,194         9/06/12       $ (10,777 ) 

Barclays Bank PLC Wholesale

      EUR         2,950         USD         3,685         9/20/12         (26,288 ) 

Barclays Bank PLC Wholesale

      USD         1,567         EUR         1,256         9/20/12         13,253   

Barclays Bank PLC Wholesale

      JPY         6,042,203         USD         77,339         9/27/12         153,547   

BNP Paribas SA

      EUR         109,146         USD         134,271         9/20/12         (3,033,812 ) 

Deutsche Bank AG London

      USD         17,881         CAD         17,849         9/27/12         216,530   

Goldman Sachs Capital Markets LP

      ZAR         105,403         USD         12,496         10/04/12         1,703   

HSBC Bank USA

      EUR         74,800         USD         91,909         10/17/12         (2,217,413 ) 

JPMorgan Chase Bank NA

      EUR         1,073         USD         1,346         9/20/12         (4,433 ) 

JPMorgan Chase Bank NA

      JPY         1,334,853         USD         16,973         9/27/12         (79,025 ) 

JPMorgan Chase Bank NA

      SGD         10,700         USD         8,562         10/05/12         (21,843 ) 

Morgan Stanley and Co., Inc.

      EUR         864         USD         1,065         9/20/12         (21,723 ) 

Royal Bank of Canada

      GBP         46,656         USD         72,759         9/20/12         (1,320,420 ) 

Royal Bank of Canada

      CAD         52,511         USD         52,769         9/27/12         (476,328 ) 

Standard Chartered Bank

      SGD         3,357         USD         2,690         10/05/12         (2,784 ) 

State Street Bank & Trust Co.

      EUR         48         USD         60         9/20/12         (1,030 ) 
                 

 

 

  
                  $     (6,830,843 ) 
                 

 

 

  

 

(a)   Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2012, the aggregate market value of these securities amounted to $201,048,277 or 17.9% of net assets.

 

(b)   Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2012.

 

(c)   Variable rate coupon, rate shown as of August 31, 2012.

 

(d)   Floating Rate Security. Stated interest rate was in effect at August 31, 2012.

 

(e)   Illiquid security.

 

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

Currency Abbreviations:

 

CAD   – Canadian Dollar
EUR   – Euro
GBP   – Great British Pound
JPY   – Japanese Yen
MXN   – Mexican Peso
SGD   – Singapore Dollar
ZAR   – South African Rand

 

328   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Global Core Bond Portfolio—Portfolio of Investments

Glossary:

 

ABS   – Asset-Backed Securities
ARMs   – Adjustable Rate Mortgages
CMBS   – Commercial Mortgage-Backed Securities
FHLMC   – Federal Home Loan Mortgage Corporation
GO   – General Obligation
OJSC   – Open Joint Stock Company
REIT   – Real Estate Investment Trust
TBA   – To Be Announced

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     329   

Global Core Bond Portfolio—Portfolio of Investments

BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

INFLATION-LINKED SECURITIES – 100.1%

       

United States – 100.1%

       

U.S. Treasury Inflation Index
0.125%, 1/15/22 (TIPS)(a)

   U.S.$     23,199       $ 25,074,791   

0.125%, 7/15/22 (TIPS)

       22,528         24,408,228   

0.625%, 7/15/21 (TIPS)(a)

       78,015         88,291,341   

1.125%, 1/15/21 (TIPS)(a)

       13,806         16,141,035   

1.25%, 7/15/20 (TIPS)(a)(b)

       63,527         75,026,105   

1.375%, 7/15/18 (TIPS)(a)

       15,362         17,876,347   

1.375%, 1/15/20 (TIPS)

       41,951         49,623,244   

1.625%, 1/15/15 (TIPS)(a)

       75,573         81,016,418   

1.625%, 1/15/18 (TIPS)

       48,884         56,830,956   

1.875%, 7/15/13-7/15/19 (TIPS)

       69,179         79,427,215   

1.875%, 7/15/15 (TIPS)(a)

       63,257         69,547,643   

2.00%, 7/15/14 (TIPS)(a)

       101,531         108,265,253   

2.125%, 1/15/19 (TIPS)(a)

       26,599         32,363,605   

2.375%, 1/15/17 (TIPS)(a)(b)

       25,735         30,090,075   

2.375%, 1/15/25 (TIPS)

       1,217         1,633,693   

2.50%, 7/15/16 (TIPS)(a)

       16,034         18,575,691   

2.625%, 7/15/17 (TIPS)(a)

       16,266         19,591,387   
      

 

 

  

Total Inflation-Linked Securities
(cost $733,545,788)

          793,783,027   
      

 

 

  
      

CORPORATES - INVESTMENT GRADES – 20.4%

       

Industrial – 11.0%

       

Basic – 0.9%

       

Alcoa, Inc.
5.40%, 4/15/21

       1,205         1,244,102   

AngloGold Ashanti Holdings PLC
5.375%, 4/15/20

       980         1,037,140   

ArcelorMittal
6.125%, 6/01/18

       769         763,233   

Dow Chemical Co. (The)
5.25%, 11/15/41

       945         1,077,312   

8.55%, 5/15/19

       637         859,885   

Eastman Chemical Co.
2.40%, 6/01/17

       537         556,863   

3.60%, 8/15/22

       573         602,570   

Teck Resources Ltd.
2.50%, 2/01/18

       274         275,711   

4.75%, 1/15/22

       710         763,134   
      

 

 

  
         7,179,950   
      

 

 

  

Capital Goods – 0.6%

       

ADT Corp. (The)
3.50%, 7/15/22(c)

       462         479,889   

 

330   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

CRH Finance BV
7.375%, 5/28/14

   EUR     1,100       $ 1,526,202   

Embraer SA
5.15%, 6/15/22

   U.S.$     550         576,125   

Republic Services, Inc.
5.25%, 11/15/21

       1,675         1,984,296   
      

 

 

  
         4,566,512   
      

 

 

  

Communications - Media – 1.9%

       

CBS Corp.
5.75%, 4/15/20

       1,625         1,950,961   

Comcast Corp.
5.15%, 3/01/20

       1,745         2,077,024   

DirecTV Holdings LLC/DirecTV
Financing Co., Inc.
3.80%, 3/15/22

       1,330         1,373,842   

4.60%, 2/15/21

       660         721,128   

Globo Comunicacao e Participacoes SA 5.307%, 5/11/22(c)(d)

       606         660,540   

Interpublic Group of Cos., Inc. (The)
4.00%, 3/15/22

       199         207,130   

News America, Inc.
6.15%, 3/01/37-2/15/41

       1,584         1,935,868   

Omnicom Group, Inc.
3.625%, 5/01/22

       703         737,037   

Reed Elsevier Capital, Inc.
8.625%, 1/15/19

       1,340         1,719,361   

Time Warner Cable, Inc.
7.50%, 4/01/14

       1,435         1,580,634   

Virgin Media Secured Finance PLC
5.25%, 1/15/21

       428         491,479   

WPP Finance 2010
4.75%, 11/21/21

       1,737         1,894,855   
      

 

 

  
         15,349,859   
      

 

 

  

Communications - Telecommunications – 1.9%

       

American Tower Corp.
5.05%, 9/01/20

       1,355         1,481,261   

AT&T, Inc.
5.35%, 9/01/40

       1,397         1,676,379   

British Telecommunications PLC
2.00%, 6/22/15

       739         755,539   

5.95%, 1/15/18

       253         301,886   

Deutsche Telekom International Finance BV
4.875%, 3/06/42(c)

       1,777         1,895,217   

Koninklijke KPN NV
5.00%, 11/13/12

   EUR     1,185         1,502,906   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     331   

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Telecom Italia Capital SA
6.375%, 11/15/33

   U.S.$     1,165       $ 984,425   

Telefonica Emisiones SAU
5.462%, 2/16/21

       835         768,200   

United States Cellular Corp.
6.70%, 12/15/33

       835         872,037   

Verizon Communications, Inc.
7.35%, 4/01/39

       1,510         2,248,792   

Vodafone Group PLC
6.15%, 2/27/37

       1,660         2,224,187   
      

 

 

  
         14,710,829   
      

 

 

  

Consumer Cyclical - Automotive – 0.4%

       

Ford Motor Credit Co. LLC
3.00%, 6/12/17

       670         672,469   

5.00%, 5/15/18

       950         1,022,469   

Harley-Davidson Funding Corp.
5.75%, 12/15/14(c)

       1,640         1,770,034   
      

 

 

  
         3,464,972   
      

 

 

  

Consumer Cyclical - Other – 0.4%

       

Carnival PLC
4.25%, 11/27/13

   EUR     1,225         1,599,756   

Marriott International, Inc./DE
5.625%, 2/15/13

   U.S.$     1,700         1,734,718   
      

 

 

  
         3,334,474   
      

 

 

  

Consumer Cyclical - Retailers – 0.3%

       

Macy’s Retail Holdings, Inc.
3.875%, 1/15/22

       2,025         2,181,711   
      

 

 

  

Consumer Non-Cyclical – 0.8%

       

Bunge Ltd. Finance Corp.
5.10%, 7/15/15

       1,610         1,723,214   

Delhaize Group SA
5.875%, 2/01/14

       1,515         1,593,225   

Kroger Co. (The)
3.40%, 4/15/22

       1,375         1,418,230   

Laboratory Corp. of America Holdings
2.20%, 8/23/17

       479         485,866   

3.75%, 8/23/22

       240         249,080   

Tyson Foods, Inc.
4.50%, 6/15/22

       577         582,770   
      

 

 

  
         6,052,385   
      

 

 

  

Energy – 1.9%

       

Encana Corp.
3.90%, 11/15/21

       2,060         2,122,243   

 

332   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Marathon Petroleum Corp.
3.50%, 3/01/16

   U.S.$     230       $ 243,987   

5.125%, 3/01/21

       1,245         1,430,647   

Nabors Industries, Inc.
9.25%, 1/15/19

       1,064         1,377,424   

Noble Energy, Inc.
8.25%, 3/01/19

       1,370         1,771,217   

Phillips 66
4.30%, 4/01/22(c)

       2,075         2,257,625   

Reliance Holdings USA, Inc.
5.40%, 2/14/22(c)

       2,065         2,155,058   

Southwestern Energy Co.
4.10%, 3/15/22(c)

       568         597,185   

Valero Energy Corp.
6.125%, 2/01/20

       998         1,195,420   

Weatherford International Ltd./Bermuda
5.125%, 9/15/20

       1,860         2,020,763   
      

 

 

  
         15,171,569   
      

 

 

  

Technology – 1.0%

       

Agilent Technologies, Inc.
5.00%, 7/15/20

       249         284,336   

Hewlett-Packard Co.
4.65%, 12/09/21

       778         796,656   

Intel Corp.
4.80%, 10/01/41

       1,130         1,346,345   

Motorola Solutions, Inc.
7.50%, 5/15/25

       1,540         1,924,594   

Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22

       2,095         2,132,293   

Xerox Corp.
8.25%, 5/15/14

       1,425         1,584,312   
      

 

 

  
         8,068,536   
      

 

 

  

Transportation - Airlines – 0.2%

       

Southwest Airlines Co.
5.75%, 12/15/16

       1,615         1,870,097   
      

 

 

  

Transportation - Railroads – 0.3%

       

CSX Corp.
4.75%, 5/30/42

       1,970         2,180,749   
      

 

 

  

Transportation - Services – 0.4%

       

Asciano Finance Ltd.
5.00%, 4/07/18(c)

       950         1,006,567   

Ryder System, Inc.
3.15%, 3/02/15

       1,105         1,144,075   

5.85%, 11/01/16

       630         722,490   
      

 

 

  
         2,873,132   
      

 

 

  
         87,004,775   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     333   

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Financial Institutions – 6.0%

       

Banking – 3.1%

       

Bank of America Corp.
5.625%, 7/01/20

   U.S.$     705       $ 781,631   

Bank of Scotland PLC
5.625%, 5/23/13

   EUR     1,190         1,544,487   

Barclays Bank PLC
6.625%, 3/30/22(c)

       1,245         1,557,325   

Capital One Financial Corp.
7.375%, 5/23/14

   U.S.$     1,445         1,595,410   

Citigroup, Inc.
4.50%, 1/14/22

       1,940         2,050,384   

5.50%, 4/11/13

       865         888,491   

DNB Bank ASA
3.20%, 4/03/17(c)

       2,070         2,147,190   

Fifth Third Bancorp
3.50%, 3/15/22

       797         828,097   

Goldman Sachs Group, Inc. (The)
5.75%, 1/24/22

       545         601,387   

6.00%, 6/15/20

       685         766,402   

HSBC Holdings PLC
4.00%, 3/30/22

       810         868,411   

5.10%, 4/05/21

       1,130         1,299,836   

JPMorgan Chase & Co.
4.40%, 7/22/20

       715         792,579   

4.50%, 1/24/22

       1,120         1,243,702   

Macquarie Group Ltd.
7.625%, 8/13/19(c)

       720         792,929   

Morgan Stanley
5.50%, 7/24/20-7/28/21

       2,413         2,476,037   

National Capital Trust II
5.486%, 3/23/15(c)

       1,090         1,079,100   

Royal Bank of Scotland PLC (The)
3.25%, 1/11/14

       980         995,819   

UBS AG
7.625%, 8/17/22

       929         933,526   

UBS AG/Stamford CT
5.875%, 7/15/16

       655         711,002   

Vesey Street Investment Trust I
4.404%, 9/01/16

       671         699,451   
      

 

 

  
         24,653,196   
      

 

 

  

Finance – 0.3%

       

SLM Corp.
5.375%, 1/15/13

       925         938,917   

7.25%, 1/25/22

       1,075         1,161,000   
      

 

 

  
         2,099,917   
      

 

 

  

 

334   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Insurance – 2.1%

       

Allstate Corp. (The)
6.125%, 5/15/37

   U.S.$     1,145       $ 1,175,056   

American International Group, Inc.
6.40%, 12/15/20

       1,660         1,972,696   

Hartford Financial Services Group, Inc.
5.125%, 4/15/22

       1,330         1,429,425   

6.10%, 10/01/41

       760         802,102   

Humana, Inc.
7.20%, 6/15/18

       1,520         1,836,741   

Lincoln National Corp.
8.75%, 7/01/19

       550         711,695   

Markel Corp.
7.125%, 9/30/19

       1,067         1,251,670   

Marsh & McLennan Cos., Inc.
5.375%, 7/15/14

       1,585         1,691,737   

Nationwide Mutual Insurance Co.
9.375%, 8/15/39(c)

       1,410         1,918,374   

Swiss Re Capital I LP
6.854%, 5/25/16(c)

       1,815         1,796,850   

XL Group PLC
5.25%, 9/15/14

       1,590         1,689,822   
      

 

 

  
         16,276,168   
      

 

 

  

REITS – 0.5%

       

HCP, Inc.
5.375%, 2/01/21

       1,877         2,148,572   

Health Care REIT, Inc.
5.25%, 1/15/22

       1,945         2,176,321   
      

 

 

  
         4,324,893   
      

 

 

  
         47,354,174   
      

 

 

  

Utility – 3.0%

       

Electric – 1.0%

       

Allegheny Energy Supply Co. LLC
5.75%, 10/15/19(c)

       1,355         1,481,806   

Constellation Energy Group, Inc.
5.15%, 12/01/20

       263         303,732   

MidAmerican Energy Holdings Co.
6.125%, 4/01/36

       1,680         2,182,726   

Nisource Finance Corp.
6.15%, 3/01/13

       695         713,634   

Ohio Power Co.
5.50%, 2/15/13

       350         357,353   

Pacific Gas & Electric Co.
4.50%, 12/15/41

       800         895,784   

TECO Finance, Inc.
4.00%, 3/15/16

       1,680         1,821,503   
      

 

 

  
         7,756,538   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     335   

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Natural Gas – 2.0%

       

DCP Midstream LLC
9.75%, 3/15/19(c)

   U.S.$     1,290       $ 1,659,794   

Energy Transfer Partners LP
6.125%, 2/15/17

       1,645         1,891,497   

Enterprise Products Operating LLC
5.20%, 9/01/20

       720         844,464   

EQT Corp.
8.125%, 6/01/19

       1,385         1,668,280   

Kinder Morgan Energy Partners LP
3.95%, 9/01/22

       1,439         1,527,224   

4.15%, 3/01/22

       625         671,551   

ONEOK, Inc.
4.25%, 2/01/22

       2,025         2,168,880   

Spectra Energy Capital LLC
8.00%, 10/01/19

       1,395         1,810,266   

Talent Yield Investments Ltd.
4.50%, 4/25/22(c)

       2,090         2,234,551   

Williams Partners LP
3.80%, 2/15/15

       1,660         1,761,761   
      

 

 

  
         16,238,268   
      

 

 

  
         23,994,806   
      

 

 

  

Non Corporate Sectors – 0.4%

       

Agencies - Not Government Guaranteed – 0.4%

       

Abu Dhabi National Energy Co.
4.125%, 3/13/17(c)

       344         368,902   

Gazprom OAO Via Gaz Capital SA
6.212%, 11/22/16(c)

       1,292         1,436,058   

Petrobras International Finance Co. – Pifco
5.375%, 1/27/21

       1,570         1,747,143   
      

 

 

  
         3,552,103   
      

 

 

  

Total Corporates - Investment Grades
(cost $153,531,638)

          161,905,858   
      

 

 

  
      

ASSET-BACKED SECURITIES – 8.3%

       

Autos - Fixed Rate – 4.2%

       

AmeriCredit Automobile Receivables Trust
Series 2011-3, Class A2
0.84%, 11/10/14

       1,231         1,232,195   

Series 2011-4, Class A2
0.92%, 3/09/15

       823         824,896   

Series 2012-3, Class A3
0.96%, 1/09/17

       2,415         2,434,054   

Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class A
2.10%, 3/20/19(c)

       1,475         1,501,934   

 

336   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Bank of America Auto Trust
Series 2012-1, Class A4
1.03%, 12/15/16

   U.S.$     1,335       $ 1,348,684   

CarMax Auto Owner Trust
Series 2011-3, Class A3
1.07%, 6/15/16

       825         831,082   

Exeter Automobile Receivables Trust
Series 2012-1A, Class A
2.02%, 8/15/16(c)

       1,258         1,259,948   

Ford Credit Auto Lease Trust
Series 2011-A, Class A2
0.74%, 9/15/13

       1,443         1,443,992   

Ford Credit Auto Owner Trust
Series 2009-D, Class A4
2.98%, 8/15/14

       3,120         3,154,423   

Huntington Auto Trust
Series 2011-1A, Class A3
1.01%, 1/15/16(c)

       1,240         1,247,131   

Hyundai Auto Lease Securitization Trust
Series 2011-A, Class A2
0.69%, 11/15/13(c)

       532         531,801   

Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18

       585         587,768   

Mercedes-Benz Auto Lease Trust
Series 2011-B, Class A2
0.90%, 1/15/14(c)

       1,802         1,804,861   

Series 2012-A, Class A2
0.66%, 4/15/14

       2,573         2,576,039   

Navistar Financial Corp. Owner Trust
Series 2012-A, Class A2
0.85%, 3/18/15(c)

       2,448         2,450,375   

Nissan Auto Lease Trust
Series 2012-A, Class A2A
0.68%, 7/15/14

       1,870         1,877,205   

Porsche Innovative Lease Owner Trust
Series 2011-1, Class A3
1.09%, 9/22/14(c)

       2,190         2,195,823   

Santander Drive Auto Receivables Trust
Series 2012-3, Class A2
0.83%, 4/15/15

       2,990         2,998,357   

Series 2012-4, Class A2
0.79%, 8/17/15

       1,502         1,506,440   

SMART Trust/Australia
Series 2011-2USA, Class A2A
1.22%, 11/14/13(c)

       1,195         1,196,729   
      

 

 

  
         33,003,737   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     337   

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Credit Cards - Floating Rate – 1.6%

       

American Express Credit Account Master Trust
Series 2007-8, Class A
0.54%, 5/15/15(e)

   U.S.$     3,676       $ 3,677,286   

Series 2011-1, Class A
0.41%, 4/17/17(e)

       3,350         3,359,018   

Discover Card Master Trust
Series 2012, Class A4
0.37%, 5/15/19(e)

       1,825         1,830,906   

Penarth Master Issuer PLC (1)
Series 2010-2A, Class A2
0.987%, 12/18/14(c)(e)

       1,700         1,702,582   

Penarth Master Issuer PLC (2)
Series 2012-1A, Class A1
0.807%, 3/18/14(c)(e)

       2,401         2,402,479   
      

 

 

  
         12,972,271   
      

 

 

  

Autos - Floating Rate – 0.7%

       

Ford Credit Floorplan Master Owner Trust
Series 2012-1, Class A
0.71%, 1/15/16(e)

       3,956         3,968,661   

Hyundai Floorplan Master Owner Trust
Series 2009-1A, Class A
1.49%, 11/17/14(c)(e)

       2,075         2,079,649   
      

 

 

  
         6,048,310   
      

 

 

  

Other ABS - Fixed Rate – 0.7%

       

CIT Canada Equipment Receivables Trust
Series 2012-1A, Class A1
1.705%, 7/22/13(c)

   CAD     900         913,053   

CIT Equipment Collateral
Series 2012-VT1, Class A3
1.10%, 8/22/16(c)

   U.S.$     1,192         1,195,257   

CNH Equipment Trust
Series 2010-C, Class A3
1.17%, 5/15/15

       851         853,900   

Series 2012-A, Class A3
0.94%, 5/15/17

       1,605         1,617,820   

GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15

       707         709,202   
      

 

 

  
         5,289,232   
      

 

 

  

Credit Cards - Fixed Rate – 0.7%

       

GE Capital Credit Card Master Note Trust
Series 2012-6, Class A
1.36%, 8/17/20

       3,930         3,942,281   

 

338   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

World Financial Network Credit Card
Master Trust
Series 2012-B, Class A
1.76%, 5/17/21

   U.S.$     1,310       $ 1,317,017   
      

 

 

  
         5,259,298   
      

 

 

  

Other ABS - Floating Rate – 0.4%

       

GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.727%, 6/20/17(e)

       3,340         3,356,987   
      

 

 

  

Total Asset-Backed Securities
(cost $65,716,275)

          65,929,835   
      

 

 

  

COMMERCIAL MORTGAGE - BACKED SECURITIES – 4.7%

       

Non-Agency Fixed Rate CMBS – 3.8%

       

Commercial Mortgage Pass Through
Certificates
Series 2006-C8, Class A4
5.306%, 12/10/46

       3,350         3,837,549   

Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A4
5.444%, 3/10/39

       3,780         4,278,631   

GS Mortgage Securities Corp. II
Series 2012-GCJ7, Class A4
3.377%, 5/10/45

       4,045         4,286,770   

JP Morgan Chase Commercial Mortgage
Securities Corp.
Series 2006-CB15, Class A4
5.814%, 6/12/43

       2,255         2,560,900   

Series 2007-LD11, Class A4
6.003%, 6/15/49

       3,805         4,328,766   

Series 2010-C2, Class A1
2.749%, 11/15/43(c)

       1,665         1,743,891   

LB-UBS Commercial Mortgage Trust
Series 2006-C4, Class A4
6.064%, 6/15/38

       3,220         3,709,466   

Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2
4.96%, 7/12/38

       1,360         1,385,724   

Merrill Lynch/Countrywide Commercial
Mortgage Trust
Series 2006-3, Class A4
5.414%, 7/12/46

       3,265         3,713,617   
      

 

 

  
         29,845,314   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     339   

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Non-Agency Floating Rate CMBS – 0.5%

       

CW Capital Cobalt Ltd.
Series 2007-C3, Class A4
6.005%, 5/15/46(e)

   U.S.$     3,835       $ 4,391,029   
      

 

 

  

Agency CMBS – 0.4%

       

FHLMC Multifamily Structured Pass
Through Certificates
Series K008, Class A1
2.746%, 12/25/19

       3,075         3,288,113   
      

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $35,068,205)

          37,524,456   
      

 

 

  
      

MORTGAGE PASS-THROUGHS – 3.7%

       

Agency Fixed Rate 30-Year – 3.2%

       

Federal National Mortgage Association
3.50%, 12/01/41

       8,798         9,332,810   

6.00%, 10/01/40

       14,345         15,841,714   
      

 

 

  
         25,174,524   
      

 

 

  

Agency ARMs – 0.5%

       

Federal Home Loan Mortgage Corp.
2.963%, 5/01/38(f)

       1,258         1,358,230   

4.825%, 11/01/35(e)

       2,472         2,603,945   
      

 

 

  
         3,962,175   
      

 

 

  

Total Mortgage Pass-Throughs
(cost $28,683,347)

          29,136,699   
      

 

 

  
      

QUASI-SOVEREIGNS – 1.1%

       

Quasi-Sovereign Bonds – 1.1%

       

Indonesia – 0.2%

       

Perusahaan Listrik Negara PT
5.50%, 11/22/21(c)

       1,083         1,180,470   
      

 

 

  

Kazakhstan – 0.2%

       

KazMunayGas National Co.
7.00%, 5/05/20(c)

       1,328         1,618,155   
      

 

 

  

Malaysia – 0.2%

       

Petronas Capital Ltd.
5.25%, 8/12/19(c)

       1,500         1,765,033   
      

 

 

  

South Korea – 0.3%

       

Korea National Oil Corp.
3.125%, 4/03/17(c)

       2,070         2,152,330   
      

 

 

  

 

340   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

United Arab Emirates – 0.2%

       

IPIC GMTN Ltd.
3.75%, 3/01/17(c)

   U.S.$     1,695       $ 1,777,631   
      

 

 

  

Total Quasi-Sovereigns
(cost $7,965,257)

          8,493,619   
      

 

 

  
      

AGENCIES – 1.1%

       

Agency Debentures – 1.1%

       

Federal Home Loan Mortgage Corp.
2.375%, 1/13/22
(cost $7,888,452)

       7,932         8,335,707   
      

 

 

  

CORPORATES - NON-INVESTMENT GRADES – 1.0%

       

Industrial – 0.9%

       

Basic – 0.2%

       

LyondellBasell Industries NV
5.75%, 4/15/24

       1,087         1,231,028   
      

 

 

  

Capital Goods – 0.3%

       

B/E Aerospace, Inc.
5.25%, 4/01/22

       1,245         1,297,912   

Ball Corp.
5.00%, 3/15/22

       1,250         1,312,500   
      

 

 

  
         2,610,412   
      

 

 

  

Consumer Cyclical - Other – 0.3%

       

Host Hotels & Resorts LP
5.25%, 3/15/22(c)

       830         887,063   

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.375%, 3/15/22(a)(c)

       1,245         1,263,675   
      

 

 

  
         2,150,738   
      

 

 

  

Consumer Cyclical - Retailers – 0.0%

       

Dollar General Corp.
4.125%, 7/15/17

       336         349,440   
      

 

 

  

Energy – 0.1%

       

Cimarex Energy Co.
5.875%, 5/01/22

       596         637,720   
      

 

 

  
         6,979,338   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     341   

Bond Inflation Protection Portfolio—Portfolio of Investments

       

Principal

Amount
(000)

      U.S. $ Value  

 

  
      

Utility – 0.1%

       

Electric – 0.1%

       

CMS Energy Corp.
5.05%, 3/15/22

   U.S.$     669       $ 725,058   
      

 

 

  

Total Corporates - Non-Investment Grades
(cost $7,276,069)

          7,704,396   
      

 

 

  
      

GOVERNMENTS - SOVEREIGN BONDS – 0.4%

       

Indonesia – 0.2%

       

Republic of Indonesia
5.25%, 1/17/42(c)

       1,025         1,140,313   
      

 

 

  

Qatar – 0.2%

       

State of Qatar
4.50%, 1/20/22(c)

       1,445         1,620,206   
      

 

 

  

Total Governments - Sovereign Bonds
(cost $2,436,913)

          2,760,519   
      

 

 

  
      

BANK LOANS – 0.1%

       

Industrial – 0.1%

       

Technology – 0.1%

       

Lawson Software, Inc. (fka SoftBrands, Inc.) 6.25%, 4/05/18(e)
(cost $1,086,996)

       1,097         1,108,530   
      

 

 

  
        Shares         

SHORT-TERM INVESTMENTS – 0.4%

       

Investment Companies – 0.4%

       

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(g)
(cost $3,510,917)

       3,510,917         3,510,917   
      

 

 

  

Total Investments – 141.3%
(cost $1,046,709,857)

          1,120,193,563   

Other assets less liabilities – (41.3)%

          (327,472,112 ) 
      

 

 

  

Net Assets – 100.0%

        $ 792,721,451   
      

 

 

  

 

342   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

FUTURES CONTRACTS (see Note C)

 

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

Sold Contracts

  

        

U.S. T-Bond 30 Yr Futures

     129        December 2012      $     19,319,132      $     19,531,406      $     (212,274)   

U.S. T-Note 5 Yr Futures

     474        December 2012        58,839,415        59,090,766        (251,351 ) 

U.S. T-Note 10 Yr Futures

     74        December 2012        9,817,766        9,895,188        (77,422 ) 
         

 

 

  
          $ (541,047 ) 
         

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)		  

Barclays Bank PLC Wholesale

      EUR         1,294         USD         1,616         9/20/12       $ (10,428 ) 

Citibank NA

      EUR         5,211         USD         6,414         9/20/12         (141,275 ) 

Citibank NA

      USD         150         CAD         149         9/27/12         1,005   

Royal Bank of Canada

      CAD         1,047         USD         1,052         9/27/12         (9,498 ) 

Royal Bank of Scotland PLC

      EUR         6,141         USD         7,604         9/20/12         (122,496 ) 
                 

 

 

  
                  $     (282,692)   
                 

 

 

  

INTEREST RATE SWAP CONTRACTS (see Note C)

 

                Rate Type        
Swap
Counterparty		   Notional
Amount
(000)		     Termination
Date		     Payments
made
by the
Fund		     Payments
received
by the
Fund		     Unrealized
Appreciation/
(Depreciation)		  

Barclays Bank PLC

   $     33,270        6/7/13        0.627 %      3 Month LIBOR      $ (76,699 ) 

Barclays Bank PLC

     50,940        11/17/13        1.059 %      3 Month LIBOR        (574,836 ) 

Barclays Bank PLC

     7,590        1/17/22        2.05 %      3 Month LIBOR        (334,143 ) 

JPMorgan Chase Bank, NA

     8,040        5/17/21        3.268 %      3 Month LIBOR        (1,281,724 ) 

Morgan Stanley Capital Services Inc.

     46,600        3/12/14        0.563 %      3 Month LIBOR        (205,458 ) 

Morgan Stanley Capital Services Inc.

     3,990        3/6/42        2.804 %      3 Month LIBOR        (343,260 ) 

Morgan Stanley Capital Services Inc.

     5,480        2/21/42        2.813 %      3 Month LIBOR        (416,844 ) 
         

 

 

  
          $     (3,232,964)   
     

 

 

  

CREDIT DEFAULT SWAP CONTRACTS (see Note C)

 

Swap
Counterparty &
Referenced
Obligation		   Fixed
Rate
(Pay)
Receive		     Implied
Credit
Spread at
August 31,
2012		     Notional
Amount
(000)		     Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

Sale Contracts

            

Barclays Bank PLC.:

            

Bank of America Corp., 5.65% 5/01/18, 9/20/17*

     1.00 %      2.21 %    $     1,320      $     (72,084)      $     (92,561)      $     20,477   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     343   

Bond Inflation Protection Portfolio—Portfolio of Investments

Swap
Counterparty &
Referenced
Obligation		   Fixed
Rate
(Pay)
Receive		     Implied
Credit
Spread at
August 31,
2012		     Notional
Amount
(000)		     Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

CSFB:

            

Anadarko Petroleum Corp., 5.95% 9/15/16, 9/20/17*

     1.00        1.87        2,140      $ (84,274 )    $ (76,096 )    $     (8,178)   
       

 

 

    

 

 

    

 

 

  
        $     (156,358)      $     (168,657)      $ 12,299   
       

 

 

    

 

 

    

 

 

  

 

*   Termination date

REVERSE REPURCHASE AGREEMENTS (see Note C)

 

Broker    Interest Rate     Maturity      U.S. $ Value at
August 31,
2012		  

Bank of America+

      0.22 %      —       $ 51,736,038   

Bank of America

      0.25 %      10/11/12         29,644,532   

Bank of America

      0.26 %      9/17/12         29,645,921   

Bank of America

      0.27 %      9/17/12         21,121,184   

Barclays+

      0.21 %      —         39,455,378   

Barclays

      0.24 %      9/18/12         27,497,748   

Barclays

      0.25 %      9/05/12         25,249,656   

Barclays

      0.25 %      9/12/12         6,063,480   

Barclays

      0.25 %      9/13/12         8,010,089   

Barclays

      0.25 %      10/16/12         40,690,709   

Goldman

      0.27 %      9/11/12         17,497,072   

ING+

      (0.25 )%*      —         1,223,660   

Warburg+

      0.21 %      —         18,869,642   

Warburg

      0.23 %      9/10/12         12,640,610   
       

 

 

  
        $     329,345,719   
       

 

 

  

 

+   The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on August 31, 2012

 

*   Interest payment due from counterparty.

 

(a)   Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The market value of the collateral amounted to $333,539,458.

 

(b)   Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. The aggregate market value of these securities amounted to $2,979,322.

 

(c)   Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2012, the aggregate market value of these securities amounted to $62,925,383 or 7.9% of net assets.

 

(d)   Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2012.

 

(e)   Floating Rate Security. Stated interest rate was in effect at August 31, 2012.

 

(f)   Variable rate coupon, rate shown as of August 31, 2012.

 

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

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

 

344   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Bond Inflation Protection Portfolio—Portfolio of Investments

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CMBS – Commercial Mortgage-Backed Securities

FHLMC – Federal Home Loan Mortgage Corporation

LIBOR – London Interbank Offered Rates

REIT – Real Estate Investment Trust

TIPS – Treasury Inflation Protected Security

 

 

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     345   

Bond Inflation Protection Portfolio—Portfolio of Investments

HIGH-YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

CORPORATES - NON-INVESTMENT GRADES – 72.5%

       

Industrial – 58.3%

       

Basic – 4.1%

       

Aleris International, Inc.
7.625%, 2/15/18

   U.S.$     1,100       $ 1,146,750   

Arch Coal, Inc.
7.25%, 6/15/21(a)

       594         536,085   

Ashland, Inc.
4.75%, 8/15/22(b)

       161         161,403   

Calcipar SA
6.875%, 5/01/18(b)

       479         473,013   

Commercial Metals Co.
6.50%, 7/15/17

       1,366         1,400,150   

Consol Energy, Inc.
8.25%, 4/01/20

       1,485         1,600,087   

Huntsman International LLC
5.50%, 6/30/16(a)

       400         400,500   

8.625%, 3/15/21(a)

       891         1,020,195   

Ineos Finance PLC
7.50%, 5/01/20(b)

       376         383,520   

8.375%, 2/15/19(b)

       425         447,313   

JMC Steel Group
8.25%, 3/15/18(b)

       736         752,560   

LyondellBasell Industries NV
5.75%, 4/15/24

       1,075         1,217,437   

6.00%, 11/15/21

       339         386,460   

NewPage Corp.
10.00%, 5/01/12(c)

       397         19,850   

Nova Chemicals Corp.
8.625%, 11/01/19

       501         571,140   

Peabody Energy Corp.
6.00%, 11/15/18(b)

       275         281,188   

6.25%, 11/15/21(b)

       659         670,532   

7.375%, 11/01/16

       545         609,037   

Rain CII Carbon LLC/CII Carbon Corp.
8.00%, 12/01/18(b)

       501         513,525   

Smurfit Kappa Acquisitions
7.75%, 11/15/19(b)

   EUR     500         688,645   

Steel Dynamics, Inc.
6.125%, 8/15/19(b)

   U.S.$     515         534,313   

6.375%, 8/15/22(b)

       487         504,045   

TPC Group LLC
8.25%, 10/01/17

       1,047         1,149,082   

Weyerhaeuser Co.
7.375%, 3/15/32

       685         825,765   
      

 

 

  
         16,292,595   
      

 

 

  

 

346   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Capital Goods – 7.3%

       

Alliant Techsystems, Inc.
6.875%, 9/15/20

   U.S.$     320       $ 343,200   

Ardagh Packaging Finance PLC
7.375%, 10/15/17(b)

       620         664,950   

Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc.
7.375%, 10/15/17(b)

   EUR     650         862,536   

B/E Aerospace, Inc.
5.25%, 4/01/22

   U.S.$     848         884,040   

Berry Plastics Corp.
9.75%, 1/15/21

       1,205         1,334,537   

Building Materials Corp. of America
7.00%, 2/15/20(b)

       689         745,843   

7.50%, 3/15/20(b)

       499         546,405   

Cemex Finance LLC
9.50%, 12/14/16(b)

       500         510,000   

CNH America LLC
7.25%, 1/15/16

       935         1,051,875   

CNH Capital LLC
6.25%, 11/01/16(b)

       262         284,270   

Franz Haniel & Cie GmbH
6.25%, 2/08/18

   EUR     760         1,043,395   

Graphic Packaging International, Inc.
7.875%, 10/01/18

   U.S.$     500         557,500   

Griffon Corp.
7.125%, 4/01/18

       287         300,991   

HD Supply, Inc.
8.125%, 4/15/19(b)

       645         699,825   

Isabelle Acquisition Sub, Inc.
10.00%, 11/15/18(b)

       590         622,450   

KUKA AG
8.75%, 11/15/17(b)

   EUR     361         502,878   

Manitowoc Co., Inc. (The)
8.50%, 11/01/20

   U.S.$     922         1,021,115   

Masco Corp.
5.95%, 3/15/22

       1,170         1,263,336   

7.125%, 3/15/20

       900         1,027,060   

Mohawk Industries, Inc.
6.375%, 1/15/16

       627         697,538   

Nordenia International AG
9.75%, 7/15/17(b)

   EUR     517         747,825   

Plastipak Holdings, Inc.
8.50%, 12/15/15(b)

   U.S.$     1,180         1,215,400   

Polymer Group, Inc.
7.75%, 2/01/19

       1,300         1,394,250   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     347   

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

   U.S.$     712       $ 767,180   

7.75%, 10/15/16

       118         123,605   

7.875%, 8/15/19

       1,190         1,316,437   

8.25%, 2/15/21

       2,714         2,666,505   

9.00%, 4/15/19

       638         648,368   

Sealed Air Corp.
6.875%, 7/15/33(b)

       1,320         1,221,000   

8.125%, 9/15/19(b)

       551         612,988   

8.375%, 9/15/21(b)

       241         271,125   

TransDigm, Inc.
7.75%, 12/15/18

       1,200         1,336,500   

UR Merger Sub Corp.
8.25%, 2/01/21

       750         821,250   

8.375%, 9/15/20

       267         285,690   

9.25%, 12/15/19

       650         731,250   
      

 

 

  
         29,123,117   
      

 

 

  

Communications - Media – 7.4%

       

Allbritton Communications Co.
8.00%, 5/15/18

       510         549,525   

Cablevision Systems Corp.
8.00%, 4/15/20

       785         869,388   

CCO Holdings LLC/CCO Holdings Capital Corp.
6.625%, 1/31/22

       580         627,850   

7.00%, 1/15/19

       2,250         2,446,875   

7.375%, 6/01/20

       750         832,500   

7.875%, 4/30/18

       664         720,440   

8.125%, 4/30/20

       219         246,375   

Cequel Communications Holdings I LLC/Cequel Capital Corp.
8.625%, 11/15/17(b)

       1,015         1,089,856   

Clear Channel Worldwide Holdings, Inc.
Series A
7.625%, 3/15/20

       100         95,500   

Series B
7.625%, 3/15/20

       600         582,000   

9.25%, 12/15/17

       1,440         1,564,200   

Crown Media Holdings, Inc.
10.50%, 7/15/19

       470         518,175   

CSC Holdings LLC
7.625%, 7/15/18

       535         608,563   

DISH DBS Corp.
6.625%, 10/01/14

       970         1,048,812   

6.75%, 6/01/21

       1,100         1,171,500   

 

348   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Hughes Satellite Systems Corp.
7.625%, 6/15/21

   U.S.$     965       $ 1,066,325   

Intelsat Jackson Holdings SA
7.25%, 10/15/20

       1,900         2,052,000   

11.25%, 6/15/16

       123         129,458   

Intelsat Luxembourg SA
11.25%, 2/04/17

       1,725         1,811,250   

11.50%, 2/04/17(d)

       1,023         1,074,294   

Kabel Deutschland Holding AG
6.50%, 7/31/17(b)

   EUR     640         865,366   

Lamar Media Corp.
5.875%, 2/01/22

   U.S.$     459         486,540   

Quebecor Media, Inc.
7.75%, 3/15/16

       1,178         1,214,812   

RR Donnelley & Sons Co.
7.25%, 5/15/18

       824         824,000   

Sinclair Television Group, Inc.
8.375%, 10/15/18

       600         656,250   

Townsquare Radio LLC/Townsquare Radio, Inc.
9.00%, 4/01/19(b)

       332         351,090   

Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
7.50%, 3/15/19(b)

       402         435,202   

Univision Communications, Inc.
6.875%, 5/15/19(b)

       1,000         1,030,000   

8.50%, 5/15/21(b)

       950         961,875   

UPCB Finance III Ltd.
6.625%, 7/01/20(b)

       550         581,625   

UPCB Finance V Ltd.
7.25%, 11/15/21(b)

       665         724,850   

XM Satellite Radio, Inc.
7.625%, 11/01/18(b)

       975         1,072,500   

Ziggo Bond Co. BV
8.00%, 5/15/18(b)

   EUR     745         1,028,424   
      

 

 

  
         29,337,420   
      

 

 

  

Communications - Telecommunications – 4.7%

       

Crown Castle International Corp.
7.125%, 11/01/19

   U.S.$     1,000         1,087,500   

eAccess Ltd.
8.25%, 4/01/18(b)

       646         587,860   

Fairpoint Communications, Inc./Old
Series 1
13.125%, 4/02/18(c)

       1,966         19,661   

Frontier Communications Corp.
9.00%, 8/15/31

       545         572,250   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     349   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Level 3 Communications, Inc.
11.875%, 2/01/19

   U.S.$     743       $ 828,445   

Level 3 Financing, Inc.
7.00%, 6/01/20(b)

       800         796,000   

8.625%, 7/15/20

       314         335,980   

8.75%, 2/15/17

       685         714,969   

9.375%, 4/01/19

       550         602,250   

PAETEC Holding Corp.
9.875%, 12/01/18

       495         560,588   

Phones4u Finance PLC
9.50%, 4/01/18(b)

   GBP     345         528,635   

Portugal Telecom International Finance BV
5.625%, 2/08/16

   EUR     725         900,515   

SBA Telecommunications, Inc.
5.75%, 7/15/20(b)

   U.S.$     149         155,705   

Sprint Capital Corp.
6.875%, 11/15/28

       1,740         1,574,700   

8.75%, 3/15/32

       1,180         1,191,800   

Sprint Nextel Corp.
9.00%, 11/15/18(b)

       945         1,115,100   

Sunrise Communications Holdings SA
8.50%, 12/31/18(b)

   EUR     350         482,052   

Telenet Finance III Luxembourg SCA
6.625%, 2/15/21(b)

       420         552,048   

tw telecom holdings, Inc.
8.00%, 3/01/18

   U.S.$     1,039         1,153,290   

Wind Acquisition Finance SA

       

7.25%, 2/15/18(b)

       880         807,400   

11.75%, 7/15/17(b)

       985         901,275   

Windstream Corp.
7.50%, 4/01/23

       1,465         1,486,975   

7.875%, 11/01/17

       675         734,062   

8.125%, 9/01/18

       900         958,500   
      

 

 

  
         18,647,560   
      

 

 

  

Consumer Cyclical - Automotive – 1.9%

       

Affinia Group, Inc.
9.00%, 11/30/14

       380         384,750   

Allison Transmission, Inc.
7.125%, 5/15/19(b)

       975         1,031,062   

Commercial Vehicle Group, Inc.
7.875%, 4/15/19

       427         432,871   

Dana Holding Corp.
6.50%, 2/15/19

       140         149,450   

6.75%, 2/15/21

       111         119,603   

Delphi Corp.
5.875%, 5/15/19

       433         467,640   

6.125%, 5/15/21

       325         357,500   

 

350   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

General Motors Financial Co., Inc.
6.75%, 6/01/18

   U.S.$     760       $ 842,645   

Goodyear Tire & Rubber Co. (The)
8.75%, 8/15/20

       857         955,555   

Meritor, Inc.
4.625%, 3/01/26(e)

       200         175,750   

Navistar International Corp.
8.25%, 11/01/21

       1,224         1,165,860   

Schaeffler Finance BV
8.50%, 2/15/19(b)

       800         878,000   

UCI International, Inc.
8.625%, 2/15/19

       402         401,497   
      

 

 

  
         7,362,183   
      

 

 

  

Consumer Cyclical - Entertainment – 0.7%

       

AMC Entertainment, Inc.
9.75%, 12/01/20

       425         469,625   

ClubCorp Club Operations, Inc.
10.00%, 12/01/18

       385         418,688   

Greektown Holdings LLC
10.75%, 12/01/13(f)(g)(h)

       525         – 0 – 

NAI Entertainment Holdings LLC
8.25%, 12/15/17(b)

       837         933,255   

Regal Entertainment Group
9.125%, 8/15/18(a)

       1,020         1,137,300   
      

 

 

  
         2,958,868   
      

 

 

  

Consumer Cyclical - Other – 4.3%

       

Broder Brothers Co.
12.00%, 10/15/13(b)(d)

       354         349,145   

Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/18

       825         519,750   

Chester Downs & Marina LLC
9.25%, 2/01/20(b)

       456         460,560   

CityCenter Holdings LLC/CityCenter Finance Corp.
7.625%, 1/15/16

       1,111         1,180,437   

DR Horton, Inc.
6.50%, 4/15/16

       1,180         1,309,800   

Host Hotels & Resorts LP
Series Q
6.75%, 6/01/16

       760         780,900   

Isle of Capri Casinos, Inc.
7.75%, 3/15/19

       545         579,063   

Lennar Corp.
Series B
6.50%, 4/15/16

       1,260         1,345,050   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     351   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

M/I Homes, Inc.
8.625%, 11/15/18

   U.S.$     790       $ 840,362   

Marina District Finance Co., Inc.
9.875%, 8/15/18(a)

       745         717,994   

MGM Resorts International
6.625%, 7/15/15

       1,222         1,273,935   

7.75%, 3/15/22

       315         317,363   

NCL Corp., Ltd.
9.50%, 11/15/18

       293         322,300   

11.75%, 11/15/16

       500         576,250   

Royal Caribbean Cruises Ltd.
7.00%, 6/15/13

       1,885         1,946,262   

Ryland Group, Inc. (The)
6.625%, 5/01/20

       335         353,425   

Shea Homes LP/Shea Homes Funding Corp.
8.625%, 5/15/19

       703         782,088   

Standard Pacific Corp.
8.375%, 5/15/18

       500         560,000   

Station Casinos, Inc.
6.625%, 3/15/18(c)(g)(h)

       3,610         – 0 – 

Toll Brothers Finance Corp.
5.875%, 2/15/22

       525         572,281   

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
7.75%, 8/15/20

       1,900         2,123,250   
      

 

 

  
         16,910,215   
      

 

 

  

Consumer Cyclical - Restaurants – 0.2%

     

CKE Restaurants, Inc.
11.375%, 7/15/18

       675         777,094   
      

 

 

  

Consumer Cyclical - Retailers – 2.6%

       

Asbury Automotive Group, Inc.
8.375%, 11/15/20

       357         394,485   

Burlington Coat Factory Warehouse Corp.
10.00%, 2/15/19

       960         1,034,400   

Dollar General Corp.
4.125%, 7/15/17

       486         505,440   

J Crew Group, Inc.
8.125%, 3/01/19(a)

       1,040         1,088,100   

JC Penney Corp., Inc.
6.375%, 10/15/36

       250         197,500   

7.40%, 4/01/37

       513         441,180   

7.95%, 4/01/17

       785         792,850   

Limited Brands, Inc.

       

5.625%, 2/15/22

       503         529,408   

6.625%, 4/01/21

       400         448,000   

6.90%, 7/15/17

       1,063         1,209,162   

 

352   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Michaels Stores, Inc.
7.75%, 11/01/18

   U.S.$     500       $ 532,500   

Rite Aid Corp.
8.00%, 8/15/20

       1,000         1,125,000   

10.25%, 10/15/19

       648         730,620   

Sally Holdings LLC/Sally Capital, Inc.
5.75%, 6/01/22

       606         652,208   

Toys R US-Delaware, Inc.
7.375%, 9/01/16(b)

       805         811,037   
      

 

 

  
         10,491,890   
      

 

 

  

Consumer Non-Cyclical – 10.0%

       

Alere, Inc.
8.625%, 10/01/18

       800         826,000   

AMGH Merger Sub, Inc.
9.25%, 11/01/18(b)

       1,299         1,406,167   

ARAMARK Corp.
8.50%, 2/01/15

       1,710         1,752,767   

Aurora Diagnostics Holdings/Aurora Diagnostics Financing, Inc.
10.75%, 1/15/18

       405         401,963   

Biomet, Inc.
11.625%, 10/15/17

       448         478,800   

Capsugel FinanceCo SCA
9.875%, 8/01/19(b)

   EUR     740         1,051,772   

Care UK Health & Social Care PLC
9.75%, 8/01/17(b)

   GBP     510         850,294   

Catalent Pharma Solutions, Inc.
9.50%, 4/15/15(d)

   U.S.$     372         381,300   

CHS/Community Health Systems, Inc.
7.125%, 7/15/20

       401         420,048   

8.00%, 11/15/19

       309         333,720   

Constellation Brands, Inc.
6.00%, 5/01/22

       1,107         1,243,991   

ConvaTec Healthcare E SA
10.50%, 12/15/18(b)

       386         411,090   

Del Monte Corp.
7.625%, 2/15/19

       595         594,256   

Dole Food Co., Inc.
8.00%, 10/01/16(b)

       500         522,500   

Elan Finance PLC/Elan Finance Corp.
8.75%, 10/15/16

       500         542,500   

Elizabeth Arden, Inc.
7.375%, 3/15/21

       445         493,950   

Emergency Medical Services Corp.
8.125%, 6/01/19

       1,123         1,198,802   

Endo Health Solutions, Inc.
7.00%, 7/15/19

       195         210,600   

7.25%, 1/15/22

       255         276,994   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     353   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Fresenius Medical Care US Finance, Inc.
6.50%, 9/15/18(b)

   U.S.$     385       $ 431,681   

Grifols, Inc.
8.25%, 2/01/18

       700         770,000   

HCA Holdings, Inc.
7.75%, 5/15/21

       700         761,250   

HCA, Inc.
6.375%, 1/15/15

       2,748         2,930,055   

6.50%, 2/15/20

       3,125         3,433,594   

IASIS Healthcare LLC/IASIS Capital Corp.
8.375%, 5/15/19

       375         357,656   

Jarden Corp.
7.50%, 1/15/20

       280         309,400   

JBS USA LLC/JBS USA Finance, Inc.
7.25%, 6/01/21(b)

       215         196,725   

8.25%, 2/01/20(b)

       764         725,800   

Kinetic Concepts, Inc./KCI USA, Inc.
10.50%, 11/01/18(b)

       1,015         1,032,762   

Mead Products LLC/ACCO Brands Corp.
6.75%, 4/30/20(b)

       401         424,058   

Minerva Luxembourg SA
12.25%, 2/10/22(b)

       325         372,125   

Mylan, Inc./PA
7.875%, 7/15/20(b)

       750         847,500   

New Albertsons, Inc.
7.45%, 8/01/29

       1,870         1,103,300   

Party City Holdings, Inc.
8.875%, 8/01/20(b)

       640         676,800   

Pharmaceutical Product Development, Inc.
9.50%, 12/01/19(b)

       995         1,109,425   

Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
8.25%, 9/01/17

       825         874,500   

Post Holdings, Inc.
7.375%, 2/15/22(b)

       319         336,146   

Priory Group No 3 PLC
7.00%, 2/15/18(b)

   GBP     525         839,874   

PSS World Medical Inc.
6.375%, 3/01/22

   U.S.$     500         528,750   

R&R Ice Cream PLC
8.375%, 11/15/17(b)

   EUR     600         792,414   

Select Medical Holdings Corp.
6.494%, 9/15/15(i)

   U.S.$     500         497,500   

Spectrum Brands, Inc.
6.75%, 3/15/20(b)

       900         945,000   

Stater Bros Holdings, Inc.
7.375%, 11/15/18

       390         419,250   

 

354   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

STHI Holding Corp.
8.00%, 3/15/18(b)

   U.S.$     175       $ 186,375   

Tenet Healthcare Corp.
8.875%, 7/01/19

       900         1,023,750   

United Surgical Partners International, Inc.
9.00%, 4/01/20(b)

       382         410,173   

Universal Hospital Services, Inc.
4.111%, 6/01/15(i)

       895         882,694   

Valeant Pharmaceuticals International
6.875%, 12/01/18(b)

       825         868,313   

7.00%, 10/01/20(b)

       1,215         1,257,525   

7.25%, 7/15/22(b)

       210         216,825   

Vanguard Health Holding Co. II
LLC/Vanguard Holding Co. II, Inc.
7.75%, 2/01/19

       600         625,500   
      

 

 

  
         39,584,234   
      

 

 

  

Energy – 7.3%

       

Antero Resources Finance Corp.
7.25%, 8/01/19

       384         409,920   

9.375%, 12/01/17

       495         545,738   

ATP Oil & Gas Corp./United States
11.875%, 5/01/15(c)

       410         106,600   

Atwood Oceanics, Inc.
6.50%, 2/01/20

       180         192,150   

Basic Energy Services, Inc.
7.75%, 2/15/19

       500         495,000   

Berry Petroleum Co.
6.375%, 9/15/22

       607         646,455   

Bill Barrett Corp.
7.625%, 10/01/19

       400         416,000   

Chaparral Energy, Inc.
7.625%, 11/15/22(b)

       835         883,012   

Chesapeake Energy Corp.
2.50%, 5/15/37

       1,225         1,091,781   

Cie Generale de Geophysique – Veritas
6.50%, 6/01/21

       800         833,000   

Cimarex Energy Co.
5.875%, 5/01/22

       863         923,410   

Continental Resources, Inc./OK
5.00%, 9/15/22(b)

       814         848,595   

7.125%, 4/01/21

       150         168,000   

Denbury Resources, Inc.
6.375%, 8/15/21

       1,202         1,298,160   

Edgen Murray Corp.
12.25%, 1/15/15

       300         318,750   

Energy XXI Gulf Coast, Inc.
7.75%, 6/15/19

       489         519,563   

9.25%, 12/15/17

       800         892,000   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     355   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

EP Energy LLC/EP Energy Finance, Inc.
6.875%, 5/01/19(b)

   U.S.$     823       $ 882,667   

Forest Oil Corp.
7.25%, 6/15/19

       739         720,525   

Hornbeck Offshore Services, Inc.
5.875%, 4/01/20

       543         552,502   

Key Energy Services, Inc.
6.75%, 3/01/21

       466         474,155   

6.75%, 3/01/21(b)

       435         440,438   

Laredo Petroleum, Inc.
7.375%, 5/01/22

       369         396,675   

Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/19(b)

       369         364,388   

McJunkin Red Man Corp.
9.50%, 12/15/16

       1,000         1,090,000   

Newfield Exploration Co.
7.125%, 5/15/18

       1,135         1,200,262   

Offshore Group Investment Ltd.
11.50%, 8/01/15

       705         779,025   

11.50%, 8/01/15(b)

       720         795,600   

Oil States International, Inc.
6.50%, 6/01/19

       722         767,125   

Petroleum Geo-Services ASA
7.375%, 12/15/18(b)

       348         371,490   

PHI, Inc.
8.625%, 10/15/18

       400         414,000   

Pioneer Energy Services Corp.
9.875%, 3/15/18

       716         775,070   

Plains Exploration & Production Co.
6.625%, 5/01/21

       500         535,000   

6.75%, 2/01/22

       1,485         1,603,800   

Precision Drilling Corp.
6.50%, 12/15/21

       299         313,950   

QEP Resources, Inc.
5.375%, 10/01/22

       1,100         1,127,500   

Range Resources Corp.
5.75%, 6/01/21

       1,060         1,127,575   

SandRidge Energy, Inc.
7.50%, 3/15/21

       361         365,513   

7.50%, 2/15/23(b)

       280         281,400   

8.125%, 10/15/22(b)

       435         454,575   

8.75%, 1/15/20

       775         825,375   

SESI LLC
7.125%, 12/15/21

       563         626,337   

Tesoro Corp.
6.25%, 11/01/12

       680         683,400   

W&T Offshore, Inc.
8.50%, 6/15/19

       550         592,625   
      

 

 

  
         29,149,106   
      

 

 

  

 

356   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Other Industrial – 1.0%

       

A123 Systems, Inc.
3.75%, 4/15/16

   U.S.$     650       $ 238,875   

Briggs & Stratton Corp.
6.875%, 12/15/20

       152         164,920   

Brightstar Corp.
9.50%, 12/01/16(b)

       883         927,150   

Hologic, Inc.
6.25%, 8/01/20(b)

       291         308,096   

Interline Brands, Inc./NJ
7.00%, 11/15/18

       704         748,880   

Neenah Foundry Co.
15.00%, 7/29/15(d)(h)

       347         311,688   

New Enterprise Stone & Lime Co., Inc.
11.00%, 9/01/18

       950         662,625   

Rexel SA
6.125%, 12/15/19(b)

       645         661,125   
      

 

 

  
         4,023,359   
      

 

 

  

Services – 2.0%

       

Live Nation Entertainment, Inc.
7.00%, 9/01/20(b)

       284         290,035   

Lottomatica SpA
8.25%, 3/31/66(b)

   EUR     730         863,102   

Mobile Mini, Inc.
7.875%, 12/01/20

   U.S.$     309         331,403   

Realogy Corp.
7.625%, 1/15/20(b)

       449         489,410   

Sabre, Inc.
8.50%, 5/15/19(b)

       847         877,704   

Service Corp. International/US
6.75%, 4/01/16

       1,560         1,731,600   

ServiceMaster Co./TN
7.00%, 8/15/20(b)

       319         324,583   

8.00%, 2/15/20

       342         364,657   

Ticketmaster Entertainment
LLC/Ticketmaster Noteco, Inc.
10.75%, 8/01/16

       440         465,304   

Travelport LLC/Travelport, Inc.
9.00%, 3/01/16

       566         401,860   

West Corp.
7.875%, 1/15/19

       1,750         1,732,500   
      

 

 

  
         7,872,158   
      

 

 

  

Technology – 4.0%

       

Advanced Micro Devices, Inc.
7.75%, 8/01/20

       121         123,420   

8.125%, 12/15/17

       202         212,100   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     357   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Avaya, Inc.
7.00%, 4/01/19(b)

   U.S.$     102       $ 93,330   

9.75%, 11/01/15

       490         425,075   

CDW LLC/CDW Finance Corp.
8.00%, 12/15/18

       671         744,810   

8.50%, 4/01/19

       1,049         1,148,655   

Ceridian Corp.
8.875%, 7/15/19(b)

       821         880,522   

CommScope, Inc.
8.25%, 1/15/19(b)

       760         814,150   

CPI International, Inc.
8.00%, 2/15/18

       704         662,640   

First Data Corp.
6.75%, 11/01/20(b)

       652         643,850   

7.375%, 6/15/19(b)

       3,600         3,708,000   

Freescale Semiconductor, Inc.
8.875%, 12/15/14

       306         312,885   

10.125%, 12/15/16

       212         221,540   

GXS Worldwide, Inc.
9.75%, 6/15/15

       600         619,500   

Infor US, Inc.
9.375%, 4/01/19(b)

       318         344,235   

Iron Mountain, Inc.
5.75%, 8/15/24

       533         538,330   

Lawson Software, Inc.
10.00%, 4/01/19(b)

   EUR     251         337,807   

NXP BV/NXP Funding LLC
3.205%, 10/15/13(i)

   U.S.$     118         117,853   

Sanmina-SCI Corp.
7.00%, 5/15/19(a)(b)

       603         606,015   

Seagate HDD Cayman
7.00%, 11/01/21

       769         822,830   

Sensata Technologies BV
6.50%, 5/15/19(b)

       800         845,000   

Serena Software, Inc.
10.375%, 3/15/16

       875         901,250   

SunGard Data Systems, Inc.
7.625%, 11/15/20

       800         858,000   
      

 

 

  
         15,981,797   
      

 

 

  

Transportation - Airlines – 0.2%

       

Delta Air Lines, Inc.
9.50%, 9/15/14(b)

       345         362,250   

TAM Capital 3, Inc.
8.375%, 6/03/21(b)

       465         502,200   
      

 

 

  
         864,450   
      

 

 

  

 

358   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Transportation - Railroads – 0.0%

       

Florida East Coast Railway Corp.
8.125%, 2/01/17

   U.S.$     164       $ 172,200   
      

 

 

  

Transportation - Services – 0.6%

       

Avis Budget Car Rental LLC/Avis Budget
Finance, Inc.
7.75%, 5/15/16(a)

       867         891,935   

Hertz Corp. (The)
6.75%, 4/15/19

       1,236         1,297,800   
      

 

 

  
         2,189,735   
      

 

 

  
         231,737,981   
      

 

 

  

Financial Institutions – 7.9%

       

Banking – 1.5%

       

ABN Amro Bank NV
4.31%, 3/10/16

   EUR     980         887,504   

Barclays Bank PLC
4.75%, 3/15/20

       520         369,542   

BBVA International Preferred SAU
5.919%, 4/18/17

   U.S.$     400         265,231   

HBOS Capital Funding No2 LP
6.071%, 6/30/14(b)

       665         482,258   

HT1 Funding GmbH
6.352%, 6/30/17

   EUR     825         665,675   

LBG Capital No.1 PLC
8.00%, 6/15/20(b)

   U.S.$     1,150         1,035,000   

Regions Financing Trust II
6.625%, 5/15/47

       650         627,250   

Swedbank AB
5.75%, 3/17/16

   GBP     340         525,293   

UBS AG/Jersey
4.28%, 4/15/15

   EUR     820         902,471   
      

 

 

  
         5,760,224   
      

 

 

  

Brokerage – 0.5%

       

E*Trade Financial Corp.
6.75%, 6/01/16

   U.S.$     329         342,160   

Lehman Brothers Holdings, Inc.
5.625%, 1/24/13(f)

       5,500         1,368,125   

Nuveen Investments, Inc.
10.50%, 11/15/15

       430         437,525   
      

 

 

  
         2,147,810   
      

 

 

  

Finance – 4.2%

       

Air Lease Corp.
5.625%, 4/01/17(b)

       294         293,265   

Ally Financial, Inc.
4.625%, 6/26/15

       1,625         1,667,676   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     359   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

6.75%, 12/01/14

   U.S.$     760       $ 819,582   

8.00%, 11/01/31

       501         594,684   

Series 8
6.75%, 12/01/14

       1,657         1,785,417   

Capmark Financial Group, Inc.
7.875%, 5/10/12

       1,666         – 0 – 

Series B
9.00%, 9/30/15(i)

       21         21,127   

CIT Group, Inc.
5.25%, 3/15/18

       2,125         2,215,312   

7.00%, 5/02/16-5/02/17(b)

       3,247         3,254,754   

International Lease Finance Corp.
5.875%, 4/01/19

       2,930         3,021,196   

6.375%, 3/25/13

       1,715         1,751,444   

Residential Capital LLC
9.625%, 5/15/15(c)

       375         375,937   

Sistema International Funding SA
6.95%, 5/17/19(b)

       850         870,272   
      

 

 

  
         16,670,666   
      

 

 

  

Insurance – 0.6%

       

Genworth Financial, Inc.
6.15%, 11/15/66

       1,445         867,000   

Liberty Mutual Group, Inc.
7.80%, 3/15/37(b)

       410         434,088   

XL Group PLC
Series E
6.50%, 4/15/17

       1,020         929,475   
      

 

 

  
         2,230,563   
      

 

 

  

Other Finance – 0.8%

       

FTI Consulting, Inc.
6.75%, 10/01/20

       500         533,750   

Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.00%, 1/15/18(b)

       341         363,165   

8.00%, 1/15/18

       1,140         1,214,100   

iPayment Holdings, Inc.
15.00%, 11/15/18(d)

       293         249,314   

iPayment, Inc.
10.25%, 5/15/18

       860         786,900   
      

 

 

  
         3,147,229   
      

 

 

  

REITS – 0.3%

       

DDR Corp.
7.875%, 9/01/20

       1,000         1,238,565   
      

 

 

  
         31,195,057   
      

 

 

  

Utility – 6.3%

       

Electric – 4.2%

       

AES Corp. (The)
7.375%, 7/01/21

       489         559,905   

 

360   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

7.75%, 3/01/14

   U.S.$     630       $ 685,125   

8.00%, 10/15/17

       1,240         1,447,700   

Calpine Corp.
7.25%, 10/15/17(b)

       2,250         2,407,500   

7.875%, 1/15/23(b)

       500         565,000   

CMS Energy Corp.
6.25%, 2/01/20

       1,000         1,148,970   

DPL Inc
7.25%, 10/15/21(b)

       850         969,000   

EDP Finance BV
4.90%, 10/01/19(b)

       105         93,975   

5.875%, 2/01/16(b)

   EUR     430         539,372   

6.00%, 2/02/18(b)

   U.S.$     705         669,468   

Energy Future Holdings Corp.
10.00%, 1/15/20(j)

       694         765,135   

Series Q
6.50%, 11/15/24

       481         274,170   

Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.
10.00%, 12/01/20

       792         889,020   

GenOn Americas Generation LLC
8.50%, 10/01/21

       725         764,875   

GenOn Energy, Inc.
7.875%, 6/15/17

       840         887,250   

NRG Energy, Inc.
7.375%, 1/15/17

       570         592,800   

7.875%, 5/15/21

       901         964,070   

8.25%, 9/01/20

       975         1,050,562   

PPL Capital Funding, Inc.
Series A
6.70%, 3/30/67

       800         821,000   

Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.
11.50%, 10/01/20(b)

       761         612,605   
      

 

 

  
         16,707,502   
      

 

 

  

Natural Gas – 2.1%

       

Access Midstream Partners LP/ACMP
Finance Corp.
6.125%, 7/15/22

       216         224,100   

El Paso LLC
Series G
7.375%, 12/15/12

       385         389,958   

7.75%, 1/15/32

       855         1,006,645   

Enterprise Products Operating LLC
Series A
8.375%, 8/01/66

       1,620         1,814,400   

Kinder Morgan Finance Co. ULC
5.70%, 1/05/16

       1,765         1,901,180   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     361   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

MarkWest Energy Partners LP/MarkWest
Energy Finance Corp.
6.50%, 8/15/21

   U.S.$     1,600       $ 1,716,000   

Suburban Propane Partners LP/Suburban
Energy Finance Corp.
7.375%, 8/01/21(b)

       819         864,045   

Targa Resources Partners LP/Targa
Resources Partners Finance Corp.
6.875%, 2/01/21

       330         354,750   
      

 

 

  
         8,271,078   
      

 

 

  
         24,978,580   
      

 

 

  

Total Corporates - Non-Investment Grades
(cost $274,165,208)

          287,911,618   
      

 

 

  
      

CORPORATES - INVESTMENT GRADES – 6.3%

       

Financial Institutions – 3.3%

       

Banking – 1.4%

       

BNP Paribas SA
8.667%, 9/11/13

   EUR     650         815,526   

Citigroup, Inc.
4.45%, 1/10/17

   U.S.$     630         678,751   

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
8.375%, 7/26/16

       410         426,502   

Countrywide Financial Corp.
6.25%, 5/15/16

       731         785,424   

HSBC Capital Funding LP/Jersey
4.61%, 6/27/13(b)

       880         872,382   

10.176%, 6/30/30(b)

       544         729,383   

Lloyds TSB Bank PLC
11.875%, 12/16/21(b)

   EUR     580         814,890   

Sovereign Bank/Wilmington DE
8.75%, 5/30/18

   U.S.$     360         405,778   
      

 

 

  
         5,528,636   
      

 

 

  

Finance – 0.5%

       

General Electric Capital Corp.
7.125%, 6/15/22

       800         873,792   

SLM Corp.
7.25%, 1/25/22

       335         361,800   

8.00%, 3/25/20

       580         656,850   

Series A
5.00%, 10/01/13

       400         412,000   
      

 

 

  
         2,304,442   
      

 

 

  

 

362   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Insurance – 1.0%

       

American International Group, Inc.
6.82%, 11/15/37(b)

   U.S.$     722       $ 903,503   

Assured Guaranty US Holdings, Inc.
Series A
6.40%, 12/15/66

       165         124,575   

Metlife Capital Trust IV
7.875%, 12/15/37(b)

       750         877,500   

Mitsui Sumitomo Insurance Co., Ltd.
7.00%, 3/15/72(b)

       489         518,490   

Nationwide Mutual Insurance Co.
9.375%, 8/15/39(b)

       575         782,316   

Swiss Re Capital I LP
6.854%, 5/25/16(b)

       700         693,000   
      

 

 

  
         3,899,384   
      

 

 

  

REITS – 0.4%

       

Entertainment Properties Trust
7.75%, 7/15/20

       842         938,068   

Senior Housing Properties Trust
6.75%, 12/15/21

       600         670,986   
      

 

 

  
         1,609,054   
      

 

 

  
         13,341,516   
      

 

 

  

Industrial – 2.7%

       

Basic – 0.6%

       

ArcelorMittal
6.50%, 2/25/22

       865         840,131   

Basell Finance Co. BV
8.10%, 3/15/27(b)

       569         759,615   

Domtar Corp.
7.125%, 8/15/15

       626         709,647   
      

 

 

  
         2,309,393   
      

 

 

  

Capital Goods – 0.1%

       

Tyco International Finance SA
8.50%, 1/15/19

       375         503,562   
      

 

 

  

Communications - Media – 0.4%

       

Virgin Media Secured Finance PLC
6.50%, 1/15/18

       1,500         1,635,000   
      

 

 

  

Communications - Telecommunications – 0.2%

       

Qwest Corp.
6.875%, 9/15/33

       720         725,436   
      

 

 

  

Consumer Cyclical - Automotive – 0.3%

       

Ford Motor Credit Co. LLC
7.00%, 10/01/13

       949         1,007,534   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     363   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Consumer Cyclical - Other – 0.2%

       

Seminole Indian Tribe of Florida
6.535%, 10/01/20(b)

   U.S.$     94       $ 97,368   

7.75%, 10/01/17(b)

       631         694,100   
      

 

 

  
         791,468   
      

 

 

  

Consumer Cyclical - Retailers – 0.3%

       

Macy’s Retail Holdings, Inc.
5.90%, 12/01/16

       945         1,100,803   
      

 

 

  

Energy – 0.6%

       

National Oilwell Varco, Inc.
Series B
6.125%, 8/15/15

       856         867,542   

Petrohawk Energy Corp.
7.25%, 8/15/18

       450         513,681   

Pioneer Natural Resources Co.
5.875%, 7/15/16

       995         1,135,226   
      

 

 

  
         2,516,449   
      

 

 

  
         10,589,645   
      

 

 

  

Non Corporate Sectors – 0.3%

       

Agencies - Not Government Guaranteed – 0.3%

       

Petrobras International Finance Co. – Pifco
5.375%, 1/27/21

       1,050         1,168,472   
      

 

 

  

Total Corporates - Investment Grades
(cost $21,978,249)

          25,099,633   
      

 

 

  
      

GOVERNMENTS - TREASURIES – 4.6%

       

Canada – 0.8%

       

Canadian Government Bond
2.00%, 6/01/16

   CAD     550         572,664   

2.75%, 9/01/16

       2,400         2,570,745   
      

 

 

  
         3,143,409   
      

 

 

  

United Kingdom – 0.7%

       

United Kingdom Gilt
2.00%, 1/22/16

   GBP     1,725         2,896,182   
      

 

 

  

United States – 3.1%

       

U.S. Treasury Bonds
3.125%, 11/15/41

   U.S.$     3,150         3,452,205   

3.125%, 2/15/42(k)

       5,885         6,443,157   

4.75%, 2/15/37

       875         1,239,765   

 

364   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

U.S. Treasury Notes
2.125%, 8/15/21(k)

   U.S.$     1,195       $ 1,269,887   
      

 

 

  
         12,405,014   
      

 

 

  

Total Governments - Treasuries
(cost $17,436,952)

          18,444,605   
      

 

 

  
      

EMERGING MARKETS - CORPORATE BONDS – 2.9%

       

Industrial – 2.8%

       

Basic – 1.1%

       

Evraz Group SA
9.50%, 4/24/18(b)

       720         787,500   

Novelis, Inc./GA
8.75%, 12/15/20

       1,976         2,208,180   

Severstal OAO Via Steel Capital SA
9.25%, 4/19/14(b)

       508         549,824   

Vedanta Resources PLC
8.75%, 1/15/14(b)

       900         936,000   
      

 

 

  
         4,481,504   
      

 

 

  

Communications - Media – 0.2%

       

Columbus International, Inc.
11.50%, 11/20/14(b)

       698         757,330   
      

 

 

  

Communications - Telecommunications – 0.2%

       

VimpelCom Holdings BV
7.504%, 3/01/22(b)

       800         812,000   
      

 

 

  

Consumer Cyclical - Other – 0.3%

       

Corp. GEO SAB de CV
8.875%, 3/27/22(b)

       855         850,725   

MCE Finance Ltd.
10.25%, 5/15/18

       460         523,250   
      

 

 

  
         1,373,975   
      

 

 

  

Consumer Non-Cyclical – 0.4%

       

Corp. Azucarera del Peru SA
6.375%, 8/02/22(b)

       562         584,506   

Foodcorp Pty Ltd.
8.75%, 3/01/18(b)

   EUR     642         835,770   
      

 

 

  
         1,420,276   
      

 

 

  

Energy – 0.1%

       

Golden Close Maritime Corp,. Ltd
11.00%, 12/09/15

   U.S.$     400         428,143   
      

 

 

  

Other Industrial – 0.2%

       

Marfrig Holding Europe BV
8.375%, 5/09/18(b)

       397         313,630   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     365   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

New Reclamation Group Pty Ltd. (The)
8.125%, 2/01/13(b)

   EUR     459       $ 438,884   
      

 

 

  
         752,514   
      

 

 

  

Technology – 0.1%

       

MMI International Ltd.
8.00%, 3/01/17(b)

   U.S.$     475         489,250   
      

 

 

  

Transportation - Services – 0.2%

       

Inversiones Alsacia SA
8.00%, 8/18/18(b)

       748         774,018   
      

 

 

  
         11,289,010   
      

 

 

  

Financial Institutions – 0.1%

       

Banking – 0.1%

       

Turkiye Vakiflar Bankasi Tao
5.75%, 4/24/17(b)

       425         448,408   
      

 

 

  

Total Emerging Markets - Corporate Bonds
(cost $11,339,398)

          11,737,418   
      

 

 

  
      

BANK LOANS – 2.8%

       

Industrial – 2.4%

       

Basic – 0.3%

       

Newpage Corporation
8.00%, 3/08/13(i)

       750         757,035   

Patriot Coal Corporation
9.25%, 12/31/13(i)

       250         252,812   
      

 

 

  
         1,009,847   
      

 

 

  

Consumer Cyclical - Automotive – 0.5%

       

Navistar, Inc.
7.00%, 8/17/17(i)

       600         602,850   

Schaeffler AG
6.00%, 1/27/17(i)

       448         448,854   

TI Group Automotive Systems, L.L.C.
6.75%, 3/14/18(i)

       798         774,060   
      

 

 

  
         1,825,764   
      

 

 

  

Consumer Cyclical - Entertainment – 0.5%

       

ClubCorp Club Operations Inc.
6.00%, 11/30/16(i)

       542         541,300   

Las Vegas Sands, LLC
2.84%, 11/23/16(i)

       1,344         1,321,269   
      

 

 

  
         1,862,569   
      

 

 

  

Consumer Cyclical - Other – 0.3%

       

Harrah’s Las Vegas Propco, LLC
3.23%, 2/13/13(i)

       1,500         1,158,000   
      

 

 

  

 

366   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

     

 

 

  
      

Consumer Non-Cyclical – 0.1%

       

Immucor Inc. (fka IVD Acquisition Corporation)
5.75%, 8/17/18(i)

   U.S.$     596       $ 596,691   
      

 

 

  

Other Industrial – 0.2%

       

Harbor Freight Tools USA, Inc./Central
Puchasing LLC
5.50%, 11/14/17(i)

       500         499,295   

Kinetic Concepts, Inc.
7.00%, 5/04/18(i)

       398         401,315   
      

 

 

  
         900,610   
      

 

 

  

Services – 0.1%

       

Advantage Sales & Marketing Inc.
5.25%, 12/18/17(i)

       222         221,417   
      

 

 

  
      

Technology – 0.4%

       

Blackboard Inc.
11.50%, 4/04/19(i)

       1,100         1,015,663   

Eastman Kodak Company
8.50%, 7/20/13(i)

       191         188,970   

Smart Modular Technologies (Global), Inc.
8.25%, 8/26/17(i)

       693         568,260   
      

 

 

  
         1,772,893   
      

 

 

  
         9,347,791   
      

 

 

  

Financial Institutions – 0.4%

       

Finance – 0.4%

       

iStar Financial, Inc.
5.25%, 3/19/16(i)

       509         510,132   

7.00%, 6/30/14(i)

       1,100         1,101,034   
      

 

 

  
         1,611,166   
      

 

 

  

Total Bank Loans
(cost $11,140,148)

          10,958,957   
      

 

 

  
      

EMERGING MARKETS - SOVEREIGNS – 2.1%

       

Argentina – 0.5%

       

Argentina Bonos
7.00%, 10/03/15

       2,100         1,770,825   
      

 

 

  
      

Hungary – 0.3%

       

Hungary Government International Bond
6.375%, 3/29/21

       1,130         1,203,450   
      

 

 

  
      

Turkey – 0.3%

       

Republic of Turkey
6.25%, 9/26/22

       1,051         1,271,710   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     367   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

     

 

 

  
      

Ukraine – 0.2%

       

Ukraine Government International Bond
6.75%, 11/14/17(b)

   U.S.$     930       $ 843,975   
      

 

 

  
         843,975   
      

 

 

  

Venezuela – 0.8%

       

Republic of Venezuela
7.00%, 3/31/38(b)

       4,675         3,260,812   
      

 

 

  

Total Emerging Markets - Sovereigns
(cost $7,003,599)

          8,350,772   
      

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.8%

       

Non-Agency Fixed Rate CMBS – 1.7%

       

Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class AJ
5.393%, 7/15/44

       2,500         2,531,405   

Credit Suisse First Boston Mortgage
Securities Corp.
Series 2005-C6, Class AJ
5.23%, 12/15/40

       1,000         1,033,308   

JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-LD12, Class AM
6.247%, 2/15/51

       285         293,270   

LB-UBS Commercial Mortgage Trust
Series 2006-C1, Class AJ
5.276%, 2/15/41

       537         496,378   

Morgan Stanley Capital I, Inc.
Series 2007-T27, Class AJ
5.823%, 6/11/42

       970         917,552   

WFDB Commercial Mortgage Trust
Series 2011-BXR, Class E
6.403%, 7/05/24(b)

       1,300         1,346,055   
      

 

 

  
         6,617,968   
      

 

 

  

Non-Agency Floating Rate CMBS – 0.1%

       

WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D
5.417%, 6/15/44(b)(j)

       390         364,942   
      

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $6,506,712)

          6,982,910   
      

 

 

  
      

 

368   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

QUASI-SOVEREIGNS – 1.6%

       

Quasi-Sovereign Bonds – 1.6%

       

Kazakhstan – 0.7%

       

Kazatomprom Natsionalnaya Atomnaya Kompaniya AO
6.25%, 5/20/15(b)

   U.S.$     875       $ 958,125   

KazMunayGas National Co.
8.375%, 7/02/13(b)

       400         420,100   

9.125%, 7/02/18(b)

       950         1,234,459   
      

 

 

  
         2,612,684   
      

 

 

  

Russia – 0.3%

       

Russian Agricultural Bank OJSC Via
RSHB Capital SA
6.299%, 5/15/17(b)

       955         1,044,579   
      

 

 

  

Trinidad & Tobago – 0.2%

       

Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 8/14/19(b)

       750         954,375   
      

 

 

  

United States – 0.3%

       

Citgo Petroleum Corp.
11.50%, 7/01/17(b)

       891         1,024,650   
      

 

 

  

Venezuela – 0.1%

       

Petroleos de Venezuela SA
5.25%, 4/12/17(b)

       800         614,000   
      

 

 

  

Total Quasi-Sovereigns
(cost $4,998,569)

          6,250,288   
      

 

 

  
      

ASSET-BACKED SECURITIES – 1.2%

       

Home Equity Loans - Fixed Rate – 0.7%

       

Countrywide Asset-Backed Certificates
Series 2005-7, Class AF5W
5.054%, 10/25/35

       737         523,157   

Series 2006-15, Class A6
5.826%, 10/25/46

       1,382         1,110,260   

Lehman XS Trust
Series 2007-6, Class 3A5
5.72%, 5/25/37

       1,406         1,161,855   
      

 

 

  
         2,795,272   
      

 

 

  

Home Equity Loans - Floating Rate – 0.5%

       

Credit-Based Asset Servicing and
Securitization LLC
Series 2007-CB2, Class A2C
5.623%, 2/25/37(i)

       1,750         1,003,394   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     369   

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

GSAA Trust
Series 2006-6, Class AF5
5.003%, 3/25/36(i)

   U.S.$     1,450       $ 813,332   
      

 

 

  
         1,816,726   
      

 

 

  

Total Asset-Backed Securities
(cost $4,586,558)

          4,611,998   
      

 

 

  
        Shares         

PREFERRED STOCKS – 1.1%

       

Financial Institutions – 1.1%

       

Banking – 0.8%

       

Citigroup Capital XIII
7.875%(j)

       5,000         137,700   

Royal Bank of Scotland Group PLC
6.40%

       60,000         1,260,000   

US Bancorp
6.50%

       35,000         1,038,450   

Zions Bancorporation
9.50%

       27,300         718,809   
      

 

 

  
         3,154,959   
      

 

 

  

REITS – 0.3%

       

Health Care REIT, Inc.
6.50%

       13,825         373,275   

Sovereign Real Estate Investment Trust
12.00%(b)

       624         696,434   
      

 

 

  
         1,069,709   
      

 

 

  
         4,224,668   
      

 

 

  

Non Corporate Sectors – 0.0%

       

Agencies - Government Sponsored – 0.0%

       

Federal Home Loan Mortgage Corp.
Series Z
8.375%

       36,525         33,968   
      

 

 

  

Total Preferred Stocks
(cost $4,790,325)

          4,258,636   
      

 

 

  
        Principal
Amount
(000)		         

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.8%

       

Non-Agency Floating Rate – 0.5%

       

Greenpoint Mortgage Funding Trust
Series 2007-AR3, Class A1
0.456%, 6/25/37(i)

   U.S.$     649         411,890   

Harborview Mortgage Loan Trust
Series 2007-4, Class 2A1
0.457%, 7/19/47(i)

       992         682,492   

 

370   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

        Principal
Amount
(000)		      U.S. $ Value  

 

  
      

Lehman XS Trust
Series 2007-4N, Class 3A2A
0.898%, 3/25/47(i)

   U.S.$     306       $ 199,453   

Structured Asset Mortgage Investments,
Inc.
Series 2007-AR6, Class A1
1.648%, 8/25/47(i)

       997         632,077   
      

 

 

  
         1,925,912   
      

 

 

  

Non-Agency Fixed Rate – 0.3%

       

Indymac Index Mortgage Loan Trust
5.199%, 11/25/36

       1,507         1,255,795   
      

 

 

  

Total Collateralized Mortgage Obligations
(cost $3,164,792)

          3,181,707   
      

 

 

  
      

GOVERNMENTS - SOVEREIGN BONDS – 0.5%

       

Croatia – 0.3%

       

Republic of Croatia
6.25%, 4/27/17(b)

       1,060         1,118,596   
      

 

 

  

Lithuania – 0.2%

       

Republic of Lithuania
6.625%, 2/01/22(b)

       752         893,000   
      

 

 

  

Total Governments - Sovereign Bonds
(cost $1,809,151)

          2,011,596   
      

 

 

  
        Shares         

COMMON STOCKS – 0.4%

       

Beazer Homes USA, Inc.(f)

       77,500         227,850   

Capmark Financial Group, Inc.(f)

       43         1,092   

Fairpoint Communications, Inc.(f)

       7,175         46,853   

Greektown Superholdings, Inc.(f)(g)(h)

       397         23,820   

Keystone Automotive Operations, Inc.(g)(h)

       61,065         732,777   

Meritor, Inc.(f)

       23,430         104,732   

Neenah Enterprises, Inc.(f)(g)(h)

       58,199         378,294   

Voyager Learning Exchange(c)(g)(h)

       982,000         1   
      

 

 

  

Total Common Stocks
(cost $3,242,085)

          1,515,419   
      

 

 

  
      

LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.3%

       

United States – 0.3%

       

California GO
7.60%, 11/01/40

       325         440,492   

7.95%, 3/01/36

       700         839,027   
      

 

 

  

Total Local Governments - Municipal Bonds
(cost $1,030,553)

          1,279,519   
      

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     371   

High-Yield Portfolio—Portfolio of Investments

            
    
Shares		      U.S. $ Value  

 

  
      

GOVERNMENTS - SOVEREIGN AGENCIES – 0.1%

       

Norway – 0.1%

       

Eksportfinans ASA
2.375%, 5/25/16
(cost $464,192)

       539       $ 493,185   
      

 

 

  
        Contracts         

OPTIONS PURCHASED - PUTS – 0.0%

       

Options on Funds and Investment Trusts – 0.0%

       

SPDR S&P 500 ETF Trust
Expiration: Sep 2012,
Exercise Price: $132.00(f)(l)

       401         13,634   

SPDR S&P 500 ETF Trust
Expiration: Oct 2012,
Exercise Price: $132.00(f)(l)

       326         38,468   

SPDR S&P 500 ETF Trust
Expiration: Sep 2012,
Exercise Price: $135.00(f)(l)

       640         38,720   

SPDR S&P 500 ETF Trust
Expiration: Nov 2012,
Exercise Price: $137.00(f)(l)

       207         67,482   
      

 

 

  
         158,304   
      

 

 

  

Options on Forward Contracts – 0.0%

       

AUD/USD
Expiration: Sep 2012,
Exercise Price: AUD1.0012(f)(m)

       25,200,000         3,723   
      

 

 

  

Total Options Purchased - Puts
(cost $1,028,657)

          162,027   
      

 

 

  
      

OPTIONS PURCHASED - CALLS – 0.0%

       

Options on Equities – 0.0%

       

Beazer Homes USA, Inc.
Expiration: Jan 2013,
Exercise Price: $3.00(f)(l)
(cost $22,832)

       800         36,000   
      

 

 

  
        Shares         

WARRANTS – 0.0%

       

Fairpoint Communications, Inc.,
expiring 1/24/18(f)(g)(h)

       12,231         – 0  – 

Ipayment Holdings, Inc.,
expiring 11/15/18(f)

       272         – 0  – 

Talon Equity Co., expiring 11/24/24(f)(g)(h)

       671         – 0  – 
      

 

 

  

Total Warrants
(cost $0)

          – 0  – 
      

 

 

  

 

372   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

            
    
Shares		    U.S. $ Value  

 

  
      

SHORT-TERM INVESTMENTS – 1.4%

       

Investment Companies – 1.4%

       

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(n)
(cost $5,560,564)

     5,560,564    $ 5,560,564   
      

 

 

  

Total Investments – 100.4%
(cost $380,268,544)

          398,846,852   

Other assets less liabilities – (0.4)%

          (1,638,927 ) 
      

 

 

  

Net Assets – 100.0%

        $ 397,207,925   
      

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty    Contracts to
Deliver
(000)		     

In Exchange
For
(000)

      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)		  

Citibank NA

      EUR         439         USD$         541         9/10/12       $ (11,927 ) 

Credit Suisse London Branch (GFX)

      EUR         414         USD         519         9/10/12         (2,489 ) 

Deutsche Bank AG London

      CAD         3,228         USD         3,241         9/27/12         (32,085 ) 

Goldman Sachs Capital Markets LP

      USD         740         GBP         471         9/20/12         8,652   

Goldman Sachs Capital Markets LP

      USD         1,156         ZAR         9,752         10/04/12         (158 ) 

Goldman Sachs International

      TRY         2,268         USD         1,235         9/06/12         (11,198 ) 

Goldman Sachs International

      GBP         3,734         USD         5,823         9/20/12         (105,363 ) 

Goldman Sachs International

      EUR         239         USD         291         10/17/12         (9,560 ) 

State Street Bank & Trust Co.

      USD         1,239         TRY         2,254         9/06/12         (82 ) 

State Street Bank & Trust Co.

      EUR         393         USD         478         9/20/12         (15,679 ) 

State Street Bank & Trust Co.

      EUR         13,292         USD         16,312         10/17/12         (415,116 ) 
                 

 

 

  
                  $     (595,005 ) 
                 

 

 

  

CREDIT DEFAULT SWAPTIONS WRITTEN (see Note C)

 

Description   Counter-
party		   Buy/Sell
Protection		     Strike
Rate		     Expiration
Date		     Notional
Amount
(000)		     Premiums
Received		     Market
Value		  

CDX-NAHYS18V1-5 Year Index(l)

   Bank of
America,
NA		     Sell        94.00 %      9/19/12      $     11,900      $     476,000      $     (23,613 ) 

CDX-NAHYS18V2-5 Year Index(l)

   Bank of
America,
NA		     Sell        93.00        9/19/12        8,100        270,240        (6,515 ) 

CDX-NAHYS18V2-5 Year Index(l)

   Bank of
America,
NA		     Sell        96.00        11/21/12        4,000        104,148        (50,754 ) 

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     373   

High-Yield Portfolio—Portfolio of Investments

Description   Counter-
party		   Buy/Sell
Protection		     Strike
Rate		     Expiration
Date		     Notional
Amount
(000)		     Premiums
Received		     Market
Value		  

CDX-NAHYS18V2-5 Year Index(l)

   Morgan
Stanley
Capital
Services
Inc		     Sell        95.00 %      10/17/12      $     5,958      $     146,743      $ (28,649 ) 
           

 

 

    

 

 

  
            $     997,131      $     (109,531 ) 
           

 

 

    

 

 

  

INTEREST RATE SWAP CONTRACTS (see Note C)

 

                Rate Type        
Swap
Counterparty		   Notional
Amount
(000)		     Termination
Date		     Payments
made
by the
Fund		     Payments
received
by the
Fund		     Unrealized
Appreciation/
(Depreciation)		  

Citibank NA

   $     10,670        6/11/22        1.83 %      3 Month LIBOR      $     (224,486 ) 

Morgan Stanley
Capital Services, Inc.

     3,455        2/17/22        2.01 %      3 Month LIBOR        (132,698 ) 
         

 

 

  
          $ (357,184 ) 
         

 

 

  

CREDIT DEFAULT SWAP CONTRACTS (see Note C)

 

Swap
Counterparty &
Referenced
Obligation		   Fixed
Rate
(Pay)
Receive		     Implied
Credit
Spread at
August 31,
2012		     Notional
Amount
(000)		     Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

Buy Contracts

            

Bank of America, NA: Fiat SpA, 6.625% 2/15/13, 3/20/17*

     (5.00 )%      7.78 %    EUR  380      $ 43,696      $ 38,975      $ 4,721   

Barclays Bank PLC: Bolivarian Republic of Venezuela, 9.25% 9/15/27, 6/20/16*

     (5.00 )      7.90      $ 2,800        221,301        423,666            (202,365 ) 

Liz Claiborne Inc., 5% 7/8/13, 12/20/13*

     (5.00 )      0.93        180        (11,308 )      1,847        (13,155 ) 

Nokia OYJ, 6.750% 2/04/19, 9/20/14*

     (5.00 )      6.45        1,420        24,594        117,307        (92,713 ) 

The McClatchy Co., 5.75% 9/1/17, 12/20/13*

     (5.00 )      3.89        180        (2,974 )      3,463        (6,437 ) 

Citibank NA: CDX-NAHYS17V3-5 Year Index, 12/20/16*

     (5.00 )      5.10        2,880        (18,400 )      73,408        (91,808 ) 

Goldman Sachs Bank USA: CDX-NAHYS11V17 5 Year Index, 12/20/13*

     – 0 –      77.68        464        277,356        132,476        144,880   

CDX-NAHYS18V1-5 Year Index, 6/20/17*

     (5.00 )      5.43        7,940        53,483        190,704        (137,221 ) 

CDX-NAIGS18V1-5 Year Index, 6/20/17*

     (1.00 )      1.02        16,500        (19,186 )      94,774        (113,960 ) 

JPMorgan Chase Bank NA: Beazer Homes USA, Inc., 9.125% 6/15/18, 9/20/18*

     (5.00 )      6.88        810        62,096        89,505        (27,409 ) 

 

374   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

Swap
Counterparty &
Referenced
Obligation		   Fixed
Rate
(Pay)
Receive		     Implied
Credit
Spread at
August 31,
2012		     Notional
Amount
(000)		     Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

CDX-NAIGS17V1-5 Year, 12/20/16*

     (1.00 )%      0.93 %    $ 8,300      $ (42,395 )    $ 134,492      $ (176,887 ) 

MBIA, Inc., 6.625% 10/1/28, 12/20/13*

     (5.00 )      10.03        370        18,095        19,971        (1,876 ) 

Morgan Stanley Capital Services, Inc.:

            

CDX-EMS17V1-5 Year Index, 6/20/17*

     (5.00 )      2.43        9,800        (1,199,411 )      (1,165,009 )      (34,402 ) 

CDX-NAHYS18V1-5 Year Index, 6/20/17*

     (5.00 )      5.43        3,960        26,675        241,820        (215,145 ) 

CDX-NAHYS18V2-5 Year, 6/20/2017*

     (5.00 )      5.43        5,970        40,213        346,496          (306,283 ) 

Sale Contracts

            

Bank of America NA: Amkor Technology, Inc., 7.375%, 5/01/18, 6/20/17*

     5.00        6.15        640        (24,019 )      (22,702 )      (1,317 ) 

Boyd Gaming Corp., 6.75% 4/15/14, 3/20/16*

     5.00        8.95        860        (93,524 )      (40,821 )      (52,703 ) 

Sanmina-SCI Corp., 8.125% 3/01/16, 6/20/17*

     5.00        4.96        640        6,641        (34,930 )      41,571   

Barclays Bank PLC:

            

CDX-NAIGS15V1 5 Year Index, 12/20/15*

     1.00        3.98        500        (37,254 )      (48,872 )      11,618   

Community Health Systems, 8.875% 7/15/15, 6/20/16*

     5.00        4.21        800        27,953        (19,044 )      46,997   

Freescale Semiconductor Inc., 8.875% 12/15/14, 6/20/16*

     5.00        6.94        1,850        (109,916 )      (38,526 )      (71,390 ) 

Health Management Associates, Inc., 6.125%, 4/15/16, 6/20/17*

     5.00        4.65        640        14,945        (3,688 )      18,633   

MGM Resorts International, 7.625% 1/15/17, 6/20/17

     5.00        7.06        470        (34,207 )      (25,186 )      (9,021 ) 

Nokia OYJ, 6.750% 2/04/19, 9/20/17*

     5.00        8.96        890        (121,879 )          (163,174 )      41,295   

NXP BV, 8.625% 10/15/13, 3/20/16*

     5.00        4.43        550        14,149        23,011        (8,862 ) 

Owens-Illinois, Inc., 7.8% 5/15/18, 6/20/17*

     5.00        3.38        430        34,174        29,315        4,859   

Univision Communications Inc. 8.5%, 5/15/21, 6/20/16*

     5.00        5.65        550        (8,189 )      (12,888 )      4,699   

Virgin Media Finance PLC, 9.50%, 8/15/16, 6/20/17*

     5.00        3.31        650        53,784        18,091        35,693   

Citibank NA:

            

ITRAXX-XOVERS17V1-5Year, 6/20/17*

     5.00        5.91      EUR  4,840        (150,075 )      (456,742 )      306,667   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     375   

High-Yield Portfolio—Portfolio of Investments

Swap
Counterparty &
Referenced
Obligation		   Fixed
Rate
(Pay)
Receive		     Implied
Credit
Spread at
August 31,
2012		     Notional
Amount
(000)		     Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

Credit Suisse International:

            

CDX-NAHYS15V1 5 Year Index, 12/20/15*

     5.00 %      4.48 %    $ 2,800      $ (77,223 )    $ (200,210 )    $ 122,987   

CDX-NAHYS15V1 5 Year Index, 12/20/15*

     5.00        4.48        2,500        (68,949 )          (180,161 )      111,212   

Ford Motor Co., 6.5%, 8/01/18, 6/20/16*

     5.00        2.54        1,100        107,554        77,035        30,519   

MGM Resorts International, 5.875% 2/27/14, 3/20/16*

     5.00        5.61        1,700        (25,214 )      (38,642 )      13,428   

MGM Resorts International, 7.625% 1/15/17, 6/20/13*

     5.00        1.61        800        29,597        7,319        22,278   

Wind Acquisition Finance S.A., 11.00% 12/01/15, 6/20/16*

     5.00        12.34        1,320        (257,301 )      45,350            (302,651 ) 

Goldman Sachs Bank USA:

            

CDX-NAHY15V1 3 Year Index, 12/20/13*

     5.00        17.23        4,451            (565,737 )      (516,822 )      (48,915 ) 

CDX-NAIGS15V1 5 Year Index, 12/20/15*

     1.00        3.98        900        (67,058 )      (89,120 )      22,062   

Chesapeake Energy Corp., 6.625% 8/15/20, 6/20/17*

     5.00        6.39        1,250        (53,875 )      (84,819 )      30,944   

ConvaTec Healthcare E S.A., 10.875% 12/15/18, 6/20/17*

     5.00        7.99      EUR  590        (74,939 )      (114,367 )      39,428   

Mediacom LLC, 9.125% 8/15/19, 3/20/16*

     5.00        3.94      $ 1,070        44,646        (32,065 )      76,711   

Tenet Healthcare Corp., 6.875% 11/15/31, 9/20/16*

     5.00        4.73        1,050        21,038        (24,344 )      45,382   

JPMorgan Chase Bank NA:

            

Ford Motor Co., 6.50% 8/01/18, 6/20/17*

     5.00        2.86        820        85,117        87,951        (2,834 ) 

Realogy Corp., 11.500% 4/15/17, 9/20/17*

     5.00        7.20        735        (55,927 )      (105,887 )      49,960   

Realogy Corp., 11.500% 4/15/17, 9/20/17*

     5.00        7.20        565        (42,992 )      (85,490 )      42,498   

Sabre Holdings Corp., 6.35% 3/15/16, 6/20/16*

     5.00        6.66        277        (12,996 )      (22,901 )      9,905   

Morgan Stanley Capital Services, Inc.:

            

AK Steel Corp.,
7.625% 5/15/20, 3/20/16*

     5.00        10.07        550        (76,417 )      6,294        (82,711 ) 

 

376   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

Swap
Counterparty &
Referenced
Obligation		   Fixed
Rate
(Pay)
Receive		     Implied
Credit
Spread at
August 31,
2012		     Notional
Amount
(000)		     Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

Boyd Gaming Corp.,
6.75% 4/15/14, 6/20/13*

     5.00 %      3.12 %    $ 550      $ 12,906      $ 4,528      $ 8,378   

NXP BV 8.625%,
10/15/13, 6/20/17*

     5.00        5.39      EUR  230        (2,140 )      (14,189 )      12,049   

NXP BV 8.625%,
10/15/13, 9/20/17*

     5.00        5.57        330        (5,817 )      (22,762 )      16,945   

UBS AG:

            

Goodyear Tire &
Rubber Co.,
7.00%, 3/15/28, 6/20/17*

     5.00        5.89      $ 1,050        (28,845 )      (85,532 )      56,687   

HCA Inc.,
6.375% 1/15/15, 6/20/17*

     5.00        4.54        1,720        48,325        (3,311 )      51,636   

Levi Strauss & Co.,
8.875%, 4/01/16, 6/20/17*

     5.00        5.20        850        (276 )      (49,170 )      48,894   

Tenet Healthcare Corp.,
6.875%, 11/15/31, 6/20/17*

     5.00        5.71        950        (19,865 )      (50,559 )      30,694   
       

 

 

    

 

 

    

 

 

  
        $     (2,039,970 )    $     (1,544,135 )    $     (495,835 ) 
       

 

 

    

 

 

    

 

 

  

 

*   Termination date

REVERSE REPURCHASE AGREEMENTS (see Note C)

 

Broker    Interest
Rate		     Maturity      U.S. $
Value at
August 31,
2012		  

Credit Suisse Securities (USA) LLC†

      (3.50 )%*      —       $ 694,943   

Credit Suisse Securities (USA) LLC†

      (2.38 )%*      —         1,076,220   

Credit Suisse Securities (USA) LLC†

      (1.65 )%*      —         510,078   

Credit Suisse Securities (USA) LLC†

      (1.50 )%*      —         1,010,531   

Credit Suisse Securities (USA) LLC†

      (.75 )%*      —         602,163   

Credit Suisse Securities (USA) LLC†

      (0.88 )%*      —         404,980   

Credit Suisse Securities (USA) LLC†

      (0.75 )%*      —         894,606   

Credit Suisse Securities (USA) LLC†

      (0.25 )%*      —         1,162,355   
       

 

 

  
        $     6,355,876   
       

 

 

  

 

+   The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on August 31, 2012.

 

*   Interest payment due from counterparty.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     377   

High-Yield Portfolio—Portfolio of Investments

UNFUNDED LOAN COMMITMENTS (see Note C)

As of August 31, 2012, the Fund had the following unfunded loan commitment of $1,275,000, which could be extended at the option of the borrower:

 

Borrower    Unfunded
Loan
Commitments		        Cost      Value  
General Motors Holding,
LLC Revolver
LIBOR + 2.75%, 10/27/15		    $     1,275,000         $     – 0  –     $     (105,188)   

 

(a)   Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The market value of the collateral amounted to $6,186,461.

 

(b)   Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2012, the aggregate market value of these securities amounted to $113,107,808 or 28.5% of net assets.

 

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

 

(d)   Pay-In-Kind Payments (PIK).

 

(e)   Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2012.

 

(f)   Non-income producing security.

 

(g)   Fair valued.

 

(h)   Illiquid security.

 

(i)   Floating Rate Security. Stated interest rate was in effect at August 31, 2012.

 

(j)   Variable rate coupon, rate shown as of August 31, 2012.

 

(k)   Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. The aggregate market value of these securities amounted to $3,360,037.

 

(l)   One contract relates to 100 shares.

 

(m)   One contract relates to 1 share.

 

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

Currency Abbreviations:

 

AUD   – Australian Dollar
CAD   – Canadian Dollar
EUR   – Euro
GBP   – Great British Pound
TRY   – Turkish Lira
ZAR   – South African Rand

Glossary:

 

CDX-EM   – Emerging Market Credit Default Swap Index
CDX-NAHY   – North American High Yield Credit Default Swap Index
CDX-NAIG   – North American Investment Grade Credit Default Swap Index
CMBS   – Commercial Mortgage-Backed Securities
GO   – General Obligation
LIBOR   – London Interbank Offered Rates
OJSC   – Open Joint Stock Company
REIT   – Real Estate Investment Trust

See notes to financial statements.

 

378   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

High-Yield Portfolio—Portfolio of Investments

SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		     U.S. $ Value  

 

  
    
    

COMMON STOCKS – 98.7%

     

Financials – 30.7%

     

Capital Markets – 1.1%

     

Legg Mason, Inc.

      147,660      $ 3,629,483   
    

 

 

  

Commercial Banks – 10.1%

     

Associated Banc-Corp

      282,100        3,656,016   

CapitalSource, Inc.

      635,750        4,405,748   

Comerica, Inc.

      136,140        4,180,859   

First Niagara Financial Group, Inc.

      455,418        3,593,248   

Huntington Bancshares, Inc./OH

      686,790        4,532,814   

Popular, Inc.(a)

      146,467        2,320,037   

Susquehanna Bancshares, Inc.

      387,200        4,069,472   

Webster Financial Corp.

      95,120        2,024,154   

Zions Bancorporation

      231,030        4,447,327   
    

 

 

  
       33,229,675   
    

 

 

  

Insurance – 8.8%

     

Amtrust Financial Services, Inc.(b)

      73,535        1,917,058   

Aspen Insurance Holdings Ltd.

      138,110        4,016,239   

Fidelity National Financial, Inc. – Class A

      226,270        4,262,927   

Platinum Underwriters Holdings Ltd.

      106,250        4,222,375   

Reinsurance Group of America, Inc. – Class A

      77,590        4,557,637   

Torchmark Corp.

      84,380        4,318,568   

Unum Group

      172,440        3,364,304   

Validus Holdings Ltd.

      68,167        2,284,276   
    

 

 

  
       28,943,384   
    

 

 

  

Real Estate Investment Trusts (REITs) – 9.9%

     

BioMed Realty Trust, Inc.

      227,970        4,224,284   

BRE Properties, Inc.

      60,245        3,007,430   

Camden Property Trust

      53,930        3,744,360   

DiamondRock Hospitality Co.

      274,360        2,639,343   

Entertainment Properties Trust

      93,470        4,261,297   

Glimcher Realty Trust

      352,540        3,694,619   

Home Properties, Inc.

      60,820        3,883,357   

Mid-America Apartment Communities, Inc.

      55,800        3,794,400   

Plum Creek Timber Co., Inc.

      81,250        3,325,563   
    

 

 

  
       32,574,653   
    

 

 

  

Thrifts & Mortgage Finance – 0.8%

     

Washington Federal, Inc.

      152,500        2,455,250   
    

 

 

  
       100,832,445   
    

 

 

  

Consumer Discretionary – 17.4%

     

Auto Components – 3.0%

     

Dana Holding Corp.

      184,040        2,513,986   

Lear Corp.

      102,120        3,965,320   

TRW Automotive Holdings Corp.(a)

      75,530        3,301,416   
    

 

 

  
       9,780,722   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     379   

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Hotels, Restaurants & Leisure – 2.5%

     

MGM Resorts International(a)

      397,312      $ 3,917,496   

Royal Caribbean Cruises Ltd.

      160,830        4,345,627   
    

 

 

  
       8,263,123   
    

 

 

  

Household Durables – 4.4%

     

Meritage Homes Corp.(a)

      88,210        3,287,587   

Newell Rubbermaid, Inc.

      243,290        4,362,190   

NVR, Inc.(a)

      4,430        3,668,837   

PulteGroup Inc(a)

      231,420        3,165,825   
    

 

 

  
       14,484,439   
    

 

 

  

Media – 1.1%

     

Gannett Co., Inc.

      239,160        3,649,582   
    

 

 

  

Specialty Retail – 5.3%

     

ANN, Inc.(a)

      113,555        4,040,287   

Childrens Place Retail Stores, Inc. (The)(a)

      78,890        4,491,997   

Express, Inc.(a)

      186,690        2,914,231   

GameStop Corp. – Class A

      64,580        1,232,186   

Men’s Wearhouse, Inc. (The)

      102,220        3,230,152   

Office Depot, Inc.(a)

      980,880        1,500,746   
    

 

 

  
       17,409,599   
    

 

 

  

Textiles, Apparel & Luxury Goods – 1.1%

     

Jones Group, Inc. (The)

      292,650        3,707,876   
    

 

 

  
       57,295,341   
    

 

 

  

Information Technology – 16.1%

     

Computers & Peripherals – 0.4%

     

NCR Corp.(a)

      62,780        1,405,644   
    

 

 

  

Electronic Equipment, Instruments & Components – 8.5%

     

Anixter International, Inc.

      31,930        1,919,951   

Arrow Electronics, Inc.(a)

      111,910        4,056,737   

AU Optronics Corp. (Sponsored ADR)(a)

      677,034        2,051,413   

Avnet, Inc.(a)

      124,710        4,016,909   

Flextronics International Ltd.(a)

      441,710        2,972,708   

Ingram Micro, Inc. – Class A(a)

      138,650        2,117,186   

Insight Enterprises, Inc.(a)

      181,596        3,261,464   

TTM Technologies, Inc.(a)

      361,938        3,836,543   

Vishay Intertechnology, Inc.(a)

      387,320        3,702,779   
    

 

 

  
       27,935,690   
    

 

 

  

IT Services – 2.3%

     

Amdocs Ltd.(a)

      133,420        4,301,461   

Convergys Corp.

      210,110        3,258,806   
    

 

 

  
       7,560,267   
    

 

 

  

 

380   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Semiconductors & Semiconductor Equipment – 4.9%

     

Amkor Technology, Inc.(a)(b)

      422,100      $ 1,979,649   

Entegris, Inc.(a)

      431,580        3,793,588   

Lam Research Corp.(a)

      109,020        3,720,853   

Micron Technology, Inc.(a)

      571,600        3,549,636   

MKS Instruments, Inc.

      114,884        3,114,505   
    

 

 

  
       16,158,231   
    

 

 

  
       53,059,832   
    

 

 

  

Industrials – 10.6%

     

Building Products – 1.4%

     

Fortune Brands Home & Security, Inc.(a)

      176,403        4,498,277   
    

 

 

  

Commercial Services & Supplies – 1.2%

     

Avery Dennison Corp.

      127,340        3,976,828   
    

 

 

  

Construction & Engineering – 0.5%

     

Tutor Perini Corp.(a)

      161,510        1,713,621   
    

 

 

  

Electrical Equipment – 1.9%

     

EnerSys(a)

      60,840        2,266,290   

General Cable Corp.(a)

      154,150        4,175,923   
    

 

 

  
       6,442,213   
    

 

 

  

Machinery – 1.8%

     

Sauer-Danfoss, Inc.

      51,380        1,959,119   

Timken Co.

      96,730        3,884,677   
    

 

 

  
       5,843,796   
    

 

 

  

Road & Rail – 2.7%

     

Avis Budget Group, Inc.(a)

      189,280        3,107,978   

Con-way, Inc.

      97,820        2,964,924   

Hertz Global Holdings, Inc.(a)

      189,010        2,680,162   
    

 

 

  
       8,753,064   
    

 

 

  

Trading Companies & Distributors – 1.1%

     

Aircastle Ltd.

      318,790        3,640,582   
    

 

 

  
       34,868,381   
    

 

 

  

Utilities – 8.0%

     

Electric Utilities – 5.2%

     

Great Plains Energy, Inc.

      184,530        3,934,180   

NV Energy, Inc.

      258,530        4,534,616   

PNM Resources, Inc.

      237,730        4,890,106   

Portland General Electric Co.

      145,070        3,893,679   
    

 

 

  
       17,252,581   
    

 

 

  

Gas Utilities – 2.8%

     

Atmos Energy Corp.

      125,620        4,389,163   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     381   

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  
    

 

  

UGI Corp.

      152,470      $ 4,647,285   
    

 

 

  
       9,036,448   
    

 

 

  
       26,289,029   
    

 

 

  

Energy – 5.9%

     

Energy Equipment & Services – 2.4%

     

Bristow Group, Inc.

      87,380        4,097,248   

Helmerich & Payne, Inc.

      83,580        3,814,591   
    

 

 

  
       7,911,839   
    

 

 

  

Oil, Gas & Consumable Fuels – 3.5%

     

Plains Exploration & Production Co.(a)

      76,370        3,002,868   

Stone Energy Corp.(a)

      82,420        1,939,343   

Teekay Corp.

      100,720        2,979,298   

Tesoro Corp.

      93,430        3,712,908   
    

 

 

  
       11,634,417   
    

 

 

  
       19,546,256   
    

 

 

  

Consumer Staples – 4.6%

     

Beverages – 1.4%

     

Constellation Brands, Inc. – Class A(a)

      139,864        4,607,120   
    

 

 

  

Food Products – 3.2%

     

Dean Foods Co.(a)

      124,150        2,038,543   

Dole Food Co., Inc.(a)(b)

      343,550        4,424,924   

Tyson Foods, Inc. – Class A

      260,060        4,072,540   
    

 

 

  
       10,536,007   
    

 

 

  
       15,143,127   
    

 

 

  

Materials – 3.1%

     

Chemicals – 0.5%

     

Ferro Corp.(a)

      454,460        1,490,629   
    

 

 

  

Metals & Mining – 2.6%

     

Commercial Metals Co.

      227,780        2,901,917   

Reliance Steel & Aluminum Co.

      54,900        2,823,507   

Steel Dynamics, Inc.

      233,040        2,847,749   
    

 

 

  
       8,573,173   
    

 

 

  
       10,063,802   
    

 

 

  

Health Care – 2.3%

     

Health Care Providers & Services – 2.3%

     

Health Net, Inc.(a)

      119,670        2,782,328   

LifePoint Hospitals, Inc.(a)

      116,398        4,704,807   
    

 

 

  
       7,487,135   
    

 

 

  

Total Common Stocks
(cost $303,436,247)

        324,585,348   
    

 

 

  
    

 

382   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Value Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  
    

 

  

SHORT-TERM INVESTMENTS – 1.8%

     

Investment Companies – 1.8%

     

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(c)
(cost $5,855,974)

      5,855,974      $ 5,855,974   
    

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 100.5%
(cost $309,292,221)

        330,441,322   
    

 

 

  
    

INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 2.5%

     

Investment Companies – 2.5%

     

AllianceBernstein Exchange Reserves – Class I, 0.18%(c)
(cost $8,083,392)

      8,083,392        8,083,392   
    

 

 

  

Total Investments – 103.0%
(cost $317,375,613)

        338,524,714   
    

 

 

  

Other assets less liabilities – (3.0)%

        (9,775,245 ) 
    

 

 

  

Net Assets – 100.0%

      $ 328,749,469   
    

 

 

  

 

(a)   Non-income producing security.

 

(b)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

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

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     383   

Small-Mid Cap Value Portfolio—Portfolio of Investments

SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		     U.S. $ Value  

 

  
    

COMMON STOCKS – 99.2%

     

Industrials – 25.3%

     

Aerospace & Defense – 2.6%

     

Hexcel Corp.(a)

      233,489      $ 5,293,195   

TransDigm Group, Inc.(a)

      23,890        3,311,632   
    

 

 

  
       8,604,827   
    

 

 

  

Air Freight & Logistics – 1.0%

     

Expeditors International of Washington, Inc.

      86,390        3,162,738   
    

 

 

  

Building Products – 0.6%

     

Simpson Manufacturing Co., Inc.

      83,672        2,127,779   
    

 

 

  

Electrical Equipment – 1.9%

     

AMETEK, Inc.

      184,900        6,343,919   
    

 

 

  

Industrial Conglomerates – 0.8%

     

Carlisle Cos., Inc.

      52,690        2,757,795   
    

 

 

  

Machinery – 10.0%

     

Actuant Corp. – Class A

      155,916        4,384,358   

IDEX Corp.

      135,485        5,400,432   

Joy Global, Inc.

      84,050        4,486,589   

Lincoln Electric Holdings, Inc.

      96,120        3,964,950   

Middleby Corp.(a)

      40,650        4,680,848   

Robbins & Myers, Inc.

      76,698        4,588,074   

Valmont Industries, Inc.

      40,971        5,193,074   
    

 

 

  
       32,698,325   
    

 

 

  

Marine – 1.6%

     

Kirby Corp.(a)

      97,838        5,151,171   
    

 

 

  

Professional Services – 2.7%

     

Advisory Board Co. (The)(a)

      75,715        3,356,446   

Robert Half International, Inc.

      204,060        5,366,778   
    

 

 

  
       8,723,224   
    

 

 

  

Road & Rail – 1.2%

     

Genesee & Wyoming, Inc. – Class A(a)

      60,260        3,830,125   
    

 

 

  

Trading Companies & Distributors – 2.9%

     

MSC Industrial Direct Co., Inc. – Class A

      56,800        3,936,240   

United Rentals, Inc.(a)

      176,210        5,693,345   
       9,629,585   
    

 

 

  
       83,029,488   
    

 

 

  

Consumer Discretionary – 21.1%

     

Distributors – 1.6%

     

LKQ Corp.(a)

      141,820        5,352,287   
    

 

 

  

 

384   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Hotels, Restaurants & Leisure – 4.2%

     

Orient-Express Hotels Ltd. – Class A(a)

      401,440      $ 3,528,658   

Panera Bread Co. – Class A(a)

      38,770        6,005,473   

Wyndham Worldwide Corp.

      85,220        4,443,371   
    

 

 

  
       13,977,502   
    

 

 

  

Media – 2.4%

     

National CineMedia, Inc.

      263,850        3,825,825   

Pandora Media, Inc.(a)(b)

      333,800        4,002,262   
    

 

 

  
       7,828,087   
    

 

 

  

Multiline Retail – 1.3%

     

Dollar Tree, Inc.(a)

      87,070        4,194,162   
    

 

 

  

Specialty Retail – 10.7%

     

CarMax, Inc.(a)

      114,157        3,492,063   

Dick’s Sporting Goods, Inc.

      116,860        5,814,954   

Five Below, Inc.(a)(b)

      29,816        958,286   

Francesca’s Holdings Corp.(a)

      149,932        5,297,097   

Select Comfort Corp.(a)

      185,016        5,285,907   

Tractor Supply Co.

      37,815        3,610,576   

Ulta Salon Cosmetics & Fragrance, Inc.

      63,510        5,969,940   

Vitamin Shoppe, Inc.(a)

      87,900        4,712,319   
    

 

 

  
       35,141,142   
    

 

 

  

Textiles, Apparel & Luxury Goods – 0.9%

     

Tumi Holdings, Inc.(a)(b)

      140,637        2,961,815   
    

 

 

  
       69,454,995   
    

 

 

  

Information Technology – 20.3%

     

Communications Equipment – 1.0%

     

Ciena Corp.(a)(b)

      245,100        3,350,517   
    

 

 

  

Internet Software & Services – 2.5%

     

Bazaarvoice, Inc.(a)(b)

      197,523        2,931,241   

CoStar Group, Inc.(a)

      64,687        5,255,819   
    

 

 

  
       8,187,060   
    

 

 

  

IT Services – 1.4%

     

Alliance Data Systems Corp.(a)

      24,860        3,421,979   

ServiceSource International, Inc.(a)(b)

      110,814        1,026,138   
    

 

 

  
       4,448,117   
    

 

 

  

Semiconductors & Semiconductor Equipment – 6.5%

  

  

Fairchild Semiconductor International, Inc.(a)

      257,716        3,742,036   

Mellanox Technologies Ltd.(a)(b)

      35,900        4,106,601   

Skyworks Solutions, Inc.(a)

      161,050        4,905,583   

Teradyne, Inc.(a)

      289,080        4,515,430   

Veeco Instruments, Inc.(a)(b)

      122,954        4,217,322   
    

 

 

  
       21,486,972   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     385   

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Software – 8.9%

     

ANSYS, Inc.(a)

      34,190      $ 2,383,043   

Aspen Technology, Inc.(a)

      197,406        4,812,758   

Cadence Design Systems, Inc.(a)

      471,835        6,228,222   

Fortinet, Inc.(a)

      156,040        4,136,620   

MICROS Systems, Inc.(a)

      71,268        3,610,437   

SolarWinds, Inc.(a)

      83,419        4,578,035   

TIBCO Software, Inc.(a)

      116,290        3,479,397   
    

 

 

  
       29,228,512   
    

 

 

  
       66,701,178   
    

 

 

  

Health Care – 16.6%

     

Biotechnology – 3.8%

     

Amarin Corp. PLC (ADR)(a)(b)

      90,190        1,234,701   

Ariad Pharmaceuticals, Inc.(a)

      113,299        2,329,427   

BioMarin Pharmaceutical, Inc.(a)

      116,520        4,350,857   

Ironwood Pharmaceuticals, Inc.(a)

      65,769        824,086   

Onyx Pharmaceuticals, Inc.(a)

      52,040        3,742,717   
    

 

 

  
       12,481,788   
    

 

 

  

Health Care Equipment & Supplies – 3.4%

     

HeartWare International, Inc.(a)(b)

      28,850        2,584,094   

NxStage Medical, Inc.(a)

      62,410        795,728   

Sirona Dental Systems, Inc.(a)

      76,536        4,067,123   

Volcano Corp.(a)

      130,048        3,677,757   
    

 

 

  
       11,124,702   
    

 

 

  

Health Care Providers & Services – 7.1%

     

AMERIGROUP Corp.(a)

      72,486        6,590,427   

Catamaran Corp.(a)

      59,889        5,219,326   

HMS Holdings Corp.(a)

      94,795        3,266,636   

Mednax, Inc.(a)

      70,577        4,889,575   

WellCare Health Plans, Inc.(a)

      59,650        3,381,558   
    

 

 

  
       23,347,522   
    

 

 

  

Pharmaceuticals – 2.3%

     

Akorn, Inc.(a)

      317,564        4,395,086   

Questcor Pharmaceuticals, Inc.(a)(b)

      74,189        3,222,770   
    

 

 

  
       7,617,856   
    

 

 

  
       54,571,868   
    

 

 

  

Financials – 7.8%

     

Capital Markets – 4.2%

     

Affiliated Managers Group, Inc.(a)

      45,530        5,355,239   

Lazard Ltd. – Class A

      121,300        3,455,837   

Stifel Financial Corp.(a)

      156,591        5,117,394   
    

 

 

  
       13,928,470   
    

 

 

  

Commercial Banks – 3.6%

     

Iberiabank Corp.

      85,022        3,988,382   

Signature Bank/New York NY(a)

      78,680        5,085,088   

 

386   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

SVB Financial Group(a)

      48,410      $ 2,807,296   
    

 

 

  
       11,880,766   
    

 

 

  
       25,809,236   
    

 

 

  

Energy – 6.8%

     

Energy Equipment & Services – 3.9%

     

FMC Technologies, Inc.(a)

      67,370        3,155,611   

Oceaneering International, Inc.

      76,300        4,085,102   

Oil States International, Inc.(a)

      57,249        4,479,162   

Superior Energy Services, Inc.(a)

      59,860        1,243,292   
    

 

 

  
       12,963,167   
    

 

 

  

Oil, Gas & Consumable Fuels – 2.9%

     

Cabot Oil & Gas Corp.

      92,670        3,837,465   

Concho Resources, Inc.(a)

      33,693        3,023,610   

SM Energy Co.

      53,003        2,503,331   
    

 

 

  
       9,364,406   
    

 

 

  
       22,327,573   
    

 

 

  

Telecommunication Services – 1.3%

     

Diversified Telecommunication Services – 1.3%

     

tw telecom, Inc.(a)

      166,647        4,191,172   
    

 

 

  

Materials – 0.0%

     

Chemicals – 0.0%

     

Eastman Chemical Co.

      11        608   
    

 

 

  

Total Common Stocks
(cost $247,435,559)

        326,086,118   
    

 

 

  
    

SHORT-TERM INVESTMENTS – 0.5%

     

Investment Companies – 0.5%

     

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(c)
(cost $1,569,772)

      1,569,772        1,569,772   
    

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.7%
(cost $249,005,331)

        327,655,890   
    

 

 

  
    

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     387   

Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 6.9%

     

Investment Companies – 6.9%

     

AllianceBernstein Exchange Reserves –
Class I, 0.18%(c)
(cost $22,658,967)

      22,658,967      $ 22,658,967   
    

 

 

  

Total Investments – 106.6%
(cost $271,664,298)

        350,314,857   
    

 

 

  

Other assets less liabilities – (6.6)%

        (21,680,596 ) 
    

 

 

  

Net Assets – 100.0%

      $ 328,634,261   
    

 

 

  

 

(a)   Non-income producing security.

 

(b)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

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

Glossary:

 

ADR   – American Depositary Receipt

See notes to financial statements.

 

388   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Small-Mid Cap Growth Portfolio—Portfolio of Investments

MULTI-ASSET REAL RETURN PORTFOLIO

CONSOLIDATED PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		      U.S. $ Value  

 

  
     

COMMON STOCKS – 63.9%

      

Energy – 24.2%

      

Coal & Consumable Fuels – 1.0%

      

Banpu PCL

      121,200       $ 1,740,545   

Cameco Corp.

      47,140         1,027,205   

Consol Energy, Inc.

      5,900         178,180   

Exxaro Resources Ltd.

      133,330         2,367,788   

Peabody Energy Corp.

      7,000         151,410   
     

 

 

  
        5,465,128   
     

 

 

  

Integrated Oil & Gas – 17.8%

      

BG Group PLC

      353,020         7,219,363   

BP PLC

      1,570,920         11,019,259   

Cenovus Energy, Inc.

      19,400         635,678   

Chevron Corp.

      89,530         10,041,685   

China Petroleum & Chemical Corp. – Class H

      4,318,000         4,078,844   

ConocoPhillips

      31,300         1,777,527   

ENI SpA

      139,820         3,085,089   

Exxon Mobil Corp.

      251,000         21,912,300   

Gazprom OAO (Sponsored ADR)

      577,060         5,619,987   

Hess Corp.

      29,430         1,487,098   

Husky Energy, Inc.

      14,900         394,058   

Imperial Oil Ltd.

      8,600         392,682   

Petroleo Brasileiro SA

      76,700         808,601   

Petroleo Brasileiro SA (ADR)

      121,370         2,565,762   

Petroleo Brasileiro SA (Preference Shares)

      108,300         1,103,327   

Petroleo Brasileiro SA (Sponsored ADR)

      56,668         1,166,227   

PTT PCL

      195,400         2,057,827   

Royal Dutch Shell PLC (Euronext Amsterdam) – Class A

      305,413         10,684,066   

Royal Dutch Shell PLC – Class A

      15         525   

Royal Dutch Shell PLC – Class B

      99,130         3,576,279   

Statoil ASA

      32,270         825,127   

Suncor Energy, Inc. (Toronto)(a)

      134,700         4,210,101   

Total SA

      53,020         2,643,402   
     

 

 

  
        97,304,814   
     

 

 

  

Oil & Gas Drilling – 0.7%

      

Ensco PLC

      14,420         827,275   

Seadrill Ltd.

      38,730         1,596,451   

Transocean Ltd.

      27,290         1,338,029   
     

 

 

  
        3,761,755   
     

 

 

  

Oil & Gas Equipment & Services – 0.5%

      

Halliburton Co.

      32,490         1,064,373   

Schlumberger Ltd.

      21,790         1,577,160   
     

 

 

  
        2,641,533   
     

 

 

  

Oil & Gas Exploration & Production – 4.2%

      

Anadarko Petroleum Corp.

      39,510         2,736,858   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     389   

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company        
    
Shares		      U.S. $ Value  

 

  
     

Apache Corp.

      9,900       $ 848,925   

ARC Resources Ltd.

      7,500         177,352   

Athabasca Oil Corp.(b)

      11,700         161,183   

Baytex Energy Corp.

      3,300         150,312   

Cabot Oil & Gas Corp.

      18,660         772,711   

Canadian Natural Resources Ltd.

      28,300         860,986   

Canadian Oil Sands Ltd.

      12,500         266,802   

Chesapeake Energy Corp.

      17,100         330,885   

Cimarex Energy Co.

      2,600         148,746   

Cobalt International Energy, Inc.(b)

      6,600         149,886   

Concho Resources, Inc.(b)

      2,500         224,350   

Continental Resources, Inc./OK(b)

      2,000         148,120   

Crescent Point Energy Corp.

      7,500         311,869   

Denbury Resources, Inc.(b)

      10,100         156,449   

Devon Energy Corp.

      28,440         1,644,685   

EnCana Corp.

      19,000         420,573   

EOG Resources, Inc.

      21,670         2,346,861   

EQT Corp.

      3,900         210,444   

Lundin Petroleum AB(b)

      36,940         832,145   

Marathon Oil Corp.

      57,440         1,597,981   

MEG Energy Corp.(b)

      3,800         149,648   

Nexen, Inc. (Toronto)

      17,103         429,939   

Noble Energy, Inc.

      13,940         1,225,326   

Occidental Petroleum Corp.

      51,940         4,415,419   

OGX Petroleo e Gas Participacoes SA(b)

      50,200         154,564   

Pacific Rubiales Energy Corp.

      7,500         183,363   

Penn West Petroleum Ltd.

      12,200         173,022   

Pioneer Natural Resources Co.

      3,000         292,080   

Plains Exploration & Production Co.(b)

      3,800         149,416   

Progress Energy Resources Corp.

      6,700         149,327   

QEP Resources, Inc.

      5,200         149,188   

Range Resources Corp.

      4,200         273,798   

Southwestern Energy Co.(b)

      9,000         280,170   

Talisman Energy, Inc.

      26,600         369,688   

Vermilion Energy, Inc.

      3,200         145,789   

Whiting Petroleum Corp.(b)

      3,400         151,368   
     

 

 

  
        23,190,228   
     

 

 

  
        132,363,458   
     

 

 

  

Materials – 11.9%

      

Aluminum – 0.1%

      

Alcoa, Inc.

      32,900         281,624   
     

 

 

  

Diversified Chemicals – 0.5%

      

BASF SE

      33,520         2,601,658   
     

 

 

  

Diversified Metals & Mining – 4.5%

      

Anglo American PLC

      183,130         5,085,596   

 

390   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company        
    
Shares		      U.S. $ Value  

 

  
     

BHP Billiton Ltd.

      183,150       $ 6,064,564   

BHP Billiton PLC

      73,270         2,144,339   

First Quantum Minerals Ltd.

      14,700         283,188   

Grupo Mexico SAB de CV

      118,100         352,320   

Minera Frisco SAB de CV(b)

      61,600         235,599   

Rio Tinto Ltd.

      24,810         1,274,157   

Rio Tinto PLC

      153,040         6,681,608   

Southern Copper Corp.

      7,100         231,034   

Teck Resources Ltd.

      73,140         2,021,135   

Turquoise Hill Resources Ltd.(b)

      28,400         228,180   
     

 

 

  
        24,601,720   
     

 

 

  

Fertilizers & Agricultural Chemicals – 1.2%

      

Agrium, Inc. (Toronto)

      21,810         2,146,374   

CF Industries Holdings, Inc.

      1,200         248,412   

K&S AG

      10,900         532,271   

Monsanto Co.

      34,540         3,008,779   

Mosaic Co. (The)

      5,700         330,087   

Potash Corp. of Saskatchewan, Inc.

      16,400         671,473   
     

 

 

  
        6,937,396   
     

 

 

  

Gold – 2.7%

      

Agnico-Eagle Mines Ltd.

      5,300         255,981   

Barrick Gold Corp.

      30,900         1,191,487   

Cia de Minas Buenaventura SA (ADR) – Class B

      6,400         221,824   

Eldorado Gold Corp.

      20,800         276,208   

Franco-Nevada Corp.

      4,400         228,269   

Freeport-McMoRan Copper & Gold, Inc.

      44,570         1,609,422   

Goldcorp, Inc.

      92,670         3,804,570   

IAMGOLD Corp.

      16,900         220,990   

Kinross Gold Corp.

      219,890         1,954,082   

Koza Altin Isletmeleri AS

      58,360         1,148,191   

New Gold, Inc.(b)

      122,530         1,357,370   

Newmont Mining Corp.

      15,300         775,404   

Real Gold Mining Ltd.(a)(c)(d)

      686,500         123,918   

Yamana Gold, Inc.

      89,790         1,535,744   
     

 

 

  
        14,703,460   
     

 

 

  

Paper Products – 0.4%

      

Fibria Celulose SA (ADR)(b)

      19,600         152,463   

International Paper Co.

      7,900         273,024   

MeadWestvaco Corp.

      5,100         146,676   

Mondi PLC

      193,210         1,701,412   
     

 

 

  
        2,273,575   
     

 

 

  

Precious Metals & Minerals – 0.2%

      

Industrias Penoles SAB de CV

      4,300         179,004   

North American Palladium Ltd.(a)(b)

      317,090         573,933   

Silver Wheaton Corp.

      10,900         376,842   
     

 

 

  
        1,129,779   
     

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     391   

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company        
    
Shares		      U.S. $ Value  

 

  
     

Specialty Chemicals – 0.4%

      

Koninklijke DSM NV

      49,986       $ 2,346,499   
     

 

 

  

Steel – 1.9%

      

Allegheny Technologies, Inc.

      5,000         148,200   

Arrium Ltd.

      671,187         451,300   

Cia Siderurgica Nacional SA

      31,300         154,195   

Cliffs Natural Resources, Inc.

      4,400         157,696   

Commercial Metals Co.

      84,270         1,073,600   

Gerdau SA

      26,500         231,201   

JFE Holdings, Inc.

      149,500         1,899,469   

Metalurgica Gerdau SA (Preference Shares)

      13,300         144,800   

Nucor Corp.

      9,800         368,970   

United States Steel Corp.(a)

      35,120         683,084   

Vale SA

      40,200         664,422   

Vale SA (Preference Shares)

      61,900         1,011,795   

Vale SA (Sponsored ADR) (Local Preference Shares)

      203,200         3,275,584   
     

 

 

  
        10,264,316   
     

 

 

  
        65,140,027   
     

 

 

  

Equity:Other – 10.2%

      

Diversified/Specialty – 8.0%

      

Alexandria Real Estate Equities, Inc.

      2,200         162,580   

Aliansce Shopping Centers SA

      8,500         84,962   

Artis Real Estate Investment Trust

      5,200         87,568   

BioMed Realty Trust, Inc.

      6,600         122,298   

BR Properties SA

      25,200         306,636   

British Land Co. PLC

      246,415         2,109,195   

Canadian Real Estate Investment Trust

      16,490         699,246   

Capital Property Fund

      427,600         555,173   

CapitaLand Ltd.

      324,000         784,168   

Cheung Kong Holdings Ltd.

      33,000         451,417   

China Overseas Land & Investment Ltd.(a)

      796,000         1,804,602   

Cofinimmo

      5,730         629,674   

Dexus Property Group

      361,649         357,915   

Digital Realty Trust, Inc.(a)

      25,740         1,917,887   

Duke Realty Corp.

      41,840         606,680   

Dundee Real Estate Investment Trust

      28,196         1,093,802   

Evergrande Real Estate Group Ltd.(a)

      3,630,000         1,398,494   

Forest City Enterprises, Inc.(b)

      8,100         122,148   

GPT Group

      95,790         347,682   

Growthpoint Properties Ltd.

      255,400         833,371   

H&R Real Estate Investment Trust

      6,500         166,827   

Hang Lung Properties Ltd.

      230,000         786,564   

Henderson Land Development Co., Ltd.(a)

      91,000         561,373   

Hyprop Investments Ltd.

      69,300         606,159   

Iguatemi Empresa de Shopping Centers SA

      3,200         76,930   

 

392   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company        
    
Shares		      U.S. $ Value  

 

  
     

JHSF Participacoes SA

      12,500       $ 48,525   

Kerry Properties Ltd.

      95,000         454,262   

Land Securities Group PLC

      83,108         1,042,745   

Lexington Realty Trust(a)

      44,950         421,631   

LPN Development PCL (NVDR)

      418,800         225,018   

Mapletree Commercial Trust

      465,000         410,812   

Mitsubishi Estate Co., Ltd.

      163,000         2,876,278   

Mitsui Fudosan Co., Ltd.

      174,000         3,251,786   

New World Development Co., Ltd.

      1,522,000         1,902,249   

Soho China Ltd.

      1,548,000         983,981   

Sonae Sierra Brasil SA

      3,100         46,121   

Sumitomo Realty & Development Co., Ltd.

      85,000         2,088,416   

Sun Hung Kai Properties Ltd.

      220,305         2,867,631   

Suntec Real Estate Investment Trust

      593,000         688,401   

Supalai PCL (NVDR)

      534,400         310,381   

Swire Properties Ltd.

      363,800         1,043,067   

Telecity Group PLC

      61,935         855,295   

Tokyu Land Corp.

      184,000         908,560   

UOL Group Ltd.

      277,602         1,176,142   

Vornado Realty Trust

      27,120         2,201,330   

Weyerhaeuser Co.

      45,120         1,123,939   

Wharf Holdings Ltd.

      398,000         2,469,636   
     

 

 

  
        44,069,557   
     

 

 

  

Health Care – 1.8%

      

Chartwell Seniors Housing Real Estate Investment Trust

      8,300         87,147   

HCP, Inc.

      48,570         2,227,420   

Health Care REIT, Inc.

      35,450         2,071,698   

LTC Properties, Inc.

      26,920         908,281   

Omega Healthcare Investors, Inc.

      5,000         120,100   

Senior Housing Properties Trust

      49,280         1,090,074   

Ventas, Inc.

      52,440         3,434,295   
     

 

 

  
        9,939,015   
     

 

 

  

Triple Net – 0.4%

      

Entertainment Properties Trust

      32,010         1,459,336   

National Retail Properties, Inc.

      3,900         121,134   

Realty Income Corp.(a)

      11,520         485,338   
     

 

 

  
        2,065,808   
     

 

 

  
        56,074,380   
     

 

 

  

Retail – 7.1%

      

Regional Mall – 2.9%

      

BR Malls Participacoes SA

      83,600         1,041,963   

CBL & Associates Properties, Inc.

      5,700         121,809   

General Growth Properties, Inc.

      119,420         2,457,663   

Glimcher Realty Trust

      79,758         835,864   

Macerich Co. (The)

      4,800         285,936   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     393   

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company        
    
Shares		      U.S. $ Value  

 

  
     

Multiplan Empreendimentos Imobiliarios SA

      6,700       $ 171,304   

Simon Property Group, Inc.

      42,931         6,813,150   

Taubman Centers, Inc.

      2,100         168,042   

Westfield Group

      379,057         3,896,333   
     

 

 

  
        15,792,064   
     

 

 

  

Shopping Center/Other Retail – 4.2%

      

Aeon Mall Co., Ltd.

      46,700         1,094,173   

American Realty Capital Trust, Inc.

      121,520         1,433,936   

Calloway Real Estate Investment Trust

      3,900         115,922   

Corio NV

      35,508         1,512,279   

DDR Corp.

      46,716         711,018   

Eurocommercial Properties NV

      31,000         1,093,236   

Federal Realty Investment Trust

      2,300         248,193   

First Capital Realty, Inc.

      4,400         85,924   

Inland Real Estate Corp.(a)

      94,380         773,916   

Japan Retail Fund Investment Corp.(a)

      558         955,404   

Kimco Realty Corp.

      14,700         298,704   

Klepierre

      47,142         1,517,661   

Link REIT (The)

      211,378         942,887   

Mercialys SA

      47,690         978,423   

Primaris Retail Real Estate Investment Trust

      3,600         87,101   

Regency Centers Corp.

      24,160         1,183,840   

Retail Opportunity Investments Corp.(a)

      104,086         1,308,361   

RioCan Real Estate Investment Trust (Toronto)

      21,701         608,046   

Tanger Factory Outlet Centers

      29,930         1,004,151   

Unibail-Rodamco SE

      20,257         4,120,021   

Weingarten Realty Investors

      54,210         1,514,085   

Westfield Retail Trust

      518,760         1,552,786   
     

 

 

  
        23,140,067   
     

 

 

  
        38,932,131   
     

 

 

  

Residential – 4.8%

      

Multi-Family – 3.8%

      

Apartment Investment & Management Co. – Class A

      4,800         127,104   

Ascott Residence Trust

      433,000         434,460   

Associated Estates Realty Corp.

      86,550         1,316,425   

AvalonBay Communities, Inc.

      10,100         1,429,352   

Berkeley Group Holdings PLC(b)

      35,310         810,213   

Boardwalk Real Estate Investment Trust

      8,240         537,826   

BRE Properties, Inc.

      12,370         617,510   

Brookfield Incorporacoes SA

      202,400         405,817   

Camden Property Trust

      2,900         201,347   

Canadian Apartment Properties REIT

      3,400         85,539   

China Vanke Co. Ltd. – Class B

      330,410         414,571   

Consorcio ARA SAB de CV(b)

      94,200         24,685   

Corp. GEO SAB de CV(b)

      33,200         34,146   

 

394   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company        
    
Shares		      U.S. $ Value  

 

  
     

Cyrela Brazil Realty SA Empreendimentos e Participacoes

      25,800       $ 213,401   

Desarrolladora Homex SAB de CV(b)

      20,500         38,333   

Equity Lifestyle Properties, Inc.

      1,800         123,768   

Equity Residential

      44,860         2,709,544   

Essex Property Trust, Inc.(a)

      5,704         866,894   

Even Construtora e Incorporadora SA

      19,000         72,073   

Ez Tec Empreendimentos e Participacoes SA

      4,800         57,934   

Gafisa SA(b)

      34,900         71,007   

GSW Immobilien AG

      31,960         1,137,638   

Helbor Empreendimentos SA

      11,900         63,782   

Home Properties, Inc.

      1,900         121,315   

KWG Property Holding Ltd.

      2,215,500         1,156,337   

Mid-America Apartment Communities, Inc.

      1,800         122,400   

Mirvac Group

      877,349         1,227,850   

MRV Engenharia e Participacoes SA

      117,400         681,301   

Northern Property Real Estate Investment Trust

      23,416         756,343   

PDG Realty SA Empreendimentos e Participacoes

      195,000         379,452   

Post Properties, Inc.

      8,130         415,036   

Rossi Residencial SA

      149,100         446,588   

Stockland

      568,880         1,874,694   

Tecnisa SA

      11,300         47,596   

UDR, Inc.

      61,820         1,560,955   

Urbi Desarrollos Urbanos SAB de CV(b)

      49,700         25,144   
     

 

 

  
        20,608,380   
     

 

 

  

Self Storage – 1.0%

      

CubeSmart

      105,090         1,355,661   

Extra Space Storage, Inc.

      47,477         1,619,441   

Public Storage

      7,227         1,051,962   

Sovran Self Storage, Inc.

      24,912         1,416,247   
     

 

 

  
        5,443,311   
     

 

 

  

Student Housing – 0.0%

      

American Campus Communities, Inc.

      3,200         149,184   
     

 

 

  
        26,200,875   
     

 

 

  

Office – 2.9%

      

Office – 2.9%

      

Allied Properties Real Estate Investment Trust

      21,244         659,464   

Boston Properties, Inc.

      21,593         2,421,223   

Brandywine Realty Trust

      24,520         299,144   

Brookfield Office Properties, Inc.

      13,600         228,334   

Castellum AB

      59,964         800,222   

Cominar Real Estate Investment Trust

      52,293         1,283,784   

Commonwealth Property Office Fund

      392,314         418,113   

Douglas Emmett, Inc.

      39,818         955,234   

Hongkong Land Holdings Ltd.

      208,000         1,270,864   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     395   

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company        
    
Shares		      U.S. $ Value  

 

  
     

Hufvudstaden AB – Class A

      87,842       $ 1,077,288   

Japan Excellent, Inc.

      89         457,040   

Japan Real Estate Investment Corp.

      84         821,109   

Kilroy Realty Corp.

      21,789         1,028,659   

Liberty Property Trust

      15,970         588,974   

Nippon Building Fund, Inc.

      114         1,155,603   

Orix JREIT, Inc.(a)

      218         999,071   

Piedmont Office Realty Trust, Inc.

      7,100         120,487   

SL Green Realty Corp.

      14,227         1,146,696   
     

 

 

  
        15,731,309   
     

 

 

  

Lodging – 1.3%

      

Lodging – 1.3%

      

Far East Hospitality Trust(b)

      492,000         388,785   

FelCor Lodging Trust, Inc.(b)

      157,640         731,450   

Great Eagle Holdings Ltd.

      295,000         818,442   

Hospitality Properties Trust

      5,000         120,350   

Host Hotels & Resorts, Inc.

      72,260         1,105,578   

Intercontinental Hotels Group PLC

      48,680         1,241,301   

Pebblebrook Hotel Trust

      57,350         1,355,180   

Strategic Hotels & Resorts, Inc.(b)

      224,690         1,370,609   
     

 

 

  
        7,131,695   
     

 

 

  

Industrials – 1.3%

      

Industrial Warehouse Distribution – 1.0%

      

Global Logistic Properties Ltd.

      553,000         1,053,281   

Hopewell Holdings Ltd.

      150,500         483,835   

Mapletree Logistics Trust

      1,109,000         987,854   

ProLogis, Inc.

      63,666         2,175,467   

Segro PLC

      223,610         820,686   
     

 

 

  
        5,521,123   
     

 

 

  

Mixed Office Industrial – 0.3%

      

Goodman Group

      344,887         1,425,585   
     

 

 

  
        6,946,708   
     

 

 

  

Food Beverage & Tobacco – 0.2%

      

Agricultural Products – 0.2%

      

Archer-Daniels-Midland Co.

      12,600         337,050   

Bunge Ltd.

      15,460         984,029   
     

 

 

  
        1,321,079   
     

 

 

  

Total Common Stocks
(cost $336,618,848)

         349,841,662   
     

 

 

  

 

396   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company    Principal
Amount
(000)		      U.S. $ Value  

 

  
     

INFLATION-LINKED SECURITIES – 14.1%

      

United States – 14.1%

      

U.S. Treasury Inflation Index
0.625%, 7/15/21 (TIPS)

    $ 5,639       $ 6,381,590   

1.875%, 7/15/15 (TIPS)(e)

      24,582         27,026,488   

1.875%, 7/15/15 (TIPS)

      39,813         43,772,922   
     

 

 

  

Total Inflation-Linked Securities
(cost $76,093,146)

         77,181,000   
     

 

 

  
     

INVESTMENT COMPANIES – 1.1%

      

Funds and Investment Trusts – 1.1%

      

Market Vectors Gold Miners ETF
(cost $5,374,578)

      128,020         6,137,279   
     

 

 

  
     Contracts         

OPTIONS PURCHASED - PUTS – 0.2%

      

Options on Equity Indices – 0.2%

      

S&P 500 Index
Expiration: Mar 2013,
Exercise Price: $ 1,375.00(b)(f)

      170         1,277,550   

S&P 500 Index
Expiration: Sep 2012,
Exercise Price: $ 1,275.00(b)(f)

      67         9,715   
     

 

 

  

Total Options Purchased – Puts
(cost $1,964,557)

         1,287,265   
     

 

 

  
     

OPTIONS PURCHASED - CALLS – 0.0%

      

Options on Funds and Investment Trusts – 0.0%

  

   

iShares Silver Trust
Expiration: Oct 2012,
Exercise Price: $ 32.00(b)(f)

      654         54,282   

SPDR Gold Trust
Expiration: Sep 2012,
Exercise Price: $ 165.00(b)(f)

      469         102,476   
     

 

 

  

Total Options Purchased – Calls
(cost $225,271)

         156,758   
     

 

 

  
     Shares         

SHORT-TERM INVESTMENTS – 17.9%

      

Investment Companies – 7.9%

      

AllianceBernstein Fixed-Income Shares, Inc.—Government STIF Portfolio, 0.15%(g)
(cost $42,969,182)

      42,969,182         42,969,182   
     

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     397   

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company    Principal
Amount
(000)		      U.S. $ Value  

 

  
     

U.S. TREASURY BILLS – 10.0%

      

U.S. Treasury Bill
Zero Coupon, 9/06/12

    $ 1,325       $ 1,324,984   

Zero Coupon, 9/13/12(e)(h)

      11,950         11,949,707   

Zero Coupon, 10/04/12-10/11/12(e)

      41,520         41,516,642   
     

 

 

  

Total U.S. Treasury Bills
(cost $54,791,333)

         54,791,333   
     

 

 

  

Total Short-Term Investments
(cost $97,760,515)

         97,760,515   
     

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 97.2%
(cost $518,036,915)

         532,364,479   
     

 

 

  
     Shares         

INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 2.9%

      

Investment Companies – 2.9%

      

AllianceBernstein Exchange Reserves – Class I, 0.18%(g)
(cost $16,100,779)

      16,100,779         16,100,779   
     

 

 

  

Total Investments – 100.1%
(cost $534,137,694)

         548,465,258   

Other assets less liabilities – (0.1)%

         (536,579 ) 
     

 

 

  

Net Assets – 100.0%

       $ 547,928,679   
     

 

 

  

FUTURES CONTRACTS (see Note C)

 

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

Purchased Contracts

          

Brent Crude Oil Futures

     33        October 2012      $     3,658,452      $     3,780,810      $ 122,358   

Cocoa Futures

     172        December 2012        4,402,607        4,634,683        232,076   

Gasoline RBOB Futures

     34        October 2012        3,731,151        4,245,159        514,008   

Lean Hogs Futures

     100        October 2012        3,199,910        2,967,000        (232,910 ) 

Platinum Futures

     51        October 2012        3,721,171        3,920,115        198,944   

PlatinumFutures

     75        January 2013        5,505,926        5,777,250        271,324   

Soybean Futures

     47        November 2012        3,165,816        4,127,775        961,959   

Soybean Meal Futures

     78        December 2012        3,009,061        4,160,520        1,151,459   

Wheat Futures

     92        December 2012        3,944,747        4,167,600        222,853   

Sold Contracts

          

Aluminum HG Futures

     93        September 2012        4,404,659        4,395,994        8,665   

Cattle Feeder Futures

     56        October 2012        3,963,205        4,106,900        (143,695 ) 

Coffee C Futures

     37        December 2012        2,532,306        2,285,906        246,400   

 

398   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

Copper London Metal Exchange Futures

     11        September 2012      $     2,052,167      $     2,093,712      $ (41,545 ) 

Gas Oil Futures

     17        October 2012        1,622,350        1,690,225        (67,875 ) 

Gold 100 OZ Futures

     81        December 2012        12,791,313        13,669,560        (878,247 ) 

Heating Oil Futures

     47        October 2012        5,977,077        6,277,715        (300,638 ) 

S&P 500 E Mini Index Futures

     157        September 2012        11,118,636        11,030,035        88,601   

S&P 500 Index Futures

     47        September 2012        16,440,513        16,509,925        (69,412 ) 

Silver Futures

     10        December 2012        1,396,675        1,572,100        (175,425 ) 

Soybean Oil Futures

     213        December 2012        6,745,778        7,294,824        (549,046 ) 

Sugar 11 Futures

     63        October 2012        1,383,366        1,395,677        (12,311 ) 
         

 

 

  
          $     1,547,543   
         

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty   Contracts to
Deliver
(000)		     In Exchange
For
(000)		     Settlement
Date		     Unrealized
Appreciation/
(Depreciation)		  

Barclays Bank PLC Wholesale

   EUR     1,174      USD     1,494        9/14/12      $ 17,353   

Barclays Bank PLC Wholesale

   USD     2,053      ZAR     16,949        9/14/12        (38,510 ) 

BNP Paribas SA

   USD     1,243      CHF     1,191        9/14/12        4,362   

Citibank NA

   CAD     1,438      USD     1,417        9/14/12        (41,279 ) 

Citibank NA

   USD     1,765      GBP     1,135        9/14/12        37,007   

Citibank NA

   USD     1,366      SEK     9,623        9/14/12        86,132   

Credit Suisse London Branch (GFX)

   CAD     2,321      USD     2,254        9/14/12        (99,728 ) 

Deutsche Bank AG London

   USD     11,713      EUR     9,524        9/14/12        267,090   

Deutsche Bank AG London

   EUR     1,408      USD     1,746        9/14/12        (25,110 ) 

Deutsche Bank AG London

   GBP     1,002      USD     1,545        9/14/12        (45,718 ) 

Deutsche Bank AG London

   USD     2,228      SGD     2,770        9/14/12        (5,605 ) 

Goldman Sachs International

   CAD     1,784      USD     1,775        9/14/12        (34,098 ) 

Goldman Sachs International

   USD     1,583      EUR     1,309        9/14/12        63,544   

Goldman Sachs International

   GBP     3,977      USD     6,186        9/14/12        (129,002 ) 

HSBC BankUSA

   USD     1,446      CAD     1,475        9/14/12        49,794   

HSBC BankUSA

   USD     946      JPY     75,105        9/14/12        13,570   

JPMorgan Chase Bank

   USD     2,108      CAD     2,113        9/14/12        35,289   

Royal Bank of Canada

   CAD     18,414      USD     17,832        9/14/12        (844,721 ) 

Royal Bank of Canada

   EUR     16,680      USD     20,828        9/14/12        (153,771 ) 

Royal Bank of Scotland PLC

   USD     1,838      MXN     24,513        9/14/12        16,421   

Royal Bank of Scotland PLC

   NOK     11,550      USD     1,978        9/14/12        (13,968 ) 

Royal Bank of Scotland PLC

   SEK     9,072      USD     1,375        9/14/12        5,835   

Standard Chartered Bank

   USD     1,357      HKD     10,520        9/14/12        (630 ) 

State Street Bank and Trust Co.

   BRL     6,440      USD     3,115        9/14/12        (52,470 ) 

State Street Bank and Trust Co.

   USD     19,971      CNY     127,162        9/14/12        57,703   

State Street Bank and Trust Co.

   USD     2,506      INR     140,492        9/14/12        18,326   

State Street Bank and Trust Co.

   USD     2,162      IDR     20,453,303        9/14/12        (21,613 ) 

State Street Bank and Trust Co.

   USD     1,949      MYR     6,085        9/14/12        (431 ) 

State Street Bank and Trust Co.

   USD     1,215      RUB     39,384        9/14/12        3,813   

State Street Bank and Trust Co.

   USD     1,924      KRW     2,171,428        9/14/12        (11,279 ) 

State Street Bank and Trust Co.

   THB     73,259      USD     2,318        9/14/12        (18,790 ) 

UBS AG

   USD     1,647      CAD     1,684        9/14/12        60,700   

UBS AG

   USD     1,986      GBP     1,282        9/14/12        49,546   

Westpac Banking Corp.

   AUD     6,512      USD     6,398        9/14/12        (324,082 ) 
           

 

 

  
            $     (1,074,320)   
           

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     399   

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

CALL OPTIONS WRITTEN (see Note C)

 

Description    Contracts      Exercise
Price		      Expiration
Month		      U.S. $ Value  

iShares Silver Trust(f)

      654       $ 37.00         October 2012       $     (10,137)   

SPDR Gold Shares(f)

      469             180.00         September 2012         (7,035)   
           

 

 

  

(premium received $82,565)

             $     (17,172)   
           

 

 

  

PUT OPTIONS WRITTEN (see Note C)

 

Description    Contracts      Exercise
Price		      Expiration
Month		      U.S. $ Value  

iShares Silver Trust(f)

      654       $ 22.00         October 2012       $ (3,270)   

S&P 500 Index(f)

      170             1,200.00         March 2013         (520,200)   

SPDR Gold Shares(f)

      469         140.00         September 2012         (1,173)   
           

 

 

  

(premium received $819,116)

             $     (524,643)   
           

 

 

  

INTEREST RATE SWAP CONTRACTS (see Note C)

 

                Rate Type        
Swap Counterparty   Notional
Amount
(000)		     Termination
Date		     Payments
made
by the
Fund		     Payments
received
by the
Fund		     Unrealized
Appreciation/
(Depreciation)		  

Bank of America, NA

   $     6,040        3/30/22        2.263 %      3 Month LIBOR      $ (414,858)   

Citibank, NA

     1,500        3/27/18        2.45 %      CPI #      (24,655)   
         

 

 

  
          $     (439,513)   
         

 

 

  

 

#   

Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

TOTAL RETURN SWAP CONTRACTS (see Note C)

 

Receive/
Pay Total
Return on
Reference
Index		   Index   # of Shares
or Units		     Rate Paid
by
the Fund		     Notional
Amount
(000)		     Maturity
Date		     Counterparty   Unrealized
Appreciation/
(Depreciation)		  

Receive Total Return on Reference Index

  

      

Receive

   Dow Jones-UBS Commodity Index 2 Month Forward     352,354        0.16 %    $     105,963        9/17/12      JPMorgan
Chase Bank, NA		   $     2,630,566   

Receive

   Dow Jones-UBS Commodity Index 2 Month Forward     11,503        0.16 %      3,459        9/17/12      JPMorgan
Chase Bank, NA		     85,878   

Receive

   Dow Jones-UBS Commodity Index 2 Month Forward     73,721        0.16 %      22,170        9/17/12      JPMorgan
Chase Bank, NA		     550,378   

 

400   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Receive/
Pay Total
Return on
Reference
Index		   Index   # of Shares
or Units		     Rate Paid/
Received by
the Fund		     Notional
Amount
(000)		     Maturity
Date		     Counterparty   Unrealized
Appreciation/
(Depreciation)		  

Receive

   Dow Jones-UBS Commodity Index     239,490        0.11 %    $     34,073        9/17/12      Merrill Lynch
International		   $ 896,965   

Receive

   Dow Jones-UBS Commodity Index     27,086        0.11 %      3,854        9/17/12      Merrill Lynch
International		     101,446   
             

 

 

  
              $     4,265,233   
             

 

 

  

 

(a)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

(b)   Non-income producing security.

 

(c)   Fair valued.

 

(d)   Illiquid security.

 

(e)   Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. The aggregate market value of these securities amounted to $12,727,673.

 

(f)   One contract relates to 100 shares.

 

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

 

(h)   Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. The market value of the collateral amounted to $2,999,925.

Currency Abbreviations:

 

AUD   – Australian Dollar
BRL   – Brazilian Real
CAD   – Canadian Dollar
CHF   – Swiss Franc
CNY   – Chinese Yuan Renminbi
EUR   – Euro
GBP   – Great British Pound
HKD   – Hong Kong Dollar
IDR   – Indonesian Rupiah
INR   – Indian Rupee
JPY   – Japanese Yen
KRW   – South Korean Won
MXN   – Mexican Peso
MYR   – Malaysian Ringgit
NOK   – Norwegian Krone
RUB   – Russian Ruble
SEK   – Swedish Krona
SGD   – Singapore Dollar
THB   – Thailand Baht
ZAR   – South African Rand

Glossary:

 

ADR   – American Depositary Receipt
NVDR   – Non Voting Depositary Receipt
REIT   – Real Estate Investment Trust
TIPS   – Treasury Inflation Protected Security

See notes to financial statements.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     401   

Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

VOLATILITY MANAGEMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS

August 31, 2012

 

Company        
    
Shares		     U.S. $ Value  

 

  
    

COMMON STOCKS – 25.8%

     

Information Technology – 4.1%

     

Communications Equipment – 0.4%

     

Cisco Systems, Inc.

      145,300      $ 2,772,324   

F5 Networks, Inc.(a)

      2,200        214,478   

Harris Corp.

      3,100        145,793   

JDS Uniphase Corp.(a)

      6,200        69,378   

Juniper Networks, Inc.(a)

      14,300        249,392   

Motorola Solutions, Inc.

      7,900        376,514   

QUALCOMM, Inc.

      46,500        2,857,890   
    

 

 

  
       6,685,769   
    

 

 

  

Computers & Peripherals – 1.2%

     

Apple, Inc.

      25,460        16,937,010   

Dell, Inc.(a)

      40,300        426,777   

EMC Corp./MA(a)

      56,900        1,495,901   

Hewlett-Packard Co.

      53,600        904,768   

Lexmark International, Inc. – Class A(b)

      1,900        41,249   

NetApp, Inc.(a)

      9,800        338,296   

SanDisk Corp.(a)

      6,600        272,052   

Seagate Technology PLC

      10,180        325,862   

Western Digital Corp.(a)

      6,300        263,466   
    

 

 

  
       21,005,381   
    

 

 

  

Electronic Equipment & Instruments & Components – 0.1%

     

Amphenol Corp. – Class A

      4,400        267,828   

Corning, Inc.

      41,100        492,789   

FLIR Systems, Inc.

      4,100        81,180   

Jabil Circuit, Inc.

      4,900        111,622   

Molex, Inc.(b)

      3,700        98,235   

TE Connectivity Ltd.

      11,600        407,972   
    

 

 

  
       1,459,626   
    

 

 

  

Internet Software & Services – 0.4%

     

Akamai Technologies, Inc.(a)

      4,800        180,048   

eBay, Inc.(a)

      31,200        1,481,064   

Google, Inc. – Class A(a)

      6,950        4,761,376   

VeriSign, Inc.(a)

      4,300        205,024   

Yahoo!, Inc.(a)

      33,000        483,450   
    

 

 

  
       7,110,962   
    

 

 

  

IT Services – 0.8%

     

Accenture PLC

      17,500        1,078,000   

Automatic Data Processing, Inc.

      13,300        772,464   

Cognizant Technology Solutions Corp. – Class A(a)

      8,300        533,524   

Computer Sciences Corp.

      4,200        135,282   

Fidelity National Information Services, Inc.

      6,400        201,600   

 

402   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Fiserv, Inc.(a)

      3,700      $ 263,847   

International Business Machines Corp.

      31,300        6,098,805   

Mastercard, Inc. – Class A

      2,880        1,217,952   

Paychex, Inc.

      8,700        289,362   

SAIC, Inc.(b)

      7,500        91,575   

Teradata Corp.(a)

      4,600        351,348   

Total System Services, Inc.

      4,300        99,674   

Visa, Inc. – Class A

      13,500        1,731,375   

Western Union Co. (The) – Class W

      16,600        292,326   
    

 

 

  
       13,157,134   
    

 

 

  

Office Electronics – 0.0%

     

Xerox Corp.(b)

      36,500        269,005   
    

 

 

  

Semiconductors & Semiconductor Equipment – 0.4%

     

Advanced Micro Devices, Inc.(a)

      15,900        59,148   

Altera Corp.

      8,700        324,771   

Analog Devices, Inc.

      8,100        321,894   

Applied Materials, Inc.

      34,700        405,643   

Broadcom Corp. – Class A(a)

      13,400        476,102   

Intel Corp.

      136,500        3,389,295   

KLA-Tencor Corp.

      4,500        230,895   

Lam Research Corp.(a)

      5,388        183,892   

Linear Technology Corp.

      6,200        204,755   

LSI Corp.(a)

      15,400        119,966   

Microchip Technology, Inc.(b)

      5,200        180,700   

Micron Technology, Inc.(a)

      26,800        166,428   

NVIDIA Corp.(a)

      16,700        234,301   

Teradyne, Inc.(a)

      5,000        78,100   

Texas Instruments, Inc.

      31,000        900,240   

Xilinx, Inc.

      7,100        240,761   
    

 

 

  
       7,516,891   
    

 

 

  

Software – 0.8%

     

Adobe Systems, Inc.(a)

      13,400        419,018   

Autodesk, Inc.(a)

      6,200        192,510   

BMC Software, Inc.(a)

      4,300        178,020   

CA, Inc.

      9,600        249,888   

Citrix Systems, Inc.(a)

      5,100        396,219   

Electronic Arts, Inc.(a)

      8,600        114,638   

Intuit, Inc.

      8,000        468,320   

Microsoft Corp.

      202,900        6,253,378   

Oracle Corp.

      105,300        3,332,745   

Red Hat, Inc.(a)

      5,200        291,408   

Salesforce.com, Inc.(a)

      3,800        551,684   

Symantec Corp.(a)

      19,500        347,685   
    

 

 

  
       12,795,513   
    

 

 

  
       70,000,281   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     403   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Financials – 2.7%

     

Capital Markets – 0.4%

     

Ameriprise Financial, Inc.

      5,900      $ 323,969   

Bank of New York Mellon Corp. (The)

      32,300        728,042   

BlackRock, Inc. – Class A

      3,540        624,350   

Charles Schwab Corp. (The)

      29,300        395,257   

E*Trade Financial Corp.(a)

      6,900        59,133   

Federated Investors, Inc. – Class B(b)

      2,500        53,050   

Franklin Resources, Inc.

      3,900        457,860   

Goldman Sachs Group, Inc. (The)

      13,400        1,416,648   

Invesco Ltd.

      12,100        286,528   

Legg Mason, Inc.

      3,400        83,572   

Morgan Stanley

      41,300        619,500   

Northern Trust Corp.

      6,500        301,860   

State Street Corp.

      13,200        549,120   

T Rowe Price Group, Inc.

      6,900        423,936   
    

 

 

  
       6,322,825   
    

 

 

  

Commercial Banks – 0.6%

     

BB&T Corp.

      18,900        596,106   

Comerica, Inc.

      5,300        162,763   

Fifth Third Bancorp

      24,900        376,986   

First Horizon National Corp.

      6,800        60,928   

Huntington Bancshares, Inc./OH

      23,400        154,440   

KeyCorp

      25,800        217,494   

M&T Bank Corp.(b)

      3,400        295,460   

PNC Financial Services Group, Inc.

      14,300        888,888   

Regions Financial Corp.

      38,300        266,568   

SunTrust Banks, Inc.

      14,600        367,482   

US Bancorp

      51,400        1,717,274   

Wells Fargo & Co.

      144,200        4,907,126   

Zions Bancorporation

      4,900        94,325   
    

 

 

  
       10,105,840   
    

 

 

  

Consumer Finance – 0.2%

     

American Express Co.

      27,200        1,585,760   

Capital One Financial Corp.

      15,785        892,326   

Discover Financial Services

      14,400        557,712   

SLM Corp.

      13,200        207,900   
    

 

 

  
       3,243,698   
    

 

 

  

Diversified Financial Services – 0.6%

     

Bank of America Corp.

      292,402        2,336,292   

Citigroup, Inc.

      79,500        2,361,945   

CME Group, Inc. – Class A

      9,000        494,100   

IntercontinentalExchange, Inc.(a)

      2,000        273,400   

JPMorgan Chase & Co.

      103,300        3,836,562   

Leucadia National Corp.

      5,300        113,314   

Moody’s Corp.

      5,300        209,880   

 

404   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

NASDAQ OMX Group, Inc. (The)

      3,300      $ 75,471   

NYSE Euronext

      6,800        170,340   
    

 

 

  
       9,871,304   
    

 

 

  

Insurance – 0.7%

     

ACE Ltd.

      9,200        678,316   

Aflac, Inc.

      12,700        586,486   

Allstate Corp. (The)

      13,300        495,824   

American International Group, Inc.(a)

      17,300        593,909   

AON PLC

      8,800        457,248   

Assurant, Inc.

      2,300        81,075   

Berkshire Hathaway, Inc.(a)

      47,700        4,023,018   

Chubb Corp. (The)

      7,300        539,397   

Cincinnati Financial Corp.

      4,400        170,104   

Genworth Financial, Inc. – Class A(a)

      13,300        70,357   

Hartford Financial Services Group, Inc.

      11,900        213,367   

Lincoln National Corp.

      7,700        178,794   

Loews Corp.

      8,300        337,395   

Marsh & McLennan Cos., Inc.

      14,800        505,716   

MetLife, Inc.

      28,800        982,944   

Principal Financial Group, Inc.

      8,100        222,264   

Progressive Corp. (The)

      16,500        322,245   

Prudential Financial, Inc.

      12,700        692,277   

Torchmark Corp.

      2,700        138,186   

Travelers Cos., Inc. (The)

      10,600        686,244   

Unum Group

      7,700        150,227   

XL Group PLC

      8,400        194,208   
    

 

 

  
       12,319,601   
    

 

 

  

Real Estate Investment Trusts
(REITs) – 0.1%

     

American Tower Corp.

      10,700        753,280   

Plum Creek Timber Co., Inc.

      4,400        180,092   
    

 

 

  
       933,372   
    

 

 

  

Real Estate Management & Development – 0.1%

     

CapitaLand Ltd.

      317,050        767,347   

CapitaMalls Asia Ltd.(b)

      155,296        206,707   

CBRE Group, Inc.(a)

      8,900        154,059   

Hang Lung Properties Ltd.

      223,150        763,138   
    

 

 

  
       1,891,251   
    

 

 

  

Thrifts & Mortgage Finance – 0.0%

     

Hudson City Bancorp, Inc.

      14,300        102,817   

People’s United Financial, Inc.

      9,600        114,912   
    

 

 

  
       217,729   
    

 

 

  
       44,905,620   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     405   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Health Care – 2.4%

     

Biotechnology – 0.3%

     

Alexion Pharmaceuticals, Inc.(a)

      5,240      $ 561,780   

Amgen, Inc.

      21,100        1,770,712   

Biogen Idec, Inc.(a)

      6,500        952,835   

Celgene Corp.(a)

      12,000        864,480   

Gilead Sciences, Inc.(a)

      20,500        1,182,645   
    

 

 

  
       5,332,452   
    

 

 

  

Health Care Equipment &
Supplies – 0.4%

     

Baxter International, Inc.

      14,900        874,332   

Becton Dickinson and Co.

      5,500        417,890   

Boston Scientific Corp.(a)

      38,700        208,980   

CareFusion Corp.(a)

      6,000        157,620   

Covidien PLC

      13,100        734,255   

CR Bard, Inc.

      2,300        225,653   

DENTSPLY International, Inc.

      3,800        137,826   

Edwards Lifesciences Corp.(a)

      3,100        316,541   

Intuitive Surgical, Inc.(a)

      1,130        555,723   

Medtronic, Inc.(b)

      28,200        1,146,612   

St. Jude Medical, Inc.

      8,500        320,960   

Stryker Corp.

      8,800        468,688   

Varian Medical Systems, Inc.(a)

      3,000        176,370   

Zimmer Holdings, Inc.

      4,800        296,544   
    

 

 

  
       6,037,994   
    

 

 

  

Health Care Providers &
Services – 0.4%

     

Aetna, Inc.

      9,400        361,054   

AmerisourceBergen Corp. – Class A

      6,800        261,936   

Cardinal Health, Inc.

      9,400        371,770   

CIGNA Corp.

      7,800        357,006   

Coventry Health Care, Inc.

      3,800        158,194   

DaVita, Inc.(a)

      2,600        252,902   

Express Scripts Holding Co.(a)

      21,883        1,370,314   

Humana, Inc.

      4,400        308,352   

Laboratory Corp. of America Holdings(a)

      2,600        228,670   

McKesson Corp.

      6,400        557,504   

Patterson Cos., Inc.(b)

      2,300        78,131   

Quest Diagnostics, Inc.

      4,300        260,021   

Tenet Healthcare Corp.(a)(b)

      11,200        58,128   

UnitedHealth Group, Inc.

      28,100        1,525,830   

WellPoint, Inc.

      9,000        538,830   
    

 

 

  
       6,688,642   
    

 

 

  

Health Care Technology – 0.0%

     

Cerner Corp.(a)

      4,000        292,560   
    

 

 

  

 

406   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Life Sciences Tools & Services – 0.1%

     

Agilent Technologies, Inc.

      9,400      $ 349,304   

Life Technologies Corp.(a)

      4,800        229,008   

PerkinElmer, Inc.

      3,000        81,900   

Thermo Fisher Scientific, Inc.

      10,000        573,500   

Waters Corp.(a)

      2,400        192,456   
    

 

 

  
       1,426,168   
    

 

 

  

Pharmaceuticals – 1.2%

     

Abbott Laboratories

      42,700        2,798,558   

Allergan, Inc./United States

      8,400        723,492   

Bristol-Myers Squibb Co.

      45,800        1,511,858   

Eli Lilly & Co.

      27,700        1,244,007   

Forest Laboratories, Inc.(a)

      7,200        249,768   

Hospira, Inc.(a)

      4,400        147,752   

Johnson & Johnson

      74,500        5,023,535   

Merck & Co., Inc.

      82,500        3,551,625   

Mylan, Inc./PA(a)

      11,600        273,412   

Perrigo Co.

      2,600        285,922   

Pfizer, Inc.

      203,200        4,848,352   

Watson Pharmaceuticals, Inc.(a)

      3,500        284,725   
    

 

 

  
       20,943,006   
    

 

 

  
       40,720,822   
    

 

 

  

Industrials – 2.3%

     

Aerospace & Defense – 0.5%

     

Boeing Co. (The)

      20,300        1,449,420   

General Dynamics Corp.

      9,800        641,998   

Honeywell International, Inc.

      21,100        1,233,295   

L-3 Communications Holdings, Inc.

      2,600        182,624   

Lockheed Martin Corp.

      7,200        656,208   

Northrop Grumman Corp.

      6,800        454,852   

Precision Castparts Corp.

      4,000        644,320   

Raytheon Co.

      9,000        508,680   

Rockwell Collins, Inc.

      3,900        190,593   

Textron, Inc.

      7,600        203,072   

United Technologies Corp.

      24,700        1,972,295   
    

 

 

  
       8,137,357   
    

 

 

  

Air Freight & Logistics – 0.2%

     

CH Robinson Worldwide, Inc.

      4,400        249,084   

Expeditors International of Washington, Inc.

      5,700        208,677   

FedEx Corp.

      8,600        753,618   

United Parcel Service, Inc. – Class B

      26,100        1,926,441   
    

 

 

  
       3,137,820   
    

 

 

  

Airlines – 0.0%

     

Southwest Airlines Co.

      20,800        185,952   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     407   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Building Products – 0.0%

     

Masco Corp.(b)

      9,600      $ 135,936   
    

 

 

  

Commercial Services &
Supplies – 0.1%

     

Avery Dennison Corp.

      2,800        87,444   

Cintas Corp.

      3,000        121,260   

Pitney Bowes, Inc.(b)

      5,400        72,144   

Republic Services, Inc. – Class A

      8,500        235,025   

RR Donnelley & Sons Co.(b)

      4,800        52,704   

Stericycle, Inc.(a)

      2,300        210,496   

Waste Management, Inc.

      12,500        432,250   
    

 

 

  
       1,211,323   
    

 

 

  

Construction & Engineering – 0.0%

     

Fluor Corp.

      4,600        236,900   

Jacobs Engineering Group, Inc.(a)

      3,500        138,390   

Quanta Services, Inc.(a)

      5,700        136,800   
    

 

 

  
       512,090   
    

 

 

  

Electrical Equipment – 0.1%

     

Cooper Industries PLC

      4,300        314,545   

Emerson Electric Co.

      19,900        1,009,328   

First Solar, Inc.(a)(b)

      1,600        31,984   

Rockwell Automation, Inc.

      3,900        281,034   

Roper Industries, Inc.

      2,700        277,533   
    

 

 

  
       1,914,424   
    

 

 

  

Industrial Conglomerates – 0.6%

     

3M Co.

      18,800        1,740,880   

Danaher Corp.

      15,600        835,692   

General Electric Co.

      287,500        5,954,125   

Tyco International Ltd.

      12,600        710,388   
    

 

 

  
       9,241,085   
    

 

 

  

Industrial Warehouse
Distribution – 0.2%

     

Ascendas Real Estate Investment Trust

      208,000        394,343   

DCT Industrial Trust, Inc.

      24,760        156,483   

EastGroup Properties, Inc.

      2,830        151,688   

First Industrial Realty Trust, Inc.(a)(b)

      8,850        114,165   

Global Logistic Properties Ltd.

      229,715        437,531   

Hansteen Holdings PLC

      63,863        76,116   

Mapletree Industrial Trust

      122,062        133,246   

Mapletree Logistics Trust

      181,905        162,034   

ProLogis, Inc.

      58,285        1,991,598   

Segro PLC

      74,125        272,051   

Warehouses De Pauw SCA

      990        48,511   
    

 

 

  
       3,937,766   
    

 

 

  

 

408   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Machinery – 0.4%

     

Caterpillar, Inc.

      17,700      $ 1,510,341   

Cummins, Inc.

      5,200        504,972   

Deere & Co.

      10,800        811,188   

Dover Corp.

      5,000        289,050   

Eaton Corp.(b)

      9,100        406,952   

Flowserve Corp.

      1,500        191,490   

Illinois Tool Works, Inc.

      12,900        764,841   

Ingersoll-Rand PLC

      8,100        378,756   

Joy Global, Inc.

      2,900        154,802   

PACCAR, Inc.

      9,700        387,127   

Pall Corp.

      3,100        172,081   

Parker Hannifin Corp.

      4,100        327,918   

Snap-On, Inc.

      1,600        111,072   

Stanley Black & Decker, Inc.

      4,600        302,588   

Xylem, Inc./NY

      5,000        121,450   
    

 

 

  
       6,434,628   
    

 

 

  

Mixed Office Industrial – 0.0%

     

Goodman Group

      153,958        636,383   
    

 

 

  

Professional Services – 0.0%

     

Dun & Bradstreet Corp. (The)

      1,300        105,235   

Equifax, Inc.

      3,300        151,074   

Robert Half International, Inc.

      3,800        99,940   
    

 

 

  
       356,249   
    

 

 

  

Road & Rail – 0.2%

     

CSX Corp.

      28,200        633,372   

Norfolk Southern Corp.

      8,800        637,648   

Ryder System, Inc.

      1,400        56,014   

Union Pacific Corp.

      12,900        1,566,576   
    

 

 

  
       2,893,610   
    

 

 

  

Trading Companies &
Distributors – 0.0%

     

Fastenal Co.(b)

      8,000        344,720   

WW Grainger, Inc.

      1,700        350,132   
    

 

 

  
       694,852   
    

 

 

  
       39,429,475   
    

 

 

  

Energy – 2.3%

     

Energy Equipment & Services – 0.4%

     

Baker Hughes, Inc.

      11,900        542,640   

Cameron International Corp.(a)

      6,700        366,557   

Diamond Offshore Drilling, Inc.

      1,900        127,338   

Ensco PLC

      6,300        361,431   

FMC Technologies, Inc.(a)

      6,500        304,460   

Halliburton Co.

      25,000        819,000   

Helmerich & Payne, Inc.

      2,900        132,356   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     409   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Nabors Industries Ltd.(a)

      7,800      $ 115,206   

National Oilwell Varco, Inc.

      11,600        914,080   

Noble Corp.(a)

      6,800        259,352   

Rowan Cos. PLC(a)

      3,300        116,094   

Schlumberger Ltd.

      36,200        2,620,156   
    

 

 

  
       6,678,670   
    

 

 

  

Oil, Gas & Consumable Fuels – 1.9%

     

Alpha Natural Resources, Inc.(a)

      5,900        35,046   

Anadarko Petroleum Corp.

      13,600        942,072   

Apache Corp.

      10,600        908,950   

Cabot Oil & Gas Corp.

      5,700        236,037   

Chesapeake Energy Corp.(b)

      17,900        346,365   

Chevron Corp.

      53,600        6,011,776   

ConocoPhillips

      34,300        1,947,897   

Consol Energy, Inc.

      6,100        184,220   

Denbury Resources, Inc.(a)

      10,600        164,194   

Devon Energy Corp.

      11,000        636,130   

EOG Resources, Inc.

      7,300        790,590   

EQT Corp.

      4,100        221,236   

Exxon Mobil Corp.

      126,910        11,079,243   

Hess Corp.

      8,200        414,346   

Kinder Morgan, Inc./Delaware

      13,635        487,724   

Marathon Oil Corp.

      19,100        531,362   

Marathon Petroleum Corp.

      9,200        476,100   

Murphy Oil Corp.

      5,300        272,049   

Newfield Exploration Co.(a)

      3,600        117,468   

Noble Energy, Inc.

      4,800        421,920   

Occidental Petroleum Corp.

      22,000        1,870,220   

Peabody Energy Corp.

      7,300        157,899   

Phillips 66

      16,900        709,800   

Pioneer Natural Resources Co.

      3,400        331,024   

QEP Resources, Inc.

      4,800        137,712   

Range Resources Corp.

      4,400        286,836   

Southwestern Energy Co.(a)

      9,400        292,622   

Spectra Energy Corp.

      17,700        500,202   

Sunoco, Inc.(b)

      2,900        136,851   

Tesoro Corp.

      3,800        151,012   

Valero Energy Corp.

      15,000        468,900   

Williams Cos., Inc. (The)

      16,900        545,363   

WPX Energy, Inc.(a)

      5,300        82,680   
    

 

 

  
       31,895,846   
    

 

 

  
       38,574,516   
    

 

 

  

Consumer Staples – 2.3%

     

Beverages – 0.6%

     

Beam, Inc.

      4,300        250,948   

Brown-Forman Corp. – Class B

      4,050        259,605   

 

410   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Coca-Cola Co. (The)

      122,400      $ 4,577,760   

Coca-Cola Enterprises, Inc.

      8,100        239,193   

Constellation Brands, Inc. – Class A(a)

      4,100        135,054   

Dr Pepper Snapple Group, Inc.

      5,700        255,417   

Molson Coors Brewing Co. – Class B

      4,200        187,068   

Monster Beverage Corp.(a)

      4,210        248,095   

PepsiCo, Inc.

      42,500        3,078,275   
    

 

 

  
       9,231,415   
    

 

 

  

Food & Staples Retailing – 0.5%

     

Costco Wholesale Corp.

      11,800        1,154,866   

CVS Caremark Corp.

      34,800        1,585,140   

Kroger Co. (The)

      15,200        338,656   

Safeway, Inc.(b)

      6,500        101,725   

Sysco Corp.

      15,800        478,740   

Wal-Mart Stores, Inc.

      46,800        3,397,680   

Walgreen Co.

      23,400        836,784   

Whole Foods Market, Inc.

      4,400        425,700   
    

 

 

  
       8,319,291   
    

 

 

  

Food Products – 0.4%

     

Archer-Daniels-Midland Co.

      17,800        476,150   

Campbell Soup Co.(b)

      4,800        168,672   

ConAgra Foods, Inc.

      11,200        281,232   

Dean Foods Co.(a)

      5,000        82,100   

General Mills, Inc.

      17,500        688,275   

Hershey Co. (The)

      4,100        294,462   

HJ Heinz Co.

      8,700        484,764   

Hormel Foods Corp.

      3,700        106,264   

JM Smucker Co. (The)

      3,100        263,407   

Kellogg Co.

      6,700        339,355   

Kraft Foods, Inc. – Class A

      48,100        1,997,593   

McCormick & Co., Inc./MD

      3,600        221,184   

Mead Johnson Nutrition Co. – Class A

      5,500        403,315   

Tyson Foods, Inc. – Class A

      7,800        122,148   
    

 

 

  
       5,928,921   
    

 

 

  

Household Products – 0.4%

     

Clorox Co. (The)

      3,500        254,625   

Colgate-Palmolive Co.

      13,000        1,382,030   

Kimberly-Clark Corp.

      10,700        894,520   

Procter & Gamble Co. (The)

      74,400        4,998,936   
    

 

 

  
       7,530,111   
    

 

 

  

Personal Products – 0.0%

     

Avon Products, Inc.

      11,700        180,765   

Estee Lauder Cos., Inc. (The) – Class A

      6,100        365,695   
    

 

 

  
       546,460   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     411   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Tobacco – 0.4%

     

Altria Group, Inc.

      55,200      $ 1,874,592   

Lorillard, Inc.

      3,600        451,836   

Philip Morris International, Inc.

      46,300        4,134,590   

Reynolds American, Inc.

      9,000        414,900   
    

 

 

  
       6,875,918   
    

 

 

  
       38,432,116   
    

 

 

  

Consumer Discretionary – 2.2%

     

Auto Components – 0.0%

     

BorgWarner, Inc.(a)

      3,100        213,218   

Goodyear Tire & Rubber Co. (The)(a)

      6,600        80,520   

Johnson Controls, Inc.

      18,400        500,664   
    

 

 

  
       794,402   
    

 

 

  

Automobiles – 0.1%

     

Ford Motor Co.

      103,500        966,690   

Harley-Davidson, Inc.

      6,300        264,348   
    

 

 

  
       1,231,038   
    

 

 

  

Distributors – 0.0%

     

Genuine Parts Co.

      4,200        265,272   
    

 

 

  

Diversified Consumer Services – 0.0%

     

Apollo Group, Inc. – Class A(a)

      2,700        72,495   

DeVry, Inc.

      1,500        28,965   

H&R Block, Inc.

      7,400        122,544   
    

 

 

  
       224,004   
    

 

 

  

Hotels, Restaurants & Leisure – 0.4%

     

Carnival Corp.

      12,300        426,564   

Chipotle Mexican Grill, Inc. – Class A(a)

      900        259,776   

Darden Restaurants, Inc.

      3,500        181,825   

International Game Technology

      8,000        98,320   

Marriott International, Inc./DE – Class A

      7,200        271,296   

McDonald’s Corp.

      27,600        2,469,924   

Starbucks Corp.

      20,600        1,021,966   

Starwood Hotels & Resorts Worldwide, Inc.

      5,400        297,702   

Wynn Resorts Ltd.

      2,200        226,974   

Yum! Brands, Inc.

      12,500        796,500   
    

 

 

  
       6,050,847   
    

 

 

  

Household Durables – 0.1%

     

DR Horton, Inc.

      7,600        144,324   

Harman International Industries, Inc.

      1,900        87,457   

Leggett & Platt, Inc.

      3,800        90,212   

Lennar Corp. – Class A(b)

      4,400        142,692   

Newell Rubbermaid, Inc.

      7,800        139,854   

PulteGroup Inc(a)

      9,100        124,488   

 

412   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Whirlpool Corp.

      2,100      $ 158,466   
    

 

 

  
       887,493   
    

 

 

  

Internet & Catalog Retail – 0.2%

     

Amazon.com, Inc.(a)

      9,800        2,432,654   

Expedia, Inc.

      2,400        123,264   

NetFlix, Inc.(a)(b)

      1,500        89,580   

priceline.com, Inc.(a)

      1,360        822,215   

TripAdvisor, Inc.(a)

      2,500        83,600   
    

 

 

  
       3,551,313   
    

 

 

  

Leisure Equipment & Products – 0.0%

     

Hasbro, Inc.(b)

      3,100        116,281   

Mattel, Inc.

      9,200        323,288   
    

 

 

  
       439,569   
    

 

 

  

Media – 0.7%

     

Cablevision Systems Corp.

      5,800        86,710   

CBS Corp. – Class B

      17,500        635,950   

Comcast Corp. – Class A

      73,100        2,451,043   

DIRECTV(a)

      17,800        927,202   

Discovery Communications, Inc. –Class A(a)

      6,900        378,396   

Gannett Co., Inc.

      6,300        96,138   

Interpublic Group of Cos., Inc. (The)

      12,000        127,680   

McGraw-Hill Cos., Inc. (The)

      7,600        389,120   

News Corp. – Class A

      57,100        1,335,569   

Omnicom Group, Inc.(b)

      7,400        380,138   

Scripps Networks Interactive, Inc. –Class A

      2,500        147,750   

Time Warner Cable, Inc. – Class A

      8,500        754,970   

Time Warner, Inc.

      26,000        1,080,300   

Viacom, Inc. – Class B

      14,300        715,143   

Walt Disney Co. (The)

      48,500        2,399,295   

Washington Post Co.
(The) – Class B(b)

      200        70,500   
    

 

 

  
       11,975,904   
    

 

 

  

Multiline Retail – 0.2%

     

Big Lots, Inc.(a)

      1,700        51,748   

Dollar Tree, Inc.(a)

      6,300        303,471   

Family Dollar Stores, Inc.

      3,200        203,648   

JC Penney Co., Inc.(b)

      3,900        101,712   

Kohl’s Corp.(b)

      6,500        339,300   

Macy’s, Inc.

      11,200        451,472   

Nordstrom, Inc.

      4,300        248,669   

Sears Holdings Corp.(a)(b)

      1,000        52,750   

Target Corp.

      17,900        1,147,211   
    

 

 

  
       2,899,981   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     413   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Specialty Retail – 0.4%

     

Abercrombie & Fitch Co. – Class A

      2,200      $ 79,178   

AutoNation, Inc.(a)(b)

      1,100        44,220   

AutoZone, Inc.(a)

      760        274,846   

Bed Bath & Beyond, Inc.(a)

      6,300        423,171   

Best Buy Co., Inc.

      7,500        133,050   

CarMax, Inc.(a)

      6,100        186,599   

GameStop Corp. – Class A(b)

      3,500        66,780   

Gap, Inc. (The)

      9,000        322,380   

Home Depot, Inc. (The)

      41,500        2,355,125   

Limited Brands, Inc.

      6,500        315,900   

Lowe’s Cos., Inc.

      31,900        908,512   

O’Reilly Automotive, Inc.(a)(b)

      3,400        288,830   

Ross Stores, Inc.

      6,100        422,059   

Staples, Inc.

      18,700        204,204   

Tiffany & Co.

      3,400        210,630   

TJX Cos., Inc.

      20,100        920,379   

Urban Outfitters, Inc.(a)

      3,000        112,620   
    

 

 

  
       7,268,483   
    

 

 

  

Textiles, Apparel & Luxury
Goods – 0.1%

     

Coach, Inc.

      7,800        453,414   

Fossil, Inc.(a)

      1,429        121,394   

NIKE, Inc. – Class B

      10,000        973,600   

Ralph Lauren Corp.

      1,800        285,570   

VF Corp.

      2,400        366,432   
    

 

 

  
       2,200,410   
    

 

 

  
       37,788,716   
    

 

 

  

Equity:Other – 2.1%

     

Diversified/Specialty – 1.5%

     

Activia Properties, Inc.(a)

      22        130,379   

Affine SA

      450        6,476   

Alexandria Real Estate Equities, Inc.

      6,160        455,224   

American Assets Trust, Inc.(b)

      3,900        106,314   

ANF Immobilier

      1,100        45,589   

Artis Real Estate Investment Trust

      10,850        182,714   

Azrieli Group

      3,650        68,012   

Beni Stabili SpA

      95,750        42,255   

BioMed Realty Trust, Inc.

      15,350        284,435   

British Land Co. PLC

      88,450        757,090   

CA Immobilien Anlagen AG(a)

      8,769        86,007   

Campus Crest Communities, Inc.(b)

      3,100        33,480   

Canadian Real Estate Investment Trust

      6,800        288,349   

CapLease, Inc.

      6,600        32,340   

City Developments Ltd.

      68,200        631,022   

Cofinimmo

      1,570        172,528   

Conwert Immobilien Invest SE

      8,544        93,363   

 

414   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Country Garden Holdings Co., Ltd.(a)

      364,499      $ 129,048   

Cousins Properties, Inc.(b)

      10,314        82,409   

Crown Castle International Corp.(a)

      6,990        443,585   

Daejan Holdings PLC

      505        24,280   

Dexus Property Group

      483,780        478,785   

DIC Asset AG

      3,450        30,645   

Digital Realty Trust, Inc.(b)

      11,010        820,355   

Duke Realty Corp.

      26,610        385,845   

Dundee Real Estate Investment Trust

      8,300        321,980   

DuPont Fabros Technology, Inc.(b)

      6,290        173,352   

Eurobank Properties Real Estate Investment Co.

      1,820        9,271   

F&C Commercial Property Trust Ltd.

      53,083        87,583   

Fastighets AB Balder(a)

      11,300        56,697   

FKP Property Group

      3,892        1,211   

FKP Property Group(b)

      90,790        28,255   

Fonciere Des Regions

      2,720        190,905   

Forest City Enterprises, Inc.(a)

      15,010        226,351   

Gecina SA

      1,810        172,992   

GPT Group

      181,230        657,798   

Granite Real Estate, Inc.

      4,700        170,216   

H&R Real Estate Investment Trust

      18,050        463,267   

Hamborner REIT AG

      3,400        29,166   

Helical Bar PLC

      11,766        34,096   

Henderson Land Development Co., Ltd.(b)

      117,400        724,233   

Hysan Development Co., Ltd.

      78,800        355,029   

ICADE

      2,150        163,199   

Investors Real Estate Trust(b)

      8,610        71,893   

Iron Mountain, Inc.

      4,600        150,880   

Keppel Land Ltd.

      74,450        203,000   

Kerry Properties Ltd.

      71,400        341,414   

Kiwi Income Property Trust

      97,250        85,586   

Klovern AB

      12,440        44,944   

Kungsleden AB

      13,650        72,135   

Land Securities Group PLC

      77,869        977,012   

Lexington Realty Trust(b)

      15,380        144,264   

London & Stamford Property PLC

      54,527        104,090   

Mapletree Commercial Trust

      139,500        123,244   

Mitsubishi Estate Co., Ltd.

      104,240        1,839,406   

Mitsui Fudosan Co., Ltd.

      88,090        1,646,263   

Mobimo Holding AG(a)

      600        138,572   

Morguard Real Estate Investment Trust

      4,300        74,506   

Mucklow A & J Group PLC

      5,968        35,251   

New World China Land Ltd.

      259,150        83,086   

New World Development Co., Ltd.

      457,550        571,862   

Nieuwe Steen Investments NV

      6,324        52,699   

Nomura Real Estate Holdings, Inc.

      7,580        127,029   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     415   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Picton Property Income Ltd.

      34,384      $ 21,534   

Premier Investment Corp.

      20        72,507   

Quintain Estates & Development PLC(a)

      51,712        45,104   

Schroder Real Estate Investment Trust Ltd.

      35,563        22,523   

Shui On Land Ltd.(b)

      291,150        106,612   

Sino Land Co., Ltd.

      294,360        485,870   

Soho China Ltd.

      207,450        131,865   

Sponda Oyj(b)

      28,310        112,012   

ST Modwen Properties PLC

      15,023        47,165   

Standard Life Investment Property Income Trust PLC

      13,650        13,292   

Sumitomo Realty & Development Co., Ltd.

      47,590        1,169,267   

Sun Hung Kai Properties Ltd.

      196,100        2,552,563   

Suntec Real Estate Investment Trust

      223,050        258,934   

Swire Properties Ltd.

      64,300        184,357   

TAG Immobilien AG(b)

      9,670        92,183   

Tokyu Land Corp.

      39,820        196,624   

Tokyu REIT, Inc.

      13        63,795   

Top REIT, Inc.

      16        74,780   

Unite Group PLC

      15,873        61,714   

United Urban Investment Corp.

      210        235,254   

UOL Group Ltd.

      57,700        244,463   

Vornado Realty Trust

      23,520        1,909,118   

Wallenstam AB

      11,600        126,462   

Washington Real Estate Investment Trust

      6,590        177,007   

Wereldhave Belgium NV

      250        23,662   

Wereldhave NV

      2,170        111,501   

Weyerhaeuser Co.

      14,500        361,195   

Wharf Holdings Ltd.

      151,350        939,144   

Wihlborgs Fastigheter AB

      7,670        111,604   

Winthrop Realty Trust(b)

      2,450        27,832   
    

 

 

  
       26,543,209   
    

 

 

  

Health Care – 0.5%

     

Chartwell Seniors Housing Real Estate Investment Trust

      17,000        178,493   

Extendicare Inc/US(b)

      8,400        68,086   

HCP, Inc.

      53,360        2,447,090   

Health Care REIT, Inc.

      27,070        1,581,971   

Healthcare Realty Trust, Inc.

      7,750        188,015   

LTC Properties, Inc.(b)

      3,000        101,220   

Medical Properties Trust, Inc.

      13,430        138,463   

National Health Investors, Inc.

      2,800        146,272   

Omega Healthcare Investors, Inc.

      10,540        253,171   

Primary Health Properties PLC

      7,459        40,488   

Sabra Health Care REIT, Inc.

      3,650        69,970   

 

416   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Senior Housing Properties Trust

      16,230      $ 359,008   

Universal Health Realty Income Trust(b)

      1,260        54,394   

Ventas, Inc.

      37,240        2,438,848   
    

 

 

  
       8,065,489   
    

 

 

  

Triple Net – 0.1%

     

Agree Realty Corp.(b)

      1,100        27,302   

Entertainment Properties Trust

      4,660        212,449   

Getty Realty Corp.(b)

      2,500        44,775   

National Retail Properties, Inc.

      10,700        332,342   

Realty Income Corp.(b)

      13,320        561,172   
    

 

 

  
       1,178,040   
    

 

 

  
       35,786,738   
    

 

 

  

Retail – 1.5%

     

Regional Mall – 0.7%

     

Alexander’s, Inc.

      240        107,914   

CapitaMall Trust

      249,550        396,762   

CBL & Associates Properties, Inc.

      14,790        316,062   

CFS Retail Property Trust Group

      211,480        419,244   

General Growth Properties, Inc.

      46,900        965,202   

Glimcher Realty Trust

      13,930        145,986   

Macerich Co. (The)

      13,170        784,537   

Pennsylvania Real Estate Investment Trust

      5,560        87,403   

Rouse Properties, Inc.(b)

      2,400        33,360   

Simon Property Group, Inc.

      38,620        6,128,994   

Taubman Centers, Inc.

      5,900        472,118   

Westfield Group

      230,730        2,371,677   
    

 

 

  
       12,229,259   
    

 

 

  

Shopping Center/Other Retail – 0.8%

     

Acadia Realty Trust

      4,360        108,564   

Aeon Mall Co., Ltd.

      9,020        211,337   

American Realty Capital Trust, Inc.

      15,800        186,440   

BWP Trust

      52,510        107,676   

Calloway Real Estate Investment Trust

      10,700        318,042   

Capital & Counties Properties PLC

      68,365        233,202   

Capital Shopping Centres Group PLC

      64,423        344,995   

Cedar Realty Trust, Inc.(b)

      6,900        37,881   

Centro Retail Australia

      134,050        296,708   

Charter Hall Retail REIT

      30,226        108,885   

Citycon OYJ

      20,830        63,027   

Corio NV

      9,243        393,658   

Crombie Real Estate Investment Trust

      4,550        69,237   

DDR Corp.

      28,220        429,508   

Deutsche Euroshop AG

      5,165        188,461   

Development Securities PLC

      12,213        31,283   

Equity One, Inc.

      5,730        121,476   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     417   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Eurocommercial Properties NV

      4,040      $ 142,473   

Federal Realty Investment Trust

      6,380        688,466   

First Capital Realty, Inc.(b)

      7,180        140,213   

Hammerson PLC

      70,728        513,049   

Immobiliare Grande Distribuzione

      13,150        12,863   

Inland Real Estate Corp.(b)

      8,850        72,570   

Japan Retail Fund Investment Corp.(b)

      192        328,741   

Kimco Realty Corp.

      51,530        1,047,090   

Kite Realty Group Trust

      6,350        32,639   

Klepierre

      9,450        304,228   

Link REIT (The)

      224,900        1,003,204   

Mercialys SA

      4,590        94,170   

Primaris Retail Real Estate Investment Trust

      8,750        211,704   

Ramco-Gershenson Properties Trust

      4,630        60,005   

Regency Centers Corp.

      8,970        439,530   

Retail Opportunity Investments Corp.(b)

      5,000        62,850   

RioCan Real Estate Investment Trust (Toronto)

      28,500        798,549   

Saul Centers, Inc.

      1,440        62,078   

Shaftesbury PLC

      24,983        206,162   

Tanger Factory Outlet Centers

      9,240        310,002   

Unibail-Rodamco SE

      9,160        1,863,030   

Urstadt Biddle Properties, Inc.(b)

      2,050        39,975   

Vastned Retail NV

      1,860        75,793   

Weingarten Realty Investors

      12,070        337,115   

Westfield Retail Trust

      305,330        913,933   
    

 

 

  
       13,010,812   
    

 

 

  
       25,240,071   
    

 

 

  

Residential – 0.9%

     

Multi-Family – 0.7%

     

Advance Residence Investment Corp.

      50        100,836   

Agile Property Holdings Ltd.(b)

      138,850        160,053   

Apartment Investment & Management Co. – Class A

      17,090        452,543   

Associated Estates Realty Corp.(b)

      4,200        63,882   

AvalonBay Communities, Inc.

      12,100        1,712,392   

Boardwalk Real Estate Investment Trust

      4,800        313,297   

BRE Properties, Inc.

      7,670        382,886   

Camden Property Trust

      8,050        558,912   

Canadian Apartment Properties REIT

      9,300        233,974   

Colonia Real Estate AG(a)

      2,180        9,773   

Colonial Properties Trust

      8,700        190,704   

Deutsche Wohnen AG

      14,600        246,621   

Equity Lifestyle Properties, Inc.

      4,140        284,666   

Equity Residential

      38,250        2,310,300   

Essex Property Trust, Inc.

      3,530        536,489   

 

418   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

GAGFAH SA(a)

      8,850      $ 95,590   

Grainger PLC

      41,465        64,566   

GSW Immobilien AG

      5,050        179,758   

Home Properties, Inc.

      4,850        309,673   

Killam Properties, Inc.(b)

      4,900        64,472   

Mid-America Apartment Communities, Inc.

      4,080        277,440   

Mirvac Group

      341,500        477,929   

Nippon Accommodations Fund, Inc.(b)

      15        100,608   

Northern Property Real Estate Investment Trust

      3,150        101,746   

Patrizia Immobilien AG(a)

      2,860        16,061   

Post Properties, Inc.

      5,300        270,565   

Shimao Property Holdings Ltd.(b)

      138,600        210,478   

Stockland

      222,950        734,712   

Sun Communities, Inc.(b)

      2,640        120,938   

UDR, Inc.

      26,480        668,620   

Wing Tai Holdings Ltd.

      58,525        71,844   

Yanlord Land Group Ltd.(a)(b)

      58,438        54,770   
    

 

 

  
       11,377,098   
    

 

 

  

Self Storage – 0.2%

     

Big Yellow Group PLC

      13,054        62,866   

CubeSmart

      12,230        157,767   

Extra Space Storage, Inc.

      10,300        351,333   

Public Storage

      16,670        2,426,485   

Safestore Holdings PLC

      18,683        30,259   

Sovran Self Storage, Inc.

      2,880        163,728   
    

 

 

  
       3,192,438   
    

 

 

  

Student Housing – 0.0%

     

American Campus Communities, Inc.

      7,470        348,251   

Education Realty Trust, Inc.

      9,430        109,011   
    

 

 

  
       457,262   
    

 

 

  
       15,026,798   
    

 

 

  

Office – 0.8%

     

Office – 0.8%

     

Allied Properties Real Estate Investment Trust

      5,600        173,837   

Allreal Holding AG(a)

      780        113,156   

Alstria Office REIT-AG

      7,870        86,338   

Befimmo SCA Sicafi

      1,820        105,269   

Boston Properties, Inc.

      19,100        2,141,683   

Brandywine Realty Trust

      14,250        173,850   

Brookfield Office Properties, Inc.(b)

      37,500        629,597   

CapitaCommercial Trust

      211,350        240,962   

Castellum AB

      17,210        229,668   

Champion REIT

      246,450        107,869   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     419   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Cominar Real Estate Investment Trust

      11,055      $ 271,398   

Commonwealth Property Office Fund

      238,040        253,694   

CommonWealth REIT

      8,330        124,700   

Corporate Office Properties Trust

      7,150        159,874   

Derwent London PLC

      10,170        309,701   

Douglas Emmett, Inc.

      10,440        250,456   

Fabege AB

      16,540        146,538   

First Potomac Realty Trust

      5,050        64,691   

Franklin Street Properties Corp.(b)

      8,270        91,962   

Government Properties Income Trust(b)

      3,520        79,517   

Great Portland Estates PLC

      31,281        218,315   

Highwoods Properties, Inc.

      7,380        240,662   

Hongkong Land Holdings Ltd.

      174,200        1,064,349   

Hufvudstaden AB – Class A

      15,230        186,780   

Intervest Offices & Warehouses

      650        15,126   

Investa Office Fund

      61,383        179,980   

IVG Immobilien AG(a)

      15,550        35,237   

Japan Prime Realty Investment Corp.

      73        205,222   

Japan Real Estate Investment Corp.

      56        547,406   

Kenedix Realty Investment Corp. –Class A(b)

      29        95,440   

Kilroy Realty Corp.

      6,820        321,972   

Liberty Property Trust

      11,730        432,602   

Mack-Cali Realty Corp.

      8,770        234,159   

Mori Trust Sogo Reit, Inc.(b)

      13        115,173   

Nippon Building Fund, Inc.

      63        638,623   

Nomura Real Estate Office Fund, Inc.

      31        178,876   

NorthWest Healthcare Properties Real Estate Investment Trust

      3,500        46,264   

Norwegian Property ASA

      49,850        71,868   

NTT Urban Development Corp.

      85        64,733   

Orix JREIT, Inc.(b)

      22        100,824   

Parkway Properties Inc./MD(b)

      2,150        24,962   

Piedmont Office Realty Trust, Inc.(b)

      17,250        292,732   

Prime Office REIT-AG

      3,900        16,924   

PS Business Parks, Inc.

      1,790        122,024   

PSP Swiss Property AG(a)

      4,630        430,324   

SL Green Realty Corp.

      8,980        723,788   

Societe de la Tour Eiffel

      570        31,020   

Societe Immobiliere de Location pour l’Industrie et le Commerce

      1,290        125,570   

Swiss Prime Site AG(a)

      5,430        446,775   

Technopolis Oyj

      7,510        32,264   

Tokyo Tatemono Co., Ltd.(a)

      32,460        108,175   

Workspace Group PLC

      14,297        58,570   
    

 

 

  
       13,161,499   
    

 

 

  

 

420   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Utilities – 0.7%

     

Electric Utilities – 0.4%

     

American Electric Power Co., Inc.

      13,100      $ 563,169   

Duke Energy Corp.

      19,058        1,234,577   

Edison International

      8,800        385,352   

Entergy Corp.

      4,800        326,784   

Exelon Corp.

      23,082        841,801   

FirstEnergy Corp.

      11,300        493,810   

NextEra Energy, Inc.

      11,300        760,603   

Northeast Utilities

      8,500        320,195   

Pepco Holdings, Inc.

      6,100        117,791   

Pinnacle West Capital Corp.

      3,000        154,110   

PPL Corp.

      15,700        460,481   

Southern Co. (The)

      23,600        1,069,788   

Xcel Energy, Inc.

      13,200        368,148   
    

 

 

  
       7,096,609   
    

 

 

  

Gas Utilities – 0.0%

     

AGL Resources, Inc.

      3,200        126,880   

Oneok, Inc.

      5,600        249,368   
    

 

 

  
       376,248   
    

 

 

  

Independent Power Producers & Energy Traders – 0.0%

     

AES Corp. (The)(a)(b)

      17,400        198,186   

NRG Energy, Inc.

      6,100        130,174   
    

 

 

  
       328,360   
    

 

 

  

Multi-Utilities – 0.3%

     

Ameren Corp.

      6,500        212,680   

CenterPoint Energy, Inc.

      11,500        234,485   

CMS Energy Corp.

      7,000        161,490   

Consolidated Edison, Inc.

      8,000        484,960   

Dominion Resources, Inc./VA

      15,500        813,440   

DTE Energy Co.

      4,600        268,640   

Integrys Energy Group, Inc.

      2,100        113,379   

NiSource, Inc.

      7,700        187,418   

PG&E Corp.

      11,400        494,874   

Public Service Enterprise Group, Inc.

      13,700        433,742   

SCANA Corp.(b)

      3,100        146,816   

Sempra Energy

      6,500        430,300   

TECO Energy, Inc.

      5,800        100,688   

Wisconsin Energy Corp.

      6,200        235,352   
    

 

 

  
       4,318,264   
    

 

 

  
       12,119,481   
    

 

 

  

Materials – 0.7%

     

Chemicals – 0.5%

     

Air Products & Chemicals, Inc.

      5,800        478,964   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     421   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Airgas, Inc.

      1,900      $ 157,833   

CF Industries Holdings, Inc.

      1,800        372,618   

Dow Chemical Co. (The)

      32,400        949,644   

Eastman Chemical Co.

      4,100        226,566   

Ecolab, Inc.

      7,900        505,837   

EI du Pont de Nemours & Co.

      25,400        1,263,650   

FMC Corp.

      3,700        200,984   

International Flavors & Fragrances, Inc.

      2,200        133,144   

Monsanto Co.

      14,500        1,263,095   

Mosaic Co. (The)

      8,100        469,071   

PPG Industries, Inc.

      4,200        462,084   

Praxair, Inc.

      8,100        854,550   

Sherwin-Williams Co. (The)

      2,400        343,392   

Sigma-Aldrich Corp.(b)

      3,300        234,399   
    

 

 

  
       7,915,831   
    

 

 

  

Construction Materials – 0.0%

     

Vulcan Materials Co.

      3,500        136,220   
    

 

 

  

Containers & Packaging – 0.0%

     

Ball Corp.

      4,200        177,114   

Bemis Co., Inc.

      2,700        81,702   

Owens-Illinois, Inc.(a)

      4,400        76,912   

Sealed Air Corp.

      5,200        74,204   
    

 

 

  
       409,932   
    

 

 

  

Metals & Mining – 0.2%

     

Alcoa, Inc.

      28,900        247,384   

Allegheny Technologies, Inc.

      2,900        85,956   

Cliffs Natural Resources, Inc.

      3,800        136,192   

Freeport-McMoRan Copper & Gold, Inc.

      25,700        928,027   

Newmont Mining Corp.

      13,400        679,112   

Nucor Corp.

      8,600        323,790   

Titanium Metals Corp.

      2,200        26,928   

United States Steel Corp.(b)

      3,900        75,855   
    

 

 

  
       2,503,244   
    

 

 

  

Paper & Forest Products – 0.0%

     

International Paper Co.

      11,800        407,808   

MeadWestvaco Corp.

      4,600        132,296   
    

 

 

  
       540,104   
    

 

 

  
       11,505,331   
    

 

 

  

Telecommunication Services – 0.6%

     

Diversified Telecommunication Services – 0.6%

     

AT&T, Inc.

      159,100        5,829,424   

CenturyLink, Inc.

      16,800        709,968   

Frontier Communications Corp.(b)

      27,000        124,740   

Verizon Communications, Inc.

      77,100        3,310,674   

 

422   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

Windstream Corp.(b)

      15,900      $ 156,933   
    

 

 

  
       10,131,739   
    

 

 

  

Wireless Telecommunication Services – 0.0%

     

MetroPCS Communications, Inc.(a)

      7,900        76,867   

Sprint Nextel Corp.(a)

      81,300        394,305   
    

 

 

  
       471,172   
    

 

 

  
       10,602,911   
    

 

 

  

Lodging – 0.2%

     

Lodging – 0.2%

     

Ashford Hospitality Trust, Inc.(b)

      6,760        55,973   

CDL Hospitality Trusts

      71,738        116,931   

Chesapeake Lodging Trust(b)

      3,200        59,616   

DiamondRock Hospitality Co.

      16,670        160,365   

FelCor Lodging Trust, Inc.(a)(b)

      12,440        57,722   

Hersha Hospitality Trust(b)

      19,790        98,554   

Hospitality Properties Trust

      12,310        296,302   

Host Hotels & Resorts, Inc.

      91,260        1,396,278   

InnVest Real Estate Investment Trust

      9,300        47,738   

LaSalle Hotel Properties

      8,550        232,988   

Pebblebrook Hotel Trust

      5,200        122,876   

RLJ Lodging Trust(b)

      10,600        189,104   

Strategic Hotels & Resorts, Inc.(a)

      20,400        124,440   

Sunstone Hotel Investors, Inc.(a)(b)

      11,780        122,865   

Wyndham Worldwide Corp.

      4,000        208,560   
    

 

 

  
       3,290,312   
    

 

 

  

Total Common Stocks
(cost $411,039,292)

        436,584,687   
    

 

 

  
    

INVESTMENT COMPANIES – 4.5%

     

Funds and Investment Trusts – 4.5%

     

IRP Property Investments Ltd.

      11,010        11,884   

iShares MSCI Emerging Markets Index Fund

      629,240        24,716,547   

UK Commercial Property Trust Ltd./fund

      47,849        51,369   

Vanguard MSCI Emerging Markets ETF

      1,277,220        51,280,383   
    

 

 

  

Total Investment Companies
(cost $81,693,327)

        76,060,183   
    

 

 

  
    

RIGHTS – 0.0%

     

Equity:Other – 0.0%

     

Diversified/Specialty – 0.0%

     

FKP Property Group(a)
(cost $0)

      73,928        7,638   
    

 

 

  

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     423   

Volatility Management Portfolio—Portfolio of Investments

Company        
    
Shares		     U.S. $ Value  

 

  
    

WARRANTS – 0.0%

     

Equity:Other – 0.0%

     

Diversified/Specialty – 0.0%

     

Nieuwe Steen Investments NV, expiring 4/01/13(a)
(cost $0)

      250      $ – 0 – 
    

 

 

  
    

SHORT-TERM INVESTMENTS – 68.1%

     

Investment Companies – 68.1%

     

AllianceBernstein Fixed-Income Shares, Inc. – Government STIF Portfolio, 0.15%(c)
(cost $1,149,608,460)

      1,149,608,460        1,149,608,460   
    

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 98.4% (cost $1,642,341,079)

        1,662,260,968   
    

 

 

  
    

INVESTMENTS OF CASH COLLATERAL FOR SECURITY LOANED – 0.5%

   

  

Investment Companies – 0.5%

     

AllianceBernstein Exchange Reserves – Class I, 0.18%(c)
(cost $8,166,861)

      8,166,861        8,166,861   
    

 

 

  

Total Investments – 98.9%
(cost $1,650,507,940)

        1,670,427,829   

Other assets less liabilities – 1.1%

        17,854,011   
    

 

 

  

Net Assets – 100.0%

      $ 1,688,281,840   
    

 

 

  

FUTURES CONTRACTS (see Note C)

 

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

Purchased Contracts

          

ASX SPI 200 Index Futures

     208        September 2012      $     21,855,393      $     23,144,205      $     1,288,812   

Euro STOXX 50 Index Futures

     2,904        September 2012        81,361,201        88,978,579        7,617,378   

FTSE 100 Index Futures

     575        September 2012        49,398,636        52,028,122        2,629,486   

Hang Seng Index Futures

     74        September 2012        9,375,001        9,240,042        (134,959 ) 

S&P 500 E Mini Index Futures

     612        September 2012        42,238,963        42,996,060        757,097   

S&P Mid Cap 400 E Mini Index Futures

     551        September 2012        50,535,814        53,491,080        2,955,266   

 

424   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

Type   Number of
Contracts		     Expiration
Month		     Original
Value		     Value at
August 31,
2012		     Unrealized
Appreciation/
(Depreciation)		  

S&P TSE 60 Index Futures

     193        September 2012      $     25,735,081      $     26,733,168      $ 998,087   

Topix Index Futures

     484        September 2012        43,115,505        44,910,403        1,794,898   
         

 

 

  
          $     17,906,065   
         

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)		  

Bank of America NA

      USD         11,051         CHF         10,451         9/14/12       $ (101,730 ) 

Barclays Bank PLC Wholesale

      JPY         144,223         USD         1,848         9/14/12         5,728   

Citibank NA

      USD         2,737         JPY         216,579         12/14/12         31,716   

Credit Suisse London Branch (GFX)

      USD         3,905         GBP         2,485         9/14/12         40,299   

Deutsche Bank AG London

      EUR         1,893         USD         2,368         9/14/12         (13,319 ) 

Goldman Sachs International

      USD         3,540         AUD         3,501         9/14/12         74,211   

Goldman Sachs International

      USD         41,452         GBP         26,651         9/14/12         864,479   

HSBC BankUSA

      USD         31,366         EUR         25,379         9/14/12         558,183   

HSBC BankUSA

      USD         45,732         JPY         3,631,680         9/14/12         656,162   

Morgan Stanley and Co., Inc.

      EUR         1,496         USD         1,839         9/14/12         (42,477 ) 

Morgan Stanley and Co., Inc.

      JPY         130,107         USD         1,662         9/14/12         630   

Royal Bank of Canada

      USD         24,449         CAD         25,247         9/14/12         1,158,177   

Royal Bank of Canada

      USD         19,603         EUR         15,699         9/14/12         144,728   

State Street Bank & Trust Co.

      USD         2,447         EUR         1,947         9/14/12         2,441   

State Street Bank & Trust Co.

      USD         2,246         GBP         1,434         9/14/12         30,755   

UBS AG

      CHF         1,544         USD         1,640         9/14/12         22,021   

UBS AG

      EUR         3,384         USD         4,168         9/14/12         (88,776 ) 

UBS AG

      USD         9,671         CHF         9,391         9/14/12         166,485   

UBS AG

      USD         3,234         EUR         2,596         12/14/12         34,947   

Westpac Banking Corp.

      USD         14,002         AUD         14,251         9/14/12         709,229   
                 

 

 

  
                  $   4,253,889   
                 

 

 

  

TOTAL RETURN SWAP CONTRACTS (see Note C)

 

Receive/
Pay Total
Return on
Reference
Index		   Index   # of Shares
or Units		     Rate Paid
by
the Fund		   Notional
Amount
(000)		     Maturity
Date		     Counterparty   Unrealized
Appreciation/
(Depreciation)		  

Receive Total Return on Reference Index

  

      

Receive

   Russell 2000 Total Return Index     528      0.24%   $ 1,939        10/15/12      Citibank, NA   $ 20,309   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     425   

Volatility Management Portfolio—Portfolio of Investments

Receive/
Pay Total
Return on
Reference
Index		   Index   # of Shares
or Units		    

Rate Paid

by
the Fund

   Notional
Amount
(000)		     Maturity
Date		     Counterparty   Unrealized
Appreciation/
(Depreciation)		  

Receive

   FTSE EPRA/NAREIT Developed Real Estate Index     13,816      0.52%   $ 45,086        7/15/13      Deutsche
Bank AG		   $ 160,002   

Receive

   Russell 2000 Total Return Index     25      0.24%     92        3/15/13      Deutsche
Bank AG		     958   

Receive

   FTSE EPRA/NAREIT Developed Real Estate Index     4,079      0.49%     13,311        1/15/13      JPMorgan
Chase Bank,
NA		     47,372   

Receive

   Russell 2000 Total Return Index     3,533      0.24%     12,971        3/15/13      JPMorgan
Chase Bank,
NA		     135,331   

Receive

   Russell 2000 Total Return Index     244      0.24%     896        6/17/13      Morgan
Stanley
Capital
Services LLC		     9,385   

Receive

   Russell 2000 Total Return Index     2,103      0.24%     7,721        2/15/13      UBS AG     80,967   

Receive

   Russell 2000 Total Return Index     4,633      0.24%     17,010        2/15/13      UBS AG     177,580   
             

 

 

  
              $ 631,904   
             

 

 

  

 

(a)   Non-income producing security.

 

(b)   Represents entire or partial securities out on loan. See Note D for securities lending information.

 

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

 

(d)   Fair valued.

Currency Abbreviations:

 

AUD   – Australian Dollar
CAD   – Canadian Dollar
CHF   – Swiss Franc
EUR   – Euro
GBP   – Great British Pound
JPY   – Japanese Yen

Glossary:

 

FTSE   – Financial Times Stock Exchange
REIT   – Real Estate Investment Trust

See notes to financial statements.

 

426   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

Volatility Management Portfolio—Portfolio of Investments

 

 

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

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT1

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and AllianceBernstein Blended Style Series, Inc. (the “Fund”), in respect of the following AllianceBernstein Retirement Strategies (each a “Strategy” and collectively, the “Strategies”):2

AllianceBernstein 2000 Retirement Strategy

AllianceBernstein 2005 Retirement Strategy

AllianceBernstein 2010 Retirement Strategy

AllianceBernstein 2015 Retirement Strategy

AllianceBernstein 2020 Retirement Strategy

AllianceBernstein 2025 Retirement Strategy

AllianceBernstein 2030 Retirement Strategy

AllianceBernstein 2035 Retirement Strategy

AllianceBernstein 2040 Retirement Strategy

AllianceBernstein 2045 Retirement Strategy

AllianceBernstein 2050 Retirement Strategy

AllianceBernstein 2055 Retirement Strategy

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

 

1   It should be noted that the information in the fee evaluation was completed on July 19, 2012 and discussed with the Board of Directors on July 31-August 2, 2012.

 

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

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     427   

 

 

AllianceBernstein Pooling Portfolios (the “Pooling Portfolios”),3 which represent a variety of asset classes and investment styles. As a result, certain expenses will be minimal, such as custodian charges, or non-existent, such as brokerage commissions, except as incurred indirectly through the Pooling Portfolios.4

The current shareholders of the Pooling Portfolios are the Retirement Strategies, the AllianceBernstein Wealth Strategies and the Rhode Island Higher Education Savings Trust. Collectively, these shareholders (the “Institutional Clients”) own 100 percent of the Pooling Portfolios’ total outstanding shares.

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.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the Assurance of Discontinuance between the NYAG and the Adviser. On March 30, 2010, the Supreme Court 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

 

3   The AllianceBernstein Pooling Portfolios include U.S. Value Portfolio, U.S. Large Cap Growth Portfolio, Multi-Asset Real Return Portfolio (formerly 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, Global Core Bond Portfolio (formerly Intermediate Duration Bond Portfolio), Bond Inflation Protected Securities (formerly Inflation Protected Securities Portfolio), High Yield Portfolio and Volatility Management Portfolio.

 

4   Effective December 31, 2011, Global Core Bond Pooling Portfolio changed its investments strategy from investing principally in U.S. dollar denominated securities to becoming a “global bond” portfolio with currency hedging capabilities. Volatility Management Pooling Portfolio investment guideline was changed to shift the Pooling Portfolio’s U.S./International allocation from 70/30 to 60/40 and to allow for exposure to emerging markets issuers. The Adviser also altered the Retirement Strategies’ glide path, shifting the Strategies’ U.S./International allocations from 70/30 to 60/40.

 

428   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the 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 arm’s-length bargaining as the benchmark for reviewing challenged fees.”

ADVISORY FEES, NET ASSETS, & EXPENSE 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 Investments 5   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

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

 

     Average Daily Net Assets  
Strategy6    First
$2.5 billion		     Next
$2.5 billion		     In excess of
$5 billion		  

2000, 2005, 2010

      0.55 %      0.45 %      0.40 % 

2015, 2020, 2025

      0.60 %      0.50 %      0.45 % 

2030, 2035, 2040, 2045, 2050, 2055

      0.65 %      0.55 %      0.50 % 

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 approximated to 0.04% for the six month period ending February 28, 2012.

 

5   For purposes of determining the percent of the portfolio that consists of equity investments, 50% of the assets invested in the Multi-Asset Real Return Portfolio will be considered to be invested in equity investments.

 

6   Prior to October 1, 2010, Retirement Strategy 2025’s advisory fee rate was 0.65% of the average daily net assets.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     429   

 

 

The Strategies’ net assets on June 30, 2012 are set forth below:

 

Strategy  

6/30/12

Net Assets

($millions)

  
2000 Retirement Strategy   $ 22.2   
2005 Retirement Strategy   $ 26.0   
2010 Retirement Strategy   $ 88.7   
2015 Retirement Strategy   $ 230.2   
2020 Retirement Strategy   $ 282.7   
2025 Retirement Strategy   $ 245.7   
2030 Retirement Strategy   $ 210.4   
2035 Retirement Strategy   $ 151.8   
2040 Retirement Strategy   $ 127.6   
2045 Retirement Strategy   $ 91.4   
2050 Retirement Strategy   $ 21.1   
2055 Retirement Strategy   $ 5.9   

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 Strategy7   $ 64,015         0.20 % 
2005 Retirement Strategy7   $ 64,015         0.18 % 
2010 Retirement Strategy   $ 64,015         0.04 % 
2015 Retirement Strategy   $ 64,515         0.02 % 
2020 Retirement Strategy   $ 64,315         0.02 % 
2025 Retirement Strategy   $ 63,515         0.02 % 
2030 Retirement Strategy   $ 63,815         0.02 % 
2035 Retirement Strategy   $ 63,515         0.03 % 
2040 Retirement Strategy   $ 63,015         0.04 % 
2045 Retirement Strategy   $ 63,015         0.05 % 
2050 Retirement Strategy7   $ 63,015         0.29 % 
2055 Retirement Strategy7   $ 63,015         1.29 % 

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’ fiscal year. The agreement for such reimbursement is terminable by the Adviser at the end of the Retirement Strategies’ fiscal year upon at least 60 days written notice prior to the termination date of the undertaking. The expense caps shown below include the blended expense ratios of the Pooling Portfolios (i.e., the Retirement Strategies’

 

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

 

430   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

underlying expense ratios).8 In addition, set forth below are the Retirement Strategies’ Net expense ratios for the most recent semi-annual period:9

 

Strategy   Expense Cap Pursuant to
Expense Limitation
Undertaking		       

Net

Expense

Ratio

(2/29/12)10

     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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 0.82%

1.52%

1.52%

1.02%

0.77%

0.52%

0.52%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 0.88%

1.58%

1.58%

1.08%

0.83%

0.58%

0.58%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 0.90%

1.60%

1.60%

1.10%

0.85%

0.60%

0.60%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 0.94%

1.64%

1.64%

1.14%

0.89%

0.64%

0.64%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 0.98%

1.68%

1.68%

1.18%

0.93%

0.68%

0.68%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 1.00%

1.70%

1.70%

1.20%

0.95%

0.70%

0.70%

   

  

  

  

  

  

  

   August 31

 

8   For the six months ended February 28, 2012, the estimated annualized blended underlying expense ratio for each of the Retirement Strategies was 0.04%.

 

9   Semi-annual total expense ratios are unaudited.

 

10   Annualized.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     431   

 

 

Strategy   Expense Cap Pursuant to
Expense Limitation
Undertaking		       

Net

Expense

Ratio

(2/29/12)10

     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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 1.02%

1.72%

1.72%

1.22%

0.97%

0.72%

0.72%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 1.02%

1.72%

1.72%

1.22%

0.97%

0.72%

0.72%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 1.02%

1.72%

1.72%

1.22%

0.97%

0.72%

0.72%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 1.02%

1.72%

1.72%

1.22%

0.97%

0.72%

0.72%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 1.02%

1.72%

1.72%

1.22%

0.97%

0.72%

0.72%

   

  

  

  

  

  

  

   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%

   

  

  

  

  

  

  

       

 

 

 

 

 

 

 1.02%

1.72%

1.72%

1.22%

0.97%

0.72%

0.72%

   

  

  

  

  

  

  

   August 31

 

10  

Annualized.

 

432   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

 

I. ADVISORY 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 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 similar investment style as the Strategies.11 In addition to the AllianceBernstein institutional fee schedule,

 

11   The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     433   

 

 

set forth below is the institutional fee schedule of a target date asset allocation service, Customized Retirement Strategies (“CRS”), provided by the Adviser for institutional clients.12 In addition to the CRS fee schedule, set forth below are what would have been the advisory fees of the Strategies had the CRS fee schedule been applicable to the Strategies versus the Strategies advisory fees based on June 30, 2012 net assets:13

 

AB Institutional Fee
Schedule		   Strategy  

Net
Assets

6/30/12

($MM)

     AB Inst.
Fee (%)		     Advisory
Fee (%)14		  
Customized Retirement Strategies   2000-2010 Retirement Strategy   $

 

 1,503.8

(complex

   

) 

     0.073 %      0.550 % 

12 bp on 1st $100 million

9 bp on next $400 million

7 bp on next $500 million

4 bp on next $1,500 million

   2015-2025 Retirement Strategy       0.073 %      0.600 % 

3 bp on the balance

+$60K for daily NAV

Minimum Account Size:

$100M or plan assets of $500M

   2030-2055 Retirement Strategy       0.073 %      0.650 % 

The AllianceBernstein Investment Trust Management mutual funds (“ITM”), which are offered to investors in Japan, have an “all-in” fee to compensate the Adviser for investment advisory as well as fund accounting and administrative related services, but not for distribution-related services. The fee schedules of the ITM mutual funds that have a somewhat similar investment style as certain of the Strategies are as follows:15

 

Fund    ITM Mutual Fund    Fee
2020 Retirement Strategy    AllianceBernstein Wealth Builder 2020    0.085%
     
2030 Retirement Strategy    AllianceBernstein Wealth Builder 2030    0.085%
     
2040 Retirement Strategy    AllianceBernstein Wealth Builder 2040    0.085%

 

12   CRS, like the Retirement Strategies, offers investors an asset allocation ‘glide-path.’ However, CRS allows for the plan to utilize the Adviser and/or any other investment manager to manage any mix of active or passive underlying portfolios.

 

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

 

14  

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.

 

15  

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 arm’s length.” Jones v. Harris at 1429.

 

434   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

The Adviser has represented that it does not sub-advise any registered investment company that has a similar investment strategy as the Strategies.

 

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

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Strategies with fees charged to other investment companies for similar services offered by other investment advisers.11 Lipper’s analysis included the comparison of each Retirement Strategy’s contractual management fee, estimated at the approximate current asset level of the subject Strategy, to the median of each Strategy’s Lipper Expense Group (“EG”)16 and the Strategy’s contractual management fee ranking.17

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 and 2045 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.

 

11   The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

 

16   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.

 

17   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.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     435   

 

 

 

Strategy   Contractual
Management
Fee (%)18		    

Lipper Exp.

Group

Median (%)

     Rank
2000 Retirement Strategy     0.550        0.627      4/9
2005 Retirement Strategy     0.550        0.627      4/9
2010 Retirement Strategy     0.550        0.626      4/9
2015 Retirement Strategy19     0.600        0.678      3/11
2020 Retirement Strategy     0.600        0.648      2/13
2025 Retirement Strategy20     0.600        0.667      1/10
2030 Retirement Strategy     0.650        0.722      2/9
2035 Retirement Strategy21     0.650        0.750      2/11
2040 Retirement Strategy     0.650        0.745      2/12
2045 Retirement Strategy     0.650        0.745      3/12
2050 Retirement Strategy     0.650        0.707      5/11
2055 Retirement Strategy     0.650        0.707      5/11

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

 

Strategy  

Total
Expense

Ratio (%)22

    

Lipper Exp.

Group
Median (%)

    

Lipper

Group

Rank

  
2000 Retirement Strategy     0.860        1.124        2/9   
2005 Retirement Strategy     0.920        1.124        3/9   
2010 Retirement Strategy     0.939        1.124        3/9   
2015 Retirement Strategy19     0.980        1.091        3/11   
2020 Retirement Strategy     1.020        1.091        3/13   
2025 Retirement Strategy20     1.040        1.096        3/10   
2030 Retirement Strategy     1.060        1.180        2/9   
2035 Retirement Strategy21     1.060        1.199        2/11   
2040 Retirement Strategy     1.060        1.232        2/12   
2045 Retirement Strategy     1.060        1.205        3/12   
2050 Retirement Strategy     1.060        1.254        2/11   
2055 Retirement Strategy     1.060        1.254        2/11   

Based on the information provided, the contractual management fees and the total expense ratios of the Strategies are lower than their respective EG medians.

 

18   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.

 

19   The Fund’s EG includes the Fund, four other mixed-asset target 2015 funds and six mixed-asset target 2020 funds.

 

20   The Fund’s EG includes the Fund, three other mixed-asset target 2025 funds and six mixed-asset target 2020 funds.

 

21   The Fund’s EG includes the Fund, five other mixed-asset target 2035 funds, three mixed-asset target 2040 funds and two mixed-asset target 2030 funds.

 

22   The total expense ratios, inclusive of the Strategies’ underlying expenses, shown are for the Strategies’ Class A shares.

 

436   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

 

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

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Fund. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

 

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

The Strategies’ profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. Except for 2020 Retirement Strategy and 2030 Retirement Strategy, the Adviser’s profitability with respect to each Strategy was negative as expenses exceeded revenues.

In addition to the Adviser’s future direct profits from managing the 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 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”), an affiliate of the Adviser, is the Fund’s principal underwriter. ABI and 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 Fund. In 2011, ABI paid approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $17 million for distribution services and educational support (revenue sharing payments).

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     437   

 

 

ABI retained the following amounts for Class A front-end load sales charges from sales of the Strategies’ Class A shares during the Strategies’ most recently completed fiscal year:

 

Strategy   Amount Received  
2000 Retirement Strategy   $ 168   
2005 Retirement Strategy   $ 8   
2010 Retirement Strategy   $ 780   
2015 Retirement Strategy   $     2,380   
2020 Retirement Strategy   $ 1,835   
2025 Retirement Strategy   $ 1,687   
2030 Retirement Strategy   $ 2,003   
2035 Retirement Strategy   $ 899   
2040 Retirement Strategy   $ 868   
2045 Retirement Strategy   $ 522   
2050 Retirement Strategy   $ 220   
2055 Retirement Strategy   $ 171   

ABI received the amounts set forth below in 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   $ 90,256      $ 242   
2005 Retirement Strategy   $ 113,761      $ 2,125   
2010 Retirement Strategy   $ 444,202      $ 3,361   
2015 Retirement Strategy   $ 856,289      $ 14,799   
2020 Retirement Strategy   $     1,196,467      $ 15,733   
2025 Retirement Strategy   $ 1,014,568      $ 18,861   
2030 Retirement Strategy   $ 905,175      $ 16,938   
2035 Retirement Strategy   $ 612,537      $ 18,076   
2040 Retirement Strategy   $ 530,930      $ 17,133   
2045 Retirement Strategy   $ 360,679      $     16,977   
2050 Retirement Strategy   $ 60,676      $ 2,827   
2055 Retirement Strategy   $ 14,291      $ 454   

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. ABIS received the following net fees from the Strategies in the most recently completed fiscal year:

 

Strategy   ABIS Fee  
2000 Retirement Strategy   $ 17,892   
2005 Retirement Strategy   $ 17,877   
2010 Retirement Strategy   $ 61,188   
2015 Retirement Strategy   $     112,997   
2020 Retirement Strategy   $ 160,222   

 

438   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

Strategy   ABIS Fee  
2025 Retirement Strategy   $     127,469   
2030 Retirement Strategy   $ 106,329   
2035 Retirement Strategy   $ 79,630   
2040 Retirement Strategy   $ 48,310   
2045 Retirement Strategy   $ 53,640   
2050 Retirement Strategy   $ 17,861   
2055 Retirement Strategy   $ 17,788   

There are no portfolio transactions for the Strategies since the Strategies pursue their investment objectives through investing in combinations of the Pooling Portfolios. However, the Pooling Portfolios do engage in portfolio transactions. Multi-Asset Real Return Portfolio, International Value Portfolio, International Growth Portfolio and Small-Mid Cap Growth Portfolio effected brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and paid commissions for such transactions during the Strategies’ most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted with the Pooling Portfolios is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients.

These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for its 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 pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

An independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     439   

 

 

reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AllianceBernstein Mutual Funds managed by the Adviser through lower fees.

Previously in February 2008, the independent consultant provided the Board of Directors an update of the Deli23 study on advisory fees and various fund characteristics.24 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.25 The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AllianceBernstein Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

 

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

With assets under management of approximately $407 billion as of June 30, 2012, the Adviser has the investment experience to manage the Strategies and to provide the non-investment services (described in Section I) to the Strategies.

The information prepared by Lipper shows the 1, 3 and 5 year performance rankings26 of each Retirement Strategy relative to its Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)27 for the periods ended May 31, 2012.

 

23   The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years.

 

24   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 arm’s length. See Jones V. Harris at 1429.

 

25   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.

 

26   The performance returns and rankings of the Strategies are for the Strategies Class A shares. The performance returns of the Strategies were provided by Lipper.

 

27   A Strategy’s PG/PU may not necessarily be identical to its respective EG/EU as the criteria for including/excluding a fund in/from an EG is different from that of PG.

 

440   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

 

Strategy   Strategy
Return (%)		    

PG

Median (%)

    

PU

Median (%)

    

PG

Rank

  

PU

Rank

2000 Retirement Strategy          

1 year

     -2.73        -1.93        -1.98      7/9   16/22

3 year

     8.86        9.71        9.87      9/9   19/22

5 year

     0.52        1.19        1.02      6/7   13/18
         
2005 Retirement Strategy          

1 year

     -4.63        -1.93        -1.98      8/9   19/22

3 year

     9.44        9.71        9.87      6/9   14/22

5 year

     -0.26        1.19        1.02      6/7   16/18
         
2010 Retirement Strategy          

1 year

     -6.34        -1.93        -1.98      9/9   22/22

3 year

     9.98        9.98        9.87      5/9   10/22

5 year

     -1.03        1.19        1.02      6/7   17/18
         
2015 Retirement Strategy          

1 year

     -7.63        -3.37        -2.74      5/5   21/22

3 year

     10.01        10.01        9.77      3/5   9/21

5 year

     -1.98        0.16        0.65      5/5   16/17
         
2020 Retirement Strategy          

1 year

     -9.11        -3.24        -2.59      12/13   32/33

3 year

     9.96        10.84        10.51      11/13   23/32

5 year

     -2.97        -0.09        -0.06      8/9   23/24
         
2025 Retirement Strategy          

1 year

     -10.38        -5.57        -5.59      4/4   17/17

3 year

     9.83        11.35        11.06      4/4   14/15

5 year

     -3.74        -1.57        -0.83      3/3   11/11
         
2030 Retirement Strategy          

1 year

     -11.41        -6.21        -5.71      9/9   32/32

3 year

     9.33        11.46        10.80      9/9   28/31

5 year

     -4.34        -1.92        -1.69      7/7   23/23
         
2035 Retirement Strategy          

1 year

     -12.17        -7.50        -7.79      6/6   16/16

3 year

     8.86        11.46        11.20      6/6   14/14

5 year

     -4.88        -2.12        -2.12      5/5   11/11
         
2040 Retirement Strategy          

1 year

     -12.52        -7.77        -7.61      12/12   31/31

3 year

     8.67        11.11        10.98      11/12   28/30

5 year

     -4.95        -2.28        -2.53      8/8   20/20
         
2045 Retirement Strategy          

1 year

     -12.59        -8.29        -7.94      6/6   16/16

3 year

     8.51        11.51        11.17      6/6   14/14

5 year

     -5.10        -2.59        -2.59      5/5   11/11
         
2050 Retirement Strategy          

1 year

     -12.59        -7.66        -7.79      11/11   31/32

3 year

     8.61        11.12        11.13      9/10   21/23
         
2055 Retirement Strategy          

1 year

     -12.80        -7.66        -7.79      11/11   32/32

3 year

     8.44        11.12        11.13      9/10   22/23

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     441   

 

 

Set forth below are the 1, 3, 5 year and since inception performance returns of the Strategies (in bold)28 versus their benchmarks.29,30

 

     Periods Ending May 31, 2012
Annualized Performance (Net)		  
Strategy  

1 Year

(%)

    

3 Year

(%)

    

5 Year

(%)

    

Since
Inception

(%)

  
2000 Retirement Strategy     -2.73        8.86        0.52        3.39   
Composite Index     -0.97        8.90        1.55        4.24   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Inception Date: September 1, 2005   
       
2005 Retirement Strategy     -4.63        9.44        -0.26        3.05   
Composite Index     -2.13        10.04        0.86        4.13   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   
       
2010 Retirement Strategy     -6.34        9.98        -1.03        2.78   
Composite Index     -3.49        11.00        0.21        3.96   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   
       
2015 Retirement Strategy     -7.63        10.01        -1.98        2.40   
Composite Index     -4.67        11.29        -0.51        3.69   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005        
       
2020 Retirement Strategy     -9.11        9.96        -2.97        1.88   
Composite Index     -5.77        11.52        -1.26        3.39   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   

 

28   The performance returns and risk measures shown in the table are for the Class A shares of the Strategies.

 

29   The Adviser provided Strategy and benchmark performance return information for periods through May 31, 2012.

 

30   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 multi-asset real return, MSCI ACWI Commodity Producers Index, for intermediate bonds, Barclays Capital (BC) U.S. Aggregate Index; for short-term bonds, BofA 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

 

442   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

 

 

     Periods Ending May 31, 2012
Annualized Performance (Net)		  
Strategy  

1 Year

(%)

    

3 Year

(%)

    

5 Year

(%)

    

Since
Inception

(%)

  
2025 Retirement Strategy     -10.38        9.83        -3.74        1.78   
Composite Index     -6.80        11.74        -1.84        3.18   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   
       
2030 Retirement Strategy     -11.41        9.33        -4.34        1.19   
Composite Index     -7.46        11.58        -2.29        3.04   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   
       
2035 Retirement Strategy     -12.17        8.86        -4.88        0.86   
Composite Index     -7.84        11.39        -2.67        2.80   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   
       
2040 Retirement Strategy     -12.52        8.67        -4.95        0.97   
Composite Index     -8.07        11.33        -2.70        2.77   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   
       
2045 Retirement Strategy     -12.59        8.51        -5.10        0.81   
Composite Index     -8.25        11.26        -2.74        2.74   
S&P 500 Index     -0.41        14.92        -0.92        3.19   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        6.72        5.71   
Inception Date: September 1, 2005   
       
2050 Retirement Strategy     -12.59        8.61        N/A        -3.48   
Composite Index     -8.30        11.24        N/A        -2.42   
S&P 500 Index     -0.41        14.92        N/A        -0.60   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        N/A        6.90   
Inception Date: June 29, 2007   
       
2055 Retirement Strategy     -12.80        8.44        N/A        -3.92   
Composite Index     -8.30        11.24        N/A        -2.41   
S&P 500 Index     -0.41        14.92        N/A        -0.60   
Barclays Capital U.S. Aggregate Bond Index     7.12        7.12        N/A        6.90   
Inception Date: June 29, 2007   

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     443   

 

 

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 28, 2012

 

444   •  ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

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

ALLIANCEBERNSTEIN FAMILY OF FUNDS

 

Wealth Strategies

Balanced Wealth Strategy

Conservative Wealth Strategy

Wealth Appreciation Strategy

Tax-Managed Balanced Wealth Strategy

Tax-Managed Conservative Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

Asset Allocation/Multi-Asset Funds

Dynamic All Market Fund

Emerging Markets Multi-Asset Portfolio

International Portfolio

Tax-Managed International Portfolio

Growth Funds

Domestic

Discovery Growth Fund**

Growth Fund

Large Cap Growth Fund

Select US Equity Portfolio

Small Cap Growth Portfolio

U.S. Strategic Research Portfolio

Global & International

Global Thematic Growth Fund

International Discovery Equity Portfolio

International Focus 40 Portfolio

International Growth Fund

Value Funds

Domestic

Core Opportunities Fund

Equity Income Fund

Growth & Income Fund

Discovery 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

Limited Duration High Income Portfolio

Short Duration Portfolio

Municipal Bond Funds

 

Arizona Portfolio

California Portfolio

High Income Portfolio

Massachusetts Portfolio

Michigan Portfolio

Minnesota Portfolio

Municipal Bond

   Inflation Strategy

  

National Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

Intermediate Municipal Bond Funds

Intermediate California Portfolio

Intermediate Diversified Portfolio

Intermediate New York Portfolio

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

Alternatives

Global Risk Allocation Fund**

Market Neutral Strategy-Global

Market Neutral Strategy-U.S.

Real Asset Strategy

Unconstrained Bond Fund

 

Retirement Strategies

 

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.

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

 

* 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.

 

** Prior to October 8, 2012, Global Risk Allocation Fund was named Balanced Shares. Prior to November 1, 2012, Discovery Growth Fund was named Small/Mid Cap Growth Fund and Discovery Value Fund was named Small/Mid Cap Value Fund.

 

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES  •     445   

AllianceBernstein Family of Funds

ALLIANCEBERNSTEIN RETIREMENT STRATEGIES

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

 

LOGO

 

 

RS-00-55-0151-0812   LOGO

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors William H. Foulk, Jr. and Garry L. Moody qualify as audit committee financial experts.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund’s last two fiscal years, for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

            Audit Fees      Audit-Related
Fees		      Tax Fees  

U.S. Large Cap Portfolio*

      2011       $ —          $ —   
     2012       $ —          $ —   

AB Global Blend Portfolio**

      2011       $ —          $ —   
     2012       $ —          $ —   

AB 2000 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2005 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2010 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2015 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2020 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2025 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2030 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2035 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2040 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2045 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

AB 2050 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 14,439   

AB 2055 Retirement Strategy

      2011       $ 19,120         206       $ 12,307   
     2012       $ 19,120         42       $ 12,349   

* Portfolio liquidated as of August 16, 2011

** Portfolio liquidated as of November 24, 2008

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

 

            All Fees for
Non-Audit Services
Provided to the
Portfolio, the Adviser
and Service Affiliates		      Pre-approved by the
Audit Committee
(Portion Comprised of
Audit Related Fees)
(Portion Comprised
of Tax Fees)		  

U.S. Large Cap Portfolio*

      2011       $ —       $ —   
         $ —   
         $ —   
     2012       $ —       $ —   
         $ —   
         $ —   

AB Global Blend Portfolio**

      2011       $ —       $ —   
         $ —   
         $ —   
     2012       $ —       $ —   
         $ —   
         $ —   

AB 2000 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2005 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2010 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2015 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2020 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2025 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2030 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2035 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2040 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2045 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

AB 2050 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 718,561       $ 14,480   
         $ (42 ) 
         $ (14,439 ) 

AB 2055 Retirement Strategy

      2011       $ 732,420       $ 12,513   
         $ (206 ) 
         $ (12,307 ) 
     2012       $ 716,471       $ 12,390   
         $ (42 ) 
         $ (12,349 ) 

* Portfolio liquidated as of August 16, 2011

** Portfolio liquidated as of November 24, 2008

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

ITEM 12. EXHIBITS.

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

 

EXHIBIT NO.

  

DESCRIPTION OF EXHIBIT

12 (a) (1)   Code of Ethics that is subject to the disclosure of Item 2 hereof
12 (b) (1)   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)   Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

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

(Registrant): AllianceBernstein Blended Style Series, Inc.

 

By:  

/s/ Robert M. Keith

 

Robert M. Keith

President

Date: October 23, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Robert M. Keith

 

Robert M. Keith

President

Date: October 23, 2012

 

By:  

/s/ Joseph J. Mantineo

 

Joseph J. Mantineo

Treasurer and Chief Financial Officer

Date: October 23, 2012